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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 an 18% year-over-year increase in revenue and a 16% growth in billings. Additionally, both GAAP and non-GAAP operating margins expanded significantly, by 4 and 6 percentage points respectively.
Autodesk's first-quarter results reflect the company's consistent execution, leading products, and resilience amidst uncertain times. The CEO, Andrew Anagnost, highlighted the company's ability to connect workflows across industries, reinforcing its role in customers' digital transformation journeys. CFO Debbie Clifford emphasized the broad-based strength, competitive performance, and cost discipline that contributed to robust growth and cash flow generation.
The company's financial highlights include total revenue reaching $1,170 million, up 18% compared to the same period last year. GAAP operating margin was 18%, while non-GAAP operating margin stood at 34%. GAAP diluted earnings per share were $0.67, and non-GAAP diluted earnings per share were $1.43. Cash flow from operations was $434 million, with free cash flow at $422 million.
In terms of regional performance, the Americas saw a 24% increase in revenue, EMEA recorded a 17% growth, and APAC experienced a 10% rise. The product families also showed positive trends, with AEC, AutoCAD, MFG, and M&E all contributing to the overall success.
Looking ahead, Autodesk has provided guidance for the second quarter and full fiscal year 2023, considering the current economic environment and currency fluctuations. The company expects revenue between $1,220 million and $1,235 million for the second quarter, with EPS ranging from $0.72 to $0.78 on a GAAP basis and $1.54 to $1.60 on a non-GAAP basis.
For the full fiscal year 2023, Autodesk anticipates billings between $5,680 million and $5,830 million, representing an increase of 18% to 21%. Revenue is expected to be in the range of $4,960 million to $5,060 million, reflecting a 13% to 15% growth. The company also projects a GAAP operating margin of approximately 20% and a non-GAAP operating margin of around 36%.
Autodesk continues to focus on innovation, customer satisfaction, and long-term value creation. The company remains committed to delivering high-quality solutions and maintaining a strong financial position amid evolving market conditions. Investors and stakeholders can look forward to continued progress and strategic initiatives aimed at driving sustainable growth.