Jay Vleeschhouwer

Andrew said project intelligence is not AEC-specific and applies to manufacturing, noting deep AI usage in Fusion, and that packaging will evolve toward industry clouds and more consumptive models over time. Direct, detailed answer.

Andrew cited rising API and data-model usage and active monetization but offered no specific deployment metrics. Partial.

Andrew outlined Forma for cloud/AI-native deep foundation model workflows, Revit benefiting from Autodesk Assistant agentic layer and tightly coupled Forma workflows. World Labs partnership starts in M&E but will extend to architecture design, digital twins, factory automation, and robotics.

Andrew said direct/indirect split disclosure ending because most business now comes in direct under agency model. Channel incentives aligned with sales force: higher compensation on new business, lower on renewals. Tight alignment on new business growth.

Andrew outlined multi-vector approach: packaging (Forma shipped with collections), CDE availability (Forma data management), Revit as first Forma-connected client bridging desktop-to-cloud workflows, and AI features focused on real productivity like AutoConstrain's 60%+ acceptance rate.

Janesh said Q3 trends very consistent with Q2, AECO strength in data centers/infrastructure/industrial, Autodesk store, and emerging geographies. No new emerging trends to call out beyond continued momentum.

Andrew cited growing API usage, granular data adoption, and AutoConstrain's 60% acceptance rate as evidence of adoption. Acknowledged diffusion varies by industry.

Janesh cited AECO, construction, and Make as growth drivers with strong NRR, without breaking down specific mix component contributions.

Andrew highlighted store growth and increased price realization from capturing down-market business previously going to transactional partners. Risk mitigated through commission incentive structure.

Andrew detailed accelerated Fusion data management for multi-seat deals, Forma collaboration features connecting to Revit, FormaBoard emphasis, and AI features.

Andrew detailed accelerated investment in Construction, Forma, Fusion Cloud, platform APIs, granular data expansion, and AI features like AutoConstrain with 50% acceptance rate.

Andrew redirected from specific price/volume breakdowns to channel productivity and Make business growth as the two key restoration levers.

Betsy described headwinds and tailwinds to CRPO but did not directly address whether the 12% CAGR can improve, deferring with commentary about renewal cohort dynamics.

Andrew confirmed the CRO remains standalone within the COO org, focused on self-service patterns, data-driven cross-sell, and channel transformation.

Ghazi likened Multiphysics Fusion to the ICC-to-Fusion Compiler transition, stressing a shared data-model investment that enables a convergent physics-in-design flow.

Sassine outlined dual-channel strategy: semiconductor/multiphysics through Synopsys direct channel, while leveraging Ansys channel partner network for long-tail customers. New CRO Mike architecting the organization.

Shelagh confirmed majority of 10% reduction completed with remaining actions more measured, while simultaneously investing in critical engineering and go-to-market roles. Disciplined about role prioritization.

CEO detailed L1-L5 agent roadmap: task agents (L2), orchestration (L3), planning (L4), full autonomy (L5). Data continuum and traceability are critical, agents cannot hallucinate.

CFO cited broad opportunity across multiple market segments with low TAM penetration. 606 effects will mute over time as Ansys products harmonize with Synopsys accounting policies.

CFO said aligning ANSYS renewal/product model is a longer-term opportunity. Also noted ANSYS channel (~25% of business) is being preserved with no changes, representing new distribution capability for Synopsys products.

CEO confirmed 10% cut was pre-planned during 18-month regulatory period, not reactive to IP weakness. Integration cautious due to pending OSG/PowerArtist divestiture approval.

CFO pointed to $400M backlog increase as evidence of strong business environment supporting RPO growth.

CEO detailed progression from optimization to agentic AI: task agents for RTL/formal verification now, then orchestration/planning layers. Monetization opportunity comes when workflow changes.

CEO argued current AI hasn't changed the design workflow, differentiation persists. Agentic AI may change the workflow, creating monetization opportunity.

CEO framed concentration positively, R&D growth from 6% to 9% benefits Synopsys as it tracks with their own growth across both leading-edge and trailing-edge customers.

CEO outlined three AI evolution layers: XSO.ai optimization, customer-specific knowledge assistants, and generative agentic AI as the next frontier.

CEO discussed scaling product development, evolving engineering workflows, and investing in efficiency through technology modernization.

Barua answered the framing head-on, putting expansion ahead of displacement as the primary growth engine while acknowledging displacement is accelerating.

Barua cited PTC/USER Summit feedback as strongest in decades. Two drivers: AI thrust makes product data foundation critical infrastructure rather than operational infrastructure, and product releases are highly relevant. Noted customers are complex and adoption requires detailed analysis before moving mission-critical elements, which creates stickiness for PTC as the trusted guide.

Barua described CES as breakthrough moment for PTC with industrial manufacturers seeking expanded engagement. Automotive momentum: Codebeamer tip of spear with AI functionality, Windchill consolidation expanding, Lamborghini deploying ServiceMax. Dahdah noted Codebeamer ALM spreading beyond automotive into unexpected industries.

Barua gave two examples: new Windchill UI/UX for broader enterprise PLM adoption, and continuous AI embedding across core products. New CPO Jon Stephenson driving tighter product-to-sales alignment. Talvitie added ~55% of RPO expected to be recognized in next 12 months.

Barua confirmed multi-product deal trend formulating in Q3 conversations. CXC had highest attendance despite macro uncertainty. Customers coming for Codebeamer discover Windchill value. Also discussed Synopsys-Ansys relationship as potential expansion opportunity.

Barua reframed pricing question toward wallet share expansion through vertical approach and CAD consolidation. Dahdah added that comp plans are aligned to support cross-sell and vertical talk tracks elevate customer conversations from product-out to outcome-oriented.

Barua described evolution from decentralized AI experimentation in 2024 to centralized coordination across product segments. ServiceMax led the way, now scaling approach.

Barua noted no single vertical has fully adopted digital thread yet, representing significant cross-sell opportunity. Highlighted automotive shift toward Windchill+Codebeamer.

Devgan answered the cost question head on, noting AI is also being deployed internally to raise AE and R&D productivity.

Devgan outlined 3 priorities: integrate full flow with agentic solutions, improve solver performance with GPU acceleration for 10x gains, and strengthen go-to-market team acquired from Hexagon.

Anirudh said no change in contract durations unlike the 2000s. Opportunities to add new product categories in front-end design. ChipStack automates RTL and verification flows. Feels good about all 3 layers of the stack. John Wall said subscriptions remain the anchor.

Anirudh said CPU+GPU combination aligns with Cadence's multi-year porting work (Millennium). NVIDIA-Intel partnership good for Cadence, new x86+GPU platform and specific design activity. Intel discussions proceeding well under Lip-Bu.

Anirudh highlighted JedAI platform as critical for agentic AI deployment. Supports on-prem, cloud, and hybrid deployment models based on customer data sensitivity.

Anirudh highlighted three R&D priorities: AI across five platforms (majority of designs now AI-enabled), 3D-IC (packages going from 3x to 10x reticle size), and hardware-software co-optimization.

John Wall acknowledged need to improve annual backlog value in 2025. Expects cRPO to improve naturally ex-China. Backlog may decline in H1 due to renewal timing.

Pressed on the first single-digit RPO growth since fiscal 2023; Steven attributed it to the freemium new-user focus and normal Q4 seasonal step-up.

Broad strategic-challenges question; Anil answered generally about bringing existing assets into agentic-AI capabilities across all three categories.

Dan said no structural change expected in cRPO dynamics. Pleased with momentum exiting FY2025 and how enterprise content automation solutions combining creativity and marketing are driving strength.

Shantanu said marketing investment supports product launches and awareness for Express. Product management focused on PLG motions. Strategy focused on AI agents and interfaces. Overall headcount flat.

Dan declined to guide CRPO specifically but pointed to enterprise momentum, premium tiers, and cross-cloud opportunities. David said tiering will be a combination of feature access and usage limits at higher tiers.