Autodesk Inc (ADSK) 2022 Q2 法說會逐字稿

Thank you for standing by, and welcome to Autodesk Q2 Fiscal Year 2022 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

感謝您的耐心等待，歡迎參加 Autodesk 2022 財年第二季財報電話會議。 （操作說明）請注意，本次會議正在錄音。 （操作說明）

I would now like to hand the conference over to your host, VP of Investor Relations, Simon Mays-Smith.

現在我謹將會議交給主持人，投資人關係副總裁西蒙‧梅斯-史密斯先生。

[Thank you], operator, and good afternoon. Thank you for joining our conference call to discuss the results of our second quarter of fiscal year 2022. On the line with me are Andrew Anagnost, our CEO; and Debbie Clifford, our Chief Financial Officer. Today's conference call is being broadcast live via webcast. In addition, a replay of the call will be available at autodesk.com/investor. You can find the earnings press release, slide presentation and transcript of today's opening commentary on our Investor Relations website following this call.

接線員，下午好。感謝您參加本次電話會議，共同探討我們2022財年第二季的業績。與我一同參加的有我們的執行長Andrew Anagnost和財務長Debbie Clifford。本次電話會議將透過網路直播。此外，您也可以在autodesk.com/investor上收聽會議錄音。會議結束後，您可以在我們的投資者關係網站上找到收益新聞稿、幻燈片簡報以及今天開場白的文字記錄。

During the course of this call, we may make forward-looking statements about our outlook, future results and related assumptions, acquisitions, products and product capabilities and strategies. These statements reflect our best judgment based on our currently known factors. Actual events or results could differ materially. Please refer to our SEC filings, including our most recent Form 10-K, for important risk factors and other factors, including developments in the COVID-19 pandemic and the resulting impact on our business and operations that may cause our actual results to differ from those in our forward-looking statements. Forward-looking statements made during the call are being made as of today. If this call is replayed or reviewed after today, the information presented during the call may not contain current or accurate information. Autodesk disclaims any obligation to update or revise any forward-looking statements.

在本次電話會議中，我們可能會就我們的展望、未來業績及相關假設、收購、產品及產品功能和策略做出前瞻性陳述。這些陳述反映了我們基於目前已知因素的最佳判斷。實際事件或結果可能與這些陳述有重大差異。請參閱我們向美國證券交易委員會 (SEC) 提交的文件，包括我們最新的 10-K 表格，以了解重要的風險因素和其他因素，包括 COVID-19 疫情的發展及其對我們業務和營運的影響，這些因素可能導致我們的實際業績與前瞻性陳述中的結果存在差異。本次電話會議中所做的前瞻性陳述僅代表截至今日的資訊。如果本次電話會議在今日之後被重播或回顧，則會議中提供的資訊可能不再是最新或準確的資訊。 Autodesk 不承擔更新或修訂任何前瞻性聲明的義務。

During the call, we will quote a number of numerical growth changes as we discuss our financial performance, and unless otherwise noted, each such reference represents a year-on-year comparison. All non-GAAP numbers referenced in today's call are reconciled in our press release or Excel financials and other supplemental materials available on our Investor Relations website.

在本次電話會議中，我們將引用一些成長數字來討論我們的財務表現。除非另有說明，否則所有引用均指同比數據。本次電話會議中提及的所有非GAAP財務資料均已在我們的新聞稿、Excel財務報表以及投資者關係網站上的其他補充資料中進行了核對。

And now I will turn the call over to Andrew.

現在我將把電話交給安德魯。

Thank you, Simon, and welcome, everyone, to the call. I hope you and your families remain safe and healthy.

謝謝西蒙，也歡迎各位參加這通通話。祝福您和您的家人平安健康。

As we anticipated when we set out our guidance at the beginning of the year, unwinding uncertainty resulted in increased business confidence, investment and economic growth during our second quarter. This is reflected in strong product usage, which returned to pre-COVID levels across the globe, increasing bid activity on BuildingConnected, which reached all-time highs, and greater channel partner confidence. When combined with strong execution, a resilient subscription business model and the continued secular shift to the cloud, our growth accelerated again in Q2 and generated further momentum.

正如我們在年初發布業績指引時所預期的那樣，不確定性的消除帶動了第二季商業信心、投資和經濟成長的提升。這體現在強勁的產品使用量上，全球產品使用量已恢復至疫情前水準；BuildingConnected平台的競價活動也創下歷史新高；通路夥伴的信心也顯著增強。憑藉高效的執行力、穩健的訂閱業務模式以及持續的雲端轉型趨勢，我們的成長在第二季度再次加速，並保持了強勁的發展勢頭。

RPO and billings grew 24% and 29%, respectively, driven by strong new product subscription growth, renewal rates and revenue retention. I am proud of what the team has accomplished so far this year. And again, I thank all of our employees, their families, our partners and customers for their continued dedication, patience and commitment.

受新產品訂閱量強勁增長、續訂率高以及收入留存率提升的推動，RPO 和帳單金額分別增長了 24% 和 29%。我為團隊今年迄今所取得的成就感到自豪。再次感謝所有員工、他們的家人、我們的合作夥伴和客戶，感謝他們一直以來的奉獻、耐心和支持。

I will now turn the call over to Debbie to take you through the details of our quarterly financial performance and guidance for the year. I'll then come back to provide an update on our strategic growth initiatives.

現在我將把電話交給黛比，由她為大家詳細介紹我們本季的財務表現和全年業績展望。之後我會回來，向大家報告我們的策略成長計畫的最新進展。

Thanks, Andrew. As Andrew mentioned, second quarter results were strong. Several factors contributed to that strength, including robust growth in new product subscriptions, accelerating digital sales and improving subscription renewal rates.

謝謝安德魯。正如安德魯所說，第二季業績表現強勁。這主要得益於多項因素，包括新產品訂閱量的強勁成長、數位銷售的加速成長以及訂閱續訂率的提高。

In addition, Innovyze and foreign exchange rate provided a modest tailwind to the quarter. Total revenue growth in the quarter accelerated to 16% and 14% in constant currency, with subscription revenue growing by 21%.

此外，Innovyze 和匯率波動也為本季帶來了一定的利多。本季總營收成長加速至 16%，以固定匯率計算為 14%，其中訂閱收入成長了 21%。

Looking at revenue by product, AutoCAD and AutoCAD LT revenue grew 12%. AEC revenue grew 21%, and manufacturing revenue grew 12%. Excluding the impact of moving our bulk product to ratable revenue recognition, manufacturing revenue grew in the mid-teens percent. M&E revenue grew 10%. Across the globe, revenue grew 14% in the Americas; 16% in EMEA; and 21% in APAC. Direct revenue increased 31% and represented 34% of our total revenue, up from 30% last year due to strength from both enterprise and e-commerce.

按產品劃分，AutoCAD 和 AutoCAD LT 的營收成長了 12%。 AEC（建築、工程和施工）收入成長了 21%，製造業收入成長了 12%。若不計入將大宗產品收入確認方式調整為按比例確認收入的影響，製造業收入成長了 15% 左右。 M&E（媒體和娛樂）收入成長了 10%。從全球範圍來看，美洲地區的收入成長了 14%；歐洲、中東和非洲地區成長了 16%；亞太地區成長了 21%。直接收入成長了 31%，佔總營收的 34%，高於去年的 30%，這主要得益於企業業務和電子商務的強勁成長。

As you'll hear more about at our Investor Day next week, about 3/4 of new customers to Autodesk are now generated through our digital channels, reflecting our efforts to enable a simplified buying experience.

正如您將在下週的投資者日上聽到的更多內容一樣，Autodesk 目前約有 3/4 的新客戶是透過我們的數位管道獲得的，這反映了我們為簡化購買體驗所做的努力。

Our product subscription renewal rates remain strong, and our net revenue retention rate remains within the 100% to 110% range. Billings accelerated 29% to $1 billion, reflecting strong underlying demand and an easier comparison versus last year. Total deferred revenue grew 15% to $3.3 billion. Total RPO of $4.14 billion and current RPO of $2.85 billion both grew 24%. current RPO growth was driven by strong new product sales during the quarter and the ongoing benefit from the record number of EBAs signed in the second half of last year. Excluding the contribution from Innovyze, current RPO grew approximately 23%.

我們的產品訂閱續訂率依然強勁，淨收入留存率維持在100%至110%的範圍內。帳單金額成長29%至10億美元，反映出強勁的潛在需求以及與去年同期相比的較低基數。遞延收入總額成長15%至33億美元。總RPO（可恢復訂單目標）為41.4億美元，目前RPO為28.5億美元，兩者皆成長24%。目前RPO的成長主要得益於本季強勁的新產品銷售以及去年下半年簽署的創紀錄數量的EBA（企業協議）帶來的持續收益。若不計入Innovyze的貢獻，目前RPO成長約23%。

Non-GAAP gross margin remained broadly level at 92%, while operating margin increased more than 2 percentage points to 31%, reflecting strong revenue growth and ongoing cost discipline. We delivered healthy free cash flow of $186 million during the quarter, primarily driven by strong billings growth.

非GAAP毛利率基本上維持在92%的水平，而營業利潤率則提升超過2個百分點至31%，反映出強勁的營收成長和持續的成本控制。本季我們實現了1.86億美元的健康自由現金流，主要得益於帳單金額的強勁成長。

Consistent with our capital allocation strategy, we continued to repurchase shares with excess cash to offset dilution from our equity plans. During the second quarter, we purchased 164,000 shares for $46 million at an average price of approximately $283 per share. Year-to-date, we have repurchased 679,000 shares at an average price of approximately $278 per share for a total spend of $189 million.

根據我們的資本配置策略，我們繼續利用盈餘現金回購股票，以抵銷股權激勵計畫帶來的稀釋。第二季度，我們以每股約283美元的平均價格回購了16.4萬股股票，總計4,600萬美元。今年迄今，我們已回購了67.9萬股股票，平均價格約為每股278美元，總支出達1.89億美元。

Now I'll turn to guidance. Consistent with previous quarters, we expect that an improving economic environment during the year will result in strong growth in new business over the course of fiscal '22. We expect product subscription, volume and renewal rates to continue to be healthy, and our net revenue retention rate to remain between 100% and 110%.

現在我將談談業績展望。與前幾季一致，我們預期本年度經濟環境的改善將推動2022財年新業務的強勁成長。我們預期產品訂閱率、銷售量和續訂率將持續維持良好水平，淨收入留存率將維持在100%至110%之間。

With our strong start to the year, we are raising the low end of our full year revenue guidance to a range of $4.345 billion to $4.385 billion, with a midpoint growth rate of 15% year-over-year. We are also raising our non-GAAP operating margin outlook to approximately 31%, an almost 2-point improvement from last year.

鑑於年初的強勁開局，我們將全年營收預期下限上調至43.45億美元至43.85億美元，中位數年增15%。同時，我們將非GAAP營業利潤率預期上調至約31%，較去年同期提升近2個百分點。

Our strong start to the year means we're also shifting more of our EBA customers from multiyear paid upfront to annual billings, which is good for them and good for Autodesk. Our EBA customers retain price certainty with a multiyear contract term, but annual billings give them a more predictable annual cash outlay. For Autodesk, we generate more predictable cash flow and remove the discounts to generate upfront cash collections. While we had already assumed this change in fiscal '23, it has a modest impact on fiscal '22 billings and free cash flow. However, we expect it to drive more predictable free cash flow growth and better price realization over time, which will make Autodesk a more valuable company.

今年開局強勁，這意味著我們將更多EBA客戶從多年預付合約轉向年度結算，這對客戶和Autodesk來說都是好消息。 EBA客戶可以透過多年合約維持價格確定性，而年度結算則能讓他們更可預測年度現金支出。對於Autodesk而言，我們能夠獲得更可預測的現金流，並取消預收款項的折扣。雖然我們已在2023財年預估了這項變化，但它對2022財年的帳單和自由現金流影響不大。然而，我們預計隨著時間的推移，這將推動更可預測的自由現金流成長和更佳的價格實現，從而提升Autodesk的價值。

The shift of more of our EBA customers from multiyear paid upfront to annual billings and FX account for the change in our fiscal '22 billings guidance and with a onetime M&A-related tax charge, our free cash flow guidance.

我們越來越多的 EBA 客戶從多年預付制轉向年度結算，外匯因素導致我們 2022 財年結算預期發生變化，加上一次性併購相關稅費，導致我們的自由現金流預期發生變化。

As we look ahead, we're anticipating revenue growth to accelerate in Q3. Strong upfront revenues in Q4 last year, and with Vault now ratable, a smaller pool of nonratable products, create a tougher comparison in Q4 this year, which will reduce revenue growth a bit when compared to the third quarter. Also, our EBA strength in the second half of last year, including 2 of our largest ever deals in Q3, will impact RPO growth comparisons in the second half of our fiscal '22. The slide deck on our website has more details on modeling assumptions for the third fiscal quarter and full year fiscal '22.

展望未來，我們預期第三季營收成長將加速。去年第四季強勁的預付款收入，以及Vault產品現已納入評級範圍，導致不可評級產品數量減少，使得今年第四季的同比基數較高，與第三季相比，營收成長將略有下降。此外，去年下半年我們在EBA業務方面表現強勁，包括第三季達成的兩筆史上最大交易，這將影響2022財年下半年的RPO成長。我們網站上的簡報提供了更多關於2022財年第三季和全年模型假設的詳細資訊。

As I shared last quarter, my initial focus after rejoining Autodesk was digging into our fiscal '22 budget and fiscal '23 financial goals. The strength we've seen in fiscal '22, combined with a significant cohort of multiyear product subscription contracts that we expect will renew in fiscal '23, set us up nicely to achieve our fiscal '23 revenue growth potential and free cash flow goal.

正如我上個季度所分享的，我重返歐特克後的首要任務是深入研究我們2022財年的預算和2023財年的財務目標。我們在2022財年取得的強勁業績，加上我們預計將在2023財年續簽的大量多年期產品訂閱合同，為我們實現2023財年的收入增長潛力和自由現金流目標奠定了良好的基礎。

This past quarter, I turned my attention to our long-range financial plan, with a particular focus on fiscal '24 and beyond. You'll hear more at our Investor Day next week. But to set the stage today, our long-term strategic growth drivers and our flexible subscription business model give us confidence we can achieve our goal of sustainable double-digit revenue and free cash flow growth beyond fiscal '24. Now once we've achieved our fiscal '23 goals, we'll give you more details on our financial ambitions for fiscal '24 and beyond. But on the whole, we believe we have many exciting opportunities to drive growth by further expanding our addressable market into areas like construction and infrastructure as well as by deepening monetization of our user base. And we look forward to sharing more specifics with you at our Investor Day next week.

上個季度，我將工作重點放在了我們的長期財務規劃上，特別關注2024財年及以後的發展。在下週的投資者日上，我們將詳細介紹。但今天，我想先說明一點：我們長期的策略成長動力和靈活的訂閱業務模式讓我們有信心實現2024財年及以後兩位數營收和自由現金流可持續增長的目標。在實現2023財年的目標後，我們將公佈2024財年及以後的財務目標詳情。總而言之，我們相信，透過進一步拓展目標市場，例如進軍建築和基礎設施領域，以及深化用戶群的商業化，我們將擁有許多令人振奮的成長機會。我們期待在下週的投資者日上與您分享更多細節。

Andrew, back to you.

安德魯，把鏡頭交給你了。

Thank you, Debbie. Now let me turn to our strategic growth initiatives. Sustained and purposeful innovation to enable digital transformation in the industries we serve is changing our relationships with our customers from software vendor to strategic partner. And that is enabling us to create more value through end-to-end cloud-based solutions that connect data and workflows and business model evolution. By helping our customers grow, we will grow too.

謝謝黛比。現在讓我談談我們的策略性成長舉措。我們持續不斷地進行有目的的創新，以推動我們所服務產業的數位轉型，這正在改變我們與客戶的關係，從軟體供應商轉變為策略合作夥伴。這使我們能夠透過連接資料、工作流程和業務模式演進的端到端雲端解決方案創造更多價值。幫助客戶成長，我們自身也將成長。

In AEC, digitization trends are accelerating the need to connect all phases of design and construction with end-to-end cloud-based solutions. A great example this quarter was with an Asia Pacific semiconductor manufacturer, which is rapidly expanding its manufacturing capacity around the world and looking for help to drive more efficient collaboration across project stakeholders as well as shorter design and delivery cycles. It invested in AEC collections to accomplish this goal and is now leveraging the power of BIM and our digital AEC workflows to achieve its expansion plan. This is a prime example of how Autodesk is positioned to help our customers as industries converge, with this customer being a long-time user of our manufacturing products and now expanding its footprint with us in AEC.

在建築、工程和施工 (AEC) 行業，數位化趨勢正在加速推動將設計和施工的各個階段與端到端的雲端解決方案連接起來的需求。本季的一個很好的例子是亞太地區的半導體製造商，該公司正在迅速擴大其全球產能，並尋求協助以促進專案利害關係人之間更有效率的協作，以及縮短設計和交付週期。為了實現這一目標，該公司投資了 AEC 解決方案，現在正利用 BIM 和我們的數位化 AEC 工作流程來實現其擴張計劃。這充分體現了 Autodesk 如何幫助客戶應對產業融合的趨勢。這家客戶長期以來一直是我們的製造產品用戶，現在正透過我們拓展其在 AEC 領域的業務。

In construction, we believe the Autodesk Construction Cloud is the best end-to-end offering across all phases of the construction life cycle. Starting with our industry-leading preconstruction offerings, we help our customers seamlessly convert data into a construction plan, allowing our customers to condition and coordinate models early to aiding clash detection, easily quantify the materials required for future construction and leverage our BuildingConnected community to power the bidding process.

在建築業，我們相信 Autodesk Construction Cloud 是涵蓋建築生命週期所有階段的最佳端到端解決方案。從我們行業領先的施工前期解決方案開始，我們幫助客戶無縫地將數據轉換為施工計劃，使客戶能夠儘早對模型進行調整和協調，從而輔助碰撞檢測，輕鬆量化未來施工所需的材料，並利用我們的 BuildingConnected 社區為投標流程提供支援。

As we turn to the field, Autodesk Build provides a single integrated solution for project management, field collaboration, quality, safety and cost control, which is easy to deploy, adopt and use. We just launched it in February, but we're already -- we've already seen Autodesk Build in use on more than 11,000 customer projects around the world. By connecting project information and teams in one common data environment, it enables efficient collaboration while providing predictive analytics and insights that increase quality and safety while decreasing risk.

展望現場應用，Autodesk Build 提供了一個整合的專案管理、現場協作、品質、安全性和成本控制解決方案，易於部署、採用和使用。我們在今年二月剛發布該方案，但目前已在全球超過 11,000 個客戶專案中看到 Autodesk Build 的應用程式。透過將專案資訊和團隊連接到一個通用的資料環境中，Autodesk Build 能夠實現高效協作，同時提供預測分析和洞察，從而提高品質和安全性，並降低風險。

As I mentioned earlier, we've transitioned to being a strategic partner to our customers. And in construction, that means evolving our business model. We provide customers more choice in how they buy. We offer both user and account-based pricing, which gives our customers the flexibility to decide how they want to engage with us on their digital journey. With our account-based pricing model, we're seeing significant benefits from driving as many users as possible to our construction platform.

正如我之前提到的，我們已經轉型成為客戶的策略夥伴。在建築業，這意味著我們需要不斷改進我們的商業模式。我們為客戶提供更多購買方式的選擇。我們提供基於用戶和帳戶為基礎的定價模式，讓客戶能夠靈活地決定他們在數位轉型過程中與我們互動的方式。透過帳戶為基礎的定價模式，我們看到，吸引盡可能多的用戶使用我們的建築平台，能夠帶來顯著的效益。

Once Autodesk Build has been deployed in a project, we've made it frictionless for anyone involved on the project to get access to our platform within minutes. This pattern is not unlike the evolution of Fusion 360 over the last few years. The more users we see on our platform, the more we learn, the better we make our products and the more value we add to our customers.

一旦 Autodesk Build 部署到專案中，我們就能確保專案中的所有參與者都能在幾分鐘內輕鬆存取我們的平台。這與 Fusion 360 在過去幾年的發展歷程非常相似。我們平台上的用戶越多，就能學到越多，從而不斷改進產品，為客戶創造更多價值。

This quarter, Messer Construction, a top ENR 400 general contractor in the United States, selected Autodesk Build for project management over competitive offerings, Pype for submittal management and BIM Collaborate for native class detection. As Andy Burg from Messer Construction said, "Autodesk Build's comprehensive unified platform is industry-leading and, by seamlessly connecting design with construction to increase our efficiency, establishes a strong partnership foundation and further enables us to build better lives for our customers, communities and each other."

本季度，美國ENR 400強總承包商之一的Messer Construction公司，在眾多競爭產品中選擇了Autodesk Build作為專案管理平台，Pype用於提交管理，以及BIM Collaborate用於原生類檢測。正如Messer Construction公司的Andy Burg所說：“Autodesk Build的全面統一平台在業界領先，它能夠無縫連接設計與施工，從而提高我們的效率，建立牢固的合作基礎，並進一步幫助我們為客戶、社區以及彼此創造更美好的生活。”

Autodesk Build's momentum is growing internationally, too. Stamhuis is a leading retail shop construction and renovation company in the Netherlands, which had already used AEC collections in generative design to optimize client retail space, reduced design and construction errors by 15% and improved its ROI by 10%. This quarter, it invested in Autodesk Build to further increase efficiency, reduce waste and add value for its clients by converging workflows from conceptual design to engineering and fabrication while seamlessly collaborating with its clients. Our relationship with Stamhuis demonstrates the value that digital construction processes can bring to customers around the world. With our significant international experience and resources, we're well positioned to capitalize on this large growth opportunity.

Autodesk Build 的發展勢頭在國際上也日益強勁。 Stamhuis 是荷蘭領先的零售店鋪建和翻新公司，此前已將 AEC 的生成式設計方案應用於客戶的零售空間優化，從而減少了 15% 的設計和施工錯誤，並提高了 10% 的投資回報率。本季度，Stamhuis 投資了 Autodesk Build，旨在透過整合從概念設計到工程和製造的工作流程，並與客戶無縫協作，進一步提高效率、減少浪費並為客戶創造更多價值。我們與 Stamhuis 的合作充分展現了數位化建造流程能為全球客戶帶來的價值。憑藉我們豐富的國際經驗和資源，我們已做好充分準備，把握這一巨大的成長機會。

And we continue to invest to connect and converge adjacent industries to create value and help our customers achieve greater efficiency. During the quarter, Innovyze's Info360 cloud platform launched a beta version of Info360 Asset, a cloud-based tool for the water industry's condition and performance monitoring and risk management processes. We also launched Autodesk Tandem, our digital twin offering focused on harnessing the data from the design and construction process to create a repeatable and dynamic process, with digital handover being the natural output of the project life cycle.

我們持續投資，致力於連結和整合鄰近產業，創造價值，並幫助客戶提升效率。本季度，Innovyze 的 Info360 雲端平台推出了 Info360 Asset 的測試版，這是一款基於雲端的工具，用於水務行業的狀況和效能監測以及風險管理流程。此外，我們還推出了 Autodesk Tandem，這是一款數位孿生解決方案，專注於利用設計和施工過程中的數據，創建可重複且動態的流程，最終實現數位化交付，使其成為專案生命週期的自然結果。

Turning to manufacturing. We continue to see strong momentum with our manufacturing portfolio this quarter, and we also saw the inclusion of Upchain in its first enterprise business agreement, or EBA, with one of our larger enterprise accounts. The convergence of design and make is accelerating, and we are seeing larger companies expand on our platform. For example, after using Fusion 360 and Moldflow to develop accurate digital manufacturing trends for injection-molded parts, which is typically a very iterative, time-consuming and expensive process, one of the largest American multinational medical device and pharmaceutical companies renewed and expanded its EBA with us this quarter. They were able to significantly reduce the time and rework costs because they could anticipate, predict and correct manufacturing issues before moving in production.

再來看製造業。本季度，我們的製造業業務組合持續保持強勁成長勢頭，同時，Upchain 也與我們一家大型企業客戶簽署了首份企業業務協議 (EBA)。設計與製造的融合正在加速，我們看到越來越多的大型企業在我們的平台上拓展業務。例如，一家美國大型跨國醫療器材和製藥公司利用 Fusion 360 和 Moldflow 為射出成型零件開發精準的數位化製造趨勢（這通常是一個非常耗時、迭代性強且成本高昂的過程），在本季度續約並擴大了與我們簽訂的 EBA。由於能夠在生產前預測、預判並糾正製造問題，他們得以大幅降低時間和重工成本。

We continue to see subscription growth for Fusion 360 with paying subscriptions now at 165,000, and the Fusion 360 extensions are helping to increase our average revenue per subscriber and capture more potential opportunity. During the quarter, a U.S.-based global leader in design, engineering and manufacturing of woven wire mesh products transitioned to Fusion 360 as their main design tool and invested in our managed extension. The combination of Fusion 360 and managed extensions has largely automated their design and change workflows and has brought a new level of organization and efficiency on product design all the way through delivery.

Fusion 360 的訂閱用戶持續成長，付費訂閱用戶已達 16.5 萬人。 Fusion 360 的擴充功能正幫助我們提升每位用戶的平均收入，並掌握更多潛在商機。本季度，一家總部位於美國的全球領先的編織金屬絲網產品設計、工程和製造企業將 Fusion 360 作為其主要設計工具，並投資了我們的託管擴展功能。 Fusion 360 與託管擴充功能的結合，大大實現了其設計和變更工作流程的自動化，並在產品設計到交付的整個過程中顯著提升了組織性和效率。

Our presence in education continues to expand to address the critical shortage in skilled labor. For example, a growing number of large German companies are replacing competitive solutions and are training their apprentices on Fusion 360 to prepare them for the future of work. In the second quarter, Energie Baden-Wuerttemberg AG, EnBW, one of the biggest utility companies in Germany with 25,000 employees, adopted Fusion 360 to train its 600 apprentices. EnBW and its apprentices will benefit from the Fusion 360 cloud collaboration platform serving all their CAD, CAM and CAE needs while they are either on-site or remote.

為了因應技能型勞動力嚴重短缺的問題，我們在教育領域的投入持續成長。例如，越來越多德國的大型企業正在用Fusion 360取代競爭對手的解決方案，並以此培訓學徒，幫助他們為未來的工作做好準備。今年第二季度，德國最大的公用事業公司之一——巴登-符騰堡能源股份公司（EnBW，擁有25,000名員工）採用了Fusion 360來培訓其600名學徒。 EnBW及其學徒將受益於Fusion 360雲端協作平台，無論他們是在公司現場還是遠端工作，該平台都能滿足他們所有的CAD、CAM和CAE需求。

Education remains an important market for us, and we continue to broaden our reach with more than 43 million Tinkercad and Fusion 360 education users. We continue to make progress transitioning all of our users to named users, giving customers more visibility into their usage data and allowing us to better serve our paying customers while also making it harder for noncompliant users to access our software.

教育市場對我們而言依然十分重要，我們不斷擴大用戶覆蓋範圍，目前已擁有超過 4,300 萬 Tinkercad 和 Fusion 360 教育用戶。我們持續推進所有用戶向指定用戶過渡的進程，這不僅讓客戶能夠更清晰地了解其使用數據，也使我們能夠更好地服務於付費客戶，同時還能有效阻止不合規用戶訪問我們的軟體。

The [Level] group is a full cycle developer, which specializes in business class complexes. During the quarter, it increased its investment with Autodesk by consolidating all of its single and multiuser subscriptions and permanent licenses to AEC Collections with our premium plan and Autodesk Docs to enable more efficient collaboration and license management. And with the help of 24/7 technical support and single sign-on capability, Level group expects reduced design costs in the future.

Level集團是一家提供全週期服務的開發商，專注於商業級綜合體專案。本季度，該集團透過整合其所有AEC Collections的單用戶和多用戶訂閱及永久許可，並將其升級至Autodesk的高級計劃和Autodesk Docs，從而增加了對Autodesk的投資，以實現更高效的協作和許可管理。此外，借助全天候技術支援和單一登入功能，Level集團預計未來設計成本將降低。

As our existing paying customers navigate the complexity of digital transition, we can help them manage that complexity, improve efficiency and sustainability and remain license-compliant. For example, one of the leading construction, civil, industrial and infrastructure service contractors in Vietnam invested in AEC collections and Autodesk Build to balance project safety, efficiency and quality while also reducing environmental impact and waste. Our license compliance team helped them identify licensing gaps and ensure installation of compliance software. We estimate that there are about 2 million noncompliant users within our paying customer base.

當我們現有付費客戶應對數位轉型帶來的複雜性時，我們可以幫助他們管理這些複雜性，提高效率和永續性，並確保符合授權要求。例如，越南一家領先的建築、土木、工業和基礎設施服務承包商投資了 AEC Collections 和 Autodesk Build，以在平衡專案安全、效率和品質的同時，減少對環境的影響和浪費。我們的許可合規團隊幫助他們識別了許可方面的不足，並確保安裝了合規軟體。我們估計，在我們付費客戶群中，約有 200 萬用戶不符合許可要求。

During the quarter, we closed 11 deals over $500,000 with our license compliance initiatives, 6 of which were over $1 million. At the end of September, we will launch a new pay-as-you-go consumption model called Flex. It matches the customer's cost with their usage. Flex is an important new way to purchase from us as we evolve our business models to offer more choice and flexibility. It serves the long tail of customers who want an option for occasional users that do not use subscriptions every day. It also lowers the barrier to entry for existing and new users to explore new products with minimal risk and upfront costs.

本季度，我們透過許可合規項目完成了 11 筆金額超過 50 萬美元的交易，其中 6 筆超過 100 萬美元。 9 月底，我們將推出名為 Flex 的全新隨選付費消費模式。此模式將客戶的費用與其使用量相符。隨著我們不斷改進業務模式，提供更多選擇和靈活性，Flex 將成為我們重要的全新購買方式。它滿足了那些偶爾使用、並非每天都訂閱的用戶的需求。同時，它也降低了現有用戶和新用戶探索新產品的門檻，使他們能夠以最小的風險和前期成本獲得成功。

Now back to where I started. Sustained and purposeful innovation to digitally transform the industries we serve is also transforming our relationship with our customers from software vendor to strategic partner and enabling us to create more value for them through end-to-end cloud-based solutions, business model evolution and connected data and workflows. By helping our customers grow, we will grow, too. The pandemic has accelerated these trends, and climate change is increasing the urgency. We will continue to invest to rise to the challenges ahead and seize the opportunities they present. In the meantime, we remain on track to achieve our fiscal '23 goals.

現在回到我最初的話題。持續且有針對性的創新，旨在實現我們所服務行業的數位轉型，同時也在轉變我們與客戶的關係，從軟體供應商轉變為戰略合作夥伴，使我們能夠透過端到端的雲端解決方案、業務模式演進以及互聯的數據和工作流程，為客戶創造更多價值。幫助客戶發展，我們自身也將發展壯大。疫情加速了這些趨勢，而氣候變遷則加劇了這種迫切性。我們將繼續投資，迎接未來的挑戰，並抓住機會。同時，我們仍有望實現2023財年的目標。

Please join us at our virtual Investor Day next week where we will have more time to share our strategic initiatives with you.

請參加我們下週的線上投資者日活動，屆時我們將有更多時間與您分享我們的策略性舉措。

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

接線員，現在我們開始接受提問。

(Operator Instructions) Our first question comes from the line of Saket Kalia of Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Saket Kalia。

Okay. Great. Maybe just to start with you, Debbie. I'd love to dig a little deeper into the changes to billings and free cash flow this year. And maybe specifically, I was wondering if you could just help frame the size and impact of that change to EBA billings. And maybe as part of that, just talk about what sort of gives you the confidence in what's maybe just a little bit of a steeper ramp in cash flow growth now implied for next year. Does that make sense?

好的，太好了。黛比，或許我們可以先從你這裡開始。我想更深入地探討一下今年帳單和自由現金流的變化。具體來說，我想請你幫我分析一下EBA帳單變動的規模和影響。另外，能否請你談談是什麼讓你對明年現金流成長可能出現的更大幅度成長充滿信心？這樣說你明白嗎？

It does. Thanks, Saket. Thanks for the question. So we're seeing overall strength in the business, and we continue to demonstrate discipline with our spend. So that's what's driving us to raise our guidance for revenue and margin for the year.

是的。謝謝，Saket。感謝你的提問。我們看到公司整體業務表現強勁，我們繼續保持嚴格的支出控制。正因如此，我們才上調了今年的營收和利潤率預期。

For billings and free cash flow, I covered the specifics in the opening commentary. The key point to take away is this, we're focused on making changes that are good for our customers and good for us. And shifting more EBAs to annual billings helps us achieve that goal. Now it makes sense for customers because they retain price certainty by signing a multiyear contract. But by moving to annual billings, they get a more predictable annual cash outlay.

關於帳單和自由現金流，我在開篇的評論中已經詳細闡述過了。關鍵在於，我們致力於做出對客戶和我們自身都有利的改變。將更多企業協議 (EBA) 轉為年度結算有助於我們實現這一目標。對客戶而言，簽訂多年合約可以確保價格穩定，而轉為年度結算則能讓他們獲得更可預測的年度現金支出。

Of course, the change is good for us, too. We generate more predictable annual cash flows, and we remove the discounts we see today to generate cash collections upfront. Most EBAs are already on annual billing terms. And also, we had already assumed that EBAs would all be on annual billing terms starting next year in our fiscal '23. We're making the change now because with the strong start to fiscal '22, we decided to get moving earlier to execute on the shift. But the overarching driver is that we're focused on optimizing our business, and the change, as we said, is good for both our customers and for us.

當然，這項改變對我們也有好處。我們能夠獲得更可預測的年度現金流，並取消目前為了提前收回款項而提供的折扣。大多數企業協議（EBA）已經採用年度結算方式。此外，我們先前已預期，從2023財年開始，所有企業協議都將採用年度結算方式。我們現在做出這項改變，是因為2022財年開局強勁，我們決定提前推動轉型。但最根本的驅動因素是我們專注於優化業務，正如我們所說，這項改變對我們的客戶和我們本身都有好處。

As a side note, the impact to our billings guidance is also pretty small. It's around 1 percentage point of impact to the total billings outlook.

另外，對我們的帳單預期影響也很小，大約只會對整體帳單預期產生 1 個百分點的影響。

Now if I shift attention to the ramp to fiscal '24, we do see accelerating momentum and multiple drivers of growth. Regarding multiyears, I want to break it down a bit. We have 2 main pools of multiyears, one for our EBAs and one for our base product subscription business. What I've talked about today so far is EBAs and the ongoing shift to annual billings for that cohort. As we look ahead to next year, as I mentioned in the opening commentary, we have a material cohort of multiyear contracts that are coming up for renewal in our base product subscription business. Renewing those contracts is one factor that drives us to $2.4 billion in cash flow next year. And year-to-date this year, the proportion of multiyear renewals that we're seeing in that cohort is in line with our expectations. So that, plus the strength in our top line year-to-date, gives us confidence in the path to the $2.4 billion free cash flow target next year.

現在，如果我把注意力轉向2024財年的成長，我們確實看到成長動能正在加速，並且有多種成長驅動因素。關於多年期合同，我想詳細解釋一下。我們有兩大類多年合約，一類是企業協議（EBA），另一類是基礎產品訂閱業務。我今天主要談到的是企業協議以及該類合約向年度結算模式的持續轉變。展望明年，正如我在開場白中提到的，我們基礎產品訂閱業務中有相當數量的多年期合約即將到期續約。續約這些合約是我們明年實現24億美元現金流目標的關鍵因素之一。今年迄今為止，該類合約的多年期續約比例符合我們的預期。因此，再加上我們今年迄今強勁的營收成長，讓我們對明年實現24億美元自由現金流目標充滿信心。

Okay. Got it. That's very helpful. Andrew, maybe for you, just zooming out a little bit more broadly. You talked a little bit about -- in your prepared remarks and the press release, I think you talked about sort of growing as your customers grow as well. And I think you touched on some examples in your prepared remarks also, but I was just wondering if you can expand on that a little bit and maybe just connect it back to the flexibility of the business model, if you will.

好的，明白了。這很有幫助。安德魯，或許我們可以從更宏觀的角度來談談。你在準備好的發言稿和新聞稿中都提到過，公司會隨著客戶的成長而發展。我想你在發言稿中也舉了一些例子，但我只是想請你再詳細闡述一下，並把它和商業模式的彈性連結起來。

Yes. Saket, specifically, what I did say was I said as we help our customers grow, we will grow. And the reason I want to highlight that particular point here is a lot of the things that are going on with regards to us growing with our customers is they're increasing investment in digitization. This is here to stay. It's continuing to accelerate. It's going to move forward next year and continue to accelerate. So the digitization engagement with our customers is why we grow as we help them grow because digitization is going to help them grow. It's going to help them be more responsive. It's going to help them win more business. It's going to help them do a whole bunch of things that they were struggling to do previously, which is great for them and great for us.

是的。薩凱特，具體來說，我剛才說的是，當我們幫助客戶發展時，我們自己也會發展。我之所以要強調這一點，是因為客戶不斷增加對數位化的投資，而這正是我們與客戶共同成長的關鍵。數位轉型已成為常態，並且持續加速發展。明年，這一趨勢還將持續。因此，我們之所以能夠與客戶共同成長，正是因為我們與客戶在數位轉型方面的合作，數位轉型能夠幫助他們發展，提高回應速度，贏得更多業務，並幫助他們完成許多以前難以完成的事情。這對客戶和我們來說都是雙贏的。

Now the other thing I'd add there is we're also responding to the way they want to buy. I mean I think you've noticed that we introduced Flex. We haven't rolled it out yet. The customers can't yet buy it, but we introduced the concept of Flex. And Flex is something that a lot of our customers have been waiting for as we've been moving away from our old multiuser paradigm to single user. They've been waiting to see something that allows them to manage occasional use and maybe dive deeper into some of our more advanced digital technologies and integrate some of those things in the workflow. So we're going to offer them the flexibility they've been looking for, and we're going to mainstream it across a lot of our customer base in the mid-market.

還有一點我想補充的是，我們也在積極回應客戶的購買需求。我想您已經注意到我們推出了 Flex 服務。雖然目前尚未正式上線，客戶還無法購買，但我們已經提出了 Flex 的概念。許多客戶一直期待 Flex 的到來，因為我們一直在從原有的多用戶模式轉向單一用戶模式。他們一直希望能夠找到一種解決方案，讓他們可以靈活地管理偶爾使用的功能，並深入探索我們一些更先進的數位技術，並將這些技術整合到工作流程中。因此，我們將為他們提供他們一直以來所尋求的靈活性，並將這項服務推廣到我們面向中端市場的眾多客戶群。

But the other piece I want to highlight about Flex, in particular, is that it's also a tool for reaching the long tail of our customers. Flex is going to allow us to not only help with smaller businesses that use some of our tools only a couple of times a month, but it's also going to help us with smaller customers or departments within larger customers that want to use a particular advanced tool on an occasional basis. It used to be back in the '90s when it looks like the long tail first came out that you'd attack the long tail with a set of discrete products. Tons -- you have tons of little products. The 2020 ways of approaching that is having a business model that allows people to get access to a set of capabilities in an ever-growing platform of products like what we're doing with Fusion. So look for those things, long term, can be important tools that we see forward. Things like Flex are not going to be short-term revenue drivers, but there'll be long-term ones there.

但我想特別強調的是，Flex 也是我們觸達長尾客群的工具。 Flex 不僅能幫助我們服務那些每月只使用我們工具幾次的小型企業，還能幫助我們服務那些偶爾需要使用特定高級工具的小型客戶或大型客戶旗下的部門。在 90 年代，長尾概念剛出現的時候，我們通常會推出一系列獨立的產品來瞄準長尾市場。產品種類繁多，琳瑯滿目。而 2020 年的因應方式是採用一種商業模式，讓使用者能夠在一個不斷擴展的產品平台上存取一系列功能，就像我們正在開發的 Fusion 一樣。因此，從長遠來看，這些工具可能會成為我們未來發展的重要方向。像 Flex 這樣的工具不會帶來短期收益，但它們會帶來長期的收入成長。

Digitization is the key underlying thing here. Our business models and the way we're approaching some of our advanced platforms are the enablers that allow our customers to digitize faster.

數位化是關鍵所在。我們的商業模式以及我們建構一些先進平台的方式，正是讓客戶更快實現數位轉型的關鍵所在。

Our next question comes from Adam Borg of Stifel.

我們的下一個問題來自 Stifel 公司的 Adam Borg。

Maybe for you, Andrew. So I'm sure we'll talk more on the broader strategy next week, but you've been very clear around this idea of convergence for some time. And earlier in the quarter, there was the idea of converging mechanical pad and electrical pad. And how should we think about that going forward? And are we looking to do that more on the organic front with EAGLE or potentially strategic partnerships or acquisitions? How should we think about that?

或許對你來說是這樣，安德魯。我相信我們下週會更詳細地討論更廣泛的策略，但你之前一直非常明確地談到融合這個概念。本季初，你也提出過機械平台和電子平台融合的想法。我們接下來該如何看待這個問題？我們是否打算更多地透過EAGLE的內部成長來實現整合，還是可能透過策略合作或收購？我們應該如何考慮這個問題？

Yes. So excellent question. This convergence piece between mechanical design and electrical design is something we've absolutely had our eye on for quite some time. As you know, we bought EAGLE several years back, and we have now tightly integrated it into the Fusion platform. And we're doing some very, very interesting things around automation and integration between electronic PCB design and the associated mechanical designs that either contain it or actually interact with it in a smart product. So we're already attacking that convergence organically with our products.

是的，問得好。機械設計和電子設計之間的融合是我們一直非常關注的領域。如您所知，我們幾年前收購了EAGLE，現在已將其與Fusion平台緊密整合。我們正在圍繞自動化以及電子PCB設計與相關機械設計（包括包含PCB或與其互動的機械設計）之間的整合開展一些非常有趣的工作，以打造智慧產品。因此，我們已經在產品中自然而然地推進這種融合。

You saw us look externally as well because we saw an opportunity to accelerate the industry change. We believe these processes are going to converge. We believe the leading-edge customers are going to be driving and using converged processes. And we saw a vision match out there, and we engaged in the discussion around accelerating this change in the market. We're still going after that market with Fusion, with EAGLE and the integration we have, and we're already moving up into the mid-market with some of these tools. So this is not going away. This is a continuing and ongoing place for us to focus and look for us to continually increase what we're doing with EAGLE to make those convergences between mechanical and electrical design more fluid, more integrated and, frankly, more automated.

您也看到了我們關注外部市場，因為我們看到了加速產業變革的機會。我們相信這些流程將會融合。我們相信領先的客戶將會推動和使用融合流程。我們看到了彼此的願景契合，並積極參與了關於加速市場變革的討論。我們仍然透過 Fusion、EAGLE 以及我們現有的整合方案來開拓市場，我們已經開始利用其中一些工具進入中端市場。所以，這不會是我們的終點。我們將持續關注並不斷提升 EAGLE 的運用，以使機械和電氣設計之間的融合更加流暢、集成，坦白說，也更加自動化。

That's really helpful. And maybe just a quick follow-up. So just staying on the Fusion 360 and the manufacturing front. You've talked about in the past a lot of success with Fusion 360, even in the CAM space replacing vendors like Mastercam. And just curious if today's announcements of that getting acquired can help accelerate the opportunity or change the dynamics competitively in some way.

這真的很有幫助。或許我還有一個後續問題。我們繼續討論Fusion 360和製造業的問題。您之前提到過Fusion 360取得了巨大的成功，甚至在CAM領域取代了Mastercam等供應商。我想知道今天宣布的收購消息是否能加速這一機會的實現，或者在某些方面改變競爭格局。

Yes. I think one of the things you also saw is that got acquired. There was a lot of visibility into the Mastercam business. And I think you can kind of see that the business was not growing as, say, robustly as, say, Fusion is growing, both from a user and billing standpoint. So we're pretty confident that in the manufacturing side and the CAM side, we're doing a great job with Fusion, but we're also reaching deeper and deeper into people's entire process. A lot of the customers we're talking about publicly now are people that have rolled out Fusion across the entire process.

是的。我想您也看到了，Mastercam 被收購了。 Mastercam 的業務前景非常明朗。而且我認為，無論從用戶數量或收入來看，Mastercam 的業務成長都不如 Fusion 那麼強勁。因此，我們非常有信心，在製造和 CAM 領域，Fusion 的表現非常出色，而且我們也不斷深入地滲透到使用者的整個流程中。我們現在公開談論的許多客戶，都是已經將 Fusion 全面應用於整個流程的客戶。

And one of the things that's also exciting, you're seeing these large subscription counts, 11,000 again -- breaking 11,000 again this quarter. But one of the other exciting aspects here is that our billings growth is actually growing faster than our subs growth, which is a result of the new extension strategy, which is continually adding more and more advanced capability that people can buy on a pay-per-use basis or on a subscription basis to one of these extensions. So we're continuing to see really good traction with Fusion. We're continuing to roll out new extensions. You'll see more extensions coming out this year into next year.

令人興奮的是，我們的訂閱用戶數量再次突破11,000大關，本季再次突破11,000大關。更令人振奮的是，我們的帳單成長速度實際上超過了訂閱用戶成長速度，這得益於我們新的擴展策略。該策略不斷增加更高級的功能，用戶可以按需付費或訂閱這些擴充功能。因此，Fusion 的發展勢頭依然強勁。我們也持續推出新的擴充功能。今年到明年，您將會看到更多擴充功能上線。

And you'll also see us start to do some interesting new things from a platform perspective with Fusion as well. So we're pretty bullish on Fusion. We feel pretty good about our position right here, and we're continuing to see growth. And you're right, I think the acquisition of Mastercam just shine the light on where the action is right now in the space.

而且，您也會看到我們在Fusion平台方面也開始做一些有趣的新嘗試。所以我們對Fusion非常看好。我們對目前的市場地位感到很滿意，並且持續看到成長。您說得對，我認為收購Mastercam恰恰凸顯了目前該領域的競爭格局。

Our next question comes from Jay Vleeschhouwer of Griffin Securities.

我們的下一個問題來自 Griffin Securities 的 Jay Vleeschhouwer。

Andrew, you mentioned...

安德魯，你提到…

I got to get my pen ready for the 3-part question. Okay. Pen's ready.

我得準備好筆，準備回答這三部分的問題。好了，筆準備好了。

Okay. So you mentioned that usage is now at prepandemic levels, and the question has to do with new products of volume. It's an easy compare year-over-year versus last year, but would it be reasonable to say that new product subs volume, the core of the business, ex EBA, ex cloudy products, ex M2S is above levels of 2 years ago and that your expectations for the remainder of this year as soon as the next year is that, that will remain the case that you're now well above where you were 2 years ago in terms of that core product volume?

好的。您提到目前的使用量已恢復到疫情前的水平，而問題在於新產品的銷售量。雖然可以很容易地與去年同期進行比較，但能否合理地認為，新產品細分市場銷售（即核心業務，不包括EBA、雲端產品和M2S）已經高於兩年前的水平？您是否預計今年剩餘時間以及明年，核心產品銷售仍將遠高於兩年前的水平？

And then similarly, for many years, LT was considered to be a good leading indicator or a barometer of the business. Given the change in the profile of your product mix, your portfolio, plus the fact that Autodesk seems to be encouraging full AutoCAD adoption in lieu of LT, you're clearly not encouraging LT, is there some change in the barometers or indicators that you look to for the business?

同樣，多年來，LT 一直被認為是衡量業務發展的重要領先指標或晴雨表。鑑於貴公司產品組合和產品線的變化，以及 Autodesk 似乎正在鼓勵全面採用 AutoCAD 而非 LT，貴公司顯然並未鼓勵使用 LT，那麼貴公司用來衡量業務發展的晴雨表或指標是否也發生了變化？

Yes. Okay. Great questions. So let me address the first part. There's only 2-part questions, Jay. You disappointed us.

好的。問得好。那我先回答第一部分。傑伊，問題只有兩個部分。你讓我們失望了。

I can give you a third.

我可以給你第三個。

So new product subs is up significantly, okay? I'm not going to give you specifics. I'm not going to tell you if it's exactly back up to 2 years, but let's just say it's up significantly. Okay. We can't -- we couldn't be delivering the kind of performance we're delivering if it wasn't. It's significantly higher than the overall growth of the business in terms of new product subs, and it's continued to robustly grow moving forward, and we expect it to continue. So you can imagine that our volumes are getting back up to the places we would have expected them to be before COVID ever hit, which is a good sign and a good outcome.

所以新產品訂閱量顯著成長，懂嗎？我不會透露具體數字，也不會說是否完全恢復到兩年前的水平，但可以肯定的是，它確實顯著增長。如果成長不明顯，我們不可能取得如此優異的業績。新產品訂閱量的成長遠高於公司整體業務成長，而且這一成長勢頭強勁，我們預計未來還會繼續保持。因此，您可以想像，我們的銷售正在恢復到疫情爆發前的預期水平，這是一個好兆頭，也是一個好結果。

And more and more, as you can see in this quarter, we generated a lot of that new volume through digital direct channels and channels that were direct to us, which is another interesting factor here. You are absolutely right. It used to be that LT, because of the price point and because of its exposure to small businesses, it was a barometer of the health of our business. But the move to the subscription model has kind of scrambled that a little bit because people that may have been buying LT exclusively for something or buying different products and other things like that.

而且，正如您在本季度所看到的，我們越來越多的新增銷售量是透過數位直銷管道和直接面向我們的管道實現的，這是另一個值得關注的因素。您說得完全正確。過去，LT（可能是指某種產品或服務）由於其價格定位和麵向小型企業的廣泛覆蓋，一直是衡量我們業務健康狀況的晴雨表。但轉向訂閱模式在某種程度上改變了這種狀況，因為那些可能專門購買LT或購買其他產品的用戶，現在也開始使用訂閱模式了。

So that's why we began tracking in a deep way the monthly active, daily active usage of our products in various countries, which has become, frankly, our core barometer. And I think you can agree that, that is a much more robust indicator of the health of our business than, for instance, looking at LT sales and LT transactions. And it's also interesting to note, as commercial usage surges forward so as noncompliant usage, almost faster sometimes.

因此，我們開始深入追蹤產品在各國的月活躍用戶數和每日活躍用戶數，坦白說，這已經成為我們衡量業務的核心指標。我想您也會認同，相較於長期銷售和長期交易量，這才是更能可靠反映我們業務健康狀況的指標。值得注意的是，隨著商業用途的激增，非合規用途的成長速度有時甚至更快。

Right. So as not to disappoint you, let me just ask you this. You made a very interesting reference...

好的。為了不讓您失望，我就問您這個問題。您剛才提到了一個非常有趣的例子…

Here comes part 3. Here we go.

第三部分來了。開始吧。

Exactly. You made a very interesting reference to a semiconductor facility in Asia that has become an AEC customer. And so the question there looking ahead is when you think about what Intel is going to be doing with fab construction and others in the semi industry, when you look at data center build-out and electric vehicle build-out, those are all mega commercial facilities. So what's your pipeline looking like for any or all of those?

沒錯。您剛才提到了一家位於亞洲的半導體工廠，它已經成為AEC的客戶，這一點非常有趣。那麼，展望未來，我們需要考慮英特爾以及其他半導體企業在晶圓廠建設、資料中心建設和電動車製造等領域的舉措，這些都是大型商業設施。那麼，您在這些領域有哪些專案規劃呢？

Yes. That's a very excellent point, Jay, right? So we're already big in the data center pipeline, all right? BIM is supercritical to some of these workflows. I have personally engaged with customers that I will not name, and see some amazing things they're doing with our tools on the data center front and on the factory front. So we are actively engaged with deepening the penetration of BIM in all of those areas where people are standing up new factories.

是的，傑伊，你說的很有道理，對吧？我們在資料中心領域已經佔據了相當大的份額，對吧？ BIM 對某些工作流程至關重要。我親自與一些客戶交流過，就不透露他們的名字了，我親眼目睹了他們在資料中心和工廠領域利用我們的工具所取得的驚人成果。因此，我們正積極致力於在所有新建工廠的領域深化 BIM 的應用。

And people are building new capacity. And you're right to talk about fab capacity for Intel and other places like that. BIM has matured to a point where when you combine it, especially not only with the capabilities of design and build, but ultimately, you'll see Tandem play a role in that space as well because Tandem as a digital twin, allows us to do a handover long term, not yet. Tandem is relatively new to market, but a digital handover to the owner for doing the lifetime management of the asset as well.

人們正在建立新的產能。您談到英特爾和其他類似公司的晶圓廠產能，這沒錯。 BIM技術已經發展到一定程度，當它與設計和建造能力相結合時，最終您將會看到Tandem在這個領域發揮作用，因為Tandem作為數位孿生技術，使我們能夠進行長期的移交，儘管目前還無法完全實現。 Tandem進入市場的時間相對較短，但它能夠將數位化移交給業主，以便進行資產的全生命週期管理。

So look, that pipeline is robust and strong. We're already a big player in data center and new style factory standups in several sectors.

所以你看，這條產品線非常穩健可靠。我們已經是多個產業資料中心和新型工廠建設領域的重要參與者。

Our next question comes from Gal Munda of Berenberg.

我們的下一個問題來自貝倫貝格銀行的加爾·蒙達。

The first one is just around kind of the way you're thinking of multiyear offerings going forward. We're hearing that towards the end of the year, you're kind of -- even on the product side, you're thinking about kind of decreasing the discounts potentially. Is that something that could have an implication beyond the EBA also going into product subscriptions to have a lower multiyear going forward? Or is it just something that you kind of managing cash flow as we head into FY '23, which is a big cohort of renewals, like you said?

第一個問題是關於您未來對多年期產品方案的規劃。我們聽說，到年底，您甚至在產品方面也在考慮降低折扣。這是否意味著，除了EBA（企業福利協議）之外，您還會對產品訂閱產生影響，從而在未來降低多年期產品的折扣？或者，這只是您為了應對即將到來的2023財年（正如您所說，那一年續約訂單量很大）而採取的現金流管理措施？

Yes. Thanks, Gal. So I'll say again, our goal is to do what's best for our customers and what's best for us. You're right that we recently announced that we're reducing the discount on product subscription, multiyear contracts from 10% down to 5%. And we're doing it because we don't feel that the higher discount is necessary. The value proposition of a multiyear contract to our customers is the price certainty, not the discount. Of course, we benefit from the lower discount because we get higher price realization. But at the end of the day, the multiyear contracts reflect strategic longer-term partnerships with our customers. Now we make small price changes like that all the time in order to optimize our business and to maximize the value for both our customers and for us, and this is just one example of that.

是的，謝謝，Gal。我再說一遍，我們的目標是做到對客戶和我們自己都最有利。你說得對，我們最近宣布將產品訂閱和多年合約的折扣從10%降至5%。我們這樣做是因為我們認為更高的折扣沒有必要。多年合約對顧客的價值在於價格的確定性，而不是折扣本身。當然，較低的折扣對我們有利，因為我們能獲得更高的利潤。但歸根結底，多年合約體現了我們與客戶之間長期的策略夥伴關係。我們經常會進行類似的小幅價格調整，以優化業務，並最大程度地提升客戶和我們自身的價值，這只是其中的一個例子。

Got you. That's really helpful. And then just the second question, we haven't heard much about the network licenses and how the -- kind of the transition is going. What you -- what we said in the past over the last year that obviously, the first ones to hand them over were the ones that had entitlement that basically gives them maybe more under the 2 for 1 or 1 for 2 effectively. They give them more licenses that they needed, and the others will kind of come later. Are you starting to see that tip of the iceberg effectively when it kind of goes to the other way where people that are handing in their network licenses now are -- that's 2 for 1 exactly or even they need to take extra entitlement in order to be in compliance?

明白了，這很有幫助。第二個問題，我們很少聽到關於網路許可證以及過渡進展的消息。過去一年我們說過，最先交出許可證的是那些擁有一定權益的用戶，他們實際上可能享受「買二送一」或「買一送二」的優惠。他們獲得的許可證數量超過了實際需要，其他用戶則會稍後交出。您是否開始看到這種趨勢的初步顯現，即現在交出網路授權的用戶是否也享受了「買二送一」的優惠，甚至需要額外購買權益才能符合規定？

So Gal, we are absolutely starting to see the tip of the iceberg on that part of the transition. And also Flex, which is something that a lot of those customers were waiting for, because those customers were heavy users of our network license model, Flex. Flex in one of its forms replaces that old model. So with it -- as Flex starts to reach the channel and reach the customers more directly, you're absolutely going to see a greater acceleration of that because they do have to ultimately transfer and name every user to use Flex. But we're seeing the tip of the iceberg on that right now. Flex's availability, broader availability as we move to the end of this year and into early next year will also accelerate that trend as well, which will help us retire that old business model and get our customers on the more advanced management systems that underpin Flex.

所以，Gal，我們現在看到的只是轉型過程中冰山一角。 Flex 也是許多客戶翹首以盼的，因為他們之前一直是 Flex 網路授權模式的重度使用者。 Flex 的其中一種形式取代了舊模式。隨著 Flex 開始更直接地接觸管道和客戶，轉型速度肯定會加快，因為他們最終需要遷移並指定每個用戶才能使用 Flex。但目前我們看到的只是冰山一角。隨著 Flex 的可用性和更廣泛的普及，在今年年底和明年年初，這一趨勢也將加速發展，這將有助於我們淘汰舊的商業模式，並讓客戶使用支撐 Flex 的更先進的管理系統。

Our next question comes from Matt Hedberg of RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的馬特‧赫德伯格。

Great. Andrew, I want to start with you. Given the U.S. federal infrastructure spending bill, one of the most often asked questions I get is really your exposure to infrastructure spending. I'm wondering if there's any way that you can help, just roughly frame up the magnitude of that business or even perhaps how fast is it growing relative to your overall sort of portfolio of businesses.

好的。安德魯，我想先問你一些問題。鑑於美國聯邦基礎設施支出法案，我最常被問到的問題之一就是你公司在基礎設施支出方面的投資情況。我想知道你是否可以幫忙，大致介紹一下這項業務的規模，或者它相對於你整體業務組合的成長速度如何。

Yes. So we don't break out infrastructure as a business. So I can't give you specifics, but here's one of the things -- here's what I can tell you, and here's the philosophical statement I can make on this. One, we do not have any impact from a federal infrastructure bill built into our financial models, okay? So the numbers we've given you, they're all business as usual based on our normal course and speed, right? So I want to be super clear about that, so we're all on the same page. However, we are big proponents of infrastructure spending and the need for infrastructure spending. And I think you're getting a sense -- just over the last few weeks and the last month, some of the critical drivers around what -- how serious it is when you have decaying infrastructure.

是的。所以我們沒有把基礎設施建設單獨列為一項業務。因此我無法提供具體細節，但我可以告訴你一點——這是我可以就此發表的理念。首先，我們的財務模型中沒有納入聯邦基礎設施法案的影響，懂嗎？所以我們提供的數據都是基於我們正常的營運模式和速度，一切照舊，對吧？所以我想把這一點說清楚，確保我們理解一致。然而，我們大力支持基礎建設支出，並認為基礎建設支出是必要的。我想你們已經感受到——在過去幾週和上個月裡，一些關鍵因素——基礎設施老化問題的嚴重性——正在顯現。

I mean look at California, right? California built water infrastructure for slow snowmelts to catch water and have it dribble down from the melting snow and run off to the coast, and everybody was happy. That world is likely gone. And what people need to focus on is more reservoirs, different types of infrastructure to capture rainwater rather than rely on snowmelt. These are things that, in some cases, were predictable 10 years ago, but we haven't made progress on.

我的意思是，看看加州就知道了，對吧？加州建造了水利基礎設施，利用緩慢融化的雪水收集系統，讓水從融化的雪中緩緩流淌到海岸，大家都很滿意。但那景象恐怕已經一去不復返了。現在人們需要關注的是建造更多的水庫，以及各種類型的雨水收集基礎設施，而不是依賴融雪。有些事情，十年前就能預見到，但我們至今仍未有任何進展。

Also, look what's happening in Tennessee just last week. These horrible tragedies with these flash floods in the middle of Tennessee, unprecedented levels of speed and severity of floods, all related to water infrastructure. All of these things are related to climate changes. Some of them were predictable. Some of them not. All of them are a 10-year backlog now in many places. We have to build better across the board. And we believe that our tools, our capabilities, the digital platforms we're deploying are going to help people build better.

此外，請看看上週田納西州發生的事情。田納西州中部遭遇了可怕的突發性洪水，洪水來勢洶洶，速度之快、強度之大前所未有，這一切都與水利基礎設施有關。所有這些都與氣候變遷有關。有些是可以預測的，有些則不然。在許多地方，所有這些問題都造成了長達十年的積壓。我們必須全面提升基礎建設水準。我們相信，我們正在部署的工具、能力和數位平台將有助於人們更好地建立基礎設施。

And when you look at how we're positioned to capitalize on this, which I can talk to you about, is, look, we have got the solution that goes from end to end with the owner -- with the capital planning engagement, all the way to the use engagement with the vertical and horizontal components of construction and BIM in between.

而當我們審視我們如何利用這一優勢時（我可以和你們談談），我們擁有從頭到尾的解決方案，與業主合作——從資本規劃參與，一直到施工的垂直和水平組成部分的使用參與，以及中間的 BIM。

And I want to point to you some of our recent partnerships and acquisitions. On road and rail, we partner with Aurigo to go after departments of transportation to help with the capital planning. We bought Innovyze, which has a capital planning tool upfront in the water infrastructure process. And we also have Spacemaker, which we haven't talked a lot about, which helps in the real estate development side from the capital planning and allocation there. So we're actually building out capabilities in the upfront through partnership and through technology. And then we have all this capability that we've integrated into the Construction Cloud as well to help with vertical and horizontal construction. So we're ready.

我想向大家介紹一下我們最近的一些合作和收購。在公路和鐵路領域，我們與Aurigo合作，共同為交通部門提供資本規劃的支持。我們收購了Innovyze，該公司擁有一款用於水利基礎設施建設前期資本規劃的工具。此外，我們還有Spacemaker，雖然之前沒有過多提及，但它可以幫助房地產開發進行資本規劃和分配。因此，我們實際上正在透過合作和技術手段來建立前期能力。同時，我們也將所有這些能力整合到了建築雲平台中，以支援垂直和水平方向的施工。所以，我們已經做好準備了。

We've invested in the places that we think are critical, and we think people need to invest in digital technology to not only build what needs to be built, but build it back better and build it back cheaper so that we can start closing out the backlog because there's a big backlog. So there will be opportunity here. It will be long-term opportunity for the company. It won't be short term, but there will absolutely be opportunity as people start to spin up these infrastructure projects.

我們已在我們認為至關重要的領域進行了投資，我們認為人們需要投資數位技術，不僅是為了建造需要建造的東西，更是為了以更高效、更經濟的方式重建，這樣我們才能開始著手解決積壓項目，因為積壓項目數量龐大。因此，這裡蘊藏著機會。這將是公司的長期機遇，而非短期機會。但隨著人們開始啟動這些基礎設施項目，機會必將出現。

That is super comprehensive. And as a sidebar, yes, it does feel like your acquisition of Innovyze, given the wording of the bill on water, was certainly timely.

這份報告非常全面。另外，順便提一下，考慮到水資源法案的措辭，你們收購 Innovyze 的確非常及時。

I wanted to go back to manufacturing just with another question. You noted in prior calls that Fusion 360 is near a tipping point. And there was another question on MCAD and ECAD. I'm just curious, though, from a philosophical perspective, what's left for you to do within your manufacturing portfolio? In other words, is there a much more white space left beyond what you've got? Just sort of kind of getting a sense for where we're at in that sort of platform maturation.

我想再回到製造業的話題，問一個問題。您在先前的通話中提到，Fusion 360 即將迎來一個轉捩點。另外，還有關於 MCAD 和 ECAD 的問題。不過，從理念上講，我很好奇，在您的製造業產品組合中，還有哪些方面需要改進？換句話說，除了您目前擁有的產品之外，是否還有很多空白領域？我只是想了解一下，在這個平台發展成熟度方面，我們目前處於什麼階段。

Yes. So there's always a little white space, okay? I think one of the things that's really important in terms of things we have to do, we have to finish integrating all the end-to-end capabilities, all right? So we have to make sure that we've gotten all the capabilities completely integrated in a way that makes sense. We have to continue to dial down on things like generative design and cloud-based and machine learning-based automation that automate workflows between some of these things. So even less sophisticated companies can take full advantage of highly sophisticated capabilities, which is a goal for us.

是的。所以總是會有一些空白區域，好嗎？我認為我們必須做的事情中，非常重要的一點是，我們必須完成所有端到端功能的整合，明白嗎？所以我們必須確保所有功能都以合理的方式完全整合。我們必須繼續減少諸如生成式設計、基於雲端和機器學習的自動化等功能，這些功能可以自動處理某些功能之間的工作流程。這樣，即使是技術水平較低的公司也能充分利用高度複雜的功能，這也是我們的目標。

Now there's going to be other white space as we move down with regards to connecting to production planning on the shop floor, not just moving geometry directly to the machine through generative design, but actually managing production flow and some of the things associated with that in highly automated facilities. So we'll probably explore some of those areas as we start building out the platform.

隨著我們深入研究，在車間生產計畫的銜接方面，還會出現其他空白領域。這不僅包括透過生成式設計將幾何圖形直接傳輸到機器，還包括在高度自動化的工廠中實際管理生產流程以及與之相關的其他一些事項。因此，在建構平台的過程中，我們可能會探索其中的一些領域。

But really, in terms of what things have to happen to continue to accelerate Fusion's growth, it's all about building out the core design capabilities because we've got a lot of touch points in there. We've got ECAD. We've got some really great partnerships around simulation, which will deepen over time. And we've also got excellent manufacturing capabilities. As we deepen and professionalize the design capabilities, you'll start to see more and more purchasing of sophisticated extensions on top of Fusion. So look for Fusion to become a more significant revenue driver as we move beyond FY '23.

但實際上，要持續加速Fusion的成長，關鍵在於建立核心設計能力，因為我們在這方面有許多切入點。我們擁有ECAD，在模擬領域也建立了一些非常優秀的合作關係，這些合作關係會隨著時間的推移而不斷深化。此外，我們也擁有卓越的製造能力。隨著我們設計能力的不斷深化和專業化，您將會看到越來越多的用戶購買基於Fusion的複雜擴充功能。因此，預計Fusion將在2023財年後成為更重要的收入驅動力。

Right now, we're focused on making sure the platform is best-in-class, that its cloud underpinnings are strong, that we build off the strong foundation we have right now and that we build out some of these core design capabilities. But there are little bits of white space in there around production management, around some of the integrations with other types of capabilities, around costing and estimating that are going to be interesting as well in the future.

目前，我們的重點是確保平台達到一流水平，確保其雲端基礎架構強大，在現有堅實基礎上繼續發展，並建立一些核心設計功能。但生產管理、與其他類型功能的整合、成本核算和估算等方面還有一些空白領域，這些在未來也值得關注。

Our next question comes from Joe Vruwink of Baird.

我們的下一個問題來自 Baird 公司的 Joe Vruwink。

Great. I wanted to start with the performance and the direct channel efforts. Obviously, you've had a goal to achieve 50% revenue share. But it seems like in the last several quarters, just the movement to that level has accelerated a bit. Are there specific things you would maybe point to recently that help explain some of the acceleration? You brought up enterprise, and the eStore is maybe one responsible more than the other. And how much is this factoring into kind of the confidence you speak to entering the second half of this year?

好的。我想先談談業績和直銷通路的努力。顯然，你們的目標是達成50%的營收份額。但似乎在過去的幾個季度裡，朝著這個目標邁進的速度加快。您能否指出一些近期的具體因素來解釋這種加速成長？您提到了企業客戶，而電商平台可能在其中發揮了更大的作用。這在多大程度上增強了您對今年下半年的信心？

Yes. So I think Debbie and I will both tag-team this a little bit. Okay. So let me just talk about this at a high level. Some of these things are cyclical by the way, okay? So there'll be quarter-to-quarter variations here. The fastest-growing channel we have in our business is the digital channel, all right? And more and more of our products, especially new products, especially through small businesses, are being bumped off to that channel. It's a big driver, and we've seen some acceleration there, and we continue to see acceleration there. It's a very healthy challenge. That's what we've expected.

是的。所以我想我和黛比會輪流負責這件事。好的。那我先從宏觀層面談談。順便說一下，有些事情是週期性的，好嗎？所以每季都會有波動。我們業務中成長最快的管道是數位管道，好嗎？越來越多的產品，尤其是新產品，特別是透過小型企業銷售的產品，正在轉移到這個管道。這是一個重要的驅動因素，我們已經看到它加速成長，而且這種加速趨勢還在持續。這是一個非常健康的挑戰。這正是我們所預期的。

We're certainly also being successful in our EBA business, which is driving up the percentage in certain quarters, all right? But don't look for that to be a linear transition, okay? We're going to get to the 50%. It's going to take time, but there'll be some quarters where we're trending up, and then quarters where we're trending a little bit down. But overall, as you fit the line through over multiple years, it's going to be heading up into the right direction. There are some countries where we're getting very close to 50-50 and other places where we're very far away from it. So you have to look at the business a little bit more discretely as we get there, but don't look for this to be a straight line.

我們的EBA業務當然也取得了成功，這在某些季度確實推高了我們的業績佔比，對吧？但不要指望這是一個線性成長的過程，好嗎？我們最終會達到50%的目標。這需要時間，有些季度我們會持續成長，有些季度則會略有下降。但總體而言，如果你把這條線擬合到幾年的時間跨度上，你會發現它會朝著正確的方向發展。在某些國家，我們已經非常接近50%的目標，而在其他國家，我們距離目標還很遠。所以，隨著我們逐步接近目標，你需要更細緻地觀察業務，但不要期待這是一個直線成長的過程。

Debbie, did you want to add anything?

黛比，你還有什麼要補充的嗎？

Yes. I mean I think you captured it well, Andrew. As you said, there's 2 main parts. There's the enterprise or EBA business, and there is our e-commerce channel. Now the enterprise business is a seasonal low in Q2, but we do have a strong pipeline. Andrew mentioned that it was the first quarter that we saw Upchain included in an EBA. So we're building momentum, and we anticipate that the bulk of our EBA selling will be in the back half of this year, like previous years. So things are looking good there.

是的。我覺得你總結得很好，安德魯。如你所說，主要分為兩部分：企業級或EBA業務，以及我們的電商通路。目前，企業級業務在第二季處於季節性低谷，但我們的銷售管道依然強勁。安德魯提到，這是我們首次在第二季看到Upchain被納入EBA計畫。因此，我們正在積蓄力量，並預計今年下半年EBA銷售額將像往年一樣大幅成長。所以，目前形勢一片大好。

On the e-commerce side, lots of growth there. We've been investing heavily. Last quarter, we talked about different things that we added like more out-of-seat capabilities, more calls-to-action across the site. We continued to invest this quarter. Some examples of the changes that we made were one-step resubscribe capabilities so that expired customers can easily resubscribe. We have even more places for out-of-seat capabilities throughout the site. We launched a new Middle East site in June. So a bunch of things. And you'll just see us incrementally add more functionality, more ways to engage with Autodesk so that it's easier to do business with us, and that's going to be part of our success to drive growth through that channel.

在電子商務方面，我們取得了顯著成長。我們一直在大力投資。上個季度，我們談到了一些新增功能，例如更多遠端操作功能，以及在網站上增加更多行動號召。本季我們持續加大投入。例如，我們推出了一鍵續訂功能，方便已過期客戶輕鬆續訂。我們在網站上增加了更多遠端操作功能。此外，我們在六月推出了全新的中東網站。總之，我們做了很多工作。未來，我們將逐步增加更多功能，提供更多與Autodesk互動的方式，讓客戶更輕鬆地與我們開展業務。這將是我們透過該管道推動成長的關鍵因素。

Okay. That's helpful. And then I wanted to maybe reconcile what sounds like a lot of strong trends and higher confidence in the second half and still having the same high end of the revenue guidance, 16% growth intact for fiscal '22. Are there certain areas of the business where you look and it's still a bit held back, so it could be an opportunity for improvement over coming quarters, but maybe still not the full contributor that it could be?

好的，這很有幫助。然後我想探討一下，一方面，下半年的發展趨勢強勁，信心也增強；另一方面，營收預期仍維持在2022財年16%的成長率上限。您認為公司某些業務領域是否仍存在一些不足，未來幾季或許有機會改善，但可能仍無法完全發揮其應有的作用？

I'll start, Andrew, and then you can chime in. I would say that overall, we had a strong Q2, and we exited the quarter with strong momentum. And we raised our revenue guidance on the year to reflect that ongoing strength and what we've seen in the business for the year-to-date. Andrew mentioned all the leading indicators were strong. Usage returned to pre-COVID levels. The construction backlog is back online. So all we're seeing at this point is accelerating momentum.

我先說，安德魯，然後你可以補充。總的來說，我們第二季表現強勁，並以強勁的成長勢頭結束了該季度。為了反映這種持續的強勁勢頭以及我們今年迄今為止的業務表現，我們提高了全年營收預期。安德魯提到所有領先指標都很強勁。用戶量已恢復到疫情前的水準。建築工程的積壓訂單也已恢復。所以目前我們看到的是成長動能正在加速。

The only kind of nit piece that I would highlight in the back half of this year is that, typically, in our Q4, we do see a bit more upfront revenue recognition for some of the products that we typically sell cyclically in that period. And that's a little bit of what you see in both Q3 and Q4 as we get to the back half of the year. But overall, just broad strength that we're seeing in the business, and that led to the increase in the revenue guidance on the year.

今年下半年唯一需要特別指出的是，通常情況下，在第四季度，我們會提前確認一些週期性銷售產品的收入。這種情況在第三季和第四季都會出現，尤其是在下半年。但整體而言，公司業務整體表現強勁，這也促使我們提高了全年的營收預期。

Yes. I think Debbie said it all.

是的，我覺得黛比說得都對。

Our next question comes from Keith Weiss of Morgan Stanley.

下一個問題來自摩根士丹利的基斯‧韋斯。

This is Elizabeth Elliott, on for Keith Weiss. I just had a quick question on the current RPO-based bookings growth. It looked like year-over-year growth slowed a bit from last quarter. So wondering if you could just highlight some of what could be driving that and some of the trends that you're just seeing in new business demand versus what you saw maybe in the prior quarter.

這裡是伊莉莎白·艾略特，代基斯·韋斯發言。我有一個關於當前基於RPO的預訂增長的簡短問題。看起來年增率較上季放緩。所以想請您重點介紹一下可能導致這現象的因素，以及您觀察到的新業務需求趨勢與上一季相比有哪些變化。

So thanks, Elizabeth. Our RPO growth was strong at 24% year-over-year, and we really do see that as the leading indicator of what's happening in our overall business. Now typically, we see RPO -- or what we see right now is that RPO growth shot up in Q4 because we had a very strong enterprise business agreement quarter. And so gradually, we're seeing that taper down over time. But overall, 24% growth is really solid performance in RPO, and you'll start to see that bleed into revenue on the back half of the year.

謝謝伊麗莎白。我們的RPO業務年增24%，表現強勁，我們認為這確實是我們整體業務發展趨勢的領先指標。通常情況下，RPO業務的成長——或者說我們目前看到的成長——在第四季度大幅提升，是因為我們第四季的企業業務協議表現非常出色。因此，隨著時間的推移，我們看到這種成長正在逐漸放緩。但總體而言，24%的RPO業務成長率確實非常穩健，您將在下半年看到這種成長轉化為營收成長。

Got it. And then just one more. The ABI data for June noted some firms just weren't able to find enough workers, and that is a challenge. I think they talked about 60% of firms not being able to fill openings in the architectural staff. So I was wondering if any issues in employment, is that a headwind for Autodesk seats? Or is that a tailwind for you guys as firms just need to digitalize faster and improve productivity?

明白了。還有一個問題。 ABI六月的數據顯示，有些公司確實招不到足夠的員工，確實是個挑戰。我記得他們提到過，大約60%的公司無法填補建築師的職缺。所以我想知道，就業方面的這些問題，對Autodesk的職缺是不利的還是有利的？畢竟，公司需要加快數位轉型，提高生產力。

Sorry. Can you repeat that question?

抱歉，您能再說一次嗎？

Yes. So the Architectural Billings Index data for June highlighted that some of the architectural staff, which is having problems kind of filling seats, and that being a headwind -- just employment being a headwind to fill some of the demand capacity that they were seeing. So I was just wondering if employment headwinds in the overall kind of macro market is driving -- is that a headwind for Autodesk at all? Or is that actually a tailwind as firms need to digitalize faster, improve productivity by adopting Autodesk software tools?

是的。六月的建築業帳單指數數據顯示，一些建築業在招聘方面遇到了困難，這構成了一個不利因素——就業市場本身就難以滿足部分需求。所以我想知道，宏觀市場整體的就業困境是否會對Autodesk造成不利影響？或者，這實際上會成為一種利好，因為企業需要加快數位轉型，並透過採用Autodesk軟體工具來提高生產力？

Yes. Okay. Thank you. It's actually more of a tailwind because what our customers are struggling with is they're trying to do more with smaller staff. And the more digital firms are able to do that, the less digital firms are struggling. The scarcity of labor is pervasive across multiple industries and multiple sectors, but we believe this is just another driver with regards to people adopting deeper digitization and digital technologies.

是的，好的，謝謝。這其實更像是一種順風，因為我們的客戶面臨的挑戰是人手不足，卻要完成更多的工作。數位化企業越能做到這一點，其他數位化企業面臨的挑戰就越小。勞動力短缺在多個行業和領域普遍存在，但我們認為這只是推動人們更深入地採用數位化和數位技術的另一個因素。

And as you can see from the fact that some of our results in some of our new seat volume, while you're hearing some of that in the ABI pressure with regards to their book of business, you're not seeing any kind of depressive impact in our new seat volume. So we expect long term, this is going to be a tailwind around digitalization and not any kind of headwind for us.

正如您從我們部分新增座位數量的業績中所看到的，儘管您可能聽到ABI在業務方面面臨一些壓力，但我們的新增座位數量並未受到任何負面影響。因此，我們預計從長遠來看，數位轉型將成為我們的順風，而不是逆風。

Our next question comes from Jason Celino of KeyBanc.

我們的下一個問題來自 KeyBanc 的 Jason Celino。

Nice acceleration on the make segment this quarter. And you mentioned that it was an all-time high for bid activity with BuildingConnected. Since BuildingConnected is kind of at the tip of the spear in terms of where they see visibility into the construction cycle, how should investors think about this engagement activity flowing through the revenues?

本季「製造」板塊成長勢頭良好。您提到BuildingConnected的投標活動創歷史新高。鑑於BuildingConnected在建築週期可視性方面處於領先地位，投資者應該如何看待這些參與活動對營收的影響？

Yes. I think you should think about it exactly the way you said it. It is a leading indicator of future on-site construction activity, all right? So not all of that activity will convert to people buying our construction tools because not all of the activity is a good fit, but it is absolutely a leading indicator to shovels hitting the ground, all right? And I think that -- that's the way you should be interpreting it, and that's the way you should look at it, and that's the way we use it.

是的。我認為你應該完全按照你剛才說的話來理解。它是未來現場施工活動的領先指標，對吧？當然，並非所有這些活動都會轉化為人們購買我們的建築工具，因為並非所有活動都適合我們的產品，但它絕對是動工的領先指標，對吧？我認為——你應該這樣解讀它，你應該這樣看待它，這也是我們使用它的方式。

And as we get deeper and deeper into BuildingConnected and deeper and deeper into how bid board works, we'll be creating more internal indices to track and watch some of these things, but that -- what you said is how you should view this. It is a leading indicator of shovels in the dirt and future activities, which some of that will translate into future purchases of on-site construction software tools.

隨著我們對 BuildingConnected 和投標平台運作方式的深入了解，我們將創建更多內部指標來追蹤和監測這些方面，但正如您所說，您應該這樣看待這個問題。它是專案動工和未來活動的領先指標，其中一些活動最終會轉化為未來對現場施工軟體工具的採購。

Okay. Well, maybe to double-click on that a little bit. When we think about it from like a timing perspective or it's most of the -- any help you can share on the types and timing of projects?

好的。嗯，或許可以再深入探討。當我們從時間安排的角度來考慮這個問題時，或者說，您能否分享一些關於專案類型和時間安排方面的資訊？

No. I can't. I can't give you a lag indicator between increased bid activity on bid board and the start of new projects and what that impact is on our business.

不，我不能。我無法提供投標平台上投標活動增加與新專案啟動之間的滯後指標，也無法說明這對我們業務的影響。

And that is all the time we have for Q&A. I'd now like to hand the call back to Simon Mays-Smith for closing remarks.

問答環節到此結束。現在我把電話交還給西蒙·梅斯-史密斯，請他作總結發言。

Thank you, Latif, and thank you, everyone, for joining our Q2 fiscal '22 conference call. If you have any follow-up questions, please do contact the Investor Relations team, and we look forward to seeing you all at our Investor Day on Wednesday next week. Thanks very much. Goodbye.

謝謝拉蒂夫，也謝謝各位參加我們2022財年第二季電話會議。如有任何後續問題，請聯絡投資者關係團隊。我們期待下週三在投資者日與大家見面。非常感謝。再見。

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

今天的電話會議到此結束。感謝您的參與。您可以斷開連線了。