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SAN RAFAEL, Calif., March 6, 2018 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) has released its financial results for the fourth quarter of fiscal 2018. The company reported significant growth in key metrics, including a substantial increase in Annualized Recurring Revenue (ARR) and subscription plan subscriptions.
During the fourth quarter, the Subscription Plan ARR reached $1.18 billion, reflecting a 106% year-over-year increase. Total ARR was $2.05 billion, marking a 25% growth compared to the previous year. This growth was driven by an increase in subscription additions and successful conversion from maintenance plans to product subscriptions.
Autodesk's total revenue for the quarter was $554 million, up 16% year-over-year. GAAP diluted net loss per share was $(0.79), while non-GAAP diluted net loss per share was $(0.09). The company also reported improved cash flow from operations, with deferred revenue increasing by 9% to $1.96 billion.
Andrew Anagnost, President and CEO of Autodesk, highlighted the company's progress in transitioning its business model, noting that subscription plan ARR surpassed maintenance plan ARR for the first time. Scott Herren, CFO, emphasized the strong performance in revenue, ARR, and billings, which set the stage for future growth.
The company's operational overview showed that subscription plan subscriptions increased by 371,000 to 2.27 million, with a significant contribution from the maintenance-to-subscription program. Total subscriptions reached 3.72 million, indicating a positive shift towards recurring revenue models.
Looking ahead, Autodesk is adopting the new revenue accounting standard, ASC 606, starting with the first quarter of fiscal 2019. While this change will impact revenue recognition, the company expects minimal effects on overall expenses and cash flow.
In terms of financial highlights for fiscal 2018, Autodesk saw a 25% increase in total ARR and a 20% rise in total subscriptions. The company also noted a favorable shift in the mix of its revenue streams, with recurring revenue comprising 93% of total revenue in the fourth quarter.
Autodesk's business outlook for fiscal 2019 includes guidance for revenue between $2,455 million and $2,505 million, with a projected EPS range of $0.77 to $0.95. The company anticipates continued growth in ARR and a focus on improving operational efficiency.
The company's financial statements and detailed guidance can be found in the accompanying tables. Investors are encouraged to review the full report for more insights into Autodesk's performance and future expectations.
Autodesk continues to invest in innovation and strategic initiatives to drive long-term value for its stakeholders. With a strong foundation in place, the company is well-positioned to capitalize on market opportunities and deliver sustainable growth.