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All growth rates mentioned are compared to the second quarter of fiscal 2021, unless otherwise specified. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For definitions, refer to the Glossary of Terms later in this document.
Key Financial Highlights for the Second Quarter of Fiscal 2022
- Total revenue increased by 16% to reach $1.06 billion;
- GAAP operating margin was 14%, down by 2 percentage points;
- Non-GAAP operating margin rose by 2 percentage points to 31%;
- GAAP diluted earnings per share (EPS) was $0.52; Non-GAAP diluted EPS was $1.21;
- Operating cash flow was $202 million; free cash flow was $186 million.
"Sustained and purposeful innovation to enable digital transformation in the industries we serve is transforming our relationship with our customers from being just a software vendor to becoming a strategic partner," said Andrew Anagnost, Autodesk's president and CEO. "This shift is allowing us to create more value through end-to-end, cloud-based solutions that connect data and workflows, driving business model evolution. By helping our customers grow, we will grow as well, giving us confidence in our FY 23 objectives and beyond."
"Strong growth in new product subscriptions, accelerating digital sales, and improving subscription renewal rates contributed significantly to our robust second-quarter results," commented Debbie Clifford, Autodesk's CFO. "Our strong start to the year has led us to raise our FY22 revenue and margin guidance while shifting more of our EBA customers from multi-year upfront payments to annual billing, benefiting both our customers and Autodesk."
Additional Financial Details
- Total billings grew by 29% to reach $1.015 billion.
- Total revenue amounted to $1.06 billion, representing a 16% increase year-over-year, and 14% on a constant currency basis. Recurring revenue accounted for 98% of total revenue.
- Design revenue was $944 million, rising by 15% year-over-year and 13% on a constant currency basis. Sequentially, Design revenue increased by 7% year-over-year and 6% on a constant currency basis.
- Make revenue was $90 million, increasing by 26% year-over-year and 25% on a constant currency basis. Sequentially, Make revenue climbed by 10% year-over-year and 9% on a constant currency basis.
- Subscription plan revenue was $1.017 billion, surging by 21% year-over-year and 19% on a constant currency basis. Sequentially, subscription plan revenue increased by 7% year-over-year and on a constant currency basis.
- Maintenance plan revenue was $17 million, falling by 67% year-over-year and on a constant currency basis. Sequentially, maintenance plan revenue decreased by 12% year-over-year and 13% on a constant currency basis.
- Net revenue retention rate remained within the range of 100 to 110%.
- GAAP operating income was $148 million, compared to $146 million in the same 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 by 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) rose by 24% to $4.14 billion. Current RPO increased by 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 Highlights
- Net revenue from the Americas region totaled $422.8 million, up 14% year-over-year and 14% on a constant currency basis.
- Net revenue from the EMEA region was $410.2 million, increasing by 16% year-over-year and 12% on a constant currency basis.
- Net revenue from the APAC region reached $226.7 million, growing by 21% year-over-year and 18% on a constant currency basis.
- Emerging economies generated $132.8 million in net revenue, representing a 17% year-over-year increase and 16% growth on a constant currency basis.
For a detailed breakdown of product family revenues, please refer to the tables below:
Product Family Revenue Breakdown
- AEC (Architecture, Engineering, and Construction) revenue was $478.7 million, up 21% year-over-year.
- AutoCAD and AutoCAD LT revenue stood at $304.4 million, increasing by 12% year-over-year.
- Manufacturing (MFG) revenue was $207.7 million, climbing by 12% year-over-year.
- Media and Entertainment (M&E) revenue was $58.5 million, up 10% year-over-year.
- Other revenue was $10.4 million, showing a 93% year-over-year increase.
The company's business outlook for the third quarter and full-year fiscal 2022 reflects current economic and foreign exchange conditions. A reconciliation between GAAP and non-GAAP estimates is provided below or in the tables following this press release.
Third Quarter Fiscal 2022 Guidance
- Revenue guidance: $1.110 billion to $1.125 billion
- GAAP EPS: $0.50 to $0.56
- Non-GAAP EPS: $1.22 to $1.28
Full-Year Fiscal 2022 Guidance
- Billings guidance: $4.875 billion to $4.975 billion, up 18% to 20%
- Revenue guidance: $4.345 billion to $4.385 billion, up 15% to 16%
- GAAP operating margin: Approximately 15%
- Non-GAAP operating margin: Approximately 31%
- GAAP EPS: $2.43 to $2.58
- Non-GAAP EPS: $4.91 to $5.06
- Free cash flow: $1.500 billion to $1.575 billion
For more details on Autodesk's financial performance, key metrics such as billings, recurring revenue, and net revenue retention rate (NR3) are utilized. These metrics are essential for monitoring the strength of our recurring business and provide insights into the long-term health of our operations.
For further information on Autodesk's financial performance and investor resources, please visit autodesk.com/investor.
About Autodesk
Autodesk creates software for individuals who design, build, and manufacture the world around us. Whether it's a high-performance vehicle, a towering skyscraper, a smartphone, or a blockbuster film, chances are you've interacted with the work of millions of Autodesk customers using our software. Visit autodesk.com or follow @autodesk for more information.
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 modify product and service offerings, specifications, and pricing without prior notice.
© 2021 Autodesk, Inc. All rights reserved.
Autodesk, Inc. Announces Fiscal 2022 Second Quarter Results
SAN FRANCISCO, August 25, 2021 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) has announced its financial results for the second quarter of fiscal 2022 today.