No Surprises From Autodesk in Q2
Aug 30, 2024
Autodesk is in the portfolio due to its super-predictable results and dominant economic moat. Q2 was another case of "business as usual", with revenues up 12% and backlog up 11%, right on the modeling. The firm is still experiencing a bit of a cash flow lag as it transitions to a new transaction model in the U.S., but I expect it to work through back into the low-mid 30% free cash margin range. Management upped its revenue guidance for the year. The stock trades right in the vicinity of our $263 fair value price.
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