Concentration of Credit Risk

3 Months Ended

Apr. 30, 2023

Risks and Uncertainties [Abstract]

Concentration of Credit Risk

Concentration of Credit Risk

Autodesk places its cash, cash equivalents, and marketable securities in highly liquid instruments with, and in the custody of, multiple diversified financial institutions globally with high credit ratings, and limits the amounts invested with any one institution, type of security, and issuer. Autodesk’s primary commercial banking relationship is with Citigroup Inc. and its global affiliates. Citibank, N.A., an affiliate of Citigroup, is one of the lead lenders and an agent in the syndicate of Autodesk’s $1.5 billion revolving credit facility. See Note 13, “Borrowing Arrangements,” in the Notes to Condensed Consolidated Financial Statements for further discussion.

Total sales to the Company's largest distributor Tech Data Corporation and its global affiliates (“Tech Data”) accounted for 40% of Autodesk’s total net revenue during the three months ended April 30, 2023. Total sales to Tech Data accounted for 36% of Autodesk’s total net revenue for the three months ended April 30, 2022. The majority of the net revenue from sales to Tech Data is for sales outside of the United States. In addition, Tech Data accounted for 25% and 27% of trade accounts receivable at April 30, 2023 and January 31, 2023, respectively. Ingram Micro Inc. (“Ingram Micro”), our second largest distributor, accounted for 8% and 9% of Autodesk's total net revenue during the three months ended April 30, 2023 and 2022, respectively. No other customer accounted for more than 10% of Autodesk's total net revenue or trade accounts receivable for each of the respective periods.