Autodesk Inc (ADSK) 2021 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Q3 Fiscal Year 2021 Autodesk Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們、先生們，感謝各位的耐心等待，歡迎參加 Autodesk 2021 財年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。（操作說明）

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

現在我謹將會議交給今天的主講人，投資人關係副總裁西蒙‧梅斯-史密斯先生。謝謝。請繼續，先生。

Thanks, operator, and good afternoon. Thank you for joining our conference call to discuss the results of our third quarter of fiscal year '21. On the line is Andrew Anagnost, our CEO; and Scott Herren, our CFO. 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.

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財年第三季的業績。電話那頭是我們的執行長 Andrew Anagnost 和我們的財務長 Scott Herren。今天的電話會議將透過網路直播。此外，您也可以在 autodesk.com/investor 上收聽電話會議的錄音回放。本次電話會議結束後，您可以在我們的投資者關係網站上找到收益新聞稿、幻燈片簡報和今天開場白的文字記錄。

During the course of this call, we may make forward-looking statements about our outlook, future results and related assumptions and strategies. These statements reflect our best judgment based on 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.

在本次電話會議中，我們可能會對我們的展望、未來業績以及相關假設和策略做出前瞻性陳述。這些陳述反映了我們基於目前已知因素的最佳判斷。實際事件或結果可能與此有重大差異。請查閱我們向美國證券交易委員會提交的文件，以了解可能導致我們實際業績與前瞻性聲明中業績存在差異的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。

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.

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

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

在電話會議中，我們將在討論財務績效時引用一些數位成長變化，除非另有說明，否則每個此類引用都代表同比比較。今天電話會議中提到的所有非GAAP數據均已在新聞稿或我們投資者關係網站上的幻燈片簡報中進行了核對。

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. First off, I hope you and your families are remaining safe and healthy. And before jumping into our third quarter results, I would like to thank again our employees and the families and communities that support them as well as our partners and customers for their sustained commitment during uncertain times. That commitment was reflected in our execution and demonstrated the resilience of our business model this past quarter. Together, they enabled us to deliver strong Q3 results with billings, revenue, earnings and free cash flow coming in above expectations despite the volatile macroeconomic conditions resulting from the pandemic.

謝謝西蒙，也歡迎各位參加本次通話。首先，我希望您和您的家人平安健康。在深入探討第三季業績之前，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，感謝他們在不確定的時期所給予的持續支持。這項承諾體現在我們的執行中，並在過去一個季度展現了我們商業模式的韌性。在疫情導致的宏觀經濟情勢動盪的情況下，憑藉他們的共同努力，我們實現了強勁的第三季業績，帳單金額、收入、獲利和自由現金流均超出預期。

I'm pleased to see the acceleration of our SaaS business model, the secular shift to cloud underpinning it and the competitive opportunities it brings. We have many miles of opportunity ahead of us. Our enterprise customers are undertaking their own digital transformation, and by enabling that transformation, we are becoming a strategic partner rather than a software vendor. These strategic partnerships are broader than in the past with our customers expanding their Autodesk product portfolio.

我很高興看到我們的 SaaS 商業模式加速發展，以及支撐該模式的向雲端運算的長期轉變及其帶來的競爭機會。我們面前還有許多機會。我們的企業客戶正在進行數位轉型，透過協助這項轉型，我們正在從軟體供應商轉變為策略合作夥伴。這些策略合作夥伴關係比以往更加廣泛，我們的客戶正在擴展其 Autodesk 產品組合。

Our third quarter results reflect this trend as our enterprise deal activity with large customers accelerated. We closed some of the largest transactions in the company's history, including a 9-digit deal. I am proud of our team's execution, which positions us well entering the fourth quarter with a strong pipeline of deals.

第三季業績反映了這一趨勢，我們與大客戶的企業交易活動加速成長。我們完成了公司歷史上一些最大的交易，其中包括一筆九位數的交易。我為我們團隊的執行力感到自豪，這使我們能夠以強勁的交易儲備順利進入第四季度。

In the third quarter, we also saw the ebb and flow of the economic impact of the pandemic. As you know, our transition to the cloud means we are able to monitor the usage patterns of our products across the globe and see the positive correlation between increasing usage level and new business growth in those regions. China, Korea, Japan and most of Europe saw usage levels rise above pre-COVID levels. While usage trends in the U.S. and the U.K. have not yet returned to pre-COVID levels, they have stabilized in the U.S. and growing sequentially in the U.K.

第三季度，我們也看到了疫情對經濟影響的起伏變化。如您所知，我們向雲端的過渡意味著我們能夠監控全球範圍內我們產品的使用模式，並看到這些地區使用水準的提高與新業務成長之間的正相關性。中國、韓國、日本和歐洲大部分地區的使用量都超過了新冠疫情前的水準。雖然美國和英國的使用趨勢尚未恢復到新冠疫情前的水平，但美國的使用趨勢已經趨於穩定，而英國的使用趨勢則逐年增長。

In line with the usage trends, our new business remains impacted by the pandemic. But the diversity of our revenue stream and customer base is helping us deliver strong results.

與使用趨勢一致，我們的新業務仍受到疫情的影響。但我們收入來源和客戶群的多樣性正在幫助我們取得優異的業績。

Now as you know, Scott has decided to take on the next challenge in his career by accepting the CFO role at Cisco starting mid-December. Scott has played a huge role in driving the business over the last 6 years, helping Autodesk successfully navigate the business model transition. We are sad to see him leave, but we are also excited for him. Thank you, Scott, for your many contributions to Autodesk, and I wish you continued success in the next chapter of your career. Scott is leaving behind a strong team to ensure smooth operations while we look for his replacement. We have started the search process, and it is my top priority in the near term.

如你所知，史考特已決定迎接職涯中的下一個挑戰，他將於 12 月中旬開始擔任思科公司的財務長一職。在過去的 6 年裡，Scott 在推動公司業務發展方面發揮了巨大作用，幫助 Autodesk 成功完成了業務模式轉型。我們很遺憾他要離開，但我們也為他感到興奮。Scott，感謝你為 Autodesk 的諸多貢獻，祝福你在職涯的下一階段繼續取得成功。Scott留下了一支強大的團隊，以確保在我們尋找繼任者期間各項工作順利進行。我們已經開始尋找合適人選，這也是我近期最重要的工作。

Now I'd like to turn it over to Scott to take you through the details of our quarterly performance and guidance for the year. I'll then come back to provide insight into our strategic growth drivers.

現在我想把麥克風交給史考特，讓他為大家詳細介紹我們本季的業績以及全年的業績展望。之後我會再來深入探討我們的策略成長驅動因素。

Thanks, Andrew. I'm leaving Autodesk with mixed emotions as I'm excited about what lies ahead for me but also sad about leaving my colleagues at Autodesk. The last 6 years have been the most fun and rewarding of my entire career as we've transformed the company from a traditional license revenue model to a cloud-based recurring revenue model. That transition is now complete, and I leave knowing Autodesk is well positioned for the future with leading positions in attractive markets and accelerating momentum.

謝謝你，安德魯。離開 Autodesk 讓我百感交集，一方面我對未來的發展感到興奮，另一方面我也很難過要離開 Autodesk 的同事。過去 6 年是我整個職業生涯中最有趣、最有成就感的時期，因為我們將公司從傳統的授權收入模式轉型為基於雲端的經常性收入模式。過渡期現已完成，我離開時深知 Autodesk 已為未來做好了充分準備，在具有吸引力的市場中佔據領先地位，並擁有不斷加速的發展勢頭。

Looking at the quarter's results. Several factors contributed to our outperformance across all key metrics, including strong enterprise deal activity, healthy subscription renewal rates, digital sales, a sequential improvement in new business trends and foreign exchange rates.

查看本季業績。促成我們在所有關鍵指標上取得優異成績的因素有很多，包括強勁的企業交易活動、健康的訂閱續約率、數位銷售、新業務趨勢的持續改善以及外匯匯率。

Total revenue growth came in at 13% as reported, 14% in constant currency, with subscription plan revenue growing by 24% and operating margin expanding by 3 percentage points. We previously told you that we extended payment terms for customers impacted by the pandemic. The normalization of payment terms, combined with improving business trends and strong cash collections in Q3, helped drive healthy free cash flow of $340 million. Current RPO, which reflects committed revenue for the next 12 months, was up 16%, a slight improvement on the rate of growth we saw in the second quarter. Total RPO was up 21%.

據報告，總收入成長了 13%，以固定匯率計算成長了 14%，其中訂閱計畫收入成長了 24%，營業利潤率提高了 3 個百分點。我們之前已經告知過您，我們延長了受疫情影響客戶的付款期限。支付條款的正常化，加上業務趨勢的改善和第三季強勁的現金回收，推動了3.4億美元的健康自由現金流。目前 RPO（反映未來 12 個月的承諾收入）成長了 16%，比第二季的成長速度略有提高。RPO 總量上升了 21%。

We again benefited from the diversity of our customer base. Business softness in certain areas like the U.S. and parts of Europe was offset by strength in other areas. Digital sales continued to drive double-digit billings growth through our online channel supported by accelerated growth in our cloud-based Fusion offerings.

我們再次受益於客戶群的多樣性。美國和歐洲部分地區等某些地區的商業疲軟被其他地區的強勁表現所抵消。在雲端 Fusion 產品加速成長的支持下，數位銷售透過我們的線上管道持續推動兩位數的帳單成長。

We're developing broader strategic relationships with our enterprise customers with multiyear commitments. As is typical for most enterprise agreements, the 9-digit deal Andrew mentioned is a 3-year commitment billed annually and do not have a meaningful impact on our revenue or cash flow during the third quarter.

我們正在與企業客戶建立更廣泛的策略合作關係，並簽訂多年合約。與大多數企業協議一樣，安德魯提到的那筆 9 位數的交易是一項為期 3 年、按年計費的承諾，對我們第三季度的收入或現金流沒有實質影響。

The run rate business with our partners also continue to perform well. While we're seeing the traction of our transition to the named user business model, it results in a subset of our customers optimizing their installed base by reducing the number of named user seats needed after they take advantage of our 2-for-1 trade-in program. I'm pleased to report that these overall trends are in line with our expectations. As we've said in the past, in aggregate, the transition to the named user model is a revenue-neutral event for us but enables us to offer more value to our customers in a similar way as other SaaS providers.

與合作夥伴的日常業務往來也持續表現良好。雖然我們看到向指定用戶業務模式的轉型取得了成效，但這也導致一部分客戶在利用我們的 2 合 1 以舊換新計劃後，透過減少所需的指定用戶席位數量來優化其安裝基礎。我很高興地報告，這些總體趨勢與我們的預期相符。正如我們過去所說，總體而言，向指定使用者模式的過渡對我們來說在收入上是中性的，但使我們能夠以與其他 SaaS 提供者類似的方式為客戶提供更多價值。

Our net revenue retention rate remained within the 100% to 110% range we laid out in our guidance. Our product subscription renewal rates remain strong, reinforcing the critical nature of our products to our customers. As in the prior quarter, approximately 40% of the maintenance customers who came up for renewal converted to subscriptions. Our maintenance renewal rate declined sequentially, which was expected as we are nearing the end of our maintenance program.

我們的淨收入留存率維持在我們預期的 100% 至 110% 的範圍內。我們的產品訂閱續訂率依然強勁，這進一步證明了我們的產品對客戶的重要性。與上一季一樣，約有 40% 的維護客戶在續約時轉為訂閱客戶。我們的維護續約率逐週下降，這也在意料之中，因為我們的維護計畫即將結束。

Industry collections remained a stable share of our total business in Q3. As anticipated, multiyear payments were down year-over-year, but we saw modest sequential improvement in the share of multiyear payments across each geography as customers continue to make long-term investments in our products.

第三季度，產業催收業務在我們總業務中所佔比例保持穩定。正如預期的那樣，多年期付款同比下降，但隨著客戶繼續對我們的產品進行長期投資，我們看到各個地區的多年期付款份額略有環比改善。

And finally, during the third quarter, we spent $196 million to buy back 800,000 shares at an average price of $231 per share. Year-to-date, we have repurchased 2.12 million shares at an average price of approximately $186 per share for a total spend of $393 million.

最後，在第三季度，我們花了 1.96 億美元，以每股 231 美元的平均價格回購了 80 萬股股票。今年迄今為止，我們已回購了 212 萬股股票，平均價格約為每股 186 美元，總支出為 3.93 億美元。

Now let me turn to our guidance. We are raising the low end of our full year guidance range to a range of $3.75 billion to $3.765 billion, bringing the midpoint growth rate up to 15% year-over-year. We're also raising our non-GAAP operating margin outlook to the upper end of our prior range, a 4-point improvement from last year.

現在讓我談談我們的指導原則。我們將全年業績預期範圍的下限上調至 37.5 億美元至 37.65 億美元，使中點成長率年增至 15%。我們也將非GAAP營業利潤率預期上調至先前預期範圍的上限，比去年提高了4個百分點。

Our fourth quarter performance will benefit from the strength of our third quarter results, but the business environment remains uncertain given the current wave of COVID cases. We expect product subscription renewal rates to continue to be very healthy. Churn on our maintenance offering will likely accelerate as we enter the final stages of ending our maintenance offering. And we expect our net revenue retention rate to remain between 100% and 110% for the quarter.

第四季業績將受益於第三季的強勁表現，但鑑於目前新冠疫情的持續蔓延，商業環境仍充滿不確定性。我們預計產品訂閱續訂率將繼續保持非常健康的水平。隨著我們進入終止維護服務的最後階段，維護服務的客戶流失率可能會加快。我們預計本季淨收入留存率將維持在 100% 至 110% 之間。

Our pipeline entering the fourth quarter is strong, but we've assumed that new business and multiyear contracts will continue to be under pressure. The narrowing of our billings and free cash flow outlook range is primarily driven by moderating assumptions around multiyear and the uncertainty presented by the current environment. It's a testament to the strategic value of our products to our customers and the resiliency of our model that we're still expecting to report 15% revenue growth despite the current economic headwinds.

進入第四季度，我們的業務儲備強勁，但我們預計新業務和多年期合約將繼續面臨壓力。我們收支和自由現金流預期範圍的縮小主要是由於多年期預期調整以及當前環境帶來的不確定性。儘管當前經濟狀況不利，但我們仍然預計能夠實現 15% 的收入成長，這證明了我們的產品對客戶的策略價值以及我們商業模式的韌性。

Looking out to our fiscal year 2022, we expect an improving macroeconomic environment as we exit this year will result in accelerating growth in new business over the course of fiscal '22. Given our subscription model, revenue growth will lag the improving sales environment. As we've said in the past, the path to fiscal '23 will not be linear. We expect our fiscal '22 revenue growth to be low to mid-teens and free cash flow growth to reaccelerate to approximately 20%.

展望 2022 財年，我們預計隨著今年的結束，宏觀經濟環境的改善將導致 2022 財年新業務的成長加速。鑑於我們採用的是訂閱模式，收入成長將落後於不斷改善的銷售環境。正如我們過去所說，通往 2023 財年的道路不會一帆風順。我們預計 2022 財年的營收成長將達到 10% 到 25% 左右，自由現金流成長將重新加速至約 20%。

We're confident in our fiscal '23 free cash flow target of $2.4 billion as we will benefit from improving business momentum in fiscal '22 that will provide a tailwind to our revenue and free cash flow growth. In fiscal '23, we'll also benefit from the renewals of our fiscal '20 transactions when we restarted multiyear payments for a part of our business. Beyond fiscal '23, our continued investment in cloud products and a subscription business model, backed by a strong balance sheet, give us a robust foundation and platform for double-digit growth.

我們對 2023 財年 24 億美元的自由現金流目標充滿信心，因為我們將受益於 2022 財年業務勢頭的改善，這將為我們的收入和自由現金流增長提供助力。在 2023 財年，我們也將受惠於 2020 財年交易的續約，當時我們重新啟動了部分業務的多年付款。展望 2023 財年之後，我們將繼續投資雲端產品和訂閱業務模式，並擁有強勁的資產負債表作為支撐，這將為我們實現兩位數成長奠定堅實的基礎和平台。

And now I'd like to turn it back to Andrew.

現在我想把話題轉回給安德魯。

Thank you, Scott. Our strong performance in Q3 once again demonstrates the advantages of our diverse customer base, resiliency of our employees, the power of our SaaS offerings and the strength of our business model.

謝謝你，斯科特。我們在第三季的強勁表現再次證明了我們多元化的客戶群、員工的韌性、SaaS 產品的強大功能以及我們商業模式的優勢。

At Autodesk University last week, we hosted approximately 100,000 customers and partners and made a series of product and partnership announcements as well as our acquisition of Spacemaker, which closed yesterday and offers industry-leading functionality to architects. Spacemaker will enable us to support design professionals much earlier in their workflow by harnessing AI to rapidly create and evaluate options for a building or urban development. Through automated data capture, smart design, decision support and collaboration functionality, Spacemaker enables users to quickly generate, optimize and iterate on design. It also offers a fundamental shift in how we imagine and build cities in the future and the time needed to evaluate various possible options. I encourage you to check out the demo from last week that is available on our website.

上週，我們在 Autodesk University 上接待了約 10 萬名客戶和合作夥伴，並發布了一系列產品和合作夥伴關係公告，以及我們收購 Spacemaker 的消息。該收購已於昨天完成，為建築師提供領先業界的功能。Spacemaker 將使我們能夠利用人工智慧快速創建和評估建築或城市發展方案，從而在設計專業人員的工作流程早期階段為其提供支援。Spacemaker 透過自動化資料擷取、智慧設計、決策支援和協作功能，使用戶能夠快速產生、最佳化和迭代設計。它也從根本上改變了我們對未來城市構想和建造方式的看法，並需要時間來評估各種可能的選擇。我建議您查看我們網站上提供的上週演示影片。

We also announced the Autodesk Construction Cloud platform, which unifies our AEC cloud offerings and the data held within them, to enable a connected project ecosystem across design and construction. 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, Quantify and BIM Collaborate bring together the best of PlanGrid and BIM 360 with new functionality to create a comprehensive field construction and project management solution. 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.

我們也發布了 Autodesk Construction Cloud 平台，該平台統一了我們的 AEC 雲端產品及其中包含的數據，從而在設計和施工之間建立了一個互聯的專案生態系統。Autodesk Construction Cloud 的基礎是我們的通用資料環境 Autodesk Docs。這實現了無縫導航、整合工作流程和專案控制，並在整個專案生命週期中實現了單一資料來源。Autodesk Build、Quantify 和 BIM Collaborate 將 PlanGrid 和 BIM 360 的最佳功能與新功能結合，打造出全面的現場施工和專案管理解決方案。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創建了更無縫的專案資料交換。

During the quarter, Morgan Sindall, a leading construction group in the U.K., committed to Autodesk as their strategic platform partner. As Lee Ramsey, Morgan Sindall's Digital Design Director said, "I researched all the marketplace solutions. Autodesk stood out for me. Autodesk Construction Cloud provides greater integration between different roles and functions, allowing data to be shared across projects, silos to be broken and a vast amount of efficiency to be gained."

本季度，英國領先的建築集團摩根辛德爾(Morgan Sindall)宣布選擇歐特克(Autodesk)作為其戰略平台合作夥伴。正如摩根辛德爾數位設計總監李·拉姆齊所說：「我研究了所有市場上的解決方案。歐特克給我留下了深刻的印象。Autodesk Construction Cloud 實現了不同角色和職能之間的更緊密整合，從而允許跨專案共享數據，打破資訊孤島，並大幅提高效率。

The breadth of our AEC business has underpinned its resilient performance and enabled it to be a net beneficiary from secular and cyclical trends. Despite many construction projects being interrupted, delayed or navigating new ways of working because of the pandemic, we are still seeing year-on-year growth across all our construction offerings. Our cloud-based products enable our customers to navigate the cycle today and to be more efficient and sustainable for tomorrow. Our office-based solutions continue to do well, while our field-based solutions improved sequentially, boosted by several competitive wins. Customers continue to choose PlanGrid to digitize their processes because it is easy to use and they only pay for what they need.

我們AEC業務的廣泛性支撐了其穩健的業績，並使其能夠從長期和週期性趨勢中淨受益。儘管由於疫情，許多建築項目受到干擾、延誤或需要採用新的工作方式，但我們所有的建築業務仍然實現了逐年增長。我們的雲端產品能夠幫助客戶應對當下的週期性挑戰，並為未來的發展帶來更高的效率和永續性。我們的辦公室解決方案繼續表現良好，而我們的現場解決方案也逐年改進，這得益於我們在幾項競爭中取得的勝利。客戶繼續選擇 PlanGrid 來實現流程數位化，因為它易於使用，而且他們只需為所需的功能付費。

This quarter, our BIM 360 product set records for both worldwide weekly average users and projects. We also continue to see adoption with our larger customers and within the infrastructure industry. During the quarter, one of the world's leading professional services firms, which serves clients in the infrastructure and building sectors, increased its investment with Autodesk. We have been partnering together for over 15 years, and the renewal of our Enterprise Business Agreement enables this firm to expand its use of BIM 360 and PlanGrid in order to adapt faster to industry changes and create new markets for its services.

本季度，我們的 BIM 360 產品在全球每周平均用戶數和項目數方面均創下紀錄。我們也看到，我們的大型客戶和基礎設施產業也不斷採用我們的產品和服務。本季度，一家服務於基礎設施和建築行業的全球領先的專業服務公司增加了對 Autodesk 的投資。我們已合作超過 15 年，此次續簽企業業務協議，使該公司能夠擴大 BIM 360 和 PlanGrid 的使用範圍，以便更快地適應行業變化，並為其服務創造新的市場。

In another instance, Japan's largest homebuilder, Daiwa House Industry Company Ltd., renewed its Enterprise Business Agreement with us. The company is making key investments in BIM and has selected Autodesk to be a strategic innovation partner to achieve its goals for digital transformation, design for manufacturing and industrialized construction. The company is adopting BIM at all levels of the organization and has made a commitment to adopt additional Autodesk products, including BIM 360 Docs and Design and PlanGrid. We are thrilled to be working with Daiwa House at the forefront of industrialized construction.

另一起案例中，日本最大的住宅建築商大和房屋工業株式會社與我們續簽了企業業務協議。該公司正在對 BIM 進行重點投資，並選擇 Autodesk 作為戰略創新合作夥伴，以實現其數位轉型、面向製造的設計和工業化建造的目標。該公司正在組織的各個層面採用 BIM，並承諾採用更多 Autodesk 產品，包括 BIM 360 Docs 和 Design 以及 PlanGrid。我們非常高興能與處於工業化建築前沿的大和房屋公司合作。

Our cloud-based platform is also propelling growth in manufacturing by enabling the convergence of design and make. On the commercial side, our market-leading cloud-based platform, Fusion 360, enjoyed another quarter of accelerating subscriptions, growing scale of deployments and adding competitive displacements to end the quarter with over 120,000 subscriptions. At AU, we introduced several extensions of Fusion 360 that further encourage adoption and usage of the platform by adding specialist functionality. As a reminder, extensions offer expanded tools and functionality that can be added on demand to the core Fusion 360 offering. This kind of functional flexibility and cost effectiveness enhances the value of our platform for designers, engineers and manufacturers.

我們的雲端平台透過實現設計與製造的融合，也推動了製造業的成長。在商業方面，我們市場領先的雲端平台 Fusion 360 又一個季度訂閱量加速成長，部署規模不斷擴大，並取代了競爭對手，最終以超過 12 萬個訂閱量結束了本季。在 AU，我們推出了 Fusion 360 的幾個擴充功能，透過添加專業功能進一步鼓勵使用者採用和使用該平台。提醒一下，擴充功能提供可按需新增至 Fusion 360 核心產品中的擴充工具和功能。這種功能靈活性和成本效益提升了我們平台對設計師、工程師和製造商的價值。

We also announced exciting partnerships with Sandvik Coromant and Rockwell Automation. With Sandvik Coromant, a metal cutting tools and services company, we took the first step to realize a shared long-term vision of accelerating the automation of manufacturing processes by making tool data and manufacturing recommendations available to users of Fusion 360. With Rockwell Automation, a provider of industrial automation and information technology, we combined factory layout capabilities available in our industry collection with their factory simulation tools. Together, these solutions will help our mutual customers digitally design and commission factories in less time and with greater efficiency.

我們也宣布與山特維克可樂滿和羅克韋爾自動化建立了令人振奮的合作夥伴關係。我們與金屬切削刀具和服務公司山特維克可樂滿攜手，邁出了實現共同長期願景的第一步，即透過向 Fusion 360 用戶提供刀具數據和製造建議，加速製造過程的自動化。我們與工業自動化和資訊技術供應商羅克韋爾自動化公司合作，將我們產業產品系列中的工廠佈局功能與其工廠模擬工具結合。這些解決方案將共同幫助我們的共同客戶以數位化方式更快地完成工廠的設計和調試，並提高效率。

This quarter, we also announced the acquisition of CAMplete, a leading provider of post-processing and machine simulation solution. CAMplete bridges the gap between CAM programming and shop floor machine tool operations. It allows manufacturers to digitally simulate and verify the machine code that drives the production equipment before running it on the shop floor. This will enable our customers to identify potential problems in a digital environment at the programming phase that could otherwise scrap work or damage machine tools in production.

本季度，我們也宣布收購了 CAMplete，這是一家領先的後處理和機器模擬解決方案提供商。CAMplete 彌合了 CAM 程式設計和車間工具機操作之間的差距。它允許製造商在車間運行生產設備之前，以數位方式模擬和驗證驅動生產設備的機器碼。這將使我們的客戶能夠在程式設計階段識別數位環境中的潛在問題，否則這些問題可能會導致生產過程中的工作報廢或損壞工具機。

During the quarter, a large multinational defense, security and aerospace company with an extensive global supply chain chose to increase its investment with Autodesk through an Enterprise Business Agreement. To stay at the forefront of its industry, the company is using innovative manufacturing methods to save time and money and has set a target to 3D print approximately 1/3 of the components in its new jet. As it radically changes the way it designs and builds, the company has selected Autodesk as a key strategic partner. The adoption of our products is also driving change throughout its supply chain, which must adopt new ways of working. With Fusion 360, it now has access to our advanced manufacturing solutions to help it realize its business goals.

本季度，一家擁有廣泛全球供應鏈的大型跨國國防、安全和航空航太公司選擇透過企業業務協議增加對 Autodesk 的投資。為了保持行業領先地位，該公司正在使用創新的製造方法來節省時間和金錢，並設定了一個目標，即在其新噴射機中採用 3D 列印技術製造約 1/3 的組件。由於該公司從根本上改變了其設計和建造方式，因此選擇了 Autodesk 作為關鍵策略合作夥伴。我們的產品被廣泛採用，也推動了整個供應鏈的變革，供應鏈必須採用新的工作方式。借助 Fusion 360，該公司現在可以獲得我們先進的製造解決方案，以幫助其實現業務目標。

In education, we continue to expand our footprint. Tinkercad, our fully browser-based product development platform for aspiring designers, now has over 30 million users worldwide. Fusion 360 on Chromebooks is experiencing rapid adoption at high schools and universities and is replacing entry-level browser-based CAD/CAM with professional-grade, career-accelerating Fusion 360.

在教育領域，我們不斷擴大影響力。Tinkercad 是我們為有抱負的設計師推出的完全基於瀏覽器的產品開發平台，目前在全球擁有超過 3000 萬用戶。Chromebook 上的 Fusion 360 在高中和大學中迅速普及，並正在用專業級、可加速職業發展的 Fusion 360 取代入門級的基於瀏覽器的 CAD/CAM。

For instance, the University of Illinois at Urbana-Champagne has now switched to Fusion 360 across multiple departments, including biomedical engineering, systems engineering and mechanical engineering. Beyond our industry-specific results, we are seeing early adoption of our Premium subscription plan, with customers taking advantage of the enhanced subscription offering at renewal. Many of our multiuser customers who are transitioning to the named user model are finding great value in the Premium plan due to its advanced user analytics, single sign-on capabilities and enhanced support.

例如，伊利諾大學厄巴納-香檳分校現在已經在多個部門（包括生物醫學工程、系統工程和機械工程）全面採用 Fusion 360 系統。除了我們針對特定行業的成果之外，我們還看到客戶開始早期採用我們的高級訂閱計劃，並在續訂時利用增強的訂閱服務。許多正在向指定用戶模式過渡的多用戶客戶發現，高級計劃具有高級用戶分析、單一登入功能和增強支援等優點，因此非常有價值。

For example, Scheuch, a leader in the field of innovative air and environment technology, decided to commit to a long-term investment in Premium this quarter, primarily due to SSO and user management capabilities. They see Autodesk as a strategic partner as it continues to harmonize its global IT infrastructure.

例如，創新空氣和環境技術領域的領導者 Scheuch 決定在本季對 Premium 進行長期投資，主要原因是其 SSO 和用戶管理功能。他們將 Autodesk 視為策略合作夥伴，因為 Autodesk 正在持續協調其全球 IT 基礎架構。

Let me finish by updating you on our progress monetizing noncompliant users. We continue to be sensitive to the short-term economic pressure faced by our customers but remain optimistic about the long-term opportunity as we demonstrate the value of our cloud-based platform to our customers. For example, in China, a customer which left us to try a lower-cost competitor quickly returned due to AutoCAD's superior functionality and invested further in Autodesk by purchasing collections for the first time to focus on growth.

最後，讓我向大家報告我們如何利用不合規用戶獲利的進展。我們始終關注客戶面臨的短期經濟壓力，但對長期機會保持樂觀，因為我們將向客戶展示我們基於雲端的平台的價值。例如，在中國，一位客戶因為 AutoCAD 的卓越功能而離開我們去嘗試價格更低的競爭對手，但很快就又回來了，並且首次購買了 Autodesk 的產品套裝，以專注於業務增長。

Our efforts to educate our customers about the benefits of staying compliant with our subscriptions are yielding results. We are able to convert them to paying users in a customer-friendly manner. During the quarter, we closed 8 deals over $500,000 with our license compliance team.

我們努力向客戶宣傳遵守訂閱條款的好處，並已取得成效。我們能夠以用戶友好的方式將他們轉化為付費用戶。本季度，我們的許可證合規團隊完成了 8 筆金額超過 50 萬美元的交易。

In closing, we continue to build a strong 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, and we have multiple drivers that make us confident in our fiscal '23 free cash flow target of $2.4 billion.

最後，我們將繼續努力，為長遠發展打造一個強大的 Autodesk。我們早期對雲端運算和基於雲端的協作等關鍵能力進行了持續的有機和策略投資，並成功轉型為 SaaS 商業模式，這使我們獲得了顯著的競爭優勢，並有信心在可預見的未來實現兩位數的成長。我們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。

With that, operator, we would now like to 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 comes from the line of Saket Kalia from Barclays Capital.

（操作員說明）我們的第一個問題來自巴克萊資本的 Saket Kalia。

Okay. Great. And Scott, congratulations on the next step. You'll certainly be missed.

好的。偉大的。斯科特，祝賀你邁入人生新階段。你一定會被大家想念的。

Thanks, Saket.

謝謝你，薩凱特。

Andrew, maybe first for you. A lot to talk about, but one of the questions that I feel like we got a little bit, especially during the month of October and November, were what potentially higher infrastructure spending spurred by the government could mean for Autodesk. And of course, we don't know what that looks like yet, or frankly, even if it will happen, but I was wondering if you could share some of what Autodesk maybe saw during the 2009 Recovery and Reinvestment Act as perhaps a frame of reference. Does that make sense?

安德魯，這或許是你的第一個。有很多事情要談，但我覺得我們在 10 月和 11 月期間收到的一些問題是，政府刺激下可能增加的基礎設施支出對 Autodesk 意味著什麼。當然，我們現在還不知道那會是什麼樣子，坦白說，甚至不知道它是否會發生，但我很想知道您是否可以分享一下 Autodesk 在 2009 年《復甦與再投資法案》期間可能看到的一些情況，作為參考框架。這樣說得通嗎？

Yes, Saket, that makes sense. First off, let me start the question by being super clear. We don't have any kind of projections around stimulus or the impact of stimulus on our business in any of our models, all right? That's stuff that we leave out because one does not want to leave themselves exposed to the vagaries of governments.

是的，薩凱特，這很有道理。首先，讓我先把問題說清楚。我們的任何模型中都沒有對刺激措施或刺激措施對我們業務的影響進行任何預測，好嗎？這些都是我們不予提及的內容，因為我們不想讓自己暴露在政府政策的變幻莫測之下。

However, if we go back to '08 and '09, and I think it's important to remember this, one of the narratives out there about Autodesk in '08 and '09 is Autodesk is so exposed to the housing market. Oh, my gosh. And the reality was that Autodesk revenue recovered well -- significantly faster than the housing market did, and that was because of the distributed nature of our work and our customer base and the projects and the sectors that we cover.

但是，如果我們回顧 2008 年和 2009 年，我認為記住這一點很重要，當時關於 Autodesk 的一個說法是，Autodesk 非常容易受到房地產市場的影響。我的天哪。事實上，Autodesk 的收入恢復得很好——比房地產市場恢復得快得多，這是因為我們的工作性質、客戶群、專案以及我們所覆蓋的行業都具有分散性。

Infrastructure spending and stimulus spending, that then absolutely helped because it created a pipeline of projects that were new, but we were already recovering before some of the stimulus showed up. And I think it's important to recognize that. If you look at what the impact might be if we actually see some of this show up and we actually see some important stimulus, obviously, it's going to increase the project pipelines of our customers. And that's always good for us.

基礎設施支出和刺激性支出確實起到了很大的幫助，因為它創造了一系列新的項目，但在一些刺激措施出台之前，我們已經開始復甦了。我認為認識到這一點很重要。如果我們看看如果這些措施真的落實到位，並帶來一些重要的刺激措施，會產生什麼影響，顯然，這將增加我們客戶的專案儲備。這對我們來說總是有好處的。

And it could see more adoption of our portfolio. It could be really good for the construction portfolio. But again, Saket, I want to make it super clear, we don't model that kind of stuff in our outlook, and we're not expecting it to hit our numbers.

這或許能促使更多人採用我們的產品組合。這可能對建築類投資組合非常有利。但是，Saket，我再次要非常明確地說明，我們的預測模型中沒有包含這類因素，我們也不指望它會影響我們的預測結果。

Yes. Saket, the only other comment that I'd add on top of that is, look, let's say an infrastructure bill does get passed. It will take some time for that bill to turn into real projects and for those projects to get put out to bid and for that then to downstream, start to drive our business. So even if that were to happen, let's say, early in the new administration, I wouldn't expect it to have a material impact on fiscal '22 anyway.

是的。Saket，我唯一要補充的是，假設基礎建設法案真的通過了。這項法案需要一段時間才能轉化為實際項目，這些項目需要一段時間才能進行招標，然後才能向下游推進，開始推動我們的業務發展。所以即使這種情況真的發生，比如說在新政府執政初期，我也不認為它會對 2022 財年產生實質影響。

Got it. That's super helpful. Scott, maybe for my follow-up for you. Thanks for the early fiscal '22 guide. It's very helpful. I guess with 20% free cash flow growth next year and that target of $2.4 billion in fiscal '23, it looks like that acceleration in free cash flow that we're seeing here in fiscal '21 is going to -- actually in fiscal '21 and '22 is going to continue into '23. Can you just talk a little bit about some of the drivers that might contribute to that? You touched on this a little bit on your prepared comments. So I'm just wondering if you could double-click on it once more.

知道了。這太有幫助了。史考特，或許我可以跟進一下。感謝您提供的 2022 財政年度早期指南。這很有幫助。我猜想，如果明年自由現金流成長 20%，而 2023 財年達到 24 億美元的目標，那麼我們在 2021 財年看到的自由現金流加速成長的趨勢——實際上在 2021 和 2022 財年將會延續到 2023 年。您能否簡要談談可能導致這種情況的一些因素？你在事先準備好的發言稿中已經稍微提到了這一點。所以我想問一下，能否再雙擊一下？

Yes. Sure, Saket. The -- and by the way, you were one of the ones that got it right, actually, as I recall, looking at your preview note for what to expect on fiscal '22. And as you know, we've been running multiple scenarios. I've been probably driving my team crazy running scenarios over the last 9 months. And in each case, we run it not just for the impact to this fiscal year and next fiscal year, out through fiscal '23 to even fiscal '25 and beyond. So to have a good sense of how the model responds to a variety of different scenarios, that's part of what underpins our confidence in fiscal '23.

是的。當然，薩凱特。順便說一句，我記得你其實是少數幾個預測正確的人之一，當時我看了你對 2022 財年的展望說明。如您所知，我們一直在進行多種方案的演練。過去9個月裡，我一直在模擬各種場景，可能都快把我的團隊逼瘋了。而且在每一種情況下，我們不僅會考慮對本財年和下一財年的影響，還會考慮對 2023 財年甚至 2025 財年及以後的影響。因此，要充分了解該模型如何應對各種不同的情況，這也是我們對 2023 財年充滿信心的部分原因。

But if you step back and say, what are the drivers behind that, I mean, I'll start with the biggest driver. You've seen our renewal rates stay steady through this process. And in fact, even modestly, we saw a sequential increase in renewal rates. But given the size of our renewal base, that's a big driver longer term. And we talked about the net revenue retention rate kind of staying in that 100% to 110% range even during the pandemic. So if you take a big renewal base with a high renewal rate and a 100% to 110% net revenue retention rate, that drives a lot of growth.

但如果你退後一步，問問自己，這背後的驅動因素是什麼，我的意思是，我會從最大的驅動因素說起。您已經看到，在此過程中，我們的續約率一直保持穩定。事實上，即使增幅不大，我們也看到續約率出現了逐年上升的趨勢。但考慮到我們龐大的續約用戶群，從長遠來看，這將是一個重要的驅動因素。我們討論了即使在疫情期間，淨收入留存率也能維持在 100% 到 110% 的範圍內。因此，如果擁有龐大的續約客戶群、較高的續約率以及 100% 到 110% 的淨收入留存率，就能推動業務大幅成長。

Add to that what we're seeing in cloud and the cloud product's acceleration overall. We still have a pretty significant opportunity to convert nonpaying users out in front of us. And we've built the leading portfolio -- product portfolio in construction. So there's a -- and we've talked again today about the success of our manufacturing business and where we're headed there and some of the traction we're beginning to get with Fusion 360 and the way we're monetizing that with some of the extensions. So there's a lot behind that. That's what drives our confidence not just in this year and some of the early view I gave you of fiscal '22 but then how that ramps up out through fiscal '23.

再加上我們在雲端運算領域看到的以及雲端產品整體的加速發展。我們仍然有很大的機會將非付費用戶轉化為付費用戶。我們已經打造了領先的產品組合—建築業的產品組合。所以，今天我們再次談到了我們製造業業務的成功，以及我們未來的發展方向，還有我們開始在 Fusion 360 上取得的一些進展，以及我們如何透過一些擴展程序將其貨幣化。所以這背後有很多故事。正是這一點增強了我們的信心，不僅是對今年以及我之前向你們展示的 2022 財年的一些早期展望，而且是對 2023 財年的發展前景的信心。

I think there's 2 other quick things that I'd like to add to that. We do -- we're seeing a modest improvement in economic activity right now that Andrew talked about. Certain countries are back to pre-COVID levels, but it's not consistent. Our expectation is that we will see continued economic improvement through next year, but that will -- I doubt it's going to be a straight line, right? I think that will be more pronounced in the second half of next year, which means the year will be a bit more back-end loaded. And that linearity effects not just revenue. It also affects when we collect cash. A lot of the sales of that momentum in the second half of the year will turn into fiscal '23 free cash flow.

我想再補充兩點。是的——正如安德魯所說，我們目前確實看到了經濟活動的溫和改善。某些國家已經恢復到新冠疫情前的水平，但這並不普遍。我們預計明年經濟將持續好轉，但我認為這不會是一條直線，對吧？我認為這種情況在明年下半年會更加明顯，這意味著明年下半年的工作量會比較集中。而且這種線性關係的影響不僅限於收入。這也會影響我們何時收取現金。今年下半年這股銷售熱潮帶來的大量銷售額將轉化為 2023 財年的自由現金流。

And then one other item that I want to get on the call so that you can build it into your model. We do see a cash tax impact year-on-year this year to next year of about $50 million to $60 million as our profitability has improved fairly significantly. So you add all those together, that's what underpins our confidence, the early view of fiscal '22 cash flow and our confidence in the $2.4 billion in fiscal '23.

還有一件事我想在通話中提一下，以便你們可以將其納入你們的模型中。由於我們的獲利能力有了相當大的提高，我們預計今年到明年，現金稅收將年增約 5,000 萬至 6,000 萬美元。所以把所有這些加起來，這就是我們信心的來源，即對 2022 財年現金流的早期預測以及我們對 2023 財年 24 億美元的信心。

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

下一個問題來自加拿大皇家銀行資本市場的馬特‧赫德伯格。

Congrats on these numbers in a really difficult situation. I will also offer my congrats to Scott. It's been great working with you. Obviously, we'll miss you at Autodesk, but congrats and best of luck.

在如此艱難的情況下取得這樣的成績，恭喜！我還要向史考特表示祝賀。和你一起工作非常愉快。當然，我們會想念你在 Autodesk 的日子，恭喜你，祝你一切順利。

Andrew, I wanted to ask about the 9-figure, 3-year renewal deal. That is super exciting. I guess I'm wondering, can you give us a bit of history on how that customer has grown to this level and maybe the opportunity for other enterprise deals of this caliber given your sort of extended platform these days.

安德魯，我想問那份價值九位數、為期三年的續約合約。真是太令人興奮了！我想問的是，您能否簡要介紹一下這位客戶是如何發展到如今的規模的，以及鑑於您目前擴展的平台，未來是否還有機會達成其他類似規模的企業交易？

Yes. So we actually broke records a couple of times during this quarter. So these deals are becoming more of the norm than not in our quarters. And I want to tell you what essentially underpins all of these. And I think it's important and it kind of -- it's the same dynamic in all of them. Our customers look 3 years out. They look at what they're trying to do internally transformationally with digital transformation or with the transition to BIM or with the transition to the cloud with Fusion and other things associated with that. And they ask themselves, okay, what are they going to need in an EBA in order to drive and maintain that expansion without coming back and renegotiating the contract with us again. That's what's powering this, a strategic discussion about what are the long-term adoption requirements of these customers.

是的。所以，我們本季實際上打破了好幾次紀錄。因此，在我們這個領域，這類交易正變得越來越普遍。我想告訴你們，這一切的根本原因是什麼。我認為這很重要，而且──它們之間都存在著同樣的動態。我們的客戶著眼於未來三年。他們會審視自己在內部轉型方面所做的努力，例如數位轉型、向 BIM 過渡、向雲端 Fusion 過渡以及其他相關技術。他們會問自己，好吧，為了推動和維持這種擴張，而無需再次與我們重新談判合同，他們需要在企業協議 (EBA) 中擁有什麼條件。正是這一點推動了這場策略性討論，即探討這些客戶的長期採用要求是什麼。

So for instance, a customer might see themselves expanding more into industrialized construction and applying both Inventor and Revit more broadly in their process, and they want to make sure they plan for that, or they're going to see expansion of Construction Cloud deeper into their processes. So they're planning for that. They're saying, well, I'm using this much Construction Cloud this year. I'm going to use this much next year or the year after that, the year after that.

例如，客戶可能會發現自己正在向工業化建築領域擴展，並在其流程中更廣泛地應用 Inventor 和 Revit，他們希望確保為此做好規劃，否則他們將會看到 Construction Cloud 更深入地融入他們的流程中。所以他們正在為此做準備。他們說，嗯，我今年用了這麼多 Construction Cloud。我明年、後年、大後年還會用這麼多。

So this is what is driving these kinds of deals, this discussion about the 3-year expansion of usage of our portfolio in these accounts. And it's not just usage across users. It's usage across breadth of portfolio. Otherwise, you couldn't see deals of these size coming through. That's the dynamic that plays out in almost all of these deals that we're seeing. Makes sense, Matt?

所以，這就是推動這類交易的原因，也就是關於未來三年擴大我們在這些帳戶中的投資組合使用範圍的討論。而且這不僅僅是關乎用戶之間的使用情況。它在整個產品組合中都有應用。否則，你不可能看到如此規模的交易達成。我們看到的幾乎所有這些交易都遵循著同樣的動態。有道理嗎，馬特？

Got it. Yes. No, that's super helpful. And then maybe just to double-click on the SaaS side. I mean, Andrew, you talk to executives every day. And I guess I think we're all excited about the prospects of the vaccine. On those conversations though, in a post-COVID world, I mean, do you get a sense that -- you've always had a lot of success with 360 SaaS today. But do you think we could see even a bit of a slingshot effect as part of these larger deals as customers really effectively race to embrace SaaS potentially for the next pandemic at some point?

知道了。是的。不，這太有幫助了。然後可能只需要雙擊 SaaS 端。我的意思是，安德魯，你每天都和高階主管打交道。我想我們都對疫苗的前景感到興奮。不過，在後疫情時代，在那些對話中，我的意思是，你是否感覺到──如今，360 SaaS 一直都非常成功？但您認為，隨著客戶競相擁抱 SaaS，或許在未來的某個時候應對下一次疫情，這些大型交易是否會產生一些彈弓效應？

Yes. I actually think it even goes beyond pandemics. It's like once you got a taste of it, you want more of it is what's going on, too, okay? Because remember, some of these customers, they were not broadly deploying our SaaS solutions prior to the pandemic. And what they're seeing now is, you know what, this stuff is important. I need to get on it, and I need to prepare for the future, and this is how I'm going to drive my digitization. So we're absolutely going to see continued growth in these SaaS platforms.

是的。我覺得這甚至超越了疫情的範疇。就像一旦你嚐到了某種滋味，就會想要更多一樣，懂嗎？因為請記住，在疫情爆發之前，這些客戶中的一些人並沒有廣泛部署我們的 SaaS 解決方案。他們現在看到的是，你知道嗎，這些事情很重要。我需要抓緊時間，為未來做好準備，這就是我推動數位轉型的方式。因此，我們絕對會看到這些SaaS平台持續成長。

It's interesting that you mentioned the vaccine and things like that because what we're seeing when we talk to executives right now is everybody doesn't see a change in the time line of how this pandemic is going to play out. But all of us, what we're seeing is increasing reduction in uncertainty. It starts with vaccine conversations and then more than one vaccine. And then it goes into, hey, the U.S. election is getting less uncertain. Who's going to be the President is less uncertain.

你提到疫苗之類的東西很有意思，因為我們現在和企業主管交談時發現，大家都認為這場疫情的發展時間表不會改變。但我們所有人都看到，不確定性正在不斷降低。一切始於關於疫苗的討論，然後涉及不只一種疫苗。然後話題轉到：嘿，美國大選的不確定性正在降低。誰將成為總統則相對比較明朗。

So there's this progressive building of uncertainty being removed. And customers are getting more and more comfortable about looking at their second half investment scenarios for next year, and SaaS is in every one of those conversations, okay? And I think as long as we continue on this trajectory of uncertainty being removed, you're going to see people being increasingly comfortable with how they feel about the second half of next year.

因此，不確定性正在逐步消除。客戶越來越樂於考慮明年的下半年投資方案，而 SaaS 正是所有這些討論的焦點，懂嗎？我認為，只要我們繼續沿著消除不確定性的這條路前進，人們就會越來越安心地迎接明年下半年。

Our next question comes from the line of Philip Winslow from Wells Fargo.

我們的下一個問題來自富國銀行的菲利普‧溫斯洛。

Congrats on this great quarter. And Scott, obviously, it's been a real pleasure working with you not just at Autodesk but going back to Citrix. And we'll definitely miss you, my friend.

恭喜你們本季取得如此佳績。斯科特，很顯然，不僅在 Autodesk 與您共事非常愉快，回到 Citrix 之後也一樣。我的朋友，我們一定會非常想念你。

Thanks, Phil.

謝謝你，菲爾。

I got a question for you in terms of the AEC portfolio. Obviously, very diversified in terms of the sort of the stages of, call it, building from design, planning, actual construction. And so I guess sort of a 2-part question here. What are you seeing in sort of that portfolio right now and into Q4? And then when you are thinking about next fiscal year, how are you expecting sort of the ebbs and flows of that portfolio to play out?

我有一個關於AEC產品組合的問題想問您。顯然，從設計、規劃到實際施工的各個階段，建造過程非常多樣化。所以，我想這個問題可以分成兩個部分。您認為目前以及到第四季度，該投資組合的發展前景如何？那麼，在考慮下一個財政年度時，您預計該投資組合的漲跌將如何變化？

Yes. Actually, Phil, you're pushing on an important competitive differentiator for us. The breadth of capability we have across the entire AEC cycle and the way we're integrating that information in the cloud is fairly unique, all right? And what we're seeing -- and this is something that I think you'll see progressively again and again. Right now, a lot of people are talking about digital twins, and that's the vocabulary that's out there. Obviously, we haven't used that vocabulary very often. But what's going on right now is BIM -- 3D BIM is the original digital twin, all right?

是的。實際上，菲爾，你正在推動我們一個重要的競爭優勢。我們在整個 AEC 週期中擁有的能力範圍以及我們在雲端整合這些資訊的方式是相當獨特的，對吧？而我們現在看到的——而且我認為你會一次又一次地看到這種情況。現在很多人都在談論數位孿生，這也是目前普遍使用的術語。顯然，我們並不常使用那些詞彙。但現在流行的是 BIM——3D BIM 是最初的數位孿生，對吧？

And this whole discussion around digital twins and AEC and things associated with it is accelerating the dialogue around if I want to do digital twins, I got to do BIM because there's no digital twin without a building information model. And you're going to see a continuing ongoing acceleration of the usage of BIM upfront in our portfolio, but then what we've layered on top of it is a couple of critical things that make the entire portfolio more valuable.

圍繞著數位孿生、AEC 以及與之相關的一切的討論，正在加速這樣一個對話：如果我想做數位孿生，就必須做 BIM，因為沒有建築資訊模型就沒有數位孿生。您將會看到，在我們的投資組合中，BIM 的使用將會持續加速，但我們在此基礎上又疊加了一些關鍵要素，使整個投資組合更有價值。

You may have noticed we emphasized this notion in the new Construction Cloud platform around a common data environment and all the things that go along with that common data environment. That common data environment is not just SaaS-based. It's also ultimately going to be ISO compliant, and it's going to allow us to move that building information data all the way through the entire process. So you're going to see more and more adoption of what's in Autodesk Build, all the way through from the preconstruction planning cycle to the construction site. And that's a pretty powerful differentiator for us.

您可能已經注意到，我們在新的建築雲平台中強調了通用資料環境的概念，以及與該通用資料環境相關的一切。這種通用資料環境並非僅基於 SaaS。它最終也將符合 ISO 標準，並且能夠讓我們在整個過程中傳輸建築資訊資料。因此，你會看到 Autodesk Build 中的功能被越來越多地採用，從施工前的規劃週期到施工現場，沒有例外。這對我們來說是一個非常強大的差異化優勢。

But the one last thing I want to mention to you, and we talked about this at AU, and I want to make sure you paid attention to it, was the rollout of Tandem, Autodesk Tandem. And what was Tandem? So Tandem is -- if digital twins start with BIM, Tandem is a way to bring BIM data together from multiple places, from our BIM models or our BIM information from other third parties that are building controller information perhaps from other BIM-based data from other types of applications and bring it into a single aggregated view in the cloud that updates dynamically as the building project progresses.

但最後我想提一下一件事，我們在 AU 上討論過，我想確保你們都注意到了，那就是 Tandem，Autodesk Tandem 的推出。Tandem是什麼？所以 Tandem 就是——如果數位孿生始於 BIM，那麼 Tandem 就是將來自多個地方的 BIM 數據（來自我們自己的 BIM 模型或來自其他第三方的 BIM 信息，這些第三方正在構建控制器信息，可能來自其他類型的應用程序的其他基於 BIM 的數據）匯集到雲

This puts us at the forefront of bringing the power of BIM to create digital twins to the ability to create digital twins in the cloud that actually represent the final state of the project no matter where all that project data comes from. So we're pretty excited about this progression and what it means for the company. And I think you're going to see a lot of interest and uptake in the approach we're taking.

這使我們處於將 BIM 的強大功能應用於創建數位孿生的前沿，能夠在雲端創建真正代表專案最終狀態的數位孿生，無論所有專案資料來自哪裡。所以我們對這項進展及其對公司的意義感到非常興奮。我認為你會看到大家對我們採取的方法非常感興趣，並且會被廣泛採納。

That's awesome. That's super exciting. And an equally as exciting question for Scott, long-term deferred revenue. The -- how are you thinking about that next year? Obviously, the guidance for this year is hanging out in the mid-20s, but how are you sort of modeling that when you think about cash flow for next year and the year after that?

太棒了。太棒了！對史考特來說，長期遞延收入也是一個同樣令人興奮的問題。那——你對明年有什麼打算？顯然，今年的業績指引在 25% 左右，但當你考慮明年和後年的現金流時，你是如何進行建模的呢？

Yes. I think for next year, it stays in that range, Phil, and I don't want to get into doing too much forecasting of fiscal '22 until we get to the Q4 earnings call. And obviously, we can give you more detail at that point.

是的。菲爾，我認為明年情況會保持在這個範圍內，在第四季度財報電話會議召開之前，我不想對 2022 財年做太多預測。當然，屆時我們可以提供更多細節。

But what we're seeing this year is kind of moderating assumptions around multiyear. And of course, that's what drives a lot of that long-term deferred. And so you see the sequential trend there in long term. It hasn't fallen off the floor. It hasn't fallen off the desk and onto the floor. The multiyear rates are still there, but they're not as robust as we have seen historically in maintenance.

但我們今年看到的是，人們對多年期的預期逐漸趨於緩和。當然，這正是許多長期延期付款的驅動因素。因此，從長遠來看，你可以看到這種循序漸進的趨勢。它沒有從地板上掉下來。它沒有從桌子上掉到地上。多年期費率仍然存在，但它們不如我們過去在維護方面看到的那麼強勁。

I think ultimately, it returns to that level. But frankly, I don't think the moderating multiyear that we see this year is a big negative in a sense that given our renewal -- the strength of our renewal rates, we'll continue to get that -- collect that cash. We'll just collect it in the subsequent 2 years instead of collecting all 3 years upfront. And we'll collect it without the 10% discount that we put in as an incentive for those multiyear transactions. So think of it kind of settling in where it is for the foreseeable future. Ultimately, I think there's probably a little room for it to run.

我認為最終它會回到那個水平。但坦白說，我認為今年我們看到的多年期利率放緩並不是什麼壞事，因為考慮到我們的續約情況——我們續約率的強勁勢頭，我們將繼續獲得這些資金。我們將在接下來的兩年內分期收取，而不是一次性收取三年的費用。而且，我們將不享受為多年期交易提供的 10% 折扣。所以，不妨把它看作是在可預見的未來會一直維持現狀。最終，我認為它可能還有一些發展空間。

Awesome. And congrats again on a great quarter.

驚人的。再次恭喜你們本季取得佳績。

Thanks, Phil.

謝謝你，菲爾。

Thanks.

謝謝。

Our next question comes from the line of Heather Bellini from Goldman Sachs.

我們的下一個問題來自高盛的 Heather Bellini。

Great. And Scott, I will echo my congratulations and to you as well, Andrew, for the company's execution in this challenging macro environment.

偉大的。史考特，我也要向你表示祝賀，安德魯，也祝賀你，祝賀公司在如此充滿挑戰的宏觀環境下所取得的成就。

I wanted to ask 2 questions. One, if you can share with us kind of, I mean, the competitive positioning in construction given your pricing model and how you might see some of the competitors responding. So if you could spend some time on that, maybe a little bit more on the differentiation, if that's gotten even wider over the course of the pandemic. And then also, if I look at your growth in Asia Pac, you can -- that was the best region in terms of growth. How far behind do you think the Americas is from the recovery and the solid growth that you're seeing in APAC?

我想問兩個問題。第一，能否請您和我們分享一下，鑑於您的定價模式，您在建築業的競爭定位是什麼，以及您認為一些競爭對手會如何應對？所以，如果您能花點時間，或許可以再多談談這種差異，看看在疫情期間這種差異是否進一步擴大了。此外，如果我看一下你們在亞太地區的成長情況，就會發現──就成長而言，亞太地區是最好的地區。您認為美洲地區距離亞太地區的復甦和穩健成長還有多遠？

All right. So let me start with the competitive positioning on the construction. You're absolutely right, Heather, that the pandemic actually gave us an opportunity to lap our competition a bit. The slowdown definitely took the wind out of certain parts of the market. However, we didn't slow down. We continued to invest, and we put quite a bit of money into rolling out the unified platform.

好的。那麼，就讓我先談談我們在建築領域的競爭定位吧。海瑟，你說得完全正確，疫情其實給了我們一個超越競爭對手的機會。經濟放緩無疑為某些市場板塊帶來了衝擊。然而，我們並沒有放慢腳步。我們持續投資，並投入了相當多的資金來推廣統一平台。

So what you see with Autodesk Build, which is what we're going to lead with in every new deal, we're leading with Autodesk Build over and over again, and we're going to lead internationally, and we're going to lead in the U.S. with this, is a comprehensive project management and field management application that goes from design all the way through to site management, site execution and layers on the analytics associated with Construction IQ and some of the predictive skills, all built on top of Autodesk Docs, all right? So this is a pretty significant change. That platform is highly competitive. As a matter of fact, it's differentiated in numerous ways because of its end-to-end capabilities.

所以，您看到的 Autodesk Build，我們將在每一項新交易中都以它為主導，我們將一次又一次地以 Autodesk Build 為主導，我們將在國際上保持領先地位，我們也將在美國保持領先地位，它是一個全面的項目管理和現場管理應用程序，涵蓋從設計到現場管理、現場執行的整個過程，並在現場執行的整個過程中疊加了 AutoIQk，所有這些技能，所有這些都可以構建到現場執行的整個過程，並疊加了 AutoIQk 分析之上，明白嗎？所以這是一個相當大的改變。該平台競爭非常激烈。事實上，由於其端到端的功能，它在許多方面都與眾不同。

In terms of pricing models, here is what's unique about it, Heather. I think it's very important to remember this. No one, no one in the industry is more flexible with the way we deliver these applications in Autodesk. So if you want to buy named users and deploy named users, we got named users for you. That's our primary deployment model for most of our applications. If you want to pay based on project turnover, you can do that. If you want to pay based on usage and consumption, you can do that. This flexibility is heavily coveted by our customers. And in fact, I think this flexibility has been part and parcel of what's allowed us to continue to expand the usage of the Construction Cloud even during what's happened over the last year.

希瑟，就定價模式而言，它的獨特之處在於：我認為記住這一點非常重要。在Autodesk，我們交付這些應用程式的方式在業界沒有任何一家公司比我們更靈活。所以，如果您想購買和部署指定用戶，我們就能提供您指定用戶。這是我們大多數應用程式的主要部署模式。如果你想按專案營業額付費，也可以這樣做。如果你想按使用量和消耗量付費，你可以這樣做。這種靈活性深受客戶青睞。事實上，我認為這種彈性正是我們能夠在過去一年中持續擴大建築雲使用範圍的關鍵。

So I think technologically, we're now competitively differentiated because we took the pandemic at the time to double down on the platform unification and get it out there. And business model-wise, we're differentiated. So we're feeling we're in a pretty strong competitive position as we head into the recovery next year across all the various markets. We love that we have tough competition in this space. We think it's good for us. We think it's good for our customers, but we're feeling really good about where we're at.

所以我認為，從技術角度來看，我們現在具有競爭優勢，因為我們利用疫情期間的機會加倍努力，實現了平台統一並將其推向市場。在商業模式方面，我們與眾不同。因此，我們感覺在明年各市場的復甦過程中，我們都處於相當強大的競爭地位。我們很高興這個領域競爭激烈。我們認為這對我們有好處。我們認為這對我們的客戶來說是好事，而且我們對目前的狀況也感到非常滿意。

Now with regards to the Americas versus APAC, right, here's what I'll say. Usage ramped up fairly quickly in Asia Pacific. And like we said earlier, it's definitely above pre-COVID levels in a lot of places, not everywhere, but in a lot of places. The U.S., in particular, just seemed to have stalled, all right? Usage hasn't fallen back. It's ramped up a little bit as time goes on, but it's not seeing this kind of surge.

至於美洲與亞太地區的區別，是的，我會這麼說。在亞太地區，使用量迅速成長。正如我們之前所說，在許多地方，感染率肯定高於新冠疫情前的水平，雖然不是所有地方都如此，但很多地方確實如此。尤其是美國，似乎已經停滯不前了，對吧？使用量並未下降。隨著時間的推移，成長速度有所加快，但還沒有出現這種激增的趨勢。

I think we should just kind of hold tight for a while and see what the levering out of the uncertainty does right now for the usage in the U.S., all right? Between the election results, between the good news about vaccine, between the potential that people see about stimulus in their project pipeline, I think we might start to see a change. So it'll be interesting what we can talk about on the next earnings call. But I think the unwinding of uncertainty matters a lot in our markets.

我認為我們應該先按兵不動一段時間，看看目前美國利用槓桿消除不確定性會對市場產生什麼影響，好嗎？鑑於選舉結果、疫苗方面的好消息以及人們在計畫規劃中看到的刺激經濟的可能性，我認為我們可能會開始看到一些變化。所以，下次財報電話會議我們可以聊些什麼，這很有意思。但我認為，消除不確定性對我們的市場至關重要。

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

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

Andrew, starting with the 9-figure deal, returning to that subject. It's especially interesting when we consider that once upon a time, a $100,000 deal was a big deal for Autodesk. So you're obviously now many orders of magnitude beyond that. But the question is, to the extent that there are now, as we understand, additional 8-figure deals in the pipeline, how are you thinking about your license management and customer success requirements and capacities that you need to invest in and ramp up to support, which is obviously going to be a larger propensity for these kinds of deployments?

安德魯，先從那筆九位數的交易說起，再回到這個話題。尤其有趣的是，要知道，在過去，10萬美元的交易對歐特克來說可是一筆大生意。所以你現在顯然比那高出幾個數量級。但問題是，據我們了解，目前還有數額巨大的交易正在洽談中，您是如何考慮您的許可證管理和客戶成功需求以及您需要投資和提升的能力來支持的？顯然，這類部署的趨勢會更大。

And then returning to AU for a moment. You made some interesting remarks last week having to do with some additional new possible opportunities for the company in manufacturing software, supply chain, even smart products you alluded to. Maybe talk about how seriously you mean to pursue those new things.

然後又回到澳洲一會兒。上週您發表了一些有趣的評論，談到了公司在製造軟體、供應鏈，甚至您提到的智慧產品方面可能出現的一些新的機會。或許可以談談你對追求這些新事物的認真程度。

And then for Scott, first, thank you for the last 25 quarters. And as your going-away question or multipart question, Andrew earlier parsed the usage data by geo. Could you do the same thing by perhaps stand-alone versus collections and perhaps even by vertical in terms of what you're seeing in the usage telemetry there?

然後，首先要感謝斯科特，感謝他過去 25 個季度的付出。至於你最後的提問或多部分問題，Andrew 之前已經按地理位置解析了使用數據。您能否也進行相同的分析，例如分別比較獨立應用與集合應用，甚至按垂直領域分析您在使用情況遙測資料中看到的內容？

All right. So it's a classic, Jay, multipart question. All right. So Jay, let me start with the license management piece. This is something we take particularly seriously. And I'm really glad you asked about it because the license management and the ability to manage these licenses is actually a value-add to our customers. They want to manage this investment in Autodesk asset as an enterprise asset, all right? And it's super important in the space that we do this.

好的。所以，傑伊，這是一個典型的多部分問題。好的。傑伊，那我就先從許可證管理部分講起。我們對此格外重視。我很高興你問到這個問題，因為許可證管理以及管理這些許可證的能力實際上對我們的客戶來說是一項增值服務。他們希望將這項對 Autodesk 資產的投資作為企業資產進行管理，對嗎？在這個領域，我們這樣做至關重要。

One of the reasons we've been moving so quickly to retire legacy models in our user base is because that actually holds us back from delivering best-in-class license management for our customers. Every customer, every maintenance license is still out there. Every multiuser license that's still based on the old desktop paradigm versus what we want to do in the cloud paradigm is holding us back from deploying the systems in a way that help our customers manage these things holistically.

我們之所以如此迅速地淘汰用戶群中的舊式模型，其中一個原因是，這些舊式模型實際上阻礙了我們為客戶提供一流的授權管理。每個客戶，每個維護許可證都還在那裡。所有仍基於舊桌面模式的多用戶許可證，與我們想要在雲端模式下實現的目標不符，這阻礙了我們以能夠幫助客戶全面管理這些事項的方式部署系統。

The good news is that our EBA customers get a totally different dashboard on how they use our software, and they're able to get more per user usage analytics and more data in terms of understanding our customer base. But this investment in the sheet of glass that our customers look through in terms of managing their relationship with Autodesk is something we've been doing ongoing for years. And you look for it to accelerate as we retire the last of these legacy business models and start unifying everything on a stack that really provides a high level of control to our customers and a high level of fidelity about what their actual usage is. This -- we believe this is a value-add of the portfolio, and you'll see us continue to invest in this.

好消息是，我們的 EBA 客戶可以獲得一個完全不同的儀表板，了解他們如何使用我們的軟體，並且能夠獲得更多按用戶使用情況分析和更多數據，從而更好地了解我們的客戶群。但是，我們多年來一直在持續投資於客戶用來管理他們與 Autodesk 關係的「玻璃幕牆」。隨著我們淘汰最後這些傳統商業模式，並將所有內容統一到一個真正能為我們的客戶提供高度控制權和高度了解其實際使用情況的技術棧上，預計這一趨勢將會加速發展。我們認為這將為投資組合增添價值，您會看到我們繼續投資於此。

Now with manufacturing investments, I think you want to just pay attention to what we're doing with Fusion and the areas we're targeting because we think these are important areas that we want to pay attention to. We've integrated certain types of technology in the Fusion. We want to augment and supplement and extend those so that Fusion is a professional-grade solution surrounded by other professional-grade solutions that tackle significant growth markets inside the manufacturing vertical.

現在談到製造業投資，我認為你們應該關注我們在Fusion公司所做的事情以及我們所關注的領域，因為我們認為這些都是我們想要關注的重要領域。我們在Fusion中整合了某些類型的技術。我們希望增強、補充和擴展這些功能，使 Fusion 成為一個專業級解決方案，周圍環繞著其他專業級解決方案，以應對製造業垂直領域內的重要成長市場。

Our first angle of attack within the convergence of design and make and merging advanced manufacturing methods with advanced modeling methods, I think you're going to see us attack the convergence of mechanical engineering and electrical components inside designs. We've already started doing some of that thing, and we're going to do it in a uniquely cloud way. We're going to do it with uniquely underpinnings of cloud compute. And we're going to do it in highly differentiated ways but also in ways that respect some of the tools our customers are using today.

我們首先著手解決設計與製造融合以及先進製造方法與先進建模方法相結合的問題，我認為你會看到我們著手解決機械工程和電子元件在設計中的融合問題。我們已經開始做一些這方面的事情了，而且我們將以一種獨特的雲端方式來完成它。我們將利用雲端運算的獨特底層技術來實現這一目標。我們將以高度差異化的方式進行，但同時也尊重客戶目前使用的一些工具。

And Jay, I'll jump in on the second part. And I guess thank you for the congratulations on my 25th Autodesk earnings call. If I get this right, it's your 125th Autodesk earnings call, so a little bit of a difference there in terms of history of the company. I'd like to congratulate you as well.

傑伊，我來接第二部分。我想感謝大家祝賀我完成了第25次Autodesk財報電話會議。如果我理解沒錯，這是 Autodesk 的第 125 次財報電話會議，就公司歷史而​​言，這多少有些不同尋常。我也想祝賀你。

It's interesting, when you look at this, right, we're seeing less of a differential by vertical and more of a differential by country. So in other words, the country X is seeing nice robust growth. We see that in both the AEC and the manufacturing side. If it's continuing to be somewhat flat and stable, we see that again by vertical. So it's -- I'd say the better differentiator in usage is more how is the region performing, how is the country performing than it is within that country, is it AEC or manufacturing.

有趣的是，當你觀察這些數據時，你會發現，以垂直產業劃分的差異越來越小，而國家劃分的差異越來越大。換句話說，X國正在經歷強勁的成長。我們在建築、工程和施工 (AEC) 以及製造業領域都看到了這一點。如果價格繼續保持相對平坦和穩定，我們可以從垂直方向上再次看出這一點。所以——我認為，在使用方面更好的區分標準是該地區、國家的整體表現，而不是該國內部是建築工程還是製造業。

The industry collections versus stand-alone, what I -- I'll just reiterate what I said in the opening commentary that industry collections continues to be a stable share of our overall business. So we're not seeing a significant mix shift there. We had -- early on, we had seen a mix shift of the new sales more towards LTE. And we talked about last quarter that reverted back to the mean, where it had been historically. So we're not seeing a significant mix shift at this point either way.

關於產業收款與獨立收款，我－我只想重申我在開場白中所說的，產業收款仍然是我們整體業務中穩定的份額。所以，我們並沒有看到成分組合有顯著變化。我們很早就發現，新銷售產品的組合逐漸向 LTE 傾斜。我們也討論了上個季度的情況，它回歸到了歷史平均。所以目前來看，我們還沒有看到明顯的成分股組成有重大變化。

The last thing that I'd add because I know the detail of your spreadsheets, and you're probably -- you probably already got everything laid out here. But to give you a sense on our new business growth, and in particular, product subscription new business growth from a unit standpoint, no question we've been impacted by the pandemic, more so in new business units than in other places. That new business grew sequentially from Q2 to Q3. And it's our expectation those units will grow again from Q3 to Q4. So just to give you a sense of how things are performing.

最後我想補充一點，因為我知道你的電子表格的細節，而且你可能——你可能已經把所有東西都整理好了。但為了讓大家了解我們的新業務成長情況，特別是從單位角度來看的產品訂閱新業務成長情況，毫無疑問，我們受到了疫情的影響，新業務部門受到的影響比其他部門更大。該項新業務從第二季到第三季逐季成長。我們預計這些銷量將從第三季到第四季再次成長。為了讓大家了解目前的狀況，我先說明一下。

Our next question comes from the line of Brad Zelnick from Crédit Suisse.

我們的下一個問題來自瑞士信貸的布拉德·澤爾尼克。

Great. So congrats all around, guys. Particularly for Scott, best of everything, especially in your next chapter.

偉大的。所以，恭喜各位！尤其是對斯科特來說，祝你一切順利，尤其是在你的下一個篇章中。

And the topic for both of you, I wanted to ask you about innovation. The sheer amount of innovation on display at Autodesk University this year was, I guess I'd just say, overflowing. So Andrew, for you, the easy question, what excites you the most?

我想問你們兩位關於創新方面的問題。今年 Autodesk University 展示的創新數量之多，我只能說，簡直令人眼花撩亂。安德魯，對你來說最簡單的問題是什麼？什麼最讓你興奮？

And my parting gift for you, Scott, maybe a little more complex, how should we think about the pace of innovation going forward? Because you've always talked about high single, low double-digit spend growth, but we're below 7% year-to-date. So should we think about spend growth accelerating meaningfully to the high end of your range to recapture the tremendous opportunity ahead?

史考特，我臨別贈與你的禮物可能有點複雜，我們該如何看待未來的創新步伐？因為你們一直在談論高個位數或低兩位數的支出成長，但我們今年迄今的成長率低於 7%。那麼，我們是否應該考慮大幅加速支出成長，向高端市場拓展，以重新掌握未來的巨大機會？

All right. So Brad, I love this question. Innovation is absolutely hypercritical to everything we do. We believe we are powering a lot of transformation and a lot of dialogue in the industry right now. We are delighted to see our competitors start to talk like we've been talking for years. And I think that's a sign of the kind of innovation we're putting into the market.

好的。布拉德，我很喜歡這個問題。創新對我們所做的一切至關重要。我們相信，我們正在推動行業內的許多變革和對話。我們很高興看到我們的競爭對手開始像我們多年來一直在做的那樣說話了。我認為這標誌著我們正在向市場推出的創新類型。

Here's what I'll tell you I'm really excited about. I am excited about the merger of SaaS, cloud compute and machine learning and this transformational power for our industry, all right? This is what gets me up every morning right now in terms of what we're going to be able to deliver for our customers. When we get more and more of their processes in the cloud, when we're computing more and more with their data with ever-decreasing compute cost in the cloud and layering on machine learning, we are going to be able to provide our customers with insights and productivity enhancements that are simply beyond anything they've imagined right now. And it gets me extremely excited to be part of driving that change into the industry and what it means.

我要告訴你，我真正感到興奮的是這件事。我對 SaaS、雲端運算和機器學習的整合以及它們對我們行業的變革力量感到興奮，好嗎？現在，每天早上激勵我起床的動力就是我們能為客戶提供什麼。當我們將越來越多的流程遷移到雲端，當我們利用雲端不斷降低的運算成本，並結合機器學習技術，越來越多地處理他們的資料時，我們將能夠為客戶提供他們目前無法想像的洞察力和生產力提升。能夠參與推動產業變革及其意義，讓我感到無比興奮。

Now I can talk about the individual technologies that play into all that. There's lots. But if you talk at a high level about what gets me excited, it's that. And one thing I think is before -- as a segue to Scott answering his question, I think it's important for you to know that next year, we're probably the largest R&D spender in our segment, all right? And I just want you to think about that after all the discussions we had going to the business model transformation to all of a sudden be talking about a world where nobody -- probably nobody is spending as much in this space on R&D as Autodesk is. I think that is a fundamental change and a lot of innovation comes from that much spend. Scott?

現在我可以談談構成這一切的各項具體技術了。有很多。但要從宏觀層面來說，是什麼讓我感到興奮，那就是這件事。我覺得在史考特回答他的問題之前，我想先說明一點——我認為你們需要知道的是，明年我們很可能成為我們這個領域研發支出最大的公司，好嗎？我想讓你們思考一下，在我們進行了那麼多關於商業模式轉型的討論之後，突然之間，我們卻在談論一個可能沒有人——或許沒有人像 Autodesk 那樣在這個領域投入如此多的研發資金的世界。我認為這是一個根本性的變化，大量的創新都源自於這種投入。史考特？

I'm not sure what to add to that, Andrew. I think you said it exactly right. We're in a fortunate position, Brad -- and thanks for your kind words, by the way. But we're in a fortunate position in the model where we can both grow spending and increase margins year-on-year. And so if you look at the midpoint of the updated guide for this year, for fiscal '21, it implies just short of an 8% growth in total spend. So the cost of goods sold plus OpEx.

安德魯，我不知道還能補充什麼。我覺得你說得完全正確。布拉德，我們處境很幸運——順便說一句，謝謝你的好意。但幸運的是，在這種模式下，我們既可以逐年增加支出，也可以逐年提高利潤率。因此，如果你看今年更新後的指導方針的中點，即 2021 財年，這意味著總支出將增加近 8%。因此，銷售成本加上營運費用。

Looking ahead, on top of that, we've invested pretty significantly and grown our investment in R&D, headcount for R&D, for sales capacity this year and some of the areas that Andrew just touched on earlier in Jay's question about building out our internal systems and our internal infrastructure. So we've invested quite a bit in innovation already this year that will obviously carry on into next year. And we've made a handful of not large but strategic acquisitions to continue to fuel that innovation.

展望未來，除此之外，我們還投入了大量資金，增加了研發投入、研發人員數量、銷售能力，以及安德魯剛才在傑伊的問題中提到的一些領域，例如建立我們的內部系統和內部基礎設施。所以今年我們已經在創新方面投入了相當多的資金，這顯然會延續到明年。我們也進行了一些規模不大但具有戰略意義的收購，以繼續推動創新。

So we -- I think long term, targeting double-digit revenue growth is somewhat dependent on us continuing to invest on the R&D side of things. And I feel really good about the position we're in to be able to both drive that investment and increase margins out through fiscal '23.

所以——我認為從長遠來看，實現兩位數的營收成長目標在某種程度上取決於我們是否繼續在研發方面進行投資。我對我們目前的處境感到非常滿意，我們既可以推動這項投資，也可以在 2023 財年提高利潤率。

Our next question comes from the 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。

Excellent. Scott, would it be out of line to try to convince you to stay at Autodesk? I mean it's a lot more interesting than like a networking company.

出色的。Scott，如果我試著說服你留在 Autodesk，會不會太唐突？我的意思是，這比做網路公司有趣多了。

No. I think the first...

不。我認為第一個…

It sounded like [I should have tried harder], Keith, keep him.

聽起來好像我應該要更努力一點，基思，留住他吧。

Exactly. He's a good one. You should have tried harder to keep him.

確切地。他是個好人。你應該更努力地留住他。

On the quarter, 2 things that I wanted to just get a little bit more color on. One is kind of like the pace of recovery that you guys are seeing and expecting. It seemed like earlier this year, you might have thought it was going to come a little bit faster given what you're seeing in Asia Pac. Maybe that's spreading out a little bit. But with the turn in like the current RPO figures this quarter, it looks like you guys are really actually -- the whole business is turning a corner here. So one, can you give us kind of your latest thinking on the shape of the recovery and kind of what's assumed as we look into FY '22?

在本季度，有兩件事我想讓它更有色彩。其中之一就像你們現在看到和預期的那種復甦速度。今年早些時候，鑑於亞太地區的情況，你可能會認為它來得更快一些。或許情況正在逐漸改善。但從本季目前的 RPO 數據來看，你們的整個業務似乎真的——真的正在迎來轉機。首先，您能否談談您對經濟復甦前景的最新看法，以及在展望 2022 財年時我們有哪些假設？

And then carrying on, on kind of that total spend commentary, a lot of companies that we talked to saw expense savings this year due to COVID and lower T&E spending and just were able to sort of garner efficiencies in their overall business, some of which they need to give back in the year ahead as we get into a more normalized environment. Is there a big component of that in the Autodesk business that we should be thinking about when we're modeling margins into FY '22?

然後，繼續討論總支出情況，我們採訪的許多公司都表示，由於新冠疫情和差旅費用的減少，今年節省了開支，並在整體業務中提高了效率，但隨著環境逐漸恢復正常，他們需要在未來一年內將這些節省下來的資金返還給企業。在預測 2022 財年利潤率時，Autodesk 業務中是否存在我們應該考慮的重要因素？

Yes. So Keith, I'll start, and Andrew, you can add color to it. In terms of what we're seeing, we are seeing recovery. Andrew alluded to it and gave some of the specific countries where we're seeing recovery already and where we're a level of activity that's above pre-COVID rates. I think someone earlier highlighted APAC. APAC has been quite strong for us from that standpoint. We're seeing Continental Europe recover nicely as well.

是的。那麼，基思，我先來，安德魯，你可以給它上色。就我們目前所見，我們看到的是復甦。安德魯也提到了這一點，並列舉了一些我們已經看到經濟復甦、經濟活動水準高於新冠疫情前水準的具體國家。我記得之前有人提到過亞太地區。從這個角度來看，亞太地區對我們來說一直表現得相當強勁。我們看到歐洲大陸的經濟也在良好復甦。

The -- our expectations for Q4 is that we'll continue to see a modestly improving economic environment. And as we look at it next year, I think we will continue to see improvement. I'm not sure it's going to be a straight line improvement, especially given kind of the current wave, but we'll continue to see improvement. And I expect by the second half of the year, that we'll see some pretty good recovery in economic activity that clearly will benefit us.

我們對第四季的預期是，經濟環境將繼續小幅改善。展望明年，我認為我們將繼續看到進步。我不確定情況是否會一路好轉，尤其是在當前這種趨勢下，但我們會看到持續的改善。我預計到今年下半年，經濟活動將會出現相當不錯的復甦，這顯然會讓我們受益。

So think of next year as being a little more back-end loaded. And I think that's part of what you see with the early look that we've given you on what revenue growth looks like this year. Q4, again, midpoint of the guide has revenue growth at about 12%, and op margin for Q4 will be about in line with the full year at about 29%. And I think looking at it next year, you'll see both of those grow. Revenue growth will increase from there, and op margin will increase from there.

所以，可以把明年看成是後半程比較集中的一年。我認為，這部分內容可以從我們之前向大家展示的今年營收成長前景中看出。第四季度，該指引的中點預計營收成長約為 12%，第四季的營業利潤率將與全年基本持平，約 29%。我認為明年你會看到這兩項指標都有成長。在此基礎上，營收成長和營業利潤率都將提高。

On the specific COVID spend savings, I think we've had the same savings that everyone has had. Obviously, T&E, travel expense has been a big savings for us. But as we look at -- and events have gone more virtual. I think that will continue. We've had modest amount of savings from the operations of our facilities or our offices. As we look at next year though, I don't expect it to be a significant year-on-year headwind. Travel, of course, will return, but we're going to build the budget such that I don't expect it to come back anywhere near to where it was in, let's say, calendar 2019 or in our fiscal '20.

關於新冠疫​​情期間的具體支出節省，我認為我們和其他人一樣都節省了開支。顯然，差旅費為我們節省了一大筆開支。但正如我們所看到的——而且活動也越來越虛擬化了。我認為這種情況還會持續下去。我們在設施或辦公室的運作中節省了一些費用。不過展望明年，我預計不會有明顯的同比逆風。旅遊業當然會復甦，但我們將製定預算，預計它不會恢復到 2019 年或 2020 財年的水平。

I think if nothing else we've learned, you don't have to be face-to-face with a customer to get that final agreement. You don't have to be face-to-face internally to get things done the way we need to get them done internally. So I think we'll continue to see ongoing savings in T&E. It'll step up from this year, certainly, but it's not going to be a significant headwind for us on spend.

我認為，即便我們學到了其他任何東西，至少也明白了一點：達成最終協議並不一定需要與客戶面對面。在公司內部，我們並不需要面對面完成工作才能達到我們所需的工作方式。所以我認為我們將繼續看到差旅費用的持續節省。肯定會比今年有所成長，但這不會對我們的支出造成重大阻礙。

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

我們的下一個問題來自 Stifel 的 Adam Borg。

Scott, of course, congrats on the new role. Just on some announcements coming out of AU and talking a little bit more about Autodesk Build, you mentioned how you're leading with that going forward. You do have a big installed base on BIM 360 and PlanGrid. So I was just curious kind of what the migration path looks like for those -- those assets to Autodesk Build. And maybe just quickly as a follow-up, on the Spacemaker acquisition, any commentary, Scott, on expectations for inorganic revenue growth.

當然，斯科特，祝賀你榮任新職。剛剛談到 AU 的一些公告，以及關於 Autodesk Build 的一些討論，您提到您未來將以此為重點。BIM 360 和 PlanGrid 的用戶群確實很大。所以我很好奇這些資產遷移到 Autodesk Build 的路徑是怎麼樣的。最後，關於 Spacemaker 的收購，Scott，您對非有機收入成長的預期有什麼看法？

Yes. All right. So let me start with the migration path. So for PlanGrid, for those customers that migrate from PlanGrid and ultimately migrate onto Build, it's actually not a heavy lift because of the way we built the application. PlanGrid's huge innovation and huge value-add to the whole stack is the mobile experience. They're really good at it. So what we did is we basically used the PlanGrid experience and the PlanGrid team as the mobile experience for Build. So the move from PlanGrid to Build as a progression is not a heavy lift.

是的。好的。那麼，就讓我從遷移路徑開始說起吧。因此，對於 PlanGrid 而言，對於那些從 PlanGrid 遷移並最終遷移到 Build 的客戶來說，這實際上並不難，因為我們建立應用程式的方式就是如此。PlanGrid 最大的創新點和對整個技術堆疊的巨大增值在於行動體驗。他們真的很擅長這件事。所以我們基本上是藉鑒了 PlanGrid 的經驗和 PlanGrid 團隊，將其作為 Build 的行動體驗。因此，從 PlanGrid 過渡到 Build 並不是一個很大的轉變。

Now you're right. We have a long tail of customers that are on BIM 360 Field, BIM 360 Next Gen Field. Those customers over time are going to be migrating to Build at a pace that makes sense for them. But what we've done is we've created environments that allow them to ship during -- as projects sunset and they go into new projects. We've got a whole master plan with our customer success organization and construction on how they move over time.

你說得對。我們有大量客戶正在使用 BIM 360 Field 和 BIM 360 Next Gen Field。隨著時間的推移，這些客戶將以適合他們的速度遷移到 Build 平台。但我們所做的，是創造了一種環境，使他們能夠在專案結束、他們投入新專案的同時，也能交付成果。我們已經制定了一整套總體規劃，包括客戶成功組織的發展規劃和架構，以指導他們如何隨著時間的推移而發展。

We're not going to force anybody to move ahead of time, but we've got a well-crafted plan for how we move these people. It's more of a heavy lift for people that are on BIM 360 Field, less of a heavy lift for people who are on BIM 360 Next Gen, which is where Docs -- BIM 360 -- Autodesk Docs was built off of, and it's a much smaller lift for PlanGrid customers.

我們不會強迫任何人提前搬遷，但我們已經制定了周密的搬遷計劃。對於使用 BIM 360 Field 的用戶來說，這工作量比較大；對於使用 BIM 360 Next Gen 的用戶來說，這工作量較小（Docs -- BIM 360 -- Autodesk Docs 就是基於 BIM 360 Next Gen 構建的）；而對於工作量小得多的客戶來說，這要小得多。

And Adam, to your question on Spacemaker, I'm super excited with the technology. And I don't know if you got a chance to see it demoed at AU. But if you didn't, I highly recommend you go take a look at it. This is a -- it's obviously tremendously exciting technology and some super talented people that we picked up with the Spacemaker acquisition. Impact financially is going to be nominal. It'll actually be slightly dilutive, and that's built into our expectations for next year.

亞當，關於你問到的Spacemaker，我對這項技術感到非常興奮。我不知道你有沒有機會在奧本大學看到它的演示。但如果你還沒看過，我強烈建議你去看一下。這顯然是一項非常令人興奮的技術，而且我們透過收購 Spacemaker 也獲得了一些非常有才華的人才。經濟上的影響微乎其微。實際上會略微稀釋股權，這一點已納入我們對明年的預期。

There's another effect that I probably should have mentioned earlier, and I want to make sure I get it out on the call though. The one thing that will change next year, and that's a slight headwind to us in terms of revenue growth year-on-year, we have -- almost all of our products are already ratable, right? There's a couple of really small products, one, Vault that we've talked about in the past that did not get over the hurdle to get away from upfront revenue recognition.

還有另一種影響我可能應該早點提到，不過我想確保在電話會議上把它說清楚。明年唯一會改變的一件事，也是對我們同比收入成長略有不利的一點，是——我們幾乎所有的產品都已經可以評級了，對吧？有幾個非常小的產品，其中一個是 Vault，我們之前討論過，它沒能克服擺脫預先確認收入的障礙。

We've continued to work on that front. We've continued to do things that incorporate much more cloud-based functionality. And I think in the first part of next year, Vault will flip from upfront rev rec to full ratable rev rec. And that looks like it's about a point of growth. Again, already built into the kind of the early view that I gave you of the low double -- low to mid-teens revenue growth for next year. The impact of Vault is built into that.

我們一直在這方面努力。我們一直在繼續做一些融入更多雲端功能的事情。我認為在明年上半年，Vault 將從預收收入模式轉變為完全按稅率收取收入模式。看起來這似乎是一個增長點。再次強調，這已經融入了我之前給出的早期預測中，即明年營收成長將達到兩倍左右（10%到15%）。Vault 的影響已經包含在其中了。

Obviously, it normalizes in fiscal '23, but once it becomes ratable, the compare points are equivalent. But that's one, if you're building your model in that level of detail, think about that being a bit of a headwind that's already built into the early view that I've given you on fiscal '22.

顯然，這種情況在 2023 財年會趨於正常，但一旦可以進行評級，比較點就相同了。但是，如果你要建立如此詳細的模型，那麼就要考慮到這在某種程度上會成為一種不利因素，而這種不利因素已經融入我之前對 2022 財年的初步展望中。

Yes. I'll make one more comment on Spacemaker just because I kind of forgot to segue to you on that. But Spacemaker represents that perfect convergence of SaaS, cloud compute and machine learning into solving real-world problems for our customers. I think you're going to see the impact on our business accumulate over time as the technology expands and as it connects itself deeper with Revit and other parts of the process.

是的。關於 Spacemaker，我再補充一點，因為我差點忘了跟你聊到這個。但 Spacemaker 代表了 SaaS、雲端運算和機器學習的完美融合，旨在為我們的客戶解決現實世界的問題。我認為隨著技術的擴展以及它與 Revit 和流程其他部分更深入的結合，你會看到它對我們業務的影響會隨著時間的推移而不斷累積。

One of the things I love about the Spacemaker team is they have this philosophy about making multiple constituents more successful with their objectives. And that's the building owner, the developer, making their investment more profitable. That's the city, making sure that the impact on infrastructure is managed and controlled. And they also have -- a big customer or a big stakeholder in this is the environment and helping architects and city planners make more sustainable decisions in real time for how things are built.

我喜歡 Spacemaker 團隊的一點是，他們秉持著讓多個利害關係人更成功實現其目標的理念。這樣一來，建築物的所有者和開發商就能讓他們的投資獲得更高的利潤。這就是城市的作用，確保對基礎設施的影響得到管理和控制。而且，他們還有一個重要的客戶或利害關係人——環境，他們致力於幫助建築師和城市規劃師即時做出更永續的建造決策。

It's the perfect example of how all these things come together to change the way people make design decisions and ultimately [go] decisions. The look for its impact to expand over time as that team starts hooking into other parts of our process, builds out their existing products and inevitably starts moving into other parts of the organization, which we always see with acquisitions like this.

這是所有這些因素如何共同改變人們做出設計決策以及最終做出決策的完美例子。隨著時間的推移，團隊開始融入我們流程的其他部分，完善他們現有的產品，並且不可避免地開始進入組織的其他部門，其影響將會不斷擴大，這種情況在此類收購中總是會發生。

Yes, there's absolutely a lot of synergies that we see with Spacemaker coming in.

是的，我們確實看到了Spacemaker的加入帶來的許多綜效。

Our next question comes from the line of Steve Koenig from SMBC Nikko.

我們的下一個問題來自SMBC Nikko的Steve Koenig。

Scott, best of luck to you, and thanks for all the hard work you've done with us over the years. Definitely appreciate it.

斯科特，祝你好運，感謝你多年來為我們所做的辛勤工作。非常感謝。

Yes. Thank you.

是的。謝謝。

Cool. So I'll just ask one question. Andrew, you had some pretty open, transparent communication with customers this last quarter in terms of the letter that was written. And just in terms of looking at what those customers were asking for, they were very clearly asking for accelerating the road map in architecture and engineering design, which we -- doesn't seem like we've talked a lot about on the call today, hasn't been a focus. And if I read between the lines in that communication, the customers also seemed a bit frustrated with the transitions they've been going through from maintenance to subscriptions to collections and now to named users. And it just seems like there's a little bit of dissonance between what they're asking for and what I'm hearing from you on the call today, and I'd love to get your thoughts on how -- why is that -- why is there that maybe misperception gap? And what are you guys doing about it?

涼爽的。那我就問一個問題。Andrew，從你上季寫給客戶的信來看，你與客戶的溝通非常公開、透明。就客戶的要求而言，他們非常明確地要求加快建築和工程設計方面的路線圖，而我們——似乎在今天的電話會議上並沒有過多地談論這一點，這也不是我們的重點。如果我沒理解錯的話，客戶似乎對他們從維護到訂閱、再到收藏集，現在又到指定用戶的轉變感到有些沮喪。感覺到他們提出的要求和我今天在電話會議上從你那裡聽到的有些不一致，我很想聽聽你的看法——為什麼會這樣——為什麼會有這種誤解差距？你們對此採取了哪些措施？

Steve, there's absolutely no dissonance, all right? One of the things I think I've said consistently in the communication, and I'll take you back to the communication, is we started investing in the road map for Revit well ahead of these communications, all right, from these customers because we made a deliberate choice to invest in construction and not in Revit functionality for architects. So these customers are going to fairly quickly start to see changes and additions to Revit from the investment we made actually at the end of last year.

史蒂夫，這完全沒有矛盾，好嗎？我認為我在溝通中一直強調的一點是，而且我還要回到溝通中提到的一點是，早在與這些客戶溝通之前，我們就開始投資 Revit 的路線圖，因為我們有意選擇投資於建築領域，而不是投資 Revit 為建築師提供的功能。因此，這些客戶很快就會看到 Revit 因我們去年底的投資而發生的變化和新增功能。

And I think you're missing something completely. We just spent several hundred million dollars on the architecture segment of our space, all right? Spacemaker is squarely targeted at design and architecture, and the founders of the Spacemaker are architects, all right? This technology is right on the X. And like I said, we just spent a lot of money to do this. And this is right in the X. It's something we've been looking at for a while.

我覺得你完全忽略了某些東西。我們剛剛在空間的建築部分投入了數億美元，明白嗎？Spacemaker 的目標市場明確是設計和建築，而 Spacemaker 的創辦人都是建築師，懂嗎？這項技術非常先進。而且就像我說的，我們為此投入了大量資金。而這正是 X 部分的內容。我們已經關注這個問題一段時間了。

So no, there's no dissonance here in terms of where we're focused and where we're -- with regard to the migration, look, you got to be -- we started this migration with 2 -- something under 2 million maintenance customers. Most of those have come along with us. We never expected that all of them were going to come along with us happily. And what we've done is we've reached the end of the tail with some maintenance customers that are more frustrated with the changes than not. But at the same time, we've added millions of other customers that weren't able to afford some of our solutions before because of the upfront cost of these solutions.

所以，不，就我們的關注點和遷移而言，這裡並沒有什麼不協調之處——你看，你必須明白——我們開始這次遷移時，維護客戶數量不到 200 萬。他們中的大多數都和我們一起來了。我們從未想過他們所有人都會心甘情願地和我們一起走。而我們所做的，是我們已經觸及一些維護客戶的尾聲，他們對變化感到沮喪的程度超過了支持。但同時，我們也新增了數百萬其他客戶，他們以前因為這些解決方案的前期成本而無法負擔這些解決方案。

So yes, maintenance customers that have been with us, they've seen lots of transitions. They're not done yet. We haven't retired all those models yet. But remember, we started with less than 2 million of those. We're over 5 million of subscribers right now. A fraction of those are from that maintenance base.

是的，一直與我們保持合作關係的維護客戶，他們見證了許多變化。他們還沒完事。我們還沒有全部淘汰這些型號。但請記住，我們最初只有不到 200 萬個這樣的設備。我們現在擁有超過500萬訂閱用戶。其中一小部分來自那個維修基地。

We have to remember, let's look at the big picture here as well as the small picture. I understand and I emphasize the frustration of those customers that started on maintenance and journey with us, but we have reached so many more customers, so many more architecture firms, so many individual architects, so many people that couldn't afford Revit, so many people that couldn't afford that extra seat of AutoCAD, so many high-growth companies that as they add seats, they're actually spending less over 5 years than they would have with us, adding fees in the perpetual model. That's a big story, and it's transformative for the industry in terms of how much value people are able to get now. So let's make sure we stay focused on the big picture here.

我們必須記住，既要看大局，也要看小局。我理解並強調那些從維護階段開始就與我們合作的客戶的沮喪，但我們已經接觸到更多的客戶，更多的建築公司，更多的獨立建築師，更多的買不起 Revit 的人，更多的買不起額外 AutoCAD 席位的人，以及更多的高增長公司。隨著他們增加席位，實際上他們在 5 年內花費的金額比他們採用永久許可模式並支付額外費用要少。這是一個大新聞，它對整個產業來說具有變革性意義，因為它改變了人們現在所能獲得的價值。所以，我們一定要著眼於大局。

Cool. Well, I appreciate your thoughts, and thanks again for the open communication. Good luck to you, Scott.

涼爽的。我很欣賞你的想法，再次感謝你的坦誠交流。祝你好運，斯科特。

Thanks, Steve.

謝謝你，史蒂夫。

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

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

Thank you, Gigi, and thanks, everyone, for joining us today. We're looking forward to seeing many of you at conferences over the next few weeks. Please do reach out to us if you have any follow-ups on anything from this call. So this concludes our call for today. Thank you.

謝謝Gigi，也謝謝大家今天能來參加我們的節目。我們期待在接下來的幾周里在會議上見到你們中的許多人。如果您對本次通話有任何後續問題，請隨時與我們聯絡。今天的通話就到這裡。謝謝。

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。您現在可以斷開連線了。