Autodesk Inc (ADSK) 2021 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Autodesk Second Quarter Fiscal Year '21 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 財年第二季財報電話會議。（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 to your speaker today, Abhey Lamba, VP, Investor Relations. Please go ahead, sir.

現在我謹將會議交給今天的主講人，投資者關係副總裁 Abhey Lamba。請繼續，先生。

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

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財年第二季的業績。電話那頭是我們的執行長 Andrew Anagnost 和我們的財務長 Scott Herren。

Today's conference call is being broadcast live via webcast. In addition, a replay of the call will be available at autodesk.com/investor. You can find the earnings press release, slide presentation and transcript of today's opening commentary on our Investor Relations website following this call.

今天的電話會議將透過網路直播。此外，您也可以在 autodesk.com/investor 上收聽電話會議的錄音回放。本次電話會議結束後，您可以在我們的投資者關係網站上找到收益新聞稿、幻燈片簡報和今天開場白的文字記錄。

During the course of this call, we may make forward-looking statements about our outlook, future results and related assumptions 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 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，以了解重要風險和其他因素，包括 COVID 疫情的發展及其對我們業務和營運的影響，這些因素可能導致我們的實際業績與前瞻性聲明中的業績有所不同。

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 would like to turn the call over to Andrew.

現在我想把電話交給安德魯。

Thank you, Abhey. To start, I hope everyone is safe and healthy as our world continues to be impacted by the COVID pandemic. Our priorities remain the safety and well-being of our employees and the continued support of our customers, partners and communities.

謝謝你，阿貝。首先，我希望在新冠疫情持續影響全球的當下，大家都能平安健康。我們始終將員工的安全和福祉以及對客戶、合作夥伴和社區的持續支持放在首位。

Before I dive into the quarter, I thank all of our employees for their efforts and persistence during these challenging times. The resiliency of our business model and solid execution helped us deliver strong Q2 results with revenue, earnings and free cash flow above expectations even as we continue to operate in uncertain times. The secular trends that we have been investing in and preparing for, such as the adoption of cloud-based solutions, are accelerating and we are excited about our position in the market.

在深入探討本季內容之前，我要感謝所有員工在這些充滿挑戰的時期所付出的努力和堅持。即使在當前充滿不確定性的時期，我們憑藉著強大的商業模式和穩健的執行力，實現了強勁的第二季業績，營收、獲利和自由現金流均超乎預期。我們一直在投資和準備的長期趨勢，例如雲端解決方案的採用，正在加速發展，我們對自身在市場上的地位感到興奮。

While our competitors are just beginning to focus on similar trends, our investments from the last 2 years are already driving positive results. With the business model changes we have made, we continue to deliver significant value and functionality in the cloud. Because of this and a few other aspects I'll discuss, we will be stronger on the other side of this pandemic.

當我們的競爭對手才剛開始關注類似的趨勢時，我們過去兩年的投資已經帶來了積極的成果。透過我們所做的商業模式改變，我們將繼續在雲端提供重要的價值和功能。正因為如此，以及我接下來要討論的其他幾個方面，我們才能在這場疫情過後變得更強大。

As indicated on the last call, we continue to closely monitor the usage pattern of our products across the globe, something we could not do historically. In China, Korea and Japan, we are seeing usage above pre-COVID levels. In some areas of Europe, we continue to see a recovery as well. In the Americas, we experienced a slight uptick in usage for most key products in July. We are also seeing a positive correlation between usage trends and new business performance, which gives us confidence that the green shoots we see in usage will translate into improved new business performance in subsequent quarters.

正如上次電話會議中所述，我們將繼續密切關注我們產品在全球範圍內的使用模式，這是我們過去無法做到的。在中國、韓國和日本，我們看到使用量已經超過了新冠疫情前的水準。歐洲部分地區也持續出現復甦跡象。在美洲，7 月大多數主要產品的使用量略有上升。我們還發現使用趨勢與新業務表現之間存在正相關性，這讓我們相信，我們在使用方面看到的良好勢頭將在隨後的幾個季度轉化為新業務表現的改善。

In all senses, work is changing. And our cloud collaboration products effectively connect project teams and workflows, allowing businesses to thrive even when their employees and partners are working remotely. Usage of BIM 360 Design, our cloud collaboration tool, has accelerated with the adoption by Revit users almost doubling in the past year. We also continued to gain momentum in manufacturing of Fusion 360. We had the best quarter ever for subscription net additions with more than 10,000 in the quarter. The value of the cloud is becoming more and more apparent, and cloud-based solutions are becoming a necessity.

從各個方面來看，工作都在改變。我們的雲端協作產品能夠有效地連結專案團隊和工作流程，即使員工和合作夥伴遠距辦公，也能讓企業蓬勃發展。我們的雲端協作工具 BIM 360 Design 的使用速度加快，Revit 用戶採用率在過去一年中幾乎翻了一番。我們在Fusion 360的生產製造方面也持續取得進展。本季我們的訂閱用戶淨增人數創歷史新高，超過 1 萬人。雲端運算的價值越來越明顯，基於雲端的解決方案正成為一種必需品。

Our product subscription renewal rates improved steadily throughout Q2 as customers recognize the critical value our offerings bring to their businesses. Our new business was impacted by the current environment, but the strength of our pipeline entering the second half of the year, combined with execution in recovering countries, make us confident in our full year targets.

第二季度，我們的產品訂閱續訂率穩定提升，客戶也逐漸意識到我們的產品為他們的業務帶來的關鍵價值。雖然我們的新業務受到了當前環境的影響，但進入下半年後，我們強大的業務儲備，加上在復甦國家的執行情況，使我們對全年目標充滿信心。

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

現在我想把發言權交給 Scott，讓他為大家詳細介紹我們的季度業績和年度展望，之後我再回來為大家分析我們的策略成長驅動因素。

Thanks, Andrew. As you just heard, despite facing the economic headwinds from COVID, we had strong performance across all key metrics in the quarter.

謝謝你，安德魯。正如你剛才聽到的，儘管面臨新冠疫情帶來的經濟逆風，但我們在本季所有關鍵指標上都取得了強勁的業績。

Total revenue growth in the quarter came in at 15% as reported, 16% at constant currency, with subscription plan revenue growing by 27% and operating margin expanding by 5 percentage points. Despite offering extended payment terms through the quarter, we delivered healthy free cash flow of $64 million. Current RPO, which reflects committed revenue for the next 12 months, is up 15% and total RPO is up 19%.

本季總營收按報告為成長 15%，以固定匯率計算成長 16%，其中訂閱計畫營收成長 27%，營業利潤率成長 5 個百分點。儘管本季提供了延長的付款期限，我們仍然實現了 6,400 萬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 15%，總 RPO 成長了 19%。

Our ongoing investment in digital sales are yielding results as we saw strong double-digit billings growth through the online channel during the quarter. Our online sales are helping attract new customers to the Autodesk family as nearly 3 out of 4 new customers in the quarter came in through e-commerce. Our run rate business came in strong during the quarter, while the pace of closing larger transactions slowed modestly.

我們對數位銷售的持續投資正在取得成效，本季我們透過線上管道實現了強勁的兩位數帳單成長。我們的線上銷售正在幫助吸引新客戶加入 Autodesk 大家庭，因為本季近 4 個新客戶中有 3 個是透過電子商務獲得的。本季我們的日常業務表現強勁，大額交易的完成速度略有放緩。

In Q2, our net revenue retention rate was within the 100% to 110% range we laid out in our previous guidance. As Andrew mentioned, we saw resilient renewal rates in the quarter. Digging deeper into our renewal rates, our product subscription renewal rates improved on a sequential basis, which is a strong endorsement of the strategic nature of our products and the stickiness of our customer base in this new business model.

第二季度，我們的淨收入留存率在我們先前預期的 100% 至 110% 的範圍內。正如安德魯提到的那樣，本季續約率保持了穩健的水平。深入分析我們的續訂率，發現我們的產品訂閱續訂率逐週提高，這有力地證明了我們產品的策略性質以及我們在這種新商業模式下客戶群的黏性。

We experienced a decline in maintenance renewal rates, as expected, since we announced the end-of-life of our maintenance offerings. With our transition to a subscription business model behind us, maintenance is only about 5% of our revenue. Similar to last quarter, more than 40% of the maintenance customers who came up for renewal converted to subscription. Our M2S revenue, combined with our maintenance revenue this quarter at $229 million, is close to 80% of our peak quarterly maintenance revenue in Q1 fiscal '16. This speaks to the great success we've had with the program.

正如預期的那樣，自從我們宣布停止提供維護服務以來，維護續約率有所下降。隨著我們向訂閱業務模式的轉型完成，維護費用僅占我們收入的 5% 左右。與上季類似，超過 40% 的續費維護客戶轉為訂閱客戶。本季我們的 M2S 營收加上維護收入 2.29 億美元，接近 2016 財年第一季維護營收高峰的 80%。這說明我們的專案取得了巨大的成功。

In Q2, we also saw industry collections grow sequentially as a share of total new business. While multiyear payments are down year-over-year, towards the end of the second quarter, we saw a slight uptick in multiyear payments as customers continue to make long-term commitments to our products. APAC led the way in share of multiyear deals, consistent with the region's relatively strong performance in new business. As we anticipated, our second quarter new business activity was more impacted than in Q1, with new business declining in the range of mid-teens percent.

第二季度，我們也看到產業收款佔新業務總量的比例較上季成長。雖然多年付款同比有所下降，但在第二季末，隨著客戶繼續對我們的產品做出長期承諾，我們看到多年付款略有回升。亞太地區在多年期交易份額方面領先，這與該地區在新業務方面相對強勁的表現相符。正如我們預期的那樣，第二季的新業務活動受到的影響比第一季更大，新業務下降了15%左右。

In line with our commentary on the last call, we think the second quarter will be the most impacted by the pandemic. Our business is recovering in the markets that were impacted by the pandemic earlier on. However, some of our major markets like the U.S. and U.K. have stabilized but are yet to show meaningful improvement. As such, we continue with a wider-than-normal revenue range for the remainder of the year while raising the midpoint of our guidance. Our updated guidance implies continued improvement in all of our end markets over the next 2 quarters, and we expect the pace of closing larger transactions to improve.

與我們上次電話會議的評論一致，我們認為第二季將受到疫情的最大影響。我們在那些早期受到疫情影響的市場中正在復甦。然而，我們的一些主要市場，如美國和英國，已經趨於穩定，但尚未出現實質改善。因此，我們將繼續維持今年剩餘時間比正常水準更寬的收入預期範圍，同時提高預期中位數。我們更新後的業績指引表明，未來兩個季度我們所有終端市場的業績將持續改善，我們預計大型交易的完成速度也將加快。

In addition to the impact of large deal activity, the range of our forecast factors in varying degrees of demand environment in the Americas, which includes our largest end market. At the upper end of our guidance range, we are modeling meaningful recovery in the region in the third quarter with continued improvement in the fourth quarter. At the low end of the range, we anticipate a slower recovery in the third quarter and improvement in Q4.

除了大型交易活動的影響外，我們的預測範圍還考慮了美洲地區（包括我們最大的終端市場）不同程度的需求環境。在我們的預期範圍上限，我們預測該地區第三季將出現實質復甦，第四季將繼續改善。我們預計第三季復甦速度將放緩，第四季將有所改善。

We are very pleased with the performance of our product subscription renewal rates in the second quarter and expect them to continue improving for the rest of the year. For the remaining maintenance base, we expect churn to further increase, but recall that we are in the final stages of ending our maintenance offering and the number of seats are small versus our total installed base. We expect our net revenue retention rate to remain between 100% and 110% for the rest of the year.

我們對第二季產品訂閱續訂率的表現非常滿意，並預計今年剩餘時間續訂率將持續提高。對於剩餘的維護用戶群，我們預計流失率會進一步上升，但請記住，我們正處於終止維護服務的最後階段，而且用戶席位數量相對於我們的總安裝用戶群來說很小。我們預計今年剩餘時間內淨收入留存率將維持在 100% 至 110% 之間。

Our full year operating margin should expand by approximately 3 to 4.5 percentage points as we keep exercising our strong discipline around spend management while continuing to invest in strategic priorities. Despite improving multiyear trends we experienced at the end of the quarter, we are taking a cautious view of their continued uptake in the second half of the year, which is impacting the upper end of our billings forecast range for the year. Our billings adjustment does not affect free cash flow estimate of $1.3 billion to $1.4 billion for fiscal '21 as we expect strong cash collections to continue. Finally, we are confident in our fiscal '23 free cash flow target of $2.4 billion.

隨著我們繼續嚴格控制支出，同時繼續投資於策略重點領域，我們的全年營業利潤率應該會提高約 3 至 4.5 個百分點。儘管我們在本季度末看到了多年趨勢的改善，但我們對下半年這些趨勢的持續發展持謹慎態度，這影響了我們對全年帳單預測範圍的上限。由於我們預計強勁的現金回收將持續，因此我們的帳單調整不會影響 2021 財年 13 億至 14 億美元的自由現金流估計。最後，我們對 2023 財年 24 億美元的自由現金流目標充滿信心。

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. I am proud of the team for what we accomplished in Q2. With the investments we made over the last few years and our move to make everyone a named user, we are in the final stages of becoming a true SaaS provider and delivering a significant amount of capabilities in the cloud. We can now deliver enhanced value to our users and administrators, and our named user model enables our customers to operate efficiently in a remote work environment.

謝謝你，斯科特。我為團隊在第二季度所取得的成就感到自豪。憑藉過去幾年的投資以及將每個人都設為指定用戶的舉措，我們正處於成為真正的 SaaS 提供者的最後階段，並將在雲端提供大量功能。現在，我們可以為使用者和管理員提供更高的價值，我們的指定使用者模型使我們的客戶能夠在遠端工作環境中有效運作。

Our transition to named users is off to a promising start with some customers choosing to adopt it ahead of the launch earlier this month. Khatib & Alami, one of the largest construction and engineering and consulting firms in the Middle East, saw the value in its ability to accelerate work from home and reached out to transition early. The transition to the named user model is not the only thing ensuring their business continuity while working from home. During the quarter, they increased their seats of BIM 360 Design, breaking silos and enabling their building and infrastructure teams to collaborate on Revit and Civil 3D models from different locations.

我們向命名用戶過渡的進程取得了令人鼓舞的開端，一些客戶在本月初正式推出之前就選擇採用該功能。Khatib & Alami 是中東最大的建築、工程和顧問公司之一，看到了在家辦公加速發展的價值，並主動聯繫我們，希望儘早實現轉型。過渡到指定使用者模式並不是確保他們在家工作時業務連續性的唯一措施。本季度，他們增加了 BIM 360 Design 的使用席位，打破了資訊孤島，使他們的建築和基礎設施團隊能夠從不同地點協作處理 Revit 和 Civil 3D 模型。

During the quarter, we also launched our premium subscription plan, which would not have been possible without converting everyone to named users. We can now offer added security with single sign-on capabilities, ease of administration and advanced product usage information for administrators. One of the first to make the investment in the premium plan was one of our long-time customers, Calibre Diona, a leading provider of professional infrastructure and built-environment solutions headquartered in Australia. The most compelling features for them are the single sign-on capability and the license usage visibility.

本季度，我們還推出了高級訂閱計劃，如果沒有將所有人轉化為指定用戶，這是不可能實現的。現在，我們可以透過單一登入功能提供更高的安全性，簡化管理流程，並為管理員提供進階產品使用資訊。最早投資高級計畫的客戶之一是我們的長期客戶 Calibre Diona，這是一家總部位於澳洲的領先專業基礎設施和建築環境解決方案提供者。對他們來說，最吸引人的功能是單一登入功能和授權使用情況可見性。

Calibre Diona has been partnering with Autodesk for 20 years, and our products have enabled them to continue innovating to deliver valuable design and engineering solutions to their customers as both CAD technology and engineering practices have evolved from the drawing board to AutoCAD and now to BIM. The next phase of our journey will enable us to offer even greater value to our customers as a true cloud technology provider.

Calibre Diona 與 Autodesk 合作已有 20 年，我們的產品使他們能夠不斷創新，為客戶提供有價值的設計和工程解決方案，因為 CAD 技術和工程實踐都已從繪圖板發展到 AutoCAD，現在又發展到 BIM。我們發展的下一階段將使我們能夠作為真正的雲端技術供應商，為客戶提供更大的價值。

Now let me update you on our 3 key growth initiatives: accelerating digitization in AEC, convergence of design and make and manufacturing and monetization of noncompliant and legacy users. Our AEC business has continued to be resilient. Our products enable more efficient communication and increased oversight as the industry works through additional steps in their processes, such as new shift paradigms and optimized site layouts. We continue to make investments in Construction where we expect technology adoption to keep growing, especially as we exit the pandemic.

現在讓我向您介紹我們的 3 項關鍵成長舉措：加速 AEC 領域的數位化、設計與製造的融合以及不合規和傳統用戶的獲利。我們的建築、工程和施工業務一直保持著良好的韌性。我們的產品能夠提高溝通效率，增強監管，因為業界正在逐步推進流程中的其他步驟，例如新的輪班模式和優化的站點佈局。我們將繼續投資建築業，因為我們預計隨著疫情的結束，該行業的技術應用將持續成長。

We recently announced 3 notable investments. First, we acquired Pype, which closed this month and will add significant value for Autodesk Construction Cloud users, allowing general contractors, subcontractors and owners to automate workflows such as submittals and project closeouts to increase overall productivity and reduce risk throughout the project life cycle. Second, we also made a strategic investment in Bridgit. Bridgit offers workforce optimization solutions for contractors. Third, we expanded our existing relationship with Factory_OS. Factory_OS is helping us improve our products to support the convergence of construction and manufacturing, thereby advancing prefabrication, off-site and modular construction practices.

我們近期宣布了三項重要的投資。首先，我們收購了 Pype，該收購已於本月完成，並將為 Autodesk Construction Cloud 用戶帶來巨大的價值，使總承包商、分包商和業主能夠自動化提交和專案收尾等工作流程，從而提高整體生產力並降低整個專案生命週期中的風險。其次，我們也對 Bridgit 進行了策略投資。Bridgit 為承包商提供勞動力優化解決方案。第三，我們擴大了與 Factory_OS 的現有合作關係。Factory_OS 正在幫助我們改進產品，以支援建築和製造的融合，從而推進預製、異地和模組化建築實踐。

We continue to enhance our project and cost management capabilities by improving connected workflows and cost tracking functionality. As you may recall, a large number of construction sites had shut down when we started the quarter. Sales of our Construction Solutions targeted at field activities started out slowly, but improved during the quarter as construction sites began to reopen. During the quarter, Saunders Construction, a top ENR 400 provider of comprehensive construction management and general contracting services, signed a 3-year renewal expansion with us, citing their previous success with our products and the ongoing value we deliver in terms of productivity gains across the project life cycle.

我們透過改善互聯工作流程和成本追蹤功能，不斷提升專案和成本管理能力。您可能還記得，本季初，許多建築工地都已停工。針對現場施工的建築解決方案的銷售起初進展緩慢，但隨著建築工地開始重新開放，本季銷售情況有所改善。本季度，ENR 400 強企業 Saunders Construction（一家提供全面施工管理和總承包服務的頂級供應商）與我們簽署了一份為期 3 年的續約擴展協議，理由是他們之前使用我們的產品取得了成功，以及我們在整個專案生命週期中持續提高生產力所帶來的價值。

Saunders has been successfully using Revit in coordination with BIM 360 Field and Glue and Navisworks for field execution and BIM coordination for years. This enables Saunders to centralize their document management, connect their office and field teams, build out their quality and safety programs, minimize rework and enable company enterprise reporting. With this agreement, they're now positioned to continue growing their deployment of our Construction Cloud with our dedicated support, and we're excited to expand our partnership with them.

多年來，Saunders 一直成功地將 Revit 與 BIM 360 Field and Glue 和 Navisworks 配合使用，進行現場執行和 BIM 協調。這使得 Saunders 能夠集中管理文檔，連接辦公室和現場團隊，建立品質和安全計劃，最大限度地減少返工，並實現公司企業報告。透過這項協議，他們現在可以在我們專門的支援下繼續擴大其建築雲的部署，我們很高興能夠擴大與他們的合作關係。

Our BIM 360 Design solutions continue to perform strongly throughout the quarter as architects and contractors adjusted to the new remote work environment and found immense value in its cloud-based collaboration capabilities. KPF, one of the largest architecture firms in New York City with offices and projects all over the world, is also investing in BIM 360 solutions. James Brogan, Principal at KPF, said, "At KPF, collaborating effectively with global clients and design teams is critical to our success. As such, our partnership with Autodesk and the use of BIM 360 in conjunction with Revit, in particular, have become fundamental to our business, enabling us to efficiently manage design data across global teams and deliver world-class outcomes for our clients."

在本季度，我們的 BIM 360 設計解決方案繼續保持強勁表現，建築師和承包商適應了新的遠端工作環境，並發現了其基於雲端的協作功能的巨大價值。KPF 是紐約市最大的建築事務所之一，在世界各地都有辦事處和項目，該公司也在投資 BIM 360 解決方案。KPF 的負責人 James Brogan 表示：「在 KPF，與全球客戶和設計團隊有效合作對我們的成功至關重要。因此，我們與 Autodesk 的合作，特別是將 BIM 360 與 Revit 結合使用，已成為我們業務的基石，使我們能夠高效地管理全球團隊的設計數據，並為客戶提供世界一流的成果。

We continue to make progress and provide more value to customers in the infrastructure space. During the quarter, one of the largest infrastructure design firms in the U.S. renewed and expanded their enterprise business agreement, or EBA, with Autodesk. This customer is leveraging the EBA token offering to digitize the company and move traditional file-based workflows to data-driven design, leveraging the cloud and displacing competition. With the ever-growing need to work remotely and in large project teams with multiple stakeholders, this customer is investing in Autodesk BIM 360 as the common data platform for managing project information, collaboration and model coordination. This design customer has also added PlanGrid to manage RFIs and submittals in the field as well as Assemble for conditioning models for estimating and quantity takeoffs.

我們在基礎設施領域不斷取得進展，並為客戶創造更多價值。本季度，美國最大的基礎設施設計公司之一與 Autodesk 續約並擴大了其企業業務協議 (EBA)。該客戶正在利用 EBA 代幣發行實現公司數位化，並將傳統的基於文件的工作流程轉變為數據驅動的設計，利用雲端技術取代競爭對手。隨著遠距辦公和與多個利害關係人合作的大型專案團隊的需求不斷增長，該客戶正在投資 Autodesk BIM 360，將其作為管理專案資訊、協作和模型協調的通用資料平台。設計客戶還添加了 PlanGrid 來管理現場的 RFI 和提交文件，以及 Assemble 來建立用於估算和工程量清單的模型。

As I mentioned earlier, Fusion is continuing to accelerate within our manufacturing portfolio and gain traction with Generative Design. This quarter, Firefly Aerospace, a rocket and spacecraft company based in Austin, Texas, committed to Autodesk over multiple competitors as their partner of choice for design, analysis and manufacturing software because of efficiency gains realized in their design to make workflows and light-weighting opportunities provided by Generative Design.

正如我之前提到的，Fusion 在我們的製造產品組合中持續加速發展，並在生成式設計領域獲得認可。本季度，總部位於德州奧斯汀的火箭和太空船公司 Firefly Aerospace 選擇了 Autodesk 作為其設計、分析和製造軟體的首選合作夥伴，而不是其他多家競爭對手，因為生成式設計在設計製造工作流程中實現了效率提升，並提供了輕量化的機會。

Their first launch vehicle has been designed and built using the entirety of Autodesk's design and make solutions. And the team at Firefly is already thinking about how Generative Design can be used to optimize their designs further. In a market where reduction in weight directly correlates to a reduction in cost, Generative Design can not only firmly establish Firefly as a thought leader in their space, but also as the most economical launch platform in the market. Leveraging these advanced tools from Autodesk will enable them to stay one step ahead of the competition.

他們的首枚運載火箭完全採用 Autodesk 的設計和製造解決方案進行設計和製造。Firefly 團隊已經在思考如何利用生成式設計來進一步優化他們的設計。在重量減輕與成本降低直接相關的市場中，生成式設計不僅可以使 Firefly 穩固地成為該領域的思想領袖，還可以使其成為市場上最經濟的發射平台。利用 Autodesk 的這些先進工具，他們將能夠始終領先於競爭對手。

Today, we announced that our existing advanced manufacturing technologies, PowerMill, PowerShape and PowerInspect, will become part of the Fusion 360 platform. This complements our existing offering of Fusion 360 with feature CAM for production machining applications and also allows us to bring new advanced capabilities to our core Fusion 360 cloud-based software. This is a natural progression as we see high interest from customers to use next-generation design and manufacturing workflows in Fusion 360 alongside our advanced manufacturing tools. It is also a key step towards our long-standing vision of seamless collaboration between designers and engineers, uniting design and manufacturing under the power of a single cloud platform.

今天，我們宣布我們現有的先進製造技術 PowerMill、PowerShape 和 PowerInspect 將成為 Fusion 360 平台的一部分。這完善了我們現有的 Fusion 360 產品，使其具備了用於生產加工應用的 CAM 功能，同時也使我們能夠為核心的 Fusion 360 雲端軟體帶來新的進階功能。這是一個自然而然的發展過程，因為我們看到客戶對在 Fusion 360 中使用下一代設計和製造工作流程以及我們先進的製造工具表現出濃厚的興趣。這也是我們實現設計師和工程師之間無縫協作這一長期願景的關鍵一步，將設計和製造統一在單一雲端平台的力量之下。

In Q2, we also signed a deal with Nobel Biocare, which included subscriptions to PowerMill, PowerShape and Fusion 360 with feature CAM. Headquartered in Switzerland, Nobel Biocare manufactures dental implants and CAD/CAM-based individualized prosthetics, and they receive orders for custom, single and multi-unit implant restorations from all over the world. The custom restoration is manufactured from start to finish using Autodesk software. And using our technology, Nobel Biocare has created a fully automated process that allows them to produce completely unique dental restorations, meeting the individual needs of their dental patients.

第二季度，我們還與 Nobel Biocare 簽署了一項協議，其中包括 PowerMill、PowerShape 和具有 CAM 功能的 Fusion 360 的訂閱。諾貝爾生物醫療公司總部位於瑞士，生產牙科植體和基於 CAD/CAM 的個人化假牙，並接受來自世界各地的客製化單顆和多顆植體修復體的訂單。整個客製化修復過程均使用 Autodesk 軟體完成。利用我們的技術，諾貝爾生物醫療公司創建了一個全自動流程，使他們能夠生產完全獨特的牙科修復體，滿足牙科患者的個人需求。

We are the preferred vendor for building product manufacturers who need to design within the context of the building information model. During the quarter, we signed a new enterprise business agreement with one of the largest manufacturers of exterior building products in North America. Even amid an uncertain business climate, the U.S.-based manufacturer is strategically investing and partnering with Autodesk to support their focus on innovation and industrialized construction.

對於需要在建築資訊模型框架下進行設計的建築產品製造商而言，我們是首選供應商。本季度，我們與北美最大的外牆建材製造商之一簽署了一項新的企業業務協議。即使在不確定的商業環境下，這家總部位於美國的製造商仍在進行策略性投資，並與 Autodesk 合作，以支持其專注於創新和工業化建設。

They are looking to Autodesk solutions, such as BIM 360, Revit and Inventor, to help them maximize efficiencies by digitally transforming and improving processes across the entire construction ecosystem. We also displaced a local competitor at a building product manufacturer in France due to our deep connection to BIM. The convergence of design and make in manufacturing is happening, and our deep connection to BIM will enable us to win.

他們正在尋求 Autodesk 的解決方案，例如 BIM 360、Revit 和 Inventor，以幫助他們透過數位轉型和改進整個建築生態系統的流程來最大限度地提高效率。由於我們與 BIM 的緊密聯繫，我們也取代了法國一家建築產品製造商的當地競爭對手。製造業中設計與製造的融合正在發生，而我們與 BIM 的深度連結將使我們能夠贏得這場變革。

Moving on to updates on our digital transformation and progress monetizing noncompliant users. We are confident in our ability to convert the long-term opportunity. However, in the short term, we continue to be mindful of the current environment and importance of working with noncompliant users in respectful and reasonable ways.

接下來，我們將報告數位轉型和不合規用戶貨幣化的最新進展。我們有信心把握住這個長期機會。然而，在短期內，我們將繼續關注當前環境，並重視以尊重和合理的方式與不遵守規定的使用者合作。

In Q2, we closed 3 deals of more than $1 million each in the APAC region, where business activity has returned to pre-COVID levels. Also during the quarter, we closed a deal with a design build architecture firm in China against a local, lower cost competitor. A few quarters ago, the customer decided to make the switch away from AutoCAD solely based on cost savings, but their engineers continue to use our software due to the necessary functionality. We were able to convert them back to paying users based on the value our solutions provide.

第二季度，我們在亞太地區完成了 3 筆金額均超過 100 萬美元的交易，該地區的商業活動已恢復到新冠疫情前的水平。本季度，我們也與中國一家設計建造建築公司達成了一項交易，擊敗了當地一家成本更低的競爭對手。幾個季度前，客戶出於節省成本的考慮，決定放棄 AutoCAD，但由於軟體的必要功能，他們的工程師仍然繼續使用我們的軟體。我們憑藉解決方案提供的價值，成功地將他們轉換回了付費用戶。

In closing, we are building a stronger Autodesk for the long term. We have a head start over competition in critical capabilities like cloud computing and cloud-based collaboration, and we will continue to invest in our strategic initiatives. There are multiple drivers that make us confident in our fiscal 2023 targets and beyond. First, digitization in AEC is going to accelerate in the coming years as companies seek to not only make current processes more resilient and efficient but to support new industrial paradigms for construction.

最後，我們要著眼長遠，打造一個更強大的 Autodesk。我們在雲端運算和基於雲端的協作等關鍵能力方面領先於競爭對手，我們將繼續投資於我們的策略舉措。有許多因素讓我們對2023財年及以後的目標充滿信心。首先，未來幾年，AEC（建築、工程和施工）產業的數位化進程將會加速，因為企業不僅要努力使目前的流程更具韌性和效率，還要支援新的建築業模式。

Second, the evolution of manufacturing to a more distributed network and cloud-based workflow is also going to accelerate significantly over the next few years, and we have the industry-leading multi-tenant cloud-based solution to address the emerging customer needs that will shape demand. And third, our business model is more robust, adaptable and resilient than in the entire history of the company. This will allow us to not only invest in the future, but to do so with an eye to both revenue and margin growth.

其次，未來幾年製造業向更加分散的網路和基於雲端的工作流程的演進也將顯著加速，我們擁有業界領先的多租戶雲端解決方案，可以滿足塑造市場需求的新興客戶需求。第三，我們的商業模式比公司歷史上任何時期都更加穩健、適應性更強、更具韌性。這將使我們不僅可以投資未來，而且還能兼顧收入和利潤成長。

With that, operator, we'd like to open the call up to questions.

接線員，接下來我們將開始接受提問。

(Operator Instructions) Our first question comes from Saket Kalia with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Saket Kalia。

Scott, maybe for you. Can you just talk about what you're seeing on customer preferences for different duration contracts? You touched on this a little bit in your prepared remarks. But can you just talk about what you saw in terms of contract duration this quarter? And how you're planning for the rest of the year as we think about that change to the top end of the billings guide?

斯科特，也許對你來說是這樣。您能否談談您觀察到的客戶對不同期限合約的偏好？你在事先準備好的發言稿中已經略微提到了這一點。您能否談談本季合約期限方面的情況？考慮到帳單指南高端部分的變化，你們對今年剩餘時間的計劃是什麼？

Yes. Thanks, Saket. You're spot on. And we said coming into the quarter when we gave the previous guide that we felt Q2 would be the toughest quarter of the year. And in particular, we thought we would see an impact on multiyear, and we had seen that on the -- at the very end of Q1.

是的。謝謝你，薩凱特。你說得完全正確。我們在發布上一季業績指引時就說過，我們認為第二季將是今年最艱難的一個季度。特別是，我們認為會對多年期產生影響，而且我們在第一季末就看到了這種影響。

And we did see that, we saw an impact. Although it didn't -- the rate of customers buying multiyear didn't fall through the floor by any stretch, but it came down earlier in the quarter. And then as the quarter went on, we saw it modestly improving each month throughout the quarter. So the multiyear did take a hit and then improve throughout the quarter.

我們確實看到了這一點，我們看到了影響。雖然並沒有出現這種情況——購買多年期合約的客戶比例並沒有大幅下降，但在本季早些時候確實有所下降。隨著季度的推進，我們看到它在整個季度中每個月都略有改善。所以多年期貸款確實受到了衝擊，但在本季有所改善。

But with that said, remember, when we rolled out that guidance, and we described it, I think, in quite a bit of detail on what would take us to the high end of the range versus the low end. And at the high end of the guidance ranges, we had assumed a swift recovery in the second half of the year. And that's exactly what we're seeing in some markets, but not in all of our markets. So the adjustment in the billings guide is really driven by our expectation of less multiyear sales and a slightly slower recovery in the U.S. and U.K. as we talked about in the opening commentary.

但話雖如此，請記住，當我們推出該指導方針時，我們對其進行了相當詳細的描述，說明了什麼會讓我們達到範圍的高端，什麼會讓我們達到範圍的低端。在預期範圍的高端，我們曾假設下半年經濟將迅速復甦。而這正是我們在某些​​市場看到的現象，但並非所有市場都是如此。因此，帳單指南的調整實際上是由於我們預期多年銷售額減少，以及美國和英國的復甦速度略有放緩，正如我們在開篇評論中提到的那樣。

Got it. That makes a lot of sense. Maybe for you, Andrew, for my follow-up, a little bit sort of disconnected from the results a little bit. But you posted an interesting blog a couple of weeks ago about Autodesk and the AEC industry. And I guess I just want to zero in on one part of it, which was the idea that architectural customers, but you spent a lot of time, by the way, in your prepared remarks, may actually be paying less under the subscription model versus the old perpetual maintenance model. And so I was just wondering if you could expand on that a little bit and maybe address whether Autodesk is actually potentially leaving money on the table in the AEC industry.

知道了。這很有道理。或許對你來說，安德魯，我的後續跟進，與結果有點脫節。但你幾週前發表了一篇關於 Autodesk 和 AEC 行業的有趣部落格。我想重點談談其中的一個方面，那就是建築客戶（順便說一句，你在準備的發言稿中花了很多時間討論這個問題）實際上在訂閱模式下支付的費用可能比舊的永久維護模式要少。所以我想知道您是否可以再詳細闡述一下，並探討一下 Autodesk 是否可能在 AEC 行業中錯失良機。

All right. Saket, thanks for proving to me why this audience won't be as empathetic to some of those concerns that were expressed as other audiences. So first off, let me just acknowledge something about the communications with the AEC industry and the architect in particular. One, they have legitimate concerns about the functionality in Revit, and we take those incredibly seriously. And the fact is that from an architectural standpoint, Revit hasn't gotten a lot of incremental investment. A lot of the AEC investments have gone to Construction. It's gone to Revit enhancements, targeting the engineering component of the workflow, structural workflows in particular. So there's some real legitimate concerns there.

好的。Saket，謝謝你向我證明了為什麼這群觀眾不會像其他觀眾那樣對某些表達出來的擔憂感同身受。首先，我想談談與建築、工程和施工（AEC）行業，特別是與建築師的溝通。第一，他們對 Revit 的功能提出了合理的擔憂，我們對此非常重視。事實上，從建築學的角度來看，Revit 並沒有獲得太多額外的投資。許多建築、工程和施工（AEC）投資都流向了建築業。它轉向了 Revit 的增強功能，主要針對工作流程中的工程部分，特別是結構工作流程。所以這其中確實存在一些合理的擔憂。

The other concern they have is the move from multiuser to named users. These are large multiuser clients, and they've seen multiuser prices drift up. They really want a pay-per-use model. We want them to have a pay-per-use model, which they would refer to as cloud licensing. So those are some things I just want to make sure that we acknowledge and we're all on the same page with.

他們還有另一個擔憂，那就是從多用戶模式過渡到命名用戶模式。這些都是大型多用戶客戶，他們發現多用戶價格一直在上漲。他們真的很想要按使用量付費的模式。我們希望他們採用按需付費模式，他們稱之為雲端授權。所以，我希望確保我們都認識到這些事情，並且達成共識。

But that said, like you said, and it's important that I make this clear, these customers come from a highly privileged -- roughly 20% of our subscription base that moved from maintenance to subscription and have really pretty deep price protections, okay, relative to the rest of the base. And if you look at their expenditures over a 5-year period, frankly, even over -- moving out another 5 years, as they add seats, they are actually paying less to Autodesk than they would have under the old perpetual model.

但正如你所說，而且我必須明確指出，這些客戶來自一個享有高度特權的群體——大約占我們訂閱用戶群的 20%，他們從維護模式轉為訂閱模式，並且相對於其他用戶群而言，他們享有非常深厚的價格保護。坦白說，如果你看一下他們五年內的支出，即使再延長五年，隨著他們增加席位，他們實際上支付給 Autodesk 的費用也比在舊的永久模式下要少。

And that was a deliberate part of the transition. Even as multiuser prices go up and everything, if you add up what they would have paid to -- for us for adding users over time, they actually end up paying us less over a 5-year period, and frankly, as they add users over a 10-year period.

這是過渡過程中有意為之的一部分。即使多用戶價格上漲等等，如果你把他們隨著時間的推移為我們增加用戶所支付的費用加起來，實際上他們在 5 年內支付給我們的費用更少，坦白說，他們在 10 年內增加用戶時支付的費用也更少。

We're not concerned about that. We went out very early on that we were going to take care of these maintenance customers that were out in front of us. We did that. Lots of debates with all of you about the maintenance to subscription program, the 10-year price lock, it wasn't exactly something that all of you were behind, all right? But we think it was right. And yes, it has resulted in this.

我們並不擔心這一點。我們很早就決定要先解決眼前這些維修客戶的問題。我們做到了。關於維護訂閱計劃和 10 年價格鎖定，我和大家進行了很多辯論，並不是所有人都支持這個計劃，對吧？但我們認為這是正確的。是的，結果就是這樣。

Now -- so we're never going to be on the same page with this audience about that particular part of the equation. But remember, this is a shrinking bit of our subscription base. The protected 20% now, they'll be less than that later. But over time, they pay less than they used to in the old perpetual model, it's true. But we're not worried about that. There's no concern there.

所以——我們永遠不可能在這個特定問題上與這部分觀眾達成共識。但請記住，這只是我們訂閱用戶群中不斷萎縮的一小部分。現在受保護的 20%，以後會更少。但從長遠來看，他們支付的費用確實比以前在舊的永續模式下要少。但我們並不擔心這一點。這一點無需擔心。

Our next question comes from Jay Vleeschhouwer with Griffin Securities.

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

Question number one, Andrew, is about the intersection of what you've called 3 inevitabilities or eventualities in your business: number one, collections in the cloud; two, a consumption model; and then three, a underlying rearchitecting of your platform. The product information model or whatever you're going to be calling it now, you are doing that underlying rearchitecting work.

安德魯，第一個問題是關於你所說的業務中三個不可避免的或必然發生的事情的交集：第一，雲端收款；第二，消費模式；第三，平台底層架構的重新設計。產品資訊模型，或不管你現在要怎麼稱呼它，你正在進行底層架構重構工作。

And so in terms of connecting all of those things, how feasible or desirable might it be for you to resegment the portfolio? Not to go back to where you were pre transition in terms of having dozens of SKUs and so forth, but perhaps, you would have the opportunity to have some additional number of flavors either standalone or perhaps new collections configurations that you would be able to feasibly bring to market based on the new architecture, named user and so forth.

那麼，就將所有這些因素連結起來而言，對您來說，重新劃分投資組合的可行性或必要性如何？不是要回到轉型前擁有數十個 SKU 等情況，但或許，您可以根據新的架構、命名用戶等，增加一些額外的口味，無論是獨立的口味還是新的產品系列配置，以便切實可行地推向市場。

For the follow-up question, at the analyst meeting 2 months ago, you talked about your customer breakdown as consisting of named account, mid-market, strategic territory and plain vanilla territory. The question there is, could you talk about the performance in each of those 4 segments and how you're thinking about those for the remainder of the year and whether you're doing anything in terms of sales capacity and or back-end margins?

至於後續問題，在兩個月前的分析師會議上，您談到您的客戶細分包括指定客戶、中端市場、策略區域和普通區域。那麼問題來了，您能否談談這 4 個細分市場各自的表現，以及您對今年剩餘時間的展望，還有您在銷售能力和/或後端利潤率方面是否採取了任何措施？

Okay. Great. So I'm going to take the first part of that, and I'm going to hand the second part of that to Scott, right? So Jay, you asked a very complicated, sophisticated question there. But let me kind of summarize it this way, all right? The model that we're going to is a greater segmentation in some respects, but I want to keep pointing you back to the way Fusion is being architected and constructed, all right?

好的。偉大的。所以，我會負責第一部分，然後把第二部分交給史考特，對吧？傑伊，你問了一個非常複雜、高深的問題。不過，我簡單總結一下，好嗎？我們即將採用的模型在某些方面是更細緻的細分，但我希望大家能始終關注 Fusion 的架構和建構方式，好嗎？

Fusion has a subscription entry price. There's a set of functionality that people use frequently and that they're using to do a lot of their day-to-day work. But then there's a series of modules that they can reach out to and access on a need-based method, okay? And you'll just notice, we added more of those recently to Fusion sort of from technology that was previously in the Delcam portfolio.

Fusion採用訂閱制，需付費訂閱。有一些功能是人們經常使用的，他們用這些功能來完成許多日常工作。但是，之後他們可以根據自身需求聯繫和存取一系列模組，好嗎？你會注意到，我們最近在 Fusion 中添加了更多此類技術，這些技術以前屬於 Delcam 產品組合。

This model of having a -- what, for the lack of a better word, a vertical platform, that's, for instance, in manufacturing, it's built on the product information model in the cloud. In AEC, it's going to be built on a building information model in the cloud. In media, it might be built on a media information model in the cloud and things associated with that. They will be able to pull the functionality they need as they need it, they'll pay a baseline subscription and they'll pay-per-use for various things as they need them and as they need some of this advanced capability.

這種模式，姑且稱之為垂直平台，例如在製造業中，它是建立在雲端產品資訊模型之上的。在建築、工程和施工（AEC）領域，它將基於雲端的建築資訊模型進行建構。在媒體領域，它可能基於雲端的媒體資訊模型以及與之相關的事物建構。他們可以根據需要提取所需的功能，他們將支付基本訂閱費，並根據需要為各種功能和一些高級功能按使用量付費。

So if you think of that, is that a segmentation of our portfolio and an increase of SKUs? Maybe in some respects, but what it's designed to do is ensure that occasionally used functionality with high value they can get when they need it without having to get it all at once. That's the notion of collections in the cloud. It's the collections in the cloud that they can use on an as-needed basis. So when you look at what we're doing in -- with Fusion, that really directionally captures where the model is going for all of our customers ultimately.

所以，從這個角度來看，這是否意味著我們將產品組合細分，並增加 SKU 數量？或許在某些方面是這樣，但它的設計目的是為了確保用戶能夠在需要時獲得偶爾使用但價值很高的功能，而無需一次全部獲得。這就是雲端集合的概念。他們可以根據需要使用雲端儲存的資源。所以，當你看到我們在 Fusion 中所做的一切時，你會發現它真正反映了我們所有客戶最終的發展方向。

And it's all connected, you're right. Named users are necessary to do that because you have to name the user so that you can track their usage and their needs and provide something to them specifically. Now it doesn't mean the named user can't be a large pool of named users that come in occasionally, which is something that people want in terms of consumption in pay-per-use. But it's also connected right back again to the underlying architecture of the products, and that's the future we're going to. Scott, off to you.

你說得對，這一切都是相互關聯的。要做到這一點，必須為使用者命名，因為你必須為使用者命名，才能追蹤他們的使用情況和需求，並專門為他們提供某些東西。但這並不意味著指定用戶不能是偶爾訪問的大量指定用戶，而這正是人們在按使用付費模式下所希望看到的。但這又與產品的底層架構緊密相連，而這正是我們未來的發展方向。史考特，交給你了。

Thanks. And Jay, let me take your question from the bottom up. If we start with territory and strategic territory, which tends to be our smaller accounts, it was actually quite strong. And we actually -- we touched on this kind of qualitatively in the opening commentary. We saw good strength in that small customer set. And more so, if you -- instead of slicing it by customer size, slice it by geo, you could see the results. APAC was quite strong, where we've seen the pandemic hit first. They went through what they went through. As those markets reopened, we called out China, Korea and Japan as actually being above pre-COVID levels. So seeing good strength in the smaller accounts and seeing good strength in APAC and then subsequently in Continental Europe.

謝謝。傑伊，讓我從下往上回答你的問題。如果我們從地域和策略地域（通常是我們的小客戶）開始分析，就會發現它們實際上表現相當強勁。事實上，我們在開篇的評論中已經從定性的角度談到了這一點。我們從這部分小客戶群中看到了良好的實力。而且，如果你不按客戶規模劃分，而是按地理位置劃分，你就能看到結果。亞太地區表現相當強勁，而疫情正是在這裡最早爆發的。他們經歷了他們所經歷的一切。隨著這些市場重新開放，我們指出中國、韓國和日本的經濟實際上已經超過了新冠疫情前的水平。因此，我們看到小型客戶表現強勁，亞太地區表現強勁，隨後歐洲大陸也表現強勁。

As you work your way up to mid-market and named, named doesn't have a big Q2. That's where most of our EBAs sit, and it's where all of our EBAs sit as in the named user -- or I'm sorry, in the named account category. And that tends to be heavier in the second half of the year. So we've got a -- we've actually got a very full pipeline of large transactions, large accounts or EBA renewals that are coming up, and those EBAs have close to 100% renewal rate. So named did fine during the quarter, but Q2 is not a big quarter for named accounts.

當你逐步晉升到中階市場和知名品牌時，知名品牌並沒有很大的第二季業績。我們的大多數 EBA 都位於那裡，我們所有的 EBA 都位於指定使用者中——或者，抱歉，是指定帳戶類別中。而且這種情況在下半年往往會更加嚴重。所以，我們實際上有很多大額交易、大額帳戶或 EBA 續約即將到來，而且這些 EBA 的續約率接近 100%。所以，指定客戶在本季表現尚可，但第二季並不是指定客戶的大季度。

And mid-market was a little bit more tepid. And what I'd say there is we have a lot of multiuser usage within the mid-market. And as you've seen what we've done with the transition to named and moving away from multiuser and over to named, we didn't actually have that offer, that 2-for-1 offer active until the beginning of Q3. So there's a little bit of a pause in the mid-market as many of those mid-market accounts -- by the way, doing what all of us are doing, kind of assessing their business and understanding their needs, but also had the impact of wanting to get to the transition to named program that we launched at the beginning of Q3. So that's the right way to think about it by customer size.

而中階市場則略顯冷淡。我想說的是，我們在中端市場有很多多用戶使用的情況。正如您所看到的，我們已將服務從多用戶模式過渡到命名模式，而實際上，直到第三季初，我們才推出買一送一的優惠活動。因此，中端市場出現了一點停滯，因為許多中端市場客戶——順便說一句，他們和我們所有人一樣，都在評估他們的業務並了解他們的需求，但同時也受到了希望過渡到我們在第三季度初推出的指定計劃的影響。所以按客戶規模來考慮這個問題才是正確的方法。

Our next question comes from Matt Hedberg with 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 the results and really good to hear the strength in the renewal business. I guess for either of you, maybe Scott, outside of the trends in multiyear that you alluded to in your answer to Saket's question earlier, I'm wondering if you could talk in a little bit more detail about how new business trends have progressed through the quarter and maybe how August has trended versus last year? I know Andrew mentioned strength in pipeline. Just wondering on that new business side, what gives you confidence there?

恭喜取得這樣的成績，續約業務表現強勁，真是令人欣慰。我想，對於你們兩位，或許是斯科特，除了你們之前在回答薩凱特的問題時提到的多年趨勢之外，我想知道你們能否更詳細地談談本季度新業務趨勢的發展情況，以及8月份的趨勢與去年同期相比如何？我知道安德魯提到了管道建設的優勢。想問一下，關於新業務方面，是什麼讓你充滿信心？

Yes. I'll start on that, Andrew, and let you jump in and add some more color. What we saw in the new business is really in line with what our expectations were in those markets that have opened up. So slice it first by geo, Matt. When you look at it by geo, APAC new business rates were the highest. Continental Europe, think about the wave of the way the pandemic struck Continental Europe next. And the U.S. and the U.K., by the way, outside of Continental Europe, both feeling like they've stabilized. There's no further declines. And we see modest bump up, modest bump down. I'd say they're more stable than they are coming back out of it yet in those 2 markets.

是的。安德魯，我先來，然後你來補充一些細節。我們在新業務中看到的情況，與我們對這些已開放市場的預期完全一致。所以，馬特，先按地理位置切片吧。從地理來看，亞太地區的新業務成長率最高。歐洲大陸，想想接下來疫情會如何席捲歐洲大陸。順便一提，除了歐洲大陸以外，美國和英國都感覺局勢已經穩定下來。不會再出現進一步下跌。我們看到小幅上漲，小幅下跌。我認為，在這兩個市場中，它們目前比剛走出困境時更穩定。

So new business has kind of follow those trends that we -- Andrew talked about their usage rates, and we've been monitoring those usage rates around the world. And what we see is as the usage rates come back, as the markets reopen, we see the new business come back at the same time. So that's the -- that's probably the right overall characterization for it. Andrew, anything you'd add to that?

所以，新業務在某種程度上遵循了這些趨勢——安德魯談到了他們的使用率，我們一直在監測世界各地的這些使用率。我們看到，隨著使用率的恢復和市場的重新開放，新業務也隨之恢復。所以，這大概就是對它的整體描述。安德魯，你還有什麼要補充的嗎？

You're muted, Andrew. I think you're on mute.

安德魯，你已被靜音。我想你已靜音。

I don't know how I got muted. Sorry about that. The correlation between usage rates and then ultimate newly new business is proving out to be fairly tight. So we expect to see that continue. We saw it in APAC, we watched it go up. We're seeing it in Europe. Like we said earlier, we're seeing stability in the U.S. and the U.K. And we expect that as that moves from stability to rising, we're going to see the same kind of uptick in new business. The 2 would seem to be correlating quite well.

我不知道自己怎麼被禁言了。抱歉。使用率與最終新增業務之間的相關性被證明相當密切。因此我們預計這種情況會持續下去。我們在亞太地區看到了這一點，我們眼睜睜地看著它上升。我們在歐洲已經看到了這種情況。正如我們之前所說，我們看到美國和英國的經濟狀況趨於穩定。我們預計，隨著經濟情勢從穩定轉為上升，新業務也將出現同樣的成長。這兩個變數似乎具有相當好的相關性。

That's great. And then AutoCAD and AutoCAD LT, I think they grew 18% in the quarter. I wonder if you can talk a bit more granularity about AutoCAD LT. I know that has actually been fairly strong for you thus far. And I know historically, that's been -- it had been weaker in times of stress. Just wondering how LT is holding up relatively in this market.

那太棒了。還有 AutoCAD 和 AutoCAD LT，我認為它們在本季成長了 18%。我想請您更詳細地談談 AutoCAD LT。我知道到目前為止，你的狀態相當不錯。而且我知道，從歷史上看，在壓力時期，這種情況會比較脆弱。想知道LT在目前的市場環境下表現如何。

Yes. We used to talk about that as the canary in the coal mine for market dislocation at the low end. But subscription changes everything. The subscription price point for LT is a very attractive price point. And most of the customers that are buying it are very small businesses, smaller or very small medium businesses. And it does what they need. So they continue to buy in the space. People buy AutoCAD for the 3D and the APIs and the things that are associated with that. But the price point of LT has actually proven to be very attractive and very resilient during this time. And it's just one of the fundamental changes in the subscription model.

是的。我們過去常說，這是低端市場出現混亂的「煤礦裡的金絲雀」。但訂閱模式改變了一切。LT的訂閱價格極具吸引力。購買該產品的顧客大多是小型企業、小型或中小型企業。它滿足了他們的需求。所以他們會繼續在這個領域進行收購。人們購買 AutoCAD 是為了它的 3D 功能、API 以及與之相關的其他功能。但事實證明，LT 的價格在這段時間內非常有吸引力，而且非常穩定。而這只是訂閱模式的眾多根本性變革之一。

Our next question comes from Brad Zelnick with Credit Suisse.

下一個問題來自瑞士信貸的布拉德·澤爾尼克。

Andrew, I wanted to dig into manufacturing a bit more. The segment only grew 6% this quarter despite all of the good things happening with the conversions of design and make. Is there anything in particular that you'd call out as having a more pronounced impact in manufacturing?

安德魯，我想更深入地了解製造業。儘管設計和製造領域的轉型取得了許多利好，但本季該細分市場僅成長了 6%。您認為有哪些因素對製造業產生了更顯著的影響？

Yes. Actually, we're growing faster than our biggest competitor in the space. So we just want to make sure we get that in. Look, the space is doing well. Remember, we continued to grow strong last year. So we had good strong growth coming into last year and this year. So we're comparing 6% to a good year last year, not 6% to a bad year last year or something like that.

是的。事實上，我們在這個領域的成長速度比我們最大的競爭對手還要快。所以我們只是想確保把這件事辦妥。你看，這個空間發展得很好。請記住，去年我們繼續保持強勁成長。所以，去年和今年我們都取得了強勁的成長。所以，我們把 6% 與去年的良好年份進行比較，而不是與去年的糟糕年份進行比較，或者諸如此類。

So we're actually happy with the performance we're seeing right now. And I think that's an important metric for us, especially what you see going on with regards to Fusion and the net adds around Fusion. So this -- we view this as a solid result, and it's only going to continue to get better. So I think we're in a good position right now, especially when you look at what we're comparing to from last year.

所以，我們對目前的表現非常滿意。我認為這對我們來說是一個重要的指標，特別是你看到的關於 Fusion 以及圍繞 Fusion 的淨新增用戶的情況。所以——我們認為這是一個可靠的結果，而且只會越來越好。所以我覺得我們現在處境不錯，尤其是跟去年相比。

Andrew, that's fair. And maybe just a follow-up. Can you talk about the strong performance of the e-commerce channel? Are you seeing changes in the types of products customers are purchasing through this channel? And does this in any way change how you're thinking about the direct business longer term?

安德魯，你說得對。或許還需要後續跟進。您能談談電子商務通路的強勁表現嗎？您是否觀察到顧客透過此管道購買的產品類型發生了變化？這是否會從任何方面改變您對長期直銷業務的看法？

Yes. It doesn't fundamentally change our strategy. We're still trying to get that digital direct online business up to 25% of our total business. So our strategy hasn't fundamentally changed. The product mix does change a little bit, all right? It's -- they are buying additional products on this channel. But fundamentally, our strategy hasn't changed. But it has obviously held up incredibly well during this and customers have continued to buy. But the strategy, the fundamental strategy of where we're going and what we're trying to do, we want everything we sell available on that channel, and our goal is still to get it up to 25%.

是的。這並不會從根本上改變我們的策略。我們仍在努力將線上直銷業務提升至總業務的 25%。所以我們的策略並沒有從根本上改變。產品組合確實會稍作調整，可以嗎？他們正在透過這個管道購買其他產品。但從根本上講，我們的策略並沒有改變。但顯然，它在此期間表現得非常出色，顧客也繼續購買。但是，我們的策略，我們前進的方向和我們努力的方向的根本策略是，我們希望我們銷售的所有產品都能透過該管道銷售，我們的目標仍然是將其提升至 25%。

Our next question comes from Phil Winslow with Wells Fargo.

下一個問題來自富國銀行的菲爾溫斯洛。

Congrats on another strong quarter. I just want to focus in on AEC again. Obviously, you mentioned some of the slow starts or positive that you had in projects at the beginning of the quarter. But if I look at your comments, you talked about competitive wins in project management design -- 360 Design uptake. Wondering if you can talk about just the puts and takes that you're seeing in the AEC vertical? And how are you thinking about those as we go into the second half?

恭喜又一個季度業績出色。我只想重新專注於AEC領域。顯然，您提到了本季度初一些專案進展緩慢或取得積極進展的情況。但如果我看一下你的評論，你談到了專案管理設計的競爭優勢——360 設計的應用。想請您談談您在AEC（建築、工程和施工）領域看到的買賣交易情況？那麼，進入下半程，你對這些有什麼看法？

Yes. So the total business grew fairly well, all right? And I think we just want to make sure that we zero in on the things that are soft and the things that aren't. Let's talk specifically about construction. As I said in the opening commentary, the field area is where we see the softness. And right now, it's stabilizing, and we expect to see field usage going up. And that's to be expected given everything that happened with construction sites.

是的。所以整體業務成長得相當不錯，對吧？我認為我們只是想確保我們能夠精準地區分哪些是容易的，哪些不是。我們來具體談談建築方面的問題。正如我在開場白中所說，田野區域是我們看到柔和之處的地方。目前情況趨於穩定，我們預期場地使用率將會上升。考慮到建築工地發生的一切，這也在意料之中。

But where we're seeing strength, and this is an important precursor to future business, right, because it's upfront in the process, is BIM 360 Design and Docs which are part of the pipeline of loading the project flow. So BIM 360 Design, Docs, in particular, have seen robust growth during this entire period in the Construction segment. Obviously, Revit continues to do well in this segment in terms of BIM, in general, doing well.

但我們看到優勢所在，而且這對於未來的業務來說是一個重要的先決條件，因為它處於流程的前端，那就是 BIM 360 設計和文檔，它們是專案流程載入管道的一部分。因此，在此期間，BIM 360 設計、文件等在建築領域實現了強勁成長。顯然，就 BIM 而言，Revit 在這個領域繼續表現出色，總體而言，表現良好。

So I want to make sure that we pay attention to, the softness is really in the places where the hammers are hitting the wood or the -- or hitting the metal depending on what you're building or the concrete is being poured. And it's not in the upfront part of the projects and the project management, which is great for us because we're bringing more people into the pipeline. And if all we were doing was being narrowly focused on the execution part, we would certainly be in deeper problems than we are right now on the field execution side. We have a broad portfolio that goes all the way from design through to preconstruction planning, and that part is continuing to see robust action.

所以我想確保我們注意，柔軟的地方實際上位於錘子敲擊木頭或——或者敲擊金屬的地方，這取決於你正在建造什麼或正在澆築混凝土。而且它並不涉及專案的前期和專案管理，這對我們來說是件好事，因為我們正在將更多的人引入到人才培養體系中。如果我們只專注於執行部分，那麼我們在現場執行方面肯定會遇到比現在更深的問題。我們的業務組合涵蓋從設計到施工前規劃的各個環節，而且這部分業務正在持續強勁發展。

Our next question comes from Koji Ikeda with Oppenheimer.

我們的下一個問題來自奧本海默公司的池田浩二。

Great quarter. I had a question on the Pype acquisition. Congrats on that acquisition. We've actually heard really great things about the Pype technology out in the field. And my question is about the technology and the workflows that it will enhance in the Construction Cloud, really balanced against any potential overlap with other products within the Construction Cloud. So I guess from a high level, what are the key construction workflow enhancements coming from the Pype acquisition? And are there any technology overlaps with existing products?

很棒的季度。我有一個關於Pype收購案的問題。恭喜完成此次收購。我們確實聽說 Pype 技術在實際應用中效果非常好。我的問題是關於這項技術及其在建築雲中將增強的工作流程，以及它與建築雲中其他產品可能存在的重疊情況。所以我想從宏觀層面來看，收購 Pype 會帶來哪些關鍵的施工流程改善？與現有產品是否有技術重疊？

Yes. So obviously, Pype is in the project management area. And one of the key things it adds is a machine learning layer to the whole process of setting up and managing changes and requests and work orders in the process, okay? So what it's doing is it's shortening the time to work these closeouts and these project activities upfront in the process. So it's giving us technology that provides for a faster turnaround, better project management, lower risk and better outcomes. That's really what it's doing.

是的。顯然，Pype 屬於專案管理領域。而它新增的關鍵功能之一是為整個流程中的變更、請求和工單的設定和管理引入機器學習層，懂嗎？所以它的作用是縮短完成這些收尾工作和專案前期活動所需的時間。因此，它為我們提供了能夠加快週轉速度、改善專案管理、降低風險並取得更好結果的技術。它實際上就是在做這件事。

We certainly have some of these capabilities inside the core portfolio, but nothing as deep as what Pype has. Pype went a lot more deeply into the workflow and covers a lot more use cases than we do. And as you know, we were partnered with them throughout the process. And we have lots of accounts where we were in there, Pype was in there, and we worked really very closely with them to make sure that we were complementing our RFI workflows and not duplicating them. So their whole process takes the RFI and similar workflow to a whole new level, and it's a pretty powerful combination for us. And like you said, our customers were pretty bullish on the technology as well, which is one of the reasons why we were bullish.

我們的核心產品組合中當然也具備其中一些功能，但遠不及 Pype 的功能強大。Pype 在工作流程方面做得更深入，涵蓋的使用案例也比我們多得多。如您所知，我們在整個過程中都與他們保持合作關係。我們有很多客戶，Pype 也參與其中，我們與他們密切合作，以確保我們能夠補充我們的 RFI 工作流程，而不是重複它們。因此，他們的整個流程將 RFI 和類似的流程提升到了一個全新的水平，這對我們來說是一個非常強大的組合。正如你所說，我們的客戶也對這項技術非常看好，這也是我們看好這項技術的原因之一。

And just maybe one follow-up on the big deals in Asia. Congrats again on the 3 big license compliance deals of over $1 million. Great news there. I guess, could you tell us maybe what the average contract duration was for those deals? And could you remind us how does that deal type volume compare to prior periods of 3 license deals? And I guess, really from a big picture perspective, how many of these $1 million-plus license compliance deals are out there in the world today?

或許還可以跟進一下亞洲的大宗交易。再次恭喜你們達成三項金額超過 100 萬美元的大型許可合規交易。真是個好消息。我想問一下，您能否告訴我們這些交易的平均合約期限是多少？能否請您提醒一下，這種交易類型的交易量與先前 3 筆授權交易的交易量相比如何？我想，從宏觀的角度來看，如今世界上有多少筆超過 100 萬美元的許可合規交易呢？

Sure, Koji. I'll take that one. The reason for calling out those deals is not that they were particularly notable in terms of duration, et cetera. It's more to give you a sense of, we've talked about out of deference to our customers and the position that many are put in, in this economic environment, continuing to work the back end and drive the demand for our license compliance business. But to go a little bit more slowly at a time when markets are and our customers are under particular levels of stress.

當然可以，浩二。我選那個。之所以要特別指出這些交易，並不是因為它們在持續時間等方面特別引人注目。我們這樣做更多是為了讓您了解，出於對客戶的尊重以及考慮到許多客戶在當前經濟環境下的處境，我們一直在努力做好後端工作，並推動對我們許可證合規業務的需求。但在當前市場和客戶都承受著特殊壓力的情況下，我們應該放慢腳步。

As we've seen those markets open back up, the reason to call out those is not only are they large, but they're also in markets that have recovered and that we are seeing come back. And as they do, we're getting right back on the -- ensuring that we can monetize those noncompliant users. So that was the purpose of calling them out much more so than saying they were particularly lengthy in duration.

我們已經看到這些市場重新開放，之所以要特別指出這些市場，不僅是因為它們規模龐大，還因為它們所在的市場已經復甦，而且我們正在看到這些市場回升。而當他們這樣做時，我們就會立即重新投入工作——確保我們能夠從這些不合規的用戶身上獲利。所以，指出這些問題的目的更多在於此，而不是說這些問題持續時間特別長。

Our next question comes from Adam Borg with Stifel.

我們的下一個問題來自 Stifel 公司的 Adam Borg。

I just had 2 quick ones. I guess first, just building off Matt's question earlier around AutoCAD LT. Obviously, you mentioned the strength in AutoCAD LT given the price points. But I just wanted to drill in, are you seeing any customers optimize purchases? You talked about that last quarter. So any trade downs from either AutoCAD or industry collections? Any commentary there would be great. And just as a quick follow-up, I just want to talk about partial renewal rates. I know you've talked about renewal rates being in line with expectations, but just any commentary around the partial renewal activity would be great.

我剛才只吃了兩顆。首先，我想就 Matt 之前關於 AutoCAD LT 的問題做個補充。顯然，您提到了 AutoCAD LT 在價格上的優勢。但我只是想深入了解一下，您是否發現有任何客戶優化購買流程？你上個季度也談到了這一點。那麼，無論是 AutoCAD 還是其他行業標準軟體，有沒有哪些效能更優的選擇呢？歡迎各位發表意見。最後，我想簡單補充一下部分續約率的問題。我知道您已經說過續約率符合預期，但如果您能對部分續約情況發表一些評論，那就太好了。

Yes. So I'll take the AutoCAD question, and I'll hand the renewal rate question over to Scott. So actually, we're not seeing that kind of behavior. What we're seeing is growth in all of these segments independent of each other. So we're seeing customers sticking with collections. We're seeing customers buying AutoCAD for the first time. We're seeing customers buying LT for the first time. We're not seeing a lot of cross-flow between the 2.

是的。那麼，AutoCAD的問題就交給我來回答，續費率的問題就交給Scott回答。所以實際上，我們並沒有看到那種行為。我們看到的是所有這些細分市場都在獨立成長。所以我們看到顧客仍然堅持使用系列產品。我們看到有些客戶是第一次購買 AutoCAD。我們看到有些客戶是第一次購買LT產品。我們沒有看到這兩者之間有很多交叉交流。

But remember, as time goes on, AutoCAD does get squeezed between collections and LT over the long period, and we expect that. That's something that we plan for, that we expect, we model. At some point, the AutoCAD as it is today gets squeezed between those 2 types of offerings. But right now, we're not seeing trade up or trade down. We're seeing people staying within the offerings they have, buying more of the offering they have and adding up in that respect. So Scott, to the partial renewal.

但請記住，隨著時間的推移，AutoCAD 會在很長一段時間內被各種軟體集合和 LT 版本所擠壓，這是我們預料之中的。這是我們事先規劃、預料和模擬的事情。在某種程度上，如今的 AutoCAD 被夾在了這兩種產品類型之間。但目前，我們既沒有看到商品向上交易，也沒有看到商品向下交易。我們看到人們堅持購買他們已有的產品，購買更多他們已有的產品，並在這方面不斷增加。所以斯科特，同意部分續約。

Yes. And wanted to add, just to put a finer point on what you just said, Andrew. If you look at our product mix, in terms of percent of sales that are LT versus AutoCAD versus collections and other, it's kind of reverted to its historical mean. So we're not seeing a big shift between -- in product mix.

是的。安德魯，我還想補充一點，進一步闡述你剛才所說的內容。如果你看一下我們的產品組合，從 LT 產品、AutoCAD 產品、產品系列和其他產品的銷售百分比來看，它已經基本恢復到歷史平均水準。因此，我們沒有看到產品組合發生重大變化。

To your question on partial renews, we continue to, obviously, to monitor that closely because it's a good indicator of how are the -- what's the employment health of our customers, right? So a partial renew is, I had 10 subscriptions. They all came due at the same point. But instead of renewing 10, I only renewed 9 or I renewed 8, right? And it gives us a sense of changes in their head count.

關於您提出的部分續約問題，我們顯然會繼續密切關注，因為這可以很好地反映我們客戶的就業狀況，對吧？所以部分續訂是指，我之前有 10 個訂閱。它們都在同一時間到期。但是，我應該續訂 10 份，但我只續訂了 9 份或 8 份，對嗎？這使我們對他們的人員數量變化有了一定的了解。

There's always a certain amount of that that happens in any given quarter. And what we talked about last quarter is we've monitored the rate of those. As they come up, what percent of them are doing a partial renew, and it really hadn't moved last quarter and it's really materially the same again this quarter. So we're not seeing a big change either up or down. I wouldn't expect it to go down from the base rate, but we're not seeing an increase from that base rate.

任何季度都會發生一定程度的這種情況。我們上個季度討論的內容是，我們一直在監測這些指標的成長率。隨著續約談判的進行，其中有多少百分比是部分續約？上個季度這個比例並沒有變化，而這個季度基本上保持不變。所以，我們既沒有看到價格大幅上漲，也沒有看到價格大幅下跌。我預計它不會低於基準利率，但我們也沒有看到基準利率上漲。

Our next question comes from Keith Weiss with Morgan Stanley.

下一個問題來自摩根士丹利的基斯‧韋斯。

This is Hamza Fodderwala in for Keith Weiss. Andrew, I was hoping if you could give like an updated breakdown of the business between infrastructure, commercial, industrial construction. You talked a lot about industrial. Clearly, the macro seems to be rebounding, but we're still hearing a lot of uncertainty around the commercial segment. I think in the past, people have thought that Autodesk is quite tied to the commercial side, but clearly, there's good growth in the other segments. So I was wondering if you could give any view on your exposure through those 3 verticals and how you're seeing the macro in each of those.

這是哈姆札·福德瓦拉取代基斯·韋斯上場。安德魯，我希望你能提供一份最新的基礎設施、商業和工業建築業務細分報告。你談了很多關於工業方面的話題。顯然，宏觀經濟似乎正在復甦，但我們仍然聽到很多關於商業領域的不確定性。我認為過去人們一直認為 Autodesk 主要專注於商業領域，但顯然，它在其他領域也取得了良好的成長。所以我想知道，您能否談談您對這三幅垂直作品的看法，以及您是如何看待每一幅作品中的宏觀景象的。

Yes. So we're not seeing any slowdown in our AEC business due to commercial dislocations that might be going on in various places right now. So we talked about that a lot because there was this assumption that somehow commercial, especially the commercial office buildings in urban areas were like a big part of our business. They're not, all right? And we're still seeing strength in the AEC business outside that.

是的。因此，儘管目前各地可能出現商業動盪，但我們並未看到我們的 AEC 業務出現任何放緩。所以我們經常討論這個問題，因為人們普遍認為，商業，特別是城市地區的商業辦公大樓，是我們業務的重要組成部分。他們不是，對吧？而且，我們仍然看到AEC業務在其他領域也保持強勁勢頭。

But I want to make sure we understand what's really happening in commercial right now, all right? Big urban projects are probably -- either probably going to slow down or not be as frequent. However, what is happening in urban locations, there's still going to be a lot of reconfiguring work in commercial space. But also one of the things that we're going to be seeing, and you can see this in some of the political discussions as well as some of the business discussions we're having, is that you're going to see more and more of these commercial-type operations moving away from the urban centers to suburban centers and along transportation corridors, which we see not only is driving additional building activity but additional infrastructure improvements as well.

但我希望確保我們了解目前商業領域究竟發生了什麼，好嗎？大型城市計畫可能會——要么會放緩，要么不會像以前那麼頻繁。然而，在城市地區，商業空間仍需要進行大量的重新配置工作。但我們還會看到，而且你可以在一些政治討論以及一些商業討論中看到，越來越多的商業活動將從城市中心轉移到郊區中心和交通走廊沿線，我們看到這不僅推動了更多的建築活動，也推動了更多的基礎設施改善。

And these conversations are already going -- ongoing in all sorts of legislatures and all sorts of places about building out along transportation corridors. It's certainly a big topic of conversation in California, and we expect to see more of that. So no, we are not seeing softness in our business, and we don't see any future softness in our business as a result of what's happening with commercial activities right now.

這些討論已經在進行中——在各種立法機構和各種地方，關於沿著交通走廊進行建設的討論正在進行中。這無疑是加州的熱門話題，我們預計未來還會看到更多類似的討論。所以，不，我們沒有看到業務疲軟，而且由於目前商業活動的狀況，我們也不認為未來業務會受到任何疲軟的影響。

That's helpful. And then, Scott, just a follow-up question for you. Obviously, stronger-than-expected Q2. Andrew spoke to an improving pipeline in the back half. Just wondering the reason for the high end of the revenue guide declining a bit versus last quarter. Was that -- the explanation there similar to what you mentioned for billings earlier? I'm not sure I fully understood.

那很有幫助。史考特，我還有一個後續問題想問你。顯然，第二季業績強於預期。安德魯談到了後半段管道狀況的改善。想知道營收預期上限較上季略有下降的原因。那邊的解釋和你之前提到的帳單情況類似嗎？我不太確定我是否完全理解了。

No, it's slightly different, although it's got the same root cause. So I'd start by saying, I'm really pleased with our results and proud of our execution in the second quarter. In an incredibly uncertain environment, to be able to produce the results that we just put up is something that I think we all take a lot of pride in. And as a result of that, as you saw, we raised the midpoint of our full year revenue guide by $15 million. So that's kind of the high-level view.

不，情況略有不同，雖然根本原因相同。首先我想說，我對我們的業績非常滿意，並為我們在第二季的執行感到自豪。在如此不確定的環境下，我們能夠達到這樣的成果，我認為我們都為此感到非常自豪。因此，正如你所看到的，我們將全年收入預期中位數提高了 1500 萬美元。以上就是大致情況。

When you look at how we did that, we pulled up the low end and slightly reduced the high end of that guidance range. And so I think your question is just about the slight reduction on the high end as we narrowed the range from what had been $100 million range, with only 6 months left, we narrowed it down to $60 million.

當你了解我們是如何做到這一點的，我們提高了指導範圍的低端，並稍微降低了高端。所以我認為你的問題只是關於高端部分的略微減少，因為我們縮小了範圍，從原來的 1 億美元範圍縮小到只剩 6 個月的時間，我們將其縮小到 6000 萬美元。

We're seeing good trends in the markets that have moved into reopening. We talked about China, Korea and Japan. Product subs renewal rates are trending in the right direction. We mentioned the pipeline. The pipeline is very strong. But there's still a fair amount of uncertainty, particularly in the U.S. and in the U.K. And so as we weigh all that together, it's the combination of those factors that give us the confidence to raise our overall revenue guide by $15 million at the midpoint.

我們看到，那些已經重新開放的市場呈現出良好的發展趨勢。我們談到了中國、韓國和日本。產品訂閱續訂率正朝著正確的方向發展。我們提到了輸油管。這條管道非常堅固。但目前仍存在相當大的不確定性，尤其是在美國和英國。因此，綜合考慮所有這些因素，正是這些因素讓我們有信心將整體營收預期中位數上調 1500 萬美元。

But we had said the high end of that guidance range, and this is the point I talked about earlier, Hamza, the mid -- at the high end of our guidance range previously, we were expecting a swift recovery. And while we've seen that in some markets, we haven't seen that in all markets. And so that's why narrowing just slightly from the high end of the revenue range made sense.

但我們之前說過，在指導範圍的高端，也就是我之前提到的哈姆札所說的中端——在我們之前的指導範圍的高端，我們預計會迅速復甦。雖然我們在某些​​市場看到了這種情況，但並非所有市場都出現了這種情況。所以，稍微縮小營收範圍上限的幅度是合理的。

And our next question comes from Joe Vruwink with Baird.

下一個問題來自 Baird 公司的 Joe Vruwink。

My question is on the product road map. And Andrew, I thought the blog post you had recently was interesting because it kind of shows this mindfulness of striking a balance, investing in certain functionality and anything that maybe gets a pass in a given year, you circled back to, which I think was the case with Revit architecture.

我的問題是關於產品路線圖的。安德魯，我覺得你最近的部落格文章很有意思，因為它展現了你對平衡的重視，投資於某些功能，而任何在某一年可能被忽略的東西，你都會重新考慮，我認為 Revit 建築就是這種情況。

I guess my question is more on the go-forward, there's going to be this interplay now, not that it's new, but it's going to increase, where you have your core Revit, Inventor users that are increasingly tapping into cloud functionality, and it's only going to go up now. Do you have to be mindful about certain things with this audience shifting to the cloud where maybe you shift your investment priorities or different things in the product portfolio receive greater investment? Any meaningful changes you foresee because of this kind of new or structurally higher dynamic that's in place?

我想問的是未來發展趨勢，現在會出現這種相互作用，雖然這不是什麼新鮮事，但這種相互作用會越來越強，核心的 Revit 和 Inventor 用戶越來越多地使用雲端功能，而且這種趨勢只會愈演愈烈。隨著使用者群體向雲端遷移，您是否需要注意某些事項，例如調整投資重點或增加對產品組合中不同產品的投資？您預見到這種新的或結構性更高層次的動態變化會帶來哪些實質改變？

Yes. So shift is not correct, not necessarily the right word. It might -- what it really will be is where we put new dollars. So for instance, at the beginning of this year, this whole concern around architecture and [architectural], this is something we saw coming because this has been a 5-plus year kind of tension around -- with the architecture. So we actually increased investment in AutoCAD architecture at the beginning of this year. So we actually used incremental R&D dollars to increase investment in that space.

是的。所以「shift」這個字並不準確，不一定是正確的字。也許會——但真正會怎樣，取決於我們把新賺的錢投在哪裡。例如，今年年初，人們對建築和[建築學]的關注，是我們已經預料到的，因為在過去的五年多時間裡，建築領域一直存在著一種緊張關係。因此，我們實際上在今年年初增加了對 AutoCAD 建築設計的投資。因此，我們實際上是利用新增的研發資金來增加對該領域的投資。

What it will mean moving forward is how we deliberately choose where we add incremental investment. And we've been very rich and forthright with the construction space in terms of incremental investment. We're not going to shift money away from that. But as we add incremental investment into next year and year after that, we'll probably add more incremental investment into other places over time.

接下來，這意味著我們將如何有意識地選擇在哪些領域增加增量投資。我們在建築領域一直非常慷慨，並進行了大量的增量投資。我們不會把錢從那裡轉移走。但隨著我們明年及以後每年逐步增加投資，我們可能會隨著時間的推移在其他地方增加更多投資。

So rather than thinking about it as a shift, Joe, I think of it as we continue to add incremental investment, which we're in the enviable position to be able to do, we're spending more in R&D than we ever had in our history and we have still room to invest more. We're just going to choose deliberately to add incremental investment in certain spaces, like we did at the beginning of this year for architecture. Does that make sense?

所以，喬，與其說這是一個轉變，不如說我們不斷增加投入，而我們正處於一個令人羨慕的位置，能夠做到這一點。我們在研發方面的投入比以往任何時候都多，而且我們還有進一步投資的空間。我們將有意識地選擇在某些領域逐步增加投資，就像我們今年年初對建築領域所做的那樣。這樣說得通嗎？

Right. I'll leave it there. Yes, it does. I'll leave it there.

正確的。我就說到這兒吧。是的，確實如此。我就說到這兒吧。

Our next question comes from David Hynes with Canaccord.

我們的下一個問題來自 Canaccord 公司的 David Hynes。

So 2 questions from me. I'll start with you, Scott. Curious what the lag time was between the uptick in active use and then the resumption of demand that you saw in APAC? And I guess the question is, if the same held true in the Americas based on what you saw in July, when would you expect to see an uptick in demand here?

我有兩個問題。史考特，我就從你開始吧。很好奇亞太地區活躍用戶數量上升到需求恢復之間存在多長時間的延遲？我想問的是，如果根據您在 7 月看到的情況，美洲的情況也同樣如此，您預計何時會看到這裡的需求回升？

Yes. So I don't really want to get into parsing it that -- quite that finely for you, David. What we did see is, as the usage ticked up and if there was a bit of a lead time, but not measured in months, but there is a bit of lead time between usage ticks up and when the actual new product sales tick up.

是的。所以，我並不想為你進行如此細緻的分析，大衛。我們看到的是，隨著使用量的增加，雖然沒有以月為單位衡量，但使用量增加和新產品實際銷售量增加之間確實存在一定的提前期。

And then our expectation, not only have we seen that in APAC now, but we've seen the same phenomenon as the markets have reopened in Continental Europe. So our expectation is, as we get more into a reopening in the United States, that we'll see that same thing here. I think the U.K. is dealing with a slightly separate issue than just the normal recovery from the pandemic.

而且，我們的預期不僅在亞太地區得到了體現，隨著歐洲大陸市場重新開放，我們也看到了同樣的現象。因此，我們預計，隨著美國逐步重啟經濟，我們這裡也會看到同樣的情況。我認為英國面臨的問題與疫情後的正常復甦略有不同。

Yes. Yes. Okay. And then, Andrew, one for you. Curious about the education channel. I know it's not a revenue driver for Autodesk, but obviously, it's training future users. So I'd be curious what you're seeing there, just given the uncertainty around back-to-school processes and enrollment numbers. Any color would be helpful.

是的。是的。好的。然後，安德魯，給你來一個。對教育頻道很有興趣。我知道這對 Autodesk 來說不是收入來源，但顯然，它正在培訓未來的使用者。鑑於返校流程和入學人數存在不確定性，我很想知道你那邊的情況。任何顏色都會有幫助。

Yes. Education usage is up for us, all right? And I think, frankly, the remote nature of work is kind of playing nicely into our strategy in certain areas, especially with regards to the cloud and how the cloud interacts with certain parts of the curriculum. Certainly on the university side, Fusion is doing well because of its cloud foundation. And remember, we have Tinkercad in K-12, so Tinkercad is getting more visibility in a lot of curriculums right now as well.

是的。我們這邊的教育用途增加了，對吧？坦白說，我認為遠距工作的性質在某些領域對我們的策略起到了很好的推動作用，尤其是在雲端運算以及雲端運算如何與課程的某些部分互動方面。當然，就大學方面而言，Fusion 的表現非常出色，這得益於其雲端基礎架構。別忘了，K-12 階段也有 Tinkercad，所以 Tinkercad 目前在許多課程中也越來越受歡迎。

So education has done really well for us during the pandemic in terms of -- it's not that we haven't seen declines in usage. We absolutely have. But it's rebounded back to usage levels that we had in pre-COVID days, which is a positive sign. And we're seeing gains in educational usage in places where the cloud is a priority for the usage paradigm.

所以，就疫情期間而言，教育方面確實做得很好——並不是說我們沒有看到使用率下降。我們當然有。但它已經恢復到新冠疫情前的使用水平，這是一個積極的信號。我們看到，在那些將雲端運算作為優先使用模式的地方，教育領域的使用量正在成長。

And our last question comes from Jason Celino with KeyBanc Capital Markets.

最後一個問題來自 KeyBanc Capital Markets 的 Jason Celino。

Maybe one quick one for Scott, more of a forward-looking question. I think there have been a lot of questions on what you're seeing in churn today. But I guess, what are you building in the guidance? Because I think last quarter, you mentioned that you are building in some conservatism around that for the second half.

也許可以問斯科特一個簡短的問題，一個更著眼於未來的問題。我認為大家對目前客戶流失狀況有很多疑問。但我想問的是，你們在指導原則中究竟建構了什麼？因為我覺得上個季度你有提到過，下半年你們會在這方面採取一些保守的策略。

Yes. Our expectation -- so I'm quite pleased actually with the way the renewal rates on product subscriptions, which is by far the biggest piece of our subscription base, has progressed throughout the quarter. And it's our expectation that we will continue to see slight improvements on that through the end of the year. And I think it -- and that's kind of now looking across all countries. Obviously, it varies a bit by region as different regions are recovering from the economic impact of the shutdown differently. But I think in aggregate, what the expectation should be continued slight improvement in those renewal rates on product subs.

是的。符合預期－因此，我對產品訂閱續訂率在本季的發展相當滿意，而產品訂閱是我們訂閱用戶群中最大的部分。我們預計到年底前，這種情況會繼續略有改善。我認為——而且現在看來，這幾乎是放眼所有國家的情況。顯然，由於不同地區從疫情封鎖帶來的經濟影響中恢復的速度不同，因此各地情況略有差異。但我認為總體而言，我們應該預期產品訂閱續訂率將繼續小幅改善。

Maintenance is quite small. It's not surprising to see churn rate increase on maintenance as we've now formally announced the end-of-life of maintenance. And it's kind of the last chance to either renew, convert or churn. And so we're seeing an increase in both renew -- I'm sorry, we're seeing an increase in both convert and churn at the same time, which is in line with our expectations. And of course, maintenance is a -- is quite a small element of our overall subscription base and our revenue base at this point. So not surprising on that front. And I would expect to see that maintenance churn rate continue at a higher than normal level through the end of the year.

維護成本很低。鑑於我們已正式宣布維護服務終止，維護服務的客戶流失率上升並不令人意外。這算是續訂、轉換或流失的最後機會了。因此，我們看到續訂率——抱歉，我們看到轉換率和流失率同時都在上升，這符合我們的預期。當然，維護費用目前在我們整體訂閱用戶群和收入群中所佔比例很小。所以在這方面並不令人意外。我預計到年底，維護人員流失率將繼續保持在高於正常水平的水平。

Okay. And one for Andrew, really quick on Fusion 360, the net additions that you mentioned. Any way to think about where those came from? Were they existing users or completely new users, and were they using cloud before?

好的。還有一個問題想問 Andrew，關於 Fusion 360，你提到的網路新增功能，請快速回答。有沒有辦法推測這些東西的來源？他們是現有用戶還是全新用戶？他們之前使用過雲端服務嗎？

Yes. Well, it's kind of all of them, all right? There were existing users that added more, so we've had expansion. We're getting bigger and bigger Fusion installations, which is a good sign. There are also new users at the low end of the market. We see a lot of users consolidating their CAM and design solutions at the low end of the market into Fusion and moving forward with Fusion.

是的。嗯，其實都算吧？一些現有用戶增加了用戶，所以我們的用戶數量有所增加。Fusion 的安裝規模越來越大，這是一個好兆頭。低端市場也湧現了一些新用戶。我們看到很多用戶將原本放在低階市場的 CAM 和設計解決方案整合到 Fusion 中，並開始使用 Fusion。

So it's kind of a combination of all those things. We saw some users converting from some of our hobbyist versions to commercial versions. So it's across the whole spectrum. But really, the big drivers are we're selling more into accounts where we had it, and we're selling more down market into accounts that are basically unifying their portfolios inside of their operations.

所以這算是所有這些因素的綜合作用。我們發現一些用戶從我們的一些業餘愛好者版本轉而使用商業版本。所以它涵蓋了所有方面。但實際上，主要驅動因素是我們向之前已有帳戶銷售了更多產品，並且向那些基本上在其營運內部整合投資組合的帳戶銷售了更多低端市場產品。

And this is all the time we have today. I would now like to turn the call back over to Abhey Lamba for closing remarks.

今天時間就到此為止了。現在我謹將電話轉回給阿貝·蘭巴，請他作總結發言。

Thank you, Joelle, and thanks, everyone, for joining us today. Please reach out to us if you want to follow-up on anything. This concludes our call for today. Thanks.

謝謝喬爾，也謝謝大家今天能來參加我們的節目。如有任何後續事宜，請與我們聯絡。今天的通話到此結束。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。