Autodesk +4.5% AH on FQ2 beat, guidance hike, subscription growth

|By:, SA News Editor

Autodesk (NASDAQ:ADSK) expects FQ3 revenue of $590M-$605M and EPS of $0.17-$0.23 vs. a consensus of $588.2M and $0.28. As is the case with Adobe, Nuance, and others, near-term EPS is pressured by a shift from licenses to subscriptions (leads revenue recognition to be deferred).

Autodesk's FY15 (ends Jan. '15) billings and revenue growth guidance ranges have respectively been hiked to 10%-12% and 7%-9% from 7%-9% and 4%-6%. Subscriber add guidance has been hiked by 50K to 200K-250K.

FQ2 results trounced estimates on the back of a 27% Y/Y increase in billings - that's sharply above FQ1's 10%. Subscriptions grew by 74K to 2.01M, and the deferred revenue balance rose 2% Q/Q and 22% Y/Y to $981M.

Americas revenue +11% Y/Y to $223M; EMEA +21% to $244M; Asia-Pac +8% to $170M.

Driving growth: Architecture, engineering, & construction sales rose 23% Y/Y to $218M, and manufacturing sales rose 17% to $168M. Platform solutions/emerging business revenue rose 5% to $208M, and media/entertainment was flat at $44M.

GAAP opex +22% to $499.3M, with big growth in both sales/marketing and R&D spend. 1.9M shares were repurchased.

FQ2 results, PR