SAN FRANCISCO, Nov. 22, 2022 — (PRNewswire) — Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the third quarter of fiscal 2023.

All growth rates are compared to the third 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.

Third Quarter Fiscal 2023 Financial Highlights

• Total revenue increased 14 percent to $1,280 million;
• GAAP operating margin was 20 percent, up 3 percentage points;
• Non-GAAP operating margin was 36 percent, 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 percent to $1,360 million.
• Total revenue was $1,280 million, an increase of 14 percent as reported, and 15 percent on a constant currency basis. Recurring revenue represents 98 percent of total.
• Design revenue was $1,087 million, an increase of 12 percent as reported, and 14 percent on a constant currency basis. On a sequential basis, Design revenue increased 2 percent as reported and on a constant currency basis.
• Make revenue was $117 million, an increase of 24 percent as reported, and 26 percent on a constant currency basis. On a sequential basis, Make revenue increased 4 percent as reported and on a constant currency basis.
• Subscription plan revenue was $1,188 million, an increase of 14 percent as reported, and 15 percent on a constant currency basis. On a sequential basis, subscription plan revenue increased 2 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 $256 million, compared to $193 million in the third quarter last year. GAAP operating margin was 20 percent, 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 percent, 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 percent 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 percent to $4.68 billion. Current RPO increased 9 percent 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.

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