Siti Panigrahi

Ghazi said Multiphysics Fusion contributes to EDA growth in FY27 as customers move to production, reaffirming the $400M year-4 synergy commitment.

Shelagh confirmed approximately half of synergies achieved by FY2026 year-end but deferred specific remaining magnitude and timeline details to September Investor Day.

Sassine provided clear detail on new IP monetization models with hyperscalers, confirming signed agreements expected by year-end and 12% sequential growth from Q1 trough.

CEO described two layers: GPU acceleration of EDA/ANSYS products (15-20x speedup with pricing uplift) delivering in FY26, and Omniverse digital twin platform for physical AI simulation.

CEO cited two ANSYS growth drivers: semiconductor joint solutions (pricing uplift) and broader industry transformation (auto, aerospace, industrial). ANSYS EDA portion moving to ratable model.

CEO confirmed 1+1>2 for joint solutions but adoption happens over time with first wave in FY26. IP royalty discussions progressing well, expects to lock up strategic customers in FY26.

CFO confirmed ANSYS included for full Q4 but declined to provide subsegment guidance. Noted ANSYS' strongest quarter (November) falls into Synopsys Q1 under new fiscal calendar alignment.

CEO reported no negative surprises from ANSYS. Cited 3D IC thermal/structural needs and physical AI digital twin opportunity as immediate revenue synergy areas.

CEO outlined three customer categories: merchant chip buyers, ASIC model (architecture + partners), and full custom AI system designers. All create Synopsys opportunity across EDA, IP, and hardware.

CEO noted industrial and automotive showing stabilization and new energy, visible first in IP portfolio as customers start designing next-gen chips.

CEO confirmed PC/mobile recovery over last 2-3 quarters but automotive and industrial unchanged. Clear segmented answer.

CEO segmented growth into AI/HPC (strong) vs consumer/auto/industrial (shifting right). Positioned DeepSeek as expanding AI on-device adoption opportunity.

Sasan said he is resetting expectations to do two things well: continue scaling the Big Bets (30% of the company growing over 34%) and double down on being competitive at the low end after losing quality DIY customers. He acknowledged Intuit is being prudent in both the guidance and long-term expectations to protect say-do credibility and build a durable model, framing the DIY customers as monetizable beyond tax and growable over time.

Sasan gave an expansive answer emphasizing structural advantages in assisted tax (88% of TAM), the end-to-end business platform as a control tower, and three growth engines all growing 30%+. Committed to EPS growth north of 15% GAAP and non-GAAP.

Sasan emphasized regulatory-driven advantage, customer demand for human expertise in high-stakes decisions, and AI/HI as foundational to platform. Sandeep added AI+HI lineup tests resonating beyond expectations.

Sasan outlined three focus areas: awareness acceleration at conferences, platform innovation resonating across verticals, and accountant partnerships (expect revenue contribution in back half and next year).

Sasan cited 3 confidence drivers: strong customer growth (8% US QBO, 23% mid-market), all-in-one platform launch with millions engaging, and 40% mid-market growth. AI search is 1% of traffic and favors top brands.

Sasan described breakthrough adoption year. Conversion up double digits, Credit Karma contributing a point of growth, and learnings from friction points for future improvement.

Sasan provided comprehensive detail on DIY traction with simple/complex filers, Assisted funnel strength from fall campaigns, and DOGE engagement reassurance.

Sasan confirmed material benefit from 200+ account managers already contributing to acceleration from 18% to 20% online ecosystem growth, with biggest contribution still to come.

Sasan explained promotional timing shifted to align with desktop TurboTax buying patterns, pushing revenue from Q2 into Q3. Full year intact.

Devgan cited 2x to 40x improvements but deferred on monetization timing, repeating that it is still early days.

Wall confirmed the organic EPS raise was $0.08 on top of the $0.28 Hexagon dilution impact.

Devgan cited three IP growth drivers: superior PPA quality winning competitive deals, expanding portfolio including HBM and UCIe, and new foundries at Samsung, Intel, Rapidus creating more IP demand.

Anirudh said semi industry may hit $1T this year, 4 years ahead of target. AI and memory companies doing phenomenally well. General semi also has better 2026 outlook. Physical AI strong in China with EVs and autonomous driving.

Anirudh outlined two SDA pillars: 3D-IC/Allegro chiplet architecture (~50% of SDA) and physical AI structural analysis with BETA+Hexagon solvers (~50%). Physical AI horizon 2 requires simulation data for world model training.

Anirudh highlighted ADI expansion as sign of traditional semi recovery. System companies and hyperscalers doing more than before. Cadence well diversified across both.

Anirudh expects multiple efficiency breakthroughs like DeepSeek. Only seeing acceleration of AI designs on both data center and physical AI sides.

Anirudh described AI adoption across all five platforms at major customers. Physical AI (automotive, drones, robots) seeing R&D investment now despite weak auto revenues.

DiRico confirmed the investment and a medium-term tax benefit but never answered the recurring-commitment half of the question.

Sameer Kalucha asked on behalf of Panigrahi. Barua explained PTC's proprietary CAD advantage: understanding parametric geometry, tolerances, materials, manufacturing constraints gives unfair advantage for training AI. SI partnerships expanding for large-scale PLM transformations. PTC embedding AI directly into Creo and Onshape with advantage over any third party.

Barua cited example of large European industrial manufacturer visiting CXC and prioritizing Windchill modernization despite macro. Dahdah added all five verticals performing fairly well with no geography uniformly depressed. Strength in one area offsets weakness in another.

Barua described AI as being at the forefront of almost every customer conversation. ServiceMax AI generating actual AI module purchases. Cautioned it is still early and no ARR quantification yet. Emphasized product data foundation as prerequisite for AI to work.

Barua described strong customer reception at Hannover Messe for Windchill AI, Codebeamer AI and ServiceMax AI. Emphasized product data foundation as prerequisite for AI value. Said biggest bite sizes of generative AI will take 12 to 24 months to materialize.

Barua gave detailed progress report on GTM changes: verticalization done, CRO acclimated, new hires in marketing/enablement/CS. Expects flywheel to start working over next few quarters.

Khozema called both companies mostly complementary, noting Twilio integrates with each and sits in the middle as a neutral layer.

Khozema said AI natives are scaling fast off a small base; nonregulated industries are moving pilots into production while regulated industries remain slow.

Thomas framed Twilio as an AI agent infrastructure platform and Khozema stressed multichannel orchestration; neither quantified AI revenue or timing.

Aidan repeated the voice AI growth figures and Khozema said voice AI is still a small share, but Twilio does not guide by product and gave no trajectory.

CEO declined to break out SIP trunking, saying only that voice infrastructure is the main contributor and drives voice margins.

CEO would not size the AI opportunity but called it materially TAM expansive and a tailwind that will add material dollars to the top line over time.

Andrew confirmed lower-tier partner business flowing directly to Autodesk as expected. Partners getting comfortable with renewals and refocusing on expansion and new business.

Andrew emphasized modern, connected stack with best-in-class design-to-make and preconstruction tools. Customers not on the system today are already talking about switching.

Andrew said cross-sell/upsell will be dynamically introduced off-cycle through systems investments, not tied to specific renewal events, a longer-term capability.

Janesh described strong and consistent performance across all three months of Q1 with momentum continuing into May. No meaningful adverse trends to call out.

Betsy pointed to historical margin expansion data without giving specific FY26 leverage areas, noting continued improvement expected on an apples-to-apples basis.