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May 16, 2014
13:15 EDTADSKAutodesk rises after Q1 EPS, revenue surpass expectations
Shares of design software and services company Autodesk (ADSK) are up after the company reported first quarter earnings per share and revenue last night that exceeded analysts' projections. WHAT'S NEW: Last night, Autodesk reported Q1 earnings per share of 32c on revenue of $592.5M which both topped analysts' projections. The company reported that Q1 total billings increased 10% compared to last year and total subscriptions increased by over 89K compared to the prior quarter. Autodesk said that it sees second quarter EPS of 25c-30c which is in-line with what analyst anticipate. The company sees Q2 revenue to be between $595M-$610M which is above expectations of $576.32M. Autodesk raises its fiscal year 2015 revenue growth view to 4%-6% and its billings growth outlook to 7%-9%. The company now sees FY15 non-GAAP operating margin of 14%-16% and net subscription additions of 150K-200K. WHAT'S NOTABLE: During the company's Q1 earnings conference call, Autodesk said that it is off to a "strong" start in FY15. In Q1, the company said the amount of money it transitioned from licensing revenues to deferred revenue was small and expects to see another small amount transitioned in Q2. Autodesk said that its business model will not be perfectly linear in the future and that the amount of business that it transitions and the number of new subscriptions added will fluctuate from quarter to quarter and year to year. Still, the company says it is expecting the business model transition to progress in FY15, and then ramp up more significantly by FY17 and FY18. ANALYST REACTION: Canaccord said today that Autodesk's Q1 results reinforce its positive perspective and call it a quality growth at a reasonable price name, citing predictable growth in revenues, billings and stable margins. Shares of Autodesk are rated Buy with a $60 price target. Canaccord analyst Richard Davis said that he upped his FY15 and FY16 annual EPS estimates to $1.17 and $1.47, respectively and upped his FY15 and FY16 annual revenue estimates to $2.4B and $2.545M, respectively. PRICE ACTION: In mid-afternoon trading, shares of Autodesk are up $3.52, or 7.36%, to $51.34.
News For ADSK From The Last 14 Days
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October 6, 2015
12:40 EDTADSKAutodesk management to meet with JPMorgan
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September 30, 2015
08:44 EDTADSKAutodesk requires more patience but end still compelling, says Cowen
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September 29, 2015
15:26 EDTADSKAutodesk took 'major step' in right direction with analyst day, says JPMorgan
JPMorgan analyst Sterling Auty said that Autodesk took a "major step in the right direction" by giving transparency on what the company should look like through its subscription transition and beyond during its analyst day meeting. Among the "number of positives" coming from the meeting are the company's explicit revenue and margin guidance through the transition, its outlook for cash flow greater than $4 per share in FY20, and its assertion that the subscription shift is expanding its market opportunity, Auty said. The analyst has an Overweight rating on Autodesk shares.
15:08 EDTADSKAutodesk sees strong growth in ARR and subscriptions from FY16 to FY20
Autodesk sees strong growth in ARR and subscriptions from FY16 to FY20. The company notes that FY17 is the inflection point as perpetual license sales end. the company sees traditional financial metrics to normalize by FY20. Autodesk sees revenue of at least $3.5B in FY20 with sustainable double-digit growth. Sees Non-GAAP operating margin in the mid-20% range in FY20 and increasing to 30% plus. Sees free cash flow of $1B in FY20 and increasing. The company added that model acceleration continues beyond FY20. Information from company slides presentation.
08:32 EDTADSKAutodesk still sees FY16 adjusted EPS 60c-72c, consensus 67c
Sees FY16 revenue $2.47B-$2.51B, consensus $2.48B. Sees billings up 2%-4%. Sees net subscription additions 375,000-425,000.
08:31 EDTADSKAutodesk still sees Q3 adjusted EPS 5c-10c, consensus 7c
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September 27, 2015
12:43 EDTADSKAutodesk shares could rise 50% in 18 months, Barron's says
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