SAN FRANCISCO, Nov. 22, 2022 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today announced its financial results for the third quarter of fiscal 2023.
The company reported a 14% year-over-year increase in third-quarter revenue, reaching $1.28 billion, while billings grew by 16%. Operating margins also showed impressive growth, with GAAP margins expanding by 3 percentage points and non-GAAP margins increasing by 4 percentage points.
Autodesk's leadership expressed optimism despite challenging macroeconomic conditions. "We're excited to introduce our three industry clouds—Autodesk Fusion, Forma, and Flow," said Andrew Anagnost, President and CEO of Autodesk. "These platforms aim to streamline workflows and enhance collaboration in the cloud."
Debbie Clifford, the company's CFO, highlighted the resilience of Autodesk's subscription renewal rates and emphasized that the company's fiscal 2023 revenue, margin, and earnings guidance remained steady, even amidst currency fluctuations. However, she noted a shift in demand toward annual contracts instead of multi-year deals.
**Key Financial Highlights**
- **Revenue**: Total revenue climbed to $1.28 billion, marking a 14% increase from the same period last year.
- **Profitability**: GAAP operating income reached $256 million, representing a 20% margin and a 3-point improvement year-over-year. Non-GAAP operating income totaled $465 million, with a margin of 36%, up 4 percentage points.
- **Earnings Per Share (EPS)**: GAAP diluted EPS came in at $0.91, compared to $0.62 last year. Non-GAAP diluted EPS improved to $1.70 from $1.34.
- **Cash Flow**: Operating cash flow stood at $469 million, with free cash flow at $460 million—a significant improvement over the previous year.
**Business Outlook**
Autodesk also shared its outlook for the remainder of fiscal 2023, projecting fourth-quarter revenue in the range of $1.303 billion to $1.318 billion. The company expects GAAP EPS to fall between $0.99 and $1.05, while non-GAAP EPS is anticipated to land between $1.77 and $1.83.
For the full fiscal year, Autodesk anticipates billings in the range of $5.57 billion to $5.67 billion, representing an approximate 16% to 18% growth. Revenue is forecasted to reach $4.99 billion to $5.005 billion, reflecting a year-over-year increase of approximately 14%.
**Share Repurchase Program**
In addition to the financial updates, Autodesk disclosed a $5 billion stock repurchase authorization. This move underscores the company's commitment to reducing outstanding shares and offsetting dilution over time.
**Conclusion**
Autodesk's third-quarter performance reflects a strong focus on innovation and adaptability in a dynamic market. With continued emphasis on cloud-based solutions and strategic financial management, the company remains well-positioned to navigate current economic uncertainties and deliver sustainable growth.
For more details, including a comprehensive breakdown of revenue by geography and product family, as well as a detailed glossary of terms, please refer to the full earnings report available on Autodesk's investor relations website.
*Note: This analysis includes forward-looking statements based on current expectations and assumptions, which involve risks and uncertainties. Actual results may vary significantly due to factors outlined in the company's SEC filings.*
Footwear Adhesive
Xuchuan Chemical's shoe adhesive production capacity is 20,000 tons/year, mainly divided into solvent-based, solvent-free and water-based products, relying on years of accumulation in the field of shoe materials, xuchuan Chemical is committed to providing customers with the best quality products and the most complete solutions.
Products are used in shoes, bags, industrial coating, etc., suitable for a variety of different materials (PVC, PU, TPR, EVA, nylon), etc., the product has high strength, excellent brushability, high yellow resistance, good weather resistance.
In the future, adhesive products will maintain a rapid growth of 10-15%, which will become a new driving force for the development of Xuchuan Chemical.
There are several types of adhesive that can be used for shoes, depending on the material and the type of repair needed. Here are some commonly used adhesives for shoes:
1. Shoe glue: This is a specialized adhesive designed specifically for shoe repairs. It is commonly used for bonding different shoe materials, such as leather, rubber, fabric, and vinyl. Shoe glue is flexible, durable, and waterproof.
2. Super glue: Also known as cyanoacrylate adhesive, super glue is a strong and fast-drying adhesive that can bond various materials, including shoes. However, it may not be suitable for all shoe materials, and it can become brittle over time.
3. Epoxy adhesive: Epoxy is a two-part adhesive that provides a strong and durable bond. It is commonly used for repairing soles, heels, and other shoe parts. Epoxy adhesive requires mixing the resin and hardener before application.
4. Contact cement: Contact cement is a strong adhesive that creates a bond when two surfaces are pressed together. It is commonly used for shoe repairs, especially for attaching soles. Contact cement is available in both water-based and solvent-based formulas.
5. Shoe repair tape: In some cases, shoe repair tape can be used as a temporary solution for minor repairs. It is a self-adhesive tape that can provide a quick fix until a proper repair can be done.
When using any adhesive for shoe repairs, it is important to follow the manufacturer's instructions and ensure proper ventilation. Additionally, it is recommended to clean and prepare the surfaces to be bonded for better adhesion.
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XUCHUAN CHEMICAL(SUZHOU) CO., LTD , https://www.xuchuanchem.com