Revenue Performance - Total net revenue for the three months ended April 30, 2025, was 1,633million,a15.21,417 million in the same period of 2024[25]. - Revenue recognized during the three months ended April 30, 2025, from deferred revenue balances was 1.35billion,comparedto1.19 billion in the same period of 2024[29]. - The Americas contributed 725milliontototalnetrevenueinQ12025,upfrom619 million in Q1 2024, representing a 17.1% increase[25]. - Net revenue from the Architecture, Engineering, Construction and Operations segment was 809million,upfrom674 million, reflecting a 20% increase year-over-year[25]. - For the three months ended April 30, 2025, Autodesk reported total net revenue of 1.633billion,anincreaseof15.31.417 billion for the same period in 2024[114]. Financial Position - Autodesk's cash equivalents and marketable securities totaled 1,569millionasofApril30,2025[33].−AsofApril30,2025,Autodesk′stotalfairvalueofmarketabledebtsecuritieswas485 million, with 194millionduewithin1yearand261 million due in 1 to 5 years[38]. - Autodesk had no material unrealized losses for marketable debt securities as of April 30, 2025, and January 31, 2025, and total unrealized gains were not material for the three months ended April 30, 2025[38]. - The total fair value of financial instruments measured at fair value on a recurring basis was 1,541millionasofApril30,2025,comparedto1,442 million as of January 31, 2025[46]. - Long-lived assets totaled 258millionasofApril30,2025,downfrom286 million as of January 31, 2025[117]. Stock-Based Compensation - Autodesk recorded stock-based compensation expense related to restricted stock units of 140millionforthethreemonthsendedApril30,2025,comparedto127 million for the same period in 2024, reflecting an increase of approximately 10.2%[55]. - The fair value of shares vested during the three months ended April 30, 2025, was 428million,upfrom396 million in the same period in 2024[54]. - Autodesk granted 2 million restricted stock units during the three months ended April 30, 2025, with a weighted average grant date fair value of 260.61pershare[53].−Stock−basedcompensationexpenseforthethreemonthsendedApril30,2025,totaled230 million, up from 149millionin2024,withsignificantincreasesinmarketingandsales(from53 million to 97million)andresearchanddevelopment(from66 million to 89million)[62].−Autodeskrecordedstock−basedcompensationexpenserelatedtoperformancestockunitsof21 million for the three months ended April 30, 2025, compared to 6millionforthesameperiodin2024,indicatingasignificantincrease[59].IncomeandExpenses−TheconsolidatednetincomeforthethreemonthsendedApril30,2025,was152 million, a decrease of 39.7% from 252millionintheprioryear[114].−BasicnetincomepershareforthethreemonthsendedApril30,2025,was0.71, down from 1.17inthesameperiodof2024[111].−Autodeskrecordedanincometaxexpenseof82 million on a pre-tax income of 234millionforthethreemonthsendedApril30,2025,comparedto57 million on a pre-tax income of 309millionin2024[68].−Autodesk′smarketingandsalesexpensesforthethreemonthsendedApril30,2025,were398 million, slightly down from 408millioninthesameperiodof2024[114].CashFlow−NetcashprovidedbyoperatingactivitiesforthethreemonthsendedApril30,2025,was564 million, an increase from 494millioninthesameperiodof2024,primarilydrivenbya152 million net income and 489millioninnon−cashitems[209].−Netcashusedininvestingactivitieswas58 million for the three months ended April 30, 2025, compared to a significant outflow of 638millioninthesameperiodof2024,mainlyduetobusinesscombinationsandmarketablesecuritiespurchases[211].−Netcashusedinfinancingactivitieswas415 million for the three months ended April 30, 2025, primarily due to stock repurchases, compared to 61millioninthesameperiodof2024[212].DebtandFinancing−Thecompanyhasenteredintoa2025CreditAgreementprovidingforanunsecuredrevolvingloanfacilityof1.5 billion, with an option to increase to 2billion[118].−The2025CreditAgreementrequiresAutodesktomaintainamaximumleverageratioofConsolidatedCovenantDebttoConsolidatedEBITDAnogreaterthan3.50:1.00[119].−AsofApril30,2025,thetotalprincipaloutstandingforborrowingsis2.3 billion, with expected future principal payments of 300millionin2026,500 million in 2028, and 1billionthereafter[87].−Autodeskissued1.0 billion in 2.4% notes due December 15, 2031, with net proceeds of 988millionusedforenvironmentallyandsociallyresponsibleprojects[80].−Autodeskissued300 million of 4.375% notes due June 15, 2025, receiving net proceeds of 296millionafterdiscountsandissuancecosts[83].StrategicInvestmentsandRestructuring−Autodesk′sstrategicinvestmentsinequitysecuritiesamountedto168 million as of April 30, 2025, with no readily determined fair values[43]. - The net unrealized adjustments for strategic investment equity securities were (93)millionasofApril30,2025,withcumulativenegativeadjustmentstotaling(122) million[44]. - The company initiated a restructuring plan in fiscal 2026 to optimize its go-to-market organization and reallocate resources towards cloud, platform, and artificial intelligence investments[97]. - The restructuring and other exit costs liability as of April 30, 2025, totaled 29million,withemployeeterminationcostsaccountingfor28 million of this amount[98]. Market and Customer Insights - The net revenue retention rate (NR3) measures the year-over-year change in recurring revenue for base customers, reflecting the company's ability to maintain and grow its existing customer base[225]. - Recurring revenue consists of revenue from maintenance plans, subscription offerings, and certain other revenue, excluding third-party subscription revenue[227]. - Remaining performance obligations (RPO) represent the total short-term, long-term, and unbilled deferred revenue, indicating future revenue expectations[228]. - The design business includes key products such as AutoCAD, Revit, and Maya, contributing significantly to the company's overall revenue[218].
Autodesk(ADSK)2025-05-29 20:02