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SAN RAFAEL, Calif., Feb. 25, 2021 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) has released 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 business model.
Autodesk's CEO, Andrew Anagnost, stated that the impressive results reflect the increasing reliance on cloud solutions by customers. He emphasized that with a record number of enterprise agreements and the recent announcement of an acquisition of Innovyze, the company is optimistic about its future and remains confident in achieving its targets for fiscal 2023 and beyond.
In the fourth quarter, Autodesk saw a 16% increase in total revenue to $1.04 billion. 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 earnings per share were $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 reached $658 million, and free cash flow was $634 million. The company also noted a significant increase in deferred revenue, which rose 12% to $3.36 billion. Remaining performance obligations (RPO) increased by 19% to $4.24 billion.
Looking at the breakdown of revenue, Design revenue grew by 13% to $899 million, while Make revenue increased by 28% to $82 million. Subscription plan revenue surged by 22% to $950 million, and maintenance plan revenue decreased by 62% to $30 million.
For the full fiscal year 2021, total revenue reached $3.79 billion, an increase of 16% compared to the previous year. Recurring revenue accounted for 97% of total revenue. The company also announced its outlook for the first quarter and full-year fiscal 2022, projecting revenue growth and improved margins.
Autodesk is set to host a conference call to discuss these results, and investors can access the live broadcast through their website. The company also provided additional details in the investor presentation, emphasizing the importance of key performance metrics such as billings, recurring revenue, and net revenue retention rate.
The company's forward-looking statements are subject to various risks and uncertainties, including market conditions, economic factors, and regulatory changes. Autodesk encourages investors to review the detailed information provided in the official press release and other filings with the SEC.
With a focus on innovation and customer satisfaction, Autodesk continues to strengthen its position in the software industry, driven by its commitment to delivering cutting-edge solutions and exceptional value to its clients.