Autodesk Inc (ADSK) 2026 Q1 法說會逐字稿

Thank you for standing by, and welcome to Autodesk first quarter and full year fiscal 2026 earnings conference call. (Operator Instructions)

感謝您的支持，歡迎參加 Autodesk 2026 財年第一季和全年財報電話會議。（操作員指示）

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

現在我想將電話交給投資者關係副總裁 Simon Mays-Smith。請繼續。

Thanks, operator, and good afternoon. Thank you for joining our conference call to discuss Autodesk's fiscal '26 first-quarter results. Andrew Anagnost, our CEO; and Janesh Moorjani, our CFO, are on the line with me. During this call, we will make forward-looking statements, including outlook and related assumptions and on products, go-to-market and strategies.

謝謝接線員，下午好。感謝您參加我們的電話會議討論 Autodesk 26 財年第一季業績。我們的執行長 Andrew Anagnost；我們的財務長 Janesh Moorjani 正在與我通話。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、上市和策略。

Actual events or results could differ materially. Please refer to our SEC filings, including our most recent Form 10-K 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.

實際事件或結果可能有重大差異。請參閱我們向美國證券交易委員會 (SEC) 提交的文件，包括我們最新的 10-K 表格和與今天的新聞稿一起提交的 8-K 表格，以了解可能導致我們的實際結果與前瞻性陳述中的結果不同的重要風險和其他因素。

Forward-looking statements made during the call are being made as of today. If this call is replayed or reviewed after today, the information presented during the call may not contain current or accurate information. 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.

電話會議期間所做的前瞻性陳述截至今日為止。如果在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。

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.

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 Financials 以及我們投資者關係網站上提供的其他補充資料中進行了核對。

And now I will turn the call over to Andrew.

現在我將把電話轉給安德魯。

Thank you, Simon, and welcome, everyone, to the call. Autodesk delivered strong first quarter results. Revenue and non-GAAP earnings per share topped the higher end of our guidance ranges and billings, non-GAAP margins and free cash flow exceeded our expectations.

謝謝你，西蒙，歡迎大家參加電話會議。Autodesk 第一季業績表現強勁。收入和非公認會計準則每股收益均超出我們的預期範圍，而營業額、非公認會計準則利潤率和自由現金流也超出了我們的預期。

Two things are clear against an uncertain geopolitical macroeconomic and policy backdrop. First, our strong momentum and performance in the first quarter of fiscal '26 set us up well for the year. And second, we continue to make the right decisions to drive long-term shareholder value.

在不確定的地緣政治、宏觀經濟和政策背景下，有兩件事是顯而易見的。首先，我們在 26 財年第一季的強勁勢頭和業績為全年的業績奠定了良好的基礎。其次，我們持續做出正確的決策，以推動長期股東價值。

We are focusing our growth investments on our strategic priorities in cloud, platform and AI. We are optimizing our sales and marketing and investing to enable future optimization that drives higher margins. We are allocating more capital to share repurchases as our free cash flow stack rebuilds from the transition to annual billings for most multi-year contracts. And with the appointment of John Cahill, Ram Krishnan, Jeff Epstein, and Christie Simons, we are refreshing our Board to guide the next decade of growth.

我們將成長投資重點放在雲端、平台和人工智慧方面的策略重點。我們正在優化我們的銷售和行銷，並進行投資，以實現未來的最佳化，從而提高利潤率。隨著我們的自由現金流堆疊從大多數多年期合約的年度帳單過渡到重建，我們正在分配更多資本用於股票回購。隨著約翰·卡希爾 (John Cahill)、拉姆·克里希南 (Ram Krishnan)、傑夫·愛潑斯坦 (Jeff Epstein) 和克里斯蒂·西蒙斯 (Christie Simons) 的任命，我們正在更新董事會，以指導未來十年的增長。

In this uncertain world, Autodesk has three sources of certainty. First, the new transaction model is a proactive plan to integrate more closely with our customers and drive additional business while also increasing automation and reducing duplicative workflows with our channel partners. It opens up new growth and margin opportunities for Autodesk.

在這個不確定的世界裡，Autodesk 有三個確定性來源。首先，新的交易模式是一項積極主動的計劃，旨在與我們的客戶更緊密地結合，推動更多業務，同時提高自動化程度並減少與通路合作夥伴的重複工作流程。它為 Autodesk 開闢了新的成長和利潤機會。

Second, rebuilding our free cash flow stack after the transition to annual billings for most multi-year contracts increases our capacity to sustainably return cash to shareholders through share repurchases. And third, as we come to the end of those two major business model transitions, Autodesk will be easier to analyze and understand.

其次，在大多數多年合約轉為年度結算後，重建我們的自由現金流堆棧，增強了我們透過股票回購持續向股東返還現金的能力。第三，隨著這兩次重大商業模式轉型的結束，Autodesk 將更容易被分析和理解。

I will now turn the call over to Janesh to discuss our quarterly financial performance and guidance for fiscal '26. I'll then come back to update you on our strategic growth initiatives.

現在我將把電話轉給 Janesh，討論我們的季度財務表現和 26 財年的指導。然後我會回來向您通報我們的策略成長計劃。

Thanks, Andrew. Q1 was another strong quarter. Overall, the underlying momentum of the business was similar to prior quarters. We saw strength in AECO in upfront revenue from enterprise business agreements or EBAs and in the Autodesk store as friction from the new transaction model implementation process continue to ease.

謝謝，安德魯。第一季又是一個強勁的季度。總體而言，業務的基本動能與前幾季相似。隨著新交易模式實施過程中的摩擦不斷緩解，我們看到 AECO 在企業業務協議或 EBA 的前期收入以及 Autodesk 商店中的強勁表現。

Our go-to-market optimization plan is also on track. Our new Chief Revenue Officer; Andy Elder, joined on May 12 from Microsoft. Total revenue in the first quarter grew 15% as reported and 16% in constant currency. The contribution from the new transaction model to revenue was $78 million in the first quarter. Total revenue grew 11% in constant currency and excluding the impact of the new transaction model.

我們的市場優化計劃也正在順利進行中。我們的新任首席營收長；安迪·艾爾德 (Andy Elder)，5 月 12 日從微軟加入。第一季總營收按報告成長 15%，以固定匯率計算成長 16%。新交易模式對第一季營收的貢獻為 7,800 萬美元。以固定匯率計算並排除新交易模式的影響，總收入成長了 11%。

Please see the tables in our press release, earnings deck, and Excel financials for details by product and region. Billings increased 29% as reported and 30% in constant currency, reflecting the shift to annual billings for most multi-year contracts and the transition to the new transaction model.

請參閱我們的新聞稿、收益表和 Excel 財務報表中的表格，以了解按產品和地區劃分的詳細資訊。報告的營業額增長了 29%，以固定匯率計算則增長了 30%，這反映了大多數多年期合約轉向年度營業額以及向新交易模式的過渡。

The contribution from the new transaction model to billings was $105 million in the first quarter. Billings grew 22% at constant currency and excluding the impact of the new transaction model. RPO Of $7.2 billion and current ARPU of $4.6 billion grew 21% and 16%, respectively.

第一季度，新交易模式對營業收入的貢獻為 1.05 億美元。以固定匯率計算並排除新交易模式的影響，營業額成長了 22%。RPO 為 72 億美元，目前 ARPU 為 46 億美元，分別成長了 21% 和 16%。

Turning to margins. First-quarter GAAP and non-GAAP operating margins were 14% and 37%, respectively. GAAP operating margins decreased 7 percentage points, primarily due to restructuring charges of $105 million and a one-time non-cash charge of $54 million, reflecting a cumulative adjustment in stock-based compensation since fiscal 1999 related to the company's employee stock purchase program.

轉向利潤。第一季 GAAP 和非 GAAP 營業利潤率分別為 14% 和 37%。GAAP 營業利潤率下降了 7 個百分點，主要原因是 1.05 億美元的重組費用和 5,400 萬美元的一次性非現金費用，反映了自 1999 財年以來與公司員工股票購買計劃相關的股票薪酬的累計調整。

The financial impact of this was immaterial in any of our historical reporting periods. For example, it was a total of $4 million in fiscal '25. There are more details in the earnings deck. This does not affect the trajectory of stock-based compensation for future years. We remain very focused on bringing stock-based compensation as a percent of revenue to below 10%, and in part to reflect that intent, we have incorporated it into our long-term executive incentive plans.

在我們的任何歷史報告期間內，此事的財務影響都不大。例如，25財年總額為400萬美元。收益報告中有更多詳細資訊。這不會影響未來幾年股票薪資的走勢。我們仍然非常注重將股票薪酬佔收入的百分比降至 10% 以下，為了反映這一意圖，我們已將其納入我們的長期高階主管激勵計畫。

Non-GAAP operating margins were strong, increasing 3 percentage points. This reflected operating leverage from ongoing cost discipline and timing benefits from restructuring, partly offset by the margin drag from the new transaction model. First-quarter free cash flow was $556 million.

非公認會計準則營業利潤率強勁，成長了 3 個百分點。這反映了持續的成本控制帶來的經營槓桿和重組帶來的時機優勢，但被新交易模式帶來的利潤率拖累部分抵消。第一季自由現金流為5.56億美元。

Moving on to capital allocation. We continue to focus organic investment on our strategic priorities. We purchased approximately 1.3 million shares for $353 million at an average price of approximately $269 per share.

繼續討論資本配置。我們將繼續把有機投資重點放在我們的策略重點上。我們以每股約 269 美元的平均價格購買了約 130 萬股，總價值 3.53 億美元。

Turning to guidance. I will again speak to the numbers, excluding the impact of the new transaction model and in constant currency to give you a clearer view on the underlying dynamics of the business. In the earnings deck, you'll see that we've again split out the impact of the new transaction model and currency movements for our fiscal '26 guidance. The underlying momentum of the business in the first quarter of fiscal '26 was consistent with recent quarters.

轉向指導。我將再次談論這些數字，不包括新交易模式的影響，並以固定匯率計算，以便您更清楚地了解業務的潛在動態。在收益報告中，您會看到我們再次將新交易模式和貨幣變動對 26 財年指引的影響分開。26財年第一季業務的基本動能與最近幾季一致。

Since February, the US dollar has depreciated against major currencies and macroeconomic uncertainty has increased. The increases in our billings, revenue and free cash flow dollar guidance ranges, therefore, reflect those foreign exchange movements, partly offset by additional caution in our underlying growth assumptions to reflect greater macroeconomic uncertainty.

自2月以來，美元兌主要貨幣貶值，宏觀經濟不確定性增加。因此，我們的帳單、收入和自由現金流美元指導範圍的增加反映了這些外匯變動，但部分抵消了我們在基本成長假設中為反映更大的宏觀經濟不確定性而採取的額外謹慎態度。

To give you a feel for what this means when compared to our prior guidance, the lower end of our new billings and free cash flow ranges assume that new business growth for the rest of the year decelerates at roughly the same rate as during the pandemic and that EBA renewal uplift rates deteriorate. Our underlying revenue growth guidance is unchanged because its ratable nature makes it less volatile, and our business performance in the first quarter has already incrementally reduced the risk of our guidance for the remainder of the year.

為了讓您了解與我們之前的指導相比這意味著什麼，我們的新帳單和自由現金流範圍的下限假設今年剩餘時間的新業務增長減速速度與大流行期間大致相同，並且 EBA 續約提升率下降。我們的基本收入成長指引保持不變，因為其可評估性質使其波動性較小，而且我們第一季的業務表現已經逐步降低了今年剩餘時間指引的風險。

So the billings guidance range increases to $7.16 billion to $7.31 billion. The revenue guidance range increases to $6.925 billion to $6.995 billion, and the free cash flow guidance range increases to $2.1 billion to $2.2 billion. On margins, the revenue tailwind from exchange rate movements is in part, balanced by cost headwinds but we've raised the bottom end of our non-GAAP guidance range, reflecting operating leverage and ongoing cost discipline. GAAP earnings per share guidance reflects in part the one-time charges taken in the first quarter.

因此，營業額指引範圍將增加至 71.6 億美元至 73.1 億美元。營收預期範圍增至 69.25 億美元至 69.95 億美元，自由現金流預期範圍增至 21 億美元至 22 億美元。在利潤率方面，匯率變動帶來的收入順風在一定程度上被成本逆風所抵消，但我們提高了非公認會計準則指導範圍的底端，反映了經營槓桿和持續的成本控制。GAAP 每股盈餘指引部分反映了第一季的一次性費用。

We've increased our non-GAAP earnings per share guidance, reflecting the non-GAAP operating margin increase. The slide deck on our website has more details on modeling assumptions for the second quarter and full year fiscal 2016. Andrew, back to you.

我們提高了非公認會計準則每股收益預期，以反映非公認會計準則營業利潤率的成長。我們網站上的投影片包含有關 2016 財年第二季和全年建模假設的更多詳細資訊。安德魯，回到你身邊。

Thank you, Janesh. Autodesk is focused on the convergence of design and make in the cloud, enabled by platform, industry cloud 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-market to capitalize on it.

謝謝你，Janesh。Autodesk 專注於透過平台、產業雲和人工智慧實現雲端設計與製造的融合。Autodesk 處於整合的前沿，因為我們一直在發展和投資商業模式、產品和平台，並進入市場以利用它。

Let me give you a few examples from the quarter. In AECO, one of the world's leading infrastructure consulting firms closed its sixth EBA with us, the second largest deal in Autodesk's history. Our partnership is centered around accelerating its transition to BIM, facilitating the adoption of global data standards and standardizing on Autodesk Construction Cloud as its common data environment for digital delivery.

讓我給你舉幾個本季的例子。AECO 是全球領先的基礎設施諮詢公司之一，與我們完成了第六筆 EBA 交易，這是 Autodesk 歷史上第二大交易。我們的合作主要集中在加速向 BIM 的過渡、促進全球數據標準的採用以及將 Autodesk Construction Cloud 標準化為其數位交付的通用數據環境。

These initiatives will enable automation to replace low-value manual tasks, enhance value-added engineering, reduce errors and rework and establish a framework for leveraging AI. The ultimate goal is to transform its design and delivery approach and leverage its scale and expertise to accelerate growth, drive efficiency and improve profitability. Hitachi Energy provides innovative, sustainable and efficient solutions that support energy transition. As part of the most recent EBA renewal, it expanded adoption of Autodesk Construction Cloud, Revit and Fusion to advance renewable energy integration and digitization.

這些措施將使自動化取代低價值的手動任務，增強增值工程，減少錯誤和返工，並建立利用人工智慧的框架。最終目標是改變其設計和交付方式，並利用其規模和專業知識來加速成長、提高效率和提高獲利能力。日立能源提供支持能源轉型的創新、永續和高效的解決方案。作為最新 EBA 續約的一部分，它擴大了對 Autodesk Construction Cloud、Revit 和 Fusion 的採用，以推進再生能源的整合和數位化。

Furthermore, Hitachi Energy invested in asset and data-driven capabilities and digital twin solutions in creating a digital foundation throughout the product life cycle and various disciplines. This includes enabling predictive maintenance through the real-time monitoring and analysis of grid performance. A leading design build general contractor and existing GCPay and building connected customer began looking for an integrated solution to manage increasing project complexity and drive efficiency.

此外，日立能源還投資了資產和數據驅動能力以及數位孿生解決方案，以在整個產品生命週期和各個學科中創建數位化基礎。這包括透過即時監控和分析電網性能實現預測性維護。一家領先的設計建造總承包商和現有的 GCPay 和建築聯網客戶開始尋找整合解決方案來管理日益增加的專案複雜性並提高效率。

After a thorough evaluation, it selected Autodesk along with a platinum implementation partner to provide specialized implementation and onboarding plans. By standardizing on Autodesk Construction Cloud, this customer will unify project data and workflows and improve collaboration across design, engineering and subcontractors.

經過全面評估，它選擇了 Autodesk 及其白金實施合作夥伴來提供專門的實施和入職計劃。透過在 Autodesk Construction Cloud 上進行標準化，該客戶將統一專案資料和工作流程，並改善設計、工程和分包商之間的協作。

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 cloud and platform drive convergence and extend our footprint further into larger growth segments like infrastructure and construction and that is reflected in the continued strong revenue and new customer momentum in construction.

這些故事有一個共同的主題。在整個專案生命週期中融合人員、流程和數據，以提高效率和永續性，同時降低風險。我們全面的端到端行業雲端和平台推動整合，並將我們的業務範圍進一步擴展到基礎設施和建築等更大的成長領域，這反映在建築領域持續強勁的收入和新客戶成長勢頭上。

Moving on to manufacturing. We made excellent progress on our strategic initiatives, customers continue to invest in their digital transformations and consolidate our design and make platform to drive growth and increase resilience. Waldner is a German-based industrial group specializing in engineering and system solutions across laboratories, process systems and filling and sealing machines. It was looking to transition from 2D to 3D solutions to streamline workflows and accelerate sales cycle times and project delivery.

轉向製造業。我們的策略性舉措取得了顯著進展，客戶繼續投資於數位轉型，並鞏固我們的設計和製造平台以推動成長並提高彈性。Waldner 是一家德國工業集團，專門提供實驗室、製程系統以及灌裝和封口機的工程和系統解決方案。該公司希望從 2D 過渡到 3D 解決方案，以簡化工作流程並加快銷售週期和專案交付。

In Q1, it purchased our product design and manufacturing collection and Vault professional to supercharge its three design and data management capabilities. Waldner expects to enhance collaboration across stakeholders and efficiently manage design iterations through the project life cycle. George P. Johnson, which creates immersive brand experiences, partnered with Autodesk for its large-scale digital transformation. By breaking down silos and automating workflows, GPJ sought to enhance collaboration, scheduling, capacity planning, and shop floor visibility to avoid late-stage changes that can result in project delivery and financial risk.

在第一季度，它購買了我們的產品設計和製造系列以及 Vault 專業版，以增強其三個設計和資料管理能力。Waldner 希望加強利害關係人之間的協作，並在整個專案生命週期內有效地管理設計迭代。創造沉浸式品牌體驗的 George P. Johnson 與 Autodesk 合作進行大規模數位轉型。透過打破孤島和自動化工作流程，GPJ 尋求加強協作、調度、產能規劃和車間可視性，以避免可能導致專案交付和財務風險的後期變更。

The team at GPJ will transition engineering, design and four fabrication facilities from several disparate legacy applications to Fusion Manage in operations, a modern, consolidated and connected system. With Fusion Manage and operations, GPJ will have 3D design tools with integrated process automation powered by a common data environment. Grain handler is a global leader in grain handling equipment. Historically, it relied on two competitor solutions, one for design and one for manufacturing. Facing growing inefficiencies from limited process integration, grain handler selected Fusion to modernize its entire design and manufacturing workflow, integrated CAD/CAM capabilities on a unified platform will streamline engineering processes and accelerate production time lines.

GPJ 團隊將把工程、設計和四個製造設施從幾個不同的傳統應用轉移到 Fusion Manage 這個現代化、整合且互聯的系統。透過 Fusion Manage 和運營，GPJ 將擁有由通用資料環境支援的整合流程自動化的 3D 設計工具。Grain handler 是穀物處理設備的全球領導者。從歷史上看，它依賴兩個競爭對手的解決方案，一個用於設計，一個用於製造。面對因流程整合有限而導致的效率低下問題，穀物處理商選擇 Fusion 來實現整個設計和製造工作流程的現代化，在統一平台上整合 CAD/CAM 功能將簡化工程流程並加快生產時間表。

This story highlights customers' growing desire for unified workflows and Fusion's increasing ability to handle complex, high stakes manufacturing processes in multi-seat environments. Converge data opens up new opportunities for Autodesk. As customers seek to drive efficient innovation, Fusion is driving strong ACV growth with extension attach rates increasing and driving average sales prices higher, and we're delivering meaningful productivity gains to customers where we deploy AI.

這個故事凸顯了客戶對統一工作流程日益增長的需求，以及 Fusion 在多座位環境中處理複雜、高風險製造流程的日益增強的能力。融合資料為 Autodesk 開啟了新的機會。隨著客戶尋求推動高效創新，Fusion 正在推動強勁的 ACV 成長，擴展附加率不斷提高，平均銷售價格不斷上漲，我們正在為部署 AI 的客戶帶來有意義的生產力提升。

I talked about our AI-powered AutoConstrain last quarter. This feature has created over 580,000 constraints for our Fusion users since launch by automating the critical but laborious task of defining sketch geometry. This is a task that is foundational to 3D model generation. Since last quarter, user acceptance rates of AutoConstrain Command have increased to more than 50% through our continual AI improvement and UX enhancements. This is indicative of the potential of Autodesk AI as it continually improves our users' experience with Fusion.

上個季度我談到了我們由人工智慧驅動的 AutoConstrain。自推出以來，該功能透過自動執行定義草圖幾何這一關鍵但費力的任務，已為我們的 Fusion 用戶創建了超過 580,000 個約束。這是 3D 模型產生的基礎任務。自上個季度以來，透過我們不斷的 AI 改進和 UX 增強，AutoConstrain Command 的用戶接受率已提高到 50% 以上。這顯示了 Autodesk AI 的潛力，因為它不斷改善我們用戶使用 Fusion 的體驗。

In education, Aston University is preparing future engineers to drive innovation through next-generation design, analysis and manufacturing by making the entire Autodesk product portfolio available to all students. Additionally, it is migrating to Fusion for first year modules in all engineering-related disciplines, providing a modern platform to foster collaboration and hands-on learning and equip the next generation of engineers and designers with industry-relevant skills.

在教育方面，阿斯頓大學向所有學生提供整個 Autodesk 產品組合，培養未來的工程師透過下一代設計、分析和製造來推動創新。此外，所有工程相關學科的第一年模組都遷移到了 Fusion，提供了一個現代化的平台來促進協作和實踐學習，並為下一代工程師和設計師提供行業相關技能。

And lastly, we continue to find new ways for our customers to consume our products and services in ways that work best for them. For example, we helped a major engineering consulting company in Taiwan remove noncompliant versions of our software and have the necessary licenses to ensure access to the latest and safest software for all its employees. And we enabled Flex consumption for Jones Engineering, a global contractor, so they can manage fluctuating project requirements in their cutting-edge off-site fabrication and modular manufacturing business.

最後，我們將繼續尋找新的方式，讓客戶以最適合他們的方式使用我們的產品和服務。例如，我們幫助台灣一家大型工程顧問公司刪除了不合規的軟體版本，並獲得了必要的許可證，以確保所有員工都能使用最新、最安全的軟體。我們為全球承包商 Jones Engineering 實現了靈活消費，以便他們能夠管理其尖端異地製造和模組化製造業務中不斷變化的專案需求。

This enabled rapid scaling of new projects and reduced administrative bottlenecks. Attractive long-term secular growth markets, our 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.

這使得新專案能夠快速擴展並減少管理瓶頸。具有吸引力的長期成長市場、我們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，都在產生強勁而持續的發展勢頭。

Our 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. Let me finish with the story.

我們嚴謹的執行力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。讓我把這個故事講完。

On January 7, wildfire started in Los Angeles in the Eaton Canyon and Pacific Palisades. Driven by Hurricane Force winds, the fires burned over 57,000 acres. They displaced over 200,000 residents and tragically took the lives of at least 30 people. More than 16,000 structures were lost with economic damage estimated at over $250 billion.

1 月 7 日，洛杉磯伊頓峽谷和太平洋帕利塞德地區發生山火。在颶風的推動下，大火燒毀了超過 57,000 英畝的土地。他們迫使超過 20 萬居民流離失所，並悲慘地造成至少 30 人死亡。超過 16,000 棟建築物被摧毀，經濟損失估計超過 2,500 億美元。

I grew up in Southern California, and I lived through major earthquakes and other natural disasters, but the scale and scope of the devastation of this fire makes my heart ache for the people that still live in my childhood home.

我在南加州長大，經歷過大地震和其他自然災害，但這場火災的破壞規模和範圍讓我為仍然住在我童年家園的人們感到心痛。

But in the spirit of resilience that defines our country, civic leaders and the community are working together in new ways to rapidly rebuild the city and rebuild it to be more resilient. For example, The Foothill catalog Foundation formed by volunteer architects and supported by Autodesk is creating a preapproved catalog of home designs that will lower costs, reduced permitting delays that can stretch over a year and accelerate reconstruction. Hundreds of architects have already signed on. We've seen the power of approaches like this before.

但本著我們國家堅韌不拔的精神，公民領袖和社區正在以新的方式共同努力，迅速重建這座城市，並使其更具韌性。例如，由志願建築師組成並由 Autodesk 支持的 Foothill 目錄基金會正在創建預先批准的住宅設計目錄，這將降低成本、減少可能長達一年多的許可延誤並加速重建。數百名建築師已經簽約。我們以前已經見識過這種方法的威力。

In Singapore, Autodesk supported the government's CORENET X initiative, allowing teams to collaborate in a single digital model, detect issues early and streamline approvals across agencies. The result faster, more coordinated building processes that reduced waste and delays. We strongly support similar initiatives now being proposed at the federal level here in the US.

在新加坡，Autodesk 支援政府的 CORENET X 計劃，允許團隊在單一數位模型中協作，及早發現問題並簡化跨機構審批流程。結果是，建築流程更快、更協調，減少了浪費和延誤。我們強烈支持美國聯邦政府目前提出的類似措施。

We are not only doing this because there is enough labor, money or materials to build and rebuild everything that is needed to support our rapidly changing future, but also because this is how we unlock the full potential of communities. This is how we help Los Angeles remain in every sense the city of Angels.

我們這樣做不僅是因為有足夠的勞動力、資金或材料來建立和重建支持我們快速變化的未來所需的一切，而且因為這是我們釋放社區全部潛力的方式。這就是我們如何幫助洛杉磯在各個方面繼續保持「天使之城」的地位。

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) Saket Kalia, Barclays.

（操作員指示）Saket Kalia，巴克萊銀行。

Andrew, maybe to start with you. You mentioned in your prepared remarks that the underlying momentum in the business has been stable. Just given the significant uncertainty out there, could you just talk about how customer conversations are evolving, if at all? And maybe just touch on just broadly your thoughts on the macro, given how much time you spend with customers.

安德魯，也許先從你開始。您在準備好的發言中提到，業務的基本動能一直很穩定。鑑於目前存在的巨大不確定性，您能否談談客戶對話是如何發展的？考慮到您花在客戶身上的時間，也許您可以大致談談您對宏觀的看法。

Yes. Saket, pleasure. Thanks for asking this question. All right.

是的。Saket，很高興。感謝您提出這個問題。好的。

Obviously, trade policy uncertainty, all of these things, these have material impacts on our customers. It increases the cost of goods that they secure through the supply chain, their material costs, that creates uncertainty in their bidding processes. And this is true for a wide variety of customers. So when I'm talking to customers, they're absolutely flagging this uncertainty right now.

顯然，貿易政策的不確定性，所有這些因素都會對我們的客戶產生重大影響。這增加了他們透過供應鏈獲得的商品成本和材料成本，從而為他們的投標過程帶來了不確定性。對於各種各樣的客戶來說，這都是事實。因此，當我與客戶交談時，他們現在絕對會表達這種不確定性。

There's no doubt. It's creating concern for them. But when they flag it, they talk a lot more about the second half of the year than they talk about things right now.

毫無疑問。這讓他們感到擔憂。但當他們提到這一點時，他們談論下半年的事情比談論現在的事情要多得多。

And the kind of put this in perspective and connected back to some things Janesh said in the opening commentary, construction backlog ticked up in the quarter. We continue to see increases in monthly active users of our products. We saw increasing bid activity on bid board and most of our customers continue to see an inflow of business. So net-net of all of this is that just like us, they're feeling uncertainty, but they're not seeing it right now in our business -- in their business, just like we're not seeing it right now in our business.

從這個角度來看，並與 Janesh 在開場評論中提到的一些事情聯繫起來，本季建築積壓量有所增加。我們產品的每月活躍用戶數量持續增加。我們看到投標板上的投標活動不斷增加，我們的大多數客戶繼續看到業務流入。所以，總體來說，就像我們一樣，他們也感到不確定，但他們現在在我們的業務中沒有看到這種不確定性——在他們的業務中，就像我們現在在我們的業務中沒有看到這種不確定性一樣。

Got it. That's super helpful. Janesh, maybe for you. Q1 margins here were better than we expected, and it was great to see the margin guide go up for the year. Could you just talk about your margin momentum a little bit? And maybe in particular, can you just talk about how the sales and marketing optimization plan is going generally?

知道了。這非常有幫助。Janesh，也許對你來說是這樣。第一季的利潤率優於我們的預期，很高興看到今年的利潤率指引上升。能否稍微談談您的利潤動量？特別是，您能否談談銷售和行銷優化計劃的整體進展？

Thanks, Saket. Happy to talk about that. So the team executed really well here in Q1, and we are very pleased with the strong performance on both revenue and our non-GAAP operating margins. The Q1 margin strength mainly was driven by the revenue outperformance, combined with just ongoing expense discipline that we have here and the team. On the restructuring, we executed that well.

謝謝，Saket。很高興談論這個。因此，團隊在第一季的表現非常出色，我們對營收和非 GAAP 營業利潤率的強勁表現感到非常滿意。第一季利潤率的強勁成長主要得益於營收的優異表現，以及我們和團隊持續的開支控制。在重組方面，我們執行得很好。

As you'll recall, we're on a multi-year journey with the implementation of the new transaction model and deriving the benefits from that. And so the restructuring reflected the initiation of the go-to-market optimization. And we're building the capabilities now that we will need next year as we continue our sales and marketing evolution. So far, I'd say, we are on track with the overall sales and marketing optimization plan for the year. And overall, we are very well set up for Q2 and the rest of the year.

您可能還記得，我們​​已經進行了多年的歷程來實施新的交易模式並從中獲得收益。因此，重組反映了市場優化的啟動。我們現在正在建立明年我們繼續銷售和行銷變革所需的能力。到目前為止，我想說，我們今年的整體銷售和行銷優化計劃進展順利。總體而言，我們已經為第二季和今年剩餘時間做好了充分的準備。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，格里芬證券。

Andrew, starting with you. You spoke of the role of your products comprehensiveness, product convergence, which, of course, has been a theme for you and the industry for some time. With that in mind and also recalling something you spoke of on the Q4 call, you mentioned on that call that you were accelerating some of the roadmaps associated with your industry clouds.

安德魯，從你開始。您談到了產品的全面性、產品融合的作用，當然，這已經成為您和整個行業一段時間以來的主題。考慮到這一點，同時也回想起您在第四季度電話會議上談到的事情，您在電話會議上提到，您正在加速與您的行業雲相關的一些路線圖。

Perhaps you can elaborate on that, what are you doing? What have you been doing in terms of accelerating some of the development and perhaps GA of certain technologies, including, in particular, perhaps the work you're doing to integrate ACC with Forma, then a follow-up question.

也許您可以詳細說明一下，您在做什麼？您在加速某些技術的某些開發和 GA 方面做了哪些工作，特別是包括您為將 ACC 與 Forma 整合所做的工作，然後是後續問題。

Yes. So let me highlight on some of those things. All right. First, let me talk about the things we're accelerating in Fusion, which I think are really kind of anchored in some of the strong success we saw with Fusion in the quarter. We're accelerating the roadmap around data management issues.

是的。因此，讓我重點介紹一下其中的一些事情。好的。首先，讓我談談我們在 Fusion 中加速的事情，我認為這確實與我們在本季度看到的 Fusion 的一些強勁成功有關。我們正在加速推進數據管理問題的路線圖。

This comes straight from our customers. They want better BOM management, they want better product data management in the cloud with granular data from Fusion.

這直接來自我們的客戶。他們希望獲得更好的 BOM 管理，希望利用 Fusion 的粒度資料在雲端實現更好的產品資料管理。

So we have worked hard to reallocate funds and focus on these customer priorities. As a result, we have accelerated roadmap. You saw things come out in Q1 that are relevant to these problems. You'll see more things coming out throughout the year, and they're an important part of driving multi-seat deals for Fusion. Now when you look at the roadmap for Forma.

因此，我們努力重新分配資金並專注於這些客戶的優先事項。因此，我們加速了路線圖。您在第一季就看到了與這些問題相關的情況。您將看到全年有更多新產品推出，它們是推動 Fusion 多座位交易的重要組成部分。現在，當您查看 Forma 的路線圖時。

I don't want to get ahead of some of the things that will be talked about at AU. But there's areas, of course, that our customers are really interested in. One of the big areas is they definitely want to be able to collaborate better across multidisciplines and they want to use kind of Forma as the center of that collaboration activity.

我不想搶先談論一些在 AU 上要討論的事情。但當然，有些領域是我們的客戶真正感興趣的。其中一個重要領域是，他們肯定希望能夠跨多學科更好地協作，並且他們希望使用 Forma 作為協作活動的中心。

So in order to facilitate some of that, look for us to be accelerating some of the things that connect Forma deeply to Revit and other tools that are relevant to the entire interdisciplinary process, similar to some things we've done in the past and look for us to kind of dial up the presence of Forma Board, which is a great collaboration tool, an idea collaboration tool for multidisciplinary teams and see some of those things get a little bit more emphasis in some of the roadmap work as well as, of course, the AI features that we're definitely focused on and have been focused on for some time.

因此，為了促進其中的一些工作，我們希望加速將 Forma 與 Revit 以及其他與整個跨學科過程相關的工具深度連接起來，類似於我們過去所做的一些事情，並希望我們能夠提升 Forma Board 的存在感，這是一個很好的協作工具，一個用於多學科團隊的創意協作工具，並且看到其中一些內容在某些路線圖工作中得到更多關注了我們一直強調人工智能的功能。

Okay. As a follow-up, we spoke, of course, tonight again about the go-to-market changes, the model changes and so forth. One of the things that seems to be happening in parallel and maybe even accelerated by the changes you've been making is channel consolidation, particularly here in the US. We've seen it among some of your peers, but we've certainly seen it in your case where you now have half as many named entities with whom you count as partners as a decade ago. So the question is, what do you see as the benefits of such consolidation or perhaps the risks of any of that consolidation in your channel?

好的。作為後續行動，我們今晚當然再次談到了上市變化、模式變化等等。似乎正在同時發生甚至可能因您所做的改變而加速的事情之一是管道整合，尤其是在美國。我們在你們的一些同行中看到了這種情況，但我們在你們的案例中肯定也看到了這種情況：現在你們的合作夥伴實體數量只有十年前的一半。所以問題是，您認為這種整合有什麼好處，或者這種整合對您的通路有何風險？

Yes. So this is something that we've been deliberately encouraging and driving through a lot of processes and engagements with our channel partners. We want fewer, more solution-focused channel partners out there, and we want -- I mean more -- sorry, more and we want fewer transactionally focused channel partners out there in our ecosystem.

是的。因此，我們一直在刻意鼓勵並透過與通路合作夥伴的大量流程和合作來推動這一點。我們希望我們的生態系統中存在更少、更多以解決方案為中心的通路合作夥伴，並且我們希望——我的意思是更多——抱歉，更多，更少以交易為中心的通路合作夥伴。

So as a result, what you're seeing is our larger partners are more solution-focused partners or partners that focus on their own IP are buying up some of the smaller gold and silver partners. And also, frankly, what you're seeing is some of the noncontracted partners and silver partners lower down in the ecosystem kind of disappearing. And we believe that, that's advantageous to our business and it's as the flow should do in terms of the evolution we're having.

因此，您會看到，我們的大型合作夥伴更加重視解決方案，或專注於自身智慧財產權的合作夥伴正在收購一些較小的金牌和銀牌合作夥伴。而且，坦白說，你會看到生態系統中一些非簽約合作夥伴和較低級別的銀牌合作夥伴正在消失。我們相信，這對我們的業務有利，而且就我們正在經歷的發展而言，這也是理所當然的。

Now when you look at some of the benefits associated with this, we actually saw some of these in Q1. We saw some fairly robust activity on the store and the store grew quite nicely. And most of this activity was focused on increased price realization. And that is a result of us capturing business down market that would have gone to transactionally focused partners in the past. That's great.

現在，當您查看與此相關的一些好處時，我們實際上在第一季看到了其中的一些。我們看到商店裡有一些相當強勁的活動，商店發展得相當好。而這些活動的大部分重點都是提高價格實現。這是我們佔領低端市場業務的結果，而這些業務過去都是由專注於交易的合作夥伴所掌握的。那太棒了。

We want to see those customers come closer to us, and that's exactly what we saw in Q1. We're catching up based on some of the impacts of the new transaction model. I expect some of that to continue. How much of it continues moving forward is something that we just have to wait and see. But that's one of the clear benefits.

我們希望看到這些客戶與我們更加親近，而這正是我們在第一季所看到的。我們正在根據新交易模式的一些影響進行追趕。我預計這種情況將會持續下去。其中有多少會繼續向前發展，我們只能拭目以待。但這是明顯的好處之一。

The downside, of course, whenever you concentrate your partners, you want your partners to stay focused on the things that are important. Fortunately, we've corrected for that because we have some control of the commissions in terms of the things that we incent. We want our partners to not only focus on renewals, but we wanted to focus on new business as well. And that's a risk we're aware of and that we correct for with the way we compensate them.

當然，缺點是，每當你專注於你的伴侶時，你都希望你的伴侶能夠專注於重要的事情。幸運的是，我們已經糾正了這個問題，因為就我們激勵的事情而言，我們對佣金有一定的控制權。我們希望我們的合作夥伴不僅專注於續約，還希望專注於新業務。我們知道這個風險，並且會透過補償的方式來修正。

Adam Borg, Stifel.

亞當·博格（Adam Borg），Stifel。

Awesome. Andrew, maybe for you in building off to Jay's question on the channel. Last quarter, you talked a little bit about the transaction model and I'd call it some self-inflicted hiccups as they were focusing on that as opposed to the business itself. Just curious kind of how that's progressing in general? And is there an opportunity for this to become a tailwind as the business -- as the channel partners continue to focus on the new business growth you just talked about?

驚人的。安德魯，也許你可以繼續回答傑伊在頻道上提出的問題。上個季度，您談到了一些交易模式，我稱之為一些自找的麻煩，因為他們關注的是交易模式，而不是業務本身。只是好奇整體進展如何？隨著通路夥伴繼續關注您剛才談到的新業務成長，這是否有機會成為業務的順風？

Yes. Thank you for the question, Adam. So first off, we're definitely not seeing the kind of disruptions we saw last year and in Q4 associated with channel productivity. The channel partners are still working through adapting and onboarding their long tail of customers onto the new transaction model.

是的。謝謝你的提問，亞當。首先，我們肯定不會看到去年和第四季與通路生產力相關的中斷。通路合作夥伴仍在努力適應新的交易模式並將其長尾客戶納入其中。

But we're not dealing with the kind of systems requests or process realignments that we saw earlier in last year and towards the end of last year. So that's a really good thing. So what you should expect is that channel productivity should increase as we head out into the year and you'll actually start to see channel partners kind of move beyond just onboarding existing customers into kind of extending their renewal activities and extending into their new business growth activities.

但我們處理的並不是去年年初和去年年底所見到的那種系統請求或流程調整。所以這真是一件好事。因此，您應該期待的是，隨著我們進入新的一年，通路生產力應該會增加，您實際上會開始看到通路合作夥伴不僅接納現有客戶，還擴大他們的續約活動並擴展到他們的新業務成長活動。

So we're looking forward to that, and we think it's a likely outcome of the current phase that we're in.

因此，我們對此充滿期待，我們認為這是我們目前所處階段可能出現的結果。

Adam, I might just add on that, that for some of our channel partners, the first renewals that they'll have on the new model in the Americas will be in June and in EMEA, it will be in September, just given that that's when those regions went live on the new model last year. But as Andrew was saying, so far, so good. And it's -- over time, we will continue to focus on how we can deliver more valuable and data-driven and connected products and services to our customers.

亞當，我還要補充一點，對於我們的一些通路合作夥伴來說，他們將在 6 月在美洲首次更新這款新車型，而在歐洲、中東和非洲地區則將在 9 月更新，因為這些地區去年就在 9 月開始使用這款新車型。但正如安德魯所說，到目前為止一切都很好。隨著時間的推移，我們將繼續專注於如何為客戶提供更有價值、數據驅動和互聯的產品和服務。

That's incredibly helpful. Maybe just as a quick follow-up, Janesh, I think just on NRR, this is the first time it was above the 100% to 110% range, I think, in years. You talked about some of that benefit coming from the new transaction model, I guess. Just wanted to confirm, it would have been within that range, not below the range without the transaction model?

這非常有幫助。也許只是作為一個快速的後續問題，Janesh，我認為就 NRR 而言，這是多年來它第一次超過 100% 到 110% 的範圍。我想，您談到了新交易模式帶來的一些好處。只是想確認一下，如果沒有交易模型，它會在那個範圍內，而不是低於這個範圍？

And why should we think it should be at the 110% range for the rest of the year?

那麼，我們為什麼認為今年剩餘時間的成長率應該保持在 110% 左右？

Yes, Adam, that's right. It's mainly the mechanical effects of the new transaction model. It's hard to disaggregate the specific percentage, but it's safe to say that excluding that effect, it would have been consistent with where it was previously and within the 100% to 110% range.

是的，亞當，沒錯。主要是新交易模式的機械效應。很難分解具體的百分比，但可以肯定地說，排除這種影響，它將與先前的水平一致，並在 100% 到 110% 的範圍內。

Jason Celino, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Jason Celino。

One question on kind of the numbers. So if we look at the call it, revenue, constant currency adjusted for the new model transition that growth was 11% exiting last quarter, like-for-like, this metric was up 9%. So it actually accelerated a little bit.

關於數字類型的一個問題。因此，如果我們看一下，收入，根據新模型轉換進行調整後的固定匯率，上個季度的增長率為 11%，同比來看，這一指標增長了 9%。所以它實際上加速了一點。

Maybe can you just speak to like what drove that uptick? And then I'll have a follow-up.

您能否談談推動這項上漲的原因是什麼？然後我會跟進。

Yes, I'm happy to. So Q1, we saw strength across the quarter. In Q1, we are obviously very pleased with the outcome that we had. I mentioned some of the drivers earlier in the prepared remarks where some of the strength came in the quarter from AEC, a little bit more from the upfront revenue from EBAs and also from the Autodesk store, some of the friction from the new transactional model implementation continued to ease. So all of those were the drivers.

是的，我很樂意。因此，第一季度，我們看到了整個季度的強勁表現。在第一季度，我們顯然對所取得的結果非常滿意。我在之前準備好的演講中提到了一些驅動因素，其中部分成長動力來自本季度的 AEC，部分來自 EBA 的前期收入以及 Autodesk 商店，新交易模式實施帶來的部分摩擦繼續緩解。所有這些都是驅動因素。

And fundamentally, our businesses has been very resilient, and it's been like that over the past couple of years because we are diversified across various industries and geographies and segments. One of the things I will point out for Q1, in particular, is Q1 was an easier comp, just given the timing of acquisitions that we had during fiscal '25. Most of our revenue from acquisitions last year came in, in Q2 to Q4. So that's about a 1-percentage-point impact there. But fundamentally, even if you consider adjusting for that, it was still a strong performance overall.

從根本上來說，我們的業務一直非常有彈性，過去幾年一直如此，因為我們在各個行業、地區和領域都實現了多元化發展。我要特別指出的是，對於第一季而言，由於我們在 25 財年進行了收購，因此第一季的業績比較容易比較。我們去年的大部分收入來自收購，集中在第二季至第四季。因此，這大約會產生 1 個百分點的影響。但從根本上來說，即使考慮對此進行調整，其整體表現仍然強勁。

Okay. And then keeping on this logic, when we look at the full-year guidance, 8% to 9% on a normalized FX neutral basis. Can you just remind us what you built in from like an extra cushion perspective. I think last time you talked about the go-to-market realignment and new sales leadership. But was there any cushion built in for macro? Or are those assumptions changed after these 90 days?

好的。然後按照這個邏輯，當我們看全年指引時，在正常化的外匯中性基礎上，成長率為 8% 至 9%。您能否從額外的緩衝角度提醒我們您建造了什麼？我想上次您談到了市場調整和新的銷售領導。但是，微距拍攝是否有內建緩衝？或者這些假設在這 90 天之後發生了變化？

Yes. No assumption changes with respect to our core underlying business. When we initiated guidance for the year back in February, we had been quite transparent that we had not seen anything in the business at the time, and we had assumed that the macroeconomic environment at that time would stay unchanged. So fast forward to May, the only two changes are that we've seen the US dollar weaken and that's currency benefits that we passed along in the guide.

是的。對於我們的核心基礎業務，沒有任何假設發生變化。當我們在二月啟動年度指導時，我們非常坦誠地表示，我們當時沒有看到業務出現任何問題，並且我們假設當時的宏觀經濟環境將保持不變。快進到五月份，唯一的兩個變化是我們看到美元走弱，這是我們在指南中傳遞的金錢利益。

And we do see greater macroeconomic uncertainty there, which we have now factored into the forecast. And I spelled out some of the assumptions earlier in the prepared remarks. So those are the only two broad assumption changes.

我們確實看到那裡宏觀經濟的不確定性更大，我們現在已經將其納入預測之中。我在之前準備好的發言中已經闡明了一些假設。因此，這是僅有的兩個廣泛的假設變化。

If I think about what that means from the standpoint of revenue growth, particularly in the back half of the year, the slower growth in revenue in the second half is mainly a function of these guidance assumptions that we've used. As we said, we haven't actually seen that impact yet in the business, but we are prepared for it, and we just think it's prudent to factor that in.

如果我從收入成長的角度來思考這意味著什麼，特別是在下半年，下半年營收成長放緩主要是因為我們使用的這些指導假設。正如我們所說，我們實際上還沒有看到這種影響，但我們已經做好了準備，我們只是認為將其考慮在內是明智之舉。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

I wanted to follow up on some of the AI comments around AutoConstrain usage. I think it's a great to hear the usage and acceptance rates increase. So looking ahead, are there any particular areas where you see the biggest opportunity to launch more AI functionality? How should we think about the pace of deployments? And understanding it's still really early, what does this mean for an opportunity to improve upsells or start to use the price lever a little bit more than just given you could be driving a lot more innovation in the portfolio.

我想跟進一些有關 AutoConstrain 使用情況的 AI 評論。我認為聽到使用率和接受率增加是一件很棒的事。那麼展望未來，您認為哪些特定領域最有可能推出更多人工智慧功能？我們該如何考慮部署的速度？並且要知道現在還為時過早，這對於改善追加銷售或開始更多地使用價格槓桿的機會意味著什麼，而不僅僅是考慮到你可以在投資組合中推動更多的創新。

Yes. Thanks for that, Elizabeth. So first off, let's just restate our philosophy here. We're very interested in delivering highly specific AI enhancements that drive real productivity gains for our customers, things that attack problems or challenges that our customers have that are either deeply repetitive or time-consuming and that we can kind of point them to and solve the problem for them.

是的。謝謝你，伊麗莎白。首先，讓我們在此重申我們的理念。我們非常有興趣提供高度具體的人工智慧增強功能，為我們的客戶帶來真正的生產力提升，解決客戶所面臨的那些高度重複或耗時的問題或挑戰，我們可以為他們指出並解決問題。

The AutoConstrain feature is a great example of that. What we're doing with drawing automation is another great example of that. You should look for us to continue to roll out features like that. Now these are pretty intelligent features. Remember, these are built off of our own foundation models.

AutoConstrain 功能就是一個很好的例子。我們在繪圖自動化方面所做的工作就是另一個很好的例子。您應該期待我們繼續推出類似的功能。這些都是非常聰明的功能。請記住，這些都是基於我們自己的基礎模型建立的。

These are models that actually understand a sketch, so to speak, and they understand geometry, look for us to continue to roll out increasingly sophisticated tools that kind of take away some of this grunt work from the customers and allow them to be more productive with the tools they have.

可以這麼說，這些模型實際上能夠理解草圖，並且能夠理解幾何形狀，期待我們繼續推出越來越複雜的工具，以便為客戶減輕一些繁重的工作，並讓他們能夠更有效地利用現有的工具。

And there will be long-term opportunities for us. One, in [Fusion Land], we intend to make Fusion the most AI-powered tool out there in the mechanical design market that is going to be a clear advantage for us as we move to continue to displace competitors. And currently, we're gaining market share right now. We look to accelerate that with AI, primarily is one of the key tools.

這也將為我們帶來長期的機會。首先，在[Fusion Land]中，我們打算將Fusion打造成機械設計市場上最具人工智慧的工具，這將為我們持續取代競爭對手帶來明顯的優勢。目前，我們的市場份額正在不斷擴大。我們希望利用人工智慧來加速這一進程，它主要是關鍵工具之一。

Now as you look into AEC land, you're going to see more tools specifically coming out in Forma that actually enhance Forma's already existing AI capabilities. You'll see some interesting things coming out there, again, targeted at some of these repeatable processes. Eventually, this will also translate into new opportunities. There's two ways that Forma's increasing capabilities translate into opportunity. One is it makes it easier to take sophisticated 3D down market; two, ultimately, it will make the total solution more powerful.

現在，當您研究 AEC 領域時，您將看到 Forma 中專門推出的更多工具，這些工具實際上增強了 Forma 現有的 AI 功能。您會看到一些有趣的事情出現，再次針對其中一些可重複的過程。最終，這也將轉化為新的機會。Forma 不斷增強的能力可以透過兩種方式轉化為機會。一是它使得複雜的 3D 技術更容易進入市場；二，最終，它將使整體解決方案更加強大。

And at some point, we will be able to recover price like that, but it's still early days. Let us deliver some of the value and the customers recognize that, and then we'll be able to kind of explore the deeper implications in terms of revenue uplift.

在某個時候，我們將能夠恢復這樣的價格，但現在還為時過早。讓我們提供一些價值，讓客戶認識到這一點，然後我們就能探索收入提升方面的更深層次的影響。

Great. And then just as a quick follow-up, I believe last quarter, there was a reference about possible disruption from the restructuring plans and the CRO transition which was prudently included in guidance. It sounds like it's been minimal disruption thus far. But could you just provide a little bit more color on what you're seeing? And is there any point in the year where you feel like we would be getting more comfortable that these risks are behind us?

偉大的。然後，作為快速的後續行動，我相信上個季度，有關於重組計劃和 CRO 轉型可能造成的中斷的參考，這些參考已謹慎地納入指導中。聽起來到目前為止幹擾還很小。但是您能否對您所看到的情況提供更多細節？您覺得今年的某個時候，我們會更放心，認為這些風險已經過去了？

Yes. Look, I'll take that, and Janesh can add anything if he wants to add anything. Look, obviously, we undertook a fairly major restructure in the first quarter. We had mitigation plans. We had other things associated to -- around that to make sure that we kind of manage the disruption.

是的。瞧，我會接受的，如果 Janesh 想添加任何東西，他可以添加任何東西。顯然，我們在第一季進行了相當大的重組。我們有緩解計畫。我們還有其他相關的事情——以確保我們能夠管理中斷。

We did factor some disruption in. And there, of course, there was disruption associated with such a large action like that. But we also had some other aspects of the business that showed improvement. The store was another great example of where we saw improvement. We saw improvement in upfront revenue.

我們確實考慮到了一些幹擾。當然，如此大規模的行動必然會造成混亂。但我們業務的其他一些方面也顯示出了改善。這家商店是我們看到改進的另一個很好的例子。我們看到前期收入有所改善。

So there were some offsetting momentum in the business as well that helped us get through some of these things. As you look through it, we already have our new CRO in place. The acting CRO was one of our team, Elizabeth Zornes on our team. So she was the acting CRO.

因此，業務中也存在一些抵消勢頭，幫助我們解決了其中的一些問題。正如您所看到的，我們已經有了新的 CRO。代理 CRO 是我們團隊的一員，Elizabeth Zornes。所以她是代理首席風險官。

She's here to bridge the new CRO over while we're not kind of through the total knothole on getting through all these things, we feel like we have this under control and that we've kind of accounted for the risk associated with that. Janesh, do you want to add anything?

她來這裡是為了幫助新的 CRO 渡過難關，雖然我們還沒有完全解決所有這些問題，但我們覺得我們已經控制住了局面，並且已經考慮到了與此相關的風險。Janesh，您還有什麼要補充嗎？

No, I think, Andrew, that you summarized nicely.

不，安德魯，我認為你總結得很好。

Bhavin Shah, Deutsche Bank.

德意志銀行的 Bhavin Shah。

Congrats on the strong start to the year. Janesh, just one clarification for you on the guidance. It sounds like you're embedding incremental prudence just in terms of the macro. And just clarifying that you're not seeing anything yet in the business that's cautioning you in this. It's more of the headline and the customer conversations that you're having that's enabling you to do this? Or is there something that you're seeing today?

恭喜您今年取得了良好的開端。Janesh，我只想就該指南向您澄清一點。聽起來你只是從宏觀角度嵌入了漸進式審慎。需要澄清的是，目前您還沒有看到任何值得您警惕的業務狀況。更多的是標題和您正在進行的客戶對話使您能夠做到這一點？或者您今天看到了什麼？

No, you're exactly right, Bhavin. We haven't actually seen anything. We saw good momentum in the business in Q1 that's continued into Q2 so far. We feel good about where we stand, but it's just being prudent about what we are hearing and seeing out there.

不，你完全正確，Bhavin。我們其實什麼也沒看到。我們看到第一季的業務勢頭良好，並且這一勢頭一直延續到第二季​​度。我們對自己的立場感到滿意，但對於我們所聽到和看到的，我們只是保持謹慎。

That's helpful there. And then, Andrew, just one for you. I know in the past, you've talked about this and then we picked it up in our conversations well that the industry continues to be labor constrained. When you speak to customers, is this still a challenge for them? How long do you think that persists?

這很有幫助。然後，安德魯，只給你一個。我知道您過去曾談論過這個問題，我們在談話中也提到，該行業仍然受到勞動力的限制。當您與客戶交談時，這對他們來說仍然是一個挑戰嗎？您認為這種情況會持續多久？

And how do you think AI might be able to solve this? And how do you think you can capture that?

您認為人工智慧可以如何解決這個問題？您認為怎樣才能實現這一點呢？

Yes. Look, we're pretty consistent that there's not enough labor, materials and capital to build and rebuild everything that needs to be rebuilt. Our industry desperately needs digital efficiency. This isn't going away. I think the current climate might actually exasperate some of these labor constraints as well.

是的。看，我們一致認為沒有足夠的勞動力、材料和資本來建造和重建所有需要重建的東西。我們的行業迫切需要數位化效率。這不會消失。我認為當前的情況實際上可能也會加劇一些勞動力限制。

The good news is we sell certainty in uncertain times.

好消息是我們在不確定的時期出售確定性。

We sell tools that allow people to digitize the process, allow them to do more with the resources they have. This frankly, in my opinion, is one of the reasons why we're seeing robust adoption of our expanded design and make portfolios because we're actually delivering them the kind of productivity they need in a labor-constrained market. Those constraints are going to be persistent.

我們銷售的工具可以讓人們將流程數位化，讓他們能夠利用現有的資源做更多的事情。坦白說，在我看來，這是我們擴大的設計和製造產品組合廣泛採用的原因之一，因為我們實際上為他們提供了勞動力受限的市場所需的生產力。這些限制將會持續存在。

I actually think in terms of impact on our business, it's positive for us because it continues to force industries like AEC to look at technology as a big productivity lever for them. They need technology now. They realize that they're way behind relative to manufacturing. And this is their opportunity and their moment to start embracing technology to increase that productivity and deal with these fundamental capacity constraints.

我實際上認為，就對我們業務的影響而言，它對我們來說是積極的，因為它繼續迫使 AEC 等行業將技術視為其巨大的生產力槓桿。他們現在需要技術。他們意識到他們在製造業方面遠遠落後。這是他們的機會，也是他們開始採用技術來提高生產力並解決這些基本產能限制的時刻。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

I wanted to ask now that Andy and the new Revenue Officer is in place, just the search for the next individual there, some of the skill sets you're looking for and particularly, Andy is going to have a lot of new things he can undertake just with Autodesk more of a in controlled direct sales organization, some of the opportunities you're thinking about going forward and Andy is going to be tasked to lead.

我想問一下，既然 Andy 和新任收入官已經到位，那麼就去尋找下一位人選吧，您正在尋找一些技能，特別是 Andy 將會有很多新的事情可以做，就像 Autodesk 是一個受控的直銷組織，您考慮的一些未來機會，以及 Andy 將負責領導的任務。

Yes. So Andy came to us from Microsoft. He brings a background with really strong enterprise sales skills, right, which is really important because increasingly, we're getting into end-to-end solutions with our customers.

是的。所以安迪從微軟來到我們這裡。他擁有非常強大的企業銷售技能，這一點非常重要，因為我們越來越多地為客戶提供端到端解決方案。

We're going deeper into their businesses. We're a much more strategic partner in a lot of customer accounts. It's good to have leadership that gets that, that understands that. He's got a lot of deep cloud knowledge, cloud native kind of expertise with regards to selling solutions that are cloud-enabled end-to-end solutions.

我們正在深入了解他們的業務。在很多客戶中，我們是更具策略性的合作夥伴。擁有能夠理解這一點、了解這一點的領導階層是件好事。他在銷售支援雲端的端到端解決方案方面擁有豐富的雲端知識和雲端原生專業知識。

So he's basically rounding out our skill set with kind of the skills that we need moving forward into the next chapter of Autodesk's history. So we're excited that he's joined and we're looking forward to him having an impact.

因此，他基本上完善了我們的技能組合，讓我們具備了邁向 Autodesk 歷史新篇章所需的技能。因此，我們很高興他的加入，並期待他能發揮影響力。

Okay. That's great. And then I wanted to ask about AI again, Andrew, you touched on a lot of the initial Autodesk focus is targeting things that are applicable to repeatable processes and customer workflows, which I'd imagine doing that customers see the ROI very quickly. I'm more interested in maybe the future use cases and when you scan what's happening and kind of the start-up community around text-to-CAD or scan-to-CAD, are some of these capabilities?

好的。那太棒了。然後我想再次詢問有關人工智慧的問題，安德魯，您提到了很多 Autodesk 最初的重點是針對適用於可重複流程和客戶工作流程的事物，我想這樣做可以讓客戶很快看到投資回報。我可能對未來的用例更感興趣，當您掃描正在發生的事情以及圍繞文字到 CAD 或掃描到 CAD 的新創社群時，這些功能有哪些？

And I know Project Bernini is focused on some of this stuff. But when you think about the future CAD uses, is Autodesk doing what it needs to be positioned when those prove valuable?

我知道貝尼尼專案正專注於其中的一些內容。但是當您考慮未來的 CAD 用途時，當這些用途被證明有價值時，Autodesk 是否正在做它需要做的事情來定位？

We are absolutely doing what needs to be positioned. I will in some ways defer you to Autodesk University for this year, okay, not to get ahead of some of the announcements. But we are building very powerful tools that will allow people to generate different types of geometry and significantly simpler ways.

我們絕對在做需要定位的事情。在某種程度上，今年我會把您推到 Autodesk University，好吧，不要搶在某些公告之前。但我們正在建立非常強大的工具，讓人們能夠以更簡單的方式產生不同類型的幾何圖形。

Now I consider these both next-gen and both massive productivity enhancers. Yes, obviously, we are looking at highly disruptive things that actually dramatically change the workflows. We not only are doing some of these things organically, but we watch some of these companies externally as well.

現在我認為這兩者都是下一代且能大幅提高生產力的因素。是的，顯然，我們正在研究一些極具顛覆性的事物，它們實際上會極大地改變工作流程。我們不僅在內部進行一些此類工作，而且還在外部觀察這些公司。

To give you a good example, in one of the most highly disruptive industries that we have media and entertainment, look at what we're doing with Wonder Studio, which is now Flow Studio, it's a highly disruptive, direct to a special effect, and video environment that allows people to create scenes, create character animations, overlays and things, very generative way, highly different workflow than what our customers do in their current environments. We're doing things like that as well in our other industries. It's just the rate and pace is different.

舉個很好的例子，在最具顛覆性的行業之一，即媒體和娛樂行業，看看我們在 Wonder Studio（現在的 Flow Studio）中所做的事情，它是一個高度顛覆性的、直接產生特殊效果的視頻環境，允許人們以非常具有生成性的方式創建場景、當前角色動畫、疊加層和事物，其工作流程與我們的客戶在我們的客戶在當前環境中所做的截然不同。我們在其他行業也做著類似的事情。只是速率和步伐不同。

Taylor McGinnis, UBS.

瑞銀的泰勒麥金尼斯。

Just maybe on the operating income margin guide. So I think the commentary last quarter was that most of the expansion this year was really coming from operating efficiencies and scale and that like a good portion of the savings from the risk of being reinvested back into the business. So just how are you thinking about the reinvestment of those savings today? Have your views at all changed?

也許只是在營業收入利潤率指南上。因此，我認為上個季度的評論是，今年的大部分擴張實際上來自於營運效率和規模，而且很大一部分節省下來的資金被重新投資到業務中。那麼，您今天該如何考慮對這些儲蓄進行再投資呢？您的觀點有任何改變嗎？

And then you've mentioned in the past the opportunity to scale back on some redundant spend. So just what inning are we in that? And are there more opportunities for that as we move throughout the year?

然後您過去曾提到削減一些冗餘開支的機會。那我們到底處於哪一局呢？隨著時間的推移，我們是否還會有更多這樣的機會？

Taylor, this is Janesh. I'll take that. So, so far, we're on track for the plan that we had laid out for fiscal '26. When we did the restructuring we said that we were going to reinvest a portion of the savings from the restructuring and building the capabilities that we know that we will need for the next body of work that we need to do on the sales and marketing side, in particular, particularly as we think about building tighter integrations with our partners and continuing to scale as we build out the self-serve motion. So those are all on track.

泰勒，這是賈內什。我會接受的。所以，到目前為止，我們正在按照我們為 26 財年制定的計劃進行。當我們進行重組時，我們說過，我們將重新投資重組節省下來的部分資金，並建立我們知道在銷售和行銷方面需要的下一項工作所需的能力，特別是當我們考慮與我們的合作夥伴建立更緊密的整合，並在構建自助服務時繼續擴大規模。所以一切都在按計劃進行。

And the overall spend plan for the year largely stays unchanged. You'll see that with the strong performance that we had on revenue in Q1, that outperformance largely went to the bottom line, and we've generally kept our full year spending outlook unchanged compared to the prior outlook. So we continue to expect that our spend in constant currency holding aside the new transaction model will be right around the 4% mark in terms of year-over-year growth compared to '25.

今年的整體支出計劃基本上保持不變。您會發現，由於我們第一季的營收表現強勁，這種優異表現在很大程度上體現在了盈利上，而且與之前的展望相比，我們總體上保持了全年支出展望不變。因此，我們繼續預計，除新的交易模式外，按固定匯率計算，我們的支出與 25 年相比將實現 4% 左右的同比增長。

And just by way of comparison, in fiscal '25, that number was 7% over fiscal '24. So we've definitely baked that into the underlying business, and that's a big source of the op margin expansion that we laid out at the start of this year.

僅作為比較，25 財年的數字比 24 財年增長了 7%。因此，我們確實將其融入了基礎業務中，這也是我們在今年年初提出的營業利潤率擴張的重要來源。

Yes. And to reinforce it just a little bit, Taylor. We're on a multi-year journey to driving productivity enhancements in our sales and marketing organization. We're working on systems and processes, like Janesh said, that lead to future and ongoing optimizations that will turn into productivity and ultimately turn into margin growth. So this is not a one-and-done kind of situation.

是的。泰勒，稍微強調一下。我們多年來一直致力於提高銷售和行銷組織的生產力。正如 Janesh 所說，我們正在研究系統和流程，這將帶來未來和持續的最佳化，從而轉化為生產力，並最終轉化為利潤成長。所以這不是一次性的事情。

This is an ongoing kind of effort within the company.

這是公司內部持續不斷的努力。

Michael Turrin, Wells Fargo Securities.

圖林 (Michael Turrin)，富國證券。

Appreciate all the commentary throughout the call. I was just curious if you'd be able to compare and contrast what you're seeing across geos at all. We can see the currency impacts. But just wondering, it doesn't sound like there's anything overly specific you're highlighting, but if there's any difference in terms of momentum or activity you're seeing across certain regions versus what you were maybe expecting starting the year?

感謝通話過程中的所有評論。我只是好奇您是否能夠比較和對比您在不同地理位置看到的內容。我們可以看到貨幣的影響。但我只是想知道，聽起來您並沒有強調任何過於具體的事情，但是，就勢頭或活動而言，您在某些地區看到的情況與您年初所預期的情況相比是否存在差異？

Yes. Generally, broadly speaking, we're seeing the kind of momentum we expected. I think one area where you might have seen a little bit more softness was in Asia Pacific, and I'll just kind of help you understand what's going on there. One, Japan, remember, was the last on the new transaction model. So Japan is still absorbing some of the impacts of the new transaction model.

是的。總體而言，我們看到了我們所預期的勢頭。我認為，您可能已經看到亞太地區經濟稍微疲軟一些，我將幫助您了解那裡的情況。請記住，日本是最後一個採用新交易模式的國家。因此，日本仍在吸收新交易模式的一些影響。

They're still going through some of the ramp-up. And you see some of that impacts in our Asia Pacific growth. But also China and Korea are much more exposed to the macroeconomic turmoil and some of the trade discussions that are going on right now. So a little bit more softness there. But generally speaking, some of those things were expected, especially with Japan, and that's kind of the only differences that stand out relative to the rest of the business.

他們仍在經歷一些成長階段。您可以看到這對我們亞太地區成長產生了一些影響。但中國和韓國也更容易受到宏觀經濟動盪和目前正在進行的一些貿易談判的影響。因此那裡稍微柔軟一點。但總體來說，其中一些事情是意料之中的，尤其是在日本，這也是與其他業務相比唯一突出的差異。

Very helpful. And just as a follow-up for Janesh. I think, relatively clean start to the year despite the uncertainty would be maybe useful to just get an update around your early observations as Autodesk CFO, if there's anything you'd highlight for investors in terms of your philosophy in framing targets, how you assess the gross margin trade-off in different scenarios as the year plays out. I think just a framework there is certainly helpful.

非常有幫助。這只是對 Janesh 的後續行動。我認為，儘管存在不確定性，但今年的開局相對乾淨，也許有必要了解一下您作為 Autodesk 首席財務官的早期觀察結果，如果您在製定目標的理念方面有什麼想向投資者強調的，那麼您如何評估今年不同情況下的毛利率權衡。我認為那裡的框架肯定是有幫助的。

Yes, happy to do that. Fundamentally, nothing different than my first few months when I was in the job and I provided a view on that on the last call. I continue to see the opportunity for us to address a rich market opportunity ahead and to capture that growth. We've talked at length about the product opportunity with respect to industry clouds and platform and AI.

是的，我很樂意這麼做。從根本上來說，這與我上任後的頭幾個月沒有什麼不同，我在上次通話中對此發表了看法。我繼續看到我們有機會抓住未來豐富的市場機會並抓住這個成長機會。我們已經詳細討論了有關行業雲、平台和人工智慧的產品機會。

We're excited about that and focused on helping the team support growth in the future as well as driving strong operational focus and driving operating margin expansion, there's opportunity for that as well. So no real change. In terms of our core guidance philosophy, nothing has changed there either. The underlying momentum of the business continues, and we're off to a great start here in Q1.

我們對此感到興奮，並專注於幫助團隊支持未來的成長，以及推動強大的營運重點和推動營業利潤率擴張，這也是一個機會。因此沒有真正的改變。就我們的核心指導理念而言，也沒有任何改變。業務的潛在勢頭仍在繼續，我們在第一季取得了良好的開端。

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

And congrats on a good quarter and especially Janesh. This is your first full quarter as a CFO, a nice quarter My question is I just wanted to understand the linearity that you saw in the quarter, mainly given all the uncertainty we saw tariffs, immigration and all that. And I'm wondering what kind of momentum also you're seeing in May as well? And a lot of things -- you also kind of raise price as well. I'd love to hear your thoughts on that.

恭喜本季取得良好業績，特別是 Janesh。這是您擔任財務長的第一個完整季度，這是一個不錯的季度。我的問題是，我只是想了解您在本季度看到的線性情況，主要是考慮到我們看到的關稅、移民等所有不確定性。我想知道您在五月也看到了什麼樣的勢頭？還有很多事情——你也會提高價格。我很想聽聽你對此的看法。

Yes, Siti, I'm happy to talk about that. There weren't really any meaningful trends that we would call out during the quarter. I think it was strong and consistent throughout. We were off to a great start in February, and that momentum continued in March as well as in April. And that momentum has continued so far into the month of May as well as I mentioned.

是的，Siti，我很高興談論這個。本季我們其實並沒有發現任何有意義的趨勢。我認為它始終是強大而一致的。我們在二月有了一個良好的開端，這種勢頭在三月和四月繼續保持。正如我所提到的，這種勢頭一直持續到五月。

It's obviously too early to say anything more specific on Q2. But I will say that we are confident in our guidance.

顯然，現在就談論第二季度的更多具體內容還為時過早。但我要說的是，我們對我們的指導充滿信心。

Okay. And then going back to this model transition and one of the benefit of that is cross-sell opportunity. Should we think about the cross-sell more on the second renewal time when your direct sales engage there? Or have you started seeing some kind of benefit as you are transitioning customers to the transaction model?

好的。然後回到這個模型轉變，其中一個好處就是交叉銷售機會。當您的直接銷售人員進行第二次續約時，我們是否應該更多地考慮交叉銷售？或者，當您將客戶轉向交易模式時，您是否已經開始看到某種好處？

Yes. Siti, I think the best way to think about that is the cross-sell and upsell automations that we're going to be driving. They're more longer-term things. They're not going to be tied to any specific renewal cycle. So look for those as something that kind of like gets built into our business cadence and allows us to kind of more easily grab.

是的。Siti，我認為思考這個問題的最佳方式是我們將要推動的交叉銷售和追加銷售自動化。它們是更加長期的事情。它們不會被束縛於任何特定的更新周期。因此，請尋找那些融入我們業務節奏並讓我們更容易掌握的東西。

We can actually do these things off cycle in the future. The systems will be able to support, customers adding additional capabilities or moving to Flex in the middle of the cycle. So it's something that we'll be dynamically introduced into our business, not tied to any individual renewal event or events like that in the future.

我們實際上可以在將來以非週期的方式完成這些事情。這些系統將能夠支援客戶在周期中期添加額外的功能或轉向 Flex。因此，我們將其動態地引入我們的業務中，而不會將其與任何單獨的更新事件或未來的類似事件聯繫起來。

So that's part and parcel of the investments we're making in some of the additional systems upgrades and systems work. And it allows us to kind of do some of these more dynamic adjustments throughout the customers' life cycle.

這是我們在一些額外的系統升級和系統工作中所做的投資的一部分。它使我們能夠在客戶的整個生命週期中進行一些更具動態的調整。

Ken Wong, Oppenheimer & Company.

奧本海默公司 Ken Wong。

I just wanted to build on Taylor's question about the go-to-market transition and kind of the cost coming out of the P&L. We saw a big downtick in duplicative costs after you guys moved all of your partners over across the regions. Is there another goalpost that we should be thinking about that sees another big swath of expense coming out, would that be getting everyone across on the first renewal? Or anything you guys could spotlight that we should be thinking about or looking for?

我只是想根據泰勒關於市場進入轉型以及損益表產生的成本的問題進行補充。在你們將所有合作夥伴轉移到各個地區後，我們發現重複成本大幅下降。我們是否應該考慮另一個目標，即產生另一大筆開支，這是否能讓每個人在第一次續約時達成一致？或者你們可以指出我們應該考慮或尋找的任何事情嗎？

I think it's too early to talk about the what the specifics of the ongoing sales and marketing optimization at this stage. The work that we need to do is to continue to build the capabilities to enable the future of the sales and marketing optimization, some of the elimination of the duplicative costs that you touched on. I think once we move forward with the capabilities that we need to enable, I think that will then unlock more opportunity for us. So we will spell all of that out in a little bit more detail at a later point in time.

我認為現在談論正在進行的銷售和行銷優化的具體內容還為時過早。我們需要做的工作是繼續建立能力，以實現未來的銷售和行銷優化，消除您提到的一些重複成本。我認為，一旦我們具備了所需的能力，這將為我們帶來更多的機會。因此，我們將在稍後的時間更詳細地闡述所有這些內容。

Okay. Got it. And then just wanted to touch on the billings guide. You guys did downtick slightly for the constant currency adjusted for -- I mean adjusted for currency and transaction model. Just wondering what was the -- what did you guys run into from a headwind perspective that impacted the transaction model piece of that guide?

好的。知道了。然後我只想談談帳單指南。你們確實根據固定匯率進行了略微的下調——我的意思是根據貨幣和交易模型進行了調整。只是想知道從逆風角度來看你們遇到了什麼，從而影響了該指南的交易模型部分？

So there's no particular headwind that we ran into. In fact, if anything, be greater impact of the new transaction model suggests that the transaction -- new transaction model is actually working well and customers are migrating nicely onto the direct model. So if anything, that's actually a positive sign for us in the business and that we're executing that part of the model well.

因此我們並沒有遇到什麼特別的逆風。事實上，如果有的話，新交易模式的更大影響表明交易——新交易模式實際上運作良好，客戶正在順利遷移到直接模式。所以，如果有的話，這對我們的業務來說實際上是一個積極的信號，表明我們正在很好地執行該模型的這一部分。

Josh Tilton, Wolfe Research.

喬許·蒂爾頓（Josh Tilton），沃爾夫研究公司。

And again, I don't need to beat a dead horse, but maybe just following up on that last question. The billings guidance on a constant currency basis seems to be reiterated on a constant currency adjusted for the new transaction model. It seems to be down. Can you just walk us through the mechanics on how one of those is reiterated and one of those is now cut?

再說一次，我不需要重複老生常談，但也許只是繼續回答最後一個問題。根據固定匯率計算的帳單指引似乎在根據新交易模型調整後的固定匯率基礎上進行了重申。好像是掉下來了。您能否向我們簡單介紹其中一項是如何重申的，而另一項又是如何被刪減的？

Yes, happy to do that. And maybe the best way to think about that is if you think about the core underlying business in constant currency terms and excluding the impact of the new transaction model, that we've now guided to grow at 16% to 18% and that reflects the additional macroeconomic uncertainty that we factored in. That's obviously constant currency, so it doesn't include any currency benefits. It only reflects the additional macroeconomic uncertainty that we factored in quite discretely into the forecast, which we had not done back in February.

是的，我很樂意這麼做。也許最好的思考方式是，如果你以固定匯率計算核心基礎業務並排除新交易模式的影響，我們現在指導的成長速度為 16% 至 18%，這反映了我們考慮的額外宏觀經濟不確定性。這顯然是恆定貨幣，因此不包括任何貨幣收益。它僅反映了我們在預測中相當謹慎地考慮的額外宏觀經濟不確定性，而我們在二月並沒有這樣做。

So that explains that delta. And I'll just reiterate that we've not actually seen any impact in the business just yet. We didn't see anything in Q1, haven't seen anything in May just yet, and so that's just prudence on our part.

這就解釋了那個差異。我只想重申，我們實際上還沒有看到對業務的任何影響。我們在第一季沒有看到任何變化，在五月也沒有看到任何變化，所以這只是我們的謹慎做法。

The other piece then is the impact of the new transaction model itself, and we're seeing a greater tailwind from that because we're seeing greater adoption of the new transaction model. So that is actually giving us a greater tailwind mechanically to the billings number. And that's why that impact increased by 1 percentage point, which gets you back to the same constant currency growth rate that we had including the new transaction model back in February.

另一部分是新交易模式本身的影響，我們看到了更大的順風，因為我們看到新交易模式的採用率越來越高。因此，這實際上在機械上為我們的帳單數字提供了更大的推動力。這就是為什麼影響增加了 1 個百分點，這讓你回到了我們在 2 月採用新交易模式時的相同恆定貨幣成長率。

Okay. And then maybe just as my follow-up, I think in the prepared remarks, it was mentioned that you were seeing most of the multi-year deals renew as annual. I guess, is that surprising to you? Is that in line with your expectations? Maybe you could just give us some color on why previous customers who chose to lock in for longer are now choosing to only go with annual deals?

好的。然後也許就像我的後續問題一樣，我想在準備好的發言中，我們提到您看到大多數多年期交易都以年度續約的形式進行。我想，這會讓你感到驚訝嗎？這符合你的預期嗎？也許您可以向我們解釋一下，為什麼以前選擇長期鎖定的客戶現在選擇只選擇年度交易？

Yes, that's not something that we've actually seen. We didn't specifically say anything to that effect in the prepared remarks. I think what we've just generally continue to see is the -- we're now in sort of the final stages of the billings transition where you're starting to see the annual billing stack rebuild from the transition that we went through where we converted most customers from annual -- from fully prepaid contracts to annual billings.

是的，我們實際上並沒有看到這樣的事情。我們在準備好的發言中並沒有具體提到這一點。我認為，我們總體上繼續看到的是——我們現在正處於賬單轉換的最後階段，您開始看到年度賬單堆疊從我們經歷的轉換中重建，我們將大多數客戶從年度——完全預付費合約轉換為年度賬單。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

I wanted to ask you about the EBAs, Janesh, I think you talked about some higher-than-expected upfront revenue in the quarter or at least pointed to that as a source of outperformance. So -- did the EBA timing land a little bit different than you expected? And just given the conversations you're having with other EBA customers, how are those expansions tracking or trending relative to what you've seen typically?

我想問您關於 EBA 的問題，Janesh，我認為您談到了本季度一些高於預期的前期收入，或者至少指出這是業績優異的一個原因。那麼——EBA 的實施時間是否與你預期的有點不同？並且根據您與其他 EBA 客戶的對話，這些擴展的軌跡或趨勢與您通常看到的情況相比如何？

Tyler, great question, and it's great to talk to you again. So on the upfront revenue, that was one of the contributing factors. It was not outsized. It was just one of several factors that helped the overall revenue number in the quarter. We also saw strong billings linearity in the quarter.

泰勒，這個問題問得很好，很高興再次與您交談。因此，就前期收入而言，這是其中一個因素。它的尺寸不算太大。這只是推動本季整體營收成長的幾個因素之一。我們也看到本季的帳單線性表現強勁。

As I mentioned a few minutes ago, we saw consistent performance across February, March and April and that billings linearity also helped us a little bit from the standpoint of ratable revenue recognition that we get in the quarter.

正如我幾分鐘前提到的，我們看到 2 月、3 月和 4 月的表現一致，而且從我們在本季度獲得的按比例收入確認的角度來看，帳單線性也對我們有一定的幫助。

So we saw strength universally across the three months. In terms of what we're seeing with respect to how customers are thinking about their renewals and uplift on EBAs. Again, so far, we haven't seen anything in terms of either renewal rates or in terms of the uplift associated with that. There's always an occasional contract here or there that might be an outlier.

因此，我們看到了這三個月普遍存在的強勁勢頭。就我們所看到的客戶如何看待他們的續約和 EBA 提升而言。同樣，到目前為止，我們還沒有看到任何與續約率或與此相關的提升。這裡或那裡總會偶爾出現一些可能屬於異常情況的合約。

But fundamentally, the momentum that we've seen in the business has continued. And we've just factored some prudence associated with that as we've built the guide in case that deteriorates in the future, but we haven't seen that yet.

但從根本上來說，我們在業務中看到的勢頭仍在持續。我們在製定指南時已經考慮了一些與此相關的謹慎因素，以防將來情況惡化，但我們還沒有看到這種情況。

Okay. helpful explanation. And if I could ask a follow-up just on pricing philosophy. So certainly, this is well before your time, Janesh and probably dating back to Andrew, when you took the reins, but the beginning of the subscription transition, you offered kind of annual price locks for a lot of customers to migrate them over for maintenance. I think it was capped around 3% to 4%.

好的。有幫助的解釋。我是否可以就定價理念進一步提問。所以當然，這遠在您之前，Janesh，可能可以追溯到 Andrew，當您接手的時候，但在訂閱轉換開始時，您為許多客戶提供了年度價格鎖定，以便他們遷移到維護。我認為它的上限在 3% 到 4% 左右。

And over, the call it, the last decade or so, you have delivered a lot of innovation to the platform, not to mention what you're doing on the AI side. So how are you thinking about the uplift or the pricing philosophy as those customers come up for renewal and you kind of get them back to standard pricing over time?

在過去十年左右的時間裡，你們為該平台帶來了許多創新，更不用說你們在人工智慧方面所做的努力了。那麼，當這些客戶續約並隨著時間的推移讓他們恢復標準定價時，您如何考慮提升或定價理念？

Yes. So that's the customer that we call the maintenance to subscription cohort. They were actually given 10-year kind of visibility to price increases and price changes in their plan. That program will sunset in the next foreseeable future, you can do the math in terms of 10 years from when the subscription transition began. Ultimately, we will give price increases in that cohort that are consistent with the value we deliver, but it's just too early to talk about that.

是的。這就是我們所說的維護訂閱群的客戶。他們的計劃實際上賦予了他們 10 年的價格上漲和價格變化的可見性。該計劃將在可預見的未來終止，您可以按照從訂閱轉換開始的 10 年後的時間進行計算。最終，我們將對該群體進行與我們提供的價值相符的價格上漲，但現在談論這個還為時過早。

But again, that program hasn't fully sunsetted yet, but it will out there in the near future.

但該計劃尚未完全終止，但將在不久的將來推出。

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

謝謝。今天我們的問答時間就到這裡。現在，我想請西蒙·梅斯·史密斯致閉幕詞。先生？

Thank you, Latif, and thanks, everyone, for joining. We look forward to seeing many of you over the coming days, weeks and months on the road. If you have any questions, please just ping me or the team be happy to chat. Otherwise, we'll catch up on a Q2 conference call. See you then.

謝謝你，拉蒂夫，也謝謝大家的參與。我們期待在未來的幾天、幾週和幾個月裡在路上見到你們。如果您有任何疑問，請聯絡我或我們的團隊，我們會很樂意與您聊天。否則，我們將在第二季電話會議上討論此事。到時候見。

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。