Slide 1: First quarter fiscal 2024 earnings
First quarter fiscal 2024 earnings May 25, 2023 © 2023 Autodesk. All rights reserved.
Slide 2: Safe harbor
Safe harbor This presentation contains forward looking statements about revenue, billings, free cash flow, operating margin, EPS, products, future performance, financial and otherwise, and strategy, including statements regarding our progress on our key priorities, guidance for the second fiscal qua
Slide 3: First quarter fiscal 2024
First quarter fiscal 2024 $1.17B $1.27B $714M 32% Billings Total Revenue Free Cash Flow Non-GAAP Operating Margin See appendix for glossary of terms and see Excel financials for additional information: investors.autodesk.com/financials/quarterly-results 3
Slide 4: Q1 FY24 revenue mix by product family & geography
Q1 FY24 revenue mix by product family & geography MFG APAC $246M $242M Up 9% Y/Y Up 2% Y/Y $92M M&E and Other $553M Americas $582M Up 14% Y/Y Up 14% Y/Y Up 8% Y/Y AEC $474M $349M Up 6% Y/Y Up 7% Y/Y AutoCAD and EMEA AutoCAD LT Totals may not sum due to rounding. 4
Slide 5: Outlook
Outlook 5
Slide 6: Outlook
Outlook Q2 FY24(1) FY24(1) (ending July 31, 2023) (ending January 31, 2024) Revenue (in millions) $1,315 - $1,325 Billings (in millions)(3) $5,025 - $5,175 Down 13% – 11% EPS GAAP $0.81 - $0.85 Revenue (in millions)(4) $5,355 - $5,455 Up 7% – 9% (2) EPS non-GAAP $1.70 - $1.74 GAAP operating margin A
Slide 7: Non-GAAP FY24 model expectations
Non-GAAP FY24 model expectations INCOME STATEMENT BALANCE SHEET / CASH FLOW ▪ Other revenue to benefit from both offline and large EBA renewal ▪ Capital expenditures to be approximately $35 million cohort ▪ Long-term deferred revenue as a percent of total deferred ▪ Net revenue retention rate to be
Slide 8: Appendix
Appendix 8
Slide 9: Reconciliation of GAAP financial measures to non-GAAP financial measures
Reconciliation of GAAP financial measures to non-GAAP financial measures (in millions, except per share data) To supplement our condensed consolidated financial statements presented on a GAAP basis, we provide investors with certain non-GAAP measures including non-GAAP operating margin, non-GAAP dil
Slide 10: Appendix - net cash provided by operating activities to free cash flow reconciliation
Appendix - net cash provided by operating activities to free cash flow reconciliation Three Months Ended April 30, 2023 2022 (Unaudited) Net cash provided by operating activities $ 723 $ 434 Capital expenditures (9) (12) Free cash flow $ 714 $ 422 10
Slide 11: Appendix - GAAP to non-GAAP operating margin reconciliation
Appendix - GAAP to non-GAAP operating margin reconciliation Three Months Ended April 30, 2023 2022 (Unaudited) GAAP operating margin 17 % 18 % Stock-based compensation expense 13 % 13 % Amortization of developed technologies 1% 1% Amortization of purchased intangibles 1% 1% Non-GAAP operating margin
Slide 12: Appendix - GAAP to non-GAAP diluted EPS reconciliation
Appendix - GAAP to non-GAAP diluted EPS reconciliation Q2FY24 Outlook GAAP EPS $0.81 - $0.85 Stock-based compensation expense $0.90 Amortization of purchased intangibles and developed technologies $0.09 Acquisition-related costs $0.01 Income tax effect of non-GAAP adjustments $(0.11) Non-GAAP EPS $1
Slide 13: Appendix - GAAP to non-GAAP diluted EPS reconciliation
Appendix - GAAP to non-GAAP diluted EPS reconciliation FY24 Outlook GAAP EPS $3.68 - $4.02 Stock-based compensation expense $3.33 Amortization of purchased intangibles and developed technologies $0.36 Acquisition-related costs $0.03 Income tax effect of non-GAAP adjustments $(0.33) Non-GAAP EPS $7.0
Slide 14: Glossary of terms
Glossary of terms In order to help better understand our financial performance we use several key performance metrics including billings, recurring revenue, and net revenue retention rate ("NR3"). These metrics are key performance metrics and should be viewed independently of revenue and deferred re
Slide 15: Glossary of terms
Glossary of terms Enterprise Business Agreements (EBAs): Represents programs providing enterprise customers with token-based access to a broad pool of Autodesk products over a defined contract term. Flex: A pay-as-you-go consumption option to pre-purchase tokens to access any product available with
Slide 16: Glossary of terms
Glossary of terms Net Revenue Retention Rate (NR3): Measures the year-over-year change in Recurring Revenue for the population of customers that existed one year ago (“base customers”). Net revenue retention rate is calculated by dividing the current quarter Recurring Revenue related to base custome
Slide 17: Glossary of terms
Glossary of terms Remaining Performance Obligations (RPO): The sum of total short-term, long-term, and unbilled deferred revenue. Current remaining performance obligations is the amount of revenue we expect to recognize in the next twelve months. Spend: The sum of cost of revenue and operating expen
Slide 18: Autodesk trademarks notice
Autodesk and the Autodesk logo are registered trademarks or trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names, or trademarks belong to their respective holders. Autodesk reserves the right to alter product