Public Company Information:
NASDAQ:
ADSK
SAN RAFAEL, Calif.–(BUSINESS WIRE)–Autodesk, Inc. (NASDAQ:ADSK) today reported financial results for the second quarter of fiscal 2017.
Second Quarter Fiscal 2017
Total subscriptions increased by 109,000 from the first quarter of fiscal 2017 to reach 2.82 million at the end of the second quarter. New model subscriptions grew by 125,000 from the first quarter of fiscal 2017, reaching 692,000.
Total annualized recurring revenue (ARR) reached $1.47 billion, marking a 10% increase compared to the same period last year as reported and a 14% increase on a constant currency basis. New model ARR stood at $371 million, reflecting an 82% rise compared to the same period last year as reported and an 86% increase on a constant currency basis.
Deferred revenue climbed by 23% to $1.52 billion, compared to $1.24 billion in the second quarter of the previous year.
Revenue totaled $551 million, a 10% decrease compared to the second quarter last year as reported, and a 6% decrease on a constant currency basis. During Autodesk's business model transition, revenue is affected negatively as more revenue is recognized over time rather than upfront, and new offerings generally have a lower initial purchase price.
Total GAAP spending (cost of revenue plus operating expenses) was $614 million, an increase of 1% compared to the second quarter last year. GAAP spending includes a charge of $16 million for a previously announced restructuring and other facility exit costs.
Total non-GAAP spending was $525 million, a 4% decrease compared to the second quarter last year. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
GAAP diluted net loss per share was $(0.44). GAAP diluted net loss per share was $(1.18) in the second quarter last year.
Non-GAAP diluted net income per share was $0.05, compared to non-GAAP diluted net income per share of $0.19 in the second quarter last year.
"We achieved fantastic second-quarter results driven by growth in new model subscriptions, the end of perpetual license sales, and careful cost management," said Carl Bass, Autodesk president and CEO. "We've now witnessed several quarters of robust growth from our new model subscriptions as our customers and partners embrace a model that offers greater flexibility and a superior user experience. Additionally, we continued to lead in the cloud during a quarter that delivered our largest-ever increase in cloud subscriptions, led by BIM 360 and Fusion 360."
Second Quarter Operational Overview
"Continued adoption of product subscription fueled strong growth in new model subscriptions, new model ARR, and deferred revenue," said Scott Herren, Autodesk Chief Financial Officer. "We saw record volumes of product subscription for suites while also experiencing higher-than-expected volumes of perpetual licenses for suites, due to the final availability of that offering. Based on our strong second-quarter results and progress on our business model transition, we remain confident in our long-term goals of growing our subscription base by a 20% CAGR through our fiscal year 2020, which will drive a 24% CAGR in ARR and $6 per share in free cash flow."
Total subscriptions stood at 2.82 million, representing a net increase of 109,000 from the first quarter of fiscal 2017. Of total subscriptions, new model subscriptions (product, enterprise flexible license, and cloud subscription) amounted to 692,000, a net increase of 125,000. The growth in new model subscriptions was primarily driven by product subscriptions. Maintenance subscriptions were 2.13 million, a net decrease of 16,000 from the first quarter of fiscal 2017.
Total ARR for the second quarter rose by 10% to $1.47 billion compared to the second quarter last year as reported, and by 14% on a constant currency basis. New model ARR reached $371 million and increased by 82% compared to the second quarter last year as reported, and by 86% on a constant currency basis. Maintenance ARR was $1.10 billion and decreased by 3% compared to the second quarter last year as reported, and increased by 1% on a constant currency basis. Total recurring revenue in the second quarter accounted for 67% of total revenue compared to 55% of total revenue in the second quarter last year.
As a reminder, during the business model transition, revenue has been and will continue to be negatively impacted as more revenue is recognized ratably rather than upfront and as new product offerings generally have a lower initial purchase price. As part of the business model transition, Autodesk stopped selling new perpetual licenses for most individual products at the end of the fourth quarter of fiscal 2016 and for suites at the end of the second quarter of fiscal 2017.
Revenue in the Americas was $230 million, a 2% decrease compared to the second quarter last year as reported, and unchanged on a constant currency basis. Revenue in EMEA was $221 million, a 2% decrease compared to the second quarter last year as reported, and a 5% increase on a constant currency basis. Revenue in APAC was $100 million, a 32% decrease compared to the second quarter last year as reported, and a 30% decrease on a constant currency basis.
Revenue from our Architecture, Engineering and Construction (AEC) business segment was $253 million, an 8% increase compared to the second quarter last year. Revenue from our Manufacturing business segment was $177 million, a 3% increase compared to the second quarter last year. Revenue from our Platform Solutions and Emerging Business (PSEB) segment was $86 million, a 47% decrease compared to the second quarter last year. Revenue from our Media and Entertainment (M&E) business segment was $34 million, a 16% decrease compared to the second quarter last year.
Business Outlook
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 third quarter and full year fiscal 2017 assumes, among other things, a continuation of the current economic environment and foreign exchange currency rate environment and the continued success of our business model transition. A reconciliation between the fiscal 2017 GAAP and non-GAAP estimates is provided below or in the tables following this press release.
Third Quarter Fiscal 2017
Q3 FY17 Guidance Metrics
| Q3 FY17 (ending October 31, 2016) |
|------------------|
| Revenue (in millions) | $470 – $485 |
| EPS GAAP | ($0.81) – ($0.74) |
| EPS non-GAAP (1) | ($0.27) – ($0.22) |
(1) Non-GAAP earnings per diluted share exclude $0.27 related to stock-based compensation expense, between $0.15 and $0.13 related to GAAP-only tax charges, $0.08 for the amortization of acquisition related intangibles, and $0.04 related to restructuring charges and other facility exit costs.
Full Year Fiscal 2017
FY17 Guidance Metrics
| FY17 (ending January 31, 2017) |
|------------------|
| Revenue (in millions) (1) | $2,000 – $2,050 |
| GAAP spend growth (cost of revenue plus operating expenses) | Approx. 2% |
| Non-GAAP spend growth (cost of revenue plus operating expenses) (2) | Approx. (2%) |
| EPS GAAP | ($2.97) – ($2.74) |
| EPS non-GAAP (3) | ($0.70) – ($0.55) |
| Net subscription additions | 475,000 – 525,000 |
(1) Excluding the impact of foreign currency exchange rates and hedge gains/losses, revenue guidance would be $2,045 – $2,095 million.
(2) Non-GAAP spend excludes $226 million related to stock-based compensation expense, $86 million related to restructuring charges and other facility exit costs, and $69 million for the amortization of acquisition-related intangibles.
(3) Non-GAAP earnings per diluted share excludes $1.01 related to stock-based compensation expense, between $0.56 and $0.48 of GAAP-only tax charges, $0.39 related to restructuring charges and other facility exit costs, and $0.31 for the amortization of acquisition-related intangibles.
The third quarter and full year fiscal 2017 outlook assume a projected annual effective tax rate of (12)% and 26% 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 effective tax rate.
Earnings Conference Call and Webcast
Autodesk will host its second quarter conference call today at 5:00 p.m. ET. The live broadcast can be accessed at http://www.autodesk.com/investors. Supplemental financial information and prepared remarks for the conference call will be posted to the investor relations section of Autodesk’s website simultaneously with this press release.
A replay of the broadcast will be available at 7:00 p.m. ET at http://www.autodesk.com/investors. This replay will be maintained on Autodesk’s website for at least 12 months.
Glossary of Terms
Annualized Recurring Revenue (ARR): Represents the annualized value of our average monthly recurring revenue for the preceding three months. “Maintenance plan ARR†captures ARR relating to traditional maintenance attached to perpetual licenses. “New Model ARR†captures ARR relating to new model subscription offerings. Recurring revenue acquired with the acquisition of a business may cause variability in the comparison of this calculation.
ARR is currently our key performance metric to assess the health and trajectory of our business. ARR should be viewed independently of revenue and deferred revenue as ARR is a performance metric and is not intended to be combined with any of these items.
Constant Currency (CC) Growth Rates: We attempt to represent the changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates as well as eliminating hedge gains or losses recorded within the current and comparative periods. Our constant currency methodology removes all hedging gains and losses from the calculation and applies a constant exchange rate across periods.
Safe Harbor Statement
This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding our long-term subscription, ARR and free cash flow targets, statements in the paragraphs under “Business Outlook†above, other statements about our short-term and long-term goals, statements regarding the impacts and results of our business model transition, expectations regarding the transition of product offerings to subscription and acceptance by our customers and partners of subscriptions, and other statements regarding our strategies, market and product positions, performance, and results. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: failure to achieve our revenue and profitability objectives; failure to successfully manage transitions to new business models and markets, including the introduction of additional ratable revenue streams and our continuing efforts to attract customers to our cloud-based offerings and expenses related to the transition of our business model; difficulty in predicting revenue from new businesses and the potential impact on our financial results from changes in our business models; general market, political, economic and business conditions; the impact of non-cash charges on our financial results; fluctuation in foreign currency exchange rates; the success of our foreign currency hedging program; failure to control our expenses; our performance in particular geographies, including emerging economies; the ability of governments around the world to meet their financial and debt obligations, and finance infrastructure projects; weak or negative growth in the industries we serve; slowing momentum in subscription billings or revenues; difficulties encountered in integrating new or acquired businesses and technologies; the inability to identify and realize the anticipated benefits of acquisitions; the financial and business condition of our reseller and distribution channels; dependence on and the timing of large transactions; failure to achieve sufficient sell-through in our channels for new or existing products; pricing pressure; unexpected fluctuations in our tax rate; the timing and degree of expected investments in growth and efficiency opportunities; changes in the timing of product releases and retirements; and any unanticipated accounting charges.
Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk’s Annual Report on Form 10-K for the fiscal year ended January 31, 2016 and Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2016, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
About Autodesk
Autodesk makes software for people who make things. If you’ve ever driven a high-performance car, admired a towering skyscraper, used a smartphone, or watched a great film, chances are you’ve experienced what millions of Autodesk customers are doing with our software. Autodesk gives you the power to make anything. For more information visit autodesk.com or follow @autodesk.
Autodesk is a registered trademark of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and service offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.
© 2016 Autodesk, Inc. All rights reserved.
Autodesk, Inc.
Condensed Consolidated Statements of Operations (1)
(In millions, except per share data)
| Net revenue: |
|--------------|
| Subscription | $322.0 |
| License and other | $228.7 |
| Total net revenue | $550.7 |
Cost of revenue:
| Cost of subscription revenue | $38.2 |
| Cost of license and other revenue | $46.9 |
| Total cost of revenue | $85.1 |
Gross profit: $465.6
Operating expenses:
| Marketing and sales | $243.1 |
| Research and development | $193.0 |
| General and administrative | $68.6 |
| Amortization of purchased intangibles | $7.8 |
| Restructuring charges and other facility exit costs, net | $16.0 |
| Total operating expenses | $528.5 |
(Loss) income from operations: $(62.9)
Interest and other expense, net: $(10.1)
(Loss) income before income taxes: $(73.0)
Provision for income taxes: $(25.2)
Net loss: $(98.2)
Basic net loss per share: $(0.44)
Diluted net loss per share: $(0.44)
Weighted average shares used in computing basic net loss per share: 223.2
Weighted average shares used in computing diluted net loss per share: 223.2
Condensed Consolidated Balance Sheets
(In millions)
| Assets: |
|-------------------|
| Current assets: |
| Cash and cash equivalents | $1,467.3 |
| Marketable securities | $597.6 |
| Accounts receivable, net | $306.9 |
| Prepaid expenses and other current assets | $114.7 |
| Total current assets | $2,486.5 |
Liabilities and stockholders’ equity:
| Current liabilities: |
|-----------------------|
| Accounts payable | $110.3 |
| Accrued compensation | $160.0 |
| Accrued income taxes | $54.1 |
| Deferred revenue | $1,107.1 |
| Other accrued liabilities | $128.1 |
| Total current liabilities | $1,559.6 |
Condensed Consolidated Statements of Cash Flows
(In millions)
| Operating activities: |
|-----------------------|
| Net loss | $(265.9) |
| Adjustments to reconcile net loss to net cash provided by operating activities: |
| Depreciation, amortization and accretion | $70.4 |
| Stock-based compensation expense | $105.9 |
| Deferred income taxes | $(9.2) |
| Restructuring charges and other facility exit costs, net | $68.3 |
| Other operating activities | $(6.2) |
| Changes in operating assets and liabilities, net of acquisitions: |
| Accounts receivable | $346.9 |
| Prepaid expenses and other current assets | $(23.3) |
| Accounts payable and accrued liabilities | $(44.6) |
| Deferred revenue | $(1.4) |
| Accrued income taxes | $(94.5) |
| Net cash provided by operating activities | $146.4 |
Investing activities:
| Purchases of marketable securities | $(810.9) |
| Sales of marketable securities | $354.7 |
| Maturities of marketable securities | $791.3 |
| Capital expenditures | $(42.6) |
| Acquisitions, net of cash acquired | $(85.2) |
| Other investing activities | $(6.7) |
| Net cash provided by (used in) investing activities | $200.6 |
Financing activities:
| Proceeds from issuance of common stock, net of issuance costs | $54.2 |
| Taxes paid related to net share settlement of equity awards | $(19.9) |
| Repurchase and retirement of common stock | $(270.0) |
| Proceeds from debt, net of discount | $— |
| Other financing activities | $— |
| Net cash (used in) provided by financing activities | $(235.7) |
Effect of exchange rate changes on cash and cash equivalents: $3.0
Net increase in cash and cash equivalents: $114.3
Cash and cash equivalents at beginning of the period: $1,353.0
Cash and cash equivalents at end of the period: $1,467.3
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