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AUTODESK, INC. ANNOUNCES FISCAL 2024 SECOND QUARTER RESULTS
**Autodesk Reports Second Quarter Fiscal 2024 Financial Results**
SAN FRANCISCO, August 23, 2023 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today announced its financial results for the second quarter of fiscal 2024. The company showed solid progress, reflecting its continued commitment to innovation and growth.
Andrew Anagnost, President and CEO of Autodesk, expressed optimism about the future: "Augmented design, powered by Autodesk, will enable our customers to go further and faster to design and make a better world for all. We’ve been laying the groundwork to build enterprise-level AI for years, and we’re building the future with focus, purpose, and optimism."
**Key Financial Highlights for Q2 FY2024**
- Total revenue increased 9 percent year-over-year to $1.345 billion.
- GAAP operating margin stood at 19%, down 1 percentage point from the same period last year.
- Non-GAAP operating margin remained steady at 36%.
- GAAP diluted earnings per share (EPS) were $1.03; Non-GAAP diluted EPS rose to $1.91.
- Cash flow from operating activities reached $135 million, while free cash flow totaled $128 million.
Debbie Clifford, Autodesk's CFO, highlighted the company's strong performance: "Our sustained momentum in the second quarter, along with early expansions of some enterprise business agreements expected to renew later this year, reduces the likelihood of our more cautious forecast scenarios. Given this, we are raising the lower end of our guidance ranges."
**Additional Financial Details**
- Total billings declined 8% to $1.095 billion.
- Recurring revenue accounted for 98% of total revenue.
- Design revenue grew 8% year-over-year, reaching $1.154 billion.
- Make revenue surged 15%, totaling $130 million.
- Net revenue retention rate remained within the 100-110% range on a constant currency basis.
**Operational Performance**
The company reported a 14% increase in U.S. revenue, contributing $485 million to the overall growth. International markets also saw positive results, with the Americas region reporting a 14% year-over-year growth and EMEA showing a 7% increase. APAC experienced a modest 1% growth, reflecting regional market dynamics.
**Business Outlook**
For the third quarter and full fiscal year 2024, Autodesk expects continued growth. The company's guidance includes:
- Third-quarter revenue projections of $1.380-$1.395 billion.
- Third-quarter GAAP EPS of $1.02-$1.08 and non-GAAP EPS of $1.97-$2.03.
Looking ahead to the full year, Autodesk anticipates:
- Billings of $5.075-$5.175 billion, representing a decline of 12%-11%.
- Revenue growth of 8%-9% to $5.405-$5.455 billion.
- Free cash flow of $1.170-$1.250 billion.
**Forward-Looking Statements**
This press release contains forward-looking statements based on current expectations and assumptions, which involve risks and uncertainties. Factors that could cause actual results to differ materially include global economic conditions, competitive pressures, and the impact of foreign exchange rates.
**About Autodesk**
Autodesk continues to transform the way the world designs and makes things. Its innovative solutions empower creators across industries to tackle challenges big and small. For more information, visit [autodesk.com](https://www.autodesk.com).
**Investor Resources**
For additional insights, investors can find detailed presentations, financial data, and supplementary materials on the Autodesk investor relations site at [investors.autodesk.com](https://investors.autodesk.com).
**Safe Harbor Statement**
This press release contains forward-looking statements that involve risks and uncertainties, including but not limited to those related to economic conditions, competition, and foreign exchange rates. Actual results may vary significantly from the expectations outlined herein.
**Disclaimer**
Autodesk disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
© 2023 Autodesk, Inc. All rights reserved.