Autodesk Inc (ADSK) 2023 Q2 法說會逐字稿

Thank you for standing by, and welcome to Autodesk's Second Quarter Fiscal 2023 Earnings Conference Call. (Operator Instructions) I would now like to hand the call over to Simon Mays-Smith, Vice President, Investor Relations. Please go ahead.

感謝您的耐心等待，歡迎參加歐特克2023財年第二季財報電話會議。 （操作說明）現在我將把電話交給投資者關係副總裁西蒙·梅斯-史密斯先生。請開始吧。

Thanks, operator, and good afternoon. Thank you for joining our conference call to discuss the second quarter results of our fiscal '23. On the line with me are Andrew Anagnost, our CEO; and Debbie Clifford, 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/investor. You can find the earnings press release, slide presentation and transcript of today's opening commentary on our Investor Relations website following this call.

謝謝接線員，下午好。感謝您參加我們關於2023財年第二季業績的電話會議。與我一同參加會議的有我們的執行長Andrew Anagnost和財務長Debbie Clifford。今天的電話會議將透過網路直播。此外，您也可以在autodesk.com/investor上收聽會議錄音。會議結束後，您可以在我們的投資者關係網站上找到收益新聞稿、幻燈片簡報以及今天開場白的文字記錄。

During this call, we may make forward-looking statements about our outlook, future results and related assumptions, acquisitions, products and product capabilities and strategies. These statements reflect our best judgment based on currently known factors. Actual events or results could differ materially. Please refer to our SEC filings, including our most recent Form 10-K and the Form 8-K filed with today's press release, for important risks and other factors that may cause our actual results to differ from those in our 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 or revise any forward-looking statements.

在本次電話會議中，我們可能會就我們的展望、未來業績及相關假設、收購、產品及產品功能和策略做出前瞻性陳述。這些陳述反映了我們基於當前已知因素的最佳判斷。實際事件或結果可能與這些陳述有重大差異。請參閱我們向美國證券交易委員會 (SEC) 提交的文件，包括我們最新的 10-K 表格和隨今日新聞稿提交的 8-K 表格，以了解可能導致我們的實際業績與前瞻性陳述存在差異的重要風險和其他因素。本次電話會議中所作的前瞻性陳述僅代表截至今日的觀點。如果本次電話會議在今日之後被重播或回顧，會議期間提供的資訊可能不再是最新或準確的資訊。 Autodesk 不承擔更新或修訂任何前瞻性聲明的義務。

During the call, we will quote several numeric or growth changes as we discuss our financial performance. Unless otherwise noted, each such reference represents a year-on-year comparison. All non-GAAP numbers referenced in today's call are reconciled in our press release or Excel financials and other supplemental materials available on our Investor Relations website.

在本次電話會議中，我們將引用一些數字或成長變化來討論我們的財務表現。除非另有說明，否則所有引用均指同比數據。本次電話會議中提及的所有非GAAP財務資料均已在我們的新聞稿、Excel財務報表以及投資者關係網站上的其他補充資料中進行了核對。

And now I will turn the call over to Andrew.

現在我將把電話交給安德魯。

Thank you, Simon, and welcome, everyone, to the call. Today, we reported record second quarter revenue, non-GAAP operating margin and free cash flow. End market demand remained strong during the quarter, resulting in robust new business activity. Renewal rates were again excellent. All of this and our strong competitive performance more than offset the direct and indirect impact of geopolitical, macroeconomic, policy and COVID-19-related factors. Growing commercial usage outside China, Russia and Ukraine; record bid activity on BuildingConnected; and continued channel partner optimism leave us well placed to achieve our FY '23 goals.

謝謝Simon，也歡迎各位參加本次電話會議。今天，我們公佈了第二季創紀錄的營收、非GAAP營業利潤率和自由現金流。本季終端市場需求依然強勁，新業務活動十分活躍。續約率也再次表現出色。所有這些以及我們強勁的市場競爭力，足以抵銷地緣政治、宏觀經濟、政策和新冠疫情相關因素的直接和間接影響。中國、俄羅斯和烏克蘭以外地區商業應用的成長；BuildingConnected平台上的競標活動創下新高；以及通路夥伴持續的樂觀情緒，都讓我們有信心實現2023財年的目標。

As I said last quarter, the structural growth drivers for our business that were critical to our performance during the pandemic, such as flexibility and agility, continue to support and propel us during this period of elevated uncertainty. These growth drivers further cement the important role we play in our customers' digital transformations and increase our confidence in our strategy. Our steady strategy, industry-leading products, platform and business model innovation, sustained and focused investment and strong execution are creating additional opportunities for Autodesk. By accelerating the convergence of workflows within and between the industries we serve, we create broader and deeper partnerships with existing customers and bring new customers into our ecosystem.

正如我上個季度所說，疫情期間對我們業務業績至關重要的結構性成長驅動因素，例如靈活性和敏捷性，在當前充滿不確定性的時期，依然能夠支撐和推動我們前進。這些成長驅動因素進一步鞏固了我們在客戶數位轉型中扮演的重要角色，並增強了我們對自身策略的信心。我們穩健的策略、業界領先的產品、平台和商業模式的創新、持續且重點突出的投資以及強有力的執行力，正在為歐特克創造更多機會。透過加速我們所服務產業內部及產業間的工作流程整合，我們得以與現有客戶建立更廣泛、更深入的合作關係，並將新客戶引入我們的生態系統。

In pursuit of these goals, we announced at Autodesk University last year that we were moving from products to platforms and capabilities and bringing these capabilities to any device anywhere through the cloud. Over the coming weeks, months and years, you will hear a lot more from us about our plans and progress to build a world-class customer experience, catalyze our customers' digital transformation and establish industry-leading platforms for design and make. As evidence of the progress we have made already, Fusion 360 flew past 200,000 subscribers during the second quarter and signed its first million-dollar contract, both important milestones and indications of the opportunities ahead.

為了實現這些目標，我們去年在 Autodesk University 上宣布，我們將從產品轉向平台和功能，並透過雲端將這些功能帶到任何裝置上。在接下來的幾週、幾個月和幾年裡，我們將陸續發布更多關於我們打造世界一流客戶體驗、加速客戶數位轉型以及建立行業領先的設計和製造平台的計劃和進展。作為我們已取得進展的佐證，Fusion 360 在第二季度用戶數量突破 20 萬，並簽署了首份百萬美元合同，這既是重要的里程碑，也預示著未來的無限機遇。

I will now turn the call over to Debbie to take you through the details of our quarterly financial performance and guidance for the year. I'll then come back to provide an update on our strategic growth initiatives.

現在我將把電話交給黛比，由她為大家詳細介紹我們本季的財務表現和全年業績展望。之後我會回來，向大家報告我們的策略成長計畫的最新進展。

Thanks, Andrew. Q2 was a strong quarter across products and channels. Our end markets were broadly consistent with last quarter, with our strongest growth in North America and growth in Europe and APAC impacted by the war in Ukraine and COVID lockdowns in China. Total revenue grew 17%, both as reported and at constant currency. By product, AutoCAD and AutoCAD LT revenue grew 13%, AEC revenue grew 18%, manufacturing revenue grew 16% and M&E revenue grew 20%. By region, revenue grew 22% in the Americas, 15% in EMEA and 10% in APAC or 13% at constant currency. By channel, direct revenue increased 18%, representing 34% of total revenue, while indirect revenue grew 16%.

謝謝安德魯。第二季度各產品和通路均表現強勁。我們的終端市場與上季基本一致，北美市場成長最為強勁，而歐洲和亞太地區的成長則受到烏克蘭戰爭和中國新冠疫情封鎖的影響。總營收成長17%，無論以報告匯率或以固定匯率計算均如此。按產品劃分，AutoCAD 和 AutoCAD LT 的收入成長13%，AEC（建築、工程和施工）收入成長18%，製造業收入成長16%，M&E（媒體和娛樂）收入成長20%。按地區劃分，美洲地區的收入成長22%，歐洲、中東和非洲地區成長15%，亞太地區成長10%（以固定匯率計算為13%）。按通路劃分，直接收入成長18%，佔總收入的34%，而間接收入成長16%。

Our product subscription renewal rates remained strong, and our net revenue retention rate was comfortably within our 100% to 110% target range. Billings increased 17% to $1.2 billion, reflecting robust underlying demand. Total deferred revenue grew 12% to $3.7 billion. Total RPO of $4.7 billion and current RPO of $3.1 billion grew 13% and 10%, respectively, reflecting strong billings growth and, as we've highlighted in the last 2 quarters, the timing and volume of multiyear contracts, which are typically on a 3-year cycle. Multiyear contract volume remained strong during the quarter, as expected and as you can see from the uptick in long-term deferred as a percent of total deferred.

我們的產品訂閱續訂率維持強勁，淨收入留存率也穩居100%至110%的目標區間。帳單金額成長17%至12億美元，反映出強勁的潛在需求。遞延收入總額成長12%至37億美元。總RPO（恢復點目標）為47億美元，目前RPO為31億美元，分別成長13%和10%，這反映了帳單金額的強勁成長，以及正如我們在過去兩個季度所強調的，多年期合約的簽訂時間和數量（通常為三年周期）。如預期，多年期合約數量在本季度保持強勁，長期遞延收入佔總遞延收入的比例上升也印證了這一點。

Turning to the P&L. Non-GAAP gross margin remained broadly level at 92%, while non-GAAP operating margin increased by 5 percentage points to approximately 36%, reflecting strong revenue growth and ongoing cost discipline. GAAP operating margins increased by 6 percentage points to approximately 20%. We delivered record second quarter free cash flow of $246 million, up 32% year-over-year, reflecting strong billings growth in both Q1 and Q2.

接下來來看損益表。非GAAP毛利率基本上維持在92%的水平，而非GAAP營業利潤率則成長了5個百分點，達到約36%，這反映了強勁的收入成長和持續的成本控制。 GAAP營業利潤率成長了6個百分點，達到約20%。我們第二季的自由現金流創下歷史新高，達到2.46億美元，年增32%，這反映了第一季和第二季帳單金額的強勁成長。

We continued our accelerated share repurchasing during the quarter. We purchased 1.4 million shares for $257 million at an average price of approximately $182 per share, which, when compared to last year, contributed to a reduction in our weighted average shares outstanding by approximately 3 million to 217 million shares. While our capital allocation strategy remains unchanged, you can expect that we will continue to invest organically and inorganically to drive growth. We've proactively used our strong liquidity to repurchase 3.5 million shares in the first half of this year, front-loading the offset of next year's dilution.

本季我們持續加速股票回購。我們以每股約182美元的平均價格回購了140萬股股票，總額達2.57億美元。與去年同期相比，這使我們的加權平均流通股數減少了約300萬股，降至2.17億股。儘管我們的資本配置策略保持不變，但您可以預期我們將繼續透過內生式和外延式投資來推動成長。我們積極利用強勁的流動性，今年上半年回購了350萬股股票，提前抵銷了明年可能出現的股權稀釋。

Now let me finish with guidance. The underlying business conditions we've been seeing are broadly unchanged. As I mentioned earlier, we're seeing strength in North America and continued healthy growth in Europe and Asia outside of Russia and China due to the geopolitical situation in both regions as well as the COVID lockdowns in China. Our renewals business continues to be a highlight, reflecting the ongoing importance of our software and helping our customers achieve their goals. As we look ahead and as with previous quarters, our fiscal '23 guidance assumes that market conditions remain consistent for the remainder of fiscal '23. The strengthening of the U.S. dollar during the quarter generated slight incremental FX headwinds, which reduced full year billings, revenue and free cash flow by approximately $20 million, $5 million and $5 million, respectively.

最後，我想談談業績展望。我們所看到的基本業務環境總體上沒有變化。正如我之前提到的，北美市場表現強勁，而除俄羅斯和中國以外的歐洲和亞洲市場也持續保持健康成長，這主要歸因於這兩個地區的地緣政治局勢以及中國的新冠疫情封鎖措施。我們的續約業務依然是亮點，這體現了我們軟體的重要性，以及它如何幫助客戶實現目標。展望未來，與前幾季一樣，我們對2023財年的業績展望基於市場環境在2023財年剩餘時間內保持不變的假設。本季美元走強帶來了輕微的匯率波動不利影響，導致全年帳單金額、收入和自由現金流分別減少了約2,000萬美元、500萬美元和500萬美元。

Bringing these factors together, the overall headline for guidance is that it is unchanged at the midpoint across all metrics with the underlying momentum of the business offsetting those incremental FX headwinds. We are narrowing the fiscal '23 revenue range to be between $4.99 billion and $5.04 billion. We continue to expect non-GAAP operating margin to be approximately 36% and free cash flow to be between $2 billion and $2.08 billion. The slide deck and updated Excel financials on our website have more details on modeling assumptions for Q3 and full year fiscal '23.

綜合以上因素，整體而言，我們維持所有指標的中位數不變，業務的潛在成長動能抵銷了匯率波動帶來的不利影響。我們將2023財年的營收預期範圍縮減至49.9億美元至50.4億美元之間。我們仍預期非GAAP營業利潤率約為36%，自由現金流在20億美元至20.8億美元之間。我們網站上的簡報和更新後的Excel財務報表提供了關於2023財年第三季和全年模型假設的更多詳細資訊。

While the challenges our customers face are changing, the growth drivers underpinning our strategy have only been reinforced, which gives us confidence in our long-term growth potential. We continue to target double-digit revenue growth, non-GAAP operating margins in the 38% to 40% range and double-digit free cash flow growth on a compound annual basis. These metrics are intended to provide a floor to our revenue growth ambitions and a ceiling to our spend growth expectations.

儘管客戶面臨的挑戰不斷變化，但我們策略背後的成長驅動因素卻持續增強，這使我們對自身的長期成長潛力充滿信心。我們將繼續致力於實現兩位數的營收成長、38%至40%的非GAAP營業利潤率以及兩位數的複合年自由現金流成長。這些指標旨在為我們營收成長目標設定底線，並為支出成長預期設定上限。

Andrew, back to you.

安德魯，把鏡頭交給你了。

Thank you, Debbie. Our strategy is to transform the industries we serve with end-to-end, cloud-based solutions that drive efficiency and sustainability for our customers. Our business is scalable and extensible into adjacent verticals, from architecture and engineering through construction and operations, from product engineering through product data management and product manufacturing. It is also scalable and extensible between verticals with industrialized construction and into new workflows like XR.

謝謝你，黛比。我們的策略是透過端到端的雲端解決方案，為我們所服務的產業帶來變革，從而提升客戶的效率和永續性。我們的業務具有可擴展性，能夠拓展到相鄰的垂直領域，從建築和工程到施工和運營，從產品工程到產品資料管理和產品製造。此外，它還具有跨垂直領域的可擴展性，能夠從工業化施工擴展到XR等新型工作流程。

By accelerating the convergence of workflows within and between the industries we serve, we are also creating broader and deeper partnerships with existing customers and bringing new customers into our ecosystem. For example, Kimley-Horn, one of the nation's premier planning and design consultants, expanded its EBA in Q2, broadening and deepening its long-standing partnership with Autodesk. In addition to increasing its utilization of Civil 3D and Revit and driving further operational efficiency gains through BIM and cloud collaboration, it also chose to expand use of Innovyze in its rapidly growing water practice to help drive more growth opportunities and productivity gains.

透過加速我們所服務產業內部及產業間的工作流程整合，我們也正在與現有客戶建立更廣泛、更深入的合作關係，並將新客戶引入我們的生態系統。例如，作為美國頂尖的規劃和設計顧問公司之一，Kimley-Horn 在第二季擴大了其企業業務協議 (EBA)，從而拓展並深化了與 Autodesk 的長期合作關係。除了提高 Civil 3D 和 Revit 的使用率，並透過 BIM 和雲端協作進一步提升營運效率外，該公司還選擇在其快速發展的水務業務中擴大 Innovyze 的使用，以助力其抓住更多增長機會並提升生產力。

As we highlighted last quarter, digital workflows are being adopted across the infrastructure life cycle, from asset owners, architects and engineers to construction, to drive improved efficiency and sustainability. The Indiana Department of Transportation, which was looking for an efficient solution to simplify its document management and field collaboration, is another good Q2 example. By adopting Autodesk Build and ACC Connect, it will improve communication and coordination throughout the construction process and streamline the documentation of citizen issues, resulting in less waste and more return per taxpayer dollar.

正如我們上季度重點強調的那樣，從資產所有者、建築師和工程師到施工人員，整個基礎設施生命週期都在採用數位化工作流程，以提高效率和永續性。印第安納州交通部就是第二季的一個很好的例子，該部門一直在尋求一種高效的解決方案來簡化其文件管理和現場協作。透過採用 Autodesk Build 和 ACC Connect，該部門將改善整個施工過程中的溝通和協調，並簡化市民問題的記錄，從而減少浪費，提高納稅人每一分錢的回報。

Across construction, the industry continues to look to connect workflows from planning and design to preconstruction, construction and ultimately, operations and maintenance. And we are enabling our customers to connect those workflows on a single platform. For example, a commercial real estate and property management company focused on owners, investors and occupants was tired of having multiple platforms across a project life cycle, resulting in inconsistencies, rework and poor handoffs. In Q2, it adopted the full Autodesk Construction Cloud to connect preconstruction with project management. It added quantification and estimating to BuildingConnected and BIM Collaborate Pro in preconstruction and Autodesk Build for project management to give themselves a competitive advantage and increase profitability through improved collaboration and data management.

在整個建築業，人們都在不斷尋求將從規劃設計到施工前準備、施工以及最終的營運維護等各個環節的工作流程連接起來。而我們正在幫助客戶在單一平台上實現這些工作流程的整合。例如，一家專注於業主、投資者和租戶的商業房地產和物業管理公司，厭倦了在專案生命週期中使用多個平台，這導致數據不一致、返工和交接不暢。第二季度，該公司全面採用了 Autodesk Construction Cloud，將施工前準備與專案管理連接起來。他們在施工前準備階段將量化和估算功能添加到 BuildingConnected 和 BIM Collaborate Pro，並在專案管理階段使用 Autodesk Build，從而提升了自身的競爭優勢，並透過改進協作和資料管理來提高獲利能力。

Across the globe, our customers seek to connect and streamline their construction workflows, and we are enabling and accelerating that through our partner network, launching Autodesk Build in new markets like Japan, enabling more data formats on more devices and delivering more value to our customers through account-based pricing. We're also giving our customers control of their data through Bridge, leveraging the power of machine learning to anticipate project risk and seamlessly connecting workflows, like takeoff, estimating and budgeting, to delight our customers and improve their productivity. With monthly active users growing more than 45% quarter-over-quarter, Autodesk Build is being rapidly adopted by existing and new customers to connect and streamline their construction workflows.

在全球範圍內，我們的客戶都在尋求連接並簡化他們的施工工作流程，而我們正透過合作夥伴網路協助並加速這一進程，例如在日本等新市場推出 Autodesk Build，支援在更多設備上使用更多資料格式，並透過帳戶為基礎的定價模式為客戶創造更多價值。此外，我們也透過 Bridge 讓客戶掌控自己的數據，利用機器學習的強大功能預測專案風險，並無縫連接諸如工程量計算、估算和預算等工作流程，從而提升客戶滿意度並提高其工作效率。 Autodesk Build 的月活躍用戶數量較上季成長超過 45%，現有客戶和新客戶正迅速採用該平台來連接並簡化他們的施工工作流程。

Turning to manufacturing. We sustained strong momentum in our manufacturing portfolio this quarter as we connected more workflows beyond the design studio, developed more on-ramps to our manufacturing platform and delivered new powerful tools and functionality through Fusion 360 extensions. Customers continue to expand their adoption of the Fusion platform beyond design and engineering. This quarter, a U.S. supplier of metal-cutting tools chose to create a state-of-the-art collaboration tool on Fusion to enable its sales organization to demonstrate its digital manufacturing technology to customers. By enabling customer customization to be immediately reflected in factory manufacturing instructions, the tool will be a competitive advantage during the selling process. For Autodesk, it adds a significant new persona group to Fusion's addressable market opportunity.

轉向製造領域。本季度，我們在製造產品組合方面保持了強勁的成長勢頭，我們將更多工作流程連接到設計工作室之外，開發了更多通往製造平台的入口，並透過 Fusion 360 擴展程序提供了強大的新工具和功能。客戶對 Fusion 平台的應用範圍不斷擴大，不再侷限於設計和工程領域。本季度，一家美國金屬切削刀具供應商選擇在 Fusion 平台上創建一款先進的協作工具，以幫助其銷售團隊向客戶展示其數位化製造技術。該工具能夠讓客戶的客製化需求立即反映到工廠的生產指示中，從而在銷售過程中帶來競爭優勢。對 Autodesk 而言，這為 Fusion 的潛在市場拓展了一個重要的使用者群體。

In automotive, we continue to grow our footprint beyond the design studio into manufacturing as automotive OEMs seek to break down the work silos and shorten the handoff and design cycles. For example, a top-tier commercial vehicles manufacturer renewed and increased its partnership with Autodesk as part of its strategic focus on building a sustainable product and service portfolio which leverages new technologies and digital innovation to accelerate electrical vehicle solutions. In addition to Alias, which it already uses for surfacing work of all its vehicles, it is utilizing VR technology from The Wild in combination with VRED and Navisworks to drive innovation and visualization from design and engineering through factory design.

在汽車領域，隨著汽車OEM廠商尋求打破工作壁壘、縮短交接和設計週期，我們的業務範圍正不斷從設計工作室擴展到製造環節。例如，一家頂級商用車製造商續簽並加強了與Autodesk的合作關係，這是其戰略重點的一部分，旨在建立可持續的產品和服務組合，利用新技術和數位化創新加速電動車解決方案的開發。除了已用於所有車輛曲面建模的Alias之外，該公司還結合VRED和Navisworks，利用The Wild的VR技術，推動從設計、工程到工廠設計的創新和視覺化。

Our Fusion 360 platform approach enables customers to seamlessly connect workflows and push the boundaries of innovation through the advanced design and manufacturing technologies in extensions. For example, a global leader in seat manufacturing, which works with many major automakers worldwide, engaged Autodesk Consulting to develop a blended workflow across design, product engineering and manufacturing. The result was a seat that proves passenger comfort and safety while reducing the weight and number of parts. Using Autodesk design tools like Alias conceptual design and Fusion 360 generative design, it was able to redefine the seat design with thinner seat sections and improved comfort and safety. Fusion 360's commercial subscribers grew steadily, ending the quarter with 205,000 subscribers, and demand for our new extensions, including machining, generative design and nesting and fabrication, continuing to grow at an exceptional pace.

我們的 Fusion 360 平台解決方案使客戶能夠無縫連接工作流程，並透過擴充功能中的先進設計和製造技術突破創新界限。例如，與全球眾多主要汽車製造商合作的座椅製造領域的全球領導者，委託 Autodesk 顧問公司開發了一套涵蓋設計、產品工程和製造的整合工作流程。最終成果是一款在確保乘客舒適性和安全性的同時，還能減輕重量並減少零件數量的座椅。該公司利用 Autodesk 的 Alias 概念設計和 Fusion 360 生成式設計等設計工具，重新定義了座椅設計，使其更加纖薄，並顯著提升了舒適性和安全性。 Fusion 360 的商業用戶數量穩定成長，本季末達到 20.5 萬用戶，而包括機械加工、生成式設計、排料和製造在內的新擴充程式的需求也持續高速成長。

In education, engineering students are using Fusion 360 to learn the skills of the future in institutions like Grwp Llandrillo Menai, the largest further education college group in Wales. Students there are applying their studies to benefit local industry partners and businesses. For example, students recently used Fusion 360's cloud-based data management and advanced 3D machining to help a local RV manufacturer improve its output by about 50%. The college is now planning to integrate Fusion 360 across its 11 campuses due to its ease of use, modern user interface, accessibility across devices and ability to collaborate on team projects and share data.

在教育領域，工程專業的學生正在使用 Fusion 360 來學習面向未來的技能，例如在威爾斯最大的繼續教育學院集團 Grwp Llandrillo Menai 等院校中。學生們正在將所學知識應用於當地的行業合作夥伴和企業，從而造福他們。例如，學生最近利用 Fusion 360 基於雲端的資料管理和先進的 3D 加工功能，幫助一家當地的房車製造商將產量提高了約 50%。由於 Fusion 360 易於使用、擁有現代化的用戶介面、可在各種設備上訪問，並且能夠支援團隊協作和數據共享，該學院目前正計劃在其 11 個校區全面部署該軟體。

And finally, we continue to bring more users into our ecosystem through business model innovation and license compliance initiatives. When one of our EMEA customers realized that some usage from its international offices was noncompliant, it needed time and data to better understand its users before purchasing subscriptions. By purchasing our first-ever 100,000 pack of Flex tokens, the customer gained instant access to Autodesk's portfolio of products and usage data to make informed decisions on its future subscription purchases while also opening up new competitive opportunities for Autodesk. During the quarter, we closed 7 deals over $500,000 with our license compliance initiatives, 3 of which were over $1 million.

最後，我們持續透過商業模式創新和授權合規舉措，吸引更多用戶加入我們的生態系統。我們的一位歐洲、中東和非洲 (EMEA) 客戶發現其國際辦事處的部分使用情況不符合規定，因此在購買訂閱之前，他們需要時間和數據來更好地了解用戶。透過購買我們首批 10 萬個 Flex 代幣包，該客戶可以立即存取 Autodesk 的產品組合和使用數據，為未來的訂閱購買做出明智的決策，同時也為 Autodesk 開闢了新的競爭機會。本季度，我們透過許可合規措施完成了 7 筆超過 50 萬美元的交易，其中 3 筆超過 100 萬美元。

Flex and Premium are also helping customers transition from multiuser to named user contracts. A leading supplier of concrete formwork and scaffolding systems in Europe has been unifying internally around BIM to accelerate its digital transformation. It added Premium plan to its transition to named trade-ins to centralize software management, enable user-based analytics and license optimization and benefit from single sign-on security. It can also purchase Flex tokens to cover its occasional user needs.

Flex 和 Premium 套餐還能幫助客戶從多用戶合約過渡到指定用戶合約。歐洲一家領先的混凝土模板和鷹架系統供應商一直在內部圍繞 BIM 進行整合，以加速其數位轉型。該公司在其向指定用戶合約過渡的過程中添加了 Premium 套餐，以集中管理軟體、實現基於用戶的分析和許可優化，並受益於單點登入安全功能。此外，該公司還可以購買 Flex 代幣來滿足其偶爾的用戶需求。

Let me finish where I started. Strong demand and robust competitive performance delivered excellent Q2 results. Our subscription business continues to demonstrate its growth potential and resilience. By accelerating the convergence of workflows within and between the industries we serve, we are accelerating the digital transformation of our customers and creating broader and deeper partnerships with them. And by moving from products to platforms and capabilities and bringing those capabilities to any device anywhere through the cloud, we are expanding our opportunity horizon. Look for us to talk more about that over the coming weeks, months and years. We look forward to seeing many of you at Autodesk University in a few weeks.

讓我回到開頭。強勁的市場需求和出色的競爭表現帶來了卓越的第二季業績。我們的訂閱業務持續展現出成長潛力和韌性。透過加速我們所服務產業內部及產業間的工作流程整合，我們正在加速客戶的數位轉型，並與他們建立更廣泛、更深入的合作關係。同時，透過從產品轉向平台和功能，並將這些功能透過雲端部署到任何裝置上，我們正​​在拓展機會。未來幾週、幾個月甚至幾年，我們將就此展開更深入的探討。我們期待幾週後在 Autodesk University 與各位相聚。

Operator, we would now like to open the call for questions.

接線員，現在開始接受提問。

(Operator Instructions) Our first question comes from the line of Saket Kalia of Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Saket Kalia。

Andrew, maybe first for you. Maybe we'll start (inaudible). I wonder if you could expand a little bit on the comment around moving from products to platforms (inaudible) that we can all talk about (inaudible) as the platform has evolved. But maybe you can just walk us through what that looks like in the future in terms of a platform from your perspective.

安德魯，或許你是第一個。或許我們可以先從（聽不清楚）開始。我想請你詳細談談你之前提到的從產品轉向平台（聽不清楚）的觀點，隨著平台的發展，我們可以就此展開討論（聽不清楚）。或許你可以從你的角度，為我們描繪出未來平台的發展藍圖。

Yes, I want to be careful not to give away all the AU tidbits in some of those discussions, but it's an important question. Saket, to put it in perspective, right now, we sell literally hundreds of products. And the challenges for our customers is trying to find out which one of these products solve which problems for them, and also the fact that a lot of these products don't talk to each other very easily. So when you're selling hundreds of products, it's really difficult to connect data flows across all those capabilities. It's also really difficult to uniformly deliver multi-platform support, multi-device support, cloud computing and AI automation, which is really challenging.

是的，我希望在討論中盡量避免透露太多關於AU的細節，但這的確是一個重要的問題。 Saket，舉個例子來說，我們現在銷售的產品數以百計。客戶面臨的挑戰在於，他們很難找到哪些產品能夠解決自身的問題，而且許多產品之間互不相容。因此，當銷售數百種產品時，要連接所有這些產品的資料流就非常困難。此外，要統一提供多平台支援、多設備支援、雲端運算和AI自動化也極具挑戰性。

So what we're doing is we're moving away from this kind of disconnected portfolio of products to really a set of platforms to target each one of our industries with some underlying core technologies that support all of it. That will enable us to actually deploy capabilities to our customers as they need them for particular types of process, for instance, advanced manufacturing capabilities on a time-bound basis or a consumption basis, [accumulation] capabilities on a time-bound basis or a consumption basis. So they get access to what they need when they need it, and it's all unified from a data flow point of view. This is kind of going to be revolutionary for a lot of our customers in terms of the evolution and where we're taking them.

因此，我們正在擺脫這種各自獨立的產品組合，轉而建立一套平台，針對我們各個行業提供支撐，並以一些核心底層技術為支撐。這將使我們能夠根據客戶在特定流程中的需求，靈活部署相應的功能，例如，根據時間或消耗量，按需提供先進製造功能和[累積]功能。這樣，客戶就能在需要時獲得所需資源，並且從資料流的角度來看，所有功能都是統一的。對於我們的許多客戶而言，這將在發展方向和未來走向方面帶來革命性的變革。

So it's really valuable for our customers in terms of connecting how they work and the value they get from each one of our products. And it's really important to us in terms of delivering more layers of automation and power to them to the cloud. So it is a journey. It's not going to happen overnight, but Fusion is an excellent example of where we're going and how we could deploy some of these things to our customers, especially when you look at the way extensions work, consumption works on top of the Fusion platform. It's a good model for where we're taking industry platforms for each one of our industries.

因此，對於我們的客戶而言，它確實非常有價值，因為它能幫助他們更好地連結工作方式，並提升他們從我們每款產品中獲得的價值。而對我們來說，它也至關重要，因為它能幫助他們在雲端獲得更多自動化和強大的功能。這是一個循序漸進的過程，不會一蹴可幾。但Fusion平台就是一個很好的例子，它展現了我們未來的發展方向，以及我們如何將這些功能部署到客戶那裡，尤其是在了解擴充功能的工作方式以及Fusion平台之上的使用模式時。對於我們各產業的產業平台而言，這是一個很好的範例。

Got it. Got it. That's really helpful. And it sounds like it will be exciting at AU. [And Debbie], a follow-up for you. Can you just talk a little bit about the multiyear [subscription business]? How are those renewals? I know they're starting to trickle in from 3 years ago in a bigger way. How are those renewals kind of coming in versus your expectations? And maybe looking forward, how do you plan on phasing that option out? I think (inaudible).

明白了，明白了，這真的很有幫助。聽起來在奧本大學會很精彩。 [黛比]，還有一個後續問題。能簡單談談多年訂閱業務嗎？續訂情況如何？我知道三年前的續訂用戶現在開始逐漸增加。這些續訂情況與你的預期相比如何？展望未來，你打算如何逐步取消這項服務？我想（聽不清楚）。

Sure. So we continue to track the multiyear cohort closely. Our proportional volume for multiyear has been in line with our expectations for the first half of fiscal '23. So that gives us confidence in our fiscal '23 outlook. We also saw long-term deferred revenue as a percent of total deferred revenue tick up. That, too, was in line with our expectations. As we look ahead to the transition from upfront to annual billings, well, it hasn't started yet. We anticipate that the transition is going to start in early fiscal '24, and we continue to work through the programmatic and operational details to get there, things like a partner transition plan, back-office system upgrades. But I'll say again, it's our bias to go as quickly as possible. In the meantime, obviously, we're focused on closing out this year, making sure that those multiyears come in consistent with historical patterns. And the fact that they are is giving us that confidence as we look to achieve our goals for this year.

當然。我們會繼續密切關注多年期合約的進展。 2023財年上半年，多年期合約的佔比與預期相符，這讓我們對2023財年的前景充滿信心。此外，長期遞延收入佔總遞延收入的比例也有所上升，這也符合我們的預期。展望未來，從預付制向年付制的過渡尚未開始。我們預計過渡將於2024財年初啟動，目前正在推動相關的專案和營運細節，例如合作夥伴過渡計畫和後台系統升級等。但我再次強調，我們力求盡快完成過渡。同時，我們顯然專注於完成今年的收尾工作，確保多年合約的業績與歷史水準保持一致。而目前多年期合約的業績也符合歷史水平，這讓我們更有信心實現今年的目標。

Our next question comes from the line of Phil Winslow of Crédit Suisse.

我們的下一個問題來自瑞士信貸的菲爾溫斯洛。

Congrats on another quarter of reinforcing how Autodesk's growth is simply not as cyclical anymore. Andrew, I just want to focus on the AEC segment because this is the area that I get the most questions on in terms of cyclicality, with 2 questions of my own for you. Firstly, what are you hearing from design customers in this segment about what continues to drive your incremental spending on Autodesk despite the [cloudier] macro? And then secondly, the 45% quarter-to-quarter growth in Autodesk Build MAUs in the slide deck and your commentary on just the BuildingConnected volumes also really stood out to us. Similarly, what are you hearing from these construction customers about why they also continue to lean in on digitizing their workloads in spite of the macro? Or is this becoming because of the macro volatility that they're digitizing?

恭喜你們又一個季度再次印證了Autodesk的成長不再受週期性波動的影響。 Andrew，我想專注於AEC（建築、工程和施工）領域，因為在這個領域，關於週期性的問題我收到的最多，我也有兩個問題想問你。首先，你從這個領域的建築設計客戶那裡了解到，是什麼因素促使他們在Autodesk上持續增加支出，儘管宏觀經濟情勢不明朗？其次，你在投影片中提到的Autodesk Build月活躍用戶數季增45%，以及你對BuildingConnected銷售的分析，都讓我們印象深刻。同樣地，你從這些建築客戶那裡了解到，為什麼他們在宏觀經濟狀況不佳的情況下仍然堅持數位轉型？或者說，他們之所以選擇數位化，是因為宏觀經濟的波動性嗎？

That was a multipart question. I will address it. So first off, let's talk about what we're hearing from design customers. The #1 thing we're hearing from the design segment is the backlog of business, right? They have more business right now than they're able to effectively execute on. And the requirements of that business are increasing in terms of what kind of tools they need to use, how they need to approach the problems. Owners, municipalities, all sorts of customers they deal with are putting more requirements on how they have to work. So they're all looking to kind of up their game in digital tools.

這是一個包含多個部分的問題，我會逐一解答。首先，我們來談談從設計客戶那裡聽到的回饋。設計領域客戶反映最多的問題是業務積壓，對吧？他們目前的業務量遠遠超過了實際上能夠有效執行的範圍。而且，這些業務對工具的要求越來越高，包括他們需要使用的工具類型以及解決問題的方式。業主、市政部門以及他們接觸的各類客戶都對他們的工作方式提出了更高的要求。因此，他們都在尋求提升數位化工具的使用水準。

The biggest challenge we hear from these customers is hiring, frankly. We were hearing last year a lot of conversations about, oh boy, fixed bid contracts and inflationary pressures and all these things. As I've said previously, they bake these things now into their business bids, and they're able to capture those costs in their contracts. But what they're struggling with is hiring. We're still growing even if they struggle to hire because they're getting people in but they have more demand for manpower and person power than they actually are able to capture at this point, okay? So that's something we're hearing really robustly.

坦白說，我們從這些客戶那裡聽到的最大挑戰是招募。去年我們聽到很多關於固定報價合約、通膨壓力等等的討論。正如我之前所說，他們現在把這些因素都納入了業務投標中，並且能夠在合約中體現這些成本。但他們面臨的真正難題是招募。即使他們招募困難，我們仍在成長，因為他們確實招到了人，但他們對人力和人員的需求超過了他們目前實際能夠滿足的需求，明白嗎？所以，這是我們常聽到的問題。

Now let's go to the growth in construction. First off, I want to give you my quarterly disclaimer. When you look at the construction business, the make number does not capture the full story in the construction business. The EBA growth [is hidden] in the design bucket. So when you count how we're doing with our enterprise business agreements and the overall [territory business we close on that], we grew close to 30% in that business. So that's really quite nice growth. And what we're hearing, and I'm glad you picked up on the 45% growth on monthly active users, we're hearing a couple of things.

現在我們來談談建築業的成長。首先，我想先聲明一下季度業績。在分析建築業務時，單看訂單量並不能反映建築業務的全貌。企業業務協議 (EBA) 的成長實際上隱藏在設計業務中。所以，如果我們把企業業務協議的完成情況以及我們最終達成的整體區域業務量都考慮進去，就會發現我們在這個業務領域實現了近 30% 的成長。這確實是一個相當不錯的成長。另外，我很高興你們注意到了每月活躍用戶 45% 的成長，我們聽到了一些回饋，也了解到一些其他方面的資訊。

One, first off, we've lit up our territory business, our partners in the territory. And this is driving a lot of really nice growth in the U.S. and in Europe, and it's going to continue to drive that growth. And that's bringing us closer to certain customers lower down in the market, the mid-market and below, which I think is a really important point in our journey, okay? The other thing I want to talk about is what customers are starting to realize is they need a lot more than just a project management or a construction site management tool. They really are looking to their future where they're trying to connect the design and the build all the way together continuously. And one of the big linchpins in all of that is preconstruction planning. The vast majority of the cost and complexity of a construction project is built during the preconstruction planning phase. You get that wrong, you bid wrong, you come in with lower margins, you have more churn and complexity in your project.

首先，我們已經啟動了區域業務，以及我們在該區域的合作夥伴。這正在推動美國和歐洲市場實現非常可觀的成長，而這種成長勢頭還將繼續。這也讓我們更接近市場中低階客戶，我認為這是我們發展歷程中一個非常重要的節點。其次，我想談談客戶逐漸意識到，他們需要的不僅僅是專案管理或施工現場管理工具。他們真正著眼於未來，希望將設計和建造全程無縫銜接。而這一切的關鍵之一就是施工前規劃。建築工程的大部分成本和複雜性都源自於施工前規劃階段。如果規劃出錯，投標就會出錯，利潤空間就會降低，專案也會更加複雜，出現更多問題。

So this connection between design, preconstruction all the way to build is increasingly really important to their customers. So customers are taking a lot more time to evaluate what they're trying to invest in. And I think you also probably noticed, at least a little bit in the introductory commentary, that infrastructure is a big play for us here. So Department of Transportation. And you saw the Indiana Department of Transportation lean into our portfolio for -- looking at their future needs. We're hearing more and more from Departments of Transportation that are really looking to upgrade and modify their stack to be much more designed to build on a much more modern cloud infrastructure. So there's a lot going on in construction, Phil, and it's coming at us from multiple directions. And right now, it's all positive.

因此，從設計、前期準備到最終施工的整個流程之間的聯繫對他們的客戶來說變得越來越重要。客戶會花更多的時間來評估他們的投資項目。我想您可能也注意到了，至少在開場白中有所體現，基礎設施是我們目前關注的重點。例如交通運輸部門。您可以看到印第安納州交通部正在考慮我們的產品組合，以滿足他們未來的需求。我們越來越常聽到交通運輸部門的聲音，他們正在尋求升級和改造他們的技術棧，使其更適合建造在更現代化的雲端基礎設施之上。所以，菲爾，建築業正在發生很多變化，而這些變化來自四面八方。目前來看，一切都是正面的。

Our next question comes from the line of Jay Vleeschhouwer of Griffin Securities.

我們的下一個問題來自 Griffin Securities 的 Jay Vleeschhouwer。

Andrew, you have, by our calculation, the largest R&D budget in your peer group, but you don't necessarily have the largest headcount in R&D. And so the question is, particularly given your earlier comment about the large number of products that you're currently developing and having to manage, how you see -- or how are you working on improving your R&D productivity or effectivity, if you will, in terms of your core platform, your applications technology and ultimately, product usability to drive MAUs and further enlarging the installed base?

安德魯，據我們計算，你的研發預算在同行中最高，但你的研發人員數量未必最多。因此，問題在於，尤其考慮到你之前提到目前正在開發和管理大量產品，你如何看待——或者說，你正在如何努力提高研發效率，尤其是在核心平台、應用技術以及最終產品易用性方面，從而提升月活躍用戶數並進一步擴大用戶基數？

And then for Debbie, you commented earlier with respect to your back office as part of your initiatives over the next number of years. On that point, could you comment on where you are in terms of your operational capacity for the new licensing model and deliverables that you're going to have as you have an increasingly complex offering to customers in terms of Flex and everything else you're doing, the platform Andrew mentioned? Are you, in fact, going to have the requisite back office to handle all of that?

黛比，你之前提到過，未來幾年你的計畫中會包括後台營運。關於這一點，你能否談談你目前的營運能力，以應對新的授權模式以及你即將交付的各項服務？隨著你為客戶提供的服務越來越複雜，包括Flex以及安德魯提到的其他平台，你是否真的有足夠的後台來處理所有這些工作？

So Jay, let me start with your questions. Yes, you are correct. We have the largest R&D budget but we don't necessarily have the largest headcount on R&D. Part of that is because of where we concentrate on R&D and what kind of talent we're pursuing. We're pursuing a lot of cloud talent, a lot of cloud-native talent, [full staff] development talent that allows us to build out the core cloud capabilities and continue to expand them. That talent resides in certain places, and it has certain costs associated with it and we think that's the right strategy. We don't hire a lot of R&D content -- headcount that's associated specifically with customer-specific development in, say, other parts of the world. So we do hire in specific areas because of what we're trying to do.

傑伊，我先回答你的問題。是的，你說得對。我們的研發預算最高，但研發人員數不一定最多。部分原因是我們的研發重點和人才需求。我們專注於招募雲端原生人才，也就是全職開發人員，這使我們能夠建立並不斷擴展核心雲端功能。這些人才集中在特定地區，也需要一定的成本，我們認為這是正確的策略。我們不會在其他地區招募大量專門從事客戶特定開發工作的研發人員。所以，我們之所以在特定領域招募人才，是因為我們的目標就是如此。

And when it comes to developer productivity, you hit on a really important aspect of why do we have platform services, why are we extending the depth and breadth of the things that we build in the platform services. One of the reasons we're doing that is to lift the burden away from some of these development teams on things like data flow, on things like visualization and capabilities that should be uniform across every platform or product that we -- or capability that we deploy. So more and more, as you see these -- the portfolio of platform capabilities not only mature but expand, it's going to increase the productivity of the teams that are looking at features that are facing particular industries and capabilities that are facing particular industries.

說到開發者的生產力，您觸及了一個非常重要的問題：我們為什麼要建立平台服務？為什麼要擴展和深化平台服務的功能？其中一個原因是，為了減輕開發團隊在資料流、視覺化以及所有平台或產品（或功能）中應保持一致的功能等方面的負擔。因此，隨著平台功能組合日益成熟和擴展，負責特定產業的功能開發的團隊的生產力將會顯著提升。

It's a big part of why we have these services, and we're already starting to see some of those benefits, especially with regards to data flow, which is an initiative driven primarily by the platform organization within Autodesk. And it's being aligned across the various industries to make sure that we get the right kind of synergies and lift from our data APIs and our data connectivity. So yes, you will see increasing productivity associated with this. We're definitely spending on quality over quantity, and I think that's the right strategy for where we're at right now.

這正是我們提供這些服務的重要原因之一，而且我們已經開始看到一些成效，尤其是在資料流方面。資料流主要由Autodesk的平台部門推動。我們正在各個行業之間進行協調，以確保我們的數據API和數據連接能夠發揮應有的協同效應並帶來提升。因此，您會看到生產力的提高。我們始終堅持品質至上，而非數量，我認為這才是我們目前所處的正確策略。

And then, Jay, to answer your question about operational capacity for things like new business models, I would say that we are well on our way on this journey, but we still have some ground to cover in order to be where we need to be. And I think that that's an appropriate place to be at this stage of the journey. Now, of course, we don't launch new business models without the ability to support them, which is why, as one example, we are delaying the shift to annual billings until next year so that we can spend the time that we need to be able to invest in our back-office systems to make sure that we have a good customer experience and that we have the right controls and automated capabilities in the back office.

傑伊，關於你提出的關於新業務模式等營運能力的問題，我想說，我們在這條路上已經走得很順利了，但距離目標還有一段路要走。我認為，在現階段，我們目前的狀況是適當的。當然，我們不會在沒有相應支援的情況下推出新的業務模式。例如，我們將年度結算方式的調整推遲到明年，以便我們有足夠的時間投資後台系統，確保提供良好的客戶體驗，並在後台擁有適當的控制和自動化功能。

I mean, ultimately, this is something that we focus on not only to make sure that we have the capacity to support new business models but also so we can scale. If we want to achieve our long-term growth aspirations, we need to continue to invest in our back-office infrastructure in order to be able to scale efficiently, effectively and in an automated way to do it.

我的意思是，歸根結底，我們關注這一點不僅是為了確保我們有能力支持新的商業模式，也是為了實現規模化發展。如果我們想要實現長期成長目標，就需要持續投資於後台基礎設施，以便能夠有效率、有效地以自動化的方式進行規模化發展。

Our next question comes from the line of Matt Hedberg of RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Matt Hedberg。

Andrew, for you. The growth in Fusion 360 was really fantastic to hear. Can you talk about sort of where those subs are coming from? Are these greenfield? Are they replacements? And maybe just a little bit more on sort of with a lot of alternatives, why Fusion 360?

Andrew，我想問你。 Fusion 360 的成長真是令人振奮。能談談這些新增用戶來自哪裡嗎？是新建的還是被替換的？另外，在眾多替代方案中，為什麼選擇 Fusion 360 呢？

Yes. So first off, it's a bit of a mix, all right? A lot of these are greenfield investors acquiring design software connected to manufacturing software for the first time. But there's a lot of rip and replace going on. I think you've probably heard me talk many times about how we're going into accounts where people might have a seat of SolidWorks and a seat of Mastercam or some kind of other CAM software and they're saying, "Well, Fusion is all I need." And we're -- we've been consistently creating and growing subscribers from that type of business.

是的。首先，情況比較複雜，對吧？很多都是首次涉足設計軟體和製造​​軟體領域的新投資者。但也有很多是徹底替換現有軟體的情況。我想你可能聽我說過很多次，我們接觸到的客戶可能已經擁有SolidWorks和Mastercam或其他CAM軟體，他們會說：「Fusion就足夠了。」而我們一直在不斷地從這類客戶那裡開發和增加訂閱用戶。

But what we're seeing more and more, and I think this is one of the things that is important about the user growth you're seeing, is that where we've gone in and we've started in some department or part of a particular company, we're starting to grow the installed base within those companies. So we're still bringing in new customers, primarily along this design-to-make vector, but we're starting to grow within the accounts we've captured. This is the kind of flywheel you'd like to see as you start to mature a business, and we're starting to see some of that.

但我們越來越明顯地看到，而且我認為這是用戶成長中非常重要的一點，那就是我們一旦進入某個部門或公司，就會開始在這些公司內部擴大用戶群。所以，我們仍然在吸引新客戶，主要沿著「設計到生產」的路徑，但我們也開始在已建立的客戶群中成長。這正是企業走向成熟後我們希望看到的飛輪效應，而我們已經開始看到這種效應的出現。

The reason people buy is there's 3 kind of vectors here that people pay attention to. One, of course, is the price. The pricing model for Fusion is disruptive. It's native subscription-based. It's not a reimagining of an existing perpetual business. It's a native subscription-based business. It has extensions and things and consumptive models that allow people to pay for what they use and manage how much it cost from the use of software. They love that. Two, they love the design to make integration, the end-to-end integration, from the design process all the way to actually programming and driving the machine on the shop floor. This kind of merger and convergence of design and make is something that's really valuable to a lot of people.

人們購買的原因主要有三個面向。首先當然是價格。 Fusion 的定價模式具有顛覆性，它採用原生訂閱模式，而非對現有永久付費模式的重新構想。它擁有擴展功能和按需付費模式，用戶可以根據實際使用量付費，並有效管理軟體使用成本。使用者非常喜歡這種模式。其次，使用者喜歡它從設計到製造的一體化體驗，從設計流程到實際編程和車間機器運行的端到端整合。這種設計與製造的融合對許多人來說都極具價值。

And the third thing might surprise you a little bit. It's our YouTube community. It's the amount of content that's out there on YouTube, which, by the way, exceeds even much more mature products that are out there in the market, where people can not only learn how to do something in Fusion, they can learn how to do it exceptionally in Fusion. It's a very passionate, very engaged and really very knowledgeable community that's publishing all this content. And people really buy for those reasons. They buy for the disruptive business model, they buy for the design make integration and they buy for the fact that they can find a tutorial just about anything you can think of to get really at expert level in the product.

第三點或許會讓你有點意外，那就是我們的 YouTube 社群。 YouTube 上的內容量非常龐大，甚至超過了市面上許多更成熟的產品。人們不僅可以在 YouTube 上學習如何使用 Fusion，還能學習如何精通 Fusion。這是一個充滿熱情、積極參與且知識淵博的社區，他們發布了所有這些內容。人們購買 Fusion 的真正原因就在於此：他們購買的是顛覆性的商業模式，是設計與製造的集成，也是因為他們幾乎可以找到任何你能想到的教程，從而真正達到產品專家的水平。

That's super, super helpful. And then Debbie, the consistency is obviously really good to see. The macro environment, this is not easy, clearly, but the consistency was great. I'm wondering if you could talk a little bit about the linearity in the quarter. And maybe what are you seeing thus far in August?

這真的非常非常有幫助。黛比，這種穩定性顯然非常好。宏觀環境當然不容易，但這種穩定性很棒。我想請你談談本季的線性成長情況。還有，你對八月的情況有什麼看法？

So the linearity that we saw during the quarter is consistent with what we've seen in previous periods. I would say nothing newsworthy to report there. And obviously, at this point, we're not commenting on what we're seeing in August.

因此，本季我們看到的線性成長與以往幾季的情況一致。我認為這方面沒有什麼值得報道的。顯然，目前我們不會對八月的情況發表評論。

Our next question comes from Adam Borg of Stifel.

我們的下一個問題來自 Stifel 公司的 Adam Borg。

Maybe just first for Andrew on the infrastructure bill. I know that's something we talked about in the past and the positive tailwinds that could have for Autodesk. So would love maybe just a quick update here. And then as I think about the recently passed Inflation Reduction Act, there's a lot of language in there about clean energy and sustainability. I'd love to hear how you think about that impacting Autodesk over time as well.

或許可以先問問安德魯關於基礎建設法案的情況。我知道我們之前討論過這個，以及它可能對歐特克帶來的正面影響。所以，我想聽聽你對這方面的簡單介紹。另外，最近通過的《通膨抑制法案》中有很多關於清潔能源和永續發展的條款。我很想聽聽你對這些條款未來會對歐特克產生哪些影響的看法。

And so first, let's talk about the infrastructure bill. As with any of these bills and like I've said in the past, the money is slowly trickling out, all right? And what you're seeing is people are actually starting to begin the process of planning around particular types of projects. But more importantly, what's happening is a lot of the recipients of some of these funds, particularly Departments of Transportation, are starting to rethink how they're approaching their design processes. And by the way, energy efficiency and sustainability play into how they think about some of these things.

首先，我們來談談基礎建設法案。就像我之前說過的那樣，所有這類法案的資金都在緩慢到位，對吧？現在的情況是，人們開始著手規劃特定類型的專案。但更重要的是，許多資金的接收方，特別是交通部門，開始重新思考他們的設計流程。順便一提，能源效率和永續性也影響著他們對這些問題的思考。

So remember, there was a seed money in that bill to enable Departments of Transportation to explore and expand digital transformation in their processes. This is bringing about a lot of introspection and thought within these departments, and they're starting to look at their next 10-year portfolio of tools. And they're looking to buy ahead of their ability to plan and execute some of these infrastructure projects. We are absolutely seeing that early activity with regards to our relationship with large firms like AECOM that engage in the infrastructure and how they're going to engage over the next 10 years and Departments of Transportation that have similar challenges and similar needs over the next 10-year period, okay? So that's something we're seeing live.

所以請記住，該法案中包含一筆啟動資金，旨在幫助各交通部門探索和擴展其流程中的數位轉型。這促使這些部門進行了大量反思和思考，他們開始著手規劃未來十年所需的工具組合。他們希望在規劃和執行一些基礎設施項目之前就先進行採購。我們已經看到，與AECOM等大型基礎建設公司建立合作關係，以及未來十年他們將如何參與其中，都體現了這種早期活動。此外，我們也看到了交通部門在未來十年中面臨的類似挑戰和需求。這些都是我們親眼目睹的。

Now with regards to the Inflation Reduction Act, the jury is out on that, right? Anything that drives energy efficiency and sustainability is ultimately going to trickle down into what the requirements are for some of our customers, especially when electrification is becoming so important. So you're going to see a lot more electrification and efficiency spec for our customers, but unclear where that will fall with regards to impact on our business.

至於《通膨抑制法案》，目前還沒有定論，對吧？任何旨在提高能源效率和永續性的措施最終都會影響到我們部分客戶的需求，尤其是在電氣化日益重要的今天。因此，我們會看到客戶對電氣化和能源效率的要求越來越高，但這些要求對我們業務的影響究竟有多大，目前還不清楚。

That's great. And maybe just a quick follow-up even on Matt's question on Fusion 360, just on manufacturing, more broadly. We'd love to hear more about Upchain and how that fits into the broader strategy you've been talking about here with Fusion 360 today.

太好了。關於Matt提出的Fusion 360問題，以及更廣泛的製造業相關問題，我們想再補充一點。我們很想了解更多關於Upchain的信息，以及它如何融入您今天提到的Fusion 360的整體策略中。

Yes. So Upchain is the data management layer that's cloud-native that allows us to actually not only manage the flow of Fusion information environment but any other heterogeneous data that might exist in the environment. All of our customers live in a heterogeneous world. We will never have a customer that is uniformly using just an Autodesk product or just Autodesk's portfolio. So not only does Upchain bring us cloud-native data management, but it also brings us heterogeneous management of this data and the ability to manage this flow and reconcile things in the cloud, which has huge power for how people use data management in the future. If you look at the evolution of Upchain, it's going to more and more just merge with some of the Fusion life cycle and Fusion managed capabilities we already have and will become the native cloud data management platform for Fusion. So that's where Upchain plays. It's basically a deep and wide data management platform in the cloud for us.

是的。 Upchain 是一個雲端原生的資料管理階層，它不僅能讓我們管理 Fusion 資訊環境的流，還能管理環境中可能存在的任何其他異質資料。我們所有的客戶都身處在一個異質環境中。我們永遠不會有客戶只使用 Autodesk 的單一產品或全部產品組合。因此，Upchain 不僅為我們帶來了雲端原生資料管理，還帶來了異質資料管理能力，以及在雲端管理資料流和協調資料的能力，這對於未來人們如何使用資料管理具有巨大的潛力。展望 Upchain 的發展，它將與我們現有的 Fusion 生命週期和 Fusion 管理功能不斷融合，最終成為 Fusion 的原生雲端資料管理平台。這就是 Upchain 的作用所在。它本質上是一個功能強大且用途廣泛的雲端資料管理平台。

Our next question comes from Joe Vruwink of Baird.

我們的下一個問題來自 Baird 公司的 Joe Vruwink。

I guess I'll stick on manufacturing because I think to get 16% growth there, the desktop products have to be contributing at a pretty high level. What's been the driver of success there? And then you shared an interesting anecdote just in automotive and seeing broader usage. How much can that same playbook be used in process or some of your other discrete sectors where you have exposure?

我想我還是會繼續關注製造業，因為我認為要達到16%的成長，桌上型電腦產品的貢獻必須相當高。是什麼推動了這方面的成功？您還分享了一個關於汽車行業的有趣案例，以及更廣泛的應用。同樣的策略在流程工業或其他您涉足的離散產業中能有多大的借鏡意義？

Yes. So you picked up on something we're growing faster than any of our competitors so we continue to take share in manufacturing. And yes, you're right, it's our whole portfolio that's continuing to grow the share in manufacturing. And why is that? So there's a couple of reasons. One, we keep introducing new technologies, right? And we bring these new technologies to our customers in a way that if you buy the present, you get the future, right? So if you're buying [in vendor, you get] Fusion. And that allows you to not only feel good about the products you're using today, but know that you're hooked up to where the company is going over the next 5 to 10 years. And I think that's a real competitive advantage for us in terms of how we bring technology to market.

是的。您注意到了一點，我們的成長速度比任何競爭對手都快，因此我們在製造業的市佔率持續成長。沒錯，正是我們整個產品組合在製造業市場佔有率的持續成長。這是為什麼呢？原因有二。首先，我們不斷推出新技術，對吧？我們以一種「買現在，就等於買未來」的方式將這些新技術帶給客戶，對吧？所以，如果您向我們購買產品，您就擁有了Fusion。這不僅讓您對現在使用的產品感到滿意，還能讓您知道您與公司未來5到10年的發展方向緊密相連。我認為這在技術市場化方面是我們真正的競爭優勢。

But you're also seeing us blend new types of technologies into the workflows that our customers are trying to do in automotive and other places. I think one of the things that was interesting about what I said in my opening commentary was the blending of both The Wild and VRED, which is -- The Wild was a very early acquisition, and then we have VRED, which is an existing mature technology. People are exploring the intersections of various technologies that we have. And you've probably picked up on the fact that our strength in manufacturing has extended more into facilities management with large manufacturers and looking to manage their actual factory assets. So there's overlap associated with those things, and there's some overlap with our AEC business with regard to that.

但您也看到，我們正在將新型技術融入客戶在汽車及其他領域的業務流程中。我認為我在開場白中提到的一個有趣之處在於The Wild和VRED的融合——The Wild是我們早期收購的產品，而VRED則是一項成熟的現有技術。人們正在探索我們各種技術的交叉融合。您可能已經注意到，我們在製造業的優勢已擴展到大型製造商的設施管理領域，幫助他們管理工廠的實際資產。因此，這些領域之間存在重疊，而且與我們的建築、工程和施工（AEC）業務也存在一些重疊。

But those are the things that are kind of driving our growth in manufacturing. You're right. It's the whole portfolio. The whole portfolio is moving forward, and you're also seeing obviously tremendous growth with Fusion, right? We have to maintain that. We like what we see, but customers like what we're doing.

但正是這些因素推動了我們在製造業的成長。你說得對。是整個產品組合都在發展。整個產品組合都在向前推進，而且你也看到了Fusion產品線的顯著增長，對吧？我們必須保持這種勢頭。我們對目前的狀況感到滿意，客戶也對我們所做的一切感到滿意。

Okay. That's great. And then just trying to put the pieces together with guidance. So you're raising the organic forecast by a bit. This still sounds like it assumes the same underlying macro assumptions. So ultimately, it's Autodesk's execution that's driving the organic raise. I guess what is the driver of better-than-expected performance there?

好的，太好了。接下來就是在指導下把這些資訊整合起來。所以你們稍微提高了有機成長預測。這聽起來仍然是基於相同的宏觀假設。因此，最終是 Autodesk 的執行力推動了有機成長的提升。我想問的是，是什麼因素促成了超乎預期的業績？

Ultimately, it is about execution, but it's the momentum in the business that we saw, particularly as we exited Q2. So here's how we're thinking about guidance. We had that slight [beat] in Q2. But of course, we kept our full year guidance flat, net of the currency headwinds. The guidance does reflect the demand environment that we saw as we exited Q2. That's consistent with what we've done with previous quarters. The business continues to perform strongly. We have that resilient subscription business model, which is durable during a potential economic downturn. And we exited Q2, as I said, with strong momentum. So these are all the factors that are baked into our guidance. I also just want to point out that we did retain a range of $50 million on revenue. That gives us some flexibility especially with that subscription business model, which is more predictable, and a significant portion of our future revenue is already on the balance sheet.

歸根結底，關鍵在於執行力，但我們也看到了業務的強勁勢頭，尤其是在第二季末。所以，這就是我們對業績指引的看法。第二季我們略微超出預期。當然，我們維持全年績效指引不變，剔除了匯率不利因素的影響。業績指引反映了我們在第二季末觀察到的需求環境。這與我們之前幾季的做法一致。業務持續強勁成長。我們擁有穩健的訂閱業務模式，即使在潛在的經濟低迷時期也能保持穩定。正如我所說，我們在第二季末保持了強勁的成長勢頭。所有這些因素都已納入我們的業績指引。我還想指出，我們保留了5000萬美元的營收預期區間。這給了我們一定的彈性，尤其是在訂閱業務模式下，這種模式更具可預測性，而且我們未來收入的很大一部分已經體現在資產負債表上。

Our next question comes from Jason Celino of KeyBanc Capital Markets.

下一個問題來自 KeyBanc Capital Markets 的 Jason Celino。

It's good to hear the strong bidding activity through BuildingConnected. With customer backlogs still lengthened and these hiring challenges that you keep hearing about, is there any change to the lead time on the projects being bid on? I guess what I'm asking is, is the strong activity you're seeing for next year, following year, how does that kind of pan out?

很高興聽到BuildingConnected平台上的投標活動如此活躍。鑑於客戶積壓訂單仍然很多，以及您一直提到的招聘難題，投標項目的工期是否有所變化？我想問的是，您看到的這種強勁的投標勢頭是針對明年還是後年的？最終結果如何？

That is an excellent question. I'm not sure I can answer it in a satisfying way, but here's what I will say. Current bidding activity is a predictor of future build activity, right? Bidding with contractors and other things is an early process in actually executing a project. So when you see an increase in bid activity on BuildingConnected, what you're actually seeing is an increase in the book of business of projects that will actually get executed downstream, right? So this is a good predictor of ongoing activity as you [would not only] close a bid, you actually then move into execution with that particular subcontractor and some of the things associated with that.

這是一個很好的問題。我不確定能否給出令人滿意的答案，但我可以這麼說。目前的投標活動可以預測未來的建設活動，對吧？與承包商和其他相關方進行投標是專案實際執行的早期階段。因此，當您在 BuildingConnected 上看到投標活動增加時，實際上您看到的是後續專案業務量的增加，對吧？所以，這可以很好地預測未來的活動，因為您不僅會完成投標，還會與特定的分包商一起進入執行階段，並處理一些相關的事宜。

So it does give us a forward indication of how much site activity is going to be happening and how much actual real building is going to be going on. And that's one of the reasons why we highlighted one of the reasons we value that connection to the bid activity so much. Not exactly what you asked, but that's the depth that I can answer at this point.

所以，它確實能讓我們事先了解工地活動會有多少，實際的建築工程會有多少。這也是我們如此重視與投標活動聯繫的原因之一。這可能不是你真正想問的，但目前我只能回答這麼多。

Okay. Perfect. And then on Innovyze, I think you mentioned it kind of in one deal in your prepared remarks. But how is it performing? Any change to win rates since you've acquired it? And then I think at some point, there was going to be some sort of subscription effort transition for the existing base. Any worthwhile update there?

好的，沒問題。關於 Innovyze，我想您在之前的演講稿中提到過。它的表現如何？自從您收購以來，勝率有變化嗎？另外，我記得之前好像會針對現有用戶群進行某種訂閱模式的調整。這方面有什麼值得關注的最新消息嗎？

Yes. So Innovyze continues to perform well. It's doing particularly well in terms of our EBA businesses. A lot of our enterprise business agreement customers are looking to incorporate Innovyze into their contracts with us, which is exactly one of the big synergies we expected when we acquired Innovyze. They have begun their business model transformation. They're in the throes of that right now. It's going quite well. We expect to finish that in a reasonable amount of time. So that's going quite well. But the business is doing well, and we continue to get a lot of interest not only in water, in general, from our customers, but also in the owner side of Innovyze where they're building solutions that actually manage the operation of the water facilities.

是的。 Innovyze 的業績持續良好，尤其是在我們的企業業務協議 (EBA) 業務方面表現突出。許多 EBA 客戶都希望將 Innovyze 納入他們與我們的合約中，這正是我們收購 Innovyze 時預期的一大協同效應。他們已經開始了業務模式轉型，目前正處於轉型的關鍵階段，進展相當順利。我們預計在合理的時間內完成轉型。所以，Innovyze 的業務發展良好，我們不僅持續收到客戶對水務領域的濃厚興趣，也收到他們對 Innovyze 自身業務的關注，他們正在建立用於管理水務設施營運的解決方案。

Our next question comes from Michael Funk of Bank of America.

下一個問題來自美國銀行的麥可‧芬克。

Just a couple, if I could. With respect to the comments about the uniformity of products as you move to a platform, [understanding] you don't want to tip your hand here, but how heavy of a lift is this? And what is the timing involved? And then in addition to the increased attractiveness for customers, are there efficiencies that will accrue to Autodesk as well by adding more uniformity across the platforms?

如果可以的話，我想問幾個問題。關於產品遷移到統一平台後需要統一性的問題，我知道您不想透露太多，但這項工作難度有多高？需要多長時間？除了提升對客戶的吸引力之外，透過提高平台間的統一性，Autodesk本身是否也能獲得效率提升？

Yes, so first off, let's be super clear. This isn't something that we're just suddenly starting out of the blue, right? It's been going on for quite some time in various forms. It is the most mature in its journey in the manufacturing space with what we're doing with Fusion 360. And that gives you a lot of visibility to what happens and how the portfolio has consolidated over time. A lot of capabilities that exist as separate products have shown up as extensions and native capabilities in the Fusion environment. And that absolutely gives us long-term synergies where we're building on one environment versus trying to support the multiple products and their multiple needs. So you actually do get a lot of synergies. Right now, of course, we're double spending on a lot of things, and we will double spend for some time.

是的，首先，我們要先明確一點。這並非我們突然憑空啟動的項目，對吧？它已經以各種形式存在了相當長一段時間。在製造業領域，我們與 Fusion 360 的合作使其發展歷程最為成熟。這讓我們能夠清楚地了解產品組合的演變過程和整合方式。許多原本作為獨立產品的功能，如今都已作為擴展和原生功能整合到 Fusion 環境中。這無疑為我們帶來了長期的協同效應，因為我們是在單一環境下進行開發，而不是試圖支援多個產品及其不同的需求。所以，我們確實獲得了許多協同效應。當然，目前我們在許多方面都存在重複投入，而且這種情況還會持續一段時間。

But the journey is not new to us. Fusion is quite mature. AEC is beginning its journey, seated with some of the cloud-native acquisitions we did particularly around what we did with Spacemaker, a team that has been very much focused on the future of how people do building information model on a cloud platform -- building information modeling on a cloud platform. And we have other things that we'll be showing up in the media and entertainment space. Again, not wanting to tip my hand for some of the discussions we'll have later, but yes, there are long-term synergies here.

但這段旅程對我們來說並不陌生。 Fusion 已經相當成熟。 AEC 業務正處於起步階段，這要歸功於我們之前的一些雲端原生收購，特別是我們與 Spacemaker 的合作。 Spacemaker 團隊一直專注於未來如何在雲端平台上建立資訊模型——也就是在雲端平台上建立資訊模型。此外，我們還將在媒體和娛樂領域推出其他產品。再次聲明，我不想過早透露我們之後討論的內容，但可以肯定的是，這些領域存在著長期的協同效應。

We are absolutely and will continue to double spend for a period of 5 to 10 years on some of these [products]. Products overlap for a long time. We've been through several transformations of products, AutoCAD and Revit, Mechanical Desktop and Adventure in the past, for those of you who are familiar with some of those names. And yes, the overlap takes a while. But eventually, what happens is most of the engineering effort and capability goes to the new platform and we evolve away in that direction.

我們絕對會在未來5到10年內繼續在某些產品上投入雙倍資金。產品重疊期很長。過去，我們經歷過多次產品轉型，例如AutoCAD和Revit、Mechanical Desktop和Adventure，相信大家對這些產品名稱並不陌生。沒錯，產品重疊期需要一段時間。但最終，大部分工程研發投入和能力都會轉移到新平台，我們也會朝著這個方向發展。

Understood. Yes, long-term complex project. And then the earlier comments on the delay and shift to annual billing, just want to make sure I completely understood. Was the comment that you wanted to make sure that the processes were better than they are now and the back office is better than it is right now? And if that's correct, I guess what were the issues that you were seeing that you wanted to streamline just to make that a more enjoyable process for the customers?

明白了。是的，這是一個長期且複雜的項目。關於之前提到的延期和改為年度結算，我想確認一下我是否完全理解。您是想確保流程和後台營運比現在更完善嗎？如果是這樣，我想問的是，您發現哪些問題需要簡化，才能讓客戶獲得更愉悅的體驗？

Yes. So first, let's level set on our intention to move for a multiyear upfront annual billings was always intended to start at the beginning of next year. So that's not any change that we've made on our side. And the reason why we did that was twofold. One, we needed to invest in our back-office systems infrastructure to make sure that we could execute on this transition at scale in an automated way, such that our customers would have a good customer experience and we would have the controls and automated processes in place that we need in our back office. So that's point number one.

是的。首先，我們要先明確一點，我們推行多年預付年費的計畫一直都計劃在明年年初開始實施。所以，這並非我們所做的任何改變。我們這樣做的原因有兩點。第一，我們需要投資後台系統基礎設施，以確保能夠大規模地自動化執行此過渡，從而為客戶提供良好的客戶體驗，並確保我們在後台擁有所需的控制和自動化流程。這是第一點。

Maybe more importantly is point number two. Our partners are a really important part of our ecosystem. And so it was important to us to give them advanced notice, getting back to our last Investor Day, that we intended to embark on this journey so that we could work together with them to build the programs, the policies and all the things that we needed to do to make sure that they were along with us on the journey and that the entire ecosystem benefits from the shift to annual billings because just like it will be predictable for us to have an annual billing cycle, so too will it be for our customers and our partners. But our partners needed time to plan. And so we wanted to make sure that we were collaborating with them in a healthy way as we move towards this transition.

或許更重要的是第二點。我們的合作夥伴是我們生態系統中至關重要的一部分。因此，對我們來說，提前通知他們至關重要。早在上次投資者日，我們就已告知他們我們計劃啟動這項轉型，以便與他們攜手製定計劃、政策以及所有必要的措施，確保他們與我們共同前行，並使整個生態系統都能從年度結算的轉變中受益。因為年度結算週期對我們來說是可預測的，對我們的客戶和合作夥伴也是如此。但我們的合作夥伴需要時間來規劃。因此，我們希望確保在過渡過程中與他們保持良好的合作關係。

Our next question comes from Bhavin Shah of Deutsche Bank.

下一個問題來自德意志銀行的 Bhavin Shah。

Andrew, we continue to hear very good things about BIM Collaborate Pro within the architecture and engineering customer base. Can you maybe better help us understand where we are in terms of adoption of Collaborate Pro within like the Revit customer base and how we should think about the adoption curve going forward?

Andrew，我們不斷聽到建築和工程客戶對BIM Collaborate Pro的正面評價。您能否幫助我們更了解Collaborate Pro在Revit客戶群中的普及程度，以及我們該如何看待未來的普及曲線？

It's an excellent question. Look, it's still actually really early. I mean BIM Collaborate Pro continues to grow robustly. As you recall, when we were -- during the pandemic, we saw quite a surge in the adoption of that product, and the adoption of it has continued post the pandemic period as more and more people become aware of the capabilities of BIM Collaborate Pro. In terms of total penetration into the Revit base, it's still really early days in terms of penetrating the vast majority of the Revit base. In fact, interestingly enough, one of the biggest requests we get is to make BIM Collaborate Pro work as robustly with Civil 3D as it does with Revit. And that's something that we're addressing, which is another vector where Collaborate Pro is going to be able to penetrate the infrastructure space as well.

這是一個很好的問題。實際上，現在還處於非常早期的階段。我的意思是，BIM Collaborate Pro 的發展勢頭依然強勁。您可能還記得，在疫情期間，我們看到該產品的用戶數量激增，而且隨著越來越多的人了解 BIM Collaborate Pro 的功能，疫情結束後，其用戶數量仍在持續增長。就其在 Revit 用戶群中的滲透率而言，目前還處於非常早期的階段。事實上，有趣的是，我們收到的最大需求之一就是希望 BIM Collaborate Pro 能像與 Revit 一樣與 Civil 3D 完美相容。我們正在努力解決這個問題，這也是 Collaborate Pro 未來能夠滲透到基礎設施領域的另一個方向。

Still really early days though in total penetration of the Revit base. Continues to grow. It's an on-ramp to digital preconstruction and Autodesk Construction Cloud in many ways, and we're really happy with the way customers are adopting that. It was one of the unexpected silver linings of the turmoil and tragedy of the pandemic that customers finally realize that, that is a utility that is valuable to them now and in the future.

儘管Revit的普及率仍處於早期階段，但其用戶數量仍在持續成長。在很多方面，它都是通往數位化預建和Autodesk Construction Cloud的入口，我們很高興看到客戶如此積極地接受它。疫情帶來的動盪和悲劇也帶來了一線希望，那就是客戶終於意識到，Revit無論現在或將來都是一款極具價值的工具。

Makes a ton of sense. And I guess along those lines and you kind of intimated at this a little bit, like in terms of adoption here, have you seen that accelerate customer journeys towards some of your other cloud-based solutions that you guys offer?

很有道理。我想，就這一點而言，你剛才也稍微暗示了一下，在用戶採納方面，你是否看到這加速了客戶向你們提供的其他雲端解決方案的遷移？

It absolutely does. I hesitate to call it an on-ramp to our full portfolio of cloud solutions. But what it does is it gives customers a lot of confidence in how the cloud actually changes their processes. They actually start to understand that, wow, this isn't just better. It's actually different and better. And it allows them and empowers them and encourages them to explore some of the other capabilities. "Oh, maybe I should be doing a preconstruction planning in the cloud. Oh, if I'm doing preconstruction planning in the cloud, I should be doing online site management in the cloud as well." So it absolutely demystifies the cloud for them and shows some of the core benefits. It really does educate a lot of our customer base on why the cloud matters and why it's so important to their distributed and highly collaborative future.

確實如此。我不太願意稱它為我們全套雲端解決方案的入門途徑。但它的確能增強客戶對雲端如何真正改變他們流程的信心。他們開始意識到，哇，這不僅僅是更好，而是截然不同，而且更好。它賦予他們能力，鼓勵他們去探索其他功能。 「哦，也許我應該在雲端進行施工前規劃。哦，如果我要在雲端進行施工前規劃，我也應該在雲端進行線上現場管理。」 因此，它徹底揭開了雲端的神秘面紗，並展示了一些核心優勢。它確實讓我們的大量客戶了解了雲端的重要性，以及它對他們分散式和高度協作的未來為何如此重要。

We'll go to our next question, which comes from the line of Gal Munda of Wolfe Research.

接下來，我們將討論下一個問題，這個問題來自 Wolfe Research 的 Gal Munda。

Maybe, Andrew, just for you to start. You are calling out the noncompliant users again, and it seems like you're running roughly at a run rate that you were pre-pandemic again. How much of that is just having a Flex model as well being able to go more effectively towards your accounts that already pay you but maybe not pay enough and now you have a tool in order to monetize that? And maybe just how big Flex could be in the future as you embark on that opportunity?

安德魯，或許你可以先說說你的情況。你又開始批評那些不遵守規定的用戶了，而且看起來你的營運效率基本上已經恢復到疫情前的水準。這其中有多少是因為採用了 Flex 模式，讓你能夠更有效地管理那些已經付費但可能付費不足的客戶，而現在你又有了一個可以提高收益的工具？你也該想想，隨著你抓住這個機遇，Flex 未來究竟能發展到多大規模？

Yes. So actually, Gal, you're picking up on something that was implied in the opening commentary that Flex is a highly valuable tool when you go and you reach the noncompliant users. In a lot of cases, what you're finding in a noncompliant user situation is it's a multiuser situation gone bad, all right, where they've over-installed software or they've tried to use software in unlicensed ways. And what they're really trying to do is distribute usage, enable occasional usage and some of the things associated with that. Flex is an excellent way to walk into some of those accounts and in a collaborative manner, get them exploring other ways of engaging with Autodesk. And it absolutely will have some positive impacts on how we do license compliance business.

是的。 Gal，你其實抓住了開場白中暗示的一點，那就是Flex在接觸不合規用戶時是一個非常有價值的工具。在許多情況下，不合規使用者的情況都是因為多人使用環境出了問題，他們過度安裝了軟體，或試圖以未經授權的方式使用軟體。他們真正想做的是分散使用，允許偶爾使用等等。 Flex是一個絕佳的工具，可以幫助我們與這些客戶建立聯繫，並以協作的方式引導他們探索與Autodesk互動的其他途徑。它絕對會對我們開展許可合規業務的方式產生正面的影響。

Now as we look broadly at Flex, again, it's still really early days with Flex. We continue to see growth, and we continue to see a lot of new users coming in with Flex. One of the growth vectors for Flex that I'm particularly excited about is in the long tail of our business because what Flex allows you to do, if you're in a smaller company, say, you're in a 5-person company and you want to occasionally use Revit for some of the projects you bid on but the vast majority of your projects are AutoCAD or you want to engage in structural simulation for a particular product, the Flex model lets people dabble. It lets people engage with advanced functionality and advanced capabilities on a pay-per-use basis. And they don't have to commit to an annual subscription or a multiyear subscription to get some of these capabilities.

現在，當我們從整體上審視 Flex 時，會發現它仍處於發展初期。我們持續看到成長，也看到大量新用戶加入 Flex。我尤其看好 Flex 的成長方向之一，那就是我們業務的長尾部分。因為 Flex 的模式允許使用者靈活運用，例如，如果您在一家規模較小的公司，例如 5 人公司，您可能偶爾會使用 Revit 來參與一些投標項目，但絕大多數項目仍然是使用 AutoCAD，或者您想為特定產品進行結構模擬。 Flex 模式允許使用者按需付費使用進階功能和特性，而無需簽訂年度或多年訂閱合約。

So I think there's a lot of long-term growth capabilities built into the long tail of our business that Flex will likely unlock. The jury is still out. We're early on the journey, so we'll see where that heads. That's one of the areas that I think is very interesting for Flex.

所以我認為，我們業務的長尾部分蘊藏著巨大的長期成長潛力，Flex 很可能會將其釋放出來。當然，最終結果如何還有待觀察。我們才剛起步，所以未來會如何發展，我們拭目以待。我認為這是 Flex 非常感興趣的領域之一。

And as that is all the time we have for questions, I'd like to turn the call back over to Simon Mays-Smith for any closing remarks.

由於提問時間已到，我想把電話交還給西蒙·梅斯-史密斯，請他作總結發言。

Thanks, everyone, for joining us. We'll look forward to seeing, we hope, many of you at AU, Autodesk University, in a few weeks' time in New Orleans. I'm sure [I'm pronouncing it incorrectly]. Thanks, everyone. Thank you, Latif.

謝謝大家的參與。我們希望幾週後在新奧爾良的Autodesk University（AU）上能見到你們中的許多人。我確定[我的發音可能不對]。謝謝大家。謝謝Latif。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您可以斷開連線了。