Autodesk, Inc.

Ladies and gentlemen, thank you for standing by. And welcome to the Autodesk second 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 your speaker today, Abhay Lamba, VP, Investor Relations. Please go ahead, sir.

Thanks, operator, and good afternoon. Thank you for joining our conference call to discuss the results of our second quarter of fiscal year 21. On the line is Andrew Ennick-Nastra, 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 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 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 and If this call is replayed or reviewed after today, the information presented during the call may not contain current or accurate information. Autotest 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 the slide presentation on our Investor Relations website. And now, I would like to turn the call over to Andrew. Thank you, Abhay.

To start, I hope everyone is safe and healthy as our world continues to be impacted by the COVID pandemic. Our priorities remain the safety and well-being of our employees and the continued support of our customers, partners, and community. Before I dive into the quarter, I thank all of our employees for their efforts and persistence during these challenging times. The resiliency of our business model and solid execution helped us deliver strong Q2 results with revenue, earnings, and free cash flow above expectations, even as we continue to operate in uncertain times. The secular trends that we have been investing in and preparing for, such as the adoption of cloud-based solutions, are accelerating, and we are excited about our position in the market. While our competitors are just beginning to focus on similar trends, our investments from the last few years are already driving positive results. With the business model changes we have made, we continue to deliver significant value and functionality in the cloud. Because of this, and a few other aspects I'll discuss, we will be stronger on the other side of this pandemic. As indicated on the last call, we continue to closely monitor the usage pattern of our products across the globe, something we could not do historically. In China, Korea, and Japan, we are seeing usage above pre-COVID levels. In some areas of Europe, we continue to see a recovery as well. In the Americas, we experienced a slight uptick in usage for most key products in July. We are also seeing a positive correlation between usage trends and new business performance, which gives us confidence that the green shoots we see in usage will translate into improved new business performance in subsequent quarters. In all senses, work is changing, and our cloud collaboration products effectively connect project teams and workflows, allowing businesses to thrive even when their employees and partners are working remotely. Usage of BIM 360 design, our cloud collaboration tool, has accelerated with the adoption by Revit users almost doubling in the past year. We also continue to gain momentum in manufacturing of Fusion 360. We had the best quarter ever for subscription net additions with more than 10,000 in the quarter. The value of the cloud is becoming more and more apparent and cloud-based solutions are becoming a necessity. Our product subscription renewal rates improved steadily throughout Q2 as customers recognized the critical value our offerings bring to their businesses. Our new business was impacted by the current environment, but the strength of our pipeline entering the second half of the year, combined with execution in recovering countries, make us confident in our full-year targets. Now I'd like to turn it over to Scott to take you through details of our quarterly performance and guidance for the year before I come back to provide insights into our strategic growth drivers.