Autodesk Inc (ADSK) 2026 Q2 法說會逐字稿

Thank you for standing by, and welcome to Autodesk second quarter and full year fiscal 2026 earnings conference call. (Operator Instructions) I would now like to hand the call over to Simon Mays-Smith, Vice President, Investor Relations. Please go ahead.

感謝您的支持，歡迎參加 Autodesk 2026 財年第二季和全年財報電話會議。（操作員指示）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 second-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. Actual events or results could differ materially.

謝謝接線員，下午好。感謝您參加我們的電話會議，討論 Autodesk 26 財年第二季的業績。我們的執行長 Andrew Anagnost 和財務長 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。實際事件或結果可能有重大差異。

Please refer to our SEC filings including our most recent Form 10-Q and the Form 8-K filed with today's press release for important risks and other factors that may cause our actual results to differ from those in our forward-looking statements. Forward-looking statements made during the call are being made as of today. If this call is replayed or reviewed after today, the information presented during the call may not contain current or accurate information.

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-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中的結果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。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 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 and supplemental materials available on our Investor Relations website.

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 數字均已在我們的新聞稿和投資者關係網站上提供的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 second-quarter results. Revenue and non-GAAP earnings per share topped the higher end of our guidance ranges, billings, non-GAAP operating margin and free cash flow exceeded our expectations. As a result, we are raising our guidance for the full year.

謝謝你，西蒙，歡迎大家參加電話會議。Autodesk 第二季業績表現強勁。收入和非公認會計準則每股收益均超出我們的指導範圍上限，營業額、非公認會計準則營業利潤率和自由現金流均超出我們的預期。因此，我們提高了全年業績預期。

In an uncertain geopolitical macroeconomic and policy environment, two things remain clear. First, our strong momentum and performance in the first half of fiscal '26 set us up well to achieve our goals for the year. And second, we continue to make the right decisions to drive long-term shareholder value. We remain focused on executing our established strategic priorities in cloud, platform and AI, optimizing our sales and marketing to drive higher operating margins and allocating capital to ingrain investments, targeted and tuck-in acquisitions and continuing our share repurchase program as our free cash flow grows.

在不確定的地緣政治宏觀經濟和政策環境中，有兩件事仍然很清楚。首先，我們在 26 財年上半年的強勁勢頭和表現為我們實現今年的目標奠定了良好的基礎。其次，我們持續做出正確的決策，以推動長期股東價值。我們將繼續專注於執行我們在雲端、平台和人工智慧領域既定的策略重點，優化我們的銷售和行銷以提高營業利潤率，並分配資本以進行根深蒂固的投資、有針對性的收購和補充性收購，並隨著我們的自由現金流的增長繼續我們的股票回購計劃。

We have laid strong foundations for future revenue and operating margin growth and shareholder value creation. We're excited to tell you more about our plans at Autodesk University in September and at our Investor Day on October 7. I will now turn the call over to Janesh to discuss our quarterly financial performance and guidance. I'll then come back to update you on our strategic growth initiatives.

我們為未來的收入和營業利潤成長以及股東價值創造奠定了堅實的基礎。我們很高興在 9 月的 Autodesk University 和 10 月 7 日的投資者日向您詳細介紹我們的計劃。現在我將把電話轉給 Janesh，討論我們的季度財務表現和指導。然後我會回來向您介紹我們的策略性成長計劃。

Thanks, Andrew. Q2 was another strong quarter. Overall, the underlying momentum of the business was similar to prior quarters and better than the assumptions that we had built into our guidance range. We saw strength in AECO where our customers are benefiting from sustained investment in data centers, infrastructure and industrial buildings, which is more than offsetting softness in commercial. The Autodesk store, billings linearity during the quarter and upfront revenue were also stronger than expected.

謝謝，安德魯。第二季又是一個強勁的季度。整體而言，業務的基本動能與前幾季相似，並且比我們在指導範圍內建立的假設好。我們看到了 AECO 的優勢，我們的客戶受益於對資料中心、基礎設施和工業建築的持續投資，足以抵消商業領域的疲軟。Autodesk 商店、本季的帳單線性和預付收入也強於預期。

Our go-to-market optimization plan remains on track and operational friction from the new transaction model implementation continues to ease. Total revenue in the second quarter grew 17% as reported and 18% in constant currency. The contribution from the new transaction model to revenue was approximately $105 million in the second quarter. Total revenue grew 11% in constant currency and excluding the impact of the new transaction model. Please see the tables in our press release, earnings deck and XL Financials for details by product and region.

我們的市場優化計畫仍在按計畫進行，新交易模式實施帶來的營運摩擦也不斷緩解。第二季總營收按報告成長 17%，以固定匯率計算成長 18%。新交易模式對第二季營收的貢獻約為 1.05 億美元。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%。請參閱我們的新聞稿、收益報告和 XL Financials 中的表格，以了解按產品和地區劃分的詳細資訊。

In the second quarter of this year, we started to cycle past the anniversary of acquisitions made last year, so I should note that we saw consistent make revenue growth in Q1 and Q2 if you remove the impact of acquisitions. Billings increased 36% as reported and 34% at constant currency, reflecting the shift to annual billings for most multiyear contracts and the transition to the new transaction model. The contribution from the new transaction model to billings was approximately $129 million in the second quarter. Billings grew 26% at constant currency and excluding the impact of the new transaction model. RPO of $7.3 billion and current RPO of $4.7 billion grew 24% and 20%, respectively, benefiting from tailwinds from the new transaction model.

今年第二季度，我們開始度過去年收購的周年紀念日，因此我應該指出，如果消除收購的影響，我們在第一季和第二季的營收將持續成長。報告的營業額增長了 36%，以固定匯率計算則增長了 34%，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。新交易模式對第二季營業額的貢獻約為 1.29 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 26%。受益於新交易模式的推動，73 億美元的 RPO 和 47 億美元的當前 RPO 分別成長了 24% 和 20%。

Turning to margins. Second-quarter GAAP and non-GAAP operating margins were 25% and 39%, respectively, reflecting year-over-year increases of 240 and 140 basis points, respectively. This reflected operating leverage, ongoing cost discipline and some timing benefits from restructuring partly offset by the margin drag from the new transaction model. Second-quarter free cash flow was $451 million, which benefited from the earlier timing of billings in the quarter.

轉向利潤。第二季 GAAP 和非 GAAP 營業利潤率分別為 25% 和 39%，較去年同期分別成長 240 個和 140 個基點。這反映了經營槓桿、持續的成本控制以及重組帶來的一些時機優勢，但新交易模式對利潤率的拖累部分抵消了這些優勢。第二季自由現金流為 4.51 億美元，這得益於本季較早的帳單支付時間。

Moving on to capital allocation. We purchased approximately 1.2 million shares for $356 million at an average price of approximately $298 per share. Year-to-date, we have repurchased 2.5 million shares for $709 million. 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 of the underlying dynamics of the business.

繼續討論資本配置。我們以每股約 298 美元的平均價格購買了約 120 萬股，總價值 3.56 億美元。今年迄今為止，我們已回購了 250 萬股，價值 7.09 億美元。轉向指導。我將再次討論不包括新交易模式影響並以固定匯率計算的數字，以便您更清楚地了解業務的潛在動態。

In the earnings deck, you'll see that we have split the impact of the new transaction model and currency movements for our fiscal '26 guidance. The underlying momentum of business in the second quarter of fiscal '26 was consistent with recent quarters and better than the more cautious assumptions built into the bottom end of our prior guidance range. The macroeconomic environment seems broadly stable, but uncertainty remains elevated. As usual, we have a large pool of EBA renewals to close in the back half of the year. We will also start cycling against tougher new transaction model billings and revenue growth comparisons with last year, particularly in the fourth quarter.

在收益報告中，您會看到我們已經將新交易模式和貨幣變動對 26 財年指引的影響進行了劃分。26 財年第二季業務的基本動能與最近幾季一致，並且好於我們先前指導範圍底端所基於的更為謹慎的假設。宏觀經濟環境整體穩定，但不確定性仍較高。像往常一樣，我們將在下半年完成大量 EBA 續約。我們也將開始對照更嚴格的新交易模式帳單和與去年的營收成長進行比較，特別是在第四季。

We remain disciplined and focused on the controllable factors that drive our revenue, operating margin, earnings per share and capital allocation, which are the key building blocks of free cash flow per share. Reflecting all this, we've raised our billings guidance range to $7.355 billion to $7.445 billion and raised our revenue guidance range to $7.025 billion to $7.075 billion, which flows through the strength of the business in the first half to our full year underlying guidance, along with some additional tailwinds from FX. The bottom end of our full year guidance ranges reflect similar macroeconomic assumptions for the second half of the year, as we had outlined on the prior call.

我們保持紀律，專注於推動我們的收入、營業利潤率、每股盈餘和資本配置的可控因素，這些因素是每股自由現金流的關鍵組成部分。考慮到所有這些，我們將營業額預期範圍上調至 73.55 億美元至 74.45 億美元，並將收入預期範圍上調至 70.25 億美元至 70.75 億美元，這將透過上半年業務的強勁表現轉化為我們全年的基本預期，同時還會帶來一些來自外匯的推動額外力。正如我們在上次電話會議上所概述的那樣，我們全年指導範圍的底端反映了對下半年類似的宏觀經濟假設。

We've also raised our non-GAAP operating margin guidance for the year to approximately 37% or approximately 40% on an underlying basis, which excludes the impact of the new transaction model. As you are aware, we initiated the optimization phase of our sales and marketing efficiency plan in February. We are making good progress and are on track to realize its expected benefits. These efficiency gains, combined with inherent operating leverage set us up well to expand our operating margin over time.

我們也將本年度非公認會計準則營業利潤率預期上調至約 37% 或約 40%（不包括新交易模式的影響）。如您所知，我們於二月啟動了銷售和行銷效率計劃的最佳化階段。我們正在取得良好進展，並有望實現預期效益。這些效率的提高，加上固有的經營槓桿，使我們能夠隨著時間的推移擴大經營利潤率。

Assuming no material change in the external environment, we expect reported non-GAAP operating margin to be 41% in fiscal '29 or about 45% on an underlying basis, which excludes the mechanical impact of the new transaction model as it fully scales next year. This would represent a reported and underlying improvement of approximately 500 basis points and approximately 900 basis points, respectively, since we started to scale the new transaction model at the end of fiscal '24. We will tell you more about our plans at our Investor Day on October 7.

假設外部環境沒有重大變化，我們預計 29 財年報告的非 GAAP 營業利潤率將達到 41%，或約為 45%（這還不包括新交易模式明年全面擴展的機械影響）。自從我們在 24 財年末開始擴展新的交易模式以來，這將分別代表報告和潛在的改善約 500 個基點和約 900 個基點。我們將在 10 月 7 日的投資者日上向您詳細介紹我們的計劃。

We've also raised our free cash flow guidance range for fiscal '26 by $88 million at the midpoint to $2.2 billion to $2.275 billion. As we said in February, utilization of US deferred tax assets will mean we pay little US federal cash tax in fiscal '26. We do not, therefore, get incremental cash benefit from the one big, beautiful Bill Act this year.

我們還將 26 財年的自由現金流指導範圍中位數提高了 8,800 萬美元，達到 22 億美元至 22.75 億美元。正如我們在二月所說的那樣，利用美國遞延稅項資產意味著我們在 26 財年只需繳納很少的美國聯邦現金稅。因此，我們今年並沒有從這項宏大的、漂亮的法案中獲得增量現金收益。

And finally, we've also raised our fiscal '26 share buyback targets by $100 million to between approximately $1.2 billion and $1.3 billion, which is a 40% to 50% increase compared to fiscal '25. The slide deck on our website has more details on modeling assumptions for the third quarter and full year fiscal '26.

最後，我們也將 26 財年的股票回購目標提高了 1 億美元，達到約 12 億美元至 13 億美元之間，與 25 財年相比成長了 40% 至 50%。我們網站上的投影片包含有關 26 財年第三季和全年建模假設的更多詳細資訊。

Andrew, back to you.

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. We are at the forefront of convergence because we've been evolving and investing in the business models products and platforms and go-to-market that capitalize on it. Let me give you a few examples from the quarter. Atkins Realis is a world-class engineering services and nuclear company.

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。我們處於整合的前沿，因為我們一直在發展和投資利用它的商業模式產品和平台以及進入市場。讓我給你舉幾個本季的例子。Atkins Realis 是一家世界一流的工程服務和核能公司。

Over the years, it has embedded Autodesk technologies across its global delivery ecosystem to enhance design quality, reduce rework and support data-driven decision-making throughout the project life cycle. Having signed our sixth EBA with them this quarter, I'm excited that there is still so much more we can do through initiatives like automated model validation, enhanced interoperability and immersive XR based design reviews, Autodesk will help further streamline workflows and improve quality insurance.

多年來，該公司已將 Autodesk 技術嵌入其全球交付生態系統，以提高設計品質、減少重工並支援整個專案生命週期內的資料驅動決策。本季我們與他們簽署了第六份 EBA，我很高興我們還可以做更多的事情，透過自動模型驗證、增強互通性和基於沉浸式 XR 的設計評審等舉措，Autodesk 將幫助進一步簡化工作流程並提高品質保證。

AI-enabled design strategies, digital twin capabilities and Autodesk Construction Cloud will support its expanded service offerings and reinforce its position as a digitally enabled partner. Kimley-Horn is a premier planning and design consulting firm committed to growth and digital transformation. It renewed and expanded its relationship with Autodesk to accelerate the adoption of BIM solutions and Autodesk Construction Cloud. By fostering collaboration and productivity across the project life cycle, Kimley-Horn anticipates significantly increasing efficiency by the end of 2025.

基於人工智慧的設計策略、數位孿生功能和 Autodesk Construction Cloud 將支援其擴展的服務產品，並鞏固其作為數位化合作夥伴的地位。Kimley-Horn 是一家致力於發展和數位轉型的頂級規劃和設計顧問公司。它更新並擴展了與 Autodesk 的關係，以加速採用 BIM 解決方案和 Autodesk Construction Cloud。透過促進整個專案生命週期的協作和生產力，Kimley-Horn 預計到 2025 年底效率將顯著提高。

Dynamic Energy is a full-service solar developer offering turnkey services for commercial, industrial, institutional and utility scale solar installations. Faced with workflow and forecasting challenges created by a lack of integration with its ERP, it selected Autodesk Construction Cloud to replace a competitive solution. The lack of integration with its existing ERP created challenges with client billing, inefficient invoice approval workflows and difficulty forecasting.

Dynamic Energy 是一家提供全方位服務的太陽能開發商，為商業、工業、機構和公用事業規模的太陽能裝置提供交鑰匙服務。面對因缺乏與 ERP 整合而產生的工作流程和預測挑戰，該公司選擇了 Autodesk Construction Cloud 來取代競爭解決方案。由於缺乏與現有 ERP 的集成，給客戶計費、發票審批工作流程效率低下以及預測困難帶來了挑戰。

Dynamic Energy will also leverage Autodesk Construction Cloud's mobile app off-line capabilities, multi-user workflows for inspection and KPI progress tracking. 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 data centers, infrastructure and construction and that is reflected in sustained strong revenue and new customer momentum in construction.

Dynamic Energy 也將利用 Autodesk Construction Cloud 的行動應用程式離線功能、多用戶工作流程進行檢查和 KPI 進度追蹤。這些故事有一個共同的主題，即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，並將我們的業務範圍進一步擴展到資料中心、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發展勢頭上。

Moving on to manufacturing. We made excellent progress on our strategic initiatives. Customers continue to invest in their digital transformation and consolidate our design and make platform to drive growth and increase resilience. A leading European research institution for aerospace, energy and transportation was seeking to accelerate innovation and boost sustainability. To achieve these goals, while maintaining high standards of precision and risk control, it adopted Autodesk's product design and manufacturing collection.

轉向製造業。我們的策略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。一家領先的歐洲航空航太、能源和交通研究機構正在尋求加速創新和促進永續發展。為了實現這些目標，在保持高標準的精度和風險控制的同時，它採用了 Autodesk 的產品設計和製造系列。

These advanced tools streamline data management, optimize workflows and shortened development cycles. By enabling increased virtual testing and simulation, it will significantly reduce its reliance on physical prototypes, supporting both efficiency and sustainability.

這些先進的工具簡化了資料管理，優化了工作流程並縮短了開發週期。透過增加虛擬測試和模擬，它將大大減少對實體原型的依賴，從而支援效率和永續性。

Motor scrubber is a market leader in innovative floor cleaning machines. It was looking to connect disciplines, data and workflows from design to manufacturing to drive efficiency and accelerate time to market. To do that, it has adopted fusion with the simulation, design and data management extensions to replace a competitive calculation.

電動洗地機是創新地板清潔機的市場領導者。該公司希望將從設計到製造的各個學科、數據和工作流程連接起來，以提高效率並加快產品上市時間。為了實現這一目標，它採用了與模擬、設計和資料管理擴展的融合來取代競爭性計算。

A leading multinational biopharmaceutical company is adopting Fusion to increase the resiliency of its supply chain to actual and potential disruption and drive operational efficiency. Using Fusion, it can quickly, collaboratively and securely design, make and document critical spare parts when needed. This minimizes downtime and production delays while maintaining documentation in this highly regulated industry.

一家領先的跨國生物製藥公司正在採用 Fusion 來提高其供應鏈對實際和潛在中斷的彈性並提高營運效率。使用 Fusion，它可以在需要時快速、協作且安全地設計、製造和記錄關鍵備件。這可以最大限度地減少停機時間和生產延遲，同時在這個受到嚴格監管的行業中保存文件。

Converge data opens up new opportunities for Autodesk. As customers seek to drive efficient innovation, Fusion is driving strong growth with extension attach rates increasing and driving average sales prices is higher and we're delivering meaningful productivity gains to customers where we deploy AI. We have continued to see success with our AI-powered sketch AutoConstrain in Fusion.

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。我們不斷看到 Fusion 中基於 AI 的草圖 AutoConstrain 取得成功。

Since its launch this year, the AI model has delivered over 1.2 million dimensions and has been retrained and the UX improved along the way. The acceptance rates of AutoConstrain suggestion to commercial users has grown to more than 60%, with 90% of those sketches fully constrained. That is a substantial productivity gain.

自今年推出以來，該 AI 模型已提供超過 120 萬個維度，並且在此過程中不斷進行重新訓練，用戶體驗也不斷改進。AutoConstrain 對商業用戶建議的接受率已成長到 60% 以上，其中 90% 的草圖已完全受到約束。這是一個巨大的生產力提升。

In education, ARNI University Chennai signed a strategic engagement with Autodesk to enhance student employability through modern applied engineering education across its 400-plus affiliated colleges. As part of the collaboration, a state-of-the-art design and make innovation center at the College of Engineering Ginde, will be equipped with Autodesk's cloud-based platforms to support hands-on training in digital manufacturing CNC machining and building information modeling.

在教育方面，ARNI 欽奈大學與 Autodesk 簽署了一項策略協議，透過其 400 多所附屬學院的現代應用工程教育來提高學生的就業能力。作為合作的一部分，金德工程學院最先進的設計和製造創新中心將配備 Autodesk 的基於雲端的平台，以支援數位製造 CNC 加工和建築資訊模型的實踐培訓。

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, an iconic high-performance automotive manufacturer was looking to enable designers across its ecosystem with unified access to technology while retaining robust user management scalability.

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，一家標誌性的高性能汽車製造商希望讓其生態系統中的設計師能夠統一存取技術，同時保留強大的使用者管理可擴展性。

Through a renewed agreement with Autodesk that included a combination of named user subscriptions and flex consumption tokens, it can serve users enterprise-wide and achieve its goals. This hybrid model provides a blueprint for scalable digital transformation across the automotive and manufacturing sectors. Attractive long-term secular growth markets our focused strategy of 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.

透過與 Autodesk 續約協議，包括指定用戶訂閱和靈活消費代幣的組合，它可以為整個企業的用戶提供服務並實現其目標。這種混合模型為汽車和製造業的可擴展數位轉型提供了藍圖。具有吸引力的長期成長市場，我們專注於為客戶提供更有價值、更互聯的解決方案的策略，以及具有彈性的業務，無論在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。

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.

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。

To set the stage for Autodesk University Investor Day, let me close by talking about Autodesk AI. For more than a decade, Autodesk has been at the forefront of innovation in BIM, SaaS, generative design and now in generative AI. We have been building industry-specific foundation models and products capable of understanding and reasoning about 2D and 3D geometry, design and make data, complex structures and even physical behavior. For example, last year, we introduced Project Bernini, a generative AI model for 3D as part of a broader initiative to create professional-grade foundation models that will disrupt long-standing technology paradigms and redefine what we mean by software, platforms and products.

為了讓 Autodesk University 投資者日做好準備，最後我想談談 Autodesk AI。十多年來，Autodesk 一直處於 BIM、SaaS、生成設計以及現在的生成 AI 領域的創新前沿。我們一直在建立行業特定的基礎模型和產品，能夠理解和推理二維和三維幾何、設計和製作數據、複雜結構甚至物理行為。例如，去年，我們推出了 Bernini 項目，這是一個用於 3D 的生成式 AI 模型，作為更廣泛計劃的一部分，該計劃旨在創建專業級基礎模型，顛覆長期存在的技術範式，並重新定義軟體、平台和產品的含義。

By combining our own spatial and physical reasoning with deep industry-specific knowledge, Autodesk AI will move beyond traditional deterministic and rule-based parametric kernels to deliver adaptive and context-aware AI-driven CAD engines. These engines will dramatically expand what's possible across the entire project life cycle, while eliminating much of the repetitive work and rework that slows projects down today.

透過將我們自己的空間和物理推理與深厚的行業特定知識相結合，Autodesk AI 將超越傳統的確定性和基於規則的參數內核，提供自適應和上下文感知的 AI 驅動的 CAD 引擎。這些引擎將大大擴展整個專案生命週期的可能性，同時消除當今拖慢專案進度的大部分重複性工作和重工。

As we integrate these capabilities into our platform, Autodesk customers will be able to build their own AI models trained on their own data and infused with their unique context unlocking new differentiated sources of value, efficiency and competitive advantage while remaining confident that they are using AI in a way that is certified to be ethical, transparent and accountable. We're excited about the road ahead, not only because of the industry-leading AI tools and foundation models we are creating, but also because of the go-to-market, industry cloud and platform foundations we've built over the last decade to scale AI successfully. We look forward to sharing more with you at Autodesk University and our Investor Day.

當我們將這些功能整合到我們的平台中時，Autodesk 客戶將能夠建立自己的 AI 模型，這些模型基於他們自己的資料進行訓練，並融入他們獨特的環境，從而釋放新的差異化價值、效率和競爭優勢來源，同時仍然相信他們正在以經過認證的道德、透明和負責任的方式使用 AI。我們對未來的道路感到興奮，不僅因為我們正在創建業界領先的人工智慧工具和基礎模型，還因為我們在過去十年中為成功擴展人工智慧而建立的行銷、產業雲和平台基礎。我們期待在 Autodesk University 和投資者日與您分享更多內容。

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。

Okay. Great. Great to see these results. Andrew, maybe just to start with you. given some of the headlines out there this quarter, I was wondering if you could just talk to us a little bit about your appetite for transformative M&A.

好的。偉大的。很高興看到這些結果。安德魯，也許我只是想從你開始。鑑於本季度的一些頭條新聞，我想知道你是否可以和我們談談你對變革性併購的興趣。

Yes. I think it's best probably to restate our capital allocation strategy. First and foremost, Saket, we invest organically in the business to drive our strategy around platform, AI and all the things related to our product strategy. The second thing we look to do is we look at M&A as the next option. And we look at it for tech tuck-in reasons, really things that accelerate our existing road map and move us forward.

是的。我認為最好重申一下我們的資本配置策略。首先，Saket，我們對業務進行有機投資，以推動圍繞平台、人工智慧以及與我們的產品策略相關的一切事物的策略。我們要做的第二件事是將併購視為下一個選項。我們是從技術角度來看待這個問題的，這些技術實際上可以加速我們現有的路線圖並推動我們前進。

And we look at it through the lens of targeted acquisitions that extend our adjacency strategy, things like construction operations. These kinds of acquisitions tend to be in the hundreds of thousands to the billions of dollars range, not in the tens of billions of dollars range, right?

我們透過有針對性的收購來看待這個問題，這些收購擴展了我們的鄰近策略，例如建築業務。這類收購的金額往往在數十萬到數十億美元之間，而不是數百億美元，對嗎？

The other thing, of course, we're doing is, as we have excess capital above and beyond those needs, we are accelerating the deployment of that to shareholders via stock buybacks that moved beyond offsetting dilution and accelerate and reduce the share count. So I think that's the best way to look at this moving forward.

當然，我們正在做的另一件事是，由於我們擁有超出這些需求的過剩資本，我們正在透過股票回購加速將這些資本部署給股東，這不僅僅是抵消稀釋，而且加速和減少股票數量。所以我認為這是看待這個問題的最佳方式。

That's super helpful. Thanks for knocking that out of the way first here. Janesh, maybe for you, great to hear the 41% margin goal in fiscal '29. Can you just walk us through some of the high-level assumptions and also guidance philosophy around that, if you could?

這非常有幫助。感謝您首先解決這個問題。Janesh，也許對你來說，很高興聽到 29 財年 41% 的利潤率目標。如果可以的話，您能否向我們介紹一些高階假設以及相關的指導理念？

Saket, I'm happy to do that. So look, as I step back and look at the business overall, we're very pleased with our current momentum. We're excited about the opportunity ahead of us as well. In terms of the assumptions that we made, our absolute level of revenue growth in the future will then part depend on the rate of the underlying market growth and on the external environment as well. And so as we consider the margin targets that we've set, our goal was to make this achievable under various growth scenarios balancing opportunity and risk.

Saket，我很樂意這麼做。所以，當我回顧並審視整個業務時，我們對當前的勢頭感到非常滿意。我們也對眼前的機會感到興奮。根據我們所做的假設，我們未來收入成長的絕對水準將部分取決於基礎市場的成長率以及外部環境。因此，當我們考慮設定的利潤目標時，我們的目標是在平衡機會和風險的各種成長情境下實現這一目標。

And so we expect that the largest contribution to that margin expansion will come from sales and marketing. We're making good progress on the optimization phase of our sales and marketing efficiency plan that we had initiated back in February, and we're on track to realize the benefits from that.

因此，我們預期利潤率擴張的最大貢獻將來自銷售和行銷。我們在二月啟動的銷售和行銷效率計劃的優化階段取得了良好進展，並且有望從中獲得收益。

Also, we have inherent operating leverage in the model, and we've demonstrated that this year. And combined with the sales and marketing efficiency gains, I think that sets us up really well to achieve this long-term goal. And maybe the last thing I'll point out is that we do have some incremental margin headwinds from the new transaction model in fiscal '27.

此外，我們的模型具有固有的經營槓桿，今年我們已經證明了這一點。再加上銷售和行銷效率的提高，我認為這將為我們實現這一長期目標奠定良好的基礎。我最後要指出的是，27 財年的新交易模式確實為我們帶來了一些增量利潤阻力。

So as we think about the annual progress towards this margin target, we do not expect that to be linear.

因此，當我們考慮實現這一利潤目標的年度進展時，我們並不認為這是線性的。

Adam Borg, Stifel.

亞當·博格（Adam Borg），Stifel。

Awesome. Maybe for Andrew, in the script, you talked a lot about success in construction, and it's great to see that continued traction there. So maybe talk about what's leading to this ongoing momentum? How much runway you feel is left on ACC? And any color on what you're seeing both domestically or internationally would be really interesting.

驚人的。也許對安德魯來說，在劇本中，你談了很多關於建築方面的成功，很高興看到他在那裡繼續受到關注。那麼也許可以討論一下是什麼導致了這種持續的勢頭？您覺得 ACC 還剩下多少跑道？無論是在國內還是國際上，您所看到的任何顏色都會非常有趣。

Yes, Adam, happy to comment on that. So look, one of the things I want to make super clear is that -- the momentum in our construction business is unchanged. We're seeing similar momentum to what we saw in the past. There's no deceleration. It's performing quite well.

是的，亞當，很高興對此發表評論。所以，我想非常明確地指出的一件事是——我們的建築業務的發展勢頭沒有改變。我們看到的勢頭與過去類似。沒有減速。它的表現相當不錯。

And it's performing well across a broad swath of the business, performing well in the US. We continue to see wins up at the top of the pyramid. And we also continue to see wins in the mid-market. Our international performance is doing quite well, so we're growing well internationally. We're really happy with our payments business. It's performing quite well across the board. And I think that's really important because that brings us into another part of the ecosystem.

該公司在廣泛的業務領域都表現良好，在美國尤其如此。我們繼續看到金字塔頂端的勝利。我們也繼續看到中階市場的成功。我們的國際表現相當不錯，所以我們在國際上發展得很好。我們對我們的支付業務非常滿意。它的全面表現相當出色。我認為這非常重要，因為這將我們帶入生態系統的另一部分。

And I think without saying giving away AU items, we're going to be talking about a bunch of things at AU that I think continue to accelerate our position in areas like pre-construction and preconstruction planning and all the things associated with that, even some things that enhance the field experience. So we continue to stay focused on winning. We think we've built the most comprehensive end-to-end platform. We think we have the most modern platform. So we're really happy with where the performance is going and how it continues to maintain its momentum.

我認為，不用說贈送 AU 項目，我們將在 AU 上討論很多事情，我認為這些事情將繼續加速我們在施工前和施工前規劃等領域的地位，以及與此相關的所有事情，甚至一些可以增強現場體驗的事情。因此我們將繼續專注於勝利。我們認為我們已經建立了最全面的端到端平台。我們認為我們擁有最現代化的平台。因此，我們對業績的進展以及它如何繼續保持這種勢頭感到非常滿意。

That's really helpful. And maybe just as a follow-up for Janesh. You talked about this, I think, in some of your guidance assumptions. But when you think about the EBA renewal opportunity in the back half of the year, just remind for us maybe the relative size of the cohort this year versus last year and next? And how is the pipeline shaking up in terms of renewals and expansion?

這真的很有幫助。或許只是作為 Janesh 的後續行動。我認為您在一些指導假設中談到了這一點。但當您考慮今年下半年的 EBA 續約機會時，請提醒我們今年與去年和明年相比的群體相對規模是多少？那麼，管道在更新和擴建方面有何變化？

Adam. So overall, the first half was a strong first half for us. You've seen the strength from Q1 continue into the momentum that we demonstrated here in Q2 as well. And overall, we feel we are quite well set up for the back half of the year as well. The EBA renewal opportunity, there is a large pool of renewals out there.

亞當。所以總體來說，上半場對我們來說是一個強勁的上半場。您已經看到，第一季的強勁表現延續到了第二季。總體而言，我們認為我們已經為今年下半年做好了充分的準備。EBA 續約機會，有大量的續約機會。

We have that in every year. And we also have a very large product subscription renewal based close. So there's a fair amount of business for us to close next year. But we've been executing well so far and the momentum has continued nicely until now, and we feel very good about the setup for the rest of the year.

我們每年都有這樣的情況。而且我們還有一個非常大的產品訂閱續訂基礎。因此，明年我們要完成相當多的業務。但到目前為止，我們的執行情況一直很好，而且這種勢頭一直持續到現在，我們對今年剩餘時間的安排感到非常滿意。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，格里芬證券。

Janesh, let me start with you and then Andrew, my follow-up will be more technical nature. So Janesh, with regard to the increased billings guidance for the year, $165 million at the midpoint, can we perhaps parse that in terms of some of the mix dynamics? Could you comment in terms of what you're seeing in terms of customer usage telemetry, mix of collections versus stand-alone? Anything in terms of retention or perhaps gross up for us, if you could, some of those important pieces of the mix that drove the increase in billings guidance?

Janesh，讓我先從你開始，然後是 Andrew，我的後續問題將更加技術性。那麼 Janesh，關於今年增加的帳單指導，中點為 1.65 億美元，我們能否從一些混合動態的角度來分析這一點？您能否就客戶使用遙測、混合收集與獨立收集方面的情況發表評論？就留存率或總額而言，如果您可以的話，有哪些重要的因素推動了帳單指引的成長？

Jay, I'm happy to do that. Overall, what I'd say is that the areas of strength that we saw in the first half and particularly in Q2, we see those as continuing into the back half of the year as well. AECO continues to perform well construction. And broadly, I would say, make continue to be growth drivers for us. We see that playing out nicely in the business.

傑伊，我很樂意這麼做。總的來說，我想說的是，我們在上半年，特別是第二季看到的優勢領域，我們認為也將延續到下半年。AECO 在建築領域持續表現良好。總的來說，我想說，這將繼續成為我們的成長動力。我們看到這在業務上發揮了良好的作用。

If I think about some of the other metrics like the net revenue retention rates in the business, those are quite strong as well. We see those playing out nicely for the back half of the year. So overall, it's the broader momentum that we are seeing from the product innovation as well as the strength in the go-to-market execution that we developed in the first half of the year that is continuing into the back half of the year.

如果我考慮一些其他指標，例如業務的淨收入保留率，這些指標也相當強勁。我們預計這些因素在今年下半年將發揮良好作用。因此，總體而言，我們從產品創新中看到的更廣泛的勢頭以及我們在上半年形成的市場進入執行力將持續到下半年。

Okay. Andrew, we're looking forward to some of the usual updates at AU in a couple of weeks. But in the meantime, following up on your comments on technology and customer adoption, one of your most important initiatives the last few years has, of course, been APS and your new data models for AEC and manufacturing.

好的。安德魯，我們期待幾週後在 AU 看到一些常規更新。但同時，根據您對科技和客戶採用的評論，過去幾年您最重要的舉措之一當然是 APS 和針對 AEC 和製造業的新資料模型。

And you've spoken to the concept of data granularity, all of those are differentiators. However, we've often seen in the industry over many years that customer adoption of fundamentally new approaches are plumbing, if you will, can perhaps be very time consuming, and we've seen that, for example, in TLM over the years where adoption can take quite a long time. So you're doing some very interesting technical work, and you need to do it. But perhaps you could talk about how you're thinking of the adoption of these fundamentally new methods over the next number of years.

您已經談到了數據粒度的概念，所有這些都是差異化因素。然而，多年來，我們在行業中經常看到，客戶採用全新的方法是一個管道過程，如果你願意的話，這可能會非常耗時，例如，在 TLM 中，我們已經看到，多年來採用可能需要相當長的時間。所以你正在做一些非常有趣的技術工作，而且你需要去做。但也許您可以談談您如何考慮在未來幾年內採用這些全新的方法。

Yes. I think that's an excellent question. First off, let's talk about the granular data. So one of the things we do clearly see and we do track closely is API usage, and we're seeing continuous increases in API usage with some of our largest customers and even further down into the market. So people are starting to use this granular data to connect processes in different and unique ways.

是的。我認為這是一個非常好的問題。首先，讓我們討論一下粒度資料。因此，我們確實清楚看到並密切追蹤的事情之一就是 API 的使用情況，並且我們看到一些最大客戶以及更深層的市場對 API 的使用情況正在持續增加。因此人們開始使用這些細粒度資料以不同的、獨特的方式連結流程。

And I think that's really important. So they are adopting some of these key technologies. And as you know, a diffusion of adoption into the market varies by industry and pace. So I think when we look at this, we're going to see increasing adoption of the granular data and the APIs because it's solving a really significant problem for the customers.

我認為這非常重要。因此他們正在採用其中一些關鍵技術。如您所知，市場採用的擴散因行業和速度而異。因此我認為，當我們看到這一點時，我們將看到粒度資料和 API 的採用率不斷提高，因為它為客戶解決了一個非常重要的問題。

And as we continue to roll out some of these productivity features through AI and through some of our new IP modes that we're creating around new foundation models, I think you're going to see ongoing continuing experimentation and use of many things. Like one of the things I said in the opening commentary was that our AutoConstrain feature in Fusion. It's now at a 60% acceptance rate, and it's doing 90% of the constraints automatically for the customers. and we're continuing to see more usage. That's a pretty high acceptance rate for a new technology.

隨著我們繼續透過人工智慧和圍繞新基礎模型創建的一些新 IP 模式推出一些生產力功能，我認為您將會看到許多事物的持續實驗和使用。就像我在開場白中提到的那樣，Fusion 中的 AutoConstrain 功能。現在它的接受率為 60%，並且它為客戶自動完成了 90% 的約束。而且我們將繼續看到更多的使用。對於一項新技術來說，這個接受率相當高。

So it's actually really increasing productivity for our customers. These things will take time but we're already seeing lots of green shoots that there's an appetite for anything that enhances productivity or helps our customers wrangle data across their processes. There'll be more day you, Jay.

因此它確實提高了我們客戶的生產力。這些事情需要時間，但我們已經看到許多積極的跡象，表明人們對任何能夠提高生產力或幫助我們的客戶在整個流程中處理數據的事情都充滿興趣。傑伊，你還會有更多美好的一天。

Jason Celino, KeyBanc Capital Markets.

KeyBanc 資本市場 Jason Celino。

Really impressed on growth accelerate to 11%. I know you said the selling environment remains probably consistent versus prior quarters, but you still accelerated. Help us understand what was the driver here? If there were any subtle improvements? And then I'll have a follow-up.

成長加速至 11% 確實令人印象深刻。我知道您說過銷售環境可能與前幾季保持一致，但您仍然加速了。幫助我們了解這裡的驅動因素是什麼？是否有任何細微的改進？然後我會跟進。

Yes. Let me comment on that. Like we said, broadly, the businesses are -- is performing similarly to prior quarters. There are always puts and takes, right? And so let me give you a sense for some of those puts and takes.

是的。讓我對此作出評論。正如我們所說的，總體而言，業務表現與前幾季相似。總是有得有失，對吧？那麼讓我來給你介紹一下其中的一些優點和缺點。

From an industry perspective, AEC stood out with regards to growth in the AEC sector. And we see that driven primarily by secular strength in things like data centers, industrial buildings, read factories and other things like that. and in infrastructure. So AEC stood out. The other sectors were strong as well, but AEC stood out as one of the things increasing performance.

從產業角度來看，AEC 在 AEC 領域的成長表現突出。我們看到，這主要受到資料中心、工業建築、工廠等以及基礎設施等領域的長期實力所推動。因此 AEC 脫穎而出。其他產業也表現強勁，但 AEC 脫穎而出，成為業績成長的因素之一。

The next thing, when you look at it from a segment basis, EAs were strong, primarily driven by upfront revenue, which was great. And we also saw a lot of strength in the Autodesk store. And this is exactly what we expect as a result of the new transaction model because that strength in the store comes fundamentally from people coming to us who used to go to transaction-based partners lower down in our partner ecosystem. So that's a great result.

接下來，當你從細分市場的角度來看，EA 表現強勁，主要由前期收入推動，這很好。我們也看到了 Autodesk 商店的巨大優勢。這正是我們對新交易模式的期望，因為商店的優勢從根本上來說來自於那些曾經去找我們合作夥伴生態系統中較低級別的基於交易的合作夥伴的客戶。這是一個很好的結果。

And if you look at it geographically across the board, the Middle East and India stood out, in particular, for their infrastructure investments and some of the activities there. So those are some of the puts and takes that we saw this quarter that differentiated things from other quarters.

如果從整個地理範圍來看，中東和印度尤其以其基礎設施投資和一些活動而脫穎而出。因此，這些就是我們本季看到的一些與其他季度有所不同的情況。

Perfect. And then maybe just my follow-up for Janesh. Thank you for the operating margin framework in 2029. When we think about your comfortability with this, should we think about it with like a high degree of confidence in the sense that a lot of the sales and marketing leverage is in your control, and it's not necessarily reliant on growth, one way or the other. Maybe just that initial question, and I'm sure we'll have more at AU or Analyst Day.

完美的。然後也許只是我對 Janesh 的後續行動。感謝您提供2029年的營業利潤架構。當我們考慮您對此的舒適度時，我們是否應該以高度的信心來考慮這一點，因為許多銷售和行銷槓桿都在您的控制範圍內，並且不一定依賴於成長，無論如何。也許只是最初的問題，我相信我們會在 AU 或分析師日有更多問題。

Jason, so on the underlying assumptions, as I mentioned, our goal was to make sure that this is an achievable target under various growth scenarios. So we did balance the opportunity and the risk. And we are set up well to execute against this goal. We've demonstrated great progress on this so far. Our sales and marketing optimization plans are on track, and we've been demonstrating the operating leverage that is inherent in the model. So we feel good about this.

傑森，正如我所提到的，基於基本假設，我們的目標是確保這是在各種成長情境下都可以實現的目標。所以我們確實平衡了機會和風險。我們已經做好充分準備來實現這一目標。到目前為止，我們已經在這方面取得了巨大進展。我們的銷售和行銷優化計劃正在順利進行，我們一直在展示該模型固有的營運槓桿。因此我們對此感到滿意。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

Great to hear the operating margin targets in Q2. I'm looking to hear more at the Analyst Day. So for my first question, it sounds like you continue to embed a more cautious outlook from the tariff impact into the low end of guidance. Just given we're further through the initial tariff headlines, how have your customer conversations evolved? And how should we think about the potential for disruption risk to still play out in the back half of the year, the potential of that disruption may be coming in a little bit better than period?

很高興聽到第二季的營業利潤率目標。我希望在分析師日聽到更多消息。因此，對於我的第一個問題，聽起來您繼續將關稅影響的更謹慎的展望嵌入到指導的低端。鑑於我們已經進一步了解了最初的關稅新聞，您的客戶對話有何進展？我們該如何看待下半年仍可能出現的中斷風險​​，這種中斷的可能性可能會比以往更好？

Yes. So this is an excellent question, Elizabeth. So first off, just to comment on the guidance for the second half of the year. We maintained the same assumptions we had coming into the year for the second half of the year, where you think is prudent given in this environment. When we talk to our customers about tariffs, obviously, we're not directly impacted by tariffs as a software company.

是的。所以這是一個很好的問題，伊莉莎白。首先，我只想對下半年的預測進行評論。我們對下半年的預測與今年初相同，在當前環境下，我們認為這是謹慎的。當我們與客戶談論關稅時，顯然，作為一家軟體公司，我們不會直接受到關稅的影響。

But some of our customers still are struggling with the same things that you're hearing about pricing pressures and some of the things that are associated with higher cost of goods for some of their products. But they're all coping and they're all coping quite well at this point. So we don't have customers raising additional red flags related to tariffs. And you can get a sense for the guide strength from what I said previously, but I'd like Janesh to comment on that a little bit, too.

但我們的一些客戶仍然在努力應對您所聽到的相同的問題，即價格壓力以及與某些產品成本上漲相關的一些問題。但目前他們都在應對，而且都應對得很好。因此，我們沒有客戶提出與關稅相關的額外警告。您可以從我之前所說的內容中了解指導強度，但我也希望 Janesh 對此發表一些評論。

Yes, I think it's what you said, Andrew, you summarized it quite nicely. And Elizabeth, maybe just to tack on a couple of more tactical items to that. In terms of the underlying guidance assumptions on the macro, the bottom end does assume similarly cautious approach like we had or a similarly cautious set of assumptions like we had on the last call, so no change there. And in terms of other call-outs. I'd just point out that as you compare the underlying guidance for the second half to the underlying performance in the first half, just recall that we had some acquisitions last year, which contributed to about a 1% point of growth for the full year.

是的，我認為就是你所說的，安德魯，你總結得很好。伊麗莎白，也許只需在此基礎上添加一些戰術項目。就宏觀的基本指導假設而言，底端確實假設了與我們類似的謹慎態度，或者像我們上次通話時一樣謹慎的假設，所以沒有變化。以及其他呼叫方面。我只想指出，當你將下半年的基本預期與上半年的基本業績進行比較時，請記住，我們去年進行了一些收購，這為全年成長貢獻了約 1%。

But most of that revenue contribution had come in the second half of last year. So that creates tough comps. And then earlier, I called out that the new transaction model also contributed more meaningfully both to billings and revenue in the second half of last year. So that does create tougher comps on an as-reported basis as well, particularly in Q4.

但大部分收入貢獻都來自去年下半年。因此，這就產生了艱難的競爭。之前我曾指出，新的交易模式對去年下半年的帳單和收入也做出了更有意義的貢獻。因此，這也確實會在報告的基礎上產生更嚴峻的競爭形勢，尤其是在第四季。

Great. And then just as my follow-up, our conversations with partners, we've heard about how spending time with existing customers on the transaction model rollout has just limited some of the ability to drive new customer demand. just given we're further through the model rollout, you've had some commission changes to incentivize that new business side. How are you seeing channel productivity and execution, particularly on that new business side of the business trend? And what are you assuming for the remainder of the year and the outlook for that new business side?

偉大的。然後，正如我後續與合作夥伴的對話中所說，我們聽說在交易模型推出上花時間與現有客戶打交道限制了推動新客戶需求的一些能力。鑑於我們在模型推出方面取得了進一步進展，我們已經進行了一些佣金變更以激勵新業務方面。您如何看待通路生產力和執行力，特別是在業務趨勢的新業務方面？您對今年剩餘時間和新業務前景有何展望？

Yes. So obviously, one of the things we track very closely is the buildup of new business from our partners. We also track the renewal rates, of course. And what we've seen is this a steady increase in new business coming from our partners, this has continued on a steady basis. So we're seeing nice increases in new business through our partners.

是的。顯然，我們密切關注的事情之一就是合作夥伴的新業務累積。當然，我們也會追蹤續訂率。我們看到來自合作夥伴的新業務穩步成長，並且這種趨勢一直持續穩定。因此，我們看到透過合作夥伴的新業務取得了良好的成長。

We expect that to continue because we're lapping the rollouts, customers are getting much more comfortable with the renewal motions. They're working on their internal efficiencies. So we've already seen a nice stair like pattern on new business, and we expect that to continue as we move through the year.

我們預計這種情況將會持續下去，因為我們正在推進產品的推出，客戶對更新措施越來越滿意。他們正在努力提高內部效率。因此，我們已經看到新業務呈現出良好的階梯狀模式，我們預計這種模式將在今年繼續下去。

Taylor McGinnis, UBS.

瑞銀的泰勒麥金尼斯。

Congrats on the quarter maybe just on the operating income margin guide for the full year. So if I look at the adjusted numbers for the model change, it looks like it wasn't raised as much as the revenue guide. So could you just maybe walk us through how your expectations for expense growth for the year have changed or are evolving? And where the incremental investments are going? And anything to comment, I guess, in terms of timing of expenses, just given 2Q looks pretty strong.

對本季的祝賀也許只是對全年的營業收入利潤率指南的祝賀。因此，如果我查看模型變化的調整數字，看起來它並沒有像收入指南那樣增加那麼多。那麼，您能否向我們介紹一下您對今年支出成長的預期是如何變化或發展的？增量投資都流向了哪裡？我想，就支出時間而言，有什麼好評論的，因為第二季看起來相當強勁。

Taylor, I'll take that one. So if you look at the business on an underlying basis once you pull out the effects of the new transaction model, the increase that we saw in the guidance for the full year does result in an incremental margin flow through about 2/3 of the incremental revenue. So we think that's a strong demonstration of the operating leverage.

泰勒，我接受這個。因此，如果您從根本上看待業務，一旦您擺脫了新交易模式的影響，我們在全年指引中看到的成長確實會導致增量利潤流，約佔增量收入的 2/3。因此我們認為這是經營槓桿的有力證明。

So I think it's just some of those modeling pieces that need to be factored in. There are some timing issues always that creep into this, and that's why we manage primarily from a full year perspective. But overall, we've demonstrated great cost discipline so far. The restructuring plan that we had started at the beginning of this year has been implemented quite nicely, and we're staying on plan for our overall spending for the year as we drive the business forward.

所以我認為這只是需要考慮的一些建模部分。總是會有一些時間問題潛入其中，這就是為什麼我們主要從全年的角度來管理。但總體而言，到目前為止我們已經展現了極佳的成本控制能力。我們在今年年初啟動的重組計劃目前執行得相當順利，在推動業務發展的同時，我們仍將按照計劃執行今年的總體支出。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

I wanted to ask about AI in the manufacturing setting. And just to tee this up a bit, Autodesk made a strategic investment. I think this week in an AI CAM offering, and this an example of a company you are already working with through Fusion already available in the App Store. And so I was wondering, how does Autodesk ultimately think about the role it needs to play in AI? Is ensuring fusion as a central part of the mix and customers' development efforts?

我想詢問有關製造業環境中的人工智慧的問題。為了進一步推動這一進程，Autodesk 進行了一項策略性投資。我認為本週將推出一款 AI CAM 產品，這是您已經透過 Fusion 與之合作的公司的一個範例，該產品已在 App Store 中提供。所以我想知道，Autodesk 最終如何看待它在人工智慧中需要扮演的角色？確保融合是否是混合和客戶開發工作的核心部分？

Is that the key focus and particularly knowing that start-ups will probably seek you out for exposure to the manufacturing data model over time. I guess, what informs decisions to buy or partner or further invest in the plumbing to the earlier question?

這是重點嗎？特別是要知道，隨著時間的推移，新創公司可能會尋求您的幫助，讓您接觸製造資料模型。我想，對於先前的問題，是什麼促使人們做出購買、合作或進一步投資管道的決定？

Yes. So I think that's a great question, Joe. Look, first off, we see a lot of value creation in AI moving forward, both in retaining revenue and retaining value and creating whole new value. And our strategy is very much focused on creating a new IP layer, a new IP moat around our own custom foundation models that will not only be useful to us, but be useful to third parties as well who want to extend and use some of our capabilities. So while we're actually working on money on making tasks more productive like what we're doing with auto constraint and some of the things we'll do with Autodesk assistance.

是的。所以我覺得這個問題問得很好，喬。首先，我們看到人工智慧在未來會創造許多價值，既能保留收入，又能保留價值，還能創造全新的價值。我們的策略主要集中在創建一個新的 IP 層，圍繞我們自己的客製化基礎模型建立一個新的 IP 護城河，這不僅對我們有用，而且對想要擴展和使用我們某些功能的第三方也有用。因此，我們實際上正在努力賺錢，使任務更有效率，例如我們使用自動約束所做的事情，以及在 Autodesk 的幫助下所做的一些事情。

We're also moving into workflows and ultimately into system-level type automation. So look for us to continue to build this portfolio of custom foundation models that are accessible to us and partners. Of course, we always like to look at promising start-ups out in the ecosystem that are doing things. We know a lot about what that particular can vendor is doing. We like what they're doing.

我們也正在轉向工作流程並最終實現系統級自動化。因此，我們將繼續建立可供我們和合作夥伴使用的客製化基礎模型組合。當然，我們總是喜歡關註生態系統中正在做事的有前途的新創公司。我們對那個特定的罐頭供應商所做的事情非常了解。我們喜歡他們所做的事情。

They're doing unique things and exposed to unique customers. And we're going to watch what they're doing and partner closely with them. We think they're a good extension to what we're doing already. but look for us to also organically develop these core foundation models. We already have, obviously, some of those things are featured in Fusion.

他們做著獨特的事情，並接觸著獨特的客戶。我們將關注他們的一舉一動並與他們密切合作。我們認為它們是對我們正在做的事情的良好延伸。但希望我們也能有機地發展這些核心基礎模型。顯然，我們已經在 Fusion 中實作了其中的一些功能。

Fusion is not the only place these will show up. obviously, Fusion is the core place that we will develop these AI features for the manufacturing segment. But you're going to also see a lot more interesting stuff in AEC at AU, and we're looking forward to talking about some of that work as well.

Fusion 並不是這些功能出現的唯一場所。顯然，Fusion 是我們為製造業開發這些 AI 功能的核心場所。但您還將在 AU 的 AEC 中看到更多有趣的東西，我們也期待著討論其中的一些工作。

Okay. That's great color I wanted to circle back to what's implied in the second half guidance. And I appreciate the tough comps on an as-reported basis. I guess I was looking at what's implied by the ex currency and ex transaction model. And it does look like the growth rate steps down in 4Q.

好的。這是很棒的顏色，我想回到下半年指導中所暗示的內容。我很欣賞所報導的艱難競爭。我想我正在看的是前貨幣和前交易模型所暗示的內容。看起來第四季的成長率確實有所下降。

Just wondering if that's pragmatism or you're sensitive to the big transaction so you make a close assumption or an ACV assumption, and that's baked in? Or is there anything more discrete you would point to for the 4Q exit rate and growth?

只是想知道這是實用主義還是您對大額交易很敏感，所以您做出了近似的假設或 ACV 假設，而這是根深蒂固的？或者您對於第四季的退出率和成長率有什麼更離散的看法嗎？

It's just a function of the guidance assumptions that we've used. We were prudent when we set the guidance entering the quarter that served us well. We're maintaining the same posture as we look at the back half of the year.

這只是我們所使用的指導假設的函數。當我們制定本季度的指導方針時，我們非常謹慎，這對我們很有利。展望下半年，我們將維持同樣的態勢。

Ken Wong, Oppenheimer & Company.

奧本海默公司 Ken Wong。

Fantastic. Janesh, just a quick clarification on Elizabeth's question. Just making sure that, that low end of the new guidance does -- is insulated from, I think, the prior comments being COVID like conditions, like is that a fair way to think about the downside protection to the newly revised low end?

極好的。Janesh，我只是想簡單澄清一下伊莉莎白的問題。只是要確保新指南的低端確實 - 與之前關於 COVID 等情況的評論隔離開來，我認為這是否是考慮對新修訂的低端進行下行保護的公平方式？

Yes, absolutely, it is. No change in the underlying approach. We still assume similar kinds of impacts as we did last quarter. The only difference, of course, is that we only have six months to go in the year versus nine months ago in the year.

是的，絕對是。基本方法沒有改變。我們仍然假設存在與上個季度類似的影響。當然，唯一的區別是，今年只剩下六個月了，而去年是九個月。

Got it. Understood. And Andrew, it sounds like lots of AI announcements potentially on the com at AU. I mean, I would love to get a sense for what you feel the appetite for some of these technologies are from this end market. Again, Autodesk has been at the forefront in terms of cloud. And I think you guys have a good sense of the pace at which this end market moved? How would you say they're thinking about AI and the willingness to adopt?

知道了。明白了。安德魯，聽起來 AU 的網站上可能會發布很多有關人工智慧的公告。我的意思是，我很想了解您認為這個終端市場對這些技術的興趣如何。再次，Autodesk 在雲端運算方面一直處於領先地位。我認為你們對這個終端市場的發展速度有很好的了解嗎？您認為他們如何看待人工智慧以及採用該技術的意願？

Yes. Look, as you said, Ken, we tend to be out in front of these things, and we're out in front. We were out in front with a lot of 3D advancements we're out in front with a lot of cloud advancements. We very much intend to be out in front with the AI advancements. All of our customers are looking for capacity and productivity.

是的。你看，正如你所說，肯，我們傾向於走在這些事情的前面，而我們也確實走在了前面。我們在許多 3D 進步和許多雲端運算進步方面都處於領先地位。我們非常希望在人工智慧進步方面處於領先地位。我們所有的客戶都在尋求產能和生產力。

They are hungry for trying to figure out what real-world AI can do for some of their workflows and some of the productivity gaps they have. So we are heavily invested in making the task of creating these sophisticated complex 3D models a lot easier, a lot faster and a lot more intuitive, and I think that's going to be very, very valuable to our customers.

他們渴望弄清楚現實世界的人工智慧能夠為他們的一些工作流程和一些生產力差距做些什麼。因此，我們投入了大量的資金，使創建這些複雜的 3D 模型的任務變得更容易、更快捷、更直觀，我認為這對我們的客戶來說非常非常有價值。

And like I said, over the course of time, we're starting with tasks, we're moving to workflows and we'll be moving to systems, and we'll monetize these things through a combination of subscription, consumption and outcomes, also business models that we are well ahead of the industry on with regards to making them mainstream in our offerings. So the customers have an appetite. We have to make it easy for them.

正如我所說的，隨著時間的推移，我們將從任務開始，轉向工作流程，然後轉向系統，我們將透過訂閱、消費和成果的組合將這些東西貨幣化，同時，我們在使它們成為我們產品主流方面也遠遠領先於行業的商業模式。這樣顧客就有胃口了。我們必須讓他們輕鬆一點。

And I think when we get to AU, you're going to see some pretty compelling things that we're bringing to various products, primarily forma infusion that I think our customers are going to find incredibly attractive and incredibly useful.

我認為，當我們進入 AU 時，您會看到我們為各種產品帶來的一些非常引人注目的東西，主要是形式註入，我認為我們的客戶會發現它非常有吸引力並且非常有用。

Josh Tilton, Wolfe Research.

喬許·蒂爾頓（Josh Tilton），沃爾夫研究公司。

My first question is I totally understand that you guys continue to bake in the conservatism in the guidance at the low end given the environment is still very uncertain. But it also sounds like you're not seeing any disuncertainty play out. You said the momentum this quarter was similar to last quarter. And what I'm trying to understand is when you look at your fancy dashboards and your widgets and whatever you guys track to indicate the momentum of the business.

我的第一個問題是，我完全理解，鑑於環境仍然非常不確定，你們繼續在低端指導中保持保守態度。但聽起來你似乎沒有看到任何不確定性的出現。您說本季的發展動能與上一季相似。我想了解的是，當您查看精美的儀表板和小部件以及您追蹤的任何內容時，它們都表明業務的發展勢頭。

If none of this uncertainty does actually end up panning out, like what's going to be the tail of the Autodesk story come Q4? Like are we still going to hear the momentum of the business was the same with prior quarters? Or are we going to hear like you exited the year with things getting better, stronger execution? Like how do we think about the direction of the business this year if none of this uncertainty ends up panning out?

如果這些不確定性最終都沒有解決，那麼第四季度 Autodesk 的故事將如何發展？例如，我們是否還會聽到業務動能與前幾季相同？或者我們會聽到您說今年情況變得更好，執行力更強？例如，如果這些不確定性最終都沒有實現，我們該如何看待今年的業務方向？

Josh, maybe to start with, I'll just say that Andrew's dashboard looks fancier than mine. But look, in all seriousness, the low end of the guidance -- the low end of the guidance assumes a more conservative outlook. And if the world stays the way it is right now, then you should expect us to come in ahead of the low end of that range. And at the middle and high end of the ranges, we've assumed that the world stays as it is. And beyond that, we'll focus on execution and work hard to try and outperform.

喬希，也許首先，我只想說安德魯的儀表板看起來比我的儀表板更漂亮。但嚴肅地說，指導的低端——指導的低端假設了更保守的觀點。如果世界保持現在的狀態，那麼你應該期待我們能夠超越這個範圍的低端。在中高端範圍內，我們假設世界維持現狀。除此之外，我們將專注於執行並努力嘗試超越。

Makes sense. But maybe just to dive one step deeper on there. I guess, like are you guys going to outperform just because the guidance is prudent? Or do you guys see the underlying momentum improving? I think those are two different things if you understand what I'm trying to ask.

有道理。但也許只是為了更深入地了解這一點。我猜，你們會不會因為指導是審慎的而表現出色？或者你們認為潛在的勢頭正在改善嗎？如果你明白我的意思的話，我認為這是兩件不同的事情。

I would expect the underlying momentum in the business to continue the way it has been in the first half of the year. We've been executing really well. There are things that we can control and we focus on those, and we've done well against that so far.

我預計業務的潛在成長勢頭將推遲上半年的勢頭。我們的執行情況非常好。有些事情是我們可以控制的，我們會專注於這些事情，到目前為止，我們在這方面做得很好。

And remember, that underlying momentum includes improvement in partner-driven new business. Like I said, we saw -- we've already seen improvements in partner new business. We expect to continue to see improvements in partner new business.

請記住，潛在的動力包括合作夥伴驅動的新業務的改善。正如我所說的，我們看到—我們已經看到合作夥伴新業務的改善。我們期望看到合作夥伴新業務的持續改善。

Makes sense. And just to clarify, I would expect you guys to have the most state-of-the-art fancy dashboards. That wasn't anything negative.

有道理。需要澄清的是，我希望你們擁有最先進的精美儀表板。那並沒有什麼不好的。

We do have fancy dashboards.

我們確實有精美的儀表板。

But maybe just a quick follow-up, Autodesk University, you guys gave away, I think, the thing everybody was expecting the long-term target on margins. So obviously, there's going to be a big talk around AI. Andrew, maybe from your perspective, like if you were a betting man, you guys have lots of products, lots of things you can embed AI into. Like what are you most excited about across the entire product set from an AI perspective and maybe which piece do you see being the most impactful in the most near-term matter, if that makes sense?

但也許只是一個快速的後續行動，Autodesk University，我認為你們透露了每個人都期待的利潤長期目標。顯然，圍繞人工智慧將會有一場盛大的討論。安德魯，也許從你的角度來看，就像你是一個賭徒一樣，你們有很多產品，很多東西可以將人工智慧嵌入其中。例如，從人工智慧的角度來看，您對整個產品系列中最興奮的是什麼？您認為哪個部分在近期內最具影響力？如果可以這麼說的話？

Yes. Look, I'm very excited about the convergence that we're driving between design and make and how we're bringing together these disciplines and streamlining workflows across what our products are doing. There's lots of really fancy deep AI will be talking about, built off of our foundation models that will become increasingly smarter.

是的。瞧，我對我們正在推動的設計與製造之間的融合以及我們如何將這些學科結合在一起並簡化我們產品所採用的工作流程感到非常興奮。將會有許多真正奇特的深度人工智慧被討論，它們建立在我們的基礎模型之上，並且會變得越來越聰明。

But one of the things that's going to be really exciting at AU is just talking about the nuts and bolts capabilities of the Autodesk assistant and how our customers are just going to be able to do things through a series of prompt driven workflows or different types of UIs that just simply make their jobs a lot easier. I think people are going to find these things to be very attractive, very understandable and relevant to what they do today.

但在 AU 真正令人興奮的事情之一就是談論 Autodesk 助理的具體功能，以及我們的客戶如何透過一系列提示驅動的工作流程或不同類型的 UI 來完成工作，從而使他們的工作變得更加輕鬆。我認為人們會發現這些東西非常有吸引力、非常容易理解並且與他們今天所做的事情息息相關。

So while we're building out the future and I guarantee you we are building out the future. AI may eat software, but it's not going to eat Autodesk. We are very much interested in making sure people see real productivity gains today as they see fantastic productivity gains in the future. and those productivity gains that we provide for them will create value for Autodesk.

因此，當我們正在建立未來時，我向你們保證，我們正在建立未來。人工智慧可能會吞噬軟體，但不會吞噬 Autodesk。我們非常希望確保人們今天能夠看到真正的生產力提升，就像他們未來能夠看到驚人的生產力提升一樣。我們為他們提供的生產力提升將為 Autodesk 創造價值。

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

Perfect. Congrats on a really strong quarter. I wanted to ask about this channel activity. It's been a year since the new transaction model and also you talked about some of the channel consolidation. So what impact are you seeing from the new transaction model? Mainly you talked about some partners probably might have gone through the first renewal in June. So I would love to hear any productivity improvement you're seeing there.

完美的。恭喜本季業績表現強勁。我想詢問一下這個頻道活動。新的交易模式已經推出一年了，您也談到了一些通路整合。那麼您看到新的交易模式有什麼影響呢？您主要談到一些合作夥伴可能在六月經歷了第一次續約。因此，我很想聽聽您在那裡看到的任何生產力提高。

Yes. So look, there's a couple of things that are important and they're playing out exactly as we thought they would. So first off, the lower level channel ecosystem, what we call non-contracted partners and silver partners and even the low end of gold. A lot of that business is starting to come directly to Autodesk, which is a massive efficiency improvement in terms of our ability to engage with customers and understand those customers and engage in price realization with those customers. that's working as we expected it to, and we expect that to continue moving forward.

是的。所以看，有幾件重要的事情，而且它們的發展正如我們想像的那樣。首先，較低階的通路生態系統，我們稱之為非簽約合作夥伴和銀牌合作夥伴，甚至是低端的黃金合作夥伴。許多業務開始直接流向 Autodesk，這大大提高了我們與客戶互動、了解客戶以及與客戶進行價格實現的能力。一切正如我們預期的那樣，我們預計這種情況將繼續向前發展。

The other thing with the partners is it's really just them getting comfortable with renewing their business and looking at their new business as they would lap when we rolled out the new transaction model and they come to the second renewal cycle on some of these customer deals. They've already got the customers in the system. They're already able to renew the customer and move on to focusing to expanding the customers of the new business. We're seeing all of those things happening. And as those things happen, we're seeing the new business generated by the partners increasing month over month over month.

對於合作夥伴來說，另一件事是，他們實際上只是對更新業務感到滿意，並將新業務視為他們將會遇到的情況，當我們推出新的交易模式時，他們會進入一些客戶交易的第二個更新週期。他們已經在系統中獲得了客戶。他們已經能夠續約客戶，並轉而專注於擴大新業務的客戶。我們看到所有這些事情正在發生。隨著這些事情的發生，我們看到合作夥伴創造的新業務逐月增加。

So all of this is as expected. We haven't seen any movement in the channel that is outside of the bounds of what we were expecting, and we're really comfortable and actually pretty happy with what we're seeing.

所以這一切都是意料之中的事。我們沒有看到管道中任何超出我們預期範圍的動向，我們對所看到的情況感到非常滿意。

And Siti, maybe just to add --

還有 Siti，也許只是想補充一下--

Go ahead.

前進。

Siti, just the renewals that you mentioned. So we did see the Americas partners get their first renewals on the new model in June. That went as expected as Andrew said, and we've got the EMEA partners coming up for their first renewals in the new model in September.

Siti，剛才您提到了續約。因此，我們確實看到美洲合作夥伴在六月首次獲得了新模式的續約。正如安德魯所說，一切都按預期進行，我們將於 9 月與 EMEA 合作夥伴首次續簽新模式。

Okay. That's great. And as a follow-up to Autodesk Construction Cloud, we continue to hear some positive feedback in terms of the feature set. So what competitive displacement trends are you seeing? Is it fair to say that with this new direct model transition, you'll see further axles on the ACG side, your direct sales guys can try to cross-sell .

好的。那太棒了。作為 Autodesk Construction Cloud 的後續產品，我們繼續聽到一些關於其功能集的正面回饋。那麼您看到了哪些競爭性替代趨勢呢？是否可以說，隨著這種新的直接模式轉型，您將在 ACG 方面看到更多的軸，您的直銷人員可以嘗試交叉銷售。

Here's what I'll say, all right? Our momentum continues to be consistent in construction. So we continue to do well every quarter, right? We continue to build out functionality is on a modern stack. This is a modern, sophisticated stack.

這就是我要說的，好嗎？我們在建築領域的發展動能持續穩定。所以我們每季都會表現良好，對嗎？我們將繼續在現代堆疊上建立功能。這是一個現代的、複雜的堆疊。

It's not an old collection of software from 20 years ago or so. We've built something modern, and we built something that's heavily connected. We have the best-in-class design to make solution. And we also have the best-in-class preconstruction planning tools. Customers notice this.

這不是 20 年前的舊軟體集合。我們建造了一些現代化的東西，也建造了一些緊密相連的東西。我們擁有一流的設計來提供解決方案。我們也擁有一流的施工前規劃工具。顧客注意到了這一點。

So if they're not on our system today, A lot of them are already talking about being on a systems tomorrow. And this is just a matter of us continuing to execute, deliver on the commitments we've made to our customers and keep moving this very modern, very connected, I think, very powerful stack forward and bringing more customers on. I see nothing out there right now that's going to slow our momentum. Only new types of offerings that we'll be talking about that should increase our momentum moving forward.

因此，如果他們今天還沒有加入我們的系統，那麼他們中的許多人已經在談論明天加入我們的系統了。這只是我們繼續執行、兌現對客戶的承諾並繼續推動這個非常現代、非常互聯、非常強大的堆疊向前發展並吸引更多客戶的問題。我現在看不到任何可以減緩我們發展勢頭的事情。只有我們所討論的新型產品才能增強我們前進的動力。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

One of the areas you highlighted was the strength in the online store and the direct business and I guess a couple of questions there. Is there any new PLG motions or marketing initiatives you're doing? And then secondly, how have you seen the evolution of the transaction model have you been able to capture a bit more of that business directly just given the changes? Obviously, you're getting a lot more data in terms of the end customer.

您強調的領域之一是網上商店和直銷業務的優勢，我想這裡有幾個問題。您正在實施什麼新的 PLG 動議或行銷措施嗎？其次，您如何看待交易模式的演變？僅憑這些變化，您是否能夠直接獲得更多的業務？顯然，您將獲得有關最終客戶的更多資訊。

Yes. So look, with regards to the store, this was an area of investment and focus for us. We want the store to be highly efficient. We want the store to capture those customers that are no longer going to be working with transactional-based partners. We want our best partners to serve their customers and grow their customers, but we want to make sure the store captures those customers.

是的。所以，就商店而言，這是我們投資和關注的領域。我們希望商店有效率。我們希望商店能夠吸引那些不再與交易型合作夥伴合作的客戶。我們希望我們最好的合作夥伴能夠為他們的客戶服務並發展他們的客戶，但我們希望確保商店能夠吸引這些客戶。

And yes, we have invested in PLG motions that drive new business to the store with relation to construction and fusion and products like that, that are well suited to those motions. All right. So that is an investment area. That's the direction we continue to work in.

是的，我們已經投資了 PLG 動議，以推動與建築、整合和類似產品相關的新業務，這些業務非常適合這些動議。好的。所以這是一個投資領域。這就是我們繼續努力的方向。

In terms of understanding our customers better and automating the cross-sell, upsell and the self-service capabilities, that's still going to take time. We are continuing to evolve our self-service capabilities, and we are now learning more about the customers through the direct relationship we have. But monetizing that and turning that into a repeatable motion is going to take time. So that's something that's coming in the future. But the store -- that's a great area of investment and a significant area of focus for us.

在更了解我們的客戶以及自動化交叉銷售、追加銷售和自助服務功能方面，這仍然需要時間。我們正在不斷發展我們的自助服務能力，並且現在我們正在透過我們現有的直接關係來更多地了解客戶。但將其貨幣化並轉化為可重複的動作需要時間。這是未來將要發生的事情。但是商店——這是我們投資的一大領域，也是我們關注的重點領域。

And Tyler, this was part of the thesis that we laid out at the start of the year when we said we need to reinvest some of the dollars back into building out additional self-serve capabilities. So that's on track for us.

泰勒，這是我們今年年初提出的論點的一部分，當時我們說我們需要將部分資金重新投資於建立額外的自助服務功能。這對我們來說是正常的。

Great. And Janesh, just on the margins, the Analyst Day is coming up here in a little over a month. Why did that FY29 outlook now? And like was there some process you went through to get there? And how should we think about free cash flow margins in that same time frame?

偉大的。Janesh，就在邊緣地帶，分析師日將在一個月多一點的時間裡到來。為什麼現在要做出這個 FY29 展望？為了達到這個目標，您是否經歷了一些過程？那麼，我們該如何看待同一時間範圍內的自由現金流利潤率呢？

Yes. Tyler, we are well aware that the question of the long-term margins has been a question of high interest to many of our stockholders. And so what we wanted to do when I first came into the job is we -- we wanted to take the time to update our internal long-term view even as we began optimizing our go-to-market efforts already. And now we're almost complete with our long-term planning cycle. So we're in a position where we could share our views, and that's why we are doing that today.

是的。泰勒，我們很清楚，長期利潤率問題一直是許多股東高度關注的問題。因此，當我剛上任時，我們想要做的是——即使我們已經開始優化我們的行銷工作，我們也想花時間更新我們的內部長期觀點。現在我們的長期規劃週期已基本完成。因此，我們可以分享我們的觀點，這就是我們今天這樣做的原因。

In terms of thinking about the evolution of free cash flow over that time frame, there'll be some puts and takes next year as we navigate some of the unique factors around the taxes and so forth. But fundamentally, as the overall business model settles and the new transaction model takes hold, the free cash flow and operating income should move generally with a very high degree of correlation to each other.

在思考該時間範圍內自由現金流的演變時，明年我們將面臨一些利弊，因為我們要考慮稅收等方面的一些獨特因素。但從根本上來說，隨著整體商業模式的穩定和新交易模式的落地，自由現金流和營業收入應該會呈現高度的相關性。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Great to be back on these Autodesk calls, looking forward to it. Question here specifically within the construction industry. I wanted to hear some of your thoughts on what triggers in the industry could drive even more budget unlock for your largest global general contractor customers? I mean, more projects is the simple answer. So digging a layer beyond that, what can help drive more projects? Is there something from a regulatory standpoint or maybe a project financing standpoint? I mean, any color there on more budget unlock?

很高興再次參加這些 Autodesk 電話會議，並期待它。這裡的問題具體針對的是建築業。我想聽聽您的看法，業界哪些觸發因素可以為您最大的全球總承包商客戶釋放更多預算？我的意思是，更多的項目就是簡單的答案。那麼進一步挖掘，什麼可以幫助推動更多的專案呢？從監理角度或專案融資角度來看有什麼問題嗎？我的意思是，還有更多預算解鎖的顏色嗎？

Yes. Look, our customers suffer from a capacity problem, right? They actually already have a backlog, and they're not really executing on the backlog as fast as they'd like. So productivity does matter here. Now of course, there are things that can be done.

是的。你看，我們的客戶正遭遇容量問題，對嗎？他們實際上已經積壓了一些工作，但他們並沒有像希望的那樣快速地執行這些工作。因此生產力在這裡確實很重要。當然，現在有些事情是可以做的。

The regulatory environment in some places is far too complex to building things. Even states like California have taken actions to look at what regulations we're getting in the way of building things. And they've stepped back from some of those regulations to allow buildings. These things matter. They're important.

有些地方的監管環境過於複雜，不適合建設。甚至像加州這樣的州也採取行動，審查阻礙建築業發展的法規。他們已經放寬了一些規定，允許建造建築物。這些事情很重要。它們很重要。

They are big factors in the ecosystem. None of them are going to be huge unlocks because we already have a backlog in the industry, and they need the productivity now in order to execute.

它們是生態系的重要因素。這些都不會帶來巨大的變化，因為我們在這個行業已經積壓了大量訂單，他們現在需要生產力來執行。

I think one of the things we see being really important long term is industrialized construction is the only company that's both in manufacturing and AEC in the Construction segment. We really want to help some of our customers capitalize on things like prefabrication and other types of methods that increase their predictability and their project throughput. And in some cases, their profitability and also make the delivery times more certain for the projects. That's going to be a technological or process unlock in the future. But of course, there's always things we can look at from a regulatory perspective that would unlock things and people are already looking at them.

我認為，從長遠來看，我們認為真正重要的事情之一是工業化建築是建築領域中唯一同時從事製造業和 AEC 業務的公司。我們確實希望幫助我們的一些客戶利用預製和其他類型的方法來提高他們的可預測性和專案吞吐量。在某些情況下，它們的獲利能力也使專案的交付時間更加確定。這將是未來的技術或流程的解鎖。但當然，我們總是可以從監管角度來看待一些事情，以解開一些謎團，而且人們已經在關注這些事情了。

Got it. And maybe just a quick follow-up for Janesh. When I look at the NRR language in the deck, I saw that the language slightly changed to above from slightly above last quarter. And so wondering if you could talk a little bit about NRR trends, ex new transaction model. Is there any change this quarter versus last quarter? And how much of that language improvement was driven by the transaction model?

知道了。也許只是對 Janesh 的一個快速跟進。當我查看簡報中的 NRR 語言時，我發現語言與上一季的略高於相比略有變化。所以我想知道您是否可以談談 NRR 趨勢，例如新的交易模式。本季與上一季相比有什麼變化嗎？語言改進有多少是由交易模型推動的？

Koji, it's great to have you on the Autodesk story again, by the way, as well. So looking forward to working together. In terms of the NR three trends, I'd say it's really hard to disaggregate the specific percentage between the underlying performance and the new transaction model on that. But it is safe to say that excluding the impact of the new transaction model, it would have been consistent with where it previously was. So it's within that range of 100% to 110% that we've talked about in the past.

順便說一句，Koji，很高興您再次參與 Autodesk 的故事。因此期待共同合作。就 NR 三大趨勢而言，我認為很難分解出底層效能和新交易模式之間的具體百分比。但可以肯定地說，排除新交易模式的影響，它與先前的水平是一致的。所以它處於我們過去討論過的 100% 到 110% 的範圍內。

It can bounce around a little bit every quarter. But overall, it reflected just the strength of our Q2 performance here that we've passed along to the full year. But overall, it was consistent with our general expectations.

每個季度它都會有小幅波動。但總體而言，它只是反映了我們第二季業績的強勁表現，並將這種強勁表現延續到了全年。但總體而言，這與我們的普遍預期一致。

Michael Turrin, Wells Fargo Securities.

圖林 (Michael Turrin)，富國證券。

And apologies if it's somewhat similar, but all the color you've been adding throughout the call is useful. So I'm wondering on the commentary on AEC's strength and we look at lot of the top line metrics look pretty consistently solid here. The CAD growth improvement we're seeing. I'm just wondering if you can help us at all parse whether any of that could be tied to macro settling a bit from where things sat three months ago.

如果有點相似，請原諒，但您在整個通話過程中添加的所有顏色都是有用的。所以我對 AEC 實力的評論感到好奇，我們看到許多頂線指標看起來都相當穩定。我們看到 CAD 成長改善。我只是想知道您是否可以幫助我們分析這是否與三個月前的宏觀狀況有關。

And this is very amplified in terms of the uncertainty around April and just having to react to that. So just maybe compare and contrast just the tone of conversation and how you know that it's not some modest line of improvement relative to what you were hearing a few months ago. And then just more color on the signals you're watching is always useful.

就四月份的不確定性以及我們必須對此做出反應而言，這種情況被大大放大了。因此，也許只需比較和對比一下談話的語氣，您就會知道，與幾個月前聽到的相比，這並不是什麼小小的進步。那麼，您所觀察的訊號上的更多顏色總是有用的。

Look, Michael, what you're seeing here is the power of the diversification of Autodesk. Autodesk touches every aspect of the built world and the rebuilt world, touches everything from the civil infrastructure space to vertical construction, all types of buildings. And remember, we've had discussions over multiple years, '07 and '08, oh my gosh, the housing market is going down, Autodesks in trouble. But guess what? Money shifted over to the other things because there's such a backlog of things that need to be built.

瞧，邁克爾，你在這裡看到的就是 Autodesk 多元化的力量。Autodesk 涉及建築領域和重建領域的方方面面，涉及從民用基礎設施領域到垂直建築領域的所有建築類型。請記住，我們已經討論過很多年了，2007 年和 2008 年，天哪，房地產市場正在下滑，Autodesk 陷入困境。但你猜怎麼著？由於有大量需要建造的項目，資金被轉移到了其他項目。

Right now, we're seeing strength in those three areas. I talked about data centers, industrial buildings, and infrastructure. As we move forward, there's going to be strength in other segments. So the need to build is not going away. And I think what you're seeing is a strong stabilization in certain areas.

目前，我們看到這三個領域實力雄厚。我談到了資料中心、工業建築和基礎設施。隨著我們不斷前進，其他領域也會變得更強大。因此建設的需要不會消失。我認為，您看到的是某些領域的強勁穩定。

And also as we move through the cycle, there'll be other areas that come up. So I think you want to really anchor yourself on the diversification of Autodesk's business here because that's really what's powering our performance right now.

而且隨著我們經歷這個週期，還會出現其他領域。因此，我認為你確實希望將自己定位於 Autodesk 業務的多樣化，因為這就是目前推動我們業績的真正動力。

I said good color with each question. So I appreciate the diversification response. Janesh, just on free cash flow, the majority of that back half weighted now in Q4. Is that a bit more pronounced to Q4 than what you were previously expecting? And just anything additional you can add as we're tuning our models for the rest of the year there?

我每次問的時候都說顏色好。因此，我很欣賞這種多樣化的回應。Janesh，僅就自由現金流而言，後半部分的大部分權重現在集中在第四季度。與你之前預期的相比，第四季的情況是否更加明顯？當我們在今年剩餘時間內調整模型時，您還能添加什麼其他內容嗎？

It will be a little bit more weighted towards Q4. I think you'll see that reflected in the modeling guidelines as well. And I think that just reflects the timing of when we expect EBAs and some of our larger product subscription renewals to be able to be available for collections.

它將更加側重於第四季。我想您也會在建模指南中看到這一點。我認為這只是反映了我們預期 EBA 和一些較大產品訂閱續訂可供收藏的時間。

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?

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？

Thanks, Latif, and thanks, everyone, for coming along. Sorry, we can get to all of the questions, but we're going to be seeing a bunch of you on the road over the coming weeks, which we'll look forward to. If you have any follow-up questions, please just ping me an e-mail, and we'll get back to you as soon as we can. I look forward to catching up with you on the road or on our Q3 earnings call. Thank you.

謝謝拉蒂夫，也謝謝大家的到來。抱歉，我們可以回答所有問題，但在接下來的幾週內，我們將會見到你們，我們對此充滿期待。如果您有任何後續問題，請給我發送電子郵件，我們會盡快回覆您。我期待在路上或在我們的第三季財報電話會議上與您見面。謝謝。

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。