Matt Hedberg: Got it. Thanks.
Operator: Thank you. Our next question comes from the line of Bhavin Shah of Deutsche Bank. Please go ahead, Bhavin
Bhavin Shah: Great. Thanks for taking my question. Just kind of following up on that last one on the new transaction model. Like what kind of learnings are you looking to see from Australia before kind of rolling the app more broadly and kind of any disruption kind of that we should think about from a pointer perspective?
Andrew Anagnost: Well, one of the things that we’re trying to make sure that we see is how do the partners line up their deals so that they’re able to enter them into the system and make sure they get their pipeline lined up with the new way of doing things because they’re going after directly enter them into the system. Some of these services used to be taken over by distributors for some of our partners. We’re going to make sure that — we want to make sure that large volumes work well with the systems. We’re pretty confident at this point because of the Flex experience, but we know we want to stress test these things. We want to make sure that it works for all the product offerings that there’s no issues or hiccups with particular things that when people try to true up renewal dates or line them up, there’s not issues with those things.
It’s all the things that go into the mechanics of a partner entering the deal, all right, and having those things actually function. We just want to make sure it all works. Again, we have a lot of confidence because of the Flex work, but those are the things we’re going to be testing for in the Australia pilot.
Bhavin Shah: That’s helpful there. And just kind of following up on Fusion 360. I know you guys are making some pricing adjustments going into next year, kind of raising the list price on Fusion 360, but kind of rationalizing and lowering the price on the extensions. What’s the kind of the rationale behind this? Is this to drive kind of further extension adoption down the road? And kind of how does this inform your views on as you think about rolling this out to the form and the like?
Andrew Anagnost: Yes. So Bob, what we’re doing there is the price increase in Fusion is directly connected to the value we’re delivering Fusion we’re making sure some of the customers who have been with us for a long time are treated appropriately and fairly. So we’re paying attention to all those things to customer dynamics. But what we saw is that the value in base Fusion has just increased to high level that we should be looking at the price more carefully. The value is going to continue to increase. And what we saw is that some of the extensions would probably see better adoption in some of the base — the value was shifted to the base offering and the price of the extensions were contracted a little bit. So it’s all this kind of balancing the overall cost of ownership for particular types of customers. And it’s an appropriate time to do it.
Bhavin Shah: Very helpful. Thanks for taking the question.
Operator: Thank you. Our next question comes from the line of Steve Tusa of JPMorgan. Your question please, Steve,
Steve Tusa: Hi, guys. Thanks for taking my question. Just on the subscriber growth, are we talking like — you mentioned the macro impact several times. What are we kind of talking about what kind of rate this year? Is that like in the low to mid-single-digit range? And then what would it take for that to go flat? What type of macro do you think it would take to go flat? And then secondarily, just on the free cash flow side, I think at the Investor Day, you had put a chart in there that insinuated that cash would still grow from 2023 through the number in 2026. Are we still on track for that kind of longer-term view just to level set us on the longer-term cash outlook?
Andrew Anagnost: Yes. So Steve, let me take the first question a little bit. I won’t answer the specific question. What I want to say is our business is incredibly resilient. You have to really pay attention to that, we’re built for resilience. And I want to highlight some of the differences in puts and takes here. For instance, you probably noticed that AEC grew 20% in the quarter. And that offset some of the headwinds from media and entertainment due to wider strikes and after strikes. Regionally, India and Canada offset the U.S. and the U.K. Market segment-wise, EBAs and small businesses offset the mid-market. You have to think of the business through this built for resilient framework. And so I want to shift your lens a little bit, and then I’ll let Debbie comment on the second part of your question.
Debbie Clifford: Yes, I would say, look, outside of the new transaction model, nothing has changed, and we’re on track to achieving our goals. But this is a pretty big decision for us to transform our go-to-market. But I think is really beneficial to the company. It’s going to drive greater free cash flow and greater revenue growth over the long term. I’m not going to parse comments about fiscal 2026 in addition to fiscal 2025 on this call. What we’re really trying to do is set ourselves up for success over the long term and make smart decisions for the business and for our shareholders.
Steve Tusa: Okay. Great. Thanks a lot.
Operator: Thank you. That is all the time we have for Q&A today. I would now like to turn the conference back to Simon Mays-Smith for closing remarks.
Simon Mays-Smith: Thanks, everyone, for joining us. Wishing those who celebrate a happy Thanksgiving and looking forward to catching up with you on the road over the coming weeks and at next quarter’s earnings. Thanks so much, Latif. Handing back to you.
Operator: Thank you. This concludes today’s conference call. Thank you for participating. You may now disconnect.
