Record fiscal 2022 fourth quarter and full-year revenue, cash flow from operating activities, and free cash flow
SAN FRANCISCO, Feb. 24, 2022 /PRNewswire/ -- Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the fourth quarter of fiscal 2022.
All growth rates are compared to the fourth quarter and full year 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.
Fourth Quarter Fiscal 2022 Financial Highlights
"By delivering greater value to our customers through the cloud and leading them to new ways of working, we are building enduring partnerships and shared growth," said Andrew Anagnost, Autodesk president and CEO. "With consistent investment in technology and talent, and the evolution of our business model and customer experience, I'm excited and optimistic about Autodesk's future."
"Robust renewal rates, strong growth in subscriptions, and rapidly expanding digital sales resulted in record fourth quarter and full-year revenue, non-GAAP operating margins, and free cash flow," said Debbie Clifford, Autodesk CFO. "Our strong momentum and competitive performance in FY22 set us up well for FY23."
Fourth Quarter Fiscal 2022 Additional Financial Details
Net Revenue by Geographic Area |
|||||||||
Three Months |
Three Months |
Change prior fiscal year |
Constant currency |
||||||
(In millions, except percentages) |
$ |
% |
% |
||||||
Net Revenue: |
|||||||||
Americas |
|||||||||
U.S. |
$ 402.1 |
$ 343.2 |
$ 58.9 |
17% |
* |
||||
Other Americas |
86.6 |
72.6 |
14.0 |
19% |
* |
||||
Total Americas |
488.7 |
415.8 |
72.9 |
18% |
17% |
||||
EMEA |
474.5 |
408.8 |
65.7 |
16% |
12% |
||||
APAC |
248.4 |
214.6 |
33.8 |
16% |
16% |
||||
Total Net Revenue |
$ 1,211.6 |
$ 1,039.2 |
$ 172.4 |
17% |
15% |
||||
Emerging Economies |
$ 152.8 |
$ 123.2 |
$ 29.6 |
24% |
24% |
____________________ |
*Constant currency data not provided at this level. |
Net Revenue by Product Family |
|||||||
Our product offerings are focused in four primary product families: Architecture, Engineering and Construction ("AEC"), AutoCAD and AutoCAD LT, Manufacturing ("MFG"), and Media and Entertainment ("M&E"). |
|||||||
Three Months Ended |
Change compared to prior fiscal year |
||||||
(In millions, except percentages) |
January 31, |
January 31, |
$ |
% |
|||
AEC |
$ 527.5 |
$ 449.5 |
$ 78.0 |
17% |
|||
AutoCAD and AutoCAD LT |
345.1 |
286.5 |
58.6 |
20% |
|||
MFG |
246.0 |
236.1 |
9.9 |
4% |
|||
M&E |
82.4 |
59.5 |
22.9 |
38% |
|||
Other |
10.6 |
7.6 |
3.0 |
39% |
|||
$ 1,211.6 |
$ 1,039.2 |
$ 172.4 |
17% |
Fiscal 2022 Financial Highlights
Net Revenue by Geographic Area |
Fiscal Year Ended |
Fiscal Year |
Change compared to prior fiscal year |
Constant |
||||||
(In millions, except percentages) |
$ |
% |
% |
||||||
Net Revenue: |
|||||||||
Americas |
|||||||||
U.S. |
$ 1,456.5 |
$ 1,281.8 |
$ 174.7 |
14% |
* |
||||
Other Americas |
308.6 |
260.6 |
48.0 |
18% |
* |
||||
Total Americas |
1,765.1 |
1,542.4 |
222.7 |
14% |
14% |
||||
EMEA |
1,700.4 |
1,472.6 |
227.8 |
15% |
12% |
||||
APAC |
920.9 |
775.4 |
145.5 |
19% |
17% |
||||
Total Net Revenue |
$ 4,386.4 |
$ 3,790.4 |
$ 596.0 |
16% |
14% |
||||
Emerging Economies |
$ 546.4 |
$ 463.2 |
$ 83.2 |
18% |
17% |
________________ |
*Constant currency data not provided at this level. |
Net Revenue by Product Family |
|||||||
Our product offerings are focused in four primary product families: AEC, AutoCAD and AutoCAD LT, MFG, and M&E. |
|||||||
Fiscal Year Ended |
Change compared to prior fiscal year |
||||||
(In millions, except percentages) |
January 31, 2022 |
January 31, 2021 |
$ |
% |
|||
AEC |
$ 1,959.9 |
$ 1,648.6 |
$ 311.3 |
19% |
|||
AutoCAD and AutoCAD LT |
1,253.0 |
1,099.4 |
153.6 |
14% |
|||
MFG |
876.0 |
798.6 |
77.4 |
10% |
|||
M&E |
258.9 |
219.4 |
39.5 |
18% |
|||
Other |
38.6 |
24.4 |
14.2 |
58% |
|||
$ 4,386.4 |
$ 3,790.4 |
$ 596.0 |
16% |
Business Outlook
The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties, some of which are set forth below under "Safe Harbor Statement." Autodesk's business outlook for the first quarter and full-year fiscal 2023 takes into consideration the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2023 GAAP and non-GAAP estimates is provided below or in the tables later in this document.
First Quarter Fiscal 2023 |
Q1 FY23 Guidance Metrics |
Q1 FY23 |
Revenue (in millions) |
$1,145 - $1,160 |
EPS GAAP |
$0.66 - $0.72 |
EPS non-GAAP (1) |
$1.30 - $1.36 |
________________ |
(1) Non-GAAP earnings per diluted share excludes $0.65 related to stock-based compensation expense, $0.10 for the amortization of purchased intangibles, $0.03 for lease-related asset impairments and other charges, $0.02 for acquisition-related costs, partially offset by ($0.16) related to GAAP-only tax charges. |
Full-Year Fiscal 2023 |
FY23 Guidance Metrics |
FY23 |
Billings (in millions) (1) |
$5,875 - $6,025 Up 22% - 25% |
Revenue (in millions) (2) |
$5,020 - $5,120 Up 14% - 17% |
GAAP operating margin |
Approx 21% |
Non-GAAP operating margin (3) |
Approx 37% |
EPS GAAP |
$3.74 - $4.11 |
EPS non-GAAP (4) |
$6.46 - $6.83 |
Free cash flow (in millions) (5) |
$2,130 - $2,210 |
________________ |
(1) Excluding the approximately $85 million impact of foreign currency exchange rates and hedge gains/losses, billings guidance would be $5,960 - $6,110 million. |
(2) Excluding the approximately $50 million impact of foreign currency exchange rates and hedge gains/losses, revenue guidance would be $5,070 - $5,170 million. |
(3) Non-GAAP operating margin excludes approximately 13% related to stock-based compensation expense, approximately 2% for the amortization of purchased intangibles, less than 1% related to acquisition-related costs, and less than 1% related to lease-related asset impairments and other charges. |
(4) Non-GAAP earnings per diluted share excludes $2.94 related to stock-based compensation expense, $0.41 for the amortization of purchased intangibles, $0.08 related to lease-related asset impairments and other charges, and $0.03 related to acquisition-related costs, partially offset by ($0.74) related to GAAP-only tax charges. |
(5) Free cash flow is cash flow from operating activities less approximately $55 million of capital expenditures. |
The first quarter and full-year fiscal 2023 outlook assume a projected annual effective tax rate of 12 percent for GAAP and 16 percent for 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. As such, 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 fourth 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 providing additional information can be found at autodesk.com/investor.
Key Performance Metrics
To help better understand our financial performance, we use several key performance metrics including billings, recurring revenue, net revenue retention rate ("NR3") and subscriptions. 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: We attempt to represent the 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. We calculate constant currency growth rates by (i) applying the applicable prior period exchange rates to current period results and (ii) excluding any gains or losses from foreign currency hedge contracts that are reported in 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. Certain products, such as our computer aided manufacturing solutions, incorporate both Design and Make functionality and are classified as Design.
Enterprise Business Agreements (EBAs): Represents 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: Autodesk Industry Collections are a combination of products and services that target a specific user objective and support a set of workflows for that objective. Our Industry Collections consist of: Autodesk Architecture, Engineering and Construction Collection, Autodesk Product Design and Manufacturing Collection, and Autodesk Media and Entertainment Collection.
Maintenance Plan: Our maintenance plans provide our 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. Under our maintenance plans, customers are eligible to receive unspecified upgrades when and if available, and technical support. We recognize maintenance revenue over the term of the agreements, generally one year.
Make Business: Represents certain cloud-based product subscriptions. Main products include, but are not limited to, Assemble, Autodesk Build, BuildingConnected, Fusion 360, and ShotGrid. Certain products, such as Fusion 360, incorporate both Design and Make functionality and are classified as Make.
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"). Net revenue retention rate is calculated by dividing the current quarter subscription and maintenance revenue related to base customers by the total corresponding quarter subscription and maintenance revenue from one year ago. Subscription and maintenance revenue is based on USD reported revenue, and fluctuations caused by changes in foreign currency exchange rates and hedge gains or losses have not been eliminated. Subscription and maintenance revenue related to acquired companies, one year after acquisition, has been captured as existing customers until such data conforms to the calculation methodology. This may cause variability in the comparison.
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. Our product subscriptions currently represent a hybrid of desktop and cloud functionality, which provides a device-independent, collaborative design workflow for designers and their stakeholders.
Recurring Revenue: Consists of the revenue for the period from our traditional maintenance plans and revenue from our subscription plan offerings. It excludes subscription revenue related to consumer product offerings, select Creative Finishing product offerings, and third-party products. Recurring revenue acquired with the acquisition of a business is captured when total subscriptions are captured in our systems and may cause variability in the comparison of this calculation.
Remaining Performance Obligations (RPO): The sum of total short-term, long-term, and unbilled deferred revenue. Current remaining performance obligations is the amount of revenue we expect to recognize in the next twelve months.
Spend: The sum of cost of revenue and operating expenses.
Subscription Plan: Comprises our term-based product subscriptions, cloud service offerings, and EBAs. Subscriptions represent a combined hybrid offering of desktop software and cloud functionality which provides a device-independent, collaborative design workflow for designers and their stakeholders. With subscription, customers can use our software anytime, anywhere, and get access to the latest updates to previous versions.
Subscription Revenue: Includes our term-based product subscriptions, cloud service offerings, and flexible EBAs.
Total Subscriptions: Consists of subscriptions from our maintenance plans and subscription plan offerings that are active and paid as of the fiscal year end date. For certain cloud service offerings and EBAs, subscriptions represent the monthly average activity reported within the last three months of the fiscal quarter end date. Total subscriptions do not include education offerings, consumer product offerings, select Creative Finishing product offerings, Autodesk Buzzsaw, Autodesk Constructware, and third-party products. Subscriptions acquired with the acquisition of a business are captured once the data conforms to our subscription count methodology and when added, may cause variability in comparison of this calculation.
Unbilled Deferred Revenue: 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. Under FASB Accounting Standards Codification ("ASC") Topic 606, unbilled deferred revenue is not included as a receivable or deferred revenue on our Condensed Consolidated Balance Sheet.
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, 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.
Autodesk is changing how the world is designed and made. Our technology spans architecture, engineering, construction, product design, manufacturing, media and entertainment, empowering innovators everywhere to solve challenges big and small. From greener buildings to smarter products to more mesmerizing blockbusters, Autodesk software helps our customers to design and make a better world for all. 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.
© 2022 Autodesk, Inc. All rights reserved.
Autodesk, Inc. |
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Condensed Consolidated Statements of Operations |
|||||||
(In millions, except per share data) |
|||||||
Three Months Ended January 31, |
Fiscal Year Ended January 31, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
(Unaudited) |
|||||||
Net revenue: |
|||||||
Subscription |
$ 1,121.5 |
$ 950.3 |
$ 4,156.4 |
$ 3,478.9 |
|||
Maintenance |
22.7 |
30.2 |
76.3 |
183.3 |
|||
Total subscription and maintenance revenue |
1,144.2 |
980.5 |
4,232.7 |
3,662.2 |
|||
Other |
67.4 |
58.7 |
153.7 |
128.2 |
|||
Total net revenue |
1,211.6 |
1,039.2 |
4,386.4 |
3,790.4 |
|||
Cost of revenue: |
|||||||
Cost of subscription and maintenance revenue |
79.8 |
65.5 |
299.1 |
242.1 |
|||
Cost of other revenue |
19.0 |
16.6 |
66.6 |
64.1 |
|||
Amortization of developed technologies |
14.4 |
8.5 |
52.8 |
30.9 |
|||
Total cost of revenue |
113.2 |
90.6 |
418.5 |
337.1 |
|||
Gross profit |
1,098.4 |
948.6 |
3,967.9 |
3,453.3 |
|||
Operating expenses: |
|||||||
Marketing and sales |
427.8 |
388.8 |
1,623.1 |
1,440.3 |
|||
Research and development |
290.3 |
249.6 |
1,114.8 |
932.5 |
|||
General and administrative |
227.6 |
117.1 |
571.7 |
413.9 |
|||
Amortization of purchased intangibles |
10.3 |
8.7 |
40.7 |
37.5 |
|||
Total operating expenses |
956.0 |
764.2 |
3,350.3 |
2,824.2 |
|||
Income from operations |
142.4 |
184.4 |
617.6 |
629.1 |
|||
Interest and other expense, net |
(35.3) |
(13.3) |
(52.9) |
(82.4) |
|||
Income before income taxes |
107.1 |
171.1 |
564.7 |
546.7 |
|||
(Provision) benefit for income taxes |
(18.0) |
740.2 |
(67.7) |
661.5 |
|||
Net income |
$ 89.1 |
$ 911.3 |
$ 497.0 |
$ 1,208.2 |
|||
Basic net income per share |
$ 0.41 |
$ 4.15 |
$ 2.26 |
$ 5.51 |
|||
Diluted net income per share |
$ 0.40 |
$ 4.10 |
$ 2.24 |
$ 5.44 |
|||
Weighted average shares used in computing basic net income per share |
219.2 |
219.7 |
219.7 |
219.4 |
|||
Weighted average shares used in computing diluted net income per share |
221.2 |
222.5 |
222.0 |
222.1 |
Autodesk, Inc. |
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Condensed Consolidated Balance Sheets |
|||
(In millions) |
|||
January 31, |
January 31, |
||
(Unaudited) |
|||
ASSETS |
|||
Current assets: |
|||
Cash and cash equivalents |
$ 1,528.4 |
$ 1,772.2 |
|
Marketable securities |
235.7 |
4.0 |
|
Accounts receivable, net |
716.1 |
643.1 |
|
Prepaid expenses and other current assets |
283.6 |
206.2 |
|
Total current assets |
2,763.8 |
2,625.5 |
|
Long-term marketable securities |
45.4 |
— |
|
Computer equipment, software, furniture and leasehold improvements, net |
162.5 |
192.8 |
|
Operating lease right-of-use assets |
304.5 |
416.7 |
|
Intangible assets, net |
493.8 |
199.3 |
|
Goodwill |
3,603.8 |
2,706.5 |
|
Deferred income taxes, net |
740.7 |
763.1 |
|
Long-term other assets |
492.3 |
375.9 |
|
Total assets |
$ 8,606.8 |
$ 7,279.8 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||
Current liabilities: |
|||
Accounts payable |
$ 120.8 |
$ 122.5 |
|
Accrued compensation |
341.3 |
322.6 |
|
Accrued income taxes |
29.7 |
42.6 |
|
Deferred revenue |
2,863.3 |
2,500.9 |
|
Operating lease liabilities |
86.6 |
71.4 |
|
Current portion of long-term notes payable, net |
349.7 |
— |
|
Other accrued liabilities |
218.0 |
194.7 |
|
Total current liabilities |
4,009.4 |
3,254.7 |
|
Long-term deferred revenue |
926.5 |
859.3 |
|
Long-term operating lease liabilities |
345.8 |
396.0 |
|
Long-term income taxes payable |
19.8 |
15.9 |
|
Long-term deferred income taxes |
29.4 |
11.4 |
|
Long-term notes payable, net |
2,277.9 |
1,637.2 |
|
Long-term other liabilities |
148.9 |
139.8 |
|
Stockholders' equity: |
|||
Common stock and additional paid-in capital |
2,923.1 |
2,578.9 |
|
Accumulated other comprehensive loss |
(124.0) |
(125.9) |
|
Accumulated deficit |
(1,950.0) |
(1,487.5) |
|
Total stockholders' equity |
849.1 |
965.5 |
|
Total liabilities and stockholders' equity |
$ 8,606.8 |
$ 7,279.8 |
Autodesk, Inc. |
|||
Condensed Consolidated Statements of Cash Flows |
|||
(In millions) |
|||
Fiscal Year Ended January 31, |
|||
2022 |
2021 |
||
(Unaudited) |
|||
Operating activities: |
|||
Net income |
$ 497.0 |
$ 1,208.2 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|||
Depreciation, amortization and accretion |
148.1 |
123.8 |
|
Stock-based compensation expense |
555.4 |
398.4 |
|
Deferred income taxes |
(7.8) |
(778.6) |
|
Lease-related asset impairments |
103.7 |
— |
|
Other |
17.6 |
38.8 |
|
Changes in operating assets and liabilities, net of business combinations: |
|||
Accounts receivable |
(66.2) |
12.6 |
|
Prepaid expenses and other assets |
(133.5) |
(56.4) |
|
Accounts payable and accrued liabilities |
9.9 |
129.6 |
|
Deferred revenue |
419.4 |
344.4 |
|
Accrued income taxes |
(12.3) |
16.4 |
|
Net cash provided by operating activities |
1,531.3 |
1,437.2 |
|
Investing activities: |
|||
Purchases of marketable securities |
(311.1) |
(21.0) |
|
Sales of marketable securities |
12.0 |
— |
|
Maturities of marketable securities |
25.8 |
17.0 |
|
Capital expenditures |
(56.0) |
(91.1) |
|
Purchases of developed technologies |
(10.5) |
(4.8) |
|
Business combinations, net of cash acquired |
(1,250.3) |
(246.2) |
|
Other investing activities |
(4.5) |
(57.8) |
|
Net cash used in investing activities |
(1,594.6) |
(403.9) |
|
Financing activities: |
|||
Proceeds from issuance of common stock, net of issuance costs |
113.7 |
114.1 |
|
Taxes paid related to net share settlement of equity awards |
(193.5) |
(156.7) |
|
Repurchase and retirement of common stock |
(1,078.5) |
(551.7) |
|
Proceeds from debt, net of discount |
997.0 |
— |
|
Repayment of debt |
— |
(450.0) |
|
Other financing activities |
(7.3) |
(2.5) |
|
Net cash used in financing activities |
(168.6) |
(1,046.8) |
|
Effect of exchange rate changes on cash and cash equivalents |
(11.9) |
11.0 |
|
Net decrease in cash and cash equivalents |
(243.8) |
(2.5) |
|
Cash and cash equivalents at beginning of the period |
1,772.2 |
1,774.7 |
|
Cash and cash equivalents at end of the period |
$ 1,528.4 |
$ 1,772.2 |
Autodesk, Inc. |
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Reconciliation of GAAP financial measures to non-GAAP financial measures |
|||||||
(In millions, except per share data) |
|||||||
To supplement our condensed consolidated financial statements presented on a GAAP basis, we provide investors with certain non-GAAP measures including non-GAAP operating margin, non-GAAP income from operations, non-GAAP diluted net income per share, and free cash flow. For our internal budgeting and resource allocation process and as a means to evaluate period-to-period comparisons, we use non-GAAP measures to supplement our condensed consolidated financial statements presented on a GAAP basis. These non-GAAP measures do not include certain items that may have a material impact upon our future reported financial results. We use non-GAAP measures in making operating decisions because we believe those measures provide meaningful supplemental information regarding our earning potential and performance for management by excluding certain expenses and charges that may not be indicative of our core business operating results. For the reasons set forth below, we believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. This allows investors and others to better understand and evaluate our operating results and future prospects in the same manner as management, compare financial results across accounting periods and to those of peer companies and to better understand the long-term performance of our core business. We also use some of these measures for purposes of determining company-wide incentive compensation. |
|||||||
There are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which charges are excluded from the non-GAAP financial measures. We compensate for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in our public disclosures. The presentation of non-GAAP financial information is meant to be considered in addition to, not as a substitute for or in isolation from, the directly comparable financial measures prepared in accordance with GAAP. We urge investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures included in this presentation, and not to rely on any single financial measure to evaluate our business. |
|||||||
The following table shows Autodesk's GAAP results reconciled to non-GAAP results included in this release. |
|||||||
Three Months Ended January 31, |
Fiscal Year Ended January 31, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
(Unaudited) |
(Unaudited) |
||||||
GAAP operating margin |
12% |
18% |
14% |
17% |
|||
Stock-based compensation expense |
12% |
10% |
13% |
11% |
|||
Amortization of developed technologies |
1% |
1% |
1% |
1% |
|||
Amortization of purchased intangibles |
1% |
1% |
1% |
1% |
|||
Acquisition-related costs |
—% |
—% |
1% |
—% |
|||
Lease-related asset impairments and other charges |
9% |
—% |
2% |
—% |
|||
Non-GAAP operating margin (1) |
35% |
30% |
32% |
29% |
|||
GAAP income from operations |
$ 142.4 |
$ 184.4 |
$ 617.6 |
$ 629.1 |
|||
Stock-based compensation expense |
145.8 |
108.3 |
558.5 |
399.8 |
|||
Amortization of developed technologies |
13.9 |
8.5 |
51.2 |
30.9 |
|||
Amortization of purchased intangibles |
10.3 |
8.7 |
40.4 |
37.5 |
|||
Acquisition-related costs |
5.5 |
4.7 |
26.0 |
14.6 |
|||
Lease-related asset impairments and other charges |
103.7 |
— |
103.7 |
— |
|||
Non-GAAP income from operations |
$ 421.6 |
$ 314.6 |
$ 1,397.4 |
$ 1,111.9 |
|||
GAAP diluted net income per share |
$ 0.40 |
$ 4.10 |
$ 2.24 |
$ 5.44 |
|||
Stock-based compensation expense |
0.66 |
0.49 |
2.52 |
1.80 |
|||
Amortization of developed technologies |
0.06 |
0.04 |
0.23 |
0.14 |
|||
Amortization of purchased intangibles |
0.05 |
0.04 |
0.18 |
0.17 |
|||
Acquisition-related costs |
0.02 |
0.02 |
0.12 |
0.07 |
|||
Lease-related asset impairments and other charges |
0.47 |
— |
0.47 |
— |
|||
Loss (gain) on strategic investments and dispositions, net |
0.04 |
0.04 |
(0.02) |
0.19 |
|||
Discrete GAAP tax items |
(0.05) |
(0.22) |
(0.33) |
(0.20) |
|||
Release of valuation allowance on deferred tax assets |
— |
(3.05) |
— |
(3.06) |
|||
Income tax effect of non-GAAP adjustments |
(0.15) |
(0.28) |
(0.34) |
(0.50) |
|||
Non-GAAP diluted net income per share |
$ 1.50 |
$ 1.18 |
$ 5.07 |
$ 4.05 |
|||
Net cash provided by operating activities |
$ 722.8 |
$ 657.6 |
$ 1,531.3 |
$ 1,437.2 |
|||
Capital expenditures |
(6.5) |
(23.5) |
(56.0) |
(91.1) |
|||
Free cash flow |
$ 716.3 |
$ 634.1 |
$ 1,475.3 |
$ 1,346.1 |
________________ |
|
(1) |
Totals may not sum due to rounding. |
SOURCE Autodesk, Inc.
Рекордная выручка за четвертый квартал и весь год за 2022 финансовый год, денежный поток от операционной деятельности и свободный денежный поток
САН-ФРАНЦИСКО, 24 февраля 2022 г. /PRNewswire/ -- Компания Autodesk, Inc. (NASDAQ: ADSK) сегодня опубликовала финансовые результаты за четвертый квартал 2022 финансового года.
Все темпы роста сравниваются с четвертым кварталом и полным годом 2021 финансового года, если не указано иное. Сопоставление результатов GAAP с результатами, не относящимися к GAAP, представлено в прилагаемых таблицах. Определения см. в Глоссарии терминов далее в этом документе.
Финансовые показатели за четвертый квартал 2022 финансового года
«Предоставляя нашим клиентам большую ценность с помощью облака и предлагая им новые способы работы, мы строим прочные партнерские отношения и совместный рост», — сказал Эндрю Анагност, президент и генеральный директор Autodesk. «Благодаря постоянным инвестициям в технологии и таланты, а также эволюции нашей бизнес-модели и качества обслуживания клиентов я с оптимизмом смотрю в будущее Autodesk».
«Высокие темпы продления, сильный рост количества подписок и быстрое расширение цифровых продаж привели к рекордным доходам в четвертом квартале и за весь год, операционной марже не по GAAP и свободному денежному потоку», — сказала Дебби Клиффорд, финансовый директор Autodesk. «Наш сильный импульс и конкурентоспособность в 22 финансовом году создали нам хорошие условия для 23 финансового года».
Дополнительные финансовые данные за четвертый квартал 2022 финансового года
Net Revenue by Geographic Area |
|||||||||
Three Months |
Three Months |
Change prior fiscal year |
Constant currency |
||||||
(In millions, except percentages) |
$ |
% |
% |
||||||
Net Revenue: |
|||||||||
Americas |
|||||||||
U.S. |
$ 402.1 |
$ 343.2 |
$ 58.9 |
17% |
* |
||||
Other Americas |
86.6 |
72.6 |
14.0 |
19% |
* |
||||
Total Americas |
488.7 |
415.8 |
72.9 |
18% |
17% |
||||
EMEA |
474.5 |
408.8 |
65.7 |
16% |
12% |
||||
APAC |
248.4 |
214.6 |
33.8 |
16% |
16% |
||||
Total Net Revenue |
$ 1,211.6 |
$ 1,039.2 |
$ 172.4 |
17% |
15% |
||||
Emerging Economies |
$ 152.8 |
$ 123.2 |
$ 29.6 |
24% |
24% |
____________________ |
*Constant currency data not provided at this level. |
Net Revenue by Product Family |
|||||||
Our product offerings are focused in four primary product families: Architecture, Engineering and Construction ("AEC"), AutoCAD and AutoCAD LT, Manufacturing ("MFG"), and Media and Entertainment ("M&E"). |
|||||||
Three Months Ended |
Change compared to prior fiscal year |
||||||
(In millions, except percentages) |
January 31, |
January 31, |
$ |
% |
|||
AEC |
$ 527.5 |
$ 449.5 |
$ 78.0 |
17% |
|||
AutoCAD and AutoCAD LT |
345.1 |
286.5 |
58.6 |
20% |
|||
MFG |
246.0 |
236.1 |
9.9 |
4% |
|||
M&E |
82.4 |
59.5 |
22.9 |
38% |
|||
Other |
10.6 |
7.6 |
3.0 |
39% |
|||
$ 1,211.6 |
$ 1,039.2 |
$ 172.4 |
17% |
Финансовые показатели за 2022 финансовый год
Net Revenue by Geographic Area |
Fiscal Year Ended |
Fiscal Year |
Change compared to prior fiscal year |
Constant |
||||||
(In millions, except percentages) |
$ |
% |
% |
||||||
Net Revenue: |
|||||||||
Americas |
|||||||||
U.S. |
$ 1,456.5 |
$ 1,281.8 |
$ 174.7 |
14% |
* |
||||
Other Americas |
308.6 |
260.6 |
48.0 |
18% |
* |
||||
Total Americas |
1,765.1 |
1,542.4 |
222.7 |
14% |
14% |
||||
EMEA |
1,700.4 |
1,472.6 |
227.8 |
15% |
12% |
||||
APAC |
920.9 |
775.4 |
145.5 |
19% |
17% |
||||
Total Net Revenue |
$ 4,386.4 |
$ 3,790.4 |
$ 596.0 |
16% |
14% |
||||
Emerging Economies |
$ 546.4 |
$ 463.2 |
$ 83.2 |
18% |
17% |
________________ |
*Constant currency data not provided at this level. |
Net Revenue by Product Family |
|||||||
Our product offerings are focused in four primary product families: AEC, AutoCAD and AutoCAD LT, MFG, and M&E. |
|||||||
Fiscal Year Ended |
Change compared to prior fiscal year |
||||||
(In millions, except percentages) |
January 31, 2022 |
January 31, 2021 |
$ |
% |
|||
AEC |
$ 1,959.9 |
$ 1,648.6 |
$ 311.3 |
19% |
|||
AutoCAD and AutoCAD LT |
1,253.0 |
1,099.4 |
153.6 |
14% |
|||
MFG |
876.0 |
798.6 |
77.4 |
10% |
|||
M&E |
258.9 |
219.4 |
39.5 |
18% |
|||
Other |
38.6 |
24.4 |
14.2 |
58% |
|||
$ 4,386.4 |
$ 3,790.4 |
$ 596.0 |
16% |
Перспективы бизнеса
Нижеследующее представляет собой прогнозные заявления, основанные на текущих ожиданиях и предположениях и связанные с рисками и неопределенностями, некоторые из которых изложены ниже в разделе «Заявление Safe Harbor». Бизнес-перспективы Autodesk на первый квартал и весь 2023 финансовый год учитывают текущую экономическую ситуацию и конъюнктуру обменного курса. Сверка между оценками GAAP на 2023 финансовый год и оценками, не предусмотренными GAAP, представлена ниже или в таблицах далее в этом документе.
First Quarter Fiscal 2023 |
Q1 FY23 Guidance Metrics |
Q1 FY23 |
Revenue (in millions) |
$1,145 - $1,160 |
EPS GAAP |
$0.66 - $0.72 |
EPS non-GAAP (1) |
$1.30 - $1.36 |
________________ |
(1) Non-GAAP earnings per diluted share excludes $0.65 related to stock-based compensation expense, $0.10 for the amortization of purchased intangibles, $0.03 for lease-related asset impairments and other charges, $0.02 for acquisition-related costs, partially offset by ($0.16) related to GAAP-only tax charges. |
Full-Year Fiscal 2023 |
FY23 Guidance Metrics |
FY23 |
Billings (in millions) (1) |
$5,875 - $6,025 Up 22% - 25% |
Revenue (in millions) (2) |
$5,020 - $5,120 Up 14% - 17% |
GAAP operating margin |
Approx 21% |
Non-GAAP operating margin (3) |
Approx 37% |
EPS GAAP |
$3.74 - $4.11 |
EPS non-GAAP (4) |
$6.46 - $6.83 |
Free cash flow (in millions) (5) |
$2,130 - $2,210 |
________________ |
(1) Excluding the approximately $85 million impact of foreign currency exchange rates and hedge gains/losses, billings guidance would be $5,960 - $6,110 million. |
(2) Excluding the approximately $50 million impact of foreign currency exchange rates and hedge gains/losses, revenue guidance would be $5,070 - $5,170 million. |
(3) Non-GAAP operating margin excludes approximately 13% related to stock-based compensation expense, approximately 2% for the amortization of purchased intangibles, less than 1% related to acquisition-related costs, and less than 1% related to lease-related asset impairments and other charges. |
(4) Non-GAAP earnings per diluted share excludes $2.94 related to stock-based compensation expense, $0.41 for the amortization of purchased intangibles, $0.08 related to lease-related asset impairments and other charges, and $0.03 related to acquisition-related costs, partially offset by ($0.74) related to GAAP-only tax charges. |
(5) Free cash flow is cash flow from operating activities less approximately $55 million of capital expenditures. |
Прогноз на первый квартал и весь 2023 финансовый год предполагает прогнозируемую годовую эффективную налоговую ставку в размере 12 процентов для результатов по GAAP и 16 процентов для результатов без GAAP соответственно. Сдвиги в географической прибыльности продолжают влиять на годовую эффективную налоговую ставку из-за значительных различий в налоговых ставках в разных юрисдикциях. Таким образом, допущения в отношении годовой эффективной налоговой ставки оцениваются регулярно и могут меняться в зависимости от прогнозируемого географического распределения доходов.
Прибыль Конференц-связь и веб-трансляция
Autodesk проведет телефонную конференцию четвертого квартала сегодня в 17:00 по восточному времени. Прямую трансляцию можно посмотреть по адресу Autodesk.com/investor. Стенограмма вступительного комментария также будет доступна после телефонной конференции.
Повтор трансляции будет доступен в 19:00 по восточному времени на странице Autodesk.com/investor. Этот повтор будет храниться на веб-сайте Autodesk не менее 12 месяцев.
Детали презентации для инвесторов
Презентация для инвесторов с дополнительной информацией доступна по адресу Autodesk.com/investor.
Ключевые показатели эффективности
Чтобы лучше понять наши финансовые показатели, мы используем несколько ключевых показателей эффективности, включая выставление счетов, регулярный доход, коэффициент удержания чистого дохода («NR3») и подписки. Эти показатели являются ключевыми показателями производительности и должны рассматриваться независимо от доходов и доходов будущих периодов. Эти показатели не предназначены для объединения с этими элементами. Мы используем эти метрики, чтобы контролировать силу нашего повторяющегося бизнеса. Мы считаем, что эти показатели полезны для инвесторов, поскольку они могут помочь в мониторинге долгосрочного состояния нашего бизнеса. Наше определение и представление этих показателей может отличаться от определения других компаний. Представление этих показателей следует рассматривать в дополнение, а не вместо или отдельно от наших финансовых показателей, подготовленных в соответствии с GAAP.
Словарь терминов
Счета: общий доход плюс чистое изменение доходов будущих периодов с начала до конца периода.
Предложения облачных услуг: представляют отдельные предложения на основе условий, развернутые с помощью технологий веб-браузера или в гибридной конфигурации программного обеспечения и облака. Предложения облачных услуг, объединенные с другими предложениями продуктов, не рассматриваются как отдельное предложение облачных услуг.
Постоянные темпы роста валюты (CC): мы пытаемся отразить изменения в основных бизнес-операциях, исключая колебания, вызванные изменениями обменных курсов иностранных валют, а также исключая прибыли или убытки от хеджирования, зарегистрированные в текущем и сравнительном периодах. Мы рассчитываем постоянные темпы роста валюты путем (i) применения применимых обменных курсов предыдущего периода к результатам текущего периода и (ii) исключения любых прибылей или убытков от контрактов хеджирования иностранной валюты, о которых сообщается в текущем и сравнительном периодах.
Design Business: представляет собой сочетание обслуживания, подписки на продукты и всех EBA. Основные продукты включают, помимо прочего, AutoCAD, AutoCAD LT, отраслевые коллекции, Revit, Inventor, Maya и 3ds Max. Некоторые продукты, такие как наши автоматизированные производственные решения, включают функции проектирования и изготовления и классифицируются как дизайн.
Корпоративные бизнес-соглашения (EBA): представляют программы, предоставляющие корпоративным клиентам доступ на основе токенов к широкому набору продуктов Autodesk в течение определенного срока действия контракта.
Свободный денежный поток: денежный поток от операционной деятельности за вычетом капитальных затрат.
Отраслевые коллекции: Autodesk Отраслевые коллекции — это сочетание продуктов и услуг, предназначенных для конкретной цели пользователя и поддерживающих набор рабочих процессов для этой цели. Наши отраслевые коллекции состоят из: коллекции Autodesk по архитектуре, проектированию и строительству, коллекции Autodesk по дизайну и производству продукции и коллекции по средствам массовой информации и развлечениям Autodesk.
План обслуживания: Наши планы обслуживания предоставляют нашим клиентам экономически эффективный и предсказуемый бюджетный вариант для получения преимуществ производительности от наших новых выпусков и улучшений, когда и если они будут выпущены в течение срока действия их контрактов. В соответствии с нашими планами обслуживания клиенты имеют право на получение неопределенных обновлений, когда и если они доступны, а также на техническую поддержку. Мы признаем выручку от технического обслуживания в течение срока действия соглашений, как правило, одного года.
Make Business: представляет подписки на определенные облачные продукты. Основные продукты включают, помимо прочего, Assemble, Autodesk Build, BuildingConnected, Fusion 360 и ShotGrid. Некоторые продукты, такие как Fusion 360, включают в себя функции «Дизайн» и «Создание» и классифицируются как «Создание».
Коэффициент удержания чистого дохода (NR3): измеряет годовое изменение доходов от подписки и обслуживания для совокупности клиентов, которые существовали год назад («базовые клиенты»). Коэффициент удержания чистого дохода рассчитывается путем деления доходов от подписки и обслуживания за текущий квартал, связанных с базовыми клиентами, на общий доход от подписки и обслуживания за соответствующий квартал, полученный год назад. Доход от подписки и обслуживания основан на отчетном доходе в долларах США, и колебания, вызванные изменениями обменных курсов иностранных валют, а также прибылью или убытком от хеджирования, не были устранены. Доходы от подписки и обслуживания, относящиеся к приобретенным компаниям, через год после приобретения учитывались как существующие клиенты до тех пор, пока такие данные не будут соответствовать методологии расчета. Это может привести к изменчивости в сравнении.
Прочая выручка: Состоит из выручки от консалтинга, обучения и других продуктов и услуг и признается по мере поставки продуктов и оказания услуг.
Подписка на продукт: Предоставляет клиентам гибкий и экономичный способ доступа и управления программными инструментами для 3D-дизайна, проектирования и развлечений. Наши подписки на продукты в настоящее время представляют собой гибрид настольных и облачных функций, который обеспечивает независимый от устройств совместный рабочий процесс проектирования для дизайнеров и их заинтересованных сторон.
Регулярный доход: состоит из дохода за период от наших традиционных планов бессрочной лицензии и дохода от наших предложений плана подписки. Он не включает доход от подписки, связанный с предложениями потребительских товаров, избранными предложениями продуктов Creative Finishing и продуктами сторонних производителей. Регулярный доход, полученный при приобретении бизнеса, фиксируется, когда в наших системах фиксируется общее количество подписок, и это может привести к вариативности при сравнении этого расчета.
Оставшиеся обязательства по исполнению (RPO): сумма общего краткосрочного, долгосрочного и невыставленного отложенного дохода. Текущие оставшиеся обязательства к исполнению — это сумма выручки, которую мы ожидаем признать в течение следующих двенадцати месяцев.
Расходы: сумма себестоимости выручки и операционных расходов.
План подписки: включает наши подписки на продукты на основе срока, предложения облачных услуг и EBA. Подписки представляют собой комбинированное гибридное предложение программного обеспечения для настольных компьютеров и облачных функций, которое обеспечивает независимый от устройств совместный рабочий процесс проектирования для дизайнеров и их заинтересованных сторон. По подписке клиенты могут использовать наше программное обеспечение в любое время и в любом месте и получать доступ к последним обновлениям предыдущих версий.
Доход от подписки: включает наши подписки на продукты на основе срока, предложения облачных услуг и гибкие EBA.
Всего подписок: включает подписки из наших планов бессрочной лицензии и предложения планов подписки, которые активны и оплачены на дату окончания финансового года. Для некоторых предложений облачных услуг и EBA подписки представляют собой среднемесячную активность, зарегистрированную в течение последних трех месяцев до даты окончания финансового квартала. Общее количество подписок не включает образовательные предложения, предложения потребительских товаров, отдельные предложения продуктов Creative Finishing, Autodesk Buzzsaw, Autodesk Constructware и продукты сторонних производителей. Подписки, приобретенные при приобретении бизнеса, регистрируются после того, как данные соответствуют нашей методологии подсчета подписок, и при добавлении могут вызвать вариативность в сравнении с этим расчетом.
Невыставленный отложенный доход: Невыставленный отложенный доход представляет собой заявленные или подтвержденные контрактом заказы в рамках планов досрочного продления и многолетних планов выставления счетов на подписку, услуги и техническое обслуживание, для которых соответствующий отложенный доход не был признан. В соответствии с разделом 606 Кодификации стандартов бухгалтерского учета FASB («ASC») невыставленная выручка будущих периодов не включается в состав дебиторской задолженности или доходов будущих периодов в нашем сокращенном консолидированном балансе.
Заявление о безопасной гавани
Этот пресс-релиз содержит прогнозные заявления, связанные с рисками и неопределенностями, включая цитаты руководства, заявления в параграфах «Бизнес-перспективы» выше, заявления о наших краткосрочных и долгосрочных целях, заявления о наших стратегиях, рыночных и продуктовых позициях. , производительность и результаты, а также все утверждения, не являющиеся историческими фактами. Существует значительное количество факторов, которые могут привести к тому, что фактические результаты могут существенно отличаться от заявлений, сделанных в этом пресс-релизе, в том числе: наша стратегия по разработке и внедрению новых продуктов и услуг, подвергающая нас таким рискам, как ограниченное признание клиентов, затраты, связанные с продуктом дефекты и большие расходы; последствия пандемии COVID-19 и связанных с ней мер общественного здравоохранения; глобальные экономические и политические условия, в том числе сбои в цепочке поставок, вызванные этим инфляционное давление и условия найма; затраты и проблемы, связанные со стратегическими приобретениями и инвестициями; зависимость от международных доходов и операций, что подвергает нас значительным международным регулятивным, экономическим, интеллектуальным, взыскательным, валютным, налоговым, политическим и другим рискам; невозможность предсказать скорость продления подписки и ее влияние на наши будущие доходы и операционные результаты; существующая и усиливающаяся конкуренция и быстро развивающиеся технологические изменения; колебания наших финансовых результатов, ключевых показателей и других операционных показателей; получение значительной части нашего чистого дохода от небольшого количества решений, включая наши программные продукты и коллекции на основе AutoCAD; любая неудача в успешном выполнении и управлении инициативами по перестройке или внедрению новых инициатив в бизнесе и продажах; чистый доход, выставление счетов, прибыль, денежный поток или нехватка подписки; социальные и этические вопросы, связанные с использованием искусственного интеллекта в наших предложениях; инциденты безопасности или другие инциденты, ставящие под угрозу целостность наших предложений, услуг, данных или интеллектуальной собственности наших клиентов или наших клиентов; зависимость от третьих лиц в предоставлении нам ряда операционных и технических услуг, а также программного обеспечения; наше очень сложное программное обеспечение, которое может содержать необнаруженные ошибки, дефекты или уязвимости; усиление внимания регулирующих органов к вопросам конфиденциальности и расширение законов; государственный контроль за экспортом и импортом, который может ухудшить нашу способность конкурировать на международных рынках или привлечь нас к ответственности, если мы нарушим контроль; защита наших прав интеллектуальной собственности и исков о нарушении прав интеллектуальной собственности от других лиц; процесс государственных закупок; колебания курсов валют; наши обязательства по обслуживанию долга; и наш инвестиционный портфель, состоящий из различных инвестиционных инструментов, которые зависят от тенденций процентных ставок, волатильности рынка и других экономических факторов. Наши оценки налоговой ставки основаны на действующем налоговом законодательстве, включая текущую интерпретацию Закона о сокращении налогов и занятости, и на нее могут повлиять изменения интерпретации этого Закона, а также дополнительные законодательные акты и рекомендации, касающиеся этого Закона.
Дополнительная информация о потенциальных факторах, которые могут повлиять на финансовые результаты Autodesk, включена в форму 10-K Autodesk и последующие формы 10-Q, которые находятся в файле Комиссии по ценным бумагам и биржам США. Autodesk отказывается от каких-либо обязательств по обновлению предоставленных прогнозных заявлений для отражения событий или обстоятельств, которые произошли после даты, когда они были сделаны.
Autodesk меняет то, как устроен и создан мир. Наши технологии охватывают архитектуру, проектирование, строительство, дизайн продукции, производство, средства массовой информации и развлечения, позволяя новаторам во всем мире решать большие и малые задачи. Программное обеспечение Autodesk помогает нашим клиентам проектировать и создавать лучший мир для всех — от более экологичных зданий до более интеллектуальных продуктов и завораживающих блокбастеров. Для получения дополнительной информации посетите сайт Autodesk.com или подпишитесь на @Autodesk.
Autodesk использует свой веб-сайт Investors.Autodesk.com для раскрытия существенной непубличной информации, объявления о предстоящих конференциях инвесторов и для выполнения своих обязательств по раскрытию информации в соответствии с Положением FD. Соответственно, вы должны следить за нашим веб-сайтом по связям с инвесторами в дополнение к нашим пресс-релизам, документам Комиссии по ценным бумагам и биржам США, а также публичным телефонным конференциям и веб-трансляциям.
Autodesk, AutoCAD, AutoCAD LT, BIM 360 и Fusion 360 являются зарегистрированными товарными знаками компании Autodesk, Inc. и/или ее дочерних компаний и/или филиалов в США и/или других странах. Все другие торговые марки, названия продуктов или товарные знаки принадлежат их соответствующим владельцам. Autodesk оставляет за собой право изменять предложения продуктов и услуг, а также спецификации и цены в любое время без предварительного уведомления и не несет ответственности за опечатки или графические ошибки, которые могут появиться в этом документе.
© 2022 Autodesk, Inc. Все права защищены.
Autodesk, Inc. |
|||||||
Condensed Consolidated Statements of Operations |
|||||||
(In millions, except per share data) |
|||||||
Three Months Ended January 31, |
Fiscal Year Ended January 31, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
(Unaudited) |
|||||||
Net revenue: |
|||||||
Subscription |
$ 1,121.5 |
$ 950.3 |
$ 4,156.4 |
$ 3,478.9 |
|||
Maintenance |
22.7 |
30.2 |
76.3 |
183.3 |
|||
Total subscription and maintenance revenue |
1,144.2 |
980.5 |
4,232.7 |
3,662.2 |
|||
Other |
67.4 |
58.7 |
153.7 |
128.2 |
|||
Total net revenue |
1,211.6 |
1,039.2 |
4,386.4 |
3,790.4 |
|||
Cost of revenue: |
|||||||
Cost of subscription and maintenance revenue |
79.8 |
65.5 |
299.1 |
242.1 |
|||
Cost of other revenue |
19.0 |
16.6 |
66.6 |
64.1 |
|||
Amortization of developed technologies |
14.4 |
8.5 |
52.8 |
30.9 |
|||
Total cost of revenue |
113.2 |
90.6 |
418.5 |
337.1 |
|||
Gross profit |
1,098.4 |
948.6 |
3,967.9 |
3,453.3 |
|||
Operating expenses: |
|||||||
Marketing and sales |
427.8 |
388.8 |
1,623.1 |
1,440.3 |
|||
Research and development |
290.3 |
249.6 |
1,114.8 |
932.5 |
|||
General and administrative |
227.6 |
117.1 |
571.7 |
413.9 |
|||
Amortization of purchased intangibles |
10.3 |
8.7 |
40.7 |
37.5 |
|||
Total operating expenses |
956.0 |
764.2 |
3,350.3 |
2,824.2 |
|||
Income from operations |
142.4 |
184.4 |
617.6 |
629.1 |
|||
Interest and other expense, net |
(35.3) |
(13.3) |
(52.9) |
(82.4) |
|||
Income before income taxes |
107.1 |
171.1 |
564.7 |
546.7 |
|||
(Provision) benefit for income taxes |
(18.0) |
740.2 |
(67.7) |
661.5 |
|||
Net income |
$ 89.1 |
$ 911.3 |
$ 497.0 |
$ 1,208.2 |
|||
Basic net income per share |
$ 0.41 |
$ 4.15 |
$ 2.26 |
$ 5.51 |
|||
Diluted net income per share |
$ 0.40 |
$ 4.10 |
$ 2.24 |
$ 5.44 |
|||
Weighted average shares used in computing basic net income per share |
219.2 |
219.7 |
219.7 |
219.4 |
|||
Weighted average shares used in computing diluted net income per share |
221.2 |
222.5 |
222.0 |
222.1 |
Autodesk, Inc. |
|||
Condensed Consolidated Balance Sheets |
|||
(In millions) |
|||
January 31, |
January 31, |
||
(Unaudited) |
|||
ASSETS |
|||
Current assets: |
|||
Cash and cash equivalents |
$ 1,528.4 |
$ 1,772.2 |
|
Marketable securities |
235.7 |
4.0 |
|
Accounts receivable, net |
716.1 |
643.1 |
|
Prepaid expenses and other current assets |
283.6 |
206.2 |
|
Total current assets |
2,763.8 |
2,625.5 |
|
Long-term marketable securities |
45.4 |
— |
|
Computer equipment, software, furniture and leasehold improvements, net |
162.5 |
192.8 |
|
Operating lease right-of-use assets |
304.5 |
416.7 |
|
Intangible assets, net |
493.8 |
199.3 |
|
Goodwill |
3,603.8 |
2,706.5 |
|
Deferred income taxes, net |
740.7 |
763.1 |
|
Long-term other assets |
492.3 |
375.9 |
|
Total assets |
$ 8,606.8 |
$ 7,279.8 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||
Current liabilities: |
|||
Accounts payable |
$ 120.8 |
$ 122.5 |
|
Accrued compensation |
341.3 |
322.6 |
|
Accrued income taxes |
29.7 |
42.6 |
|
Deferred revenue |
2,863.3 |
2,500.9 |
|
Operating lease liabilities |
86.6 |
71.4 |
|
Current portion of long-term notes payable, net |
349.7 |
— |
|
Other accrued liabilities |
218.0 |
194.7 |
|
Total current liabilities |
4,009.4 |
3,254.7 |
|
Long-term deferred revenue |
926.5 |
859.3 |
|
Long-term operating lease liabilities |
345.8 |
396.0 |
|
Long-term income taxes payable |
19.8 |
15.9 |
|
Long-term deferred income taxes |
29.4 |
11.4 |
|
Long-term notes payable, net |
2,277.9 |
1,637.2 |
|
Long-term other liabilities |
148.9 |
139.8 |
|
Stockholders' equity: |
|||
Common stock and additional paid-in capital |
2,923.1 |
2,578.9 |
|
Accumulated other comprehensive loss |
(124.0) |
(125.9) |
|
Accumulated deficit |
(1,950.0) |
(1,487.5) |
|
Total stockholders' equity |
849.1 |
965.5 |
|
Total liabilities and stockholders' equity |
$ 8,606.8 |
$ 7,279.8 |
Autodesk, Inc. |
|||
Condensed Consolidated Statements of Cash Flows |
|||
(In millions) |
|||
Fiscal Year Ended January 31, |
|||
2022 |
2021 |
||
(Unaudited) |
|||
Operating activities: |
|||
Net income |
$ 497.0 |
$ 1,208.2 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|||
Depreciation, amortization and accretion |
148.1 |
123.8 |
|
Stock-based compensation expense |
555.4 |
398.4 |
|
Deferred income taxes |
(7.8) |
(778.6) |
|
Lease-related asset impairments |
103.7 |
— |
|
Other |
17.6 |
38.8 |
|
Changes in operating assets and liabilities, net of business combinations: |
|||
Accounts receivable |
(66.2) |
12.6 |
|
Prepaid expenses and other assets |
(133.5) |
(56.4) |
|
Accounts payable and accrued liabilities |
9.9 |
129.6 |
|
Deferred revenue |
419.4 |
344.4 |
|
Accrued income taxes |
(12.3) |
16.4 |
|
Net cash provided by operating activities |
1,531.3 |
1,437.2 |
|
Investing activities: |
|||
Purchases of marketable securities |
(311.1) |
(21.0) |
|
Sales of marketable securities |
12.0 |
— |
|
Maturities of marketable securities |
25.8 |
17.0 |
|
Capital expenditures |
(56.0) |
(91.1) |
|
Purchases of developed technologies |
(10.5) |
(4.8) |
|
Business combinations, net of cash acquired |
(1,250.3) |
(246.2) |
|
Other investing activities |
(4.5) |
(57.8) |
|
Net cash used in investing activities |
(1,594.6) |
(403.9) |
|
Financing activities: |
|||
Proceeds from issuance of common stock, net of issuance costs |
113.7 |
114.1 |
|
Taxes paid related to net share settlement of equity awards |
(193.5) |
(156.7) |
|
Repurchase and retirement of common stock |
(1,078.5) |
(551.7) |
|
Proceeds from debt, net of discount |
997.0 |
— |
|
Repayment of debt |
— |
(450.0) |
|
Other financing activities |
(7.3) |
(2.5) |
|
Net cash used in financing activities |
(168.6) |
(1,046.8) |
|
Effect of exchange rate changes on cash and cash equivalents |
(11.9) |
11.0 |
|
Net decrease in cash and cash equivalents |
(243.8) |
(2.5) |
|
Cash and cash equivalents at beginning of the period |
1,772.2 |
1,774.7 |
|
Cash and cash equivalents at end of the period |
$ 1,528.4 |
$ 1,772.2 |
Autodesk, Inc. |
|||||||
Reconciliation of GAAP financial measures to non-GAAP financial measures |
|||||||
(In millions, except per share data) |
|||||||
To supplement our condensed consolidated financial statements presented on a GAAP basis, we provide investors with certain non-GAAP measures including non-GAAP operating margin, non-GAAP income from operations, non-GAAP diluted net income per share, and free cash flow. For our internal budgeting and resource allocation process and as a means to evaluate period-to-period comparisons, we use non-GAAP measures to supplement our condensed consolidated financial statements presented on a GAAP basis. These non-GAAP measures do not include certain items that may have a material impact upon our future reported financial results. We use non-GAAP measures in making operating decisions because we believe those measures provide meaningful supplemental information regarding our earning potential and performance for management by excluding certain expenses and charges that may not be indicative of our core business operating results. For the reasons set forth below, we believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. This allows investors and others to better understand and evaluate our operating results and future prospects in the same manner as management, compare financial results across accounting periods and to those of peer companies and to better understand the long-term performance of our core business. We also use some of these measures for purposes of determining company-wide incentive compensation. |
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There are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which charges are excluded from the non-GAAP financial measures. We compensate for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in our public disclosures. The presentation of non-GAAP financial information is meant to be considered in addition to, not as a substitute for or in isolation from, the directly comparable financial measures prepared in accordance with GAAP. We urge investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures included in this presentation, and not to rely on any single financial measure to evaluate our business. |
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The following table shows Autodesk's GAAP results reconciled to non-GAAP results included in this release. |
|||||||
Three Months Ended January 31, |
Fiscal Year Ended January 31, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
(Unaudited) |
(Unaudited) |
||||||
GAAP operating margin |
12% |
18% |
14% |
17% |
|||
Stock-based compensation expense |
12% |
10% |
13% |
11% |
|||
Amortization of developed technologies |
1% |
1% |
1% |
1% |
|||
Amortization of purchased intangibles |
1% |
1% |
1% |
1% |
|||
Acquisition-related costs |
—% |
—% |
1% |
—% |
|||
Lease-related asset impairments and other charges |
9% |
—% |
2% |
—% |
|||
Non-GAAP operating margin (1) |
35% |
30% |
32% |
29% |
|||
GAAP income from operations |
$ 142.4 |
$ 184.4 |
$ 617.6 |
$ 629.1 |
|||
Stock-based compensation expense |
145.8 |
108.3 |
558.5 |
399.8 |
|||
Amortization of developed technologies |
13.9 |
8.5 |
51.2 |
30.9 |
|||
Amortization of purchased intangibles |
10.3 |
8.7 |
40.4 |
37.5 |
|||
Acquisition-related costs |
5.5 |
4.7 |
26.0 |
14.6 |
|||
Lease-related asset impairments and other charges |
103.7 |
— |
103.7 |
— |
|||
Non-GAAP income from operations |
$ 421.6 |
$ 314.6 |
$ 1,397.4 |
$ 1,111.9 |
|||
GAAP diluted net income per share |
$ 0.40 |
$ 4.10 |
$ 2.24 |
$ 5.44 |
|||
Stock-based compensation expense |
0.66 |
0.49 |
2.52 |
1.80 |
|||
Amortization of developed technologies |
0.06 |
0.04 |
0.23 |
0.14 |
|||
Amortization of purchased intangibles |
0.05 |
0.04 |
0.18 |
0.17 |
|||
Acquisition-related costs |
0.02 |
0.02 |
0.12 |
0.07 |
|||
Lease-related asset impairments and other charges |
0.47 |
— |
0.47 |
— |
|||
Loss (gain) on strategic investments and dispositions, net |
0.04 |
0.04 |
(0.02) |
0.19 |
|||
Discrete GAAP tax items |
(0.05) |
(0.22) |
(0.33) |
(0.20) |
|||
Release of valuation allowance on deferred tax assets |
— |
(3.05) |
— |
(3.06) |
|||
Income tax effect of non-GAAP adjustments |
(0.15) |
(0.28) |
(0.34) |
(0.50) |
|||
Non-GAAP diluted net income per share |
$ 1.50 |
$ 1.18 |
$ 5.07 |
$ 4.05 |
|||
Net cash provided by operating activities |
$ 722.8 |
$ 657.6 |
$ 1,531.3 |
$ 1,437.2 |
|||
Capital expenditures |
(6.5) |
(23.5) |
(56.0) |
(91.1) |
|||
Free cash flow |
$ 716.3 |
$ 634.1 |
$ 1,475.3 |
$ 1,346.1 |
________________ |
|
(1) |
Totals may not sum due to rounding. |
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