Autodesk reports 5% growth in Q3 revenues

Autodesk reports 5% growth in Q3 revenues

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Autodesk announces 5% growth in Q3 revenue
Autodesk announces 5% growth in Q3 revenue.

US: Autodesk today announced the financial results for the third quarter of fiscal 2018. This year, the company reported 106% increase in its annualized recurring revenue (ARR), which was $924 million in the same quarter last year. The company also reports a 24% increase in its total ARR, which was $1.90 billion. As for revenue, Autodesk reports a 5% increase in this quarter, which was $515 million.

“We are pleased with another solid quarter of execution and progress on our business model transition,” said Andrew Anagnost, Autodesk president and CEO. “We’re experiencing healthy trends in several key transition metrics, including ARR and deferred revenue growth, as customers continue to embrace our new subscription offerings.  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.”

“Our third quarter results mark our return to revenue growth as we reached the one year mark of subscription-only sales,” said Scott Herren, Autodesk CFO. “We are excited to have reached a significant milestone where the base of subscription plan subscriptions has surpassed the base of maintenance plan subscriptions for the first time. We are also experiencing early success with the maintenance-to-subscription program, which is a winning combination for both our customers and Autodesk. Our solid third quarter results and stable macro operating environment keep us confident in our near-term and long-term goals.”