Autodesk Inc (ADSK) 2024 Q4 法說會逐字稿

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

感謝您的耐心等待，歡迎參加 Autodesk 2024 年第四季和全年財報電話會議。 （操作員說明）

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

我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. Thanks for joining our conference call to discuss the fourth quarter and full year fiscal '24 results. 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 24 年第四季和全年財報結果。和我一起在線的是我們的執行長 Andrew Anagnost；和我們的財務長黛比克利福德。

During this call, we will make forward-looking statements, including outlook and related assumptions, products and strategies. 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. 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.

在本次電話會議中，我們將做出前瞻性陳述，包括前景和相關假設、產品和策略。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。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 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或投資者關係網站上提供的 Excel 財務數據和其他補充資料中進行了核對。

And now I will turn the call over to Andrew.

現在我將把電話轉給安德魯。

Thank you, Simon, and welcome, everyone, to the call. We finished the year strongly, delivering 14% constant currency revenue growth in the fourth quarter of fiscal '24. Resilience, discipline and opportunity again underpinned our robust financial and competitive performance. Autodesk's resiliency comes from its subscription business model and its product and customer diversification, which balances growth across different regions and industries.

謝謝你，西蒙，歡迎大家來電。我們以強勁的表現結束了這一年，24 財年第四季的貨幣收入恆定成長了 14%。韌性、紀律和機會再次支撐了我們強勁的財務和競爭表現。 Autodesk 的彈性來自於其訂閱業務模式及其產品和客戶的多元化，從而平衡了不同地區和行業的成長。

Renewal rates remain strong and new business growth and leading indicators were consistent with recent quarters. Despite ongoing macroeconomic policy and geopolitical headwinds we saw a growing usage, record bid activity on BuildingConnected and cautious optimism from channel partners.

續訂率依然強勁，新業務成長和領先指標與最近幾季保持一致。儘管宏觀經濟政策和地緣政治阻力持續存在，但我們還是看到了 BuildingConnected 的使用量不斷增長、競價活動創紀錄以及通路合作夥伴的謹慎樂觀態度。

Disciplined and focused execution and strategic capital deployment through the economic cycle enable Autodesk to realize the significant benefits of its strategy while mitigating the risks of having to make expensive catch-up investments later on. With the new transaction model, we are approaching the final phase of modernizing our go-to-market motion, which has involved updating our infrastructure, retiring old systems and business models, and building more durable and direct relationships with our customers and ecosystem. At the same time, we were advancing a multiyear process to develop lifecycle solutions within and between our industry cloud, powered by shared platform services and with Autodesk's Data Model at its core. Together, these will enable Autodesk, its customers and partners to create more valuable, data-driven and connected products and services.

在整個經濟週期中嚴格、集中的執行和策略資本部署使 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。透過新的交易模式，我們正在接近現代化上市行動的最後階段，其中包括更新我們的基礎設施、淘汰舊系統和業務模式，以及與客戶和生態系統建立更持久和直接的關係。同時，我們正在推進一個多年流程，以在行業雲內部和之間開發生命週期解決方案，由共享平台服務提供支持，並以 Autodesk 數據模型為核心。這些將使 Autodesk 及其客戶和合作夥伴能夠共同創造更有價值、數據驅動和互聯的產品和服務。

Having led the industry in generative design, we are leading again in 3D generative AI. Autodesk is getting closer to a transformational leap where Autodesk AI is to 3D design and make where ChatGPT is the language. Our new multimodal foundation models will enable design and make customers to automate low-value and repetitive tasks and generate more high-value complex designs more rapidly and with much greater consistency. We can already generate 3D representations from images 10x faster and with vastly higher quality than currently available through the AI.

繼在生成設計領域處於行業領先地位之後，我們在 3D 生成人工智慧領域再次處於領先地位。 Autodesk 正在逐步實現轉型飛躍，Autodesk AI 已成為 3D 設計和製造的一部分，ChatGPT 已成為語言。我們新的多模式基礎模型將使設計成為可能，並使客戶能夠自動化低價值和重複性任務，並更快地產生更多高價值的複雜設計，並具有更高的一致性。我們已經可以透過影像產生 3D 表示，速度比目前的 AI 快 10 倍，品質也高得多。

We're bolstering our homegrown capabilities and data with partnerships and acquisitions in existing and adjacent verticals. Our recent bidirectional integration of Fusion with Cadence and the acquisition of Payapps are good examples.

我們正在透過現有和相鄰垂直領域的合作和收購來增強我們的本土能力和數據。我們最近 Fusion 與 Cadence 的雙向整合以及對 Payapps 的收購就是很好的例子。

Discipline and focus when executing our strategy and deploying capital also underpin our opportunity. Our go-to-market and platform initiatives will drive even greater operational velocity and efficiency within Autodesk, which will free up further resources to invest in our industry clouds and capabilities, including AI and sustained margin improvement. And with a modernized go-to-market motion, lifecycle solutions and platform services, Autodesk will fulfill its potential to break down the silos within and between manufacturing, AEC, and Media & Entertainment, enabling our customers to unleash their data and design a better world built for all.

執行我們的策略和部署資本時的紀律和專注也鞏固了我們的機會。我們的市場和平台計畫將推動 Autodesk 內部更高的營運速度和效率，這將釋放更多資源來投資我們的產業雲和功能，包括人工智慧和持續的利潤率提高。透過現代化的上市行動、生命週期解決方案和平台服務，Autodesk 將發揮其潛力，打破製造、AEC 和媒體與娛樂內部和之間的孤島，使我們的客戶能夠釋放他們的數據並設計出更好的產品為所有人所建構的世界。

I will now turn the call over to Debbie to take you through our quarterly financial performance and guidance for fiscal '25. I'll then come back to update you on our strategic growth initiatives.

現在我將把電話轉給黛比，讓她向您介紹我們的季度財務表現和 25 財年的指導。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. Our financial performance in the fourth quarter and for the fiscal year was strong, particularly in our Enterprise business. Early renewals and strong upfront revenue from Enterprise Business Agreements or EBAs, and federal governments, drove some of the outperformance relative to our expectations in both Q4 billings and revenue. Overall market conditions and the underlying momentum of the business were consistent with the last few quarters.

謝謝，安德魯。我們第四季和本財年的財務表現強勁，特別是在我們的企業業務方面。企業業務協議或 EBA 以及聯邦政府的提前續約和強勁的預收收入推動了第四季度的帳單和收入超出我們的預期。整體市場狀況和業務的基本動能與過去幾季一致。

Total revenue grew 11%, and 14% in constant currency, with upfront revenue driving 2 percentage points of that growth. By product in constant currency, AutoCAD and AutoCAD LT revenue grew 7%, AEC revenue grew 18%, Manufacturing revenue grew 16%, and M&E revenue was up 8%. AEC and Manufacturing benefited from EBA true-up and upfront revenue.

總收入成長了 11%，以固定匯率計算成長了 14%，其中預付費用收入推動了 2 個百分點的成長。以固定匯率計算的產品來看，AutoCAD 和 AutoCAD LT 收入成長了 7%，AEC 收入成長了 18%，製造收入成長了 16%，M&E 收入成長了 8%。 AEC 和製造業受益於 EBA 調整和預付收入。

By region in constant currency, revenue grew 19% in the Americas, 11% in EMEA and 8% in APAC.

以固定匯率計算，按地區劃分，美洲收入成長 19%，歐洲、中東和非洲地區收入成長 11%，亞太地區營收成長 8%。

Direct revenue increased 19% and represented 39% of total revenue, up 3 percentage points from last year, benefiting from strong growth in both EBAs and the Autodesk Store. Net revenue retention rate remained within the 100% to 110% range at constant exchange rates.

受惠於 EBA 和 Autodesk Store 的強勁成長，直接收入成長 19%，佔總收入的 39%，比去年上升 3 個百分點。以固定匯率計算，淨收入保留率維持在100%至110%的範圍內。

Billings declined 19% in the quarter, resulting from the transition from upfront to annual billings for multiyear contracts as expected, though slightly offset by some early renewals in North America. As part of our implementation sequencing for the new transaction model, we shifted our North American price increase from the end of March to the beginning of February. This resulted in some renewals moving from Q1 fiscal '25 to Q4 of fiscal '24, which modestly boosted billings in January.

該季度的比林斯下降了 19%，這是由於多年合約的預付款按照預期轉變為按年計費，不過北美地區的一些提前續約略有抵消。作為新交易模式實施順序的一部分，我們將北美價格上漲從三月底推遲到二月初。這導致一些續訂從 25 財年第一季轉移到 24 財年第四季度，這小幅提高了 1 月的帳單。

Total deferred revenue decreased 7% to $4.3 billion, an expected result of the transition from upfront to annual billings for multiyear contracts. Total RPO of $6.1 billion and current RPO of $4 billion grew 9% and 13%, respectively. Early renewals drove about 1 percentage point of current RPO growth. Total RPO growth decelerated in Q4 when compared to Q3, when we closed our largest ever EBA. The year-over-year deceleration was due to the lower mix of multiyear contracts in fiscal '24 when compared to fiscal '23, which I mentioned last quarter. In line with recent quarters and our expectations, we again saw some evidence of multiyear customers switching to annual contracts during the quarter.

遞延收入總額下降 7%，至 43 億美元，這是多年期合約從預付費轉為按年付費過渡的預期結果。總 RPO 為 61 億美元，目前 RPO 為 40 億美元，分別成長了 9% 和 13%。早期續約推動了目前 RPO 成長約 1 個百分點。與第三季相比，第四季的 RPO 總成長放緩，當時我們完成了有史以來最大的 EBA。年比減速是由於與我上季度提到的 23 財年相比，24 財年的多年期合約組合較少。根據最近幾季和我們的預期，我們再次看到一些客戶在本季度轉向年度合約的證據。

Turning to the P&L. GAAP and non-GAAP gross margin were broadly level while operating margin was modestly lower in the fourth quarter, primarily due to the timing of Autodesk University costs shifting from Q3 to Q4, which we flagged last quarter. As expected, full year non-GAAP operating margin was level year-over-year, but up about 1 percentage point at constant exchange rates. Fourth quarter GAAP operating margin was up 40 basis points year-over-year and about 1 percentage point at constant exchange rates, partly due to a reduction in stock-based compensation as a percent of revenue. At current course and speed, the ratio of stock-based compensation as a percent of revenue peaked in fiscal '24, we expect it to fall to 10% or lower over time.

轉向損益表。公認會計原則和非公認會計原則毛利率大致持平，而第四季度營業利潤率略有下降，這主要是由於歐特克大學成本從第三季度轉移到第四季度的時間，我們在上個季度指出了這一點。如預期，全年非 GAAP 營業利潤率與去年同期持平，但以固定匯率計算上升約 1 個百分點。第四季 GAAP 營運利潤率年增 40 個基點，以固定匯率計算約成長 1 個百分點，部分原因是基於股票的薪酬佔收入的百分比下降。以目前的進程和速度，股票薪酬佔收入的比例在 24 財年達到頂峰，我們預計隨著時間的推移，該比例將降至 10% 或更低。

Free cash flow for the quarter and full year was $427 million and $1.28 billion, respectively, with early renewals providing a modest tailwind in the fourth quarter. The most significant free cash flow headwinds from our transition from upfront to annual billings for multiyear contracts are now behind us, which means our free cash flow troughed during fiscal '24 and will mechanically rebuild over the next few years.

本季和全年的自由現金流分別為 4.27 億美元和 12.8 億美元，提前續約為第四季帶來了適度的推動力。我們從多年合約的預付款向年度帳單過渡所帶來的最重大的自由現金流阻力現已成為過去，這意味著我們的自由現金流在24 財年陷入低谷，並將在未來幾年內機械地重建。

Turning to capital allocation. We continue to actively manage capital within our framework and deploy it with discipline and focus through the economic cycle to drive long-term shareholder value. As you heard from Andrew, we continue to invest organically and through complementary acquisitions to enhance our capabilities and the industry clouds and platform that underpin them.

轉向資本配置。我們繼續在我們的框架內積極管理資本，並在整個經濟週期中嚴格、專注地部署資本，以推動長期股東價值。正如您從安德魯那裡聽到的那樣，我們繼續進行有機投資並透過互補性收購來增強我們的能力以及支撐它們的行業雲和平台。

During the quarter, we purchased approximately 300,000 shares for $63 million at an average price of approximately $217 per share. We have now offset estimated dilution from our stock-based compensation program well into fiscal '26. We will continue to repurchase shares opportunistically to offset dilution from stock-based compensation when it makes sense to do so.

本季度，我們以 6,300 萬美元的價格購買了約 30 萬股股票，平均價格約為每股 217 美元。我們現在已經抵消了 26 財年基於股票的薪酬計劃的估計稀釋。我們將繼續機會性地回購股票，以抵銷股票薪酬的稀釋效果。

Now let me finish with guidance. Overall, end market demand has remained pretty consistent over the last few quarters. Macroeconomic and one-off factors like the Hollywood writer's strike dragged on the new business growth rate during fiscal '24 and will modestly drag on revenue growth in fiscal '25, but Autodesk's resilience and robust underlying demand for its products and services reinforce its long-term growth potential.

現在讓我以指導結束。整體而言，過去幾季終端市場需求保持相當穩定。宏觀經濟和好萊塢編劇罷工等一次性因素拖累了24 財年的新業務成長率，並將適度拖累25 財年的收入成長，但歐特克的韌性和對其產品和服務的強勁潛在需求增強了其長期獲利能力。長期成長潛力。

Turning to revenue. I want to highlight 4 key puts and takes impacting growth in fiscal '25. First, let me talk about the new transaction model. We've added some slides to the earnings deck to help illustrate how to think about this shift, which I'll briefly summarize.

轉向收入。我想強調影響 25 財年成長的 4 個關鍵看跌期權和採取的措施。首先我來談談新的交易模式。我們在收益表中添加了一些投影片，以幫助說明如何思考這種轉變，我將對此進行簡要總結。

The new transaction model enables Autodesk to build closer, more direct relationships with its customers and partners. And to better understand and serve them with more data, more self-service and greater predictability. It will be a cornerstone of the data services that Andrew talked about earlier.

新的交易模式使 Autodesk 能夠與其客戶和合作夥伴建立更緊密、更直接的關係。並透過更多數據、更多自助服務和更高可預測性來更好地了解和服務他們。它將成為安德魯之前談到的數據服務的基石。

As you can see from Slide 11, the transition mechanically drives higher revenue and cost, is broadly neutral to operating profit and free cash flow dollars and as a headwind to operating margin percent. About $600 million of payments made to resellers and developed markets in fiscal '24 were accounted for as contra revenue.

正如您從投影片 11 中看到的那樣，這種轉變機械地推動了更高的收入和成本，對營業利潤和自由現金流美元基本上呈中性，並且對營業利潤率構成不利影響。 24 財年向經銷商和已開發市場支付的約 6 億美元款項被計算為備抵收入。

As this business moves to the new transaction model, these payments will shift to marketing and sales expense over the next few years, all else equal, with the timing of cost recognition not materially different than before. The change affects a substantial majority of our business but note that emerging markets and our federal government business will remain on the buy/sell model for the foreseeable future.

隨著業務轉向新的交易模式，在其他條件相同的情況下，這些付款將在未來幾年內轉為行銷和銷售費用，成本確認的時間與以前沒有重大不同。這項變更影響了我們的大部分業務，但請注意，在可預見的未來，新興市場和我們的聯邦政府業務將繼續採用買賣模式。

The pace of the shift will primarily be determined by the mechanical build from ratable subscription revenue accounting and the rate of regional rollout of the new transaction model. While the former is relatively easy to predict given the ratable revenue recognition of our subscription business model, which builds over time. The latter will in part be determined by what we learn as we roll out the model further.

轉變的速度將主要取決於按比例訂閱收入核算的機制建構以及新交易模式的區域推廣速度。鑑於我們的訂閱業務模式隨著時間的推移而建立的可評級收入確認，前者相對容易預測。後者將部分取決於我們進一步推出模型時所學到的知識。

We gained useful insights from the successful rollout in Australia, and we're expecting to learn more as we roll out with much higher volumes in North America this year. We will be able to apply those learnings when we launch in EMEA. Our fiscal '25 guidance assumes the new transaction model is deployed in North America in Q2 of fiscal '25 and provides about a 1 percentage point tailwind to Autodesk's revenue growth and a 3- to 4-point tailwind to billings growth.

我們從澳洲的成功推出中獲得了有用的見解，隨著今年我們在北美推出更高數量的產品，我們預計會學到更多。當我們在歐洲、中東和非洲地區推出時，我們將能夠應用這些經驗。我們的25 財年指導假設新的交易模式將於25 財年第二季度在北美部署，並為Autodesk 的收入增長提供約1 個百分點的推動力，為賬單增長提供3 至4 個百分點的推動力。

Second, the acquisition of Payapps, which closed on February 20, is expected to contribute about 0.5 point of revenue growth in fiscal '25.

其次，2月20日完成的Payapps收購預計將貢獻25財年約0.5個百分點的營收成長。

Third, token consumption for the fiscal '21 EBA cohort exceeded consumption predictions made during the pandemic, which resulted in true-up payments in fiscal '24. Token consumption in the smaller post-pandemic fiscal '22 EBA cohort is tracking more in line with predictions, which means we expect fewer true-up payments in fiscal '25. This pandemic echo effect is about a point of headwind to fiscal '25 revenue growth.

第三，21 財年 EBA 族群的代幣消費超出了疫情期間的消費預測，這導致 24 財年的真實支付。疫情後規模較小的 22 財年 EBA 族群中的代幣消費情況更符合預測，這意味著我們預計 25 財年的真實付款將會減少。這種流行病的迴響效應是 25 財年收入成長的一個阻力點。

And fourth, our rolling 4 quarter foreign exchange hedges means that FX is expected to be about a 1 percentage point headwind to reported revenue growth in fiscal '25.

第四，我們滾動的第 4 季外匯對沖意味著外匯預計將對 25 財年報告的收入成長產生約 1 個百分點的阻力。

Bringing this all together, we expect revenue of between $5.99 billion and $6.09 billion in fiscal '25, which translates into revenue growth of about 9% to 11% compared to fiscal '24. Adjusting the midpoint of our guidance to exclude noise from the new transaction model, acquisitions, the absence of EBA true-up revenue and FX we expect underlying revenue to grow more than 10% in fiscal '25.

綜上所述，我們預計 25 財年的營收將在 59.9 億美元至 60.9 億美元之間，這意味著與 24 財年相比營收成長約 9% 至 11%。調整我們的指導中點以排除新交易模式、收購、EBA 調整收入和外匯的缺失帶來的噪音，我們預計 25 財年的基本收入將成長 10% 以上。

Moving on to margins. We're going to manage our non-GAAP operating margins between a range of 35% and 36% in fiscal '25, with the goal of keeping them roughly level with fiscal '24. This means we expect a roughly 1 point underlying margin improvement will be broadly offset by the margin headwinds from the new transaction model. As we transition to the new transaction model, we'll see operating margin headwinds from the accounting change of moving reseller costs from contra revenue to sales and marketing expense.

轉向邊緣。我們將在 25 財年將非 GAAP 營業利潤率控制在 35% 至 36% 之間，目標是與 24 財年大致持平。這意味著我們預計約 1 個百分點的基本利潤率改善將被新交易模式帶來的利潤率不利因素所抵銷。當我們過渡到新的交易模式時，我們將看到由於將經銷商成本從對銷收入轉移到銷售和行銷費用的會計變化而帶來的營運利潤率阻力。

We'll also have incremental investment in people, processes and automation. But over the long term, we expect that this transition to the new transaction model will enable us to further optimize our business which we anticipate will provide a tailwind to revenue, operating income and free cash flow dollars even after the incremental costs we expect to incur.

我們還將在人員、流程和自動化方面進行增量投資。但從長遠來看，我們預計向新交易模式的轉變將使我們能夠進一步優化我們的業務，即使在我們預計會產生增量成本之後，我們預計這也將為收入、營業收入和自由現金流帶來推動力。

Moving on to free cash flow. We expect to generate between $1.43 billion and $1.5 billion of free cash flow in fiscal '25. In Australia, some channel partners accelerated renewals ahead of the transition to the new transaction model to derisk month 1 of the transition. Because the new transaction model will be rolled out in Q2 in North America, it may be that the behavior we saw in Australia occurs also in North America, which may accelerate billings and free cash flow to earlier quarters, but should not materially change the outlook for the year.

轉向自由現金流。我們預計 25 財年將產生 14.3 億至 15 億美元的自由現金流。在澳大利亞，一些通路合作夥伴在過渡到新交易模式之前加速了續訂，以消除過渡第一個月的風險。由於新的交易模式將於第二季度在北美推出，因此我們在澳洲看到的行為可能也會在北美發生，這可能會加速早期季度的帳單和自由現金流，但不應實質改變前景今年。

Excluding $200 million from fiscal '24 free cash flow from multiyear upfront billings, which are now billed annually, in fiscal '25, we expect free cash flow growth of about 35% at the midpoint of our guidance. We expect faster free cash flow growth in fiscal '26 because of the return of our largest multiyear renewal cohort, the mechanical stacking of multiyear contracts billed annually and a larger EBA cohort.

排除 24 財年多年預付費用自由現金流的 2 億美元（現在每年計費），在 25 財年，我們預計自由現金流將在我們指導的中點增長約 35%。我們預計 26 財年的自由現金流將出現更快的成長，因為我們最大的多年期續約群體的回歸、每年計費的多年期合約的機械堆疊以及更大的 EBA 群體的回歸。

As we navigate the new transaction model transition, the pace of the rollout will create noise in the P&L. So we think free cash flow is the best measure of our performance. At current course and speed, our free cash flow estimate for fiscal '26 at the midpoint is approximately $2.05 billion, which is in line with consensus estimates.

當我們引導新的交易模式轉型時，推出的速度將在損益表中產生噪音。因此，我們認為自由現金流是衡量我們績效的最佳指標。按照目前的進程和速度，我們對 26 財年中期自由現金流的估計約為 20.5 億美元，這與共識估計一致。

In the context of significant macroeconomic, geopolitical, policy, health and climate uncertainty, 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.

在宏觀經濟、地緣政治、政策、健康和氣候不確定性的背景下，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度和確定性來源。

We continue to manage our business using a Rule of 40 framework with a goal of reaching 45% or more over time. We are taking significant steps toward our goal this year and next. 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. The slide deck on our website has more details on modeling assumptions for Q1 and full year fiscal '25.

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。我們正在為今年和明年的目標採取重大步驟。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。我們網站上的幻燈片提供了有關第一季和 25 財年全年建模假設的更多詳細資訊。

Andrew, back to you.

安德魯，回到你身邊。

Thank you, Debbie. Let me finish by updating you on our strong progress in the fourth quarter. We continue to see good momentum in AEC, particularly in infrastructure and construction, fueled by customers consolidating onto our solutions to connect and optimize previously siloed workload through the cloud. The cornerstone of that growing interest is our comprehensive end-to-end solutions encompassing design, pre-construction, field execution through handover and into operations. This breadth of connected capability enables us to extend our footprint further into infrastructure and construction and also expand our reach into the mid-market. As a sign of that growing momentum, we closed a record number of deals over 100,000 and $1 million in construction accounts in the United States and worldwide during this quarter.

謝謝你，黛比。最後，我要向您介紹我們在第四季的強勁進展。我們繼續看到 AEC 的良好勢頭，特別是在基礎設施和建築領域，這得益於客戶整合我們的解決方案，透過雲端連接和優化先前孤立的工作負載。這種日益增長的興趣的基石是我們全面的端到端解決方案，包括設計、施工前、現場執行、移轉和營運。這種廣泛的互聯能力使我們能夠將我們的足跡進一步擴展到基礎設施和建築領域，並將我們的業務範圍擴大到中端市場。作為這一成長勢頭的標誌，本季我們在美國和全球範圍內完成了超過 10 萬筆交易和 100 萬美元的建築帳戶交易，創下了紀錄。

Let me give you a few examples. First, VINCI, a world leader in concessions, energy and construction has been leveraging Autodesk solutions to streamline its operations and drive international expansion. With a platform approach, Revit customizations and BIM as a standard practice, VINCI has achieved significant time savings annually and captured more business abroad. In Q4, VINCI renewed its fourth enterprise business agreement with Autodesk expanding the deployment of Autodesk Construction Cloud on major projects to further integrate its data and workflows and ensure a seamless transition from design through construction.

讓我舉幾個例子。首先，VINCI 作為特許經營、能源和建築領域的全球領導者，一直在利用 Autodesk 解決方案來簡化其營運並推動國際擴張。憑藉平台方法、Revit 定制和 BIM 作為標準實踐，VINCI 每年節省了大量時間，並獲得了更多海外業務。第四季度，VINCI 與 Autodesk 續簽了第四份企業業務協議，擴大了 Autodesk Construction Cloud 在重大專案上的部署，以進一步整合其資料和工作流程，並確保從設計到施工的無縫過渡。

Second, after a competitive RFP process early in the year, Fortis Construction an ENR 400 firm based in Oregon, ran a thorough peer assessments and selected Autodesk Construction Cloud for a 6-month pilot with the confidence gained during the pilot and close alignment between its construction technology vision and Autodesk's Road Map to a connected design, build, operate platform, Fortis committed in Q4 to a multiyear agreement across preconstruction and construction.

其次，在今年年初進行了競爭性RFP 流程之後，總部位於俄勒岡州的ENR 400 公司Fortis Construction 進行了徹底的同行評估，並選擇Autodesk Construction Cloud 進行為期6 個月的試點，因為在試點過程中獲得了信心，而且其與憑藉建築技術願景和 Autodesk 的互聯設計、建造和運營平台路線圖，Fortis 在第四季度承諾簽署一項涵蓋預建和施工的多年期協議。

And third, the Pennsylvania Department of Transportation recently chose Autodesk Construction Cloud as the primary tool powering its project delivery collaboration center, which will manage the project delivery of infrastructure projects in the state. In large part due to our software inclusive open ecosystem.

第三，賓州交通部最近選擇 Autodesk Construction Cloud 作為為其專案交付協作中心提供支援的主要工具，該中心將管理該州基礎設施專案的專案交付。很大程度歸功於我們的軟體包容性開放生態系統。

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 cloud.

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，並且我們將繼續專注於透過產業雲實現這一轉變。

With the acquisition of Payapps, Autodesk will embed payment and compliance management into the project life cycle. It can take an average of 83 days for subcontractors to get paid after putting work in place. And because of the risk, many will not bid on a project if a general contractor or an owner has a reputation for slow payments. Our goal is to leverage technology that eases the burden of construction payment management in a simpler, faster and more efficient process for all construction project stakeholders.

透過收購 Payapps，Autodesk 將把付款和合規管理嵌入到專案生命週期中。分包商在工作到位後平均需要 83 天才能收到付款。由於存在風險，如果總承包商或業主有付款緩慢的名聲，許多人不會投標。我們的目標是利用技術，以更簡單、更快、更有效率的流程為所有建設專案利害關係人減輕建設付款管理的負擔。

Moving on to manufacturing. We made excellent progress on our strategic initiatives. Customers continue to invest in their digital transformations and consolidate our Design and Make platform to grow their business and make it more resilient. In automotive, we continue to grow our footprint beyond the design studio into manufacturing and connected factories as automotive OEMs connect data and shorten handoffs through the design cycle.

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。在汽車領域，隨著汽車原始設備製造商連接數據並縮短設計週期的交接，我們不斷將業務範圍從設計工作室擴展到製造和連網工廠。

In the U.S., a leading manufacturer leveraged AEC Solutions, Fusion and Autodesk Platform Services to develop a connected factory that delivered a much greater ROI to significantly faster design durations product prototyping and data federation. Through its expanded EBA signed in Q4 it is exploring using VR studio tools in customization and increasing its adoption of Autodesk Construction Cloud to bring its new factories to life.

在美國，一家領先的製造商利用AEC 解決方案、Fusion 和Autodesk 平台服務開發了一個互聯工廠，可顯著加快產品原型設計和數據聯合的設計持續時間，從而帶來更高的投資回報率。透過在第四季度簽署的擴展 EBA，該公司正在探索使用 VR 工作室工具進行定制，並增加對 Autodesk Construction Cloud 的採用，以使其新工廠煥發活力。

We continue to serve some of the largest manufacturers in the world with the full breadth of our portfolio as they design and make both products and factories. One of the largest private manufacturers in the U.S. leverages our Advanced Manufacturing portfolio, including Fusion, Powermill and Moldflow, which has helped reduce rework in plastic design by 20%.

我們繼續為世界上一些最大的製造商提供全面的產品組合服務，以幫助他們設計和製造產品和工廠。美國最大的私人製造商之一利用我們的先進製造產品組合，包括 Fusion、Powermill 和 Moldflow，幫助塑膠設計中的返工減少了 20%。

To build clean energy solutions, it utilizes our AEC Collections, including BIM metadata, assembly breakout and installation instructions for its building products. In Q4, the customer increased its EBA with Autodesk and plan to expand our partnership beyond Revit and Autodesk Construction Cloud to support the digitization of its factories.

為了建立清潔能源解決方案，它利用我們的 AEC 系列，包括 BIM 元資料、建築產品的組裝分解和安裝說明。第四季度，該客戶增加了與 Autodesk 的 EBA，並計劃將我們的合作夥伴關係擴展到 Revit 和 Autodesk Construction Cloud 之外，以支援其工廠的數位化。

Fusion remains one of the fastest-growing products in the manufacturing industry and ended the quarter with 255,000 subscribers, driven by the growing number of customers who recognize the value of cloud-based workflows enhancing efficiency, sustainability and resilience within their organization. As the breadth and depth of Fusion's features and capabilities expand, we're beginning to drive adoption by larger companies and serve higher value segments of the professional market through extensions. As we do this, commercial subscriptions will become less complete indicators of Fusion's performance relative to the value we can realize and our reporting will change to reflect that.

Fusion 仍然是製造業中成長最快的產品之一，本季末擁有255,000 名訂閱者，這得益於越來越多的客戶認識到基於雲端的工作流程可提高組織內的效率、永續性和彈性的價值。隨著 Fusion 特性和功能的廣度和深度不斷擴展，我們開始推動大型公司的採用，並透過擴展為專業市場的更高價值部分提供服務。當我們這樣做時，相對於我們可以實現的價值，商業訂閱將成為 Fusion 績效的不完整指標，我們的報告將發生變化以反映這一點。

In education, we are preparing future engineers to drive innovation through next-generation design, analysis and manufacturing solutions. In the fall, the University of Delaware selected Fusion for more than 600 students to use in an introduction to engineering class, replacing a competitor's solution. Fusion was chosen because it facilitated better team collaboration, was easily adopted thanks to available teaching resources and provided a single integrated platform to learn CAD, simulation and CAM.

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。今年秋天，特拉華大學為 600 多名學生選擇 Fusion 在工程入門課程中使用，取代了競爭對手的解決方案。選擇 Fusion 是因為它可以促進更好的團隊協作，由於可用的教學資源而易於採用，並提供了學習 CAD、模擬和 CAM 的單一整合平台。

And lastly, we continue to work with our customers to ensure they are using the latest and most secure versions of our software. In Q4, an American pharmaceutical company look to understand its own usage better and ensure it remains compliant as it transitioned to our named user model. In collaboration with our license compliance team, a preventative audit was conducted to identify risk areas and construct a combination of subscription and Flex tokens for continued access. It is also taking the opportunity Flex enables to trial new products from our portfolio, resulting in an annual spend increase of more than 30%.

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。在第四季度，一家美國製藥公司希望更了解自己的使用情況，並確保在過渡到我們的指定使用者模型時保持合規性。與我們的許可證合規團隊合作，進行了預防性審計，以識別風險區域並建立訂閱和 Flex 令牌的組合以實現持續存取。它還利用 Flex 提供的機會試用我們產品組合中的新產品，使年度支出增加了 30% 以上。

Autodesk remains relentlessly curious with propensity and desire to evolve and innovate. Time and again, our success in executing strategic transformation has added new growth vectors. Built a more diverse and resilient business, forge broader, trusted and more durable partnerships with more customers and giving Autodesk a longer runway of growth and free cash flow generation. We are building the future with focus, purpose and optimism.

Autodesk 對發展和創新的傾向和願望始終保持著不懈的好奇心。我們一次又一次地成功實施策略轉型，增添了新的成長動力。建立更多元化和有彈性的業務，與更多客戶建立更廣泛、值得信賴和更持久的合作夥伴關係，並為 Autodesk 提供更長的成長跑道和自由現金流產生。我們正以專注、目標和樂觀的態度建立未來。

Operator, we would open the call up for questions.

接線員，我們將打開電話詢問問題。

(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。

Andrew, maybe just to start with you. You talked a little bit more about generative AI on this call, which is great to hear. Maybe just to make sure the question is asked. Can you just talk about what your sort of core engineering customers are saying about generative AI? And I'm sure it's a very long discussion, but how do you think about the value that Autodesk can provide sort of on that journey?

安德魯，也許只是從你開始。您在這次電話會議上更多地談論了生成式人工智慧，很高興聽到您的演講。也許只是為了確保問題被提出。您能談談您的核心工程客戶對生成式人工智慧的看法嗎？我確信這是一個很長的討論，但您如何看待 Autodesk 在這個過程中可以提供的價值？

Yes. So first off, let me make it clear that it's our intent to be the market leader in generative AI, just like we were in generative design over 10 years ago. So we intend to lean into this pretty heavily. Our AI lab has been in existence since 2018. It's been where some of the core research that's contributing to some of the things I talked about in the opening commentary came from.

是的。首先，我要明確表示，我們的目標是成為生成式人工智慧的市場領導者，就像我們十多年前在生成式設計領域一樣。因此，我們打算大力投入這一領域。我們的人工智慧實驗室自 2018 年以來一直存在。一些核心研究就是從這裡進行的，這些研究對我在開場評論中談到的一些事情做出了貢獻。

But also, we've been delivering AI in our products for several years now. It's a compelling (inaudible) just released, drawing automation into Fusion, which allows people to automate manufacturing drawing stack, which is a very labor-intensive effort and it's a high productivity driver for our customers.

而且，我們多年來一直在我們的產品中提供人工智慧。這是一個引人注目的（聽不清楚）剛剛發布的Fusion 繪圖自動化，它允許人們自動化製造繪圖堆棧，這是一項非常勞動密集型的工作，但它對我們的客戶來說是高生產力的驅動力。

So in terms of what our customers are saying to us, one, they're looking for the productivity increases. They're asking, what are they going to look like? What kind of productivity increases are you going to deliver to this? And how are you going to use our data to deliver those productivity increases.

因此，就我們的客戶對我們所說的話而言，第一，他們正在尋求生產力的提升。他們問，他們會是什麼樣子？您將為此帶來什麼樣的生產力提升？您將如何使用我們的數據來提高生產力。

Now in terms of how we're going to do this. There is two avenues that we're going to be approaching here. One is going to be more disruptive to how our customers work. And the other one is going to be basically automating the capabilities and workflows they have today. We have to do both. Both have different value levers, both will have different adoption curves.

現在我們要如何做到這一點。我們將採取兩條途徑。其中之一將對我們客戶的工作方式更具顛覆性。另一項基本上將實現現有功能和工作流程的自動化。我們必須兩者都做。兩者都有不同的價值槓桿，都有不同的採用曲線。

Some of the things I talked about in the opening commentary about some of our new tools for generating 3D models from photographs or for incomplete 3D models. Those are disruptive approaches that set up initial model ideas for our customers and allow them to do things initially with a blank slate kind of concept where they create a model from specifications and requirements.

我在開場評論中談到了一些關於我們用於從照片生成 3D 模型或不完整 3D 模型的新工具的內容。這些是顛覆性的方法，為我們的客戶建立初始模型想法，並允許他們最初使用空白的概念來做事情，根據規範和要求創建模型。

We haven't released any of that yet. We will at some point, release that to a private beta. But right now, it's just something we're really proud of, and we think is really important. That's an important disruptive technology.

我們還沒有發布任何內容。我們將在某個時候將其發佈為私人測試版。但現在，這是我們真正感到自豪的事情，我們認為這非常重要。這是一項重要的顛覆性技術。

The other technologies are also going to look a lot like what we did with Fusion Drawing Automation. There are going to be tools that take the complexity of delivering and creating a 3D model and all of its outputs to a process and take it from months to weeks or sometimes even days. And that's going to make customers who are currently using these tools may be slower in the adoption of more disruptive tools, incredibly more productive.

其他技術也將與我們在 Fusion Drawing Automation 中所做的非常相似。將會出現一些工具，可以將交付和創建 3D 模型及其所有輸出的複雜性轉移到一個流程中，並將其從數月到數週甚至有時甚至數天。這將使目前正在使用這些工具的客戶在採用更具顛覆性的工具時可能會放慢速度，但生產力卻大大提高。

Both avenues are valid, both are important and both are areas that we're focusing on.

這兩種途徑都是有效的，都很重要，都是我們關注的領域。

Got it. Got it. That makes a lot of sense. Debbie, maybe for my follow-up for you. Autodesk obviously provides a lot of value to its customers, which you're also able to capture as well. Maybe the question is, can you just talk a little bit about some of the recent pricing actions that have been out there? And what sort of customer behavior that might drive as a result. I think there was a little bit of difference in pricing sort of between 1 year and multiyear subscriptions. How do you think about that impacting the model, if at all, going forward?

知道了。知道了。這很有意義。黛比，也許是我對你的後續行動。顯然，Autodesk 為其客戶提供了許多價值，您也可以獲得這些價值。也許問題是，您能簡單談談最近的一些定價行為嗎？以及由此可能引發什麼樣的客戶行為。我認為一年期訂閱和多年期訂閱的定價略有不同。您如何看待這對模型的未來影響（如果有的話）？

Sure. So let's start first with what we did. So there's a couple of things that are going on. We did about a 3-point increase for market factors and then we did a 5% increase for renewals. With market factors, this is something that we've been talking about for a while. Our goal is to streamline pricing around the world. And then for the renewal price change, before the increase, we had a 10-point price differential between new and renewal, and with this move to agency, as we move to the new transaction model, we don't see as much of a need for that delta.

當然。讓我們先從我們所做的開始。所以有一些事情正在發生。我們針對市場因素增加了約 3 個百分點，然後針對續約增加了 5%。就市場因素而言，這是我們已經討論了一段時間的事情。我們的目標是簡化全球定價。然後對於續訂價格變化，在上漲之前，我們在新的和續訂之間存在10 個點的價格差異，並且隨著轉向代理，當我們轉向新的交易模式時，我們沒有看到那麼多的價格差異。需要那個三角洲。

In Q4, what we did was we moved up the timing of the price increase so that we could better sequence things with the new transaction model coming, and that led to some early renewals down the stretch.

在第四季度，我們所做的是提前了價格上漲的時間，以便我們可以更好地安排新交易模式的到來，這導致了一些早期的續約。

That's part of what gave an extra point of growth to current RPO. But the price increase overall was most helpful to billings, but it wasn't material to revenue and free cash flow.

這是為當前 RPO 帶來額外增長點的部分原因。但整體而言，價格上漲對帳單最有幫助，但對收入和自由現金流影響不大。

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

我們的下一個問題來自 Stifel 的 Adam Borg。

Maybe on the transactional model, and thanks, guys, for all of the disclosures around it. Maybe talk a little bit more about the learnings you have from the early customer and partner feedback in Australia. And even now that you have the early days of this direct relationship, anything interesting there that you're learning from your more direct relationship with customers? Be it usage or adoption or expansion that you clearly didn't have before with the prior model.

也許是在交易模型上，謝謝大家，所有圍繞它的披露。也許可以多談談您從澳洲早期客戶和合作夥伴回饋中獲得的經驗教訓。即使現在您已經處於這種直接關係的早期階段，您從與客戶更直接的關係中學到了什麼有趣的東西嗎？無論是使用、採用還是擴展，您顯然以前的模型都沒有。

Yes. Thanks, Adam, for that question. First off, let me just reinforce something here. So I want to make sure that we're all on the same page here about why we're doing this, right? This is a critical part of a relentless ongoing modernization of Autodesk business, getting us ready for the long-term success we expect in a world of AI-driven cloud-based solutions for design to make lifecycles, right? It's a necessary step in this. It's the last big one in our journey of all the ones we've done at this point, and it really has some big benefits for our customers long term.

是的。謝謝亞當提出這個問題。首先，讓我在這裡強調一些事情。所以我想確保我們在為什麼要這樣做的問題上達成共識，對吧？這是 Autodesk 業務持續不斷現代化的關鍵部分，讓我們為在人工智慧驅動的基於雲端的設計生命週期解決方案領域取得長期成功做好準備，對吧？這是這方面的必要步驟。這是我們目前所做的所有項目中的最後一個重大項目，從長遠來看，它確實為我們的客戶帶來了一些巨大的好處。

One, it's going to allow us to understand them a lot better in ways that we can't currently understand them because we don't have the full account record of what the customer is doing. Two, it's going to allow us to deliver a lot more self-service capability to these customers. And three, it's going to turn our partner channel into design, make collaborators and consultants for our customers with their own unique IP and their own services and away from transaction partners. So it's critical that we kind of get on the same page on that.

第一，這將使我們能夠以目前無法理解的方式更好地理解他們，因為我們沒有客戶行為的完整帳戶記錄。第二，它將使我們能夠為這些客戶提供更多的自助服務功能。第三，它將把我們的合作夥伴管道轉變為設計，為我們的客戶打造合作者和顧問，擁有他們自己獨特的智慧財產權和自己的服務，遠離交易夥伴。因此，我們在這一點上達成共識至關重要。

With regards to Australia, we actually did learn a lot, right? Mostly about the transactions at this point because it was only for 1 quarter and a little bit. It didn't necessarily have a direct impacts on customer behavior.

關於澳大利亞，我們確實學到了很多東西，對嗎？主要是關於此時的交易，因為它只持續了 1 個季度。它不一定對顧客行為產生直接影響。

But what we did learn we've now put into the process. In fact, we actually delayed our U.S. rollout by 30 days based on some of the learnings during the Australia process, we changed our road map for some of the capabilities, updated and upgraded some of the capabilities in the transaction systems to kind of correspond with some things we saw in Australia.

但我們現在已經將所學到的知識運用到了這個過程中。事實上，根據澳洲流程中的一些經驗，我們實際上將美國的推出推遲了 30 天，我們改變了一些功能的路線圖，更新和升級了交易系統中的一些功能，以適應我們在澳洲看到的一些事。

And we also kind of delivered some new enablement materials for partners, and frankly, for customers as well so that they understand how this transaction model impacts their relationship with Autodesk. So we definitely took the learnings through the bank to make sure that we were better prepared and we even gave ourselves a little bit more time based on what we learned to finish up a few things that we think are going to be impactful.

我們也為合作夥伴提供了一些新的支援資料，坦白說，也為客戶提供了一些新的支援資料，以便他們了解這種交易模式如何影響他們與 Autodesk 的關係。因此，我們確實透過銀行吸取了教訓，以確保我們做好了更好的準備，我們甚至根據所學到的知識給了自己更多的時間來完成一些我們認為會產生影響的事情。

That's great. And maybe just as a quick follow-up. You talked about some success with state DOTs. As you think about kind of the Infrastructure Bill and the stimulus that continues to be deployed, maybe just give a quick update on Innovyze, and just a quick state of the union there and the opportunity as part of the broader infrastructure push?

那太棒了。也許只是作為一個快速的後續行動。您談到了州 DOT 的一些成功。當您考慮基礎設施法案和繼續部署的刺激措施時，也許只是簡單介紹一下 Innovyze 的最新情況，以及那裡的聯盟情況以及作為更廣泛的基礎設施推動一部分的機會？

Yes. So you'll probably hear us use the word name Innovyze a lot less and talk a little bit more about Autodesk Construction -- Water Solutions moving forward, right? So I just want to be clear about that.

是的。因此，您可能會聽到我們更少使用 Innovyze 這個詞，而更多地談論 Autodesk Construction - Water Solutions 的發展，對嗎？所以我只想澄清這一點。

Water is and has been a big part of our EBA successes. Larger customers are adding Water Solutions. I think there's an obvious reason for that. Water is just as important as it was before, if not more so. I think you're probably aware that California, we just had yet another kind of flood where people didn't expect to have floods in San Diego, and that's all because water movement, water management infrastructure is moving water in the wrong places. So people need to build and rebuild water infrastructure of all types, water scarcity, water purity, all of these things, water is going to be a big business moving into the future. And it's continued to enhance some of our EBAs with that respect.

水現在和過去都是我們 EBA 成功的重要組成部分。較大的客戶正在添加水解決方案。我認為這是有一個明顯的原因的。水與以前一樣重要，甚至更加重要。我想你可能知道，加州剛剛發生了另一種洪水，人們沒有想到聖地牙哥也會發生洪水，這都是因為水的流動、水管理基礎設施將水輸送到了錯誤的地方。因此，人們需要建造和重建各種類型的水基礎設施，水資源短缺，水純淨度，所有這些，水將成為未來的一門大生意。在這方面，它繼續增強我們的一些 EBA。

Since you mentioned the infrastructure in general, I just want to kind of point a little bit to something that you heard in the opening commentary about PennDOT, right? I think that's a really important story about what's going on there. Why is PennDOT choosing our solutions? What's going on?

既然您總體上提到了基礎設施，我只想稍微指出一下您在有關 PennDOT 的開場評論中聽到的一些內容，對吧？我認為這是一個關於那裡正在發生的事情的非常重要的故事。為什麼 PennDOT 選擇我們的解決方案？這是怎麼回事？

Because of the Infrastructure Bill and some of the money that was put in the Infrastructure Build to help some of these departments of transportation understand how to invest in the future, PennDOT looked at its portfolio of tools. They looked at the future, they looked at what they need going out 10, 20 years in the future. What kind of modern stacks they want to work on? And they chose to move to our solutions and incorporate more of our solutions in their environment. That's an important first step in what we're trying to do.

由於《基礎設施法案》以及投入基礎設施建設的部分資金，以幫助其中一些交通部門了解如何投資未來，PennDOT 研究了其工具組合。他們著眼於未來，著眼於 10 年、20 年後他們需要什麼。他們想要開發什麼樣的現代堆疊？他們選擇轉向我們的解決方案，並將更多我們的解決方案融入他們的環境中。這是我們正在努力做的事情的重要的第一步。

We want to be part of modernizing these departments of transportation with the kind of modern staff that we've created in the end-to-end design to make solutions. That's another vector here to pay attention to as the infrastructure boom kind of continues to roll out into the United States.

我們希望透過我們在端到端設計中創建的現代化員工來製定解決方案，成為這些交通部門現代化的一部分。隨著基礎設施熱潮繼續蔓延到美國，這是另一個值得關注的因素。

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。

Andrew, first question concerns the transaction model. And what I'd like to ask about is relating the operational and transactional and accounting systems and compensation systems that you've put in place relative to the scale of your volume. You added well over 700,000 subscriptions in fiscal '24, more than you added in fiscal '23. You've spoken of certain growth expectations for volume over time.

安德魯，第一個問題涉及交易模式。我想問的是，您所建立的營運、交易、會計系統以及薪酬系統與您的業務量規模之間的關係。您在 24 財年增加了超過 70 萬個訂閱，比 23 財年增加的數量還要多。您談到了隨著時間的推移對銷量的某些成長預期。

So maybe help us understand the capacity that you have in place now to support the long-term volume growth expectations that you have? Because undoubtedly, you're looking to do substantially more subscription additions than you did in fiscal '24?

那麼，也許可以幫助我們了解您現在擁有的能力來支持您的長期銷售成長預期？因為毫無疑問，您希望增加比 24 財年更多的訂閱？

Yes. So Jay, obviously, the modernization of Autodesk and its back office infrastructure is, it just about rolling out the new transaction model and the kind of the nuts and bolts of that. It's actually about increasing our internal capacity to do these things at scale, which is exactly what we were trying to test in Australia in the various environments and that we've been testing since then.

是的。所以傑伊，顯然，歐特克及其後台基礎設施的現代化只是推出新的交易模式及其具體細節。這實際上是為了提高我們大規模做這些事情的內部能力，這正是我們在澳洲的各種環境中嘗試測試的，並且從那時起我們一直在測試。

So we are very confident that we've not only built a transaction environment, but a cascading set of capabilities that allow us to scale significantly as we move forward. Because you're right, we intend to get deeper and deeper to people's design and make processes and that's going to increase the amount of subscriptions that are being used downstream in other types of make processes, and we have to be able to operate at scale. So this is not just a new transactional model modernization effort. It's a full-scale modernization effort inside of Autodesk that captures all aspects of this.

因此，我們非常有信心，我們不僅建立了一個交易環境，而且還建立了一系列級聯功能，使我們能夠在前進的過程中顯著擴展。因為你是對的，我們打算越來越深入地了解人們的設計和製作流程，這將增加下游其他類型的製作流程中使用的訂閱數量，而且我們必須能夠大規模運作。因此，這不僅僅是一項新的交易模式現代化工作。這是 Autodesk 內部的全面現代化工作，涵蓋了這一切的各個方面。

And the good thing about the cascading rollout, the way we're doing it this year with the U.S. first, is again, we're going to get yet another test on the volume and capacity of the systems that allows us to understand where we're at before we go live with the next level of rollout and volume capture. But, just know that this is more than just a transaction model. It is a full-scale modernization of what's going on under the hood at Autodesk.

級聯部署的好處是，我們今年首先在美國進行的方式是，我們將對系統的容量和容量進行另一次測試，使我們能夠了解我們在哪裡在我們開始下一階段的推出和容量捕獲之前。但是，要知道這不僅僅是一種交易模型。這是對 Autodesk 內部運作的全面現代化。

Yes. Understood. Second question concerns products and technology. When we think back to the various product sessions and road map sessions that you talked about at AU a few months ago, what do you think are the critical executable product deliverables that you're aiming for this year? Either in terms of improving upon or expanding the existing products such as Revit or other new tools?

是的。明白了。第二個問題涉及產品和技術。當我們回想起您幾個月前在 AU 談到的各種產品會議和路線圖會議時，您認為您今年的目標是關鍵的可執行產品交付成果是什麼？是在改進還是擴展現有產品（例如 Revit 或其他新工具）方面？

Yes. So I'll just hit a few here, okay. First off, in manufacturing, the critical thing that really needs to happen this year for Fusion, for example, is we have to improve our capability to help move Fusion from small teams in the Design and Make part of the business all the way up to supporting full-scale engineering team.

是的。所以我就在這裡打幾個，好吧。首先，在製造領域，對於 Fusion 來說，今年真正需要發生的關鍵事情是，我們必須提高我們的能力，幫助 Fusion 從設計和製造業務的小團隊一直發展到業務的一部分。支援全方位的工程團隊。

So basically scaling the size of installations inside of our customer base with Fusion. That's going to be through a combination of things we do with our cloud-based data management solutions as well as some of our AI-based solutions, which basically attract people to the product because of the productivity enhancement. But that is definitely an important effort.

因此，基本上可以透過 Fusion 來擴展我們客戶群內部的安裝規模。這將透過我們基於雲端的數據管理解決方案以及一些基於人工智慧的解決方案的結合來實現，這些解決方案基本上會因為生產力的提高而吸引人們使用該產品。但這絕對是一項重要的努力。

There's a second ancillary effort with regards to the Fusion around ensuring that our partnerships with companies like Cadence and the internal EBA capabilities we built the Fusion set us up for a boom in smart products. We want to be the solution that people choose for smart products. We've built enough capability in the Fusion that people can get a certain way, end-to-end with Fusion. And we're partnering to make sure that when things get more sophisticated, we're able to move up into the more sophisticated processes associated with these smart products.

關於 Fusion，還有第二項輔助工作，即確保我們與 Cadence 等公司的合作夥伴關係以及我們建立 Fusion 的內部 EBA 功能，為智慧產品的繁榮奠定基礎。我們希望成為人們選擇智慧產品的解決方案。我們已經在 Fusion 中建立了足夠的功能，人們可以透過 Fusion 以某種方式獲得端到端的服務。我們正在合作，以確保當事情變得更加複雜時，我們能夠進入與這些智慧產品相關的更複雜的流程。

Now when it comes to Forma, Forma and Fusion kind of dance together here. And one of the things that is really important to do as we move into this year is make sure that Forma and Revit play together as our customers try to move forward as they adopt Fusion and also as they use Revit more collaborative in the cloud, that these two products work together in some way that they exchange data and interoperate in ways that nobody else can achieve because the truth of the matter is the work that people are doing with Revit isn't going away. It's a huge amount of what they do. And we need to make sure that, that work is more efficient in a Forma world. So look, for us to not only increase the capability to Forma but increase its relationship with Revit as well, which I think is really important.

現在，說到 Forma，Forma 和 Fusion 在這裡共舞。進入今年，真正重要的事情之一是確保 Forma 和 Revit 共同發揮作用，因為我們的客戶在採用 Fusion 時試圖向前邁進，並且在他們使用 Revit 在雲中更具協作性時，這兩個產品以某種方式協同工作，以其他人無法實現的方式交換資料和互通，因為事實是人們使用Revit 所做的工作不會消失。他們所做的事情非常多。我們需要確保工作在 Forma 世界中更有效率。因此，我們不僅要增強 Forma 的功能，還要增強其與 Revit 的關係，我認為這非常重要。

The last thing I'll say, just around Media and Entertainment, is we have to continue to take what we're doing with regards to moving beyond post-production special effects into full production management, script to screen capabilities for our customers in the filmmaking industry and make some of that real with the Flow platform.

我要說的最後一件事，就媒體和娛樂而言，我們必須繼續採取我們正在做的事情，超越後期製作特效，進入全面的製作管理，為我們的客戶提供從腳本到屏幕的能力。電影製作行業，並透過Flow 平台將其中的一些變為現實。

And that's really the big goal for the Media and Entertainment team is to make Flow real this year and help our customers really see possibilities of integrating new types of complex solutions on top of a single production management environment.

對於媒體和娛樂團隊來說，真正的大目標是今年讓 Flow 成為現實，並幫助我們的客戶真正看到在單一製作管理環境之上整合新型複雜解決方案的可能性。

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。

I wanted to ask, so Autodesk has framed growth rates over the long arc of time in that 10% to 15% range. 2025 guidance is obviously holding to the 10%. When you think about 10%, conceptually, is that ultimately, as you would expect, just given the nature of your businesses being exposed to certain end markets that are perhaps now closer to their bottoming or troughing points in a given cycle. And if that maybe is the case, and this is the bottoming point what indications are you watching over coming quarters? To maybe set the stage for a recovery scenario, which, of course, your markets typically do after they reach that bottoming point.

我想問的是，Autodesk 將很長一段時間的成長率設定在 10% 到 15% 的範圍內。 2025 年的指引顯然維持在 10%。當你考慮 10% 時，從概念上講，最終正如你所期望的那樣，考慮到你的企業面臨某些終端市場的性質，這些終端市場現在可能更接近給定週期的觸底或谷點。如果情況確實如此，而這就是底部點，您在未來幾季會關注哪些跡象？也許是為復甦場景奠定基礎，當然，市場通常會在達到谷底後這樣做。

Yes. So thanks. So we continue to target that 10% to 15% revenue growth algorithm. And you're right, the midpoint for fiscal '25 was right at that 10% coming off a year where we did 13% growth in constant currency.

是的。那謝謝啦。因此，我們繼續以 10% 到 15% 的收入成長演算法為目標。你是對的，25 財年的中點正好是 10%，而我們當年以固定匯率計算成長了 13%。

And really, what we've said is that where we end up in that 10% to 15% range is going to be contingent upon the macroeconomic backdrop that we operate in as well as our ability to harvest the opportunities that we have before us across AEC, manufacturing and so on. And so the things that we're watching as we proceed through this year with that 10% midpoint or some of the things that we've been talking about for a while now. So new business growth is really an important indicator of future revenue performance for the company.

事實上，我們所說的是，我們最終處於 10% 到 15% 的範圍內，將取決於我們所處的宏觀經濟背景以及我們收穫擺在我們面前的機會的能力。AEC、製造等。因此，我們在今年以 10% 的中點進行時正在關注的事情，或者我們已經討論了一段時間的一些事情。因此，新業務成長確實是公司未來營收表現的重要指標。

And we've said that in this last quarter that new business growth -- grew, but it was relatively soft, consistent with what we had seen over the previous to several quarters. So definitely being impacted by macro and that's one of the factors that's driving the 10% revenue growth midpoint in fiscal '25. So we'll continue to watch that closely.

我們已經說過，在最後一個季度，新業務成長有所成長，但相對疲軟，這與我們在前幾個季度看到的情況一致。因此，肯定會受到宏觀經濟的影響，這是推動 25 財年收入中位數成長 10% 的因素之一。所以我們將繼續密切關注。

We also watch product usage. We watch bidding activity on our BuildingConnected platform, and we stay close to our channel partners, trying to understand what they're seeing in terms of their demand. So those are the things that we're going to be watching to see how this year progresses and beyond.

我們也觀察產品的使用情況。我們在 BuildingConnected 平台上觀察投標活動，並與通路合作夥伴保持密切聯繫，試圖了解他們的需求。因此，這些都是我們將關注的事情，以了解今年及以後的進展。

Okay. That's helpful. And then I wanted to follow up on the free cash flow. I think I heard the $2.05 billion for fiscal 2026. At one point, there was a comment that the progression between FY '24 and 2026 that was going to be linear, of course, if you normalize for that $200 million effect -- benefit last year and then comes out this year.

好的。這很有幫助。然後我想跟進自由現金流。我想我聽到了2026 財年的20.5 億美元。有一次，有人評論說，24 財年到2026 財年之間的進展將是線性的，當然，如果你對2 億美元的效應進行正常化— —效益最後今年然後出來。

I guess as I look at that in the $2.05 billion, it's not quite linear. It would seem like FY '26 is actually maybe a bit stronger. Did something change in kind of the modeling out of the progression? Just any color there.

我想，當我審視這 20.5 億美元時，它並不是完全線性的。看起來 26 財年實際上可能更強一些。進展過程中的建模有什麼變化嗎？那裡有任何顏色。

Nothing's changed, Joe. So it's, we've said that we anticipate that cash flow would grow greater in fiscal '26 than what we saw in fiscal '25. And when you think about modeling the growth rate, just remember that you have to remove to $200 million in fiscal '24 before we stopped selling multiyear contracts upfront.

一切都沒有改變，喬。因此，我們已經說過，我們預計 26 財年的現金流量成長將高於 25 財年。當您考慮對成長率進行建模時，請記住，在我們停止預先銷售多年期合約之前，您必須在 24 財年扣除 2 億美元。

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。

Maybe first for Andrew. Just on the acquisition of Payapps. They were a great partner of yours. Just curious on what drove the decision to acquire them outright versus just extending the partnership?

也許首先是安德魯。就在收購 Payapps 的時候。他們是您的優秀夥伴。只是好奇是什麼促使我們決定徹底收購它們，而不是只延長合作關係？

Yes. All right. So let's, since you opened up the door there, let's talk a little bit about construction in general because I think it's important to kind of highlight what's been going on there. We had a great EBA quarter for construction. Construction saw strong growth in our largest accounts, which is really important for the long-term health of construction.

是的。好的。所以，既然你打開了那裡的門，讓我們談談一般的建設，因為我認為強調那裡正在發生的事情很重要。我們的 EBA 季度建築業表現出色。我們最大的客戶的建築業出現了強勁成長，這對於建築業的長期健康發展非常重要。

At a really high level, we also saw an increase in $100,000 deals and $1 million deals, both in the U.S. and internationally. I think that's really important. And this is where one of the things where payoffs comes in, right? Remember, we're going end to end with our solutions here from design, all the way to make, and we want to make sure that we get into the preconstruction planning and other types of our customers' processes.

在非常高的水平上，我們也看到美國和國際上 10 萬美元的交易和 100 萬美元的交易都有所增加。我認為這非常重要。這就是回報的來源之一，對吧？請記住，我們將端到端地提供從設計到製造的解決方案，並且我們希望確保我們進入施工前規劃和其他類型的客戶流程。

It takes 83 days for our customers to process payments in their environment. That's just too long. Now we're not getting into the transaction business. What we're doing is we're getting into the business of helping them automate and track those payments across their entire life cycle so that they can get quicker return, reduce that 83 days to be faster and increase their cash flows. This has to be something we tightly integrate into our solution.

我們的客戶需要 83 天才能在其環境中處理付款。那太長了。現在我們不涉足交易業務。我們正在做的是幫助他們在整個生命週期中自動化和追蹤這些付款，以便他們能夠更快地獲得回報，縮短 83 天，從而更快地增加現金流。這必須是我們緊密整合到我們的解決方案中的東西。

So we intend to tightly integrate in this -- this in, just like we rebuilt some of the other solutions we acquired previously into what is today Autodesk Build, which is a new modern platform for doing some of these things. So we thought it was very important to own this so that we can integrate it. And then we went out there and we bought a premium asset. It's a leader. It's a global leader in payment processors it's not a small company. It's not what we could afford. It's what we needed. And I think that's really important.

因此，我們打算緊密整合成這一點，就像我們將之前獲得的一些其他解決方案重建到今天的 Autodesk Build 中一樣，這是一個用於執行其中一些操作的新現代平台。所以我們認為擁有它非常重要，這樣我們就可以整合它。然後我們就去那裡買了一項優質資產。這是一個領導者。它是支付處理器領域的全球領導者，它不是一家小公司。這不是我們能承受的。這就是我們所需要的。我認為這非常重要。

So when we look forward at a construction right now, we see tools like this being critical as well as our preconstruction tools. And we actually see the deal cycles maybe getting a little longer, but we're competing head-to-head a lot more. And I want to again highlight that, that Fortis deal out of Oregon, which was a head-to-head competitive deal with a pilot period that ended up going fully to Autodesk.

因此，當我們現在展望施工時，我們認為這樣的工具以及我們的施工前工具都至關重要。事實上，我們看到交易週期可能會變得更長一些，但我們的正面競爭要多得多。我想再次強調的是，富通集團在俄勒岡州的交易是一項正面競爭的交易，有一個試點期，最終完全交給了歐特克。

So what we see right now in our business is building momentums, driven by the end-to-end solution and kind of acquisitions like Payapps as well. So when we look forward into next year, we don't see deceleration of the business, we see acceleration.

因此，在端到端解決方案和 Payapps 等收購的推動下，我們現在的業務正在累積動力。因此，當我們展望明年時，我們並沒有看到業務減速，而是看到了加速。

Okay. No, that's very helpful. And then my quick follow-up for Debbie. Sorry if I missed it, but the 13% constant currency growth we did this year. Did you mention how much was from the strong renewal cohort and then maybe any upfront revenues? I'm just trying to understand the several points of decel embedded in the '25 guide?

好的。不，這非常有幫助。然後是我對黛比的快速跟進。抱歉，如果我錯過了，今年我們實現了 13% 的恆定貨幣成長率。你有沒有提到有多少來自強大的續約群體，還有可能有任何預付費用？我只是想了解'25指南中嵌入的減速要點？

Yes. So the early renewal cohort didn't have any impact to revenue really that had more of an impact on billings than it would have on revenue. And then the strength that we saw in enterprise represented about 1 point of growth.

是的。因此，早期續訂群體對收入沒有任何影響，實際上對帳單的影響比對收入的影響更大。然後我們在企業中看到的實力代表了約 1 個百分點的成長。

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)。

Along the similar lines of Jason's question, on construction, Andrew. I'm just wondering if you could provide us an update on the go-to-market changes that you made, I believe, last year? And how you're expecting that business? I mean you talked about acceleration. Obviously, make revenue is growing in the teens. Is this a business you think can be 20% over the medium term? Just help us frame what you're seeing both from the go-to-market and pipeline perspective?

沿著與傑森關於構造的問題類似的思路，安德魯。我只是想知道您是否可以向我們提供有關您去年所做的上市更改的最新資訊？您對這項業務有何期待？我的意思是你談到了加速。顯然，收入正在以十幾歲的速度成長。您認為這個業務在中期內可以成長 20% 嗎？請幫助我們從上市和通路的角度描述您所看到的情況？

Yes. So as you know, last year was the full year of integrating the Salesforce back into the mainline Salesforce. We went through some of the integration efforts to do that. There were obviously some slowdowns in the business related to integration of those things. Those things are past us now. The business is fully integrated. It's starting the year off not only fully integrated from the get-go, but with all of the processes, plans and capabilities all lined up according to how we want to grow the business heading into the year.

是的。如你所知，去年是將 Salesforce 重新整合到主線 Salesforce 的一年。為此，我們進行了一些整合工作。與這些東西的整合相關的業務顯然出現了一些放緩。那些事情現在已經過去了。業務已完全整合。新的一年不僅從一開始就完全整合，而且所有流程、計劃和功能都根據我們希望如何在今年發展業務而排列。

And one of the things I wanted you to notice in my previous commentary is that we're seeing deal activity going up. So the pipeline is actually firming up really well, and we're in more deals. And some of these deals are more competitive, but we embrace that because when we're in a competitive deal, that means we're showing up in places we weren't showing up before because people are calling us in.

在我之前的評論中，我希望您注意到的一件事是，我們看到交易活動正在增加。因此，管道實際上已經非常穩固，我們正在進行更多交易。其中一些交易更具競爭力，但我們接受這一點，因為當我們處於競爭性交易中時，這意味著我們會出現在以前沒有出現過的地方，因為人們正在召喚我們。

That's a really important part of this whole entire process. People are starting to ask themselves what solution do they need for the next 10, 15 years versus what's available out there today. And the end-to-end capabilities we're delivering, especially leaning more heavily into our preconstruction capabilities, which lock in a lot of the cost and complexity and risk of a construction project. This is where we're leaning into this year, and this is where we're going to be driving the growth.

這是整個過程中非常重要的一部分。人們開始問自己，與目前可用的解決方案相比，未來 10 年、15 年他們需要什麼解決方案。我們正在提供的端到端能力，尤其是更多地依賴我們的預施工能力，這鎖定了建築專案的大量成本、複雜性和風險。這是我們今年的重點，也是我們將推動成長的地方。

So I think we're past integration issues moving forward into pure execution and scale inside the mainline Salesforce. The EBA success is a great example of that.

因此，我認為我們已經解決了整合問題，正在轉向 Salesforce 主線內的純粹執行和規模化。 EBA 的成功就是一個很好的例子。

That's helpful. And maybe a follow-up for Debbie, and apologies, I've been jumping around calls. But can you just frame how you're thinking about the relative drivers of the top line growth outlook for FY '25 between subs growth and pricing and the usual factors that build up to that?

這很有幫助。也許是黛比的後續行動，抱歉，我一直忙著打電話。但是，您能否概括一下您如何看待 25 財年營收成長前景在潛水艇成長和定價之間的相對驅動因素以及造成這種情況的常見因素？

Sure. So we typically are trying to target roughly 50-50 split of growth coming from volume and it's either price/mix or margin, basically, a partner margin is how we think about it. So across volume and price, again, our target is to do roughly 50-50 in fiscal '25, that would continue to be our goal.

當然。因此，我們通常會嘗試將銷售成長目標定為大約 50-50，這要么是價格/組合，要么是利潤率，基本上，我們是如何看待合作夥伴利潤率的。因此，從銷售和價格來看，我們的目標是在 25 財年實現約 50-50 輛，這將繼續是我們的目標。

Now there are certainly years where it's going to vacillate between one or the other. And we've talked about how this past year, our new business was growing slower than we would anticipate in a more normal macroeconomic environment. As we look ahead, we're hoping to get that growth coming from roughly equally across those 2, volume and price. So that's how we're thinking about it.

現在肯定有幾年它會在兩者之間搖擺不定。我們已經討論過，在過去的一年裡，我們的新業務成長速度比我們在更正常的宏觀經濟環境中預期的要慢。展望未來，我們希望成長來自於數量和價格這兩個方面的大致相等。這就是我們的想法。

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。

So first, one of your competitors mentioned pressure on projected seat growth, due to the declining ranks of engineers. Are you seeing a similar impact? Or is that not impacting your customers?

首先，您的一位競爭對手提到，由於工程師隊伍的下降，預計席位成長面臨壓力。您是否看到類似的影響？還是這不會影響您的客戶？

We are not seeing a decline in our growth rates because of any pressure out there associated with engineers. As a matter of fact, one of the things that's really important because we're moving into Design and Make processes, we have a pretty broad swath of people that were able to touch.

我們的成長率並沒有因為工程師的壓力而下降。事實上，真正重要的事情之一是，因為我們正在進入設計和製造流程，我們有相當廣泛的人能夠接觸到。

Also, we continue to displace competitive products in, especially with Fusion in the manufacturing space. So we're not seeing that kind of affects declining basis. We do see customers at times optimizing their installations with Autodesk to try to rightsize things but not because they're downsizing their employment base.

此外，我們持續取代競爭產品，尤其是製造領域的 Fusion。所以我們沒有看到這種影響基差下降。我們確實看到客戶有時會透過 Autodesk 來優化他們的安裝，以嘗試調整規模，但這並不是因為他們正在縮小就業基礎。

Got it. And then one for you, Debbie, and thank you for the clear on the moving pieces in '25. In the press release, you mentioned that the guidance for growth in '25, you said adjusting for FX, EBA acquisition transaction model, you gave additional data point on the call. Is the right way to think about it, that guidance constant currency ex EBA transaction model and acquisitions is basically 9.5% to 11.5% growth rate in '25? Is that the right very basic math?

知道了。然後是你，黛比，感謝你對 25 年的活動的清晰闡述。在新聞稿中，您提到了 25 年的成長指導，您提到了針對外匯、EBA 收購交易模式的調整，您在電話會議上提供了額外的數據點。考慮這個問題的正確方法是，25 年除 EBA 交易模式和收購之外的恆定貨幣成長率基本上為 9.5% 至 11.5% 的成長率？這是正確的非常基本的數學嗎？

So what we talked about was 1 point of headwind from FX, 1 point of headwind from the absence of EBA true-ups. 0.5 point of tailwind from acquisitions and 1 point of tailwind from the new transaction model. So the net effect of that is 0.5 point, so yes.

所以我們討論的是來自外匯的 1 點逆風，以及由於缺乏 EBA 調整而帶來的 1 點逆風。收購帶來 0.5 點的順風，新交易模式帶來 1 點的順風。所以淨效果是 0.5 分，所以是的。

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

我們的下一個問題來自摩根大通的史蒂芬·圖薩。

What would, do you think is in the kind of crystal ball that drive you to the low end of the range? Like what are you concerned about that you can see today? I assume that's part of the macro. But what within the macro would get you to the low end of the range?

您認為水晶球中的什麼東西會驅使您到達範圍的低端？就像今天看到的那樣，您擔心什麼？我認為這是宏的一部分。但宏觀範圍內什麼能讓你到達範圍的低端呢？

We'll continue to watch that new business grows. That's something that we're laser-focused on, and macroeconomic conditions were to shift, then that would be probably one of the first things that would be impacted and that could take us to the lower end of the range. We're watching end market demand pretty closely. So that's why we talk about bid activity on BuildingConnected and it continues to be at record highs. But of course, if that were to take a turn, that could have an impact on us.

我們將繼續關注新業務的成長。這是我們高度關注的事情，如果宏觀經濟條件發生變化，那麼這可能是最先受到影響的事情之一，並且可能會將我們帶到範圍的低端。我們正在密切關注終端市場需求。這就是為什麼我們談論 BuildingConnected 上的投標活動，並且它繼續處於歷史高位。但當然，如果這種情況發生轉變，可能會對我們產生影響。

And then we monitor the sentiment that we're hearing from our channel partners to understand how they're seeing end market demand and what the impact might be for our business. So those are the types of things that could inform whether or not we would be at the lower end of the range.

然後，我們監控從通路夥伴那裡聽到的情緒，以了解他們如何看待終端市場需求以及這可能對我們的業務產生什麼影響。因此，這些類型的事情可以判斷我們是否處於該範圍的下限。

Okay. And then just to be clear, I didn't, I thought it was -- when you went through some of the other moving parts on guidance that it netted out to kind of 1 point of tailwind. I guess you're throwing in the EBA true-ups or at least adjusting those out to get to an underlying rate? Is that what, is that part of the calc there?

好的。然後澄清一下，我沒有，我認為是 - 當你在指導下經歷一些其他移動部分時，它獲得了 1 點的順風。我猜你是在考慮 EBA 調整或至少調整這些調整以達到基本利率？那是什麼，是那裡的計算的一部分嗎？

Yes. Yes. And sorry to go back to the last question because there's just a lot of moving parts here, and it has been to few things. So for revenue in the guide, it's 1 point of headwind from FX, 1 point of headwind from the absence of EBA true-ups, 0.5 point of tailwind from the acquisitions, and 1 point of tailwind from the new transaction model, which is a net negative. So net 0.5 negative headwind as we look into the guidance for fiscal '25.

是的。是的。很抱歉回到上一個問題，因為這裡有很多移動部件，而且涉及的事情很少。因此，就指南中的收入而言，外匯帶來1 個點的逆風，由於沒有EBA 調整而帶來1 個點的逆風，來自收購的0.5 個點的順風，以及來自新交易模式的1 個點的逆風，這是淨負值。因此，當我們研究 25 財年的指引時，淨出現 0.5 的負面阻力。

Okay. And then just one last quick one on the subs. They're up, I guess, they're up 12 for the year, if I have that number right? Your constant currency was 13%. Can you maybe explain what you mean by half coming from volume and half coming from price? It seems like that's a lot from, much more from volume there. Maybe there's some mix or something like that?

好的。然後是潛水艇上的最後一擊。我猜他們已經上漲了，今年上漲了 12 點，如果我知道這個數字對嗎？你的固定匯率是 13%。能否解釋一下一半來自數量，一半來自價格的意思？看起來這與那裡的數量有很大關係。也許有一些混合或類似的東西？

Yes. There's definitely a mix effects. And like I said, our target is to have roughly 50-50 between volume and price. But in any given year, we're going to have some puts and takes between that. But when we think about our guidance for fiscal '25, we're targeting that 50-50 mix again.

是的。肯定存在混合效應。正如我所說，我們的目標是成交量和價格之間大約是 50-50。但在任何一年，我們都會有一些調整和調整。但當我們考慮 25 財年的指導時，我們再次以 50-50 的比例為目標。

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。

I've got two, if I may. Starting with, you mentioned a lot of positive developments in the products like ACC, BuildingConnected, Fusion 360. I was wondering how we should think about that when it comes to your Make revenue. And if we look at the growth rates in Make segment, it's been consistent at around 17% on constant currency in the past 3 quarters. Is there a possibility with the positive development that the Make revenue will go back to growth rates in the 20s going forward? That was my first question.

如果可以的話，我有兩個。首先，您提到了 ACC、BuildingConnected、Fusion 360 等產品的許多積極發展。我想知道當談到您的 Make 收入時，我們應該如何考慮這一點。如果我們看一下製造領域的成長率，過去三個季度以固定匯率計算，成長率一直維持在 17% 左右。隨著正面的發展，未來Make收入是否有可能恢復到20多歲的成長率？這是我的第一個問題。

And second question is on the new transaction model, please. I think, Debbie, you mentioned that you're expecting 1 percentage point of growth tailwind from the new transaction in FY '25, which we equated about $55 million. And then the slide deck, you mentioned there's about $600 million of reseller commission in total. So the remaining $450 million -- or so sorry, $550 million or so will that all come through in FY '26? Or will it take longer for all of that or the contract revenue to flush through in your P&L?

第二個問題是關於新的交易模式。我想，黛比，您提到您預計 25 財年的新交易將帶來 1 個百分點的成長順風，我們相當於大約 5500 萬美元。然後是幻燈片，您提到經銷商佣金總計約 6 億美元。那麼剩下的 4.5 億美元——或者抱歉，大約 5.5 億美元會在 26 財年全部實現嗎？還是需要更長的時間才能將所有這些或合約收入計入您的損益表？

So a couple of things. So first, you were a little bit garbled and coming through. So we didn't quite get the first question, and we'll go ahead and try and take those on the call backs. But, when we think about the new transaction model on the $600 million, I think the most important things to take away are the $600 million is a good number to model with as you think about how to model the business during the transition. And the pace at which you'll see the new transaction model costs, that $600 million bleed into revenue and expense over time is really going to be dictated by the pace of the rollout. And so think of it as something that's going to be bleeding into revenue and expense over the next couple of years.

有幾件事。所以首先，你有一點亂碼，然後就通過了。所以我們還沒有完全回答第一個問題，我們將繼續嘗試在回電中回答這些問題。但是，當我們考慮 6 億美元的新交易模型時，我認為最重要的是，當您考慮如何在轉型期間對業務進行建模時，6 億美元是一個很好的建模數字。您將看到新交易模型成本的速度，隨著時間的推移，收入和支出將增加 6 億美元，這實際上取決於推出的速度。因此，可以將其視為未來幾年將滲透到收入和支出中的事情。

Right. I think in the previous quarter, you mentioned it would take about 2 years to implement this new transaction model. So presumably, this total $600 million bleeding into revenue and cost will take longer than 2 years to complete in totality?

正確的。我想在上個季度，您提到實施這種新的交易模式需要大約兩年的時間。那麼，這 6 億美元的收入和成本投入大概需要 2 年以上的時間才能完成嗎？

So the act of transitioning the invoicing will take approximately 2 years to complete. But remember that we recognize revenue over approximately 1 year. So it's going to be a little past that. When the invoices at the higher amount bleed into revenue.

因此，發票轉換過程大約需要 2 年才能完成。但請記住，我們在大約一年內確認收入。所以這會有點過去了。當較高金額的發票計入收入時。

Right. Okay. Understood. And my first question is around the Make revenue. The growth rate has been consistent around 17% past 3 quarters. Should we expect that to go back to the 20% plus that we had in the past given the positive developments around the products like BuildingConnected or ACC or Fusion 360?

正確的。好的。明白了。我的第一個問題是關於收入的。過去三個季度的成長率一直維持在 17% 左右。鑑於 BuildingConnected 或 ACC 或 Fusion 360 等產品的積極發展，我們是否應該期望回到過去 20% 以上的水平？

Our goal would be to drive greater growth from the Make revenue line. That's going to be an important aspect of our ability to achieve our target 10% to 15% growth algorithm over time, and it's an area where we've been making incremental investments. So we anticipate that, that revenue growth rate is going to be higher than the core business.

我們的目標是推動 Make 營收線更大成長。隨著時間的推移，這將成為我們實現 10% 至 15% 成長演算法目標的能力的一個重要方面，也是我們一直在進行增量投資的領域。因此，我們預期營收成長率將高於核心業務。

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

女士們、先生們，今天的問答時間就到此為止。現在，我想將電話轉回給西蒙·梅斯·史密斯，讓其致閉幕詞。先生？

Thank you, everyone, for joining us. We look forward to seeing many of you on the roads over the coming weeks, and at our Q1 conference call later in the year. Thanks very much.

謝謝大家加入我們。我們期待在未來幾週內以及今年稍後的第一季電話會議上見到你們中的許多人。非常感謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。