AUTODESK, INC. ANNOUNCES FISCAL 2024 FIRST QUARTER RESULTS.

SAN FRANCISCO: Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the first quarter of fiscal 2024.

All growth rates are compared to the first quarter of fiscal 2023, 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.

First Quarter Fiscal 2024 Financial Highlights

Total revenue increased 8 percent to $1,269 million;

GAAP operating margin was 17 percent, down 1 percentage point;

Non-GAAP operating margin was 32 percent, down 2 percentage points;

GAAP diluted EPS was $0.75; Non-GAAP diluted EPS was $1.55;

Cash flow from operating activities was $723 million; free cash flow was $714 million.

"We are deploying next-generation technology and services and end-to-end digital transformation within and between the industries we serve and shifting Autodesk from products to capabilities," said Andrew Anagnost, Autodesk president and CEO. "Autodesk remains relentlessly curious with a propensity and desire to evolve and innovate. Our transformation from products to capabilities will enable us to forge broader, trusted and more durable partnerships with more customers."

"Autodesk started the year strongly with rising renewal rates, robust free cash flow generation, and revenue toward the top end of our guidance range when adjusted for upfront revenue co-termed to later in the year," said Debbie Clifford, CFO of Autodesk. "With normal seasonality, peak second quarter currency and Russia headwinds, and a strong second-half pipeline of enterprise agreements last renewed three years ago in the immediate aftermath of the onset of the pandemic, we remain on track to achieve our full-year financial goals."

Additional Financial Details

Total billings increased 4 percent to $1,172 million.

Total revenue was $1,269 million, an increase of 8 percent as reported, and 12 percent on a constant currency basis. Recurring revenue represents 98 percent of total.

Design revenue was $1,086 million, an increase of 8 percent as reported, and 12 percent on a constant currency basis. On a sequential basis, Design revenue decreased 2 percent as reported and on a constant currency basis.

Make revenue was $121 million, an increase of 17 percent as reported, and 20 percent on a constant currency basis. On a sequential basis, Make revenue increased 2 percent as reported, and on a constant currency basis.

Subscription plan revenue was...