Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Autodesk First Quarter Fiscal Year 2016 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. As a reminder, this conference call is being recorded. I would now like to hand the conference over to Mr. David Gennarelli, Senior Director of Investor Relations. Sir, you may begin.

Thanks, operator. Good afternoon. Thank you for joining our conference call to discuss the results of our first quarter of FY 2016. Also on the line is Carl Bass, our CEO; and Scott Herren, our CFO. Today's conference call is being broadcast live via webcast. In addition, a replay of the call will be available at autodesk.com/investors. As noted in our press release, we have published our prepared remarks on our website in advance of this call. Those remarks are intended to serve in place of extended formal comments, and we will not repeat them on this call. During the course of this conference call, we will make forward-looking statements regarding future events and the anticipated future performance of the company, such as our guidance for the second quarter and full year fiscal 2016, our long-term financial model guidance, the factors we used to estimate our guidance including currency headwinds, our transition to new business models, our market opportunities and strategies, and trends for various products, geographies and industries. We caution you that such statements reflect our best judgment, based on factors currently known to us and that actual events or results could differ materially. Please refer to the documents we file from time-to-time with the SEC, specifically our Form 10-K for the fiscal year 2015, and our current reports on Form 8-K, including the Form 8-K filed with today's press release and prepared remarks. Those documents contain and identify important risks and other factors that may cause our actual results to differ from those contained in the forward-looking statements. Forward-looking statements made during the call are being made as of today. If this call is replayed or reviewed after today, the information presented during the call may not contain current or accurate information. Autodesk disclaims any obligation to update…

Thank you. Our first question comes from Gregg Moskowitz from Cowen and Company. Your line is open. Please go ahead. Gregg S. Moskowitz - Cowen & Co. LLC: Okay. Thank you very much and I apologize for any background noise. Just first question, wondering how much of a benefit to Q1 billings is there any way to size this, Carl, it just came from the upgrade extension that existed through early March? Carl Bass - President, Chief Executive Officer & Director: Not a huge amount. We saw a little bit of pull-through at the beginning of the quarter, from the end of the previous quarter. So I think in – but it was not substantial. Gregg S. Moskowitz - Cowen & Co. LLC: Okay. And then we've obviously spoken with some of your customers and partners, but I'm curious what you are hearing anecdotally just in terms of feedback from them with regards to the recently announced perpetual licensing changes? Carl Bass - President, Chief Executive Officer & Director: So, what we've seen – I mean there is – the changes just went in effect very recently. So I don't think it's reached the end customer to any significant degree. The partners are first starting to get ready for it. Like we said, we had almost no promotions in Q1. We wanted to digest what went on at the end of last year and get people ready for this three quarter March to the – ending license sales. So, I think it will take probably another month or two until we really see what the reaction from customers are. But generally speaking, they've been favorable and most of the results point that way. R. Scott Herren - Chief Financial Officer & Senior Vice President: Yeah, yeah... Carl Bass - President, Chief Executive Officer & Director: Do you have anything to add, Scott? R. Scott Herren - Chief Financial Officer & Senior Vice President: Yeah. Gregg, one of the things that is encouraging on that front is if you look at the 95,000 subscription adds we had in Q1, about half of them came from the new model types. So, there is – we are building pretty good acceptance in the early days at least on the new model types.

Thank you. Our next question comes from Brent Thill from UBS. Your line is open. Please go ahead.

Good afternoon. Just a question on the guidance and I want to make sure we understand this correctly. You left your constant currency guidance for the full year unchanged, but you talked about this unevenness and I know you've changed your as reported guide due to FX. But beyond the FX, is there something that's making you more nervous as you look at the economy, you talk about this unevenness and I think everyone in Japan has had issues. Carl Bass - President, Chief Executive Officer & Director: Yeah.

But, what – you did leave your constant currency unchanged. So I'm just curious that is there some inconsistent statements that you're making in terms of how you're thinking about – is it looks – as it relates to the...? Carl Bass - President, Chief Executive Officer & Director: So, let me put things on both sides of the ledger. Generally, I feel good is, as Scott just said, about the transition to the new model and most parts of the world seem to be doing well. And in that way, our plans are unchanged. If you wanted me to rank, you know, my first budget, number one on my first budget would be FX; number two would be Japan; and number three would be Russia. And I don't think the list really goes longer than that. Those are the things, I think, FX has been more of a headwind than we anticipated on Japan and Japan can continue to be weak. Russia, we've already cut our business in such a substantial way that its impact is going to taper off. But if I wanted – anyhow if I wanted to prioritize for you, Brent, that's probably the best that I could do.

Okay. But your statement just in not changing your constant currency, just the sense of you're not seeing a lot of this have a major impact is just this is – it sounds like it's more FX related? Carl Bass - President, Chief Executive Officer & Director: There is a lot of FX. I am – I'd be not completely candid if I say I am not worried about Japan. Right now, Japan is one of our biggest markets. You're seeing – as you mentioned, others have had trouble there. I think it can continue. Generally speaking, when Q1 is weak for Japan, it's a weak year for Japan. So, I have some nervousness around Japan. But as I said somewhat tongue in cheek, it's a lot of money, having a couple hundred million dollars is a lot of money for us just to go in FX. And so I usually feel better about both our hedging policy as well as kind of the buffer we have built in with the rates and this time I had less confidence in that.

Okay. Thank you for the color.

Thank you. Our next question comes from Keith Weiss from Morgan Stanley. Your line is open. Please go ahead. Keith E. Weiss - Morgan Stanley & Co. LLC: Excellent. Thank you guys for taking the question. One of the things that we're all trying to figure out here, as you go through the business model transition is the push and pulls between whether people are going to be hoarding perpetual licenses upfront or whether you're going to be able to convince guys to go to desktop subscription more fully or more wholesomely upfront as we go through this transition. Any indications you could give us, it's been in the market for a couple of months now. Any indications you could give us on how you think that's going to break, which direction it's going to break? Carl Bass - President, Chief Executive Officer & Director: No, Keith, we've been trying to be totally transparent as we don't actually – we have a number of models and we have a number of knobs and levers to move during the year, as we see it. I think you'll see first break this quarter and we'll have a little bit of understanding of that. And then we can adjust some things as we go through the rest of the year. But it's not as obvious – I was obviously encouraged that people – many higher subscription numbers in Q1. So we'll just have to see how that plays out, but that was at least a positive sign. R. Scott Herren - Chief Financial Officer & Senior Vice President: Yeah. Keith, the other thing that besides what Carl just mentioned about the half of our net adds coming from new model in Q1, when we look at the promotional activity that we've got queued…

Thank you. Our next question comes from Jay Vleeschhouwer from Griffin Securities. Your line is open. Please go ahead.

Carl, I'd like to ask a couple of questions regarding what the steady state that the business might look like starting in fiscal 2018 in two respects, and you touched on it in part when you talked about your products and how they're being used differently. So, the first question is you already have a reasonably complex product line in terms of numbers of SKUs, numbers of configurations per suite and so forth. And the question is versus what the portfolio looks like today, do you think the portfolio in fiscal 2018 is somewhat more simplified or reduced, for example, when you come out with subscribe to Autodesk, do you think that even with various flavors of that, that you might in effect consolidate the product line or do you think that it just expands, you just introduced a new suite, for example. So what do you think the general direction of the scope of the portfolio looks like? And then just a second question for Scott, also looking at what the steady state might look like? Would it be fair to say that in terms of the margin leverage you get, once you're on the other side of this transition that sales and marketing as a percent of revenue is where you get the most leverage perhaps several 100 basis points of reduction, sales and marketing, and that you might even have a flat to lower absolute spending of sales and marketing at some point? Carl Bass - President, Chief Executive Officer & Director: Okay. So let me just start. What I would say is right now, we're probably at the height of complexity of our product portfolio, because we really have one foot in each world. As we move forward, what I think you will see for the…

Thank you. Our next question comes from Brendan Barnicle from Pacific Crest Securities. Your line is open. Please go ahead.

Thanks so much. And, Carl, thanks for reiterating that fiscal 2018 guidance. I wanted to drill down on maybe how we get there a little bit. It sounded like based on your comments that fiscal 2017, not this year, would be the low in terms of revs and EPS and if that's so, do you also expect that billings would remain positive in fiscal 2017 as we go through this transition or would those dip negative as you make the change? Carl Bass - President, Chief Executive Officer & Director: There's a chance it dips negative. A lot depends on the pace of change. So the question that was asked earlier, a huge amount depends on how quickly people move between the two models. We'll update you as we see it develop, but I don't think it's wrong to assume that it dips in FY 2017 and I think it is correct to say that FY 2017 is the low point. That will be the place where the customers are most compelled to do something and make a choice. And let me just remind you, to the extent that we're most successful in transitioning customers to the new models, which is what we really want to do because the financial model at the other end of the rainbow is so promising, is that it will impact traditional income statement metrics. So it's a mixed bag for us, so while we root for it, it definitely brings down the traditional metrics that people look at. R. Scott Herren - Chief Financial Officer & Senior Vice President: Yeah. And, Brendan, that same dynamic is in play this year, right, to the extent that it moves much more quickly to new models and away from perpetual sales, we will see that in the reported revenue results this year. We will continue to see the build in subscribers, we will continue to see the build in deferred revenues, but that same dynamic that we're talking about in fiscal 2017 is also in play for the remainder of this year.

Great, thanks. And, Scott, just following up quickly on the cash flow you mentioned in the prepared comments, the higher payout of variable employee comp. And just curious whether given that you didn't see as much this quarter if you had just more direct sales in Q4 and then whether direct sales met the expectations for Q1 or if that's just a seasonal pattern we should start modeling? R. Scott Herren - Chief Financial Officer & Senior Vice President: Yeah. What really impacted cash flow from ops in Q1 was really – was two things. So we talked about both of these when we talked about our income statement in Q4, but they both came out of cash in Q1. One was the variable comp plans. Fiscal 2015 for us which ended January 31 was a very good year and so we saw in our OpEx throughout the year, but in particular, in Q3 and Q4 of last year pretty elevated level of variable comp expense so all that got paid out in Q1. And so year-on-year, we spent – out of our cash, we spent about $60 million more in variable comp in Q1 of this year than we spent in variable comp in Q1 of last year. The second, as we talked about – if you remember Q4 was a record quarter for us for cash flow from ops of $257 million. Within that we talked about the linearity of Q4 was such that we had a lot of those large EBAs close actually in December, it wasn't the end of our fiscal year, but it was the end of a lot of our customers fiscal year. So a lot of those big transactions actually got closed in December, got invoiced and collected still in Q4 as opposed to a normal linearity, which would have those much more at the end of the quarter and then collected in the following quarter and that contributed about a little more than $40 million to the OpEx impact year-on-year. So those two together drove Q1 cash flow from ops down a little bit more than $100 million on a year-on-year basis.

Great. Thanks for the clarity.

Thank you. Our next question comes from Steve Ashley from Robert W. Baird. Your line is open. Please go ahead. Steve M. Ashley - Robert W. Baird & Co., Inc. (Broker): Perfect. Just like to go back and maybe touch a little bit on what Brent had talked about a little earlier about your talking about the year. Just wondering if your internal way that you had expected the year to play out has changed from when you started the year until now, do you now expect the seasonality quarterly of the way that revenue flows to be different? R. Scott Herren - Chief Financial Officer & Senior Vice President: Yes, Steve. This is Scott. I'll start and then let Carl add some commentary. It's really not significantly different that as we calculate the FX impact, it – there is rounding going on in there. We quote that in whole percentage points, but it has increased and has moved from what was 6% and 4% billings and revenue to 7% and 5%, but the reality is there is some rounding going on underneath the covers. So I think the shape of the year is the same shape that we expected. There is a little bit of uncertainty, as Carl talked about earlier, in some of our key markets, in particular, in Japan and then to some extent in Russia, and that's really what you see reflected. Steve M. Ashley - Robert W. Baird & Co., Inc. (Broker): Great. Carl Bass - President, Chief Executive Officer & Director: Yeah. I mean, same thing I said before in terms of concerns it's FX and then it's Japan and then it's Russia and the list ends there. Steve M. Ashley - Robert W. Baird & Co., Inc. (Broker): And I would – just in terms of 50% of the subscriptions coming from the new model, I wonder if we could get a little more granularity there and maybe just comment, are you seeing traction with desktop subscriptions? R. Scott Herren - Chief Financial Officer & Senior Vice President: Yeah, we are, Steve. We're seeing desktop – we've talked about it growing on a sequential basis at a pretty high clip. We're not actually breaking it out because it's still – despite the rapid growth, it's still not a material number. But it is continuing to grow actually and not experience seasonality at this point. We're still seeing very strong sequential growth coming out of desktop and cloud. Steve M. Ashley - Robert W. Baird & Co., Inc. (Broker): Perfect. Thank you.

Thank you. Our next question comes from Heather Bellini from Goldman Sachs. Your line is open. Please go ahead. Heather A. Bellini - Goldman Sachs & Co.: Great. Thank you. I had a couple of questions. One, I just wanted to follow up on, I guess, that last one before I go to these other two about the product strength that you're seeing, you guys mentioned new products in particular. I'm just wondering you just gave us some color on desktop subscription, but can you give us some other information about or any more granularity on where you're seeing growth in other new products? And then, I've got a couple of follow-ups. Carl Bass - President, Chief Executive Officer & Director: Yeah. So – okay. Sure, Heather. First one I would say is the enterprise licensing, the EBAs continue to do really well. They're still a little bit more seasonal than other parts of our business. They coincide with customer or our end of year. But enterprise licenses continue to grow. I expect them to continue to this year and next. And then, we're having tremendous amount of success on the cloud-based products. So, PLM 360 – I'd call that's some color with the CAM products, PLM 360, Fusion 360, all doing really well. In some ways, if you think about it, it's been crazy that's it's taken this long for cloud software to make it to the world of engineering and as it's becoming a mainstream deployment in IT shops, people are realizing that the world of design and engineering and manufacturing is going to move there as well. And so we're benefiting from being in a leadership position in all of those. I think backing it up too would be the desktop subscriptions continue to do nicely and…

Thank you. Thank you. Our next question comes from Matt Hedberg from RBC Capital Markets. Your line is open. Please go ahead.

Yeah. Thanks for taking my questions, guys. One of the questions that I get the most is how might the range of outcome look for 2017, and when might those ranges start to narrow here? And I guess I'm wondering, how should we think about cash margins versus operating margin? Should cash margins be a bigger focus for investors during this transition versus your 30% operating margin targets? R. Scott Herren - Chief Financial Officer & Senior Vice President: Yeah. Matt, I think both are important. Obviously, we are continuing to generate cash. I don't think you see a significantly different trend, though, between our cash margins and our op margins. So as we go into fiscal 2017 and as Carl talked about, some of the traditional income statement metrics particularly around reported revenue will be under pressure in fiscal 2017, that's going to put pressure right down the face of the income statement. I think the better way to track our progress through the transition is going to be looking at things like the growth of deferred revenue, and the growth of the subscriber base, which really get at the underlying business dynamics that then set up for the way the model looks as we come back out of the transition.

That's great. And then, Carl, I wanted to ask about IoT, it seems to me that you've talked about a little bit more in your prepared remarks than I can remember historically. Can you give us a little bit of sense for how you might play in that market and should we expect maybe further investments be it M&A to further boost that opportunity for you guys? Carl Bass - President, Chief Executive Officer & Director: Yeah. So, I mean this is probably the first time we've really talked about it and it's one of the areas where our customers are really interested in it. I was doing the prepared remarks last night when I came upon this tweet and it made me pause about including it, because the tweet was something like IoT is like teenage sex, everyone talks about it, nobody really knows how to do it, everyone thinks everyone else is doing it, so everyone else claims they are doing it. And so, it did give me a little bit of pause, but let me just tell you that we do know what we're doing and it has become a huge focus for our customers in all of our industries. IoT has been often associated with just purely manufacturing, but it's also in the building space and I would say this is both for vertical and horizontal construction, a big deal. Sensors have been built into every building, they are being put in every infrastructure project from electrical infrastructure to sewage infrastructure, to dams, roads, bridges are all having it. And the important thing for us is figuring out how do you help customers not only collect that data and analyze that data, but how does that feed back into better products that they build in turn for their customers. Also many of our customers are contemplating transitions of their own, but you've certainly seen things along the lines, from large industrial companies like GE talking about essentially jet engines as a service as opposed to selling jet engines and railroads as a service, and so it's a huge interest. What we saw in the market was that there was a real lack of contemporary modern tools to do it. There is a lot of old tools that have been around for a long time. And so we will do the usual thing to answer your question directly, which is we're doing some in-house development that we started from scratch and we will be opportunistic about finding M&A opportunities. But I wouldn't take those remarks specifically anything significant about a big acquisition, any acquisitions we will do will be in the style that we're most accustomed to.

Thank you. Our next question comes from Philip Winslow from Credit Suisse. Your line is open. Please go ahead. Philip A. Winslow - Credit Suisse Securities (USA) LLC (Broker): Thanks, guys, for taking my question. Most questions have already been asked. But just want to dig into the linearity question and then, Carl, back to your comments about being more backend loaded and a little softer in the middle. Perhaps you could help us sort of kind of as given an analogy here to sort of how you expect the end of sale of point product licenses at the end of this fiscal year to impact the second half maybe versus how the end of upgrade sales impacted that – the second half or just last fiscal year, what did we learn from the end of upgrades and how you're thinking about that implying it to the end of point product sales and then in terms of the guidance, that'd be great? Carl Bass - President, Chief Executive Officer & Director: Yeah. So I think – yeah, I think it's a great question. I think the best indication we have about the trajectory, the slow growth, the activity is what happened last year. It's a really good indication of how our customers respond to changes that need to be made. The very – so that much I look at is being very similar to last year. The place where there is probably a little bit of difference is just we don't know what they will do as a result of it. So how many will move to desktop subscription versus the hoarding extra licenses. So there is a little bit of difference in what they'll do, but the level of activity we've been modeling is pretty close to a mirror…

Thank you. Our next question comes from Walter Pritchard from Citi. Your line is open. Please go ahead.

Hi, thanks. Two questions just to follow up to the prepared remarks. One is you commented in there that LT (46:13) and I'm wondering is that just a revenue business model transition impact, or did you actually see some fundamental underlying unit based (46:20) weakness during the (46:21) quarter? R. Scott Herren - Chief Financial Officer & Senior Vice President: Hey, Walt, can you repeat the question? For some reason you are breaking up, we're having trouble hearing you.

I'm sorry. All right, let's see is this any better? Carl Bass - President, Chief Executive Officer & Director: Yeah, that's better. R. Scott Herren - Chief Financial Officer & Senior Vice President: Yeah, that's better.

Okay, great. All right. So, the question was on LTs, you had in the prepared remarks that LT was weak during the quarter. And I'm wondering if that was a business model transition source of weakness or if there was something going on that was more demand related or otherwise? Carl Bass - President, Chief Executive Officer & Director: I think LT as we've always said is very promotion related. With that – it's the most price-sensitive amongst our customers. And so I tie it almost completely to lack of promotions in the quarter.

Got it. And then just another follow-up on the prepared remarks, you had in there that manufacturing, I think, it grew – I don't remember exactly the numbers, but it was a little weaker than we thought it would be on a constant currency basis, and obviously some of the things like PMI manufacturing data on the macro side haven't been as strong. I'm wondering if you attribute that relative weakness to the macro or if – I'm just curious how you think about your market share there and if you are holding share in that market? Carl Bass - President, Chief Executive Officer & Director: Yeah. No, I think I feel relatively good about manufacturing. Japan is obviously one of the areas impacting us. So generally feel good about where we are. If I was to break it down a little further to the question of share, I think we're holding serve or better in all of the traditional products. The place where we really gaining ground, although it's not reflected so much in the financials is in all the cloud-based products. As we talk about the cloud-based IoT product and cloud-based PLM product and cloud-based design and engineering product like Fusion, that's dramatically different than what our competitors are doing and that's a place where we're seeing real traction.

Thank you. Our next question comes from Steve Koenig from Wedbush. Your line is open. Please go ahead.

Hi. Thanks, gentlemen. If I can do a housekeeping and then one follow-up. On the housekeeping, a financial question here. Scott, can you just explain to us the operating margin being down in guidance, is that all currency or is there a bit of macro or something else in there? R. Scott Herren - Chief Financial Officer & Senior Vice President: Yeah, it's – the op margin coming down from previous guide of 13% to 15%, to 12% to 14% really just reflects the change that we've guided on the top-line.

Okay. So it's really... R. Scott Herren - Chief Financial Officer & Senior Vice President: Sorry, we are getting a lot of feedback. I don't know if you heard the same thing. We got a significant echo there.

Sorry, I didn't hear that, but can you hear me okay now? R. Scott Herren - Chief Financial Officer & Senior Vice President: Yes. We can.

Okay, great. So the operating margin being down, guidance is really all related to that top-line reduction, which was currency? R. Scott Herren - Chief Financial Officer & Senior Vice President: That's right.

Okay. And then I wanted to ask you guys as well. It seems in some aspects, the transition is perhaps a year or at least some measure of time behind what you might have originally anticipated when you planned out your transition and first communicated it, not so much in terms of the subscriber additions, but in terms perhaps of the optics on the headline results and on the margin adjustments. Is this a correct perception or not and if so, any color around that or why might that be? Carl Bass - President, Chief Executive Officer & Director: Yeah, I... R. Scott Herren - Chief Financial Officer & Senior Vice President: Go ahead. Carl Bass - President, Chief Executive Officer & Director: This is exactly – I mean we've been marching pretty much to the same plan all along. There have probably been small alterations as we phase out when the promotions are and when the end of sale of certain products are. But certainly in big terms, it's virtually identical to what we laid out the very first time at Investor Day about the transition that we saw. So there hasn't been any major disruptions one way or another. R. Scott Herren - Chief Financial Officer & Senior Vice President: Yeah. My sentiment, Steve, is we're continuing to move as quickly as we can actually through the transition. And so I don't – certainly it's not a sense that we're behind. I think if anything, when you look at the subscriber adds, we're perhaps a bit ahead of where we might have been at this point when we first talked about going through this transition.

Thank you. Our next question comes from Sterling Auty from JPMorgan. Your line is open. Please go ahead.

Hey. Thank you. It's actually Darren Jue on for Sterling. Carl, you mentioned that you made a small price adjustment in some of the euro and yen denominated markets. I'm just wondering if you could maybe elaborate more on what you did, and I mean presumably, you've raised prices, and perhaps you could talk a little bit about what the early reaction has been from customers. Carl Bass - President, Chief Executive Officer & Director: Yeah. Scott, you want to... R. Scott Herren - Chief Financial Officer & Senior Vice President: Yeah. The adjustment we made, Darren, was really as we looked at the way the currencies had moved, and of course, we price in local currency in every market, just trying to attain some level of equilibrium around our pricing across markets. So, there is not a significant arbitrage opportunity to buy licenses in one market versus the other. So, the adjustment – and we only adjusted the yen and euro, which they are the two most significant non-U.S. dollar denominated price points that we have, and the adjustment was in the 5% to 7% range. So, it's not an enormous amount. From an absorption standpoint in the market, there has been absolutely no noise on that.

Okay, great. And I wonder if you could tell us of the 95,000 subs that you added in the quarter, how many of them came via the Shotgun acquisition? And also if you could give us a sense for how many came through the Autodesk website? R. Scott Herren - Chief Financial Officer & Senior Vice President: Yeah, the Shotgun was steady state. So if you remember in Q4, we talked about the 17,000 subscription add driven by Shotgun, that was an acquisition that we had done previously. And it was the first time that we got their subscriber count to a level of accuracy and conformed it to the way we count subscribers. So, we added that as a one-time. So the ongoing adds from Shotgun will just be the ongoing adds that are driven by the business. And it didn't stand out as a significant number. I'd say the one thing we did see in the subscriber count in Q1 is if you think of our EBAs, so the big, large $1 million plus transactions that we do, those are token-based. It takes a little bit of time to get the infrastructure set up behind those to begin reporting out the monthly average users which is what gets added to the subscriber base. So part of what we saw in Q1 was a little bit of a catch-up from the large number of EBAs we had done in Q3 and Q4 of last year. That infrastructure was set up and we got 90 days worth of monthly average users rolling in. There was a little bit of a net add from that, but that's probably the only thing I would point to as a bit of an anomaly in the Q1 adds.

Okay. Thank you.

Thank you. Our next question comes from Matt Williams from Evercore. Your line is open. Please go ahead.

Hi, guys, thanks for fitting me in. Carl, you mentioned earlier in your remarks around cloud how customer seem to be migrating to those solutions a little bit more so than they have in the past, and I'm just curious what level of evangelizing are you guys having to do with the customer base in terms of trying to explain the benefits and help them along versus how much this is really customer saying, yeah, this is the direction we really want to go and you're not having a hold to hand as much? Carl Bass - President, Chief Executive Officer & Director: Yeah, good question. I would divide it, I would say, we're not having to do much in the evangelism category that the customers who are aware in transitioning in other parts of their business to the cloud are receptive to it. They have been waiting for answers in the construction or in the engineering space. The place where we're spending more time is on just general awareness. So marketing dollars to make them know that we have a solution that is that. So we probably spent more time and money on awareness rather than the overall benefits. Having said that, I think you've probably seen us do the adoption of cloud technologies like all the others. There is still recalcitrant part of the audience that's sitting going I'll never do it and they have their arms folding across the chest and they say that will never happen. But with each passing day, it becomes less and less. And as I've gotten older and seen enough of these transitions, I just know that we can – to be a little crude, we can just wait people out. This is an inevitable transition as mainframes to workstations or workstations to PCs was. And most of the reasons for not moving are not very substantial. I think there is a handful of places that are wrestling with this question. You see it in terms of government organizations, places in the defense industry. But it was interesting, we spent a long time in the CTO of the company with folks from DARPA the other day and then kind of marveling at what's possible with what's going on in the cloud, and then say we had difficultly, it was good to be – for them to use it. And then we went on this interesting conversation that said the bad guys have no problem using the cloud. They are using the cloud already and they're going to continue to use the cloud. And so, I don't think the operational plan should be for you to figure out how not to use it. You need to do something different. And so I think both businesses and governments will figure out a way because the benefits are so substantial.

Got it. And maybe just one quick follow-up on you've talked in the past about operationally and systems, some of the changes that you need to make internally as more of your business goes direct and transactions through the website and that sort of thing. You talked about the tokens on the EBAs. How do you feel like you guys are set up as you're starting to really ramp this transition in earnest throughout this year and into next year? Carl Bass - President, Chief Executive Officer & Director: Yeah. So I would say just to be clear on the question, it's not only important for business that we do direct. It's also for our business through partners. The thing that's really changed is the number of transactions and the frequency in which people transact. This was a system that was built for perpetual licenses and upgrades and that's what we've been transitioned. So I feel like we're finally carrying – there is a light at the end of the tunnel. We're certainly servicing the business today and I feel like we're on track to be ahead of when the most massive movement of our customers comes, but we are building infrastructure as we go.

Great. Thanks for taking the question. Carl Bass - President, Chief Executive Officer & Director: (58:07).

Thank you. Our next question comes from Kash Rangan from Merrill Lynch. Your line is open. Please go ahead. Kasthuri G. Rangan - Merrill Lynch, Pierce, Fenner & Smith, Inc.: Hey, thank you very much. Carl, just – I appreciate the enthusiasm for the model transition. Looking back over the last few quarters, maybe there is some other factors at work, the number of subs added, we've seen 121,000, 100,000 and this quarter was 95,000. I would probably expect the numbers to be moving in the other direction. Also, the billings growth rate although clearly pretty solid this quarter, we've seen 27%, 25%, 20% going down to 8%. So if we take a step back, can you help us understand the context of what seems to be deceleration on the face that was reported, but I'm sure that there is another side to the story just what I really wanted to hear. And finally also the guidance, you guys have done really well on beating the sub number and taking up the guidance. I noticed that we didn't do it this time, we did it last time. Just wanted to get your thought process on that. Thank you so much and that's it from me. Carl Bass - President, Chief Executive Officer & Director: Yeah, sure. Yeah, sure, Kash. Well, I would say the 95,000 we exceeded our expectations. Like we said, it was not going to be linear. Given what we saw in terms of promotional activity and that the impending end of sale is 12 months off, this was above what our expectations were. So, the other thing I would say is and I mean we've tried to be as clear as possible is that these things are not going to be perfectly linear. And we've tried to…

Thank you. At this time, I would like to hand the conference over to Mr. David Gennarelli for closing remarks.

All right. Thanks, everybody. So just as a reminder, we're going to be at the Banwell (1:01:23) Conference on June 2 in San Francisco. And if anybody wants to talk to me in the meantime, you can call me at 415-507-6033. Thanks.

Ladies and gentlemen, thank you for participating in today's conference. So this concludes our program for today. You may all disconnect and have a wonderful day.