What is Autodesk's gross profit margin?

What were the key takeaways from Autodesk’s earnings call?

What were the key takeaways from Autodesk's earnings call?

What guidance did Autodesk's management provide for the next earnings period?

What is the revenue and EPS growth rate for Autodesk year over year?

What does Autodesk do and what are its main business segments?

What is the market's earnings forecast for Autodesk next quarter?

Did Autodesk beat or miss consensus estimates last quarter?

- **Revenue Growth & Margin Expansion**: Q3 revenue up 18% YoY, non-GAAP operating margin at 38%, with full-year guidance raised to 37.5%. Free cash flow of $430M exceeded expectations.
- **AI-Driven Productivity**: Fusion's AutoConstrain feature achieved 60% acceptance rate, showcasing AI's ability to enhance design workflows. Autodesk Construction Cloud saw 700+ project migrations, driving AECO growth.
- **Direct Sales Surge**: Direct revenue via Autodesk Store grew 85% YoY, reflecting channel shift and emerging market demand.
- **FY27 Outlook**: Elevated macro uncertainty but sustained confidence in AECO and manufacturing growth, with Fusion and AI as key growth engines.

**【CEO Summary Section】**
- Delivered strong Q3 results with revenue and non-GAAP EPS exceeding guidance, driven by sustained execution across AECO (Architecture, Engineering, Construction, Operations) and manufacturing sectors.
- Emphasized strategic focus on AI integration, platform expansion, and convergence of design and make workflows. Highlighted AI-driven productivity gains in Fusion (e.g., AutoConstrain feature with 60% acceptance rate) and Autodesk Construction Cloud adoption (e.g., 700+ project migrations).
- Raised full-year guidance across revenue, billings, margins, and free cash flow, reflecting confidence in long-term growth drivers like infrastructure investment and AI monetization.

**【CFO Financial Commentary】**
- Total revenue grew 18% YoY (12% excluding new transaction model), with billings up 21% YoY (16% excluding new transaction model). GAAP operating margin improved to 25%, while non-GAAP margin reached 38% (vs. 36.8% last quarter).
- Free cash flow of $430M exceeded expectations, driven by billings timing and tax benefits. Raised full-year non-GAAP operating margin guidance to 37.5% (vs. 36.5% prior) and free cash flow to $2.26-2.29B.
- Noted near-term headwinds from new transaction model (e.g., margin drag in FY27) but reaffirmed long-term margin expansion goals.

**【Q&A Key Highlights】**
- **AI & Consumption Models**: CEO highlighted AI's role in task automation (e.g., AutoConstrain) and workflow automation (e.g., design-to-construction data flow). CFO noted potential margin headwinds from cloud/AI workloads but emphasized long-term value capture.
- **Channel Productivity**: CFO reported 85% YoY growth in direct revenue (via Autodesk Store), driven by channel shift and emerging market strength. Noted ongoing optimization of partner incentives to balance renewal and new business focus.
- **FY27 Outlook**: CFO cautioned against elevated macro uncertainty but expressed confidence in underlying momentum. CEO emphasized convergence trends (e.g., AECO customers seeking end-to-end digital solutions) and Fusion's growth as key growth drivers.
- **Margins & Capital Allocation**: CFO reiterated $1.3B buyback target (50% increase vs. FY25) and focus on disciplined capital allocation. CEO highlighted AI-driven gross margin improvements and free cash flow conversion efficiency.


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