Public Company Information:
NASDAQ:
ADSK
SAN RAFAEL, Calif.–(BUSINESS WIRE)–Autodesk, Inc. (NASDAQ: ADSK) recently announced its financial results for the first quarter of fiscal 2016.
First Quarter Fiscal 2016 Highlights:
- Total billings increased by 3% compared to the same period last year and by 8% on a constant currency basis.
- Deferred revenue rose to $1.15 billion, up from $964 million in the first quarter of the previous year.
- Total subscriptions grew by approximately 95,000 from the fourth quarter of fiscal 2015.
- Revenue reached $647 million, reflecting an increase of 9% compared to the first quarter of the prior year and 13% on a constant currency basis.
- GAAP operating margin was 3%, down from 7% in the first quarter of the previous year.
- Non-GAAP operating margin stood at 15%, slightly lower than 17% in the same period last year. A reconciliation between GAAP and non-GAAP results is provided in the accompanying tables.
- GAAP diluted earnings per share were $0.08, compared to $0.12 in the first quarter of the previous year.
- Non-GAAP diluted earnings per share were $0.30, down from $0.32 in the same period last year.
- Cash flow from operating activities totaled $87 million, a decrease from $219 million in the first quarter of the previous year.
Carl Bass, President and CEO of Autodesk, commented, “We had a solid start to the year with good progress on our business model transition. We added 95,000 subscriptions during the quarter, with about half coming from new subscription types. Over the next two years, we expect to transition the majority of our offerings to a subscription model, which will provide our customers with greater flexibility and an improved user experience.â€
Operational Overview for the First Quarter:
Revenue in the Americas increased by 19% compared to the first quarter of the previous year, reaching $244 million. EMEA revenue was $245 million, up by 9% compared to the same period last year, or 15% on a constant currency basis. APAC revenue was $157 million, a decrease of 3% compared to the first quarter of the previous year, but an increase of 2% on a constant currency basis. Revenue from emerging economies was $93 million, rising by 17% compared to the first quarter of the previous year, or 19% on a constant currency basis. Emerging economies accounted for 14% of total revenue in the first quarter.
Revenue from the Architecture, Engineering and Construction segment was $237 million, up by 21% compared to the first quarter of the previous year. The Platform Solutions and Emerging Business segment generated $185 million in revenue, a decrease of 13% compared to the same period last year. Manufacturing segment revenue was $185 million, an increase of 25% compared to the previous year. Media and Entertainment segment revenue was $40 million, up by 6% compared to the first quarter of the previous year.
Flagship product revenue was flat at $299 million compared to the first quarter of the previous year. Suite revenue increased by 14% to $240 million. New and Adjacent product revenue rose by 30% to $108 million.
Scott Herren, CFO of Autodesk, stated, “We were pleased with the first quarter results and remain confident in our business model transition. As we evaluate the economic environment, we have observed unevenness, particularly in key markets. Considering the current economic conditions and ongoing foreign currency headwinds, we have adjusted our business outlook for the fiscal year as we continue to build on the early successes of our model transition.â€
Business Outlook:
The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties. Autodesk’s business outlook for the second quarter and full year fiscal 2016 assumes, among other things, a continuation of the current economic environment and foreign exchange currency rate environment. A reconciliation between the GAAP and non-GAAP estimates for fiscal 2016 is provided below or in the tables following this press release.
Second Quarter Fiscal 2016 Guidance:
- Revenue: $600 – $620 million
- GAAP EPS: ($0.10) – ($0.05)
- Non-GAAP EPS (1): $0.14 – $0.19
Full Year Fiscal 2016 Guidance:
- Billings growth (1): 2 – 4%
- Revenue growth (2): 2 – 4%
- GAAP operating margin: 1 – 3%
- Non-GAAP operating margin: 12 – 14%
- GAAP EPS: $0.00 – $0.15
- Non-GAAP EPS (3): $0.95 – $1.10
- Net subscription additions: 375,000 – 425,000
The second quarter and full year fiscal 2016 outlook assumes a projected annual effective tax rate of 27% and 26% for GAAP and non-GAAP results, respectively.
Earnings Conference Call and Webcast:
Autodesk will host its first 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.
Note: The prepared remarks will not be read on the conference call. The conference call will include only brief remarks followed by questions and answers.
A replay of the broadcast will be available at 7:00 pm ET at http://www.autodesk.com/investors. This replay will be maintained on Autodesk’s website for at least 12 months.
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 the impacts of our business model transition, expectations regarding the transition of product offerings to subscription, and other statements regarding our strategies, market and products 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: general market, political, economic and business conditions; failure to maintain our revenue growth and profitability; 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; 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; difficulty in predicting revenue from new businesses and the potential impact on our financial results from changes in our business models; 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 year ended January 31, 2015, which is 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 helps people imagine, design and create a better world. Everyone–from design professionals, engineers and architects to digital artists, students and hobbyists–uses Autodesk software to unlock their creativity and solve important challenges. 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.
© 2015 Autodesk, Inc. All rights reserved.
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