BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Autodesk Reports Strong Fiscal 2024 Q4 and Full-Year Financial Results
Autodesk, Inc. (NASDAQ: ADSK) today unveiled its financial achievements for both the fourth quarter and the entirety of fiscal year 2024, showcasing significant growth and operational success. The company's strategic initiatives in developing lifecycle solutions and embracing 3D generative AI have positioned it as a leader in innovation and customer value.
Fourth Quarter Fiscal 2024 Highlights
- Revenue Growth: Autodesk reported an 11% increase in total revenue, reaching $1.47 billion, with strength from both enterprise and entry-level customers.
- Stable Operating Margins: The GAAP operating margin remained steady at 21%, with a non-GAAP operating margin also holding firm at 36%.
- Earnings Per Share: GAAP diluted EPS stood at $1.31, with a non-GAAP diluted EPS significantly higher at $2.09.
- Cash Flow: The company generated $437 million in cash flow from operating activities, with free cash flow closely trailing at $427 million.
Fiscal Year 2024 Financial Performance
- Annual Revenue and Billings: Autodesk's total revenue for the year was $5.50 billion, marking a 10% increase. However, total billings saw an 11% decrease to $5.18 billion.
- Subscription Success: Subscription plan revenue rose to $5.12 billion, a 10% year-over-year increase, with total subscriptions climbing approximately 785 thousand to 7.53 million.
- Profitability and Cash Flow: GAAP operating income for the year improved to $1.13 billion, and non-GAAP operating income was $1.96 billion. Cash flow from operating activities and free cash flow were $1.31 billion and $1.28 billion, respectively.
Looking Ahead
Autodesk's CFO, Debbie Clifford, expressed optimism for fiscal 2025, expecting underlying revenue growth to exceed 10% after adjustments for various factors, including currency fluctuations and new transaction models. This forward-looking stance, coupled with the company's ongoing innovation in AI and design solutions, underscores Autodesk's resilience and robust demand for its offerings.
Market Reaction
Following the announcement, Autodesk shares experienced a 10% rise in extended-hours trading, potentially challenging previous resistance levels. The company's performance and optimistic sales guidance have clearly resonated with investors, reflecting confidence in Autodesk's strategic direction and market positioning.
Autodesk's journey through fiscal 2024 demonstrates not only its financial health but also its commitment to innovation and customer success in the evolving digital design landscape. As Autodesk continues to lead with its advanced AI and design solutions, the company is well-positioned for sustained growth and value creation for its stakeholders.
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