Autodesk, Inc. Announces Fiscal 2020 Third Quarter Results

-Record Last Twelve Months Operating and Free Cash Flow of $1.03 billion and $972 million, Respectively

SAN RAFAEL, Calif., Nov. 26, 2019 — (PRNewswire) —   Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the third quarter of fiscal 2020.

(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.

  • Total ARR increased 28 percent to $3.22 billion;
  • Total billings increased 55 percent to $1.01 billion;
  • Total revenue increased 28 percent to $843 million; recurring revenue represents 96 percent of total;
  • GAAP operating margin was 13 percent, up 11 percentage points;
  • Non-GAAP operating margin was 27 percent, 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; free cash flow was $267 million.

"Our strong performance continued in Q3 as revenue, billings, ARR, earnings and free cash flow came in above expectations," said Andrew Anagnost, Autodesk president and CEO. "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."

"Third quarter results were driven by all regions and products, and once again drove robust margin expansion," said Scott Herren, Autodesk CFO. "Outstanding execution, our resilient subscription business model and steady demand for our products produced billings over $1 billion, a 55 percent year-over-year growth."

Third Quarter Fiscal 2020 Financial Highlights

  • Total ARR was $3.22 billion, an increase of 28 percent 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 percent as reported, and 6 percent on a constant currency basis.
  • Subscription plan ARR was $2.86 billion, an increase of 49 percent as reported, and 50 percent 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 percent 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 percent as reported, and 40 percent on a constant currency basis. On a sequential basis, maintenance plan ARR decreased 12 percent as reported, and on a constant currency basis.
  • Core ARR increased 23 percent to $2.99 billion. On a sequential basis, core ARR increased 5 percent.
  • Cloud ARR increased 164 percent 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 percent.
  • Total billings increased 55 percent to $1.01 billion.
  • Total revenue was $843 million, an increase of 28 percent as reported, and on a constant currency basis. Acquisitions from the fourth quarter of last year contributed $29 million or 4 percent of the growth.
  • Net revenue retention rate was within the range of 110 to 120 percent.
  • Total recurring revenue in the third quarter was 96 percent 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 percent, 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 percent, 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 percent 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 percent. Current RPO totaled $2.05 billion, up 23 percent.
  • 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.

 

Third Quarter Fiscal 2020 Business Highlights

Net Revenue by Geographic Area



Three Months
Ended October 31,
2019


Three Months
Ended October 31,
2018


Change compared to
prior fiscal year


Constant currency
change compared
to prior fiscal year


(In millions, except percentages)



$


%


%


Net Revenue:










Americas










U.S.

$

287.3



$

225.0



$

62.3



28

%


*


Other Americas

62.0



43.5



18.5



43

%


*


Total Americas

349.3



268.5



80.8



30

%


30

%

EMEA

329.6



266.5



63.1



24

%


25

%

APAC

163.8



125.9



37.9



30

%


31

%

Total Net Revenue

$

842.7



$

660.9



$

181.8



28

%


28

%











Emerging Economies

$

101.6



$

80.7



$

20.9



26

%


27

%

____________________

*

Constant currency data not provided at this level.


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