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Tuesday, November 28, 2017

=Autodesk (ADSK) reported earnings Tue 28 Nov 2017 (a/h)

Autodesk beats by $0.01, reports revs in-line; guides Q4 EPS in-line, revs in-line; Announces restructuring plan 
  • Reports Q3 (Oct) loss of $0.12 per share, $0.01 better than the Capital IQ Consensus of ($0.13); revenues rose 5.2% year/year to $515.3 mln vs the $513.63 mln Capital IQ Consensus.
    • Subscription plan (formerly known as new model) annualized recurring revenue (ARR) was $924 million and increased 106 percent compared to the third quarter last year as reported, and 108 percent on a constant currency basis.
    • Deferred revenue increased 15 percent to $1.76 billion, compared to $1.53 billion in the third quarter last year. Unbilled deferred revenue at the end of the third quarter was $148 million.
  • Co issues in-line guidance for Q4, sees EPS of ($0.14)-($0.10), excluding non-recurring items, vs. ($0.13) Capital IQ Consensus Estimate; sees Q4 revs of $537-547 mln vs. $544.97 mln Capital IQ Consensus Estimate.
  • Restructuring News
    • Autodesk announced a restructuring plan to focus on the company's strategic priorities of completing the subscription transition; digitizing the company; and re-imagining manufacturing, construction, and production. By realigning its investments, Autodesk is positioning itself to meet its long-term goals, including keeping non-GAAP spend flat in fiscal 2019. The company anticipates taking a pre-tax restructuring charge in the range of $135 million to $149 million. Approximately $91 million to $100 million in pre-tax charges will be taken in the fourth quarter of fiscal 2018. The remaining charge will be taken in fiscal 2019.
    • 'As we enter the growth phase of our model transition, we need to re-balance investments to focus on our strategic priorities. This includes divesting from some areas and increasing our investment in others. We're taking this restructuring action from a position of strength. This is not a cost reduction activity as we maintain our commitment to keep total non-GAAP spend flat this year and next'.

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