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，謝謝你們的支持。歡迎參加 Autodesk 2021 年第四季度和全年業績電話會議。 （操作員說明）

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

我現在想把會議交給你今天的演講者，投資者關係副總裁西蒙·梅斯-史密斯。請繼續，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，討論我們 2021 財年第四季度的業績。與我聯繫的是我們的首席執行官 Andrew Anagnost； Stephen Hope (原文如此) [Stephen Hooper]，副總裁兼首席會計官；以及我們的上市融資副總裁 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.

今天的電話會議將通過網絡直播進行現場直播。此外，還可在 autodesk.com/investor 上重播電話會議。在本次電話會議之後，您可以在我們的投資者關係網站上找到收益新聞稿、幻燈片演示和今天開幕評論的文字稿。

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.

在本次電話會議期間，我們可能會就我們的前景、未來結果和相關假設、收購和戰略做出前瞻性陳述。這些陳述反映了我們基於我們目前已知因素的最佳判斷。實際事件或結果可能存在重大差異。請參閱我們提交給美國證券交易委員會的文件，了解重要風險和其他因素，包括 COVID-19 大流行的發展以及由此對我們的業務和運營產生的影響，這些影響可能導致我們的實際結果與我們的前瞻性陳述中的結果不同。截至今天，電話會議期間作出的前瞻性陳述正在作出。如果今天之後重播或查看此通話，通話期間提供的信息可能不包含當前或準確的信息。 Autodesk 不承擔更新或修改任何前瞻性陳述的義務。

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.

在電話會議期間，我們將在討論我們的財務業績時引用一些數字增長變化，除非另有說明，否則每個此類引用都代表了同比比較。今天電話會議中引用的所有非公認會計原則數字均在新聞稿或我們投資者關係網站上的幻燈片演示中進行了核對。

And now I will turn the call over to Andrew.

現在我將把電話轉給安德魯。

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

謝謝你，西蒙，歡迎大家來電。我希望你和你的家人保持安全和健康。

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.

在進入第四季度和全年業績之前，我要再次感謝我們的員工和支持他們的家庭和社區，以及我們的合作夥伴和客戶在不確定時期的持續承諾。這一承諾，加上我們有彈性的訂閱業務模式和向雲的長期轉變，使我們能夠保持勢頭並超越我們的目標。

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.

我們實現了強勁的增長，全年訂閱收入和剩餘履約義務或 RPO 分別增長 26% 和 19%。我們還在 AEC 數字化、融合設計和製造以及轉換不合規用戶和舊用戶方面取得了重大進展。我們在第四季度簽署了創紀錄數量的新企業業務協議 (EBA)。事實上，它們與我們去年全年簽署的數量相等。這證明了我們的執行力以及與企業客戶不斷增長的合作夥伴關係，因為我們支持他們的數字化轉型，企業 BIM 360 的使用量幾乎每年翻一番。雖然我們今年取得了長足的進步，但我們打算擴大我們在雲計算領域的領導地位，並擴大我們在全球現有和相鄰行業垂直領域的影響力。

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.

我們昨天宣布的即將完成的對 Innovyze 的收購，預計將在本季度晚些時候完成，這就是這種意圖的一個很好的例子。 Innovyze 是水利基礎設施模擬和建模領域的全球領導者，為世界上許多最大的公用事業公司、大多數頂級 ENR 設計公司以及其他領先的環境和工程諮詢公司提供服務。 Innovyze 使配水網絡和排水系統的設計和運營更具成本效益和可持續性。結合 CIVIL 3D、InfraWorks、Revit 和 Autodesk Construction Cloud，我們將能夠在規劃、設計、施工和運營中提供端到端的水和廢水解決方案。

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方面的現有能力以及我們與 Aurigo 在資本規劃方面的合作夥伴關係，我們現在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 通過企業、渠道銷售和地域擴張為 Innovyze 提供了多種擴展機會。我們還打算運用我們的專業知識來引導業務模式轉型，以推動 2024 財年及以後的額外增長。我對未來的機會感到興奮，並樂觀地展望未來。

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.

在短期內，我們預計疫苗供應和政治穩定帶來的不確定性的消除將推動下半年的信心和投資。從長遠來看，Autodesk 提高效率和可持續性的目標從未如此重要或緊迫。

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.

通過與客戶合作，我們擁有無與倫比的能力來提高效率並應對碳排放、嵌入碳、水資源短缺和浪費等全球挑戰。 Autodesk 正在發揮作用。我們有望兌現我們對氣候中立的承諾，並繼續致力於成為一家有彈性、多元化和公平的公司。我們最近被《巴倫周刊》評為全球 100 家最具可持續性公司和排名最高的軟件公司名單中的第 4 位。我們為我們在 Autodesk 的影響以及通過我們的客戶在更廣闊的世界中產生的影響感到自豪。

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.

我也很高興地宣布我的團隊有兩個強大的補充。 Debbie Clifford 將返回 Autodesk 擔任首席財務官； Raji Arasu 將擔任首席技術官。 Debbie 目前是 SurveyMonkey 的首席財務官，但在擔任該職位之前的 13 年裡，他曾在 Autodesk 擔任過各種財務領導職務，包括領導內部業務模式過渡團隊，與你們中的許多人接觸以支持我們的投資者外展工作，並作為我的財務在我成為 CEO 之前的商業夥伴。憑藉她的領導才能、專業知識和對我們使命的熱情，Autodesk 財務團隊不會錯過任何機會。

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 從 Intuit 加入我們，她目前在 Intuit 擔任平台和服務業務的高級副總裁。在此之前，她是 eBay 子公司 StubHub 的首席技術官。在 Autodesk，她將監督並負責 Autodesk 技術和平台戰略，並在運營上負責我們平台服務的持續開發。 Raji 將接替現任 Autodesk 首席技術官 Scott Borduin，後者在為公司服務超過 21 年後於去年宣布打算退休。 Scott 作為 Autodesk 首席執行官參加了 2 次巡迴演出，前一次為 Carol Bartz 工作，他不僅為 Inventor 和 Fusion 的崛起做出了貢獻，還成為了 Autodesk 和我們願景的熱情傳播者。為了體現他對 Autodesk 的奉獻精神，他提前了退休日期，以便在 Raji 過渡到 Autodesk 期間為她提供幫助。我想對斯科特表示衷心的感謝，感謝他所做的一切並將繼續做。

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.

在深入了解我們的戰略增長驅動因素之前，讓我帶您了解我們的季度和全年業績的詳細信息以及對明年的指導。在非凡的一年裡，我們在所有指標上都表現出色，也許最好的概括是我們當年的收入增長和自由現金流利潤率為 51%。有幾個因素促成了第四季度的增長，包括創紀錄的 EBA、強勁的訂閱續訂率、加速數字銷售以及新業務的持續連續增長。

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.

本季度總收入增長 16%，按報告和固定匯率計算，訂閱收入增長 22%，目前約佔總收入的 91%。一些未包含大量雲服務的產品的前期收入確認為訂閱和維護增長帶來了大約 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.

按產品和地理位置查看收入。 AutoCAD 和 LT (sic) [AutoCAD LT] 第四季度收入增長 11%，全年增長 16%。 AEC 在第四季度增長了 18%，全年增長了 20%。製造業在第四季度增長了 17%，全年增長了 10%，即使不包括汽車 EBA 的強勁表現（包括不可估價的 VRED 收入），製造業在本季度實現了兩位數的增長。本季度 M&E 增長 14%，這得益於我們協作平台 Shotgun 的強勁表現，全年增長 10%。從地理上看，所有地區的收入增長都有所提高。本季度美洲收入增長 14%，歐洲、中東和非洲地區增長 13%，亞太地區增長 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.

我們還看到了直接收入的增長，與去年相比增長了 28%，占我們總銷售額的 34%，比去年第四季度增長了 3 個百分點。我們直接業務的優勢是由一些大型 EBA 和數字銷售中包含的一些不可評級產品推動的。

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.

在這一年中，我們的總訂閱量增長了 8%，達到 530 萬美元。不包括多用戶以舊換新計劃，總訂閱量增長 4% 至 510 萬美元。訂閱計劃訂閱增長了 15% 和 10%，不包括多用戶以舊換新計劃。由於我們的 BIM 360 系列和 Fusion 360 產品的廣泛採用，我們增加了 130,000 個主要訂閱。

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.

在第 4 季度，我們的維護、轉換和續訂率依次下降，這在我們進入維護訂閱計劃的最後階段時是意料之中的。距離該計劃退出僅剩 1 個季度，我們還有大約 126,000 個維護訂閱，約占我們第四季度收入的 3%。我很自豪地分享，迄今為止，我們已經轉換了超過 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.

在第四季度末，我們的大部分商業訂閱是命名用戶，這些用戶受益於更輕鬆的訪問、使用數據的可見性和安全的許可證管理。我們預計，隨著大流行的消退，我們剩餘的許多多用戶用戶將過渡到指定用戶。我們現在將 2:1 多用戶以舊換新延長至 2023 年 8 月，以實現這一目標。

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，我們還在探索基於消費的模型，以滿足需要靈活使用許可證的客戶的需求。我們的淨收入保留率保持在我們在指導中規定的 100 到 110% 的範圍內。我們的產品訂閱續訂率保持強勁，增強了我們產品對客戶的業務關鍵性質。

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%.

我們的賬單與去年大致持平，反映出多年銷售額減少，我們的長期遞延收入佔第四季度總遞延收入的 26%。我們 42 億美元的總 RPO 增長了 19%，我們目前 27 億美元的 RPO 增長了 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，由於強勁的收入增長和勤勉的費用管理，我們繼續實現良好的經營槓桿。全年，非美國通用會計準則毛利率保持在 93% 的強勁水平，比去年上升 1 個百分點。我們的非公認會計原則營業利潤率增長了 5 個百分點，達到 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.

正如您在我們的新聞稿中看到的那樣，我們的 GAAP 業績包括第四季度發布的 6.79 億美元遞延所得稅資產估值津貼。這在很大程度上反映了我們業務模式轉型的完成和盈利能力的顯著增長。

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，我們繼續用多餘的現金重新調整股票用途，以抵消我們股權計劃的稀釋。在第四季度，我們以每股約 295 美元的平均價格以 1.57 億美元的價格購買了 530,000 股股票。全年，我們以每股約 208 美元的平均價格以 5.49 億美元的價格購買了 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指導，其中不包括 Innovyze。我們預計，今年宏觀經濟環境的改善將導致新業務在 2022 財年期間加速增長。第四季度的使用趨勢在亞太地區和歐洲大陸的大部分地區仍高於 COVID 之前的水平，低於 COVID 之前的水平在美國和英國

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%.

我們看到多年交易的興趣上升，渠道越來越樂觀，美國 BuildingConnected 的投標活動逐漸恢復我們預計產品訂閱續訂率將繼續保持非常健康，我們的淨收入保留率將保持在 100 % 和 110%。

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，收入增長將落後於改善的銷售環境。對於 2022 財年，我們預計收入將增長 13% 至 15%，利潤率將擴大至 31% 至 32%，自由現金流增長將重新加速至約 20%。在查看 2022 財年自由現金流的四分之一時，由於我們的宏觀經濟階段假設和正常的季節性，我們預計下半年將再次產生約 3/4 的自由現金流。

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那樣，隨著第一季度重要的新移動費用功能的發布，Vault 的收入在 2022 財年變得可觀。這將使我們全年的收入增長減少約 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.

查看我們對第一季度的指導。與 2021 財年第一季度相比，保險櫃可評級性和日曆日減少了正常的季節性，這共同使第一季度的收入同比增長減少了約 2 個百分點。隨著宏觀經濟狀況的改善和可比因素的放寬，我們預計第一季度之後我們的收入增長將加速。我們網站上的幻燈片有更多關於 2022 財年第一季度和全年建模假設的詳細信息。

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.

我們預計 Innovyze 將增加收入增長，對自由現金流大致中性，並在 2022 財年和 2023 財年報告營業利潤率。我們將在 Innovyze 交易完成後提供更多細節。

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，讓我向您詳細介紹一下我們在執行數字化 AEC、融合設計和製造以及將不合規和傳統用戶貨幣化的戰略方面取得的進展。 2 月初，我們推出了 Autodesk Construction Cloud 平台，該平台統一了我們有機的和收購的 AEC 雲產品以及其中保存的數據，以實現跨設計和施工的互聯項目生態系統。

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 的基礎是我們的通用數據環境 Autodesk Docs。這提供了無縫導航、集成的工作流程和項目控制，並在整個項目生命週期中實現了單一的事實來源。 Autodesk Build 將 PlanGrid 和 BIM 360 的精華與新功能結合在一起，與 Autodesk Quantify 和 BIM Collaborate 一起創建了一套全面的現場施工和項目管理解決方案。

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，BIM Collaborate Pro 在新平台上擴展了 BIM 360 設計的功能，以在設計和施工之間創建更加無縫的項目數據交換。我們的戰略是將現有和相鄰垂直領域的有機軟件和收購軟件結合起來，為我們的客戶創建端到端的基於雲的解決方案，從而提高效率和可持續性。我們已經實施了創建 Autodesk Construction Cloud 的戰略，我們正在通過收購 Innovyze 實施該戰略和基礎設施，我們將繼續在製造業中實施該戰略。

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.

我們第四季度的業績清楚地表明了這一戰略的原因和好處。隨著我們實現企業客戶的數字化轉型，我們與企業客戶的合作夥伴關係不斷增長，這不僅導致第四季度的 EBA 數量創歷史新高，而且與現有 EBA 客戶的續訂率也實現了強勁增長。

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.

我們看到我們的新產品，通常由承包商使用，越來越多地被設計公司採用。例如，我們擴大了與全球最大的設計公司 Jacobs 的協議，將 Pipe、PlanGrid 和 Assemble 包括在內，以實現更大的協作和更高效的工作流程。在過去的 30 年中，歐特克一直是 Jacobs 值得信賴的合作夥伴，其使命是挑戰今天並重塑明天。 Jacobs 還使用 Autodesk 的變革性服務來幫助他們為客戶提供創新的解決方案。例如，Autodesk 和 Jacobs 合作在澳大利亞建造了世界上第一個生成設計的機場。我們一起專注於利用衍生式設計來解決他們在世界各地的其他客戶挑戰。

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.

Environmental Air Systems, EAS 是一家提供全方位服務的機械承包商和定制的 HVAC 設備製造商，處於工業化建築的最前沿，通過用 BIM 360 替換其現有的項目管理工具來增加對 Autodesk 的投資。它現在能夠利用其在 AEC 館藏方面的現有投資，並為其團隊提供一個全面的工具來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."

瑞典領先的可持續城市發展諮詢公司 Tyréns 顯著擴大了與 Autodesk 的戰略平台合作夥伴關係。正如 Tyréns X 業務領域的數字化戰略經理 Per Bjälnes 所說，“Tyréns 處於建築和維護行業數字化轉型的前沿。數字化使智能建築設計成為可能，這需要在廣泛的生態系統中實現安全的數據流和無縫協作在施工和運營過程中的利益相關者。Autodesk 的 Revit 和 BIM 360 Docs 使我們能夠創建真正的數字表示。現在有了 Autodesk Forge，我們可以利用這些資產作為數字雙胞胎為不同的利益相關者創造價值，例如減少能源消耗、維護的預測和優化以及新的智能、無縫的最終用戶服務。”

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.

我們還從我們的製造戰略中看到了好處。在汽車領域，我們通過企業業務協議向幾乎所有最大的汽車 OEM 提供設計軟件，並將我們的足跡從設計擴展到工廠。例如，我們與全球電動冒險車供應商 Rivian 擴大合作夥伴關係，現在擴展到使用 Revit、BIM 360 和 PlanGrid 的設施，使用 Inventor 和 Generative Design 進行製造，以及在設計工作室中使用 Alias、VRED 和 Shotgun。我們能夠支持 Rivian 將現有設施轉換為數字雙胞胎，使用衍生式設計優化其工廠佈局，通過模擬提高能源效率，並使用通用數據環境實現協作和效率。

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，我們正在為我們的長期客戶 Transmashholding，TMH（俄羅斯和獨聯體最大的機車車輛和鐵路設備製造商）提供端到端支持，以加速其數字化轉型並融合其設計和製造流程. TMH 現在在 Alias 中構建概念火車，在 Inventor 中設計和工程師，在 Fusion 中進行優化，在 VRED 中生產和銷售。

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.

我們市場領先的基於雲的平台 Fusion 360 又獲得了四分之一的加速訂閱、不斷擴大的部署規模並增加了具有競爭力的替代品，在本季度結束時擁有超過 140,000 個商業訂閱。 Conturo Prototyping 是一家位於匹茲堡的機械製造廠，最近通過增加更多 Fusion 席位來擴大與 Autodesk 的關係。 Conturo 還採用了我們最近推出的加工擴展，因為它具有集成設計和 CAM 工作流程、先進的製造能力以及衍生式設計的潛力，可縮短項目時間線並比以往更快地解決製造問題的設計。

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."

在教育方面，我們繼續擴大我們的足跡並取代傳統的 CAD 競爭對手。僅使用 Tinkercad 和 Fusion，Autodesk 就在全球範圍內接近 4000 萬教育用戶。例如，倫敦大學學院的所有機械工程師在第四季度都改用了 Fusion 360。正如領導過渡的 MBE 蒂姆貝克教授所說：“COVID-19 加速了倫敦大學學院向雲的過渡。通過實現協作、多學科的工程，Fusion 360 的下一代平台使我們的畢業生成為未來世界領先的工程師。雖然我們所有的軟件對教育工作者和學生仍然免費，但畢業生繼續將 Fusion 360 帶入工作場所，從初創公司到製造業巨頭。”

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.

雖然我們在大流行期間緩和了我們的許可合規活動，但我們繼續與現有和潛在客戶合作，以確保他們為使用的軟件付費並遵守我們的使用條款。我們的目標仍然是通過靈活的模型為不合規用戶和舊用戶提供訂閱訪問的好處。在本季度，我們通過許可合規計劃完成了 23 筆超過 500,000 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，我們的歐洲客戶在向指定用戶過渡期間意識到其員工正在訪問合同範圍之外的區域的許可證。我們的高級計劃為他們提供了集中管理所有許可證、監控使用情況以保持合規性的靈活性，並促成了超過 100 萬美元的交易。一家位於歐洲的領先工業自動化解決方案供應商（3 年前成為老客戶）訂閱了我們的產品設計和製造系列，當時我們能夠證明最近的工作流程改進和支持雲的功能將使他們贏得更多通過改善與自己客戶的溝通來開展業務，並通過在 2D 中更快地佈局和在可視化中移交給 3D 來提高效率。

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，從長遠來看，我們將繼續打造更強大的 Autodesk。我們對雲計算和基於雲的協作等關鍵能力的早期和持續的有機和戰略投資，再加上成功過渡到 SaaS 業務模式，為我們提供了顯著的競爭優勢和在可預見的未來以兩位數增長的信心.我們預計在 2022 財年將有加速的勢頭，我們有多種驅動因素使我們對 2023 財年 24 億美元的自由現金流目標和之後的兩位數增長充滿信心。

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

有了這個，接線員，我們現在想打開電話提問。

(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 Barclays 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。偉大的。祝賀團隊的新成員。也許剛開始，你在準備好的發言中提到了一點，安德魯，但你能談談你對今年新業務復甦的看法嗎？也許只是粗略的刷子，哪些垂直或地理可能比其他更強大？

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，薩克特。我認為這是一個非常合適的問題。如你所知，去年新業務下滑。這對我們如何看待第一季度的收入產生了不成比例的影響。但我們看待它今年形成的方式是，第一季度是新業務復甦的低谷，我們將在今年下半年加速我們的新業務增長。事實上，我們確實看到了一個世界，在我們今年開始時，去年沒有出現的大多數新業務都會重新出現。所以重要的是要看到，去年消失的業務並沒有消失。它剛剛被移出。事實上，你聽到了很多關於多個行業數字化加速的消息，我們也在我們的空間中看到了這一點。

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.

而且我認為，如果我們查看特定行業，它實際上會以類似的方式分佈在所有行業中。 AEC 在數字化方面的投資已經遠遠領先於市場。你已經看到了我們所做的 EBA 業務的早期證據，我們在第四季度所做的 EBA 數量相對於前幾年來說是創紀錄的。在製造業中，您會看到對數字化和基於雲的新工作流程的興趣同樣加速，尤其是圍繞我們在 Fusion 中看到的內容。媒體和娛樂領域也是如此。媒體和娛樂業務在這些高度數字化、高度雲集成的工作流程中一直落後，現在正在大舉轉向雲計算。

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.

現在從地理上講，我在開場白中強調，我們看到歐洲和亞洲的月活躍使用量普遍恢復到 COVID 之前的水平。我們在美國和英國看到了一些滯後。我認為我們將在這種級聯中看到新業務的這種地理回報。它在亞太地區會很強勁，在歐洲會很強勁，然後它會開始在美國和英國回歸，第一季度將是這種新業務增長的低谷，我們將立即加速到今年剩下的時間。

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.

知道了。這真的很有幫助。也許是為了跟進。了解 Innovyze 尚未關閉，它不包含在指導中，您能否就收入規模可能有多大給我們一些粗略的描述？也許只是談談商業模式與 Autodesk 是否有任何顯著差異。

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。差異是一個機會，Saket。所以首先，讓我們簡單地談談我們為什麼要做 Innovyze。我認為我們已經非常清楚，基礎設施是我們長期的這些真正巨大的增長機會之一。基礎設施項目需要很長時間來設計和規劃，並且在此之後它們會持續更長時間。因此，對基礎設施的投資就是對 Autodesk 長期健康的投資。我認為我們必須對此非常清楚。

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.

水是我們需要花費大量時間才能有機地趕上的領域之一。鑑於公路和鐵路是我們一直向您強調的一個領域，我們一直在通過我們的投資組合進行有機投資，並在那裡取得了長足的進步。

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.

當您從差異和收入來源的角度來看待業務時。因此，從高水平來看，Innovyze 將增加我們的收入增長，在我們進入今年時大約達到 1 個百分點。這包括遞延收入沖銷以及我們在這裡有部分年份的事實。今年可能會被稀釋，大約會降低營業利潤率 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.

但這是我想確保你強調的機會，你實際上在我們的商業模式的差異之間戳了一下。我們不僅要在命名客戶、渠道銷售和國際擴張方面將 Innovyze 插入我們的銷售引擎，我們還將把我們在商業模式轉型方面的專業知識應用到 Innovyze 產品組合中。我認為這將是我們如何將 Innovyze 吸收到公司中的一個重要過渡元素。我們擅長這一點，我們知道如何做到這一點，我們知道如何導航。因此，您將在 23 財年看到的是，您可能會孤立地看到 Innovyze 的收入增長略有下降，因為我們將應用商業模式轉型。如你所知，隨著商業模式的轉變，收入會因此而下降，但隨著你走向商業模式轉變的另一端，收入會加速。

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，如果我們看一下 23 財年，它可能對公司的整體收入增長是中性的。它不會觸及自由現金流量，24 億美元將會出現，Innovyze 或沒有 Innovyze。隨著我們進行商業模式轉型，營業利潤率可能會受到更多的不利影響，可能在 1% 到 2% 之間，但隨著我們超越財年，我們的兩位數增長標準將加速達到兩位數'23 到 '24、'25 和 '26，這是我們將能夠做的事情的額外獎勵，只是為了擴大核心 Innovyze 水業務，以利用不斷增加的基礎設施投資。因此，談論我們商業模式的差異是一個很好的問題，因為那裡實際上存在機會和差異。

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

非常有幫助，安德魯。並祝賀團隊的新成員。

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

我們的下一個問題將來自富國銀行的 Phil Winslow。

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?

偉大的。並祝賀今年強勁收官。再次祝賀新員工，特別是讓黛比回來真是太好了。真的想專注於 Autodesk 的製造方面。您如何看待，在重新開放的情況下，鑑於我們有大量積壓的項目，特別是在今年即將到來的建築和基礎設施領域，Autodesk 有什麼機會加速採用一些製作函數、BuildingConnected、PlanGrid 來幫助行業解決這個積壓問題？

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。因此，當我們進入第四季度時，我們實際上開始看到早期跡象，因為新業務開始在我們的建築投資組合中得到加強。我們還在 Fusion 基地看到了這一點，人們開始關注他們的製造和從設計到製造的操作。因此，我們在這裡看到了一個非常重要的機會。看，在許多方面，大流行給了我們一個機會，讓我們在這裡趕上並稍微領先一點。我們的產品組合現在是一流的。我們的開發團隊完成了一項令人難以置信的繁重工作，並出色地統一了 PlanGrid 的精華部分，這是我們在 BIM 360 中的精華部分。現在，我們在 Autodesk Docs 的基礎上擁有了 Autodesk Build。沒有人比我們擁有更好的從辦公室到拖車的解決方案。

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.

而且我認為，如果你去那裡與客戶交談，與空間交談，他們會看看我們在 Autodesk Build 上所做的事情，你會聽到與我們真正構建了一個偉大的產品相同的反饋.這就是我們將在新業務中領先的產品。並不是說我們不會在收購的投資組合產品上處於領先地位，因為我們會繼續銷售這些產品。但是我們將在 Build 方面處於領先地位，我們將在很多地方以 Build 方面處於領先地位。這將使我們有機會不僅推動成功的國際擴張，而且還能繼續在其他市場上超越我們的一些競爭對手，尤其是在中端市場等地方。

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.

但菲爾，我們今年的另一個秘訣是我們在商業模式上提供的靈活性。無論客戶身在何處，我們都會遇到他們。我認為這對你來說非常重要。我們出售指定用戶訂閱。我們出售網站許可證。我們在他們需要時出售基於項目的許可。我們在 EBA 內銷售消費。無論他們追求什麼項目，無論他們需要什麼，我們都有適合他們的模型和適合他們的產品。而且我認為靈活性之間的重要融合，順便說一句，這使我們在後端花費了複雜性，但在滿足客戶所在的位置方面，這是值得的。

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.

當您將其與產品相結合時，我們對今年將如何加速並滿足其中一些需求感到非常非常樂觀。我們的客戶正在尋找它。他們希望更快地實現數字化。他們開始增加開支。而且我們認為我們擁有使其發揮作用的產品組合和購買選項組合。我們不是試圖強迫人們進入一種商業模式，然後可能試圖將他們鎖定在他們不想去的地方。所以我們感到非常樂觀。

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，該公司有很多事情要做。你有非常廣泛的議程。問題是，在您的 3 個總體戰略優先事項的背景下，顯然，為 22 財年制定您現在指導的數字。你能談談今年你打算實現的其他一些關鍵的可編程可執行文件嗎？例如，在渠道方面，在平台上的交付方面，可能與 PPU 一起上線，其他你可能關心的關鍵技術里程碑，比如 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，在最後一次電話會議上，您指出，在您的同行中，Autodesk 是最大的研發支出者，事實就是如此。但是，您能否更詳細地談談您是如何分配研發的？也許談論優先事項。您談到了對 AEC 的 A 再投資。或許可以談談與研發相關的一些關鍵投資優先事項。

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——那是一個——通常是傑伊的一個多部分問題。好的。所以讓我們在這裡談談一些程序化的部分。現在我不想對今年的 AU 產生任何影響，這是我們經常談論的地方。正如您可能在上一個 AU 中註意到的那樣，隨著我們的前進，您將看到更多以 AU 為重點的產品公告。所以我不想從這件事上拿走任何雷聲。

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.

但是，如果您以編程方式查看我們將要向何處傾斜，平台增強功能將行業中的設計和製造結合在一起，並在我們服務的許多行業中創造共性，這將成為我們將要實現的特殊槓桿一起移動。我們剛剛聘請了一位新的 CTO，他有很多平台戰略方面的知識，我們將利用這些能力將一些更深層次的平台功能集成到公司中。

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.

我們還將以編程方式查看命名用戶轉換程序。如你所知，去年那是一個坎坷的計劃。客戶真的不喜歡我們將其引入大流行的一年。他們真的想了解他們在靈活使用和偶爾使用方面的選擇。因此，請期待我們探索這些功能，因為我們已經延長了該程序的截止日期，這仍然使該程序的執行速度比維護和訂閱更快，但可能更多地在符合我們客戶的時間線上可以吸收。因此，您會看到我們關注這些靈活的選項，並與我們的客戶一起探索其中的一些內容。

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，如果您具體看一下我們如何分配投資。我的意思是我認為你看到了我們在 AEC 中圍繞 A 所做的事情。我們收購了 Spacemaker。我們正在整合該團隊，圍繞該團隊建立能力，特別是將機器學習和基於雲的平台集成到架構和工程的設計過程中。所以投資是明確的。我們已經強調了它。您剛剛看到我們如何投資於基礎設施和民用基礎設施。我們已經有機地談到了公路和鐵路，現在我們也談到了水。所有這些都建立在我們使用 Construction Cloud 所做的工作之上。

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.

我沒有談太多關於我們將在製造業方面做什麼，但我可以告訴你。我們對製造業的雲轉型非常感興趣。而且我認為您會看到我們更深入地圍繞製造業進行雲轉型。我們在那裡投入了大量資金。我們在整個投資組合中的投資很大，特別是在 Fusion 投資組合中。我認為您會繼續看到我們在該領域進行投資。當我們前往 AU 時，您會聽到有關 Fusion 的激動人心的消息。您會聽到有關 Tandem 的激動人心的消息。您會聽到有關公司平台的激動人心的消息。您會聽到關於 AEC 投資組合如何開始以類似的方式組合在一起的令人興奮的事情，就像我們將之前所做的一些建築組合收購組合在一起一樣。所以期待我們在所有這些領域發揮作用。

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.

現在就我們所做工作的廣度而言，我想我上次可能已經談過了。我們最近在 10 月重新調整了該公司。所以現在我又有人負責 AEC 的執行了。那是艾米·邦澤爾。 Scott Reese 致力於產品設計和製造的執行。還有 Diana Colella 在媒體和娛樂領域工作。他們正在與我和團隊的其他成員密切合作以執行這些垂直優先事項，同時我們還將平台提升到執行人員級別，直接向我匯報，這將使我們能夠更緊密地協同平台工作與那些東西。因此，我們從運營角度和戰略投資角度這樣做。

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

我們的下一個問題來自 Berenberg Capital 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?

所以第一個，我想問你，安德魯，當你看到這一年在多用戶或網絡許可方面的表現與你的預期相比時，說你公平嗎？重新回到你所期望的 [3:1] 的中間？而且您剛剛將該計劃擴展到 23 年，這是否意味著您對該計劃的轉換方式感到非常滿意，並且您認為它將保持在不重要的水平模型的逆風？

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。看，看，我們最初關於這對模型中立的聲明繼續成立。因此，這種期望沒有變化。我想你去年看到的，我認為這是很自然的事情，就像鐘形曲線有兩條邊，對吧？鐘形曲線的大小相當於 2:1，嘿，這對我來說是顯而易見的，我將採用 2:1。還有一個鐘形曲線的一側，2:1 需要客戶更多思考，更多思考，“好吧，等一下，我的使用大於 2:1。Autodesk，你打算怎麼做？允許我多彎曲一點嗎？而且 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.

所以你在早期看到的是鍾形曲線左側的很多人，去年有 50% 的人準備續約，他們說，“嘿，這對我有好處。”他們很快就通過了，好嗎？該擴展適用於需要更多考慮這將如何影響他們的業務以及如果他們的使用量大於該程序的 2:1 時他們將如何適應的人。

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.

這就是我們致力於擴展的原因之一。還要確保我們有新的靈活模型供他們探索。因此，對於對我們業務的影響，我們的期望沒有變化。這將結束，整個計劃期間，就對我們業務的影響而言是中性的。積極的長期經驗方面的客戶。

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。絕對地。然後只是第二個作為後續行動，您提到今年，您再次預計 20 年代中期的長期遞延收入 - 因此對自由現金流沒有實質性貢獻。當我們對 23 財年進行更多研究時，甚至可能超出此範圍，我們聽說即使在大流行期間，這種多年期許可證仍然非常非常強大。那麼，如果您認為可能更長期，而不僅僅是明年，也許是後年，您會考慮的正常利率是多少？

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。所以西蒙提醒我我們要恢復的內容。因此，我們正在做的其中一件事是，我想確保我們對多年期的這一點非常清楚。有了多年，我們的期望將完全恢復到這裡的平均值，對嗎？不要試圖超越我們在歷史上所做的事情，好嗎？我只是想確保我們理解這一點，並讓自己立足於這個簡單的事實。我們正在恢復到平均行為。

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，當我們上個財政年度結束時，對，我們看到多年的回升相當有趣，坦率地說，比我們預期的要多，好吧，因為我們仍處於大流行年。但是，如果我們看看我們想要達到的位置，那隻是回歸均值。請記住，多年業務對我們的渠道合作夥伴和我們的客戶都很有吸引力，因為我們的渠道合作夥伴喜歡預先收取現金。而且我們的客戶喜歡鎖定多年的價格保護。如果您還記得，我們的維護業務恢復到歷史平均值的比例約為業務的 30%，好吧，粗略地說，對吧？

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.

我們希望留在那個領域內，並且在可預見的未來我們可能會留在那個領域內。那是高峰，而不是平均水平，好嗎？它達到了 30% 的峰值，而不是在中間。平均值可能在 20 年代中期。

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?

偉大的。並且也歡迎新人的加入。也許只是一個關於淨收入保留率的簡單問題。顯然，大流行和恢復速度將是短期內的關鍵輸入。但我只是好奇，安德魯，您是否正在內部開展任何類型的計劃，可以幫助將淨保留收入率推回曆史範圍？

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。所以我們 - 我們正在達到我們為淨收入保留設定的範圍。坦率地說，很明顯，有兩件事推動了淨收入保留、續訂率和 AOB 續訂和擴展到帳戶的能力，對嗎？因此，我們在提高續訂率和增加我們通過 make 解決方案擴展帳戶的能力方面正在雙方合作。因此，當我們查看淨收入保留時，我們 - 所以請記住，我們看到的一件事，我認為我們在去年強調了這一點，那就是續訂率在整個 - 到去年的持續時間有多強勁，以及我們如何繼續前進。因此，基於我們對業務更新率的預期，我們實際上表現出色。我們繼續看到 - 我們繼續預計這種情況會加速。

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，淨收入保留將由越來越多的人推動，他們將我們的數字產品組合、Construction Cloud、Fusion、其他類型的產品納入其中，並在 AEC 領域轉向 BIM。因此，通過遷移到 BIM、遷移到數字化雲（在 Construction Cloud 中）以及使用 Fusion 360 和其他類似解決方案轉變製造流程的遷移，尋找淨收入留存率的大量增加以編程方式推動。

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

我們的下一個問題將來自摩根大通的 Sterling Auty。

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]?

我這邊只有一個問題。在經濟改善的背景下，我想知道如果有的話，您認為政府可能會進一步刺激支出，特別是在[建築]方面的業務改善中，有什麼想法？

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.

我們不考慮這一點，好嗎？政府行動緩慢。錢慢慢流下來。但是——所以我們沒有將這些因素考慮到我們的計劃和指導中，好嗎？也就是說，我們確實希望它是一項投資。您可能聽說過美國土木工程師協會將美國的基礎設施評為 D+。其他國家的表現也不是特別好。這是一個投資和關注的領域，我們希望看到一些投資和關注，但我們沒有考慮到這一點。

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

我們的下一個問題將來自 Baird 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?

首先是一個建模問題，然後是一個關於業務的問題。就在查看第一季度指南時，我認為收入差異與共識估計的差異，這似乎可以用你所說的幾百個基點來解釋。但我想知道，就每股收益方差而言，它有點寬。第一季度是否有一些離散投資？這是額外一天的功能嗎？或者我想問題是，您如何看待全年的利潤增長？ 1Q 和普通的節奏有什麼不同嗎？

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。所以這是一個非常重要的問題。因此，讓我們談談第一季度和曲線的形狀以及第一季度實際推動收入的因素。所以我想我之前說過，第一季度實際上是我們預期的低谷。我們將在第一季度之後迅速加速，但究竟是什麼推動了第一季度的收入指南？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.

那麼讓我們看看去年。去年，我們沒有將新業務發展到我們預期的程度。事實上，我們的新業務同比下降。上一年新業務預訂量下降的影響對第一季度產生了不成比例的巨大影響。但隨著您進入第二季度、第三季度、第四季度及以後，它們會相對快速地發揮作用。因此，與經典的 Autodesk 年份相比，我們絕對有更多的後端負載年份。但不是非常到程度，僅僅是因為創造了一個洞。

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.

我想我之前說過，我們去年失去的新業務並沒有消失。它回來了。當我們進入明年時，它會以復仇的方式回來。但是還有其他一些小因素對第一季度的影響不成比例。而且我認為我們所有人都以其中一些事情為基礎非常重要。

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.

所以第一個是我們有一組產品，因為它們在一定程度上還沒有支持雲，所以在會計規則的收入中預先確認。他們必須是。我們一直在努力確保所有這些產品都支持雲，這實際上將迫使它們得到認可。

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 產品系列是從前期識別轉變為可評價識別的產品之一。並且該 Vault 產品系列之前提供了相當多的前期收入確認。現在，隨著我們進入第一季度，這一切都將得到認可，因為 Vault 現在有一個移動客戶端，它現在還有其他支持雲的功能。因此，這突然成為第一季度收入確認的逆風，但隨著時間的推移，隨著評級的進展和積累的進展，它會自行解決。這正是訂閱業務模式的運作方式。所以第一季度有一些不尋常的逆風，它們很快就會放鬆自己。第一季度是低谷，我們將加速走出低谷。但隨著我們的進步，這肯定與確認收入的增加有關。所以——我希望這能幫助你更多地了解 Q1 的工作原理。

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，還有一些額外的小細節，比如今年第一季度比去年同期縮短了 1 天。因此，實際上本季度的收入減少了一天。它比季度環比短了 3 天。但我談到的其他內容對於理解第一季度指南以及它如何隨著時間的推移而展開更為重要。說得通？

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。如果我能再擠一個。正如您與客戶互動並且他們回來並且您正在預訂新業務一樣。但是他們有沒有和你談過他們看到的未來的構成以及他們對非資源建設週期如何發展的看法。你聽到的相似之處是什麼？這個週期會像 08 年、09 年一樣嗎？ 01 年，02 年？或者您聽到的一些差異是什麼？考慮到您的產品組合發生了怎樣的變化，這些異同對 Autodesk 有何影響？

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。所以請記住，首先我們分佈在行業的幾乎所有方面，重要的是要意識到當一個搖擺不定時，另一個會突然出現。所以 - 我們絕對看到了這種模式。例如，在商業房地產開發中，您會看到項目放緩。實際上，您確實看到因大流行而暫停的項目重新啟動。但是您看到新項目放緩，但您看到其他新項目正在籌備中，包括城市多戶住宅、郊區多戶住宅、密集城市地區以外的其他類型的商業房地產，對吧？因此，我們從客戶那裡聽到了很多關於他們的投資組合轉移到哪裡的消息。

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，我們始終堅持的一件事是持續關注採用我們的雲產品組合的某些方面，特別是我們使用 Autodesk Build 協作（Revit 模型的協作工具）所做的工作。我們看到這方面的採用率越來越高。去年我們看到了很多力量。我們看到了一些優勢。我認為這將成為我們產品組合向前發展的重要組成部分，因為它不僅允許無縫遠程工作，而且還允許更好地下游集成到構建的其餘部分過程。所以我們看到很多這些工具被採用，我們也看到更多采用我們在製造業中看到的一些基於雲的工具。

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，就我們投資組合中的一些增長領域而言，雲絕對是前沿和中心。但不要低估 BIM 和 Revit 在 AEC 數字化中的作用。它將繼續成為新世界秩序的強大推動力。但它是不平衡的。它非常切題——跨越地域、跨越細分市場。你肯定會看到人們在哪裡看到事情啟動以及他們看到事情在哪裡減速方面的差異。但就像我們見過的每個週期一樣，錢只是轉移到其他地方。

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

我們的下一個問題將來自 RBC Capital Markets 的 Matt Hedberg。

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，我認為第一季度的顏色非常好。我認為這很有意義。我還要向黛比表示祝賀。很高興見到您回到 Autodesk。我想，安德魯，現在我們正在消除不確定性，我認為這是你以前使用過的術語，當我們想到 23 年的軌跡時，我的意思是，我想我只是想得到也許那裡有一些高層次的想法。而且我想在 23 年之後更是如此，當我們進入這個新的財政年度時，思考這個問題的正確方法是什麼？

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。所以謝謝你的這個問題，好嗎？這是一個重要的問題。所以首先，我想確保我只是重申我之前多次說過的話。我們以超高保真度為我們的業務建模，好嗎？在這些模型中，我們從來沒有提出我們最好的案例，好嗎？我們總是在某種程度上有一個緩衝區。緩衝區非常適合大流行年。你得到了——當你有緩衝時你會喜歡它。

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.

現在，當然，隨著您越來越接近諸如 FY '23 之類的事件以及與之相關的事情，緩衝區會變小，但也會變小——但是您的模型的準確性也會變得更好，對吧？所以我們有超級——我們對 23 財年的積累、24 億美元的自由現金流、圍繞我們業務的有機指標充滿信心。隨著我們超越 23 財年，我們也對兩位數的增長充滿信心。 '23財年不是什麼大事。這只是另一個里程碑，就像 20 財年和 23 財年一樣。這是旅程中的另一個里程碑，但在 23 財年之後，兩位數的持續增長。

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.

現在我認為人們現在所關注的一件事是從 22 年到 23 年的這種積累如何？我想提醒你的一件事是關於勢頭將如何退出 22 年的性質。請記住，我們是輕微的——就收入的積累和進入 23 財年的新業務而言，我們將稍微增加後端負載，而不是顯著的後端負載，但比後端負載更多傳統上我們會。就這些結果而言，相對而言，我們將以比全年目標所顯示的更大的動力退出 23 年。

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，我們對退出 23 財年的勢頭充滿信心，並且我們擁有更新基礎、AEC 持續數字化、設計和製造持續融合以及轉換的業務簿的不合規用戶達到我們在 23 財年及以後的數字。我們對我們的模型充滿信心。我們對誤差幅度充滿信心。如果我們不得不拉動任何槓桿，我們對我們可以拉動的槓桿充滿信心。因此，我們看到了我們一直在談論的一些有機目標。即使從 22 年到 23 年似乎有了很大的積累，我們仍然充滿信心。當我們從 22 年全年進入 23 年時，您只需要注意我們的勢頭。與我們進行的 '19 至 '20 討論沒有什麼不同。彷彿就在昨天，但已經是三年前了。

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 Keith Weiss。

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?

我想深入研究復甦。因此，我們的調查工作顯示，從 2022 年上半年到下個季度的預期略有下降。我們從您和您的同齡人那裡得知恢復緩慢。你從客戶那裡聽到了什麼？為了加快復甦步伐，他們需要看到什麼？另外，您認為哪些領域可能存在進一步延遲的風險？

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。因此，首先，我們的客戶必須在項目負荷之前進行投資才能取得成功。請記住，我們的工具不僅出現在執行階段和製作階段，而且還出現在早期概念設計階段的早期階段。我們在第四季度看到的一大優勢領域是我們看到的企業業務協議大幅增加。我們看到的創紀錄數量的 EBA 是客戶投資未來數字化能力的一種象徵。因此，無論目前市場情況如何，我們都希望看到這一點。

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度是低谷。隨著我們走出春季進入夏季，第一季度開始加速。現在，有很多不確定性，你會聽到很多關於變種和疫苗分發的嗡嗡聲。但我認為我們所有人都足夠聰明，知道就像我們討論測試基礎設施、測試推出和測試能力時一樣，所有這些事情在疫苗分發、能力分配以及與之相關的所有事情。

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.

現在，如果所有這些東西都開始崩潰和摸索，當然，你最終會陷入一個新的境地。但是你知道嗎，在這種情況下這是極不可能的。在嘗試完成正確的事情方面還有更多的一致性。這就是我們越來越多地從客戶那裡聽到的，他們正試圖在他們看到的未來增長之前進行投資。因此，當我們進入下半年時，我們非常看好。當我們進入夏天時，我們非常樂觀。總有一些事情可以破壞這一點，疫苗分發的波動或與此相關的事情或某種政治不確定性的上升。但是你知道嗎，我們無法預測那些事情，我們也看不到那些事情。當我們走出第一季度進入第二季度及以後，我們現在看到的主要是順風。

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?

偉大的。這非常有幫助。然後只是偷偷摸摸。你對領域投資的評論肯定是有幫助的。但只是退後一步，Innovyze 交易是迄今為止最大的收購之一。我相信它在PlanGrid之上。那麼，我們應該如何考慮有機投資的更高層次的框架——在研發與作為創新來源的收購？

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。因此，我們傾向於有機地投資於我們一直在投資的創新——我們已經工作了一段時間，代表了新的商業機會，我們將在沒有成熟的新商業機會中獲得新的商業機會市場呢，好嗎？但我們將傾向於在我們看到長期機會或機會的領域進行收購，以增強數字化或增強我們可能尚未建立垂直業務的垂直行業的雲能力 - 業務或我們可能尚未建立業務的子垂直行業。

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.

但是，請不要猶豫，我們的有機投資在很大程度上是由設計和製造在 AEC 和製造方面的融合以及這種轉換——製造和建築在我們行業中的融合所推動的。我們在這些領域的創新中有很多有機的重點。我們將在某些基於雲的領域進行無機創新。但更有可能的是，我們會在成熟企業已經建立業務的領域進行垂直專業化收購。我認為 Innovyze 說明了這一點。對不起。

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.

不幸的是，這就是我們今天的所有提問時間。我想把電話轉回給演講者，以便發表任何結束語。

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.

謝謝大家加入我們。我知道對你們中的許多人來說這是一個忙碌的夜晚。我期待著在下一季度的業績中與您見面。如果您在此期間有任何問題，請通過 simon.mays-smith@autodesk.com 與我們聯繫。期待早日聊天。

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。感謝您的參與。您現在可以斷開連接。