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AUTODESK, INC. ANNOUNCES FISCAL 2024 THIRD QUARTER RESULTS
SAN FRANCISCO, November 21, 2023 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today announced its financial results for the third quarter of fiscal 2024.
The company's total revenue rose by 10 percent to $1.414 billion, representing a solid performance driven by continued demand for its innovative software solutions. This growth translated to an impressive 13 percent increase when measured at constant exchange rates.
Looking at the details, current remaining performance obligations (RPO) climbed to $3.52 billion, marking a year-over-year increase of 12 percent. This indicates strong customer commitments and confidence in the company's offerings.
Autodesk President and CEO, Andrew Anagnost, expressed optimism about the future, stating, "Autodesk AI and Platform Services will empower our customers and partners to build more intelligent, data-driven, and interconnected products and services." He highlighted the company's progress in leveraging its industry clouds and platforms to drive innovation across sectors.
CFO Debbie Clifford echoed this sentiment, noting, "Market conditions remain stable, with our business fundamentals continuing to strengthen. Our third-quarter results exceeded expectations, largely due to expanded Enterprise Business Agreements (EBAs). Given this positive momentum, we're optimistic about our prospects moving forward."
Key financial highlights for the quarter include:
- **Revenue**: Total revenue reached $1.414 billion, up 10 percent year-over-year.
- **Profitability**: GAAP operating margin improved to 24 percent, while non-GAAP operating margin stood at 39 percent.
- **Earnings Per Share**: GAAP diluted EPS was $1.12, whereas non-GAAP diluted EPS came in at $2.07.
- **Cash Flow**: Cash flow from operating activities totaled $18 million, with free cash flow at $13 million.
Autodesk also shared its geographic revenue breakdown, showing strong performance in the Americas region, particularly in the U.S., where revenue increased by 16 percent year-over-year. Meanwhile, EMEA saw an 8 percent rise, while APAC experienced a slight dip of 2 percent.
On the product front, Autodesk's Architecture, Engineering, and Construction (AEC) segment led the charge, posting a robust 17 percent year-over-year growth. The AutoCAD and AutoCAD LT family also performed well, with a 5 percent increase. Manufacturing (MFG) and Media & Entertainment (M&E) segments followed suit, growing by 6 percent and declining by 6 percent, respectively.
For the full fiscal year, Autodesk remains confident in its outlook despite a challenging macroeconomic landscape. The company expects revenue to grow approximately 9 percent, with non-GAAP earnings per share projected to fall within the range of $7.43 to $7.49.
Looking ahead, Autodesk is preparing for the final quarter of fiscal 2024, which will see further investments in AI-driven technologies and enhanced customer experiences. As Andrew Anagnost put it, "We’re poised to deliver even greater value to our customers and shareholders as we continue to innovate and adapt to changing market dynamics."
This press release includes forward-looking statements based on current expectations and assumptions, which involve risks and uncertainties. For more details, refer to the "Safe Harbor Statement" section at the end of the release.
To learn more about Autodesk and its financial performance, visit [investors.autodesk.com](https://www.autodesk.com/investors).
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**About Autodesk**
Autodesk empowers creators, engineers, and designers worldwide to bring their ideas to life. Whether it’s designing sustainable buildings, developing cutting-edge automotive technology, or creating award-winning films, Autodesk's tools enable professionals to achieve their visions. To stay updated on Autodesk’s latest developments, follow @autodesk on social media.
**Disclaimer:** This press release contains forward-looking statements subject to risks and uncertainties. For comprehensive financial data, refer to Autodesk's latest SEC filings. All trademarks mentioned belong to their respective owners. © 2023 Autodesk, Inc. All rights reserved.
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