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.
All growth rates are compared to the fourth quarter and full year of fiscal 2022, respectively, unless otherwise specified. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For definitions, please refer to the Glossary of Terms later in this document.
**Fourth Quarter Fiscal 2023 Financial Highlights**
- Total revenue rose 9% to $1.32 billion;
- GAAP operating margin improved to 21%, up 9 percentage points;
- Non-GAAP operating margin stood at 36%, up 1 percentage point;
- GAAP diluted EPS was $1.35; Non-GAAP diluted EPS was $1.86;
- Cash flow from operating activities was $911 million; free cash flow reached $903 million.
"As we continue to deliver next-generation technology and services to our customers, the pace of transformation across the industries we serve is accelerating, creating substantial new growth opportunities for Autodesk," said Andrew Anagnost, President and CEO of Autodesk. "We're witnessing a shift toward connected digital workflows in the cloud in product design and manufacturing, followed by architecture, building engineering, and more recently construction. We’re also seeing growing momentum with owners."
"Overall, the demand environment in Q4 remained consistent with Q3, supported by the upcoming transition from upfront to annual billings for multi-year contracts and a large renewal cohort, which positively impacted billings and free cash flow," said Debbie Clifford, Autodesk's CFO. "We are continuing to build broader strategic partnerships with our customers, closing our largest deal to date during the quarter. Our strong momentum and competitive performance position us well for fiscal 24."
**Fourth Quarter Fiscal 2023 Additional Financial Details**
- Total billings increased 28% to $2.12 billion.
- Total revenue was $1.32 billion, an increase of 9% as reported and 12% on a constant currency basis. Recurring revenue accounted for 98% of total revenue.
- Design revenue was $1.11 billion, an increase of 9% as reported and 12% on a constant currency basis. Sequentially, Design revenue increased 2% as reported and on a constant currency basis.
- Make revenue was $119 million, an increase of 20% as reported and 21% on a constant currency basis. Sequentially, Make revenue increased 2% as reported and on a constant currency basis.
- Subscription plan revenue was $1.21 billion, an increase of 11% as reported and 14% on a constant currency basis. Sequentially, subscription plan revenue increased 2% as reported and on a constant currency basis.
- Net revenue retention rate was within the range of 100 to 110 percent.
- GAAP operating income was $277 million, compared to $143 million in the fourth quarter last year. GAAP operating margin was 21%, up 9 percentage points.
- Total non-GAAP operating income was $479 million, compared to $421 million in the fourth quarter last year. Non-GAAP operating margin was 36%, up 1 percentage point.
- GAAP diluted net income per share was $1.35, compared to $0.40 in the fourth quarter last year.
- Non-GAAP diluted net income per share was $1.86, compared to $1.50 in the fourth quarter last year.
- Deferred revenue increased 21% to $4.58 billion. Unbilled deferred revenue was $1.04 billion, an increase of $94 million compared to the fourth quarter of last year. Remaining performance obligations (RPO) increased 19% to $5.62 billion. Current RPO increased 12% to $3.52 billion.
- Cash flow from operating activities was $911 million, an increase of $189 million compared to the fourth quarter last year. Free cash flow was $903 million, an increase of $187 million compared to the fourth quarter last year.
**Fiscal 2023 Financial Highlights**
- Total billings increased 20% to $5.80 billion.
- Total revenue was $5.01 billion, an increase of 14% as reported and 15% on a constant currency basis. Recurring revenue represented 98% of total revenue.
- Design revenue was $4.26 billion, an increase of 13% as reported and 14% on a constant currency basis.
- Make revenue was $452 million, an increase of 24% as reported and 25% on a constant currency basis.
- Subscription plan revenue was $4.65 billion, an increase of 15% as reported and on a constant currency basis.
- Total subscriptions increased approximately 702 thousand from fiscal 2022 to 6.74 million at the end of fiscal 2023. Total subscriptions adjusted for the multi-user trade-in increased approximately 603 thousand from fiscal 2022 to 6.25 million.
- Subscription plan subscriptions increased 724 thousand from the end of fiscal 2022 to 6.74 million at the end of fiscal 2023.
- GAAP operating income was $989 million, compared to $618 million last year. GAAP operating margin was 20%, up 6 percentage points.
- Total non-GAAP operating income was $1.79 billion compared to $1.40 billion last year. Non-GAAP operating margin was 36%, up 4 percentage points.
- GAAP diluted net income per share was $3.78, compared to $2.24 last year.
- Non-GAAP diluted net income per share was $6.63, compared to $5.07 last year.
- Cash flow from operating activities increased to $2.07 billion, compared to $1.53 billion in fiscal 2022. Free cash flow increased to $2.03 billion, compared to $1.48 billion in fiscal 2022.
For more detailed financial information, please visit Autodesk's investor relations website at autodesk.com/investor.
All growth rates are compared to the fourth quarter and full year of fiscal 2022, respectively, unless otherwise specified. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For definitions, please refer to the Glossary of Terms later in this document.
**Fourth Quarter Fiscal 2023 Financial Highlights**
- Total revenue rose 9% to $1.32 billion;
- GAAP operating margin improved to 21%, up 9 percentage points;
- Non-GAAP operating margin stood at 36%, up 1 percentage point;
- GAAP diluted EPS was $1.35; Non-GAAP diluted EPS was $1.86;
- Cash flow from operating activities was $911 million; free cash flow reached $903 million.
"As we continue to deliver next-generation technology and services to our customers, the pace of transformation across the industries we serve is accelerating, creating substantial new growth opportunities for Autodesk," said Andrew Anagnost, President and CEO of Autodesk. "We're witnessing a shift toward connected digital workflows in the cloud in product design and manufacturing, followed by architecture, building engineering, and more recently construction. We’re also seeing growing momentum with owners."
"Overall, the demand environment in Q4 remained consistent with Q3, supported by the upcoming transition from upfront to annual billings for multi-year contracts and a large renewal cohort, which positively impacted billings and free cash flow," said Debbie Clifford, Autodesk's CFO. "We are continuing to build broader strategic partnerships with our customers, closing our largest deal to date during the quarter. Our strong momentum and competitive performance position us well for fiscal 24."
**Fourth Quarter Fiscal 2023 Additional Financial Details**
- Total billings increased 28% to $2.12 billion.
- Total revenue was $1.32 billion, an increase of 9% as reported and 12% on a constant currency basis. Recurring revenue accounted for 98% of total revenue.
- Design revenue was $1.11 billion, an increase of 9% as reported and 12% on a constant currency basis. Sequentially, Design revenue increased 2% as reported and on a constant currency basis.
- Make revenue was $119 million, an increase of 20% as reported and 21% on a constant currency basis. Sequentially, Make revenue increased 2% as reported and on a constant currency basis.
- Subscription plan revenue was $1.21 billion, an increase of 11% as reported and 14% on a constant currency basis. Sequentially, subscription plan revenue increased 2% as reported and on a constant currency basis.
- Net revenue retention rate was within the range of 100 to 110 percent.
- GAAP operating income was $277 million, compared to $143 million in the fourth quarter last year. GAAP operating margin was 21%, up 9 percentage points.
- Total non-GAAP operating income was $479 million, compared to $421 million in the fourth quarter last year. Non-GAAP operating margin was 36%, up 1 percentage point.
- GAAP diluted net income per share was $1.35, compared to $0.40 in the fourth quarter last year.
- Non-GAAP diluted net income per share was $1.86, compared to $1.50 in the fourth quarter last year.
- Deferred revenue increased 21% to $4.58 billion. Unbilled deferred revenue was $1.04 billion, an increase of $94 million compared to the fourth quarter of last year. Remaining performance obligations (RPO) increased 19% to $5.62 billion. Current RPO increased 12% to $3.52 billion.
- Cash flow from operating activities was $911 million, an increase of $189 million compared to the fourth quarter last year. Free cash flow was $903 million, an increase of $187 million compared to the fourth quarter last year.
**Fiscal 2023 Financial Highlights**
- Total billings increased 20% to $5.80 billion.
- Total revenue was $5.01 billion, an increase of 14% as reported and 15% on a constant currency basis. Recurring revenue represented 98% of total revenue.
- Design revenue was $4.26 billion, an increase of 13% as reported and 14% on a constant currency basis.
- Make revenue was $452 million, an increase of 24% as reported and 25% on a constant currency basis.
- Subscription plan revenue was $4.65 billion, an increase of 15% as reported and on a constant currency basis.
- Total subscriptions increased approximately 702 thousand from fiscal 2022 to 6.74 million at the end of fiscal 2023. Total subscriptions adjusted for the multi-user trade-in increased approximately 603 thousand from fiscal 2022 to 6.25 million.
- Subscription plan subscriptions increased 724 thousand from the end of fiscal 2022 to 6.74 million at the end of fiscal 2023.
- GAAP operating income was $989 million, compared to $618 million last year. GAAP operating margin was 20%, up 6 percentage points.
- Total non-GAAP operating income was $1.79 billion compared to $1.40 billion last year. Non-GAAP operating margin was 36%, up 4 percentage points.
- GAAP diluted net income per share was $3.78, compared to $2.24 last year.
- Non-GAAP diluted net income per share was $6.63, compared to $5.07 last year.
- Cash flow from operating activities increased to $2.07 billion, compared to $1.53 billion in fiscal 2022. Free cash flow increased to $2.03 billion, compared to $1.48 billion in fiscal 2022.
For more detailed financial information, please visit Autodesk's investor relations website at autodesk.com/investor.Cages&Stillages,Cages Stillages,Transport Metal Crate,Collapsible Grid Cage
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