ADSK - Autodesk Inc. (ADSK) Goldman Sachs Communacopia & Technology Conference Call (Transcript)
2023-09-06 22:18:09 ET
Autodesk, Inc. (ADSK)
Goldman Sachs Communacopia & Technology Conference Call
September 06, 2023 06:05 PM ET
Company Participants
Amy Bunszel - Executive Vice President, Architecture, Engineering and Construction Design Solutions
Conference Call Participants
Presentation
Unidentified Analyst
All right. Let's do a little Autodesk here. Is the mic turned on? Mic is turned on, right? Mic is good. Do a little Autodesk. Excellent. We have Amy Bunszel, EVP of AEC from Autodesk. So Amy, before we get started, I have to tell you something.
Amy Bunszel
Okay.
Unidentified Analyst
I'm a former mechanical engineer.
Amy Bunszel
Oh, fabulous.
Unidentified Analyst
And my senior project was on Autodesk.
Amy Bunszel
Wow.
Unidentified Analyst
But I forgot…
Amy Bunszel
Thank you for your business.
Unidentified Analyst
No, no, no. I'm embarrassed to admit to you that I was not very good. But we managed to design an automotive gearbox on Autodesk back those days. I won't tell you which year I graduated from college, but that's my Autodesk. That's my first. Even before I knew how to spell software, I had used AutoCAD LT, so.
Amy Bunszel
Winning the hearts and minds of students is one of our funniest things to do. Let’s say.
Unidentified Analyst
That's great. Yes, yes, yes. So tell us about yourself, your background, and then we'll jump into some…
Amy Bunszel
Sure. I'm a recovering electrical engineer, but…
Unidentified Analyst
Wow. Okay.
Amy Bunszel
But it's been a while. So I'm Amy Bunszel. I've been with Autodesk for over 20 years. I actually came in through an acquisition in 2003, worked in manufacturing. And now, I'm responsible for our architecture.
Unidentified Analyst
Moldflow Management.
Amy Bunszel
No. I didn't do. No. Mine was wire harness design, even more esoteric.
Unidentified Analyst
Yes.
Amy Bunszel
So worked in AEC for the last 10-plus years at AEC in AutoCAD. So I have our design products for the architecture engineering and construction field. We focus on building information modeling, which is really our big strategy in AEC. And in addition to those products, I also am fortunate enough to be responsible for AutoCAD.
Unidentified Analyst
Right. That's fantastic. You're responsible for AutoCAD as well?
Amy Bunszel
AutoCAD as well, the gift that keeps on giving.
Unidentified Analyst
Yes.
Amy Bunszel
Really wonderful.
Unidentified Analyst
Yes. That's the product that has been around the longest, right?
Amy Bunszel
Yes.
Unidentified Analyst
I mean, like 30…
Amy Bunszel
Over 40 years.
Question-and-Answer Session
Q - Unidentified Analyst
Yes, 40 years. Exactly. Exactly. So in AEC, let's talk about what excited you the most about the AEC opportunity? What are some of the secular tailwinds that you see?
Amy Bunszel
Well, one of the things that excites me the most about the AEC opportunity is just the sheer size of the opportunity. So at our last investor meeting, we talked about a $46 billion TAM in AEC and 28 million potential professionals using our products, and that's really exciting. And if I look just at the design side of things, that's $30 billion and 11 million potential professionals using our software. So in terms of having an impact, it's a great place to work.
Now what are our customers facing? They have a number of opportunities and challenges ahead of them. One of the opportunities that we talk a lot about is demand. So demand is increasing for them. If you look at the sheer need for housing, the population growth we're expecting in the next 20 to 30 years, we just need more of everything.
But the flip side of that is they're having trouble getting enough workers to perform all the work that they have and that they want to bid on. So that's the one challenge they have. Another challenge they have is the increasing cost of materials and supply chain problems. So the good news for Autodesk is they need to apply software, software automation analysis to try to manage through some of those challenges they face in their business.
Unidentified Analyst
Okay. So Amy, from my understanding like Revit, which is a, excuse me, a product that you're responsible for and BIM sort of go hand in hand. So can you kind of speak to the importance of BIM mandates globally and kind of how that's impacting kind of usage of Revit?
Amy Bunszel
Yes, absolutely. So for quite some time now, Revit, which is our architecture design product and BIM are kind of synonymous. So when a country institute the BIM mandate, basically that's saying, look, for all of our public sector projects, we want you to use BIM. That largely means people are going to start using Revit in more ways in that country.
So then what happens is everybody who works in that supply chain learns Revit, learn BIM. And then as they're doing work for private sector companies, they're now able to kind of deploy that. And now the private sector owners want more BIM and it's sort of a great flywheel.
Unidentified Analyst
What type of penetration do we see in terms of BIM mandates globally? I know like the U.S. is far ahead of some other countries, so?
Amy Bunszel
Yes. So, the UK was first and they're one of the most mature, but even there, we're still hovering at around plus or minus 50%. So there's still a big opportunity for more projects and more users to kind of get on the BIM bandwagon.
And interestingly, just in the last month, both Ireland and Spain introduced the new BIM mandates for their public projects. So we're expecting to see even more BIM adoption in those countries going forward.
Unidentified Analyst
And Amy, I think just one interesting thing that came out of Autodesk University 2022 was the three industry clouds. So perhaps just kind of talk about kind of your strategic rationale for introducing the three industry clouds and then specifically for the AEC category?
Amy Bunszel
Absolutely. So at the Autodesk University, we introduced Fusion, Forma, and Flow. So these are our three industry clouds for manufacturing AEC and meeting entertainment. Those are our three primary industries. And the idea with the industry clouds is really to help our customers with kind of with a lot of connected data and connecting design and make. In each of our industries, we expand both the early design process all the way through making and developing the undeliverable.
So in AEC, what that means is we're going to take BIM to the next level through Forma, and we're going to do an incredible job connecting data across the entire ecosystem by making the data more granular and more accessible to our customers. That will also make it more accessible to AI and machine learning. We're also adding workflows that are powered by automation, by simulation, by analysis and really helping our customers focus more on the outcomes they want to deliver, whether it's a cost outcome, a schedule outcome, a sustainability outcome instead of just thinking about like geometry and those kind of things.
Unidentified Analyst
Yes. So I think connected data is a really interesting angle and it ties in nicely, I think, with generative AI and perhaps generative design. So perhaps you could just talk a little bit about kind of the opportunity set there and maybe how far along you guys are in terms of capitalizing on that?
Amy Bunszel
Absolutely.
Unidentified Analyst
He's so good. He's not even a mechanical engineer, but he's asking me such a good question. Just imagine if he's studying mechanical engineering.
Amy Bunszel
So back to data. So data has been – is really one of the primary, I would say, I don't know facilitators or accelerants across the AEC industry. If we think just today, when our customers take data from the early stages of design into detailed design through construction and all the way to operations to create a digital twin, they're really getting the most value out of that BIM lifecycle.
But now we really want to take that up a notch again. We want to make it more granular because right now it's in these big monolithic files, so that they can go through that workflow faster, but also connect with ERP systems or other systems that run their business. And then what we want to do is leveraging all this cloud structured data, we want to start training AI and doing machine learning for them.
Now the good news is for Autodesk, we have already at least a decade or so of experience in doing AI. We have generative design in Fusion. We have some in Revit. We have in our Construction Clouds, Construction IQ, where we create insights off of data we have from our customers.
Unidentified Analyst
What are the things that you do with these clouds were generative AI? I’m just curious.
Amy Bunszel
What are the things we do? So, for example, in the Construction Cloud, we can look at, in the insights product, we can look at past invoices, history with clients, current situation, and anticipate for a contractor when they might be, predict a problem before it happens.
So we might know, it most likely this is going to be late. You don't know it yet, but the trend is on a trajectory that we've seen before from this vendor, and you're likely going to have a problem. And so we can flag that before they even know it.
And in Forma, we're using it to do real-time analysis and simulation around things like weather, wind patterns, heat, light, things that impact how you might design or place a building on a site.
Unidentified Analyst
Really? And how does that natural language interaction with the system working there?
Amy Bunszel
Well, this is not actually using the natural language.
Unidentified Analyst
Okay.
Amy Bunszel
So there – this is more using the kind of AI in terms of driving. We know all these results, so we can predict the next results. But we have customers using natural language and our API. And so they're driving our API through natural language today. There's a couple of them up on YouTube, where they're driving Revit and AutoCAD by talking to it using the current capabilities that we have today.
Unidentified Analyst
So I could have done my senior thesis like we're talking to it?
Amy Bunszel
Yes.
Unidentified Analyst
Go ahead. So tell us more, I mean, that's like programmability and cogeneration meets your domain. So what else could you be doing for your engineers?
Amy Bunszel
It's an interesting challenge because we span so many phases all the way from early conceptual design to operations. Right now, we've been focused on my team a little bit more on the early stage conceptual design. It's certainly an easier problem to solve because you're not dealing with, do I have all the supports for the building to stand when I go to build it? But you're dealing more with the facade and some of the external components. So that's an area, certainly, where we're exploring.
And then interestingly, at the other end of the spectrum, on operations, there's so much data coming off of sensors from IoT that are showing people how their buildings are running, that they can start doing predictive analysis and understanding if the HVAC system might fail before it fails or things like that.
Unidentified Analyst
Interesting. So that seems very digital twin to us. So maybe we can talk about Autodesk Tandem and maybe just kind of touch on the adoption rates within digital twins within your customer base, kind of where you see that trending, it's just your broad take on, right?
Amy Bunszel
Yes. So Tandem is our digital twin and prototype or pilot. And so we've been working with a lot of our named accounts on digital twins. And so we started with what we would call a functional twin, which is pretty much a digital version of the physical object. And so you can walk around in it, you can kind of experience it, you could arrange furniture in it.
But now we're moving up the curve to things that are more like operational twins where we're bringing in the IoT data and people are actually able to see performance of the building in the twin. And so in that case, we're finding customers are making energy saving decisions. They're anticipating, where do I need to do maintenance in the building first?
So they're driving real cost savings on how they operate the building because about half of the cost of a building is actually the operations of the building once it's already built. So that's real material value for our customers.
And then the cool thing for Autodesk is with these digital twins, we have one customer, Wind River, who, they started building the twin as they were doing construction on these projects and then realized, oh, I can actually monetize this by turning it over to my customer and helping them operate the twin once I've built it.
So they're building a new line of business. And then for Autodesk, the serial owners, so the huge companies that own lots and lots of buildings, they're also new potential customers for Autodesk because they're going to want to build their own digital twins for all of their assets.
Unidentified Analyst
Yes. Digital twin seems like such a huge efficiency unlock. So like from your perspective, like where are we in terms of market adoption? Because we hear from a lot of different companies that they're exploring digital twin products and functionality. And it seems like a pretty fragmented space and people are angling into it from a lot of different ways. So I'm curious kind of your overall take on that.
Amy Bunszel
That's very true. So for us, I think the key unlock for us is most of this data is in Revit. And so what we feel that makes a lot of this unique in this space is we can help make that Revit model really digestible for a digital twin. So almost create an easy button and a glide path to go from the Revit model directly into the twin and then start getting value quickly.
Whereas what we see elsewhere is more of a hodgepodge collection of lots of disparate data, trying to create something that might be valuable. But since we have the data in our system already, we can make it kind of go on a easy ramp to the twin.
Unidentified Analyst
Fascinating. And Amy, maybe just touching on kind of civil infrastructure, right? You guys have the Civil 3D product, which I believe you're responsible for and there's pure play competitors in the market that do civil infrastructure. So just want to get a sense of kind of your competitive differentiation within the civil infrastructure category?
Amy Bunszel
Yes. So not surprisingly, it's, again, it's that depth and breadth. So we bring building information modeling to civil infrastructure. So the conceptual design, the detailed design, the construction now. And then, ultimately, the digital twins and we have digital twins in water for infrastructure right now. But – so that's one way we do it. And then also we do it with depth and capability.
So for the last five or 10 years or so, we've investing a lot in road and rail. So organically building that on our own. And that's paying off because we're showing a lot of momentum in the DOTs now in terms of winning competitive swap outs there.
And then in water, we went pretty deep in water with the Innovyze acquisitions. And that gave us this end-to-end best-in-class capability when we combined it with our core civil functionality. So that's another great place where we're kind of leaning in infrastructure.
Unidentified Analyst
Yes. So you have Innovyze, you're going deeper in road and rail. This all seems to tie back to a lot of like the public infrastructure investments like IIJA, right? So can you talk about maybe kind of how many of those projects you think are kind of shovel-ready today, if you will, and how much momentum you expect from a lot of these and maybe not even just in the U.S, but on a global scale?
Amy Bunszel
So not many of the projects are shovel-ready today. So we have yet to really see the growth that we'll probably see from that. But what is happening today is there's requirements on a lot of those projects to digitize the design and operations process. So you're not going to get that funding unless you have built digital processes to make sure we don't get into this aging and crumbling infrastructure problem again.
So we can do the maintenance. So that's where we think for Autodesk, the biggest opportunity is everybody's going to be on this path to digitization in order to win much of this new business.
Unidentified Analyst
And then the developing markets like any perspective on kind of how that's shaping up from an infrastructure investment?
Amy Bunszel
The developing markets are interesting. We highlighted in our last earnings call that India is definitely a bright spot for us. And if we look at overall construction spend, the majority of that is happening in infrastructure there. And so we're in a good position there as well.
Unidentified Analyst
It started with my senior project. I mean, I – so I had a question for you. The compute demands for digital twins, how much of a role does the cloud play in handling the compute demands as you get into more compute intensive graphics intensive projects?
Amy Bunszel
Well, the good news about Autodesk Graphics and Digital Twins is we're really good at making those graphics consumable. So part of what the team is doing in terms of optimizing the Revit data for the digital twin is to make sure that it is lightweight and that you're only bringing what you need to sort of solve the problem you want to solve with that digital twin. So that's definitely working in our favor.
Unidentified Analyst
Got it. And with digital twins, do you see what kind of opportunities do you see in Europe and Asia? Because we hear a lot about these projects in Asia as much as you see them happening in the U.S. But is there any rate of adoption differential between these geographies and what does the pipeline look like?
Amy Bunszel
I haven't seen a rate of adoption…
Unidentified Analyst
Difference?
Amy Bunszel
…challenge there at all. For me, it tends to be about having an an owner who understands the benefits of that digital twin. Because at the end of the day, they're the one who – they're the ones who have the long-term sustaining benefit and value from the twin. And if the owner is asking for it, their whole supply chain will line up to make it happen as part of the deliverable.
Unidentified Analyst
Yes. And stepping back, what is the – I know you talked about the demand picture right at the front end. What is the demand picture for commercial construction? So if you look at San Francisco, you get a very different view like people are – I mean, companies are leaving, people are leaving the state, that sort of thing. But what is it like in rest of the world with regards to appetite demand for commercial construction?
Amy Bunszel
Yes. If I work right up the street, I fully understand what's happening in San Francisco. We – I was asked today a lot of questions about commercial because it is definitely – new commercial construction is definitely a soft spot in the market. But what we're seeing is our customers are pretty nimble and they're able to flex their business and go out to the projects that do exist. And so globally now more than 50% of the new projects are actually renovations.
So we're working on what do we need to do to our portfolio to help our customers win and compete on these renovations. And so some of that is investing in things like point cloud scanning and existing condition assessments, looking at sustainability calculators, so we can understand what part of – what happens if I tear down the building versus keep the building. And so there's a lot of work happening there.
So people have moved from the renovation, from the net new. And then also reimagining, I've read some really cool articles about how to turn high-rise buildings into apartments from offices and...
Unidentified Analyst
Is that something you're actually seeing in your business?
Amy Bunszel
No, I'm just – fast companies writing articles about these things.
Unidentified Analyst
Yes.
Amy Bunszel
But I think what's important is there are – there will be opportunities to transform what already exists because that's, I mean, we – you should talk about it. The green is building is the one that's already built. And so thinking about ways to leverage that is better for the planet, but it should be cheaper and faster than from…
Unidentified Analyst
Maybe the 50% of buildings are projects of renovation projects. Is there a way to contextualize and compare it to say a few years back? How much that percentage was?
Amy Bunszel
I don't know. My guess would be prior to COVID, it was – we were running around building a lot of new things.
Unidentified Analyst
Yes. And now that – it's more towards renovation.
Amy Bunszel
Yes. Well, and the other thing that's happening is there's some legislation in the EU around renovating the older building stock in Europe. Like if you just think about any of those beautiful old cities in Europe, like those buildings are horrible when it comes to heating and cooling and they all, but they're historic and they're going to be there. So how do they preserve the building, but make them more energy efficient. And that was accelerated, I think, partially by the energy crisis that happened when the war broke out, so.
Unidentified Analyst
In Europe, when you go stay there during the fall, they said just open the window. That's air conditioning?
Amy Bunszel
Yes.
Unidentified Analyst
Amy, I know this doesn't fall directly under your purview, but I wanted to ask a little bit about Autodesk Construction Cloud. And maybe from the perspective that, look, you clearly have relationships with a lot of the largest construction design firms, right? And so it seems like a pretty low-hanging fruit opportunity, if you will, to kind of cross-sell construction management software to your existing base. So can you kind of speak to that opportunity? What you're seeing? What's net new from a customer perspective versus penetration within the installed base, et cetera?
Amy Bunszel
Yes, so absolutely. One of the things we did in the beginning of this year was combine our sales teams from the construction cloud and the mainline Autodesk sales teams, so that we could better take advantage of that opportunity because we really felt that our – one of our superpowers in construction is the fact that we also have the design data.
And so taking that design data and deconstructing it, so that it can feed the construction lifecycle process is something that is sort of unique to Autodesk to be able to do that. So that's been a big focus area for us. When it comes to my team, in AEC, there's this notion of a common data environment.
So this is sort of a data backbone that all of the – all the many stakeholders would participate in. And that's out of the stock for us, which is part of the Construction Cloud. So we already have our design customers populating that backbone with the design data. And it was kind of a natural process to sort of incorporate some of the downstream construction processes to there.
Unidentified Analyst
And do you think that's a distinct competitive advantage relative to maybe some of the pure play?
Amy Bunszel
Absolutely. Absolutely. And we're also seeing a lot of strength as you get in our named accounts as a very large companies that quite frankly were already design customers, but now they have an even bigger reason to invest across the board in Autodesk.
Unidentified Analyst
And when you take advantage of the synergies from product development standpoint, how do you also reckon with the buyer being very different. So construction, buyer construction project is done very differently than the design project.
Amy Bunszel
Yes.
Unidentified Analyst
How do you get these folks to align with each other and agree that the same design provider should be the one that's kind of a construction project?
Amy Bunszel
Well, one good thing is that our business model is really flexible and it's not one size fits all. In fact, in construction, we have a couple of extra business models that we don't necessarily have in design because we know that in some cases, the construction companies want to buy software differently versus in design, we're much more pure subscription and kind of named account play. So that's one thing.
The other aspect is we have this new Flex program where customers can buy like a small amount of tokens and then use them for whatever they would like. So this allows existing customer to go and try new things with a very low barrier to entry. And so we're seeing that as another way where we can kind of cross the differences between those two types of users.
Unidentified Analyst
Are you seeing that flex program like service sort of a conversion funnel to more significant agreements, if you will, once they – you capture that long-term?
Amy Bunszel
We hope so. It's a very early days on Flex, but basically, if you use the software more than a certain number of days a month, you're going to want to switch over to a subscription.
Unidentified Analyst
All right.
Amy Bunszel
So it's definitely priced, so that there's a point by which it makes more sense economically for you to go to a subscription.
Unidentified Analyst
Understood. Yes. I just want to understand a little bit, but the hiring environment in your AEC end market, you did hint at labor shortage, that sort of thing. Where are – how are your customers able to find talent in this constrained market? And the role of automation otherwise in a labor-constrained market, your thoughts?
Amy Bunszel
Yes. It’s – I think it's like many of us. They're looking – in some countries, they're importing workers from other countries. And I think many of our customers are leaning into is a longer-term play, but educational programs, Autodesk leans into education and retraining programs and trying to help people learn new skills, so they can participate in that. But you're right. Part of it is, is not going to be solved by more people. It's going to be solved by better deployment of software and better automation.
Unidentified Analyst
This is in design, not in construction.
Amy Bunszel
It's in kind of in both.
Unidentified Analyst
Okay.
Amy Bunszel
I mean, it's absolutely in both. There's – I mean, there's even the architecture firms are finding that they're struggling to find enough…
Unidentified Analyst
Really?
Amy Bunszel
Yes, there’s…
Unidentified Analyst
All these jobs that are going to be displaced by generative AI. I mean, we should reframe them to be your customers, right, I mean?
Amy Bunszel
Well, we have a slightly less harsh perspective on generative AI.
Unidentified Analyst
What is your perspective? I’m curious.
Amy Bunszel
We really think, for our customers, in particular, that, AI will be more of co-pilot, like it is for coders being described. But like an AI on your shoulder, something that, again, we want to get rid of all the mundane non-value-add work and then free people to do the creative work, but then help them do that faster. Because our customers can only generate so many different sort of conceptual designs or different concepts to a stage where they can show them to their customers.
If they can do 10 times more of that, they can get better relationship with their customer and more and more value. In fact, one of our former early success stories, his name I'm forgetting at the moment. What is the name? CUBE 3. They piloted Forma in early-stage conceptual design couple of projects.
And they found that in half the time, they were able to deliver more creative and more valuable solutions to their end customer. And so both parties were winning there. So there was value generated on all sides. So definitely, it's something they want to deploy in their mainline workflow going forward.
Unidentified Analyst
And what does that like pricing uplift look like? I mean, if you're getting 50% productivity yield on something like that, is that ASP accretive? How do you guys…
Amy Bunszel
Well, right now in the – in this early conceptual design piece that we're doing, Forma is a $1,000 – it’s a $1,000 a year. It's included in the AEC collection because we thought it was really important that our rather customers got access to Forma. And this is not – this particular operation is not expensive. So I think as things evolve and we will make sure that we're getting properly compensated for the value and the expense of what the capabilities cost.
Unidentified Analyst
And you touched a little bit about on simulation earlier. Can you just expound on kind of Autodesk role in the simulation world? Is that a place that you've historically played or increasingly moving into?
Amy Bunszel
Yes. And in a few different ways, so in manufacturing, we've always had a bunch of different simulation and analysis capabilities. We have a very strong partnership with Ansys in manufacturing, in AEC. Similarly, we have a lot of different capabilities and some partnerships, but I think in AEC where we're really strong is structural steel, kind of the things you’d expect structural steel and more recently, a lot of sustainability analysis.
So, carbon, all our customers are trying to understand the impacts of their choices on the carbon footprints of their buildings. And then the early sustainability questions about if I position a building in a certain way with windows a certain way, like what happens to the heating of that building or the cooling of that building?
And so, we have tons and tons of different analysis and simulation capabilities in AEC. And those things tied up to regenerative AI, start to add value in combination as we haven't even thought about yet.
Unidentified Analyst
All right. Could you open up anybody who has a question? If you have a question, just raise your hand.
And as you think through your questions, I had a question on your channel partners and the direct versus channel, maybe get expand of the dynamics there. Is there – the company is becoming more and more direct, right? How does that play out? What does that allow the company to benefit from as you go direct? Can you talk about the benefits?
Amy Bunszel
Yes.
Unidentified Analyst
The deal sizes, ASPs, retention, the type of the benefits that the company is facing on?
Amy Bunszel
So I'll start and maybe Dan can add. So for us, broadly, we – most of our business still comes through the channel. And the channel is a huge partner for us and our customers in global reach and global scale.
However, we do have a portion of our business that's fairly transactional. And so we've been growing quite nicely with our e-store and how we do business over there. And then we have the named accounts, which are a very high touch, very strategic and very valuable part of the Autodesk business.
So the channel fills this gap in the middle where we're never going to be able to get to all those customers and they do serve as trusted advisors for these customers just at a different scale than we can. Did you want to add anything to that? I did okay.
Unidentified Analyst
Amy, maybe just a higher level one, you oversee a lot of different design products within the AEC portfolio. Like what is the most exciting opportunity from your perspective if we were to stack rank all these different part of road, rail and advise just across the spectrum. What gets you excited?
Amy Bunszel
Okay. So one personal one and one lot of this one. So, we get involved in the coolest historic preservation and reconstruction projects ever. So the Notre-Dame project is just really – it was a horrible tragedy, but inspiring to be able to be involved in rebuilding that…
Unidentified Analyst
I saw literally a couple of months back.
Amy Bunszel
…fixing how the whole restoration of the Plaza with Eiffel Tower is very cool. But for me, when it comes to the growth, the infrastructure is pretty fascinating to me. And in the last two-and-a-half years, I've learned a ton about water. And I think the, every project in infrastructure has water associated with it, even if it's just trying to figure out drainage off of a road, right?
And so water is everywhere. It's doing it well. Is – when you do it great, it's great. When you do it poorly, it’s a disaster, right? There's too much of it in many places, not enough in others.
So I think the amount of innovation that we can bring to our customers working in water and the projects that are going to happen in water is necessary and really inspiring and is going to drive growth for Autodesk.
Unidentified Analyst
Got it. We'll give you 56, 55 seconds of your day back.
Amy Bunszel
All right. Thank you.
Unidentified Analyst
Unless there aren’t any questions. Yes. Thank you so much. We'll see you all at cocktails, I believe, shortly after 5 o'clock. There’s a reception. Thank you once again. Amy, thank you. [Indiscernible] round of applause.
Amy Bunszel
Thank you.
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Autodesk, Inc. (ADSK) Goldman Sachs Communacopia & Technology Conference Call (Transcript)