Episode Details

Autodesk (ADSK) Q2 FY2027 — Shares fell 3.7% to $260.66 the next session, after rising 6.2% into the print. Revenue grew 16%, billings 10%, current RPO 12% - and total remaining performance obligations just 2%. THE CALL: AVOID (3/5, MODERATE) — base-case value ~$199 vs ~$261 today. KEY METRICS: - Revenue $2,046M, +16% YoY (+14% cc), vs $2,012M consensus - Adjusted EPS $3.30 (+26%) vs $3.12 bar; GAAP diluted EPS $2.33 - Billings $1,854M, +10% YoY - Total RPO $7,433M, +2% YoY; current RPO $5,245M, +12% - Unbilled deferred revenue $3,175M, -8% YoY - Free cash flow $561M, +24%; operating cash flow $575M - Adjusted operating margin 41%; GAAP operating margin 29% - FY27 guide raised: revenue $8,295-8,345M, adjusted EPS $12.52-12.60 - MaintainX acquired 3 Aug 2026 for ~$3.53B, funded with $2B of new debt - Our fair value ~$199 vs $260.66 close; Street average $315.57 What to watch: current RPO growing faster than revenue for two straight quarters would break our thesis Also on YouTube: @ChargedAlpha DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.