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CEO Andrew Anagnost highlighted that new CRO Andy Elder brings strong enterprise sales and deep cloud expertise from Microsoft, aligning with Autodesk's strategic direction. Regarding future CAD, Anagnost stated Autodesk is actively developing powerful generative tools, pointing to its work with Flow Studio in M&E as an example of embracing disruptive workflows, and hinted at more announcements at Autodesk University.

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CFO Janesh Moorjani clarified that the 6-point revenue headwind from the new transaction model translates to only a 3-point margin headwind due to offsetting partner commissions. CEO Andrew Anagnost attributed the strong AEC performance to the construction business, which is doing 'quite well' with 400 new logos. He also noted that manufacturing growth was in the low-teens when excluding upfront revenue, indicating solid performance there as well.

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Interim CFO Betsy Rafael reiterated that the $2.05 billion free cash flow forecast for FY26 remains the midpoint of expectations. CEO Andrew Anagnost commented on M&A, stating that industry consolidation is inevitable and Autodesk will continue to be an acquisitive company when deals are strategically and financially sensible.

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CEO Andrew Anagnost confirmed that Autodesk is "definitely seeing share movement," particularly with its Fusion platform, where both adoption and average selling prices are increasing. Regarding investment, he acknowledged a natural delay between R&D spending and its return, stating that this is why the company's near-term focus for margin growth is on driving productivity in sales and marketing while the technology investments mature and begin to contribute more significantly to revenue.

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CEO Matt Flake asserted that banks remain focused on deepening commercial relationships to increase stickiness, a trend accelerated by the 2023 banking events. CFO Jonathan Price noted that while a large retail go-live boosted user counts, the shift towards higher-ARPU commercial business means registered user growth is not the best indicator of economic trends.

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CEO Matt Flake stated that deregulation would be a positive tailwind, freeing up bank resources and reducing distractions, which benefits Q2. CFO Jonathan Price explained that the 2026 outlook is based on visibility from large deals but also allows for flexibility to balance investment in growth against profitability, consistent with their long-term strategy. He noted that execution in 2025 will significantly impact the final 2026 results.

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CEO William Feehery explained that customer engagement is currently focused on understanding which animal models can be replaced today, highlighting the Non-animal Navigator product which combines QSP and drug development services. He stated that while the trend is a long-term tailwind, it is too early to quantify the dollar opportunity or confirm if it will push growth beyond the 10-15% range, as the timeline depends on the speed of regulatory implementation.

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Executive Chair Greg Bentley confirmed a slight skew towards federal funding due to programs like the highway funds. CEO Nicholas Cumins added that while the headline IIJA funding number is expected to remain stable, a potential mix shift towards roads over rail could be favorable for Bentley. He also noted that the push for permitting reform is well-received by users and should boost work on the electric grid and mining.

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Executive Chair Greg Bentley clarified that the new Asset Analytics portfolio represents an incremental, per-asset monetization opportunity. Julien Moutte, filling in for the CEO, added that the strategy is twofold: strengthening existing applications with greater interoperability and AI, and using the resulting data continuum to explore entirely new product offerings.

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CEO Craig Courtemanche explained that customers plan for the long term and are not making rash short-term decisions, though they are engaged in prudent scenario planning. He noted there has been no material change or spike in interest for financial products, comparing the industry's resilience to that of an ER doctor accustomed to managing chaos and uncertainty.

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CEO Tooey Courtemanche acknowledged the construction industry is sentiment-driven but stated Procore focuses on the consistent need for projects to be built and the value of its productivity platform. CFO Howard Fu clarified that the strong Q4 performance created momentum heading into 2025 rather than depleting the pipeline, with the focus now on executing the go-to-market transition in H1.

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Executive Craig Courtemanche positioned fiscal 2025 as a transition year, expecting a better P&L in fiscal 2026. He identified internal metrics like pipeline generation, conversion rates, and retention as key indicators of progress. He also expressed confidence that the new customer-centric model would strengthen their competitive position and win rates, which he noted are consistently over 60%.

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CFO John Wall explained that the company is tracking ahead of its original forecast. A key factor was stronger-than-expected performance in recurring revenue during Q1. Since a beat in recurring revenue flows through to subsequent quarters, this provided the visibility and confidence to raise the full-year outlook.

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CEO Anirudh Devgan responded that global investment in semiconductor foundries continues to grow, highlighting improved relationships with Samsung and Intel as positive developments. CFO John Wall added that the Q4 bookings pipeline is the strongest he has ever seen, comparable to the end of 2021, and is driven by broad-based design activity across all business areas.

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EVP and CFO Jason Conley and President and CEO Neil Hunn confirmed they have not seen a slowdown in cloud transitions, highlighting strong performance at Aderant and PowerPlan. Conley noted that non-recurring revenue is not significant in the Network segment, and in Application Software, the margin profiles of perpetual licenses and services are fairly offsetting, so a decline would not have a meaningful impact on margins.

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Executive Chad Collins agreed that increased supply chain complexity could drive demand for greater visibility and agility, which would be favorable for SPS. Executive Kimberly Nelson acknowledged that the company is exceeding its long-term growth targets in 2025, partly due to M&A. She stated that while management is mindful of investor interest in the organic growth rate, they are not providing a view for 2026 at this time due to market uncertainty.

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Executive Kimberly Nelson explained that the 2025 guidance is well within their stated goal of 15%+ annual growth and that their guidance methodology is consistent with prior years, taking into account existing customer opportunities, the community pipeline, and the retail environment. Executive Chad Collins clarified that the largest driver for the wallet share increase was the opportunity to add more trading partner connections for the core fulfillment product, with analytics and revenue recovery contributing more significantly in the medium and large customer segments.

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Executive Chad Collins acknowledged it is logical to expect wallet share to become a larger growth driver as the product portfolio expands. He reiterated that the low organic customer additions were due to the specific mix of community programs targeting retailers with high existing SPSC customer penetration, not a reflection of a tougher macro environment. Executive Kimberly Nelson clarified that 'balanced growth' also refers to delivering both top-line revenue growth and bottom-line profitability.

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Executive Vice Chairman Eddie Capel responded that he doesn't see one booking channel as more resilient than others, as the need for precise supply chain execution remains high. He confirmed the 20% cloud growth outlook remains intact, explaining the minor dip in the 24-month RPO conversion is due to longer, phased rollouts for some large, global Tier 1 customers, which only affects the timing of revenue recognition, not the total value.

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CEO Eddie Capel stated that customers phasing large rollouts (e.g., committing to a few distribution centers out of a larger network) is not a new dynamic and is not the cause of the near-term services impact. He noted that the services attach rate is directionally similar across the product portfolio and that while WMS constitutes the majority of RPO, Point-of-Sale activity is picking up.

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CEO Eddie Capel stated that the 14% new logo figure was not a new trend, as the pipeline remains about 35% new logos and he expects a return to historical norms. He confirmed the strong Q4 start includes a mix of WMS, OMS, and a Point-of-Sale deal. Capel expressed enthusiasm for the POS pipeline into 2025 and noted that while it's early for the newly released Supply Chain Planning solution, initial interest has been surprisingly strong globally.

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CEO Ara Mahdessian noted that customers have historically been able to pass on increased costs. CFO Dave Sherry added that for ServiceTitan, inflation primarily boosts GTV and usage revenue. He also clarified that while the TitanAdvisor score correlates with customer growth, it is not considered a reliable leading indicator for forecasting due to other variables.

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CEO Mike Rosenbaum explained that competing abroad requires investment in local content to match local vendors, but Guidewire's advantage lies in its core platform functionality and broader ecosystem. He agreed it's logical that the remaining on-prem customers should migrate faster, driven by the platform's proven benefits and more specific timelines for on-prem support. CFO Jeff Cooper added that their financial model conservatively assumes a steady progression of migrations.

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President & CRO John Mullen stated it was a strong Q4 with no significant pull-ins, attributing the strength to customers' increased willingness to make large upfront commitments. CEO Mike Rosenbaum clarified that while the strategy is resonating in the broad Tier 2 category and down-market, Tier 1 deals remain bespoke and require deep, specific proof points.

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CEO Peter Gassner clarified the customer win was driven by a desire for speed and efficiency, not risk avoidance, noting that large pharma focuses on competitive advantage. EVP, Strategy Paul Shawah added that while Veeva is monitoring changes in research funding, it's too early to predict an impact and it has not affected customer decision-making, highlighting the resilience of the life sciences industry and the predictability of Veeva's subscription revenue.

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CEO Peter Gassner described the new partnership opportunities as 'similar but not the same' as prior large deals, noting they are more expansive due to a more mature and broader product suite. He also stated that visibility into the next fiscal year is 'marginally better' than a year ago, thanks to customers adapting to the macro environment and the predictable nature of product ramps.

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EVP of Strategy Paul Shawah confirmed that the broader vision, including Service Center and Campaign Manager, is a significant factor in the 14 CRM wins during the quarter. CEO Peter Gassner characterized the R&D Summit as a 'boost' that accelerates learning for both Veeva and its customers across all areas, including AI, rather than a single event for major strategic reveals.

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CEO Sassine Ghazi clarified that there has been no change in customer behavior or the average duration of EDA contracts. He noted that the timing of IP and hardware revenue can vary based on project pacing. CFO Shelagh Glaser added that the reported current backlog excludes Flexible Spending Accounts (FSAs), which are non-cancelable commitments that customers draw down as needed, and the structure is determined by customer preference at signing.

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CEO Sassine Ghazi explained the balanced FY25 guidance reflects a "tale of two markets," with strong AI infrastructure demand contrasting with slower recovery in consumer and auto sectors. He also cited macro uncertainties, particularly in China, and prudent preparation for the Ansys acquisition. Ghazi noted the backlog is flat year-over-year, indicating strong execution without depleting it, and mentioned that while Synopsys invests in all foundries, the timing of new ramps remains speculative.

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CEO Sassine Ghazi confirmed strong momentum in hardware, particularly for software bring-up and simulation acceleration use cases, driven by the existing ZeBu and HAPS product lines. CFO Shelagh Glaser added that exceptionally strong upfront IP revenue also contributed. Regarding backlog, Glaser stated it was $7.9 billion, up significantly from $6.5 billion (ex-SIG) in the prior year, reflecting robust commercial momentum.

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CEO Neil Barua stated that the teams are already executing the changes and will be prepared to capitalize on any increase in demand without a significant lag. He asserted that PTC is already primed for an industrial sentiment rebound and the new vertical-focused structure will enhance its readiness to capture incremental demand.

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CEO Pierre Naude asserted that large enterprise deals are driven by long-term strategy, not short-term rate cuts, as they address fundamental needs for modern platforms to leverage AI. CFO Greg Orenstein added that only the IMB mortgage business is truly rate-sensitive. Regarding future mortgage growth, Pierre Naude expressed caution, preferring to see the economic impact of rate cuts before making projections.

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