Autodesk Inc


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Autodesk delivered yet another outstanding second-quarter results with a subscription revenue growth of 21%. Its AutoCAD and AutoCAD LT revenues increased by an impressive 12% whereas its AEC revenue increased by 21%, and manufacturing revenue increased by 12%. However, there was a selloff in the stock after its earnings given the management’s decision to tweak its billing strategy for its large enterprise clients. Earlier, companies would pay Autodesk upfront for three-year subscriptions and get 10% discounts on products but now, the company intends to bill clients annually and give them smaller discounts. This resulted in a lower-than expected cash flow forecast which led to the selloff. However, the company’s fundamentals remain robust with its Q2 billings and RPO increasing 24% and 29%, respectively, driven by robust new product subscription growth, revenue retention, and renewal rates. The company is expected to continue benefitting heavily from strength in enterprise and e-commerce. Also, one big news was its Fusion 360 cloud-based platform for mechanical, electrical, and manufacturing engineers reaching 165,000 paying subscribers after having grown at a 53% CAGR over the last three years. Overall, the company has a bright future ahead.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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