Autodesk Inc (ADSK) 2026 Q3 法說會逐字稿

Thank you for standing by and welcome to Autodesk third quarter and four 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.

感謝您的耐心等待，歡迎參加 Autodesk 2026 財年第三季及未來四年業績電話會議。（操作員指示）現在我將把電話交給投資者關係副總裁西蒙·梅斯-史密斯。請繼續。

Thanks, operator, and good afternoon. Thank you for joining our conference call to discuss Autodesk's fiscal third 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 strategies and trends. Actual events or results could differ materially.

謝謝接線員，下午好。感謝您參加我們關於歐特克第三財季業績的電話會議。我們的執行長 Andrew Anagnost 和財務長 Janesh Moorjani 正在與我連線。在本次電話會議中，我們將發表前瞻性聲明，包括對產品、市場推廣策略和趨勢的展望及相關假設。實際事件或結果可能與此有重大差異。

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.

請查閱我們向美國證券交易委員會提交的文件，包括我們最新的 10-Q 表格和今天隨新聞稿一起提交的 8-k 表格，以了解可能導致我們的實際結果與前瞻性聲明中的結果存在差異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. Orders disclaim any obligation to update or revise any forward-looking statements.

本次電話會議中所作的前瞻性陳述均以今日為準。如果今天之後重播或回顧此通話，通話期間提供的資訊可能不再是最新或準確的資訊。聲明不承擔更新或修改任何前瞻性陳述的義務。

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

在本次電話會議中，我們將引用一些數字或成長變化來討論我們的財務表現。除非另有說明，否則每個此類參考數據均代表同比比較。今天電話會議中提到的所有非GAAP數據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。現在我將把電話交給安德魯。

Thank you, Simon, and welcome everyone to the call. We've delivered strong results today with revenue and non-GAAP earnings per share topping the higher end of our guidance ranges, and billings, non-GAAP operating margin, and free cash flow exceeding our expectations. We are again raising our fully guidance across the Board.

謝謝西蒙，也歡迎大家參加這通通話。我們今天取得了強勁的業績，收入和非GAAP每股收益都超過了我們預期範圍的上限，帳單金額、非GAAP營業利潤率和自由現金流也超出了我們的預期。我們再次全面上調了業績指引。

As demonstrated at Autodesk University, shared during our recent investor day and reflected in our results today, we're well positioned to deliver for Autodesk customers and investors, even in an uncertain geopolitical, macroeconomic, and technological environment.

正如在 Autodesk University 上所展示的，在我們最近的投資者日上分享的，以及在我們今天的業績中所反映的，即使在不確定的地緣政治、宏觀經濟和技術環境中，我們也完全有能力為 Autodesk 的客戶和投資者提供服務。

We are successfully executing on the most far-reaching transformations in enterprise software, redefining our business model, go to market products, and platform. In doing so, we are making ours more resilient and unlocking new avenues for growth and margin expansion.

我們正在成功執行企業軟體領域影響最深遠的變革，重新定義我們的商業模式、上市產品和平台。透過這樣做，我們增強了自身的韌性，並開闢了新的成長和利潤擴張途徑。

We're enhancing our products with cloud-based platforms and capabilities that seamlessly connect, design, and make workflows to deliver more value to our customers and expanding our addressable market opportunity. We're building a platform with a vibrant third-party ecosystem that will make our solutions more valuable, enable new monetization opportunities, and make Autodesk more efficient.

我們正在利用基於雲端的平台和功能來增強我們的產品，這些平台和功能可以無縫連接、設計和創建工作流程，從而為我們的客戶帶來更多價值，並擴大我們可觸及的市場機會。我們正在建立一個擁有充滿活力的第三方生態系統的平台，這將使我們的解決方案更有價值，帶來新的獲利機會，並使 Autodesk 更有效率。

And we're defining the AI revolution for our industries, empowering customers with new task, workflow, and systems automations and capturing shared value through subscription, consumption, and outcome-based business models that blend human and machine capabilities.

我們正在為我們的產業定義人工智慧革命，透過新的任務、工作流程和系統自動化賦能客戶，並透過融合人類和機器能力的訂閱、消費和基於結果的商業模式來獲取共享價值。

Autodesk is building the future and the path to it. Our best days and greatest opportunities lie ahead. I've never been more confident in the long-term value we are creating for our customers, the industries that shape the world, and for you, our shareholders. 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.

Autodesk 正在建立未來及其通往未來的道路。我們最好的日子和最大的機會還在前方。我從未像現在這樣對我們為客戶、塑造世界的產業以及你們——我們的股東——創造的長期價值充滿信心。現在我將把電話交給 Janesh，讓他來討論我們季度的財務表現和展望。之後我會再來向您報告我們的策略成長計畫。

Thanks, Andrew. Q3 was another strong quarter. Overall, the underlying momentum of the business was similar to prior quarters and better than the assumptions we had built into our guidance range. We again saw a strength in AECO where our customers are benefiting from sustained investment in data centers, infrastructure, and industrial buildings, which is more than offsetting softness and commercial.

謝謝你，安德魯。第三季表現依然強勁。整體而言，公司業務的基本面與前幾季相似，且優於我們先前在業績指引範圍內所做的假設。我們再次看到AECO行業的優勢，我們的客戶受益於資料中心、基礎設施和工業建築的持續投資，足以抵消疲軟的商業環境。

Upfront revenue, the Autodesk store, and Billings seniority during the quarter were also stronger than expected. Our go to market optimization plan remains on track, and operational friction from the new transaction model implementation continues to ease.

本季預付收入、Autodesk商店和比林斯資歷均強於預期。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。

Total revenue in the third quarter grew 18% as reported and in constant currency. The contribution from the new transaction model to revenue was approximately $124 million in the third quarter. Total revenue grew 12% in constant currency and excluding the impact of the new transaction model.

第三季總收入按報告匯率和固定匯率計算成長了 18%。第三季度，新交易模式為公司帶來了約 1.24 億美元的收入。以固定匯率計算，總收入成長了 12%，且不計新交易模式的影響。

Please see the tables in our press release, earnings deck and Excel Financials for details by product and region. Billings increased 21% as reported and 20% in constant currency. The contribution from the new transaction model to Billings was approximately $135 million in the third quarter. Billings grew 16% in constant currency and excluding the impact of the new transaction model.

請參閱我們的新聞稿、收益報告和 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。以報告匯率計算，帳單金額增加了 21%，以固定匯率計算成長了 20%。第三季度，新交易模式為 Billings 帶來了約 1.35 億美元的營收。以固定匯率計算，不計新交易模式的影響，帳單金額增加了 16%。

As a reminder, our billings growth this year is skewed by the new transaction model and by the transition to annual billings for most multi-year contracts. These tailwinds will significantly diminish next year. RPO of $7.4 billion and current RPO of $4.8 billion both grew 20% benefiting from tailwinds from the new transaction model.

需要提醒的是，由於新的交易模式以及大多數多年合約過渡到年度結算，我們今年的帳單成長出現了偏差。這些順風將在明年大幅減弱。74 億美元的 RPO 和 48 億美元的當前 RPO 均成長了 20%，這得益於新交易模式帶來的利多。

Turning to margins, third quarter GAAP and non-GAAP operating margins were 25% and 38%, respectively. Reflecting year-over-year increases of approximately 330 basis points and 120 basis points, respectively. This reflected operating leverage and ongoing cost discipline and was partly offset by the margin drag from the new transaction model. Our margin progress this year sets us up well to achieve the long-term margin goals we talked about at our investor day.

從利潤率來看，第三季 GAAP 和非 GAAP 營業利潤率分別為 25% 和 38%。分別反映出年增幅約為 330 個基點和 120 個基點。這反映了經營槓桿和持續的成本控制，但部分被新交易模式帶來的利潤率下降所抵消。今年我們的利潤率進展為我們實現投資者日上談到的長期利潤率目標奠定了良好的基礎。

We still expect progress towards that goal to be nonlinear, given incremental headwinds to reported margins in fiscal '27 from the new transaction model. Third quarter free cash flow was $430 million which benefited from the earlier timing of billings in the quarter and lower cash tax payments. As a reminder, our free cash flow growth rate this year is also skewed by the transition to annual billings for most multi-year contracts. The tailwind will also significantly diminish next year.

鑑於新的交易模式對 2027 財年報告利潤率帶來的額外不利影響，我們仍預期實現這一目標的進展將是非線性的。第三季自由現金流為 4.3 億美元，這得益於該季度帳單結算時間較早以及現金稅款支出減少。需要提醒的是，由於大多數多年期合約改為按年結算，我們今年的自由現金流成長率也出現了偏差。明年順風也將顯著減弱。

Moving on to capital allocation, we purchased approximately $1.2 million shares for $361 million at an average price of approximately $306 per share. Year-to-date, we have repurchased $3.7 million shares for approximately $1.07 billion. 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.

接下來是資本配置，我們以每股約 306 美元的平均價格，斥資 3.61 億美元購買了約 120 萬股股票。今年迄今為止，我們已回購了價值約 10.7 億美元的 370 萬股股票。談到業績指引，我將再次以不考慮新交易模式影響且以固定匯率計算的數字為例，以便讓大家更清楚地了解業務的潛在動態。

In the earnings desk, you'll see that we've split the impact of the new transaction model and currency movements for our fiscal '26 guidance. We've assumed the underlying momentum of the business remains consistent with previous quarters for the remainder of fiscal '26.

在獲利報告中，你會看到我們已將新交易模式和匯率波動對 2026 財年業績指引的影響分開考慮。我們假設在 2026 財年剩餘時間內，業務的基本發展動能將與前幾季保持一致。

We have a large pool of EBA and product subscription renewals to close in the fourth quarter of the year, and we'll also have our toughest new transaction model billings and revenue growth comparisons with last year.

今年第四季度，我們將面臨大量 EBA 和產品訂閱續訂的結算，同時，我們還將面臨新交易模式的帳單結算以及與去年相比的收入成長比較，這將是我們今年面臨的最嚴峻的挑戰。

The macroeconomic environment seems broadly stable, but macro uncertainty remains elevated, and we remain mindful of potential disruption as we continue to execute our sales and marketing optimization plan. So we put some risk into our guidance range for the remainder of fiscal '26 and expect to again reflect these factors in our fiscal '27 outlook in February.

宏觀經濟環境總體上似乎穩定，但宏觀不確定性仍然較高，我們在繼續執行銷售和行銷優化計劃的同時，仍會注意潛在的干擾因素。因此，我們在 2026 財年剩餘時間的業績指引範圍內考慮了一些風險因素，並預計在 2 月的 2027 財年展望中再次反映這些因素。

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 billing guidance range to between $7.465 billion and $7.5 billion to $5 billion.

我們始終保持自律，專注於那些能夠影響我們收入、營業利潤率、每股盈餘和資本配置的可控因素，這些都是每股自由現金流的關鍵組成部分。考慮到所有這些因素，我們將帳單預期範圍上調至 74.65 億美元至 75 億美元，下調至 50 億美元。

And raise our revenue guidance range to between $7.15 billion and $7.165 billion, which flows through the current momentum of the business through our full year underlying guidance. The bottom end of our four-year guidance range reflects some macroeconomic risk for the final quarter of the year.

我們將營收預期範圍上調至 71.5 億美元至 71.65 億美元之間，這反映了公司目前的業務發展勢頭，並體現在我們全年的基本預期中。我們四年業績指引範圍的下限反映了今年最後一個季度的一些宏觀經濟風險。

We've also raised our non-GAAP operating margin guidance for the year to approximately 37.5%, or approximately 40.5% on an underlying basis, which excludes the impact of the new transaction model. We've also raised our free cash flow guidance range to between $2.26 billion and $2.29 billion.

我們也將今年的非GAAP營業利潤率預期上調至約37.5%，或以基本面計算約為40.5%（不包括新交易模式的影響）。我們也將自由現金流預期範圍上調至 22.6 億美元至 22.9 億美元之間。

As we said last 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. Further, we now expect to buy back approximately $1.3 billion of stock, which is at the high end of our previous guidance and a 50% increase compared to fiscal '25. The slide deck on our website has more details on modeling assumptions for the fourth quarter and full year fiscal '26.

正如我們去年二月所說，利用美國遞延所得稅資產意味著我們在 2026 財政年度將很少繳納美國聯邦現金稅。因此，我們今年無法從這項龐大而美好的法案中獲得額外的現金收益。此外，我們現在預計將回購約 13 億美元的股票，這處於我們先前指導的上限，比 2025 財年增長 50%。我們網站上的投影片詳細列出了 2026 財年第四季和全年的建模假設。

Andrew, back to you.

安德魯，把鏡頭交給你了。

Thank you, Janesh. Autodesk is focused on the convergence of design and making the cloud, enabled by platform, industry clouds, 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. We are at the forefront of neural AI foundation models, which we are deeply integrating into our products, not as a surface level add-on, and have access to decades of digital data, enabling us to generate greater value for the next wave of AI for the physical world.

謝謝你，賈內什。Autodesk 致力於透過平台、產業雲和人工智慧實現設計與製造在雲端的融合。我們之所以能走在整合的前沿，是因為我們一直在不斷發展和投資於能夠充分利用融合的商業模式、產品和平台，以及市場推廣策略。我們在神經人工智慧基礎模型方面處於領先地位，我們正在將其深度整合到我們的產品中，而不是作為表面附加功能，並且我們擁有數十年的數位數據，這使我們能夠為下一波物理世界的人工智慧創造更大的價值。

AI will enable inference across tasks, workflows, and systems which will supercharge convergence. Let me give you a few examples of our progress in the quarter. Our customers in AECO architecture, engineering, construction and operations are demanding convergence to reduce risk, increase quality, and optimize costs and resource use during the design and build phase of an asset.

人工智慧將實現跨任務、工作流程和系統的推理，從而極大地促進整合。讓我舉幾個例子來說明我們本季的進展。我們在建築、工程、施工和營運領域的客戶要求在資產的設計和建造階段實現整合，以降低風險、提高品質並優化成本和資源利用。

And to yield enhanced efficiency, resilience, and reuse during the operations and maintenance phase of an asset. Autodesk Construction Cloud has growing momentum with owners, designers, GCs, and subcontractors seeking to converge design and construction workflows. For example, a leading global food processor and asset owner is migrating over 700 active projects from a competitive solution to address challenges with end to end capital project management.

並在資產的營運和維護階段提高效率、韌性和再利用率。Autodesk Construction Cloud 正在迅速發展，業主、設計師、總承包商和分包商都在尋求整合設計和施工工作流程。例如，一家領先的全球食品加工商和資產所有者正在將 700 多個活躍專案從競爭性解決方案遷移到我們的解決方案，以應對端到端資本專案管理方面的挑戰。

Infrastructure owners like the South Carolina Department of Transportation will replace legacy tools with Autodesk solutions to execute long-term plans to improve state infrastructure and resolve maintenance and resilience challenges.

像南卡羅來納州交通部這樣的基礎設施所有者將用 Autodesk 解決方案取代傳統工具，以執行改善州基礎設施的長期計劃，並解決維護和恢復方面的挑戰。

Integrated design build companies like Daiwa House Industry Company Limited, a pioneer of industrialized construction in Japan, is adopting Autodesk Construction Cloud and Autodesk informed design to connect its manufacturing and construction processes, placing Autodesk at the center of its common data environment for building systems.

像日本工業化建築的先驅大和房屋工業株式會社這樣的一體化設計建造公司，正在採用 Autodesk Construction Cloud 和 Autodesk 資訊化設計來連接其製造和施工流程，使 Autodesk 成為其建築系統通用資料環境的核心。

And general contractors like Flynn Group are migrating to ACC to unify design intent with field execution in a single data environment to improve project coordination and efficiency. These stories have a common theme converging people, processes, and data across the project life cycle to increase efficiency and resilience while decreasing risk.

像 Flynn Group 這樣的總承包商正在遷移到 ACC，以便在單一資料環境中統一設計意圖和現場執行，從而提高專案協調性和效率。這些故事都有一個共同的主題，那就是在專案生命週期中將人員、流程和數據融合起來，以提高效率和韌性，同時降低風險。

Our comprehensive end to end industry clouds and platform drive convergence and extend our footprint further into the larger growth segments like infrastructure and construction that we discussed at Investor Day. All this is reflected in our sustained strong revenue and new customer momentum in infrastructure and construction.

我們全面的端到端行業雲端和平台推動了整合，並將我們的業務進一步擴展到我們在投資者日上討論過的更大的成長領域，例如基礎設施和建築領域。所有這些都體現在我們持續強勁的收入以及基礎設施和建築領域的新客戶成長勢頭上。

Our manufacturing customers are also demanding convergence to drive cost and research efficiency during the design and make process by converging product development workflows in the cloud, leveraging centralized and granular data in unified data models, and embracing AI-driven automation capable of industry transformation.

我們的製造客戶也要求在設計和製造過程中實現融合，以提高成本和研發效率，具體做法是：在雲端融合產品開發工作流程，利用統一數據模型中的集中式和細粒度數據，並採用能夠實現行業轉型的 AI 驅動的自動化。

For example, Industrial machinery companies like Micromatic are replacing disconnected competitive solutions with our unified design and make platform to connect data and workflows, which increases collaboration and drives efficiency and speed to market through component reuse and fast, reliable iterations.

例如，像 Micromatic 這樣的工業機械公司正在用我們統一的設計和製造平台取代各自獨立的競爭解決方案，以連接數據和工作流程，從而提高協作效率，並透過組件重用和快速、可靠的迭代來提高效率並加快產品上市速度。

Machinists at an American cosmetics company will save hours per week by using fusion for manufacturing and simulation to automate nesting, tool paths, 3D printing, and programming of multi-access machines to create spare parts. To further strengthen and scale its integrated design and manufacturing processes, Total Environment is leveraging Fusion's advanced capabilities in manufacturing, simulation, design, and data management.

美國一家化妝品公司的機械師將透過使用融合製造和模擬技術來自動化排料、刀具路徑、3D 列印和多通道工具機的編程，從而製造備用零件，每週節省數小時。為了進一步加強和擴大其整合設計和製造流程，Total Environment 正在利用 Fusion 在製造、模擬、設計和資料管理方面的先進能力。

By unifying workflows on a single platform, the company will eliminate disconnected tools, enhance collaboration, and improve efficiency across its operations.

透過將工作流程統一到一個平台上，該公司將消除分散的工具，加強協作，並提高營運效率。

And a French automobile manufacturer is adopting Fusion to produce electric motor prototypes after a benchmarking analysis showed the Fusion platform could complete a machining task in 12 hours, which is 10 days and 15 days faster respectively than competitive solutions.

一家法國汽車製造商在基準分析顯示 Fusion 平台可以在 12 小時內完成一項加工任務後，採用了 Fusion 來生產馬達原型，這分別比競爭解決方案快了 10 天和 15 天。

Converged data opens up new opportunities for Autodesk as customers seek to drive efficient innovation. Fusion is driving strong growth with extension attached rates increasing and driving average sales prices 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 h AutoConstrain infusion.

隨著客戶尋求推動高效創新，融合資料為 Autodesk 開啟了新的機會。Fusion 正在推動強勁成長，附加擴展費率不斷提高，從而推高了平均銷售價格，我們在部署 AI 的地區為客戶帶來了顯著的生產力提升。我們的 AI 驅動的草圖 h AutoConstrain 整合持續取得成功。

Since its launch this year, the AI model has delivered over 2.6 million constraints and has been retrained and the UX improved all along the way. The acceptance rates for h AutoConstrain suggestions to commercial users have grown to more than 60%, with 90% of those sketches fully constrained.

自今年推出以來，該人工智慧模型已交付超過 260 萬個約束條件，並且在此過程中不斷進行重新訓練，用戶體驗也得到了改進。商業用戶對 h AutoConstrain 建議的接受率已成長到 60% 以上，其中 90% 的草圖已完全約束。

In education, Wake Technical Community College, Kimley Horn and Autodesk have entered a strategic partnership to prepare more than 6,000 students for high-demand careers in design, engineering, and construction. This initiative will integrate Fusion, Forma, Civil 3D, and Autodesk Construction Cloud into WTCC's coursework with Kimley Horn's nationally recognized internship program, creating a direct pipeline from classroom to career.

在教育領域，韋克技術社區學院、金利霍恩和歐特克公司建立了策略合作夥伴關係，旨在為 6000 多名學生提供設計、工程和建築等高需求職業的培訓。這項計劃將把 Fusion、Forma、Civil 3D 和 Autodesk Construction Cloud 整合到 WTCC 的課程中，並結合 Kimley Horn 的全國知名實習項目，從而建立從課堂到職業的直接通道。

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, a multidisciplinary AEC consultancy firm is using Flex consumption to rapidly scale and manage projects across multidisciplinary teams and distributed supply chains to accelerate project delivery and reduce risk.

最後，我們將繼續探索新的方式，讓我們的客戶以最適合他們的方式消費我們的產品和服務。例如，一家跨學科的 AEC 顧問公司正在使用 Flex 消費模式，快速擴展和管理跨多學科團隊和分散式供應鏈的項目，以加快專案交付速度並降低風險。

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. Our disciplined execution is driving greater operational velocity and efficiency.

具有吸引力的長期成長型市場、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，以及我們富有韌性的業務，無論從絕對值還是相對於同行來看，都產生了強勁且持續的成長勢頭。我們嚴謹的執行力正在推動營運速度和效率的提升。

We are deploying capital to grow the business, further reduce share count, and enhance value creation over time. In combination, we believe these factors will deliver sustainable shareholder value over many years. Operator, we would now like to open the call up for questions.

我們正在投入資金來發展業務，進一步減少股份數量，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為股東帶來可持續的未來價值。接線員，現在我們開始接受提問。

(Operator Instructions)

（操作說明）

Saket Kalia, Barclays.

薩克特·卡利亞，巴克萊銀行。

Okay great hey guys, thanks for taking my questions here and great to see the better results well done.

好的，太好了，各位，謝謝你們回答我的問題，很高興看到更好的結果，做得好！

Thank you.

謝謝。

Absolutely Andrew, maybe to start with you. I'd love to pick up on the theme from analyst Day, a little bit and see if you could just weigh in on sort of the seats versus consumption AI monetization debate for Autodesk, but maybe also as part of that touch, touching your broader ecosystem of partners and customers. Does that make sense?

當然可以，安德魯，或許就從你開始吧。我想稍微接續一下分析師 Day 的話題，看看您能否就 Autodesk 的席位與消費 AI 貨幣化之爭發表一些看法，同時也想談談您更廣泛的合作夥伴和客戶生態系統。這樣說得通嗎？

Yeah, that does make sense and thanks for that question. It's very [apropos], so. Look, there's three things we want to pay attention to here. The first one is there's still a fundamental capacity challenge in all the industries we serve, AEC and manufacturing. There isn't enough current capacity to meet all the demand for what needs to be built or the supply chain needs that need to be throughput in, inside of both manufacturing and AEC. So, we have a capacity challenge.

是的，這很有道理，謝謝你的提問。這非常貼切。聽著，這裡有三件事我們需要注意。第一個問題是，我們所服務的所有行業，包括建築、工程和施工行業以及製造業，仍然面臨根本性的產能挑戰。目前的產能不足以滿足製造業和建築工程行業內部所有需要建造的東西的需求，也不足以滿足供應鏈需要輸送的東西的需求。所以，我們面臨產能挑戰。

The second, so, there's a lot of work that just needs to go to kind of create more capacity. So, the second thing I think it's really important is in the future, there's still going to be projects that require intensive human engagement in order to successfully execute. They're going to be more complex. But there's also going to be projects in the future where there's less requirements for human engagement.

其次，還有很多工作要做，才能創造更多能力。所以，我認為真正重要的第二點是，未來仍會有一些專案需要大量的人力投入才能成功執行。它們會更加複雜。但未來也會有一些計畫對人的參與要求較低。

Machines are going to execute more on these things. And there's going to be a balance between these two. And the last thing is something I've been saying over and over again, our goal is to decrease the number of people that are working on a particular project.

機器將更多地參與這些事情。這兩者之間將會保持平衡。最後一點，也是我反覆強調的，我們的目標是減少參與特定專案的人員數量。

But increase the number of projects that our customers and our ecosystem are executing. And if you do that, what you're going to see is we're going to be capturing incremental consumption value to the things that we do by monetizing machine-based execution, providing outcomes and all things associate that while also still supporting the people-based work that's going to go on the ecosystem.

但要增加我們的客戶和生態系統正在執行的專案數量。如果你這樣做，你會看到，我們將透過機器執行的貨幣化來獲取我們所做事情的增量消費價值，提供結果以及所有與之相關的事物，同時仍然支持生態系統中將要進行的以人為本的工作。

This is equally true of our customers are going to be seeing their balance shift from sometimes, in some cases, billable hours, to also consumptive execution through machine-based execution based on their intellectual property and their IP and their unique knowledge set.

對於我們的客戶而言，情況也是如此，他們將會看到他們的工作重心從有時（在某些情況下）按小時計費，轉變為基於其知識產權、IP 和獨特知識體系的機器執行的消耗性執行。

So we're all in the same journey together, but it's going to play out over time, and you're going to see us actually capturing more value and creating more capacity for the industry we need because the industry desperately needs it.

所以我們都在同一條道路上共同前行，但這需要時間，你會看到我們真正創造更多價值，並為我們需要的行業創造更多能力，因為這個行業迫切需要它。

That's, that makes a ton of sense and super helpful. Janesh, maybe for my follow-up for you, appreciate the detailed guide for this year. I was wondering if you were able to just give us any color on fiscal '27 high level as we think about our models.

這很有道理，而且非常有幫助。Janesh，或許我可以跟進一下，感謝你今年提供的詳細指南。我想知道您能否就 2027 財年的總體情況給我們提供一些信息，以便我們考慮我們的模型。

Hey Saket, I'm happy to do that. So let me elaborate a little bit on what I said in the prepared remarks. First off, just by way of context, the business is clearly performing very well this year. That said, we've got a lot of business to close, particularly in January.

嘿，薩凱特，我很樂意這麼做。那麼，讓我再詳細闡述一下我在準備好的發言稿中所說的內容。首先，僅從背景來看，該公司今年的業績顯然非常好。話雖如此，我們還有很多業務需要完成，尤其是在一月。

The second thing I'd point out is our sales and marketing optimization plan has gone very well so far, but we are not complete with that, we touched on this a little bit at Investor Day, so I think there's still some risk of disruption next year.

第二點我想指出的是，我們的銷售和行銷優化計劃到目前為止進展非常順利，但該計劃尚未完成，我們在投資者日上也稍微談到了這一點，所以我認為明年仍然存在一些中斷的風險。

And then finally, while the macroeconomic indicators have been broadly stable, uncertainty does remain elevated in the environment. So just, we just think it's best to maintain a prudent posture on our underlying growth for fiscal '27. We're performing very well this year and we're looking forward to the rest of the year.

最後，儘管宏觀經濟指標總體穩定，但環境的不確定性仍然很高。所以，我們認為最好對 2027 財年的基本成長保持謹慎的態度。我們今年的表現非常出色，對今年餘下的比賽充滿期待。

Very helpful. Thanks guys.

很有幫助。謝謝各位。

Thank you.

謝謝。

Adam Borg, Stifel.

Adam Borg，Stifel。

Awesome and thanks so much for taking the question just on the Autodesk construction cloud, it's great to hear the continued traction and even the cost coming over migrating 700 active projects. When you think about your existing Autodesk construction cloud install base, for those existing customers, how penetrated are you in terms of the cost the projects that already brought over to Autodesk?

太棒了，非常感謝您專門回答關於 Autodesk Construction Cloud 的問題，很高興聽到它持續受到歡迎，甚至提到了遷移 700 個活躍項目的成本。當您考慮您現有的 Autodesk 建築雲安裝基礎時，對於這些現有客戶而言，就已遷移到 Autodesk 的專案成本而言，您的滲透率有多高？

Any color around that and the ability to continue selling broader parts of your growing ACC portfolio, be it payments or preconstruction, etc. Be really helpful, and then I have a follow-up.

任何關於這方面的細節，以及繼續銷售您不斷增長的ACC投資組合中更廣泛的部分（無論是支付還是預售等）的能力，都將非常有幫助，然後我還有一個後續問題。

I really like that question. Okay. So, first off, let me just start at the fundamental level, all right? The reason why construction clouds doing so well is that we've got this design to pre-construction through construction execution solution. It's completely unique in the industry, and it's built on a modern platform. This is not an aging platform that's going to kind of age out of what people need in the future.

我很喜歡這個問題。好的。首先，讓我從最基本的層次開始講起，好嗎？建築雲端服務之所以如此成功，是因為我們擁有從設計到施工前準備再到施工執行的全流程解決方案。它在業界獨樹一幟，並且建立在現代化的平台上。這並非一個會隨著時間而逐漸過時，無法滿足人們未來需求的平台。

It's a highly connected AI ready based platform. That's really a huge selling point for us. And what you just mentioned there, Adam, is completely true. As we're acquiring new customers and penetrating new accounts and displacing competitors in lots of accounts. What we're doing is we're starting off with a set of projects. So we're not even fully penetrated in all the projects that we've executed with our customers to date, with, I mean, in the accounts where we are with our customers today.

這是一個高度互聯、基於人工智慧的平台。這對我們來說真的是一個巨大的賣點。亞當，你剛才說的完全正確。我們正在獲取新客戶，打入新市場，並在許多市場中取代競爭對手。我們現在要做的是，先從一系列專案開始。所以，我們甚至還沒有完全滲透到我們迄今為止與客戶一起執行的所有專案中，我的意思是，在我們目前與客戶合作的帳戶中。

So, there is actually not only increased penetration that will happen over time within the accounts we have as new projects come and light up and old Project sunset, but there's also additional expansion just driven by the power of our value corp.

因此，隨著新專案的推出和舊專案的落幕，我們現有帳戶的滲透率不僅會隨著時間的推移而提高，而且我們價值型公司的力量也會帶來額外的擴張。

That's really helpful and maybe just building on the theme of convergence in design and manufacturing, we talked about this a little bit at the investor day, but if you think about convergence and the opportunities with fusion over time, how do you think about the PLM market more broadly, for all of that? Thanks so much.

這真的很有幫助，也許可以進一步探討設計和製造融合的主題，我們在投資者日上稍微談到了這一點，但是如果你考慮融合以及隨著時間的推移融合帶來的機遇，你會如何更廣泛地看待PLM市場呢？非常感謝。

Yeah, so, another great question, all right? And I really appreciate it. So, first off, we, remember, we're targeted at the mid-market and that's where there's a lot of growth in supply chain activity.

是的，又是一個很好的問題，好嗎？我真的很感激。首先，請記住，我們的目標市場是中階市場，而中階市場的供應鏈活動成長潛力巨大。

These customers need convergence cause they need this end to end digital productivity. And I just want to make it super clear to everybody. Most of those customers have nothing with regards to PLM. They don't have anything. All right. They may have a data management solution, they may not. Most of their work is actually done through spreadsheets and ad hoc connectivity with some of their ERP systems.

這些客戶需要融合解決方案，因為他們需要端到端的數位化生產力。我只想向所有人明確說明這一點。這些客戶中的大多數對產品生命週期管理（PLM）一無所知。他們什麼都沒有。好的。他們可能擁有數據管理解決方案，也可能沒有。他們的大部分工作實際上是透過電子表格和與一些 ERP 系統的臨時連接來完成的。

They don't have any kind of strong data management or life cycle solution. We're building a solution for those customers. And we're going to go in there and say, you can get what the big boys have, and you can get the kind of control and the cloud visibility and the cloud data flow that was reserved only to a few. And they need a modern platform, they need [a.] Based platform. They need what we're bringing with Fusion.

他們沒有任何強大的資料管理或生命週期解決方案。我們正在為這些客戶打造解決方案。我們將進入這個領域，告訴大家，你們也能獲得大公司所擁有的一切，你們也能獲得以前只有少數公司才能擁有的控制權、雲端可見性和雲端資料流。他們需要一個現代化的平台，他們需要一個基於[a.]的平台。他們需要我們透過 Fusion 帶來的技術。

So that's how I look at the market. We built these capabilities in the Fusion. We're going to continue to enhance them. And we're already starting to see success with small accounts of two users to three users expanding to larger accounts because we have these tools that is, that are really hard for a lot of people in the mid-market to get and deploy.

這就是我對市場的看法。我們在Fusion中建構了這些功能。我們將繼續改進它們。我們已經開始看到，從兩到三個用戶的小型帳戶擴展到更大的帳戶取得了成功，因為我們擁有這些工具，而這些工具對於許多中型市場的人來說真的很難獲得和部署。

Incredibly helpful, thanks again.

非常有幫助，再次感謝。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，格里芬證券。

Thank you. Good evening. Andrew, my first question for you, is a corollary to the question I asked you a quarter ago about the pace of new technology adoption, and the question has to do with something interesting you said at AU. I think it might have been a main stage where you said, as far as your customer base is concerned, that quote, no one gets left behind which is an important general commitment, but what are the practicalities of that in terms of customer migration, packaging, promotions, all those sorts of things that you've done or we need to do, with regard to migrating your customers in the way that you implied.

謝謝。晚安.Andrew，我的第一個問題是，它是我三個月前問你的關於新技術採用速度的問題的延伸，這個問題與你在奧本大學說的一些有趣的事情有關。我認為這可能是一個重要的環節，您當時提到，就您的客戶群而言，不會讓任何人掉隊，這是一個重要的總體承諾，但在客戶遷移、包裝、促銷等方面，您已經做了或我們需要做的事情，在客戶遷移方面，實際操作起來是什麼呢？正如您所暗示的那樣。

Yeah, so look, we're attacking this from multiple vectors, okay? So first off, packaging is the first one, right? As if you're a collections customer or Revit customer, you get the former design application shipped with your bundle. So you're already getting something that is, you're paying for the future and the present, all right?

是的，所以你看，我們要從多個方面著手解決這個問題，好嗎？首先，包裝是首要考慮因素，對吧？如果您是 Collections 客戶或 Revit 客戶，您將獲得隨捆綁包一起提供的前者設計應用程式。所以你實際上已經得到了一些東西，你是在為未來和現在付費，明白嗎？

So you're capturing the value right there, and you're part of the ecosystem. The other thing that we're doing is we're also making sure that we have the CDE available to as many customers as possible. That's form of data management. And we'll talk more about that in the future, which is a really important piece of the puzzle as well.

這樣你就獲得了價值，也成為了生態系統的一部分。我們正在做的另一件事是，我們也在確保盡可能多的客戶都能獲得 CDE。這是一種資料管理方式。我們以後會更詳細地討論這個問題，這也是整個問題中非常重要的一部分。

The other thing that's really important, and it's needs to get, it needs to get airtime because you're going to see something similar evolve in the fusion world as well as We talked about Revit is rolling out as the first form of connected client next year. And what that means is, what we're doing is we're tightly connecting the workflows between the feature-deep desktop product that customers use today and the evolving emerging product they'll be using tomorrow.

還有一件非常重要的事情，需要重視，因為在融合領域也會出現類似的發展，正如我們之前提到的，Revit 將於明年作為第一種互聯客戶端推出。這意味著，我們正在做的是將客戶今天使用的、功能強大的桌面產品的工作流程與他們明天將要使用的、不斷發展的新興產品的工作流程緊密連接起來。

So that they can seamlessly move between these two products in such a way that they can get the benefit of one, while also harnessing simply and easily the benefit of the other. And that's a really important part of the strategy as we move forward, because the adoption does take time. It takes time for people to change these things.

這樣，他們就可以在這兩種產品之間無縫切換，既能享受一種產品的優勢，又能輕鬆便捷地利用另一種產品的優勢。這是我們未來策略中非常重要的一部分，因為推廣應用確實需要時間。人們需要時間來改變這些事情。

And we're also hyper-focused, especially in the AI side, on rolling out features that may not look sexy at the, the headline level, but are real productivity enhancers for our customers that get real adoption. What you're seeing with auto-constraint infusion is a great example of that. It's a highly adopted feature. Now, tell, explaining it to everybody exactly what it does, usually requires a video, but to a customer, they get it.

而且，尤其是在人工智慧方面，我們也非常注重推出一些功能，這些功能在新聞層面上可能看起來並不吸引人，但卻能真正提高客戶的生產力，並得到真正的採用。自動約束注入就是一個很好的例子。這是一項非常受歡迎的功能。現在，要向所有人解釋它的具體功能，通常需要一段視頻，但對於客戶來說，他們就能明白。

And they love it. They accept it, they accept these things at like 60% acceptance rates. Some of these sketches are 90% constrained. It's the kind of stuff that you're going to see us continue to roll out that really makes a difference in how our customers work.

他們很喜歡。他們接受，他們以大約 60% 的接受率接受這些事情。這些草圖中有些有 90% 都受到了限制。我們將繼續推出這類產品，它們將真正改變我們客戶的工作方式。

Thank you for that. Janesh, for you, given the revenue upside across each of the segments, could you comment on any new or incremental trends you're seeing in, usage telemetry, either by vertical or geo or standalone product versus collections, anything of that kind, in terms of the usage component, that helped drive some of that growth, in AEC manufacturing and so forth.

謝謝。Janesh，鑑於各個細分市場的收入成長潛力，您能否就您在使用遙測方面觀察到的任何新的或增量趨勢發表評論，無論是按垂直行業、地理位置還是獨立產品與產品系列，以及任何類似的使用情況分析，這些趨勢是否有助於推動 AEC 製造業等行業的增長？

Jay, thanks. What I'd say is the momentum in Q3 continued from the first half, and the trends we saw in Q3 were similar to what we saw in Q2 as well. And you see that strength reflected in the different product lines and the different areas of the business. I touched on some of the areas within AECO, for example, around data centers, infrastructure, and industrial that were all bright spots again. And you see that reflected in products as well.

傑伊，謝謝。我認為第三季的成長勢頭延續了上半年的勢頭，第三季的趨勢與第二季的趨勢也類似。而這種實力也體現在不同的產品線和業務的不同領域。我談到了AECO內部的一些領域，例如資料中心、基礎設施和工業領域，這些領域再次展現了其亮點。這一點在產品中也有所體現。

Similarly, when you look at the Autodesk store and some of our emerging geographies that that did well, you'll see the trends reflected in those, the products that get sold in those through those routes as well. So overall I'd say it was very consistent with what we had seen in Q2. Nothing new that I would highlight as an emerging trend.

同樣地，當你查看 Autodesk 商店以及我們一些發展良好的新興地區時，你會發現這些趨勢以及透過這些管道銷售的產品也反映了這些趨勢。總的來說，我認為這與我們在第二季度看到的情況非常一致。沒有什麼值得特別指出的新趨勢。

Okay, thank you.

好的，謝謝。

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc Capital Markets。

Hey, great, thanks for taking my question. I wanted to ask about the normalized growth you saw this quarter, the 12%, again, similar to last quarter, slight acceleration, but was there like what was the inorganic contribution to that normalized number? I'm just trying to understand, if there was, some modest acceleration, and if there was, what do you think of that?

嘿，太好了，謝謝你回答我的問題。我想問一下您本季看到的12%的正常化成長率，與上個季度類似，略有加速成長，但其中非有機成長對這個正常化數字的貢獻是多少？我只是想了解一下，如果確實存在某種程度的加速，你對此有何看法？

Yeah, I'm happy to touch on that. There was nothing unusual with respect to M&A activity in Q3 that affected those underlying growth rates, I'd say what we saw there was just the continuing momentum that we've seen in the business, as I mentioned just a moment ago.

是的，我很樂意談談這個主題。第三季併購活動方面並沒有什麼異常情況影響到這些基本成長率，我認為我們看到的只是業務持續成長的勢頭，正如我剛才提到的。

The sources of where that outperformance came from in terms of the upfront revenue, the Autodesk store, and stronger billings linearity during the quarter. I think all of those played a role in helping us get to the ultimate outcome that we delivered over here. So overall it's, it was a strong quarter across the Board. The team executed really well, and I think that's what you're seeing reflected in the numbers.

該季度業績超預期的原因在於預付收入、Autodesk 商店以及更強勁的帳單線性成長。我認為所有這些因素都對我們最終取得這樣的成果起到了作用。總體而言，這是一個各方面都表現強勁的季度。團隊執行得非常出色，我認為這一點已經從數據中體現出來了。

Okay, great. No, that's helpful. And then when we think about the commentary around the EBA cohorts that you have for Q4, I'm just curious what type of behavior you've seen so far, from like a renewal standpoint or if customers are willing to engage, earlier, just curious if you have any tidbits that will be helpful there. Thank you.

好的，太好了。不，這很有幫助。然後，當我們思考您針對第四季度 EBA 群體所做的評論時​​，我很好奇您目前觀察到的行為類型，例如從續約的角度來看，或者客戶是否願意更早地參與，只是想知道您是否有任何有用的信息。謝謝。

Jason, in terms of what we saw in Q3 was very strong engagement from many of those customers. We closed all the business that we were expecting to close, and if I think about some of the typical metrics that we have around attach rates and so forth, those all played out as we expected they would.

Jason，就我們在第三季看到的情況而言，許多客戶的參與度都非常高。我們完成了所有預期要完成的業務，如果我回顧我們通常的指標，例如附加率等等，這些指標都如我們預期的那樣發展了。

Q4 is our largest quarter for EBA renewals, and we also have a very large product subscriptions renewal cohort to close here in this quarter. Q4 is heavily weighted towards January, so there's still a lot that we need to get done. But again, the team did well here in Q3, and that momentum has continued nicely.

第四季是我們 EBA 續約業務量最大的季度，而且我們本季還有非常大的產品訂閱續約業務需要完成。第四季主要集中在1月份，所以我們還有很多工作要做。但話說回來，球隊在第三季表現出色，而且這種勢頭一直延續了下來。

Okay, wonderful. Thank you.

好的，太好了。謝謝。

Taylor McGinnis, UBS.

泰勒‧麥金尼斯，瑞銀集團。

Yeah. Hi. Thanks so much for taking my questions and your first one for you just, you mentioned earlier about, still some elevated uncertainty out there, but it sounds like you guys are seeing some strength in areas like data centers, industrials, and whatnot.

是的。你好。非常感謝您回答我的問題，您也回答了我的第一個問題。正如您之前提到的，目前市場仍然存在一些不確定性，但聽起來您似乎在資料中心、工業等領域看到了一些成長勢頭。

When you speak with customers regarding their spending plans across AC, manufacturing, and M&A for calendar 2026 or fiscal year 2027, I guess any early insights that you could share, with the group in terms of what you guys are expecting to see.

當您與客戶討論他們在 2026 年日曆年或 2027 財年空調、製造和併購方面的支出計劃時，我想您能否與團隊分享一些早期見解，說明您的預期？

Yeah, customers aren't flagging any differences in their spending pattern. All right. I think one of the things that's really important to note is one, the current momentum is going to continue a little bit. And also what the customers are looking for is they're preparing for future productivity enhancements. So, everyone's investing in their digital infrastructure.

是的，顧客並沒有反映他們的消費模式有任何改變。好的。我認為需要特別注意的一點是，目前的勢頭還會持續一段時間。此外，客戶所尋求的也是他們為未來提高生產力所做的準備。所以，大家都在投資建造自己的數位基礎建設。

It's trying to ready for any changes in the demand patterns, what sector might be more important as we move forward. So, most of our customers are flagging a continuation of their investment. Some areas are flagging a little bit more investment because they've been kind of maybe slow on the investment in the past, but we don't see anything changing in terms of the consistency level right there.

它正努力為需求模式的任何變化做好準備，並思考隨著我們向前發展，哪些行業可能會變得更加重要。因此，我們的大多數客戶都表示將繼續投資。有些地區正在加強投資力度，因為他們過去在投資方面可能比較緩慢，但我們沒有看到這些地區的投資持續性水準有任何變化。

Perfect thank you. And then Janesh, maybe just one for you on billings growth you made several comments in the prepared remarks just about how growth has been elevated this year because the new transaction model, and also because of the larger base of multi-year billings customers and we're going to start to lap that going into next year and see some moderation and growth.

非常感謝。然後，Janesh，關於賬單增長，也許我想問你一個問題。你在準備好的發言稿中多次提到，由於新的交易模式以及多年帳單客戶基數更大，今年的成長有所提升。但明年我們將開始感受到這種成長勢頭，並看到一些放緩和增長。

So can you just help us unpack the mechanics there a little bit more? So as we look into 2027, could we start to see if we adjust for FX and the new transaction model, revenue growth and billings growth start to align with one another, or is it possible that we could actually see, some tougher comps and maybe there's a divergence between the two? Any additional color you can give there I think would be helpful.

能再幫我們詳細解釋一下其中的原理嗎？展望 2027 年，如果我們調整匯率和新的交易模式，營收成長和帳單成長是否會開始趨於一致？或者我們可能會看到一些更嚴峻的比較，導致兩者之間出現分歧？我認為，如果能添加一些其他顏色，將會很有幫助。

Taylor, I'll break that into two parts. One is around the underlying business performance that you mentioned, and the second is just the mechanical aspects of modeling the growth for fiscal '27. So first, in terms of just the underlying growth that we see in the business, we feel very good about this year.

泰勒，我把它分成兩部分來講。一個是圍繞你提到的基本業務表現，第二個只是對 2027 財年增長進行建模的機械方面。首先，就我們看到的業務潛在成長而言，我們對今年的前景非常樂觀。

And if you look back at the last couple of years, we've demonstrated consistent growth, and that that trend has continued in this year. We've also talked before about the diversification of our business across industries, across geographies and customer sizes.

回顧過去幾年，我們已經實現了持續成長，而且這一趨勢在今年仍在繼續。我們之前也討論過業務多元化，包括跨行業、跨地域和跨客戶規模。

That's a strength for us, and again we saw that play out here in Q3 as well. If I look ahead, we're excited by the growth potential of businesses like construction and fusion, infrastructure, and some of the others that we outlined at Investor Day, so. Overall, I think we're executing really well, including on the AI strategy and roadmap, and we feel very well positioned in that regard.

這是我們的優勢，我們在第三季也再次看到了這一點。展望未來，我們對建築、聚變、基礎設施以及我們在投資者日上概述的其他一些行業的成長潛力感到興奮。總的來說，我認為我們在執行方面做得非常好，包括人工智慧策略和路線圖，我們在這方面感覺處於非常有利的地位。

So, if I think about the growth for the future, I think all of those things give me confidence. But also when I guide for next year, we will consider, as I mentioned, the go-to-market optimization and the macro risks that I touched on at the start of this call. And then in terms of some of the underlying mechanics, thank you for the question. I think it's actually helpful to spell out what we expect to see next year.

所以，展望未來發展，我認為所有這些都給了我信心。但正如我之前提到的，在展望明年時，我們也會考慮市場進入策略的最佳化以及我在本次電話會議開始時提到的宏觀風險。至於一些基本原理方面的問題，謝謝你的提問。我認為明確闡述我們對明年的期望是很有幫助的。

So, to break that apart, if I think about the billings and free cash flow growth rates this year have been inflated because of the transition to annual billings for most multi-year contracts. That's a business model transition that we expect to complete during Q1 of next year. And so we expect that reported billings and free cash flow growth will start to normalize during next year.

所以，具體來說，如果我考慮一下，今年的帳單金額和自由現金流成長率被誇大了，這是因為大多數多年合約都轉為按年結算。這是一項商業模式轉型，我們預計將在明年第一季完成。因此，我們預計明年公佈的帳單金額和自由現金流成長將開始恢復正常。

Billings and revenue growth rates have also been inflated this year from the new transaction model for which we provide the details separately on an underlying basis. And on that transition, we expect a smaller impact from that in '27 than we had in '26. We'll also have incremental headwinds to reported operating margins from the new transaction model next year.

由於採用了新的交易模式，今年的帳單金額和收入成長率也有所虛高，我們將另行提供相關細節。而且，我們預計 2027 年受到的影響將比 2026 年受到的影響還要小。明年，新的交易模式也將對報告的營業利潤率造成進一步的不利影響。

But ultimately, as these are just near-term accounting effects, and the underlying business has been performing consistently well. Our goal is to try and get to as reported numbers as soon as we can. So that will be our focus in the future.

但歸根結底，這些只是短期的會計影響，而公司的基本業務一直表現良好。我們的目標是盡快達到已公佈的數字。所以這將是我們未來關注的重點。

Great. Thanks for all the color.

偉大的。感謝你們帶來的繽紛色彩。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

Great. Thanks so much for the question. I wanted to follow-up regarding some of the new AI capabilities like auto constraints, which appear to have the high accepted rates and measurable productivity gains. So the question is, are these products and product improvements translating into observable changes in retention, multi-product adoption, or expansion activity?

偉大的。非常感謝你的提問。我想跟進一些新的人工智慧功能，例如自動約束，這些功能似乎獲得了很高的接受度，並能顯著提高生產力。所以問題是，這些產品和產品改進是否轉化為用戶留存率、多產品採用率或擴張活動的可觀察變化？

And just as the platform overall delivers more value with AI, how are you thinking about the pricing power? Any sort of larger, more periodic price increases or a steadier cadence tied to just incremental AI driven capabilities? Is that an opportunity that you look forward to? Thank you.

鑑於人工智慧能夠為整個平台帶來更多價值，您如何看待定價權？是否有更大規模、更週期性的價格上漲，或者與人工智慧驅動能力的逐步提升掛鉤的更穩定的價格上漲節奏？你期待這樣的機會嗎？謝謝。

Yeah. So, thank you for the question, Elizabeth. So, first off, let's be very clear. This is a multi-year journey here that we're on, all right? And I want to be clear that there's, we're going to be kind of moving along with our customers here and focusing on key areas of adoption and finding levers of productivity that make a real impact on them.

是的。謝謝你的提問，伊麗莎白。首先，讓我們把話說清楚。這是一段需要花費數年時間的旅程，懂嗎？我想明確指出，我們將與客戶攜手並進，專注於關鍵的採用領域，並找到能夠真正對他們產生影響的生產力提升槓桿。

We're starting with tasks. Autoconstraints is a classic example of a task within the modeling. We're going to do a lot of that. That task automation is highly protective of our existing business in the hour. What the customers love is they see large incremental productivity increases that are not classically easy to replicate in a traditional kind of development model and feature creation model.

我們先從任務開始。自約束是建模任務的經典例子。我們將做很多這樣的事情。此任務自動化技術能夠很好地保護我們現有的業務。客戶喜歡的是，他們看到了生產力的大幅提升，而這種提昇在傳統的開發模式和功能創建模式中是很難複製的。

So, task automation is highly protective of the existing business, is highly retentive, and we see some of that with some of the satisfaction ratings we get with some of this technology we move forward. We're going to be moving more and more into workflow automation as you see us move next year.

因此，任務自動化對現有業務具有很強的保護作用，具有很強的客戶留存率，我們從一些我們推進的這項技術的滿意度評分中也看到了這一點。明年，我們將越來越注重工作流程自動化。

We talked about some of this at AU. We showed some pretty compelling workflows between various products and across various products from design to pre-construction planning and things like that. Those workflow automations are going to ultimately offer additional monetization opportunities because some of it will be included with the subscription, but some of it will not, will be charged for incrementally.

我們在奧本大學討論過其中一些問題。我們展示了各種產品之間以及不同產品之間的一些非常引人注目的工作流程，從設計到施工前規劃等等。這些工作流程自動化最終將提供額外的獲利機會，因為其中一些將包含在訂閱中，而有些則不會，將分階段收費。

And as the customers adopt those, and as we find the right workflow levers, you're going to see us start to capture some of that value. Now, as we move down the curve into systems-level optimization, those are going to capture the most value.

隨著客戶採用這些方案，以及我們找到合適的流程槓桿，您將會看到我們開始獲得其中的一些價值。現在，當我們沿著曲線向下進入系統級最佳化階段時，這些最佳化將帶來最大的價值。

They're further down in the pipeline, but they're also the kind of things that have huge impacts on our customers, and huge value delivery, and we're going to capture some of that value. We're going to share some of it with our customers, but we're going to capture that value. So, Space automations are highly retentive. They have retentive effects.

雖然這些項目目前還處於後續階段，但它們對我們的客戶有著巨大的影響，能夠帶來巨大的價值，我們將從中獲得一些價值。我們會與客戶分享其中的一部分，但也要從中獲取價值。因此，空間自動化具有很高的保留率。它們具有記憶保持作用。

You can see that with the way the customers are satisfied with the product and what they see in the product. The workflow automations are going to be also highly retentive, but they're also going to offer incremental monetization opportunities and system level op optimizations will offer more monetization opportunities, but this is going to take time.

從顧客對產品的滿意度以及他們對產品的看法就能看出這一點。工作流程自動化也將具有很高的用戶留存率，但它們也將提供增量獲利機會，系統級營運優化將提供更多獲利機會，但這需要時間。

Great. And then just as a follow-up I wanted to ask on the margins where it was really impressive to see the underlying margin expansion kind of move up in the full year guide. So the question is, where are you seeing the most outside success that's driving up the full year view, and what are the levers that are having more of an impact in near term versus what can be more of a driver next year for the underlying margin trajectory?

偉大的。然後，作為後續問題，我想問利潤率方面，全年業績指引中實際利潤率的擴張確實令人印象深刻。所以問題是，您認為哪些外部因素最能推動全年業績成長？哪些因素在短期內影響較大？哪些因素在明年可能對基礎利潤率軌跡產生更大的影響？

Elizabeth, maybe I'll take that one. I think the underlying levers are the same near term as well as longer-term. The biggest lever in terms of achieving our margin targets over the long-term will be our go to market optimization, and on that we've already made great progress so far, and that will ultimately further reduce our sales and marketing as a percentage of revenue.

伊莉莎白，或許我會選那個。我認為無論短期或長期，根本原因都是一樣的。從長遠來看，實現利潤目標的最大槓桿將是我們的市場推廣優化，而我們在這方面已經取得了巨大進展，這將最終進一步降低我們的銷售和行銷費用佔收入的比例。

We also have inherent operating leverage, which is something that we've demonstrated for a few quarters now, and so that shows up in the near term numbers, and that will also be a driver for us longer-term. And embedded in that operating leverage, there are a few puts and takes.

我們還擁有固有的經營槓桿，這一點我們已經在過去幾個季度中得到了證明，因此這體現在近期的業績數據中，而且從長遠來看，這也將成為我們發展的驅動力。而在這個經營槓桿中，蘊含著一些買賣機會。

To start with, on the gross margin front, we expect that cloud and AI workloads will ultimately be accretive to gross profit dollars, but they will pose a headwind to gross margin as they scale. We think that's actually a sign of success if that happens in terms of our strategy for adoption working quite nicely.

首先，就毛利率而言，我們預期雲端運算和人工智慧工作負載最終會增加毛利，但隨著其規模的擴大，它們將對毛利率構成不利影響。我們認為，如果這種情況發生，表示我們的推廣策略運作良好，這實際上是成功的標誌。

On the R&D side, as we've shared before, we'll continue to prioritize investments in innovation and AI-driven initiatives, but at the same time drive efficiency through common components in the platform. And on the G&A side, we will just scale efficiently as we continue to grow the business.

在研發方面，正如我們之前分享的那樣，我們將繼續優先投資於創新和人工智慧驅動的舉措，但同時也透過平台中的通用組件來提高效率。至於一般及行政費用方面，我們將隨著業務的持續成長而有效率地擴大規模。

So, those are some of the things that I see. And in terms of the rate of progress of getting to the 41% margin target that we outlined, as I've mentioned earlier, the path to getting there will be nonlinear just given the additional margin headwinds we expect from the new transaction model this year. But overall we feel we're well on our way to achieving the target, and we've already raised the current year outlook here by 50 basis points. So we feel pretty good about that.

以上就是我看到的一些情況。至於我們先前提到的41%利潤率目標的實現速度，考慮到今年新交易模式帶來的額外利潤率阻力，實現這一目標的路徑將不會是線性的。但總體而言，我們認為我們正朝著實現目標穩步前進，並且我們已經將今年的預期提高了 50 個基點。所以我們對此感覺相當不錯。

Josh Tilton, Wolf Research.

Josh Tilton，Wolf Research。

Hey guys, thanks for, sneaking me in and congrats, on another great quarter. Two for me, one more near term, one maybe long-term, just in the near term, I think if I look back this is probably one of the biggest increases to the billings growth guide going into a Q4 that we've seen maybe ever, and I'm just trying to understand or maybe you could help me unpack what exactly is driving that near term performance.

嘿，夥計們，謝謝你們讓我偷偷加入，祝賀你們又一個季度取得了巨大成功。對我來說有兩個，一個是近期的，一個可能是長期的。就近期而言，我認為回顧一下，這可能是我們見過的第四季度帳單成長預期增幅最大的一次，我只是想了解一下，或者你能幫我分析一下究竟是什麼在推動這種近期業績成長嗎？

And then, my follow-up to that is just more longer-term, the agency transition seems to be going well. It's -- I wouldn't say well underway, but I feel like it's hit maybe critical mass to some extent. Can you maybe talk to some of the levers that you have to incentivize this newly formed channel to drive, better new business growth for you guys going forward? Thanks.

然後，我的後續發言更多的是從長遠角度來看，機構過渡似乎進展順利。我不會說它進展順利，但我覺得它可能在某種程度上已經達到了臨界規模。您能否談談您有哪些激勵措施，可以鼓勵這個新成立的管道為貴公司帶來更好的新業務成長？謝謝。

Josh, maybe I'll start in terms of the outperformance that we had here in the third quarter, there's a couple of sources. One is, as I mentioned, just consistent strong execution from the team, which is something that we are all very proud about.

喬希，或許我可以先從我們第三季取得的優異表現說起，這方面有幾個消息來源。正如我之前提到的，其中一點就是團隊始終如一的出色執行力，這一點我們都感到非常自豪。

But the second is also just in terms of the guidance philosophy that we had and the approach that we took entering the quarter where, as against the low end of our billings guidance, we had assumed a pretty severe macroeconomic scenario which we had been quite transparent about and that didn't play out. The broader macroeconomic environment was relatively stable, so I think you saw some of the benefits of that here as well.

但第二點也與我們在本季度的指導理念和我們採取的方法有關，當時我們假設了一個相當嚴峻的宏觀經濟形勢，而我們給出的賬單金額指導卻低於預期，我們對此也一直保持著相當透明的態度，但這種情況並沒有發生。整體宏觀經濟環境相對穩定，所以我認為你也在這裡看到了這方面的優勢。

And if I think about the Q4 view on that and the extent of risk that we've got baked in, there is a little bit of risk baked in at the lower end of the of the guidance range, particularly on billings. But given that we've got basically just a little over two months here left to go in the year, we didn't feel like we needed to take as dim a view of the macro for Q4 as we had previously taken.

如果我考慮一下第四季度的業績展望以及我們已經考慮的風險程度，那麼在業績指引範圍的下限部分，尤其是在帳單方面，確實存在一些風險。但鑑於今年基本上只剩下兩個多月的時間了，我們覺得沒必要像之前那樣對第四季的宏觀經濟前景持悲觀態度。

And to the second part, Jason, I'll, I mean, Josh -- I'll weigh in on that a little bit, okay? So there's a couple of things that we're enabling with the new transaction. One, we have better customer intelligence, which is going to allow us to be more efficient with our partner’s engagements. The other one is we're working really hard to automate more of the things that are associated with renewals.

至於第二部分，Jason，我是說，Josh──我來稍微談談我的看法，好嗎？所以，透過這項新交易，我們實現了幾個功能。第一，我們擁有更好的客戶情報，這將使我們能夠更有效地與合作夥伴合作。另一方面，我們正在努力實現與續訂相關的更多流程的自動化。

So, if you look at the way we want to move forward, you're going to see us incenting the channel more on new business than on renewals, which is going to align the channel with kind of our long-term objectives. It's easier to make renewals now, so we should be paying less on renewals, and we should be paying more on new business, so that the channel can build the right kind of capacity for the new business and hunt a bit more and renew in a more automated way.

所以，如果你看看我們未來的發展方向，你會發現我們會更激勵通路拓展新業務，而不是續約，這將使通路與我們的長期目標保持一致。現在續約更容易了，所以我們應該在續約上少花錢，在新業務上多花錢，這樣通路就可以為新業務建立合適的產能，並進行更多拓展，以更自動化的方式進行續約。

So, for look for us to continue to push that as we head into the next year, tighter intelligence going into the channel, more efficiency, more automation, more self-service tied to renewals, and a stronger emphasis on new business generation.

因此，我們預計在明年將繼續推動這些舉措，包括更深入地了解通路資訊、提高效率、實現更多自動化、提供更多與續約相關的自助服務，以及更重視新業務的開發。

Love to hear it. Thank you so much.

很高興聽到這個消息。太感謝了。

Joe Vruwink, Baird.

Joe Vruwink，Baird。

Great. Thanks for taking my questions. I wanted to go back to the FY '27 outlook, and I guess what I really want to ask is, do you need the same level of prudence when you frame the forward outlook like you have been using, and I just sit here and appreciate that this year you started eight to nine, it looks like it'll end closer to 11.

偉大的。謝謝您回答我的問題。我想回到 2027 財年的展望，我想問的是，在製定未來展望時，是否需要像您一直以來那樣保持同樣的謹慎態度？我只是坐在這裡，欣賞您今年年初的預測是 8 到 9，看起來最終會接近 11。

There's something to be said about prudence, but also nothing wrong with communicating strength when it's evident, and I think you're not only seeing strength, but it would seem like next year, definitely end of stages and some transitional elements, early stages on things like consumption, or cloud adoption that can contribute more. I'm just wondering if some of that factors into a different approach to the outlook.

謹慎固然重要，但當實力顯而易見時，展現實力也無可厚非。我認為你們不僅看到了實力，而且明年似乎肯定會進入一些階段的尾聲和過渡階段，在消費或雲端採用等方面的早期階段，這些方面可以做出更大的貢獻。我只是想知道，這些因素是否會影響我們對未來的看法。

Hey Joe, so, look, on fiscal '27, it'll make sense to talk about the specifics when we are actually guiding to fiscal '27 in February. What I wanted to do today is to share our overall, enthusiasm for how we're executing here in Q3.

嘿，喬，你看，關於 2027 財年，等到 2 月份我們正式發布 2027 財年業績指引時，再來討論具體細節就比較有意義了。我今天想和大家分享我們對第三季執行情況的整體熱情。

I talked about some of the momentum that we're seeing and some of the factors that continue to excite me about the business in the long run and just be transparent about some of the factors I'll consider when I set guidance in terms of the specific levels of those. We'll talk about those on the next call.

我談到了我們目前看到的一些發展勢頭，以及一些讓我對公司長期發展充滿信心的因素，並且坦誠地說明了我在設定具體業績指引時會考慮的一些因素。我們將在下次通話中討論這些問題。

Okay. No, that, that's fair enough. At you there were some good sessions from your large customers on how they've set up kind of centralized audit us development teams, and you have different regional teams that are now building around platform services in a coordinated way, a lot more talk about how, agents are factoring into what these teams are now starting to do.

好的。不，那樣就挺合理的。你們的一些大客戶進行了很好的交流，介紹了他們如何建立集中式的審計機制來管理我們的開發團隊，以及不同的區域團隊如何以協調的方式圍繞平台服務進行構建，還有很多關於代理商如何參與到這些團隊的工作中的討論。

I guess there's this idea still percolating out there that AI is going to make it easier for your large EMC customers, these same entities to maybe just do more internally, and I guess wanted to ask what you're seeing on this topic, and really when we see a large ENC account talk about data scientists on staff, and what they're doing, should we really think well Autodesk is ultimately having a role here.

我猜想，目前仍有一種觀點認為，人工智慧將使EMC的大型客戶更容易在內部完成更多工作。我想問您對此有何看法，以及當我們看到大型ENC客戶談論公司內部的資料科學家及其工作內容時，我們是否真的應該認為Autodesk最終也參與其中。

Yeah, you should absolutely think that, Joe. Okay. Our goal is to make it easier for them to apply their IP with their data scientists to the workflows that make the most impact on their business. But our platform is going to be everywhere in this, and the services and agents we build associated with our platform are going to be core to how they create that value from their IP, incrementally above some of the models that we build ourselves and that we deploy into their environments.

是的，你絕對應該這麼想，喬。好的。我們的目標是讓他們更容易將他們的智慧財產權與資料科學家一起應用到對他們的業務影響最大的工作流程中。但我們的平台將無所不在，我們所建構的與我們的平台相關的服務和代理將成為他們利用其智慧財產權創造價值的核心，並且會逐步超越我們自己建構並部署到他們環境中的一些模型。

We want to coordinate and work with agents they may build internally with the agents that we have, and one should be augmenting the other. So, look for our platform to be everywhere that these customers actually execute and incrementally build capabilities on.

我們希望與他們內部開發的代理以及我們現有的代理進行協調和合作，彼此之間應該相互促進。因此，我們的平台將出現在這些客戶實際執行操作並逐步建立功能的每一個地方。

Okay. Thank you.

好的。謝謝。

Bhavin Shah, Deutsche Bank.

德意志銀行的 Bhavin Shah。

Great. Thanks for taking my questions and congrats on the strong results. Janesh. I know you spoke about this briefly in your prepared remarks, but in terms of channel productivity, excuse me, how much time is still spent on operational elements and when do you think the channel gets back to full productivity? And is there any kind of impact also with all the M&A activity happening with your resellers?

偉大的。感謝您回答我的問題，並祝賀您取得優異的成績。賈內什。我知道您在準備好的演講稿中簡要地談到了這一點，但就通路生產力而言，請問目前還有多少時間花在營運要素上？您認為通路何時才能恢復到完全生產力水準？那麼，您經銷商之間發生的併購活動是否也會產生任何影響呢？

Yeah, we continue to address some of the operational friction that partners faced on the new transaction model. Andrew referenced that as well. I think we've made very good progress, and I think much of that is behind us at this point in time. There's a bit more to be done, but we are well on our way.

是的，我們仍在努力解決合作夥伴在新交易模式中遇到的一些操作難題。安德魯也提到了這一點。我認為我們已經取得了非常好的進展，而且我認為目前大部分工作已經完成。還有一些工作要做，但我們已經走在正確的道路上。

We saw the EMEA partners get their first renewals here in September on the new transaction model, and that generally went as we expected it would. And I think at this point we've tapped, we've lapped all of the first annual renewals. So in terms of the future, we continue to focus on how we and our partners can deliver more valuable and data-driven and connected products and services to our customers.

我們看到 EMEA 合作夥伴在 9 月根據新的交易模式獲得了第一批續約，而且總體上正如我們預期的那樣。我認為，目前我們已經完成了所有第一年度續約的期限。因此，展望未來，我們將繼續專注於我們和我們的合作夥伴如何為客戶提供更有價值、數據驅動和互聯互通的產品和服務。

We have seen the strategy working quite nicely, particularly at the low end where many of the customers had previously used to buy from the non-contracted partners or the silver partners are now buying from us directly on the store, and some of our larger partners are focused on continuing to build out value-added services that allows them to build more connectivity and offer better solutions to customers, which then works quite nicely for us in the long-term as well.

我們已經看到該策略效果非常好，尤其是在低端市場，許多以前從非簽約合作夥伴或銀級合作夥伴處購買的客戶現在直接從我們的商店購買，而我們的一些大型合作夥伴則專注於繼續構建增值服務，使他們能夠建立更多連接並為客戶提供更好的解決方案，這從長遠來看對我們來說也相當有利。

That's helpful there. And as a follow-up for Andrew, maybe just for you, there's been some recent headlines about agents turning 2D sketches into 3D models via CAD software as innovation continues to evolve here. What role can Autodesk play and how are you thinking about evolving the product capabilities as agentic and co-pilots to turn sketches into the models continues to evolve?

那很有幫助。安德魯，或許也只是為了你，最近有一些新聞報道說，隨著創新不斷發展，經紀人正在透過 CAD 軟體將 2D 草圖轉換為 3D 模型。Autodesk 可以扮演什麼角色？作為代理商和輔助人員，您如何看待產品功能的不斷發展，將草圖轉化為模型？

I think you should assume that the level of data that Autodesk has in this particular area, and the level of focus will. Certainly excel above anything else you see out there. We just focus where the biggest returns are right now.

我認為你應該假設 Autodesk 在該特定領域擁有的資料水準和關注程度。絕對比市面上任何其他產品都更勝一籌。我們只關注目前回報最大的領域。

Makes sense to me. Thanks for taking my questions.

我覺得有道理。謝謝您回答我的問題。

Tyler Radke, City.

泰勒·拉德克，城市。

Yeah. Thank you for taking the question. So the direct revenue has grown significantly. I think it was up 85% this quarter. You called out strength in the online store, the Autodesk store. Just wondering, is this strength -- is this coming in well above your expectations? And how should we just think about the, mechanics of taking more business direct and potentially that being a tailwind to the reported revenue that we're seeing.

是的。感謝您回答這個問題。因此，直接收入顯著成長。我認為本季上漲了 85%。您在 Autodesk 網上商店中展現了強大的實力。我只是想問一下，這種強度——這是否遠遠超出您的預期？我們應該如何看待將更多業務直接開展到現有業務的機制，以及這可能對我們目前看到的營收成長帶來的推動作用。

Tyler, I'd say in Q3 things worked as we expected they would, we were expecting to see an increase in the mix of direct revenue as the new transaction model continues to scale. So that generally played out the way we expected it would.

泰勒，我認為第三季的情況正如我們預期的那樣，隨著新的交易模式不斷擴大，我們預計直接收入的比例會上升。所以事情大致上是按照我們預想的方式發展了。

And in terms of the impact of that on the model, it does affect the report -- the as reported numbers as which is why we also provide the views on an underlying basis. I'd say the store strength has continued for some time.

至於這對模型的影響，它確實會影響報告——報告的數字，這就是為什麼我們也提供基於基礎的觀點。我認為這家商店的實力已經持續了一段時間。

A portion of that might be channel shift, but a lot of it is also just general strength we've seen, particularly in a number of the countries, around the world that we've talked where we haven't rolled out the new transaction model. We've been seeing strength in those countries as well. So I think it is a bit broader based on that.

一部分原因可能是通路轉移，但很大程度上也是我們看到的整體強勁勢頭，尤其是在我們談到的全球許多尚未推出新交易模式的國家。我們也看到了這些國家的實力增強。所以我覺得基於此，它的範圍要更廣一些。

Great. Helpful. And then Janesh, just on the underlying growth, I know you got some questions on this, specifically as we think about FY '27 guidance, but you started off the year in sort of the high, single-digit ballpark, and I think we look at the Q4 guide, normalized growth is closer to kind of the low teens. Is that a fair characteristic of where the underlying growth of the business is today?

偉大的。很有幫助。然後，Janesh，關於基本面增長，我知道你對此有一些疑問，尤其是在我們考慮 2027 財年業績指引時，但年初你們的預期增長率在個位數高位，我認為我們看看第四季度的業績指引，正常化增長率更接近十幾個百分點。這是否能恰當地反映出該公司目前的基本成長狀況？

Maybe there's some one up, or one time revenue in that Q4 number as it relates to EBA. Just help us understand like where is that underlying growth of the business in in your view now, and I assume that's maybe a few points higher than it was at the beginning of the year.

或許第四季業績中有一筆與 EBA 相關的一次性收入或額外收入。請您幫我們了解一下，您認為目前公司業務的潛在成長點在哪裡？我估計應該比年初高出幾個百分點。

Tyler, at the start of the year when we laid out our guidance again, we had been prudent for a variety of reasons. It was also my first guidance for a full year as CFO. We had just done a restructuring. There were a number of other factors as well that that played into that. But if I -- and at that point I had mentioned that, I viewed the business as being a consistent and resilient business, and I think that played out quite nicely.

泰勒，年初我們再次製定指導方針時，出於各種原因，我們一直很謹慎。這也是我擔任財務長一年以來的第一份完整年度指導。我們剛剛完成了一次重組。此外，還有許多其他因素也影響了結果。但是，如果我——當時我提到過這一點——我認為這家企業是一家穩定且有韌性的企業，我認為結果也相當不錯。

If you look at the growth, we've seen over the last couple of years, and then if I look at this year, we've had very consistent growth across the three quarters of this year, and that that same consistency is implied in the guide for Q4 as well.

如果你看看過去幾年的成長情況，再看看今年，我們會發現今年前三個季度的成長非常穩定，而且這種穩定性也反映在第四季的業績預期中。

So we feel very good about the way we've executed and all the irons we have in the fire to continue to sustain our momentum in the future, but again we'll consider our overall risks around go to market execution as well as the macro when we guide.

因此，我們對目前的執行情況以及正在推進的所有項目都感到非常滿意，這些項目將在未來繼續保持我們的發展勢頭。但是，在給予業績指引時，我們仍會考慮市場執行以及宏觀經濟方面的整體風險。

Ken Wong, Oppenheimer & Co.

Ken Wong，奧本海默公司

Thank you for taking my question. Andrew, I wanted to circle back on a comment that you made about the incentive structure to partners. I realized that you guys are taking it down on renewal to incentivize some hunting. Any early feedback from partners, and I realized it doesn't take effect usually until February, but any early behavioral changes that you guys are noticing from the channel?

感謝您回答我的問題。Andrew，我想就你之前提到的關於合作夥伴激勵機制的評論再補充一點。我意識到你們會在續訂時下架狩獵活動，以此鼓勵大家去狩獵。合作夥伴方面是否有任何早期回饋？我知道這項措施通常要到二月才會生效，但你們是否注意到頻道方面有任何早期行為變化？

Yeah, nothing pronounced, okay? No early changes. Obviously, partners always have lots of questions when we change their incentive structure. But generally speaking, they get what we're trying to do, and they understand what's going on here.

是的，沒什麼特別的，好嗎？早期沒有變化。顯然，當我們改變合作夥伴的激勵機制時，他們總是會有很多疑問。但總的來說，他們明白我們想做什麼，也明白這裡發生了什麼事。

We're not trying to take money out of the channel ecosystem. We're trying to shift how it gets paid out. Makes total sense to them. We haven't seen any initial kind of changes in their behavior right now at all.

我們並不是想把錢從渠道生態系統中抽走。我們正在嘗試改變付款方式。他們覺得這完全合情合理。目前我們還沒有看到他們的行為有任何初步變化。

Okay, perfect. And then on the [AVEVA] side, Janesh, I realize you're not expecting any tailwinds on the free cash side. Are you guys seeing any early impact on the top-line in terms of, kind of customer spending behavior or any customer project activity?

好的，完美。然後，Janesh，就 [AVEVA] 這邊而言，我知道你並不指望在自由現金流方面會有任何利好因素。你們是否觀察到在顧客消費行為或客戶專案活動方面，對營收有任何早期影響？

Nothing that I would directly attribute to the One Big Beautiful Bill act yet.

目前還沒有發現任何可以直接歸因於《一項偉大的美麗法案》的因素。

Okay. Great. Thank you, guys.

好的。偉大的。謝謝大家。

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

Yeah. Hey guys. Thanks for taking the questions. I wanted to follow-up on a previous question on free cash flow, and Janesh, I think you mentioned there's about twomore quarters left before free cash flow and normalization. Did I hear that right?

是的。嘿，大家好。謝謝您回答問題。我想就之前關於自由現金流的問題做個後續說明，Janesh，我想你提到過，在自由現金流恢復正常之前，大概還有兩個季度的時間。我沒聽錯吧？

And then beyond that, what should quarterly free cash flow seasonality look like? Is there a fiscal year example from the past that we could look at that would be a good representation of what it would look like going forward?

此外，季度自由現金流季節性變化應該是什麼樣的？過去是否有某個財政年度的例子可以參考，以便我們更了解未來的情況？

Yeah, Koji, the comment earlier was around the growth rates that we would expect will come down. If I think about the absolute dollars of billings that we have at this point in time associated with the change in the multi-year to annual billing transition, I think that that piece is done.

是的，Koji，先前的評論是關於我們預期成長率將會下降的。如果我考慮一下目前與多年計費方式向年度計費方式轉變相關的絕對帳單金額，我認為那部分工作已經完成了。

But in terms of thinking about cash flow, and providing maybe a general rule of thumb, I would say holding aside any significant discrete items, we generally would expect free cash flow growth to be correlated with our underlying non-GAAP net income growth, and of course we would call out any large discrete items when we provide guidance.

但就現金流而言，如果要給出一個大致的經驗法則，那就是撇開任何重大的個別項目不談，我們通常會預期自由現金流增長與我們的基本非GAAP淨收入增長相關，當然，我們在提供指引時會指出任何重大的個別項目。

Got it. Thank you. And then maybe a follow-up here question for Andrew and thinking about the AI strategy, and the data access strategy for AI through MCP and API calls. How has customer usage trends been around there and any update on how we should be thinking about any timing of the modernization opportunity with the data access strategy? Thank you.

知道了。謝謝。然後，也許可以向 Andrew 提出一個後續問題，思考一下人工智慧策略，以及透過 MCP 和 API 呼叫實現人工智慧的資料存取策略。該地區的客戶使用趨勢如何？關於資料存取策略的現代化時機，我們該如何考慮？有什麼最新進展嗎？謝謝。

Yeah. So there's actually fairly robust use of some of our APIs by the customers. And, also to monetizing some of that access as well, and a lot of customers are expecting that. Most customers won't be impacted that, but by those customers that are most heavily using machine-based kind of applications associated with our APIs will probably see impacts in terms of billings associated with their usage, right?

是的。因此，實際上客戶對我們的一些 API 的使用相當頻繁。此外，還要將部分存取權貨幣化，許多客戶也期待這一點。大多數客戶不會受到影響，但那些大量使用與我們 API 相關的基於機器的應用程式的客戶可能會在與其使用量相關的帳單方面受到影響，對嗎？

Again, The AI monetization will play out over time. The API monetization will play out over time. But MCPs and APIs are definitely another source of monetization that we, you'll see us pulling the lever for as we move forward.

同樣，人工智慧的商業化也需要時間來逐步實現。API的商業化將隨著時間的推移而逐步實現。但 MCP 和 API 絕對是我們未來發展中另一個重要的獲利來源，你們將會看到我們加大投入。

Thank you.

謝謝。

Michael Turin, Wells Fargo Securities.

Michael Turin，富國證券。

Hey, thanks for squeezing me and I'll give you a chance to summarize some of the prior comments. I think high level the question is you're raising numbers across the board. For fiscal '26, it's not something we're seeing a whole lot of across software these days.

嘿，謝謝你抽出時間，我給你一個機會總結之前的一些評論。我認為從根本上來說，問題在於你們正在全面提高各項數據。就 2026 財年而言，目前我們在軟體領域還沒有看到太多這樣的情況。

So maybe just expand on your perspective around what's driving that and how much of that is beyond the scope of just macro and business model changes and then on CAD specifically, it's another quarter of standout growth, 15%. So maybe touch on that segment and if there are any specific dynamics to be mindful of there as well. Thank you.

所以，或許可以進一步闡述您對推動這一趨勢的因素的看法，以及其中有多少因素超出了宏觀和商業模式變化的範疇。具體到 CAD 業務，又一個季度實現了顯著成長，達到 15%。所以或許可以談談這部分內容，以及其中是否也存在一些需要注意的具體動態。謝謝。

Yeah, I'm happy to touch on both of those. If I had to summarize Q3, I would say it reflects the consistent momentum, we've seen from sustained execution this year, against the backdrop of a stable macro, while in the guide at the lower end we had assumed that the macro would worsen.

是的，我很樂意談談這兩個問題。如果要我總結第三季度，我會說它反映了我們今年以來持續執行所取得的良好勢頭，以及穩定的宏觀經濟環境，而我們在下限的業績指引中假設宏觀經濟會惡化。

So I think it's both our execution as well as the more prudent guidance assumptions that didn't play out. In terms of the growth of the Auto CAD business, there's a few factors there. That growth is partly affected by just the mechanical accounting on the new transaction model as well. So I think that's part of what you're seeing.

所以我認為，問題既出在執行上，也出在那些較謹慎的指導性假設沒有被驗證。就Auto CAD業務的成長而言，有幾個因素在起作用。這種成長部分也受到新交易模式下機械會計處理的影響。所以我覺得這就是你所看到現象的一部分原因。

But also we talked about strength in the Autodesk store and strength in emerging countries like India and LATAM, and the Middle East, and some of the Auto CAD strength that we've seen comes from those countries and from the Autodesk store as well.

但我們也談到了 Autodesk 應用程式商店的實力，以及印度、拉丁美洲和中東等新興國家的實力，我們看到的一些 AutoCAD 實力就來自這些國家和 Autodesk 應用程式商店。

And Michael, I'll just add one more thing to this because I have to. We have been making some serious and important strategic decisions over the last three years about how our business is structured and how we move forward. You're seeing the results. All right?

邁克爾，我還要補充一點，因為我必須這麼做。過去三年，我們一直在就公司架構和未來發展方向做出一些嚴肅且重要的策略決策。你現在看到了結果。好的？

These are the results that we ultimately said we were going to deliver as a result of those investments and those changes. They were hard changes, difficult lifts. Now you're seeing the performance associated with those lifts.

這些都是我們最終承諾透過這些投資和變革所要實現的成果。這些都是艱難的改變，舉重困難。現在您看到了這些升降機的性能表現。

Thanks very much.

非常感謝。

Thank you, and that is all the time we have for Q&A today. I would now like to turn the conference back to Simon May Smith for closing remarks. Sir.

謝謝大家，今天的問答環節就到這裡。現在我謹將會議交還給西蒙·梅·史密斯，請他作閉幕致詞。先生。

Thank you, Latif, and thank you, everyone, for joining us. Looking forward to seeing many of you on the road over the coming weeks, wishing my fellow Brits Happy Budget Day tomorrow and my fellow Americans, Happy Thanksgiving on Thursday. Thanks very much, everyone.

謝謝你，拉蒂夫，也謝謝大家的到來。期待在接下來的幾周里在路上見到你們中的許多人，祝我的英國同胞們明天預算日快樂，祝我的美國同胞們週四感恩節快樂。非常感謝大家。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。