Autodesk Reports Strong Second Quarter Results

Public Company Information: NASDAQ: ADSK San Rafael, Calif.–(BUSINESS WIRE)–Autodesk, Inc. (NASDAQ: ADSK) today announced its financial results for the second quarter of fiscal 2017. Second Quarter Fiscal 2017 - Total subscriptions increased by 109,000 from the first quarter of fiscal 2017 to 2.82 million at the end of the second quarter. New model subscriptions grew by 125,000, reaching 692,000. - Annualized Recurring Revenue (ARR) was $1.47 billion, up 10% compared to the same period last year and 14% on a constant currency basis. New model ARR reached $371 million, an increase of 82% year-over-year and 86% on a constant currency basis. - Deferred revenue rose 23% to $1.52 billion, compared to $1.24 billion in the second quarter of the previous year. - Revenue totaled $551 million, a decrease of 10% compared to the same period last year and 6% on a constant currency basis. This decline is attributed to the shift towards ratably recognized revenue and lower initial prices for new offerings. - Total GAAP spending was $614 million, an increase of 1% compared to the second quarter last year. This includes a $16 million charge for restructuring and facility exit costs. - Non-GAAP spending was $525 million, a decrease of 4% compared to the same period last year. A reconciliation of GAAP to non-GAAP results is available in the accompanying tables. - GAAP diluted net loss per share was $(0.44). In the second quarter last year, it was $(1.18). - Non-GAAP diluted net income per share was $0.05, compared to $0.19 in the second quarter last year. Carl Bass, President and CEO of Autodesk, stated, “We achieved strong results driven by growth in new model subscriptions, the end of perpetual license sales, and effective cost management. Our customers and partners continue to embrace our new model, which offers greater flexibility and a better user experience. We also made significant progress in our cloud leadership with record increases in cloud subscriptions led by BIM 360 and Fusion 360.” Scott Herren, CFO, added, “Continued adoption of product subscriptions has led to strong growth in new model subscriptions, new model ARR, and deferred revenue. While we saw record volume of product subscriptions, we also experienced higher than expected perpetual license sales due to their final availability. Based on our performance and progress in transitioning our business model, we remain confident in our long-term goals of growing our subscription base by 20% CAGR through fiscal year 2020, which will drive 24% CAGR in ARR and $6 per share in free cash flow.” Total subscriptions were 2.82 million, a net increase of 109,000 from the first quarter of fiscal 2017. New model subscriptions (product, enterprise flexible license, and cloud subscription) reached 692,000, a net increase of 125,000. Maintenance subscriptions were 2.13 million, a net decrease of 16,000 from the first quarter of fiscal 2017. Total ARR for the second quarter increased 10% to $1.47 billion compared to the same period last year and 14% on a constant currency basis. New model ARR was $371 million, an increase of 82% year-over-year and 86% on a constant currency basis. Maintenance ARR was $1.10 billion, decreasing 3% compared to the second quarter last year but increasing 1% on a constant currency basis. Recurring revenue accounted for 67% of total revenue in the second quarter, up from 55% in the same period last year. During the business model transition, revenue has been negatively impacted as more revenue is recognized ratably rather than upfront and new products generally have lower initial purchase prices. Autodesk discontinued new perpetual license sales for most individual products at the end of the fourth quarter of fiscal 2016 and for suites at the end of the second quarter of fiscal 2017. Revenue in the Americas was $230 million, a 2% decrease compared to the second quarter last year, and a 2% decrease on a constant currency basis. Revenue in EMEA was $221 million, a 2% decrease compared to the second quarter last year, and a 5% increase on a constant currency basis. Revenue in APAC was $100 million, a 32% decrease compared to the second quarter last year, and a 30% decrease on a constant currency basis. Revenue from the Architecture, Engineering and Construction (AEC) segment was $253 million, an 8% increase compared to the second quarter last year. Manufacturing segment revenue was $177 million, a 3% increase. Platform Solutions and Emerging Business (PSEB) segment revenue was $86 million, a 47% decrease. Media and Entertainment (M&E) segment revenue was $34 million, a 16% decrease. Autodesk's business outlook for the third quarter and full year fiscal 2017 assumes a continuation of the current economic environment, foreign exchange rate environment, and the continued success of the business model transition. The reconciliation between GAAP and non-GAAP estimates is provided below or in the tables following this press release. Third Quarter Fiscal 2017 Guidance: - Revenue: $470 – $485 million - EPS GAAP: ($0.81) – ($0.74) - EPS non-GAAP: ($0.27) – ($0.22) Full Year Fiscal 2017 Guidance: - Revenue: $2,000 – $2,050 million - GAAP spend growth: Approx. 2% - Non-GAAP spend growth: Approx. (2%) - EPS GAAP: ($2.97) – ($2.74) - EPS non-GAAP: ($0.70) – ($0.55) - Net subscription additions: 475,000 – 525,000 The third quarter and full year fiscal 2017 outlook assumes an annual effective tax rate of (12)% for GAAP and 26% for non-GAAP results. These assumptions are regularly evaluated and may change based on the projected geographic mix of earnings. Autodesk will host a conference call today at 5:00 p.m. ET. The live broadcast can be accessed at http://www.autodesk.com/investors. Supplemental financial information and prepared remarks will be posted simultaneously with this press release. A replay will be available at 7:00 p.m. ET at the same URL for at least 12 months. Glossary of Terms: Annualized Recurring Revenue (ARR): Represents the annualized value of average monthly recurring revenue for the preceding three months. "Maintenance plan ARR" captures ARR related to traditional maintenance attached to perpetual licenses. "New Model ARR" captures ARR related to new model subscription offerings. Recurring revenue acquired with the acquisition of a business may cause variability in the comparison of this calculation. Constant Currency (CC) Growth Rates: We attempt to represent changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates and hedge gains or losses. Our constant currency methodology removes all hedging gains and losses from the calculation and applies a constant exchange rate across periods. Safe Harbor Statement: This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding long-term subscription, ARR, and free cash flow targets, statements about the impacts and results of the business model transition, expectations regarding the transition of product offerings to subscription and acceptance by customers and partners, and other statements regarding strategies, market and product positions, performance, and results. There are a significant number of factors that could cause actual results to differ materially from these statements. About Autodesk: Autodesk makes software for people who make things. If you've ever driven a high-performance car, admired a towering skyscraper, used a smartphone, or watched a great film, chances are you’ve experienced what millions of Autodesk customers are doing with our software. Autodesk gives you the power to make anything. For more information visit autodesk.com or follow @autodesk. Contact: Autodesk, Inc. Investors: David Gennarelli, 415-507-6033 david.gennarelli@autodesk.com or Press: Stacy Doyle, 503-707-3861 stacy.doyle@autodesk.com

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