SAN RAFAEL, Calif., March 6, 2018 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today announced its financial results for the fourth quarter of fiscal 2018. A picture showing the company's logo accompanies this announcement. The fourth quarter of fiscal 2018 saw significant progress: - Subscription plan ARR reached $1.18 billion, marking a 106% increase year-over-year, or 105% on a constant currency basis. - Total ARR climbed to $2.05 billion, reflecting a 25% rise compared to the same period last year. - Subscription plan subscriptions surged by 371,000 to reach 2.27 million by the end of the quarter. This growth was partly due to 168,000 maintenance subscribers transitioning to product subscriptions under the maintenance-to-subscription program. - Total subscriptions also increased by 127,000, reaching 3.72 million by the end of the quarter. - Deferred revenue stood at $1.96 billion, representing a 9% rise year-over-year. Unbilled deferred revenue at the end of the quarter was $326 million, bringing total deferred revenue (including unbilled deferred revenue) to $2.28 billion, an approximate 25% increase year-over-year. - Revenue for the quarter was $554 million, a 16% increase year-over-year. - Total GAAP spending (cost of revenue plus operating expenses) was $736 million, a 14% rise year-over-year. - Non-GAAP spending totaled $571 million, increasing by 2% year-over-year. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. - GAAP diluted net loss per share was $(0.79), compared to $(0.78) in the same period last year. - Non-GAAP diluted net loss per share was $(0.09), compared to $(0.28) in the fourth quarter of the previous year. "We're executing well on our business model transition and are positioned to accelerate ARR growth next year," said Andrew Anagnost, President and CEO of Autodesk. "We were pleased to see a substantial increase in total annualized revenue per subscription (ARPS) and a better-than-expected conversion rate for the maintenance-to-subscription program. Total subscription additions for the quarter were affected by a larger-than-expected number of customers moving from individual products to higher-value Industry Collections, driving ARR growth." "Our business model transition hit another major milestone this quarter, where subscription plan ARR surpassed maintenance plan ARR for the first time, aligning with our projections," noted Scott Herren, Autodesk's CFO. "In addition to strong revenue and ARR growth, we also saw robust billings and deferred revenue, leading to better-than-expected cash flow from operations. Fiscal 2018 was another successful year, setting us up to achieve our fiscal 2020 goals for ARR growth and free cash flow." Operational highlights for the fourth quarter include: - Subscription plan ARR was $1.18 billion, growing by 106% year-over-year, or 105% on a constant currency basis. This includes $152 million related to the maintenance-to-subscription program. Maintenance plan ARR was $879 million, decreasing by 18% year-over-year, or 17% on a constant currency basis. Total ARR for the quarter rose 25% to $2.05 billion year-over-year. - Subscription plan subscriptions (product, EBA, and cloud) totaled 2.27 million, increasing by 371,000 from the previous quarter, primarily due to new product subscriptions and 168,000 subscriptions migrating from maintenance plan subscriptions. Maintenance plan subscriptions were 1.45 million, a decrease of 244,000 from the previous quarter, which includes the 168,000 that moved to product subscriptions. Total subscriptions reached 3.72 million, rising by 127,000 from the previous quarter. - Total recurring revenue accounted for 93% of total revenue, compared to 86% in the same period last year. - Revenue in the Americas was $232 million, up 10% year-over-year. Revenue in EMEA was $221 million, increasing by 19% year-over-year, or 20% on a constant currency basis. Revenue in APAC was $100 million, growing by 23% year-over-year, or 21% on a constant currency basis. Key financial highlights for fiscal 2018 include: - Total ARR grew by 25% year-over-year. - Total subscriptions increased by 20% to 3.72 million. - Both subscription plan ARR and subscriptions surpassed maintenance plan ARR and subscriptions. - Total GAAP spending increased by 1% year-over-year, while total non-GAAP spending remained flat year-over-year. - Total deferred revenue increased by approximately 25%. Looking ahead, Autodesk expects continued growth in fiscal 2019. The company will adopt the new revenue accounting standard, ASC 606, starting in the first quarter of fiscal 2019. This transition is expected to result in a modest reduction in revenue and earnings per share compared to what would have been reported under ASC 605. Importantly, none of the changes will impact cash flow. For the first quarter of fiscal 2019, Autodesk's guidance under ASC 606 is as follows: - Revenue: $550 million to $560 million - EPS (GAAP): $(0.44) to $(0.41) - EPS (non-GAAP): $0.01 to $0.04 For the full year fiscal 2019, the guidance under ASC 606 is: - Billings: $2,720 million to $2,820 million - Revenue: $2,455 million to $2,505 million - Net subscription additions: 500,000 to 550,000 - Total ARR growth: 28% to 30% Tax reform in the United States will lead to a lower U.S. annual effective tax rate. From a GAAP perspective, Autodesk is in a U.S. loss position related to the business model transition and recent restructuring. Losses and tax credits in the U.S. have had a full valuation allowance since the second quarter of fiscal 2016. As a result, there is no impact from U.S. tax reform in the tax provision, except for a benefit from revaluing certain deferred tax liabilities at the lower U.S. rate. The company will utilize tax attributes that have previously been fully valued to offset the one-time transition tax. From a non-GAAP perspective, Autodesk has eliminated the impact of the transition tax and re-measurement of deferred tax assets and liabilities from its tax expense as one-time, non-recurring expenses. The company is still analyzing the full impact of tax reform but is currently modeling its GAAP annual effective tax rate at (388)% for fiscal 2019 and 21% for fiscal 2020. Non-GAAP annual effective tax rates are estimated at 19% for fiscal 2019 and between 17% and 18% for fiscal 2020 and beyond. Autodesk will host a conference call today at 5:00 p.m. ET, where the live broadcast can be accessed at [http://www.autodesk.com/investor](http://www.autodesk.com/investor). A replay of the broadcast will be available at 7:00 p.m. ET and maintained on Autodesk's website for at least 12 months. For more information about Autodesk, visit [autodesk.com](http://autodesk.com) or follow @autodesk.

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