Autodesk, Inc.

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. To ask a question during the session, you will need to press star 11 on your telephone. I would now like to hand the call over to Simon Mays-Smith, VP Investor Relations. Please go ahead.

Thanks, operator, and good afternoon. Thank you for joining our conference call to discuss the first quarter results of Autodesk 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 forward slash investor. You can find the earnings press release, slide presentation, and transcript of today's opening commentary online 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. These 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.

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 building connected again at record levels, and continued cautious optimism from channel partners. Consistent with year-over-year economic momentum, we saw new subscription growth decelerate in North America and accelerate in EMEA. But our customers remain committed to transformation and the Autodesk. leveraging automation more as they see headwinds from the economy and supply chain. That commitment is reflected in larger, broader, and more strategic partnerships, improving renewal rates, consistent net revenue retention, and growing adoption and usage of our products within EVA, all of which help drive full percent growth in current RPO and 15% growth in total RPO. While macroeconomics are unpredictable in the short term, we are executing our strategy through the economic cycle with disciplined and focused capital deployment underpinned by one of the best growth, margin, and balance sheet profiles in the industry. This enables artists to remain well invested to realize the significant benefits of a strategy while mitigating the risk of having to make expensive catch-up investments later. Discipline and focus also mean making sure we are investing in the right places. This is a constant process of optimization and improvement with increased vigilance during periods of macroeconomic uncertainty to prioritize investment and recruitment. As you heard our recent investor day, we are deploying next generation technology and services and end-to-end digital transformation within and between the industries we serve. And in so doing, Shifting Autodesk from product to capabilities. Our AEC Industry Cloud Forma, launched on May 8th, is a great example of our vision. During pre-release trials, customers like Qube3 clearly saw how Autodesk Forma's intuitive user interface enables rapid adoption by existing and new users, how bidirectional data flows enhance the value of other Autodesk products like Revit, and how a single integrated environment in the cloud enhanced by AI accelerated modeling and response times while significantly enhancing the values delivered to its customers. While using Forma during its trial, Qube3 delivered more creative and valuable designs to its customers while reducing the concept design phase by 50% or more. At Investor Day, I also talked about leveraging our key growth enablers, including business model evolution, customer experience evolution, and convergence between industries to provide more and better choices for our customers. Our Flex consumption model is a good example of this. Flex's consumption pricing means existing and new customers can try new products with less friction and also enables Autodesk to better serve infrequent users. Not surprisingly, the lion's share of the business has come from new customers or existing customers expanding their relationship with Autodesk. As Steve said at our investor day, we've also introduced a new transaction model for Flex, which will give Autodesk a more direct relationship with our customers and more closely integrate with our channel partners over time. During the quarter, Flex moved up to the top 10 products on our e-store, and we signed our first million-dollar Flex deal. Autodesk remains relentlessly curious for the propensity and desire to evolve and innovate. Our transformation from product to capabilities will enable us to forge broader, trusted, and more durable partnerships with our customers, gives Autodesk a longer runway of growth and free cash flow generation, and enables a better world designed and built for all. I will now turn the call over to Debbie to take you through the details of our quarterly financial performance and guidance for the year. I'll then come back to update you on our strategic growth initiatives.