ADSK - Autodesk stock gains on Q2 beats raised earnings outlook

• Autodesk ( NASDAQ: ADSK ) shares gained ~9% pre-market on Thursday after the software firm reported better-than-expected second quarter results and raised its full-year forecast for adjusted earnings.
• Adjusted EPS is now expected to range from $6.52 to $6.71 ( consensus : $6.59) compared to $6.43 to $6.66 previously. However, the company narrowed its fiscal 2023 revenue guidance range to be between $4.99B to $5.04B (consensus: $5.01B) vs. $4.96B to $5.06B previously. It continues to expect non-GAAP operating margin of ~36% and free cash flow between $2B and $2.08B.
• Autodesk CFO Debbie Clifford noted that "with the underlying momentum of the business offsetting incremental foreign exchange headwinds, our guidance is unchanged at the mid-point across all metrics. We remain well on track to achieve our fiscal 23 goals."
• For the second quarter, the company generated adj. EPS of $1.65 on revenue of $1.24B that grew 17% Y/Y. Current RPO surged 10% to $3.14B, with remaining performance obligations up 13% to $4.69B - both reflecting strong billings growth.
• Total billings grew 17% to $1.19B during the quarter and is seen between $5.71B to $5.81B for the full year.
• Adj. operating margin improved 5 percentage points to 36%.

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