Autodesk, Inc. Announces Fiscal 2021 First Quarter Results

Net Revenue by Product Family

Our product offerings are focused in four primary product families: Architecture, Engineering and Construction ("AEC"), AutoCAD and AutoCAD LT, Manufacturing ("MFG"), and Media and Entertainment ("M&E").

(In millions, except percentages)

Three Months

Ended April 30,
2020


Three Months

Ended April 30,
2019


Change compared to

prior fiscal year


$


%

AEC

$

382.7



$

304.3



$

78.4



26

%

AutoCAD and AutoCAD LT

262.2



213.2



49.0



23

%

MFG

182.9



167.5



15.4



9

%

M&E

52.6



45.5



7.1



16

%

Other

5.3



5.0



0.3



6

%


$

885.7



$

735.5



$

150.2



20

%

Business Outlook

The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties, some of which are set forth below under "Safe Harbor Statement."  Autodesk's business outlook for the second quarter and full-year fiscal 2021 takes into consideration the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2021 GAAP and non-GAAP estimates is provided below or in the tables following this press release.

Second Quarter Fiscal 2021

Q2 FY21 Guidance Metrics

Q2 FY21

(ending July 31, 2020)

Revenue (in millions)

$890 - $905

EPS GAAP

$0.39 - $0.45

EPS non-GAAP (1)

$0.86 - $0.92

_______________

(1) Non-GAAP earnings per diluted share excludes $0.42 related to stock-based compensation expense, $0.08 for the amortization of acquisition-related intangibles, $0.01 for acquisition related costs, and ($0.04) related to GAAP-only tax charges.

Full Year Fiscal 2021

FY21 Guidance Metrics

FY21

(ending January 31, 2021)

Billings (in millions) (1)

$4,070 - $4,220
Down (3%) - Up 1%

Revenue (in millions) (1)

$3,675 - $3,775

Up 12% - 15%

GAAP operating margin

14% - 16%

Non-GAAP operating margin (2)

27% - 29%

EPS GAAP

$1.51 - $1.89

EPS non-GAAP (3)

$3.52 - $3.90

Free cash flow (in millions) (4)

$1,300 - $1,400

_______________

(1) Excluding the approximately $20 million impact of foreign currency exchange rates and hedge gains/losses, billings guidance would be $4,090 - $4,240 million and revenue guidance would be $3,695 - $3,795 million.

(2) Non-GAAP operating margin excludes approximately 11% related to stock-based compensation expense, approximately 2% for the amortization of acquisition-related intangibles, and less than 1% related to acquisition-related costs.

(3) Non-GAAP earnings per diluted share excludes $1.76 related to stock-based compensation expense, $0.29 for the amortization of acquisition-related intangibles, $0.08 related to losses on strategic investments and dispositions, $0.03 related to acquisition-related costs, partially offset by ($0.15) related to a GAAP-only tax benefit.

(4) Free cash flow is cash flow from operating activities less approximately $95 million of capital expenditures.


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