Autodesk Inc (ADSK) 2025 Q3 法說會逐字稿

Thank you for standing by, and welcome to Autodesk third quarter And fiscal year 2025 financial results conference call. (Operator Instructions) I would now like to hand the call over to Simon May Smith, VP, Investor Relations. Please go ahead.

感謝您的耐心等待，歡迎參加 Autodesk 第三季和 2025 財年財務業績電話會議。 （操作員說明）我現在想將電話轉給投資者關係副總裁西蒙·梅·史密斯 (Simon May Smith)。請繼續。

Thanks, operator, and good afternoon. Thank you for joining our conference call to discuss the Q3 results of Autodesk's fiscal 2025. On the line with me is Andrew Anagnost, our CEO; and Betsy Raffel, our Interim CFO. During this call, we will make forward looking statements, including outlook and related assumptions and on product and strategies. Actual events or results could differ materially.

謝謝接線員，下午好。感謝您參加我們的電話會議，討論 Autodesk 2025 財年第三季的業績。和我們的臨時財務長 Betsy Raffel。在本次電話會議中，我們將做出前瞻性陳述，包括前景和相關假設以及產品和策略。實際事件或結果可能有重大差異。

Please refer to our SEC filings, including our most recent Form 10-Q and the Form 8-K filed with today's press release for important risks and other factors that may cause our actual results to differ from those in our forward looking statements. Forward looking statements made during the call are being made as of today.

請參閱我們向SEC 提交的文件，包括與今天的新聞稿一起提交的最新表格10-Q 和表格8-K，以了解可能導致我們的實際結果與前瞻性聲明中的結果不同的重要風險和其他因素。截至今天，電話會議期間所做的前瞻性聲明均已發布。

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. We will quote several numeric or growth changes during this call as we discuss our financial performance.

如果今天之後重播或查看此通話，則通話期間提供的資訊可能不包含當前或準確的資訊。 Autodesk 不承擔更新或修改任何前瞻性聲明的義務。在討論我們的財務表現時，我們將在本次電話會議中引用一些數字或成長變化。

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 our excel financials and other supplemental materials available on our Investor Relations website. And now, I will turn the call over to Andrew.

除非另有說明，否則每個此類參考均代表逐年比較。今天電話會議中引用的所有非 GAAP 數據均在我們的新聞稿、我們的 Excel 財務數據和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，我將把電話轉給安德魯。

Thank you Simon and welcome everyone to the call. We finished the third quarter of the year, strongly delivering 12% revenue growth in constant currency and have again raised full year guidance. This reflects the sustained momentum of the business and successful execution of our strategy including a smooth implementation of the new transaction model in Western Europe.

謝謝西蒙，歡迎大家來電。我們在今年第三季結束時，以固定匯率計算，營收強勁成長 12%，並再次上調全年指引。這反映了業務的持續成長動能和我們策略的成功執行，包括在西歐順利實施新交易模式。

Once again, opportunity resilience and discipline underpinned our performance. Last month Autodesk university in San Diego, we hosted 12,000 registered attendees and another 30,000 online. We showed how granular data in the cloud organized data models and connected to everything through AP is can deliver even more valuable and connected solutions for customers and partners and support a much broader ecosystem and marketplace.

機會彈性和紀律再次支撐了我們的表現。上個月，位於聖地牙哥的 Autodesk 大學接待了 12,000 名註冊與會者和另外 30,000 名線上與會者。我們展示了雲端中的精細資料如何組織資料模型並透過 AP 連接到所有內容，從而可以為客戶和合作夥伴提供更有價值的互聯解決方案，並支援更廣泛的生態系統和市場。

Customers and channel partners that I spoke with at AU remained cautiously optimistic, a sentiment consistent with the underlying momentum of our business, our growing product usage and building connected bid activity trends over recent quarters. I left AU with a tremendous sense of purpose and optimism in the ingenuity and persistence of our customers for the future.

我在 AU 採訪過的客戶和通路合作夥伴仍然保持謹慎樂觀的態度，這種情緒與我們業務的基本勢頭、我們不斷增長的產品使用量以及最近幾個季度建立關聯的投標活動趨勢一致。當我離開 AU 時，我對客戶對未來的聰明才智和堅持抱持著極大的使命感和樂觀態度。

On our earnings call last quarter, I set out our secular growth opportunities and our strategy to capitalize on them. I concluded that Autodesk's investment in cloud, platform and AI in pursuit of those opportunities were ahead of its peers. AU was a good demonstration of that. But we're also leading the industry in modernizing our go to market motion, starting a few years ago with the subscription transition through consumption and self-service enablement and more recently to direct billing.

在上個季度的財報電話會議上，我闡述了我們的長期成長機會以及利用這些機會的策略。我的結論是，歐特克為抓住這些機會而在雲端、平台和人工智慧方面的投資領先於同行。 AU 很好地證明了這一點。但我們在市場推廣現代化方面也處於行業領先地位，從幾年前開始透過消費和自助服務支援進行訂閱過渡，最近又轉向直接計費。

These initiatives enable Autodesk to build larger and more durable direct relationships with its customers and to serve them more efficiently. We have already seen significant benefits from initiatives like these and there's more to come in the next optimization phase. Taking out the effects on margins from FX and the new transaction model, we still expect to be towards the midpoint of our fiscal 2026 non GAAP operating margin target of 38% to 40% in fiscal 2025, a year ahead of schedule.

這些措施使 Autodesk 能夠與客戶建立更廣泛、更持久的直接關係，並更有效地為他們提供服務。我們已經看到這些措施帶來的顯著好處，並且在下一個優化階段還會有更多好處。除去外匯和新交易模式對利潤率的影響，我們仍然預計到 2025 財年將達到 2026 財年非 GAAP 營業利潤率目標 38% 至 40% 的中點，比原計劃提前一年。

We are confident we will make further improvement in fiscal '26 on the same basis. The new transaction model will enable tighter channel partnerships with less duplication of effort and more digital self-service and automation, which increases customer satisfaction and workforce productivity.

我們有信心在同樣的基礎上在 26 財年取得進一步的進步。新的交易模式將透過減少重複工作和更多數位化自助服務和自動化來實現更緊密的通路合作夥伴關係，從而提高客戶滿意度和員工生產力。

It will also create new opportunities for partners and Autodesk to earn more with less emphasis on transaction revenue sharing and a greater emphasis on value creation for customers. 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.

它還將為合作夥伴和 Autodesk 創造新的機會，以減少對交易收入分享的重視，而更加重視為客戶創造價值，從而賺取更多收入。一旦完成，我們預計新的交易模式和隨後的市場優化將提高銷售和行銷效率，並實現業界最佳的公認會計準則利潤率。

Attractive long term secular growth markets, a focused strategy delivering ever more valuable and connected solutions to our customers and a resilient business are generating strong and sustained momentum, both in absolute terms and relative to peers.

有吸引力的長期長期成長市場、為客戶提供更有價值、更互聯的解決方案的專注策略以及富有彈性的業務，無論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 driven even greater operational velocity and efficiency within Autodesk 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推動了 Autodesk 內部更高的營運速度和效率，並將支撐未來幾年的收入和自由現金流的機械結構，以及公認會計準則利潤率在業界名列前茅。

We will continue to deploy capital to offset and buy forward dilution as our free cash flow grows from the fiscal 2024 trough. This practice has reduced our share count over the last three years. We have significantly increased our share repurchase authorization to extend this momentum flexibility over the medium term with the precise trajectory remaining dependent on our debt repayment schedule and the ebb and flow of M&A. In combination, we believe these factors will deliver sustainable shareholder value over many years.

隨著我們的自由現金流從 2024 財年的低谷開始成長，我們將繼續部署資本來抵銷和購買遠期稀釋。這種做法在過去三年中減少了我們的股份數量。我們大幅增加了股票回購授權，以在中期內擴大這種勢頭的靈活性，而精確的軌跡仍然取決於我們的債務償還計劃和併購的潮起潮落。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。

Before I conclude, I'd like to formally welcome Janesh to Autodesk. We're excited to welcome Janesh who brings a wealth of experience and will be instrumental in sustaining Autodesk's growth and enhanced profitability momentum. Of equal importance, I'd like to thank Betsy for stepping in as Interim CFO at an important time in the company's journey, and I'm looking forward to continuing to work closely with her as an Autodesk Board member.

在結束演講之前，我要正式歡迎 Janesh 加入 Autodesk。我們很高興歡迎 Janesh，他帶來了豐富的經驗，並將在維持 Autodesk 的成長和增強的獲利動能方面發揮重要作用。同樣重要的是，我要感謝 Betsy 在公司發展的重要時刻出任臨時財務官，我期待著作為 Autodesk 董事會成員繼續與她密切合作。

I will now turn the call over to Betsy to discuss our quarterly financial performance and guidance for the year. I'll then return to provide an update on our strategic growth initiatives.

我現在將把電話轉給 Betsy，討論我們的季度財務表現和今年的指導。然後我將回來提供有關我們戰略成長計劃的最新資訊。

Thanks, Andrew Q3 was another strong quarter. It generated broad based underlying growth across products and regions. In addition, we saw revenue increases from the new transaction model and M&A which were offset by the absence of enterprise business agreement true ups from Q3 last year. And FX our make products continue to enhance growth driven by our ongoing strength in construction in fusion.

謝謝，安德魯第三季又是一個強勁的季度。它在各個產品和地區產生了廣泛的潛在增長。此外，我們看到新交易模式和併購帶來的營收成長，但被去年第三季企業業務協議真實成長的缺失所抵銷。在我們在融合建設方面的持續實力的推動下，FX 我們的產品繼續增強成長。

Overall macroeconomic policy and geopolitical challenges and the underlying momentum of the business were consistent with the last few quarters with continued strong renewal rates and headwinds to our new business growth.

整體宏觀經濟政策和地緣政治挑戰以及業務的潛在勢頭與過去幾季一致，續訂率持續強勁，但我們的新業務成長面臨阻力。

Total revenue grew 11% and 12% in constant currency by product and constant currency, AutoCAD and AutoCAD LT revenue grew 8%. AEC revenue which was most impacted by the absence of group revenues grew 12%. Manufacturing revenue grew 16% and still comfortably in double digits excluding upfront revenue and M&E revenue grew 15% boosted by the pick acquisition and associated integration adjustments.

以產品和固定貨幣計算，總收入成長了 11% 和 12%，AutoCAD 和 AutoCAD LT 收入成長了 8%。受集團收入缺失影響最大的 AEC 收入成長了 12%。製造收入成長了 16%，且仍以兩位數輕鬆成長，不包括前期收入，而在挑選收購和相關整合調整的推動下，機電收入成長了 15%。

By region in constant currency revenue grew 11% in the Americas which was most impacted by the absence of drug revenues. 13% in EMEA and 14% in APAC. The mechanical contribution from the new transaction model to revenue was $17 million in the third quarter and $25 million a year-to-date basis.

按地區劃分，以固定匯率計算，美洲地區的收入成長了 11%，其中受藥品收入缺失影響最大。歐洲、中東和非洲地區為 13%，亞太地區為 14%。第三季新交易模式對營收的機械貢獻為 1,700 萬美元，年初至今為 2,500 萬美元。

Direct revenue increased 23% and represented 42% of total revenue up 4-percentage-points from last year. Benefiting from strong growth in both EBAs and the Autodesk Store and also the natural tailwind to revenue from the new transaction model. Net revenue retention rate remained within the 100% to 110% range at constant exchange rate.

直接收入成長 23%，佔總營收的 42%，比去年提高 4 個百分點。受益於 EBA 和 Autodesk Store 的強勁成長，以及新交易模式帶來的自然收入成長。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 28% in the quarter reflecting a tailwind from the prior year shift to annual billings for most multiyear contracts, early renewals and the natural tailwind from the transition to the new transaction model similar to last quarter. And as expected, co turning negatively impacted billings ahead of the launch of the new transaction model in Western Europe.

本季的帳單成長了 28%，反映出大多數多年合約從上一年轉向年度帳單的推動力、提前續約以及向與上季度類似的新交易模式過渡的自然推動力。正如預期的那樣，在西歐推出新交易模式之前，聯合轉型對帳單產生了負面影響。

The natural contribution from the new transaction model to billing was $72 million in the third quarter and $108 million a year-to-date basis. Total deferred revenue decreased 9% to $3.7 billion and was again impacted by the transition from upfront to annual billings for multiyear contracts.

第三季新交易模式對計費的自然貢獻為 7,200 萬美元，年初至今為 1.08 億美元。遞延收入總額下降 9% 至 37 億美元，並再次受到多年合約從預付費轉為按年計費的轉變的影響。

Total RPO of $6.1 billion and current RPO of $4.0 billion grew 17% and 14%, respectively, which reflects a tailwind from early renewals and the new transaction model and a headwind from the declining contribution of billed and unbilled deferred revenue from large multiyear and EBA cohorts ahead of renewal in fiscal '26.

總RPO 為61 億美元，目前RPO 為40 億美元，分別成長了17% 和14%，這反映了早期續約和新交易模式帶來的利好，以及來自大型多年期和EBA 的已開票和未開票遞延收入貢獻下降的不利影響。

Excluding these current RPO growth was broadly consistent with Q2. We do expect the new transaction model and the larger FY26 renewal cohorts to have a greater impact on both RPO and current RPO growth in Q4 of fiscal '25. Turning to margins, GAAP and non-GAAP gross margins were broadly level with Autodesk University shifting back to Q3 this year from Q4 last year, GAAP and non-GAAP operating margins decreased by 2-percentage-points and 3-percentage-points respectively. Timing effect from AU obviously washes out over the full year.

排除這些因素，目前的 RPO 成長與第二季基本一致。我們確實預計新的交易模式和更大的 26 財年續約隊列將對 25 財年第四季的 RPO 和當前 RPO 成長產生更大的影響。利潤率方面，GAAP 和非 GAAP 毛利率大致持平，隨著 Autodesk University 從去年第四季回到今年第三季度，GAAP 和非 GAAP 營業利潤率分別下降了 2 個百分點和 3 個百分點。 AU 的時間效應顯然會在全年中消失。

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 a percentage point in fiscal '25 and will be below 10% over time. Pre-cash book for the quarter was $199 million. This benefited from some channel partners in Western Europe booking business earlier in the quarter ahead of the transition to the new transaction model really to de risk month one after the transition, this accelerated free cash flow to the third quarter which was partially offset by the expected negative impact of co turning in western Europe.

依照目前的進程和速度，股票薪酬佔收入的百分比在 24 財年達到頂峰的比例將在 25 財年下降一個百分點以上，並且隨著時間的推移將低於 10%。該季度的預現金帳簿為 1.99 億美元。這得益於一些西歐通路合作夥伴在本季度早些時候提前向新交易模式過渡的預訂業務，真正在過渡後第一個月降低了風險，這加速了第三季度的自由現金流，這被預期的部分抵消了。

Turning now to capital allocation, we continue to actively manage capital within our framework and deploy it with discipline and focus through the economic cycle to drive long-term shareholder value. As expected, the pace of buybacks picked up in the third quarter. We purchased approximately 1.2 million shares for $319 million at an average price of approximately $269 per share.

現在轉向資本配置，我們繼續在我們的框架內積極管理資本，並在整個經濟週期中嚴格、集中地部署資本，以推動長期股東價值。正如預期的那樣，第三季回購步伐加快。我們以 3.19 億美元的價格購買了約 120 萬股股票，平均價格約為每股 269 美元。

We will continue to deploy capital to offset and buy forward deletion as our free cash flow grows from the fiscal '24 trail. This practice has 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. We increased the amount authorized under our share repurchase program by 5 billion for a total of approximately 9 billion.

隨著我們的自由現金流從 24 財年的軌跡中成長，我們將繼續部署資本來抵銷和購買遠期刪除。這種做法在過去三年中使我們的股票數量減少了約 500 萬股。每年平均下降約70個基點。我們將股票回購計畫的授權金額增加了 50 億美元，總計約 90 億美元。

This extends our flexibility over the medium term with the precise trajectory remaining dependent on our debt repayment schedule as well as the ebbs and flow of M&A.

這擴展了我們在中期的靈活性，精確的軌跡仍然取決於我們的債務償還計劃以及併購的潮起潮落。

Now let me finish with guidance, as we said in February, the pace of the rollout of the new transaction model will create noise in billing 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 with continued strong renewal rates and headwinds to new business growth.

現在讓我以指導結束，正如我們在 2 月所說，新交易模式的推出速度將在計費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指標，消除了這些噪音。該業務的基本動能與我們全年指導範圍內的預期保持一致，續訂率持續強勁，但新業務成長面臨阻力。

Our sustained momentum in the third quarter and smooth launch of the new transaction model in Western Europe reduce the likelihood of our more cautious forecast scenarios given that we're raising the midpoint of our billing revenue margin earning per share and free cash flow guidance ranges. So let me give you a little bit more detail.

鑑於我們正在提高每股計費收入利潤率和自由現金流指導範圍的中點，我們第三季度的持續增長勢頭以及在西歐順利推出新交易模式降低了我們採取更加謹慎的預測情景的可能性。那麼讓我為您提供更多細節。

The underlying momentum of billing is in line with our expectations compared to our modeling at the start of the year. The launch of the new transaction model in Western Europe in Q3 and early renewals have been a tailwind to billing. Where as more culture more business done under the old buy sell model before the launch of the new transaction model. And in recent weeks, FX movements have been headwind stability.

與我們年初的模型相比，潛在的計費動能符合我們的預期。第三季在西歐推出的新交易模式和提前續約對計費起到了推動作用。在新的交易模式推出之前，在舊的買賣模式下完成的文化越多，業務就越多。最近幾週，外匯走勢一直逆風穩定。

We now estimate that the new transaction model will provide between a 5% and 5.5-percentage-point tailwind to billings growth in fiscal 2025. We've raised the midpoint of our fiscal 2025 billings guidance by $10 million to a range of $5.90 million to $5.98 million.

我們現在估計，新的交易模式將為2025 財年的帳單成長提供5% 至5.5 個百分點的推動力。 。

The underlying momentum of revenue is also in line with our expectations. We estimate the new transaction model will provide around 1-percentage-point to 1.5-percentage-point tailwind to revenue growth in fiscal '25. Upfront revenue contributed 2-percentage-points to revenue growth in Q4 of fiscal '24, and therefore, this is a headwind in Q4 of fiscal '25. While not large enough to call out at the start of the year, it was already factored into our Q4 and our full year model. We've raised the midpoint of our fiscal '25 revenue guidance range by $18 million to a range of $6.12 billion to $6.13 billion.

收入的基本動力也符合我們的預期。我們估計新的交易模式將為 25 財年的營收成長提供約 1 個百分點至 1.5 個百分點的推動力。預付收入對 24 財年第四季的營收成長貢獻了 2 個百分點，因此，這是 25 財年第四季的不利因素。雖然還不夠大，無法在年初提出，但它已經納入我們的第四季和全年模型。我們將 25 財年收入指引範圍的中點提高了 1,800 萬美元，達到 61.2 億至 61.3 億美元的範圍。

We're increasing our GAAP and non-GAAP margin guidance midpoint by 25 basis points by raising the bottom end of the ranges by 50 basis points. The GAAP margin guidance range is now 21.5% to 22%. The non-GAAP margin guidance range is now 35.5% to 36%, which includes a 1-percentage-point to 1.5-percentage-point underlying margin improvement, broadly offset by the margin headwinds from the new transaction model and the related incremental investments in people, processes and automation.

我們將 GAAP 和非 GAAP 利潤指導中點上調 25 個基點，並將範圍下限提高 50 個基點。 GAAP 利潤指引範圍目前為 21.5% 至 22%。非GAAP 利潤率指引範圍目前為35.5% 至36%，其中包括1 個百分點至1.5 個百分點的基本利潤率改善，但新交易模式和相關增量投資帶來的利潤率不利因素在很大程度上抵銷了這項影響。

The underlying momentum of free cash flow is also in line with our expectations. The headwind to billings from co-terming and FX rates that I mentioned earlier is being offset by early renewals, faster collections and improved underlying margins. We raised the midpoint of our fiscal '25 free cash flow guidance by $10 million and tightened the range to $1.47 billion to $1.5 billion.

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和外匯匯率對帳單帶來的不利因素正在被提前續約、更快的收款和提高的基礎利潤所抵消。我們將 25 財年自由現金流指引的中點上調了 1,000 萬美元，並將範圍收窄至 14.7 億至 15 億美元。

We expect strong free cash flow growth in fiscal '26 because of the return of our largest multiyear renewal cohort, the natural mechanical stacking of multiyear contracts billed annually, and a larger EDA cohort. With our current trajectory, we still estimate free cash flow in fiscal '26 to be around $2.05 billion at the mid-point. The slide deck on our website has more details on modeling assumptions for Q3 and for the full fiscal year '25.

我們預計 26 財年的自由現金流將出現強勁增長，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 EDA 隊列。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。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。

And while this may be my last earnings call for Autodesk, I will stick around for a bit to ensure a smooth transition to Janesh. Thank you, Andrew and everyone at Autodesk for your support while I was here, and to the many investors and analysts with whom I've had lively discussions over the last few quarters.

雖然這可能是我對 Autodesk 的最後一次財報電話會議，但我會堅持一段時間，以確保順利過渡到 Janesh。感謝安德魯和 Autodesk 的每個人在我任職期間給予的支持，也感謝過去幾季與我進行過熱烈討論的許多投資者和分析師。

While the transition to annual billings for multiyear contracts and the deployment of the new transaction model has created noise in billings in the P&L, they do provide a natural near-term tailwind to revenue and free cash flow growth. Combined with a resilient business model, sustained competitive momentum, Autodesk has enviable sources of visibility and certainty in a very uncertain world.

雖然多年合約向年度帳單的過渡以及新交易模式的部署在損益表中產生了噪音，但它們確實為收入和自由現金流的增長提供了自然的近期推動力。結合彈性的業務模式和持續的競爭動力，歐特克在一個非常不確定的世界中擁有令人羨慕的可見度和確定性來源。

For all these reasons, I step down from my role as interim CFO with tremendous optimism for the future. Andrew, back to you.

基於所有這些原因，我辭去臨時財務長的職務，對未來充滿樂觀。安德魯，回到你身邊。

Thank you, Betsy. Let me finish by updating you on our strong progress in the third 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，我要向您介紹我們在第三季取得的強勁進展。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, 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.

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、預施工、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 our growing momentum and as the benefit of our end-to-end solution become more apparent, our Construction business continue to perform robustly with net new customers doubling year-over-year and existing customers' renewal and expansion rates remaining strong. Let me give you a few examples.

作為我們成長勢頭的標誌，並且隨著我們的端到端解決方案的優勢變得更加明顯，我們的建築業務繼續表現強勁，淨新客戶同比翻番，現有客戶的續約和擴張率保持強勁。讓我舉幾個例子。

Power Construction is number 79 on the Engineering News-Record, ENR, Top 400 US contractor list. It is a Chicago-based general contractor, serving residential and nonresidential end markets. After completing a competitive RFP to replace its legacy project management tool, Power selected Autodesk for its unified construction platform across preconstruction, construction and BDC.

電力建設在《工程新聞記錄》、ENR 的美國 400 強承包商名單中排名第 79 位。它是一家總部位於芝加哥的總承包商，為住宅和非住宅終端市場提供服務。在完成替代其遺留專案管理工具的競爭性 RFP 後，Power 選擇 Autodesk 作為其跨預施工、施工和 BDC 的統一施工平台。

By standardizing on Autodesk Construction Cloud, Power will have a single source of truth for project data, enhanced collaboration capabilities and streamlined workflows on a single platform. Power Construction was one of two ENR 400 top 100 US contractors that standardized enterprise-wide on Autodesk Build during the quarter.

透過對 Autodesk Construction Cloud 進行標準化，Power 將在單一平台上擁有專案資料的單一真實來源、增強的協作功能和簡化的工作流程。 Power Construction 是本季在 Autodesk Build 上實現企業範圍內標準化的兩家 ENR 400 美國 100 強承包商之一。

In Europe, Bouygues a top 10 ENR 250 international contractor based in France and a leader in sustainable building and infrastructure projects renewed and expanded its EBA in the quarter. Bouygues is continuing to consolidate on Autodesk solutions across the enterprise, including broader adoption of Autodesk Forma, Carbon Insight and Informed Design to digitize, decarbonize and industrialize projects.

在歐洲，Bouygues 是法國 ENR 250 排名前 10 名的國際承包商，也是永續建築和基礎設施項目的領導者，本季更新並擴大了其 EBA。 Bouygues 正在繼續在整個企業內整合 Autodesk 解決方案，包括更廣泛地採用 Autodesk Forma、Carbon Insight 和 Informed Design 來實現專案數位化、脫碳和工業化。

It also significantly increased its commitment to Autodesk Construction Cloud to drive efficiency gains and faster bid response times through better collaboration between design and project teams. Surbana Jurong is number 23 on ENR's Top 225 international design firms. Based in Singapore, it is an urban infrastructure and integrated solutions consulting firm.

它還顯著增加了對 Autodesk Construction Cloud 的承諾，透過設計和專案團隊之間更好的協作來提高效率並縮短投標響應時間。盛裕集團在 ENR 225 強國際設計公司中排名第 23 位。總部位於新加坡，是一家城市基礎設施和綜合解決方案諮詢公司。

In Q3, it renewed its third EBA, which included increased investment in Autodesk Construction Cloud and Autodesk Water Infrastructure Solutions. ACC is helping to scale its operations through increased automation, integrated design workflows and enhanced collaboration across time zones. Our Water Infrastructure Solutions will be a core technology supporting its growth ambitions in planning, designing, engineering and managing water projects for customers worldwide.

第三季度，它更新了第三個 EBA，其中包括增加對 Autodesk Construction Cloud 和 Autodesk Water Infrastructure Solutions 的投資。 ACC 正在透過提高自動化程度、整合設計工作流程和加強跨時區協作來幫助擴大其營運規模。我們的水基礎設施解決方案將成為一項核心技術，支援其為全球客戶規劃、設計、工程和管理水項目的成長目標。

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

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

Moving on to manufacturing. We made excellent progress on our strategic initiatives. Customers continue to invest in their digital transformation and consolidate on our Design and Make platform. Fusion remains one of the fastest-growing products in the manufacturing industry.

轉向製造。我們的策略舉措取得了巨大進展。客戶繼續投資於數位轉型，並在我們的設計和製造平台上進行整合。 Fusion 仍然是製造業中成長最快的產品之一。

As customers seek to drive innovation and growth at lower cost, Fusion extension attach rates are increasing, which is helping to drive the average sales price higher. For example, in the quarter, a global manufacturer supplying the semiconductor industry selected Fusion Manage and Vault PLM over competitive solutions to foster greater collaboration across manufacturing sites and improve operating efficiency.

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。例如，在本季度，一家為半導體行業供貨的全球製造商在競爭解決方案中選擇了 Fusion Manage 和 Vault PLM，以促進製造工廠之間的更廣泛協作並提高營運效率。

Once fully scaled and operational, this customer expects to save 105,000 hours per year by connecting people and data, resulting in reduced product development costs and faster time to market. In the UK, Playdale Playgrounds has been designing, manufacturing and installing outdoor playground equipment for over 40 years.

一旦完全擴展並投入運營，該客戶預計透過連接人員和數據每年可節省 105,000 個小時，從而降低產品開發成本並加快上市時間。在英國，Playdale Playgrounds 設計、製造和安裝戶外遊樂場設備已有 40 多年的歷史。

This quarter, Playdale added Fusion to its existing portfolio of Autodesk solutions, including Inventor, AutoCAD and Vault, to streamline and digitize workflows, optimize production to reduce lead times, reduce nonconformities and replace inefficient Excel-driven operations on the shop floor.

本季度，Playdale 將Fusion 添加到其現有的Autodesk 解決方案組合（包括Inventor、AutoCAD 和Vault）中，以簡化和數位化工作流程、優化生產以縮短交貨時間、減少不合格品並取代車間中低效的Excel 驅動操作。

A long time Autodesk customer and global leader in precision engineering solutions renewed and expanded its EBA in the quarter. In addition to Inventor, Vault and AutoCAD, it is adopting Fusion's generative design capabilities for material waste reduction and fluid flow optimization, and Moldflow, to reduce manufacturing costs and defects while increasing mold yields.

Autodesk 的長期客戶和精密工程解決方案的全球領導者在本季度更新並擴展了其 EBA。除了 Inventor、Vault 和 AutoCAD 之外，它還採用 Fusion 的創成式設計功能來減少材料浪費和流體流動優化，以及 Moldflow，以降低製造成本和缺陷，同時提高模具產量。

In education, universities continue to modernize their courses and curriculum to attract and prepare future engineers. For example, from this winter, students at the University of Stuttgart, Institute for Medical Device Technology, will use Fusion across six courses. Fusion was selected to replace a competitive solution for its modern platform, ease of use, cloud collaboration capabilities and unique combination of PCB and additive manufacturing workflows in a single team environment.

在教育方面，大學繼續對其課程和課程進行現代化改造，以吸引和培養未來的工程師。例如，從今年冬天開始，斯圖加特大學醫療器材技術研究所的學生將在六門課程中使用 Fusion。 Fusion 因其現代平台、易用性、雲端協作功能以及單一團隊環境中 PCB 和增材製造工作流程的獨特組合而被選中來取代競爭解決方案。

And lastly, we continue to work with our customers to ensure they are using the latest and most secure versions of our software. For example, after a period of rapid scaling and diversification, a large multinational manufacturing company in APAC was looking to align compliance rates across its global employee base.

最後，我們繼續與客戶合作，確保他們使用我們軟體的最新、最安全版本。例如，經過一段時間的快速擴張和多元化後，亞太地區的一家大型跨國製造公司希望調整其全球員工群的合規率。

Working collaboratively, we address compliance issues while cementing a long-term partnership and completing one of our largest ever license compliance agreements, which included expanded adoption of Alias and VRED for the Design studio and PDMC for mechanical engineering and rail design.

我們透過協作解決合規問題，同時鞏固長期合作夥伴關係並完成我們有史以來最大的許可合規協議之一，其中包括在設計工作室中擴大採用Alias 和VRED，在機械工程和鐵路設計中擴大採用PDMC。

Attractive long-term secular growth markets, a focused strategy delivering evermore valuable and connected solutions to our customers and a resilient business are generating strong and sustained momentum both in absolute terms and relative to peers. Disciplined execution and capital deployment is driving an even greater operational velocity and efficiency within Autodesk, and we continue to deploy capital to deliver sustainable shareholder value over many years.

有吸引力的長期成長市場、為客戶提供更有價值和互聯解決方案的專注策略以及富有彈性的業務，無論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。嚴格的執行和資本部署正在推動 Autodesk 內部更高的營運速度和效率，多年來我們將繼續部署資本，以實現永續的股東價值。

I retain a tremendous sense of purpose and optimism in the ingenuity and persistence of our customers and for the future.

我對客戶的聰明才智和堅持以及對未來保持著強烈的使命感和樂觀態度。

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) Jason Celino, KeyBanc Capital Markets.

（操作員說明）Jason Celino，KeyBanc 資本市場。

Hey, thanks for taking my questions. Just two for me. The first one, Andrew, some of us are unfamiliar with Janesh. Can you just tell us a little bit more about him and what he brings to Autodesk?

嘿，謝謝你回答我的問題。對我來說只有兩個。第一個，安德魯，我們有些人對賈尼什不熟悉。您能否向我們詳細介紹他以及他為 Autodesk 帶來的成果？

I certainly can. Before I do that, let me make sure that I thank Betsy for everything she brought to Autodesk during this interim period. I really appreciate it. The company appreciates it. Thank you, Betsy. Now we're really excited about Janesh, and let me tell you why we're excited about Janesh.

我當然可以。在此之前，請允許我向 Betsy 在此過渡期間為 Autodesk 帶來的一切表示感謝。我真的很感激。公司對此表示讚賞。謝謝你，貝特西。現在我們對 Janesh 感到非常興奮，讓我告訴你為什麼我們對 Janesh 感到興奮。

As you remember, one of the things I was telling you that I was looking for was someone that was going to be able to dispassionately drive optimization at scale inside of Autodesk. And what that really means is someone that's going to be really inwardly focused, looking at every dollar that we invest and make sure that we're getting the most return for the business that investors are getting the best return from their business.

正如您所記得的，我告訴您的一件事是我正在尋找能夠在 Autodesk 內部冷靜地推動大規模優化的人。這實際上意味著有人真正關注內心，關注我們投資的每一美元，並確保我們為企業獲得最大回報，而投資者也從他們的業務中獲得最佳回報。

The next set of criteria we were looking for, which was a nice-to-have, was time in the seat as a sitting CFO, which was important for us as well. But it was kind of the next nice-to-have after the optimization at scale. Janesh brings a great balance of both of those things, right? He's been in the seat seven years at Elastic, both CFO and COO, driving some fairly turbulent changes inside of Elastic.

我們正在尋找的下一組標準（這是一個很好的條件）是擔任現任財務長的時間，這對我們也很重要。但這是大規模優化後的下一個必備功能。 Janesh 在這兩方面取得了很好的平衡，對嗎？他在 Elastic 任職七年，擔任首席財務官和首席營運官，在 Elastic 內部推動了一些相當動蕩的變革。

So he's got battle scars from pushing inside the company to get changes done inside, and we like that. We like that a lot. He's also got very good early experience at companies that we feel have always added value to Autodesk. So he was it VMware in a senior position. He was at Cisco in a senior position.

因此，他因推動公司內部變革而留下了戰鬥傷痕，我們喜歡這一點。我們非常喜歡這樣。他在早期的公司中也累積了非常豐富的經驗，我們認為這些經驗一直為 Autodesk 帶來了價值。所以他在 VMware 擔任高階職務。他曾在思科擔任高階職位。

We've had good success bringing people from those kind of companies. He worked at those companies driving optimization at scale, which is the number one criteria I was looking for when we were driving this work. He also has another nice-to-have. He's got knowledge of our industry. He spent two years at PTC in his career. He was actually recently on the PTC Board. So he understands our industry, and he'll be able to get up to speed pretty quickly.

我們在從這類公司引進人才方面取得了巨大成功。他曾在那些推動大規模優化的公司工作，這是我在推動這項工作時尋找的首要標準。他還有另一個值得擁有的東西。他對我們的行業很了解。他的職業生涯在 PTC 工作了兩年。事實上，他最近剛加入 PTC 董事會。所以他了解我們的行業，並且能夠很快跟上。

The number one goal here: drive optimization at scale over the next few years, make sure that we're getting everything we need from every dollar we invest, which is a very important theme for Autodesk. And with that, I'm really excited, and I'm looking forward to him joining in December.

這裡的首要目標是：在未來幾年內大規模推動優化，確保我們從投資的每一美元中獲得所需的一切，這對 Autodesk 來說是一個非常重要的主題。說到這裡，我真的很興奮，我期待他在 12 月加入。

Okay. Great. Interesting. And then for my second question, now that you do have a CFO, do you have any thoughts on when you might hold the next Investor Day? I think in the past, you usually did it in March. Is that a good time frame? Or is that too soon? Thanks.

好的。偉大的。有趣的。對於我的第二個問題，既然您已經有了財務官，您對何時舉辦下一次投資者日有什麼想法嗎？我想在過去，你通常在三月做。這是一個好的時間框架嗎？還是說太早了？謝謝。

Yes. Well, Janesh is joining in December. I think we need to give him time to get his sea legs on giving time to kind of drive the end of the year and actually get us set up for next fiscal year in good speed. So I would say it's unlikely we'll be doing anything in the spring, but we'll get back to you on that as soon as Janesh is ready to talk about those things.

是的。嗯，Janesh 將於 12 月加入。我認為我們需要給他時間，讓他在年底前取得進展，並真正讓我們以良好的速度為下一個財政年度做好準備。所以我想說，我們不太可能在春季做任何事情，但一旦 Janesh 準備好談論這些事情，我們就會盡快回覆您。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，格里芬證券。

Thank you. Andrew, as of the third quarter, your three year CAGR for current RPO is about 12%. How are you thinking about the sustainability, or perhaps improvement, upon that CAGR or CRPO over the next number of years? When we think about the ingredients of that, it looks like, over the last several years, the CAGR for your unit volume for all brands is roughly 6% to 7% in the aggregate.

謝謝。 Andrew，截至第三季度，目前 RPO 的三年複合年增長率約為 12%。您如何看待未來幾年 CAGR 或 CRPO 的可持續性或改進？當我們考慮其中的成分時，看起來在過去幾年中，所有品牌的單位銷售的複合年增長率總計約為 6% 至 7%。

So on top of that, you've had price and other ingredients, but perhaps talk about how you think you might be able to improve upon the most recent trajectory for current RPO, then my follow-up.

因此，最重要的是，您已經了解了價格和其他要素，但也許可以談談您認為如何能夠改進當前 RPO 的最新軌跡，然後是我的後續行動。

Yes. Jay, this is Betsy. Let me just give you a couple of things. There's a number of things that are going on, on the headline of the CRPO number. If you first take away the headwinds and the tailwinds, CRPO was broadly consistent with the second quarter. And as I mentioned in my opening commentary, early renewals and growth, and the new transaction model, are providing a tailwind.

是的。傑伊，這是貝特西。讓我告訴你幾件事。在 CRPO 資料的標題中，有很多事情正在發生。如果先剔除不利因素和有利因素，CRPO 與第二季基本一致。正如我在開場評論中提到的，早期的更新和成長以及新的交易模式正在提供推動力。

And then there's also a headwind to CRPO growth from the declining contribution of billed and unbilled deferred revenue from the large multiyear EBA cohorts coming up for renewal in fiscal '26. And just as a reminder, these are the same larger cohorts we are calling out as tailwinds to free cash flow for next year. And if you look back to fiscal '22, we saw the same dynamic ahead of the fiscal '23 renewals as well.

此外，CRPO 的成長也面臨阻力，因為來自 26 財年續訂的大型多年 EBA 族群的已計費和未計費遞延收入的貢獻不斷下降。提醒一下，我們將這些更大的群體稱為明年自由現金流的順風車。如果你回顧一下 22 財年，我們在 23 財年續約之前也看到了同樣的動態。

Okay. Since new management is part of the news this evening, could you talk about how you're thinking about the Chief Revenue Officer position? Would it make sense perhaps to continue to have a separate CRO? Or do you think it might make more sense perhaps to combine CRO and COO?

好的。由於新管理層成為今晚新聞的一部分，您能談談您對首席營收官職位的看法嗎？繼續設立單獨的 CRO 是否有意義？或者您認為將 CRO 和 COO 結合起來可能更有意義嗎？

Yes. So we're going to continue to have a separate CRO because we have various functions that work together there under the COO organization, including our IT organization, our infrastructure and all things associated.

是的。因此，我們將繼續擁有一個單獨的 CRO，因為我們在 COO 組織下擁有各種職能，包括我們的 IT 組織、基礎設施和所有相關事物。

What we're looking for in our CRO is someone that understands how to continue to drive a business when you have direct engagement with the customer. So that means someone that really understands what it takes to analyze self-service patterns, actually understand the data that comes in from the customers to help drive cross-sell and upsell while also transforming a channel from a transactionally focused extension of Autodesk to kind of a solution partner that's driving life cycle solutions for our customers. So that's the kind of role we're looking for here. And yes, it's going to continue to be a stand-alone CRO role within the COO organization.

我們在 CRO 中尋找的是懂得在與客戶直接接觸時如何繼續推動業務的人。因此，這意味著有人真正了解如何分析自助服務模式，真正了解來自客戶的數據，以幫助推動交叉銷售和追加銷售，同時也將管道從Autodesk 的以事務為中心的擴展轉變為某種形式的服務。這就是我們在這裡尋找的角色。是的，它將繼續成為 COO 組織內的獨立 CRO 角色。

Thank you very much.

非常感謝。

Adam Borg, Stifel.

亞當·博格，斯蒂菲爾。

Awesome. Thanks so much for taking the questions and congrats to Betsy and Janesh. Maybe on the new transaction model, I know it's still early, but I was just curious, are there any learnings from those customers that are on the new model that you're seeing in terms of the adoption of Autodesk technology and the ability to find white space to better upsell and cross-sell different solutions now that you have a more direct relationship?

驚人的。非常感謝您提出問題，並恭喜 Betsy 和 Janesh。也許在新的交易模式上，我知道現在還為時過早，但我只是很好奇，在採用 Autodesk 技術和尋找新模式的能力方面，那些使用新模式的客戶是否有任何經驗教訓？了更直接的關係，就需要留出空間來更好地追加銷售和交叉銷售不同的解決方案嗎？

Yes, Adam, it's really early on to be able to make any kind of conclusions about that. What I can tell you is that we definitely see some shifts to some of the direct channels at Autodesk for customers that were probably just served on a very kind of arm's length kind of transactional level. But in terms of driving cross-sell and upsell, early days, early days.

是的，亞當，現在就得出任何結論還為時過早。我可以告訴你的是，我們確實看到 Autodesk 的一些直接管道發生了一些轉變，這些管道可能只是在一個非常公平的交易層級上提供服務。但就推動交叉銷售和追加銷售而言，仍處於早期階段。

But If you want to get a sense for how that might evolve, we've got experience with our EBA's, our enterprise business agreements, and we've learned over the years that having that kind of relationship with the customer where we really understand their usage patterns, who they are and what they're doing.

但是，如果您想了解這種情況將如何發展，我們在 EBA、企業業務協議方面擁有豐富的經驗，而且多年來我們了解到，與客戶建立這種關係，我們真正了解他們的需求使用模式、他們是誰以及他們在做什麼。

We are much more effective at driving cross-sell and upsell even when partnering with our channel partners. So I think those kind of stand as a testament of what's possible as we move forward with completion of the new transaction model.

即使與我們的通路合作夥伴合作，我們也能更有效地推動交叉銷售和追加銷售。因此，我認為這些證明了我們在完成新交易模式的過程中所實現的可能性。

Great. And maybe just as a quick follow-up, just as we think about the new administration coming in, you talked about the macro being broadly consistent. Any change in tone in your conversations with the end markets in terms of optimism or their ability or willingness to expand new projects ahead of the administration? Any pause or just full steam ahead? I'm just curious, any commentary you have there from a macro perspective would be really, really helpful. Thank you so much.

偉大的。也許只是作為一個快速的後續行動，正如我們思考新政府即將上任時，您談到宏觀經濟大致一致。在您與終端市場的對話中，在樂觀態度或他們在政府之前擴展新項目的能力或意願方面有什麼變化嗎？有暫停還是全速前進？我只是很好奇，你從宏觀角度發表的任何評論都會非常非常有幫助。太感謝了。

What I'll say is the things that matter to our customers are bipartisan things, all right? Our customers care about infrastructure build-outs. Both parties care about infrastructure build-outs. Our customers care about domestic manufacturing, be it in Europe, be it in the United States.

我要說的是，對我們的客戶來說重要的事情是兩黨共同的事情，好嗎？我們的客戶關心基礎建設。雙方都關心基礎建設。我們的客戶關心國內製造，無論是在歐洲或美國。

Both parties agree that domestic manufacturing build-outs are important. It's supply chain independence, supply chain stability. All of these things are bipartisan issues that really affect our customers. So regardless of the administration, I suspect the things that are important to our customers are continuing to be a focus.

雙方都認為國內製造業擴張非常重要。就是供應鏈的獨立性、供應鏈的穩定性。所有這些都是真正影響我們客戶的兩黨問題。因此，無論政府如何，我懷疑對我們的客戶來說重要的事情將繼續成為焦點。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

On the outlook for next year, $2.050 billion in free cash has, I think, been the expectation for the past year now. Within the last year, you've also seen more co-terming of contracts. And I think that leads to better billings in FY26. So my question is, does that actually create the potential that things are better, and that's why you're qualifying now the $2.050 billion as the midpoint of possibilities?

就明年的前景而言，我認為 20.5 億美元的自由現金已經是過去一年的預期。去年，您還看到了更多的共同合約條款。我認為這會帶來 2026 財年更好的帳單。所以我的問題是，這是否真的創造了讓事情變得更好的潛力，這就是為什麼你現在將 20.5 億美元作為可能性的中點？

There's no change to how we've talked about the free cash flow guide for fiscal '26. It continues to be $2.05 billion at the midpoint.

我們談論 26 財年自由現金流指南的方式沒有改變。中間值仍為 20.5 億美元。

Okay. Fair enough. And then just on the M&A environment, over recent history, Autodesk has been more in a mode of, I would say, strategic tuck-ins. I think there was actually an asset in the CFE simulation space that was announced during AU in the quarter. Is that the right approach for Autodesk, just given this point in time, all the work you've done to build out the cloud platform, the data model and so these tuck-ins make the most sense? And if that's true, how would you maybe compare and contrast some of the larger scale M&A that's happening with your peers in the space?

好的。很公平。然後就併購環境而言，在最近的歷史中，我想說，歐特克更處於一種策略整合模式。我認為 CFE 模擬領域實際上有一項資產是在本季 AU 期間宣布的。對於 Autodesk 來說，這是否是正確的方法？如果這是真的，您會如何與該領域的同行進行一些更大規模的併購？

Yes. So look, consolidation in our space is inevitable. I'm not going to comment on any specific deal. But here's what I'll say, Autodesk has always been an acquisitive company, and we will be an acquisitive company when that makes both strategic and financial sense for the company.

是的。所以看，我們領域的整合是不可避免的。我不會對任何具體交易發表評論。但我要說的是，歐特克一直是一家收購型公司，當這對公司具有策略和財務意義時，我們也會成為一家收購型公司。

Okay, thank you.

好的，謝謝。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

Yes. Thanks for taking my question. As partners are getting customers just up and running on the new transaction model, we picked up that they're spending a little bit more time than usual of time and resources with those existing customers. So I was curious if that had any impact on new business demand kind of more recently and then just more broadly, any change in new business trends that you think you should call out from versus last quarter.

是的。感謝您提出我的問題。當合作夥伴讓客戶剛啟動並運行新的交易模型時，我們發現他們在現有客戶身上花費的時間和資源比平常多一點。因此，我很好奇這是否對最近的新業務需求產生任何影響，然後更廣泛地講，您認為與上季度相比您應該指出的新業務趨勢的任何變化。

Yes. Elizabeth, it's Betsy. And so just broadly speaking, we continue to see growth but at a slower pace due to a number of factors really over the last several years: macro, COVID, exiting Russia, elections. And while a drag on the forward momentum of the business, all of that's really factored into our guidance. So I kind of just would leave it at that.

是的。伊莉莎白，我是貝特西。因此，從廣義上講，我們繼續看到成長，但由於過去幾年的許多因素，我們的成長速度有所放緩：宏觀經濟、新冠疫情、退出俄羅斯、選舉。雖然拖累了業務的前進勢頭，但所有這些都確實納入了我們的指導中。所以我就這樣吧。

Great. And then a follow-up just on billings. Understanding there's a lot of volatility around the change from multiyear and the transaction model. But it looks like guidance implies a bigger step down in growth in Q4 just despite an easier year ago compare. So I was hoping that you could help us unpack the balance of those headwinds and tailwinds that would drive kind of a greater downtick in growth in Q4.

偉大的。然後是關於帳單的後續行動。了解多年和交易模式的變化存在很大的波動性。但看起來指引意味著第四季的成長將出現更大的下降，儘管與去年同期相比有所放緩。因此，我希望您能幫助我們平衡這些逆風和順風，這將推動第四季度的成長出現更大的下滑。

Well, again, let me start out with just from a fiscal '25 perspective, your billing tailwinds are going to be from the final shift to annual billing, the new transaction model and early renewals. And you're going to get headwinds from co-terming and business booked ahead of the new transaction model launch and, in recent weeks, some FX. So again, I think that we've continued to perform well as we've executed through Q3. And so I think we feel very, very strongly about our expectations for Q4.

好吧，再次讓我從 25 財年的角度開始，您的計費順風將來自最終轉向年度計費、新的交易模式和提前續約。在新交易模式推出之前，您將受到聯合術語和業務預訂以及最近幾週的一些外匯的不利影響。再說一遍，我認為我們在第三季的執行情況繼續表現良好。因此，我認為我們對第四季的期望非常非常強烈。

Bhavin Shah, Deutsche Bank.

巴文·沙阿，德意志銀行。

Yes. Thanks for taking my question and congrats on the quarter. Andrew, at university, there appeared to be a noticeable uptick in attendance and sessions geared towards owners and operators. What's been driving the recent interest from this segment? How much of it is product enhancement you guys have made versus really more focusing and emphasizing from a go-to-market perspective? And how long before this segment of buyers kind of becomes more meaningful to the financials?

是的。感謝您提出我的問題並祝賀本季。安德魯在大學期間，針對業主和經營者的出席率和課程似乎明顯增加。是什麼推動了這一領域最近的興趣？你們所做的產品改進有多少，而不是從進入市場的角度真正更重視和強調？這部分買家多久才能對財務變得更有意義？

Yes, Bhavin, that's an excellent question, right? We're very interested in tackling the whole entire life cycle from design through make, construction, manufacturing all the way into operations. You're probably aware we have a product called Tandem. And a lot of those sessions were driven by increasing interest and increasing adoption of Tandem, which is a digital twin solution tightly coupled to our solutions that also has a toolkit that allows people to easily connect sensor data to the digital twin solution.

是的，Bhavin，這是一個很好的問題，對吧？我們非常有興趣解決從設計到製造、施工、製造一直到營運的整個生命週期。您可能知道我們有一款名為 Tandem 的產品。其中許多會議都是由對Tandem 日益濃厚的興趣和越來越多的採用推動的，Tandem 是一種與我們的解決方案緊密耦合的數位孿生解決方案，它還具有一個工具包，可讓人們輕鬆地將感測器數據連接到數位孿生解決方案。

So you're seeing that uptick because we're directly releasing products and capabilities that are of interest to the owner space. You can expect to see that trend continue over time, and you can expect to see us continue to talk about the owner space, continue to deliver solutions for the owner space and even APIs for the owner space.

所以你會看到這種上升，因為我們直接發布了所有者空間感興趣的產品和功能。隨著時間的推移，您可以期待看到這種趨勢持續下去，您可以期待看到我們繼續談論所有者空間，繼續為所有者空間提供解決方案，甚至為所有者空間提供 API。

It's an area of great interest, especially when it comes not only to vertical buildings, but factories and other things that are related to that as well as infrastructure like what we were doing with some of our water owner solutions. So yes, owners matter. We're building software for them, and you're going to see more of that.

這是一個非常令人感興趣的領域，特別是不僅涉及垂直建築，還涉及工廠和其他與之相關的事物以及基礎設施，例如我們在一些水主解決方案中所做的事情。所以是的，業主很重要。我們正在為他們建立軟體，你會看到更多這樣的事。

Super helpful there. And then, Betsy, one for you, just in terms of the underlying improvement that we've been seeing in the margins. And I know you've called out FX and the transaction model. I know it's very early, but as we think about next year, how do we think about like the impact of FX and the transaction model to kind of the headline operating margins?

那裡超級有幫助。然後，貝特西，一個適合你的，只是就我們在利潤率中看到的潛在改善而言。我知道您已經提到了外匯和交易模型。我知道現在還為時過早，但當我們考慮明年時，我們如何考慮外匯和交易模式對整體營業利潤率的影響？

Well, I wish I could give you that answer, but I think that the new CFO would probably have a little bit of a problem with that. So we'll wait until the end of February to give you more specifics on that.

好吧，我希望我能給你這個答案，但我認為新任財務長可能對此有一點疑問。因此，我們將等到二月底向您提供更多具體資訊。

Tyler Radke, Citi.

泰勒·拉德克，花旗銀行。

Hey, good afternoon, thanks for taking my question. I was going to ask you about a placeholder for next year's guidance, Betsy, but I don't want to waste a question on that, but feel free to answer. But Andrew, I wanted to kind of ask you about some of your comments you made around efficiency, especially as it relates to hiring Janesh, who you pointed out, has a lot of experience at larger companies, VMware, Cisco, et cetera.

嘿，下午好，謝謝你回答我的問題。我本來想問你關於明年指導的佔位符的問題，Betsy，但我不想在這個問題上浪費一個問題，但請隨意回答。但安德魯，我想問您對效率的一些評論，特別是與僱用 Janesh 相關的評論，您指出，她在 VMware、Cisco 等大公司擁有豐富的經驗。

Now that you're a few quarters into this transaction model rollout, you have kind of better visibility on some of the prior channel relationships, having that direct billing with the customer. What are some of the areas that you've identified as having that efficiency potential? And then as we think about that efficiency unlock, should we think about that as incremental to the free cash flow number you have out for next year? Or is that embedded in that already?

現在，您已經推出此交易模型幾個季度了，您可以更好地了解之前的一些管道關係，並與客戶直接計費。您認為哪些領域具有效率潛力？然後，當我們考慮效率解鎖時，我們是否應該將其視為明年自由現金流量的增量？或者它已經嵌入其中了嗎？

So many layers to that question, right? So first, let me kind of answer the question in a curious serious stage and then dodge other ones, okay?

這個問題有很多層，對吧？首先，讓我以好奇、嚴肅的方式回答這個問題，然後迴避其他問題，好嗎？

So first off, optimization is kind of a mindset at Autodesk. It's not something that suddenly happens. I want to reemphasize that because if you look right now this year, for example, when you look at the apples-to-apples comparison, which will be in the slide deck or in our disclosed materials, you can see that our non-GAAP margins are already hitting the targets we set for next year this year, okay? So optimization is a mentality.

首先，最佳化是 Autodesk 的一種心態。這不是突然發生的事。我想再次強調這一點，因為如果你現在看看今年，例如，當你查看幻燈片或我們披露的材料中的同類比較時，你可以看到我們的非公認會計準則今年的利潤率已經達到了我們為明年設定的目標，好嗎？所以優化是一種心態。

You've also heard me say over and over again, as the new transaction model starts to roll out, optimization of our go-to-market efforts is going to be a critical step for us and part of the optimization journey that we're on that's going to deliver margin growth for the company for a couple of years to come, okay? And I think that's important. It's a long-term driver.

您也聽到我一遍又一遍地說，隨著新的交易模式開始推出，優化我們的上市工作將是我們的關鍵一步，也是我們優化之旅的一部分。利潤成長，好嗎？我認為這很重要。這是一個長期的驅動力。

Now with getting into the specifics, okay, I think the specifics are probably for another time, but let me just kind of give you a sense for some of the things that are important, right? One is the drive to self-service, right? Self-service is a huge impact on how our customers will engage with us and where those customers come from, and that is value accretive to Autodesk both on an efficiency side from renewals and other things but also on a revenue growth side through capturing the customers directly.

現在進入具體細節，好吧，我想具體細節可能會在下次討論，但讓我讓您了解一些重要的事情，對嗎？一是自助服務的動力，對嗎？自助服務對於我們的客戶與我們的互動方式以及這些客戶來自哪裡有著巨大的影響，這對 Autodesk 來說不僅可以從續訂和其他方面提高效率，而且還可以透過吸引客戶來實現收入成長。

The other thing I talked about is understanding the customer better, so the upsell and cross-sell. So we're going to be able to do a lot more automation and understanding about where the opportunities are, and that's going to drive some efficiencies. And we're moving the channel partners away from this model of being the transactional players to being the solution providers and the IP providers to our customers. That's going to have all sorts of opportunities to eliminate duplication of effort and drive real cost efficiencies for the company moving forward.

我談到的另一件事是更了解客戶，因此追加銷售和交叉銷售。因此，我們將能夠進行更多的自動化並了解機會在哪裡，這將提高效率。我們正在將通路合作夥伴從這種交易參與者的模式轉變為我們客戶的解決方案提供者和 IP 提供者。這將有各種各樣的機會來消除重複工作並推動公司向前發展真正的成本效率。

So there's both top line efficiencies here in revenue growth, but there's bottom line efficiencies as well through removing the redundancies and steps that just aren't necessary for the customer. You'll get a lot more clarity on that as you see us continue to move forward with this go-to-market optimization into next year and beyond that.

因此，收入成長既有頂線效率，也有透過消除客戶不需要的冗餘和步驟而實現的底線效率。當您看到我們繼續推進明年及以後的上市優化時，您會對此有更清晰的了解。

Great, thanks for details and then my follow-up question, Andrew, you talked about some really strong net new customer additions within the construction cloud, I think, doubling year-over-year. We also saw the Make revenue accelerate to 28% constant currency. Can you just help us understand, do you think that reacceleration is durable? And how are you sort of thinking about just your position there? What's been driving that strength in the new customer additions?

太好了，感謝您提供詳細信息，然後是我的後續問題，安德魯，您談到了建築雲中一些非常強大的淨新客戶增加，我認為，同比增長了一倍。我們也看到，以固定匯率計算，收入成長至 28%。您能否幫助我們理解一下，您認為重新加速是持久的嗎？您如何看待您在那裡的職位？是什麼推動了新客戶成長的強勁勢頭？

So first, let me comment on the make revenue, then I'm going to go into construction. So the make revenue also includes some revenue from PIX and things associated with that. However, let's talk about the facts around our Construction business because I think this is important, right?

首先，讓我評論一下收入，然後我將進入建設階段。因此，製作收入還包括來自 PIX 的一些收入以及與之相關的收入。然而，讓我們談談我們的建築業務的事實，因為我認為這很重要，對嗎？

Number one factor is that we continue to drive consistent high growth in our Construction solutions. You're seeing it. It's built into the Make numbers, and it's the lion's share of those Make numbers. You're really seeing some consistent growth there. That's organically.

第一個因素是我們繼續推動建築解決方案的持續高速成長。你正在看到它。它內建在品牌數據中，並且佔了品牌數據的最大份額。你確實看到了一些持續的成長。這是有機的。

Inorganically, we're actually executing incredibly well on things like Payapps, and that's driving acceleration of our growth. So we are not decelerating as a business, okay? We are actually performing solidly. Inorganically, we're accelerating, all right? And I just want to be really clear about that. And yes, we said year-over-year, we drove a 2 times increase in our new customers. And I'll talk about where some of that's coming from in just a minute.

就組織而言，我們實際上在 Payapps 等方面執行得非常好，這推動了我們的加速成長。所以我們的業務並沒有放緩，好嗎？我們實際上表現得很紮實。無機方面，我們正在加速，好嗎？我只想說清楚這一點。是的，我們說過，我們的新客戶數量逐年增加了兩倍。稍後我將討論其中一些內容的來源。

But I also want to highlight the other thing that's going on. We are strengthening an already strong position in the ENR 400. So you heard about the story about Power Construction, which was a great example of someone taking out a competitive RFP and saying, Look, I need a forward-looking cloud-based solution on new technology that goes end-to-end, from design to construction all the way to operations, and they chose us. And that was just one example that we gave in the opening commentary. So already a strengthening position in the ENR 400.

但我還想強調正在發生的另一件事。我們正在加強在ENR 400 中已經很強大的地位。雲端的前瞻性解決方案端到端的新技術，從設計到施工一直到運營，他們選擇了我們。這只是我們在開場評論中給出的一個例子。因此，ENR 400 中的地位已經得到加強。

Now the other qualitative things that are driving some of that new customer growth is we already have our distribution channel operating at scale. In the US, this is helping us go down market more effectively, which is allowing us to capture more customers more effectively, be it places where we weren't before and where others aren't, which is part of driving that. But also, we're already at scale operating internationally with our distribution channel. So that's driving international growth for us. And that's a really important driver as well as some of those net new accounts that you're seeing there.

現在，推動新客戶成長的其他定性因素是我們已經擁有大規模營運的分銷管道。在美國，這有助於我們更有效地進入下游市場，這使我們能夠更有效地吸引更多客戶，無論是我們以前沒有的地方還是其他人沒有的地方，這是推動這一目標的一部分。而且，我們已經透過我們的分銷管道在國際上進行了規模化運營。這推動了我們的國際成長。這是一個非常重要的驅動因素，以及您在那裡看到的一些淨新帳戶。

And the last thing I'll add, and then I'm done with Construction is that, look, I heard this over and over again at AU, I'm hearing it over and over again from customers in lots of different places, they want the end-to-end solution. They want the license in the cloud. They're placing bets for the next 10 years. They want to go from design to construction to operations, and that's just making our solution more attractive to the market.

我要補充的最後一件事是，然後我完成了構建，看，我在 AU 一遍又一遍地聽到這個，我從很多不同地方的客戶那裡一遍又一遍地聽到它，他們想要端到端的解決方案。他們想要雲端的許可證。他們正在為未來10年下注。他們想要從設計到施工再到運營，這只是讓我們的解決方案對市場更具吸引力。

Michael Turrin, Wells Fargo.

麥可特林，富國銀行。

Hey, thanks very much, appreciate you taking my question. The commentary on the call sounded consistent, but wondering if there are any added details you can provide for us on just the overall macro spend environment and how that's maybe progressing across either key product segments or geos, whatever split you think is more useful.

嘿，非常感謝，感謝您回答我的問題。對這次電話會議的評論聽起來一致，但想知道您是否可以為我們提供任何關於整體宏觀支出環境的補充細節，以及關鍵產品細分或地理區域的進展情況，無論您認為哪種劃分更有用。

I think what we're trying to get a sense for is if there are any shades of improvement anywhere or if you'd characterize as mainly just consistent over the past couple of quarters?

我認為我們想要了解的是，是否有任何改進的跡象，或者您是否認為過去幾季基本上保持一致？

Michael, I think the core answer here is consistency, okay? We're seeing consistent trends that we've seen in all the other quarters. There's always puts and takes in a large business like ours, especially one as diverse as ours. But the general tone is it's consistent with prior quarters.

邁克爾，我認為這裡的核心答案是一致性，好嗎？我們看到了與其他所有季度相同的趨勢。像我們這樣的大型企業，尤其是像我們這樣多元化的企業，總是會有投入和投入。但總體基調是與前幾季一致。

And I would just add that there's also been a lot of noise this year from the new transaction model and then obviously, the elections and leading up to that. And so it's hard to parse out kind of that particular behavior. So I think as Andrew said, we call it consistent.

我想補充一點，今年新的交易模式也產生了很多噪音，顯然，還有選舉及其導致的情況。因此很難解析出那種特定的行為。所以我認為正如安德魯所說，我們稱之為一致性。

Yes, tough for us, too. That's why we keep asking. Betsy, congrats on the transition back. Given you're also on the Board, I think it'd be useful to hear you chime in on the hiring of Janesh and maybe just also comment on how you ensure you're able to hand over the reins and keep progress going on the key transitions the company is working through.

是的，對我們來說也很困難。這就是我們不斷詢問的原因。貝特西，恭喜你回歸。鑑於您也是董事會成員，我認為聽到您對聘用 Janesh 的意見會很有幫助，也許還可以評論一下您如何確保能夠交出權力並保持進展公司正在經歷的關鍵轉變。

Firstly, I was involved in the process, which was quite extensive in the company, and the recruiting of Janesh. And so we're certainly very excited to have him onboard. What I would also say is, obviously, with my experience of being on the Board for 11 years as well as my deep dive into the business over the last six months, one of the reasons I'm staying around until the end of the fiscal year is I think I can be really helpful in that transition for Janesh. And so I'm very much looking forward. And I think that we have a great finance team, and I think that he's going to fit very well, and I'm looking forward to making that happen as fast as we can.

首先，我參與了公司相當廣泛的流程以及Janesh的招募。因此，我們當然非常高興他的加入。顯然，我還要說的是，憑藉我在董事會任職 11 年的經驗以及過去六個月對業務的深入了解，這是我一直留任到本財年結束的原因之一今年我認為我可以為Janesh的過渡提供真正的幫助。所以我非常期待。我認為我們擁有一支出色的財務團隊，我認為他會非常適合，我期待盡快實現這一目標。

Matthew Hedberg, RBC Capital Markets.

馬修‧赫德伯格，加拿大皇家銀行資本市場部。

This is Mike Richards on for Matt. thanks for taking my question. I was wondering if you could provide an update on Project Bernini and maybe how customer reception has been and where we are in developing other foundational models or just the monetization opportunity there?

我是麥克理查茲 (Mike Richards) 替馬特 (Matt) 發言。感謝您提出我的問題。我想知道您是否可以提供有關貝爾尼尼項目的最新信息，以及客戶接待情況以及我們在開發其他基礎模型或只是那裡的貨幣化機會方面的進展情況？

Yes. So first off, before I comment on Bernini, as you might have heard from AU, AI is embedded in everything we're doing from a bottom-up and a top-down perspective. And you also heard us talk at AU about new types of foundation models we're building that understand how certain things are done in our applications. You heard about a foundation model that's driving automated drawing creation. You heard about a foundation model that's driving automated sketch generation and sketch constraints. That kind of stuff is bottom-up innovation.

是的。首先，在我評論貝尼尼之前，正如您可能從 AU 那裡聽到的那樣，人工智慧從自下而上和自上而下的角度嵌入到我們所做的一切中。您還聽到我們在 AU 談論我們正在建立的新型基礎模型，這些模型了解應用程式中某些事情是如何完成的。您聽說過一個推動自動化繪圖創建的基礎模型。您聽說過推動自動草圖產生和草圖約束的基礎模型。這類東西就是由下而上的創新。

Bernini is more of a top-down type innovation where you're actually specifying things and trying to generate a preliminary outcome from those specifications. And what we've been doing with Bernini is we've been trying to engage with certain targeted customers to get them to participate with us in making Bernini smarter and more intelligent. It's not available commercially right now, but it's getting more intelligent.

貝尼尼更像是一種自上而下的創新，您實際上是在指定事物並嘗試從這些規範中產生初步結果。我們一直在與貝尼尼一起做的是，我們一直在努力與某些目標客戶互動，讓他們與我們一起讓貝尼尼變得更聰明。它目前還沒有商業化，但它正在變得更加智慧。

We've actually been successful in getting some customers to stand up and say, Look, yes, I'd like to work with you to make this more intelligent because we need something that actually understands 3D geometry, as geometry not just as a picture of something, okay? So that's what's going on with Bernini right now, and you should continue to see refinements and extensions of that moving forward.

事實上，我們已經成功地讓一些客戶站起來說，看，是的，我想與您合作，讓這個變得更加智能，因為我們需要真正理解 3D 幾何的東西，因為幾何不僅僅是圖片某事，好嗎？這就是貝爾尼尼現在正在發生的事情，你應該繼續看到它的改進和擴展。

Now with regard to monetization, monetization, nobody knows exactly how all this is going to be monetized. But there's a few vectors here that come into play. One, we are ahead of our competitors in this space. We intend to be ahead. We're investing to stay ahead.

現在關於貨幣化，貨幣化，沒有人確切知道這一切將如何貨幣化。但這裡有一些向量發揮作用。第一，我們在這個領域領先競爭對手。我們打算領先。我們進行投資是為了保持領先地位。

That increases one's competitive position in the marketplace, and that's really important also, you get to be able to charge for some of these incremental features in the future. When you're delivering value or a high-quality outcome as a result, you're going to charge for that outcome. How we charge for those things? Let's let this play out, okay? It's still early days.

這提高了市場中的競爭地位，這也非常重要，您將來可以對其中一些增量功能進行收費。當您交付價值或高品質的結果時，您就要為該結果付費。我們如何對這些東西收費？讓我們把這件事演完吧，好嗎？現在還為時過早。

But there's also monetization opportunities through licensing certain technologies for specific maturation for a specific customer's needs, all right? That will be another avenue. So how these avenues play out, which one weighs more, let's let this play out.

但是，透過授權某些技術以使其成熟以滿足特定客戶的需求，也可以獲得貨幣化機會，好嗎？那將是另一條途徑。那麼這些途徑如何發揮作用，哪一種比較重要，讓我們拭目以待。

But what you need to know about Autodesk is we're ahead. We've been ahead for a while. We were the first out there with an AI research lab that's been out there for over 6 years. It's published 70 papers. We're right on the cutting edge of 3D design technology and AI, and we intend to stay there.

但關於 Autodesk，您需要了解的是我們處於領先地位。我們已經領先了一段時間。我們是第一個擁有人工智慧研究實驗室的公司，該實驗室已經成立超過 6 年了。已發表論文70篇。我們正處於 3D 設計技術和人工智慧的最前沿，並且我們打算保持這一水平。

Steve Tusa, JPMorgan.

史蒂夫圖薩，摩根大通。

Hi, good evening or afternoon. Lots of good questions asked. Just a detailed one, what's the change in the billings contribution from the transaction model change, the 5% to 6% to 5% to 5.5%.

嗨，晚上好或下午好。問了很多好問題。只是詳細一點，交易模型變化帶來的帳單貢獻有什麼變化，5%到6%到5%到5.5%。

Yes. So it's basically because we did more buy-sell business ahead of the European launch. It's the short answer. Remember, we said 5% to 6% when we launched Europe, and it was we did more buy-sell business, which means there's less tailwind from the new transaction model. The flip side of that means that the underlying increase in our billings guidance is greater than it looks on a headline basis.

是的。所以這基本上是因為我們在歐洲推出之前做了更多的買賣業務。這是簡短的答案。請記住，我們在推出歐洲時說過 5% 到 6%，而且我們做了更多的買賣業務，這意味著新交易模式的推動作用較小。另一方面，我們的帳單指引的潛在成長量比總體上看起來要大。

Joshua Tilton, Wolfe Research.

約書亞‧蒂爾頓，沃爾夫研究中心。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Great. I have a kind of a high-level one on the incoming CFO. If I heard correctly, we didn't exactly get like an initial outlook for revenue growth for next year. And I'm just trying to understand, in the context of the new CFO coming in, is there anything that could change the calculus of how you guys think about that 10% to 15% growth for the underlying business outside of the agency transition that's ongoing today?

偉大的。我對即將上任的財務長有一個高層的要求。如果我沒聽錯的話，我們並沒有完全得到明年營收成長的初步預期。我只是想了解，在新財務長上任的背景下，是否有任何事情可以改變你們對機構轉型之外的基礎業務 10% 到 15% 增長的看法今天正在進行嗎？

Well, first, let's talk about that framework a little bit, and then I'll comment a little bit on the incoming CFO.

好吧，首先，讓我們稍微討論一下該框架，然後我將對即將上任的財務長發表一些評論。

So look, the 10% to 15% growth, right now, we're pretty much right at the bottom end of that range. And if we look back over the last two years, there's been a series of things that created headwinds to new business. It started off with things like the pandemic, the inflation, the exiting of the Russian business, the writer strike, the whole trade wars within particular geographies. All of these things were accumulated headwinds that built slowly into the business and have pushed us down to the low end of the range.

所以看，目前 10% 到 15% 的成長，我們幾乎處於該範圍的底部。如果我們回顧過去兩年，就會發現一系列的事情為新業務帶來了阻力。它始於疫情、通貨膨脹、俄羅斯企業退出、作家罷工、特定地區內的整個貿易戰等。所有這些都是累積的逆風，慢慢地融入到業務中，並將我們推向了範圍的低端。

It takes time in a subscription model for those things to build out of the business, okay? So it's going to take time for us to build out of that. That's to be expected with the subscription model. The revenue goes down slowly. It goes back up slowly as headwinds turn into tailwinds.

在訂閱模式中，從業務中建立這些東西需要時間，好嗎？因此，我們需要時間來解決這個問題。這是訂閱模式的預期結果。收入慢慢下降。當逆風變成順風時，它會慢慢回升。

So expect us to be near the bottom of that range in the short term, just as a general kind of guideline for the core business, to be at the bottom of the range, okay? As a long-term framework, the 10% to 15% still makes sense as a long-term guide for the company. But of course, as new eyes come in, we'll look at these things and we'll evaluate them. But right now, this all still makes sense.

因此，預計我們在短期內會接近該範圍的底部，就像核心業務的一般指導方針一樣，處於該範圍的底部，好嗎？作為一個長期框架，10%到15%作為公司的長期指導仍然有意義。但當然，隨著新的眼光的到來，我們會審視這些事情並評估它們。但現在，這一切仍然有意義。

Siti Panigrahi, Mizuho.

西蒂·帕尼格拉希，瑞穗。

Thanks for taking my question. I understand the new business model has some kind of noise in your expense and margin side. But if you exclude that, where do you see some of the operating leverages that you can drive in next year or so?

感謝您提出我的問題。我了解新的商業模式在您的費用和利潤方面會產生一些噪音。但如果排除這一點，明年左右可以推動的一些營運槓桿在哪裡？

Well, I think we've actually provided kind of historically what we've done over the last three years pretty clearly. And I think we said that we're continuing to be focused on expansion, but nothing further to add as far as next year.

嗯，我認為我們實際上已經相當清楚地提供了過去三年我們所做的事情的歷史。我認為我們說過我們將繼續專注於擴張，但到明年就沒有進一步增加的內容。

We did provide data on that. So you can see what the underlying thing is, and we expect to see continued improvement in that same vector.

我們確實提供了這方面的數據。所以你可以看到根本的東西是什麼，我們期望看到相同向量的持續改進。

On the same basis.

在同樣的基礎上。

On the same basis, on the same apples-to-apples basis.

在相同的基礎上，在相同的同類基礎上。

Michael Funk, Bank of America.

麥可‧芬克，美國銀行。

Hey, guys, thanks for taking my question. Two, if I could. You've mentioned a few times in the last calls about the largest multiyear cohort renewing next year and then also a large EBA cohort. Just wondering if you can give us kind of the range of potential outcomes among the renewals there, whether potential to upsell, risk of down sell and what that variance might look like around those renewals.

嘿，夥計們，謝謝你提出我的問題。兩個，如果可以的話。您在上次電話會議中多次提到明年將進行最大的多年期續約，然後還有大型 EBA 隊列。只是想知道您是否可以向我們提供續訂中潛在結果的範圍，是否有可能向上銷售，向下銷售的風險以及這些續訂周圍的差異可能會是什麼樣子。

No. I mean I think what we have said is that it's the largest cohort, and we saw that performance in '23, and so we expect a strong renewal year. But we're not giving any specific guidance on what that looks like for '26 at this point, and we'll wait until we report earnings in February.

不，我的意思是，我認為我們所說的是，這是最大的群體，我們在 23 年看到了這種表現，因此我們預計今年會出現強勁的更新。但目前我們還沒有就 26 年的情況給予任何具體指導，我們將等到 2 月報告收益。

Okay. Great. And then, Betsy, one more. You've mentioned a few times also the investment in new transaction model, people, processes and automation, presumably more fixed cost versus variable like commission. Can you quantify that for us to help us with modeling as we try to forecast margin? I know you're not giving us guidance, but a better understanding of what that cost might actually be on an absolute basis would help us to think about our modeling.

好的。偉大的。然後，貝特西，再來一張。您也多次提到新交易模式、人員、流程和自動化的投資，大概是固定成本與佣金等變動成本相比。您能否量化這一點，以幫助我們在嘗試預測利潤時進行建模？我知道您沒有給我們指導，但更好地了解該成本實際上可能是絕對的，這將有助於我們思考我們的建模。

Mike, we've got a slide in the earnings deck to help you think about modeling, and I'll just point you to that.

麥克，我們在收益表中提供了一張投影片來幫助您考慮建模，我只是向您指出這一點。

And ladies and gentlemen, 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?

女士們先生們，這就是我們今天問答的全部時間。現在我想請西蒙·梅斯·史密斯（Simon Mays-Smith）致閉幕詞。先生？

Great. Thanks, Latif, and thank you, everyone, for joining us today. Looking forward to seeing many of you on the road over the next few weeks. If you have any questions in the meantime, please e-mail me or call me. And in the meantime, for those of you in North America, wishing you a very happy Thanksgiving. Thanks, Latif.

偉大的。謝謝拉蒂夫，也謝謝大家今天加入我們。期待在接下來的幾週內在路上見到你們中的許多人。如果您在此期間有任何疑問，請給我發電子郵件或打電話。同時，祝北美的人們感恩節快樂。謝謝，拉蒂夫。

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

謝謝你，西蒙。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。