SAN RAFAEL, Calif., August 23, 2018 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) announced its financial results for the second quarter of fiscal 2019 today. The company's press release was accompanied by a photograph titled "(PRNewsfoto/Autodesk, Inc.)", which can be found online.
**Key Financial Highlights for Second Quarter Fiscal 2019**
- **Subscription Plan ARR:** $1.68 billion, reflecting a 115% increase compared to the same period last year, rising to 111% on a constant currency basis. Under the previous revenue accounting standard (ASC 605), subscription plan ARR was $1.66 billion, marking a 112% increase year-over-year.
- **Total ARR:** $2.35 billion, representing a 28% growth compared to the second quarter last year, with a 27% increase on a constant currency basis. Under ASC 605, total ARR stood at $2.32 billion, showing a 27% rise compared to the same period last year.
- **Subscription Plan Subscriptions:** Increased by 290,000 to reach 2.86 million at the end of the second quarter. This figure includes 117,000 maintenance subscribers who transitioned to product subscriptions under the Maintenance-to-Subscription (M2S) program.
- **Total Subscriptions:** Grew by 119,000 from the first quarter of fiscal 2019, reaching 3.94 million by the end of the second quarter.
- **Deferred Revenue:** $1.80 billion, up 1% compared to the second quarter last year. Total deferred revenue (including deferred and unbilled deferred revenue) reached $2.21 billion, increasing approximately 20% year-over-year. Under ASC 605, total deferred revenue was $2.28 billion, representing a 24% increase compared to the second quarter last year.
- **Revenue:** $612 million, a 22% increase compared to the second quarter last year, with a 21% rise on a constant currency basis. Under ASC 605, revenue was $611 million, also up 22% year-over-year.
- **Billings:** $605 million, up 27% compared to the second quarter last year. Under ASC 605, billings were $592 million, rising 24% year-over-year.
- **Total GAAP Spend:** $636 million, increasing 4% compared to the second quarter last year, with a 3% rise on a constant currency basis. Without the impact of ASC 340-40, total GAAP spend was $626 million, growing 3% year-over-year.
- **Total Non-GAAP Spend:** $556 million, increasing 5% compared to the second quarter last year, with a 4% rise on a constant currency basis. Without ASC 340-40, total non-GAAP spend was $546 million, growing 3% year-over-year.
- **GAAP Diluted Net Loss Per Share:** $(0.18), compared to $(0.66) in the second quarter last year. Under ASC 605 and absent ASC 340-40, GAAP diluted net loss per share was $(0.12).
- **Non-GAAP Diluted Earnings Per Share:** $0.19, compared to a non-GAAP diluted net loss per share of $(0.11) in the second quarter last year. Under ASC 605 and absent ASC 340-40, non-GAAP diluted net income per share was $0.23.
Andrew Anagnost, Autodesk’s president and CEO, remarked, "Strong customer demand and our ongoing operational excellence have accelerated our growth in ARR and annualized revenue per subscription (ARPS). A superior user experience continues to attract new customers to our subscription and cloud offerings, while we see a steady stream of existing maintenance customers transitioning to subscription plans."
Scott Herren, Autodesk’s CFO, noted, "We achieved robust results across several key metrics, including billings, revenue, total deferred revenue, and earnings. We also generated positive cash flow from operating activities and expect to remain cash flow positive for the year. We're pleased with our performance in the first half of the fiscal year and are confident in our ability to deliver strong results for the remainder of the year."
**Operational Overview for the Second Quarter**
Subscription plan ARR was $1.68 billion, a 115% increase compared to the second quarter last year, rising to 111% on a constant currency basis. This includes $342 million related to the M2S program. Maintenance plan ARR was $666 million, down 36% compared to the second quarter last year, both as reported and on a constant currency basis. Total ARR was $2.35 billion, up 28% compared to the second quarter last year, with a 27% increase on a constant currency basis.
Subscription plan subscriptions (including product, enterprise business agreements, and cloud) reached 2.86 million, a net increase of 290,000 from the first quarter of fiscal 2019, driven primarily by new product subscriptions and 117,000 product subscriptions that migrated from maintenance plan subscriptions. Maintenance plan subscriptions were 1.07 million, a net decrease of 172,000 from the first quarter of fiscal 2019, including the 117,000 that migrated to product subscription. Total subscriptions were 3.94 million, a net increase of 119,000 from the first quarter of fiscal 2019.
Total recurring revenue accounted for 96% of total revenue in the second quarter, compared to 91% in the second quarter last year.
Revenue in the Americas was $248 million, up 16% compared to the second quarter last year, with a 15% increase on a constant currency basis. Under ASC 605, revenue in the Americas was $249 million, up 16% year-over-year. Revenue in EMEA was $248 million, up 25% compared to the second quarter last year, with a 22% increase on a constant currency basis. Under ASC 605, revenue in EMEA was $246 million, up 24% year-over-year. Revenue in APAC was $116 million, up 31% compared to the second quarter last year, with a 30% increase on a constant currency basis. Under ASC 605, revenue in APAC was $115 million, up 30% year-over-year.
**Business Outlook**
Autodesk's business outlook for the third quarter and full fiscal year 2019 anticipates a continuation of the current economic and foreign exchange currency rate environment. A reconciliation between GAAP and non-GAAP estimates is provided in the accompanying tables or press release.
Starting in the first quarter of fiscal 2019, Autodesk began reporting results under two new accounting standards. Revenue is now reported under ASC 606, and sales commissions are reported under ASC 340-40. Historical information was not recast as the modified retrospective transition method was chosen. These new standards did not result in a change in the timing or amount of revenue recognized for the majority of maintenance and subscription offerings, though there may be minor shifts in the timing of revenue recognition due to the elimination of VSOE requirements and other differences between the standards. However, sales commissions must now be capitalized and amortized under the new standards. ASC 606 and ASC 340-40 do not affect cash flows or subscriptions.
**Third Quarter Fiscal 2019 Guidance**
| Metric | Q3 FY19 Guidance (under ASC 606) |
|--------|----------------------------------|
| Revenue (in millions) | $635 – $645 (23% – 25%) |
| EPS GAAP | $(0.09) – $(0.05) |
| EPS Non-GAAP | $0.24 – $0.28 |
**Full Year Fiscal 2019 Guidance**
| Metric | FY19 Guidance (under ASC 606) |
|--------|--------------------------------|
| Billings (in millions) | $2,580 – $2,640 (16% – 19%) |
| Revenue (in millions) | $2,485 – $2,505 (21% – 22%) |
| GAAP Spend Growth | (2.5)% – (1.5)% |
| Non-GAAP Spend Growth | 1% – 2% |
| EPS GAAP | $(0.59) – $(0.51) |
| EPS Non-GAAP | $0.87 – $0.95 |
| Net Subscription Additions | 500k – 550k |
| Total ARR Growth | 28% – 30% |
The third quarter and full year fiscal 2019 outlook assume an annual effective tax rate of (117)% for GAAP results and 19% for non-GAAP results. These assumptions are regularly reviewed and may change based on the projected geographic mix of earnings. Given the current business model transition, small shifts in geographic profitability significantly impact the annual effective tax rate.
**Conference Call and Webcast**
Autodesk will host its second quarter conference call today at 5:00 PM ET. The live broadcast can be accessed at [http://www.autodesk.com/investor](http://www.autodesk.com/investor). Supplementary 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 [http://www.autodesk.com/investor](http://www.autodesk.com/investor). This recording will be maintained on Autodesk’s website for at least 12 months.
**Glossary of Terms**
- **Annualized Recurring Revenue (ARR):** Represents the annualized value of the average monthly recurring revenue for the preceding three months. "Maintenance plan ARR" captures ARR related to traditional maintenance attached to perpetual licenses. "Subscription plan ARR" captures ARR related to subscription offerings.
- **Annualized Revenue Per Subscription (ARPS):** Calculated by dividing annualized recurring revenue by the total number of subscriptions.
- **Billings:** Total revenue plus the net change in deferred revenue from the beginning to the end of the period.
- **Cloud Service Offerings:** Represent individual term-based offerings deployed through web browser technologies or in a hybrid software and cloud configuration.
- **Constant Currency (CC) Growth Rates:** Attempt to eliminate fluctuations caused by changes in foreign currency exchange rates and hedge gains or losses.
- **Enterprise Business Agreements (EBAs):** Programs offering enterprise customers access to a broad pool of Autodesk products over a defined contract term.
- **Free Cash Flow:** Cash flow from operating activities minus capital expenditures.
- **Maintenance Plan:** Provides cost-effective and predictable budgetary options for customers to obtain productivity benefits from new releases and enhancements.
- **Other Revenue:** Consists of revenue from consulting, training, and other services.
- **Product Subscription:** Offers customers a flexible, cost-effective way to access and manage 3D design, engineering, and entertainment software tools.
- **Recurring Revenue:** Includes revenue from traditional maintenance plans and subscription plan offerings.
- **Subscription Plan:** Comprises term-based product subscriptions, cloud service offerings, and enterprise business agreements.
- **Subscription Revenue:** Includes subscription fees from product subscriptions, cloud service offerings, and enterprise business agreements.
- **Total Deferred Revenue:** Sum of total short-term, long-term, and unbilled deferred revenue.
- **Total Subscriptions:** Consists of subscriptions from maintenance plans and subscription plan offerings.
- **Unbilled Deferred Revenue:** Represents contractually stated or committed orders for which the associated deferred revenue has not yet been recognized.
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those expressed or implied due to various factors, including but not limited to the risks outlined in the "Safe Harbor Statement."
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