SAN FRANCISCO, May 26, 2022 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today announced its financial results for the first quarter of fiscal 2023, showcasing impressive growth across key metrics.
The quarter marked a solid start for the company, with revenue rising by 18 percent year-over-year to reach $1,170 million. Billings also grew by 16 percent year-over-year, reaching $1,129 million.
Looking at profitability, both GAAP and non-GAAP operating margins showed significant improvement. The GAAP operating margin increased by 4 percentage points, while the non-GAAP operating margin improved by 6 percentage points. These figures highlight the company's commitment to enhancing operational efficiency and delivering value to shareholders.
Andrew Anagnost, President and CEO of Autodesk, expressed pride in the team's achievements: "Autodesk’s strong Q1 results reflect our steady execution, industry-leading products, and resilience through challenging times. Our ability to connect workflows within and between industries strengthens our role in customers' digital transformation journeys."
Debbie Clifford, Chief Financial Officer of Autodesk, echoed this sentiment: "Broad-based strength across products and regions, combined with a strong competitive performance and disciplined cost management, drove robust revenue growth, margin expansion, and free cash flow generation. We exited the quarter with strong momentum, though challenges like the situation in Russia and currency fluctuations required adjustments to our outlook."
Key highlights from the quarter include:
- Total revenue growth of 18 percent to $1,170 million.
- GAAP operating margin of 18 percent, up 4 percentage points.
- Non-GAAP operating margin of 34 percent, up 6 percentage points.
- GAAP diluted earnings per share (EPS) of $0.67; non-GAAP diluted EPS of $1.43.
- Cash flow from operating activities of $434 million; free cash flow of $422 million.
On a regional basis, the Americas region continued to lead with strong growth, particularly in the U.S., where revenue increased by 23 percent. EMEA and APAC regions also contributed positively, with revenue growing by 17 percent and 10 percent, respectively.
By product family, the Architecture, Engineering, and Construction (AEC) segment saw a 17 percent increase in revenue, while the AutoCAD and AutoCAD LT family grew by 21 percent. The Manufacturing (MFG) segment experienced a 14 percent increase, and the Media and Entertainment (M&E) segment grew by 24 percent.
Looking ahead, Autodesk remains optimistic despite macroeconomic uncertainties. The company expects second-quarter revenue in the range of $1,220 million to $1,235 million, with GAAP EPS of $0.72 to $0.78 and non-GAAP EPS of $1.54 to $1.60. For the full fiscal year, Autodesk anticipates billings to grow by 18 percent to 21 percent, with revenue expected to increase by 13 percent to 15 percent. The company projects GAAP operating margins of approximately 20 percent and non-GAAP operating margins of approximately 36 percent.
Autodesk's commitment to innovation and customer success is evident in its diverse product offerings, which span architecture, engineering, construction, product design, manufacturing, and media and entertainment. As the company continues to evolve, it remains poised to address the challenges and opportunities of the digital age.
For further details, investors can access the full earnings release and accompanying tables at [Autodesk Investor Relations](https://investors.autodesk.com). Additionally, Autodesk will host a conference call today at 5 p.m. ET, which will be accessible via the company's website.
About Autodesk:
Autodesk is transforming how the world designs and makes things. By empowering innovators with cutting-edge technology, Autodesk is helping to create sustainable buildings, smarter products, and more immersive entertainment experiences. To learn more, visit [Autodesk.com](https://www.autodesk.com).
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