Autodesk reported financial results for the first quarter of fiscal 2017. Total subscriptions increased 132,000 from the fourth quarter of fiscal 2016 to 2.71 million at the end of the first quarter.
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New model subscriptions increased 140,000 from the fourth quarter of fiscal 2016 to 567,000.
Total annualized recurring revenue (ARR) was $1.44 billion, an increase of 9 percent compared to the first quarter last year as reported, and 12 percent on a constant currency basis. New model ARR was $308 million and increased 71 percent compared to the first quarter last year as reported, and 76 percent on a constant currency basis.
Deferred revenue increased 32 percent to $1.52 billion, compared to $1.15 billion in the first quarter last year.
Revenue was $512 million, a decrease of 21 percent compared to the first quarter last year as reported, and 17 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 $667 million, an increase of 7 percent compared to the first quarter last year. A charge of $52 million for a previously announced restructuring was recorded in the first quarter of fiscal 2017.
Total non-GAAP spend was $539 million, a decrease of 2 percent compared to the first quarter last year. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
GAAP diluted net loss per share was $0.77. GAAP diluted net income per share was $0.08 in the first quarter last year.
Non-GAAP diluted net loss per share was $0.10, compared to non-GAAP diluted net income per share of $0.30 in the first quarter last year. ■
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