SAN FRANCISCO, Aug. 29, 2024 — (PRNewswire) — Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the second quarter of fiscal 2025.

All growth rates are compared to the second quarter of fiscal 2024, unless otherwise noted. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For definitions, please view the Glossary of Terms later in this document.

Second Quarter Fiscal 2025 Financial Highlights

• Total revenue increased 12 percent to $1.51 billion;
• GAAP operating margin was 23 percent, up 4 percentage points;
• Non-GAAP operating margin was 37 percent, up 1 percentage point;
• GAAP diluted EPS was $1.30; Non-GAAP diluted EPS was $2.15;
• Cash flow from operating activities was $212 million; free cash flow was $203 million.

"Autodesk continues to generate strong and sustained momentum both in absolute terms and relative to peers. Our success is fueled by our ability to capitalize on the attractive long term-growth trends we're seeing, including increases in global reconstruction and infrastructure. This is supported by our focused strategy to deliver more valuable and connected solutions for our customers, and by the proven durability of our business," said Andrew Anagnost, Autodesk president and CEO. "Disciplined execution and capital deployment is driving even greater operational velocity and efficiency within Autodesk and will underpin the mechanical build of revenue and free cash flow over the next few years and GAAP margins among the best in the industry. In combination, we believe these factors will deliver sustainable shareholder value over many years."

"We generated broad-based growth across products and regions in architecture, engineering and construction (AEC) and manufacturing in the second quarter. Overall, macroeconomic, policy, and geopolitical challenges, and the underlying momentum of the business, were consistent with the last few quarters," said Betsy Rafael, Autodesk interim CFO. "Given our sustained momentum in the second quarter, and smooth launch of the new transaction model in North America, we are raising the mid-points of our billings, revenue, earnings per share, and free cash flow guidance ranges."

Additional Financial Details

• Total billings increased 13 percent to $1.24 billion.
• Total revenue was $1.51 billion, an increase of 12 percent as reported, and 13 percent on a constant currency basis. Recurring revenue represents 97 percent of total.
• Design revenue was $1.26 billion, an increase of 9 percent as reported, and 10 percent on a constant currency basis. On a sequential basis, Design revenue increased 5 percent as reported and on a constant currency basis.
• Make revenue was $162 million, an increase of 25 percent as reported and on a constant currency basis. On a sequential basis, Make revenue increased 12 percent as reported and on a constant currency basis.
• Subscription plan revenue was $1.41 billion, an increase of 11 percent as reported, and 12 percent on a constant currency basis. On a sequential basis, subscription plan revenue increased 6 percent as reported and on a constant currency basis.
• Net revenue retention rate remained within the range of 100 to 110 percent, on a constant currency basis.
• GAAP operating income was $343 million, compared to $262 million. GAAP operating margin was 23 percent, up 4 percentage points.
• Total non-GAAP operating income was $560 million, compared to $489 million. Non-GAAP operating margin was 37 percent, up 1 percentage point.
• GAAP diluted net income per share was $1.30, compared to $1.03.
• Non-GAAP diluted net income per share was $2.15, compared to $1.91.
• Deferred revenue decreased 13 percent to $3.69 billion. Unbilled deferred revenue was $2.17 billion, an increase of $1.18 billion. Remaining performance obligations ("RPO") increased 12 percent to $5.86 billion. Current RPO increased 11 percent to $3.90 billion.
• Cash flow from operating activities was $212 million, an increase of $77 million. Free cash flow was $203 million, an increase of $75 million.

Second Quarter Fiscal 2025 Business Highlights

Net Revenue by Geographic Area

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