Autodesk Inc (ADSK) 2022 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Autodesk, Inc. Q1 2020 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的耐心等待。歡迎來到 Autodesk, Inc.2020年第一季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。（操作說明）

I would now like to hand the conference over to your speaker today, Simon Mays-Smith, VP, Investor Relations. Please go ahead.

現在我謹將會議交給今天的演講嘉賓，投資者關係副總裁西蒙·梅斯-史密斯先生。請繼續。

Thanks, operator, and good afternoon. Thank you for joining our conference call to discuss the results of our first quarter of fiscal year 2022. On the line with me are Andrew Anagnost, our CEO; and Debbie Clifford, our Chief Financial Officer.

謝謝接線員，下午好。感謝您參加我們的電話會議，討論我們 2022 財年第一季的業績。與我一同連線的是我們的執行長 Andrew Anagnost 和財務長 Debbie Clifford。

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.

今天的電話會議將透過網路直播。此外，您也可以在 autodesk.com/investor 上收聽電話會議的錄音回放。本次電話會議結束後，您可以在我們的投資者關係網站上找到收益新聞稿、幻燈片簡報和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 currently known factors. Actual events or results could differ materially.

在本次電話會議中，我們可能會對我們的展望、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此有重大差異。

Please refer to our SEC filings, including our most recent Form 10-K for important risks 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.

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-K 表格，以了解重要風險和其他因素，包括 COVID-19 疫情的發展及其對我們業務和運營的影響，這些因素可能導致我們的實際結果與前瞻性聲明中的結果有所不同。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。Autodesk公司聲明不承擔更新或修改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.

在電話會議中，我們將引用一些數位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。

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

今天電話會議中提到的所有非GAAP資料均已在我們的新聞稿或Excel財務報表以及投資者關係網站上提供的其他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. I hope you and your families remain safe and healthy.

謝謝西蒙，也歡迎各位參加本次通話。希望您和您的家人平安健康。

Now while parts of the world emerge from the pandemic, others are entering the eye of the storm. I especially want to acknowledge our colleagues, family and friends in India. We are thinking about you, and we are helping wherever we can.

現在，當世界部分地區逐漸擺脫疫情時，其他地區卻正步入風暴中心。我特別要感謝我們在印度的同事、家人和朋友。我們惦記得你們，我們會盡我們所能提供幫助。

Thank you to all our employees and their families, our partners and customers for their continued resilience, patience and commitment.

感謝所有員工及其家人、合作夥伴和客戶的持續支持、耐心和奉獻。

Our first quarter marks an important inflection point. While solid execution, a resilient subscription business model and continued secular shift to the cloud underpinned our strong first quarter results, weighing uncertainty and growing confidence in our end markets generated momentum. Robust growth in new product subscriptions, combined with improving usage and renewal rates, accelerated billings and RPO growth to 10% and 22%, respectively. Together, these reinforce our confidence that we are through the revenue growth trough and on track to achieve our fiscal '22 and '23 goals.

我們第一季的業績標誌著一個重要的轉捩點。穩健的執行、穩健的訂閱業務模式以及持續向雲端轉型支撐了我們強勁的第一季業績，而終端市場的不確定性和日益增長的信心則推動了成長勢頭。新產品訂閱量強勁成長，加上使用率和續訂率的提高，計費和 RPO 分別加速成長至 10% 和 22%。這些因素共同增強了我們的信心，即我們已經度過了收入成長低谷期，並有望實現 2022 財年和 2023 財年的目標。

In mid-May, we completed the acquisition of Upchain, a cloud-native product data and life cycle management solution. Combined with existing Autodesk offerings like Fusion 360, Upchain will profoundly simplify data sharing and collaboration for engineers, manufacturers, suppliers and other product stakeholders, enabling customers to bring products to market faster and build a stronger supply chain. Its next-generation platform enables it to be rapidly deployed, scaled, maintained and updated without the expensive inflexible and time-consuming integrations of legacy systems.

5月中旬，我們完成了對Upchain的收購，Upchain是一款雲端原生產品資料和生命週期管理解決方案。Upchain 與現有的 Autodesk 產品（如 Fusion 360）相結合，將極大地簡化工程師、製造商、供應商和其他產品利益相關者的資料共享和協作，使客戶能夠更快地將產品推向市場並建立更強大的供應鏈。其新一代平台使其能夠快速部署、擴展、維護和更新，而無需像傳統系統那樣進行昂貴、不靈活且耗時的整合。

We will grow Upchain through our enterprise and channel partnerships and expect it to become a meaningful on-ramp for legacy design tools to the Fusion 360 cloud ecosystem and facilitate further expansion into adjacent verticals.

我們將透過與企業和通路的合作來發展 Upchain，並期望它能成為傳統設計工具進入 Fusion 360 雲端生態系統的重要入口，並促進其進一步擴展到相鄰的垂直領域。

As we highlighted in our recently published Impact Report, the convergence of design and make brings both greater efficiency and sustainability to buildings in a broad range of manufactured goods, stretching from EVs and bicycles to high-performance skis and low-cost ventilators. While we are enabling customers to achieve their sustainability targets, we continue to lead by example, reaching our carbon-neutral goal across our business and value chain in fiscal '21.

正如我們在最近發布的《影響報告》中所強調的那樣，設計與製造的融合為各種製成品（從電動車和自行車到高性能滑雪板和低成本通風機）帶來了更高的效率和永續性。在幫助客戶實現其永續發展目標的同時，我們繼續以身作則，在 2021 財年實現了我們業務和價值鏈的碳中和目標。

The report also sets out new diversity, equity and inclusion goals. And while I'm proud that 50% of Autodesk Board and 45% of our executive team are women, we can and will do more both internally and through partnerships with organizations like IFF Labs externally.

該報告還提出了新的多元化、公平性和包容性目標。雖然我為 Autodesk 董事會 50% 的成員和高階主管團隊 45% 的成員是女性而感到自豪，但我們可以在內部以及透過與 IFF Labs 等外部組織的合作，做得更多。

As we recently announced, Pascal Di Fronzo, Autodesk's Executive Vice President of Corporate Affairs and Chief Legal Officer, will be retiring in December after 23 very successful years at the company. He has been a trusted counselor and steward of the company. His contributions to Autodesk are many and have been incredibly impactful, and I want to thank him for his dedication and wish him all the best in retirement.

正如我們最近宣布的那樣，Autodesk 公司企業事務執行副總裁兼首席法務官 Pascal Di Fronzo 將在 12 月退休，結束他在該公司 23 年的輝煌職業生涯。他一直是公司值得信賴的顧問和管理者。他對 Autodesk 的貢獻眾多，影響深遠，我要感謝他的奉獻，並祝他退休生活一切順利。

I am very excited to welcome Debbie back to Autodesk, and will now turn the call over to her to take you through the details of our quarterly results and guidance for the year. I will then come back to provide an update on our strategic growth initiatives.

我非常高興地歡迎黛比重返歐特克，現在我將把電話交給她，讓她為大家詳細介紹我們的季度業績和年度展望。之後我將再次報告我們的策略成長計畫的最新進展。

Thanks, Andrew. I'm very excited to be back.

謝謝你，安德魯。我很高興能回來。

Looking at the first quarter's results, several factors contributed to our strong financial performance, including robust growth in new product subscriptions, accelerating digital sales, stronger-than-expected upfront revenue and improving subscription renewal rates.

從第一季的業績來看，我們強勁的財務表現得益於幾個因素，包括新產品訂閱的強勁增長、數位銷售的加速成長、超出預期的預付款收入以及不斷提高的訂閱續訂率。

In addition, a 1-month contribution from Innovyze and foreign exchange rates provided a modest tailwind to the quarter. Total revenue in the quarter grew 12% and 11% in constant currency, with subscription revenue growing by 18%.

此外，Innovyze 一個月的貢獻以及外匯匯率波動也為本季帶來了一定的利好。本季總營收成長 12%，以固定匯率計算成長 11%，其中訂閱收入成長 18%。

Looking at revenue by product and geography, AutoCAD and AutoCAD LT revenue grew by 9%. AEC revenue grew 16% and manufacturing revenue grew 8%. Excluding the impact of moving our bulk product to ratable revenue recognition, which we discussed last quarter, manufacturing revenue grew double digits. M&E revenue grew 5%. Across the globe, revenue grew 8% in the Americas, 11% in EMEA and 20% in APAC. Direct revenue increased 25% and represented 33% of our total revenue, up from 30% last year due to strength from both enterprise and e-commerce. Our e-commerce sites had their highest new billings growth rate in 2 years, driven by strong traffic growth and recent site enhancements.

從產品和地理來看，AutoCAD 和 AutoCAD LT 的營收成長了 9%。AEC 營收成長 16%，製造業收入成長 8%。撇開上個季度我們討論過的將大宗產品收入確認方式改為按比例確認收入的影響不談，製造業收入實現了兩位數的增長。媒體娛樂收入成長5%。在全球範圍內，美洲地區的收入成長了 8%，歐洲、中東和非洲地區的收入成長了 11%，亞太地區的收入成長了 20%。由於企業和電子商務的強勁成長，直接收入成長了 25%，佔總收入的 33%，高於去年的 30%。由於強勁的流量成長和近期網站的改進，我們的電子商務網站實現了兩年來最高的新增訂單成長率。

Reflecting the business-critical nature of our products to our customers, our net revenue retention rate remained within the 100% to 110% range, and our product subscription renewal rates strengthened. Our billings accelerated 10% to $974 million. Total deferred revenue grew 11% to $3.35 billion. Short-term deferred revenue increased 17%, primarily reflecting growth in new product subscriptions and increasing renewal rates, but also the inclusion of Innovyze. This was partly offset by a smaller contribution from long-term deferred revenue, resulting from fewer multiyear contracts when compared to last year.

鑑於我們的產品對客戶至關重要，我們的淨收入留存率保持在 100% 到 110% 的範圍內，並且我們的產品訂閱續訂率也得到了加強。我們的帳單金額成長了 10%，達到 9.74 億美元。遞延收入總額成長11%，達33.5億美元。短期遞延收入成長了 17%，主要反映了新產品訂閱量的成長和續約率的提高，但也包含了 Innovyze 的貢獻。與去年相比，多年期合約數量減少，導致長期遞延收入貢獻減少，部分抵消了上述影響。

Total RPO of $4.23 billion and current RPO of $2.86 billion both grew 22%. Current RPO growth was primarily driven by the increase in short-term deferred revenue, but also by strong growth in enterprise business agreements and, to a lesser extent, early renewals ahead of anticipated price increases. Excluding the contribution from early renewals and Innovyze, current RPO grew approximately 20%.

RPO 總額為 42.3 億美元，目前 RPO 為 28.6 億美元，兩者均成長了 22%。目前 RPO 的成長主要由短期遞延收入的增加所推動，但也得益於企業業務協議的強勁成長，以及在較小程度上，由於預期價格上漲而提前續約。消除早期續約和 Innovyze 的貢獻，目前的 RPO 成長了約 20%。

Non-GAAP gross margin and operating margin remained strong at 92% and 28%, respectively, broadly level year-over-year and reflecting the trough in revenue growth relative to cost growth. We delivered healthy free cash flow of $316 million during the quarter, driven by collections of prior quarter billings and strong results in the current quarter. Consistent with our capital allocation strategy, we continued to repurchase shares with excess cash to offset dilution from our equity plans. During the first quarter, we purchased 515,000 shares for $143 million at an average price of approximately $277 per share.

非GAAP毛利率和營業利潤率分別維持在92%和28%的強勁水平，與去年同期基本持平，反映出營收成長相對於成本成長的低谷。本季我們實現了 3.16 億美元的健康自由現金流，這主要得益於前一季帳單的收回以及本季強勁的業績。與我們的資本配置策略一致，我們繼續用多餘的現金回購股票，以抵銷股權計畫帶來的稀釋。第一季度，我們以每股約 277 美元的平均價格，斥資 1.43 億美元購買了 51.5 萬股股票。

Now I'll shift to giving you my initial thoughts as CFO and then finish with our outlook. Since I rejoined Autodesk about 2 months ago, I've been focused on 2 things: first, reacquainting myself with everything Autodesk, the team, our strategy and how we've evolved during my 2 years away; and second, I've been digging deep to gain a solid understanding of our fiscal '22 budget and fiscal '23 financial goals.

現在我將以財務長的身份，談談我的初步想法，最後再談談我們的展望。自從大約兩個月前我重新加入 Autodesk 以來，我一直專注於兩件事：第一，重新熟悉 Autodesk 的一切，包括團隊、我們的策略以及在我離開的兩年裡我們是如何發展的；第二，我一直在深入研究，以充分了解我們 2022 財年的預算和 2023 財年的財務目標。

On the first point, while much at Autodesk is familiar to me, I've been pleasantly surprised by how much has changed for the better, reflecting the enormous progress Autodesk has made over the last 2 years. Autodesk has undergone a cultural revolution. There's been a powerful shift in the company's values and ways we work, and the pace of decision-making has accelerated.

關於第一點，雖然 Autodesk 的許多方面我都很熟悉，但令我驚訝的是，很多方面都發生了積極的改變，這反映了 Autodesk 在過去 2 年裡的巨大進步。Autodesk 經歷了一場文化革命。公司價值觀和工作方式發生了巨大的轉變，決策速度也加快了。

As a company, we now benefit not only from the scale of our operation, but also from a newfound agility that is enabling our success in newer markets like construction and manufacturing in the cloud. I'm also struck by the compelling and expanding opportunities ahead of us. Digital transformation is happening now, it is real, and we are well positioned to capitalize on that trend in the industries we serve. As I begin to turn my attention to our long-range financial plan, these initial learnings give me confidence in our growth potential in fiscal '24 and beyond.

作為一家公司，我們現在不僅受益於我們營運的規模，還受益於新獲得的敏捷性，這使我們在雲端建築和製造等新興市場取得了成功。我也被擺在我們面前的令人振奮且不斷湧現的機會所深深吸引。數位轉型正在發生，它是真實存在的，我們已做好充分準備，在我們所服務的行業中掌握這一趨勢。當我開始將注意力轉向我們的長期財務計畫時，這些初步的經驗讓我對我們在 2024 財年及以後的成長潛力充滿信心。

Let me finish with our guidance, which now includes Innovyze and Upchain. We still 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 renewal rates to continue to be healthy and our net revenue retention rate to remain between 100% and 110%. Given our subscription model, revenue growth will lag the improving sales environment. We continue to expect about 3/4 of our free cash flow to again be generated in the second half of the year due to our economic phasing assumptions and normal seasonality.

最後，我想談談我們的指導方針，現在包括 Innovyze 和 Upchain。我們仍預期，隨著年內經濟環境的改善，2022 財年新業務將強勁成長。我們預計產品訂閱續訂率將繼續保持良好水平，淨收入留存率將保持在 100% 至 110% 之間。鑑於我們採用的是訂閱模式，收入成長將落後於不斷改善的銷售環境。由於我們的經濟階段性假設和正常的季節性因素，我們仍然預計今年下半年將再次產生約四分之三的自由現金流。

For fiscal '22, we are raising our full year revenue guidance to a range of $4.305 billion to $4.385 billion or a 14% to 16% increase over last year, reflecting a partial year contribution from acquisitions, net of the deferred revenue write-downs. Given our results are weighted in the second half and Q1 is our seasonally smallest quarter, it's obviously too early to change our view on the underlying trajectory of the year, but we're off to a good start.

對於 2022 財年，我們將全年營收預期上調至 43.05 億美元至 43.85 億美元，比上年增長 14% 至 16%，這反映了收購帶來的部分年度貢獻，扣除遞延收入減值後。鑑於我們的業績在下半年佔比較高，而第一季度又是我們往年業績最低的季度，現在顯然還為時過早，無法改變我們對今年整體發展趨勢的看法，但我們已經有了一個良好的開端。

We expect non-GAAP operating margin to expand to between 30% and 31%, which includes approximately 1 percentage point of negative headwind from acquisitions.

我們預期非GAAP營業利潤率將擴大至30%至31%，其中包括收購帶來的約1個百分點的負面影響。

Finally, we still expect free cash flow to be around $1.6 billion with a broadly neutral impact from acquisitions. The slide deck on our website has more details on modeling assumptions for the second fiscal quarter and full year '22. With improving economic conditions and easier comparables, we still expect our first quarter revenue growth will be the trough. Our accelerating momentum in fiscal '22 will propel us into fiscal '23, and I am therefore confident in our fiscal '23 revenue growth potential and free cash flow target of $2.4 billion.

最後，我們仍然預期自由現金流約為 16 億美元，收購帶來的影響總體上是中性的。我們網站上的幻燈片詳細列出了 2022 年第二財季和全年的建模假設。隨著經濟狀況好轉和同比基數降低，我們仍然預期第一季營收成長將是低潮。我們在 2022 財年加速成長的動能將推動我們進入 2023 財年，因此我對我們 2023 財年的營收成長潛力和 24 億美元的自由現金流目標充滿信心。

As I begin to look beyond fiscal '23, the digital transformation of the industries we serve, our sustained investment in the cloud and our flexible business model give us a robust platform for double-digit growth. Andrew, back to you.

展望 2023 財年之後，我們所服務產業的數位轉型、我們對雲端運算的持續投資以及我們靈活的商業模式，為我們實現兩位數成長提供了強大的平台。安德魯，把鏡頭交給你了。

Thank you, Debbie. Let me finish by giving you an update on our strategic growth initiatives. The secular trends we have been investing in for years have accelerated during the pandemic: the digitization of AEC, the convergence of design and make and our expansion into adjacent verticals through organic investment and acquisitions are growing our total addressable market. The evolution of our business model, the value generated by the growing connectivity of our platform for new and legacy customers and the hardening of our systems to noncompliant users enables us to attract, retain more of that potential opportunity, growing our ecosystem and the usage and value we generate from it.

謝謝你，黛比。最後，我向大家報告我們的策略成長計畫。我們多年來一直投資的長期趨勢在疫情期間加速發展：AEC 的數位化、設計與製造的融合，以及我們透過有機投資和收購向相鄰垂直領域的擴張，都在擴大我們的潛在市場。我們的商業模式不斷演變，平台日益增長的連接性為新舊客戶創造了價值，我們的系統不斷加強對不合規用戶的防禦，使我們能夠吸引和留住更多潛在客戶，發展我們的生態系統，並增加我們從中產生的使用量和價值。

Turning to AEC. Our unique vision is to connect all the phases of construction with end-to-end cloud-based solutions that combine horizontal data flow with best-in-class functionality to enable seamless collaboration from planning, design, preconstruction, construction, asset operations and maintenance. The breadth and depth of our solutions distinguish us in the market, and we continue to build on that advantage to industry-leading R&D, which we sustain through the pandemic and acquisitions.

轉向AEC。我們獨特的願景是將施工的各個階段與端到端的雲端解決方案連接起來，將橫向資料流與一流的功能相結合，從而實現從規劃、設計、施工前準備、施工、資產運營和維護的無縫協作。我們解決方案的廣度和深度使我們在市場上脫穎而出，我們將繼續鞏固這一優勢，在行業領先的研發領域保持領先地位，即使在疫情期間和透過收購也未受影響。

Our latest product releases reflect that. For example, Revit 2022 is a bridge to more open and interoperable ways of working that accelerate our design customers' digital transformation and improve communication design intent across all disciplines and project phases. For construction teams, we released Autodesk Build, Autodesk Takeoff and Autodesk BIM Collaborate as well as product enhancements, which further empower construction teams to drive better business outcomes such as winning more business, reducing rework, delivering projects on time and improving safety by connecting data, workflows and teams across the project life cycle.

我們最新發布的產品也反映了這一點。例如，Revit 2022 是通往更開放和互通的工作方式的橋樑，可以加速我們設計客戶的數位轉型，並改善所有學科和專案階段之間的設計意圖溝通。對於建築團隊，我們發布了 Autodesk Build、Autodesk Takeoff 和 A​​utodesk BIM Collaborate 以及產品增強功能，這些功能進一步增強了建築團隊的能力，使他們能夠透過連接專案生命週期中的資料、工作流程和團隊，推動更好的業務成果，例如贏得更多業務、減少返工、按時交付專案和提高安全性。

As the construction backlog comes back online and the new project pipeline builds, we are emerging from the pandemic stronger. This is reflected in our success during the quarter. For example, Burns & McDonnell is a family of companies bringing together an unmatched team of 7,600 engineers, construction professionals, architects, planners, technologists and scientists to design and build critical infrastructure projects. It is at the forefront of technology use and having invested in Revit and BIM 360 design some time ago, most of its data is already in the cloud.

隨著積壓的建築項目恢復正常，新項目儲備不斷增加，我們將從疫情中變得更加強大。這體現在我們本季的成功中。例如，Burns & McDonnell 是一家公司集團，匯集了 7,600 名工程師、建築專業人員、建築師、規劃師、技術專家和科學家，組成了一支無與倫比的團隊，致力於設計和建造關鍵基礎設施專案。該公司處於技術應用的前沿，由於很久以前就投資了 Revit 和 BIM 360 設計，其大部分資料已儲存在雲端。

Monthly active users, or MAUs, on Autodesk software have grown by 80% since 2018. This quarter, Burns & McDonnell renewed its Autodesk EBA and increased its investment with us, adding more cloud-based products from the Autodesk construction portfolio, including Autodesk Build, Pipe, Assemble and BuildingConnected. Our unified common data platform enables it to move and collaborate seamlessly from design through construction and to implementation with common workflows across multiple global practices.

自 2018 年以來，Autodesk 軟體的每月活躍用戶 (MAU) 成長了 80%。本季度，Burns & McDonnell 續簽了與 Autodesk 的 EBA 協議，並增加了對我們的投資，增加了來自 Autodesk 建築產品組合的更多基於雲端的產品，包括 Autodesk Build、Pipe、Assemble 和 BuildingConnected。我們統一的通用資料平台使其能夠透過跨多個全球實踐的通用工作流程，從設計到施工再到實施，實現無縫協作。

1898 & Co., part of Burns & McDonnell, is its future-focused consulting and technology solutions division, and it is a founding participant in our Tandem digital twin programs. The Vault company is a $1 billion professional construction services firm in the U.S., focusing on integrated delivery of complex vertical construction projects that require extremely tight collaboration between stakeholders and integrated workflows between industry partners, the office and seals.

1898 & Co. 是 Burns & McDonnell 的一部分，是其面向未來的諮詢和技術解決方案部門，也是我們 Tandem 數位孿生計畫的創始參與者。Vault 公司是一家位於美國的 10 億美元專業建築服務公司，專注於複雜垂直建築專案的整合交付，這些專案需要利益相關者之間極其緊密的合作，以及行業合作夥伴、辦公室和密封件之間的整合工作流程。

Vault was already relying on BIM Collaborate Pro and PlanGrid when, this quarter, it selected Autodesk Build over a directly competitive construction project management solution and also invested in Pipe. Autodesk Construction Cloud's unified platform connects previously siloed data, reduces rework and saves time for Vault across the company, enabling teams to easily manage projects from planning and design through to the field and handover.

Vault 先前已在使用 BIM Collaborate Pro 和 PlanGrid，而本季度，它選擇了 Autodesk Build 而不是直接競爭的施工專案管理解決方案，並且還投資了 Pipe。Autodesk Construction Cloud 的統一平台連接了先前孤立的數據，減少了返工，並為整個公司的 Vault 節省了時間，使團隊能夠輕鬆管理從規劃和設計到現場和交付的專案。

And MultiGreen, a real estate development and operating company specializing in sustainable and tech-enabled multifamily housing in high-growth and supply-constrained markets, standardized on Autodesk Construction Cloud. In order to build more efficiently and sustainably, they knew they had to standardize on a single platform to connect their teams from concept and design through project completion and day-to-day operations. In addition to Revit, Inventor, BuildingConnected, Autodesk Takeoff and Autodesk Build, they will be using BIM 360's integration with the Embodied Carbon Calculator to analyze material carbon emissions with all their data connected through our common data environment.

MultiGreen 是一家房地產開發和營運公司，專門從事高成長和供應受限市場中可持續和技術賦能的多戶住宅開發，該公司採用 Autodesk Construction Cloud 作為標準化平台。為了更有效率、更永續地進行建設，他們知道必須採用單一平台來連接團隊，從概念和設計到專案完成和日常營運。除了 Revit、Inventor、BuildingConnected、Autodesk Takeoff 和 A​​utodesk Build 之外，他們還將使用 BIM 360 與 Embodied Carbon Calculator 的集成，透過我們的通用數據環境連接所有數據，來分析材料的碳排放量。

In infrastructure, we released Civil 3D, InfraWorks, and AutoCAD MAP 3D and AutoCAD Plant 3D and ReCap Pro with enhancements in transportation, water, plant, land development and reality capture. Most importantly, we continue to mature our project delivery platform across design and construction to better support digital project execution that helps our customers increase operational efficiencies, make better design decisions, increase quality and reduce cost and material waste.

在基礎設施領域，我們發布了 Civil 3D、InfraWorks、AutoCAD MAP 3D、AutoCAD Plant 3D 和 ReCap Pro，並在交通運輸、水利、工廠、土地開發和實景捕捉方面進行了增強。最重要的是，我們不斷完善設計和施工方面的專案交付平台，以更好地支援數位化專案執行，幫助我們的客戶提高營運效率、做出更好的設計決策、提高品質並降低成本和材料浪費。

During the quarter, we received notice of an award and design from the Montana Department of Transportation. Instead of a competitor offering, they will be using our AEC collection, which includes Civil 3D, Revit, InfraWorks, Navisworks ReCap and our common data environment, Autodesk Docs. The department was particularly impressed by connected bridge design workflows between Revit and InfraWorks that drive efficiency and sustainability.

本季度，我們收到了蒙大拿州交通部頒發的獎項和設計方案通知。他們將不會使用競爭對手的產品，而是使用我們的 AEC 套件，其中包括 Civil 3D、Revit、InfraWorks、Navisworks ReCap 和我們的通用資料環境 Autodesk Docs。該部門對 Revit 和 InfraWorks 之間互聯的橋樑設計工作流程印象尤為深刻，這種工作流程提高了效率和永續性。

Turning to manufacturing. We have made significant organic investments in addition to Upchain. Inventor 2022 introduced new features and enhancements to speed up product development and interoperability with AutoCAD, Fusion 360 and Revit. In Fusion 360, we have introduced new functionality across the entire product development process and numerous integrated extensions that unlock advanced design and manufacturing technologies.

轉向製造業。除了 Upchain 之外，我們還進行了大量的內部投資。Inventor 2022 引入了新功能和增強功能，以加快產品開發速度並提高與 AutoCAD、Fusion 360 和 Revit 的互通性。在 Fusion 360 中，我們為整個產品開發流程引入了新功能，並整合了許多擴充功能，從而解鎖了先進的設計和製造技術。

In Vault, we introduced a new mobile application and web browser experience for engineers and non-CAD users to access their real-time data anywhere and on any device. The potential to converge design and make in the cloud is becoming more of a reality every day to our customer. Autodesk continues to lead that transition.

在 Vault 中，我們為工程師和非 CAD 用戶引入了全新的行動應用程式和網頁瀏覽器體驗，以便他們可以隨時隨地透過任何裝置存取他們的即時數據。對我們的客戶而言，在雲端融合設計和製造的潛力正日益成為現實。Autodesk 將繼續引領這項轉型。

AEC Technologies, the world's leading solutions provider for smart devices, grew its investment with Autodesk. Having struggled with data management and data integrations in their product life cycle management using a competitor's 3D modeling product, AEC Technologies switched to our product design and manufacturing collection with Vault to manage all their data. They found our connected workflows particularly attractive and believe they will improve productivity and collaboration across their teams and enable them to go to market more effectively by increasing flexibility in their supply chain. For data management, our customers can now choose Vault for on-prem and Upchain as they transition to the cloud.

全球領先的智慧型設備解決方案供應商 AEC Technologies 增加了對 Autodesk 的投資。AEC Technologies 在使用競爭對手的 3D 建模產品進行產品生命週期管理時，在資料管理和資料整合方面遇到了困難，因此他們轉而使用我們具有 Vault 的產品設計和製造套件來管理所有資料。他們認為我們互聯的工作流程特別有吸引力，並相信這將提高他們團隊的生產力和協作能力，並透過提高供應鏈的靈活性，使他們能夠更有效地進入市場。對於資料管理，我們的客戶現在可以選擇 Vault 用於本地部署，並在向雲端過渡時選擇 Upchain。

With the largest number of new commercial users in 2020, Fusion 360's strong momentum continued, growing commercial subscriptions to 152,000 without any systematic cost promotions. While still early in its life cycle, we believe Fusion 360 has reached an adoption tipping point. And with extensions and Upchain, we are excited about its future.

Fusion 360 在 2020 年新增商業用戶數量最多，其強勁勢頭得以延續，在沒有任何系統性成本促銷的情況下，商業訂閱用戶增長至 152,000 人。儘管 Fusion 360 仍處於生命週期的早期階段，但我們認為它已經達到了普及的臨界點。有了擴充功能和 Upchain，我們對它的未來充滿期待。

During the quarter, a U.K.-based design, manufacturing and installer of architectural precast design invested in Fusion 360 in its nesting and fabrication extension. By converting the design and manufacturing process into a single unified experience in the cloud, Fusion 360 enables faster design, prototyping and go-to-market. By creating optimized and associative multi-sheet layouts for sheet metal and non-sheet metal parts in preparation for cutting on CNC machines, our nesting and fabrication extension helps them to significantly reduce waste.

本季度，一家總部位於英國的建築預製件設計、製造和安裝公司投資了 Fusion 360 的嵌套和製造擴展業務。Fusion 360 將設計和製造流程整合到雲端的單一統一體驗中，從而加快了設計、原型製作和產品上市速度。透過為鈑金和非鈑金零件創建優化的關聯多板佈局，以便在數控機床上進行切割，我們的排樣和製造擴展程序可以幫助他們顯著減少浪費。

Last month, 3 students from Danville Community College in Virginia won the inaugural Project MFG National Championship, an advanced manufacturing competition sponsored by the U.S. Department of Defense. Jeremiah Williams, Director for Integrated Machining Technology at Danville Community College said that, "By testing a variety of advanced skills like welding and multiaccess machining as well as communication and teamwork, the Project MFG National Championship is one of the most challenging skilled trade competitions in the country. Fusion 360's next-generation platform enabled our team to complete all required and optional objectives from prototype through to welding and machining the finished product and to win this prestigious prize."

上個月，弗吉尼亞州丹維爾社區學院的 3 名學生贏得了首屆 Project MFG 全國錦標賽冠軍，這是一項由美國國防部贊助的先進製造競賽。丹維爾社區學院綜合加工技術主任傑裡邁亞·威廉姆斯表示：「透過測試焊接和多通道加工等各種高級技能以及溝通和團隊合作能力，Project MFG 全國錦標賽是全國最具挑戰性的技能行業競賽之一。Fusion 360 的下一代平台使我們的團隊能夠完成從原型製作到焊接和加工成品的所有必要和可選目標，並最終贏得這項享有盛譽的獎項。

As announced last quarter, we expanded our multiuser trade-in to August 2023, but we are still seeing customers convert and benefit from kind of transition to named users. SSP, one of the leading integrated design offices in Germany, traded in their multiuser licenses with us this quarter and significantly increased their investment by purchasing additional AEC collections and premium subscriptions, in the process, may completely replace the competitive design solution, standardizing their workflow on our cloud platform.

正如上個季度宣布的那樣，我們將多用戶以舊換新活動延長至 2023 年 8 月，但我們仍然看到客戶轉換並從這種向指定用戶的過渡中受益。德國領先的綜合設計事務所之一 SSP 在本季度將其多用戶許可證轉讓給了我們，並通過購買額外的 AEC 套件和高級訂閱大幅增加了投資，在此過程中，他們可能會完全取代競爭對手的設計解決方案，並在我們的雲端平台上標準化他們的工作流程。

The premium plan is especially valuable to them as they improve their site-to-site management using single sign-on, which enables more digital collaboration and efficiency while increasing employee satisfaction.

高階計畫對他們來說尤其有價值，因為他們可以透過單一登入來改善站點間管理，從而實現更有效率的數位化協作，同時提高員工滿意度。

While we continue to be sensitive as the economy recovers, we are successfully converting noncompliant users to paying customers with Q1 license compliance billings almost doubling year-over-year during the quarter. For example, a noncompliant client customer converted into one of our largest premium customers to date. Over 500 branches in Indonesia made it difficult to track and manage software usage, and this customer was inadvertently using more licenses than it was paying for. After completing a self-audit, which confirmed the software gap, it purchased premium to help manage the complex rollout of compliant licenses. They are now a happy premium customer with detailed usage insights and the ability to flexibly manage their licenses from headquarters across their entire branch network.

儘管我們仍對經濟復甦保持敏感，但我們正在成功地將不合規用戶轉化為付費客戶，第一季的許可證合規帳單比去年同期增長幾乎翻了一番。例如，一位不合規的客戶轉變為我們迄今為止最大的高級客戶之一。由於在印尼擁有 500 多個分支機構，因此很難追蹤和管理軟體使用情況，該客戶無意中使用了比其付費數量更多的許可證。在完成自我審計並確認存在軟體差距後，該公司購買了高級版軟體，以幫助管理合規授權的複雜推廣。現在，他們已成為滿意的優質客戶，並擁有詳細的使用情況分析，並能夠從總部靈活地管理其整個分支機構網路的授權。

Now let me finish with a story. Construction began on Notre Dame Cathedral in 1163, but was not completed for more than 100 years. In a 12th century version of lightweighting, Notre-Dame was the first Gothic structure to use flying buttresses, which are slanted beams that support the heavy walls and ceilings that enable giant rose glass and stained glass windows in large edifices with open air spaces beneath them.

最後，讓我講個故事。巴黎聖母院始建於1163年，但歷經100多年才完工。在 12 世紀輕量化設計中，巴黎聖母院是第一座使用飛扶壁的哥德式建築。飛扶壁是傾斜的梁，支撐著厚重的牆壁和天花板，使得大型建築中能夠安裝巨大的玫瑰花窗和彩色玻璃窗，並在其下方形成露天空間。

Following a catastrophic fire in 2019, the cathedral is being rebuilt with traditional and sustainable materials enhanced by next-generation building information modeling provided by Autodesk. Combining traditional design and build know-how with modern workflow solutions, reconstruction is expected to be completed in 2024 in time to welcome athletes at the Summer Olympics in Paris and future generations from across the globe.

2019 年一場災難性的大火之後，這座大教堂正在使用傳統和永續材料進行重建，並藉助 Autodesk 提供的下一代建築資訊模型進行增強。結合傳統設計和建造技術與現代工作流程解決方案，重建工程預計將於 2024 年完成，屆時將迎接參加巴黎夏季奧運會的運動員以及來自世界各地的未來一代。

I share this because as the world rebuilds after the catastrophic impact of the pandemic, I am reminded again that Autodesk's purpose to enable its customers to build and manufacture efficiently and sustainably has never been more important or urgent. Together, we can meet the generational challenges posed by carbon, water and waste. Autodesk's central role in meeting these challenges underpins my confidence this year and my confidence in the future.

我分享這些是因為，隨著世界從疫情的災難性影響中重建，我再次意識到，Autodesk 幫助客戶高效、可持續地進行建設和製造的目標從未像現在這樣重要和緊迫。我們攜手合作，就能應付碳排放、水資源和廢棄物處理帶來的世代挑戰。Autodesk 在應對這些挑戰中發揮的核心作用，增強了我今年的信心以及對未來的信心。

With that, operator, we would like to open the call up for questions.

接線員，接下來我們將開始接受提問。

(Operator Instructions) Our first question comes from the line of Jay Vleeschhouwer from Griffin Securities.

（操作員說明）我們的第一個問題來自 Griffin Securities 的 Jay Vleeschhouwer。

Andrew and Debbie. Let me ask you, Andrew, first, a couple of business and technology or technology evolution questions. You highlighted infrastructure. And the company has been in that business for many, many years, and you'll recall that once upon a time, was, in fact, a reporting segment and maybe should be again at some point. Could you describe the main ways in which that business has evolved over the last number of years in terms of its scope or its customer base? And what the vision really is for that business in terms of perhaps adding new types of customers, such as owner-operators that have not really been a large part of your business profile to date.

安德魯和黛比。安德魯，首先我想問你幾個關於商業、技術或技術發展的問題。你重點強調了基礎設施。該公司從事這項業務已經很多很多年了，您可能還記得，它曾經是一個報道板塊，也許在某個時候應該再次成為一個報道板塊。您能否描述一下該企業在過去幾年中，從業務範圍或客戶群方面發生的主要變化？而對於這項業務，其真正的願景是什麼，例如增加新的客戶類型，例如迄今為止在您的業務概況中並不佔很大比例的業主經營者。

Secondly, since we're halfway between AU 2020 and AU 2021, could you update us on some of the important initiatives that you yourself highlighted during your Q&A session at AU 6 months ago, mainly the Forge road map and its implications for you long term, and secondarily, sharing technology across the portfolio and across industries. In other words, leveraging your R&D more and more across the company in that respect.

其次，由於現在正值 AU 2020 和 AU 2021 之間，您能否向我們介紹一下您在 6 個月前的 AU 問答環節中重點提到的一些重要舉措，主要是 Forge 路線圖及其對您長期發展的影響，其次是跨投資組合和跨行業的技術共享。換句話說，就是要在這方面在公司內部越來越多地利用研發成果。

Yes. All right, Jay, so let me start with the infrastructure discussion. So here's what fundamentally staying with the business. One, we've been winning more and more departments of transportation as we've progressed since the last time the infrastructure business was broken out. And what we did is we focused our organic portfolio very much on road and rail work, bridges, roads and rails, and created a lot of workflows between Civil 3D and InfraWorks, and some of our specific tools. And we've been very happy with the progress we've been making there, and we continue that organic investment targeting those pieces of infrastructure.

是的。好的，傑伊，那我們就先從基礎設施的討論開始。所以，從根本上來說，留在公司是關鍵。第一，自上次基礎設施業務拆分以來，隨著我們的發展，我們贏得了越來越多的交通運輸部門。我們所做的，就是將我們的有機產品組合重點放在公路和鐵路工程、橋樑、道路和鐵路上，並在 Civil 3D 和 InfraWorks 以及我們的一些特定工具之間創建了許多工作流程。我們對在那裡取得的進展非常滿意，我們將繼續增加對這些基礎設施的投資。

We don't feel it needs to be broken out into a separate business because I think you might recall, since those days, we've moved our entire sales organization to account-based sales, so it's very easy to cover these types of customers with the kinds of support that we need to engage with them directly.

我們認為沒有必要將其拆分成一個單獨的業務部門，因為我想您可能還記得，從那時起，我們已經將整個銷售組織轉向基於客戶的銷售模式，因此很容易為這類客戶提供我們需要的各種支持，以便直接與他們互動。

Look, water's next, as you can see with what we've been doing with Tandem and the digital twin work and also with what we've acquired with Innovyze with their Info360 solution and some of the tools around there with digital twins for waste management and water management. We're definitely moving closer to things that are directly relevant to owner-operators. And I would -- you would expect to see us do more of that as time progresses, okay? So that kind of gives you a sense for what we're looking at and how we've gotten here.

你看，接下來是水資源，正如你從我們與 Tandem 合作開展的數位孿生工作，以及我們從 Innovyze 收購的 Info360 解決方案和一些用於廢物管理和水資源管理的數位孿生工具中看到的那樣。我們正朝著與自僱人士直接相關的方向邁進。而且隨著時間的推移，你們也會期待看到我們做更多這樣的事情，好嗎？這樣你就能大致了解我們正在面對什麼，以及我們是如何走到這一步的。

Now with regard to AU initiatives, I don't want to kind of preempt next AU's announcements. But what I'll tell you is we continue to add additional capabilities to forge into the APIs. And I think this coming AU, you're going to hear me talk a lot more about some of the common experiences we're creating across some of our new environments that we're building through our various customers. So I want to hold on to some of that news as we move forward to the next AU. But the hint is there's some common data experiences. There's some common ways of managing and accessing projects that we're developing and deploying, all things that are relevant to making the platform more powerful for bringing together the various products that our customers use.

至於非盟的各項舉措，我不想事先透露非盟下一屆大會的公告。但我可以告訴你們的是，我們將繼續為 API 添加更多功能。而且我認為在即將到來的AU大會上，你們將會聽到我更多地談論我們正在透過與不同客戶合作建構的一些新環境中所創造的一些共同體驗。所以，在進入下一個AU之前，我想保留一些相關資訊。但這表明，數據方面存在一些共同的經驗。有一些管理和存取我們正在開發和部署的專案的通用方法，所有這些都與使平台更強大，從而將我們的客戶使用的各種產品整合在一起有關。

Okay. For Debbie, quickly. You highlighted strong growth in product subs. If you're able to look at that in absolute terms, how would that product subs' level of business compare with, let's say, the second and third quarter of last year and perhaps even the fourth quarter? Are you at now perhaps the highest level you've been in 4 or 5 quarters as far as product subs are concerned?

好的。快點，給黛比。您重點提到了產品訂閱用戶的強勁成長。如果從絕對值來看，該產品訂閱業務的水平與去年第二季度和第三季度，甚至第四季度相比如何？就產品訂閱量而言，您目前是否達到了近四、五個季度以來的最高水準？

The short answer is yes. We've returned to growth after a period of several quarters that were impacted by COVID. And so we're pleased with the growth that we saw in Q1, and that's evidenced in the revenue results.

簡而言之，答案是肯定的。在經歷了幾個季度受新冠疫情影響後，我們已經恢復成長。因此，我們對第一季的成長感到滿意，這一點在營收結果中也得到了體現。

Our next question comes from the line of Saket Kalia from Barclays.

我們的下一個問題來自巴克萊銀行的 Saket Kalia。

Okay. Great. Can you hear me okay?

好的。偉大的。你聽得清楚我說話嗎？

Yes.

是的。

Excellent. Excellent. Thanks so much for taking my questions, and welcome, Debbie. Maybe first for you, Andrew. I'd love to dig into the new business acceleration you've touched on as we are starting this recovery. Maybe in particular, how much of this recovery do you feel is in demand, that is do you feel is tied to increased engineering hiring versus perhaps pent-up demand for tools post-pandemic, just as we kind of think about the pace of this recovery going forward? Does that make sense?

出色的。出色的。非常感謝您回答我的問題，歡迎您，黛比。或許對你來說是第一個，安德魯。在我們開始復甦之際，我很想深入探討您提到的新的業務加速方法。或許尤其值得關注的是，您認為此次復甦有多少是由於需求旺盛，也就是說，您認為這其中有多少是由於工程招聘增加，又有多少是由於疫情後對工具的壓抑需求釋放，就像我們思考未來復甦的步伐一樣？這樣說得通嗎？

Yes. It's hard for me to break it down into increased engineering hiring versus kind of pent-up demand. So I really -- I can't really give you a fine grain view on that.

是的。我很難將其分解為工程招聘增加還是某種被壓抑的需求。所以，我真的——我真的無法就此提供詳細的分析。

What I can tell you is that usage of some of our more engineering intensive products is going up pretty significantly, okay? And we talked a lot about usage every year with regards to how the monthly active users and the daily active users is going in various countries. What we've seen is the majority of our countries are now at or above pre-COVID levels. The U.K. is now above pre-COVID levels. The U.S. still struggling a little bit to get above pre-COVID levels, but showing a lot of robust impact.

我可以告訴你們的是，我們一些工程密集型產品的使用量正在顯著增加，好嗎？我們每年都會詳細討論各國的月活躍用戶數和每日活躍用戶數的使用情況。我們看到，大多數國家的疫情水準現在已經達到或超過了新冠疫情前的水準。英國目前的感染水準已高於新冠疫情前的水準。美國仍在努力恢復到新冠疫情前的水平，但已展現出強勁的復甦勢頭。

You also noticed -- I think you probably watched the indexes out there, the PMI and the ABI indices, in particular. We have always found those indices to be lagging indicators of our business. So they actually tell us that something has already happened with the purchasing behavior of our customers. And what you've seen is those indices continuing to shift towards growth, which you hint at, Saket, that it's the book of work that's going up, all right, which means people are going to hire more engineers, they're going to hire more people and they're going to engage -- they're going be using our products more. So it's probably driven mostly by hiring related to the book of business of our customers is going up. The indices seem to indicate that as a lagging indicator of what we've seen in terms of purchasing behavior and usage. But that's kind of as much granularity as I can give you on that.

我想你可能也注意到了──特別是PMI和ABI指數。我們一直認為這些指數是我們業務的落後指標。所以，這實際上告訴我們，我們客戶的購買行為已經發生了一些變化。你們看到的是，這些指數繼續向增長方向轉變，正如你暗示的那樣，Saket，這是因為訂單量在增加，這意味著人們會僱用更多的工程師，會僱用更多的人，並且會更多地參與——他們會更多地使用我們的產品。所以，這很可能主要是因為客戶業務量成長導致招募需求增加所致。這些指數似乎表明，它們是衡量我們目前所看到的購買行為和使用情況的滯後指標。但我能提供的細節也就這麼多了。

No, that's super helpful, Andrew. Maybe for a follow-up for you, Debbie. You touched on this a little bit in the prepared remarks, but I'd like to just talk about the acceleration in revenue this year. I think we get some of the drivers, but I'd love to sort of get your take and perhaps as part of that, your confidence in that growth lasting into fiscal '23 and for that matter, remainder term as well.

不，這太有幫助了，安德魯。或許可以幫你做個後續跟進，黛比。您在準備好的發言稿中已經稍微提到了這一點，但我還想談談今年收入加速成長的情況。我認為我們已經了解了一些驅動因素，但我很想聽聽您的看法，或許也包括您對這種增長能夠持續到 2023 財年乃至剩餘期限的信心。

Well, thanks, Saket. I'd start by saying, so Q1 is our seasonally smallest quarter. And our guidance assumes that we'll see improving results as the year progresses, which is consistent with what we're seeing. We're seeing uncertainty lessening, growing confidence from our customers and our channels and improving demand in our end markets, which is resulting in accelerating growth in new business.

謝謝你，薩凱特。首先我想說的是，第一季是我們往年同期業績最差的季度。我們的預期是，隨著時間的推移，業績會不斷改善，這與我們目前看到的情況一致。我們看到不確定性正在減少，客戶和通路的信心正在增強，終端市場的需求也在改善，這導致新業務的成長速度加快。

We're also seeing increasing renewal rates, strong direct business, particularly through the eStore. Our total direct revenue grew 25% year-over-year in Q1 and now represents 33% of total revenue. We're also pleased that we're starting to see momentum in key indicators like RPO, which grew 22% year-over-year in Q1. And it's because of these factors that we're confident in the ramp during fiscal '22. Now if I shift attention to fiscal '23 and even beyond that, let me just break that down a little bit.

我們也看到續訂率不斷提高，直接業務強勁成長，特別是透過網路商店。第一季度，我們的直接營收年增 25%，目前佔總營收的 33%。我們也很欣喜地看到，關鍵指標（如 RPO）開始呈現成長勢頭，第一季年增 22%。正是由於這些因素，我們對 2022 財年的成長充滿信心。現在，如果我把注意力轉移到 2023 財年甚至更遠的時期，讓我稍微詳細地分析一下。

I mentioned on the call that since I rejoined Autodesk, I've been focused on 2 primary things. The first is reacquainting myself with everything Autodesk, the team, the strategy, what's happened while I was away for a couple of years. And the second is digging deep to get a solid understanding of the fiscal '22 budget and our fiscal '23 financial goals. It's because of that work that I see significant opportunities for growth, including a growing TAM, from things like accelerating digitization in AEC, the convergence of design and make in manufacturing, an expansion into adjacent verticals, like you saw us do recently with the acquisition of Innovyze that got us into water infrastructure.

我在電話會議上提到，自從我重新加入 Autodesk 以來，我一直專注於兩件主要事情。首先，我需要重新熟悉 Autodesk 的一切，包括團隊、策略，以及在我離開的這兩年裡發生的一切。第二點是深入研究，以充分了解 2022 財年的預算和 2023 財年的財務目標。正是因為這項工作，我看到了巨大的成長機會，包括不斷增長的潛在市場規模，例如 AEC 行業數位化進程的加速、製造業中設計與製造的融合、向相鄰垂直領域的擴張，就像你們最近看到的我們收購 Innovyze 進入水基礎設施領域一樣。

We're also focused on further monetizing our TAM in a variety of ways. Some examples include conversion of noncompliant users. Andrew mentioned that billings from noncompliant users almost doubled year-over-year in Q1, and we're seeing more direct selling, as I just mentioned, and that direct selling gets us greater price realization that is another growth driver for us. This is all against a macroeconomic backdrop that we see improving. And it's because of all of this that we're confident in our fiscal '23 revenue growth potential and the free cash flow target of $2.4 billion in that period.

我們也致力於透過各種方式進一步實現我們潛在市場規模的獲利。例如，轉換不合規用戶就是一個例子。Andrew提到，第一季來自不合規用戶的帳單金額幾乎同比增長了一倍，而且正如我剛才提到的，我們看到了更多直接銷售，而直接銷售為我們帶來了更高的價格實現率，這是我們另一個增長動力。這一切都發生在宏觀經濟情勢不斷改善的大背景下。正因如此，我們對 2023 財年的營收成長潛力以及該期間 24 億美元的自由現金流目標充滿信心。

Now I've been back for 90 days, less than 90 days, actually. So next step for me is more work on the long-range financial plan and getting a deeper understanding of our path in fiscal '24 and beyond. Our goal is to drive double-digit growth using some kind of rule of 40 type framework over time.

現在我已經回來90天了，實際上還不到90天。因此，我的下一步工作是進一步完善長期財務計劃，並深入了解我們在 2024 財年及以後的發展道路。我們的目標是利用某種類似「40法則」的框架，隨著時間的推移，實現兩位數的成長。

Our next question comes from the line of Adam Borg from Stifel.

我們的下一個問題來自 Stifel 的 Adam Borg。

Maybe just on Upchain. So obviously, I know that just closed a few weeks back, but I was just curious if you could talk more about the vision over time of integrating Upchain with Fusion and Forge and how we should even think about the convergence of both Vault and Upchain, just given the similarities? Obviously, one's on-prem and one's in the cloud.

或許只在 Upchain 上。我知道這個專案幾週前剛結束，但我很好奇您是否可以詳細談論Upchain與Fusion和Forge整合的長期願景，以及鑑於Vault和Upchain的相似之處，我們應該如何看待它們的融合？顯然，一個是本地部署，一個是雲端部署。

Yes. An excellent question, Adam. So as you know, Upchain is PLM and PDM, product data management, product -- and product life cycle management in the cloud. So it's a fully cloud-native application. It's got both product data management and PLM. It understands both files and cloud information models like with Power Fusion, for example.

是的。亞當，問得好。如您所知，Upchain 是雲端的 PLM 和 PDM（產品資料管理、產品和產品生命週期管理）。所以這是一個完全雲端原生應用程式。它同時具備產品資料管理和產品生命週期管理（PLM）功能。它既理解文件，也理解雲端資訊模型，例如 Power Fusion。

Our vision for how this is going to work is Fusion already has a stack built on its cloud information model that goes all the way through simple data management up through into product life cycle management. Upchain will likely replace that capability within Fusion over time. But more importantly, what Upchain does is it supports a whole swath of legacy applications from our competitors and from other places. So what we're going to do is we're going to go into accounts with legacy applications or where we see overlap with other applications and combine the Fusion stack and the Upchain stack to handle the whole swath of data our customers use. Now ultimately, as well, what we're going to do is we're going to integrate Upchain with Vault so that Vault can now have an extension to the cloud.

我們對這一運作方式的設想是，Fusion 已經在其雲端資訊模型上建立了一個堆疊，該堆疊涵蓋了從簡單的資料管理到產品生命週期管理的整個過程。隨著時間的推移，Upchain 可能會取代 Fusion 中的這項功能。但更重要的是，Upchain 支援來自競爭對手和其他地方的大量傳統應用程式。因此，我們將進入那些擁有傳統應用程式或與其他應用程式存在重疊的帳戶，並將 Fusion 技術堆疊和 Upchain 技術堆疊結合起來，以處理我們客戶使用的所有資料。最後，我們還要做的是將 Upchain 與 Vault 集成，以便 Vault 現在可以擴展到雲端。

We're not going to force our Vault users to move from on-prem to the cloud. Vault is a very popular application. We sell a lot of it every quarter. And we're going to continue to update and maintain it. You might have noticed that we just released a mobile and extension to it and some web -- additional web extensions capability for Vault. So we continue to drive Vault, but we are going to integrate Vault and Upchain over time, which will give our Vault customers a path to putting all their data in the cloud as they see fit to do it, but we're not going to force that migration.

我們不會強迫 Vault 用戶從本地部署遷移到雲端。Vault 是一款非常受歡迎的應用程式。我們每季都能賣出很多。我們將繼續對其進行更新和維護。您可能已經注意到，我們剛剛發布了 Vault 的行動版及其擴充程序，以及一些網頁版——Vault 的額外網頁擴充功能。因此，我們將繼續推動 Vault 的發展，但隨著時間的推移，我們將整合 Vault 和 Upchain，這將為我們的 Vault 客戶提供一種途徑，讓他們可以根據自己的需求將所有資料放到雲端，但我們不會強制進行這種遷移。

So look for it to replace the guts of Fusion life cycle over time and integrate with Fusion cloud information model and look for it to integrate with Vault over time and provide a path for Vault customers to the cloud. And then ultimately, look for us to be going after legacy systems with a combination of our Fusion offering and Upchain's capability to bring all the customers' data and all the applications the customer use together in one robust cloud environment.

因此，預計它將逐漸取代 Fusion 生命週期的核心部分，並與 Fusion 雲端資訊模型集成；預計它將逐漸與 Vault 集成，並為 Vault 用戶提供一條通往雲端的路徑。最終，我們將結合我們的 Fusion 產品和 Upchain 的能力，將客戶的所有數據和客戶使用的所有應用程式整合到一個強大的雲端環境中，從而進入傳統系統領域。

That's great, Andrew. Maybe just a quick follow-up. Just on the Autodesk Construction Cloud. You cited some nice examples of some customer wins in the quarter. Just as you think about that business over the course of the year, especially with the improving macro kind of where are you thinking -- how you're thinking about that business as the year progresses?

太好了，安德魯。或許只需要簡單跟進。僅限 Autodesk Construction Cloud。您列舉了一些本季成功贏得客戶的優秀案例。就像你一年來一直在思考這項業務一樣，尤其是在宏觀經濟狀況好轉的情況下，你一年來都在思考什麼——你如何看待這項業務？

Yes. So we have really high expectations for how that business progresses as the year progresses. And we're getting -- we're definitely getting some good indications. One of the things we watch are the bids -- the activity on bid board through our BuildingConnected service. That activity has been going up in Q1. It's been progressively going up each month, which is great. So we see a lot of activity heading into there.

是的。因此，我們對該業務在今年的發展抱有很高的期望。我們確實得到了一些不錯的跡象。我們關注的內容之一是投標——透過我們的 BuildingConnected 服務關注投標板上的活動。第一季該活動呈上升趨勢。每個月都在穩定成長，這很好。所以我們看到很多活動都湧向那裡。

Just like a lot of our businesses, we expect some of the new business to be back-end loaded. But we're super happy with where we are right now. We had a good launch of Autodesk Build. It's getting good take-up in monthly active usage from some of our customers. New customers are embracing it. Our international expansion efforts that we put on hold last year because of the pandemic are now moving into full year this year.

就像我們許多其他業務一樣，我們預計部分新業務將在後期集中成長。但我們對目前所處的位置非常滿意。Autodesk Build 的發布非常成功。我們的一些客戶對這款產品每月活躍用戶數的接受度很高。新客戶欣然接受了它。去年由於疫情影響，我們暫停了國際擴張計劃，而今年我們將全面啟動該計劃。

Later this year, we roll out Autodesk Build to the channel, and that's going to accelerate Build's business. And one other thing I just want to highlight is why we're winning, okay, and why we continue to win business and why we're so incredibly confident about the future. Here's what customers tell us, right?

今年晚些時候，我們將向通路推出 Autodesk Build，這將加速 Build 的業務發展。還有一點我想強調的是，我們為什麼能夠取得成功，為什麼我們能夠持續贏得業務，以及為什麼我們對未來如此充滿信心。以下是客戶告訴我們的，對吧？

The end-to-end solution that we offer, all the way from planning -- early planning to design to preconstruction to preconstruction planning to site execution, all the way to digital handoff to actual maintenance and operations of the asset, nobody has this, especially to the depths that we have in each one of those disciplines. The other thing that people are really excited about is the deep integration with them and the fact that it's a BIM-native platform. It speaks BIM from the get-go. It will always speak BIM, and it's really good at it. This is driving more and more displacement of competitive solutions and accounts where we overlap.

我們提供從規劃到設計、施工前準備、現場施工，再到數位化移交、資產實際維護和運營的全程解決方案，沒有人能做到這一點，尤其是我們在每個領域都擁有如此深入的了解。人們真正感到興奮的另一點是它與 BIM 的深度集成，以及它是一個 BIM 原生平台的事實。它從一開始就採用BIM技術。它始終支援 BIM，而且在這方面做得非常出色。這導致我們在業務重疊的領域，競爭對手的解決方案和客戶越來越多地被取代。

And one of the other big things that we hear from customers is our business model flexibility, all right? Customers love that they can buy from us where they need to buy from us and how they need to buy from us, right? If you need a project-based license, we've got it. If you need a consumption-based model, we got it. If you need a per-user model, we got it. We adapt and flex our business model to whatever the particular customer's needs are or their ecosystem's needs are, and we can do it anywhere in the world.

我們從客戶那裡聽到的另一件重要的事情就是我們商業模式的靈活性，好嗎？顧客喜歡他們可以隨時隨地以他們需要的方式從我們這裡購買商品，對吧？如果您需要基於專案的許可證，我們有。如果您需要基於消費的模式，我們有。如果您需要按用戶計費的模式，我們有。我們會根據特定客戶的需求或其生態系統的需求調整和靈活運用我們的商業模式，而且我們可以在世界任何地方做到這一點。

So if we're dealing with an international customer, they know that when they standardize on us, they can get everywhere with the solution we do. So that's why we're winning. That's why we're bullish as we move into the next year and why we're excited about the construction market becoming hot and active again. The digitization of this market, a multiyear trend, there's lots of opportunity for lots of people, and we're seeing lots of validation in the direction we're heading. And I think it's going to be an exciting year for digital construction.

因此，如果我們面對的是國際客戶，他們知道，當他們採用我們的標準解決方案時，他們可以憑藉我們的解決方案在任何地方取得成功。這就是我們獲勝的原因。這就是為什麼我們對明年充滿信心，並對建築市場再次火熱活躍感到興奮的原因。這個市場的數位化是一個多年的趨勢，它為許多人帶來了許多機會，而且我們看到，我們所朝著的方向發展，也得到了許多驗證。我認為對於數位化建築而言，這將是激動人心的一年。

Our next question comes from the line of Joe Vruwink from Baird.

我們的下一個問題來自 Baird 公司的 Joe Vruwink。

Maybe just to focus on Fusion 360. I think the first disclosure on commercial subs was about a year ago, and 152,000 of subs, about 80% since then. Andrew, when you mentioned that business being at a tipping point or I think you might just say pass the tipping point, is it just a function of scale and customer awareness now that the product is as large as it is? Or are there other dynamics at play that you would point to as kind of supporting the business through this fiscal year?

或許應該專注於 Fusion 360。我認為商業子帳戶的首次披露大約是在一年前，此後披露了 152,000 個子帳戶，約佔總數的 80%。Andrew，你提到這家企業正處於臨界點，或者我認為你應該說已經過了臨界點，這僅僅是規模和客戶認知度提高的結果嗎？畢竟現在的產品規模已經如此龐大了。或者，還有其他因素在起作用，您認為這些因素對本財年的業務發展起到了一定的支撐作用嗎？

Well, there's a lot of things. One, there's the increased interest in the cloud, all right? There's the simple network effect of people saying, "You know what, I displaced my Mastercam and SolidWorks with Fusion, you should try the 2. It's awesome. So we're getting that network effect of people basically encouraging each other to move forward and get off the legacy systems and move to the cloud with Fusion. So we're seeing some of that. We're also seeing -- and this is super important. We're seeing increased purchases within accounts we penetrated previously, which means we're moving from kind of being a niche solution inside these companies or maybe partially -- a piloted solution to production.

嗯，有很多事情。首先，人們對雲端運算的興趣日益濃厚，對吧？人們會透過簡單的網路效應說：“你知道嗎，我用 Fusion 2 取代了我的 Mastercam 和 SolidWorks，你應該試試 Fusion 2。它太棒了。”因此，我們正在獲得一種網路效應，人們互相鼓勵，共同前進，擺脫傳統系統，遷移到使用 Fusion 的雲端。所以我們已經看到一些這樣的情況了。我們也看到——這一點非常重要。我們看到先前滲透到的客戶中的購買量增加，這意味著我們正在從這些公司內部的利基解決方案，或部分試點解決方案，轉向生產解決方案。

And that's also an important driver. And we expect these trends to continue this year and continue moving forward. And one of the really exciting things about this is we talked about growth beyond FY '23 and in FY '24 and '25 and beyond. The early success we're seeing in Fusion right now is going to be a growth engine that continues to accelerate over the next 5 years, especially as we start introducing our new design -- our extensions. We already have one for advanced manufacturing. We have various other extensions. There's going to be new extensions in the second half of the year. Those extensions are continue to be out there.

這也是重要的驅動因素。我們預計這些趨勢將在今年繼續發展，並持續下去。其中一件真正令人興奮的事情是，我們討論了 2023 財年之後以及 2024 財年、2025 財年及以後的成長。我們目前在 Fusion 中看到的早期成功將成為一個成長引擎，並在未來 5 年內繼續加速發展，尤其是在我們開始推出我們的新設計——我們的擴展程序之後。我們已經有一個用於先進製造業的平台了。我們還有其他各種擴充功能。今年下半年將會有新的擴展項目。這些擴充功能仍然存在。

We're particularly excited that we sold more Fusion than other applications in Q1 without any type of promotional activity. All of this points towards increasing customer demand for what we're doing.

我們尤其感到興奮的是，在第一季度，我們在沒有任何促銷活動的情況下，Fusion 的銷量超過了其他應用程式。所有這些都表明，客戶對我們所做的事情的需求正在不斷增長。

Okay. That's great. And then just on the comment that in regards to your construction end markets, uncertainty is lessening. I appreciate no sale is ever easy. But are there things that become easier, the fact that license compliance billings seem to have had a good quarter, coinciding with a better backdrop. Is that something that accelerates as the year goes on? Or would you maybe point to other areas of your business as well?

好的。那太棒了。然後，關於您提到的建築終端市場方面，不確定性正在減少這一點。我知道任何銷售都不容易。但有些事情確實變得更容易了，例如，許可證合規帳單似乎在本季表現良好，這與更好的市場環境不謀而合。這種情況會隨著時間的推移而加劇嗎？還是您能否也提及一下貴公司的其他業務領域？

I'm sorry. Could you -- you went out a little bit for me on the last part of that. What -- the part of the question, what's the key point of the question here? Sorry.

對不起。你能－你在最後那部分稍微幫我出去了一會兒嗎？問題的關鍵是什麼？對不起。

With uncertainty lessening, license compliance and having those conversations seems like that could be one area to benefit. Are there other areas as well?

隨著不確定性的減少，許可證合規性以及相關對話似乎可能成為受益的領域之一。還有其他區域嗎？

Yes. Okay. So as I've said many times, license compliance is one of these areas that we're just going to build a steady drumbeat on, right? It's going to be the gift that keeps giving for years and years to come. We do not want to accelerate it unnaturally because we want to bring our customers along with us. We want to keep them happy, help them get compliant. You noticed the story that I offered up in Indonesia about that customer actually buying premium subscription as well as becoming compliant and being happy about how they were able to deploy it, that's the kind of outcomes we want from the solution.

是的。好的。正如我多次說過的那樣，許可證合規是我們要持續努力的領域之一，對吧？這將是一份在未來很多年都能持續帶來驚喜的禮物。我們不想人為地加速這一進程，因為我們希望讓我們的客戶與我們一起前進。我們希望讓他們滿意，並幫助他們遵守規定。你注意到我在印尼分享的那個案例了嗎？那位客戶不僅購買了高級訂閱，而且還遵守了相關規定，並且對他們的部署方式感到滿意。這正是我們希望透過解決方案實現的成果。

So we did see some acceleration. You saw the growth numbers in the opening commentary around noncompliant billings in Q1. But that was off of a Q1 that was previously off. So we had a really strong compare. Don't expect any hockey sticks, though the Q1 of this year was better than the Q1 of fiscal '20. So you're seeing continued growth, which is what we want to see, a nice steady growth in this business. But don't look for any hockey sticks this year. We're back to the path we were on previously.

所以我們確實看到了一些加速現象。您在開篇的評論中已經看到了關於第一季不合規帳單的成長數據。但那是基於之前已經不準確的第一季數據得出的結論。所以我們進行了非常有力的對比。不要指望會大幅成長，儘管今年第一季的業績比 2020 財年第一季要好。所以你們看到的是持續成長，這正是我們所希望看到的，我們希望看到這個產業穩定成長。但今年別指望能看到任何冰球桿了。我們又回到了之前走過的路。

Our next question comes from the line of Matt Hedberg from RBC Capital.

我們的下一個問題來自加拿大皇家銀行資本市場的 Matt Hedberg。

Andrew, I wanted to go back to the construction side again. Obviously, the cost of building just continues to go up from a materials basis. And I know you guys have talked about the amount of waste globally that comes from construction site. Is that having a positive impact on pipeline generation as a lot of these construction firms, they just have to think end customers. They just have to become more way more efficient. Is that a portion of your pipeline growth there?

安德魯，我想重回建築業。顯然，從材料成本來看，建築成本一直持續上漲。我知道你們討論過全球建築工地產生的大量廢棄物。這對管道建設有正面影響嗎？因為很多建築公司只需要考慮最終客戶。他們必須大幅提高效率。這是你們銷售通路成長的一部分嗎？

So Matt, that's a very astute observation, all right? It's too early to say if the cost of -- the increases in the cost of material is driving increased focus on digitization. But it is one of those things that we have constantly highlighted as one of the reasons why the value chain for construction needs to digitize. Because when material prices have gone up the way they have, you can't afford to overpurchase and waste materials.

馬特，你的觀察非常敏銳，對吧？現在斷言材料成本上漲是否促使人們更加關注數位化還為時過早。但這正是我們一直在強調的，也是建築業價值鏈需要數位化的原因之一。因為現在材料價格上漲這麼多，你不能承受過度購買和浪費材料的風險。

So I can't tell you precisely if this is one of the pipeline drivers. But I can tell you that we're mentioning it to customers, and we're having customers about, hey, conversation with customers who want to keep your material costs down, digitize, right? Plan for less waste. Only order what you need.

所以我無法準確告訴你這是否是管道驅動因素之一。但我可以告訴你，我們正在向客戶提及此事，我們正在與客戶討論，嘿，與那些想要降低材料成本、實現數位轉型的客戶進行對話，對吧？制定減少浪費的計畫。只訂購你需要的東西。

So it's definitely entering into the conversation. I think it's too early to say if it's driving acceleration in the pipeline. But I think it's likely that it is.

所以它肯定會成為討論的話題。現在斷言它是否推動了管道建設的加速還為時過早。但我認為很有可能是這樣。

That's really great to hear. And then Debbie, welcome from me as well. I guess one of the questions that we always get, and I'm sure you get as well, is sort of what gives you confidence in that kind of that hockey stick cash flow guide for fiscal '23. Now that you had a little bit of time to kind of reflect on the model, what are sort of -- what's your sort of your view on some of the major drivers? I know we've heard Scott talk about them in the past. I'm just sort of curious on your perspective that gives you really that confidence that you seem -- it was clear in your remarks.

聽到這個消息真是太好了。黛比，我也要歡迎你。我想我們經常被問到的一個問題，我相信你們也肯定被問到過，是什麼讓你們對 2023 財年的那種「曲棍球棒」式現金流指南充滿信心。現在你有了一些時間來思考這個模型，你對一些主要驅動因素有什麼看法？我知道我們以前聽過斯科特談起過他們。我只是有點好奇，是什麼讓你如此自信——從你的發言中可以明顯看出這一點。

Yes, sure. Matt, good to talk to you, too. It's -- in large part, it's a lot of the things that I mentioned before. I think it's this combination of a growing TAM as well as further monetization of our TAM. And so that continued digitization in AEC with more innovation in Revit with expanding BIM mandates and ongoing BIM proliferation around the world with the digitization of construction that Andrew just talked about. Even the infrastructure bill could be a wildcard for us. We're hopeful, although nothing is baked into our numbers at this point. But these are all the multiple growth drivers that give me confidence in the ramp.

當然可以。馬特，很高興跟你聊天。很大程度上，就是我之前提到的那些事。我認為這是TAM不斷增長以及TAM進一步貨幣化共同作用的結果。因此，隨著 Andrew 剛才提到的建築數位化，AEC 領域將繼續推動數位化，Revit 將持續創新，BIM 強制要求也將不斷擴大，BIM 將在世界各地持續普及。就連基礎建設法案也可能成為我們的一大變數。我們抱持希望，儘管目前我們的預測還無法完全反映實際情況。但正是這些多重成長驅動因素讓我對成長動能充滿信心。

I think some of the other data points that we have out there, I'll repeat because these are the things, frankly, that I've been looking at to get my own sense of confidence into that ramp into fiscal '23: the conversion of noncompliant users, the fact that those billings doubled in Q1, and we're seeing more success with that program; the fact that we are selling more direct, that's a driver of growth for us and ultimately, will translate to free cash flow over time; the improving macroeconomic backdrop. All of these factors combined are what give me confidence in our ability to achieve our revenue growth potential in fiscal '23 as well as that free cash flow number of $2.4 billion.

我認為我們掌握的其他一些數據點，我再重複一遍，因為坦白說，這些正是我一直在關注的，它們讓我對2023財年的增長充滿信心：不合規用戶的轉化率，這些用戶的賬單在第一季度翻了一番，而且我們看到該計劃取得了更大的成功；我們正在進行更多直接銷售，這是我們增長的現金驅動力，最終將隨著時間的推移而改善經濟。所有這些因素加在一起，讓我對我們在 2023 財年實現營收成長潛力以及 24 億美元的自由現金流目標充滿信心。

And Matt, I'll just reinforce some of the things that Debbie said because I don't think we can talk about this enough because -- did you notice the list of things she gave there, right? There's a whole set of horizontal things just around the normal business, the noncompliance, the new types of subscription models, the rollout of consumption, the accelerating growth in our end markets.

馬特，我再重申一下黛比剛才說的一些話，因為我覺得我們再怎麼強調都不為過──你注意到她列出的那些事情了嗎？除了正常的業務之外，還有一整套橫向發展的問題，例如不合規行為、新型訂閱模式、消費模式的推廣以及終端市場加速成長等。

All of that combined also with the strategic levers around digitization and AEC around the convergence of design and make of what we're seeing with Fusion and then the whole move into new adjacencies that we're doing. Any one of those things could contribute to viable long-term growth, we have all of those levers to pull, all right? I just want to remind, we have all those levers to pull. And I guess, we're really good at picking and choosing the levers to pull when we need to pull them.

所有這些，再加上數位化和 AEC 領域的戰略槓桿，以及我們在 Fusion 中看到的設計與製造的融合，還有我們正在進行的向新領域的全面轉型。這些因素中的任何一個都可能有助於實現可持續的長期成長，我們有很多方法可以利用，好嗎？我只是想提醒大家，我們還有很多方法可以利用。我想，我們真的很擅長在需要的時候選擇要拉動的槓桿。

Our next question comes from the line of Sterling Auty from JPMorgan.

我們的下一個問題來自摩根大通的斯特林·奧蒂。

One housekeeping one to start. Can you be specific in terms of what the contribution to the guide is from the acquisitions?

先從一份家事服務開始。您能否具體說明一下，這些收購對指南的貢獻為何？

Sure. Sterling, so the impact on the acquisitions was a one point increase to our revenue guidance range on the year, a one point decrease to our operating margin range on the year, and it was neutral to free cash flow. That's consistent with what we said on the last call.

當然。因此，英鎊對收購的影響是：全年收入預期範圍上調 1 個百分點，全年營業利潤率範圍下調 1 個百分點，對自由現金流的影響為中性。這與我們上次通話中所說的一致。

All right. Perfect. And then, Andrew, as we think going forward, is Fusion 360 always incremental to kind of the installed base of traditional seats? Or have you already started to see a little bit of conversion one to the other? And if that's the case, what kind of change does that have on kind of the ARR contribution?

好的。完美的。那麼，Andrew，展望未來，Fusion 360 是否始終是傳統座椅安裝基礎的漸進式擴充？或者，您已經開始看到一種形式轉向另一種形式的轉變？如果是這樣，這對 ARR 貢獻會產生什麼樣的改變呢？

Yes. So nobody is moving from Inventor to Fusion right now, okay? It's just not happening, all right? It's actually, most of the business is about going after incremental seats inside of competitive accounts, say, especially down market. The one great thing about our strategy is most of the Inventor is bought through collections, which includes Fusion.

是的。所以目前還沒有人從 Inventor 遷移到 Fusion，懂嗎？這事根本不可能發生，懂嗎？實際上，大部分業務都是在競爭激烈的客戶中爭取增量席位，尤其是在低端市場。我們策略的一大優點是，大部分 Inventor 都是透過套裝購買的，其中包括 Fusion。

So if an Inventor user does start to move to Fusion over time, they continue on the same subscription path we're doing. And what we'll do with our collections is some of the extensions that would be available to a vanilla Fusion user that they'd have to pay for would be included with the collections version. So essentially, what you see is a kind of an ASP-neutral conversion from Inventor to Fusion. But that's going to take a long time. Most of the Inventor customers are going to stay comfortably where they are. But when they do move, it's essentially ASP-neutral in terms of impact on our ARR. It doesn't change the ARR trajectory.

因此，如果 Inventor 用戶隨著時間的推移開始轉向 Fusion，他們將繼續遵循我們正在採取的相同訂閱路徑。我們將把一些原本普通 Fusion 用戶需要付費才能使用的擴充功能，包含在我們的集合版本中。所以本質上，你看到的是一種從 Inventor 到 Fusion 的 ASP 中立轉換。但這需要很長時間。大多數 Inventor 用戶會繼續安於現狀。但當它們確實移動時，就對我們的年度經常性收入 (ARR) 的影響而言，基本上是平均售價 (ASP) 中性的。它不會改變 ARR 的走勢。

Our next question comes from the line of Jason Celino from KeyBanc Capital.

我們的下一個問題來自 KeyBanc Capital 的 Jason Celino。

Great. Maybe one, the ambitions in infrastructure. Andrew, you talked about the gains in roads and bridges with improvements to Civil 3D and expansions in the water here. But how do you think about some of those other areas of infrastructure, maybe some like -- with some of the electric utilities or other areas?

偉大的。或許其中之一是基礎建設的雄心壯志。Andrew，你談到了 Civil 3D 的改進以及這裡水域的擴展給道路和橋樑帶來的進步。但是，您如何看待基礎設施的其他一些領域，例如電力設施或其他領域？

Yes. So right now, Jason, we're going to stay focused on road and rail and bridges and the things that go along with road and rail and water. That's going to be our focus area. There's a lot of exciting things happening with elastic grid designs and the electrification and things associated with that. We're not going to be focusing on that right now. We may in the future. But right now, if you look at -- even if you look at where the infrastructure bill is going, for instance, most of it is going to the upgrading and expanding the deteriorating infrastructure we have in the company around road, rail, bridges, civil and water infrastructure. And that's going to be our sweet spot for a while, [hoping] wins in that respect.

是的。所以現在，傑森，我們將繼續專注於公路、鐵路、橋樑以及與公路、鐵路和水利相關的事物。那將是我們的重點領域。彈性電網設計、電氣化以及與之相關的技術正在發生許多令人興奮的事情。我們現在不會把重點放在那件事上。將來或許會。但就目前而言，即使你看看基礎設施法案的用途，例如，大部分資金都用於升級和擴大公司現有的、日益老化的基礎設施，包括公路、鐵路、橋樑、土木工程和水利基礎設施。而這將會是我們一段時間內的優勢所在，[希望]在這方面取得勝利。

And then you also talked about the -- why Autodesk wins in construction, which was quite helpful. You also alluded to the digitization opportunity there just being more broadly bigger. Maybe can you talk about how much of that TAM might be coming from pure greenfield versus displacements of legacy or in-house or other competitor tools?

然後您也談到了Autodesk在建築業取得成功的原因，這非常有幫助。您還暗示，那裡的數位化機會更加廣闊。您能否談談，這其中有多少潛在市場規模來自全新的項目，又有多少來自傳統工具、內部工具或其他競爭對手工具的替代？

Yes. A lot of the TAM is greenfield. Really sometimes what you're competing with here is some kind of free tool and Excel spreadsheet or a lack of any digital process whatsoever beyond e-mail and PDFs, right? So I -- there's a lot of greenfield opportunity here in addition to kind of just flipping existing customers off of legacy systems or consolidating their systems.

是的。TAM（潛在市場規模）中很大一部分是未開發的領域。實際上，有時你真正要面對的競爭對手可能是某種免費工具和 Excel 表格，或者除了電子郵件和 PDF 之外根本沒有任何數位化流程，對吧？所以，除了幫助現有客戶擺脫舊系統或整合他們的系統之外，這裡還有很多全新的發展機會。

So this -- there is a very robust long tail of growth here that's going to go on for years. That's why it's so exciting to see all the activity in this space because it's going to take a village to digitize this entire market. And we're at the very, very early stages of this, which is great.

所以，這裡存在著非常強勁的長期成長潛力，而且這種成長勢頭將會持續多年。正因如此，看到這個領域如此活躍才令人興奮，因為要實現整個市場的數位化需要整個社會的共同努力。我們現在還處於非常非常早期的階段，這很好。

Our next question comes from the line of Gal Munda from Berenberg.

我們的下一個問題來自貝倫貝格的 Gal Munda 系列。

The first one, Andrew, maybe just a little bit on construction. Your construction portfolio has really expanded and it's very, very strong now. I'm just wondering how should we think about the individual brands that you acquired between PlanGrid, Assemble, BuildingConnected, Pipe on one side, and then Autodesk Construction Cloud on the other side in terms of user adoption. And do you see users that came in for individual brands now starting to kind of move towards the platform approach as well?

第一個，安德魯，可能只是稍微講講建築方面的內容。您的建築項目組合確實擴大了很多，現在非常非常強大。我只是想知道，從用戶採用率的角度來看，我們應該如何看待您收購的各個品牌，一方面是 PlanGrid、Assemble、BuildingConnected、Pipe，另一方面是 Autodesk Construction Cloud。您是否看到以前為單一品牌而來的用戶現在也開始轉向平台模式？

Yes. It's an excellent question, Gal. So as you know, Gal, audits Autodesk Build and the Construction Cloud in general is the unification of all those brands and it's where we lead with new customers. Absolutely. When we're going out there chasing new businesses, Autodesk Build, it's all the capabilities that are built into Autodesk Build. It's Autodesk Takeoff. It's all of those tools associated with the Construction Cloud. And that's where we lead.

是的。這是個很好的問題，Gal。如您所知，Gal 負責審查 Autodesk Build 和 Construction Cloud，而 Construction Cloud 總體上是所有這些品牌的統一體，也是我們吸引新客戶的主要途徑。絕對地。當我們外出拓展新業務時，Autodesk Build 所擁有的所有功能都至關重要。這是 Autodesk Takeoff。它包含了與建築雲相關的所有工具。這就是我們領先的方向。

But we're also seeing people migrate off of the individual brands and move forward, right? So we're seeing the same kind of thing happening incrementally. But that's not -- we're going to let those people move at their own pace. Right? So when they're choosing to move on to the consolidated cloud, they're doing that by choice and as part of a process. Over time, we will ultimately migrate all of them to Construction Cloud and Autodesk Build. But right now, we're leading with our new customers with Autodesk Build and helping customers consolidate on the Autodesk Build when they want to bring some of those old brands along with them. But all the best technology from all those brands is in the Construction Cloud now.

但我們也看到人們正在脫離單一品牌，向前發展，對吧？所以我們看到類似的事情正在逐漸發生。但事實並非如此——我們要讓這些人以自己的步調前進。正確的？所以，當他們選擇遷移到統一雲端平台時，這是他們主動選擇並經過深思熟慮的過程。隨著時間的推移，我們最終會將它們全部遷移到 Construction Cloud 和 Autodesk Build。但目前，我們正以 Autodesk Build 為新客戶提供支持，並幫助客戶在希望將一些舊品牌整合到 Autodesk Build 上時進行整合。但現在，所有這些品牌的最佳技術都已整合到建築雲平台中。

Understood. And maybe, Debbie, just another question for you. I completely understand that Q1 is the smallest quarter in terms of new business generation and in terms of the renewals as well. So what I wanted to touch, though, is it might not have been a good time to kind of organically think about raising the guidance for the year so early in the year. I'd like to just kind of take a step back and think about what happened during Q1 and what you're seeing so far in Q2. If that kind of level of trading and recovery continues, is it fair to say that you feel pretty confident about your full year guidance then?

明白了。黛比，或許我還有一個問題想問你。我完全理解第一季是新業務拓展和續約業務量最小的季度。不過，我想說的是，在年初就考慮提高年度業績預期可能不是一個好時機。我想回顧一下第一季發生的事情，以及目前第二季的情況。如果這種交易和復甦水準能夠持續下去，那麼可以說您對全年業績預期相當有信心嗎？

I mean we issued the guidance today that we feel comfortable with. And I would say that we certainly have a strong sense of optimism based on the results that we had in Q1. But it's just too early for us to change the underlying view on the year after only one quarter, but we're off to a good start.

我的意思是，我們今天發布了我們認為合適的指導意見。而且我認為，根據我們在第一季所取得的成果，我們確實抱持著強烈的樂觀情緒。但僅僅一個季度過後，我們就改變對全年的基本看法還為時過早，不過我們開局不錯。

That is all the time we have for Q&A today. I would like to turn the call back over to Simon Mays-Smith for closing remarks.

今天的問答環節就到這裡了。我謹將電話交還給西蒙·梅斯-史密斯，請他作總結發言。

Thank you, everyone, for joining us. I look forward to chatting to you next quarter, updating you on our performance. If you have any questions in the meantime, please just PM me directly, happy to answer your questions. Thanks very much.

謝謝大家的參與。我期待下個季度與您交流，向您報告我們的業績。在此期間，如果您有任何疑問，請直接私訊我，我很樂意回答您的問題。非常感謝。

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

今天的電話會議到此結束。謝謝參與。您現在可以斷開連線了。