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Autodesk, Inc. Announces Fiscal 2020 Second Quarter Results
SAN RAFAEL, Calif., August 27, 2019 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) has released its financial results for the second quarter of fiscal 2020.
[Image: PRNewsfoto/Autodesk, Inc.]
Note: All growth rates are compared to the second quarter of fiscal 2019 unless otherwise noted. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For definitions, please refer to the Glossary of Terms later in this document.
Key highlights from the second quarter:
- Total Annual Recurring Revenue (ARR) increased by 31% to $3.07 billion.
- Total billings rose by 48% to $893 million.
- Total revenue grew by 30% to $797 million, with recurring revenue accounting for 96% of total revenue.
- GAAP operating margin was 9%, up 13 percentage points.
- Non-GAAP operating margin reached 23%, up 14 percentage points.
- GAAP diluted earnings per share (EPS) were $0.18; non-GAAP diluted EPS was $0.65.
- Cash flow from operations was $219 million, and free cash flow was $205 million.
Andrew Anagnost, President and CEO of Autodesk, commented, "We had a solid first half of the year with a very strong second quarter, as revenue, billings, earnings, and free cash flow exceeded expectations. ARR hit a record $3.1 billion, driven by all areas of the business. Construction showed continued strength across the portfolio, and Fusion 360 kept gaining momentum. We also made progress in capturing opportunities within our non-paying user base. In an environment of increasing uncertainty, we believe we are well-positioned to achieve our FY23 goals."
Scott Herren, CFO of Autodesk, added, "Our strong performance during the second quarter led us to two milestones. First, we achieved our largest quarterly non-GAAP net income to date, followed by a record last twelve months free cash flow of $731 million. While we continue to execute well and are not materially impacted by current trade tensions and macroeconomic uncertainty, we are taking a prudent stance towards our second half fiscal 2020 outlook. Despite near-term headwinds, our recurring revenue model is more resilient than in previous cycles."
**Second Quarter Fiscal 2020 Financial Highlights**
- Total ARR increased 31% to $3.07 billion, with constant currency growth.
- Subscription plan ARR rose 58% to $2.65 billion, with constant currency growth.
- Maintenance plan ARR decreased 38% to $414 million, with constant currency growth.
- Core ARR increased 26% to $2.86 billion.
- Cloud ARR surged 175% to $207 million.
- Net revenue retention rate remained between 110 and 120 percent.
- Total revenue grew 30% to $797 million, with constant currency growth.
- GAAP operating income was $74 million, up from a loss of $25 million.
- Non-GAAP operating income was $187 million, up from $56 million.
- GAAP diluted EPS was $0.18, compared to a loss of $0.18.
- Non-GAAP diluted EPS was $0.65, compared to $0.19.
- Total billings increased 48% to $893 million.
- Deferred revenue grew 25% to $2.25 billion.
- Cash flow from operations was $219 million, and free cash flow was $205 million.
**Second Quarter Fiscal 2020 Business Highlights**
**Net Revenue by Geographic Area**
| Region | Q2 FY20 (in millions) | Q2 FY19 (in millions) | Change | % Change |
|--------|----------------------|-----------------------|--------|----------|
| Americas | $325.9 | $247.5 | $78.4 | 32% |
| EMEA | $316.2 | $248.3 | $67.9 | 27% |
| APAC | $154.7 | $115.9 | $38.8 | 33% |
| Total Net Revenue | $796.8 | $611.7 | $185.1 | 30% |
**Net Revenue by Product Family**
| Product Family | Q2 FY20 (in millions) | Q2 FY19 (in millions) | Change | % Change |
|----------------|----------------------|-----------------------|--------|----------|
| 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% |
| Total Net Revenue | $796.8 | $611.7 | $185.1 | 30% |
**Business Outlook**
Autodesk has updated its guidance for the third quarter and full year fiscal 2020, considering the current economic and foreign exchange environments.
**Third Quarter Fiscal 2020 Guidance**
- Revenue: $820 – $830 million
- GAAP EPS: $0.24 – $0.28
- Non-GAAP EPS: $0.70 – $0.74
**Full Year Fiscal 2020 Guidance**
- Total ARR: $3,425 – $3,485 million (up 25% – 27%)
- Billings: $4,020 – $4,080 million (up 49% – 51%)
- Revenue: $3,240 – $3,270 million (up 26% – 27%)
- GAAP spend growth: Approx. 12%
- Non-GAAP spend growth: Approx. 9%
- GAAP EPS: $0.75 – $0.87
- Non-GAAP EPS: $2.69 – $2.81
- Free cash flow: Approx. $1.30 billion
The third quarter and full year fiscal 2020 outlook assumes a projected annual effective tax rate of 39% for GAAP and 18% for non-GAAP results.
**Earnings Conference Call and Webcast**
Autodesk will host its second quarter conference call today at 5:00 p.m. ET. The live broadcast can be accessed at http://www.autodesk.com/investor. A transcript of the opening commentary will also be available following the conference call.
A replay of the broadcast will be available at 7:00 p.m. ET at http://www.autodesk.com/investor. This replay will be maintained on Autodesk’s website for at least 12 months.
**Investor Presentation Details**
An investor presentation providing additional information can be found at http://www.autodesk.com/investor.
**Glossary of Terms**
Annualized Recurring Revenue (ARR): Represents the annualized value of our average monthly recurring revenue for the preceding three months.
Billings: Total revenue plus the net change in deferred revenue from the beginning to the end of the period.
Cloud Service Offerings: Individual term-based offerings deployed through web browser technologies or in a hybrid software and cloud configuration.
Constant Currency (CC) Growth Rates: Changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates.
Core Business: Combination of maintenance, product, and EBA.
Enterprise Business Agreements (EBAs): Programs providing enterprise customers with token-based access or a fixed maximum number of seats to a broad pool of Autodesk products over a defined contract term.
Free Cash Flow: Cash flow from operating activities minus capital expenditures.
Maintenance Plan: Provides customers with a cost-effective and predictable budgetary option to obtain the productivity benefits of new releases and enhancements.
Net Revenue Retention Rate (NR3): Measures the year-over-year change in ARR for the population of customers that existed one year ago.
Other Revenue: Consists of revenue from consulting, training, and other services, recognized over time as the services are performed.
Product Subscription: Provides customers with a flexible, cost-effective way to access and manage 3D design, engineering, and entertainment software tools.
Recurring Revenue: Consists of revenue from traditional maintenance plans and subscription plan offerings.
Remaining Performance Obligations: The sum of total short-term, long-term, and unbilled deferred revenue.
Subscription Plan: Comprises term-based product subscriptions, cloud service offerings, and EBAs.
Subscription Revenue: Includes subscription fees from product subscriptions, cloud service offerings, and EBAs.
Unbilled Deferred Revenue: Contractually stated or committed orders under early renewal and multi-year billing plans for subscription, services, and maintenance.
**Safe Harbor Statement**
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from these statements due to various factors, including failure to achieve revenue and profitability objectives, challenges in managing transitions to new business models, difficulty in predicting revenue from new businesses, general market conditions, imposition of new tariffs, impact of non-cash charges, fluctuation in foreign currency exchange rates, success of foreign currency hedging program, performance in particular geographies, ability of governments to meet financial obligations, weak growth in industries served, slowing momentum in subscription billings, difficulties in integrating new or acquired businesses, inability to realize anticipated benefits from acquisitions, financial condition of reseller and distribution channels, dependence on large transactions, pricing pressure, unexpected fluctuations in annual effective tax rate, effects of tax legislation, and unanticipated accounting charges.
Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk’s reports on Form 10-K and Form 10-Q, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
**About Autodesk**
Autodesk makes software for people who make things. If you've ever driven a high-performance car, admired a towering skyscraper, used a smartphone, or watched a great film, chances are you've experienced what millions of Autodesk customers are doing with our software. Autodesk gives you the power to make anything. For more information visit autodesk.com or follow @autodesk.
*Autodesk, AutoCAD, AutoCAD LT, BIM 360 and Fusion 360 are registered trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and service offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.* © 2019 Autodesk, Inc. All rights reserved.
**Condensed Consolidated Statements of Operations**
| Line Item | Q2 FY20 (in millions) | Q2 FY19 (in millions) | Six Months Ended July 31, FY20 (in millions) | Six Months Ended July 31, FY19 (in millions) |
|-----------|---------------------|---------------------|---------------------------------------------|---------------------------------------------|
| Net Revenue | $796.8 | $611.7 | $1,532.3 | $1,171.6 |
| Cost of Revenue | $79.5 | $69.8 | $162.2 | $136.6 |
| Gross Profit | $717.3 | $541.9 | $1,370.1 | $1,035.0 |
| Operating Expenses | $643.5 | $566.6 | $1,271.5 | $1,115.0 |
| Income (Loss) from Operations | $73.8 | $(24.7) | $98.6 | $(80.0) |
| Interest and Other (Expense) Income, Net | $(7.3) | $1.3 | $(23.5) | $(7.2) |
| Income (Loss) Before Income Taxes | $66.5 | $(23.4) | $75.1 | $(87.2) |
| Provision for Income Taxes | $(26.3) | $(16.0) | $(59.1) | $(34.6) |
| Net Income (Loss) | $40.2 | $(39.4) | $16.0 | $(121.8) |
| Basic Net Income (Loss) Per Share | $0.18 | $(0.18) | $0.07 | $(0.56) |
| Diluted Net Income (Loss) Per Share | $0.18 | $(0.18) | $0.07 | $(0.56) |
| Weighted Average Shares Used in Computing Basic Net Income (Loss) Per Share | 219.6 | 219.0 | 219.6 | 218.8 |
| Weighted Average Shares Used in Computing Diluted Net Income (Loss) Per Share | 222.4 | 219.0 | 222.3 | 218.8 |
**Condensed Consolidated Balance Sheets**
| Line Item | July 31, 2019 (in millions) | January 31, 2019 (in millions) |
|-----------|----------------------------|-------------------------------|
| Assets | $4,872.7 | $4,729.2 |
| Liabilities and Stockholders' Deficit | $4,872.7 | $4,729.2 |
**Conclusion**
Autodesk continues to show strong financial performance in the second quarter of fiscal 2020, with significant growth in key metrics such as ARR, revenue, and cash flow. The company remains optimistic about its future prospects despite macroeconomic challenges. Investors and stakeholders are encouraged to review the detailed financial reports and attend the earnings call for further insights.