When Autodesk Inc. (NASDAQ: ADSK) released its fiscal first-quarter financial results late on Thursday, the company said that it had a net loss of $0.16 per share and $485.7 million in revenue. That compared with consensus estimates of a net loss of $0.22 per share and $472.4 million in revenue.

Total recurring revenue in the first quarter was 90% of total revenue, versus 72% of total revenue in the first quarter last year.

At the same time, total subscriptions increased 186,000 from the fourth quarter of fiscal 2017 to 3.29 million at the end of the first quarter. And subscription plan annualized recurring revenue totaled $692 million, an increase of 103% compared to the first quarter last year.

In terms of the outlook for the coming quarter, the company expects to see a net loss of $0.14 to $0.18 per share on revenues in the range of $488 million to $500 million. The consensus estimates call for a net loss of $0.15 per share and $488.29 million in revenue.

On the books, Autodesk cash, cash equivalents and marketable securities totaled $1.81 billion at the end of the quarter, down from $1.90 billion at the end of the previous fiscal year.

Scott Herren, Autodesk chief financial officer, commented:

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. 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.

Shares of Autodesk were trading up 16% at $111.12 on Friday, with a consensus analyst price target of $95.67 and a 52-week trading range of $49.82 to $111.82.

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