AUTODESK, INC. ANNOUNCES FISCAL 2023 THIRD QUARTER RESULTS

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SAN FRANCISCO, November 22, 2022 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the third quarter of fiscal 2023.
  • Total revenue increased by 14% to $1,280 million;
  • GAAP operating margin was 20%, up 3 percentage points;
  • Non-GAAP operating margin was 36%, up 4 percentage points;
  • GAAP diluted EPS was $0.91; Non-GAAP diluted EPS was $1.70;
  • Cash flow from operating activities was $469 million; free cash flow was $460 million.
"We recently announced Autodesk Fusion, Forma, and Flow, our three industry clouds, which will connect data, teams and workflows in the cloud on our trusted platform," said Andrew Anagnost, Autodesk president and CEO. "Increasing our engineering velocity, moving data from files to the cloud, and expanding our third-party ecosystem, will enable Autodesk to further increase customer value by delivering even greater efficiency and sustainability." "In a more challenging macroeconomic environment, Autodesk performed in line with our expectations in the third quarter, excluding the impact of in-quarter currency movements on revenue. Subscription renewal rates remained strong, as did our competitive performance," said Debbie Clifford, Autodesk CFO. "Our fiscal 23 revenue, margin, and earnings per share guidance remains close to the previous mid-points at constant exchange rates and comfortably within our prior guidance ranges. Our lower billings and free cash flow guidance primarily reflect less demand for multi-year, up-front and more demand for annual contracts than we expected." Additional Financial Details:
  • Total billings increased 16% to $1,360 million.
  • Total revenue was $1,280 million, an increase of 14% as reported, and 15% on a constant currency basis. Recurring revenue represents 98% of total.
  • Design revenue was $1,087 million, an increase of 12% as reported, and 14% on a constant currency basis. On a sequential basis, Design revenue increased 2% as reported and on a constant currency basis.
  • Make revenue was $117 million, an increase of 24% as reported, and 26% on a constant currency basis. On a sequential basis, Make revenue increased 4% as reported and on a constant currency basis.
  • Subscription plan revenue was $1,188 million, an increase of 14% as reported, and 15% on a constant currency basis. On a sequential basis, subscription plan revenue increased 2% as reported and on a constant currency basis.
  • Net revenue retention rate remained within the range of 100 to 110 percent.
  • GAAP operating income was $256 million, compared to $193 million in the third quarter last year. GAAP operating margin was 20%, up 3 percentage points compared to the third quarter last year.
  • Total non-GAAP operating income was $465 million, compared to $365 million in the third quarter last year. Non-GAAP operating margin was 36%, up 4 percentage points compared to the third quarter last year.
  • GAAP diluted net income per share was $0.91, compared to $0.62 in the third quarter last year.
  • Non-GAAP diluted net income per share was $1.70, compared to $1.34 in the third quarter last year.
  • Deferred revenue increased 13% to $3.78 billion. Unbilled deferred revenue was $896 million, an increase of $8 million compared to the third quarter of last year. Remaining performance obligations ("RPO") increased 11% to $4.68 billion. Current RPO increased 9% to $3.14 billion.
  • Cash flow from operating activities was $469 million, an increase of $198 million compared to the third quarter last year. Free cash flow was $460 million, an increase of $203 million compared to the third quarter last year.
The Board of Directors authorized the repurchase of $5 billion of the Company’s common stock, in addition to the approximately 3.8 million shares remaining, as of October 31, 2022, under previously announced share repurchase programs. The repurchase program allows Autodesk to offset dilution and reduce shares outstanding over time. In the first nine months of fiscal 2023, Autodesk repurchased approximately 4.4 million shares of its common stock at an average price of approximately $200 per share. Looking ahead, the following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties. Autodesk’s business outlook for the fourth quarter and full-year fiscal 2023 considers the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2023 GAAP and non-GAAP estimates is provided below or in the tables following this press release. For more details on the company's performance and future outlook, please refer to the attached tables and the full press release.

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