Autodesk Inc.

Q2 performance beat + raised full-year outlook (key positives) - Autodesk reported Q2 total revenue +16% YoY (reported) / +14% YoY (constant currency) and billings +10% YoY (reported) / +12% YoY (constant currency). - CEO said results were above the high end of guidance; CFO noted underlying momentum consistent with prior quarters, driven by strength in AECO—especially construction and emerging markets. - Renewal rates remained strong; sales reorganization impact was within expected range; linearity of billings was better than expected. - New transaction model tailwind: CFO said it contributed ~2 percentage points to Q2 revenue growth; for the full year, the tailwind is ~1.5 percentage points to revenue growth (and mix/currency also affect comparisons).

MaintainX inclusion + new revenue/billings guidance ranges (forecast specifics) - Autodesk acquired MaintainX on Aug 3 and now includes ~6 months of its financials in FY27 outlook. - MaintainX contribution expectation (2H FY27): ~$60M revenue and ~$70M billings, weighted slightly toward Q4 due to its growth profile. - Raised FY27 billings guidance: $8.575B to $8.650B. - Raised FY27 revenue guidance: $8.295B to $8.345B. - CFO guidance explanation: underlying billings outlook improved by ~2 percentage points, with ~1 pp from MaintainX (~$70M) and ~1 pp from stronger underlying performance, partially offset by currency and transaction model mix. - GAAP operating margin FY27 raised/adjusted: 25% to 27% (driven primarily by GAAP accounting effects of MaintainX).

Margins + free cash flow outlook (what to watch) - Q2 operating margins: GAAP 29% and non-GAAP 41%. - Q2 margin drivers: operating leverage and sales optimization helped non-GAAP +~2 pts; GAAP improved ~+4 pts, including reduced stock-based comp as % of revenue. - FY27 non-GAAP operating margin guidance unchanged (management framed it as offsetting benefits from leverage/optimization vs dilution from MaintainX). - FY28 non-GAAP margin expected to improve modestly vs FY27 39%, but partially offset by annualization of MaintainX operating costs. - FY29 non-GAAP margin target: back to ~41%. - FY27 free cash flow narrowed: $2.725B to $2.75B (reflects stronger underlying expectations, but reduced by MaintainX operating/net financing costs and ~$45M of MaintainX-related transaction expenses).