Jason Celino

Janesh described a tough year-on-year comp from the largest EBA renewal cohort concentrated in Q4, noting the prior full-year outlook already reflected these cohort dynamics and Q2 execution supported raising the billings outlook. Direct answer.

Janesh said the FY2029 margin framework already contemplated acquisitions and they intend to absorb MaintainX while staying true to margin goals. Direct.

Andrew outlined multi-level TAM expansion: task automation makes seats more valuable (fewer people, more projects), workflow automation monetizes project-level cross-disciplinary activity through consumption, systems automation reaches the owner's wallet expanding TAM into total project spend.

Janesh attributed Q1 deceleration to two factors: near-term sales restructuring impact on billings flowing to Q1 revenue, and Q4 lapping an easier prior-year quarter. Underlying business momentum remains strong.

Janesh said Q3 saw strong customer engagement with expected attach rates playing out. Q4 is largest quarter for EBA renewals plus large product subscription cohort, heavily weighted toward January. Momentum continuing nicely.

Janesh confirmed no unusual M&A contribution. Outperformance driven by upfront revenue, Autodesk store strength, and stronger billings linearity. Strong execution across the board.

Janesh emphasized the target is designed to be achievable under various growth conditions, with strong execution progress on S&M optimization and demonstrated operating leverage.

Andrew attributed strength to AEC (data centers, industrial buildings, infrastructure), strong EBA upfront revenue, Autodesk Store growth, and geographic strength in Middle East and India.

Janesh said only two changes: USD depreciation (passed through) and greater macro uncertainty factored in. Core business assumptions unchanged from February.

Janesh cited AEC strength, EBA upfront revenue, Autodesk store growth as friction eased, and noted Q1 had an easier comp (~1pp) from acquisition timing.

Janesh confirmed guidance reflects risk from restructuring and CRO transition, with mitigation plans in place but prudent to factor disruption potential.

Janesh confirmed both EBA and product subscription multiyear cohorts remain an opportunity for FY26 renewals, consistent with prior commentary.

Andrew said Janesh needs time to get settled after joining in December, ruling out a spring event but committing to revisiting timing.

Andrew gave extensive background on Janesh's experience at Elastic, VMware, Cisco, and PTC, emphasizing optimization at scale as the top priority.

Ghazi attributed EDA acceleration to chip complexity, advanced-package/3DIC, an AI tailwind and record hardware, and confirmed the 8%+ is organic.

Shelagh explained the seasonality mechanics: Ansys fiscal year was retooled to Synopsys calendar, making Q1 (old Ansys Q4) seasonally strongest. H2 moderation is mechanical profiling, not demand weakness.

Sassine confirmed IP recovery reflects existing pipeline execution, not pull-forward. Shelagh added that title availability timing from resource redeployment to HPC supports H2 improvement.

CFO confirmed ARC revenues included until divestiture closes. Declined to provide ARC revenue size.

CEO explained customers increasingly build own processor IP using Synopsys EDA/hardware tools. Greater growth opportunity in interface IP. GF is a good partner for ARC business.

CFO confirmed ~8% organic growth rate. Highlighted $110M divestiture headwind (~1.5pp) and muted IP growth. ANSYS at $2.9B midpoint growing double digits.

CFO cited 10% workforce reduction largely completing in FY26, accelerating synergies. Margin expansion of ~12pp since 2020 demonstrating sustained focus.

CEO expects transitional and muted IP year extending into FY26 due to China and foundry headwinds not disappearing quickly. Balancing with subsystem opportunities and other scaling actions.

CEO declined to break out regional revenue mix but stated it's similar to global mix. Standard non-disclosure on regional segment detail.

CEO said difficult to conceptualize variable expense impact given global operations. No changes to operations anywhere at this stage.

CEO dismissed air pocket concern, FPGA refresh cycles faster than custom chip. Customers buying prior gen plus new capacity. CFO clarified Q4 weighting is supply availability, not demand.

CEO clarified planning assumptions unchanged, only the communication evolved from 'around corporate average' to 'below corporate average' for China.

CFO attributed Q1 sequential decline to 8 fewer calendar days (~$80M impact) and IP lumpiness with Q1 FY24 being up 53% for IP.

Rob framed the Field Systems ARR change as a discrete decision from strength and reaffirmed AECO ARR up 14% and T&L up 7%.

Rob said expect more integrations across portfolio. Multiple paths: Claude-to-SketchUp, SketchUp AI (Vibe modeling within app), and Trimble Connect agentic platform. Proud of team's entrepreneurial spirit.

Rob confirmed zero pull forward. Two pillars of strength: civil construction continuing multi-year trend (showcased on 24 OEM booths at CONEXPO) and survey team delivering strong quarter off new platforms.

Rob cited machine control as a service, automotive corrections, Catalyst positioning as a service, and software conversions driving growth. 2026 guide deceleration reflects natural lapping effect from early-stage conversions.

Rob positioned Trimble platforms as the right place for agentic workflows given existing system of record status. Phil added SketchUp now includes AI agent credits as consumption-based monetization alongside tier-based approaches.

Rob confirmed government shutdown impact quantified at single-digit millions in H2, correctly anticipated early in the year. Business has outperformed to contain it.

Rob broke down each segment above $230M ARR. BIM and Engineering Solutions were standout performers. ProjectSight expanding into Europe and Australia. Viewpoint ERP continues as strong TC1 anchor tenant.

Phil explained software centricity limits tariff exposure, operations team has contingency plans, and they see no material financial impact based on current information.

Rob provided detailed geographic and vertical color, noting data centers and energy performing well, Southeast U.S. outperforming, and customers hiring as a tech adoption catalyst.

Wall tied the inventory build to hardware strength and confirmed the constraint is supply, not demand.

Wall explained Hexagon D&E has 5-10% margins, adds $160M revenue but $0.28 EPS dilution due to financing costs. Expected accretive in 2027.

Anirudh said IP starting backlog is strong. Opportunities with newer foundries beyond traditional TSMC business. Should be a strong year for IP in 2026.

Anirudh said AI infrastructure build-out accelerating is the primary driver. Working with all Mag 7s plus merchant silicon. John Wall added mix is healthy across all business lines with multiyear recurring arrangements.

John Wall declined to quantify hypothetical impact. Took comfort that restrictions came and went. Upgraded China from flat to slightly up for year.

Anirudh said foundation IP is more critical now due to software interaction, foundry buildout globally, and portfolio gaps. Arm Artisan has great product history.

John Wall explained Q4 was strong renewal quarter with backlog duration at high end of 2.4-2.6 year range. Expect some backlog burn in H1 2025.

Barua pivoted to AI as an accelerant of PTC usage and cited tripling Onshape API calls, but did not address engineering headcount directly.

Barua attributed Q2 net new ARR guide to deal structuring assumptions, not demand weakness. Said Q2 will be another quarter of building deferred ARR toward a durable multiyear growth engine.

Talvitie confirmed Section 174 tailwind is in the $1B FCF number but said final decision on which of 3 implementation options to use is not due until later in the fiscal year. Noted it is offset by incremental CapEx for R&D facility move.

Talvitie confirmed BVA tax benefit will be a FY2026 tailwind reducing cash tax increases below prior expectations. Details to come with FY2026 guidance.

Barua dismissed competitor's characterization and reframed around PTC's own results: solid Q2 with competitive displacements, strong pipeline entering Q3. Guidance adjustment is about prudence around post-April 4 uncertainty, not observed demand destruction.

Barua differentiated PTC's focus on Windchill+Codebeamer PLM nerve center vs competitors' manufacturing focus. Said PTC extends PLM data to factory floor rather than competing in MES.

Talvitie gave concise, direct answer attributing guidance haircut entirely to go-to-market transformation risk rather than demand deterioration.

Dominic said the mix has been consistently above 20% and depends on strong core products too. Direct.

Sanjit said the ruling heightens road-safety focus, a net positive for Samsara whose larger-fleet customers already invest heavily in safety.

Dominic answered directly: SBC treated as a real cost, down to 20% in FY '26 and expected below that in FY '27 with continued leverage.

Sanjit answered directly: detections span LLMs and time-series models, expanding beyond safety to weather, road and asset-health models.