Press release
AUTODESK, INC. ANNOUNCES FISCAL 2024 THIRD QUARTER RESULTS
- Third quarter revenue grew 10 percent, and 13 percent at constant exchange rates, to $1.4 billion.- Current remaining performance obligations were $3.5
About this update from Autodesk, Inc.
[{"type":"text","content":"- Third quarter revenue grew 10 percent, and 13 percent at constant exchange rates, to $1.4 billion.- Current remaining performance obligations were $3.5 billion, up 12 percent year over year.\nSAN FRANCISCO, Nov. 21, 2023 /PRNewswire/ -- Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the third quarter of fiscal 2024.\n\n \n \n \n \n \n \n\n \nAll growth rates are compared to the third 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.\nThird Quarter Fiscal 2024 Financial Highlights\nTotal revenue increased 10 percent to $1,414 million;GAAP operating margin was 24 percent, up 4 percentage points;Non-GAAP operating margin was 39 percent, up 3 percentage points;GAAP diluted EPS was $1.12; Non-GAAP diluted EPS was $2.07;Cash flow from operating activities was $18 million; free cash flow was $13 million.\"Autodesk AI and Platform Services will enable Autodesk, our customers, and partners to build more valuable, data driven, and connected products and services in our industry clouds and on our platform,\" said Andrew Anagnost, Autodesk president and CEO. \"Our customers remain committed to transformation, and to Autodesk, evidenced by our largest-ever EBA signed during the quarter, and record contributions from our construction and water verticals to our overall EBA performance.\"\n\"Overall market conditions and the underlying momentum of the business remained similar to the last few quarters. Our financial performance in the third quarter was strong with much of the outperformance coming from larger-than-expected expansions of existing EBAs,\" said Debbie Clifford, CFO of Autodesk. \"Given that, we are raising revenue, earnings per share, and free cash flow guidance.\"\nAdditional Financial Details\nTotal billings decreased 11 percent to $1,204 million.Total revenue was $1,414 million, an increase of 10 percent as reported, and 13 percent on a constant currency basis. Recurring revenue represents 98 percent of total.Design revenue was $1,192 million, an increase of 10 percent as reported, and 12 percent on a constant currency basis. On a sequential basis, Design revenue increased 3 percent as reported, and 4 percent on a constant currency basis.Make revenue ...