AUTODESK, INC. ANNOUNCES FISCAL 2023 FOURTH QUARTER AND

AUTODESK, INC. ANNOUNCES FISCAL 2023 FOURTH QUARTER AND FULL-YEAR RESULTS

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		Change compared to prior fiscal year
(In millions, except percentages) (1)	January 31, 2023	January 31, 2022	$	%
AEC (2)	$ 602	$ 540	$ 62	11 %
AutoCAD and AutoCAD LT (2)	362	332	30	9 %
MFG	257	246	11	4 %
M&E	74	82	(8)	(10) %
Other	23	11	12	109 %
Total Net Revenue	$ 1,318	$ 1,211	$ 107	9 %

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(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.

(2) During the current fiscal year, the Company corrected an immaterial classification error and reclassified certain revenue amounts between Architecture, Engineering and Construction and AutoCAD and AutoCAD LT. The prior year period has been adjusted to conform to the current period presentation.

Fiscal 2023 Financial Highlights

Total billings increased 20 percent to $5.80 billion.
Total revenue was $5.01 billion, an increase of 14 percent as reported, and 15 percent on a constant currency basis. Recurring revenue represents 98 percent of total.
Design revenue was $4.26 billion, an increase of 13 percent as reported, and 14 percent on a constant currency basis.
Make revenue was $452 million, an increase of 24 percent as reported, and 25 percent on a constant currency basis.
Subscription plan revenue was $4.65 billion, an increase of 15 percent as reported and on a constant currency basis.
Total subscriptions increased approximately 702 thousand from fiscal 2022 to 6.74 million at the end of fiscal 2023. Total subscriptions adjusted for the multi-user trade-in increased approximately 603 thousand from fiscal 2022 to 6.25 million.
Subscription plan subscriptions increased 724 thousand from the end of fiscal 2022 to 6.74 million at the end of fiscal 2023.
GAAP operating income was $989 million, compared to $618 million last year. GAAP operating margin was 20 percent, up 6 percentage points.
Total non-GAAP operating income was $1.79 billion compared to $1.40 billion last year. Non-GAAP operating margin was 36 percent, up 4 percentage points.
GAAP diluted net income per share was $3.78, compared to $2.24 last year.
Non-GAAP diluted net income per share was $6.63, compared to $5.07 last year.
Cash flow from operating activities increased to $2.07 billion, compared to $1.53 billion in fiscal 2022. Free cash flow increased to $2.03 billion, compared to $1.48 billion in fiscal 2022.

Net Revenue by Geographic Area

	Fiscal Year Ended January 31, 2023	Fiscal Year Ended January 31, 2022	Change compared to prior fiscal year		Constant currency change compared to prior fiscal year
(In millions, except percentages) (1)	Fiscal Year Ended January 31, 2023	Fiscal Year Ended January 31, 2022	$	%	%
Net Revenue:
Americas
U.S.	$ 1,720	$ 1,457	$ 263	18 %	*
Other Americas	372	308	64	21 %	*
Total Americas	2,092	1,765	327	19 %	18 %
EMEA	1,906	1,700	206	12 %	13 %
APAC	1,007	921	86	9 %	13 %
Total Net Revenue	$ 5,005	$ 4,386	$ 619	14 %	15 %

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* Constant currency data not provided at this level.

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