- Revenue and Current Remaining Performance Obligations Accelerate, Increasing 16% to $1,060 million and 24% to $2,854 million, Respectively, Driven by Strength in New Business and Resilient Subscription Model

SAN FRANCISCO, Aug. 25, 2021 — (PRNewswire) — Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the second quarter of fiscal 2022.

All growth rates are compared to the second quarter 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.

Second Quarter Fiscal 2022 Financial Highlights

• Total revenue increased 16 percent to $1,060 million;
• GAAP operating margin was 14 percent, down 2 percentage points;
• Non-GAAP operating margin was up 2 percentage points to 31 percent;
• GAAP diluted EPS was $0.52; Non-GAAP diluted EPS was $1.21;
• Cash flow from operating activities was $202 million; free cash flow was $186 million.

"Sustained and purposeful innovation to enable digital transformation in the industries we serve is changing our relationship with our customers from software vendor to strategic partner," said Andrew Anagnost, Autodesk president and CEO. "And that is enabling us to create more value through end-to-end, cloud-based solutions that connect data and workflows, and power business model evolution. By helping our customers grow, we will grow too, giving us confidence in our FY 23 goals and beyond."

"Robust growth in new product subscriptions, accelerating digital sales, and improving subscription renewal rates drove our strong second quarter results," said Debbie Clifford, Autodesk CFO. "Our strong start to the year means we are raising our FY22 revenue and margin guidance and shifting more of our EBA customers from multi-year paid up front to annual billings, benefiting both our customers and Autodesk."

Additional Financial Details

• Total billings increased 29 percent to $1,015 million.
• Total revenue was $1,060 million, an increase of 16 percent as reported, and 14 percent on a constant currency basis. Recurring revenue represents 98 percent of total.
• Design revenue was $944 million, an increase of 15 percent as reported, and 13 percent on a constant currency basis. On a sequential basis, Design revenue increased 7 percent as reported, and 6 percent on a constant currency basis.
• Make revenue was $90 million, an increase of 26 percent as reported, and 25 percent on a constant currency basis. On a sequential basis, Make revenue increased 10 percent as reported, and 9 percent on a constant currency basis.
• Subscription plan revenue was $1,017 million, an increase of 21 percent as reported, and 19 percent 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 $17 million, a decrease of 67 percent as reported and on a constant currency basis. On a sequential basis, maintenance plan revenue decreased 12 percent as reported, and 13 percent on a constant currency basis.
• Net revenue retention rate was within the range of 100 to 110 percent.
• GAAP operating income was $148 million, compared to $146 million in the second quarter last year. GAAP operating margin was 14 percent, down 2 percentage points.
• Total non-GAAP operating income was $331 million, compared to $262 million in the second quarter last year. Non-GAAP operating margin was 31 percent, up 2 percentage points compared to the second quarter last year.
• GAAP diluted net income per share was $0.52, compared to $0.44 in the second quarter last year.
• Non-GAAP diluted net income per share was $1.21, compared to $0.98 in the second quarter last year.
• Deferred revenue increased 15 percent to $3.30 billion. Unbilled deferred revenue was $843 million, an increase of $375 million compared to the second quarter of last year. Remaining performance obligations (RPO) increased 24 percent to $4.14 billion. Current RPO increased 24 percent to $2.85 billion.
• Cash flow from operating activities was $202 million, an increase of $111 million compared to the second quarter last year. Free cash flow was $186 million, an increase of $122 million compared to the second quarter last year.

 

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