Autodesk, Inc.

Strong Q2 performance; guidance raised (broadly positive) - Revenue: +16% reported / +14% constant currency YoY - EPS/earnings: above the high end of guidance (per CEO remarks) - Billings: +10% reported / +12% constant currency YoY - Key driver: new transaction model tailwind ~+2 percentage points to revenue growth in Q2; billings impact from the model was not significant in Q2.

MaintainX acquisition folded into outlook; forecast contribution disclosed - MaintainX is included in guidance for ~6 months of FY27 after close on Aug 3 - MaintainX contribution expectations: ~$60M 2H FY27 revenue and ~$70M 2H FY27 billings (weighted slightly toward Q4) - FY27 guidance raised: - Billings: $8.575B–$8.650B - Revenue: $8.295B–$8.345B - Margin outlook mix: GAAP operating margin range 25%–27% (revised mainly for GAAP accounting effects of MaintainX); non-GAAP margin unchanged vs prior outlook expectations. - Free cash flow narrowed: $2.725B–$2.750B (reflecting higher underlying expectations but also MaintainX costs and transaction expenses).

Capital returns: buybacks continue; no dividend mentioned - Share repurchases in Q2: ~2.1M shares for ~$453M - FY27 buyback expectation: similar total dollars to FY26 - Policy: maintain a healthy buyback program applying ~50% of free cash flow to reduce share count over time. - Surprising/important nuance: they emphasized reduced multiyear discounting programs—this can improve price realization over time but can be a near-term headwind to deferred revenue/RPO growth.