Core Insights - Figma and Autodesk are both design software providers but operate in different markets, with Figma focusing on collaborative digital product design and Autodesk on engineering and industrial design software [1] - Both companies are integrating AI into their platforms to enhance value creation, with Figma aiming to boost creative productivity and user adoption, while Autodesk focuses on engineering optimization and risk reduction [1] Figma Overview - Figma is heavily investing in AI features to enhance its product suite, including the integration of Gemini 3 Pro and Nano Banana Pro for AI image generation and editing [3] - The collaboration with OpenAI allows users to generate FigJam diagrams from ChatGPT conversations, enhancing user experience [4] - Figma's acquisition of Weavy enables users to access leading AI models and editing tools on a single platform, making it competitive in the image editing market [5] - As of September 30, 2025, Figma had 12,910 paid customers with over $10,000 in annual recurring revenues (ARR) and 1,262 customers with over $100,000 in ARR, achieving a net dollar retention rate of 131% for high-spending customers [6] - Despite growth, Figma's non-GAAP operating profit decreased by 28.9% year-over-year to $34.02 million, with the operating profit margin dropping from 24% to 12% due to cost pressures from new AI features [7] Autodesk Overview - Autodesk leverages decades of proprietary data to train its AI models, integrating generative design and predictive analytics to enhance productivity [9] - The company reports significant adoption of AI tools across its platforms, with over 2.6 million constraints delivered by its AI-based Sketch AutoConstrain feature [10] - Autodesk is positioned to benefit from AI monetization and subscription revenues, although it faces high costs related to cloud infrastructure and talent acquisition [11] - Research and development costs remain high as Autodesk seeks to maintain its competitive edge, alongside increasing sales and marketing expenditures [12] - Autodesk's fiscal 2026 earnings are projected to grow by 20.5% year-over-year, with recent estimates revised upward [13] Comparative Analysis - In the last three months, Figma shares have declined by 25.7%, while Autodesk shares have decreased by 5.4% [14] - Autodesk's larger scale and market capitalization provide it with a better position to absorb cost pressures and monetize investments, making it a comparatively safer investment during the current AI growth phase [15] - Figma trades at a forward 12-month price-to-sales (P/S) multiple of 12.51X, which is higher than Autodesk's 8.12X [16]

Core Viewpoint - Autodesk, Inc. (NASDAQ:ADSK) is recognized as a significant player in the AI stock market, with BTIG initiating coverage and assigning a "Buy" rating along with a price target of $365.00, driven by expectations of durable growth from product expansion [1] Group 1: Company Position and Offerings - Autodesk maintains a strong position in CAD and BIM software, with ongoing expansion into industry-specific cloud collections such as Forma, Fusion, and Flow [1] - The new offerings are designed to attract more users and enhance workflows across Design, Make, and Operate, which will significantly increase Autodesk's total addressable market and create new monetization opportunities [2] Group 2: Growth and Financial Outlook - The expansion of Autodesk's offerings is expected to facilitate continued and disciplined growth for the company [2] - Autodesk is making progress on its margin profile, with a feasible FY29 operating margin target of 41% [2] Group 3: Industry Context - Autodesk leverages generative AI technology to foster innovation across various sectors, including design, construction, manufacturing, and entertainment [2]

Core Viewpoint - Autodesk Inc. is identified as a strong growth stock for 2026, with BMO Capital raising its price target to $343 from $333 while maintaining a Market Perform rating, driven by robust Q3 results and positive Q4 guidance [1][2]. Financial Performance - Autodesk reported non-GAAP EPS of $2.67 for Q3 2025, surpassing analyst expectations of $2.50 [2]. - Total revenue increased by 18% year-over-year to $1.85 billion, with a $124 million contribution from a new transaction model; underlying revenue growth, excluding this impact and currency fluctuations, was 12% [2]. Strategic Momentum - The company's growth is attributed to the integration of design and make workflows within the Autodesk Construction Cloud and the implementation of AI-powered automations [3]. - In the AECO segment, revenue remained strong due to investments in data centers and infrastructure, which offset weaknesses in commercial sectors [3]. - AI adoption is producing significant productivity gains, with over 60% acceptance of AI-powered auto-constraints in Fusion, and 90% of those sketches becoming fully constrained [3].

Core Insights - Bitpanda Technology Solutions has partnered with Banco BS2, marking its first banking collaboration in Latin America, aimed at enhancing digital asset offerings for corporate and institutional clients [1][2]. Group 1: Partnership Details - The partnership allows Banco BS2 to integrate Bitpanda's institutional-grade crypto infrastructure, facilitating its expansion into the digital asset market [1][3]. - Banco BS2 will initially utilize Bitpanda's Fusion platform, which is designed for institutional trading and liquidity, aggregating liquidity from multiple venues to support high-throughput trading and risk management [4]. Group 2: Infrastructure and Services - Beyond trading, the partnership framework enables Banco BS2 to explore additional components of Bitpanda's infrastructure, including custody technology and tokenization capabilities, subject to regulatory approvals [5]. - Bitpanda aims to provide regulated financial institutions with modular and scalable infrastructure, allowing them to enter the digital asset market without developing technology in-house [3]. Group 3: Market Context and Demand - There is a growing institutional demand for experienced infrastructure providers as crypto adoption increases, particularly in Brazil, which is entering a new phase of digital asset adoption [6]. - Brazil's digital asset market is maturing, supported by recent landmark crypto regulations issued by the Central Bank of Brazil, which provide clearer guidelines for financial institutions [8].

Immersive VFX Challenges & Solutions - Immersive VFX is more complex than traditional VFX due to stereo lenses, high frame rates (90 fps), and 8K resolution per eye [2] - Even simple VFX elements can have a significant impact in immersive environments if executed well [3] - Previsualization in 180 degrees is crucial for planning various aspects of production, potentially justifying budget through cost savings [4][5] - Data capture on set (HDRIs, photogrammetry, LiDAR scans, etc) is essential for adding elements, cleanup, and ensuring spatial awareness in stereo [6][7] - Camera tracking accuracy is critical due to the realistic stereoscopic depth in immersive experiences [9] - Reviewing VFX work in Apple Vision Pro is necessary at all stages to avoid discrepancies between 2D monitors and the final immersive output [10] DaVinci Resolve/Fusion Workflow for Immersive Video - DaVinci Resolve's Fusion tab offers tools for immersive VFX, including Immersive Patcher, LatLong Patcher, and Panomap [15][18] - The Immersive Patcher converts lens space images to rectilinear images for easier paint and compositing work, with adjustable angle of view [20][21] - The Panomap tool converts between different formats, such as immersive to lat-long, useful for stabilization and CG render mapping [23][24] - Fusion allows previewing work in the Apple Vision Pro headset by combining left and right eyes into layers using a combiner node [26][27] - DaVinci Resolve can pass through the ILPD metadata into EXRs, maintaining camera information throughout the VFX pipeline [74] - Spherical Stabilizer in Fusion can stabilize shaky camera footage by converting immersive space to lat-long space [86][87]

Core Insights - Oracle is expected to report strong growth in its cloud infrastructure business, with a focus on cloud backlog and capital expenditures as key indicators for Q2 earnings of fiscal year 2026 [2][3] - The company has been posting over 50% growth in recent quarters, with the last quarter showing a 55% increase, significantly outpacing competitors like AWS and Microsoft Azure, which are growing in the low 30% range [3] - Oracle's investment in cloud infrastructure is seen as a long-term strategy, as it is relatively late to the public cloud market compared to competitors [4] Financial Performance - The stock price increased over 35% following the last earnings report, driven by a significant future contract value of $455 billion in remaining performance obligations (RPO) [5] - There are concerns regarding the company's debt-to-equity ratio and the current market discussions around credit default swaps (CDS) [6] Business Strategy - Oracle is pursuing a multi-cloud strategy, collaborating with major players like Amazon, Google, and Microsoft [7][8] - The company is also focusing on its core franchises, including its electronic healthcare records business and database solutions, which continue to show growth [11][12] - The long-term outlook for Oracle is positive, particularly in the context of its data strategy and the rapid growth of its Oracle Cloud Infrastructure (OCI) [13] Market Sentiment - The stock has seen a pullback of approximately 36-37% from its all-time highs, leading to a relatively low bar for the upcoming earnings report [15] - Implied volatility levels are elevated, indicating market anticipation for potential price movements [15]

Financial Data and Key Metrics Changes - Revenue for Q3 FY26 was $964 million, representing a 16% year-over-year growth, while operating profit grew 17% year-over-year to $196 million, achieving an operating margin of 20.3% [19][24] - Total gross margin increased to 74.1%, with subscription services gross margin at 75.5% and product gross margin at 72.9% [23][24] - Annual recurring revenue (ARR) grew 17% to $1.8 billion, and total remaining performance obligations (RPO) increased 24% to $2.9 billion [22] Business Line Data and Key Metrics Changes - Product revenue reached $534 million, growing 18% year-over-year, while total contract value (TCV) sales for storage as a service offerings grew 25% year-over-year to $120 million [21][22] - Subscription services revenue in Q3 was $430 million, accounting for 45% of total revenue [22] - The number of customers deploying the Fusion platform has more than tripled since the beginning of the year, indicating strong demand [7] Market Data and Key Metrics Changes - U.S. revenue was $683 million, growing 22%, while international revenue was $281 million, growing 4% year-over-year [23] - The company added 258 new customers, with a penetration rate of 63% in the Fortune 500 [23] Company Strategy and Development Direction - The company aims to capitalize on the financial benefits from hyperscaler revenues to make significant investments in R&D and sales and marketing to sustain momentum and capture additional profitable growth opportunities [26][28] - The focus is on expanding the Enterprise Data Cloud and enhancing the capabilities of the Pure Fusion platform to meet evolving customer needs [10][11] - The company plans to grow its hyperscaler business and evaluate additional business model options that may change gross margin economics in FY27 [28] Management's Comments on Operating Environment and Future Outlook - Management anticipates increased commodity pricing and excess demand will pressure global supply chains, but the company is well-prepared with a resilient supply chain and strong business continuity plans [16] - The outlook for Q4 anticipates revenue in the range of $1.02-$1.04 billion, representing a 17.1% year-over-year increase at the midpoint [25] - The company expects operating profit for FY26 to be in the range of $629-$639 million, reflecting a 13.3% year-over-year increase at the midpoint [26] Other Important Information - The company has a strong balance sheet with $1.5 billion in cash and investments, and Q3 operating cash flow was $116 million [24] - The company returned $53 million to shareholders through share repurchases and has $56 million remaining in its buyback authorization [24] Q&A Session Summary Question: Impact of memory price inflation on margins and revenue - Management explained that commodity pricing affects overall market pricing, and higher prices generally lead to increased revenue across the storage market, benefiting the company [32][34] Question: Increase in inventory and its implications - Management noted that the increase in inventory was due to tariff mitigation purchases and strategic positions in key components to avoid supply chain disruptions [38][40] Question: Product gross margin and mix shift - Management confirmed that higher-end product configurations contributed positively to product gross margins, alongside revenue from Portworx licenses and hyperscaler shipments [44][46] Question: Feedback on Enterprise Data Cloud - Early feedback on the Enterprise Data Cloud has been positive, with significant demand for cloud-native solutions and improved customer engagement across various roles [50][52] Question: Engagements with hyperscalers - Management indicated ongoing engagements with top hyperscalers, with multiple proofs of concept underway, and emphasized investments in product SKUs and technology to drive growth [58][61] Question: Changes in demand dynamics due to memory costs - Management acknowledged that while rising prices could constrain demand, the overall demand for data remains strong, particularly due to AI [84][86] Question: Expectations for gross margin dynamics as hyperscale business scales - Management highlighted that while current gross margins are strong, exploring new revenue models with hyperscalers could impact future gross margin economics [70][72] Question: Operating margin trajectory into FY27 - Management reassured that they expect operating profit to grow beyond FY26, with continued investments in growth areas [80][81]

Financial Data and Key Metrics Changes - Revenue for Q3 FY26 was $964 million, representing a 16% year-over-year growth, while operating profit grew 17% year-over-year to $196 million, achieving an operating margin of 20.3% [17][21] - Product revenue reached $534 million, up 18% year-over-year, and subscription services revenue was $430 million, increasing 14% year-over-year, accounting for 45% of total revenue [19][21] - Total remaining performance obligations (RPO) grew 24% to $2.9 billion, with annual recurring revenue (ARR) increasing 17% to $1.8 billion [19][21] Business Line Data and Key Metrics Changes - The enterprise segment continued to show strength, driven by the Pure Storage platform and the Evergreen One subscription model [5][17] - Hyperscaler shipments exceeded the annual forecast of 2 exabytes by the end of Q3, with expectations for continued momentum in Q4 [5][18] - TCV sales for storage as a service offerings grew 25% year-over-year to $120 million, reflecting strong customer resonance with subscription-based offerings [19] Market Data and Key Metrics Changes - U.S. revenue was $683 million, growing 22%, while international revenue was $281 million, growing 4% year-over-year [20] - The company added 258 new customers, increasing its penetration of the Fortune 500 to 63% [20] Company Strategy and Development Direction - The company aims to capitalize on the financial benefits from hyperscaler revenues to invest significantly in R&D and sales and marketing to sustain momentum and capture profitable growth opportunities [24][25] - The focus is on expanding the Enterprise Data Cloud and enhancing the capabilities of Pure Fusion to meet evolving customer needs in data management [10][36] - The company plans to explore additional business model options for hyperscaler engagements, which may impact gross margin economics in FY27 [25][43] Management's Comments on Operating Environment and Future Outlook - The management anticipates increased commodity pricing and excess demand will pressure global supply chains, but the company is well-prepared with a resilient supply chain and strong business continuity plans [15] - The outlook for Q4 anticipates revenue in the range of $1.02-$1.04 billion, representing approximately a 17.1% year-over-year increase at the midpoint [23] - The company expects operating profit for FY26 to be in the range of $629-$639 million, reflecting a 13.3% year-over-year increase at the midpoint [24] Other Important Information - The company recognized in the Gartner Magic Quadrants for enterprise storage platforms and infrastructure platform consumption services, highlighting its competitive advantages [11] - The management announced the appointment of Pat Finn as the new Chief Revenue Officer, emphasizing the importance of leadership in scaling sales and go-to-market strategies [16] Q&A Session Summary Question: Impact of memory price inflation on margins - Management explained that commodity pricing affects overall market pricing more than gross margins, suggesting that higher prices could lead to increased revenue growth [27][28] Question: Inventory increase and strategic purchases - The increase in inventory was attributed to tariff mitigation purchases and strategic positions in key components to avoid supply chain disruptions [30][31] Question: Product gross margin sustainability - Management indicated that a mix shift to higher-end products and increased Portworx license sales contributed to strong product gross margins, which they expect to maintain [32][33] Question: Engagements with hyperscalers - The company is actively engaged with top hyperscalers, conducting multiple proofs of concept and exploring new revenue models to enhance growth [39] Question: NeoCloud opportunity and product offerings - Management clarified the distinction between hyperscale and AI market opportunities, emphasizing the growth potential in specialized products for AI environments [52]

Summary of Autodesk Q3 2025 Conference Call Company Overview - **Company**: Autodesk (NasdaqGS:ADSK) - **Date of Conference**: December 02, 2025 Key Points Industry and Market Performance - **Strong Q3 Results**: Autodesk reported strong performance in Q3, with continued momentum from the first half of the year, particularly in data centers, industrial, and infrastructure sectors [2][3] - **Geographic Strength**: Notable growth was observed in various regions, especially in emerging markets [2] - **Diversification and Resilience**: The company emphasized the diversification built over the years, contributing to consistent growth and resilience in the business [3][5] Growth Drivers and Future Outlook - **Capacity Constraints**: Autodesk highlighted a significant capacity constraint in the market, indicating that customers need more capacity to execute projects efficiently [7][8] - **Incremental Capacity through Automation**: The company plans to add capacity through automation, particularly in construction and manufacturing sectors, which are expected to provide durable growth opportunities [9][10] - **AI Integration**: Autodesk is focusing on AI initiatives, including task and workflow automation, to enhance productivity and customer satisfaction [19][20] Financial Guidance and Revenue Model - **Guidance for Q4 and Beyond**: Autodesk raised its guidance for Q4 and expressed confidence in sustaining growth into fiscal 2027, driven by consistent performance and ongoing go-to-market optimization [3][14] - **Revenue Growth Areas**: Key areas for growth include construction, Fusion (a manufacturing application), and infrastructure projects, with expectations of continued strong performance [13][14][42] Go-to-Market Strategy - **Transition to Self-Service**: Autodesk is transitioning to a self-service model, which is expected to enhance customer engagement and streamline renewals [61][64] - **Partner Compensation Changes**: Changes in partner compensation structures are being implemented to incentivize new business generation over renewals [64][66] Data and Cloud Strategy - **Importance of Data Layer**: The data flow is crucial for connecting various processes from design to operations, facilitating automation and enhancing customer value [30][31] - **SaaS Adoption**: Autodesk is witnessing rapid growth in its SaaS offerings, with a significant shift towards cloud-based solutions, which is essential for future AI and automation initiatives [32][34] Operational Efficiency and Margins - **Operating Margin Targets**: Autodesk aims for adjusted operating margins of 41%-45%, with expectations of non-linear growth due to ongoing optimization and inherent operating leverage [72][78] - **Pricing Strategy**: The company is considering pricing adjustments based on value delivered, with potential for new monetization models, especially in AI [80][84] Customer Sentiment and Spending - **Consistent Customer Investment**: Customer sentiment remains positive, with no downsizing of Enterprise Business Agreements (EBAs) and indications of consistent technology investment heading into the next year [48][49] Conclusion - Autodesk is positioned for continued growth through strategic focus on automation, AI integration, and a robust go-to-market strategy, while navigating macroeconomic uncertainties and optimizing its operational efficiencies. The emphasis on cloud solutions and data management is expected to drive future opportunities across various sectors.

Financial Data and Key Metrics Changes - Total revenue in Q3 grew 18% as reported and in constant currency, with a contribution from the new transaction model of approximately $124 million [8][9] - Billings increased 21% as reported and 20% in constant currency, with a contribution from the new transaction model of approximately $135 million [9][10] - Third quarter GAAP and non-GAAP operating margins were 25% and 38% respectively, reflecting year-over-year increases of approximately 330 basis points and 120 basis points [10][14] - Free cash flow for Q3 was $430 million, benefiting from earlier timing of billings and lower cash tax payments [10][14] Business Line Data and Key Metrics Changes - Strength was observed in AECO (architecture, engineering, construction, and operations), driven by sustained investment in data centers, infrastructure, and industrial buildings [8][9] - The Autodesk Store and billing linearity during the quarter were stronger than expected, contributing to overall revenue growth [8][9] Market Data and Key Metrics Changes - RPO (Remaining Performance Obligations) of $7.4 billion and current RPO of $4.8 billion both grew 20%, benefiting from the new transaction model [9][10] - The macroeconomic environment appears broadly stable, but uncertainty remains elevated [12][14] Company Strategy and Development Direction - The company is focused on enhancing products with cloud-based platforms and capabilities, redefining its business model and go-to-market strategies [5][6] - Autodesk aims to capture shared value through subscription, consumption, and outcome-based business models that blend human and machine capabilities [6][22] - The strategy includes building a vibrant third-party ecosystem to enhance solution value and efficiency [6][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value being created for customers and shareholders, despite geopolitical and macroeconomic uncertainties [5][6] - The company raised its full-year guidance for billings and revenue, reflecting current business momentum [13][14] - Management acknowledged potential disruptions in the sales and marketing optimization plan but remains focused on controllable factors driving revenue and margins [12][14] Other Important Information - The company plans to buy back approximately $1.3 billion of stock, a 50% increase compared to fiscal 2025 [14] - The transition to annual billing for most multi-year contracts is expected to significantly diminish tailwinds next year [10][12] Q&A Session Summary Question: Discussion on seats versus consumption AI monetization - Management highlighted the capacity challenge in industries served and the balance between human engagement and machine execution in future projects [26][28] Question: Insights on fiscal 2027 outlook - Management indicated that while the business is performing well, there are risks of disruption and macroeconomic uncertainty that will be considered in future guidance [30][31] Question: Autodesk Construction Cloud penetration - Management noted that there is still room for increased penetration within existing accounts and emphasized the unique value proposition of the Autodesk Construction Cloud [35][37] Question: PLM market opportunities - Management stated that many mid-market customers lack strong data management solutions and that Autodesk aims to provide them with modern, SaaS-based platforms [39][40] Question: Customer migration and packaging strategies - Management discussed efforts to ensure customers are not left behind during transitions and the importance of seamless integration between existing and new products [44][46] Question: Trends in usage telemetry - Management confirmed that momentum in Q3 was consistent with previous quarters, with no new emerging trends to highlight [48] Question: Billings growth mechanics - Management clarified that there was no unusual M&A activity affecting growth rates and attributed outperformance to strong execution and favorable macro conditions [51][62] Question: Customer spending plans for 2026 - Management reported that customers are maintaining their spending patterns and investing in digital infrastructure [58][59] Question: Fiscal 2027 growth expectations - Management emphasized the importance of considering macro risks and the performance of the underlying business when guiding for fiscal 2027 [84]