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Jul 31, 2022
Autodesk Q2 2023 Earnings Report
Second quarter revenue and billings both grew 17 percent year-over-year. GAAP and non-GAAP operating margin expanded by 6 and 5 percentage points, respectively.
Key Takeaways
Autodesk reported strong second quarter fiscal 2023 results with a 17% increase in total revenue to $1,237 million and a 17% increase in total billings to $1,191 million. GAAP operating margin was 20 percent, up 6 percentage points and Non-GAAP operating margin was 36 percent, up 5 percentage points. GAAP diluted EPS was $0.85 and Non-GAAP diluted EPS was $1.65. Cash flow from operating activities was $257 million and free cash flow was $246 million.
Total revenue increased 17 percent to $1,237 million.
GAAP operating margin was 20 percent, up 6 percentage points.
Non-GAAP operating margin was 36 percent, up 5 percentage points.
GAAP diluted EPS was $0.85; Non-GAAP diluted EPS was $1.65.
Autodesk
Autodesk
Autodesk Revenue by Geographic Location
Revenue by Geographic Location
Americas Revenue
CapyFin.comEMEA Revenue
CapyFin.comAPAC Revenue
CapyFin.com Forward Guidance
Autodesk's business outlook for the third quarter and full-year fiscal 2023 takes into consideration the current economic environment and foreign exchange currency rate environment.
Positive Outlook
- Q3 FY23 Revenue guidance: $1,275 - $1,290 million
- Q3 FY23 EPS GAAP guidance: $0.90 - $0.96
- Q3 FY23 EPS non-GAAP guidance: $1.66 - $1.72
- FY23 Revenue guidance: $4,985 - $5,035 million (Up 14% - 15%)
- FY23 Free cash flow guidance: $2,000 - $2,080 million
Challenges Ahead
- The third quarter and full-year fiscal 2023 outlook assume a projected annual effective tax rate of 21 percent and 17 percent for GAAP and non-GAAP results, respectively.
- Shifts in geographic profitability continue to impact the annual effective tax rate due to significant differences in tax rates in various jurisdictions.
- Therefore, assumptions for the annual effective tax rate are evaluated regularly and may change based on the projected geographic mix of earnings.
- FY23 Billings guidance: $5,705 - $5,805 million (Up 18% - 21%)
- FY23 GAAP operating margin Approx. 20%
Revenue & Expenses
Visualization of income flow from segment revenue to net income