SAN FRANCISCO, February 23, 2023 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today announced its financial results for the fourth quarter and full year of fiscal 2023. The company demonstrated strong growth across multiple key metrics, reflecting its commitment to innovation and delivering value to customers.
During the fourth quarter, total revenue increased by 9% to $1.32 billion. The company's operating margins also saw significant improvement, with GAAP operating margin reaching 21%, up by 9 percentage points, and non-GAAP operating margin at 36%, up by 1 percentage point. GAAP diluted earnings per share (EPS) came in at $1.35, while non-GAAP diluted EPS reached $1.86.
In terms of cash flow, Autodesk generated $911 million in cash from operating activities and $903 million in free cash flow, representing increases of $189 million and $187 million, respectively, compared to the same period last year.
The company's billings for the fourth quarter also showed impressive growth, increasing by 28% year-over-year to reach $2.12 billion. Additionally, current remaining performance obligations (RPO) grew by 12% year-over-year to $3.52 billion.
Andrew Anagnost, President and CEO of Autodesk, highlighted the company's progress in driving transformation across various industries. He mentioned that the adoption of connected digital workflows in cloud environments is accelerating, particularly in product design, manufacturing, architecture, building engineering, and more recently, construction. This trend is now extending to owners, creating new growth opportunities for the company.
Debbie Clifford, Autodesk's CFO, emphasized the positive momentum in the fourth quarter, noting that the transition to annual billings for multi-year contracts and a large renewal cohort contributed to a favorable impact on billings and free cash flow. She also highlighted the company's efforts in strengthening strategic partnerships with customers, achieving its largest deal yet during the quarter.
Looking ahead, Autodesk provided a business outlook for the first quarter and full-year fiscal 2024. The company expects revenue in the range of $1.26 billion to $1.275 billion for the first quarter and forecasts revenue growth of 7% to 9% for the full year, reaching between $5.355 billion and $5.455 billion. The company anticipates non-GAAP operating margins to remain approximately flat year-over-year.
Autodesk's commitment to fostering innovation and maintaining strong customer relationships is evident in its financial performance and strategic initiatives. The company continues to leverage its diverse product offerings, including Architecture, Engineering and Construction (AEC), AutoCAD and AutoCAD LT, Manufacturing (MFG), and Media and Entertainment (M&E), to drive growth and address evolving industry needs.
For more details on Autodesk's financial performance and strategic direction, please refer to the full earnings release available on the company's investor relations website at [www.autodesk.com/investor](http://www.autodesk.com/investor).
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