And then broadly, the fact that we’ll have bigger cohorts coming up for renewal in fiscal 2026, which drives faster growth in free cash flow in that period. So overall, things are going well, and we’re at this interesting point where we expect to see mechanical rebuilding of free cash flow from here.
Adam Borg: Got it. And maybe just a quick question. Interesting AI announcements with Autodesk AI, back at AU last week. Any commentary on how to think about any price uplift from those solutions? Thanks again.
Andrew Anagnost: Yes. So I’ll take that one, Adam. Look, some of these features are already and will be delivered through our existing products. However, there are new models will be exploring with some of these capabilities. Obviously, it’s a little too early to talk about actual monetization. But I do think some of the things you’re seeing with Microsoft right now are quite interesting where highly evolved large models, which we have not yet deployed out in the market are offered up to individual customers as a here’s your model. Now you train it, you custom train it and extend it with your data. Those kind of models are going to be very interesting in the future and really look like possibilities that we’ll probably explore and look at. As we move forward. But for now, a lot of this functionality is going to end up integrated with the existing products as it has been for the last several years.
Adam Borg: Great. Thanks again.
Operator: Thank you. Our next question comes from the line of Joe Vruwink of Baird.
Joe Vruwink: Great. Hi, everyone. Maybe just a follow-up on that last question. Andrew, like you said, AI and automation is not new at Autodesk. But I did think the messaging was maybe a little more exact and pointed just as it pertains to the cloud data strategy and how that really is the gateway to future AI capabilities that Autodesk how customers need to be thinking about this. So my question is just curious to hear any feedback from customers on this approach. And maybe levels of resistance or buy in, you’ve started to hear just pertaining the customers kind of pooling their data and Autodesk ends up being the aggregator of industry information?
Andrew Anagnost: Yes. So look, we have a very strong point of view on ethical and high trust use of data, and we intend to continue to pursue that with our customers and take a broad and strong stance around look, it’s your data. We’re going to work with you to use it appropriately for things that make the whole ecosystem better. We’re going to do it in a way that’s trusted. And we’re also going to work with you in a way that allows you to preserve the IP that you think is important to you that does not become part of the entire ecosystem. So this is a conversation I have with many, many customers most obviously recognize the trade-off between massive amounts of productivity in terms of automating model creation and some of the benefits there. So they want to participate in ways that actually make sense for them and that maintain the trust and integrity that we’re looking to do. So look for us to handle this in exactly that matter as we move forward.
Joe Vruwink: Okay. Great. And then I’m going to take my best shot at FY 2025 question as well. But I think maybe 2 points of clarification or additional information. So Debbie, just on kind of the known headwind to free cash flow next year because of the long-term deferreds that happened to hit in this year. Can you reconcile that with the normal seasonality comment. Should we be removing that and then thinking about modeling normal seasonality, part A? Part B, you’ve talked about currency a lot is having impacts on some of these numbers. And I would imagine just given what’s on the balance sheet, you probably have a good sense of what currency will be next year. How does currency factor into that 9% plus revenue growth rate you provided?
Debbie Clifford: Sure. Thanks, Joe. So on the first question, I think you’re thinking about it in a reasonable way. So take out the $200 million and then it should have a more reasonable that will give you more reasonable modeling expectations as you think about modeling fiscal 2025 and beyond. And then on currency, is it’s really been all over the place. I think everybody has been seeing that. What we see right now is that it would be a headwind for us as we head into next year. But given the volatility, I think it really could go either way. But based on what we’re seeing right now, it is a headwind to revenue growth next year.
Joe Vruwink: Okay. Thank you very much.
Operator: Thank you. Our next question comes from the line of Tyler Radke of Citi. Please go ahead, Tyler.
Tyler Radke: Okay. Great. Thanks for taking the question here. Andrew, you talked about some record contribution from the construction side of the business, I think, broadly, but also within the EBAs. Could you elaborate within Autodesk Construction Cloud. What are the strongest areas you’re seeing customers about?
Andrew Anagnost: Yes. No. What’s interesting is. We’re not seeing the softness in construction that others may have highlighted. In fact, we have incredibly strong performance at the top end of our business. We saw strong growth internationally. And we’re seeing growth in the U.S. And a lot of things are going on in the construction business right now. And whereas you see some sectors slowing down retail warehouse office things like that. You’re seeing other things offsetting it. Again, the dynamicism of Autodesk business, manufacturing, industrial, lots of factory construction going on data centers, health care, , infrastructure, all of these things are picking up. So we’ve got a lot of dynamics that are playing well with regards to our construction business right now.
