Autodesk Inc

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Description

Autodesk managed to exceed the revenue expectations as well as the earnings expectations of Wall Street in the third quarter. The company’s financial performance demonstrated resilience in line with the preceding quarters, with notable strength observed in the EBA cohorts, driven by incremental true-up and upfront revenue from key clients. Total revenue exhibited a 10% and 13% growth in constant currency, revealing positive results across product categories and regional segments. Direct revenue saw a significant uptick of 19%, representing 38% of the total revenue. The net revenue retention rate remained stable, and the transition from upfront to annual billings for multiyear contracts continued as anticipated, impacting billings with an 11% decline. The P&L reflected a consistent non-GAAP gross margin at 93%, while operating margins increased due to revenue growth and disciplined cost management. Free cash flow, constrained by the transition to annual billings, was reported at $13 million. In terms of capital allocation, the company actively managed capital, repurchasing shares and maintaining a disciplined approach. The company acknowledged certain headwinds, including FX and co-terming impacts on billings, while expressing self-reliance in the overall positive trajectory of the business. The narrative emphasized the non-linear path to achieving the Rule of 40 framework, considering macroeconomic uncertainties and the ongoing transition to annual billings.

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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