AUTODESK, INC. ANNOUNCES FISCAL 2023 FIRST QUARTER RESULTS
September 25, 2025
– First quarter, year-over-year revenue growth of 18 percent and billings growth of 16 percent
– First quarter GAAP and non-GAAP operating margin expanded by 4 and 6 percentage points, respectively
SAN FRANCISCO, May 26, 2022 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the first quarter of fiscal 2023.
All growth rates are compared to the first 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.
First Quarter Fiscal 2023 Financial Highlights
Total revenue increased 18 percent to $1,170 million;
GAAP operating margin was 18 percent, up 4 percentage points;
Non-GAAP operating margin was up 6 percentage points to 34 percent;
GAAP diluted EPS was $0.67; Non-GAAP diluted EPS was $1.43;
Cash flow from operating activities was $434 million; free cash flow was $422 million.
"Autodesk’s strong Q1 results reflect the company’s steady execution, industry leading products and platforms, and resilience through elevated times of uncertainty," said Andrew Anagnost, Autodesk president and CEO. "Our unique ability to connect workflows within and between the industries we serve cements the important role we play in our customers’ digital transformation journeys, and increases our confidence in our strategy."
"Broad-based strength across products and regions, a strong competitive performance, and continued cost discipline delivered robust revenue growth, margin expansion, and free cash flow generation," said Debbie Clifford, Autodesk CFO. "We exited the first quarter with strong momentum, save for Russia and currency movements during the quarter, for which we’ve adjusted our outlook."
Additional Financial Details
Total billings increased 16 percent to $1,129 million.
Total revenue was $1,170 million, an increase of 18 percent as reported, and 17 percent on a constant currency basis. Recurring revenue represents 98 percent of total.
Design revenue was $1,004 million, an increase of 16 percent as reported, and 15 percent on a constant currency basis. On a sequential basis, Design revenue decreased 1 percent as reported, and on a constant currency basis.
Make revenue was $103 million, an increase of 27 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 $1,089 million, an increase of 17 percent as reported and on a constant currency basis. On a sequential basis, subscription plan revenue remained flat 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 $214 million, compared to $134 million in the first quarter last year. GAAP operating margin was 18 percent, up 4 percentage points.
Total non-GAAP operating income was $397 million, compared to $280 million in the first quarter last year. Non-GAAP operating margin was 34 percent, up 6 percentage points compared to the first quarter last year.
GAAP diluted net income per share was $0.67, compared to $0.70 in the first quarter last year.
Non-GAAP diluted net income per share was $1.43, compared to $1.03 in the first quarter last year.
Deferred revenue increased 12 percent to $3.75 billion. Unbilled deferred revenue was $934 million, an increase of $45 million compared to the first quarter of last year. Remaining performance obligations ("RPO") increased 11 percent to $4.68 billion. Current RPO increased 10 percent to $3.14 billion.
Cash flow from operating activities was $434 million, an increase of $98 million compared to the first quarter last year. Free cash flow was $422 million, an increase of $106 million compared to the first quarter last year.
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First Quarter Fiscal 2023 Business Highlights
Net Revenue by Geographic Area
Three Months Ended April 30, 2022
Three Months Ended April 30, 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.
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 398
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 324
$Â Â Â Â 74
23 %
*
        Other Americas
86
67
19
28 %
*
          Total Americas
484
391
93
24 %
23 %
   EMEA
449
383
66
17 %
15 %
   APAC
237
215
22
10 %
12 %
Total Net Revenue
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1,170
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 989
$Â Â Â 181
18 %
17 %
____________________
*Â 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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Net Revenue by Product Family
Our product offerings are focused in four primary product families: Architecture, Engineering and Construction ("AEC"), AutoCAD and AutoCAD LT, Manufacturing ("MFG"), and Media and Entertainment ("M&E").
Three Months Ended April 30, 2022
Three Months Ended April 30, 2021
Change compared to
prior fiscal year
(In millions, except percentages) (1)
$
%
AEC
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 518
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 443
$Â Â Â Â Â Â Â 75
17 %
AutoCAD and AutoCAD LT
346
285
61
21 %
MFG
225
197
28
14 %
M&E
68
55
13
24 %
Other
13
9
4
44 %
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1,170
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 989
$Â Â Â Â Â 181
18 %
____________________Â
(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.
Business Outlook
The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties, some of which are set forth below under "Safe Harbor Statement." Autodesk’s business outlook for the second quarter and full-year fiscal 2023 takes into consideration the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2023 GAAP and non-GAAP estimates is provided below or in the tables following this press release.
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Second Quarter Fiscal 2023
Q2 FY23 Guidance Metrics
Q2 FY23 (ending July 31, 2022)
Revenue (in millions)
$1,220 – $1,235
EPS GAAP
$0.72 – $0.78
EPS non-GAAP (1)
$1.54 – $1.60
____________________
(1) Non-GAAP earnings per diluted share excludes $0.80 related to stock-based compensation expense, $0.11 for the amortization of purchased intangibles, $0.02 for lease-related impairments and other charges, $0.01 for acquisition-related costs, partially offset by ($0.12) related to GAAP-only tax charges.
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Full Year Fiscal 2023
FY23 Guidance Metrics
FY23 (ending January 31, 2023)
Billings (in millions) (1)
$5,680 – $5,830 Up 18% – 21%
Revenue (in millions) (2)
$4,960 – $5,060 Up 13% – 15%
GAAP operating margin
Approx. 20%
Non-GAAP operating margin (3)
Approx. 36%
EPS GAAP
$3.24 – $3.47
EPS non-GAAP (4)
$6.43 – $6.66
Free cash flow (in millions) (5)
$2,000 – $2,080
____________________
(1) Excluding the approximately $165 million impact of foreign currency exchange rates and hedge gains/losses, billings guidance would be $5,845 – $5,995 million.
(2) Excluding the approximately $70 million impact of foreign currency exchange rates and hedge gains/losses, revenue guidance would be $5,030 – $5,130 million.
(3) Non-GAAP operating margin excludes approximately 13% related to stock-based compensation expense, approximately 2% for the amortization of purchased intangibles, less than 1% related to acquisition-related costs, and less than 1% related to lease-related asset impairments and other charges.Â
(4) Non-GAAP earnings per diluted share excludes $3.04 related to stock-based compensation expense, $0.45 for the amortization of purchased intangibles, $0.07 related to lease-related asset impairments and other charges. $0.03 related to acquisition-related costs, partially offset by ($0.40) related to GAAP-only tax charges.
