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When Autodesk Inc. (NASDAQ: ADSK) reported its most recent quarterly results after the markets closed on Tuesday, the company said that it had a net loss of $0.12 per share on $515.3 million in revenue. That compared with consensus estimates of a net loss of $0.13 per share and revenue of $514.1 million. The fiscal third-quarter of last year reportedly had a net loss of $0.18 per share and $489.6 million in revenue.

During the quarter, subscription plan annualized recurring revenue (ARR) was $924 million and increased 106% compared to the third quarter last year as reported, and 108% on a constant currency basis.

Total ARR was $1.90 billion, an increase of 24% compared to the third quarter last year as reported and 25% on a constant currency basis.

Deferred revenue increased 15% to $1.76 billion, compared to $1.53 billion in the third quarter last year. Unbilled deferred revenue at the end of the third quarter was $148 million.

In terms of guidance for the fiscal fourth-quarter, management expects to see a net loss per share in the range of $0.14 to $0.10 and revenues between $537 million and $547 million. The consensus estimates call for a net loss per share of $0.14 and $544.8 million in revenue for the quarter.

Andrew Anagnost, Autodesk president and CEO, commented:

We are pleased with another solid quarter of execution and progress on our business model transition. We’re experiencing healthy trends in several key transition metrics, including ARR and deferred revenue growth, as customers continue to embrace our new subscription offerings.  As we enter the growth phase of our model transition, we need to re-balance investments to focus on our strategic priorities. This includes divesting from some areas and increasing our investment in others.  We’re taking this restructuring action from a position of strength.  This is not a cost reduction activity as we maintain our commitment to keep total non-GAAP spend flat this year and next.

Shares of Autodesk traded early Wednesday at $111.95, down almost 14%, with a consensus analyst price target of $133.57 and a 52-week range of $68.06 to $131.10.