Autodesk Shares Fall After Q1 Earnings Miss

Autodesk, Inc. ADSK shares are falling after reporting a first-quarter earnings miss.

Earnings came in at 45 cents per share, missing estimates by 2 cents. Sales came in at $735.5 million, missing estimates by $4.63 million. The company’s second-quarter earnings and sales guidance fell in-line with consensus.

"We are off to a strong start in fiscal 2020 with billings and free cash flow coming in at or above expectations and great momentum across the entire business," said Andrew Anagnost, Autodesk president and CEO. "We are particularly pleased with the performance of our Construction portfolio, where we have started realizing both the sales and technology synergies we envisioned when we acquired PlanGrid and BuildingConnected. Overall, we are on track to achieve our fiscal 2020 ARR and free cash flow guidance and are reaffirming our fiscal 2023 targets."

CFO Scott Herren said, "All product categories and geographies made solid contributions to our strong start in the first quarter, and market demand remains robust. Over the last 12 months, we have generated $550 million in free cash flow, positioning us well to hit our fiscal 2020 target of $1.35 billion."

Highlights

• Total Revenue increased 31 percent year-over-year
• Total ARR increased 33 percent year-over-year
• Maintenance plan ARR decreased 38 percent year-over-year
• Core ARR increased 29 percent year-over-year
• Cloud ARR increased 164 percent year-over-year

Autodesk's stock is down 6 percent at $160 per share in after-hours trading. The stock closed at $169.54.

Photo courtesy of Autodesk.