- 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."
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
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.
|
$
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,
2024
|
|
January 31,
2023
|
$
|
|
%
|
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
January 31, 2024
|
|
Fiscal Year 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.
|
$
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
(ending April 30,
2024)
|
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
(ending January 31,
2025)
|
Billings (in millions)
|
$5,810 -
$5,960
Up 12% - 15%
|
Revenue (in millions) (1)
|
$5,990 -
$6,090
Up 9% - 11%
|
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.
Key Performance Metrics
To help better understand our financial performance, we use
several key performance metrics including billings, recurring
revenue, net revenue retention rate ("NR3") and subscriptions.
These metrics are key performance metrics and should be viewed
independently of revenue and deferred revenue. These metrics are
not intended to be combined with those items. We use these metrics
to monitor the strength of our recurring business. We believe these
metrics are useful to investors because they can help in monitoring
the long-term health of our business. Our determination and
presentation of these metrics may differ from that of other
companies. The presentation of these metrics is meant to be
considered in addition to, not as a substitute for or in isolation
from, our financial measures prepared in accordance with GAAP.
Glossary of Terms
Billings: Total revenue plus the net change in deferred
revenue from the beginning to the end of the period.
Cloud Service Offerings: Represents individual term-based
offerings deployed through web browser technologies or in a hybrid
software and cloud configuration. Cloud service offerings that are
bundled with other product offerings are not captured as a separate
cloud service offering.
Constant Currency (CC) Growth Rates: We attempt to
represent the changes in the underlying business operations by
eliminating fluctuations caused by changes in foreign currency
exchange rates as well as eliminating hedge gains or losses
recorded within the current and comparative periods. We calculate
constant currency growth rates by (i) applying the applicable prior
period exchange rates to current period results and (ii) excluding
any gains or losses from foreign currency hedge contracts that are
reported in the current and comparative periods.
Design Business: Represents the combination of
maintenance, product subscriptions, and all EBAs. Main products
include, but are not limited to, AutoCAD, AutoCAD LT, Industry
Collections, Revit, Inventor, Maya, and 3ds Max. Certain products,
such as our computer aided manufacturing solutions, incorporate
both Design and Make functionality and are classified as
Design.
Enterprise Business Agreements (EBAs): Represents
programs providing enterprise customers with token-based access to
a broad pool of Autodesk products over a defined contract term.
Flex: A pay-as-you-go consumption option to
pre-purchase tokens to access any product available with Flex for a
daily rate.
Free Cash Flow: Cash flow from operating activities
minus capital expenditures.
Industry Collections: Autodesk Industry Collections are a
combination of products and services that target a specific user
objective and support a set of workflows for that objective. Our
Industry Collections consist of: Autodesk Architecture, Engineering
and Construction Collection, Autodesk Product Design and
Manufacturing Collection, and Autodesk Media and Entertainment
Collection.
Maintenance Plan: Our maintenance plans provide our
customers with a cost effective and predictable budgetary option to
obtain the productivity benefits of our new releases and
enhancements when and if released during the term of their
contracts. Under our maintenance plans, customers are eligible to
receive unspecified upgrades when and if available, and technical
support. We recognize maintenance revenue over the term of the
agreements, generally one year.
Make Business: Represents certain cloud-based product
subscriptions. Main products include, but are not limited to,
Assemble, Autodesk Build, BIM Collaborate Pro, BuildingConnected,
Fusion, and Flow Production Tracking. Certain products, such as
Fusion, incorporate both Design and Make functionality and are
classified as Make.
Net Revenue Retention Rate (NR3): Measures the
year-over-year change in Recurring Revenue for the population of
customers that existed one year ago ("base customers"). Net
revenue retention rate is calculated by dividing the current
quarter Recurring Revenue related to base customers by the total
corresponding quarter Recurring Revenue from one year ago.
Recurring Revenue is based on USD reported revenue, and
fluctuations caused by changes in foreign currency exchange rates
and hedge gains or losses have not been eliminated. Recurring
Revenue related to acquired companies, one year after acquisition,
has been captured as existing customers until such data conforms to
the calculation methodology. This may cause variability in the
comparison.
Other Revenue: Consists of revenue from consulting,
training and other products and services, and is recognized as the
products are delivered and services are performed.
Product Subscription: Provides customers a flexible,
cost-effective way to access and manage 3D design, engineering, and
entertainment software tools. Our product subscriptions currently
represent a hybrid of desktop and cloud functionality, which
provides a device-independent, collaborative design workflow for
designers and their stakeholders.
Recurring Revenue: Consists of the revenue for the period
from our traditional maintenance plans, our subscription plan
offerings, and certain Other revenue. It excludes subscription
revenue related to third-party products. Recurring revenue acquired
with the acquisition of a business is captured when total
subscriptions are captured in our systems and may cause variability
in the comparison of this calculation.
Remaining Performance Obligations (RPO): The sum of total
short-term, long-term, and unbilled deferred revenue. Current
remaining performance obligations is the amount of revenue we
expect to recognize in the next twelve months.
Solution Provider: Solution Provider is the name of our
channel partners who serve our customers worldwide. Solution
Providers may be resellers, agents, or both, in relation to
Autodesk solutions.
Spend: The sum of cost of revenue and operating
expenses.
Subscription Plan: Comprises our term-based product
subscriptions, cloud service offerings, and EBAs. Subscriptions
represent a combined hybrid offering of desktop software and cloud
functionality which provides a device-independent, collaborative
design workflow for designers and their stakeholders. With
subscription, customers can use our software anytime, anywhere, and
get access to the latest updates to previous versions.
Subscription Revenue: Includes our cloud-enabled
term-based product subscriptions, cloud service offerings, and
flexible EBAs.
Total Subscriptions: Consists of subscriptions from our
maintenance plans and subscription plan offerings that are active
and paid as of the fiscal year end date. For certain cloud service
offerings and EBAs, subscriptions represent the monthly average
activity reported within the last three months of the fiscal
quarter end date. Total subscriptions do not include education
offerings, consumer product offerings, and third-party products.
Subscriptions acquired with the acquisition of a business are
captured once the data conforms to our subscription count
methodology and when added, may cause variability in comparison of
this calculation.
Unbilled Deferred Revenue: Unbilled deferred revenue
represents contractually stated or committed orders under early
renewal and multi-year billing plans for subscription, services,
and maintenance for which the associated deferred revenue has not
been recognized. Under FASB Accounting Standards Codification
("ASC") Topic 606, unbilled deferred revenue is not included as a
receivable or deferred revenue on our Consolidated Balance Sheet.
Safe Harbor Statement
This press release contains forward-looking statements that
involve risks and uncertainties, including quotations from
management, statements in the paragraphs under "Business Outlook"
above statements about our short-term and long-term goals,
statements regarding our strategies, market and product positions,
performance and results, and all statements that are not historical
facts. There are a significant number of factors that could cause
actual results to differ materially from statements made in this
press release, including: our strategy to develop and introduce new
products and services and to move to platforms and capabilities,
exposing us to risks such as limited customer acceptance (both new
and existing customers), costs related to product defects, and
large expenditures; global economic and political conditions,
including foreign exchange headwinds, recessionary fears, supply
chain disruptions, resulting inflationary pressures and hiring
conditions; costs and challenges associated with strategic
acquisitions and investments; dependency on international revenue
and operations, exposing us to significant international
regulatory, economic, intellectual property, collections, currency
exchange rate, taxation, political, and other risks, including
risks related to the war against Ukraine launched by Russia and our exit from Russia; inability to predict subscription
renewal rates and their impact on our future revenue and operating
results; existing and increased competition and rapidly evolving
technological changes; fluctuation of our financial results, key
metrics and other operating metrics; our transition from up front
to annual billings for multi-year contracts; deriving a substantial
portion of our net revenue from a small number of solutions,
including our AutoCAD-based software products and collections; any
failure to successfully execute and manage initiatives to realign
or introduce new business and sales initiatives; net revenue,
billings, earnings, cash flow, or new or existing subscriptions
shortfalls; social and ethical issues relating to the use of
artificial intelligence in our offerings; our ability to maintain
security levels and service performance meeting the expectations of
our customers, and the resources and costs required to avoid
unanticipated downtime and prevent, detect and remediate
performance degradation and security breaches; security incidents
or other incidents compromising the integrity of our or our
customers' offerings, services, data, or intellectual property;
reliance on third parties to provide us with a number of
operational and technical services as well as software; our highly
complex software, which may contain undetected errors, defects, or
vulnerabilities; increasing regulatory focus on privacy issues and
expanding laws; governmental export and import controls that could
impair our ability to compete in international markets or subject
us to liability if we violate the controls; protection of our
intellectual property rights and intellectual property infringement
claims from others; the government procurement process;
fluctuations in currency exchange rates; our debt service
obligations; and our investment portfolio consisting of a variety
of investment vehicles that are subject to interest rate trends,
market volatility, and other economic factors. Our estimates as to
tax rate are based on current tax law, including current
interpretations of the Tax Cuts and Jobs Act, and could be affected
by changing interpretations of that Act, as well as additional
legislation and guidance around that Act.
Further information on potential factors that could affect the
financial results of Autodesk are included in Autodesk's Form 10-K
and subsequent Forms 10-Q, which are on file with the U.S.
Securities and Exchange Commission. 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.
About Autodesk
Autodesk is changing how the world is designed and made. Our
technology spans architecture, engineering, construction, product
design, manufacturing, media and entertainment, empowering
innovators everywhere to solve challenges big and small. From
greener buildings to smarter products to more mesmerizing
blockbusters, Autodesk software helps our customers to design and
make a better world for all. For more information, visit
autodesk.com or follow @autodesk. #MakeAnything
Autodesk uses its investors.autodesk.com website as a means of
disclosing material non-public information, announcing upcoming
investor conferences and for complying with its disclosure
obligations under Regulation FD. Accordingly, you should monitor
our investor relations website in addition to following our press
releases, SEC filings and public conference calls and webcasts.
Autodesk, AutoCAD, AutoCAD LT, BIM 360 and Fusion 360 are
registered trademarks of Autodesk, Inc., and/or its subsidiaries
and/or affiliates in the USA
and/or other countries. All other brand names, product names or
trademarks belong to their respective holders. Autodesk reserves
the right to alter product and service offerings, and
specifications and pricing at any time without notice, and is not
responsible for typographical or graphical errors that may appear
in this document.
© 2024 Autodesk, Inc. All rights reserved.
Autodesk, Inc.
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations
|
|
|
|
|
(In millions, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended January 31,
|
|
Fiscal Year Ended January 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
(Unaudited)
|
Net revenue:
|
|
|
|
|
|
|
|
Subscription
|
$
1,339
|
|
$
1,214
|
|
$
5,116
|
|
$
4,651
|
Maintenance
|
14
|
|
14
|
|
54
|
|
65
|
Total subscription and maintenance revenue
|
1,353
|
|
1,228
|
|
5,170
|
|
4,716
|
Other
|
116
|
|
90
|
|
327
|
|
289
|
Total net
revenue
|
1,469
|
|
1,318
|
|
5,497
|
|
5,005
|
Cost of
revenue:
|
|
|
|
|
|
|
|
Cost of subscription
and maintenance revenue
|
96
|
|
90
|
|
381
|
|
343
|
Cost of other
revenue
|
20
|
|
20
|
|
82
|
|
79
|
Amortization of
developed technologies
|
14
|
|
14
|
|
48
|
|
58
|
Total cost of
revenue
|
130
|
|
124
|
|
511
|
|
480
|
Gross profit
|
1,339
|
|
1,194
|
|
4,986
|
|
4,525
|
Operating
expenses:
|
|
|
|
|
|
|
|
Marketing and
sales
|
479
|
|
439
|
|
1,823
|
|
1,745
|
Research and
development
|
352
|
|
313
|
|
1,373
|
|
1,219
|
General and
administrative
|
182
|
|
155
|
|
620
|
|
532
|
Amortization of
purchased intangibles
|
11
|
|
10
|
|
42
|
|
40
|
Total operating
expenses
|
1,024
|
|
917
|
|
3,858
|
|
3,536
|
Income from
operations
|
315
|
|
277
|
|
1,128
|
|
989
|
Interest and other
income (expense), net
|
22
|
|
—
|
|
8
|
|
(43)
|
Income before income
taxes
|
337
|
|
277
|
|
1,136
|
|
946
|
(Provision) benefit for
income taxes
|
(55)
|
|
16
|
|
(230)
|
|
(123)
|
Net income
|
$
282
|
|
$
293
|
|
$
906
|
|
$
823
|
Basic net income per
share
|
$
1.32
|
|
$
1.36
|
|
$
4.23
|
|
$
3.81
|
Diluted net income per
share
|
$
1.31
|
|
$
1.35
|
|
$
4.19
|
|
$
3.78
|
Weighted average shares
used in computing basic net income per share
|
214
|
|
216
|
|
214
|
|
216
|
Weighted average shares
used in computing diluted net income per share
|
216
|
|
217
|
|
216
|
|
218
|
Autodesk, Inc.
|
|
|
|
Condensed Consolidated Balance
Sheets
|
|
|
|
(In millions)
|
|
|
|
|
|
|
|
|
January 31,
2024
|
|
January 31,
2023
|
|
(Unaudited)
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
1,892
|
|
$
1,947
|
Marketable
securities
|
354
|
|
125
|
Accounts receivable,
net
|
876
|
|
961
|
Prepaid expenses and
other current assets
|
457
|
|
308
|
Total current
assets
|
3,579
|
|
3,341
|
Long-term marketable
securities
|
234
|
|
102
|
Computer equipment,
software, furniture and leasehold improvements, net
|
121
|
|
144
|
Operating lease
right-of-use assets
|
224
|
|
245
|
Intangible assets,
net
|
406
|
|
407
|
Goodwill
|
3,653
|
|
3,625
|
Deferred income taxes,
net
|
1,093
|
|
1,014
|
Long-term other
assets
|
602
|
|
560
|
Total assets
|
$
9,912
|
|
$
9,438
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
100
|
|
$
102
|
Accrued
compensation
|
476
|
|
358
|
Accrued income
taxes
|
36
|
|
33
|
Deferred
revenue
|
3,500
|
|
3,203
|
Operating lease
liabilities
|
67
|
|
85
|
Other accrued
liabilities
|
172
|
|
219
|
Total current
liabilities
|
4,351
|
|
4,000
|
Long-term deferred
revenue
|
764
|
|
1,377
|
Long-term operating
lease liabilities
|
275
|
|
300
|
Long-term income taxes
payable
|
168
|
|
164
|
Long-term deferred
income taxes
|
25
|
|
32
|
Long-term notes
payable, net
|
2,284
|
|
2,281
|
Long-term other
liabilities
|
190
|
|
139
|
Stockholders'
equity:
|
|
|
|
Common stock and
additional paid-in capital
|
3,802
|
|
3,325
|
Accumulated other
comprehensive loss
|
(234)
|
|
(185)
|
Accumulated
deficit
|
(1,713)
|
|
(1,995)
|
Total stockholders'
equity
|
1,855
|
|
1,145
|
Total liabilities and
stockholders' equity
|
$
9,912
|
|
$
9,438
|
Autodesk, Inc.
|
|
|
|
Condensed Consolidated Statements of Cash
Flows
|
|
|
|
(In millions)
|
|
|
|
|
|
|
|
|
Fiscal Year Ended January 31,
|
|
2024
|
|
2023
|
|
(Unaudited)
|
Operating
activities:
|
|
|
|
Net income
|
$
906
|
|
$
823
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation,
amortization and accretion
|
139
|
|
150
|
Stock-based
compensation expense
|
703
|
|
657
|
Deferred income
taxes
|
(86)
|
|
(277)
|
Lease-related asset
impairments
|
14
|
|
34
|
Other operating
activities
|
(52)
|
|
(8)
|
Changes in operating
assets and liabilities, net of business combinations:
|
|
|
|
Accounts
receivable
|
86
|
|
(247)
|
Prepaid expenses and
other assets
|
(77)
|
|
(3)
|
Accounts payable and
other liabilities
|
(12)
|
|
(5)
|
Deferred
revenue
|
(316)
|
|
798
|
Accrued income
taxes
|
8
|
|
149
|
Net cash provided by
operating activities
|
1,313
|
|
2,071
|
Investing
activities:
|
|
|
|
Purchases of
marketable securities
|
(1,110)
|
|
(397)
|
Sales of marketable
securities
|
277
|
|
152
|
Maturities of
marketable securities
|
487
|
|
298
|
Purchases of
intangible assets
|
(30)
|
|
(6)
|
Business combinations,
net of cash acquired
|
(70)
|
|
(96)
|
Capital
expenditures
|
(31)
|
|
(40)
|
Other investing
activities
|
(25)
|
|
(54)
|
Net cash used in
investing activities
|
(502)
|
|
(143)
|
Financing
activities:
|
|
|
|
Proceeds from issuance
of common stock, net of issuance costs
|
130
|
|
124
|
Taxes paid related to
net share settlement of equity awards
|
(187)
|
|
(160)
|
Repurchase and
retirement of common stock
|
(795)
|
|
(1,101)
|
Repayment of
debt
|
—
|
|
(350)
|
Net cash used in
financing activities
|
(852)
|
|
(1,487)
|
Effect of exchange rate
changes on cash and cash equivalents
|
(14)
|
|
(22)
|
Net (decrease) increase
in cash and cash equivalents
|
(55)
|
|
419
|
Cash and cash
equivalents at beginning of the period
|
1,947
|
|
1,528
|
Cash and cash
equivalents at end of the period
|
$
1,892
|
|
$
1,947
|
Autodesk, Inc.
|
|
|
|
|
|
|
|
Reconciliation of GAAP financial measures to non-GAAP
financial measures
|
(In millions, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
To supplement our
condensed consolidated financial statements presented on a GAAP
basis, we provide investors with certain non-GAAP measures
including non-GAAP operating margin, non-GAAP income from
operations, non-GAAP diluted net income per share, and free cash
flow. For our internal budgeting and resource allocation process
and as a means to evaluate period-to-period comparisons, we use
non-GAAP measures to supplement our condensed consolidated
financial statements presented on a GAAP basis. These non-GAAP
measures do not include certain items that may have a material
impact upon our future reported financial results. We use non-GAAP
measures in making operating decisions because we believe those
measures provide meaningful supplemental information regarding our
earning potential and performance for management by excluding
certain expenses and charges that may not be indicative of our core
business operating results. For the reasons set forth below,
we believe these non-GAAP financial measures are useful to
investors both because (1) they allow for greater transparency with
respect to key metrics used by management in its financial and
operational decision-making and (2) they are used by our
institutional investors and the analyst community to help them
analyze the health of our business. This allows investors and
others to better understand and evaluate our operating results and
future prospects in the same manner as management, compare
financial results across accounting periods and to those of peer
companies and to better understand the long-term performance of our
core business. We also use some of these measures for purposes of
determining company-wide incentive compensation.
|
|
There are limitations
in using non-GAAP financial measures because non-GAAP financial
measures are not prepared in accordance with GAAP and may be
different from non-GAAP financial measures used by other companies.
The non-GAAP financial measures are limited in value because they
exclude certain items that may have a material impact upon our
reported financial results. In addition, they are subject to
inherent limitations as they reflect the exercise of judgments by
management about which charges are excluded from the non-GAAP
financial measures. We compensate for these limitations by
analyzing current and future results on a GAAP basis as well as a
non-GAAP basis and also by providing GAAP measures in our public
disclosures. The presentation of non-GAAP financial information is
meant to be considered in addition to, not as a substitute for or
in isolation from, the directly comparable financial measures
prepared in accordance with GAAP. We urge investors to review the
reconciliation of our non-GAAP financial measures to the comparable
GAAP financial measures included in this presentation, and not to
rely on any single financial measure to evaluate our
business.
|
|
|
|
|
|
|
|
|
The following table
shows Autodesk's GAAP results reconciled to non-GAAP results
included in this release.
|
|
|
|
|
|
|
|
|
|
Three Months Ended January 31,
|
|
Fiscal Year Ended January 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
GAAP operating
margin
|
21 %
|
|
21 %
|
|
21 %
|
|
20 %
|
Stock-based
compensation expense
|
11 %
|
|
12 %
|
|
13 %
|
|
13 %
|
Amortization of
developed technologies
|
1 %
|
|
1 %
|
|
1 %
|
|
1 %
|
Amortization of
purchased intangibles
|
1 %
|
|
1 %
|
|
1 %
|
|
1 %
|
Acquisition-related
costs
|
1 %
|
|
— %
|
|
1 %
|
|
— %
|
Lease-related asset
impairments and other charges
|
— %
|
|
1 %
|
|
— %
|
|
1 %
|
Non-GAAP operating
margin (1)
|
36 %
|
|
36 %
|
|
36 %
|
|
36 %
|
|
|
|
|
|
|
|
|
GAAP income from
operations
|
$
315
|
|
$
277
|
|
$
1,128
|
|
$
989
|
Stock-based
compensation expense
|
160
|
|
164
|
|
703
|
|
660
|
Amortization of
developed technologies
|
12
|
|
12
|
|
43
|
|
53
|
Amortization of
purchased intangibles
|
11
|
|
10
|
|
41
|
|
40
|
Acquisition-related
costs
|
17
|
|
3
|
|
33
|
|
10
|
Lease-related asset
impairments and other charges
|
7
|
|
13
|
|
14
|
|
33
|
Non-GAAP income from
operations
|
$
522
|
|
$
479
|
|
$
1,962
|
|
$
1,785
|
|
|
|
|
|
|
|
|
GAAP diluted net income
per share
|
$
1.31
|
|
$
1.35
|
|
$
4.19
|
|
$
3.78
|
Stock-based
compensation expense
|
0.74
|
|
0.76
|
|
3.26
|
|
3.03
|
Amortization of
developed technologies
|
0.05
|
|
0.05
|
|
0.20
|
|
0.24
|
Amortization of
purchased intangibles
|
0.05
|
|
0.04
|
|
0.19
|
|
0.18
|
Acquisition-related
costs
|
0.08
|
|
0.02
|
|
0.15
|
|
0.05
|
Lease-related asset
impairments and other charges
|
0.03
|
|
0.06
|
|
0.06
|
|
0.15
|
Loss on strategic
investments and dispositions, net
|
0.03
|
|
0.04
|
|
0.15
|
|
—
|
Establishment (release)
of valuation allowance on deferred tax assets
|
0.07
|
|
(0.18)
|
|
0.07
|
|
(0.18)
|
Discrete GAAP tax
items
|
(0.07)
|
|
0.15
|
|
(0.15)
|
|
0.13
|
Income tax effect of
non-GAAP adjustments
|
(0.20)
|
|
(0.43)
|
|
(0.52)
|
|
(0.75)
|
Non-GAAP diluted net
income per share
|
$
2.09
|
|
$
1.86
|
|
$
7.60
|
|
$
6.63
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
437
|
|
$
911
|
|
$
1,313
|
|
$
2,071
|
Capital
expenditures
|
(10)
|
|
(8)
|
|
(31)
|
|
(40)
|
Free cash
flow
|
$
427
|
|
$
903
|
|
$
1,282
|
|
$
2,031
|
____________________
|
(1) Totals may
not sum due to rounding.
|
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SOURCE Autodesk, Inc.