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AUTODESK, INC. ANNOUNCES FISCAL 2024 SECOND QUARTER RESULTS
SAN FRANCISCO, August 23, 2023 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) has just announced its financial results for the second quarter of fiscal 2024. In a press release, the company highlighted strong growth across multiple segments, reflecting its commitment to innovation and customer-centric solutions.
The company reported a 9 percent increase in total revenue, reaching $1.345 billion, driven by a robust performance in both subscription and maintenance offerings. "Augmented design, powered by Autodesk, will enable our customers to go further and faster to design and make a better world for all," said Andrew Anagnost, President and CEO of Autodesk. He emphasized the company's long-term vision in leveraging advanced technologies like artificial intelligence to shape the future of design and construction.
Debbie Clifford, the company's Chief Financial Officer, expressed optimism about the financial outlook. She mentioned, "Our sustained momentum in the second quarter, along with early signs of enterprise business agreement expansions, has reduced the likelihood of more conservative forecast scenarios. As a result, we are raising the lower end of our guidance ranges."
Key highlights from the financial report include:
- GAAP operating income of $262 million, representing a 19 percent margin.
- Non-GAAP operating margin remained stable at 36 percent.
- GAAP diluted earnings per share (EPS) stood at $1.03, while non-GAAP diluted EPS reached $1.91.
Looking ahead, Autodesk's business outlook for the third quarter and fiscal year 2024 remains optimistic, considering the current economic climate and currency exchange conditions. The company anticipates revenue in the range of $1,380 million to $1,395 million for the third quarter and $5,405 million to $5,455 million for the full fiscal year.
In terms of regional performance, the Americas region showed a 14 percent increase in revenue, led by strong growth in the U.S. market. Europe, Middle East, and Africa (EMEA) saw a 7 percent rise, while Asia-Pacific (APAC) reported a modest increase of 1 percent.
Additionally, Autodesk's product offerings are organized into four main categories: Architecture, Engineering, and Construction (AEC), AutoCAD and AutoCAD LT, Manufacturing (MFG), and Media and Entertainment (M&E). Among these, the AEC segment demonstrated impressive growth, contributing $627 million in revenue, a 11 percent increase compared to the same period last year.
For investors, Autodesk provides transparency with key performance metrics such as billings, recurring revenue, and net revenue retention rate. These metrics underscore the company's focus on sustainable growth and customer satisfaction.
Looking forward, Autodesk remains committed to its mission of transforming how the world designs and makes things. As Andrew Anagnost put it, "We are building the future with focus, purpose, and optimism."
The company’s second-quarter conference call is scheduled for today at 5 p.m. ET, where investors can listen live at [autodesk.com/investor](http://autodesk.com/investor). A transcript of the event will also be available post-broadcast.
Autodesk's investor presentation, detailed financials, and supplementary materials can be found at [autodesk.com/investor](http://autodesk.com/investor).
As always, forward-looking statements come with inherent risks and uncertainties, including global economic conditions, competitive pressures, and regulatory changes. For more information, refer to the company's Form 10-K and subsequent Forms 10-Q, filed with the U.S. Securities and Exchange Commission.
About Autodesk:
Autodesk is revolutionizing the design and manufacturing landscape. Its cutting-edge solutions span architecture, engineering, construction, product design, and media and entertainment, empowering creators worldwide to tackle challenges of all sizes. Whether it's designing greener buildings or creating more engaging blockbusters, Autodesk’s tools help customers build a better world. Visit [autodesk.com](http://autodesk.com) or follow @autodesk for more insights.
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