AUTODESK, INC. ANNOUNCES FISCAL 2024 THIRD QUARTER RESULTS

AUTODESK, INC. ANNOUNCES FISCAL 2024 THIRD QUARTER RESULTS

**Autodesk Reports Strong Q3 Fiscal 2024 Results** SAN FRANCISCO, Nov. 21, 2023 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today announced its financial results for the third quarter of fiscal 2024.

(PRNewsfoto/Autodesk, Inc.)

All growth rates referenced here are compared to the third quarter of fiscal 2023, unless otherwise specified. Detailed reconciliations of GAAP to non-GAAP results are provided in the accompanying tables. Definitions can be found in the Glossary of Terms located later in this document. **Third Quarter Fiscal 2024 Financial Highlights** - Total revenue increased by 10% to $1,414 million; - GAAP operating margin improved to 24%, rising by 4 percentage points; - Non-GAAP operating margin reached 39%, an increase of 3 percentage points; - GAAP diluted earnings per share (EPS) stood at $1.12; non-GAAP diluted EPS was $2.07; - Operating cash flow totaled $18 million, while free cash flow was $13 million. "Autodesk AI and Platform Services will empower our customers, partners, and ourselves to build smarter, data-driven, and interconnected products and services within our industry clouds and across our platform," said Andrew Anagnost, President and CEO of Autodesk. "The commitment of our customers to digital transformation remains strong, as evidenced by the largest Enterprise Business Agreement (EBA) we’ve ever signed this quarter, along with record contributions from our construction and water verticals." "Market conditions remain consistent with recent quarters, and the underlying momentum of our business continues to be robust. Much of our outperformance this quarter came from larger-than-expected expansions of existing EBAs," added Debbie Clifford, Autodesk's Chief Financial Officer. "Based on this, we're raising our revenue, earnings per share, and free cash flow guidance." **Additional Financial Details** - Total billings decreased by 11% to $1,204 million. - Total revenue of $1,414 million reflected an increase of 10% year-over-year, and 13% on a constant currency basis. Recurring revenue accounted for 98% of total revenue. - Design revenue amounted to $1,192 million, representing a 10% increase year-over-year, and 12% on a constant currency basis. Sequentially, Design revenue grew by 3% as reported, and 4% on a constant currency basis. - Make revenue reached $134 million, up 15% year-over-year, and 16% on a constant currency basis. Sequentially, Make revenue increased by 3% both as reported and on a constant currency basis. - Subscription plan revenue was $1,314 million, reflecting a 11% increase year-over-year, and 13% on a constant currency basis. Sequentially, subscription plan revenue rose by 3% as reported, and 4% on a constant currency basis. - Net revenue retention rate remained within the range of 100 to 110% on a constant currency basis. - GAAP operating income was $334 million, compared to $256 million in the third quarter of last year. GAAP operating margin improved to 24%, up 4 percentage points. - Total non-GAAP operating income was $547 million, compared to $465 million in the same period last year. Non-GAAP operating margin was 39%, up 3 percentage points. - GAAP diluted net income per share was $1.12, compared to $0.91 in the third quarter last year. - Non-GAAP diluted net income per share was $2.07, compared to $1.70 in the third quarter last year. - Deferred revenue increased by 6% to $4.02 billion. Unbilled deferred revenue was $1.22 billion, up $322 million year-over-year. Remaining performance obligations ("RPO") grew by 12% to $5.24 billion. Current RPO increased by 12% to $3.52 billion. - Operating cash flow was $18 million, down $451 million compared to the third quarter last year. Free cash flow was $13 million, down $447 million compared to the same period last year. **Third Quarter Fiscal 2024 Business Highlights** **Net Revenue by Geographic Area** | Region | Q3 FY24 Revenue (USD Mn) | Q3 FY23 Revenue (USD Mn) | YoY Change (%) | CC YoY Change (%) | |----------------|--------------------------|--------------------------|----------------|-------------------| | Americas | $640 | $541 | +18% | +19% | | EMEA | $516 | $476 | +8% | +11% | | APAC | $258 | $263 | -2% | +3% | | **Total Revenue** | **$1,414** | **$1,280** | **+10%** | **+13%** | **Net Revenue by Product Family** Our product offerings are primarily organized into four core product families: Architecture, Engineering and Construction ("AEC"), AutoCAD and AutoCAD LT, Manufacturing ("MFG"), and Media and Entertainment ("M&E"). | Product Family | Q3 FY24 Revenue (USD Mn) | Q3 FY23 Revenue (USD Mn) | YoY Change (%) | CC YoY Change (%) | |----------------|--------------------------|--------------------------|----------------|-------------------| | AEC | $675 | $575 | +17% | +17% | | AutoCAD & AutoCAD LT | $372 | $354 | +5% | +5% | | MFG | $269 | $254 | +6% | +6% | | M&E | $73 | $78 | -6% | -6% | | Other | $25 | $19 | +32% | +32% | | **Total Revenue** | **$1,414** | **$1,280** | **+10%** | **+13%** | **Business Outlook** Forward-looking statements are based on current expectations and assumptions, involving inherent risks and uncertainties. Autodesk’s business outlook for the fourth quarter and full-year fiscal 2024 reflects the current economic and foreign exchange environments. A reconciliation of GAAP and non-GAAP estimates is provided below or in the tables following this press release. **Fourth Quarter Fiscal 2024 Guidance** | Metric | Guidance Range (USD Mn) | |----------------------|-------------------------| | Revenue | $1,422 – $1,437 | | GAAP EPS | $0.99 – $1.05 | | Non-GAAP EPS (1) | $1.91 – $1.97 | (1) Non-GAAP EPS excludes $0.75 related to stock-based compensation, $0.11 for amortization of purchased intangibles and developed technologies, and $0.06 for acquisition-related costs. **Full-Year Fiscal 2024 Guidance** | Metric | Guidance Range (USD Mn) | |----------------------|-------------------------| | Billings | $5,075 – $5,175 | | Revenue | $5,450 – $5,465 | | GAAP Operating Margin | Approx. Flat YOY | | Non-GAAP Operating Margin (3) | Approx. Flat YOY | | GAAP EPS | $3.88 – $3.94 | | Non-GAAP EPS (4) | $7.43 – $7.49 | | Free Cash Flow | $1,200 – $1,260 | (3) Non-GAAP operating margin excludes ~13% for stock-based compensation, ~2% for amortization of purchased intangibles and developed technologies, and less than 1% for acquisition-related costs and lease-related asset impairments. (4) Non-GAAP EPS excludes $3.27 for stock-based compensation, $0.39 for amortization of purchased intangibles and developed technologies, $0.12 for strategic investment losses, $0.13 for acquisition-related costs, and $0.03 for lease-related asset impairments. The fourth quarter and full-year fiscal 2024 outlook assumes an annual effective tax rate of 24% for GAAP results and 18% for non-GAAP results. Changes in geographic profitability impact the annual effective tax rate due to differing tax rates across jurisdictions. For further details on the earnings conference call and investor presentation, please refer to the official Autodesk website. **About Autodesk** Autodesk empowers the world’s designers, engineers, builders, and creators to bring ideas to life. From architecture to automotive design, from entertainment to manufacturing, Autodesk’s innovative tools accelerate creativity and efficiency. For more information, visit [autodesk.com](https://www.autodesk.com) or follow [@autodesk](https://twitter.com/autodesk). **Safe Harbor Statement** This press release includes forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those projected due to factors such as market conditions, competitive pressures, geopolitical tensions, and technological changes. For a detailed discussion of risks, see Autodesk's latest SEC filings.

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