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Autodesk, Inc. (NASDAQ: ADSK) announced its financial results for the second quarter of fiscal 2024, showcasing strong performance across key metrics. The company reported a 9% increase in revenue to $1.3 billion, with a notable 12% growth at constant exchange rates. Additionally, current remaining performance obligations rose by 12% year-over-year to $3.5 billion, reflecting continued confidence in the company's offerings.
The second quarter of fiscal 2024 brought several highlights, including an increase in total revenue by 9% to $1,345 million. GAAP operating margin stood at 19%, while non-GAAP operating margin remained flat at 36%. GAAP diluted earnings per share reached $1.03, and non-GAAP diluted earnings per share was $1.91. Cash flow from operating activities amounted to $135 million, with free cash flow at $128 million.
Andrew Anagnost, President and CEO of Autodesk, emphasized the company’s commitment to innovation and leveraging AI to empower customers. He stated, "Augmented design, powered by Autodesk, will enable our customers to go further and faster to design and make a better world for all."
Debbie Clifford, CFO of Autodesk, highlighted the positive momentum in the quarter and the potential impact of enterprise business agreements set to renew later in the year. This led to an upward revision of the lower end of the guidance ranges.
In terms of product performance, Design revenue increased by 8% to $1,154 million, with a 12% rise on a constant currency basis. Make revenue saw a 15% increase to $130 million, and subscription plan revenue grew by 9% to $1,270 million. Net revenue retention rate stayed within the range of 100 to 110 percent, indicating strong customer loyalty and recurring revenue.
Geographically, the Americas contributed significantly to revenue, with the U.S. growing by 14% to $485 million and Other Americas increasing by 14% to $104 million. EMEA showed a 7% growth to $506 million, while APAC remained stable at $250 million.
Looking ahead, Autodesk raised its guidance for the third quarter and full-year fiscal 2024. For the third quarter, revenue is expected between $1,380 and $1,395 million, with GAAP EPS ranging from $1.02 to $1.08 and non-GAAP EPS from $1.97 to $2.03. For the full year, revenue is projected to be between $5,405 and $5,455 million, representing an 8% to 9% growth.
Autodesk continues to focus on innovation, customer satisfaction, and long-term value creation. With a strong balance sheet and a clear vision, the company is well-positioned to navigate the evolving market landscape and deliver consistent results. Investors can look forward to more updates as the company progresses through fiscal 2024.