SAN FRANCISCO, Aug. 23, 2023 — (PRNewswire) — Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the second quarter of fiscal 2024.

All growth rates are compared to the second quarter of fiscal 2023, unless otherwise noted. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For definitions, please view the Glossary of Terms later in this document.

Second Quarter Fiscal 2024 Financial Highlights

• Total revenue increased 9 percent to $1,345 million;
• GAAP operating margin was 19 percent, down 1 percentage point;
• Non-GAAP operating margin was flat at 36 percent;
• GAAP diluted EPS was $1.03; Non-GAAP diluted EPS was $1.91;
• Cash flow from operating activities was $135 million; free cash flow was $128 million.

"Augmented design, powered by Autodesk, will enable our customers to go further and faster to design and make a better world for all," said Andrew Anagnost, Autodesk president and CEO. "We've been laying the foundation to build enterprise-level AI for years. We are building the future with focus, purpose, and optimism."

"Our sustained momentum in the second quarter, and early expansion of some enterprise business agreements expected to renew later in the year, reduce the likelihood of our more cautious forecast scenarios," said Debbie Clifford, CFO of Autodesk. "Given that, we are raising the lower end of our guidance ranges."

Additional Financial Details

• Total billings decreased 8 percent to $1,095 million.
• Total revenue was $1,345 million, an increase of 9 percent as reported, and 12 percent on a constant currency basis. Recurring revenue represents 98 percent of total.
• Design revenue was $1,154 million, an increase of 8 percent as reported, and 12 percent on a constant currency basis. On a sequential basis, Design revenue increased 6 percent as reported, and 7 percent on a constant currency basis.
• Make revenue was $130 million, an increase of 15 percent as reported, and 17 percent on a constant currency basis. On a sequential basis, Make revenue increased 7 percent as reported, and 8 percent on a constant currency basis.
• Subscription plan revenue was $1,270 million, an increase of 9 percent as reported, and 13 percent on a constant currency basis. On a sequential basis, subscription plan revenue increased 6 percent as reported, and 7 percent on a constant currency basis.
• Net revenue retention rate remained within the range of 100 to 110 percent, on a constant currency basis.
• GAAP operating income was $262 million, compared to $242 million in the second quarter last year. GAAP operating margin was 19 percent, down 1 percentage point compared to the second quarter last year.
• Total non-GAAP operating income was $489 million, compared to $444 million in the second quarter last year. Non-GAAP operating margin was 36 percent, flat compared to the second quarter last year.
• GAAP diluted net income per share was $1.03, compared to $0.85 in the second quarter last year.
• Non-GAAP diluted net income per share was $1.91, compared to $1.65 in the second quarter last year.
• Deferred revenue increased 14 percent to $4.23 billion. Unbilled deferred revenue was $991 million, an increase of $7 million compared to the second quarter of last year. Remaining performance obligations ("RPO") increased 11 percent to $5.22 billion. Current RPO increased 12 percent to $3.51 billion.
• Cash flow from operating activities was $135 million, a decrease of $122 million compared to the second quarter last year. Free cash flow was $128 million, a decrease of $118 million compared to the second quarter last year.

Second  Quarter Fiscal 2024 Business Highlights

Net Revenue by Geographic Area

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