Summary
Autodesk, Inc. reported solid financial results for the third quarter and first nine months of fiscal year 2024, ending October 31, 2024. Total net revenue saw a healthy increase of 11% for the quarter and 12% for the nine-month period, driven primarily by strong growth in subscription revenue, which constituted 97% of total revenue. This indicates the successful ongoing transition to a subscription-based business model. The company's operational performance remained robust, with income from operations showing an increase for both periods, reflecting effective cost management alongside revenue growth. Autodesk also demonstrated strong operational cash flow generation, up 4% for the nine-month period. While the company faces ongoing legal scrutiny regarding its free cash flow and non-GAAP operating margin practices, with related class-action lawsuits filed, management expresses confidence in the underlying business performance and its ability to navigate these challenges.
Financial Highlights
51 data points| Revenue | $1.57B |
| Cost of Revenue | $147.00M |
| Gross Profit | $1.42B |
| R&D Expenses | $378.00M |
| Operating Expenses | $1.08B |
| Operating Income | $346.00M |
| Interest Expense | $18.00M |
| Net Income | $275.00M |
| EPS (Basic) | $1.28 |
| EPS (Diluted) | $1.27 |
| Shares Outstanding (Basic) | 215.00M |
| Shares Outstanding (Diluted) | 217.00M |
Key Highlights
- 1Total net revenue increased by 11% to $1.57 billion for the three months ended October 31, 2024, and by 12% to $4.49 billion for the nine months ended October 31, 2024, compared to the prior year periods.
- 2Subscription revenue, the primary driver of growth, increased by 11% for both the three and nine-month periods, representing 97% of total net revenue.
- 3Income from operations increased to $346 million for the three months and $988 million for the nine months ended October 31, 2024, demonstrating improved profitability.
- 4Net cash provided by operating activities was $915 million for the nine months ended October 31, 2024, an increase from $876 million in the prior year period.
- 5Deferred revenue decreased by 14% to $3.66 billion, and Remaining Performance Obligations (RPO) remained flat at $6.11 billion, indicating a shift in billing cycles and contract structures.
- 6Autodesk completed several strategic acquisitions in the first nine months of fiscal 2025, including Aether Media, PIX, and Payapps Limited, to enhance its product offerings and market position.
- 7The company is actively repurchasing its stock, with $4.30 billion remaining under its November 2022 repurchase program as of October 31, 2024, and an additional $5 billion authorized in November 2024.