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SAN RAFAEL, Calif., Feb. 25, 2021 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) has announced its financial results for the fourth quarter of fiscal 2021. The company reported strong performance, highlighting the growing importance of cloud-based platforms and the resilience of its subscription model.
Autodesk's CEO, Andrew Anagnost, emphasized that the results reflect the increasing value customers place on cloud solutions and the effectiveness of their subscription business. With a record number of enterprise agreements and plans to acquire Innovyze, the company is optimistic about its future prospects and remains confident in its long-term goals.
Financial Highlights for Q4 2021:
- Total revenue increased by 16% to $1.04 billion.
- GAAP operating margin rose to 18%, up 3 percentage points.
- Non-GAAP operating margin reached 30%, up 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.
- Cash flow from operations was $658 million, with free cash flow at $634 million.
Additional Financial Details:
- Total billings decreased by 1% to $1.47 billion.
- Recurring revenue accounted for 94% of total revenue.
- Design revenue grew by 13% as reported and 14% on a constant currency basis.
- Make revenue increased by 28% as reported and 27% on a constant currency basis.
- Subscription plan revenue rose by 22% both as reported and on a constant currency basis.
- Maintenance plan revenue dropped by 62% as reported and 61% on a constant currency basis.
- Net revenue retention rate remained between 100 to 110 percent.
- GAAP operating income was $184 million, compared to $134 million in the same period last year.
- Non-GAAP operating income was $315 million, up from $259 million in the previous year.
- GAAP diluted net income per share was $4.10, compared to $0.59 in the prior year.
- Non-GAAP diluted net income per share was $1.18, an increase from $0.92 in the previous year.
- Deferred revenue increased by 12% to $3.36 billion.
- Free cash flow was $634 million, down slightly from $684 million in the previous quarter.
Geographic Revenue Breakdown:
- Americas revenue increased by 14% to $415.8 million.
- EMEA revenue grew by 13% to $408.8 million.
- APAC revenue rose by 23% to $214.6 million.
- Total net revenue reached $1.04 billion, showing a 16% growth compared to the previous year.
Fiscal Year 2021 Overview:
- Total billings were $4.14 billion, down 1% compared to the previous year.
- Total revenue increased by 16% to $3.79 billion.
- Recurring revenue represented 97% of total revenue.
- Design revenue grew by 15% to $3.37 billion.
- Make revenue increased by 36% to $296 million.
- Subscription plan revenue rose by 26% to $3.48 billion.
- Maintenance plan revenue declined by 53% to $183 million.
- Total subscriptions reached 5.27 million, up from 4.87 million in the previous year.
- GAAP operating income was $629 million, compared to $343 million in the previous year.
- Non-GAAP operating income was $1.11 billion, up from $803 million in the previous year.
- GAAP diluted net income per share was $5.44, compared to $0.96 in the previous year.
- Non-GAAP diluted net income per share was $4.05, an increase from $2.79 in the previous year.
- Cash flow from operations increased to $1.44 billion, while free cash flow was $1.35 billion.
Business Outlook for FY2022:
- First Quarter Guidance:
- Revenue: $955 – $970 million
- GAAP EPS: $0.39 – $0.44
- Non-GAAP EPS: $0.91 – $0.96
- Full-Year Guidance:
- Billings: $4,850 – $4,975 million (up 17% – 20%)
- Revenue: $4,265 – $4,345 million (up 13% – 15%)
- GAAP Operating Margin: 17% – 18%
- Non-GAAP Operating Margin: 31% – 32%
- GAAP EPS: $2.39 – $2.69
- Non-GAAP EPS: $4.78 – $5.08
- Free Cash Flow: $1,575 – $1,650 million
The company also provided details on its key performance metrics, including billings, recurring revenue, net revenue retention rate, and subscriptions. These metrics are crucial for understanding the health of the business and are used to monitor the strength of the recurring revenue model.
Autodesk will host a conference call today at 5 p.m. ET to discuss the results. A replay of the call will be available on their investor relations website. Investors can also access an investor presentation for more information.
In summary, Autodesk demonstrated strong performance in the fourth quarter of fiscal 2021, driven by growth in subscription revenue and a resilient business model. The company is optimistic about its future and continues to focus on innovation and customer satisfaction.