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All growth rates mentioned are compared to the first quarter of fiscal 2024, unless specified otherwise. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. Definitions can be found in the Glossary of Terms later in this document.
**First Quarter Fiscal 2025 Financial Highlights**
- Total revenue increased 12 percent to $1.42 billion.
- GAAP operating margin improved to 21 percent, up 4 percentage points.
- Non-GAAP operating margin rose to 35 percent, an increase of 3 percentage points.
- GAAP diluted EPS reached $1.16; Non-GAAP diluted EPS was $1.87.
- Cash flow from operating activities totaled $494 million; free cash flow stood at $487 million.
Andrew Anagnost, President and CEO of Autodesk, commented, "Autodesk is at the forefront of 3D AI and the necessary industry cloud and platform evolutions. We're already leveraging generative AI to swiftly create functional 3D shapes from diverse inputs like 2D images, text, voxels, and point clouds. Our journey toward reasoning about all CAD geometry is well underway, and we aim to maintain and extend this leadership while achieving an industry-leading 'Rule of Forty' ratio."
**Additional Financial Details**
- Total billings declined 5 percent to $1.11 billion.
- Recurring revenue accounted for 97 percent of total revenue, growing 13 percent on a constant currency basis.
- Design revenue increased 10 percent as reported and 12 percent on a constant currency basis. Sequentially, Design revenue dropped 2 percent as reported and 1 percent on a constant currency basis.
- Make revenue surged 20 percent as reported and 21 percent on a constant currency basis. Sequentially, Make revenue climbed 5 percent both as reported and on a constant currency basis.
- Subscription plan revenue climbed 11 percent as reported and 13 percent on a constant currency basis. Sequentially, subscription plan revenue fell 1 percent both as reported and on a constant currency basis.
- Net revenue retention rate remained within the 100 to 110 percent range on a constant currency basis.
- GAAP operating income reached $299 million, compared to $217 million in the same period last year. GAAP operating margin expanded by 4 percentage points.
- Total non-GAAP operating income was $490 million, up from $404 million in the prior year. Non-GAAP operating margin improved by 3 percentage points.
- GAAP diluted net income per share was $1.16, compared to $0.75 last year.
- Non-GAAP diluted net income per share was $1.87, versus $1.55 last year.
- Deferred revenue decreased 12 percent to $3.96 billion. Unbilled deferred revenue was $1.93 billion, reflecting an increase of $1.03 billion compared to the first quarter last year. Remaining performance obligations ("RPO") grew 9 percent to $5.89 billion. Current RPO increased 12 percent to $3.92 billion.
- Cash flow from operating activities was $494 million, down $229 million from the prior year. Free cash flow stood at $487 million, a decrease of $227 million year over year.
**Business Highlights by Geographic Area**
| Region | Three Months Ended April 30, 2024 | Three Months Ended April 30, 2023 | Change Compared to Prior Year | Constant Currency Change |
|--------------------|-----------------------------------|-----------------------------------|-------------------------------|--------------------------|
| **Americas** | $619 million | $553 million | +12% | +12% |
| **EMEA** | $534 million | $474 million | +13% | +14% |
| **APAC** | $264 million | $242 million | +9% | +14% |
**Product Family Revenue**
| Product Family | Three Months Ended April 30, 2024 | Three Months Ended April 30, 2023 | Change Compared to Prior Year |
|--------------------|-----------------------------------|-----------------------------------|-------------------------------|
| **AEC** | $674 million | $582 million | +16% |
| **AutoCAD & LT** | $376 million | $349 million | +8% |
| **MFG** | $268 million | $246 million | +9% |
| **M&E** | $71 million | $71 million | - |
**Business Outlook**
Looking ahead, Autodesk's business outlook for Q2 and FY2025 reflects the current economic landscape and foreign exchange rate environment. The table below provides a reconciliation between GAAP and non-GAAP estimates:
| Metric | Second Quarter FY25 Guidance Range | Full Year FY25 Guidance Range |
|--------------------|-----------------------------------|----------------------------------|
| Revenue | $1,475M - $1,490M | $5,990M - $6,090M |
| EPS (GAAP) | $1.12 - $1.18 | $4.71 - $4.93 |
| EPS (Non-GAAP) | $1.98 - $2.04 | $7.99 - $8.21 |
For further details, please refer to the tables following this press release.
**Conference Call and Investor Presentation**
Autodesk will host a conference call today at 5 p.m. ET, accessible via [autodesk.com/investor](http://autodesk.com/investor). A replay will be available at the same link after 7 p.m. ET and archived for at least 12 months. Additional materials, including an investor presentation and Excel financials, are available at the same URL.
**About Autodesk**
Autodesk empowers creators across industries to design and build anything. From infrastructure to entertainment, our Design and Make Platform accelerates insights and automates processes, driving better outcomes for businesses and the planet. For more information, visit [autodesk.com](http://autodesk.com) or follow @autodesk. #MakeAnything
**Disclaimer**
This press release includes forward-looking statements based on current expectations and assumptions. These statements involve risks and uncertainties, as outlined in the Safe Harbor Statement below. Further information is available in Autodesk’s SEC filings. The company disclaims any obligation to update these forward-looking statements.
**Safe Harbor Statement**
This press release contains forward-looking statements involving risks and uncertainties, including statements about our strategic initiatives, market position, competitive landscape, and financial projections. Actual results may differ materially due to factors such as economic conditions, technological changes, geopolitical tensions, and regulatory developments.
**Autodesk Reports First Quarter Fiscal 2025 Financial Results**
SAN FRANCISCO, June 11, 2024 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today announced its financial results for the first quarter of fiscal 2025. The company continues to push boundaries in 3D AI, industry clouds, and platform innovation, positioning itself as a leader in transformative technologies.