SAN RAFAEL, Calif., May 24, 2018 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today announced its financial results for the first quarter of fiscal 2019. The company reported a strong start to the new fiscal year, demonstrating progress in its business model transformation.
### First Quarter Fiscal 2019 Highlights:
- **Subscription Plan ARR**: $1.40 billion, representing a 103% increase compared to the same period last year, reflecting the ongoing shift towards subscription-based models.
- **Total ARR**: $2.13 billion, showing a 22% increase year-over-year. Under the previous revenue accounting standard (ASC 605), total ARR was $2.17 billion, reflecting a 25% growth.
- **Subscription Plan Subscriptions**: Increased by 307,000 from the fourth quarter of fiscal 2018 to reach 2.57 million at the end of the first quarter of fiscal 2019. This growth was partly driven by 154,000 maintenance subscribers transitioning to product subscriptions under the Maintenance-to-Subscription (M2S) program.
- **Total Subscriptions**: Reached 3.82 million, reflecting a net increase of 101,000 from the previous quarter.
- **Deferred Revenue**: $1.81 billion, remaining flat compared to the first quarter of the previous year. Unbilled deferred revenue at the end of the quarter was $412 million, contributing to total deferred revenue of $2.22 billion, a 21% increase year-over-year.
- **Revenue**: $560 million, up 15% compared to the first quarter last year. Under ASC 605, total revenue was $574 million, reflecting an 18% increase.
- **Billings**: $411 million, down 18% compared to the first quarter last year, primarily due to the initial impact of adopting ASC 606. Under ASC 605, billings were $561 million, an increase of 12%.
- **GAAP Diluted Net Loss Per Share**: $(0.38), compared to $(0.59) in the first quarter last year. Under ASC 605 and absent ASC 340-40, total GAAP diluted net loss per share was $(0.27).
- **Non-GAAP Diluted Earnings Per Share**: $0.06, compared to $(0.16) in the first quarter last year. Under ASC 605 and absent ASC 340-40, total non-GAAP diluted net income per share was $0.16.
### Business Outlook:
Autodesk remains optimistic about its growth trajectory, with key targets set for the fiscal year and beyond. The company expects to see continued momentum in its subscription plan ARR, with projections indicating further acceleration in the coming quarters.
### Key Quotes:
"Our first-quarter results underscore our commitment to driving growth in ARR," said Andrew Anagnost, President and CEO of Autodesk. "We’re seeing strong customer demand for our subscription offerings, and we anticipate this trend will continue."
Scott Herren, Autodesk's CFO, added, "We achieved another milestone this quarter with our return to non-GAAP profitability. This marks significant progress in our business model transition and strengthens our confidence in meeting our long-term targets."
For more detailed insights into the financial results and forward-looking statements, please refer to the full press release and accompanying tables.
Autodesk will host a conference call today at 5:00 p.m. ET to discuss these results. The call can be accessed live at [http://www.autodesk.com/investor](http://www.autodesk.com/investor). A replay will be available shortly after the call concludes.
### About Autodesk:
Autodesk continues to empower creators across industries, enabling them to design, engineer, and entertain with cutting-edge technology. For more information, visit [autodesk.com](https://www.autodesk.com/) or follow @autodesk on social media.
### Safe Harbor Statement:
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those expressed or implied. For a detailed discussion of these risks, please refer to Autodesk’s latest SEC filings.
### Copyright Notice:
© 2018 Autodesk, Inc. All rights reserved.
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