Autodesk released its second-quarter results Aug. 29, which include earnings of $2.15 per share that beat analysts' expectations of $2 per share and compares to $1.91 per share reported one year ago. The figures are adjusted for non-recurring items. The construction software company and its executives also delivered 13% revenue growth in constant currency over the first two quarters of the year.

After its Q1 results were delayed due to the company not accounting for front-loaded deals with customers including design firms and contractors that buy enterprise-wide licenses, activist investor Starboard Value called for replacing CEO Andrew Anagnost and his leadership team in a letter to company board members. Starboard also said it would consider a lawsuit about the accounting revision. Its officials could not be reached for further comment.

  • With Autodesk total revenue increasing 12% to $1.51 billion, a change in leadership seems unlikely. According to the numbers, its GAAP operating margin was 23%, up 4%; and its non-GAAP margin was 37%, up 1%. The firm also said  GAAP-diluted earnings per share was $1.30 and non-GAAP diluted EPS was $2.15. Cash flow from operating activities was $212 million and free cash flow was $203 million.
  • "Autodesk drove strong second-quarter results, underpinned by our customers’ demands for innovative solutions to address pressing global challenges." Anagnost said in a statement. "Despite continued macroeconomic and geopolitical challenges, we saw broad-based growth across nearly all our products and regions. Renewal rates remain strong, and new business growth and leading indicators were consistent with recent quarters." 
  • The internal audit that delayed release of the firm's Q1 results showed that its practice of signing up customers to multiyear, sometimes-discounted deals for its software licenses had resulted in lower income than if the customers had been booked as annual, full-price enterprise-level subscriptions. The audit, which revealed that the practice led to a discrepancy in its books in recent years and a shortfall in free cash flow for early 2024, also resulted in the replacement of Autodesk's CFO. 
  • Autodesk touted its new transaction model that enables customers to purchase directly on the company's website or through an authorized partner/reseller—keeping payments more company controlled as a factor in its improved 2Q results.