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SAN RAFAEL, Calif., November 24, 2020 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) has just announced its financial results for the third quarter of fiscal 2021.
*All growth rates are referenced against the third quarter of fiscal 2020 unless specified otherwise. A detailed reconciliation of GAAP to non-GAAP results can be found in the accompanying tables. Definitions are available in the Glossary of Terms at the end of this document.*
 *(PRNewsfoto/Autodesk, Inc.)*
**Third Quarter Fiscal 2021 Financial Highlights**
- Total revenue climbed by 13% to reach $952 million.
- GAAP operating margin stood at 18%, marking an improvement of 5 percentage points.
- Non-GAAP operating margin was 30%, reflecting a rise of 3 percentage points.
- GAAP diluted EPS reached $0.59; non-GAAP diluted EPS came in at $1.04.
- Operating cash flow totaled $361 million, while free cash flow hit $340 million.
"Our strong third-quarter performance reflects the increasing value our cloud-based platform offers to customers and the resilience of our subscription business model," said Andrew Anagnost, President and CEO of Autodesk. "Our enterprise clients are undergoing their own digital transformations, and by supporting their journey, we're becoming strategic partners. For instance, we secured a nine-figure deal this quarter. We remain confident in our fiscal 2023 targets and anticipate sustained double-digit growth beyond that."
"Revenue, earnings, and free cash flow exceeded expectations in Q3, driven by robust subscription renewal rates and continued success among enterprise customers," commented Scott Herren, Autodesk's Chief Financial Officer. "We're executing strongly, 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 industry shifts to the cloud."
**Additional Financial Details**
- Total billings fell 1% to $1.01 billion.
- Total revenue amounted to $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, up 13% as reported and 15% on a constant currency basis. Sequentially, Design revenue increased 3% as reported and on a constant currency basis.
- Make revenue reached $77 million, surging 32% year-over-year both as reported and on a constant currency basis. Sequentially, Make revenue grew 8% as reported and on a constant currency basis.
- Subscription plan revenue hit $884 million, jumping 24% year-over-year both as reported and on a constant currency basis. Sequentially, subscription plan revenue rose 5% as reported and on a constant currency basis.
- Maintenance plan revenue was $40 million, down 56% year-over-year both as reported and on a constant currency basis. Sequentially, maintenance plan revenue decreased 22% as reported and on a constant currency basis.
- Net revenue retention rate remained within the range of 100 to 110 percent.
- GAAP operating income was $168 million, compared to $111 million in the third quarter of the previous year. GAAP operating margin improved to 18%, up 5 percentage points.
- Total non-GAAP operating income reached $287 million, compared to $225 million in the third quarter of the previous year. Non-GAAP operating margin stood at 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 the previous year. Remaining performance obligations (RPO) increased 21% to $3.6 billion. Current RPO increased 16% to $2.4 billion.
- Operating 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 |
|-------------------|
| Americas |
| U.S. | $328.5 million (up 14% year-over-year) |
| Other Americas | $64.4 million (up 4% year-over-year) |
| **Total Americas**| **$392.9 million (up 12% year-over-year)** |
| EMEA | $364.3 million (up 11% year-over-year) |
| APAC | $195.2 million (up 19% year-over-year) |
| **Total Net Revenue** | **$952.4 million (up 13% year-over-year)** |
**Business Outlook**
The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties, some of which are outlined below under "Safe Harbor Statement." Autodesk's business outlook for the fourth quarter and full-year fiscal 2021 considers the present economic climate 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.
For the Fourth Quarter Fiscal 2021:
| Metric | Guidance Range |
|----------------------|--------------------|
| Revenue (in millions)| $999 – $1,014 |
| GAAP EPS | $0.53 – $0.59 |
| Non-GAAP EPS | $1.04 – $1.10 |
For the Full Year Fiscal 2021:
| Metric | Guidance Range |
|----------------------|--------------------|
| Billings (in millions)| $4,070 – $4,130 |
| Revenue (in millions) | $3,750 – $3,765 |
| GAAP Operating Margin | Approx. 16% |
| Non-GAAP Operating Margin | Approx. 29% |
| GAAP EPS | $1.86 – $1.92 |
| Non-GAAP EPS | $3.91 – $3.97 |
| Free Cash Flow (in millions) | $1,300 – $1,360 |
The fourth quarter and full-year fiscal 2021 outlook assume a projected annual effective tax rate of 21% and 16% 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 across 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](http://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 p.m. ET at [autodesk.com/investor](http://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](http://autodesk.com/investor).
To 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 indicators and should be viewed independently of revenue and deferred revenue. They 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 GAAP.
**Glossary of Terms**
- **Billings:** Total revenue plus the net change in deferred revenue from the beginning to the end of the period.
- **Constant Currency (CC) Growth Rates:** We attempt to represent the changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates as well as eliminating hedge gains or losses recorded within the current and comparative periods.
- **Design Business:** Represents the combination of maintenance, product subscriptions, and all EBAs. Main products include, but are not limited to, AutoCAD, AutoCAD LT, Industry Collections, Revit, Inventor, Maya, and 3ds Max.
- **Enterprise Business Agreements (EBAs):** Represents programs providing enterprise customers with token-based access 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:** Our maintenance plans provide our 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.
- **Make Business:** Represents certain cloud-based product subscriptions. Main products include, but are not limited to, Assemble, BIM 360, BuildingConnected, PlanGrid, Fusion 360, and Shotgun.
- **Net Revenue Retention Rate (NR3):** Measures the year-over-year change in subscription and maintenance revenue for the population of customers that existed one year ago ("base customers").
- **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 (RPO):** The sum of total short-term, long-term, and unbilled deferred revenue.
- **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.
**Safe Harbor Statement**
This press release contains forward-looking statements that involve risks and uncertainties, including quotations from management, statements in the paragraphs under "Business Outlook" above, and other statements about our short-term and long-term goals, and other statements regarding our strategies, market and product positions, performance, and results. 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; failure to maintain cost reductions or otherwise control our expenses; difficulty in predicting revenue from new businesses and the potential impact on our financial results from changes in our business models; developments in the COVID-19 pandemic and the resulting impact on our business and operations; general market, political, economic, and business conditions, including from an economic downturn or recession in the United States or in other countries around the world; any imposition of new tariffs or trade barriers; the impact of non-cash charges on our financial results; fluctuation in foreign currency exchange rates; the success of our foreign currency hedging program; our performance in particular geographies, including emerging economies; the ability of governments around the world to meet their financial and debt obligations, and finance infrastructure projects; weak or negative growth in the industries we serve; slowing momentum in subscription billings or revenues; difficulties encountered in integrating new or acquired businesses and technologies; the inability to identify and realize the anticipated benefits of acquisitions; the financial and business condition of our reseller and distribution channels; dependence on and the timing of large transactions; pricing pressure; unexpected fluctuations in our annual effective tax rate; significant effects of tax legislation and judicial or administrative interpretation of tax regulations, including the Tax Cuts and Jobs Act; the timing and degree of expected investments in growth and efficiency opportunities; changes in the timing of product releases and retirements; and any unanticipated accounting charges.
Our estimates as to tax rate are based on current tax law, including current interpretations of the Tax Cuts and Jobs Act, and could be affected by changing interpretations of that Act, as well as additional legislation and guidance around that Act.
Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk’s Form 10-K and subsequent Forms 10-Q, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
**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](http://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.
**Trademark Information**
Autodesk, AutoCAD, AutoCAD LT, BIM 360, and Fusion 360 are registered trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names, or trademarks belong to their respective holders. Autodesk reserves the right to alter product and service offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.
**© 2020 Autodesk, Inc. All rights reserved.**
June 08, 2025