“In terms of cash taxes, there is a 5-year amortization period around the capitalization of that R&D. So you’ll see a pretty dramatic cash tax step-up initially. But over that 5-year amortization period, it will converge on the reported tax rate.”

In context

“a on a go-forward basis. So I think the market is getting incrementally worried about the underlying kind of macro impacts. But you guys went the other way. Like in Q1, you’re taking up your net new ARR additions for Digital Media. So can you walk us through specifically, is there anything mechanical or sort of tactical, if you will, that gives you guys the confidence that like even with the heightened kind of volatility that we’re seeing out there that you guys feel comfortable in Q1 taking up that full year guide? And then on the other side of the equation on the free cash flow, can you just specify for us and you can give us a sense of kind of where those cash taxes are going to go over time just to help us kind of tune in our model? Dan Durn: Yes. So let me take them in reverse order. In terms of cash taxes, there is a 5-year amortization period around the capitalization of that R&D. So you’ll see a pretty dramatic cash tax step-up initially. But over that 5-year amortization period, it will converge on the reported tax rate. And so that’s the general profile, and that’s why you see the significant step-up in Q1 just starting that process now. In terms of the environment we are in, clearly, the company is performing well. You see the diversification of our business that’s across geographies, industry sectors, product portfolio. The company is just performing well at a broad base way on the strength of that performance and the momentum we have, the visibility we have into the full year. We think it’s the prudent thing to set expectations with investors in a way that reflects what we see as the opportunity in the company-specific performance. When I take a step back and I think about what is driving that differential performance in this environment, I think our products are mission-critical to our customers. We”