Autodesk, Inc.

Thank you for standing by, and welcome to the Autodesk Q3 fiscal 23 earnings conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question at that time, please press star 11 on your touchtone telephone. As a reminder, today's conference call is being recorded. I will now turn the conference over to your host, Mr. Simon Mays-Smith, Vice President of Investor Relations. Please go ahead.

Thanks, Operator, and good afternoon. Thank you for joining our conference call to discuss the third quarter results of our fiscal 23. On the line with me are Andrew Adagnost, 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 forward slash 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 FDC findings, including our most recent Form 10-Q and the Form 8-K filed with today's press release. for important risk factors and other factors that may cause our actual results to differ from those in our forward-looking statements. Forward-looking statements made during the call are being made as of today. If this call is replayed or reviewed after the day, 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 numerical 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.

Thank you, Simon, and welcome everyone to the call. We again reported record third quarter revenue, non-GAAP operating margin, and free cash flow. Encouragingly, the business is performing as we'd expect given secular growth tailwinds and macroeconomic, geopolitical, policy, and COVID-19 related headwinds. Subscription renewal rates remain resilient. Our competitive performance remains strong. Outside of Russia and China, new business growth slightly decelerated in the quarter, most notably in Europe. but overall growth remains good, and we've seen less demand for multi-year upfront and more demand for annual contracts than we expected. We're hopeful this is a positive signal for our transition next year to annual billings for multi-year contracts. Overall, our leading indicators are consistent with these trends. Channel partners remain optimistic, but with hints of caution. Usage rates continue to grow modestly in the U.S. and APAC, excluding China. but are flat in Europe, excluding Russia. And bid activity on Building Connected remains robust as the industry continues to work through its backlog. We are reinforcing the secular tailwinds to our business by accelerating the convergence of workflows within and between the industries we serve, creating broader and deeper partnerships with existing customers and bringing new customers into our ecosystems. Our strategy is underpinned by disciplined and focused investment through the economic cycle, which enables Autodesk to remain well-invested to realize the significant benefits of its strategy while mitigating the risk of having to make expensive catch-up investments later. In September, we hosted more than 10,000 customers and partners at Autodesk University. There was incredible energy, excitement, and optimism for being together in person for the first time in three years. There was also palpable momentum behind the digital transformation of the industries we serve. At AU, we announced Fusion, Forma, and Flow, our three industry clouds, which will connect data, teams, and workflows in the cloud on our trusted platform. By increasing our engineering velocity, moving data from files to the cloud, and expanding our third-party ecosystem. They will enable Autodesk to further increase customer value by delivering even greater efficiency and sustainability. I will now turn the call over to Debbie to take you through our third quarter financial performance and guidance for the fourth quarter and full fiscal year. I'll then come back to provide an update on our strategic growth initiative.