Autodesk Inc (ADSK) 2021 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Autodesk First Quarter Fiscal Year '21 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference to your speaker today, Abhey Lamba, Vice President, Investor Relations. Please go ahead, sir.

女士們、先生們，感謝您的耐心等待，歡迎參加歐特克2021財年第一季財報電話會議。 （操作說明）請注意，本次會議正在錄音。 （操作說明）現在我將會議交給今天的發言人，投資者關係副總裁阿貝·蘭巴先生。請您發言。

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

謝謝接線員，下午好。感謝您參加我們關於2021財年第一季業績的電話會議。今天在線的有我們的首席執行官安德魯·阿納格諾斯特和首席財務官斯科特·赫倫。

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

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

During the course of this call, we may make forward-looking statements about our outlook, future results and related assumptions 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，我們可能會就我們的展望、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這些陳述有重大差異。請參閱我們向美國證券交易委員會提交的文件，以了解重要的風險和其他因素，包括新冠肺炎疫情的發展及其對我們業務和營運的影響，這些因素可能導致我們的實際業績與前瞻性陳述中的結果存在差異。

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僅代表截至今日的觀點。如果本次電話會議在今天之後重播或回顧，會議中提供的資訊可能不再是最新或準確的資訊。 Autodesk 不承擔更新或修訂任何前瞻性聲明的義務。

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

在本次電話會議中，我們將引用一些數字或成長變化來討論我們的財務表現。除非另有說明，否則所有引用均指同比數據。本次電話會議中提及的所有非GAAP財務數據均已在新聞稿或投資者關係網站上的簡報中進行了核對。

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 open, I want to thank all of the medical professionals and other essential workers who are confronting the impacts of the COVID-19 pandemic on the front line. Their efforts are not only saving lives, but allowing many other people around the world to protect themselves, their families and their communities. Their efforts are truly heroic. Thank you for everything you do.

謝謝你，阿貝。首先，我要感謝所有奮戰在對抗新冠肺炎疫情第一線的醫護人員和其他必要崗位的工作人員。他們的努力不僅拯救了生命，也讓世界各地的人們得以保護自己、家人和社區。他們的付出堪稱英勇。感謝你們所做的一切。

Our thoughts are also with everyone affected by this pandemic, and our priorities remain the safety and well-being of our employees and the continued support of our customers, partners and communities. Many of us, myself included, are adopting multiple roles as we seek to juggle the demands of our professional and family lives in a world that has suddenly become more complex and more constrained.

我們與所有受疫情影響的人們同在，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仍然是我們的首要任務。包括我在內的許多人，都在努力兼顧工作和家庭，以應對這個突然變得更加複雜和受限的世界。

Personally, I've had to learn how to home school my youngest child. And while I've always had a healthy respect for the work teachers do, I have developed an even deeper appreciation for the role teachers play in our societies. It takes a lot of patience and skill to help a young mind learn what it needs to learn.

就我個人而言，我必須學習如何在家教育我的小兒子。雖然我一直都很尊重教師的工作，但現在我對教師在社會中扮演的角色有了更深的理解。幫助一個年幼的孩子學習他們需要學習的知識，需要極大的耐心和技巧。

From a business operations standpoint, the transition to working remotely has been smooth. I am proud of how our employees and partners have balanced their personal lives with many commitments during these unprecedented times. Many significant product upgrades were successfully released, thanks to our cloud-based operating infrastructure. One of the metrics we have been tracking closely is the weekly active users of our products. And since the pandemic started, usage of our products dipped slightly, but overall remained relatively steady. In China, usage dropped rapidly in February but rebounded above pre-COVID levels by the end of March as business started reopening in the region. And it's no surprise, we saw a major surge in usage of our cloud collaboration products as people worked from home and throughout the quarter.

從業務營運角度來看，遠距辦公的過渡非常順利。我為我們的員工和合作夥伴在這段前所未有的時期能夠平衡個人生活和各項工作而感到自豪。由於我們基於雲端的營運基礎設施，許多重要的產品升級得以成功發布。我們一直密切關注的一個指標是產品的每週活躍用戶數。自疫情爆發以來，我們產品的使用量略有下降，但整體上保持相對穩定。在中國，2月使用量迅速下降，但隨著該地區企業開始復工復產，到3月底已回升至疫情前水準以上。不出所料，隨著人們居家辦公以及整個季度的工作，我們的雲端協作產品的使用量出現了大幅成長。

During the quarter and into May, renewal rates held relatively steady. Among our target markets, AEC revenue held up well, while we experienced a slowdown in the manufacturing space. The resiliency of our business is anchored by the diversity of our geographic regions and product offerings, our subscription business model and our indirect distribution model, which allows us to operate and adapt locally as economic conditions evolve in different geographic regions.

本季及5月份，續約率維持相對穩定。在我們的目標市場中，AEC（建築、工程和施工）領域的收入表現良好，而製造業領域的收入則有所放緩。我們業務的韌性源自於我們地域和產品組合的多樣性、訂閱業務模式以及間接分銷模式，這使我們能夠根據不同地區經濟情勢的變化進行在地化營運和調整。

During the quarter, we helped our customers accelerate their migration to the cloud and ease their transition to working from home. We also offered extended payment terms to alleviate their liquidity concerns. Please refer to the slide deck on our Investor Relations website for more details on these actions.

本季度，我們協助客戶加速向雲端遷移，並簡化了他們居家辦公的過渡流程。此外，我們還提供了延長的付款期限，以緩解他們的流動性擔憂。有關這些舉措的更多詳情，請參閱我們投資者關係網站上的簡報。

I am incredibly proud of not only the way our employees rally to support each other in the company, but also how they rally to support our customers, our partners in the communities they live in. Without their resiliency, the resiliency of our business model wouldn't matter.

我為我們員工在公司內部互相支持的精神感到無比自豪，也為他們在各自社區中團結一致支持客戶和合作夥伴的精神感到自豪。如果沒有他們的韌性，我們商業模式的韌性就無從談起。

With that, I'd like to turn it over to Scott now to take you through the details of our performance and guidance before I come back to provide insight into our strategic growth drivers.

接下來，我想把發言權交給史考特，讓他為大家詳細介紹我們的績效和指導狀況，之後我再回來為大家分析我們的策略成長驅動因素。

Thanks, Andrew. Before I offer more details on the first quarter, I want to echo Andrew's comments thanking our heroes battling the pandemic on the front lines. Our products, partnerships and expertise help many front line organizations combat the pandemic from the quick-build hospitals to manufacturing personal protective equipment or PPE and the philanthropic support of global, national and local communities. My own daughter just graduated with her nursing degree and will be on the front line next month. Availability of proper PPE for her and all the other superheroes in scrubs has been my biggest concern, so I'm particularly proud Autodesk has played a role in addressing that need.

謝謝安德魯。在詳細介紹第一季業績之前，我想再次感謝安德魯，感謝奮戰在對抗疫情前線的英雄們。我們的產品、合作夥伴關係和專業知識幫助眾多第一線機構對抗疫情，從快速搭建的醫院到個人防護裝備（PPE）的生產，再到對全球、國家和地方社區的慈善支持，我們都做出了貢獻。我的女兒剛獲得護理學位，下個月就要奔赴一線。她和其他所有身穿手術服的「超級英雄」能否獲得合適的個人防護裝備一直是我最關心的問題，因此，我為歐特克公司在滿足這一需求方面所做出的貢獻感到格外自豪。

Our Q1 performance was strong, with total revenue growing by 20%, subscription plan revenue growing by 35% and operating margin expanding by 10 percentage points. Total remaining performance obligations grew 27%, and current remaining performance obligations grew by 18% to $2.4 billion in the quarter. We delivered free cash flow of $307 million and continue to repurchase our shares to offset dilution.

我們第一季的業績表現強勁，總營收成長20%，訂閱計畫營收成長35%，營業利潤率提升10個百分點。剩餘履約義務總額增加27%，當前剩餘履約義務增加18%至24億美元。我們實現了3.07億美元的自由現金流，並將繼續回購股票以抵消股權稀釋。

Typically, I'll go through our results from the quarter in more detail. But today, I'm going to focus on the COVID-19 impacts on our business and guidance. You can find additional details on our Q1 performance on our Investor Relations website.

通常情況下，我會更詳細地介紹我們本季的業績。但今天，我將重點放在新冠疫情對我們業務和業績指引的影響。您可以在我們的投資者關係網站上找到有關第一季業績的更多詳細資訊。

I do quickly want to mention that we have renamed what we previously called core business to Design and what we previously called Cloud to Make. The prior labels caused some confusion as almost all of our products have cloud-enabled functionality. There is no change to the products that fit into each of these 2 categories.

我想快速說明一下，我們已將之前稱為核心業務的業務更名為“設計”，將之前稱為“雲端”的業務更名為“製造”。先前的命名造成了一些混淆，因為我們幾乎所有產品都具備雲端功能。這兩個類別下的產品本身沒有任何變化。

During the quarter, renewal rates held relatively steady, whereas new business not surprisingly slowed down in the second half of Q1. However, the impact on our business has not been uniform by geography or industry. Our business is not only diverse from a geographic standpoint, but our products and customers are diverse as well. Many of you have asked about our exposure to small businesses. We generate approximately 10% to 15% of our revenues from small businesses, defined as customers with less than 20 employees and with less than 15 seats.

本季續約率保持相對穩定，而新業務成長不出所料地在第一季下半段放緩。然而，疫情對我們業務的影響因地域和行業而異。我們的業務不僅在地域上多元化，產品和客戶也同樣多元化。許多客戶詢問了我們對小型企業的業務投資。我們約有 10% 至 15% 的收入來自小型企業，小型企業是指員工人數少於 20 人且用戶席位少於 15 個的客戶。

Our net revenue retention rate was within the 110% to 120% range. One of the other metrics we track for customer stickiness is partial renewals, which is a measure of subscription renewals where some, but not all, seats in a contract are renewed. Our partial renewal rate remained relatively steady as well.

我們的淨收入留存率在 110% 到 120% 之間。我們追蹤的另一個衡量客戶黏性的指標是部分續約率，即合約中部分席位續約的情況。我們的部分續訂率也保持相對穩定。

In prior downturns, AutoCAD LT was a leading indicator for demand. However, during the current slowdown, our mix of AutoCAD LT moved higher as some customers apparently chose to optimize their purchases. And lastly, we saw a modest decrease in multiyear deals toward the end of the quarter, although many customers continue to move forward with multiyear commitments even in the current environment.

在以往的經濟低迷時期，AutoCAD LT 一直是需求的領先指標。然而，在目前的經濟放緩期間，由於一些客戶顯然選擇了優化採購策略，AutoCAD LT 的比例有所上升。最後，儘管許多客戶即使在當前環境下仍然堅持簽訂多年期合同，但我們在本季度末仍觀察到多年期合約數量略有下降。

Given the evolving business environment as a result of COVID-19, we are actively managing our spending, reducing travel and entertainment expense, monitoring our hiring rate, shifting to virtual events across the board and rationalizing our marketing spend. We will continue to invest in critical areas such as R&D, construction and digitizing the company to ensure our future success as we come out of the pandemic.

鑑於新冠疫情導致商業環境不斷變化，我們正在積極管理支出，減少差旅和招待費用，監控招聘速度，全面轉向線上活動，並合理調整行銷支出。我們將繼續投資於研發、建置和公司數位化等關鍵領域，以確保疫情後我們能夠取得成功。

Now let me turn to our expectations for the remainder of the year. Our investment in cloud products and a subscription business model, backed by a strong balance sheet, gives us a robust foundation to successfully navigate the economic challenges. Our full year guidance range is wider than normal due to ongoing uncertainty in the economic environment that will have a more pronounced impact on our new business.

現在，我想談談我們對今年剩餘時間的預期。我們對雲端產品和訂閱業務模式的投資，加上穩健的資產負債表，為我們成功應對經濟挑戰奠定了堅實的基礎。由於經濟環境持續存在不確定性，這將對我們的新業務產生更顯著的影響，因此我們全年的業績預期範圍比往年更寬。

Regarding trends during the year, we expect the second quarter's new business activity to be the most impacted by the pandemic. Our pipeline entering the second quarter is strong and growing, but we're cautious about new business close rates. The upper end of our range assumes a swift recovery of new business in the third quarter and continued improvement into the fourth quarter, with full year new unit volume growing modestly. At the low end of the range, we are modeling deeper impact on second quarter sales, followed by a slower recovery in the third quarter and further improvement in the fourth, with full year new units posting a modest year-over-year decline.

關於全年趨勢，我們預計第二季的新業務活動將受疫情影響最大。進入第二季度，我們的銷售管道依然強勁且持續成長，但我們對新業務成交率持謹慎態度。我們預測的上限假設新業務將在第三季迅速復甦，並在第四季度持續改善，全年新銷量將小幅增長。而預測的下限則認為，疫情對第二季銷售額的影響更為嚴重，第三季復甦速度放緩，第四季將進一步改善，全年新銷量將比去年同期小幅下降。

On the other hand, the majority of our business is renewals, and we have not experienced a meaningful change in our renewal rate, which offers us resilience in an uncertain environment. Still, we are modeling a decline in renewal rates in the second quarter out of an abundance of caution. Our low-end and high-end guidance scenarios differ in the extent of the drop in the second quarter and the pace of recovery later in the year. Given our strong renewal rates, we expect our net revenue retention rate to remain above 100% but move below the current range of 110% to 120% for the rest of the year.

另一方面，我們的大部分業務是續約，而且續約率並未出現顯著變化，這使我們在不確定的環境中具備了一定的韌性。儘管如此，出於謹慎考慮，我們預計第二季續約率將有所下降。我們對第二季續約率的預測情境（低端和高端）在下降幅度以及下半年復甦速度上有所不同。鑑於我們強勁的續約率，我們預期淨收入留存率將維持在100%以上，但會低於目前110%至120%的區間。

In addition to reduced new product demand, we anticipate our billings will be impacted by fewer multiyear transactions. The lower end of our billing guidance assumes a steeper decline in multiyear contracts whereas the upper end is based on a more modest decline. The reduction in billings and timing of large transactions are impacting our free cash flow expectations. Fiscal '21 will be a significantly more back-end-loaded year, which will move some of the free cash flow from this year to next.

除了新產品需求下降外，我們預計多年期交易減少也會影響我們的帳單金額。帳單金額預期下限是基於多年期合約數量大幅下降的假設，而上限則基於較為溫和的下降預期。帳單金額的減少以及大額交易時間的調整正在影響我們的自由現金流預期。 2021財年將是一個明顯集中在下半年的年份，這將導致部分自由現金流從本財年轉移到下半年。

We expect our full year operating margin to expand by approximately 2 to 4 percentage points.

我們預計全年營業利潤率將成長約 2 至 4 個百分點。

Looking at the second quarter forecast, we expect the pandemic to meaningfully impact our billings, which can be sequentially down by low double digit percent. Additionally, our decision to offer extended payment terms to our customers for sales up through early August combined with a more back-end-loaded quarter will impact our Q2 free cash flow, which could end up being breakeven to slightly negative before accelerating in the second half of the year. Although our fiscal year '21 results are being impacted by COVID-19, we are confident in our fiscal '23 free cash flow target of $2.4 billion, assuming the recovery starts by the end of this fiscal year.

展望第二季度，我們預期疫情將對我們的帳單金額產生顯著影響，季減幅度可能達到兩位數百分比。此外，我們決定為客戶提供截至8月初的銷售付款延期，加上本季銷售活動主要集中在下半年，這些因素都將影響我們第二季度的自由現金流，預計第二季度可能出現盈虧平衡或略微虧損，但預計下半年將有所改善。儘管2021財年的表現受到新冠疫情的影響，但我們對2023財年24億美元的自由現金流目標充滿信心，前提是經濟復甦在本財年末開始。

We've built a resilient business model that will allow us to capitalize on multiple tailwinds once we exit the current pandemic. And now I'd like to turn it back to Andrew.

我們已經建立了一個具有韌性的商業模式，這將使我們能夠在疫情結束後充分利用多重利好因素。現在我想把話題交還給安德魯。

Thank you, Scott. We expect all secular trends that we have been investing in for years to be accelerated during and beyond this pandemic. People are being forced to change the way they work and, in turn, are experiencing the benefits that our cloud and subscription solutions have to offer. These companies are not going to go back to how they work before. And digitization will be accelerated as businesses take all steps necessary to ensure they are more resilient.

謝謝你，斯科特。我們預計，多年來我們一直投資的所有長期趨勢，都將在疫情期間及之後加速發展。人們被迫改變工作方式，也因此體驗到我們雲端服務和訂閱解決方案帶來的許多好處。這些公司不會再回到疫情前的工作模式。隨著企業採取一切必要措施增強自身韌性，數位化進程將會加速。

Our investments over the last few years, combined with our ongoing focus on cloud-based offerings, leave us with a competitive advantage and well positioned to help our customers, not only during this pandemic, but also in the new world that they will be working in when it is over. In fact, some of our biggest customers are already altering the mix of our products to lean more heavily into the cloud and digitization.

過去幾年，我們持續加大投資，並專注於雲端產品，這使我們擁有了競爭優勢，能夠更好地幫助客戶，不僅在疫情期間，而且在疫情結束後，也能助力他們適應新的工作環境。事實上，我們的一些大客戶已經開始調整產品組合，更加重視雲端和數位化。

Although AEC spending has held up well and work is continuing, some customers are seeing project delays, cancellations and, in some cases, job sites temporarily shut down. However, despite these realities, we have seen continued adoption of our construction offerings. For example, MEJA Construction, a general contractor in Southeastern United States, selected our products over a competitive construction management solution at their time of renewal. Their business is growing rapidly, and price was becoming a concern with their current vendor. They needed a comprehensive solution that was fast and easy to implement. The multiyear deal started with PlanGrid for the field, evolved to include BIM 360 for the office and field connectivity and ultimately included BuildingConnected for project bidding.

儘管建築、工程和施工 (AEC) 支出保持良好，工程也持續進行，但一些客戶的專案卻面臨延期、取消，甚至在某些情況下，工地暫時關閉。然而，儘管面臨這些挑戰，我們的建築產品和服務仍持續受到客戶的青睞。例如，美國東南部總承包商 MEJA Construction 在續約時，選擇我們的產品而非競爭對手的施工管理解決方案。他們的業務發展迅速，而現有供應商的價格已成為他們關注的問題。他們需要一個快速且方便的綜合解決方案。這份多年合約最初以 PlanGrid 的現場管理方案開始，隨後擴展到包含用於辦公室和現場連接的 BIM 360，最終還包括用於專案投標的 BuildingConnected。

Many construction sites were shut down temporarily, impacting our new business for field-focused solutions like PlanGrid. However, our products span the complete construction value chain, and our collaboration products like BIM 360 Design and Docs experienced solid growth. Our Extended Access Program allows customers to try out and experience the value of the cloud collaboration products at no cost for a limited period of time. We are seeing customers who were in the process of adoption accelerate their time lines. We are also seeing customers purchase additional seats directly through our digital store. Since early March, cumulative new commercial projects grew over 200% in BIM 360 Design and over 100% in BIM 360 Docs. This surge in usage has been a great test for our cloud product infrastructure, which has scaled up seamlessly. As you might recall, BIM 360 design is the cloud collaboration tool that allows our customers to use our design products anytime anywhere with data stored in the cloud. Now that customers are experiencing cloud-based solutions that allow them to work efficiently from anywhere, we do not think they will revert to previous ways of working.

許多建築工地暫時關閉，影響了我們面向現場解決方案（例如 PlanGrid）的新業務。然而，我們的產品涵蓋了整個建築價值鏈，而我們的協作產品（例如 BIM 360 Design 和 Docs）則實現了穩健成長。我們的「擴展存取計畫」讓客戶在限定時間內免費試用並體驗雲端協作產品的價值。我們看到，一些正在採用這些產品的客戶加快了採用進程。此外，我們也看到一些客戶直接透過我們的線上商店購買了額外的席位。自 3 月初以來，BIM 360 Design 的累積新增商業項目數量成長超過 200%，BIM 360 Docs 的累積新增商業項目數量成長超過 100%。這種使用量的激增是對我們雲端產品基礎設施的嚴峻考驗，而我們的基礎設施也實現了無縫擴展。您可能還記得，BIM 360 Design 是一款雲端協作工具，它允許我們的客戶隨時隨地使用我們的設計產品，並將資料儲存在雲端。現在，客戶已經體驗到了能夠讓他們隨時隨地高效工作的雲端解決方案，我們相信他們不會再回到以前的工作方式。

One of our largest customers, AECOM, significantly increased their adoption of BIM 360 and reached out to us beforehand to ensure that we were set up to support the increased usage. AECOM is the world's premier infrastructure firm. David Felker, CIO, Americas and Construction, recently commented, "We're shifting rapidly to remote working, which is absolutely essential for the continuity of our business. Our strategic partnership with Autodesk and the BIM 360 Cloud platform, along with substantial investments in digital solutions and technology, have enabled our successful pivot to this new way of working. We forecast that our use of BIM 360 will continue to grow dramatically in the short term and will become our new baseline for projects in the long term."

我們最大的客戶之一 AECOM 大幅增加了對 BIM 360 的使用，並事先與我們聯繫，以確保我們能夠支援其不斷增長的使用量。 AECOM 是全球領先的基礎設施公司。美洲及建築業務首席資訊長 David Felker 近期表示：「我們正在迅速轉向遠端辦公，這對我們業務的持續營運至關重要。我們與 Autodesk 和 BIM 360 雲端平台的策略合作，以及對數位解決方案和技術的巨額投資，使我們能夠成功轉型到這種新的工作方式。我們預測，短期內 BIM 360 的基準

We are not only helping our customers work remotely, we are also doing so quickly. When New Zealand went into lockdown overnight, we helped Warren and Mahoney Architects successfully mobilized their entire business to work from home in 5 days. In the process, they doubled their number of BIM 360 Design subscriptions. They told us they would not have been able to so successfully continue their business operations while working from home without our support. And they also noted that all projects will be delivered using our platform going forward. We believe the current pandemic will accelerate digitization and automation in the AEC industry as customers look to make their businesses more resilient.

我們不僅幫助客戶遠距辦公，而且速度非常快。紐西蘭一夜之間進入封鎖狀態後，我們幫助Warren and Mahoney Architects建築事務所成功地在5天內實現了全員居家辦公。在這個過程中，他們的BIM 360 Design訂閱用戶數量翻了一番。他們告訴我們，如果沒有我們的支持，他們不可能如此成功地在家工作的同時維持業務運作。他們也表示，未來所有項目都將使用我們的平台交付。我們相信，隨著客戶尋求增強業務韌性，目前的疫情將加速AEC產業的數位化和自動化進程。

At the end of every downturn, there is an upturn, and businesses will need our products more than ever to stay competitive on the other side of this. One segment that has historically done well as governments seek to provide stimulus is infrastructure. During the quarter, we announced an alliance with Aurigo to better serve public and private owners. Capital project owners at Departments of Transportation, Cities, Counties and Enterprises will benefit from this alliance, and we are already receiving positive feedback from customers.

每一次經濟低迷之後都會迎來復甦，企業比以往任何時候都更需要我們的產品，才能在復甦後保持競爭力。歷史上，基礎建設一直是政府刺激經濟措施中表現良好的領域之一。本季度，我們宣布與 Aurigo 建立聯盟，以更好地服務公共和私人業主。交通運輸部門、市、縣和企業的資本項目業主將從此次聯盟中受益，我們已經收到了客戶的正面回饋。

This quarter, we had a top architecture firm and a subsidiary of one of the largest state-owned enterprises in China, choose our products over Bentley's. Their typical projects for domestic and international clients include health care infrastructure, stadiums, airports and skyscrapers. Autodesk's streamlined workloads and data compatibility allow them to collaborate across teams and bring digital design down to the construction service phase. Beyond that, they have already taken advantage of our products for generating optimized design schemes and are excited to use Generative Design in Revit, as we recently announced Generative Design is available in Revit 2021. As our customers plan to return to work safely, they need help redesigning space layouts in buildings, and this is one of the things Generative Design enables people to do effectively.

本季度，頂尖建築事務所和中國一家大型國有企業的子公司選擇了我們的產品，而非 Bentley 的產品。他們為國內外客戶提供的典型項目包括醫療基礎設施、體育場館、機場和摩天大樓。 Autodesk 簡化的工作流程和資料相容性使他們能夠跨團隊協作，並將數位化設計應用到施工服務階段。此外，他們已經利用我們的產品生成優化設計方案，並且對我們近期宣布 Revit 2021 中新增的生成式設計功能充滿期待。隨著客戶規劃安全復工，他們需要協助重新設計建築空間佈局，而生成式設計正是幫助人們有效率地完成這項工作的關鍵之一。

Although manufacturing has been impacted by supply chain disruptions and temporary factory shutdowns, our products are enabling customers to operate under evolving conditions. Customers use our solutions to develop new products and R&D continues even when production floors experience disruption. Automation and flexible supply chains will be vital to competitiveness in the future. Our products help customers work remotely in a distributed environment and collaborate among their divisions, customers and supply chains in the cloud.

儘管製造業受到供應鏈中斷和工廠臨時停工的影響，但我們的產品能夠幫助客戶在不斷變化的環境中持續運作。客戶利用我們的解決方案開發新產品，即使生產車間受到影響，研發工作也能持續進行。自動化和靈活的供應鏈對於未來的競爭力至關重要。我們的產品可協助客戶在分散式環境中遠端辦公，並在雲端實現部門間、客戶間以及供應鏈間的協作。

Fusion 360 is the leading comprehensive multi-tenant cloud CAD, CAM and PLM solution and continue to gain traction during this pandemic as customers are reassessing their technology portfolios' readiness to cope with the demands of distributed work. In fact, April was the fastest-growing month for new user acquisition.

Fusion 360 是領先的綜合多租戶雲端 CAD、CAM 和 PLM 解決方案，在疫情期間持續獲得用戶青睞，因為客戶正在重新評估其技術組合是否能夠應對分散式辦公室的需求。事實上，4 月是新用戶成長最快的月份。

A good example of this is that we closed a large stand-alone Fusion 360 deal with a big semiconductor company. Currently, they use the electronics design capabilities in Fusion for their printed circuit board design work. And we expect to further expand our presence with them due to the integrated functionality offered by our products at a more attractive price point.

一個很好的例子是我們與一家大型半導體公司達成了獨立的Fusion 360交易。目前，他們正在使用Fusion的電子設計功能進行印刷電路板設計。我們預計，由於我們的產品以更具吸引力的價格提供整合功能，我們將進一步擴大與他們的合作。

In addition, BASF, the largest chemical producer in the world, increased their EBA users of Fusion 360 to 2,000 during the quarter. They look forward to using Fusion 360 as a collaboration platform to improve the efficiency of communication between several teams, starting with equipment design and maintenance at one of their chemical plants.

此外，全球最大的化學生產商巴斯夫在本季將Fusion 360的EBA用戶數量增加到2000人。他們期待將Fusion 360用作協作平台，以提高多個團隊之間的溝通效率，首先應用於其一家化工廠的設備設計和維護。

Growth remains strong relative to our competition across our manufacturing portfolio. Customers of our on-premise solutions report minimal disruption in the move to remote work, which has been supported by cloud features included in our subscription offering. During the quarter, we signed our first enterprise business agreement with an automobile manufacturer in China. The usage-based model was a good fit for the customer who needs flexible access to our expansive portfolio of products. COVID-19 was a catalyst for them to substantially increase their engagement with us. They made the decision to adopt the most efficient solution to ensure they stay competitive in their industry on the other side of this downturn. In addition to growing our presence in the commercial space, we continue to maintain our leadership in the education space, where future engineers are rapidly adopting our products. Our new user acquisition in the education space, driven by Fusion 360, went up over 70% in April.

相對於競爭對手，我們在整個製造產品組合中保持了強勁的成長勢頭。我們的本地部署解決方案客戶回饋，在向遠端辦公轉型過程中受到的影響微乎其微，這得益於我們訂閱服務中包含的雲端功能。本季度，我們與中國一家汽車製造商簽署了首份企業業務協議。這種基於使用量的模式非常適合需要靈活存取我們豐富產品組合的客戶。新冠疫情促使他們大幅提升了與我們的合作。他們決定採用最高效的解決方案，以確保在疫情低迷期過後仍能保持產業競爭力。除了在商業領域不斷拓展業務外，我們還繼續保持在教育領域的領先地位，未來的工程師們正在迅速採用我們的產品。在Fusion 360的推動下，我們在教育領域的新增用戶在4月成長了70%以上。

Moving onto another high-priority area for us. We are still making traction monetizing noncompliant users. In terms of sales-led initiatives, we are being sensitive to customer situations and are often deferring the final outreach. But this does not mean progress has stopped. The first deal we closed in Wuhan after the business reopened was a license compliance transaction that we have been working on for many months prior to the pandemic. We closed an additional license compliance deal and competitive win over Bentley in Central America and the customer is now piloting BIM 360 Docs.

接下來，我們來談談另一個重點領域。我們仍在透過向不合規用戶收費來取得進展。在銷售主導的措施方面，我們充分考慮了客戶的實際情況，並經常推遲最終的溝通。但這並不意味著進展停滯不前。疫情爆發前，我們在武漢復工後完成的第一筆交易就是一項許可合規交易，這項交易我們已經籌備了數月之久。此外，我們還在中美洲完成了另一項許可合規交易，並在與 Bentley 的競爭中勝出，客戶目前正在試用 BIM 360 Docs。

In closing, while all of us are impacted by the current pandemic, we are building a stronger Autodesk for the next year and beyond. We have a head start over our competition in critical capabilities like cloud computing and cloud-based collaboration, and we will continue to invest in our strategic initiatives.

最後，儘管我們所有人都受到當前疫情的影響，但我們正在為未來一年及更長遠的未來打造一個更強大的Autodesk。我們在雲端運算和雲端協作等關鍵能力方面領先競爭對手，並將繼續投資於我們的策略舉措。

There are 3 key areas that make us confident in our fiscal '23 targets and our growth after that. One, digitization in AEC is going to accelerate in the coming years as companies seek to adopt not only BIM, but complete design to make workflows enabled by the cloud that not only make current processes more resilient and efficient but support new industrial paradigms for the construction site. Two, the evolution of manufacturing to a more distributed, networked and cloud-based workflow is also going to accelerate significantly over the next few years. And we have the industry's leading multi-tenant cloud-based solution to address the emerging customer needs that will come with this new paradigm. And three, finally, 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 aggressively in the future but do so with an eye to both revenue and margin growth. We look forward to virtually engaging with many of you at Investor Day on June 3, where will have more time to share our strategic initiatives.

有三個關鍵領域讓我們對2023財年的目標以及之後的成長充滿信心。首先，未來幾年，隨著企業尋求採用BIM以及完整的設計方案，AEC（建築、工程和施工）行業的數位化進程將加速，從而建立基於雲端的工作流程。這些工作流程不僅能提升現有流程的彈性和效率，還能支援建築工地的新型工業模式。其次，製造業朝向更分散式、網路化和基於雲端的工作流程的演進也將在未來幾年顯著加速。我們擁有業界領先的多租戶雲端解決方案，能夠滿足這項新模式帶來的新興客戶需求。第三，我們的商業模式比公司歷史上任何時候都更加穩健、適應性更強、更具韌性。這將使我們不僅積極投資未來，還能兼顧營收和利潤成長。我們期待在6月3日的投資者日活動中與各位進行線上交流，屆時我們將有更多時間分享我們的策略舉措。

With that, operator, we'd 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 Saket Kalia with 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. I hope everyone's doing well. Andrew, maybe just to start with you. Thanks for the commentary just by area. I want to look at it from a different lens and maybe see if you can talk about what you're seeing from your customers on engineering head count and hiring. Now clearly, that situation is going to differ between manufacturing -- between your manufacturing customers and your AEC customers. But I'm wondering if you could give us some high-level observations just about how your customers are approaching head count during these times.

好的，太好了。希望大家都一切順利。安德魯，或許我們可以先從你這裡開始。感謝你之前就各個領域提供的評論。我想從另一個角度來看待這個問題，看看你是否能談談你的客戶在工程人員數量和招募方面的情況。顯然，製造業客戶和建築、工程和施工（AEC）客戶的情況會有所不同。但我很想知道，你能否就你的客戶目前如何應對人員數量問題，提供一些整體的觀察。

Yes. Saket, I hope you're doing well as well. Look, there's -- what I'll do is I'll give you some indirect measures of what we're seeing. If our customers were engaging in a lot of head count reductions, what we would see is a tendency towards more partial renews in our base. We're not seeing that, all right, as we mentioned in the opening commentary. So we're not seeing this increase in partial renews, which kind of talks to a stable employment base and a stable team environment.

是的，薩凱特，希望你一切都好。你看，我接下來會給你一些我們觀察到的間接指標。如果我們的客戶正在大規模裁員，我們會看到部分續約的情況增加。但正如我們在開場白中提到的，我們並沒有看到這種情況。所以我們沒有看到部分續約的增加，這顯示我們的員工基礎和團隊環境都很穩定。

The other thing that we pay attention to is the whole notion of what's happening with weekly active users, okay? That's the real measure of economic activity happening on top of our applications. This is something we didn't have during the last downturn. We weren't able to monitor weekly active use of our desktop products. That weekly active usage, while it declined a little bit as we headed into this, is definitely starting to stabilize. So that's another indicator that tells us, look, people are hanging on to their R&D, and early project development team members. We're well up in front of the process here on multiple factors, so people need to keep the people working on the stuff that uses our products in order to effectively meet the demand as they come out of this. So that's what we're seeing second.

我們關注的另一點是每週活躍用戶數，懂嗎？這才是衡量我們應用程式背後經濟活動的真實指標。上次經濟衰退時，我們無法掌握這方面的數據。當時我們無法監測桌面產品的每週活躍用戶數。雖然在這次經濟衰退初期，每週活躍用戶數略有下降，但現在確實開始趨於穩定。這又是一個指標，顯示企業正在留住研發人員和早期專案開發團隊成員。我們在多個方面都處於領先地位，因此企業需要留住那些負責開發我們產品相關業務的人員，以便有效地滿足經濟衰退後的需求。這就是我們觀察到的第二個面向。

That's really helpful. Scott, maybe for my follow-up for you. You touched on this a little bit in your prepared remarks, but I'm wondering if we could just flesh it out a little bit more. Can you just talk about what you saw in the quarter on those multiyear paid-up subscriptions? And just talk about how you're thinking about that in the fiscal '21 free cash flow guide?

這真的很有幫助。史考特，我有個後續問題想問你。你在準備的發言稿中稍微提到了這一點，但我想再詳細闡述一下。你能談談你在本季看到的多年付費訂閱嗎？以及你在2021財年自由現金流預測中是如何考慮這方面的？

Yes. Thanks, Saket. And I hope you and your family are staying safe, too. It's such a bizarre time. What we did see, so multiyear continued to be relatively strong. It was an interesting quarter. The beginning of the quarter was quite strong. Across the board, demand was strong. Multiyear was strong. It was really a continuation of a strong Q4. And then right around mid-March, we saw things slow down. And it slowed not evenly, as we talked about in the opening commentary. It slowed down a little bit by -- as countries were affected at a different rate.

是的，謝謝，薩凱特。也希望你和家人一切平安。現在真是個特殊的時期。我們看到，多年型房的需求依然相對強勁。這是一個有趣的季度。季度初非常強勁，整體需求都很旺盛，多年型房的需求尤其強勁。這實際上是第四季強勁勢頭的延續。但到了三月中旬，我們看到需求開始放緩。而且正如我們在開篇評論中提到的，這種放緩並不均衡，各國受到的影響程度不同，因此放緩的幅度也略有差異。

What we saw in multiyear is we did see it come down a bit in the second half of the quarter but not substantially. And you see that when you look at the total long-term deferred balance in relationship to the total deferred revenue balance. So while it did come down, a lot of our customers continue to see value in buying the multiyear. Our partners continue to see value in selling that. And of course, we get value because those are renewals that we don't have to chase, and it frees up sales capacity. So the triumvirate of good for customers, good for partners, good for us, continues. I do expect to see some headwind on multiyear transactions through the second half of the year, and that's part of what is influencing the change in our guidance on billings and free cash flow as an expectation that multiyear will trend down through the year, certainly in the second quarter with some recovery towards the second half of the year.

我們看到，多年合約的數量在下半季確實略有下降，但幅度不大。這一點可以從長期遞延餘額總額與遞延收入總額的比例中看出。雖然多年期合約的數量有所下降，但許多客戶仍然認為購買多年期合約物有所值。我們的合作夥伴也仍然認為銷售多年期合約物有所值。當然，我們本身也從中受益，因為這些續約合約無需我們費力催收，從而釋放了銷售資源。因此，對客戶、合作夥伴和我們自身都有利的局面仍在持續。我預計，下半年多年合約的交易量將面臨一些阻力，這也是我們調整帳單和自由現金流預期的部分原因。我們預計，多年合約的數量將全年呈下降趨勢，尤其是在第二季度，下半年將有所回升。

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。

I'm glad to hear that you are well and hopefully same is true for your families and your team members. Question first for you, Andrew, then a follow-up for Scott. Andrew, you talked about obviously the different phases of the construction life cycle and different products you have there. When you're talking to your customers, how do you think about sort of reopening -- starting to sort of impact, call it, the architecture side, planning, construction, et cetera? And considering the fact, particularly on the AEC side, we seem to have a backlog of projects coming into the year, what are they saying to you in terms of restarting and where sort of that backlog is, especially when you think kind of guide go-forward basis? And then just one follow-up for Scott.

很高興聽到你一切安好，也希望你的家人和團隊成員都平安健康。安德魯，我先問你一個問題，然後再問史考特一個後續問題。安德魯，你剛才談到了建築生命週期的不同階段以及你們公司提供的不同產品。當你和客戶溝通時，你是如何看待重新開放——也就是開始對建築設計、規劃、施工等環節產生影響——這件事的？考慮到，尤其是在建築、工程和施工（AEC）領域，我們今年似乎有很多專案積壓，他們對重啟專案有什麼看法？這些積壓項目都在哪裡？特別是考慮到如何指導未來的發展？最後，我再問斯科特一個後續問題。

Yes. So the backlog comes in 2 forms. The first backlog is projects that were just put on hold and were about to go into the pipe. We hear a lot about that from our customers is that, look, a bunch of products were just put on hold until people know where they're at. Those projects are not going away. None of them are in any kind of category that would represent a pullback from the projects. So yes, at the front end in the design and kind of engineering side, there is definitely this queue of projects that were put on hold.

是的。所以積壓項目分為兩種形式。第一種是暫時擱置、即將啟動的計畫。我們常聽到客戶反映，許多產品都被擱置了，直到大家了解它們的進展。這些項目並沒有消失。它們都不屬於任何會造成項目延期的類別。所以，是的，在前端的設計和工程方面，確實存在這樣一批被擱置的項目。

The interesting thing on the downstream side and the construction side, what you saw was in some municipalities, people actually stopped construction. Now those construction sites are coming back on right now. And in some places, construction never stopped, but they're not coming back on the same, all right? So what you're seeing is people are working with distancing requirements on the construction site, so there's fewer people on the construction site. And these people are working in more shifts. So what you're actually seeing is more pickup in the digital tools and an anticipation from our customers that they need more tools to digitally manage their sites as they stand up these construction sites.

下游和建築方面有趣的是，在一些城市，人們實際上已經停止了施工。現在這些建築工地正在復工。而在其他地方，建築從未停止，但它們的復工規模已經有所不同。因此，我們看到的是，人們在建築工地上遵守保持社交距離的要求，所以工地上的人員減少了。而且，這些人輪班工作。因此，我們實際上看到的是，數位化工具的使用率更高了，我們的客戶也預期他們需要更多工具來數位化管理他們的建築工地。

The same goes in manufacturing. Manufacturing, they -- their biggest problem is that their output side was shut down. There are new product development and all the things that are going on there, none of that was stopping. They just couldn't push the units out because of various restrictions on them. That's all starting to open up as well. And that's what we're hearing from our customers.

製造業的情況也類似。他們最大的問題是生產線停工了。新產品研發和其他所有工作都在進行，這些都沒有停止。只是由於各種限制，他們無法將產品推向市場。現在這些限制也開始逐步解除。這也是我們從客戶那裡聽到的回饋。

Frankly, the one segment of our customer base that still doesn't know what their fate is, is the people making films, TV and film. They're still struggling with when the sets are going to go back up. Games, obviously, they never saw a slowdown. So -- but the people in the film business are still waiting for when the production is going to restart.

坦白說，我們客戶群中唯一一個仍然不知道自己命運如何的群體，就是電影、電視和影視製作從業人員。他們仍在苦苦等待何時才能復工。遊戲產業顯然從未受到任何影響。所以——但電影業的從業人員仍在等待何時才能重啟製作。

Great. That was super helpful. And then Scott, just a follow-up. Obviously, we came into the year with a significant number of active users that weren't on subscription or maintenance. I wonder if you could tell us just sort of the trend that you saw in Q1 relative to last year in terms of version of those to paying subscribers and just how are you thinking about this year.

太好了，這真的很有幫助。 Scott，還有一個後續問題。顯然，年初的時候我們有很多活躍用戶沒有訂閱或付費。我想請您談談第一季與去年同期相比，這些用戶轉化為付費用戶的趨勢，以及您對今年的展望。

Yes. It continues to be an enormous opportunity for us, Phil, and it's one that we'll continue to pursue out even beyond fiscal '23.

是的。菲爾，這對我們來說仍然是一個巨大的機遇，即使到了2023財年以後，我們也會繼續追求這個機會。

What we have seen during the quarter is -- we talked about this on the fourth quarter call as well. We've gotten better at the data science and identifying those, passing on higher-quality leads. That's led to the productivity of those license compliance teams improving. And as the productivity improves, we're investing more head count here. That trend continued into the first half of the quarter. I will tell you, as the economy got more difficult and as many of our customers face shutdown and very difficult situations, what we did do toward the second half of the quarter is, while we continue to pursue those transactions, we're not forcing a final transaction, a final outcome of that in many cases. So that pipeline continues to build. We continue to work that and build that up, and that's an opportunity that's still ahead of us in the second half of the year.

本季我們看到的情況是——我們在第四季度財報電話會議上也討論過這一點——我們在數據科學方面取得了進步，能夠更好地識別潛在客戶，並向他們提供更高品質的銷售線索。這提高了許可證合規團隊的效率。隨著效率的提高，我們也增加了這方面的人員投入。這一趨勢延續到了本季上半段。我要告訴大家的是，隨著經濟狀況日益嚴峻，許多客戶面臨停業和非常困難的處境，我們在本季下半段採取的措施是，雖然我們仍在推進這些交易，但在很多情況下，我們不會強求最終成交。因此，銷售管道仍在不斷拓展。我們將繼續努力，不斷積累，這仍然是我們下半年面臨的機會。

Our next question comes from Heather Bellini with Goldman Sachs.

下一個問題來自高盛的希瑟·貝利尼。

Glad to hear you and your families and the Autodesk employees are doing well. I just have 2 questions. First, Andrew, you mentioned the license compliance deal in Wuhan that you closed. But I also wanted to ask, given your global reach, how are you seeing business trends in parts of Asia, aside from that one, where the economies have maybe been open for a little while longer? And any commentary -- I guess, there would be any commentary on how the first month of this quarter overall is tracking versus the month of April? And then I just had a follow-up for -- a follow-up one after that.

很高興聽到您、您的家人以及Autodesk的員工們一切安好。我有兩個問題。首先，Andrew，您提到了您在武漢達成的許可合規協議。但我想問的是，鑑於您的全球業務，除了武漢之外，您如何看待亞洲其他地區的業務趨勢？這些地區的經濟可能已經開放了一段時間。另外，您能否就本季第一個月的整體情況與四月相比有何看法？之後我還有一個後續問題。

Yes. Okay. Great. So Heather, let me give you a little context. I'll kind of answer your question a little broader than you asked just so that you can get a full set of the context. Scott said, we kind of entered Q1 with a roar. We had like a week to celebrate our success from fiscal year '20. And then what happened is March hit, you saw China start to decline. You saw Korea follow suit. You saw a general decline in APAC. And then kind of Europe came online after that, started to decline, then the U.S.

是的。好的。太好了。 Heather，我先來幫你介紹一下背景。我會比你問的更全面地回答你的問題，這樣你才能了解完整的情況。 Scott說，我們第一季開局非常強勁。我們花了一週時間慶祝2020財年的成功。然後到了三月份，中國市場開始下滑。韓國市場也緊跟其後。亞太地區整體出現下滑。之後歐洲市場也開始下滑，然後是美國市場…

Here's what we saw, though, as things played out. China and Korea rebounded, right? Monthly -- weekly, monthly active usage in China is now above the pre-COVID highs in that country. Korea returned and became stable. Japan was surprisingly steady through the entire crisis, all right, both from a business perspective, from a business collections and from the weekly active usage numbers that we were tracking. And now what we're seeing is kind of the same kind of cascade happening in Europe. We're starting to see Europe weekly active usage is going up. New business is starting to go up. And you're seeing -- we're seeing a kind of a stabilization in the U.S., not any upward trajectory yet, but it's all cascading like that. And we saw that in our weekly active usage numbers. We're seeing it in our new business numbers.

不過，我們看到的情況是這樣的：中國和韓國都出現了反彈，對吧？中國的月度、週度和每月活躍用戶數現在已經超過了疫情前的高峰。韓國也恢復了，並且趨於穩定。日本在整個危機期間都出乎意料地保持穩定，無論是從業務角度來看，從業務收款情況，還是從我們追蹤的周活躍用戶數來看，都是如此。現在，我們看到類似的連鎖反應正在歐洲發生。我們開始看到歐洲的周活躍用戶數和新業務量都在上升。而美國的情況也出現了某種程度的穩定，雖然還沒有出現上升趨勢，但所有情況都朝著這個方向發展。我們在周活躍用戶數和新業務量中都看到了這一點。

And another thing that stayed constant and stayed relatively steady was renewal rates. Now we always told you that we anticipated renewal rates would decline slightly during a downturn. What happened was that renewal rates actually declined less than we expected. So they've been -- they've held up incredibly well through this downturn, and that was consistent across geographies at all times during the crisis. There hasn't been some kind of sudden dip in renewal rates and some wavering. It's actually stays like at a fairly consistent rate.

另一個保持不變且相對穩定的因素是續保率。我們之前一直預計，在經濟低迷時期，續保率會略有下降。但實際情況是，續保率的下降幅度小於預期。因此，在這次經濟低迷時期，續保率表現得非常出色，而且在整個危機期間，各個地區的續保率都保持穩定。續保率沒有出現任何突然的下滑或波動，而是一直保持在一個相當穩定的水平。

The one thing I want to make sure you understand during the whole entire thing, our cloud products and our make products did incredibly well. Like, for instance, in March, during the heat of all of this, Fusion added 50,000 monthly active users in the month, right? In the heat of all of this, all right? We already told you about what was going on in BIM 360 Design and BIM 360 Docs, those products all did very well even through the downturn.

在整個過程中，我最想強調的一點是，我們的雲端產品和建模產品表現非常出色。例如，在三月疫情最嚴重的時候，Fusion 360 的每月活躍用戶數就增加了 5 萬，對吧？在疫情最嚴重的時候，我們之前也提到 BIM 360 Design 和 BIM 360 Docs 的情況，即使在經濟低迷時期，這些產品的表現也都非常出色。

That's great. And then just one quick follow-up for Scott. And I know you mentioned this in response to someone's question, I think, about long-term deferreds. But you had talked about, at one point, most recently, those being maybe as much as 25% of the total deferred revenue balance. I'm just wondering, is there a level that you would set us at for this year that you think might be more reasonable?

太好了。史考特，我還有一個後續問題。我知道你之前在回答別人關於長期遞延收入的問題時提到過這一點。你最近也說過，這部分收入可能占到遞延收入總額的25%。我想問，你覺得今年這個比例有沒有一個更合理的設定？

Yes. No, I think that's the right range, Heather. I think it ends up in the mid-20s. It had been slightly higher than that. You remember on the fourth quarter -- actually, on the third quarter and the fourth quarter call, I think there was concern that multiyear paid upfront product subs was going to run through hot and was going to create a problem for free cash flow this year. In fact, we thought this was going to be a year of stability as opposed to a year of a pandemic. And I have our multiyear offer actually on my watch list. Because if I got the impression that it was running to an unstable level, so hot that we couldn't maintain that percent, I wanted to make changes to the offering to kind of tamp it down a bit. We haven't made any changes to the offer. At this point, I don't think we need to. It's the same, pay for 3 years upfront, get a 10% discount, that it's always been. We saw it in the second half of the year come down modestly. That's my expectation for the year, and that will put long-term deferred in that mid-20% of total range.

是的。不，我覺得這個範圍很合適，希瑟。我認為最終會達到20%左右。之前略高於這個水準。你還記得第四季嗎——實際上，在第三季和第四季的電話會議上，我認為當時有人擔心多年期預付費產品訂閱會過熱，從而對今年的自由現金流造成影響。事實上，我們當時認為今年會是比較穩定的一年，而不是疫情肆虐的一年。我其實已經把我們的多年期優惠活動列入觀察名單了。因為如果我感覺它運作得過於不穩定，過熱到我們無法維持目前的百分比，我就想對優惠活動做一些調整，稍微抑制一下。但我們目前還沒有對優惠活動做任何調整。我認為現在沒有必要。優惠活動還是一樣，預付三年費用，享有10%的折扣，一直都是這樣。我們看到下半年這個折扣活動略有下降。這就是我對今年的預期，這將使長期延期付款佔總數的 20% 左右。

Our next question comes from Jay Vleeschhouwer with Griffin Securities.

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

I'll ask both questions at once. So first, Andrew, you noted a number of trends and requirements that are being accelerated by the current situation. What are the implications of that, if any, for your sales and distribution model? You've been doing a lot of hiring or planned hiring for direct sales coverage, named accounts, inside sales, the store and so forth, and of course, working with the channel. So maybe you could talk about any implications there? And then secondly, looking past this current valley affecting business, looking to your longer-term road map, you've spoken, of course, often at AU, another occasions about your new platform plasma. What are the milestones for that internally that you'd be able to communicate over the next number of years in terms of its progress? And overlaying that at the applications layer, are there any major brands such as Revit or Inventor or anything else that you think would be prudent to rebuild or rewire in some way to take advantage of the new platform in terms of collaboration, data orchestration, perhaps multi-core and multi-threading and all those good things. So a sales question and a technology question.

我會同時問這兩個問題。首先，Andrew，你提到了一些因當前情勢而加速發展的趨勢和需求。這對你的銷售和分銷模式有何影響？你一直在大量招募或計劃招募直銷人員、指定客戶經理、內部銷售人員、門市人員等等，當然也包括與通路夥伴的合作。能談談這方面的影響嗎？其次，展望未來，除了當前業務低潮的影響之外，你還談到了你的長期發展規劃。你曾在AU以及其他場合多次提及你的新平台Plasma。在未來幾年，該平台在內部有哪些里程碑式的進度可以分享？此外，在應用層面，你是否認為應該對Revit、Inventor或其他一些主要品牌軟體進行重建或重新設計，以便充分利用新平台在協作、資料編排、多核心多執行緒等方面的優勢？所以，這是一個銷售問題，也是一個技術問題。

Okay. So let me start with the sales question. So as we've headed into this and looked at the year, as you've noticed, we've continued to invest. While we're not going to spend as much as we originally anticipated this year, we're continuing to invest in R&D and things that we think are core to our future and infrastructure. There are some areas of go to market we did continue to invest in, like international expansion for our construction solutions and things related to supporting the Fusion business. But you're right, we probably slowed down a little bit on inside sales efforts when your inside sales teams, you don't want to hire more inside sales teams when you're having trouble getting in touch with customers when they're working from home. So we slowed down some of those efforts, but there was no across-the-board slowdown in our go-to-market activity. In fact, what we did is we prioritized those things that we thought were most important and invested there. And I think they all would make sense to you in terms of what we're doing there.

好的。那我先從銷售方面的問題談起。回顧過去一年，正如您所看到的，我們一直在持續投資。雖然今年的支出不會像最初預期的那麼多，但我們仍然會繼續投資研發以及我們認為對未來和基礎設施至關重要的項目。我們也持續在一些市場拓展領域進行投資，例如建築解決方案的國際擴張以及與Fusion業務相關的支援工作。但您說得對，我們可能稍微放緩了內部銷售的投資。畢竟，在客戶居家辦公的情況下，我們很難聯絡到他們，所以也不想再招募更多的內部銷售人員。因此，我們放緩了部分內部銷售工作，但我們的市場拓展活動並沒有全面放緩。事實上，我們優先考慮了那些我們認為最重要的事項，並對這些事項進行了投資。我相信您也能理解我們所做的一切。

In terms of the longer-term growth, I think you're going to continue to see us invest in go to market internationally around our construction and cloud solutions. I think you're going to see us continue to invest in data centers and servers in our international locations that service our customers with some of our cloud solutions because those are going to be in demand, all right?

就長期成長而言，我認為我們將繼續加大對國際市場（尤其是建築和雲端解決方案）的投資。我認為我們將繼續投資於我們在國際地區的資料中心和伺服器，為客戶提供雲端解決方案，因為這些服務會有需求，對吧？

Now with regard to your second question, okay, we don't call it plasma anymore, by the way. It's a different name, which you'll get some view of later, probably around AU time frame. So I'm going to be careful about what I talk about there. But look, first off, I want to make sure you understand. We -- there's a lot in our cloud, all right? A lot in our cloud platform, a lot that has been exposed, a lot that hasn't yet been exposed. Some of those things you're talking about allowing multidisciplinary collaboration, simultaneous access to a common model that updates based on different disciplines, but maintains control, let's say, the architects, the engineers, you're going to hear a lot more about that in the coming months and probably around Autodesk University. So I'm not going to steal the thunder from that. What I will say at this point is we've got a lot going on, and we're big believers in the app model. And what I mean by that is we believe that relatively modestly sized to, say, clients with a really robust cloud back end are the future. And we got there in a very informed way.

關於你的第二個問題，好的，順便說一下，我們現在不叫它 Plasma 了。現在它有了另一個名字，你稍後會看到，大概在 Autodesk University 前後。所以我會謹慎措辭。但是，首先，我想確保你明白。我們的雲端平台功能非常豐富，懂嗎？我們的雲端平台功能非常豐富，很多功能已經公開，還有很多功能尚未公開。你提到的一些功能，例如允許多學科協作，以及同時訪問一個基於不同學科更新的通用模型，同時保持控制權，比如建築師和工程師，你會在接下來的幾個月裡聽到更多關於這方面的信息，可能也會在 Autodesk University 前後聽到。所以我不會搶先透露。我現在想說的是，我們正在進行很多工作，而且我們非常看好應用模式。我的意思是，我們認為規模相對適中的客戶，例如那些擁有非常強大的雲端後端服務的客戶，才是未來的發展方向。而我們是基於充分的資訊得出這結論的。

So for instance, Fusion has a big client. And -- but it has a very, very, very fine-grained multi-tenant cloud data infrastructure hidden behind it. Fusion's cloud will get thinner -- the client will get thinner over time. You could also see an evolution with Revit that's similar to that. That's going to take a little longer. And we made that choice very deliberately, Jay, because we've had lots of experience in pure browser-based applications. For instance, you might be aware that Tinkercad has 25 million users. Right now, in any given day, 11,000 people use Tinkercad. It's the K-12 de facto standard for 3D modeling out there. It's called Tinkercad, but it's actually an amazing tool. It is a multi-tenant browser-based solution, as is AutoCAD web, which has 50,000 monthly active users a month, all right, which does edit and the creation of drawings as well as collaboration on drawings. Both of those solutions taught us that thicker clients are better, all right? Not totally thick clients, way thinner than our current desktop clients, way thinner. But like an app model, we learned this early on from our long years of experience with these pure browser-based tools. So that's why you see us doing that with Fusion. You'll see us do something similar in the AEC space over time. And it's winning because it helps get people to the cloud, but it has that same robust multi-tenant cloud database structure sitting underneath it.

例如，Fusion 有一個龐大的客戶群。但是，它背後隱藏著一個非常精細的多租戶雲端資料基礎設施。隨著時間的推移，Fusion 的雲端架構會越來越精簡——客戶端也會越來越精簡。 Revit 的發展歷程也類似。但這需要更長的時間。 Jay，我們做出這個選擇是經過深思熟慮的，因為我們在純瀏覽器應用程式方面擁有豐富的經驗。例如，您可能知道 Tinkercad 擁有 2500 萬用戶。目前，每天都有 11,000 人使用 Tinkercad。它是 K-12 教育領域 3D 建模的事實標準。它名為 Tinkercad，但實際上是一款非常出色的工具。它是一個多租戶的瀏覽器解決方案，就像 AutoCAD Web 一樣，後者每月擁有 5 萬活躍用戶，可以編輯和建立圖形，還可以協作處理圖形。這兩個解決方案都告訴我們，更輕量級的客戶端比較好，懂嗎？當然不是完全的輕量級客戶端，而是比我們目前的桌面用戶端輕量級得多。但就像應用程式模型一樣，我們從多年來使用純瀏覽器工具的經驗中很早就認識到了這一點。所以你會看到我們在 Fusion 中採用這種模式。隨著時間的推移，你會看到我們在 AEC 領域也採用類似的模式。這種模式之所以成功，是因為它有助於使用者遷移到雲端，而其底層又擁有同樣強大的多租戶雲端資料庫架構。

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。

I'm glad you guys are well. There's always a lot of questions on construction and all the improvements you made on a product perspective there, but want to talk a little bit more about the momentum in manufacturing. We hear really good things about Fusion 360. And I know, Andrew, you called it out on the call being a real disruptive offering. Where are we in the momentum of that business? And relative to the investments that we've made in construction, are there many more that will need to happen in this particular part of your business?

很高興你們一切都好。關於建築領域以及你們在產品方面所做的所有改進，總是有很多問題，但我想更深入地探討製造業的發展動能。我們聽說Fusion 360的口碑非常好。我知道，Andrew，你在電話會議上也提到它是一款真正顛覆性的產品。我們目前在這個業務領域的發展動能如何？相對於我們在建築領域的投資，你們在這個特定業務領域是否還需要進行更多投資？

In the manufacturing part or the construction part. I mean you -- I want to make sure I answer the question.

在製造環節或施工環節。我是說你——我想確保我回答了這個問題。

Yes. Yes, the manufacturing side.

是的，是生產製造方面。

Okay. Good. Because -- all right. So I'm glad you asked the question. Like I said, we're definitely seeing building momentum in that space. There's no doubt about it. Fusion is on fire. I said in March, it added 50,000 monthly active users. There's over 600,000 monthly active users on the application today, all right? It's in the very early stages of a revenue generation activity. I am going to save the total commercial subscriber base as a reveal for the Investor Day coming up. Suffice it to say, it's large, all right, and significant.

好的。很好。因為——好的。很高興你問了這個問題。就像我說的，我們確實看到這個領域正在蓬勃發展。這點毋庸置疑。 Fusion 的發展勢頭非常強勁。我在三月說過，它新增了 5 萬月活躍用戶。現在，這款應用程式的月活躍用戶已經超過 60 萬了，好嗎？它目前還處於盈利的早期階段。關於商業用戶總數，我會在即將舉行的投資者日上公佈。總之，這個數字非常龐大，意義重大。

In education, it's by far the leader. And by the way, it has a connectivity flow with Tinkercad. So we've got K-12 locked up with Tinkercad and Fusion's rapidly taking over post-secondary education and becoming more and more of a force in that space. I think you're going to see a lot of exciting things with Fusion over the next year, especially as we start to reveal the data layers that are hiding underneath the thick client that we use for the application. So I want to hold off a little bit until Investor Day. But I will tell you, in any given day, 60,000 people are using Fusion to solve real-world problems today. So I think it's an exciting application. It has really significant potential for the future. We are way ahead of our competition, not only in functionality, but in raw cloud power.

在教育領域，Fusion 遙遙領先。順便一提，它還與 Tinkercad 實現了無縫對接。因此，我們已經透過 Tinkercad 牢牢鎖定了 K-12 教育市場，而 Fusion 正在迅速佔領高等教育領域，並日益成為該領域的一股強大力量。我認為，未來一年 Fusion 將帶來許多令人興奮的變化，尤其是在我們開始揭示隱藏在應用程式客戶端底層的資料層之後。所以我想等到投資人日再透露一些細節。但我可以告訴大家，目前每天都有 6 萬人使用 Fusion 來解決實際問題。因此，我認為這是一個令人興奮的應用程序，它擁有巨大的未來潛力。我們不僅在功能方面遙遙領先競爭對手，而且在強大的雲端處理能力方面也遙遙領先。

So it's a bit of a teaser to get you into the Investor Day next week, Matt.

馬特，這算是給下週投資者日的一個預告。

Yes. No, we're looking forward to that. And then maybe just a quick follow-up for Scott. I know renewals were stable this quarter, which is great to hear. I wanted to ask about the [VSB expectation, you said about 10% to 15% of the total]. Can you talk about the...

是的。我們很期待。然後，我想再快速問一下史考特的問題。我知道本季續約情況穩定，這真是個好消息。我想問一下關於VSB的預期，您之前提到大約佔總額的10%到15%。您能談談…

Matt, your voice is breaking up pretty badly. You started off fine, and then I was losing you during the question there.

馬特，你的聲音有點斷斷續續的。一開始還好，但剛才那個問題問到的時候，我就聽不清楚你在說什麼了。

Sorry about that, the joys of working from home. Yes. I guess the question is in the -- how are VSB customers doing today? And when you look at your '21 guidance, you talked about some expectations around renewal. But what are expectations for VSB renewals in your fiscal '21 guide?

抱歉，這就是在家工作的樂趣。是的。我想問題在於──VSB客戶目前的狀況如何？您在2021財年的業績指引中提到了一些關於續約的預期。那麼，您在2021財政年度業績指引中對VSB續約的預期是什麼呢？

Yes. That's a great question because I think there's an expectation that, that segment, which we call VSB, very small business, but to generalize that, think of that as a single site with 20 employees or less and 15 seats or less. And that segment for us typically drives somewhere between 10% and 15% of our sales. We're not seeing a difference in the renewal rate in that segment versus the segment right above that, up through enterprise. It's a bit surprising, frankly. I would have expected that we would have seen a bigger impact there, but we're not seeing that at this point. But bear in mind, as you can imagine, we're running multiple scenarios constantly on the back end. And one of the things that I've had built into those scenarios is an expectation that we do see renewal rates move from where they are down modestly during the second quarter. And then the difference between the high end and the low end of our guidance range is sort of the rate of recovery of those. But just to be cautious, even though we're not seeing it yet, I am modeling that into the guide.

是的，這是一個很好的問題，因為我認為大家普遍預期，我們稱之為VSB（超小型企業）的細分市場，簡單來說，就是員工人數不超過20人、擁有15個或更少席位的單一辦公地點。這個細分市場通常貢獻我們10%到15%的銷售額。然而，我們發現該細分市場的續約率與上一級市場（即企業級市場）相比並沒有顯著差異。坦白說，這有點出乎意料。我原本以為VSB市場會受到更大的影響，但目前來看並非如此。不過，正如您所想，我們一直在後台運行多種情境預測。其中一項預測是，我們預計續約率將在第二季略有下降。而我們預測範圍的上限和下限之間的差異，正是基於這些續約率的回升速度。但為了謹慎起見，即使我們還沒有看到這種情況，我還是將其納入了指南中。

Our next question comes from Steve Koenig with Wedbush Securities.

我們的下一個問題來自 Wedbush Securities 的 Steve Koenig。

I'll just ask 2 quick ones. I'll put them both out there. First one is are you guys -- what are you seeing in terms of horizontal construction? Is there any positive impact? Or do you expect any tailwinds from the stimulus -- we'll call it the stimulus spending. It's really the anti-recession spending the government is doing. So that's question number one.

我只問兩個問題，兩個問題都問出來。第一個問題是，你們──就橫向建設而言──觀察到什麼情況？有沒有什麼正面影響？或者你們預期刺激政策──我們姑且稱之為刺激支出──會帶來什麼利好？這實際上是政府正在進行的抗衰退支出。這是第一個問題。

Question number two, can you give us any color around your assumptions behind new business? Kind of looking back at my Autodesk model from the '09 period, your licenses, if I recall correctly, we're down like mid 30%. It was pretty steep. And I'm wondering how relative to low and high-end of your guidance range, just maybe any color on assumptions you're making.

第二個問題，您能否詳細說明一下您對新業務的預期？回顧我2009年Autodesk的績效模型，如果我沒記錯的話，你們的授權業務下降了大約30%。降幅相當大。我想知道相對於你們預期範圍的低端和高端，您能否就你們所做的假設提供一些細節？

Okay. Great. All right. So I'll start off and take the horizontal construction question. So we've been anticipating stimulus with regard to infrastructure for some time now, and we've been investing in our core products for that, in particular, in road and rail. What you saw us recently do was engage in a partnership and an investment with Aurigo, and I mentioned that in the opening commentary. Aurigo is really, really strong in the early capital planning part of these types of projects, whereas we're really strong in the design and make parts. There's an overlap between our solutions, but they're very, very complementary. Between the functionality we've been building in our design portfolio and this partnership, it's designed to bring the Departments of Transportation forward in terms of their solution stacks for these various types of infrastructure engagements. Right now, they're basically on really old stacks and fairly old technology. Aurigo is a born in the cloud company, most of our stack is rapidly moving to the cloud. Obviously, the construction stack is entirely in the cloud. So we've been preparing for tailwinds around infrastructure for quite some time. We believe we're ready. We believe these partnerships we put in place are absolutely the right kind of thing. We're already seeing some returns from those partnerships in terms of engagements with various Departments of Transportation. So yes, we do anticipate a tailwind coming from stimulus related to infrastructure, and we've been preparing for it.

好的，太好了。好的。那我先來談談橫向建設方面的問題。我們一直在預期基礎設施方面的刺激政策，並為此增加了對核心產品的投入，尤其是在公路和鐵路領域。正如您最近看到的，我們與Aurigo建立了合作關係並進行了投資，我在開場白中也提到了這一點。 Aurigo在這些類型專案的早期資本規劃方面實力雄厚，而我們則在設計和製造方面實力強勁。我們的解決方案之間存在重疊，但它們是高度互補的。透過我們設計產品組合中不斷建構的功能以及此次合作，旨在幫助交通部門在各類基礎設施項目的解決方案體系方面取得進步。目前，他們基本上還在使用非常老舊的技術。 Aurigo是一家雲端原生公司，我們大部分的技術體係正在快速遷移到雲端。顯然，我們的施工技術系統已經完全遷移到雲端了。因此，我們為基礎建設方面的利多因素已經準備了相當長一段時間。我們相信我們已經準備好了。我們相信我們建立的這些合作關係絕對是正確的。我們已經從與各交通部門的合作中看到了一些成效。所以，是的，我們確實預期與基礎設施相關的刺激措施會帶來利好，並且我們一直在為此做準備。

And to the second question you had, Steve, I'll point you to -- I'll tell you what our expectations are, but I'll also point you to the slide deck that we posted on the website at the same time. I know it's a busy night, and there are other companies reporting at the same time. We actually moved to today to try and avoid a lot of other company traffic to try to lighten the load on you guys a bit. So there's a slide there, but I'll tell you what our expectations are. At the low end of the guidance range, we expect -- well, in both cases, we expect our new business to be most impacted in the second quarter. And then the divergence between the low end and the high end is the depth of the impact in the second quarter on new business and the rate of recovery, such that in the low end of the range we expect for the full year, we expect a slower recovery from the bottom in Q2, such that for the full year, there is a slight decline in new volume for the year. At the high end, a slightly less of an impact in Q2, a swifter recovery, such that for the full year, new unit volume actually grows modestly. And that's informed by what we're seeing as markets have reopened by monitoring, as Andrew said, what the weekly active usage rate looks like in each of our core markets and really getting an understanding of the usage of our products by our customers. Things like our partial renewal rate staying strong, says, if I had 10 that came up for renewal and I renewed all 10, that means that I don't have a reduction in workforce.

關於你的第二個問題，史蒂夫，我會告訴你我們的預期，同時也會向你展示我們同時發佈在網站上的幻燈片。我知道今晚很忙，還有其他公司也在同一時間發布財報。我們刻意改到今天發布，是為了盡量避開其他公司的訪問量，減輕大家的負擔。投影片上就有，但我還是直接告訴你我們的期待。在預期範圍的下限，我們預期──其實無論哪種情況，我們都預期第二季新業務受到的影響最大。下限和上限之間的差異在於第二季新業務受影響的程度以及復甦速度。也就是說，在我們全年預期範圍的下限，我們預期第二季從低潮回升的速度會比較慢，因此全年新業務量會略有下降。高端市場方面，第二季受到的影響略小，復甦速度更快，因此全年新銷售實際上略有成長。正如安德魯所說，這得益於我們透過監測各核心市場的每週活躍用戶率，了解客戶對我們產品的使用情況，從而判斷市場已重新開放。例如，我們的部分續約率保持強勁，這意味著，如果有10份合約到期需要續約，而我全部續約了，那就意味著我沒有裁員。

So I think the strength of the renewal base, plus the -- our expectation on what new volume looks like is what differentiates the low end from the high end.

所以我認為，續約基礎的實力，加上我們對新銷售的預期，才是低端市場與高端市場的差別。

One more point, we're not seeing close to the levels of declines in new business we saw during the great financial crisis. Okay, just to make sure you're clear on that.

還有一點，我們目前的新業務下滑幅度遠不如上次金融危機期間那麼嚴重。好的，我只是想確保你明白這一點。

Our next question comes from Sterling Auty with JPMorgan.

我們的下一個問題來自摩根大通的斯特林·奧蒂。

I know that some of the hardest-hit industries like transportation are not maybe viewed as heavy-design users, but any sense of your exposure to transportation, hospitality, hotels, et cetera, in that group?

我知道像交通運輸這樣受衝擊最大的行業可能不被認為是重度設計用戶，但您對交通運輸、酒店等行業的了解程度如何？

Yes. Those segments tend to be users of things like LTE versus facilities planning and facilities layout. So while they're big companies, they generally tend to be downmarket users of our applications. It's a facilities usage play for us. So we don't have a lot of exposure to the main line of our business from those very hard-hit industries in hospitality, transportation and in food services.

是的。這些細分市場的使用者通常是LTE之類的服務，而不是設施規劃和佈局方面的服務。所以，雖然他們都是大型企業，但通常來說，他們是我們應用的低端用戶。對我們來說，這主要是一個設施使用的應用。因此，我們主要業務的業務並不涉及飯店、交通運輸和餐飲服務等受疫情重創的行業。

That's fair enough. And then one other question. Any thoughts in terms of what you think the impact from -- a number of companies I've already talked about, post COVID-19, maybe not bringing all the workers back and maybe we'll just see a change in the commercial real estate landscape permanently. Any thoughts in terms of how that might impact your business moving forward?

這很合理。還有一個問題。您認為我之前提到的一些公司在新冠疫情後可能無法讓所有員工重返工作崗位，商業地產格局或許會發生永久性改變，這對您公司未來的業務發展會有什麼影響？

Yes. It's careful to kind of think about that question in an important way. First off, commercial business building, the commercial buildings and commercial office space, not a huge part of our business. However, I mean, we're living this, solves personally, so I can speak to this with some knowledge about how this is working. There's a couple of trends, I think you need to be aware of. One, when people move to more work-from-home-type environments, and we will probably have that on the other side as well, they're actually going to have less dense office space. So for instance, the current requirements in terms of us getting back in our offices are going to require us to significantly de-densify some of our office space. So people are not -- in the short term, certainly, not going to require less office space. They're just going to have fewer people in it, spread out more widely over the next 12 to 18 months, okay? So we have to be very clear on that. People will be coming into offices that are much less dense. That's where we're going. It's where a lot of our customers are going, and they're going to need to reconfigure those office spaces in unique ways. And we're helping them to do that with some of the Generative Design tools.

是的。認真思考這個問題非常重要。首先，商業建築，也就是商業辦公大樓和商業辦公空間，並不是我們業務的主要部分。但是，我們本身也身處其中，親身經歷了這一切，所以我可以憑藉一些經驗來談談這個問題。我認為有幾個趨勢需要注意。第一，當人們轉向更多居家辦公模式時（這種情況未來可能也會出現），他們實際需要的辦公空間密度就會降低。例如，目前我們重返辦公室的要求就要求我們大幅降低部分辦公空間的密度。所以，短期內，人們絕對不會減少辦公空間的需求。只是在未來12到18個月內，辦公室的人數會減少，辦公空間會更分散，懂嗎？所以我們必須非常清楚這一點。人們將會進入密度低得多的辦公室。這就是我們未來的發展方向。很多客戶都打算搬到這裡，他們需要以獨特的方式重新配置辦公空間。我們正在利用一些生成式設計工具來幫助他們實現這一點。

But on a bigger standpoint, okay, there's still going to be population growth. We're still going to have workers. There's still going to be a population that needs to come into an office, but how these offices are distributed and where they are may change. We've always been talking about a trend around urbanization, but we might be future talking about urbanization and suburbanization, where you're seeing this kind of spreading out away from dense urban centers into suburban centers that also have office space and high-rise living spaces. And then they're connected by infrastructure that requires them to have a hub-and-spoke kind of flow. So there's a lot of ways that this plays out in the future. But in our projections and our view on this, people are going to be building more, not less. Where they build it may change.

但從更宏觀的角度來看，人口成長依然會持續。我們仍然需要勞工。仍然會有人需要到辦公室上班，但這些辦公室的分佈方式和位置可能會改變。我們一直在談論城市化的趨勢，但未來我們可能會談論城市化和郊區化，你會看到人口從密集的城市中心向郊區擴散，這些郊區也擁有辦公空間和高層住宅。然後，它們透過基礎設施連接起來，形成中心輻射式的交通流。所以，未來有很多種發展方向。但根據我們的預測和觀點，人們將會建造更多房屋，而不是更少。只是建造地點可能會改變。

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 in for Keith. Most of my questions have been answered, but just a couple of quick ones. For you, Scott, you mentioned -- so the low end of the guidance is implying that new unit volume sees a slight decline. Is there any instance where we could see maybe overall subscription growth -- subscriptions actually decline year-on-year? Or is that just basically net new sub adds?

我是Hamza，代替Keith發言。我的大部分問題都已得到解答，但還有幾個問題想快速問一下。 Scott，你提到過——所以業績指引的下限意味著新用戶數量略有下降。那麼，是否存在訂閱用戶總數成長——訂閱用戶數量較去年同期下降的情況呢？還是說這只是指淨新增訂閱用戶數量？

Yes. With the strength of our renewal rate, Hamza -- and at least I got your name right this time. With the strength of our overall renewal rate and the size of our renewal base, no, I don't see overall subs coming down. I think the new unit volume could see some pressure, and we're seeing that in the second half of Q1, but I don't see the aggregate coming down, no.

是的。哈姆扎，鑑於我們強勁的續約率——至少這次我沒叫錯你的名字——鑑於我們整體續約率的強勁以及續約用戶基數的龐大，我不認為用戶總數會下降。我認為新用戶數量可能會面臨一些壓力，我們在第一季下半段也確實看到了這一點，但我不認為整體用戶數量會下降。

Got it. And on the renewal rate, you mentioned it's been pretty stable. Any color you can give us as to how that has sort of trended versus sort of the historical range, I think sort of like mid- to high 80%.

明白了。關於續約率，您提到它一直很穩定。您能否提供續約率的趨勢，並與歷史範圍（我記得大概在80%中高段）進行比較？

Yes. It's stayed in the same range. It really stayed steady, Hamza, throughout the quarter. Even as the new business slowed down -- I talked about the difference between the first half of Q1 and the second half of Q1. Even as the new business slowed down during that time frame, the renewal rates stayed pretty steady and stayed pretty steady across the board.

是的，一直保持在同一水平。哈姆扎，整個季度都相當穩定。即使新業務成長放緩——我之前提到第一季上半年和下半年的差異——即使新業務在那段時間放緩，續約率也保持相當穩定，而且整體而言非常穩定。

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'm glad to hear everyone's safe. Just a quick one on M&A philosophy. So in the past, we've talked about large M&A being done on -- for the most part, on the AEC side and potential focus shifting to manufacturing. Just given the current potential market dislocations, would love to hear your latest thoughts. And I have a follow-up.

很高興聽到大家都平安無事。關於併購理念，我想簡單談談。過去我們討論過，大型併購主要集中在建築、工程和施工（AEC）領域，而製造業領域可能會成為焦點。鑑於目前潛在的市場動盪，我很想聽聽你們的最新看法。另外，我還有一個後續問題。

Yes. So specifically, I've talked about large M&A being done on the construction side, all right? I was very specific that we felt like we got the biggest pieces that we needed on the construction side. Certainly, we are going to continue to look at all our markets. With the shakeup that will likely be accelerated over the next 5 years in manufacturing with supply to people rethinking their supply chains and numerous things associated with that, I think our focus on manufacturing will likely continue. But don't think that we won't look opportunistically at opportunities in AEC as well. The next 12 months could present themselves with all sorts of opportunities for organic and inorganic growth activity. And we -- fortunately, we've got a good strong balance sheet. We've got a nice recurring revenue model. We're in a good position this year to act on something that we think could be appropriate for us. So we don't see anything immediately in our future.

是的。具體來說，我剛才談到了建築領域的大型併購，好嗎？我非常明確地指出，我們認為在建築領域已經收購了我們所需的大部分資產。當然，我們會繼續關注所有市場。未來五年，製造業可能會經歷一場變革，供應鏈管理者會重新思考他們的供應鏈，以及由此帶來的許多問題，因此我認為我們對製造業的關注可能會持續下去。但不要以為我們不會抓住機會，在建築、工程和施工（AEC）領域尋找機會。未來12個月可能會出現各種各樣的有機成長和無機成長機會。幸運的是，我們擁有穩健的資產負債表，以及良好的經常性收入模式。今年，我們處於有利地位，可以採取我們認為合適的行動。因此，我們目前沒有立即採取行動的計劃。

Got it. Got it. And then just as a quick follow-up, multiuser licensing, I know that got pushed back till August. Just curious how conversations are going with customers, and any feedback or color there would be great.

明白了。明白了。另外，關於多用戶許可，我知道它推遲到八月了。我只是好奇和客戶的溝通進展如何，任何回饋或訊息都非常感謝。

I got to tell you a story. I can't -- I'm not going to use specifics. It just came in for -- while we're preparing for today. There was a customer that was desperate to get rid of their multiuser licenses and move to single-user licenses because they need a 2-factor after a malware attack. So we've had people, customers coming to us now realizing that named users are not a bad thing, all right? As a matter of fact, when you're trying to move from working in an office to distributing your workers all over the place, it's really nice that you can just download the software, log on and it works. And they saw us responding much faster to their work-from-home needs.

我得跟你們講個故事。我不能——我不會透露具體細節。就在我們準備今天會議的時候，突然冒出這麼個事兒。有個客戶急著想把他們的多用戶許可證換成單用戶許可證，因為他們之前遭受過惡意軟體攻擊，需要雙重認證。所以現在，很多客戶都意識到指定用戶其實還挺好的，懂嗎？事實上，當你想把工作模式從辦公室轉移到員工分散辦公室時，能夠直接下載軟體、登入就能用，真的非常方便。而且他們也發現，我們能更快地回應他們的遠距辦公需求。

So initially, before this crisis, we were getting a lot of noise about multiuser. A lot of that has started to die down. And in some cases, people are starting to realize that multiuser was not the panacea that they thought it was for the problems they were having. And in fact, it exposed them to other things. So I don't know if that will continue. Times could change as we head out of this. But right now, it's been an excellent opportunity for people to understand and for us to have a discussion about what does named user really gets you and what are the benefits. And we're seeing some of that right now.

所以，在這次危機之前，關於多用戶模式的討論很多。現在這些討論已經開始減少。在某些情況下，人們開始意識到多用戶模式並非他們想像中的萬靈藥，反而帶來了其他問題。我不知道這種趨勢是否會持續下去。隨著我們走出危機，情況可能會有所改變。但就目前而言，這是一個絕佳的機會，讓人們了解並討論命名用戶模式的真正意義和優勢。我們現在也看到了一些正面的轉變。

So it's still early days. We've only done a few multiuser conversions at this point, but there's some very interesting conversations around this.

所以現在還處於早期階段。目前我們只進行了少量多用戶轉換，但圍繞這方面已經展開了一些非常有趣的討論。

Our next question comes from Brad Zelnick with Crédit Suisse.

下一個問題來自瑞士信貸的布拉德·澤爾尼克。

I'll echo all the well wishes all around. My question for you guys. It's good to see the strong usage of BIM 360 Design and Docs. How much of this is temporary given everyone working from home? And how much of it do you see as sustainable longer term? I mean given the extended free trial, how are you thinking about page conversion?

我贊同大家的美好祝福。我有個問題想問大家。很高興看到BIM 360 Design和Docs的使用率這麼高。考慮到大家都在家辦公，這種高使用率有多少是暫時的？又有多少是長期可持續的？我的意思是，考慮到延長了免費試用期，你們如何看待頁面轉換率？

Yes. So we didn't do the extended -- the only access program to drive page conversion, as we did it to help people work from home. However, our customers are being pretty definitive with us that their -- most of them are not going to go back to their old way of working. Remember, once they started up a project in these environments and found that the fluidity of what they can do and how they can work remotely, they're very unlikely to pull the project out of the system unless they feel like, "I didn't really need any of that." We don't foresee that happening. In fact, one of the things I said in the opening commentary is that AECOM was very explicit with us that we are moving to a more distributed model with these things. We're going to be increasing our usage. "Are you ready Autodesk?" And we told them, of course, definitively that we were. So while some customers may revert back to their old way of working, we expect a significant number of them to come out of this changed. It's exposed them to something they really weren't aware that they could do previously.

是的。所以我們沒有推出擴展版——也就是唯一一個旨在提升頁面轉換率的存取計劃，而是將其作為幫助人們在家工作的方案。然而，我們的客戶非常明確地告訴我們，他們中的大多數都不會再回到以前的工作方式。要知道，一旦他們在這種環境下啟動了一個項目，並發現遠端工作的靈活性和便利性，除非他們覺得“我其實並不需要這些功能”，否則他們不太可能將項目從系統中移除。我們預計這種情況不會發生。事實上，我在開場白中提到過，AECOM 非常明確地告訴我們，他們正在轉向更分散的模式。我們將增加這些功能的使用。 「Autodesk，你們準備好了嗎？」我們當然明確地告訴他們，我們已經準備好了。因此，雖然有些客戶可能會恢復到以前的工作方式，但我們預期其中相當一部分客戶會因此而改變。這讓他們接觸到了一些他們以前從未意識到自己能夠做到的事情。

And maybe just a follow-up regarding the strength in retention relative to expectations. How much is due to a tight labor supply, forcing firms to hold on the talent and Autodesk subscriptions in anticipation of an economic recovery?

或許還可以就員工留存率高於預期這一點再補充一點。這其中有多少是由於勞動力供應緊張，迫使企業為了等待經濟復甦而保留人才和Autodesk訂閱服務？

Yes. It's really hard to say, Brad, what the drivers are. If it's a -- I'm going to hang on to people even though I don't have them put to use. I don't think that's the case. I think more and more -- if you think about where our products are largely used in the process, it's less on -- at least today on the job site and on the manufacturing floor and more upstream in the design process. And that's had a lot less impact from the shutdown and the shelter-in-place that's taken place in the wake of the coronavirus. So I don't -- we're not sensing a significant change in head count and we look at the weekly active users. We look at, I think, one of the most compelling statistics is that partial renews had 10 seats only renewed 9 has held steady as well. And so I'm not -- we're not picking up that there's a change in the workforce -- or changing the work that needs to be done underneath the products.

是的。布拉德，很難說真正的驅動因素是什麼。如果是因為──即使沒有安排人手，我也要留住他們，我不認為情況會是這樣。我認為，如果我們仔細想想我們的產品在流程中的主要應用場景，就會發現，至少目前在工地和生產車間的應用已經減少，更多的是在上游的設計流程中。而這受疫情期間的停工和居家隔離的影響要小得多。所以，我們沒有感覺到員工人數有顯著變化，我們關注的是每週活躍用戶數。我認為，最有說服力的數據之一是，部分續訂的用戶有10個，而只續訂的用戶有9個，這個數字也保持穩定。因此，我們沒有感覺到員工隊伍發生了變化，也沒有感覺到產品背後的工作內容發生了變化。

Remember, weekly active usage is starting to trend up in some of the places that were first hit by the pandemic. So we're seeing kind of the opposite where people are actually starting to use more as they come to their side of this.

請記住，在一些最早受到疫情衝擊的地區，每週活躍用戶數開始呈現上升趨勢。所以我們看到的情況恰恰相反，隨著疫情逐漸好轉，人們的使用量其實開始增加。

Our next question comes from Jason Celino with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Jason Celino。

It's nice to hear from everyone. One quick one for Scott. As we think about the different ranges for the guidance, it looks like on the spend side, it's coming down to about mid- to high single-digit spend growth. How do you think about the low to high end of the guide for toggling maybe some of the spend you might do?

很高興收到大家的來信。史考特，我有個問題想問你。我們考慮不同的績效指引範圍時，發現支出方面，成長率大概會在個位數中高段位左右。你覺得這個指引範圍的低端到高端區間，對於你們可能進行的一些支出調整，會有什麼影響？

The spend -- so first of all, Jason, I hope you're keeping well as well. It's such a strange time. The areas of investment don't vary between the low end and the high end of our range. We'll continue to invest in R&D, given the lead that we've got and the fact that as our customers are being forced to digitize more quickly as a result of the distributed workforce, it plays right to our strong suit. It plays right into some of the longer-term R&D investments we've been making over the last 4 or 5 years. So now is not the time to take the foot off the gas on R&D investments.

支出方面－首先，傑森，希望你一切都好。現在確實是個特殊的時期。我們的投資領域在各個細分市場之間並沒有太大差異。鑑於我們目前的領先優勢，以及客戶因分散辦公室而被迫加快數位轉型，我們將繼續加大研發投入，這正符合我們的優勢所在。這也與我們過去四、五年來的一些長期研發投資方向相符。所以，現在絕不是放鬆研發投入的時候。

We're also going to continue to invest in construction. I think that's proven to be a market that is dramatically underpenetrated by technology. And so there will be secular growth in that space. We'll continue to invest there. And we'll continue to invest in digitizing our own company to provide some of the value-add that we can provide to our customers. There's no change in the core focus areas. We are continuing to be diligent about spend management, as you'd expect, and there are savings. You can back into the savings that are built into our spend stream based on the range of our guidance and get a sense, there's obviously P&E spending that's going away. And by the way, I don't think it ever returns to the levels it had been historically. If the last 3 months have shown us anything, it's that you don't have to be sitting across the table face to face with someone to conduct business, whether it's a sales transaction or a brainstorming session. So I don't expect that to fully come back.

我們將繼續投資建築業。我認為，事實證明，建築業是一個技術滲透率極低的市場。因此，該領域將持續成長。我們將繼續投資於此。同時，我們也將持續投資於公司本身的數位轉型，以便為客戶提供更多加值服務。我們的核心關注領域沒有改變。正如您所預期的，我們將繼續認真管理支出，並實現節省。您可以根據我們的預期範圍，反推我們支出流程中已包含的節約額，並大致了解，顯然，部分固定資產支出正在減少。順便說一句，我認為固定資產支出永遠不會恢復到歷史水平。如果說過去三個月教會了我們什麼，那就是開展業務並不一定需要面對面交流，無論是銷售交易還是腦力激盪。所以我預計固定資產支出不會完全恢復到以前的水平。

We've gotten some savings through rationalization of our marketing spend. We've moved many of our events to online. I think many of those will stay online. So there's -- there are some savings built into that, and I think many of those will continue longer term. But the core areas that we're investing in, we're going to continue to invest in. And we're in a privileged position. So even with the level of disruption that is happening in the marketplace, to be able to show double-digit revenue growth and margin expansion of 2 to 4 points between the low end and the high end of our guidance range. So I feel good about the decision that we're in.

我們透過合理化行銷支出節省了一些成本。我們把很多活動都轉移到線上了。我認為其中許多活動會繼續在線上舉辦。所以，這些措施本身就包含了一些節省成本，而且我認為其中許多措施會長期持續下去。但是，我們投資的核心領域，我們將繼續投資。我們處於一個有利的位置。因此，即使市場正經歷如此巨大的衝擊，我們仍然能夠實現兩位數的營收成長，並且利潤率在我們預期範圍的低端和高端之間也實現了2到4個百分點的成長。所以我對我們所做的決定感到滿意。

Yes. That's factoring that we are growing revenue and margin at the same time puts us in a fairly elite category. Just given the acceleration of digitization we expect on the other side of this, this is the time you want us to be investing in R&D and the infrastructure that supports getting that R&D to the customers. And that's what we're going to do.

是的。考慮到我們營收和利潤率同時成長，這使我們躋身於相當優秀的行列。鑑於我們預期疫情過後數位化進程將加速，現在正是我們加大研發投入，並建置相關基礎設施，將研發成果轉化為客戶體驗的最佳時機。而這正是我們將要做的。

Our next question comes from Zane Chrane with Bernstein Research.

我們的下一個問題來自伯恩斯坦研究公司的讚恩·克蘭。

I was impressed with the renewal rate, the net dollar renewal rate staying at 110% to 120% range. So I was wondering regarding the partial renewals holding steady, do you have any idea of what portion of your customer base is maybe benefiting from the PPP loans? I'm wondering if churn could maybe tick up once the deadline for the employee retention passes and you have a little bit more layoffs from those customers with the PPP loans at some point in the future.

續約率給我留下了深刻的印象，淨續約率一直維持在110%到120%之間。因此，我想了解一下，在部分續約率保持穩定的情況下，您是否知道您的客戶群中有多少人可能會受益於PPP貸款？我擔心，一旦員工留任期限過去，未來某個時候，那些獲得PPP貸款的客戶可能會進行更多裁員，導致客戶流失率上升。

And then secondly, you had pretty impressive bookings, especially when looking at current RPO. I'm just trying to reconcile that with the roughly flat billings growth for the full year. I'm wondering if you can give me a sense of what the average time deals tend to be in the pipeline before closing. And if you do have a weakening in the pipeline or the entry part of the pipeline, how many quarters does that take to show up? Is it 2, 3, 4 quarters? Or is there any way to know that?

其次，你們的預訂量相當可觀，尤其是在考慮到目前的RPO（招募點目標）之後。我只是想弄清楚，這與全年帳單成長基本持平的情況有何關聯。我想問一下，一般情況下，交易從開始到最終成交需要多長時間？如果交易流程或初期階段出現疲軟，這種情況通常需要幾個季度才會顯現出來？是2個、3個還是4個季度？或者有什麼方法可以預測這種情況？

All right. That's a lot to cover there, Zane. I'll take the first one, and I'll let Andrew handle the pipeline sales cycle question. On the first one, of course, there's no way for us to know, but I think that if you look at the benefit of that program, it was targeting smaller businesses. And those -- one of the stats that we gave earlier is small businesses, and I'll define that as single site, 20 employees or less and 15 seats or less, that small business segment has typically driven 10% to 15% of our total sales. So it's a smaller piece of our overall revenue stream. It's hard to know how many of them have benefited from kind of the short-term loan programs that have been rolled out and whether you call them stimulus or, as Steve said earlier, avoidance of recession.

好的。贊恩，你要講的內容很多。我先回答第一個問題，關於銷售流程的問題就交給安德魯吧。關於第一個問題，我們當然無法得知確切數字，但我認為，如果你看看這個計畫的成效，你會發現它主要針對的是小型企業。我們之前提到的一個數據是小型企業，我定義為：單店辦公，員工人數不超過20人，座位不超過15個。小型企業通常貢獻了我們總銷售額的10%到15%。所以，它們在我們整體收入中所佔的比例較小。我們很難知道有多少小型企業從已經推出的短期貸款項目中受益，也不知道這些項目究竟是刺激經濟的措施，還是像史蒂夫之前說的，是避免經濟衰退的手段。

What we do monitor, though, and Andrew talked about this earlier, is the active usage -- the weekly active users of our product. And of course, we saw a dip as across the globe countries went into various pace of shelter-in-place. But then we're also seeing that come back. And I think that's also a strong sign that what we're not seeing is significant layoffs across the board. Partial renewals staying steady is another good sign of that. So it's hard to know. It's hard to give you a direct answer, but certainly, the indicators would say there's an issue there are not -- we're not seeing that.

不過，我們確實在監控活躍用戶數——安德魯之前也提到過——也就是我們產品的每週活躍用戶數。當然，隨著全球各國陸續採取不同程度的居家隔離措施，我們看到活躍用戶數量下降。但目前我們也看到活躍用戶數正在回升。我認為這有力地表明，我們並沒有看到大規模裁員。部分續約維持穩定也是一個好兆頭。所以很難說清楚。很難給你一個直接的答案，但可以肯定的是，各項指標顯示並不存在問題──我們並沒有看到這種情況。

So with regard to the pipeline question, all right, in terms of how things are going, all right, on general pipeline. So from a cascading, what we've seen in terms of new business is Asia is already starting to turn up, all right? So we're already seeing the pipeline grow in APAC. We're starting to see signs of that in Europe. We haven't yet seen signs of it in the U.S. But given the cadence that we've seen around the pipeline from each region and by a country-by-country basis, watching not only the new business trends, but the weekly active user trends, which, by the way, presages the pipeline, we see building pipeline strength as you get further and further away from the start of the pandemic, which I think is a pretty positive sign for our business in terms of where we think we're going. And it's why we feel the way we do about the potential for the year. .

關於業務拓展管道的問題，好的，就目前的情況來看，就整體業務拓展管道而言，從層層遞進來看，亞洲的新業務已經開始復甦，好嗎？我們已經看到亞太地區的業務拓展管道正在成長。歐洲也開始出現類似的跡象。美國目前還沒有出現這種跡象。但是，考慮到我們從各個地區和各個國家觀察到的業務拓展節奏，我們不僅關注新業務趨勢，還關注每週活躍用戶數的趨勢（順便說一句，這預示著業務拓展渠道的發展），我們看到隨著疫情爆發時間的推移，業務拓展渠道正在不斷增強，我認為這對我們公司未來的發展方向來說是一個非常積極的信號。這也是我們對今年的潛力充滿信心的原因。

Yes. I think the other bit of color that I'd add there is when you look at the change in our billings guide, multiyear clearly is having an effect on that. We've seen it slow a bit in the second half of the first quarter. And what I've built into the scenarios that we've modeled out is that it continues to pace low -- or to modestly come down, a couple of points from where it had been throughout the year. And that does create a headwind on the billings guide.

是的。我想補充一點，從我們的帳單預期變化來看，多年期付款顯然對其產生了影響。我們看到，在第一季後半段，這種影響有所放緩。我在我們模擬的情境中預測，這種影響將繼續保持低位——或者說小幅下降，比全年水準低幾個百分點。這確實對帳單預期構成了不利影響。

We are now at the end of the time for the call. I would now like to turn the call back over to Abhey Lamba for closing remarks.

通話時間到。現在我將把通話交還給阿貝·蘭巴，請他作總結發言。

Yes. Thanks, Joelle, and thanks, everybody, for joining us today. We look forward to seeing many of you at our Analyst Day next week on June 3. In the meantime, please reach out if you have any questions. Thanks for joining us today.

是的。謝謝喬爾，也謝謝各位今天參加我們的活動。我們期待在下週6月3日的分析師日上見到大家。同時，如果您有任何疑問，請隨時與我們聯繫。感謝您今天的參與。

Thank you.

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。感謝各位的參與。現在可以掛斷電話了。