ADSK -- FQ1 FY2027 Earnings Review

| Metric | FQ1 FY25 | FQ2 FY25 | FQ3 FY25 | FQ4 FY25 | FQ1 FY26 | FQ2 FY26 | FQ3 FY26 | FQ4 FY26 | FQ1 FY27 | |--------|----------|----------|----------|----------|----------|----------|----------|----------|--------------| | Total Revenue ($M) | $1,417 | $1,505 | $1,570 | $1,639 | $1,633 | $1,763 | $1,853 | $1,957 | $1,934* | | Revenue YoY % | +12.0% | +11.9% | +11.3% | +12.0% | +15.2% | +17.1% | +18.0% | +19.4% | +18.4% | | Constant-Currency Rev Growth | +13% | +12% | +12% | +12% | +16% | +18% | +18% | +19% | +16%* | | Billings ($M) | $1,110 | $1,240 | $1,540 | $2,110 | $1,434 | $1,678 | $1,855 | $2,804 | $1,688* | | Billings YoY % | -- | -- | -- | -- | +29.2% | +35.3% | +20.5% | +32.9% | +17.7% | | Billings CC YoY % | -- | -- | -- | -- | -- | -- | -- | -- | +15% | | Current RPO ($M) | $3,917 | $3,896 | $4,014 | $4,457 | $4,552 | $4,677 | $4,830 | $5,479 | $5,383* | | cRPO YoY % | -- | -- | -- | -- | +16.2% | +20.0% | +20.3% | +22.9% | +18.3% | | Total RPO ($M) | -- | -- | -- | -- | -- | -- | -- | -- | $7,808* | | Total RPO YoY % | -- | -- | -- | -- | -- | -- | -- | -- | +9% | | Deferred Revenue ($M) | -- | -- | -- | -- | -- | -- | -- | -- | $4,457* | | Non-GAAP Op Margin | 35% | 37% | 36% | 37% | 37% | 39% | 38% | 38% | 39%* | | GAAP Op Margin | -- | -- | -- | -- | 14% | 23% | 24% | 24% | 28%* | | Non-GAAP Diluted EPS | $2.06 | $2.15 | $2.17 | $2.29 | $2.29 | $2.62 | $2.67 | $2.85 | $2.99* | | Non-GAAP EPS YoY % | -- | -- | -- | -- | +11.2% | +21.9% | +23.0% | +24.5% | +30.6% | | GAAP Diluted EPS | -- | -- | -- | -- | $0.70 | $1.66 | $1.74 | $1.82 | $2.32* | | Free Cash Flow ($M, Qtr) | $487 | $203 | $199 | $678 | $556 | $451 | $430 | $972 | $876* | | FCF YoY % | -- | -- | -- | -- | +14.2% | +122.2% | +116.1% | +43.4% | +57.6% |

*FQ1 FY27 actuals from May 28, 2026 ADSK Form 8-K press release / Q1 FY27 earnings deck. Daloopa series IDs for Q1 FY27 were not retrievable at analysis time (MCP unavailable); all historical quarters Q1 FY25-Q4 FY26 link to Daloopa source cells. Q1 FY27 EPS YoY calculated vs $2.29 prior-year quarter; GAAP EPS YoY +$1.62 (per press release).

Trajectory verdict: Revenue YoY remains in the high-teens for a 4th straight quarter (+15% / +17% / +18% / +19% / +18%). The slight decel from +19% in Q4 to +18% in Q1 is the EXPECTED fade of the new-transaction-model tailwind from +5pp to +3.5pp; underlying CC growth at +16% is roughly steady with Q4 (+19% CC, with a similar transaction tailwind in there). The "real" underlying organic growth (stripping transaction-model noise of ~3.5pp from revenue / ~1.5pp from billings) is running ~12-14% revenue and ~14% billings -- consistent with low-double-digit FY27 CC guide. cRPO +18% slowed from +23% prior quarter (reflects shorter contract durations as multiyear discounting reduced -- a deliberate price-realization trade), but billings momentum carried the quarter.

Data sourced from Daloopa (historical) and Autodesk Q1 FY2027 press release (current quarter).

| Metric | Q1 FY27 Guide (Feb 26, 2026) | Consensus | Actual | vs Guide | vs Consensus | |--------|-----------------------------|-----------|--------|----------|--------------| | Revenue ($M) | $1,885-$1,900 | ~$1,893 | $1,934 | BEAT high end +$34M (+1.8%) | BEAT +$41M (+2.2%) | | Revenue YoY % | +15-16% | ~+15.9% | +18.4% | +250bps | +250bps | | Constant-Currency Rev % | ~+14% | n/a | +16% | +200bps | -- | | Billings ($M) | n/a (not Q-guided) | ~$1,570 | $1,688 | n/a | BEAT +$118M (+7.5%) | | Non-GAAP Op Margin | 37.5%-38.5% | ~37.5% | 39% | BEAT high end +50bps | +150bps | | Non-GAAP EPS | $2.82-$2.86 | ~$2.71 | $2.99 | BEAT high end +$0.13 (+4.5%) | BEAT +$0.28 (+10.3%) | | GAAP EPS | $1.68-$1.83 | ~$1.66 | $2.32 | BEAT high end +$0.49 (+27%) | BEAT +$0.66 (+40%) | | Free Cash Flow | not Q-guided | n/a | $876M | n/a | +58% YoY vs $556M Q1 FY26 |

Headline: Underlying business momentum tracked "a bit better" than guidance assumptions (Janesh Moorjani's words). The new transaction model contributed +3.5pp of the +18% revenue growth -- in line with what was telegraphed last quarter, so the operating-business beat is real (not optical). EPS upside levered through op-margin expansion (+200bps YoY) and SBC discipline (target <10% of revenue in FY27).

Data sourced from Autodesk Q1 FY27 8-K and earnings deck.

| Quarter | Guide Mid ($M) | Actual ($M) | Variance | Beat/Miss | |---------|----------------|-------------|----------|-----------| | FQ1 FY25 | ~1,400 | 1,417 | +1.2% | BEAT | | FQ2 FY25 | ~1,475 | 1,505 | +2.0% | BEAT | | FQ3 FY25 | ~1,560 | 1,570 | +0.6% | BEAT | | FQ4 FY25 | ~1,628 | 1,639 | +0.7% | BEAT | | FQ1 FY26 | ~1,605 | 1,633 | +1.7% | BEAT | | FQ2 FY26 | ~1,730 | 1,763 | +1.9% | BEAT | | FQ3 FY26 | ~1,820 | 1,853 | +1.8% | BEAT | | FQ4 FY26 | ~1,920 | 1,957 | +1.9% | BEAT | | FQ1 FY27 | ~1,893 | 1,934 | +2.2% | BEAT |

L9Q Revenue Beat Rate: 100% | Average magnitude: +1.6% | Magnitude rising: the last 5 prints have widened to +1.7-2.2% vs sub-+1% prior. Pattern remains: consistent beater, magnitude improving. Same dynamic on EPS -- 9 straight beats on Non-GAAP EPS with the Q1 FY27 beat (+10.3% vs cons) being one of the largest of the streak.

New Guidance Provided (per Janesh Moorjani, CFO):

| Metric | Prior Guide (Q4 FY26 print, Feb 26 2026) | New Guide (Q1 FY27 print) | Delta | Implied YoY | |--------|-----------------------------------------|---------------------------|-------|-------------| | FQ2 FY27 Revenue | n/a (new) | $2,005M-$2,015M (mid $2,010M) | NEW | +14% YoY vs $1,763M | | FQ2 FY27 GAAP EPS | n/a | $1.84-$1.97 | NEW | -- | | FQ2 FY27 Non-GAAP EPS | n/a | $3.10-$3.14 (mid $3.12) | NEW | +19% YoY vs $2.62 | | FY27 Billings ($M) | $8,400-$8,580 (mid $8,490) | $8,505-$8,580 (mid $8,543) | +$53M mid; low end +$105M | +9-10% YoY | | FY27 Revenue ($M) | $8,100-$8,170 (mid $8,135) | $8,155-$8,215 (mid $8,185) | +$50M at midpoint | +13.2%-14.0% YoY | | FY27 GAAP Op Margin | ~26-28% | 26%-28% | maintained | -- | | FY27 Non-GAAP Op Margin | 38.5%-39% (mid 38.75%) | ~39% | +25bps | -- | | FY27 GAAP EPS | -- | $8.07-$8.63 | NEW | -- | | FY27 Non-GAAP EPS | $12.29-$12.56 (mid $12.43) | $12.40-$12.65 (mid $12.53) | +$0.10 at midpoint | +19-21% YoY | | FY27 Free Cash Flow ($M) | $2,700-$2,800 (mid $2,750) | $2,725-$2,800 (mid $2,763) | +$13M at midpoint; low end +$25M | +13-16% YoY |

Note: None of the raised FY27 ranges include MaintainX impact. Janesh: "We will include the impact of the acquisition in our guidance after the transaction closes" (expected to close later this fiscal year). Implied 2H FY27 trajectory: Q1 reported $1,934 + Q2 mid $2,010 = $3,944 1H. FY27 mid $8,185 implies 2H = $4,241 (+7.5% vs 1H -- seasonally normal). 2H billings step-function is bigger ($1,688 Q1 + ~$1,840 Q2 implied vs Q4 EBA-renewal cycle that pushed Q4 FY26 to $2,804).

Management Tone Shift vs Q4 FY26 Call:

| Topic | Q4 FY26 Tone (Feb 26, 2026) | Q1 FY27 Tone (May 28, 2026) | Shift | |-------|------------------------------|------------------------------|-------| | FY27 framework | "One of the most far-reaching transformations in enterprise software" | "Underlying momentum consistent with prior quarters and a bit better than the assumptions we built into our guidance range" | Cooler / more operator | | Sales reorganization | "Operationalizing through FY27" | "Proceeding as planned. Overall impact to new subscription growth was within the range of our expectations" | Validating | | New transaction model | "+5pp tailwind FY26, fading" | "+3.5pp Q1, ~2pp Q2, ~1.5pp full year average. We will talk about it less as that noise fades" | Phasing out | | AI monetization | "Tiered AECO Collections" | Probabilistic gen + deterministic validation; Autodesk Assistant in market, MCP infra harness layer for frontier models; 3D foundation models | Much more articulated; technical depth increased | | AECO | $3.6B, +22% YoY | Forma for Construction "accelerated again" -- AECO $970M Q1 +20% reported / +18% CC | Sustained | | Capital allocation | Buybacks ~50% of FCF | Same + "MaintainX cornerstone, $3.6B all-cash" | Major M&A pivot | | MaintainX | n/a (not announced) | "Most important deal" -- 5x prior largest, 3.6B all cash; construction playbook applied to operations | NEW STRATEGIC DIRECTION |

The CEO Andrew Anagnost spent his opening remarks entirely on operations / MaintainX strategy -- a tonal pivot from prior calls that opened with AECO / Forma. CFO Janesh Moorjani kept the financial-discipline cadence intact.

| Deal Term | Value | |-----------|-------| | Transaction value | $3.6 billion (all cash) | | Funding | $1.6B cash on hand + $2.0B new debt financing | | MaintainX expected ARR (CY2026) | >$135 million | | MaintainX growth rate | >50% YoY | | Implied multiple | ~27x current-year ARR / ~18x NTM revenue | | Largest prior ADSK acquisition | ~$200M (multiple of construction-cycle tuck-ins) | | Multiple of largest prior deal | ~18x | | Expected close | Later in FY27 (subject to regulatory approval) | | Integration leader | Steve Hooper (SVP of Autodesk Operations Solutions / former Fusion scaling exec) | | FY27 GAAP/non-GAAP guidance | NOT INCLUDED -- guide post-close | | FY27 op margin framework impact | Dilution absorbed within unchanged ~39% guide | | FY29 op margin framework | Maintained (~40%+) |

The pattern ADSK is repeating: Per Janesh -- "in construction, we deployed about $1.8 billion of capital through acquisitions. And we've built a business that's close to $600 million of revenue LTM, and that's growing more than 20% here in Q1." MaintainX is the equivalent "cornerstone" for Operations -- the play is to add tuck-ins around it over time, integrate quickly into AOS (Autodesk Operations Solutions), and let revenue compound. The TAM Andrew cited was $40B for operations.

Why the stock fell despite the print beat: Two issues -- (1) valuation -- 27x ARR for a single asset draws "premium price" criticism in a software-multiple-compressed market; Brent Thill (Cantor) literally said "in a world where software multiples have collapsed pretty significantly, you're paying a pretty big premium"; (2) incremental debt -- $2B new debt is meaningful for a company that has been buyback-heavy / debt-light. Pre-market ADSK was -5% (~$13 to ~$227); closed May 29 at $231.31. The market is paying for proof: subscribers, NRR uplift, and AOS revenue acceleration over the next 4-6 quarters.

By Channel / Model:

| Segment | Q1 FY27 Revenue ($M) | YoY (Reported) | YoY (CC) | |---------|----------------------|----------------|----------| | Design | $1,612 | +18% | +16% | | Make | $224 | +25% | +24% |

Make is the fastest-growing channel (Construction / Operations / Manufacturing software) -- consistent with AECO-led structural story. Make accelerated again per Andrew. Design carries the ballast.

By Product Family:

| Product Family | Q1 FY27 Revenue ($M) | YoY (Reported) | YoY (CC) | Notes | |-----------------|----------------------|----------------|----------|-------| | AECO | $970 | +20% | +18% | Construction Cloud / Forma -- the structural growth engine; data centers, infra, EM resilient | | Manufacturing | $367 | +19% | +17% | Fusion growth accelerated; PDM integration deepening | | AutoCAD / AutoCAD LT | $474 | +15% | +14% | Steady installed-base monetization; price realization | | Media & Entertainment | $86 | +13% | +12% | Smallest, least strategically important |

AECO is now ~50% of total revenue and growing fastest -- the +20% reported / +18% CC growth is a slight modest deceleration from +22% / +22% in FY26, but well above company average. Forma for Construction (rebranded from Autodesk Construction Cloud) showing accelerated growth with owners and designers.

By Geography (per Q&A commentary): Americas, EMEA, and APAC all grew 16%-17% YoY -- balanced. EMEA Q1 was sequentially weaker vs Q4 due to (a) timing -- Q4 FY26 had strong upfront revenue + peak new-transaction-model tailwind in EMEA (lagged Americas by 1Q), (b) sales reorg taking longer to operationalize in EMEA given local labor laws. Janesh views EMEA as a "very important region" with great long-term opportunity in mature + emerging markets.

Sales reorg (announced February 2026):

• Proceeding as planned in Q1 -- per Janesh: "Q1 played out in line with the assumptions that we had baked into the guidance for the new subscriptions. We saw strength everywhere else"
• Upfront revenue "less impacted than we expected" -- a positive signal
• Renewal rates remained strong -- 0 concentration / attrition flags from channel
• Forward expectation: "gradual normalization, not a step function improvement looking out to Q2 to Q4"
• EMEA takes longer due to local labor laws / consultation requirements

New transaction model (direct-to-customer billing):

• Q1 FY27 tailwind: +3.5pp to revenue, +1.5pp to billings -- in line with what was disclosed in February
• Q2 FY27 expected tailwind: ~2pp to revenue
• FY27 full-year average: ~1.5pp to revenue
• "Multi-year-to-annual contract shift" mostly completed in Q1 -- billings transition noise will diminish materially
• BUT -- ongoing reduction in multi-year discounting will continue to weigh on unbilled deferred revenue / total RPO growth (price realization trade-off)
• Total RPO Q1 +9% slower than current RPO +18% precisely because of this shorter-contract-duration dynamic

| Q1 FY27 Capital Returns | Value | |--------------------------|-------| | Shares repurchased | ~1.9 million | | Repurchase dollars | $448 million | | FY27 expected buyback | "similar to FY26 in total dollars" (~$1.9B FY26 baseline) | | Buyback as % of FCF | "approximately 50%" target | | MaintainX cash use | $1.6B from balance sheet | | MaintainX debt | $2.0B incremental | | Net incremental debt post-close | $2.0B |

Capital framework "unchanged" -- (1) organic R&D first (cloud platform + AI), (2) targeted tuck-ins, (3) buybacks for the remainder. MaintainX is described as a one-off "cornerstone" plus future tuck-ins -- not a change of capital strategy.

| Analyst | Topic | Answer Quality | Key Takeaway | |---------|-------|----------------|---------------| | Saket Kalia (Barclays) | MaintainX strategic fit + construction playbook analogy | Strong | Andrew framed it as $40B TAM unlock + digital-twin progression from static -> dynamic -> predictive. Janesh detailed the "construction playbook" 1.8B->600M LTM analogy | | Jay Vleeschhouwer (Griffin) | AEC data model deployment + customer homegrown tools | Solid | Production deployments of AEC + Mfg data models progressing with customers; MaintainX adds the "asset data" piece. Homegrown-tools trend acknowledged but ADSK plays as platform "harness" | | Adam Borg (Raymond James) | GTM change disruption + EMEA detail | Strong | Channel partner disruption "in line with expectations"; EMEA-specific reorg delay explained by local labor laws; long-term EMEA confidence intact | | Brent Thill (Cantor Fitzgerald) | MaintainX valuation premium | Diplomatic | Janesh: "high-growth market-leading platform... defining the next generation of operations software... rev multiple will compress pretty quickly on a forward basis as the business scales." Did NOT cite specific synergies / NPV. Confirmed it's the largest deal ever | | Jason Celino (KeyBanc) | MaintainX user base + FY29 margin framework | Strong on user base; Acknowledged on margin | Industrial / commercial / institutional facilities operators; some consumer overlap (e.g., Marriott, Hilton). FY29 margin framework "absorbed" the MaintainX dilution; tuck-ins acceptable | | Taylor McGinnis (UBS) | Implied 2H billings growth + RPO/price dynamics | Detailed | 2H decel reflects sales reorg pace + multi-year-to-annual discount trade-off. RPO slower because contract durations shortened (deliberate pricing decision) | | Alexei Gogolev (JPM) | Multi-year vs annual contract dynamics + AI roadmap | Adequate | Customer choice = renewal-rate confidence + price realization trade. AI roadmap: MCP harness layer first, then 3D foundation models -- Autodesk Assistant for Fusion API scripting already in market | | Joe Vruwink (Baird) | Claude integration / MCP as customer acquisition channel + MaintainX vs prior failed downstream-ops players | Constructive | MCP / Assistant as new acquisition channel acknowledged but early. MaintainX win factor: ADSK has the data + context loop that prior attempts lacked | | Hoi-Fung Wong (Morgan Stanley) | CC billings guide clarification + GTM kinks | Tight | Rounding effects; no material change. GTM no notable course-correct items | | Michael Turrin (Wells Fargo) | State of replatforming + MaintainX confidence | Strong | "Foundation is now set" -- pricing model done, replatforming through, AI capabilities deploying. MaintainX comes in on top of completed transformation | | Joshua Tilton (Wolfe) | Forma Build repackaging / pricing + M&A confidence given peer track record | Honest | Acknowledged price-point change; framed as "land + expand" entry-level for Forma. Differentiated M&A confidence from peers by citing the proven construction-acquisition record | | Tyler Radke (Citi) | EBA customer data + AI usage permissions | Solid | Customers increasingly willing to share data for shared AI value (but selectively); ADSK building federated training infrastructure | | Clarke Jeffries (Piper) | MaintainX subscription -> consumption / go-to-market expansion | Forward-looking | "Consumption layer" being designed (digital twins, agentic workflows); GTM expansion to owner-operator presence likely required investment |

Deflected / weak answers: Brent Thill's valuation-premium question got a framework response (TAM, strategic rationale, future multiple compression) rather than a hard NPV or expected synergies number -- analysts may push harder on this through coming weeks via dialogue. None of the questions on FY27 implied 2H billings deceleration got a "do not worry" answer beyond "sales reorg pace + price-realization trade."

• Total RPO +9% YoY vs Current RPO +18% YoY -- The gap is intentional per management (shorter contract durations as multi-year discounting reduced). But the optical decel in Total RPO will become a recurring bear talking point unless current-RPO growth holds at +18%.
• Billings reported +18% vs CC +15% -- ~3pp FX tailwind in Q1; not flagged as a concern but worth monitoring if dollar weakens further.
• MaintainX 50%+ growth assumption -- ADSK is paying 27x ARR on the assumption MaintainX continues growing >50% post-close. SaaS deceleration risk is real if integration disrupts product velocity.
• FY27 EPS guide +$0.10 at midpoint with revenue +$50M raise -- implied incremental margin is ~22% on the raise, suggesting some reinvestment / acquisition prep absorbed. Worth watching for sandbagging vs incremental investment.

No outright contradictions identified between Q1 FY27 commentary and Q4 FY26 framework. Direct-billing model "settled" -- consistent with Q4 messaging. Sales reorg "in line" -- consistent. AECO leadership -- consistent.

Macro commentary from the call:

• Macroeconomic environment assumed "broadly stable" through FY27 -- no recession baked in, no upgrade
• AEC end-markets: data centers + infrastructure remain "robust"; emerging markets strong; commercial real estate the soft spot (offsetting from AECO outperformance)
• Manufacturing: customers "demanding convergence as they invest in digital transformation" -- consistent industrial-software demand
• Tariffs: no explicit mention this quarter -- a soft positive vs the Q4 setup where tariffs were a watch item
• Currency: ~3pp FX tailwind to billings/revenue in Q1 (~13bp tailwind to growth) -- supportive for global SaaS reporters this quarter

Specific company / customer mentions:

| Type | Company | Read-Through | |------|---------|--------------| | Customer / win | Dome Construction (ENR 400 GC) | Replaced legacy point solutions with Forma for Construction -- positive for Forma penetration | | Customer / win | Essex Services Group (UK building services) | Multi-year EA for Forma Build on data center / commercial projects -- positive for AECO data-center exposure | | Customer / win | Berlin Water (Germany utility) | Expanded Forma Design Collaboration for water infrastructure -- positive for infra spend | | Customer / renewal | Loh Services (Friedhelm Loh Group) | Renewed + expanded EA -- positive for manufacturing EA cohort | | Customer / renewal | US automotive OEM (unnamed) | Renewed EA for factory-of-future strategy across 14 factories -- positive for AECO+Mfg convergence | | Customer / win | Schiedel (chimney systems mfg) | Inventor + Vault + Fusion integrated workflow -- positive for Fusion attach | | Adjacent / context | Anthropic (Claude) | Andrew mentioned "Claude for Creative Work" in context of MCP partnerships; positive read-through for Anthropic enterprise positioning | | Competition / context | MaintainX competitors (IBM Maximo, eMaint/Fluke, Infor EAM, SAP PM) | All implicit competitors now squarely in ADSK crosshairs -- negative read for legacy CMMS vendors | | Peer / contrast | Software peers attempting large M&A | Joshua Tilton noted peer M&A has not "gone well" recently -- ADSK explicitly differentiated by citing construction-acquisition track record | | Customer / cited | Prestige Group (India) | India / emerging market AEC win -- positive read for ENGH-india infra spend | | Customer / cited | Arup | Standardizing on Forma -- positive read for tier-1 design firm cloud adoption |

1. MaintainX close & integration cadence -- deal expected later in FY27. Investor focus will be on early signals of cross-sell into ADSK customer base + AOS revenue start
2. Q2 FY27 print (late August 2026) -- guide is $2,005-$2,015M revenue / $3.10-$3.14 EPS. Beat at the consistent +1.7-2.2% magnitude implies $2,045M / $3.20 EPS
3. 2H FY27 billings step-function -- $1.7B Q1 + ~$1.8B Q2 + back-half EBA cohort needs to add up to $8.5-$8.6B FY guide. The Q4 EBA renewal cohort is the biggest swing factor
4. AI monetization disclosure -- ADSK has stopped short of breaking out AI ARR / Autodesk Assistant attach. A FY27 commercial milestone disclosure is increasingly likely
5. Sales reorg productivity ramp -- "gradual normalization Q2 -> Q4" -- watch for new-subscription growth rate inflection
6. Stock valuation reset -- after the MaintainX-related ~5% pre-market sell-off, ADSK trades ~17-18x FY27 non-GAAP EPS ($231 / ~$12.53 mid) and ~21x FY27 FCF ($231 * ~215M shares = ~$50B market cap / $2.76B FCF mid). Below historical ~25x average -- a re-rate catalyst exists if MaintainX integration goes well

Data sourced from Daloopa (historical fundamentals), Autodesk Q1 FY2027 Form 8-K press release (current quarter), Autodesk Q1 FY27 earnings call transcript (May 28, 2026), and Q1 FY27 earnings deck.