AUTODESK, INC. ANNOUNCES FISCAL 2024 FOURTH QUARTER AND FULL-YEAR RESULTS
– Fourth quarter revenue grew 11 percent, and 14 percent at constant exchange rates, to $1.5 billion
– Fourth quarter current remaining performance obligations grew 13 percent, to $4.0 billion
SAN FRANCISCO, Feb. 29, 2024 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the fourth quarter and full year of fiscal 2024.
All growth rates are compared to the fourth quarter and full year of fiscal 2023, respectively, 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.
Fourth Quarter Fiscal 2024 Financial Highlights
Total revenue increased 11 percent to $1.47 billion;
GAAP operating margin was 21 percent, flat compared to the prior period;
Non-GAAP operating margin was 36 percent, flat compared to the prior period;
GAAP diluted EPS was $1.31; Non-GAAP diluted EPS was $2.09;
Cash flow from operating activities was $437 million; free cash flow was $427 million.
"We are undertaking a multi-year process to develop lifecycle solutions, powered by shared platform services, and with Autodesk’s Data Model at its core. Together, these will enable Autodesk, its customers, and partners, to create more valuable, data-driven, and connected products and services," said Andrew Anagnost, Autodesk president and CEO. "Having led the industry in generative design, we are leading again in 3D generative AI. Our new multimodal foundation models will enable design and make customers to automate low-value and repetitive tasks and generate more high-value, complex designs more rapidly and with much greater consistency. We can already generate 3D representations from images 10 times faster and with vastly higher quality than currently available 3D AI."
"Autodesk remains resilient and underlying demand for our products and services is robust. As a result, revenue grew 14 percent at constant currency in the fourth quarter," said Debbie Clifford, Autodesk CFO. "Adjusting the mid-point of our guidance to exclude noise from the new transaction model, acquisitions, the absence of EBA true-up revenue, and FX, we expect underlying revenue to grow more than 10 percent in fiscal 25."
Total billings decreased 19 percent to $1.71 billion.
Total revenue was $1.47 billion, an increase of 11 percent as reported, and 14 percent on a constant currency basis. Recurring revenue represents 98 percent of total.
Design revenue was $1.22 billion, an increase of 10 percent as reported, and 12 percent on a constant currency basis. On a sequential basis, Design revenue increased 2 percent as reported and on a constant currency basis.
Make revenue was $138 million, an increase of 16 percent as reported, and 17 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 $1.34 billion, an increase of 10 percent as reported, and 13 percent on a constant currency basis. On a sequential basis, subscription plan revenue increased 2 percent as reported, and 3 percent on a constant currency basis.
Net revenue retention rate was within the range of 100 to 110 percent on a constant currency basis.
GAAP operating income was $315 million, compared to $277 million in the fourth quarter last year. GAAP operating margin was 21 percent, flat compared to the prior period.
Total non-GAAP operating income was $522 million, compared to $479 million in the fourth quarter last year. Non-GAAP operating margin was 36 percent, flat compared to the prior period.
GAAP diluted net income per share was $1.31, compared to $1.35 in the fourth quarter last year.
Non-GAAP diluted net income per share was $2.09, compared to $1.86 in the fourth quarter last year.
Deferred revenue decreased 7 percent to $4.26 billion. Unbilled deferred revenue was $1.84 billion, an increase of $801 million compared to the fourth quarter last year. Remaining performance obligations (RPO) increased 9 percent to $6.11 billion. Current RPO increased 13 percent to $3.98 billion.
Cash flow from operating activities was $437 million, a decrease of 474 million compared to the fourth quarter last year. Free cash flow was $427 million, a decrease of $476 million compared to the fourth quarter last year.
Net Revenue by Geographic Area
Three Months Ended January 31, 2024
Three Months Ended January 31, 2023
Change compared to
prior fiscal year
Constant currency change compared to prior fiscal year
(In millions, except percentages)
$
%
%
Net Revenue:
Americas
U.S.
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 517
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 451
$Â Â Â 66
15Â %
*
Other Americas
139
101
38
38Â %
*
Total Americas
656
552
104
19Â %
19Â %
Europe, Middle East and Africa
546
508
38
7Â %
11Â %
Asia Pacific
267
258
9
3Â %
8Â %
Total Net Revenue
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1,469
$Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1,318
$Â Â Â 151
11Â %
14Â %
____________________
*Â Constant currency data not provided at this level.
Net Revenue by Product Family
Our product offerings are focused in four primary product families: Architecture, Engineering and Construction ("AEC"), AutoCAD and AutoCAD LT, Manufacturing ("MFG"), and Media and Entertainment ("M&E").
Three Months Ended
Change compared to
prior fiscal year
(In millions, except percentages)
January 31, 2024
January 31, 2023
$
%
AEC
$Â Â Â Â Â Â Â Â Â Â Â Â Â 696
$Â Â Â Â Â Â Â Â Â Â Â Â Â 602
$Â Â Â Â Â Â Â Â 94
16Â %
AutoCAD and AutoCAD LT
377
362
15
4Â %
MFG
292
257
35
14Â %
M&E
77
74
3
4Â %
Other
27
23
4
17Â %
Total Net Revenue
$Â Â Â Â Â Â Â Â Â Â 1,469
$Â Â Â Â Â Â Â Â Â Â Â 1,318
$Â Â Â Â Â Â Â 151
11Â %
Fiscal 2024 Financial Highlights
Total billings decreased 11 percent to $5.18 billion.
Total revenue was $5.50 billion, 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 $4.65 billion, an increase of 9 percent as reported, and 12 percent on a constant currency basis.
Make revenue was $523 million, an increase of 16 percent as reported, and 18 percent on a constant currency basis.
Subscription plan revenue was $5.12 billion, an increase of 10 percent as reported, and 13 percent on a constant currency basis.
Total subscriptions increased approximately 785 thousand from the end of fiscal 2023 to 7.53 million at the end of fiscal 2024. Total subscriptions adjusted for the multi-user trade-in increased approximately 715 thousand from fiscal 2023 to 6.97 million.
GAAP operating income was $1.13 billion, compared to $989 million last year. GAAP operating margin was 21 percent, up 1 percentage point.
Total non-GAAP operating income was $1.96 billion, compared to $1.79 billion last year. Non-GAAP operating margin was 36 percent, flat compared to the prior period.
GAAP diluted net income per share was $4.19, compared to $3.78 last year.
Non-GAAP diluted net income per share was $7.60, compared to $6.63 last year.
Cash flow from operating activities decreased to $1.31 billion, compared to $2.07 billion in fiscal 2023. Free cash flow decreased to $1.28 billion, compared to $2.03 billion in fiscal 2023.
