Autodesk (NASDAQ: ADSK) reported Q2 EPS of $0.19, $0.03 better than the analyst estimate of $0.16. Revenue for the quarter came in at $611.7 million versus the consensus estimate of $600.34 million.

• Subscription plan ARR was $1.68 billion, an increase of 115 percent compared to the second quarter last year as reported, and 111 percent on a constant currency basis. Under the prior revenue accounting standard, ASC 605, subscription plan ARR was $1.66 billion, an increase of 112 percent compared to the second quarter last year.
• Total ARR was $2.35 billion, an increase of 28 percent compared to the second quarter last year as reported, and 27 percent on a constant currency basis. Under ASC 605, total ARR was $2.32 billion, an increase of 27 percent compared to the second quarter last year.
• Subscription plan subscriptions increased 290,000 from the first quarter of fiscal 2019 to 2.86 million at the end of the second quarter. Subscription plan subscriptions benefited from 117,000 maintenance subscribers that converted to product subscription under the maintenance-to-subscription (M2S) program.
• Total subscriptions increased 119,000 from the first quarter of fiscal 2019 to 3.94 million at the end of the second quarter.
• Deferred revenue was $1.80 billion, an increase of 1 percent compared to the second quarter last year. Total deferred revenue (deferred revenue plus unbilled deferred revenue) was $2.21 billion, an increase of approximately 20 percent compared to the second quarter last year. Under ASC 605, total deferred revenue was $2.28 billion, an increase of approximately 24 percent compared to the second quarter last year.
• Revenue was $612 million, an increase of 22 percent compared to the second quarter last year as reported, and 21 percent on a constant currency basis. Under ASC 605, revenue was $611 million, an increase of 22 percent compared to the second quarter last year.
• Billings were $605 million, an increase of 27 percent compared to the second quarter last year. Under ASC 605, billings were $592 million, an increase of 24 percent compared to the second quarter last year.
• Total GAAP spend (cost of revenue plus operating expenses) was $636 million, an increase of 4 percent compared to the second quarter last year as reported, and 3 percent on a constant currency basis. Absent ASC 340-40, total GAAP spend was $626 million, an increase of 3 percent compared to the second quarter last year.
• Total non-GAAP spend was $556 million, an increase of 5 percent compared to the second quarter last year, as reported, and 4 percent on a constant currency basis. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. Absent ASC 340-40, total non-GAAP spend was $546 million, an increase of 3 percent compared to the second quarter last year.
• GAAP diluted net loss per share was $(0.18), compared to GAAP diluted net loss per share of $(0.66) in the second quarter last year. Under ASC 605 and absent ASC 340-40, GAAP diluted net loss per share was $(0.12).
• Non-GAAP diluted earnings per share was $0.19, compared to non-GAAP diluted net loss per share of $(0.11) in the second quarter last year. Under ASC 605 and absent ASC 340-40, non-GAAP diluted net income per share was $0.23.

For definitions, please view the Glossary of Terms later in this document.

"Broad-based strength in customer demand and continued execution across our business helped accelerate growth in ARR and annualized revenue per subscription (ARPS)," said Andrew Anagnost, Autodesk president and CEO. "A superior user experience is motivating new customers to turn to Autodesk subscription and cloud offerings, and we continue to see a steady stream of existing maintenance customers migrating to subscription."

"We posted strong results for several key metrics including billings, revenue, total deferred revenue, and earnings," said Scott Herren, Autodesk CFO. "We also generated positive cash flow from operating activities and expect to be cash flow positive for the year. We\'re pleased with our performance in the first half of the fiscal year and are confident in our ability to drive results for the remainder of the year."

GUIDANCE:

Autodesk sees FY2019 EPS of $0.87-$0.95, versus the consensus of $0.90. Autodesk sees FY2019 revenue of $2.485-2.505 million, versus the consensus of $2.49 million.

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