Autodesk, Inc. is a global leader in 3D design, engineering, and entertainment technology solutions, serving industries such as architecture, engineering, construction, product design, manufacturing, media, and entertainment **[0000769397-24-000090_adsk-20240131.htm:5]** **[0000769397-24-000090_adsk-20240131.htm:99]**. The company offers a wide range of products categorized into four primary families: Architecture, Engineering and Construction (AEC), AutoCAD and AutoCAD LT, Manufacturing (MFG), and Media and Entertainment (M&E) **[0000769397-24-000150_adsk-20240731.htm:45]** **[0000769397-24-000090_adsk-20240131.htm:73]**. Autodesk sells its products globally through a combination of indirect and direct channels, with a significant portion of revenue derived from international markets **[0000769397-24-000090_adsk-20240131.htm:5]** **[0000769397-24-000090_adsk-20240131.htm:10]**.

1. **Architecture, Engineering and Construction (AEC)** - Provides comprehensive tools for designing, engineering, and constructing buildings and infrastructure.
2. **AutoCAD and AutoCAD LT** - Offers versatile software for 2D and 3D CAD design, drafting, and modeling.
3. **Manufacturing (MFG)** - Delivers solutions for product design, manufacturing processes, and factory planning.
4. **Media and Entertainment (M&E)** - Supplies technology for creating visual effects, animation, and immersive experiences.

cad6a29413254cdd3895138175e361849066e00bbb9ab1f3465032c11cdfe20b

Adjustments for Non-Cash Items

Stock-Based Compensation

Changes in Working Capital

Capital Expenditures (CapEx)

Proceeds from / Repayments of Debt

Share Repurchases

Dividend Payments

Net Change in Cash

9fa51c7e6663ef002d5d71d08a6b0fb7995649e690d921739d2cef65901f4635

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD]

EPS - Diluted [USD]

e2634e6b0be78cde2984c513749193e711bc330babdf070e80aec5f9792ffd0c

| Product Segment | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|-----------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Architecture, Engineering and Construction (AEC) [USD Million]** | **602**  **[0000769397-23-000022_q423pressrelease.htm:2]**  | **582**  **[0000769397-23-000106_q124pressrelease.htm:1]** **[0000769397-23-000110_adsk-20230430.htm:38]**  | **627**  **[0000769397-23-000159_adsk-20230731.htm:42]**  | **675**  **[0000769397-23-000193_adsk-20231031.htm:44]**  | **696**  **[0000769397-24-000019_q424pressrelease.htm:1]**  | **674**  **[0000769397-24-000095_q125pressrelease.htm:1]**  | **713**  **[0000769397-24-000147_q225pressrelease.htm:1]**  | **751**  **[0000769397-24-000175_q325pressrelease.htm:1]**  |
| **AutoCAD and AutoCAD LT [USD Million]** | **362**  **[0000769397-23-000022_q423pressrelease.htm:2]**  | **349**  **[0000769397-23-000106_q124pressrelease.htm:1]** **[0000769397-23-000110_adsk-20230430.htm:38]**  | **364**  **[0000769397-23-000159_adsk-20230731.htm:42]**  | **372**  **[0000769397-23-000193_adsk-20231031.htm:44]**  | **377**  **[0000769397-24-000019_q424pressrelease.htm:1]**  | **376**  **[0000769397-24-000095_q125pressrelease.htm:1]**  | **389**  **[0000769397-24-000147_q225pressrelease.htm:1]**  | **398**  **[0000769397-24-000175_q325pressrelease.htm:1]**  |
| **Manufacturing (MFG) [USD Million]** | **257**  **[0000769397-23-000022_q423pressrelease.htm:2]**  | **246**  **[0000769397-23-000106_q124pressrelease.htm:1]** **[0000769397-23-000110_adsk-20230430.htm:38]**  | **256**  **[0000769397-23-000159_adsk-20230731.htm:42]**  | **269**  **[0000769397-23-000193_adsk-20231031.htm:44]**  | **292**  **[0000769397-24-000019_q424pressrelease.htm:1]**  | **268**  **[0000769397-24-000095_q125pressrelease.htm:1]**  | **296**  **[0000769397-24-000147_q225pressrelease.htm:1]**  | **307**  **[0000769397-24-000175_q325pressrelease.htm:1]**  |
| **Media and Entertainment (M&E) [USD Million]** | **74**  **[0000769397-23-000022_q423pressrelease.htm:2]**  | **71**  **[0000769397-23-000106_q124pressrelease.htm:1]** **[0000769397-23-000110_adsk-20230430.htm:38]**  | **74**  **[0000769397-23-000159_adsk-20230731.htm:42]**  | **73**  **[0000769397-23-000193_adsk-20231031.htm:44]**  | **77**  **[0000769397-24-000019_q424pressrelease.htm:1]**  | **71**  **[0000769397-24-000095_q125pressrelease.htm:1]**  | **77**  **[0000769397-24-000147_q225pressrelease.htm:1]**  | **83**  **[0000769397-24-000175_q325pressrelease.htm:1]**  |
| **Other [USD Million]** | **23**  **[0000769397-23-000022_q423pressrelease.htm:2]**  | **21**  **[0000769397-23-000106_q124pressrelease.htm:1]** **[0000769397-23-000110_adsk-20230430.htm:38]**  | **24**  **[0000769397-23-000159_adsk-20230731.htm:42]**  | **25**  **[0000769397-23-000193_adsk-20231031.htm:44]**  | **27**  **[0000769397-24-000019_q424pressrelease.htm:1]**  | **28**  **[0000769397-24-000095_q125pressrelease.htm:1]**  | **30**  **[0000769397-24-000147_q225pressrelease.htm:1]**  | **31**  **[0000769397-24-000175_q325pressrelease.htm:1]**  |

33bfd6eea66df54c002b5bdf13afa9c2f41b5b2ab451f11d3f314135471d14ef

| Metric [Unit: USD Million] | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|----------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Americas                   | **552**  **[0000769397-23-000022_q423pressrelease.htm:1]**  | **553**  **[0000769397-23-000106_q124pressrelease.htm:1]**  | **589**  **[0000769397-23-000157_q224pressrelease.htm:1]** **[0000769397-23-000159_adsk-20230731.htm:42]**  | **640**  **[0000769397-23-000187_q324pressrelease.htm:1]**  | **656**  **[0000769397-24-000019_q424pressrelease.htm:1]**  | **619**  **[0000769397-24-000095_q125pressrelease.htm:1]**  | **662**  **[0000769397-24-000147_q225pressrelease.htm:1]**  | **705**  **[0000769397-24-000175_q325pressrelease.htm:1]**  |
| EMEA                       | **508**  **[0000769397-23-000022_q423pressrelease.htm:1]**  | **474**  **[0000769397-23-000106_q124pressrelease.htm:1]**  | **506**  **[0000769397-23-000157_q224pressrelease.htm:1]** **[0000769397-23-000159_adsk-20230731.htm:42]**  | **516**  **[0000769397-23-000187_q324pressrelease.htm:1]**  | **546**  **[0000769397-24-000019_q424pressrelease.htm:1]**  | **534**  **[0000769397-24-000095_q125pressrelease.htm:1]**  | **570**  **[0000769397-24-000147_q225pressrelease.htm:1]**  | **580**  **[0000769397-24-000175_q325pressrelease.htm:1]**  |
| APAC                       | **258**  **[0000769397-23-000022_q423pressrelease.htm:1]**  | **242**  **[0000769397-23-000106_q124pressrelease.htm:1]**  | **250**  **[0000769397-23-000157_q224pressrelease.htm:1]** **[0000769397-23-000159_adsk-20230731.htm:42]**  | **258**  **[0000769397-23-000187_q324pressrelease.htm:1]**  | **267**  **[0000769397-24-000019_q424pressrelease.htm:1]**  | **264**  **[0000769397-24-000095_q125pressrelease.htm:1]**  | **273**  **[0000769397-24-000147_q225pressrelease.htm:1]**  | **285**  **[0000769397-24-000175_q325pressrelease.htm:1]**  |
| Total Revenue              | **1,318**  **[0000769397-23-000022_q423pressrelease.htm:1]**  | **1,269**  **[0000769397-23-000106_q124pressrelease.htm:1]**  | **1,345**  **[0000769397-23-000157_q224pressrelease.htm:1]** **[0000769397-23-000159_adsk-20230731.htm:42]**  | **1,414**  **[0000769397-23-000187_q324pressrelease.htm:1]**  | **1,470**  **[0000769397-24-000019_q424pressrelease.htm:1]**  | **1,417**  **[0000769397-24-000095_q125pressrelease.htm:1]**  | **1,505**  **[0000769397-24-000147_q225pressrelease.htm:1]**  | **1,570**  **[0000769397-24-000175_q325pressrelease.htm:1]**  |

d007048e9606a40a99142ba9048522275cb52010d9b9ceb8ae5b9ba6b716f7da

1. Given that Autodesk is currently at the bottom end of its long-term revenue growth guidance of 10% to 15%, and considering the various headwinds like the pandemic, inflation, and exiting the Russian business  **[ADSK_3410062_26]** , what specific strategies are you implementing to accelerate growth and move towards the higher end of that range?

2. With the ongoing transition to the new transaction model and the increased investments in people, processes, and automation  **[ADSK_3410062_30]** , can you provide more details on how these changes will impact your operating margins in the short term, and what is the timeline for realizing the expected efficiencies?

3. You mentioned that Project Bernini is not commercially available yet and there's uncertainty around its monetization model  **[ADSK_3410062_25]** ; how do you plan to generate revenue from AI initiatives like Bernini in the future, and what metrics will you use to measure success in this area?

4. Given the competitive landscape and your assertion that Autodesk is ahead in AI and cloud investments  **[ADSK_3410062_1]** , how do you plan to maintain your competitive advantage, especially considering that the benefits from AI are still uncertain in terms of monetization?

5. Regarding the large license compliance agreement you mentioned, which included one of your largest ever  **[ADSK_3410062_27]** , to what extent are such compliance efforts contributing to your revenue growth, and do you expect this to be a significant contributor going forward?

59807946c08e3366fcd23694962da3552ddeb12913ff78e365d7b83b2b98279c

### Q3 2025 Earnings Call
- **Issued Period**: Q3 2025
- **Guided Period**: FY 2025 and FY 2026
- **Guidance**:
  - **Billings**: $5.90 billion to $5.98 billion, with a 5 to 5.5 percentage point tailwind to growth.
  - **Revenue**: $6.12 billion to $6.13 billion, with a 1 to 1.5 percentage point tailwind to growth.
  - **GAAP Margin**: 21.5% to 22%.
  - **Non-GAAP Margin**: 35.5% to 36%, including a 1 to 1.5 percentage point improvement.
  - **Free Cash Flow**: $1.47 billion to $1.5 billion for FY 2025; $2.05 billion for FY 2026  **[ADSK_3410062_5]** .

### Q2 2025 Earnings Call
- **Issued Period**: Q2 2025
- **Guided Period**: FY 2025 and FY 2026
- **Guidance**:
  - **Non-GAAP Operating Margins**: 35% to 36% for FY 2025.
  - **Free Cash Flow**: $1.45 billion to $1.5 billion for FY 2025; $2.05 billion for FY 2026.
  - **Billings**: $5.88 billion to $5.98 billion.
  - **Revenue**: $6.08 billion to $6.13 billion, with around 11% growth.
  - **Non-GAAP Operating Margin Target for FY 2026**: Midpoint of 38% to 40%  **[ADSK_3400216_6]** **[ADSK_3400216_5]** **[ADSK_3400216_1]** **[ADSK_3400216_24]** .

### Q1 2025 Earnings Call
- **Issued Period**: Q1 2025
- **Guided Period**: FY 2025
- **Guidance**:
  - **Revenue**: $5.99 billion to $6.09 billion, with 9% to 11% growth.
  - **Non-GAAP Operating Margins**: 35% to 36%.
  - **Free Cash Flow**: $1.43 billion to $1.5 billion, with 35% growth excluding $200 million from FY 2024.
  - **Impact of New Transaction Model**: 1 percentage point tailwind to revenue growth; 3% to 4% tailwind to billings growth.
  - **Rule of 40 Framework**: Aim for 45% or more  **[ADSK_3392196_3]** **[ADSK_3392196_4]** .

### Q4 2024 Earnings Call
- **Issued Period**: Q4 2024
- **Guided Period**: FY 2025
- **Guidance**:
  - **Revenue**: $5.99 billion to $6.09 billion, with 9% to 11% growth.
  - **Non-GAAP Operating Margins**: 35% to 36%, with a 1 point improvement offset by headwinds.
  - **Free Cash Flow**: $1.43 billion to $1.5 billion, with 35% growth excluding $200 million from FY 2024.
  - **New Transaction Model**: 1 percentage point tailwind to revenue growth; 3- to 4-point tailwind to billings growth.
  - **Acquisition of Payapps**: 0.5 point contribution to revenue growth.
  - **FX Impact**: 1 percentage point headwind to revenue growth.
  - **EBA True-ups**: 1 point headwind to revenue growth  **[ADSK_3375987_3]** **[ADSK_3375987_4]** .

138b1e636b04f85724b7ad12a662ac12d136586f355d1e815dd162f5bae34a7f

1346a699cd22bca9654b662beebd75da7bbc9a1a7fc10d82e3f6b56a000776ad

- Adobe Systems Incorporated
- Bentley Systems, Inc.
- Dassault Systèmes S.A. and its subsidiary Dassault Systèmes SolidWorks Corp.
- Intergraph Corporation, a wholly owned subsidiary of Hexagon AB
- MSC Software Corporation
- Nemetschek AG
- Oracle Corporation
- Procore Technologies, Inc.
- PTC Inc.
- 3D Systems Corporation
- Siemens PLM
- Trimble Navigation Limited  **[0000769397-24-000090_adsk-20240131.htm:14]** 

bbc2ea9d2e6542e20afb88d0f3ffb552273a190962fa97236e6bd2927b2787f4

| Program Details           | Program 1                  | Program 2                  |
|---------------------------|----------------------------|----------------------------|
| Approval Date             | November 2022  **[0000769397-24-000181_adsk-20241031.htm:62]** **[0000769397-24-000181_adsk-20241031.htm:31]**        | November 2024  **[0000769397-24-000181_adsk-20241031.htm:62]** **[0000769397-24-000181_adsk-20241031.htm:31]**        |
| End Date/Duration         | No fixed expiration  **[0000769397-24-000181_adsk-20241031.htm:62]** **[0000769397-24-000181_adsk-20241031.htm:31]**  | No fixed expiration  **[0000769397-24-000181_adsk-20241031.htm:62]** **[0000769397-24-000181_adsk-20241031.htm:31]**  |
| Total additional amount   | $5 billion  **[0000769397-24-000181_adsk-20241031.htm:62]** **[0000769397-24-000181_adsk-20241031.htm:31]**           | $5 billion  **[0000769397-24-000181_adsk-20241031.htm:62]** **[0000769397-24-000181_adsk-20241031.htm:31]**           |
| Remaining authorization   | $4.30 billion  **[0000769397-24-000181_adsk-20241031.htm:62]** **[0000769397-24-000181_adsk-20241031.htm:31]**        | N/A                        |
| Details                   | Offset dilution, reduce shares, return excess cash  **[0000769397-24-000090_adsk-20240131.htm:144]** **[0000769397-24-000090_adsk-20240131.htm:90]** **[0000769397-23-000036_adsk-20230131.htm:84]** **[0000769397-23-000159_adsk-20230731.htm:56]** **[0000769397-23-000193_adsk-20231031.htm:60]** **[0000769397-23-000110_adsk-20230430.htm:51]** **[0000769397-22-000123_adsk-20220731.htm:62]** **[0000769397-22-000148_adsk-20221031.htm:64]** **[0000769397-24-000091_adsk-20240430.htm:53]**  | Offset dilution, reduce shares, return excess cash  **[0000769397-24-000090_adsk-20240131.htm:144]** **[0000769397-24-000090_adsk-20240131.htm:90]** **[0000769397-23-000036_adsk-20230131.htm:84]** **[0000769397-23-000159_adsk-20230731.htm:56]** **[0000769397-23-000193_adsk-20231031.htm:60]** **[0000769397-23-000110_adsk-20230430.htm:51]** **[0000769397-22-000123_adsk-20220731.htm:62]** **[0000769397-22-000148_adsk-20221031.htm:64]** **[0000769397-24-000091_adsk-20240430.htm:53]**  |

ac5babaaec4e95ad19818947f9ea49572b474750e3807ca282145211766fe92b

Americas

- U.S.

- Other Americas

EMEA

APAC

- Japan

- Other Asia Pacific

Emerging Economies

Total Revenue

d3380f2940910c24e44656efd7c89b744dad18b4507fc5513b4b474329325f9c

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

429c77d88e73598393736cacbb2046c035df02ef9d30de528811568f9bd0f893

| Name             | Position                                                                 | Start Date       | Short Bio                                                                                                                                                                                                                                                                                                                                 |
|------------------|--------------------------------------------------------------------------|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Andrew Anagnost  | President and Chief Executive Officer                                    | June 2017        | Andrew Anagnost joined Autodesk in **September 1997** and has served as the President and Chief Executive Officer since June 2017. He previously held roles such as Co-CEO, Chief Marketing Officer, and Senior Vice President, Business Strategy & Marketing. Before Autodesk, he worked at Lockheed Aeronautical Systems Company and EXA Corporation  **[0000769397-24-000090_adsk-20240131.htm:158]** **[0000769397-24-000075_adsk-20240426.htm:12]** **[0000769397-24-000101_adsk-20240613.htm:12]** **[0000769397-24-000090_adsk-20240131.htm:167]** . |
| Betsy Rafael     | Interim Chief Financial Officer                                          | May 31, 2024     | Betsy Rafael has over 30 years of executive financial experience in the technology industry. She has served as Autodesk's Interim Chief Financial Officer since May 31, 2024. Previously, she was the Audit Committee Chair at Autodesk and held roles at GoDaddy Inc., Apple Inc., Cisco Systems, Inc., and others  **[0000769397-24-000101_adsk-20240613.htm:19]** **[0000769397-24-000090_adsk-20240131.htm:167]** **[0000769397-24-000090_adsk-20240131.htm:165]** **[0000769397-24-000075_adsk-20240426.htm:19]** **[0000769397-23-000098_adsk-20230509.htm:18]** .                                          |
| Steve M. Blum    | Executive Vice President and Chief Operating Officer                     | November 1, 2022 | Steve M. Blum joined Autodesk in **January 2003**. He has served as Executive Vice President and Chief Operating Officer since November 1, 2022. Prior roles include Executive Vice President and Chief Revenue Officer, and Vice President and Chief Revenue Officer  **[0000769397-24-000090_adsk-20240131.htm:167]** **[0000769397-23-000036_adsk-20230131.htm:153]** .                                                                                             |
| Ruth Ann Keene   | Executive Vice President, Corporate Affairs, Chief Legal Officer & Corporate Secretary | May 2022         | Ruth Ann Keene joined Autodesk in **January 2022** and has served in her current role since May 2022. Before Autodesk, she was Senior Vice President, Chief Legal Officer, General Counsel & Corporate Secretary at Unity Technologies and held various legal positions at Autodesk from 2005 to 2016  **[0000769397-24-000090_adsk-20240131.htm:167]** **[0000769397-23-000036_adsk-20230131.htm:153]** .                                      |
| Rebecca Pearce   | Executive Vice President, Chief People Officer                           | January 2022     | Rebecca Pearce joined Autodesk in **October 2015** and has served as Executive Vice President, Chief People Officer since January 2022. She previously held positions such as Vice President, People & Places, and Senior HR Director - Digital Platforms and Corporate Functions. Before Autodesk, she worked at Dyson Limited  **[0000769397-24-000090_adsk-20240131.htm:167]** .                                   |

cafb59ff8085601007c1f62f0f52b31164b61c25ea100aa44625c3155ac9c476

**Annual guidance for FY 2025:**
- **Billings**: $5.90B to $5.98B  **[ADSK_3410062_5]**  (raised from $5.88B to $5.98B  **[ADSK_3400216_6]** **[ADSK_3400216_5]** **[ADSK_3400216_1]** **[ADSK_3400216_24]** )  
- **Revenue**: $6.12B to $6.13B  **[ADSK_3410062_5]**  (raised from $6.08B to $6.13B  **[ADSK_3400216_6]** **[ADSK_3400216_5]** **[ADSK_3400216_1]** **[ADSK_3400216_24]** )  
- **GAAP Margin**: 21.5% to 22%  **[ADSK_3410062_5]**  (no prior guidance)  
- **Non-GAAP Margin**: 35.5% to 36%  **[ADSK_3410062_5]**  (raised from 35% to 36%  **[ADSK_3400216_6]** **[ADSK_3400216_5]** **[ADSK_3400216_1]** **[ADSK_3400216_24]** )  
- **Free Cash Flow**: $1.47B to $1.50B  **[ADSK_3410062_5]**  (raised from $1.45B to $1.50B  **[ADSK_3400216_6]** **[ADSK_3400216_5]** **[ADSK_3400216_1]** **[ADSK_3400216_24]** )  

**Annual guidance for FY 2026:**
- **Free Cash Flow**: $2.05B  **[ADSK_3410062_5]**  (no change from $2.05B  **[ADSK_3400216_6]** **[ADSK_3400216_5]** **[ADSK_3400216_1]** **[ADSK_3400216_24]** )  

e934ae775353920fb4ce4d69e90bd1e3a4ce90be9f2032135d0457e09d8597e7

| Name               | Start Date | End Date | Reason for Change |
|--------------------|------------|----------|-------------------|
| Ernst & Young LLP | 1983  **[0000769397-24-000090_adsk-20240131.htm:150]**    | Present  | Current auditor   |

2e607e33fe4eb10dfb7234137b2e2c17d19f51e1b333c996c7415553bf2f2ce9

4ee3027e1fcbd7016f3d15cef8993b57e8b8cc8af957212faff47017225d234a

- Total Revenue: $1,570 million (+11% YoY)  **[0000769397-24-000181_adsk-20241031.htm:46]** **[0000769397-24-000181_adsk-20241031.htm:48]** **[0000769397-24-000181_adsk-20241031.htm:45]**   
- Net Income: $275 million (+14% YoY)  **[0000769397-24-000181_adsk-20241031.htm:2]**   
- AEC Segment: $751 million (+11% YoY)  **[0000769397-24-000181_adsk-20241031.htm:46]**   
- AutoCAD Segment: $398 million (+7% YoY)  **[0000769397-24-000181_adsk-20241031.htm:46]**   
- MFG Segment: $307 million (+14% YoY)  **[0000769397-24-000181_adsk-20241031.htm:46]**   
- M&E Segment: $83 million (+14% YoY)  **[0000769397-24-000181_adsk-20241031.htm:46]**   
- Design Segment: $1,295 million (+9% YoY)  **[0000769397-24-000181_adsk-20241031.htm:48]**   
- Make Segment: $171 million (**+28% YoY**)  **[0000769397-24-000181_adsk-20241031.htm:48]**   
- Americas: $705 million (+10% YoY)  **[0000769397-24-000181_adsk-20241031.htm:47]**   
- EMEA: $580 million (+12% YoY)  **[0000769397-24-000181_adsk-20241031.htm:47]**   
- APAC: $285 million (+10% YoY)  **[0000769397-24-000181_adsk-20241031.htm:47]**   

06fb0b4f718b0fc111134c9ec422c2ce615d6cfdf65976b0be83f795f2e9ca93

238439f64a1bac0558897c3ae1ce6a62882f1feb8d4a0d4bd19963c0169ac539

7d0b16cdd997c6ac28c33d2299e06bbb74b8338360ec1ce31f25167c0df6e02c

RPO (USD millions)

Current RPO (USD millions)

Non-current RPO (USD millions)

cb1c65ee9f788735c208bd32843fce22523802408198c0063b1cff13f044a149

| Year | Amount Due (in millions) | Debt Type       | Interest Rate | % of Total Debt                                                                 |
|----------|------------------------------|---------------------|-------------------|------------------------------------------------------------------------------------|
| 2025     | $300                         | 2015 Notes          | 4.375%           | 13.0% = (300 / 2300) * 100 **[0000769397-24-000181_adsk-20241031.htm:24]** **[0000769397-24-000181_adsk-20241031.htm:23]**                                        |
| 2026     | $300                         | 2015 Notes          | 4.375%           | 13.0% = (300 / 2300) * 100 **[0000769397-24-000181_adsk-20241031.htm:24]** **[0000769397-24-000181_adsk-20241031.htm:23]**                                        |
| 2027     | $500                         | 2020 Notes          | 3.5%             | 21.7% = (500 / 2300) * 100 **[0000769397-24-000181_adsk-20241031.htm:24]** **[0000769397-24-000181_adsk-20241031.htm:23]**                                        |
| 2028     | $500                         | 2020 Notes          | N/A              | 21.7% = (500 / 2300) * 100 **[0000769397-24-000181_adsk-20241031.htm:24]**                                               |
| 2031     | $1,000                       | 2021 & 2017 Notes   | N/A              | 43.5% = (1000 / 2300) * 100 **[0000769397-24-000181_adsk-20241031.htm:24]**                                              |

9249bbafe4293b7ca4789b3607fc8546f7138874ac4cf9173b1166c641e2a1eb

- **Autodesk's growth is partially driven by one-time factors such as acquisitions**; for example, the acquisition of Payapps contributed to their 'make' revenue growth, indicating that organic growth may be lower than reported.  **[ADSK_3400216_25]**
- **The company is facing headwinds in new business generation**, particularly in the Media and Entertainment segment due to ongoing industry strikes, and weaknesses in key geographies like China and Korea, which may impact future growth prospects.  **[ADSK_3400216_19]**
- **There is a delay in realizing returns from significant R&D investments, which may put pressure on margins in the near term**, as management acknowledges delays between investment and value creation, especially in times of technological advancement.  **[ADSK_3400216_21]**

17ebd1d268d4b441d3b811dac25db69921431f58aa4a153776482de37153c1a1

733faf8417b3b5060e12ddb5de5ea730eb6a533e4b5fc65cfb5b63d403d3084d

- **Autodesk's new business growth remains relatively soft, impacted by macroeconomic factors, leading to revenue growth guidance at the lower end of their 10% to 15% target range.**  **[ADSK_3375987_13]**
- **The transition to the new transaction model introduces uncertainty and headwinds to revenue growth and operating margins, with the $600 million shift expected to affect revenue and expenses over multiple years.**  **[ADSK_3375987_4]** **[ADSK_3375987_24]** **[ADSK_3375987_25]**
- **Competitive pressures and past integration issues in the construction segment may pose challenges to Autodesk's growth, even as the company works to scale execution in that area.**  **[ADSK_3375987_17]**

c0eb2aaf81dfe6aa3ace45d0b36c801e530c2e6e8e1162cf891c4e839abbf608

- **Autodesk's new transaction model is poised to enhance cross-sell and upsell opportunities**, as they develop more direct relationships with customers and understand their usage patterns better. This strategy, previously successful with their Enterprise Business Agreements (EBAs), is expected to drive revenue growth as they complete the new transaction model rollout.  **[ADSK_3410062_13]**
- **Growing interest from owners and operators in Autodesk's solutions, such as Tandem, a digital twin platform**, is driving expansion into new market segments. This focus on the entire lifecycle from design to operations opens up significant growth potential as Autodesk continues to release products and capabilities tailored to the owner space.  **[ADSK_3410062_19]**
- **Autodesk's leadership in AI, exemplified by initiatives like Project Bernini, positions the company ahead of competitors**. By embedding AI into their products and developing foundational models, Autodesk is enhancing their competitive position, which is crucial for future growth and potential monetization opportunities from these technologies.  **[ADSK_3410062_25]**

733d78847f3cafc7e0b825f4c407e76d31f57c7aa39e6ce4377be97c00f67126

1. **Second Half Growth Outlook**  
   **Q:** How are you thinking about growth in the second half?  
   **A:** Andrew expressed confidence in hitting full-year goals despite uncertainties ahead, citing that **strong Q1 results** have set them up well. They are monitoring significant initiatives like the new U.S. transaction model, which is proceeding as expected, and will determine European rollout based on its performance. Overall, they feel confident about achieving their targets.  **[ADSK_3392196_7]** 

2. **Net New Seat Growth**  
   **Q:** Expectations for net new seat growth in FY25 vs. FY24?  
   **A:** Andrew noted it's hard to predict FY25 but mentioned they've seen **broadly consistent performance** for many quarters. Strength in EMEA, Australia, and Japan has been offset by weakness in China and Korea. He anticipates ongoing stability with **puts and takes** each quarter, suggesting similar patterns may continue.  **[ADSK_3392196_10]** 

3. **Americas Transition Rollout**  
   **Q:** What determines EMEA transition timing after the U.S.?  
   **A:** The rollout to EMEA depends on the U.S. performance at scale. After successful tests in Australia and New Zealand, they are observing the U.S. launch. If systems work as expected and without scalability issues, they'll proceed to Europe, likely in early fiscal '26. Delays are possible if unexpected problems arise.  **[ADSK_3392196_8]** 

4. **Early Renewals Impact**  
   **Q:** Were early Q1 renewals due to the direct transition?  
   **A:** Simon clarified that early renewals were more related to the **timing of a price increase**, similar to patterns seen in Australia ahead of implementing the new transaction model in the U.S., rather than being primarily driven by the direct transition or specific to the U.S.  **[ADSK_3392196_12]** 

5. **R&D Efficiency Initiatives**  
   **Q:** What did you mean by "velocity and efficiency of R&D"?  
   **A:** Andrew explained they're investing in **platform services** to enable teams to move faster and better by sharing services across the company. This approach prevents redundant work and allows quicker startups for new projects, including incubations. He believes they're hitting a **sweet spot of momentum** with these shared services enhancing R&D efficiency.  **[ADSK_3392196_9]** 

6. **GenAI Monetization Strategy**  
   **Q:** How will you monetize GenAI models like Bernini?  
   **A:** Andrew stated it's early to specify monetization plans but is a big fan of **consumption models** and expects them to play a critical role. He anticipates consumption-based monetization and potential customization for individual customers, much like tailored versions of GitHub Copilot.  **[ADSK_3392196_12]** 

7. **Project Bernini Impact**  
   **Q:** What's the timing and impact of Project Bernini?  
   **A:** Andrew described Bernini as their **first foundation model**, a shape interpretation tool that converts various inputs into intelligent 3D geometry. It will serve as a core tool across industries and is one of several foundation models planned to automate key customer tasks. He emphasized that they're **ahead of competitors**, producing high-quality results, and are closely engaging with customers on future developments.  **[ADSK_3392196_11]** 

89f24c9916b00097e40d14d01a5d9181ed9c1902a5dad675a46298f5a149518c

1. **New CFO Appointment**  
   **Q:** Tell us more about Janesh joining as CFO.  
   **A:** Andrew expressed excitement about Janesh joining Autodesk as CFO in **December**.  **[ADSK_3410062_9]**  Janesh brings **seven years** of experience as CFO and COO at Elastic, where he drove optimization at scale.  **[ADSK_3410062_9]**  He also has a strong background from VMware and Cisco, and industry knowledge from his time at PTC.  **[ADSK_3410062_9]**  Janesh will focus on ensuring every dollar invested yields maximum return for the business and investors.  **[ADSK_3410062_9]** 

2. **Free Cash Flow Outlook**  
   **Q:** Is there potential for better free cash flow in FY '26?  
   **A:** Betsy stated there is no change to the free cash flow guidance for fiscal '26; it remains at **$2.05 billion at the midpoint**.  **[ADSK_3410062_15]**  The guidance continues as previously communicated.  **[ADSK_3410062_15]** 

3. **Margin Improvement and Optimization**  
   **Q:** What areas have efficiency potential after the transaction model rollout?  
   **A:** Andrew emphasized that optimization is a mindset at Autodesk, and they are already hitting non-GAAP margin targets set for next year **this year**.  **[ADSK_3410062_21]**  The shift to self-service and better customer understanding will drive efficiencies and margin growth over the next couple of years.  **[ADSK_3410062_21]**  By moving channel partners from transactional roles to solution providers, they aim to eliminate redundancies and drive cost efficiencies.  **[ADSK_3410062_21]** 

4. **Revenue Growth Expectations**  
   **Q:** Could the revenue growth outlook of 10–15% change?  
   **A:** Andrew acknowledged they're currently at the bottom end of the **10–15% growth** range due to headwinds like the pandemic, inflation, and exiting Russia.  **[ADSK_3410062_27]**  It takes time for these factors to build out in a subscription model.  **[ADSK_3410062_27]**  As a long-term framework, the 10–15% growth target still makes sense, but they will evaluate as new leadership comes in.  **[ADSK_3410062_27]** 

5. **Current RPO Sustainability**  
   **Q:** How sustainable is the 12% CRPO growth CAGR?  
   **A:** Betsy explained that after adjusting for headwinds and tailwinds, CRPO growth was broadly consistent with the second quarter.  **[ADSK_3410062_11]**  Early renewals and the new transaction model are providing a tailwind, while declining contributions from large multiyear EBA cohorts coming up for renewal in fiscal '26 are a headwind.  **[ADSK_3410062_11]** 

6. **Construction Cloud Growth**  
   **Q:** Is the reacceleration in Construction Cloud durable?  
   **A:** Andrew stated they continue to drive consistent high growth in Construction solutions, with net new customers **doubling year-over-year**.  **[ADSK_3410062_22]**  Organic growth remains solid, and acquisitions like Payapps are accelerating growth.  **[ADSK_3410062_22]**  Their distribution channel operating at scale helps capture more customers, both in the U.S. and internationally.  **[ADSK_3410062_22]** 

7. **New Transaction Model Impact**  
   **Q:** Any early learnings from customers on the new transaction model?  
   **A:** Andrew indicated it's too early to draw conclusions, but they see shifts to direct channels for customers previously served at arm's length.  **[ADSK_3410062_13]**  In terms of driving cross-sell and upsell, it's still early days.  **[ADSK_3410062_13]**  Their experience with enterprise business agreements shows that direct relationships enhance cross-sell and upsell capabilities.  **[ADSK_3410062_13]** 

8. **M&A Strategy**  
   **Q:** Is focusing on strategic tuck-ins the right approach?  
   **A:** Andrew remarked that Autodesk has always been an acquisitive company and will pursue acquisitions that make strategic and financial sense.  **[ADSK_3410062_16]**  Consolidation in their space is inevitable, but they did not comment on specific deals.  **[ADSK_3410062_16]** 

9. **Macro Environment Consistency**  
   **Q:** Any change in the overall macro spend environment?  
   **A:** Andrew stated the core answer is consistency; they are seeing consistent trends with prior quarters.  **[ADSK_3410062_23]**  There are always fluctuations, but the general tone remains the same.  **[ADSK_3410062_23]** 

10. **Project Bernini and AI Initiatives**  
    **Q:** Update on Project Bernini and monetization opportunity?  
    **A:** Andrew explained that Bernini is an AI-driven innovation for generating preliminary outcomes from specifications.  **[ADSK_3410062_25]**  They are engaging with targeted customers to enhance Bernini, but it's not yet commercially available.  **[ADSK_3410062_25]**  While monetization strategies are still uncertain, Autodesk is ahead in AI, strengthening their competitive position.  **[ADSK_3410062_25]** 

0bb8fd0fcc10d5511eefbc315d7a3898e77aa2ebf51e1129b6d80d93f80691bb

- **Autodesk's Construction business is showing strong momentum, driven by the quality of its solutions and increasing competitive wins.**  **[ADSK_3392196_28]**
- **Despite recent investigations, there are no changes in financials or obfuscation in the underlying business strength, and Autodesk maintains confidence in its free cash flow targets for this year and next.**  **[ADSK_3392196_22]**
- **Autodesk has demonstrated consistent performance over many quarters, and expects ongoing stability despite macroeconomic challenges, indicating resilience in their performance.**  **[ADSK_3392196_10]**

3d7918c3c7358bd8a45dca3112527074ec7b127aae565a2b83cfbc9060968709

- **Uncertainty about the effectiveness of the new transaction model in driving cross-sell and upsell, as it's still too early to draw conclusions.**  **[ADSK_3410062_13]**
- **The benefits from the new transaction model on billings are lower than expected due to increased buy-sell business ahead of the European launch, resulting in less tailwind from the model.**  **[ADSK_3410062_26]**
- **Monetization of AI initiatives like Project Bernini remains uncertain and is still in early stages, with no clear path to revenue generation.**  **[ADSK_3410062_25]**

2c6ff83f6b6d2915cdb6ab58dde3eb660cde2f14234cabe8301f6f59749fd11e

- **Autodesk is achieving non-GAAP targets ahead of schedule**, demonstrating operational efficiency and margin improvement despite macroeconomic headwinds.  **[ADSK_3400216_10]** **[ADSK_3400216_16]**
- **Strong growth in the Manufacturing segment**, particularly with the Fusion product, where Autodesk is gaining market share and increasing average sales prices through higher attach rates.  **[ADSK_3400216_20]**
- **Resilient performance in key markets like AEC and Manufacturing**, with positive forward metrics like increased monthly active usage and bids on BuildingConnected, offsetting challenges in other areas and geographies.  **[ADSK_3400216_19]**

cd51e69bc042aaffdcf21480b67b727043b36c4e179b630960a268b6685c3a75

1. **FY 2025 Growth Outlook**  
   **Q:** Why is FY '25 revenue growth at 10%? What drives a potential recovery?  
   **A:** We continue to target our long-term growth algorithm of **10% to 15%** revenue growth.  **[ADSK_3375987_13]**  For FY '25, we guided to the midpoint of **10%** due to macroeconomic conditions impacting new business growth.  **[ADSK_3375987_13]**  We are monitoring indicators like new business growth, product usage, and bidding activity to assess recovery prospects.  **[ADSK_3375987_13]** 

2. **Free Cash Flow Guidance**  
   **Q:** How does the FY '26 free cash flow target compare to prior expectations?  
   **A:** We reaffirm our FY '26 free cash flow target of **$2.05 billion**.  **[ADSK_3375987_14]**  The progression from FY '24 to FY '26 is linear when adjusting for the **$200 million** impact from upfront multi-year contracts.  **[ADSK_3375987_14]**  No changes have been made to our cash flow expectations.  **[ADSK_3375987_14]** 

3. **Impact of Pricing Actions**  
   **Q:** How will recent pricing actions affect customer behavior and the model?  
   **A:** We implemented a **3%** market factor increase and a **5%** renewal increase.  **[ADSK_3375987_8]**  We moved up the timing, leading to some early renewals and adding **one point of growth to current RPO**.  **[ADSK_3375987_8]**  The price increase was helpful to billings but not material to revenue and free cash flow.  **[ADSK_3375987_8]** 

4. **Transaction Model Changes**  
   **Q:** What is the impact of the new transaction model on revenue?  
   **A:** The new transaction model will provide a **one-point tailwind** to revenue growth in FY '25.  **[ADSK_3375987_20]**  The transition involves **$600 million** in reseller commissions impacting revenue and expenses over time, bleeding into results over the next couple of years.  **[ADSK_3375987_24]** **[ADSK_3375987_25]** 

5. **Construction Business Growth**  
   **Q:** Can construction revenue accelerate to 20% growth?  
   **A:** Our goal is to drive greater growth in our "Make" revenue line.  **[ADSK_3375987_26]**  It grew **17%** in constant currency over the past three quarters.  **[ADSK_3375987_26]**  We anticipate this growth rate will be higher than the core business, aiming to accelerate beyond current levels.  **[ADSK_3375987_26]** 

6. **Acquisition of Payapps**  
   **Q:** Why acquire Payapps instead of extending the partnership?  
   **A:** We acquired Payapps to **tightly integrate** their capabilities into our construction solutions, automating and tracking payments to reduce processing time from **83 days**.  **[ADSK_3375987_15]**  This aligns with our end-to-end solution strategy and will help accelerate growth in construction.  **[ADSK_3375987_15]** **[ADSK_3375987_16]** 

7. **Potential Risks to Guidance**  
   **Q:** What could cause results to hit the lower end of guidance?  
   **A:** A shift in macroeconomic conditions impacting new business growth could lead us to the lower end of our guidance range.  **[ADSK_3375987_21]**  We are closely monitoring new business growth, end-market demand, and partner sentiment to assess potential risks.  **[ADSK_3375987_21]** 

8. **Capacity to Support Volume Growth**  
   **Q:** Can your systems handle expected volume growth?  
   **A:** We have modernized our transaction environment to support significant scaling.  **[ADSK_3375987_11]**  This ensures we can operate at scale as we deepen penetration and increase subscriptions.  **[ADSK_3375987_11]** 

9. **Effects of Declining Engineers**  
   **Q:** Any impact from fewer engineers on seat growth?  
   **A:** We are **not seeing** a decline in growth rates due to pressure from declining ranks of engineers.  **[ADSK_3375987_19]**  We continue to displace competitive products, especially with Fusion in manufacturing.  **[ADSK_3375987_19]** 

10. **Generative AI Initiatives**  
    **Q:** How are customers responding to generative AI?  
    **A:** Customers are seeking productivity increases from generative AI.  **[ADSK_3375987_7]**  We intend to be the market leader, delivering disruptive technologies and tools that automate workflows.  **[ADSK_3375987_7]** 

5aae72aaf5fa8adcdb2c0b9df0ff1f9ae711a6e3382370d435fabac75f6ed25f

1. **Margin Outlook**  
   **Q:** Did you do anything to drive margin leverage?  
   **A:** Andrew said they did nothing unusual to improve margins; it was the rate and pace of the business.  **[ADSK_3400216_16]**  Betsy added they intentionally saw underlying improvement in margins, anticipating headwinds from transitions.  **[ADSK_3400216_16]** 

2. **Free Cash Flow Guidance**  
   **Q:** Confidence behind free cash flow target for next year?  
   **A:** Betsy stated they still estimate free cash flow in fiscal '26 to be around **$2.05 billion at the midpoint**.  **[ADSK_3400216_22]** **[ADSK_3400216_24]**  They are focused on managing margins despite the new transaction model impacting P&L.  **[ADSK_3400216_24]** 

3. **Transaction Model Impact**  
   **Q:** How will the new transaction model affect margins and sales?  
   **A:** Andrew explained they see a line of sight to increasing productivity and effectiveness in sales and marketing, driving costs down per deal, leading to margin growth.  **[ADSK_3400216_10]** **[ADSK_3400216_12]** 

4. **Manufacturing Growth**  
   **Q:** Are you seeing share gains in Manufacturing?  
   **A:** Andrew confirmed they are seeing share movement; **Fusion** performed well with consistent growth and increased ASPs through extensions, indicating a share shift.  **[ADSK_3400216_20]** 

5. **Construction Cloud Outlook**  
   **Q:** Outlook for Autodesk Construction Cloud and competitiveness?  
   **A:** Andrew said they're maintaining momentum in a tough environment, seeing strong international growth, and their value proposition resonates with customers, leading to competitive wins.  **[ADSK_3400216_11]** 

6. **Demand Outlook**  
   **Q:** What are the new business trends and demand outlook?  
   **A:** Andrew noted similar trends as previous quarters. **AEC** continues strong; **Manufacturing** did well, while **Media and Entertainment** faced drags due to strikes. **China and Korea** were drags geographically.  **[ADSK_3400216_19]** 

7. **Activist Engagement**  
   **Q:** Thoughts on Starboard Value's involvement?  
   **A:** Andrew said they agree with Starboard that there's a lot more value creation coming from Autodesk, and they're excited about ongoing value and delivering results despite tough environments.  **[ADSK_3400216_10]** 

8. **Pricing Environment**  
   **Q:** Is the new transaction model helping control discounting?  
   **A:** Andrew stated the biggest impact is with partners; it prevents less confident partners from undermining on price, allowing best partners to sell based on value. For Autodesk, it's about efficiencies, not pricing.  **[ADSK_3400216_18]** 

9. **Make Revenue Growth**  
   **Q:** Were there any one-time factors in make revenue growth?  
   **A:** Andrew mentioned the core momentum is intact, with the acquisition of **Payapps** adding a little boost. The underlying momentum in Construction and Fusion is solid and consistent.  **[ADSK_3400216_25]** 

10. **Customer Feedback**  
    **Q:** What are customers saying about the transaction model?  
    **A:** Andrew said for most customers it's a non-event, but some see benefits in cleaning up their relationship with Autodesk, gaining more power during renewal cycles.  **[ADSK_3400216_23]** 

11. **Billing Co-terming Effects**  
    **Q:** How are co-terming effects impacting license volume expectations?  
    **A:** Andrew explained co-terming moves some billings forward, creating efficiency in renewals and making cross-sell and upsell easier, despite shifts in billing timing.  **[ADSK_3400216_13]** 

12. **Election Impact**  
    **Q:** Is the upcoming election affecting customer decision-making?  
    **A:** Andrew believes their customers' issues are bipartisan, and they see little impact. Customers are not expressing concerns due to the election.  **[ADSK_3400216_15]** 

13. **R&D Investment**  
    **Q:** How much investment is being absorbed in margins?  
    **A:** Andrew noted there's always a delay between R&D investment and return. They're in a time of technological advancement and share shift, so investments will lead to future growth.  **[ADSK_3400216_21]** 

14. **Future Margin Outlook**  
    **Q:** How should we think about margin trajectory into FY '26?  
    **A:** Andrew said it's too early for specifics but wants to instill confidence they see line of sight to productivity improvements driving margin growth over the next couple of years.  **[ADSK_3400216_22]** 

15. **Free Cash Flow Timing**  
    **Q:** Is the free cash flow raise due to timing or core business?  
    **A:** Betsy stated it's largely a timing issue. They didn't anticipate the significance of customers buying ahead of the North America launch, shifting free cash flow into the first half.  **[ADSK_3400216_17]** 

d98f7c7c29946bc01fcc9fc95555168efc77cea16b575d6c66f05278cf945fb7

Autodesk Inc (ADSK)

Financials