**SAN RAFAEL, Calif., February 28, 2019 /PRNewswire/ –** Autodesk, Inc. (NASDAQ: ADSK) announced its financial results for the fourth quarter of fiscal 2019 today.
### Fourth Quarter Fiscal 2019 Highlights:
- **Total ARR:** Increased by 34% compared to the same period last year, reaching $2.75 billion. On a constant currency basis, this marks a 32% growth. The acquisitions made during the fourth quarter contributed $27 million to ARR, representing 1 percentage point of the increase. Under the previous revenue accounting standard (ASC 605), total ARR stood at $2.72 billion, reflecting a 32% increase year-over-year.
- **Subscription Plan ARR:** Reached $2.20 billion, showing an impressive 87% growth compared to the same period last year. On a constant currency basis, the growth was 85%. The acquisitions accounted for $27 million of this figure, contributing 2 percentage points to the increase. Under ASC 605, subscription plan ARR was $2.16 billion, marking an 84% increase year-over-year.
- **Total Subscriptions:** Grew by 252,000 subscriptions from the third quarter, totaling 4.33 million at the end of the fourth quarter. Acquisitions during the fourth quarter contributed 127,000 subscriptions.
- **Subscription Plan Subscriptions:** Increased by 418,000 subscriptions from the third quarter to reach 3.53 million at the end of the fourth quarter. This growth was partially due to 110,000 maintenance subscribers transitioning to product subscriptions under the maintenance-to-subscription program. Acquisitions during the fourth quarter added another 127,000 subscriptions.
- **Deferred Revenue:** Grew by 7% year-over-year to $2.09 billion. Total deferred revenue (including deferred and unbilled deferred revenue) reached $2.68 billion, an increase of approximately 18% compared to the same period last year. Acquisitions contributed $36 million to deferred revenue, accounting for 2 percentage points of the increase. In total deferred revenue, acquisitions added $97 million, contributing 4 percentage points to the year-over-year increase. Under ASC 605, total deferred revenue was $2.76 billion, showing a 21% increase year-over-year.
- **Revenue:** Reached $737 million, growing by 33% compared to the fourth quarter last year as reported, and 31% on a constant currency basis. Acquisitions contributed $7 million to revenue, representing 1 percentage point of the increase. Under ASC 605, revenue was $713 million, showing a 29% increase year-over-year.
- **Billings:** Surged by 39% to $1.04 billion. Acquisitions accounted for $43 million of this increase, contributing 6 percentage points. Under ASC 605, billings were $1.05 billion, reflecting a 41% increase year-over-year.
- **Total GAAP Spend:** Decreased by 5% year-over-year to $697 million. Excluding ASC 340, total GAAP spend was $710 million, down 3% compared to the fourth quarter last year.
- **Total Non-GAAP Spend:** Increased by 5% year-over-year to $598 million. Without ASC 340, total non-GAAP spend was $611 million, up 7% compared to the fourth quarter last year.
- **GAAP Diluted Net Income Per Share:** Improved to $0.29, compared to a GAAP diluted net loss per share of $(0.79) in the fourth quarter last year.
- **Non-GAAP Diluted Net Income Per Share:** Reached $0.46, compared to a non-GAAP diluted net loss per share of $(0.09) in the fourth quarter last year.
- **Cash Flow from Operating Activities:** Climbed to $312 million, increasing by $232 million compared to the fourth quarter last year. Free cash flow surged to $294 million, rising by $226 million compared to the fourth quarter last year.
### Executive Comments:
"We achieved several milestones in fiscal 2019 and are entering fiscal 2020 with strong momentum," said Andrew Anagnost, Autodesk president and CEO. "With less than 20% of our revenues coming from maintenance, we are effectively completing our business model transition and are now focused on executing our multi-year growth strategy. Our core design offerings and cloud-based solutions for construction, manufacturing, and production are benefiting our customers as they undergo their own digital transformations, which presents a positive tailwind for our business. We are especially excited about entering the new fiscal year with an unparalleled portfolio of cloud-based solutions for construction."
"Over $300 million in free cash flow for the year demonstrates our ability to generate cash effectively, exceeding our targets," said Scott Herren, Autodesk CFO. "Fiscal 2019 was a year of solid execution as we reached multiple financial milestones, positioning us well for continued growth in fiscal 2020 and beyond. Exiting the business model transition with 95% recurring revenue gives us confidence in achieving our free cash flow goals for fiscal 2020."
For further definitions, refer to the Glossary of Terms at the end of this document.
### Fourth Quarter Operational Overview:
Total ARR for the fourth quarter increased by 34% to $2.75 billion compared to the fourth quarter last year. Subscription plan ARR reached $2.20 billion, growing by 87% compared to the fourth quarter last year. Subscription plan ARR includes $470 million related to the maintenance-to-subscription program. Acquisitions during the fourth quarter contributed $27 million to total ARR and subscription plan ARR. Maintenance plan ARR was $549 million, decreasing by 38% compared to the fourth quarter last year.
Total subscriptions reached 4.33 million, a net increase of 252,000 from the third quarter. Subscription plan subscriptions (product, EBA, and cloud) totaled 3.53 million, increasing by 418,000 from the third quarter, led by new product subscriptions and the migration of 110,000 maintenance plan subscriptions to product subscriptions. Acquisitions contributed 127,000 subscriptions this quarter. Maintenance plan subscriptions decreased to 796,000, a net decline of 166,000 from the third quarter, including the 110,000 that moved to product subscriptions.
Recurring revenue in the fourth quarter accounted for 93% of total revenue, consistent with the fourth quarter last year.
Revenue in the Americas was $300 million, up 29% compared to the fourth quarter last year. Revenue in EMEA was $299 million, increasing by 35% compared to the fourth quarter last year as reported, and 31% on a constant currency basis. Revenue in APAC was $138 million, rising by 38% compared to the fourth quarter last year as reported, and on a constant currency basis.
### Financial Highlights for Fiscal 2019:
- Total ARR increased by 34% as reported, and 32% on a constant currency basis.
- Total ARPS grew by 15% to $635.
- Billings increased by 22% to $2.71 billion.
- Total revenue climbed by 25% to a record $2.57 billion.
- Over 452,000 maintenance customers were migrated to subscription plans.
- Total deferred revenue increased by 18% to $2.68 billion.
- Free cash flow surged to $310 million, compared to $(50) million in fiscal 2018.
- Recurring revenue rose to 95%, compared to 92% at the end of fiscal 2018.
Starting in the first quarter of fiscal 2020, Autodesk will stop quarterly reporting of subscriptions and ARPS.
### Business Outlook:
The following forward-looking statements are based on current expectations and assumptions, involving risks and uncertainties outlined in the "Safe Harbor Statement." Autodesk's business outlook for the first quarter and full year fiscal 2020 assumes continuity in the current economic and foreign exchange currency rate environment.
This summary highlights the key achievements and future outlook for Autodesk in fiscal 2019 and beyond.
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