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SAN RAFAEL, Calif., Feb. 25, 2021 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) has released its financial results for the fourth quarter of fiscal 2021. The company reported a significant increase in revenue and strong performance across various metrics.
The company's total revenue reached $1.04 billion, reflecting a 16% growth compared to the same period last year. This success was driven by an increase in subscription-based revenue, which grew by 22% year-over-year. Additionally, the company's GAAP operating margin improved to 18%, up three percentage points from the previous year. Non-GAAP operating margin also saw an increase, rising to 30% from 29%.
Autodesk's GAAP diluted earnings per share (EPS) were $4.10, partly due to a $679 million release of a deferred tax asset valuation allowance. On a non-GAAP basis, the EPS stood at $1.18, showing continued strength in the company's financials. Cash flow from operations amounted to $658 million, while free cash flow reached $634 million.
Andrew Anagnost, President and CEO of Autodesk, highlighted the company's strong performance, emphasizing the growing importance of cloud-based platforms and the resilience of the subscription business model. He also mentioned the record number of enterprise agreements and the recent intention to acquire Innovyze, expressing optimism about future growth and confidence in reaching fiscal 2023 targets with double-digit growth thereafter.
In terms of additional financial details, total billings decreased slightly by 1% to $1.47 billion. However, recurring revenue accounted for 94% of total revenue, showcasing the stability and growth of the company's subscription model. Design revenue increased by 13%, while Make revenue rose by 28%. Subscription plan revenue grew by 22%, indicating a strong demand for Autodesk's cloud offerings.
Looking ahead, Autodesk provided guidance for the first quarter of fiscal 2022, projecting revenue between $955 million and $970 million. The company expects GAAP EPS to range from $0.39 to $0.44, and non-GAAP EPS to be between $0.91 and $0.96. For the full fiscal year 2022, Autodesk anticipates billings to grow between 17% and 20%, with revenue expected to increase by 13% to 15%. The company also projects a GAAP operating margin of 17% to 18% and a non-GAAP operating margin of 31% to 32%.
Autodesk's outlook reflects confidence in its business model and the continued shift towards cloud-based solutions. The company remains committed to innovation and growth, positioning itself for long-term success in the dynamic technology landscape.