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AUTODESK, INC. ANNOUNCES FISCAL 2024 FOURTH QUARTER AND FULL-YEAR RESULTS

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– Fourth quarter revenue grew 11 percent, and 14 percent at constant exchange rates, to $1.5 billion

– Fourth quarter current remaining performance obligations grew 13 percent, to $4.0 billion

SAN FRANCISCO, Feb. 29, 2024 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the fourth quarter and full year of fiscal 2024.

All growth rates are compared to the fourth quarter and full year of fiscal 2023, respectively, unless otherwise noted. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For definitions, please view the Glossary of Terms later in this document.

Fourth Quarter Fiscal 2024 Financial Highlights

Total revenue increased 11 percent to $1.47 billion;GAAP operating margin was 21 percent, flat compared to the prior period;Non-GAAP operating margin was 36 percent, flat compared to the prior period;GAAP diluted EPS was $1.31; Non-GAAP diluted EPS was $2.09;Cash flow from operating activities was $437 million; free cash flow was $427 million.

“We are undertaking a multi-year process to develop lifecycle solutions, powered by shared platform services, and with Autodesk’s Data Model at its core. Together, these will enable Autodesk, its customers, and partners, to create more valuable, data-driven, and connected products and services,” said Andrew Anagnost, Autodesk president and CEO. “Having led the industry in generative design, we are leading again in 3D generative AI. Our new multimodal foundation models will enable design and make customers to automate low-value and repetitive tasks and generate more high-value, complex designs more rapidly and with much greater consistency. We can already generate 3D representations from images 10 times faster and with vastly higher quality than currently available 3D AI.”

“Autodesk remains resilient and underlying demand for our products and services is robust. As a result, revenue grew 14 percent at constant currency in the fourth quarter,” said Debbie Clifford, Autodesk CFO. “Adjusting the mid-point of our guidance to exclude noise from the new transaction model, acquisitions, the absence of EBA true-up revenue, and FX, we expect underlying revenue to grow more than 10 percent in fiscal 25.”

Fourth Quarter Fiscal 2024 Additional Financial Details

Total billings decreased 19 percent to $1.71 billion.Total revenue was $1.47 billion, an increase of 11 percent as reported, and 14 percent on a constant currency basis. Recurring revenue represents 98 percent of total.Design revenue was $1.22 billion, an increase of 10 percent as reported, and 12 percent on a constant currency basis. On a sequential basis, Design revenue increased 2 percent as reported and on a constant currency basis.Make revenue was $138 million, an increase of 16 percent as reported, and 17 percent on a constant currency basis. On a sequential basis, Make revenue increased 3 percent as reported and on a constant currency basis.Subscription plan revenue was $1.34 billion, an increase of 10 percent as reported, and 13 percent on a constant currency basis. On a sequential basis, subscription plan revenue increased 2 percent as reported, and 3 percent on a constant currency basis.Net revenue retention rate was within the range of 100 to 110 percent on a constant currency basis.GAAP operating income was $315 million, compared to $277 million in the fourth quarter last year. GAAP operating margin was 21 percent, flat compared to the prior period.Total non-GAAP operating income was $522 million, compared to $479 million in the fourth quarter last year. Non-GAAP operating margin was 36 percent, flat compared to the prior period.GAAP diluted net income per share was $1.31, compared to $1.35 in the fourth quarter last year.Non-GAAP diluted net income per share was $2.09, compared to $1.86 in the fourth quarter last year.Deferred revenue decreased 7 percent to $4.26 billion. Unbilled deferred revenue was $1.84 billion, an increase of $801 million compared to the fourth quarter last year. Remaining performance obligations (RPO) increased 9 percent to $6.11 billion. Current RPO increased 13 percent to $3.98 billion.Cash flow from operating activities was $437 million, a decrease of 474 million compared to the fourth quarter last year. Free cash flow was $427 million, a decrease of $476 million compared to the fourth quarter last year.

Net Revenue by Geographic Area

Three Months
Ended January 31,
2024

Three Months
Ended January 31,
2023

Change
compared to

prior fiscal year

Constant currency
change compared
to prior fiscal year

(In millions, except percentages)

$

%

%

Net Revenue:

Americas

U.S.

$                        517

$                       451

$      66

15 %

*

Other Americas

139

101

38

38 %

*

Total Americas

656

552

104

19 %

19 %

Europe, Middle East and Africa

546

508

38

7 %

11 %

Asia Pacific

267

258

9

3 %

8 %

Total Net Revenue

$                    1,469

$                    1,318

$    151

11 %

14 %

____________________

*  Constant currency data not provided at this level.

Net Revenue by Product Family

Our product offerings are focused in four primary product families: Architecture, Engineering and Construction (“AEC”), AutoCAD and AutoCAD LT, Manufacturing (“MFG”), and Media and Entertainment (“M&E”).

Three Months Ended

Change compared to

prior fiscal year

(In millions, except percentages)

January 31,
2024

January 31,
2023

$

%

AEC

$              696

$              602

$         94

16 %

AutoCAD and AutoCAD LT

377

362

15

4 %

MFG

292

257

35

14 %

M&E

77

74

3

4 %

Other

27

23

4

17 %

Total Net Revenue

$           1,469

$            1,318

$        151

11 %

Fiscal 2024 Financial Highlights

Total billings decreased 11 percent to $5.18 billion.Total revenue was $5.50 billion, an increase of 10 percent as reported, and 13 percent on a constant currency basis. Recurring revenue represents 98 percent of total.Design revenue was $4.65 billion, an increase of 9 percent as reported, and 12 percent on a constant currency basis.Make revenue was $523 million, an increase of 16 percent as reported, and 18 percent on a constant currency basis.Subscription plan revenue was $5.12 billion, an increase of 10 percent as reported, and 13 percent on a constant currency basis.Total subscriptions increased approximately 785 thousand from the end of fiscal 2023 to 7.53 million at the end of fiscal 2024. Total subscriptions adjusted for the multi-user trade-in increased approximately 715 thousand from fiscal 2023 to 6.97 million.GAAP operating income was $1.13 billion, compared to $989 million last year. GAAP operating margin was 21 percent, up 1 percentage point.Total non-GAAP operating income was $1.96 billion, compared to $1.79 billion last year. Non-GAAP operating margin was 36 percent, flat compared to the prior period.GAAP diluted net income per share was $4.19, compared to $3.78 last year.Non-GAAP diluted net income per share was $7.60, compared to $6.63 last year.Cash flow from operating activities decreased to $1.31 billion, compared to $2.07 billion in fiscal 2023. Free cash flow decreased to $1.28 billion, compared to $2.03 billion in fiscal 2023.

Net Revenue by Geographic Area

Fiscal Year Ended
January 31, 2024

Fiscal Year Ended
January 31, 2023

Change compared to

prior fiscal year

Constant
currency change
compared to
prior fiscal year

(In millions, except percentages)

$

%

%

Net Revenue:

Americas

U.S.

$                 1,978

$               1,720

$          258

15 %

*

Other Americas

460

372

88

24 %

*

Total Americas

2,438

2,092

346

17 %

17 %

EMEA

2,042

1,906

136

7 %

12 %

APAC

1,017

1,007

10

1 %

6 %

Total Net Revenue

$                5,497

$             5,005

$           492

10 %

13 %

____________________

*  Constant currency data not provided at this level.

Net Revenue by Product Family

Our product offerings are focused in four primary product families: AEC, AutoCAD and AutoCAD LT, MFG, and M&E.

Fiscal Year Ended

Change compared to

prior fiscal year

(In millions, except percentages)

January 31, 2024

January 31, 2023

$

%

AEC

$                2,580

$                 2,278

$          302

13 %

AutoCAD and AutoCAD LT

1,462

1,387

75

5 %

MFG

1,063

978

85

9 %

M&E

295

291

4

1 %

Other

97

71

26

37 %

Total Net Revenue

$                5,497

$                5,005

$           492

10 %

Business Outlook

The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties, some of which are set forth below under “Safe Harbor Statement.” Autodesk’s business outlook for the first quarter and full-year fiscal 2025 takes into consideration the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2024 GAAP and non-GAAP estimates is provided below or in the tables later in this document.

First Quarter Fiscal 2025

Q1 FY25 Guidance Metrics

Q1 FY25
(ending April 30, 2024)

Revenue (in millions)

$1,385 – $1,400

EPS GAAP

$0.96 – $1.01

EPS non-GAAP (1)

$1.73- $1.78

____________________

(1) Non-GAAP earnings per diluted share excludes $0.72 related to stock-based compensation expense, $0.11 for the amortization of both purchased intangibles and developed technologies, and $0.08 for acquisition-related costs, partially offset by ($0.14) related to GAAP-only tax charges.

Full-Year Fiscal 2025

FY25 Guidance Metrics

FY25
(ending January 31, 2025)

Billings (in millions)

$5,810 – $5,960
Up 12% – 15%

Revenue (in millions) (1)

$5,990 – $6,090
Up 9% – 11%

GAAP operating margin

20% – 21%

Non-GAAP operating margin (2)

35% – 36%

EPS GAAP

$4.41 – $4.63

EPS non-GAAP (3)

$7.89 – $8.11

Free cash flow (in millions) (4)

$1,430 – $1,500

____________________

(1) Excluding the impact of foreign currency exchange rates and hedge gains/losses, revenue guidance range would be approximately 1 percentage point higher.

(2) Non-GAAP operating margin excludes approximately 12% related to stock-based compensation expense, approximately 2% for the amortization of both purchased intangibles and developed technologies, and approximately 1% related to acquisition-related costs.

(3) Non-GAAP earnings per diluted share excludes $3.39 related to stock-based compensation expense, $0.50 for the amortization of both purchased intangibles and developed technologies, and $0.26 related to acquisition-related costs, partially offset by ($0.67) related to GAAP-only tax charges.

(4) Free cash flow is cash flow from operating activities less approximately $30 million of capital expenditures.

The first quarter and full-year fiscal 2025 outlook assume a projected annual effective tax rate of 21 percent for GAAP and 19 percent for non-GAAP results, respectively. Shifts in geographic profitability continue to impact the annual effective tax rate due to significant differences in tax rates in various jurisdictions. As such, assumptions for the annual effective tax rate are evaluated regularly and may change based on the projected geographic mix of earnings.

Earnings Conference Call and Webcast

Autodesk will host its fourth quarter conference call today at 5 p.m. ET. The live broadcast can be accessed at autodesk.com/investor. A transcript of the opening commentary will also be available following the conference call. 

A replay of the broadcast will be available at 7 p.m. ET at autodesk.com/investor. This replay will be maintained on Autodesk’s website for at least 12 months.

Investor Presentation Details

An investor presentation, excel financials and other supplemental materials providing additional information can be found at autodesk.com/investor.

Key Performance Metrics

To help better understand our financial performance, we use several key performance metrics including billings, recurring revenue, net revenue retention rate (“NR3”) and subscriptions. These metrics are key performance metrics and should be viewed independently of revenue and deferred revenue. These metrics are not intended to be combined with those items. We use these metrics to monitor the strength of our recurring business. We believe these metrics are useful to investors because they can help in monitoring the long-term health of our business. Our determination and presentation of these metrics may differ from that of other companies. The presentation of these metrics is meant to be considered in addition to, not as a substitute for or in isolation from, our financial measures prepared in accordance with GAAP.

Glossary of Terms

Billings: Total revenue plus the net change in deferred revenue from the beginning to the end of the period.

Cloud Service Offerings: Represents individual term-based offerings deployed through web browser technologies or in a hybrid software and cloud configuration. Cloud service offerings that are bundled with other product offerings are not captured as a separate cloud service offering.

Constant Currency (CC) Growth Rates: We attempt to represent the changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates as well as eliminating hedge gains or losses recorded within the current and comparative periods. We calculate constant currency growth rates by (i) applying the applicable prior period exchange rates to current period results and (ii) excluding any gains or losses from foreign currency hedge contracts that are reported in the current and comparative periods.

Design Business: Represents the combination of maintenance, product subscriptions, and all EBAs. Main products include, but are not limited to, AutoCAD, AutoCAD LT, Industry Collections, Revit, Inventor, Maya, and 3ds Max. Certain products, such as our computer aided manufacturing solutions, incorporate both Design and Make functionality and are classified as Design.

Enterprise Business Agreements (EBAs): Represents programs providing enterprise customers with token-based access to a broad pool of Autodesk products over a defined contract term.

Flex:  A pay-as-you-go consumption option to pre-purchase tokens to access any product available with Flex for a daily rate.

Free Cash Flow: Cash flow from operating activities minus capital expenditures.

Industry Collections: Autodesk Industry Collections are a combination of products and services that target a specific user objective and support a set of workflows for that objective. Our Industry Collections consist of: Autodesk Architecture, Engineering and Construction Collection, Autodesk Product Design and Manufacturing Collection, and Autodesk Media and Entertainment Collection.

Maintenance Plan: Our maintenance plans provide our customers with a cost effective and predictable budgetary option to obtain the productivity benefits of our new releases and enhancements when and if released during the term of their contracts. Under our maintenance plans, customers are eligible to receive unspecified upgrades when and if available, and technical support. We recognize maintenance revenue over the term of the agreements, generally one year.    

Make Business: Represents certain cloud-based product subscriptions. Main products include, but are not limited to, Assemble, Autodesk Build, BIM Collaborate Pro, BuildingConnected, Fusion, and Flow Production Tracking. Certain products, such as Fusion, incorporate both Design and Make functionality and are classified as Make.

Net Revenue Retention Rate (NR3): Measures the year-over-year change in Recurring Revenue for the population of customers that existed one year ago (“base customers”).  Net revenue retention rate is calculated by dividing the current quarter Recurring Revenue related to base customers by the total corresponding quarter Recurring Revenue from one year ago. Recurring Revenue is based on USD reported revenue, and fluctuations caused by changes in foreign currency exchange rates and hedge gains or losses have not been eliminated. Recurring Revenue related to acquired companies, one year after acquisition, has been captured as existing customers until such data conforms to the calculation methodology. This may cause variability in the comparison.

Other Revenue: Consists of revenue from consulting, training and other products and services, and is recognized as the products are delivered and services are performed. 

Product Subscription: Provides customers a flexible, cost-effective way to access and manage 3D design, engineering, and entertainment software tools. Our product subscriptions currently represent a hybrid of desktop and cloud functionality, which provides a device-independent, collaborative design workflow for designers and their stakeholders.  

Recurring Revenue: Consists of the revenue for the period from our traditional maintenance plans, our subscription plan offerings, and certain Other revenue. It excludes subscription revenue related to third-party products. Recurring revenue acquired with the acquisition of a business is captured when total subscriptions are captured in our systems and may cause variability in the comparison of this calculation.    

Remaining Performance Obligations (RPO): The sum of total short-term, long-term, and unbilled deferred revenue. Current remaining performance obligations is the amount of revenue we expect to recognize in the next twelve months.

Solution Provider: Solution Provider is the name of our channel partners who serve our customers worldwide. Solution Providers may be resellers, agents, or both, in relation to Autodesk solutions.

Spend: The sum of cost of revenue and operating expenses.

Subscription Plan: Comprises our term-based product subscriptions, cloud service offerings, and EBAs. Subscriptions represent a combined hybrid offering of desktop software and cloud functionality which provides a device-independent, collaborative design workflow for designers and their stakeholders. With subscription, customers can use our software anytime, anywhere, and get access to the latest updates to previous versions.  

Subscription Revenue: Includes our cloud-enabled term-based product subscriptions, cloud service offerings, and flexible EBAs.  

Total Subscriptions: Consists of subscriptions from our maintenance plans and subscription plan offerings that are active and paid as of the fiscal year end date. For certain cloud service offerings and EBAs, subscriptions represent the monthly average activity reported within the last three months of the fiscal quarter end date. Total subscriptions do not include education offerings, consumer product offerings, and third-party products. Subscriptions acquired with the acquisition of a business are captured once the data conforms to our subscription count methodology and when added, may cause variability in comparison of this calculation.

Unbilled Deferred Revenue: Unbilled deferred revenue represents contractually stated or committed orders under early renewal and multi-year billing plans for subscription, services, and maintenance for which the associated deferred revenue has not been recognized. Under FASB Accounting Standards Codification (“ASC”) Topic 606, unbilled deferred revenue is not included as a receivable or deferred revenue on our Consolidated Balance Sheet.  

Safe Harbor Statement

This press release contains forward-looking statements that involve risks and uncertainties, including quotations from management, statements in the paragraphs under “Business Outlook” above statements about our short-term and long-term goals, statements regarding our strategies, market and product positions, performance and results, and all statements that are not historical facts. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our strategy to develop and introduce new products and services and to move to platforms and capabilities, exposing us to risks such as limited customer acceptance (both new and existing customers), costs related to product defects, and large expenditures; global economic and political conditions, including foreign exchange headwinds, recessionary fears, supply chain disruptions, resulting inflationary pressures and hiring conditions; costs and challenges associated with strategic acquisitions and investments; dependency on international revenue and operations, exposing us to significant international regulatory, economic, intellectual property, collections, currency exchange rate, taxation, political, and other risks, including risks related to the war against Ukraine launched by Russia and our exit from Russia; inability to predict subscription renewal rates and their impact on our future revenue and operating results; existing and increased competition and rapidly evolving technological changes; fluctuation of our financial results, key metrics and other operating metrics; our transition from up front to annual billings for multi-year contracts; deriving a substantial portion of our net revenue from a small number of solutions, including our AutoCAD-based software products and collections; any failure to successfully execute and manage initiatives to realign or introduce new business and sales initiatives; net revenue, billings, earnings, cash flow, or new or existing subscriptions shortfalls; social and ethical issues relating to the use of artificial intelligence in our offerings; our ability to maintain security levels and service performance meeting the expectations of our customers, and the resources and costs required to avoid unanticipated downtime and prevent, detect and remediate performance degradation and security breaches; security incidents or other incidents compromising the integrity of our or our customers’ offerings, services, data, or intellectual property; reliance on third parties to provide us with a number of operational and technical services as well as software; our highly complex software, which may contain undetected errors, defects, or vulnerabilities; increasing regulatory focus on privacy issues and expanding laws; governmental export and import controls that could impair our ability to compete in international markets or subject us to liability if we violate the controls; protection of our intellectual property rights and intellectual property infringement claims from others; the government procurement process; fluctuations in currency exchange rates; our debt service obligations; and our investment portfolio consisting of a variety of investment vehicles that are subject to interest rate trends, market volatility, and other economic factors. Our estimates as to tax rate are based on current tax law, including current interpretations of the Tax Cuts and Jobs Act, and could be affected by changing interpretations of that Act, as well as additional legislation and guidance around that Act.

Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk’s Form 10-K and subsequent Forms 10-Q, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

About Autodesk

Autodesk is changing how the world is designed and made. Our technology spans architecture, engineering, construction, product design, manufacturing, media and entertainment, empowering innovators everywhere to solve challenges big and small. From greener buildings to smarter products to more mesmerizing blockbusters, Autodesk software helps our customers to design and make a better world for all. For more information, visit autodesk.com or follow @autodesk. #MakeAnything

Autodesk uses its investors.autodesk.com website as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts.

Autodesk, AutoCAD, AutoCAD LT, BIM 360 and Fusion 360 are registered trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and service offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.

© 2024 Autodesk, Inc. All rights reserved.

Autodesk, Inc.

Condensed Consolidated Statements of Operations

(In millions, except per share data)

Three Months Ended January 31,

Fiscal Year Ended January 31,

2024

2023

2024

2023

(Unaudited)

Net revenue:

Subscription

$            1,339

$                 1,214

$             5,116

$            4,651

Maintenance

14

14

54

65

    Total subscription and maintenance revenue

1,353

1,228

5,170

4,716

Other

116

90

327

289

Total net revenue

1,469

1,318

5,497

5,005

Cost of revenue:

Cost of subscription and maintenance revenue

96

90

381

343

Cost of other revenue

20

20

82

79

Amortization of developed technologies

14

14

48

58

Total cost of revenue

130

124

511

480

Gross profit

1,339

1,194

4,986

4,525

Operating expenses:

Marketing and sales

479

439

1,823

1,745

Research and development

352

313

1,373

1,219

General and administrative

182

155

620

532

Amortization of purchased intangibles

11

10

42

40

Total operating expenses

1,024

917

3,858

3,536

Income from operations

315

277

1,128

989

Interest and other income (expense), net

22

—

8

(43)

Income before income taxes

337

277

1,136

946

(Provision) benefit for income taxes

(55)

16

(230)

(123)

Net income

$               282

$                   293

$              906

$              823

Basic net income per share

$              1.32

$                  1.36

$              4.23

$              3.81

Diluted net income per share

$               1.31

$                  1.35

$              4.19

$             3.78

Weighted average shares used in computing basic net income per share

214

216

214

216

Weighted average shares used in computing diluted net income per share

216

217

216

218

 

Autodesk, Inc.

Condensed Consolidated Balance Sheets

(In millions)

January 31,
2024

January 31,
2023

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$               1,892

$               1,947

Marketable securities

354

125

Accounts receivable, net

876

961

Prepaid expenses and other current assets

457

308

Total current assets

3,579

3,341

Long-term marketable securities

234

102

Computer equipment, software, furniture and leasehold improvements, net

121

144

Operating lease right-of-use assets

224

245

Intangible assets, net

406

407

Goodwill

3,653

3,625

Deferred income taxes, net

1,093

1,014

Long-term other assets

602

560

Total assets

$               9,912

$              9,438

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$                 100

$                  102

Accrued compensation

476

358

Accrued income taxes

36

33

Deferred revenue

3,500

3,203

Operating lease liabilities

67

85

Other accrued liabilities

172

219

Total current liabilities

4,351

4,000

Long-term deferred revenue

764

1,377

Long-term operating lease liabilities

275

300

Long-term income taxes payable

168

164

Long-term deferred income taxes

25

32

Long-term notes payable, net

2,284

2,281

Long-term other liabilities

190

139

Stockholders’ equity:

Common stock and additional paid-in capital

3,802

3,325

Accumulated other comprehensive loss

(234)

(185)

Accumulated deficit

(1,713)

(1,995)

Total stockholders’ equity

1,855

1,145

Total liabilities and stockholders’ equity

$               9,912

$              9,438

 

Autodesk, Inc.

Condensed Consolidated Statements of Cash Flows

(In millions)

Fiscal Year Ended January 31,

2024

2023

(Unaudited)

Operating activities:

Net income

$               906

$               823

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, amortization and accretion

139

150

Stock-based compensation expense

703

657

Deferred income taxes

(86)

(277)

Lease-related asset impairments

14

34

Other operating activities

(52)

(8)

Changes in operating assets and liabilities, net of business combinations:

Accounts receivable

86

(247)

Prepaid expenses and other assets

(77)

(3)

Accounts payable and other liabilities

(12)

(5)

Deferred revenue

(316)

798

Accrued income taxes

8

149

Net cash provided by operating activities

1,313

2,071

Investing activities:

Purchases of marketable securities

(1,110)

(397)

Sales of marketable securities

277

152

Maturities of marketable securities

487

298

Purchases of intangible assets

(30)

(6)

Business combinations, net of cash acquired

(70)

(96)

Capital expenditures

(31)

(40)

Other investing activities

(25)

(54)

Net cash used in investing activities

(502)

(143)

Financing activities:

Proceeds from issuance of common stock, net of issuance costs

130

124

Taxes paid related to net share settlement of equity awards

(187)

(160)

Repurchase and retirement of common stock

(795)

(1,101)

Repayment of debt

—

(350)

Net cash used in financing activities

(852)

(1,487)

Effect of exchange rate changes on cash and cash equivalents

(14)

(22)

Net (decrease) increase in cash and cash equivalents

(55)

419

Cash and cash equivalents at beginning of the period

1,947

1,528

Cash and cash equivalents at end of the period

$             1,892

$             1,947

 

Autodesk, Inc.

Reconciliation of GAAP financial measures to non-GAAP financial measures

(In millions, except per share data)

To supplement our condensed consolidated financial statements presented on a GAAP basis, we provide investors with certain non-GAAP measures including non-GAAP operating margin, non-GAAP income from operations, non-GAAP diluted net income per share, and free cash flow. For our internal budgeting and resource allocation process and as a means to evaluate period-to-period comparisons, we use non-GAAP measures to supplement our condensed consolidated financial statements presented on a GAAP basis. These non-GAAP measures do not include certain items that may have a material impact upon our future reported financial results. We use non-GAAP measures in making operating decisions because we believe those measures provide meaningful supplemental information regarding our earning potential and performance for management by excluding certain expenses and charges that may not be indicative of our core business operating results.  For the reasons set forth below, we believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. This allows investors and others to better understand and evaluate our operating results and future prospects in the same manner as management, compare financial results across accounting periods and to those of peer companies and to better understand the long-term performance of our core business. We also use some of these measures for purposes of determining company-wide incentive compensation.

There are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which charges are excluded from the non-GAAP financial measures. We compensate for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in our public disclosures. The presentation of non-GAAP financial information is meant to be considered in addition to, not as a substitute for or in isolation from, the directly comparable financial measures prepared in accordance with GAAP. We urge investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures included in this presentation, and not to rely on any single financial measure to evaluate our business.

The following table shows Autodesk’s GAAP results reconciled to non-GAAP results included in this release.

Three Months Ended January 31,

Fiscal Year Ended January 31,

2024

2023

2024

2023

(Unaudited)

(Unaudited)

GAAP operating margin

21 %

21 %

21 %

20 %

Stock-based compensation expense

11 %

12 %

13 %

13 %

Amortization of developed technologies

1 %

1 %

1 %

1 %

Amortization of purchased intangibles

1 %

1 %

1 %

1 %

Acquisition-related costs

1 %

— %

1 %

— %

Lease-related asset impairments and other charges

— %

1 %

— %

1 %

Non-GAAP operating margin (1)

36 %

36 %

36 %

36 %

GAAP income from operations

$               315

$            277

$         1,128

$           989

Stock-based compensation expense

160

164

703

660

Amortization of developed technologies

12

12

43

53

Amortization of purchased intangibles

11

10

41

40

Acquisition-related costs

17

3

33

10

Lease-related asset impairments and other charges

7

13

14

33

Non-GAAP income from operations

$               522

$            479

$        1,962

$        1,785

GAAP diluted net income per share

$              1.31

$           1.35

$          4.19

$          3.78

Stock-based compensation expense

0.74

0.76

3.26

3.03

Amortization of developed technologies

0.05

0.05

0.20

0.24

Amortization of purchased intangibles

0.05

0.04

0.19

0.18

Acquisition-related costs

0.08

0.02

0.15

0.05

Lease-related asset impairments and other charges

0.03

0.06

0.06

0.15

Loss on strategic investments and dispositions, net

0.03

0.04

0.15

—

Establishment (release) of valuation allowance on deferred tax assets

0.07

(0.18)

0.07

(0.18)

Discrete GAAP tax items

(0.07)

0.15

(0.15)

0.13

Income tax effect of non-GAAP adjustments

(0.20)

(0.43)

(0.52)

(0.75)

Non-GAAP diluted net income per share

$             2.09

$           1.86

$          7.60

$          6.63

Net cash provided by operating activities

$              437

$             911

$         1,313

$        2,071

Capital expenditures

(10)

(8)

(31)

(40)

Free cash flow

$              427

$           903

$        1,282

$        2,031

____________________

(1)  Totals may not sum due to rounding.

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SOURCE Autodesk, Inc.

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Thousands of Suppliers, Nine Buyer Delegations, Three Major Trends: The 35th Guzhen Lighting Fair Opens October 22 to Chart New Directions for the Industry

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ZHONGSHAN, China, Oct. 17, 2026 /PRNewswire/ — This October, the global lighting industry will once again turn its attention to the Pearl River Delta. The 2026 China (Guzhen) International Lighting Fair (Autumn Edition), also known as the 35th Guzhen Lighting Fair, will take place from October 22 to 25, 2026, at the Guzhen Convention and Exhibition Center in Zhongshan, Guangdong. Thousands of suppliers, nine buyer delegations, three major trends. They represent a major collective showcase for China’s lighting industry at a time of profound change in global trade.

Highlight 1: A New National Milestone for the Lighting Industry’s Only National-Level Trade Event

The Guzhen Lighting Fair’s standing begins with its national credentials. Approved by the Ministry of Commerce of the People’s Republic of China as a national-level exhibition and certified by UFI, the Global Association of the Exhibition Industry, this edition draws on a strong industrial base: a RMB 100 billion-plus lighting industry cluster centered on Guzhen and encompassing 11 towns and subdistricts across three surrounding cities.

Notably, the fair has been included in the 2026 National Consumer Goods Campaign Key Activity List, jointly issued by the Ministry of Industry and Information Technology and the Ministry of Culture and Tourism. It is the only major annual trade event from the lighting industry included on the list. The fair is also listed in the Guangdong Department of Commerce’s 2026 Guangdong Trade Nationwide program. These endorsements recognize the collective strength of Guzhen’s lighting industry and mark the fair’s rise from an industry exhibition to a national showcase.

Highlight 2: Seven themed Halls Reflect the Industry’s Evolving Priorities

All seven halls at the main venue have been upgraded, creating a new exhibition and trading layout in which each hall has a distinct theme and identity.

The seven-hall layout reveals three clear trends: increasingly sophisticated smart technologies, the return of design and aesthetics to the mainstream, and greater supply chain autonomy and control. Hall A, Urban Lighting and Smart Engineering, focuses on smart lighting and project lighting. Hall B, inter and commercial lighting, brings together decorative fixtures, residential lighting, and commercial lighting. Hall C, outdoor and special lighting, covers outdoor lighting, lighting for cultural and tourism attractions, and special-purpose fixtures. Halls D and E, lighting manufacturing and supply-chain, connect machinery, auxiliary materials and components, and supporting services. Hall F, smart home and living decor, combines smart home technologies with decorative furnishings and accessories. Hall H, new brands and cross-border sourcing, gives buyers a one-stop product sourcing destination.

The fair will showcase advances in three major areas. In AI integration, lighting control systems powered by large AI models and wireless AIoT lighting solutions will deliver more responsive experiences, with light adapting to people’s movements. In health-focused lighting, highlights include classroom lighting solutions designed to meet China’s new national standards, along with human-centric lighting and products tailored to older adults. In green and low-carbon development, the displays will span high-efficiency energy-saving technologies, solar photovoltaic and energy storage applications, and innovations in environmentally friendly materials.

Highlight 3: Targeted Sourcing for a Thousand Buyers Shifts the Focus from Visitor Traffic to Lasting Business

This edition will assemble nine professional buyer delegations. Six domestic groups will cover smart lighting systems, decorative lighting, linear lighting, wholesale distribution, the full range of lighting products, and intelligent lighting. Under the banner “Hundreds of Businesses, Nationwide Connections: Leading Lighting Distributors’ Sourcing Delegation,” the fair will invite selected company executives and decision-makers to attend with concrete sourcing plans. Three further delegations will bring together key overseas buyers, media and associations, and key opinion leaders (KOLs).

This approach shifts the emphasis from visitor traffic to a sustained flow of orders. Using the IIRIS data management system, the fair will identify high-quality buyers, establish qualification criteria for major buyers, and build a year-round service framework. By extending short-term connections at the fair into year-round trade support, it will help exhibitors turn a four-day encounter into year-round business relationships.

Highlight 4: The Hosted Buyer Program Combines Business Matching, VIP Sourcing Tour, and Networking Party

The fair’s flagship Hosted Buyer Program (HBP) will return with an expanded program, inviting hundreds of overseas buyers to join an international sourcing delegation. The business matching area in Hall H will host five Denggle.com Business Matching, four for overseas buyers and one for domestic buyers. The proven format combines pre-event research into buyers’ needs, targeted invitations, and one-on-one matching in a dedicated meeting area during the fair. It will cover major lighting markets including Southeast Asia, South Asia, Europe, the Americas, and Africa.

A distinctive addition is the partnership with GZCD•STAR ALLIANCE for the “Stars Gather at Star Alliance: A Global Search for Lighting” event series. Activities will include a guided tour for 40 overseas buyers, store visits by KOLs, and the “206 Hosted Buyer Program Networking Party.” Together, they will create an integrated program of exhibition matchmaking, direct sourcing at lighting malls, and social networking over cocktails.

This combination of exhibition halls and lighting malls, formal business meetings and informal networking, sets the Guzhen Lighting Fair apart. Behind the event is Guzhen’s extensive local industry. In China’s Lighting Capital, the entire town serves as a showroom, with opportunities to do business throughout the area. This is the foundation of the fair’s distinctive strength: industry concentration drives efficiency, and location creates a competitive advantage that is hard to replicate.

Highlight 5: Five Lighting Forums Address the Industry’s Challenges and Next Steps

This edition will feature five themed forums, all centered on light.

“Illuminating Prospects: Forum on Industry Trends and New Opportunities in Guzhen” will examine the reshaping of global trade and the direction of industrial policy, exploring how the industry can move from selling lighting products to providing lighting solutions and services.

The “Building Intelligence with Light, Achieving Low-Carbon Coexistence” forum will focus on green, low-carbon IoT applications, wireless AIoT lighting, and upgrades to smart manufacturing in factories.

“Expanding Markets with Light, Making Retail Breakthroughs,” a distribution alliance forum, will address declining foot traffic for dealers and encourage shared access to customer bases and joint brand initiatives among lighting malls.

“Light for All Homes, Harmonious Living,” a forum on health-focused lighting, will explore lighting environments that serve people of all ages and the standardization of lighting for older adults.

“Global Reach with Light, Profit at the Endpoints,” a practical matchmaking forum on cross-platform customer acquisition through new media and overseas expansion, will focus on AI-powered customer acquisition across new media channels and generative engine optimization (GEO).

The five events will be organized in collaboration with leading bodies including the China Association of Lighting Industry, the Guangdong Lighting Association, and the Guangdong Electronic Commerce Association. They will cover industry trends, smart manufacturing, retail channels, health-focused lighting, and overseas expansion through new media. Their themes address both where businesses should go and how to get there. Combining strategic direction with practical methods is precisely the value industry dialogue should deliver.

Highlight 6: A Networking Party Builds Industry Consensus Through Recognition

To mark its 35th edition, the fair will hold the 35th Guzhen Lighting Fair Sourcing and Supply Information Networking Dinner on the evening of October 22. The organizing committee will launch a “Gold Partners” recognition program, with awards across several categories honoring companies that have supported the fair over the long term, demonstrated sustained commitment to the industry, and excelled in their respective fields.

By recognizing exemplary businesses, the program will establish industry role models, strengthen longstanding exhibitors’ connection to the fair, and demonstrate to global buyers the industry’s commitment to quality and a strong reputation for reliability. Around 250 key guests are expected to be invited, including representatives of government, business and industry associations, industrial bases, and high-caliber exhibitor partners. With the fair as a meeting point, the dinner will help companies support one another and strengthen ties between individual businesses and the wider industry.

Highlight 7: The 2026 Short-Video & Live Creator Contest Award Ceremony and KOL Tours Test New Ways for a Traditional Trade Fair to Reach Wider Audiences

“Good Lighting in Guzhen: The 2026 Short-Video & Live Creator Contest Award Ceremony” has evolved into a year-round signature event on Douyin and WeChat Channels. It features two categories, short-form video and on-site livestreaming, with quarterly popularity awards, annual grand prizes, and other honors. Recognition, audience metrics, and cash prizes will encourage participation by industry buyers and sellers, creators, and influencers.

The “Star Scout KOL Sourcing Group” will bring together more than 30 short-video creators specializing in lighting. Through in-depth short videos and on-site livestreams, they will explore the fair and amplify its reach across their combined online channels. Campaign-related content is expected to generate more than one million impressions over the full campaign period.

The Data Foundation: A Buyer Database of Over 1.3 Million Records and Year-Round Online Exhibitions and Trade

For promotion and buyer outreach, the fair uses the IIRIS data management system to draw on more than 1.3 million global buyer records. It works with over 150 trade and general-interest media outlets and web portals, alongside a social media presence on WeChat, Douyin, Kuaishou, Xiaohongshu, and Weibo, to send multiple rounds of targeted invitations to buyers in more than 140 countries and regions. Offline, it partners with over ten industry print publications and sends promotion teams to more than 40 lighting wholesale markets across China. Outdoor advertising will also appear along Guzhen’s main roads, on shuttle buses, and on LED displays.

On the digital side, the fair’s specialized B2B trading website, Denggle.com, and its online exhibition and e-commerce platform, Denggle EZbuy, use big data and intelligent recommendations to match buyers and suppliers precisely, providing online exhibition and trading services 365 days a year. By extending a four-day fair into a year-round online presence and complementing in-person connections with data-driven matching, the Guzhen Lighting Fair is redefining the reach of a lighting exhibition, extending it beyond its physical venue and four-day run.

Since its launch in 1999, the Guzhen Lighting Fair has held 34 successful editions over 27 years. From a regional ordering fair to an international exhibition and trading platform spanning more than 1.5 million square meters, each stage of its development has kept pace with the transformation of China’s lighting industry.

As AI integration reshapes lighting products, health-focused lighting responds to people’s aspirations for a better life, and green, low-carbon practices become a requirement for access to global supply chains, the 35th Guzhen Lighting Fair offers more than seven event highlights. It presents a promising vision for the future of China’s lighting industry.

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SOURCE China (Guzhen) International Lighting Fair

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DR. PHONE FIX ANNOUNCES AMENDMENT TO INTEREST CONVERSION TERMS OF CONVERTIBLE DEBENTURES

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/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

EDMONTON, AB, Oct. 16, 2026 /CNW/ — Dr. Phone Fix Canada Corporation (“Dr. Phone Fix” or the “Company”) (TSXV: DPF) announces that it has entered into an amending agreement dated October 8, 2026 (the “Amending Agreement”) to amend the mechanics for converting accrued and unpaid interest under its unsecured convertible debentures issued on June 24, 2026 and July 17, 2026 in the aggregate principal amount of $1,608,000 and bearing interest at 10% per annum (the “Debentures”). The conversion price applicable to the principal amount of the Debentures is not affected by the amendments.

Under the Amending Agreement, the principal amount of the Debentures remains convertible, at the option of the holder, at any time on or before the maturity date into common shares of the Company (“Common Shares”) at a conversion price of $0.16 per Common Share. Accrued and unpaid interest on the Debentures remains convertible into Common Shares at the option of the holder, but at a deemed price per Common Share (the “Interest Conversion Price”) equal to the closing price of the Common Shares on the TSX Venture Exchange (the “TSXV”) on the last trading day before the holder delivers a notice electing to convert interest (an “Interest Conversion Notice”), provided that the Interest Conversion Price will not be less than the Market Price (as defined in the policies of the TSXV) on that trading day.

An Interest Conversion Notice must be delivered within the five trading days before the date on which the applicable interest becomes payable, including on conversion of the principal amount, in which case the Interest Conversion Notice is to be delivered together with the conversion notice. Any issuance of Common Shares in satisfaction of interest is subject to the prior acceptance of the TSXV, and any interest that is not converted, or for which TSXV acceptance is not obtained, will be paid in cash. The form of conversion notice attached to the Debentures has been updated to reflect these amendments. All other terms of the Debentures remain unchanged.

The terms of the Debentures provide that they may be amended with the consent of the holders of a majority of the aggregate principal amount of the Debentures outstanding, and that all holders are bound by any amendment so approved. Holders of more than 50% of the aggregate principal amount of the outstanding Debentures have consented to the Amending Agreement. Accordingly, the amendments are binding on all holders of Debentures, whether or not they executed the Amending Agreement and whether or not replacement certificates are issued.

The amendments to the Debentures remain subject to the acceptance of the TSXV.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

About Dr. Phone Fix

Dr. Phone Fix is an award-winning, eco-friendly, and customer-centric integrated device care platform providing repair, refurbishment, certified pre-owned devices, trade-in solutions, accessories and related services through its growing national retail network. Founded in 2019, the Company serves consumers and businesses across multiple Canadian markets, delivering convenient and reliable device care solutions through its corporately owned retail network. With a focus on operational execution, customer service and sustainability, Dr. Phone Fix continues to expand its national platform while supporting the repair, reuse and extension of the useful life of connected devices.

NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Forward-Looking Information and Cautionary Statements

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this news release include statements relating to: the acceptance of the amendments to the Debentures by the TSXV; and the conversion of principal and interest under the Debentures and the issuance of Common Shares in connection therewith. Forward-looking information in this news release is based on certain assumptions and expected future events, namely: the Company’s financial condition and development plans do not change as a result of unforeseen events; and the Company will be able to obtain the financing required in order to develop and continue its business and operations. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company’s inability to obtain TSXV acceptance of the amendments to the Debentures or of any issuance of Common Shares in satisfaction of interest; market conditions and investor demand for the Company’s securities; and general economic and market conditions. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

SOURCE Dr. Phone Fix

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Brightmoor Hospice, LLC Provides Notification of Data Security Incident

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GRIFFIN, Ga., Oct. 16, 2026 /PRNewswire/ — Brightmoor Hospice, LLC (“Brightmoor”) is providing notification of a data security incident that may have impacted certain protected health information.

On or around March 25, 2026, Brightmoor Hospice, LLC (“Brightmoor”) discovered suspicious activity related to two employees’ email accounts. Upon discovery, Brightmoor took immediate action to secure the accounts and engaged a team of third-party specialists to investigate. The investigation determined that two employee email accounts were accessed without authorization between March 24, 2026, and March 25, 2026. Upon confirmation of unauthorized access, Brightmoor began a comprehensive review of the contents of the affected accounts to determine whether they contained sensitive information pertaining to individuals. On August 18, 2026, Brightmoor determined that protected health information belonging to certain patients was present within the accounts. Brightmoor then conducted a time-intensive review of its internal records to locate address information for the potentially impacted individuals. On October 16, 2026, Brightmoor began notifying individuals by mail.

The types of information vary by individual and may include name and one or more of the following: addresses, Social Security numbers, driver’s license information, dates of birth, patients’ identification numbers, diagnosis, medical history information, medical record numbers, medical treatment information, lab information, treating doctor’s name, medication information, vaccination information, medical insurance information, and family and social history information.

In response to this incident, Brightmoor worked with third-party specialists to investigate and implement additional security measures within its network. Brightmoor has no evidence of actual or attempted misuse of information as a result of this incident. Nonetheless, in an abundance of caution, Brightmoor is providing notice to potentially affected individuals and offering complimentary credit monitoring services. Individuals are also encouraged to monitor their account statements and explanation of benefits forms for suspicious activity and to detect errors. In addition, Brightmoor has notified the U.S. Health and Human Services Office for Civil Rights of this incident. 

Brightmoor has established a toll-free call center to answer questions about the incident and to address related concerns. The number for the hotline is 1-800-759-8524. The hotline hours of operation are Monday through Friday from 8 AM to 8 PM EST, excluding holidays. You can also write to 3247 Newnan Rd, Griffin, GA 30223.

Brightmoor takes protecting the privacy and security of personal information seriously and is reviewing and implementing further security enhancements designed to strengthen the protection of our systems.

View original content:https://www.prnewswire.com/news-releases/brightmoor-hospice-llc-provides-notification-of-data-security-incident-302911735.html

SOURCE Brightmoor Hospice, LLC

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