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。（操作說明）

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

現在我將把電話交給投資者關係副總裁西蒙·梅斯-史密斯。請繼續。

Thanks, operator, and good afternoon. Thank you for joining our conference call to discuss the 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——Autodesk 的執行長 Andrew Anagnost——一起討論 Autodesk 2025 財年第一季的業績。在本次電話會議中，我們將發表前瞻性聲明，包括展望和相關假設、產品和策略。實際事件或結果可能與此有重大差異。請參閱我們向美國證券交易委員會提交的文件，包括我們今天隨新聞稿一起提交的最新 10-K 表格和 8-K 表格，以了解可能導致我們的實際結果與前瞻性聲明中的結果存在差異的重要風險和其他因素。

Forward-looking statements made during the call are being made as of today. If this call is replayed or reviewed after today, the information presented during the call may not contain current or accurate information. Autodesk disclaims any obligation to update or revise any forward-looking statements.

本次電話會議中所作的前瞻性陳述均以今日為準。如果今天之後重播或回顧此通話，通話期間提供的資訊可能不再是最新或準確的資訊。Autodesk公司聲明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.

在本次電話會議中，我們將引用幾個數位成長變化來討論我們的財務業績，除非另有說明，每個此類引用都代表同比比較。今天電話會議中提到的所有非GAAP數據均已在我們的新聞稿或XL財務報表以及我們投資者關係網站上提供的其他補充資料中進行了核對。現在我將把通話交給安德魯。

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.

謝謝西蒙，也歡迎各位參加本次通話。我相信您能夠理解，在這樣的法律問題上，我可以談論審計委員會調查的情況非常有限，但我還是想說說我能說的。審計委員會調查的總結結果已發佈在我們 5 月 31 日的新聞稿和最近提交的 10-K 表格中。詳情請參閱相關文件。除了以上描述之外，我們沒有其他評論。

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.

關於調查過程，我們在新聞稿中也詳細介紹了這一點。由於調查嚴謹，涵蓋了 10-K 文件中包含的所有三年，因此需要一段時間才能完成。董事會已任命 Betsy Rafael 為臨時財務官，我們已啟動新任財務長的遴選程序。董事會和我都非常重視尋找合適的候選人。在此期間，我們有 Betsy 和 Debbie 的鼎力相助，她們將繼續以首席策略長的新身分為公司做出貢獻。

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，我們決定不會對任何已審計或未經審計的已提交或先前公佈的GAAP或非GAAP財務報表進行重述或調整。我們稍後將詳細討論，隨著自由現金流低谷的過去，我們已經開始向年度計費過渡，多年合約的機械疊加，以及我們最大的產品訂閱群體中更大的企業群體，將在 2026 財年為自由現金流提供順風。感謝您在我們推進這項重要流程期間的耐心等待。我們非常重視此類情況，並很高興調查已經結束。

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.

現在讓我們來看看我們強勁的第一季業績。Autodesk 的堅韌不拔和把握機遇，再次支撐了我們強勁的財務表現和競爭優勢。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。續約率依然穩健，新業務成長動能和關鍵績效指標與上一季保持一致，產品使用量增加、BuildingConnected 上的競標活動創紀錄以及通路合作夥伴的謹慎樂觀態度都證明了這一點。

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以嚴謹專注的方式執行策略和部署資本，使 Autodesk 能夠實現其策略的顯著效益，同時降低未來客戶遷移到我們的行業雲並使用我們高附加價值的產品和服務時進行昂貴的追趕性投資的風險。我們將繼續加大對雲端運算領域的投資。

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銷售和行銷。我們預計，隨著時間的推移，Autodesk 平台服務將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，從而實現收入成長和市場份額的持續提升，同時隨著時間的推移，也能推動利潤率的提高和自由現金流的成長。

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.

股票選擇權激勵支出佔收入比例的降低將為 GAAP 利潤率帶來額外的利多。雖然我們將從多年合約過渡到年度結算將在未來幾年內擴大自由現金流成長，但我們相信，持續的資源優化和長期的投資視野使我們在同行以及雲端平台和人工智慧領域處於領先地位。我們計劃保持並擴大這一領先優勢，同時努力實現業界領先的 40 法則比率達到 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 point clouds. Bernini is different from other AI models and five important ways.

我們在 5 月 8 日發布的 Bernini 專案公告就是一個很好的例子，說明了我的意思。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 與其他人工智慧模型的不同之處在於以下五個面向。

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，Bernini 是基於 3D 資料而不是商品化的外部影像進行訓練的。因此，它能夠對物體的內部結構進行推理。其次，貝尼尼分別生成形狀和紋理，不會混淆或融合這些變數。第三，Bernini 可以根據多種類型的輸入資料進行調整，因此適用於更廣泛的工作流程。四個 Bernini，從一組輸入中產生許多設計方案，更好地服務設計師的創作過程。第五，Bernini 可以根據客戶現有的 3D 儲存庫快速、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 及其客戶和合作夥伴能夠創造更有價值、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平台服務將提高工程速度和效率，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 領域領先於同行，並且隨著行業雲平台和商業模式的演進，我們將能夠大規模地交付 3D AI 產品和服務，我們正在朝著對所有現金幾何進行推理的方向穩步前進。我們會隨時向您報告最新進展。

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 macroeconomic policy and geopolitical challenges and the underlying momentum of the business were consistent with the last few quarters.

接下來，讓我們來看看季度財務業績以及第二季和全年的業績展望。第一季業績表現強勁。我們在建築、工程和施工 (AEC) 以及製造業的各個產品和地區都實現了全面增長，但中國市場以及媒體和娛樂行業的疲軟部分抵消了這一增長，後者主要是由於好萊塢罷工的持續影響。總體而言，宏觀經濟政策和地緣政治挑戰以及業務的潛在發展勢頭與過去幾季保持一致。

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.

如果將第一季營收與預期進行比較，超額收益主要歸功於整體強勁的市場表現，價格上漲的時機也改善了該季度的營收線性度，新交易模式的影響是實質的。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，總收入成長了12%和13%。按產品和固定匯率計算。AutoCAD 和 AutoCAD LT 的營收成長了 10%。AEC營收成長17%。以固定匯率計算，各地區製造業收入成長11%，媒體和娛樂業收入成長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.

直接收入成長了 20%，佔總收入的 38%，比去年增長了 3 個百分點，這得益於 EBA 和 Autodesk 商店的強勁增長。在固定匯率下，淨收入留存率維持在 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，由於多年合約的付款方式從預付改為年付，本季帳單金額下降了 5%。基於同樣的原因，遞延收入總額下降了 12%，至 40 億美元；RPO 總額為 59 億美元，當前 RPO 為 39 億美元，分別增長了 9% 和 12%，這繼續受益於我們在 2024 財年下半年看到的 EBA 強勁勢頭；當前 RPO 百分位提前於1 個百分位。

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.

接下來來看看我們的損益表。GAAP 和非 GAAP 毛利率基本上持平，而 GAAP 和非 GAAP 營業利潤率分別增加了 4 個百分點和 3 個百分點。部分原因是因為去年我們沒有因重新調整職位而產生的成本。按照目前的航向和速度。股票選擇權激勵佔收入的百分比在 2024 財年達到峰值，2025 財年將下降超過 [1] 個百分點，並且隨著時間的推移，將始終低於 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.

本季自由現金流為 4.87 億美元，主要得益於上一季應收帳款的收回以及本季強勁的業績。談到資本配置，我們將繼續在現有框架內積極管理資本，並在整個經濟週期中以嚴謹和專注的態度進行部署，以推動股東的長期價值成長。

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 億美元收購了 Payapps 和 PIX，由於我們遲遲未提交 10-K 表格，這意味著本季度我們僅以每股約 255 美元的平均價格購買了約 30,000 股股票，花費了 900 萬美元。我們將繼續擇機回購股票，以抵消股票選擇權激勵造成的股權稀釋，只要這樣做是合理的。

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.

接下來是指導部分。總體而言，終端市場需求在過去幾季一直保持相當穩定。宏觀經濟因素和好萊塢罷工等一次性因素促進了新業務的成長，並持續拖累收入成長。但 Autodesk 對其產品和服務的強勁而持久的潛在需求，鞏固了其長期成長勢頭和潛力。

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.

關於營收預期，我們上個季度重點介紹了一些影響 2025 財年營收成長的利多因素和利空因素，請您回顧我們當時的評論。新交易模型的實施進展順利。澳洲和紐西蘭的表現符合我們的預期。北美地區昨天正式上線。正如我們上個季度所說，我們對 2025 財年的業績預期是，新的交易模式將在北美地區部署，這將為 Autodesk 的營收成長帶來約 1 個百分點的推動作用，並為帳單成長帶來 3% 至 4% 的推動作用。

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.

一旦北美地區的業務成功啟動，我們可能會開始與歐洲、中東和非洲以及日本部分地區的通路合作夥伴和客戶溝通我們的計畫。今年年初，我們模擬了各種可能的場景，反映了不同的潛在發布日期、通路合作夥伴在發布前的行為、過渡機制以及許多其他因素，我們正在按照我們的模型場景執行。

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，我們仍然對與客戶和合作夥伴建立更直接的關係所帶來的好處感到興奮，這種關係能夠讓我們更好地了解他們並為他們服務，透過更多的自動化和自助服務以及更高的可預測性來豐富數據。

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.

我們的財政收入預期在 59.9 億美元至 60.9 億美元之間保持不變，與 2024 財年相比，收入仍將增長約 9% 至 11%。我們良好的開局為我們實現年度目標奠定了堅實的基礎。

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.

接下來談談利潤率，我們仍然預期 2025 財年非 GAAP 營業利潤率將在 35% 至 36% 之間，與 2024 財年大致持平。這包括大約 [1 個百分點] 的基礎利潤率改善，我們預計這將被新交易模式帶來的利潤率不利因素大致抵消。提醒大家，隨著我們過渡到新的交易模式，由於將經銷商成本從抵減收入轉移到銷售和行銷費用這一會計變化，我們將面臨營業利潤率方面的不利影響。

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.

也將逐步加大對人員、流程和自動化方面的投資。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業務，我們預計即使在扣除我們預計會產生的額外成本後，這將為收入、營業收入和自由現金流帶來利好。

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.

接下來談談自由現金流，我們仍然預計在 2025 財年產生 14.3 億美元至 15 億美元的自由現金流，不包括 2024 財年多年預付款項產生的 2 億美元自由現金流（這些款項現在按年結算）。2025 財年，我們預計自由現金流增長約 35%（按指導值的中點計算）；2026 財年，由於我們最大的多年續約合約群體回歸、按年計費的多年合約的機械疊加以及更大的 EBA 群體，我們預計自由現金流增長速度將更快。

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.

正如上個季度所討論的，過渡和推廣將會對損益表造成乾擾，因此，自由現金流是我們目前發展軌跡下衡量績效的最佳指標。考慮到宏觀經濟地緣政治政策、健康和氣候方面的重大不確定性，我們估計 2026 財年的自由現金流中位數為 20.5 億美元左右。隨著我們過渡到多年合約的年度結算，自由現金流的機械重建為 Autodesk 帶來了令人羨慕的可見度和確定性。

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.

我們繼續運用「40法則」框架管理業務，目標是隨著時間的推移達到45%或更高。今年和明年，我們將朝著這個目標邁出重要步伐。我們認為，「40法則」框架所體現的複合收入成長和強勁的自由現金流利潤率之間的平衡，是世界上最有價值的公司的標誌。我們打算繼續保持其中一員的地位。

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有關於 2025 財年第二季和全年建模假設的更多詳細資訊。最後，讓我向大家報告我們第一季取得的顯著進展。我們繼續看到 AEC 行業，特別是基礎設施和建築行業，保持著良好的發展勢頭，這得益於客戶整合到我們的解決方案中，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，涵蓋設計、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進一步將業務拓展到基礎設施和建築領域，同時也將業務拓展到中端市場，這標誌著我們發展勢頭的增強。

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.

我們的建築業務迎來了有史以來新增客戶最多的季度之一。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護其最重要的客戶和合作夥伴關係，並增強其內部能力。多年來，我們與該公司建立了互信的合作夥伴關係，並認同其為產業打造一體化平台的願景。

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，該公司決定在所有地區將其設計、建造流程標準化為 Autodesk Construction Cloud，簽署了第一份 EBA 協議，並增加了對 Autodesk 的投資。Meriton公司設計、開發和建造住宅公寓大樓，是澳洲最大的住宅公寓開發商。經過競爭性選拔，Autodesk 成功取代了六個獨立解決方案，並統一了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.

這項綜合解決方案將使美利通能夠擁有一個通用的資料環境，簡化其工作流程，並獲得即時洞察。State Window Corporation 提供客製化窗牆系統的完整設計、工程、製造和安裝服務。它正在對 Autodesk、AEC 和製造產品進行標準化，以便他們能夠有效地管理庫存水平、改善現金流並減少因數據孤島和工作流程脫節而造成的浪費成本，利用三個設計、我們的 PDM 和 PLM 製造集合以及用於安裝狀態窗口的 Autodesk Build 的回扣，將擁有一個連接設計、製造和構建的端和工作流程的

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.

這些案例再次體現了一個共同的主題：在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，同時隨著時間的推移降低風險。我們預計大多數專案都將以這種方式進行管理，我們將繼續專注於透過我們的行業雲來實現這一轉變。

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 involved for its machine design and product data management.

在生產製造方面，我們的策略舉措取得了顯著進展。客戶持續投資於數位轉型，並整合我們的產品和工廠設計製造平台，以發展業務並增強業務韌性。歐洲一家多格式包裝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家。

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.

第一季度，該公司擴大了與 Autodesk 的合作關係，將工廠設計納入其中。 Autodesk 是一家現有的工廠模擬靈活客戶，其工廠設計能夠將完整的工廠佈局數位化，從而減少交付過程中可能出現的延誤和返工。作為 Autodesk 的現有靈活客戶，該製造商現在將擁有一個全面的端到端連接解決方案，有助於提高效率、產量和品質。一家大型多產品維護、修理和大修 (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.

這些檔案現在已匯入 Fusion 生態系統中。我們在第一季增加了 Fusion 製造擴充功能，以便利用 Fusion 進行輕型維修和零件測試。Fusion 仍然是製造業中成長最快的產品之一，商業用戶數量保持兩位數成長，這得益於越來越多的客戶認識到基於雲端的工作流程的價值，從而提高了組織內部的效率、永續性和韌性。

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.

透過資料注入，每月活躍用戶超過一百萬，從而產生大量情境資料。例如，在過去 12 個月中，平均每月有 3,300 萬個新的組件設計被注入生產。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，我們最近推出的成長型自動化工具 Fusion（由人工智慧驅動）自今年稍早推出以來，已經產生了 270 萬個自動維度。在教育領域，我們正在培養未來的工程師，讓他們透過下一代設計分析和製造解決方案來推動創新。

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.

日本工學院是領先的技術教育提供機構，致力於為學生提供與行業相關的教育，並幫助解決設計和製造業日益增長的技能差距。第一季度，該公司將 Fusion 作為其 5000 多名學生、教職員工和附屬機構的標準設計和製作解決方案，取代了兩個舊解決方案，以利用 Fusion 的 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，我們將繼續與客戶合作，確保他們使用我們軟體的最新、最安全的版本。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了合規性，透過提供現有使用情況的可視性，並了解其真正的需求，提供了量身定制的解決方案，包括升級到我們軟體的更新版本以及增加更多訂閱許可證。

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.

讓我把故事講完。夏季奧運開幕式將於7月26日晚間在巴黎塞納河畔舉行。在接下來的幾個月裡，大約 10,500 名運動員和 8,000 名殘疾人運動員中的許多人將居住在巴黎郊區（技術難度較高）的運動員村。

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.

這在某種程度上講述的是，富有創新精神的建築師、工程師和建築專業人士如何借助開放文件格式在雲端高效協作，並利用模組化工業建築技術無縫擴展 AEC 和製造業。

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排放並創造一個能夠適應未來氣候變暖的建築環境來應對變革的故事。但這也是一個關於重生和希望的故事。 [歌曲《膝蓋郊區》]巴黎郊區是法國最貧困的地區之一，人口年輕且多元化，失業率高於平均水準。奧運會結束後，該村將變成一個擁有新住宅和社會住房辦公室、社區商店、學生公寓和酒店的社區，周圍環繞著花園和公園綠地。

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，我曾向你們介紹 Autodesk 在巴黎聖母院重建計畫中的作用，該計畫將於今年稍後按計劃完成。我分享運動員村的故事，因為它再次提醒我 Autodesk 的宗旨是為每個人設計和創造一個更美好的世界。這一目標從未像現在這樣重要和緊迫。我們攜手合作，就能應付碳排放、水資源和廢棄物處理帶來的世代挑戰。我們在應對這些挑戰中發揮的核心作用，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，現在我們開始接受提問。

Thank you. (Operator Instructions)

謝謝。（操作說明）

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc Capital Markets。

Great, Andrew. Good afternoon,

太好了，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透露太多關於 10-K 流程的信息，但您會如何總結投資者需要了解的關鍵信息？

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。首先，在我整個 Autodesk 職業生涯中，我從未像現在這樣對財報電話會議感到如此興奮，但這可能不是你真正想問的，但我很高興來到這裡。所以你看，有些事情我可以直接用簡單的英文表達出來，對吧？首先，這一點非常重要，我們不需要重述任何財務表現。公司歷史上所取得的業績就是公司實際取得的業績，這才是真正重要的。

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.

我想強調的第二點是，該公司並沒有忽略業務的內在實力。現在把這兩件事結合起來，你就可以相信Autodesk財務數據的完整性了，對吧？我想這就是我希望你們從所有這些語言中領悟到的要點。就我個人而言，我認為這並不意味著任何人對 Autodesk 的投資邏輯會因這些資訊而發生根本性的改變。

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，我覺得這解釋得很好。或許下一個問題，我的後續問題。所以第一季業績表現強勁。你的指導可能比普遍預期略好一些，但考慮到全年收入預期並沒有真正改變。我想知道您對下半年的成長有何看法？

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。首先，現在才第一季。所以我們還剩下三個季度，對吧？現在才第一季度，我們面前還有幾件大事要處理，對吧。我們剛剛在美國上線，目前還是一個（技術難題）模型。如果一切進展順利，正如我們預期的那樣，如果我們能從中學到我們預期要學到的東西，我們也將在歐洲上線。但我們還在觀望美洲的情況以及它的表現。所以，這些都是我們需要關注的重大不確定因素。但第一季業績最棒的地方在於，它為我們實現全年滾動業績奠定了堅實的基礎。因此，我對我們目前在實現目標方面所處的位置感到非常有信心。

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.Andrew，你認為在接下來的幾個月裡，美洲地區的過渡工作（昨天已經開始）需要哪些進展，才能讓 EMEA 地區的過渡工作最早在第三季中期開始？如果你不在第三季發布產品，那麼在第四季發布產品也沒有意義。我們是否可以假設您會在 2026 財年初進入 EMEA 市場，然後在之後的三到六個月進入亞洲市場？

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，我只能說，是的，根據結果來看，這很可能就是事情的發展方向。但讓我告訴你，就美國而言，我們正在尋找什麼。第一，我們首先要關注規模化效能。因此，當我們在澳洲和紐西蘭進行測試時，我們測試了功能、能力、流程，以及我們需要向通路合作夥伴提供的培訓，坦白說，也測試了我們需要向客戶提供的培訓，以確保他們知道如何設定自己，就像我在他們的系統中將我們設定為供應商一樣。

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，我們實現了新的功能。我們在澳洲和紐西蘭測試了該功能，之後才在美洲正式上線。現在我們要測試所有這些功能，觀察它在大規模運作下的運作情況，看看會出現什麼問題，或目前為止沒有出現什麼問題。我想確保我們所有人都記住的一件事是，我們為什麼要這樣做？

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.

理解我們為什麼要這樣做非常重要。這將從根本上改變我們與客戶建立聯繫和溝通的方式。我們不僅可以全面了解公司的全部銷售和行銷成本，從而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體驗過的自助服務模式與我們互動，並且這將使我們對客戶有更深入的了解和認識。

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的運作情況，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。所以這就是我們將要關注的重點。如果我們發現規模方面存在一些問題（我們預計不會出現這種情況，但誰也說不準），是的，我們會推遲這些推廣活動，就像您在問題中強調的那樣。

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。作為後續問題，您在腳本中提到了研發的報價速度和效率，這很有趣。這意味著什麼？例如，我們會如何看到它體現在建築、工程和施工（AEC）或其他製造業？鑑於貴公司研發規模在同業中仍然位居榜首，您認為隨著時間的推移，這將如何發展？您這麼說是什麼意思？

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。所以，[Autodesk] 又回到了平台服務功能上來，好的，正如您所知，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能夠更快地前進，而且能夠更好地前進，我們在這方面取得了越來越多的進展。我們正在推出越來越多的共享服務，這些服務在公司的各個部門之間共享。接下來一年左右會推出一些非常有趣的產品，我不會提前透露，但它們提供的共享服務將使我們能夠做一些事情，從而在各個行業中提供某種通用的項目可見性等等。

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.

這些都是令人興奮的項目，過去它們都是在公司內部各自獨立開發的。因此，擁有這些大規模的共享服務非常重要，它可以真正防止人們多次重建相同的東西，同時也能讓人們快速啟動和推出新事物，這包括我們的一些孵化計畫和其他計畫。所以請密切注意這種情況的發展，你會開始看到越來越多的這類共享服務。我認為，我們在平台服務方面的一些工作正開始取得不錯的進展。

Thank you Andrew.

謝謝你，安德魯。

And thank you, Jay.

謝謝你，傑伊。

Adam Borg, Stifel.

Adam Borg，Stifel。

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。非常感謝您回答這個問題。安德魯，或許只是從宏觀角度來看，你剛才提到的是一個相對穩定的背景。

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2024財年淨新增席次較少。我只是好奇您能否談談您如何看待2025年相對於2024年的成長情況？

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年會發生什麼事。我現在可以肯定地說，我們已經連續很多個季度保持了整體穩定的業績。

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.

好的，我們一直在討論的關於上個季度的情況與前一個季度相當一致，由於目前宏觀環境的各種變化和運作，出現了一些買賣交易。我預計我們將繼續看到這些環境以及我們現在看到的這種買賣交易。

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.

提醒一下大家本季的買賣情況，對吧？我們看到歐洲、中東和非洲地區、澳洲和日本市場表現強勁，但中國和韓國市場的疲軟抵消了這些優勢。在各行業中，建築、工程和施工（AEC）以及製造業表現強勁，而機電（M&E）產業則比較疲軟。我預計這類變化將在本季持續發生。所以我認為，這種情況會持續整個季度。

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

因此，我們將繼續看到這種持續的穩定性，但每季都會有不同的買賣交易。

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。或許可以先快速跟進一下關於貝尼尼的項目，這非常有趣，也是一個長期發展的機會。我們該如何考慮這在三大產業雲端平台的時機安排？以及您所做的事情，您理想中的願景是，當他們尋求利用這項功能時，它能對訂單成長產生怎樣的影響？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，我會把 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 是一種形狀解讀工具。它透過體素幾何描述、圖片等方式獲取二維幾何圖形，並創建智慧三維幾何圖形。它能夠理解三維幾何圖形，我們將尋求與一些客戶合作，使其更加聰明和完善。該工具可以成為各行業的核心工具，用於提供各種類型的初步幾何圖形。

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.

但這只是幾種基礎模型之一，因為我們需要多種類型的基礎模型來自動化對我們的客戶來說重要的事情。貝尼尼表明，我們不僅在這一領域領先於競爭對手。我們正在產出高品質的成果，這些成果引起了人們的關注，這有助於我們與一些客戶更緊密地溝通，並探討這些工具未來的發展方向。

Thanks again.

再次感謝。

Matt Hedberg, RBC.

Matt Hedberg，RBC。

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。感謝您回答我關於 Andrew 的問題，也許可以跟進最後一個問題，當我們考慮這些基礎架構，Gen AI 基礎模型 Bernini 時，我知道現在還處於早期階段，但是定價理念是什麼？您是否認為最終會有一些消費因素來抵銷部分額外的運算成本？

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，現在就猜測我們如何賺錢以及如何將這些東西推向市場還為時過早。然而，我一直都是消費模式的忠實支持。我認為消費的發展方向一直都在為我們未來人工智慧驅動的自動化和基於結果的設計奠定良好的基礎。這些事情我已經談了很久了。我絕對認為消費是這些模式獲利的關鍵組成部分。

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單一客戶和單一公司定制這些模型，就像我們可以獲得定製版的自動駕駛儀、Autodesk Hub 和 Autodesk Copilot 一樣。好的。所以我不會斷言它一定會實現盈利，但如果消費在未來利用這些生成模型為我們的客戶自動化處理許多複雜事務的過程中不發揮重要作用，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?

真該好好感謝你。太有幫助了。然後，或許只是你在第一季看到的早期續約，我猜這主要是因為預期過渡——直接過渡。那件主要由美國人負責的工作也是你參與的嗎？

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.

Matt，是 Simon，這更多與價格上漲的時機有關，在此之前，我們在上個季度就已表明，我們預計會像在澳大利亞看到的那樣，在美實施任何交易模式之前，出現一些提前續約的情況。

Got it. Thanks a lot guys.

知道了。非常感謝各位。

Joe Vruwink, Baird.

Joe Vruwink，Baird。

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。謝謝大家。如果我聽力沒問題的話，我好像聽到澳洲並非本季表現最強勁的地區之一，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 correct. You may ask your question and all.

是的。喬，我們來糾正一下。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?

很明顯，聽起來你們已經為這次轉型製定了模型，而且到目前為止，這些假設都成立。我想知道你們是如何對模型進行壓力測試的。假設在美國，宏觀經濟情勢突然惡化。這是否會影響預期的推廣計劃？這是否會改變您計劃採用的一些策略？或者說，你們處理這些問題的方式真的跟往常一樣嗎？

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

好的。喬，首先，你的耳朵好像出了問題。澳洲真棒。澳洲是優勢之一。

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

好的。所以，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 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.

一切進展順利。所以這很好地證明了我們所具備的一些能力。宏觀經濟方面不會影響我們如何推動新的交易模式的決定。這一切都取決於系統的能力、我們合作夥伴的能力以及我們客戶吸收這些能力並使整個系統正常運作的能力。這將決定我們如何推行這些措施。宏觀層面可能會朝著各種方向發展。只要我們的系統運作正常，我們就會繼續前進。正如我所說，目前為止一切順利，但這只是過了一天。

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。我的耳朵不太靈光，所以這句老話我肯定不會再說了。第二個問題。我非常欣賞 Autodesk，因為它是一家業務遍及多個終端市場的多元化企業。所以有時問這些問題是徒勞的，但我確實想專門問問你們的資料中心風險敞口，因為我認為這就是一個可以透過 AEC 業務方面來解決這個問題的例子。您也與一些最終進入資料中心的產品公司有著密切的聯繫，這屬於 Autodesk 的製造部門。所以我想知道您是否看到更多即時融合的趨勢，以及 Autodesk 在正在進行的資料中心建置中是否扮演著某種重要的角色。

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，肯定的，肯定的。

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。我們積極參與了許多資料中心專案。我不會透露我們參與了哪些公司的資料中心專案。但我們涉足數據中心領域。我們正在幫助人們建立資料中心，並建造多個類似的資料中心。他們正在使用我們的建築工具。他們中的一些人正在使用我們的製造工具，而資料中心附近也正是美國工廠蓬勃發展的地方。我們也參與了部分客戶的工廠建設專案。在所有這些方面，您絕對可以看到我們的製造業組合與我們的 AEC 和建築組合的融合。這種情況正在即時發生，我們預計未來還會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.

最近《紐約時報》刊登了一篇很棒的文章，講述了歐洲是如何在斯堪的納維亞國家成功實現美國長期以來一直在談論的事情的——建造預製房屋和工廠，順便說一句，他們使用我們的產品來實現這一目標。而且，我希望這一切也能很快在美國發生。因此，我們看到建築、工程和施工（AEC）以及製造業在房屋預製構件建造方面的融合終將到來。但就目前而言，你說得對，資料中心和工廠確實是非常有趣的地方。

Great. Thank you very much.

偉大的。非常感謝。

Ken Wong, Oppenheimer & Co.

Ken Wong，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。感謝您回答我的問題。關於調查，我還有一個小問題。我理解你的評論是，顯然你們已經完成了審計，而美國證券交易委員會可能會也可能不會進行調查。我想向你們確認一下，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，你知道我們何時啟動了調查。我們主動配合了美國證券交易委員會的調查，並分享了有關調查的資訊。因此，如果他們想要了解更多信息，想要進行更多互動，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，我忍不住注意到你們評論了建築費用創紀錄的成長。從宏觀角度來看，建築業的關鍵績效指標似乎有點參差不齊，但你們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，建築業需要考慮的重要因素之一是積壓工程量。積壓訂單仍然相當穩定，而且建設方面，是的，我們說過，新帳戶的增長在我們所開展工作的所有地區都是普遍存在的。因此，它的基礎很廣泛。我們看到各方面都表現出色，我們的工具也持續廣泛應用，我們將繼續在競爭中取得勝利。我的意思是，我非常喜歡澳洲的 Meriton 案例，因為它完美地詮釋瞭如何利用藝術解決方案來追蹤從設計到施工前準備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：我們提供端到端的解決方案，這種方案對客戶來說經濟可行，而且我們提供業內一些最好的施工前工具。這是一個很好的例子。這是我們所看到現象的一個很好的例子，是的，我們看到我們正在加速發展，而不是減速。因此，我們對自己的建築業務相當樂觀。

Great. Thanks for the context.

偉大的。謝謝你提供的背景資訊。

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?

感謝您回答這個問題。Andrew，可以談談EBA本季的業績嗎？我認為許可證和其他線路的表現都遠遠超出了預期。那是否與你觀察到的EBA強勢有關？而且，我們之前也看到一些 EBA 合約採用多年計費方式。您是否預計在今年稍後以及明年EBA協議續約時會出現這種情況？

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，我想確認一下我是否理解了你關於企業協議的問題，我們所有的企業協議都是多年期合同，好嗎？我們看到了——所以我只是想確認一下我是否理解了你的問題是什麼？

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。問題具體涉及發票開立週期和帳單結算週期。我知道這些合約是多年期的，但你們是否仍然計劃提前多年向他們開立發票？但問題的第一部分實際上是關於 EBA 是否有異常強勁的走勢，或者是否有任何值得注意的上漲行情？

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。所以我想澄清一下。本季沒有特別強勁的 EBA 交易，而且絕大多數 EBA 都是多年期合同，將按年結算。這並不意味著沒有一些是客戶預先要求的，有時——就是這樣。但絕大多數項目都是多年合約，按年計費。

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，我再澄清一下。請記住，[true up] 出現在訂閱行中，而預付款主要是去年非雲端支援的汽車產品，這部分放在另一行中。所以，為了確保你了解一些地理位置信息，但總的來說，第一季度，正如你所知，我們不按細分市場進行指導，第一季度的情況完全符合我們的預期。

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。很有幫助的澄清。第二個問題，安德魯，我意識到這可能更像是財務長的問題。如果訊息有點滯後，請見諒。但正如我們所看到的，在查看第一季的帳單數字時，我們當然可以理解國內數據存在不利因素，畢竟一年前國內市場曾保持了多年的強勁勢頭。但投資者們正在圍繞短期帳單進行計算，關注短期遞延收入的變化，而從多年期來看，短期帳單成長並沒有直接影響到這一指標，其成長速度遠弱於許多其他收入和預訂指標。短期遞延營收表現不如預期強勁的原因是什麼？

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

我要把這個獎頒給西蒙，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，我們可以這樣簡化，但有見地，也有一些普遍的觀點，正如我們所說，當我們從多年預付款轉向多年年付款時，會產生很多噪音。所以，這就是造成噪音的第一個原因。第二個幹擾因素是季節性因素。顯然，我們第三季和第四季的業績都比第一季好。除此之外，隨著時間的推移，特效還會產生一些噪音。

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，我們一直向您指出 RPO 可能是更好的指標，尤其是在帳單方面，我想指出的是，這主要是多年兩年的。去年第一季我們顯然成長了 4%，因為去年第一季還有兩個月的多年期預付款，因為我們的季度結束日期是 3 月 28 日。第二季帳單金額下降 8%，第三季下降 11%，第四季下降 19%。

And so to put that in context, the Q1 of minus-5% as we begin to cycle against the easier comparable 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，為了更好地理解這一點，第一季同比下降 5%（與較為容易比較的基數相比）可以作為參考。所以情況其實正在好轉，雖然可能還沒有達到大家的共識，記住，我們不以帳單為導向，但你確實可以看到趨勢正在改善。顯然，隨著我們在第二季度及以後與更輕鬆的對手進行比賽，情況也會有所不同。這樣一來，結合我們的年度業績指引，就更容易理解了。

Thank you very much.

非常感謝。

Joshua Tilton, Wolfe Research.

Joshua Tilton，沃爾夫研究公司。

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，喬希，我們聽得很清楚。

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?

對於可能造成的背景噪音，我深表歉意，但我現在想回到調查上來，我絕對不是今晚電話會議中最聰明的人。但是，如果我仔細閱讀一下你們為投資者列出的一些要點。聽起來好像在收藏方面做出了一些選擇，而這些選擇未來可能需要改變。我非常感謝你們重申了對 2022 財年現金流的信心，但我想知道，在收款或與收款相關的做法方面，你們之前採取的做法是否有任何變化？你無法再對沖未來的現金流，這可能會改變你對2026財年實現該現金流目標的置信區間？

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 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，我想澄清一點，我們的財務狀況沒有任何改變。而且沒有任何含糊其辭的地方，目的是為了加強公司的基本業務，對吧？所以，我們正在進行的任何改變或做法，如果完全不會影響我們業務的發展軌跡，那就沒問題。我們對今年的自由現金流目標和明年的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?

那很有幫助。然後，我可能還要快速跟進一下，就一會兒，您剛才把宏觀環境稱為商業中的一次性因素。但正如你剛才提到的，對吧？我們已經在美國待了好幾個季度了。所以我想問的是，從宏觀角度來看，這可能只是一種新的常態，而不是說情況正在好轉，你們是如何看待未來幾年業務發展軌蹟的？我想，當你們考慮未來幾季之後的情況時，你們會怎麼想？

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?

就像Autodesk的現行定價策略一樣。這只是一次性的，情況會好轉嗎？還是你們認為我們過去幾季一直在玩的這場遊戲，只是假設宏觀層面有所延遲，那麼這是否會成為一種新的常態？

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，讓我把話說清楚一點。我們公司的長期發展規劃完全沒有改變，懂嗎？所以就我們而言，我們預計收入將成長10%到15%。長期目標成交量完全不變。由於明年我們將迎來大量續約項目，加上明年規模最大的私有化續約項目以及大量企業協議續約項目，我們將看到自由現金流的機械化業務成長。明年我們將全面評估今年預訂的多年訂閱服務的費用，這些費用將由我們承擔。我的意思是，從整體來看，今年業務發展勢頭良好。所以，對於你的問題，我們的長期計畫絕對沒有改變。

Thanks, guys. Appreciate it.

謝謝各位。謝謝。

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。謝謝您回答我的問題。我的第一個問題是關於你們的平台雲端產品，你們一直在投資這些產品。我們也會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.

如果您能再詳細談談我們應該預期由此會產生哪些研發投入就更好了。因此，如果將研發投入佔營收的百分比來衡量，我們是否應該預期研發投入強度在不久的將來會維持在 2024 財年的水準？我們也應該預期，隨著貴公司對雲端服務的投資，這個數字將會上升。具體來說，是雲端平台產品嗎？那麼，您預計這些新產品何時才能開始對您的營收成長做出有意義的貢獻呢？謝謝。

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.

首先，我不會把研發支出佔收入的百分比作為衡量標準，隨著時間的推移，我會更加關注銷售和行銷支出佔收入的百分比，因為這是我們未來尋求優化和持續提升績效和生產力的地方。

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，我鼓勵大家在推動業務的過程中考慮研發這部分，因為研發投資對我們來說非常重要，我們將繼續針對新產品進行適當的研發投資。我只是想確認我理解了。您指的是新產品。您指的是計費平台服務嗎？我們目前已經按次付費提供部分服務，但未來幾年也將推出一系列按次收費的服務供客戶使用。

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

所以我不太確定您具體想問的是哪些功能？

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

這裡指的是三種雲端產品，三個產業雲平台。

Fusion form and flow?

融合形式與流動？

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 已經是公司一項正在成長的業務，而且成長速度還在加快。我認為形式和流程目前還處於非常初級的階段，我們正專注於產品市場契合度、用戶採納，並讓人們對基於結果的設計和新範式感到興奮。我們將率先採用表單支付方式，當然也會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，它不僅提供下一代基於雲端的功能和人工智慧功能，而且與返利功能配合得非常好。所以，目前製藥業的重點是產品推廣應用。目前，我們對流程的關注點實際上是將流程推向市場，最初的功能將更多地集中在資產管理以及媒體和娛樂領域的資產管理能力上，但它們尚未產生我們所關心的收入成長。另一方面，融合是一個不斷發展的特許經營項目，它正在從我們的競爭對手那裡奪取市場份額。

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.

我繼續鼓勵大家關注這一領域。但在接下來的三年裡，所有這些產業雲都將開始對 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。關於研發，我只是想確認一下我是否正確理解了您的意思，即研發投入佔收入的百分比應該保持在目前的水平，因為研發對企業來說非常重要。但是，考慮到您顯然在投資平台服務，並且也在全面完善您的 ACE 產品，我們是否應該期待這種情況會有所改善？

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.

我不會對研發投入佔收入比例的未來趨勢進行推測。我認為我強烈建議你們現在更專注於銷售和行銷數據，目前，我們絕對是一家產品公司，研發對我們來說非常重要。所以我們會繼續投資，但我們會謹慎、適當地進行投資，好嗎？所以我想確保你們明白，我們會盡量把這些事情控制在合理的範圍內，但銷售和行銷可能是你們將來需要關注的方面。

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.

這是伊莉莎白·波特，她永遠是基斯·韋斯的四分之一。我想問一下併購的節奏。我們看到 Wonder Dynamics 和 PIX 最近的一些活動增加了收益。那麼，我們應該如何看待這一點，將其視為推動產品組合更快創新的槓桿呢？另外，我認為先前的指導意見假設收購會帶來約 0.5 個百分點的利好。考慮到最近的一些公告，現在還考慮這個數字是否合理？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。所以你看，我們的收購策略沒有改變。我們總是按照策略尋求有趣的鄰近技術和技術整合，並且我們以謹慎和自律的方式進行。我對支付解決方案感到非常興奮，因為它是我們建築產品組合的重要擴展，也是業界領先的支付解決方案，它幫助我們整合整個流程並增加支付功能。

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，因為它讓我們置身片場，參與到片場數據收集、與導演互動以及推進我們從劇本到銀幕的媒體娛樂願景的工作中。 Wonder Dynamics 就是一個很好的例子，這是一家領先的人工智慧公司，正在做一些真正將改變媒體和娛樂領域的驚人事情，他們將在未來幾年為 Autodesk 做出巨大貢獻，這些都是我們策略的一部分。它們都與我們的策略直接相關。我認為大家可以預見，我們會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拓展的業務領域來說是有意義的。

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，再舉一個例子，談談交易模型。我相信您只是提到了該模式推廣過程中可能存在的一些不確定性，並將在全年指南中留出空間來應對這些不確定性。我只是想更了解這些摩擦點是什麼，無論是合作夥伴還是客戶，它們具體表現在哪些方面？然後只需雙擊您為降低風險而設置的防護措辭或流程即可？

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，這確實與美國推出產品的時機有關。如你所知，我們昨天上線了，到目前為止，反應還算平靜，這很好，因為這意味著一切都很順利，我們只需看看情況如何即可。然後，這將決定我們採取的行動和推廣速度，正如安德魯之前所說。所以，這確實與此有關。推出時間取決於美國的情況發展。

Right. Thank you.

正確的。謝謝。

Siti Panigrahi, Mizuho.

Siti Panigrahi，瑞穗銀行。

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。這裡是薩米爾打來的電話[Siti]我有幾個問題。其一是建築業實力強勁，因為最近該行業進行了一些整合談判。我想知道這種動態對你有什麼好處，而且這些事情一開始都很困難，他們也做不到。

I can't hear?

我聽不見？

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，我的麥克風被關了。對此我深表歉意。不，實際上這些動態與我們的建築業務沒有任何联系，你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、我們不斷增強的市場能力以及坦率地說，我們在競爭中取得的勝利有關。所以這完全與此有關。沒有其他談話，也沒有其他影響，我們受到的影響純粹是執行層面的。

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。還有一個簡短的問題。你沒有提到有些合約仍將沿用傳統的本地部署、多年計費方式。對於多年預付帳單，是否存在一個始終存在的最低價格底線？

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。只要我們繼續運營，有些客戶可能更喜歡預付款，有些合作夥伴可能更喜歡預售。總是會有人去做這件事的。但重要的是，這將是例外，而不是普遍現象。我們已經遠遠超越了多年計費、多年訂閱預付費或像我們業務的大部分那樣需要提前支付費用的時代，那個時代已經結束了。但這並不意味著人們不會這樣做，我們最終也不會簽訂一些預先設定的多年合約。

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。今天的問答環節就到這裡了。現在我想把會議交還給西蒙·梅斯-史密斯先生，請他作閉幕致辭，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.

謝謝大家的參與。抱歉，我們有一段時間沒怎麼露面了，非常期待見到大家。我之前說過，在接下來的幾周里，如果你有任何問題，請像往常一樣隨時聯繫我，我很樂意接聽電話和你聊聊。否則，我們期待下個季度與您再次見面，屆時期待與您交流。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，感謝各位的參與。您現在可以斷開連線了。