Summary
Autodesk, Inc. reported a net loss of $23.7 million for the three months ended October 31, 2018, and a net loss of $145.5 million for the nine months ended October 31, 2018. Despite the losses, the company demonstrated significant revenue growth, with total net revenue increasing by 28% to $660.9 million for the quarter and by 22% to $1.83 billion for the nine-month period. This growth was primarily driven by a substantial 108% increase in subscription revenue for the quarter, reflecting the company's ongoing transition to a subscription-based business model. Annualized Recurring Revenue (ARR) also saw robust growth, increasing by 33% year-over-year to $2.53 billion, with subscription plan ARR growing by an impressive 108%. The company also highlighted its strategic acquisition of Assemble Systems, Inc. and announced the upcoming acquisition of PlanGrid, Inc., indicating a focus on expanding its construction productivity software offerings. Financially, the company's balance sheet shows total assets of $3.77 billion and total liabilities of $3.44 billion, resulting in a stockholders' deficit of $338.3 million. Operating activities generated positive cash flow of $65.6 million for the nine-month period, a significant improvement from the prior year's negative cash flow. The company continues its share repurchase program and remains focused on its strategic shift towards recurring revenue streams, which are expected to provide greater predictability and long-term growth.
Financial Highlights
50 data points| Revenue | $660.90M |
| Cost of Revenue | $72.30M |
| Gross Profit | $588.60M |
| R&D Expenses | $181.00M |
| Operating Expenses | $573.90M |
| Operating Income | $14.70M |
| Net Income | -$23.70M |
| EPS (Basic) | $-0.11 |
| EPS (Diluted) | $-0.11 |
| Shares Outstanding (Basic) | 218.90M |
| Shares Outstanding (Diluted) | 218.90M |
Key Highlights
- 1Net revenue increased by 28% to $660.9 million for the three months ended October 31, 2018, and by 22% to $1.83 billion for the nine months ended October 31, 2018.
- 2Subscription revenue saw a substantial increase of 108% to $481.3 million for the quarter, demonstrating the success of the transition to a subscription model.
- 3Total Annualized Recurring Revenue (ARR) grew by 33% year-over-year to $2.53 billion, with subscription plan ARR increasing by 108%.
- 4The company generated positive cash flow from operations of $65.6 million for the nine months ended October 31, 2018, a significant improvement from $(78.4) million in the prior year.
- 5Autodesk completed the acquisition of Assemble Systems, Inc. and announced the planned acquisition of PlanGrid, Inc., indicating a strategy focused on expanding its construction technology portfolio.
- 6The company continued to manage its capital through share repurchases, with 0.8 million shares repurchased during the quarter, and maintained a strong liquidity position with $1.2 billion in cash and marketable securities at the end of the period.