AUTODESK, INC. ANNOUNCES FISCAL 2023 FIRST QUARTER RESULTS

Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk's Form 10-K and subsequent forms 10-Q, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

About Autodesk

Autodesk is changing how the world is designed and made. Our technology spans architecture, engineering, construction, product design, manufacturing, media and entertainment, empowering innovators everywhere to solve challenges big and small. From greener buildings to smarter products to more mesmerizing blockbusters, Autodesk software helps our customers to design and make a better world for all. For more information visit autodesk.com or follow @autodesk.

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Autodesk, AutoCAD, AutoCAD LT, BIM 360 and Fusion 360 are registered trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and service offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.

Autodesk, Inc.
Condensed Consolidated Statements of Operations
(In millions, except per share data) (1)

	Three Months Ended April 30,
	2022	2021
	(Unaudited)
Net revenue (2):
Subscription	$ 1,089	$ 927
Maintenance	18	19
Total subscription and maintenance revenue	1,107	946
Other	63	43
Total net revenue	1,170	989
Cost of revenue:
Cost of subscription and maintenance revenue	84	68
Cost of other revenue	19	14
Amortization of developed technologies	14	10
Total cost of revenue	117	92
Gross profit	1,053	897
Operating expenses:
Marketing and sales	419	377
Research and development	289	266
General and administrative	120	112
Amortization of purchased intangibles	11	8
Total operating expenses	839	763
Income from operations	214	134
Interest and other expense, net	(19)	(3)
Income before income taxes	195	131
(Provision) benefit for income taxes	(49)	25
Net income	$ 146	$ 156
Basic net income per share	$ 0.67	$ 0.71
Diluted net income per share	$ 0.67	$ 0.70
Weighted average shares used in computing basic net income per share	217	220
Weighted average shares used in computing diluted net income per share	219	222

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(1) In the current fiscal year, the Company changed its rounding presentation to the nearest whole number in millions of reported amounts, except per share data or as otherwise noted. The current year rounding presentation has been applied to all prior year amounts presented and, in certain circumstances, this change may adjust previously reported balances.

(2) During the quarter ended April 30, 2022, the Company changed its presentation of certain subscription plan offerings in our Condensed Consolidated Statement of Operations. Revenue from subscription plan offerings in which the customer does not utilize the cloud functionality or that do not incorporate substantial cloud functionality, previously recorded in "Subscription" have been reclassified to "Other" and "Maintenance," as applicable. Accordingly, prior period amounts have been reclassified to conform to the current period presentation, in all material respects. These reclassifications did not impact total net revenue.

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