SAN RAFAEL, Calif. — (BUSINESS WIRE) — November 19, 2015 — Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the third quarter of fiscal 2016.

Third Quarter Fiscal 2016

• Total subscriptions increased by approximately 80,000 from the second quarter of fiscal 2016 to 2.47 million at the end of the third quarter.
• Total annualized recurring revenue (ARR) was $1.35 billion, an increase of 15 percent compared to the third quarter last year as reported, and 18 percent on a constant currency basis.
• Deferred revenue increased 20 percent to $1.21 billion, compared to $1.01 billion in the third quarter last year.
• Total billings decreased 9 percent, compared to the third quarter last year as reported, and 4 percent on a constant currency basis.
• Revenue was $600 million, a decrease of 3 percent compared to the third quarter last year as reported, and an increase of 2 percent on a constant currency basis.
• Total GAAP spend (cost of revenue plus operating expenses) was $615 million, an increase of 2 percent compared to the third quarter last year.
• Total non-GAAP spend was $545 million, an increase of 1 percent compared to the third quarter last year.
• GAAP operating margin was (2) percent, compared to 2 percent in the third quarter last year.
• Non-GAAP operating margin was 9 percent, compared to 13 percent in the third quarter last year. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
• GAAP diluted net loss per share was $(0.19). GAAP diluted net income per share was $0.05 in the third quarter last year.
• Non-GAAP diluted net income per share was $0.14, compared to $0.25 in the third quarter last year.
• Cash flow from operating activities was $80 million, compared to $136 million in the third quarter last year.

"Autodesk continues to focus on delivering world-class software and great experiences to our customers, while driving our business model transition as rapidly as possible,” said Carl Bass, Autodesk president and CEO. "We are balancing the necessary investments in the transition with our ongoing focus on spend management, leading to better than expected profitability for the quarter. And we remain confident in our long-term view that our business model transition will deliver a 20 percent CAGR in subscriptions and a 24 percent CAGR in ARR through fiscal year 2020."

Third Quarter Operational Overview

Total subscriptions were 2.47 million, an increase of approximately 80,000 from the second quarter of fiscal 2016. Maintenance subscriptions were 2.10 million, an increase of 33,000. New model subscriptions (Desktop, enterprise flexible license, and cloud subscription) were 366,000, an increase of 47,000. The increase in new model subscriptions was led by Desktop subscriptions.

Total annualized recurring revenue (ARR) for the third quarter increased 15 percent to $1.35 billion compared to the third quarter last year as reported and 18 percent at constant currency. Maintenance ARR was $1.13 billion and increased 6 percent compared to the third quarter last year. New model ARR was $221 million and increased 100 percent compared to the third quarter last year.

Revenue in the Americas was $236 million, an increase of 2 percent compared to the third quarter last year. EMEA revenue was $225 million, a decrease of 5 percent compared to the third quarter last year as reported and an increase of 2 percent on a constant currency basis. Revenue in APAC was $139 million, a decrease of 7 percent compared to the third quarter last year as reported and 1 percent on a constant currency basis. Revenue from emerging economies was $88 million, a decrease of 8 percent compared to the third quarter last year as reported and 6 percent on a constant currency basis. Revenue from emerging economies represented 15 percent of total revenue in the third quarter.

Revenue from the Architecture, Engineering and Construction business segment was $225 million, an increase of 4 percent compared to the third quarter last year. Revenue from the Manufacturing business segment was $175 million, an increase of 3 percent compared to the third quarter last year. Revenue from the Platform Solutions and Emerging Business segment was $161 million, a decrease of 15 percent compared to the third quarter last year. Revenue from the Media and Entertainment business segment was $39 million, a decrease of 9 percent compared to the third quarter last year.