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 are compared to the third quarter of fiscal 2020 unless otherwise specified. A detailed reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. Definitions can be found in the Glossary of Terms located later in this document.
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**Third Quarter Fiscal 2021 Financial Highlights**
- Total revenue increased by 13% to reach $952 million.
- GAAP operating margin improved to 18%, marking a rise of 5 percentage points.
- Non-GAAP operating margin climbed to 30%, an increase of 3 percentage points.
- GAAP diluted earnings per share (EPS) stood at $0.59, while non-GAAP diluted EPS reached $1.04.
- Operating cash flow totaled $361 million, with free cash flow reaching $340 million.
"Our robust third-quarter performance reflects the increasing customer value of our cloud-based platform and the resilience of our subscription business model," remarked Andrew Anagnost, President and CEO of Autodesk. "Our enterprise clients are undergoing their own digital transformations, and by enabling their shifts, we are establishing ourselves as 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 moving forward."
"Revenue, earnings, and free cash flow exceeded expectations this quarter, driven by the strength of our healthy subscription renewal rates and continued success with enterprise customers," added Scott Herren, Autodesk's Chief Financial Officer. "We are executing with strength, with current remaining performance obligations growing 16% year-over-year despite uncertain macroeconomic conditions. The business model transition we have completed positions us well as the industry-wide shift to the cloud accelerates."
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**Additional Financial Details**
- Total billings decreased by 1% to $1.01 billion.
- Total revenue amounted to $952 million, reflecting an increase of 13% on a reported basis and 14% on a constant currency basis. Recurring revenue accounted for 97% of total revenue.
- Design revenue came in at $848 million, rising 13% on a reported basis and 15% on a constant currency basis. Sequentially, Design revenue grew by 3% on both a reported and constant currency basis.
- Make revenue totaled $77 million, showing a 32% increase on both a reported and constant currency basis. Sequentially, Make revenue expanded by 8% on both bases.
- Subscription plan revenue hit $884 million, surging 24% on a reported basis and 25% on a constant currency basis. Sequentially, subscription plan revenue rose by 5% on both bases.
- Maintenance plan revenue dipped to $40 million, declining 56% on both a reported and constant currency basis. Sequentially, maintenance plan revenue fell by 22% on both bases.
- Net revenue retention rate remained within the 100–110% range.
- GAAP operating income reached $168 million, compared to $111 million in the same period last year. GAAP operating margin improved to 18%, up by 5 percentage points.
- Total non-GAAP operating income stood at $287 million, compared to $225 million in the prior year. Non-GAAP operating margin increased to 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 reached $1.04, compared to $0.78 last year.
- Deferred revenue jumped by 21% to $2.93 billion. Unbilled deferred revenue totaled $650 million, up by $100 million year-over-year. Remaining performance obligations (RPO) climbed by 21% to $3.6 billion. Current RPO increased by 16% to $2.4 billion.
- Operating cash flow from activities was $361 million, representing an $85 million improvement compared to the third quarter last year. Free cash flow reached $340 million, an increase of $74 million year-over-year.
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**Third Quarter Fiscal 2021 Business Highlights**
| **Net Revenue by Geographic Area** |
|------------------------------------|
| **Region** | **Revenue (Millions)** |
| Americas | $392.9 |
| - U.S. | $328.5 |
| - Other Americas | $64.4 |
| EMEA | $364.3 |
| APAC | $195.2 |
| **Total Net Revenue** | **$952.4** |
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**Forward-Looking Business Outlook**
The following forward-looking statements are based on current expectations and assumptions, subject to risks and uncertainties outlined in the "Safe Harbor Statement." Autodesk's business outlook for the fourth quarter and full fiscal year 2021 incorporates the current economic environment and foreign exchange rate conditions. A reconciliation between GAAP and non-GAAP estimates is provided below or in the accompanying tables.
**Fourth Quarter Fiscal 2021 Guidance**
| Metric | Range |
|---------------------|------------------------|
| Revenue (Millions) | $999 – $1,014 |
| GAAP EPS | $0.53 – $0.59 |
| Non-GAAP EPS | $1.04 – $1.10 |
**Full-Year Fiscal 2021 Guidance**
| Metric | Range |
|---------------------|------------------------|
| Billings (Millions) | $4,070 – $4,130 |
| Revenue (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 (Millions)| $1,300 – $1,360|
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**Conference Call & Webcast**
Autodesk will host a conference call today at 5 p.m. ET. The live event can be accessed at [autodesk.com/investor](http://autodesk.com/investor). A transcript of the opening remarks will also be available post-call.
A replay of the broadcast will be available starting at 7 p.m. ET at the same URL. This recording will remain on Autodesk’s website for at least 12 months.
For additional insights, an investor presentation can be found at [autodesk.com/investor](http://autodesk.com/investor).
To help monitor our financial performance, we track several key metrics, including billings, recurring revenue, and net revenue retention rate (NR3). These metrics complement, but are not substitutes for, GAAP financial measures.
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**About Autodesk**
Autodesk empowers creators who make things. From高性能 cars to towering skyscrapers, smartphones, and great films, millions of Autodesk customers leverage our software every day. Visit [autodesk.com](http://autodesk.com) or follow @autodesk for more information.
Autodesk uses its investor relations website as a tool for disclosing material non-public information, announcing investor events, and fulfilling disclosure obligations under Regulation FD. Please monitor this site alongside our press releases, SEC filings, and public conference calls.
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**Trademark Information**
Autodesk, AutoCAD, AutoCAD LT, BIM 360, and Fusion 360 are registered trademarks of Autodesk, Inc., and/or its subsidiaries and affiliates worldwide. All other brands and product names are trademarks of their respective owners.
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**Safe Harbor Statement**
This press release contains forward-looking statements that involve risks and uncertainties, including projections about revenue, profitability, and other business goals. Actual results could differ materially due to factors such as macroeconomic conditions, geopolitical risks, changes in tax laws, integration challenges, and others listed in Autodesk’s SEC filings. Autodesk disclaims any obligation to update these forward-looking statements.
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**© 2020 Autodesk, Inc. All rights reserved.**
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