Autodesk Reports Strong Fourth Quarter Results Led By Annualized Recurring Revenue (ARR)
June 03 02:15:55, 2025
SAN RAFAEL, Calif., February 28, 2019 /PRNewswire/ – Autodesk, Inc. (NASDAQ: ADSK) today announced its financial results for the fourth quarter of fiscal 2019.
**Fourth Quarter Fiscal 2019**
- Total ARR reached $2.75 billion, marking a 34% increase compared to the same period last year as reported, and 32% on a constant currency basis. The fourth quarter acquisitions contributed $27 million to total ARR, accounting for 1 percentage point of the growth. Under the previous revenue recognition standard, ASC 605, total ARR was $2.72 billion, reflecting a 32% increase year-over-year.
- Subscription plan ARR stood at $2.20 billion, showing an 87% increase year-over-year as reported and 85% on a constant currency basis. The fourth quarter acquisitions contributed $27 million to subscription plan ARR, representing 2 percentage points of the growth. Under ASC 605, subscription plan ARR was $2.16 billion, growing by 84% compared to the previous year.
- Total subscriptions grew by 252,000 from the third quarter of fiscal 2019, reaching 4.33 million by the end of the fourth quarter. Of this, the acquisitions contributed 127,000 subscriptions.
- Subscription plan subscriptions increased by 418,000, reaching 3.53 million by the end of the fourth quarter. This increase included 110,000 maintenance subscribers who transitioned to product subscriptions under the maintenance-to-subscription program. Acquisitions contributed an additional 127,000 subscriptions.
- Deferred revenue totaled $2.09 billion, a 7% increase compared to the fourth quarter last year. Total deferred revenue (including deferred revenue and unbilled deferred revenue) was $2.68 billion, up approximately 18% year-over-year. The acquisitions added $36 million to deferred revenue, contributing 2 percentage points to the year-over-year increase. Total deferred revenue, including acquisitions, reached $97 million, accounting for 4 percentage points of the year-over-year increase. Under ASC 605, total deferred revenue was $2.76 billion, increasing by approximately 21% year-over-year.
- Revenue was $737 million, rising 33% compared to the fourth quarter last year as reported, and 31% on a constant currency basis. The acquisitions contributed $7 million to revenue, representing 1 percentage point of the growth. Under ASC 605, revenue was $713 million, increasing by 29% year-over-year.
- Billings amounted to $1.04 billion, growing 39% year-over-year. The acquisitions contributed $43 million to billings, accounting for 6 percentage points of the growth. Under ASC 605, billings were $1.05 billion, increasing by 41% year-over-year.
- Total GAAP spending (cost of revenue plus operating expenses) was $697 million, down 5% compared to the fourth quarter last year. Excluding ASC 340, total GAAP spending was $710 million, down 3% year-over-year.
- Total non-GAAP spending was $598 million, up 5% compared to the fourth quarter last year. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. Excluding ASC 340, total non-GAAP spending was $611 million, up 7% year-over-year.
- GAAP diluted net income per share was $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 was $0.46, compared to a non-GAAP diluted net loss per share of $(0.09) in the fourth quarter last year.
- Operating cash flow was $312 million, an increase of $232 million compared to the fourth quarter last year. Free cash flow was $294 million, an increase of $226 million compared to the fourth quarter last year.
**Fourth Quarter Operational Overview**
Total ARR for the fourth quarter increased 34% to $2.75 billion compared to the fourth quarter last year as reported, and 32% on a constant currency basis. Subscription plan ARR was $2.20 billion, growing 87% year-over-year as reported and 85% on a constant currency basis. Subscription plan ARR includes $470 million related to the maintenance-to-subscription program. The acquisitions contributed $27 million to total ARR and subscription plan ARR. Maintenance plan ARR was $549 million, declining 38% compared to the fourth quarter last year as reported and 39% on a constant currency basis.
Total subscriptions reached 4.33 million, a net increase of 252,000 from the third quarter of fiscal 2019. Subscription plan subscriptions (products, EBA, and cloud) were 3.53 million, a net increase of 418,000 from the third quarter of fiscal 2019, led by new product subscriptions and 110,000 product subscriptions that migrated from maintenance plan subscriptions. Acquisitions contributed 127,000 subscriptions to the total. Maintenance plan subscriptions were 796,000, a net decrease of 166,000 from the third quarter of fiscal 2019, including the 110,000 that migrated to product subscriptions.
Total 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 35% compared to the fourth quarter last year as reported and 31% on a constant currency basis. Revenue in APAC was $138 million, rising 38% compared to the fourth quarter last year as reported and on a constant currency basis.
**Financial Highlights for Fiscal 2019**
- Total ARR increased 34% as reported and 32% on a constant currency basis.
- The acquisitions contributed $27 million to total ARR, representing 1 percentage point of the growth.
- Total ARPS increased 15% to $635.
- The acquisitions impacted total ARPS negatively by $13, representing 2 percentage points of the increase.
- Billings rose 22% to $2.71 billion.
- The acquisitions contributed $43 million to billings, accounting for 2 percentage points of the growth.
- Total revenue increased 25% to a record $2.57 billion.
- Total revenue includes a $7 million contribution from the fourth quarter acquisitions, with no impact on the growth percentage.
- Over 452,000 maintenance customers were migrated to subscription plans.
- Reached a milestone of over 4 million active subscriptions.
- Total deferred revenue increased 18% to $2.68 billion.
- The acquisitions contributed $97 million to total deferred revenue, representing 4 percentage points of the growth.
- Free cash flow increased to $310 million, compared to $(50) million in fiscal 2018.
- Recurring revenue rose to 95%, compared to 92% at the end of fiscal 2018.
*All numbers are compared to 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 below under "Safe Harbor Statement." Autodesk's business outlook for the first quarter and full year fiscal 2020 assumes continued economic and foreign exchange environments. A reconciliation between the fiscal 2020 GAAP and non-GAAP estimates is provided below or in the tables following this press release.
| Metric | Q1 FY20 Guidance (April 30, 2019) |
|--------|-----------------------------------|
| Revenue (in millions) | $735 – $745 |
| EPS GAAP | $0.06 – $0.10 |
| EPS non-GAAP | $0.44 – $0.48 |
| Metric | FY20 Guidance (January 31, 2020) |
|--------|-----------------------------------|
| Total ARR (in millions) | $3,500 – $3,550 (Up 27% – 29%) |
| Billings (in millions) | $4,050 – $4,150 (Up 50% – 53%) |
| Revenue (in millions) | $3,250 – $3,300 (Up 26% – 28%) |
| GAAP spend growth | Approx. 10% |
| Non-GAAP spend growth | Approx. 9% |
| EPS GAAP | $1.12 – $1.31 |
| EPS non-GAAP | $2.71 – $2.90 |
| Free cash flow | Approx. $1.35 billion |
The first quarter and full year fiscal 2020 outlook assumes a projected annual effective tax rate of 25% for GAAP and 18% for non-GAAP results. These assumptions are regularly reviewed and may change based on the geographic mix of earnings.
Most of the Euro, Yen, British Pound, and Australian Dollar denominated billings for the first quarter fiscal 2020 have been hedged. This hedging, along with deferred revenue locked-in through prior period billings hedges, will mitigate the impact of currency fluctuations on our results. However, over time, currency fluctuations may increasingly impact our outcomes. We also hedge certain expenses, using a four-quarter rolling layered hedge program. As such, a portion of the projected billings for the remainder of fiscal 2020 have been hedged.
**Earnings Conference Call and Webcast**
Autodesk will host its fourth quarter conference call today at 5:00 p.m. ET. The live broadcast can be accessed at [http://www.autodesk.com/investor](http://www.autodesk.com/investor). 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/investor](http://www.autodesk.com/investor). 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 related to traditional maintenance attached to perpetual licenses. "Subscription plan ARR" captures ARR related to subscription offerings. For more details on what is included within ARR, refer to the definition of recurring revenue below. ARR is currently one of our key performance metrics to assess the health and trajectory of our business. ARR should be viewed independently of revenue and deferred revenue as it is a performance metric and is not intended to be combined with these items.
*Annualized Revenue Per Subscription (ARPS):* Is calculated by dividing our 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:* Represents individual term-based offerings deployed through web browser technologies or in a hybrid software and cloud configuration. Cloud service offerings that are bundled with other product offerings are not captured as a separate cloud service offering.
*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. We calculate constant currency growth rates by (i) applying the applicable prior period exchange rates to current period results and (ii) excluding any gains or losses from foreign currency hedge contracts that are reported in the current and comparative periods.
*Core Business:* Represents the combination of maintenance, product, and EBA.
*Enterprise Business Agreements (EBAs):* Represent programs providing enterprise customers with token-based access or a fixed maximum number of seats 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:* Our maintenance plans provide our customers with a cost-effective and predictable budgetary option to obtain the productivity benefits of our new releases and enhancements when and if released during the term of their contracts. Under our maintenance plans, customers are eligible to receive unspecified upgrades when and if available, and technical support. We recognize maintenance revenue over the term of the agreements, generally one year.
*Other Revenue:* Consists of revenue from consulting, training and other services, and is recognized over time as the services are performed. Other revenue also includes software license revenue from the sale of products which do not incorporate substantial cloud services and is recognized upfront.
*Product Subscription:* Provides customers the most flexible, cost-effective way to access and manage 3D design, engineering, and entertainment software tools. Our product subscriptions currently represent a hybrid of desktop and SaaS functionality, which provides a device-independent, collaborative design workflow for designers and their stakeholders.
*Recurring Revenue:* Consists of the revenue for the period from our traditional maintenance plans and revenue from our subscription plan offerings. It excludes subscription revenue related to consumer product offerings, select Creative Finishing product offerings, education offerings, and third-party products. Recurring revenue acquired with the acquisition of a business is captured when total subscriptions are captured in our systems and may cause variability in the comparison of this calculation.
*Subscription Plan:* Comprises our term-based product subscriptions, cloud service offerings, and EBAs. Subscriptions represent a combined hybrid offering of desktop software and cloud functionality which provides a device-independent, collaborative design workflow for designers and their stakeholders. With subscription, customers can use our software anytime, anywhere, and get access to the latest updates to previous versions.
*Subscription Revenue:* Includes subscription fees from product subscriptions, cloud service offerings, and EBAs.
*Total Deferred Revenue:* Is calculated by adding together total short-term, long-term, and unbilled deferred revenue.
*Total Subscriptions:* Consists of subscriptions from our maintenance plans and subscription plan offerings that are active and paid as of the fiscal year-end date. For certain cloud service offerings and EBAs, subscriptions represent the monthly average activity reported within the last three months of the fiscal quarter-end date. Total subscriptions do not include education offerings, consumer product offerings, select Creative Finishing product offerings, Autodesk Buzzsaw, Autodesk Constructware, and third-party products. Subscriptions acquired with the acquisition of a business are captured once the data conforms to our subscription count methodology and when added, may cause variability in the comparison of this calculation.
*Unbilled Deferred Revenue:* Unbilled deferred revenue represents contractually stated or committed orders under early renewal and multi-year billing plans for subscription, services, and maintenance for which the associated deferred revenue has not been recognized. Under ASC 606, unbilled deferred revenue is not included as a receivable or deferred revenue on our Consolidated Balance Sheet.
**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 ARR growth acceleration, other statements about our short-term and long-term goals and targets, 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, expectations for billings, revenue, subscriptions, spend, EPS, ARR, and free cash flow, 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 markets; failure to maintain cost reductions or otherwise control our expenses; failure to continue to innovate to meet competitive offerings; difficulty in predicting revenue from new businesses; general market, political, economic, and business conditions; any imposition of new tariffs or trade barriers; the impact of non-cash charges on our financial results; fluctuation in foreign currency exchange rates; the success of our foreign currency hedging program; 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; pricing pressure; unexpected fluctuations in our annual effective tax rate; significant effects of tax legislation and judicial or administrative interpretation of tax regulations, including the Tax Cuts and Jobs Act; 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. Our estimates as to tax rate are based on current tax law, including current interpretations of the Tax Cuts and Jobs Act, and could be affected by changing interpretations of that Act, as well as additional legislation and guidance around that Act.
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, 2018, and Quarterly Report on Form 10-Q for the fiscal quarters ended April 30, 2018, July 31, 2018, and October 31, 2018, 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](http://www.autodesk.com) or follow @autodesk.
*Autodesk, AutoCAD, AutoCAD LT, BIM 360, and Fusion 360 are registered trademarks 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.*
*© 2019 Autodesk, Inc. All rights reserved.*
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