Autodesk, Inc. (NASDAQ:ADSK) reported stronger-than-expected results for its second quarter, but issued a weak Q2 forecast.
The company, based in San Rafael, Calif., reported total Annualized Recurring Revenue increased 31% to $3.07 billion.
Total billings increased 48% to $893 million. Total revenue increased 30% to $797 million; recurring revenue represents 96% of the total.
GAAP operating margin was 9%, up 13 percentage points.
Non-GAAP operating margin was 23%, 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, an increase of $176 million compared to the second quarter last year. Free cash flow was $205 million, an increase of $181 million compared to the second quarter last year.
According to CEO Andrew Anagnost, "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.
"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."
According to the company website, "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."
Shares lurched lower $20.09, or 13.4%, to $130.12
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