Autodesk Inc (ADSK) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q2 fiscal '25, Autodesk earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加 Autodesk 25 財年第二季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your speaker today, Simon Mays Smith, Vice President, Investor Relations.

現在，我想將會議交給今天的發言人、投資者關係副總裁西蒙·梅斯·史密斯 (Simon Mays Smith)。

Thanks, operator, and good afternoon. Thank you for joining our conference call to discuss the second quarter results of Autodesk's fiscal '25. On the line with me is Andrew Anagnost, our CEO; and Betsy Rafael, our Interim CFO.

謝謝接線員，下午好。感謝您參加我們的電話會議，討論 Autodesk '25 財年第二季的業績。和我一起在線的是我們的執行長安德魯·阿納格諾斯特 (Andrew Anagnost)。和我們的臨時財務長貝齊·拉斐爾 (Betsy Rafael)。

During this call, we will make forward-looking statements, including outlook and related assumption products and strategies. Actual events or results could differ materially. Please refer to our SEC filings, including our most recent Form 10-Q and the Form 8-K filed with today's press release. For important risks and other factors that may cause our actual results to differ from those in our forward-looking statements.

在本次電話會議中，我們將做出前瞻性陳述，包括前景以及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，包括隨今天新聞稿一起提交的最新表格 10-Q 和表格 8-K。對於可能導致我們的實際結果與前瞻性陳述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.

電話會議期間所做的前瞻性陳述截至今天，如果今天之後重播或審查該電話會議，則電話會議期間提供的資訊可能不包含當前或準確的資訊。

Autodesk disclaims any obligation to update or revise any forward looking statements, we will quote several numeric or growth changes during this call, as we discuss our financial performance, unless otherwise noted, each such reference represents a year-on-year comparison. All non-GAAP numbers referenced in today's call are reconciled in our press release or XL financials and other supplemental materials available on our Investor Relations website.

Autodesk 不承擔更新或修改任何前瞻性陳述的義務，在本次電話會議中，當我們討論我們的財務業績時，我們將引用一些數字或增長變化，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。

And now, I will turn the call over to Andrew.

現在，我將把電話轉給安德魯。

Thank you, Simon, and welcome, everyone, to the call. We finished the second quarter and first half of the year strongly, delivering 13% revenue growth in constant currency in both periods and have raised guidance for the full year, reflecting the sustained momentum of the business and the smooth launch of the new transaction model in North America in June and expected launch in Western Europe in September.

謝謝你，西蒙，歡迎大家來電。我們強勁地完成了第二季度和上半年的業績，按固定匯率計算，這兩個時期的收入增長了13%，並上調了全年指引，反映出業務的持續增長勢頭以及新交易模式在2019年的順利推出。

Once again, opportunity, resilience and discipline underpinned our performance. In March last year, we laid out the secular growth trends in our markets from accelerating digital transformation in architecture, engineering and construction or AEC, to the transition to the cloud in manufacturing and media and entertainment.

機會、韌性和紀律再次支撐了我們的表現。去年 3 月，我們闡述了市場的長期成長趨勢，從加速建築、工程或 AEC 的數位轉型，到製造、媒體和娛樂領域向雲端的過渡。

These secular trends are driving customers to break down siloed workflows and seamlessly connect data end-to-end. Real-world experiences from remote collaboration to supply chain disruption and AI are reinforcing these trends.

這些長期趨勢正在推動客戶打破孤立的工作流程並端到端無縫連接資料。從遠端協作到供應鏈中斷和人工智慧的現實經驗正在強化這些趨勢。

We are aggressively pursuing our strategy to benefit from these secular trends, including the development of next-generation technology and services end-to-end digital transformation and unique growth enablers such as business model evolution, customer experience evolution and convergence between industries.

我們正在積極推行我們的策略，以從這些長期趨勢中受益，包括開發下一代技術和服務、端到端數位轉型以及獨特的成長推動因素，例如業務模式演變、客戶體驗演變和產業之間的融合。

Our investments in cloud platform and AI in pursuit of these growth opportunities and ahead of our peers, enable Autodesk to provide its customers with ever more valuable and connected solutions and to support a much broader customer and developer ecosystem and marketplace.

我們在雲端平台和人工智慧方面的投資是為了追求這些成長機會並領先於同行，使Autodesk 能夠為其客戶提供更有價值、更互聯的解決方案，並支援更廣泛的客戶和開發人員生態系統和市場。

While macroeconomic policy, geopolitical and one-off factors like the Hollywood strike, have impacted industry growth, Autodesk subscription model and diversified product and customer portfolio have proven resilient. The underlying momentum of the business and key performance indicators remain consistent with previous quarters, as evidenced by increased product usage, record bid activity on BuildingConnected and cautious optimism from our channel partners.

雖然宏觀經濟政策、地緣政治和好萊塢罷工等一次性因素影響了產業成長，但事實證明，歐特克訂閱模式以及多元化的產品和客戶組合具有彈性。業務的基本動能和關鍵績效指標與前幾季保持一致，產品使用量的增加、BuildingConnected 上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。

We realize the significant benefits of this strategy for shareholders through our disciplined and focused execution and capital deployment throughout the economic cycle. These investments mitigate the risk of expensive catch-up investments in the future and support sustained revenue, margin and free cash flow growth.

透過在整個經濟週期中嚴格、專注的執行和資本部署，我們認識到這項策略為股東帶來的顯著好處。這些投資降低了未來昂貴的追趕投資的風險，並支持收入、利潤和自由現金流的持續成長。

To support our growth initiatives and margin improvement, we have been modernizing our go-to-market approach to create more durable and direct relationships with our customers and to serve them more efficiently. And we are transforming our platform to enable greater engineering velocity and efficiency to support a broader customer and developer ecosystem and marketplace.

為了支持我們的成長計畫和利潤率提高，我們一直在對進入市場的方法進行現代化改造，以與客戶建立更持久、更直接的關係，並更有效地為他們提供服務。我們正在改造我們的平台，以提高工程速度和效率，以支援更廣泛的客戶和開發人員生態系統和市場。

We have already seen significant benefits from initiatives like these, and there's more to come stripping out the effects of margins from FX and the new transaction model, we expect to be towards the midpoint of our fiscal '26, non-GAAP operating margin target of 38% to 40% in fiscal '25, a year ahead of schedule and representing about 300 basis points of improvement since fiscal '23.

我們已經從這些舉措中看到了顯著的好處，並且還會有更多的好處消除外匯利潤率和新交易模式的影響，我們預計將達到 26 財年非 GAAP 營業利潤率目標的中點25 財年增長了38% 至40%，比原計劃提前了一年，比23 財年提高了約300 個基點。

We are confident we will make further improvements in fiscal '26, based on the same basis. Once complete, we expect the new transaction model and subsequent go-to-market optimization to increase sales and marketing efficiency and deliver GAAP margins among the best in the industry.

我們有信心在同樣的基礎上在 26 財年取得進一步的改進。一旦完成，我們預計新的交易模式和隨後的上市優化將提高銷售和行銷效率，並實現業界最佳的 GAAP 利潤率。

Non-gaap operating profit, including stock-based compensation costs will become a key metric to track as we make this transition. Attractive long-term secular growth markets, focused strategy, delivering evermore valuable and connected solutions to our customers and our resilient business model are generating strong and sustained momentum, both in absolute terms and relative to peers.

非公認會計準則營業利潤，包括以股票為基礎的薪資成本，將成為我們進行此轉型時追蹤的關鍵指標。有吸引力的長期成長市場、專注的策略、為客戶提供更有價值和互聯的解決方案以及我們富有彈性的業務模式，無論是從絕對值還是相對於同行而言，都正在產生強勁而持續的動力。

Disciplined execution and capital deployment is driving even further operational velocity and efficiency within our debt and will underpin the mechanical build of revenue and free cash flow over the next few years, and GAAP margins among the best in the industry.

嚴格的執行和資本部署正在進一步推動我們債務的營運速度和效率，並將支撐未來幾年收入和自由現金流的機械建設，以及公認會計準則利潤率在行業中名列前茅。

We expect the pace of buybacks to buy forward dilution will pick up into fiscal '26, as our free cash flow builds from the fiscal '24, trough. We expect this to result in a further reduction in shares outstanding over time, continuing the capital return trend of the last few years. In combination, we believe these factors will deliver sustainable shareholder value over many years.

我們預計，隨著我們的自由現金流從 24 財年的低谷開始增加，回購遠期稀釋的步伐將在 26 財年加快。我們預計這將導致流通股隨著時間的推移進一步減少，延續過去幾年的資本回報趨勢。綜合起來，我們相信這些因素將在多年內帶來可持續的股東價值。

I'd like to welcome, Betsy, and thank her for stepping in as Interim CFO and will now turn the call over to her to take you through the details of our quarterly financial performance and guidance for the year. I'll then come back and to provide an update on our strategic growth initiative.

我歡迎 Betsy，並感謝她擔任臨時首席財務官，現在將電話轉給她，讓她詳細介紹我們的季度財務業績和今年的指導。然後我會回來提供有關我們戰略成長計劃的最新資訊。

Thanks, Andrew. Q2 was a strong quarter. We generated broad-based growth across products and regions in AEC and manufacturing, which was partly offset by softness in media and entertainment, primarily due to the lingering effect of the Hollywood strike.

謝謝，安德魯。第二季度是一個強勁的季度。我們在 AEC 和製造業的各個產品和地區實現了廣泛的成長，但部分被媒體和娛樂領域的疲軟所抵消，這主要是由於好萊塢罷工的揮之不去的影響。

Our [May] business continues to enhance growth, driven by ongoing strength in construction and fusion. Overall, macro economic policy and geopolitical challenges, the underlying momentum of the business for consistent with the last few quarters and included strong renewal rate, but softer business new business in China and Korea. The new transacting model did not make a material contribution to our second quarter results.

在建築和融合領域持續強勁的推動下，我們的[五月]業務持續增強成長。總體而言，在宏觀經濟政策和地緣政治挑戰下，業務的基本動力與過去幾季一致，包括續訂率強勁，但中國和韓國的新業務較疲軟。新的交易模式並未對我們第二季的業績做出實質貢獻。

In his opening remarks, Andrew discussed the benefits we expect to derive from our go-to-market initiatives, which support our growth and ongoing margin improvement. Before I discuss revenue, billing, deferred revenue, RPO and free cash flow, let me remind you of how these metric naturally and mechanically evolve during the shift to annual billings for most multiyear contracts as well as the new transaction model.

安德魯在開幕致詞中討論了我們期望從我們的市場推廣計劃中獲得的好處，這些計劃支持我們的成長和持續的利潤率提高。在討論收入、計費、遞延收入、RPO 和自由現金流之前，讓我提醒您，在大多數多年期合約以及新交易模式轉向年度計費的過程中，這些指標是如何自然而機械地演變的。

The steps to annual billings for most multiyear contract moved billed deferred revenue into unbilled deferred revenue in our financial reporting. Unbilled deferred revenue would then not be included in deferred revenue on our balance sheet, but would be included in our remaining performance obligations disclosure.

在我們的財務報告中，大多數多年合約的年度帳單步驟將已開票遞延收入轉為未開票遞延收入。未開立的遞延收入將不會包含在我們資產負債表上的遞延收入中，但會包含在我們剩餘的履約義務揭露中。

Initially, this reduces billing deferred revenue and free cash flow as you saw in fiscal '24, but is gradually becoming a tailwind to billings and free cash flow as our annually billed multiyear cohorts rebuild. Metrics that include unbilled deferred revenue like RPO, give a better view of the performance during our transition to annual billing for most multiyear contracts. And as we have said before, we will continue to offer multi-year contracts build up front in certain circumstances.

最初，這會減少計費遞延收入和自由現金流，正如您在24 財年看到的那樣，但隨著我們每年計費的多年隊列的重建，它逐漸成為計費和自由現金流的推動力。包括未開票遞延收入（如 RPO）在內的指標可以更好地了解大多數多年期合約向按年計費過渡期間的績效。正如我們之前所說，在某些情況下，我們將繼續提供預先建立的多年期合約。

Such as in emerging country, where there is increased credit risk. It's not received upfront. On the other debt store until we enable system changes to offer annual billing. And of course, on an exception basis, when it is driven by customer preference such as for our non cloud-enabled offerings.

例如在新興國家，信用風險增加。它不是預先收到的。在其他債務儲存上，直到我們啟用系統變更以提供年度計費。當然，在例外情況下，當它是由客戶偏好驅動時，例如我們的非雲端支援產品。

Just to give you some context on scale, multiyear contracts billed upfront incrementally contributed less than 5% of total billings in the second quarter. The new transaction model also has mechanical and timing impact on billing, deferred revenue, revenue and operating costs. The amount of impact is determined by the pace of the model rollout. In addition, channel partner and customer behavior had also impacted results.

為了給您一些有關規模的背景信息，提前計費的多年合約在第二季度佔總帳單的比例不到 5%。新的交易模式也對計費、遞延收入、收入和營運成本產生機械和時間影響。影響的大小取決於模型推出的速度。此外，通路合作夥伴和客戶行為也影響了結果。

The mechanical impact is due to the way channel partner payments are recognized and accounted for in the P&L. Under the rules or the buy-sell model channel partner payments are deducted from gross billings and revenue. We then report net billing and net revenue.

機械影響是由於通路夥伴付款在損益表中的確認和核算方式造成的。根據規則或買賣模式，通路合作夥伴的付款將從總帳單和收入中扣除。然後我們報告淨計費和淨收入。

Conversely, in the new transaction model, we record channel partner payments in sales and marketing expense. So as we step from the old model to the new, there is an increase in billing, deferred revenue, revenue and sales and marketing expenses, that increase in revenue and operating costs resulting from the change in the way the channel partner payments are recognized in accounting for, flows broadly through revenue and cost in the P&L over time. The overall pace of that transition is determined by when we launch the new transaction model into each geography.

相反，在新的交易模式中，我們將通路合作夥伴的付款記錄在銷售和行銷費用中。因此，當我們從舊模式轉向新模式時，計費、遞延收入、收入以及銷售和行銷費用都會增加，而收入和營運成本的增加是由於通路合作夥伴付款的確認方式發生變化而導致的。隨著時間的推移，會計主要透過損益表中的收入和成本流動。這項轉變的整體速度取決於我們何時在每個地區推出新的交易模式。

In the short term, moving the P&L, geography and channel partner payments from contra revenue to sales and marketing expense creates a headwind to the operating margin percentage, but it's really broadly neutral to operating profit and free cash flow dollars.

短期內，將損益表、地理和通路合作夥伴付款從對銷收入轉移到銷售和行銷費用會對營業利潤率產生不利影響，但它對營業利潤和自由現金流量來說實際上基本上是中性的。

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, and deliver GAAP margins among the best in the industry on mechanically higher revenue, is despite mechanically higher costs.

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提供推動力，並在機械上提高收入的情況下，使GAAP 利潤率躋身行業最佳之列，儘管機械成本較高。

Channel partner and customer behavior during the rollout of the new transaction model are much harder to predict end-model. For example, the channel partners better prepared ahead of launch more customers in North America and Australia [cause churn] their contract expiration to align the timing of renewals across their business. This had a negative impact on the timing of billings and deferred revenue.

新交易模型推出期間的通路夥伴和客戶行為更難預測最終模型。例如，通路合作夥伴在在北美和澳洲推出更多客戶之前做好了更好的準備，[導致客戶流失]他們的合約到期，以調整整個業務的續約時間。這對帳單和遞延收入的時間產生了負面影響。

And now as we've seen many closed before, co-term contracts actually created an opportunity for larger contracts on renewal as we elevate our relationship with customers from subsidiary to company-wide. Along with more self-service functionality. It also enabled us to reduce administrative costs and serve our customers more efficiently.

現在，正如我們之前看到的許多合約關閉一樣，隨著我們將與客戶的關係從子公司提升到全公司範圍，共同期限合約實際上為續約更大的合約創造了機會。還有更多自助服務功能。它還使我們能夠降低管理成本並更有效地為客戶提供服務。

While activity in the second quarter was probably more tactical in nature. Culture me is one of the expected benefits of the new transaction model that will be one of the drivers of our margin momentum over the coming year. As I'll discuss, this creates timing headwinds, but it's not a change in the underlying momentum of the business.

雖然第二季的活動本質上可能更具戰術性。 「文化我」是新交易模式的預期好處之一，這將成為我們來年獲利成長的驅動力之一。正如我將討論的，這會造成時間上的逆風，但這並不會改變業務的基本動力。

We'll give you much more detail about the impact of the new transaction model, on fiscal '25, results and the expected impact from fiscal '26, when we report our full year results next February.

當我們明年 2 月報告全年業績時，我們將向您詳細介紹新交易模式對 25 財年業績的影響以及 26 財年的預期影響。

So now let's move on to the results. Total revenue grew 12% and 13% in constant currency. By product in constant currency, AutoCAD and AutoCAD LT revenue grew 8%, AEC revenue grew 15%, manufacturing revenue grew 17% and in the low-teens, excluding upfront revenue.

現在讓我們繼續討論結果。以固定匯率計算，總營收成長 12% 和 13%。以固定匯率計算的產品來看，AutoCAD 和 AutoCAD LT 收入成長了 8%，AEC 收入成長了 15%，製造收入成長了 17%，且不包括前期收入，成長 17%。

M&E grew 5%. Revenue grew 13% in all regions on a constant currency basis. Direct revenue increased 21%, and represented 40% of total revenue, up 3 percentage points from last year benefiting from strong growth in both EBAs and the Autodesk Stores. Net revenue retention rate remained within the 100% to 110% range at constant exchange rate.

機電產業成長 5%。以固定匯率計算，所有地區的收入成長了 13%。受益於 EBA 和 Autodesk Store 的強勁成長，直接收入成長了 21%，佔總收入的 40%，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。

Billings increased 13% in the quarter, reflecting a modest tailwind from the prior year shift to annual billings for most multi-year contracts and a mechanical tailwind of approximately 2% from the transition to the new transaction models.

本季的比林斯成長了 13%，反映出大多數多年合約從上一年轉向年度帳單帶來的溫和推動力，以及向新交易模式過渡帶來的約 2% 的機械推動力。

Billings were also negatively impacted by more co-termed. Total deferred revenue decreased 13% to $3.7 billion, and was again impacted by the transition from upfront to annual billings for multi-year contracts. Total RPO of $5.9 billion and current RPO of $3.9 billion grew 12% and 11% respectively.

比林斯也受到更多同名詞的負面影響。遞延收入總額下降 13% 至 37 億美元，這再次受到多年合約從預付費轉為按年計費的轉變的影響。總 RPO 為 59 億美元，目前 RPO 為 39 億美元，分別成長 12% 和 11%。

Turning to margins, GAAP and non-GAAP gross margins were broadly level, while GAAP and non-GAAP operating margins increased by 4 percentage points and 1 percentage points, respectively. At current course and speed, the ratio of stock-based compensation as a percentage of revenue peaked in fiscal '24, will fall by more than 1 percentage point in fiscal '25, and will be below 10% over time.

利潤率方面，GAAP 和非 GAAP 毛利率大致持平，而 GAAP 和非 GAAP 營業利潤率分別成長 4 個百分點和 1 個百分點。按照目前的進程和速度，股票薪酬佔收入的比例在 24 財年達到峰值，到 25 財年將下降超過 1 個百分點，並且隨著時間的推移將降至 10% 以下。

Free cash flow for the quarter was $203 million. As we said might happen back in February, some channel partners in North America booked business earlier in the quarter ahead of the transition to the new transaction model to de-risk month one after the transition. This accelerated free cash flow to the second quarter, which was partially offset by the negative impact of [no more co-terming].

該季度的自由現金流為 2.03 億美元。正如我們所說的可能發生在二月份，北美的一些通路合作夥伴在本季早些時候在過渡到新交易模式之前預訂了業務，以在過渡後第一個月降低風險。這加速了第二季的自由現金流，但部分被[不再同名]的負面影響所抵消。

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. During the second quarter, we purchased approximately 471,000 shares for $115 million, which is an average price of approximately $245 per share. We do expect the pace of buybacks to pick up during the second half of the year, as we had very minimal purchases in the first half.

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、集中地部署資本，以推動長期股東價值。第二季度，我們以 1.15 億美元的價格購買了約 471,000 股股票，平均價格約為每股 245 美元。我們確實預計下半年回購的步伐將會加快，因為我​​們上半年的採購量非常少。

We will also continue to deploy capital to offset dilution into fiscal '26, as our free cash flow grows from the fiscal '24 trough generated by the transition from upfront to annual billings, again, from most multi-year contracts.

我們也將繼續部署資本，以抵消 26 財年的稀釋，因為我們的自由現金流從 24 財年的低谷開始增長，這是由於大多數多年期合約從預付款向年度帳單過渡而產生的。

We will continue to buy forward dilution, which we expect to result in a further reduction in shares outstanding over time, continuing the capital return trends of the last few years. We have reduced our share count by about 5 million shares over the last three years with an average percentage reduction of about 70 basis points per year.

我們將繼續購買遠期稀釋，我們預計這將導致流通股隨著時間的推移進一步減少，延續過去幾年的資本回報趨勢。過去三年，我們減少了約 500 萬股股票，平均每年減少約 70 個基點。

Now let me finish with guidance. As we said in February, the pace of the rollout of the new transaction will create noise in billings and the P&L. So we think free cash flow is the best measure of our performance. Taking out that noise, the underlying momentum in the business remains consistent with the expectations embedded in our guidance range for the full year. Our sustained momentum in the second quarter and the smooth launch of the new transaction model in North America reduced the likelihood of our more cautious forecast scenarios.

現在讓我以指導結束。正如我們在二月所說，新交易的推出速度將在帳單和損益表中產生噪音。因此，我們認為自由現金流是衡量我們績效的最佳衡量標準。除去這些噪音，業務的基本勢頭仍然與我們全年指導範圍中的預期一致。我們第二季的持續成長動能以及北美新交易模式的順利推出降低了我們做出更謹慎預測的可能性。

Given that, we are raising the midpoint of our billings, revenue, earnings per share and free cash flow guidance ranges. Let me give you a little bit more detail. The underlying momentum of billings is in-line with our expectations, but two of our modeling assumptions have changed. First, the new transaction model is expected to launch in Western Europe in September rather than in early fiscal '26, which was our modeling assumption at the start of fiscal '25. This is a tailwind to our reported billings.

有鑑於此，我們正在提高我們的帳單、收入、每股盈餘和自由現金流指導範圍的中點。讓我為您提供更詳細的資訊。比林斯的潛在動力符合我們的預期，但我們的兩個建模假設發生了變化。首先，新的交易模式預計將於 9 月在西歐推出，而不是在 26 財年初期，這是我們在 25 財年年初的建模假設。這是我們報告的帳單的順風車。

Second, more customers have co-termed contracts in North America than we model and we've assumed the same thing will happen in Western Europe. This timing effect is a headwind to reported billings in fiscal '25. The net effect of these is a 5 percentage point to 6 percentage point tailwind to billings from the new transaction model in fiscal 2025, which includes a 3 percentage point to 4 percentage point tailwind from North America specifically.

其次，北美的聯合術語合約客戶數量比我們模型中的要多，而且我們假設西歐也會發生同樣的情況。這種時間效應對 25 財年報告的帳單構成不利影響。這些的淨效應是 2025 財年新交易模式的帳單增加了 5 個百分點至 6 個百分點，其中特別包括來自北美的 3 個百分點至 4 個百分點的增加。

We have raised our fiscal '25, billings guidance to a range between $5.88 billion and $5.98 billion. The underlying momentum of revenue is also in-line with our expectations. The $40 million increase to the top-end of revenue guidance reflects the expected launch of the new transaction model in Western Europe in September, as well as acquisitions and think about those in roughly equal measures.

我們已將 25 財年的帳單指引提高至 58.8 億美元至 59.8 億美元之間。收入的基本動能也符合我們的預期。收入指導上限增加 4000 萬美元，反映了預計 9 月在西歐推出的新交易模式以及收購，並考慮以大致相同的措施進行收購。

The $90 million increase to the bottom-end of the guidance range includes that $40 million with the remainder, an underlying increase due to the reduced likelihood of our more cautious forecast scenarios.

指導範圍下限增加的 9000 萬美元包括剩餘的 4000 萬美元，這是由於我們更加謹慎的預測情景的可能性降低而導致的潛在增長。

At the midpoint, we are increasing revenue guidance by $65 million or $25 million excluding the impact of [new] acquisition and the new transaction model. Our fiscal '25, guidance range is now between $6.08 billion and $6.13 billion, translating into revenue growth of around 11% at the midpoint when compared to fiscal ['24] and includes 1 percentage point to 1.5 percentage point from the new transaction model.

在中期，我們將收入指導增加 6500 萬美元或 2500 萬美元，不包括[新]收購和新交易模式的影響。我們 25 財年的指引範圍目前在 60.8 億美元至 61.3 億美元之間，與 24 財年相比，中點營收成長約為 11%，其中包括新交易模式的 1 個百分點至 1.5 個百分點。

Underlying margins are slightly better than our previous guidance and that enables us to offer -- offset higher expected cost from the earlier launch of the new transaction model in Western Europe. While we still expect non-GAAP operating margins between the range of 35% and 36% in fiscal '25, that now includes a 1 point to 1.5 point underlying margin improvement that is broadly offset by the margin headwinds from the new transaction model and the incremental investment in people, processes and automation.

基本利潤率略好於我們先前的指導，這使我們能夠抵消先前在西歐推出新交易模式帶來的更高的預期成本。雖然我們仍預期 25 財年非 GAAP 營業利潤率在 35% 至 36% 之間，但現在包括 1 至 1.5 點的基本利潤率改善，這一改善已被新交易模式和對人員、流程和自動化的增量投資。

The underlying momentum of free cash flow is in-line with our expectations as well. The headwind to billings from co-terming that I mentioned earlier is largely being offset by faster collections and improved underlying margins.

自由現金流的基本動力也符合我們的預期。我之前提到的聯合術語對帳單帶來的不利影響在很大程度上被更快的收款速度和更高的基礎利潤所抵消。

We've raised the lower end of our fiscal '25, free cash flow guidance, resulting in a range between $1.45 billion and $1.5 billion. We expect strong free cash flow growth in fiscal '26, because of the return of our largest multi-year renewal cohort, the natural mechanical stacking of multi-year contracts billed annually and a larger overall EBA cohort.

我們提高了 25 財年自由現金流指引的下限，範圍在 14.5 億美元到 15 億美元之間。我們預計 26 財年的自由現金流將強勁增長，因為我們最大的多年期續約隊列的回歸、每年計費的多年期合約的自然機械堆疊以及更大的整體 EBA 隊列。

With our current trajectory, we still estimate free cash flow in fiscal 2026, to be around $2.05 billion at the midpoint. While the transition to annual billing for multi-year contracts and the deployment of the new transaction model, creates noise and billings in the P&L, they do provide a natural tailwind to revenue and free cash flow over the next few years.

根據我們目前的軌跡，我們仍然估計 2026 財年的自由現金流中位數約為 20.5 億美元。雖然多年合約向按年計費的過渡以及新交易模式的部署，在損益表中產生了噪音和計費，但它們確實為未來幾年的收入和自由現金流提供了自然的推動力。

Combined with a resilient business model and sustained competitive momentum, Autodesk has enviable sources of visibility and certainty, given the context of significant macroeconomic, geopolitical, policy, health and climate uncertainty.

鑑於宏觀經濟、地緣政治、政策、健康和氣候不確定性的背景下，歐特克憑藉著富有彈性的業務模式和持續的競爭勢頭，擁有令人羨慕的可見度和確定性來源。

We continue to manage our business using a Rule of 40 framework with a goal of reaching 45% or more over time. We are taking significant steps toward our goal this year and next. We think this balance between compounding 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 個規則框架來管理我們的業務，目標是隨著時間的推移達到 45% 或更多。我們正在為今年和明年的目標採取重大步驟。我們認為，40 法則框架中實現的複合收入成長和強勁的自由現金流利潤之間的平衡是世界上最有價值公司的標誌，我們打算繼續成為其中之一。

The slide deck on our website has more details on modeling assumptions for both Q3 and full fiscal year '25. Andrew, back to you.

我們網站上的投影片提供了有關第三季和 25 年整個財年建模假設的更多詳細資訊。安德魯，回到你身邊。

Thank you Betsy. Let me finish by updating you on our strong progress in the second 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.

謝謝你貝特西。最後，請容許我向您介紹我們在第二季取得的強勁進展。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 solutions encompassing design, pre-construction, field execution through handover and into operations. This breadth of connected capability enables us to extend our footprint further into infrastructure and construction and also expand our reach into the mid-market.

這種日益增長的興趣的基石是我們全面的端到端解決方案，包括設計、施工前、現場執行、移轉和營運。這種廣泛的互聯能力使我們能夠將我們的足跡進一步擴展到基礎設施和建築領域，並將我們的業務範圍擴大到中端市場。

As a sign of that growing momentum, our construction business had another strong net new customer quarter as the benefits of our end-to-end solution became more apparent. Let me give you a few examples. Thornton Tomasetti is an internationally recognized engineering design and analysis firm, which uses Revit and other advanced technologies to enable us to deliver projects at all scales and levels of complexity. We have been a proud partner as it has transformed its business to excellence and interoperability in BIM.

作為這種成長勢頭的一個標誌，隨著我們的端到端解決方案的優勢變得更加明顯，我們的建築業務又迎來了一個強勁的淨新客戶季度。讓我舉幾個例子。 Thornton Tomasetti 是一家國際知名的工程設計和分析公司，它使用 Revit 和其他先進技術，使我們能夠交付各種規模和複雜程度的專案。我們一直是值得驕傲的合作夥伴，因為它已將其業務轉變為卓越的 BIM 和互通性。

The transition from BIM 360 to Autodesk Construction Cloud has optimized project workflows and cloud collaboration. Autodesk's virtual reality tools have reimagined its visualization workflows and Dynamo and generative design have enabled its team to focus on high value creative work. During the quarter, Thornton Tomasetti renewed its EBA with Autodesk and expanded it by more than 50%.

從 BIM 360 到 Autodesk Construction Cloud 的過渡優化了專案工作流程和雲端協作。 Autodesk 的虛擬實境工具重新構想了其視覺化工作流程，Dynamo 和生成設計使其團隊能夠專注於高價值的創意工作。本季度，Thornton Tomasetti 與 Autodesk 續簽了 EBA，並將其規模擴大了 50% 以上。

To address challenges of a fragmented ecosystem and siloed working environments, a European consortium of nine public water operators serving millions of residents across numerous municipalities decided to expand its relationship with Autodesk by adding BIM Collaborate and BIM Collaborate Pro and an upgraded premium plan to its existing AutoCAD, Docs, AEC collections and InfoWorks subscriptions.

為了應對分散的生態系統和孤立的工作環境的挑戰，由九家公共供水運營商組成的歐洲財團為多個城市的數百萬居民提供服務，決定擴大與Autodesk 的關係，在其現有的基礎上新增BIM Collaborate 和BIM Collaborate Pro 以及升級的高級計劃AutoCAD、Docs、AEC 集合和 InfoWorks 訂閱。

With these expanded capabilities, it will continue its digital transformation, accelerating its transition from 2D to 3D and its ability to manage all assets in a common data environment across all consortium members.

憑藉這些擴展的功能，它將繼續進行數位轉型，加速從 2D 到 3D 的過渡，並具備在所有聯盟成員的通用數據環境中管理所有資產的能力。

In the quarter, a leading single source specialty subcontractor based in the Midwest of the United States, began looking to replace point solutions that no longer supported custom workflow. With the help of a channel partner after a 45-day evaluation, the subcontractor chose to adopt Autodesk Build, which complements its virtual construction and design capabilities, streamlines communication between design and construction teams and importantly gives us control over and ownership of its own data.

本季度，一家位於美國中西部的領先單一來源專業分包商開始尋求替換不再支援自訂工作流程的單點解決方案。經過45 天的評估後，在通路合作夥伴的幫助下，分包商選擇採用Autodesk Build，這補充了其虛擬施工和設計功能，簡化了設計和施工團隊之間的溝通，重要的是讓我們能夠控制和擁有自己的數據。

Again, these stories have a common theme, managing people, processes and data across the project life cycle to increase efficiency and sustainability while decreasing risk. Over time, we expect the majority of all projects to be managed this way and we remain focused on enabling that transition through our industry clouds.

同樣，這些故事都有一個共同的主題，即在整個專案生命週期中管理人員、流程和數據，以提高效率和永續性，同時降低風險。隨著時間的推移，我們預計大多數專案都將以這種方式進行管理，並且我們將繼續專注於透過產業雲實現這一轉變。

Moving onto manufacturing, we made excellent progress on our strategic initiatives. Customers continue to invest in their digital transformations and consolidate our design and make platform. In automotive, we continue to strengthen and expand our partnerships, both within and beyond the design studio. In the second quarter, a leading European manufacturer renewed and expanded its EBA to accelerate its time to market and help drive its business transformation initiatives.

轉向製造業，我們的策略舉措取得了巨大進展。客戶繼續投資於數位轉型並鞏固我們的設計和製造平台。在汽車領域，我們不斷加強和擴大設計工作室內外的合作關係。第二季度，一家領先的歐洲製造商更新並擴展了 EBA，以加快上市時間並協助推動其業務轉型計畫。

In addition to Alias for concept design, it will leverage VRED for virtual prototypes and flow production tracking for project management. These solutions democratize visualization across the organization, reducing the resilience -- reliance on physical prototypes, improving design collaboration and speeding up the product development process.

除了用於概念設計的 Alias 之外，它將利用 VRED 進行虛擬原型和流程生產追蹤以進行專案管理。這些解決方案使整個組織的視覺化民主化，減少了彈性—對實體原型的依賴，改善了設計協作並加快了產品開發過程。

Additionally, as the manufacturer moves to build new battery factories, it is exploring the adoption of integrated factory modeling to reduce costs and increase collaboration across suppliers and contractors throughout the project lifecycle.

此外，隨著製造商開始建造新的電池工廠，它正在探索採用整合工廠模型來降低成本並在整個專案生命週期中加強供應商和承包商之間的協作。

Meissner, a global leader in complex tool and plant construction, is leveraging Autodesk solutions to adapt more quickly to a fast-moving automotive industry. It is driving business growth through improved production cycle times, while meeting high-quality reliability standards at reduced costs.

Meissner 是複雜工具和工廠建設領域的全球領導者，它正在利用 Autodesk 解決方案更快適應快速發展的汽車產業。它透過縮短生產週期來推動業務成長，同時以降低的成本滿足高品質的可靠性標準。

To achieve this, Meissner has adopted power mill for complex simultaneous five axis milling, PowerInspect for programming 3D measurement inspection routines and machine parts and PowerShape to produce blow-molded plastic hollow parts, while leveraging Fusion for its collaboration capabilities.

為了實現這一目標，Meissner 採用 power mill 進行複雜的同步五軸銑削，採用 PowerInspect 進行 3D 測量檢查例程和機器零件編程，採用 PowerShape 生產吹塑塑膠空心零件，同時利用 Fusion 的協作功能。

Fusion remains one of the fastest-growing products in the manufacturing industry. As customers seek to drive innovation and growth at lower costs, Fusion extension attach rates are increasing, which is helping to drive the average sales price higher.

Fusion 仍然是製造業中成長最快的產品之一。隨著客戶尋求以更低的成本推動創新和成長，Fusion 擴展附加率不斷增加，這有助於推高平均銷售價格。

In education, we are preparing future engineers to drive innovation through next-generation design, analysis and manufacturing solutions. Three years ago, Bochum University, a public research university in Germany, evaluated Fusion for its mechanical engineering department, but determined the solution didn't fulfill existing requirements.

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。三年前，德國公立研究型大學波鴻大學對其機械工程系評估了 Fusion，但確定解決方案無法滿足現有要求。

In the second quarter, impressed with Fusion's significantly expanded capabilities in electronics and PCB design, configuration, drawing automation and collaboration, Bochum decided to replace a high-end competitive solution with Fusion for all mechanical engineering courses.

第二季度，波鴻對 Fusion 在電子和 PCB 設計、配置、繪圖自動化和協作方面顯著擴展的能力印象深刻，決定用 Fusion 取代所有機械工程課程的高端競爭解決方案。

With the Fusion platform, Bochum students can now acquire end-to-end workflow skills from simulation in the cloud to data management with just one installation, enabling better collaborative learning and employability for students, while saving time and administration costs for the university.

借助Fusion 平台，波鴻學生現在只需一次安裝即可獲得從雲端模擬到資料管理的端到端工作流程技能，從而為學生提供更好的協作學習和就業能力，同時為大學節省時間和管理成本。

And finally, we continue to leverage unique growth enablers such as business model evolution, customer experience evolution and convergence between industries to grow our market opportunity. For example, Mercury Engineering is a European leader in construction solutions.

最後，我們繼續利用獨特的成長推動因素，例如業務模式演變、客戶體驗演變和產業之間的整合來增加我們的市場機會。例如，Mercury Engineering 是歐洲建築解決方案領域的領導者。

The company builds and manages complex engineering and construction projects for the world's leading corporations across a range of sectors, including data centers, semiconductor and life sciences to support its digital edge initiatives and the ability to deliver large scale projects wherever its clients operate, Mercury increased its investment in Flex, during the quarter.

該公司為數據中心、半導體和生命科學等多個領域的世界領先企業建造和管理複雜的工程和建設項目，以支持其數位邊緣計劃以及在客戶運營的任何地方交付大型項目的能力，Mercury 增加了本季對Flex 的投資。

Using Flex to access solutions such as Navisworks, Revit, ReCap, AutoCAD and Plant 3D, coupled with Account-Based Autodesk Construction Cloud, Mercury enjoys frictionless consumption, limitless cloud access, the ability to rapidly scale up new projects with the right tools and the ability to collaborate across its ecosystem. I know many of you pay close attention to the American Institute of Architects' data, and we do too, but maybe not always to the same data.

使用Flex 存取Navisworks、Revit、ReCap、AutoCAD 和Plant 3D 等解決方案，再加上基於帳戶的Autodesk Construction Cloud，Mercury 可以享受無摩擦的消費、無限的雲端存取、使用正確的工具快速擴展新專案的能力以及在其生態系中進行協作的能力。我知道你們很多人都密切關注美國建築師協會的數據，我們也是如此，但可能並不總是相同的數據。

In 2022, the AIA said that almost half of architecture firms' total billings came from reconstruction and renovation projects, up from about a third 20 years ago, with the rest coming from new builds. In commercial and industrial and institutional subsectors, reconstruction and renovation accounted for more than 60% of billings.

AIA 表示，到 2022 年，建築公司總收入的近一半來自重建和翻新項目，而 20 年前這一比例約為三分之一，其餘則來自新建項目。在商業、工業和機構次產業中，重建和翻新佔營業額的60%以上。

From infrastructure exceeding its design life to regulations mandating greater efficiency, and with climate change making action more urgent, renovation and reconstruction are growing trends both in the United States and worldwide.

從超出其設計壽命的基礎設施到要求提高效率的法規，以及隨著氣候變遷使行動變得更加緊迫，翻新和重建正在成為美國和世界各地日益增長的趨勢。

For buildings and infrastructure, Autodesk is a leader in BIM and digital technologies across the project lifecycle that underpin these reconstruction and renovation efforts. That's why we're delighted to be named as the Official Design and Make platform of the LA28 Olympic and Paralympic Games to support LA28's, no new permanent venues plan and commitment to build LA28's footprint by adapting existing or building temporary infrastructure.

對於建築和基礎設施，Autodesk 是整個專案生命週期中 BIM 和數位技術的領導者，為這些重建和改造工作提供支援。這就是為什麼我們很高興被指定為 LA28 奧運會和殘奧會的官方設計和製造平台，以支持 LA28 的無新永久場館計劃，並承諾透過調整現有或建造臨時基礎設施來建立 LA28 的足跡。

Autodesk will support LA28's more than $1 billion temporary overlay and construction plan, including retrofitting more than 40 venues across the Los Angeles metro area.

Autodesk 將支援 LA28 價值超過 10 億美元的臨時覆蓋和建設計劃，包括改造洛杉磯都市區的 40 多個場館。

Over the next four years, LA28 will use Autodesk software and Building Information Modeling BIM, tools to bring to life an ambitious venue plan, consultative support to help LA28 meet its delivery and sustainability plan and Autodesk Construction Cloud, as a central tool to facilitate better collaboration with thousands of critical stakeholders on the design, development and ultimate delivery of the venues. Autodesk's technology is used every day to design and make a better world, and we are thrilled to be LA28's official design and make platform.

在接下來的四年中，LA28 將使用Autodesk 軟體和建築資訊模型BIM、將雄心勃勃的場館計劃變為現實的工具、幫助LA28 實現其交付和可持續發展計劃的諮詢支援以及作為核心工具的Autodesk Construction Cloud，以促進更好的與數千名關鍵利害關係人就場館的設計、開發和最終交付進行合作。 Autodesk 的技術每天都在用來設計和創造一個更美好的世界，我們很高興成為 LA28 的官方設計和製作平台。

Before I open the call for questions, I would like to quickly update you on our CFO search. We have some excellent candidates and are making good progress. Once our new CFO is up to speed and we've launched a new transaction model in all developed markets, we will set out our plans in more detail. We'll update you when we have more to say.

在開始提問之前，我想快速向您介紹我們財務長搜尋的最新情況。我們有一些優秀的候選人，並且正在取得良好進展。一旦我們的新財務長熟悉了情況並且我們在所有已開發市場推出了新的交易模式，我們將制定更詳細的計劃。當我們有更多消息要說時，我們會及時通知您。

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

接線員，我們現在要開始提問。

(Operator Instructions) Saket Kalia, Barclays.

（操作員指示）Saket Kalia，巴克萊銀行。

Okay, great. Hey, Andrew. Hey, Betsy. Thanks for taking my questions here. Andrew, since you last reported Starboard Value has issued a couple of letters and a slide deck. Just maybe for the benefit of the Group, I was wondering if you had any high level thoughts that you wanted to share with us.

好的，太好了。嘿，安德魯。嘿，貝特西。感謝您在這裡提出我的問題。安德魯，自從您上次報告 Starboard Value 以來，已經發布了幾封信和幻燈片。也許只是為了團體的利益，我想知道您是否有任何高層次的想法想與我們分享。

Right to it, Saket. All right. Look, first-off we listen to all of our investors and we listen carefully. We've met with Starboard several times. They came and presented to our Board. And I'll tell you one thing we are very much aligned with them on is there is a lot more shareholder value to be created from Autodesk for our investors, okay. And I think it is important to kind of talk about, okay, what should we be excited about.

說得對，薩凱特。好的。看，首先我們會聽取所有投資者的意見，而且我們會仔細聆聽。我們與右舷見過幾次面。他們來到我們的董事會並進行了介紹。我要告訴你的一件事是，我們與他們非常一致，那就是 Autodesk 可以為我們的投資者創造更多的股東價值，好吧。我認為重要的是要討論一下我們應該對什麼感到興奮。

Today's results, we delivered in a pretty tough environment. We've seen macro impacts. We have had one-off impacts from Russia, from China, from writers and actors strikes and still you're seeing the kind of results that we delivered this quarter.

今天的結果是我們在相當艱難的環境下所取得的。我們已經看到了宏觀影響。我們受到了來自俄羅斯、中國、作家和演員罷工的一次性影響，但你仍然看到了我們本季交付的結果。

Revenues up, free cash flows up, the guide's up 1% at the midpoint. Those things come from work and discipline. And how did we get here? There is a couple of things I want to make sure we remember and highlight, okay.

收入增加，自由現金流增加，指導值中點上漲 1%。這些東西來自工作和紀律。我們是怎麼到這裡的？有幾件事我想確保我們記住並強調，好吧。

About two years ago, we began this journey to move away from multi-year contracts billed upfront to multi-year contracts billed annually. I know that created some clouds for all of you on the outlook of Autodesk for 18 months. But look at the results, okay. Two years ago the number of multi-year contracts billed upfront was measured in the billions. Today, you heard from Betsy, it's immaterial, right?

大約兩年前，我們開始從預先計費的多年期合約轉向按年計費的多年期合約。我知道這讓大家對 Autodesk 18 個月的前景產生了一些疑慮。但看看結果，好吧。兩年前，預付費用的多年合約數量達到數十億。今天，你從貝特西那裡聽說，這並不重要，對吧？

Now the great thing about that is that billions from the past comes back to you, but it comes back to you in a nice smooth build up over time. It is math. I love math. More than that, it's simple math and we all love simple math. That money is coming and it is building up. So one, that's something to be excited about ongoing value from Autodesk.

現在，最棒的是，過去的數十億美元又回到了你身邊，而且隨著時間的推移，它會以一種順利的方式回到你身邊。這是數學。我喜歡數學。更重要的是，它是簡單的數學，我們都喜歡簡單的數學。這筆錢即將到來並且正在累積。因此，Autodesk 的持續價值令人興奮。

Another thing I want to talk about that which was really important. Last year, we started this journey on the new transaction model. And when we told you about the new transaction model, what did we tell you we were doing it for?

我想談談另一件非常重要的事情。去年，我們開始了新交易模式的旅程。當我們告訴您新的交易模式時，我們告訴您我們這樣做的目的是什麼？

We were doing it to get more control and visibility over our sales and marketing costs. And that is the mission going forward here. We see line of sight to increasing productivity and effectiveness in our sales and marketing motion and driving some of those costs down on a per deal basis which is great because that's how we see line of sight to margin growth.

我們這樣做是為了更好地控制和了解我們的銷售和行銷成本。這就是這裡前進的使命。我們的目標是提高銷售和行銷活動的生產力和有效性，並在每筆交易的基礎上降低其中一些成本，這很好，因為這就是我們對利潤成長的看法。

Now why should you believe me? Why should you believe us? All right. Let's look at what happened -- what's going to happen this year. This year, we are going to achieve the non-GAAP targets on an apples-to-apples basis that we set out two years ago, a year ahead of target. So I think you can trust that we're focused on this and that we're going to deliver. So we agree with Starboard that there is a lot more value creation coming out of Autodesk.

現在你為什麼要相信我？為什麼要相信我們？好的。讓我們看看發生了什麼——今年將會發生什麼。今年，我們將在同等基礎上實現我們兩年前製定的非公認會計準則目標，比目標提前一年。因此，我認為您可以相信我們正在專注於此並且我們將實現這一目標。因此，我們同意 Starboard 的觀點，即 Autodesk 可以創造更多的價值。

And I'm really excited about it going forward and the results that we've delivered this quarter are just the first step in that journey.

我對它的未來感到非常興奮，我們本季交付的結果只是這趟旅程的第一步。

Yeah, absolutely. That was super helpful, Andrew. Maybe for my follow-up for you as well, maybe just moving to the business. You gave some nice examples of construction wins in the quarter. Could we just go one level deeper into Autodesk Construction Cloud? Maybe talk about sort of the overall construction backdrop that you are seeing and how you feel about ACC competitively?

是的，絕對是。這非常有幫助，安德魯。也許也是為了我對你的後續行動，也許只是轉向業務。您提供了本季建設勝利的一些很好的例子。我們可以更深入了解 Autodesk Construction Cloud 嗎？也許可以談談您所看到的整體建設背景以及您對 ACC 競爭的看法？

Yeah. That's a great question, right? And look, first-off, the thing I'm really excited about with our construction business is that we are maintaining momentum in a really tough competitive environment where others are having challenges maintaining momentum, but we are maintaining momentum. And there is a couple of key reasons why we are maintaining momentum.

是的。這是一個很好的問題，對吧？首先，我對我們的建築業務真正感到興奮的是，我們在一個非常激烈的競爭環境中保持了動力，其他人在保持動力方面面臨著挑戰​​，但我們正在保持動力。我們保持勢頭有幾個關鍵原因。

One, there is still a large backlog in construction. Backlog matters, all right and that backlog is still there and kind of construction professionals are still interested in digitization. That in addition to our value proposition becoming more resonant with customers.

一是施工積壓依然較多。積壓很重要，好吧，積壓仍然存在，建築專業人士仍然對數位化感興趣。除此之外，我們的價值主張也越來越能引起顧客的共鳴。

One, the portfolio of Construction Cloud is competitive, people like it. They like our value proposition of going from design to construction. They like the flexibility of the business models we bring to them. They are looking to either move to Construction Cloud net new or they are looking to move from older solutions, competitive solutions to our solutions.

第一，建築雲的產品組合具有競爭力，人們喜歡它。他們喜歡我們從設計到施工的價值主張。他們喜歡我們為他們帶來的商業模式的靈活性。他們要么希望遷移到新的建築雲網絡，要么希望從舊的解決方案、有競爭力的解決方案遷移到我們的解決方案。

The other thing is in the mid-market, in the US, we see our competition more and we win more and that's because of the strengthening of this value proposition. And the last bit I think is worth talking about is the international growth for Autodesk. This is a place where Autodesk has a superpower and we are going to continue to grow internationally.

另一件事是在美國的中端市場，我們看到更多的競爭，我們贏得更多，這是因為這種價值主張的加強。我認為值得談論的最後一點是歐特克的國際成長。這是 Autodesk 擁有超強實力的地方，我們將繼續在國際上發展。

We saw strong growth internationally. We are going to continue to see strong growth internationally. And long term, that is going to continue to kind of be accretive to our construction business. So a lot going on there, but I do want people to remember there is a backlog and we are definitely maintaining momentum.

我們在國際上看到了強勁的成長。我們將繼續看到國際上的強勁成長。從長遠來看，這將繼續促進我們的建築業務。那裡發生了很多事情，但我確實希望人們記住，訂單積壓了，我們肯定會保持勢頭。

Very helpful, guys. Thank you.

非常有幫助，夥計們。謝謝。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，格里芬證券。

Thank you. Good evening. Andrew, with regard to the new engagement or transactional model, the new channel compensation arithmetic is very readily understandable, but I would like to ask more about the division of labor under the new model, which is to say your inside sales, your customer success investments and the like versus the channel.

謝謝。晚安. Andrew，關於新的參與或交易模式，新的通路補償演算法非常容易理解，但我想多問新模式下的分工，也就是說你的內部銷售，你的客戶成功投資等與通路的關係。

So how do you see the role of your inside and other direct sales capacities versus that of the channel, particularly when it comes to renewals and or upselling, how do you see the role of the e-Store versus the channel under the new model? Then my follow-up.

那麼，您如何看待內部和其他直銷能力與通路的角色，特別是在續訂和/或追加銷售方面，您如何看待新模式下電子商店與通路的角色？然後是我的後續。

Jay, you are asking some very specific questions. Let me kind of answer it in a very general way. Look, with this new transaction model, with the ability to drive clear divisions of labor, there are opportunities to drive efficiencies and productivity moving forward in sales and marketing, right?

傑伊，你問了一些非常具體的問題。讓我以一種非常籠統的方式來回答這個問題。看，透過這種新的交易模式，能夠推動明確的分工，有機會提高銷售和行銷的效率和生產力，對吧？

So absolutely, you are highlighting some things with regards to our partners and with regards to us that we are going to continue to perfect over time. And that is where some of this margin growth is going to come from -- most of this margin growth is going to come from over the next couple of years. So you are definitely talking around some of the areas that are important to discuss.

所以絕對，您強調了一些與我們的合作夥伴以及我們有關的事情，我們將隨著時間的推移繼續完善這些事情。這就是部分利潤成長的來源——大部分利潤成長將來自未來幾年。所以你肯定是在談論一些值得討論的重要領域。

Okay. Second question with regard to the billings co-terming effects, the model effects and the like, perhaps we can parse that to get at the organic effects of the business, which is to say, how are you thinking about your license volume and mix expectations? In other words, how are you thinking near-term and long-term with regard to the volume assumptions that you've previously spoken about in your overall P times Q framework?

好的。第二個問題，關於比林斯共詞效應、模型效應等，也許我們可以解析它以了解業務的有機效應，也就是說，您如何看待您的許可證數量和混合預期？換句話說，對於您之前在整體 P 乘以 Q 框架中談到的交易量假設，您如何考慮近期和長期的情況？

So look, let me just start here for -- if Betsy, you want to add anything. I think the important thing to get about the co-terming is that what it does is it takes some billings out of the current renewal cycle and moves them forward. And more importantly, it creates efficiency in our renewal process. All right. So we are going to get much more efficiency in our renewal process.

那麼，讓我從這裡開始——如果 Betsy，你想添加任何內容。我認為關於聯合術語的重要一點是，它的作用是將一些帳單從當前的更新周期中取出並向前推進。更重要的是，它提高了我們更新流程的效率。好的。因此，我們的更新過程將獲得更高的效率。

A co-term contract is much more easy to wrangle at renewal time than another contract. It's also much more easy to do cross-sell, up-sell and expansion at renewal time. So you are going to get some efficiencies from this. So co-terming is good, even though it has some puts and takes on where the billings show up. So I think that's kind of the important piece to take away from that. The rest of that detail is a little harder to address directly.

與其他合約相比，共同期限合約在續約時更容易爭論。在續訂時進行交叉銷售、追加銷售和擴展也更加容易。所以你將從中獲得一些效率。因此，聯合術語是好的，儘管它在帳單顯示的地方有一些看跌和承擔。所以我認為這是值得借鏡的重要部分。其餘的細節有點難直接解決。

The only thing I would add is with fewer contracts to manage, you also drive efficiency from the inside the company.

我唯一要補充的是，隨著需要管理的合約減少，您還可以提高公司內部的效率。

All right. Thank you.

好的。謝謝。

Adam Borg, Stifel.

亞當·博格，斯蒂菲爾。

Awesome, and thanks so much for taking the questions. Just maybe for Andrew, just going back to the new transactional model, it is great to hear that things are going smoothly so far in North America. I was hoping you could maybe go a step deeper on what that exactly means.

太棒了，非常感謝您提出問題。也許對安德魯來說，回到新的交易模式，很高興聽到北美到目前為止一切進展順利。我希望你能更深入地了解這到底是什麼意思。

And importantly, what's given the confidence to rollout accelerate the rollout into Europe and Japan ahead of expectations, especially given the additional complexities you've talked about pulling out internationally.

重要的是，是什麼賦予了推出的信心，加速了歐洲和日本的推出，超出了預期，特別是考慮到您談到的在國際上退出的額外複雜性。

Yeah. It's a good question. So remember – let us just recount the incremental journey we've taken here, right? We started with Australia, really stressed and tested the system in that environment. We always like to stress and test things in smaller markets, on smaller -- on smaller pools. And we have essentially completed the entire rollout in the US. And during that time, we've had no major issues, no major issues came up with regards to disruption to the business as we did this.

是的。這是一個好問題。所以請記住——讓我們回顧一下我們在這裡所經歷的增量旅程，對吧？我們從澳洲開始，在該環境中對系統進行了真正的壓力和測試。我們總是喜歡在較小的市場、較小的池子上對事物進行壓力和測試。我們基本上已經完成了在美國的整個部署。在那段時間裡，我們沒有遇到重大問題，也沒有出現與業務中斷有關的重大問題。

Now, of course, there is all sorts of quality of life issues. There has been a backlog of issues that people want more functionality, they want more capability to do X, Y and Z. And what we are doing is we are working that backlog and we gave ourselves a little bit of extra time to clear that backlog. Some of that backlog is specific to test runs that we've done in Europe as well.

當然，現在存在各種各樣的生活品質問題。問題已經積壓了，人們想要更多的功能，他們想要更多的能力來完成X、Y 和Z。清理積壓的問題。其中一些積壓工作是針對我們在歐洲進行的測試而運行的。

So given what we learned in Australia, given how the US went even smoother than Australia and we had a much shorter recovery time as we rolled out in Australia, given that we are probably going to see the same kind of pull forward in Europe that we saw in the US, which buffers things as we move forward, we are very confident about the cascade here and how this is going to roll out.

因此，考慮到我們在澳洲學到的經驗，考慮到美國的進展比澳洲更加順利，而且我們在澳洲推出時的恢復時間要短得多，考慮到我們可能會在歐洲看到與我們相同的推動力。

The only thing that's different in Western Europe from North America is really that it is different currencies and there is different legal regulatory laws in place. But I think that we've learned from each step along the way and so are very, very comfortable with the plan for the full fiscal year.

西歐與北美唯一不同的是，它們的貨幣不同，並且有不同的法律監管法律。但我認為我們已經從一路走來的每一步中吸取了教訓，因此對整個財年的計劃非常非常滿意。

That's super helpful. And maybe just as a quick follow-up, Andrew, obviously, US elections coming up in a few months. I hope you could talk a little bit more about what you are seeing in the end-market demand environment.

這非常有幫助。也許只是作為一個快速的後續行動，安德魯，顯然，美國大選將在幾個月後舉行。我希望您能多談談您在終端市場需求環境中看到的情況。

Are the AEC or manufacturing industry is making any changes in their decision making process, either accelerating or slowing down decision making ahead of the election in a few months? Thanks again.

在幾個月後的選舉之前，AEC 或製造業是否正在對其決策過程做出任何改變，是加速還是放慢決策？再次感謝。

Yeah. The good thing here is that the issues that affect our customers are bipartisan issues, all right? Infrastructure, manufacturing, Go-USA, everything across the world, they are bipartisan issues. So I think whoever wins, there may be all sorts of other puts and takes. But with regards to the things that affect our customers' end-markets, I see little impact and we are not hearing a lot of trepidation from our customers on that.

是的。好處是影響我們客戶的問題是兩黨共同的問題，好嗎？基礎建設、製造業、走向美國，以及世界各地的一切，這些都是兩黨共同關心的問題。所以我認為無論誰贏了，都可能會有各種各樣的其他選擇。但對於影響我們客戶終端市場的因素，我認為影響不大，我們也沒有聽到客戶對此感到太多擔憂。

Incredibly helpful. Thanks, again.

非常有幫助。再次感謝。

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc 資本市場。

Great. Thanks for taking my questions. I kind of wanted to kind of dig into just the performance of the quarter. Obviously, you beat nicely, you beat margins nicely. You are keeping kind of the margin framework the same for the year, even though you are absorbing some of these incremental headwinds from the transition. So internally, did you do anything to drive leverage or sources of leverage with that?

偉大的。感謝您回答我的問題。我有點想深入研究本季的表現。顯然，你的表現很好，你的利潤也很好。儘管您正在吸收轉型帶來的一些增量阻力，但您今年的利潤率框架仍保持不變。那麼在內部，您是否採取了任何措施來推動槓桿或槓桿來源？

No, we did nothing unusual to do this, all right? This is all the rate and pace of the business. Betsy, do you want to comment a little bit more?

不，我們沒有做任何不尋常的事情，好嗎？這就是整個業務的速度和節奏。 Betsy，你想多評論嗎？

I think that we did see underlying improvement in the margin and that was intentional knowing that we were going to get some headwinds from some of these transitions.

我認為我們確實看到了利潤率的根本改善，這是有意為之，因為我們知道我們將從其中一些轉型中遇到一些阻力。

Okay. Great. And then maybe just a little more pointed on the free cash flow side. So it is a $10 million raise, nice to see. Obviously, the transition timelines have no impact to free cash flow. So, I know you said some customers signed earlier in 2Q. So is the raise on free cash flow just a function of timing or more a function like the core business? Thank you.

好的。偉大的。然後也許在自由現金流方面有更多的針對性。所以這是 1000 萬美元的融資，很高興看到。顯然，過渡時間表對自由現金流沒有影響。所以，我知道您說過有些客戶在第二季早些時候就簽約了。那麼，自由現金流的增加只是時間的函數還是更像核心業務的函數？謝謝。

No, I think a lot of it is a timing issue because we originally estimated that -- we didn't anticipate the significance of people buying ahead of the launch in North America. And so our original assumption for free cash flow for FY25, was that roughly two-thirds of it would take place in the back half of the year. Our current modeling assumption is one half of that will take place in the back half of the year.

不，我認為這很大程度上是一個時機問題，因為我們最初估計——我們沒有預料到人們在北美發布之前購買的重要性。因此，我們對 2025 財年自由現金流的最初假設是，大約三分之二將發生在今年下半年。我們目前的建模假設是其中一半將在今年下半年發生。

Excellent. Thank you.

出色的。謝謝。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

Great. Thank you so much for the question. I wanted to ask a bit on the pricing environment. I believe one of the things we picked up was the move to the transactional model should allow you to have some more control on discounting behavior and help narrow some of the price differentials you've seen.

偉大的。非常感謝你的提問。我想問一下定價環境。我相信我們學到的一件事是轉向交易模式應該可以讓您對折扣行為有更多的控制，並幫助縮小您所看到的一些價格差異。

So I wanted to ask, is this a lever you expect to use? And is it something you are doing today or a future opportunity and how we could think about that going forward?

所以我想問，這是你期望使用的槓桿嗎？這是您今天正在做的事情還是未來的機會？

Yeah. So the place where that has the biggest impact is with our partners, quite frankly. What our best partners really like about the new transaction model is it prevents a less competent, less value-added partner coming in and undermining them on price on a big deal where they are trying to really add value.

是的。坦白說，影響最大的地方是我們的合作夥伴。我們最好的合作夥伴真正喜歡新交易模式的一點是，它可以防止能力較差、附加價值較低的合作夥伴介入，並在他們試圖真正增加價值的大交易中在價格上削弱他們。

So for our partners, this is definitely going to allow them to sell to the value they are delivering. For us, moving forward, it is all about the efficiencies of the process.

因此，對於我們的合作夥伴來說，這肯定會讓他們能夠按照他們所提供的價值進行銷售。對我們來說，前進的關鍵在於流程的效率。

So for us, it is not so much about the price. The partners are definitely going to benefit from that. What we are going to benefit is the ability to get the efficiencies and the costs out of the environment as we move forward. And I think that is where you want to look at for us. So the partners, definitely a price advantage for our best partners. For us, a cost advantage as we drive productivity.

所以對我們來說，價格並不是那麼重要。合作夥伴肯定會從中受益。我們將受益的是在我們前進的過程中能夠從環境中提高效率並降低成本。我認為這就是您希望我們關注的地方。所以對於合作夥伴來說，絕對是我們有價格優勢的最佳合作夥伴。對我們來說，在提高生產力的同時具有成本優勢。

And enhance the strategic relationships directly with customers.

並直接增強與客戶的策略關係。

Great. And then just as a follow-up, I appreciate the comments on the overall demand environment. I was hoping you could unpack a little bit more around the new business trends. I understand the macro remains challenging. Anything you are picking up from a new business standpoint in the quarter or how that outlook is changing?

偉大的。作為後續行動，我感謝整體需求環境的評論。我希望您能更多地了解新的商業趨勢。我知道宏觀經濟仍然充滿挑戰。從本季的新業務角度來看，您有什麼發現或前景如何變化？

Yeah. So let me talk about that a little bit. Generally broadly, okay, we are seeing the same kind of trends that we've seen in previous quarters. There are absolutely some headwinds in new business, but there is different puts and takes here as we look at this quarter now.

是的。讓我稍微談談這一點。總的來說，好吧，我們看到了與前幾季相同的趨勢。新業務絕對存在一些阻力，但當我們現在審視本季時，這裡有不同的看跌和接受度。

Our moving forward metrics like monthly active usage and build -- bids on building connected, those show the same kind of positive forward momentum that we've seen in the past. But if you look at the market, obviously AEC continued to do well. This has a lot to do with construction growth helping in there, as well as other things driving Revit, and the backlog associated with that. Manufacturing did well. It beat a lot of our competitors in the market.

我們的前進指標，例如每月活躍使用率和建立連接的投標，這些指標顯示出與我們過去看到的相同的積極前進勢頭。但如果你看看市場，顯然 AEC 繼續表現良好。這與建築成長以及推動 Revit 的其他因素以及與之相關的積壓工作有很大關係。製造業表現良好。它擊敗了市場上的許多競爭對手。

The drag was media and entertainment, still coming out of the effects of those strikes, okay, and that will continue to take time. Geographically, a few puts and takes here, okay. Most of the world was strong, but China and Korea were drags on our business geographically, right.

拖累的是媒體和娛樂業，它們仍在擺脫這些罷工的影響，好吧，這將繼續需要時間。從地理位置上來說，這裡有一些放和取，好吧。世界上大部分地區都很強大，但中國和韓國在地理上拖累了我們的業務，對吧。

And that gives you kind of a lay for -- lay of the land for what we see. But one of the things that you got to take away from this is -- Autodesk is an incredibly resilient business. There is puts and takes in one part of the business.

這給了你一種我們所看到的土地的定位。但你必須從中學到的一件事是——歐特克是一家具有難以置信的彈性的企業。業務的某一部分存在賣出和賣出。

There -- you might be off on certain types of projects, but you are up on other types of projects, one geography is down and other geography is up. This is the magic of Autodesk and our very distributed and resilient business, and that's what you are seeing as a result here.

在那裡，你可能會在某些類型的項目上表現不佳，但在其他類型的項目上你可能會表現出色，一個地區下降，而另一些地區則上升。這就是 Autodesk 以及我們分佈廣泛且富有彈性的業務的魔力，這就是您在這裡看到的結果。

Great. Thank you very much.

偉大的。非常感謝。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

Hi. Great. Hi, everyone. Going back, Andrew to your manufacturing comments, so growth in the upper teens there or low teens for just the ratable business. Those numbers definitely stand out relative to what we've been hearing throughout the summer, I think particularly at the high-end where there is been some commentary about more deal lumpiness at enterprise.

你好。偉大的。大家好。安德魯，回到你的製造業評論，所以對於可評級業務來說，那裡的成長是在高十幾歲或低十幾歲。與我們整個夏天聽到的數據相比，這些數字絕對引人注目，我認為特別是在高端市場，有一些關於企業交易更加混亂的評論。

I mean, you have exposure to mid-market and enterprise. You gave anecdotes about both segments. I'm wondering if you are ultimately seeing maybe more share movement and that's ultimately explaining the strength there.

我的意思是，您接觸過中端市場和企業。您提供了有關這兩個部分的軼事。我想知道您最終是否會看到更多的股票變動，這最終解釋了那裡的力量。

We are definitely seeing share movement. But look, we feel like we're out in front on a lot of things. Fusion did well in the quarter. Its e-com growth was consistent with previous quarters. More importantly, we continue to drive ASPs up for Fusion with attach rates of extensions and other options in the Fusion base. So you are absolutely seeing a share shift.

我們確實看到了股票的變動。但是看，我們感覺我們在很多事情上都處於領先地位。 Fusion 在本季表現良好。其電子商務成長與前幾季一致。更重要的是，我們繼續透過 Fusion 基礎上的擴充功能和其他選項的附加率來提高 Fusion 的 ASP。所以你絕對會看到份額的轉變。

Okay. And then on the slide showing underlying margin improvement that's taken place since FY23, how much latent investment is still being absorbed in that normalized 39%? So you talked about making investment in cloud platform AI.

好的。然後，在顯示自 2023 財年以來潛在利潤率改善的幻燈片中，標準化的 39% 中仍有多少潛在投資被吸收？所以您談到了雲端平台AI的投資。

Those investments are -- so you're ahead of peers and not needing to make up some future catch-up investment. I mean, another way to say is you are spending some amount and you haven't matched it against revenues yet. So just wondering if it is possible to quantify what that is because that would seem to be an area of future improvement in addition to what you are doing with the transaction model?

這些投資是——所以你領先同行，不需要在未來進行一些追趕投資。我的意思是，另一種說法是，您花費了一些金額，但尚未將其與收入相匹配。所以只是想知道是否可以量化這是什麼，因為除了您正在對交易模型所做的事情之外，這似乎是未來改進的一個領域？

No, there is always a delay in R&D investment and return on R&D investment, okay? So there is always a shift. We are definitely in a time of great technological advancements here. We're definitely in an environment where share shift is starting to happen.

不，研發投入和研發投入回報總是有延遲的，好嗎？所以總是有轉變。我們絕對正處於一個科技有巨大進步的時代。我們確實處於一個份額轉移開始發生的環境。

So there's always a shift in those areas, okay? And I think, we should expect that there is this delay between the actual value creation and the investment. That's very natural in technology like this. That's why I want you to understand that we are very focused on net sales and marketing productivity moving forward because that's how we are going to drive the margin growth over the next couple of years as the investments in these new and emerging technologies start to really pick up.

所以這些領域總是會轉變，好嗎？我認為，我們應該預料到實際價值創造和投資之間存在這種延遲。這對於這樣的技術來說是很自然的。這就是為什麼我希望您明白，我們非常關注未來的淨銷售額和行銷生產力，因為隨著對這些新興技術的投資開始真正發揮作用，這就是我們在未來幾年推動利潤成長的方式。

Okay, thank you.

好的，謝謝。

Ken Wong, Oppenheimer & Co.

肯·黃，奧本海默公司

Fantastic. I wanted to maybe dig into the margins a little bit. You mentioned being ahead of schedule on the margin profile, also confident you can make further improvements in fiscal 2026. I guess, how should we think about where that could go? We are at a point where you haven't even optimized for sales and marketing. What's the right way to think about that trajectory?

極好的。我想也許能深入挖掘一下邊緣。您提到在利潤率方面提前了，也有信心在 2026 財年能夠取得進一步的改善。我們現在甚至還沒有針對銷售和行銷進行最佳化。思考該軌跡的正確方法是什麼？

So, it is a little early for me to say, I'm not going to be giving the guide for next year. So there is a couple of things that are gating here, okay. One, we want to complete the rollout of the new transaction model. We want to hire a new CFO and get their fingers on this.

所以，現在說我不會提供明年的指南還為時過早。所以這裡有一些事情需要注意，好吧。第一，我們要完成新交易模式的推出。我們想聘請一位新的財務長並讓他們負責這件事。

And then what we'll do is we will start giving you more color on the specifics for next year. But suffice it to say, what I'm trying to do is give you confidence that, one, we're not only paying attention to this, but we've got line of sight, just like we did in the move to annualized billings, look at the results that we are delivering now as a result of that, okay? That was two years ago, look at the results we're delivering.

然後我們要做的就是開始為您提供更多有關明年具體細節的資訊。但我只想說，我想做的是讓您相信，第一，我們不僅關注這一點，而且我們有視線，就像我們在轉向年化賬單時所做的那樣，看看我們現在所帶來的結果，好嗎？那是兩年前的事了，看看我們正在交付的結果。

Now I'm telling you we have line of sight on other productivity improvements associated with sales and marketing in the new transaction model. So, I want you to know, we see it and you need to believe in it.

現在我告訴您，我們正在關注與新交易模型中的銷售和行銷相關的其他生產力改進。所以，我想讓你知道，我們看到了它，你需要相信它。

And as we've said before, the P&L is going to be noisy, as we continue to transition to the new transaction model. And that's why we anchored you on the FY26, free cash flow target to give you a sense of what to expect. And with our current trajectory, we still estimate that the free cash flow in fiscal '26, to be around $2.05 billion at the midpoint. And as I said earlier, we have our largest multi-year cohort renewing. We have a large EBA cohort and we have kind of the natural transition to annual billings from upfront billings.

正如我們之前所說，隨著我們繼續過渡到新的交易模式，損益表將會很混亂。這就是為什麼我們將您鎖定在 2026 財年自由現金流目標上，讓您了解未來的預期。根據我們目前的軌跡，我們仍然估計 26 財年的自由現金流中位數約為 20.5 億美元。正如我之前所說，我們正在進行最大規模的多年期隊列更新。我們擁有龐大的 EBA 群體，並且我們可以自然地從預付賬單過渡到年度賬單。

Okay. Perfect. We will await anxiously for these details. Maybe second, just thinking about the -- we've talked a lot about the potential economics and kind of the partner activity on the transaction model. Like what are you guys hearing from customers and do they even care, do they even notice like is there some sort of a benefit on their side that they might be seeing that we're maybe on the analyst world not quite as cognizant of?

好的。完美的。我們將焦急地等待這些細節。也許第二，只是想一想——我們已經討論了很多關於交易模型的潛在經濟效益和合作夥伴活動的類型。就像你們從客戶那裡聽到了什麼，他們是否關心，他們是否注意到他們這邊是否有某種好處，他們可能會看到我們可能在分析師世界中不太了解？

Yeah. So look, for most customers, it is a non-event, all right, because they're just finding themselves buying differently. Some are happier, some would prefer to go through a third-party. Notice that some are taking the opportunity to true up contracts, all right?

是的。所以看，對大多數顧客來說，這並不是什麼大事，因為他們只是發現自己的購買方式有所不同。有些人更高興，有些人更願意透過第三方。請注意，有些人正在趁機履行合同，好嗎？

That -- what they're doing right there is a thing, oh, I have a chance to clean up my relationship with Autodesk, that's going to give me more power come the renewal cycle. So they actually see advantages with cleaning up their relationship with us and making sure that they have visibility in their company. So that's good for them. But for the most part, it's not a big customer issue, both positive or negative.

他們正在做的事情是，哦，我有機會清理與 Autodesk 的關係，這將在續約週期中給予我更多權力。因此，他們實際上看到了清理與我們的關係並確保他們在公司中擁有知名度的優勢。所以這對他們有好處。但在大多數情況下，無論是積極還是消極，這都不是一個大的客戶問題。

Okay, perfect. Thank you for the insights, guys.

好的，完美。謝謝你們的見解，夥伴們。

Tyler Radke, Citi.

泰勒·拉德克，花旗銀行。

Yes. Thank you for taking the question. I guess just to start off on the free cash flow number for next year, I guess that's one piece of guidance or at least a target that you've given. Can you just talk about the confidence behind that? And as you think about being ahead of plan in terms of some of these margin optimizations, like how much margin and cost optimizations is built into that number?

是的。感謝您提出問題。我想從明年的自由現金流數字開始，我想這是一個指導，或者至少是您給出的一個目標。能談談這背後的信心嗎？當您考慮在某些利潤優化方面提前規劃時，例如該數字中包含多少利潤和成本優化？

Well, again, we are obviously not going to be giving you detailed guidance for fiscal 2026, at this point. But what we will do at the end of the fiscal year is we'll give you a lot more details about the impact of the new transaction model, both on fiscal '25, as well as what we expected -- how we expect it to impact fiscal '26.

好吧，再說一次，我們目前顯然不會向您提供 2026 財年的詳細指導。但我們將在本財年結束時做的是，我們將向您提供有關新交易模式對 25 財年影響的更多詳細信息，以及我們的預期——我們期望它如何影響財政'26。

And right now, we are focused on the rollout in North America, as well as Western Europe in September. What I can say is the tailwind to revenue growth will be greater in fiscal '26, than in '25. And all else being equal, the greater the tailwind to revenue in '26, the greater the headwind to margins.

目前，我們的重點是在北美以及 9 月在西歐的推出。我可以說的是，26 財年營收成長的推動力將比 25 財年更大。在其他條件相同的情況下，26 年收入的順風越大，利潤率的逆風就越大。

And again -- but we’re very focused on managing that. Again, based upon this change in the geography on the balance sheet and the P&L, we are still largely focused on being able to manage to margins that are better than they are today.

再說一次，但我們非常專注於管理這一點。同樣，根據資產負債表和損益表的地理變化，我們仍然主要關注能夠管理比現在更好的利潤率。

And again, going back to the free cash flow number of the $2.05 billion at the midpoint, obviously that's up significantly from where it is this year. And I mentioned earlier, the largest multi-year cohort is renewing next year. We have a large EBA cohort. And again this natural transition from annual billing -- from the upfront to the annual billings will also help us from a cash flow perspective.

再次回到中點 20.5 億美元的自由現金流數字，顯然這比今年的水準顯著上升。我之前提到過，最大的多年期隊列將於明年更新。我們擁有龐大的 EBA 群體。從現金流的角度來看，這種從年度計費（從預付款到年度計費）的自然過渡也將為我們提供幫助。

Great. And for Andrew the make revenue in the quarter was particularly strong, I think the strongest sequential growth in a number of years despite sort of having the leap year last quarter. Was there any one-time factors there, or is that sort of a function of share gains and some of the re-org that you've done in that organization to sort of accelerate growth?

偉大的。對於安德魯來說，本季的收入特別強勁，我認為儘管上個季度經歷了閏年，但這是多年來最強勁的連續成長。是否存在任何一次性因素，或者是股票收益以及您在該組織中為加速成長而進行的一些重組的函數？

Yes. So first off, the core underlying momentum of the make businesses have been tact. There was one one-time factor, the acquisition of Payapps is in there as well, all right, which is an important piece of it. But the underlying momentum in the Construction and Fusion business, that is solid and consistent with previous quarters with a little kick from the Payapps business, okay? Makes sense?

是的。因此，首先，製造業務的核心潛在動力是機智的。有一個一次性因素，收購 Payapps 也在其中，好吧，這是其中的重要組成部分。但是，建築和融合業務的潛在勢頭是穩固的，並且與前幾季保持一致，並且受到了 Payapps 業務的一點推動，好嗎？有道理嗎？

Yeah, any way to quantify the Payapps in the quarter?

是的，有什麼方法可以量化本季的 Payapps 嗎？

No.

不。

Okay. Thank you. Thought I'd try.

好的。謝謝。我想我會嘗試一下。

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

謝謝。這就是我們今天問答的全部時間。我現在想將電話轉回給西蒙·梅斯·史密斯，請他發表結束語。

Thanks everyone for attending. We look forward to seeing many of you on the road over the coming weeks and towards AU at the end of October. Please just ping me if you have any questions in the meantime. Otherwise, we'll catch up on next quarter's call towards the end of November. Thanks so much.

感謝大家的出席。我們期待在接下來的幾週內以及十月底前往非盟的路上見到你們中的許多人。如果您在此期間有任何疑問，請與我聯絡。否則，我們將在 11 月底趕上下一季的電話會議。非常感謝。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。