Autodesk Reports Fourth Quarter Financial Results

Autodesk Reports Fourth Quarter Financial Results
0 comments, 01/03/2016, by , in News

Strong New Model Subscriptions and ARR Growth; Business Model Transition On Track

SAN RAFAEL, Calif.–(BUSINESS WIRE)–Feb. 25, 2016– Autodesk, Inc. (NASDAQ:ADSK) today reported financial results for the fourth quarter and full fiscal year ended January 31, 2016.

Fourth Quarter Fiscal 2016

  • Total subscriptions increased by approximately 109,000 from the third quarter of fiscal 2016 to 2.58 million at the end of the fourth quarter. New model subscriptions (Desktop, enterprise flexible license, and cloud subscription) increased by approximately 62,000 from the third quarter of fiscal 2016 to 427,000.
  • Total annualized recurring revenue (ARR) was $1.38 billion, an increase of 10 percent compared to the fourth quarter last year as reported and 12 percent on a constant currency basis. New model ARR was$255 million and increased 68 percent compared to the fourth quarter last year as reported, and 74 percent on a constant currency basis.
  • Deferred revenue increased 31 percent to $1.52 billion, compared to $1.16 billion in the fourth quarter last year.
  • Total billings increased 15 percent compared to the fourth quarter last year as reported and 23 percent on a constant currency basis.
  • Revenue was $648 million, a decrease of 2 percent compared to the fourth quarter last year as reported and an increase of 3 percent on a constant currency basis.
  • Total GAAP spend (cost of revenue plus operating expenses) was $658 million, an increase of 1 percent compared to the fourth quarter last year.
  • Total non-GAAP spend was $582 million, flat compared to the fourth quarter last year. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
  • GAAP operating margin was (1) percent, compared to 2 percent in the fourth quarter last year.
  • Non-GAAP operating margin was 10 percent, compared to 13 percent in the fourth quarter last year.
  • GAAP diluted net loss per share was $(0.15). GAAP diluted net income per share was $0.05 in the fourth quarter last year.
  • Non-GAAP diluted net income per share was $0.21, compared to $0.25 in the fourth quarter last year.
  • Cash flow from operating activities was $170 million, compared to $257 million in the fourth quarter last year.

“We had a terrific fourth quarter and our results demonstrate that our business model transition is working. Broad-based demand also led to better than expected subscription additions in the fourth quarter with new model offerings representing well over half of the subscriptions,” said Carl Bass, Autodesk president and CEO. “Strong demand also fueled double-digit growth in ARR, deferred revenue, and billings, and we booked a record number of large transactions. As planned, we ended sales of perpetual licenses of individual products at the end of the quarter. We were particularly encouraged that only a small portion of total unit volume was related to this final opportunity to purchase these perpetual licenses.”

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