All growth rates are compared to the fourth quarter and full year of fiscal 2021 unless otherwise noted. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For definitions, please view the Glossary of Terms later in this document.
Fourth Quarter Fiscal 2022 Financial Highlights
- Total revenue increased 17 percent to $1.21 billion;
- GAAP operating margin was 12 percent, down 6 percentage points, including lease-related charges of $104 million;
- Non-GAAP operating margin was 35 percent, up 5 percentage points;
- GAAP diluted EPS was $0.40, including a $0.47 negative impact of lease-related charges; non-GAAP diluted EPS was $1.50;
- Cash flow from operating activities was $723 million; free cash flow was $716 million.
“By delivering greater value to our customers through the cloud and leading them to new ways of working, we are building enduring partnerships and shared growth,” said Andrew Anagnost, Autodesk president and CEO. “With consistent investment in technology and talent, and the evolution of our business model and customer experience, I’m excited and optimistic about Autodesk’s future.”
“Robust renewal rates, strong growth in subscriptions, and rapidly expanding digital sales resulted in record fourth quarter and full-year revenue, non-GAAP operating margins, and free cash flow,” said Debbie Clifford, Autodesk CFO. “Our strong momentum and competitive performance in FY22 set us up well for FY23.”
Fourth Quarter Fiscal 2022 Additional Financial Details
- Total billings increased 13 percent to $1.66 billion.
- Total revenue was $1.21 billion, an increase of 17 percent as reported, and 15 percent on a constant currency basis. Recurring revenue represents 94 percent of total.
- Design revenue was $1.05 billion, an increase of 16 percent as reported, and 14 percent on a constant currency basis. On a sequential basis, Design revenue increased 5 percent as reported and on a constant currency basis.
- Make revenue was $99 million, an increase of 21 percent as reported and on a constant currency basis. On a sequential basis, Make revenue increased 5 percent as reported and on a constant currency basis.
- Subscription plan revenue was $1.12 billion, an increase of 18 percent as reported, and 16 percent on a constant currency basis. On a sequential basis, subscription plan revenue increased 5 percent as reported and on a constant currency basis.
- Maintenance plan revenue was $23 million, a decrease of 25 percent as reported, and 28 percent on a constant currency basis. On a sequential basis, maintenance plan revenue increased 29 percent as reported, and 27 percent on a constant currency basis.
- Net revenue retention rate was 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 fourth quarter last year. GAAP operating margin was 12 percent, down 6 percentage points.
- Total non-GAAP operating income was $422 million, compared to $315 million in the fourth quarter last year. Non-GAAP operating margin was 35 percent, up 5 percentage points.
- GAAP diluted net income per share was $0.40, including $0.47 negative impact of lease-related charges, compared to $4.10, including $3.05 positive impact of a deferred tax asset valuation allowance release, in the fourth quarter last year.
- Non-GAAP diluted net income per share was $1.50, compared to $1.18 in the fourth quarter last year.
- Deferred revenue increased 13 percent to $3.79 billion. Unbilled deferred revenue was $949 million, an increase of $69 million compared to the fourth quarter of last year. Remaining performance obligations (RPO) increased 12 percent to $4.74 billion. Current RPO increased 15 percent to $3.14 billion.
- Cash flow from operating activities was $723 million, an increase of $65 million compared to the fourth quarter last year. Free cash flow was $716 million, an increase of $82 million compared to the fourth quarter last year.
| Net Revenue by Geographic Area | |||||||||
| Three Months Ended January 31, 2022 | Three Months Ended January 31, 2021 | Change compared toprior fiscal year | Constant currency change compared to prior fiscal year | ||||||
| (In millions, except percentages) | $ | % | % | ||||||
| Net Revenue: | |||||||||
| Americas | |||||||||
| U.S. | $ 402.1 | $ 343.2 | $ 58.9 | 17% | * | ||||
| Other Americas | 86.6 | 72.6 | 14.0 | 19% | * | ||||
| Total Americas | 488.7 | 415.8 | 72.9 | 18% | 17% | ||||
| EMEA | 474.5 | 408.8 | 65.7 | 16% | 12% | ||||
| APAC | 248.4 | 214.6 | 33.8 | 16% | 16% | ||||
| Total Net Revenue | $ 1,211.6 | $ 1,039.2 | $ 172.4 | 17% | 15% | ||||
| Emerging Economies | $ 152.8 | $ 123.2 | $ 29.6 | 24% | 24% |
| ____________________ |
| *Constant currency data not provided at this level. |
| Net Revenue by Product Family | |||||||
| Our product offerings are focused in four primary product families: Architecture, Engineering and Construction (“AEC”), AutoCAD and AutoCAD LT, Manufacturing (“MFG”), and Media and Entertainment (“M&E”). | |||||||
| Three Months Ended | Change compared toprior fiscal year | ||||||
| (In millions, except percentages) | January 31, 2022 | January 31, 2021 | $ | % | |||
| AEC | $ 527.5 | $ 449.5 | $ 78.0 | 17% | |||
| AutoCAD and AutoCAD LT | 345.1 | 286.5 | 58.6 | 20% | |||
| MFG | 246.0 | 236.1 | 9.9 | 4% | |||
| M&E | 82.4 | 59.5 | 22.9 | 38% | |||
| Other | 10.6 | 7.6 | 3.0 | 39% | |||
| $ 1,211.6 | $ 1,039.2 | $ 172.4 | 17% |
Fiscal 2022 Financial Highlights
- Total billings increased 16 percent to $4.82 billion.
- Total revenue was $4.39 billion, an increase of 16 percent as reported, and 14 percent on a constant currency basis. Recurring revenue represents 96 percent of total.
- Design revenue was $3.87 billion, an increase of 15 percent as reported, and 13 percent on a constant currency basis.
- Make revenue was $364 million, an increase of 23 percent as reported, and 21 percent on a constant currency basis.
- Subscription plan revenue was $4.16 billion, an increase of 19 percent as reported, and 18 percent on a constant currency basis.
- Maintenance plan revenue was $76 million, a decrease of 58 percent as reported and on a constant currency basis.
- Total subscriptions increased approximately 767 thousand from fiscal 2021 to 6.04 million at the end of fiscal 2022. Total subscriptions adjusted for the multi-user trade-in increased approximately 595 thousand from fiscal 2021 to 5.65 million.
- Subscription plan subscriptions increased 871 thousand from the end of fiscal 2021 to 6.02 million at the end of fiscal 2022.
- GAAP operating income was $618 million, including lease-related charges of $104 million, compared to $629 million last year. GAAP operating margin was 14 percent, down 3 percentage points.
- Total non-GAAP operating income was $1.40 billion compared to $1.11 billion last year. Non-GAAP operating margin was 32 percent, up 3 percentage points.
- GAAP diluted net income per share was $2.24, including $0.47 negative impact of lease-related charges, compared to $5.44, including $3.06 positive impact of a deferred tax asset valuation allowance release, last year.
- Non-GAAP diluted net income per share was $5.07, compared to $4.05 last year.
- Cash flow from operating activities increased to $1.53 billion, compared to $1.44 billion in fiscal 2021. Free cash flow increased to $1.48 billion, compared to $1.35 billion in fiscal 2021.
| Net Revenue by Geographic Area |
| Fiscal Year Ended January 31, 2022 | Fiscal Year Ended January 31, 2021 | Change compared toprior fiscal year | Constant currency change compared to prior fiscal year | ||||||
| (In millions, except percentages) | $ | % | % | ||||||
| Net Revenue: | |||||||||
| Americas | |||||||||
| U.S. | $ 1,456.5 | $ 1,281.8 | $ 174.7 | 14% | * | ||||
| Other Americas | 308.6 | 260.6 | 48.0 | 18% | * | ||||
| Total Americas | 1,765.1 | 1,542.4 | 222.7 | 14% | 14% | ||||
| EMEA | 1,700.4 | 1,472.6 | 227.8 | 15% | 12% | ||||
| APAC | 920.9 | 775.4 | 145.5 | 19% | 17% | ||||
| Total Net Revenue | $ 4,386.4 | $ 3,790.4 | $ 596.0 | 16% | 14% | ||||
| Emerging Economies | $ 546.4 | $ 463.2 | $ 83.2 | 18% | 17% |
| ________________ |
| *Constant currency data not provided at this level. |
| Net Revenue by Product Family | |||||||
| Our product offerings are focused in four primary product families: AEC, AutoCAD and AutoCAD LT, MFG, and M&E. | |||||||
| Fiscal Year Ended | Change compared toprior fiscal year | ||||||
| (In millions, except percentages) | January 31, 2022 | January 31, 2021 | $ | % | |||
| AEC | $ 1,959.9 | $ 1,648.6 | $ 311.3 | 19% | |||
| AutoCAD and AutoCAD LT | 1,253.0 | 1,099.4 | 153.6 | 14% | |||
| MFG | 876.0 | 798.6 | 77.4 | 10% | |||
| M&E | 258.9 | 219.4 | 39.5 | 18% | |||
| Other | 38.6 | 24.4 | 14.2 | 58% | |||
| $ 4,386.4 | $ 3,790.4 | $ 596.0 | 16% |
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 2023 takes into consideration the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2023 GAAP and non-GAAP estimates is provided below or in the tables later in this document.
| First Quarter Fiscal 2023 |
| Q1 FY23 Guidance Metrics | Q1 FY23 (ending April 30, 2022) |
| Revenue (in millions) | $1,145 – $1,160 |
| EPS GAAP | $0.66 – $0.72 |
| EPS non-GAAP (1) | $1.30 – $1.36 |
| ________________ |
| (1) Non-GAAP earnings per diluted share excludes $0.65 related to stock-based compensation expense, $0.10 for the amortization of purchased intangibles, $0.03 for lease-related asset impairments and other charges, $0.02 for acquisition-related costs, partially offset by ($0.16) related to GAAP-only tax charges. |
| Full-Year Fiscal 2023 |
| FY23 Guidance Metrics | FY23 (ending January 31, 2023) |
| Billings (in millions) (1) | $5,875 – $6,025Up 22% – 25% |
| Revenue (in millions) (2) | $5,020 – $5,120Up 14% – 17% |
| GAAP operating margin | Approx 21% |
| Non-GAAP operating margin (3) | Approx 37% |
| EPS GAAP | $3.74 – $4.11 |
| EPS non-GAAP (4) | $6.46 – $6.83 |
| Free cash flow (in millions) (5) | $2,130 – $2,210 |
| ________________ |
| (1) Excluding the approximately $85 million impact of foreign currency exchange rates and hedge gains/losses, billings guidance would be $5,960 – $6,110 million. |
| (2) Excluding the approximately $50 million impact of foreign currency exchange rates and hedge gains/losses, revenue guidance would be $5,070 – $5,170 million. |
| (3) Non-GAAP operating margin excludes approximately 13% related to stock-based compensation expense, approximately 2% for the amortization of purchased intangibles, less than 1% related to acquisition-related costs, and less than 1% related to lease-related asset impairments and other charges. |
| (4) Non-GAAP earnings per diluted share excludes $2.94 related to stock-based compensation expense, $0.41 for the amortization of purchased intangibles, $0.08 related to lease-related asset impairments and other charges, and $0.03 related to acquisition-related costs, partially offset by ($0.74) related to GAAP-only tax charges. |
| (5) Free cash flow is cash flow from operating activities less approximately $55 million of capital expenditures. |
The first quarter and full-year fiscal 2023 outlook assume a projected annual effective tax rate of 12 percent for GAAP and 16 percent for 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.