3D software vendor Autodesk’s revenue in the third quarter of 2022 is 1.13 billion US dollars, an increase of 18%

December 1, 2021, 3D design
software
Developer Autodesk (Nasdaq: ADSK) released the third quarter of 2022 (special accounting system)
Financial report
.
The financial report shows that Autodesk brought in 1.13 billion US dollars in the third quarter of 2022.
income
, Which is 18% higher than the US$952 million in the third quarter of 2021. Nonetheless, Autodesk predicts that there will be “macroeconomic uncertainty” as it enters the fourth quarter of 2022, and will reduce the median value of bills and cash flow guidelines for the full year 2022 by US$150 million and 1 respectively. One hundred million U.S. dollars.

According to CEO Andrew Anagnost, Autodesk’s performance in the third quarter of 2022 is “strong.” The main reason for the growth is the best new subscription quarter ever, as well as the launch of its Flex consumption model and the development of the Forge platform. . However, compared with the first and second quarters of 2022, the rate of improvement has declined, which has not met the company’s expectations.

Autodesk’s financial situation in the third quarter of 2022

Autodesk breaks down revenue into subscription and maintenance planning departments, as well as “design” and “manufacturing.” The design department includes revenue from maintenance, product subscriptions, EBA and AutoCAD sales. Revenue was US$994 million, an increase of 17% over the third quarter of 2021.
During the same period, Autodesk’s manufacturing revenue increased by 23% to US$94 million, and bills jumped 16% between the third quarter of 2021 and the third quarter of 2022 to reach US$1.2 billion, according to Autodesk’s chief financial officer. Officer Debbie Clifford said this reflects “strong potential demand” for the company’s products.
Debbie Clifford said: “Our product renewal rate has reached a record high, and our net income retention rate has reached a high-end level of 100% to 110%. Billing increased by 16% to US$1.2 billion, reflecting a strong basic The demand and the difficult comparison with last year, when we signed the two largest EBAs in our history, including a 9-figure transaction.”

Geographically, Autodesk’s business in the Americas is the largest revenue driver, increasing by 18% in the third quarter of 2022 to reach US$461.9 million. At the same time, its business in Europe, the Middle East, and Africa grew by 19% to US$433.2 million, while the Asia-Pacific region grew by 18% to US$230.7 million.

Autodesk’s strategic development initiatives

According to Anagnost, Autodesk is continuing to develop higher-value end-to-end, cloud-based software products that connect customer data and workflows to develop business models.In the third quarter, France
architecture
The companies Bouygues Construction and Colas have significantly increased their Autodesk product portfolio, such as Revit, AutoCAD, and Civil 3D, after the transition to BIM and digital workflows in the past three years. The two companies have approximately 100,000 construction employees, and they have greatly increased the average monthly number of Autodesk users.
Recently, Autodesk launched
AutoDesk
Build, which is an account-based pricing business model and distribution through channel partners, thereby further expanding its influence in the construction mid-market. The company plans to release new features and functions of Autodesk Build every few months and is optimistic about the “future opportunities.”

Turning now to Autodesk’s manufacturing portfolio, Anagnost said the company is continuing to expand in
car
Field footprint in order to enter manufacturing and interconnected factories. In the third quarter, automaker Ford updated and expanded its EBA with Autodesk, adding Autodesk Construction Cloud and Autodesk Build to the production plant to enable field visits to the plant during maintenance and operations and equipment replacement. drawing.

Autodesk’s Fusion 360 commercial users grew strongly throughout the quarter, reaching 175,000. Anagnost explained: “Although it is still in the early stages, our new extensions, including processing, generative design, and layout and manufacturing have performed well, and people are also very interested in our upcoming simulation and design extensions.” Fewer promotional activities and increasing demand for Fusion 360 expansion allow us to seize more potential market opportunities and accelerate our growth. “

Beyond commercial use, Autodesk sees that Fusion 360 users in homes, education, and workplaces have a large and rapidly growing ecosystem, which Anagnost said will “promote future commercial use.” The company has 1 million monthly active users at the end of the third quarter of 2022, a year-on-year increase of 50%.
A team from the Technical University of Munich (TUM) used Autodesk’s Fusion 360 to participate in the Elon Musk’s Not-a-Boring tunnel competition. They defeated more than 400 applicants and 12 finalists won the championship.
Haokun Zheng, head of project operations for the Munich Technical University team, said: “Fusion 360’s cloud-based solution enabled our 60-person team to collaborate remotely during the pandemic, and designed and built an award-winning 40-foot-long, 22-ton Heavy tunneling machine. “In this year, industry experts have repeatedly told us that the timetable we are pursuing is almost impossible. But Fusion 360’s ease of use and integrated CAD, CAM, and FEM enable rapid simulation, which improves the speed and efficiency of the design workflow. “

Finally, in the third quarter of 2022, Autodesk took measures to optimize the capital structure by issuing the first sustainability bond. In addition to extending the debt maturity by nearly two years and reducing the weighted average debt cost by 40 basis points, this move is also consistent with the company’s sustainable development goals.

Autodesk’s 2022 fiscal year outlook

In the third quarter of 2022, Autodesk’s product subscription growth slowed from 30% to about 20%, which did not meet its expectations.
“Macroeconomic unfavorable factors, such as supply chain disruptions and the resulting inflationary pressures, global labor shortages, the ebb of Covid, and Chaina’s AEC all affect our pace of recovery. In view of this macroeconomic uncertainty, when As we enter the fourth quarter, we are taking a pragmatic approach and assuming that the challenges of the supply chain, labor, Covid, and specific countries will persist.”

As a result, the company is reducing its median billing guidance for fiscal year 2022 by $150 million and reducing its free cash flow guidance by $100 million. Autodesk still sets its free cash flow target for fiscal year 2023 at US$2.4 billion, but if the growth slowdown continues until next year, this target may face a risk of US$100-200 million.

The company remains optimistic about its growth potential beyond fiscal year 2023 and continues to operate with double-digit revenue growth and 38%-40% non-GAAP business
profit
Rate is the target.

(Editor in charge: admin)