Autodesk, Inc. Announces Fiscal 2020 Third Quarter Results

SAN RAFAEL, Calif., Nov. 26, 2019 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) announced its financial results for the third quarter of fiscal 2020 today. [Image: PRNewsfoto/Autodesk, Inc.] All growth rates are compared to the third quarter of fiscal 2019 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. Key highlights from the quarter include: - Total ARR increased 28% to $3.22 billion. - Total billings rose 55% to $1.01 billion. - Total revenue grew 28% to $843 million, with recurring revenue accounting for 96% of total revenue. - GAAP operating margin was 13%, up 11 percentage points. - Non-GAAP operating margin reached 27%, up 13 percentage points. - GAAP diluted EPS was $0.30; Non-GAAP diluted EPS was $0.78. - Cash flow from operating activities was $276 million, and free cash flow was $267 million. Andrew Anagnost, President and CEO of Autodesk, stated, "Our strong performance continued in Q3 as revenue, billings, ARR, earnings, and free cash flow came in above expectations. We continue to demonstrate the cash generating power of our business model, and this quarter drove a record last twelve months free cash flow of nearly $1 billion. The breadth and depth of our product portfolio in Construction paved the way for another strong quarter. In Manufacturing, we continue to displace competitors and grow faster than the overall market." Scott Herren, CFO of Autodesk, added, "Third quarter results were driven by all regions and products, and once again drove robust margin expansion. Outstanding execution, our resilient subscription business model, and steady demand for our products produced billings over $1 billion, a 55% year-over-year growth." Autodesk's third quarter fiscal 2020 financial highlights include: - Total ARR was $3.22 billion, an increase of 28% as reported, and on a constant currency basis. Acquisitions from the fourth quarter of last year contributed $113 million or 4 percentage points of the growth. On a sequential basis, total ARR increased 5% as reported, and 6% on a constant currency basis. - Subscription plan ARR was $2.86 billion, an increase of 49% as reported, and 50% on a constant currency basis. Acquisitions from the fourth quarter of last year contributed $113 million or 6 percentage points of the growth. On a sequential basis, subscription plan ARR increased 8% as reported, and on a constant currency basis. Subscription plan ARR includes $597 million related to the maintenance-to-subscription (M2S) program. - Maintenance plan ARR was $365 million, a decrease of 39% as reported, and 40% on a constant currency basis. On a sequential basis, maintenance plan ARR decreased 12% as reported, and on a constant currency basis. - Core ARR increased 23% to $2.99 billion. On a sequential basis, core ARR increased 5%. - Cloud ARR increased 164% to $232 million. Acquisitions from the fourth quarter of last year contributed $113 million or 128 percentage points of the growth. On a sequential basis, total cloud ARR increased 12%. - Total billings increased 55% to $1.01 billion. - Total revenue was $843 million, an increase of 28% as reported, and on a constant currency basis. Acquisitions from the fourth quarter of last year contributed $29 million or 4% of the growth. - Net revenue retention rate was within the range of 110 to 120%. - Total recurring revenue in the third quarter was 96% of total revenue, consistent with the third quarter last year. - GAAP operating income was $111 million compared to $15 million in the third quarter last year. GAAP operating margin was 13%, up 11 percentage points. - Total non-GAAP operating income was $225 million compared to $92 million in the third quarter last year. Non-GAAP operating margin was 27%, up 13 percentage points. - GAAP diluted net income per share was $0.30, compared to GAAP diluted net loss per share of $(0.11) in the third quarter last year. - Non-GAAP diluted net income per share was $0.78, compared to non-GAAP diluted net income per share of $0.29 in the third quarter last year. - Deferred revenue increased 35% to $2.42 billion. Unbilled deferred revenue was $549 million, an increase of $99 million compared to the third quarter of last year. Remaining performance obligations (RPO), or the sum of total billed and unbilled deferred revenue, totaled $2.97 billion, an increase of 32%. Current RPO totaled $2.05 billion, up 23%. - Cash flow from operating activities was $276 million, an increase of $237 million compared to the third quarter last year. Free cash flow was $267 million, an increase of $240 million compared to the third quarter last year. Net Revenue by Geographic Area: - Americas: $349.3 million, up 30%. - EMEA: $329.6 million, up 24%. - APAC: $163.8 million, up 30%. - Total Net Revenue: $842.7 million, up 28%. Net Revenue by Product Family: - AEC: $358.0 million, up 36%. - AutoCAD and AutoCAD LT: $245.4 million, up 29%. - MFG: $182.2 million, up 15%. - M&E: $50.6 million, up 16%. - Other: $6.5 million, up 48%. - Total Net Revenue: $842.7 million, up 28%. Business Outlook: Autodesk provides guidance for the full year fiscal 2020 and the fourth quarter, considering the current economic environment and foreign exchange currency rate environment. Key guidance metrics include: - Total ARR: $3,405 – $3,445 million, up 24% – 25%. - Billings: $4,050 – $4,090 million, up 50% – 51%. - Revenue: $3,255 – $3,270 million, up 27%. - GAAP spend growth: Approx. 12%. - Non-GAAP spend growth: Approx. 9%. - EPS GAAP: $0.80 – $0.85. - EPS non-GAAP: $2.74 – $2.79. - Free cash flow: $1,300 – $1,340 million. Earnings Conference Call and Webcast: Autodesk will host its third quarter conference call today at 5:00 p.m. ET. The live broadcast can be accessed at http://www.autodesk.com/investor. A transcript of the opening commentary will also be available following the conference call. A replay of the broadcast will be available at 7:00 p.m. ET at http://www.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 http://www.autodesk.com/investor. Glossary of Terms: - Annualized Recurring Revenue (ARR): Represents the annualized value of our average monthly recurring revenue for the preceding three months. "Maintenance plan ARR" captures ARR relating to traditional maintenance attached to perpetual licenses. "Subscription plan ARR" captures ARR relating to subscription offerings. - Billings: Total revenue plus the net change in deferred revenue from the beginning to the end of the period. - Cloud Service Offerings: Represents individual term-based offerings deployed through web browser technologies or in a hybrid software and cloud configuration. - Constant Currency (CC) Growth Rates: Attempts to represent the changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates. - Core Business: Represents the combination of maintenance, product, and EBA. - Enterprise Business Agreements (EBAs): Represents programs providing enterprise customers with token-based access or a fixed maximum number of seats to a broad pool of Autodesk products over a defined contract term. - Free Cash Flow: Cash flow from operating activities minus capital expenditures. - Maintenance Plan: Provides customers with a cost-effective and predictable budgetary option to obtain the productivity benefits of our new releases and enhancements when and if released during the term of their contracts. - Net Revenue Retention Rate (NR3): Measures the year-over-year change in ARR for the population of customers that existed one year ago. - Other Revenue: Consists of revenue from consulting, training, and other services, and is recognized over time as the services are performed. - Product Subscription: Provides customers the most flexible, cost-effective way to access and manage 3D design, engineering, and entertainment software tools. - Recurring Revenue: Consists of the revenue for the period from our traditional maintenance plans and revenue from our subscription plan offerings. - Remaining Performance Obligations: The sum of total short-term, long-term, and unbilled deferred revenue. - Spend: The sum of cost of revenue and operating expenses. - Subscription Plan: Comprises our term-based product subscriptions, cloud service offerings, and EBAs. - Subscription Revenue: Includes subscription fees from product subscriptions, cloud service offerings, and EBAs. - Unbilled Deferred Revenue: Represents contractually stated or committed orders under early renewal and multi-year billing plans for subscription, services, and maintenance for which the associated deferred revenue has not been recognized. Safe Harbor Statement: This press release contains forward-looking statements that involve risks and uncertainties. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including failure to achieve our revenue and profitability objectives, failure to successfully manage transitions to new business models and markets, difficulty in predicting revenue from new businesses, and other potential risks. About Autodesk: Autodesk makes software for people who make things. If you’ve ever driven a high-performance car, admired a towering skyscraper, used a smartphone, or watched a great film, chances are you’ve experienced what millions of Autodesk customers are doing with our software. Autodesk gives you the power to make anything. For more information visit autodesk.com or follow @autodesk. Autodesk uses its investors.autodesk.com website as a means of disclosing material non-public information, announcing upcoming investor conferences, and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings, and public conference calls and webcasts. © 2019 Autodesk, Inc. All rights reserved.

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