SAN RAFAEL, Calif., November 24, 2020 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) announced its financial results for the third quarter of fiscal 2021 today.
All growth rates mentioned here are compared to the third quarter of fiscal 2020 unless otherwise specified. You can find a reconciliation of GAAP to non-GAAP results in the accompanying tables. For definitions, please refer to the Glossary of Terms 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 an increase of 5 percentage points.
- Non-GAAP operating margin stood at 30%, rising by 3 percentage points.
- GAAP diluted earnings per share (EPS) were $0.59, while non-GAAP diluted EPS reached $1.04.
- Operating cash flow totaled $361 million, with free cash flow at $340 million.
"Our robust third-quarter results underscore the increasing customer value of our cloud-based platform and the resilience of our subscription business model," said Andrew Anagnost, President and CEO of Autodesk. "Our enterprise customers are undergoing their own digital transformations, and by enabling them, we're becoming strategic partners. For instance, we signed a nine-figure deal this quarter. We remain confident in our fiscal 2023 targets and anticipate continued double-digit growth beyond that."
"Revenue, earnings, and free cash flow for the third quarter exceeded expectations, driven by strong subscription renewal rates and ongoing success with enterprise clients," noted Scott Herren, Autodesk's CFO. "We’re executing with strength, with current remaining performance obligations growing 16% year-over-year despite uncertain macroeconomic conditions. The business model transition we've completed positions us well as the industry shifts toward cloud adoption."
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**Additional Financial Details**
- Total billings fell by 1% to $1.01 billion.
- Total revenue was $952 million, representing a 13% increase as reported and 14% growth on a constant currency basis. Recurring revenue accounted for 97% of total revenue.
- Design revenue amounted to $848 million, reflecting a 13% increase as reported and 15% growth on a constant currency basis. Sequentially, Design revenue grew 3% both as reported and on a constant currency basis.
- Make revenue was $77 million, showing a 32% increase both as reported and on a constant currency basis. On a sequential basis, Make revenue increased 8% as reported and on a constant currency basis.
- Subscription plan revenue was $884 million, registering a 24% increase as reported and 25% growth on a constant currency basis. Sequentially, subscription plan revenue increased 5% as reported and on a constant currency basis.
- Maintenance plan revenue was $40 million, decreasing by 56% as reported and 55% on a constant currency basis. Sequentially, maintenance plan revenue dropped 22% as reported and on a constant currency basis.
- Net revenue retention rate remained within the 100-110% range.
- GAAP operating income was $168 million, compared to $111 million in the same period last year. GAAP operating margin rose to 18%, up 5 percentage points.
- Total non-GAAP operating income was $287 million, compared to $225 million in the third quarter of the previous fiscal year. Non-GAAP operating margin was 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 climbed 21% to $2.93 billion. Unbilled deferred revenue stood at $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 grew 16% to $2.4 billion.
- Operating cash flow from operations was $361 million, an increase of $85 million compared to the third quarter last year. Free cash flow was $340 million, up $74 million year-over-year.
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**Third Quarter Fiscal 2021 Business Highlights**
| **Net Revenue by Geographic Area** |
|---|
| *All figures are in millions, except percentages.* |
| **Region** | **Q3 FY21** | **Q3 FY20** | **Change vs Prior Year** | **Constant Currency Change vs Prior Year** |
| Americas | $392.9 | $349.3 | +12% | +13% |
| - U.S. | $328.5 | $287.3 | +14% | +14% |
| - Other Americas | $64.4 | $62.0 | +4% | +4% |
| EMEA | $364.3 | $329.6 | +11% | +12% |
| APAC | $195.2 | $163.8 | +19% | +18% |
| Total Net Revenue | $952.4 | $842.7 | +13% | +14% |
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**Forward-Looking Business Outlook**
The following forward-looking statements are based on current expectations and assumptions, and involve risks and uncertainties, some of which are outlined in the "Safe Harbor Statement" section below. Autodesk’s business outlook for the fourth quarter and full fiscal year 2021 takes into account the current economic climate and foreign exchange rate environment. A reconciliation between GAAP and non-GAAP estimates for fiscal 2021 is provided in the tables following this press release.
*Fourth Quarter Fiscal 2021 Guidance*
| **Metric** | **Guidance Range** |
|---|
| Revenue (in millions) | $999 – $1,014 |
| GAAP EPS | $0.53 – $0.59 |
| Non-GAAP EPS (excluding $0.49 stock-based comp, $0.07 amortization, $0.01 acquisition costs, offset by $0.06 GAAP-only tax benefit) | $1.04 – $1.10 |
*Full-Year Fiscal 2021 Guidance*
| **Metric** | **Guidance Range** |
|---|
| Billings (in millions) | $4,070 – $4,130 (down 3%-1%) |
| Revenue (in millions) | $3,750 – $3,765 (up 15%) |
| GAAP Operating Margin | ~16% |
| Non-GAAP Operating Margin | ~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 assumes an estimated annual effective tax rate of 21% for GAAP results and 16% for non-GAAP results. Fluctuations in geographic profitability continue to impact the annual effective tax rate due to significant differences in tax rates across jurisdictions. Thus, assumptions for the annual effective tax rate are regularly evaluated and may adjust based on projected earnings mix.
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**Investor Conference Call & 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](autodesk.com/investor). A transcript of the opening commentary will also be available post-call. A replay of the broadcast will be available at 7 p.m. ET at the same link and will be archived on Autodesk’s website for at least 12 months.
For further details, please visit [autodesk.com/investor](autodesk.com/investor).
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**About Autodesk**
Autodesk empowers creators to bring ideas to life. Whether it’s driving high-performance cars, admiring skyscrapers, using smartphones, or enjoying great films, millions of Autodesk customers rely on our software. Visit [autodesk.com](autodesk.com) or follow @autodesk for more information.
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**Safe Harbor Statement**
This press release contains forward-looking statements that involve risks and uncertainties, including quotes from management, future goals, and other forward-looking statements. Many factors could cause actual results to differ materially from those expressed in this release, such as revenue objectives, transitions to new business models, cost management challenges, market conditions, geopolitical impacts, tax legislation changes, and more. For a detailed list of risk factors, please refer to Autodesk’s Form 10-K and subsequent Form 10-Q filings with the U.S. Securities and Exchange Commission.
Autodesk disclaims any obligation to update forward-looking statements to reflect events or circumstances occurring after the date they were made.
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**Trademark & Copyright 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.
© 2020 Autodesk, Inc. All rights reserved.
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