Autodesk (NASDAQ: ADSK) reported Q2 EPS of ($0.11), $0.04 better than the analyst estimate of ($0.15).

• Subscription plan (formerly known as new model) annualized recurring revenue (ARR) was $784 million and increased 94 percent compared to the second quarter last year as reported, and 98 percent on a constant currency basis.
• Total ARR was $1.83 billion, an increase of 21 percent compared to the second quarter last year as reported, and 23 percent on a constant currency basis.
• Subscription plan subscriptions increased 270,000 from the first quarter of fiscal 2018 to 1.59 million at the end of the second quarter. Subscription plan subscriptions benefited from 63,000 maintenance subscribers that converted to product subscription under the maintenance-to-subscription program.
• Total subscriptions increased 153,000 from the first quarter of fiscal 2018 to 3.44 million at the end of the second quarter.
• Deferred revenue increased 17 percent to $1.78 billion, compared to $1.52 billion in the second quarter last year. Unbilled deferred revenue at the end of the second quarter was $63 million.
• Revenue was $502 million, a decrease of 9 percent compared to the second quarter last year as reported, and 8 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 $609 million, a decrease of 1 percent compared to the second quarter last year.
• Total non-GAAP spend was $531 million, an increase of 1 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 $(0.66), compared to GAAP diluted net loss per share of $(0.44) in the second quarter last year.
• Non-GAAP diluted net loss per share was $(0.11), compared to non-GAAP diluted net income per share of $0.05 in the second quarter last year.

GUIDANCE:

Autodesk sees Q3 2018 EPS of ($0.16)-($0.12), versus the consensus of ($0.13). Autodesk sees Q3 2018 revenue of $500-515 million, versus the consensus of $516.25 million.

Autodesk sees FY2018 EPS of ($0.61)-($0.54), versus the consensus of ($0.56). Autodesk sees FY2018 revenue of $2.03-2.05 billion, versus the consensus of $2.04 billion.

For earnings history and earnings-related data on Autodesk (ADSK) click here.