Autodesk, Inc. Announces Fiscal 2021 First Quarter Results

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PR Newswire

SAN RAFAEL, Calif., May 27, 2020

SAN RAFAEL, Calif., May 27, 2020 /PRNewswire/ -- Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the first quarter of fiscal 2021.

All growth rates are compared to the first 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.

First Quarter Fiscal 2021 Financial Highlights

Total revenue increased 20 percent to $886 million;
GAAP operating margin was 15 percent, up 11 percentage points;
Non-GAAP operating margin was 28 percent, up 10 percentage points;
GAAP diluted EPS was $0.30; Non-GAAP diluted EPS was $0.85;
Cash flow from operating activities was $327 million; free cash flow was $307 million.

"We posted solid first quarter results," said Andrew Anagnost, Autodesk President and CEO. "Our ability to succeed through challenging times is driven by our people, products, and technology and how they adapt to a rapidly changing world. Our priorities in light of COVID-19 have been the well-being of our employees, the support of our customers, and the health of the communities we work in. I'm very proud of the impact we've made thanks to all the Autodesk employees who have embraced these efforts at every level. We have also maintained our focus on long-term opportunities and remain confident in our growth drivers and fiscal 2023 targets."

"Our resilient business model, backed by a strong balance sheet, gives us a sturdy foundation to weather ongoing economic challenges," said Scott Herren, Autodesk CFO. "We posted strong revenue growth and continued to expand operating margin. Our investments in monetizing non-compliant users, construction and manufacturing will enable us to deliver double-digit growth in the near term as well as our long-term goals."

Additional Financial Details

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Total billings increased 11 percent to $884 million.
Total revenue was $886 million, an increase of 20 percent as reported, and 22 percent on a constant currency basis. Recurring revenue represents 98 percent of total.
Design* revenue, previously described as Core, was $798 million, an increase of 20 percent as reported, and 22 percent on a constant currency basis. On a sequential basis, Design revenue increased 1 percent as reported and on a constant currency basis.
Make* revenue, previously described as Cloud, was $67 million, an increase of 49 percent as reported, and 50 percent on a constant currency basis. On a sequential basis, Make revenue increased 6 percent as reported and on a constant currency basis.
Subscription plan revenue was $803 million, an increase of 35 percent as reported, and 36 percent on a constant currency basis. On a sequential basis, subscription plan revenue increased 3 percent as reported and on a constant currency basis.
Maintenance plan revenue was $62 million, a decrease of 45 percent as reported, and 44 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 110 to 120 percent.
GAAP operating income was $131 million compared to $25 million in the first quarter last year. GAAP operating margin was 15 percent, up 11 percentage points.
Total non-GAAP operating income was $248 million compared to $132 million in the first quarter last year. Non-GAAP operating margin was 28 percent, up 10 percentage points.
GAAP diluted net income per share was $0.30, compared to GAAP diluted net loss per share of $(0.11) in the first quarter last year.
Non-GAAP diluted net income per share was $0.85, compared to non-GAAP diluted net income per share of $0.45 in the first quarter last year.
Deferred revenue increased 40 percent to $3.01 billion. Unbilled deferred revenue was $470 million, a decrease of $119 million compared to the first quarter of last year. Remaining performance obligations (RPO) totaled $3.5 billion, an increase of 27 percent. Current RPO totaled $2.4 billion, up 18 percent.
Cash flow from operating activities was $327 million, an increase of $106 million compared to the first quarter last year. Free cash flow was $307 million, an increase of $101 million compared to the first quarter last year.

*Please refer to appendix for new and revised definitions

First Quarter Fiscal 2021 Business Highlights

Net Revenue by Geographic Area

(In millions, except percentages)	Three Months Ended April 30, 2020		Three Months Ended April 30, 2019		Change compared to prior fiscal year				Constant currency change compared to prior fiscal year
(In millions, except percentages)	Three Months Ended April 30, 2020		Three Months Ended April 30, 2019		$		%		%
Net Revenue:
Americas
U.S.	$	300.6	$	249.1	$	51.5	21	%		*
Other Americas	61.6		46.7		14.9		32	%		*
Total Americas	362.2		295.8		66.4		22	%	23	%
EMEA	344.8		297.2		47.6		16	%	20	%
APAC	178.7		142.5		36.2		25	%	26	%
Total Net Revenue	$	885.7	$	735.5	$	150.2	20	%	22	%

Emerging Economies	$	111.4	$	87.9	$	23.5	27	%	27	%

____________________

* Constant currency data not provided at this level.

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

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