Debbie Clifford: Yeah, there’s definitely mix effects. And like I said, our target is to have it be roughly 50-50 between volume and price. But in any given year, we’re going to have some puts and takes between that. But when we think about our guidance for fiscal 2025, we’re targeting that 50-50 mix again.
Stephen Tusa: Okay, great. Thanks a lot.
Operator: Thank you. Our next question comes from the line of Nay Soe Naing of Berenberg. Your question, please Nay.
Nay Soe Naing: Hi, everyone. Thank you for taking my questions. I’ve got two, if I may. Starting with you mentioned a lot of positive developments in the products like ACC BuildingConnect and the Fusion 360. I was wondering how we should think about that when it comes to your make revenue. And if we look at the growth rates in make segment, it’s been consistent around 17% on constant currency for the past three quarters. Is there a possibility with all the positive developments that the make revenue will go back to growth rates in the 20s going forward? That was my first question. And the second question is on the new transaction model, please. I think Debbie, you mentioned that you’re expecting 1 percentage point of growth tailwind from the new transaction, FY 2025, which will equate about $55 million and then the slide deck you mentioned there’s about $600 million of reseller commission in total.
So the remaining $450 million or so — sorry, apologies, $550 million or so, will that all come through in FY 2026, or will it take longer for all the contra revenue to flush through in your P&L? Thank you.
Debbie Clifford: So a couple of things. So first sorry, you were a little bit garbled and coming through, so we didn’t quite get the first question and we’ll go ahead and try and take those in the callbacks. But when we think about the new transaction model and the $600 million, I think the most important things to take away are the $600 million is a good number to model with. As you think about how to model the business during the transition and the pace at which you’ll see the new transaction model cost, that $600 million bleed into revenue and expense over time is really going to be dictated by the pace of the rollout. And so, think of it as something that’s going to be bleeding into revenue and expense over the next couple of years.
Nay Soe Naing: Right. I think at the previous quarter you mentioned it would take about two years to implement this new transaction model. So, presumably this total $600 million bleeding into revenue and cost will take longer than two years to complete in totality?
Debbie Clifford: So the act of transitioning, the invoicing will take approximately two years to complete. But remember that we recognize revenue over approximately one year. So it’s going to be a little past that when the invoices at the higher amount bleed into revenue.
Nay Soe Naing: Right. Okay, understood. Thank you. My first question is around the make revenue. The growth rates has been consistent around 17% past three quarters. Should we expect that to go back to the 20% plus that we had in the past given the positive developments around the products like BuildingConnect or ACC or Fusion 360?
Debbie Clifford: Our goal would be to drive greater growth from the make revenue line. That’s going to be an important aspect of our ability to achieve our target 10% to 15% growth algorithm over time and it’s an area where we’ve been making incremental investments. So, we anticipate that, that revenue growth rate is going to be higher than the core business.
Operator: Ladies and gentlemen, as that is all the time we have for Q&A today, I would now like to turn the call back to Simon Mays-Smith for close remarks. Sir?
Simon Mays-Smith: Thank you everyone for joining us. We look forward to seeing many of you on the road over the coming weeks and at our Q1 conference call later in the year. Thanks very much.
Operator: This concludes today’s conference call. Thank you for participating and you may now disconnect.
