Autodesk, Inc.

Good day, ladies and gentlemen, and thank you for your patience. You join Autodesk Q2 fiscal year 2020 earnings conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will be given at that time. Should you require any additional assistance during the call, please press star, then zero on your touchtone telephone. As a reminder, this conference may be recorded. I would now like to turn the call over to your host, Abhay Lamba, VP of Investor Relations. You may begin.

Thanks, Operator, and good afternoon. Thank you for joining our conference call to discuss the results of our second quarter of Fiscal 20. On the line is Andrew Enigmas, our CEO, and Scott Herron, our CFO. Today's conference call is being broadcast live via webcast. In addition, a replay of the call will be available at autodesk.com forward slash investor. You can also find our earnings press release and a slide presentation on our investor relations website. We will also post a transcript of today's opening commentary on our website following this call. During the course of this conference call, we may make forward-looking statements about our outlook, future results, and strategies. These statements reflect our best judgment based on factors currently known to us. Actual events or results could differ materially. Please refer to our SEC filings for important risks and other factors that may cause our actual results to differ from those in our forward-looking statements. Forward-looking statements made during the call are being made as of today. If this call is replayed or reviewed after today, the information presented during the call may not contain current or accurate information. Autodesk disclaims any obligation to update or revise any forward-looking statements. During the call, we will quote a number of numerical growth changes as we discuss our financial performance, and unless otherwise noted, each such reference represents a year-on-year comparison. All non-GAAP numbers referenced in today's call are reconciled in the press release or slide presentation on our investor relations website. And now, I would like to turn the call over to Andrew. Thank you.

Thanks, Abhay. Our great momentum from the first quarter carried into the second quarter, resulting in strong performance with revenue, billings, earnings, and free cash flow coming in ahead of expectations. We also crossed the $3 billion mark on ARR for the first time, which was driven by solid performance across all regions and products. Our last 12 months' free cash flow of $731 million is the highest amount of free cash flow we have ever generated in a four-quarter period in the company's history. We performed well in the first half of the year, demonstrating focused execution and the strength of our recurring revenue model. Although we continue to execute well and are not materially impacted by current trade tensions and macro conditions, we are aware of the current business and geopolitical environment that is causing uncertainty in the market. As we look across the next six months, we are taking a prudent approach to our outlook for the remainder of fiscal 20. However, we think the uncertainty caused by macro-related events is only a short-term issue. We remain confident in our ability to achieve the fiscal 23 goals we have laid out for you. Our confidence is grounded in the value delivered by our products, their ability to help our customers differentiate via innovation and digitization, focused execution delivered by our partners and sales teams, and the significant strides we are making to capture the non-paying user community. I would also like to point out that although there are headlines of some impact from the current environment on a few industry verticals like manufacturing, we outgrew competitors and gained share in the space. The construction industry is also holding steady and continues to invest in innovative solutions, and we saw ongoing strength in construction this quarter. Before I offer you more color on strategic highlights during the quarter, let me first turn it over to Scott to give you more details on our second quarter results, as well as details of our updated fiscal 20 guidance. I'll then return with further insights on the key drivers of our business, including construction, manufacturing, and digital transformation, before we open it up for Q&A.