Autodesk (ADSK) – Earnings Snapshot – Q3 2023

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Demand

  • Beat revenue estimate by 1.9% & beat similar guidance by 1.9%.

Please note that Autodesk is shifting from multi-year contracts to annual billings which is temporarily impacting growth for that metric.

Profitability

  • Beat $1.05 EPS estimates by $0.07.
  • Beat $2.00 non-GAAP EPS estimates by $0.08 and beat its guidance by $0.07.

Guidance

Autodesk roughly met Q4 revenue estimates. It missed $1.07 GAAP EPS estimates by $0.05 at the midpoint. It also missed $2.00 non-GAAP EPS estimates by $0.0.6.

For the full year, it raised its revenue growth guide from 8.5% to 9%. It reiterated flat GAAP & non-GAAP EBIT margins for the year. It raised its free cash flow guidance by 1.7%. Finally, it slightly raised GAAP & non-GAAP EPS estimates thanks to Q3’s outperformance.

Balance Sheet

  • $1.98 billion in cash & equivalents.
  • $220 million in long-term marketable securities.
  • Share count fell slightly Y/Y via $730 million in year-to-date buybacks vs. $897 million Y/Y.
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