SAN FRANCISCO, Feb. 24, 2022 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) announced its financial results for the fourth quarter of fiscal 2022 today.
A photo accompanying this release is available at (PRNewsfoto/Autodesk, Inc.)
All growth rates are compared to the fourth quarter and full year 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.
**Fourth Quarter Fiscal 2022 Financial Highlights**
- Total revenue increased 17% to $1.21 billion.
- GAAP operating margin was 12%, down 6 percentage points, including lease-related charges of $104 million.
- Non-GAAP operating margin was 35%, up 5 percentage points.
- GAAP diluted EPS was $0.40, including a $0.47 negative impact of lease-related charges; non-GAAP diluted EPS was $1.50.
- Cash flow from operating activities was $723 million; free cash flow was $716 million.
Andrew Anagnost, Autodesk president and CEO, said, "By delivering greater value to our customers through the cloud and leading them to new ways of working, we are building enduring partnerships and shared growth. With consistent investment in technology and talent, and the evolution of our business model and customer experience, I’m excited and optimistic about Autodesk’s future."
Debbie Clifford, Autodesk CFO, added, "Robust renewal rates, strong growth in subscriptions, and rapidly expanding digital sales resulted in record fourth quarter and full-year revenue, non-GAAP operating margins, and free cash flow. Our strong momentum and competitive performance in FY22 set us up well for FY23."
**Additional Fourth Quarter Fiscal 2022 Financial Details**
- Total billings increased 13% to $1.66 billion.
- Total revenue was $1.21 billion, an increase of 17% as reported, and 15% on a constant currency basis. Recurring revenue represents 94% of total.
- Design revenue was $1.05 billion, an increase of 16% as reported, and 14% on a constant currency basis.
- Make revenue was $99 million, an increase of 21% as reported and on a constant currency basis.
- Subscription plan revenue was $1.12 billion, an increase of 18% as reported, and 16% on a constant currency basis.
- Maintenance plan revenue was $23 million, a decrease of 25% as reported, and 28% on a constant currency basis.
- Net revenue retention rate was within the range of 100 to 110%.
- GAAP operating income was $142 million, including lease-related charges of $104 million, compared to $184 million in the fourth quarter last year. GAAP operating margin was 12%, down 6 percentage points.
- Total non-GAAP operating income was $422 million, compared to $315 million in the fourth quarter last year. Non-GAAP operating margin was 35%, up 5 percentage points.
- GAAP diluted net income per share was $0.40, including $0.47 negative impact of lease-related charges, compared to $4.10, including $3.05 positive impact of a deferred tax asset valuation allowance release, in the fourth quarter last year.
- Non-GAAP diluted net income per share was $1.50, compared to $1.18 in the fourth quarter last year.
- Deferred revenue increased 13% to $3.79 billion. Unbilled deferred revenue was $949 million, an increase of $69 million compared to the fourth quarter of last year. Remaining performance obligations (RPO) increased 12% to $4.74 billion. Current RPO increased 15% to $3.14 billion.
- Cash flow from operating activities was $723 million, an increase of $65 million compared to the fourth quarter last year. Free cash flow was $716 million, an increase of $82 million compared to the fourth quarter last year.
**Net Revenue by Geographic Area**
| Net Revenue: | Three Months Ended January 31, 2022 | Three Months Ended January 31, 2021 | Change compared to prior fiscal year | Constant currency change compared to prior fiscal year |
|--------------|--------------------------------------|--------------------------------------|--------------------------------------|-------------------------------------------------------|
| Americas | $488.7 | $415.8 | $72.9 | 17% |
| U.S. | $402.1 | $343.2 | $58.9 | 17% |
| Other Americas | $86.6 | $72.6 | $14.0 | 19% |
| EMEA | $474.5 | $408.8 | $65.7 | 16% |
| APAC | $248.4 | $214.6 | $33.8 | 16% |
| Total Net Revenue | $1,211.6 | $1,039.2 | $172.4 | 15% |
**Net Revenue by Product Family**
| Net Revenue: | Three Months Ended January 31, 2022 | Three Months Ended January 31, 2021 | Change compared to prior fiscal year | Constant currency change compared to prior fiscal year |
|--------------|--------------------------------------|--------------------------------------|--------------------------------------|-------------------------------------------------------|
| AEC | $527.5 | $449.5 | $78.0 | 17% |
| AutoCAD and AutoCAD LT | $345.1 | $286.5 | $58.6 | 20% |
| MFG | $246.0 | $236.1 | $9.9 | 4% |
| M&E | $82.4 | $59.5 | $22.9 | 38% |
| Other | $10.6 | $7.6 | $3.0 | 39% |
| Total Net Revenue | $1,211.6 | $1,039.2 | $172.4 | 17% |
**Fiscal 2022 Financial Highlights**
- Total billings increased 16% to $4.82 billion.
- Total revenue was $4.39 billion, an increase of 16% as reported, and 14% on a constant currency basis. Recurring revenue represents 96% of total.
- Design revenue was $3.87 billion, an increase of 15% as reported, and 13% on a constant currency basis.
- Make revenue was $364 million, an increase of 23% as reported, and 21% on a constant currency basis.
- Subscription plan revenue was $4.16 billion, an increase of 19% as reported, and 18% on a constant currency basis.
- Maintenance plan revenue was $76 million, a decrease of 58% as reported and on a constant currency basis.
- Total subscriptions increased approximately 767 thousand from fiscal 2021 to 6.04 million at the end of fiscal 2022.
- GAAP operating income was $618 million, including lease-related charges of $104 million, compared to $629 million last year. GAAP operating margin was 14%, down 3 percentage points.
- Total non-GAAP operating income was $1.40 billion compared to $1.11 billion last year. Non-GAAP operating margin was 32%, up 3 percentage points.
- GAAP diluted net income per share was $2.24, including $0.47 negative impact of lease-related charges, compared to $5.44, including $3.06 positive impact of a deferred tax asset valuation allowance release, last year.
- Non-GAAP diluted net income per share was $5.07, compared to $4.05 last year.
- Cash flow from operating activities increased to $1.53 billion, compared to $1.44 billion in fiscal 2021. Free cash flow increased to $1.48 billion, compared to $1.35 billion in fiscal 2021.
**Business Outlook**
Autodesk's business outlook for the first quarter and full-year fiscal 2023 takes into consideration the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2023 GAAP and non-GAAP estimates is provided below or in the tables later in this document.
**First Quarter Fiscal 2023 Guidance**
- Revenue: $1,145 – $1,160 million
- EPS GAAP: $0.66 – $0.72
- EPS non-GAAP: $1.30 – $1.36
**Full-Year Fiscal 2023 Guidance**
- Billings: $5,875 – $6,025 million (Up 22% – 25%)
- Revenue: $5,020 – $5,120 million (Up 14% – 17%)
- GAAP operating margin: Approx 21%
- Non-GAAP operating margin: Approx 37%
- EPS GAAP: $3.74 – $4.11
- EPS non-GAAP: $6.46 – $6.83
- Free cash flow: $2,130 – $2,210 million
The first quarter and full-year fiscal 2023 outlook assume a projected annual effective tax rate of 12% for GAAP and 16% for non-GAAP results, respectively. Shifts in geographic profitability continue to impact the annual effective tax rate due to significant differences in tax rates in various jurisdictions. As such, assumptions for the annual effective tax rate are evaluated regularly and may change based on the projected geographic mix of earnings.
**Earnings Conference Call and Webcast**
Autodesk will host its fourth quarter conference call today at 5 p.m. ET. The live broadcast can be accessed at autodesk.com/investor. A transcript of the opening commentary will also be available following the conference call. A replay of the broadcast will be available at 7 p.m. ET at autodesk.com/investor. This replay will be maintained on Autodesk’s website for at least 12 months.
**Investor Presentation Details**
An investor presentation providing additional information can be found at autodesk.com/investor.
**Key Performance Metrics**
To help better understand our financial performance, we use several key performance metrics including billings, recurring revenue, net revenue retention rate ("NR3") and subscriptions. These metrics are key performance metrics and should be viewed independently of revenue and deferred revenue. These metrics are not intended to be combined with those items. We use these metrics to monitor the strength of our recurring business. We believe these metrics are useful to investors because they can help in monitoring the long-term health of our business. Our determination and presentation of these metrics may differ from that of other companies. The presentation of these metrics is meant to be considered in addition to, not as a substitute for or in isolation from, our financial measures prepared in accordance with GAAP.
**Glossary of Terms**
- **Billings**: Total revenue plus the net change in deferred revenue from the beginning to the end of the period.
- **Cloud Service Offerings**: Represents individual term-based offerings deployed through web browser technologies or in a hybrid software and cloud configuration.
- **Constant Currency (CC) Growth Rates**: We attempt to represent the changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates as well as eliminating hedge gains or losses recorded within the current and comparative periods.
- **Design Business**: Represents the combination of maintenance, product subscriptions, and all EBAs.
- **Enterprise Business Agreements (EBAs)**: Represents programs providing enterprise customers with token-based access to a broad pool of Autodesk products over a defined contract term.
- **Free Cash Flow**: Cash flow from operating activities minus capital expenditures.
- **Industry Collections**: Autodesk Industry Collections are a combination of products and services that target a specific user objective and support a set of workflows for that objective.
- **Maintenance Plan**: Our maintenance plans provide our customers with a cost-effective and predictable budgetary option to obtain the productivity benefits of our new releases and enhancements when and if released during the term of their contracts.
- **Make Business**: Represents certain cloud-based product subscriptions.
- **Net Revenue Retention Rate (NR3)**: Measures the year-over-year change in subscription and maintenance revenue for the population of customers that existed one year ago.
- **Other Revenue**: Consists of revenue from consulting, training and other products and services, and is recognized as the products are delivered and services are performed.
- **Product Subscription**: Provides customers a flexible, cost-effective way to access and manage 3D design, engineering, and entertainment software tools.
- **Recurring Revenue**: Consists of the revenue for the period from our traditional maintenance plans and revenue from our subscription plan offerings.
- **Remaining Performance Obligations (RPO)**: The sum of total short-term, long-term, and unbilled deferred revenue.
- **Spend**: The sum of cost of revenue and operating expenses.
- **Subscription Plan**: Comprises our term-based product subscriptions, cloud service offerings, and EBAs.
- **Subscription Revenue**: Includes our term-based product subscriptions, cloud service offerings, and flexible EBAs.
- **Total Subscriptions**: Consists of subscriptions from our maintenance plans and subscription plan offerings that are active and paid as of the fiscal year end date.
- **Unbilled Deferred Revenue**: Unbilled deferred revenue represents contractually stated or committed orders under early renewal and multi-year billing plans for subscription, services, and maintenance for which the associated deferred revenue has not been recognized.
**Safe Harbor Statement**
This press release contains forward-looking statements that involve risks and uncertainties, including quotations from management, statements in the paragraphs under "Business Outlook" above statements about our short-term and long-term goals, statements regarding our strategies, market and product positions, performance and results, and all statements that are not historical facts. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release.
**About Autodesk**
Autodesk is changing how the world is designed and made. Our technology spans architecture, engineering, construction, product design, manufacturing, media and entertainment, empowering innovators everywhere to solve challenges big and small. From greener buildings to smarter products to more mesmerizing blockbusters, Autodesk software helps our customers to design and make a better world for all. For more information visit autodesk.com or follow @autodesk.
Autodesk uses its investors.autodesk.com website as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts.
© 2022 Autodesk, Inc. All rights reserved.
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