Autodesk : Opening Commentary Q1 2023

Q123 Opening Commentary

Simon Mays-Smith, VP Investor Relations

Thanks operator and good afternoon. Thank you for joining our conference call to discuss the first

quarter results of our fiscal 23. On the line with me are Andrew Anagnost, our CEO, and Debbie

Clifford, our CFO.

Today's conference call is being broadcast live via webcast. In addition, a replay of the call will be

available at Autodesk.com/investor. You can find the earnings press release, slide presentation and

transcript of today's opening commentary on our investor relations website following this call.

During this call, we may make forward-looking statements about our outlook, future results and

related assumptions, acquisitions, products and product capabilities, and strategies. These

statements reflect our best judgment based on currently known factors. Actual events or results

could differ materially. Please refer to our SEC filings, including our most recent Form 10-K and the

Form 8-K filed with today's press release, for important risks and other factors that may cause our

actual results to differ from those in our forward-looking statements.

1

Q123 Opening Commentary

Forward-looking statements made during the call are being made as of today. If this call is replayed

or reviewed after today, the information presented during the call may not contain current or

accurate information. Autodesk disclaims any obligation to update or revise any forward-looking

statements.

During the call, we will quote several numeric or growth changes as we discuss our financial

performance. Unless otherwise noted, each such reference represents a year-on-year comparison.

All non-GAAP numbers referenced in today's call are reconciled in our press release or Excel

financials and other supplemental materials available on our investor relations website.

And now, I will turn the call over to Andrew.

ANDREW ANAGNOST, CEO

Thank you, Simon, and welcome everyone to the call.

2

Q123 Opening Commentary

Today, we reported record first quarter revenue, non-GAAP operating margin and free cash flow

fueled by strong demand and a robust competitive performance. The structural growth drivers for

our business that were critical to our performance during the pandemic - such as flexibility and

agility - continue to support and propel us during elevated macroeconomic, geopolitical and policy

uncertainty. These growth drivers further cement the important role we play in our customers' digital

transformations, and increase our confidence in our strategy.

Our steady strategy, industry leading products, platform and business model innovation, sustained

and focused investment, and strong execution are creating additional opportunities for Autodesk.

By accelerating the convergence of workflows within and between the industries we serve, we create

broader and deeper partnerships with existing customers, and bring new customers into our

ecosystem.

A prime example of this is infrastructure. The combination of Revit, Civil 3D, Navisworks, Autodesk

BIM Collaborate Pro, Infraworks and, more recently, Autodesk Construction Cloud and Innovyze,

3

Q123 Opening Commentary

delivers industry leading end-to-end capabilities in transportation and water from planning and

design through construction and operations. And our customers can extend those capabilities

through our partnerships with Aurigo, in capital planning, and ESRI, in geospatial mapping. This is

important because governments and asset owners across the globe are investing growing amounts

in next-generation infrastructure to meet the societal and environmental needs of the next century,

and are retooling now to do it. That equals opportunity for Autodesk. For example, in the first quarter,

we signed our second-largest EBA ever with a large global infrastructure company, in a deal that

included Innovyze and Autodesk Build for the first time.

Across Autodesk, we are focused on unifying more common data, and fluidly connecting more

workflows in the cloud, in ways that delight our customers and lead them to new, more efficient, and

more sustainable ways of working. And by doing that, we will move beyond carbon neutrality for

ourselves to transform our customers' carbon footprint. Together, we can design and make a better

world for all that advances equitable access to the in-demand skills of the future.

4

Q123 Opening Commentary

Before I turn the call over to Debbie to take you through the details of our financial performance and

outlook, I want to update you on important decisions we made about our business in Russia. You

will recall that the invasion of Ukraine occurred hours before our last earnings call. In light of the

conflict, we halted all of our new and renewal business in Russia on March 3. We strongly believe

this decision was the right thing to do and that it is in our long-term interest, even though it comes

at a cost, which Debbie will detail in a moment. Of course, our immediate focus remains on the safety

and well being of our employees in the region and we continue to monitor the situation closely.

Beyond the immediate impact in Russia, other leading indicators trend positive. For example, usage

remained steady in Europe during the quarter and grew in America and the Asia Pacific region.

BuildingConnected bid activity again hit record levels. And our channel partners remain optimistic.

This strong momentum sets us up well for the remainder of the year.

Debbie, now over to you to take everyone through the details of our quarterly financial performance

and guidance for the year. I'll come back afterwards to provide an update on our strategic growth

initiatives.

5