Autodesk, Inc.(NASDAQ: ADSK) stock rose over 0.5% in the pre-market session of May 28th, 2021 (Source: Google finance) after the company posted better than expected results for the first quarter of FY 22. The company’s earnings totaled $155.6 million for the first quarter of FY 22 compared to $66.5 million, in last year’s first quarter.
Design revenue was $885 million, which is an increase of 11 percent as reported, and 10 percent on a constant currency basis. On a sequential basis, Design revenue declined 2 percent as reported and on a constant currency basis. Make revenue was $82 million, which I an increase of 21 percent as reported, and 20 percent on a constant currency basis. On a sequential basis, Make revenue remained flat as reported and on a constant currency basis. Subscription plan revenue was $948 million, which represents an increase of 18 percent as reported, and 17 percent on a constant currency basis. On a sequential basis, subscription plan revenue remained flat as reported, and decreased 1 percent on a constant currency basis. Maintenance plan revenue was $19 million, a decline of 69 percent as reported, and 68 percent on a constant currency basis. On a sequential basis, maintenance plan revenue declined 37 percent as reported, and 36 percent on a constant currency basis. Net revenue retention rate was within the range of 100 to 110 percent. Total billings increased 10 percent to $974 million in the first quarter.
ADSK in the first quarter of FY 22 has reported the adjusted earnings per share of $1.03, beating the analysts’ estimates for the adjusted earnings per share of 94 cents, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 12 percent to $989.3 million in the first quarter of FY 22, beating the analysts’ estimates for revenue of $964.3 million. The company has reported total non-GAAP operating income of $280 million, compared to $248 million in the first quarter last year. Non-GAAP operating margin was 28 percent, flat compared to the first quarter last year.
For the second quarter ending in August, Autodesk expects its per-share earnings to range from $1.08 to $1.14. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.10. The company expects revenue to be in the range of $1.05 billion to $1.06 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $1.03 billion. Autodesk expects full-year earnings to be in the range of $4.67 to $4.97 per share, with revenue ranging from $4.31 billion to $4.39 billion.