SAN RAFAEL, Calif., November 24, 2020 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today announced its financial results for the third quarter of fiscal 2021. All growth rates mentioned here are compared to the third quarter of fiscal 2020 unless otherwise specified. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For further details, please refer to the Glossary of Terms later in this document. ---

Third Quarter Fiscal 2021 Financial Highlights

  • Total revenue increased by 13% to reach $952 million;
  • GAAP operating margin reached 18%, marking a rise of 5 percentage points;
  • Non-GAAP operating margin stood at 30%, increasing by 3 percentage points;
  • GAAP diluted earnings per share (EPS) were $0.59; non-GAAP diluted EPS were $1.04;
  • Cash flow from operating activities amounted to $361 million, while free cash flow reached $340 million.
"Our robust third-quarter results reflect the growing customer value of our cloud-based platform and the resilience of our subscription business model," said Andrew Anagnost, President and CEO of Autodesk. "Our enterprise customers are undergoing their own digital transformations, and by enabling their transformations, we're becoming strategic partners. For instance, we signed a nine-figure deal this quarter. We remain confident in our fiscal 2023 targets and anticipate continued double-digit growth moving forward." "The third-quarter revenue, earnings, and free cash flow surpassed expectations, driven by the strength of our healthy subscription renewal rates and ongoing success with enterprise clients," added Scott Herren, Autodesk's Chief Financial Officer. "We're executing with strength, with current remaining performance obligations growing 16% year-over-year despite uncertain macroeconomic conditions. The business model transition we've undergone positions us well as the secular-industry shift to the cloud accelerates." ---

Additional Financial Details

  • Total billings decreased by 1% to $1.01 billion.
  • Total revenue was $952 million, representing an increase of 13% as reported and 14% on a constant currency basis. Recurring revenue accounted for 97% of total revenue.
  • Design revenue was $848 million, increasing by 13% as reported and 15% on a constant currency basis. Sequentially, Design revenue grew by 3% as reported and on a constant currency basis.
  • Make revenue was $77 million, rising by 32% as reported and on a constant currency basis. Sequentially, Make revenue increased by 8% as reported and on a constant currency basis.
  • Subscription plan revenue was $884 million, growing by 24% as reported and 25% on a constant currency basis. Sequentially, subscription plan revenue increased by 5% as reported and on a constant currency basis.
  • Maintenance plan revenue was $40 million, declining by 56% as reported and 55% on a constant currency basis. Sequentially, maintenance plan revenue fell by 22% as reported and on a constant currency basis.
  • Net revenue retention rate remained 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 by 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 by 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 by 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 by 21% to $3.6 billion. Current RPO increased by 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.
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Third Quarter Fiscal 2021 Business Highlights

| Region | Q3 2020 Revenue (USD Mil) | Q3 2019 Revenue (USD Mil) | Change (%) | CC Change (%) | |----------------|---------------------------|---------------------------|------------|---------------| | Americas | 392.9 | 349.3 | 12 | 13 | | EMEA | 364.3 | 329.6 | 11 | 12 | | APAC | 195.2 | 163.8 | 19 | 18 | ---

Emerging Economies

| Region | Q3 2020 Revenue (USD Mil) | Q3 2019 Revenue (USD Mil) | Change (%) | CC Change (%) | |----------------|---------------------------|---------------------------|------------|---------------| | Emerging Economies | 114.9 | 101.6 | 13 | 14 | ---

Product Family Breakdown

| Product Family | Q3 2020 Revenue (USD Mil) | Q3 2019 Revenue (USD Mil) | Change (%) | CC Change (%) | |----------------|---------------------------|---------------------------|------------|---------------| | AEC | 419.4 | 358.0 | 17 | 17 | | AutoCAD & LT | 278.8 | 245.4 | 14 | 14 | | MFG | 194.1 | 182.2 | 7 | 7 | | M&E | 54.0 | 50.6 | 7 | 7 | ---

Business Outlook

The following forward-looking statements are based on current expectations and assumptions, and involve risks and uncertainties. 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 Guidance

| Metric | Range (USD Mil) | |--------------------------------|------------------------| | Revenue | $999 – $1,014 | | EPS GAAP | $0.53 – $0.59 | | EPS Non-GAAP (excludes $0.49) | $1.04 – $1.10 |

Full Year Fiscal 2021 Guidance

| Metric | Range (USD Mil) | |--------------------------------|------------------------| | Billings | $4,070 – $4,130 | | Revenue | $3,750 – $3,765 | | GAAP Operating Margin | ~16% | | Non-GAAP Operating Margin | ~29% | | EPS GAAP | $1.86 – $1.92 | | EPS Non-GAAP | $3.91 – $3.97 | | Free Cash Flow | $1,300 – $1,360 | --- For additional insights, please refer to the investor presentation available at autodesk.com/investor. Autodesk will host a 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 call. A replay of the broadcast will be available at 7 p.m. ET at the same URL and maintained on Autodesk’s website for at least 12 months. ---

About Autodesk

Autodesk empowers creators who make things. Whether it's driving a high-performance car, admiring a skyscraper, using a smartphone, or enjoying a great film, chances are you’ve experienced what millions of Autodesk customers do with our software. For more information, visit autodesk.com or follow @autodesk. --- This press release contains forward-looking statements subject to risks and uncertainties. For a detailed discussion, please refer to the "Safe Harbor Statement" section in the full press release.

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