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AUTODESK, INC. ANNOUNCES FISCAL 2023 FIRST QUARTER RESULTS
SAN FRANCISCO, May 26, 2022 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today announced its financial results for the first quarter of fiscal 2023. The company reported strong performance with notable growth in revenue and billings, as well as improved operating margins.
Key highlights from the first quarter include:
- Revenue increased by 18% year-over-year to $1.17 billion.
- Billings grew by 16% compared to the same period last year.
- GAAP operating margin expanded by 4 percentage points to 18%, while non-GAAP operating margin increased by 6 percentage points to 34%.
- GAAP diluted earnings per share (EPS) was $0.67, and non-GAAP diluted EPS reached $1.43.
- Cash flow from operations amounted to $434 million, with free cash flow at $422 million.
Andrew Anagnost, President and CEO of Autodesk, highlighted the company's solid performance, emphasizing the impact of their product offerings and digital transformation initiatives. Debbie Clifford, CFO, noted the robust growth driven by broad-based strength across products and regions, along with effective cost management.
Additional details on the financial performance include:
- Total billings rose to $1.129 billion, reflecting a 16% increase.
- Recurring revenue accounted for 98% of total revenue, showing consistent customer retention.
- Design revenue grew by 16%, while Make revenue surged by 27%.
- Subscription plan revenue saw a 17% increase, remaining flat sequentially.
- Net revenue retention rate stayed within the range of 100 to 110 percent.
- Operating income under GAAP was $214 million, up from $134 million in the previous year.
- Non-GAAP operating income reached $397 million, an increase from $280 million in the same period last year.
- Deferred revenue increased by 12% to $3.75 billion, with current RPO rising by 10% to $3.14 billion.
Looking ahead, Autodesk provided guidance for the second quarter and full-year fiscal 2023, taking into account the current economic environment and foreign exchange rates. The company expects continued growth and stability, with projected revenue, EPS, and cash flow figures outlined in the press release.
Autodesk also shared insights into its business segments, highlighting the performance of different product families such as Architecture, Engineering, and Construction (AEC), AutoCAD and AutoCAD LT, Manufacturing (MFG), and Media and Entertainment (M&E). The company emphasized its commitment to innovation and customer satisfaction, reinforcing its position in the market.
For more information on Autodesk's financial performance and future outlook, investors are encouraged to review the detailed reports and attend the upcoming earnings conference call. The company remains focused on delivering value to its stakeholders through strategic initiatives and operational excellence.