Tue, Sep 3, 8:08 PM (133 days ago)
For the quarter ending July 31, 2024, Autodesk, Inc. reported a 12% increase in total net revenue, reaching $1.51 billion, driven primarily by an 11% growth in subscription revenue. Recurring revenue constituted 97% of total revenue, while the net revenue retention rate remained stable between 100%-110%. However, deferred revenue decreased by 13% to $3.69 billion, and remaining performance obligations fell 4% to $5.86 billion. Operating expenses increased by 7% to $1.02 billion, largely due to higher employee-related costs and amortization of developed technologies from recent acquisitions. Net income for the quarter was $282 million, up from $222 million in the prior year, with diluted earnings per share rising to $1.30. Cash flow from operations decreased to $706 million, down from $858 million, primarily due to a decline in working capital. The company invested heavily in acquisitions, spending $801 million, which contributed to a net cash outflow of $864 million in investing activities. The outlook remains cautious, with uncertainties in global economic conditions and potential impacts from geopolitical tensions.