Autodesk, Inc.

Strong Q2 performance; raised full-year outlook (revenue & billings) - Autodesk reported Q2 revenue +16% YoY ( +14% constant currency) and EPS above the high end of guidance. - Billings +10% YoY ( +12% constant currency); billings linearity better than expected. - Underlying momentum described as consistent, with strength in AECO—especially construction and emerging markets. - The new transaction model provided an additional ~2 percentage points tailwind to revenue growth in Q2 (not significant for billings impact in Q2).

MaintainX acquisition now included in guidance (inorganic contribution); details on raised forecast and math - MaintainX guidance is added for ~6 months in FY27 after acquisition close (Aug 3). - Management estimates MaintainX contributes about $60M revenue and $70M billings in 2H FY27 (weighted slightly toward Q4). - FY27 billings raised to $8.575B–$8.650B; FY27 revenue raised to $8.295B–$8.345B. - Guidance “math” (investor framing): - Underlying billings outlook improved by ~2 percentage points; approx. 1 pt from MaintainX (~$70M) and ~1 pt from stronger underlying performance, partially offset by mix/currency headwinds (~1 pt), netting to ~1 pt improvement. - Organic revenue growth improved materially; MaintainX adds ~1 additional point to full-year growth framing (net stated as ~10–11% YoY growth for billings organic+MaintainX vs prior 8–9% excluding some items).

Margins, cash flow, and capital returns: solid profitability + buybacks - Q2 GAAP operating margin ~29% and Non-GAAP operating margin ~41% (non-GAAP up ~2 pts; GAAP up ~4 pts primarily from margin improvement + lower stock comp % of revenue). - Q2 free cash flow: $561M. - Share repurchases: ~2.1M shares for $453M during Q2; company expects FY27 buybacks in total dollars similar to FY26 and continues policy of allocating about ~50% of free cash flow to buybacks. - FY27 free cash flow narrowed to $2.725B–$2.75B (reflecting better underlying expectations offset by MaintainX costs and ~$45M transaction expenses).