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 Autodesk 2024 年第二季度財報電話會議。 （操作員說明）。我現在想將電話轉交給投資者關係副總裁西蒙·梅斯·史密斯 (Simon Mays-Smith)。請繼續。

Thanks, operator, and good afternoon. Thank you for joining our conference call to discuss the second quarter results of 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。感謝您參加我們的電話會議，討論 Autodesk '24 財年第二季度的業績。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。今天的電話會議通過網絡直播進行直播。此外，電話會議的重播將在 autodesk.com/investor 上提供。您可以在本次電話會議後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, 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，我們可能會對我們的前景、未來業績和相關假設、產品和產品功能、商業模式和戰略做出前瞻性陳述。這些陳述反映了我們根據當前已知因素做出的最佳判斷。實際事件或結果可能存在重大差異。請參閱我們向SEC 提交的文件，包括與今天的新聞稿一起提交的最新表格10-Q 和表格8-K，了解可能導致我們的實際結果與前瞻性聲明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.

截至今天，電話會議期間做出的前瞻性聲明均已發布。如果今天之後重播或查看此通話，則通話期間提供的信息可能不包含當前或準確的信息。 Autodesk 不承擔更新或修改任何前瞻性陳述的義務。

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

在電話會議期間，我們在討論我們的財務業績時將引用一些數字或增長變化。除非另有說明，否則每個此類參考均代表同比比較。今天電話會議中引用的所有非 GAAP 數據均在我們的新聞稿或 Excel 財務數據以及我們的投資者關係網站上提供的其他補充材料中進行了核對。現在我將把電話轉給安德魯。

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.

謝謝你，西蒙，歡迎大家來電。儘管宏觀經濟政策和地緣政治阻力持續存在，但韌性、紀律和機遇再次支撐了 Autodesk 強勁的財務和競爭業績。我們的訂閱業務模式以及我們的產品和客戶多元化提供了彈性，在經濟周期中執行我們的戰略和部署資本的紀律和重點以及開發下一代技術和服務的機會提供了我們設計的端到端數字化轉型創造客戶，並為所有人設計和建造一個更美好的世界。

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度保持一致，BuildingConnected 的使用量不斷增長，出價活動創紀錄，渠道合作夥伴持謹慎樂觀態度。客戶仍然致力於轉型和 Autodesk，在遇到經濟、勞動力短缺和供應鏈不利因素時更多地利用自動化。這一承諾體現在我們第二季度的業績、企業業務協議中不斷增長的採用率和代幣消費以及強勁的續訂率。

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 對發展和創新的傾向和願望始終保持著不懈的好奇心。我們很高興 Autodesk 最近被 Fast Company 評為創新者最佳工作場所。

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.

我現在將把電話轉給黛比，讓您了解我們的季度財務業績和今年的指導。然後我將回來提供有關我們戰略增長計劃的最新信息。

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的基本勢頭與過去幾個季度相似。儘管嚴峻的宏觀經濟背景繼續拖累新用戶獲取的總體速度和業務的前進勢頭，並且可能會繼續如此，但我們第二季度的財務業績依然強勁。我們上季度表示，我們在下半年有大量 EBA 續訂，上次續訂是在 3 年前大流行開始時，隨後的採用和使用一直很強勁。其中一些優勢在第二季度顯現出來，比我們預期的要早，並增加了賬單、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.

按固定匯率計算，總收入增長 9% 和 12%。按固定匯率計算的產品來看，AutoCAD 和AutoCAD LT 收入增長了9%，AEC 收入增長了14%，製造收入增長了9%，且呈兩位數增長（排除預付費用差異帶來的阻力）， M&E 收入增長了10%。按固定匯率計算，按地區劃分，美洲收入增長 15%，歐洲、中東和非洲收入增長 11%，亞太地區收入增長 6%。受益於 EBA 和 eStore 的強勁增長，直接收入增長 18%，佔總收入的 37%，比去年上升 3 個百分點。按固定匯率計算，淨收入保留率保持在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.

多年期合同從預付費向按年付費的轉變大致按預期進行。我們在第二季度受到了整個季度的影響，導致賬單下降了 8%。遞延收入總額增長 14%，達到 42 億美元，RPO 總額為 52 億美元，當前 RPO 為 35 億美元，分別增長 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.

轉向損益表。非 GAAP 毛利率大致保持在 92% 的水平。 GAAP 和非 GAAP 運營利潤率與收入增長和成本控制基本持平，抵消了匯率變動的影響。第二季度自由現金流為 1.28 億美元，比我們預期的要好一些，這主要是由於 EBA 的時機，但也由於一些有利的季度線性。

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.

轉向資本配置。我們繼續在我們的框架內積極管理資本。我們的戰略以整個經濟周期中嚴格、集中的資本部署為基礎。在這個宏觀經濟不確定的時期，我們保持警惕。第二季度，我們以 8,700 萬美元的價格購買了約 400,000 股股票，平均價格約為每股 200 美元。我們將繼續抵消基於股票的薪酬計劃的稀釋，並在有意義的情況下機會主義地加速回購。

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.

現在讓我以指導結束。總體而言，該業務的基本勢頭仍然與我們全年指導範圍內的預期一致。鑑於我們正在上調指導範圍的下限，我們第二季度的持續勢頭以及預計將在今年晚些時候延續的一些 EBA 的早期擴張，降低了我們做出更加謹慎的預測情景的可能性。讓我總結一下我們今年早些時候強調的一些關鍵因素。

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，我們在今年下半年續簽了大批 EBA，儘管正如我之前提到的，其中一些收益是在第二季度帶來的。

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，外匯波動將成為 24 財年收入增長和利潤率的阻力。下半年收入逆風將有所緩和。

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來說，從預付費轉為按年付費會給 24 財年的自由現金流帶來重大阻力，而在 25 財年則會產生較小的阻力。我們對比林斯過渡的期望沒有改變。

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，正如我們認為可能發生的那樣，我們看到了一些多年客戶在第二季度轉向年度合同的證據。它還不夠大，不足以被稱為趨勢，但我們正在密切關注它。現在還為時過早，隨著時間的推移，我們會及時向您通報最新情況。在其他條件相同的情況下，如果客戶改用年度合同，我們剩餘履約義務總額中的未開票部分將按比例減少，並對總 RPO 增長率產生負面影響。遞延收入、賬單、當前剩餘履約義務、收入、利潤率和自由現金流將基本保持不變。年度續約為我們創造了更多機會來推動採用和追加銷售，並且沒有多年合同中嵌入的價格鎖定。

And fifth, we 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. 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，我們預計我們的現金稅率將恢復到 24 財年 GAAP 稅前利潤約 31% 的更正常水平，高於 23 財年的 25%。加州冬季暴風雨過後聯邦納稅延期意味著現金納稅從上半年轉移到第三季度，從而減少了第三季度的自由現金流。因此，下半年自由現金流的產生將顯著偏重於第四季度。我們仍然預計 24 財年將是我們從多年合同的預付款向年度賬單過渡期間的現金流低谷。

Putting that all together, we now expect fiscal '24 revenue to be between $5.41 billion and $5.46 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.

綜上所述，我們現在預計 24 財年的收入將在 54.1 億美元至 54.6 億美元之間。我們預計非 GAAP 營業利潤率將與 23 財年的水平相似，貨幣利潤率持續改善，但被外匯不利因素所抵消。我們預計自由現金流將在 11.7 億美元至 12.5 億美元之間。我們將非公認會計準則每股收益的指導範圍提高到 7.30 美元至 7.49 美元之間，以反映我們現金餘額的利息收入增加以及我們更加謹慎的預測情景的可能性降低。我們網站上的幻燈片提供了有關第三季度和 24 財年全年建模假設的更多詳細信息。

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.

我們繼續使用 40 條規則框架來管理我們的業務，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與強勁的自由現金流利潤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。正如我們在 2 月份所說，考慮到新訂閱增長率對收入增長的宏觀經濟拖累以及我們從預付多年合同過渡對自由現金流的拖累，達到 45% 的路徑將不是線性的。但我要明確的是，我們正在按照這一指標管理業務，並認為它在推動營收增長和實現嚴格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 45% 或更多的目標。安德魯，回到你身邊。

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.

謝謝你，黛比。最後，我向您介紹第二季度的進展情況。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，從而提高客戶的效率和可持續性。在客戶整合我們的解決方案以通過雲連接和優化以前孤立的工作流程的推動下，我們繼續看到 AEC 的良好增長。正如我們在二月份談到的，數字化勢頭也在基礎設施和其他領域的資產所有者中形成。隨著第二季度推出的美國先進數字施工管理系統計劃等基礎設施投資計劃，這一勢頭預計將加速。

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 是一家全球設計實踐公司，涵蓋戰略、經驗、建築、工程和社會影響。它正在推動數字化轉型並採用雲來提高運營效率、增強安全性、建立單點事實並實現更加無縫的端到端協作。本季度，它通過在通用數據環境中利用 Autodesk Docs、採用 Forma 擴大了與 Autodesk 的投資，並正在探索將 Autodesk 的 XR 和資產管理功能集成到其設計組合中的機會。

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.

在美國之外，我們的建築平台受益於我們強大的國際影響力和成熟的渠道合作夥伴網絡。本季度，一家位於亞洲的房地產開發商和交通網絡運營商需要簡化與眾多承包商和分包商合作的許多基礎設施項目的運營。為了管理這種複雜性，它需要一個項目數據的單一真實來源以及一種在單一平台上簡化工作負載的方法。在第二季度，它利用當地渠道合作夥伴的支持，通過將Autodesk Construction Cloud 添加到其現有的Autodesk AEC 設計工具組合中，在一個平台上進行標準化，以了解承包商和分包商的工作流程以及釋放突破性生產力收益的潛力。

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.

Shook Construction 是一家位於俄亥俄州的 ENR 400 總承包商，決定在 Autodesk Construction Cloud 上進行標準化，以更好地簡化其運營工作流程。在評估了許多競爭選項後，Shook Construction 選擇 Autodesk Construction Cloud 作為驅動一致工作負載、與施工合作夥伴建立高影響力協作以及消除繁瑣的手動工作流程的最佳選擇。我們繼續受益於我們完整的端到端解決方案，其中包括設計、預施工和現場執行，直至移交和運營。

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.

同樣，這些故事有一個共同的主題：在整個生命週期中管理人員、流程和數據，以提高效率和可持續性，同時降低風險。隨著時間的推移，我們預計大多數項目都將以這種方式進行管理，並且我們仍然致力於通過數字化轉型實現這一轉變。

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我們的建築和全球銷售團隊帶來的短期干擾。我很高興地報告，事情在第二季度開始穩定下來。我們相信，兩個團隊的合併將使我們能夠擴大建築業務的規模和覆蓋範圍，特別是在我們的設計客戶群以及在整個項目生命週期為客戶提供服務的能力方面。令人鼓舞的是，本季度 Autodesk Construction Cloud 月活躍用戶數增長了 100% 以上。

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.

轉向製造。我們的戰略舉措取得了巨大進展。客戶繼續投資於他們的數字化轉型，並鞏固我們的設計並打造平台來發展他們的業務並使其更具彈性。例如，一家跨國製造商既作為建築產品製造商，又通過工具和施工流程為建築行業提供服務，一直在利用 Autodesk 產品組合來連接 AEC 和製造行業的工作流程。它利用Revit、Navisworks 和Construction Cloud 擴大了對BIM 的承諾，使客戶能夠在設計、施工和維護服務中採用協作和數據驅動的方法，從而最大限度地減少衝突和返工，最終實現更高效、更成功的建築項目。第二季度，該客戶在第四季度更新日期之前與 Autodesk 擴大了 EBA，以加速 BIM 的採用，並直接在 MEP 模型中促進其產品和材料的設計。

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 繼續為現有和新客戶提供進入我們的雲生態系統的便捷通道。在歐洲，一家電器製造商已經是我們製造系列和 AutoCAD Mechanical 的現有用戶，為 PCB 設計購買了額外的融合座。其加熱系統部門將利用 Fusion 的電子設計自動化功能，快速、無縫地將更多設計與製造工作流程連接起來，以提高效率。 Fusion 繼續強勁增長，隨著越來越多的客戶在雲中連接更多工作流程以提高效率、可持續性和彈性，本季度末訂閱用戶數量達到 236,000 名。

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，我談到瞭如何利用我們的關鍵增長推動因素，包括商業模式的演變、客戶體驗的演變以及行業之間的融合，為我們的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 的消費定價意味著現有客戶和新客戶可以更輕鬆地嘗試新產品，並使 Autodesk 能夠更好地為不常使用的用戶提供服務。毫不奇怪，大部分業務來自於擴大與 Autodesk 關係的新客戶或現有客戶。本季度，我們又簽署了 3 筆價值 100 萬美元的 Flex 交易。正如Steve 在投資者日上所說，我們還為Flex 引入了新的交易模式，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加緊密地結合。我們將於今年晚些時候開始在澳大利亞更廣泛地測試我們的新交易模式。

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，我們繼續與不合規的用戶合作，確保他們使用我們軟件的最新、最安全版本。例如，在識別並警告一位中國汽車設計師有關不合規使用情況後，儘管該客戶克服了疫情帶來的持續挑戰，但最終還是承諾訂閱 3 年 VRED 和 Alias。正如預期的那樣，我們加強指定用戶訂閱的並發使用並擴大產品內消息傳遞的精度和範圍的舉措推動了本季度的增量增長。

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.

現在讓我講完這個故事。據國家海洋局稱，珊瑚礁是地球上最多樣化和最有價值的生態系統之一。雖然它們只佔海底不到 1%，但其非凡的生物多樣性卻支撐著約 25% 的海洋生物。健康的珊瑚礁支持漁業、就業和商業以及旅遊業和娛樂業。它還可以緩衝海岸線免受波浪、風暴和洪水帶來的 97% 能量的影響，有助於防止人員傷亡、財產損失和侵蝕。我們的珊瑚礁可能需要一萬到幾千萬年的時間才能形成，而僅需幾週的時間就會死亡。海洋溫度上升會導致珊瑚白化和死亡。自 20 世紀 50 年代以來，一半的活珊瑚礁已經死亡。如果不進行干預，到 2050 年，我們將失去剩餘珊瑚礁的 70% 到 90%。也就是說，除非我們找到更快的方法將珊瑚礁從瀕臨崩潰的邊緣拉回來。

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 的公司正在使用我們的數字工具、人工智能和機器人技術，通過雲協作進行大規模珊瑚礁修復，以保持全球團隊跨越海洋和時區的聯繫。正如 Coral Maker 創始人 Taryn Foster 博士所說：“與 Autodesk 的合作使我們能夠開發新技術，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可以部署大約公頃的門戶。通過 Coral Maker 的如果採用技術，每年可以部署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.

從海洋到地球和天空，由 Autodesk 提供支持的增強設計將使我們的客戶能夠走得更遠、更快，為所有人設計並創造一個更美好的世界。多年來，我們一直通過行業雲中的互聯數據、團隊和工作流程、實時和沈浸式體驗、共享的可擴展和可信平台服務、創新的業務模式和值得信賴的合作夥伴關係，為構建企業級人工智能奠定基礎。 Autodesk 對發展和創新的傾向和願望始終保持著不懈的好奇心。我們正以專注、目標和樂觀的態度建設未來。

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

接線員，我們現在要開始提問。

(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. 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。偉大的。黛比，也許對你來說，這裡只是一個簡單的家務問題。很高興看到許多指標（尤其是收入）的修訂範圍。因此，當我想到收入指南的中點增加了約 2500 萬美元時，首先，很高興看到外彙的影響開始減弱。但您能否向我們大致介紹一下，今年的收入增長有多少來自外匯，而不是來自業務的一些潛在基本面？

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，我們對指南的中點進行了小幅增加。美元的變化並不重要，很難提出多種假設來讓我們達到之前指導範圍的低端。因此，中點增幅反映了有機假設和外匯假設的混合。總體而言，業務發展總體符合我們的預期。

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。知道了。知道了。安德魯，也許對你來說是一個開放式問題。但我想，現在您已經完成了向新計費模式過渡的第一季度，是否有任何事情讓您對客戶或合作夥伴的行為方式感到驚訝，再次，開放式的。

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。沒有什麼真正的大驚喜，Saket。我的意思是，黛比上個季度指出，我們可能會看到一些客戶由於這一變化而恢復年度合同。我們確實看到了。不過，沒有什麼真正出格的，也沒有什麼真正令人驚訝的。黛比，你想在細節中添加任何內容嗎？

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。我想說，新的比林斯模型的首次推出進展順利。系統正在運行，客戶和合作夥伴的行為幾乎符合我們的預期。正如安德魯提到的，我們看到一小部分客戶選擇年度合同而不是按年計費的多年期合同，但總的來說，我們對此有所預期，並且表現符合我們的預期。

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，則不會影響損益。它僅影響未開票和總 RPO。現在還為時尚早。我們正在密切監視它。我認為這仍然是我們如何努力優化業務的一個很好的例子。這是為了減少現金流的波動性，同時為我們的客戶提供他們想要的購買模式。

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，我想說的是，我們預計轉型對現金流前景的影響沒有變化。

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

請等待我們的下一個問題，該問題來自 Griffin 證券公司的 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.

知道了。 Andrew，首先，您對 AEC 業務中所看到的情況提出了一些建設性的評論。但更廣泛地說，正如您所知，就在幾個月前的 AUC 上，就被稱為 BIN 2.0 的內容而言，該市場目前正在發生相當大的騷動。會議上，一個客戶小組推出了新的客戶開發的軟件設計規範。你們自己正在努力提高收入的雙軌制，但重點關注 Forma。該行業或部分行業的各種潮流正在發生很多事情。幫助我們了解您如何考慮管理 AEC 行業中正在發生的所有不同動態。然後是後續行動。

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。所以謝謝，傑伊。這有三個線索，對吧？一種是圍繞數據和數據流的核心平台線程。所有這一切的根源在於，我們需要確保盡可能多地鎖定在 Revit 文件中的數據以及鎖定在客戶擁有的其他類型文件中的數據，盡可能將其轉換為 API，對嗎？這是人們擔心的工作流程的潤滑劑。這也是支撐 BIM 2.0 整個概念的重要組成部分。這是其中之一。

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.

第二部分是您必須確保他們製作詳細、深入、複雜、複雜的 BIM 模型的能力變得更高效、更高效、更快。這是以某些重要方式構建和改進 Revit 的核心，我們絕對會關注這一點。但第三點，我認為更重要的是，你確實需要重新構想 BIM 的實施方式。這種範式需要轉變，它需要轉變為一個不僅支持雲的世界，而且還需要成為我們真正喜歡的所謂增強設計支持或基於結果的世界，無論我們使用什麼語言，這樣你就可以真正改變人們使用BIM的方式。這是我們與 Forma 合作的重點之一。

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.

這與我們有某些類型的競爭對手非常不同。它符合客戶的規格。但是，當您談論數據、Revit 改進以及向我們所說的增強設計或基於結果的設計的轉變時，這些都是我們正在努力使行業採用更好的 BIM 方法的重大推動力。

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。第二個問題涉及您對新交易模式以及您將在澳大利亞進行的試點的評論。所以也許你可以詳細說明一下。當我聽到這個消息時，我覺得渠道經濟可能會發生一些進一步的變化。您剛剛完成了向僅後端邊距的遷移。您是否考慮在其他業務領域更廣泛地採用 Flex 佣金模式？或者你到底想用它來完成什麼？

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.

那麼讓我們來談談 Flex 實驗以及您使用 Flex 所做的事情。首先，Flex 因為它就像一個基於消費的模型，它涉及各種不同產品的使用，這對客戶來說真的非常有幫助，讓我們能夠在以下方面與客戶建立更直接的關係到那個奉獻。因為這樣我們就能夠更清楚地了解他們如何使用該產品、他們正在使用什麼、他們何時使用該產品、他們消費了多少，並真正幫助他們充分利用該產品報價。

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.

因此，我們去年所做的就是與我們的合作夥伴合作，在支持 Flex 的各個地區推出了一種新的交易模式，這是一種更加直接的交易模式。通過這個過程，我們學到了很多東西。我們獲得了很多知識。我們已經解決了系統和流程方面的許多問題。我們現在可以與 Flex 一起開始以越來越大的數量發展和擴展該模型。這正是 Flex 所發生的情況。 Flex 的數量不斷增加，我們正在以非常積極的方式可靠、重複地做到這一點。

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.

我們接下來的走向完全取決於我們如何觀察這些事物的發展以及這種交易模式的好處是什麼。未來所有的選擇都對我們開放，但這就是我們現在的處境。我們已經完善了 Flex 所做的事情。

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?

驚人的。也許只是為了安德魯的基礎設施機會。我知道您一直在呼籲增加對州交通部的關注，您甚至在劇本中提到了本季度的一些撥款。那麼，也許只是多談談您對整體基礎設施機會的看法？到底是什麼讓這一切與競爭對手的追求有區別呢？

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，從高層次上看，我對名字很長的東西感到非常興奮的事情之一。美國政府推出的高級數字施工管理系統計劃，即與資金相關的計劃，旨在幫助交通部查看其基礎設施、流程並開始圍繞設計和施工實現數字化流程現代化基礎設施。這是讓交通運輸部真正開始思考如何準備好在基礎設施上投入更多資金並做得更好並解決我們在材料、人力和資金方面面臨的嚴重能力挑戰的重要一步。我們必須做。對此我感到非常興奮，因為這是與這些部門就他們如何做事進行新對話的大門。

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。我們非常關注水利、公路和鐵路，並不斷創新並推動這些領域的改進。我認為我們最大的差異化在於我們將現代建築推向市場。我們向市場推出更多基於雲的解決方案、更多基於所有者的解決方案（用於管理基礎設施），以及更多以不同方式組合在一起的技術。因此，我們期待在未來幾個月和未來幾年與交通部進行討論。我認為您將開始看到其中一些組織的真正變化。

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。也許就像我的後續行動一樣，只是關於本季度早於預期的 EBA 續約池。所以，也許只是談談——顯然，考慮到更軟的宏觀，我們的檢查一直表明，你談到了沒有順序的真正變化。但究竟是什麼導致客戶選擇提前續訂，也許只是作為快速跟進，當我們考慮今年的指導時，有什麼方法可以量化 EBA 中嵌入的擴展機會類型？

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.

我想，亞當，你已經出來了——進進出出，但我想我明白了你所說的大部分內容。所以如果我漏掉了什麼就阻止我。但就 EBA 行為而言，我們所看到的實際上是由他們驅動的。我們的客戶正在管理自己的預算和現金流。因此，坦率地說，他們渴望儘早獲得賬單，更高的代幣使用率是由他們自己的行為驅動的，我們認為這對我們與這些企業客戶互動來說是一個真正的積極信號。他們看到我們的產品組合得到了廣泛使用，並繼續投資於與我們的關係。這些賬單增加了我們本季度的總賬單、收入和自由現金流。所以總的來說，我認為這是雙贏的。

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

我想，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。只是好奇——我只是好奇，當你考慮全年指導時，有什麼方法可以量化今年下半年 EBA 續約池中的擴張機會類型。

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.

Adam，這不是我們可以為您量化的事情，但我只想重申一個事實，即我們確實認為這是一個真正的積極因素，在今年的前兩個季度，我們看到了強勁的使用率，這已經導致了早期的比林斯。從我們的整體角度來看，這是積極的。

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 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.

也許我想重新審視一下您的 AEC 曝光。我知道您過去已經討論過這個問題，以及如何存在抵消、商業市場面臨壓力、機構或基礎設施表現更好，因此您可以實現多元化。我想，當您考慮當前的業務構成以及不同子行業的表現時，您認為 Autodesk 和 AEC 的性質比過去週期的情況更好還是更差？與過去的許可模式相比，我現在對Autodesk 的訂閱模式詢問較少，而更多地詢問Autodesk 以及Revit 的採用或對雲的依賴，這可能會為本次下行週期與過去下行週期的業務帶來不同的動態循環。

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.

我認為你所說的一件事（我想強調這一點）是，我們在製造產品的各個領域都實現了多元化。凡是製造出來的東西，我們都會參與其中。這不僅僅是 AEC，還有建築、橋樑、汽車和電子產品。當然，還有電影和遊戲。所以請記住，我們在所有這些領域都實現了多元化。現在的不同之處在於，我認為重要的是要認識到這一點，即 AEC 行業作為一個整體正在追求生產力和數字化收益，整個行業，從施工，一直到任何設計以及其間流程的每個部分，工程以及與之相關的所有事物。因此，這種根本性的變化正在為我們正在做的事情創造長期的吸引力。

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集成的方式在雲中將整個行業的設計和製造流程連接在一起，以便人們可以更快、更可持續、更高效地做事——風險更低，成果更好。這種根本性的轉變與我們之前看到的非常不同。這將是——我們將在相當長的時間內經歷這一根本性轉變。

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。偉大的。安德魯，這很有幫助。然後是第二個問題，想知道您是否可以評論一下您如何看待作家和演員對媒體和娛樂業務產生潛在影響，特別是如果這種情況持續一段時間並且您的客戶正在完成後期製作中的內容，我想，缺乏新事物，這在年底可能意味著什麼。

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。所以你已經擊中了一件事，對吧。人們目前仍在對現有書籍進行後期製作，後期製作的懸念將持續一段時間。如果罷工持續數月，我們的媒體和娛樂業務可能會受到更大的影響。現在還在增長。第二季度確實放緩了，但仍在增長。因此，當我們展望未來時，對於這次罷工將持續多久，你和我的猜測都是一樣的。但我確實提醒您，與我們業務的其他部分相比，我們在媒體和娛樂領域的業務相對較小。但毫無疑問，長期罷工可能會對該業務產生影響。

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 (Tyler Radke)。

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?

所以我想回到對本季度的看跌期權和賣出期權的評論。您談到了一些多年期 EBA 的早期擴張。我只是想澄清一下，這也是更強的擴張嗎？或者這更多是一個時間因素？

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.

然後黛比，這可能是一個有點挑剔的問題。但正如我查看固定匯率收入指引時，我認為該指引的高端表示增長 12% 以上，而上季度為 13%。我只是不確定那裡是否有變化。如果你也能對看跌期權和看跌期權發表評論的話。

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。因此，EBA 使用率很高，我們今年迄今一直在跟踪它。然而，它並不一定比我們的預期更強。因此，需要澄清的是，這實際上是時間上的差異。我們預計收入將在第四季度實現，而它在第二季度實現。但事實上，我們的客戶使用的量超出了他們的預期，合同的開始是一件好事。只是我們一直在追踪它。我們今年迄今為止就已經知道了這一點，而且我們剛剛看到了第二季度和第四季度的發票。

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.

就恆定貨幣指導範圍而言，它確實受到四捨五入的影響。美元的變化並不重要。總體而言，業務發展總體符合我們的預期。

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。偉大的。安德魯的後續行動。因此，您談到了 Autodesk Construction 方面的一些令人鼓舞的跡象，考慮到重組，您談到了它的穩定。如何 - 也許只是提醒我們有哪些重大變化？您希望實現什麼目標？我們是否應該開始看到今年剩餘時間裡的收入開始加速？

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。很高興澄清這一點。所以看，我們在第一季度所做的是將 Autodesk Construction Solutions 銷售人員與主線銷售人員合併。這樣做的目的是長期加速該領域的業務增長，特別是在我們以設計為中心的客戶中。因此，我們希望保留 ACS 團隊的承包商和分包商權力，並將其與專注於我們的一些設計項目的團隊結合起來。我們預計這樣做會遇到一些障礙，因為你必須重新調整帳戶分配，你必須重新調整玩家以及誰負責什麼。我們已經看到許多這些障礙在第二季度得到了緩解。所以我們看到了預期模式的回歸。

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。正如我告訴過你的——正如我在開場評論中早些時候告訴過你的，當我們談論時——當我談論像俄亥俄州總承包商舒克這樣的事情時。我們正在獲勝——我們將繼續贏得這些承包商。首先，我們經常聽到的一件事是與我們的產品相關的定價可預測性，以及向他們展示一條不僅通往穩定定價模型的道路的能力，客戶真正喜歡這種模型，並且越來越多地看到項目管理的可行且強大的替代方案ACS 提供什麼，還包括設計和製造之間的集成。我預計，隨著我們繼續努力，銷售隊伍的整合將繼續進一步加速建築業務的發展。因此，朝著正確的方向前進，我們可以期待看到更多進展。

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?

偉大的。這是對 Saket 的第一個問題的旋轉，但它與季度有關，而不一定與指南有關。但當我們審視本季度的優異表現時，會發現這是我們許多季度以來所見過的百分比和絕對值的最大表現。您能否幫我們分析一下 EBA 實力的大小或外匯類型的好處（如果有的話）？

The biggest driver of the beat came from the EBAs.

這一節拍的最大推動力來自 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。完美的。然後，Andrew 對 Innovyze 的更新感到好奇。今年年初，我認為有一種觀點認為，下水道項目和供水項目的資金還沒有完全開始流動，這並不是雙關語，但也許我們會看到事情在下半年開始開放，或者明年。現在還是這樣嗎？我猜你在看什麼？

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，對吧，你得到的只是越來越多的證據，表明大多數地區和城市需要重新評估其水管理，包括污水水平和處理水平基礎設施。所以這從根本上沒有改變。我們還沒有看到項目的增加——實際上在該領域啟動了項目。但我們看到的是人們在需求之前購買。因此，我們實際上在我們的 EBA 和大型客戶中看到了 Innovyze 的強大優勢，這是可能繼續推進的一些更大努力的重要先兆。但閘門還沒有打開，我這邊也沒有雙關語的意思。但我們仍然看到與我們討論過的完全相同的模式。

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邁克爾·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，一對。那麼，關於您之前提出的 EBA 續約評論，您能否讓我們了解一下那裡的類似變化，無論客戶總體上是否擴大規模、延長合同期限，這是什麼樣子的？

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.

因此需要澄清的是，這些合同並不是續籤的合同。我們預計這些合同將按照正常週期在第四季度續簽。所發生的情況是，這些客戶一直在使用其原始合同中規定的使用量。因此，我們在第二季度看到的是過度使用的賬單與原始合同的賬單。但我們仍然預計更新將在第四季度進行。

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。我剛才一定是聽錯了。那麼，對於過度使用的情緒，您預計這種趨勢會在今年剩餘時間內持續下去嗎？您認為是什麼導致了過度使用？

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。我們認為這是一個非常積極的信號，我們的客戶要求提前付款，因為他們使用我們產品的次數超出了他們的預期，並且他們使用了廣泛的產品組合。

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.

我要說的另一件事是這些合同最初簽署時內置的用法。請記住，這是三年前，當時大流行剛剛開始。因此，考慮到續訂這些合同的環境，這些合同的使用量可能會稍低一些。因此，當我們開始擺脫大流行的影響時，我們看到越來越多的使用。我們已經談到了 Autodesk 的廣泛使用情況，而且我們的 EBA 也是一個很好的領先指標，而且這種使用情況正在持續增加。我沒有水晶球，邁克爾。但願我做了，可惜我沒有。我可以肯定地告訴您，今年下半年的使用量將繼續上升，但我們當然充滿希望，並且所有跡像都朝著這個方向發展。

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

因此，我認為本季度迄今為止的趨勢與第二季度是一致的。

Sorry, I didn't hear.

抱歉，我沒聽到。

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

您對持續趨勢的最後評論是對這一趨勢的解釋，即從第二季度到本季度使用量增加。

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.

目前我們不對第三季度發表評論。總體而言，我們在第二季度的 EBA 中看到的表現非常強勁，我們希望這種情況能夠持續下去。

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馬特·赫德伯格（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?

恭喜這裡的穩定。真的，真的很高興看到。也許，黛比，對你來說，也許我錯過了，但現金流——自由現金流明顯好於我們本季度的預期。我知道你不按季度指導。所以也許只是——再說一次，也許我錯過了，但更多的是為什麼本季度自由現金流如此強勁？當我們考慮第三季度、第四季度的線性時，您將全年的低端部分提高了一點。我們應該如何看待第三季度和第四季度之間的這種劃分？

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。因此，第二季度表現強勁，主要是因為我一直在談論的 EBA 賬單的時間安排以及一些有利的季度線性。所以我們看到的線性比我們預期的要好。然後，當我們回顧今年下半年時，下半年的自由現金流將顯著加權到第四季度。我已經指出聯邦納稅延期對上半年的自由現金流產生了積極影響，並將對第三季度產生負面影響。總體而言，我們仍然預計 24 財年將成為從預付年度賬單過渡期間自由現金流的低谷。

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?

偉大的。然後，安德魯，對你來說，跟進之前關於你的業務分割的問題，顯然，這是一個極其多元化的模式。但我想關於商業房地產的風險敞口，我知道很難給出你在那裡的風險敞口的準確百分比。但從廣義上講，我們一直被問到，歐特克在該類別中的業務有哪些。我們應該如何看待 Autodesk 在 CRE 市場中的表現？

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，你不應該這樣做，好嗎？這是我們在住房危機期間進行的一些對話，例如，我們應該如何考慮與住房相關的 Autodesk。問題是，你不應該這樣做，好嗎？我們的客戶群中需要構建和重建的東西數量巨大，好嗎？他們目前不具備實際解決所有正在發生的事情的能力，無論是人員方面、資金方面還是能力方面。因此，該行業的動力轉向其他領域。現在，即使你看看商業房地產，人們仍在重新配置該細分市場內的商業房地產，以便使其對不斷縮小的租戶更具吸引力，或者將該空間重新用於其他用途。但就與 Autodesk 的接觸而言，你必須小心不要誇大這一點，因為錢總是流向其他地方。其他領域總是有很多工作要做。這僅僅意味著傳統上競標商業房地產項目的人們現在正在競標並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?

偉大的。 Andrew，我們不斷從您的客戶和合作夥伴那裡聽到有關您創新和增強許多已購資產（無論是 Alias、PlanGrid 等）的能力的好評。您能否提醒我們您對未來併購的看法以及您的併購理念？也許您從之前的交易中吸取了哪些教訓？

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。所以我們是一家收購型公司。我們將繼續成為一家收購型公司。我們總是喜歡環境對收購更具吸引力，但我們始終希望確保潛在收購在戰略上與我們的優先事項保持一致。這意味著它要么加速了我們目前正在開展的一項工作，要么將我們帶入了一個我們尚未開展但我們認為具有吸引力的領域。時機也很重要，因為什麼時機適合我們做這些事情，我們可以讓業務合理地專注於重要的事情，而不是試圖同時兼顧 18 個球，對嗎？但我們將繼續進行收購，我們擁有現金流和資產負債表能力，可以在戰略調整和擴張方面做任何我們需要做的事情，我們有興趣繼續前進。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.

在學習方面，你看，你總是在學習，你可以更快地整合一些後台，好嗎？在所有這些事情中，有一個關鍵的教訓是更快地集成銷售和後台基礎設施，並且您的速度更快。

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.

那裡超級有幫助。就另一個話題而言，您能否談談您在 A&E 客戶中看到的與招聘相關的情況。我知道這些客戶中的許多人在過去幾年中都遇到了人才短缺的問題。您是否看到這裡有任何關於 A&E 客戶招聘方面的寬鬆或任何其他一般性評論。

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。這取決於行業。但老實說，在建築和製造領域，您會發現他們仍然面臨招聘方面的挑戰，對嗎？我們從他們那裡聽到的最重要的事情之一是他們不僅有能力發現而且留住人才，尤其是合格的人才。因此，招聘仍然是我們客戶執行方面（主要是製造方面）的一個問題。

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?

偉大的。對我來說只是一個快速的。當我們思考時——我想黛比，你提到的新客戶的疲軟與你們所看到的情況是一致的。但只是想確保，相對於上個季度，我認為你們已經消除了一些正常化的氣穴。我們應該如何看待本季度在增加新替補方面的表現？

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、新訂閱者、業務勢頭與上季度相似。我們談到了與上季度一致的領先指標、不斷增長的使用量、BuildingConnected 上創紀錄的出價活動以及我們渠道合作夥伴的謹慎樂觀態度。除此之外，我想補充一點，我們的區域表現與我們幾個季度所看到的表現大致相似。包括企業和電子商店以及印度在內的直接業務實際上對我們來說是亮點，但它們被中國等一些更艱難的地區以及我們在媒體和娛樂中談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.

知道了。然後我意識到也許這只是一個非常小的細微差別。但我認為上個季度，你們看到了一些下滑，然後在新的子項目添加方面有所恢復。我想當你說它與上季度一致時，它是否與退出或整個季度的動態更一致，平均可能比預期要輕一些。

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.

因此，請記住我們上個季度所說的是，在我們停止預先銷售多年期合同後，我們看到了輕微的下滑，但隨著我們退出本季度和進入第二季度初，我們看到了這一點，並且我們在整個第二季度都看到了這種情況。

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的 Nay Soe Naing。

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?

剛剛收到我的一個簡短的問題。回到早期——好於預期或早於預期的 EBA 續訂，我想知道如果我們排除本季度的影響，AEC 的表現，我們是否會看到增長水平的變化，因為過去幾個季度我們看到的是增長率逐漸下降。所以我想知道，如果我們沒有提前更新 EBA，AEC 細分市場的增長率是否會進一步放緩？或者與第一季度相比我們會看到一些上升嗎？

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.

因此，我們討論的 EBA 的早期賬單是推動收入超過我們指南的原因。但是，當你考慮一下與我們的 AEC 業務總量相比，以美元計算的優勢時，AEC 業務的規模要大得多。因此，它並不是我們在 AEC 中看到的整體趨勢的主要驅動力，但它是節拍的驅動力。

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帕特里克·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?

這是史蒂夫·圖薩的帕特。所以黛比可能只需要幾個。您談到了那裡指導性加薪的移動部分的銷售情況。我想就自由現金流中點而言，我知道這只是一個很小的數字，但加薪的驅動因素是什麼？然後在每股收益方面——調整後的每股收益指導上調，還有大約 2500 萬美元的其他收入。這僅僅是您在序言中提到的現金利息帶來的好處嗎？

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。因此，從現金開始，這是由於我們在第二季度看到的表現。因此，我在本次問答環節早些時候談到了我們在第二季度看到的 EBA 賬單以及有利的季度線性。因此，這些是您在我們的現金流量指引中看到的差異的驅動因素。然後就每股收益而言。其他收入是由於我們的現金餘額利息收入增加所致。

Does that flow through to cash flow?

這會轉化為現金流嗎？

In part, it well, yes, yes.

在某種程度上，它很好，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。抱歉，我的第二個問題是關於現金流。您認為第三季度的自由現金流是負數還是正數？你說我認為下半年第四季度的權重很大，我認為這與你之前對上季度的評論類似。但我想你當時也認為也許第二季度和第三季度可能會出現負數。鑑於該現金項目從上半年推至第三季度的影響，您是否認為第三季度自由現金流將為負值？

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.

我們不會按季度指導我們的自由現金流，但我會盡力提供幫助。我只想重申一些評論。因此請記住，下半年的自由現金流將在第四季度得到顯著的權重。其中最大的推動因素是我們聯邦納稅的延長，這對上半年產生了積極影響，但將對第三季度產生負面影響。因此，在將模型組合在一起時請考慮這一點。

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。這就是我們今天問答的全部時間。現在我想請西蒙·梅斯·史密斯（Simon Mays-Smith）致閉幕詞。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，謝謝大家今天的加入。我們期待在 11 月份的第三季度財報電話會議上向您通報我們的最新進展。我期待著屆時與您交談。太感謝了。

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。