Autodesk reports strong Q1, says new business is accelerating
Autodesk's first quarter financial results topped analyst expectations as the company said new business is accelerating and its subscription model is strong.
Autodesk said Q1 net income was $155.6 million, or 70 cents per share. The company's non-GAAP diluted EPS was $1.03 on revenue of $989 million, up 12% year-over-year.
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Wall Street was looking for earnings of 94 cents per share on revenue of $965.1 million.
Recurring revenue represented 98% of Autodesk's total Q1 revenue. Meanwhile, total billings increased 10% to $974 million. The company said its cash flow from operating activities was $336 million, with free cash flow of $316 million.
For Q2, Autodesk is expecting diluted EPS to range from $1.08 to $1.14, with revenue in the range of $1.045 billion to $1.06 billion. Wall Street is looking for Q2 earnings of $1.13 per share on revenue of $1.03 billion.
For the year, Autodesk expects earnings of $4.67 to $4.97 per share on revenue of $4.305 billion to $4.385 billion. Analysts expect the company to report fiscal earnings of $4.94 per share and revenue of $4.31 billion.
"Momentum in our end markets and customer adoption of cloud services is building," said Debbie Clifford, Autodesk CFO. "We are raising our FY22 revenue guidance to reflect a partial year contribution from acquisitions and remain on track to achieve our FY23 financial goals."
Shares of Autodesk were up around 1% after hours.