Autodesk's top-line guidance impresses, shares +3.7% AH

Autodesk (ADSK) expects FQ1 revenue of $560M-$575M and EPS of $0.19-$0.22. While the latter (pressured by the transition to cloud/subscription sales) is below a $0.35 consensus, the former is above a $550.5M consensus.

Revenue is expected to grow 3%-5% in FY15 (ends Jan. '15); that's easily above a -0.2% consensus. Billings are expected to grow 5%-8%, and op. margin is expected to be in a range of of 14%-16%. Autodesk is aiming for a 30% FY18 op. margin.

Autodesk's deferred revenue balance rose 8% Y/Y in FQ4 to $901M. Adjusting for a shift to more flexible licensing terms, the balance rose 4%. Subscription revenue +10% Y/Y, and now 45% of all revenue. Licensing/other revenue -12%.

Americas sales -6% Y/Y to $202M, EMEA -4% to $216M, Asia-Pac +2% to $152M. Opex +1% Y/Y to $63M, with a 9% increase in R&D spend offsetting lower sales/marketing and G&A spend.

FQ4 results, PR

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