Public Company Information: NASDAQ: ADSK SAN RAFAEL, Calif. – (BUSINESS WIRE) – Autodesk, Inc. (NASDAQ: ADSK) announced its financial results for the third quarter of fiscal 2016. Third Quarter Fiscal 2016 Highlights: - 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. - Annualized Recurring Revenue (ARR) was $1.35 billion, representing a 15% increase compared to the same period last year and 18% on a constant currency basis. - Deferred revenue rose by 20% to $1.21 billion, compared to $1.01 billion in the third quarter of the previous year. - Total billings decreased by 9% compared to the third quarter last year, but remained stable at 4% when adjusted for constant currency. - Revenue totaled $600 million, marking a 3% decrease compared to the third quarter last year, yet showing a 2% increase when considering constant currency. - GAAP total spend (cost of revenue plus operating expenses) reached $615 million, up 2% from the same quarter in the previous year. - Non-GAAP total spend was $545 million, reflecting a 1% increase over the previous year's figure. - GAAP operating margin was -2%, while non-GAAP operating margin stood at 9%, down from 13% in the same quarter of the prior year. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. - GAAP diluted net loss per share was $(0.19), whereas GAAP diluted net income per share was $0.05 in the third quarter of the previous year. - Non-GAAP diluted net income per share was $0.14, compared to $0.25 in the third quarter of the prior year. - Cash flow from operating activities was $80 million, down from $136 million in the third quarter of the previous year. Carl Bass, President and CEO of Autodesk, stated, "Autodesk continues to focus on delivering world-class software and exceptional customer experiences while rapidly transitioning our business model. We are balancing necessary investments in this transition with ongoing cost management, leading to better-than-expected profitability for the quarter. Our confidence in the long-term potential of our business model remains strong, as we anticipate a 20% CAGR in subscriptions and a 24% CAGR in ARR through fiscal year 2020." Operational Overview for the Third Quarter: - Total subscriptions were 2.47 million, an increase of around 80,000 from the second quarter of fiscal 2016. Maintenance subscriptions reached 2.10 million, up 33,000. New model subscriptions (Desktop, enterprise flexible license, and cloud subscription) totaled 366,000, rising by 47,000. The growth in new model subscriptions was primarily driven by Desktop subscriptions. - Total annualized recurring revenue (ARR) for the third quarter increased by 15% to $1.35 billion compared to the same period last year, and 18% on a constant currency basis. Maintenance ARR was $1.13 billion, up 6% compared to the third quarter last year. New model ARR was $221 million, showing a 100% increase from the third quarter last year. Revenue Breakdown by Region: - Revenue in the Americas was $236 million, an increase of 2% compared to the third quarter last year. - EMEA revenue was $225 million, a decrease of 5% compared to the third quarter last year, but showed a 2% increase on a constant currency basis. - APAC revenue was $139 million, a decrease of 7% compared to the third quarter last year, but remained flat at 1% on a constant currency basis. - Revenue from emerging economies was $88 million, a decrease of 8% compared to the third quarter last year, but increased by 6% on a constant currency basis. Emerging economies accounted for 15% of total revenue in the third quarter. Business Outlook: Autodesk's outlook for the fourth quarter and full fiscal year 2016 assumes a continuation of the current economic environment and foreign exchange rates. The reconciliation between GAAP and non-GAAP estimates for fiscal 2016 is provided below or in the tables following this press release. Fourth Quarter Fiscal 2016 Guidance: - Revenue: $620 – $640 million - GAAP EPS: ($0.31) – ($0.27) - Non-GAAP EPS: $0.08 – $0.12 Full Year Fiscal 2016 Guidance: - Billings growth (on a constant currency basis): 7% – 8% - Revenue: $2,475 – $2,495 million - GAAP Operating Margin: Approximately (1)% - Non-GAAP Operating Margin: Approximately 10% - GAAP EPS: ($1.59) – ($1.55) - Non-GAAP EPS: $0.72 to $0.76 - Net Subscription Additions: 310,000 – 330,000 Earnings Conference Call and Webcast: Autodesk will host its third-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 and prepared remarks for the conference call will be posted to the investor relations section of Autodesk’s website simultaneously with this press release. A replay of the broadcast will be available at 7:00 p.m. ET at http://www.autodesk.com/investors. This replay will remain on Autodesk’s website for at least 12 months. Safe Harbor Statement: This press release contains forward-looking statements that involve risks and uncertainties. These include statements under “Business Outlook” and regarding the impacts and results of our business model transition, expectations regarding the transition of product offerings to subscription, our long-term financial goals, and other statements about our strategies, market positions, performance, and results. There are significant factors that could cause actual results to differ materially from the statements made in this press release. About Autodesk: Autodesk helps people imagine, design, and create a better world. Everyone—from design professionals, engineers, and architects to digital artists, students, and hobbyists—uses Autodesk software to unlock their creativity and solve important challenges. For more information, visit autodesk.com or follow @autodesk. Autodesk is a registered trademark of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names, or trademarks belong to their respective holders. Autodesk reserves the right to alter product and service offerings, specifications, and pricing at any time without notice and is not responsible for typographical or graphical errors that may appear in this document. © 2015 Autodesk, Inc. All rights reserved.

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