Home News Autodesk registers 30% hike in revenue in Q2 2020 results

Autodesk registers 30% hike in revenue in Q2 2020 results

UK: Autodesk has reported financial results for the second quarter of fiscal 2020. Total revenue increased 30 percent to $797 million; recurring revenue represents 96 percent of total. ARR increased 31 percent to $3.07 billion.

Total billings increased 48 percent to $893 million, while GAAP operating margin was 9 percent, up 13 percentage points. Non-GAAP operating margin was 23 percent, up 14 percentage points. GAAP diluted EPS was $0.18; Non-GAAP diluted EPS was $0.65; Cash flow from operating activities was $219 million; free cash flow was $205 million. 

“We closed a solid first half of the year with a very strong second quarter as revenue, billings, earnings, and free cash flow came in ahead of expectations,” said Andrew Anagnost, Autodesk president and CEO. “ARR grew to a record $3.1 billion, driven by all parts of the business. Construction demonstrated continued strength with wins across all parts of the portfolio, and Fusion 360 – our design-to-manufacturing platform – continued to build momentum. We also made further strides 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.”

“Our strong performance during the second quarter helped us achieve two milestones,” said Scott Herren, Autodesk CFO. “First, we drove our largest quarterly non-GAAP net income to date, followed by a record setting 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 macro uncertainty, we are taking a prudent stance to our second half fiscal 2020 outlook. Despite these near-term headwinds, our recurring revenue model is much more resilient than in prior cycles.”