Autodesk Reports Strong Second Quarter Results

September 26 23:14:51, 2025

Public Company Information: NASDAQ: ADSK SAN RAFAEL, Calif.–(BUSINESS WIRE)–Autodesk, Inc. (NASDAQ: ADSK) has released its financial results for the second quarter of fiscal 2017. Second Quarter Fiscal 2017 Highlights: - Total subscriptions rose 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 increased by 125,000 to 692,000. - Annualized Recurring Revenue (ARR) reached $1.47 billion, showing a 10% increase compared to the same period last year and a 14% increase on a constant currency basis. New model ARR was $371 million, up 82% compared to the same period last year and 86% on a constant currency basis. - Deferred revenue grew by 23% to $1.52 billion, compared to $1.24 billion in the second quarter last year. - Revenue came in at $551 million, down 10% from the second quarter last year as reported, but only a 6% decrease on a constant currency basis. The shift to a subscription model is affecting revenue recognition, with more revenue being recognized over time rather than upfront. - GAAP total spend was $614 million, an increase of 1% from the second quarter last year. This includes a $16 million charge related to restructuring and facility exit costs. - Non-GAAP total spend was $525 million, a decrease of 4% from the second quarter last year. A reconciliation of GAAP to non-GAAP results is available in the accompanying tables. - GAAP diluted net loss per share was $(0.44). In the second quarter last year, it was $(1.18). - Non-GAAP diluted net income per share was $0.05, compared to $0.19 in the second quarter last year. Carl Bass, President and CEO of Autodesk, commented, “We are thrilled with our second quarter performance, driven by strong growth in new model subscriptions, the conclusion of perpetual license sales, and effective cost management. Our customers and partners have embraced the new model, which offers greater flexibility and a better user experience. Additionally, we have made significant progress in expanding our cloud leadership.” Scott Herren, CFO of Autodesk, added, “Continued adoption of product subscriptions led to robust growth in new model subscriptions, new model ARR, and deferred revenue. We saw record volume of product subscriptions while also experiencing higher-than-expected perpetual license sales due to the final availability of that offering. Based on our strong second quarter results and progress in transitioning our business model, we remain confident in our long-term goals of growing our subscription base by 20% CAGR through fiscal year 2020, which will drive a 24% CAGR in ARR and $6 per share in free cash flow.” Financial Overview: Total subscriptions were 2.82 million, a net increase of 109,000 from the first quarter of fiscal 2017. New model subscriptions (product, enterprise flexible license, and cloud subscription) totaled 692,000, a net increase of 125,000. 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 increased by 10% to $1.47 billion compared to the second quarter last year, and by 14% on a constant currency basis. New model ARR was $371 million, up 82% compared to the second quarter last year and 86% on a constant currency basis. Maintenance ARR was $1.10 billion, a decrease of 3% compared to the second quarter last year, but an increase of 1% on a constant currency basis. Total recurring revenue accounted for 67% of total revenue, compared to 55% in the second quarter last year. 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. Autodesk discontinued new perpetual license sales 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 a 2% decrease 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 the Architecture, Engineering and Construction (AEC) segment was $253 million, an 8% increase compared to the second quarter last year. Revenue from the Manufacturing segment was $177 million, a 3% increase compared to the second quarter last year. Revenue from the Platform Solutions and Emerging Business (PSEB) segment was $86 million, a 47% decrease compared to the second quarter last year. Revenue from the Media and Entertainment (M&E) segment was $34 million, a 16% decrease compared to the second quarter last year. Business Outlook: The following statements are forward-looking based on current expectations and involve risks and uncertainties. Autodesk’s outlook for the third quarter and full year fiscal 2017 assumes a continuation of the current economic environment and foreign exchange rate environment, as well as 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 Guidance: - Revenue: $470 – $485 million - EPS GAAP: ($0.81) – ($0.74) - EPS non-GAAP: ($0.27) – ($0.22) Full Year Fiscal 2017 Guidance: - Revenue: $2,000 – $2,050 million - GAAP spend growth: Approx. 2% - Non-GAAP spend growth: Approx. (2%) - EPS GAAP: ($2.97) – ($2.74) - EPS non-GAAP: ($0.70) – ($0.55) - Net subscription additions: 475,000 – 525,000 The third quarter and full year fiscal 2017 outlook assumes 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. 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. Contact: Autodesk, Inc. Investors: David Gennarelli, 415-507-6033 david. or Press: Stacy Doyle, 503-707-3861 stacy.

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