Autodesk (ADSK) Q1 2024 Earnings Call Transcript

For the period ending April 30, 2023

May 25, 2023 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Thank you for standing by, and welcome to Autodesk First Quarter Fiscal 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the call over to Simon Mays-Smith, VP, Investor Relations. Please go ahead.

Simon Mays-Smith

Thanks, operator, and good afternoon. Thank you for joining our conference call to discuss the first quarter results of Autodesk's fiscal '24.

On the line with me are Andrew Anagnost, our CEO; and Debbie Clifford, our CFO.

Today's conference call is being broadcast live via webcast. In addition, a replay of the call will be available at autodesk.com/investor. You can find the earnings press release, slide presentation and transcript of today's opening commentary on our Investor Relations website following this call.

During this call, we may make forward-looking statements about our outlook, future results and related assumptions, acquisitions, products and product capabilities and strategies. These statements reflect our best judgment based on currently known factors. Actual events or results could differ materially. Please refer to our SEC filings, including our most recent Form 10-K and the Form 8-K filed with today's press release, for important risks and other factors that may cause our actual results to differ from those in our forward-looking statements.

Forward-looking statements made during the call are being made as of today. If this call is replayed or reviewed after today, the information presented during the call may not contain current or accurate information. Autodesk disclaims any obligation to update or revise any forward-looking statements.

During the call, we will quote several numeric or growth changes as we discuss our financial performance. Unless otherwise noted, each such reference represents a year-on-year comparison. All non-GAAP numbers referenced in today's call are reconciled in our press release or Excel financials and other supplemental materials available on our investor relations website.

And now, I will turn the call over to Andrew.

Andrew Anagnost

Thank you, Simon, and welcome everyone to the call.

Autodesk's strong financial and competitive performance in the first quarter of fiscal 2024 is again a testament to three enduring strengths: resilience, discipline, and opportunity.

In a more challenging macroeconomic, policy and geopolitical environment, our resilient business model, and geographic, product and customer diversification, enabled us to deliver 12% revenue growth in constant currency, healthy margins, and record first quarter free cash flow. Leading indicators remained consistent with last quarter with product usage growing modestly, bid activity on BuildingConnected again at record levels, and continued cautious optimism from channel partners.