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Autodesk Reports Third Quarter Financial Results SAN RAFAEL, Calif., NOVEMBER 19, 2015 Autodesk, Inc.

The following excerpt is from the company's SEC filing.

(NASDAQ: ADSK) today reported financial results for the

quarter of fiscal

Third Quarter Fiscal 2016

Total subscriptions

increased

by approximately

80,000

from the second quarter of fiscal 2016 to

2.47 million

at the end of the

quarter.

Total annualized recurring revenue (ARR) was $

1.35 billion

15 percent

compared to the third quarter last year as reported, and 18 percent on a constant currency basis.

Deferred revenue

20 percent

$1.21 billion

$1.01 billion

in the third quarter last year.

Total billings decreased

9 percent

, compared to the

4 percent

Revenue was

$600 million

a decrease

3 percent

quarter last year as reported, and an increase of

2 percent

Total GAAP spend (cost of revenue plus operating expenses) was $

615 million

, an increase of

compared to the third quarter last year.

Total non-GAAP spend was $

545 million

1 percent

GAAP operating margin was

(2) percent

Non-GAAP operating margin was

13 percent

quarter last year. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.

GAAP diluted net loss per share

$(0.19)

. GAAP diluted net income per share was

quarter last year.

Non-GAAP diluted net income per share was

Cash flow from operating activities was

$80 million

$136 million

"Autodesk continues to focus on delivering world-class software and great experiences to our customers, while driving our business model transition as rapidly as possible,” said Carl Bass, Autodesk president and CEO. "We are balancing the necessary investments in the transition with our ongoing focus on spend management, leading to better than expected profitability for the quarter. And we remain confident in our long-term view that our business model transition will deliver a 20 percent CAGR in subscriptions and a 24 percent CAGR in ARR through fiscal year 2020."

Third Quarter Operational Overview

Total subscriptions were

, an increase of approximately

from the second quarter of fiscal 2016. Maintenance subscriptions were

2.10 million

33,000

. New model subscriptions (Desktop, enterprise flexible license, and cloud subscription) were

366,000

47,000

. The increase in new model subscriptions was led by Desktop subscriptions.

Total annualized recurring revenue (ARR) for the

quarter increased

quarter last year as reported and 18 percent at constant currency. Maintenance ARR was

$1.13 billion

6 percent

quarter last year. New model ARR was $

221 million

100 percent

Revenue in the Americas was

$236 million

quarter last year. EMEA revenue was

$225 million

, a decrease of

quarter last year as reported and an increase of

on a constant currency basis. Revenue in APAC was

$139 million

7 percent

on a constant currency basis. Revenue from emerging economies was

$88 million

on a constant currency basis. Revenue from emerging economies represented

of total revenue in the

quarter.

Revenue from the Architecture, Engineering and Construction business segment was

quarter last year. Revenue from the Manufacturing business segment was

$175 million

quarter last year. Revenue from the Platform Solutions and Emerging Business segment was

$161 million

quarter last year. Revenue from the Media and Entertainment business segment was

$39 million

Revenue from Flagship products was

$267 million

quarter last year. Revenue from Suites was

$218 million

quarter last year. Revenue from New and Adjacent products was

$114 million

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." Autodesk's business outlook for the fourth quarter and full year fiscal 2016 assumes, among other things, a continuation of the current economic environment and foreign exchange currency rate environment. A reconciliation between the GAAP and non-GAAP estimates for fiscal 2016 is provided below or in the tables following this press release.

Fourth Quarter Fiscal 2016

Q4 FY16 Guidance Metrics

Q4 FY16 (ending January 31, 2016)

Revenue (in millions)

$620 - $640

EPS GAAP

($0.31) - ($0.27)

EPS Non-GAAP (1)

$0.08 - $0.12

_______________

Non-GAAP earnings per diluted share exclude $0.25 related to stock-based compensation expense and $0.10 for the amortization of acquisition related intangibles, net of tax, and $0.04 related to non-cash GAAP tax charges.

Full Year Fiscal 2016

Billings growth (1)

0.5% - 1.5%

Revenue (in millions) (2)

$2,475 - $2,495

Approximately (1)%

Non-GAAP operating margin (3)

Approximately 10%

EPS GAAP (4)

($1.59) - ($1.55)

EPS Non-GAAP (5)

$0.72 to $0.76

Net subscription additions

310,000 - 330,000

(1) On a constant currency basis, billings growth would be 7% - 8%.

(2) On a constant currency basis, revenue growth would be 3% - 4%.

(3) Non-GAAP operating margin excludes 8% related to stock-based compensation expense and 3% for the amortization of acquisition related intangibles.

(4) GAAP net loss per diluted share includes $1.08 related to the non-cash GAAP tax charge primarily as a result of the $231 million valuation allowance established in Q2. The charge reflects the business model transition and resulting reduction in our pre-tax U.S. GAAP profitability.

(5) Non-GAAP earnings per diluted share excludes $1.08 related to the non-cash GAAP tax charge primarily as a result of the valuation allowance established in Q2 of this year, $0.87 related to stock-based compensation expense, and $0.37 for the amortization of acquisition related intangibles, offset by $0.01 for gains on strategic investment.

The fourth quarter and full year fiscal 2016 outlook assume a projected annual effective tax rate of (170) percent and 27 percent for GAAP and non-GAAP results, respectively.

Earnings Conference Call and Webcast

Autodesk will host its third 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 pm ET at

. This replay will be maintained on Autodesk's website for at least 12 months.

Safe Harbor Statement

This press release contains forward-looking statements that involve risks and uncertainties, including statements in the paragraphs under “Business Outlook” above, statements regarding the impacts and results of our business model transition, expectations regarding the transition of product offerings to subscription, our long-term financial goals and other statements regarding our strategies, market and products 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 maintain our revenue growth and profitability; 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...


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