Autodesk Inc (ADSK) 2024 Q3 法說會逐字稿

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

感謝您的耐心等待，歡迎參加 Autodesk 2024 財年第三季財報電話會議。 （操作員說明）

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

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。請繼續。

Thanks, operator, and good afternoon. Thank you for joining our conference call to discuss the third quarter results of Autodesk's fiscal '24. On the line with me are Andrew Anagnost, our CEO, and Debbie Clifford, our CFO.

謝謝接線員，下午好。感謝您參加我們的電話會議，討論 Autodesk '24 財年第三季業績。和我一起在線的是我們的執行長安德魯·阿納諾斯特 (Andrew Anagnost) 和我們的財務長黛比·克利福德 (Debbie Clifford)。

Today's conference call is being broadcast live via webcast. In addition, a replay of the call will be available at autodesk.com/investor. Following this call, you can find the earnings press release, slide presentation and transcript of today's opening commentary on our Investor Relations website.

今天的電話會議透過網路直播進行直播。此外，電話會議的重播將在 autodesk.com/investor 上提供。在本次電話會議之後，您可以在我們的投資者關係網站上找到收益新聞稿、幻燈片簡報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、商業模式和策略做出前瞻性陳述。這些陳述反映了我們根據目前已知因素所做的最佳判斷。實際事件或結果可能有重大差異。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，以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，電話會議期間所做的前瞻性聲明均已發布。如果今天之後重播或查看此通話，則通話期間提供的資訊可能不包含當前或準確的資訊。 Autodesk 不承擔更新或修改任何前瞻性聲明的義務。

We will quote several numeric or growth changes during this call 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 are available on our Investor Relations website.

在討論我們的財務表現時，我們將在本次電話會議中引用一些數字或成長變化。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中進行了核對，或者 Excel 財務數據和其他補充資料可在我們的投資者關係網站上取得。

And now I will turn the call over to Andrew.

現在我將把電話轉給安德魯。

Thank you, Simon, and welcome, everyone, to the call. Resilience, discipline and opportunity again underpinned Autodesk's strong financial and competitive performance despite continued macroeconomic policy and geopolitical headwinds.

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、紀律和機會再次支撐了 Autodesk 強勁的財務和競爭表現。

Renewal rates have remained strong and new business trends have been largely consistent for many quarters. Our subscription business model and our product and customer diversification enable that. It means that accelerating growth in Canada has balanced decelerating growth in the United Kingdom; that growing momentum in construction has balanced deteriorating momentum in media and entertainment; and that strength from our enterprise and smaller customers has balanced softness from medium-sized customers. Our leading indicators remain consistent with last quarter, with growing usage, record bid activity on BuildingConnected and cautious optimism from channel partners.

續訂率保持強勁，新業務趨勢在多個季度基本保持一致。我們的訂閱業務模式以及我們的產品和客戶多元化使這一點成為可能。這意味著加拿大的加速成長平衡了英國的減速成長；建築業的成長勢頭平衡了媒體和娛樂業的惡化勢頭；我們的企業和小型客戶的優勢與中型客戶的疲軟相平衡。我們的領先指標與上季保持一致，使用量不斷增長，BuildingConnected 的出價活動創紀錄以及通路合作夥伴的謹慎樂觀。

Disciplined and focused execution and strategic deployment of capital through the economic cycle enables Autodesk to realize the significant benefits of its strategy while mitigating the risk of having to make expensive catch-up investments later. As Steve said at Investor Day, we introduced a new transaction model for Flex, which gives Autodesk a more direct relationship with its customers and more closely integrates with its channel partners. We began testing the new transaction model across our product suite in Australia a couple of weeks ago. Assuming the launch proceeds as expected, in fiscal '25 and '26, we intend to transition our indirect business to the new transaction model in all our major markets globally. In the new transaction model, partners provide a quote to customers but the actual transaction happens directly between Autodesk and the customer. The new transaction model is an important step on our path to integrate more closely with our customers' workflows, enabled by, among other things, Autodesk Platform Services and our industry clouds: Fusion, Forma and Flow. Autodesk, its customers and partners will be able to build more valuable, data-driven and connected products and services in our industry clouds and on our platform. The new transaction model is consequential. Many of you will have seen other companies adopting agency models and will already understand the math. In the near term, the new transaction model results in a shift from contra revenue to operating costs that provide a tailwind to revenue growth, while being broadly neutral to operating profit and free cash flow dollars, and mechanically result in percent operating margins taking a step or 2 backwards. Over the long term, optimization enabled by this transition will provide a tailwind to revenue, operating income and free cash flow dollars, even after the cost of setting up our building platform.

在整個經濟週期中嚴格、集中的執行和資本的策略部署使 Autodesk 能夠實現其策略的顯著效益，同時降低隨後必須進行昂貴的追趕投資的風險。正如史蒂夫在投資者日上所說，我們為 Flex 引入了一種新的交易模式，這使 Autodesk 與其客​​戶建立了更直接的關係，並與其通路合作夥伴更緊密地結合。幾週前，我們開始在澳洲的產品套件中測試新的交易模型。假設啟動按預期進行，在 25 財年和 26 財年，我們打算在全球所有主要市場將我們的間接業務轉變為新的交易模式。在新的交易模式中，合作夥伴向客戶提供報價，但實際交易直接在 Autodesk 和客戶之間進行。新的事務模式是我們與客戶工作流程更緊密整合的重要一步，這得益於 Autodesk 平台服務和我們的產業雲：Fusion、Forma 和 Flow。 Autodesk、其客戶和合作夥伴將能夠在我們的行業雲和平台上建立更有價值、數據驅動和互聯的產品和服務。新的交易模式是重要的。你們中的許多人都會看到其他公司採用代理模式，並且已經了解其中的數學原理。在短期內，新的交易模式導致從對銷收入轉向營運成本，這為收入成長提供了動力，同時對營運利潤和自由現金流美元大致呈中性，並機械地導致營運利潤率向前邁進了一步或向後 2 個。從長遠來看，這種轉變帶來的優化將為收入、營業收入和自由現金流帶來推動力，即使在扣除建立我們的建造平台的成本之後也是如此。

And finally, there is opportunity from developing next-generation technologies and services that deliver end-to-end digital transformation of our Design and Make customers, and enable a better world designed and made for all. I was at Autodesk University last week, alongside more than 10,000 attendees, where we announced Autodesk AI, technology we've been working on, and investing in, for years. We showed how our Design and Make platform will automate noncreative work, help customers analyze their data and surface insights and augment their work to make them more agile and creative, But there is no AI without actionable data. And that's why we're also investing in Autodesk Platform Services which are accessible, extensible and open via our APIs. Autodesk Platform Services offers several critical capabilities, but data services are the most impactful. These provide the tools that make data actionable. And at the core of our data services is the Autodesk Data Model. Think of the Autodesk Data Model as the knowledge graph that gives customers access to the design, make and project data in granular, bite-sized chunks. The data chunks are the building blocks of new automation, analysis and augmentation that will enable our customers and partners to build more valuable, data-driven and connected products and services.

最後，開發下一代技術和服務有機會為我們的設計和製造客戶提供端到端的數位轉型，並為所有人設計和製造一個更美好的世界。上週，我在 Autodesk 大學與超過 10,000 名與會者一起，在那裡我們宣布了 Autodesk AI，這是我們多年來一直致力於開發和投資的技術。我們展示了我們的設計和製造平台如何自動化非創意工作，幫助客戶分析他們的數據和表面見解，並增強他們的工作，使他們更加敏捷和創造性，但是沒有可操作的數據就沒有人工智慧。這就是為什麼我們也投資 Autodesk 平台服務，這些服務可透過我們的 API 存取、擴展和開放。 Autodesk Platform Services 提供了多項關鍵功能，但資料服務是最具影響力的。這些提供了使數據具有可操作性的工具。我們資料服務的核心是 Autodesk 資料模型。將 Autodesk 資料模型視為知識圖，客戶可以透過它以細粒度、小塊的形式存取設計、製造和專案資料。數據塊是新的自動化、分析和增強的構建塊，使我們的客戶和合作夥伴能夠建立更有價值、數據驅動和互聯的產品和服務。

Autodesk remains relentlessly curious with a propensity and desire to evolve and innovate. Time and again, well-executed transformation, from desktop to cloud, from perpetual license and maintenance to subscription, has added new growth vectors; built a more diverse and resilient business; forged broader trusted and more durable partnerships with more customers; and given Autodesk a longer run rate of growth and free cash flow generation. With our transformation from files to data and outcomes, from upfront to annual billings and from indirect to direct go-to-market motions, we are building an even brighter future with focus, purpose and optimism.

Autodesk 始終保持著不懈的好奇心，並具有發展和創新的傾向和願望。一次又一次，從桌面到雲端，從永久授權和維護到訂閱，執行得當的轉型增加了新的成長向量；建立更多元化和有彈性的業務；與更多客戶建立更廣泛、值得信賴、更持久的合作關係；並為 Autodesk 提供了更長期的成長率和自由現金流產生。隨著我們從文件到數據和結果的轉變，從預付費用到年度帳單的轉變，以及從間接進入市場行動到直接進入市場行動的轉變，我們正在以專注、目標和樂觀的態度建立一個更加光明的未來。

Our customers are also committed to transformation, and Autodesk is deploying automation to increase their success in an environment with ongoing headwinds from material scarcity, labor shortages and supply chain disruption. That commitment was reflected in Autodesk's largest-ever EBA signed during the quarter and record contributions from our construction and water verticals to our overall EBA performance.

我們的客戶也致力於轉型，Autodesk 正在部署自動化，以在材料稀缺、勞動力短缺和供應鏈中斷持續不利的環境中提高他們的成功率。這項承諾體現在 Autodesk 在本季度簽署的有史以來最大的 EBA 中，以及我們的建築和水務垂直領域對我們整體 EBA 績效的創紀錄貢獻。

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 update you 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表現和今年的指導。然後我會回來向您介紹我們的策略成長計劃的最新情況。

Thanks, Andrew. Overall market conditions and the underlying momentum of the business remained similar to the last few quarters. Our financial performance in the third quarter was strong, particularly from our EBA cohorts where incremental true-up and upfront revenue from a handful of large customers drove upside. As expected, the co-termed deal we called out in our Q1 results renewed in the third quarter with a significant uplift in deal size.

謝謝，安德魯。整體市場狀況和業務的基本動能與過去幾季相似。我們第三季的財務表現強勁，尤其是來自我們的 EBA 群體，來自少數大客戶的增量調整和預付收入推動了成長。正如預期的那樣，我們在第一季業績中提到的聯合交易在第三季得到了延續，交易規模顯著增加。

Total revenue grew 10% and 13% in constant currency. By product in constant currency: AutoCAD and AutoCAD LT revenue grew 7%; AEC revenue grew 20%; manufacturing revenue grew 9%, and in double digits excluding variances in upfront revenue; and M&E revenue was down 4%, and up high single digits percent excluding variances in upfront revenue. By region in constant currency: revenue grew 19% in the Americas; 11% in EMEA; and 3% in APAC, which still reflects the impact of last year's COVID lockdown in China.

以固定匯率計算，總營收成長 10% 和 13%。以固定匯率計算的產品：AutoCAD 和 AutoCAD LT 營收成長 7%； AEC 營收成長 20%；製造收入成長 9%，剔除預付收入差異後達到兩位數成長；機電收入下降 4%，但不計預付收入差異，則增加了高個位數百分比。以固定匯率計算的地區：美洲地區營收成長 19%；歐洲、中東和非洲地區為 11%；亞太地區為 3%，仍反映了去年中國新冠疫情封鎖的影響。

Direct revenue increased 19% and represented 38% of total revenue, up 3 percentage points from last year, benefiting from strong growth in both EBAs and the eStore.

受惠於 EBA 和 eStore 的強勁成長，直接營收成長 19%，佔總營收的 38%，比去年上升 3 個百分點。

Net revenue retention rate remained within the 100% to 110% range at constant exchange rates. The transition from upfront to annual billings for multiyear contracts is proceeding broadly as expected. We had the second full quarter impact in our third fiscal quarter, which resulted in billings declining 11%. Total deferred revenue increased 6% to $4 billion. Total RPO of $5.2 billion and current RPO of $3.5 billion both grew 12%. Excluding the tailwind from our largest ever EBA, total RPO growth decelerated modestly in Q3, as expected, when compared to Q2, mostly due to the lower mix of multiyear contracts in fiscal '24 when compared to fiscal '23.

以固定匯率計算，淨收入保留率維持在100%至110%的範圍內。多年期合約從預付費轉變為按年付費的轉變大致如預期進行。我們在第三財季受到了第二個完整季度的影響，導致帳單下降了 11%。遞延收入總額成長 6%，達到 40 億美元。總 RPO 為 52 億美元，目前 RPO 為 35 億美元，均成長了 12%。排除我們有史以來最大的EBA 帶來的推動力，與第二季度相比，第三季RPO 總成長小幅放緩，正如預期的那樣，這主要是由於與23 財年相比，24 財年的多年期合約組合較少。

Turning to the P&L. Non-GAAP gross margin remained broadly level at 93%. GAAP and non-GAAP operating margin increased, driven by revenue growth and continued cost discipline. I'd also note that costs associated with Autodesk University have shifted from the third quarter last year to the fourth quarter this year due to the timing of the event.

轉向損益表。非 GAAP 毛利率基本上維持在 93% 的水平。在收入成長和持續成本控制的推動下，公認會計原則和非公認會計原則營業利潤率增加。我還想指出，由於活動的時間安排，與 Autodesk 大學相關的費用已從去年第三季轉移到今年第四季。

Free cash flow was $13 million in the third quarter, primarily limited by the transition from upfront to annual billings for multiyear contracts and the payment of federal taxes we discussed earlier this year.

第三季的自由現金流為 1,300 萬美元，主要受到多年合約從預付賬單到年度賬單的過渡以及我們今年早些時候討論的聯邦稅支付的限制。

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 remain vigilant during this period of macroeconomic uncertainty. As you heard from Andrew, we continue to invest organically and through acquisitions in our capabilities and services, and the cloud and platform services that underpin them. We purchased approximately 500,000 shares for $112 million, at an average price of approximately $206 per share. We will continue to offset dilution from our stock-based compensation program 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。我們的策略以整個經濟週期中嚴格、集中的資本部署為基礎。在宏觀經濟不確定的時期，我們保持警覺。正如您從安德魯那裡聽到的那樣，我們繼續透過收購對我們的能力和服務以及支撐它們的雲端和平台服務進行有機投資。我們以 1.12 億美元的價格購買了大約 50 萬股股票，平均價格約為每股 206 美元。我們將繼續抵消以股票為基礎的薪酬計劃的稀釋，以在有意義的情況下伺機加速回購。

Now let me finish with guidance.

現在讓我以指導結束。

The overall headline is that our end markets and competitive performance are at the better end of the range of possible outcomes we modeled at the beginning of the year. This means the business is generally trending towards the higher end of our expectations. Incrementally, FX and co-terming have been slightly more of a headwind to billings than we expected. EBA expansions have been slightly more of a tailwind to revenue. And interest income has been slightly more of a tailwind to earnings per share and free cash flow. Against this backdrop, we are keeping our billings guidance constant while raising our revenue, earnings per share and free cash flow guidance.

總體標題是，我們的終端市場和競爭表現處於我們年初建模的可能結果範圍的較好一端。這意味著業務總體上趨向於我們預期的高端。外匯和聯合術語對帳單的不利影響逐漸超出我們的預期。 EBA 擴張對營收的推動作用略大一些。利息收入對每股盈餘和自由現金流的推動作用略大一些。在此背景下，我們維持帳單指引不變，同時提高收入、每股盈餘和自由現金流指引。

I'd like to summarize the key factors we've highlighted so far this year.

我想總結一下今年迄今為止我們強調的關鍵因素。

The comments I've made in previous quarters regarding the fiscal 2024 EBA cohort, foreign exchange movements and the impact of the switch from upfront annual billings for most multiyear customers are still applicable. We again saw some evidence of multiyear customers switching to annual contracts during the third quarter, as you'd expect, given the removal of the upfront discount. We're keeping an eye on it as we enter our significant fourth quarter. 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.

我在前幾個季度就 2024 財年 EBA 隊列、外匯變動以及大多數多年客戶從預付年度帳單轉變的影響發表的評論仍然適用。正如您所期望的那樣，鑑於取消了預付折扣，我們再次看到了一些多年期客戶在第三季轉向年度合約的證據。當我們進入重要的第四季度時，我們正在密切關注這一點。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 成長率產生負面影響。遞延收入、帳單、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，並且沒有多年合約中嵌入的價格鎖定。

Putting that all together, we now expect fiscal '24 revenue to be between $5.45 billion and $5.47 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 $1.2 billion and $1.26 billion. To reflect higher revenue guidance, we're increasing the guidance range for non-GAAP earnings per share to be between $7.43 and $7.49. Our billings guidance remains unchanged given incremental foreign exchange headwinds and the potential for further EBA co-terming in the fourth quarter.

綜上所述，我們現在預計 24 財年的營收將在 54.5 億至 54.7 億美元之間。我們預期非 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 12 億美元至 12.6 億美元之間。為了反映更高的收入指導，我們將非 GAAP 每股收益的指導範圍提高到 7.43 美元至 7.49 美元之間。鑑於外匯不利因素的增加以及第四季度 EBA 進一步合併的可能性，我們的比林斯指引保持不變。

The slide deck on our website has more details on modeling assumptions for Q4 and full year fiscal '24.

我們網站上的幻燈片提供了有關第四季度和 24 財年全年建模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've been saying all year, the path to 45% will not be linear. We've talked about all of the factors behind that over the last 3 quarters, and I think it's useful to put them all in one place here particularly as we look into fiscal '25 and '26.

我們繼續使用 40 個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 法則框架中的複合成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。正如我們一整年都在說的那樣，達到 45% 的道路不會是線性的。在過去的三個季度中，我們已經討論了背後的所有因素，我認為將它們集中到一個地方是有用的，特別是當我們研究 25 財年和 26 財年時。

First, the macroeconomic drag on new subscriber growth, a smaller EBA renewal cohort with less upfront revenue mix and the absence of EBA true-up payments are headwinds to revenue growth in fiscal '25. Slightly offsetting that, we expect our new transaction model, which Andrew discussed earlier, to be a tailwind to revenue growth in fiscal '25 and beyond. Assuming no material change in the macroeconomic, geopolitical or policy environment, we'd expect fiscal '25 revenue growth to be about 9% or more. In other words, at least around the same or more growth as we are now expecting in fiscal '24.

首先，宏觀經濟對新訂戶成長的拖累、EBA 續約群體規模較小、預付收入組合較少以及 EBA 調整付款的缺失，都是 25 財年收入成長的阻力。我們預計安德魯之前討論過的新交易模式將略微抵消這一影響，這將成為 25 財年及以後收入成長的推動力。假設宏觀經濟、地緣政治或政策環境沒有重大變化，我們預期 25 財年的營收成長約為 9% 或更高。換句話說，至少與我們現在預期的 24 財年的成長大致相同或更高。

And second, the transition to annual billings means that about $200 million of free cash flow in Q1 fiscal '24 that came from multiyear contracts built upfront will not recur in fiscal '25. This will reduce reported free cash flow growth in fiscal '25 and make underlying comparisons between the 2 years harder. If you adjust fiscal '24 free cash flow down by $200 million to make it more comparable with fiscal '25 and fiscal '26 on an underlying basis, the stacking of multiyear contracts build annually will mechanically generate significant free cash flow growth in fiscal '25 and fiscal '26. The progression from the adjusted fiscal '24 free cash flow base will be a bit more linear, although fiscal '26 free cash flow growth is expected to be faster than fiscal '25 as our largest renewal cohort converts to annual billings in that year.

其次，向年度帳單的過渡意味著 24 財年第一季來自預先建立的多年合約的約 2 億美元自由現金流將不會在 25 財年重複出現。這將減少 25 財年報告的自由現金流成長，並使這兩年之間的潛在比較更加困難。如果將'24 財年的自由現金流調整為2 億美元，使其在基礎上與'25 財年和'26 財年更具可比性，那麼每年簽訂的多年期合約的疊加將機械地在' 25 財年產生顯著的自由現金流增長和財政'26。調整後的 24 財年自由現金流基礎的進展將更加線性，儘管隨著我們最大的續訂群體在當年轉換為年度賬單，預計 26 財年自由現金流增長將快於 25 財年。

As you build your fiscal '25 quarterly and full year estimates, please pay attention to what we've said each quarter during fiscal '24. As Andrew said, our new transaction model will likely provide a tailwind to revenue growth be broadly neutral to operating profit and free cash flow dollars and be a headwind to operating margin percent. The magnitude of each will be dependent on the speed of deployment. Excluding any impact from the new transaction model, we are planning for operating margin improvement in fiscal '25. Overall, we expect first half, second half free cash flow linearity in fiscal '25 to be more normal than in fiscal '24. And we still anticipate fiscal '24 will be the free cash flow trough during our transition from upfront to annual billings for multiyear contracts.

當您制定 25 財年季度和全年預估時，請注意我們在 24 財年每季所說的內容。正如安德魯所說，我們的新交易模式可能為營收成長提供推動力，對營業利潤和自由現金流美元大體中性，並對營業利潤率產生不利影響。每個的大小將取決於部署的速度。排除新交易模式的影響，我們計劃在 25 財年提高營業利益率。整體而言，我們預計 25 財年上半年和下半年的自由現金流線性將比 24 財年更正常。我們仍然預計 24 財年將是我們從多年合約的預付款向年度帳單過渡期間自由現金流的低谷。

Per usual, we'll give fiscal '25 guidance when we report fiscal '24 results, so I don't intend to parse these comments before then.

按照慣例，當我們報告 24 財年業績時，我們將給出 25 財年指引，因此我不打算在此之前解析這些評論。

As I said at our Investor Day last March, the new normal is that there is no normal. Macroeconomic uncertainty is being compounded by geopolitical, policy, health and climate uncertainty. I'm thinking here of generational movements in monetary policy, fiscal policy, inflation, exchange rates, politics, geopolitical tension, supply chains, extreme weather events and, of course, the pandemic. These increased the number of factors outside of our control and the range of possible outcomes, which makes the operating environment harder to navigate both for Autodesk and its customers. In this context, the mechanical rebuilding of our free cash flow as we transition to annual billings for multiyear contracts gives Autodesk an enviable source of visibility and certainty.

正如我在去年三月的投資人日上所說，新常態是沒有常態。地緣政治、政策、健康和氣候的不確定性加劇了宏觀經濟的不確定性。我在這裡想到的是貨幣政策、財政政策、通貨膨脹、匯率、政治、地緣政治緊張局勢、供應鏈、極端天氣事件，當然還有疫情的世代變動。這些增加了我們無法控制的因素的數量以及可能結果的範圍，這使得 Autodesk 及其客戶更難以駕馭操作環境。在此背景下，隨著我們過渡到多年合約的年度帳單，我們自由現金流的機械重建為 Autodesk 提供了令人羨慕的可見性和確定性來源。

I hope this gives you a better understanding of why we've consistently said that the path to 45% will not be linear. But let me also reiterate this: 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.

我希望這能讓您更好地理解為什麼我們一直說通往 45% 的道路不會是線性的。但我還要重申這一點：我們正在按照這項指標管理業務，並認為它在推動營收成長和實現嚴格的利潤和現金流成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 third quarter. We continue to see good momentum in AEC, particularly in transportation, water infrastructure and construction, fueled by customers consolidating on our solutions to connect and optimize previously siloed workflows to the cloud. Market conditions remain similar to previous quarters.

謝謝你，黛比。最後，讓我向您介紹我們第三季的進展。我們繼續看到 AEC 的良好勢頭，特別是在交通、水利基礎設施和建築領域，這得益於客戶整合我們的解決方案，將先前孤立的工作流程連接和優化到雲端。市場狀況與前幾季相似。

In Q3, WSP, one of the world's leading professional services firms, closed its sixth EBA with Autodesk, a testament to our strong and enduring partnership. Leveraging the breadth of our portfolio, WSP has delivered the comprehensive range of services demanded by its clients, generate millions of dollars in pipeline across the AEC and manufacturing industries, secured bridge and groundwork contracts through automation capabilities, reduced costs through increased efficiency, and most importantly, delivered impactful results for its customers.

第三季度，世界領先的專業服務公司之一科進與 Autodesk 完成了第六次 EBA，證明了我們強大而持久的合作關係。憑藉我們廣泛的產品組合，科進提供了客戶所需的全面服務，在AEC 和製造業中產生了數百萬美元的資金，透過自動化能力確保了橋樑和基礎工程合同，透過提高效率降低了成本，重要的是，為客戶提供了有影響力的結果。

TYPSA, a global engineering and consulting firm which supports all types of infrastructure, is harnessing Autodesk solutions to bolster its sustainable development goals around clean water and sanitation, industry innovation, infrastructure and responsible consumption and production. Utilizing Autodesk's BIM Collaborate Pro, TYPSA plans to improve team collaboration through easier data exchange, fewer clashes, and more effective design reviews. Autodesk solutions are empowering TYPSA to manage, coordinate and execute projects more efficiently, thus contributing to a better quality of life through improved infrastructure.

TYPSA 是一家支援所有類型基礎設施的全球工程和顧問公司，它正在利用 Autodesk 解決方案來支持其圍繞清潔水和衛生、行業創新、基礎設施以及負責任的消費和生產的可持續發展目標。 TYPSA 計劃利用 Autodesk 的 BIM Collaborate Pro，透過更輕鬆的資料交換、更少的衝突和更有效的設計審查來改善團隊協作。 Autodesk 解決方案使 TYPSA 能夠更有效地管理、協調和執行項目，從而透過改善基礎設施為提高生活品質做出貢獻。

We are seeing growing customer interest in our complete end-to-end construction solutions, which encompass design, preconstruction and field execution to handover and into operations. Encouragingly, Autodesk Construction Cloud MAUs were again up well over 100% in the quarter.

我們看到客戶對我們完整的端到端施工解決方案越來越感興趣，其中包括設計、施工前、現場執行、移轉和營運。令人鼓舞的是，Autodesk Construction Cloud 月活躍用戶數在本季再次成長超過 100%。

In Q3, Elford, Inc., an ENR top 200 general contractor based in Ohio, selected Autodesk Construction Cloud over directly competitive offerings as its end-to-end construction platform. With our preconstruction and cost capabilities as standout differentiators, it ultimately chose Autodesk based on our level of partnership, our aligned vision and commitment to serve the evolving needs of the construction industry and the momentum our solution has demonstrated in the marketplace.

第三季度，總部位於俄亥俄州的 ENR 200 強總承包商 Elford, Inc. 在直接競爭產品中選擇了 Autodesk Construction Cloud 作為其端到端施工平台。憑藉我們的預施工和成本能力作為突出的優勢，它最終選擇了Autodesk，這是基於我們的合作夥伴關係水平、我們一致的願景和服務建築行業不斷變化的需求的承諾以及我們的解決方案在市場上展現的勢頭。

Again, these stories have a common theme: managing people, processes and data across the project 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 our industry clouds.

同樣，這些故事有一個共同的主題：在整個專案生命週期中管理人員、流程和數據，以提高效率和永續性，同時降低風險。隨著時間的推移，我們預計大多數專案都將以這種方式進行管理，並且我們仍然專注於透過我們的行業雲端實現這種轉變。

Moving on to manufacturing. We made excellent progress on our strategic initiatives. Customers continue to invest in their digital transformations and to consolidate on our Design and Make platform to grow their business and make it more resilient. For example, a global industrial company based in the U.S. is partnering with Autodesk to innovate more rapidly in its business. The customer had already standardized on Autodesk's Upchain to streamline its data and process manager within their molding technology solutions and modernize its CAM process by adopting Fusion to significantly reduce programming time and eliminate risks from legacy software.

轉向製造。我們的策略舉措取得了巨大進展。客戶繼續投資於他們的數位轉型，並鞏固我們的設計和製造平台，以發展他們的業務並使其更具彈性。例如，一家總部位於美國的全球工業公司正在與 Autodesk 合作，以更快實現業務創新。該客戶已經對 Autodesk 的 Upchain 進行了標準化，以簡化其成型技術解決方案中的資料和流程管理器，並透過採用 Fusion 實現 CAM 流程的現代化，從而顯著縮短編程時間並消除遺留軟體的風險。

During Q3, it renewed its EBA with Autodesk and plans to broaden its use of Upchain, Vault and Fusion. It is exploring Fusion's ability to enhance process management and its digital threat initiatives, which focus on product life cycle management, closed-loop quality, sustainability design, service life cycle management and supplier insight. Fusion continues to provide an easy on-ramp into our cloud ecosystem for existing and new customers. For example, a leading manufacturer for the agriculture industry is migrating from network licenses to named users and complementing those subscriptions with Flex tokens to maximize value and access for occasional users. As it digitizes its factories and create digital twins for its global facilities, it will use Flex to explore Autodesk's most advanced technology, like Fusion, for CAM toolpath automation and generative design. Flex provides the customer with the flexibility to scale its usage based on its needs, making sure its users have access to the right products at the right time.

第三季度，它與 Autodesk 續簽了 EBA，並計劃擴大 Upchain、Vault 和 Fusion 的使用範圍。它正在探索 Fusion 增強流程管理及其數位威脅計劃的能力，重點關注產品生命週期管理、閉環品質、永續性設計、服務生命週期管理和供應商洞察。 Fusion 繼續為現有和新客戶提供進入我們的雲端生態系統的便利通道。例如，一家領先的農業製造商正在從網路授權遷移到指定用戶，並使用 Flex 代幣補充這些訂閱，以最大限度地提高臨時用戶的價值和存取權限。在工廠數位化並為其全球設施創建數位孿生的過程中，它將使用 Flex 探索 Autodesk 最先進的技術，例如 Fusion，用於 CAM 刀具路徑自動化和衍生式設計。 Flex 為客戶提供了根據其需求靈活擴展其使用範圍的能力，確保使用者能夠在正確的時間存取正確的產品。

Fusion continues to grow strongly, ending the quarter with 241,000 subscribers, as more customers connect more workflows in the cloud to drive efficiency, sustainability and resilience.

Fusion 繼續強勁成長，隨著越來越多的客戶在雲端連接更多工作流程以提高效率、永續性和彈性，本季末訂閱用戶數量達到 241,000 名。

In automotive, we continue to grow our footprint beyond the design studio into manufacturing and connected factories. In Q3, a leading automotive manufacturer renewed and expanded its EBA by more than 50%. In addition to its existing usage of Alias for concept design, modeling and design evaluation, the customer is replacing an internal tool with VRED for lighting simulation. In the future, it will implement Flow Production Tracking to improve and accelerate project communication and collaboration across departments and expand its use of Autodesk's integrated factory modeling to optimize factory layouts and enhance operational performance.

在汽車領域，我們不斷將業務範圍從設計工作室擴展到製造和互聯工廠。第三季度，一家領先的汽車製造商更新並擴大了其 EBA 超過 50%。除了現有使用 Alias 進行概念設計、建模和設計評估之外，客戶還使用 VRED 取代內部工具進行照明模擬。未來，它將實施Flow Production Tracking，以改善和加速跨部門的專案溝通和協作，並擴大對Autodesk整合工廠建模的使用，以優化工廠佈局並提高營運績效。

In education, we are preparing future engineers to drive innovation through next-generation design, analysis and manufacturing solutions. For example, our partnership with Penn State is making a positive impact in design classes and CAM/CNC activities across the Penn State Behrend, Berks, Harrisburg and University Park campuses. PSU Harrisburg has recently adopted Fusion in its core design class and plans to integrate it into its mechanical engineering curriculum. Fusion's accessible platform allows students to seamlessly transition from CAD to CAE and CAM, enabling them to make a difference outside the classroom and in industrial applications. They have already collaborated with NASA on a generative design project for spaceflight applications, inspiring numerous projects at NASA.

在教育方面，我們正在培養未來的工程師透過下一代設計、分析和製造解決方案推動創新。例如，我們與賓州州立大學的合作關係對賓州州立大學貝倫德分校、伯克斯分校、哈里斯堡分校和大學公園校區的設計課程和 CAM/CNC 活動產生了積極影響。 PSU Harrisburg 最近在其核心設計課程中採用了 Fusion，並計劃將其整合到其機械工程課程中。 Fusion 的無障礙平台使學生能夠從 CAD 無縫過渡到 CAE 和 CAM，使他們能夠在課堂之外和工業應用中發揮作用。他們已經與 NASA 合作進行了一個航太應用的生成設計項目，激發了 NASA 的許多項目。

And finally, we continue with our customers to ensure they are using the latest and most secure versions of our software. A publicly traded construction company in Japan sought to streamline software management processes and minimize compliance risks by leveraging single sign-on, SSO, and directly sync features available in our premium plan. Through a collaborative analysis of the client software usage logs, we identified instances of noncompliant usage and recommended an appropriate number of subscriptions based on usage frequency and actual requirements. This proactive approach ensured that the client has the necessary access to meet their needs while maintaining compliance.

最後，我們繼續與客戶合作，確保他們使用我們軟體的最新、最安全版本。日本一家上市建築公司尋求透過利用我們的高級計劃中提供的單一登入、SSO 和直接同步功能來簡化軟體管理流程並最大程度地降低合規風險。透過對客戶端軟體使用日誌的協作分析，我們發現了不合規的使用情況，並根據使用頻率和實際需求推薦了適當的訂閱數量。這種主動的方法確保客戶擁有必要的存取權限來滿足其需求，同時保持合規性。

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; and innovative business models and trusted partnerships. Autodesk remains relentlessly curious, with a propensity and desire to evolve and innovate. We are building the future with focus, purpose and optimism.

多年來，我們一直透過產業雲中的互聯數據、團隊和工作流程為建立企業級人工智慧奠定基礎；即時、身臨其境的體驗；共享可擴展且可信賴的平台服務；以及創新的商業模式和值得信賴的合作關係。 Autodesk 始終保持著不懈的好奇心，並具有發展和創新的傾向和願望。我們正以專注、目標和樂觀的態度建立未來。

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. Andrew, maybe for you. Lots of talk about here, right, particularly with the new transaction model. Maybe the right first question here would be, why is this new model, I guess, as consequential as you said in your prepared remarks? Any color there you can add?

好的。偉大的。安德魯，也許適合你。這裡有很多討論，對吧，特別是新的交易模式。也許正確的第一個問題是，我想為什麼這個新模型像您在準備好的演講中所說的那麼重要？您可以添加任何顏色嗎？

Yes, absolutely. Let me start, Saket, by saying, first, the business is super resilient. We're built through resilience, and this is really showing up in these results in this round as well. And that's going to continue into the future. When we talk about this new transaction model, I think it's important to back up and talking about what we're trying to do with our customers and the journey we've been on. We are trying to do no less than move all of our customers to cloud-based life cycle solutions powered by AI that connect their design and make processes in a way that they've never had connected before.

是的，一點沒錯。 Saket，我首先要說的是，首先，該業務具有超強的彈性。我們是透過韌性而建立的，這也確實體現在本輪的結果中。這種情況將持續到未來。當我們談論這種新的交易模式時，我認為重要的是要支持並談論我們正在努力與客戶一起做的事情以及我們一直在經歷的旅程。我們正在努力將所有客戶轉移到由人工智慧支援的基於雲端的生命週期解決方案，以一種他們以前從未連接過的方式連接他們的設計和製造流程。

Now to do that, you absolutely cannot use 40-year-old systems and business models. So we've been on this relentless journey to modernize the company. We started moving from developing cloud-based products to subscription models, to annualized billings. I mean you've seen journey after journey here to modernize the company. This is the next step and one of the most important steps in modernizing the company so that we have the kind of relationship with our customers that actually matches the kind of technology we're delivering to them. So through this, we're not only going to have direct engagement with our customers through the products they use in the cloud, we're going to have direct engagements with them as a customer, as an account.

現在要做到這一點，你絕對不能使用40年前的系統和商業模式。因此，我們一直堅持不懈地實現公司現代化。我們開始從開發基於雲端的產品轉向訂閱模式，再轉向按年計費。我的意思是，您在這裡經歷了一次又一次的公司現代化之旅。這是公司現代化的下一步，也是最重要的步驟之一，以便我們與客戶建立真正與我們提供給他們的技術相匹配的關係。因此，透過這個，我們不僅將透過客戶在雲端中使用的產品與他們直接互動，我們還將作為客戶、帳戶與他們直接互動。

We're going to understand them at the account level and as an entity, not just as a collection of transactions passed through several tiers. And that's really important. Because that will not only give us more information about our customers, it will help us give more information to our partners about our customers and understand them significantly better. And it will wrap up the whole solution and business model and capabilities in one package.

我們將在帳戶層級並作為一個實體來理解它們，而不僅僅是透過多個層的交易集合。這真的很重要。因為這不僅可以為我們提供更多有關客戶的信息，還可以幫助我們向合作夥伴提供更多有關客戶的信息，並更好地了解他們。它將整個解決方案、業務模型和功能封裝在一個包中。

The other really consequential thing here is our partner network has to move from transaction-focused partners to solution-focused partners. They are going to be incredibly important on the front lines in helping our customers deploy and integrate new design to make (sic) [Design and Make] solutions in the cloud. And this is going to be part of that transition for them. So yes, it is very consequential. And it's part and parcel of a long stream of modernizations we've been working on for a while, and I do think it's very significant.

另一個真正重要的事情是我們的合作夥伴網路必須從以交易為中心的合作夥伴轉變為以解決方案為中心的合作夥伴。他們在幫助我們的客戶部署和整合新設計以在雲端製作（原文如此）[設計和製造]解決方案方面將在第一線發揮極其重要的作用。這將成為他們轉型的一部分。所以是的，這是非常重要的。這是我們一段時間以來一直致力於的現代化進程的重要組成部分，我確實認為它非常重要。

Got it. No, absolutely. It sounds very strategic. Debbie, maybe for my follow-up for you. I know you said you wouldn't parse out your comments on fiscal '25. But could we maybe parse out those comments for fiscal '25 just a bit kind of given some of the moving parts? Sorry to ask, but...

知道了。不，絕對是。聽起來很有戰略意義。黛比，也許是我對你的後續行動。我知道您說過您不會解析您對 25 財年的評論。但是，考慮到一些變化的部分，我們是否可以稍微解析一下 25 財年的這些評論？很抱歉問，但是...

There are indeed a lot of moving parts, Saket. So thanks for the question. I know that's the question that everyone wants to ask. I'm not going to parse all the details, but I'll just highlight some of the things that we called out in the opening commentary. Those things are the non-recurrence of EBA upfront and true-up revenue, FX and the macro drag on new subscriber growth. These are all things that are headwinds to revenue growth next year. .

確實有很多活動部件，Saket。謝謝你的提問。我知道這是每個人都想問的問題。我不會解析所有細節，但我只會強調我們在開場評論中指出的一些事情。這些因素包括 EBA 預付和調整收入、外匯以及對新用戶成長的宏觀拖累。這些都是明年營收成長的阻力。 。

We also talked about the impact depending on the timing of this move to a new transaction model. That's going to be a tailwind to revenue. It will be margin and cash flow dollar neutral and is a headwind to margin percent. We'll give you all the details on this in February per the usual. But remember, what we're really trying to do is set ourselves up for success over the long term.

我們也討論了轉向新交易模式的時間所帶來的影響。這將成為收入的推動力。利潤率和現金流量將保持中性，並且對利潤率構成阻力。我們將在二月份照常向您提供有關此問題的所有詳細資訊。但請記住，我們真正想做的是為長期成功做好準備。

Our next question comes from the line of Jay Vleeschhouwer of Griffin Securities.

我們的下一個問題來自格里芬證券公司的 Jay Vleeschhouwer。

So on fiscal '25, following up on Saket's question, at the analyst meeting earlier this year, Debbie, you showed a chart depicting sustainable double-digit growth for Autodesk of 10% to 15%. Based on a combination of various price and volume components, are you still adhering to that plethora of price and volume sources of growth? Or have you changed your thinking in terms of the magnitude or mix of those sources of growth over time?

因此，在 25 財年，在今年早些時候的分析師會議上，黛比，根據 Saket 的問題，您展示了一張圖表，描繪了 Autodesk 10% 至 15% 的可持續兩位數增長。基於各種價格和數量組成部分的組合，您是否仍然堅持過多的價格和數量增長來源？或者，隨著時間的推移，您對這些成長來源的規模或組合的看法是否改變了？

We are still targeting those sources of growth, Jay, as well as targeting the growth parameters of 10 to 15 points of revenue growth. Really what we're dealing with is this uncertain environment. And based on what we know today and assuming that market conditions are similar to what we've seen over the last several quarters, we do see revenue growth next year of about 9% or more. And what's driving that is really all those puts and takes that I talked about in the opening commentary. It's really important to remember that what we're trying to do is set ourselves up for success over the long term.

Jay，我們仍然以這些成長源為目標，並以營收成長 10 至 15 個百分點的成長參數為目標。我們真正面臨的是這種不確定的環境。根據我們今天所了解的情況，並假設市場狀況與過去幾季的情況相似，我們確實預計明年的營收成長約為 9% 或更高。推動這一趨勢的實際上是我在開場評論中談到的所有這些看跌期權和接受期權。重要的是要記住，我們正在努力做的是為長期成功做好準備。

Andrew, for you, following up on AU last week. There were a number of quite interesting and useful sessions on our road maps and product plans, particularly on AUC and more broadly with regard to the data model. So let me ask you an unavoidably complex question about that. So when you think about the role of what you call granular data, does that ultimately affect as you implement that, the packaging or composition or consumption of the software? And you also gave quite detailed description of where you're going with ACC and Build and AC generally. But there's no time line in any of those presentations. So how are you thinking about the GA of much of what you talked about last week at AU in terms of making commercial a very large set of new technology features, particularly for AC?

安德魯，對你來說，上週對 AU 的跟進。關於我們的路線圖和產品計劃，特別是 AUC 以及更廣泛的資料模型方面，有許多非常有趣且有用的會議。因此，讓我問你一個不可避免的複雜問題。因此，當您考慮所謂的粒度資料的作用時，這最終會影響您實現該軟體的打包、組成或使用嗎？您也非常詳細地描述了 ACC、Build 和 AC 的整體用途。但這些演示中都沒有時間表。那麼，您如何看待您上週在 AU 談到的將大量新技術功能（尤其是 AC）商業化的 GA 內容？

Yes. Okay. So let me tackle that with the first thing around the granular data. So ultimately, as you journey down this path, what does happen is the way the product operates, all the products, Forma in particular in terms of how it interacts with Revit and ultimately how those 2 blend together, they do become an environment that looks very much like the Fusion environment. And that environment is very different, as you know, than what it currently exists in most of the white -- the mainstream usage of our agency products. So yes, granular data ultimately leads to a different way that people consume and use the products in a different paradigm for which they actually engage with the product every day. So that's clear, okay? .

是的。好的。因此，讓我先圍繞粒度數據來解決這個問題。因此，最終，當您沿著這條道路前進時，確實發生的是產品的運作方式，所有產品，尤其是Forma 與Revit 的交互方式，以及最終這兩者如何融合在一起，它們確實成為一個看起來像的環境非常喜歡 Fusion 環境。如您所知，這種環境與目前大多數白人（我們代理產品的主流使用）中存在的環境非常不同。所以，是的，細粒度數據最終會導致人們以不同的方式消費和使用產品，而他們每天實際上都在與產品互動。這樣就清楚了，好嗎？ 。

Time line, I don't know exactly which presentation you're in. I suspect given your questions, you are in the more longer-term time line presentation. So a lot of stuff you saw there was over a 2- to 5-year time frame, but a lot of that is going to show up in the 2- to 3-year time frame associated with some of the things you heard. Now I think it's kind of obvious to tell which ones were towards the earlier part of that spectrum rather to the later part of that spectrum.

時間線，我不知道你到底在哪個簡報中。鑑於你的問題，我懷疑你在更長期的時間軸簡報中。因此，您看到的內容很多都超過了 2 到 5 年的時間範圍，但其中許多內容將在 2 到 3 年的時間範圍內出現，與您聽到的一些內容相關。現在我認為很明顯可以看出哪些是針對該頻譜的早期部分而不是該頻譜的後期部分。

Turning some of these solutions over into infrastructure solutions and combining them with some of our infrastructure stuff, probably towards the later end. Getting the data more granular, uniting detailed design and conceptual design, and Forma probably much more closer. That kind of expectation you can have with those road maps.

將其中一些解決方案轉變為基礎設施解決方案，並將它們與我們的一些基礎設施相結合，可能會在後期進行。讓資料更細化，將詳細設計和概念設計結合起來，Forma 可能會更加接近。你可以對這些路線圖抱持這樣的期望。

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 for Debbie, just on the multiyear to annual billings transition. Maybe just if you could just remind us kind of where we are overall in the process relative to expectations. And I do know that there are still some smaller cohorts that have yet to transition and just curious kind of where we are for those and if that's going to take place next year. Or is that still kind of in process?

驚人的。也許對黛比來說，只是在多年到年度帳單的過渡上。也許你能提醒我們，我們在這個過程中相對於期望的整體狀況。我確實知道，仍然有一些較小的群體尚未過渡，只是好奇我們在這些群體中處於什麼位置，以及明年是否會發生這種情況。或者這還在進行中嗎？

Sure. Thanks. The rollout is going well. We're a couple of quarters in. The systems are working. Customers and partners are behaving pretty much as we expected. So overall, the performance is in line with our expectations.

當然。謝謝。推出進展順利。我們已經幾個季度了。系統正在運行。客戶和合作夥伴的表現與我們的預期基本一致。所以整體來說，表現符合我們的預期。

I think the key thing is, remember, we're kind of at the beginning of this journey. This is going to be a 3-year journey. So we're going to have a mechanical rebuild of free cash flow as we get into next year, fiscal '25, and also in fiscal '26. So some of the comments that I made on the call are important, and that is helping you think about how to normalize our fiscal '24 cash flow headed into fiscal '25.

我認為關鍵是，記住，我們正處於這段旅程的開始。這將是一個為期3年的旅程。因此，當我們進入明年、25 財年以及 26 財年時，我們將對自由現金流進行機械重建。因此，我在電話會議上發表的一些評論很重要，這有助於您思考如何使我們的 24 財年現金流正常化到 25 財年。

So we're moving that $200 million at the beginning of fiscal '24 as we head into fiscal '25. And then broadly, the fact that we'll have bigger cohorts coming up for renewal in fiscal '26, which drives faster growth in free cash flow in that period. So overall, things are going well, and we're at this interesting point where we expect to see mechanical rebuilding of free cash flow from here.

因此，當我們進入 25 財年時，我們將在 24 財年年初轉移這 2 億美元。從廣義上講，我們將有更多的人在 26 財年進行更新，這將推動該時期自由現金流的更快成長。總的來說，一切進展順利，我們正處於這個有趣的時刻，我們預計會看到自由現金流的機械重建。

Got it. And maybe just a second question. Interesting AI announcements with Autodesk AI back at AU last week. Any commentary on how to think about any price uplift from those solutions.

知道了。也許只是第二個問題。 Autodesk AI 上週在 AU 上發布了有趣的 AI 公告。關於如何考慮這些解決方案帶來的價格上漲的任何評論。

Yes. So I'll take that one, Adam. Look, some of these features are already and will be delivered through our existing products. However, there are new models we'll be exploring with some of these capabilities. Obviously, it's a little too early to talk about actual monetization. But I do think some of the things you're seeing with Microsoft right now are quite interesting where highly evolved large models, which we have not yet deployed out in the market, are offered up to individual customers as a, "Here's your model. Now you train it, you custom train it and extend it with your data." Those kind of models are going to be very interesting in the future and really look like possibilities that we'll probably explore and look at as we move forward. But for now, a lot of this functionality is going to end up integrated with the existing products, as it has been for the last several years.

是的。所以我就選那個，亞當。看，其中一些功能已經並將透過我們現有的產品提供。然而，我們將探索具有其中一些功能的新模型。顯然，現在談論實際的貨幣化還為時過早。但我確實認為您現在在微軟看到的一些事情非常有趣，其中高度發展的大型模型（我們尚未在市場上部署）以“這是您的模型”的形式提供給個人客戶。現在你訓練它，定制訓練它並用你的數據擴展它。”這些模型在未來將會非常有趣，並且看起來確實是我們在前進過程中可能會探索和研究的可能性。但就目前而言，許多功能最終將與現有產品集成，就像過去幾年一樣。

Next question comes from the line of Joe Vruwink of Baird.

下一個問題來自 Baird 的 Joe Vruwink。

Great. Maybe just a follow-up on that last question. Andrew, like you said, AI and automation is not new at Autodesk. But I did think the messaging was maybe a little more exact and pointed just as it pertains to the cloud data strategy and how that really is the gateway to future AI capabilities that Autodesk how customers need to be thinking about this. So my question is just curious to hear any feedback from customers on this approach and maybe levels of resistance or buy-in. You've started to hear just pertaining the customers kind of pooling their data and Autodesk ends up being the aggregator of industry information.

偉大的。也許只是最後一個問題的後續。 Andrew，正如您所說，人工智慧和自動化對 Autodesk 來說並不新鮮。但我確實認為這種資訊可能更準確、更明確，因為它涉及雲端數據策略，以及它如何真正成為通往未來人工智慧功能的門戶，歐特克客戶需要如何思考這一點。所以我的問題只是想聽聽客戶對這種方法的任何回饋，以及可能的抵抗或支持程度。您已經開始聽到有關客戶匯集其數據的說法，而 Autodesk 最終成為行業資訊的聚合者。

Yes. So look, we have a very strong point of view on ethical and high trust use of data, and we intend to continue to pursue that with our customers and take a broad and strong stance around, "Look, it's your data. We're going to work with you to use it appropriately for things that make the whole ecosystem better. We're going to do it in a way that's trusted. And we're also going to work with you in a way that allows you to preserve the IP that you think is important to you that does not become part of the entire ecosystem."

是的。所以看，我們對數據的道德和高度信任使用有著非常強烈的觀點，我們打算繼續與我們的客戶一起追求這一點，並採取廣泛而堅定的立場，「看，這是你的數據。我們是我們將與您合作，適當地使用它來使整個生態系統變得更好。我們將以值得信賴的方式來做這件事。我們還將以一種允許您保護生態系統的方式與您合作。你認為對你很重要的知識產權不會成為整個生態系統的一部分。”

So this is a conversation I have with many, many customers. Most obviously recognize the trade-off between massive amounts of productivity in terms of automating model creation and some of the benefits there. So they want to participate in ways that actually make sense for them and that maintain the trust and integrity that we're looking to do. So look for us to handle this in exactly that matter as we move forward.

這是我與很多很多客戶的對話。最明顯的是，人們認識到自動化模型創建方面的大量生產力與其中的一些好處之間的權衡。因此，他們希望以對他們真正有意義的方式參與，並保持我們希望做到的信任和誠信。因此，期待我們在前進的過程中解決這個問題。

Okay. Great. And then I'm going to take my best shot at FY '25 question as well. But I think maybe 2 points of clarification or additional information. So Debbie, just on kind of the known headwind to free cash flow next year because of the long-term deferreds that happened to hit in this year. Can you reconcile that with the normal seasonality comment? Should we be removing that and then thinking about modeling normal seasonality? Part A. And then, part B, you've talked about currency a lot is having impacts on some of these numbers. And I would imagine just given what's on the balance sheet, you probably have a good sense of what currency will be next year. How does currency factor into that 9%-plus revenue growth rate you provided?

好的。偉大的。然後我也將盡力解答 25 財年的問題。但我認為也許有兩點需要澄清或補充資訊。因此，黛比，由於今年碰巧發生了長期延期，明年的自由現金流面臨已知的阻力。您能否將其與正常的季節性評論相一致？我們是否應該刪除它，然後考慮對正常季節性進行建模？ A 部分。然後，B 部分，您多次談到貨幣對其中一些數字的影響。我想只要考慮到資產負債表上的內容，您可能就很清楚明年的貨幣是什麼。您提供的 9% 以上的收入成長率如何影響貨幣因素？

Sure. Thanks, Joe. So on the first question, I think you're thinking about it in a reasonable way. So take out the $200 million and then it should have a more reasonable -- that will give you more reasonable modeling expectations as you think about modeling fiscal '25 and beyond. And then on currency, gosh, it's really been all over the place. I think everybody has been seeing that. What we see right now is that it would be a headwind for us as we head into next year. But given the volatility, I think it really could go either way. But based on what we're seeing right now, it is a headwind to revenue growth next year.

當然。謝謝，喬。所以關於第一個問題，我認為你的思考是合理的。因此，拿出 2 億美元，然後它應該有一個更合理的——當您考慮對 25 財年及以後的財務進行建模時，這將為您提供更合理的建模預期。然後在貨幣方面，天哪，真是到處都是。我想每個人都已經看到了這一點。我們現在看到的是，當我們進入明年時，這對我們來說將是一個阻力。但考慮到波動性，我認為這兩種情況都可能發生。但根據我們現在所看到的情況，這對明年的收入成長來說是一個阻力。

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)。

Okay. Great. Andrew, you talked about some record contribution from the construction side of the business, I think, broadly, but also within the EBAs. Could you elaborate within Autodesk Construction Cloud what are the strongest areas you're seeing customers of that?

好的。偉大的。 Andrew，您談到了業務建設方面的一些創紀錄的貢獻，我認為，廣泛而言，而且在 EBA 內也是如此。您能否在 Autodesk Construction Cloud 中詳細說明您所看到的客戶最強大的領域是什麼？

Yes. No. What's interesting is. We're not seeing the softness in construction that others may have highlighted. In fact, we have incredibly strong performance at the top end of our business. We saw strong growth internationally. And we're seeing growth in the U.S. And a lot of things are going on in the construction business right now. And whereas you see some sectors slowing down, retail, warehouse office, things like that, you're seeing other things offsetting it.

是的。不，有趣的是。我們沒有看到其他人可能強調的結構的柔軟性。事實上，我們在高端業務方面擁有令人難以置信的強勁表現。我們在國際上看到了強勁的成長。我們看到美國的成長，建築業目前正在發生很多事情。雖然你看到一些行業放緩，例如零售業、倉儲辦公業等，但你也看到其他行業正在抵消這種影響。

Again, the dynamicism of Autodesk business, manufacturing, industrial, lots of factory construction going on, data centers, health care, infrastructure, all of these things are picking up. So we've got a lot of dynamics that are playing well with regards to our construction business right now. When we look at the business, we look at the indicators that we have. Bid board activity was at record highs again. So we saw a good strong bid activity there. While construction backlog may have declined a bit, it's still high, all right? And the #1 thing that I heard from general contractors at Autodesk University was, " I still can't hire enough." So can't hire enough. So they're still going to be working through that backlog at a relatively slow pace.

同樣，歐特克業務、製造、工業、大量工廠建設、資料中心、醫療保健、基礎設施的活力都在增強。因此，我們的建築業務目前有許多運作良好的動力。當我們審視業務時，我們會專注於我們擁有的指標。投標委員會活動再次創下歷史新高。因此，我們在那裡看到了強勁的投標活動。雖然施工積壓可能下降，但仍然很高，好嗎？我從歐特克大學總承包商那裡聽到的第一句話是：“我仍然無法僱用足夠的員工。”所以招不到足夠的人。因此，他們仍將以相對緩慢的速度處理積壓的工作。

Also what's really interesting is we're seeing ourselves in more deals down market now, more competitive deals, and frankly, we're winning some of them. And I think that's interesting. I think that probably results in slowing down deals for some of our competitors in various markets. But we're actually seeing a lot more interesting deal activity.

另外，真正有趣的是，我們現在看到自己在低端市場中有更多交易，更具競爭力的交易，坦白說，我們正在贏得其中一些交易。我認為這很有趣。我認為這可能會導致我們的一些競爭對手在各個市場的交易放緩。但我們實際上看到了更多有趣的交易活動。

That's helpful. And a follow-up for Debbie. I appreciate you getting a lot of questions on FY '25. And I'm not going to ask you to dissect it further. But if I think about just trying to bridge the 9%, which seems like it does have some tailwinds from the transactional changes. Relative to that 10% to 15% framework that you gave, it doesn't seem like macro has worsened relative to a few quarters ago or a year ago when you gave that out based on your commentary. Just help us understand that bridge. Is it mostly conservatism or maybe currency or some of the other headwinds are larger than we're thinking about?

這很有幫助。還有黛比的後續作品。感謝您在 25 財年收到很多問題。我不會要求你進一步剖析它。但如果我考慮只是嘗試彌補 9% 的差距，那麼交易變化似乎確實帶來了一些推動力。相對於你給出的 10% 到 15% 的框架，當你根據你的評論給出這個框架時，宏觀經濟似乎並沒有比幾個季度前或一年前惡化。只是幫助我們理解這座橋。主要是保守主義還是貨幣或其他一些阻力比我們想像的還要大？

Yes. Sure. So remember, you got to be thinking about the nonrecurrence of the EBA upfront and true-up revenue that we've been talking about all year. FX, as I just mentioned, could be a factor right now. We're assuming that it is a headwind to revenue growth. And then finally, we have been talking about the macro drag on new subscriber growth all year. And remember, given the ratable revenue recognition model that we have, what we're seeing with new subscriber growth this year has more of an implication for revenue growth next year than for revenue today. So those 3 factors are the biggest factors driving our estimate of 9% or more as we head into next year.

是的。當然。因此請記住，您必須考慮我們一整年都在談論的 EBA 預付款和調整收入的不再重複。正如我剛才提到的，外匯現在可能是一個因素。我們假設這是收入成長的阻力。最後，我們一直在討論全年新用戶成長的宏觀拖累。請記住，考慮到我們現有的可評級收入確認模型，我們今年看到的新用戶成長對明年收入成長的影響比對今天收入的影響更大。因此，這 3 個因素是推動我們明年預測 9% 或更高的最大因素。

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. Maybe one on the EBAs. So in Q3, did you see any of these renewals maybe happen earlier than expected? Overall, it sounds like you're still seeing some timing true-ups, but also some pretty big expansions. Is the overarching takeaway that the cohort is expanding maybe better than what you had anticipated?

偉大的。也許是 EBA 上的一個。那麼在第三季度，您是否看到這些更新可能會比預期更早發生？總的來說，聽起來你仍然看到了一些時間上的調整，但也看到了一些相當大的擴展。該群體正在擴大的整體成果是否可能比您的預期更好？

Thanks, Jason. So the EBA cohort has been performing really well all year, which has been great. Remember, this is a cohort that last renewed in late 2020. That was at the height of the pandemic. And back then, they made more conservative assumptions about usage because of the uncertain environment at that time. Fast forward to today, these customers are continuing to manage through a high demand for projects. That's led to higher overall usage on their contracts. And as we've mentioned before, we do monitor the usage. So we've had insight into the potential EBA upside as the year has progressed.

謝謝，傑森。因此，EBA 團隊全年表現非常出色，這非常棒。請記住，這群人最近一次更新是在 2020 年底。當時正值疫情最嚴重的時候。而當時，由於當時環境的不確定性，他們對使用情況做出了更保守的假設。快進到今天，這些客戶仍在繼續應對專案的高需求。這導致其合約的總體使用率更高。正如我們之前提到的，我們確實監控使用情況。因此，隨著時間的推移，我們已經深入了解了 EBA 的潛在優勢。

We've continued to update our outlook, which is each quarter of the renewals and the true-ups. And as we look at Q4. We've got our eye on the remainder of this large EBA cohort. And the signs continue to be strong. We factored all of this into our latest estimates, and that's what drove the top line upgrade that we communicated today.

我們繼續更新我們的展望，即每季的更新和調整。當我們看第四季時。我們正在關注這個龐大的 EBA 群體的其餘部分。而且這些跡象仍然很強勁。我們將所有這些因素納入我們的最新估計中，這就是推動我們今天傳達的頂線升級的原因。

Okay. Great. And then I asked this question last quarter, but it sounds like a few of your competitors might be starting to see some of the water infrastructure funding start to flow, pun intended this time. Are you seeing this, too? And then is this the strength that you're already seeing? Or could this be an additional opportunity for maybe next year?

好的。偉大的。然後我在上個季度問了這個問題，但聽起來你的一些競爭對手可能開始看到一些水基礎設施資金開始流動，這次是雙關語。你也看到這個了嗎？這就是你已經看到的力量嗎？或者這可能是明年的額外機會嗎？

Yes. Jason, one of the things that you may have heard is that some of that money from the infrastructure bill that was targeting modernization of Department of Transportation was really, it's about $34 million that's significant in that not only it starts these DOTs on their process of modernization and evaluating the modernization, but it also was directed at several DOTs that we have relationships with and where we've actually displaced competitors and engaged with deeply. So that's pretty exciting stuff. That shows money starting to flow to the projects.

是的。傑森，您可能聽說過的一件事是，針對交通部現代化的基礎設施法案中的一些資金實際上約為 3400 萬美元，意義重大，因為它不僅啟動了這些交通部門的流程現代化並評估現代化，但它也針對與我們有關係的幾個DOT，我們實際上已經取代了競爭對手並與之深入合作。所以這是非常令人興奮的事情。這表明資金開始流向這些項目。

As I've always said, it takes time to release this money from the floodgates of Washington into the places -- floodgates of Washington, that's kind of an oxymoron comment. But it takes time to get there. And that -- this money is going to kind of again, build up momentum for the rest of the projects and help us move forward. So I would say it continues to be an emerging opportunity. Projects are getting started, but there's more hope in the future for even more projects.

正如我一直說的，需要時間將這筆錢從華盛頓的閘門釋放到華盛頓的閘門，這是一個矛盾的評論。但到達那裡需要時間。而且這筆錢將再次用於為其餘項目建立動力並幫助我們前進。所以我想說這仍然是一個新興的機會。項目正在啟動，但未來還有更多項目的希望。

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。

Yes. Two, if I could. So first for you, Andrew. A number of changes with partner relationships last year. You mentioned the new transaction model. I think earlier you also changed the commission structure to more back end versus front-end loaded. So curious what kind of reaction you're hearing from your partners and how you expect these changes to impact that relationship.

是的。兩個，如果可以的話。首先是你，安德魯。去年合作關係發生了一些變化。您提到了新的交易模式。我認為早些時候您還更改了佣金結構，以增加後端負載而不是前端負載。很好奇您從伴侶那裡聽到了什麼樣的反應，以及您期望這些變化如何影響這種關係。

Yes. So obviously, we invest a lot in bringing our partners along on this. It doesn't mean all partners are going to be happy with these changes. Okay? It's just that is not an outcome that we're looking for or is likely. But many partners are going to be happy with these changes because we've been very clear about what the path is to growth for them. Beyond that, we've taken a really kind of incremental approach to these things with our partners. We kind of led them along, showed them the way. You might recall, we started the new transaction model with Flex close to about 1.5 years ago in Australia, then we rolled it out to the broad-based partner network and everybody got experience with it. Now we're testing in Australia.

是的。顯然，我們投入了大量資金來讓我們的合作夥伴參與其中。這並不意味著所有合作夥伴都會對這些變化感到滿意。好的？只是這不是我們正在尋找或可能出現的結果。但許多合作夥伴會對這些變化感到滿意，因為我們非常清楚他們的成長之路是什麼。除此之外，我們與合作夥伴一起採取了一種真正漸進的方法來處理這些事情。我們帶領他們前進，為他們指明了道路。您可能還記得，大約 1.5 年前，我們在澳洲與 Flex 開始了新的交易模式，然後我們將其推廣到基礎廣泛的合作夥伴網絡，每個人都獲得了相關經驗。現在我們正在澳洲進行測試。

Again, we take our partners along on these journeys in very deliberate ways. And frankly, the credibility we have with our partners in terms of making their businesses more consequential and significant and, frankly, larger over time has really created an environment where there's a lot of trust. And there's a lot of discussion about what this means for them and where it's going to take their business. And this will make the partners ultimately more consequential in some of the business discussions with their partners, with their customers by bringing them closer to the Design and Make infrastructure work that needs to happen in the services and support that.

我們再次以非常審慎的方式帶領我們的合作夥伴踏上這些旅程。坦白說，我們與合作夥伴之間的信譽使他們的業務變得更加重要和重要，並且坦率地說，隨著時間的推移，規模越來越大，這確實創造了一個充滿信任的環境。關於這對他們意味著什麼以及這將把他們的業務帶到何處，有很多討論。這將使合作夥伴最終在與合作夥伴和客戶的一些業務討論中更加重要，讓他們更接近服務中需要發生的設計和製造基礎設施工作並為其提供支援。

And one for you, Debbie. Wanted to just check on the accounting of the math. You mentioned EBA revenue, nonrecurrence in fiscal '25 a few times. So 2 pieces. First, accounting. I thought that the true-ups with upsizing in EBA, I thought that was recognized ratably over the term of the contract. Just trying to think how that might carry over and impact '25, I'm correcting that accounting. And then second, if you can just remind me, us on the actual benefit to fiscal year '24 from those items so we can pull that out of the fiscal year '25 number.

黛比，還有一份送給你的。只是想檢查一下數學的核算。您多次提到 25 財年的 EBA 收入和非經常性情況。所以2塊。第一，會計。我認為 EBA 規模擴大的調整，在合約期間內得到了相當程度的認可。只是想想這可能會如何延續並影響'25，我正在糾正這個會計。其次，如果您能提醒我，我們可以從這些項目中獲得 24 財年的實際收益，以便我們可以將其從 25 財年的數字中剔除。

Sure. So from an accounting standpoint, the true-ups we recognize upfront. So think of it as an enterprise customer signs up for x number of tokens. And when they exceed x number of tokens, we build them for the differential and we recognize that revenue upfront and it doesn't recur in future periods, unless over the next 3-year contract term, they utilize more than the tokens allotted in their contract again. So that's why it's something that is sort of a one-off, a good one-off, but a one-off nonetheless that could only recur 3 years from now for these contracts if we found ourselves in the same situation.

當然。因此，從會計的角度來看，我們預先認識到了真實情況。因此，可以將其視為企業客戶註冊了 x 數量的代幣。當它們超過x 數量的代幣時，我們會針對差價構建它們，並且我們認識到收入是預先產生的，並且在未來期間不會重複出現，除非在接下來的3 年合約期間內，他們使用的代幣數量超過了在其合約中分配的代幣數量。再次契約。因此，這就是為什麼它是一次性的，一次很好的一次性，但無論如何，如果我們發現自己處於同樣的情況，這些合約只能在三年後再次出現。

And then in terms of sizing the benefit to fiscal '24, we haven't gotten into exact numbers. But you can think about the overall guidance upgrade that we talked about today is largely being driven by the strength that we're seeing from the enterprise business this year.

然後，在確定 24 財年的收益規模方面，我們還沒有得出確切的數字。但你可以想一想，我們今天討論的整體指導升級很大程度上是由我們今年看到的企業業務的強勁勢頭推動的。

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

我們的下一個問題來自加拿大皇家銀行 (RBC) 的 Matt Hedberg。

I guess for either of you. Maybe thinking longer term, I'm curious if you could help us with maybe the -- this move from contra revenue. What is the impact to sort of like pro forma revenue growth once the business has migrated more so to the Flex model?

我想對你們倆來說都是如此。也許從長遠來看，我很好奇你是否可以幫助我們——這項從相反收入中採取的舉措。一旦業務更多地遷移到 Flex 模式，對預期收入成長有何影響？

Matt, it's going to be -- revenue growth will accelerate. And the pace at which it accelerates is going to be determined based on how we go about the rollout. As we mentioned, we're working on that now. We launched Flex last year. We just launched in Australia. We're learning from Australia as we -- right now. And then as we look ahead to next year, we intend to go global with this. But we need to make sure that we are set up for success, which is why we're watching Australia closely. But when we execute finally on all aspects of this transition, it will be an accelerator to revenue growth.

馬特，收入成長將會加速。它加速的速度將取決於我們如何進行推廣。正如我們所提到的，我們現在正在努力。我們去年推出了 Flex。我們剛在澳洲推出。我們現在正在向澳洲學習。然後，當我們展望明年時，我們打算以此走向全球。但我們需要確保我們已為成功做好準備，這就是我們密切關注澳洲的原因。但當我們最終執行這一轉變的各個方面時，它將成為收入成長的加速器。

Got it. And then I know last quarter you saw some pretty good noncompliant conversions. I don't think you mentioned -- or recall you talking about that. Was there any this quarter that you called out?

知道了。然後我知道上個季度您看到了一些相當不錯的不合規轉換。我認為你沒有提到過——或者記得你談論過這一點。本季有哪些是您所呼籲的嗎？

We continue to perform well with our noncompliant conversions. So I think you've heard us talk about a couple of things. I think historically we have talked about some of the larger deals that we've closed, and those types of deals are still happening. But as I recall, on last quarter's earnings call, Andrew was talking about some of the stuff that we've been doing in product that's driving more conversion. That's on a smaller scale in terms of deal sizes, but is driving significant volume for Autodesk. So over time, you're going to see us continue to flex different means of driving more compliance from noncompliant users, and it continues to be a steady drumbeat contributor to our revenue growth over time.

我們在不合規轉換方面繼續表現良好。所以我想你已經聽到我們談論了一些事情。我認為從歷史上看，我們已經討論過一些我們已經完成的較大交易，而這些類型的交易仍在發生。但我記得，在上個季度的財報電話會議上，安德魯談到了我們在推動更多轉換的產品中所做的一些事情。就交易規模而言，這一規模較小，但為 Autodesk 帶來了巨大的交易量。因此，隨著時間的推移，您將看到我們繼續採用不同的方法來提高不合規用戶的合規性，並且隨著時間的推移，它仍然是我們收入成長的穩定貢獻者。

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. Just kind of following up on that last one on the new transaction model. Like what kind of learnings are you looking to see from Australia before kind of rolling the app more broadly and kind of any disruption kind of that we should think about from [partner] perspective?

偉大的。只是對新交易模式的最後一項進行跟進。例如，在更廣泛地推廣該應用程式之前，您希望從澳洲獲得什麼樣的經驗，以及我們應該從[合作夥伴]的角度考慮的任何顛覆？

Well, one of the things that we're trying to make sure that we see is how do the partners line up their deals so that they're able to enter them into the system and make sure they get their pipeline lined up with the new way of doing things because they're going after directly, enter them into the system. Some of these services used to be taken over by bars, I mean, by distributors for some of our partners.

好吧，我們試圖確保我們看到的一件事是合作夥伴如何排列他們的交易，以便他們能夠將它們輸入系統並確保他們的管道與新的因為他們是直接做事的方式，將它們輸入到系統中。其中一些服務曾經由酒吧接管，我的意思是，由我們一些合作夥伴的經銷商接管。

We're going to make sure that -- we want to make sure that large volumes work well with the systems. We're pretty confident at this point because of the Flex experience, but we know we want to stress test these things. We want to make sure that it works for all the product offerings, that there's no issues or hiccups with particular things, that when people try to true up renewal dates or line them up, there's not issues with those things. It's all the things that go into the mechanics of a partner entering the deal, all right, and having those things actually function. We just want to make sure it all works. Again, we have a lot of confidence because of the Flex work, but those are the things we're going to be testing for in the Australia pilot.

我們要確保—我們希望確保大容量與系統配合良好。由於 Flex 體驗，我們目前非常有信心，但我們知道我們想要對這些事情進行壓力測試。我們希望確保它適用於所有產品，確保特定事物沒有問題或小問題，當人們嘗試調整續約日期或排列它們時，這些事情不會出現問題。這是合作夥伴進入交易的機制中的所有事情，好吧，並使這些事情真正發揮作用。我們只是想確保一切正常。同樣，我們對 Flex 的工作充滿信心，但這些都是我們將在澳洲試點中測試的內容。

That's helpful there. And just kind of following up on Fusion 360. I know you guys are making some pricing adjustments going into next year, kind of raising the list price on Fusion 360, but kind of rationalizing and lowering the price on the extensions. What's the kind of the rationale behind this? Is this to drive kind of further extension adoption down the road? And kind of how does this inform your views on as you think about rolling this out to Forma and the like?

這很有幫助。只是對 Fusion 360 進行跟進。我知道你們會在明年進行一些定價調整，有點提高 Fusion 360 的標價，但有點合理化並降低了擴展的價格。這背後的原理是怎麼樣的？這是為了推動進一步的擴展採用嗎？當您考慮將其推廣到 Forma 等產品時，這會如何影響您的觀點？

Yes. So Bhavin, what we're doing there is the price increase in Fusion is directly connected to the value we're delivering Fusion. We're making sure some of the customers who have been with us for a long time are treated appropriately and fairly. So we're paying attention to all those things to customer dynamics. But what we saw is that the value in base Fusion has just increased to a high level that we should be looking at the price more carefully. The value is going to continue to increase.

是的。 Bhavin，我們正在做的事情是 Fusion 的價格上漲與我們提供的 Fusion 價值直接相關。我們確保一些長期與我們合作的客戶得到適當和公平的對待。因此，我們正在關注客戶動態的所有這些事情。但我們看到的是，基礎 Fusion 的價值剛剛增加到一個很高的水平，我們應該更仔細地考慮價格。其價值也將持續增加。

And what we saw is that some of the extensions would probably see better adoption in some of the base -- the value was shifted to the base offering and the price of the extensions were contracted a little bit. So it's all this kind of balancing the overall cost of ownership for particular types of customers. And it's appropriate time to do it.

我們看到的是，某些擴充功能可能會在某些基礎產品中得到更好的採用 - 價值已轉移到基礎產品上，並且擴展的價格略有收縮。因此，這一切都是為了平衡特定類型客戶的整體擁有成本。現在正是這樣做的合適時機。

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

我們的下一個問題來自摩根大通的史蒂夫圖薩。

Just on the subscriber growth. Are we talking like -- you mentioned the macro impact several times. What are we kind of talking about? What kind of rate this year? Is that like in the low to mid-single-digit range? And then what would it take for that to go flat? What type of macro do you think it would take to go flat?

只是訂閱者的成長。我們談論的是——您多次提到了宏觀影響。我們在談什麼？今年的利率是多少？是在低到中個位數範圍內嗎？那麼要怎麼樣才能讓它變得平坦呢？您認為哪種類型的宏觀經濟會趨於平緩？

And then secondarily, just on the free cash flow side. I think at the Investor Day, you had put a chart in there that insinuated that cash would still grow from '23 through the number in '26. Are we still on track for that kind of longer-term view just to level set us on the longer-term cash outlook?

其次，就自由現金流而言。我認為在投資者日，您在那裡放了一張圖表，暗示現金仍將從 23 年增長到 26 年。我們是否仍處於這種長期觀點的軌道上，只是為了讓我們了解長期現金前景？

Yes. So Steve, let me take the first question a little bit. I won't answer the specific question. What I want to say is our business is incredibly resilient. You have to really pay attention to that. We're built for resilience. And I want to highlight some of the differences in puts and takes here.

是的。史蒂夫，讓我稍微回答第一個問題。我不會回答具體問題。我想說的是我們的業務具有令人難以置信的彈性。你必須真正注意這一點。我們為韌性而生。我想在這裡強調一下 put 和 take 的一些差異。

For instance, you probably noticed that AEC grew 20% in the quarter. And that offset some of the headwinds from media and entertainment due to writers' strikes and actors' strikes. Regionally, India and Canada offset the U.S. and the U.K. Market segment-wise, EBAs and small businesses offset the mid-market. You have to think of the business through this built for resilient framework. And so I want to shift your lens a little bit, and then I'll let Debbie comment on the second part of your question.

例如，您可能注意到 AEC 在本季成長了 20%。這抵消了由於作家罷工和演員罷工而帶來的媒體和娛樂業的一些阻力。從地區來看，印度和加拿大抵消了美國和英國市場的影響，EBA 和小型企業抵消了中端市場的影響。您必須透過這個為彈性框架而建立的業務來考慮業務。所以我想稍微改變一下你的視角，然後我會讓黛比評論你問題的第二部分。

Yes, I would say, look, outside of the new transaction model, nothing has changed, and we're on track to achieving our goals. But this is a pretty big decision for us to transform our go-to-market, but I think is really beneficial to the company. It's going to drive greater free cash flow and greater revenue growth over the long term. I'm not going to parse comments about fiscal '26 in addition to fiscal '25 on this call. What we're really trying to do is set ourselves up for success over the long term and make smart decisions for the business and for our shareholders.

是的，我想說，看，除了新的交易模式之外，沒有任何改變，我們正在實現我們的目標。但這對我們來說是一個相當大的決定，要改變我們的行銷方式，但我認為這對公司確實有利。從長遠來看，它將推動更大的自由現金流和更大的收入成長。在本次電話會議上，除了 25 財年之外，我不會解析有關 26 財年的評論。我們真正想做的是為長期成功做好準備，並為企業和股東做出明智的決策。

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.

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。

Thanks, everyone, for joining us. Wishing those who celebrate a Happy Thanksgiving and looking forward to catching up with you on the road over the coming weeks and at next quarter's earnings. Thanks so much, Latif. Handing it back to you.

謝謝大家加入我們。祝那些慶祝感恩節快樂的人，並期待在未來幾週和下一季的收益中與您會面。非常感謝，拉蒂夫。還給你。

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

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。