Autodesk (ADSK) Tops Q4 EPS by 2c, Offers Outlook
Autodesk (NASDAQ: ADSK) reported Q4 EPS of ($0.09), $0.02 better than the analyst estimate of ($0.11). Revenue for the quarter came in at $554 million versus the consensus estimate of $544.74 million.
Business Outlook
The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties some of which are set forth below under "Safe Harbor Statement." Autodesk's business outlook for the first quarter and full year fiscal 2019 assumes, among other things, a continuation of the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2019 GAAP and non-GAAP estimates is provided below or in the tables following this press release.
Starting with the first quarter of fiscal 2019, Autodesk is adopting the new revenue accounting standard, ASC 606.
First Quarter Fiscal 2019 | ||
Q1 FY19 Guidance Metrics | Q1 FY19 under ASC 605 (ending April 30, 2018) | Q1 FY19 under ASC 606 (ending April 30, 2018) (1) |
Revenue (in millions) | $565 - $575 | $550 - $560 |
EPS GAAP | ($0.34) - ($0.31) | ($0.44) - ($0.41) |
EPS non-GAAP (2) | $0.11 - $0.14 | $0.01 - $0.04 |
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(1) The move to the new revenue standard will result in a net reduction to revenue and EPS of approximately $15 million and $0.10 respectively, compared to what would have been recognized under ASC 605. |
(2) Non-GAAP earnings per diluted share excludes $0.27 related to stock-based compensation expense, $0.09 related to restructuring and other facility exit costs, $0.06 related to GAAP-only tax charges, and $0.03 for the amortization of acquisition-related intangibles. |
Full Year Fiscal 2019 | ||
FY19 Guidance Metrics | FY19 under ASC 605 (ending January 31, 2019) | FY19 under ASC 606 (ending January 31, 2019) (1) |
Billings (in millions) (2) | $2,720 - $2,820 | $2,720 - $2,820 |
Revenue (in millions) (3) | $2,495 - $2,545 | $2,455 - $2,505 |
GAAP spend growth (cost of revenue + operating expenses) | (2.5%) - (1.5%) | (2.5%) - (1.5%) |
Non-GAAP spend growth (cost of revenue + operating expenses) (4) | 1 - 2% | 1 - 2% |
EPS GAAP | ($0.77) - ($0.59) | ($0.92) - ($0.74) |
EPS non-GAAP (5) | $0.92 - $1.10 | $0.77 - $0.95 |
Net subscription additions | 500k - 550k | 500k - 550k |
Total ARR growth | 29% - 31% | 28% - 30% |
(Street sees Q1 EPS of 16c on revenue of $584.7 million and FY19 EPS of $1.21 on revenue of $2.55 billion)
For earnings history and earnings-related data on Autodesk (ADSK) click here.