Accelerated Annualized Recurring Revenue (ARR) Growth Highlights Autodesk's Second Quarter Results

SAN RAFAEL, Calif., Aug. 23, 2018 — (PRNewswire) —   Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the second quarter of fiscal 2019.

(PRNewsfoto/Autodesk, Inc.)

Second Quarter Fiscal 2019

  • Subscription plan ARR was $1.68 billion, an increase of 115 percent compared to the second quarter last year as reported, and 111 percent on a constant currency basis. Under the prior revenue accounting standard, ASC 605, subscription plan ARR was $1.66 billion, an increase of 112 percent compared to the second quarter last year.
  • Total ARR was $2.35 billion, an increase of 28 percent compared to the second quarter last year as reported, and 27 percent on a constant currency basis. Under ASC 605, total ARR was $2.32 billion, an increase of 27 percent compared to the second quarter last year.
  • Subscription plan subscriptions increased 290,000 from the first quarter of fiscal 2019 to 2.86 million at the end of the second quarter. Subscription plan subscriptions benefited from 117,000 maintenance subscribers that converted to product subscription under the maintenance-to-subscription (M2S) program.
  • Total subscriptions increased 119,000 from the first quarter of fiscal 2019 to 3.94 million at the end of the second quarter.
  • Deferred revenue was $1.80 billion, an increase of 1 percent compared to the second quarter last year. Total deferred revenue (deferred revenue plus unbilled deferred revenue) was $2.21 billion, an increase of approximately 20 percent compared to the second quarter last year. Under ASC 605, total deferred revenue was $2.28 billion, an increase of approximately 24 percent compared to the second quarter last year.
  • Revenue was $612 million, an increase of 22 percent compared to the second quarter last year as reported, and 21 percent on a constant currency basis. Under ASC 605, revenue was $611 million, an increase of 22 percent compared to the second quarter last year.
  • Billings were $605 million, an increase of 27 percent compared to the second quarter last year. Under ASC 605, billings were $592 million, an increase of 24 percent compared to the second quarter last year.
  • Total GAAP spend (cost of revenue plus operating expenses) was $636 million, an increase of 4 percent compared to the second quarter last year as reported, and 3 percent on a constant currency basis. Absent ASC 340-40, total GAAP spend was $626 million, an increase of 3 percent compared to the second quarter last year.
  • Total non-GAAP spend was $556 million, an increase of 5 percent compared to the second quarter last year, as reported, and 4 percent on a constant currency basis. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. Absent ASC 340-40, total non-GAAP spend was $546 million, an increase of 3 percent compared to the second quarter last year.
  • GAAP diluted net loss per share was $(0.18), compared to GAAP diluted net loss per share of $(0.66) in the second quarter last year. Under ASC 605 and absent ASC 340-40, GAAP diluted net loss per share was $(0.12).
  • Non-GAAP diluted earnings per share was $0.19, compared to non-GAAP diluted net loss per share of $(0.11) in the second quarter last year. Under ASC 605 and absent ASC 340-40, non-GAAP diluted net income per share was $0.23.

For definitions, please view the Glossary of Terms later in this document.

"Broad-based strength in customer demand and continued execution across our business helped accelerate growth in ARR and annualized revenue per subscription (ARPS)," said Andrew Anagnost, Autodesk president and CEO.  "A superior user experience is motivating new customers to turn to Autodesk subscription and cloud offerings, and we continue to see a steady stream of existing maintenance customers migrating to subscription."

"We posted strong results for several key metrics including billings, revenue, total deferred revenue, and earnings," said Scott Herren, Autodesk CFO.  "We also generated positive cash flow from operating activities and expect to be cash flow positive for the year.  We're pleased with our performance in the first half of the fiscal year and are confident in our ability to drive results for the remainder of the year."

Second Quarter Operational Overview

Subscription plan ARR was $1.68 billion, an increase of 115 percent compared to the second quarter last year as reported, and 111 percent on a constant currency basis.  Subscription plan ARR includes $342 million related to the maintenance-to-subscription program.  Maintenance plan ARR was $666 million, a decrease of 36 percent compared to the second quarter last year as reported, and on a constant currency basis.  Total ARR was $2.35 billion, an increase of 28 percent compared to the second quarter last year as reported, and 27 percent on a constant currency basis.

Subscription plan subscriptions (product, enterprise business agreements, and cloud) were 2.86 million, a net increase of 290,000 from the first quarter of fiscal 2019, led by new product subscriptions and 117,000 product subscriptions that migrated from maintenance plan subscriptions.  Maintenance plan subscriptions were 1.07 million, a net decrease of 172,000 from the first quarter of fiscal 2019, which includes the 117,000 that migrated to product subscription.  Total subscriptions were 3.94 million, a net increase of 119,000 from the first quarter of fiscal 2019.

Total recurring revenue in the second quarter was 96 percent of total revenue, compared to 91 percent of total revenue in the second quarter last year.

Revenue in the Americas was $248 million, an increase of 16 percent compared to the second quarter last year as reported, and 15 percent on a constant currency basis.  Under ASC 605, revenue in the Americas was $249 million, an increase of 16 percent compared to the second quarter last year.  Revenue in EMEA was $248 million, an increase of 25 percent compared to the second quarter last year as reported, and 22 percent on a constant currency basis.  Under ASC 605, revenue in EMEA was $246 million , an increase of 24 percent compared to the second quarter last year.  Revenue in APAC was $116 million , an increase of 31 percent compared to the second quarter last year as reported, and 30 percent on a constant currency basis. Under ASC 605, revenue in APAC was $115 million , an increase of 30 percent compared to the second quarter last year.

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