**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 2016. The company reported solid growth in billings and deferred revenue, reflecting strong customer demand for its subscription-based offerings. **Second Quarter Fiscal 2016 Highlights:** - **Total Billings Growth:** Increased by 7% compared to the same period last year, rising to 15% on a constant currency basis. - **Deferred Revenue:** Reached $1.2 billion, representing a 26% jump from $981 million in the second quarter last year. - **Total Subscriptions:** Grew by approximately 61,000 from Q1, ending the second quarter with 2.39 million total subscriptions. - **Revenue:** Declined by 4% to $610 million year-over-year, but remained flat on a constant currency basis. - **GAAP Operating Margin:** Decreased to 1%, compared to 8% in the prior year's second quarter. - **Non-GAAP Operating Margin:** Dropped to 11%, down from 18% in the previous year. A detailed reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. - **GAAP Diluted Net Loss Per Share:** Recorded a loss of $(1.04), primarily due to a non-cash GAAP tax charge. Last year's second quarter showed a diluted net income per share of $0.13. - **Non-GAAP Diluted Net Income Per Share:** Came in at $0.19, compared to $0.35 in the corresponding quarter last year. - **Cash Flow from Operating Activities:** Amounted to $77 million, down from $96 million in the second quarter last year. "Our business model transition continues to gain momentum," said Carl Bass, Autodesk's President and CEO. "Strong billings and deferred revenue growth underscore the increasing adoption of our subscription offerings, which are delivering robust year-over-year and sequential growth. After two years of preparation, we're now ready to accelerate this transformation." **Operational Overview:** As part of its ongoing business model shift, Autodesk is phasing out the sale of perpetual licenses in favor of subscription-based and flexible licensing options. This transition will impact billings, revenue, gross margins, operating margins, earnings per share (EPS), deferred revenue, and cash flow from operations, as more revenue is recognized over time instead of upfront. **Regional Performance:** - **Americas:** Revenue climbed 6% to $236 million compared to the second quarter last year. - **EMEA (Europe, Middle East, and Africa):** Revenue fell 7% year-over-year as reported but remained flat on a constant currency basis at $226 million. - **APAC (Asia-Pacific):** Revenue dropped 13% year-over-year as reported but decreased only 9% on a constant currency basis, amounting to $148 million. - **Emerging Economies:** Revenue totaled $92 million, down 7% year-over-year as reported but dipped just 5% on a constant currency basis, representing 15% of total revenue. **Segment Revenue Breakdown:** - **Architecture, Engineering & Construction (AEC):** Generated $233 million in revenue, up 7% year-over-year. - **Platform Solutions and Emerging Business:** Earned $164 million, a 21% decline year-over-year. - **Manufacturing:** Achieved $171 million in revenue, an increase of 2% year-over-year. - **Media & Entertainment:** Reported $41 million in revenue, down 6% year-over-year. **Product Line Performance:** - **Flagship Products:** Delivered $272 million in revenue, down 11% year-over-year. - **Suites:** Contributed $226 million in revenue, a 3% drop year-over-year. - **New and Adjacent Products:** Reached $112 million in revenue, growing 13% year-over-year. During the quarter, Autodesk recorded a non-cash GAAP tax charge of $214 million to establish a valuation allowance on certain U.S. deferred tax assets. This decision was driven by the company's pre-tax U.S. GAAP cumulative loss over the last three years. While this is a GAAP-only charge, it does not impact cash flow this year or in the future. Autodesk will continue to evaluate its deferred tax assets and may reverse the valuation allowance when conditions improve. **CFO Perspective:** "Looking ahead, we are keeping our billings and subscription outlook steady but anticipate a larger portion of our sales shifting from perpetual licenses to new subscription formats," noted Scott Herren, Autodesk's CFO. "Given the deferred nature of these new subscription revenues, we've adjusted our revenue, operating margin, and EPS guidance for the full year. Beyond this year, we are refining our plans regarding the pace and timeline of the business model transition and plan to provide further details at our upcoming Investor Day event on September 29th." **Outlook:** Autodesk's business outlook for Q3 and FY2016 reflects expectations of continued economic stability and stable foreign exchange conditions. A reconciliation between GAAP and non-GAAP estimates is provided below or in the accompanying tables. **Third Quarter Fiscal 2016 Guidance:** - **Revenue Range:** $580 million to $600 million - **GAAP EPS:** ($0.23) to ($0.18) - **Non-GAAP EPS:** $0.05 to $0.10 **Full Year Fiscal 2016 Guidance:** - **Billings Growth:** 2% to 4% (9% to 11% on a constant currency basis) - **Revenue Range:** $2,465 million to $2,505 million - **GAAP Operating Margin:** (-2%) to (-1%) - **Non-GAAP Operating Margin:** 9% to 10% - **GAAP EPS:** ($1.39) to ($1.27) - **Non-GAAP EPS:** $0.60 to $0.72 - **Net Subscription Additions:** 375,000 to 425,000 The outlook assumes a projected annual effective tax rate of 24% for GAAP results and 26% for non-GAAP results. **Earnings Conference Call:** Autodesk will host its earnings conference call today at 5:00 p.m. ET. The live webcast can be accessed at [http://www.autodesk.com/investors](http://www.autodesk.com/investors). A recording will be available later that evening and will remain accessible on the company's website for at least 12 months. **Safe Harbor Statement:** This press release contains forward-looking statements subject to risks and uncertainties. Actual results may differ materially due to factors such as global economic conditions, currency fluctuations, integration challenges, and unforeseen expenses related to the business model transition. For a comprehensive list of risks, please refer to Autodesk's SEC filings. **About Autodesk:** Autodesk empowers creators to imagine, design, and build a better world. Whether you're a professional designer, engineer, architect, student, or hobbyist, Autodesk's tools fuel innovation across industries. Visit [autodesk.com](http://autodesk.com) or follow @autodesk for more information. **Trademark Notice:** Autodesk is a registered trademark of Autodesk, Inc., and/or its subsidiaries and affiliates worldwide. All other brand names, product names, or trademarks belong to their respective owners. **Disclaimer:** Autodesk reserves the right to modify product offerings, service terms, and specifications without prior notice. This document contains typographical or graphical errors that are unintentional.

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