Tue, Nov. 29, 6:04 PM
- 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."
- Prior quarters overview
- Conference call
- Press release
Tue, Nov. 29, 5:38 PM
Tue, Nov. 29, 4:02 PM
Mon, Nov. 28, 5:35 PM
Wed, Nov. 16, 3:25 PM
- 52-week highs on 1.5x or more normal volume:
- Allison Transmission (ALSN +3.1%)
- Autodesk (ADSK +3.5%)
- Best Buy (BBY +1.6%)
- CDW Corp. (CDW +2.7%)
- CommScope (COMM +0.7%)
- Greif (GEF +4%)
- Hubbell (HUBB -0.2%)
- MSC Industrial (MSM +0.4%)
- Nvidia (NVDA +6.3%)
- 52-week lows on 1.5x or more normal volume:
- Turkcell (TKC -1%)
Mon, Sep. 19, 4:20 PM
Mon, Aug. 29, 1:23 PM
- Issues an Underweight rating, down from a previously held Neutral. Sets $50 price target (current price $68.16).
- Autodesk (ADSK -1.1%) reported Q2 total and new model subscription growth last week with a decline in maintenance subscriptions.
- Analyst Stephen Bersey: "Fundamentally, we are not convinced that the company's new subscription payment model will serve as a catalyst for end-market growth, which we believe has been a fundamental limiting factor for the company for several years."
- Autodesk raised its respective Q3 and FY 2017 revenue outlooks to $470M-$485M and $2B-$2.05B and is trading up around 45% on the year.
Fri, Aug. 26, 3:00 PM
Fri, Aug. 26, 10:46 AM
- Autodesk (ADSK +5.4%) grew total subscriptions in Q2 by 109,000 (2.82M overall) and new model subscriptions by 125,000 (692,000 overall). Maintenance subscriptions decreased by 16,000 Q/Q (2.13M total). New model annualized recurring revenue ($371M) grew 82% Y/Y, total annualized recurring revenue ($1.47B) grew 10% Y/Y and deferred revenue ($1.52B) grew 23% Y/Y. Total revenue ($550.7M) declined 9.6% Y/Y.
- Projects Q3 revenue of $470M-$485M and FY 2017 revenue of $2B-$2.05B.
- CEO Carl Bass: "We posted terrific second quarter results driven by growth in new model subscriptions, the end of perpetual license sales, and diligent cost control. We’ve now seen several quarters of strong growth from our new model subscriptions, as our customers and partners embrace a model that has greater flexibility and a better user experience." He further attributed the quarter to focus on growing lifetime customer value and increasing cloud-based solution adoption.
- Press release
Thu, Aug. 25, 4:02 PM
Wed, Aug. 24, 5:35 PM
Thu, May 19, 4:37 PM
- Though Autodesk (NASDAQ:ADSK) missed FQ1 sales estimates (while beating on EPS), the company is reiterating FY17 (ends Jan. '17) sales guidance of $1.95B-$2.05B (consensus is at $1.99B), as well as net subscriber add guidance of 475K-525K. On the other hand, EPS guidance has been cut by $0.10 to $0.70-$0.95 (consensus is at -$0.72).
- FQ2 guidance is below consensus: Revenue of $500M-$520M and EPS of -$0.11 to -$0.18 vs. a consensus of $542.1M and -$0.07.
- Autodesk's ongoing shift towards subscriptions from up-front license sales is pressuring near-term sales: Total subscriptions rose by 132K Q/Q to 2.71M, a bigger increase than FQ4's 109K. On-premise software, flexible license, and cloud subscriptions rose by 140K to 567K; maintenance subscriptions fell by 8K to 2.14M. Subscription growth led the deferred revenue balance to rise 32% Y/Y to $1.52B.
- Asia-Pac was a weak spot in FQ1, with revenue dropping 42% Y/Y to $92M. Americas revenue fell 11% to $218M, and EMEA revenue 17% to $203M.
- Subscriptions made up 64% of FQ1 revenue. GAAP operating expenses rose 8% Y/Y to $574.4M, and $100M was spent on buybacks. Autodesk ended FQ1 with $2.8B in cash/investments and $1.5B in debt.
- After initially selling off on the report, Autodesk is now down a modest 0.2% after hours.
- Autodesk's FQ1 results, earnings release
Thu, May 19, 4:05 PM
- Autodesk (NASDAQ:ADSK): Q1 EPS of -$0.10 beats by $0.04.
- Revenue of $511.9M (-20.8% Y/Y) misses by $1.13M.
- Shares -2.5%.
Wed, May 18, 5:35 PM
Mon, Mar. 28, 5:14 PM
- These are stocks rated Outperform by Credit Suisse in which the bank's price target differs greatly from Street consensus.
- Agios Pharmaceuticals (NASDAQ:AGIO) has a PT of $66 at CS vs. the Street at $52.40 and current price of $37.91. Autodesk (NASDAQ:ADSK) a $100 PT vs. the Street at $63.63 and current of $57.37. Box (NYSE:BOX) a $24 PT vs. the Street at $20.14 and current of $12.18.
- Caterpillar (NYSE:CAT) a PT of $72 vs. the Street at $64.61 and current $75.29. Dunkin' Brands (NASDAQ:DNKN) a $50 PT vs. the Street at $46.16 and current $45.32. Kellogg (NYSE:K) a $82 PT vs the Street at $76.47 and current $75.44.
- Manitowoc (NYSE:MTW) a $5.10 PT vs. the Street at $4.03 and current $4.37. Nationstar Mortgage (NYSE:NSM) a $19 PT vs. the Street at $14.19 and current $9.77. Patterson (NASDAQ:PDCO) a $55 PT vs. the Street at $50.33 and current $44.66.
- Sysco (NYSE:SYY) a $50 PT vs. the Street at $43.18 and current $46.24. U.S. Steel (NYSE:X) a $22 PT vs. the Street at $10.97 and current $15.78.
- Of this group, Box, Inc. in the only one with a majority-Buy rating. Not surprisingly, CS has higher earnings estimates than consensus for both this year and next.
Fri, Mar. 11, 9:30 AM
- As part of an agreement with Sachem Head Capital and Eminence Capital, Sachem Head managing partner Scott Ferguson is joining the board. As are Rick Hill, the chairman of chip packaging IP firm Tessera Technologies, and Jeff Clarke, the CEO of Kodak.
- Two existing Autodesk (ADSK +1.7%) directors won't stand for re-election at the company's annual meeting, after which the board will have 11 members. As usual, Sachem Head and Eminence have agreed to standstill provisions.
- Sachem Head disclosed a 5.7% Autodesk stake in November, while stating it intends to hold talks with management and the board. In February, Autodesk announced it's laying off 10% of its workforce.
- Two weeks ago: Autodesk issues soft sales guidance; subscriptions growing rapidly