Autodesk Inc. (NASDAQ: ADSK) missed market estimates on both revenue and
earnings for the first quarter of 2020, sending shares sliding nearly 9% in
after-market hours on Thursday.
Total revenue of $735 million was up 31% on a reported basis and 30% on a constant currency basis versus last year, but fell short of the consensus estimate of $740 million.
GAAP net loss was $24.2 million, or $0.11 per share,
compared to $82.4 million, or $0.38 per share, in the prior-year quarter. Adjusted
EPS totaled $0.45, missing the forecast of $0.46.
Total annualized
recurring revenue (ARR) was $2.83 billion, up 33% year-over-year on a reported
basis, and 32% on a constant currency basis. Subscription plan ARR totaled $2.38
billion, up 70% as reported and 69% in constant currency. Maintenance plan ARR
was $448 million, down 38% as reported and 40% in constant currency. Core ARR
increased 29% while cloud ARR jumped 164%.
Total deferred revenue, which is defined as deferred revenue plus
unbilled deferred revenue, grew 24% to $2.74 billion on a year-over-year basis.
Billings totaled $798 million.
For the second quarter of 2020, Autodesk expects revenue to be $782 million to $792 million. GAAP EPS is expected to be $0.13-0.17 while adjusted EPS is expected to be $0.59-0.63.
For fiscal-year 2020, revenue is expected to grow 26-28% to $3.25-3.30 billion. GAAP EPS is projected to be $0.83 to $1.02, while non-GAAP EPS is estimated to be $2.71 to $2.90. Total ARR is expected to grow 27-29% to $3.50-3.55 billion while billings are expected to increase 50-53% to $4.05-4.15 billion.
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