FMP
Autodesk Review Following Q3 Results
Nov 29, 2021 11:45 PM - Davit Kirakosyan
Image credit: FMP
Analysts at Berenberg Bank provided their views on Autodesk, Inc. (NASDAQ:ADSK) following the recent Q3 results, which were dominated by slower-than-expected billings growth and lowered guidance, which drove the share price down on the day following the results by 15%.
This is the second quarter in a row where 2022 billings guidance has been lowered. In Q2, billings were lower than expected due to an unexpected change to annual (from multi-year) billings cycles by EBA clients, as discussed by management. Management highlighted that the lower billings in Q3 were due to worsening macro conditions.
The analysts expect the weakening trend in billings to result in FCF headwinds in 2022 and 2023, but mentioned they believe that the company is a mid-teen top-line growth company with material margin upside potential.
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