Autodesk, Inc. (NASDAQ: ADSK) shares jumped more than 13% after the company reported 4th quarter earnings. Autodesk's Subscription plan subscriptions increased 371,000 from the third quarter of fiscal 2018 to 2.27 million at the end of the fourth quarter. Subscription plan subscriptions benefited from 168,000 maintenance subscribers that converted to product subscription under the maintenance-to-subscription program.
According to the company's press release Subscription plan ARR was $1.18 billion, an increase of 106 percent compared to the fourth quarter last year as reported, and 105 percent on a constant currency basis. Subscription plan ARR includes $152 million related to the maintenance-to-subscription program. Maintenance plan ARR was $879 million, a decrease of 18 percent compared to the fourth quarter last year as reported, and 17 percent on a constant currency basis.
"We continue to execute well on our business model transition and are poised to further accelerate ARR growth next year," said Andrew Anagnost, Autodesk president and CEO. "We were pleased to see a meaningful increase in total annualized revenue per subscription (ARPS) and a better than expected conversion rate with the maintenance to subscription program. Total subscription additions for the quarter were impacted by a greater than expected number of customers shifting from individual products to higher value Industry Collections resulting in ARR growth."