Summary
Autodesk, Inc. reported its first-quarter fiscal year 2018 results, ending April 30, 2017. The company experienced a year-over-year decrease in total net revenue from $511.9 million to $485.7 million. This decline was primarily driven by a significant 66% drop in license and other revenue, a consequence of the ongoing shift away from perpetual licenses. However, this was partially offset by a substantial 103% increase in subscription revenue, reflecting the company's strategic pivot towards a subscription-based business model. Despite the revenue dip, the company demonstrated progress in its business model transition. Recurring revenue increased by 18% to $435.9 million, comprising 90% of total net revenue. Annualized Recurring Revenue (ARR) also saw a healthy 6% increase to $1.74 billion, driven by subscription plan ARR growth. Autodesk reported a net loss of $129.6 million for the quarter, an improvement from the $167.7 million net loss in the prior year period, indicating progress in operational efficiency and the management of expenses.
Financial Highlights
50 data points| Revenue | $485.70M |
| Cost of Revenue | $78.20M |
| Gross Profit | $407.50M |
| R&D Expenses | $187.70M |
| Operating Expenses | $527.10M |
| Operating Income | -$119.60M |
| Net Income | -$129.60M |
| EPS (Basic) | $-0.59 |
| EPS (Diluted) | $-0.59 |
| Shares Outstanding (Basic) | 219.90M |
| Shares Outstanding (Diluted) | 219.90M |
Key Highlights
- 1Total net revenue decreased by 5% to $485.7 million, primarily due to the strategic discontinuation of perpetual license sales.
- 2Subscription revenue surged by 103% to $173.4 million, underscoring the successful transition to a subscription-based business model.
- 3Recurring revenue increased by 18% to $435.9 million, now representing 90% of total net revenue, indicating a more predictable revenue stream.
- 4Annualized Recurring Revenue (ARR) grew by 6% to $1.74 billion, signaling continued business momentum.
- 5The company reported a net loss of $129.6 million, which is an improvement from a net loss of $167.7 million in the prior year period.
- 6Operating expenses decreased by 7% to $527.1 million, largely due to reduced restructuring charges.
- 7Autodesk repurchased $195.9 million of its common stock during the quarter, demonstrating a commitment to returning capital to shareholders.