SAN FRANCISCO, Aug. 25, 2021 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today announced its financial results for the second quarter of fiscal 2022.
[Image: PRNewsfoto/Autodesk, Inc.]
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 refer to the Glossary of Terms later in this document.
**Second Quarter Fiscal 2022 Financial Highlights**
- Total revenue increased by 16% to $1,060 million.
- GAAP operating margin was 14%, down 2 percentage points.
- Non-GAAP operating margin was up 2 percentage points to 31%.
- 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.
Andrew Anagnost, President and CEO of Autodesk, stated, "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. This 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."
Debbie Clifford, CFO of Autodesk, added, "Robust growth in new product subscriptions, accelerating digital sales, and improving subscription renewal rates drove our strong second quarter results. 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 upfront to annual billings, benefiting both our customers and Autodesk."
**Additional Financial Details**
- Total billings increased 29% to $1,015 million.
- Total revenue was $1,060 million, an increase of 16% as reported, and 14% on a constant currency basis. Recurring revenue represents 98% of total.
- Design revenue was $944 million, an increase of 15% as reported, and 13% on a constant currency basis. On a sequential basis, Design revenue increased 7% as reported, and 6% on a constant currency basis.
- Make revenue was $90 million, an increase of 26% as reported, and 25% on a constant currency basis. On a sequential basis, Make revenue increased 10% as reported, and 9% on a constant currency basis.
- Subscription plan revenue was $1,017 million, an increase of 21% as reported, and 19% on a constant currency basis. On a sequential basis, subscription plan revenue increased 7% as reported and on a constant currency basis.
- Maintenance plan revenue was $17 million, a decrease of 67% as reported and on a constant currency basis. On a sequential basis, maintenance plan revenue decreased 12% as reported, and 13% on a constant currency basis.
- Net revenue retention rate was within the range of 100 to 110%.
- GAAP operating income was $148 million, compared to $146 million in the second quarter last year. GAAP operating margin was 14%, 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%, 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% 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% to $4.14 billion. Current RPO increased 24% 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.
**Business Outlook**
Autodesk has provided forward-looking statements based on current expectations and assumptions, which involve risks and uncertainties. The company's business outlook for the third quarter and full-year fiscal 2022 takes into consideration the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2022 GAAP and non-GAAP estimates is provided below or in the tables following this press release.
**Third Quarter Fiscal 2022 Guidance**
- Revenue: $1,110 – $1,125 million
- EPS GAAP: $0.50 – $0.56
- EPS non-GAAP: $1.22 – $1.28
**Full Year Fiscal 2022 Guidance**
- Billings: $4,875 – $4,975 million (Up 18% – 20%)
- Revenue: $4,345 – $4,385 million (Up 15% – 16%)
- GAAP operating margin: Approx. 15%
- Non-GAAP operating margin: Approx. 31%
- EPS GAAP: $2.43 – $2.58
- EPS non-GAAP: $4.91 – $5.06
- Free cash flow: $1,500 – $1,575 million
The third 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 second 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. Cloud service offerings that are bundled with other product offerings are not captured as a separate cloud service offering.
- **Constant Currency (CC) Growth Rates**: Changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates as well as eliminating hedge gains or losses recorded within the current and comparative periods.
- **Design Business**: Represents the combination of maintenance, product subscriptions, and all EBAs. Main products include, but are not limited to, AutoCAD, AutoCAD LT, Industry Collections, Revit, Inventor, Maya and 3ds Max.
- **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**: A combination of products and services that target a specific user objective and support a set of workflows for that objective.
- **Maintenance Plan**: Provides customers with a cost-effective and predictable budgetary option to obtain the productivity benefits of our new releases and enhancements when and if released during the term of their contracts.
- **Make Business**: Represents certain cloud-based product subscriptions. Main products include, but are not limited to, Assemble, Autodesk Build, BuildingConnected, Fusion 360 and Shotgrid.
- **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 ("base customers").
- **Other Revenue**: Consists of revenue from consulting, training, and other products and services, and is recognized as the products are delivered and services are performed.
- **Product Subscription**: Provides customers a flexible, cost-effective way to access and manage 3D design, engineering, and entertainment software tools.
- **Recurring Revenue**: Consists of the revenue for the period from our traditional maintenance plans and revenue from our subscription plan offerings.
- **Remaining Performance Obligations (RPO)**: The sum of total short-term, long-term, and unbilled deferred revenue.
- **Spend**: The sum of cost of revenue and operating expenses.
- **Subscription Plan**: Comprises our term-based product subscriptions, cloud service offerings, and EBAs.
- **Subscription Revenue**: Includes our term-based product subscriptions, cloud service offerings, and flexible EBAs.
- **Unbilled Deferred Revenue**: Represents 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, including quotations from management, statements in the paragraphs under "Business Outlook" above statements about our short-term and long-term goals, statements regarding our strategies, market and product positions, performance and results, and all statements that are not historical facts. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release.
**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.
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.
© 2021 Autodesk, Inc. All rights reserved.
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