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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 in China. Relative to the first and second quarters, the rate of improvement decelerated during the third quarter more than we expected.
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We also grew RPO and billings 18% and 16%, respectively, despite a tougher compare versus last year. 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. Thank you, Simon, and welcome, everyone, to the call. All non-GAAP numbers referenced in today's call are reconciled in our press release or Excel financials and other supplemental materials available on our investor relations website.Īnd now I will turn the call over to Andrew.Īndrew Anagnost - Chief Executive Officer And unless otherwise noted, each such reference represents a year-on-year comparison.
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During the call, we will quote a number of numeric or growth changes as we discuss our financial performance.
#AUTOCAD SUBSCRIPTION UPDATE#
If this call is replayed or reviewed after today, the information presented during the call may not contain current or accurate information.Īutodesk disclaims any obligation to update or revise any forward-looking statements. Forward-looking statements made during the call are being made as of today. 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. Autodesk reserves the right to alter product and services offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.Actual events or results could differ materially. All other brand names, product names, or trademarks belong to their respective holders.
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