UPDATED 18:29 EDT / FEBRUARY 29 2024

APPS

Autodesk’s fiscal 2024 ends on a high note, as earnings exceed analysts’ predictions

Shares in Autodesk Inc. rose more than 7% in late trading today after the computer-aided design software company reported better-than-expected revenue and earnings in its fiscal 2024 fourth quarter.

For the quarter that ended on Jan. 31, Autodesk reported adjusted earnings per share of $2.09, up from $1.86 in the same quarter of last year, on revenue of $1.46 billion, up 11% year-over-year. Analysts had expected adjusted earnings per share of $1.95 on revenue of $1.43 billion.

Although AutoDesk’s headline figures were up, the company reported a 19% decline in total billings, to $1.71 billion. Design revenue generated from Autodesk’s core business of providing software and services rose 10%, to $1.22 billion. “Make” revenue generated from Autodesk’s solutions and services targeted at the manufacturing industry inched up 3%, to $138 million, and subscription plan revenue rose 10%, to $1.34 billion.

For its full fiscal year 2024, Autodesk reported adjusted earnings per share of $7.60, up from $6.63 in the previous year, on revenue of $5.5 billion, up 10% year-over-year.

As of the end of January, Autodesk had deferred revenue of $4.26 billion, up 7% year-over-year, unbilled revenue was $1.84 billion, up $801 million from a year ago, and remaining performance obligations rose 9%, to $6.11 billion. Current remaining performance obligations rose 13%, to $3.98 billion. The company had $1.892 billion in cash and cash equivalents on hand as of the end of the month, down from $1.947 billion a year prior.

“We are undertaking a multi-year process to develop lifecycle solutions powered by shared platform services and with Autodesk’s Data Model at its core,” Chief Executive Andrew Anagnost said in the company’s earnings release. “These will enable Autodesk, its customers and partners to create more valuable, data-driven and connected products and services.”

For its fiscal 2025 first quarter, Autodesk expects to deliver adjusted earnings per share of $1.73 to $1.78 on revenue of $1.385 billion to $1.4 billion. At the midpoint, Autodesk fell short of the $1.78 expected by analysts but was roughly in line with the $1.389 billion expected.

For the full fiscal year, Autodesk expects adjusted earnings per share of $7.89 and $8.11 on revenue of $5.99 billion to $6.09 billion. Like the quarterly outlook, the share outlook feel short at the midpoint of an expected $8.11, but revenue was higher than the consensus estimate of $5.978 billion.

Image: Autodesk

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