Press release
Autodesk, Inc. Announces Fiscal 2021 Second Quarter Results
- Revenue and Current Remaining Performance Obligations Grew by 15 Percent Year Over Year - Expanded GAAP and Non-GAAP Operating Margin by 7 and 5 Percentage
About this update from Autodesk, Inc.
[{"type":"text","content":"- Revenue and Current Remaining Performance Obligations Grew by 15 Percent Year Over Year\n - Expanded GAAP and Non-GAAP Operating Margin by 7 and 5 Percentage Points, Respectively\n\n\nSAN RAFAEL, Calif., Aug. 25, 2020 /PRNewswire/ -- Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the second quarter of fiscal 2021.\n\n \n \n \n \n \n \n\n \nAll growth rates are compared to the second quarter of fiscal 2020 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.\nSecond Quarter Fiscal 2021 Financial Highlights\nTotal revenue increased 15 percent to $913 million; GAAP operating margin was 16 percent, up 7 percentage points; Non-GAAP operating margin was 29 percent, up 5 percentage points; GAAP diluted EPS was $0.44; Non-GAAP diluted EPS was $0.98; Cash flow from operating activities was $91 million; free cash flow was $64 million.\"We delivered a strong second quarter as a result of our resilient business model and strategic nature of our products,\" said Andrew Anagnost, Autodesk president and CEO. \"Our cloud-based solutions are helping our customers stay productive in the current environment, and have resulted in expanded relationships and usage of our products. I am very proud of our team as we continue to deliver on our long-term strategic goals, and remain confident in our growth drivers and fiscal 2023 targets.\"\n\"With solid performance across all key metrics, our second quarter results demonstrated the strength of our business,\" said Scott Herren, Autodesk CFO. \"As a result of our adaptability, outstanding execution in a difficult environment, and healthy renewal rates, we delivered 15 percent year-over-year growth in revenue, expanded our operating margin by 5 percentage points, and delivered robust free cash flow.\"\nAdditional Financial Details\nTotal billings decreased 12 percent to $787 million. Total revenue was $913 million, an increase of 15 percent as reported, and 16 percent on a constant currency basis. Recurring revenue represents 98 percent of total. Design* revenue was $821 million, an increase of 15 percent as reported, and 16 percent on a constant currency basis. On a sequential basis, Design revenue increased 3 percent as reported and on a constant currenc...