“I think that trend will continue, even though we're not providing fiscal '26 guide. Our expectation is this continued trend will continue into fiscal '26.”

In context

“Jim Benson (Chief Financial Officer): Thanks for the questions, Keith. Relative to the ARR guide, I think the primary driver of the ARR guide, we obviously had 15% to 16% growth last time. We're now three quarters of the way through the year. You have one quarter left. So we certainly we lopped off the low end of the range and we did inch it up on the high end. And I'd say we inched it up probably more prudently, largely because I said in my prepared remarks, we actually have the funnel. The funnel is pretty heavily weighted to maybe even more so than last year, heavily weighted to very large strategic binary deals. And when you have a funnel that's weighted that way and you have 90 days left in the year, we're not necessarily expecting the same level of execution that we did last year. We ran the table last year. And so the good news is we think this is a good net positive for Dynatrace because as customers are thinking about consolidation, we're actually in a good position to compete with those opportunities. So we think it's a net positive relative to a trend. Obviously, near-term, it does introduce a level of close timing variability and deal certainty. So that's kind of the maybe the way to think about it on the ARR front. And I think that trend will continue, even though we're not providing fiscal '26 guide. Our expectation is this continued trend will continue into fiscal '26. Relative to taxes, the very simple way to put it, Keith, is as you can imagine, we know we are a significant cash taxpayer, 650 basis points of cash taxes as a percent of revenue. And so we've been doing, what we can around strategic tax planning and this IP-related transfer to Switzerland will lower the tax rate for the company. So this will be a benefit to lower cash taxes in fiscal '26. So it's not a headwind. It's a tailwind. I'll share more about the extent of how much of a tailwind that will be. It will build over the years, but you will see a benefit in fiscal '26 from lower cash taxes.”