SAN FRANCISCO, February 23, 2023 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK), a leader in design and making technologies, announced today its financial results for the fourth quarter and full year of fiscal 2023.
The company reported a solid performance in the fourth quarter, driven by strong demand across its core product lines. Here are some key highlights:
- Total revenue increased by 9% to $1.32 billion.
- GAAP operating margin improved significantly to 21%, up 9 percentage points.
- Non-GAAP operating margin remained robust at 36%, reflecting a 1 percentage point increase.
- GAAP diluted EPS was $1.35, while non-GAAP diluted EPS reached $1.86.
- Cash flow from operating activities was $911 million, and free cash flow was $903 million.
"Our customers are increasingly adopting connected digital workflows in the cloud, which is accelerating transformation across industries," said Andrew Anagnost, President and CEO of Autodesk. "This shift is creating significant growth opportunities for us, particularly in product design, manufacturing, architecture, and more recently, construction."
Debbie Clifford, Autodesk's CFO, commented, "The demand environment in Q4 remained consistent with Q3, bolstered by the transition to annual billings for multi-year contracts and a substantial renewal cohort. We closed our largest deal yet during the quarter, underscoring our strong momentum and competitive position."
For the full fiscal year 2023, Autodesk delivered impressive results:
- Total billings grew by 20% to $5.80 billion.
- Total revenue rose by 14% to $5.01 billion, with 98% of it being recurring revenue.
- Design revenue increased by 13% to $4.26 billion, while Make revenue surged by 24% to $452 million.
- Subscription plan revenue climbed by 15% to $4.65 billion.
- Total subscriptions reached approximately 6.74 million by the end of fiscal 2023, representing a 702,000 increase from fiscal 2022.
Looking ahead to fiscal 2024, Autodesk provided guidance for the first quarter and the full year:
- First-quarter revenue is expected to be between $1.26 billion and $1.275 billion.
- Full-year revenue is projected to grow by 7% to 9%, reaching between $5.355 billion and $5.455 billion.
- Non-GAAP diluted EPS is forecasted to be between $6.98 and $7.32.
Autodesk will host a conference call today at 5 p.m. ET to discuss these results further. The call can be accessed live at autodesk.com/investor, and a replay will be available shortly after the event.
For more details, including the investor presentation and supplemental materials, visit autodesk.com/investor.
About Autodesk:
Autodesk is transforming how the world designs and makes things. Its innovative solutions span architecture, engineering, construction, product design, manufacturing, and media and entertainment, empowering creators worldwide to tackle challenges big and small. To learn more, visit autodesk.com or follow @autodesk on social media.
*All growth rates are compared to the fourth quarter and full year of fiscal 2022, unless otherwise noted. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. Definitions can be found in the Glossary of Terms later in this document.
**Note:** This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially due to factors such as global economic conditions, competitive pressures, and changes in tax laws. Please refer to Autodesk's SEC filings for a detailed discussion of these risks.
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