Autodesk, Inc.

Thank you for standing by and welcome to Autodesk third quarter fiscal year 2022 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 one on your telephone. Please be advised that today's conference may be recorded. Should you require any further assistance, please press star zero. I would now like to hand the conference over to the VP of Investor Relations, Simon May Smith. Please go ahead.

Thanks, Operator, and good afternoon. Thanks for joining our conference call to discuss the results of our third quarter of fiscal year 2022. On the line with me are Andrew Anagnost, our CEO, and Debbie Clifford, our Chief Financial Officer. 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, acquisitions, products and product capabilities, 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, including our most recent form 10-K, 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 our press release to Excel Financial and other supplemental materials available on our investor relations website. And now I will turn the call over to Andrew.

Thank you, Simon, and welcome everyone to the call. Our third quarter results were strong, driven by one of our best ever quarters for new subscriptions, record subscription renewal rates, a net revenue retention rate toward the high end of our range, and a solid competitive performance. We also grew RPO and billings 18% and 16% respectively, despite a tougher compare versus last year. Relative to the first and second quarters, the rate of improvement decelerated during the third quarter more than we expected. While demand is robust, we believe supply chain disruption and resulting inflationary pressures, a global labor shortage making it harder for our customers to staff new projects, and the ebb and flow of COVID are contributing to the deceleration. as well as documented country-specific disruption to AEC and China. Our conversations with customers and channel partners reinforce our views. We're encouraged that embracing digital transformation to drive efficiency and sustainability remains a priority for our customers. Our end-to-end solutions, business model flexibility, and platform position us well competitively and enable more customers to enter and remain in our ecosystems. As you heard at our recent Investor Day and at Autodesk University, we are rapidly innovating and optimizing our business to increase and realize the opportunity ahead. Notable milestones during the quarter included the launch of our Flex Consumption Model and our plans to combine technologies, connect processes, automate workflows, and unlock valuable insights for customers through our Forge platform. The recent report from the Intergovernmental Panel on Climate Change and the United Nations Climate Change COP26 meeting in Glasgow both underscore the urgency of reducing carbon in Earth's atmosphere and the role that everyone, including corporations, needs to play. Sustainability needs to be designed, made, and in many cases, retrofitted in construction and manufacturing. This cannot be achieved efficiently or effectively without end-to-end software like ours to drive the process. This organizing principle affects not just how we deploy capital, for example, through our investments to develop sustainable tools and our recent acquisition of Innovize, but also how we source capital. Many of our largest equity holders already align to our sustainability goals. And in the third quarter, we began to align our debt holders by issuing our first sustainability bond linked to our sustainability goals. Now let me turn the call over to Debbie to take you through the details of our quarterly financial performance and guidance for the year. I'll then come back to provide an update on our strategic growth initiative.