**Autodesk Reports Strong Fourth Quarter and Fiscal 2023 Results**
SAN FRANCISCO, Feb. 23, 2023 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today announced its financial results for the fourth quarter and full year of fiscal 2023.
The company saw impressive growth across key metrics, with total revenue increasing by 9% to reach $1.32 billion. Additionally, cash flow from operating activities surged to $911 million, while free cash flow reached $903 million.
Looking deeper into the numbers, Autodesk’s billings and current remaining performance obligations (RPO) also showed robust growth. Billings climbed 28% year-over-year to $2.1 billion, while current RPO increased 12% to $3.5 billion. This performance highlights the company's continued momentum in shifting toward connected digital workflows in product design and manufacturing, architecture, building engineering, construction, and now increasingly among project owners.
Andrew Anagnost, President and CEO of Autodesk, expressed optimism about the company's trajectory: “As we deliver next-generation technology and services to our customers, the pace of transformation within and between the industries we serve will accelerate, creating large new growth opportunities for Autodesk.â€
Debbie Clifford, Chief Financial Officer of Autodesk, echoed this sentiment: “The demand environment in Q4 remained consistent with Q3, supported by the approaching transition from upfront to annual billings for multi-year contracts and a large renewal cohort. This provided a tailwind to billings and free cash flow.â€
For the fourth quarter, Autodesk reported:
- Total revenue increased 9% to $1.32 billion;
- GAAP operating margin improved significantly to 21%, up 9 percentage points;
- Non-GAAP operating margin was 36%, an increase of 1 percentage point;
- GAAP diluted EPS was $1.35; Non-GAAP diluted EPS was $1.86;
- Cash flow from operating activities was $911 million; free cash flow was $903 million.
In terms of geographic performance, revenue growth was particularly strong in the Americas, with total revenue increasing by 13% as reported and 12% on a constant currency basis. The U.S. specifically contributed $451 million, marking a 12% increase year-over-year.
On a product family basis, the AEC (Architecture, Engineering, and Construction) segment led the charge with revenue of $602 million, representing an 11% increase year-over-year. The AutoCAD and AutoCAD LT family followed closely behind, generating $362 million in revenue, a 9% year-over-year increase.
For the full fiscal year 2023, Autodesk achieved:
- Total billings increased 20% to $5.80 billion;
- Total revenue was $5.01 billion, up 14% as reported and 15% on a constant currency basis;
- Design revenue reached $4.26 billion, an increase of 13%;
- Make revenue was $452 million, an increase of 24%;
- Subscription plan revenue was $4.65 billion, up 15%.
Looking ahead, Autodesk's business outlook for the first quarter and full-year fiscal 2024 anticipates continued growth, despite taking into account current economic and foreign exchange environments. The company expects:
- First-quarter revenue in the range of $1.260-$1.275 billion;
- EPS GAAP guidance of $0.74-$0.80;
- Non-GAAP EPS guidance of $1.50-$1.56.
For the full year, Autodesk forecasts:
- Billings of $5.025-$5.175 billion, down 13%-11% year-over-year;
- Revenue of $5.355-$5.455 billion, up 7%-9% year-over-year;
- GAAP operating margin to remain relatively flat year-over-year;
- Non-GAAP operating margin to also remain stable;
- EPS GAAP guidance of $3.63-$3.97;
- Non-GAAP EPS guidance of $6.98-$7.32;
- Free cash flow of $1.150-$1.250 billion.
Autodesk remains optimistic about its position in the market and its ability to capitalize on emerging opportunities in digital transformation. With a strong pipeline of innovative solutions and strategic partnerships, the company is poised for continued success in fiscal 2024 and beyond.
*For more details, visit Autodesk’s investor relations website at autodesk.com/investor.*
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