Autodesk Inc (ADSK) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. And welcome to the Autodesk Fourth Quarter and Full Year 2021 Results Conference Call. (Operator Instructions)

女士們、先生們，感謝您的耐心等待。歡迎參加歐特克2021財年第四季及全年業績電話會議。 （操作說明）

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

現在我謹將會議交給今天的發言人，投資者關係副總裁西蒙‧梅斯-史密斯先生。請您開始發言，先生。

Thanks, operator, and good afternoon. Thank you for joining our conference call to discuss the results of our fourth quarter of fiscal year 2021. On the line with me is Andrew Anagnost, our CEO; Stephen Hope (sic) [Stephen Hooper] , Vice President and Chief Accounting Officer; and Abhey Lamba, our Vice President of Go-To-Market Finance.

謝謝接線員，下午好。感謝您參加我們的電話會議，本次會議旨在討論我們2021財年第四季的業績。與我一同參加會議的有：執行長Andrew Anagnost；副總裁兼首席會計官Stephen Hope（原文如此）[Stephen Hooper]；以及市場推廣財務副總裁Abhey Lamba。

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 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 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.

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，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 the press release or the slide presentation 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業績，除非另有說明，所有引用均指同比數據。本次電話會議中提及的所有非GAAP財務數據均已在新聞稿或投資者關係網站上的簡報中進行了核對。

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。

Before jumping into our fourth quarter and full year results, I would like to again thank our employees and the families and communities that support them as well as our partners and customers for their continued commitment during uncertain times. That commitment, combined with our resilient subscription business model and the secular shift to the cloud, enabled us to maintain momentum and exceed our goals.

在深入探討第四季度和全年業績之前，我想再次感謝我們的員工、支持他們的家人和社區，以及我們的合作夥伴和客戶，感謝他們在充滿不確定性的時期給予的持續支持。正是這份支持，加上我們穩健的訂閱業務模式和向雲端轉型的大趨勢，使我們能夠保持發展勢頭並超越既定目標。

We generated strong growth with full year subscription revenue and remaining performance obligations, or RPO, up 26% and 19%, respectively. We also made significant progress towards digitizing AEC, converging design and make in manufacturing and converting noncompliant and legacy users. We signed a record number of new Enterprise Business Agreements, or EBAs, in the fourth quarter. In fact, they were equal to the number we signed in the entirety of the previous year. That's a testament both to our execution and growing partnership with our enterprise customers as we enable their digital transformations, demonstrated by enterprise BIM 360 usage nearly doubling year-over-year. While we made great strides this year, we intend to extend our leadership in the cloud and expand our presence in existing and adjacent industry verticals across the globe.

我們全年訂閱收入和剩餘履約義務（RPO）分別成長了26%和19%，並實現了強勁成長。我們在AEC（建築、工程和施工）數位化、製造環節的設計與生產整合以及不合規和傳統用戶的轉型方面也取得了顯著進展。第四季度，我們簽署了創紀錄數量的新企業業務協議（EBA），實際上與去年全年簽署的數量持平。這充分證明了我們卓越的執行力以及與企業客戶日益緊密的合作關係，我們助力他們實現數位轉型，企業BIM 360的使用量同比增長近一倍便是最好的證明。儘管今年我們取得了長足進步，但我們仍計劃鞏固在雲端領域的領先地位，並擴大我們在全球現有及相關垂直行業的業務。

The pending acquisition of Innovyze, which we announced yesterday and is expected to close later this quarter, is a great example of that intent. Innovyze is a global leader in water infrastructure simulation and modeling, serving many of the world's largest utilities, the majority of the top ENR design firms and other leading environmental and engineering consultancies. Innovyze enables water distribution networks and drainage systems to be more cost effectively and sustainably designed and operated. Combined with CIVIL 3D, InfraWorks, Revit and Autodesk Construction Cloud, we would be able to provide end-to-end water and wastewater solutions across planning, design, construction and operations.

我們昨天宣布的 Innovyze 的收購計劃，預計將於本季稍後完成，正是我們這一意圖的絕佳體現。 Innovyze 是全球領先的水務基礎設施模擬和建模公司，服務於眾多世界大型公用事業公司、大多數 ENR 頂級設計公司以及其他領先的環境和工程諮詢公司。 Innovyze 能夠協助使用者以更有經濟且永續的方式設計和營運供水管網和排水系統。結合 CIVIL 3D、InfraWorks、Revit 和 Autodesk Construction Cloud，我們將能夠提供涵蓋規劃、設計、施工和營運的端到端水務和污水處理解決方案。

With our existing capabilities in road and rail and our partnership with Aurigo in capital planning, we now have end-to-end infrastructure solutions for facilities owners and public sector agencies. Autodesk provides Innovyze with multiple opportunities to scale through enterprise, channel sales and geographic expansion. We also intend to apply our expertise in navigating through a business model transition to drive additional growth in fiscal 2024 and beyond. I am excited about the opportunities ahead and look forward to the future with optimism.

憑藉我們在公路和鐵路領域的現有實力，以及與Aurigo在資本規劃方面的合作，我們現在能夠為設施所有者和公共部門機構提供端到端的基礎設施解決方案。 Autodesk為Innovyze提供了透過企業級業務、通路銷售和地理擴張實現規模化發展的多種機會。我們也計劃運用自身在業務模式轉型方面的專業知識，推動2024財年及以後的進一步成長。我對未來的機會充滿信心，對未來充滿樂觀。

In the near term, we expect the unwinding of uncertainty from vaccine availability and political stability to drive confidence and investment over the second half of the year. Over the long term, Autodesk's purpose to drive efficiency and sustainability has never been more relevant or urgent.

短期來看，我們預期疫苗供應和政治局勢穩定帶來的不確定性消除將提振下半年的市場信心和投資。長期來看，Autodesk 致力於提升效率和永續發展的目標從未像現在這樣重要和緊迫。

In partnership with our customers, we have an unmatched capacity to drive efficiency and meet the global challenges of carbon emissions, embedded carbon, water scarcity and waste. And Autodesk is playing its part. We are on track to meet our commitment to be climate neutral and remain dedicated to being a resilient, diverse and equitable company. We were most recently recognized by Barron's as #4 on their list of World's 100 Most Sustainable Companies and the highest ranked software company. We are proud of our impact at Autodesk, and through our customers, the impact we are making in the wider world.

我們與客戶攜手合作，擁有無可比擬的能力來提升效率，應對全球在碳排放、隱含碳、水資源短缺和廢棄物處理方面所面臨的挑戰。 Autodesk 也正在為此貢獻力量。我們正朝著實現氣候中和的承諾穩步邁進，並致力於成為一家具有韌性、多元化和公平性的公司。最近，我們榮登《巴倫周刊》「全球100家最具永續發展能力公司」排行榜第四名，並列軟體公司榜首。我們為 Autodesk 的影響力感到自豪，也為我們的客戶在更廣闊的世界中所產生的正面影響感到自豪。

I'm also thrilled to announce 2 strong additions to my team. Debbie Clifford will be returning to Autodesk as Chief Financial Officer; and Raji Arasu will be joining as Chief Technology Officer. Debbie is currently Chief Financial Officer at SurveyMonkey, but spent the 13 years prior to that role in various financial leadership roles at Autodesk, including leading the internal business model transition team, engaging with many of you in support of our investor outreach and as my finance business partner before I became CEO. With her leadership skills, expertise and passion for our mission, Autodesk finance team will not miss a beat.

我很高興地宣布兩位重量級人物加入我的團隊。黛比·克利福德 (Debbie Clifford) 將重返 Autodesk 擔任財務長；拉吉·阿拉蘇 (Raji Arasu) 將加入公司擔任首席技術長。黛比目前是 SurveyMonkey 的財務官，在此之前的 13 年裡，她曾在 Autodesk 擔任過各種財務領導職務，包括領導內部業務模式轉型團隊、與大家密切合作開展投資者拓展工作，以及在我擔任執行長之前擔任我的財務業務合作夥伴。憑藉她的領導能力、專業知識和對我們使命的熱情，Autodesk 財務團隊將保持高效運作。

Raji joins us from Intuit, where she currently serves as Senior Vice President of their Platform and Services business. Prior to that, she was CTO for eBay subsidiary StubHub. At Autodesk, she will oversee and be responsible to the Autodesk technology and platform strategy as well as being operationally responsible for the ongoing development of our platform services. Raji will replace current Autodesk CTO, Scott Borduin, who announced his intent to retire last year after more than 21 years of service to the company. Scott had 2 tours as Autodesk CEO, the prior one working for Carol Bartz, and has not only contributed to the rise of Inventor and Fusion to the products they are today, but also as a passionate evangelist for Autodesk and our vision. Emblematic of his dedication to Autodesk, he moved out his retirement date so that he can help Raji during her transition into Autodesk. I'd like to give Scott a heartfelt thank you for all he's done and is continuing to do.

Raji 先前在 Intuit 擔任平台與服務業務資深副總裁，現加入我們。在此之前，她曾擔任 eBay 子公司 StubHub 的技術長。加入 Autodesk 後，她將負責 Autodesk 的技術和平台策略，並負責平台服務的持續開發營運。 Raji 將接替現任 Autodesk 技術長 Scott Borduin 的職位。 Scott Borduin 去年宣布退休，此前他已為公司服務超過 21 年。 Scott 曾兩度擔任 Autodesk 首席執行官，上一次是在 Carol Bartz 的領導下。他不僅為 Inventor 和 Fusion 的發展做出了貢獻，而且一直是 Autodesk 及其願景的熱情倡導者。為了幫助 Raji 順利過渡到 Autodesk，他甚至提前退休，這充分體現了他對 Autodesk 的奉獻精神。我衷心感謝 Scott 過去和現在所做的一切。

Before I provide insight into our strategic growth drivers, let me take you through the details of our quarterly and full year performance and the guidance for the next year. In an extraordinary year, we performed strongly across all metrics, perhaps best encapsulated by the sum of our revenue growth and free cash flow margin for the year equaling 51%. Several factors contributed to that strength in the fourth quarter, including record EBAs, robust subscription renewal rates, accelerating digital sales and continued sequential growth in new business.

在深入探討我們的策略成長驅動因素之前，請容許我先詳細介紹我們季度和全年的業績，以及對下一年的展望。在這非凡的一年裡，我們在所有指標上都表現出色，其中最能體現這一點的或許是我們全年營收成長和自由現金流利潤率總和高達51%。第四季業績的強勁成長得益於多項因素，包括創紀錄的EBA（擴展業務協議）、強勁的訂閱續訂率、加速成長的數位銷售以及新業務的持續環比增長。

Total revenue growth in the quarter was 16%, both as reported and in constant currency, with subscription revenue growing by 22% and now representing approximately 91% of total revenue. There was approximately 2 percentage points of benefit to subscription and maintenance growth from upfront revenue recognition of some products that do not incorporate substantial cloud services.

本季總營收成長16%，無論以報告匯率或固定匯率計算，其中訂閱收入成長22%，目前約佔總營收的91%。部分不包含大量雲端服務的產品提前確認收入，為訂閱和維護收入的成長帶來了約2個百分點的收益。

Looking at revenue by product and geography. AutoCAD and LT (sic) [AutoCAD LT] revenue grew 11% in the fourth quarter and 16% for the year. AEC grew 18% in Q4 and 20% for the year. Manufacturing rose 17% in Q4 and 10% for the year, even excluding the benefit from a strong performance in automotive EBAs which include nonratable VRED revenue, Manufacturing grew double digits in the quarter. M&E grew 14% in the quarter, boosted by a strong performance from our collaboration platform Shotgun and was up 10% for the year. Geographically, revenue growth ticked up in all regions. Revenue grew 14% in the Americas, 13% in EMEA and 23% in APAC during the quarter.

按產品和地理劃分，AutoCAD 和 LT（原文如此）第四季營收成長 11%，全年成長 16%。 AEC（建築、工程和施工）第四季成長 18%，全年成長 20%。製造業第四季成長 17%，全年成長 10%。即使不計入汽車 EBA（包含不可計入 VRED 收入）的強勁表現，製造業第四季仍實現了兩位數成長。 M&E（媒體與娛樂）第四季成長 14%，主要得益於協作平台 Shotgun 的優異表現，全年成長 10%。從地理上看，所有地區的收入均有所增長。美洲地區第四季營收成長 14%，歐洲、中東和非洲地區成長 13%，亞太地區成長 23%。

We also saw strength in direct revenue, which rose 28% versus last year and represented 34% of our total sales, up 3 percentage points from the fourth quarter of last year. The strength in our direct business was driven by some nonratable products included in a few large EBAs and digital sales.

直接營收也表現強勁，較去年同期成長28%，佔總銷售額的34%，較去年第四季成長3個百分點。直接業務的成長主要得益於部分大型企業協議中包含的非應稅產品以及數位銷售。

During the year, we grew total subscriptions by 8% to $5.3 million. Excluding the multiuser trade-in program, total subscriptions grew 4% to $5.1 million. Subscription plan subscriptions grew 15% and by 10%, excluding the multi-user trade-in program. We added 130,000 main subscriptions due to the strong adoption of our BIM 360 family and Fusion 360 products.

年內，我們的訂閱總額成長了8%，達到530萬美元。若不計入多用戶以舊換新計劃，訂閱總額增加了4%，達到510萬美元。訂閱計劃的訂閱量增加了15%，若不計入多用戶以舊換新計劃，則增長了10%。由於BIM 360系列和Fusion 360產品的強勁市場表現，我們新增了13萬個主要訂閱用戶。

During Q4, our maintenance, conversion and renewal rates declined sequentially, which was expected as we are entering the final stages of our maintenance to subscription program. With only 1 quarter left before this program retires, we have approximately 126,000 maintenance subscriptions remaining, accounting for approximately 3% of our revenue in the fourth quarter. I am proud to share that we have converted over 1.3 million maintenance subscriptions to date.

第四季度，我們的維護、轉換和續訂率環比下降，這符合預期，因為我們的維護轉訂閱計畫已進入最後階段。該計劃僅剩一個季度即將結束，目前我們仍有約 12.6 萬份維護訂閱，約佔第四季營收的 3%。我很高興地宣布，迄今為止，我們已成功轉換超過 130 萬份維護訂閱。

At the end of the fourth quarter, the lion's share of our commercial subscriptions were named users benefiting from easier access, usage data visibility and secure license management. We anticipate many of our remaining multi-user subscribers will make the transition to named users as the pandemic recedes. And we are now extending our 2:1 multi-user trade-in to August 2023 to enable that.

第四季末，我們商業訂閱用戶中的絕大部分都是指定用戶，他們受益於更便捷的存取、使用資料可見性和安全的授權管理。我們預計，隨著疫情消退，我們剩餘的多用戶訂閱用戶中許多也將過渡到指定用戶模式。為此，我們將 2:1 多用戶以舊換新計畫延長至 2023 年 8 月。

As announced last November, we are also exploring consumption-based models to meet the needs of customers requiring flexible license usage. Our net revenue retention rate remained within the 100 to 110 percentage range we laid out in our guidance. Our product subscription renewal rates remain robust, reinforcing the business-critical nature of our products to our customers.

正如去年11月宣布的那樣，我們也在探索基於消費的模式，以滿足客戶對靈活授權使用方式的需求。我們的淨收入留存率維持在我們先前預期的100%至110%的範圍內。我們的產品訂閱續訂率依然強勁，這也進一步印證了我們產品對客戶業務的關鍵性。

Our billings were broadly level with last year, reflecting fewer multiyear sales, and our long-term deferred revenue was 26% of total deferred revenue in Q4. Our total RPO of $4.2 billion is up 19%, and our current RPO of $2.7 billion grew 16%.

我們的帳單金額與去年基本持平，反映出多年期銷售減少；第四季長期遞延收入佔總遞延收入的26%。我們的總RPO為42億美元，成長了19%；目前RPO為27億美元，成長了16%。

On margins, we continue to realize good operating leverage due to strong revenue growth and diligent expense management. For the full year, non-GAAP gross margins remained very strong at 93%, up 1 percentage point from last year. Our non-GAAP operating margin increased by 5 percentage points to 29%.

在利潤率方面，由於強勁的營收成長和嚴格的費用控制，我們繼續保持良好的經營槓桿。全年非GAAP毛利率維持強勁，達93%，較上年成長1個百分點。非GAAP營業利益率成長5個百分點，達29%。

As you have seen in our press release, our GAAP results include a $679 million deferred tax asset valuation allowance released in the fourth quarter. This largely reflects the completion of our business model transition and the significant growth in our profitability.

如您在新聞稿中所見，我們的GAAP業績包含第四季度提列的6.79億美元遞延所得稅資產估值準備金。這主要反映了我們業務模式轉型的完成以及獲利能力的顯著成長。

Consistent with our capital allocation strategy, we continue to repurpose shares with excess cash to offset dilution from our equity plans. During the fourth quarter, we purchased 530,000 shares for $157 million at an average price of approximately $295 per share. For the full year, we purchased 2.6 million shares for $549 million at an average price of approximately $208 per share.

根據我們的資本配置策略，我們繼續利用盈餘現金重新配置股票，以抵銷股權激勵計畫帶來的稀釋。第四季度，我們以每股約295美元的平均價格，斥資1.57億美元購入53萬股。全年來看，我們以每股約208美元的平均價格，斥資5.49億美元購入260萬股股票。

Now let me turn to our guidance, which does not include Innovyze. We expect an improving macroeconomic environment during the year will result in accelerating growth in new business over the course of fiscal 2022. Usage trends during the fourth quarter remained above pre-COVID levels in most of Asia Pacific and Continental Europe and below pre-COVID levels in the U.S. and U.K.

現在讓我談談我們的業績指引，其中不包括Innovyze。我們預計，年內宏觀經濟環境的改善將推動2022財年新業務成長加速。第四季度，亞太地區和歐洲大陸大部分地區的消費趨勢仍高於新冠疫情前的水平，而美國和英國則低於新冠疫情前的水平。

We have seen an uptick in interest from multiyear deals, growing optimism in the channel and gradual recovery in bid activity on BuildingConnected in the U.S. We expect product subscription renewal rates to continue to be very healthy, and our net revenue retention rate to remain between 100% and 110%.

我們看到，多年合約的需求增加，通路信心日益增強，美國 BuildingConnected 平台上的競標活動也逐漸復甦。我們預計產品訂閱續訂率將繼續保持良好勢頭，淨收入留存率將保持在 100% 至 110% 之間。

Given our subscription model, revenue growth will lag the improving sales environment. For fiscal 2022, we expect revenue to grow by 13% to 15%, margins to expand to between 31% and 32% and free cash flow growth to reaccelerate to approximately 20%. When looking at the quarterization of free cash flow for fiscal 2022, we expect about 3/4 of our free cash flow to again be generated in the second half of the year due to our macroeconomic phasing assumptions and normal seasonality.

鑑於我們的訂閱模式，營收成長將落後於不斷改善的銷售環境。我們預計2022財年營收將成長13%至15%，利潤率將提升至31%至32%之間，自由現金流成長將重新加速至約20%。考慮到2022財年自由現金流的季度劃分，我們預計約四分之三的自由現金流將再次在下半年產生，這主要得益於我們對宏觀經濟階段性假設和正常的季節性因素。

As we noted last quarter, Vault revenue is becoming ratable for fiscal 2022 with the release of significant new mobile fee functionality in the first quarter. And this will reduce our revenue growth by about 1 percentage point over the year, with the biggest impact in our revenue on the P&L and in the manufacturing product family.

正如我們上個季度所指出的，隨著2022財年第一季推出重要的全新行動支付功能，Vault的營收將開始計入2022財年。這將使我們全年的營收成長率下降約1個百分點，對損益表和製造產品系列的收入影響最大。

Looking at our guidance for the first quarter. Normal seasonality is compounded by Vault ratability and one fewer calendar day versus Q1 fiscal 2021, which together reduces year-on-year revenue growth in the first quarter by about 2 percentage points. With improving macroeconomic conditions and easing comparables, we expect our revenue growth to accelerate after the first quarter. The slide deck on our website has more details on modeling assumptions for fiscal first quarter and full year 2022.

回顧我們對第一季的業績預期。正常的季節性因素，加上Vault評級機制的影響，以及與2021財年第一季相比少了一個自然日，共同導致第一季同比營收成長率下降約2個百分點。隨著宏觀經濟環境的改善和可比業績的改善，我們預計第一季之後營收成長將加速。我們網站上的簡報提供了更多關於2022財年第一季和全年業績模型假設的詳細資訊。

We expect Innovyze to be accretive to revenue growth, broadly neutral to free cash flow and a headwind on reported operating margins in fiscal 2022 and 2023. We will provide additional details after the Innovyze transaction completes.

我們預期 Innovyze 將有助於提升營收成長，對自由現金流的影響整體中性，但會對 2022 和 2023 財年的營業利潤率構成不利影響。 Innovyze 交易完成後，我們將提供更多細節。

Let me finish by giving you some details on the progress we made executing on our strategy to digitize AEC, converge design and make in manufacturing and monetize noncompliant and legacy users. Early in February, we launched our Autodesk Construction Cloud platform, which unifies our organic and acquired AEC cloud offerings and the data held within them to enable a connected project ecosystem across design and construction.

最後，我想詳細介紹我們在數位化AEC、融合設計與製造以及實現不合規和傳統用戶盈利的策略執行方面取得的進展。 2月初，我們推出了Autodesk Construction Cloud平台，該平台整合了我們自主研發和收購的AEC雲端產品及其包含的數據，從而建構了一個貫穿設計和施工的互聯專案生態系統。

Underpinning the Autodesk Construction Cloud is our common data environment, Autodesk Docs. This provides seamless navigation, integrated workflows and project controls and enables a single source of truth across the project life cycle. Autodesk Build brings together the best of PlanGrid and BIM 360 with new functionality, which along with Autodesk Quantify and BIM Collaborate, creates a comprehensive suite of field construction and project management solutions.

Autodesk Construction Cloud 的基礎是我們通用的資料環境 Autodesk Docs。它提供無縫導航、整合工作流程和專案控制，並在專案生命週期內實現單一資料來源。 Autodesk Build 整合了 PlanGrid 和 BIM 360 的優勢，並新增了多項功能，與 Autodesk Quantify 和 BIM Collaborate 一起，構成了一套全面的現場施工和專案管理解決方案。

For our design customers, BIM Collaborate Pro extends the capabilities of BIM 360 design on the new platform to create a more seamless exchange of project data between design and construction. Our strategy is to combine organic and acquired software in existing and adjacent verticals to create end-to-end cloud-based solutions for our customers that drive efficiency and sustainability. We have pursued that strategy to create Autodesk Construction Cloud, we are pursuing that strategy and infrastructure with the acquisition of Innovyze and we will continue to pursue that strategy in manufacturing.

對於我們的設計客戶而言，BIM Collaborate Pro 在新平台上擴展了 BIM 360 設計的功能，從而在設計和施工之間實現更無縫的專案資料交換。我們的策略是將現有及相鄰垂直領域的自主研發和收購的軟體結合，為客戶打造端到端的雲端解決方案，以提高效率和永續性。我們已運用此策略創建了 Autodesk Construction Cloud，並透過收購 Innovyze 進一步推進了這項策略和基礎設施建設，並將繼續在製造業領域貫徹這項策略。

The reasons for and the benefits of this strategy were clearly demonstrated in our fourth quarter results. Our growing partnership with our enterprise customers, as we enable their digital transformations, resulted both in record number of EBAs in the fourth quarter and also strong expansion in renewal rates with existing EBA customers.

我們第四季的業績清晰地展現了這項策略的緣由和優勢。隨著我們協助企業客戶實現數位轉型，我們與他們的合作關係日益緊密，這不僅使第四季度企業業務協議 (EBA) 的數量創下歷史新高，也顯著提升了現有 EBA 客戶的續約率。

We are seeing our new products, typically used by contractors, being increasingly adopted by design firms. For example, we expanded our agreement with Jacobs, the world's largest design firm to include Pipe, PlanGrid and Assemble to enable greater collaboration and more efficient workflows. Autodesk has been a trusted partner of Jacobs over the last 30 years, aligned with its mission to challenge today and reinvent tomorrow. Jacobs is also using Autodesk's transformative services to help them deliver innovative solutions to their customers. For example, Autodesk and Jacobs partnered to deliver the world's first generatively designed airport in Australia. And together, we are focused on leveraging Generative Design to solve their other client challenges around the world.

我們發現，通常由承包商使用的新產品正日益被設計公司所採用。例如，我們擴大了與全球最大的設計公司 Jacobs 的合作範圍，將 Pipe、PlanGrid 和 Assemble 等產品納入其中，以促進更有效率的協作和更有效率的工作流程。在過去的 30 年裡，Autodesk 一直是 Jacobs 值得信賴的合作夥伴，雙方的使命一致，即挑戰現狀，重塑未來。 Jacobs 也正在利用 Autodesk 的變革性服務，協助他們為客戶提供創新解決方案。例如，Autodesk 和 Jacobs 合作在澳洲打造了全球首個採用生成式設計技術的機場。此外，我們還將攜手致力於利用生成式設計技術，幫助 Jacobs 解決其在全球各地客戶面臨的其他挑戰。

Environmental Air Systems, EAS, a full-service mechanical contractor and custom-built HVAC equipment manufacturer, which is on the forefront of industrialized construction, increased its investment with Autodesk by replacing its existing project management tool with BIM 360. It is now able to leverage its existing investment in AEC collections and provide a comprehensive tool for its teams to collaborate and to connect the office and the field.

環境空氣系統公司 (EAS) 是一家提供全方位服務的機械承包商和客製化暖通空調設備製造商，處於工業化建築的前沿。該公司透過以 BIM 360 取代其現有的專案管理工具，增加了對 Autodesk 的投資。現在，該公司能夠充分利用其在 AEC 套件方面的現有投資，並為其團隊提供一個全面的工具，以便他們可以協作並連接辦公室和現場。

And Tyréns, a leading sustainable urban development consultancy in Sweden, significantly expanded its strategic platform partnership with Autodesk. As Per Bjälnes, Tyréns' Digital Strategy Manager for Business Area X said, "Tyréns is at the leading edge of the digital transformation of the construction and maintenance industry. Digitization enables smart buildings design that requires secure data flows and seamless collaboration across a broad ecosystem of stakeholders during the construction and operations process. Autodesk's Revit and BIM 360 Docs empowered us to create true digital representations. And now with Autodesk Forge, we can leverage those assets as digital twins to create value for different stakeholders such as a reduction of energy consumption, the prediction and optimization of maintenance and new smart, seamless end user services."

瑞典領先的永續城市發展顧問公司Tyréns大幅擴展了與Autodesk的策略平台合作夥伴關係。 Tyréns X業務領域數位策略經理Per Bjälnes表示：「Tyréns在建築和維護行業的數位轉型方面處於領先地位。數位化能夠實現智慧建築設計，這需要在施工和營運過程中，確保資料流的安全，並促進與眾多利益相關者之間的無縫協作。AutodeskutoRevit和BIM 360 Docsk， Forge，我們可以將這些資產轉化為數位孿生模型，從而為不同的利害關係人創造價值，例如降低能耗、預測和優化維護工作，以及提供全新的智慧、無縫的終端用戶服務。

We are also seeing benefits from our strategy in manufacturing. In the automotive sector, we provide design software through our enterprise business agreements to nearly all of the largest automotive OEMs and are extending our footprint beyond design into the factory. For example, our expanded partnership with Rivian, a global provider of electric adventure vehicles, now extends across facilities with Revit, BIM 360 and PlanGrid, manufacturing with Inventor and Generative Design and in the design studio with Alias, VRED and Shotgun. We are able to support Rivian as it converts existing facilities to digital twins, optimizes its factory layout using Generative Design, improves energy efficiency through simulation and enables collaboration and efficiency using a common data environment.

我們的策略在製造業領域也帶來了許多益處。在汽車產業，我們透過企業業務協議向幾乎所有大型汽車OEM廠商提供設計軟體，並將業務範圍從設計擴展到工廠生產環節。例如，我們與全球電動探險車供應商Rivian的合作不斷深化，目前已涵蓋工廠運營的各個方面：使用Revit、BIM 360和PlanGrid；使用Inventor和生成式設計軟體進行生產製造；以及在設計工作室中使用Alias、VRED和Shotgun等軟體。我們能夠支援Rivian將現有設施改造為數位孿生模型，利用生成式設計軟體優化工廠佈局，透過模擬提高能源效率，並藉助通用資料環境實現協作和效率提升。

Similarly, we are providing end-to-end support to our long-term customer, Transmashholding, TMH, which is the largest manufacturing of rolling stock and rail equipment in Russia and CIS, to accelerate its digital transformation and converge its design and make processes. TMH now builds trains in concept in Alias, designs and engineers in Inventor, optimizes in Fusion, produces and PowerMill and sells in VRED.

同樣，我們也為長期客戶Transmashholding（TMH）提供端對端支援。 TMH是俄羅斯和獨聯體地區最大的鐵路車輛和軌道設備製造商，我們致力於加速其數位轉型，並整合其設計和製造流程。目前，TMH在Alias中進行列車概念設計，在Inventor中進行設計和工程，在Fusion中進行優化，在PowerMill中進行生產，並在VRED中進行銷售。

Our market-leading cloud-based platform, Fusion 360, enjoyed another quarter of accelerating subscriptions, growing scale of deployments and adding competitive displacements, ending the quarter with over 140,000 commercial subscriptions. Conturo Prototyping, a machine shop based in Pittsburgh, recently expanded its relationship with Autodesk by adding more Fusion seats. Conturo is also adopting our recently launched machining extension due to its integrated design and CAM work flows, its advanced manufacturing capability and the potential of Generative Design to reduce project time lines and solve design for manufacturing issues faster than ever before.

我們市場領先的雲端平台 Fusion 360 連續第二季訂閱量加速成長，部署規模不斷擴大，並成功取代了部分競爭對手，最終商業訂閱量突破 14 萬。位於匹茲堡的機械加工企業 Conturo Prototyping 近期透過增加 Fusion 360 用戶席位，進一步深化了與 Autodesk 的合作關係。 Conturo 還採用了我們近期推出的加工擴充程序，整合了設計和 CAM 工作流程，具備先進的製造能力，並且其生成式設計能夠顯著縮短專案週期，並以前所未有的速度解決面向製造的設計難題。

In education, we continue to expand our footprint and replace traditional CAD competitors. With Tinkercad and Fusion alone, Autodesk is now approaching 40 million education users worldwide. For example, all of University College London's mechanical engineers switched to Fusion 360 during the fourth quarter. As Professor Tim Baker, MBE, who led the transition said, "COVID-19 accelerated UCL's transition to the cloud. By enabling collaborative, multidisciplinary engineering, Fusion 360's next-generation platform equips our graduates to become the world's leading engineers of the future. While all our software remains free for educators and students, graduates continue to bring Fusion 360 with them into the workplace, from startups through to the giants of manufacturing."

在教育領域，我們不斷擴大市場份額，逐步取代傳統的CAD競爭對手。光是Tinkercad和Fusion兩款產品，Autodesk在全球的教育用戶就已接近4000萬。例如，倫敦大學學院（UCL）的所有機械工程師都在第四季全面升級到Fusion 360。正如領導此次升級的蒂姆·貝克教授（MBE）所說：「新冠疫情加速了UCL向雲端的轉型。Fusion 360的下一代平台支援協作式、跨學科工程，使我們的畢業生能夠成為未來世界頂尖的工程師。雖然我們所有的軟體仍然免費供教育工作者和學生使用，但畢業生們仍然將進入巨頭，未來巨頭

While we have moderated our license compliance activity during the pandemic, we continue to work with existing and potential customers to ensure they pay for the software they use and comply with our terms of use. Our goal remains to give noncompliant and legacy users access to the benefits of subscription access through flexible models. During the quarter, we closed 23 deals over $500,000 with our license compliance initiatives, 3 of which were over $1 million.

疫情期間，我們雖然調整了許可合規方面的工作力度，但仍繼續與現有客戶和潛在客戶合作，確保他們為使用的軟體付費並遵守我們的使用條款。我們的目標依然是讓不合規用戶和老用戶也能透過靈活的訂閱模式享受訂閱帶來的益處。本季度，我們透過許可合規措施完成了 23 筆金額超過 50 萬美元的交易，其中 3 筆超過 100 萬美元。

For example, our European customer became aware during its transition to named users that its employees were accessing licenses in regions outside of the contract scope. Our premium plan provided them with the flexibility to manage all licenses centrally, monitor usage to remaining compliance and resulted in $1 million-plus deal. And a leading supplier of industrial automation solutions based in Europe, who became a legacy customer 3 years ago, subscribed to our product design and manufacturing collection when we were able to demonstrate that recent workflow improvements and cloud-enabled functionality would allow them to win more business by improving communication with their own customers and improve efficiency through quicker layout in 2D and hand over to 3D in visualization.

例如，我們的一位歐洲客戶在向指定使用者模式過渡期間發現，其員工在合約範圍之外的區域存取了許可證。我們的高級方案為他們提供了集中管理所有許可證的靈活性，並能監控使用情況以確保合規性，最終促成了一筆超過100萬美元的交易。另一家總部位於歐洲的領先工業自動化解決方案供應商，三年前就已成為我們的老客戶。在我們向他們展示了最新的工作流程改進和雲端功能如何幫助他們透過改善與客戶的溝通來贏得更多業務，並透過更快地在二維空間中佈局並過渡到三維視覺化來提高效率後，他們訂閱了我們的產品設計和製造解決方案。

In closing, we continue to build a stronger Autodesk for the long term. Our early and sustained organic and strategic investment in critical capabilities like cloud computing and cloud-based collaboration, combined with a successful transition to a SaaS business model, give us significant competitive advantages and confidence to grow in the double-digit range in the foreseeable future. We expect to have accelerating momentum during fiscal 2022, and we have multiple drivers that make us confident in our fiscal 2023 free cash flow target of $2.4 billion and double-digit growth thereafter.

最後，我們將繼續致力於打造更強大的Autodesk，以實現長期發展。我們早期對雲端運算和雲端協作等關鍵能力進行的持續性內生式和策略性投資，以及向SaaS業務模式的成功轉型，賦予了我們顯著的競爭優勢，並使我們有信心在可預見的未來實現兩位數增長。我們預計2022財年成長動能將進一步增強，並且有多項因素使我們有信心實現2023財年24億美元的自由現金流目標，並在此後保持兩位數增長。

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

接線員，接下來我們將開放提問環節。

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

（操作員說明）我們的第一個問題將來自巴克萊銀行的 Saket Kalia。

Okay. Great. Congrats on the new additions to the team. Maybe just to start, you touched on this a little bit in your prepared remarks, Andrew, but can you just talk a little bit about how you're thinking about new business recovery this year? And maybe just broad brush, what verticals or geos might be stronger than others?

好的，太好了。祝賀團隊新成員的加入。安德魯，你剛才在準備的演講稿裡稍微提到了這一點，能否請你再談談你對今年新業務復甦的看法？以及，你能不能大致概括一下，哪些垂直產業或地區可能會比其他產業或地區表現更強勁？

Yes. Thank you, Saket. I think that's a really appropriate question to open up with. As you know, new business was down last year. And that has a disproportionate impact on how we see revenue in Q1. But the way we look at it shaping up this year is Q1 is kind of the trough of the new business recovery, and we're going to be accelerating our new business growth out through the year into the second half of the year. In fact, we really see a world where most of the new business that didn't show up last year kind of reemerges as we head through this year. So it's important to see that, that business that disappeared last year didn't disappear. It just got shifted out. In fact, you're hearing a lot about the acceleration of digitization in multiple industries, and we're seeing that in our space in spades as well.

是的，謝謝你，Saket。我覺得這個問題問得非常好。如你所知，去年新業務有所下滑，這對我們第一季的收入預期產生了不成比例的影響。但我們預計今年第一季是新業務復甦的低谷期，我們將加速新業務成長，並持續到下半年。事實上，我們預計去年未能實現的大部分新業務將在今年重新出現。所以重要的是要明白，去年消失的業務並沒有消失，只是轉移到了其他領域。實際上，你經常會聽到很多關於各行各業數位化進程加速的說法，而我們自己也看到了這種趨勢的顯著發展。

And I think if we look at particular sectors, it's actually really going to be distributed across all the sectors in kind of similar ways. AEC is already investing really significantly ahead of the market in terms of their digitization efforts. You kind of saw early evidence of that with the EBA business we did, the record number of EBAs we did in Q4 relative to previous years. In manufacturing, you kind of see the same accelerated interest in digitization and new cloud-based workflows, especially surrounding what we're seeing in Fusion. The same goes in media and entertainment. The media and entertainment business, which was classically a laggard on some of these highly digital, highly cloud integrated workflows, is moving to the cloud in a big way.

我認為，如果我們具體分析各個行業，就會發現這種趨勢實際上會在所有行業中以類似的方式分佈。建築、工程和施工（AEC）行業在數位化方面已經遠遠領先市場。我們先前完成的EBA業務就體現了這一點，第四季度我們完成的EBA數量創下了往年同期新高。在製造業，我們也看到了對數位化和新型雲端工作流程的同樣濃厚興趣，尤其是在Fusion平台上。媒體和娛樂產業的情況也類似。媒體和娛樂產業過去在一些高度數位化、高度雲端整合的工作流程方面一直比較落後，但現在正在大規模地向雲端遷移。

Now geographically, kind of in a broad brush, I kind of highlighted in the opening remarks that we saw a broad recovery in Europe and Asia to pre-COVID levels of monthly active usage. And we saw a little bit of a lag in the U.S. and the U.K. I think we're going to see that kind of geographic return of new business in that cascade. It's going to be strong in APAC, it's going to get strong in Europe and then it's going to start to come back in the U.S. and the U.K. Q1 will be the trough of this new business growth, and we're going to accelerate right out of that into the rest of the year.

現在，從地理上看，大致來說，正如我在開場白中提到的，我們看到歐洲和亞洲的月活躍用戶數量已經普遍恢復到疫情前的水平。而美國和英國的復甦則稍顯落後。我認為，新業務的復甦將呈階梯式地展開。亞太地區將表現強勁，歐洲也將逐漸走強，然後美國和英國將開始復甦。第一季將是新業務成長的低谷期，之後我們將迅速走出低谷，並在今年餘下的時間加速成長。

Got it. That's really helpful. Maybe for a follow-up. Understanding that Innovyze hasn't closed, it isn't included in guidance, can you just give us some broad brushes on maybe how big that revenue scale there is? And maybe just touch on whether there are any significant differences in the business model versus Autodesk.

明白了，這很有幫助。或許可以再問一個問題。考慮到 Innovyze 尚未關閉，也沒有納入業績指引，您能否大致介紹一下其營收規模？另外，能否簡單說明其商業模式與 Autodesk 是否有顯著差異？

Yes. Difference is an opportunity, Saket. So first off, let's just kind of just level set on why we did Innovyze. I think we've been super clear that infrastructure is one of these really big growth opportunities for us long term. Infrastructure projects take a long time to design and plan, and they last even longer after that. So an investment in infrastructure is an investment in the long-term health of Autodesk. And I think we just have to be super clear about that.

是的。 Saket，差異就是機會。首先，我們先來明確一下我們成立 Innovyze 的初衷。我們已經非常明確地表明，基礎設施是我們長期發展的重要機會之一。基礎建設項目的設計和規劃需要很長時間，而且建成後還要持續很長時間。因此，基礎設施的投資就是對 Autodesk 長期健康發展的投資。我認為我們必須對此有非常清晰的認識。

Water was one of those areas where it would have taken us a lot of time to catch up organically. Whereas road and rail is an area we've been highlighting to you that we've been investing in organically with our portfolio and really making great strides there.

水務領域是我們很難靠自身實力趕上的一個領域。而公路和鐵路領域，我們一直強調，我們透過投資組合進行有機投資，並且取得了顯著進展。

When you look at the business at a high level in terms of the differences and where the revenue is going to come from. So look, at a high level, Innovyze is going to be accretive to our revenue growth, roughly to 1 percentage point as we head into this year. And that includes deferred revenue write-offs and the fact that we have a partial year in here. It's probably going to be dilutive this year, about 1 percentage point off of operating margin.

從宏觀層面來看，Innovyze 將會提升我們今年的營收成長，大約提升 1 個百分點。但這其中已經包含了遞延收入減損以及我們今年只計算了部分年度數據的情況。因此，Innovyze 今年可能會稀釋我們的營業利潤率，大約降低 1 個百分點。

But here's the opportunity that I want to make sure you highlight, and you actually poked on a little bit between the differences in our business model. Not only are we going to plug Innovyze into our sales engines in terms of named accounts, channel sales and international expansion, we're also going to apply our expertise on business model transformation to the Innovyze product portfolio. And I think that's going to be an important transitional element of how we absorb Innovyze into the company. We're good at this, we know how to do this and we know how to navigate this. So what you're going to see in FY '23 is you'll probably see a little bit of a depression of Innovyze's revenue growth in isolation because we're going to be applying the business model transformation. And as you know, with the business model transformation, there's downward pressure in revenue as a result, but acceleration of revenue as you head out onto the other side of the business model transformation.

但我想強調的是，您剛才也稍微提到了我們商業模式的差異。我們不僅將 Innovyze 整合到我們的銷售系統中，包括指定客戶、通路銷售和國際擴張，還會將我們在商業模式轉型方面的專業知識應用於 Innovyze 的產品組合。我認為這將是我們整合 Innovyze 到公司內部的一個重要過渡環節。我們擅長此道，我們知道如何操作，也知道如何應對。因此，在 2023 財年，您可能會看到 Innovyze 的營收成長略有放緩，因為我們將進行商業模式轉型。您也知道，商業模式轉型會帶來營收下行壓力，但隨著轉型的完成，營收成長將會加速。

So if we look at FY '23, it's probably going to be neutral to the overall revenue growth of the company. It's not going to touch the free cash flow number, $2.4 billion is going to come out, Innovyze or no Innovyze. And there'll probably be a little bit more of a headwind to operating margin, maybe between 1% and 2% as we go through the business model transformation, but a nice acceleration up to our double-digit growth standards as we head beyond FY '23 to '24, '25 and '26, which is kind of an extra bonus on top of what we're going to be able to do just to expand the core Innovyze water business to capitalize on the increasing investment in infrastructure. So it's a good question to talk about the differences in our business model because there's actually an opportunity there and a difference.

因此，如果我們展望2023財年，它對公司整體營收成長的影響可能不大。它不會影響自由現金流，無論Innovyze是否併入，24億美元的自由現金流都將保持穩定。隨著業務模式轉型，營業利潤率可能會略微下降1%到2%，但隨著我們進入2024、2025和2026財年，利潤率將穩定提升至兩位數成長水準。這相當於在我們拓展Innovyze核心水務業務、掌握基礎建設投資成長機會的基礎上，又獲得了一筆額外的收益。因此，探討我們業務模式的差異是值得關注的問題，因為這其中確實蘊藏著機會與差異。

Very helpful, Andrew. And congrats on the additions to the team.

非常感謝你的幫助，安德魯。也恭喜團隊新成員的加入。

Our next question will come from the line of Phil Winslow from Wells Fargo.

下一個問題將來自富國銀行的菲爾·溫斯洛。

Great. And congrats on a strong close to the year. And once again, congratulations on the new hires, in particular, great to have Debbie back. Really want to focus on the make side of Autodesk. How do you think about, in a reopening scenario and given the fact that we have a lot of backlog of projects, particularly in the construction and infrastructure world heading into this year, what is the opportunity for Autodesk to potentially accelerate adoption of some of the make functions, BuildingConnected, PlanGrid to try to help the industry work through this backlog?

太好了。祝賀你們以強勁的勢頭結束了這一年。再次恭喜新進員工的加入，尤其歡迎Debbie回歸。我真的很想專注於Autodesk的製造功能。考慮到重新開放後，以及我們積壓了大量項目，尤其是在建築和基礎設施領域，您認為Autodesk有哪些機會可以加速推廣一些製造功能，例如BuildingConnected和PlanGrid，以幫助業界解決這些積壓項目？

Yes. So we actually started to see the early signs of that as we headed into Q4 as new business started to strengthen in our construction portfolio in particular. And we also saw it across the Fusion base as well as people started to look at their manufacturing and the design-to-manufacturing operations. So we see a pretty significant opportunity here. And look, in many ways, the pandemic gave us an opportunity to catch up and pull ahead a little bit here. Our portfolio is now best-in-class. Our development team did an incredible heavy lift and an amazing job unifying what was the best of PlanGrid, which was the best of what we had in BIM 360. We now have Autodesk Build on this foundation of Autodesk Docs. And there is no one that has a better office-to-trailer solution than we do.

是的。實際上，我們在進入第四季時就開始看到一些早期跡象，尤其是在建築業務組合方面，新業務開始增強。我們也看到Fusion平台整體上出現了這種趨勢，因為人們開始關注他們的製造和設計到製造的營運。所以我們看到了一個相當大的機會。而且，從很多方面來看，疫情給了我們一個迎頭趕上並略微領先的機會。我們的產品組合現在是業界最佳。我們的開發團隊付出了巨大的努力，並出色地整合了PlanGrid和BIM 360的精華。現在，我們以Autodesk Docs打造了Autodesk Build。目前還沒有一家公司能提供比我們更好的從辦公室到行動辦公車的解決方案。

And I think if you go out there and you talk to customers and you talk to the space and they look at what we've done with Autodesk Build, you're going to hear the same kind of feedback that we really built a great product. And that's the product we're going to be leading with on new business. It's not that we won't be leading on the acquired portfolio products as we continue to sell those. But we're going to lead with Build, and we're going to lead with Build in many places. And that's going to give us a chance to not only drive a successful international expansion, but also continue to lap some of our competitors in the rest of the market, especially in places like the mid-market.

我認為，如果你走出去，與客戶和業內人士交流，讓他們看看我們在 Autodesk Build 上取得的成就，你就會聽到同樣的反饋：我們確實打造了一款優秀的產品。我們將以這款產品為核心，拓展新業務。當然，我們也會繼續銷售已收購的產品組合，但我們會以 Build 為核心，在許多領域都佔據領先地位。這將使我們有機會不僅成功拓展國際市場，還能在其他市場，尤其是在中端市場等細分領域，並繼續領先一些競爭對手。

But another one of the pieces of our secret sauce heading into the year, Phil, is the flexibility we offer on business models. We meet our customers wherever they are. And I think this is super important for you to pay attention to. We sell named user subscription. We sell site licenses. We sell project-based licensing when they want it. We sell consumption inside of EBAs. Whatever they need for whatever project they're pursuing, we have a model for them and a product for them. And I think that important convergence between the flexibility, which, by the way, costs us complexity in the back end, but it's worth it in terms of meeting the customers where they are.

菲爾，我們今年成功的秘訣之一，就是我們靈活的商業模式。無論客戶身處何地，我們都能滿足他們的需求。我認為這一點非常重要，你一定要重視。我們提供指定使用者訂閱、網站許可、專案許可等多種銷售模式，並根據客戶需求提供基於專案的許可。我們也提供企業級授權協議 (EBA) 內的消費額度。無論客戶的專案需求是什麼，我們都能提供對應的模式和產品。我認為這種靈活性至關重要，雖然它確實增加了後端系統的複雜性，但為了更好地滿足客戶的需求，這一切都是值得的。

When you combine that with the products, we feel really, really optimistic about how we're going to accelerate in this year and meet some of this demand. And our customers are looking for it. They want to digitize faster. They're starting to increase their spending. And we think we've got the portfolio of products and the portfolio of purchasing options that makes it work. We're not trying to force people into one kind of business model and then maybe try to lock them in, in kind of places that they don't want to be. So we feel pretty optimistic.

結合我們的產品，我們對今年的發展前景非常樂觀，相信能夠加速成長並滿足部分市場需求。我們的客戶也確實需要這樣的產品。他們希望加快數位轉型，並開始增加支出。我們認為，我們擁有豐富的產品組合和靈活的購買方式，能夠滿足他們的需求。我們不會強迫客戶接受某種商業模式，也不會試圖將他們限制在他們不想待的地方。因此，我們感到非常樂觀。

Our next question will come from the line of Jay Vleeschhouwer from Griffin Securities.

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

Andrew, the company has quite a lot on its plate. You have very broad agenda. And the question is, within the context of your 3 overarching strategic priorities and obviously, making the numbers that you guided to now for fiscal '22. Can you talk about some of the other critical programmatic executables that you are aiming for, for this year? For instance, in terms of channel, in terms of delivering on the platform, going live perhaps with PPU, other critical technical milestones that you might care to talk about in terms of new products like Tandem and Spacemaker and so forth.

安德魯，公司現在有很多事情要處理。你們的任務非常廣泛。問題是，在你們的三大策略重點以及實現你們先前預測的2022財年業績目標的背景下，你們能否談談今年其他一些關鍵的程序化執行目標？例如，在通路方面，在平台交付方面，例如PPU的上線，以及您可能想談的其他一些關鍵技術里程碑，例如Tandem和Spacemaker等新產品。

And then secondly, on the last call, you noted that within your peer group, Autodesk is the largest R&D spender, which is the case. But could you talk in a little bit more detail about how you're allocating R&D? Maybe talk about the priorities. You've spoken of reinvesting in the A of AEC. And maybe talk about some of those critical investment priorities vis-à-vis R&D.

其次，在上次電話會議上，您提到在同業中，Autodesk是研發投入最大的公司，事實的確如此。但您能否更詳細地談談貴公司是如何分配研發資源的？比如說，貴公司的研發重點是什麼？您曾提到要對AEC（建築、工程和施工）領域進行再投資。能否談談研發方面的一些關鍵投資重點？

Yes. All right. So there -- that was a -- it's usually a multipart question from Jay. All right. So let's talk about some of the programmatic pieces here. Now I don't want to take any thunder away from this year's AU, which is where we talk a lot about. As you probably noticed with last AU, you're going to see more of a product announcement focused AU as we move forward. So I don't want to take any thunder away from that.

是的。好的。所以——傑伊通常會問一個多部分的問題。好的。那我們來談談程序化廣告方面的一些內容。我不想搶了今年AU的風頭，因為我們會重點討論AU。正如你可能在上屆AU中註意到的，未來我們將舉辦更多以產品發佈為重點的AU。所以我不想喧賓奪主。

But if you look at programmatically where we're going to be leaning into, platform enhancements that bring design and make in the industries together and create commonality across many of the industries we serve are going to be a particular lever that we're going to be moving with. We just hired a new CTO with a lot of platform strategy chops that we're going to be leveraging to integrate some deeper platform capabilities into the company.

但從程式化角度來看，我們將重點放在平台增強功能，將各行業的設計與製造環節整合起來，並在我們服務的眾多行業中創造共通之處，這將是我們前進的關鍵槓桿。我們剛剛聘請了一位在平台策略方面經驗豐富的首席技術官，我們將利用他的能力將更深層的平台功能整合到公司中。

We're also going to be looking programmatically at the named user transition program. As you know, that was kind of a bumpy program last year. Customers really didn't appreciate us introducing that into a pandemic year. And they really want to understand what their options are with regards to flexible usage and occasional use moving forward. So look for us to explore those kind of capabilities as we've extended out what the deadline was in that program, which still makes that program being executed faster than maintenance and subscription, but probably more on a time line that fits with what our customers can absorb. So you'll see us kind of look at those flexible options and explore some of those things with our customers.

我們也將從程序層面研究指定使用者過渡計畫。如您所知，該計劃去年進展並不順利。客戶對我們在疫情期間推出此計畫頗有微詞。他們非常希望了解未來在靈活使用和臨時使用方面有哪些選擇。因此，我們將探索這些功能，並延長該計劃的截止日期。雖然這仍然比維護和訂閱模式執行得更快，但時間安排可能更符合客戶的接受程度。所以，您會看到我們研究這些靈活的選項，並與客戶探討其中的一些方案。

Now if you look specifically at how we're allocating investment. I mean I think you saw what we did around the A in AEC. We acquired Spacemaker. We're integrating that team, building up capabilities around that team, particularly around integrating machine learning and cloud-based platforms into the design process in architecture and engineering. So that investment is clear. We've highlighted it. You've just seen how we're investing in infrastructure and civil infrastructure. We already talked organically about road and rail, and now we've also talked about water. And all of this kind of builds on top of what we're doing with Construction Cloud.

現在，如果您仔細看看我們如何分配投資。我的意思是，我想您已經看到了我們在AEC（建築、工程和施工）領域所做的工作。我們收購了Spacemaker公司。我們正在整合該團隊，並圍繞該團隊建立能力，尤其是在將機器學習和雲端平台整合到建築和工程設計流程方面。所以這項投資很明確，我們已經重點強調了這一點。您剛才也看到了我們如何投資基礎設施和民用基礎設施。我們之前已經談到了公路和鐵路，現在又談到了水利工程。所有這些都建立在我們與Construction Cloud合作的基礎上。

I haven't talked a lot about what we're going to be doing with manufacturing, but here's what I can tell you. We're very interested in the cloud transformation in manufacturing. And I think you'll see us lean deeply into the cloud transformation around manufacturing more. We've invested pretty heavily there. Our investment is large in that whole portfolio, particularly in the Fusion portfolio. I think you'll continue to see us to invest in that area. And as we head towards AU, you'll hear exciting things about Fusion. You'll hear exciting things about Tandem. You'll hear exciting things about the platform for the company. And you'll hear exciting things about how the AEC portfolio is starting to come together in a similar way that we brought together some of the construction portfolio acquisitions that we did previously. So look for us to kind of play across all those fields.

我之前沒怎麼談到我們在製造業領域的計劃，但我可以透露一點：我們對製造業的雲端轉型非常感興趣。我認為你們會看到我們更深入地探索製造業的雲端轉型。我們在這方面投入了相當多的資金。我們在整個投資組合中都投入了大量資金，尤其是在Fusion產品組合方面。我認為你們會看到我們繼續在這個領域投資。隨著我們邁向AU，你們會聽到關於Fusion、Tandem以及公司平台的令人興奮的消息。你們也會聽到關於AEC產品組合如何逐步整合的令人興奮的消息，就像我們之前整合一些建築產品組合一樣。所以，敬請期待我們在所有這些領域都有所作為。

Now in terms of the breadth of what we're doing, I think I might have talked about this last time. We reverticalized the company just recently in October. So now I have someone that's responsible for the AEC execution again. That's Amy Bunszel. Scott Reese working on the execution in product design and manufacturing. And Diana Colella working in the media and entertainment space. And they are working closely with me and the rest of the team to execute on these vertical priorities, while we've also elevated platform up to an executive staff level, reporting directly to me, which will allow us to synergize the platform efforts more tightly with those things. So we're doing this from an operational perspective as well as from a strategic investment perspective.

關於我們業務的廣度，我想我上次可能也提到過。我們最近在十月對公司進行了垂直整合。現在，我重新安排了專人負責AEC（建築、工程和施工）業務的執行，她是Amy Bunszel。 Scott Reese負責產品設計和製造的執行，Diana Colella負責媒體和娛樂領域。他們正與我和團隊其他成員緊密合作，執行這些垂直領域的優先事項。同時，我們也把平台部門提升到了執行人員級別，直接向我匯報，這將使我們能夠更緊密地將平台工作與這些業務協同起來。所以，我們是從營運和策略投資兩個角度來做這件事的。

And our next question comes from the line of Gal Munda from Berenberg Capital.

我們的下一個問題來自貝倫貝格資本的 Gal Munda。

So the first one, I'd just like to ask you, Andrew, when you kind of looked at how the year played out in terms of the multi-users or network licenses versus what you expected, is it fair to say that you're kind of right back in the middle to that [3:1] thing that you expected? And you've just extended the program to '23, does that mean that you're kind of very comfortable with the way that this program is kind of converting, and you think that it's going to remain at that level where it's not a significant headwind to the model?

首先，我想問安德魯，你回顧一下今年多用戶或網路授權的實際表現，以及與預期相比，是否可以說你們基本上回到了預期的[3:1]比例？你們剛剛將該專案延長至2023年，這是否意味著你對該專案目前的轉化情況非常滿意，並認為它會保持目前的水平，不會對整個模式構成重大阻力？

Yes. Look, so look, our original statements about this being neutral to the model continue to hold. So there's no change in that expectation. I think what you saw last year, and I think this is a natural thing, like there's 2 sides of the bell curve, right? There's the size of the bell curve for which 2:1 is like, hey, that's a no-brainer for me, I'm going to take the 2:1. And there's a side of the bell curve for which 2:1 requires some more thought by the customer, more thought about, "Okay, wait a second, my usage is greater than 2:1. Autodesk, what are you going to do to allow me to flex a little bit more? And EBA is too big for me."

是的。你看，我們之前關於這對模型而言是中性的說法仍然有效。所以，這方面的預期沒有改變。我認為你去年看到的，而且我認為這很自然，就像常態分佈曲線的兩端一樣，對吧？一端是常態分佈曲線的兩端，以2:1的比例來說，這簡直是輕而易舉，我當然要選2:1。而另一端則是2:1的比例，客戶需要更多思考，比如，“等等，我的使用比例大於2:1。Autodesk，你們打算怎麼做才能讓我有更大的靈活性？EBA對我來說太大了。”

So what you saw early on is a lot of those people on the left side of the bell curve, the 50% of people that were up for renewal last year that said, "Hey, this is good for me." They moved quite rapidly through that, all right? The extension is for the people that require more thought about how this is going to impact their business and how they're going to adapt if their usage is greater than the 2:1 that the program had.

所以，你早期看到的是，很多處於常態分佈曲線左側的人，也就是去年續約的那50%的人，他們說：「嘿，這對我來說不錯。」他們很快就完成了續約，對吧？而延期則適用於需要更多思考的人，他們需要考慮續約將如何影響他們的業務，以及如果他們的使用量超過了該計劃規定的2:1比例，他們該如何調整。

So that's one of the reasons why we're working on the extension. Also to making sure that we have the new flexible models out there for them to explore. So there's no change in our expectations with regards to the impact on our business. It's going to be over, the whole period of the program, neutral in terms of impact to our business. Positive long-term in terms of experience to the customers.

所以，這就是我們致力於擴展功能的原因之一。同時，我們也希望確保他們能夠探索新的靈活模式。因此，我們對業務影響的預期並沒有改變。在整個專案週期內，對我們業務的影響將是中性的。從客戶體驗的角度來看，長期來看，這將帶來正面的效果。

Yes. Absolutely. And then just the second as a follow-up, you mentioned that for this year, you're again expecting kind of mid-20s long-term deferred revenue in terms of the -- so not a material contribution to free cash flow. When we look into more towards FY '23, and then maybe even beyond that, we're hearing this multiyear licenses as still been very, very strong even during the pandemic. So what would be the normal rate that you kind of think about if you think maybe more longer term, not just next year and maybe the year after?

是的，當然。第二個問題作為後續，您提到今年預計長期遞延收入約20%左右，因此對自由現金流的貢獻不大。展望2023財年，甚至更遠，我們了解到即使在疫情期間，多年期授權業務依然非常強勁。那麼，如果您考慮更長遠的未來，而不僅僅是明年或後年，您認為正常的成長率是多少？

Yes. So Simon remind me what we're reverting. So one of the things we're doing, I want to make sure we're super clear on this with regards to multiyear. With multiyear, our expectations are going to revert solely back to the mean here, right? And not try to exceed what we've done historically, okay? And I just want to make sure that we understand that and we get ourselves grounded in that simple fact. We're reverting back to the mean behavior.

是的。西蒙，提醒我我們要回歸什麼。其中一點，我想確保我們對多年期預期非常清楚。對於多年期預期，我們的目標只是回歸均值，對吧？而不是試圖超越我們過去所取得的成就，明白嗎？我只是想確保我們理解這一點，並牢記這個簡單的道理。我們要回歸均值行為。

And yes, as we ended last fiscal year, right, we saw quite an interesting pickup in multiyear, frankly, more than we expected, all right, given that we were still in the pandemic year. But if we look at where we want to be, it's just a reversion back to the mean. And remember that the multiyear business is attractive to both our channel partners and our customers because our channel partners like to collect the cash upfront. And our customers like to lock in the price protection for multiple years. And if you recall, reversion to the mean historically for our maintenance business was about 30% of the business, all right, roughly speaking, right?

是的，上個財年結束時，我們看到多年期合約業務出現了相當可觀的增長，坦白說，這比我們預期的要多，考慮到當時疫情仍在持續。但如果我們展望未來，就會發現這只是回歸均值的過程。請記住，多年合約業務對我們的通路合作夥伴和客戶都很有吸引力，因為我們的通路合作夥伴喜歡提前收取款項，而我們的客戶則喜歡鎖定多年的價格保障。您可能還記得，從歷史資料來看，我們維護業務的平均值迴歸部分大約佔總業務的30%，大致如此吧？

We want to stay right within that domain, and we will probably stay within that domain for the foreseeable future. And that was the peak, not the mean, okay? It peaked to 30%, not in the mid. The mean was probably somewhere in the mid-20s.

我們希望維持在那個範圍內，而且在可預見的未來，我們也可能會繼續保持在那個範圍內。那是峰值，不是平均值，懂嗎？峰值達到了30%，而不是中間值。平均值可能在20%左右。

Our next question will come from the line of Adam Borg from Stifel.

我們的下一個問題將來自 Stifel 的 Adam Borg。

Great. And also welcoming the new folks coming in. Maybe just a quick question on the net revenue retention rate. Obviously, the pandemic and speed of recovery will be the key input in the near term. But I was just curious, Andrew, if there's any kind of initiatives you're working on internally that can help drive net retention revenue rates back to the historical range?

太好了。也歡迎新同事加入。關於淨收入留存率，我想問一個問題。顯然，疫情和復甦速度將是短期內的關鍵因素。但我很好奇，Andrew，你們內部是否有任何舉措可以幫助將淨收入留存率提升到歷史水平？

Yes. So we've -- we're hitting the ranges that we've set for net revenue retention. And frankly, there's -- obviously, there's 2 things that drive net revenue retention, renewal rates and -- the AOB renewal and the ability to expand into accounts, right? And so we're working both of those sides in terms of increasing renewal rates and increasing our ability to expand in accounts with the make solutions. So when we look at net revenue retention, we -- so remember, one of the things we saw, and I think we highlighted this a lot over the last year, was how strong the renewal rates lasted throughout the -- through the last year, and how we continue to move forward. So we actually overperformed based on our expectations on renewal rates of the business. We continue to see -- we continue to expect that to accelerate.

是的。我們已經達到了設定的淨收入留存率目標。坦白說，淨收入留存率主要受兩個因素驅動：續約率和AOB續約以及拓展客戶的能力，對吧？因此，我們正在努力提高續約率，並利用我們的解決方案來增強拓展客戶的能力。說到淨收入留存率，我們──記得嗎？過去一年我們多次強調了這一點，那就是續約率在過去一年中保持了強勁的勢頭，並且我們仍在不斷進步。實際上，我們的業務續約率超出了預期。我們預計續約率還會繼續加速成長。

But more importantly, the net revenue retention is going to be driven by more and more people incorporating our digital portfolios, Construction Cloud, Fusion, other types of products like that, and also moving to BIM in the AEC space. So look for a lot of the increases in net revenue retention to be programmatically driven by the move to BIM, the move to digitizing the cloud -- in Construction Cloud and the move to transform their manufacturing processes with Fusion 360 and other solutions like that.

但更重要的是，淨收入留存率的成長將主要得益於越來越多的人採用我們的數位化產品組合，例如 Construction Cloud、Fusion 以及其他類似產品，並在 AEC 領域向 BIM 轉型。因此，預計淨收入留存率的大幅成長將主要由向 BIM 的轉型、向雲端數位化轉型（例如 Construction Cloud）以及利用 Fusion 360 和其他類似解決方案改造製造流程等因素推動。

And our next question will come from the line of Sterling Auty from JPMorgan.

接下來，我們將向摩根大通的斯特林·奧蒂提出一個問題。

Just one question from my side. In the context of an improving economy, I'm wondering what, if anything, you contemplated in that improvement in the business coming from the possibility of further stimulus spending from the government and in particular, on the [construction]?

我還有一個問題。在經濟好轉的背景下，我想知道您是否考慮過政府可能進一步加大刺激支出，特別是針對建築業的支出，會對企業經營狀況的改善產生什麼影響？

We do not factor that in, okay? Governments move slowly. The money trickles down slowly. But -- so we have not factored any of that into our plans and into our guidance, all right? That said, we do expect it to be an investment. You probably have heard that the American Society of Civil Engineers in the U.S. rated U.S. infrastructure a D+. Other countries aren't doing particularly well either. This is an area for investment and focus, and we expect to see some of that investment and focus, but we haven't factored this in.

我們沒有把這些因素考慮進去，好嗎？政府行動緩慢，資金撥付也比較慢。所以，我們沒有把這些因素納入我們的計畫和指導方針中，懂嗎？話雖如此，我們確實預計這將是一項投資。您可能聽說過，美國土木工程師協會將美國的基礎建設水平評為D+。其他國家的情況也不太理想。這是一個需要投資和關注的領域，我們預計會看到一些投資和關注，但我們還沒有把這些因素考慮進去。

Our next question will come the line of Joe Vruwink from Baird.

下一個問題將來自 Baird 公司的 Joe Vruwink。

One modeling question first and then one on the business. Just when looking at the first quarter guide, I think the revenue variance in terms of variance to consensus estimates, that seems explained by the couple of hundred basis points you talked about. But I'm wondering, in terms of the EPS variance it's a bit wider. Are there some discrete investments that take place in 1Q? Is this a function of the extra day thrown into the mix? Or I guess the question is, how do you see margins progressing throughout the year? And is 1Q kind of different than just the normal cadence?

先問一個關於建模的問題，然後再問一個關於業務的問題。就第一季業績指引而言，我認為您提到的幾百個基點的波動似乎可以解釋營收與市場普遍預期之間的差異。但我很好奇，每股盈餘的波動幅度似乎更大一些。第一季是否有一些特殊的投資？這是否與多出的一天有關？或者，我想問的是，您如何看待全年的利潤率走勢？第一季的業績是否與往常有所不同？

Yes. So this is a really important question. So let's talk about Q1 and the shape of the curve and what actually drives revenue in Q1. So I think I said earlier, Q1 is actually the trough of where we expect things to be. We're going to accelerate quite rapidly out of Q1, but what actually drives the revenue guide in Q1? The most important thing is the revenue recognition.

是的。這是一個非常重要的問題。讓我們來談談第一季度，以及曲線的形狀和真正驅動第一季營收的因素。我想我之前說過，第一季其實是我們預期業績的低潮。我們將在第一季之後迅速加速成長，但究竟是什麼因素驅動了第一季的營收預期呢？最重要的是收入確認。

So let's look at last year. Last year, we did not grow new business to the degree we expected to. In fact, we saw a decline year-over-year in our new business. The impact of those declines in new business bookings in the previous year have a disproportionately large effect on Q1. But they work themselves out relatively quickly as you move into Q2, Q3, Q4 and beyond. So we absolutely do have a somewhat more back-end loaded year than we would in a classic Autodesk year. But not extremely to the degree, simply because of the hole that was created.

讓我們回顧一下去年。去年，我們的新業務成長並未達到預期。事實上，我們的新業務年比有所下降。去年新業務預訂量的下降對第一季的影響尤其顯著。但隨著第二、三、第四季及以後的季度到來，這些影響會逐漸得到緩解。因此，與以往Autodesk的業績相比，我們今年的業績確實會受到一些影響，但程度並不嚴重，這主要是由於去年新業務預訂量的下降造成的。

And I think I said earlier, the new business that we lost last year didn't disappear. It's coming back. And it's coming back with a vengeance as we head into next year. But there's a couple of other little factors that affect Q1 disproportionately. And I think it's really important that we all get grounded on some of these things.

我想我之前也說過，我們去年失去的新業務並沒有消失。它正在回歸，而且隨著我們邁入明年，它將強勢回歸。但還有一些其他的小因素對第一季的影響特別顯著。我認為我們所有人都必須認真對待這些因素，這一點非常重要。

So the first one is we have a set of products that, because they are not yet cloud-enabled to a certain degree, are recognized upfront in the revenue in the accounting rules. They have to be. We have been working hard to ensure that all of those products are cloud-enabled, and that will actually force them to be recognized ratably.

首先，我們有一部分產品由於尚未達到一定的雲化程度，根據會計準則，這些產品的收入需要事先確認。這是必須的。我們一直在努力確保所有這些產品都實現雲端化，這將迫使它們按比例確認收入。

One of the products that is moving from upfront recognition to ratable recognition is the Vault product family. And that Vault product family was providing quite a bit of upfront revenue recognition previously. And now as we enter Q1, it's all going to be recognized ratably because Vault now has a mobile client, it now has other cloud-enabled features in it. So that was all of a sudden, a headwind to revenue recognition in Q1, but it works itself out as the year progresses, as the ratability progresses and the buildup progresses. And this is just the way a subscription business model works. So there's some unusual sort of onetime headwinds to Q1 that unwind themselves fairly quickly. And Q1 is the trough, and we will accelerate out of there. But it's definitely related to the buildup of recognized revenue as we progress. So that -- I hope that helps you understand a little bit more how Q1 works.

Vault 產品系列是正在從預確認收入轉向按比例確認收入的產品之一。此前，Vault 產品系列的大部分收入都是預先確認的。現在進入第一季度，所有收入都將按比例確認，因為 Vault 現在有了行動用戶端和其他雲端功能。這在第一季突然對收入確認造成了一定的阻力，但隨著時間的推移，隨著按比例確認收入的增加和累積收入的積累，這種情況會逐漸得到改善。這就是訂閱業務模式的運作方式。第一季會出現一些不尋常的、一次性的阻力，但這些阻力很快就會消失。第一季是低谷期，我們將加速走出低谷。但這無疑與我們隨著時間的推移而累積的已確認收入密切相關。我希望這能幫助您更好地理解第一季的運作情況。

And yes, there are some additional little details like Q1 is 1 day shorter this year, year-over-year. So it's actually one less day of revenue in the quarter. And it's 3 days shorter than quarter-over-quarter. But those other things I talked about are much more important for understanding the Q1 guide and how it unwinds as the year progresses. Makes sense?

是的，還有一些其他的小細節，例如今年第一季比去年同期少了一天。所以實際上，第一季的收入統計日少了一天。而且，第一季比上一季少了三天。但我剛才提到的那些細節對於理解第一季業績指引以及它如何隨著年內發展而變化更為重要。明白了嗎？

It does. It does. And if I can squeeze in one more. Just as you engage with your customers and they come back and you're booking new business. But have they talked to you about the composition of what they see going forward and their view on how a nonres construction cycle might develop. What are you hearing in terms of similarities? The cycle is going to be like out of '08, '09? Out of '01, '02? Or what are some of the differences that you're hearing? And how do those similarities or differences impact Autodesk, just given how your product portfolio has changed?

確實如此。確實如此。如果我還能再補充一點的話。就像您與客戶互動，他們再次光顧，您也獲得了新的業務一樣。但他們是否與您討論過他們對未來發展趨勢的預期，以及他們對非住宅建設週期可能如何發展的看法？您聽到了哪些相似之處？這個週期會像 2008 年、2009 年那樣嗎？還是像 2001 年、2002 年？或是您聽到了哪些不同之處？考慮到 Autodesk 的產品組合已經發生了變化，這些相似之處或不同之處將如何影響 Autodesk？

Yes. So remember, first off that we are distributed across almost all facets of the industry, and it's important to realize that when one wobbles, another one pops up. So -- and we're absolutely seeing that pattern. So for instance, you see in commercial real estate development, you see a slowing of projects. You actually do see a rebooting of projects that have been put on hold by the pandemic. But you see a slowing of new projects, but you see other new projects coming in the pipeline in terms of urban multifamily housing, suburban multifamily housing, other types of commercial real estate outside of dense urban areas, right? So we're hearing a lot from customers about a shift in where their portfolios are moving to.

是的。首先要記住，我們的業務幾乎涵蓋了整個行業的各個方面，所以要意識到，當一個領域出現波動時，另一個領域就會迅速崛起。我們確實看到了這種趨勢。例如，在商業房地產開發領域，專案數量有所放緩。實際上，一些因疫情而暫停的項目正在重啟。雖然新項目數量有所減少，但其他類型的新項目正在籌備中，例如城市多戶住宅、郊區多戶住宅以及人口密集城區以外的其他商業地產項目。因此，我們從客戶那裡聽到很多關於他們投資組合重心轉移的回饋。

One thing we are getting consistently though is an ongoing focus on adopting certain aspects of our cloud portfolio, particularly what we do with Autodesk Build collaboration, the collaboration tools for Revit models. We're seeing a lot of increased adoption in that. We saw a lot of strength last year. We're seeing some of that strength heading in. I think that's going to be an important part of our portfolio moving forward because not only does it allow for seamless remote work, but it also allows for better downstream integration to the rest of the build process. So we're seeing a lot of those tools being adopted, and we're also seeing a lot more adoption of some of the cloud-based tools that we're seeing in manufacturing.

不過，我們始終關注的一點是，客戶正在持續關注我們雲端產品組合中某些方面的應用，特別是我們與 Autodesk Build 協作工具（用於 Revit 模型協作的工具）的合作。我們看到這些工具的採用率大幅提升。去年，我們見證了強勁的成長勢頭，而今年，這種成長勢頭依然強勁。我認為這將成為我們未來產品組合的重要組成部分，因為它不僅能夠實現無縫遠距辦公，還能更好地與後續建置流程整合。因此，我們看到許多此類工具正在被採用，同時我們也看到製造業領域對一些基於雲端的工具的採用率顯著提高。

So the cloud is definitely front and center in terms of some of the growth areas in our portfolio. But do not underestimate BIM and the role of Revit in the digitization of AEC. It will continue to be a strong driver in the new world order. But it's uneven. It cuts very -- across geographies, across segments. You definitely see differences in terms of where people are going seeing things booting up and where they see things slowing down. But like every cycle we've ever seen, the money just shifts to somewhere else.

因此，雲端運算無疑是我們投資組合中一些成長領域的核心。但千萬不要低估BIM以及Revit在AEC數位轉型中扮演的角色。它將繼續成為新秩序中的強勁驅動力。但這種發展並不均衡，它在不同地區、不同產業之間有顯著差異。你肯定會看到，有些地方正在蓬勃發展，而有些地方則在放緩。但就像我們以往經歷的每一個週期一樣，資金最終都會流向其他地方。

Our next question will come from the line of Matt Hedberg from RBC Capital Markets.

下一個問題將來自加拿大皇家銀行資本市場的馬特·赫德伯格。

Andrew, I thought that was really good color on Q1. I think that makes a ton of sense. And also I'll offer my congrats to Debbie. It's really good to see you back at Autodesk. I guess, Andrew, now that we're sort of unwinding uncertainty, I think that's the term you've used before, when we think of the trajectory to '23, I mean, I think I just would kind of like to get maybe some high-level thoughts there. And I guess even more so beyond '23, what's the right way to think about that as we enter this new fiscal year?

安德魯，我覺得你對第一季的色彩分析非常棒。我覺得很有道理。另外，我也要祝賀黛比。很高興看到你回到歐特克。安德魯，我想，既然我們現在正在逐步消除不確定性（我想你之前也用過這個詞），當我們展望2023年的發展軌跡時，我想听聽你對這方面的一些高屋建瓴的看法。而且，我想，尤其是在2023年之後，當我們進入新的財年時，我們該如何看待這個問題？

Yes. So thank you for this question, all right? And it's an important question. So first off, I want to make sure that I just reiterate something I've said many times before. We model our business with super high fidelity, okay? And within those models, we never put forward our best case, all right? We always had a buffer in there at some degree. Buffers are great for like pandemic years. You got -- you love it when you have a buffer.

是的。謝謝你的提問，好嗎？這的確是個重要的問題。首先，我想重申我之前說過很多次的觀點。我們用非常高的精度來建立商業模型，好嗎？而且在這些模型中，我們從不呈現最佳情況，好嗎？我們始終會留出一定程度的緩衝。緩衝在應對疫情期間非常有用。有緩衝總是好的。

Now of course, as you get closer to events like FY '23 and things like associated with that, the buffer gets smaller, but so does -- but the accuracy of your model also gets better as well, right? So we have super -- we have a lot of confidence in the buildup to FY '23, the $2.4 billion in free cash flow, the organic metrics surrounding our business. And we also have a lot of confidence in the double-digit growth as we head beyond fiscal '23. Fiscal '23 isn't some event. It's just another milepost like fiscal '20 was, fiscal '23 is. It's another milepost on a journey but there is ongoing growth in the double-digit range out beyond fiscal '23.

當然，隨著2023財年等重要事件的臨近，緩衝期會縮短，但模型的準確性也會隨之提高，對吧？因此，我們對2023財年的業績成長、24億美元的自由現金流以及我們業務的各項有機成長指標都充滿信心。同時，我們也對2023財年之後兩位數的成長充滿信心。 2023財年並非什麼重大事件，它只是像2020財年一樣，是旅程中的另一個里程碑。我們將持續維持兩位數的成長，直至2023財年之後。

Now I think one of the things people anchor on right now is what about this buildup from '22 to '23? One of the things I want to remind you is about the nature of how momentum is going to be exiting '22. Remember, we're slight -- we're going to be slightly more back-end loaded in terms of the accumulation of revenue and new business heading into fiscal '23, not dramatically back-end loaded, but more back-end loaded than we would traditionally be. We're going to exit '23 with quite a bit more momentum than the full year targets would indicate, all right, relatively speaking, in terms of those outcomes.

現在，我認為大家關注的焦點之一是2022年到2023年這段時間的成長情況。我想提醒大家的是，2022年末的成長動能會如何改變。記住，進入2023財年，我們的營收和新業務成長會略微落後於年底，雖然不會出現大幅滯後，但比以往的情況要更明顯一些。從相對而言，2023年底的成長勢頭將比全年目標所預測的要強勁得多。

So we feel pretty confident with the momentum we'll exit FY '23 with and that we have the book of business from the renewal base, from the continuing digitization of AEC, from the continuing convergence of design and make in manufacturing and to the conversion of noncompliant users to hit the numbers that we have in FY '23 and beyond. And we're confident in our models. We're confident in the margin of error. We're confident in the levers we can pull, if we had to pull any. So we see line of sight to some of the organic goals that we've been talking about. And we continue to be confident even with what seems to be a big buildup from '22 to '23. You just have to pay attention to the momentum we have as we exit the full year '22 into '23. No different than that '19 to '20 discussion that we had. It seems like yesterday, but it was 3 years ago.

因此，我們對2023財年末的發展勢頭相當有信心，我們相信憑藉續約業務、AEC（建築、工程和施工）行業的持續數位轉型、製造業中設計與製造的持續融合，以及不合規用戶的轉化，我們能夠實現2023財年及以後的預期目標。我們對我們的模型充滿信心，對誤差範圍也充滿信心，並且對必要時可採取的措施也充滿信心。因此，我們看到了實現我們一直在討論的一些自然成長目標的清晰路徑。即使2022年至2023年期間業務成長看似強勁，我們依然充滿信心。您只需關注我們在2022年結束、2023年到來所維持的發展勢頭。這與我們之前討論的2019年至2020年的情況並無二致。雖然感覺就像昨天發生的一樣，但實際上已經是三年前的事了。

Our next question comes from line of Keith Weiss from Morgan Stanley.

我們的下一個問題來自摩根士丹利的基斯‧韋斯。

I wanted to dig into the recovery. So our survey work shows expectations are getting a little bit pushed out from the kind of first half of 2022 to the next quarter. And we've heard from you and your peers on a slow recovery. So kind of what are you hearing from customers? And what do they need to see in order to pick up the pace of recovery? And also where are the areas that you see there could be some risk that it could get further delayed?

我想深入探討一下復甦情況。我們的調查顯示，人們預期的復甦時間從2022年上半年推遲到了下一季。我們也從您和您的同行那裡了解到復甦緩慢的情況。那麼，您從客戶那裡聽到了什麼？他們需要看到什麼才能加快復甦步伐？此外，您認為哪些方面可能有進一步延遲復甦的風險？

Yes. So first off, our customers have to invest ahead of their project load in order to be successful. Remember, our tools show up not only in the execution phase and the make phase, but also very early in the early conceptual design phases. And one of the big areas of strength that we saw in Q4 was that large increase in enterprise business agreements we see. The record number of EBAs we saw is kind of emblematic of customers investing in future digitization capacity. So we expect to see that regardless of the situation in the markets right now.

是的。首先，為了取得成功，我們的客戶必須在專案啟動前進行投資。請記住，我們的工具不僅在執行階段和建造階段發揮作用，而且在早期概念設計階段也能發揮作用。我們在第四季看到的一大優勢是企業業務協議 (EBA) 的大幅成長。 EBA 數量的創紀錄增長，象徵著客戶正在投資未來的數位化能力。因此，無論當前市場狀況如何，我們預計這一趨勢都將持續下去。

But our view continues to be Q1 is the trough. The acceleration starts to come out of Q1 as we head out of the spring and into the summer. Now right now, there's lots of uncertainty, and you hear lots of buzz around variants and vaccine distributions. But I think all of us are smart enough to know that just like when we had these discussions about testing infrastructure and testing rollout and testing capacity, all these things work themselves out over a multi-month period in terms of distribution of vaccines, distribution of assignment of capacity and all the things associated with that.

但我們仍然認為第一季是低谷。隨著春季結束進入夏季，成長動能將從第一季開始加速。目前存在著許多不確定因素，關於病毒變異株和疫苗分配的各種傳言也很多。但我認為我們都夠聰明，明白就像我們之前討論檢測基礎設施、檢測推廣和檢測能力一樣，所有這些問題，包括疫苗分配、檢測能力分配以及所有相關事宜，都需要幾個月的時間才能逐步解決。

Now if all of that stuff starts to crumble and fumble, of course, you end up in a new situation. But you know what, that is highly unlikely in this situation. And there's much more alignment on trying to get the right things done. And that's what we're hearing from our customers more and more is they're trying to invest ahead of the growth they see coming forward. So we're pretty bullish as we head into the second half of the year. And we're pretty optimistic as we head into the summer. There's always something that can derail this, a wobble in the vaccine distribution or something associated with that or some kind of rise of political uncertainty. But you know what, we can't predict those things, and we don't see those things. What we see mostly are tailwinds right now as we head out of Q1 and into Q2 and beyond.

當然，如果所有這些環節開始崩潰瓦解，最終會陷入新的局面。但你知道嗎，這種情況在目前情況下發生的可能性極低。現在大家在努力把正確的事情做好方面更加協調一致。我們也越來越多地聽到客戶反映，他們正試圖提前投資，以應對他們預見的未來成長。因此，我們對下半年的前景非常樂觀。對即將到來的夏季，我們也相當樂觀。當然，總是會有一些因素可能破壞這種勢頭，例如疫苗分發出現波動，或是與之相關的其他問題，又或者政治不確定性加劇。但你知道嗎，我們無法預測這些，目前也沒有看到這些情況發生。我們看到的主要是利多因素，尤其是在我們走出第一季、邁入第二季以及未來更長遠的時期。

Great. That's super helpful. And then just to sneak one more in. Your comments on the areas investment were certainly helpful. But just taking a step back, the Innovyze deal was one of the largest acquisitions to date. I believe it was above PlanGrid. So how should we just think about the kind of higher level framework for investing organically for -- in R&D versus kind of the acquisitions as a source of innovation?

太好了，這非常有幫助。再補充一點，您對投資領域的評論確實很有幫助。但退一步說，Innovyze 的交易是迄今為止最大的收購之一，我相信它超過了 PlanGrid。那麼，我們該如何思考更高層次的投資框架，即如何透過自身研發而非收購來獲得創新？

Yes. So we tend to invest organically in innovations that either we've been investing -- that we've been working on for a period of time that represent net new business opportunities, that we will acquire into net new business opportunities where there's like no mature market yet, all right? But we will tend to acquire in areas where we're seeing long-term opportunities or opportunities for enhanced digitization or enhanced cloud capability in verticals where we might not have established vertical -- businesses or sub-verticals where we might not have established businesses.

是的。所以我們傾向於對那些我們已經投資了一段時間、代表著全新商機的創新項目進行有機投資，或者收購那些目前還沒有成熟市場的全新商機項目。但我們也傾向於收購那些我們看到長期發展機遇，或者在尚未建立業務的垂直行業或子垂直行業中，能夠提升數位化或雲端能力的項目。

But make no bones about it, our organic investment is very much driven on this convergence of design and make in both AEC and manufacturing and on this conversion -- this convergence of manufacturing and construction across our industries. We've got a lot of organic focus in the innovation in those areas. We will acquire inorganically for innovation in certain cloud-based areas. But more likely than not, we'll acquire for vertical specialization in areas where established businesses have created a presence. I think Innovyze is indicative of that. Sorry.

但毋庸諱言，我們的有機投資很大程度上是基於建築、工程和施工（AEC）以及製造業中設計與製造的融合，以及整個行業中製造與施工的融合。我們非常重視這些領域的創新。我們會透過收購來增強某些基於雲端領域的創新能力。但更有可能的是，我們會收購那些成熟企業已經佔有一席之地的垂直專業化企業。我認為Innovyze就是一個很好的例子。抱歉。

Unfortunately, that's all the time we have for questions today. I'd like to turn the call back over to the speakers for any closing remarks.

很遺憾，今天的提問時間到此結束。現在我想把發言權交還給各位發言人，請他們作總結發言。

Thank you, everyone, for joining us. I know it's a busy night for many of you. I look forward to catching up with you at next quarter's results. If you have any questions in the meantime, please contact us at simon.mays-smith@autodesk.com. Look forward to chatting soon.

感謝各位的參與。我知道今晚對很多人來說都很忙。期待在下個季度業績發表會上與大家再次相聚。在此期間，如有任何疑問，請與我們聯絡：simon.mays-smith@autodesk.com。期待盡快與您交流。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。