Autodesk(US:ADSK)2024-02-28 16:00Revenue Growth - Fourth quarter revenue grew 11% to $1.5 billion, with a 14% increase at constant exchange rates[1] - Total revenue for the fourth quarter was $1.47 billion, with recurring revenue representing 98% of total revenue[4] - Design revenue for the fourth quarter was $1.22 billion, a 10% increase as reported and 12% on a constant currency basis[4] - Make revenue for the fourth quarter was $138 million, a 16% increase as reported and 17% on a constant currency basis[5] - Subscription plan revenue for the fourth quarter was $1.34 billion, a 10% increase as reported and 13% on a constant currency basis[5] - Full-year revenue for fiscal 2024 was $5.50 billion, a 10% increase as reported and 13% on a constant currency basis[10] - Subscription revenue increased to $1.339 billion in Q1 2024, up from $1.214 billion in Q1 2023, representing a 10.3% year-over-year growth[39] - Total net revenue for Q1 2024 reached $1.469 billion, compared to $1.318 billion in Q1 2023, reflecting an 11.5% increase[39] - Total subscriptions and maintenance revenue for Q1 2024 was $1.353 billion, up from $1.228 billion in Q1 2023, a 10.2% increase[39] Subscriptions and Performance Obligations - Fourth quarter current remaining performance obligations increased 13% to $4.0 billion[1] - Total subscriptions increased by approximately 785,000 from the end of fiscal 2023 to 7.53 million at the end of fiscal 2024[10] - Deferred revenue for Q1 2024 was $3.500 billion, up from $3.203 billion in Q1 2023, indicating a 9.3% growth[41] Operating Income and Margins - Full-year GAAP operating income was $1.13 billion, with a GAAP operating margin of 21%, up 1 percentage point[11] - Full-year non-GAAP operating income was $1.96 billion, with a non-GAAP operating margin of 36%, flat compared to the prior period[11] - Non-GAAP income from operations for Q1 2024 was $522 million, compared to $479 million in Q1 2023, a 9.0% increase[45] - Non-GAAP operating margin remained consistent at 36% for both Q1 2024 and fiscal year 2024[47] - GAAP operating margin remained stable at 21% for both Q1 2024 and fiscal year 2024[47] Net Income and Earnings Per Share - Net income for Q1 2024 was $282 million, slightly down from $293 million in Q1 2023[39] - GAAP diluted net income per share for Q1 2024 was $1.31, while non-GAAP diluted net income per share was $2.09[48] - Non-GAAP diluted net income per share for fiscal year 2024 was $7.60, up from $6.63 in fiscal year 2023[48] Operating Expenses and Compensation - Operating expenses for Q1 2024 totaled $1.024 billion, compared to $917 million in Q1 2023, a 11.7% rise[39] - Stock-based compensation expense accounted for 11% of operating margin in Q1 2024, down from 12% in Q1 2023[47] - Acquisition-related costs increased to 1% of operating margin in Q1 2024, up from 0% in Q1 2023[47] Cash Flow and Financial Position - Cash and cash equivalents at the end of Q1 2024 stood at $1.892 billion, down from $1.947 billion at the end of Q1 2023[41] - Net cash provided by operating activities for fiscal year 2024 was $1.313 billion, down from $2.071 billion in fiscal year 2023[43] - Free cash flow for Q1 2024 was $427 million, a decrease from $903 million in Q1 2023[49] - Net cash provided by operating activities for Q1 2024 was $437 million, compared to $911 million in Q1 2023[49] - Free cash flow for fiscal year 2024 was $1,282 million, down from $2,031 million in fiscal year 2023[49] - Capital expenditures for Q1 2024 were $10 million, slightly higher than $8 million in Q1 2023[49] Total Assets - Total assets as of January 31, 2024, were $9.912 billion, up from $9.438 billion as of January 31, 2023[41]