Autodesk, Inc. Announces Fiscal 2021 Third Quarter Results
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SAN RAFAEL, Calif., Nov. 24, 2020 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) announced its 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.
Autodesk reported strong performance in Q3 FY21, with total revenue increasing by 13% to $952 million. The company's GAAP operating margin improved to 18%, up 5 percentage points from the previous year. Non-GAAP operating margin reached 30%, up 3 percentage points. GAAP diluted EPS was $0.59, while non-GAAP diluted EPS was $1.04. Cash flow from operations was $361 million, and free cash flow was $340 million.
Andrew Anagnost, President and CEO of Autodesk, highlighted the company's growing customer value through its cloud-based platform and resilient subscription business model. He mentioned a nine-digit deal signed in the quarter, expressing confidence in achieving fiscal 2023 targets and expecting continued double-digit growth thereafter.
Scott Herren, CFO of Autodesk, emphasized that the strong performance was driven by healthy subscription renewal rates and success with enterprise customers. Despite macroeconomic uncertainties, current remaining performance obligations grew by 16% year-over-year. The transition to a cloud-based business model positions Autodesk well for the ongoing industry shift.
Additional details showed total billings decreased by 1% to $1.01 billion. Recurring revenue accounted for 97% of total revenue, with design revenue up 13% and make revenue up 32%. Subscription plan revenue increased by 24%, while maintenance plan revenue decreased by 56%. The net revenue retention rate remained within the range of 100 to 110 percent. GAAP operating income rose to $168 million, and non-GAAP operating income was $287 million. Deferred revenue increased by 21% to $2.93 billion, and remaining performance obligations (RPO) grew by 21% to $3.6 billion.
Geographically, revenue in the Americas increased by 12% to $392.9 million, EMEA saw a 11% increase to $364.3 million, and APAC grew by 19% to $195.2 million. Emerging economies also experienced growth, with revenue rising by 13% to $114.9 million.
Looking ahead, Autodesk expects fourth-quarter revenue between $999 million and $1,014 million, with GAAP EPS between $0.53 and $0.59, and non-GAAP EPS between $1.04 and $1.10. For the full fiscal year 2021, revenue is expected to be between $3,750 million and $3,765 million, with GAAP operating margin around 16% and non-GAAP operating margin around 29%.
Autodesk will host an earnings conference call on November 24 at 5 p.m. ET. A replay of the call will be available on their investor relations website. Additional information about the company can be found at autodesk.com/investor. The company provides key performance metrics such as billings, recurring revenue, and net revenue retention rate to help investors understand its financial performance. These metrics should be viewed independently of traditional revenue and deferred revenue measures.
The company's financial statements include condensed consolidated statements of operations and balance sheets, showing assets of $5,944.5 million and liabilities and stockholders' equity of $5,944.5 million as of October 31, 2020.
Autodesk continues to focus on innovation and customer value, reinforcing its position as a leader in the software industry. The company remains committed to delivering long-term value to its stakeholders.