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Autodesk posts strong Q2 results and unveils new transaction model

Machinery AsiaBy No Comments3 Mins Read

Autodesk Q2 results

Autodesk reported strong results with revenue of $1.51 billion in the quarter that ended in July.

Graphic courtesy of Autodesk Inc.

Autodesk reported its second-quarter results on August 29, including earnings of $2.15 per share that beat analysts’ expectations of $2 per share and compared to $1.91 per share that reported a year ago. Figures are adjusted for non-recurring items. The construction software company and its executives also grew revenue 13% in constant currency for the first two quarters of the year.

After its first-quarter results were delayed because the company didn’t have initial deals with customers, including design firms and contractors that buy company-wide licenses, activist investor Starboard Value ask to replace CEO Andrew Anagnost and his leadership team in a letter to company board members. Starboard also said it would consider a lawsuit over the accounting review. Its officials could not be reached for further comment.

  • With Autodesk’s total revenue rising 12% to $1.51 billion, a change in leadership seems unlikely. According to the figures, its GAAP operating margin was 23%, up 4%; and its non-GAAP margin was 37%, up 1%. The company also said GAAP diluted EPS was $1.30 and non-GAAP diluted EPS was $2.15. Cash flow from operating activities was $212 million and free cash flow was $203 million.
  • “Autodesk delivered strong second-quarter results, supported by our customers’ demands for innovative solutions to address pressing global challenges.” Anagnost said in a statement. “Despite continued macroeconomic and geopolitical challenges, we saw broad-based growth across nearly all of our products and regions. Renewal rates remain strong and new business growth and leading indicators were consistent with past quarters.”
  • The internal audit that delayed the release of the company’s first-quarter results showed that its practice of enrolling customers in perennial, sometimes-Discounted offers for its software licenses had resulted in lower revenue than if customers had booked full-price annual subscriptions at the enterprise level. The audit, which revealed that the practice led to a discrepancy in its books in recent years and a shortfall in free cash flow by early 2024, it also led to the replacement of Autodesk’s CFO.
  • Autodesk touted its new transaction model that allows customers to buy directly from the company’s website or through an authorized partner/distributor, keeping the company’s payments more controlled and a factor in improving the company’s bottom line. second trimester
    • jeff yoders

    ENR Associate Technology, Equipment and Products Editor Jeff Yoders has been writing about design and construction innovations for 20 years. He is a five-time Jesse H. Neal Award winner and multiple ASBPE winner for his technology coverage. Jeff previously wrote about building technology for the structural engineer, CE News, and Building Design + Construction. He also wrote about materials pricing, construction contracting and estimating for MetalMiner.com. He lives in Chicago, the birthplace of the skyscraper, where the pace of innovation never leaves him without a story to chase.

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