AUTODESK, INC. ANNOUNCES FISCAL 2024 SECOND QUARTER RESULTS

Net Revenue by Product Family 

Our product offerings are focused in four primary product families: Architecture, Engineering and Construction ("AEC"), AutoCAD and AutoCAD LT, Manufacturing ("MFG"), and Media and Entertainment ("M&E").


Three Months
Ended July 31,
2023


Three Months
Ended July 31,
2022


Change compared to
prior fiscal year

(In millions, except percentages)


$


%

AEC

$                      627


$                    564


$         63


11 %

AutoCAD and AutoCAD LT

364


344


20


6 %

MFG

256


242


14


6 %

M&E

74


71


3


4 %

Other

24


16


8


50 %

Total Net Revenue

$                   1,345


$                  1,237


$       108


9 %

Business Outlook

The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties, some of which are set forth below under "Safe Harbor Statement."  Autodesk's business outlook for the third quarter and full-year fiscal 2024 considers the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2024 GAAP and non-GAAP estimates is provided below or in the tables following this press release.

Third Quarter Fiscal 2024

Q3 FY24 Guidance Metrics

Q3 FY24
(ending October 31, 2023)

Revenue (in millions)

$1,380 - $1,395

EPS GAAP

$1.02 - $1.08

EPS non-GAAP (1)

$1.97 - $2.03

____________________

(1) Non-GAAP earnings per diluted share excludes $0.85 related to stock-based compensation expense, $0.10 for the amortization of both purchased intangibles and developed technologies, and $0.01 for acquisition-related costs, partially offset by ($0.01) related to GAAP-only tax charges.

Full Year Fiscal 2024

FY24 Guidance Metrics

FY24
(ending January 31, 2024)

Billings (in millions) (1)

$5,075 - $5,175
Down 12% - 11%

Revenue (in millions) (2)

$5,405 - $5,455
Up 8% - 9%

GAAP operating margin

Approx. flat year over year

Non-GAAP operating margin (3)

Approx. flat year over year

EPS GAAP

$3.75 - $3.94

EPS non-GAAP (4)

$7.30 - $7.49

Free cash flow (in millions) (5)

$1,170 - $1,250

____________________

(1) Excluding the impact of foreign currency exchange rates and hedge gains/losses, billings guidance would be down approx. 11% - 9%.

(2) Excluding the impact of foreign currency exchange rates and hedge gains/losses, revenue guidance would be up approx. 11% - 12%+ (impacted by rounding).

(3) Non-GAAP operating margin excludes approximately 13% related to stock-based compensation expense, approximately 2% for the amortization of both purchased intangibles and developed technologies, less than 1% related to acquisition-related costs and less than 1% related to lease-related asset impairments.

(4) Non-GAAP earnings per diluted share excludes $3.34 related to stock-based compensation expense, $0.39 for the amortization of both purchased intangibles and developed technologies, $0.07 related to losses on strategic investments and dispositions, net, $0.04 related to acquisition-related costs, and $0.03 for lease-related asset impairments, partially offset by ($0.32) related to GAAP-only tax charges.

(5) Free cash flow is cash flow from operating activities less approximately $30 million of capital expenditures.


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