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Autodesk, Inc. Announces Fiscal 2022 Third Quarter Results
San Francisco, November 23, 2021 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) announced its financial results for the third quarter of fiscal 2022 today.
All growth rates are compared to the third 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.
**Third Quarter Fiscal 2022 Financial Highlights**
- Total revenue increased by 18% to $1,126 million.
- GAAP operating margin was 17%, down 1 percentage point.
- Non-GAAP operating margin was up 2 percentage points to 32%.
- GAAP diluted EPS was $0.61; Non-GAAP diluted EPS was $1.33.
- Cash flow from operating activities was $270 million; free cash flow was $257 million.
Andrew Anagnost, President and CEO of Autodesk, stated, "Our customers continue to embrace and prioritize digital transformation to drive growth, efficiency, and sustainability, generating strong demand for Autodesk’s platform. We are rapidly innovating and optimizing our business to enable more customers to experience our ecosystem and realize the opportunities ahead."
Debbie Clifford, CFO of Autodesk, added, "Demand was robust in Q3, driving strong new subscriptions growth and renewal rates. We expect it to remain so in Q4. However, supply chain disruption and resulting inflationary pressures, a global labor shortage, and the ebb and flow of COVID, are impacting the pace of our recovery and outlook."
**Additional Financial Details**
- Total billings increased 16% to $1,168 million.
- Total revenue was $1,126 million, an increase of 18% as reported, and 17% on a constant currency basis. Recurring revenue represents 97% of total.
- Design revenue was $994 million, an increase of 17% as reported, and 15% on a constant currency basis. On a sequential basis, Design revenue increased 5% as reported and on a constant currency basis.
- Make revenue was $94 million, an increase of 23% as reported and on a constant currency basis. On a sequential basis, Make revenue increased 5% as reported and on a constant currency basis.
- Subscription plan revenue was $1,071 million, an increase of 21% as reported, and 19% on a constant currency basis. On a sequential basis, subscription plan revenue increased 5% as reported and on a constant currency basis.
- Maintenance plan revenue was $18 million, a decrease of 56% as reported and on a constant currency basis. On a sequential basis, maintenance plan revenue increased 4% as reported, and 1% on a constant currency basis.
- Net revenue retention rate remained within the range of 100 to 110 percent.
- GAAP operating income was $193 million, compared to $168 million in the third quarter last year. GAAP operating margin was 17%, down 1 percentage point.
- Total non-GAAP operating income was $365 million, compared to $287 million in the third quarter last year. Non-GAAP operating margin was 32%, up 2 percentage points compared to the third quarter last year.
- GAAP diluted net income per share was $0.61, compared to $0.59 in the third quarter last year.
- Non-GAAP diluted net income per share was $1.33, compared to $1.04 in the third quarter last year.
- Deferred revenue increased 14% to $3.34 billion. Unbilled deferred revenue was $888 million, an increase of $239 million compared to the third quarter of last year. Remaining performance obligations (RPO) increased 18% to $4.23 billion. Current RPO increased 21% to $2.88 billion.
- Cash flow from operating activities was $270 million, a decrease of $91 million compared to the third quarter last year. Free cash flow was $257 million, a decrease of $83 million compared to the third quarter last year.
**Net Revenue by Geographic Area**
| Net Revenue | Three Months Ended October 31, 2021 | Three Months Ended October 31, 2020 | Change compared to prior fiscal year | Constant currency change compared to prior fiscal year |
|-------------|----------------------------------------|----------------------------------------|---------------------------------------|------------------------------------------------------|
| Americas | $461.9 million | $392.9 million | $69.0 million | 17% |
| EMEA | $433.2 million | $364.3 million | $68.9 million | 16% |
| APAC | $230.7 million | $195.2 million | $35.5 million | 17% |
| Total Net Revenue | $1,125.8 million | $952.4 million | $173.4 million | 17% |
**Net Revenue by Product Family**
| Product Family | Three Months Ended October 31, 2021 | Three Months Ended October 31, 2020 | Change compared to prior fiscal year | |
|----------------|----------------------------------------|----------------------------------------|---------------------------------------|----|
| AEC | $511.1 million | $419.4 million | $91.7 million | 22% |
| AutoCAD and AutoCAD LT | $318.4 million | $278.8 million | $39.6 million | 14% |
| MFG | $225.0 million | $194.1 million | $30.9 million | 16% |
| M&E | $63.0 million | $54.0 million | $9.0 million | 17% |
| Other | $8.3 million | $6.1 million | $2.2 million | 36% |
| Total Net Revenue | $1,125.8 million | $952.4 million | $173.4 million | 18% |
**Business Outlook**
Autodesk's business outlook for the fourth quarter and full-year fiscal 2022 takes into consideration the current economic environment and foreign exchange currency rate environment. A reconciliation between the fourth quarter and fiscal 2022 GAAP and non-GAAP estimates is provided below or in the tables following this press release.
**Fourth Quarter Fiscal 2022 Guidance**
- Revenue: $1,185 – $1,200 million
- EPS GAAP: $0.71 – $0.77
- EPS non-GAAP: $1.41 – $1.47
**Full Year Fiscal 2022 Guidance**
- Billings: $4,740 – $4,800 million (up 14% – 16%)
- Revenue: $4,360 – $4,375 million (up approx. 15%)
- GAAP operating margin: approx. 15%
- Non-GAAP operating margin: approx. 31%
- EPS GAAP: $2.54 – $2.60
- EPS non-GAAP: $4.98 – $5.04
- Free cash flow: $1,420 – $1,460 million
The fourth quarter and full-year fiscal 2022 outlook assumes a projected annual effective tax rate of 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 in various jurisdictions. Therefore, assumptions for the annual effective tax rate are evaluated regularly and may change based on the projected geographic mix of earnings.
**Earnings Conference Call and Webcast**
Autodesk will host its third quarter conference call today at 5 p.m. ET. The live broadcast can be accessed at 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. This replay will be maintained on Autodesk’s website for at least 12 months.
**Investor Presentation Details**
An investor presentation, excel financials and other supplemental materials providing additional information can be found at autodesk.com/investor.
To help better understand our financial performance, we use several key performance metrics including billings, recurring revenue and net revenue retention rate ("NR3"). These metrics are key performance metrics and should be viewed independently of revenue and deferred revenue. These metrics are not intended to be combined with those items. We use these metrics to monitor the strength of our recurring business. We believe these metrics are useful to investors because they can help in monitoring the long-term health of our business. Our determination and presentation of these metrics may differ from that of other companies. The presentation of these metrics is meant to be considered in addition to, not as a substitute for or in isolation from, 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:** Changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates.
- **Design Business:** Combination of maintenance, product subscriptions, and all 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:** Combination of products and services targeting a specific user objective.
- **Maintenance Plan:** Provides customers with a cost-effective and predictable budgetary option to obtain the productivity benefits of 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 revenue from consulting, training, and other products and services.
- **Product Subscription:** Provides customers a flexible, cost-effective way to access and manage 3D design, engineering, and entertainment software tools.
- **Recurring Revenue:** Consists of revenue from traditional maintenance plans and subscription plan offerings.
- **Remaining Performance Obligations (RPO):** 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.
- **Subscription Revenue:** Includes term-based product subscriptions, cloud service offerings, and flexible EBAs.
- **Unbilled Deferred Revenue:** Contractually stated or committed orders under early renewal and multi-year billing plans for subscription, services, and maintenance for which the associated deferred revenue has not been recognized.
**Safe Harbor Statement**
This press release contains forward-looking statements that involve risks and uncertainties. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our strategy to develop and introduce new products and services, exposing us to risks such as limited customer acceptance, costs related to product defects, and large expenditures; the effects of the COVID-19 pandemic and related public health measures; global economic and political conditions, including supply chain disruptions, resulting inflationary pressures and hiring conditions; costs and challenges associated with strategic acquisitions and investments; dependency on international revenue and operations, exposing us to significant international regulatory, economic, intellectual property, collections, currency exchange rate, taxation, political, and other risks; inability to predict subscription renewal rates and their impact on our future revenue and operating results; existing and increased competition and rapidly evolving technological changes; fluctuation of our financial results, key metrics and other operating metrics; deriving a substantial portion of our net revenue from a small number of solutions, including our AutoCAD-based software products and collections; any failure to successfully execute and manage initiatives to realign or introduce new business and sales initiatives; net revenue, billings, earnings, cash flow, or subscriptions shortfalls; social and ethical issues relating to the use of artificial intelligence in our offerings; security incidents or other incidents compromising the integrity of our or our customers’ offerings, services, data, or intellectual property; reliance on third parties to provide us with a number of operational and technical services as well as software; our highly complex software, which may contain undetected errors, defects, or vulnerabilities; increasing regulatory focus on privacy issues and expanding laws; governmental export and import controls that could impair our ability to compete in international markets or subject us to liability if we violate the controls; protection of our intellectual property rights and intellectual property infringement claims from others; the government procurement process; fluctuations in currency exchange rates; our debt service obligations; and our investment portfolio consisting of a variety of investment vehicles that are subject to interest rate trends, market volatility, and other economic factors. Our estimates as to tax rate are based on current tax law, including current interpretations of the Tax Cuts and Jobs Act, and could be affected by changing interpretations of that Act, as well as additional legislation and guidance around that Act.
Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk’s Form 10-K and subsequent forms 10-Q, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
**About Autodesk**
Autodesk makes software for people who make things. If you’ve ever driven a high-performance car, admired a towering skyscraper, used a smartphone, or watched a great film, chances are you’ve experienced what millions of Autodesk customers are doing with our software. Autodesk gives you the power to make anything. For more information, visit 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 for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts.
**Disclaimer**
Autodesk, AutoCAD, AutoCAD LT, BIM 360 and Fusion 360 are registered trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and service offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.
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