Autodesk(ADSK)2024-08-29 20:04Revenue Growth - Total revenue for Q2 FY2025 increased by 12% to $1.51 billion, with a 13% increase at constant exchange rates [2]. - Total billings rose by 13% to $1.24 billion, reflecting strong demand across products and regions [4]. - Recurring revenue accounted for 97% of total revenue, indicating a stable revenue base [4]. - Design revenue grew by 9% to $1.26 billion, while Make revenue surged by 25% to $162 million [4]. - Total net revenue for Q2 2024 was $1,505 million, up from $1,345 million in Q2 2023, representing a 11.9% year-over-year increase [36]. - Subscription revenue reached $1,408 million in Q2 2024, compared to $1,270 million in Q2 2023, marking a 10.9% increase [36]. - FY2025 revenue guidance is projected between $6,080 million and $6,130 million, reflecting an approximate 11% increase [13]. Profitability Metrics - GAAP operating margin improved by 4 percentage points to 23%, while non-GAAP operating margin increased by 1 percentage point to 37% [5]. - Net income for the six months ended July 31, 2024, was $534 million, up from $383 million in the same period of 2023, reflecting a 39.4% increase [40]. - Basic net income per share for Q2 2024 was $1.31, up from $1.04 in Q2 2023, representing a 26% increase [36]. - GAAP income from operations rose to $343 million in Q2 2024, compared to $262 million in Q2 2023 [46]. - Non-GAAP income from operations for Q2 2024 was $560 million, up from $489 million in Q2 2023 [46]. - Non-GAAP diluted net income per share increased to $2.15 in Q2 2024, compared to $1.91 in Q2 2023 [48]. Cash Flow and Financial Position - Cash flow from operating activities was $212 million, an increase of $77 million, and free cash flow reached $203 million, up $75 million [5]. - Net cash provided by operating activities was $212 million in Q2 2024, compared to $135 million in Q2 2023 [48]. - Free cash flow for Q2 2024 was $203 million, up from $128 million in Q2 2023 [48]. - Cash and cash equivalents decreased to $1,513 million as of July 31, 2024, down from $1,892 million at the beginning of the period [38]. - The company’s total assets increased slightly to $9,960 million as of July 31, 2024, compared to $9,912 million at the end of January 2024 [38]. Performance Obligations and Deferred Revenue - Current remaining performance obligations (RPO) increased by 11% year over year to $3.90 billion [5]. - Deferred revenue stood at $3,228 million as of July 31, 2024, down from $3,500 million at the end of January 2024 [38]. Operating Expenses and Investments - Operating expenses totaled $1,022 million in Q2 2024, compared to $956 million in Q2 2023, indicating a 6.9% increase [36]. - Autodesk's investment in business combinations for the six months ended July 31, 2024, was $801 million, significantly higher than $26 million in the same period of 2023 [40]. - Stock-based compensation expense decreased to 11% of revenue in Q2 2024 from 15% in Q2 2023 [46]. - Capital expenditures remained stable at $9 million in Q2 2024, the same as in Q2 2023 [48]. - Acquisition-related costs increased to $13 million in Q2 2024 from $2 million in Q2 2023 [46].