Autodesk Inc (ADSK) 2025 Q4 法說會逐字稿

Thank you for standing by and welcome to Autodesk fourth-quarter and full year fiscal 2025 earnings conference call.

感謝您的支持，歡迎參加 Autodesk 2025 財年第四季和全年財報電話會議。

(Operator Instructions)

（操作員指令）

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

現在，我想將電話轉給投資者關係副總裁 Simon Mays-Smith。請繼續。

Thanks, operator and good afternoon.

謝謝接線員，下午好。

Thank you for joining our conference call to discuss Autodesk's fiscal '25 fourth-quarter and full year results.

感謝您參加我們的電話會議討論 Autodesk 25 財年第四季和全年業績。

Andrew Anagnost, our CEO; and Janesh Moorjani, our CFO are on the line with me.

我們的執行長 Andrew Anagnost；我們的財務長 Janesh Moorjani 也和我通話。

During this call, we will make forward-looking statements including outlook and related assumptions and on products, go-to-market and strategies. Actual events or results could differ materially. Please refer to our SEC findings, including our most recent Form 10-Q and the Form 8-K filed with today's press release for important risks and other factors that may cause our actual results to differ from those in our forward-looking statements. Forward-looking statements made during the call are being made as of today. If this call is replayed or reviewed after today, the information presented during the call may not contain current or accurate information. Autodesk disclaims any obligation to update or revise any forward-looking statements. We will quote several numeric or growth changes during this call as we discuss our financial performance. Unless otherwise noted, each such reference represents a year on year comparison. All non-GAAP numbers referenced in today's call are reconciled in our press release or excel financials and other supplemental materials available on our Investor Relations website.

在本次電話會議中，我們將做出前瞻性陳述，包括展望和相關假設以及產品、市場進入和策略。實際事件或結果可能有重大差異。請參閱我們的美國證券交易委員會調查結果，包括我們最新的 10-Q 表和與今天的新聞稿一起提交的 8-K 表，以了解可能導致我們的實際結果與前瞻性陳述不同的重要風險和其他因素。電話會議期間所做的前瞻性陳述截至今日為止均有效。如果今天之後重播或審查此通話，通話期間提供的資訊可能不包含最新或準確的資訊。Autodesk 不承擔更新或修改任何前瞻性聲明的義務。在討論財務表現時，我們將在本次電話會議中引用幾個數字或成長變化。除非另有說明，每個參考值均代表同比變化。今天電話會議中引用的所有非 GAAP 數據均已在我們的新聞稿或 Excel 財務報表以及其他補充資料中進行了核對，這些補充資料可在我們投資者關係網站上找到。

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

現在，我將電話轉給安德魯。

Thank you, Simon, and welcome, everyone to the call.

謝謝您，西蒙，歡迎大家參加電話會議。

Autodesk delivered strong fourth quarter and full year results. Buildings in revenue topped the higher end of our expected range despite new foreign exchange headwinds, while margins and free cash flow exceeded our expectations.

Autodesk 第四季和全年業績表現強勁。儘管面臨新的外匯逆風，但建築收入仍超過了我們預期範圍的高端，而利潤率和自由現金流也超出了我們的預期。

You will all have seen our restructuring announcement this afternoon, which has two parts. First, we have initiated the optimization phase of our sales and marketing plan. And second, we are reallocating internal resources to accelerate our strategic priorities and strengthen our resilience.

大家今天下午應該都看到了我們的重組公告，它分成兩個部分。首先，我們已經啟動銷售和行銷計劃的最佳化階段。其次，我們正在重新分配內部資源，以加速我們的策略重點並增強我們的韌性。

Let me talk about them in turn. Our go-to-market, GTM model has evolved significantly and purposefully from the transition to subscription and multi-year contracts billed annually through self-service enablement, the adoption of direct billing, and more.

我來依序說一下。我們的行銷 GTM 模式已發生了重大而有目的性的變化，從過渡到訂閱和多年期合同，透過自助服務支持、採用直接計費等方式每年計費。

We are now beginning the optimization phase, which positions Autodesk to better meet the evolving needs of its customers and channel partners. This comes from faster and less complex processes and more digital self-service and automation that enable tighter channel partnerships and less duplication of effort.

我們現在開始優化階段，這使 Autodesk 能夠更好地滿足客戶和通路合作夥伴不斷變化的需求。這是因為流程更快、更簡單，數位化自助服務和自動化程度更高，從而可以建立更緊密的通路合作夥伴關係，減少重複勞動。

Autodesk will continue to evolve its GTM to increase customer satisfaction and Autodesk productivity. Our current focus is on marketing, customer success, and operations, with an emphasis on consolidating teams into the centers of excellence and investing in systems and processes that increase sales and marketing S&M, efficiency at scale.

Autodesk 將繼續改善其 GTM，以提高客戶滿意度和 Autodesk 的工作效率。我們目前的重點是行銷、客戶成功和運營，重點是將團隊整合到卓越中心，並投資於可提高銷售和行銷 S&M 效率的系統和流程。

Our future focus will be on tighter channel partner integration, which will drive sales productivity and a greater emphasis on value creation for customers and the broad deployment of self-service capabilities to further increase sales and marketing efficiency.

我們未來的重點將放在更緊密的通路合作夥伴整合上，這將提高銷售效率，更加註重為客戶創造價值，廣泛部署自助服務功能，以進一步提高銷售和行銷效率。

Through this ongoing optimization, we expect operating profit dollars and pre new transaction model non-GAAP margin improvement in both fiscal '25 and fiscal '27. And once the optimization phase is complete, we expect to deliver GAAP margins among the best in the industry.

透過持續的優化，我們預計 25 財年和 27 財年的營業利潤和新交易模型前非 GAAP 利潤率都將有所提高。一旦優化階段完成，我們預計 GAAP 利潤率將達到業界最高水準。

Turning to where we are. Reallocating internal resources to focus on the long term. Autodesk is focused on the convergence of design and make in the cloud, enabled by platform, industry clouds, and AI. Our investments in cloud, platform, and AI are ahead of our peers and will drive growth by providing our customers with increasingly valuable and connected solutions and supporting a much broader customer and developer ecosystem.

轉向我們所在的地方。重新分配內部資源，著眼於長遠發展。Autodesk 專注於透過平台、產業雲和 AI 實現雲端設計與製造的整合。我們在雲端、平台和人工智慧方面的投資領先於同行，並將透過為客戶提供越來越有價值和互聯的解決方案以及支援更廣泛的客戶和開發者生態系統來推動成長。

To maintain and extend this leadership, we're shifting resources across the company to accelerate investments in these high potential strategic priorities. We are also building the capabilities we will need to enable future optimization and ensuring that we distribute critical expertise globally to remain competitive, resilient, and flexible.

為了維持和擴大這一領導地位，我們正在整個公司範圍內轉移資源，以加快對這些具有高潛力的策略重點的投資。我們也正在建立實現未來最佳化所需的能力，並確保我們在全球範圍內分發關鍵專業知識，以保持競爭力、彈性和靈活性。

As I said last quarter, we are generating strong and sustained momentum in absolute terms and relative to peers. There are three main reasons: attractive long-term secular growth markets, a focused strategy delivering ever more valuable and connected solutions to our customers, and a resilient business.

正如我上個季度所說，無論從絕對值還是相對於同行而言，我們都在形成強勁而持續的發展勢頭。主要有三個原因：具吸引力的長期成長市場、為客戶提供更有價值、更互聯的解決方案的專注策略、以及有彈性的業務。

Disciplined execution is driving greater operational velocity and efficiency. We are deploying capital to grow the business, further reduce our share count, and enhance value creation over time. We believe these factors will deliver sustainable shareholder value over many years.

嚴格的執行正在推動更高的營運速度和效率。我們正在部署資本來發展業務，進一步減少我們的股份數量，並隨著時間的推移提高價值創造。我們相信這些因素將在多年內為股東帶來可持續的價值。

Janesh is with me here at our annual sales conference today. We're excited to have him at Autodesk, and he's already making an impact. I'd like to welcome him and turn the call over to him so he can take you through our results and guidance for the year ahead.

今天，Janesh 和我一起參加了我們的年度銷售會議。我們很高興他能加入 Autodesk，而且他已經發揮了重要作用。我歡迎他的到來，並將電話轉給他，以便他能向大家介紹我們的業績和未來一年的指導。

I'll then come back to provide an update on our strategic growth initiatives.

然後我會回來提供有關我們的策略成長計劃的最新情況。

Thanks, Andrew.

謝謝，安德魯。

I am delighted to be here with all of you.

我很高興和大家一起來到這裡。

Before I get into our results, I'll touch on two areas of potential that I saw that attracted me to Autodesk.

在介紹我們的成果之前，我想先談談吸引我加入 Autodesk 的兩個潛在領域。

First, we are well positioned to deliver growth at scale as we drive the convergence of design and make in the cloud enabled by platform, industry clouds, and AI.

首先，透過平台、產業雲和人工智慧推動雲端設計與製造的融合，我們有能力實現規模成長。

And second, we have significant potential to drive expanded profitability as we further optimize the level and effectiveness of investments in the business. Having spent the last few months gaining a deeper understanding of the business, I am confident in our ability to do both.

其次，隨著我們進一步優化業務投資水準和效益，我們有巨大的潛力提高獲利能力。在過去的幾個月裡，我對業務有了更深入的了解，我對我們能夠做到這兩點充滿信心。

Let's turn to the results. The fourth quarter and full year fiscal '25 results were strong. Overall, the broader economic environment and the underlying momentum of the business in the fourth quarter were consistent with the last few quarters, with continuing strong renewal rates and headwinds to new business growth.

讓我們來看看結果。25財年第四季及全年業績強勁。總體而言，第四季的整體經濟環境和業務基本動能與前幾季一致，續約率持續保持強勁，新業務成長面臨阻力。

Total revenue in the fourth quarter grew 12% as reported and in constant currency. We generated broad-based growth across products and regions. By product and constant currency, AutoCAD and AutoCAD LT revenue grew 9%, AECO revenue grew 15%, manufacturing revenue grew 10%, and in the low teens excluding upfront revenue, and M&E revenue grew 10%.

第四季總收入按報告和固定匯率計算增加了 12%。我們在各個產品和地區都實現了廣泛的成長。以產品和固定匯率計算，AutoCAD 和 AutoCAD LT 收入成長 9%，AECO 收入成長 15%，製造收入成長 10%，不包括前期收入的成長率在 10% 左右，M&E 收入成長 10%。

Our make products continue to enhance growth driven by ongoing strength in construction and Fusion. By region and constant currency, revenue grew 11% in the Americas, 13% in EMEA, and 11% in APAC.

在建築和融合領域持續強勁發展的推動下，我們製造的產品持續成長。以地區和固定匯率計算，美洲地區收入成長 11%，歐洲、中東和非洲地區收入成長 13%，亞太地區營收成長 11%。

The contribution from the new transaction model to revenue was $46 million in the fourth quarter and $71 million for the year. Direct revenue increased 35% in constant currency and represented 47% of total revenue, up 8 percentage points from last year, benefiting from strong growth in the Autodesk store and also from the tailwind to revenue from the new transaction model.

新交易模式對第四季營收的貢獻為 4,600 萬美元，全年貢獻為 7,100 萬美元。以固定匯率計算，直接收入增長了 35%，佔總收入的 47%，比去年同期增長了 8 個百分點，這得益於 Autodesk 商店的強勁增長以及新交易模式帶來的收入推動。

Billings increased 24% in the quarter at constant currency, reflecting the shift to annual billing for most multi-year contracts and the transition to the new transaction model. The contribution from the new transaction model to billings was $155 million in the fourth quarter and $262 million for the full year.

以固定匯率計算，本季的帳單增加了 24%，反映了大多數多年合約轉向年度帳單和向新交易模式的過渡。新的交易模式對第四季營業額的貢獻為 1.55 億美元，全年為 2.62 億美元。

RPO of $6.9 billion and current RPO of $4.5 billion grew 14% and 12% respectively. As expected, current RPO growth was affected by tailwinds from the new transaction model and headwinds from the declining contribution of billed and unbilled deferred revenue from larger multiyear and EVA cohorts ahead of renewal in fiscal '26.

69 億美元的 RPO 和 45 億美元的當前 RPO 分別成長了 14% 和 12%。如預期的那樣，目前的 RPO 成長受到新交易模式的順風以及 26 財年續約前較大的多年期和 EVA 群體的已計費和未計費遞延收入貢獻下降的不利因素的影響。

Turning to margins. Fourth quarter GAAP and non-GAAP operating margins were 22% and 37% respectively, reflecting year to year increases of 90 basis points and 160 basis points. We were pleased that we exceeded our non-gap GAAP margin expectations, demonstrating strong fiscal discipline.

轉向利潤。第四季 GAAP 和非 GAAP 營業利潤率分別為 22% 和 37%，較去年同期成長 90 個基點和 160 個基點。我們很高興，我們的非差距 GAAP 利潤率超出了預期，展現了強大的財務紀律。

For fiscal '25, GAAP and non-GAAP margins increase approximately 220 basis points and 140 basis points year over year, respectively, excluding the impact of the new transaction model and currency movements. Free cash flow for fiscal '25 was $1.57 billion which was ahead of the high end of our guidance.

就 25 財年而言，不包括新交易模式和貨幣變動的影響，GAAP 和非 GAAP 利潤率分別較去年同期增加約 220 個基點和 140 個基點。25財年的自由現金流為15.7億美元，高於我們預期的最高值。

In the fourth quarter, we purchased approximately 1.4 million shares for $414 million at an average price of approximately $299 per share. For the full year, we purchased approximately 3.1 million shares for $858 million at an average price of approximately $279 per share.

第四季度，我們以每股約 299 美元的平均價格回購了約 140 萬股，總價值為 4.14 億美元。全年我們以每股約 279 美元的平均價格回購了約 310 萬股，總價值為 8.58 億美元。

Turning to guidance. To give you a clearer view on the underlying dynamics of the business, I will speak to the numbers excluding the impacts of the new transaction model and in constant currency. You'll also see in today's earnings deck that we split out the impact of the new transaction model and currency movements for our fiscal '26 guidance.

轉向指導。為了讓大家更清楚地了解業務的基本動態，我將討論不包括新交易模式的影響並以固定匯率計算的數字。您也將在今天的收益報告中看到，我們將新交易模式和貨幣變動的影響分為我們 26 財年的指引。

For a thorough review of how the new transaction model works, please see the opening commentary in earnings deck from our Q2 fiscal '25 earnings call.

如需全面了解新交易模式的運作方式，請參閱我們 2025 財年第二季財報電話會議收益部分的開場評論。

Let me start by framing how we are thinking about fiscal ''26. Our starting position is strong. We hold leadership positions in many of our markets and have a loyal customer base with a high degree of recurring revenue.

首先讓我先概括一下我們對2026年財政的看法。我們的起步地位十分牢固。我們在許多市場中佔據領導地位，並擁有忠實的客戶群和高經常性收入。

We are leading in cloud, platform, and AI as we help our customers realize the benefits of converged workflows and data in the cloud. In building our guidance, we have not seen fundamental changes in the broader geopolitical and macroeconomic environment or in the momentum of our markets.

我們在雲端、平台和人工智慧領域處於領先地位，幫助我們的客戶實現雲端中整合工作流程和數據的好處。在製定指導方針時，我們並沒有看到更廣泛的地緣政治和宏觀經濟環境或市場勢頭發生根本性變化。

Our business model is resilient, and we are seeing strong momentum in our growth businesses like construction and Fusion. Our focus through fiscal '26 will be on driving growth from new and existing customers while maintaining strong renewal rates.

我們的商業模式具有彈性，我們在建築和整合等成長業務中看到了強勁的發展勢頭。在 26 財年，我們的重點將是推動新舊客戶的成長，同時保持強勁的續約率。

Our approach to building the guidance for fiscal '26 was similar to that for Fiscal '25. Our guidance is based on the range of possible outcomes and our bottom up sales forecast which is grounded in the momentum of the business.

我們制定26財年指引的方法與25財年類似。我們的指導是基於一系列可能的結果以及基於業務發展勢頭的自下而上的銷售預測。

Given our restructuring plans and CRO transition, we believe some disruption is possible. While we have mitigation plans and actions in place for these changes, we believe it is prudent to consider these in our outlook, and our guidance reflects this.

鑑於我們的重組計劃和 CRO 轉型，我們認為可能會出現一些中斷。雖然我們已經針對這些變化製定了緩解計劃和行動，但我們認為在我們的展望中考慮這些變化是明智的，我們的指導也反映了這一點。

This streams how we're thinking about fiscal '26. There are more financial details in our earnings press release and earnings deck, but let me give you some color. We expect constant currency billings growth of 17% to 19%, excluding the impact of the new transaction model.

這體現了我們對 26 財年的看法。我們的收益新聞稿和收益報告中有更多財務細節，但請讓我給你一些細節。除去新交易模式的影響，我們預期固定匯率帳單成長率將達到 17% 至 19%。

Billing's growth remains elevated this year due to our transition to annual billing for most multi-year contracts. We expect constant currency revenue growth of between 8% and 9%, excluding the impact of the new transaction model.

由於我們將大多數多年期合約轉為按年計費，因此今年的計費成長仍然保持在較高水準。除去新交易模式的影響，我們預期固定貨幣收入成長率將在 8% 至 9% 之間。

This range reflects the assumptions that I mentioned earlier. We expect GAAP operating margin to be in the range of 21% to 22%. Excluding the impact of the new transaction model and currency movements, we expect non-GAAP operating margin to be in the range of 39% to 40%, which is at the higher end of the guidance range we gave three years ago.

這個範圍反映了我之前提到的假設。我們預計 GAAP 營業利潤率在 21% 至 22% 之間。排除新交易模式和貨幣變動的影響，我們預計非公認會計準則營業利潤率將在 39% 至 40% 之間，這處於我們三年前給出的指導範圍的高端。

We expect to generate between $2.075 billion and $2.175 billion of free cash flow in fiscal '26. This is after absorbing approximately $110 million to $120 million of cash outflows related to the actions we announced earlier today and includes an anticipated discrete cash benefit of $130 million to $150 million from the utilization of US deferred tax assets.

我們預計 26 財年將產生 20.75 億美元至 21.75 億美元的自由現金流。這是在吸收了與我們今天早些時候宣布的行動相關的約 1.1 億至 1.2 億美元現金流出之後的結果，其中包括利用美國遞延稅項資產預計產生的 1.3 億至 1.5 億美元單獨現金收益。

We've provided more information on this in the slide deck. We expect to buy back between approximately $1.1 billion and $1.2 billion of shares in fiscal '26, which is a 30% to 40% increase compared to fiscal '25. And the timing of which will depend on market conditions and other factors like debt refinancing.

我們在幻燈片中提供了更多有關此內容的資訊。我們預計在 26 財年回購價值約 11 億至 12 億美元的股票，與 25 財年相比成長 30% 至 40%。而具體時間將取決於市場狀況和債務再融資等因素。

The slide deck on our website has more details on modeling assumptions for the first quarter and full year fiscal '26. Finally, I'll share how we are currently thinking about our longer term future. Since joining Autodesk last December, my conviction and our market opportunity, our ability to meaningfully expand our operating margin, and our capacity to deliver sustainable shareholder value over many years has been reaffirmed.

我們網站上的投影片包含有關 26 財年第一季和全年建模假設的更多詳細資訊。最後，我將分享我們目前對長期未來的思考。自去年 12 月加入 Autodesk 以來，我的信念和我們的市場機會、我們大幅擴大營業利潤率的能力以及我們多年來為股東提供可持續價值的能力得到了重申。

That said, our underlying growth has been hovering around the bottom end of the 10% to 15% revenue growth framework we previously provided, as you've seen over the past couple of years and in our fiscal '26 guidance.

儘管如此，我們的潛在成長一直徘徊在我們之前提供的 10% 到 15% 收入成長框架的底端，正如您在過去幾年和我們的 26 財年指引中所看到的那樣。

While we believe our resilient base, the successful execution of our product strategy, and the benefits of the new transaction model will catalyze sustainable growth in the future, our 10% to 15% growth framework is no longer appropriate given the consistent momentum of the business today.

雖然我們相信，我們富有彈性的基礎、我們產品策略的成功執行以及新交易模式的優勢將催化未來的可持續成長，但考慮到目前業務的持續發展勢頭，我們 10% 到 15% 的成長框架已不再合適。

On the other hand, it's clear to me that margins can be higher. We've announced today the first phase of our go-to-market optimization, which is primarily in marketing, customer success and operations, and reflects the continued execution of our overall go-to-market evolution of the past few years.

另一方面，我很清楚利潤率可以更高。我們今天宣布了市場進入優化的第一階段，主要在行銷、客戶成功和營運方面，反映了我們過去幾年整體市場進入變革的持續執行。

We are focused on executing this plan while minimizing potential disruption. Through this phase, we intend to deliver underlying operating margin expansion in fiscal '26 as reflected in our guidance, while also building capabilities we need for future optimization beyond fiscal '26.

我們專注於執行該計劃，同時盡量減少潛在的干擾。透過此階段，我們打算實現預期中反映的26財年基礎營業利潤率擴大，同時也建構26財年以後未來優化所需的能力。

These capabilities include tighter channel partnerships with less duplication of effort and more digital self-service and automation, which increases customer satisfaction and workforce productivity. Once our overall go to market optimization is complete, we expect Autodesk will be able to better serve customers and deliver GAAP margins among the best in the industry.

這些功能包括更緊密的通路合作夥伴關係、減少重複工作、更多的數位自助服務和自動化，從而提高客戶滿意度和勞動力生產力。一旦我們的整體市場優化完成，我們預計 Autodesk 將能夠更好地服務客戶，並提供業界最佳的 GAAP 利潤率。

We will share more on our path to further margin expansion at our Investor Day in the third quarter of this year. It's been invigorating getting to work, finalizing our fiscal '26 plans, and preparing for execution.

我們將在今年第三季的投資者日上分享更多進一步擴大利潤率的途徑。開始工作、完成我們的 26 財年計劃並準備執行是令人振奮的。

I can already see there's tremendous potential ahead. I look forward to meeting our investors and analysts over the coming weeks.

我已經看到了未來巨大的潛力。我期待在未來幾週與我們的投資者和分析師會面。

Andrew, back to you.

安德魯，回到你身邊。

Thank you, Janesh.

謝謝你，Janesh。

Autodesk is focused on the convergence of design and make in the cloud, enabled by platform, industry clouds, and AI. Autodesk is at the forefront of convergence because we've been evolving and investing in the business models, products and platforms, and go-to-markets that capitalize on it.

Autodesk 專注於透過平台、產業雲和 AI 實現雲端設計與製造的整合。Autodesk 處於整合的前沿，因為我們一直在發展和投資於商業模式、產品和平台，以及利用整合的行銷。

With convergence, simulation done in the conceptual design phase can significantly reduce rework and cost during construction. With convergence, the components of a building can be manufactured off-site and assembled on-site at lower costs and higher safety.

透過融合，在概念設計階段進行的模擬可以顯著減少施工期間的重工和成本。透過融合，建築物的組件可以在異地製造並在現場組裝，從而降低成本並提高安全性。

With convergence, universal AI models can make better and more valuable inferences that power a better world designed for all.

透過融合，通用人工智慧模型可以做出更好、更有價值的推斷，為所有人創造一個更美好的世界。

Let me give you a few examples from the quarter. Mott MacDonald, a global engineering, development, and management consultancy, known for his work on major projects such as Heathrow Airport Terminal 5 and the Bay Area Rapid Transit, BART, Silicon Valley Phase 2 extension, renewed its sixth EBA in the quarter.

讓我給你舉本季的幾個例子。莫特麥克唐納 (Mott MacDonald) 是一家全球工程、開發和管理顧問公司，因其在希思羅機場 5 號航站樓、灣區捷運 (BART)、矽谷二期擴建項目等重大項目上的工作而聞名，該公司在本季度續簽了第六份 EBA。

This renewal expands our long-standing partnership to drive better outcomes through digital delivery. In addition to expanding usage of Revit, Civil 3D, 3ds build, and 3ds water, Mott MacDonald plans to leverage additional capabilities to increase project productivity and workflows for optimized design.

此次續約擴大了我們長期的合作夥伴關係，以透過數位化交付取得更好的成果。除了擴大 Revit、Civil 3D、3ds build 和 3ds water 的使用範圍外，Mott MacDonald 還計劃利用其他功能來提高專案效率和工作流程，從而優化設計。

Power Design, the number 28 ENR 600 specialty contractor selected 3ds build as an essential link in their construction technology. This strategic choice enhances coordination between design and construction, ensuring seamless collaboration across teams and systems.

Power Design 是第 28 家 ENR 600 專業承包商，選擇 3ds build 作為其建築技術中的重要環節。這項策略性選擇增強了設計與施工之間的協調，確保了跨團隊和系統之間的無縫協作。

By unifying project data from concept to completion, Autodesk helps Power Design protect design integrity, optimize workflows, and drive efficiency at scale. Cleveland Construction, a national commercial GC, is replacing a competitive solution with Autodesk Construction Cloud to support the next phase of its growth and leveraging our end to end solution from pre-construction to cost management and payments with GCPay.

透過統一從概念到完成的專案數據，Autodesk 幫助 Power Design 保護設計完整性、最佳化工作流程並大規模提高效率。克利夫蘭建築公司 (Cleveland Construction) 是一家全國性商業 GC，正在用 Autodesk Construction Cloud 取代競爭解決方案，以支持其下一階段的發展，並利用我們從施工前到成本管理以及透過 GCPay 付款的端到端解決方案。

I talked earlier about closer integrations with our channel partners, and this deal demonstrates that potential. Using its proprietary technology for migrating project data from display solutions, an Autodesk Platinum Partner produced a comprehensive implementation plan that gave Cleveland Construction the confidence to make this transition.

我之前談到了與我們的通路夥伴更緊密的整合，這筆交易證明了這種潛力。Autodesk 白金合作夥伴利用其專有技術從顯示解決方案遷移專案數據，制定了全面的實施計劃，使克利夫蘭建築公司有信心完成這項轉變。

These stories have a common theme: converging people, processes, and data across the project life cycle to increase efficiency and sustainability while decreasing risk. Our comprehensive end to end industry clouds and platform drive convergence and extend our footprint further into larger growth segments like infrastructure and construction.

這些故事有一個共同的主題：在整個專案生命週期中整合人員、流程和數據，以提高效率和永續性，同時降低風險。我們全面的端到端產業雲端和平台推動整合，並將我們的足跡進一步擴展到基礎設施和建築等更大的成長領域。

As a sign of our progress, construction revenue growth accelerated in the fourth quarter, and we added almost 400 net new logos.

作為我們進步的標誌，第四季建築收入成長加速，我們新增了近 400 個淨新標誌。

Moving on to manufacturing. We made excellent progress on our strategic initiatives. Customers continue to invest in their digital transformations and consolidate on our design and make platform to drive growth and increase resilience.

轉向製造業。我們的策略舉措取得了顯著進展。客戶持續投資於數位轉型，並鞏固我們的設計和製造平台，以推動成長並提高彈性。

For example, a global leader in toys is expanding its usage of Autodesk to all three of our industry clouds, fusion, form, and flow to meet its profitability goals in manufacturing while launching new revenue models into digital entertainment.

例如，一家全球領先的玩具公司正在將 Autodesk 的使用範圍擴展到我們的三個產業雲：整合、表單和流程，以滿足其在製造業的獲利目標，同時在數位娛樂領域推出新的收入模式。

Autodesk's unique industry expertise across AECO, manufacturing and media bridges data across physical and digital product development and between design and make. Bühler, a family owned Swiss multinational plant equipment manufacturer renewed and expanded its EBA in the quarter.

Autodesk 在 AECO、製造和媒體領域的獨特行業專業知識為實體和數位產品開發以及設計和製造之間的數據建立了橋樑。布勒 (Bühler) 是一家家族式經營的瑞士跨國工廠設備製造商，在本季更新並擴大了其 EBA。

Autodesk will be one of Bühler's key strategic partners in the development and execution of their digital strategy as it moves to optimize for outcomes by connecting data and workflows from product and plant design to project delivery, including installation.

Autodesk 將成為布勒在數位策略制定和執行過程中的關鍵策略合作夥伴之一，透過連接從產品和工廠設計到專案交付（包括安裝）的資料和工作流程來優化成果。

MSC Industrial Supply, one of the largest industrial distributors in North America with a leading position across metalworking product categories, will begin leveraging Autodesk Fusion's connected supply chain capabilities and unique all in one cloud, CAD, CAM, CAE, and PCB platform to enhance its industry-leading application optimization, [APOop] program.

MSC Industrial Supply 是北美最大的工業分銷商之一，在金屬加工產品類別中佔據領先地位，它將開始利用 Autodesk Fusion 的互聯供應鏈功能和獨特的一體化雲端、CAD、CAM、CAE 和 PCB 平台來增強其業界領先的應用程式最佳化 [APOop] 程式。

Through this strategic relationship, MSC's team of metalworking specialists will be able to optimize tool paths and validate cutting parameters more efficiently through enhanced virtual testing capabilities that further strengthen their best in class tooling recommendations for manufacturing customers.

透過這項策略關係，MSC 的金屬加工專家團隊將能夠透過增強的虛擬測試功能更有效地優化刀具路徑和驗證切削參數，從而進一步加強他們為製造業客戶提供的一流刀具建議。

By combining MSC's suite of solutions and services with Autodesk's Fusion's advanced capabilities, this partnership creates an unmatched value proposition for manufacturers in North America, resulting in approximately $500 million in savings for MSC's customers in fiscal year 2024.

透過將 MSC 的解決方案和服務套件與 Autodesk Fusion 的先進功能相結合，此次合作為北美製造商創造了無與倫比的價值主張，為 MSC 的客戶在 2024 財年節省了約 5 億美元。

Converged data opens new opportunities for Autodesk. In this case, with the sales team. As customers seek to drive efficient innovation, fusion extension attach rates are increasing and driving average sales prices up.

融合資料為 Autodesk 帶來了新的機會。在這種情況下，與銷售團隊合作。隨著客戶尋求推動高效創新，融合擴展配售率不斷提高，從而推動平均銷售價格上漲。

And we're delivering meaningful productivity gains to customers where we deploy AI. For example, our recently launched auto constraints tool in Fusion, which leverages AI to simplify the process of defining sketch geometry, has a roughly 50% acceptance rate of suggested geometry, saving significant time for higher value work.

我們正在為部署人工智慧的客戶帶來有意義的生產力提升。例如，我們最近在 Fusion 中推出的自動約束工具利用 AI 簡化了定義草圖幾何圖形的過程，建議幾何圖形的接受率約為 50%，從而為更高價值的工作節省了大量時間。

In education, universities continue to modernize their courses and curriculum to attract and prepare future engineers. For example, in Q4, Autodesk signed a memorandum of understanding with the Indian Institute of Technology, Bombay, to integrate our industry-leading solutions into IIT Bombay's innovative education and research programs to equip the next generation of engineers and designers with industry-ready skills.

在教育方面，大學不斷更新其課程和課程設置，以吸引和培養未來的工程師。例如，在第四季度，Autodesk 與印度理工學院孟買分校簽署了一份諒解備忘錄，將我們行業領先的解決方案融入印度理工學院孟買分校的創新教育和研究計劃中，為下一代工程師和設計師提供行業所需的技能。

And lastly, we continue to work with our customers to ensure that they are using the latest and most secure versions of our software. For example, while working with an administrator of European railway infrastructure in the process of adopting BIM to optimize its infrastructure development and sustainability practices, we identify gaps in compliance.

最後，我們將繼續與客戶合作，確保他們使用我們軟體的最新、最安全的版本。例如，在與歐洲鐵路基礎設施管理員合作採用 BIM 來優化其基礎設施開發和永續性實踐的過程中，我們發現了合規的差距。

Working together, we address compliance while supporting their digital transformation. Attractive long-term sector growth markets, a focused strategy to delivering ever more valuable and connected solutions to our customers, and a resilient business are generating strong and sustained momentum in absolute terms and relative to peers.

透過合作，我們解決了合規問題，同時支持他們的數位轉型。富有吸引力的長期產業成長市場、致力於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，無論從絕對值上還是相對於同行而言，都在產生強勁而持續的發展勢頭。

Disciplined execution is driving greater operational velocity and efficiency. We are deploying capital to grow the business, further reduce our share count, and enhance value creation over time. In combination, we believe these factors will deliver sustainable shareholder value over many years.

嚴格的執行正在推動更高的營運速度和效率。我們正在部署資本來發展業務，進一步減少我們的股份數量，並隨著時間的推移提高價值創造。我們相信，這些因素結合起來將在多年內為股東帶來可持續的價值。

Throughout Autodesk history, we have taken decisive actions to drive our business forward, even when they are difficult. This commitment has been paramount to our success over the last 40 years and remains true today.

縱觀 Autodesk 的歷史，即使面臨困難，我們也始終採取果斷行動推動業務向前發展。這項承諾對我們過去 40 年的成功至關重要，至今依然如此。

To our team members who depart as a result of our restructuring, I extend my sincere appreciation for your contribution to Autodesk. You will always be a part of Autodesk's story, and I am grateful for everything you have done.

對於因公司重組而離職的團隊成員，我對你們對 Autodesk 所做的貢獻表示最誠摯的感謝。您將永遠是 Autodesk 故事的一部分，我感謝您所做的一切。

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

接線員，我們現在想開始回答問題。

(Operator Instructions)

（操作員指令）

Saket Kalia, Barclays.

Saket Kalia，巴克萊銀行。

Welcome, Janesh.

歡迎光臨，Janesh。

Thank you, Saket.

謝謝你，Saket。

Andrew, maybe to start with you, I want to zoom into the 10% to 15% medium growth rate a little bit. And if I'm understanding your comments correctly, the rate of new business growth is the key reason why that medium term growth rate maybe is no longer appropriate.

安德魯，也許首先我想先談談你提到的 10% 到 15% 的中等成長率。如果我理解正確的話，新業務成長率是為什麼中期成長率可能不再合適的關鍵原因。

And you've been talking about slow new business for a while now. Maybe the question is, what drives that new business growth higher over time?

您最近一直在談論新業務發展緩慢的問題。問題或許是，隨著時間的推移，是什麼推動了新業務的成長？

Yeah. Well, good evening, Saket. Good to talk to you. Thanks for this question.

是的。好吧，晚上好，Saket。很高興和你談話。謝謝你的提問。

Look, first off, I think you've got the thinking right up front. Let me just comment a little bit on what's happened in the past, and then I'll answer the substance of your question.

首先，我認為你已經有了正確的想法。讓我先簡單評論一下過去發生的事情，然後我會回答你問題的實質。

So first off, if we look back in the past, there's a couple of things that were really impacting new business growth as we were moving through the last couple of years. One is all the things that Autodesk was changing.

首先，如果我們回顧過去，有幾件事在過去幾年確實影響了新業務的成長。一是 Autodesk 正在改變的所有事物。

So we changed a lot of things that has a measurable impact on partner productivity with regards to balancing renewals and new business. The other thing was economic uncertainty, all the things associated with the macro environment.

因此，我們在平衡續約和新業務方面改變了很多對合作夥伴生產力產生可衡量影響的事情。另一件事是經濟不確定性，所有與宏觀環境相關的事物。

These things impaired some of our customers' willingness to invest in their business. So those things happened lately in the past. Moving forward, there's some things that we have control of and that we don't have control of, that are going to drive us back onto our growth path.

這些因素削弱了我們的一些客戶對其業務進行投資的意願。所以這些事情是最近發生的。展望未來，有些事情我們可以控制，有些事情我們無法控制，這些事情將推動我們回到成長道路。

The first thing, if we look at the things we don't have control of, we don't have control of the macro uncertainty. That's going to continue, and that will definitely impact some of our customers' thinking. But what we do have control of is in two key areas.

首先，如果我們看看我們無法控制的事情，我們無法控制宏觀的不確定性。這種狀況將會持續下去，而且肯定會影響我們一些客戶的想法。但我們確實能夠控制兩個關鍵領域。

One related to new product subs and one related to our new businesses that primarily show up in the make category, the emerging and high-growth businesses. With regards to the former, we are on a journey of go-to-market optimization right now. And that is going to enhance the productivity of our channel.

一個與​​新產品子項有關，一個與我們的新業務有關，這些新業務主要出現在品牌類別、新興和高成長業務中。就前者而言，我們目前正處於市場優化的旅程中。這將提高我們通路的生產力。

We've been impacting their productivity with all the change. We're on a cycle now where over a period of time, we'll be increasing their productivity. That's going to allow them to focus more on new business growth. That's in our control.

我們所做的所有改變都影響著他們的生產力。我們現在處於一個週期中，在一段時間內，我們將提高他們的生產力。這將使他們能夠更加專注於新業務的成長。這在我們的控制範圍內。

The other thing that's in our control is during this current RIF cycle, we actually invested in driving the growth of our emerging and high-growth business on the make side. And that includes investing in the industry clouds, the core cloud platform, and in AI.

我們可以控制的另一件事是，在當前的 RIF 週期內，我們實際上投資於推動製造商方面的新興和高成長業務的成長。其中包括投資產業雲端、核心雲端平台和人工智慧。

So these things are going to not only continue the current momentum, but our goal is to enhance the current momentum. And these are high-growth businesses having long-term impacts on our business. So those are the things that are in our control that get us back to a place where we can feel confident in reinforcing the floor of our long-term business growth.

因此，這些事情不僅會延續當前的勢頭，而且我們的目標是增強當前的勢頭。這些都是高成長業務，對我們的業務有長期影響。所以這些都是我們可以控制的事情，可以讓我們回到一個可以充滿信心的地方，鞏固我們長期業務成長的基礎。

And maybe that's a natural segue for you, Janesh. I mean, as you know, margin potential has been one of the key investor debates on Autodesk. And so I mean I think maybe to start, it's important to flag that the margins here for '25 were ahead and the guide for '26 is higher than expected as well.

也許這對你來說是一個自然的過渡，Janesh。我的意思是，如您所知，利潤潛力一直是投資者對 Autodesk 爭論的關鍵問題之一。因此，我認為首先，重要的是要指出，25 年的利潤率領先，26 年的指引也高於預期。

But maybe you could just give us a little bit more color on the margin potential here. And how today's restructuring announcement, to Andrew's point, maybe fits into that debate?

但也許您可以給我們多介紹這裡的利潤潛力。那麼，就安德魯的觀點而言，今天的重組公告如何適合這場爭論呢？

Thanks, Saket.

謝謝，Saket。

I appreciate. This is one of the foremost issues on investors' minds.

我很感激。這是投資人最關心的問題之一。

As I step back and look at fiscal '25 first, we're actually really pleased that we delivered strong outperformance here, thanks to our strong fiscal discipline in the fourth quarter. And I want to thank Betsy for setting us up for a strong Q4 on that front.

當我回顧並首先回顧 25 財年時，我們實際上非常高興能夠在這裡取得強勁的業績，這要歸功於我們在第四季度強有力的財務紀律。我要感謝 Betsy 為我們在這一方面取得強勁的第四季度業績奠定了基礎。

Today's announcement does reflect the continuation of our multi-year journey, as Andrew was talking about, to evolve our go-to-market. And it fits in very nicely with our overall margin expansion goals. It's something that the team had been planning for thoughtfully since the introduction of the new transaction model.

正如安德魯所說，今天的公告確實反映了我們多年旅程的延續，即不斷發展我們的行銷方式。這與我們的整體利潤擴大目標非常契合。這是自引入新的交易模式以來團隊一直在深思熟慮地規劃的事情。

It's also allowing us to expand our underlying non-GAAP operating margin quite meaningfully this year when you hold aside the effects of the new transaction model. So when I look at it, serving customers better through tighter integration and more self-service eventually expands our market opportunity and also ultimately, lowers the unit cost of serving those customers, which will help drive an even more efficient go-to-market motion in the future.

如果撇開新交易模式的影響不談，它也能讓我們今年的非 GAAP 營業利潤率大幅提升。因此，我認為，透過更緊密的整合和更多的自助服務來更好地為客戶服務最終會擴大我們的市場機會，並最終降低為這些客戶提供服務的單位成本，這將有助於推動未來更有效率的上市行動。

So we have conviction in our potential to drive higher margins over time as we execute this plan and as we focus on future opportunities that I touched on in the opening commentary.

因此，我們相信，隨著我們執行該計劃並專注於我在開場評論中提到的未來機遇，我們有能力隨著時間的推移提高利潤率。

Adam Borg, Stifel.

亞當·博格（Adam Borg），斯蒂費爾（Stifel）。

And I'd like to extend the welcome to Janesh as well.

我也想向 Janesh 表示歡迎。

Maybe for Andrew just pigging back on a comment you just made to Saket's question around this macro uncertainty. And obviously things that are outside of your control. I'd love to hear a little bit more about kind of what you're hearing with your customer conversations around overall sentiment.

也許對安德魯來說，他只是在重複你剛剛對薩基特 (Saket) 有關這一宏觀不確定性的問題所發表的評論。顯然這些事情超出了你的控制範圍。我很想多聽聽您在與客戶交談時對整體情緒的感受。

How that's playing out overall? And then maybe talk a little bit about the new administration and some potential puts and takes there either shortening regulation being a tailwind or some questions around tariffs and immigration policy and how they will ultimately impact customers and their decision making over the next 6 to 12 months.

整體來說進展如何？然後也許可以談談新政府和一些潛在的利弊，例如縮短監管時間，或圍繞關稅和移民政策的一些問題，以及它們最終將如何影響客戶及其在未來 6 到 12 個月的決策。

So first off, our business is resilient enough. It's diversified enough that it can absorb and react to any kind of policy changes in a sustainable way. The thing I'm hearing from our customers is they want certainty. It's uncertainty that's kind of fueling customer angst.

首先，我們的業務具有足夠的彈性。它足夠多樣化，能夠以可持續的方式吸收和應對任何類型的政策變化。我從客戶那裡聽到的就是他們想要確定性。這種不確定性在某種程度上加劇了顧客的焦慮。

It's not what the output is, what the answer is. It's just the uncertainty. And that's the thing that we want to move past. We want to move to certainty policy. Once policy is in place, I have faith in Autodesk business to navigate whatever the policy is. But uncertainty is not something that our customers want to work through.

重要的不是輸出是什麼，而是答案是什麼。這只是不確定性。這正是我們想要超越的。我們希望轉向確定性政策。一旦政策到位，我相信 Autodesk 業務能夠引導任何政策。但不確定性並不是我們的客戶想要解決的問題。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，Griffin Securities。

Andrew, with respect to the 10% to 15% growth range you've previously spoken of, the company at its last analyst meeting gave us multiple elements of that. In other words, a variety of price and volume components for that, most of which had to do with your core business as you call it. Renewal and expansion within the core business, less so with newer adjacent businesses.

安德魯，關於您之前提到的 10% 到 15% 的成長範圍，公司在上次分析師會議上向我們提供了多個相關要素。換句話說，各種價格和數量成分，其中大部分與您所謂的核心業務有關。核心業務的更新和擴張，而較新的鄰近業務的更新和擴張則較少。

So maybe break down that thinking about the growth range. In those terms, perhaps, with regard to how you're thinking about pricing leverage from here? And the multiple elements of Q or volume that you had previously spoken of. Then I have a product question.

因此，也許可以分解一下對成長範圍的思考。從這些方面來看，也許，關於您如何考慮從現在開始的定價槓桿？還有您之前談到的 Q 或體積的多個元素。然後我有一個產品問題。

Yeah. Jay, I'm going to go back to what I said previously and focus on these two key elements.

是的。傑伊，我將回顧我之前說過的內容並重點討論這兩個關鍵要素。

Enhancing channel productivity as we move through all these changes. That is a critical thing for us. It's part of our ongoing optimization cycle. It's going to be something that delivers over multiple years. That will create a tailwind within our channel business for some of these core sub-issues.

隨著我們經歷所有這些變化，通路生產力不斷提高。這對我們來說是一件至關重要的事。這是我們正在進行的最佳化週期的一部分。這將是需要多年時間才能實現的事情。這將為我們的通路業務中的一些核心子問題創造順風。

And I think that's the more important thing to focus on. And the emerging businesses have always been a part of our plan. And I think you see very clearly that the make businesses are growing robustly. And we are investing to make sure that those continue to grow at that rate or accelerate beyond that rate.

我認為這才是更重要的焦點。新興業務一直是我們計劃的一部分。我想您可以清楚地看到製造業務正在強勁成長。我們正在進行投資，以確保這些成長繼續以該速度成長或超過該速度。

So that's where you want to focus right now in terms of getting the business back to where we want it to be over time.

因此，這就是你現在要關注的重點，即如何讓業務逐漸回到我們所期望的狀態。

Outside of the various go-to-market changes and optimization and so forth, what would you say for this year and beyond are the critical product or technology executables that you are reallocating to or investing in? Maybe talk about how you're thinking about the business impact of platform services, the new data models, and so on and so forth. Things that we've talked about consistently and most recently at AU.

除了各種上市變化和優化等之外，您認為今年及以後您將重新分配或投資哪些關鍵產品或技術可執行文件？也許可以談談您如何看待平台服務、新數據模型等對業務的影響。我們最近在 AU 一直在談論的事情。

Yeah. So what we're doing is we're accelerating some of the road maps associated with our industry cloud. So you're going to see more activity associated with the construction side and the former side of the AEC, industry cloud.

是的。因此，我們正在做的是加速與我們的產業雲相關的一些路線圖。因此，您將看到更多與建築方面以及 AEC 前側、行業雲相關的活動。

And you're going to see more energy and activity associated with the fusion cloud and some of the things associated to driving that. So there's investments made in that within the core platform. It's all about expanding the granular data that's available to our customers, expanding the footprint of APIs that are available to our customers, and investing in that so that we can accelerate not only what our customers are accessing but the common services that the industry clouds are accessing.

您將會看到更多與融合雲相關的能量和活動，以及一些與驅動融合雲相關的事物。因此，我們在核心平台內進行了投資。這一切都是為了擴大可供客戶使用的細粒度數據，擴大可供客戶使用的 API 的覆蓋範圍，並對此進行投資，以便我們不僅可以加速客戶訪問的內容，還可以加速行業雲訪問的常見服務。

So that's part of the investment. And of course, we're going to continue to turn the crank on some of the AR features. As you know Jay, we just introduced our first commercial Generative AI feature into Fusion. It's the AutoConstrain feature. It's out there. It's getting used by our users.

這是投資的一部分。當然，我們將繼續推進一些 AR 功能。正如傑伊你所知，我們剛剛在 Fusion 中引入了我們的第一個商業生成式 AI 功能。這是 AutoConstrain 功能。它就在那裡。我們的用戶正在使用它。

It's got approximately a 50% acceptance rate, which is a really high rate for a generative technology. And it just gets smarter as it goes. That's a real productivity tool for our customers that really makes a difference. There's going to be more of those, right, and that's where the investment's going.

它的接受率約為 50%，對於生成技術來說，這是一個非常高的接受率。而且它會變得越來越聰明。對我們的客戶來說，這是一個真正能帶來效益的生產力工具。還會有更多這樣的企業，對吧，這就是投資的去向。

Jason Celino, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Jason Celino。

One question on the guide and then the reduction in force. Now I'm cognizant that you've got some business momentum and I understand why you're making the changes. But does the revenue guide assume any extra conservatism just on potential of disruption?

關於指南的一個問題，然後是裁員。現在我意識到你們已經獲得了一些業務發展勢頭，並且我理解你們為什麼要做出這些改變。但是收入指南是否僅僅考慮到破壞的可能性而採取了額外的保守主義？

It's just, the change is quite a large reduction. So I guess what have you built in to the guide relative to that?

只是，變化是相當大的減少。那麼我猜您在指南中加入了與此相關的內容？

Hey. This is Janesh. Maybe I'll take that.

嘿。這是 Janesh。也許我會接受。

So as I mentioned in the opening commentary, our approach to building the guidance for fiscal '26 did consider a range of possible outcomes from our overall bottoms up sales forecast. And then we did factor in some level of RIF potential associated with the restructuring plans and the CRO transition.

因此，正如我在開場評論中提到的那樣，我們制定 26 財年指引的方法確實考慮了從整體自下而上的銷售預測中可能出現的一系列結果。然後，我們確實考慮了與重組計劃和 CRO 轉型相關的一定程度的 RIF 潛力。

We've put in place good mitigation plans and actions that we have to manage those. But we thought it's prudent to consider these in our outlook. So our guidance does reflect that.

我們已經制定了良好的緩解計劃和行動來管理這些問題。但我們認為在我們的展望中考慮這些是明智的。所以我們的指導確實反映了這一點。

And then on prior calls, there were some mentions of a bigger EBA cohort, multi-year customers coming up for renewals. That wasn't really brought up on this call. Is that still an opportunity for you for this year and any details on how big of a cohort this might be or what's built in?

在先前的電話會議中，我們提到了更大的 EBA 群體，即即將續約的多年期客戶。這次通話中並沒有真正提及這一點。今年這對您來說仍然是一個機會嗎？可以透露一下這個群體的規模有多大以及其中包含哪些內容嗎？

It's still an opportunity. We didn't reference it discreetly because we have mentioned it before. Nothing has really changed on that front. We've got both the EBA cohort as well as the product subscription multiyear cohorts. That will come up for renewal later this year.

這仍然是一個機會。我們沒有秘密地提及它，因為我們之前已經提到過它。在這方面確實沒有任何改變。我們既有 EBA 群組，也有產品訂閱多年群組。該協議將於今年稍後續簽。

Taylor McGinnis, UBS.

瑞銀的泰勒麥金尼斯。

Just the margin guide. So the underlying 300 basis points of margin improvement is really strong. So can you just break down and quantify the drivers of that expansion? So how much is from cost savings like scaling back on some of the duplicative costs and streamlining the sales force?

僅是邊距指南。因此，300 個基點的利潤率改善確實很強勁。那麼，您能否分解並量化這種擴張的驅動因素呢？那麼，有多少是透過削減一些重複成本和精簡銷售隊伍等成本節約實現的呢？

How much might be from cost savings associated with the RIF? And then maybe just secondly, when we think about the margin potential beyond 2026, I guess any initial thoughts you could provide there?

RIF 可以節省多少成本？其次，當我們考慮 2026 年以後的利潤潛力時，我想您能提供一些初步想法嗎？

Yeah. I'm happy to take that.

是的。我很高興接受這個。

So as we think about the overall impact in fiscal '26 and the underlying operating margin increase that we're guiding to, that demonstrates our overall commitment to expanding profitability this year obviously. But it's part of our longer term plans.

因此，當我們考慮 26 財年的整體影響以及我們預期的潛在營業利潤率成長時，這顯然表明了我們今年對擴大獲利能力的整體承諾。但這是我們長期計劃的一部分。

The reinvestment and our organic hiring plans, all of that is an integrated plan. You mentioned the actions that we've taken in the field organization and the RIF and that's all part of the same plan. We also had our organic hiring plans that we had for fiscal '26.

再投資和我們的有機招聘計劃，所有這些都是一個綜合計劃。您提到了我們在現場組織和 RIF 中採取的行動，這些都是同一計劃的一部分。我們也制定了 26 財年的有機招募計畫。

So it's hard to break all of that apart. But that said, to just give you a sense of how we're thinking about it, if you look at our fiscal '25 total spending, that grew 7% year over year excluding the new transaction model. And our fiscal '26 total spending, that implies growth of only 4% year over year on a similar basis in constant currency.

所以很難把這一切分開。但話雖如此，為了讓你了解我們的想法，如果你看看我們 25 財年的總支出，不包括新的交易模式，這一支出同比增長了 7%。而我們 26 財年的總支出，以固定匯率計算，較去年同期成長僅 4%。

So that gives you a sense of the extent of both the optimization and the spend discipline that we are driving in the business overall. And then as I think a little bit ahead on fiscal '27, we are committed to further margin expansion beyond fiscal '26 on an underlying basis as we've talked about.

這樣您就可以了解我們在整個業務中推動的優化和支出紀律的程度。然後，當我展望27財年時，我們致力於在26財年之後進一步擴大利潤率，正如我們已經討論過的。

And that will continue. And ultimately, when that overall go-to-market optimization is complete, we expect that we'll have GAAP margins among the best in the industry. And we'll share a little bit more details in terms of what that means when we get to our Investor Day in the third quarter.

這種情況還會持續下去。最終，當整體市場優化完成後，我們預計我們的 GAAP 利潤率將位居行業前列。我們將在第三季的投資者日上分享更多有關這意味著什麼的細節。

Bhavin Shah, Deutsche Bank.

德意志銀行的 Bhavin Shah。

Janesh, just kind of following up on that. Like what's the timeline you guys are thinking about in terms of kind of seeing some of the benefits from a lot of the adjustments you're making to sales and marketing? And when you kind of see that sales and marketing efficiency show up from a revenue perspective?

Janesh，我只是想跟進一下這一點。例如，你們考慮的時間表是怎樣的，以便能夠看到你們在銷售和行銷方面所做的大量調整所帶來的好處？何時會從收入角度看到銷售和行銷效率的提升？

Yeah. Bhavin, clearly, we are seeing a significant benefit here in fiscal '26 itself. As I mentioned, that's a big part of the underlying margin expansion that we're delivering.

是的。Bhavin，顯然，我們在 26 財年就看到了顯著的收益。正如我所提到的，這是我們實現的潛在利潤擴張的重要組成部分。

With respect to what that translates to for fiscal '27 and beyond, as I mentioned, we've got more work to do in terms of the next set of activities that we need to plan for as we think about what it means to drive tighter channel partner integrations and build the capabilities that we need for self-service.

至於這對 27 財年及以後意味著什麼，正如我所提到的，我們在考慮如何推動更緊密的通路合作夥伴整合以及建立我們自助服務所需的能力時，在下一組需要規劃的活動方面還有很多工作要做。

We're investing this year to build those capabilities so that we can be set up to lower our overall cost to serve our customers in future years. And again, we will spill some of the details out around that in the Investor Day in the third quarter.

我們今年將進行投資以建立這些能力，以便我們能夠在未來幾年降低為客戶提供服務的整體成本。再次，我們將在第三季的投資者日上透露一些細節。

Just one quick follow up. And it sounds like you guys are going to be pretty aggressive from a shareholder's return perspective in fiscal '26. And kind of given some of the changes you're talking about from the top line perspective and focused on efficiencies, how are you now thinking about M&A and did these actions change your view at all?

只需快速跟進一次。聽起來，從股東回報的角度來看，你們在 26 財年將會採取相當積極的行動。鑑於您從頂線角度談論的一些變化以及對效率的關注，您現在如何看待併購，這些行動是否改變了您的觀點？

Yeah. Bhavin, our view on M&A doesn't change. We've always been an acquisitive company. We're always looking for anything that can accelerate our strategy or take us into adjacencies that we think are relevant to the company. But that's consistent with previous stances on this.

是的。Bhavin，我們對併購的看法並沒有改變。我們一直是一家具有收購精神的公司。我們始終在尋找任何能夠加速我們的策略或帶我們進入我們認為與公司相關的領域的事物。但這與先前的立場是一致的。

If we see something like that, we will act on it.

如果我們看到類似的事情，我們就會採取行動。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

I wanted to go back a few questions just on the year over year margin assumptions. It looks like if I'm reading slide 10 correctly, you're assuming that agency change is about a 6 point impact on growth in the upcoming year.

我想回顧一下有關同比利潤率假設的幾個問題。如果我沒看錯的話，第 10 張投影片就是你假設機構變更將對來年的成長產生約 6 個百分點的影響。

So I think that means a 6 points headwinds on margins. You're kind of guiding the margins flat to slightly up. So can you bridge the 6 points you're able to layer back on to get to where you're guiding the year?

所以我認為這意味著利潤率將面臨 6 個百分點的阻力。您正在引導邊距從平緩變成略為上升。那麼，您能否結合這 6 點，達到今年所期望的目標呢？

Joe, I'm happy to take that.

喬，我很高興接受這個。

A 6 point revenue headwind is the right way to think about the dot line. But that doesn't translate to a 6 point margin headwind. You'll see on that same slide that we've actually just spelled out for you exactly what the margin headwind is as well as it's 3 percentage points.

6 個百分點的收入逆風是思考點線的正確方式。但這並不意味著 6 個百分點的差距。您會在同一張投影片上看到，我們實際上剛剛向您詳細說明了利潤率逆風是多少，它是 3 個百分點。

So on an as reported basis, our -- we would expect to ultimately have 36% to 37%, and that's the same in constant currency. But once you adjust to the new transaction model as well as currency, that rises to 39% to 40%.

因此，根據報告，我們預計最終成長率為 36% 至 37%，以固定匯率計算，這一數字是相同的。但一旦適應新的交易模式和貨幣，這一比例就會上升到 39% 到 40%。

And that's the underlying -- you're talking about -- okay.

這就是您所談論的根本問題——好的。

Yeah. That's right. And then keep in mind you've got partner commissions that we pay as well in that model.

是的。這是正確的。然後請記住，按照這種模式，我們也會支付合作夥伴佣金。

And then going to just it makes sense that as you see slower new subscriber edition, that builds over time and kind of compresses the revenue growth rates. I guess the one thing that's a bit surprising is the growth rates in the AEC product segments are still really good.

然後，當你看到新訂戶版本的成長速度變慢時，隨著時間的推移，收入成長率就會壓縮，這是有道理的。我想有一點令人驚訝的是 AEC 產品領域的成長率仍然很好。

And I think this quarter was 14%. And that seems just as difficult an environment as what manufacturing customers and a lot of way are going through. Do you think you're kind of outperforming there in that segment?

我認為本季是 14%。這似乎與製造業客戶和許多企業正在經歷的環境一樣困難。您認為您在該領域的表現是否更出色？

And maybe there's challenges elsewhere because it would seem like the AEC performance is ultimately standing out in this environment.

也許還有其他挑戰，因為看起來 AEC 的表現最終在這種環境中脫穎而出。

Yeah. So what you're seeing in AEC is you're seeing our construction performance. All right? Construction is doing quite well. You saw that we added 400 new logos. We've got a building momentum there. We've got a great product. Looking forward, we're very bullish about where we're taking the construction business.

是的。所以您在 AEC 中看到的就是我們的施工業績。好的？建築業進展相當順利。您看到我們新增了 400 個新徽標。我們在那裡取得了長足進步。我們有一個很棒的產品。展望未來，我們對建築業務的發展前景充滿信心。

The payment business is doing well. We're seeing wonderful growth associated with that. Customers like the product. They have plans to implement it. They're really attracted to the broad end to end solution. That's what people are buying for their future, not for their present needs.

支付業務表現良好。我們看到了與此相關的驚人的成長。顧客喜歡該產品。他們有計劃去實施它。他們確實對廣泛的端到端解決方案很感興趣。人們是為了未來而購買的，而不是為了滿足當下的需求。

They're trying to get in front of where they need to be. That's what you're seeing in AEC. I also want to make sure that I just address something you said. Remember, with regards to manufacturing growth, you just have to take into account that we had some upfront revenue compared to last year.

他們正努力達到他們需要達到的水平。這就是您在 AEC 中看到的。我還想確保我只是解決了您所說的問題。請記住，關於製造業的成長，您只需考慮到與去年相比我們有一些前期收入。

Those upfront revenue blips kind of have a disproportionate impact on how the manufacturing looks. When you account for that, that growth is actually in low double digits. So we're actually performing well there as well, relative to peers, especially on a full-year basis.

這些前期收入的短暫波動對製造業的前景產生了不成比例的影響。如果考慮到這一點，成長率實際上只有兩位數。因此，與同業相比，我們實際上也表現良好，尤其是按全年數據計算。

So what you're seeing in AEC, that's why you want to see us drive those make businesses even more because they're really having an impact. Revit's doing great. There's no doubt, but construction's doing fantastic.

所以你在 AEC 中看到的情況就是為什麼你希望看到我們推動這些業務發展得更強勁，因為它們確實產生了影響。Revit 表現出色。毫無疑問，建築業發展十分順利。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

Self-service sounds like a pretty big opportunity to drive the underlying efficiency. And just given Autodesk can be a complex piece of software that does require some higher touch from sales or partners, just how should we think about the base of business that could be applicable to self-service?

自助服務聽起來像是一個提高底層效率的巨大機會。鑑於 Autodesk 可能是一款複雜的軟體，確實需要銷售人員或合作夥伴的更高程度的參與，我們應該如何考慮可適用於自助服務的業務基礎？

Any sort of comments to help us understand where it is today and where it could go over time would be very helpful.

任何能夠幫助我們了解其當前狀況以及未來可能走向的評論都將非常有幫助。

Yeah.

是的。

Self-service can touch just about every aspect of our business from a transactional point of view. So for instance, as a matter of fact, in some of our reinvestor going into improving some of these self-service capabilities right out of the gate.

從交易的角度來看，自助服務幾乎可以觸及我們業務的每個方面。舉例來說，事實上，我們的一些再投資一開始就致力於改善一些自助服務功能。

So on a transaction basis, the easier you make it for customers to see what they own, manage what they own, add new seats, and all the things, and be aware of what their users are using and where they might need more capacity, that that drives upsell and cross-sell immediately.

因此，從交易角度來看，您越容易讓客戶看到他們擁有的東西、管理他們擁有的東西、添加新席位和所有的東西，並了解他們的用戶正在使用什麼以及他們可能需要更多容量的地方，就越容易推動追加銷售和交叉銷售。

The other aspects of self-service on the support level, look, there's there's a bunch of things that our customers come in and do that are very low-value transactions that we're getting significantly better at building systems that can automatically address those needs with the customers so that we can focus our human resources on the high value returns.

在支援層面上，自助服務的其他方面是，我們的客戶可以做很多事情，這些都是低價值的交易，我們在建立可以自動滿足客戶這些需求的系統方面做得越來越好，以便我們可以將人力資源集中在高價值回報上。

So every aspect of the business can benefit from an improved and enhanced self-service. And there's lots of low hanging fruit as we move forward in terms of making the self-service capabilities easier to access, easier to use and more complete in terms of how they work with our customers.

因此，業務的每個方面都可以從改進和增強的自助服務中受益。隨著我們不斷進步，自助服務功能將更加容易存取、更容易使用，並且在與客戶的合作方式上更加完善，我們將獲得許多唾手可得的成果。

And then just given we're just now entering this optimization phase for sales and marketing and it is going to be a multi-year journey it sounds like. At a high level, could you just help us understand a bit more what are some of the near term versus longer term key milestones we should look towards as we're going through this optimization phase?

鑑於我們現在才剛進入銷售和行銷的優化階段，這聽起來將是一段多年的旅程。從高層次上講，您能否幫助我們進一步了解，在我們經歷這一優化階段時，我們應該關注哪些短期和長期關鍵里程碑？

Yeah. So first off, let me just remind everybody, this optimization phase is a deliberately planned activity connected to the last two years of changes. When we began the move to the new transaction model is when we began the planning of this optimization phase.

是的。首先，我要提醒大家，這個優化階段是一個與過去兩年的變化相關的精心策劃的活動。當我們開始轉向新的交易模式時，我們就開始規劃這個最佳化階段。

So this is a purposeful, deliberate, planned-out effort. The high-level main focuses for this are on optimizing certain processes, enhancing self-service like I talked about earlier. And also improving efficiency and tightening the relationships with our partners.

所以這是一個有目的的、深思熟慮的、有計劃的努力。高層的重點是優化某些流程，增強自助服務，就像我之前談到的。同時也提高效率並加強與合作夥伴的關係。

So that we just generally reduce duplication and get more efficiency from the whole system overall. The initial phases were focused primarily on some of our marketing efficiency and some of the marketing-related go-to-market aspects of our efficiency.

這樣我們就可以整體減少重複並從整個系統中提高效率。初始階段主要集中於我們的一些行銷效率以及一些與行銷相關的上市效率。

As we move forward, you're going to see us drill a little bit more into making sure that we're creating tighter relationships with our partners and ensuring that there's more optimization in terms of productivity associated with partner relationships.

隨著我們不斷前進，你會看到我們更加努力確保與我們的合作夥伴建立更緊密的關係，並確保在與合作夥伴關係相關的生產力方面實現更多優化。

And you're going to see self-service have a bigger impact on the business moving forward. So consider it a continuum from starting with the marketing optimizations, moving through a continuum to enhancing partner engagement and getting more efficient there all the way through maximizing returns on self-service.

你會看到自助服務對未來的業務產生更大的影響。因此，可以將其視為一個連續的過程，從行銷優化開始，透過連續流程增強合作夥伴參與度，並在整個過程中提高效率，從而最大化自助服務的回報。

All of that's going to deliver long-term margin improvement for the -- operating income improvement for the company.

所有這些都將為公司的長期利潤率提高和營業收入改善帶來好處。

Matt Hedberg, RBC.

馬特·赫德伯格（Matt Hedberg），RBC。

And congrats, again, Janesh. Really look forward to working with you again here at Autodesk and starting out the year with a really strong free cash flow guide is really great to see as well.

再次恭喜 Janesh。非常期待在 Autodesk 再次與您合作，並且很高興看到今年能夠以非常強勁的自由現金流指南開始新的一年。

Maybe Andrew, you talked a little bit earlier about Fusion, GenAI. The product launch there. I guess I'm just wondering more philosophically, could you talk about sort of how we should think about additional generative AI rollouts across the product portfolio.

也許安德魯，你之前談到了 Fusion、GenAI。產品在那裡發布。我想我只是想從哲學角度思考一下，您能否談談我們應該如何考慮在整個產品組合中推出額外的生成式人工智慧。

How we should think about pricing? And just kind of the sensitivity around some of these data models given obviously a lot of it's customer specific?

我們該如何考慮定價？鑑於許多數據模型都是針對特定客戶的，那麼這些數據模型是否具有敏感度？

Yeah. Look, we're very much focused on enhancing customer productivity with these tools. As the tools get more and more productive, obviously there's opportunity to charge additional money for really high productivity AI features so that we capture some of the productivity we bring to the customers.

是的。你看，我們非常注重利用這些工具來提高客戶的生產力。隨著工具的生產力越來越高，顯然我們有機會對真正高生產力的人工智慧功能收取額外的費用，以便我們能夠獲得部分為客戶帶來的生產力。

We share some of the productivity with them and we capture some of the value back to us. What you're seeing with some of these early features is essentially things that help the customer build 3D models more quickly, more rapidly, with a lot less labor.

我們與他們分享部分生產力，並從中獲得部分價值。您所看到的一些早期功能本質上可以幫助客戶更快、更迅速地建立 3D 模型，並且節省大量勞動力。

So that's really hitting them right in their productivity. And it also makes our products much more competitive in situations, especially in Fusion land, where we're dealing with a very large ecosystem of products that we compete with.

所以這確實對他們的生產力產生了直接影響。這也使我們的產品在某些情況下更具競爭力，特別是在 Fusion 領域，我們必須與非常龐大的產品生態系統競爭。

And this essentially sets up Fusion to be much more competitive as we move forward. If you look forward at some of the things we're doing in AEC, Forma is really dedicated to servicing AI capabilities that allow people to be much more productive, creating building information models in a completely different way.

這實際上使 Fusion 在未來的發展中更具競爭力。如果您期待我們在 AEC 中所做的一些事情，Forma 確實致力於提供 AI 功能，讓人們提高工作效率，並以完全不同的方式創建建築資訊模型。

We've already rolled out early conceptual features around analysis, around tools that help people make initial sizing, set up kind of doors and windows and initial frameworks. This has a huge possibility to bring them to the masses, meaning bring building information modeling down to smaller and smaller companies that have found Revit out of reach for both their capabilities and their budgets.

我們已經推出了圍繞分析的早期概念功能，以及幫助人們進行初步尺寸確定、設置門窗和初步框架的工具。這很有可能將它們推向大眾，意味著將建築資訊模型帶給那些發現 Revit 超出其能力和預算的規模的越來越小的公司。

Forma has an opportunity to really expand the footprint of who can do building information modeling. And that's one of the things we're targeting at those long term. So look for AI to provide not only new productivity, better competitive value, and long term potentially higher monetization for some of these highly productive features, but also look for it to expand our market footprint.

Forma 有機會真正擴大建築資訊模型的覆蓋範圍。這是我們長期的目標之一。因此，尋求人工智慧不僅能為這些高生產力功能提供新的生產力、更好的競爭價值和長期潛在的更高貨幣化，還能尋求它來擴大我們的市場足跡。

And then the next one for you, it sounds like we're going to get maybe a bit more color on kind of a midterm model perhaps on the Q3 Analyst Day. And so maybe just as a follow up question to the kind of thinking about the lower end of that 10% to 15% guidance range.

然後下一個問題是，聽起來我們可能會在第三季分析師日上對中期模型有更多的了解。因此，這也許只是對 10% 至 15% 指導範圍下限的一個後續問題。

I guess how should we think about like maybe a floor of growth? We're getting that from a couple investors today. Is there kind of a way to think about like is it kind of like high single digits? Is it 10%? Just any way to kind of think about how you think about kind of the lower end of kind of a growth outcome?

我想我們應該怎麼思考成長底線呢？今天我們從幾位投資者那裡得到了這個訊息。有沒有一種方式可以思考它是否像高個位數？是10%嗎？有什麼方法可以思考一下您如何看待成長結果的低端？

Matt, great to be reconnected and looking forward to working with you actually.

馬特，很高興再次聯繫你，我非常期待與你合作。

So in terms of that growth range of the bottom end of that framework of around 10%, if you look back over the last couple of years, that's where we've fundamentally been. And in fiscal '26, we are guiding to 8% to 9% in constant currency, excluding the new transaction model effects.

因此，就該框架底端約 10% 的成長範圍而言，如果回顧過去幾年，我們基本上一直處於這個水平。在 26 財年，我們預計以固定匯率計算的成長幅度將達到 8% 至 9%，不包括新交易模式的影響。

And actually that's consistent with the underlying growth that we delivered in fiscal '25. So overall, we think that the businesses resilient. And we've had consistent performance over a period of time. And our focus fundamentally is actually on driving sustainable growth as we continue to focus on new business growth and driving our make business, especially through construction and manufacturing and the overall platform strategy like Andrew was saying.

實際上，這與我們在 25 財年實現的潛在成長一致。因此整體而言，我們認為企業具有韌性。我們在一段時間內一直表現穩定。我們的重點實際上是推動永續成長，因為我們將繼續專注於新業務成長和推動我們的製造業務，特別是透過建築和製造以及安德魯所說的整體平台策略。

Congrats.

恭喜。

Thank you.

謝謝。

Joshua Tilton, Wolfe Research.

喬舒亞·蒂爾頓（Joshua Tilton），沃爾夫研究公司。

I have two quick ones. The first question is, is there any sense you can give -- you can just help us understand maybe where the NRR finished for the year relative to what you're guiding to for revenue for next year.

我有兩個簡短的。第一個問題是，您能否給我們一些建議——您能否幫助我們了解今年的 NRR 相對於您預計的明年收入水平而言處於什麼位置。

So for example, you're guiding to about 8.5% core growth ex-transition for next year, like where relative to that are existing customers growing finishing this year?

舉例來說，您預計明年核心客戶成長率將達到 8.5% 左右，那麼相對於這一成長率，今年現有客戶的成長速度如何呢？

And then my second question is just a little more simple. How much of the recent like restructuring a RIF announcement benefit is factored into the current operating margin guidance for this year?

我的第二個問題就簡單一點。最近重組 RIF 公告收益的多少被計入了今年的當前營業利潤率指引？

Yeah. Maybe I'll just address both of those.

是的。或許我只想解決這兩個問題。

So in terms of the net retention rate, you'll see that we've -- in the modeling guidelines, we've provided a view on how we're thinking about it for fiscal '26, which is basically the same as it was for fiscal '25. It's a range of 100% to 110%.

因此，就淨留存率而言，您會看到，在建模指南中，我們提供了對 26 財年的看法，這與 25 財年基本相同。範圍是 100% 到 110%。

And I realize that's a wide range. And we're essentially guiding to 8% to 9% growth on the underlying. But the way I think about that is that the net retention rate essentially is hovers around the middle of the range. It can bounce around by a few points in any particular quarter. That's why we put a reasonably wide range to it.

我意識到這個範圍很廣。我們基本上預期基礎成長率為 8% 至 9%。但我的想法是，淨留存率基本上徘徊在中間範圍。在任何一個特定季度中，它可能都會有幾點的波動。這就是為什麼我們為其設定了相當寬的範圍。

And so that's how we're thinking about that piece. Would you mind repeating the second question, please?

這就是我們對這個作品的看法。您介意重複第二個問題嗎？

Yeah. Just how much of the recent RIF announcement or layoff announcement benefit is baked into the current operating margin guidance for this year?

是的。最近的 RIF 公告或裁員公告福利中有多少被納入了今年的當前營業利潤率指引中？

Yeah. So as we built the operating margin guidance for the year, obviously any savings from the action are baked into the guidance already. But as I talked about earlier, the reinvestment and our organic hiring plan that we had built for fiscal '26 is really an integrated plan.

是的。因此，當我們制定年度營業利潤率指引時，顯然任何透過該行動而節省的資金都已經計入指引中了。但正如我之前所說，我們為 26 財年制定的再投資和有機招聘計劃實際上是一個綜合計劃。

And so if I think about the overall spending growth that we've baked into the model, which might be a different way to look at it, that spending growth overall for fiscal '26, again, holding aside the effects of the new transaction model is slowing from 7% last year to 4% this year in constant currency.

因此，如果我考慮我們已納入模型的總體支出增長，這可能是一種不同的看法，那麼 2026 財年總體支出增長，同樣，撇開新交易模型的影響，按固定匯率計算，從去年的 7% 放緩到今年的 4%。

Michael Turrin, Wells Fargo Securities.

富國證券的邁克爾圖林 (Michael Turrin)。

I know there have been a few different angles on this, but Janesh, just on the commentary on the long term targets, just any perspective you can add given it's early in your tenure?

我知道對此問題存在一些不同的觀點，但 Janesh，僅就長期目標的評論，考慮到您任職初期，您能補充什麼觀點嗎？

So decision process that went into this? And maybe help us parse how much is using a different set of assumptions there or just any more context you can add because that's where we're getting the most questions initially.

那麼，這決策過程是怎麼樣的呢？也許可以幫助我們分析在那裡使用多少不同的假設，或者只是您可以添加的更多上下文，因為那是我們最初得到最多問題的地方。

Yeah. I'm happy to talk about that.

是的。我很高興談論這個。

And look, fundamentally, my view on the business is very similar to what we've experienced in the past. And coming into the business, recognizing that for the past couple of years, we've been hovering around the low end of that range.

從根本上來說，我對業務的看法與我們過去的經驗非常相似。進入這個行業後，我們意識到過去幾年來我們一直徘徊在這個範圍的低端。

And fiscal '26 on an apple to apple basis is very similar. The reality is we've just not been in the middle to high end of that range. And that's, as I looked at the ranges, it felt inappropriate to have a range out there if we've not delivered against that in the last couple of years, at least being towards the middle or high end of that.

並且，從各方面來看，26 財年的情況非常相似。但現實是，我們還未達到這範圍的中高端。當我查看這些範圍時，我覺得如果我們在過去幾年中沒有實現這個目標，那麼設定一個範圍是不合適的，至少是接近這個範圍的中間或高端。

And that was really the core principle behind this. But fundamentally, when I look at the business, as I said, we've delivered consistently and it's a resilient business. You've seen us deliver over the last couple of years when there's been a lot of external factors that have been outside of our control, you've seen us do that through the business model transitions we've been driving.

這確實是背後的核心原則。但從根本上來說，當我審視業務時，正如我所說，我們一直在持續交付，而且這是一項具有韌性的業務。在過去幾年裡，儘管有許多外部因素超出了我們的控制範圍，但您還是看到我們透過推動商業模式轉型實現了目標。

We've got a strong and loyal customer base. Our products are in market leading positions. We feel very good about our position overall.

我們擁有強大且忠誠的客戶群。我們的產品處於市場領先地位。整體而言，我們對自己的地位感到非常滿意。

And then Andrew, just on the headcount reduction. I know these are tough decisions. Maybe just speak to how you ensure you're making the right level of change there balancing efficiency with preserving the continuity and business momentum you're seeing.

然後是安德魯，談談員工人數的減少。我知道這些都是艱難的決定。或許只是談談您如何確保在效率與保持連續性和業務發展勢頭之間取得平衡，從而做出正確的改變。

Yeah. So we look at these things definitely over a long time frame. And we're definitely trying to balance the risk short term with the reward long term in terms of what we did. And we feel like we've taken a really balanced approach here.

是的。所以我們肯定會從很長一段時間的角度來看這些事情。就我們所做的事情而言，我們肯定會努力平衡短期風險和長期回報。我們覺得我們在這裡採取了一種真正平衡的方法。

You can see we've reinvested some of the money into future systems and capabilities that will allow us to do additional optimizations in the future. So we're trying to make sure that we cut the right kind of balance here so that we keep the business moving in the right direction.

您可以看到，我們已經將部分資金重新投資到未來的系統和功能中，這將使我們能夠在未來進行額外的最佳化。因此，我們試圖確保在這裡實現正確的平衡，以便業務能夠朝著正確的方向發展。

And we've factored a lot of that risk into the way we're guiding. So I think we've done it right. And I think the ongoing optimizations are going to continue to deliver increasing profits as we move forward into next year.

我們在製定指導方針時已經將許多此類風險考慮在內。所以我認為我們做對了。我認為，隨著明年的到來，正在進行的優化將繼續帶來不斷增長的利潤。

Ken Wong, Oppenheimer & Company.

奧本海默公司 (Oppenheimer & Company) 的 Ken Wong。

Maybe the last one on just that 10% to 15% range. I realized inappropriate to kind of keep that out there given the conditions and the performance. But with all the improvements that you guys are putting through with the go-to-market changes, the work with the channel, I mean should we think about the other side of this when macro is fine, when you guys have delivered on the go-to-market changes that 10% to 15% is back in play?

也許最後一個就在 10% 到 15% 的範圍內。我意識到，考慮到當前的條件和表現，將其保留在那裡是不合適的。但是，隨著你們在行銷變革和通路工作方面所做的所有改進，我的意思是，當宏觀經濟狀況良好時，當你們實現了行銷變革，10％到15％的成長率重新發揮作用時，我們是否應該考慮這個問題的另一面？

Is it arguably maybe even a better number? Like help us think through kind of what the end goal with some of these changes would be in respect to what were the prior 10% to 15% goals.

是否可以說這是一個更好的數字？例如，幫助我們仔細思考一下，相對於之前的 10% 到 15% 的目標，這些變化的最終目標是什麼。

So Ken, where we're at right now is just a tacit acknowledgement of where the business is right now. What you're not hearing is a reduction in faith of the long-term growth potential for the company, all right?

所以肯，我們現在所處的位置只是對當前業務狀況的一種預設。您沒有聽到的是，人們對公司長期成長潛力的信心降低，好嗎？

The areas we're talking about are the areas that really need to improve to drive the kind of behavior we want long term. It's all about getting the channel more productive. That's going to be a result of some of the changes that we're doing right now and some of the optimizations.

我們正在討論的領域是真正需要改進的領域，以推動我們長期想要的行為。這一切都是為了讓通路更有生產力。這是我們目前正在進行的一些變更和一些最佳化的結果。

The more productive the channel is, the more energy it has to spend on new business, the more the new business starts to build up over time and actually show up as revenue growth over time.

通路效率越高，它投入到新業務的精力就越多，隨著時間的推移，新業務就越能開始建立，並隨著時間的推移真正體現為收入的成長。

The other thing is we're really excited about moving to design and make solution in a lot of our customers. So watch that make bucket because that's a clear sign that we're being successful, penetrating the end to end solution.

另一件事是，我們對為許多客戶設計和提供解決方案感到非常興奮。因此請注意這一點，因為這是一個明顯的跡象，表明我們正在取得成功，並滲透到端到端解決方案。

That is real long-term new growth for Autodesk. And by investing in that, we're essentially front loading the capability to keep building up that book of business, which then shows up in the top line over time. So that's the way to look at it.

這對 Autodesk 來說是真正的長期新成長。透過對此進行投資，我們基本上是在前期投入精力來不斷累積業務，然後隨著時間的推移，業務量會逐漸顯現出來。這就是看待這個問題的方式。

It's not a retreat from confidence in the long-term growth structure of the business, quite the contrary. But it is an acknowledgement of where we are at today.

這並不意味著對企業長期成長結構信心的喪失，恰恰相反。但這確實是對我們當前處境的承認。

And then just a quick follow up on like look, where you guys have rolled out across all three regions now as far as the agency transition. Any update on how kind of those three areas are tracking? Obviously, we have the Americas which were kind of a little further along, but you just rolled out APAC.

然後我們快速跟進一下，就代理商轉型而言，你們現在已經涵蓋了所有三個地區。這三個領域的進展有什麼更新嗎？顯然，我們在美洲的業務進展稍快一些，但你們剛剛推出了亞太地區業務。

Would just love a sense of kind of how those are mapping relative to internal plans.

只是想了解這些與內部計劃之間的映射關係。

Yeah. So for the most part, things are going as we planned. There's an initial kind of pull forward of the business. Then there's some reduction in new business as people go through getting their systems set up and renewing.

是的。所以總的來說，事情都是按照我們的計劃進行。這是一種最初的業務向前推動現象。隨著人們不斷建立和更新系統，新業務量就會減少。

We did see a few more productivity problems as we were hitting the end of all these rollouts than was originally expected. But we're now working through all of that. But for the most part, this is perceived as we expected with a little bit more kind of, okay, we have some work to do to help the partners manage these systems effectively moving forward.

當我們完成所有這些部署時，我們確實看到了比最初預期更多的生產力問題。但我們現在正在努力解決所有這些問題。但總體而言，這正如我們預期的那樣，當然，我們還需要做一些工作來幫助合作夥伴有效地管理這些系統。

And ladies and gentlemen, that is all the time we have for Q&A today.

女士們、先生們，今天我們的問答時間就到此為止。

I would now like to turn the conference back to Simon Mays-Smith for closing remarks.

現在，我想請西蒙·梅斯·史密斯致閉幕詞。

Thank you everyone for joining us today. We'll look forward to seeing many of you over the coming weeks. If you have any questions, please just email me simon@autodesk.com, and we'll look forward to catching up on our Q1 earnings call.

感謝大家今天的參加。我們期待在接下來的幾週內見到你們。如果您有任何疑問，請發送電子郵件至 simon@autodesk.com，我們期待在第一季財報電話會議上與您討論。

Thanks very much for listening, and goodbye, everyone.

非常感謝大家的聆聽，再見，大家。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。