While they typically beat the high end of their guidance, Q3 topline was near the low end of the guidance.
Moreover, guidance appears to be weak too as Q4 implied topline growth is HSD i.e. ~7-9%.
However, Autodesk did see modest deceleration in our new business, particularly in Europe during Q3, that does have a slight follow-on impact to revenue in Q4
However, Autodesk is seeing less demand for multiyear upfront billings and more demand for annual contracts than they expected.
Customers are likely being more conscious about their cashflows in a soft macro environment.
Labor shortage continues to be primary concern.
Management reiterated non-GAAP margin guidance to ~38-40% sometime in FY'23-26 window.
It is disappointing to see management focusing on such meaningless number. cc @andrew_anagnost
Frustratingly, they keep mentioning buying back stock primarily to offset dilution from SBC and don't think it as capital return strategy.
For my followers in the US, Happy Thanksgiving!
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