Autodesk, Inc. · NASDAQ:ADSK
Autodesk — Q1 2022 Earnings Presentation
21 slides from Autodesk's earnings presentation, May 27, 2021
Slide 1: First Quarter Fiscal 2022 Earnings
First Quarter Fiscal 2022 Earnings May 27, 2021 © 2021 Autodesk, Inc. 1
Slide 2: Safe Harbor
Safe Harbor This presentation contains forward looking statements about revenue, billings, free cash flow, operating margin, EPS, products, future performance, financial and otherwise, and strategy, including statements regarding our progress on our key priorities, guidance for the second fiscal qua
Slide 3: First Quarter Fiscal 2022
First Quarter Fiscal 2022 $974M $989M $316M 28% Non-GAAP Billings Total Revenue Free Cash Flow Operating Margin See appendix for glossary of terms and see Excel financials for additional information: https://investors.autodesk.com/financials/quarterly-results 3
Slide 4: Q1 Revenue Mix By Product Family & Geography
Q1 22 Revenue Mix By Product Family & Geography MFG APAC $197M $215M Up 8% Y/Y Up 20% Y/Y Americas $64M M&E and Other $392M $443M Up 16% Up 11% Y/Y Up 8% AEC Y/Y Y/Y $285M $383M Up 9% Y/Y Up 11% Y/Y AutoCAD and AutoCAD LT EMEA Totals may not sum due to rounding. 4
Slide 5: Strategic Update
Strategic Update Monetizing Accelerating Converging Design & Non-Compliant Users & Digitization in AEC Make in Manufacturing Digitization ▪ As the construction backlog comes ▪ Acquisition of Upchain, a next- ▪ Non-compliant user conversion back online, and the new project generation manufacturing pr
Slide 6: Outlook
Outlook 6
Slide 7: Outlook
Outlook Q2 FY22(1) FY22(1) (ending July 31, 2021) (ending January 31, 2022) Billings (in millions) (3) $4,930 - $5,055 Revenue (in millions) $1,045 - $1,060 Up 19% – 22% EPS GAAP $0.35 - $0.41 Revenue (in millions) (4) $4,305 - $4,385 Up 14% - 16% EPS non-GAAP(2) $1.08 - $1.14 GAAP operating margin
Slide 8: Non-GAAP FY22 Model Expectations
Non-GAAP FY22 Model Expectations INCOME STATEMENT BALANCE SHEET / CASH FLOW ▪ Recurring revenue as percent of total to be above 95 percent ▪ Capital expenditures to be approximately $75 million, weighted to the first half of the year ▪ Vault revenue becoming ratable will reduce our revenue growth by
Slide 9: Appendix
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Slide 10: Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
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 dil
Slide 11: Appendix – Other Financial Information
Appendix – Other Financial Information $ in millions (1) Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Net revenue: Design $ 662.6 $ 715.5 $ 748.3 $ 793.7 $ 797.7 $ 821.4 $ 847.7 $ 899.0 $ 885.1 Subscription $ 550.6 $ 612.0 $ 657.1 $ 713.8 $ 735.6 $ 770.2 $ 807.9 $ 868.8 $ 866.0 Maintenance $ 112.0 $
Slide 12: Appendix – Other Financial Information
Appendix – Other Financial Information $ in millions (1,2) Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Revenue Recurring revenue $ 707.8 $ 767.2 $ 806.2 $ 857.3 $ 865.1 $ 892.4 $ 924.2 $ 980.5 $ 966.6 Recurring revenue as a percentage of total revenue 96 % 96 % 96 % 95 % 98 % 98 % 97 % 94 % 98 % Su
Slide 13: Appendix – Other Financial Information
Appendix – Other Financial Information In millions (1,2) Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Billings & Deferred Revenue Billings $ 797.6 $ 892.8 $ 1,013.2 $ 1,486.4 $ 883.7 $ 786.9 $ 1,006.3 $ 1,466.6 $ 974.1 Short-term Deferred Revenue $ 1,777.5 $ 1,772.1 $ 1,822.0 $ 2,176.1 $ 2,163.9 $ 2
Slide 14: Appendix – GAAP to Non-GAAP Operating Margin Reconciliation
Appendix – GAAP to Non-GAAP Operating Margin Reconciliation Three Months Ended April 30, 2021 2020 (Unaudited) GAAP operating margin 14 % 15 % Stock-based compensation expense 12 % 11 % Amortization of developed technologies 1 % 1 % Amortization of purchased intangibles 1 % 1 % Acquisition-related c
Slide 15: Appendix – Q2FY22 Outlook GAAP to Non-GAAP EPS Reconciliation
Appendix – Q2FY22 Outlook GAAP to Non-GAAP EPS Reconciliation GAAP EPS $0.35 - $0.41 Stock-based compensation expense $0.68 Amortization of purchased intangibles $0.11 Acquisition-related costs $0.02 Income tax effect of non-GAAP adjustments $(0.08) Non-GAAP EPS $1.08 - $1.14 15
Slide 16: Appendix – FY22 Outlook GAAP to Non-GAAP EPS Reconciliation
Appendix – FY22 Outlook GAAP to Non-GAAP EPS Reconciliation GAAP EPS $2.14 - $2.44 Stock-based compensation expense $2.54 Amortization of purchased intangibles $0.39 Acquisition-related costs $0.09 Loss on strategic investments & dispositions, net $(0.02) Income tax effect of non-GAAP adjustments $(
Slide 17: Glossary of Terms
Glossary of Terms In order 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 re
Slide 18: Glossary of Terms
Glossary of Terms 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:
Slide 19: Glossary of Terms
Glossary of Terms 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 maint
Slide 20: Glossary of Terms
Glossary of Terms 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 expen
Slide 21: Autodesk trademarks notice
Autodesk and the Autodesk logo are registered trademarks or 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