Q1 FY27 revenue reached $830.2 million, up 9% year-over-year, with international revenue comprising 31% of the total and a 1.6% FX benefit.
Operating margin improved to 32%, and free cash flow margin was 35%, supporting a record $318 million in stock buybacks.
IAM platform adoption accelerated, now representing 12.6% of total ARR, up from 10.8% last quarter, with expectations to reach 18% by year-end.
Nearly 1.9 million customers and over a billion users worldwide, with 1,258 customers exceeding $300,000 in ACV.
Continued innovation in AI-driven agreement management, with new product launches, integrations, and recognition for innovation and trust.
Q1 revenue: $830.2 million, up 9% year-over-year, with a 1.6% FX benefit; international revenue grew 17% to $254 million.
Non-GAAP gross margin: 81.5%, slightly down year-over-year due to cloud migration; GAAP gross margin: 79.4%.
Non-GAAP operating income: $266 million, up 18% year-over-year; operating margin at 32%.
Free cash flow: $289.4 million (35% margin), up from $227.8 million last year.
Non-GAAP diluted EPS: $1.09, up 21% year-over-year; GAAP diluted EPS: $0.40, up 18%.
FY27 ARR growth expected at 8.25%–8.75%, reaching over $3.5 billion at midpoint; IAM projected to reach 18% of total ARR by year-end.
Q2 revenue guidance: $865–$869 million (8% year-over-year growth); FY27 revenue guidance: $3.49–$3.50 billion (9% growth).
Non-GAAP gross margin guidance: 81.5%–82.0% for FY27; operating margin: 30.5%–31.0%.
Revenue guidance would be 1.3–1.4 percentage points lower excluding FX impact.
Continued reduction in share count expected due to ongoing buybacks.
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