Public Company Information:
NASDAQ: ADSK
SAN RAFAEL, Calif.–(BUSINESS WIRE)–Autodesk, Inc. (NASDAQ: ADSK) has released its financial results for the second quarter of fiscal 2016. The company reported notable growth in billings and deferred revenue.
**Second Quarter Fiscal 2016 Highlights**
- Total billings increased by 7% year-over-year and 15% on a constant currency basis.
- Deferred revenue rose to $1.2 billion, up from $981 million in the same period last year.
- Subscriptions grew by approximately 61,000 during the quarter, reaching 2.39 million at the end of Q2.
- Revenue totaled $610 million, a 4% decrease compared to the previous year but flat on a constant currency basis.
- GAAP operating margin was 1%, down from 8% in the same period last year.
- Non-GAAP operating margin stood at 11%, down from 18% in the prior year.
- GAAP diluted net loss per share was $(1.04), while non-GAAP diluted net income per share was $0.19.
- Cash flow from operations was $77 million, a decline from $96 million in the second quarter of the previous year.
Carl Bass, Autodesk's president and CEO, commented, "We are pleased with the progress of our business model transition. Strong billings and deferred revenue growth were key highlights this quarter. Our customers continue to adopt our subscription offerings, which are showing robust year-over-year and sequential growth."
**Operational Overview**
Autodesk is transitioning its business model away from perpetual licenses to subscriptions and flexible license arrangements. This shift impacts various financial metrics, including revenue recognition and operational performance.
**Regional Revenue Performance**
- Americas revenue increased by 6% to $236 million.
- EMEA revenue decreased by 7% to $226 million, but remained flat on a constant currency basis.
- APAC revenue dropped by 13% to $148 million, with a 9% decline on a constant currency basis.
- Emerging economies contributed $92 million in revenue, a 7% decrease year-over-year.
**Segment Revenue**
- Architecture, Engineering and Construction segment revenue rose by 7% to $233 million.
- Platform Solutions and Emerging Business segment revenue fell by 21% to $164 million.
- Manufacturing segment revenue increased by 2% to $171 million.
- Media and Entertainment segment revenue declined by 6% to $41 million.
**Additional Notes**
In the second quarter, Autodesk recorded a non-cash GAAP tax charge of $214 million related to U.S. deferred tax assets. This charge reflects the impact of the company's transition to a subscription-based model.
Scott Herren, CFO, stated, "Looking ahead, we expect a greater portion of our sales to shift towards new subscription models. While this will affect our revenue recognition, we have adjusted our outlook accordingly."
**Business Outlook**
Autodesk updated its guidance for the third quarter and full fiscal year 2016, taking into account the ongoing economic environment and foreign exchange rates. The company expects billings growth of 2% to 4% for the year and revised its revenue and EPS forecasts.
**Earnings Conference Call and Webcast**
Autodesk will host a conference call on July 31, 2015, at 5:00 p.m. ET. A replay of the call will be available for 12 months.
**Safe Harbor Statement**
This release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those expressed or implied in these statements.
**About Autodesk**
Autodesk empowers people to imagine, design, and create a better world. From professionals to students, everyone uses Autodesk software to solve important challenges and unlock their creativity.
**Financial Statements**
The press release includes condensed consolidated statements of operations, balance sheets, and cash flows for the second quarter and six months ended July 31, 2015.
**Non-GAAP Reconciliation**
Autodesk provides non-GAAP measures to supplement its GAAP financial results. These measures exclude certain costs and expenses, such as stock-based compensation and amortization of purchased intangibles.
**Supplemental Financial Information**
Additional details on financial statistics, revenue by geography, and segment performance are included in the press release.
**Conclusion**
Autodesk continues to navigate its business model transition while maintaining a focus on long-term growth and shareholder value. The company remains committed to delivering innovation and excellence in its products and services.
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