Summary
Autodesk reported total revenue of $989.3 million for the first quarter of fiscal 2022, up 11.7% from the prior-year quarter. Billings grew 10% to $974 million. Recurring revenue was $966.6 million, up 12%, and represented 98% of total revenue. The net revenue retention rate was within the range of 100 to 110 percent as of April 30, 2021, down from the 110 to 120 percent range a year earlier. Management called it a strong start to the fiscal year, pointing to an acceleration in new business, solid execution, and a resilient subscription model. The company also highlighted robust growth in new product subscriptions, accelerating digital sales, stronger than expected upfront revenue, and improving subscription renewal rates.
Profitability showed pressure on GAAP margins. Gross profit was $896.5 million, up 11.5%. Gross margin was 90.6%, down 0.1 percentage points. Operating income was $133.8 million, up 2.5%. Operating margin was 13.5%, down 1.2 percentage points. Net income was $155.6 million, up 134.0%. Diluted EPS was $0.70, up from $0.30. The net income increase included a discrete tax benefit from a Supreme Court decision in India. Non-GAAP operating margin was 28%, flat versus the prior-year quarter. Non-GAAP diluted EPS was $1.03. Non-GAAP gross profit was $914.0 million, and non-GAAP net income was $229.2 million. The difference between GAAP and non-GAAP results reflects stock-based compensation and amortization of acquired intangibles.
Cash generation remained steady. Operating cash flow was $336.1 million, up 2.7%. Capital expenditures were $20.3 million, up 2.0%. Free cash flow was $316 million. Deferred revenue (current portion) was $2.54 billion, up 17.4%. Autodesk repurchased 0.5 million shares for $142.7 million during the quarter. The company expanded its portfolio through acquisitions. It completed the purchase of Innovyze, a water infrastructure software provider, during the quarter. Combining Innovyze's hydraulic modeling, simulation, asset performance management, and operational analytics with Autodesk's design and analysis solutions is intended to deliver end-to-end, cloud-based solutions for water infrastructure customers. In May 2021, Autodesk acquired Upchain for approximately $126.7 million in cash and $13.1 million in common stock. Upchain provides instant-on, cloud-based data management technology that allows product design and manufacturing customers to collaborate in the cloud. These actions reflect a strategy to strengthen cloud and data management capabilities while returning capital to shareholders.
Guidance points to continued growth. For the second quarter of fiscal 2022, Autodesk guided revenue to $1,045 million to $1,060 million, GAAP EPS to $0.35 to $0.41, and non-GAAP EPS to $1.08 to $1.14. For the full fiscal year 2022, the company guided revenue to $4,305 million to $4,385 million, up 14% to 16%, billings of $4,930 million to $5,055 million, up 19% to 22%, GAAP operating margin of 14% to 15%, non-GAAP operating margin of 30% to 31%, GAAP EPS of $2.14 to $2.44, non-GAAP EPS of $4.67 to $4.97, and free cash flow of $1,575 million to $1,650 million. The outlook assumes a projected annual effective tax rate of 16 percent for GAAP and non-GAAP results. The company said it remains on track to achieve its fiscal 2023 financial goals. Risks include the duration and impact of the COVID-19 pandemic, foreign exchange rate fluctuations, intense competition, challenges integrating acquisitions such as Innovyze and Upchain, reliance on distributors (Tech Data accounted for 36% of net revenue and Ingram Micro 10%), the ongoing decline in maintenance revenue, and potential changes in tax laws and regulations. The company also faces execution risk as it digitizes its operations and expands cloud offerings.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q1 FY2022 | Q4 FY2021 | QoQ | Q1 FY2021 | YoY |
|---|---|---|---|---|---|
| Revenue | $989.3M | $1.04B | -4.8% | $885.7M | +11.7% |
| Gross profit | $896.5M | $948.6M | -5.5% | $803.8M | +11.5% |
| Gross margin | 90.6% | 91.3% | -0.7 pp | 90.8% | -0.1 pp |
| Research & development | $265.5M | $249.6M | +6.4% | $217.4M | +22.1% |
| Sales & marketing | $377.1M | $388.8M | -3.0% | $341.3M | +10.5% |
| General & administrative | $111.9M | $117.1M | -4.4% | $104.8M | +6.8% |
| Total operating expenses | $762.7M | $764.2M | -0.2% | $673.2M | +13.3% |
| Operating income (loss) | $133.8M | $184.4M | -27.4% | $130.6M | +2.5% |
| Operating margin | 13.5% | 17.7% | -4.2 pp | 14.8% | -1.2 pp |
| Net income (loss) | $155.6M | $911.3M | -82.9% | $66.5M | +134.0% |
| Net margin | 15.7% | 87.7% | -72.0 pp | 7.5% | +8.2 pp |
| Diluted EPS | $0.70 | $4.10 | -$3.40 | $0.30 | +$0.40 |
Risks
Autodesk cannot predict subscription renewal rates, and MD&A reports NR3 was within 100% to 110% as of April 30, 2021, compared with 110% to 120% as of April 30, 2020. A decline or fluctuation in renewals could materially affect future revenue and operating results.
The filing newly highlights social and ethical issues from increasing AI use in Autodesk offerings, citing potential reputational harm, legal liability, and additional R&D costs from AI ethics concerns or government regulation. MD&A notes AI-based acquisitions such as Spacemaker and other fiscal 2021 deals that extract data from project plans and specifications.
Risk factors emphasize costs and challenges from strategic acquisitions, including several fiscal 2021 transactions and the current-quarter Innovyze acquisition. MD&A states acquisitions entail cost and integration challenges and may negatively impact operating margins; operating margin was 13.5% in FY2022 Q1, down 1.2 percentage points from 14.7% in FY2021 Q1.
Tech Data accounted for 36% of total net revenue for the three months ended April 30, 2021, down from 38% for the three months ended April 30, 2020, and Ingram Micro accounted for 10% in both periods. The risk factor notes that acquisitions of Tech Data and Ingram Micro could cause reseller or end-user uncertainty and temporarily hurt sales.
International net revenue represented 67% of net revenue for the three months ended April 30, 2021, compared with 66% for the three months ended April 30, 2020, exposing Autodesk to Brexit, the TCA effective January 1, 2021, trade tensions, tariffs, and currency volatility.
The filing discloses that Autodesk identified a compromised SolarWinds server after the December 2020 cyberattack and took containment steps, though it believes no customer operations or Autodesk products were disrupted. It also notes reliance on third parties such as Amazon Web Services and increased risk from work-from-home arrangements during COVID-19.
Autodesk had an income tax benefit of $24.2 million relative to pre-tax income of $131.4 million for the three months ended April 30, 2021, and says it is releasing its valuation allowance against the majority of U.S. federal tax assets, producing a material non-cash benefit this period. Future valuation allowance adjustments or proposed U.S. corporate tax rate increases could materially affect results.
COVID-19 continues to require substantial modifications to employee travel and work locations and postponement or cancellation of sales and marketing events, and the duration and recovery remain uncertain. Fiscal 2021 customer support actions, including extended payment terms and delayed price increases, affected cash flow and may not retain customers or close new business successfully.
SaaS KPIs
All quarters →Non-GAAP Operating Margin
Remaining Performance Obligations (RPO)
Free Cash Flow
Billings
Current RPO
Net Revenue Retention Rate
Summary, forecast, risks and KPIs are extracted from Autodesk, Inc.'s SEC filings for Q1 FY2022 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 2, 2026.