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SAN RAFAEL, Calif., February 25, 2021 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK), a global leader in design and engineering software, today announced its financial results for the fourth quarter of fiscal 2021.
All growth rates mentioned are compared to the fourth quarter of fiscal 2020 unless otherwise specified. A detailed reconciliation of GAAP to non-GAAP results can be found in the accompanying tables. For further clarification, refer to the Glossary of Terms located later in this document.
**Fourth Quarter Fiscal 2021 Financial Highlights**
- Total revenue climbed 16% to $1.04 billion;
- GAAP operating margin improved to 18%, up 3 percentage points;
- Non-GAAP operating margin reached 30%, up 1 percentage point;
- GAAP diluted earnings per share (EPS) were $4.10, partly due to a $679 million deferred tax asset valuation allowance release; non-GAAP diluted EPS was $1.18;
- Operating cash flow stood at $658 million; free cash flow totaled $634 million.
"Our robust fiscal 2021 results underscore the growing importance of a cloud-based platform to our clients and the resilience of our subscription business model," remarked Andrew Anagnost, Autodesk's President and CEO. "With a record number of enterprise agreements signed in the fourth quarter and our recent announcement to acquire Innovyze, we are optimistic about the future and remain confident in reaching our fiscal 2023 targets and achieving double-digit growth thereafter."
**Additional Fourth Quarter Fiscal 2021 Financial Details**
- Total billings decreased 1% to $1.47 billion.
- Total revenue was $1.04 billion, representing an increase of 16% year-over-year on both an as-reported and constant currency basis. Recurring revenue accounted for 94% of total revenue.
- Design revenue amounted to $899 million, marking a 13% increase as reported and a 14% rise on a constant currency basis. Sequentially, Design revenue grew 6% on both an as-reported and constant currency basis.
- Make revenue reached $82 million, surging 28% year-over-year as reported and 27% on a constant currency basis. Sequentially, Make revenue rose 7% as reported and 6% on a constant currency basis.
- Subscription plan revenue hit $950 million, climbing 22% year-over-year on both an as-reported and constant currency basis. Sequentially, subscription plan revenue expanded 7% on both an as-reported and constant currency basis.
- Maintenance plan revenue fell to $30 million, down 62% year-over-year as reported and 61% on a constant currency basis. Sequentially, maintenance plan revenue dropped 24% as reported and 22% on a constant currency basis.
- Net revenue retention rate stayed within the 100 to 110% range.
- GAAP operating income stood at $184 million, compared to $134 million in the same period last year. GAAP operating margin improved to 18%, up 3 percentage points.
- Total non-GAAP operating income reached $315 million, compared to $259 million in the same period last year. Non-GAAP operating margin increased to 30%, up 1 percentage point.
- GAAP diluted net income per share came in at $4.10, compared to $0.59 in the same period last year, partly due to 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 same period last year.
- Deferred revenue increased 12% to $3.36 billion. Unbilled deferred revenue stood at $881 million, rising by $331 million compared to the fourth quarter of the previous year. Remaining performance obligations (RPO) jumped 19% to $4.24 billion. Current RPO climbed 16% 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 amounted to $634 million, down $50 million year-over-year.
**Fiscal 2021 Financial Highlights**
- Total billings decreased 1% to $4.14 billion.
- Total revenue reached $3.79 billion, marking a 16% increase as reported and 17% growth on a constant currency basis. Recurring revenue accounted for 97% of total revenue.
- Design revenue totaled $3.37 billion, registering a 15% increase as reported and 16% growth on a constant currency basis.
- Make revenue hit $296 million, surging 36% year-over-year on both an as-reported and constant currency basis.
- Subscription plan revenue climbed to $3.48 billion, up 26% year-over-year as reported and on a constant currency basis.
- Maintenance plan revenue dipped to $183 million, falling 53% year-over-year as reported and 51% on a constant currency basis.
- Total subscriptions increased by approximately 404,000 from fiscal 2020 to 5.27 million at the end of fiscal 2021. Adjusted for the multi-user trade-in, total subscriptions rose by approximately 186,000 from fiscal 2020 to 5.06 million.
- Subscription plan subscriptions surged by 679,000 from the end of fiscal 2020 to 5.15 million at the end of fiscal 2021.
- GAAP operating income reached $629 million, compared to $343 million last year. GAAP operating margin improved to 17%, up 6 percentage points.
- Total non-GAAP operating income hit $1.11 billion, compared to $803 million last year. Non-GAAP operating margin increased to 29%, up 5 percentage points.
- GAAP diluted net income per share stood at $5.44, compared to $0.96 last year, partly due to a $679 million deferred tax asset valuation allowance release.
- Non-GAAP diluted net income per share came in at $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.
Looking ahead, Autodesk remains optimistic about its future growth prospects despite the ongoing challenges posed by the global economy and industry shifts. With a solid foundation built on innovation and customer-centric solutions, the company is poised to continue delivering value to its shareholders and clients alike.