Andrew Anagnost
President and Chief Executive Officer, Board Director at Autodesk
Thank you, Debbie. Our strategy is to transform the industries we serve with end-to-end, cloud-based solutions that drive efficiency and sustainability for our customers. Fusion, Forma, and Flow connect data, teams and workflows in the cloud on our trusted platform, making Autodesk rapidly scalable and extensible into adjacent verticals from architecture and engineering, through construction and operations; from product engineering, through product data management and product manufacturing. Our platform is also scalable and extensible between verticals, with industrialized construction, and into new workflows, like XR.
By accelerating the convergence of workflows within and between the industries we serve, we are also creating broader and deeper partnerships with existing customers and bringing new customers into our ecosystem. In AEC, our customers continue to digitally transform their workflows to win new business and become more efficient and sustainable. For example, to support the city of Chongqing's Smart City ambitions, the Chongqing Architectural Design Institute, which operates across architecture, municipal engineering, and city planning, is standardizing on AEC Collections and developing features through Revit APIs which automate modeling, drawings, and specification inspection.
These will leverage the Design Institute's experience in BIM and enable faster and higher-quality designs, reduce error and waste during construction, and build the digital twins for post-construction operation and maintenance. In a challenging market environment, the Design Institute has been able to win new business and capture new markets through digital transformation. In construction we are seeking to eliminate waste at the source, rather than simply automating the process around it.
By seamlessly connecting construction data and workflows both upstream, with preconstruction and design, and downstream, to the handover, operations and maintenance phases through our digital twin, we are enabling a more connected and sustainable way of building. For example, after a leading mechanical contractor in the United States purchased a competitor's construction management product a few years ago, communication and workflows between the design and field teams were disconnected, resulting in data fragmentation, less insight, more complicated reporting, and, ultimately, low adoption of the product.
To resolve these issues, it chose to consolidate all of its design-to-build workflows on the integrated Autodesk platform, turning to Autodesk Build to streamline handoffs between detailing, the fab shop, and the field. Our momentum in construction continues to grow. Across construction, we added almost a thousand new logos, with Autodesk Build's monthly active users growing more than 60% quarter-over-quarter and becoming Autodesk's largest construction product. In infrastructure, we see greater appetite from owners to accelerate their digital transformation to connect workflows from design to make on the Autodesk platform.
For example, to transform the speed, efficiency and sustainability of its network, one of the leading electricity network operators in Europe is accelerating its transformation from 2D to BIM and digital twins. In the third quarter, it signed its first EBA with Autodesk, adding Revit and Docs to enable it to upgrade the capacity of its substations and incorporate renewable power generation rapidly and safely. To accelerate maintenance workflows and reduce costs, the customer is insourcing the production of maintenance parts and using Fusion 360 as a platform for 3D printing.
Turning to manufacturing, we sustained good momentum in our manufacturing portfolio this quarter as we connected more workflows from design through to the shop floor, developed more on-ramps to our manufacturing platform, and delivered new powerful tools and functionality through Fusion 360 Extensions. We continue to drive efficiency and sustainability for our customers and provide further resilience and competitiveness in uncertain times. For example, De Nora is an Italian multinational company specializing in electrochemistry and is a leader in sustainable technologies in the industrial green hydrogen production chain.
It has been a long-time user of AutoCAD and Revit. Over the last few years, it accelerated its cloud strategy by replacing a competitor's on-premise PLM solution with an integrated Vault and Fusion 360 Manage solution that improves the security of its data, enables seamless collaboration between product design and manufacturing, and more easily onboard and integrates acquisitions. In Q3, it took another step in its digital transformation by firstly transitioning to named users and adding Premium for better usage reporting, insights, and single sign-on security; and secondly, by adding Flex, to optimize consumption for its occasional users.
HEINEKEN is on a mission to become the Best Connected Brewer as part of its Evergreen Strategy and is undergoing a digital transformation to ensure it is prepared for the unforeseen challenges in an ever-changing world. To help, Autodesk has been supporting HEINEKEN's 3D printing initiative with an expanded adoption of Fusion 360 across a number of breweries. By designing and manufacturing their own equipment parts in-house, HEINEKEN has been able to see a reduction in the replacement times of a number of parts from over six weeks to just four hours, significantly reducing down-time and lessening the carbon impact of shipping new parts when necessary.
Scanship AS, a Vow Group company, is a great example of how our customers are using our Fusion platform to generate sustainable outcomes efficiently and transparently for customers. It has developed technology that processes waste and purifies wastewater providing valuable, sustainable and circular resources and clean energy to a wide range of customers. By consolidating on Fusion 360 Manage with Upchain, Scanship AS will be able to connect data and workflows in the cloud to manage processes and collaborate more easily and efficiently, while also gaining greater transparency on its supply chain to deliver decarbonized products to its customers.
Fusion 360's commercial subscribers grew steadily, ending the quarter with 211,000 subscribers with demand for extensions continuing to grow at an exceptional pace. Outside of commercial use, a rapidly growing ecosystem of students and hobbyists learning next-generation technology and workflows will take those skills with them into the workforce. We'd like to congratulate students from over 57 countries who recently competed in the finals of the Worldskills Competition, aptly referred to as the Olympics for Vocational Skills.
Students used the latest workflows and technologies from Fusion 360 and Autodesk Construction Cloud to compete in vocational disciplines such as Mechanical Engineering, Additive Manufacturing and Digital Construction. Sit Shun Le from Singapore, who won the Gold Medal for Additive Manufacturing, used Fusion 360 to find the optimum structure and then minimized the amount of materials used through additive manufacturing. All participants were able to hone their skills using next-generation technology. I'm inspired by their ingenuity and optimistic about the innovation they will bring to the workforce of the future.
And finally, we continue to work with customers to provide access to the most current and secure software through our license compliance initiatives. For example, we worked collaboratively with a large multinational manufacturing company seeking to adhere to the same software standards and ensure access to the latest and safest software for all its employees across the globe. We helped the customers conduct self-audit that identified gaps in its operations in China and then crafted and optimized a bespoke subscription plan.
As a result, we agreed an approximately $5 million contract in Q3, our largest ever license compliance agreement. During the quarter, we closed eight deals of $500,000 and four deals over $1 million. To close, subscription renewal rates and net revenue retention continue to compound, new business growth remains good, and our competitive performance remains strong. The business is performing as we'd expect given secular growth tailwinds and macroeconomic, geopolitical, policy and COVID-19 headwinds.
Our capital allocation will remain disciplined and focused through the cycle, with organic investment and acquisitions accelerating our growth potential and competitive intensity, and share buybacks offsetting dilution. The breadth and depth of the market opportunity ahead of us is substantial and our platform investments will expand that opportunity and realization of it.
Operator, we would now like to open the call for questions.