SAN RAFAEL, Calif. — (BUSINESS WIRE) — May 19, 2016 — Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the first quarter of fiscal 2017.

First Quarter 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. 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.

"We had a strong first quarter, which builds on last quarter's momentum and is a great start to the fiscal year," said Carl Bass, Autodesk president and CEO. "Our customers and partners continue to embrace Autodesk's transition to a subscription-based business model and cloud-based software. We continue to diligently control our costs while investing in the transition. We're striking a healthy balance in achieving both short-term and long-term goals."

First Quarter Operational Overview

"Our first quarter results demonstrate the success we are having with our business model transition," said Scott Herren, Autodesk Chief Financial Officer. "In addition to terrific subscription growth for the quarter, we experienced strong growth in new model ARR and deferred revenue. Revenue decreased, as expected, while recurring revenue jumped significantly to 70 percent of total revenue."

Total subscriptions were 2.71 million, a net increase of 132,000 from the fourth quarter of fiscal 2016. Under which, new model subscriptions (product (formerly titled Desktop), enterprise flexible license, and cloud subscription) were 567,000, a net increase of 140,000. The increase in new model subscriptions was led by product subscription. Maintenance subscriptions were 2.14 million, a net decrease of 8,000 from the fourth quarter of fiscal 2016.

Total ARR for the first quarter increased 9 percent to $1.44 billion 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. Maintenance ARR was $1.13 billion and decreased 1 percent compared to the first quarter last year as reported, and increased 2 percent on a constant currency basis. Total recurring revenue in the first quarter was 70 percent of total revenue compared to 51 percent of total revenue in the first quarter last year.

As a reminder, during the business model transition, revenue has been and will be negatively impacted as more revenue is recognized ratably rather than up front and as new product offerings generally have a lower initial purchase price. As part of the business model transition, Autodesk discontinued new perpetual license sales for most individual products at the end of the fourth quarter of fiscal 2016.

Revenue in the Americas was $218 million, a decrease of 11 percent compared to the first quarter last year as reported, and 10 percent on a constant currency basis. EMEA revenue was $203 million, a decrease of 17 percent compared to the first quarter last year as reported, and 11 percent on a constant currency basis. Revenue in APAC was $92 million, a decrease of 42 percent compared to the first quarter last year as reported, and 39 percent on a constant currency basis.