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Autodesk, Inc. Announces Fiscal 2021 Fourth Quarter And Full-Year Results
SAN RAFAEL, Calif., Feb. 25, 2021 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) announced its financial results for the fourth quarter of fiscal 2021.
The company reported a strong performance, driven by increased demand for cloud-based solutions and the resilience of its subscription model. The results reflect the growing importance of digital transformation across industries.
Key highlights from the fourth quarter include:
- Total revenue reached $1.04 billion, an increase of 16% compared to the same period last year.
- GAAP operating margin improved to 18%, up 3 percentage points from the previous year.
- Non-GAAP operating margin was 30%, up 1 percentage point.
- GAAP diluted EPS was $4.10, partly due to a $679 million release of a deferred tax asset valuation allowance. Non-GAAP diluted EPS was $1.18.
- Cash flow from operations was $658 million, with free cash flow at $634 million.
Andrew Anagnost, President and CEO of Autodesk, stated, "Our strong fiscal 2021 results highlight the increasing significance of our cloud-based platform to customers. With a record number of enterprise agreements and the recent announcement of the acquisition of Innovyze, we are optimistic about our future and confident in meeting our targets for fiscal 2023 and beyond."
Additional details on the fourth quarter include:
- Total billings decreased by 1% to $1.47 billion.
- Recurring revenue accounted for 94% of total revenue.
- Design revenue rose 13% to $899 million.
- Make revenue grew 28% to $82 million.
- Subscription plan revenue increased 22% to $950 million.
- Maintenance plan revenue declined by 62% to $30 million.
- Net revenue retention rate remained within the range of 100 to 110 percent.
- Deferred revenue increased 12% to $3.36 billion.
- Free cash flow decreased slightly to $634 million.
Autodesk also provided insights into geographic performance, with the Americas contributing significantly to revenue, followed by EMEA and APAC. The company's product families, including AEC, AutoCAD, MFG, and M&E, all showed growth, highlighting the strength of their diverse portfolio.
Looking ahead, Autodesk has issued guidance for the first quarter and full-year fiscal 2022, taking into account the current economic environment and foreign exchange rates. The company expects continued growth, with projected increases in revenue and earnings per share.
In addition, Autodesk will host a conference call today at 5 p.m. ET to discuss these results and provide further insights into its strategic direction. Investors can access the live broadcast at autodesk.com/investor, with a transcript available afterward.
The company also shared key performance metrics such as billings, recurring revenue, net revenue retention rate, and subscriptions, which are essential for understanding the health of its business. These metrics are used alongside traditional financial measures to provide a comprehensive view of performance.
Autodesk remains committed to innovation and delivering value to its customers, partners, and shareholders. The company continues to invest in research and development, expand its global presence, and enhance its cloud offerings to meet the evolving needs of the market.
For more information on Autodesk's financials, visit autodesk.com/investor or follow @autodesk on social media.