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LONDON, UK / ACCESSWIRE / June 7, 2017 / Pro-Trader Daily publishes post-earnings coverage on Autodesk, Inc. (NASDAQ: ADSK) following the Company's announcement of its first quarter fiscal 2018 financial results on May 18, 2017. The design software Company posted a y-o-y decline in revenue attributed to a change in business model and also provided guidance for the upcoming quarter and fiscal 2018. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Technical & System Software industry. Pro-TD has currently selected ScanSource, Inc. (NASDAQ: SCSC) for due-diligence and potential coverage as the Company announced on May 09, 2017, its financial results for Q3 FY17, which ended on March 31, 2017. Register for a free membership today, and be among the early birds that get access to our report on ScanSource when we publish it.

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Earnings Reviewed

For the quarter ended April 30, 2017, Autodesk's revenue was $485.7 million, down 5% compared to revenue of $511.9 million in Q1 FY17, and 4% on a constant currency basis. Autodesk stated that during the Company's business model transition, revenue was negatively impacted as more revenue was recognized ratably rather than up front and as new offerings generally have a lower initial purchase price. The Company's revenue numbers surpassed analysts' consensus of $472.4 million.

For Q1 FY18, Autodesk's total GAAP spend which consist of cost of revenue plus operating expenses was $605 million, down 9% on a y-o-y basis. The Company's total non-GAAP spend was $525 million, down 3% on a y-o-y basis.

Autodesk's GAAP diluted net loss per share was $(0.59) for Q1 FY18 compared to GAAP diluted net loss per share of $(0.75) in Q1 FY17. The Company's non-GAAP diluted net loss per share was $(0.16) for the reported quarter compared to non-GAAP diluted net loss per share of $(0.10) in the year ago same quarter. Autodesk's adjusted loss was lower than Wall Street's expectations for a loss of $0.22 per share.

Operational Metrics

During Q1 FY18, Autodesk's subscription plan, subscriptions (product, enterprise flexible license, and cloud) were 1.32 million, a net increase of 233,000 compared to Q4 FY17, led by product subscriptions. Maintenance plan subscriptions were 1.97 million, a net decrease of 47,000 sequentially. The Company's total subscriptions were 3.29 million, a net increase of 186,000 from Q4 FY17.

For Q1 FY18, Autodesk's Subscription plan annualized recurring revenue (ARR) was $692 million, and surged 103% on an as reported basis and 105% on a constant currency basis. The Company's maintenance plan ARR was $1.05 billion for the reported quarter, down 7% on an as reported basis and 6% on a constant currency basis.

Autodesk's total ARR for Q1 FY18 increased 18% to $1.74 billion on an as reported basis. The Company stated that the reported quarter total ARR growth was impacted by the allocation of existing marketing development funds (MDF), which is recorded as contra revenue and historically was predominantly allocated against license revenue. With the end of sale of perpetual licenses, MDF is now allocated against recurring revenue, negatively impacting subscription plan ARR growth by 6%, maintenance plan ARR growth by 2%, and total ARR growth by 2%.

During Q1 FY18, Autodesk' total recurring revenue was 90% of total revenue compared to 72% of total revenue in Q1 FY17. The Company's deferred revenue increased 18% to $1.80 billion compared to $1.52 billion in the prior year's same quarter.

For Q1 FY18, Autodesk's revenue in the Americas was $210 million, down 3% on as reported and 4% on a constant currency basis. The Company's revenue in EMEA was $190 million, a drop of 6% compared to Q1 FY17 on as reported and 3% on a constant currency basis. Autodesk generated $86 million of revenue from APAC, down 6% on as reported and on a constant currency basis.

Outlook

For Q2 FY18, Autodesk is forecasting sales between $488 million and $500 million and GAAP loss between $0.66 and $0.60 per share. For FY18, the Company is projecting to report GAAP loss in the range of $0.73 per share to $0.56 share, with revenue ranging from $2 billion to $2.05 billion.

Stock Performance

At the closing bell, on Tuesday, June 06, 2017, Autodesk's stock rose slightly by 0.51%, ending the trading session at $111.45. A total volume of 1.51 million shares have exchanged hands. The Company's stock price skyrocketed 35.80% in the last three months, 57.93% in the past six months, and 89.96% in the previous twelve months. Moreover, the stock soared 50.59% since the start of the year. The stock currently has a market cap of $24.58 billion.

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