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 third quarter and full-year fiscal 2025 considers the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2025 GAAP and non-GAAP estimates is provided below or in the tables following this press release.
Third Quarter Fiscal 2025
| Q3 FY25 Guidance Metrics | Q3 FY25 (ending October 31, 2024) |
| Revenue (in millions) | $1,555 - $1,570 |
| EPS GAAP | $1.21 - $1.27 |
| EPS non-GAAP (1) | $2.08 - $2.14 |
| ____________________ |
| (1) Non-GAAP earnings per diluted share excludes $0.83 related to stock-based compensation expense, $0.16 for the amortization of both purchased intangibles and developed technologies, and $0.05 for acquisition-related costs, partially offset by ($0.17) related to GAAP-only tax charges. |
Full Year Fiscal 2025
| FY25 Guidance Metrics | FY25 (ending January 31, 2025) |
| Billings (in millions) | $5,880 - $5,980 Up 13% - 15% |
| Revenue (in millions) (1) | $6,080 - $6,130 Up approx. 11% |
| GAAP operating margin | 21% - 22% |
| Non-GAAP operating margin (2) | 35% - 36% |
| EPS GAAP | $4.88 - $5.01 |
| EPS non-GAAP (3) | $8.18 - $8.31 |
| Free cash flow (in millions) (4) | $1,450 - $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 11% 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 $3.14 related to stock-based compensation expense, $0.60 for the amortization of both purchased intangibles and developed technologies, $0.22 related to acquisition-related costs, and $0.03 related to losses on strategic investments, partially offset by ($0.69) related to GAAP-only tax charges. |
| (4) Free cash flow is cash flow from operating activities less approximately $30 million of capital expenditures. |
The third quarter and full-year fiscal 2025 outlook assume a projected annual effective tax rate of 20 percent and 19 percent for GAAP and 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. Therefore, assumptions for the annual effective tax rate are evaluated regularly and may change based on the projected geographic mix of earnings.