00:00So what do you get with this? I mean, $3.6 billion, it's a big acquisition. You already have
00:05a gigantic slew of products. What do you add with MaintainX?
00:10Yeah, you know, Matt, the core business is doing great. So we're really excited about what we've
00:16done with the core business. We've raised the guidance of the underlying core business and
00:20we got a lot of momentum. We're ahead of all of our peers on the AI front, both from a
00:25technology
00:26and a business side. So we wanted to move from a position of strength into a strategic
00:31adjacency that we believed in for a long time. What we're doing is we're closing the cycle
00:36of the entire life cycle for the built world. We're going from design to make, which we've
00:41been successfully doing over the last 10 years, into operate. This allows us to capture the
00:46entire life cycle, all the data, all the context that allows us to provide rich information
00:52that flows all the way from how you build something, how you make it, to how you operate
00:56it. This unlocks a $40 billion TAM for Autodesk and MaintainX is the leader in the business.
01:03They're the big dog on the next generation solutions. And we're excited to be bringing
01:08them into Autodesk and addressing this market that we think is incredibly valuable and incredibly
01:13exciting right now.
01:13I mean, I think it's an exciting business. You're involved in building design, building
01:20maintenance. You cover just the whole really program of putting a building together, putting
01:30it up and then running it. Why has the stock lost 20% this year? I mean, does the market
01:36think AI is going to eat your lunch?
01:38You know, the market's been very suspicious of software in general. But one of the things
01:42that people acknowledge about Autodesk is, look, we solve really tough problems. Building
01:47the world is not something you can do with a large language model. It requires sophisticated
01:52access to high-quality data about how the real world actually works, how things are built,
01:58what the real physical constraints are. It requires real context about what designers
02:03and engineers are trying to accomplish. You know, and ultimately it requires a lot of expertise
02:07to execute on these things. Autodesk has all of this, and we're actually building our own
02:11custom models on top of LLMs to deliver solutions that actually give deterministic answers to really
02:17tough problems. You know, probably right is wrong in our business, Matt. You have to have
02:22deterministic answers. So the markets are catching up to this, and they're catching up to some of the
02:27potential here. But now as we go across the life cycle, we even have more rich data about live
02:34assets, how they function, how they actually work in the real world. Think about small and mid-sized
02:39factories in the U.S. They have no way to operationalize like the big boys do, like the
02:44large factories. We're going to roll out a solution to those customers that enables them to do things
02:49that only the largest competitors in the space do, and that's really an exciting opportunity for us
02:54and for them. In a lot of ways, AI, I can imagine as a tailwind for your business, especially when
03:02you
03:02look at all the building, the reshoring in this country, the investment in data centers. Do you get a
03:09piece of that business, Andrew? Absolutely, Matt. Our business has a massive capacity problem. There
03:15is not enough money. There's not enough people. There's not enough material. There's just not
03:20enough capacity to build and rebuild everything that needs to be built. Our industry needs AI
03:26to actually unlock that capacity. We want our customers executing on more projects, bidding on
03:33more projects, and doing it with the resources they have because they really just don't have the
03:37capacity they need today. Technology is a huge unlock here, and AI is a critical part of that.
03:43Yeah, I just saw, or we just put up a board of logos, companies that you work with. Are you
03:48adding
03:48new logos? Because this is something that the market is focused on, right? You have, I think,
03:54more than 90% of your revenue is from subscriptions. Are you building those subscriptions, and are you
04:00getting, you know, bigger payouts from each one? Look, our business is growing. We're adding new
04:07customers. We're adding, we're expanding and existing customers. The business is moving over time to a
04:13blend of both subscription and consumption. We've been doing consumption for well over a decade at
04:18Autodesk. We knew consumption was going to be a really important part of the business mix moving
04:23forward. We've been on top of that since the get-go. So, as a result, we're actually where the customers
04:28need
04:29to be and where the market needs to be as we move forward. So, yeah, we're growing in all those
04:32spaces, and we're acquiring new customers. And moving MaintainX and moving into this operational
04:38space as part of Autodesk's business, we're actually going to be able to reach more customers and satisfy
04:43them in more effective ways. Owners and operators need what we're delivering.
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