AUTODESK, INC. ANNOUNCES FISCAL 2025 FIRST QUARTER RESULTS

SAN FRANCISCO, June 11, 2024 — (PRNewswire) — Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the first quarter of fiscal 2025.

All growth rates are compared to the first quarter of fiscal 2024, 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.

First Quarter Fiscal 2025 Financial Highlights

  • Total revenue increased 12 percent to $1.42 billion;
  • GAAP operating margin was 21 percent, up 4 percentage points;
  • Non-GAAP operating margin was 35 percent, up 3 percentage points;
  • GAAP diluted EPS was $1.16; Non-GAAP diluted EPS was $1.87;
  • Cash flow from operating activities was $494 million; free cash flow was $487 million.

"Autodesk is ahead of its peers in 3D AI and the industry clouds, platforms, and business model evolution that will be needed to deliver 3D AI products and services at scale. We can already use generative AI to quickly generate functional 3D shapes from a variety of inputs including 2D images, text, voxels and point clouds. We are well on the way to reasoning about all CAD geometry," said Andrew Anagnost, Autodesk president and CEO. "We intend to retain and extend this lead while also driving to an industry-leading 'Rule of Forty' ratio of 45 or more."

Additional Financial Details

  • Total billings decreased 5 percent to $1.11 billion.
  • Total revenue was $1.42 billion, an increase of 12 percent as reported, and 13 percent on a constant currency basis. Recurring revenue represents 97 percent of total.
  • Design revenue was $1.20 billion, an increase of 10 percent as reported, and 12 percent on a constant currency basis. On a sequential basis, Design revenue decreased 2 percent as reported, and 1 percent on a constant currency basis.
  • Make revenue was $145 million, an increase of 20 percent as reported, and 21 percent on a constant currency basis. On a sequential basis, Make revenue increased 5 percent as reported and on a constant currency basis.
  • Subscription plan revenue was $1.33 billion, an increase of 11 percent as reported, and 13 percent on a constant currency basis. On a sequential basis, subscription plan revenue decreased 1 percent as reported and 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 $299 million, compared to $217 million in the first quarter last year. GAAP operating margin was 21 percent, up 4 percentage points compared to the first quarter last year.
  • Total non-GAAP operating income was $490 million, compared to $404 million in the first quarter last year. Non-GAAP operating margin was 35 percent, up 3 percentage points compared to the first quarter last year.
  • GAAP diluted net income per share was $1.16, compared to $0.75 in the first quarter last year.
  • Non-GAAP diluted net income per share was $1.87, compared to $1.55 in the first quarter last year.
  • Deferred revenue decreased 12 percent to $3.96 billion. Unbilled deferred revenue was $1.93 billion, an increase of $1.03 billion compared to the first quarter last year. Remaining performance obligations ("RPO") increased 9 percent to $5.89 billion. Current RPO increased 12 percent to $3.92 billion.
  • Cash flow from operating activities was $494 million, a decrease of $229 million compared to the first quarter last year. Free cash flow was $487 million, a decrease of $227 million compared to the first quarter last year.

 

First  Quarter Fiscal 2025 Business Highlights


Net Revenue by Geographic Area



Three Months Ended
April 30, 2024


Three Months Ended
April 30, 2023


Change
compared to

prior fiscal year


Constant currency
change compared
to prior fiscal year

(In millions, except percentages)



$


%


%

Net Revenue:










Americas










U.S.

$                    509


$                    456


$     53


12 %


*

Other Americas

110


97


13


13 %


*

Total Americas

619


553


66


12 %


12 %

EMEA

534


474


60


13 %


14 %

APAC

264


242


22


9 %


14 %

Total Net Revenue

$                  1,417


$                 1,269


$   148


12 %


13 %











*  Constant currency data not provided at this level.


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