Autodesk, Inc. today reported financial results for the second quarter of fiscal 2017.
Second Quarter Fiscal 2017
Total subscriptions increased 109,000 from the first quarter of fiscal 2017 to 2.82 million at the end of the second quarter. New model subscriptions increased 125,000 from the first quarter of fiscal 2017 to 692,000.
Total annualized recurring revenue (ARR) was $1.47 billion, an increase of 10 percent compared to the second quarter last year as reported, and 14 percent on a constant currency basis. New model ARR was $371 million and increased 82 percent compared to the second quarter last year as reported, and 86 percent on a constant currency basis.
Deferred revenue increased 23 percent to $1.52 billion, compared to $1.24 billion in the second quarter last year.
Revenue was $551 million, a decrease of 10 percent compared to the second quarter last year as reported, and 6 percent on a constant currency basis. During Autodesk's business model transition, revenue is negatively impacted as more revenue is recognized ratably rather than up front and as new offerings generally have a lower initial purchase price.
Total GAAP spend (cost of revenue plus operating expenses) was $614 million, an increase of 1 percent compared to the second quarter last year. GAAP spend includes a charge of $16 million for a previously announced restructuring and other facility exit costs.
Total non-GAAP spend was $525 million, a decrease of 4 percent compared to the second quarter last year. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
GAAP diluted net loss per share was $(0.44). GAAP diluted net loss per share was $(1.18) in the second quarter last year.
Non-GAAP diluted net income per share was $0.05, compared to non-GAAP diluted net income per share of $0.19 in the second quarter last year.
"We posted terrific second quarter results driven by growth in new model subscriptions, the end of perpetual license sales, and diligent cost control," said Carl Bass, Autodesk president and CEO. "We’ve now seen several quarters of strong growth from our new model subscriptions, as our customers and partners embrace a model that has greater flexibility and a better user experience. Finally, we continued to extend our leadership in the cloud during a quarter that delivered our largest-ever increase in cloud subscriptions led by BIM 360 and Fusion 360."
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