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.

感謝您的支持，歡迎參加 Autodesk 2023 財年第二季度收益電話會議。 （操作員說明）我現在想將電話轉給投資者關係副總裁 Simon Mays-Smith。請繼續。

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。感謝您參加我們的電話會議，討論我們 23 財年第二季度的業績。與我聯繫的是我們的首席執行官 Andrew Anagnost。和我們的首席財務官黛比克利福德。今天的電話會議將通過網絡直播進行現場直播。此外，還可在 autodesk.com/investor 上重播電話會議。在本次電話會議之後，您可以在我們的投資者關係網站上找到收益新聞稿、幻燈片演示和今天開幕評論的文字稿。

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.

在本次電話會議期間，我們可能會就我們的前景、未來結果和相關假設、收購、產品和產品能力和戰略做出前瞻性陳述。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存在重大差異。請參閱我們向美國證券交易委員會提交的文件，包括我們最近提交的 10-K 表格和與今天的新聞稿一起提交的 8-K 表格，以了解可能導致我們的實際結果與我們的前瞻性陳述中的結果不同的重要風險和其他因素。截至今天，電話會議期間作出的前瞻性陳述正在作出。如果今天之後重播或查看此通話，通話期間提供的信息可能不包含當前或準確的信息。 Autodesk 不承擔更新或修改任何前瞻性陳述的義務。

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.

在電話會議期間，我們將在討論我們的財務業績時引用幾個數字或增長變化。除非另有說明，否則每個此類參考均代表同比比較。今天電話會議中引用的所有非公認會計原則數字都在我們的新聞稿或 Excel 財務數據和我們投資者關係網站上提供的其他補充材料中進行了核對。

And now I will turn the call over to Andrew.

現在我將把電話轉給安德魯。

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.

謝謝你，西蒙，歡迎大家來電。今天，我們報告了創紀錄的第二季度收入、非公認會計準則營業利潤率和自由現金流。本季度終端市場需求依然強勁，新業務活動強勁。續訂率再次出色。所有這些以及我們強大的競爭表現足以抵消地緣政治、宏觀經濟、政策和 COVID-19 相關因素的直接和間接影響。中國、俄羅斯和烏克蘭以外的商業用途不斷增長；記錄 BuildingConnected 上的投標活動；以及持續的渠道合作夥伴樂觀情緒使我們有能力實現我們的 23 財年目標。

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，在大流行期間對我們的業績至關重要的業務結構性增長驅動因素（例如靈活性和敏捷性）在不確定性升高的時期繼續支持和推動我們。這些增長動力進一步鞏固了我們在客戶數字化轉型中發揮的重要作用，並增強了我們對戰略的信心。我們穩健的戰略、行業領先的產品、平台和商業模式創新、持續而專注的投資以及強大的執行力正在為 Autodesk 創造更多機會。通過加速我們服務的行業內部和行業之間的工作流程融合，我們與現有客戶建立更廣泛、更深入的合作夥伴關係，並將新客戶帶入我們的生態系統。

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 大學宣布，我們正在從產品轉向平台和功能，並通過雲將這些功能帶到任何地方的任何設備。在接下來的幾週、幾個月和幾年中，您將聽到我們更多關於我們打造世界級客戶體驗、促進客戶數字化轉型以及建立行業領先的設計和製造平台的計劃和進展。作為我們已經取得進展的證據，Fusion 360 在第二季度的訂閱人數突破了 200,000 名，並簽署了第一份價值 100 萬美元的合同，這既是重要的里程碑，也預示著未來的機遇。

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.

我現在將把電話轉給黛比，帶您了解我們本年度季度財務業績和指導的詳細信息。然後我會回來提供我們戰略增長計劃的最新情況。

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。第二季度在產品和渠道方面表現強勁。我們的終端市場與上一季度基本一致，北美增長最為強勁，歐洲和亞太地區的增長受到烏克蘭戰爭和中國 COVID 封鎖的影響。按報告和固定匯率計算，總收入增長了 17%。按產品劃分，AutoCAD 和 AutoCAD LT 收入增長 13%，AEC 收入增長 18%，製造收入增長 16%，M&E 收入增長 20%。按地區劃分，美洲收入增長 22%，歐洲、中東和非洲增長 15%，亞太地區增長 10%，按固定匯率計算增長 13%。按渠道劃分，直接收入增長 18%，佔總收入的 34%，而間接收入增長 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保持強勁，我們的淨收入保留率輕鬆地在我們 100% 至 110% 的目標範圍內。比林斯增長 17% 至 12 億美元，反映出強勁的潛在需求。總遞延收入增長 12% 至 37 億美元。 47 億美元的總 RPO 和 31 億美元的當前 RPO 分別增長了 13% 和 10%，這反映了強勁的賬單增長，正如我們在過去兩個季度中強調的那樣，多年合同的時間和數量通常在3年周期。正如預期的那樣，本季度的多年期合同量保持強勁，從長期延期佔總延期的百分比上升中可以看出。

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.

轉向損益表。 Non-GAAP 毛利率大致保持在 92% 的水平，而非 GAAP 營業利潤率增長 5 個百分點至約 36%，反映出強勁的收入增長和持續的成本紀律。 GAAP 營業利潤率增長 6 個百分點至約 20%。我們在第二季度實現了創紀錄的 2.46 億美元自由現金流，同比增長 32%，反映出第一季度和第二季度的強勁賬單增長。

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.

我們在本季度繼續加速股票回購。我們以每股約 182 美元的平均價格以 2.57 億美元的價格購買了 140 萬股股票，與去年相比，這導致我們的已發行加權平均股數減少了約 300 萬股至 2.17 億股。雖然我們的資本配置策略保持不變，但您可以預期我們將繼續進行有機和無機投資以推動增長。今年上半年，我們積極利用強大的流動性回購了350萬股，提前抵消了明年的稀釋。

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.

現在讓我以指導結束。我們所看到的基本商業狀況基本沒有變化。正如我之前提到的，由於這兩個地區的地緣政治局勢以及中國的 COVID 封鎖，我們看到了北美的實力以及俄羅斯和中國以外的歐洲和亞洲的持續健康增長。我們的續訂業務仍然是一大亮點，反映了我們軟件的持續重要性並幫助我們的客戶實現他們的目標。展望未來，與前幾個季度一樣，我們的 23 財年指導假設市場狀況在 23 財年剩餘時間內保持一致。本季度美元走強產生了輕微的外匯逆風，全年賬單、收入和自由現金流分別減少了約 2000 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.

將這些因素結合在一起，指導的總體標題是，它在所有指標的中點保持不變，業務的潛在動力抵消了這些增加的外匯逆風。我們正在將 23 財年的收入範圍縮小到 49.9 億美元至 50.4 億美元之間。我們繼續預計非 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。我們網站上的幻燈片和更新的 Excel 財務數據提供了有關第三季度和 23 財年全年建模假設的更多詳細信息。

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.

雖然我們的客戶面臨的挑戰正在發生變化，但支撐我們戰略的增長動力只會得到加強，這讓我們對我們的長期增長潛力充滿信心。我們繼續以兩位數的收入增長、38% 至 40% 的非 GAAP 營業利潤率以及復合年均兩位數的自由現金流增長為目標。這些指標旨在為我們的收入增長目標提供一個底線，並為我們的支出增長預期設定一個上限。

Andrew, back to you.

安德魯，回到你身邊。

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。我們的戰略是通過端到端、基於雲的解決方案來改變我們所服務的行業，從而為我們的客戶提高效率和可持續性。我們的業務可以擴展和擴展到相鄰的垂直領域，從架構和工程到建設和運營，從產品工程到產品數據管理和產品製造。它還具有可擴展性和可擴展性，可在具有工業化構造的垂直領域以及 XR 等新工作流程中進行擴展。

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.

通過加速我們所服務的行業內和行業之間的工作流融合，我們還與現有客戶建立更廣泛、更深入的合作夥伴關係，並將新客戶帶入我們的生態系統。例如，美國首屈一指的規劃和設計顧問之一 Kimley-Horn 在第二季度擴大了 EBA，擴大並深化了與 Autodesk 的長期合作夥伴關係。除了提高 Civil 3D 和 Revit 的利用率並通過 BIM 和雲協作進一步提高運營效率外，它還選擇在其快速增長的水務實踐中擴大對 Innovyze 的使用，以幫助推動更多的增長機會和生產力提高。

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.

正如我們在上個季度強調的那樣，從資產所有者、建築師和工程師到施工，整個基礎設施生命週期都在採用數字工作流程，以提高效率和可持續性。印第安納州交通部正在尋找一種有效的解決方案來簡化其文檔管理和現場協作，這是第二季度的另一個很好的例子。通過採用 Autodesk Build 和 ACC Connect，它將改善整個施工過程中的溝通和協調，並簡化公民問題的文檔記錄，從而減少浪費並提高納稅人的每一美元回報。

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.

在整個施工過程中，該行業繼續尋求連接從規劃和設計到施工前、施工以及最終的運營和維護的工作流程。我們正在使我們的客戶能夠在一個平台上連接這些工作流程。例如，一家專注於業主、投資者和居住者的商業房地產和物業管理公司厭倦了在整個項目生命週期中擁有多個平台，從而導致不一致、返工和交接不力。在第二季度，它採用了完整的 Autodesk Construction Cloud 將預建與項目管理聯繫起來。它為 BuildingConnected 和 BIM Collaborate Pro 在施工前和 Autodesk Build 中添加了量化和估算功能，以通過改進協作和數據管理為自己提供競爭優勢並提高盈利能力。

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，我們的客戶尋求連接和簡化他們的施工工作流程，我們正在通過我們的合作夥伴網絡實現並加速這一目標，在日本等新市場推出 Autodesk Build，在更多設備上支持更多數據格式，並為我們的客戶提供更多價值通過基於帳戶的定價。我們還通過 Bridge 讓我們的客戶控制他們的數據，利用機器學習的力量來預測項目風險並無縫連接工作流程，如起飛、估算和預算，以取悅我們的客戶並提高他們的生產力。隨著月度活躍用戶環比增長超過 45%，Autodesk Build 正迅速被現有客戶和新客戶採用，以連接和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。本季度我們的製造組合保持強勁勢頭，因為我們連接了設計工作室之外的更多工作流，開發了更多通往製造平台的入口，並通過 Fusion 360 擴展提供了新的強大工具和功能。客戶繼續將 Fusion 平台的採用範圍擴大到設計和工程之外。本季度，一家美國金屬切削工具供應商選擇在 Fusion 上創建最先進的協作工具，以使其銷售組織能夠向客戶展示其數字製造技術。通過使客戶定制能夠立即反映在工廠製造說明中，該工具將在銷售過程中成為競爭優勢。對於 Autodesk 而言，它為 Fusion 的潛在市場機會增加了一個重要的新角色組。

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 尋求打破工作孤島並縮短交接和設計週期，我們繼續將我們的足跡從設計工作室擴展到製造領域。例如，一家頂級商用車製造商更新並加強了與 Autodesk 的合作夥伴關係，這是其建立可持續產品和服務組合的戰略重點的一部分，該組合利用新技術和數字創新來加速電動汽車解決方案。除了已經用於所有車輛表面處理的 Alias 之外，它還利用 The Wild 的 VR 技術與 VRED 和 Navisworks 相結合，推動從設計和工程到工廠設計的創新和可視化。

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 平台方法使客戶能夠無縫連接工作流程，並通過擴展中的先進設計和製造技術突破創新的界限。例如，與全球許多主要汽車製造商合作的座椅製造領域的全球領導者聘請 Autodesk Consulting 開發跨設計、產品工程和製造的混合工作流程。結果是一個證明乘客舒適和安全的座椅，同時減少了重量和零件數量。使用 Alias 概念設計和 Fusion 360 衍生式設計等 Autodesk 設計工具，它能夠以更薄的座椅部分重新定義座椅設計，並提高舒適性和安全性。 Fusion 360 的商業用戶穩步增長，在本季度末有 205,000 名用戶，對我們新擴展的需求，包括機械加工、衍生式設計以及嵌套和製造，繼續以驚人的速度增長。

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.

在教育方面，工程專業的學生正在使用 Fusion 360 在威爾士最大的繼續教育學院集團 Grwp Llandrillo Menai 等機構學習未來的技能。那裡的學生正在應用他們的學業來造福當地的行業合作夥伴和企業。例如，學生最近使用 Fusion 360 的基於雲的數據管理和先進的 3D 加工來幫助當地的房車製造商將其產量提高約 50%。由於 Fusion 360 易於使用、現代化的用戶界面、跨設備的可訪問性以及團隊項目協作和共享數據的能力，該學院現在正計劃在其 11 個校區集成 Fusion 360。

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，我們繼續通過商業模式創新和許可合規計劃將更多用戶帶入我們的生態系統。當我們的一位 EMEA 客戶意識到其國際辦事處的某些使用情況不合規時，它需要時間和數據來更好地了解其用戶，然後再購買訂閱。通過購買我們首個 100,000 包 Flex 代幣，客戶可以即時訪問 Autodesk 的產品組合和使用數據，以便就其未來的訂閱購買做出明智的決定，同時也為 Autodesk 開闢了新的競爭機會。在本季度，我們通過許可合規計劃完成了 7 筆超過 500,000 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 還幫助客戶從多用戶合同過渡到指定用戶合同。歐洲領先的混凝土模板和腳手架系統供應商一直圍繞 BIM 進行內部統一，以加速其數字化轉型。它將高級計劃添加到其向命名以舊換新的過渡中，以集中軟件管理，實現基於用戶的分析和許可證優化，並從單點登錄安全中受益。它還可以購買 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.

讓我完成我開始的地方。強勁的需求和強勁的競爭表現帶來了出色的第二季度業績。我們的訂閱業務繼續展示其增長潛力和彈性。通過加速我們所服務的行業內和行業之間的工作流融合，我們正在加速客戶的數字化轉型，並與他們建立更廣泛、更深入的合作夥伴關係。通過從產品轉移到平台和功能，並通過雲將這些功能帶到任何地方的任何設備，我們正在擴大我們的機會視野。期待我們在接下來的幾週、幾個月和幾年內更多地討論這個問題。我們期待在幾週後在 Autodesk 大學見到你們中的許多人。

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

接線員，我們現在想打開問題電話。

(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 Barclays 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，也許第一個給你。也許我們會開始（聽不清）。我想知道您是否可以稍微擴展一下關於從產品轉移到平台（聽不清）的評論，隨著平台的發展，我們都可以談論（聽不清）。但是，也許您可以從您的角度向我們介紹未來在平台方面的情況。

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，我想小心不要在其中一些討論中洩露所有 AU 的花絮，但這是一個重要的問題。 Saket，從長遠來看，現在，我們銷售數百種產品。我們的客戶面臨的挑戰是試圖找出這些產品中的哪一種為他們解決了哪些問題，以及這些產品中的許多不能很容易地相互交流的事實。因此，當您銷售數百種產品時，很難跨所有這些功能連接數據流。統一交付多平台支持、多設備支持、雲計算和人工智能自動化也非常困難，這確實具有挑戰性。

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.

所以我們正在做的是，我們正在從這種不連貫的產品組合轉移到真正的一套平台，以針對我們每個行業的每個行業提供一些支持所有這些的基礎核心技術。這將使我們能夠在客戶需要時為特定類型的流程實際部署能力，例如，基於時間限製或基於消耗的先進製造能力，基於時間限制的[累積]能力或消費基礎。因此，他們可以在需要時訪問他們需要的內容，並且從數據流的角度來看，這一切都是統一的。對於我們的許多客戶來說，這在演變和我們將他們帶到哪裡方面將是革命性的。

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，在將客戶的工作方式與他們從我們的每一款產品中獲得的價值聯繫起來方面，這對我們的客戶來說真的很有價值。就我們而言，將更多層的自動化和權力交付給雲對我們來說非常重要。所以這是一個旅程。這不會在一夜之間發生，但 Fusion 是一個很好的例子，說明了我們的發展方向以及我們如何將其中一些東西部署給我們的客戶，特別是當您查看擴展的工作方式時，消費在 Fusion 平台之上工作.對於我們為每個行業採用行業平台的地方來說，這是一個很好的模型。

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).

知道了。知道了。這真的很有幫助。聽起來在 AU 會很令人興奮。 [和黛比]，你的後續行動。你能談談多年[訂閱業務]嗎？這些續約情況如何？我知道他們從 3 年前開始以更大的方式滲透進來。與您的期望相比，這些續約的情況如何？也許展望未來，您打算如何逐步淘汰該選項？我認為（聽不清）。

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。因此，我們繼續密切跟踪多年隊列。我們多年的比例數量符合我們對 23 財年上半年的預期。因此，這使我們對 23 財年的前景充滿信心。我們還看到長期遞延收入佔總遞延收入的百分比上升。這也符合我們的預期。當我們展望從前期到年度賬單的過渡時，它還沒有開始。我們預計過渡將在 24 財年初期開始，我們將繼續通過計劃和運營細節來實現這一目標，例如合作夥伴過渡計劃、後台系統升級。但我要再說一遍，我們的偏見是盡快去。與此同時，顯然，我們專注於今年的收尾工作，確保這些多年與歷史模式保持一致。他們的存在給了我們信心，因為我們希望實現今年的目標。

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 Phil Winslow。

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 Autodesk 的增長不再是周期性的又一個季度。安德魯，我只想專注於 AEC 部分，因為這是我在周期性方面得到最多問題的領域，我有 2 個問題要問你。首先，您從該細分市場的設計客戶那裡聽到什麼繼續推動您在 Autodesk 上的增量支出，儘管 [cloudier] 宏？其次，幻燈片中 Autodesk Build MAU 的 45% 季度環比增長以及您對 BuildingConnected 卷的評論也確實讓我們印象深刻。同樣，您從這些建築客戶那裡聽到了什麼關於為什麼他們仍然繼續依靠數字化他們的工作量，儘管宏觀？還是因為他們正在數字化的宏觀波動？

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.

那是一個多部分的問題。我會解決的。所以首先，讓我們談談我們從設計客戶那裡聽到的。我們從設計部門聽到的第一件事是業務積壓，對吧？他們現在的業務比他們能夠有效執行的要多。並且該業務的要求在他們需要使用什麼樣的工具，他們需要如何解決問題方面不斷增加。業主、市政當局、他們處理的各種客戶都對他們的工作方式提出了更多要求。因此，他們都希望在數字工具中提升自己的水平。

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.

坦率地說，我們從這些客戶那裡聽到的最大挑戰是招聘。去年我們聽到了很多關於固定投標合同和通貨膨脹壓力以及所有這些事情的對話。正如我之前所說，他們現在將這些東西納入他們的商業投標中，並且他們能夠在合同中獲得這些成本。但他們正在努力解決的是招聘問題。即使他們難以招聘，我們仍在增長，因為他們正在招人，但他們對人力和人力的需求比他們目前實際能夠捕獲的要多，好嗎？所以這是我們聽到的非常強烈的聲音。

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.

現在讓我們來看看建築業的增長。首先，我想給你我的季度免責聲明。當您查看建築業務時，製造商編號並不能反映建築業務的全部情況。 EBA 增長[隱藏]在設計桶中。因此，當您計算我們在企業業務協議方面的表現以及整體[我們關閉的區域業務]時，我們在該業務中增長了近 30%。所以這真的是相當不錯的增長。我們聽到的，我很高興你看到每月活躍用戶增長 45%，我們聽到了幾件事。

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.

一，首先，我們點亮了我們的領土業務，我們在領土上的合作夥伴。這在美國和歐洲推動了很多非常好的增長，並且將繼續推動這種增長。這使我們更接近市場中較低的某些客戶，中端市場及以下市場，我認為這是我們旅程中非常重要的一點，好嗎？我想談的另一件事是客戶開始意識到他們需要的不僅僅是項目管理或施工現場管理工具。他們真的在展望他們的未來，他們試圖將設計和構建一直連接在一起。所有這一切的關鍵之一是施工前規劃。建設項目的絕大多數成本和復雜性是在施工前規劃階段構建的。你弄錯了，你出價錯了，你的利潤很低，你的項目有更多的流失和復雜性。

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，設計、預製一直到建造之間的這種聯繫對他們的客戶來說越來越重要。因此，客戶需要花費更多時間來評估他們試圖投資的內容。而且我想你也可能注意到，至少在介紹性評論中的一點點，基礎設施對我們來說是一個重要的角色。所以交通部。你看到印第安納州交通部傾向於我們的投資組合——著眼於他們未來的需求。我們聽到越來越多的交通部真正希望升級和修改他們的堆棧，使其更加旨在構建在更現代的雲基礎架構上。菲爾，建設中有很多事情要做，它從多個方向向我們襲來。而現在，一切都是積極的。

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，根據我們的計算，你的研發預算是同行中最大的，但你不一定是研發人員最多的。所以問題是，特別是考慮到您之前對您目前正在開發和必須管理的大量產品的評論，您如何看待 - 或者您如何努力提高您的研發生產力或效率，如果您願意的話，就您的核心平台、您的應用程序技術以及最終推動 MAU 和進一步擴大安裝基礎的產品可用性而言？

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?

然後對於黛比，您之前評論過您的後台辦公室，這是您未來幾年計劃的一部分。在這一點上，您能否評論一下您在新許可模式的運營能力方面的位置以及您將擁有的交付物，因為您在 Flex 和其他一切方面向客戶提供越來越複雜的產品在做什麼，安德魯提到的平台？事實上，您是否將擁有必要的後台來處理所有這些？

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，讓我從你的問題開始。是的，你是對的。我們擁有最大的研發預算，但我們不一定擁有最多的研發人員。部分原因是我們專注於研發以及我們追求什麼樣的人才。我們正在追求大量的雲人才、大量的雲原生人才、[全體員工] 開發人才，這些人才使我們能夠構建核心雲功能並繼續擴展它們。人才存在於某些地方，並且有一定的相關成本，我們認為這是正確的策略。我們不會僱傭大量的研發內容——比如在世界其他地區與客戶特定開發相關的員工人數。所以我們確實在特定領域招聘，因為我們正在努力做。

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.

當談到開發人員的生產力時，您會遇到一個非常重要的方面，即為什麼我們擁有平台服務，為什麼我們要擴展我們在平台服務中構建的東西的深度和廣度。我們這樣做的原因之一是減輕其中一些開發團隊在數據流、可視化和功能等方面的負擔部署。所以越來越多，正如你所看到的——平台功能組合不僅成熟而且還在擴展，它將提高團隊的生產力，這些團隊正在研究面向特定行業的功能和麵向特定行業的功能。

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.

這是我們擁有這些服務的重要原因，我們已經開始看到其中的一些好處，尤其是在數據流方面，這是一項主要由 Autodesk 內部平台組織推動的舉措。它正在各個行業中保持一致，以確保我們獲得正確的協同效應，並從我們的數據 API 和數據連接中獲得提升。所以是的，你會看到與此相關的生產力提高。我們肯定是在質量上而不是數量上，我認為這是我們現在所處的正確策略。

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.

然後，傑伊，為了回答你關於新商業模式等運營能力的問題，我想說我們在這段旅程中進展順利，但我們仍然有一些基礎要達到我們需要的地方.我認為這是在這個旅程階段的合適地點。現在，當然，我們不會在沒有能力支持的情況下推出新的商業模式，這就是為什麼，例如，我們將向年度賬單的轉變推遲到明年，以便我們可以花時間能夠投資於我們的後台系統，以確保我們擁有良好的客戶體驗，並確保我們在後台擁有正確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，這是我們關注的事情，不僅是為了確保我們有能力支持新的商業模式，而且是為了擴大規模。如果我們想實現我們的長期增長願望，我們需要繼續投資於我們的後台基礎設施，以便能夠以高效、有效和自動化的方式進行擴展。

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

我們的下一個問題來自 RBC Capital Markets 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?

安德魯，給你。聽到 Fusion 360 的增長真是太棒了。你能談談這些潛艇是從哪裡來的嗎？這些是綠地嗎？他們是替代品嗎？也許只是有點更多，還有很多替代品，為什麼選擇 Fusion 360？

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。所以首先，它有點混合，好嗎？其中很多是首次購買與製造軟件相關的設計軟件的新建投資者。但是有很多撕裂和替換正在進行。我想你可能聽過我很多次談論我們將如何處理人們可能擁有 SolidWorks 席位和 Mastercam 席位或其他某種 CAM 軟件的帳戶，他們說：“嗯，Fusion 是我所需要的。”而且我們 - 我們一直在從這種類型的業務中創造和增長訂閱者。

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.

但是我們看到的越來越多，我認為這是您所看到的用戶增長的重要因素之一，那就是我們已經進入並且我們已經開始在某個部門或部分一家特定的公司，我們開始擴大這些公司的安裝基礎。因此，我們仍在吸引新客戶，主要是通過這種從設計到製造的載體，但我們開始在我們捕獲的客戶中增長。當您開始成熟的業務時，這是您希望看到的那種飛輪，我們開始看到其中的一些。

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.

人們購買的原因是這裡有3種人們關注的向量。一，當然是價格。 Fusion 的定價模式具有顛覆性。它是基於本機訂閱的。這不是對現有永久業務的重新構想。這是一個基於本地訂閱的業務。它具有擴展、事物和消費模型，允許人們為他們使用的東西付費並管理使用軟件的成本。他們喜歡那個。第二，他們喜歡進行集成的設計，端到端的集成，從設計過程一直到實際編程和在車間驅動機器。這種設計和製造的合併和融合對很多人來說都是非常有價值的。

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.

第三件事可能會讓你有點吃驚。這是我們的 YouTube 社區。這是 YouTube 上的內容量，順便說一下，超過了市場上更成熟的產品，人們不僅可以學習如何在 Fusion 中做某事，還可以學習如何做它在 Fusion 中非常出色。這是一個非常熱情、非常投入且知識淵博的社區，正在發布所有這些內容。人們確實出於這些原因購買。他們為顛覆性的商業模式而購買，他們為設計和集成而購買，他們購買是因為他們可以找到任何你能想到的教程，從而真正達到產品的專家水平。

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?

太棒了，超級有幫助。然後是黛比，這種一致性顯然非常好。宏觀環境，這並不容易，清楚，但一致性很好。我想知道您是否可以談談本季度的線性度。也許你在八月到目前為止看到了什麼？

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，我們在本季度看到的線性與我們在前幾個時期看到的一致。我不會說任何有新聞價值的報導。顯然，在這一點上，我們並沒有評論我們在 8 月份看到的情況。

Our next question comes from Adam Borg of Stifel.

我們的下一個問題來自 Stifel 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.

也許只是安德魯在基礎設施法案上的第一個。我知道這是我們過去談論的話題，也是 Autodesk 可能帶來的積極影響。所以可能會喜歡這裡的快速更新。然後當我想到最近通過的《減少通貨膨脹法》時，其中有很多關於清潔能源和可持續性的語言。我很想听聽您如何看待隨著時間的推移對 Autodesk 的影響。

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，讓我們談談基礎設施法案。就像這些賬單中的任何一個一樣，就像我過去所說的那樣，錢正在慢慢流出，好嗎？你所看到的是人們實際上開始圍繞特定類型的項目開始規劃過程。但更重要的是，其中一些資金的許多接受者，特別是交通部，開始重新思考他們如何處理他們的設計過程。順便說一句，能源效率和可持續性影響了他們對其中一些事情的看法。

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，該法案中有一筆種子資金，以使交通部能夠在其流程中探索和擴展數字化轉型。這引起了這些部門的大量反省和思考，他們開始考慮下一個 10 年的工具組合。他們希望在計劃和執行其中一些基礎設施項目的能力之前購買。我們絕對看到了與我們與 AECOM 等從事基礎設施的大公司的關係以及他們在未來 10 年將如何參與以及在未來 10 年面臨類似挑戰和類似需求的交通部的關係的早期活動- 年期間，好嗎？這就是我們在現場看到的。

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.

現在關於《降低通貨膨脹法》，陪審團對此不予理會，對嗎？任何能提高能源效率和可持續性的因素最終都會影響到我們的一些客戶的需求，尤其是在電氣化變得如此重要的情況下。因此，您將為我們的客戶看到更多的電氣化和效率規格，但不清楚這將對我們的業務產生什麼影響。

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.

那太棒了。甚至可能只是對馬特關於 Fusion 360 的問題的快速跟進，只是關於製造，更廣泛。我們很想听到更多關於 Upchain 的信息，以及它如何融入您今天在這裡談論的 Fusion 360 的更廣泛戰略。

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。因此，Upchain 是雲原生的數據管理層，它使我們實際上不僅可以管理 Fusion 信息環境的流，還可以管理環境中可能存在的任何其他異構數據。我們所有的客戶都生活在一個異質的世界中。我們永遠不會有客戶統一使用 Autodesk 產品或 Autodesk 產品組合。所以 Upchain 不僅給我們帶來了雲原生的數據管理，還給我們帶來了對這些數據的異構管理，以及在雲中管理這個流和協調事物的能力，這對人們未來如何使用數據管理具有巨大的力量.如果你看一下 Upchain 的演變，它將越來越多地與我們已經擁有的一些 Fusion 生命週期和 Fusion 託管功能合併，並將成為 Fusion 的原生雲數據管理平台。這就是Upchain發揮作用的地方。對我們來說，它基本上是雲中一個深入而廣泛的數據管理平台。

Our next question comes from Joe Vruwink of Baird.

我們的下一個問題來自 Baird 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?

我想我會堅持製造，因為我認為要在那裡獲得 16% 的增長，桌面產品必須做出相當高的貢獻。那裡成功的驅動力是什麼？然後你分享了一個關於汽車的有趣軼事，並看到了更廣泛的用途。相同的劇本可以在流程或您有風險的其他一些離散行業中使用多少？

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。因此，您發現我們的增長速度比我們的任何競爭對手都快，因此我們繼續在製造業中佔有一席之地。是的，你是對的，我們的整個產品組合在製造業中的份額繼續增長。為什麼是這樣？所以有幾個原因。一，我們不斷引進新技術，對嗎？我們將這些新技術帶給我們的客戶，如果您購買現在，您將獲得未來，對嗎？因此，如果您要購買 [invendor, 你會得到] Fusion。這讓您不僅對您今天使用的產品感覺良好，而且知道您與公司在未來 5 到 10 年的發展方向息息相關。我認為就我們如何將技術推向市場而言，這對我們來說是一個真正的競爭優勢。

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.

但您也看到我們將新型技術融入我們的客戶試圖在汽車和其他領域進行的工作流程中。我認為我在開場評論中所說的有趣的事情之一是融合了 The Wild 和 VRED，即—— The Wild 是一個非常早期的收購，然後我們有了 VRED，這是一個現有的成熟技術。人們正在探索我們擁有的各種技術的交叉點。您可能已經了解到，我們在製造方面的實力已經更多地擴展到大型製造商的設施管理中，並希望管理他們的實際工廠資產。因此，與這些事情相關的重疊，在這方面與我們的 AEC 業務有一些重疊。

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.

但這些正是推動我們製造業增長的因素。你是對的。這是整個投資組合。整個產品組合都在向前發展，而且你也看到了 Fusion 的巨大增長，對吧？我們必須保持這一點。我們喜歡我們所看到的，但客戶喜歡我們正在做的事情。

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。那太棒了。然後只是嘗試在指導下將各個部分組合在一起。所以你將有機預測提高了一點。這聽起來仍然像是假設了相同的基本宏觀假設。所以最終，推動有機增長的是歐特克的執行力。我猜想那裡的表現好於預期的驅動因素是什麼？

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，這與執行有關，但這是我們看到的業務勢頭，尤其是在我們退出第二季度時。所以這就是我們如何考慮指導。我們在第二季度有那麼輕微的 [節拍]。但當然，我們保持全年指引持平，扣除貨幣逆風。該指南確實反映了我們在退出第二季度時看到的需求環境。這與我們在前幾個季度所做的一致。該業務繼續表現強勁。我們擁有彈性訂閱業務模式，該模式在潛在的經濟低迷時期經久不衰。正如我所說，我們以強勁的勢頭退出了第二季度。因此，這些都是納入我們指導的所有因素。我還想指出，我們確實保留了 5000 萬美元的收入。這給了我們一些靈活性，尤其是訂閱業務模式，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在資產負債表上。

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

我們的下一個問題來自 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 的激烈競標活動。由於客戶積壓仍然延長，並且您不斷聽到這些招聘挑戰，投標項目的交貨時間是否有任何變化？我想我要問的是，你在明年看到的強勁活動，明年，這種情況如何？

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。我不確定我能否以令人滿意的方式回答它，但這就是我要說的。當前的投標活動是未來建設活動的預測指標，對吧？與承包商和其他事物進行投標是實際執行項目的早期過程。因此，當您看到 BuildingConnected 上的投標活動增加時，您實際上看到的是實際在下游執行的項目業務量的增加，對吧？因此，這是對正在進行的活動的一個很好的預測，因為您 [不僅會] 關閉投標，然後您實際上會與該特定分包商以及與此相關的一些事情開始執行。

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.

因此，它確實為我們提供了將要發生多少現場活動以及將要進行多少實際建築的前瞻指示。這就是為什麼我們強調我們如此重視與投標活動的聯繫的原因之一。不完全是你問的，但這就是我現在可以回答的深度。

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。完美的。然後在 Innovyze 上，我認為你在準備好的評論中提到了這一點。但它的表現如何？自從你獲得它後，獲勝率有什麼變化嗎？然後我認為在某個時候，現有基礎將會進行某種訂閱工作過渡。那裡有什麼值得更新的嗎？

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。因此，Innovyze 繼續表現良好。它在我們的 EBA 業務方面做得特別好。我們的許多企業業務協議客戶都希望將 Innovyze 納入他們與我們的合同中，這正是我們在收購 Innovyze 時所期望的巨大協同效應之一。他們已經開始了他們的商業模式轉型。他們現在正處於痛苦之中。進展順利。我們希望在合理的時間內完成。所以一切都很順利。但業務發展良好，我們不僅繼續從客戶那裡獲得對水的極大興趣，而且在 Innovyze 的所有者方面也繼續獲得極大的興趣，他們正在構建實際管理水運營的解決方案設施。

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

我們的下一個問題來自美國銀行的邁克爾芬克。

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，就一對夫婦。關於移動到平台時產品統一性的評論，[理解]您不想在這裡伸出手，但是這有多重？所涉及的時間是什麼？然後，除了增加對客戶的吸引力之外，Autodesk 是否也會通過增加跨平台的一致性來提高效率？

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，所以首先，讓我們非常清楚。這不是我們突然開始的事情，對吧？它已經以各種形式持續了相當長的一段時間。它是我們在 Fusion 360 中所做的最成熟的製造領域之旅。這使您可以清楚地了解發生的事情以及產品組合如何隨著時間的推移而整合。許多作為單獨產品存在的功能在 Fusion 環境中以擴展和原生功能的形式出現。這絕對給了我們長期的協同效應，我們在一個環境中構建，而不是試圖支持多種產品及其多種需求。因此，您實際上確實獲得了很多協同作用。當然，現在我們在很多事情上都雙花，而且我們會在一段時間內雙花。

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新鮮。融合相當成熟。 AEC 開始了它的旅程，我們進行了一些雲原生收購，特別是圍繞我們對 Spacemaker 所做的事情，這個團隊一直非常關注人們如何在雲平台上構建信息模型的未來——構建雲平台上的信息建模。我們還有其他將出現在媒體和娛樂領域的東西。再說一次，我不想為我們稍後進行的一些討論提供幫助，但是，是的，這裡有長期的協同作用。

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.

在 5 到 10 年的時間裡，我們絕對並且將繼續在其中一些 [產品] 上雙花。產品長期重疊。對於那些熟悉其中一些名稱的人，我們過去經歷了幾次產品轉型，AutoCAD 和 Revit、Mechanical Desktop 和 Adventure。是的，重疊需要一段時間。但最終，大部分工程工作和能力都轉移到了新平台上，我們朝著這個方向發展。

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，長期的複雜項目。然後是關於延遲和轉向年度計費的早期評論，只是想確保我完全理解。您是否想確保流程比現在更好，後台辦公室比現在更好？如果那是正確的，我猜您看到的哪些問題是您想要簡化的，只是為了讓客戶的流程更愉快？

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。因此，首先，讓我們確定我們打算在明年年初開始多年預付年度賬單的意圖。所以這不是我們所做的任何改變。我們這樣做的原因是雙重的。第一，我們需要投資於我們的後台系統基礎設施，以確保我們能夠以自動化的方式大規模地執行這一過渡，這樣我們的客戶將獲得良好的客戶體驗，並且我們將擁有控制和自動化流程我們在後台辦公室需要的地方。所以這是第一點。

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.

也許更重要的是第二點。我們的合作夥伴是我們生態系統中非常重要的一部分。因此，重要的是我們提前通知他們，讓我們回到上一個投資者日，我們打算踏上這段旅程，以便我們可以與他們一起制定計劃、政策和我們所有的事情需要做的是確保他們在旅途中與我們同行，並確保整個生態系統從轉向年度賬單中受益，因為就像我們可以預測年度賬單週期一樣，我們的賬單週期也是如此客戶和我們的合作夥伴。但是我們的合作夥伴需要時間來計劃。因此，我們希望確保在我們邁向這一轉變的過程中，我們以一種健康的方式與他們合作。

Our next question comes from Bhavin Shah of Deutsche Bank.

我們的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?

安德魯，我們繼續在建築和工程客戶群中聽到關於 BIM Collaborate Pro 的非常好的消息。您能否更好地幫助我們了解我們在 Revit 客戶群中採用 Collaborate Pro 的情況以及我們應該如何考慮未來的採用曲線？

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。看，現在還真的很早。我的意思是 BIM Collaborate Pro 繼續強勁增長。您還記得，當我們在大流行期間，我們看到該產品的採用激增，並且隨著越來越多的人意識到 BIM Collaborate Pro 的功能，該產品的採用在大流行之後繼續.就對 Revit 基礎的全面滲透而言，就滲透到 Revit 基礎的絕大部分而言，仍處於早期階段。事實上，有趣的是，我們收到的最大要求之一是讓 BIM Collaborate Pro 與 Civil 3D 一起工作，就像它與 Revit 一樣強大。這就是我們正在解決的問題，這是 Collaborate Pro 也將能夠滲透基礎設施領域的另一個載體。

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.

儘管在 Revit 基礎的全面滲透中，仍然處於早期階段。繼續增長。在許多方面，它都是數字化預建和 Autodesk Construction Cloud 的入口，我們對客戶採用它的方式感到非常滿意。客戶終於意識到，這是一種對他們現在和將來都很有價值的實用程序，這是這場大流行的動盪和悲劇中意想不到的一線希望之一。

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?

很有意義。我想沿著這些思路，你有點暗示，就像在這裡的採用方面，你是否看到加速客戶向你們提供的其他一些基於雲的解決方案的旅程？

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.

絕對可以。我不願將其稱為我們完整的雲解決方案組合的入口。但它的作用是讓客戶對雲實際上如何改變他們的流程充滿信心。他們實際上開始明白，哇，這不僅僅是更好。它實際上是不同的和更好的。它允許他們並賦予他們權力，並鼓勵他們探索其他一些能力。 “哦，也許我應該在雲端做前期規劃。哦，如果我在雲端做前期規劃，我也應該在雲端做在線站點管理。”因此，它絕對為他們揭開了雲的神秘面紗，並展示了一些核心優勢。它確實讓我們的許多客戶群了解雲為何如此重要，以及為什麼它對他們的分佈式和高度協作的未來如此重要。

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

我們將進入下一個問題，該問題來自 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?

也許，安德魯，只是讓你開始。您再次召集了不合規的用戶，看起來您的運行速度大致相當於您再次大流行前的運行速度。其中有多少只是擁有一個 Flex 模型，以及能夠更有效地處理已經支付給您但可能支付不足的賬戶，而現在您有一個工具可以將其貨幣化？當你抓住這個機會時，也許 Flex 在未來會有多大？

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。所以實際上，Gal，你正在接受開場評論中暗示的一些事情，即當你去接觸不合規的用戶時，Flex 是一個非常有價值的工具。在很多情況下，您在不合規的用戶情況下發現的情況是多用戶情況變糟了，好吧，他們過度安裝了軟件，或者他們試圖以未經許可的方式使用軟件。他們真正想做的是分配使用，啟用偶爾使用以及與此相關的一些事情。 Flex 是進入其中一些客戶並以協作方式讓他們探索與 Autodesk 互動的其他方式的絕佳方式。它絕對會對我們如何開展許可證合規業務產生一些積極影響。

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，當我們再次廣泛地看待 Flex 時，Flex 仍然處於早期階段。我們繼續看到增長，我們繼續看到大量使用 Flex 的新用戶。我特別興奮的 Flex 的增長載體之一是我們業務的長尾，因為 Flex 允許您做的事情，如果您在一家較小的公司，例如，您在一家 5 人公司如果您想偶爾將 Revit 用於您投標的一些項目，但您的絕大多數項目是 AutoCAD，或者您想對特定產品進行結構仿真，Flex 模型可以讓人們涉足。它使人們可以在按使用付費的基礎上使用高級功能和高級功能。他們不必承諾年度訂閱或多年訂閱即可獲得其中一些功能。

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.

因此，我認為 Flex 可能會解鎖我們業務的長尾中內置的許多長期增長能力。陪審團還在外面。我們還處於旅程的早期，所以我們會看到它的發展方向。這是我認為 Flex 非常有趣的領域之一。

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.

由於這就是我們要提問的所有時間，我想將電話轉回給 Simon Mays-Smith 以獲取任何結束語。

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.

謝謝大家加入我們。我們期待，我們希望，在新奧爾良的幾個星期後，我們中的許多人在 AU，Autodesk 大學。我確定[我發音不正確]。感謝大家。謝謝你，拉蒂夫。

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。您現在可以斷開連接。