Results – revenue $489.6M (-18.4% Y/Y, $12.84M above estimates), EPS -$0.18 ($0.06 above estimates), spend (cost of revenue plus operating expenses) $533M (-2% Y/Y)
Highlights – New model subscriptions 861K (+168K Q/Q), Total subscriptions 2.95M (+134K Y/Y), New model annualized recurring revenue $414M (+88% Y/Y), Total annualized recurring revenue $1.5B (+11% Y/Y)
Q4 projections – revenue $460M-$480M (consensus $487.46M), EPS -$0.39 to -$0.32 (consensus -$0.31)
FY 2017 projections – revenue $2.012B-$2.032B (consensus $2.03B), EPS -$0.61 to -$0.54 (consensus -$0.60), spend growth -2%, net subscription additions 515K-525K
Autodesk (NASDAQ:ADSK) president and CEO Carl Bass: "We are pleased with our results for the quarter, which were driven by strong growth in product subscription. This was the first quarter of selling only subscriptions, a significant milestone in our business model transition. We also had a record-breaking quarter for cloud subscription additions, driven by continued momentum of BIM 360 and Fusion 360. Coupled with diligent cost control, we continue to progress steadily to our fiscal year 2020 goals."