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**SAN RAFAEL, Calif., March 6, 2018 /PRNewswire/** — Autodesk, Inc. (NASDAQ: ADSK) announced its financial performance for the fourth quarter of fiscal 2018 today. The company continues to demonstrate steady progress in transitioning to a subscription-based business model, showing strong growth in annual recurring revenue (ARR).
**Fourth Quarter Fiscal 2018 Highlights**
- **Subscription Plan ARR**: Reached $1.18 billion, representing a 106% increase year-over-year on a reported basis and 105% on a constant currency basis.
- **Total ARR**: Grew to $2.05 billion, reflecting a 25% increase compared to the same period last year, both in reported terms and on a constant currency basis.
- **Subscription Plan Subscriptions**: Increased by 371,000 from Q3 to reach 2.27 million by the end of Q4. Of this, 168,000 maintenance subscribers converted to product subscriptions under the maintenance-to-subscription program.
- **Total Subscriptions**: Rose by 127,000 from Q3 to 3.72 million by the end of Q4.
- **Deferred Revenue**: Stood at $1.96 billion, marking a 9% increase year-over-year. Unbilled deferred revenue stood at $326 million, leading to total deferred revenue of $2.28 billion, up approximately 25% year-over-year.
- **Revenue**: Reached $554 million, growing by 16% compared to the same period last year on both reported and constant currency bases.
- **Total Spend**: GAAP spend (cost of revenue plus operating expenses) was $736 million, increasing by 14% year-over-year. Non-GAAP spend totaled $571 million, rising by 2% year-over-year.
- **Earnings Per Share (EPS)**: GAAP diluted net loss per share was $(0.79), compared to $(0.78) in the fourth quarter of last year. Non-GAAP diluted net loss per share was $(0.09), compared to $(0.28) last year.
**Leadership Comments**
Andrew Anagnost, Autodesk's President and CEO, expressed satisfaction with the progress made in executing the company’s business model shift. "We are seeing a meaningful increase in total annualized revenue per subscription (ARPS) and a better-than-expected conversion rate with the maintenance-to-subscription program," he said. "The shift towards Industry Collections contributed to ARR growth despite the net additions being slightly lower."
Scott Herren, Autodesk’s CFO, emphasized the company’s achievements. "This quarter marked a significant milestone where subscription plan ARR surpassed maintenance plan ARR for the first time, aligning with our projections. Strong revenue growth, coupled with robust billings and deferred revenue, resulted in better-than-expected cash flow from operations. Fiscal 2018 was another successful year, positioning us well to meet our fiscal 2020 goals for ARR growth and free cash flow."
**Operational Breakdown**
Subscription plan ARR grew by 106% year-over-year to $1.18 billion. Maintenance plan ARR decreased by 18% to $879 million. Total ARR for the quarter climbed by 25% to $2.05 billion compared to the previous year. Subscription plan subscriptions totaled 2.27 million, while maintenance plan subscriptions stood at 1.45 million. Recurring revenue accounted for 93% of total revenue, compared to 86% in the previous year.
Revenue contributions across regions were strong: Americas contributed $232 million (+10%), EMEA contributed $221 million (+19% reported, +20% constant currency), and APAC contributed $100 million (+23% reported, +21% constant currency).
**Fiscal 2018 Summary**
For the full year, total ARR increased by 25%. Total subscriptions rose by 20% to 3.72 million. The subscription base for both ARR and subscriptions surpassed that of maintenance plans. Total deferred revenue increased by approximately 25%.
**Outlook for Fiscal 2019**
Looking ahead, Autodesk expects continued growth in ARR, with a 28%-30% increase forecasted under ASC 606. The company will adopt the new revenue accounting standard starting in Q1 2019. While the new standard will result in a slight reduction in revenue and earnings per share, it will not significantly impact overall cash flow.
**Additional Details**
The company will host a conference call to discuss the results at 5:00 PM ET. A replay will be available at [www.autodesk.com/investor](http://www.autodesk.com/investor) after the call. Further insights into key financial metrics and strategic goals can be found in the accompanying tables and glossary.
*This press release includes forward-looking statements subject to risks and uncertainties, as detailed in the Safe Harbor Statement.*
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**About Autodesk**
Autodesk empowers creators to bring ideas to life. Whether you're driving a high-performance car, admiring a skyscraper, using a smartphone, or enjoying a great film, chances are you've experienced what millions of Autodesk customers are doing with their software. Visit [www.autodesk.com](http://www.autodesk.com) or follow @autodesk for more information.
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*Copyright © 2018 Autodesk, Inc. All rights reserved.*