AUTODESK, INC. ANNOUNCES FISCAL 2023 SECOND QUARTER RESULTS

SAN FRANCISCO, Aug. 24, 2022 — (PRNewswire) — Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the second quarter of fiscal 2023.

All growth rates are compared to the second quarter of fiscal 2022, unless otherwise noted. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For definitions, please view the Glossary of Terms later in this document.

Second Quarter Fiscal 2023 Financial Highlights

  • Total revenue increased 17 percent to $1,237 million;
  • GAAP operating margin was 20 percent, up 6 percentage points;
  • Non-GAAP operating margin was 36 percent, up 5 percentage points;
  • GAAP diluted EPS was $0.85; Non-GAAP diluted EPS was $1.65;
  • Cash flow from operating activities was $257 million; free cash flow was $246 million.

"We are moving from products to platforms and capabilities, and bringing those capabilities to any device, anywhere, through the cloud," said Andrew Anagnost, Autodesk president and CEO. "By accelerating the convergence of workflows within and between the industries we serve, we are propelling the digital transformation of our customers and creating broader and deeper partnerships with them."

"Demand remained robust, our competitive performance strong, and subscription business resilient during the second quarter," said Debbie Clifford, Autodesk CFO. "With the underlying momentum of the business offsetting incremental foreign exchange headwinds, our guidance is unchanged at the mid-point across all metrics. We remain well on track to achieve our fiscal 23 goals."

Additional Financial Details

  • Total billings increased 17 percent to $1,191 million.
  • Total revenue was $1,237 million, an increase of 17 percent as reported and on a constant currency basis. Recurring revenue represents 98 percent of total.
  • Design revenue was $1,064 million, an increase of 15 percent as reported and on a constant currency basis. On a sequential basis, Design revenue increased 6 percent as reported and on a constant currency basis.
  • Make revenue was $113 million, an increase of 26 percent as reported, and 27 percent on a constant currency basis. On a sequential basis, Make revenue increased 10 percent as reported and on a constant currency basis.
  • Subscription plan revenue was $1,160 million, an increase of 16 percent as reported and 17 percent on a constant currency basis. On a sequential basis, subscription plan revenue increased 7 percent 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 $242 million, compared to $148 million in the second quarter last year. GAAP operating margin was 20 percent, up 6 percentage points.
  • Total non-GAAP operating income was $444 million, compared to $331 million in the second quarter last year. Non-GAAP operating margin was 36 percent, up 5 percentage points compared to the second quarter last year.
  • GAAP diluted net income per share was $0.85, compared to $0.52 in the second quarter last year.
  • Non-GAAP diluted net income per share was $1.65, compared to $1.21 in the second quarter last year.
  • Deferred revenue increased 12 percent to $3.70 billion. Unbilled deferred revenue was $984 million, an increase of $141 million compared to the second quarter of last year. Remaining performance obligations ("RPO") increased 13 percent to $4.69 billion. Current RPO increased 10 percent to $3.14 billion.
  • Cash flow from operating activities was $257 million, an increase of $55 million compared to the second quarter last year. Free cash flow was $246 million, an increase of $60 million compared to the second quarter last year.

 

Second Quarter Fiscal 2023 Business Highlights


Net Revenue by Geographic Area


Three Months
Ended July 31,
2022


Three Months
Ended July 31,
2021


Change
compared to

prior fiscal year


Constant currency
change compared
to prior fiscal year

(In millions, except percentages) (1)



$


%


%

Net Revenue:










Americas










U.S.

$                    424


$                    348


$      76


22 %


*

Other Americas

91


75


16


21 %


*

Total Americas

515


423


92


22 %


21 %

EMEA

473


410


63


15 %


15 %

APAC

249


227


22


10 %


13 %

Total Net Revenue

$                 1,237


$                 1,060


$    177


17 %


17 %

____________________

*  Constant currency data not provided at this level.

(1) In the current fiscal year, the Company changed its rounding presentation to the nearest whole number in millions of reported amounts,
except per share data or as otherwise noted. The current year rounding presentation has been applied to all prior year amounts presented
and, in certain circumstances, this change may adjust previously reported balances.


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