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 refer to the Glossary of Terms later in this document.
Third Quarter Fiscal 2021 Financial Highlights
- Total revenue increased by 13% to $952 million;
- GAAP operating margin was 18%, up 5 percentage points;
- Non-GAAP operating margin was 30%, 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.
"Autodesk's strong third quarter results reflect the growing 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 undergoing digital transformation, and by enabling that, we're becoming strategic partners. For example, we signed a nine-digit deal in the quarter. We are confident in our fiscal 2023 targets and expect continued double-digit growth thereafter."
"Revenue, earnings, and free cash flow for the third quarter were above expectations, driven by strong subscription renewal rates and success with enterprise customers," said Scott Herren, Autodesk CFO. "Despite uncertain macroeconomic conditions, current remaining performance obligations grew 16% year over year. Our business model transition has positioned us well as the industry shifts to the cloud."
Additional Financial Details
- Total billings decreased by 1% to $1.01 billion.
- Total revenue was $952 million, an increase of 13% as reported, and 14% on a constant currency basis. Recurring revenue represents 97% of total.
- Design revenue was $848 million, an increase of 13% as reported, and 15% on a constant currency basis. On a sequential basis, Design revenue increased 3% as reported and on a constant currency basis.
- Make revenue was $77 million, an increase of 32% as reported and on a constant currency basis. On a sequential basis, Make revenue increased 8% as reported and on a constant currency basis.
- Subscription plan revenue was $884 million, an increase of 24% as reported, and 25% on a constant currency basis. On a sequential basis, subscription plan revenue increased 5% as reported and on a constant currency basis.
- Maintenance plan revenue was $40 million, a decrease of 56% as reported, and 55% on a constant currency basis. On a sequential basis, maintenance plan revenue decreased 22% as reported and on a constant currency basis.
- Net revenue retention rate was within the range of 100 to 110%.
- GAAP operating income was $168 million, compared to $111 million in the third quarter last year. GAAP operating margin was 18%, 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%, 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% 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% to $3.6 billion. Current RPO increased 16% 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
|
|
|
(In millions, except percentages)
|
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
|
%
|
|
|
____________________Â
|
|
*Â Constant currency data not provided at this level.
|
Â
|
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").
|
|
|
Three Months
Ended October
31, 2020
|
|
Three Months
Ended October
31, 2019
|
|
Change compared to
prior fiscal year
|
|
(In millions, except percentages)
|
|
$
|
|
%
|
|
AEC
|
$
|
419.4
|
|
|
$
|
358.0
|
|
|
$
|
61.4
|
|
|
17
|
%
|
|
AutoCAD and AutoCAD LT
|
278.8
|
|
|
245.4
|
|
|
33.4
|
|
|
14
|
%
|
|
MFG
|
194.1
|
|
|
182.2
|
|
|
11.9
|
|
|
7
|
%
|
|
M&E
|
54.0
|
|
|
50.6
|
|
|
3.4
|
|
|
7
|
%
|
|
Other
|
6.1
|
|
|
6.5
|
|
|
(0.4)
|
|
|
(6)
|
%
|
|
$
|
952.4
|
|
|
$
|
842.7
|
|
|
$
|
109.7
|
|
|
13
|
%
|
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 fourth 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.
Fourth Quarter Fiscal 2021
|
Q4 FY21 Guidance Metrics
|
Q4 FY21
(ending January 31, 2021)
|
|
Revenue (in millions)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
|
$999 – $1,014
|
|
EPS GAAP
|
$0.53 – $0.59
|
|
EPS non-GAAP (1)
|
$1.04 – $1.10
|
|
|
_______________
|
|
(1) Non-GAAP earnings per diluted share excludes $0.49 related to stock-based compensation expense, $0.07 for the amortization of purchased intangibles, $0.01 for acquisition-related costs, partially offset by ($0.06) related to GAAP-only tax benefit.
|
Â
Full Year Fiscal 2021
|
FY21 Guidance Metrics
|
FY21
(ending January 31, 2021)
|
|
Billings (in millions) (1)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
|
$4,070 – $4,130
Down (3%) – (1%)
|
|
Revenue (in millions) (1)
|
$3,750 – $3,765
Up 15%
|
|
GAAP operating margin
|
Approx. 16%
|
|
Non-GAAP operating margin (2)
|
Approx. 29%
|
|
EPS GAAP
|
$1.86 – $1.92
|
|
EPS non-GAAP (3)
|
$3.91 – $3.97
|
|
Free cash flow (in millions) (4)
|
$1,300 – $1,360
|
|
|
_______________
|
|
(1) Excluding the approximately $10 million impact of foreign currency exchange rates and hedge gains/losses, billings guidance would be $4,080 – $4,140 million and revenue guidance would be $3,760 – $3,775 million.
|
|
(2) Non-GAAP operating margin excludes approximately 11% related to stock-based compensation expense, approximately 2% for the amortization of purchased intangibles, and less than 1% related to acquisition-related costs.
|
|
(3) Non-GAAP earnings per diluted share excludes $1.80 related to stock-based compensation expense, $0.30 for the amortization of purchased intangibles, $0.14 related to losses on strategic investments and dispositions, $0.06 related to acquisition-related costs, partially offset by ($0.25) related to a GAAP-only tax benefit.
|
|
(4) Free cash flow is cash flow from operating activities less approximately $95 million of capital expenditures.
|
Â
The fourth quarter and full-year fiscal 2021 outlook assume a projected annual effective tax rate of 21 percent and 16 percent for GAAP and non-GAAP results, respectively. Shifts in geographic profitability continue to impact the annual effective tax rate due to significant differences in tax rates in various jurisdictions. Therefore, assumptions for the annual effective tax rate are evaluated regularly and may change based on the projected geographic mix of earnings.
Earnings Conference Call and Webcast
Autodesk will host its third quarter conference call today at 5 p.m. ET. The live broadcast can be accessed at autodesk.com/investor. A transcript of the opening commentary will also be available following the conference call.Â
A replay of the broadcast will be available at 7 p.m. ET at autodesk.com/investor. This replay will be maintained on Autodesk’s website for at least 12 months.
Investor Presentation Details
An investor presentation providing additional information can be found at autodesk.com/investor.
To help better understand our financial performance, we use several key performance metrics including billings, recurring revenue and net revenue retention rate ("NR3"). These metrics are key performance metrics and should be viewed independently of revenue and deferred revenue. These metrics are not intended to be combined with those items. We use these metrics to monitor the strength of our recurring business. We believe these metrics are useful to investors because they can help in monitoring the long-term health of our business. Our determination and presentation of these metrics may differ from that of other companies. The presentation of these metrics is meant to be considered in addition to, not as a substitute for or in isolation from, our financial measures prepared in accordance with GA
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