Good day, and thank you for standing by. Welcome to the Dassault Systèmes 2024 first quarter earnings presentation call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be the question-and-answer session. To ask a question during the session, you need to press star one one on your telephone keypad. You will then hear an automated message advising your hand is raised. To address a question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our first speaker today, Béatrix Martinez. Please go ahead. Thank you, Nadia. Good afternoon, everyone, or good morning. This is Béatrix Martinez, Dassault Systèmes VP Investor Relations. From the company, we have Pascal Daloz, CEO, and Rouven Bergmann, CFO. Thank you for joining our first quarter 2024 earnings conference call with Pascal Daloz, Chief Executive Officer, and Rouven Bergmann, Chief Financial Officer, here in London. At the end of the presentation, we will take questions from participants. Dassault Systèmes results are prepared in accordance with IFRS. Most of the financial figures in this conference call are presented on a non-IFRS basis, with revenue growth rates in constant currencies unless otherwise stated. For an understanding of the differences between the IFRS and the non-IFRS, please see the reconciliation tables included in our press release. Some of the comments we will make during today's presentation will contain forward-looking statements that could differ materially from actual results. Please refer to today's press release and the risk factors section in our 2023 Document d'Enregistrement Universel, published on March 18th, 2024. I will now hand over to Pascal. Thank you, Béatrix. Good morning. Good afternoon, everyone. Thank you for joining us today. It's, as you say, Béatrix, always a pleasure to be with you here in London. Let's start first with the first quarter results. So software revenue rose by 7%, driven by the 3DEXPERIENCE up 29%. I think we delivered an operating margin of 31.1%, slightly outperforming our profitability objectives. And thanks to the disciplined cost management, our EPS was strong, up 12% at constant currency. In the first quarter, our 3DEXPERIENCE business delivered strong results, with a significant number of top industry leaders in manufacturing now onboard to our platform. And they benefit from its science-driven approach, the integrative capabilities, and obviously, the cloud flexibility. Looking ahead, we have a strong 3DEXPERIENCE pipeline, and Rouven will come back on this. In life sciences, we are devoted to replicating our success in other industries, providing an end-to-end platform. And this transformation lays the foundation for sustainable new sources of growth. On the short term, we anticipate Medidata return to growth in the second half of 2024. Therefore, supported by the 3DEXPERIENCE businesses and the good momentum and the Medidata outlook, we confirm our guidance for the full year. Now, let me say a few words about, you know, the vision and the strategy. As you may know, while we are rooted in the present, we also want to make a positive impact on the world. And shaping the generative economy is the next step in our journey. The generative economy goes beyond extending the virtual twins to living organisms. It's about learning from life, to adopt a net positive way of living. And usually, the way I'm summarizing it is by giving back to the planet and the society more than what we take, more than what we take for the manufacturing, for the trading, or for the usage of the product or services. To do this, you need a more holistic view of the entire life cycle, and the impacts are becoming extremely critical. So, for example, if you take mobilities, it involves environments with passengers, vehicles, buildings, air qualities. And we need to create the virtual twin of all the different systems, if you want. It's exactly the same in the life sciences. If you want to focus on the cancer treatments, it's the result of the organic process. So to support this transformation, we combine multiple virtual twins experience together into what we call universes. The universe is really a way to unify the virtual and the real at the same time. During the last quarter, if you remember, we showcased a concrete example of an early adoption of the universe. The company was Biogen, a leading American biotech company specializing in neurological disease. If you remember what I told you, they were connecting the virtual twin of the patient brains and the spinal column with the drug virtual twin in order to determine the best and the optimal way to do the drug injections. I think this is a good illustration of what the universe can do to transition from in vivo to in silico testing. Now, this holistic approach is made possible through our 3DEXPERIENCE data science platform. Why it's a data science platform? Because it enables the clients to connect the data from experience on one hand and the model from science on the other hand. And with the 3DEXPERIENCE data science platform, our clients are already achieving impressive results. Just a few examples in this. If you take aerospace and defense, we have many clients improving the reliability and the availability of the critical assets. If you take the consumer industry, many of them are tracking the churn, finding a way to reduce it, and at the same time, increase the cross-selling and the upselling opportunity. And more and more, many, people are also doing the price management with these capabilities. In transportation and mobility, most of our customers are using the generative AI in the 3DEXPERIENCE data science platform as a way to manage the supply chain in a flexible way, especially to navigate across the fluctuation in raw material, energy, and component prices. It's also a way for them to do significant savings in raw material procurements. It's also a way for them to optimize the product performance, whether it's the weight and balance or durability and costs. In the consumer packaged goods, the key topic is the product reformulations to comply with sustainability regulation while ensuring the best possible consumer experience. In this case, the data science capability of the platform is extremely useful. Just a few examples to illustrate that it's just the beginning, and we firmly believe that our generative AI engines will increasingly empower the customers to nurture the circularity of the platform, I mean, the capabilities the platform is offering, and more importantly, to elevate the data into valuable knowledge and know-how. Now, let's return to the business trend we observed in the first quarter. Starting with the manufacturing industry, we have already highlighted the excellent performance of our 3DEXPERIENCE platform and the progress in terms of adoption within our install base. Looking ahead, I think we have a strong pipeline in transportation and mobility, aerospace and defense. And we also are more and more, gaining traction in consumer goods and consumer packaged goods. So this is positioning us to secure major contracts within the industry leader in 2024. Now, turning to life sciences, the sector is currently pivoting towards three things: patient centricity, technology transfer from the labs to the bioreactors, and the utilization of the generative AI to faster and foster the innovations. And I think Medidata offers the most comprehensive platform to design, launch, and conduct advanced clinical trial. Why so? Because in a unique way, it connects all the stakeholders, whether it's the pharmaceutical companies, the hospital, the patient from home. And this is simplifying the collaborations between all of them. This connectivity is really crucial as the data source diversifies, underscoring the importance of these differentiations. In the infrastructure and city sector, decarbonization is also crucial, contributing to 1/3 of the global emissions. And the sustainability topic is really driving commitments to tripling nuclear capacity, shifting to clean energy, and innovating for efficiency. Among these challenges is reviving nuclear construction at scale and shortening the time between nuclear construction and commissioning. Now, let's have a look on the wins for this quarter, the most emblematic one. I will characterize this quarter by, you know, the quarter where we have a lot of win-back. And one of them, which is an interesting one, is Volvo Car. As you may know, they are using CATIA for a long time, but they were using other systems in conjunction with CATIA. And this quarter, Volvo has adopted and took the decision to adopt the 3DEXPERIENCE platform under a multi-year agreement to transform their engineering processes. And this is a significant milestone in our partnership because this will imply that the 1,500 users from CATIA V5 will migrate to CATIA 3DEXPERIENCE platform. It means also that we will transition from a multiple standalone solutions to a unique and scalable platform. And this also means that they will change the way they work to facilitate the real-time collaboration and reduce the time to market, especially by, you know, through the integration of the hardware and the software, which is becoming, you know, the key roadblock in this industry. And the savings are not measuring anymore in hours or weeks. We are talking about months. So it's really a major milestone. Additionally, Volvo Car will also use our life cycle management capabilities to reduce the carbon footprint per car by 40% from 2018- 2025. So I think it's just the beginning of the Volvo Car journey with the 3DEXPERIENCE platform, promising also further opportunity to expand into new domains such as system of systems, machines, or data science, not speaking about the manufacturing. Now, let's review the customer testimonial in life sciences sector. In this quarter, we have BIOVIA at TFS. You know, and TFS is a leading global contract research organization headquartered in Sweden. And they have selected the Medidata Rave solutions because it provides a single platform to connect against all the stakeholders: the investigators from the pharma companies, the practitioners from the hospital, and the patient from home. And this is a unique capability on the market as the Medidata platform will give them the ability to integrate and streamline their data management and trial management operation at the same time. In addition, they are using Medidata AI as a way to accelerate the clinical trial timelines by announcing the study enrollment and the feasibility, specifically having the ability to select wisely the different sites they will enroll to make the clinical trial. In conclusion, I think Medidata will play a pivotal role in supporting TFS to accelerate the delivery of the new treatment to the market. Now, let's move to infrastructures and cities. Sizewell C, a well-known company in Britain because they are the one providing the I mean, they I mean, planning to provide the electricity for more than 6 million households in the U.K., has selected the 3DEXPERIENCE platform to increase the nuclear capacity, to enable the nuclear constructions, and more importantly, to reduce the time to operations. This will ensure, in fact, a smooth delivery, operation, and maintenance of the future facilities. This is the first step of their project with us, with the potential to increase our footprint from more than 200 users right now to more than 1,000 in the coming months, along with transitioning to the cloud. So it's really an interesting case. This is, I think, also a clear win, underscoring the role of the decarbonization as a driving force for this sector to adopt our solutions. In conclusion, before handing over to Rouven, let me do a quick wrap-up. First, I think we had a solid start of the year, and our 3DEXPERIENCE platform delivers strong results. More importantly, we have a strong pipeline going forward. Two, in life science, the sector is pivoting. I think we are uniquely positioned to address those changes. More importantly, we anticipate Medidata return to growth in the second half of the year. Simultaneously, I think we are laying off the foundation for our future growth by leveraging the 3DEXPERIENCE platform, enabling clients to connect data from experience on one hand and do generative AI with the model from science on the other hand. And this will definitively nurture the ability to elevate the data into valuable knowledge and know-how, which is the purpose of Dassault Systèmes. Now, I think it's time to focus on Q1 performance and the outlook for Q2 2024 and the rest of the year. Rouven, you have the floor. Thank you, Pascal. Good morning and good afternoon to you listening to our call now. As you heard, we are entering into the year with a solid start as we remain focused on the fundamentals of our business model. The combination of subscription revenue and upfront license revenue together grew 9%, while the operating margin was up 50 basis points to 31.1%. And EPS grew 12%. We knew coming into this year and into the first quarter of the year that Medidata would weigh on our subscription growth. In this context, subscription revenue is up 10%. Excluding Medidata, subscription revenue is strong, up 22%, driven by good growth in 3DEXPERIENCE. The share of recurring revenue remains high at 84%. Upfront license revenue in the first quarter was good, up by 7%, driven in part by the strong performance in our business in Asia and a slightly stronger demand for CapEx investments supporting our customers' business model preferences. Adding to the fundamentals, we generated EUR 671 million in operating cash flow. While this is below last year's level, cash flow conversion remains healthy at 1.44 times of non-IFRS operating income. This trend reflects the progressive shift of subscription as we see a more ratable cash generation going forward throughout this year. Now, let's review briefly how we performed relative to our objectives in Q1 2024. Total revenue was at EUR 1.5 billion and in line with our objectives, just slightly below the midpoint. The lower software and service revenue were partially offset by currency. Operating margin was at 31.1%, above the high end of the objectives, driven by disciplined expense management. Importantly, we continued to invest to support our strategic initiatives with a net headcount growth of around 1,200 over the last 12 months. This sets a strong basis for continued growth as well as margin improvement in the future. As mentioned earlier, EPS at EUR 0.30 is reflecting good operating performance and strong financial income in Q1. So to summarize the financials, in the context of the Medidata transformation, we delivered solid financials in the first quarter. Lower contribution in subscription revenue was offset by stronger upfront license. Clearly, 2024 is a backend-loaded year like 2023, underpinned by continued momentum in 3DEXPERIENCE and return to growth for Medidata. Profitability is strong as a result of effective cost control, while we continue to make focused investments to shape our strategic growth drivers of 3DEXPERIENCE and cloud in support of our full-year and midterm objectives. Now, let's move to our growth drivers of 3DEXPERIENCE and cloud. 3DEXPERIENCE revenue rose 29% in Q1 at constant currency, driving the share of 3DEXPERIENCE to 36% of addressable software revenue. In this quarter, three-fourths of the growth related to 3DEXPERIENCE is driven by deals larger than EUR 2 million, highlighting strong value-add potential and the momentum in our customer base. In Q1, we had several key customers expanding the 3DEXPERIENCE platform use, such as Volvo, Honda, Dana, Damen Shipyards, B. Braun, as well as EDF. Cloud revenue grew 6% in Q1 due to the anticipated slower Medidata growth contribution. Ex-Medidata cloud revenue was up around 50%, driven by the continued growth momentum in 3DEXPERIENCE cloud. The cloud is now representing 24% of our Q1 software revenue. Key customers expanding 3DEXPERIENCE cloud use in the quarter were Renault, Dassault Aviation, Bouygues Construction, Schindler, Honda, and Sanofi, besides many others. We are confident that we will further capitalize on the momentum of our growth drivers and continue to grow our market share in 2024. Now, let me highlight to you the performance across geos and product lines. Americas was up 5%, which was in part due to the lower anticipated contribution from Medidata this quarter. Excluding Medidata, the Americas is up 9%, driven by strong momentum in home and lifestyle, aerospace and defense, and a very durable growth in transportation and mobility. Europe was up 7% with strong double-digit growth in north and west regions. We saw a well-diversified growth profile across multiple industries such as transportation and mobility, energy and materials, construction, and again, home and lifestyle. Asia had a rebound in Q1, which was led by strong growth in China, up 17%, driving the strong license performance in the quarter. Also, Japan, India, and Korea delivered high single-digit software revenue growth. From a product line standpoint, we saw continued good momentum in industrial innovation with growth of 9%. CATIA and ENOVIA were up high single-digit, while DELMIA and NETVIBES were up double-digit in software revenue. Subscription revenue already represents more than 2x the license revenue in industrial innovation, and it grew this quarter by 20%. Life sciences software revenue was -2% overall, with Medidata at -3%, which is a strong comparison base in Q1. On the other hand, BIOVIA had a good quarter, delivering high single-digit growth in software revenue, driven by strong renewals and expansions with major customers such as Regeneron, Gilead, and Takeda. Now, let me provide you with an update on the market trends in clinical trials and our progress since the beginning of the year. First, on a trailing 12-month basis, we see market growth trends normalizing. In fact, since the beginning of the year, over the last 3 months, study starts are stabilizing to be slightly up, and this compares to a -10% decline at this time last year. Second, in this improving market environment, our growth bookings in Q1 support our plan to return to growth in H2. In fact, our study-based bookings are back to growth, driven by an increase in the partner consumption. In addition, we have started to see increasing activity in the midsize pharma market, which has always been a catalyst of our growth. And lastly, and important to highlight, we are competing well with win rates up across all segments, driving market share gains in phase III trials. To summarize, our market share dynamics are positive, adding about 2 points versus last year. Mainstream innovation is up 10%, driven by excellent performance of Centric PLM. In this quarter, we won Abercrombie & Fitch, our largest deal in fashion and apparel business. This plus strong renewals delivered excellent performance. For SOLIDWORKS, we are clearly transitioning to a subscription model at scale. Subscription revenue is scoring over 60%, offsetting the decline in license. And we expect this trend to continue and further accelerate towards a higher share of subscription revenue, driving sustainable growth. As a key contributor to our growth, Centric PLM continues on its strong growth trajectory, signing new large enterprise deals quarter-over-quarter, adding new logos to our growing list of brands. In addition, we are successfully renewing with existing customers, expanding the share of wallet, and many other as we demonstrate with many customers this quarter. So the momentum, as you can see, is broad-based. Centric delivers an integrated platform from concept to customer, leveraging generative AI as a competitive differentiator. This is truly a new category of PLM, building a path to a billion-dollar-plus business. Now, let me turn to cash flow and balance sheet IFRS items. Cash and cash equivalents totaled EUR 4,096 million compared to EUR 3,568 million at the end of 2023, which reflects an increase of EUR 528 million. At the end of the quarter, our net cash position totaled EUR 1,103 million, an increase of EUR 526 million versus a net cash of EUR 578 million on December 31st, 2023. This clearly highlights a disciplined and efficient capital allocation. Now, let's look at what is driving our cash position at the end of the first quarter. We generated EUR 671 million in operating cash flow for the quarter versus EUR 783 million last year. Cash flow from operations was mainly impacted by a lower decrease in trade accounts receivables this quarter versus last year. This can be explained by two main effects. First, an impact of over EUR 65 million of receivables which shifted to April as customers pushed payment dates to after the bank holidays at the end of the quarter. Almost all of them have been collected so far. Secondly, receivables are trending above last year's level due to the progressive adoption of our subscription model, in which invoicing is spread over the contract term and creates a new pattern in which cash is collected when compared to the upfront license model. In 2024, given the dynamics highlighted above, Q1 represents about 38%-40% of the expected full-year operating cash flow. In previous years, Q1 averaged about 45% of the full-year operating cash flow. As such, we expect a positive catch-up effect already in Q2. For any additional information, you will find the operating cash flow reconciliation, our presentation published this morning. To sum up, operating cash flow was mainly used for the repurchase of treasury shares of EUR 131 million, investments in CapEx of EUR 57 million, and repayment of lease liabilities of EUR 24 million. Lastly, the total FX impact is about EUR 33 million versus December 31st last year. Now, let's move over to our objectives for 2024. Most important, we confirm our full-year objectives: total revenue growth of 8%-10%, operating margin at 32.5%-32.8%, and EPS at EUR 1.29-EUR 1.31. Our pipeline supports our growth objectives and is broad-based across multiple levels with a backend-loaded shape. We have good visibility in the continued momentum of 3DEXPERIENCE growth contribution, including sizable transactions. Medidata is on track to return to growth in H2 based on the stabilizing market environment of clinical trial starts and continued good execution as evidenced in win rates and market share gains. As mentioned, SOLIDWORKS is progressing well, transitioning to the subscription as planned. So as mentioned, we reaffirm our full-year objective, which also includes a double-digit growth in recurring revenue in the range of 10%-11%. We expect upfront license to be in the range of 2%-5% growth, and services revenue is expected in the range at 8%-9%. Now, to update your models, I would like to share some additional information related to Q2. We expect total revenue and software revenue growth of 7%-9% each, with upfront license revenue between -1% to +7%, recurring revenue up 9%, and subscription up between 15%-16%. Services is expected to grow 6%-7%. Our profitability is expected to continue to expand with operating margin up 50 basis points at the midpoint, reflecting a reported range of 31.3%-31.5%. EPS is expected to be in the range of EUR 0.30-EUR 0.31, up 10%-12%. Now, let me conclude. We had a solid start to the year. Our core business is performing well and is expected to accelerate throughout the year. 2024 is a backend-loaded year, which is underpinned by continued momentum in 3DEXPERIENCE. For Medidata, we see progress towards recovery in the second half, supported by the stabilization of the clinical trial market and good execution in terms of bookings growth and win rates. As such, we are confirming our full-year outlook and look forward to updating you throughout the year. We have several investor roadshows planned over the upcoming weeks, including in the United States end of May, and we look forward to meeting with you in person. With this, I would like to return back to the operator. Pascal and I will be happy to take your questions. Thank you, dear participants. As a reminder, if you wish to ask a question over the phone, please press star one one on your telephone keypad and wait for your name to be announced. To withdraw a question, please press star one one again. Please stand by. We'll compile the current queue. This will take a few moments. Now we're going to take our first question. It comes from the line of Jay Vleeschhouwer from Griffin Securities. Your line is open. Please ask your question. Thank you. Good afternoon. Rouven, let me start with you, and then Pascal, I'll finish with you with a couple of product and market questions. So Rouven, with regard to the price increases you're planning to implement in July, there's some interesting changes that you have in mind. For instance, for many of your major markets such as the U.S. and others, the planned increase this July is smaller than the 2022 and 2023 increases. A couple of countries are about the same, such as the U.K. and Japan, you're planning to put in a price increase where you haven't had before. So I know there's a lot of moving parts there, but maybe you could talk about your thinking with regard to the dynamics of price increases for this year. Then secondly, for you, before I turn to Pascal, you noted the large increase in headcount for the quarter. Is that something that you intend to maintain for the balance of the year? One thing we see in your open jobs data is a pretty interesting uptrend in your sales openings, for instance. Maybe you could talk about that dynamic as well. Before I start, Jay, thank you for your questions. On price increases, I think you are very well informed. First, secondly, I would say that when you step back over the last two years, we have made a few larger adjustments compared to the periods before. And I think it's also important that we give our customers in the market some time to absorb that. We are starting with slightly lower increases in 2024. But I think what's really important is we will be able to monetize the value of our solutions because we are bringing a lot of new innovation to our customers, which really helps us in our value-up process and in the step-up that we can generate, not only at the time of renewals, but when we swap from CATIA to 3DEXPERIENCE, for example. So yes, while there is a lever on the price increase, and again, I think my first message is we need some time to absorb the two larger increases we did in the two previous years, plus now coming into the market with a lot of new innovation that gives us an additional lever of value-up. This in combination, I think, is how we are positioning ourselves in 2024. And then based on where we are in the adoption, we will have the ability to further adjust pricing. Okay. And then the headcount, please. On the headcount, I can take that too. As I mentioned, we have been, I would say, setting a careful plan in place for the headcount growth over the last 12 months, and we've been executing that. We have seen that the attrition rates have come down in the major markets. So we had to adjust our funnel in terms of the hiring ramp. We hired 1,200 people, as you heard, over the last 12 months, investing in our growth areas. A larger share of the hiring and investments has also gone to Centric to further expand the operation as Centric is now going through a cycle of renewals, which requires to expand the organization for this next step of growth. So that has been the strategy. Other than that, we have hired pretty much evenly across the world. We've been able to get from this strategy also a nice lever in terms of mix shift that we are implementing year-over-year as we hire new graduates from universities. It also helps us to have more leverage on our overall expense growth, and that gives us additional flexibility to continue to invest. Okay. Pascal, for you, a couple of things. First, in automotive, and then we'll finish, as always, on SOLIDWORKS. So in automotive, the Volvo comment was interesting, but I'd like to ask you about U.S. automotive. Perhaps you could comment on your scope or trajectory of work at both Ford and GM, and then I'll conclude with the SOLIDWORKS question. Okay, Jay. So first of all, as you may know, Ford, we became in fact the general platform and the general engineering environment for the EV car, and we are progressively deploying on all of them. But in parallel, there is a reverse impact effect where now Ford is considering that the new engineering processes will be driven also by this approach, and they try to evaluate if they can deploy it on the existing thermal engine program. So still in discussion, but good progress has been made in the last few months on this front. Related to GM, as you may know, at GM, we are used specifically on simulation and also manufacturing traditionally, not too much on the engineering parts, neither the PDM parts. However, the battery business is changing the game because we have one of the most advanced solutions on the market for the battery design and also for the battery productions. And just because GM has some willingness to develop their own systems and their own battery, this is opening widely the door for our solutions. So this is what I can say related to the two key customers you just mentioned. Okay. And then to conclude on SOLIDWORKS, some interesting dynamics going on there or pending. Our understanding is that you are going to be implementing a variety of new packaging and configurations and therefore pricing for SOLIDWORKS. Perhaps you could talk about that. Is that baked into your guidance, for example? And we understand that in terms of go-to-market strategy, there was a particular emphasis on continuing to grow your large seat count customers, those with many dozens of seats as opposed to your corporate average of just 3-4 for SOLIDWORKS. And maybe perhaps you could talk about that sales objective as well within SOLIDWORKS. Yeah. If we step back a little bit, as you know, Jay, the key decision for us is how we connect the large SOLIDWORKS systems we have to the 3DEXPERIENCE platform. Why so? Because there is no way we can leverage the AI capability we have if we do not have the data within the system. So that's the reason why in this new packaging, that's ultimately what we are pushing, this idea to have all the desktop being connected to the 3DEXPERIENCE platform, whatever. And this is the main driving thinking process, if you want, behind the new packaging. Related to the go-to-market, I think no, I would not conclude that we are focusing more on the large, I would say, account, if you want, for SOLIDWORKS than the one having one or two seats. I think we have subsegmented the markets because we cannot use the same approach for the one having, as you say, one or two seats or the one having more than 100, if not 1,000 seats. And sometimes they also have a PLM system deploys. So that's the reason why we have made some adjustment of the go-to-market in order to come with different approaches and different solutions, especially when we are talking about the data migrations. So this is, I would say, the way we have structured the go-to-market to just being in line with the new packaging coming. And my last comment, I think we see really the good momentum in the subscription for SOLIDWORKS at a point where it's largely offsetting now the decrease, sorry, on the license part. Just to give you some statistics because I know you like the statistics, today, the subscriptions are representing more than a third of the new bookings. If I remember well, Rouven, it was a little bit more than 10% a year ago. So it's a significant change compared to where we used to be, and this acceleration is relatively consistent with also the fact that now it's time also to attach the 3DEXPERIENCE platform with it. Okay. Well, thank you, Pascal. Thank you, Rouven. Thank you, Jay. Thank you, Jay. Thank you. Dear participants, just as a reminder, if you wish to ask a question, please press star one one on your telephone keypad. Now we're going to take our next question. The question comes to the line of Derric Marcon from Bernstein. Your line is open. Please ask your question. Yes. Hello, guys. Thank you for squeezing me in. I missed the opportunity to ask this following question this morning. The first one on Medidata, and both are for Rouven. Sorry, Pascal. On Medidata, Rouven, you said that you expect for a full year now a stability of software revenue. And three months ago, you were potentially expecting 0%-5% or low- to mid-single-digit. What has changed compared to the initial ambition? That's my first question. And the second question, in a more positive angle, your subscription revenue in Q1 is below what you guided for, 4 percentage points. And you said that it's partly explained by Medidata weakness, but at the same time, for the full year, you did not change your full-year guidance on subscription growth. Sorry. So, can you explain the moving parts here, why Q1 was below and why for full year you remain confident that you will get all the deals under subscription terms that you were expecting initially? Thank you, Derric, for giving me the opportunity to clarify the two points. Feel free to ask another question if you want, for sure. On the Medidata part, yes, for the year, we expect to be in the second half back to growth. When we look at the aggregate of the year, we will be flat. Stepping back, coming into the year, maybe we had a slightly more positive outlook. When we reflect on Q1, the Q1 results were at the lower end of our initial plan, and that's where we made a slight adjustment. But I think more importantly, when we look at the health of the business in terms of its bookings and the market, we actually have positive news to share because our growth bookings on the study-based bookings, also the consumption with partners, is growing mid-single digit for the first time since a number of quarters. That will translate to revenue, and we'll see that in the second half of the year. As I mentioned earlier today, we're focused on building our backlog costs for the second half of the year and next year to be at a run rate coming to 2025 to reach 10% of costs. That's what we are focused right now on. We also see good momentum in our pipeline for the midsize pharma, which is an important element of our growth dynamic because in this market segment, there's much more activity as with large pharma companies where you have renewal cycles that are in five-year terms. So this is addressing your first point. So it's two parts. Yes, Q1 was slightly lower, which actually leads me to your second question on Medidata contribution. But also, we are really focused on driving growth in the back half and for next year, for which we are seeing the bookings performing better than what we saw last year. That's what we expected. So in a way, we are on track. So for subscription, you're right. We are below our objectives in the first quarter, in part because Medidata came in lower, but also because we had a few deals that we recognized as upfront license, and they fell short on the subscription side. Now, what gives us confidence for the year to accelerate is that we have a backend-loaded year with strong 3DEXPERIENCE subscription deals in our pipeline. We had that visibility coming into the year, but sometimes the timing can change. We now see that pipeline maturing and the structure of that pipeline maturing in Q2 and H2. That's really what is driving it. It's the two parts. The lower contribution of Medidata in Q1, we see the growth in H2, which will support the subscription growth, plus the softer start in subscription in Q1 due to the structure of our pipeline. That will improve with the structure of the pipeline in Q2 and the second half. Understood, Rouven. The last point I say, Derric, I think an important part for you also to understand is that the run rate in subscription growth, ex Medidata, is progressing extremely nice, 29% growth at the end of Q1 over the last 4 quarters. And that is 2 points up versus the exit of Q4, so for fiscal 2023, ex Medidata. So we are building our subscription growth and run rate, as we said we would, and we expect that to continue to build over the next quarters. And we will be extremely focused on that because that is the engine of course for the future. Very clear. Thank you. Thank you. Thank you. Now, we're going to take our next question. And the next question comes to the line of Jason Celino from KeyBanc Capital Markets. Your line is open. Please ask your question. Hi. Thanks for taking my questions. This morning on the prior call, you talked about your pipeline having about 15% of it coming from these win-backs. Just curious how incremental this is, maybe how much of your pipeline this time last year was from win-backs, and then what do you think is enabling you to win these customers back? Thank you. If I look at the comparison of the size of the pipelines year-over-year, it's more than a 10% increase anyway. And if I look at the win rates, we are in the same order of magnitude than last year, if not in certain segments reinforcing it. But what is relatively I mean, something which is to be noticed is exactly what I told this morning, is in fact, we have significant win-backs. And the win-backs are definitively creating the incremental piece not only for this year, but more importantly, for the next coming years because, as you may know, as soon as we start to do the win-backs, the platform is becoming the cornerstone. And this is usually the ramp-up for expansion within the company. That's the reason why those key projects we have, being win-backs, are so important to nurture the growth, not too much for 2024, but for 2025 and 2026. Okay. Excellent. Then M&A, it seems like there's been a noticeable uptick in activity across broader industrial software. Maybe can you give us an update on your appetite for acquisitions? Well, the appetite is still there. I mean, as I was saying this morning, we have a process, and we have a pipeline, and we have targets being well identified. Recently, the multiple, which has been used for the recent transaction, are relatively high. This is the reason why we were not rushing because at the end, we still want to create value with it. But it's part of the plan. I mean, when Rouven communicated last year the plan for 2028 calling for doubling the EPS, I think a fraction of it, which was EUR 0.20, was part of the M&A, the inorganic activities, and we still have the plan, and we're still working on it. Great. Thank you. Welcome. Thank you, Jason. Thank you. Dear participants, just a last reminder, if you wish to ask a question or make a comment, please press star one one on your telephone keypad. Dear speakers, there are no further questions at this time. I would now like to hand the conference over to the management team for any closing remarks. So I would like to take the opportunity to thank all of you for participating in this call. And I think Rouven and Béatrix will be on the road in the coming days, if not weeks, so they will have a chance to meet with all of you. In the meantime, I wish you a good day, and hopefully, you are appreciating our solid start for the year and the confidence we have for the rest of the year. So see you next quarter. Have a good day. That does conclude our conference for today. Thank you for participating. You may now all disconnect. Have a nice day.