Autodesk, Inc. (NASDAQ: ADSK) stock heads towards all time high again; reports positive earnings

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Autodesk, Inc. (NASDAQ: ADSK) stock rose over 2.1% on 28th May, 2020 (as of 11:40 am GMT-4; Source: Google finance) after the company posted better than expected results for the first quarter of FY 21. The company has reported first-quarter net income of $66.5 million versus a net loss of $24.2 million in the year-ago period. The company’s Cash flow from operating activities was $327 million, which reflects an increase of $106 million compared to the first quarter last year. Free cash flow generated was $307 million, which is an increase of $101 million compared to the first quarter last year.

ADSK in the first quarter of FY 21 has reported the adjusted earnings per share of 85 cents, beating the analysts’ estimates for the adjusted earnings per share of 80 cents, according to analysts polled by FactSet. The company had reported the adjusted revenue growth of 20 percent to $885.7 million in the first quarter of FY 21, beating the analysts’ estimates for revenue of $871.8 million. Subscription plan revenue grew 35 percent as reported, and 36 percent on a constant currency basis to $803 million. On a sequential basis, subscription plan revenue rose 3 percent as reported and on a constant currency basis. Maintenance plan revenue declined by 45 percent as reported and 44 percent on a constant currency basis, to $62 million. On a sequential basis, maintenance plan revenue fell by 22 percent as reported and on a constant currency basis. Design revenue rose 20 percent as reported, and 22 percent on a constant currency basis to $798 million. On a sequential basis, Design revenue rose 1 percent as reported and on a constant currency basis. The company has delivered the total non-GAAP operating income of $248 million compared to $132 million in the first quarter last year. Non-GAAP operating margin was up 10 percentage points to 28 percent.

Autodesk expects adjusted second-quarter earnings to be in the range of 86 cents to 92 cents and sales expected to be in the sales of $890 million to $905 million. For the second quarter, analysts model adjusted earnings to be of 93 cents a share and sales to be of $912.6 million.

ADSK expects the full-year operating margin to expand by approximately 2 to 4 percentage points.  The company has fiscal ’23 free cash flow target of $2.4 billion, assuming the recovery starts by the end of this fiscal year from the pandemic. The company expects revenue to grow in the range of 12% to 15% in fiscal 2021.

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