Welcome everyone and thank you for joining us today. We're delighted to have you with us. My name is Simon Mays-Smith and I am the VP of Investor Relations. We have a great lineup of presenters for you today. We're going to start with Andrew, then have detailed presentations from many of our leaders and then we'll finish with Janesh's financial update. We have two short breaks planned and there will be a Q and A session with the entire executive team at the end. Before we start, I have two process items to cover. First, please enter your questions anytime during the webcast in the Q and A tab. We'll get to as many of them as we can in the time available. Second, let me share our Safe Harbor statement with you. I'll let you read through it, but in summary, we may make forward-looking statements during the course of this presentation. Please refer to our SEC filings for information on risks and other factors that may cause our actual results to differ materially from these statements. Now with that, let me hand it over to Andrew to kick it off. Good morning everyone. Thank you for joining us. Five years ago, Autodesk embarked on one of the most ambitious transitions in our history. Many of you wondered whether a decades-old company could truly reinvent itself for the cloud era. Today, I'm going to show you that we not only succeeded, but emerged stronger and more efficient than ever before. Our business transformation is complete, our growth momentum remains strong and steady, and we're positioned to lead our industries in the age of AI. Autodesk's best days are ahead of us, and today you'll see how we're building the future and the path to get there, unlocking our next phase of value creation for both our customers and investors. Before we get to the main event, I want to start with a retrospective. Autodesk has been continuously evolving its business to not only get ready for the future, but to thrive in it. We led our industry to move to subscription and presented ourselves to the world as a modern SaaS provider, driving cloud integration across our entire portfolio. We led our industry to introduce termed consumption models and have built a wealth of knowledge and practices over the years on how to leverage the models for landing new business and expanding in existing accounts. We led our industry to bring consumption to the mass market, and we did this well ahead of the rest of our peers. Understanding its importance to AI, we modernized our billings practices to industry standards to deliver smoother and more predictable free cash flow that you see in our financials today. We shifted away from buy-sell models by going direct to customers to drive efficiency and unlock cross-sell opportunities that simply weren't possible before. We're building out self-service to make it easier to do business with Autodesk. We're moving to monetize API and MCP server access so that we can create value with our current and future IP wherever and however it is used. Finally, we'll offer outcome-based pricing to capture value with systems-level AI capabilities. This work will be a source of future value creation. Beyond that, we've been at the forefront of platform and technology transitions, and this has allowed us to capture market share and enter new markets. We led our industry to cloud-enabled products, to introduce cloud-native solutions, and to explore the possibilities of generative design. We expanded our business beyond design to make not only making us more relevant and sticky, but driving significant evolution in how our customer ecosystems function. We are leading our industry to move to granular data in the cloud and to introduce real, commercial, and valuable AI-enabled features. We are now delivering AI to simplify tasks, connect the entire lifecycle more effectively, and ultimately extend our reach into key adjacencies. All of this has delivered a financial transformation, and we're not done. To really understand what the future looks like for Autodesk in our industries, we need to go back to what I spoke about almost eight years ago at Autodesk University. I talked about how we were going to put AI at the center of the design and make process and enable users to communicate in real time with high accuracy about the state of a project and how it is evolving with time. I talked about how there will be a brain at the center, making sure that everyone has the right information at the right time to make a project move faster and with less rework. Today, that future is here. Our industry clouds, Forma, Fusion, and Flow, are built from the ground up to be cloud-based, AI-native, and end to end. We're doing this for all the constituencies in a project, from architects to owners, from designers to engineers, from construction to manufacturing professionals. Our vision is for everyone to be connected by the industry clouds we're delivering. Today. We're going to talk to you about how we maintain this momentum, how we unlock new growth levers, and how we create long-term leverage in the ecosystems we serve. Let's start with our momentum. Fundamental to maintaining our momentum is our AI strategy. All the work we've done to transform our business has laid the foundation that will power our AI future. We're starting with task automation. We'll expand to agentic workflow automation and ultimately deliver on high order systems automation for our customers. This is not about working the same way faster, it's about doing what was previously impossible or incredibly onerous. Along the way, we're building a completely new portfolio of IP that defines how Autodesk delivers value for the next 10 years. Beyond that, we've already built out the systems and capabilities that will allow us to monetize that IP over the same period of time. Our business will move from primarily seat-based subscriptions today to a blend of seat-based subscriptions, term-based consumption, and system-based outcomes that give our users options for complex and interconnected design and make options. If we look at this through another lens, today we're leveraging off-the-shelf capabilities and custom IP to make our customers more productive. Next, we'll use that ever-expanding IP portfolio to solve increasingly complex workflows. Along the way, we will connect our existing desktops to our emerging AI-powered industry clouds in ways that make it simple and easy for our customers to evolve to the future over time. While AI is an important part of maintaining and ultimately building momentum for our business, let's not forget what Autodesk is doing. We are the leader in driving convergence, convergence of the design and make lifecycle to a seamlessly connected ecosystem on AI-powered clouds, the convergence of manufacturing methods and construction to drive greater productivity and return in the AEC market, and the convergence of digital and physical worlds not only in the design and make process, but also beyond into operating assets. With high fidelity digital twins that help people immerse themselves in the live ecosystems of buildings, factories, and all manner of infrastructure, we are actively reimagining and recreating how we deliver value through SaaS and AI. Native industry clouds that connect the design, make, and operate ecosystems in new powerful ways for all the industries we serve. Our industry clouds also work seamlessly with the tools our customers are using today, so no one gets left behind. Denver International Airport is a great example of a customer embracing cloud-based collaboration. Denver International Airport has launched Vision 100, our plan for accommodating 100 million people. This is the first expansion project that used Autodesk Construction Cloud, now part of. Forma looks much further along. We had close to 100 different contractors working with thousands of individual members at any given time. Autodesk Revit and Autodesk Civil 3D are our core design softwares. Being able to bring those two tools together to coordinate on either side is incredibly valuable for the design process and the construction process. The collaboration is instantaneous. We were able to use Tandem to bring all of our project models and our facility models together. We're looking at dozens of systems at any given time.h It's not just about here's the data on the screen. It becomes a real place that tells a story. Now let's move on to how we unlock some of the new growth weapons. Infrastructure represents a multi-trillion dollar global spend category and a long duration growth vector that strengthens Autodesk's role as the digital backbone of AEC. Autodesk has the opportunity to expand share in two of the largest, most durable sectors, water and transportation. We're uniquely positioned with Forma and our existing tools to serve end-to-end infrastructure workflows. We're already seeing momentum with our solutions in both the U.S. and with overseas infrastructure authorities. An example of this is the traction we've had with U.S. Departments of Transportation. We believe our end-to-end solution, modern cloud stack, and lead in AI will continue to make Autodesk the provider of choice in transportation. Construction represents a massive opportunity for Autodesk. At AU, we were excited to announce the AEC's first comprehensive industry cloud, Autodesk Forma, which provides a unified environment for planning, design, and construction. This gives our customers seamless, integrated workflows that are business critical to their operations. We're also creating pathways for smaller general contractors to access enterprise-grade tools, significantly expanding our addressable market. The construction industry is still at the early stages of their digital transformation journey, and Autodesk is well positioned to help connect their workflows. Manufacturing has a long history of adopting increasingly cost-effective and productivity-enhancing technology. That held true when 3D parametric modeling was introduced, when the industry transitioned to the PC, and when the Internet changed supply chain management. Now two major technology innovations are converging at once to yet again stimulate a share shift in the sector: the cloud and AI. We are the leader in the cloud and well positioned to be the leader in this AI era. We intend to capitalize on that by reimagining design and make and the whole concept of product lifecycle management in the cloud, powered by AI. The market validation is already evident. We're seeing significant Fusion growth down market. Our goal is to now unlock larger Fusion installations through a combination of disruptive pricing and business models, AI-powered design and manufacturing, and reimagined PLM workflows in the cloud. Now let me take you through the long-term secular growth drivers that will provide future growth and diversification in areas that play to our strengths. The future of AI-powered software will see our evolving IP used in a variety of ways and with a variety of agents that will enable us to monetize new forms of usage wherever and whenever our technology is used, while reaching customers at the lower end of the market with higher value and more powerful solutions. Beyond the market expansion we'll see from AI, we still have major adjacent sectors where the value of the data we create can be leveraged in new and powerful ways. Operations is one of those adjacencies. Expanding our AI-powered clouds into operations will extend Autodesk in the entire lifecycle of buildings, factories, and infrastructure, not only expanding our addressable TAM but further increasing the resiliency of our business. The final area of future growth will come from monetizing our platform ecosystem and the AI agents within it. We're building a whole new vibrant third-party ecosystem that will not only make our solutions more valuable, but enable these new monetization paths. A great example of a customer using our APIs and platform in unique ways is BAM. BAM used Autodesk Platform Services to connect Microsoft SharePoint and Autodesk Construction Cloud, automating file and metadata workflows that were previously manual and time-consuming. This not only saved hundreds of hours but also improved data access and laid the groundwork for real-time insights across their design, build, and analytics teams. Now let me close with a quick recap of what I've just shared on why Autodesk is well positioned for long-term sustainable growth. Autodesk has a long history of transforming itself ahead of major business and technology shifts. We're a visionary company and as a result we've been able to drive strong financial performance over the long term by capitalizing on these evolutions and being at the front of them. Not only is our core momentum strong, but AI will serve to fortify it as we once again lead our industries into the future. Beyond that, we have proven growth opportunities in infrastructure, construction, and manufacturing that are not only areas of current strength, but will continue to be growth levers over the next five years. As we continue to maintain our current momentum, there are more opportunities for Autodesk to grow as TAM. Monetizing all usage of our IP is an untapped and emerging area that AI will unlock at scale. Expanding our operations creates a significant future opportunity for Autodesk in buildings, factories, and infrastructure. What you'll see today is how all of these elements come together. Our proven foundation, our strong growth, and our expanding opportunities will create long term value for the industries that shape our world and for all our shareholders. Thank you. It's now time to turn it over to our Chief Technology Officer, Raji Arasu. Thank you, Andrew, and good morning. I am Raji Arasu, Autodesk CTO, leading our technology strategy and platform initiatives. Today I'll share some context, progress, and plans on AI and our platform efforts. Our platform powers AI-native, cloud-connected workloads across industries and life cycles. It is anchored by three industry clouds, Forma, Fusion, and Flow, on Autodesk Platform Services called APS, which provides shared capabilities like cloud trust, data, AI, and ecosystem. The two objectives of a platform are enhancing customer outcomes to grow existing and new businesses and boosting employee productivity to free capacity and speed up innovation. As Andrew outlined, our customers face talent shortages and project backlogs that limit growth, and we can solve that with automation. Powered by AI, AI creates digital capacity, filling unfilled roles and enabling our customers to do more with less. Industries leading in AI adoption already see 3x higher revenue growth per worker. Some of our largest customers are realizing this today, and many more are turning to Autodesk to help unlock capacity through AI. Now let's look at our approach to AI and how it delivers customer outcomes through automation. We see three levels of AI automation unfolding across our industries over time. Each step builds on the previous step and delivers great customer value. It starts with strong AI foundation, which Autodesk has shaped by years of investment in research, industry-specific AI foundation models, and granular cloud-connected data models. The first level is task automation. Task automation is the broadest area of impact and benefits to our customers. These automations cut down repetitive, error-prone work and give teams more time for creativity and problem solving. The second level is workflow automation. This is where we begin to automate end-to-end workflows, often spanning multiple disciplines, multiple industries, or multiple products. The third level is systems automation. This is the most transformative level of automation, where AI can start assistive but turn more autonomous with time and human confidence, orchestrating workflows that span multiple phases or even automate complete phases within a project lifecycle. We are delivering AI features that span all three levels of automation, and we will share that value creation in two ways. Access to certain AI features will be included with our product subscription, driving retention and share shift to our products. However, AI features that deliver very high value automation or are compute intensive in nature will be available for limited use with our product subscription. When customers hit usage limits, we will provide options to buy more. We are advancing these automations through three categories of AI work: core, agentic, and neural. You can already see all three categories of work at play across our products and industry clouds. Let me start with core AI. This is a foundation AI that is embedded directly into how we build software. Traditional coding is giving way to an AI-first approach where models are the new engine of product innovation. Our development teams are blending the best external AI technologies with our own proprietary models to deliver AI features faster than ever, and customers are seeing immediate value through these AI features that are delivered in our core products. Here are three examples, one from each industry. The quotes and testimonials from these customers are proof points that they're meeting design intent and outcomes, cutting down development time significantly, and freeing up creative time for their teams. Next up is agentic AI. A key part of our agentic AI strategy is the reimagined Autodesk Assistant, a powerful agentic AI partner for design and make, shaping the future of work for our industries. Autodesk Assistant is the intelligent entry point into Autodesk products that automates repetitive tasks, helps with timely decisions, and provides guidance and insights in real time through conversational prompts powered by user and industry-aware context. As it learns over time, it will become a high-performing team member that our customers cannot live without, helping them consistently meet complex outcomes and grow their business. We showed a lot of Assistant demos at AU last month that assist, provide insights, and automate to unlock capacity for our customers. Let me give you one example that goes across our products: for admins, Autodesk Assistant helps manage team members' secure access to Autodesk products while suggesting usage optimization for power users or occasional users. Now moving on to our third category: neural. Neural technologies drive all levels of automation but deliver the greatest value in systems automation. These neural technologies will play out in all parts of design and make lifecycle, delivering design to production or script to screen. To start with, the most impactful is applying these technologies to the design process to generate options that meet complex outcomes. It is about building the living learning Noodle functionality for tomorrow that augments 40-year-old parametric CAD engines of today so we can tackle more complex designs with current human capacity. Hence our focus is Neural CAD and the foundation models within that category where we can generate 2D, 3D geometry in new ways that deliver multimodality, precision, and editability for our industries. We announced noodle CAD last month at AU. These are domain-specific generative AI foundation models that offer novel ways to explore solutions and generate geometry to transform design and make. Let us deep dive into two neural CAD applications that we announced: neural CAD for Geometry in Fusion. It can create flexible and intelligent designs as editable CAD geometry, giving our customers control to edit as if they modeled the geometry themselves. The second foundation model, neural CAD in Forma, turns concept models into viable and editable building plans in minutes, automating code, budget, and environmental checks that today take architects and engineers months and often lead to costly rework. These capabilities are accessible both directly integrated into our industry clouds as well as through Autodesk Assistant. While these two are new Noodle AI features, we started this journey last year where we launched AutoConstrain, an AI feature powered by Neural CAD that generates sketch constraints during product design in Fusion. As you see from this quote from JDD, AutoConstrain is delivering and with increased usage we at Autodesk get to iterate and improve model performance. Our AI work is supported by three key enablers: data, ecosystem, and trust. You have heard us talk about these enablers in the overall platform context before. These enablers are serving us well by creating leverage and speed, and I will speak about how we are evolving them rapidly to incorporate AI, starting with data. Our customers need access to granular and interoperable data to make AI work, and the work we have been doing in this space over many years is enabling us to push the boundaries in AI for design and make. First, AI cannot use data that is locked inside files. Our work to date in making design data for AEC and manufacturing more granular through industry data models has accelerated customer benefits and the build out of our foundational models. We will continue to expand the data in these models for all three industries with entire project and product lifecycle data to help customers derive powerful insights and predictions for AI. To get workflow automation right, data needs to flow across tools in a secure and reliable way. This is where our data exchange connectors help with selective, secure, and controlled data sharing across Autodesk and non-Autodesk systems. Usage of these connectors has grown 5x in the last year alone, and we announced three more connectors last month. We are also solving interoperability through seamless native geometry mapping and design tools that help customer pain points of time lost and rework, and unlocks new possibilities for AI, and our customers are already benefiting from our data solutions. Two examples, PEC and WSP, are able to expand their capacity and deliver stronger business outcomes through granular and interoperable data. Our next enabler for AI is a platform ecosystem. Customers have been extending their workflows and building custom solutions using Autodesk API for years, and as they see value, our ecosystem use continues to grow, and so has our API usage. Let me share some customer testimonials on how they're leveraging our APIs for automation. In these examples, both BAM and Ramboll turned disconnected data across systems into connected workflows and empowered real-time insights, thereby dramatically expanding the capacity and unlocking better business outcomes. Our ecosystem partners have been building a variety of different solutions using our APIs. We have recently seen a rise in AI agents and MCP servers on APIs, and I'm confident this growth will only accelerate as the agentic technologies mature. In fact, AI agents are expected to become the primary users of most enterprise systems over time. We are preparing for this paradigm shift through a flexible business model that monetizes the use of our APIs for a future that includes both typical use versus machine and agent-driven use that is aimed at automation. Therefore, we're introducing a new usage-based pricing model for APIs at the end of this year. Customers with product subscription can continue to access select APIs with generous monthly limits. However, when their usage goes past these limits, additional charges will apply, and they will have options to buy extra usage. We will start rolling out this change for a small set of our APIs later this year, and more will follow over time. Our third enabler is trust. Our trust efforts have always been focused on security, privacy, and reliability. We have been expanding these efforts to now include trusted AI. Our goal is to deliver trusted enterprise-grade AI. Transparency and trust have never mattered more, and we have been backing it up with real action like transparency cards, customer trust consoles, and the adoption of global frameworks and certifications. Autodesk is one of the first few companies globally to achieve ISO 42001, the world's first international standard for AI management. This isn't just a compliance certificate. It demands rigorous risk controls, clear accountability, and continuous monitoring. This reinforces our commitment to trust while building confidence with our customers and the clients. Autodesk is setting a high bar on responsible AI governance and data stewardship, and we continue to make progress in supporting customer requests to keep data in various regions around the world. Earlier this year, we announced five additional regions as primary storage locations for our customers' project data in key offerings within Autodesk Construction Cloud, which is also now part of Forma, and we will continue to expand into more regions and products in the future. We talked about how we are working to drive better customer outcomes through our platform strategy. A second major goal of our platform is to improve our internal productivity as a company, resulting in increased speed and innovation for our customers. Internal productivity is delivered through shared capabilities and making the best AI tools available to our employees. Let's talk about shared capabilities first. This is about building once and reusing everywhere across our three industry clouds. In the broader Autodesk portfolio, we continue to see productivity benefits from shared capabilities. Let me highlight just a few. The common AI ML platform capability, which we call AI ML Portal, ensures that Autodesk AI features are built in a well-governed, scalable, and cost-effective way from the start. It provides common pipelines for data acquisition, training, and inferencing. Out of the box, teams can get started to build AI features 9x faster using this portal. Our platform-based regionalization approach has sped up cloud regional delivery, helping us expand up to five regions and creating the capability to stand up any of these quickly in the future. Our latest Model Viewer capability, shared across multiple products, is now able to load models that are 4x larger in size since last year. Now let's talk about how we are using AI tools internally to boost employee productivity. Our philosophy on AI productivity is simple. Give employees secure access to the best AI tools, govern data acquisition and model training with enterprise-wide standards, and let grassroots innovation drive productivity gains. Most of our development teams use AI coding tools, saving one to three hours every day, helping us channel this capacity towards building more AI and data capabilities for our customers. On the customer success side, our Autodesk Assistant has made it easier for customers to self-serve their support needs, with human escalations reducing to under 15% in the last two quarters. In marketing, average time to first touch for leads is down by about 60% over the past 12 months, enabling faster customer engagement. These are just a few examples. Many other functions and disciplines within the company are applying AI tools towards eliminating repetitive tasks or reimagining workflows to accelerate outcomes. What sets us apart? First, we are building AI native products and solutions using an AI first approach. This is now at the core of what we build and how we build for our customers. Second, we are tackling our customers' biggest capacity challenges with AI and data, and we are already seeing strong signals that it is working. Third, we have a vibrant ecosystem of partners and third-party developers with double-digit API adoption today. This community will help us accelerate to a future workforce that consists of humans and agents, unlocking capacity for our customers. Many are daunted by the technological advancements happening and the possible disruption. However, we see immense opportunities and are laser focused on realizing this for our customers. At Autodesk, we are moving faster than ever before but are doing so intentionally and responsibly. Thank you. Now handing over to Jeff Kinder. Thanks Raji and good morning everyone. My name is Jeff Kinder and I lead Design and Manufacturing at Autodesk. I'm excited to talk with you about the tremendous opportunity we see in the manufacturing industry and how we've positioned ourselves to continue driving growth and increasing our share. We have three key areas of focus to cover. First, I'll talk about where we win today, specifically the continued growth of our Design and Manufacturing portfolio, as well as the disruption we're driving in the industry with Fusion, our AI native cloud for manufacturing. Next, you'll hear about how we're leading the industry and unlocking new growth levers with AI. Finally, we'll look at future growth coming from our expansion into adjacent manufacturing segments. Before we dive in, let's start by looking at the total addressable market for Design and Manufacturing as well as some of the key trends impacting our customers. Manufacturing is generally considered the largest contributor to global GDP outside the services industry, at approximately 17%. Adoption of technology in manufacturing is relatively mature. Thus, the Design and Manufacturing software industry is vast, a $58 billion opportunity in terms of end user expenditures across design, make, and operate. Breaking that down a little further, of the total addressable market, design accounts for $30 billion, make is $8 billion, and operate is $20 billion. These updated numbers from our last investor day in 2023 reflect opportunities we see in application lifecycle management and model-based systems engineering on the design side, as well as supply chain management and process execution systems on the operate side. Our belief is our expertise, coupled with recent acquisitions and importantly the adoption of AI, will open up these areas. Many of the trends impacting our industry are not new and they're interrelated. Macroeconomic uncertainty continues to be top of mind for manufacturers and the tax on manufacturing businesses from trade wars, geopolitical tension, and recurring supply chain disruptions is leading manufacturers to prioritize resiliency and agility in operations. A strong domestic manufacturing sector is a priority all over the world. However, skilled labor and raw material shortages create some limits in how well and how quickly manufacturers can adapt to this volatility. AI is going to help with these limits, and so it's no surprise that activity related to AI is picking up and adoption is rapidly increasing among manufacturers. I showed this slide at our previous investor day. Most of our large competitors focus on the enterprise with highly customized on-premise solutions. Our focus has been on the mid market manufacturers, which have historically been underserved. The mid market is behind on digital transformation efforts. They may have old, outdated machinery or software tools. Skilled labor is difficult to attract, and margins are narrow. We see significant growth ahead in the mid market, displacing SolidWorks. Our thesis continues to be if we build scalable, modern cloud-based solutions that are priced effectively, those solutions will steadily move upmarket and disrupt the enterprise. As you'll hear shortly, we are proving this path to be true. Fusion is increasingly serving larger and larger customers who are looking for solutions that are cost effective, easy to implement, and scale. It's important to remember that mid market manufacturers are the backbone of the global manufacturing industry. In fact, the World Economic Forum has found that small and medium-sized enterprises represent 90% of the world's manufacturing firms globally, and that percentage is even higher in the United States. Moreover, the mid market accounts for approximately 40% of software expenditures. The mid market opportunity is big and will continue to fuel our growth in the near term as we serve larger and larger manufacturing customers. We serve these customers by adhering to a clear vision: end-to-end design and manufacturing processes coming together in the cloud with connected data and connected teams powered by AI. Now let's look more closely at the continued growth in our portfolio. A quick reminder about how we see the software evolution in design and manufacturing. Point solutions such as Inventor, Vault, and Alias have served our customers well for decades, and they will continue to serve our customers. Our competitors have similar point solutions. However, to unlock the next breakthrough productivity gains, manufacturers need to move to an industry cloud. In our case, Fusion, which brings disparate processes together into one end-to-end solution. The convergence of design and make in the cloud is a discontinuous disruption in our industry. Executed well, it delivers intelligent AI-driven automation and breakthrough productivity gains for manufacturers. We believe the foundation to that disruption is derived from three successive layers of advantage with Fusion. First, a convergence of product development workflow capabilities in the cloud. Second, centralized and granular data accessed via a unified data model, and finally, AI automations capable of transforming our industry. We've long been investing in AI, machine learning, and generative design. It's what pushed our early move to the cloud, ensuring we had strong foundational blocks for AI in place far ahead of our competitors. This is where we see the future. As we lead the way through this evolution to Fusion, we maintain growth across our product portfolio. By serving customers of our desktop products well, we want to ensure a smooth path to the future for those desktop customers when they are ready. Our desktop customers continue to realize value today while positioning themselves for an increasingly productive future. As we have developed Fusion, we were deliberate in how we segmented target markets for our products. Fusion largely targeted new or emerging segments, and not surprisingly, Fusion's growth has outpaced our desktop products. This segmentation has worked, but as Fusion matures, this is starting to change. Customers outside the initial target segments are adopting Fusion. Sometimes they adopt Fusion to complement other products like Inventor, sometimes it's to move to the cloud. This is a trend we expect to continue. One customer seeing benefit from both our desktop and cloud products is Molto Luce, based in Austria. Molto Luce is a leading manufacturer of innovative high-quality lighting solutions. Molto Luce's mechanical engineers utilize Inventor for the detailed design of their LED luminous lights and then seamlessly transfer the models to Fusion to run precise thermal and cooling simulations. With Fusion's easy-to-use simulation tools, engineers without specialized backgrounds can quickly detect issues, interpret clear feedback, and adjust designs early on. This seamless Inventor-Fusion integration enables fast, reliable iterations that avoid delays, save costs, and accelerate development. Now let's focus on Fusion, specifically where growth is happening now. Fusion has rapidly matured over the past few years, and today Fusion is actively entering its next phase of growth. We're beginning to see adoption by larger and larger companies to serve new and higher value segments of the professional market. I can highlight three forces propelling this growth. The first is new capabilities such as cloud-based configurations, integrated PDM and PLM integration, improved assembly performance, and a cloud-based bill of materials. We have dramatically expanded our cloud data management capabilities, setting a new standard in the industry. Our cloud PLM capabilities enable real-time collaboration, automated change processes, and streamlined workflows, all integrated with a unified design and make platform for smarter, faster product development. The second force is our business model, specifically Fusion's disruptive price point and flexible offering. We are delivering unprecedented value to manufacturing customers. In Fusion, we have unified design, simulation, electronics, manufacturing, data management, and factory operations into one fluid environment, whereas our competitors come with much higher price tags for multiple point solutions that are difficult to integrate. Our base subscription meets the end-to-end design and make needs of most small to mid-sized companies, and extensions are available for more sophisticated needs. This latter approach and the inherent flexibility of extensions allow customers to choose what works for their needs so they can align value with usage. This model is beneficial to both our customers as well as to Autodesk. As evidence this approach is working and delivering more value to customers, we have seen growth in the average billings per Fusion transaction. This increase is a result of three conscious efforts: increased attachment of extensions, added capabilities which support a higher price point, and less discounting. The third force that continues to propel Fusion's growth is our large, passionate community. Even as we grow in larger accounts, we continue to nurture the Fusion base. They are part of what fueled Fusion's early success and momentum with product-led growth. This community has never been more important than it is today in the world of AI, where AI search pulls from real-time signals on social media platforms to detect what topics, products, and opinions are trending. The Fusion community is active and engaged across multiple social media platforms including Instagram, Facebook, YouTube, and Reddit. Not only do users help each other and evangelize for Fusion, but they also give us direct feedback on what the product needs to do better. I should mention our largest single community: students. We have had over 7.5 million education users of Fusion to date. We are training the next generation of design and make professionals with the software tools of the future. SwissDrones is a great example of a customer that's putting the full depth and breadth of Fusion's capabilities to work. SwissDrones uses Fusion for all aspects of product development from early concept to final release. Fusion connects engineering, manufacturing, and integration teams in one shared environment where changes appear instantly across the globe. The ability to adapt quickly in a fast-paced but heavily regulated industry is what will define leaders in the unmanned aerial vehicle sector, and Autodesk tools are a key part of how SwissDrone s will achieve this. Let's shift now to how we're driving growth in the near term through AI. The manufacturing sector is on the cusp of a paradigm shift powered by AI. There have been two major paradigm shifts in the design and manufacturing software market over the last 40 years. Each of these shifts led to significant value creation and share shift. Multi-billion dollar companies emerged. The first was the shift to parametrics in the late 1980s, enabling faster iteration and more accurate engineering. The next was the adoption of 3D models on Windows-based platforms in the late 1990s, where user-friendly design and simulation tools became widely available and accessible to new users. We believe AI will be the next big paradigm shift, and the winner will be whoever thinks boldly, moves fast, and executes well, willing to challenge existing processes in order to unlock value and productivity for customers. We have an advantage here given our early move to the cloud and its foundational role in developing AI capabilities. We're leaning heavily into AI to lead the paradigm shift, and we have been investing for a long time. You've seen our capability framework already from Raji and Andrew. Foundations were critical then. We started with boring AI, but valuable, very valuable task automation. The transformation really begins with workflows and systems automation. Many of these capabilities will be included with the subscription and drive share shift to Fusion. Some of these capabilities may be capacity controlled and charged on a pay per use basis, but all are happening in parallel and they will continue to deliver value well into the future. We have a range of task automations already in market and many more that will be delivered agentically through the Autodesk Assistant. We chose these based on known customer pain points in the design and make process and we know we focused in the right tasks based on the adoption and feedback we've received from customers. These capabilities are being readily adopted by our customers who are hungry for improved productivity. As I said at the outset, manufacturing customers are already embracing AI. What gets really exciting and will be even more transformative is when multiple tasks come together leading to entirely reimagined workflows. Three letter acronyms start to converge and the result is customers leaping ahead in an end to end process. We see multiple areas where these workflows can be reimagined. Automated systems automation is where multiple workflows come together. With systems automation we use AI to connect and learn from entire systems or subsystems. It can then be set up to take autonomous actions that create, adjust or optimize. For example, Fusion systems modeler will enable us to set up features like pockets and drilled holes and then pass those to the modeler which can automate downstream tasks like drawing, documentation and manufacturing instructions. Design data is maintained throughout and changes are automatically propagated to manufacturing. AI will be the catalyst for near term growth for Fusion. Let's turn to other areas where we see growth in the future, beginning with consumer products. There are a number of characteristics that make this an attractive segment for Fusion. First, the consumer products market is vast and often characterized by mid market manufacturers. Second, its processes are fragmented. Companies often lead in product design while manufacturing is outsourced, creating disruption in the life cycle. Consumer products companies are looking for better collaboration tools and processes. Third, given the nature of consumer demands, cost and time to market are critical. Fusion is a natural fit for these companies looking to move quickly because it's a cost effective, easy to use tool that brings design and make processes together in the cloud and we're seeing traction. Take for example Fellten, a company that converts classic cars to electric vehicles, preserving their original structure while integrating modern electric drivetrains. Fellten uses Fusion extensively for mechanical and electronic design, prototyping, and stress analysis. The use of Fusion saves Fellten weeks of development. Hundreds of billions of dollars are being spent on new factory construction around the world, and every new factory is an opportunity for Autodesk as domestic manufacturing surges and greenfield or brownfield factory projects grow. Autodesk is the only competitor with the strength and depth across both design and manufacturing and architecture, engineering, and construction, including digital twins and operations. This opportunity exists in both the mid market as well as the enterprise, reflecting Autodesk's strength. An example of this broad factory opportunity is Edwards, part of the Atlas Copco Group. In addition to construction of new factories, Edwards has been leveraging our digital factory portfolio. They have been able to optimize service technology centers' throughput with advanced simulations. They have eliminated costly physical rework and time delays, and they are continuously monitoring and improving facility performance across their global footprint with digital and operational twins. To conclude, let me recap why we will win in design and manufacturing now and in the future. Autodesk is a market innovator in design and manufacturing, advancing the industry forward. We are leading the industry, converging design and make in the cloud and delivering value through AI. We are well ahead of the competition, driving clear benefit for our customers. Fusion also has sustained momentum, and with its disruptive business model, it continues to take share. Our end-to-end solution, combined with our accessible price point and flexible offering, delivers unprecedented value to customers. Finally, we are delivering the future for both our current customers and new sectors. We will make it easy to move from desktop products to Fusion and continue to expand our footprint with a compelling product offering, increasingly powerful capabilities, and a unique value proposition. Thank you. You'll hear from Diana Colella, Executive Vice President of Media and Entertainment. I'm Diana Colella, Executive Vice President of Media and Entertainment at Autodesk. I'm happy to be here today to talk to you about our media and entertainment business. To start, I will provide a brief context on the M&E industry and the challenges it faces. Then I'll walk you through how we at Autodesk are uniquely positioned to solve those challenges with our products and AI and how we will expand our market reach with Autodesk Flow, our industry cloud, connecting the production life cycle from end to end. Finally, we'll conclude with why we will win. Let's start with some industry context. The media and entertainment software industry is a dynamic industry driven by increasing global consumer spend on digital media, from movies and streaming content to video games, all of which require software to make. While consumer spend has been growing, the industry has been facing significant challenges when it comes to creating new content profitably. Since 2020, the major studios have lost over $30 billion creating streaming content. At the same time, the cost of making a AAA game has gone up 10x from $40 million- $400 million, with an utmost corresponding decrease in margins. These rising production costs are making projects riskier, reinforcing the make it or break it aspect of each production. Reducing the cost of production has become a major challenge to the industry, causing it to retrench over the past two years. As studios figure out how to return to profitability, AI will play a vital role in helping reduce costs, one Autodesk is well positioned to capitalize on now. During the retrenchment, many of our customers significantly downsized, yet our M&E business held its own. Why? Because we have been investing ahead of the curve in cloud and AI technologies that will help the industry better achieve the profitable outcomes it desires. You may have heard that AI will kill today's content creation software and some AI evangelists certainly like to claim so. The reality is that it will not kill software. Instead, it will supercharge it, making it more performant and more outcome oriented. Will AI disrupt the old ways of doing things? Yes. Just like personal computers did in the 1980s and SaaS in the 21st century, AI is just the next innovation in software and it will fuel the next phase of growth. Growth that comes from more than just monetizing subscribers, which are a finite pool, but also from broader consumption and outcome-based business model. At Autodesk, we are not waiting for disruption to happen. We're driving the disruption with both SaaS and AI, and we are leading the way. Over the years, we've been adding AI features to our products, accelerating our pace of development. Few understand the media and entertainment industry and AI in media and entertainment better than we do. We are the data pipeline the industry uses to create most computer-generated content today, which puts us in the best position with AI that meets both professional quality standards and the control the industry needs, especially when it comes to editability, which is something that LLMs cannot do today nor anytime soon. I will talk more about how we are doing this later. Now let's look at our current opportunity. We estimate the total addressable market for media and entertainment software, including AI, to currently be $8.5 billion. We also believe AI has a strong potential to unlock new markets downstream in the creator economy as it matures in capability. Underlying this opportunity are several key trends. Today's consumers crave bigger and better entertainment experiences. The constant pressure for bigger and better entertainment is causing production complexity to rise and cost to balloon. AI will reduce this complexity and the cost of production. Let's take a closer look at each of these trends. Consumers want high-quality entertainment. You can see that in the constantly increasing resolution of our media devices and formats. To succeed, media and entertainment companies must constantly push creative and technical boundaries, delivering more content at a higher quality, across more platforms, and at an unprecedented speed. Production complexities and cost is also increasing, like Disney's Andor, which costs $645 million to make, or Grand Theft Auto 6, estimated at over $1 billion. The chart on the right shows the dramatic increase in the file sizes of video games. The larger the file size, the more digital assets required and the more complex it is to develop. This is not sustainable, and studios will need smarter, more efficient ways to create content. Which brings us to our next trend. Media and entertainment companies are increasingly interested in the potential of AI to help solve the complexity and cost challenges we just talked about. They are already actively exploring its use. From planning and previs to automating time-consuming tasks such as audio dubbing, AI is even being used to accelerate visual effects work such as the de-aging of Tom Hanks in the movie Here or the use of Autodesk Flow Studio to help animate Bizarro's rock monster form in Superman and Lois. AI will continue to transform the media and entertainment industry, and as I mentioned earlier, Autodesk is uniquely positioned to deliver the AI capabilities and orchestration the industry will need. With solutions that power the next wave of professional content creation, let's take a closer look at our opportunities to expand Autodesk's media and entertainment business. Our growth opportunities lie within our current portfolio, the new creator economy, and the production pipeline itself, each of which we will cover in detail today. We will start with the opportunity in front of us right now. Our Current Portfolio Today we are leaders in 3D content creation and production management with Maya, 3ds Max, and Flow production tracking. Our products are behind almost every movie, streaming series, or video game production being made. In fact, everything you see here was made possible with Autodesk software. This market leadership translates directly into business growth. When studios need to produce more content and meet tighter deadlines, they turn to the tools they already trust—ours. That's why we're making investments to future-proof these tools, delivering more innovation, speed, and flexibility to customers. By enabling customers to do more faster, we will create new opportunities to upsell, cross-sell, and deepen our value. We are already driving growth within our current portfolio, adding more value to the Media & Entertainment Collection through new offerings like Golaem and Flow Studio and by integrating AI-driven automation into our core DCC products. These moves not only strengthen our portfolio, but they also help customers adapt to the AI-driven transformations ahead. Let me double-click on each of these briefly, starting with the Media & Entertainment Collection. To move more customers to our premium offerings, we have to add more value to the Media & Entertainment Collection, which is why this year we added two new capabilities of significant value. The first is Golaem, a demo of which you can see playing here. Golaem allows artists to quickly create and animate crowds of characters to populate a stadium, a street, or even a city. By simulating crowd behaviors at any scale, Golaem can shave days to weeks off an animator schedule. The second addition is Flow Studio, our powerful AI solution for creating animated content developed by Wonder Dynamics. I'll talk more about this addition in just a few minutes. Together, Golaem and Flow Studio significantly expand the capabilities of the Media & Entertainment Collection. Along with the additions we're making to the collections, we're also delivering real AI value to customers by automating repetitive tasks, augmenting workflows, and delivering more connected and intelligent systems. As you heard Andrew mention, our AI solutions are built with a clearer purpose. Identify where customers waste time on manual work, then build targeted automation to solve those specific problems. That's exactly what we're doing in media and entertainment. We're not only delivering new AI solutions, but we're also embedding AI into the content creation tools our customers already rely on. Just look at Motion Maker. Motion Maker is an AI tool that can automate the process of animating human and animal characters to make them walk, run, and jump. Or. which uses AI to automatically simulate the way skin and muscles move when flexing or stretching. Then there's Face Animator, which uses AI to automatically animate a character's lips and face to match a specific audio track and desired emotion. These and future AI features will reduce animators' labor times, freeing them to focus on higher value creative work. They will broaden our customer base by making our software more accessible for everyone to use. That brings us to our next area of opportunity, growing our AI business in the near future. With Autodesk Flow Studio, this is how we will reach the new creator market. Most of the AI-generated content you see today is 2D and not suited for professional productions. It is limited to generating stock imagery and short montage style video clips. This is because it lacks the continuity, quality, and creative control needed for professional productions. Flow Studio changes that. It combines the easy-to-use aspects of AI with the editability and control needed for professional workflows. This makes Flow Studio easy for anyone to create 3D animation and visual effects, but it also allows you to output AI-generated results as 2D and 3D components for editing and refining in professional software applications like Maya. Flow Studio is also an AI orchestrator. It works by combining multiple specialized AI models together to generate higher quality results faster. The orchestration and editability are key competitive differentiators compared to other AI approaches. With Flow Studio, we're not just adding AI to existing pipelines, we're defining how the pipeline works. As I mentioned earlier, Flow Studio will unlock entirely new markets for Autodesk. The creator economy is the fastest growing media and entertainment market today and is ripe for AI. Creators want to create high quality content because they want to stand out, but most do not have the budget or skills to do so. Flow Studio changes that by making it easy and affordable for anyone to use. As you can see, we have an ambitious roadmap for Flow Studio with rapid iterations, delivering new capabilities to customers. By expanding its capabilities, we will ensure that Flow Studio can do more things for more people, expanding its user base and opening up more of the creator market. As we build on this momentum, we will continue to expand our reach and reinforce Autodesk leadership in content creation. Customers are already experiencing the value of Flow Studio, like Voxel Studio, a small but talented visual effects company in Mexico. Previously, studios like Voxel wouldn't have been able to bid for visual effects work on a large scale production like CW's Superman and Lois. With Flow Studio, they could. With Flow Studio, Voxel was able to use AI to eliminate some of the more costly and complex parts of motion capture, such as a dedicated stage, specialized cameras, and expensive mocap suits. What previously would have taken weeks in traditional workflows, Voxel was able to accomplish in days, proving that Flow Studio can accelerate animation pipelines while also maintaining the quality necessary for high profile productions. This brings us to our final opportunity, transforming the production pipeline itself. This is where we are expanding our leadership in 3D content creation and production management by delivering a unified digital backbone that solves the inefficiency plaguing productions today. Today, productions operate with costly fragmentation. As scale and complexity increase, teams remain siloed, working with incomplete information. Vendors struggle to collaborate, which leads to costly inefficiencies. Studios recreate the same CG asset 5x or 6x. They spend days on shots already cut from the movie and watch budgets balloon from preventable mistakes. This disconnect represents a clear opportunity for Autodesk. While competitors focus solely on individual tools, we're building the connected infrastructures that solve the core problem: fragmented workflows that waste time and money. With Flow, our industry cloud for media and entertainment, we will be able to connect all stages of production end to end. By linking pre-production, production, and post-production, we break down existing silos, eliminate redundancy and waste, and unlock a more efficient future for creators. Autodesk Flow integrates data across Autodesk tools, third-party applications, and in-house studio systems, all through a unified cloud platform. This drives critical business outcomes for Autodesk. We're increasing customer value, deepening our presence across the production pipeline, and unlocking new cross-sell opportunities as workflows expand. Let me walk you through how Flow delivers this connectivity through intelligent resource management, integrated workflows, and seamless data sharing and security across the various stages of production. First, there's Flow Production Tracking, which helps customers manage complex schedules and production resources. We've already enhanced the tools with machine learning capabilities that simplify planning and optimize resource allocation. Next, we're delivering integrated workflows that transform how teams collaborate. By connecting our desktop products like Maya and 3ds Max directly to the cloud, we improve team communication and reduce errors and inefficiency. A great example of the connected workflows we're building is Animating in Context, which allows Maya animators to view not just their individual shot, but the entire sequence. This broader context eliminates continuity issues and reduces costly rework, while also requiring a Flow Production Tracking license to function. Deepening product integration, it's not just about connecting workflows. We're also breaking down the most costly silo in production, the gap between live action production and post-production. With Flow Capture today, what happens on set is divorced from what needs to happen next. In post, key decisions are made in isolation, significantly impacting schedules and budgets. Imagine you are the visual effects team working on this green screen footage from the production of the Netflix movie Slumberland. The notes say to add a goose, but what kind of goose did the director have in mind? Is there any reference to what it should look like or can I make it up? If there is a reference, where can I find it? A lot of time and effort risks being wasted tracking down exactly what the director wants. With Flow Capture's modern architecture, we enable seamless data sharing from pre-production concepts through production to post, improving accuracy, reducing waste, and preventing data loss. We're already delivering on this vision with our new integration with Avid, which allows editors to browse, search, and export Flow Capture files directly into Avid Media Composer, streamlining the review and approval process. The value of Flow Capture isn't just data sharing, it's also data security. Flow Capture is built with enterprise-level data security at its core, with features like digital watermarking, multi-factor authentication, and digital rights management. This is especially critical in media and entertainment, where leaked content before a launch can derail entire productions, costing studios millions. Major studios trust Autodesk to protect their data, which is why we're seeing widespread adoption of Flow Capture outside of just film and TV as cybersecurity becomes critical across the industry. Our security-first approach positions us to support not just entertainment, but any business capturing and sharing media. This allows us to expand our media and entertainment business and reach new users. For the first time, studio executives, producers, and on-set production crews who historically have not used Autodesk tools are becoming part of our ecosystem. These professionals are critical decision makers and generate a vast amount of data that fuels content creation. As part of our ecosystem, we can address their needs for better collaboration and communication, and the data that they share will position us as the central hub across the production lifecycle. At the same time, our continued investment in AI positions us to deliver the next generation of production tools for a market seeking efficiency and scale. This is our vision for the future of media and entertainment: a connected, intelligent production ecosystem that empowers creators at every stage. We will win in media and entertainment for these three reasons. First, we set the industry standard for professional productions. As audiences demand more and better content, our tools become essential. We're not just another software vendor. We're the technology the world's top creators and storytellers rely on. Now we're supercharging these essential tools with AI, making them more powerful than ever. Second, we're not just waiting for AI disruption, we're creating it by building the automation that eliminates tedious work and unlocks creative potential. Our AI-first approach doesn't just serve our existing customers, it dramatically expands our addressable market, making sophisticated content creation accessible to millions of new creators who were previously locked out by complexity and cost. Finally, we're architecting the future of how content gets made. With Flow as our connected cloud-first end-to-end platform, we will enable seamless collaboration across teams in every stage of production. This is how we will evolve from an essential vendor to an indispensable infrastructure. We're not just part of the entertainment industry, we are shaping the operating system that powers it, the AI that accelerates it, and the platform that defines its future. Thank you for your time today. With that, I'll turn things over to Amy Bunszel. Thank you, Diana. I'm here today to share how Autodesk is driving growth by enabling our Architecture, Engineering, Construction, and Operations, or AECO, customers to accelerate digital transformation. To start, I will provide some industry context, including the total addressable market for the AECO industry, and break that down for the design, make, and operate categories. Next, I will highlight how we are continuing to grow our core portfolio, leveraging our strength in Building Information Modeling, or BIM. Then I will highlight near-term acceleration opportunities in construction, transportation, and water. Finally, I'll share an update on how we will be delivering the first ever end-to-end AI-enabled design and make AECO Industry Cloud with Forma. Let's dive into the opportunity and market context we see across the AECO industry. AECO is a massive global industry that benefits tremendously from digital transformation. Construction spending alone is projected to reach $15.7 trillion in 2025. Companies will spend $51 billion on technology through Autodesk's calendar 2028 only. Autodesk can support both design and make professionals at every step of a project lifecycle, and we believe that's a long-term opportunity for sustained growth. Let's click into that even further. When we look at the TAM breakdown, design is still the largest category, but for make and operate, the market opportunity is sizable. Design is the furthest along in digital transformation, and there are still numerous expansion opportunities. Both make and operate are far earlier in their digital transformation efforts, creating tremendous opportunity for Autodesk. For example, while our design monthly active user growth over the past three years is at an impressive 23%, construction users are growing nearly 4x faster, or 101% over the last three years, and the construction TAM is growing 21% faster than design over the last three years. As the industry digitizes, turning to industry trends, our customers are facing more challenges than ever, in turn creating opportunities for Autodesk. Increasing demand is coupled with enhanced regulatory requirements in a highly resource-constrained environment, putting pressure on productivity. Add to that an explosion of AI tools and data and the need to deliver strong financial results, and you have a compelling case for digital transformation. Fortunately for Autodesk, transformation is in our DNA. We've helped our customers move from the drafting table to AutoCAD, then from AutoCAD to BIM, and now we are leading the shift to connected data and AI, moving towards true outcome-based BIM at every stage. Autodesk has guided this industry forward, and we're doing it again today. We are in the unique position of having an industry-leading portfolio to meet customers' needs today while also investing in the future with our Forma industry cloud. By combining the Autodesk Construction Cloud with Forma's design and data capabilities, the Forma industry cloud becomes the first ever end-to-end design and make industry cloud. For AECO, Forma is driving the next paradigm shift in building information modeling. It's built for the realities of today's projects, connecting stakeholders, surfacing insights through data and AI to deliver better outcomes across the board. The ability to offer a single environment that can serve every role in every phase of a project lifecycle is a major differentiator from our competitors. It future-proofs Autodesk by bringing our current customers along with us and enabling us to capture new customers. Of course, I'd be remiss in not mentioning another paradigm shift: AI. As you have heard from all my colleagues, AI is providing new opportunities for us to add value, and AECO is no different. The impact of AI is built across the Forma industry cloud and our desktop applications, as evidenced by these examples. We've been delivering task automation for years now and are combining tasks into workflows, such as creating a BIM model from a point cloud scan and using AI to generate issues from photos. Longer term, entire processes can be driven by our AI capability. Imagine creating complex schedules or a complete building design in a fraction of the time and effort. Before we dive further into the major opportunity we have with Forma, I want to share how we are driving continued growth in our core portfolio with BIM by leading with AI and unlocking the value of our customers' data. BIM demand is growing in both the public and private sector. In the past two years, we have seen 28% growth in reported national BIM policies and programs, rising from 41 countries in 2022 to 57 last year. As the benefits of BIM-based project delivery reach more customers, we anticipate that more nations will make or accelerate investments in BIM. We see significant opportunity ahead because even with decades of investment, BIM adoption is still at only 22% globally. Growth is exploding in regions like India, the Middle East, and Latin America, especially around infrastructure, airports, hospitals, stadiums, data centers, roads, highways, water systems, and more. Autodesk is practically synonymous with BIM. As public and private owners demand BIM, customers turn to Autodesk. We're embedding AI directly into the tools customers use every day, like Revit and AutoCAD, delivering additional value to their current subscriptions. Customers use natural language prompts to understand different aspects of their designs, and our AI assistant handles the execution. An example on the left with Autodesk Assistant in Revit: customers can perform complex calculations like window-to-wall ratios directly in Revit instead of switching to another program. They can tell the assistant what they want to modify based on those calculations, and it will locate and update the right elements without manually clicking or searching. On the right, in the newly announced Forma building design, customers can even use AI to generate, regenerate, or partially generate interior layouts, all trained by Autodesk's industry-specific foundational model. This isn't AI for the sake of AI; it's purpose-built automation that makes our customers more productive and makes our products stickier, which opens new opportunities for us in the future. At the foundation of this work is data. We are unlocking the value of data by moving from a file-based approach to granular data that maintains a continuous digital thread of information throughout every phase of a project lifecycle. Autodesk does. Now Forma Data Management is at the center of our connected ecosystem, and as we announced at AU, we will offer an Essentials version of Forma Data Management to Revit, Civil 3D, and AutoCAD subscribers. They will now have access to the backbone of connected data across AECO, creating a ramp for expansion and deeper integration of our solutions across our customers' ecosystems. Now let's look at our accelerating growth in construction, transportation, and water. First, in construction, the construction industry is still in the early stages of digital transformation. In fact, it is one of the least digitized industries in the world, creating tremendous opportunity for Autodesk as the industry modernizes. Autodesk is in a unique position to converge workflows across design and make to connect teams and leverage data and AI to unlock real-time insights. Our opportunity in construction is approximately $11 billion, and much of this is greenfield or highly fragmented, creating a perfect opportunity for our platform approach. Our direction is bold. With the Autodesk Construction Cloud now joining Autodesk Forma, we are creating the first ever comprehensive industry cloud across AECO. This end-to-end approach for managing the construction project lifecycle builds on a tight integration between design and construction, leveraging Autodesk's leadership in BIM to support the full asset lifecycle. With the Forma industry cloud, we are giving owners and operators, general contractors, subcontractors, and design firms one connected and integrated AI-driven platform that spans the entire project lifecycle, and that is what sets Autodesk apart. Differentiating through unification and integration, leveraging our strength in design and our robust ecosystem of integration partners, we are uniquely positioned to win in construction. Let's look at three areas in construction where we are innovating for our customers. First, pre-construction solutions are business critical for general contractors. We are unifying our portfolio by bringing together takeoff, estimating, and bidding via the Forma industry cloud with enhancements to workflows that are not available in competitors' standalone products and with AI-powered construction assistant. In this unified pre-construction experience, estimators will be able to instantly find detailed information for more confident numbers to win work in a razor-thin margin industry. Next, we are responding to customer requests, bringing the value we deliver to those in the trailer or office to those on the job site. We are introducing a host of new field-focused capabilities for mobile devices. These new features also offer lighter weight workflows, which are more approachable for smaller and mid-market firms, and new AI-powered features will help teams more quickly capture progress, photos, log issues, and complete daily logs with just a few taps. Finally, we are completing our integration of GCPay, enabling us to deliver a great experience for our U.S., U.K., and Australia customers via this Plus One offering. We are winning. Our construction platform strategy is validated by the multi-product adoption trends we see across top construction firms. For example, Chandos, one of North America's most innovative builders, are leveraging both GCPay and the Autodesk Construction Cloud on all projects. Several years ago, Chandos began an initiative to evaluate and replace existing point solutions, seeking a platform and partner that they could confidently align with for the long term. After learning about our approach to building a full lifecycle platform and our ability to meet their short-term and long-term needs, they chose Autodesk as that platform and partner. By offering more than point solutions, we are continuing to build momentum in new and existing customers. Now onto Transportation. Roads and highways represent the largest segment of global transportation infrastructure spend, roughly 47% across emerging and developed markets. As public agencies modernize their project delivery and adopt cloud-based collaboration, they are actively exploring new solutions, and Autodesk is helping them streamline workflows and meet new regulatory mandates. The digital transformation of transportation is well underway, and for Autodesk, it represents an estimated $7.4 billion opportunity by Autodesk's fiscal year 2029 that we are poised to lead. Our strategy is clear. Bring BIM to transportation the same that the world has come to expect from Autodesk for buildings, we can bring to transportation. It's not just design, it's the full BIM lifecycle for planning, design, construction, and operations. Today, our collaboration offerings enable us to upsell design customers to our digital project delivery solutions. Let's take a look at three areas where we are innovating for our transportation customers. First, reality capture is one of the most accurate and reliable ways to document existing conditions, and with Scan to BIM, customers can easily and accurately extract that data directly into their design tools and conduct AI-powered analysis for their rail, road, and highway projects. We are also offering rich and flexible BIM content and BIM modeling for bridges, tunnels, and walls. Finally, we make collaboration seamless across teams and tools by aggregating models from different sources so everyone has the right information. From design through construction, this global investment in modernizing our transportation infrastructure is a great match for our ability to deliver end-to-end project support through design and construction for rail and road projects. Case in point, we are building momentum with the U.S. Department of Transportation community. In the U.S. alone, more than 20 state DOTs are working directly with Autodesk in pooled research programs. We have also seen sizable increases in our U.S. DOT customer base with wins in Tennessee, Montana, South Carolina, Wyoming, Pennsylvania, Alaska, and Connecticut. Globally, we have added more than 60 additional transportation owner wins with more to come. Finally, we have Water across the world, aging water systems and outdated infrastructure are converging with growing environmental pressures, driving a critical need for modernization. From utilities managing legacy assets to designers integrating green infrastructure into urban landscapes, stakeholders are being challenged to rethink how water is planned, managed, and sustained. On the macroeconomic front, global investment in water infrastructure is projected to reach $1 trillion by 2030, with North America leading as the largest market, accounting for over 35% of water spending. For Autodesk, this represents a $3.4 billion design and make software opportunity. Our strategy is about connecting the full project ecosystem. Water touches nearly every project you can think of, from parking lots to airports. We are leaning into that conversation with our comprehensive product design suite, advanced water modeling and simulation capabilities, and Esri partnership to deliver a truly connected end-to-end platform for water professionals. We're deepening integrations with Autodesk solutions like Civil 3D and Forma data management, bridging design, analysis, and operational workflows for a robust end-to-end platform. As with our other industries, we are taking a comprehensive approach to data and workflow connectivity across multiple platforms and tools focused in three primary areas: building a connected ecosystem, building collaboration at scale, and building digital twin workflows for ecosystem enablement. Our platform not only offers native integrations with key industry solutions, but also provides secure and flexible APIs empowering utilities and their consultants to connect with existing workflows. We are integrating hydraulic modeling and Info360 Insight to enable more advanced workflows within water and focusing on better connecting across our Autodesk tools like Civil 3D, Tandem, and Forma and with industry leaders like Esri, digitally transforming how engineering service providers and utility customers deliver projects. For digital twin work streams, AI is unlocking predictive insights and automation that drives smarter decisions at every phase of a utility lifecycle. Water utilities are choosing Autodesk to bring their systems into the 21st century. From local agencies to major metro utilities, we're helping teams digitize, simulate, and operate smarter. Take Oklahoma City, who recently began a large project to provide real-time pressure monitoring and guide operational adjustments that reduce water main breaks, improve water quality, and enhance fire protection. They chose Autodesk for our unique ability to provide a common environment for hydraulic modeling and operational intelligence, which will serve as the foundation pieces for a future digital twin. These wins are laying the foundation for deeper partnerships and expanded use across the water lifecycle. Our focus on construction, transportation, and water also broadens our opportunities for customers like the U.S. Army Corps of Engineers, whose work spans across all of these areas. That focus recently led them to standardize on an Autodesk platform for themselves and the more than 60,000 contractors who support thousands of projects each year. Finally, I want to tell you how we are securing the future and our long-term growth with our AI native Pharma Industry Cloud. As I mentioned earlier and as we announced at AU, the Forma Industry Cloud is the first ever end-to-end AI native design and make platform for AECO. It is driving the next paradigm shift in building information modeling, which has long been the foundation of innovation in the AECO industry. A new approach is needed in today's complex environment, one that integrates trusted practices and workflows with modern enablers like granular data, hyper collaboration, and AI-driven outcomes and automation. Autodesk is leading the charge in modernizing BIM and bringing our customers along with us by bringing the proven capabilities of Autodesk Construction Cloud into the Forma Industry Cloud. Autodesk is delivering on bold, seamless end-to-end workflows that enable teams and data to move from design through construction to operations without barriers, silos, or compromise. At the core of Autodesk Forma is our common data environment, now called Forma Data Management. It is the foundation of Forma's single continuous project environment that spans design, construction, and operations phases. With Forma Data Management Essentials entitled to all AutoCAD, Revit, and Civil 3D users in the future, our customers have an on-ramp to Forma. We are also expanding Forma to detailed building design, reimagining workflows with AI and automation. Forma building design will support creation of advanced details, truly demonstrating how detailed modeling can be reimagined with AI and automation. By reasoning about a building, Forma can automatically generate floor plans and structural elements for the building's concept model while the user stays in control, modifying and extending the AI-created design. Collaboration is table stakes. Doing it well is an advantage. Everyone involved in a project must have easy, timely, and secure access to the information they need. In the future, Forma and broader collaboration capabilities will extend throughout the entire project lifecycle. By connecting upstream design and planning with downstream workflows such as scheduling, logistics, field execution, and handover, teams will experience unprecedented levels of collaboration, conveying design intent and visualizing data across phases. Forma connected clients will bridge desktop and cloud, creating a unified environment where data flows effortlessly across current and future generation tools. Revit will lead the charge as the first desktop application to integrate as a Forma connected client, paving the way for tighter integration between design and make. This brings Revit users directly to Forma, and this is just the beginning. Civil 3D and AutoCAD are next, ensuring that Forma capabilities and data are accessible wherever teams work. This creates an on-ramp to Forma for our desktop product users. The Forma industry cloud provides a myriad of new business opportunities for Autodesk. The new Forma building design capabilities add new value to Revit and the Architecture, Engineering & Construction Collection and create a fresh on-ramp for AutoCAD users who have not yet adopted BIM and for competitive BIM accounts. Of course, we are embedding Forma at universities so new professionals will start on this journey with us. We're also developing new business models like API and AI monetization and consumption-based pricing to bring value to both Autodesk and our customers. To close, I want to share how we will remain leaders in the AECO industry. Autodesk has built decades of trust with our customers. The depth and breadth of our portfolio is unmatched, and we have the only industry cloud that connects the full breadth of design and make for AECO. Our investments in AI and automation will secure our place in the future. It's not just about our customers. We also have a tremendous ecosystem of strategic partners, third-party developers, and channel partners that expand our reach and relevance across the building, transportation, and water industries. We are not resting on our laurels. We are building the future with Forma. It's the first ever end-to-end AI-native industry cloud for AECO. By bringing together our current and future strengths, we are positioned to grow and transform the AECO industry. Now I'd like to hand it over to Steve. Thanks, Amy. Hi everyone, I'm Steve Blum, Autodesk COO, and it's my pleasure to step you through an overview of our go-to-market evolution. We've been on a multi-year journey evolving the Autodesk go-to-market in order to create smarter, more automated customer experiences that best position us to drive efficient, sustainable growth. Our focus today will be broken into three sections. First, we'll review the journey we've been on transforming our go-to-market system. We'll then cover the evolution of our go-to-market model focused on delivering a world-class customer experience. Finally, I'll review both the efficiencies in our approach and the growth levers we have to drive sustainable, long-term growth. All right, let's start with our go-to-market system transformation journey. We have a proven track record of successful business transformations. We've moved from perpetual licenses and maintenance to subscription and cloud offerings. We've modernized our license compliance approach, moving from a human and legal-led approach to automated in-product engagements. We've introduced consumption in enterprise business agreements and then consumption at scale with Flex. We've modernized our partner framework over the years, first in evolving our buy-sell approach to an all backend framework and then moving from buy-sell to agency with a new transaction model in our primary markets. Our approach has been to build out the go-to-market system capability by capability. We began by replacing our multi-decades-old tech stack with a modern SaaS-based tech stack. The first implementation of that was replacing our financial systems. We then turned to our customer-facing go-to-market systems. We moved our Autodesk stores onto the new go-to-market system; it really was our first use case. The next use case was introducing our Flex consumption model. After that, we built out the capability of multi-year orders billed annually, and most recently, we completed the global rollout of the new transaction model. The new transaction model has enabled us to build direct relationships with customers in our primary markets. We moved from an indirect two-tier distribution model to direct transactions with customers. This now gives us high-fidelity customer data that provides us visibility into customer engagement and usage. We continue to tap into our solution providers, who are our local superpowers around the world, and we can now share customer information with our partners. In this new model, we pay our partners with agency-based commissions as opposed to contra revenue. The move to the new transaction model provides benefits to our customers as well as to Autodesk. Customers benefit through accessing self-service and automations to streamline their engagement process. Their interactions are data-driven, and we can use that data to provide personalized experiences. Customers also get price predictability. Autodesk benefits by using the high-fidelity data it's now getting to drive higher renewal rates and to identify data-driven expansion opportunities. Now we are pleased to be at this point in our journey as the significant changes to modernizing our go-to-market systems have been completed. All right, now let's move on to the evolution of our go-to-market model, focusing on delivering a world-class customer experience. Several factors are shaping our go-to-market model and how we engage with customers. Customers are increasingly demanding integrated solutions, driving the evolution of our industry clouds, Forma, Fusion, and Flow, powered by Autodesk platform services. We are seeing an industry shift toward value-oriented pricing models, which align to the customer's business success. Of course, AI is reshaping everything and will enable simplified workflows for customers and new monetization opportunities. For Autodesk, we have been agile over the years, anticipating customer needs and evolving our business models to meet and exceed customer expectations. Our subscription model is firmly established. We offer a consumption model to our largest customers and enterprise business agreements, as well as offer our scalable Flex offering to all customers. We will offer enhanced consumption capabilities, which will allow for scaled API access and monetization, will enable both human and machine usage, and will provide monetization for AI capabilities and workflows. As we build out our Design and Make platform, we plan to roll out a Design and Make marketplace that will help build out the ecosystem while providing monetization opportunities for our partners, developers, customers, and of course Autodesk. We continue to evolve our go-to-market model to transform the customer experience. We have and will further enable self-service capabilities to streamline the experience. We're using AI and automations to provide valuable customer insights. We continue to refine our customer segment specific experiences so that we deliver the right experience to the right customer at the right time. Our goal remains as it's been in the past, building long term strategic relationships with a focus on customers who have the greatest potential for growth. To share an example of how we're transforming the customer experience, let's look at Mott MacDonald, a global engineering, management, and development consultancy. We fundamentally changed how Mott MacDonald engages with our technology by focusing on three key areas. First, an extended value chain approach centered on a comprehensive data platform strategy. We've moved them to what we call an unlimited model for data platform and Water solutions, removing traditional barriers to technology adoption and allowing them to expand without constraints. Second, we have an industry focus. As an example, Water infrastructure is a strategic priority for Mott MacDonald and our platform directly supports their largest growth opportunities in this sector. Third, consultancy serves as a cornerstone to our engagement. Our assistant services have been integral to their expansion strategy and have helped them optimize their implementation and drive measurable outcomes. This outcome based approach has delivered significant results. We've had a 60% increase in total deal value in the most recent renewal. We've had a 180% increase in cloud monthly active users, demonstrating accelerating digital adoption across their global operations as they execute world class infrastructure projects. A quantified business impact has been found to be roughly 130,000 hours per year in time savings through our consulting services. That equates to over 62 FTEs in productivity gains per year from Mott MacDonald. I thought you'd like to hear directly from them. Here's Mott MacDonald's Global Chief Technology Officer, Cory Dippold, discussing our trusted relationship and how it's helped them better serve their clients. Cory, tell us a little bit about yourself and about Mott MacDonald. Mott MacDonald is a pretty good size engineering and advisory consulting firm primarily involved in civil infrastructure, major project delivery. We have different sectors in buildings, energy, water, transportation. In 2007, we did our very first EBA with Autodesk. Enterprise Business Agreements for everybody. Yeah. I think that was one of the very first ones that we did, and that really kicked off this partnership that we've developed. I can tell you, part of our sort of major project delivery team now, that the relationship we have with Autodesk has grown from that of a client-vendor to really a partner-partner relationship, where some of the jobs that we have are so big and so complex now, yes, that I don't know how we would even tackle them without the thinking and the leadership and some of the insight that Autodesk can bring to the table. As you look over the horizon and you think about the future, what excites you the most? You know, the built environment has flourished. Right. It has really delivered higher value outcomes to the people. In a lot of cases, that's come at the expense of the natural environment and the tools and the technology. The thinking, the leadership that we have working together, I think, really allows us to go face some of those more complex challenges on a global type scale, which I'm really excited about. I think we're going to do. We're going to have the opportunity to work on some truly mega projects together that can be transformative for both environmental benefits and human benefits that will be here for decades and centuries to come. Love that. I'm really proud of the work we've done with Mott MacDonald and look forward to continuing this long-term strategic relationship. We are also evolving our go-to-market model through our global partner ecosystem with a focus on moving our solution providers from transactions to strategic value creation. We're doing that by providing solution providers with enhanced high-fidelity data captured from the new transaction model. As such, we can provide a complete view of a customer to our partners. This was not possible in a buy-sell model. Our solution providers are now focused on value creation by offering value-added consulting services and IP development. In addition, as we move to our Design and Make platform integration, services will be a big source of growth for our partners. Finally, we are reshaping our channel framework to further incent solution providers' focus on new customer acquisition and expansion of existing customer businesses. As I've done in the past sessions, I want to provide an update on the scale and coverage we get from our solution providers. We currently have approximately 1,260 solution providers and distributors representing Autodesk in approximately 190 countries around the world. For each sales or customer success person employed by Autodesk, we have approximately 3x that number of people through our solution providers. Over the past several years, we have seen significant partner consolidation, which has been good for our customers, our partners, and Autodesk, and we expect to continue that in the future. Let's move on to the third section, how we're set to drive sustainable growth by driving efficiencies and optimizations in the business while executing numerous growth levers. First, we'll focus on efficiencies and optimization in our go-to-market approach. We'll continue to remove friction from the new transaction model, enabling solution providers to focus more time on creating value with customers. We're automating more capabilities valuable to customers, enabling them to self serve for renewals and many account management requirements. These were things that required Autodeskers or partners to complete in the past. Internally, we're leveraging AI and automations for repeatable scalable tasks, giving us more time back for value added activities. We're also focused on simplifying our processes and eliminating duplicate tasks and responsibilities, leading to reduced operational complexity. I'm pleased that the changes that we made earlier this year have gone well and are producing benefits, and I'm excited by the numerous growth levers and opportunities we have at our disposal. We will continue to drive more growth via our Autodesk stores by driving higher traffic and conversions. The new transaction model will enable us to drive higher renewal rates via automation, self service, auto renew, and just having better data. That better data will also enable our solution providers to identify incremental expansion opportunities within our install base. Expansion will be further supported by the changes we're making in our channel framework. Our high growth businesses, construction, infrastructure, and Fusion continue to be great opportunities for accelerated growth, and we have numerous new monetization opportunities in front of us. We're modernizing our subscription success offerings and have released our new high value business offering, which replaces our premium offering as mentioned earlier by Raji. We're monetizing access to our APIs and developing high value MCP servers. As I mentioned earlier, we're developing a design and make marketplace that will create modernization opportunities. To summarize, Autodesk is positioned for its next chapter of growth through the transformation of our go to market system. We have built a foundation for sustainable growth while enabling us to remain agile and flexible as market conditions change. Our go to market model evolution enables us to enhance customer value through improved experiences, best in class business models, and ecosystem collaboration. Our focus on driving efficiencies while executing on numerous growth levers positions Autodesk for sustainable long term growth. I want to thank you for listening, and it is now time for our next break. We will see you back here shortly. Thank you, Steve. Hi everyone, I'm Janesh Moorjani, the CFO of Autodesk. It's great to talk with all of you today and share how we are driving sustainable and efficient growth at scale. Here's what I'll cover. I'll start by discussing how Autodesk has transformed itself over the last decade to become a larger and more cash generative business as well as a more resilient and less volatile business while also building the foundations for the future. I'll describe how we're driving sustainable growth and efficiency at scale by diving into our core financial principles, our revenue growth, margin and capital allocation approach, as well as how we'll simplify our story. Let's start with our foundations. You just heard Steve talk about our proven track record of successful business transformations. We've strategically and methodically executed several internal transformations over the years that have enabled us to stay ahead of market trends while building a foundation for the future. We set out this high-level roadmap for these transformations at our September 2021 Investor Day, which you can see here on this slide. Since then, there's been a lot of hard work behind the scenes to ensure these transformations were and continue to be successful. We've also been rebuilding our internal technology stack from legacy on-premise systems to a modern SaaS-based tech stack that supports closer customer integration and efficient growth. As Amy, Jeff, and Diana talked about earlier, we've also transformed our product portfolio in three important ways. First, shifting from product only to product, platform, and capabilities. Second, we've been connecting adjacent and end-to-end workflows to deliver more value to our customers, expand our addressable market, and deliver a seamless customer experience across design and make. For example, we extended our reach into construction, and as Raji talked about, we've been building our platform services to enable automation of manual workflows, improve interoperability across tools, and have more common components, less technical debt, and greater efficiency. These things all come together to serve as a strong foundation for our future in AI. Autodesk has been investing in AI technology across our models and products for years, dramatically expanding what's possible across the entire project lifecycle for customers while eliminating repetitive work that hinders productivity for investors. These changes and investments have meaningfully increased the value of our business in three key ways. First, we're obviously a much larger business that is generating a lot more cash. Second, we've become a substantially more resilient and less volatile business. This is in part due to significantly more predictable recurring revenue and in part from the shift to annual billings for most contracts, which you see reflected in more long-term unbilled revenue and less long-term deferred revenue, and which results in more stable annual free cash flow for the company. You also see this resilience reflected in the breadth and depth of our business by geography, product category, and customer size. Third, and most importantly for the discussion today, we've developed new ways to deliver more value to customers, which at the same time enable growth and efficiency. For Autodesk, for example, we have a growing direct business, which helps us better serve our customers by providing them with more data across more workflows with greater automation and self-service, and making it easier for them to build AI and data-driven applications on our platform so they can deliver more value to their customers. We also have a growing consumption business, which today balances the flexibility and value of usage-based models with the resilience of subscription-like revenue streams. Consumption models encourage standardization on our platform, bringing more users into our ecosystem and allow us to capture the value of cloud-intensive usage like AI. As you know, we've extended our presence across the entire life cycle, stretching from design, through make, and increasingly into operations. To summarize, by transforming our foundations over the last decade, we have created a larger and more cash-generative business that is more resilient and less volatile, while also building the foundations for the future. Our results so far this year demonstrate the strength of these foundations. All right, let's turn to the future and talk about how we intend to deliver sustainable growth and efficiency at scale. Starting with our financial principles, Autodesk is guided by four financial principles that provide us with a framework for the future. Our first principle is to drive consistent and strong organic revenue growth by delivering more value to our customers and driving new expansion and renew dollars higher. Our investments in BIM and construction are good examples of this. Second, to balance our natural operating leverage with disciplined investment in future growth opportunities. Our steady investments in AI over the last decade are a good example of this. These investments have placed us well ahead of industry peers while also positioning us to scale AI more efficiently. Third, to drive predictable and efficient cash flow growth as we finish the billings transition and maintain our efficient approach to working capital and capital expenditures. Our transition to annual billings for most multi-year contracts is the best example of this. Finally, our fourth principle is to deploy cash to the highest return opportunities through focused, high potential organic investments, targeted and tuck-in acquisitions, and returning cash to investors through share repurchases that reduce share count over time. A reduction in share count over many years is a good example of this. Now I'd like to move on to our financial framework, which builds on these principles and focuses on the controllable operating and financial actions that will ultimately drive free cash flow per share. Let's address each of these now, starting with revenue growth. You can see here some of the long-standing drivers behind our industry growth that we've shared before. At the heart of it, there is durable demand from our customers to digitize and connect workflows end to end, benefit from innovation and automation, and drive greater efficiency and productivity in their businesses. This applies across our three industries. These are secular growth drivers of overall market expansion across cycles in any particular year. Various external factors and adoption drivers can influence the market growth and our growth. Andrew, Raji, Jeff, Diana, Amy, and Steve have already talked about how we are realizing the potential of these secular growth drivers, with growth in our core unlocking expansion opportunities and convergence within and between industries. You've seen these efforts translate into consistent underlying revenue growth over the past two years, and the momentum continues in this year too, positioning us well for the future. Let me talk about how we're thinking about capturing the significant additional value we will be delivering to customers through AI, Task Workflow, and Systems automation. AI will enable us to deliver much more value to customers to drive productivity, efficiency, and growth in their businesses. We showed many examples of this at our user conference Autodesk University recently. We believe this will ultimately expand our total addressable market as we help our customers generate higher value added solutions for their customers. We've already begun to integrate AI-driven automation to some of our products and we're monetizing that through the subscription price. Over time, consumption models will be the best way to capture the additional value delivered by AI automation, particularly workflow and systems automation, because we expect that both humans and new machines will drive future usage of our technology over time. How do we think about our future growth? Our starting point is the industries we serve and our ability to drive the adoption of our technology. As you can see here, about 1/2 of our business is in AECO, just over a quarter in AutoCAD, just under 20% is in manufacturing, and the rest is in media and entertainment. Within each industry there are different products at different stages of the maturity cycle. We have our core products that are category defining and a key part of our renewal base. Some of these products have long-standing growth drivers that will sustain growth for many years. For example, the adoption of building information modeling remains an important driver of Revit's growth. There are our newer products which typically grow much faster than the industry and are key sources of new customer growth and expansion with existing customers. While Fusion and Construction are the most advanced examples of this, we have others like Forma and Tandem and Flow that are at an earlier stage in their maturity profile. This healthy mix of our business means we've generally been able to grow faster than the industry as we create new TAM and are well positioned for sustained growth in the future. Our expansion into make and operate, enabled by our Industry Clouds platform and AI, underpins that faster growth. You have seen these growth businesses help us deliver consistent underlying revenue growth over the past two years with healthy momentum continuing into this year. There is a long runway of growth potential ahead of us given the size of the make and operate opportunity relative to our business to date. Let's turn to the second element of our financial framework, profitability. We're guided here by our second financial principle, which is to balance our natural operating leverage with disciplined investment to grow. We have already demonstrated that there is operating leverage inherent in our model, and this gives us the flexibility to both invest organically in the business and drive operating margin expansion to achieve our fiscal 2029 margin goal. Let me give you some examples of these initiatives by category. Looking first at gross margin, cloud workloads, while accretive to gross profit dollars, will have lower gross margin than desktop design, so as they increase in mix, they will have an impact on our aggregate gross margin. Additionally, as we include some AI components in product subscriptions, that will put upward pressure on total costs. In consumption-based models, we will naturally be better positioned to align pricing to usage. Partially offsetting these factors is a series of initiatives designed to optimize our infrastructure as we scale and drive unit costs lower, even as we build out our presence across more regions globally. For example, standardization on current and cost-effective infrastructure, enabling workload portability, reduced overhead and technical debt, financial operations that enable timely decisions on speed, cost, and quality in cloud investments, and of course, standard hygiene processes to optimize cloud resource utilization. In sales and marketing, we've been driving go-to-market optimization, which includes many benefits for us that we've discussed before, including building more direct connections with customers, enabling us to serve them better, integrating more deeply into their workflows, and providing them with additional and higher value services driven by data. We are executing multiple initiatives across fiscal 2026 and 2027 that will help us realize greater sales and marketing efficiency. Examples of those already in flight include automating standard workflows within Autodesk, enabling our go-to-market teams to focus on the highest value work while reducing cost per interaction, deploying more self-service and auto-renew to increase our productivity, and streamlining customer interactions between Autodesk and our partners to reduce duplicative work so that they can focus on value-add activities. Let's move on to research and development. As I said earlier, our R&D investment will remain strong as we invest in our industry clouds platform and AI. We will help our customers solve their biggest productivity and efficiency problems as we deliver these technology benefits to them. We are committed to staying ahead of the curve on innovation to sustain our long-term growth and competitive advantage. As we invest in R&D, we are also reducing our technical debt, building more common components, and increasing engineer productivity using AI. For example, we are deploying AI productivity tools such as Cursor to our engineering teams and continuing to integrate and rationalize our portfolio of offerings. Let's finish with G&A. In the G&A functions, we carried heavier investments as we went through our business model transitions. We are now focused on optimizing for scale. With a balanced global G&A workforce, we see opportunities to leverage AI in G&A to boost our productivity, and we are focused on standardizing and simplifying our processes and systems. Let's move on to our margin outlook. The net effect of our growth and profitability framework is that we expect significant operating profit dollar and underlying operating margin growth. We are driving higher margin from the efficiency gains from the initiatives I've just described, combined with inherent operating leverage generated from revenue growth in our business despite gross margin pressure. Assuming no material change in the external environment, we expect reported non-GAAP operating margin of 41% in fiscal 2029. Our reported non-GAAP operating margin outlook of 41% represents an improvement of approximately 500 basis points since we started to scale the new transaction model at the end of fiscal 2024. On an underlying basis, which excludes the impact of the new transaction model as it fully scales, this will be an improvement of approximately 900 basis points since fiscal 2024. Let's turn to the third element of our financial framework, cash flow. As you can see here, the shift to annual billings for most multi-year contracts is reflected financially in the shift from long-term deferred revenue to long-term unbilled means. There is now a much tighter correlation between net income and free cash flow starting this year. In the coming years, we expect net income to continue to be the key driver of free cash flow, with a much tighter correlation of net income to free cash flow on an annual basis. Now let's move on to our capital allocation framework. Here we are guided by our financial principle to deploy cash to the highest return opportunities. We will continue to prioritize organic investment in R&D and accelerate the realization of our strategy with targeted and tuck-in acquisitions. We will maintain a healthy buyback program with the goal of reducing share count over time. We are also committed to maintaining our investment grade credit rating. As you can see here, over the past several years we have significantly increased our share repurchase program and reduced our share count, and we have made acquisitions opportunistically when we find the right asset at the right price. Over last year and this year, we've applied approximately 50% of our free cash flow towards share buybacks, subject to acquisitions which by their nature are harder to predict. We expect to maintain a similar level over a multi-year period. Now let's double click on stock-based compensation. Dilution is a real economic cost to shareholders, and we are intent on managing it tightly. We are focused on a few key operating actions: managing our hiring volumes, locations and levels, our compensation mix, and our equity program structure. We have already been taking several actions in these areas. We have begun to see the impact of these actions reflected in SBC gradually reducing as a percentage of revenue, and we are driving SBC to below 10% of revenue. We have already made significant progress on this journey and expect to get to below our 10% target level within the next couple of years. The slowing rate of dilution from stock-based compensation reinforces the impact of our growing share repurchase program to continue reducing share count over time. To bring it all together, to achieve our fiscal 2029 margin outlook, we expect consistent and strong organic revenue growth by delivering more value to customers, which drives new, renew, and expansion dollars. Consistent and strong gross profit growth even while gross margins trend lower over time. We expect growing AI and cloud service costs to be partly offset by consumption-oriented models and operational efficiencies. Sales and marketing as a percentage of revenue to fall, reflecting our sales and marketing optimization plan. R&D as a percentage of revenue to be broadly stable, reflecting investments in industry clouds, platform, and AI, offset by efficiencies from less technical debt, more common components, and increased engineer productivity from AI. G&A as a percentage of revenue to be down over time, driven by scale and optimization, and the balance of operating leverage and disciplined investment in future growth drives operating margin to our 41% goal, and then stock-based compensation as a percentage of revenue decreases to under 10% as I just mentioned. To summarize, we intend to deliver consistent and strong organic revenue growth, non-GAAP operating margin of 41% in fiscal 2029, and a lower share count over time. Let me also touch on the evolution of how we will describe our business in the future. Many of you have told us that while successive and overlapping business model transitions have been critical to Autodesk's future, they have made it hard to understand and analyze Autodesk, so we're working to simplify the story. Most importantly, as the noise from our business model transitions begins to fade, our traditional metrics will be more useful again as soon as practicable. Therefore, we will again focus on as-reported and constant currency metrics, and we'll also look to eliminate or replace legacy metrics. We will share details on relevant changes in future earnings calls. I'll conclude with a summary of what I've shared with you today. Autodesk has transformed its foundations over the last decade, creating a larger and more cash-generative business that is more resilient and less volatile, while also building foundations for future growth and efficiency. Consistent and strong organic revenue growth as well as balancing our natural operating leverage with disciplined investment for growth will enable us to deliver our fiscal 2029 margin goal. Our focus on managing dilution from stock-based compensation, reinforced by the impact of our growing share repurchase program and underpinned by more consistent free cash flow generation, will reduce share count over time. With that, Andrew, I'll hand it back to you to bring us home. Thank you. Thanks Janesh, and thank you to all for staying with us through what I hope has been an informative and compelling morning. Before we move to Q and A, I want to close this session by telling you why I'm more confident than ever that Autodesk's best days are ahead of us. In my introduction this morning, I told you our business model transformations are complete. We've successfully navigated one of the most comprehensive business model transitions in enterprise software history. Janesh showed you how this transformation built financial resilience and has unlocked sustainable growth. Our product and platform leaders demonstrated how Forma, Fusion, and Flow provide the foundation for an entirely new way of working. Steve showed you how we've reinvented how we engage with customers, shifting from two-tier distribution to direct relationships and delivering a world-class experience at scale. We didn't just move to subscription, we reimagined how the industries that design and make the world operate in a cloud-enabled, AI-powered era, and we've emerged stronger and better positioned than ever. This is a result of planned, precise, and deliberate strategic execution over many years, and now we're turning that market leadership into long-term shareholder value. Our AI strategy is deliberately sequenced. First, we're automating tasks, making the tedious disappear. We'll expand to automating workflows, augmenting our customers' capabilities and creativity. Soon, we'll be automating entire systems, enabling outcomes that were previously complex or impossible to achieve. As we do this, our business will move from primary seat-based subscriptions today to a blend of seat-based subscriptions, term-based consumption, and system-based outcomes. This gives our customers more flexibility for complex and interconnected design and make options. All of this is and will be powered by industry-leading foundation models that define the opportunity for extending vertical context and expertise into the new technological frontier of AI. What we do requires precision, and we intend to be the leader in providing that precision to our industries. As you've seen today, while AI is an important part of building momentum for our business, at our core we're breaking down the walls across the life cycle of our customers, projects, and across industries, breaking siloed processes and enabling new processes. We're eliminating the friction between design, make, and operate. Powered by AI clouds, we're converging construction and manufacturing methods to enhance productivity and drive greater throughput. We're collapsing the boundaries between the virtual and the physical, from an architect's first sketch to a building's real-time performance optimization, from an engineer's first concept to managing throughput and uptime for mid-market factories. It all happens on the Autodesk platform. With every project, the system learns, improves, and delivers more value back to our customers. Today you've heard about some of the near-term opportunities ahead of us. In infrastructure alone, we're addressing a multi-trillion dollar global market that's just beginning its digital transformation worldwide. We're entering a decades-long rebuilding effort that will all be designed and managed digitally. Autodesk is the platform making that possible. In construction, we are transforming how projects move from design to build, with customers seeing a 31% boost in productivity through automation, reshaping industry productivity. In manufacturing, the convergence of cloud and AI is triggering a once-in-a-generation platform shift. Customers using Fusion are producing drawings in 50% less time, turning cloud and AI adoption into a competitive advantage. The future of our industry is about delivering outcomes, imagining a world where AI agents can explore thousands of different design variations while you sleep, where digital twins continuously optimize themselves in real time, where the entire lifecycle from design to build to operations is one seamless, connected system. Autodesk is creating foundation models with neural technology that are redefining our IP and represent a massive untapped opportunity. Every decision, every optimization, every piece of creative output flowing through our platform becomes a new source of value creation. Beyond that, we're expanding from design to make into operate. Operations represents a significant future opportunity across buildings, factories, and infrastructure. We're helping customers not just create these assets, but also run them, optimize them, and extract maximum value from them throughout the entire lifecycle. This includes hot current high-growth areas like data centers and mid-market manufacturing. Here's what I want you to remember as you leave today: Autodesk is defining the AI revolution for our industries. We're setting the standard and extending our lead across media and entertainment infrastructure, construction, and manufacturing markets that will fuel our growth well into the next decade. We're creating new monetization streams and building a new vibrant third-party ecosystem that will not only make our solutions more valuable, but enable these new monetization paths. We're expanding into operations, opening entirely new horizons for growth. All this leaves us confident we'll maintain the current momentum of the business over the long term. Five years ago, some of you wondered if a decades-old company could truly reinvent itself for the cloud era. Today, the answer is clear. Autodesk has emerged stronger, more agile, and more efficient than ever before, positioned to lead in this next era. The industries we serve are entering the age of AI, and Autodesk is in the lead with our industry clouds, Fusion, Forma, and Flow, cloud-enabled, AI-native, and end to end. When Denver International Airport speeds up their design and construction efforts by months, when Fellten is saving weeks in development of their EV vehicles, when BAM gains back hundreds of hours through automation, it's proof that our strategy is working and a glimpse of the scale of what's to come. Autodesk is building the future and the path to the future. Our best days and biggest growth opportunities are ahead of us, and I've never been more confident in the long-term value we are creating for our customers, for the industries that shape the world, and for you, our shareholders. Thank you. Welcome to the Q and A session everyone. I hope those presentations were useful. I have all of the presenters here with me on stage and looking forward to hearing your questions. As a reminder, please put them into the question box on Zoom. If you have questions, we'll get to them, as many of them as we can. Just while we collect some of those, I'm going to throw one to Andrew. Andrew, can you just share the three key things you want investors to take away from today? Yeah, look, the takeaway is really straightforward. We're in the lead in AI that's going to not only protect the renewal base and the recurrent business we have, but it's going to drive expansion of our business over the long term. We also have multiple growth vectors for our business, and these all play out over different time horizons, which is again another great outcome for providing steady, predictable growth for the company moving forward. Finally, we have a clear path to margin expansion for the company. Those are the three things I think that are really important from what we said today. Fantastic. Let's move on to some of your questions. Jay Vleeschhouwer, Griffin Securities, at AU the company spoke of disrupting ourselves, rebuilding the IP stack, and no one gets left behind. Those are individually difficult to do. How do you foresee managing these collectively as internal and external executables? Man, Jay, that's a hard question to pronounce. All right, I'll take that one. All right, Jay, thanks for this question. First off, this type of motion is a core competency for Autodesk. We've already done it several times. We did it with Inventor, we did it with Revit. In many ways, we did it with construction. The way we're managing this internally is we got a head start on this. It was many years ago that we started our efforts in AI and looking at what kind of foundation models made sense to replace our IP stack in the future. Over seven years ago, we started some of this work. We've been working on foundation models for quite some time. You see some of those things rolled out at AU and you see some of the impacts. We've been building the parallel stack while we've been improving the existing products over time. Now, when you look out into the. Into the future of how we deliver some of these things to our customers externally, we also have a good history of doing this. We evangelize the technology with our customers. We help them understand the value, but we also package them in a way that makes sure the customers get the new technology as they continue to invest and deploy our existing technology. For existing example, every Revit customer gets the Forma building design capabilities that we talked about. Anything that overlaps Revit's core functionality is included in the collection. It's included with Revit. These are our tactics we've used year after year very successfully. It's how we drove Inventor, it's how we drove Revit, and it's how we manage both the internal and external processes on this transition. Fantastic. Let's move on to Adam Borg and Stifel. Same for Steve. Can you provide actual customer examples of how the new transaction model is leading to better renewal rates and/or additional cross-sells with the more granular understanding of customers with a direct relationship? Adam, thanks for the question. Let me give you a reminder of where we are with the new transaction model because we're still in early days. We completed the rollout in Q1 when the construction products went live on the new transaction model in North America. We've lapped the first year of renewals in Americas, in North America in June, and we just passed the one year anniversary date in EMEA. Still early days of getting folks through the system. As a reminder, we have customers that have three year contracts out there, so it will take customers up to three years to get through the system and into the new transaction model. We're really excited about the high fidelity data that we're capturing. As a reminder, we can now provide all the customer data once the customer is on the new transaction model to our partners. That was something that we could not do in a buy sell model. We expect this will drive incremental renewal rates, improvements in our renewal rates, plus help our partners identify new expansion opportunities. We are starting to see those pop up in our pipeline. Early days, a lot more to come. We've built our expectations into guidance for what's going to happen with renewal rates and expansion opportunities. We're very, very pleased with where we are so far in this transition. Brilliant. Let's move on to Taylor McGinnis at UBS in infrastructure. What's driving the interest in chasing this opportunity today versus the past? Is it more underpenetrated versus other areas, more resilient versus commercial today, etc.? What are you doing differently either on the product side or go-to-market side? Yeah, I'm going to hand that one directly to Amy. Amy. Thank you, Andrew. A couple things are driving the interest. Obviously it's a huge market, and what is working in our favor is that the projects are getting more and more complex. That is requiring people to digitize further. For Autodesk, we're able to bring building information modeling directly into infrastructure, and we're also now able to connect design and make with the Autodesk Construction Cloud. We have quite a few things working for us as people are needing to do more digitization and rethink their existing legacy toolset as they move forward. Brilliant. Let's move on to Nay Soe Naing from Berenberg. How should we think about Inventor's future within Autodesk's product portfolio? Will it merge with or get absorbed into Fusion as the focus shifts more towards Fusion? How do you plan to ensure there is no limited customer churn within the Inventor customer base? I think this is a perfect question for Jeff Kinder. Thank you, Andrew. Thanks for the question. You can think about Inventor as a connected client to Fusion with a long future in our product portfolio. It's similar to how we think about Revit and Forma. Both Inventor and Fusion are growing nicely, and what we actually see more is complementary usage of both Inventor and Fusion as shown in the Molto Luce example during my presentation. This is a result of targeting specific markets for Inventor and for Fusion. What we've heard is Inventor users like some of the features they see in Fusion, so that drives that complementary behavior. Over time, in the future, we think Fusion and our industry clouds is where you're going to find breakthrough productivity gains, where customers are going to find breakthrough productivity gains. We're committed to making that path very smooth by having connected clients that work really well with our industry clouds. Brilliant. Let's move on to Elizabeth Porter and Morgan Stanley. You've completed the rollout of the new transaction model and mentioned you're in the optimization phase earlier this year. Can you provide specific metrics on the sales and marketing efficiency gains achieved so far and how we should think about the timeline in reaching the FY 2029 margin target? Clearly a good question for Janesh. Happy to take that. Thank you, Elizabeth. As everyone knows, we initiated the optimization phase of the whole go to market plan earlier this year, and through that we made a number of changes along the way. We had the reduction in force that we did in February, and that has helped drive some of the near term efficiencies that gave us room to reinvest in some of the capabilities that we are building out and will hold us in good stead for the next set of optimizations that we need to drive. If I think about the progress that we've made so far, you'll see it in a number of different ways. For example, we talk about the strength in the store, and that reflects partly the strength of the direct selling motion. Ultimately, you'll see that reflected in the sales and marketing as a percentage of revenue. As I think about our path to achieving our fiscal 2029 margin target that we've laid out, continued sales and marketing optimization is part of that journey. You saw me describe a number of different levers in that regard. There's also the continued operating leverage that we will have in the business. The one thing that I'll just remind folks of is that in fiscal 2027 we will have an incremental headwind associated with the new transaction model as that fully scales. That has been considered in the overall margin target that we set for 2029 as well. Our path to achieving that number will therefore be nonlinear. Elizabeth, if you're modeling it, if you look at sales and marketing as a percentage of excluding new transaction model costs and then revenue excluding new transaction model costs, you'll see apples for apples, that ratio beginning to tick in the right direction over quarters. Clark Jeffries at Piper Sandler, what are the financial benefits from bringing more of the company's AEC functionality into Forma? Do you plan to onboard customers who may have been Revit only, AutoCAD only customers in the past to more and more, i.e., Autodesk Construction Cloud? Would you consider developing AI features for, well, now Forma, formerly Autodesk Construction Cloud? Another good question for Amy Bunszel. Thank you. A couple things here about our strategy with Forma. First, as Andrew mentioned earlier and I spoke about, we are making sure that our Revit installed base can come with us to the future. All Revit customers, whether they're in the collection or standalone, are getting the Forma site design and the Forma building design. This really will enable them to be on this journey to the future with us. We've delivered, we're delivering these Forma connected client capabilities so that there's seamless workflows between the two. On the AutoCAD side, Forma represents a significant opportunity for us to help the people who've never really adopted BIM experience BIM in a new way. The AutoCAD installed base, many of the architects out there that are not yet using BIM, represent a net new opportunity for us here with Forma. A couple of things about the Autodesk Construction Cloud. We absolutely have lots of AI inside the Autodesk Construction Cloud and our ability to put both design and make data in Autodesk Docs. Now Autodesk Forma and data management will allow us to create insights and deliver AI capabilities that span the entire project lifecycle, which is a huge unique advantage. For us here at Autodesk. Fantastic. Let's move on to Michael Turrin at Wells Fargo. You mentioned API monetization a few times during the presentations. We did. sounded like we'll start to roll out at year end. Are customers ready for that, and how do you communicate the value proposition there clearly to help ensure the transition is as seamless as possible? Perfect question for Raji Arasu. As you know at AU we actually announced the fact that we're going to start rolling out this stuff, and customers are ready for that. One of the key things that you have seen in my presentation, we talked about the growth that you have seen in APIs, and our customers are seeing value. When they see value, they want to be able to have the predictability to understand what parts of it is included in their subs and what parts of it is a non-typical use that we can actually monetize. I think we're in such a great place because we have rolled out consumption-based model for a long time, and this is a fantastic time for us to actually start using it for a capacity-based consumption model. They like the predictability of us announcing it, getting ready for that, they see value, there'll be more growth that you see in APIs with all the MCP and agentic workflows. This is a great time for us to sort of really create that rate cards that they can use. Fantastic. Thank you Raji. Adam Borg at Stifel again, would be great to walk through an example of what the APIs are to understand it better, a bit better, and the value customers derive from calling them. How does revenue recognition work for consumption-based API, and how does a shift to consumption-based pricing impact the model? Yeah, given that Raji kind of answered the first part of that question, I'm going to hand this over to Janesh to talk about the revenue recognition. I'll touch on that. You'll have seen in some of the prepared content that consumption now makes up about 17% of our revenue. The vast majority of that has actually been ratable revenue recognition, with a small amount which is largely for Flex being primarily usage based. Over time, as machine usage expands, I think there will be more usage based revenue recognition that comes into the model, but that will play out over a relatively long period of time. Just given the size of the business that we have in the aggregate, it's not going to be a meaningful driver in the near term. That is something that we will keep a close eye on and we'll continue to monitor over time. Okay, so let's go back to Michael Turrin at Wells Fargo. How can we think about the impact to gross margins as you grow your cloud products? Is there a certain timeframe you're thinking of, and is this factored into the long term fiscal 2029 gross margin target? Again, to Janesh, yeah, straight. I'm sure there'll be more than one that I'll have to take. As I think about Michael, to answer the second part of the question first and to give you the punchline, it is factored into the fiscal 2029 overall operating margin target that we laid out. In terms of how we think about it, ultimately as cloud workloads increase in mix, they are gross profit dollars accretive. We do look forward to that. The faster they scale, that would actually be representative of our strategy working with respect to AI and cloud. From my perspective that's a great thing for us. Ultimately the pace and adoption will vary based on how quickly we roll out products, how quickly that technology is adopted. It'll depend on a number of external factors as well. I do think it plays out over a long period of time, like I just mentioned. Overall we feel pretty positive about the direction and the trajectory for us. Let's go to Saket Kalia at Barclays. Janesh, you talked about consistent organic growth and you've talked about reaching 41% in margins in fiscal 2029 in a range of different growth scenarios. Can you put a finer point on those growth scenarios and what a sustainable growth rate looks like? I'll take that, Andrew, Saket. I'm happy to describe that. I think it's the way I would describe the overall assumptions underlying the long-term margin target that we laid out, which I described on the earnings call as well. If I just step back and look at the business overall, first off, we've been growing at a very consistent rate over the last couple of years and fiscal 2026 is no different. We've got sustainable and consistent, resilient revenue growth in the business. We've also spelled out a number of growth drivers for you in terms of what the future might look like and all the different initiatives that we've got underway, and the opportunity set that lies ahead of us, as you can see, is very rich. We feel very good about our future as well. That said, as I mentioned just a minute ago, the path to AI adoption and the pace of adoption of some of these technologies is something that we'll be monitoring carefully over time. The other factors also to keep in mind are just what might happen in the broader macro environment over that period of time as well as the go-to-market optimization that we've got underway, and we want to make sure that we execute well through that. I think those are some of the factors that we considered, and that's why as we on balance considered all of these, some puts, some takes, we focused on the 41% margin target instead, which we think is achievable under a range of growth scenarios. Great. Let's go to Matt Hedberg at RBC. Can you help us understand how the global build out of the new power facilities and AI centers can help drive growth in infrastructure and construction, and how we should think about the monetization timeline? Yeah, Matt, this is another great example of why Autodesk diversification is so important for the company. You know, people were talking about, oh, commercial real estate's going to be in a slump for a while. One of the things I always said was, but something else will be going on that fills that hole. This is a great example. Digital infrastructure is a great example of something that is filling lots of capacity right now for building. If we're not involved in the design side, we're involved in the construction side. Most of the time we're involved in both the design and construction of these facilities. As long as these facilities continue to be built, we're going to be involved in these. These are going to be growth drivers for both our design business and our construction business. As we move into the future, other things in our diversified portfolio will light up and allow us to continue growth over multiple timeframes. I was actually chatting to one of our construction folks a few days ago, and he said that data centers are complex pieces of kit, and complexity means you need BIM, building information modeling, and also means you need to have site coordination. The Construction Cloud. Those are some of the things underpinning what Andrew was just saying. Let's move on to Robert Kober from Avala Global. Global BIM penetration was stated to be 22% globally, which seems very low. Are there big international markets in particular that have hit the turning point on BIM adoption, such that Autodesk is set to see accelerating growth internationally? I'm going to turn that one over to Amy. Amy. Yes, it does seem low, which you could view as a potential opportunity for us going forward. Despite all these years and all the adoption, there's still a tremendous opportunity to expand in BIM. I will say the mature markets like the U.S., the U.K., parts of mature Europe, there are over 50% adopted. However, again, there's still a lot of interesting opportunity there. If we look at countries like India, Saudi Arabia, ASEAN, some of those regions, there's definitely additional opportunity for us to grow even faster there as they're working on some pretty complex projects and you cannot really start these projects without BIM. That's going to drive faster growth there as well. Fantastic. Just a reminder, if you have questions, please put them into the Q&A within Zoom and we'll get to as many as we can. Let's move on to Daniel Jester at BMO. In Andrew's talk he spoke about opportunities to grow in operations. Can you expand more about how you envisaged targeting these use cases and tied to digital twins and how they can be leveraged to bolster the linkage between the design and operations aspect of a project? Good question. Yeah, so Daniel, it's a good question. First off, one of the ways to think about this is you might want to think about our operations move as very similar to what we did in construction, and some of the moves and motions that we did to drive that very successful outcome will be applied in the operations space as well. In construction, we started with basically a digital punch list and some pre-construction tools associated with Navisworks and expanded. You can see we're in pre-construction planning, we're in site management now, we're in deep, deep aspects of how people actually stitch together and plan out the entire process of construction. We've built out a whole portfolio that touches on all dimensions of construction. When you look at operations, we're coming in with a strong foundation with Tandem around digital twins. We also have a strong foundation around having the BIM model flowing into the process as part of a newly built out system. We're also in a leadership position in tools that take point cloud data and turn them into building information modeling data. That's another factor we bring into some of this space. A great example is look what's happening with data centers. We have a BIM model. It can go straight into a digital twin. These are highly asset-intensive facilities that have multiple cooling systems, multiple power systems, all of which have to be understood and monitored over time. You want to alert people if things fail. You can see us climbing up the pyramid of an analytical twin, all the way up to a predictive twin that's actually proactively identifying problems and assigning people to fix those problems over time. We intend to be across that whole life cycle of operations and ultimately come back down to design-driven design for operations type workflows in the future. Look for us to connect it very similar to what we did with construction. Do you want to talk a bit more about that as systems automation, how you pull that back-end data early into the design process? Yeah, because over time, as you operate a facility and you do Rev 2 or Rev 3, we can then apply some of that intelligence back into the design process and help the customer or the owner design a better next rev of the building or the facility or the factory or whatever it is, or the infrastructure, the water infrastructure, and do it better the second, third, or fourth time. That's an important cycle that we'll be able to create over a long time. Operations is a very long-term growth potential for us, and it's also a great way of stabilizing the business as we move into a very long part of the lifecycle of any built asset. Perfect. Saket Kalia, Barclays. Andrew, can you talk about how you envision customers moving to one of your three industry clouds, and does that have to happen in order for customers to unlock some of the value you're starting to deliver through AI? I'll answer the second part of that first and then I'll go to the first part. The industry clouds are definitely the AI native parts of our portfolio. However, there's a couple of ways AI gets into our customers' environment. One is some of these deep automations that are built on foundation models. A lot of those are going to show up in the industry clouds. The other is the Autodesk Assistant, which connects various workflows across our products down into other products. You saw the Autodesk Assistant at AU working with Revit, doing things inside of Revit. You've seen it doing things inside of Maya. You're going to see that with the Autodesk Assistant, you're going to see agentic workflows managing across not just Revit operations, but across multiple workflows. Some of these really heavy foundation model driven workflows show up much more prevalently in some of our industry clouds than they do elsewhere. That's important. Now, when we look at how we envision customers moving to these three industry clouds, this is something we're really good at. This is a motion that we're really good at. Part of it is packaging. You package up the products in such a way that you expose them. We did a very good job of that with Fusion and Inventor. We believe Fusion is the fastest growing design system in the market right now and it has been for several years. We intend to continue to capitalize on that. What you're doing is you engage with grassroots evangelism. You help people understand what's working, what isn't working, what are you able to do with these products. You not only talk about it, but you get your customers talking about it. Finally, to what I hear, what I saw, to Jay's question, which is coming up, I believe, look, sometimes you'll actually go out and promote some of these solutions directly to the target audiences you want. I can, Amy's example of moving more Forma, more AutoCAD customers to Forma. You'll go out there and you'll promote and you'll provide discounts to incent people to get on these things. It's a multifaceted approach of packaging, evangelism, and promotion. We're really good at this. We've done it many, many times and we're going to do it again. Fantastic. Let's go back to Jay Vleeschhouwer. Griffin, how does the company think about its future propensity for time-limited offers, discounting, promotions, and the like as compared with its prior practices over many years. I'll say something and then I'll invite Steve to say something as well. First off, we're already doing a lot less discounting in our business. We don't discount to the degree that we used to to sell our products. I think what you'll see us do in the future, and then I'll let Steve add on to this as well, is we'll do more strategic promotions designed to bring people to new technology or designed to bring them to deeper parts of the process. We'll engage in more targeted activities based on how we understand the customers because we do understand them better now in the new transaction model and actually deliver potential offers that match where they are on the adoption curve of various technologies. Much more targeted, much less broad based, and much more focused on bringing people either to new technologies or to new adjacencies. Steve, do you want to add anything? That was a great answer. There's not that much to add, just to reinforce our past. I know Jay, you're talking about our deep past where we were very focused on price promotions and really focusing. On that price point. To Andrew's point, right now we're focusing on being targeted, going after growth and expansion opportunities, getting into new markets. We'll pick our places. We've done this really well with Fusion and we'll do this again with Forma and some of our other items. Know that we have this as one of our tools in our tool belt. We'll use it effectively and efficiently where it makes sense and we won't be going back to those broad pricing-oriented, general kind of get your discount now and come here and then, you. Know, churn out afterwards, which is what. happened a lot of times in the past. We'll use this more strategically in. The future, and obviously things like, you know, consumption-based business models enable our customers to try stuff much more easily as well. Yeah, Flex is a great way of. Doing great example of that. Yeah. Moving on to Bhavin Shah at Deutsche Bank, in the past you spoke about the very large opportunity with the non-compliant user base. Where does this stack rank in terms of growth drivers going forward? Should the new transaction model help accelerate this? One of the things that's important about non-compliant usage is it's become run the business for us. This is built into our current momentum and growth trajectory. We've gotten very good at this. Several things on a technological move and a go-to-market move. We've made it much harder to pirate the products. Matter of fact, pirates are moving to increasingly sophisticated ways of trying to hack into our products and pirate them. We're making it harder and harder. Our go-to-market motion has established motions where we work with our customers, and we give examples regularly in earnings calls of how we're working with customers to help them get trued up and get fully compliant. This is very much a run the business type of motion right now, and it's built into our current momentum and built into our current growth rates. Fantastic. Let's move on to Blair Abernethy at Rosenblatt. Can you describe your view of the factory operations market? Where are the best opportunities for Autodesk? Do you have the products that you need in this segment and AI opportunities? I'm going to hand that over to Jeff. Sure. Thanks Andrew. Thanks, Blair. Thanks for the question. Look, we're very excited by this surge in domestic manufacturing around the world. As I said earlier, every new factory is an opportunity for Autodesk. We are unique in that we can serve the plan, design, build, and operate segments of a factory. Your question is specifically around factory operations. We think there's lots of opportunities there. We have some products that serve that. We have factory design utilities, we have Flexim, we have Fusion operations, which is MES, manufacturing execution systems. We have some products that serve this segment. We think there are more, we think there are more product capabilities that we can add, whether that's organic or inorganic. We see big opportunities around supply chain and getting deeper into the manufacturing execution systems and AI. To your question, AI is going to be a big enabler in this area. We think AI will drive a convergence across these historic three-letter acronyms in ways that haven't been imagined before. We feel very excited to capitalize on. Fantastic. Let's go to Josh Tilton at Wolfe. Josh, we have paraphrased this just to make it a little shorter. Help provide us with guardrails in understanding what normal uplift is from providing improved value to customers with Flex as it seems to be the path forward for increased monetization, especially with AI development. How will API MPC monetization work? I'll take this one because I just want to kind of put a capsule around it a little bit. Joshua, if you look at the future Autodesk customer, they're going to be a blend between seat-based subscriptions and Flex. Every customer is going to be working with a seat-based subscription or Flex to some degree. The percentages will vary by customer. This transition is going to happen gradually over time as customers explore and move deeper into new ways of working. This isn't an event. There's not a light switch that gets turned on or turned off. It happens gradually over time as people go deeper into some of these workflows. In a lot of cases, what we'll have inside the subscription is there will be caps on certain types of features. Some task automations will just be, you know, that's part of your subscription. Others will have a cap, and as you rise above that cap, you'll start bleeding into your Flex bucket as a customer and pulling out things that provide you huge value but are burned down as Flex consumption above and beyond the caps inside the products. Also, what you'll see as we move into systems automation, at times someone will just get paid for a one-off full systems-level answer or set of answers for a particular problem via consumption. This blend will happen over time and it'll take time. The path forward is this increasing blend of seat-based subscriptions and consumption-based Flex packages. The API MPC monetization will work exactly the same way. It will be based on caps for subscriptions. There'll be caps based on how much API calls you can make, and above that you'll start bleeding into your consumption allocation. That's the way you should think about it. The one thing I want you to recognize, and it's really important, is this just doesn't happen as a step function. It happens gradually over time and it allows us to expand. Flex is a great way to get our customers to try more of our lifecycle solutions and more of the value add we're going to be delivering with AI. Brilliant. Let's go to Tyler Radke, Citi, on operations opportunity. How much of the $20 billion do you plan to address organically versus M&A of the TAM? $20 billion TAM. Any guardrails on how much capital you considered applying towards M&A in this space? I will encourage you to look at this business the same way you might look at how we execute on construction. With construction, we did some catalytic acquisitions that were associated with establishing us in certain functionality bases. We then built off of those acquisitions and established some great technology and some great new capabilities. As a result of those, we already have a tremendous asset with Tandem that is actually more mature than some of the initial assets we had with construction. Look for us to follow a similar path to what we did with construction for operations. Great. We would expect that to the extent we do these acquisitions, they fit within the overall capital allocation framework that we outlined. Adam Borg at Stifel again on your media and entertainment business. Sora 2 is impressive, and I wonder what kind of impact this has to your M&E, both positive or negative? Activating Diana. Diana. Thank you, Andrew. Thanks for the question. Our customers work in very high quality, high fidelity type of output, especially when making games and movies, and customers really are looking for that. I think you know where the, and you'll see that in the presentation that I did, there's a lot of AI-enabled features that we are currently adding to most of our product lines. I think the disruption is really at the lower end. I think this is where Sora and that demo, which was impressive, and I think it's more on the lower end, but we're also well positioned there because we have Flow Studio, which is basically our response to that disruption in content creation in the future. Great. Let's go to Steve Koenig and Macquarie. Can you give us more color on your roadmap for neural capabilities, including your vision for innovations for commodity design tasks and more value-added design activities? Yeah, so I'm going to hand this one over to Raji for commentary. Raji, from a neural capability perspective, you will see us actually deliver to both commodity design tasks and your high value add design activities. You've seen this because there's huge opportunity on the commodity design tasks, low hanging fruit across the board, which fall into the task automation bucket that we talked about. An example of that was the auto constraint feature that we launched out last year, which made a huge impact for customers like JDD. The second part, you already see us actually starting to deliver with the high value design. We announced our noodle CAD for geometry and you saw some of us show off the air fryer example of the assembly and then neural CAD for buildings, which was some of the stuff that you saw Andrew kind of demo across the building where we do both the external and internal design of the buildings using neural technology. You'll see us span both. I think you'll see us also stepping into the high value add design elements with neural technology. Fantastic. Let's go back to Jay Vleeschhouwer at Griffin Securities. Does building and supporting the consumption model entail anything materially different in terms of internal capacity, go to market, customer success, RPO effects, et cetera, as compared with supporting the subscription model? Jay, as you know, we are not neophytes to consumption. We saw the potential of consumption in our industries well ahead of the rest of the industry, and we have been actively engaged in not only using consumption as a land motion or a motion for our enterprise business agreements, but as an expansion motion as well. We were the first to bring Flex to market. Flex is a volume-focused consumption package that we deliver for access to all of our products. We understand how the consumption model works, and we understand how to leverage it in a go-to-market framework in such a way that we can get more value from the customer over time by exposing them to more technology. This is something that we've already built the systems and processes for, and we know how to exploit. We were getting ready for just this moment. In terms of customer success, again, we learned a lot of things with enterprise business agreements that we have been taking down market to Flex, and we're expanding out to address some of these things, and these things happen over time. I'm going to turn it over to Janesh to comment on how these things evolve from an RPO perspective and other perspectives. Yeah, Jay, you've already seen us, as Andrew was saying, just build this into the business over time. Right. Consumption is about 17% of our business today. Even with Flex, customers buy an annual contract in advance. The RPO dynamics are very similar to what you would typically see in the business. I'm not expecting any significant change in our overall financial model in the near term over a longer period of time. As we said earlier, as these consumptive models increase in size and there's more usage-based models within that, you'll naturally see that start to play out. I think that plays out over a much longer duration. Remember we gave you the consumption percentage was 17% and the vast majority of that is ratable already. We already have a significant ratable consumption business. Next one. Dan Reuter at Oberndorf Enterprises. Explain in more detail the journey you have been on to build APS and how critical APS is. Autodesk Platform Services, sorry, is to enable AI features today and how this differentiates Autodesk from competitors and what are the key remaining areas left to mature. I'm going to hand that over to Raji again. Thank you, Dan, for your question. Everything we have done to date over the years in APS is giving us huge leverage on AI. I want to give you three examples. Data granularity. The thing that we did in APS is hugely benefiting us from a neural technology around some of the generative AI aspects of what you saw. The second part was all of the APIs and MCPs and the one assistant. All of this is built in a platform way within APS, further accelerating agentic AI. The third one is our ML platform, which I alluded to also in the PowerPoint. It gives us compute cost and productivity benefits for internal employees, so we can actually build AI fast into our products. This is not just done within one industry; we're doing this across all industries. You get the benefit once done centrally across the board. I think you asked a question around how do we know what's left to do. We're constantly looking for common capabilities that help us actually benefit across industries. The same mantra, build once, use multiple times. We're going to be able to do that across the board. Okay, so let's ask a question from Ken Wong at Oppenheimer. Steve, direct is now 42% of revenue. Where does this settle out once you complete the agency transition, and what is the right level long term? Maybe a Janesh question, but yeah, I'm. Happy to take that, Ken. Maybe then, Steve, you can add as well. Ken, you write direct was 42% of the business. It's increasing in mix, and if you look at the most recent quarters, it was even higher. In terms of where this eventually settles out, we've said before it should be roughly 2/3 or a little bit higher than that in terms of the overall business mix. We will complete the overall transition to the new transaction model. It'll scale next year. There will be a slightly longer tail beyond that, but next year is when we would expect most of it to be done. That's how I would describe the evolution. Steve, anything you'd add? The only thing I'd add is the why behind that answer. As a reminder, the new transaction model applies in our mature markets. It's not in all of our markets. We still have buy sell in quite a few countries around the world, and we still use buy sell as well for our government business in North America and other countries. By default, some business is going to stay in a buy sell model. That's the why behind the what of the answer Janesh just gave. Thank you. Please ask your questions in the Q and A. Janesh, one for you. Just to sort of talk a bit about how we're thinking about capital allocation going forward. Yeah, I know we're down to the last minute or so, Simon, so I'll keep this one relatively brief. No real changes in terms of our overall approach. I described that earlier in my presentation as well. We're going to focus mainly on organic investments and support that with targeted and tuck-in acquisitions. We're going to continue to maintain a healthy buyback program, and ultimately our goal is to reduce our share count over time. For debt holders out there, we'll continue to maintain an investment grade rating as well. Great. I think that's all we've got time for. Thank you everyone for coming along. I hope presentations and Q&A were useful. If you do have follow up questions, please email me simon@autodesk.com and we will be happy to follow up as quickly as we can. I hope it was useful. Thanks very much.