UPDATED 19:02 EDT / MAY 25 2023


Autodesk reports earnings and revenue in line with predictions

Shares in Autodesk Inc. rose slightly in late trading after the computer-aided design software company reported earnings and revenue in line with predictions.

For its fiscal first quarter that ended April 30, Autodesk reported earnings before certain costs of $1.55 per share, up from $1.43 per share in the same quarter of last year. Revenue rose 8% from a year ago, to $1.269 billion. Both figures were exactly what market analysts were expecting from the company.

Autodesk saw revenue increases across its product line, with its Design segment up 8% year-over-year, to $1.086 billion, and Make revenue up 17%, to $121 million. Subscription plan revenue rose 10%, although the company noted that it was down 2% sequentially.

Total billings in the quarter rose 4%, to $1.172 billion, with Autodesk seeing a net revenue retention rate remaining between 100% and 110%. Deferred revenue rose 20%, to $4.4.8 billion, and cash flow from operating activities in the quarter was $723 million, up $289 million from the same quarter last year.

“Autodesk started the year strongly with rising renewal rates, robust free cash flow generation and revenue toward the top end of our guidance range when adjusted for upfront revenue co-termed to later in the year,” Debbie Clifford, chief financial officer of Autodesk, said in the company’s earnings release. “With normal seasonality, peak second-quarter currency and Russia headwinds, and a strong second-half pipeline of enterprise agreements last renewed three years ago in the immediate aftermath of the onset of the pandemic, we remain on track to achieve our full-year financial goals.”

For its fiscal second quarter of 2024, Autodesk said it expects adjusted earnings of $1.70 to $1.74 per share on revenue of $1.315 billion to $1.325 billion. Analysts were expecting $1.78 and $1.33 billion. For its full fiscal year, the company expects adjusted earnings of $7.07 to $7.41 per share on revenue of $5.36 billion to $5.46 billion, roughly in line at the midpoint with analysts.

In opening remarks on the company’s earnings call, Chief Executive Officer Andrew Anagnost referenced the challenging macroeconomic, policy and geopolitical environment and how Autodesk’s business model and geographic, product and customer diversification strategies are delivering constant revenue growth and healthy margins.

“While macroeconomics are unpredictable in the short-term, we are executing our strategy through the economic cycle with disciplined and focused capital deployment, underpinned by one of the best growth, margin and balance-sheet profiles in the industry,” Anagnost said. “This enables Autodesk to remain well invested to realize the significant benefits of its strategy while mitigating the risk of having to make expensive catch-up investments later.”

Although Autodesk did miss on its second-quarter earnings outlook, the otherwise solid figures and ongoing growth were enough to mollify investors. Autodesk shares rose just over 1% after the bell.

Image: Autodesk

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