Autodesk(ADSK) - 2026 Q1 - Quarterly Results

Financial Performance - First quarter revenue increased by 15% year-over-year to $1.6 billion, with a 16$1.434 billion, reflecting a 29% year-over-year increase[3] - GAAP EPS for Q1 FY26 was $0.70, down$0.46 compared to the previous year, while non-GAAP EPS was $2.29, up$0.42[3] - Total net revenue by product type showed Design revenue at $1.361 billion (14$179 million (23% increase), and Other revenue at $93 million (22$1,633 million, a decrease from $1,633 million in the same period last year[39] - Subscription revenue reached$1,532 million, while maintenance revenue was $8 million, contributing to a total subscription and maintenance revenue of$1,540 million[39] - Net income for the period was $152 million, with diluted net income per share at$0.70[39] Revenue Guidance - Q2 FY26 revenue guidance is projected between $1.720 billion and$1.730 billion, with GAAP EPS guidance of $1.37 to$1.46[12] - Full-year FY26 revenue guidance is set between $6.925 billion and$6.995 billion, with billings expected between $7.160 billion and$7.310 billion[12] Cash Flow and Capital Allocation - The company plans to allocate more capital to share repurchases as free cash flow grows, which was $556 million in Q1 FY26, a 14$1,816 million from $1,599 million at the beginning of the period[41] - Operating cash flow for the three months ended April 30, 2025, was$564 million, compared to $494 million in the same period last year[41] - Net cash provided by operating activities amounted to$564 million, resulting in free cash flow of $556 million[45] - The company repurchased$354 million of common stock during the period[41] Operating Metrics - Remaining performance obligations (RPO) totaled $7.157 billion, a 21$4.552 billion (16% increase)[8] - Total operating expenses amounted to $1,240 million, with research and development expenses at$394 million[39] - GAAP operating margin for the three months ended April 30, 2025, was 14%, while the non-GAAP operating margin was 37%[45] - The GAAP operating margin for FY26 is expected to be between 21% and 22%, with a non-GAAP operating margin forecasted at 36.5% to 37%[48] Stock and Intangible Assets - Autodesk's goodwill increased to $4,275 million from$4,242 million at the end of January 2025[40] - Deferred revenue stood at $3,620 million, a decrease from$3,787 million at the end of January 2025[40] - Total assets decreased to $10,585 million from$10,833 million at the end of January 2025[40] Future Projections - For Q2 FY26, GAAP EPS is projected to be between $1.37 and$1.46, with non-GAAP EPS expected to be between $2.44 and$2.48[48] - The FY26 GAAP EPS is forecasted to be between $4.63 and$5.14, while non-GAAP EPS is anticipated to be between $9.50 and$9.73[49] - Stock-based compensation expense for Q2 FY26 is estimated to be between $0.87 and$0.89[48] - Amortization of purchased intangibles and developed technologies for FY26 is projected at $0.65[49] - Restructuring and other exit costs for FY26 are expected to be between$0.53 and $0.60[49] - Income tax adjustments for FY26 are anticipated to range from$(0.24) to $(0.33)[49] Strategic Focus - The focus remains on strategic priorities in cloud, platform, and AI to drive long-term shareholder value amidst macroeconomic uncertainties[2]