SAN RAFAEL, Calif., Aug. 25, 2020 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) shared its financial results for the second quarter of fiscal 2021. The company highlighted strong performance driven by a resilient business model and innovative product offerings that have helped customers stay productive in the current environment.
Autodesk's cloud-based solutions have not only supported customer operations but also strengthened relationships and increased product usage. CEO Andrew Anagnost expressed pride in the team's ability to meet long-term strategic goals and remain confident in growth drivers and targets for fiscal 2023.
CFO Scott Herren emphasized the solid performance across key metrics, noting the adaptability and execution capabilities that led to 15% year-over-year revenue growth, expanded operating margins, and robust free cash flow.
Key financial highlights for the quarter included total revenue of $913 million, an increase of 15% compared to the previous year. GAAP operating margin was 16%, up 7 percentage points, while non-GAAP operating margin reached 29%, up 5 percentage points. GAAP diluted EPS was $0.44, and non-GAAP diluted EPS was $0.98. Cash flow from operating activities was $91 million, with free cash flow at $64 million.
Additional details revealed that total billings decreased 12% to $787 million. Recurring revenue made up 98% of total revenue, with Design* revenue rising 15% and Make* revenue increasing 37%. Subscription plan revenue grew 27%, while maintenance plan revenue dropped 51%.
Net revenue retention rate remained within the range of 100 to 110 percent. GAAP operating income rose to $146 million, and non-GAAP operating income reached $262 million. Deferred revenue increased 28% to $2.88 billion, with remaining performance obligations (RPO) rising 19% to $3.3 billion.
Looking ahead, Autodesk provided guidance for the third quarter and full fiscal year 2021, expecting revenue between $930 and $945 million for Q3, with EPS ranging from $0.42 to $0.48 on a GAAP basis and $0.91 to $0.97 on a non-GAAP basis. For the full year, revenue is projected to be between $3,715 and $3,765 million, with non-GAAP EPS expected between $3.72 and $3.90.
The company also mentioned that the third quarter and full-year outlook assumes a projected annual effective tax rate of 23% for GAAP and 16% for non-GAAP results. Shifts in geographic profitability continue to impact the annual effective tax rate due to significant differences in tax rates in various jurisdictions.
Autodesk will host a conference call today at 5 p.m. ET, with a live broadcast available at autodesk.com/investor. A transcript of the commentary will be posted following the call, and a replay will be available for 12 months.
For more information about Autodesk's financial performance, refer to the investor presentation and glossary of terms provided. The company continues to focus on innovation and delivering value to its customers and shareholders.
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