Autodesk, Inc. Announces Fiscal 2020 First Quarter Results

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").


Three months ended


Change compared to
prior fiscal year

(In millions, except percentages)

April 30, 2019


April 30, 2018

$


%

AEC

$

304.3



$

221.8



$

82.5



37

%

  AutoCAD and AutoCAD LT

213.2



155.6



57.6



37

%

  MFG

167.5



135.4



32.1



24

%

  M&E

45.5



41.8



3.7



9

%

  Other

5.0



5.3



(0.3)



(6)

%


$

735.5



$

559.9



$

175.6



31

%

Business Outlook

The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties, some of which are set forth below under "Safe Harbor Statement."  Autodesk's business outlook for the second quarter and full year fiscal 2020 assumes, among other things, a continuation of the current economic environment and foreign exchange currency rate environment.  A reconciliation between the fiscal 2020 GAAP and non-GAAP estimates is provided below or in the tables following this press release.

Second Quarter Fiscal 2020




Q2 FY20 Guidance Metrics

Q2 FY20

(ending July 31, 2019)

Revenue (in millions)

$782 - $792

EPS GAAP

$0.13 - $0.17

EPS non-GAAP (1)

$0.59 - $0.63

















(1)

Non-GAAP earnings per diluted share excludes $0.37 related to stock-based compensation expense, $0.08 for the amortization of acquisition-related intangibles, $0.04 related to acquisition related costs, and $(0.03) related to GAAP-only tax charges.

 

Full Year Fiscal 2020




FY20 Guidance Metrics

FY20

(ending January 31, 2020)

Total ARR (in millions)

$3,500 - $3,550

Up 27% - 29%

Billings (in millions)

$4,050 - $4,150

Up 50% - 53%

Revenue (in millions)

$3,250 - $3,300

Up 26% - 28%

GAAP spend growth (1)

Approx. 12%

Non-GAAP spend growth (2)

Approx. 9%

EPS GAAP (1)

$0.83 - $1.02

EPS non-GAAP (3)

$2.71 - $2.90

Free cash flow

Approx. $1.35 billion










(1)

GAAP spend growth increased by 2 percentage points versus our prior guidance. This resulted in a corresponding reduction in GAAP EPS. The change in outlook is due primarily to stock-based compensation, as well as accounting adjustments associated with our fourth quarter acquisitions.

(2)

Non-GAAP spend excludes $326 million related to stock-based compensation expense, $74 million for the amortization of acquisition-related intangibles, and $38 million for acquisition related costs.

(3)

Non-GAAP earnings per diluted share excludes $1.47 related to stock-based compensation expense, $0.33 for the amortization of acquisition-related intangibles, $0.18 related to acquisition related costs, $0.02 related to losses on strategic investments and dispositions, and $(0.12) related to GAAP-only tax charges.


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