Autodesk, Inc.

Ladies and gentlemen, thank you for standing by, and welcome to the Autodesk first quarter fiscal year 21 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star 0. I would now like to hand the conference to our speaker today, Abhay Lamba, Vice President, Investor Relations. Please go ahead, sir.

Thanks, operator, and good afternoon. Thank you for joining our conference call to discuss the results of our fiscal year 2021 first quarter results. On the line is Andrew Anagnost, 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 find the earnings press release, slide presentation, and transcript of today's opening commentary on our investor relations website following this call. During the course of this call, we may make forward-looking statements about our outlook, future results, and related assumptions and strategies. These statements reflect our best judgment based on currently known factors. Actual events or results could differ materially. Please refer to our SEC filings for important risks and other factors, including developments in the COVID-19 pandemic and the resulting impact on our business and operations 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 numeric or 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 the slide presentation on our Investor Relations website. Now, I would like to turn the call over to Andrew. Thank you, Abhay.

To open, I want to thank all of the medical professionals and other essential workers who are confronting the impacts of the COVID-19 pandemic on the front lines. Their efforts are not only saving lives, but allowing many other people around the world to protect themselves, their families, and their communities. Their efforts are truly heroic. Thank you for everything you do. Our thoughts are also with everyone affected by this pandemic, and our priorities remain the safety and well-being of our employees and the continued support of our customers, partners, and communities. Many of us, myself included, are adopting multiple roles as we seek to juggle the demands of our professional and family lives in a world that has suddenly become more complex and more constrained. Personally, I've had to learn how to homeschool my youngest child, and while I've always had a healthy respect for the work teachers do, I have developed an even deeper appreciation for the role teachers play in our societies. It takes a lot of patience and skill to help a young mind learn what it needs to learn. From a business operations standpoint, the transition to working remotely has been smooth. I am proud of how our employees and partners have balanced their personal lives with many commitments during these unprecedented times. Many significant product upgrades were successfully released thanks to our cloud-based operating infrastructure. One of the metrics we have been tracking closely is the weekly active users of our products. And since the pandemic started, usage of our products dipped slightly, but overall remained relatively steady. In China, usage dropped rapidly in February, but rebounded above pre-COVID levels by the end of March as business started reopening in the region. And it's no surprise we saw a major surge in usage of our cloud collaboration products as people work from home and throughout the quarter. During the quarter and into May, renewal rates held relatively steady. Among our target markets, AEC revenue held up well while we experienced a slowdown in the manufacturing space. The resiliency of our business is anchored by the diversity of our geographic regions and product offerings, our subscription-bought business model, and our indirect distribution model, which allows us to operate and adapt locally as economic conditions evolve in different geographic regions. During the quarter, we helped our customers accelerate their migration to the cloud and ease their transition to working from home. We also offered extended payment terms to alleviate their liquidity concerns. Please refer to the slide deck on our investor relations website for more details on these actions. I am incredibly proud of not only the way our employees rally to support each other in the company, but also how they rally to support our customers, our partners, and the communities they live in. Without their resiliency, the resiliency of our business model wouldn't matter. With that, I'd like to turn it over to Scott now to take you through the details of our performance and guidance before I come back to provide insights into our strategic growth drivers.