Autodesk (ADSK) Tops Q1 EPS by 8c, Beat on Revenues; Offers FY18 Guidance

Autodesk (NASDAQ: ADSK) reported Q1 EPS of ($0.16), $0.08 better than the analyst estimate of ($0.24). Revenue for the quarter came in at $485.7 million versus the consensus estimate of $470.4 million.

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 $692 million and increased 103 percent compared to the first quarter last year as reported, and 105 percent on a constant currency basis.
• Total ARR was $1.74 billion, an increase of 18 percent compared to the first quarter last year as reported, and 20 percent on a constant currency basis.
• Deferred revenue increased 18 percent to $1.80 billion, compared to $1.52 billion in the first quarter last year.
• Revenue was $486 million, a decrease of 5 percent compared to the first quarter last year as reported, and 4 percent on a constant currency basis. During Autodesk\'s business model transition, revenue is negatively impacted as more revenue is recognized ratably rather than up front and as new offerings generally have a lower initial purchase price.
• Total GAAP spend (cost of revenue plus operating expenses) was $605 million, a decrease of 9 percent compared to the first quarter last year.
• Total non-GAAP spend was $525 million, a decrease of 3 percent compared to the first quarter last year. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
• GAAP diluted net loss per share was $(0.59), compared to GAAP diluted net loss per share of $(0.75) in the first quarter last year.
• Non-GAAP diluted net loss per share was $(0.16), compared to non-GAAP diluted net loss per share of $(0.10) in the first quarter last year.

GUIDANCE:

Autodesk sees FY2018 EPS of ($0.73)-($0.56), versus the consensus of ($0.60). Autodesk sees FY2018 revenue of $2-2.05 billion, versus the consensus of $2.03 billion.

For earnings history and earnings-related data on Autodesk (ADSK) click here.

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