AUTODESK, INC. ANNOUNCES FISCAL 2022 FOURTH QUARTER AND FULL-YEAR RESULTS
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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 can be found in the accompanying tables. For definitions, please refer to the Glossary of Terms later in this document.
**Fourth Quarter Fiscal 2022 Financial Highlights**
- Total revenue increased by 17% to $1.21 billion;
- GAAP operating margin stood at 12%, down 6 percentage points, including lease-related charges of $104 million;
- Non-GAAP operating margin rose to 35%, up 5 percentage points;
- GAAP diluted EPS was $0.40, impacted negatively by $0.47 due to lease-related charges; non-GAAP diluted EPS was $1.50;
- Operating cash flow was $723 million; free cash flow reached $716 million.
“By delivering greater value to our customers via the cloud and guiding them toward innovative ways of working, we’re fostering enduring partnerships and shared growth,†said Andrew Anagnost, President and CEO of Autodesk. “With consistent investments in technology and talent, along with the evolution of our business model and customer experience, I am excited and optimistic about Autodesk's future.â€
“Strong renewal rates, robust growth in subscriptions, and rapidly expanding digital sales led to record-breaking fourth quarter and full-year revenue, non-GAAP operating margins, and free cash flow,†noted Debbie Clifford, Autodesk’s CFO. “Our strong momentum and competitive performance in FY22 position us well for FY23.â€
**Fourth Quarter Fiscal 2022 Additional Financial Details**
- Total billings increased by 13% to $1.66 billion.
- Total revenue was $1.21 billion, representing a 17% increase as reported and 15% on a constant currency basis. Recurring revenue accounted for 94% of total revenue.
- Design revenue was $1.05 billion, rising by 16% as reported and 14% on a constant currency basis. Sequentially, Design revenue grew by 5% both as reported and on a constant currency basis.
- Make revenue was $99 million, climbing by 21% as reported and on a constant currency basis. Sequentially, Make revenue increased by 5% as reported and on a constant currency basis.
- Subscription plan revenue was $1.12 billion, growing 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, declining by 25% as reported and 28% on a constant currency basis. Sequentially, maintenance plan revenue increased by 29% as reported and 27% on a constant currency basis.
- Net revenue retention rate remained within the 100-110% range.
- 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 a deferred tax asset valuation allowance release, in the fourth quarter of the prior fiscal year.
- Non-GAAP diluted net income per share was $1.50, compared to $1.18 in the fourth quarter of the prior fiscal year.
- Deferred revenue increased by 13% to $3.79 billion. Unbilled deferred revenue was $949 million, up $69 million compared to the fourth quarter of the previous fiscal year. Remaining performance obligations (RPO) grew 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.
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The comprehensive financial details for Autodesk's fourth quarter and fiscal year-end 2022 highlight the company's strong performance across multiple key metrics. This growth underscores the company's commitment to innovation and customer satisfaction. Stay tuned for further updates on Autodesk's strategic initiatives and future projections.