Public Company Information: NASDAQ: ADSK SAN RAFAEL, Calif.—(BUSINESS WIRE)—Autodesk, Inc. (NASDAQ: ADSK) recently released its financial results for the third quarter of fiscal 2016. Third Quarter Fiscal 2016 Highlights: - Total subscriptions increased by approximately 80,000 from the second quarter of fiscal 2016 to 2.47 million at the end of the third quarter. - Annualized recurring revenue (ARR) reached $1.35 billion, up 15% compared to the same period last year and 18% on a constant currency basis. - Deferred revenue rose by 20% to $1.21 billion, compared to $1.01 billion in the third quarter of the previous year. - Total billings decreased by 9% compared to the third quarter of the previous year, but only 4% on a constant currency basis. - Revenue was $600 million, showing a 3% decrease compared to the same period last year, but an increase of 2% when adjusted for constant currency. - GAAP total spending increased by 2% to $615 million compared to the third quarter last year. - Non-GAAP total spending increased by 1% to $545 million compared to the third quarter last year. - GAAP operating margin was -2%, down from 2% in the third quarter last year. - Non-GAAP operating margin stood at 9%, a drop from 13% in the third quarter last year. - GAAP diluted net loss per share was $(0.19), while it was $0.05 in the third quarter last year. - Non-GAAP diluted net income per share was $0.14, compared to $0.25 in the third quarter last year. - Cash flow from operating activities was $80 million, compared to $136 million in the third quarter last year. Carl Bass, Autodesk's president and CEO, stated, "Autodesk continues to focus on delivering world-class software and great experiences to our customers, while rapidly transitioning our business model. We are balancing necessary investments with spend management, leading to better-than-expected profitability for the quarter. Our long-term view remains confident that our business model transition will deliver a 20% CAGR in subscriptions and a 24% CAGR in ARR through fiscal year 2020." Operational Overview: Total subscriptions were 2.47 million, an increase of about 80,000 from the second quarter of fiscal 2016. Maintenance subscriptions were 2.10 million, up by 33,000. New model subscriptions, including Desktop, enterprise flexible license, and cloud subscription, were 366,000, up by 47,000. The growth in new model subscriptions was primarily driven by Desktop subscriptions. Annualized recurring revenue (ARR) for the third quarter increased by 15% to $1.35 billion compared to the third quarter last year and 18% on a constant currency basis. Maintenance ARR was $1.13 billion, up 6% compared to the third quarter last year. New model ARR was $221 million, increasing by 100% compared to the third quarter last year. Revenue in the Americas was $236 million, a 2% increase compared to the third quarter last year. EMEA revenue was $225 million, a 5% decrease compared to the third quarter last year as reported, but a 2% increase on a constant currency basis. Revenue in APAC was $139 million, a 7% decrease compared to the third quarter last year as reported, and a 1% decrease on a constant currency basis. Revenue from emerging economies was $88 million, a decrease of 8% compared to the third quarter last year as reported, and a 6% decrease on a constant currency basis. Emerging economies accounted for 15% of total revenue in the third quarter. Revenue from the Architecture, Engineering and Construction segment was $225 million, up 4% compared to the third quarter last year. Revenue from the Manufacturing segment was $175 million, up 3% compared to the third quarter last year. Revenue from the Platform Solutions and Emerging Business segment was $161 million, down 15% compared to the third quarter last year. Revenue from the Media and Entertainment segment was $39 million, down 9% compared to the third quarter last year. Flagship products revenue was $267 million, a 7% decrease compared to the third quarter last year. Suite revenue was $218 million, a 3% decrease compared to the third quarter last year. New and Adjacent products revenue was $114 million, an increase of 9% compared to the third quarter last year. Business Outlook: Autodesk's business outlook for the fourth quarter and full year fiscal 2016 assumes a continuation of the current economic environment and foreign exchange currency rate environment. A reconciliation between the GAAP and non-GAAP estimates for fiscal 2016 is provided below or in the tables following this press release. Fourth Quarter Fiscal 2016 Guidance: - Revenue: $620 – $640 million - GAAP EPS: ($0.31) – ($0.27) - Non-GAAP EPS: $0.08 – $0.12 Full Year Fiscal 2016 Guidance: - Billings growth: 0.5% – 1.5% - Revenue: $2,475 – $2,495 million - GAAP operating margin: Approximately (1)% - Non-GAAP operating margin: Approximately 10% - GAAP EPS: ($1.59) – ($1.55) - Non-GAAP EPS: $0.72 to $0.76 - Net subscription additions: 310,000 – 330,000 Earnings Conference Call and Webcast: Autodesk will host its third quarter conference call today at 5:00 p.m. ET. The live broadcast can be accessed at http://www.autodesk.com/investors. Supplemental financial information and prepared remarks for the conference call will be posted to the investor relations section of Autodesk’s website simultaneously with this press release. A replay of the broadcast will be available at 7:00 pm ET at http://www.autodesk.com/investors. This replay will be maintained on Autodesk’s website for at least 12 months. Safe Harbor Statement: This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding the impacts and results of our business model transition, expectations regarding the transition of product offerings to subscription, our long-term financial goals, and other statements regarding our strategies, market and product positions, performance, and results. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release. About Autodesk: Autodesk helps people imagine, design and create a better world. Everyone—from design professionals, engineers and architects to digital artists, students and hobbyists—uses Autodesk software to unlock their creativity and solve important challenges. For more information visit autodesk.com or follow @autodesk. Autodesk is a registered trademark of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and service offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document. © 2015 Autodesk, Inc. All rights reserved.

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