Autodesk Inc (ADSK) 2023 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Autodesk Q3 Fiscal '23 Earnings Conference Call. (Operator Instructions). As a reminder, today's conference call is being recorded.

感謝您的支持，歡迎來到 Autodesk Q3'23 財年收益電話會議。 （操作員說明）。提醒一下，今天的電話會議正在錄製中。

I would now turn the conference over to your host Mr. Simon Mays-Smith, Vice President of Investor Relations. Please go ahead.

我現在將會議轉交給您的主持人 Simon Mays-Smith 先生，他是投資者關係副總裁。請繼續。

Thanks, operator, and good afternoon. Thank you for joining our conference call to discuss the third 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 財年第三季度的業績。和我一起在線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 (Debbie Clifford)。今天的電話會議通過網絡直播進行現場直播。此外，還可以在 autodesk.com/investor 上重播通話。電話會議結束後，您可以在我們的投資者關係網站上找到收益新聞稿、幻燈片演示和今天開場評論的文字記錄。

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-Q and the Form 8-K filed with today's press release for important risk factors and other factors that may cause our actual results to differ from those in our forward-looking statements. Forward-looking statements 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.

在此次電話會議中，我們可能會就我們的前景、未來結果和相關假設、收購、產品以及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，包括我們最近的 10-Q 表格和與今天的新聞稿一起提交的 8-K 表格，了解重要的風險因素和其他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因素。電話會議期間的前瞻性陳述從今天開始發表。如果在今天之後重播或審查此電話，則電話中提供的信息可能不包含當前或準確的信息。 Autodesk 不承擔任何更新或修改任何前瞻性陳述的義務。

During the call, we will quote several numerical 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 XL Financials and other supplemental materials available on our Investor Relations website.

在電話會議中，我們將在討論我們的財務業績時引用幾個數字增長變化。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 GAAP 數字都在我們的新聞稿或 XL Financials 和我們的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'll 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. We again reported record third quarter revenue, non-GAAP operating margin and free cash flow. Encouragingly, the business is performing as we'd expect given secular growth tailwinds and macroeconomic, geopolitical policy and COVID-19-related headwinds. Subscription renewal rates remain resilient. Our competitive performance remains strong. Outside of Russia and China, new business growth slightly decelerated in the quarter, most notably in Europe, but overall growth remains good. And we see less demand for multiyear upfront and more demand for annual contracts than we expected. We're hopeful this is a positive signal for our transition next year to annual billings for multiyear contracts.

謝謝你，西蒙，歡迎大家來接聽電話。我們再次報告了創紀錄的第三季度收入、非 GAAP 營業利潤率和自由現金流。令人鼓舞的是，考慮到長期增長的順風和宏觀經濟、地緣政治政策以及與 COVID-19 相關的不利因素，該業務的表現符合我們的預期。訂閱續訂率保持彈性。我們的競爭表現依然強勁。在俄羅斯和中國之外，本季度新業務增長略有放緩，尤其是在歐洲，但總體增長仍然良好。我們發現對多年期預付款的需求比我們預期的要少，對年度合同的需求要多。我們希望這是我們明年過渡到多年合同年度賬單的積極信號。

Overall, our leading indicators are consistent with these trends. Channel partners remain optimistic, but with hints of caution. Usage rates continue to grow modestly in the U.S. and APAC, excluding China, but are flat in Europe, excluding Russia. And bid activity on BuildingConnected remains robust as the industry continues to work through its backlog. We are reinforcing the secular tailwinds to our business by accelerating the convergence of workflows within and between the industries we serve, creating broader and deeper partnerships with existing customers and bringing new customers into our ecosystem.

總體而言，我們的領先指標與這些趨勢一致。渠道合作夥伴保持樂觀，但也有些謹慎。美國和亞太地區（不包括中國）的使用率繼續溫和增長，但在歐洲（不包括俄羅斯）持平。隨著該行業繼續處理其積壓工作，BuildingConnected 上的投標活動依然強勁。我們正在通過加速我們所服務行業內部和行業之間工作流程的融合，與現有客戶建立更廣泛和更深入的合作夥伴關係，並將新客戶引入我們的生態系統，來加強我們業務的長期順風。

Our strategy is underpinned by disciplined and focused investments through the economic cycle, which enables Autodesk to remain well invested to realize the significant benefits of its strategy while mitigating the risk of having to make expensive catch-up investments later. In September, we hosted more than 10,000 customers and partners at Autodesk University. There was incredible energy, excitement and optimism for being together in person for the first time in 3 years. There was also palpable momentum behind the digital transformation of the industries we serve. At AU, we announced Fusion, Forma and Flow, our 3 industry clouds, which will connect data, teams and workflows in the cloud on our trusted platform. By increasing our engineering velocity, moving data from files to the cloud and expanding our third-party ecosystem, they will enable Autodesk to further increase customer value by delivering even greater efficiency and sustainability.

我們的戰略以經濟周期中有紀律和集中的投資為基礎，這使 Autodesk 能夠保持良好的投資以實現其戰略的顯著收益，同時降低以後不得不進行昂貴的追趕投資的風險。 9 月，我們在歐特克大學接待了 10,000 多名客戶和合作夥伴。三年來第一次面對面相聚，充滿了難以置信的活力、興奮和樂觀。我們所服務行業的數字化轉型背後也有明顯的勢頭。在 AU，我們宣布了 Fusion、Forma 和 Flow，這是我們的 3 個行業雲，它們將在我們值得信賴的平台上連接雲中的數據、團隊和工作流。通過提高我們的工程速度、將數據從文件移動到雲端並擴展我們的第三方生態系統，它們將使 Autodesk 能夠通過提供更高的效率和可持續性來進一步增加客戶價值。

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

我現在將電話轉給黛比，帶您了解我們第三季度的財務業績以及第四季度和整個財政年度的指導意見。然後我會回來提供我們戰略增長計劃的最新情況。

Thanks, Andrew. In a more challenging macroeconomic environment, Autodesk performed in line with our expectations in the third quarter, excluding the impact of in-quarter currency movements on revenue. Resilient subscription renewal rates, healthy new business growth and a strong competitive performance were partly offset by geopolitical, macroeconomic, policy and COVID-19-related headwinds, foreign exchange movements and less demand for multiyear upfront and more demand for annual contracts than we expected.

謝謝，安德魯。在更具挑戰性的宏觀經濟環境中，歐特克在第三季度的表現符合我們的預期，不包括季度匯率變動對收入的影響。彈性的訂閱續訂率、健康的新業務增長和強勁的競爭表現部分被地緣政治、宏觀經濟、政策和 COVID-19 相關的逆風、外匯變動以及對多年預付款的需求減少以及對年度合同的需求超出我們預期所抵消。

Total revenue grew 14% and 15% at constant exchange rates. By product, AutoCAD and AutoCAD LT revenue grew 10%. AEC and manufacturing revenue both grew 13% and M&E revenue grew 24%, partly driven by upfront revenue growth. By region, revenue grew 17% in the Americas, 10% in EMEA and 14% in APAC. At constant exchange rates, EMEA and APAC grew 12% and 18%, respectively. By channel, direct revenue increased 14%, representing 35% of total revenue, while indirect revenue grew 13%.

按固定匯率計算，總收入分別增長 14% 和 15%。按產品劃分，AutoCAD 和 AutoCAD LT 的收入增長了 10%。 AEC 和製造業收入均增長 13%，機電收入增長 24%，部分原因是前期收入增長。按地區劃分，美洲收入增長 17%，歐洲、中東和非洲增長 10%，亞太地區增長 14%。按固定匯率計算，歐洲、中東和非洲地區和亞太地區分別增長 12% 和 18%。按渠道劃分，直接收入增長 14%，佔總收入的 35%，而間接收入增長 13%。

Our product subscription renewal rates remain strong, and our net revenue retention rate was comfortably within our 100% to 110% target range. Billings increased 16% to $1.4 billion, reflecting continued solid underlying demand, partly offset by foreign exchange movements and a shift in mix from multiyear upfront to annual contracts versus expectations. Total deferred revenue grew 13% to $3.8 billion. Total RPO of $4.7 billion and current RPO of $3.1 billion grew 11% and 9%, respectively. At constant exchange rates, RPO and current RPO grew approximately 15% and 13%, respectively.

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在我們 100% 至 110% 的目標範圍內。比林斯增長 16% 至 14 億美元，反映出持續穩健的潛在需求，部分被外匯變動和從多年預付款到年度合同與預期的組合轉變所抵消。遞延收入總額增長 13% 至 38 億美元。總 RPO 為 47 億美元，當前 RPO 為 31 億美元，分別增長 11% 和 9%。按固定匯率計算，RPO 和當前 RPO 分別增長了約 15% 和 13%。

Turning to the P&L. Non-GAAP gross margin remained broadly level at 93%, while non-GAAP operating margin increased by 4 percentage points to approximately 36%, reflecting strong revenue growth and ongoing cost discipline. GAAP operating margin increased by 3 percentage points to approximately 20%. We delivered robust third quarter free cash flow of $460 million, up 79% year-over-year reflecting strong revenue growth, margin improvement and a larger multiyear upfront billing cohort.

轉向損益表。非 GAAP 毛利率大致保持在 93% 的水平，而非 GAAP 營業利潤率增長 4 個百分點至約 36%，反映出強勁的收入增長和持續的成本控制。 GAAP 營業利潤率增加了 3 個百分點，達到約 20%。我們在第三季度實現了 4.6 億美元的強勁自由現金流，同比增長 79%，反映出強勁的收入增長、利潤率提高和更大的多年期預付款隊列。

Turning to capital allocation. We continue to actively manage capital within our framework. As Andrew said, our organic and inorganic investments will remain disciplined and focused through the economic cycle. We will continue to offset dilution from our stock-based compensation program and to accelerate repurchases opportunistically when it makes sense to do so. Year-to-date, we purchased 4.4 million shares for $873 million at an average price of approximately $200 per share, which compared to last year contributed to a reduction in our diluted weighted average shares outstanding by approximately 5 million to 217 million shares. We also announced today that the Board has authorized a further $5 billion for share repurchases.

轉向資本配置。我們繼續在我們的框架內積極管理資本。正如安德魯所說，我們的有機和無機投資將在整個經濟周期中保持紀律和重點。我們將繼續抵消我們基於股票的補償計劃的稀釋，並在適當的時候機會主義地加速回購。年初至今，我們以每股約 200 美元的平均價格以 8.73 億美元的價格購買了 440 萬股股票，與去年相比，我們的稀釋加權平均流通股減少了約 500 萬股至 2.17 億股。我們今天還宣布，董事會已授權再追加 50 億美元用於股票回購。

And in December, we plan to retire a $350 million bond when it comes due. Recall that we effectively refinanced this bond last October at historically low rates when we issued our first sustainability bond. And related to that new sustainability bond, we published our first sustainability bond impact report about a month ago, which updates our progress. You can find the report on our Investor Relations website.

12 月，我們計劃在到期時償還 3.5 億美元的債券。回想一下，去年 10 月我們發行第一隻可持續發展債券時，我們以歷史最低利率有效地為該債券進行了再融資。與新的可持續發展債券相關，我們大約一個月前發布了第一份可持續發展債券影響報告，更新了我們的進展。您可以在我們的投資者關係網站上找到該報告。

Now let me finish with guidance. Andrew gave you a readout on the business and our markets at the beginning of the call. Our renewal business continues to be a highlight, reflecting the ongoing importance of our software in helping our customers achieve their goals. New business growth continues to be relatively stronger in North America with growth in EMEA and APAC outside of Russia and China, slightly decelerating, but overall growth remains good. And we've seen less demand for multiyear upfront and more demand for annual contracts than we expected. As we look ahead and as we've done in the past, our Q4 and fiscal '23 guidance assumes that market conditions remain consistent with what we saw as we exited Q3. The strengthening of the U.S. dollar during the quarter generated slight incremental FX headwinds, reducing full year billings and revenue by approximately $10 million and $5 million, respectively, for the remainder of fiscal '23.

現在讓我完成指導。安德魯在電話開始時向您介紹了業務和我們的市場。我們的續訂業務仍然是一大亮點，反映了我們的軟件在幫助客戶實現目標方面的持續重要性。北美的新業務增長繼續相對強勁，歐洲、中東和非洲以及俄羅斯和中國以外的亞太地區的增長略有放緩，但總體增長仍然良好。我們發現對多年預付款的需求比我們預期的要少，對年度合同的需求要多。展望未來，正如我們過去所做的那樣，我們的第四季度和 23 財年指南假設市場狀況與我們退出第三季度時所看到的情況保持一致。本季度美元的走強產生了輕微的外匯逆風，在 23 財年的剩餘時間裡，全年的賬單和收入分別減少了約 1000 萬美元和 500 萬美元。

Bringing these factors together, the overall headline is that our fiscal '23 revenue, margin and earnings per share guidance remained close to the previous midpoint at constant exchange rates and comfortably within our previous guidance ranges. Our lower fiscal '23 billings and free cash flow guidance primarily reflects less demand for multiyear upfront and more demand for annual contracts than we expected. We're narrowing the fiscal '23 revenue range to be between $4.99 billion and $5.005 billion. We continue to expect non-GAAP operating margin to be approximately 36%. And we expect free cash flow to be between $1.9 billion and $1.98 billion. The slide deck and updated Excel financials on our website have more details on modeling assumptions for the full year of fiscal '23.

將這些因素綜合在一起，總體標題是我們的 23 財年收入、利潤率和每股收益指引在固定匯率下仍接近之前的中點，並且在我們之前的指引範圍內。我們較低的 23 財年賬單和自由現金流量指引主要反映了對多年期預付款的需求低於我們的預期，而對年度合同的需求高於我們的預期。我們正在將 23 財年的收入範圍縮小到 49.9 億美元至 50.05 億美元之間。我們繼續預計非 GAAP 營業利潤率約為 36%。我們預計自由現金流將在 19 億美元至 19.8 億美元之間。我們網站上的幻燈片和更新的 Excel 財務報表提供了有關 23 財年全年建模假設的更多詳細信息。

The challenges our customers face continue to evolve that reinforce the need for digital transformation, 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 long-term revenue growth ambitions and a ceiling to our spend growth expectations.

我們的客戶面臨的挑戰不斷演變，這加強了對數字化轉型的需求，這使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% 的非美國通用會計準則營業利潤率和兩位數的複合年自由現金流增長為目標。這些指標旨在為我們的長期收入增長目標提供底線，並為我們的支出增長預期設定上限。

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. Fusion, Forma and Flow connect data, teams and workflows in the cloud on our trusted platform, making Autodesk rapidly scalable and extensible into adjacent verticals from architectural and engineering to construction and operations, from product engineering to product data management and product manufacturing. Our platform is also scalable and extensible between verticals with industrialized construction and into new workflows like XR. 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.

謝謝你，黛比。我們的戰略是通過端到端的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。 Fusion、Forma 和 Flow 在我們值得信賴的平台上連接雲中的數據、團隊和工作流，使 Autodesk 能夠快速擴展和擴展到相鄰的垂直領域，從建築和工程到施工和運營，從產品工程到產品數據管理和產品製造。我們的平台還可以在具有工業化建築的垂直行業之間擴展和擴展到像 XR 這樣的新工作流程。通過加速我們所服務行業內部和之間工作流程的融合，我們還與現有客戶建立更廣泛、更深入的合作夥伴關係，並將新客戶引入我們的生態系統。

In AEC, our customers continue to digitally transform their workflows to win new business and become more efficient and sustainable. For example, to support the city of Changwon smart city ambitions, the Changwon Architectural Design Institute, which operates across architecture, municipal engineering and city planning is standardizing on AEC collections and developing features to Revit APIs, which automate modeling, drawings and specification inspection. These will leverage the design institute's expertise in BIM and enable faster and higher quality design, reduce error and waste during construction and build the digital twins for post-construction operation and maintenance. In a challenging market environment, the design institute has been able to win new business and capture new market through digital transformation.

在 AEC，我們的客戶繼續對他們的工作流程進行數字化改造，以贏得新業務並變得更加高效和可持續。例如，為了支持昌原市的智慧城市雄心，橫跨建築、市政工程和城市規劃業務的昌原建築設計研究所正在對 AEC 集合進行標準化，並為 Revit API 開發功能，以實現建模、繪圖和規範檢查的自動化。這些將利用設計院在 BIM 方面的專業知識，實現更快、更高質量的設計，減少施工期間的錯誤和浪費，並為施工後的運營和維護構建數字雙胞胎。在充滿挑戰的市場環境中，設計院通過數字化轉型贏得了新業務，佔領了新市場。

In construction, we are seeking to eliminate waste at the source rather than simply automating the process around it. By seamlessly connecting construction data and workflows both upstream with preconstruction and design and downstream to hand over, operations and maintenance bases to our digital twin, we are enabling a more connected and sustainable way of building. For example, after a leading mechanical contractor in the United States purchased a competitor's construction management product a few years ago, communication and workflows between the design and field teams were disconnected, resulting in data fragmentation, less insight, more complicated reporting and ultimately low adoption of the process. To resolve these issues, it chose to consolidate all of its design to build workload on the integrated Autodesk platform, turning to Autodesk Build to streamline handoffs between detailing, the fab shop and the field.

在建築中，我們正在尋求從源頭上消除浪費，而不是簡單地自動化周圍的過程。通過將施工數據和工作流無縫連接到上游與預施工和設計以及下游將運營和維護基地移交給我們的數字雙胞胎，我們正在實現一種更加互聯和可持續的建築方式。例如，美國一家領先的機械承包商幾年前購買了競爭對手的施工管理產品後，設計團隊和現場團隊之間的溝通和工作流程脫節，導致數據碎片化、洞察力減少、報告更加複雜並最終導致採用率低下的過程。為了解決這些問題，它選擇整合所有設計以在集成的 Autodesk 平台上構建工作負載，轉而使用 Autodesk Build 來簡化細節設計、製造車間和現場之間的交接。

Our momentum in construction continues to grow. Across construction, we added almost 1,000 new logos with Autodesk Build's monthly active users growing more than 60% quarter-over-quarter and becoming Autodesk's largest construction products. In infrastructure, we see greater appetite from owners to accelerate their digital transformation to connect workflows from designed to make on the Autodesk platform. For example, to transform the speed, efficiency and sustainability of its network, one of the leading electricity network operators in Europe is accelerating its transformation from 2D to BIM and digital twins. In the third quarter, it signed its first EBA with Autodesk, adding Revit and Docs to enable it to upgrade the capacity of its substations and incorporate renewable power generation rapidly and safely. To accelerate maintenance workflows and reduce costs, the customer is in-sourcing the production of maintenance parts and using Fusion 360 as a platform for 3D printing.

我們的建設勢頭不斷增強。在建築領域，我們添加了近 1,000 個新徽標，Autodesk Build 的月活躍用戶環比增長超過 60%，成為 Autodesk 最大的建築產品。在基礎設施方面，我們看到所有者更願意加速他們的數字化轉型，以連接 Autodesk 平台上從設計到製造的工作流程。例如，為了提高網絡的速度、效率和可持續性，歐洲領先的電力網絡運營商之一正在加速從 2D 到 BIM 和數字孿生的轉型。第三季度，它與 Autodesk 簽署了第一個 EBA，添加了 Revit 和 Docs，使其能夠升級其變電站的容量，并快速、安全地併入可再生能源發電。為了加快維護工作流程並降低成本，客戶將維護部件的生產外包，並使用 Fusion 360 作為 3D 打印平台。

Turning to manufacturing. We've sustained good momentum in our manufacturing portfolio this quarter as we connected more workflows from design through to the shop floor, developed more on-ramps to our manufacturing platform and delivered new powerful tools and functionality to Fusion 360 extension. We continue to drive efficiency and sustainability for our customers and provide further resilience and competitiveness in uncertain times. For example, De Nora is an Italian multinational company specializing in electrochemistry and is a leader in sustainable technologies in the industrial green hydrogen production chain. It has been a longtime user of AutoCAD and Revit. Over the last few years, it accelerated its cloud strategy by replacing a competitor's on-premise PLM solution with an integrated Vault and Fusion 360-managed solutions and improve the security of its data, enables seamless collaboration between product design and manufacturing and more easily onboard and integrate acquisitions.

轉向製造業。本季度我們的製造產品組合保持良好勢頭，因為我們連接了更多從設計到車間的工作流程，為我們的製造平台開發了更多入口，並為 Fusion 360 擴展提供了新的強大工具和功能。我們繼續為我們的客戶提高效率和可持續性，並在不確定時期提供進一步的彈性和競爭力。例如，迪諾拉是一家專注於電化學的意大利跨國公司，是工業綠色氫生產鏈可持續技術的領導者。它一直是 AutoCAD 和 Revit 的長期用戶。在過去的幾年裡，它通過用集成的 Vault 和 Fusion 360 託管解決方案取代競爭對手的本地 PLM 解決方案來加速其云戰略，並提高了數據的安全性，實現了產品設計和製造之間的無縫協作，並且更容易上手並整合收購。

In Q3, it took another step in its digital transformation by firstly transitioning to named users and adding premium for better usage reporting, insights and single sign on security. And secondly, by adding Flex to optimize consumption for its occasional users. Heineken is on a mission to become the best connected brewer as part of its evergreen strategy and is undergoing a digital transformation to ensure is prepared for the unforeseen challenges in an ever-changing world.

在第三季度，它在數字化轉型中又邁出了一步，首先過渡到指定用戶，並增加了溢價以提供更好的使用報告、洞察力和單點登錄安全性。其次，通過添加 Flex 來優化偶爾使用的用戶的消費。作為其常青戰略的一部分，喜力的使命是成為最互聯的釀酒商，並且正在進行數字化轉型，以確保為不斷變化的世界中不可預見的挑戰做好準備。

To help, Autodesk has been supporting Heineken's 3D printing initiative with an expanded adoption of Fusion 360 across a number of breweries. By designing and manufacturing their own equipment parts in-house, Heineken has been able to see a reduction in the replacement times of a number of parts from over 6 weeks to just 4 hours, significantly reducing downtime and lessening the carbon impact of shipping new parts when necessary.

為了提供幫助，Autodesk 一直在支持 Heineken 的 3D 打印計劃，並在許多啤酒廠中擴大了 Fusion 360 的採用範圍。通過在內部設計和製造自己的設備零件，Heineken 已經能夠將許多零件的更換時間從 6 週以上減少到僅 4 小時，從而顯著減少停機時間並減少運輸新零件的碳影響必要時。

Scanship AS, a Vow Group company is a great example of how our customers are using our Fusion platform to generate sustainable outcomes efficiently and transparently for customers. It has developed technology that processes waste and purified wastewater providing valuable, sustainable and circular resources and clean energy to a wide range of customers. By consolidating on Fusion 360 managed with Upchain, Scanship AS will be able to connect data and workflows in the cloud to manage processes and collaborate more easily and efficiently, while also gaining greater transparency on its supply chain to deliver decarbonized products to its customers.

Scanship AS 是 Vow Group 的一家公司，它很好地說明了我們的客戶如何使用我們的 Fusion 平台為客戶高效、透明地產生可持續的成果。它開發了處理廢物和淨化廢水的技術，為廣泛的客戶提供有價值的、可持續的和循環的資源和清潔能源。通過整合由 Upchain 管理的 Fusion 360，Scanship AS 將能夠連接雲中的數據和工作流，以更輕鬆高效地管理流程和協作，同時提高其供應鏈的透明度，以向其客戶提供脫碳產品。

Fusion 360's commercial subscribers grew steadily, ending the quarter with 211,000 subscribers, with demand for extensions continuing to grow at an exceptional pace. Outside of commercial use, a rapidly growing ecosystem of students and hobbyists learning next-generation technology and workflows will take those skills with them into the workforce. We'd like to congratulate students from over 57 countries who recently competed in the finals of the WorldSkills competition, aptly referred to as the Olympics for vocational skills. Students used the latest workflows and technologies from Fusion 360 and Autodesk Construction Cloud to compete in vocational disciplines such as mechanical engineering, additive manufacturing and digital construction. Sit Shun Le from Singapore, who won the gold medal for additive manufacturing, used Fusion 360 to find the optimum structure and then minimize the amount of materials used through additive manufacturing. All participants were able to hone their skills using next-generation technology. I'm inspired by their ingenuity and optimistic about the innovation they will bring to the workforce of the future.

Fusion 360 的商業用戶穩步增長，本季度末有 211,000 名用戶，對擴展的需求繼續以驚人的速度增長。在商業用途之外，一個由學習下一代技術和工作流程的學生和愛好者組成的快速發展的生態系統將把這些技能帶到勞動力中。我們要祝賀來自超過 57 個國家/地區的學生最近參加了世界技能競賽的決賽，該競賽被恰當地稱為職業技能奧林匹克。學生們使用 Fusion 360 和 Autodesk Construction Cloud 的最新工作流程和技術，在機械工程、增材製造和數字建築等職業學科中展開競爭。來自新加坡的 Sit Shun Le 獲得增材製造金獎，他使用 Fusion 360 找到最佳結構，然後通過增材製造最大限度地減少材料使用量。所有參與者都能夠使用下一代技術磨練自己的技能。我為他們的聰明才智所鼓舞，並對他們將為未來的勞動力帶來的創新感到樂觀。

And finally, we continue to work with customers to provide access to the most current and secure software through our license compliance initiatives. For example, we worked collaboratively with a large multinational manufacturing company seeking to adhere to the same software standards and ensure access to the latest and safest software for all its employees across the globe. We helped customers conduct a self-audit that identifies gaps in its operations in China and then crafted and optimized a bespoked subscription plan. As a result, we agreed to an approximately 5 million contracts in Q3, our largest ever license compliance agreement. During the quarter, we closed 8 deals of $500,000 and 4 deals over $1 million. To close, subscription renewal rates and net revenue retention continue to compound. New business growth remains good, and our competitive performance remains strong.

最後，我們將繼續與客戶合作，通過我們的許可合規計劃提供對最新和最安全軟件的訪問。例如，我們與一家大型跨國製造公司合作，尋求遵守相同的軟件標準，並確保其全球所有員工都能使用最新、最安全的軟件。我們幫助客戶進行自我審計，找出其在中國運營中的差距，然後製定和優化定制的訂閱計劃。因此，我們在第三季度同意了大約 500 萬份合同，這是我們有史以來最大的許可合規協議。本季度，我們完成了 8 筆 50 萬美元的交易和 4 筆超過 100 萬美元的交易。截至收盤，訂閱續訂率和淨收入保留率繼續複合。新業務增長保持良好，我們的競爭表現依然強勁。

The business is performing as we'd expect given secular growth tailwinds and macroeconomic, geopolitical, policy and COVID-19 headwind. Our capital allocation will remain disciplined and focused through the cycle with organic investment and acquisitions accelerating our growth potential and competitive intensity and share buyback offsetting dilution. The breadth and depth of the market opportunity ahead of us is substantial, and our platform investments will expand that opportunity and realization of it.

考慮到長期增長的順風以及宏觀經濟、地緣政治、政策和 COVID-19 逆風，該業務的表現符合我們的預期。我們的資本配置將在整個週期中保持紀律和集中，有機投資和收購加速我們的增長潛力和競爭強度，股票回購抵消稀釋。我們面前的市場機會的廣度和深度是巨大的，我們的平台投資將擴大這個機會並實現它。

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 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。

Debbie, maybe we'll start to start with you. I don't want to put you on the spot here. But I guess just given the evolving macro and some of the other factors that we spoke about, is there anything that you want us to know high level on kind of how you're thinking about fiscal '24 as we maybe fine-tune our models looking out?

黛比，也許我們會從你開始。我不想讓你難堪。但我想，鑑於不斷變化的宏觀經濟和我們談到的其他一些因素，您是否希望我們從高層次了解您對 24 財年的看法，因為我們可能會微調我們的模型往外看？

We'll give formal guidance for fiscal '24 in February when we report on next quarter's results. But here are some things to think about. First, on revenue. At this point, we expect some exogenous headwinds out of the gate. We'll have about a 5-point-or-so incremental FX headwind. That's because of the continued strengthening of the U.S. dollar and then another point of incremental headwind from exiting Russia. That's going to make it tough for us to grow revenue beyond double digits. On margin, the revenue headwind creates margin growth headwinds, which likely means limited progress on reported margins in fiscal '24. Put another way, margins will look better at constant exchange rates.

當我們報告下一季度的結果時，我們將在 2 月份為 24 財年提供正式指導。但這裡有一些事情需要考慮。首先，關於收入。在這一點上，我們預計會出現一些外生不利因素。我們將遇到大約 5 點左右的增量外匯逆風。這是因為美元持續走強，然後是退出俄羅斯的另一個逆風點。這將使我們很難將收入增長到兩位數以上。在利潤率方面，收入逆風造成利潤率增長逆風，這可能意味著 24 財年報告的利潤率進展有限。換句話說，在固定匯率下，利潤率看起來會更好。

And then on free cash flow, FactSet consensus right now is a range of $1.2 billion to $1.7 billion. There's a couple of important things to consider. The first is the rate at which our customers transition to annual billings. And the second is the overall macroeconomic environment. We continue to be focused on executing on that transition as fast as possible because while the change is good for us, and it's good for our customers, from a financial standpoint, we really want the noise behind us. So remember, the faster that we move the multiyear based annual billings, the greater the free cash flow headwind we'll see in fiscal '24. On macro, we will, as usual, give our fiscal '24 guidance based on the macro conditions that we see as we exit fiscal '23.

然後在自由現金流方面，FactSet 目前的共識是在 12 億美元到 17 億美元之間。有幾件重要的事情需要考慮。首先是我們的客戶過渡到按年計費的速度。二是整體宏觀經濟環境。我們將繼續專注於盡快執行該過渡，因為雖然這種變化對我們有利，對我們的客戶也有好處，但從財務角度來看，我們真的希望我們背後的噪音。所以請記住，我們移動基於多年的年度賬單的速度越快，我們在 24 財年看到的自由現金流逆風就越大。在宏觀方面，我們將像往常一樣，根據我們退出 23 財年時看到的宏觀狀況給出我們的 24 財年指導。

Got it. Got it. That makes a lot of sense. Andrew, maybe for my follow-up for you, a lot of helpful commentary just on retention rates and sort of the pace of new business. I was wondering if you could just go one level deeper. And maybe we could just talk about how demand fared through the quarter? Most of the business, as I think we all know, is pretty high velocity. But I'm curious if you saw changing trends in pipeline or close rates or duration preferences towards the end of the quarter versus earlier? Any commentary there would be helpful.

知道了。知道了。這很有意義。安德魯，也許是為了我跟進你，很多關於保留率和新業務步伐的有用評論。我想知道你是否可以再深入一點。也許我們可以談談整個季度的需求情況？我想我們都知道，大多數業務的發展速度都非常快。但我很好奇，您是否看到在本季度末與早些時候相比管道或收盤價或持續時間偏好的變化趨勢？那裡的任何評論都會有所幫助。

Yes. Look, Q3 was very much like Q2 and that the quarter was fairly consistent, right? What was different between Q3 and Q2 was the slowing down in Europe taking Russia out. And that was definitely something that was different about the quarters. But that was consistent across the entire quarter. There was no acceleration or change of that as you proceeded across the quarter. Europe was weak throughout the quarter. As were -- some of the preferences with regards to multiyear billings, there was no kind of trend of more and more reluctance as you headed further and further down the quarter. So it's a fairly consistent quarter with regards to all of those things and fairly consistent performance of the business across the quarter. So nothing that fundamentally changed in the quarter.

是的。看，第三季度非常像第二季度，而且該季度相當一致，對吧？第三季度和第二季度的不同之處在於歐洲經濟放緩，將俄羅斯排除在外。這絕對是宿舍的不同之處。但這在整個季度都是一致的。在整個季度中，這種情況沒有加速或改變。整個季度歐洲表現疲軟。與過去一樣 - 關於多年期賬單的一些偏好，隨著你在本季度的進一步發展，沒有越來越不情願的趨勢。因此，就所有這些事情而言，這是一個相當一致的季度，而且整個季度的業務表現也相當一致。因此，本季度沒有發生根本性的變化。

Look, one of the things -- another thing that was different about Q3 over Q2 is that we had some currency fluctuations towards the end. And that really is probably the only thing that was different, and those currency fluctuations were responsible for the majority of the small revenue miss.

看，其中一件事——第三季度與第二季度不同的另一件事是，我們在最後有一些貨幣波動。這真的可能是唯一不同的地方，而那些貨幣波動是造成大部分小額收入損失的原因。

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, for you, first, to follow up on some comments you made regarding your strategy at AU and then allow a follow-up for Debbie. So at AU, you made some comments with regard to the various clouds that you've introduced, and you made an important distinction between the AEC cloud and the manufacturing cloud, namely that manufacturing cloud is more mature. It's been out in the market perhaps longer. So what is your expectation for the maturity or development of the AEC cloud to get it to where you think it needs to be so it'll be comparably mature or capable, the way the manufacturing cloud is, the way you described it at AU?

安德魯，首先，你要跟進你對 AU 戰略所做的一些評論，然後讓黛比跟進。所以在AU，你對你介紹的各種雲做了一些評論，你對AEC雲和製造雲做了一個重要的區分，即製造雲更成熟。它在市場上上市的時間可能更長。那麼，您對 AEC 雲的成熟度或發展有何期望，以使其達到您認為需要達到的水平，使其相對成熟或有能力，製造雲的方式，您在 AU 描述的方式？

And then for Debbie as a follow-up since the door was open to an FY '24 discussion, apart from everything else you're doing programmatically, could you talk about some of the things that you're going to be doing with regard to channel compensation in terms of margin structure, comping on annual versus multiyear and all those various things that you're planning to implement? And if those are going to have any effect on your margins and your cash flow?

然後對於 Debbie 作為後續行動，因為 24 財年討論的大門是敞開的，除了你正在以編程方式做的所有其他事情之外，你能談談你將要做的一些事情嗎？在保證金結構方面的渠道補償，每年與多年的比較以及您計劃實施的所有這些不同的事情？如果這些會對您的利潤率和現金流產生任何影響？

All right, Jay. So I'll start with regards to the Forma evolution. It's going to be kind of similar to what happened with Fusion, all right? And I'll kind of tell it this way. When we started Fusion, we actually anchored Fusion on 2 things. We started Fusion upfront in the design process. You probably don't remember the early days of Fusions, Fusion was actually a conceptual design application. It was highly focused on consumer products design and upfront design processes. And we started to bolting onto it the downstream processes close to the (inaudible) manufacturing, and we started building cloud-based connections between those 2 and basically filling off the middle between those 2 bookends of manufacturing and conceptual design.

好吧，傑伊。所以我將從 Forma 的演變開始。這有點類似於 Fusion 發生的事情，好嗎？我會這樣說。當我們啟動 Fusion 時，我們實際上將 Fusion 錨定在兩件事上。我們在設計過程中提前啟動了 Fusion。您可能不記得 Fusions 的早期，Fusion 實際上是一個概念設計應用程序。它高度關註消費品設計和前期設計流程。我們開始將靠近（聽不清）製造的下游流程固定在它上面，我們開始在這兩者之間建立基於雲的連接，並基本上填補了製造和概念設計這兩個書擋之間的中間部分。

Think of the evolution of format is very similar to that, right? The cloud -- the Forma cloud is going to start off focusing on the upfront conceptual phases of design, helping architects, planners, developers, all types of people that have to deal with early conceptual decisions about utilization, space utilization, aligning and distributing various aspects of development or an individual building and helping them make some better decisions far upfront in the design. But it's also going to work to integrate downstream to what we're doing in Construction Cloud. So Construction Cloud will start getting very close to some of the early bits of what Forma does.

想想格式的演變跟那個很像吧？雲——Forma 雲將開始專注於設計的前期概念階段，幫助建築師、規劃師、開發人員以及所有類型的人，他們必須處理關於利用、空間利用、對齊和分配各種早期概念決策開發或單個建築物的各個方面，並幫助他們在設計的前期做出一些更好的決策。但它也將努力整合下游到我們在 Construction Cloud 中所做的事情。因此，Construction Cloud 將開始非常接近 Forma 所做的一些早期工作。

And over time, what's going to happen is Forma and Construction Cloud, Construction Cloud representing the downstream example of manufacturing, all the bits in between are going to be filled out on the same platform, similar to the evolution that we walked through with Fusion. And that will basically bring the entire process to the cloud over time, but continuously adding value to what our customers are doing today throughout the entire development and evolution of that cloud.

隨著時間的推移，將會發生的是 Forma 和 Construction Cloud，Construction Cloud 代表製造業的下游示例，兩者之間的所有位都將在同一平台上填寫，類似於我們通過 Fusion 經歷的演變。隨著時間的推移，這基本上會將整個過程帶到雲中，但在雲的整個開發和演化過程中，我們的客戶今天正在做的事情不斷增加價值。

And Jay, to your second question, channel compensation, the details, they're still in the works. But ultimately, how we think about engaging with our channel partners, engaging with our customers, how we think about the compensation programs, everything is about delivering value to our customers, driving adoption, driving customer satisfaction. So examples of some of the things that you've seen us do historically are things like moving more front-end incentives to back-end incentives that mandate some kind of adoption metrics, things like that, again, all in service of trying to deliver value. And in terms of the impact on margins, well, we haven't guided to margins next year, we haven't guided specifically to anything next year other than some of the breadcrumbs that I just left you guys. But I would say that as we've said before, we're committed to achieving our margin target in that 38% to 40% range in the fiscal '23 to '26 window.

傑伊，關於你的第二個問題，渠道補償，細節，他們還在研究中。但最終，我們如何考慮與我們的渠道合作夥伴、與我們的客戶接觸、我們如何考慮薪酬計劃，一切都是為了為我們的客戶提供價值、推動採用、提高客戶滿意度。因此，您看到我們歷史上所做的一些事情的例子是將更多的前端激勵措施轉移到後端激勵措施，這些激勵措施要求某種採用指標，類似的事情，再次，所有這些都是為了努力提供服務價值。就對利潤率的影響而言，我們明年沒有指導利潤率，除了我剛剛給你們留下的一些麵包屑之外，我們沒有具體指導明年的任何事情。但我要說的是，正如我們之前所說，我們致力於在 23 財年至 26 財年窗口內實現 38% 至 40% 的利潤率目標。

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

我們的下一個問題來自瑞士信貸的 Phil Winslow。

But Andrew, a question for you, then a follow-up for Debbie. One of the questions I think is about the cyclicality of the AEC industry. And as you mentioned, the industry entered this year with a backlog from 2020 and frankly, even 2019. But as you pointed out, the macroeconomic environment has obviously deteriorated. So my question is what are you seeing and hearing from this vertical, especially about sort of the go-forward pipeline, as you think about the software that Autodesk sells in the various spaces here, the design, plan, build and maintain? And then I'll just wait to ask the question to Debbie.

但是安德魯，先問你一個問題，然後是黛比的後續問題。我認為的問題之一是關於 AEC 行業的周期性。正如您所提到的，該行業今年進入了 2020 年的積壓，坦率地說，甚至是 2019 年。但正如您所指出的，宏觀經濟環境明顯惡化。所以我的問題是，當您考慮 Autodesk 在這裡各個領域銷售的軟件、設計、規劃、構建和維護時，您從這個垂直領域看到和聽到了什麼，尤其是關於某種前進管道？然後我就等著問黛比這個問題。

Yes. So first off, one thing continues to pressure the industry more than the demand, and it is the labor shortages and the capacity to execute. Construction companies still have a backlog of business. They're still struggling to execute through the business that they have. I'm sure you saw that some of the leading indicators of architectural buildings have gone or entered into a shrinking territory, which means that architects are going to see some decline in some of their buildings moving forward, but they also still have a backlog of business.

是的。因此，首先，有一件事繼續給行業帶來比需求更大的壓力，那就是勞動力短缺和執行能力。建築公司仍有積壓的業務。他們仍在努力執行他們擁有的業務。我敢肯定你已經看到一些建築建築的領先指標已經消失或進入了一個縮小的領域，這意味著建築師將看到他們的一些建築在向前發展時會出現一些下降，但他們仍然積壓了商業。

So we're still seeing customers saying, look, you know what, I have a pretty big pipeline of business that I haven't executed on a queue of projects, and I still have capacity problems of getting through it. They're labor-related, they're material related, they're execution related. So we still have an overhang of backlog that's going to continue into next year for a lot of our customers, and that's what we're hearing from our customers. That's not to say they're not seeing pressure, and that's not to say that they're not seeing some pressure in various segments. But they're still seeing a pretty good book of business for the next 12 to 18 months. Now as things continue, they'll start to see kind of downward pressure in some of that backlog. But right now, they're all much more concerned about their ability to execute than they are about the book of business that they're accumulating.

所以我們仍然看到客戶說，看，你知道嗎，我有一個相當大的業務管道，我還沒有在項目隊列中執行，而且我仍然有能力問題來完成它。它們與勞動相關，與物質相關，與執行相關。因此，對於我們的許多客戶來說，我們仍然有積壓的積壓將持續到明年，這就是我們從客戶那裡聽到的。這並不是說他們沒有看到壓力，也不是說他們沒有看到各個領域的壓力。但他們在接下來的 12 到 18 個月內仍然看到了相當不錯的業務。現在，隨著事情的繼續，他們將開始在一些積壓的訂單中看到某種向下的壓力。但現在，他們都更關心自己的執行能力，而不是他們正在積累的業務記錄。

Awesome. And then Debbie, just a follow-up on billings. At the beginning of the year, you talked about long-term deferred revenue, I think, being in the high 20s as a percentage of toll as you exit this year. I wonder if you could give us an update on that. And then in terms of next fiscal year, as you move towards 1-year billings, help us maybe quantify sort of the drawdown of long-term deferred revenue and the impact of that? Because obviously, you flagged the sell-side range right now of $1.2 billion to $1.7 billion, but obviously, that's pretty broad. So maybe some color on the impact of long-term deferred next year would be helpful, too.

驚人的。然後是黛比，只是關於比林斯的後續行動。今年年初，你談到了長期遞延收入，我認為，當你今年退出時，它佔通行費的百分比高達 20 多歲。我想知道你是否可以向我們提供最新情況。然後就下一個財政年度而言，當你轉向 1 年期賬單時，幫助我們量化長期遞延收入的減少及其影響？因為很明顯，你現在將賣方範圍標記為 12 億美元至 17 億美元，但顯然，這相當廣泛。因此，也許一些關於明年長期延期的影響的顏色也會有所幫助。

Yes. So overall, our messaging in these 2 areas hasn't changed. So we were talking about long-term deferred as a percent of total deferred in that 20s range, and it's going to continue to be there. The impact of our guidance adjustment for billings, a little over $100 million on a $5 billion number is not significant. And so we're not anticipating that they will have a major impact on the metrics that you described.

是的。所以總的來說，我們在這兩個領域的信息沒有改變。所以我們談論的是長期遞延佔 20 年代範圍內總遞延的百分比，而且它將繼續存在。我們對帳單的指導調整的影響，對 50 億美元的數字略高於 1 億美元，並不顯著。因此，我們預計它們不會對您描述的指標產生重大影響。

As we think about next year, I don't have anything additional to share on how to think about the decline or what have you, other than to reiterate what I said before, and that is to think about the fact that consensus that's out there right now, that range of $1.2 billion to $1.7 billion. And then to reiterate that it's really our goal to move as fast as possible because we really like to get this financial noise behind us.

當我們考慮明年時，除了重申我之前說過的話，我沒有任何額外的東西可以分享如何看待下降或你有什麼，那就是考慮一個事實，那就是達成共識現在，這個範圍在 12 億美元到 17 億美元之間。然後重申，盡快行動確實是我們的目標，因為我們真的很想把這種財務噪音拋在腦後。

Our next question comes from the line of Adam Borg of Stifel.

我們的下一個問題來自 Stifel 的 Adam Borg。

First, for Andrew, and then a follow-up for Debbie. So just given the macro, are you seeing any trends of customers either -- not necessarily upgrading to collections that otherwise or doing so earlier in the year? Or conversely, any trade downs from collections to point solutions or even LT? And then I have a follow-up.

首先是安德魯，然後是黛比。因此，就宏觀而言，您是否看到了客戶的任何趨勢——不一定會升級到今年早些時候升級到其他系列或這樣做的系列？或者相反，從集合到點解決方案甚至 LT 的任何權衡？然後我有一個後續行動。

Yes. Okay. Great. Adam. No, actually, there's no change in those demand preferences with regards to collections and what people are buying. The mix of state essentially is same, the renewal rate of the states pretty steady. If anything what we're seeing is softness in the low end of our business, which is what you would expect in a climate like this. LT growth has lowed, LT renewal rates have seen some pressure. That's where we're seeing things. The collections percentages, the collections renewal rates, these have remained steady throughout the year and throughout the quarter.

是的。好的。偉大的。亞當。不，實際上，關於收藏品和人們購買什麼的需求偏好沒有變化。狀態的組合基本上是相同的，狀態的更新率非常穩定。如果我們看到的是我們業務低端的疲軟，這正是您在這樣的氣候下所期望的。 LT 增長放緩，LT 續約率面臨一些壓力。這就是我們看到的東西。收款百分比、收款續訂率在全年和整個季度都保持穩定。

Awesome. And maybe just for Debbie. So -- and I don't know if this is a harder question to answer, but if the multiyear mix came in line with your original expectations, how we think about the billings guide or even the billings results in the year, right? If it was the original mix that going into the quarter.

驚人的。也許只是為了黛比。所以 - 我不知道這是否是一個更難回答的問題，但如果多年組合符合您最初的預期，我們如何看待當年的賬單指南甚至賬單結果，對吧？如果它是進入本季度的原始組合。

If I understand your question correctly, if the proportion of our business that had been multiyear was in line with our expectations then we would have hit our original guide. And the fact that we're seeing some in that cohort choose to move to annual billings or annual contracts, that's making it so that we're reducing the billings and free cash flow guide. But maybe -- did I understand your question correctly?

如果我正確理解你的問題，如果我們多年的業務比例符合我們的預期，那麼我們就會達到我們最初的指南。事實上，我們看到該隊列中的一些人選擇轉向年度賬單或年度合同，這使得我們正在減少賬單和自由現金流指南。但也許——我是否正確理解了你的問題？

Super clear.

超級清晰。

Our next question comes from the line of Stephen Tusa of JPMorgan.

我們的下一個問題來自摩根大通的 Stephen Tusa。

So I'm just -- maybe I'm an idiot, but just like reading between the lines, the faster you guys move in the transition, all else equal, the lower the free cash flow next year will be, correct? Or are there other things moving around?

所以我只是 - 也許我是個白痴，但就像字裡行間一樣，你們在轉型中移動得越快，其他條件相同，明年的自由現金流就越低，對嗎？還是有其他東西在移動？

The faster the transition, well, first, I want to continue to characterize that the impact of the numbers is relatively small, and it would have a minor follow-on implications to next year. But ultimately, what was built into our guidance was an expectation of a certain proportion of the business that was going to be multiyear upfront. A small portion of those customers have elected to be annual. So rather than it being a negative impact to next year, it would be a very slight positive impact to next year because we would have annual billings next year that weren't in the form of a multiyear upfront transaction this year.

過渡越快，首先，我想繼續說明數字的影響相對較小，並且對明年會有輕微的後續影響。但最終，我們的指南中內置的是對一定比例的業務的預期，這些業務將提前多年。這些客戶中的一小部分選擇了年度。因此，這不會對明年產生負面影響，而是對明年產生非常輕微的積極影響，因為明年我們將有年度賬單，而不是今年的多年預付款交易形式。

But I want to continue to reiterate that the impact is relatively small. The impact to our billings guidance this year is relatively small. And if you think about the scale of the free cash flow number next year, I want to go back to that range that I was talking about that fact that consensus range of $1.2 billion to $1.7 billion. And our goal really is to move the totality of the multiyear base to annual billings as fast as possible. And the faster we go, the greater that headwind is going to be to free cash flow next year.

但我要繼續重申，影響比較小。今年對我們的賬單指導的影響相對較小。如果你考慮明年自由現金流量的規模，我想回到我所說的那個範圍，即共識範圍為 12 億美元至 17 億美元。我們的目標確實是盡快將多年基數的全部轉為年度賬單。我們走得越快，明年自由現金流的阻力就越大。

Yes, I was -- yes, exactly. I was asking about '24. Basically, you're kind of telling us $1.2 billion to $1.7 billion and then you're reiterating that you're going to try and move as fast as possible. So it was just much more of a '24 question, which you just, I think, answered.

是的，我是——是的，沒錯。我問的是 24 年。基本上，你是在告訴我們 12 億到 17 億美元，然後你重申你將嘗試盡快行動。所以這更像是一個 24 世紀的問題，我認為你剛剛回答了這個問題。

Okay. Great.

好的。偉大的。

Right. The faster you move, the more impact you have next year?

正確的。你行動得越快，明年的影響就越大？

Correct. Yes.

正確的。是的。

Okay. That's super helpful. And any color on kind of the I guess, the drop-through on bookings -- or sorry, billings when I look at free cash flow it's like 85% to free cash flow, That's, I guess -- just it drops through with your gross margin. I would assume you don't really manage that on a quarterly basis. So it makes some sense. I am I looking at that the right way? Or is there something on the cost line that moves around and mitigates that decline in billings?

好的。這非常有幫助。我猜任何顏色，預訂的下降——或者抱歉，賬單，當我看自由現金流時，它大約是自由現金流的 85%，我猜——只是它隨著你的下降而下降毛利率。我假設你並沒有真正按季度進行管理。所以這是有道理的。我的看法正確嗎？還是成本線上有什麼東西可以移動並減輕賬單的下降？

No. I think you're thinking about it in a directionally accurate way. The billings reduction then has a follow-on implication to the free cash flow reduction. There's nothing else going on there.

不，我認為您正在以一種方向準確的方式考慮它。賬單的減少會對自由現金流的減少產生後續影響。那裡沒有其他事情發生。

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

我們的下一個問題來自美國銀行的 Michael Funk。

Yes. So you mentioned a few times trying to incentivize the shift from multiyear to annual. So first, what are you doing to incentivize that? I guess second, what drove the different customer behavior this quarter than expected with the shift? And I guess third part, same question, is how quickly do you believe that you can transition your base over to annual as we think about trying to model out the free cash flow impact?

是的。所以你多次提到試圖激勵從多年到年度的轉變。那麼首先，你在做什麼來激勵它？我想其次，是什麼導致本季度客戶行為與轉變預期不同？我想第三部分，同樣的問題是，當我們考慮嘗試模擬自由現金流的影響時，你認為你可以多快將你的基礎轉變為年度？

Okay. So let's -- taking detailed note. So in terms of the incentives, the incentives for both our channel partners -- well, for our channel partners are still in place. So that's part of the programmatic details that we're working through right now as we engage with our partners and we execute on the transition. Remember, a substantial majority of that transition is going to be next year in our fiscal '24, and that's why those details are still in flight.

好的。所以讓我們——做詳細的記錄。因此，就激勵措施而言，我們的渠道合作夥伴的激勵措施 - 好吧，我們的渠道合作夥伴仍然存在。因此，這是我們在與合作夥伴接觸並執行過渡時正在處理的計劃細節的一部分。請記住，大部分過渡將在明年的 24 財年進行，這就是為什麼這些細節仍在製定中。

On the customer side, what they've historically had a discount of anywhere from 10% to 5% to have a multiyear contract that's invoiced and collected upfront, and that discount goes away. So the incentive is not there necessarily in the future for those customers to be trying to pay for upfront. And we think based on the feedback that we've been getting from our customers that they want to have multiyear contracts with annual billings. It's good for them in managing their cash flow just like it's good for us. It removes the volatility that we see. And as you can see from our guidance this quarter, the volatility that we see with those multiyear upfront contracts.

在客戶方面，他們歷來有 10% 到 5% 的折扣，以簽訂一份預先開具發票和預收款的多年期合同，但這種折扣消失了。因此，未來不一定會有這些客戶嘗試預付費用的動機。我們認為，根據我們從客戶那裡得到的反饋，他們希望與年度賬單簽訂多年合同。這對他們管理現金流有好處，就像對我們有好處一樣。它消除了我們看到的波動性。正如您從我們本季度的指導中看到的那樣，我們看到這些多年期預付款合同的波動性。

In terms of what drove the behavior that we saw this past quarter, well, the end of the multiyear discount is coming at the start of next year. And so we were anticipating more demand for multiyear upfront contracts. And in the end, we're seeing slightly less demand than we expected. In the current macroeconomic environment, that's not surprising. The trade-off of the discount versus the cash upfront, it's not as enticing for some customers right now. We've assumed that the behavior that we saw with respect to the materials in Q3 persists through Q4. And that's what's built into our guidance. It's consistent with our overall guidance philosophy. And we really think that it reinforces our strategy to move to annual billings. We're hopeful that it's a positive sign for the transition next year.

就推動我們在上個季度看到的行為的原因而言，多年折扣將於明年年初結束。因此，我們預計對多年期預付款合同的需求會增加。最後，我們看到的需求略低於我們的預期。在當前的宏觀經濟環境下，這並不奇怪。折扣與預付現金的權衡，目前對一些客戶來說並不那麼誘人。我們假設我們在第 3 季度看到的關於材料的行為會持續到第 4 季度。這就是我們指南中的內容。這與我們的總體指導理念一致。我們真的認為它加強了我們轉向年度賬單的戰略。我們希望這是明年過渡的積極信號。

And then finally, in terms of what we can do in order to drive the pace. Well, a lot of that's going to come down to our internal capabilities being available. I've mentioned before, that we're investing in systems to set us up to manage all these contracts at scale, and we're on pace. With those system changes, ultimately, it's going to come down to what's on our price list and how we work through these programmatic details with our partners. And these are all decisions that are very much under discussion right now, and that you'll hear more from us over the next couple of months.

最後，就我們可以做些什麼來加快步伐而言。好吧，其中很多將歸結為我們可用的內部能力。我之前提到過，我們正在對系統進行投資，以使我們能夠大規模管理所有這些合同，而且我們正在推進。隨著這些系統的變化，最終將歸結為我們價目表上的內容以及我們如何與合作夥伴一起處理這些程序化細節。這些都是目前正在討論中的所有決定，在接下來的幾個月裡你會聽到更多來自我們的消息。

Our next question comes from the line of Gal Munda of Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Gal Munda。

The first one is just around Fusion 360 and what you guys are seeing there. I know that when we visited Autodesk University with us, really, really good feedback. At the same time, the macro environment in manufacturing is kind of going a little bit slow. Is there anything particularly that makes you potentially see any sort of slowdown in that? Or do you think your Fusion 360 throughout the cycle is going to perform better than what you've seen in the past in your manufacturing portfolio?

第一個是圍繞 Fusion 360 以及你們在那裡看到的。我知道當我們和我們一起訪問 Autodesk University 時，得到了非常非常好的反饋。與此同時，製造業的宏觀環境有點緩慢。有什麼特別的東西讓你有可能看到其中的任何放緩嗎？還是您認為您的 Fusion 360 在整個週期內的性能會比您過去在製造產品組合中看到的更好？

Yes. So first off, Gal, manufacturing grew 13%, 14% on constant currency, that's still best-in-class for our space. So we continue to believe that we're taking share in that respect. Look, you can't have a slowdown in Europe, where we're very strong, without seeing some slowdown in new (inaudible) acquisition with regards to Fusion. However, we still continue to acquire more new users than any of our competitors in the space. So even in the face of some headwinds where we see some slowing, we're outpacing our competitors, which is kind of the important metric here in terms of the appetite and desire for Fusion. It continues to be the disruptive player, the disruptive price point, the disruptive capabilities. And our customers continue to embrace the solution even in the environment of headwinds.

是的。所以首先，加爾，製造業增長了 13%，按固定匯率計算增長了 14%，這仍然是我們領域中最好的。因此，我們繼續相信我們在這方面正在分享。看，你不能在我們非常強大的歐洲放緩，而不會看到與 Fusion 相關的新（聽不清）收購有所放緩。然而，我們仍然繼續獲得比該領域任何競爭對手更多的新用戶。因此，即使面對一些我們看到一些放緩的逆風，我們也在超越我們的競爭對手，這在對 Fusion 的胃口和渴望方面是一種重要的衡量標準。它仍然是顛覆性的參與者、顛覆性的價格點和顛覆性的能力。即使在逆風環境中，我們的客戶也繼續接受該解決方案。

So we're not concerned because customers really need the efficiency of an end-to-end connected solution, and they really want what they get at the kind of price points that we deliver with Fusion. So we continue to be the preferred solution. I continue that -- I expect that to continue, and I expect our relative performance to remain strong.

所以我們並不擔心，因為客戶確實需要端到端連接解決方案的效率，而且他們真的希望以我們通過 Fusion 提供的那種價格點獲得他們所獲得的東西。所以我們仍然是首選的解決方案。我繼續——我希望這種情況繼續下去，我希望我們的相對錶現保持強勁。

That's perfect. And then just as a follow-up, thinking about the opportunity. I know when COVID happened and we talked about the noncompliant user opportunity, you kind of posed a little bit everything, and you said we're going to come back when the environment, especially macro, is a little bit stronger. You've done that over the last year. If I'm thinking about heading into another macro weakness, how much of an opportunity is coming from the noncompliant users? Or how much more lenient you might be maybe for a year or 2 until that plays out?

那很完美。然後作為後續行動，考慮機會。我知道當 COVID 發生時，我們談到了不合規的用戶機會，你提出了所有問題，你說當環境，尤其是宏觀環境稍微好一點時，我們會回來。你在過去的一年裡做到了。如果我正在考慮進入另一個宏觀弱點，有多少機會來自不合規的用戶？或者你可能會在一年或兩年內更加寬容，直到結果出來？

Yes. I think we've got a good rhythm in our compliance business right now. I mean I think COVID was a very unique situation where there was a sudden and precipitous impact on our customers. I think we're heading into kind of a different environment in many respect. Of course, manufacturers are seeing increased costs in terms of energy and material costs and things associated with that. So the pressures are real.

是的。我認為我們現在的合規業務節奏很好。我的意思是，我認為 COVID 是一種非常獨特的情況，對我們的客戶產生了突然而急劇的影響。我認為我們在許多方面正在進入一種不同的環境。當然，製造商在能源和材料成本以及與之相關的方面都看到了成本的增加。所以壓力是真實的。

But I think the rate and pace that we're on right now with regards to license compliance makes sense. Like I've always said, this isn't something that we're going to slam the accelerator on and try to move faster. But right now, I don't see us actually changing our pace or slowing down in any kind of way. I think we're at a nice clip right now, and I think we'll be able to maintain it through any kind of bumpiness that we might see as we head into the winter.

但我認為我們現在在許可證合規方面的速度和步伐是有道理的。就像我一直說的那樣，這不是我們要猛踩油門並試圖加快速度的事情。但現在，我沒有看到我們實際上以任何方式改變我們的步伐或放慢速度。我認為我們現在處於一個很好的剪輯狀態，我認為我們將能夠通過進入冬天時可能看到的任何顛簸來保持它。

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

我們的下一個問題來自 RBC 的 Matt Hedberg。

Debbie, I wanted to come back to the cash flow breadcrumbs that you gave. Sort of -- you keep talking about the range of $1.2 billion to $1.7 billion and wanting to progress as fast as possible. I mean does that effectively imply that, that low end of FactSet consensus is at play? Just sort of curious on why phrase it as a range like that.

黛比，我想回到你提供的現金流麵包屑。有點——你一直在談論 12 億美元到 17 億美元的範圍，並希望盡快取得進展。我的意思是，這是否有效地暗示 FactSet 共識的低端在起作用？只是有點好奇為什麼將其表述為這樣的範圍。

Thanks, Matt. So we're not guiding on the call today. We're trying to provide some insight into how to think about it. And that range is in the realm of possibility, and there are a couple of factors that we want to continue to emphasize that are going to impact that. And that is the rate at which our customers transition to annual billings and the overall macroeconomic environment. But as I said, we will provide specifics on the next earnings call.

謝謝，馬特。所以我們今天不指導電話會議。我們正試圖提供一些關於如何思考它的見解。這個範圍在可能性範圍內，我們想繼續強調有幾個因素會影響它。這就是我們的客戶過渡到年度賬單和整體宏觀經濟環境的速度。但正如我所說，我們將在下一次財報電話會議上提供細節。

Got it. And maybe just one on the expense side. I appreciate the currency headwinds next year and sort of the reiteration of kind of the long-term margin framework. Are there things that you guys are doing right now from a spend perspective, whether it's hiring or just sort of like general cost consciousness as we get into more economic uncertainty?

知道了。也許只是費用方面的一個。我很欣賞明年的貨幣逆風以及某種長期保證金框架的重申。從支出的角度來看，你們現在是否正在做一些事情，無論是招聘還是在我們陷入更多經濟不確定性時，就像一般的成本意識一樣？

Thanks. So first, I want to say that we've been focused on ensuring that we don't spend ahead of top line growth. We've delivered considerable operating margin expansion over the last couple of years. We've exhibited a spend discipline that we now benefit from as the market conditions continue to evolve. If we focus on the near term, we've delivered on our margin goals for the year-to-date. We're on track to do so through the end of the year. You can see that from no change in our operating margin guidance. Our hiring plans at the beginning of the year reflected really what is a solid balance between proactive investment and the discipline required to achieve our margin targets. As we look ahead to next year, we're in the planning process right now, but we're focused on ensuring that we continue this pattern of disciplined spend.

謝謝。所以首先，我想說我們一直專注於確保我們不會在收入增長之前花錢。在過去的幾年裡，我們實現了可觀的營業利潤率增長。我們已經展示了一種支出紀律，隨著市場條件的不斷發展，我們現在從中受益。如果我們關注近期，我們已經實現了年初至今的利潤率目標。我們有望在今年年底前做到這一點。您可以從我們的營業利潤率指南沒有變化中看出這一點。我們年初的招聘計劃確實反映了積極投資與實現利潤率目標所需的紀律之間的穩固平衡。當我們展望明年時，我們現在正在規劃過程中，但我們專注於確保我們繼續這種有紀律的支出模式。

We're looking to ensure that we can invest in the right areas to drive the strategy. So things like purposeful and strategic rather than broad-based investing in areas like our industry clouds and shared services, but all against a backdrop of delivering a healthy margin. I also want to say that we want to ensure that we're not too short term in our thinking. We have a strong balance sheet. We want to make sure that we strike that right balance as we navigate these macro waters. We want to capitalize on the downturn to continue to invest, but all while keeping that watchful eye on operating margin. And as we said before, we are committed to achieving a margin target in the 38% to 40% range in that fiscal '23 to '26 window.

我們希望確保我們能夠投資於正確的領域以推動該戰略。因此，在我們的行業雲和共享服務等領域進行有目的和戰略性的投資，而不是基礎廣泛的投資，但所有這些都是在提供健康利潤率的背景下進行的。我還想說，我們要確保我們的想法不會太短視。我們擁有強大的資產負債表。我們希望確保在駕馭這些宏觀水域時取得正確的平衡。我們希望利用經濟低迷繼續投資，但同時密切關注營業利潤率。正如我們之前所說，我們致力於在 23 財年至 26 財年的窗口中實現 38% 至 40% 範圍內的利潤率目標。

Our next question comes from the line of Tyler Radke of Citi.

我們的下一個問題來自花旗銀行的 Tyler Radke。

Andrew, so at AU, you obviously announced the product announcements on Forma and Flow. I'm curious how, if you could talk a little bit about the plans to accelerate the engineering velocity, specifically, is this is going to require more hiring? Or is it just kind of re-prioritization of your engineers? And then just kind of comparing it to the time line that you saw Fusion play out in that monetization cycle. Just help us understand how you're expecting kind of the product to roll out and the monetization trend over time?

安德魯，所以在 AU，你顯然宣布了關於 Forma 和 Flow 的產品公告。我很好奇，如果你能談談加快工程速度的計劃，具體來說，這是否需要更多的招聘？還是只是重新確定您的工程師的優先級？然後將它與您看到 Fusion 在該貨幣化週期中發揮作用的時間線進行比較。只是幫助我們了解您期望推出什麼樣的產品以及隨著時間的推移貨幣化趨勢？

Yes. So first off, one of the things we did to just start Forma, as you might recall at the beginning of the pandemic, we acquired a Norwegian company called Spacemaker. And we've continued to invest in that team, and we'll continue to expand that team either by repurposing existing resources to work with that team or by adding additional resources to that team to make sure that we're on track. But one of the foundational investments that supports all of the things we're trying to do with our investment in data.

是的。因此，首先，您可能還記得在大流行開始時，我們為啟動 Forma 所做的其中一件事是，我們收購了一家名為 Spacemaker 的挪威公司。我們繼續對該團隊進行投資，我們將繼續擴大該團隊，方法是重新利用現有資源與該團隊合作，或者向該團隊添加額外資源以確保我們走上正軌。但這是支持我們試圖通過數據投資做的所有事情的基礎投資之一。

And that's an ongoing investment in trying to break up Revit files and make them more accessible in the cloud as granular data. Forma and -- by nature is built net native on the cloud and it has granular data at its core. So that's one of the kind of core vectors that we'll be doing. But we will be incrementally investing to ensure that we're heading on the right path with this solution, but we have done some of that already, and we've kind of absorbed some of those investments today.

這是一項持續的投資，試圖分解 Revit 文件並使它們更容易在雲中作為粒度數據訪問。 Forma 和——本質上是在雲上構建的，它的核心是細粒度數據。所以這是我們將要做的核心向量之一。但我們將逐步投資，以確保我們通過這個解決方案走上正確的道路，但我們已經做了一些，而且我們今天已經吸收了其中的一些投資。

Now I think the question about time line is a really good one because these kind of transformations -- what we're doing with Forma is different, right? What we're doing with Revit to improve its performance and improve its capabilities based on what our customers are asking us to do is making their current tools better. But what Forma is doing, especially with the connection -- its native connections to downstream processes is different. It takes time for different to penetrate the industry, just like different took time with Fusion. It was -- we've been working on Fusion for over a decade, all right, roughly speaking a decade.

現在我認為關於時間線的問題是一個非常好的問題，因為這些轉變——我們對 Forma 所做的是不同的，對吧？我們正在與 Revit 一起做的是根據客戶要求我們做的事情來提高其性能和功能，從而使他們當前的工具變得更好。但是 Forma 正在做的事情，尤其是在連接方面——它與下游流程的本地連接是不同的。差異化進入行業需要時間，就像差異化融合需要時間一樣。那是——我們已經在 Fusion 上工作了十多年，好吧，大致來說是十年。

So you can expect that it's going to take 5 years for Forma to mature and even longer for it to totally replace what our customers are doing. However, our goal is to incrementally add value to the process as time goes on, just like we did with Fusion. Fusion, we added incremental value with the connection to downstream manufacturing. In Forma, we're going to add incremental value with regards to the data platforms and the connection to the downstream construction processes. So that's all connected, but it is going to take time similar to what we saw with Fusion.

因此，您可以預計 Forma 需要 5 年時間才能成熟，甚至需要更長的時間才能完全取代我們客戶正在做的事情。但是，我們的目標是隨著時間的推移逐步增加流程的價值，就像我們對 Fusion 所做的那樣。融合，我們通過與下游製造的聯繫增加了增量價值。在 Forma 中，我們將在數據平台和與下游構建過程的連接方面增加增量價值。所以這一切都是相連的，但它需要的時間類似於我們在 Fusion 上看到的那樣。

That's helpful. And Debbie, maybe a question for you. So just on current RPO, it looked like that did pick up a bit quarter-over-quarter if you back out the currency. Can you just help us understand I guess, first, do you kind of view that as the best leading indicator given the headwinds in billings? And just remind us how you're thinking about the puts and takes on that just as you do -- renew these large EBA customers in the coming quarters. Just anything we should be mindful of there?

這很有幫助。黛比，也許有一個問題要問你。因此，就目前的 RPO 而言，如果你退出貨幣，看起來確實比上一季度有所回升。你能幫我們理解我想，首先，你是否認為這是最好的領先指標，考慮到賬單的逆風？只需提醒我們您是如何考慮看跌期權並像您一樣接受看跌期權的——在未來幾個季度更新這些大型 EBA 客戶。有什麼我們應該注意的嗎？

Yes, sure. So yes, I mean, current RPO is a very important metric in monitoring our business performance. And you're right, particularly when you normalize for the currency impacts that growth was in a healthy zone. So I want to just continue to stress that FX has been really volatile, and that's going to continue to impact the growth rate. So definitely look at the constant currency growth rates over time.

是的，當然。所以是的，我的意思是，當前的 RPO 是監控我們業務績效的一個非常重要的指標。你是對的，特別是當你將貨幣影響標準化為增長處於健康區域時。所以我想繼續強調，外匯市場波動很大，這將繼續影響增長率。所以一定要看看隨著時間的推移貨幣增長率保持不變。

Also, the timing and volume of our EBAs impacts the growth rate period-to-period. And so sometimes what you see is that when we have large cohorts of our EBAs coming up for renewal, it tends to be back-end loaded in our fiscal years and most often in our Q4, we start to see growth impacts as the year progresses, in many cases, deceleration Q1 to Q3 that would tick back up as those cohorts for EBAs come back up for renewal.

此外，我們的 EBA 的時間和數量會影響不同時期的增長率。因此，有時您看到的是，當我們有大量 EBA 即將更新時，它往往會在我們的財政年度中被後端加載，而且最常見的是在我們的第四季度，隨著時間的推移，我們開始看到增長影響，在許多情況下，隨著 EBA 的隊列恢復更新，第 1 季度到第 3 季度的減速會回升。

So growth rate should tick back up over time, given consistent historical -- given patterns consistent with our historical patterns. But again, remember the constant currency has just been a zinger that's going to impact growth rates for quite a while here. So -- but it is an important metric for us, and we monitor it closely.

因此，鑑於一致的歷史 - 鑑於與我們的歷史模式一致的模式，增長率應該隨著時間的推移而回升。但同樣，請記住，不變的貨幣只是一種刺激，會在很長一段時間內影響增長率。所以——但這對我們來說是一個重要的指標，我們會密切關注它。

Our next question comes from the line of Jason Celino of KeyBanc.

我們的下一個問題來自 KeyBanc 的 Jason Celino。

Just 2 quick ones. So when we look at the fourth quarter guidance, it looks like you'll exit the year at 8% growth at the midpoint, pretty big decel from third quarter. I guess what is the FX headwind built into here? And are there any other factors that we should think about for Q4?

只有 2 個快速的。因此，當我們查看第四季度的指導時，看起來您將以 8% 的中點增長率退出今年，與第三季度相比大幅下降。我想這里內置的 FX 逆風是什麼？對於第四季度，我們還應該考慮其他因素嗎？

Yes. So Jason, the biggest impact is currency. We've seen a growing currency headwind during the year, and that's gradually showing up in the growth rates as the year progresses. It's about a 3-point headwind in Q4. It was a 1-point headwind in Q3 and was neutral in the tailwind at the beginning of the year. So you can see that it's gradually having a significant impact on our growth rate. That's the biggest driver of the implied growth rate that you're talking about. Also, to a lesser extent -- but Andrew did mention that we saw a modest deceleration in our new business, particularly in Europe during Q3, that does have a slight follow-on impact to revenue in Q4.

是的。所以傑森，最大的影響是貨幣。我們在這一年中看到了越來越大的貨幣逆風，並且隨著時間的推移逐漸體現在增長率上。這是關於第四季度的 3 點逆風。這是第三季度的 1 點逆風，在年初的順風中保持中性。所以你可以看到它逐漸對我們的增長率產生重大影響。這是你所說的隱含增長率的最大驅動力。此外，在較小程度上 - 但安德魯確實提到我們看到我們的新業務出現適度減速，特別是在第三季度的歐洲，這確實對第四季度的收入產生了輕微的後續影響。

Okay. Great. And then the last multiyear appetite, it sounds like, to some extent, some of this is macro related. I guess where do you see that dynamic most prevalent? Was it with your larger customers, your smaller customers, international versus domestic? Just trying to understand kind of the puts and takes.

好的。偉大的。然後是過去多年的胃口，在某種程度上，這聽起來有些與宏觀相關。我想你在哪裡看到這種動態最普遍？是針對您的大客戶、小客戶、國際客戶還是國內客戶？只是想了解某種投入和投入。

Yes. It tends to be larger deal sizes, not surprisingly. I think that when our customers start to exhibit cash conservation behavior, that behavior does tend to be more prevalent with some of the larger deal sizes. And remember, they're still signing multiyear contracts, they're just signing multiyear contracts and asking for annual billings, which for those larger deals, we are going to accommodate while we continue to invest in the back-office infrastructure to be able to handle the totality of the multiyear base with annual billings at scale.

是的。它往往是更大的交易規模，這並不奇怪。我認為，當我們的客戶開始表現出節約現金的行為時，這種行為確實會在一些較大的交易規模中更為普遍。請記住，他們仍在簽署多年期合同，他們只是簽署多年期合同並要求按年計費，對於那些較大的交易，我們將在繼續投資後台基礎設施的同時滿足這些要求，以便能夠處理具有規模的年度賬單的多年基礎的全部。

Our next question comes from the line of Keith Weiss of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Keith Weiss。

The comments on the stable renewal rates, and I'd just like to dig into the expansion motion. And it's not like never tension stayed within the historical range. But curious if you're seeing any changes on just the expansion behavior with the shift in macro? And should we expect a similar range into 2024? Is there any risk that we could fall outside of those ranges just given the broader macro headwinds?

關於穩定續訂率的評論，我只想深入探討一下擴展動議。緊張局勢也並非從未保持在歷史範圍內。但是很好奇你是否看到隨著宏觀變化的擴張行為發生任何變化？我們是否應該期望到 2024 年會有類似的範圍？鑑於更廣泛的宏觀逆風，是否存在我們可能跌出這些範圍的風險？

So with regards to retention rates, look, retention rates continue to be strong and maintain steadiness. I think we're going to continue to see us steadiness in the next year. The one area where we expect to see softness with macro headwinds is at the low end of our market. So the low end of the market is low ASPs, but high volume. So the retention rates can move around on a volume basis when there's headwinds like this. But generally speaking, broadly across our business, we see retention rates holding up. Our products are mission-critical to what our customers do. They need them. But at the low end of our business, we'll probably see some headwinds there, but they won't be material to the larger business.

因此，關於保留率，看，保留率繼續保持強勁並保持穩定。我認為明年我們將繼續保持穩定。我們預計在宏觀逆風下會出現疲軟的一個領域是我們市場的低端。因此，低端市場的平均售價較低，但銷量很高。因此，當出現這樣的逆風時，保留率可以在數量的基礎上移動。但總的來說，在我們的業務範圍內，我們看到保留率保持不變。我們的產品對我們客戶的工作至關重要。他們需要他們。但在我們業務的低端，我們可能會在那裡看到一些不利因素，但它們不會對更大的業務造成重大影響。

I would just add that our net revenue retention rate was comfortably within the target range of 100% to 110%. And in the short term, our expectation is that it will stay in that range.

我只想補充一點，我們的淨收入保留率輕鬆地處於 100% 至 110% 的目標範圍內。在短期內，我們的預期是它將保持在該範圍內。

Great. And then just following up on kind of the comments about the strong balance sheet and willing to invest. Wanted to see if you're seeing any change in behavior in the competitive landscape, especially from some companies that may not have as strong a balance sheet? So any changes you're seeing in the behavior overall?

偉大的。然後只是跟進關於強大的資產負債表和願意投資的評論。想看看您是否看到競爭格局中的行為發生任何變化，尤其是一些資產負債表可能不那麼強大的公司？那麼您在整體行為中看到的任何變化？

So with regard to -- I just want to give a clarification on that question. With regards to the competitive environment in what way in terms of how that -- how does it -- just give me a clarification on your question a little bit there. I didn't quite understand it.

所以關於-- 我只想澄清一下這個問題。關於競爭環境，以何種方式，如何 - 它是如何 - 只是給我澄清一下你的問題。我不是很明白。

Yes, sure. So you guys have a strong balance sheet kind of willing to invest in the current environment, just even though there may be some macro headwinds. But you likely have some peers out there that may not be as well funded or has strong balance sheets. So curious if you're just seeing any sort of changes in behavior across the competitive landscape.

是的，當然。所以你們擁有強大的資產負債表，願意在當前環境下進行投資，即使可能存在一些宏觀逆風。但是你可能有一些同行可能資金不足或資產負債表強勁。如果您只是看到整個競爭格局中的行為發生任何變化，那麼很好奇。

Yes. Okay. Okay. Good. I just wanted to make sure that I was.. So we're in better shape than some of our competitors that are not profitable. In certain situations, people are going to be chasing, I think, long-term things that kind of boost revenue or pull revenue forward. They'll be doing customer unfriendly things to try to pull things forward. We're not in that position right now, especially in certain types of sectors. We're maintaining customer-friendly practices, we're focusing on the long term. We're investing in the long term.

是的。好的。好的。好的。我只是想確保我是..所以我們的狀態比我們一些沒有盈利的競爭對手要好。在某些情況下，我認為人們會追求能夠增加收入或拉動收入的長期事物。他們會做一些對客戶不友好的事情來試圖推動事情向前發展。我們現在不在那個位置，特別是在某些類型的行業。我們保持對客戶友好的做法，我們著眼於長期。我們正在長期投資。

And that will actually provide competitive advantage as we move out of the slowdown. It's always great to be in a position to invest during a slowdown and to not have to pull short-term levers to try to achieve profitability, maintain profitability or get in the way of things. We'll probably have more dry powder for inorganic activity than some of our competitors as we head through this. So yes, strong balance sheet actually helps us invest ahead of the curve while we go through these things. So I'm pretty confident that we're ahead of the game in a lot of places.

當我們擺脫經濟放緩時，這實際上將提供競爭優勢。能夠在經濟放緩期間進行投資並且不必拉動短期槓桿來試圖實現盈利、維持盈利或阻礙事情發展總是很棒的。在我們完成這項工作時，我們可能會比我們的一些競爭對手擁有更多的無機活性乾粉。所以是的，強勁的資產負債表實際上幫助我們在經歷這些事情時提前投資。所以我非常有信心我們在很多地方都領先於比賽。

Thank you. That is all the time that we do have for question. So I'd like to turn the call back over to Simon Mays-Smith for any closing remarks.

謝謝你。這是我們一直有疑問的時間。所以我想把電話轉回給 Simon Mays-Smith，聽取任何結束語。

Thanks, everyone, for joining us. I hope the call was useful. For those of you that celebrated happy Thanksgiving and happy holidays, and we'll look forward to catching up with you again at conferences and in the new year at our fourth quarter earnings. Thanks very much.

謝謝大家加入我們。我希望這個電話有用。對於那些慶祝感恩節快樂和假期快樂的人，我們期待在會議上和新年第四季度財報中再次與您見面。非常感謝。

Thank you. Ladies and gentlemen, this does conclude today's conference. Thank you all for participating. You may now disconnect. Have a great day.

謝謝你。女士們，先生們，今天的會議到此結束。謝謝大家的參與。您現在可以斷開連接。祝你有美好的一天。