Autodesk, Inc. (ADSK) saw its loss widen to $170.50 million, or $0.77 a share for the quarter ended Jan. 31, 2017. In the previous year period, the company reported a loss of $37.20 million, or $0.17 a share. On an adjusted basis, net loss for the quarter stood at $60.90 million, or $0.28 a share compared with a net profit of $47.90 million, or $0.21 a share in the last year period.
Revenue during the quarter dropped 26.15 percent to $478.80 million from $648.30 million in the previous year period. Gross margin for the quarter contracted 268 basis points over the previous year period to 82.69 percent. Operating margin for the quarter stood at negative 34.90 percent as compared to a negative 1.50 percent for the previous year period.
Operating loss for the quarter was $167.10 million, compared with an operating loss of $9.70 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $81.50 million compared to operating profit of $66.30 million in prior year period.
"Autodesk's market-leading products are revolutionizing how customers design, engineer and make anything," said Amar Hanspal, Autodesk co-chief executive officer and chief product officer. "We finished the fiscal year on a high note with triple-digit year-over-year growth in new model subscriptions and new model ARR, which demonstrates our customers' readiness to adopt our new offerings. We're particularly pleased with the success of cloud subscriptions where our best-in-class BIM 360 and Fusion offerings drove more than a 150 percent increase year-over-year and represent Autodesk's increasing footprint in construction and manufacturing."
For the first-quarter 2018, Autodesk, Inc. projects revenue to be in the range of $460 million to $480 million. The company forecasts diluted loss per share to be in the range of $0.82 to $0.72. On an adjusted basis, the company forecasts diluted loss per share to be in the range of $0.27 to $0.21.
For financial year 2018, Autodesk, Inc. projects revenue to be in the range of $2,000 million to $2,050 million. The company forecasts diluted loss per share to be in the range of $2.65 to $2.40. The company forecasts diluted loss per share to be in the range of $0.73 to $0.56 on adjusted basis.
Operating cash flow drops significantly
Autodesk, Inc. has generated cash of $169.70 million from operating activities during the year, down 59.01 percent or $244.30 million, when compared with the last year.
Cash flow from investing activities was $272 million from investing activities during the year as against cash outgo of $809.50 million in the last year.
The company has spent $578.30 million cash to carry out financing activities during the year as against cash inflow of $343.20 million in the last year period.
Cash and cash equivalents stood at $1,213.10 million as on Jan. 31, 2017, down 10.34 percent or $139.90 million from $1,353 million on Jan. 31, 2016.
Working capital drops significantly
Autodesk, Inc. has witnessed a decline in the working capital over the last year. It stood at $266.90 million as at Jan. 31, 2017, down 80.96 percent or $1,135.20 million from $1,402.10 million on Jan. 31, 2016. Current ratio was at 1.12 as on Jan. 31, 2017, down from 1.88 on Jan. 31, 2016.
Days sales outstanding went down to 43 days for the quarter compared with 46 days for the same period last year.
At the same time, days payable outstanding went down to 52 days for the quarter from 58 for the same period last year.
Debt remains almost stable
Total debt of Autodesk, Inc. remained almost stable for the quarter at $1,490.70 million, when compared with the last year period. Short-term debt stood at $398.70 million as on Jan. 31, 2017. Total debt was 31.07 percent of total assets as on Jan. 31, 2017, compared with 26.97 percent on Jan. 31, 2016. Debt to equity ratio was at 2.02 as on Jan. 31, 2017, up from 0.92 as on Jan. 31, 2016.
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