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SAN FRANCISCO, February 29, 2024 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today announced its financial results for the fourth quarter and fiscal year 2024. The company demonstrated solid progress across its core business areas, highlighting strong performance in both subscription and maintenance revenues.
In the fourth quarter, total revenue increased by 11 percent to reach $1.47 billion. Recurring revenue accounted for 98 percent of the total, showcasing the company's continued shift toward subscription-based models. Additionally, Design revenue climbed 10 percent, while Make revenue surged by 16 percent compared to the same period last year.
"We are on a transformative journey to redefine the lifecycle of solutions, leveraging shared platform services with Autodesk's Data Model at its heart," said Andrew Anagnost, President and CEO of Autodesk. "With leadership in generative design and now generative AI, we're enabling our customers and partners to create more sophisticated and efficient products."
For the full fiscal year, Autodesk achieved total revenue of $5.50 billion, representing a 10 percent increase over the previous year. The company's non-GAAP operating margin remained steady at 36 percent, reflecting strong operational efficiency. Additionally, GAAP diluted earnings per share (EPS) came in at $4.19, marking an improvement from $3.78 in fiscal 2023.
Despite the overall growth, there were challenges in certain areas. Total billings dropped 11 percent to $5.18 billion, and cash flow from operating activities fell to $1.31 billion compared to $2.07 billion in fiscal 2023. Free cash flow similarly declined to $1.28 billion.
Looking ahead, Autodesk expects to see revenue growth of 9 to 11 percent in fiscal 2025, with billings projected to rise by 12 to 15 percent. The company anticipates a GAAP operating margin between 20 and 21 percent and a non-GAAP operating margin of 35 to 36 percent.
"Our business outlook reflects confidence in our ability to navigate macroeconomic challenges while continuing to invest in innovation," said Debbie Clifford, Chief Financial Officer of Autodesk. "We remain committed to delivering value to our shareholders through disciplined execution and strategic growth opportunities."
The company also provided a detailed breakdown of its geographic and product family performance. In North America, revenue grew by 15 percent, while Europe, Middle East, and Africa (EMEA) saw a 7 percent increase. Asia-Pacific region revenues remained relatively stable, showing only a 1 percent rise. By product family, Architecture, Engineering, and Construction (AEC) experienced the strongest growth at 13 percent, followed by Manufacturing (MFG) with a 9 percent increase.
For the first quarter of fiscal 2025, Autodesk expects revenue in the range of $1.385 billion to $1.400 billion, with non-GAAP EPS estimated between $1.73 and $1.78. These projections consider ongoing market conditions and currency fluctuations, indicating a cautious but optimistic stance.
Autodesk's commitment to fostering creativity and innovation continues to drive its success, as evidenced by its growing portfolio of solutions tailored to meet the needs of diverse industries. As the company looks to the future, it remains focused on enhancing customer experiences and expanding its global footprint.
This press release includes forward-looking statements regarding future events and the company’s expected performance. Actual results could differ materially due to various risks and uncertainties, including economic conditions, competitive pressures, and regulatory changes. For a comprehensive understanding of these risks, investors are encouraged to review the company’s filings with the SEC.
Autodesk remains a leader in digital design and construction technologies, and its strategic initiatives aim to empower creators and builders globally. For more information, visit autodesk.com or follow @autodesk.