Autodesk Inc (ADSK) 2024 Q2 法說會逐字稿

Thank you for standing by, and welcome to Autodesk's Second Quarter 2024 Earnings Call. (Operator Instructions). I would now like to hand the call over to Simon Mays-Smith, Vice President, Investor Relations. Please go ahead.

感謝您的耐心等待，歡迎參加歐特克2024年第二季財報電話會議。 （操作說明）現在我將把電話交給投資者關係副總裁西蒙·梅斯-史密斯先生。請開始吧。

Thanks, operator, and good afternoon. Thank you for joining our conference call to discuss the second quarter results of Autodesk's fiscal '24. 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。感謝您參加本次電話會議，共同探討歐特克2024財年第二季業績。與我一同參會的還有我們的執行長安德魯‧阿納格諾斯特 (Andrew Anagnost) 和財務長黛比‧克利福德 (Debbie Clifford)。本次電話會議將透過網路直播。此外，您也可以在 autodesk.com/investor 上收聽會議錄音。會議結束後，您可以在我們的投資者關係網站上找到收益新聞稿、幻燈片簡報以及今天開場白的文字記錄。

During this call, we may make forward-looking statements about our outlook, future results and related assumptions, products and product capabilities, business models 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 risks and other factors that may cause our actual results to differ from those in our forward-looking statements.

在本次電話會議中，我們可能會就我們的展望、未來績效及相關假設、產品及產品功能、商業模式和策略做出前瞻性陳述。這些陳述反映了我們基於當前已知因素的最佳判斷。實際事件或結果可能與這些陳述有重大差異。請參閱我們向美國證券交易委員會（SEC）提交的文件，包括我們最新的10-Q表格和隨今日新聞稿提交的8-K表格，以了解可能導致我們的實際業績與前瞻性陳述中所述業績存在差異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.

本次電話會議中所作的前瞻性陳述僅代表截至今日的觀點。如果本次電話會議在今天之後重播或回顧，會議中提供的資訊可能不再是最新或準確的資訊。 Autodesk 不承擔更新或修訂任何前瞻性聲明的義務。

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

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

Thank you, Simon, and welcome, everyone, to the call. Resilience, discipline and opportunity again underpinned Autodesk's strong financial and competitive performance despite continued macroeconomic policy and geopolitical headwinds. Resilience provided by our subscription business model and our product and customer diversification, discipline and focus in executing our strategy and deploying capital through the economic cycle and opportunity from developing next-generation technology and services which deliver end-to-end digital transformation of our design and make customers, and enable a better world designed and built for all.

謝謝西蒙，也歡迎各位參加本次電話會議。儘管宏觀經濟政策和地緣政治持續面臨不利因素，但韌性、自律和機會再次支撐了歐特克強勁的財務表現和競爭優勢。韌性源自於我們的訂閱業務模式以及產品和客戶多元化；韌性源自於我們在執行策略和在經濟週期中合理配置資本方面的自律和專注；機會則源自於我們開發下一代技術和服務，這些技術和服務能夠為我們的設計和製造客戶提供端到端的數位轉型，並協助建立一個更美好的世界，造福所有人。

Our leading indicators remained consistent with last quarter with growing usage and record bid activity on BuildingConnected and cautious optimism from channel partners. Customers remain committed to transformation and to Autodesk, leveraging automation more where they are seeing headwinds from the economy, labor shortages and supply chain. That commitment was reflected in our Q2 performance, growing adoption and token consumption within enterprise business agreement and strong renewal rates.

我們的領先指標與上季保持一致，BuildingConnected 的使用量持續成長，競價活動創歷史新高，通路夥伴也持謹慎樂觀態度。客戶依然致力於轉型，並持續選擇 Autodesk，在經濟、勞動力短缺和供應鏈等不利因素的影響下，他們更加重視自動化。這種承諾體現在我們第二季的業績中，企業業務協議的採用率和代幣消耗量不斷增長，續約率也十分強勁。

Autodesk remains relentlessly curious for the propensity and desire to evolve and innovate. We were delighted that Autodesk was recently highlighted as a Best Workplace for Innovators by Fast Company.

Autodesk始終保持著對發展和創新孜孜不倦的好奇心和渴望。我們很高興Autodesk最近被《快公司》評為「最佳創新者工作場所」。

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

現在我將把電話交給黛比，由她為大家介紹我們本季的財務表現和全年展望。之後我會回來報告我們的策略成長計劃的最新進展。

Thanks, Andrew. Overall market conditions and the underlying momentum of the business remained similar to the last few quarters. Despite a tough macroeconomic backdrop that continues to drag on the overall rate of new subscriber acquisition and the forward momentum of the business and may continue to do so, our financial performance in the second quarter was strong. We said last quarter that we had a strong cohort of EBAs renewing in the second half of the year that last renewed 3 years ago at the start of the pandemic and that subsequent adoption and usage has been strong. Some of that strength came through in the second quarter, which was earlier than we were expecting and which boosted billings, free cash flow and subscription revenue.

謝謝安德魯。整體市場狀況和業務基本面與過去幾季基本持平。儘管嚴峻的宏觀經濟環境持續拖累新用戶獲取速度和業務發展勢頭，而且這種情況可能還會持續，但我們第二季度的財務業績依然強勁。上個季度我們提到，下半年有一批強大的企業級授權協議（EBA）續約，這些協議上次續約是在三年前疫情爆發初期，此後這些協議的採用率和使用率都非常高。部分強勁勢頭在第二季度有所體現，而且比我們預期的要早，這提振了賬單金額、自由現金流和訂閱收入。

Total revenue grew 9% and 12% in constant currency. By products in constant currency, AutoCAD and AutoCAD LT revenue grew 9%, AEC revenue grew 14%, Manufacturing revenue grew 9% and in double digits, excluding a headwind from variances in upfront revenue, and M&E revenue grew 10%. By region in constant currency, revenue grew 15% in the Americas, 11% in EMEA and 6% in APAC. Direct revenue increased 18% and represented 37% of total revenue, up 3 percentage points from last year, benefiting from strong growth in both EBAs and the eStore. Net revenue retention rate remained within the 100% to 110% range at constant exchange rates.

總營收成長9%，以固定匯率計算成長12%。依產品劃分，以固定匯率計算，AutoCAD和AutoCAD LT收入成長9%，AEC收入成長14%，製造業收入成長9%（剔除預付款差異帶來的不利影響），M&E營收成長10%。按地區劃分，以固定匯率計算，美洲地區收入成長15%，歐洲、中東和非洲地區成長11%，亞太地區成長6%。直接營收成長18%，佔總營收的37%，較去年成長3個百分點，主要得益於EBA和網路商城的強勁成長。以固定匯率計算，淨收入留存率維持在100%至110%的範圍內。

The transition from upfront to annual billings for multiyear contracts is proceeding broadly as expected. We had a full quarter impact in the second quarter, which resulted in billings declining 8%. Total deferred revenue increased 14% to $4.2 billion, total RPO of $5.2 billion and current RPO of $3.5 billion grew 11% and 12%, respectively.

多年期合約的預付結算方式向年付結算方式的過渡總體上按預期進行。第二季受到整整一個季​​度的影響，導致結算金額下降了8%。遞延收入總額增加14%至42億美元，RPO總額為52億美元，目前RPO為35億美元，分別成長了11%和12%。

Turning to the P&L. Non-GAAP gross margin remains broadly level at 92%. GAAP and non-GAAP operating margin remained broadly level with revenue growth and cost discipline, offsetting the impact of exchange rate movements. Free cash flow was $128 million in the second quarter, which was a bit better than we've been expecting, primarily due to the timing of EBAs, but also due to some favorable in-quarter linearity.

接下來來看損益表。非GAAP毛利率基本上維持在92%的水準。 GAAP和非GAAP營業利潤率基本上保持穩定，這得益於營收成長和成本控制，抵消了匯率波動的影響。第二季自由現金流為1.28億美元，略高於預期，主要原因是EBA（擴展協議）的生效時間，但也得益於季度內一些有利的線性成長。

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. We are being vigilant during this period of macroeconomic uncertainty. During Q2, we purchased approximately 400,000 shares for $87 million at an average price of approximately $200 per share. We will continue to offset dilution from our stock-based compensation program and to opportunistically accelerate repurchases when it makes sense to do so.

關於資本配置。我們繼續在既定框架內積極管理資本。我們的策略以在整個經濟週期中審慎且專注的資本部署為基礎。在當前宏觀經濟不確定時期，我們保持警覺。第二季度，我們以約每股200美元的平均價格回購了約40萬股股票，總額達8,700萬美元。我們將繼續透過股權激勵計劃抵消股權稀釋，並在時機成熟時適時加快股票回購。

Now let me finish with guidance. The headline is that overall, the underlying momentum in the business remains consistent with the expectations embedded in our guidance range for the full year. Our sustained momentum in the second quarter and early expansion of some EBAs expected to renew later in the year, reduce the likelihood of our more cautious forecast scenarios given that we're raising the lower end of our guidance ranges. Let me summarize some key factors we highlighted earlier in the year.

最後，我想談談業績指引。整體而言，業務的潛在成長動能與我們全年業績指引範圍內的預期保持一致。第二季持續的成長動能以及部分預期將在下半年續約的擴展協議的提前生效，降低了我們先前較為保守的預測情境的可能性，因為我們提高了業績指引範圍的下限。下面，我總結一下我們年初將重點提及的一些關鍵因素。

First, we have a strong cohort of EBAs renewing in the second half of the year, although, as I mentioned earlier, some of that benefit was billed in the second quarter.

首先，今年下半年我們有一批實力雄厚的企業福利協議 (EBA) 需要續簽，儘管正如我之前提到的，其中一些福利是在第二季度結算的。

Second, foreign exchange movements will be a headwind to revenue growth and margins in fiscal '24. The revenue headwind will moderate a bit in the second half of the year.

其次，外匯波動將對 2024 財年的營收成長和利潤率構成不利影響。下半年，這種收入不利影響將有所緩解。

Third, switching from upfront to annual billings for most multiyear customers creates a significant headwind to free cash flow in fiscal '24 and a smaller headwind in fiscal '25. Our expectations for the billings transition are unchanged.

第三，對於大多數多年期客戶而言，從預付帳單改為年付帳單，將對2024財年的自由現金流造成顯著不利影響，對2025財年的影響較小。我們對帳單結算方式轉變的預期保持不變。

Fourth, as we thought might happen, we saw some evidence of multiyear customers switching to annual contracts during the second quarter. It wasn't big enough to be called a trend, but we're keeping an eye on it. It's still early days, and we'll keep you updated as the year progresses. All else equal, if customers switch to annual contracts, it would proportionately reduce the unbilled portion of our total remaining performance obligations and negatively impact total RPO growth rates. Deferred revenue, billings, current remaining performance obligations, revenue, margins and free cash flow would remain broadly unchanged. Annual renewals create more opportunities for us to drive adoption and upsell and are without the price lock embedded in multiyear contracts.

第四，正如我們預期的那樣，我們在第二季度觀察到一些多年期客戶轉為年度合約。雖然這一趨勢並不明顯，但我們會密切關注。目前還處於早期階段，我們會隨著年內進展及時更新資訊。在其他條件不變的情況下，如果客戶轉為年度合同，將按比例減少我們剩餘履約義務中未計費的部分，並對整體RPO成長率產生負面影響。遞延收入、帳單金額、目前剩餘履約義務、收入、利潤率和自由現金流將基本保持不變。年度續約我們提供了更多推動產品採用和追加銷售的機會，而且不受多年期合約中價格鎖定的限制。

And fifth, we expect our cash tax rate will return to a more normalized level of approximately 31% (sic) [18%] of GAAP profit before tax in fiscal '24, up from 25% in fiscal '23. The federal tax payment extension after the winter storms in California means cash tax payments shift from the first half of the year to the third quarter, reducing third quarter free cash flow. Second half free cash flow generation will, therefore, be significantly weighted to the fourth quarter. We still anticipate fiscal '24 will be the cash flow trough during our transition from upfront to annual billings for multiyear contracts.

第五，我們預期2024財年現金稅率將恢復到更為正常的水平，約為GAAP稅前利潤的31%（原文如此）[18%]，高於2023財年的25%。加州冬季風暴後聯邦稅款繳納期限的延長意味著現金稅款繳納將從上半年推遲到第三季度，從而減少了第三季度的自由現金流。因此，下半年的自由現金流將主要集中在第四季。我們仍然預計，在多年期合約的預付款模式過渡到年度付款模式期間，2024財年將是現金流的低谷期。

Putting that all together, we now expect fiscal '24 revenue to be between $5.41 billion and $5.46 billion (sic) [$5.405 billion and $5.455 billion]. We expect non-GAAP operating margins to be similar to fiscal '23 levels with constant currency margin improvement, offset by FX headwinds. We expect free cash flow to be between $1.17 billion and $1.25 billion. We're increasing the guidance range for non-GAAP earnings per share to be between $7.30 and $7.49 to reflect higher interest income on our cash balances in addition to the reduced likelihood of our more cautious forecast scenarios. The slide deck on our website has more details on modeling assumptions for Q3 and full year fiscal '24.

綜合以上因素，我們現在預計2024財年營收將在54.1億美元至54.6億美元之間（原文如此，應為54.05億美元至54.55億美元）。我們預期非GAAP營業利潤率將與2023財年水準相近，固定匯率下的利潤率將會提高，但會受到匯率波動的影響。我們預計自由現金流將在11.7億美元至12.5億美元之間。我們將非GAAP每股盈餘預期範圍上調至7.30美元至7.49美元，以反映現金餘額利息收入的增加以及我們更保守的預測情境實現的可能性降低。我們網站上的簡報提供了關於2024財年第三季和全年模型假設的更多詳細資訊。

We continue to manage our business using a Rule of 40 framework with a 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 back in February, the path to 45% will not be linear, given the macroeconomic drag on revenue growth from the rate of new subscriptions growth and the drag to free cash flow as we transition away from multiyear contracts paid upfront. 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 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. Andrew, back to you.

我們繼續採用「40法則」框架管理業務，目標是最終達到45%或更高的成長率。我們認為，「40法則」框架所體現的複合成長與強勁的自由現金流利潤率之間的平衡，是全球最具價值公司的標誌，而我們也決心保持這一地位。正如我們在二月所說，考慮到新訂閱用戶成長率對營收成長的宏觀經濟拖累，以及我們逐步取消預付多年合約對自由現金流的拖累，實現45%的成長率並非一帆風順。但我要明確指出，我們正以此指標為導向進行業務管理，並認為它能夠在推動營收成長和實現穩健的利潤及現金流成長之間取得恰當的平衡。無論宏觀經濟環境如何，我們都將穩步邁向45%或更高的目標。安德魯，現在輪到你了。

Thank you, Debbie. Let me finish by updating you on our progress in the second 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 and optimize previously siloed workflows through the cloud. And as we talked about in February, digital momentum is also building among asset owners in infrastructure and other areas. This momentum is expected to accelerate with infrastructure investment programs like the U.S. Advanced Digital Construction Management System program, which launched during our second quarter.

謝謝黛比。最後，我想向您報告我們第二季的進展。我們的策略是透過端到端的雲端解決方案，為客戶提升效率和永續性，從而變革我們所服務的產業。在建築、工程和施工 (AEC) 領域，我們持續保持良好的成長勢頭，這得益於客戶整合我們的解決方案，透過雲端連接和優化以往各自獨立的工作流程。正如我們在二月討論的那樣，基礎設施和其他領域的資產所有者也在加速數位轉型。隨著美國先進數位施工管理系統 (ADACM) 等基礎設施投資項目的推進，這一趨勢預計將進一步加速。 ADACM 計畫正是我們在第二季啟動的。

CannonDesign is a global design practice encompassing strategy, experience, architecture, engineering and social impact. It is driving forward its digital transformation and embracing the cloud to increase operational efficiency, enhance security, establish a single point of truth and enable more seamless end-to-end collaboration. During the quarter, it expanded its investment with Autodesk by leveraging Autodesk Docs in a common data environment, adopting Forma and is exploring opportunities to integrate Autodesk's XR and asset management capabilities to its design portfolio.

CannonDesign是一家全球性設計公司，業務涵蓋策略、體驗、建築、工程和社會影響。公司正積極推動數位轉型，擁抱雲端運算，以提高營運效率、增強安全性、建立單一資料來源，並實現更無縫的端到端協作。本季度，CannonDesign透過在通用資料環境中利用Autodesk Docs、採用Forma等方式，擴大了與Autodesk的合作，並正在探索將Autodesk的XR和資產管理功能整合到其設計產品組合中的機會。

Outside the U.S. our Construction platform is benefiting from our strong international presence and established channel partner network. During the quarter, a property developer and transit network operator based in Asia needed to simplify operations across many infrastructure projects with a wide range of contractors and subcontractors. To manage this complexity, it needed a single source of truth for its project data and a way to streamline workloads on a single platform. In Q2, it leveraged support from our local channel partner and standardized on one platform by adding Autodesk Construction Cloud to its existing portfolio of Autodesk AEC design tools to gain visibility into contractors' and subcontractors' workflow and the potential to unlock breakthrough productivity gains.

在美國以外，我們的建築平台受益於我們強大的國際影響力以及成熟的通路合作夥伴網路。本季度，總部位於亞洲的房地產開發商和交通網路營運商需要簡化其眾多基礎設施項目的運營，這些項目涉及眾多承包商和分包商。為了應對這種複雜性，該公司需要一個統一的專案資料來源，以及一種在單一平台上簡化工作流程的方法。第二季度，該公司借助我們當地通路合作夥伴的支持，將 Autodesk Construction Cloud 添加到其現有的 Autodesk AEC 設計工具組合中，從而實現了平台標準化，並深入了解承包商和分包商的工作流程，以及提升生產力的潛力。

Shook Construction, an ENR 400 general contractor based in Ohio made the decision to standardize on Autodesk Construction Cloud to better streamline their operational workflows. After evaluating many competitive options, Shook Construction chose Autodesk Construction Cloud as the best fit for driving consistent workloads, creating high-impact collaboration with their construction partners and eliminating cumbersome manual workflows. We continue to benefit from our complete end-to-end solutions, which encompass design, preconstruction and field execution through handover and into operations.

總部位於俄亥俄州的 ENR 400 強總承包商 Shook Construction 決定採用 Autodesk Construction Cloud 作為標準解決方案，以更好地簡化其營運流程。在評估了眾多競爭方案後，Shook Construction 最終選擇 Autodesk Construction Cloud，認為它最能滿足其需求，能夠有效推動工作流程的一致性，與施工合作夥伴建立高效的協作機制，並消除繁瑣的手動操作。我們持續受益於這套完整的端到端解決方案，涵蓋設計、施工前準備、現場施工、專案交付以及後續營運等各個環節。

Again, these stories have a common theme: managing people, process and data across the life cycle to increase efficiency and sustainability while decreasing risk. Over time, we expect the majority of all projects to be managed this way, and we remain focused on enabling that transition through digital transformation.

這些案例再次印證了同一個主題：在專案生命週期內管理人員、流程和數據，從而提高效率和永續性，同時降低風險。我們預計，隨著時間的推移，絕大多數專案都將採用這種管理方式，我們將繼續致力於透過數位轉型來推動這一轉變。

We talked last quarter about the short-term disruption from integrating our Construction and worldwide sales teams. I'm pleased to report that things began to settle in the second quarter. We believe that combining the two 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 complete project life cycle. Encouragingly, Autodesk Construction Cloud MAUs were up over 100% in the quarter.

上個季度我們討論了整合建築業務和全球銷售團隊帶來的短期業務中斷。我很高興地報告，第二季情況開始好轉。我們相信，合併這兩個團隊將有助於我們擴大建築業務的規模和覆蓋範圍，尤其是在設計客戶群體以及為客戶提供貫穿整個專案生命週期的服務能力方面。令人鼓舞的是，Autodesk Construction Cloud 的每月活躍用戶數在本季成長超過 100%。

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, a multinational manufacturer which serves the construction industry as both a building product manufacturer and through tools and construction processes has been leveraging the Autodesk portfolio to connect workflows across the AEC and manufacturing industries. It's expanded its commitment to BIM using Revit, Navisworks and Construction Cloud, which has enabled the customer to adopt a collaborative and data-driven approach across design, construction and maintenance services, which minimizes clashes and rework and culminates in more efficient and successful building projects. In the second quarter, the customer grew its EBA with Autodesk ahead of its Q4 renewal date to accelerate the adoption of BIM and facilitate the design of its products and materials directly within MEP model.

接下來談談製造業。我們在策略性舉措方面取得了顯著進展。客戶持續投資於數位轉型，並整合我們的設計和製造平台，以促進業務成長並增強其韌性。例如，一家跨國製造商，既是建築產品製造商，又透過工具和施工流程服務於建築業，該公司一直在利用 Autodesk 產品組合連接 AEC 和製造業的工作流程。該公司擴大了對 BIM 的投入，使用 Revit、Navisworks 和 Construction Cloud，從而能夠在設計、施工和維護服務中採用協作式和數據驅動的方法，最大限度地減少衝突和返工，最終實現更有效率、更成功的建築項目。在第二季度，該客戶在第四季度續約日期之前增加了與 Autodesk 的 EBA 額度，以加速 BIM 的採用，並促進其產品和材料在 MEP 模型中的直接設計。

Fusion continues to provide an easy on-ramp into our cloud ecosystem for existing and new customers. In Europe, an appliance manufacturer who is already an existing user of our manufacturing collection and AutoCAD mechanical, purchased additional seats of fusion for PCB design. It's heating systems division will leverage Fusion's electronic design automation capabilities to quickly and seamlessly connect more of its design to manufacturing workflow to drive greater efficiency. Fusion continues to grow strongly, ending the quarter with 236,000 subscribers as more customers connect more workflows in the cloud to drive efficiency, sustainability and resilience.

Fusion 持續為現有客戶和新客戶提供便利的雲端生態系統存取途徑。在歐洲，一家家電製造商已在使用我們的製造套件和 AutoCAD Mechanical，這次又購買了更多 Fusion PCB 設計許可。其暖氣系統部門將利用 Fusion 的電子設計自動化功能，快速且無縫地將更多設計流程與製造流程連接起來，從而提高效率。 Fusion 持續強勁成長，本季末用戶數達到 23.6 萬，越來越多的客戶將更多工作流程連接到雲端，以提高效率、永續性和韌性。

At Investor Day, I 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's consumption pricing means existing and new customers can try new products with less friction and enables Autodesk to better serve infrequent users. Not surprisingly, the lion's share of the business has come from new or existing customers expanding their relationship with Autodesk. During the quarter, we signed 3 more million dollar Flex deals. 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. We will begin testing our new transaction model more broadly in Australia later this year.

在投資者日上，我談到如何利用我們的關鍵成長驅動因素，包括商業模式演進、客戶體驗提升以及行業融合，為客戶提供更多更好的選擇。我們的 Flex 消費模式就是一個很好的例子。 Flex 的隨選付費模式意味著新舊客戶都能更輕鬆地試用新產品，也讓 Autodesk 更能服務不常使用的使用者。不出所料，大部分業務成長都來自新舊客戶拓展與 Autodesk 的合作關係。本季度，我們又簽署了三筆價值百萬美元的 Flex 交易。正如 Steve 在投資者日上所說，我們也為 Flex 推出了新的交易模式，這將使 Autodesk 與客戶建立更直接的聯繫，並隨著時間的推移與通路合作夥伴更緊密地整合。我們將在今年稍後在澳洲更廣泛地測試新的交易模式。

And finally, we continue to work with noncompliant users to ensure that they are using the latest and most secure versions of our software. For example, after identifying and alerting a Chinese-based automobile designer about noncompliant usage and despite working through ongoing challenges from the pandemic, the customer eventually committed to 3-year VRED and Alias subscriptions. As expected, our initiatives to tighten concurrent usage of named user subscription and expand the precision and reach of our in-product messaging drove incremental growth during the quarter.

最後，我們繼續與不合規用戶合作，確保他們使用我們軟體的最新、最安全版本。例如，在發現並提醒一家中國汽車設計公司其不合規使用情況後，儘管面臨疫情帶來的持續挑戰，但該客戶最終還是簽訂了為期三年的 VRED 和 Alias 訂閱合約。如預期，我們加強對指定用戶訂閱並發使用限制以及擴大產品內訊息推播的精準度和覆蓋範圍的舉措，在本季度推動了業務成長。

Now let me finish with the story. According to the National Oceanic Service, coral reefs are some of the most diverse and valuable ecosystems on earth. While they take up less than 1% of the ocean floor, their extraordinary biodisversity supports about 25% of all marine life. Healthy coral reefs support fisheries as well as jobs and businesses to tourism and recreation. It also buffer shorelines against 97% of the energy from waves, storms and floods, helping to prevent loss of life, property damage and erosion. It can take 10,000 to tens of millions of years for our coral reefs to form, and just weeks for it to die. Rising ocean temperatures can cause coral to bleach and die. Half of living coral reefs have died since the 1950s. Without intervention, we're on track to lose 70% to 90% of the remainder by 2050. That is, unless we find a faster way to bring coral reefs back from the brink.

現在讓我把故事講完。據美國國家海洋局稱，珊瑚礁是地球上生物多樣性最豐富、價值最高的生態系統之一。雖然它們僅佔海底面積的不到1%，但其非凡的生物多樣性卻支撐著約25%的海洋生物。健康的珊瑚礁不僅支撐著漁業，也為旅遊業和休閒娛樂業提供了就業機會和商業支持。它們還能緩衝海岸線，抵禦97%的海浪、風暴和洪水能量，有助於防止人員傷亡、財產損失和海岸侵蝕。珊瑚礁的形成可能需要1萬年到數千萬年的時間，而死亡只需幾週。海洋溫度上升會導致珊瑚白化和死亡。自1950年代以來，一半的活珊瑚礁已經死亡。如果不採取乾預措施，到2050年，我們將失去剩餘珊瑚礁的70%到90%。除非我們找到一種更快的方法來挽救瀕臨滅絕的珊瑚礁。

With support from Autodesk and the Autodesk Foundation, a company called Coral Maker is using our digital tools, artificial intelligence, and robotics to deliver coral reef restoration at scale with cloud collaboration to keep the global team connected across oceans and time zones. As Dr. Taryn Foster, Coral Maker's founder says, "the partnership with Autodesk has empowered us to develop new technology to restore reef at a rate unimaginable a few years ago. Current restoration projects can deploy about hectare of portal per year. With Coral Maker's technology, it's possible to deploy 100 hectare per year."

在 Autodesk 和 Autodesk 基金會的支持下，一家名為 Coral Maker 的公司正在利用我們的數位工具、人工智慧和機器人技術，透過雲端協作大規模開展珊瑚礁修復工作，使全球團隊能夠跨越海洋和時區保持聯繫。正如 Coral Maker 的創始人 Taryn Foster 博士所說：「與 Autodesk 的合作使我們能夠開發出新技術，以幾年前難以想像的速度修復珊瑚礁。目前的修復項目每年大約可以修復 1 公頃的珊瑚礁。而藉助 Coral Maker 的技術，每年修復面積可達 100 公頃。」

From the oceans to the earth and sky, augmented design, powered by Autodesk will enable our customers to go further and faster to design and make a better world for all. We've been laying the foundation to build enterprise level AI for years with connected data, teams and workflows in industry cloud, real time and immersive experiences, shared extensible and trusted platform services, innovative business models and trusted partnerships. Autodesk remains relentlessly curious with the propensity and desire to evolve and innovate. We are building the future with focus, purpose and optimism.

從海洋到大地再到天空，Autodesk 賦能的增強設計將協助我們的客戶更快、更深入地設計並創造一個更美好的世界。多年來，我們一直致力於建立企業級人工智慧，透過產業雲中的互聯數據、團隊和工作流程、即時沉浸式體驗、共享的可擴展且值得信賴的平台服務、創新的商業模式以及可靠的合作夥伴關係，不斷奠定基礎。 Autodesk 始終保持著對未來的無限好奇心，並渴望不斷發展和創新。我們正以專注、目標明確和樂觀的態度，共創未來。

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

接線員，現在我們開始接受提問。

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

（操作說明）我們的第一個問題來自巴克萊銀行的薩克特·卡利亞。

Okay. Great. Debbie, maybe for you, just a quick housekeeping question here. Great to see the revised range on a lot of metrics, particularly revenue. And so when I think about the midpoint of the revenue guide going up by about $25 million, first of all, great to see the impact of FX to start to lighten. But could you just maybe walk us through, a broad brush, how much of this year's raise on revenue is from FX versus maybe some underlying fundamentals in the business?

好的。太好了。黛比，或許我可以問你一個比較簡單的問題。很高興看到許多指標的預期範圍都進行了調整，尤其是營收。考慮到營收預期中位數上調了大約2500萬美元，首先，外匯波動的影響開始減弱，這真是個好消息。但你能否大致解釋一下，今年營收成長有多少是來自外匯波動，又有多少是來自公司基本面的改善？

Yes. So we had a small increase in the midpoint of the guide. The dollar change was immaterial it's tough really to come up with a mix of assumptions that get us to the low end of our previous guidance range. So the midpoint increase reflects a mix of both organic and FX assumptions. Overall, the business is tracking generally in line with our expectations.

是的。因此，我們小幅上調了業績指引的中位數。美元匯率的變動影響不大，要找到一系列假設組合，使業績達到先前指引典範的下限，確實很困難。所以，此次業績指引中位數的上調反映了內生成長和匯率變動兩方面的假設。整體而言，公司業務發展基本上符合我們的預期。

Okay. Got it. Got it. Andrew, maybe for you -- of an open-ended question. But I guess now as you've completed the first quarter of this transition to a new billing model, is there anything that's surprising you about maybe how customers or how partners are behaving, again, open ended.

好的，明白了。明白了。安德魯，也許對你來說——這是一個開放式問題。但我想，既然你已經完成了向新計費模式過渡的第一個季度，客戶或合作夥伴的行為方面，有沒有什麼讓你感到驚訝的地方？再次強調，這是一個開放式問題。

Yes. No real big surprises, Saket. I mean, Debbie flagged last quarter that we might see some customers reverting back to annual contracts as a result of the change. We did see that. Nothing really out of bounds though, nothing really surprising. Debbie, do you want to add anything to the details or...

是的，沒什麼大意外，薩凱特。我的意思是，黛比上個季度就說過，由於這項變更，我們可能會看到一些客戶重新選擇年度合約。我們確實看到了這種情況。不過，一切都在預料之中，沒什麼特別出乎意料的。黛比，你還有什麼要補充的嗎？或者…

Yes. I would say the initial rollout of the new billings model is going well. The systems are working, customer and partner behavior is pretty much as we expected. As Andrew mentioned, we are seeing a small proportion of our customers choose annual contracts versus multiyear contracts billed annually, but generally, we expected a bit of that, and the performance has been in line with our expectations.

是的。我認為新計費模式的初步推廣進展順利。系統運作正常，客戶和合作夥伴的行為基本上也符合我們的預期。正如安德魯所提到的，我們發現有一小部分客戶選擇年度合約而不是按年計費的多年合同，但總體而言，我們預料到了這種情況，而且實際效果也符合預期。

And remember, if customers choose annual contracts, it doesn't impact the P&L. It only impacts unbilled and total RPO. It's still early days. We're monitoring it closely. And I think it just continues to be a good example of how we're working to optimize the business. It's about reducing the volatility of our cash flow while simultaneously giving our customers the purchasing pattern that they want.

請記住，如果客戶選擇年度合同，不會影響損益表，只會影響未開票金額和總RPO。目前還處於初期階段，我們會密切注意。我認為這正好體現了我們如何努力優化業務，旨在降低現金流波動，同時滿足客戶的需求。

And then finally, I'd say that there's no change in how we expect the transition to impact our cash flow outlook.

最後，我想說，我們對此次轉型對現金流前景的影響預期沒有任何改變。

Please stand by for our next question, which comes from the line of Jay Vleeschhouwer of Griffin Securities.

請稍等，我們將提出下一個問題，這個問題來自 Griffin Securities 的 Jay Vleeschhouwer。

Got it. Andrew, for you first, you made some constructive comments about what you're seeing in the AEC business. But more broadly, and as you're well aware, there's quite a bit of ferment going on in that market right now in terms of references to what's come to be called BIN 2.0 as you know, just a couple of months ago at an AUC conference, a customer group launched a new customer-developed design specification for software. You yourselves are working on a dual track of enhancing revenue, but focusing on Forma. So lots going on in terms of various currents in that industry or part of the industry. Help us understand how you're thinking about managing through all those different dynamics that are going on in the AEC industry. And then a follow-up.

明白了。安德魯，首先，你對AEC產業現狀提出了一些建設性的意見。但更廣泛地說，如你所知，目前該市場正經歷著相當大的動盪，尤其是在所謂的BIN 2.0方面。如你所知，就在幾個月前的AUC大會上，一個客戶團體發布了一個新的客戶自主開發的軟體設計規格。你們本身也在努力雙管齊下，一方面提升收入，另一方面專注於Forma。因此，該行業或該行業的某些部分正面臨著各種各樣的挑戰。請你談談你是如何看待並應對AEC產業中所有這些不同動態的。接下來還有一個問題。

Yes. So thanks, Jay. There's three threads to this, right? One is kind of the core platform thread around data and data flow. At the root of all of this, we need to make sure as much of the data that we have locked inside Revit files and locked in other types of files that our customers have gets turned into APIs wherever possible, right? This is a lubricant to the workflows that people are worried about. And a big part of really what underpins the whole concept of BIM 2.0. That's one of the things.

是的，謝謝你，Jay。這其中有三個方面，對吧？首先是圍繞著資料和資料流的核心平台。歸根結底，我們需要確保盡可能將Revit檔案以及客戶其他類型檔案中儲存的資料轉換為API，對吧？這可以有效緩解大家擔心的工作流程問題，也是BIM 2.0概念的重要組成部分。這是其中一點。

The second piece is you've got to make sure that their ability to do detailed in-depth complicated, sophisticated BIM models gets more performant, more productive and faster. That's core to kind of building up and improving Revit in some significant ways, which we're absolutely looking at. But the third point, which I think is more important is you really need to reimagine how BIM is being done. The paradigm needs to shift, and it needs to shift to the world of not only being cloud-enabled but also being what we really like to call augmented design-enabled or outcome-based in whatever language we use so that you can actually change the way people do BIM. And that's one of the big things that we're focusing on with Forma.

第二點是，必須確保他們創建詳細、深入、複雜、精密的BIM模型的能力能夠更有效率、更快速。這對於從根本上提升和改進Revit至關重要，而這正是我們正在著手研究的。但第三點，我認為更為重要，是需要重新構想BIM的運作方式。範式需要轉變，不僅要實現雲端賦能，還要實現我們所謂的增強型設計賦能或成果導向（無論我們用什麼術語），這樣才能真正改變人們使用BIM的方式。而這正是我們在Forma專案中重點關注的領域之一。

And that's very different than -- we have certain types of competitors. It's in line with what the spec is from the customers. But when you talk about data, Revit improvements and the move to what we call augmented design or outcome-based design, those are the big thrusts in terms of what we're trying to do to bring the industry to a better way of doing BIM.

這與我們的某些競爭對手截然不同。我們的產品符合客戶的規格要求。但說到數據、Revit 的改進以及我們所謂的增強型設計或結果導向設計，這些才是我們致力於推動產業以更佳方式應用 BIM 的關鍵所在。

Okay. Second question refers to the comments you made about a new transactional model and a pilot you're going to be undertaking in Australia. So maybe you could elaborate on that. When I hear that, it sounds to me like there's potentially going to be some further change to channel economics. You've just completed the move to back-end-only margins. Are you thinking about perhaps taking the Flex commission model more broadly across the rest of the business? Or what exactly you're looking to accomplish with that?

好的。第二個問題是關於您之前提到的新的交易模式以及即將在澳洲進行的試點計畫。能否詳細解釋一下？我感覺這似乎意味著通路經濟模式可能會有進一步的調整。您剛剛完成了向後端利潤模式的過渡。您是否考慮將靈活佣金模式推廣到公司其他部門？或者，您希望透過這種模式實現什麼目標？

So let's talk about the Flex experiment and the things you were doing with Flex. First off, Flex because it's like a consumption-based model, and it involves usage of various different products, it really -- it's really incredibly helpful for the customer for us to be able to have a much more direct relationship with the customer with regards to that offering. Because that way we're able to offer a lot more visibility to how they're using the offering, what they're using, when they're using it, how much they're consuming and actually help them get the most out of the offer.

那我們就來聊聊Flex實驗以及你們在Flex上所做的工作。首先，Flex採用的是一種基於消費的模式，它涉及各種不同產品的使用，因此，它能讓我們與客戶建立更直接的聯繫，這對客戶來說真的非常有幫助。因為這樣一來，我們就能更清楚地了解他們如何使用產品、使用哪些產品、何時使用、使用量多少，從而幫助他們最大限度地利用產品。

So what we've done over the last year is we've proved out a new transaction model working with our partners and rolling out across various regions that is supporting Flex, and that is a much more direct transaction model. Through that process, we've learned a lot. We've gained a lot of knowledge. We've addressed a lot of issues both systems-wise and process-wise. And we are now in a position with Flex to start growing and expanding that model at greater and greater volume. And that's exactly what's happening with Flex. The volume of Flex is increasing, increasing, and we're doing it reliably, repeatedly and in a pretty positive way.

過去一年，我們與合作夥伴共同驗證了一種新的交易模式，並在各個地區推廣應用，以支援 Flex 業務。這是一種更直接的交易模式。在這個過程中，我們累積了豐富的經驗和知識，並解決了系統和流程的許多問題。現在，我們已經能夠借助 Flex 業務，以越來越大的交易量來發展和擴展這種模式。而這正是 Flex 業務正在發生的變化。 Flex 的交易量正在持續成長，而且成長勢頭良好，穩定可靠。

Where we go from here depends solely on how we watch these things evolve and what the benefits of this transaction model are. And all options are open to us in the future, but that's where we are right now. We've perfected what we've done with Flex.

我們未來的發展方向完全取決於我們如何觀察事態發展以及這種交易模式的優勢。未來我們擁有所有選擇，但這就是我們目前的處境。我們已經將Flex模式完善到了極致。

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。

Awesome. Maybe just for Andrew on the infrastructure opportunity. I know you've been calling out increasing traction with State Department of Transportation and you even referenced some grants in the quarter in the script. So maybe just talk a little bit more about how you think about the infrastructure opportunity overall? And really what separates all of that from competitors in going after it?

太棒了。或許可以專門跟安德魯談談基礎建設方面的機會。我知道你一直在強調與州交通部門的合作日益密切，你甚至在演講稿中提到了本季度的一些撥款。所以，能不能再詳細談談你對基礎建設機會的整體看法？以及，你與其他競爭對手相比，在爭取這項機會方面究竟有何優勢？

Yes. So look, at a high level, one of the things I'm really excited about the thing with a really long name. The Advanced Digital Construction Management System program that the U.S. government rolled out, that is the program related to the money, that's designed to help Department of Transportation look at their infrastructure, look at their processes and start modernizing their digital processes around design and construction of infrastructure. That's an important step in getting a lot of these Department of Transportation to really start thinking about how they get ready to spend more money on infrastructure and do it better and address the serious capacity challenges we have around materials, manpower and dollars with regards to what we have to do. So pretty excited about that because that's an open door to having new conversations with these departments about how they do things.

是的。所以，從宏觀層面來說，我非常興奮的一件事是，美國政府推出了一個名字很長的專案——高階數位施工管理系統（Advanced Digital Construction Management System）。這個項目與資金相關，旨在幫助交通部門審視其基礎設施和流程，並開始對其基礎設施設計和施工的數位化流程進行現代化改造。這是促使許多交通部門真正開始思考如何更好地投入更多資金用於基礎設施建設，並解決我們在材料、人力和資金方面面臨的嚴峻挑戰的重要一步。我對此感到非常興奮，因為它為我們與這些部門就其工作方式展開新的對話打開了一扇大門。

Our focus has not changed. We are very much focused on water and road and rail, and we continue to innovate and drive improvements in those areas. I think our biggest differentiator is what we bring to market in the modern architecture. We bring to market more cloud-based solutions, more owner-based solutions for managing the infrastructure once you have it and really just more technology that fits together in different ways. So we're looking forward to having that discussion with the Department of Transportation over the next months and coming years. And I think you're going to start to see real change in some of those organizations.

我們的重點沒有改變。我們仍然非常關注水利、公路和鐵路，並將繼續在這些領域進行創新和改進。我認為我們最大的優勢在於我們為市場帶來的現代架構。我們為市場提供更多基於雲端的解決方案，更多面向業主的基礎設施管理解決方案，以及更多能夠以不同方式整合的技術。因此，我們期待在未來幾個月和幾年內與交通部進行討論。我相信你們將會看到一些機構發生真正的改變。

That's really helpful. And maybe just as my follow-up, just on the earlier-than-expected EBA renewal pool in the quarter. So maybe just talk about -- just given the softer macro obviously, that our checks have been suggesting and you talked about no real change sequentially. But just what's leading to customers to choose to renew early and maybe just as a quick follow-up to that, as we think about the guidance for the year, any way to quantify the type of expansion opportunity embedded from the EBA?

這真的很有幫助。我還有一個後續問題，關於本季提前到期的EBA續約池。鑑於宏觀經濟明顯疲軟（正如我們調查顯示的那樣，而且您也提到環比沒有實質變化），我們能否談談是什麼原因促使客戶選擇提前續約？另外，在考慮全年業績指引時，能否量化EBA帶來的業務拓展機會？

I think, Adam, you were coming out -- in and out a little bit, but I think I got the bulk of what you were saying. So just stop me if I'm missing something. But in terms of the EBA behavior, really what we saw was driven by them. Our customers were managing their own budgets and cash flow. And so their desire to get early billings for frankly, higher usage of their tokens was driven by their own behavior, which we see as a real positive sign for us in engaging with those enterprise customers. They're seeing strong usage of our portfolio and they're continuing to invest in their relationship with us. And those billings boosted our total billings, revenue and free cash flow during the quarter. So overall, I think it's a win-win.

亞當，我覺得你剛才說話斷斷續續的，但我基本上聽懂了你的意思。如果我漏掉了什麼，請隨時糾正我。就EBA的行為而言，我們看到的其實是他們自身驅動的。我們的客戶都在管理自己的預算和現金流。坦白說，他們希望提前收到代幣帳單，以反映代幣的更高使用量，這完全是出於他們自身的行為，我們認為這對於我們與企業客戶的合作來說是一個非常積極的信號。他們看到了我們產品組合的強勁使用率，他們也持續投資於與我們的關係。這些帳單提升了我們本季的總帳單額、總收入和自由現金流。所以總的來說，我認為這是雙贏的局面。

There was a second part, I think, to your question?

我認為你的問題還有第二部分？

Yes. Just curious -- I was just curious, any way to quantify kind of the type of expansion opportunity from the EBA renewal pool in the back half of the year as you think about full year guidance.

是的。我只是好奇──我只是好奇，在考慮全年業績指引時，有沒有辦法量化下半年EBA續簽資金池帶來的擴張機會？

Not something we can quantify for you, Adam, but I would just reiterate the fact that we do see it as a real positive that for the first 2 quarters of the year to date that we're seeing strong usage and that's already leading to early billings. So a positive from our standpoint overall.

亞當，這我們無法量化，但我只想重申一點：今年前兩個季度至今，我們看到了強勁的使用量，這確實是一個非常積極的信號，而且已經帶來了提前結算。所以從我們的角度來看，整體來說這是一個利好消息。

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

我們的下一個問題來自 Baird 公司的 Joe Vruwink。

Maybe I wanted to revisit your AEC exposure. I know you've discussed this in the past and just how there is offsets, commercial market see pressure, institutional or infrastructure fare better, so you have diversification there. I guess when you think about the current business composition and how the different subsectors are faring, do you think the nature of Autodesk and AEC is any better or worse than would have been the case in past cycles? And I'm asking less about Autodesk just as a subscription model now versus a license model in the past and more about Autodesk and things like Revit adoption or reliance on the cloud which might create a different dynamic for the business this down cycle versus past down cycles.

也許我想重新探討您在AEC（建築、工程和施工）領域的投資。我知道您之前討論過這個問題，也提到過各種抵消因素，例如商業市場面臨壓力，而機構或基礎設施行業表現更好，因此您在這方面實現了多元化。我想，考慮到目前的業務結構以及各個子行業的狀況，您認為Autodesk和AEC的現狀與以往週期相比是更好還是更糟？我問的不僅是Autodesk現在的訂閱模式與以往的授權模式之間的差異，而是Autodesk以及Revit的普及程度或對雲端技術的依賴等因素，這些因素可能會在本次經濟下行週期中為企業帶來與以往不同的發展動態。

I think one of the things that you said, and I want to reinforce it, is that we are diversified across all sectors of making things. Everything that gets made, we're involved in. It's not just AEC, it's buildings, it's bridges, it's cars, it's electronics. And of course, it's films and games. So just remember, we're diversified across all of those segments. What's different now, and I think it's important to recognize this is that the AEC industry as a whole is chasing productivity and digitization gains, the entire industry, from construction, all the way through to any design and every part of the process in between, engineering and all the things associated with that. So that fundamental change is creating long-term pull for what we're doing.

我認為您剛才提到的一點，也是我想強調的一點，就是我們的業務涵蓋了所有製造領域。所有製造出來的產品，我們都參與其中。不只是建築、工程和施工（AEC），還包括建築、橋樑、汽車、電子產品，當然還有電影和遊戲。所以請記住，我們的業務遍及所有這些領域。現在不同的是，我認為這一點很重要：整個AEC行業都在追求生產力和數位轉型，從施工到設計，以及流程中的每個環節，包括工程和所有相關工作，都在積極推進。這種根本性的改變正在為我們的事業創造長期的發展動力。

And what we're doing is we're connecting the design and make processes across that industry together in the cloud in unique and highly integrated way so that people can do things faster, more sustainably and with greater -- with lower risk and better outcomes. That fundamental shift is very different than what we've seen before. And that's going to -- we're going to be riding that fundamental shift for quite a few years.

我們正在做的，是以獨特且高度整合的方式，將整個行業的設計和製造流程在雲端連接起來，從而使人們能夠更快、更永續、更有效率地完成工作——降低風險，並獲得更好的成果。這種根本性的轉變與我們以往所見的截然不同。而且，我們將在未來幾年持續受益於這種根本性的轉變。

Okay. Great. Andrew, that's helpful. And then second question, wondering if you can comment on how you see the writers and actors strike potentially impacting business in media and entertainment, particularly if this goes on for a while and your customers are finishing what's in post-production with, I suppose, a lack of new things coming in, what that might mean towards the end of the year.

好的，太好了。安德魯，這很有幫助。第二個問題是，您能否談談您認為編劇和演員罷工可能會對媒體和娛樂行業造成怎樣的影響，特別是如果這種情況持續一段時間，而您的客戶正在完成後期製作，並且可能缺乏新項目，那麼這對年底的業績會意味著什麼？

Yes. So you've hit one thing right there, right. People are still in post-production right now for the existing book, that post production overhang will continue for a little while. If the strike continues for months on end, we will likely see an increased impact on our media and entertainment business. It's still growing now. It definitely slowed down in Q2, but it's still growing. So as we look forward, your guess is as good as mine about how long this strike will go on. But I do remind you our exposure to media and entertainment is relatively small compared to the other parts of our business. But there's no doubt that an extended strike could have an impact on that business.

是的。你說的沒錯。目前現有書籍的後製還在進行中，這種後製積壓的情況還會持續一段時間。如果罷工持續數月之久，我們的媒體和娛樂業務可能會受到更大的影響。這項業務目前仍在成長，雖然第二季成長放緩，但仍在成長。所以展望未來，對於罷工會持續多久，你我無法做出準確的預測。但我必須提醒你，與其他業務相比，我們在媒體和娛樂領域的投入相對較小。但毫無疑問，罷工持續時間過長可能會對這項業務產生影響。

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泰勒拉德克。

So I wanted to just go back to the commentary on kind of the puts and takes in the quarter. So you talked about seeing some early expansions on some of the multiyear EBAs. And I just wanted to clarify, was that also stronger expansion? Or was it more of a timing factor?

所以我想回到之前關於本季買賣交易的評論。您提到一些多年期擴展協議（EBA）出現了早期擴張。我想確認一下，這些擴張是否也更強？還是說更多是時機因素造成的？

And then Debbie, this might be a bit of a nitpicky question. But just as I look at the constant currency revenue guidance, I think the high end of the guide says 12% plus versus 13% last quarter. I just wasn't sure if there was a change there. If you could just kind of comment on the puts and takes on that, too.

黛比，這個問題可能有點吹毛求疵。我看了看以固定匯率計算的營收預期，發現預期上限是12%以上，而上一季是13%。我不確定這方面是否有改變。能不能也談談大家的看法？

Sure. Thanks, Tyler. So the EBA usage was strong, and we've been tracking it for the year-to-date. It wasn't necessarily stronger than our expectations, however. So to clarify, it's really -- more than anything it's a timing difference. We were expecting that the revenue would hit in Q4 and it hit in Q2. But the fact that our customers are using more than they had anticipated, the onset of the contracts is a good thing. It's just that we've been tracking it. We've known about it for the year-to-date, and we just saw the invoices in Q2 versus Q4.

當然。謝謝，泰勒。 EBA 的使用情況很強勁，我們一直在追蹤今年迄今為止的情況。不過，它並沒有超出我們的預期。所以，更確切地說，這主要是時間上的差異。我們原本預計收入會在第四季到賬，但實際上在第二季就到賬了。但客戶的實際使用量超過了預期，合約也開始生效，這當然是件好事。只是我們一直在跟蹤。我們從年初至今就了解了情況，只是最近才看到第二季和第四季的發票資料。

In terms of the constant currency guide, the range, it was impacted really by rounding. The dollar change was immaterial. And overall, the business is tracking generally in line with our expectations.

就固定匯率指引而言，其波動範圍主要受四捨五入的影響，美元匯率的變動微乎其微。整體而言，公司業務基本上符合我們的預期。

Okay. Great. And follow-up for Andrew. So you talked about some encouraging signs on the Autodesk Construction side, given the reorg, you talked about it kind of settling in. How -- maybe just remind us kind of what were the big changes? What are you hoping to accomplish? And should we start to see the make revenue begin to accelerate throughout the rest of the year?

好的，太好了。接下來是給Andrew的後續問題。您剛才提到Autodesk Construction方面出現了一些令人鼓舞的跡象，考慮到重組，您也提到它正在逐步穩定下來。能否請您簡單回顧一下主要的變化有哪些？您希望實現什麼目標？我們是否應該看到公司營收在今年剩餘時間開始加速成長？

Yes, Tyler. Happy to clarify that. So look, what we did in Q1 is we merged the Autodesk Construction Solutions sales force with the mainline sales force. This was with the objective of long-term accelerating business growth in that area, particularly in our design-centric accounts. So we wanted to keep the contractor and subcontractor power of the ACS team and combine it with the teams that are focused on some of our design accounts as well. We expected some bumps in doing that because you have to realign account assignments, you have to realign players and who's in charge of what. We've seen a lot of those bumps get smoothed out into Q2. So we're seeing a return to expected patterns.

是的，泰勒。很高興能解釋清楚。你看，我們在第一季將 Autodesk Construction Solutions 的銷售團隊與主銷售團隊合併了。這樣做的目的是為了長期加速該領域的業務成長，尤其是在我們以設計為中心的客戶群中。我們希望保留 ACS 團隊在承包商和分包商方面的優勢，並將其與專注於部分設計客戶的團隊結合。我們預料到這樣做會遇到一些問題，因為需要重新調整客戶分配、人員配置以及職責劃分。我們看到，這些問題在第二季基本上得到緩解。因此，我們看到業務正在恢復到預期模式。

We've lost no business during the process. As I told you -- as I told you earlier in the opening commentary, when we talked about -- when I talked about things like Shook, the general contractor in Ohio. We're winning -- we're continuing to win these contractors. Primarily, one of the things we hear a lot is the pricing predictability associated with our offering and the ability to show them a path not only to a stable pricing model, which customers really like and increasingly see a viable and strong alternative to project management and what ACS offers, but also in terms of the integration between design and make. I expect the consolidation of the sales force is to continue to further accelerate the Construction business moving forward as we continue to work this through. So progress in the right direction, and we can expect to see more progress.

在此過程中，我們沒有損失任何業務。正如我之前在開場白中提到的，例如我們談到俄亥俄州的總承包商Shook公司時，我們取得了成功——我們正在不斷贏得這些承包商的青睞。我們經常聽到的一點是，我們的產品定價具有可預測性，並且能夠為他們展示一條通往穩定定價模式的道路。客戶非常喜歡這種模式，並且越來越將其視為專案管理以及ACS現有服務之外一個切實可行的替代方案。此外，在設計和施工的整合方面，我們也擁有優勢。我預計，隨著我們繼續推動這項工作，銷售團隊的整合將繼續加速建築業務的發展。因此，我們正朝著正確的方向前進，並期待看到更大的進展。

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

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

Great. This is a spin on Saket's very first question, but it relates to the quarter and not necessarily the guide. But when we look at the outperformance in the quarter, it's the biggest beat on a percentage and an absolute basis we've seen in many quarters. Can you just help us unpack maybe what the magnitude of the EBA strength was or the FX kind of benefits, if there were any?

好的。這個問題是對薩凱特第一個問題的延伸，但它與本季有關，而非業績指引。但當我們審視本季的超預期表現時，會發現無論從百分比或絕對值來看，這都是多年來最大的超預期。您能否幫我們分析一下歐洲銀行管理局（EBA）的強勢政策究竟有多大影響，或是是否有外匯方面的利多因素？

The biggest driver of the beat came from the EBAs.

推動這一趨勢的最大動力來自 EBA。

Okay. Perfect. And then, Andrew, curious on updates on Innovyze. At the beginning of the year, I think there was this view that funding for sewer projects and water projects hadn't quite started to flow, no pun intended yet, but that maybe we would see things start to open up in the second half or next year. Is that still the case? I guess what are you seeing?

好的，沒問題。安德魯，我想了解Innovyze的最新進展。年初的時候，好像大家普遍認為污水處理和供水計畫的資金還沒有完全到位（我可不是在開玩笑），但或許下半年或明年情況會有所好轉。現在情況還是這樣嗎？我想問你那邊的情況？

Yes. I mean, look, look at the news, right, all you get is increasing evidence that most regions and municipalities need to reevaluate their water management, both at a sewage level and a treatment level infrastructure. So that has fundamentally not changed. And we haven't yet seen the increase in project -- actually starting projects in that area. But what we are seeing is people buying ahead of demand. So we actually saw a lot of strength with Innovyze in our EBAs and in our large accounts, which is an important precursor to some of the larger efforts that might go on moving forward. But no floodgates have opened up yet, no pun intended from my side. But we still see the exact same pattern we've talked about.

是的。我的意思是，看看新聞，你會發現越來越多的證據表明，大多數地區和市政當局需要重新評估其水資源管理，包括污水處理和水處理基礎設施。所以，從根本上來說，情況並沒有改變。我們還沒有看到這方面的項目數量——或者說，還沒有看到真正啟動的項目數量——有所增加。但我們看到的是，人們在需求出現之前就開始採購。因此，我們在與Innovyze的EBA合作以及大客戶合作中看到了強勁的成長勢頭，這對於未來可能開展的一些更大規模的工作來說，是一個重要的先兆。但目前還沒有出現真正的爆發式成長，我這麼說可不是在開玩笑。我們仍然看到之前討論過的那種模式。

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麥可‧芬克。

A couple if I could. So on the EBA renewal comments that you made earlier, can you give us a sense of the like-for-like change there, whether or not customers on balance were upsizing, increasing the duration of the contract, what that looked like?

如果可以的話，我想問幾個問題。關於您之前提到的EBA續約問題，您能否簡要介紹實際的變化情況，例如客戶總體上是否擴大了合約規模、延長了合約期限等等，具體情況如何？

So to clarify, these contracts, they were not contracts that were renewed. We're expecting that these contracts will be renewed in Q4 per our normal cycles. What happened is that these customers have been using ahead of the usage that was built into their original contracts. And so what we saw in Q2 was billings for the overuse versus the original contracts. But we still expect the renewals will occur in Q4.

澄清一下，這些合約並非續約。我們預計這些合約將按照正常週期在第四季續約。實際情況是，這些客戶的使用量超過了原合約約定的用量。因此，我們在第二季看到的帳單是超出合約約定用量的部分，而不是原合約約定的用量。但我們仍然預計這些合約將在第四季續約。

Understood. I must have misheard you earlier. Sentiments for the overuse then, do you expect that trend to continue for the remainder of the year? And what do you think is driving that overuse?

明白了。我之前一定是聽錯了。那麼，關於過度使用的問題，您認為這種趨勢會在今年餘下的時間裡持續下去嗎？您認為造成這種過度使用的原因是什麼？

We're certainly hopeful that, that trend continues. We see it as a very positive sign that our customers are asking for early billings because they're using our products more than they anticipated, and they're using the broad breadth of the portfolio.

我們當然希望這種趨勢能夠持續下去。客戶要求提前付款是一個非常積極的信號，因為他們使用我們產品的次數超過了預期，而且他們正在使用我們產品組合的廣泛產品。

The other thing I would say is that the usage that was built into these contracts when they were originally signed. Remember, this was 3 years ago, at the onset of the pandemic. And so the usage in those contracts might have been a bit lower just given the environment in which those contracts were renewed. And so as we start to come out of the pandemic, we're seeing more and more usage. We've talked about usage being broadly speaking for Autodesk, but also for our EBAs being a good leading indicator, and that usage continues to increase. I don't have a crystal ball, Michael. I wish I did. I could tell you for sure that the usage would continue to go up in the back half of the year, but we're certainly hopeful and all signs are leading in that direction.

我想補充一點，這些合約在最初簽訂時就包含了預期的使用量。請記住，這是三年前，疫情爆發初期。因此，考慮到當時續約的環境，合約中的使用量可能略低一些。隨著疫情逐漸消退，我們看到使用量越來越高。我們之前討論過，對於Autodesk整體而言，以及對於我們的企業業務協議（EBA）而言，使用量都是一個很好的先行指標，而使用量目前仍在持續增長。我沒有水晶球，Michael。我真希望我有。我可以肯定地告訴你，下半年使用量會繼續增長，但我們對此充滿希望，而且所有跡像都指向這個方向。

So I interpret that to trends so far this quarter to date are consistent with 2Q.

因此，我認為本季迄今的趨勢與第二季一致。

Sorry, I didn't hear.

抱歉，我沒聽清楚。

Your last comment about trends continuing is the interpretation there that the trend has continued in -- from 2Q into this quarter of increased usage.

您最後關於趨勢延續的評論，是指從第二季到本季使用量增加的趨勢仍在繼續。

We're not commenting on Q3 at this point. Overall, the performance that we saw from our EBAs in Q2 is really strong, and we're hopeful that it will continue.

我們目前不對第三季的情況發表評論。整體而言，我們第二季EBA（企業業務協議）的表現非常強勁，我們希望這種勢頭能夠延續下去。

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

我們的下一個問題來自加拿大皇家銀行資本市場的 Matt Hedberg。

Congrats on the stability here. Really, really good to see. Maybe, Debbie, for you, maybe I missed it, but cash flow was -- free cash flow was significantly better than we thought this quarter. I know you don't guide quarterly. So maybe just -- again, maybe I missed it, but a little bit more on sort of why free cash flow is so strong this quarter? And as we think about Q3, Q4 kind of the linearity there, you took the low end of the full year up a little bit. How should we kind of think about that split sort of between 3Q and 4Q?

恭喜你們保持了穩定的業績，這真的非常好。黛比，也許我錯過了什麼，但本季的現金流——自由現金流——明顯好於我們的預期。我知道你們不發布季度業績指引，所以，也許——再次聲明，也許我錯過了——能否再詳細說說本季自由現金流如此強勁的原因？當我們回顧第三季和第四季時，你們把全年業績的下限略微上調了，那麼我們該如何看待第三季和第四季之間的這種變化呢？

Yes. So Q2 was strong, primarily because of the timing of the EBA billings that I've been talking about as well as some favorable in-quarter linearity. So the linearity that we saw was better than we had expected. And then when we look at the back half of the year, second half free cash flow will be significantly weighted to the fourth quarter. I've called out the federal tax payment extension that positively impacted the first half free cash flow, and it will negatively impact Q3. Overall, we still anticipate that fiscal '24 is going to be the free cash flow trough during this transition from upfront annual billings.

是的。第二季表現強勁，主要得益於我之前提到的EBA帳單的結算時間以及一些有利的季度內成長。我們看到的成長成長比預期好。展望下半年，下半年的自由現金流將顯著集中在第四季。我之前提到過，聯邦稅款支付延期對上半年的自由現金流產生了積極影響，但會對第三季產生負面影響。總體而言，我們仍然預計，在從預付年度帳單過渡到新帳單模式的過程中，2024財年將是自由現金流的低谷期。

Great. And then, Andrew, for you, following up on earlier questions kind of on the split of your business, obviously, an extremely diversified model. But I guess regarding commercial real estate exposure, I know it's difficult to give an exact percentage of your exposure there. But just broadly speaking, we get asked all the time, what's Autodesk's exposure to the category. How should we think about kind of Autodesk in the CRE market?

好的。安德魯，關於你之前提出的關於公司業務組成的問題，顯然你們的業務模式非常多元化。但我想，關於商業房地產投資，我知道很難給出確切的投資比例。但總的來說，我們常被問到，Autodesk 在這個領域的投資比例是多少？我們該如何看待 Autodesk 在商業房地產市場中的地位？

To be honest, you shouldn't, okay? This is some of the conversations we had during the housing crisis, like, how should we think about Autodesk relative to housing. And the question is, you shouldn't, all right? The amount of things that need to be built and rebuilt in our customer base is ginormous, all right? They don't have current capacity, either people-wise, dollar-wise or capability-wise, to actually work through all the things that are going on. So the momentum of the industry pivots to other areas. Now even if you look at commercial real estate, people are still reconfiguring commercial real estate within the segment in order either to make it more attractive to a shrinking pool of renters or to repurpose that space to other uses. But in terms of exposure to Autodesk, you got to be careful about overblowing that because the money always goes somewhere else. There's always a lot of work to be done in other sectors. That just means that people that were traditionally bidding on commercial real estate projects are now bidding and engaging on other types of projects.

說實話，你不該這麼做，好嗎？我們在住房危機期間就討論過這個問題，例如我們應該如何看待Autodesk與住房的關係。答案是，你不該這麼做，好嗎？我們客戶群中需要建造和重建的專案數量龐大，好嗎？他們目前無論是人力、資金或能力，都無法處理所有這些事情。因此，產業的重心轉移到了其他領域。即使是商業地產，人們仍在重新配置商業地產，要么是為了吸引越來越少的租戶，要么是為了將空間重新用於其他用途。但就Autodesk而言，你必須謹慎，不要過度誇大其詞，因為資金總是會流向其他地方。其他領域總是有很多工作要做。這意味著，那些傳統上競標商業房地產項目的人現在正在競標和參與其他類型的項目。

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。

Great. Andrew, we continue hearing good things from your customers and partners regarding your ability to innovate and enhance many of your acquired assets, whether it's in Alias, PlanGrid, et cetera. Can you just remind us of your views on go-forward M&A and your M&A philosophy. And maybe kind of what are some of the lessons you learned from prior deals?

太好了。安德魯，我們不斷聽到您的客戶和合作夥伴對您在創新和提升所收購資產（例如 Alias、PlanGrid 等）方面的能力給予高度評價。您能否簡單談談您對未來併購的看法以及您的併購理念？另外，您從先前的交易中學到了哪些經驗教訓？

Yes. So we are an acquisitive company. We will continue to be an acquisitive company. We always like when the environment gets more attractive for acquisitions, but we are always looking to make sure that a potential acquisition is strategically aligned with our priorities. That means that it's either accelerating an effort that we're currently working on or bringing us into an adjacency that we weren't working on but that we see as an attractive place. Timing matters as well in terms of what timing is right for us to do these things that we keep the business reasonably focused on the things that are important and don't try to juggle 18 balls at once, right? But we will continue to be acquisitive, and we have the cash flow and balance sheet ability here to do whatever we need to do in terms of strategic fit and expansion that we're interested in moving forward. So don't expect any change.

是的。我們是一家積極進行收購的公司，而且會繼續保持這一勢頭。我們當然樂見收購環境變得更具吸引力，但我們始終確保潛在的收購目標在策略上與我們的優先事項保持一致。這意味著，收購要么會加速我們目前正在推進的項目，要么會讓我們進入一個我們之前並未涉足但我們認為極具吸引力的領域。時機也很重要，我們需要選擇合適的時機進行收購，以確保公司能夠專注於真正重要的事情，而不是同時處理太多事情，對吧？我們會繼續積極進行收購，而且我們擁有充足的現金流量和資產負債表，可以滿足我們未來在策略契合度和擴張方面的一切需求。所以，不要期待任何改變。

In terms of learning, look, you always learn, you can integrate some of the back office faster, all right? There's a key learning in all these things is integrate sales and back-office infrastructure quicker and you go faster.

就學習而言，你看，你總是在學習，你可以更快地整合一些後台系統，對吧？所有這些事情的關鍵在於更快地整合銷售和後台基礎設施，這樣你就能走得更快。

Super helpful there. Just on another topic, can you just talk about what you're seeing with A&E customers as it relates to hiring. I know many of these customers have dealt with talent shortages over the past few years. Are you seeing any easing here or any kind of other general commentary in terms of hiring within A&E customers.

非常有幫助。另外，您能否談談您在建築和工程（A&E）客戶招募方面觀察到的情況？我知道過去幾年裡，許多這類客戶都面臨人才短缺的問題。您認為這種情況是否有所緩解？或者您對建築和工程（A&E）客戶的招募情況有什麼其他看法？

Yes. It depends on the sector. But honestly, in construction and manufacturing, you're seeing they're still seeing challenges with hiring, right? It's one of the big things we hear from them is their ability to not only find but retain talent, especially qualified talent. So hiring continues to be an issue on the execution side of our customers, primarily towards the make side.

是的，這取決於具體行業。但說實話，在建築和製造業，招募方面仍面臨許多挑戰，對吧？我們從他們那裡聽到最多的問題之一就是如何找到並留住人才，尤其是合格的人才。因此，招募仍然是我們客戶執行環節，特別是製造環節面臨的一大難題。

Our next question comes from the line of Ken Wong of Oppenheimer & Company.

我們的下一個問題來自奧本海默公司的 Ken Wong。

Great. Just a quick one for me. As we think about -- I think Debbie, you mentioned new customer softness kind of consistent with what you guys are seeing. But just wanted to make sure, relative to last quarter, I think you guys had called out a bit of an air pocket that normalized. How should we think about the way that played out this quarter in terms of adding new subs?

好的。我有個問題想問一下。黛比，你之前提到新客戶需求疲軟，這和你們目前的情況基本一致。但我還是想確認一下，相對於上個季度，你們之前提到過需求出現了一段短暫的低迷期，現在已經恢復正常了。那麼，我們該如何看待這個季度新增用戶的情況呢？

The overall market conditions, new subs, momentum in the business was similar to last quarter. We talked about leading indicators being consistent with last quarter, growing usage, record bid activity on BuildingConnected, cautious optimism from our channel partners. Beyond that, I would just add that our regional performance was broadly similar to what we've seen for several quarters. The direct business, including enterprise and eStore as well as India actually were bright spots for us, but they were offset by some tougher patches like China as well as the softer performance that we talked about in M&E.

整體市場狀況、新增用戶數量和業務成長動能與上季類似。我們討論了領先指標與上季保持一致，用戶使用量不斷增長，BuildingConnected平台上的競價活動創下紀錄，通路夥伴也持謹慎樂觀態度。此外，我想補充一點，我們的區域業績與過去幾季的情況基本一致。直接業務，包括企業和電商平台以及印度市場，表現亮眼，但被中國等市場的一些不利因素以及我們在媒體和娛樂行業中提到的疲軟表現所抵消。

Got it. And then I realize maybe it's a very small nuance. But I think last quarter, you guys saw a little bit of a dip, and then it recovered in terms of new sub adds. I guess when you're saying it's consistent with last quarter, would it be more consistent with that exit or kind of full quarter dynamic where, averaged out maybe a little lighter than anticipated.

明白了。然後我意識到這可能只是個很小的差別。但我覺得上個季度你們的新增用戶數量略有下降，之後又有所回升。你說這和上個季度的情況一致，是指更符合季度末的趨勢，還是更符合整個季度的整體情況，也就是平均下來可能比預期略低一些？

So remember what we said last quarter was that we saw a slight dip after we stopped selling the multiyear contracts upfront, but then it recovered as we exited the quarter and as we got into early Q2, and we saw that consistently throughout Q2.

所以請記住我們上個季度說過的話，在我們停止預售多年合約後，我們看到了輕微的下滑，但隨著季度結束和進入第二季度初，它又恢復了，我們在整個第二季度都持續看到了這種情況。

Our next question comes from the line of Nay Soe Naing of Berenberg.

我們的下一個問題來自貝倫貝格銀行的奈索奈家族。

Just got a quick question from me. Coming back to the early was -- better than expected or earlier than expected EBA renewals, I was wondering if we were to exclude that impact in the quarter, the performance in AEC, would we have seen an inflection in terms of the growth levels because what we've seen in the past couple of quarters is the gradual decline in growth rates. So I was wondering if we didn't have this early renewals in EBAs, would AEC segment would have seen a further deceleration in growth rates? Or would we see a bit of an uptick compared to Q1?

我有個問題想請教一下。關於提前續約EBA合約的情況——續約情況好於預期或提前於預期——我想知道，如果我們排除這一因素對本季AEC業務的影響，成長水平是否會出現拐點？因為過去幾季我們看到的是成長率的逐漸下降。所以我想知道，如果沒有這些提前續約的EBA合同，AEC業務的成長率是否會進一步放緩？還是與第一季相比，成長率會略有回升？

So the early billings that we talked about for EBAs are what drove the revenue beat versus our guide. But when you think about that beat on a dollar basis in comparison to the totality of our AEC business, the AEC business is vastly, vastly larger. So it's not a big driver of the overall trend that we're seeing in AEC, but it was the driver of the beat.

所以，我們之前提到的EBA早期帳單收入是推動營收超出預期的主要原因。但如果以美元計價，將這筆超額收入與我們整個AEC業務的規模進行比較，就會發現AEC業務的規模要大得多。因此，它並非AEC整體趨勢的主要驅動因素，但卻是此次營收超預期的主要原因。

Our next question comes from the line of Patrick Baumann of JPMorgan.

我們的下一個問題來自摩根大通的派崔克·鮑曼。

This is Pat on for Steve Tusa. So just a couple probably for Debbie. You touched on sales in terms of the moving parts of the guide raise there. I guess in terms of the free cash flow midpoint, what was -- I know it was only -- it was a small number, but what was the driver of the raise there? And then on the EPS -- the adjusted EPS guidance raise, there's like $25 million of other income. Is that simply the benefit from the interest on cash that you mentioned in the preamble?

我是Pat，替Steve Tusa發言。 Debbie，我可能會問你幾個問題。你剛才提到了銷售額，以及業績指引上調的幾個關鍵因素。我想問的是，關於自由現金流中位數——我知道只是個很小的數字——但這次上調的驅動因素是什麼？還有每股盈餘－調整後的每股盈餘指引上調，其中包含約2,500萬美元的其他收入。這只是你前面提到的現金利息收益嗎？

Yes. So starting with cash, it's due to the performance that we saw in Q2. So I talked a little bit earlier in this Q&A session about the EBA billings that we saw in Q2 as well as the favorable in-quarter linearity. So those were drivers of the difference that you saw in our cash flow guidance. And then in terms of EPS. The other income is due to higher interest income from our cash balances.

是的。首先說說現金流，這主要得益於我們第二季的業績表現。我在之前的問答環節中提到過第二季度的EBA帳單以及季度內良好的成長勢頭。這些因素導致了我們現金流預期的差異。其次，就每股盈餘而言，其他收入的成長則主要來自現金餘額的利息收入增加。

Does that flow through to cash flow?

這是否會轉化為現金流？

In part, it well, yes, yes.

某種程度上來說，是的，是的。

Okay. And then sorry, one more on cash flow for my second question. Is the -- do you think is the third quarter going to be negative or positive on free cash flow? You said I think, significantly weighted to the fourth quarter in the second half, which I think is similar to your prior commentary from last quarter. But I think you also thought at that time that maybe second quarter and third quarter could be negative. Is your view that free cash flow will be negative in the third quarter given the impact of this cash item that was pushed from the first half to the third quarter?

好的。不好意思，我的第二個問題是關於現金流的。您認為第三季的自由現金流是正還是負？您之前說過，我認為下半年的自由現金流很大程度上會集中在第四季度，這與您上個季度的說法類似。但我記得您當時也認為第二季和第三季的自由現金流可能為負。考慮到上半年推遲到第三季的這筆現金支出，您是否認為第三季的自由現金流會是負的？

We're not going to guide on a quarterly basis for our free cash flow, but I'll try to be helpful. I just want to reiterate some of the comments. So remember that second half free cash flow is going to be significantly weighted into the fourth quarter. And the biggest driver of that is the extension of our federal tax payments that had a positive impact on the first half but are going to negatively impact Q3. So think about that as you put your model together.

我們不會按季度發布自由現金流指引，但我會盡力提供協助。我只想重申一些觀點。請記住，下半年的自由現金流將很大程度上體現在第四季度。造成這種情況的主要原因是聯邦稅款支付的延期，雖然對上半年產生了正面影響，但會對第三季產生負面影響。因此，在建立模型時，請考慮這一點。

Thank you. 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?

謝謝。今天的問答環節到此結束。現在我想把會議交還給西蒙·梅斯-史密斯先生，請他作閉幕致詞。先生？

Thank you, Steve and thank you, everyone, for joining today. We look forward to updating you on our progress in November on our Q3 earnings call. I look forward to speaking to you then. Thank you so much.

謝謝史蒂夫，也謝謝各位今天參加。我們期待在11月的第三季財報電話會議上向大家報告最新進展。屆時期待與大家交流。非常感謝。

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

今天的電話會議到此結束。感謝您的參與。您可以斷開連線了。