Autodesk, Inc. Announces Fiscal 2021 Third Quarter Results

- Revenue and Earnings Per Share Exceeded Guidance Range

SAN RAFAEL, Calif., Nov. 24, 2020 — (PRNewswire) —  Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the third quarter of fiscal 2021.
All growth rates are compared to the third 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.

Third Quarter Fiscal 2021 Financial Highlights

  • Total revenue increased 13 percent to $952 million;
  • GAAP operating margin was 18 percent, up 5 percentage points;
  • Non-GAAP operating margin was 30 percent, up 3 percentage points;
  • GAAP diluted EPS was $0.59; Non-GAAP diluted EPS was $1.04;
  • Cash flow from operating activities was $361 million; free cash flow was $340 million.

"Our strong third quarter results reflect the growing customer value of our cloud-based platform and the resilience of our subscription business model," said Andrew Anagnost, Autodesk president and CEO. "Our enterprise customers are undertaking their own digital transformation and, by enabling that transformation, we are becoming strategic partners. For example, we signed a nine-digit deal in the quarter. We are confident in our fiscal 2023 targets and expect to see continued double-digit growth thereafter."

"Third quarter revenue, earnings, and free cash flow were above expectations, driven by the strength of our healthy subscription renewal rates and continued success with enterprise customers," said Scott Herren, Autodesk CFO. "We are executing with strength, with current remaining performance obligations growing 16 percent year over year despite uncertain macro-economic conditions. The business model transition we have made leaves us well positioned as the secular-industry shift to the cloud accelerates."

Additional Financial Details

  • Total billings decreased 1 percent to $1.01 billion.
  • Total revenue was $952 million, an increase of 13 percent as reported, and 14 percent on a constant currency basis. Recurring revenue represents 97 percent of total.
  • Design revenue was $848 million, an increase of 13 percent as reported, and 15 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 $77 million, an increase of 32 percent as reported and on a constant currency basis. On a sequential basis, Make revenue increased 8 percent as reported and on a constant currency basis.
  • Subscription plan revenue was $884 million, an increase of 24 percent as reported, and 25 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 $40 million, a decrease of 56 percent as reported, and 55 percent on a constant currency basis. On a sequential basis, maintenance plan revenue decreased 22 percent as reported and on a constant currency basis.
  • Net revenue retention rate was within the range of 100 to 110 percent.
  • GAAP operating income was $168 million, compared to $111 million in the third quarter last year. GAAP operating margin was 18 percent, up 5 percentage points.
  • Total non-GAAP operating income was $287 million, compared to $225 million in the third quarter last year. Non-GAAP operating margin was 30 percent, up 3 percentage points.
  • GAAP diluted net income per share was $0.59, compared to $0.30 in the third quarter last year.
  • Non-GAAP diluted net income per share was $1.04, compared to $0.78 in the third quarter last year.
  • Deferred revenue increased 21 percent to $2.93 billion. Unbilled deferred revenue was $650 million, an increase of $100 million compared to the third quarter of last year. Remaining performance obligations (RPO) increased 21 percent to $3.6 billion. Current RPO increased 16 percent to $2.4 billion.
  • Cash flow from operating activities was $361 million, an increase of $85 million compared to the third quarter last year. Free cash flow was $340 million, an increase of $74 million compared to the third quarter last year.

Third Quarter Fiscal 2021 Business Highlights

Net Revenue by Geographic Area



Three Months
Ended October 31,
2020


Three Months
Ended October 31,
2019


Change compared to
prior fiscal year


Constant currency
change compared to
prior fiscal year

(In millions, except percentages)



$


%


%

Net Revenue:










Americas










  U.S.

$

328.5



$

287.3



$

41.2



14

%


*


  Other Americas

64.4



62.0



2.4



4

%


*


  Total Americas

392.9



349.3



43.6



12

%


13

%

  EMEA

364.3



329.6



34.7



11

%


12

%

  APAC

195.2



163.8



31.4



19

%


18

%

Total Net Revenue

$

952.4



$

842.7



$

109.7



13

%


14

%











Emerging Economies

$

114.9



$

101.6



$

13.3



13

%


14

%


____________________ 

*  Constant currency data not provided at this level.


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