Summary
Autodesk, Inc.'s (ADSK) third quarter fiscal year 2022 report (ended October 31, 2021) demonstrates robust top-line growth, with total net revenue increasing by 18% year-over-year to $1.13 billion. This growth was primarily driven by a significant 21% surge in subscription revenue, underscoring the company's successful transition to a subscription-based model. While maintenance revenue continued its decline, the overall recurring revenue represented a strong 97% of total net revenue. The company also reported healthy operating income and net income, indicating effective cost management despite increased investments in R&D and marketing. Key financial highlights include a substantial increase in goodwill, driven by significant acquisitions such as Innovyze and Upchain, which are expected to bolster Autodesk's offerings in the water infrastructure and product lifecycle management sectors. The company maintained a strong cash flow from operations and continued its share repurchase program. Despite some headwinds from foreign currency fluctuations and the ongoing impacts of the COVID-19 pandemic, Autodesk's diversified product portfolio across AEC, Manufacturing, and Media & Entertainment sectors positions it well for continued growth.
Financial Highlights
50 data points| Revenue | $1.13B |
| Cost of Revenue | $108.00M |
| Gross Profit | $1.02B |
| R&D Expenses | $282.00M |
| Operating Expenses | $825.00M |
| Operating Income | $193.00M |
| Net Income | $137.00M |
| EPS (Basic) | $0.62 |
| EPS (Diluted) | $0.62 |
| Shares Outstanding (Basic) | 220.00M |
| Shares Outstanding (Diluted) | 222.00M |
Key Highlights
- 1Total net revenue increased by 18% to $1.13 billion for the three months ended October 31, 2021, compared to the prior year period.
- 2Subscription revenue saw a significant increase of 21%, reaching $1.07 billion, while maintenance revenue continued to decline.
- 3Recurring revenue accounted for 97% of total net revenue, highlighting the company's successful subscription model.
- 4The company completed two major acquisitions: Innovyze for $1.04 billion and Upchain for $126.7 million, which are expected to enhance its product offerings and market position.
- 5Net income increased to $136.7 million, or $0.61 per diluted share, from $132.2 million, or $0.59 per diluted share, in the prior year period.
- 6Goodwill increased significantly to $3.58 billion, primarily due to the aforementioned acquisitions.
- 7Cash provided by operating activities increased to $808.5 million for the nine months ended October 31, 2021, compared to $779.6 million in the prior year period.