Autodesk, Inc. Announces Fiscal 2020 Second 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)

July 31, 2019


July 31, 2018

$


%

      AEC

$

334.2



$

243.1



$

91.1



37

%

AutoCAD and AutoCAD LT

231.3



176.6



54.7



31

%

MFG

174.6



146.1



28.5



20

%

M&E

50.8



41.7



9.1



22

%

Other

5.9



4.2



1.7



40

%


$

796.8



$

611.7



$

185.1



30

%

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 third quarter and full year fiscal 2020 takes into consideration 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.

Third Quarter Fiscal 2020

Q3 FY20 Guidance Metrics

Q3 FY20

(ending October 31, 2019)



Revenue (in millions)

$820 - $830

EPS GAAP

$0.24 - $0.28

EPS non-GAAP (1)

$0.70 - $0.74

_______________

(1) Non-GAAP earnings per diluted share excludes $0.42 related to stock-based compensation expense, $0.08 for the amortization of acquisition-related intangibles, $0.01 for acquisition related costs, and ($0.05) related to GAAP-only tax charges.

Full Year Fiscal 2020

FY20 Guidance Metrics

FY20

(ending January 31, 2020)

Total ARR (in millions)

$3,425 - $3,485

Up 25% - 27%

Billings (in millions)

$4,020 - $4,080

Up 49% - 51%

Revenue (in millions) (1)

$3,240 - $3,270

Up 26% - 27%

GAAP spend growth

Approx. 12%

Non-GAAP spend growth (2)

Approx. 9%

EPS GAAP

$0.75 - $0.87

EPS non-GAAP (3)

$2.69 - $2.81

Free cash flow (4)

Approx. $1.30 billion

_______________

(1)

 Excluding the approximately $10 million impact of foreign currency exchange rates and hedge gains/losses, revenue guidance would be $3,250 - $3,280 million.

(2)

 Non-GAAP spend excludes $354 million related to stock-based compensation expense, $73 million for the amortization of acquisition-related intangibles, and $22 million for acquisition-related costs.

(3)

 Non-GAAP earnings per diluted share excludes $1.60 related to stock-based compensation expense, $0.33 for the amortization of acquisition-related intangibles, $0.11 related to acquisition related costs, $0.01 related to strategic investment losses, and ($0.11) related to GAAP-only tax charges.

(4)

Free cash flow excludes approximately $70 million of capital expenditures.


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