AUTODESK, INC. ANNOUNCES FISCAL 2024 THIRD 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 October 31,
2023


Three Months
Ended October 31,
2022


Change compared to

prior fiscal year

(In millions, except percentages)


$


%

AEC

$                      675


$                    575


$       100


17 %

AutoCAD and AutoCAD LT

372


354


18


5 %

MFG

269


254


15


6 %

M&E

73


78


(5)


(6) %

Other

25


19


6


32 %

Total Net Revenue

$                    1,414


$                 1,280


$       134


10 %

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 fourth 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.

Fourth Quarter Fiscal 2024

Q4 FY24 Guidance Metrics

Q4 FY24
(ending January 31, 2024)

Revenue (in millions)

$1,422 - $1,437

EPS GAAP

$0.99 - $1.05

EPS non-GAAP (1)

$1.91 - $1.97

____________________

(1) Non-GAAP earnings per diluted share excludes $0.75 related to stock-based compensation expense, $0.11 for the amortization of both purchased intangibles and developed technologies, $0.06 for acquisition-related costs.

 

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)

$5,450 - $5,465
Up approx. 9%

GAAP operating margin

Approx. flat year over year

Non-GAAP operating margin (3)

Approx. flat year over year

EPS GAAP

$3.88 - $3.94

EPS non-GAAP (4)

$7.43 - $7.49

Free cash flow (in millions) (5)

$1,200 - $1,260

____________________

(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. 12%.

(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 and other charges.

(4) Non-GAAP earnings per diluted share excludes $3.27 related to stock-based compensation expense, $0.39 for the amortization of both purchased intangibles and developed technologies, $0.12 related to losses on strategic investments, $0.13 related to acquisition-related costs, and $0.03 for lease-related asset impairments and other charges, partially offset by ($0.39) 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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