Autodesk, Inc. Announces Fiscal 2022 First Quarter Results

- Revenue Increased 12% to $989 Million, Driven by Acceleration in New Business and Resilient SaaS Model

SAN FRANCISCO, May 27, 2021 — (PRNewswire) —  Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the first quarter of fiscal 2022.

All growth rates are compared to the first quarter of fiscal 2021, unless otherwise noted. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For definitions, please view the Glossary of Terms later in this document.

First Quarter Fiscal 2022 Financial Highlights

  • Total revenue increased 12 percent to $989 million;
  • GAAP operating margin was 14 percent, down 1 percentage point;
  • Non-GAAP operating margin remained flat at 28 percent;
  • GAAP diluted EPS was $0.70; Non-GAAP diluted EPS was $1.03;
  • Cash flow from operating activities was $336 million; free cash flow was $316 million.

"An acceleration in new business, solid execution, and a resilient subscription business model delivered a strong start to the new fiscal year," said Andrew Anagnost, Autodesk president and CEO. "As the world rebuilds after the pandemic, Autodesk's purpose – a better world designed and made for all – has never been more important, and underpins our confidence this year and well into the future."

"Momentum in our end markets and customer adoption of cloud services is building," said Debbie Clifford, Autodesk CFO. "We are raising our FY22 revenue guidance to reflect a partial year contribution from acquisitions and remain on track to achieve our FY23 financial goals."

Additional Financial Details

  • Total billings increased 10 percent to $974 million.
  • Total revenue was $989 million, an increase of 12 percent as reported, and 11 percent on a constant currency basis. Recurring revenue represents 98 percent of total.
  • Design revenue was $885 million, an increase of 11 percent as reported, and 10 percent on a constant currency basis. On a sequential basis, Design revenue decreased 2 percent as reported and on a constant currency basis.
  • Make revenue was $82 million, an increase of 21 percent as reported, and 20 percent on a constant currency basis. On a sequential basis, Make revenue remained flat as reported and on a constant currency basis.
  • Subscription plan revenue was $948 million, an increase of 18 percent as reported, and 17 percent on a constant currency basis. On a sequential basis, subscription plan revenue remained flat as reported, and decreased 1 percent on a constant currency basis.
  • Maintenance plan revenue was $19 million, a decrease of 69 percent as reported, and 68 percent on a constant currency basis. On a sequential basis, maintenance plan revenue decreased 37 percent as reported, and 36 percent on a constant currency basis.
  • Net revenue retention rate was within the range of 100 to 110 percent.
  • GAAP operating income was $134 million, compared to $131 million in the first quarter last year. GAAP operating margin was 14 percent, down 1 percentage point.
  • Total non-GAAP operating income was $280 million, compared to $248 million in the first quarter last year. Non-GAAP operating margin was 28 percent, flat compared to the first quarter last year.
  • GAAP diluted net income per share was $0.70, compared to $0.30 in the first quarter last year.
  • Non-GAAP diluted net income per share was $1.03, compared to $0.85 in the first quarter last year.
  • Deferred revenue increased 11 percent to $3.35 billion. Unbilled deferred revenue was $889 million, an increase of $420 million compared to the first quarter of last year. Remaining performance obligations (RPO) increased 22 percent to $4.23 billion. Current RPO increased 22 percent to $2.86 billion.
  • Cash flow from operating activities was $336 million, an increase of $9 million compared to the first quarter last year. Free cash flow was $316 million, an increase of $8 million compared to the first quarter last year.

 

 

First Quarter Fiscal 2022 Business Highlights

Net Revenue by Geographic Area

 

Three Months
Ended April

30, 2021

 

Three Months
Ended April
30, 2020

 

Change
compared to

prior fiscal year

 

Constant currency
change compared
to prior fiscal year

(In millions, except percentages)

   

$

 

%

 

%

Net Revenue:

                 

Americas

                 

U.S.

$

324.0

   

$

300.6

   

$

23.4

   

8

%

 

*

 

Other Americas

67.7

   

61.6

   

6.1

   

10

%

 

*

 

Total Americas

391.7

   

362.2

   

29.5

   

8

%

 

9

%

    EMEA

382.5

   

344.8

   

37.7

   

11

%

 

10

%

    APAC

215.1

   

178.7

   

36.4

   

20

%

 

18

%

Total Net Revenue

$

989.3

   

$

885.7

   

$

103.6

   

12

%

 

11

%

                   

Emerging Economies

$

121.1

   

$

111.4

   

$

9.7

   

9

%

 

9

%


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