- First quarter revenue grew 15 percent, and 16 percent on a
constant currency basis, to $1.6
billion
SAN
FRANCISCO, May 22, 2025 /PRNewswire/ -- Autodesk,
Inc. (NASDAQ: ADSK) today reported financial results for the first
quarter of fiscal 2026, ended April 30,
2025.
"Against an uncertain geopolitical, macroeconomic, and policy
backdrop, our strong performance in the first quarter of fiscal 26
set us up well for the year," said Andrew
Anagnost, Autodesk president and CEO. "We continue to make
the right decisions to drive long-term shareholder value by
focusing on our strategic priorities in cloud, platform, and AI;
optimizing our sales and marketing to drive higher margins; and
allocating more capital to share repurchases as our free cash flow
grows."
"Q1 was another strong quarter. We have not seen changes in
overall business momentum when compared to recent quarters," said
Janesh Moorjani, Autodesk CFO. "Our
guidance for Q2 and the rest of the year now includes currency
movements since February partly offset by additional caution in our
growth assumptions to reflect greater macro economic
uncertainty."
First Quarter Fiscal 2026
|
(In millions, except
percentages and per share amounts)
|
Q1
FY26
|
|
YoY
Change
|
|
Billings
|
$
1,434
|
|
29 %
|
|
Revenue
|
$
1,633
|
|
15 %
|
|
GAAP Operating Margin
(1)
|
14 %
|
|
(7) ppt
|
|
Non-GAAP Operating
Margin
|
37 %
|
|
3 ppt
|
|
GAAP EPS (1)
|
$
0.70
|
|
$
(0.46)
|
|
Non-GAAP EPS
|
$
2.29
|
|
$
0.42
|
|
Cash flow from
operating activities
|
$
564
|
|
14 %
|
|
Free cash
flow
|
$
556
|
|
14 %
|
Net Revenue by Product Type
|
Q1
FY26
|
|
YoY
Change
|
|
YoY Change in
Constant Currency
|
|
(In millions, except
percentages)
|
|
%
|
|
%
|
|
Design
|
$
1,361
|
|
14 %
|
|
15 %
|
|
Make
|
179
|
|
23 %
|
|
24 %
|
|
Other
|
93
|
|
22 %
|
|
24 %
|
|
Total Net
Revenue
|
$
1,633
|
|
15 %
|
|
16 %
|
Net Revenue by Geographic Area
|
Q1
FY26
|
|
YoY
Change
|
|
YoY Change in
Constant Currency
|
|
(In millions, except
percentages)
|
|
%
|
|
%
|
|
Americas
|
$
725
|
|
17 %
|
|
17 %
|
|
EMEA
|
627
|
|
17 %
|
|
18 %
|
|
APAC
|
281
|
|
6 %
|
|
11 %
|
|
Total Net
Revenue
|
$
1,633
|
|
15 %
|
|
16 %
|
Net Revenue by Product Family
Our product offerings are focused in four primary product
families: Architecture, Engineering, Construction, and Operations
("AECO"), AutoCAD and AutoCAD LT, Manufacturing ("MFG"), and Media
and Entertainment ("M&E").
|
Q1
FY26
|
|
YoY
Change
|
|
YoY Change in
Constant Currency
|
|
(In millions, except
percentages)
|
|
%
|
|
%
|
|
AECO
|
$
809
|
|
20 %
|
|
21 %
|
|
AutoCAD and AutoCAD
LT
|
411
|
|
9 %
|
|
10 %
|
|
MFG
|
309
|
|
15 %
|
|
16 %
|
|
M&E
|
76
|
|
7 %
|
|
8 %
|
|
Other
|
28
|
|
— %
|
|
2 %
|
|
Total Net
Revenue
|
$
1,633
|
|
15 %
|
|
16 %
|
Remaining Performance Obligations
|
(In millions, except
percentages)
|
Q1
FY26
|
YoY
Change
|
|
Deferred
Revenue
|
$
3,929
|
(1) %
|
|
Unbilled deferred
revenue
|
3,228
|
67 %
|
|
Remaining performance
obligations ("RPO")
|
7,157
|
21 %
|
|
Current RPO
|
4,552
|
16 %
|
_______________
|
(1) Includes a $54
million non-cash charge reflecting a cumulative adjustment in
stock-based compensation since fiscal 1999 related to the Company's
Employee Stock Purchase Program. The differences were not material
to any prior interim or annual periods, nor to the current fiscal
year.
|
Business Outlook
The following are forward-looking statements based on current
expectations and assumptions, and involve risks and uncertainties,
some of which are set forth below under "Safe Harbor
Statement." Autodesk's business outlook for the second
quarter and full-year fiscal 2026 considers the current economic
environment and foreign exchange currency rate environment. A
reconciliation between the second quarter and full-year fiscal 2026
GAAP and non-GAAP estimates is provided below or in the tables
later in this document.
Second Quarter Fiscal 2026
|
Q2 FY26 Guidance
Metrics
|
Q2 FY26
(ending July 31, 2025)
|
|
Revenue (in
millions)
|
$1,720 -
$1,730
|
|
EPS GAAP
|
$1.37 -
$1.46
|
|
EPS non-GAAP
(1)
|
$2.44 -
$2.48
|
____________________
|
(1) See GAAP to
Non-GAAP reconciliation at the end of this document.
|
Full Year Fiscal 2026
|
FY26 Guidance
Metrics
|
FY26
(ending January 31, 2026)
|
|
Billings (in millions)
(1)
|
$7,160 -
$7,310
|
|
Revenue (in millions)
(1)
|
$6,925 -
$6,995
|
|
GAAP operating
margin
|
21% - 22%
|
|
Non-GAAP operating
margin (2)
|
36.5% - 37%
|
|
EPS GAAP
|
$4.63 -
$5.14
|
|
EPS non-GAAP
(2)
|
$9.50 -
$9.73
|
|
Free cash flow (in
millions) (3)
|
$2,100 -
$2,200
|
____________________
|
(1) See supplemental
materials available on our investor relations website for growth
rates excluding currency movements and the new transaction
model.
(2) See GAAP to Non-GAAP reconciliation at the end of this
document.
(3) Free cash flow is cash flow from operating activities less
approximately $50 million of capital expenditures, and includes
restructuring and other related cash outflows of $105 to $115
million, and an anticipated discrete cash benefit of $130 to $150
million from the utilization of US deferred tax assets.
|
The full-year fiscal 2026 outlook assumes a projected annual
effective tax rate of 27 to 30 percent for GAAP, which includes the
effects of the utilization of US deferred tax assets, and 19
percent for non-GAAP results. The second quarter fiscal 2026
outlook assumes a projected annual effective tax rate of 26 to 28
percent for GAAP, which includes the effects of the utilization of
US deferred tax assets, and 19 percent for non-GAAP results. Shifts
in geographic profitability continue to impact the annual effective
tax rate due to significant differences in tax rates in various
jurisdictions. Therefore, assumptions for the annual effective tax
rate are evaluated regularly and may change based on the projected
geographic mix of earnings.
Earnings Conference Call and Webcast
Autodesk will host its first quarter conference call today at
5 p.m. ET. The live broadcast can be
accessed at autodesk.com/investor. A transcript of the opening
commentary will also be available following the conference
call.
A replay of the broadcast will be available at 7 p.m. ET at autodesk.com/investor. This replay
will be maintained on Autodesk's website for at least 12
months.
Investor Presentation Details
An investor presentation, Excel financials and other
supplemental materials providing additional information can be
found at autodesk.com/investor.
Key Performance Metrics
To help better understand our financial performance, we use
several key performance metrics including billings, recurring
revenue and net revenue retention rate. These metrics are key
performance metrics and should be viewed independently of revenue
and deferred revenue. These metrics are not intended to be combined
with those items. We use these metrics to monitor the strength of
our recurring business. We believe these metrics are useful to
investors because they can help in monitoring the long-term health
of our business. Our determination and presentation of these
metrics may differ from that of other companies. The presentation
of these metrics is meant to be considered in addition to, not as a
substitute for or in isolation from, our financial measures
prepared in accordance with GAAP.
Glossary of Terms
Billings: Total revenue plus the net change in deferred
revenue from the beginning to the end of the period.
Cloud Service Offerings: Represents individual term-based
offerings deployed through web browser technologies or in a hybrid
software and cloud configuration. Cloud service offerings that are
bundled with other product offerings are not captured as a separate
cloud service offering.
Constant Currency (CC) Growth Rates: We attempt to
represent the changes in the underlying business operations by
eliminating fluctuations caused by changes in foreign currency
exchange rates as well as eliminating hedge gains or losses
recorded within the current and comparative periods. We calculate
constant currency growth rates by (i) applying the applicable prior
period exchange rates to current period results and (ii) excluding
any gains or losses from foreign currency hedge contracts that are
reported in the current and comparative periods.
Design Business: Represents the combination of
maintenance, product subscriptions and all EBAs. Main products
include, but are not limited to, AutoCAD, AutoCAD LT, Industry
Collections, Revit, Inventor, Maya and 3ds Max. Certain products,
such as our computer aided manufacturing solutions, incorporate
both Design and Make functionality and are classified as
Design.
Enterprise Business Agreements (EBAs): Represents
programs providing enterprise customers with token-based access to
a broad pool of Autodesk products over a defined contract term.
Flex: A pay-as-you-go consumption option to
pre-purchase tokens to access any product available with Flex for a
daily rate.
Free Cash Flow: Cash flow from operating activities
minus capital expenditures.
Industry Collections: Autodesk Industry Collections
are a combination of products and services that target a specific
user objective and support a set of workflows for that objective.
Our Industry Collections consist of: Autodesk Architecture,
Engineering and Construction Collection, Autodesk Product Design
and Manufacturing Collection, and Autodesk Media and Entertainment
Collection.
Maintenance Plan: Our maintenance plans provide our
customers with a cost effective and predictable budgetary option to
obtain the productivity benefits of our new releases and
enhancements when and if released during the term of their
contracts. Under our maintenance plans, customers are eligible to
receive unspecified upgrades when and if available, and technical
support. We recognize maintenance revenue over the term of the
agreements, generally one year.
Make Business: Represents certain cloud-based
product subscriptions. Main products include, but are not limited
to, Autodesk Build, BIM Collaborate Pro, BuildingConnected, Fusion,
and Flow Production Tracking. Certain products, such as Fusion,
incorporate both Design and Make functionality and are classified
as Make.
Net Revenue Retention Rate (NR3): Measures the
year-over-year change in Recurring Revenue for the population of
customers that existed one year ago ("base customers"). Net
revenue retention rate is calculated by dividing the current
quarter Recurring Revenue related to base customers by the total
corresponding quarter Recurring Revenue from one year ago.
Recurring Revenue is based on USD reported revenue, and
fluctuations caused by changes in foreign currency exchange rates
and hedge gains or losses have not been eliminated. Recurring
Revenue related to acquired companies, one year after acquisition,
has been captured as existing customers until such data conforms to
the calculation methodology. This may cause variability in the
comparison.
Other Revenue: Consists of revenue from consulting, and
other products and services, and is recognized as the products are
delivered and services are performed.
Product Subscription: Provides customers a flexible,
cost-effective way to access and manage 3D design, engineering, and
entertainment software tools. Our product subscriptions currently
represent a hybrid of desktop and cloud functionality, which
provides a device-independent, collaborative design workflow for
designers and their stakeholders.
Recurring Revenue: Consists of the revenue for the
period from our traditional maintenance plans, our subscription
plan offerings and certain Other revenue. It excludes subscription
revenue related to third-party products. Recurring revenue acquired
with the acquisition of a business is captured when total
subscriptions are captured in our systems and may cause variability
in the comparison of this calculation.
Remaining Performance Obligations (RPO): The sum of total
short-term, long-term, and unbilled deferred revenue. Current
remaining performance obligations is the amount of revenue we
expect to recognize in the next twelve months.
Solution Provider: Solution Provider is the name of our
channel partners who primarily serve our new transaction model
customers worldwide. Solution Providers may also be resellers in
relation to Autodesk solutions.
Spend: The sum of cost of revenue and operating
expenses.
Subscription Plan: Comprises our term-based product
subscriptions, cloud service offerings, and EBAs. Subscriptions
represent a combined hybrid offering of desktop software and cloud
functionality which provides a device-independent, collaborative
design workflow for designers and their stakeholders. With
subscription, customers can use our software anytime, anywhere, and
get access to the latest updates to previous versions.
Subscription Revenue: Includes our cloud-enabled
term-based product subscriptions, cloud service offerings, and
flexible EBAs.
Unbilled Deferred Revenue: Unbilled deferred revenue
represents contractually stated or committed orders under early
renewal and multi-year billing plans for subscription, services,
and maintenance for which the associated deferred revenue has not
been recognized. Under FASB Accounting Standards Codification
("ASC") Topic 606, unbilled deferred revenue is not included as a
receivable or deferred revenue on our Condensed Consolidated
Balance Sheet.
Safe Harbor Statement
This press release contains forward-looking statements that
involve risks and uncertainties, including quotations from
management, statements in the paragraphs under "Business Outlook"
above, statements about the momentum of our business, our
short-term and long-term goals, statements regarding our
strategies, market and product positions, performance and results,
statements regarding our share repurchase programs, and all
statements that are not historical facts. There are a significant
number of factors that could cause actual results to differ
materially from statements made in this press release, including:
our strategy to develop and introduce new products and services and
to move to platforms and capabilities, exposing us to risks such as
limited customer acceptance (both new and existing
customers), costs related to product defects, and large
expenditures; global economic and political conditions, including
changes in monetary and fiscal policy, foreign exchange headwinds,
recessionary fears, supply chain disruptions, resulting
inflationary pressures and hiring conditions; geopolitical tension
and armed conflicts, economic and regulatory uncertainty including
tariffs and trade wars, and extreme weather events; costs and
challenges associated with strategic acquisitions and investments;
our ability to successfully implement and expand our transaction
model and our sales and marketing optimization; dependency on
international revenue and operations, exposing us to significant
international regulatory, economic, intellectual property,
collections, currency exchange rate, taxation, political, and other
risks, including risks related to the war against Ukraine launched by Russia and our exit from Russia and the current conflict between
Israel and Hamas; inability to
predict subscription renewal rates and their impact on our future
revenue and operating results; existing and increased competition
and rapidly evolving technological changes; fluctuation of our
financial results, key metrics and other operating metrics; our
transition from up front to annual billings for multi-year
contracts; deriving a substantial portion of our net revenue from a
small number of solutions, including our AutoCAD-based software
products and collections; any failure to successfully execute and
manage initiatives to realign or introduce new business and sales
initiatives, including our new transaction model for Flex; net
revenue, billings, earnings, cash flow, or new or existing
subscriptions shortfalls; social and ethical issues relating to the
use of artificial intelligence in our offerings; our ability to
maintain security levels and service performance meeting the
expectations of our customers, and the resources and costs required
to avoid unanticipated downtime and prevent, detect and remediate
performance degradation and security breaches; security incidents
or other incidents compromising the integrity of our or our
customers' offerings, services, data, or intellectual property;
reliance on third parties to provide us with a number of
operational and technical services as well as software; our highly
complex software, which may contain undetected errors, defects, or
vulnerabilities; increasing regulatory focus on privacy issues and
expanding laws; governmental export and import controls that could
impair our ability to compete in international markets or subject
us to liability if we violate the controls; protection of our
intellectual property rights and intellectual property infringement
claims from others; the government procurement process;
fluctuations in currency exchange rates; our debt service
obligations; and our investment portfolio consisting of a variety
of investment vehicles that are subject to interest rate trends,
market volatility, and other economic factors. Our estimates as to
tax rate are based on current interpretations of existing tax law
and could be affected by changing interpretations, further
guidance, and additional tax legislation.
Further information on potential factors that could affect the
financial results of Autodesk are included in Autodesk's Form 10-K
and subsequent Forms 10-Q, which are on file with the U.S.
Securities and Exchange Commission. Autodesk disclaims any
obligation to update the forward-looking statements provided to
reflect events that occur or circumstances that exist after the
date on which they were made.
About Autodesk
The world's designers, engineers, builders, and creators trust
Autodesk to help them design and make anything. From the buildings
we live and work in, to the cars we drive and the bridges we drive
over. From the products we use and rely on, to the movies and games
that inspire us. Autodesk's Design and Make Platform unlocks the
power of data to accelerate insights and automate processes,
empowering our customers with the technology to create the world
around us and deliver better outcomes for their business and the
planet. For more information, visit autodesk.com or
follow @autodesk. #MakeAnything
Autodesk uses its investors.autodesk.com website as a means of
disclosing material non-public information, announcing upcoming
investor conferences and for complying with its disclosure
obligations under Regulation FD. Accordingly, you should monitor
our investor relations website in addition to following our press
releases, SEC filings and public conference calls and webcasts.
Autodesk, AutoCAD, AutoCAD LT, BIM 360 and Fusion 360 are
trademarks of Autodesk, Inc., and/or its subsidiaries and/or
affiliates in the USA and/or other
countries. All other brand names, product names or trademarks
belong to their respective holders. Autodesk reserves the right to
alter product and service offerings, and specifications and pricing
at any time without notice, and is not responsible for
typographical or graphical errors that may appear in this
document.
© 2025 Autodesk, Inc. All rights reserved.
|
Autodesk,
Inc.
|
|
|
|
|
Condensed
Consolidated Statements of Operations
|
|
(In millions, except
per share data)
|
|
|
|
|
|
|
|
|
Three Months Ended
April 30,
|
|
2025
|
|
2024
|
|
(Unaudited)
|
|
Net revenue:
|
|
|
|
|
Subscription
|
$
1,532
|
|
$
1,330
|
|
Maintenance
|
8
|
|
11
|
|
Total subscription and
maintenance revenue
|
1,540
|
|
1,341
|
|
Other
|
93
|
|
76
|
|
Total net
revenue
|
1,633
|
|
1,417
|
|
Cost of
revenue:
|
|
|
|
|
Cost of subscription
and maintenance revenue
|
111
|
|
100
|
|
Cost of other
revenue
|
24
|
|
20
|
|
Amortization of
developed technologies
|
25
|
|
17
|
|
Total cost of
revenue
|
160
|
|
137
|
|
Gross profit
|
1,473
|
|
1,280
|
|
Operating
expenses:
|
|
|
|
|
Marketing and
sales
|
566
|
|
469
|
|
Research and
development
|
394
|
|
346
|
|
General and
administrative
|
162
|
|
155
|
|
Amortization of
purchased intangibles
|
13
|
|
11
|
|
Restructuring, other
exit costs, and facility reductions
|
105
|
|
—
|
|
Total operating
expenses
|
1,240
|
|
981
|
|
Income from
operations
|
233
|
|
299
|
|
Interest and other
income, net
|
1
|
|
10
|
|
Income before income
taxes
|
234
|
|
309
|
|
Provision for income
taxes
|
(82)
|
|
(57)
|
|
Net income
|
$
152
|
|
$
252
|
|
Basic net income per
share
|
$
0.71
|
|
$
1.17
|
|
Diluted net income per
share
|
$
0.70
|
|
$
1.16
|
|
Weighted average shares
used in computing basic net income per share
|
214
|
|
215
|
|
Weighted average shares
used in computing diluted net income per share
|
216
|
|
217
|
|
Autodesk,
Inc.
|
|
|
|
|
Condensed
Consolidated Balance Sheets
|
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
April 30,
2025
|
|
January 31,
2025
|
|
(Unaudited)
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
1,816
|
|
$
1,599
|
|
Marketable
securities
|
224
|
|
287
|
|
Accounts receivable,
net
|
494
|
|
1,008
|
|
Prepaid expenses and
other current assets
|
681
|
|
588
|
|
Total current
assets
|
3,215
|
|
3,482
|
|
Long-term marketable
securities
|
261
|
|
267
|
|
Computer equipment,
software, furniture and leasehold improvements, net
|
111
|
|
117
|
|
Operating lease
right-of-use assets
|
147
|
|
169
|
|
Intangible assets,
net
|
549
|
|
574
|
|
Goodwill
|
4,275
|
|
4,242
|
|
Deferred income taxes,
net
|
1,128
|
|
1,205
|
|
Long-term other
assets
|
899
|
|
777
|
|
Total assets
|
$
10,585
|
|
$
10,833
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
277
|
|
$
242
|
|
Accrued
compensation
|
399
|
|
506
|
|
Accrued income
taxes
|
84
|
|
62
|
|
Deferred
revenue
|
3,620
|
|
3,787
|
|
Operating lease
liabilities
|
57
|
|
58
|
|
Current portion of
long-term notes payable, net
|
300
|
|
300
|
|
Other accrued
liabilities
|
182
|
|
196
|
|
Total current
liabilities
|
4,919
|
|
5,151
|
|
Long-term deferred
revenue
|
309
|
|
341
|
|
Long-term operating
lease liabilities
|
199
|
|
214
|
|
Long-term income taxes
payable
|
206
|
|
200
|
|
Long-term deferred
income taxes
|
31
|
|
32
|
|
Long-term notes
payable, net
|
1,988
|
|
1,987
|
|
Long-term other
liabilities
|
316
|
|
287
|
|
Stockholders'
equity:
|
|
|
|
|
Common stock and
additional paid-in capital
|
4,324
|
|
4,239
|
|
Accumulated other
comprehensive loss
|
(248)
|
|
(285)
|
|
Accumulated
deficit
|
(1,459)
|
|
(1,333)
|
|
Total stockholders'
equity
|
2,617
|
|
2,621
|
|
Total liabilities and
stockholders' equity
|
$
10,585
|
|
$
10,833
|
|
Autodesk,
Inc.
|
|
|
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
Three Months Ended
April 30,
|
|
2025
|
|
2024
|
|
(Unaudited)
|
|
Operating
activities:
|
|
|
|
|
Net income
|
$
152
|
|
$
252
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation,
amortization and accretion
|
48
|
|
40
|
|
Stock-based
compensation expense
|
230
|
|
149
|
|
Amortization of costs
to obtain a contract with a customer
|
96
|
|
41
|
|
Deferred income
taxes
|
78
|
|
(25)
|
|
Restructuring, other
exit costs, and facility reductions
|
14
|
|
—
|
|
Other
|
23
|
|
18
|
|
Changes in operating
assets and liabilities, net of business combinations:
|
|
|
|
|
Accounts
receivable
|
515
|
|
526
|
|
Prepaid expenses and
other assets
|
(304)
|
|
(69)
|
|
Accounts payable and
other liabilities
|
(111)
|
|
(166)
|
|
Deferred
revenue
|
(204)
|
|
(305)
|
|
Accrued income
taxes
|
27
|
|
33
|
|
Net cash provided by
operating activities
|
564
|
|
494
|
|
Investing
activities:
|
|
|
|
|
Purchases of
marketable securities
|
(101)
|
|
(220)
|
|
Sales and maturities
of marketable securities
|
175
|
|
262
|
|
Capital
expenditures
|
(8)
|
|
(7)
|
|
Purchases of
intangible assets
|
(7)
|
|
(34)
|
|
Business combinations,
net of cash acquired
|
—
|
|
(637)
|
|
Other investing
activities
|
(1)
|
|
(2)
|
|
Net cash provided by
(used in) investing activities
|
58
|
|
(638)
|
|
Financing
activities:
|
|
|
|
|
Proceeds from issuance
of common stock, net of issuance costs
|
75
|
|
71
|
|
Taxes paid related to
net share settlement of equity awards
|
(135)
|
|
(123)
|
|
Repurchases of common
stock
|
(354)
|
|
(9)
|
|
Other financing
activities
|
(1)
|
|
—
|
|
Net cash used in
financing activities
|
(415)
|
|
(61)
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
10
|
|
(6)
|
|
Net increase (decrease)
in cash and cash equivalents
|
217
|
|
(211)
|
|
Cash and cash
equivalents at beginning of period
|
1,599
|
|
1,892
|
|
Cash and cash
equivalents at end of period
|
$
1,816
|
|
$
1,681
|
|
|
|
|
|
Supplemental cash flow
disclosure:
|
|
|
|
|
Non-cash financing
activities:
|
|
|
|
|
Fair value of common
stock issued to settle liability-classified restricted common
stock
|
$
—
|
|
$
3
|
|
Autodesk,
Inc.
|
|
|
Reconciliation of
GAAP financial measures to non-GAAP financial
measures
|
|
(In millions, except
per share data)
|
|
To supplement our
condensed consolidated financial statements presented on a GAAP
basis, we provide investors with certain non-GAAP measures
including non-GAAP operating margin, non-GAAP income from
operations, non-GAAP diluted net income per share, and free cash
flow. For our internal budgeting and resource allocation process
and as a means to evaluate period-to-period comparisons, we use
non-GAAP measures to supplement our condensed consolidated
financial statements presented on a GAAP basis. These non-GAAP
measures do not include certain items that may have a material
impact upon our future reported financial results. We use non-GAAP
measures in making operating decisions because we believe those
measures provide meaningful supplemental information regarding our
earning potential and performance for management by excluding
certain expenses and charges that may not be indicative of our core
business operating results. For the reasons set forth below,
we believe these non-GAAP financial measures are useful to
investors both because (1) they allow for greater transparency with
respect to key metrics used by management in its financial and
operational decision-making and (2) they are used by our
institutional investors and the analyst community to help them
analyze the health of our business. This allows investors and
others to better understand and evaluate our operating results and
future prospects in the same manner as management, compare
financial results across accounting periods and to those of peer
companies and to better understand the long-term performance of our
core business. We also use some of these measures for purposes of
determining company-wide incentive compensation.
|
|
There are limitations
in using non-GAAP financial measures because non-GAAP financial
measures are not prepared in accordance with GAAP and may be
different from non-GAAP financial measures used by other companies.
The non-GAAP financial measures are limited in value because they
exclude certain items that may have a material impact upon our
reported financial results. In addition, they are subject to
inherent limitations as they reflect the exercise of judgments by
management about which charges are excluded from the non-GAAP
financial measures. We compensate for these limitations by
analyzing current and future results on a GAAP basis as well as a
non-GAAP basis and also by providing GAAP measures in our public
disclosures. The presentation of non-GAAP financial information is
meant to be considered in addition to, not as a substitute for or
in isolation from, the directly comparable financial measures
prepared in accordance with GAAP. We urge investors to review the
reconciliation of our non-GAAP financial measures to the comparable
GAAP financial measures included in this presentation, and not to
rely on any single financial measure to evaluate our business.
|
|
The following table
shows Autodesk's GAAP results reconciled to non-GAAP results
included in this release.
|
|
Three Months
Ended April 30,
|
|
2025
|
|
(Unaudited)
|
|
GAAP operating
margin
|
14 %
|
|
Stock-based
compensation expense
|
14 %
|
|
Amortization of
purchased intangibles and developed technologies
|
2 %
|
|
Restructuring, other
exit costs, and facility reductions
|
6 %
|
|
Non-GAAP operating
margin (1)
|
37 %
|
|
|
|
GAAP diluted net income
per share
|
$
0.70
|
|
Stock-based
compensation expense
|
1.06
|
|
Amortization of
purchased intangibles and developed technologies
|
0.17
|
|
Acquisition-related
costs
|
0.03
|
|
Restructuring, other
exit costs, and facility reductions
|
0.49
|
|
Income tax
adjustments
|
(0.16)
|
|
Non-GAAP diluted net
income per share
|
$
2.29
|
|
|
|
Net cash provided by
operating activities
|
$
564
|
|
Capital
expenditures
|
(8)
|
|
Free cash
flow
|
$
556
|
____________________
|
(1) Total may not
sum due to rounding.
|
The following tables show Autodesk's GAAP business outlook
reconciled to non-GAAP business outlook included in this
release.
|
GAAP to non-GAAP
diluted EPS reconciliation
|
Q2 FY26
(ending July 31, 2025)
|
|
GAAP
EPS
|
$1.37 -
$1.46
|
|
Stock-based
compensation expense
|
0.89 - 0.87
|
|
Amortization of
purchased intangibles and developed technologies
|
0.16
|
|
Acquisition-related
costs
|
0.02
|
|
Restructuring, other
exit costs, and facility reductions
|
0.04
|
|
Income tax
adjustments
|
(0.04) -
(0.07)
|
|
Non-GAAP
EPS
|
$2.44 -
$2.48
|
|
GAAP to non-GAAP
operating margin reconciliation
|
FY26
(ending January 31, 2026)
|
|
GAAP operating
margin
|
21%- 22%
|
|
Stock-based
compensation expense
|
12% - 11%
|
|
Amortization of
purchased intangibles and developed technologies
|
2 %
|
|
Restructuring, other
exit costs, and facility reductions
|
2 %
|
|
Non-GAAP operating
margin (1)
|
36.5% - 37%
|
____________________
|
(1) Total may not
sum due to rounding.
|
|
GAAP to non-GAAP
diluted EPS reconciliation
|
FY26
(ending January 31, 2026)
|
|
GAAP
EPS
|
$4.63 -
$5.14
|
|
Stock-based
compensation expense
|
3.76 - 3.64
|
|
Amortization of
purchased intangibles and developed technologies
|
0.65
|
|
Acquisition-related
costs
|
0.09
|
|
Loss on strategic
investments and dispositions, net
|
0.01
|
|
Restructuring, other
exit costs, and facility reductions
|
0.60 - 0.53
|
|
Income tax
adjustments
|
(0.24) -
(0.33)
|
|
Non-GAAP
EPS
|
$9.50 -
$9.73
|
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SOURCE Autodesk, Inc.
