Joshua Tilton

Janesh walked through the billings math, attributing roughly 1pp of the ~2pp improvement to MaintainX and 1pp to underlying performance, partly offset by currency and transaction-model mix. Direct, quantified answer.

Andrew defended the timing through acquisition discipline and the proven construction playbook applied to operations. Direct.

Janesh declined to compare conservatism levels directly. Said FY27 guide primarily reflects near-term GTM optimization prudence impacting billings early in the year. NTM and optimization designed to improve long-term new business capture, confident long-term, disciplined near-term.

Andrew outlined strategy: better customer intelligence for efficient partner engagement, more renewal automation, higher channel compensation on new business vs renewals, and stronger emphasis on hunting with automated renewal processing.

Janesh attributed Q3 outperformance to consistent strong execution plus prudent guidance assumptions not materializing (severe macro scenario at low end didn't play out). Q4 guide has less macro risk baked in given only two months remaining.

Janesh said mid-to-high end assumes world stays as is, with execution focus. Andrew added underlying momentum includes improving partner-driven new business.

Andrew highlighted Autodesk Assistant with prompt-driven workflows, foundation model capabilities in Fusion and Forma, emphasizing real productivity gains today alongside future-building.

Janesh explained underlying billings lowered 1pp from macro prudence, offset by greater NTM tailwind (+1pp) from stronger adoption, netting to unchanged headline CC billings.

Janesh confirmed all savings are embedded in guidance alongside reinvestment and organic hiring plans, with total spending growth slowing from 7% to 4%.

Janesh said NRR for FY26 is guided at 100-110% (same as FY25), hovering around the middle, with some quarterly variability.

Andrew affirmed the 10-15% long-term framework still holds but acknowledged current performance is near the bottom of the range due to accumulated macro headwinds.

Neil said the raise is mostly first-half performance banked plus H2 mechanics (organic turns, easier TEP comps), staying prudent.

Jason confirmed CentralReach providing ~80bps organic accretion in H2. DAT looking good in Q1. Foundry improving throughout year. SubSplash turns organic in Q4. Feels good about the rest of the business offsetting Deltek and DAT conservatism.

Neil said key learning is immediate corrective action on small variances rather than observing for longer. CentralReach is ahead of underwrite model, SubSplash is on model. Jason confirmed strong conviction in H2 contribution based on bookings momentum, recurring trends, and gross retention paths.

Jason said rest of portfolio gets a little better but not enough to call an inflection. The bridge from 5.4% in 2025 to 5-6% in 2026 is driven by CentralReach/SubSplash turning organic, easing nonrecurring comps, and Foundry improving, swing factors are within Neptune at TEP.

Neil described extensive knowledge-sharing: tri-weekly AI showcase with hundreds of participants, weekly AI state-of-technology emails, telemetry in planning process, group executive coaching across 6-7 businesses each. Considering adding corporate AI overlay resources. Emphasized decentralized structure as the real unlock.

Jason walked through segment-level derisking: AS mid-single digit with Deltek perpetual license as variable, Network mid-single digit plus with mostly recurring revenue, TEP low single digits with Neptune tariff headwinds identified. Feels appropriately boxed.

Management said more bullish but not for 2025 specifically. Defense activity increasing but timing of order conversion uncertain. Potential Q4 upside from perpetual licenses. Outlook still embeds conservatism.

Neil explained growth sustained by 50% TAM penetration, second-generation tech stack winning share. Margin improvement from dozen-plus levers in cost structure professionalization over 3-5 years.

Neil emphasized 80-85% recurring revenue providing predictability. Trimmed perpetual license expectations but declined to give quarterly specifics for individual businesses.

Jason cited Deltek weakness offset by strong bookings converting to recurring revenue in AS, DAT and Foundry improvement in NS, and NDI tailwinds in TEP.

Sassine emphasized both durability and growth inflections from agentic EDA consumption models, IP business model changes with hyperscalers, and multiphysics fusion monetization starting FY2027.

Sassine noted China remains challenged on design starts despite sequential revenue growth, which Shelagh attributed to easy YoY compare and addition of Ansys. No changes to China forecast.

CFO confirmed ANSYS strength drove Q1 outperformance across industries. Full year guidance doesn't break out by segment but looking for strong performance across all lines.

CEO reaffirmed long-term targets: EDA double digits, IP mid-teens, simulation double digits. Joint solutions solving unsolved problems in multi-die thermal/structural sign-off during design phase.

CEO declined to speculate on China halt scenario but reaffirmed confidence in organic double-digit revenue growth for DA and mid-teens for IP.

CEO confirmed Q1 and Q2 China results were in line with internal forecasts. First half China was planned tougher than second half at approximately -28%.

CEO confirmed shift from 'around corporate average' to 'below' due to strengthening headwinds. But maintained overall guide citing technology strengths and other regional momentum.

CEO pointed to new hardware portfolio, IP scaling opportunity, AI/HPC semiconductor demand, and competitive EDA wins as offsetting factors.

CEO confirmed China expected to grow in line with corporate average for FY25, factoring in economy deceleration and expanding restrictions.

Phil quantified the discrete item at 400-500 bps for Field Systems, under 100 bps at the company level, and said the range would otherwise be reiterated.

Rob pushed back: guide was raised, nothing fundamentally changed. If anything, better given the raise. Three months into the year with 9 more to go, will update at next call.

Rob stressed primary focus on productivity within existing Trimble tools. Claude integration creates new users. Professional users need SketchUp for iteration, collaboration, and professional-grade analysis. Consumer vs professional segmentation.

Rob planning consistent macro environment including muted federal business, challenged freight market, and pockets of strength in data centers, infrastructure, and reshoring. Room left to operate and reinvest within guidance.

Rob described two axes: geographic expansion (more than half of AECO in North America vs larger global market) and product penetration (project management added hundreds of new customers). TC1 acting as catalyst for natively integrated solutions.

Rob said it's early to give definitive view. Pricing move aimed at optimizing balance between monthly and annual subscriptions, incentivizing annual contracts while keeping monthly option for certain users.

Phil explained Q1 was higher due to term license recognition timing, Q2 a bit lower. Trailing 12-month view shows consistency. Prior-year price increases moderating as expected. Being prudent on back half given SketchUp pricing change churn risk, biased to upside if churn stays consistent.

Rob explained recovery impact is less about higher bookings growth and more about operating leverage from increased transaction volumes on the platform, given the transactional revenue model.

Rob said no fundamental movement in new projects post-election, more in wait-and-see mode. On M&A, focused on geographic expansion of TC1 and tuck-ins, with openness to larger construction software deals.

Wall quantified recurring growth and the Hexagon contribution; Devgan explained deeper customer engagement converts to more value capture.

Wall detailed organic raise of $65M revenue and $0.08 EPS. Operating cash flow adjusted for Hexagon pre-close tax is approximately $2.1 billion, about $100 million above original guide.

Wall said China at 13% was consistent with expectations and expected for the full year. YoY growth rate looked strong because Q1 2025 was weaker for China.

Anirudh said system companies doing more custom silicon is irreversible. Ratio moves slowly because semi companies also growing strongly. John Wall expects recurring mix ~80% in FY2026, consistent with 2025. As much upside in recurring as upfront.

John Wall confirmed guidance incorporates prudence for regulatory variability. Based on today's export regime remaining similar. Believes geopolitical tensions are lower than people expect.

John Wall expects 80/20 recurring/upfront split to hold. Good growth across entire portfolio and all geographies. Change in mix reflects how customers consume technology.

John Wall confirmed flat China is prudence not expectation. Bookings stronger than expected in Q1 with more recurring revenue.

John Wall confirmed same 6-month hardware visibility approach. China improved Q1 through Q4 in 2024. Prudent to assume flat for 2025 given prediction difficulty.

DiRico attributed the beat to demand capture and better-than-expected retention; Barua added the divestiture and customer AI sequencing.

DiRico cited two confidence factors: lower end of range increasingly derisked, and H2 requires only $127M net new ARR which is $7M more than H2 last year. Deferred ARR already banked for Q4 means team needs to perform in line with prior year. Tilton follow-up confirmed net new ARR ex deferred is approximately flat year-over-year in the back half.

DeRico explained channel/direct split influenced by one large deal and customer fulfillment preference. Dahdah added they are deliberately working to reduce channel vs direct friction. Barua emphasized demand capture strength regardless of channel mix, pointing to RPO and CRPO as confirming metrics.

DeRico confirmed deferred ARR balance grew in Q1 versus Q4 exit. Reiterated triple the Q4 2026 deferred ARR versus last year and double for FY2027.

Barua addressed skepticism directly: tighter sales-customer success linkage means implementation timelines are validated during contracting. Deals structured to match customer implementation cycles, not pulled forward. Contractually obligated payments with low risk of slippage.

Dahdah gave candid timeline: given deal life cycles, expect visible lift mid to late next year. But noted benefits already emerging from improved messaging, citing a deal pulled back from the fire through vertical positioning. Emphasized work never stops and continuous refinement expected.

Barua addressed both parts directly. On customer behavior, said guidance from PTC's end market customers is being pulled which cascades into their software decisions. Defended range as transparent with strong pipeline and GTM transformation on track at high end, while low end allows for significant deterioration.