SAN RAFAEL, Calif.--(BUSINESS WIRE)--Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the first quarter of fiscal 2016.
First Quarter Fiscal 2016
Total billings increased 3 percent, compared to the first quarter last year as reported, and 8 percent on a constant currency basis.
Deferred revenue increased 20 percent to $1.15 billion, compared to $964 million in the first quarter last year.
Total subscriptions increased by approximately 95,000 from the fourth quarter of fiscal 2015.
Revenue was $647 million, an increase of 9 percent compared to the first quarter last year as reported, and 13 percent on a constant currency basis.
GAAP operating margin was 3 percent, compared to 7 percent in the first quarter last year.
Non-GAAP operating margin was 15 percent, compared to 17 percent in the first quarter last year. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
GAAP diluted earnings per share were $0.08, compared to $0.12 in the first quarter last year.
Non-GAAP diluted earnings per share were $0.30, compared to $0.32 in the first quarter last year.
Cash flow from operating activities was $87 million, compared to $219 million in the first quarter last year.
We had a solid start to the year with good progress on our business model transition, said Carl Bass, Autodesk president and CEO. We added 95,000 subscriptions during the quarter, with approximately half coming from new subscription types. Over the course of the next two years we expect to transition the vast majority of our offerings to subscription, which provides our customers with greater flexibility and a better user experience.
First Quarter Operational Overview
Revenue in the Americas increased 19 percent compared to the first quarter last year to $244 million. EMEA revenue was $245 million, an increase of 9 percent compared to the first quarter last year as reported, and 15 percent on a constant currency basis. Revenue in APAC was $157 million, a decrease of 3 percent compared to the first quarter last year as reported, and an increase of 2 percent on a constant currency basis. Revenue from emerging economies was $93 million, an increase of 17 percent compared to the first quarter last year as reported, and 19 percent on a constant currency basis. Revenue from emerging economies represented 14 percent of total revenue in the first quarter.
Revenue from the Architecture, Engineering and Construction business segment was $237 million, an increase of 21 percent compared to the first quarter last year. Revenue from the Platform Solutions and Emerging Business segment was $185 million, a decrease of 13 percent compared to the first quarter last year. Revenue from the Manufacturing business segment was $185 million, an increase of 25 percent compared to the first quarter last year. Revenue from the Media and Entertainment business segment was $40 million, an increase of 6 percent compared to the first quarter last year.
Revenue from Flagship products was $299 million, flat compared to the first quarter last year. Revenue from Suites was $240 million, an increase of 14 percent compared to the first quarter last year. Revenue from New and Adjacent products was $108 million, an increase of 30 percent compared to the first quarter last year.
We were pleased with the first quarter results and remain confident in our business model transition, said Scott Herren, Autodesk Chief Financial Officer. As we scan the economic environment, weve observed unevenness, particularly in key markets. Considering the current economic environment, coupled with persistent foreign currency headwinds, we've adjusted our business outlook for the fiscal year as we look to build on the early successes of our model transition.
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. Autodesks business outlook for the second quarter and full year fiscal 2016 assumes, among other things, a continuation of the current economic environment and foreign exchange currency rate environment. A reconciliation between the GAAP and non-GAAP estimates for fiscal 2016 is provided below or in the tables following this press release.
Second Quarter Fiscal 2016
Q2 FY16 Guidance Metrics Q2 FY16 (ending July 31, 2015)
Revenue (in millions) $600 - $620
EPS GAAP ($0.10) - ($0.05)
EPS Non-GAAP (1) $0.14 - $0.19
_______________
(1) Non-GAAP earnings per diluted share exclude $0.16 related to stock-based compensation expense and $0.08 for the amortization of acquisition related intangibles, net of tax.
Full Year Fiscal 2016
FY16 Guidance Metrics FY16 (ending January 31, 2016)
Billings growth (1) 2 - 4%
Revenue growth (2) 2 - 4%
GAAP operating margin 1 - 3%
Non-GAAP operating margin 12 - 14%
EPS GAAP $0.00 - $0.15
EPS Non-GAAP (3) $0.95 - $1.10
Net subscription additions 375,000 - 425,000
_______________
(1) On a constant currency basis, billings growth would be 9% - 11%.
(2) On a constant currency basis, revenue growth would be 7% - 9%.
(3) Non-GAAP earnings per diluted share exclude $0.69 related to stock-based compensation expense and $0.26 for the amortization of acquisition related intangibles, net of tax.
The second quarter and full year fiscal 2016 outlook assume a projected annual effective tax rate of 27 percent and 26 percent for GAAP and non-GAAP results, respectively.
Earnings Conference Call and Webcast
Autodesk will host its first quarter conference call today at 5:00 p.m. ET. The live broadcast can be accessed at http://www.autodesk.com/investors. Supplemental financial information an
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SAN RAFAEL, Calif.--(BUSINESS WIRE)--Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the first quarter of fiscal 2016. 
