- Though Autodesk (NASDAQ:ADSK) beat FQ4 estimates, the company is guiding for FQ1 revenue of $500M-$520M and EPS of -$0.12 to -$0.17, below a consensus of $537.3M and -$0.08.
- FY17 (ends Jan. '17) EPS guidance of -$0.60 to -$0.85 is in-line with a -$0.67 consensus, but revenue guidance of $1.95B-$2.05B (down from FY16's $2.5B) is below a $2.09B consensus. Near-term revenue and EPS are pressured by Autodesk's aggressive shift from up-front license sales to subscriptions.
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Subscriptions: Subscriptions grew by 109K in FQ4 to 2.58M. For the whole of FY16, they rose by 345K, topping revised guidance of 310K-330K. FY17 subscription add guidance is at 475K-525K.
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Billings: Billings rose 5% Y/Y in FY16, better than prior guidance of 0.5%-1.5% growth. The deferred revenue balance (boosted by subscriptions) rose 31% to $1.52B.
- EMEA revenue was weak in FQ4, dropping 13% Y/Y to $238M on a reported basis and 4% excluding forex. Asia-Pac revenue fell 1% to $153M on a reported basis, and rose 6% excluding forex. Americas revenue rose 8% to $257M.
- With a restructuring underway, GAAP operating expenses only rose by $2M to $563.1M. 1.6M shares were repurchased, bringing the FY16 total to 8.5M.
- After initially seeing healthy after hours losses, Autodesk is now nearly unchanged.
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Autodesk's FQ4 results, earnings release