Autodesk posted third-quarter fiscal 2023 non-GAAP earnings of $1.70 per share, in line with the Zacks Consensus Estimate (as reported by Zacks Equity Research). Revenues grew +14% from the year-ago quarter to $1.28 billion, meeting the consensus (according to Zacks Equity Research ). On a constant-currency basis, revenues climbed +15%.
The software company’s subscription revenues (~93% of total revenues) were up +14% year over year (+15% on a constant-currency basis) to $1.19 billion. Maintenance revenues (1% of total revenues) slipped to $16 million from $18 million in the year-ago quarter. Other revenues (6% of total revenues) grew +17% year-over-year to $76 million.
Billings grew +16% year over year in the quarter.
Revenues from the Americas (42% of revenues) increased +17% from the year-ago quarter to $541 million. Revenues from the EMEA (36% of revenues) climbed +10% to $476 million. Revenues from the Asia-Pacific (22% of revenues) were up +14% to $263 million.
For the fourth quarter, Autodesk expects revenues in the range of $1.303 billion to $1.318 billion, and Non-GAAP earnings of $1.77 to $1.83 per share.
For full fiscal year 2023, Autodesk now expects revenues in the range of $4.99 billion to $5.005 billion, compared to prior guidance of $4.985 billion to $5.035 billion. It projects billings to be $5.57 billion to $5.67 billion down from the earlier forecast of $5.705-$5.805 billion.
The company’s Non-GAAP earnings guidance is $6.56 to $6.62 per share, vs. prior outlook of $6.52-$6.71 per share. Free cash flow is now expected to range between $1.9 billion to $1.98 billion, down from the previous guidance of $2.000 billion to $2.080 billion.
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The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
a developer of multimedia software products
Industry PackagedSoftware