Press release
AUTODESK, INC. ANNOUNCES FISCAL 2024 FIRST QUARTER RESULTS
- First quarter revenue grew 8 percent, and 12 percent at constant exchange rates, to $1.3 billion.- Cash flow from operating activities was $723 million, up
About this update from Autodesk, Inc.
[{"type":"text","content":"- First quarter revenue grew 8 percent, and 12 percent at constant exchange rates, to $1.3 billion.- Cash flow from operating activities was $723 million, up 67 percent year over year, and free cash flow was $714 million, up 69 percent.- Current remaining performance obligations were $3.5 billion, up 12 percent year over year.\nSAN FRANCISCO, May 25, 2023 /PRNewswire/ -- Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the first quarter of fiscal 2024.\n\n \n \n \n \n \n \n\n \nAll 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.\nFirst Quarter Fiscal 2024 Financial Highlights\nTotal 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.\"\n\"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.\"\nAdditional Financial Details\nTotal 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 revenu...