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Strong Annualized Recurring Revenue (ARR) Growth Highlights Autodesk Fourth Quarter Results
**SAN RAFAEL, Calif., March 6, 2018 /PRNewswire/** — Autodesk, Inc. (NASDAQ: ADSK), today announced its financial performance for the fourth quarter of fiscal 2018. The company demonstrated strong progress in its business model transition, reflecting its commitment to driving long-term growth.
### Fourth Quarter Fiscal 2018 Highlights
- **Subscription Plan ARR:** Reached $1.18 billion, marking a 106% increase year-over-year, both in reported figures and on a constant currency basis.
- **Total ARR:** Increased to $2.05 billion, representing a 25% rise compared to the same period last year.
- **Subscription Plan Subscribers:** Grew by 371,000 from Q3 to 2.27 million at the end of Q4, benefiting from 168,000 maintenance subscribers transitioning to product subscriptions.
- **Total Subscribers:** Rose by 127,000 from Q3 to 3.72 million at the end of Q4.
- **Deferred Revenue:** Increased to $1.96 billion, up 9% year-over-year, with unbilled deferred revenue reaching $326 million. Total deferred revenue stood at $2.28 billion, reflecting a 25% increase year-over-year.
- **Revenue:** Hit $554 million, growing by 16% year-over-year in both reported and constant currency terms.
- **Total Spend:** GAAP spend (cost of revenue plus operating expenses) was $736 million, increasing by 14% year-over-year. Non-GAAP spend totaled $571 million, rising by 2% year-over-year.
- **Earnings Per Share:** GAAP diluted net loss per share was $(0.79), while non-GAAP diluted net loss per share came in at $(0.09).
Andrew Anagnost, President and CEO of Autodesk, expressed satisfaction with the company's execution on its business model transformation: "We're confident in accelerating ARR growth next year. The increase in ARPS and the robust conversion rate from maintenance to subscription plans underscore the positive response from our customers."
Scott Herren, Autodesk's CFO, highlighted significant milestones achieved: "This quarter marked a turning point as subscription plan ARR surpassed maintenance plan ARR for the first time, aligning with our projections. Strong revenue growth, along with improved billings and deferred revenue, contributed to better-than-expected operational cash flow."
### Operational Insights
Subscription plan ARR grew by 106% year-over-year, partially due to the $152 million contribution from the maintenance-to-subscription program. Meanwhile, maintenance plan ARR declined by 18%, indicating a shift toward subscription-based models. Total ARR increased by 25%, reflecting the broader trend of subscription adoption.
The company's total recurring revenue accounted for 93% of overall revenue, compared to 86% in the previous year. Geographic performance showed revenue increases of 10% in the Americas, 19% in EMEA, and 23% in APAC, showcasing global momentum.
### Fiscal 2018 Summary
For the full fiscal year, Autodesk reported:
- **Total ARR growth:** 25% year-over-year.
- **Total Subscribers:** Up by 20% to 3.72 million.
- **Base Shift:** Subscription plan ARR and subscriptions surpassed maintenance plan ARR and subscriptions.
- **Deferred Revenue:** Increased by approximately 25%.
### Business Outlook
Looking ahead to fiscal 2019, Autodesk anticipates continued growth, guided by stable macroeconomic conditions. The company plans to adopt the new revenue accounting standard, ASC 606, starting Q1 2019. While the transition will reduce revenue and EPS by approximately $15 million and $0.10, respectively, it is expected to have minimal impact on cash flow.
### Financial Guidance
- **Q1 FY19 Revenue (ASC 605):** $565–$575 million
- **Q1 FY19 Revenue (ASC 606):** $550–$560 million
- **Q1 FY19 EPS GAAP:** ($0.34)–($0.31)
- **Q1 FY19 EPS Non-GAAP:** $0.11–$0.14
For the full fiscal year, Autodesk projects:
- **Billings:** $2,720–$2,820 million
- **Revenue (ASC 606):** $2,455–$2,505 million
- **Total ARR Growth:** 28%–30%
### Conclusion
Autodesk remains focused on delivering innovative solutions while transitioning to a subscription-based model. The company's strategic moves and financial discipline suggest a promising path forward, with the potential to exceed its fiscal 2020 goals for ARR growth and free cash flow.
For more detailed insights, visit [Autodesk Investor Relations](http://www.autodesk.com/investor).