Autodesk : Reports Strong First Quarter Results
First Quarter Fiscal 2018
Subscription plan (formerly known as new model) subscriptions increased 233,000 from the fourth quarter of fiscal 2017 to 1.32 million at the end of the first quarter.
Total subscriptions increased 186,000 from the fourth quarter of fiscal 2017 to 3.29 million at the end of the first quarter.
Subscription plan annualized recurring revenue (ARR) was
Total ARR was
Deferred revenue increased 18 percent to
Total GAAP spend (cost of revenue plus operating expenses) was
Total non-GAAP spend was
GAAP diluted net loss per share was
Non-GAAP diluted net loss per share was
"Broad-based strength across all subscription types and geographies led to another record quarter for total subscription additions and a fantastic start of the new fiscal year," said
"We`re executing well and making significant progress on our business model transition as evidenced by our first quarter results," said
"Recurring revenue jumped to 90 percent of total revenue, which is a significant milestone considering it was less than half that before we started the move to subscription," said
First Quarter Operational Overview
Subscription plan subscriptions (product, enterprise flexible license, and cloud) were 1.32 million, a net increase of 233,000 from the fourth quarter of fiscal 2017, led by product subscriptions. Maintenance plan subscriptions were 1.97 million, a net decrease of 47,000 from the fourth quarter of fiscal 2017. Total subscriptions were 3.29 million, a net increase of 186,000 from the fourth quarter of fiscal 2017.
To provide more meaningful information as to the performance of different categories of product and services and improve transparency, we are now presenting our revenue across three categories: subscription revenue, maintenance revenue, and license and other revenue (all are defined below in the glossary of terms). Consistent with these revisions, cost of revenue classification has been adjusted to show cost of subscription and maintenance revenue and amortization of developed technology separately. Cost of license and other revenue will continue to be presented as separate line item. Amortization of developed technology is now presented separately to be consistent with the presentation of the amortization of purchased intangibles within operating expenses. In this new format, quarterly subscription revenue times four equals subscription ARR, and quarterly maintenance revenue times four equals maintenance ARR. This change results in additional small legacy products in the ARR calculation. As a result, historical figures for ARR have been adjusted to conform with the current presentation.
Subscription plan ARR was
Total recurring revenue in the first quarter was 90 percent of total revenue compared to 72 percent of total revenue in the first quarter last year.
As a reminder, during the business model transition, revenue is negatively impacted as more revenue is recognized ratably rather than up front and as new product offerings generally have a lower initial purchase price. As part of the business model transition,
Revenue in the
The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties some of which are set forth below under "Safe Harbor Statement." Autodesk`s business outlook for the second quarter and full year fiscal 2018 assumes, among other things, a continuation of the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2018 GAAP and non-GAAP estimates is provided below or in the tables following this press release.
The second quarter and full year fiscal 2018 outlook assume a projected annual effective tax rate of (13) percent and 26 percent for GAAP and non-GAAP results, respectively. Assumptions for the annual effective tax rate are regularly evaluated and may change based on the projected geographic mix of earnings. At this stage of the business model transition, small shifts in geographic profitability significantly impact the annual effective tax rate.
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