The solid results, CFO Debbie Clifford said in a statement, resulted from “robust growth in new product subscriptions, accelerating digital sales, and improving subscription renewal rates.” Autodesk’s non-GAAP diluted earnings per share were $1.21. Total revenue increased 16% to $1.06 billion. Analysts were expecting earnings of $1.13 per share on revenue of $1.05 billion. “Sustained and purposeful innovation to enable digital transformation in the industries we serve is changing our relationship with our customers from software vendor to strategic partner,” President and CEO Andrew Anagnost said in a statement. “And that is enabling us to create more value through end-to-end, cloud-based solutions that connect data and workflows, and power business model evolution. By helping our customers grow, we will grow too, giving us confidence in our FY 23 goals and beyond.” The company’s non-GAAP operating margin was up 2 percentage points to 31%. Cash flow from operating activities was $202 million. Free cash flow was $186 million. Total billings increased 29% to $1.015 billion. Autodesk’s products fall into four categories. Its Architecture, Engineering and Construction (AEC) business brought in $478.7 million in Q2, up 21% year-over-year. The AutoCAD and AutoCAD LT business delivered $304.4 million in Q2, up 12%. Manufacturing (MFG) revenue for the quarter was $207.7 million, up 12%. Lastly, Media and Entertainment (“M&E”) revenue was $58.5 million, up 10%. “Other” revenue totaled $10.4 million, up 93%. For the third quarter, Autodesk expects revenue in the range of $1.110 billion to $1.125 billion. For the full year, it’s now expecting revenue to grow 15% to 16% year-over-year. It expects to report a non-GAAP operating margin of approximately 31%.
