SAN RAFAEL, Calif., Aug. 25, 2020 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) announced its financial results for the second quarter of fiscal 2021.
All growth rates are compared to the second quarter of fiscal 2020 unless otherwise noted. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For definitions, please view the Glossary of Terms later in this document.
**Second Quarter Fiscal 2021 Financial Highlights**
- Total revenue increased by 15% to $913 million.
- GAAP operating margin was 16%, up 7 percentage points.
- Non-GAAP operating margin was 29%, up 5 percentage points.
- GAAP diluted EPS was $0.44; Non-GAAP diluted EPS was $0.98.
- Cash flow from operating activities was $91 million; free cash flow was $64 million.
Andrew Anagnost, President and CEO of Autodesk, said, "We delivered a strong second quarter due to our resilient business model and strategic products. Our cloud-based solutions are helping customers stay productive, leading to expanded relationships and product usage. I'm proud of our team as we continue to meet long-term goals and remain confident in our growth drivers and targets for fiscal 2023."
Scott Herren, CFO of Autodesk, added, "With solid performance across all key metrics, our second quarter results highlight the strength of our business. Our adaptability, execution, and healthy renewal rates led to 15% year-over-year revenue growth, a 5 percentage point expansion in operating margin, and robust free cash flow."
**Additional Financial Details**
- Total billings decreased by 12% to $787 million.
- Total revenue was $913 million, an increase of 15% as reported, and 16% on a constant currency basis. Recurring revenue accounted for 98% of total.
- Design* revenue was $821 million, an increase of 15% as reported, and 16% on a constant currency basis. On a sequential basis, Design revenue increased by 3% as reported and on a constant currency basis.
- Make* revenue was $71 million, an increase of 37% as reported, and 38% on a constant currency basis. On a sequential basis, Make revenue increased by 5% as reported, and 6% on a constant currency basis.
- Subscription plan revenue was $841 million, an increase of 27% as reported, and 28% on a constant currency basis. On a sequential basis, subscription plan revenue increased by 5% as reported and on a constant currency basis.
- Maintenance plan revenue was $51 million, a decrease of 51% as reported, and 49% on a constant currency basis. On a sequential basis, maintenance plan revenue decreased by 18% as reported, and 17% on a constant currency basis.
- Net revenue retention rate was within the range of 100 to 110 percent.
- GAAP operating income was $146 million, compared to $74 million in the second quarter last year. GAAP operating margin was 16%, up 7 percentage points.
- Total non-GAAP operating income was $262 million, compared to $187 million in the second quarter last year. Non-GAAP operating margin was 29%, up 5 percentage points.
- GAAP diluted net income per share was $0.44, compared to $0.18 in the second quarter last year.
- Non-GAAP diluted net income per share was $0.98, compared to $0.65 in the second quarter last year.
- Deferred revenue increased by 28% to $2.88 billion. Unbilled deferred revenue was $469 million, a decrease of $95 million compared to the second quarter of last year. Remaining performance obligations (RPO) increased by 19% to $3.3 billion. Current RPO increased by 15% to $2.3 billion.
- Cash flow from operating activities was $91 million, a decrease of $128 million compared to the second quarter last year. Free cash flow was $64 million, a decrease of $140 million compared to the second quarter last year.
*Please refer to appendix for definitions.
**Second Quarter Fiscal 2021 Business Highlights**
**Net Revenue by Geographic Area**
| Net Revenue: | Americas | EMEA | APAC | Total Net Revenue |
|--------------|----------|------|------|-------------------|
| U.S. | $309.5 | | | |
| Other Americas | $62.0 | | | |
| Total Americas | $371.5 | | | |
| EMEA | $354.7 | | | |
| APAC | $186.9 | | | |
| Total Net Revenue | $913.1 | | | |
**Net Revenue by Product Family**
| Product Family | 2020 Revenue | 2019 Revenue | Change | % Change |
|----------------|-------------|-------------|--------|----------|
| AEC | $397.0 | $334.2 | $62.8 | 19% |
| AutoCAD and AutoCAD LT | $271.9 | $231.3 | $40.6 | 18% |
| MFG | $185.5 | $174.6 | $10.9 | 6% |
| M&E | $53.3 | $50.8 | $2.5 | 5% |
| Other | $5.4 | $5.9 | ($0.5) | (8%) |
| Total | $913.1 | $796.8 | $116.3 | 15% |
**Business Outlook**
Autodesk's outlook for the third quarter and full-year fiscal 2021 considers the current economic environment and foreign exchange rate conditions. A reconciliation between GAAP and non-GAAP estimates is provided below or in the tables following this press release.
**Third Quarter Fiscal 2021 Guidance Metrics**
- Revenue: $930 – $945 million
- EPS GAAP: $0.42 – $0.48
- EPS non-GAAP: $0.91 – $0.97
**Full Year Fiscal 2021 Guidance Metrics**
- Billings: $4,070 – $4,170 million (Down 3.0% – 0.5%)
- Revenue: $3,715 – $3,765 million (Up 13.5% – 15.0%)
- GAAP operating margin: 14.5% – 16.0%
- Non-GAAP operating margin: 27.5% – 29.0%
- EPS GAAP: $1.63 – $1.81
- EPS non-GAAP: $3.72 – $3.90
- Free cash flow: $1,300 – $1,400 million
The third quarter and full-year fiscal 2021 outlook assumes a projected annual effective tax rate of 23% and 16% for GAAP and non-GAAP results, respectively. Shifts in geographic profitability continue to impact the annual effective tax rate due to significant differences in tax rates in various jurisdictions. Therefore, assumptions for the annual effective tax rate are evaluated regularly and may change based on the projected geographic mix of earnings.
**Earnings Conference Call and Webcast**
Autodesk will host its second quarter conference call today at 5 p.m. ET. The live broadcast can be accessed at autodesk.com/investor. A transcript of the opening commentary will also be available following the conference call.
A replay of the broadcast will be available at 7 p.m. ET at autodesk.com/investor. This replay will be maintained on Autodesk’s website for at least 12 months.
**Investor Presentation Details**
An investor presentation providing additional information can be found at autodesk.com/investor.
To help better understand our financial performance, we use several key performance metrics including billings, recurring revenue and net revenue retention rate ("NR3"). These metrics are key performance metrics and should be viewed independently of revenue and deferred revenue. These metrics are not intended to be combined with those items. We use these metrics to monitor the strength of our recurring business. We believe these metrics are useful to investors because they can help in monitoring the long-term health of our business. Our determination and presentation of these metrics may differ from that of other companies. The presentation of these metrics is meant to be considered in addition to, not as a substitute for or in isolation from, our financial measures prepared in accordance with GAAP.
**Glossary of Terms**
- **Billings:** Total revenue plus the net change in deferred revenue from the beginning to the end of the period.
- **Constant Currency (CC) Growth Rates:** Changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates.
- **Design Business:** Combination of maintenance, product subscriptions, and all EBAs.
- **Enterprise Business Agreements (EBAs):** Programs providing enterprise customers with token-based access to a broad pool of Autodesk products over a defined contract term.
- **Free Cash Flow:** Cash flow from operating activities minus capital expenditures.
- **Maintenance Plan:** Provides customers with a cost-effective and predictable budgetary option to obtain the productivity benefits of new releases and enhancements.
- **Make Business:** Represents certain cloud-based product subscriptions.
- **Net Revenue Retention Rate (NR3):** Measures the year-over-year change in subscription and maintenance revenue for the population of customers that existed one year ago.
- **Other Revenue:** Consists of revenue from consulting, training and other services, and is recognized over time as the services are performed.
- **Product Subscription:** Provides customers the most flexible, cost-effective way to access and manage 3D design, engineering, and entertainment software tools.
- **Recurring Revenue:** Consists of the revenue for the period from traditional maintenance plans and revenue from subscription plan offerings.
- **Remaining Performance Obligations (RPO):** The sum of total short-term, long-term, and unbilled deferred revenue.
- **Spend:** The sum of cost of revenue and operating expenses.
- **Subscription Plan:** Comprises term-based product subscriptions, cloud service offerings, and EBAs.
- **Subscription Revenue:** Includes subscription fees from product subscriptions, cloud service offerings, and EBAs.
- **Unbilled Deferred Revenue:** Represents contractually stated or committed orders under early renewal and multi-year billing plans for subscription, services and maintenance.
**Safe Harbor Statement**
This press release contains forward-looking statements that involve risks and uncertainties, including quotations from management, statements in the paragraphs under "Business Outlook" above and other statements about our short-term and long-term goals, and other statements regarding our strategies, market and product positions, performance and results. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release.
**About Autodesk**
Autodesk makes software for people who make things. If you’ve ever driven a high-performance car, admired a towering skyscraper, used a smartphone, or watched a great film, chances are you’ve experienced what millions of Autodesk customers are doing with our software. Autodesk gives you the power to make anything. For more information, visit autodesk.com or follow @autodesk.
Autodesk uses its investors.autodesk.com website as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts.
*Autodesk, AutoCAD, AutoCAD LT, BIM 360 and Fusion 360 are registered trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and service offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.*
© 2020 Autodesk, Inc. All rights reserved.
All growth rates are compared to the second quarter of fiscal 2020 unless otherwise noted. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For definitions, please view the Glossary of Terms later in this document.
**Second Quarter Fiscal 2021 Financial Highlights**
- Total revenue increased by 15% to $913 million.
- GAAP operating margin was 16%, up 7 percentage points.
- Non-GAAP operating margin was 29%, up 5 percentage points.
- GAAP diluted EPS was $0.44; Non-GAAP diluted EPS was $0.98.
- Cash flow from operating activities was $91 million; free cash flow was $64 million.
Andrew Anagnost, President and CEO of Autodesk, said, "We delivered a strong second quarter due to our resilient business model and strategic products. Our cloud-based solutions are helping customers stay productive, leading to expanded relationships and product usage. I'm proud of our team as we continue to meet long-term goals and remain confident in our growth drivers and targets for fiscal 2023."
Scott Herren, CFO of Autodesk, added, "With solid performance across all key metrics, our second quarter results highlight the strength of our business. Our adaptability, execution, and healthy renewal rates led to 15% year-over-year revenue growth, a 5 percentage point expansion in operating margin, and robust free cash flow."
**Additional Financial Details**
- Total billings decreased by 12% to $787 million.
- Total revenue was $913 million, an increase of 15% as reported, and 16% on a constant currency basis. Recurring revenue accounted for 98% of total.
- Design* revenue was $821 million, an increase of 15% as reported, and 16% on a constant currency basis. On a sequential basis, Design revenue increased by 3% as reported and on a constant currency basis.
- Make* revenue was $71 million, an increase of 37% as reported, and 38% on a constant currency basis. On a sequential basis, Make revenue increased by 5% as reported, and 6% on a constant currency basis.
- Subscription plan revenue was $841 million, an increase of 27% as reported, and 28% on a constant currency basis. On a sequential basis, subscription plan revenue increased by 5% as reported and on a constant currency basis.
- Maintenance plan revenue was $51 million, a decrease of 51% as reported, and 49% on a constant currency basis. On a sequential basis, maintenance plan revenue decreased by 18% as reported, and 17% on a constant currency basis.
- Net revenue retention rate was within the range of 100 to 110 percent.
- GAAP operating income was $146 million, compared to $74 million in the second quarter last year. GAAP operating margin was 16%, up 7 percentage points.
- Total non-GAAP operating income was $262 million, compared to $187 million in the second quarter last year. Non-GAAP operating margin was 29%, up 5 percentage points.
- GAAP diluted net income per share was $0.44, compared to $0.18 in the second quarter last year.
- Non-GAAP diluted net income per share was $0.98, compared to $0.65 in the second quarter last year.
- Deferred revenue increased by 28% to $2.88 billion. Unbilled deferred revenue was $469 million, a decrease of $95 million compared to the second quarter of last year. Remaining performance obligations (RPO) increased by 19% to $3.3 billion. Current RPO increased by 15% to $2.3 billion.
- Cash flow from operating activities was $91 million, a decrease of $128 million compared to the second quarter last year. Free cash flow was $64 million, a decrease of $140 million compared to the second quarter last year.
*Please refer to appendix for definitions.
**Second Quarter Fiscal 2021 Business Highlights**
**Net Revenue by Geographic Area**
| Net Revenue: | Americas | EMEA | APAC | Total Net Revenue |
|--------------|----------|------|------|-------------------|
| U.S. | $309.5 | | | |
| Other Americas | $62.0 | | | |
| Total Americas | $371.5 | | | |
| EMEA | $354.7 | | | |
| APAC | $186.9 | | | |
| Total Net Revenue | $913.1 | | | |
**Net Revenue by Product Family**
| Product Family | 2020 Revenue | 2019 Revenue | Change | % Change |
|----------------|-------------|-------------|--------|----------|
| AEC | $397.0 | $334.2 | $62.8 | 19% |
| AutoCAD and AutoCAD LT | $271.9 | $231.3 | $40.6 | 18% |
| MFG | $185.5 | $174.6 | $10.9 | 6% |
| M&E | $53.3 | $50.8 | $2.5 | 5% |
| Other | $5.4 | $5.9 | ($0.5) | (8%) |
| Total | $913.1 | $796.8 | $116.3 | 15% |
**Business Outlook**
Autodesk's outlook for the third quarter and full-year fiscal 2021 considers the current economic environment and foreign exchange rate conditions. A reconciliation between GAAP and non-GAAP estimates is provided below or in the tables following this press release.
**Third Quarter Fiscal 2021 Guidance Metrics**
- Revenue: $930 – $945 million
- EPS GAAP: $0.42 – $0.48
- EPS non-GAAP: $0.91 – $0.97
**Full Year Fiscal 2021 Guidance Metrics**
- Billings: $4,070 – $4,170 million (Down 3.0% – 0.5%)
- Revenue: $3,715 – $3,765 million (Up 13.5% – 15.0%)
- GAAP operating margin: 14.5% – 16.0%
- Non-GAAP operating margin: 27.5% – 29.0%
- EPS GAAP: $1.63 – $1.81
- EPS non-GAAP: $3.72 – $3.90
- Free cash flow: $1,300 – $1,400 million
The third quarter and full-year fiscal 2021 outlook assumes a projected annual effective tax rate of 23% and 16% for GAAP and non-GAAP results, respectively. Shifts in geographic profitability continue to impact the annual effective tax rate due to significant differences in tax rates in various jurisdictions. Therefore, assumptions for the annual effective tax rate are evaluated regularly and may change based on the projected geographic mix of earnings.
**Earnings Conference Call and Webcast**
Autodesk will host its second quarter conference call today at 5 p.m. ET. The live broadcast can be accessed at autodesk.com/investor. A transcript of the opening commentary will also be available following the conference call.
A replay of the broadcast will be available at 7 p.m. ET at autodesk.com/investor. This replay will be maintained on Autodesk’s website for at least 12 months.
**Investor Presentation Details**
An investor presentation providing additional information can be found at autodesk.com/investor.
To help better understand our financial performance, we use several key performance metrics including billings, recurring revenue and net revenue retention rate ("NR3"). These metrics are key performance metrics and should be viewed independently of revenue and deferred revenue. These metrics are not intended to be combined with those items. We use these metrics to monitor the strength of our recurring business. We believe these metrics are useful to investors because they can help in monitoring the long-term health of our business. Our determination and presentation of these metrics may differ from that of other companies. The presentation of these metrics is meant to be considered in addition to, not as a substitute for or in isolation from, our financial measures prepared in accordance with GAAP.
**Glossary of Terms**
- **Billings:** Total revenue plus the net change in deferred revenue from the beginning to the end of the period.
- **Constant Currency (CC) Growth Rates:** Changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates.
- **Design Business:** Combination of maintenance, product subscriptions, and all EBAs.
- **Enterprise Business Agreements (EBAs):** Programs providing enterprise customers with token-based access to a broad pool of Autodesk products over a defined contract term.
- **Free Cash Flow:** Cash flow from operating activities minus capital expenditures.
- **Maintenance Plan:** Provides customers with a cost-effective and predictable budgetary option to obtain the productivity benefits of new releases and enhancements.
- **Make Business:** Represents certain cloud-based product subscriptions.
- **Net Revenue Retention Rate (NR3):** Measures the year-over-year change in subscription and maintenance revenue for the population of customers that existed one year ago.
- **Other Revenue:** Consists of revenue from consulting, training and other services, and is recognized over time as the services are performed.
- **Product Subscription:** Provides customers the most flexible, cost-effective way to access and manage 3D design, engineering, and entertainment software tools.
- **Recurring Revenue:** Consists of the revenue for the period from traditional maintenance plans and revenue from subscription plan offerings.
- **Remaining Performance Obligations (RPO):** The sum of total short-term, long-term, and unbilled deferred revenue.
- **Spend:** The sum of cost of revenue and operating expenses.
- **Subscription Plan:** Comprises term-based product subscriptions, cloud service offerings, and EBAs.
- **Subscription Revenue:** Includes subscription fees from product subscriptions, cloud service offerings, and EBAs.
- **Unbilled Deferred Revenue:** Represents contractually stated or committed orders under early renewal and multi-year billing plans for subscription, services and maintenance.
**Safe Harbor Statement**
This press release contains forward-looking statements that involve risks and uncertainties, including quotations from management, statements in the paragraphs under "Business Outlook" above and other statements about our short-term and long-term goals, and other statements regarding our strategies, market and product positions, performance and results. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release.
**About Autodesk**
Autodesk makes software for people who make things. If you’ve ever driven a high-performance car, admired a towering skyscraper, used a smartphone, or watched a great film, chances are you’ve experienced what millions of Autodesk customers are doing with our software. Autodesk gives you the power to make anything. For more information, visit autodesk.com or follow @autodesk.
Autodesk uses its investors.autodesk.com website as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts.
*Autodesk, AutoCAD, AutoCAD LT, BIM 360 and Fusion 360 are registered trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and service offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.*
© 2020 Autodesk, Inc. All rights reserved.Main material:
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