San Francisco, Feb. 24, 2022 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) announced its financial results for the fourth quarter of fiscal 2022.
The company reported a total revenue increase of 17% to $1.21 billion, with GAAP operating margin at 12%, down 6 percentage points due to lease-related charges of $104 million. Non-GAAP operating margin improved to 35%, up 5 percentage points. GAAP diluted EPS was $0.40, while non-GAAP diluted EPS reached $1.50. Cash flow from operations was $723 million, and free cash flow was $716 million.
Andrew Anagnost, President and CEO of Autodesk, highlighted the company's efforts in delivering value through cloud solutions and fostering new ways of working. He expressed confidence in Autodesk's future, citing consistent investment in technology and talent, as well as business model evolution.
Debbie Clifford, CFO of Autodesk, noted strong renewal rates, robust subscription growth, and expanding digital sales contributed to record revenues and free cash flow. She emphasized the positive momentum and competitive performance in FY22, setting a solid foundation for FY23.
Additional financial details showed total billings increased by 13% to $1.66 billion. Recurring revenue accounted for 94% of total revenue, with Design revenue rising 16% to $1.05 billion. Subscription plan revenue grew 18% to $1.12 billion, while maintenance plan revenue declined 25% to $23 million. Net revenue retention rate remained within 100 to 110 percent.
For the full fiscal year 2022, total billings rose 16% to $4.82 billion, and total revenue increased 16% to $4.39 billion. Design revenue climbed 15% to $3.87 billion, and Make revenue surged 23% to $364 million. Subscription plan revenue jumped 19% to $4.16 billion, while maintenance plan revenue fell 58% to $76 million. Total subscriptions reached 6.04 million, reflecting an increase of approximately 767 thousand from fiscal 2021.
Autodesk provided forward-looking guidance for the first quarter and full-year fiscal 2023, considering the current economic and currency environments. The company expects Q1 FY23 revenue between $1,145 and $1,160 million, with GAAP EPS ranging from $0.66 to $0.72 and non-GAAP EPS between $1.30 and $1.36. For FY23, revenue is projected between $5,020 and $5,120 million, with GAAP operating margin around 21% and non-GAAP operating margin approximately 37%.
Autodesk also outlined plans for an earnings conference call and webcast, along with an investor presentation detailing additional information. Key performance metrics such as billings, recurring revenue, net revenue retention rate, and subscriptions were highlighted as essential indicators of the company's financial health.
The company emphasized the importance of these metrics in monitoring the long-term stability of its business. Autodesk's financial reports are prepared in accordance with GAAP, and non-GAAP measures exclude certain items like stock-based compensation, amortization of intangibles, and lease-related charges.
In summary, Autodesk demonstrated strong financial performance in the fourth quarter and full fiscal year 2022, driven by growth in subscriptions, digital sales, and operational efficiencies. The company remains optimistic about its future, with strategic investments and a focus on innovation positioning it for continued success.
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