“Broad-based strength across all subscription types and geographies led to another record quarter for total subscription additions and a fantastic start of the new fiscal year,” said Amar Hanspal, Autodesk co-CEO and chief product officer. “Customers continue to embrace the subscription model, and we’re expanding our market opportunity with continued momentum of our cloud-based offerings, such as BIM 360 and Fusion 360.”
“We’re executing well and making significant progress on our business model transition as evidenced by our first quarter results,” said Andrew Anagnost, Autodesk co-CEO and chief marketing officer. “We’re starting the year from a position of strength and are excited to kick off the next phase of our transition when we offer our maintenance customers a simple, cost effective path to product subscription starting next month.”
“Recurring revenue jumped to 90 percent of total revenue, which is a significant milestone considering it was less than half that before we started the move to subscription,” said Scott Herren, Autodesk chief financial officer. “Strong transition-related metrics coupled with better than expected revenue and diligent cost control led to a terrific first quarter and provide us with confidence in achieving our transition-related targets. I also want to draw attention to our new format for revenue reporting, which greatly improves transparency.”
A complete chart of the financial results is available here.
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