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Autodesk, Inc. Announces Fiscal 2020 Second Quarter Results
SAN RAFAEL, Calif., Aug. 27, 2019 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) has released its financial results for the second quarter of fiscal 2020.
The company reported significant growth across several key metrics, including a 31% increase in Annual Recurring Revenue (ARR) to $3.07 billion, a 48% rise in total billings to $893 million, and a 30% growth in total revenue to $797 million. Recurring revenue accounted for 96% of total revenue, highlighting the strength of Autodesk's subscription model.
GAAP operating margin improved by 13 percentage points to 9%, while non-GAAP operating margin increased by 14 percentage points to 23%. GAAP diluted earnings per share (EPS) were $0.18, and non-GAAP diluted EPS reached $0.65. Cash flow from operations was $219 million, with free cash flow at $205 million.
Andrew Anagnost, President and CEO of Autodesk, highlighted the strong performance, noting that ARR reached a record $3.1 billion, driven by all parts of the business. The Construction segment showed continued strength, and Fusion 360 gained momentum. Additionally, Autodesk made progress in capturing opportunities within its non-paying user base.
Scott Herren, CFO of Autodesk, emphasized two key milestones achieved during the quarter: the largest quarterly non-GAAP net income to date and a record twelve-month free cash flow of $731 million. Despite potential challenges from trade tensions and macroeconomic uncertainty, Autodesk remains confident in its ability to meet long-term goals.
In terms of geographic performance, the Americas saw a 32% increase in net revenue to $325.9 million, EMEA grew by 27% to $316.2 million, and APAC rose by 33% to $154.7 million. Emerging economies also performed well, with a 31% increase in net revenue to $97.4 million.
Looking ahead, Autodesk provided guidance for the third quarter of fiscal 2020, projecting revenue between $820 million and $830 million, with GAAP EPS ranging from $0.24 to $0.28 and non-GAAP EPS from $0.70 to $0.74. For the full fiscal year, the company expects total ARR to grow between 25% and 27%, reaching $3.425 billion to $3.485 billion, and total revenue to increase by 26% to 27%, reaching $3.24 billion to $3.27 billion.
Autodesk will host an earnings conference call on August 27, 2019, at 5:00 p.m. ET, which can be accessed via their investor relations website. A transcript of the call will be available shortly after. Investors can also find additional information in the company's investor presentation.
This report includes forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those expressed in this release. For more details, refer to the Safe Harbor Statement included in the document.
Autodesk continues to focus on innovation and customer value, reinforcing its position as a leader in design and engineering software solutions. The company is committed to delivering long-term value to shareholders and maintaining its competitive edge in the market.