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SAN RAFAEL, Calif., February 25, 2021 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) 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 reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For further details, please refer to the Glossary of Terms located later in this document.
**Fourth Quarter Fiscal 2021 Financial Highlights**
- Total revenue increased by 16% to $1.04 billion;
- GAAP operating margin improved to 18%, up 3 percentage points;
- Non-GAAP operating margin reached 30%, an increase of 1 percentage point;
- GAAP diluted EPS was $4.10, partly due to a $679 million deferred tax asset valuation allowance release; non-GAAP diluted EPS was $1.18;
- Operating cash flow was $658 million; free cash flow stood at $634 million.
"Our strong fiscal 2021 results underscore the growing significance of a cloud-based platform for our customers and the resilience of our subscription business model," said Andrew Anagnost, President and CEO of Autodesk. "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 our fiscal 2023 targets and double-digit growth thereafter."
**Additional Fourth Quarter Fiscal 2021 Financial Details**
- Total billings decreased by 1% to $1.47 billion.
- Total revenue was $1.04 billion, an increase of 16% as reported and on a constant currency basis. Recurring revenue accounted for 94% of total revenue.
- Design revenue was $899 million, up 13% as reported and 14% on a constant currency basis. Sequentially, Design revenue grew 6% both as reported and on a constant currency basis.
- Make revenue was $82 million, an increase of 28% 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 was $950 million, up 22% as reported and on a constant currency basis. Sequentially, subscription plan revenue increased 7% as reported and on a constant currency basis.
- Maintenance plan revenue was $30 million, down 62% as reported and 61% on a constant currency basis. Sequentially, maintenance plan revenue fell 24% as reported and 22% on a constant currency basis.
- Net revenue retention rate remained within the range of 100 to 110 percent.
- GAAP operating income was $184 million, compared to $134 million in the fourth quarter of the previous year. GAAP operating margin was 18%, up 3 percentage points.
- Total non-GAAP operating income was $315 million, compared to $259 million in the fourth quarter of the previous year. Non-GAAP operating margin was 30%, up 1 percentage point.
- GAAP diluted net income per share was $4.10, compared to $0.59 in the fourth quarter 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 fourth quarter last year.
- Deferred revenue increased by 12% 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 by 19% to $4.24 billion. Current RPO increased by 16% to $2.74 billion.
- Operating cash flow 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.
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**Fiscal 2021 Financial Highlights**
- Total billings decreased by 1% to $4.14 billion.
- Total revenue was $3.79 billion, an increase of 16% as reported and 17% on a constant currency basis. Recurring revenue accounted for 97% of total revenue.
- Design revenue was $3.37 billion, an increase of 15% as reported and 16% on a constant currency basis.
- Make revenue was $296 million, an increase of 36% as reported and on a constant currency basis.
- Subscription plan revenue was $3.48 billion, an increase of 26% as reported and 27% on a constant currency basis.
- Maintenance plan revenue was $183 million, a decrease of 53% 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. Total subscriptions adjusted for the multi-user trade-in increased by approximately 186,000 from fiscal 2020 to 5.06 million.
- Subscription plan subscriptions increased by 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%, 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%, up 5 percentage points.
- GAAP diluted net income per share was $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 was $4.05, compared to $2.79 last year.
- Operating cash flow from 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.
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**Business Outlook**
The following forward-looking statements are based on current expectations and assumptions and involve risks and uncertainties. Some of these risks are outlined below under “Safe Harbor Statement.†Autodesk’s business outlook for the first quarter and full-year fiscal 2022 considers the current economic environment and foreign exchange currency rate conditions. A reconciliation between the fiscal 2022 GAAP and non-GAAP estimates is provided below or in the tables later in this document.
**First Quarter Fiscal 2022**
| Metric | Q1 FY22 Guidance (April 30, 2021) |
|----------------------------|------------------------------------|
| Revenue (in millions) | $955 – $970 |
| EPS GAAP | $0.39 – $0.44 |
| EPS Non-GAAP | $0.91 – $0.96 |
**Full-Year Fiscal 2022**
| Metric | FY22 Guidance (January 31, 2022) |
|----------------------------|----------------------------------|
| Billings (in millions) | $4,850 – $4,975 |
| Revenue (in millions) | $4,265 – $4,345 |
| GAAP Operating Margin | 17% – 18% |
| Non-GAAP Operating Margin | 31% – 32% |
| EPS GAAP | $2.39 – $2.69 |
| EPS Non-GAAP | $4.78 – $5.08 |
| Free Cash Flow (in millions)| $1,575 – $1,650 |
The first quarter and full-year fiscal 2022 outlook assumes a projected annual effective tax rate of 18% and 16% 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 across various jurisdictions. Therefore, assumptions for the annual effective tax rate are regularly evaluated 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](http://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](http://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](http://autodesk.com/investor).
**Key Performance Metrics**
To 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 essential for monitoring the strength of our recurring business. We believe these metrics are useful to investors as they help in monitoring the long-term health of our business. Our determination and presentation of these metrics may differ from those of other companies. These metrics are meant to be considered alongside, not as substitutes for, 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:** Attempt to represent the changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates.
- **Design Business:** Includes maintenance, product subscriptions, and all Enterprise Business Agreements (EBAs).
- **Enterprise Business Agreements (EBAs):** 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:** Combines products and services targeting specific user objectives and supporting workflows for those objectives.
- **Maintenance Plan:** Provides customers with cost-effective access to new releases and enhancements.
- **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 consulting, training, and other services recognized over time as the services are performed.
- **Product Subscription:** Offers customers a flexible, cost-effective way to access design, engineering, and entertainment software tools.
- **Recurring Revenue:** Consists of revenue from traditional maintenance plans and subscription plan offerings.
- **Remaining Performance Obligations:** 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 term-based product subscriptions, cloud service offerings, and EBAs.
**Safe Harbor Statement**
This press release contains forward-looking statements that involve risks and uncertainties. These include statements from management, statements under “Business Outlook,†and other statements about our short-term and long-term goals. Actual results may differ materially from those stated due to various factors, including failure to achieve revenue and profitability objectives, challenges in managing transitions to new business models, and difficulties in predicting revenue from new businesses.
For a detailed list of potential factors, please refer to Autodesk's reports on Form 10-K and Form 10-Q, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims any obligation to update these forward-looking statements to reflect events occurring or circumstances existing after the date on which they were made.
**About Autodesk**
Autodesk makes software for people who make things. From high-performance cars to towering skyscrapers, smartphones to great films, millions of Autodesk customers experience what our software enables. For more information, visit [autodesk.com](http://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 complying with its disclosure obligations under Regulation FD. Therefore, you should monitor our investor relations website in addition to following our press releases, SEC filings, and public conference calls and webcasts.
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