AUTODESK, INC. ANNOUNCES FISCAL 2022 FOURTH QUARTER AND FULL-YEAR RESULTS
U Boat Trolley,Warehouse U Boat Trolley,U Boat Transport Trolley,Warehouse U Boat Cart Suzhou Malltek Supply China Co.,Ltd. , https://www.oktrolley.com
All growth rates mentioned are compared to the fourth quarter and full year of fiscal 2021 unless otherwise specified. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. Definitions can be found in the Glossary of Terms later in this document.
Financial Highlights for the Fourth Quarter of Fiscal 2022
- Total revenue increased by 17% to $1.21 billion;
- GAAP operating margin stood at 12%, down 6 percentage points due to lease-related charges of $104 million;
- Non-GAAP operating margin rose by 5 percentage points to 35%;
- GAAP diluted EPS was $0.40, including a $0.47 negative impact from lease-related charges; non-GAAP diluted EPS was $1.50;
- Operating cash flow was $723 million; free cash flow reached $716 million.
"By delivering enhanced value to our customers via the cloud and guiding them toward innovative ways of working, we are fostering enduring partnerships and shared growth," said Andrew Anagnost, President and CEO of Autodesk. "With continuous investments in technology and talent, along with the evolution of our business model and customer experience, I am optimistic about Autodesk's future."
"Strong renewal rates, robust growth in subscriptions, and expanding digital sales contributed to record-breaking fourth quarter and full-year revenue, non-GAAP operating margins, and free cash flow," said Debbie Clifford, Autodesk's Chief Financial Officer. "Our solid momentum and competitive performance in FY22 position us well for FY23."
Additional Financial Details for the Fourth Quarter of Fiscal 2022
- Total billings increased by 13% to $1.66 billion.
- Total revenue was $1.21 billion, growing by 17% as reported and 15% on a constant currency basis. Recurring revenue accounted for 94% of the total.
- Design revenue amounted to $1.05 billion, rising by 16% as reported and 14% on a constant currency basis. Sequentially, Design revenue increased by 5% both as reported and on a constant currency basis.
- Make revenue hit $99 million, marking a 21% increase as reported and on a constant currency basis. Sequentially, Make revenue grew by 5% as reported and on a constant currency basis.
- Subscription plan revenue was $1.12 billion, increasing by 18% as reported and 16% on a constant currency basis. Sequentially, subscription plan revenue rose by 5% as reported and on a constant currency basis.
- Maintenance plan revenue was $23 million, decreasing by 25% as reported and 28% on a constant currency basis. Sequentially, maintenance plan revenue climbed by 29% as reported and 27% on a constant currency basis.
- Net revenue retention rate remained within the range of 100 to 110 percent.
- GAAP operating income was $142 million, including lease-related charges of $104 million, compared to $184 million in the same period 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 of the previous fiscal year. Non-GAAP operating margin was 35%, up 5 percentage points.
- GAAP diluted net income per share was $0.40, including a $0.47 negative impact from lease-related charges, compared to $4.10, including a $3.05 positive impact from the release of a deferred tax asset valuation allowance, in the fourth quarter of the previous year.
- Non-GAAP diluted net income per share was $1.50, compared to $1.18 in the fourth quarter of the previous fiscal year.
- Deferred revenue grew by 13% to $3.79 billion. Unbilled deferred revenue was $949 million, up $69 million from the fourth quarter of the previous year. Remaining performance obligations (RPO) increased by 12% to $4.74 billion. Current RPO increased by 15% to $3.14 billion.
- Cash flow from operating activities was $723 million, an increase of $65 million compared to the fourth quarter of the previous fiscal year. Free cash flow was $716 million, an increase of $82 million compared to the fourth quarter of the previous fiscal year.
In terms of geographical distribution, the Americas region contributed $488.7 million, reflecting an 18% increase compared to the previous fiscal year. Europe, Middle East, and Africa (EMEA) generated $474.5 million, representing a 16% increase. Asia-Pacific (APAC) posted $248.4 million, showing a 16% increase year-over-year.
Moreover, the company reported emerging economies revenue of $152.8 million, registering a 24% growth year-over-year.
For the full fiscal year 2022, total billings increased by 16% to $4.82 billion. Total revenue reached $4.39 billion, up 16% as reported and 14% on a constant currency basis. Recurring revenue accounted for 96% of the total. Design revenue totaled $3.87 billion, increasing by 15% as reported and 13% on a constant currency basis. Make revenue was $364 million, a 23% increase as reported and 21% on a constant currency basis. Subscription plan revenue was $4.16 billion, rising by 19% as reported and 18% on a constant currency basis. Maintenance plan revenue fell by 58% as reported and on a constant currency basis.
The business outlook for the first quarter and full fiscal year 2023 anticipates a projected annual effective tax rate of 12% for GAAP and 16% for non-GAAP results, respectively. The outlook considers the current economic and foreign exchange currency rate environment.
Autodesk will host a conference call today at 5 p.m. ET to discuss the results. A live webcast will be available at autodesk.com/investor, and a transcript will be published following the call. A replay will be available starting at 7 p.m. ET at the same website and will remain accessible for at least 12 months.
For further details, an investor presentation can be found at autodesk.com/investor.
Autodesk is transforming how the world is designed and built, empowering innovation across industries like architecture, engineering, construction, product design, manufacturing, and media and entertainment. To learn more, visit autodesk.com or follow @autodesk.
This press release contains forward-looking statements that involve risks and uncertainties. For more information on these risks, refer to the "Safe Harbor Statement" section below.
© 2022 Autodesk, Inc. All rights reserved.