Q1 FY27 revenue grew 9% year-over-year to $830.2 million, with strong demand for AI-native Intelligent Agreement Management (IAM), now 12.6% of total ARR, and international revenue representing 31% of total.
Net income rose to $78.2 million, with diluted EPS at $0.40 GAAP and $1.09 non-GAAP, both up year-over-year.
Free cash flow reached $289.4 million (35% margin), supporting a record $318 million in share buybacks; total authorization for repurchases now $4.5 billion.
IAM adoption is accelerating, with over 40,000 companies and 1.87 million total customers globally, and significant enterprise traction, especially in North America.
The company continues to innovate rapidly, launching new AI-driven features, integrations, and expanding its partner ecosystem.
Q1 revenue: $830.2 million, up 9% year-over-year, with a 1.6 percentage point 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 (32% margin), up 18% year-over-year; GAAP operating income: $111.3 million.
Free cash flow: $289.4 million (35% margin), up from $227.8 million last year.
Diluted weighted average shares outstanding: 196.5 million, down 8% year-over-year.
Non-GAAP diluted EPS: $1.09, up 21% year-over-year; GAAP diluted EPS: $0.40, up 18%.
FY27 revenue guidance: $3,490–$3,502 million (9% year-over-year growth); Q2 guidance: $865–$869 million (8% growth).
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.
Non-GAAP gross margin guidance: 81.5%–82.0% for FY27; operating margin: 30.5%–31.0%.
Continued reduction in share count expected due to ongoing buybacks.
Revenue guidance would be 1.3–1.4 percentage points lower excluding FX impact.
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