Autodesk Inc (ADSK) 2024 Q1 法說會逐字稿

Thank you for standing by, and welcome to Autodesk First Quarter Fiscal 2024 Earnings Conference Call. (Operator Instructions)

感謝您的支持，歡迎來到 Autodesk 2024 財年第一季度收益電話會議。 （操作員說明）

I would now like to hand the call over to Simon Mays-Smith, VP, Investor Relations. Please go ahead.

我現在想把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 first quarter results of Autodesk fiscal '24. On the line with me are Andrew Anagnost, our CEO; and Debbie Clifford, our CFO.

謝謝，接線員，下午好。感謝您參加我們的電話會議，討論 Autodesk 24 財年第一季度的業績。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)。

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.

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-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.

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-K 表格和與今天的新聞稿一起提交的 8-K 表格，了解可能導致我們的實際結果與前瞻性陳述中的結果不同的重要風險和其他因素。

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.

電話會議期間做出的前瞻性陳述截至今天。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 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。今天的電話會議中引用的所有非 GAAP 數字都在我們的新聞稿或 Excel 財務報告以及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. Autodesk's strong financial and competitive performance in the first quarter of fiscal 2024 is again a testament to 3 enduring strengths: resilience, discipline and opportunity. In a more challenging macroeconomic, policy and geopolitical environment, our resilient business model, and geographic, product and customer diversification enabled us to deliver 12% revenue growth in constant currency, healthy margins and record first quarter free cash flow.

謝謝你，西蒙，歡迎大家來接聽電話。 Autodesk 在 2024 財年第一季度強勁的財務和競爭表現再次證明了 3 大持久優勢：彈性、紀律和機會。在更具挑戰性的宏觀經濟、政策和地緣政治環境中，我們的彈性商業模式以及地域、產品和客戶多元化使我們能夠以固定匯率、穩健的利潤率和創紀錄的第一季度自由現金流實現 12% 的收入增長。

Leading indicators remained consistent with last quarter, with product usage growing modestly, bid activity on BuildingConnected again at record levels and continued cautious optimism from channel partners. Consistent with year-over-year economic momentum, we saw new subscription growth decelerate in North America and accelerate in EMEA. But our customers remain committed to transformation and to Autodesk, leveraging automation more as they see headwinds from the economy and supply chain.

領先指標與上一季度保持一致，產品使用量溫和增長，BuildingConnected 的投標活動再次達到創紀錄水平，渠道合作夥伴繼續保持謹慎樂觀。與去年同期的經濟勢頭一致，我們看到北美的新訂閱增長放緩，而歐洲、中東和非洲地區則加速增長。但我們的客戶仍然致力於轉型和 Autodesk，在看到經濟和供應鏈的逆風時更多地利用自動化。

That commitment is reflected in larger, broader and more strategic partnerships, improving renewal rates, consistent net revenue retention and growing adoption and usage of our products within EBAs, all of which helped drive 12% growth in current RPO and 15% growth in total RPO.

這一承諾體現在更大、更廣泛和更具戰略性的合作夥伴關係、提高續訂率、持續的淨收入保留以及 EBA 中越來越多地採用和使用我們的產品，所有這些都幫助推動了當前 RPO 增長 12% 和總 RPO 增長 15% .

While macroeconomics are unpredictable in the short term, we are executing our strategy through the economic cycle with disciplined and focused capital deployment, underpinned by one of the best growth, margin and balance sheet profiles in the industry. This 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.

雖然宏觀經濟在短期內不可預測，但我們正在通過經濟周期執行我們的戰略，並以業內最佳增長、利潤率和資產負債表狀況之一為支撐，進行有紀律和集中的資本配置。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。

Discipline and focus also mean making sure we are investing in the right places. This is a constant process of optimization and improvement with increased vigilance during periods of macroeconomic uncertainty to prioritize investment and recruitment. As you heard at our recent Investor Day, we are deploying next-generation technology and services and end-to-end digital transformation within and between the industries we serve and, in so doing, shifting Autodesk from products to capabilities.

紀律和專注也意味著確保我們在正確的地方投資。這是一個不斷優化和改進的過程，在宏觀經濟不確定時期提高警惕，優先投資和招聘。正如您在我們最近的投資者日上聽到的那樣，我們正在我們服務的行業內部和之間部署下一代技術和服務以及端到端數字化轉型，並在此過程中將 Autodesk 從產品轉變為功能。

Our AEC industry cloud, Forma, launched on May 8, is a great example of our vision. During prerelease trials, customers like CUBE 3 clearly saw how Autodesk Forma's intuitive user interface enabled rapid adoption by existing and new users, how bidirectional data flows enhanced the value of other Autodesk products like Revit and how a single integrated environment in the cloud, enhanced by AI, accelerated modeling and response times while significantly enhancing the value delivered to its customers. While using Forma during its trial, CUBE 3 delivered more creative and valuable design to its customers while reducing the concept design phase by 50% or more.

我們的 AEC 行業雲 Forma 於 5 月 8 日推出，是我們願景的一個很好的例子。在預發布試用期間，像 CUBE 3 這樣的客戶清楚地看到了 Autodesk Forma 的直觀用戶界面如何讓現有用戶和新用戶快速採用，雙向數據流如何提高 Revit 等其他 Autodesk 產品的價值，以及雲中的單一集成環境如何通過AI，加速建模和響應時間，同時顯著提高交付給客戶的價值。在試用期間使用 Forma 的同時，CUBE 3 為客戶提供了更具創意和價值的設計，同時將概念設計階段縮短了 50% 或更多。

At Investor Day, I also talked about leveraging our key growth enablers, including business model evolution, customer experience evolution and convergence between industries, to provide more and better choices for our customers. Our Flex consumption model is a good example of this. Flex' consumption pricing means existing and new customers can try new products with less friction and also enables Autodesk to better serve infrequent users. Not surprisingly, the lion's share of the business has come from new customers or existing customers expanding their relationship with Autodesk.

在投資者日，我還談到了利用我們的關鍵增長推動因素，包括商業模式演變、客戶體驗演變和行業融合，為我們的客戶提供更多更好的選擇。我們的 Flex 消費模型就是一個很好的例子。 Flex 的消費定價意味著現有客戶和新客戶可以更輕鬆地試用新產品，還使 Autodesk 能夠更好地為不經常使用的用戶提供服務。毫不奇怪，大部分業務來自新客戶或現有客戶擴大與 Autodesk 的關係。

As Steve said at our Investor Day, we've also introduced a new transaction model for Flex, which will give Autodesk a more direct relationship with our customers and more closely integrate with our channel partners over time. During the quarter, Flex moved up to the top 10 products on our e-store, and we signed our first million-dollar Flex deal.

正如史蒂夫在我們的投資者日所說，我們還為 Flex 引入了一種新的交易模式，這將使 Autodesk 與我們的客戶建立更直接的關係，並隨著時間的推移與我們的渠道合作夥伴更緊密地整合。在本季度，Flex 上升到我們電子商店的前 10 名產品，並且我們簽署了第一筆價值百萬美元的 Flex 交易。

Autodesk remains relentlessly curious with a propensity and desire to evolve and innovate. Our transformation from product to capabilities will enable us to forge broader, trusted and more durable partnerships with our customers, gives Autodesk a longer runway of growth and free cash flow generation and enables a better world designed and built for all.

Autodesk 始終保持著不懈的好奇心，並具有發展和創新的傾向和願望。我們從產品到能力的轉型將使我們能夠與客戶建立更廣泛、更值得信賴和更持久的合作夥伴關係，為 Autodesk 提供更長的增長和自由現金流產生的跑道，並為所有人設計和建造一個更美好的世界。

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 update you on our strategic growth initiatives.

我現在將電話轉給黛比，向您介紹我們季度財務業績和年度指導的詳細信息。然後我會回來向您介紹我們的戰略增長計劃。

Thanks, Andrew. Amidst the more challenging macroeconomic environment and ongoing headwinds from currency and Russia, Q1 was strong. The overall momentum of the business was similar to last quarter, with new subscriber growth decelerating a bit and renewal rates improving a bit quarter-over-quarter, such that current remaining performance obligation growth was the same as last quarter. Strong renewal rates demonstrate existing customers are committed to and investing in their long-term strategic partnerships with Autodesk.

謝謝，安德魯。在更具挑戰性的宏觀經濟環境以及來自貨幣和俄羅斯的持續逆風中，第一季度表現強勁。該業務的整體勢頭與上一季度相似，新用戶增長略有放緩，續訂率環比略有提高，因此當前剩餘履約義務增長與上一季度相同。強勁的續訂率表明現有客戶致力於並投資於與 Autodesk 的長期戰略合作夥伴關係。

Some customers are also elevating their relationships with Autodesk from subsidiaries to company-wide. When this happens, it can sometimes cause quarterly timing differences for the renewal as multiple contracts are co-termed to a single renewal date. We saw an instance of that in Q1, and as a result, some of the upfront revenue we expected to hit in Q1, we now expect later in the year. Q1 revenue would have been toward the top end of our guidance range if adjusted for this upfront revenue.

一些客戶還將他們與 Autodesk 的關係從子公司提升到整個公司範圍。發生這種情況時，有時會導致續約的季度時間差異，因為多個合同共同到期於一個續約日期。我們在第一季度看到了這樣的一個例子，因此，我們預計在第一季度實現的一些前期收入，我們現在預計在今年晚些時候實現。如果針對這一前期收入進行調整，第一季度收入將接近我們指導範圍的高端。

Total revenue grew 8% and 12% in constant currency. By product in constant currency, AutoCAD and AutoCAD LT revenue grew 10%, AEC revenue grew 11%, manufacturing revenue grew 13% and M&E revenue grew 9%. By region in constant currency, revenue grew 14% in the Americas, 11% in EMEA and 8% in APAC. Direct revenue increased 15% in constant currency and represented 35% of total revenue, up 1 percentage point from last year due to strength in both enterprise and e-commerce. Net revenue retention rate remains the same as last quarter and within 100% to 110% at constant exchange rates.

按固定匯率計算，總收入分別增長 8% 和 12%。按不變貨幣計算的產品，AutoCAD 和 AutoCAD LT 收入增長 10%，AEC 收入增長 11%，製造收入增長 13%，M&E 收入增長 9%。按固定匯率計算，美洲地區收入增長 14%，歐洲、中東和非洲地區增長 11%，亞太地區增長 8%。直接收入按固定匯率計算增長 15%，佔總收入的 35%，比去年上升 1 個百分點，這得益於企業和電子商務的強勁增長。淨收入保留率與上一季度相同，按固定匯率計算在 100% 至 110% 之間。

As we flagged in our annual guidance given last quarter, our transition from upfront to annual billings for multiyear contracts impacts our billings growth this year. That transition started on March 28, so we had about 1 month of headwind in the first quarter. Billings increased 4% to $1.2 billion, primarily reflecting growing renewal rates and early renewals, partly offset by about 1 month of annual billings for most multiyear contracts. Total deferred revenue increased 20% to $4.5 billion. Total RPO of $5.4 billion and current RPO of $3.5 billion grew 15% and 12%, respectively.

正如我們在上個季度給出的年度指導中指出的那樣，我們從多年期合同的預付款到年度賬單的過渡影響了我們今年的賬單增長。該過渡於 3 月 28 日開始，因此我們在第一季度遇到了大約 1 個月的逆風。賬單增長 4% 至 12 億美元，主要反映了不斷增長的續約率和提前續約，部分被大多數多年期合同的約 1 個月的年度賬單所抵消。遞延收入總額增長 20% 至 45 億美元。總 RPO 為 54 億美元，當前 RPO 為 35 億美元，分別增長 15% 和 12%。

Turning to the P&L. Non-GAAP gross margin remained broadly level at 92%, while non-GAAP operating margin decreased by 2 percentage points to approximately 32%. This reflects ongoing cost discipline, including the expected Q1 costs of repurposing approximately 250 roles to invest in our strategic priorities as well as the impact of exchange rate movements. GAAP operating margin decreased by 1 percentage point to approximately 17% for the same reason. Free cash flow was $714 million in the first quarter, up 69% year-over-year.

轉向損益表。非 GAAP 毛利率大致保持在 92% 的水平，而非 GAAP 營業利潤率下降 2 個百分點至約 32%。這反映了持續的成本紀律，包括重新調整約 250 個角色以投資於我們的戰略重點的預期第一季度成本以及匯率變動的影響。出於同樣的原因，GAAP 營業利潤率下降了 1 個百分點至約 17%。第一季度自由現金流為 7.14 億美元，同比增長 69%。

In addition to the underlying momentum of the business, there were 3 factors that provided a tailwind in the first quarter: first, cash collections from the last month of billings in fiscal '23 were strong; second, we saw favorable linearity and early renewals in the first quarter, driven by the end of our multiyear billed upfront program; and third, after the winter storms in California, we received a federal tax payment extension to the third quarter.

除了業務的潛在動力外，還有 3 個因素在第一季度提供了推動力：第一，23 財年最後一個月的現金回款強勁；其次，我們在第一季度看到了有利的線性和提前續約，這是由於我們的多年期預付款計劃結束所推動的；第三，在加利福尼亞的冬季風暴過後，我們收到了第三季度的聯邦納稅延期。

Turning to capital allocation. We continue to actively manage capital within our framework. Our strategy is underpinned by disciplined and focused capital deployment through the economic cycle. As Andrew said, we are being vigilant during this period of macroeconomic uncertainty, paying close attention to attrition and recruitment rates and the increased upward pressure on costs from a weakening dollar. We will continue to offset dilution from our stock-based compensation program and to opportunistically accelerate repurchases when it makes sense to do so. During Q1, we purchased 2.7 million shares for $534 million at an average price of approximately $199 per share, reducing total shares outstanding by about 3 million shares.

轉向資本配置。我們繼續在我們的框架內積極管理資本。我們的戰略以經濟周期中有紀律和集中的資本部署為基礎。正如安德魯所說，我們在這段宏觀經濟不確定性時期保持警惕，密切關注人員流失率和招聘率以及美元疲軟帶來的成本上行壓力增加。我們將繼續抵消我們基於股票的薪酬計劃的稀釋，並在適當的時候機會主義地加速回購。在第一季度，我們以每股約 199 美元的平均價格以 5.34 億美元的價格購買了 270 萬股股票，使已發行股票總數減少了約 300 萬股。

Now let me finish with guidance. The overall headlines are: the expectations embedded in our guidance range for the full year remain consistent with the underlying momentum in the business, and we expect a tailwind in the second half of the year from a strong cohort of enterprise business agreements. These EBAs last renewed 3 years ago at the start of the pandemic, and subsequent adoption and usage has been strong.

現在讓我完成指導。總體標題是：我們全年指導範圍內的預期與業務的潛在勢頭保持一致，我們預計下半年將有大量企業業務協議帶來順風。這些 EBA 最後一次更新是在 3 年前大流行開始時，隨後的採用和使用一直很強勁。

Let me summarize some key factors we highlighted last quarter. First, foreign exchange movements will be a headwind to revenue growth and margins in fiscal '24. Revenue headwinds from Russia and FX peaked in the first half of the year. Margin headwinds from FX will persist throughout the year.

讓我總結一下上個季度我們強調的一些關鍵因素。首先，外匯變動將阻礙 24 財年的收入增長和利潤率。來自俄羅斯和外彙的收入逆風在今年上半年達到頂峰。來自外彙的利潤逆風將持續全年。

Second, switching from upfront to annual billings for most multiyear customers creates a significant headwind for free cash flow in fiscal '24 and a smaller headwind in fiscal '25. Given this transition started on March 28, this will become more apparent from the second quarter onwards. Our expectations for the billings transition are unchanged.

其次，對於大多數多年期客戶來說，從預付費用轉為按年計費會對 24 財年的自由現金流造成重大阻力，而在 25 財年則帶來較小的阻力。鑑於這一轉變始於 3 月 28 日，從第二季度開始，這一點將變得更加明顯。我們對比林斯過渡的期望沒有改變。

And third, it's possible that during the transition to multiyear contracts billed annually, some customers may choose annual contracts instead. We haven't seen much evidence of this in the limited time since the annual billings program started on March 28, but it's early days and we'll keep you updated as the year progresses. All else equal, if this were to occur, it would proportionately reduce the unbilled portion of our total remaining performance obligation and would negatively impact total RPO growth rates.

第三，在向每年計費的多年期合同過渡期間，一些客戶可能會選擇年度合同。自 3 月 28 日年度賬單計劃開始以來，我們在有限的時間內還沒有看到太多這方面的證據，但現在還處於早期階段，隨著時間的推移，我們會及時通知您最新情況。在其他條件相同的情況下，如果發生這種情況，它將按比例減少我們剩餘履約義務總額的未開票部分，並對總 RPO 增長率產生負面影響。

Deferred revenue, billings, current remaining performance obligations, revenue, margins and free cash flow would remain broadly unchanged in this scenario. Annual renewals create more opportunities for us to drive adoption and upsell but are without the price lock embedded in multiyear contracts.

在這種情況下，遞延收入、賬單、當前剩餘履約義務、收入、利潤和自由現金流將基本保持不變。年度續約為我們創造了更多機會來推動採用和追加銷售，但沒有多年合同中嵌入的價格鎖定。

We still expect our cash tax rate will return to a more normalized level of approximately 31% of GAAP profit before tax in fiscal '24, up from 25% in fiscal '23 for the reasons we outlined last quarter. As I mentioned earlier, a federal tax payment extension after the winter storms in California means cash tax payments will shift from the first half of the year to the third quarter, reducing third quarter free cash flow. The tax payment extension will change the first half, second half free cash flow linearity a little bit. But we still think we'll generate roughly half of our free cash flow in the second half of the year, with second half free cash flow generation significantly weighted to the fourth quarter. We still anticipate fiscal '24 to be the free cash flow trough during our transition from upfront to annual billings for multiyear contracts.

由於我們上個季度概述的原因，我們仍然預計我們的現金稅率將恢復到更正常的水平，即 24 財年稅前 GAAP 利潤的約 31%，高於 23 財年的 25%。正如我之前提到的，加州冬季風暴過後的聯邦納稅延期意味著現金納稅將從今年上半年轉移到第三季度，從而減少第三季度的自由現金流。納稅延期將稍微改變上半年、下半年自由現金流的線性度。但我們仍然認為我們將在下半年產生大約一半的自由現金流，下半年自由現金流的產生在第四季度佔很大比重。我們仍然預計 24 財年將成為我們從多年期合同的預付款過渡到年度賬單期間的自由現金流量低谷。

Putting that all together, we still expect fiscal '24 revenue to be between $5.36 billion and $5.46 billion, up about 8% at the midpoint or about 13% at constant exchange rates and excluding the impact from Russia. Normal seasonality, peak second quarter currency and Russia headwinds and, as I mentioned earlier, a strong second half pipeline of enterprise agreements last renewed 3 years ago in the immediate aftermath of the onset of pandemic mean that we expect reported revenue growth to accelerate in the second half of the year. We expect non-GAAP operating margins to be similar to fiscal '23 levels, with constant currency margin improvement offset by FX headwinds.

綜上所述，我們仍預計 24 財年收入將在 53.6 億美元至 54.6 億美元之間，中間值增長約 8%，按固定匯率計算增長約 13%，不包括來自俄羅斯的影響。正常的季節性、第二季度的貨幣峰值和俄羅斯的逆風，以及正如我之前提到的，3 年前在大流行病爆發後立即續籤的強大的下半年企業協議管道意味著我們預計報告的收入增長將在 2018 年加速下半年。我們預計非 GAAP 營業利潤率將與 23 財年的水平相似，貨幣利潤率的持續改善被外匯逆風所抵消。

As I said earlier, in a more challenging macroeconomic environment, we are being vigilant and proactive to sustain our margins. We expect free cash flow to be between $1.15 billion and $1.25 billion. The midpoint of that range, $1.2 billion, implies a 41% reduction in free cash flow compared to fiscal '23, primarily due to the shift to annual billings, a smaller multiyear cohort, FX and our cash tax rate. The slide deck on our website has more details on modeling assumptions for Q2 and full year fiscal '24.

正如我之前所說，在更具挑戰性的宏觀經濟環境中，我們保持警惕並積極主動地維持我們的利潤率。我們預計自由現金流將在 11.5 億美元至 12.5 億美元之間。該範圍的中點為 12 億美元，這意味著與 23 財年相比，自由現金流減少了 41%，這主要是由於轉向年度賬單、較小的多年隊列、外彙和我們的現金稅率。我們網站上的幻燈片有更多關於第二季度和全年 24 財年建模假設的詳細信息。

We continue to manage our business using a Rule of 40 framework with the goal of reaching 45% or more over time. We think this balance between compounding growth and strong free cash flow margins captured in the Rule of 40 framework is the hallmark of the most valuable companies in the world, and we intend to remain one of them. As we said last quarter, the rate of improvement will obviously be somewhat determined by the macroeconomic backdrop. But let me be clear, we're managing the business to this metric and feel it strikes the right balance between driving top line growth and delivering on disciplined profit and cash flow growth. We intend to make meaningful steps over time toward achieving our 45% or more goal regardless of the macroeconomic backdrop.

我們繼續使用 40 規則框架管理我們的業務，目標是隨著時間的推移達到 45% 或更多。我們認為 40 法則框架中的複合增長和強勁的自由現金流利潤率之間的這種平衡是世界上最有價值公司的標誌，我們打算繼續成為其中之一。正如我們上個季度所說，改善的速度顯然在一定程度上取決於宏觀經濟背景。但讓我明確一點，我們正在根據這一指標管理業務，並認為它在推動收入增長與實現有紀律的利潤和現金流增長之間取得了適當的平衡。無論宏觀經濟背景如何，我們都打算隨著時間的推移採取有意義的步驟來實現我們 45% 或更多的目標。

Andrew, back to you.

安德魯，回到你身邊。

Thank you, Debbie. Let me finish by updating you on our progress in the first quarter. Our strategy is to transform the industries we serve with end-to-end cloud-based solutions that drive efficiency and sustainability for our customers. We continue to see good growth in AEC, fueled by customers consolidating on our solutions to connect previously siloed workflows in the cloud. HNTB, an employee-owned infrastructure solutions firm that serves public and private owners and contractors, expanded its EBA with Autodesk to help achieve its goal around design modernization, digital transformation and digital infrastructure solutions. The ability provided by our EBA means that HNTB can easily consolidate more workflows to Autodesk.

謝謝你，黛比。最後，讓我向您介紹我們在第一季度的進展情況。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。我們繼續看到 AEC 的良好增長，這得益於客戶整合我們的解決方案以連接雲中以前孤立的工作流程。 HNTB 是一家員工持股的基礎設施解決方案公司，為公共和私人業主及承包商提供服務，它與 Autodesk 一起擴展了 EBA，以幫助實現其圍繞設計現代化、數字化轉型和數字基礎設施解決方案的目標。我們的 EBA 提供的能力意味著 HNTB 可以輕鬆地將更多工作流整合到 Autodesk。

For example, in addition to adopting and integrating Autodesk Build and Innovyze, HNTB has been prototyping Autodesk's immersive collaboration platform. By leveraging VR collaboration, it has been able to help transportation agencies like Florida's Turnpike Enterprise use digital twins to train facility management and first responder teams on real-life scenarios from the safety of their offices instead of on busy interstate highways. HNTB sees the potential of further applications in its work on complex bridges and tunnels as well as its work with airports and state departments of transportation across the country.

例如，除了採用和集成 Autodesk Build 和 Innovyze 之外，HNTB 還一直在為 Autodesk 的沉浸式協作平台製作原型。通過利用 VR 協作，它已經能夠幫助佛羅里達州 Turnpike Enterprise 等運輸機構使用數字孿生來培訓設施管理人員和急救人員團隊，讓他們在安全的辦公室而不是在繁忙的州際公路上處理真實場景。 HNTB 看到了其在復雜橋樑和隧道工作中的進一步應用的潛力，以及與全國機場和國家交通部門的合作。

In construction, we continue to benefit from our complete end-to-end solutions which encompass design, preconstruction and field execution, through handover and into operations. DPR is among the top 10 largest general contractors and construction management firms in the U.S. and specializes in technically complex and sustainable projects. In the first quarter, DPR expanded and extended its partnership with Autodesk and unified on Autodesk Construction Cloud, our construction platform that connects stakeholders throughout the project life cycle. In moving away from point solutions and on to Autodesk's common data environment and cloud, DPR aims to connect all workflows, centralized communications and improved project management and operations across the office and job site.

在施工方面，我們繼續受益於我們完整的端到端解決方案，包括設計、預施工和現場執行，直至移交和運營。 DPR 是美國前 10 大總承包商和建築管理公司之一，專門從事技術複雜和可持續的項目。在第一季度，DPR 擴大並擴展了與 Autodesk 的合作夥伴關係，並統一了 Autodesk Construction Cloud，這是我們在整個項目生命週期中連接利益相關者的構建平台。在從單點解決方案轉向 Autodesk 的通用數據環境和雲的過程中，DPR 旨在連接所有工作流程、集中通信並改進辦公室和工作現場的項目管理和運營。

We continue to see significant opportunities to grow our construction platform outside the U.S., benefiting from our strong international presence and reputation. In Singapore, Autodesk Build was selected over 3 competitive offerings at the construction management platform for what will be Singapore's tallest skyscraper. When awarding the contract to our partner, China Harbour, the project owners chose Autodesk Build because it connected the design and make processes in the cloud, centralized project schedules and generated automated class reports to reduce risk during construction.

受益於我們強大的國際影響力和聲譽，我們繼續看到在美國以外發展我們的建築平台的重要機會。在新加坡，Autodesk Build 在施工管理平台中從 3 項競爭產品中脫穎而出，將成為新加坡最高的摩天大樓。在將合同授予我們的合作夥伴中國港灣時，項目業主選擇了 Autodesk Build，因為它連接了雲端的設計和製作流程，集中了項目進度並生成了自動化的等級報告，以降低施工期間的風險。

Of course, these stories have a common theme: managing across the project life cycle to increase efficiency and sustainability while decreasing risk. And this means our customers are renewing and expanding their relationships with us. Over time, we expect the majority of all projects be managed this way, and we're getting ready today to scale to serve that demand. Jim talked at our Investor Day about how product innovation, go-to-market expansion and customer success are helping us get ready. In the first quarter, we took another important step by integrating our construction sales force into our worldwide sales team.

當然，這些故事有一個共同的主題：管理整個項目生命週期以提高效率和可持續性，同時降低風險。這意味著我們的客戶正在更新和擴展與我們的關係。隨著時間的推移，我們希望所有項目中的大多數都以這種方式進行管理，並且我們今天已準備好進行擴展以滿足該需求。吉姆在我們的投資者日談到了產品創新、上市擴張和客戶成功如何幫助我們做好準備。在第一季度，我們又邁出了重要的一步，將我們的建築銷售團隊整合到我們的全球銷售團隊中。

While integrations of this scale inevitably cause some short-term disruption, combining the 2 teams will allow us to expand the scale and reach of our construction business, particularly in our design customer base, and our ability to serve our customers across the project life cycle.

雖然這種規模的整合不可避免地會造成一些短期中斷，但合併這兩個團隊將使我們能夠擴大建築業務的規模和範圍，特別是在我們的設計客戶群中，以及我們在整個項目生命週期中為客戶提供服務的能力.

Moving on to manufacturing. We made excellent progress on our strategic initiatives. Customers continue to invest in their digital transformations and consolidate on our Design and Make platform to grow their business and make it more resilient. For example, Rittal is a leading manufacturer of electrical enclosure systems. It uses Inventor, Vault and Moldflow to optimize and manage its product manufacturing to produce thousands of customized and configured switch cabinets daily. Rittal is focused on maximizing internal automation to accelerate its speed to market and respond more nimbly to changes in demand.

繼續製造。我們在戰略舉措方面取得了出色的進展。客戶繼續投資於他們的數字化轉型，並鞏固我們的設計和製造平台，以發展他們的業務並使其更具彈性。例如，Rittal 是電氣外殼系統的領先製造商。它使用 Inventor、Vault 和 Moldflow 來優化和管理其產品製造，每天生產數千個定制和配置的開關櫃。威圖專注於最大限度地實現內部自動化，以加快上市速度並更靈活地響應需求變化。

In Q1, it increased its EBA with Autodesk to include Fusion to serve as its central data management system, build a more resilient supply chain and drive competitive advantage through quicker turnaround times. Using Fusion, Rittal will be able to automatically route online customer orders through to its engineers and integrated product line and make deliveries in as little as 1 or 2 days.

在第一季度，它增加了與 Autodesk 的 EBA，將 Fusion 納入其中央數據管理系統，建立更具彈性的供應鏈，並通過更快的周轉時間提升競爭優勢。使用 Fusion，Rittal 將能夠自動將在線客戶訂單發送給其工程師和集成產品線，並在短短 1 或 2 天內完成交付。

In the U.K., a precision engineering firm was looking to update its CAM workflow to increase engineering efficiency and optimize costs. After a competitive evaluation, the customer migrated from its existing provider to Fusion with the machining extension because of Fusion's intuitive UI, cloud capabilities and simple integrations with its existing software and machines. Realizing the opportunities to drive breakthrough efficiency by consolidating all workflows on a single Design and Make platform, the customer is now also evaluating the migration of its CAD workflows from a competitor to Fusion.

在英國，一家精密工程公司希望更新其 CAM 工作流程，以提高工程效率並優化成本。經過競爭性評估後，由於 Fusion 的直觀 UI、雲功能以及與其現有軟件和機器的簡單集成，客戶從其現有供應商遷移到具有加工擴展功能的 Fusion。意識到通過將所有工作流整合到一個單一的設計和製造平台上來推動突破性效率的機會，客戶現在也在評估其 CAD 工作流從競爭對手到 Fusion 的遷移。

Fusion continues to grow strongly, ending the quarter with 231,000 subscribers, as more customers connect more workflows in the cloud to drive efficiency, sustainability and resilience. In partner with higher education providers across the globe, we continue to invest in the workforce of the future. We recently partnered with the Tamil Nadu Skill Development Corporation and Anna University in India to integrate Fusion into its 20 mandatory product engineering courses and launched the Fusion design challenge to showcase the skills of 20,000 students.

Fusion 繼續強勁增長，本季度末擁有 231,000 名訂閱者，因為越來越多的客戶將更多的工作流連接到雲端以提高效率、可持續性和彈性。我們與全球的高等教育機構合作，繼續投資於未來的勞動力。我們最近與印度泰米爾納德邦技能發展公司和安娜大學合作，將 Fusion 整合到其 20 門必修產品工程課程中，並發起了 Fusion 設計挑戰賽以展示 20,000 名學生的技能。

Fusion's intuitive UI and cloud-based data management make it easy for students to learn and collaborate on class products. Autodesk is also investing in a new technology engagement center at California State University, Northridge, that will promote interdisciplinary collaboration in engineering and computer academic programs and house the Global Hispanic Serving Institution Equity innovation Hub, which aims to build a more diverse and inclusive engineering workforce.

Fusion 直觀的 UI 和基於雲的數據管理使學生可以輕鬆地學習課堂產品並就課堂產品進行協作。 Autodesk 還在加州州立大學北嶺分校投資了一個新技術參與中心，該中心將促進工程和計算機學術項目的跨學科合作，並設有全球西班牙裔服務機構股權創新中心，旨在建立更加多元化和包容性的工程勞動力.

And finally, we continue to work with noncompliant users to ensure that they are using the latest and most secure versions of our software. In the first quarter, we made substantial progress on 2 initiatives we outlined at Investor Day: further hardening our systems by significantly tightening concurrent usage of named user subscription; and significantly expanding the precision and reach of our in-project product messaging. We expect both initiatives to drive further conversion and growth in the second half of the year and beyond.

最後，我們繼續與不合規的用戶合作，以確保他們使用我們軟件的最新和最安全版本。在第一季度，我們在投資者日概述的 2 項舉措上取得了實質性進展：通過顯著收緊指定用戶訂閱的並發使用來進一步強化我們的系統；並顯著擴大了我們項目中產品消息傳遞的準確性和範圍。我們預計這兩項舉措將在今年下半年及以後推動進一步的轉型和增長。

Let me finish where I started. Autodesk remains relentlessly curious with the propensity and desire to evolve and innovate with our AI-infused industry cloud, Fusion, Forma and Flow, scaled on Autodesk platform services, our customers will be able to leverage their large domain-specific inter- and intra-industry data sets to deliver further breakthrough productivity, operations and sustainability gains. And with intuitive UIs and the application of multimodal AI models that move beyond language models to capture sketches and realities directly into accurate 3D models, we will be able to accelerate the transition from products to capabilities that I talked about at our recent Investor Day.

讓我從開始的地方說完。 Autodesk 對通過我們注入 AI 的行業雲 Fusion、Forma 和 Flow 發展和創新的傾向和願望保持不懈的好奇，在 Autodesk 平台服務上擴展，我們的客戶將能夠利用他們的大型特定領域內部和內部行業數據集，以提供進一步突破性的生產力、運營和可持續性收益。通過直觀的 UI 和應用超越語言模型的多模式 AI 模型，將草圖和現實直接捕捉到準確的 3D 模型中，我們將能夠加速從產品到功能的轉變，正如我在最近的投資者日談到的那樣。

Our transformation from products to capabilities will enable us to forge broader, trusted and more durable partnerships with our customers, give Autodesk a longer run rate of growth and free cash flow generation and enable a better world designed and built for all.

我們從產品到能力的轉型將使我們能夠與客戶建立更廣泛、更值得信賴和更持久的合作夥伴關係，為 Autodesk 提供更長期的增長率和自由現金流生成，並為所有人設計和建造一個更美好的世界。

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

接線員，我們現在想打開電話提問。

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

（操作員說明）我們的第一個問題來自巴克萊銀行的 Saket Kalia。

Okay. Great. Andrew, maybe just for you. Appreciate the macro commentary, very helpful. I think we all tried to speak to at least a subset of your partners through the quarter. And frankly, through the quarter, some of those checks, albeit limited, were mixed or soft, right, of course, reflecting the macro. Maybe the question that I have for you is, I was wondering if you saw that as well, and if you did, whether some of those trends have maybe continued here through the second quarter.

好的。偉大的。安德魯，也許只適合你。欣賞宏觀評論，非常有幫助。我想我們都試圖在本季度至少與你們的一部分合作夥伴交談。坦率地說，在整個季度中，其中一些支票雖然有限，但好壞參半或疲軟，當然，這反映了宏觀經濟。也許我要問你的問題是，我想知道你是否也看到了這一點，如果你看到了，其中一些趨勢是否可能會持續到第二季度。

Yes, Saket. Good to see you, by the way. Good to talk to you. So yes, let me tell you what we saw and it's consistent with what people heard from the partners. So whenever we have a large event like ending multiyear, what happens is partners and teams tend to pack up deals into that event. They even pull pipeline forward to try to get it into the event so that they can kind of close their deals, get things trued up around the event. This happens every time consistently when we have events like this. It's one of the reasons why we try to align these events with quarter end, so we don't have conversations like this.

是的，薩凱特。順便說一句，很高興見到你。很高興和你交談。所以是的，讓我告訴你我們看到了什麼，這與人們從合作夥伴那裡聽到的是一致的。所以每當我們有一個像結束多年這樣的大型活動時，合作夥伴和團隊往往會把交易打包到那個活動中。他們甚至將管道向前推進，試圖將其納入活動中，這樣他們就可以完成交易，在活動期間把事情搞定。當我們遇到這樣的事件時，這種情況每次都會發生。這是我們嘗試將這些事件與季度末對齊的原因之一，所以我們沒有這樣的對話。

So if that was the case, what you would have expected is that business will rebound to kind of expected levels post the end of the quarter, which is exactly what happened. It's exactly what we're seeing at the beginning of the quarter. [This is what we did] and we're back to what we (inaudible) add anything about the macro environment that we haven't said already or anything -- any commentary that might help understand how the quarter progressed?

因此，如果是這種情況，您會期望業務將在本季度末反彈至某種預期水平，而這正是發生的情況。這正是我們在本季度初看到的情況。 [這就是我們所做的]，我們回到我們（聽不清）添加我們尚未說過的關於宏觀環境的任何內容或任何可能有助於理解本季度進展情況的評論？

Sure. So overall, our leading indicators remain broadly the same as what we saw last quarter. We saw usage grow modestly. We saw record bid activity on BuildingConnected. We continue to see cautious optimism from our channel partners. New subscriber growth decelerated a bit quarter-over-quarter, but renewal rates improved. Also, like last quarter, Europe was a bit better. The U.S. was a bit worse. Asia was about the same. So net-net, the overall momentum of the business was somewhat similar to what we saw last quarter with some puts and takes. It's all in line with the guidance expectations for the year, and it's consistent with macro trends.

當然。因此，總體而言，我們的領先指標與上一季度的情況大致相同。我們看到使用量適度增長。我們在 BuildingConnected 上看到了創紀錄的投標活動。我們繼續看到我們的渠道合作夥伴持謹慎樂觀態度。新用戶增長環比略有放緩，但續訂率有所提高。此外，與上一季度一樣，歐洲的情況要好一些。美國稍微差一點。亞洲大致相同。所以淨淨，業務的整體勢頭與我們上個季度看到的有些相似，有一些看跌期權。都符合當年的指導預期，符合宏觀趨勢。

Current RPO growth is a good forward indicator for you. It was the same as last quarter at 12% growth. And as we've said before, the business is going to grow faster in better environments and slower in more uncertain environments. But our goal continues to be to set ourselves up for success in fiscal '24 and beyond.

當前的 RPO 增長對您來說是一個很好的前瞻性指標。與上一季度相同，增長率為 12%。正如我們之前所說，業務將在更好的環境中增長得更快，而在更不確定的環境中增長得更慢。但我們的目標仍然是為 24 財年及以後的成功做好準備。

Got it. Got it. That's really helpful, Debbie. Debbie, maybe for my follow-up for you. Great to see the cash flow strength this quarter, well ahead of what we were expecting. I was just wondering if you could just zoom into what drove that, and maybe just looking forward, how you're sort of thinking about the shape of cash flow this year, particularly where we trough here in fiscal '24. Does that make sense?

知道了。知道了。這真的很有幫助，黛比。黛比，也許是為了我跟進你。很高興看到本季度的現金流強勁，遠超我們的預期。我只是想知道你是否可以放大是什麼推動了這一點，也許只是期待，你是如何考慮今年現金流量的形狀的，特別是我們在 24 財年的谷底。那有意義嗎？

Yes, yes. So Q1 free cash flow was strong for a couple of reasons. First, cash collections from the last month of billings in fiscal '23 were strong. Second, we also saw favorable linearity and early renewals in Q1 that were driven by the end of multiyear billed upfront. And then third, as I mentioned on the call, after the winter storms in California, we received a federal tax payment extension for the third quarter.

是的是的。因此，由於幾個原因，第一季度自由現金流強勁。首先，23 財年最後一個月的現金收入強勁。其次，我們還看到第一季度有利的線性和提前續訂，這是由多年預付費用的結束推動的。第三，正如我在電話中提到的，在加利福尼亞的冬季風暴過後，我們收到了第三季度的聯邦納稅延期。

Our overall expectations for free cash flow on the year, including linearity, are unchanged. We still expect that we're going to generate about half of our free cash flow in the second half of the year with heavier weighting to Q4. Some of the factors to think about, across Q2, Q3 and Q4, we have the full quarter impact from the switch to annual billings. In Q2, remember that we had some early renewal billings that were pulled into Q1. And then with that tax payment extension to Q3, that has a positive impact to free cash flow in Q1 and Q2 but a negative offset in Q3. But overall, I just would reiterate that our expectations are unchanged and that we expect to generate about half of that free cash flow in the second half of the year.

我們對今年自由現金流的總體預期（包括線性）保持不變。我們仍然預計，我們將在今年下半年產生大約一半的自由現金流，而第四季度的權重更大。一些需要考慮的因素，在第二季度、第三季度和第四季度，我們對從轉向年度賬單的整個季度產生影響。在第二季度，請記住我們有一些早期的續訂賬單被拖入了第一季度。然後隨著第三季度的納稅延期，這對第一季度和第二季度的自由現金流產生了積極影響，但對第三季度產生了負面影響。但總的來說，我只想重申，我們的預期沒有改變，我們預計在下半年產生大約一半的自由現金流。

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 referenced to the effect on channel behavior in the quarter as a result of the billing change. But more broadly, there are some other evolutions that your sales model is going through, affecting not just the VARs but also the VADs. And I'm wondering how you're thinking about the operational or execution risks associated with that evolution, which certainly goes beyond Q1 in terms of perhaps either demand generation, fulfillment of which you'll be doing more of on your own, perhaps the elements of channel comp as they change with the back-end change. So maybe just let's talk about some of those ongoing executables if you need to get right vis-à-vis the sales model. Then I'll ask my follow-up.

安德魯，您提到了計費變更對本季度渠道行為的影響。但更廣泛地說，您的銷售模式正在經歷一些其他的演變，不僅影響 VAR，還影響 VAD。我想知道你是如何考慮與這種演變相關的運營或執行風險的，這肯定超出了第一季度的需求生成，你將自己做更多的事情，也許是通道組件的元素隨著後端的變化而變化。因此，如果您需要正確對待銷售模型，也許讓我們談談一些正在進行的可執行文件。然後我會問我的後續行動。

Yes. Jay, that's a great question. So one of the things that I'll say like first upfront is why are we exploring some of these things? And it's a great example of what we're doing with Flex in particular. We're doing these things because our customers get a much more instant-on, self-service-like experience, kind of more like an e-store experience from all their transactions, but they also get the added bonus of support that's local and connected to them through their VARs, so they get serviced and other types of supports from their VARs locally.

是的。傑伊，這是一個很好的問題。所以我首先要說的一件事是我們為什麼要探索其中的一些東西？這是一個很好的例子，說明我們特別是在 Flex 上所做的事情。我們正在做這些事情，因為我們的客戶從他們的所有交易中獲得了更即時、類似自助服務的體驗，更像是一種電子商店體驗，但他們也獲得了額外的支持，即本地和通過他們的 VAR 連接到他們，因此他們可以從本地的 VAR 獲得服務和其他類型的支持。

It also allows us to really get a lot of visibility about what their usage patterns are, how they're using the product and then also share that visibility with our partners and other people so that we can understand these customers better. So there's lots of great things about it. But more importantly, rolling out kind of changes like that and exploring these kinds of new models on something like Flex, which is a lower volume offering right now, though doing quite well, gives us a lot of opportunity to learn a lot of things and work through a lot of things.

它還使我們能夠真正深入了解他們的使用模式，他們如何使用產品，然後與我們的合作夥伴和其他人分享這種可見性，以便我們能夠更好地了解這些客戶。所以它有很多很棒的東西。但更重要的是，推出類似的變化並在 Flex 之類的產品上探索這些新模型，雖然目前銷量較低，但做得很好，這給了我們很多機會學習很多東西，完成很多事情。

And Debbie, why don't you talk specifically about some of the things that we've been learning from Flex as we've been working through all of these new transaction models?

黛比，你為什麼不具體談談我們在研究所有這些新交易模型時從 Flex 學到的一些東西？

Sure. Yes. So as Andrew mentioned, we launched this Flex agency model in Q1. We have learned a lot. Some of the things that we've been learning are things like the importance of driving a seamless vendor setup process. These are situations where customers will have to set up Autodesk as a vendor as opposed to a partner. We're getting insights and learnings around -- by having access to more data. And we're able to better forecast with having that access to better data. So like Andrew mentioned, as with anything in this area, we're focused on testing and learning as we go. We want to make sure that we have scalable processes for all stakeholders in the ecosystem, and we'll continue to keep doing that.

當然。是的。正如安德魯提到的，我們在第一季度推出了這種 Flex 代理模式。我們學到了很多。我們一直在學習的一些東西是推動無縫供應商設置過程的重要性。在這些情況下，客戶必須將 Autodesk 設置為供應商而不是合作夥伴。通過訪問更多數據，我們正在獲得見解和學習。通過訪問更好的數據，我們能夠更好地進行預測。因此，就像安德魯提到的那樣，與該領域的任何事情一樣，我們專注於測試和學習。我們希望確保我們為生態系統中的所有利益相關者提供可擴展的流程，我們將繼續這樣做。

Okay. As follow-up, Debbie, at the meeting 2 months ago in your slide with regard to double-digit growth or what you call sustainable double-digit growth, you had 8 different line items referring to volume as component of your growth. When you look out over the balance of the year, what do you think might be, of those, perhaps the 2 or 3 most important volume drivers to the business?

好的。作為後續行動，黛比，在 2 個月前的會議上，在您關於兩位數增長或所謂的可持續兩位數增長的幻燈片中，您有 8 個不同的項目，將數量作為增長的組成部分。當你回顧今年的餘額時，你認為可能是那些，也許是業務的 2 或 3 個最重要的銷量驅動因素？

It's an excellent question, Jay. I mean the view that I talked about from Investor Day hasn't changed much, granted our Investor Day wasn't very long ago, so that's a good thing. But we're going to be looking to continue to drive volume from all the different areas or growth vectors that we have, so things like our investments in AEC, the proliferation of them, expansion in infrastructure, driving more growth from construction.

這是一個很好的問題，傑伊。我的意思是我在投資者日談到的觀點並沒有太大改變，因為我們的投資者日不是很久以前，所以這是一件好事。但我們將尋求繼續推動我們擁有的所有不同領域或增長向量的數量，比如我們對 AEC 的投資，它們的擴散，基礎設施的擴張，推動建築業的更多增長。

I think what was interesting for us this quarter was really seeing continued strengthening of our renewal rates, because ultimately, with higher renewal rates, that becomes a net volume driver for us. And that really goes down to the investments that we've been making in our customer success teams who are really doing an excellent job of driving those renewal rates up, driving success with our customers, because that's a really important part of keeping the volume engine going at Autodesk. So those are some initial thoughts, Jay.

我認為本季度對我們來說有趣的是真正看到我們的續訂率持續提高，因為最終，隨著更高的續訂率，這將成為我們的淨銷量驅動因素。這真的歸功於我們對客戶成功團隊的投資，他們在提高續訂率、推動客戶成功方面做得非常出色，因為這是保持銷量引擎的一個非常重要的部分去歐特克。所以這些是一些初步的想法，Jay。

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。

Maybe for you, Andrew. I know at Analyst Day, you talked a lot about the broadening opportunity around serving the owner market and not just in conceptual design but doing operations. So I know it's still early in this journey. Maybe you could share with us how that message is resonating and as you look to expand into AEC, obviously.

也許適合你，安德魯。我知道在分析師日，你談到了圍繞服務業主市場的擴大機會，不僅在概念設計方面，而且在運營方面。所以我知道這段旅程還處於早期階段。也許你可以與我們分享這個信息是如何引起共鳴的，以及你希望擴展到 AEC，顯然。

Yes. So the way -- the vector that we have into that space right now is through Tandem. And the best way to talk about that is the increase in people using more modeling assets in Tandem and the monthly active usage rates that are going associated with that, we're starting to see very nice pickup with that. We're engaging with a series of owner-level customers on direct collaborations in terms of how Tandem serves some of their needs, where it has development requirements to serve some additional needs.

是的。因此，我們現在進入該空間的方式是通過 Tandem。談論這一點的最好方式是，越來越多的人在 Tandem 中使用更多的建模資產，以及與之相關的每月活躍使用率，我們開始看到非常好的回升。我們正在與一系列業主級客戶就 Tandem 如何滿足他們的一些需求進行直接合作，其中它有滿足一些額外需求的開發要求。

So we've got a lot of really good customer engagement, which is definitely where you'd expect to be at this point in the process. So we're really happy with the progress here, and we're happy with the level of engagement with Tandem. Tandem is getting a lot of visibility, a lot of interest and a lot of focus with owners but also with people that serve owners that want digital twins and things associated with digital twins from, say, other types of vendors.

所以我們有很多非常好的客戶參與，這絕對是你在這個過程中期望的地方。所以我們對這裡的進展非常滿意，我們對 Tandem 的參與程度感到滿意。 Tandem 得到了業主的廣泛關注、興趣和關注，同時也受到了為業主提供數字雙胞胎和與數字雙胞胎相關的事物的人們的關注，例如來自其他類型供應商的數字雙胞胎。

That's really helpful. And maybe, Debbie, as a quick follow-up, I think you mentioned in the script about repurposing 250 roles in the quarter. Maybe you can provide a little bit more detail there.

這真的很有幫助。也許，黛比，作為快速跟進，我想你在劇本中提到了關於在本季度重新調整 250 個角色的用途。也許你可以在那裡提供更多細節。

Sure. So uncertainty really just is the new normal. I think we're all living this. Since we last reported earnings, we've seen a bunch of stuff happened. There was a major regional bank crisis. We're seeing deadlock discussions about the debt ceiling in Congress. The Fed, just a few weeks ago, acknowledged that those things could have an impact on the economy, but -- so they didn't know how. We're in the same boat.

當然。所以不確定性真的只是新常態。我想我們都過著這樣的生活。自從我們上次報告收益以來，我們已經看到了很多事情的發生。發生了重大的區域性銀行危機。我們看到國會關於債務上限的討論陷入僵局。就在幾週前，美聯儲承認這些事情可能會對經濟產生影響，但是——所以他們不知道如何影響。我們在同一條船上。

But it's very important to us to deliver on our margin goal. So it's against that backdrop that we're taking a prudent approach to how we manage the business. That means tightening the belt a bit. So in Q1, we did some repurposing of roles to allow us to reinvest. And in Q2 and onward, we've proactively taken steps to slow the pace of our hiring to ensure that we don't get ahead of ourselves on spend in light of this continued macro uncertainty. And we think that slowing spending earlier in the year provides more investment flexibility versus trying to slow spending later in the year. Again, our goal continues to be to set ourselves up for success in fiscal '24 in the long term.

但實現我們的利潤率目標對我們來說非常重要。因此，正是在這種背景下，我們對如何管理業務採取了謹慎的方法。這意味著要稍微勒緊腰帶。因此，在第一季度，我們重新調整了角色的用途，以便我們進行再投資。在第二季度及以後，我們已積極採取措施放慢招聘步伐，以確保我們不會因這種持續的宏觀不確定性而在支出方面超前。而且我們認為，與今年晚些時候試圖放慢支出相比，今年早些時候放慢支出提供了更大的投資靈活性。同樣，我們的目標仍然是為自己在 24 財年的長期成功做好準備。

Our next question comes from the line of Joe Vruwink of Baird.

我們的下一個問題來自 Baird 的 Joe Vruwink。

Maybe just a bit of clarification on near-term performance and reconciling. Just to comment, I think leading indicators around product usage, that's fairly consistent, but then the new sub growth decelerating in the Americas, I guess, normally, I think the leading indicators kind of predict that. So was this something around new subs that just kind of popped up in the quarter?

也許只是對近期表現和協調的一些澄清。只是評論一下，我認為圍繞產品使用的領先指標相當一致，但隨後美洲新的子增長減速，我想通常情況下，我認為領先指標可以預測這一點。那麼，這是否與本季度突然出現的新潛艇有關？

No, it was consistent with what we were seeing in our monthly active user trend. That's how the monthly active user trends are so good at predictive behavior. We kind of expected a slight decrease in velocity in the Americas and more of an increase in Europe. So it's consistent with the indicators we see, and it's consistent with the indicators moving forward as well.

不，這與我們在每月活躍用戶趨勢中看到的一致。這就是每月活躍用戶趨勢如此擅長預測行為的原因。我們有點預計美洲的速度會略有下降，而歐洲會增加更多。所以它與我們看到的指標一致，也與向前發展的指標一致。

Okay. Great. And then just I guess I get the AI question. Just in terms of capabilities that already exist on the platform, thinking about things like Spacemaker or the generative extension on Fusion, have you started to see kind of an uplift in interest just as more industries are studying adoption around AI? And is there anything you've seen to this point maybe specifically around video, media content where you start thinking about maybe changing product road maps are all just based on kind of the pace of innovation that's coming out?

好的。偉大的。然後我想我得到了 AI 問題。就平台上已經存在的功能而言，想想 Spacemaker 或 Fusion 上的生成擴展之類的東西，隨著越來越多的行業正在研究圍繞 AI 的採用，你是否開始看到興趣的提升？到目前為止，您是否看到過任何關於視頻、媒體內容的內容，您開始考慮改變產品路線圖可能只是基於即將出現的創新步伐？

So -- yes. So let's -- first, let's be very clear. We've been talking about AI for a long time, all right? And we've been building machine-learning models into our applications for a while now. So there's already significant velocity inside of [artists] on these issues. What's changed is ChatGPT created a version of AI that everybody understood, so we're all now having a common conversation about what AI can and cannot do and how it functions as a (inaudible) or an assistant or a co-creator in these processes.

所以——是的。所以讓我們 - 首先，讓我們非常清楚。我們一直在談論人工智能，好嗎？一段時間以來，我們一直在將機器學習模型構建到我們的應用程序中。因此，[藝術家] 內部在這些問題上已經有了顯著的速度。改變的是 ChatGPT 創建了一個人人都能理解的 AI 版本，所以我們現在都在就 AI 能做什麼和不能做什麼以及它如何在這些過程中充當（聽不清）或助手或共同創造者進行共同對話.

So make no bones about it. We've been working on these things for a while. This isn't a course and speed change for us, and I want to be super clear about that. Now like I said, we think in Construction IQ, Spacemaker is no longer a product anymore. It's Forma now, which we rolled out, which even has more enhanced underpinnings associated with machine learning. You probably -- if you follow what we do in our ABI lab, we've published a lot of work on kind of fairly advanced things around large models and things you can do with creating 3D models and representations using machine learning.

因此，請毫不掩飾。我們已經在這些事情上工作了一段時間。這不是我們的航向和速度變化，我想非常清楚這一點。現在就像我說的，我們認為在 Construction IQ 中，Spacemaker 不再是一種產品。現在是我們推出的 Forma，它甚至具有與機器學習相關的更多增強基礎。你可能 - 如果你關注我們在 ABI 實驗室所做的事情，我們已經發布了很多關於大型模型的相當先進的東西以及你可以使用機器學習創建 3D 模型和表示的東西。

So we've been out there with this for a while. What it does allow us to do is have a very meaningful customers -- conversations with our customers about, look, we've been telling you that this was going to be a co-creation technology. Take a look at what you're seeing out there with the large language models and the things that you're getting from OpenAI and see how this kind of can be evolved to creating 3D building information models, more complex models, complex design, sustainability decisions, optionality, all the things associated and some of the things you're seeing inside of Forma.

所以我們已經有一段時間了。它讓我們做的是擁有一個非常有意義的客戶——與我們的客戶對話，看，我們一直在告訴你這將是一種共同創造的技術。看看你在外面看到的大型語言模型和你從 OpenAI 得到的東西，看看這種如何演變為創建 3D 建築信息模型、更複雜的模型、複雜的設計、可持續性決策、可選性、所有相關的事物以及您在 Forma 中看到的一些事物。

So customers now get it. They kind of get the connection between what we're doing and what we said it was going to do in the future, because there's an example here that everybody understands, and I think that's super powerful. So it's current course and speed for us. We're going to be probably speeding up a little bit on some of our work with more larger and complex models, but this is something we've been doing for a while.

所以客戶現在明白了。他們在某種程度上了解了我們正在做的事情和我們所說的未來要做的事情之間的聯繫，因為這裡有一個每個人都能理解的例子，我認為這非常強大。所以這是我們目前的課程和速度。我們可能會在一些更大、更複雜的模型上加快一些工作，但這是我們已經做了一段時間的事情。

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。

So Debbie, you mentioned or you highlighted the slowing sub growth and usage has been strong. Can you help me understand the relationship, if any, between those 2? And is the sub growth simply a factor of customers tightening their belts more due to the uncertain macro that you've highlighted a few times? Or is there something else behind that?

所以黛比，你提到或你強調了放緩的子增長和使用一直很強勁。你能幫我理解這兩者之間的關係嗎？由於您多次強調的不確定的宏觀經濟，次級增長是否僅僅是客戶勒緊腰帶的一個因素？或者這背後還有別的東西？

Yes. Thanks. So the biggest factor driving the sub growth that we saw in Q1 was actually the end of sale of the multiyear upfront contracts. So Andrew mentioned it at the top of this Q&A session, but remember that the demand pattern that we saw during the quarter was impacted by that end of sale. Before the launch, we saw higher volume, and then post launch, demand was lighter. That's typical of what we see when we launch programs like this to the market. But what it meant was that on a net basis, the new piece of our business decelerated as we headed out of the quarter. So Andrew also mentioned that over the last several weeks in May, we've seen that demand bounce back a bit, and it's generally in line with our expectations at this point.

是的。謝謝。因此，我們在第一季度看到的推動次級增長的最大因素實際上是多年預付款合同的銷售結束。所以安德魯在本次問答環節的開頭提到了這一點，但請記住，我們在本季度看到的需求模式受到了銷售結束的影響。在發布之前，我們看到了更高的銷量，然後在發布之後，需求就減少了。這是我們向市場推出此類程序時所看到的典型情況。但它的意思是，在淨額基礎上，隨著我們離開本季度，我們的新業務減速。所以安德魯還提到，在 5 月份的最後幾週，我們看到需求有所反彈，目前總體上符合我們的預期。

Okay. Great. And then 1 more. Debbie, you also mentioned tailwind in second half, 1 being the EBA renewal pattern adoption and usage has been strong there, I think you noted. Can you give us some more detail just on the moving pieces around the EBA renewals? Are we -- is it contract changes, pricing changes? What will be driving that tailwind in the second half of the year around the renewals?

好的。偉大的。然後還有 1 個。黛比，你還提到了下半年的順風，1 是 EBA 更新模式的採用和使用一直很強勁，我想你已經註意到了。您能否就 EBA 續籤的進展向我們提供更多詳細信息？我們 - 是合同變更，價格變更嗎？下半年圍繞續約的推動因素是什麼？

Sure. So maybe I'll just take a step back and talk about revenue linearity overall and then double-click a bit into EBAs. So to recap, we're expecting revenue growth deceleration in Q2, followed by growth acceleration in the back half of the year. That's consistent with historical seasonal patterns for Autodesk, and it was built into our annual guidance from the start. When we look at things like quarter and Q2, we have the peak of FX and Russia and their drag on revenue growth.

當然。所以也許我會退後一步，談談整體收入線性，然後雙擊進入 EBA。因此，回顧一下，我們預計第二季度收入增長將放緩，然後在下半年增長加速。這與 Autodesk 的歷史季節性模式一致，並且從一開始就融入了我們的年度指南。當我們查看季度和第二季度之類的事情時，我們看到了外彙和俄羅斯的高峰及其對收入增長的拖累。

In the second half, the negative impact from exiting Russia goes away, and that drag from FX reduces as the year progresses. And then we have that big cohort of EBAs, particularly in Q4. Those are deals that renewed 3 years ago at the beginning of the pandemic, where subsequent adoption and usage have been strong. And it's that deal flow that drives that seasonal growth acceleration primarily in Q4.

下半年，退出俄羅斯的負面影響消失，外彙的拖累隨著時間的推移而減少。然後我們有一大群 EBA，特別是在第四季度。這些是 3 年前大流行開始時續約的交易，隨後的採用和使用一直很強勁。正是這種交易流主要在第四季度推動了季節性增長加速。

You can go back and look at our opening commentary back in fiscal '21 for Q4 where we talked a bit about those deals. They tended to be in the auto space. And so we're anticipating that those deals will come through. And we think the fact that they've had good adoption and usage is a good indicator that we're going to see that behavior happen in Q4 as expected.

您可以回頭看看我們在 21 財年第四季度的開場評論，我們在其中談到了一些交易。他們往往在汽車領域。因此，我們預計這些交易將會達成。我們認為，他們的採用和使用情況良好這一事實是一個很好的指標，表明我們將在第四季度看到這種行為如預期的那樣發生。

So overall, I mean our business -- the momentum's pretty consistent with what we've seen for a while here now. And the assumptions that we have embedded in our guidance reflects what we've been seeing for a while, and we remain on track to achieve our full year financial goals. And I can't reiterate enough that we continue to try and set ourselves up for success in fiscal '24 and beyond.

所以總的來說，我的意思是我們的業務——勢頭與我們在這裡看到的情況非常一致。我們在指南中嵌入的假設反映了我們一段時間以來所看到的情況，我們仍有望實現全年財務目標。而且我不能再重申一遍，我們將繼續努力，為在 24 財年及以後取得成功做好準備。

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。

Andrew, in your prepared remarks, you talked a lot about AEC and, obviously, construction. This is an area, obviously, as we all know, that's been sort of a laggard to adopt SaaS and cloud. Can you talk about sort of where we're at in this evolution? The pandemic is behind us now, I think. But like are you starting to see some of these field workers, some of the folks that are sort of like behind the scenes on construction starting to embrace the technology more so? Is it a generational thing? Just any sort of like incremental sort of catalyst for further Construction Cloud adoption.

安德魯，在你準備好的發言中，你談到了很多關於 AEC，顯然還有建築。顯然，眾所周知，這是一個在採用 SaaS 和雲方面有點落後的領域。你能談談我們在這場演變中所處的位置嗎？我認為，大流行現在已經過去了。但是你是否開始看到這些現場工作人員中的一些人，一些在建築幕後工作的人開始更多地接受這項技術？這是一代人的事嗎？只是任何一種類似增量的催化劑，用於進一步採用 Construction Cloud。

Yes. It's a good question the way you phrased that around incremental catalyst. I think actually, the rising adoption is becoming its own catalyst in many respects. I mean, obviously, we're continuing to see good growth in construction. We're seeing solid adoption. We're seeing really significant adoption in our EBA accounts. And adoption tends to lead to more adoption because the people who adopt these technologies and start using these technologies on a regular basis tend to have higher bid precision, higher bid accuracy, tend to be able to execute more effectively during the projects, manage costs better and all things associated with that.

是的。你圍繞增量催化劑的措辭方式是一個很好的問題。我認為實際上，越來越多的採用在許多方面正在成為其自身的催化劑。我的意思是，很明顯，我們繼續看到建築業的良好增長。我們看到了穩固的採用。我們在 EBA 賬戶中看到了非常重要的採用。採用往往會導致更多的採用，因為採用這些技術並開始定期使用這些技術的人往往具有更高的投標精度，更高的投標準確性，往往能夠在項目期間更有效地執行，更好地管理成本以及與之相關的所有事物。

And that's a flywheel effect, because if you're better able to manage the cost of the project, you're better able to estimate the next project, bid on that project and win in an envelope that preserves your margins. So that is kind of the biggest thing that's going on right now out there in the industry is the flywheel effect. There's no kind of generational catalyst that's yet coming in here.

這就是飛輪效應，因為如果您能夠更好地管理項目成本，您就能夠更好地估算下一個項目、對該項目進行投標並在保留利潤的信封中獲勝。因此，飛輪效應是行業中目前正在發生的最大的事情。這裡還沒有任何代際催化劑。

But I will tell you there's 1 other thing that's persistently out there that's driving people to look towards technology, and it's they can't hire people, all right? More and more, they are not able to fully staff their sites and their jobs to the level that they were in the past. So they need these productivity gains from technology. And it's -- between that and the flywheel of competition, there's kind of a momentum here that I don't see slowing down.

但我會告訴你，還有一件事一直在推動人們轉向技術，那就是他們招不到人，好嗎？越來越多的情況下，他們無法像過去那樣充分配備工作人員和工作崗位。因此，他們需要通過技術提高生產力。而且它 - 在競爭和飛輪之間，這裡有一種我看不到放緩的勢頭。

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。

So just a couple of questions on the indicators that you saw in the quarter. Andrew, you talked about bid activity at record levels in BuildingConnected. I guess should we be thinking about that as a sign of health in the end markets or more of a function of BuildingConnected strong competitive position and in digitization tailwinds? And then just curious if you could talk about the slowdown in new subscriptions or deceleration that you saw? Was that more on the AEC side or any end market or way to segment where you saw that?

所以只有幾個關於您在本季度看到的指標的問題。安德魯，你談到了 BuildingConnected 創紀錄水平的投標活動。我想我們是否應該將其視為終端市場健康的標誌，或者更多是 BuildingConnected 強大的競爭地位和數字化順風的功能？然後很好奇你是否可以談談你看到的新訂閱放緩或減速？這更多是在 AEC 方面還是在任何終端市場或您看到的細分方式？

Okay. So let me address the next part of the question. Kind of the answer to your BuildingConnected question, it's kind of both, all right? BuildingConnected is certainly active. There's lots of activity going on there. But remember, it's the trend that matters. So if the trends continue to indicate a large degree of bid activity, that means there's a large degree of bid activity out in the ecosystem. .

好的。因此，讓我解決問題的下一部分。有點像您的 BuildingConnected 問題的答案，兩者兼而有之，好嗎？ BuildingConnected 肯定是活躍的。那裡有很多活動。但請記住，重要的是趨勢。因此，如果趨勢繼續表明存在大量投標活動，則意味著生態系統中存在大量投標活動。 .

And what also is important to recognize is our customers, especially in the AEC land, they're still working through backlogs. I mean every customer I talk to has the same issue or same opportunity and however you want to look at it, that they still have to work through their backlog. They're still having trouble getting enough people to get the project moving at the right kind of pace and so on and so forth. So there's still a backlog out there, but the trend on bid activity is real, and it absolutely represents what's going on in the U.S. market in particular.

同樣重要的是要認識到我們的客戶，尤其是在 AEC 地區，他們仍在處理積壓的訂單。我的意思是，與我交談過的每個客戶都有相同的問題或相同的機會，但無論您想如何看待，他們仍然必須處理積壓的工作。他們仍然無法找到足夠的人手來讓項目以正確的速度進行，等等。所以那裡仍然有積壓，但投標活動的趨勢是真實的，它絕對代表了美國市場正在發生的事情。

Now with regards to deceleration and rebound in Q2 around volume, there was no hotspot, right? It was kind of uniformly the same across the board, right? So it was more kind of the dynamics of the business rather than any kind of particular hotspot.

現在關於第二季度成交量的減速和反彈，沒有熱點，對吧？整體上都是一樣的，對吧？所以它更像是業務的動態，而不是任何一種特定的熱點。

Great. And then just on the EBA renewals for the second half, are you expecting those to renew at kind of the typical net expansion rate that you see for the broader company? Or are you expecting anything different just given the environment?

偉大的。然後就下半年的 EBA 續約而言，您是否期望這些續約以您為更廣泛的公司看到的典型淨擴張率進行續約？還是您期望環境有所不同？

Well, I mean I'll let Debbie follow up on this, but one of the things that she highlighted was that a lot of these EBAs that are coming due were ones that renewed during the pandemic at a time where there was downward pressure on their activity and their usage. And so with that, things have obviously changed significantly since then. So Debbie, do you want to comment on kind of the average relative difference with this cohort for the company?

好吧，我的意思是我會讓黛比跟進這件事，但她強調的一件事是，許多即將到期的 EBA 是在大流行期間更新的，當時他們面臨下行壓力活動及其用途。因此，從那時起，事情顯然發生了重大變化。那麼黛比，你想評論一下公司與這個群體的平均相對差異嗎？

Yes. I mean I would say that in terms of what we're baking into our guidance, we're assuming that these customers renew at reasonable levels. I'm not going to get into more specifics beyond that. What's key is that they renew, and we feel good about that happening given the fact that there's been high adoption and usage across these EBAs. It's a big cohort for us. We saw that performance back in fiscal '21. It was also an equally unusual economic time at that point. And so I don't see this situation as any different. I think we've set the guidance at a reasonable point.

是的。我的意思是，我會說，就我們在指導中提出的內容而言，我們假設這些客戶以合理的水平續訂。除此之外，我不打算討論更多細節。關鍵是它們會更新，鑑於這些 EBA 的採用率和使用率很高，我們對此感到滿意。這對我們來說是一個大群體。我們在 21 財年看到了這種表現。那時也是一個同樣不尋常的經濟時期。所以我認為這種情況沒有任何不同。我認為我們已經將指導設定在一個合理的位置。

Our next question comes from the line of Bhavin Shah of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bhavin Shah。

Andrew, just given what's going on with the debt ceiling, any sort of impact that we should think about regarding federal deals and the pace of that business? And then kind of related point, can you give us an update on where we are in terms of FedRAMP (inaudible) for Docs and BIM 360 Collaborate Pro?

安德魯，考慮到債務上限的情況，我們應該考慮對聯邦交易和該業務的發展速度有何影響？然後是相關的一點，您能否向我們介紹一下我們在 Docs 和 BIM 360 Collaborate Pro 的 FedRAMP（聽不清）方面的最新進展？

Yes. So let me talk a little bit about FedRAMP here. So we submitted all our paperwork. Our systems are ready. Autodesk's systems are all ready for FedRAMP. We're just waiting for the government to come back and give us the approval and move forward. So that's all proceeding ahead for us. We're waiting for the government to respond now at this point.

是的。所以讓我在這裡談談 FedRAMP。所以我們提交了所有的文書工作。我們的系統已經準備就緒。 Autodesk 的系統已為 FedRAMP 做好準備。我們只是在等待政府回來給我們批准並繼續前進。所以這一切對我們來說都是向前推進的。我們現在正在等待政府的回應。

With regards to the debt ceiling, I'm not really going to speculate on the debt ceiling. I would say that I think the things that impact us are bipartisan priorities. These are things that both parties want. Infrastructure and the things associated with that, they all want this. So I would suspect the things that matter a lot to Autodesk and to Autodesk business are probably not going to be impacted by all the activity going on in D.C. right now.

關於債務上限，我真的不會去推測債務上限。我會說，我認為影響我們的事情是兩黨的優先事項。這些都是雙方都想要的。基礎設施和與之相關的東西，他們都想要這個。因此，我懷疑對 Autodesk 和 Autodesk 業務非常重要的事情可能不會受到華盛頓特區目前正在進行的所有活動的影響。

Helpful there. And then just maybe a quick pivot to Construction Cloud. And I know you talked a little bit about combined sales organizations. Can you just maybe elaborate on some of the assumptions in terms of what you're expecting in terms of disruption, for how long? And then maybe when should that be avert and drive better performance and productivity?

有幫助。然後可能只是快速轉向 Construction Cloud。我知道你談到了一些聯合銷售組織。您能否根據您對中斷的預期、持續多長時間來詳細說明一些假設？然後也許什麼時候應該避免並推動更好的性能和生產力？

Yes. So first, let me kind of clarify exactly what we did. So we merged the independent construction team with the mainline sales team inside the company. And we had kind of a few goals in mind there. One, we wanted to get a little bit more emphasis on the territory business that covers all of our business. And we wanted to make sure that we were focused not only on pure construction accounts but design and construction accounts where we actually have pretty significant competitive advantage and there's a lot of opportunity. So this just kind of sharpened the pencil on kind of pursuing those opportunities in kind of a concerted way and kind of getting all the energy behind 1 effort. And we're pretty confident that, that's exactly what we're going to get.

是的。所以首先，讓我澄清一下我們做了什麼。所以我們把獨立的施工團隊和公司內部的主線銷售團隊合併了。我們在那裡有一些目標。第一，我們希望更加重視涵蓋我們所有業務的區域業務。我們想確保我們不僅關注純粹的建築客戶，還關注設計和施工客戶，在這些領域我們實際上擁有非常顯著的競爭優勢並且有很多機會。因此，這只是磨尖了鉛筆，以一種協調一致的方式追求這些機會，並將所有精力投入到一項努力中。我們非常有信心，這正是我們要得到的。

But of course, when you do that, sales risk in new accounts, people get moved from accounts, get new responsibilities. So it creates a little bit of short-term disruption. We absolutely expect that to work its way out over the next quarter or 2. And we expect it to kind of compound benefits from doing this moving forward.

但是，當然，當你這樣做時，新客戶的銷售風險，人們會離開客戶，承擔新的責任。所以它會造成一些短期的干擾。我們絕對希望它能在下一個或第二個季度解決問題。我們希望它能從向前推進中獲得複合收益。

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

我們的下一個問題來自摩根大通的史蒂夫圖薩。

The -- just if we were to see a continued decline in the things like the ABI or kind of an isolated decline in new office markets, if you will, can you just remind us of, is that even a big enough exposure to matter for you guys? Or just kind of remind us what part of your business is exposed to those trends just on the macro. And then secondly, if I just do the simple math on half-over-half free cash flow, that implies negative free cash flow for the second quarter to get it back to the half of the year. Is that kind of the right construct?

如果我們看到像 ABI 這樣的東西持續下降，或者新寫字樓市場出現孤立的下降，如果你願意的話，你能提醒我們，即使是足夠大的風險敞口也會影響到你們？或者只是提醒我們您的業務的哪一部分僅在宏觀上受到這些趨勢的影響。其次，如果我只是對一半以上的自由現金流量進行簡單的數學計算，這意味著第二季度的負自由現金流量可以回到今年上半年。這是正確的構造嗎？

I'll let Debbie answer the second half of that, but let me talk more broadly about what's going on in the AEC sector. With everything in these sectors, there's always puts and takes, right? And what you see as 1 sector sees some kind of decline in activity. Nobody is building new office buildings or whatever. And in other cases, some people are seeing increases in activity. And that's exactly what we're seeing.

我會讓黛比回答後半部分，但讓我更廣泛地談談 AEC 部門正在發生的事情。對於這些領域的一切，總是有放有放，對吧？你所看到的第一個部門的活動有所下降。沒有人在建造新的辦公樓或其他任何東西。在其他情況下，有些人會看到活動增加。而這正是我們所看到的。

I'll give you a classic example of what goes on in this environment. So people are pulling back from office space right now and pretty significantly downsizing their offices. And as a result, what's happening is that there's more competition for getting people to sign leases for new office space. So what that's leading to is a kind of modernization of office space to accommodate new ways of working or to attract the best renters. And people are spending money on that, which is offsetting money being spent in other places.

我會給你一個典型的例子來說明在這種環境中發生的事情。因此，人們現在正在撤出辦公空間，並大幅縮減辦公室規模。結果，正在發生的事情是，為了讓人們簽署新辦公空間的租約，競爭更加激烈。因此，這導致了一種辦公空間的現代化，以適應新的工作方式或吸引最好的租戶。人們正在為此花錢，這抵消了花在其他地方的錢。

And we've taken all of this into account as we look forward into our business throughout the year. So that kind of gives you a sense for how billings shift around and how money moves around and what our relative sensitivity is to some of these things. And a lot of these indicators you talked about, they kind of tell you what's already happened, not what's going to happen necessarily. That's why we like to pay attention to kind of our leading indicators around monthly active usage of the products.

在我們展望全年業務時，我們已經考慮了所有這些因素。因此，這讓您了解帳單如何變化以及資金如何變化以及我們對其中一些事情的相對敏感性。你談到的很多這些指標，它們告訴你已經發生了什麼，而不是必然會發生什麼。這就是為什麼我們喜歡關注有關產品每月活躍使用率的領先指標。

Now I'll turn it over to Debbie to discuss the other part of your question.

現在我將把它交給黛比來討論你問題的另一部分。

Yes. In terms of free cash flow, I'm not going to get into specific guides by quarter, but I would say directionally, I think you're thinking about it in a reasonable way. And just to recap some of the things, remember, with the tax payment extension to Q3, we'll have a negative also in Q3. And some of the things that I outlined in terms of the linearity of free cash flow on the year are the things that you should be thinking about. So I recommend going back and listening to some of those points because that will help you model free cash flow by quarter.

是的。在自由現金流方面，我不會按季度進入具體指南，但我會定向地說，我認為你正在以合理的方式考慮它。只是為了回顧一些事情，請記住，隨著第三季度的納稅延期，我們在第三季度也會有負數。我根據當年自由現金流的線性度概述的一些事情是你應該考慮的事情。所以我建議回過頭來聽聽其中的一些要點，因為這將幫助您按季度對自由現金流進行建模。

Our next question comes from the line of Sterling Auty of MoffettNathanson.

我們的下一個問題來自 MoffettNathanson 的 Sterling Auty。

So just wondering, given the comments about the second half acceleration, does that mean that you're expecting the peak of the macro impact to really hit next quarter? Or is some of that acceleration more just due to improvement in Autodesk execution based on some of the changes that you had mentioned during the prepared remarks?

所以只是想知道，考慮到關於下半年加速的評論，這是否意味著您預計宏觀影響的峰值真的會在下個季度到來？還是其中一些加速更多只是由於基於您在準備好的評論中提到的一些更改而對 Autodesk 執行的改進？

So Sterling, what I would say is we're not assuming any peak or trough in macro. We have a range for our guidance. In our 7% to 9% range for revenue, we have the ability to address whatever macroeconomic situation that we see. And what we saw in Q1 was consistent with our general expectations on the year, and we've continued those expectations as we think about our outlook for the rest of the year. And you can see that our outlook is in line.

所以斯特林，我想說的是我們沒有假設宏觀上有任何高峰或低谷。我們有一個指導範圍。在我們 7% 到 9% 的收入範圍內，我們有能力應對我們看到的任何宏觀經濟形勢。我們在第一季度看到的情況與我們對今年的總體預期一致，並且在考慮今年剩餘時間的展望時，我們繼續保持這些預期。你可以看到我們的前景是一致的。

What's really driving the change in linearity in our revenue growth is some of the things that I talked about, so seasonality, the acceleration that we expect from EBAs in the back half of the year, the impact from FX and not having the drag from the exit of Russia anymore. So it's more about those things than it is about any fundamental underlying changes in our assumptions related to macro.

真正推動我們收入增長線性變化的是我談到的一些事情，所以季節性，我們預計下半年 EBA 的加速，外彙的影響以及不受退出俄羅斯了。因此，與我們與宏觀相關的假設中的任何根本性潛在變化相比，更多的是關於這些事情。

That makes sense. And then Andrew, 1 for you. When you think about the long-term opportunity for generative AI, LLMs, conversational interfaces, et cetera, do you view this as something that's going to ultimately raise the ARPU and/or prices for Autodesk solutions given the additional value add? Or is it going to be more differentiation at the current price levels just so you can drive more market share?

這就說得通了。然後是安德魯，1 給你。當您考慮生成式 AI、LLM、對話界面等的長期機會時，您是否認為這最終會提高 ARPU 和/或 Autodesk 解決方案的價格（考慮到額外的附加值）？還是在當前的價格水平上會更加差異化，以便您可以推動更多的市場份額？

I think it's going to be a little bit of both, all right? In some cases, we're going to be delivering significantly more value to certain types of customers, and we expect to charge for that value. In other cases, it's going to be a massive productivity enhancement for customers, and those customers are going to use that productivity to get more business, increase their book of business and it will be a competitive advantage for Autodesk. So it's a little bit of a mix of both, all right? But either way, we're going to be helping customers be a lot more efficient in 1 area and be much more creative in other areas in terms of deciding what they need to do and how they need to design things.

我認為兩者都會有一點，好嗎？在某些情況下，我們將為某些類型的客戶提供更多的價值，並且我們希望為該價值收費。在其他情況下，這將大大提高客戶的生產力，而這些客戶將利用這種生產力來獲得更多業務，增加他們的業務，這將成為 Autodesk 的競爭優勢。所以這是兩者的混合，好嗎？但無論哪種方式，我們都將幫助客戶在一個領域更有效率，並在其他領域更有創意，以決定他們需要做什麼以及他們需要如何設計東西。

And that is all the time we have for Q&A today. I would now like to turn the conference back to Simon Mays-Smith for closing remarks. Sir?

這就是我們今天的問答時間。我現在想把會議轉回 Simon Mays-Smith 作閉幕詞。先生？

Thank you, Latif, and thanks, everyone, for joining us on the call. We look forward to catching up with you next quarter. If you have any questions, please just e-mail us on simon@autodesk.com. Latif, back to you.

謝謝 Latif，也謝謝大家加入我們的電話會議。我們期待在下個季度與您見面。如果您有任何問題，請發送電子郵件至 simon@autodesk.com。拉蒂夫，回到你身邊。

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。