Summary
Autodesk, Inc. (ADSK) reported solid financial results for the third quarter of fiscal year 2024, ending October 31, 2023. Net revenue saw a healthy increase of 10% year-over-year, reaching $1.41 billion, driven primarily by a 11% rise in subscription revenue. This growth underscores the company's successful transition to a subscription-based model, with recurring revenue making up 98% of total net revenue. Profitability also improved, with income from operations increasing by 30% to $334 million. Diluted net income per share rose to $1.12, a significant improvement from the prior year's $0.91. The company maintained a strong balance sheet, with cash, cash equivalents, and marketable securities totaling $2.17 billion, providing ample liquidity. While the company faces ongoing macroeconomic challenges and a shifting distribution landscape, the consistent revenue growth and improved profitability indicate resilience and effective strategic execution.
Financial Highlights
49 data points| Revenue | $1.41B |
| Cost of Revenue | $127.00M |
| Gross Profit | $1.29B |
| R&D Expenses | $339.00M |
| Operating Expenses | $953.00M |
| Operating Income | $334.00M |
| Net Income | $241.00M |
| EPS (Basic) | $1.13 |
| EPS (Diluted) | $1.12 |
| Shares Outstanding (Basic) | 214.00M |
| Shares Outstanding (Diluted) | 216.00M |
Key Highlights
- 1Net revenue increased by 10% to $1.41 billion compared to the same period last year.
- 2Subscription revenue, the primary driver of growth, increased by 11% year-over-year.
- 3Income from operations rose by 30% to $334 million, indicating improved profitability.
- 4Diluted net income per share grew to $1.12 from $0.91 in the prior year.
- 5Recurring revenue remained strong, accounting for 98% of total net revenue.
- 6The company maintained robust liquidity with $2.17 billion in cash, cash equivalents, and marketable securities.
- 7Remaining Performance Obligations (RPO) stood at $5.24 billion, reflecting future contracted revenue.