Total recurring revenue in the third quarter was 76 percent of total revenue compared to 56 percent of total revenue in the third quarter last year.
As a reminder, during the business model transition, revenue has been and will be negatively impacted as more revenue is recognized ratably rather than up front and as new product offerings generally have a lower initial purchase price. As part of the business model transition, Autodesk discontinued new perpetual license sales for most individual products at the end of the fourth quarter of fiscal 2016 and for suites at the end of the second quarter of fiscal 2017.
Revenue in the Americas was $213 million, a decrease of 10 percent compared to the third quarter last year as reported, and 9 percent on a constant currency basis. Revenue in EMEA was $191 million, a decrease of 15 percent compared to the third quarter last year as reported, and 9 percent on a constant currency basis. Revenue in APAC was $85 million, a decrease of 39 percent compared to the third quarter last year as reported, and 38 percent on a constant currency basis.
Revenue from our Architecture, Engineering and Construction (AEC) product family was $212 million, a decrease of 6 percent compared to the third quarter last year. Revenue from our Manufacturing product family was $147 million, a decrease of 16 percent compared to the third quarter last year. Combined revenue from AutoCAD and AutoCAD LT was $80 million, a decrease of 44 percent compared to the third quarter last year. Revenue from our Media and Entertainment (M&E) product family was $34 million, a decrease of 13 percent compared to the third quarter last year.
Business Outlook
The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties some of which are set forth below under "Safe Harbor Statement." Autodesk's business outlook for the fourth quarter and full year fiscal 2017 assumes, among other things, a continuation of the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2017 GAAP and non-GAAP estimates is provided below or in the tables following this press release.
Fourth Quarter Fiscal 2017
| Q4 FY17 Guidance Metrics |
Q4 FY17 (ending
|
|
| Revenue (in millions) | $460 - $480 | |
| EPS GAAP | ($0.94) - ($0.84) | |
| EPS non-GAAP (1) | ($0.39) - ($0.32) |
_______________
(1) Non-GAAP earnings per diluted share excludes $0.27 related to stock-based compensation expense, between $0.17 and $0.14 related to GAAP-only tax charges, $0.07 for the amortization of acquisition-related intangibles, and $0.04 related to restructuring charges and other facility exit costs.
Full Year Fiscal 2017
| FY17 Guidance Metrics |
FY17 (ending
|
|
| Revenue (in millions) (1) | $2,012 - $2,032 | |
| GAAP spend growth (cost of revenue plus operating expenses) | Approx. 1% | |
| Non-GAAP spend growth (cost of revenue plus operating expenses) (2) | Approx. (2%) | |
| EPS GAAP | ($2.77) - ($2.67) | |
| EPS non-GAAP (3) | ($0.61) - (0.54) | |
| Net subscription additions | 515,000 - 525,000 |
