SAN FRANCISCO, Feb. 24, 2022 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) has announced its financial results for the fourth quarter of fiscal 2022.
The company reported a total revenue increase of 17% to $1.21 billion in the fourth quarter. The GAAP operating margin was 12%, down 6 percentage points, largely due to lease-related charges of $104 million. In contrast, the non-GAAP operating margin rose to 35%, up 5 percentage points. On a GAAP basis, diluted earnings per share were $0.40, with a negative impact of $0.47 from lease-related charges. Non-GAAP diluted EPS stood at $1.50. Cash flow from operations reached $723 million, and free cash flow was $716 million.
Andrew Anagnost, President and CEO of Autodesk, emphasized the company's focus on delivering value through cloud solutions and innovative working methods. He expressed confidence in the future of Autodesk, citing consistent investment in technology and talent. Debbie Clifford, CFO, highlighted strong renewal rates, growth in subscriptions, and digital sales as key contributors to record revenues and margins.
Additional details revealed that total billings increased by 13% to $1.66 billion. Design revenue rose 16% to $1.05 billion, while Make revenue saw an 21% increase. Subscription plan revenue grew 18% to $1.12 billion. The net revenue retention rate remained within the range of 100 to 110 percent. GAAP operating income was $142 million, with non-GAAP operating income reaching $422 million. Deferred revenue increased by 13% to $3.79 billion, and remaining performance obligations (RPO) rose 12% to $4.74 billion.
In the full fiscal year 2022, total billings climbed 16% to $4.82 billion. Total revenue was $4.39 billion, a 16% increase. Recurring revenue accounted for 96% of total revenue. The company also reported a rise in total subscriptions to 6.04 million, with subscription plan subscriptions reaching 6.02 million. GAAP operating income was $618 million, and non-GAAP operating income was $1.40 billion. Free cash flow increased to $1.48 billion.
Autodesk provided forward-looking guidance for the first quarter and full-year fiscal 2023. Revenue is expected to be between $1,145 and $1,160 million for Q1 FY23, with GAAP EPS ranging from $0.66 to $0.72 and non-GAAP EPS from $1.30 to $1.36. For the full fiscal year 2023, revenue is projected to be between $5,020 and $5,120 million, with a GAAP operating margin of approximately 21% and a non-GAAP operating margin of around 37%. Free cash flow is anticipated to range from $2,130 to $2,210 million.
The company continues to emphasize its commitment to innovation and customer value, reflecting on the successful performance in fiscal 2022 and setting the stage for continued growth in the upcoming fiscal year.
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