Slide 1: First quarter fiscal 2025 earnings
First quarter fiscal 2025 earnings June 11, 2024 © 2024 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, business models, guidance for the
Slide 3: First quarter fiscal 2025
First quarter fiscal 2025 $1.11B $1.42B $487M 35% 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 FY25 revenue mix by product family & geography
Q1 FY25 revenue mix by product family & geography MFG APAC $268M Up 9% Y/Y $264M Up 9% Y/Y $99M M&E and Other $619M Americas $674M Up 8% Y/Y Up 12% Y/Y Up 16% Y/Y AEC $376M $534M Up 8% Y/Y Up 13% Y/Y EMEA AutoCAD and AutoCAD LT Totals may not sum due to rounding. 4
Slide 5: Outlook
Outlook 5
Slide 6: Outlook
Outlook Q2 FY25(1) FY25(1) (ending July 31, 2024) (ending January 31, 2025) Revenue (in millions) $1,475 - $1,490 Billings (in millions) $5,810 - $5,960 Up 12% – 15% EPS GAAP $1.12 - $1.18 Revenue (in millions)(3) $5,990 - $6,090 Up 9% - 11% EPS non-GAAP(2) $1.98 - $2.04 GAAP operating margin 21% -
Slide 7: Non-GAAP FY25 model expectations
Non-GAAP FY25 model expectations INCOME STATEMENT BALANCE SHEET / CASH FLOW ▪ Other revenue to grow in a similar range as last two years ▪ Capital expenditures to be approximately $30 million ▪ Net revenue retention rate to be in the range of 100 to 110 percent ▪ Long-term deferred revenue as a perc
Slide 8: New transaction model
04 New transaction model
Slide 9: New transaction model
New transaction model Creates a direct relationship between Autodesk and its customers Requests a quote from solution provider. Helps customer with solution design and configures quote in the Autodesk system. Sends the quote to customer. Accepts quote and pays Autodesk 9
Slide 10: Benefits customers, partners and Autodesk
Autodesk / Partner Access Only Benefits customers, partners and Autodesk A direct relationship enables us to understand and serve our customers better Data-Driven Interactions Customers will have more personalized and relevant experiences with support and services tailored to their needs. Predictabi
Slide 11: New transaction model results in accounting change
New transaction model results in accounting change Higher net revenue, lower operating margin percent, and neutral to free cash flow Illustrative example of new transaction model accounting changes New Current buying ▪ In the new transaction model, reseller transaction compensation, previously recog
Slide 12: Modeling the new transaction model
Modeling the new transaction model Geographic and business mix, implementation timetable, and ratable model ▪ In FY24, about $600M of developed market reseller compensation was in contra. Over time, this will be recognized in marketing and sales expense. ▪ The implementation timetable, along with th
Slide 13: Appendix
Appendix 13
Slide 14: 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 15: Appendix – other financial information
Appendix – other financial information As Reported As Adjusted (2) In thousands (1) FY22 FY23 FY24 FY23 FY24 Subscriptions as of the end of fiscal Q4 Total subscriptions (2) 6,040 6,742 7,527 6,631 7,271 Design subscriptions 4,883 5,266 5,656 5,266 5,656 Make subscriptions (2) 1,157 1,476 1,871 1,36
Slide 16: 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, 2024 2023 (Unaudited) Net cash provided by operating activities $ 494 $ 723 Capital expenditures (7) (9) Free cash flow $ 487 $ 714 16
Slide 17: GAAP to non-GAAP operating margin reconciliation
Appendix - GAAP to non-GAAP operating margin reconciliation Three Months Ended April 30, 2024 2023 (Unaudited) GAAP operating margin 21 % 17 % Stock-based compensation expense 11 % 13 % Amortization of developed technologies 1% 1% Amortization of purchased intangibles 1% 1% Acquisition-related costs
Slide 18: GAAP to non-GAAP diluted EPS reconciliation
Appendix - GAAP to non-GAAP diluted EPS reconciliation Q2FY25 Outlook GAAP EPS $1.12 - $1.18 Stock-based compensation expense $0.80 Amortization of purchased intangibles and developed technologies $0.15 Acquisition-related costs $0.07 Income tax effect of non-GAAP adjustments $(0.16) Non-GAAP EPS $1
Slide 19: GAAP to non-GAAP diluted EPS reconciliation
Appendix - GAAP to non-GAAP diluted EPS reconciliation FY25 Outlook GAAP EPS $4.71 - $4.93 Stock-based compensation expense $3.16 Amortization of purchased intangibles and developed technologies $0.57 Acquisition-related costs $0.20 Income tax effect of non-GAAP adjustments $(0.65) Non-GAAP EPS $7.9
Slide 20: 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. These metrics are key performance metrics and should be viewed independently of revenue and deferred revenue as
Slide 21: 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 22: 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 23: 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. Solution Provider: Solution Provider is the name of o
Slide 24: Trademark 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