Autodesk said that under the new transaction model, sales incentives to Solution Providers will be recorded as operating expenses rather than as a reduction of revenue. It said that in the near term, this change will affect calculated revenue growth, while being broadly neutral to calculated operating profit and free cash flow dollars.

10-QQuarterly reportFiled Sep 3, 2024Period of report Jul 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

Autodesk said that under the new transaction model, sales incentives to Solution Providers will be recorded as operating expenses rather than as a reduction of revenue. It said that in the near term, this change will affect calculated revenue growth, while being broadly neutral to calculated operating profit and free cash flow dollars.
The company said its income tax expense for the 3 months ended July 31, 2024 was $70 million of pre-tax income of $352 million, compared with $36 million of pre-tax income of $258 million in the prior-year period. The company cited the one-time tax benefit in the prior year as a factor in the increase.
The company said net cash provided by operating activities for the 6 months ended July 31, 2024 was $706 million, driven mainly by net income of $534 million adjusted for non-cash items totaling $442 million. It said deferred revenue decreased by $577 million.
The company said it had cash, cash equivalents and marketable securities of $2.11 billion as of July 31, 2024, and no borrowings outstanding under its $1.5 billion revolving credit facility. As of November 2022, the remaining authorization under its $5 billion share repurchase program approved by its board was $4.62 billion.

Key figures

Quarter ended July 31, 2024

Revenue: $1.5B
Operating income: $343M
Net income: $282M
EPS: $1.30
Gross profit: $1.4B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

New Transaction Model Accounting for Sales Incentives

Autodesk said that under the new transaction model, sales incentives to Solution Providers will be recorded as operating expenses rather than as a reduction of revenue. It said that in the near term, this change will affect calculated revenue growth, while being broadly neutral to calculated operating profit and free cash flow dollars.

Source · Based on the MD&A text of the filing

Income Tax Expense Relative to Pre-Tax Income

The company said its income tax expense for the 3 months ended July 31, 2024 was $70 million of pre-tax income of $352 million, compared with $36 million of pre-tax income of $258 million in the prior-year period. The company cited the one-time tax benefit in the prior year as a factor in the increase.

Source · Based on the MD&A text of the filing

6-Month Operating Cash Flow and Working Capital Items

The company said net cash provided by operating activities for the 6 months ended July 31, 2024 was $706 million, driven mainly by net income of $534 million adjusted for non-cash items totaling $442 million. It said deferred revenue decreased by $577 million.

Source · Based on the MD&A text of the filing

Liquidity Balances and Remaining Share Repurchase Authorization

The company said it had cash, cash equivalents and marketable securities of $2.11 billion as of July 31, 2024, and no borrowings outstanding under its $1.5 billion revolving credit facility. As of November 2022, the remaining authorization under its $5 billion share repurchase program approved by its board was $4.62 billion.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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