All right, let's get started. Thank you everyone for joining us. My name is Keith Weiss. I am filling in for Elizabeth Porter, who, just had a beautiful baby girl. But actually really excited to be talking with Autodesk, speaking with Janesh Moorjani, CFO of Autodesk. Before Elizabeth took over, I covered Autodesk for a long time, and it's always been one of my favorite companies. Mine too. Yeah. Excellent. A long, long time ago, I came out of college as an idealistic young man wanting to be an architect. I've always been pining to be back in this field. Now you're settling into your role as CFO. You've had some time to take a look at the sort of scope of the business. I'm sure you were excited about it when you kind of came in the door. Now, with some time under the belt, maybe you could talk to us about what excites you most about that longer term potential at Autodesk. I'm happy to, Keith, thank you for hosting, by the way, while Elizabeth is out, so we appreciate that. Before we talk about the long-term excitement, what excites me the most in the short term is reading a safe harbor statement. Let me do that first. 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. That was so exciting. You know, as you said, I've been here about 14, 15 months now. When I first joined the company, it was on the thesis that we've got a stable, consistent, resilient growth business, and superimposed on that, we've got some terrific catalysts in cloud and AI and all the investments the company was making on the platform side, as well as the opportunity to continue to create shareholder value by driving margin expansion. It was a, you know, a terrific trifecta of all of those things. I think what excited me over the past 14 or 15 months, I think that conviction has largely played out. What excites me the most is, again, just those same three things about the future. When I look at the market opportunity ahead of us, we've got some fundamental secular trends that are working in our favor. You look at the adoption of technology within spaces like construction. You think about the digitization of manufacturing. You think about all of the investments that are going into infrastructure and so many of the other spaces in which we operate. We've got some terrific growth drivers in the industries in which we operate. That's working really well for us. We've been investing heavily in cloud and AI for many years now. There was a point in time in the past when people used to sometimes think why we're making those investments, and clearly those were the right decisions to make based on where we are in the present. The future potential for those is, I think, incredibly exciting as well. We've proven the ability to deliver a strong margin expansion, and there's more to come on that in our long-term target as well. All of those things still excite me about the future as well. Outstanding. That's a great opening to the conversation. I wanna start on kind of the near term, and then we'll expand into sort of the longer term product vision. Last week, you guys reported earnings, and it was really a solid set of results across the board. You beat on billings, revenues, margins, free cash flow, all ahead of expectations. Maybe you could sort of help us dive into that, provide a little bit more color about the overall health of the business in Q4 and as you head into your next fiscal year, how are you feeling about both the environment that you're operating in and the efficacy with which Autodesk is operating in that environment? Yeah. Q4 was a great quarter for us across all fronts. When I look at the business from the standpoint of industries in which we operate or verticals or segments or geographies, we did really well across the board. Data centers did really well. Industrial buildings did really well. If I look at it from a geographic lens, emerging markets where there's tremendous infrastructure build-outs happening, we continue to do well on that front as well. Overall, no matter which dimension you look at, the business continued to do well, and that's drive on the back of strong expansion business as well as new business growth that we were seeing. And it goes back to the, you know, to the fact that in many of our businesses in which we operate, fundamentally, our customers are actually capacity constrained. There's not enough people to do all the work that there is to be done. In construction, as one example, there's probably eight to 10 months of backlog. When you see strength in one area, like in data centers, it's coming out of someplace else, but there's always a volume of work to get through. Over the course of last year, if I think about the economic backdrop, we had a lot of noise in the external environment, but we never really saw that flow through to customer buying patterns. Customers were concerned, but they still made the investments, and they still wrote the checks. We feel very good about how customers spent through that time frame just because they see the same underlying demand drivers over the long term. We expect the same will continue in fiscal 2027 as well. Right. If we dig into that, the Autodesk has historically been seen as more macro sensitive than most in software. But it sounds like the customers are starting to understand the value proposition better, right? It's not a cost that comes in with new projects. It's a way of making your business more effective. It's a way of enabling you to get to that backlog. It's a way of augmenting a human capital shortage. Yeah. Absolutely. Is this making your business less cyclical? Is it enabling you guys to grow more durably despite what is, it feels like always gonna be a very noisy kind of macro backdrop? Yeah. That is my sense. The business has been a very consistent grow. If I look back in time over the past three, four years, we've delivered a very consistent level of growth. That has been across different elements of noise or volatility that you see in the external environment. I think a big part of that is just the diversification of the business as well that we have. We've got strong presence in AEC, but also in manufacturing and a much smaller presence in media and entertainment, heavily diversified across geographies. Even within AEC. The Autodesk of 10, 15 years ago was an Autodesk that focused solely on design plan and design. Since then, we've extended into the make, which is construction and even on the manufacturing side with Fusion. We've got declared ambitions to complete that life cycle and go into the operate phase, where over time then our involvement with projects is not gonna be measured in months or years, but it's gonna be measured in decades because that's the life cycle of these assets. That will then inform what happens earlier in the plan and design stage as well. As we've grown the business across all of these different vectors, that's helped bring a level of stability to the business as well and the ability to withstand some level of external movements. No business is completely immune from the macro, but we feel pretty good about the business we've built. Yeah. It is a fascinating expansion of the product strategy, definitely gonna have to dig into this. It's basically Autodesk becoming almost the operating system for physical assets- Yeah Whether it be a building or a product over time, and it's hugely expansive to the TAM. Before we go there, I wanna talk about margins. Yeah. You're the CFO, I gotta dig into margins. It's my contractual obligation. FY 2027, FY 2026 was a really good year for margin expansion. Yes. 200 basis points of margin expansion. You guys think you could add another 75 basis points, in FY 2027? Part of that is a restructuring that you talked about, a 7% reduction in workforce. Talk to us a little bit about the puts and takes of that. Like, where is the, where are the heads coming from? How much of that gets incrementally invested back into the business? How do you think about that balance between pushing more leverage, pushing more margin versus going after that big growth opportunity that we've been talking about? Yeah. I'll put that in the context of some of the broader business model changes that we have been making because that's actually helped us drive the margin over a period of time. You know, you may not have followed the Autodesk story recently. I know you did some time back. What we did was we fundamentally changed how we go to market in what we call the new transaction model. Within many of the developed countries around the world, we now have a direct relationship with our end customers. The partner still plays a very important role, but we, they, the customer places an order on us directly that allows us to build better integrations with them, better understand how they are using the products. We get great demand signals from them. We can use that back into funneling new and expansion motions. One of the mechanical effects of that model was it changed the accounting, which increases our revenue and increases our expense, which the net result is sort of a mathematical headwind on operating margin in percentage terms. It doesn't affect the dollars, but it affects the percentage. This year, as we think about all of the changes that we made on the go-to-market side, we started off with the implementation of that new transaction model. We made some changes on the partner side as well. Then in preparation for being able to work more closely with our customers directly, we did one restructuring a year ago. Mm-hmm. In that restructuring, we largely took out non-selling resources, customer success, marketing, sales operations, and we reinvested some of that back in the business to build new capabilities that we knew we would need for this year. What you saw us do here in January in this latest restructuring, which is the final step of that overall business model transition and go-to-market optimization, as that final piece of the puzzle comes together, we did impact some of the sellers, but we also have new tools and capabilities that allow us to work with those customers a lot more efficiently. Where some of the savings from the restructuring are actually gonna be reinvested back in the business. Some of it will be in selling capacity because we took some people out. We need to hire in other locations for different skill sets, different capabilities. Some of that investment will also go back into the marketing function. Some of it will go back into core R&D work that we're doing, particularly around AI and platform. If I think bring this all back to op margin, and think about the various puts and takes, that 75 basis points of expansion at the midpoint, that reflects the savings from the restructuring, net of the reinvestments that we're making. It reflects the inherent operating leverage that we've got in the business, and it also absorbs within that roughly about 100 basis points of incremental, that mechanical accounting percentage headwind. We're effectively absorbing about 100 basis points of that in this margin expansion that we've got as well. There is core, operating margin inherent in the model, and we're really happy that we're able to deliver that. This sets us up very well to achieve our long-term margin objectives. Outstanding. within that sort of incremental leverage, I've spent 10 minutes without talking about AI, and then that's about as long as I can go- Yeah during this TMT conference. I brought it up. You brought it up. I haven't asked a specific question. How far along the journey of kind of utilizing these technologies internally from a development standpoint, the customer service standpoint, improving go-to-market, are you guys, have you guys gone, right? Yeah In terms of being able to run your business more effectively? Then we'll turn to sort of like what you're pushing out to customers. We have been big users of various AI tools and technologies internally. When things first started to move, you know, call it a little over a year or so ago, we let 1,000 flowers bloom. We just encouraged people to keep adopting it and using it in creative ways to see how they would actually be able to benefit from it in their day-to-day work. A lot of it was just basic productivity enhancements, but productivity enhancements not in the form that you could immediately monetize. It made us, it helped us better prepare for our earnings call, but that doesn't translate into real dollars saved anywhere. That's just one example. On the development side now, we've started to do a lot more. We've rolled out Cloud Code quite widely within the organization. Developers are a lot more productive. The way I think about this is, over the course of the long term, we're gonna invest a certain amount of dollars into hiring additional engineering capacity, hiring headcount. What this allows us to do is shift some of those headcount dollars to technology dollars. We don't wanna use AI to limit the output of the organization and drive cost savings, the way we're thinking about this is if we can use it to drive greater velocity and greater productivity in the development organization while staying invested in R&D, it'll just help us accelerate that much faster, and it'll help pull the future into the present that much faster. We're using it as a way in which we can drive greater productivity. In the initial stages, that also means a greater level of investment on the part of the company because we wanna drive the adoption so people see the benefits and don't let the cost be a reason not to adopt the technology in the early stages. Got it. Shifting gears to the opportunity. Yeah. From AI. Like you said, you said earlier that Autodesk has been talking about AI for a while, right? I remember probably a decade ago, you guys started first talking about generative design, which was utilizing a lot of these machine learning technologies. But now there's new capabilities that are emerging, new large language models. How does that expand the opportunity? Like when you look at these new capabilities, being able to reason over unstructured data or whatnot, and apply that to the frame of reference of what Autodesk is doing for your end customers, where do you see the white space? Where do you see the incremental opportunity of what Autodesk is now gonna be able to do for their customers that three years ago, five years ago, you really just weren't? Yeah. It, it's a great question, and you have a great memory by the way. You remember things that we said a long time ago. Yes, we did start investing in AI almost a decade ago. A lot of that was with our initial research capabilities. We built out teams and expertise over time. The level of AI skill sets in the industry, it's a very rare skill set. 3D skill sets are very rare and as well, the intersection of both of those are really hard skills to find. We started to invest in those capabilities and build those out. The way we think about the opportunity is a couple of things. One is, you know, as I mentioned, people in our industry are fundamentally capacity constrained, right? They just don't have enough people to take on all the projects that they wanna take on. As AI helps users become much more productive and reduce risk, it allows them to take on more projects with the same level of staffing that they have. It also means that if they can prevent mistakes that would occur downstream, which cost them millions of dollars, if they can prevent those upstream in the planning and design phase, it de-risks their projects and again, makes them that much more productive. Fundamentally, when we think about the core customer problem we are trying to solve, it's about capacity and productivity for our customers. In terms of how we go about doing that, there's essentially three layers of monetization that we think about. The first is what we just call task automation. It's simply features in a product that makes your users more productive. It's a feature that allows you to do something faster and takes the mundane work away from you, and so you feel like you had a much better experience and got a lot more done. That doesn't make our own COGS meter spin any faster. That's just value we deliver to you through the subscription. Yeah. We would monetize that, and that also doesn't reduce the number of seats. We would just monetize that through a traditional seat-based model, where the price that we charge for the subscription is directly linked to the value that we deliver through that subscription. Above that, you have more consumptive types of workloads, which are essentially helping them automate entire workflows or even entire projects, what we call system automation or system-wide automation. If you think about task workflow and systems, workflow and systems automation will be much more consumption-oriented or usage-oriented. The way we monetize those will also be through usage-based models because those will also be more resource-intensive on our end. We described this all at Autodesk University, which is our user conference, some time back. We've been working with customers along this. We're very early, relatively speaking, in the adoption journey. A lot of what you see come out will initially be around the task automation side. Workflow automation and system automation is also on the roadmap. We are starting to work with many customers who are in the early stages of trying those out. The important piece is that over the last eight years or so, as we built the platform capabilities, we built the technology stack to support it, and through the whole go-to-market transition that we did, ultimately, we knew this is the path we're gonna head down. Mm-hmm. We actually been building consumption-oriented capabilities in the go-to-market organization as well. Back in fiscal 2025, 17% of our business was in consumption-based models. We've already built the expertise and the knowledge to take these offerings to our customers. Fantastic. Then is there a gross margin impact that as investors we should keep an eye on? You've talked about a lot of these capabilities as more compute-intensive. How should we think about that trade-off, the monetization that you just described versus the perhaps higher COGS on the other side to power these solutions? There will be a gross margin impact in percentage terms over the long term. These workloads will still be gross profit dollars accretive. It's still the right thing for us in terms of creating shareholder value, but it does have an impact on gross margin, but that's one of the things that we factor in as we think about the inherent operating leverage in the model. When we laid out our long-term margin target at our investor day some months ago, that was certainly one of the considerations as well. It's one of the different factors that we manage in the overall mix for sure. Outstanding. So I wanna switch gears a little bit and dive into product strategy, starting with the AEC side of the equation. One of the things that I've always found super interesting in the Autodesk story, there's always a lot of focus on the A side of the equation, the architecture and design, and you guys have had a pretty dominant sort of positioning in that. There's so much white space in the C side of the equation, right? Now you guys are bringing together that design and make into a cloud-based environment. Construction in particular has been under sort of technologized or digitized, right? Yeah. There's a huge amount of inefficiency and waste that takes place in construction. That's not new, but it feels like it's a more fertile ground for adoption of those technologies. Could you talk maybe to start out, talk about why is now the right time for bringing these two domains together? Why is now the right time for getting better traction in terms of digitizing what's going on in construction? Yeah. It's a great question. I mean, we started to think about extending beyond the pure design stage of the life cycle all the way back in 2018, as I hear Andrew sort of describe some of the history of why we got into Make. We started to invest in those capabilities 'cause ultimately, to your point, when you look at construction, it's one of the least digitized industries there is. The construction business is a really tough business. If you overbid on a project, you don't win the business. If you underbid on it, you may lose your shirt. It's a really tough business with wafer-thin margins. We, you know, we saw this problem and said, "Look, if we can help these customers, the GCs, the subs and others think about ways in which they can manage the risk in their projects more effectively and make them more productive, that's a significant market opportunity." Also, if we connect that upstream all the way back to the owners, where if you think about the entire life cycle, having the owners, having the architects, the designers, the GC all on the same collaborative platform, working through the life cycle of that project, there's a tremendous opportunity there too. We've been chipping away at it for some time. The diffusion of technology always takes a long time, especially the further away you are from key centers like the Bay Area or New York or what have you. We've been chipping away at it for some time, but we feel like these underlying growth drivers that have been in place for some time, we see them continuing into the future as well. We feel very good about our position in construction and across the entire life cycle. Right. It also matches kind of what you're seeing taking place with your end customers of that, the design to build within one firm is becoming more and more a part of the overall environment. Yeah. Again, you guys become that system of record, right, for the data, the process, the workflows, all along the life cycle of that building, and we'll get into the product side of the equation as well. How do you think about the Autodesk competitive advantage? Particularly when we talk about Construction Cloud? Yeah Something you entered later. There's some more vendors been focused on that part of the solution for a while. How do you look to differentiate, and how's that competitive dynamic been playing out in the marketplace? When I step back and think about the core differentiators for us, right. We've got naturally a very strong industry presence and awareness and familiarity and a very high level of trust that we enjoy with our customers. If I think about it from the standpoint of particularly in an AI world, as you think about the core differentiators of Autodesk as a platform relative to some of the other things that might be out there, we touched on this a little bit in the most recent earnings call, but it comes down to three fundamental things in our minds. One is the data, the second is the context, and the third is the expertise. Just to touch on some of those things, as we invested in AI, we've been training our foundation models on the data that we've acquired from customers over many, many years and years of projects, hundreds of thousands of customers and years of experience with that. The customers naturally own their own data. We don't own it, but we do have the rights to train our models on their data, which allows us to build much more powerful capabilities in terms of model outputs than things that might be trained on data that's purely in the public domain or on limited data sets because all of this data doesn't sit anywhere outside in the public, in the public world. Even it's scattered across all of our different customers. It's just with Autodesk where we have all of this access to this data. That allows us to build much more powerful capabilities and models. The second is the context behind that. As we think about collaboration across the workflows, as we think about the recommendations that come out of it, the models need to be able to use the context of the overall project before you can actually make a commitment or not. The auditability, what the previous decisions were, what the implications are of decisions around everything else. Maybe to use an example, right? If you sort of look at a simple visualization tool and say, "Here's a drawing, and I wanna move this wall 10 ft from here to there," it's easy enough to just do that on a screen. But what do you do about all the things that you can't see? When you move that wall, what does it do in terms of egress requirements? Are you now still satisfying the fire code? What about the mechanical, electrical, and plumbing, which you really can't see? Did you just cross over some pipes or wires on that front? There's a lot of context and richness and awareness of the project itself, not just in terms of who all the collaborators are, but what all the downstream implications are. Using the data that we've got, we have that richness of context that we can then bring to bear in that example. The third was the expertise that we talked about earlier. I think those are the core differentiators for us as we think about the end-to-end workflows, for customers, as they, particularly as they adopt more AI-oriented solutions from us. Got it. if we think about the Construction Cloud in particular, you guys have pulled together a pretty comprehensive suite. Yeah. Are there parts of the suite that are getting more traction than others? Are there particular landing points that you've been particularly successful with? I'd say the landing points are more around wherever the nature of the demand is, right? We see a lot of strength from data centers right now. Right. The insertion point also might vary with the kinds of projects that you're landing. In data centers, you have very sophisticated owner-operators that want to actually dictate what the technology stack is for the entire ecosystem, so they can centrally manage the entire project and also operate the entire project in the future. There may be less sophisticated use cases for other construction projects where the owners may not be as involved, and they may leave the technology decisions to the GCs. In that case, that's fine too because we work with the GCs and we'll, you know, the sale to them is around how it makes their lives easier by coordinating across all their subs, making them more productive and helping reduce their risk. I think that varies based on who the personas are that you're talking to. The net result of all of that is they all see the opportunity to drive productivity and reduce risk. Got it. Got Got it. Switching gears to Fusion. Fusion remains one of the fastest-growing products in the manufacturing industry. Can you talk to us about what's been the secret sauce enabling this solution to really sustain that high level of growth for really the past almost decade now? Yeah Within Fusion. You've expanded out the portfolio as well, and as a, kind of a follow-on question, any particular strategies to improve, like, attach rates and get higher attach rates around Fusion of some of the extensions? Yeah. Fusion is really exciting for us as we think about the complexity of manufacturing and the opportunity to drive greater digitization in manufacturing. When most people think about manufacturing, they think about the complex manufacturing at the high end, where there's a lot of large incumbent players, highly complicated processes and so forth. The vast majority of manufacturing happens actually in the mid-market and the lower end of the market, where you're thinking about designing simpler products like a desk or like a flower vase or what have you. You're thinking about how those will get mass-produced. We see significant opportunity there. That's been our historical sweet spot. We've played in the mid-market. For Fusion, a lot of our initial adoption has been in very small deployments, one and two seats, three to five seats. So they are not very complex, but we see a significant opportunity, particularly with moving into more multi-user situations, and let's call it 10 to 20 seat accounts, for midsize manufacturers. As we do that, that naturally drives significantly more seat count and growth. But also part of the keys to unlocking that is we also need to continue to invest in greater data management capabilities in the Fusion platform. Those have been roadmap items that we've been investing in for some time, and we had some releases over the course of fiscal 2026. There's more to come in fiscal 2027 and beyond. As we continue to build the capabilities that are suited for that midsize manufacturer, we will continue to move upstream, and I think that will continue to sustain growth for us quite nicely. The other dimension to that is also the complexity of the products that are being manufactured as you go from simpler products to more. There's tremendous opportunity in just core design and manufacture of consumer products. That's another focus area for us. It's a different dimension or different way of looking at the same opportunity set in terms of what products are being manufactured. You'll see more of that in the future. Got it. It seems like there's also an element of that full life cycle that you guys have embedded into the Fusion solution or that the product data sits right with it. Yeah Almost a database, right, of sort of that product data and the components that you could utilize not just in the design, but also in terms of the maintenance of that product over time. Yeah. Absolutely. When we talk about our ambitions in the operations space, it's not just limited to building operations as in the O of AECO. Yeah. It also is all about manufacturing operations, where there's a very large opportunity set as well. The operations space is highly fragmented, our approach to operations is gonna be very similar to the approach that we took in construction, which is we're gonna place, you know, a couple of big markers down with acquisitions and then build around them. But those will be, you know, focused on both AEC, but also on manufacturing operations because the life cycle of what you're manufacturing and then the closed loop to take it back to the plan and design and make phase, that's an incredibly powerful cycle that can be the gift that keeps on giving for a long time to come. Got it. Looking forward a little bit, you guys have introduced Project Bernini, right? A generative AI model for 3D. You guys talk about it as a professional-grade foundational model for design. Yeah. How should we be thinking about the timeframe of taking a foundational new capability like that, starting to put into the product, and then eventually starting to monetize it more effectively? Yeah. Bernini was the beginnings of what we did with foundation models, right? It initially started off in our research labs. There's a gentleman called Mike Haley, who actually has been on the road with Simon, and many investors have met him as well. Mike and his team have been really the brains behind a lot of what we've done on that front. Since Bernini, we've invested and developed more in terms of additional foundational models that we've started to bring to market with some of our customers. Those foundation models are the ones that are trained on the datasets with our customers that I talked about earlier, and are delivering much more powerful capabilities and frankly more cost-effective as well because they are tailor-made to our particular domains and use cases. They're not only better outcomes, but more cost-effective as well. You're starting to see many of those things. We showcased some of the capabilities around that at Autodesk University back in September. Over the course of the next few months, you will see many more launches from Autodesk in terms of product capabilities and specific products where they will bring some of those capabilities to life. It's still very early stages, but we're super excited about where that can go in the future. And as we think about the workloads that end up, as I said, being more compute-intensive for us, those will get monetized over a longer period of time. The earlier adoption of that you see in the earlier manifestations you'll see will be more in task automation-oriented workloads. Shifting gears again, I want go back to kinda go-to-market. Yeah. You brought up the transactional model earlier, which is another step on what has been really a long journey for Autodesk. In changing the nature of your relationship with the customers, I would argue part one was moving to a subscription model- Yeah In the first place. You talked about the accounting impacts, which is important for this crowd, but there's also the benefits, right? Yes. Can you talk to us about some of the benefits of having that more direct relationship, being able to, really, like, have that communication or that it's a bill, but still that communication with the end customer? Yeah. It's- that was the whole intent. When we said we want to have that direct relationship, it was because we felt that knowing what a customer is using and how they are using it will give us much better signals to be able to then go back to them and represent the full breadth of the portfolio that we have and drive greater expansion in those accounts over time. That was the core thesis. That's why we went through all of the pain of the implementation of that model. That's why many investors went through the pain with us as we got through the numbers and the financial impacts of that transition. When we implemented that, as there was some level of operational friction in the latter part of 2025 in particular, and we knew that going in, and that's all subsided over the course of 2026. If I think about the benefits of that, you know, there's a few things that I think about right away. First, that's actually helped us be a lot more efficient in our go-to-market model, and we've already seen that reflected in the form of the restructurings that we did and reduced the cost and improved the margin profile of the company. That's a real and tangible benefit that we've already started to realize. Over time, what ends up happening is we can continue to drive greater new business growth. Again, we saw very strong results in fiscal 2026. Some of that is naturally the benefits associated with the new transaction model. It's really hard to sort of unpack it and say, "This was the benefit and this was... Yeah you know, organic growth" because ultimately it's one engagement model that you have with a customer. Then over time, as we continue to improve on the signals that we're getting from the customer, although we rolled the model out in 2025, we really started to see initial signals from the customer in 2026, particularly as we lapped the first renewals. Yeah. Now we're in a much more stable state, and as we continue to get better signals from the customers and can engage with them, we can develop the right campaigns, we can develop the right plays with the expansion teams that we've put in place with the restructuring that we just did of the sales organization. We feel that that's now the setup for driving even greater growth and expansion through those customers in the future. Got it. If we bring this all together, multiple vectors of growth for Autodesk. We're talking about improving the productivity of your end customer. Your existing customers become more productive, you're driving more value from them, and you have monetization avenues for that in terms of the consumptive. We're talking about going broader across the life cycle of both sort of- Yeah buildings and the products that enabling you to get into more categories, more fully into C, more fully into O with the operations across, again, both building and the product side of the equation. Now you have a better relationship or a tighter relationship with the customers to better understand their problems. How should we think about this sort of all coming together in terms of what's the durable long-term growth that we should expect to see from Autodesk, not just for FY 2027, but for the three and five years beyond? Yeah. I mean, you summarized it perfectly, Keith. Those are the things that I think about. [audio distortion] If I go back to where I started in terms of what excites me about the future, it's the secular growth trends that we see, all the work that we've done to be ready to capture that opportunity, through the products, through the go-to-market changes. It's the investments that we made in AI. Just as we are implementing this final phase of the go-to-market optimization, we just need to be a little bit careful because there's sort of near-term disruption in the sales organization associated with the implementation of the RIF and the expansion teams and so forth. That's part of what we baked into our guidance. As we said, we'll be a little bit cautious in the near term associated just with that one factor. Other than that, I feel really good about the long-term, growth of the business. Outstanding. Yeah. Unfortunately, that takes us to the end of our time. Janesh, thank you so much for joining us. This was- Thank you. Fascinating conversation. Yeah. Thank you so much.