SAN FRANCISCO, Nov. 21, 2023 — (PRNewswire) — Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the third quarter of fiscal 2024.

All growth rates are compared to the third 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.

Third Quarter Fiscal 2024 Financial Highlights

• Total revenue increased 10 percent to $1,414 million;
• GAAP operating margin was 24 percent, up 4 percentage points;
• Non-GAAP operating margin was 39 percent, up 3 percentage points;
• GAAP diluted EPS was $1.12; Non-GAAP diluted EPS was $2.07;
• Cash flow from operating activities was $18 million; free cash flow was $13 million.

"Autodesk AI and Platform Services will enable Autodesk, our customers, and partners to build more valuable, data driven, and connected products and services in our industry clouds and on our platform," said Andrew Anagnost, Autodesk president and CEO. "Our customers remain committed to transformation, and to Autodesk, evidenced by our largest-ever EBA signed during the quarter, and record contributions from our construction and water verticals to our overall EBA performance."

"Overall market conditions and the underlying momentum of the business remained similar to the last few quarters. Our financial performance in the third quarter was strong with much of the outperformance coming from larger-than-expected expansions of existing EBAs," said Debbie Clifford, CFO of Autodesk. "Given that, we are raising revenue, earnings per share, and free cash flow guidance."

Additional Financial Details

• Total billings decreased 11 percent to $1,204 million.
• Total revenue was $1,414 million, an increase of 10 percent as reported, and 13 percent on a constant currency basis. Recurring revenue represents 98 percent of total.
• Design revenue was $1,192 million, an increase of 10 percent as reported, and 12 percent on a constant currency basis. On a sequential basis, Design revenue increased 3 percent as reported, and 4 percent on a constant currency basis.
• Make revenue was $134 million, an increase of 15 percent as reported, and 16 percent on a constant currency basis. On a sequential basis, Make revenue increased 3 percent as reported and on a constant currency basis.
• Subscription plan revenue was $1,314 million, an increase of 11 percent as reported, and 13 percent on a constant currency basis. On a sequential basis, subscription plan revenue increased 3 percent as reported, and 4 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 $334 million, compared to $256 million in the third quarter last year. GAAP operating margin was 24 percent, up 4 percentage points compared to the third quarter last year.
• Total non-GAAP operating income was $547 million, compared to $465 million in the third quarter last year. Non-GAAP operating margin was 39 percent, up 3 percentage points compared to the third quarter last year.
• 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 6 percent to $4.02 billion. Unbilled deferred revenue was $1.22 billion, an increase of $322 million compared to the third quarter last year. Remaining performance obligations ("RPO") increased 12 percent to $5.24 billion. Current RPO increased 12 percent to $3.52 billion.
• Cash flow from operating activities was $18 million, a decrease of $451 million compared to the third quarter last year. Free cash flow was $13 million, a decrease of $447 million compared to the third quarter last year.

Third  Quarter Fiscal 2024 Business Highlights

Net Revenue by Geographic Area

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