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Subscription Strength Highlights Autodesk Second Quarter Results
SAN RAFAEL, Calif., Aug. 24, 2017 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) released its financial results for the second quarter of fiscal 2018 today.
The company reported significant growth in its subscription plan annualized recurring revenue (ARR), which reached $784 million, up 94% compared to the same period last year. Total ARR was $1.83 billion, reflecting a 21% increase. Subscription plan subscriptions rose by 270,000 from the first quarter, reaching 1.59 million at the end of the second quarter. The transition from maintenance to subscription plans contributed to this growth, with 63,000 maintenance subscribers converting to product subscriptions.
Deferred revenue increased by 17% to $1.78 billion, and total GAAP spend decreased by 1%. Non-GAAP spend, however, rose by 1%. The company also reported a GAAP diluted net loss per share of $(0.66), while non-GAAP diluted net loss per share was $(0.11).
Autodesk's CEO, Andrew Anagnost, highlighted the strong performance across all subscription types and geographies. He noted that products transitioning to subscription-only models are showing higher ARR growth rates, validating the effectiveness of the business model shift. The CFO, Scott Herren, emphasized the positive impact of cost control and steady market conditions on the results.
In the second quarter, the company's total recurring revenue accounted for 91% of total revenue, compared to 69% in the same period last year. Revenue from the Americas decreased by 7%, while EMEA and APAC saw declines of 10% and 12%, respectively.
Looking ahead, Autodesk provided guidance for the third quarter and full fiscal 2018. The company expects revenue between $505 million and $515 million for the third quarter, with GAAP EPS ranging from $(0.64) to $(0.58). For the full year, revenue is projected to be between $2.03 billion and $2.05 billion, with a focus on maintaining cost efficiency.
The reconciliation of GAAP to non-GAAP measures includes adjustments for stock-based compensation, tax charges, and amortization of intangibles. Autodesk also provided detailed financial statements and additional disclosures in the investor relations section of its website.
The company continues to emphasize the importance of its subscription model, which offers better customer experiences and expands market opportunities in construction and manufacturing. As part of its ongoing transition, Autodesk has discontinued new perpetual license sales for most individual products and suites, further aligning with its long-term strategy.
Investors can access the earnings conference call and webcast through Autodesk's official website, with a replay available for those who cannot attend live. The company remains committed to transparency and regular updates on its financial performance and strategic direction.