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AUTODESK, INC. ANNOUNCES FISCAL 2024 SECOND QUARTER RESULTS
SAN FRANCISCO, Aug. 23, 2023 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today announced its financial results for the second quarter of fiscal 2024. The company showed solid growth across multiple segments, reflecting its strong position in the design and manufacturing industry.
During the quarter, Autodesk reported total revenue of $1.345 billion, marking a 9% increase year-over-year. On a constant currency basis, revenue rose by 12%. The company's current remaining performance obligations stood at $3.51 billion, representing a 12% year-over-year increase.
"Our performance this quarter underscores our commitment to driving innovation and delivering value to our customers," said Andrew Anagnost, President and CEO of Autodesk. "We’re building a future where augmented design becomes a cornerstone for creating a better world. Our focus on AI and enterprise-level solutions positions us well for continued success."
Debbie Clifford, Autodesk’s CFO, highlighted the company’s momentum: "The strong performance in Q2, coupled with early signs of expansion in some of our enterprise agreements, gives us confidence to raise the lower end of our guidance ranges. This reflects our belief in the resilience of our business model."
**Key Financial Highlights**
- **Revenue:** Total revenue increased by 9% to reach $1.345 billion.
- **EPS:** GAAP diluted earnings per share (EPS) were $1.03, while non-GAAP diluted EPS was $1.91.
- **Operating Margins:** GAAP operating margin was 19%, down slightly by 1 percentage point. Non-GAAP operating margins remained steady at 36%.
- **Cash Flow:** Cash flow from operating activities was $135 million, while free cash flow reached $128 million.
**Segment Breakdown**
- **Design Revenue:** Increased by 8% year-over-year to $1.154 billion.
- **Make Revenue:** Grew by 15% year-over-year to $130 million.
- **Subscription Plan Revenue:** Rose by 9% year-over-year to $1.270 billion.
**Geographic Performance**
Autodesk also reported robust growth across different regions:
- **Americas:** Total revenue from the Americas region climbed by 14% to $589 million.
- **U.S.:** Revenue was $485 million, up 14%.
- **Other Americas:** Generated $104 million, marking a 14% increase.
- **EMEA (Europe, Middle East, Africa):** Revenue increased by 7% to $506 million.
- **APAC (Asia-Pacific):** Revenue was $250 million, showing a marginal rise of 1%.
**Future Outlook**
For the third quarter of fiscal 2024, Autodesk anticipates revenue in the range of $1.380 billion to $1.395 billion. The company expects GAAP diluted EPS to fall between $1.02 and $1.08, while non-GAAP diluted EPS is projected to be between $1.97 and $2.03.
Looking ahead to the full fiscal year, Autodesk forecasts total revenue to grow by 8% to 9%, with billings expected to decline by 11% to 12%. The company remains optimistic about its long-term prospects, driven by strategic investments in AI and cloud-based solutions.
"Autodesk continues to lead the charge in digital transformation across industries," concluded Anagnost. "With our focus on innovation and customer-centric solutions, we’re poised to deliver sustainable growth and create lasting value for our shareholders."
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This article captures the essence of Autodesk’s second quarter performance, highlighting both financial achievements and strategic initiatives. The company’s emphasis on AI and cloud services is evident, positioning it for continued leadership in the tech landscape.