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**SAN RAFAEL, Calif., May 24, 2018 /PRNewswire/** — Autodesk, Inc. (NASDAQ: ADSK) today announced its financial results for the first quarter of fiscal 2019.
### First Quarter Fiscal 2019 Highlights
Starting this quarter, Autodesk began reporting under two new accounting standards. Revenue is now accounted for under **Accounting Standard Codification ("ASC") 606**, and sales commissions are now handled under **ASC 340-40**. While we did not restate historical data, opting instead for the modified retrospective transition method, these new standards did not significantly alter the timing or amount of revenue recognized for most of our maintenance and subscription offerings. However, under the new rules, we are now required to capitalize and amortize sales commissions. These changes do not impact cash flows or subscription numbers.
- **Subscription Plan ARR**: Reached $1.40 billion, representing a 103% increase compared to the same period last year, rising to 101% on a constant currency basis. Under the old ASC 605 standards, ARR was $1.43 billion, showing a 106% increase.
- **Total ARR**: Hit $2.13 billion, up 22% year-over-year, both as reported and on a constant currency basis. Previously, under ASC 605, total ARR was $2.17 billion, reflecting a 25% increase.
- **Subscription Plan Subscribers**: Increased by 307,000 from Q4 of fiscal 2018 to reach 2.57 million by the end of Q1 of fiscal 2019. This growth was partly due to 154,000 maintenance subscribers transitioning to product subscriptions via the Maintenance-to-Subscription (M2S) program.
- **Total Subscribers**: Rose by 101,000 from the previous quarter to stand at 3.82 million.
- **Deferred Revenue**: Remained flat at $1.81 billion compared to the first quarter last year. Unbilled deferred revenue stood at $412 million. Total deferred revenue (including unbilled deferred revenue) reached $2.22 billion, a 21% increase year-over-year. Under ASC 605, total deferred revenue was $2.28 billion, marking a 24% rise.
- **Revenue**: Came in at $560 million, up 15% year-over-year as reported and on a constant currency basis. Under ASC 605, total revenue was $574 million, reflecting an 18% increase.
- **Billings**: Dropped to $411 million, down 18% year-over-year, largely due to the initial impact of adopting ASC 606. Under ASC 605, billings were $561 million, showing a 12% increase.
- **Total GAAP Spend**: Amounted to $615 million, increasing by 2% compared to the same period last year. Excluding the impact of ASC 340-40, total GAAP spend fell by 1%.
- **Total Non-GAAP Spend**: Stood at $531 million, rising by 1% year-over-year. Without ASC 340-40, total non-GAAP spend decreased by 1%.
- **GAAP Diluted Net Loss Per Share**: Was $(0.38), compared to $(0.59) in the first quarter last year. Under ASC 605 and absent ASC 340-40, GAAP diluted net loss per share was $(0.27).
- **Non-GAAP Diluted Earnings Per Share**: Reached $0.06, compared to a non-GAAP diluted net loss per share of $(0.16) in the same period last year. Under ASC 605 and absent ASC 340-40, total non-GAAP diluted net income per share was $0.16.
### First Quarter Operational Overview
Subscription Plan ARR hit $1.40 billion, marking a 103% increase year-over-year as reported and 101% on a constant currency basis. This figure includes $273 million tied to the M2S program. Maintenance Plan ARR totaled $725 million, down 31% year-over-year as reported and on a constant currency basis. Total ARR came to $2.13 billion, reflecting a 22% increase year-over-year as reported and on a constant currency basis.
Subscription Plan Subscriptions (products, EBAs, and cloud) reached 2.57 million, a net increase of 307,000 from Q4 of fiscal 2018, led by new product subscriptions and 154,000 migrations from maintenance plan subscriptions. Maintenance Plan Subscriptions dropped to 1.24 million, a net decrease of 206,000 from Q4 of fiscal 2018, including the 154,000 that moved to product subscriptions. Total subscriptions stood at 3.82 million, a net increase of 101,000 from the previous quarter.
Recurring revenue accounted for 95% of total revenue in Q1, compared to 90% in the same period last year.
Revenue in the Americas was $234 million, up 11% year-over-year. In EMEA, revenue was $221 million, up 16% as reported and on a constant currency basis. In APAC, revenue was $106 million, rising 23% year-over-year as reported and 22% on a constant currency basis.
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**Under ASC 605**
- Subscription Plan ARR was $1.43 billion, up 106% year-over-year.
- Maintenance Plan ARR was $746 million, down 29% year-over-year.
- Total ARR was $2.17 billion, increasing 25% year-over-year.
- Billings were $561 million, up 12% year-over-year.
- Total revenue was $574 million, growing 18% year-over-year as reported and on a constant currency basis.
- Revenue in the Americas was $238 million, up 13% year-over-year.
- Revenue in EMEA was $229 million, up 21% year-over-year and 20% on a constant currency basis.
- Revenue in APAC was $107 million, rising 25% year-over-year and 24% on a constant currency basis.
### Business Outlook
Looking ahead to the second quarter and full fiscal year 2019, Autodesk's business outlook anticipates continued economic stability and a stable foreign exchange environment. A reconciliation between GAAP and non-GAAP estimates is provided in the accompanying tables.
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**Second Quarter Fiscal 2019 Guidance**
| Metric | Q2 FY19 Under ASC 606 (July 31, 2018) |
|-------------------------|---------------------------------------|
| Revenue (in millions) | $595 – $605 |
| EPS GAAP | $(0.38) – $(0.35) |
| EPS Non-GAAP | $0.13 – $0.16 |
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**Full Year Fiscal 2019 Guidance**
| Metric | FY19 Under ASC 605 (Jan 31, 2019) | FY19 Under ASC 606 (Jan 31, 2019) |
|-------------------------|-----------------------------------|-----------------------------------|
| Billings (in millions) | $2,720 – $2,820 | $2,560 – $2,660 |
| Revenue (in millions) | $2,495 – $2,545 | $2,455 – $2,505 |
| EPS GAAP | $(0.58) – $(0.40) | $(0.73) – $(0.55) |
| EPS Non-GAAP | $0.92 – $1.10 | $0.77 – $0.95 |
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Andrew Anagnost, President and CEO of Autodesk, commented, "Our first-quarter results mark a solid start to the fiscal year and show Autodesk is firmly in the growth phase of our business model transition. Our focus on driving ARR growth has yielded strong results, and we expect this momentum to continue."
Scott Herren, Autodesk's CFO, added, "We achieved strong growth across several key metrics this quarter, including billings, deferred revenue, and ARPS. Additionally, we returned to non-GAAP profitability, further validating our transition strategy."
For more detailed financial insights, visit [Autodesk Investor Relations](http://www.autodesk.com/investor).