Autodesk, Inc. 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."
Fourth Quarter Fiscal 2024 Additional Financial Details
- 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 |
Three Months |
Change prior fiscal year |
Constant currency |
||||||
|
(In millions, except percentages) |
$ |
% |
% |
||||||
|
Net Revenue: |
|||||||||
|
Americas |
|||||||||
|
U.S. |
$ 517 |
$ 451 |
$ 66 |
15 % |
* |
||||
|
Other Americas |
139 |
101 |
38 |
38 % |
* |
||||
|
Total Americas |
656 |
552 |
104 |
19 % |
19 % |
||||
|
Europe, Middle East and Africa |
546 |
508 |
38 |
7 % |
11 % |
||||
|
Asia Pacific |
267 |
258 |
9 |
3 % |
8 % |
||||
|
Total Net Revenue |
$ 1,469 |
$ 1,318 |
$ 151 |
11 % |
14 % |
||||
|
____________________ |
|
* 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, |
January 31, |
$ |
% |
|||
|
AEC |
$ 696 |
$ 602 |
$ 94 |
16 % |
|||
|
AutoCAD and AutoCAD LT |
377 |
362 |
15 |
4 % |
|||
|
MFG |
292 |
257 |
35 |
14 % |
|||
|
M&E |
77 |
74 |
3 |
4 % |
|||
|
Other |
27 |
23 |
4 |
17 % |
|||
|
Total Net Revenue |
$ 1,469 |
$ 1,318 |
$ 151 |
11 % |
|||
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.
Net Revenue by Geographic Area
|
Fiscal Year Ended |
Fiscal Year Ended |
Change compared to prior fiscal year |
Constant |
||||||
|
(In millions, except percentages) |
$ |
% |
% |
||||||
|
Net Revenue: |
|||||||||
|
Americas |
|||||||||
|
U.S. |
$ 1,978 |
$ 1,720 |
$ 258 |
15 % |
* |
||||
|
Other Americas |
460 |
372 |
88 |
24 % |
* |
||||
|
Total Americas |
2,438 |
2,092 |
346 |
17 % |
17 % |
||||
|
EMEA |
2,042 |
1,906 |
136 |
7 % |
12 % |
||||
|
APAC |
1,017 |
1,007 |
10 |
1 % |
6 % |
||||
|
Total Net Revenue |
$ 5,497 |
$ 5,005 |
$ 492 |
10 % |
13 % |
||||
|
____________________ |
|
* Constant currency data not provided at this level. |
Net Revenue by Product Family
Our product offerings are focused in four primary product families: AEC, AutoCAD and AutoCAD LT, MFG, and M&E.
|
Fiscal Year Ended |
Change compared to prior fiscal year |
||||||
|
(In millions, except percentages) |
January 31, 2024 |
January 31, 2023 |
$ |
% |
|||
|
AEC |
$ 2,580 |
$ 2,278 |
$ 302 |
13 % |
|||
|
AutoCAD and AutoCAD LT |
1,462 |
1,387 |
75 |
5 % |
|||
|
MFG |
1,063 |
978 |
85 |
9 % |
|||
|
M&E |
295 |
291 |
4 |
1 % |
|||
|
Other |
97 |
71 |
26 |
37 % |
|||
|
Total Net Revenue |
$ 5,497 |
$ 5,005 |
$ 492 |
10 % |
|||
Business Outlook
The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties, some of which are set forth below under "Safe Harbor Statement." Autodesk’s business outlook for the first quarter and full-year fiscal 2025 takes into consideration the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2024 GAAP and non-GAAP estimates is provided below or in the tables later in this document.
First Quarter Fiscal 2025
|
Q1 FY25 Guidance Metrics |
Q1 FY25 |
|
Revenue (in millions) |
$1,385 – $1,400 |
|
EPS GAAP |
$0.96 – $1.01 |
|
EPS non-GAAP (1) |
$1.73- $1.78 |
|
____________________ |
|
(1) Non-GAAP earnings per diluted share excludes $0.72 related to stock-based compensation expense, $0.11 for the amortization of both purchased intangibles and developed technologies, and $0.08 for acquisition-related costs, partially offset by ($0.14) related to GAAP-only tax charges. |
Full-Year Fiscal 2025
|
FY25 Guidance Metrics |
FY25 |
|
Billings (in millions) |
$5,810 – $5,960 |
|
Revenue (in millions) (1) |
$5,990 – $6,090 |
|
GAAP operating margin |
20% – 21% |
|
Non-GAAP operating margin (2) |
35% – 36% |
|
EPS GAAP |
$4.41 – $4.63 |
|
EPS non-GAAP (3) |
$7.89 – $8.11 |
|
Free cash flow (in millions) (4) |
$1,430 – $1,500 |
|
____________________ |
|
(1) Excluding the impact of foreign currency exchange rates and hedge gains/losses, revenue guidance range would be approximately 1 percentage point higher. |
|
(2) Non-GAAP operating margin excludes approximately 12% related to stock-based compensation expense, approximately 2% for the amortization of both purchased intangibles and developed technologies, and approximately 1% related to acquisition-related costs. |
|
(3) Non-GAAP earnings per diluted share excludes $3.39 related to stock-based compensation expense, $0.50 for the amortization of both purchased intangibles and developed technologies, and $0.26 related to acquisition-related costs, partially offset by ($0.67) related to GAAP-only tax charges. |
|
(4) Free cash flow is cash flow from operating activities less approximately $30 million of capital expenditures. |
The first quarter and full-year fiscal 2025 outlook assume a projected annual effective tax rate of 21 percent for GAAP and 19 percent for non-GAAP results, respectively. Shifts in geographic profitability continue to impact the annual effective tax rate due to significant differences in tax rates in various jurisdictions. As such, assumptions for the annual effective tax rate are evaluated regularly and may change based on the projected geographic mix of earnings.
Earnings Conference Call and Webcast
Autodesk will host its fourth quarter conference call today at 5 p.m. ET. The live broadcast can be accessed at autodesk.com/investor. A transcript of the opening commentary will also be available following the conference call.
A replay of the broadcast will be available at 7 p.m. ET at autodesk.com/investor. This replay will be maintained on Autodesk’s website for at least 12 months.
Investor Presentation Details
An investor presentation, excel financials and other supplemental materials providing additional information can be found at autodesk.com/investor.
