Autodesk, Inc. Announces Fiscal 2021 Second Quarter Results

- Revenue and Current Remaining Performance Obligations Grew by 15 Percent Year Over Year

SAN RAFAEL, Calif., Aug. 25, 2020 — (PRNewswire) —  Autodesk, Inc. (NASDAQ: ADSK) today reported 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 15 percent to $913 million;
  • GAAP operating margin was 16 percent, up 7 percentage points;
  • Non-GAAP operating margin was 29 percent, 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.

"We delivered a strong second quarter as a result of our resilient business model and strategic nature of our products," said Andrew Anagnost, Autodesk president and CEO. "Our cloud-based solutions are helping our customers stay productive in the current environment, and have resulted in expanded relationships and usage of our products. I am very proud of our team as we continue to deliver on our long-term strategic goals, and remain confident in our growth drivers and fiscal 2023 targets."

"With solid performance across all key metrics, our second quarter results demonstrated the strength of our business," said Scott Herren, Autodesk CFO. "As a result of our adaptability, outstanding execution in a difficult environment, and healthy renewal rates, we delivered 15 percent year-over-year growth in revenue, expanded our operating margin by 5 percentage points, and delivered robust free cash flow."

Additional Financial Details

  • Total billings decreased 12 percent to $787 million.
  • Total revenue was $913 million, an increase of 15 percent as reported, and 16 percent on a constant currency basis. Recurring revenue represents 98 percent of total.
  • Design* revenue was $821 million, an increase of 15 percent as reported, and 16 percent on a constant currency basis. On a sequential basis, Design revenue increased 3 percent as reported and on a constant currency basis.
  • Make* revenue was $71 million, an increase of 37 percent as reported, and 38 percent on a constant currency basis. On a sequential basis, Make revenue increased 5 percent as reported, and 6 percent on a constant currency basis.
  • Subscription plan revenue was $841 million, an increase of 27 percent as reported, and 28 percent on a constant currency basis. On a sequential basis, subscription plan revenue increased 5 percent as reported and on a constant currency basis.
  • Maintenance plan revenue was $51 million, a decrease of 51 percent as reported, and 49 percent on a constant currency basis. On a sequential basis, maintenance plan revenue decreased 18 percent as reported, and 17 percent 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 percent, 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 percent, 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 28 percent 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 19 percent to $3.3 billion. Current RPO increased 15 percent 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

(In millions, except percentages)

Three Months

Ended July 31,

2020


Three Months

Ended July 31,

2019


Change compared to

prior fiscal year


Constant currency

change compared to

prior fiscal year

$


%


%

Net Revenue:










Americas










U.S.

$

309.5



$

267.9



$

41.6



16

%


*


Other Americas

62.0



58.0



4.0



7

%


*


Total Americas

371.5



325.9



45.6



14

%


14

%

EMEA

354.7



316.2



38.5



12

%


16

%

APAC

186.9



154.7



32.2



21

%


21

%

Total Net Revenue

$

913.1



$

796.8



$

116.3



15

%


16

%











Emerging Economies

$

113.7



$

97.4



$

16.3



17

%


17

%

____________________

*  Constant currency data not provided at this level.


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