Autodesk, Inc. Announces Fiscal 2021 Fourth Quarter And Full-Year Results

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  • Fiscal 2021 Revenue Increased 16% to $3.8 Billion Driven by Strong Enterprise and Cloud-Based Sales, and Resilient SaaS Model
  • Remaining Performance Obligations (RPO) and Current RPO Grew by 19% and 16% Year Over Year, Respectively
  • Debbie Clifford Appointed as Chief Financial Officer, Effective March 8, 2021, and Raji Arasu as Chief Technology Officer, Effective April 19,

Autodesk Inc. today reported financial results for the fourth quarter of fiscal 2021.

Fourth Quarter Fiscal 2021 Financial Highlights

  • Total revenue increased 16 percent to $1.04 billion;
  • GAAP operating margin was 18 percent, up 3 percentage points;
  • Non-GAAP operating margin was 30 percent, up 1 percentage point.
  • GAAP diluted EPS was $4.10, in part reflecting a $679 million deferred tax asset valuation allowance release; non-GAAP diluted EPS was $1.18;
  • Cash flow from operating activities was $658 million; free cash flow was $634 million.

Comment:

“Our strong fiscal 2021 results reflect the increasing importance of a cloud-based platform to our customers and the resilience of our subscription business model,” said Andrew Anagnost, Autodesk president and CEO. “With a record number of enterprise agreements in the fourth quarter and recently announced intention to acquire Innovyze, we are looking to the future with optimism and remain confident in our fiscal 2023 targets and double-digit growth thereafter.”

Fourth Quarter Fiscal 2021 Additional Financial Details

  • Total billings decreased 1 percent to $1.47 billion.
  • Total revenue was $1.04 billion, an increase of 16 percent as reported and on a constant currency basis. Recurring revenue represents 94 percent of total.
  • Design revenue was $899 million, an increase of 13 percent as reported, and 14 percent on a constant currency basis. On a sequential basis, Design revenue increased 6 percent as reported and on a constant currency basis.
  • Make revenue was $82 million, an increase of 28 percent as reported, and 27 percent on a constant currency basis. On a sequential basis, Make revenue increased 7 percent as reported, and 6 percent on a constant currency basis.
  • Subscription plan revenue was $950 million, an increase of 22 percent as reported and on a constant currency basis. On a sequential basis, subscription plan revenue increased 7 percent as reported and on a constant currency basis.
  • Maintenance plan revenue was $30 million, a decrease of 62 percent as reported, and 61 percent on a constant currency basis. On a sequential basis, maintenance plan revenue decreased 24 percent as reported, and 22 percent on a constant currency basis.
  • Net revenue retention rate was within the range of 100 to 110 percent.
  • GAAP operating income was $184 million, compared to $134 million in the fourth quarter last year. GAAP operating margin was 18 percent, up 3 percentage points.
  • Total non-GAAP operating income was $315 million, compared to $259 million in the fourth quarter last year. Non-GAAP operating margin was 30 percent, up 1 percentage point.
  • GAAP diluted net income per share was $4.10, compared to $0.59 in the fourth quarter last year, in part reflecting a $679 million deferred tax asset valuation allowance release.
  • Non-GAAP diluted net income per share was $1.18, compared to $0.92 in the fourth quarter last year.
  • Deferred revenue increased 12 percent to $3.36 billion. Unbilled deferred revenue was $881 million, an increase of $331 million compared to the fourth quarter of last year. Remaining performance obligations (RPO) increased 19 percent to $4.24 billion. Current RPO increased 16 percent to $2.74 billion.
  • Cash flow from operating activities was $658 million, a decrease of $41 million compared to the fourth quarter last year. Free cash flow was $634 million, a decrease of $50 million compared to the fourth quarter last year.

Fiscal 2021 Financial Highlights

  • Total billings decreased 1 percent to $4.14 billion.
  • Total revenue was $3.79 billion, an increase of 16 percent as reported, and 17 percent on a constant currency basis. Recurring revenue represents 97 percent of total.
  • Design revenue was $3.37 billion, an increase of 15 percent as reported, and 16 percent on a constant currency basis.
  • Make revenue was $296 million, an increase of 36 percent as reported and on a constant currency basis.
  • Subscription plan revenue was $3.48 billion, an increase of 26 percent as reported, and 27 percent on a constant currency basis.
  • Maintenance plan revenue was $183 million, a decrease of 53 percent as reported, and 51 percent on a constant currency basis.
  • Total subscriptions increased approximately 404,000 from fiscal 2020 to 5.27 million at the end of fiscal 2021. Total subscriptions adjusted for the multi-user trade-in increased approximately 186,000 from fiscal 2020 to 5.06 million.
  • Subscription plan subscriptions increased 679,000 from the end of fiscal 2020 to 5.15 million at the end of fiscal 2021.
  • GAAP operating income was $629 million compared to $343 million last year. GAAP operating margin was 17 percent, up 6 percentage points.
  • Total non-GAAP operating income was $1.11 billion compared to $803 million last year. Non-GAAP operating margin was 29 percent, up 5 percentage points.
  • GAAP diluted net income per share was $5.44, compared to $0.96 last year, in part reflecting a $679 million deferred tax asset valuation allowance release.
  • Non-GAAP diluted net income per share was $4.05, compared to $2.79 last year.
  • Cash flow from operating activities increased to $1.44 billion, compared to $1.42 billion in fiscal 2020. Free cash flow decreased to $1.35 billion, compared to $1.36 billion in fiscal 2020.

Business Outlook

The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties, some of which are set forth below under “Safe Harbor Statement.” Autodesk’s business outlook for the first quarter and full-year fiscal 2022 takes into consideration the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2022 GAAP and non-GAAP estimates is provided below or in the tables later in this document.

The first quarter and full-year fiscal 2022 outlook assume a projected annual effective tax rate of 18 percent and 16 percent for GAAP and 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.

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