Autodesk(US:ADSK)2024-06-11 20:05Revenue Performance - First quarter revenue increased by 12% year-over-year to $1.42 billion, with a 13% increase at constant exchange rates[2] - Total net revenue for the three months ended April 30, 2024, was $1,417 million, a 16.4% increase from $1,269 million in the same period of 2023[35] - Subscription revenue reached $1,330 million, up 11.5% from $1,193 million year-over-year[35] - The company expects FY25 revenue guidance between $5.99 billion and $6.09 billion, representing a 9% to 11% increase[14] - For Q2 FY25, revenue is projected to be between $1.475 billion and $1.490 billion, with GAAP EPS guidance of $1.12 to $1.18[14] Profitability Metrics - GAAP operating margin improved by 4 percentage points to 21%, while non-GAAP operating margin increased by 3 percentage points to 35%[2] - GAAP diluted EPS was $1.16, up from $0.75 in the same quarter last year, and non-GAAP diluted EPS was $1.87, compared to $1.55[6] - Net income for the quarter was $252 million, compared to $161 million in the prior year, reflecting a 56.5% increase[35] - GAAP diluted net income per share increased to $1.16, up from $0.75 in the same quarter last year[40] - Non-GAAP operating margin improved to 35.9% from 32% year-over-year[40] Cash Flow and Assets - Operating cash flow for the quarter was $494 million, down from $723 million in the previous year[38] - Autodesk's cash and cash equivalents at the end of the period were $1,681 million, down from $1,892 million at the beginning of the quarter[38] - Net cash provided by operating activities was $494 million, down from $723 million[41] - Capital expenditures were $(7) million, indicating a decrease compared to $487 million[41] - Free cash flow amounted to $714 million[41] Billing and Revenue Composition - Total billings decreased by 5% to $1.11 billion, with recurring revenue representing 97% of total revenue[3] - Design revenue rose by 10% to $1.20 billion, while Make revenue increased by 20% to $145 million[3] - Current remaining performance obligations increased by 12% year-over-year to $3.92 billion[6] Strategic Focus - Autodesk aims for an industry-leading 'Rule of Forty' ratio of 45 or more, focusing on advancements in 3D AI and cloud services[2] - Net revenue retention rate remained stable within the range of 100% to 110% on a constant currency basis[4] Liabilities and Financial Position - Total current liabilities increased to $4,097 million from $4,351 million in the previous quarter[37] - Total assets as of April 30, 2024, were $9,830 million, a decrease from $9,912 million at the end of January 2024[37] - The company reported a significant increase in accounts receivable, totaling $353 million, down from $876 million in January 2024[37]