Autodesk Inc (ADSK) 2025 Q1 法說會逐字稿

Thank you for standing by, and welcome to Autodesk's first quarter fiscal year 2025 earnings conference call. (Operator Instructions)

感謝您的耐心等待，歡迎參加 Autodesk 2025 財年第一季財報電話會議。 （操作員說明）

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

我現在想將電話轉交給投資者關係副總裁西蒙·梅斯·史密斯 (Simon Mays-Smith)。請繼續。

Thanks, operator, and good afternoon. Thank you for joining our conference call to discuss the first quarter results of Autodesk's fiscal '25 on the line with me as Andrew Anagnost, our CEO. 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-K and 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.

謝謝接線員，下午好。感謝您參加我們的電話會議，與我（我們的執行長 Andrew Anagnost）一起討論 Autodesk '25 財年第一季的業績。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-K 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 numerical 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 XL financials and other supplemental materials available on our Investor Relations website. Now I will turn the call over to Andrew.

在討論我們的財務表現時，我們將在本次電話會議中引用幾個數位成長變化，除非另有說明，否則每個此類引用都代表同比比較。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 XL 財務數據和其他補充資料中進行了核對。現在我將把電話轉給安德魯。

Thank you, Simon, and welcome, everyone, to the call. As I'm sure you can appreciate with legal matters like this, I am restricted in what I can say regarding the audit committee investigation, but let me say what I can. The summary findings of the audit committee investigation are in our May 31, press release and recently filed Form 10-K. Please refer to those documents for details. We don't have further commentary beyond what we have described there.

謝謝你，西蒙，歡迎大家來電。我相信您會理解這樣的法律問題，關於審計委員會調查，我的發言受到限制，但讓我說一下我能說的。審計委員會調查結果摘要載於我們 5 月 31 日的新聞稿和最近提交的 10-K 表格中。詳細資訊請參閱這些文件。除了我們在那裡描述的內容之外，我們沒有進一步的評論。

Regarding the process, we also covered that in detail in our press release, the investigation took time to complete because it was rigorous and covered all three years included in the 10-K. Betsy Rafael has been appointed by the Board as interim Chief Financial Officer, we have initiated a selection process for a new Chief Financial Officer. The Board and I are very focused on finding the right candidate. In the interim we are in great hands with Betsy and Debbie will continue to contribute to the business in our new capacity as Chief Strategy Officer.

關於過程，我們在新聞稿中也詳細介紹了，調查需要時間才能完成，因為它很嚴格，並且涵蓋了 10-K 中包含的所有三年。 Betsy Rafael 已被董事會任命為臨時財務官，我們已啟動新財務長的選拔流程。董事會和我非常注重尋找合適的候選人。在此期間，我們得到了 Betsy 的大力支持，而 Debbie 將繼續以首席策略長的新身分為我們的業務做出貢獻。

With the conclusion of the investigation, we have determined that there will be no restatement or adjustment of any audited or unaudited filed or previously announced GAAP or non-GAAP financial statement. As we'll discuss in more detail shortly, we are already underway in the transition to annual billing with the trough in free cash flow behind us, the mechanical stacking of multiyear contracts, a larger enterprise cohort in our largest product subscription cohort will provide a tailwind to free cash flow in fiscal '26. We appreciate your patience as we work through this important process. We take situations like this very seriously and are grateful to put the investigation behind us.

調查結束後，我們確定不會對任何經審計或未經審計的已提交或之前公佈的 GAAP 或非 GAAP 財務報表進行重述或調整。正如我們稍後將更詳細討論的那樣，我們已經開始向年度計費過渡，自由現金流的低谷已經過去，多年合約的機械堆疊，我們最大的產品訂閱群體中的更大的企業群體將提供26財年自由現金流的順風車。感謝您在我們完成這一重要過程時的耐心等待。我們非常嚴肅地對待此類情況，並很高興能夠結束調查。

Now let's move on to our strong first quarter results. Autodesk's resilient discipline and opportunity, again underpinned our robust financial and competitive performance. Our resilience is fortified by our subscription business model and our diversified product and customer portfolio. Renewal rates remain solid and the momentum of new business growth and key performance indicators are consistent with the previous quarter, evidenced by increased product usage, record bid activity on BuildingConnected and cautious optimism from our channel partners.

現在讓我們繼續討論我們強勁的第一季業績。 Autodesk 堅韌的紀律和機會再次支撐了我們強勁的財務和競爭表現。我們的訂閱業務模式以及多元化的產品和客戶組合增強了我們的韌性。續訂率保持穩定，新業務成長動能和關鍵績效指標與上一季一致，產品使用量增加、BuildingConnected 創紀錄的投標活動以及我們通路合作夥伴的謹慎樂觀就證明了這一點。

Our disciplined and focused approach in executing our strategy and deploying capital throughout the economic cycle empowers Autodesk to realize the significant benefits of its strategy while mitigating the risk of expensive catch up investments in the future as our customers migrate to our industry clouds and utilize our high value-added products and service. Our investments in the cloud will continue to grow.

我們在整個經濟週期中執行策略和部署資本時採用嚴格而專注的方法，使Autodesk 能夠實現其策略的顯著優勢，同時降低未來昂貴的追趕投資的風險，因為我們的客戶遷移到我們的行業雲並利用我們的高增值產品和服務。我們對雲端的投資將持續成長。

At the same time, the new transaction model will allow us to optimize our sales and marketing. And we expect Autodesk platform services will over time boosts the velocity and efficiency of our R&D. By optimizing the allocation of our resources, we can invest to compound revenue growth and market share gains while also driving margin improvement and free cash flow growth over time.

同時，新的交易模式將使我們能夠優化我們的銷售和行銷。我們預計 Autodesk 平台服務將隨著時間的推移提高我們研發的速度和效率。透過優化資源配置，我們可以進行投資以實現收入複合成長和市場份額成長，同時隨著時間的推移推動利潤率提高和自由現金流成長。

Reductions in stock-based compensation as a proportion of revenue will provide an additional tailwind to GAAP margins. While our transition to annual billings from multi-year contracts will amplify free cash flow growth over the next few years, we believe that constant resource optimization and our long-term investment horizon has positioned us ahead of our peers and cloud platform and AI. We intend to retain and extend that lead while also driving to an industry leading Rule of 40 ratio of 45 or more.

股票薪酬佔收入比例的減少將為公認會計準則利潤率帶來額外的推動力。雖然我們從多年合約過渡到年度帳單將在未來幾年放大自由現金流的成長，但我們相信，不斷的資源優化和我們的長期投資視野使我們領先於同行、雲端平台和人工智慧。我們打算維持並擴大這一領先優勢，同時推動業界領先的 40 比率達到 45 或更高。

Our project Bernini announcement on May, 8 is a great example of what I mean. Bernini uses generative AI to quickly generate functional 3D shapes from a variety of inputs, including 2D images, text, voxels, and and point clouds. Bernini is different from other AI models and five important ways.

我們在 5 月 8 日宣布的 Bernini 專案就是我的意思的一個很好的例子。 Bernini 使用生成式 AI 從各種輸入（包括 2D 影像、文字、體素和點雲）快速產生功能性 3D 形狀。 Bernini 與其他 AI 模型的差異有五個重要的面向。

First Bernini is trained on 3D data rather than commoditized external imagery. And it's therefore capable of reasoning on the internal structure of an object. Second Bernini, generate shape and texture separately and does not confuse or meld those variables. Third, Bernini can be conditioned on multiple types of input data and is therefore applicable across a much greater spectrum of workflow. Four Bernini, generate many design options from a single set of inputs which better serve the creative process of designers. And fifth, Bernini can be quickly and cost effectively fine-tuned on a customer's existing 3D repositories to align to the unique creative needs of a particular organization.

首先，貝尼尼接受 3D 資料而非商品化外部影像的訓練。因此它能夠對物體的內部結構進行推理。第二個貝尼尼，分別產生形狀和紋理，並且不會混淆或融合這些變數。第三，貝爾尼尼可以以多種類型的輸入資料為條件，因此適用於更廣泛的工作流程。四個貝尼尼，從一組輸入中產生許多設計選項，更好地服務設計師的創作過程。第五，Bernini 可以在客戶現有的 3D 儲存庫上快速且經濟高效地進行微調，以滿足特定組織的獨特創意需求。

Autodesk AI will enable Autodesk its customers and partners to create more valuable, data-driven and connected products and services it will automate low-value and repetitive tasks and generate more high-value, complex design more rapidly and with greater consistency. Over time, Autodesk platform services will enable greater engineering velocity and efficiency and support a much broader developer ecosystem and marketplace.

Autodesk AI 將使Autodesk 的客戶和合作夥伴能夠創建更有價值、數據驅動和互聯的產品和服務，它將自動執行低價值和重複性任務，並更快、更一致地產生更多高價值、複雜的設計。隨著時間的推移，Autodesk 平台服務將實現更高的工程速度和效率，並支援更廣泛的開發者生態系統和市場。

Autodesk is ahead of its peers in 3D AI., and industry cloud platform and business model evolution that will be needed to deliver 3D AI products and services at scale, we are well on the way to reasoning about all cash geometry. We will update you as we make further progress.

Autodesk 在 3D AI 方面領先於同行，並且大規模提供 3D AI 產品和服務所需的行業雲平台和業務模式演變，我們正在很好地推理所有現金幾何形狀。當我們取得進一步進展時，我們將向您通報最新情況。

Let's move on to our quarterly financial performance and guidance for the second quarter and the full year. Q1 was a strong quarter. We generated broad-based growth across products and regions in AEC and manufacturing, which was partly offset by softness in China and in media and entertainment, the latter being primarily due to the lingering effects of the Hollywood strike. Overall macro economic policy and geopolitical challenges and the underlying momentum of the business were consistent with the last few quarters.

讓我們繼續討論第二季和全年的季度財務表現和指引。第一季是一個強勁的季度。我們在 AEC 和製造業的各個產品和地區實現了廣泛的增長，但部分增長被中國以及媒體和娛樂領域的疲軟所抵消，後者主要是由於好萊塢罷工的揮之不去的影響。整體宏觀經濟政策和地緣政治挑戰以及業務的基本動力與過去幾季一致。

If we compare first quarter revenue with guidance, the outperformance was mainly due to that broad strength with the timing of price increases also improving revenue linearity during the quarter, the impact of the new transaction model was in material. In the first quarter.

如果我們將第一季的營收與指引進行比較，那麼表現優異主要是由於價格上漲的時機廣泛，也改善了該季度的營收線性，新交易模式的影響是重大的。在第一季。

Total revenue grew 12% and 13% in constant currency. By product and constant currency. AutoCAD and AutoCAD LT revenue grew 10%. AEC revenue grew 17%. Manufacturing revenue grew 11% and M&E grew 3% by region in constant currency. Revenue grew 12% in the Americas, 14% in EMEA and 14% in APAC.

以固定匯率計算，總營收成長 12% 和 13%。按產品和不變貨幣。 AutoCAD 和 AutoCAD LT 營收成長了 10%。 AEC 營收成長 17%。以固定匯率計算，按地區劃分，製造業收入成長 11%，機電收入成長 3%。美洲地區營收成長 12%，歐洲、中東和非洲地區營收成長 14%，亞太地區營收成長 14%。

Direct revenue increased 20% and represented 38% 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.

受益於 EBA 和 Autodesk 商店的強勁成長，直接收入成長了 20%，佔總收入的 38%，比去年提高了 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。

As expected, billings declined 5% in the quarter as a result of the transition from upfront to annual billing for multi-year contracts. For the same reason, total deferred revenue decreased 12% to $4 billion, total RPO of $5.9 billion and current RPO of $3.9 billion grew 9% and 12%, respectively, which continued to benefit from the EBA strength we saw in the second half of fiscal '24 and current RPO also benefited by about a point from early renewals.

正如預期的那樣，由於多年合約從預付費轉為按年計費，本季的計費下降了 5%。基於同樣的原因，遞延收入總額下降12%，至40 億美元，總RPO 為59 億美元，當期RPO 為39 億美元，分別增長9% 和12%，這繼續受益於我們在下半年看到的EBA 實力。

Turning to our P&L. GAAP and non-GAAP gross margin were broadly level, while GAAP and non-GAAP operating margin increased by 4 percentage points and 3 percentage points, respectively. In part, reflecting the absence of costs we incurred last year to repurpose roles. At current course and speed. The ratio of stock-based compensation as a percent of revenue peaked in fiscal '24 will fall by more than [1] percentage point in fiscal '25 and will only be below 10% over time.

轉向我們的損益表。 GAAP 和非 GAAP 毛利率大致持平，而 GAAP 和非 GAAP 營業利潤率分別增加 4 個百分點和 3 個百分點。在某種程度上，這反映出我們去年沒有為重新調整角色而產生成本。以目前的航向和速度。股票薪酬佔收入的比例在 24 財年達到峰值，到 25 財年將下降 [1] 個百分點以上，並且隨著時間的推移只會低於 10%。

Free cash flow for the quarter was $487 million, driven by collections of prior quarter billings and strong results in the current quarter. 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.

本季的自由現金流為 4.87 億美元，這得益於上一季帳單的催收和本季的強勁業績。在資本配置方面，我們繼續在框架內積極管理資本，並在經濟週期中嚴格、有重點地部署資本，以推動長期股東價值。

In the quarter, we acquired Payapps and PIX for a total of $653 million, which with the late filing of our Form 10-K, meant we only purchased approximately 30,000 shares for $9 million at an average price of approximately $255 per share during the quarter. We will continue to repurchase shares opportunistically to offset dilution from stock-based compensation when it makes sense to do so.

本季度，我們以總計6.53 億美元的價格收購了Payapps 和PIX，加上我們10-K 表格的延遲提交，這意味著我們在本季度僅以900 萬美元的價格購買了約30,000 股股票，平均價格約每股255 美元。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。

Moving on to guidance. Overall end market demand has remained pretty consistent over many quarters. Macroeconomic and one-off factors like the Hollywood strike have thrived on new business growth and continued to drag on revenue growth. But Autodesk resilient and robust underlying demand for its products and services reinforce its long-term growth momentum and potential.

繼續指導。許多季度以來，終端市場的整體需求一直保持相當穩定。宏觀經濟和好萊塢罷工等一次性因素推動了新業務的成長，並繼續拖累收入成長。但歐特克對其產品和服務的彈性和強勁的潛在需求增強了其長期成長動力和潛力。

With regard to revenue guidance, we highlighted some puts and takes last quarter that impacts fiscal '25 revenue growth and refer you back to our comments then. The new transaction model implementation is on track. Australia and New Zealand are performing in line with our expectations. North America went live yesterday. As we said last quarter, our fiscal '25 guidance assumes the new transaction model is deployed in North America and provides about a 1% point tailwind to Autodesk revenue growth and a 3% to 4% tailwind to billings growth.

關於收入指導，我們強調了上個季度影響 25 財年收入成長的一些看跌期權，並請您回顧我們當時的評論。新的交易模型實施已步入正軌。澳洲和紐西蘭的表現符合我們的預期。北美昨天上線。正如我們上季度所說，我們的 25 財年指引假設新的交易模式在北美部署，並為 Autodesk 營收成長提供約 1% 的推動力，為比林斯成長提供 3% 至 4% 的推動力。

Once the North America launches successfully underway, we will likely start communicating our plans to channel partners and customers in parts of EMEA and Japan. We modeled various possible scenarios at the start of the year, reflecting different potential launch dates, channel partner behavior ahead of launch the mechanics of the transition and a host of other factors, and we are executing within our model scenario.

一旦北美市場成功推出，我們可能會開始向歐洲、中東和非洲和日本部分地區的通路合作夥伴和客戶傳達我們的計劃。我們在年初對各種可能的場景進行了建模，反映了不同的潛在發布日期、發布前的頻道合作夥伴行為、過渡機制以及許多其他因素，並且我們正在我們的模型場景中執行。

Longer term, we remain excited by the benefits this more direct relationship with our customers and partners offer an ability to understand and serve them enrich by data with more automation and self-service and greater predictability.

從長遠來看，我們仍然對這種與客戶和合作夥伴更直接的關係所帶來的好處感到興奮，這種關係使我們能夠透過更多的自動化、自助服務和更大的可預測性來了解和服務他們，從而豐富數據。

Our fiscal revenue guidance between [$5.99 billion] and $6.09 billion is unchanged and still translates into revenue growth of about 9% to 11% compared to fiscal '24. Our strong start sets us up well to achieve our goals for the year.

我們的財政收入指引在[59.9 億美元]至 60.9 億美元之間保持不變，與 24 財年相比仍意味著收入增長約 9% 至 11%。我們的良好開端使我們能夠很好地實現今年的目標。

Moving on to margins, we still expect non-GAAP operating margins between range of 35% and 36% in fiscal '25 and roughly level with fiscal '24. This includes a roughly [one point] underlying margin improvement that we expect will be broadly offset by the margin headwinds from the new transaction model. As a reminder, as we transition to the new transaction model, we will see operating margin headwinds from the accounting change of moving reseller costs from contra revenue to sales and marketing expense.

談到利潤率，我們仍然預期 25 財年非 GAAP 營業利潤率將在 35% 至 36% 之間，與 24 財年大致持平。這包括大約[一個點]的潛在利潤率改善，我們預計這一改善將被新交易模式帶來的利潤率不利因素所抵消。提醒一下，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。

Will 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.

還將對人員、流程和自動化進行增量投資。但從長遠來看，我們預計向新交易模式的過渡將使我們能夠進一步優化我們的業務，我們預計這將為收入、營業收入和自由現金流帶來推動力，即使在我們預計增加成本之後也是如此。

Moving on to free cash flow, we still expect to generate between $1.43 billion and $1.5 billion of free cash flow in fiscal '25, 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 guide, we expect faster free cash flow growth in fiscal 2026 because of the return of our largest multi-year renewal cohort, the mechanical stacking of multi-year contracts billed annually and a larger EBA cohort.

談到自由現金流，我們仍然預計在25 財年將產生14.3 億美元至15 億美元的自由現金流，不包括24 財年多年預付款自由現金流中的2 億美元，這些預付款現在每年計費。在25 財年，我們預計自由現金流量增長約為35%，處於我們指南的中點，我們預計2026 財年自由現金流量增長將更快，因為我​​們最大的多年續訂隊列的回歸，多項目的機械堆疊年度合約按年計費，並且 EBA 群體更大。

As discussed last quarter, the transition and rollout will create noise in the P&L, making free cash flow, the best measure of our performance with our current trajectory. We estimate free cash flow in fiscal '26 to be around $2.05 billion at the midpoint 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 multi-year contracts gives Autodesk an enviable source of visibility and certainty.

如上季所討論的，過渡和推出將在損益表中產生噪音，使自由現金流成為衡量我們當前軌跡績效的最佳指標。在重大宏觀經濟地緣政治政策、健康和氣候不確定性的背景下，我們估計 26 財年的自由現金流中位數約為 20.5 億美元。當我們過渡到多年合約的年度帳單時，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 the goal of reaching 45% or more over time, we are taking significant steps towards our goal this year and next we think this balance between compounding revenue 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.

我們繼續使用40 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，我們正在朝著今年和明年的目標採取重大步驟，我們認為複合收入增長和強勁的自由現金流利潤率之間的平衡40 規則框架中所體現的價值是世界上最有價值公司的標誌。我們打算繼續成為其中一員。

The slide deck on our website has more details on modeling assumptions for Q2 and full year fiscal '25. Let me finish by updating you on our strong progress in the first 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 workflows through the cloud.

我們網站上的幻燈片提供了有關第二季度和 25 財年全年建模假設的更多詳細資訊。最後，我要向您介紹我們在第一季取得的強勁進展。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流程。

The cornerstone of that growing interest is our comprehensive end-to-end solution encompassing design, preconstruction 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.

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，並將我們的觸角擴展到中端市場，這是這種成長勢頭的標誌。

Our construction business had one of its best net new customer quarters. Let me give you a few examples. BL Harbert international provides design, build construction management and general contracting services to national and international clients. It leverages advanced technology to maintain its most crucial customer and partner relationships, enhance its in-house capabilities. We have built a trusted partnership with the company over many years and share its integrated platform vision for the industry.

我們的建築業務擁有最好的淨新客戶季度之一。讓我舉幾個例子。 BL Harbert International 為​​國內和國際客戶提供設計、建造施工管理和總承包服務。它利用先進技術來維持最重要的客戶和合作關係，增強其內部能力。多年來，我們與該公司建立了值得信賴的合作夥伴關係，並分享其對該行業的綜合平台願景。

In the first quarter, it decided to standardize on Autodesk Construction Cloud across all regions for its design, build process, signing its first EBA and increasing its investment in Autodesk. Meriton designs develops and builds residential apartment towers and is the largest residential apartment developer in Australia. After a competitive process, it shows Autodesk to replace six point solutions and unify its operations from design through to maintenance and asset management.

第一季度，它決定在所有地區實現 Autodesk Construction Cloud 的設計、建造流程標準化，簽署第一個 EBA 並增加對 Autodesk 的投資。 Meriton 設計開發和建造住宅公寓大樓，是澳洲最大的住宅公寓開發商。經過競爭過程後，Autodesk 展示如何更換六點解決方案，並統一其從設計到維護和資產管理的營運。

This comprehensive solution will enable Meriton to have one common data environment, streamline its workflows and have access to real-time insights. State window corporation offers complete design, engineering, manufacturing, and installation of custom window wall systems. It is standardizing on Autodesk, AEC and manufacturing products so they can effectively manage inventory levels, improved cash flow and reduce waste cost by [silo] data and disconnected workflow, leveraging rebate for three design, our manufacturing collection for PDM and PLM and Autodesk Build for installation state windows will have an end-to-end solution connecting data and workflow across design, manufacture and build.

這個全面的解決方案將使 Meriton 能夠擁有一個通用資料環境、簡化其工作流程並獲得即時洞察。 State Windows Corporation 提供客製化窗牆系統的完整設計、工程、製造和安裝。它對Autodesk、AEC 和製造產品進行標準化，以便他們能夠有效管理庫存水準、改善現金流並透過[筒倉]數據和斷開連接的工作流程減少浪費成本，利用三種設計的回扣、我們的PDM和PLM 製造系列以及Autodesk Build對於安裝，State Windows 將提供一個端到端的解決方案，連接設計、製造和建置過程中的資料和工作流程。

Again, these stories have a common theme managing people, processes and data across the project life cycle to increase efficiency and sustainability while decreasing risks 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，這些故事都有一個共同的主題，在整個專案生命週期中管理人員、流程和數據，以提高效率和可持續性，同時隨著時間的推移降低風險，我們預計大多數專案都以這種方式進行管理，我們仍然致力於實現這一點透過我們的行業雲進行過渡。

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 for both products and factories to grow their business and make it more resilient. A multi-format packaged solutions manufacturer in Europe had been in leveraging our advanced manufacturing portfolio, including inventor involed for its machine design and product data management.

轉向製造業，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，為產品和工廠打造平台，以發展他們的業務並使其更具彈性。歐洲的一家多格式打包解決方案製造商一直在利用我們先進的製造產品組合，包括參與其機器設計和產品資料管理的發明者。

In the first quarter, it expanded its partnership with Autodesk to include factory design, which digitizes a complete factory layout to reduce the potential for delays and re-work during the delivery process as an existing flexing customer for factory simulation, the manufacturer will now have a comprehensive connected end-to-end solution that helps increase efficiency throughput and quality. A major multi-product maintenance, repair and overhaul our MRO provider began using Fusion to convert and visualize 3D models of third party files.

在第一季度，它擴大了與Autodesk 的合作夥伴關係，將工廠設計納入其中，將完整的工廠佈局數位化，以減少交付過程中延遲和返工的可能性，作為工廠模擬的現有靈活客戶，製造商現在將擁有全面的端到端連接解決方案，有助於提高效率、吞吐量和品質。我們的 MRO 供應商開始使用 Fusion 來轉換和視覺化第三方文件的 3D 模型。

With those files now in the Fusion ecosystem. We added the Fusion manufacturing extension in the first quarter to leverage Fusion for light repair and part testing. Fusion remains one of the fastest-growing products in the manufacturing industry with double digit commercial subscriber growth, driven by the growing number of customers who recognize the value of cloud-based workflows, enhancing efficiency, sustainability, and resilience within their organization.

這些檔案現在已位於 Fusion 生態系統中。我們在第一季添加了 Fusion 製造擴展，以利用 Fusion 進行輕微維修和零件測試。 Fusion 仍然是製造業成長最快的產品之一，商業用戶成長達到兩位數，這是由於越來越多的客戶認識到基於雲端的工作流程的價值，從而提高組織內的效率、永續性和彈性。

With over a million monthly active users a vast amount of contextual data is generated with infusions. For example, on average, 33 million new component designs were being produced infusions each month over the last 12-months. This data can help us train the next generation of generative AI products and services. For example, our recently launched growing automation tool and Fusion, which is powered by AI has generated 2.7 million automatic dimensions since its launch earlier this year. In education, we are preparing future engineers to drive innovation through next-generation design analysis and manufacturing solutions.

每月有超過一百萬的活躍用戶，透過輸入產生大量上下文數據。例如，在過去 12 個月中，平均每個月都會生產 3,300 萬個新組件設計。這些數據可以幫助我們訓練下一代生成式人工智慧產品和服務。例如，我們最近推出的不斷成長的自動化工具和由人工智慧驅動的Fusion，自今年稍早推出以來已經產生了270萬個自動維度。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。

The [Kogakuin] Institute in Japan is a leading provider of technical education that equips the students with industry relevant education and helps address the growing skills gap across the design and make industry. In the first quarter, it made Fusion the standard design and make solution for its 5,000 plus students, faculty and affiliated institutions replacing two legacy solution to leverage Fusion AI design and cloud collaboration capabilities.

日本的[工學院]學院是領先的技術教育提供者，為學生提供行業相關的教育，並幫助解決設計和製造業日益擴大的技能差距。第一季度，它使 Fusion 成為其 5,000 多名學生、教師和附屬機構的標準設計和製造解決方案，取代了兩個舊解決方案，以利用 Fusion AI 設計和雲端協作功能。

And lastly, we continue to work with our customers to ensure they are using the latest and most secure versions of our software. Through a collaborative process. We helped a large European infrastructure and railway operator achieve compliance, providing visibility into existing usage and by understanding its true needs, delivering a tailored solution that included upgrading to newer versions of our software and the addition of more subscription licenses.

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。透過協作過程。我們幫助一家大型歐洲基礎設施和鐵路營運商實現合規性，提供對現有使用情況的可見性並了解其真正需求，提供量身定制的解決方案，包括升級到新版本的軟體以及添加更多訂閱許可證。

Let me finish with the story. The opening ceremony of the Summer Olympic Games will take place on the banks of the river Seine in Paris on the evening of July 26. Over the following months, many of the approximately 10,500 athletes and 8,000 para athletes will reside in the athlete's village on the (technical difficulty) suburb of Paris.

讓我講完這個故事。夏季奧運開幕式將於7 月26 日晚間在巴黎塞納河畔舉行。 。

This is in part a story about innovative architects, engineers, and construction professionals collaborating efficiently and effectively in the cloud enabled by open file formats and using modularized industrial construction techniques to seamlessly expand AEC and manufacturing.

在某種程度上，這是一個關於創新建築師、工程師和建築專業人員在開放文件格式支援的雲端中高效協作的故事，並使用模組化工業建築技術無縫擴展 AEC 和製造。

It is also a story about embracing complexity, managing wastewater and risks in a sensitive ecosystem of the river Seine and change by minimizing embodied carbon today and creating a built environment that embraces a warmer climate tomorrow. But it's also a story about regeneration and hope. [The song the knee suburb] of Paris is one of the poorest in France with a young, diverse population with higher than average unemployment rates. After the games, the village will become a neighborhood with new homes and social housing offices, neighborhood shops, a student residence and a hotel enveloped within garden and parkland.

這也是一個關於擁抱複雜性，管理塞納河敏感生態系統中的廢水和風險，以及透過最大限度地減少當今的隱含碳和創造一個擁抱明天氣候變暖的建築環境來進行變革的故事。但這也是一個關於重生和希望的故事。巴黎[歌曲膝蓋郊區]是法國最貧窮的地區之一，人口年輕、多元化，失業率高於平均。奧運會結束後，該村莊將成為一個擁有新住宅和社會住房辦公室、鄰裡商店、學生宿舍和酒店的社區，周圍環繞著花園和公園。

Two years ago, I told you about Autodesk role in the reconstruction of Notre-Dame de, Cathedral, which will be completed on schedule later this year. I share the athletes' village story because I'm reminded again of Autodesk purpose to design and make a better world for everyone. That purpose has never been more important or urgent. To together, we can meet the generational challenges caused by carbon, water, and waste. Our central role in meeting these challenges underpins my confidence this year and my optimism for the future.

兩年前，我曾向您介紹 Autodesk 在巴黎聖母院重建工作中所扮演的角色，該專案將於今年稍後按計劃完成。我分享運動員村的故事是因為我再次想起 Autodesk 為每個人設計和創造一個更美好世界的宗旨。這一目標從未如此重要和緊迫。我們齊心協力，就能應付碳、水和廢棄物帶來的世代挑戰。我們在應對這些挑戰中的核心作用增強了我今年的信心和對未來的樂觀態度。

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

接線員，我們現在要開始提問。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc 資本市場。

Great, Andrew. Good afternoon,

太棒了，安德魯。午安,

Hi Jason.

嗨傑森。

I know you said that we couldn't say much about the 10- K process, but how would you summarize the key takeaways for investors?

我知道您說過我們不能對 10-K 流程說太多，但您如何為投資者總結關鍵要點？

Yeah. Well, the first thing, I I've never been more excited about having an earnings call in my entire career at Autodesk, but that's not exactly what you're asking, but I am excited to be here. So look, there's a few things I can just put in plain English, right? The first thing, and I can't state how important this is we don't have to restate any of our financial results. The results that happened historically in the company are the results that the business delivered, and that's really important.

是的。好吧，首先，我在 Autodesk 的整個職業生涯中從未對召開財報電話會議感到如此興奮，但這並不完全是您所要求的，但我很高興來到這裡。所以看，有一些東西我可以用簡單的英文表達，對嗎？首先，我無法說明這有多重要，我們不必重述我們的任何財務表現。公司歷史上發生的結果就是業務交付的結果，這非常重要。

The second thing I want to highlight is that the company did not of escape the underlying strength of the business. Now you take those two things together and you can trust the integrity of Autodesk's financials right? And I think that's kind of the net I want you to take from all of that language. And personally, from my point of view, I think that doesn't that means that nobody's investment thesis in Autodesk is fundamentally altered by any of this information.

我想強調的第二件事是，該公司並沒有逃避業務的潛在實力。現在，將這兩件事放在一起，您可以相信 Autodesk 財務狀況的完整性，對吧？我認為這就是我希望你從所有這些語言中獲得的網絡。就我個人而言，我認為這並不意味著任何人對 Autodesk 的投資論點都不會因這些資訊而從根本上改變。

Okay. Yeah, I think that's a good clarification. Maybe the next question, my follow-up. So Q1 performance was strong. With you guide probably a little bit better than consensus expectations, but given the full year revenue guidance isn't really changing. I'm wondering how you're thinking about growth in the second half of the year?

好的。是的，我認為這是一個很好的澄清。也許下一個問題是我的後續問題。所以第一季的表現很強勁。您的指導可能比共識預期好一點，但考慮到全年收入指引並沒有真正改變。我不知道您如何看待下半年的成長？

Yeah. Well, first off, it's only Q1. So we've got three more quarters left all right? So it's only Q1 and we also have a few big things coming in front of us here are right. We just went live in the US, it's an (technical difficulty) model so far. So good is proceeding as we expect if we learn what we expect to learn from that, we're going to go live in Europe as well. But we're waiting to see what happens in the Americas and how it performs. So those things, those are big uncertainties out there we want to pay attention to. But the great thing about the results in Q1, it's really set us up strong to hit the [roll] results for the full year. So I feel really confident about the position we have right now in terms of hitting our goals.

是的。嗯，首先，這只是第一季。那我們還剩下四分之三，好嗎？所以這只是第一季度，我們面前還有幾件大事，這些都是正確的。我們剛剛在美國上線，到目前為止這是一個（技術難度）模型。一切進展順利，正如我們所期望的那樣，如果我們從中學到了我們所期望的知識，我們也將在歐洲上線。但我們正在等著看美洲會發生什麼以及它的表現如何。所以這些事情，那些就是我們想要關注的巨大不確定性。但第一季的業績的偉大之處在於，它確實讓我們有能力實現全年的業績。因此，我對我們目前在實現目標方面的處境非常有信心。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，格里芬證券。

Thank you. Good evening. Andrew, what would you have to see over the next number of months in the Americas transition that began yesterday to commence the transition in EMEA as early as, say, mid Q3. And if you don't launch in Q3 and it makes no sense to launch in Q4. Should we assume that you would then do EMEA in, let's say, early fiscal '26 and then Asia perhaps three to six months after that?

謝謝。晚安.安德魯，在接下來的幾個月裡，您會看到美洲地區的過渡從昨天開始，歐洲、中東和非洲地區最早將於第三季中期開始過渡。如果你不在第三季推出，那麼在第四季推出就沒有意義。我們是否應該假設您會在 26 財年早期開展歐洲、中東和非洲業務，然後再在三到六個月後開展亞洲業務？

Yeah. So the last part, I'll just say yes, that's probably the way it would happen, right based on the results. But let me tell you what we're looking for in terms of the US. One, we're looking first performance at scale. So when we did the tests in Australia and New Zealand, we tested out the functionality, the capability, the processes, the training we needed to deliver to the channel partners and frankly, the training we needed to deliver to the customers to make sure they knew how to set themselves up as I set us up as a vendor in their systems.

是的。所以最後一部分，我只想說是的，這可能是根據結果發生的方式。但讓我告訴你我們在美國尋找什麼。第一，我們正在尋找大規模的首次性能。因此，當我們在澳洲和紐西蘭進行測試時，我們測試了我們需要向通路合作夥伴提供的功能、能力、流程和培訓，坦白說，我們需要向客戶提供培訓，以確保他們知道如何設定自己，就像我將我們設定為他們系統中的供應商一樣。

Okay. So we learned all of that. We executed on new functionality over the course of the period. We tested that functionality in Australia and New Zealand before going live in the new -- in the Americas. So now we're going to test all that functionality and we're going to watch and see how it operates at scale and see the issues that get produced or don't get for you so far so good. And one of the things I want to make sure that we all remember is why are we doing this right?

好的。所以我們學到了所有這些。在此期間我們執行了新功能。我們在澳洲和紐西蘭測試了該功能，然後在新的美洲地區上線。因此，現在我們將測試所有這些功能，我們將觀察並了解它如何大規模運行，並了解產生的問題或到目前為止沒有為您帶來的好處。我想確保我們都記住的一件事是我們為什麼這樣做是正確的？

It's really important to understand why we're doing this. This is a fundamental shift in how we will have visibility and connection to our customers. Not only are we going to have full visibility of the fully loaded sales and marketing costs of the company, which will allow us to optimize these costs over time. But it's going to enable our customers to engage with us in self-service models that they've never been able to engage with us before and it's going to give us more visibility and insight into our customers.

了解我們為什麼這樣做非常重要。這是我們與客戶的可見性和聯繫方式的根本性轉變。我們不僅能夠全面了解公司的滿載銷售和行銷成本，這將使我們能夠隨著時間的推移優化這些成本。但這將使我們的客戶能夠以他們以前從未與我們接觸過的自助服務模式與我們互動，並將使我們對客戶有更多的可見性和洞察力。

So not only are going to be looking about how the systems are working we're going to be testing out all of those new capabilities that we want to use to engage with our customers more effectively. So that's kind of what we'll be looking at and if we see some problems with scale, which we are not anticipating, but you never know, yes, we will delay those rollouts kind of similar to the way you highlighted it in your question.

因此，我們不僅要研究系統如何運作，還要測試所有我們希望用來更有效地與客戶互動的新功能。這就是我們將要考慮的問題，如果我們看到一些規模問題，這是我們沒有預料到的，但你永遠不知道，是的，我們會推遲這些推出，類似於你在問題中強調的方式。

Okay. As a follow-up, you used an intriguing comment in your script when you referred to quote velocity and efficiency of R&D, what does that mean how would we see that would manifest, for example, first in AEC or otherwise manufacturing? Given the scale of your R & D, which still the biggest in your peer group, how do you think that plays out over time, but what did you mean by that?

好的。作為後續行動，當您提到研發的報價速度和效率時，您在腳本中使用了有趣的評論，這意味著我們將如何看待這將如何體現，例如，首先在 AEC 或其他製造領域？考慮到你們的研發規模（在同行中仍然是最大的），你們認為隨著時間的推移，這種情況會如何發展，但你們這是什麼意思？

Yeah. So the [Autodesk] back to the platform services capabilities, all right, and as you know, we're continuing to invest in the platform services to make sure that the teams are using shared services to not only move faster, but also move better moving forward, we're getting more we're making more and more progress on this. We're getting more and more shared services out there that are shared across various and parts of the company. There's some really interesting ones that will be coming out in the next year or so that I won't pre-announce, but their shared services that will allow us to do some things that provide kind of common project visibility across various industries and things like that.

是的。因此，[Autodesk] 回到平台服務功能，如您所知，我們將繼續投資於平台服務，以確保團隊使用共享服務不僅可以更快地移動，而且可以更好地移動展望未來，我們在這方面取得了越來越多的進展。我們正在獲得越來越多的共享服務，這些服務在公司各部門之間共享。有一些非常有趣的項目將在明年左右推出，我不會預先宣布，但他們的共享服務將使我們能夠做一些事情，提供跨不同行業的通用項目可見性，例如那。

These are exciting things that used to get built in individual silos inside the company. So it's really important that we have these large scale shared service that really prevent people from rebuilding the same thing multiple times, but also allow people to start up and spin up new things quickly, and that includes some of our incubations and other things. So watch as this happens, you'll start to see more and more of these shared services. And I think we're starting to hit kind of a sweet spot of momentum in terms of some of the work we're doing on the platform services.

這些令人興奮的東西過去都是在公司內部的各個孤島中建構的。因此，我們擁有這些大規模的共享服務非常重要，它確實可以防止人們多次重建同一件事，但也允許人們快速啟動和啟動新事物，其中包括我們的一些孵化和其他事物。因此，當這種情況發生時，您將開始看到越來越多的共享服務。我認為，就我們在平台服務上所做的一些工作而言，我們正開始達到最佳勢頭。

Thank you Andrew.

謝謝你安德魯。

And thank you, Jay.

謝謝你，傑伊。

Adam Borg, Stifel.

亞當·博格，斯蒂菲爾。

Awesome. Thanks so much for taking the question. Maybe just on the macro, Andrew, you talked about I guess a relatively stable backdrop.

驚人的。非常感謝您提出問題。也許只是在宏觀上，安德魯，你談到了我認為相對穩定的背景。

Yeah.

是的。

And I know fiscal '24 was a softer year for net new seats. I'm just curious if you could talk about how you think about you see growth in '25 relative to 2024?

我知道 24 財年的淨新增席次較為疲軟。我只是好奇您能否談談您如何看待 25 年相對 2024 年的成長？

Yeah. It's hard to predict what's going to happen in 2025. What I can say right now is we have seen broadly consistent performance for many, many quarters now.

是的。很難預測 2025 年會發生什麼。

All right, this whole conversation we've been having about last quarter was fairly consistent with the previous quarter with some puts and takes has been going on through all sorts of manners of changes and machinations out there in the macro environment right now, I would anticipate to keep seeing some of those environments and the kind of puts and takes that we're seeing now.

好吧，我們上個季度進行的整個對話與上個季度相當一致，目前宏觀環境中存在著各種變化和陰謀，一些看跌期權和看跌期權正在發生，我想我們預計會繼續看到其中的一些環境以及我們現在所看到的情況。

Just to remind you about the puts and takes in this quarter, right? We saw a lot of strength in EMEA we saw a lot of strength in Australia and Japan was offset by weakness in China and Korea. And in the industries, you know, AEC and manufacturing were strong and M&E was kind of weak. These kinds of changes I expect will continue throughout the quarter. So that will kind of continued -- I think, throughout the quarter.

只是為了提醒您本季的看跌期權，對嗎？我們看到歐洲、中東和非洲地區的強勁勢頭，澳洲和日本的強勁勢頭被中國和韓國的疲軟所抵消。你知道，在這些產業中，AEC 和製造業很強，而 M&E 則有點弱。我預計這些變化將持續整個季度。因此，我認為這種情況將持續整個季度。

So we'll continue to see some of these ongoing kind of stability, but just with different puts and takes each quarter.

因此，我們將繼續看到其中一些持續的穩定性，但只是每個季度都有不同的看跌期權和認沽期權。

Incredibly helpful. Maybe just a quick follow-up on project on Bernini in super interesting as a long-term opportunity. How should we think about kind of a timing of this across the three industry clouds and kind of what you do, what does the dream the dream look like in terms of the impact that could have for order growth as they look to take advantage of this capability? Thanks so much.

非常有幫助。也許只是對貝尼尼計畫的快速跟進，作為一個長期機會，超級有趣。我們應該如何考慮跨三個行業雲的時機以及你所做的事情，夢想是什麼樣的，當他們希望利用這一點時，夢想對訂單增長可能產生的影響是什麼？非常感謝。

Yeah. So what I would do is I would think of project Bernini as our first foundation model and each foundation model that we do will be providing a certain set of capabilities or automations for our customers. Bernini is a shape interpretation tool. It takes 2D geometry through a voxel geometry descriptions, pictures, all of these things and create intelligent 3D geometry that it's understand 3D geometry, and we're going to be looking to partner with some of our customers to make it even smarter and better, but that tool can become a core tool used across industries to provide preliminary initial geometries of all types.

是的。因此，我要做的就是將 Bernini 專案視為我們的第一個基礎模型，我們所做的每個基礎模型都將為我們的客戶提供一組特定的功能或自動化。 Bernini 是一個形狀解釋工具。它透過體素幾何描述、圖片和所有這些東西來獲取 2D 幾何，並創建它能夠理解 3D 幾何的智慧 3D 幾何，我們將尋求與一些客戶合作，使其變得更加智慧和更好，但該工具可以成為跨行業使用的核心工具，以提供所有類型的初步初始幾何形狀。

But it's going to be one of several foundation models because we're going to need multiple types of foundation models to automate the things that are important to our customers. What Bernini shows is that not only are we ahead of our competitors in this area. We're producing high quality results that are getting attention in helping us engage more tightly with some of our customers on where these tools are going to go in the future.

但這將是幾個基礎模型之一，因為我們將需要多種類型的基礎模型來自動化對客戶來說重要的事情。貝尼尼所展示的是，我們不僅在這一領域領先於競爭對手。我們正在產生高品質的結果，這些結果引起了人們的關注，幫助我們與一些客戶更緊密地接觸這些工具的未來發展方向。

Thanks again.

再次感謝。

Matt Hedberg, RBC.

馬特‧赫德伯格，加拿大皇家銀行。

Great. Thanks for taking my questions on Andrew, maybe just following up on that last one, when we think about these foundations, the Gen AI foundational models Bernini I know it's still early, but what is sort of the philosophy on pricing? And do you suspect there eventually to be a consumption element to maybe offset some additional compute costs?

偉大的。感謝您向安德魯提出問題，也許只是跟進最後一個問題，當我們考慮這些基礎時，Gen AI 基礎模型 Bernini 我知道現在還為時過早，但定價的哲學是什麼？您是否懷疑最終會有一個消耗元素來抵消一些額外的計算成本？

Yeah. So Matt, it is a little early to speculate on how we make money and how we go to market with some of these things. However, that I've been a big fan of consumption models for a long time. I think consumption is directionally always been setting us up well for the future of AI driven automations and outcome-based designs. I've talked about these things for a long time. I definitely see consumption as a critical part of monetizing these models.

是的。所以馬特，現在猜測我們如何賺錢以及如何將其中一些東西推向市場還為時過早。然而，我長期以來一直是消費模式的忠實粉絲。我認為消費在方向上一直為我們為人工智慧驅動的自動化和基於結果的設計的未來做好了準備。我已經談論這些事情很久了。我確實認為消費是這些模式貨幣化的關鍵部分。

I also see other critical aspects of it as being able to customize these models for individual customers and individual companies, just like we get a customized version of autopilot and get hub for Autodesk and get a co-pilot for Autodesk. Okay. So not going to exactly say it will be monetized, but I would be very surprised if consumption doesn't play an important role in the future of using these generative models to automate a lot of complexity for our customers.

我還認為它的其他關鍵方面是能夠為個人客戶和個人公司定制這些模型，就像我們獲得定製版本的自動駕駛儀並獲得 Autodesk 的中心和 Autodesk 的副駕駛一樣。好的。因此，我不會確切地說它將被貨幣化，但如果消費在未來使用這些生成模型為我們的客戶自動化處理大量複雜性方面沒有發揮重要作用，我會感到非常驚訝。

Got to thank you for that. That super helpful. And then maybe just on the early renewals you saw in Q1, I assume that was mostly up in anticipation of the transition -- the direct transition. Was that largely US function that you also?

為此我要感謝你。那超有幫助。然後，也許就你在第一季看到的早期續約而言，我認為這主要是對過渡的預期——直接過渡。您也主要從事美國的職能嗎？

Matt, its Simon, it was more to do with the timing of the price increase and ahead of that, what we set flagged last quarter that we'll expect a bit of early renewal as we saw in Australia, ahead of implementation in the US of any transaction model.

馬特，它的西蒙，這更多地與價格上漲的時間有關，在此之前，我們在上個季度標記的內容，我們預計會像我們在澳大利亞看到的那樣提前更新，然後在美國實施任何交易模型。

Got it. Thanks a lot guys.

知道了。非常感謝大家。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

Great. Thanks, everyone. And if my hearing is sound I think I heard Australia not one of the strongest regions in the quarter at the same time also subject to the agency transition. So I guess my question was --

偉大的。感謝大家。如果我的聽證會是合理的，我想我聽說澳洲不是本季最強的地區之一，同時也受到機構過渡的影響。所以我想我的問題是——

Yeah. Joe let's let's correct. You may ask your question and all.

是的。喬讓我們糾正一下。你可以問你的問題等等。

Well, it gets to the point of obviously, it sounds like you have a model in place for this transition and so far, the assumptions are holding. I'm wondering how you stress tested the model. So let's say here in the States, the macro does suddenly get worse. Does that influence the intended rollout, does that change some of the strategies you look to employ? Or is it really business as usual in terms of how you're approaching those?

好吧，顯然，聽起來你已經為這種轉變建立了一個模型，而且到目前為止，假設是成立的。我想知道你是如何對模型進行壓力測試的。因此，假設在美國，宏觀經濟確實突然變得更糟。這是否會影響預期的推出，是否會改變您希望採取的一些策略？或者就您處理這些問題的方式而言，真的一切如常嗎？

Okay. So first off Joe, your ears were not working. Australia's Great. Australia was one of the strong points.

好的。首先，喬，你的耳朵不靈了。澳洲厲害了澳洲是強項之一。

Okay. So Australia, is back where it was pre the business model transition -- the new transaction model.

好的。因此，澳洲又回到了商業模式轉型之前的狀態——新的交易模式。

So it's going great. So it's a nice proof point of some of the capabilities we have. Now in terms of macro macro is not going to impact our decision in terms of how we move forward with the new transaction model. It's all about the capability of the systems, the capability of our partners and the ability of our customers to absorb these things and have the systems the whole system work correctly. That's what's going to be the governor on how we roll these things out. The macro could go all sorts of directions. We're still going to move forward as long as our systems are functioning the way we expect them to. And like I said, so far, so good, but it's only been a day.

所以一切進展順利。所以這是我們擁有的一些能力的一個很好的證明。現在就宏觀而言，宏觀不會影響我們如何推進新交易模式的決定。這完全取決於系統的能力、我們的合作夥伴的能力以及我們的客戶吸收這些東西並使整個系統正常運作的能力。這將成為我們如何推出這些東西的州長。宏觀調控可以朝各種方向發展。只要我們的系統按照我們期望的方式運行，我們仍然會繼續前進。就像我說的，到目前為止，一切都很好，但這只是一天。

Okay. My ears is not working as a common refrain, so I'll definitely moved on from that one. The second question. I appreciate at Autodesk is a pretty diversified business by end markets. And so sometimes it's fruitless ask these questions, but I did want to ask about your data center exposure specifically because I think it's an example where you can tackle it through the AEC side of the business. You're also very involved with some of the product companies that end up in the data centers, and that's in the manufacturing side of Autodesk. So I'm just wondering if you're seeing more real time convergence happening and Autodesk actually has a somewhat consequential role to play in the data center build-out that's underway.

好的。我的耳朵不能正常工作，所以我肯定會放棄那個。第二個問題。我很欣賞 Autodesk 在終端市場上是一個相當多元化的業務。因此，有時問這些問題是沒有結果的，但我確實想專門詢問您的資料中心暴露情況，因為我認為這是您可以透過業務的 AEC 方面解決該問題的範例。您也積極參與了一些最終進入資料中心的產品公司，其中包括 Autodesk 的製造部門。因此，我只是想知道您是否看到了更多即時融合的發生，而 Autodesk 實際上在正在進行的資料中心擴建中發揮了一定的重要作用。

Joe, I love this question. Yes, the answer is yes, yes, yes.

喬，我喜歡這個問題。是的，答案是肯定的，是的，是的。

Okay. We are actively involved in lots of data centers. I won't say who -- whose data centers we're involved in. But we are involved in data centers. We're helping people build data centers and build multiple data centers that are similar. They're using our construction tools. Some of them are using our manufacturing tools and adjacent to the data centers is also that the factory boom in the US. We're involved in building out factories with certain customers as well. And in all of these, you are absolutely seeing a convergence of our manufacturing portfolio and our AEC and construction portfolio. And that is happening in real time and we expect to see more of it.

好的。我們積極參與許多資料中心的建置。我不會說我們參與了誰的資料中心。我們正在幫助人們建立資料中心並建立多個類似的資料中心。他們正在使用我們的建築工具。其中一些正在使用我們的製造工具，並且毗鄰資料中心也是美國工廠繁榮的地方。我們也與某些客戶一起建造工廠。在所有這些中，您絕對會看到我們的製造產品組合與 AEC 和建築產品組合的融合。這是即時發生的，我們希望看到更多這樣的情況。

There was a great article in the New York Times recently about how Europe managed to pull off what America was talking about for so long in the Scandinavian countries, the building prefabricated housing and factories using our products by the way to do that. And, I'm hoping that will all come to the US soon as well. So that we see the convergence of AEC and manufacturing in terms of building prefabricated components of houses that day is going to come to. But right now, you're right, data centers and factories are very interesting places.

《紐約時報》最近發表了一篇很棒的文章，講述了歐洲如何在斯堪的納維亞國家實現了美國長期以來一直在談論的事情，即使用我們的產品建造預製房屋和工廠。而且，我希望這一切也能很快來到美國。因此，我們看到 AEC 和製造業在建造房屋預製構件方面的融合即將到來。但現在，你是對的，資料中心和工廠是非常有趣的地方。

Great. Thank you very much.

偉大的。非常感謝。

Ken Wong, Oppenheimer & Co.

肯·黃，奧本海默公司

Thank you. For taking my question. Just a quick question back on the investigation. My reading of your commentary was that obviously you guys completed the audit and the SEC kind of may or may not investigate. I guess I just wanted to get clarification from you guys whether or not there is any progress on that front?

謝謝。為了回答我的問題。關於調查的一個簡單問題。我讀到的評論是，顯然你們已經完成了審計，美國證券交易委員會可能會也可能不會調查。我想我只是想從你們那裡得到澄清，這方面是否有任何進展？

Yeah. So just you know, when we kicked off the investigation. We voluntarily engaged with the SEC and we have shared information about the investigation. So if they want more information and they want to engage more, we will cooperate with them to the fullest extent of our ability.

是的。所以你知道，當我們開始調查時。我們自願與 SEC 合作，並分享了有關調查的資訊。因此，如果他們想要更多資訊並且想要更多參與，我們將盡我們所能與他們合作。

Okay, perfect. And then second, just on the I couldn't help, but notice you guys commented on just record construction fee growth. Any color on kind of where you're seeing that obviously, the kind of construction KPIs macro-wise seems a little mixed, but you guys have shown considerable strength there.

好的，完美。其次，我無能為力，但請注意你們評論說建築費增長創紀錄。顯然，從宏觀上看，建築 KPI 的類型似乎有些複雜，但你們已經在這方面展現了相當大的實力。

Yeah. First, one of the things that's important to look at in construction is the backlog. There's still the backlog is still pretty solid and construction, yeah, we said that the rise in new accounts was broad-based across all the regions that we were working. And so it's broad-based. We saw strength everywhere, and we continue to see great adoption of our tools and we'll continue to do competitive wins. I mean, I love the Meriton example in Australia because it's a perfect example of how somebody uses the art solution to track the entire process all the way from design through preconstruction down to construction management.

是的。首先，施工中需要注意的重要事項之一是積壓。積壓的訂單仍然相當穩定，是的，我們說過，新帳戶的成長在我們工作的所有地區都有廣泛的基礎。因此它具有廣泛的基礎。我們到處都看到了力量，我們的工具繼續被廣泛採用，我們將繼續在競爭中獲勝。我的意思是，我喜歡澳洲的 Meriton 例子，因為它是一個完美的例子，展示了人們如何使用藝術解決方案來追蹤從設計到預施工再到施工管理的整個過程。

It really captures the notion of what our competitive advantages we provide the end-to-end solution we provided in such a way that's economically viable for the customer and we deliver some of the best preconstruction tools in the industry. It's a great example. It's a great example of what we're seeing and yes, we see ourselves accelerating, not decelerating. So we're feeling fairly bullish about our construction business.

它真正體現了我們的競爭優勢，我們提供的端到端解決方案以對客戶經濟可行的方式提供，並且我們提供了一些業內最好的預施工工具。這是一個很好的例子。這是我們所看到的一個很好的例子，是的，我們看到自己正在加速，而不是減速。因此，我們對我們的建築業務相當樂觀。

Great. Thanks for the context.

偉大的。謝謝你的背景。

Tyler Radke , Citi.

泰勒·拉德克，花旗銀行。

Thanks for taking the question. Andrew, could you talk about the EBA performance in the quarter? I think to the license and other line outperformed expectations by quite a bit. Was that related to some EBA strength that you saw? And then I'm just given that we had seen some of the EBA contracts come in with multi-year billing. Is that something that you're expecting to see as EBA deals come up for renewal later this year and into next?

感謝您提出問題。 Andrew，您能談談本季 EBA 的表現嗎？我認為許可證和其他產品線的表現遠遠超出了預期。這與您看到的 EBA 實力有關嗎？然後我才得知，我們已經看到一些 EBA 合約採用多年計費方式。隨著 EBA 交易在今年晚些時候和明年續簽，您是否希望看到這種情況？

All right. Tyler, I want make sure I understood your question with regards to the EBA, all of our EBAs are multi-year contracts, okay? And we saw -- we so I just want to make sure I understood what your question was?

好的。泰勒，我想確保我理解您關於 EBA 的問題，我們所有的 EBA 都是多年合同，好嗎？我們看到 - 我們所以我只是想確保我理解你的問題是什麼？

Yeah. The question was specifically around the invoicing duration and the billing duration. I understand they're contractually multi-years nature, but do you still plan to invoice them, multi-year in advance. But first part of the question is really just around was there outsized EBA strength or any true ups to call out?

是的。問題特別圍繞開票期限和計費期限。我知道它們的合約性質是多年的，但您是否仍計劃提前多年向它們開立發票。但問題的第一部分實際上是 EBA 是否有過大的實力或任何真正值得稱道的優勢？

No, there was no, there was no. Okay. Good. I got you. That's why I just wanted to clarify. There was no outsized EBA strength in the quarter and the vast majority of EBAs are multi-year contracts that are going to be billed annually. It doesn't mean there aren't some that are done upfront customers asked for and sometimes -- that. But the vast majority are done multi-year billed annually.

不，沒有，沒有。好的。好的。我接到你了。這就是為什麼我只是想澄清一下。本季度 EBA 並未表現出過大的實力，而且絕大多數 EBA 都是多年期合同，將按年計費。這並不意味著沒有按照客戶的要求預先完成一些工作，有時——那樣。但絕大多數都是按年計費的。

And Tyler, just a clarification. Remember, the [true up] appear in the subscription line, and it's the upfront is the non-cloud enabled primarily last year that was from non cloud-enabled automotive products, which goes in the other line. So just to make sure you've got some geography that, but general thing is Q1, we don't guide by subsegment as you know, Q1 was exactly where we expected it to be.

泰勒，請澄清一下。請記住，[true up] 出現在訂閱行中，它的前端是去年主要來自非雲端支援的汽車產品的非雲端支持，該產品位於另一行中。因此，為了確保您了解一些地理位置，但一般情況是第一季度，我們不會按照您所知的子細分進行指導，第一季度正是我們預期的位置。

Okay. Helpful clarification. And the second question, Andrew I realize maybe more of a CFO question. So apologies if it's a little down the lead, but just as we're looking at the billings number in Q1, certainly can appreciate there's headwind the domestic number, just given the multi-year strength that you saw a year ago. But investors are doing the calculation around short-term billings, looking at the change in short-term deferred revenue, which it directly doesn't have any impact going from the multi-year at that metric, short-term billings growth, a lot weaker than many of the other indicators of revenue and bookings. Is there anything to call out in terms of maybe why that short-term deferred revenue performance was not as strong any.

好的。有用的澄清。第二個問題，安德魯，我意識到可能更多的是財務長的問題。因此，如果稍微落後一點，我們深表歉意，但正如我們正在查看第一季的帳單數據一樣，鑑於您一年前看到的多年實力，當然可以理解國內數據存在逆風。但投資者正在圍繞短期帳單進行計算，關注短期遞延收入的變化，從該指標的多年來看，短期帳單增長並沒有直接產生任何影響弱於許多其他收入和預訂指標。有什麼值得指出的，也許可以解釋為什麼短期遞延收入表現不那麼強勁。

I'm going to give this one to Simon, Tyler.

我要把這個送給西蒙、泰勒。

Okay.

好的。

Yeah. Tyler, we can this is a simplified, insightful, but some general points, as we've said, there's a lot of noise as we switch from multi-year upfront to multi-year annual. And so that's the first thing that's causing noise. The second noise is seasonality. Obviously, we have a bigger Q3 and Q4 than Q1. And then in addition to that, there's a bit of noise from FX as well over time.

是的。泰勒，我們可以這是一個簡化的、富有洞察力的，但有一些一般性的觀點，正如我們所說的，當我們從多年預付轉向多年年度時，有很多噪音。所以這是引起噪音的第一件事。第二個噪音是季節性。顯然，我們的 Q3 和 Q4 比 Q1 更大。除此之外，隨著時間的推移，外匯也會產生一些噪音。

So what that means is and the reason we've been pointing you to see RPO is probably the better metric just on billings, specifically, what I'd flag is and this is primarily the multi-year two annual. We were obviously plus 4% Q1 last year because we had still two months of multi-year upfronts in Q1 last year because we ended on March 28. And then billings was down 8% in Q2, down 11% in Q3 and down 19% in Q4.

所以這意味著什麼，我們一直向您指出 RPO 可能是更好的計費指標，具體來說，我要指出的是，這主要是多年的兩年期。去年第一季我們的收入顯然增加了4%，因為去年第一季我們還有兩個月的多年預付款，因為我們在3 月28 日結束。第三季下降了11%，第三季下降了19%在第四季。

And so to put that in context, the Q1 of minus-5% as we begin to cycle against the easier comparables gives you context for that. So it's actually improving and it may be wasn't quite where consensus was that remember, we don't guide to billings, but what you can actually see is the improvement in trend. And obviously, as we cycle against the easier comps in Q2 and beyond. That will then make more sense in the context of our annual guidance.

因此，將其放在上下文中，當我們開始與更容易的可比較物件進行比較時，第一季的負 5% 為您提供了相關背景。因此，它實際上正在改善，但可能並不完全是共識，請記住，我們不指導比林斯，但您實際上可以看到的是趨勢的改善。顯然，當我們在第二季度及以後的比賽中與更容易的比賽進行循環時。在我們的年度指導背景下，這將更有意義。

Thank you very much.

非常感謝。

Joshua Tilton, Wolfe Research.

約書亞‧蒂爾頓，沃爾夫研究中心。

Hey, guys, can you hear me?

嘿，夥計們，你們聽得到我說話嗎？

Yes, Josh, we can hear fine.

是的，喬什，我們聽得很好。

I apologize for any of the background noise, but I kind of want to go back to the investigations are no definite not the smartest guy on the call tonight. But if I read through some of the bullet points that you guys put out there for investors. It sounded like there were some choices made around collections and that maybe those choices have to change going forward. And I do really appreciate that you guys reiterated your confidence in that FY22 cash number, but I guess was there any change around collections from or practices related to collections that you'd previously undertook? You can no longer hedged going forward that maybe changes your confidence interval around hitting that cash number in FY26?

我對任何背景噪音表示歉意，但我想回去調查一下，以確定今晚通話中的人不是最聰明的人。但如果我讀完你們為投資者提供的一些要點。聽起來好像圍繞著系列做出了一些選擇，也許這些選擇未來必須改變。我真的很感謝你們重申了對 2022 財年現金數字的信心，但我想你們之前進行的收款或與收款相關的做法是否有任何變化？您不能再對沖未來可能會改變您在 2026 財年達到該現金數字的置信區間嗎？

Yeah. So first off, I just want to be clear, there's no changes in our financials all right. And there was no obfuscation and to strengthen the underlying business, right? So any changes or practices that we are making and do not impact the trajectory of our business at all, all right. There is no no change in our confidence in the free cash flow target this year or the free cash flow target for next year.

是的。首先，我想澄清的是，我們的財務狀況沒有任何改變。並且沒有混淆和強化底層業務，對吧？因此，我們正在做出的任何改變或做法都不會影響我們業務的發展軌跡，這是正確的。我們對今年或明年自由現金流目標的信心沒有改變。

That's helpful. And then maybe just a quick follow-up actually just in a second here, but you kind of referred to the macroenvironment as one-off factors in the business. But as you also mentioned, right? We've kind of been in the states for many quarters now. So I guess, how do you think about the trajectory of the business over the next few years in the context of what might just be a new norm from a macro perspective and not necessarily saying it's getting better, I guess when you guys think about beyond the next few quarters, right?

這很有幫助。然後也許只是快速跟進，實際上只是一秒鐘，但您將宏觀環境稱為業務中的一次性因素。但正如您也提到的，對吧？我們已經在美國待了好幾個季度了。所以我想，你如何看待未來幾年的業務軌跡，從宏觀角度來看，這可能只是一種新常態，並不一定說它會變得更好，我想當你們考慮超越時接下來的幾個季度，對嗎？

Like is the going rate assumption for Autodesk. This is one-off and things do get better or are you guys playing ball in terms of this game that we've been playing for the last few quarters and just assuming the macro is delayed, is the big this is more of a new norm?

Autodesk 的現行利率假設也是如此。這是一次性的，事情確實會變得更好，或者你們正在玩我們過去幾個季度一直在玩的遊戲，只是假設巨集被延遲，這是大事，這更像是一種新規範？

So let me be super clear about something. The long range plan for our business is completely unchanged, all right? So in terms of in terms of what we what we're looking at 10% to 15% revenue growth. The long-term target volume because it is completely unchanged. And the mechanical business buildup of free cash flow that we're going to see now as a result of the large renewal cohort we have next year plus, which is the largest renewal cohort privatizations we have next year plus the large renewal cohort of EBAs. We have next year all with the mechanical build-up of what will get billed from us multi-year subscriptions booked this year. I mean, I recognize broader this year, we see a nice build-up in the business. So the answer to your question is things with regard to our long-range plan are absolutely unchanged.

所以讓我非常清楚地說明一些事情。我們業務的長期計劃完全不變，好嗎？因此，就我們而言，我們期望收入將成長 10% 到 15%。長期目標量因為它是完全不變的。我們現在將看到機械業務自由現金流的積累，這是我們明年及之後的大型更新群體的結果，這是我們明年擁有的最大的更新群體私有化加上大量 EBA 更新群體。明年，我們將從今年預訂的多年訂閱中收取費用。我的意思是，我今年更廣泛地認識到，我們看到了業務的良好發展。所以你的問題的答案是我們的長期計劃絕對沒有改變。

Thanks, guys. Appreciate it.

多謝你們。欣賞它。

Nay Soe Naing, Berenberg.

Nay Soe Naing，貝倫貝格。

Hi Andrew, hi Simon. Thanks for taking my questions. My first question is around your platform cloud offerings have been investing these offerings in both. And we will continue to invest into them as well.

嗨安德魯，嗨西蒙。感謝您回答我的問題。我的第一個問題是圍繞你們的平台雲端產品一直在這兩個方面投資這些產品。我們也將繼續對它們進行投資。

If you could speak a little bit more to what sort of R&D commitments that we should expect as a result of that. So taking R&D as a percentage of revenue here, should we expect that intensity R&D intensity to remain at FY24 levels in the near future or. As should we should we expect that to tick up as a result of the investments in your cloud offerings. Cloud platform offering specifically? And then linked to that, when do you expect these offerings these new offerings to become to start to contribute meaningfully in your top line growth? Please thank you.

如果您能多談談我們應該期望由此產生的研發承諾。因此，以研發佔營收的百分比來看，我們是否應該預期研發強度在不久的將來維持在 2024 財年的水準？我們應該預計，由於對雲端產品的投資，這一數字將會上升。雲端平台具體提供什麼？與此相關的是，您預計這些新產品何時開始為您的營收成長做出有意義的貢獻？求求你了，謝謝你。

So first off, I wouldn't anchor on the R&D as a percent of revenue that will drift towards going into I would pay more attention over time to the sales and marketing as a percent of revenue because that's the place where we're going to be looking for optimization and ongoing kind of performance and productivity changes moving forward.

因此，首先，我不會將研發作為收入的百分比，隨著時間的推移，我會更加關注銷售和行銷佔收入的百分比，因為這就是我們要去的地方尋求優化以及持續的性能和生產力變化。

So I would encourage you to think about that part of the business as we move forward because we're R&D investments really important to us, and we're continuing to invest in R&D appropriately with regards to the new offerings. I just want to make sure I understand. With new offerings you're talking about. Are you talking about platform services in terms of billable platform services, we already actually provide access to some of our services on a per pay basis, but there's going to be a whole set of services that continue to roll out over the next couple of years that will be available to our customers on a per charge basis.

因此，我鼓勵您在我們前進的過程中考慮這部分業務，因為研發投資對我們來說非常重要，我們將繼續對新產品進行適當的研發投資。我只是想確保我理解。您正在談論的新產品。您是在談論計費平台服務的平台服務嗎？

So I'm just not sure what particular capabilities you were asking about?

所以我只是不確定您所詢問的具體功能是什麼？

That referring to the three cloud offerings, three industry cloud platform.

那指的是三大雲產品、三大產業雲平台。

Fusion form and flow?

融合形式和流程？

Yes.

是的。

All right. Okay. Well, Fusion is already a growing business for the company and it's already accelerating. I think forma and flow are very nascent right forma in the stage where we're focusing on product market fit, user adoption and getting people excited about outcome-based design and the new paradigms. We're going to be pioneering with forma and then, of course, integrating it tightly with rebate.

好的。好的。嗯，Fusion 已經是該公司的一項不斷成長的業務，而且已經在加速發展。我認為，在我們專注於產品市場契合度、用戶採用以及讓人們對基於結果的設計和新範式感到興奮的階段，形式和流程是非常新生的正確形式。我們將率先推出 forma，然後當然將其與回饋緊密結合。

So it's the best rebate companion out there in the market so that it provides not only next-gen cloud-based capabilities and AI capabilities, but it works incredibly well with rebate. So the focus on pharma right now is adoption. And the focus on flow right now is actually getting flow out the door and the initial capabilities are going to be focused more on asset management and the capabilities of managing assets in the media and entertainment place, but they're not yet generating the revenue growth that we care about for fusion on the other hand, is a growing franchise continues to grow is taking share from our competitors.

因此，它是市場上最好的返利伴侶，不僅提供下一代基於雲端的功能和人工智慧功能，而且與返利配合得非常好。因此，目前製藥業的重點是採用。現在對流量的關注實際上是讓流量出去，最初的能力將更多地關注資產管理以及管理媒體和娛樂場所資產的能力，但它們尚未產生收入增長另一方面，我們關心的融合是不斷增長的特許經營權，不斷增長正在從我們的競爭對手那裡奪取份額。

And I continue to encourage you to watch that space. But over the next three years, all of these industry clouds are going to start contributing meaningfully to Autodesk growth strategy.

我繼續鼓勵你關注這個領域。但在接下來的三年裡，所有這些產業雲都將開始為 Autodesk 的成長策略做出有意義的貢獻。

That's really helpful. Thank you very much. And on R&D, I just wanted to make sure that I understood you correctly here to the R&D as a percentage of revenue as an intensity that should remain at current level because R&D is really important for the business. But and should we expect that to tick up given that you're obviously investing in the platform services and also you're complementing your ACE offering overall as well?

這真的很有幫助。非常感謝。在研發方面，我只是想確保我正確理解了您對研發佔收入的百分比的理解，作為一種強度，應保持在當前水平，因為研發對業務來說確實很重要。但是，鑑於您顯然正在投資平台服務，並且您也在整體補充您的 ACE 產品，我們是否應該預期這一數字會上升？

I'm not going to speculate on the future trajectory of the R&D as a percentage of revenue. I think I would really encourage you to focus more on the sales and marketing numbers at this point, right now, we're definitely a product company and R&D is very important to us. So we're going to continue to invest, but we're doing that prudently and appropriately all right? So I want to make sure that you understand that we're going to try to keep these things within reasonable bounds, but sales and marketing might be something you want to pay attention to in the future.

我不會推測研發佔收入的百分比的未來軌跡。我想我真的鼓勵你現在更專注於銷售和行銷數據，現在，我們絕對是一家產品公司，研發對我們來說非常重要。所以我們將繼續投資，但我們會謹慎、適當地這樣做，好嗎？因此，我想確保您了解我們將盡力將這些事情保持在合理的範圍內，但銷售和行銷可能是您將來需要關注的事情。

Okay, understood. Thank you very much.

好的，明白了。非常感謝。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

This is Elizabeth Porter always the quarter on for Keith Weiss. I wanted to ask on just the cadence of M&A. And we've seen some recent activity with Wonder Dynamics and PIX adding to payoffs. So how should we think about this as a lever in driving faster innovation in the portfolio? And then related, I think the prior guidance assumed about a half point tailwind from acquisitions. Is it fair to still think about that number, just given some of the more recent announcements? Thank you.

這是伊麗莎白·波特（Elizabeth Porter），總是與基思·韋斯（Keith Weiss）對峙。我想問的是併購的節奏。我們已經看到 Wonder Dynamics 和 PIX 最近的一些活動增加了回報。那麼，我們應該如何將其視為推動產品組合更快創新的槓桿呢？然後相關的是，我認為先前的指導假設收購帶來了大約半個百分點的推動力。考慮到最近發布的一些公告，仍然考慮這個數字是否公平？謝謝。

Yeah. So look, our acquisition strategy is unchanged. We always pursue interesting adjacencies and tech tuck-ins according to our strategy and we do it in a prudent and disciplined way. I'm very excited about payoffs because it's an important extension of our construction portfolio is an industry leading payment solution, and it helps us integrate all the way through the process and add the payment capabilities.

是的。所以看，我們的收購策略沒有改變。我們始終根據我們的策略追求有趣的鄰接和技術融合，並且我們以謹慎和有紀律的方式做到這一點。我對支付感到非常興奮，因為它是我們建築產品組合的重要擴展，是業界領先的支付解決方案，它幫助我們在整個流程中進行全程整合並添加支付功能。

PIX is exciting because it puts us on the set and puts us in the business of capturing data on the set and interacting with the directors and furthering our script to screen vision for the media entertainment vision and Wonder Dynamics is a great example, have a leading edge AI company doing amazing things that are really going to be transformative in the media and entertainment space, and they're going to be doing great things at Autodesk over multiple years they're all part of our strategy. They're all connected directly to our strategy. I think you can expect to see us continue down this path of doing acquisitions that make sense with regards to our strategy or the adjacencies that we're trying to target for our business.

PIX 令人興奮，因為它讓我們置身於片場，讓我們負責捕捉片場數據並與導演互動，並進一步將我們的劇本延伸至媒體娛樂願景的屏幕視覺，Wonder Dynamics 就是一個很好的例子，擁有領先的優勢邊緣人工智慧公司正在做一些令人驚嘆的事情，這些事情確實會在媒體和娛樂領域帶來變革，而且他們將在 Autodesk 多年來做出偉大的事情，它們都是我們策略的一部分。它們都與我們的策略直接相關。我認為您可以期待看到我們繼續沿著這條道路進行收購，這些收購對於我們的策略或我們試圖針對我們的業務定位的鄰近地區有意義。

Great. And then just another one on the transaction model. I believe you referenced just the potential for some uncertainty around rolling out the model and leaving room for that in the full year guide. I just want to better understand what those friction points would be, whether they're partners or customers what they look like? And then just double-click on the guardrails or processes you have in place to mitigate that risk?

偉大的。然後是關於交易模型的另一篇文章。我相信您只是提到了推出該模型可能存在的一些不確定性，並在全年指南中為此留出了空間。我只是想更了解這些摩擦點是什麼，無論他們是合作夥伴還是客戶，他們是什麼樣的？然後只需雙擊您現有的護欄或流程即可減輕該風險？

Yeah, Elizabeth, it's really to do with the timing of the US rollouts. As you know, we went live yesterday so far, it's pretty quiet, which is good because it means everything is okay and we're just going to see how that goes. And then that will determine what we do and the rate of rollout, as Andrew was saying earlier. So it's really to do with that. The timing of the rollout, and that's determined on how things go in the US.

是的，伊莉莎白，這確實與美國推出的時間有關。如您所知，我們昨天上線到目前為止，非常安靜，這很好，因為這意味著一切都很好，我們只是看看情況如何。正如安德魯之前所說，這將決定我們做什麼以及推出的速度。所以這確實與此有關。推出的時間取決於美國的情況。

Right. Thank you.

正確的。謝謝。

Siti Panigrahi, Mizuho.

西蒂·帕尼格拉希，瑞穗。

Hi. This is Samir calling in for [Siti]. The couple of questions I have. One is the strength in construction, given there were some recent consolidation talks in the industry. I was wondering if there was any benefit to you from that dynamic and those are tough starting in, they're not going through.

你好。我是薩米爾 (Samir) 打電話給[西蒂]。我有幾個問題。一是建築業的實力，因為最近該行業進行了一些整合談判。我想知道這種動態是否對你有任何好處，而這些一開始很艱難，他們沒有經歷過。

I can't hear?

我聽不到？

Yeah, I was muted. I apologize for that. No, actually there's no connection whatsoever between those dynamics and what's going on our construction business, what you're seeing is growing momentum in our construction business related to the quality of our solution and the increasing capabilities of our go to market and frankly, competitive wins. So it's purely related to that. There's no other talks that no other impacts that we're having impact on us purely execution.

是的，我被靜音了。我對此表示歉意。不，實際上這些動態與我們的建築業務發生的情況之間沒有任何联系，您所看到的是我們建築業務的成長勢頭，這與我們解決方案的品質以及我們進入市場的能力不斷增強有關，坦白說，競爭力獲勝。所以這純粹與此有關。沒有其他會談對我們純粹的執行力產生任何其他影響。

Thank you. And a quick one. You didn't mention that there are going to be some contracts that are going to stay legacy on-prem, multi-year billing. Is there like a floor that's going to be there all the time in terms of multi-year upfront billings?

謝謝。還有一個快速的。您沒有提到將有一些合約將保留在本地、多年計費。就多年預付款而言，是否存在始終存在的底限？

No, there's no particular floor. Some customers may prefer to pay upfront some partners may prefer to sell upfront as long as we operate. Somebody's going to do it. But the important thing is it's going to be the exception, not the rule. We're well past the world where multi-year billings up multi-year subscriptions billed upfront or like a large chunk of our business that era is over. But that doesn't mean that people won't do this and we won't end up with some multi-year contracts built upfront.

不，沒有特定的樓層。有些客戶可能更願意預先付款，有些合作夥伴可能更願意在我們營運期間預先銷售。有人會這麼做。但重要的是這將是例外，而不是規則。我們早已過去了多年計費、多年訂閱預先計費的時代，或者就像我們業務的很大一部分那樣，那個時代已經結束了。但這並不意味著人們不會這樣做，我們也不會最終簽訂一些預先簽訂的多年期合約。

Got it. Thank you.

知道了。謝謝。

Thank you. That is all the time we have for Q&A today. I would now like to turn the conference back to Simon Mays-Smith for closing remarks, sir?

謝謝。這就是我們今天問答的全部時間。我現在想請西蒙·梅斯·史密斯（Simon Mays-Smith）致閉幕詞，先生？

Thanks, everyone, for joining us. I'm sorry, we've been quiet for a while very much looking forward to seeing many of you. I told you over the coming weeks if you do have questions, please just ping me as you always do, and I'll be happy to jump on the call and have a chat. Otherwise, we'll look forward to catching up with you next quarter and look forward to chatting then. Thanks all.

謝謝大家加入我們。抱歉，我們已經安靜了一段時間，非常期待見到你們中的許多人。我告訴過您，在接下來的幾週內，如果您確實有疑問，請像往常一樣給我打電話，我很樂意接聽電話並進行交談。否則，我們將期待下個季度與您聯繫並期待屆時將聊天。謝謝大家。

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。