Autodesk Inc (ADSK) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Q4 Fiscal Year 2020 Autodesk 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 over to your speaker today, Abhey Lamba, VP, Investor Relations. Thank you. Please go ahead, sir.

女士們、先生們，感謝各位的耐心等待，歡迎參加 Autodesk 2020 財年第四季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。（操作員指示）現在，我謹將會議交給今天的發言人，投資者關係副總裁 Abhey Lamba。謝謝。請繼續，先生。

Thanks, operator, and good afternoon. Thank you for joining our conference call to discuss the results for our fourth quarter and full year fiscal '20. 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 2020 財年第四季和全年業績。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 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，您可以在我們的網站上找到收益新聞稿、投影片簡報和今天開場評論的文字稿。

During the course of this conference call, we may make forward-looking statements about our outlook, future results and strategies. These statements reflect our best judgment based on factors currently known to us. Actual events or results could differ materially. Please refer to our SEC filings for important risks and other factors that may cause our actual results to differ from those in our forward-looking statements.

在本次電話會議期間，我們可能會對我們的展望、未來業績和策略做出前瞻性陳述。這些陳述反映了我們根據目前已知因素所做的最佳判斷。實際事件或結果可能與此有重大差異。請參閱我們向美國證券交易委員會提交的文件，以了解可能導致我們的實際業績與前瞻性聲明中業績存在差異的重要風險和其他因素。

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。

Thanks, Abhey. We closed fiscal year '20 with outstanding Q4 results, with revenue, earnings and free cash flow coming in above expectations. Recurring revenue grew 29%, and we delivered $1.36 billion in free cash flow for the year. Our results were driven by strong growth in all geographies. This was a landmark year for us in Construction as we absorbed our acquisitions and integrated our offerings under one platform, the Autodesk Construction Cloud.

謝謝你，阿貝。2020 財年第四季業績出色，營收、獲利和自由現金流均超乎預期。經常性收入成長了 29%，我們全年實現了 13.6 億美元的自由現金流。我們的業績得益於所有地區強勁的成長。對於我們建築業而言，今年是具有里程碑意義的一年，因為我們完成了收購並將我們的產品整合到一個平台——Autodesk Construction Cloud 下。

Subscriptions now represent around 85% of our revenue, and we exited the year with maintenance contributing less than 10%. Fiscal year '20 marked the end of the business model transition for us, and we are entering fiscal '21 firmly positioned to deliver strong sustainable growth through fiscal '23 and beyond.

訂閱收入目前約占我們收入的 85%，而到年底，維護收入的貢獻不到 10%。2020 財年標誌著我們業務模式轉型的結束，我們已穩步進入 2021 財年，並預計在 2023 財年及以後實現強勁的可持續增長。

It was 3 years ago that we first communicated our fiscal '20 free cash flow goal. We have delivered on that goal, which is a testament to the adaptability and focused execution of the Autodesk ecosystem and the power of our products. I want to acknowledge and thank our employees, partners, customers, long-term investors and everyone who helped us achieve these results. While the path to delivering on our long-term targets was not always smooth, everyone who stayed with us and believed in the transition has been rewarded. Beyond that, the dramatically reduced upfront costs created by the subscription model have enabled a whole new class of customers to purchase our most powerful tools, opening not only business opportunities for our business, but for the businesses of our customers as well.

三年前，我們首次公佈了 2020 財年的自由現金流目標。我們已經實現了這一目標，證明了 Autodesk 生態系統的適應性和專注執行力，以及我們產品的強大。我要感謝我們的員工、合作夥伴、客戶、長期投資者以及所有幫助我們取得這些成果的人。雖然實現長期目標的道路並非一帆風順，但所有與我們並肩作戰、相信轉型的人都得到了回報。除此之外，訂閱模式大幅降低了前期成本，使全新的客戶群能夠購買我們最強大的工具，這不僅為我們公司帶來了商機，也為我們客戶的公司帶來了商機。

Before we get into our results and guidance, I want to mention that our thoughts are with those affected by the coronavirus. The safety and security of our employees is our top priority. We are also minimizing potential impact to our customers and partners. The events are not currently impacting our service levels for our customers or our global R&D efforts. We will continue to monitor the situation and take precautionary steps.

在公佈我們的結果和建議之前，我想說，我們與所有受新冠病毒影響的人同在。員工的安全保障是我們的首要任務。我們也盡力減少對客戶和合作夥伴的潛在影響。這些事件目前並未影響我們為客戶提供的服務水準或我們的全球研發工作。我們將繼續關注事態發展並採取預防措施。

Now I will turn it over to Scott to give you more details on our results and fiscal '21 guidance. I'll then return with a summary of some important recognitions we received and insights on key drivers of our business, including updates on Construction, Manufacturing and our progress in monetizing noncompliant users before we open it up to Q&A.

現在我將把發言權交給史考特，讓他為大家詳細介紹我們的業績和 2021 財年預期。接下來，我將總結我們獲得的一些重要榮譽，並就我們業務的關鍵驅動因素發表見解，包括建築業、製造業的最新進展以及我們在不合規用戶貨幣化方面取得的進展，之後我們將開放問答環節。

Thanks, Andrew. As you heard from Andrew, we had strong performance across all metrics, with revenue, earnings and free cash flow coming in above expectations. Demand in our end markets was strong as indicated by our robust billings and current RPO growth. And the sum of our revenue growth plus free cash flow margin for the year was 69%. Revenue growth in the quarter came in at 22% versus a strong Q4 fiscal '19, with acquisitions contributing 3 percentage points of the growth. Strength in revenue was driven by subscription revenue growth of 41%. For the full year, subscription revenue was up 53%. And as Andrew mentioned, subscriptions now represent approximately 85% of our revenue. With the success of our maintenance-to-subscription program, we exited the year with maintenance revenue contributing less than 10% of the total.

謝謝你，安德魯。正如安德魯所說，我們在所有指標上都表現出色，收入、獲利和自由現金流都超出預期。從我們強勁的帳單金額和目前的 RPO 成長可以看出，我們的終端市場需求旺盛。我們本年度的營收成長加上自由現金流利潤率總和為 69%。與強勁的 2019 財年第四季相比，本季營收成長 22%，其中收購貢獻了 3 個百分點的成長。訂閱收入成長 41%，推動了營收成長。全年訂閱收入成長了 53%。正如安德魯所提到的，訂閱收入現在約占我們收入的 85%。由於我們的維護轉訂閱計畫取得了成功，到年底時，維護收入佔總收入的比例不到 10%。

Total ARR came in at $3.43 billion, up 25%. Core ARR grew 21%. And cloud ARR grew 102% to $255 million. When adjusted for acquisitions, cloud ARR grew an impressive 30% driven by strong performance of BIM 360 Design.

年度經常性收入總額為 34.3 億美元，成長 25%。核心年度經常性收入成長21%。雲端業務年度經常性收入成長了 102%，達到 2.55 億美元。在剔除收購因素後，雲端 ARR 成長了驚人的 30%，這主要得益於 BIM 360 Design 的強勁表​​現。

Now that a year has passed since we completed the acquisitions, our entire Construction portfolio will be organic starting first quarter of fiscal '21.

收購完成後一年過去了，從 2021 財年第一季開始，我們的整個建築業務組合將實現有機成長。

Moving on to details by product and geography. Starting with AutoCAD and AutoCAD LT, revenue grew 24% in the fourth quarter, again versus a strong Q4 fiscal '19 and 30% for the year. AEC grew 30% in Q4 and 35% for the year, while Manufacturing rose 15% in Q4 and 18% for the year. M&E was down 5% in the quarter, primarily due to a large upfront transaction in the fourth quarter of last year. M&E revenue was up 9% for the year.

接下來按產品和地理劃分詳細資訊。從 AutoCAD 和 AutoCAD LT 開始，第四季度營收成長了 24%，再次超過了 2019 財年第四季的強勁表現，全年成長了 30%。AEC（建築、工程和施工）行業第四季度增長了 30%，全年增長了 35%；製造業第四季度增長了 15%，全年增長了 18%。本季媒體與娛樂支出下降了 5%，主要是由於去年第四季的一筆大額預付款交易。媒體與娛樂收入全年成長9%。

Geographically, we saw broad-based strength across all regions. Revenue grew 21% in the Americas and EMEA and 26% in APAC during the quarter. We also saw strength in direct revenue, which rose 26% versus last year and represented 31% of our total sales, relatively in line with the fourth quarter of last year. The strength in our direct business was driven by large enterprise business agreements and our digital sales.

從地理上看，所有地區都呈現出普遍強勁的勢頭。本季度，美洲和歐洲、中東及非洲地區的營收成長了 21%，亞太地區的營收成長了 26%。我們也看到直接營收表現強勁，比去年成長了 26%，佔總銷售額的 31%，與去年第四季基本持平。我們直接業務的強勁成長得益於大型企業業務協議和數位化銷售。

As we've indicated in the past, we plan to provide an annual update on our subs and annualized revenue per subscription or ARPS performance. During the year, we grew total subscriptions 12% to 4.9 million, with subscription plan growing 26%. We added 181,000 cloud subscriptions due to strong adoption of our BIM 360 family products as well as 79,000 subscriptions from PlanGrid and BuildingConnected. ARPS grew by 11% for the year to $704, with core ARPS growing by 10% to $798.

正如我們過去所指出的，我們計劃每年提供一份關於我們訂閱用戶數量和每份訂閱的年化收入（ARPS）業績的更新報告。年內，我們的訂閱用戶總數成長了 12%，達到 490 萬，其中訂閱計畫用戶成長了 26%。由於我們的 BIM 360 系列產品得到了廣泛採用，我們新增了 181,000 個雲端訂閱，此外，PlanGrid 和 BuildingConnected 也新增了 79,000 個訂閱。本年度平均每筆交易收入成長了 11%，達到 704 美元，其中核心平均每筆交易收入成長了 10%，達到 798 美元。

With only 1 quarter left in our maintenance-to-subscription or M2S program, we have approximately 400,000 maintenance subscriptions left. I'm proud to share that we have converted over 1 million maintenance subscriptions to date. We'll be retiring maintenance after May 2021, then customers will have one last opportunity to renew their maintenance or trade in their maintenance seat for a subscription between now and May 2021. Please refer to the slide deck posted on our Investor Relations website for additional details around the trade-in offer.

我們的維護轉訂閱（M2S）方案只剩下 1 個季度了，我們大約還有 40 萬個維護訂閱。我很自豪地宣布，我們迄今為止已經轉化了超過 100 萬份維護訂閱。我們將於 2021 年 5 月之後停止維護服務，屆時客戶將有最後一次機會在 2021 年 5 月之前續訂維護服務或將維護席位換成訂閱服務。有關以舊換新優惠的更多詳情，請參閱我們投資者關係網站上發布的幻燈片。

As expected and consistent with last quarter, the maintenance conversion rate was 40%. And of those that migrated, upgrade rates came in at 26%. Net revenue retention rate was again within the 110% to 120% range, continuing to demonstrate the growing strategic value we deliver to our existing customers.

如預期，與上一季一致，維護轉換率為 40%。在這些遷移的用戶中，升級率達到了 26%。淨收入留存率再次維持在 110% 至 120% 的範圍內，繼續證明我們為現有客戶提供的策略價值不斷增長。

Billings growth of 43% in the quarter and 55% for the year was driven by organic growth and as expected, the normalization of our multiyear contracts. The strength in our multiyear commitments from our customers is an indicator of the strategic importance and business-critical nature of our products. Our long-term deferred revenue ended up slightly higher than we anticipated. But our multiyear business is at a sustainable level and is not creating a headwind to our future free cash flows.

本季帳單成長 43%，全年成長 55%，這主要得益於內生成長以及預期中的多年期合約的正常化。客戶多年承諾的力度，顯示了我們產品的策略重要性和業務關鍵性。我們的長期遞延收入最終略高於預期。但是，我們多年的業務處於可持續水平，不會對我們未來的自由現金流造成不利影響。

In fiscal '20, we delivered $1.36 billion in free cash flow, with $684 million coming in the fourth quarter, delivering on a key goal we set out 3 years ago. We expect to post annual growth in our free cash flows through fiscal '23 and beyond as net income will start driving a greater portion of our free cash flows versus deferred revenue.

在 2020 財年，我們實現了 13.6 億美元的自由現金流，其中 6.84 億美元來自第四季度，實現了我們 3 年前設定的關鍵目標。我們預計到 2023 財年及以後，我們的自由現金流將逐年增長，因為淨利潤將開始推動我們自由現金流中更大比例的貢獻，而不是遞延收入。

Our total remaining performance obligation of $3.6 billion is up 33%. And our current remaining performance obligation of $2.4 billion grew 23%. On the margin front, we continue to realize significant operating leverage due to strong revenue growth and diligent expense management. For the full year, non-GAAP gross margins were very strong at 92%, up 2 percentage points from last year. Our non-GAAP operating margin expanded by 12 percentage points to 25%. We are on track to deliver further margin expansion and attain approximately 40% non-GAAP operating margin in fiscal '23.

我們剩餘履約義務總額為 36 億美元，增加了 33%。我們目前剩餘的履約義務為 24 億美元，成長了 23%。在利潤率方面，由於強勁的收入成長和嚴格的費用管理，我們繼續實現顯著的營運槓桿效應。全年非GAAP毛利率表現非常強勁，達到92%，比去年增加了2個百分點。我們的非GAAP營業利潤率成長了12個百分點，達到25%。我們預計將進一步擴大利潤率，並在 2023 財年實現約 40% 的非 GAAP 營業利潤率。

Consistent with our capital allocation strategy, we continue to repurchase shares with excess cash. During the fourth quarter, we purchased a little over 1 million shares for $191 million at an average purchase price of $189.52 per share. During the year, we fully offset dilution from our equity plans, purchasing a total of 2.7 million shares for $456 million at an average price of $168.63 per share.

根據我們的資本配置策略，我們將繼續用多餘的現金回購股票。第四季度，我們以每股 189.52 美元的平均購買價格，斥資 1.91 億美元購買了略多於 100 萬股股票。年內，我們透過股權計畫完全抵銷了股權稀釋，以每股 168.63 美元的平均價格，共 4.56 億美元購買了 270 萬股股票。

And now I'll turn the discussion to our outlook. We've taken into account the current macro environment and potential risk involved with any disruption. Our direct exposure to China is small and our experience with past outbreaks showed limited impact to our sales. While we continue to monitor the situation more broadly, we expect total revenue to grow 20% to 22% in fiscal '21 and expand non-GAAP operating margin by about 5 percentage points.

現在我將把討論轉向我們的展望。我們已將當前的宏觀環境以及任何中斷可能帶來的潛在風險納入考量。我們與中國的直接業務往來較少，而且過去疫情爆發的經驗表明，疫情對我們的銷售影響有限。儘管我們仍在更廣泛地關注情勢，但我們預計 2021 財年總收入將成長 20% 至 22%，非 GAAP 營業利潤率將提高約 5 個百分點。

During the year, we plan to deliver free cash flow in the range of $1.63 billion to $1.69 billion, up 20% to 24%. When looking at the quarterization of free cash flow for fiscal '21, given normal seasonality and strength of payment collections and large deals signed in the fourth quarter, we expect about 2/3 of our free cash flow to be generated in the second half of the year.

今年，我們計劃實現自由現金流 16.3 億美元至 16.9 億美元，年增 20% 至 24%。從 2021 財年自由現金流的季度劃分來看，考慮到正常的季節性因素以及第四季度強勁的收款和簽署的大宗交易，我們預計大約 2/3 的自由現金流將在今年下半年產生。

Looking at our guidance for the first quarter. Our strength in the fourth quarter presents a tough sequential compare. Given our normal seasonality, other revenue in Q1 is expected to be about half as much as we experienced in Q4. The slide deck on our website has more details on modeling assumptions for the fiscal first quarter and full year 2021.

來看看我們對第一季的業績預期。我們在第四季的強勁表現使得接下來的季度業績難以與之相比。考慮到正常的季節性因素，預計第一季的其他收入約為第四季的一半。我們網站上的投影片詳細列出了 2021 財年第一季和全年的建模假設。

And now I would like to turn it back to Andrew.

現在我想把話題轉回給安德魯。

Thanks, Scott. We just closed a landmark fiscal year and delivered on the free cash flow target we set over 3 years ago when we began the business model transition. Now let me give you some details about what is happening across our business.

謝謝你，斯科特。我們剛結束了一個具有里程碑意義的財政年度，並實現了我們在 3 年前開始商業模式轉型時設定的自由現金流目標。現在讓我來詳細介紹一下我們公司目前的情況。

First off, fiscal '20 was not only a year of financial achievements, but also a year where we increasingly enabled our customers to realize more sustainable outcomes in their work. In fact, we were recognized by the Corporate Knights for being in the top 5 of the world's most sustainable companies, and Barron's ranked us 10th on their list of 100 most sustainable companies, making us the highest ranking software company on both lists. This recognition is not only a testament to how responsibly we run our own business but more importantly, how we help our customers meet their own sustainability goals, which brings me to Construction.

首先，2020 財年不僅是財務上成功的一年，也是我們持續幫助客戶在工作中實現更永續成果的一年。事實上，我們被 Corporate Knights 評為全球最具永續發展能力的公司前 5 名，而《巴倫周刊》將我們列入 100 家最具永續發展能力的公司榜單第 10 位，使我們成為這兩個榜單上排名最高的軟體公司。這項榮譽不僅證明了我們以負責任的態度經營自己的業務，更重要的是，它證明了我們如何幫助客戶實現自己的永續發展目標，這讓我想到了建築業。

Our Construction business had an outstanding year and ended the year with great momentum. We are looking at Construction in a more connected way than ever before, and our offers are resonating with our customers. The Autodesk Construction Cloud delivers advanced technology, a network of builders and the power of predictive analytics to drive projects from the earliest phases of design, through planning, building and into operations. Customers are excited about the unified platform and are recognizing that the breadth, depth and connectivity across our portfolio sets us apart from our competition.

我們的建築業務在過去一年取得了卓越的成績，並以強勁的發展勢頭結束了這一年。我們正以前所未有的方式看待建築業，我們的產品和服務也引起了客戶的共鳴。Autodesk Construction Cloud 提供先進的技術、建築商網路和強大的預測分析功能，從設計初期到規劃、建造和運營，推動專案順利進行。客戶對統一平台感到興奮，並認識到我們產品組合的廣度、深度和連接性使我們從競爭對手中脫穎而出。

For example, CRB, a design-build firm with offices across the U.S. and internationally, was using each of our 4 products independently. When they understood our vision for Construction Cloud to deliver a unified solution that integrates workflows connecting the office, trailer and field, CRB signed an enterprise business agreement with Autodesk for the solutions offered under the Construction Cloud. They are aligned with our vision of a unified solution that provides the entire construction life cycle, from design through long-term maintenance, with all the design and make data they need in one place so information is not siloed or lost and work gets done more efficiently. Leveraging data efficiently is critical to CRB's new project execution concept, ONEsolution, which brings time, cost, quality and safety benefits to everyone involved.

例如，CRB 是一家設計建造公司，在美國和國際上都設有辦事處，該公司分別獨立使用了我們的 4 款產品。當他們了解我們對 Construction Cloud 的願景，即提供一個統一的解決方案，整合連接辦公室、拖車和現場的工作流程時，CRB 與 Autodesk 簽署了一份企業業務協議，以獲得 Construction Cloud 下提供的解決方案。他們與我們的願景一致，即提供統一的解決方案，涵蓋從設計到長期維護的整個施工生命週期，將他們所需的所有設計和製造數據集中在一個地方，這樣資訊就不會孤立或丟失，工作效率也會更高。有效利用資料對於 CRB 的新專案執行理念 ONEsolution 至關重要，它能為所有參與者帶來時間、成本、品質和安全方面的好處。

We provide the only truly connected solution for construction, and during the quarter, Metropolitan Mechanical Contractors, MMC, a Revit customer, decided to go with our Construction solutions over a competitor's. Based in Minnesota, MMC is a single-source solution for the design and build of complex mechanical systems focused on quality, speed and sustainable outcomes, all driving towards a lower cost of ownership. After completing a pilot with a competitor, MMC was ready to move forward with the competitor, but they gave us one shot to demo our solutions due to our leadership in design. After one demo, they chose our PlanGrid solution and also decided to increase the deal to include BuildingConnected, 2 integral parts of the Autodesk Construction Cloud. The fast ramp time and the ability to own their data, no matter what system a general contractor uses, were key differentiators and they were impressed by the ease of pushing awarded bids to PlanGrid.

我們提供唯一真正互聯的建築解決方案，在本季度，Revit 客戶 Metropolitan Mechanical Contractors (MMC) 決定選擇我們的建築解決方案，而不是競爭對手的解決方案。MMC總部位於明尼蘇達州，是專注於品質、速度和永續成果的複雜機械系統設計和製造的一站式解決方案提供商，致力於降低擁有成本。在與競爭對手完成試點項目後，MMC 準備與競爭對手繼續合作，但由於我們在設計方面的領先地位，他們給了我們一次機會來展示我們的解決方案。經過一次演示，他們選擇了我們的 PlanGrid 解決方案，並決定增加交易金額，將 BuildingConnected 也納入其中，這是 Autodesk Construction Cloud 的兩個重要組成部分。快速上手和擁有自己的數據的能力（無論總承包商使用什麼系統）是關鍵的差異化因素，而且將中標投標輕鬆推送到 PlanGrid 也給他們留下了深刻的印象。

Selling synergies between our acquired sales teams and the Autodesk sales team also showed strong momentum this year, and we expect it to be a business growth driver for us, both here in the U.S. and internationally in FY '21. During the quarter, one of the largest mechanical subcontractors in Australia increased their deployment of our solutions. Historically, the customer was using BIM 360 Docs on some projects and was interested in using either PlanGrid or BIM 360 on additional projects. Our team explained the value PlanGrid brings to the field and BIM 360 Docs brings to the office, highlighting the long-term vision. Wanting to make a long-term investment and recognizing the power behind the integration, the customers invested in our portfolio. As demonstrated by this example, we believe we are better positioned than any other vendor to capitalize on the international opportunity, and we are aggressively investing in fiscal '21 to expand our reach globally.

今年，我們收購的銷售團隊與 Autodesk 銷售團隊之間的銷售綜效也展現出強勁的勢頭，我們預計這將成為我們在 2021 財年在美國和國際市場的業務成長驅動力。本季度，澳洲最大的機械分包商之一增加了對我們解決方案的部署。從歷史上看，該客戶在一些專案中使用過 BIM 360 Docs，並且有興趣在其他專案中使用 PlanGrid 或 BIM 360。我們的團隊闡述了 PlanGrid 為現場帶來的價值以及 BIM 360 Docs 為辦公室帶來的價值，並專注於了長期願景。客戶希望進行長期投資，並認識到整合帶來的力量，因此投資了我們的產品組合。正如這個例子所表明的那樣，我們相信我們比任何其他供應商都更有優勢抓住國際機遇，並且我們正在2021財年積極投資，以擴大我們的全球影響力。

Other notable accomplishments of the year for our Construction business include: PlanGrid delivered over $100 million in ARR, beating the target we laid out at the beginning of the year; BuildingConnected crossed 1 million users; the acquired Construction solutions were included in 45 enterprise deals; the product teams rolled out a comprehensive long-term product integration plan and over 300 enhancements.

今年我們建築業務的其他顯著成就包括：PlanGrid 的 ARR 超過 1 億美元，超過了我們年初設定的目標；BuildingConnected 的用戶數量突破 100 萬；收購的建築解決方案被納入 45 項企業交易；產品團隊推出了一項全面的長期產品整合計劃和 300 改進。

I am very pleased with the progress our Construction business made in fiscal '20 and even more excited to continue building our world-class platform.

我對我們建築業務在 2020 財年的進展感到非常滿意，並且更加興奮地期待繼續打造我們世界一流的平台。

We also made impressive strides in our core architecture market, where we continue to benefit from customers migrating from 2D to 3D designs. Arcadis, a global design and consultancy firm, headquartered in the Netherlands, substantially increased their engagements with us this quarter as they work to become a leader in AI-driven design. Involved in some of the world's most complex projects, Arcadis is aggressively transitioning from 2D to 3D collaborative workflows using Revit, Civil 3D, InfraWorks and BIM 360. And they are not stopping there. We are assisting in their adoption of Generative Design with Fusion 360 as they are reimagining traditional processes, like facade design, by exploring the redesign of elements without restrictions of traditional design processes and manufacturability.

我們在核心建築市場也取得了令人矚目的進展，我們持續受益於客戶從 2D 設計轉型為 3D 設計。總部位於荷蘭的全球設計顧問公司 Arcadis，在本季大幅增加了與我們的合作，因為他們正努力成為人工智慧驅動設計的領導者。Arcadis 參與了一些世界上最複雜的項目，正積極地從 2D 向 3D 協作工作流程轉型，使用 Revit、Civil 3D、InfraWorks 和 BIM 360。而他們的腳步並未就此停下腳步。我們正在協助他們採用 Fusion 360 進行生成式設計，因為他們正在重新構想傳統的流程，例如立面設計，探索在不受傳統設計流程和可製造性限制的情況下重新設計元素。

Moving to Manufacturing. We continue to gain share and deliver revenue growth of 15% for the quarter and 18% for the year. Our advanced technology solutions are enabling our customers to migrate from traditional workflows to operate more efficiently in the cloud. We added 20,000 Fusion 360 commercial subscriptions this year, establishing us as the leading cloud-based multi-tenant design and make solutions provider in the market.

轉向製造業。我們持續擴大市場份額，本季營收成長15%，全年營收成長18%。我們先進的技術解決方案使我們的客戶能夠從傳統工作流程遷移到雲端，從而更有效率地運作。今年我們新增了 20,000 個 Fusion 360 商業訂閱用戶，使我們成為市場上領先的基於雲端的多租戶設計和製造解決方案提供商。

During the quarter, Spinner Group, a German manufacturer of radio frequency technology, invested in our Product Design & Manufacturing Collection over SolidWorks. Their decision was driven by the comprehensive value of the collection and the ability to work with just one partner versus multiple vendors for various point products.

本季度，德國射頻技術製造商 Spinner Group 投資了我們基於 SolidWorks 的產品設計和製造套件。他們做出這項決定的驅動因素是該系列產品的綜合價值，以及能夠與一個合作夥伴合作而不是與多個供應商合作購買各種單品。

In another example, one of the world's iconic guitar manufacturers standardized on Fusion 360 for design, replacing SolidWorks and Rhino. The catalyst was collaboration as Fusion enables them to collaborate across their acoustic, electric and PCB divisions for the first time ever.

再舉一個例子，世界知名的吉他製造商之一採用了 Fusion 360 作為設計標準，取代了 SolidWorks 和 Rhino。促成此次合作的催化劑是 Fusion，它使他們能夠首次在聲學、電氣和 PCB 部門之間開展合作。

We are also seeing our leadership in BIM drive business with building product manufacturers as they need to fabricate products for buildings designed by our solutions. A multinational company, well known in their industry for drywall gypsum boards, selected our Manufacturing Collection and our AEC collection this quarter to extend their offerings from drywall to premanufactured building components in the industrialized construction market. Our Design and Manufacturing solutions enable them to develop machines and factories for production, and our AEC solutions enable them to connect and work collaboratively with their customers.

我們還看到，我們在 BIM 領域的領先地位正在推動與建築產品製造商的業務成長，因為他們需要為使用我們解決方案設計的建築物製造產品。一家在業界以石膏板聞名的跨國公司，本季選擇了我們的製造系列和 AEC 系列，以將其產品範圍從石膏板擴展到工業化建築市場的預製建築構件。我們的設計和製造解決方案使他們能夠開發用於生產的機器和工廠，而我們的 AEC 解決方案使他們能夠與客戶聯繫並協作。

Adoption of Generative Design is also continuing to drive business. For example, Goodyear used Generative Design to optimize an internally produced hand tool. They were able to cut production time, design the tool 4x faster and make the part 10x faster than would have been the case using a traditional machining process. And by combining additive manufacturing with CNC machining, they reduced their overall material cost and manufacturing time by 10x. Business results like these drove an increase in their EBA investment as Goodyear continues to drive faster innovation in Design and Manufacturing.

生成式設計的應用也持續推動業務發展。例如，固特異運用生成式設計來優化其內部生產的手動工具。他們縮短了生產時間，設計工具的速度提高了 4 倍，零件製造速度提高了 10 倍，而使用傳統加工流程則無法達到這樣的速度。透過將積層製造與數控加工結合，他們將整體材料成本和製造時間降低了 10 倍。諸如此類的業務成果促使固特異公司增加了對 EBA 的投資，因為固特異將繼續加快設計和製造領域的創新步伐。

Given that we just finished the Oscars, I also want to highlight some of the success we are having in Media and Entertainment. Many Autodesk customers are recognized for their industry-leading work throughout the year. One such example is LAIKA, an Oregon-based stop-motion animation studio recently nominated for an Academy Award and winner of the 2020 Golden Globe for Best Animated Feature. LAIKA uses the full breadth of the Autodesk Media and Entertainment portfolio, including 3ds Max, Maya and Shotgun Software.

鑑於我們剛剛結束了奧斯卡頒獎典禮，我還想重點介紹我們在媒體和娛樂領域的一些成功。許多 Autodesk 客戶因其在行業內的領先工作而獲得全年認可。萊卡動畫工作室（LAIKA）就是一個例子，這家位於俄勒岡州的定格動畫工作室最近獲得了奧斯卡金像獎提名，並榮獲了 2020 年金球獎最佳動畫長片獎。LAIKA 使用了 Autodesk 媒體和娛樂產品組合的全部功能，包括 3ds Max、Maya 和 Shotgun 軟體。

Now on to the progress with monetizing noncompliant users. Our ongoing investments in digital transformation have helped us significantly in this area. As one indicator of this, I am excited to share that this fiscal year, we signed 62 license compliance deals over $500,000 per deal. And 14 of those deals were over $1 million. This is almost 3x the number we did in fiscal '19. The deals were across all regions and almost 20% of the fiscal '20 deals over $500,000 were in China. We are very pleased with our success in monetizing noncompliant users so far, and this remains a key long-term growth driver and area of investment.

接下來談談如何利用不合規用戶獲利。我們在數位轉型方面持續投入，這為我們帶來了巨大的幫助。作為這方面的一個指標，我很高興地告訴大家，在本財政年度，我們簽署了 62 項許可合規協議，每項協議金額超過 50 萬美元。其中 14 筆交易金額超過 100 萬美元。這幾乎是我們在 2019 財年完成數量的 3 倍。這些交易遍及各個地區，2020 財年超過 50 萬美元的交易中，近 20% 發生在中國。我們對目前為止在將不合規用戶變現方面取得的成功感到非常滿意，這仍然是長期成長的關鍵驅動力和投資領域。

Moving forward, one of the key steps we are taking is moving to plans for people instead of serial numbers. This will allow us to better serve our paying customers and will make our solutions harder to pirate. Plans based on named users will give our customers visibility into their usage data, allowing them to optimize their license costs and enable us to better understand their needs. We moved our single-user subscriptions to named users in fiscal '20, and we'll also transition all of our multiuser subscriptions. This will mark the final milestone in becoming a true SaaS company, giving us the ability to deliver incremental value and customized services to our customers.

展望未來，我們正在採取的關鍵步驟之一是採用以人為本的計劃，而不是以序號為本的計劃。這將使我們能夠更好地服務付費客戶，並使我們的解決方案更難被盜版。基於指定使用者的方案將使我們的客戶能夠了解他們的使用數據，從而優化他們的授權成本，並使我們能夠更好地了解他們的需求。我們在 2020 財年將單一用戶訂閱改為指定用戶訂閱，我們也將過渡所有多用戶訂閱。這將標誌著我們成為真正的 SaaS 公司的最後一個里程碑，使我們能夠為客戶提供增量價值和客製化服務。

We are also introducing a premium plan that offers additional security, tailored administration capabilities, support and reporting. Please refer to the appendix of the slide deck posted on our Investor Relations website for more details.

我們還推出了一項高級計劃，提供額外的安全保障、客製化的管理功能、支援和報告服務。更多詳情請參閱我們投資者關係網站上發布的幻燈片附錄。

To close, I would like to look back at the last few years and take a moment to highlight what we have accomplished. 3 years ago, we set a free cash flow target of $1.4 billion. This year, we delivered on that target. We did what we said we would do. We are executing well and know how to adapt and flex in changing market conditions. We know how to manage our journey and have proven that with our fiscal '20 results.

最後，我想回顧過去幾年，並花點時間重點介紹我們所取得的成就。3年前，我們設定了14億美元的自由現金流目標。今年，我們實現了這個目標。我們說到做到。我們執行力強，懂得如何在不斷變化的市場環境中進行調整和靈活變通。我們知道如何管理我們的發展歷程，並且已經用 2020 財年的業績證明了這一點。

Looking out to fiscal '23 and beyond, I am more confident than ever in our strategy and the team executing on it. We will continue to deliver great value to our customers with our connected and comprehensive platform in Construction. We expect to keep gaining share in the manufacturing market as it moves to the cloud with less siloed workflows. And over time, we are going to increasingly monetize the noncompliant user base.

展望 2023 財年及以後，我對我們的策略和執行該策略的團隊比以往任何時候都更有信心。我們將繼續透過我們在建築領域的互聯互通、功能全面的平台，為客戶創造巨大價值。隨著製造業向雲端遷移，工作流程日益分散，我們預期在製造業市場佔有率將持續成長。隨著時間的推移，我們將越來越多地從不合規的用戶群中獲利。

We look forward to seeing many of you at our Investor Day on March 25, where we will have more time to share our strategic initiatives. With that, operator, we would now like to open the call up for questions.

我們期待在3月25日的投資者日上見到各位，屆時我們將有更多時間分享我們的策略舉措。接線員，接下來我們將開放提問環節。

(Operator Instructions) Our first question comes from the line of Saket Kalia from Barclays Capital.

（操作員說明）我們的第一個問題來自巴克萊資本的 Saket Kalia。

I'll focus my questions on some of the pricing changes here and maybe start with you, Andrew. You talked about the introduction of the standard and premium plan. Could you just dig into what types of customers you think would opt for premium? And sort of broad brush, how big of your base could that premium plan sort of cohort be over time?

我將重點詢問一些價格變化方面的問題，也許可以先從你開始，安德魯。您談到了標準套餐和高級套餐的推出。您能否深入分析您認為哪些類型的客戶會選擇高級服務？從整體來看，隨著時間的推移，您的高級會員計畫使用者群體規模能有多大？

Yes. All right. So the standard plan already exists. So remember, the standard plan is just the subscription we have today. And I think one of the ways you want to think about premium is kind of like a mini enterprise agreement without the consumption element. So it's going to appeal to some of our larger accounts that get serviced through the channel. And it's going to appeal to them for a couple of reasons, all right? First off, some of the things that are included in the premium plan include a single sign-on support through active directory. So this is the way that the customer can manage their named user set and deploy a single sign-on across it. It's easier for them to manage the users. It's more secure because you can turn on and turn off users really quickly. So that right there is a huge benefit.

是的。好的。所以標準方案已經存在了。所以請記住，標準套餐就是我們今天提供的訂閱服務。我認為，看待高階服務的一種方式是將其視為一種沒有消費要素的小型企業協議。因此，它將吸引我們一些透過該管道獲得服務的較大客戶。它之所以會吸引他們，有幾個原因，對吧？首先，高級計劃中包含的一些功能包括透過活動目錄實現單一登入支援。這樣，客戶就可以管理其指定使用者集，並在其中部署單一登入。這樣他們更容易管理用戶。它更安全，因為你可以非常快速地啟用和停用使用者。所以這本身就是一個巨大的優勢。

The other thing that we're consolidating in, and this is something a lot of our customers already have, is something called an ETR, which stands for Extra Territorial Rights. And that is something we've always sold on top of our traditional licensing to allow them to distribute licenses to subsidiaries outside of their -- outside of where their corporate headquarters are, all right? So that's another thing that's included in there, obviously, another thing that appeals to larger accounts that are serviced by our channel.

我們正在整合的另一項內容，也是我們許多客戶已經擁有的，叫做 ETR，即域外權利。而且，我們一直以來都以傳統許可的基礎上銷售這種服務，允許他們將許可證分發給公司總部以外的子公司，好嗎？所以，這顯然也是其中包含的另一項內容，也是吸引我們通路服務的大型客戶的另一項內容。

The other thing that they're going to get is analytics capability, where -- all of our customers are going to get analytics capability. But what's going to show up in the premium plan is much deeper. We're actually going to be making proactive suggestions with some of the analytics about how they can optimize and get more out of their investment with Autodesk or optimize their investment with Autodesk more precisely than they do. They also get a slightly closer relationship with Autodesk through the support terms that we provide. So you can see that it's going to appeal to larger accounts. I'm not going to give you a percentage of the base in terms of what that means. We could try. But that's who it's going to appeal to. And I think you could see how we've naturally introduced it at the same time that we've introduced the discussion around ending the multiuser licensing because it allows you to manage named users a lot more effectively.

他們還將獲得分析功能，我們所有的客戶都將獲得分析功能。但高級計劃中包含的內容要豐富得多。我們將利用一些分析數據，提出一些積極主動的建議，幫助他們優化投資，從 Autodesk 的投資中獲得更多收益，或更精確地優化他們在 Autodesk 的投資。透過我們提供的支援條款，他們還可以與 Autodesk 建立更緊密的聯繫。所以可以看出，它會吸引大客戶。我不會告訴你這具體意味著什麼，也不會告訴你這是基本面的百分比。我們可以試試。但它的目標受眾正是這部分人。我認為你可以看出，我們自然而然地在提出結束多用戶許可的討論的同時引入了它，因為它可以讓你更有效地管理指定用戶。

That makes sense. And that actually dovetails into my follow-up question for you, Scott. Can you just talk about that shift of multiuser to named user licensing? I guess specifically, what have your studies or sort of anecdotes shown on -- how many sort of named accounts there are for -- or named users there are for each multiuser license, if that makes sense?

這很有道理。而這其實剛好引出了我要問你的後續問題，史考特。能談談多用戶授權模式轉變為指定使用者授權模式的過程嗎？我猜具體來說，您的研究或軼事表明，每個多用戶許可證有多少指定帳戶或指定用戶？ （如果我的意思表達清楚的話）

Yes, yes. It does, Saket. And as you would imagine, that's something we looked pretty hard at as we designed the end of sale of multiuser and what that trade-in program would look like. And it runs right around 2:1. In other words, 2 named users end up being, on average, being served by 1 multiuser license. So that's the reason we set the trade out and programmed the way we did. I think for some customers, they will end up needing a few more single users to support their base, if they were running a little hotter than that. And for some, they will probably make the trade-in program, and in the future, there may be a chance for them to either rightsize that or take the additional budget and hop into premium with that. So it's a -- it was designed right around the average of what we see in terms of actual usage today.

是的，是的。確實如此，薩凱特。正如你所想，我們在設計多用戶版停售方案以及以舊換新計劃時，對此進行了非常深入的研究。實際比例大約是 2:1。換句話說，平均而言，2 個指定使用者最終會使用 1 個多使用者授權。所以這就是我們制定交易方案並進行相應編程的原因。我認為，如果某些客戶的營運壓力比現在更大一些，他們最終可能需要增加一些單一用戶來支援他們的用戶群。對某些人來說，他們可能會參加以舊換新計劃，將來他們或許有機會調整車輛配置，或利用額外的預算升級到高級配置。所以，它的設計完全符合我們今天在實際使用中看到的平均水準。

Because you asked about that trade-in program, I just want to make sure that we're all clear about the why of that program because there was a couple of customer whys, and there's a couple of Autodesk whys. From a customer standpoint, a lot of our multiuser customers already have named user licenses in their accounts. They're living in what we affectionately call "hybrid hell" inside the company, where they're trying to manage 2 types of different systems. This will put them all on our new subscription back end. So it essentially brings all of these customers that live in hybrid environments into our new back-end and provide them all with the same analytics that the named users are getting. So there's going to be a lot of customer benefits associated with it, especially when you layer on premium because of the control and security it's going to give you.

因為你問到了以舊換新計劃，我只是想確保我們都清楚這個計劃的原因，因為客戶提出了一些原因，Autodesk 也提出了一些原因。從客戶的角度來看，我們許多多用戶客戶的帳戶中已經擁有指定用戶授權。他們生活在我們戲稱為公司內部「混合地獄」的地方，在那裡他們試圖管理兩種不同的系統。這將把它們全部遷移到我們新的訂閱後台系統。因此，它實際上將所有這些生活在混合環境中的客戶引入到我們的新後端，並為他們提供與指定使用者相同的分析。因此，這將為客戶帶來許多好處，尤其是在疊加高級功能時，因為它能提供控制權和安全性。

For Autodesk, this gets us one step further to retiring older systems that are based on serial numbers, systems that kind of we have to maintain, systems that have sync issues that get in the way of us knowing more about our customers. So we're going to have more knowledge about our customers. We're going to have more information about what they're doing. And we're going to be able to service them a lot better.

對於 Autodesk 而言，這使我們離淘汰基於序號的舊系統又近了一步，這些系統我們不得不維護，而且存在同步問題，阻礙我們更多地了解客戶。這樣我們就能更了解我們的客戶了。我們將掌握更多關於他們所作所為的資訊。我們將能夠更好地為他們提供服務。

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

我們的下一個問題來自富國銀行的菲爾溫斯洛。

And congrats on a great close to the year. I just wanted to focus in on the different industry verticals here that you sell into, obviously, your Manufacturing, AEC. And obviously, there's a difference sort of between geos there. Wondering if you could provide us just sort of some more color on sort of how you closed out the year there and sort of how you're thinking about the forward guide sort of industry vertical, geo?

恭喜你圓滿結束了這一年。我只想專注於你們銷售產品的不同產業垂直領域，顯然包括你們的製造業和建築、工程和施工（AEC）。顯然，不同地區之間存在某種差異。想請您詳細介紹一下您是如何結束這一年的，以及您對未來產業垂直領域和地理發展方向的規劃？

Yes. Thanks, Bill. And you may not have had a chance, I know it's a busy night for everyone, but we posted some details by both geography and by product family on the slide deck that's on the website. And what you see is we were really strong in both. We were strong in all 3 geos, both in the quarter and for the full year, and across all product sets. I think the one anomaly, and we talked about this in the opening commentary, was in Media and Entertainment, which actually showed a slight decline for the quarter year-on-year and that was really driven by one large multiyear upfront transaction that was done in Q4 a year ago that skewed that. For the full year, Media and Entertainment grew about 9%.

是的。謝謝你，比爾。我知道今晚大家都很忙，您可能沒有機會查看，但我們在網站上的幻燈片中按地理位置和產品系列發布了一些詳細資訊。你可以看到，我們在這兩方面都表現得非常出色。無論從季度業績或全年業績來看，我們在所有三個地區都表現強勁，而且所有產品系列都表現出色。我認為唯一異常的情況（我們在開篇評論中也討論過）是媒體和娛樂行業，該行業本季度同比略有下降，這主要是由於去年第四季度完成的一筆多年期大額預付款交易導致數據出現偏差。全年來看，媒體和娛樂產業成長了約 9%。

So we really saw strength across the board. Our expectation looking into fiscal '20, I mean, you can see we go from an overall revenue growth rate of about 27% this year to one that's in the 20% to 22% range next year. Part of that is that there was about 3 points of added inorganic growth to our fiscal '20 numbers. So it takes it down to about 24% compared to 20% to 22% next year, which is just the law of large numbers. In absolute terms, we see growth in revenue and a strong percent growth next year as well. Any color you want to add, Andrew?

所以我們看到各方面都表現強勁。展望 2020 財年，我們的預期是，你可以看到，我們今年的整體營收成長率約為 27%，而明年則在 20% 到 22% 之間。部分原因是我們在 2020 財年的數據中增加了約 3 個百分點的非有機成長。因此，這一比例將下降到大約 24%，而明年則為 20% 到 22%，這完全符合大數定律。從絕對值來看，我們預計明年營收將成長，百分比成長也將十分強勁。安德魯，你還想添加什麼顏色嗎？

No -- yes. I mean the only color is our M&E business, because of its size, it just continues to be sensitive to large deals. It always has been, because of its size, and even the subsegments within it are sensitive to large deals. That's just the nature of that business.

不——是的。我的意思是，唯一顏色鮮豔的就是我們的機電工程業務，因為其規模龐大，所以對大宗交易仍然非常敏感。由於其規模龐大，一直以來都是如此，甚至其內部的各個細分市場也對大宗交易非常敏感。這就是這個行業的本質。

Got it. And then also just in terms of the opportunity with the noncompliant users, obviously, you called out some pretty significant changeover. I mean obviously, at the Analyst Day last year, you talked about, I think it was about 1.7 million still in the base. When you think about just the growth that you saw in your overall user base this year, how much of it would you call sort of just core growth versus actually shifting those noncompliant users over? It's for the non...

知道了。此外，就與不合規用戶相關的機會而言，顯然，您指出了一些非常重要的變化。我的意思是，很明顯，在去年的分析師日上，你談到了，我認為還有大約 170 萬人仍在基層。當你回顧今年用戶總數的成長時，你認為其中有多少是核心用戶成長，又有多少是將那些不合規的用戶轉移過來的？這是給非專業人士看的…

So most of it's -- yes, sorry. Sorry, Phil. Most of it's core growth, Phil. So -- but as I've said consistently over and over again, we're getting better and better at talking to, understanding and converting these noncompliant users. That's why we gave you some of those stats, as you can understand, directionally, how this effort is going. Every year, it's going to continue to get better and better and better. Our investment, both from a systems side and from our people side, in terms of people that actually handle directly noncompliant negotiations with customers are going up. So you're going to see this consistent performance. And most of that growth is just the core growth. But I hope you're getting a sense for how this noncompliant usage starts to become quite an engine as we move forward.

所以大部分都是——是的，抱歉。抱歉，菲爾。菲爾，這主要是它的核心成長。所以——但正如我一再強調的那樣，我們在與這些不合規用戶溝通、理解和轉換他們方面越來越做得更好。這就是為什麼我們向你提供這些統計數據的原因，以便你可以大致了解這項工作的進展。每年都會越來越好。無論是系統方面還是人員方面，我們都在增加投入，尤其是那些直接處理與客戶進行不合規談判的人員。所以你會看到這種穩定的表現。而且大部分成長都只是核心成長。但我希望你們能逐漸意識到，隨著我們不斷推進，這種不合規的使用方式會如何逐漸成為一股強大的推動力。

I meant to say 12, not 1 7. Sorry about that. All right.

我本來想說的是12，不是17。抱歉。好的。

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

我們的下一個問題來自加拿大皇家銀行資本市場的 Matt Hedberg。

Congrats on a really strong end of the year. I guess for either Andrew or Scott, curious, Andrew or Scott, I think you mentioned you're taking into account the current macro with the coronavirus, and exposure to China is small. I guess I'm wondering how do you think about the broader APAC region, Japan or other regions. And sort of have you seen anything yet thus far a month into the quarter?

恭喜你以如此出色的成績結束了這一年。我想，無論是安德魯還是斯科特，我很好奇，安德魯還是斯科特，我想你們都提到過，你們正在考慮當前冠狀病毒的宏觀經濟形勢，而且與中國的風險很小。我想知道您如何看待更廣泛的亞太地區、日本或其他地區。那麼，到目前為止，這個季度已經過去一個月了，你有沒有看到什麼新的進展？

Yes, I'm glad you asked this question. First off, the whole coronavirus situation is a human situation. It's kind of a human tragedy. And the best thing that can happen here for all of us is that it just gets resolved and contained relatively quickly and there's a vaccine next year for the next flu season. But from a business perspective, how it impacts you is it depends on your business, and we've looked pretty deeply at our business. And here's kind of a lay of the land I'll give you. If you are a software vendor that's exposed to big deals from especially large industrials that have kind of global supply chain disruption, you're going to feel some effects from this, all right? That's not us. In addition, if you're in the travel industry, obviously, you're going to feel some effects from this.

是的，很高興你問了這個問題。首先，新冠病毒疫情本質上是一場人類危機。這簡直是一場人間悲劇。對我們所有人來說，最好的結果就是疫情能夠相對迅速地解決和控制，並且明年流感季就能有疫苗可用。但從商業角度來看，它對你的影響取決於你的業務，而我們已經對我們的業務進行了相當深入的研究。我來給你簡單介紹一下情況。如果你是一家軟體供應商，並且與一些大型工業企業簽訂了大額訂單，而這些企業又面臨全球供應鏈中斷的情況，那麼你肯定會受到一些影響，對吧？那不是我們。此外，如果你身處旅遊業，很顯然，你也會受到一些影響。

But here's what's different about Autodesk, and here's why I want to help you understand how we look at the business and why we took into account some China effects in Q1, but we don't see longer-term effects at this point, okay? Now I will say, if this becomes a pandemic, all bets are off and we'll have a different discussion. But right now, our business is what we call almost micro-verticalized. We cut across lots of different verticals. And it's not just industrial verticals, it's company-sized verticals. We go from the biggest to the smallest. Our business, especially in the first half of the year, is not heavily dependent on large deals and large companies, particularly large industrials. So we don't see that kind of sensitivity in our business.

但 Autodesk 的不同之處在於，我想幫助大家了解我們如何看待這項業務，以及為什麼我們在第一季考慮了一些中國市場的影響，但目前我們看不到長期影響，明白嗎？現在我要說的是，如果這演變成一場全球性流行病，那就一切都無法預料了，我們將進行另一次討論。但就目前而言，我們的業務幾乎是微垂直化的。我們涉足許多不同的垂直領域。而且不只是工業垂直領域，而是公司規模的垂直領域。我們從最大的到最小的。我們的業務，尤其是在上半年，並不嚴重依賴大型交易和大型公司，特別是大型工業企業。所以，在我們的業務中，我們看不到這種敏感度。

But in addition, and I think this is super important for you to understand, it's one of the great things about being an indirect company, our business happens hyper-locally. And what I mean by that is the VARs, especially in APAC, that transact with the customers are actually new to customers, all right? You're not dealing with a situation where people travel or there's a diaspora of salespeople heading in various directions to get the business done. Customers need our software. They need our softwares now. And the VARs are there. So this combination of this micro-verticalization is spread across various companies of various sizes. And it's hyper-locality of our business is why when SARS hit last round, we didn't see much impact on our business.

但除此之外，我認為這一點對你來說非常重要，你需要理解，作為一家間接型公司，我們的業務在本地化程度非常高，這是一大優勢。我的意思是，尤其是在亞太地區，與客戶進行交易的加值經銷商（VAR）對客戶來說實際上是全新的，對吧？你面對的不是人們四處奔波或銷售人員分散到各個方向完成業務的情況。客戶需要我們的軟體。他們現在就需要我們的軟體。VAR（視頻助理裁判）也已經到位了。因此，這種微垂直化的組合模式分佈在各種規模的公司。正是由於我們業務的高度本地化，所以當上一輪 SARS 疫情來襲時，我們的業務並沒有受到太大影響。

So right now, what we've done, we looked at China. Obviously, we just said, all right, more China. China was already having issues as well. So we've prudently looked at Q1 with regards to China, looked at the short-term impacts. But we don't see right now any other impacts in our business. Of course, like I said earlier, if the pandemic hits, we'll have a different discussion. But right now, I just want you to pay attention to that notion of highly verticalized, micro verticals, different customer segments and hyper-local, which is a great advantage of where we're at.

所以目前為止，我們所做的就是研究中國。很顯然，我們當時就說，好吧，多來點中國元素。中國當時也面臨一些問題。因此，我們謹慎地審視了第一季與中國相關的情況，並分析了其短期影響。但目前我們尚未看到對我們的業務產生任何其他影響。當然，就像我之前說的，如果疫情爆發，我們就會有不同的討論了。但現在，我只想讓你們注意到高度垂直化、微型垂直領域、不同的客戶群和超本地化的概念，這是我們目前所處位置的一大優勢。

And Matt, if I could just tag on to that because there may be some confusion also with our Q1 guide relative to what's out there in FactSet. And of course, what's in FactSet is unguided on a quarterly basis. It's interesting that it shows sequential growth that consensus does from Q4, which, of course, is not what we experienced last year. Since we've made the shift last year, we saw a sequential decline and even saw a sequential decline last year despite the fact that Q4 of '19 only had a month of PlanGrid included and Q1 had an entire quarter of PlanGrid included and we still saw a sequential decline. What drives that, by the way, is not a recurring revenue decline. And as we look at our guide for Q1 of fiscal '21, we're not seeing a recurring revenue decline.

Matt，我可以補充一下嗎？因為我們第一季的指南可能與 FactSet 中的內容有些混淆。當然，FactSet 中的內容是按季度發布的，沒有指導性更新。有趣的是，它顯示出與市場普遍預期一致的第四季以來的連續成長，當然，這與我們去年經歷的情況截然不同。自從我們去年做出調整以來，我們看到了環比下降，甚至去年也出現了環比下降，儘管 2019 年第四季度只包含了 PlanGrid 一個月的數據，而第一季包含了 PlanGrid 整整一個季​​度的數據，我們仍然看到了環比下降。順便說一句，導致這種情況的並非經常性收入下降。當我們展望 2021 財年第一季時，我們預期不會出現經常性收入下降的情況。

What we are seeing is, and we've talked about this in the past, this license and other line, it's always the biggest in the fourth quarter. It has to do with -- largely to do with some products that we sell on a ratable basis, but the accounting still requires them to be recognized upfront. So if you look at our license and other line in the fourth quarter, the quarter we just announced, it was $42 million. And we think it will be about half that big in Q1. That's really what's driving the sequential decline. And so without commenting on how FactSet got to $910 million, I'll tell you, it's not a -- we haven't taken into account a significant headwind from coronavirus. We expect our recurring revenue to actually show slight growth sequentially gain.

我們看到的情況是，我們過去也討論過這個問題，這項授權業務和其他業務，總是在第四季度達到最高峰。這主要與我們按比例銷售的一些產品有關，但會計仍要求提前確認這些產品。所以，如果你看我們第四季的許可證和其他業務線，也就是我們剛剛宣布的第四季度，收入是 4,200 萬美元。我們認為第一季這個數字會達到現在的一半左右。這才是導致股價連續下跌的真正原因。因此，在不評論 FactSet 如何達到 9.1 億美元估值的情況下，我可以告訴你，這並不是——我們沒有考慮到新冠病毒帶來的巨大不利影響。我們預計經常性收入將較上季略有成長。

That's fantastic. Great color. And then maybe just one more for you, Scott. You're not guiding to ARR, which I think most of us expected given it's not a perfect metric for you guys like we saw in Q3. I'm just sort of curious if you could provide a little bit more color on that. And do you still think you'll talk to like your fiscal '23 ARR targets at some point?

太棒了。顏色很棒。然後，也許就再給你來一杯吧，史考特。你們沒有以 ARR 為導向，我想我們大多數人都預料到了，因為 ARR 對你們來說並不是一個完美的指標，就像我們在第三季看到的那樣。我只是有點好奇，您能否再詳細解釋一下。你是否仍然認為你會在某個時候討論一下2023財年的年度經常性收入（ARR）目標？

Matt, we're not talking about it. And you nailed it. It's because of some of the anomalies in the way we defined ARR. And we've talked about this extensively on the Q3 call in relation to our Q4 guide. It was a great metric as we were going through the transition. And our P&L had a mix of significant amount of upfront plus ratable. You needed to see how we were building that recurring revenue base.

馬特，我們不談這件事。你做得太棒了。這是因為我們對 ARR 的定義方式有些異常。我們在第三季財報電話會議上就第四季業績指引對此進行了深入討論。當我們經歷轉型期時，這是一個非常重要的指標。我們的損益表包含大量預付費用和應計費用。你需要了解我們是如何建立起這種經常性收入基礎的。

At this point, we've built a recurring revenue base of 96% of our total revenues, right? So doing ARR, which when I gave you an annual number, was in effect saying what's the fourth quarter recurring revenue and multiplying it by 4, it didn't accumulate through the year. That's why we pulled back on the metric. I think you get as good, if not better, insight from just tracking revenue and knowing that 96% of that is recurring. You will still be able to calculate it, by the way. I don't plan on focusing on it during these calls. But if you look at our P&L, if you remember, the way we calculated ARR was subscription plus maintenance revenue actual reported for the quarter times 4. We'll continue to report on those line items. So you'll continue to be able to track it if you want. I just think it's a less reliable metric of where we're headed than revenue or current RPO, which you see in our results, current RPO is up 23%.

到目前為止，我們已經建立了佔總收入 96% 的經常性收入基礎，對嗎？因此，我之前給出的年度經常性收入 (ARR) 實際上是指第四季度的經常性收入乘以 4，它並不是全年累積的。這就是我們減少使用該指標的原因。我認為，光是追蹤收入並了解其中 96% 是經常性收入，就能獲得同樣好甚至更好的洞見。順便說一句，你仍然可以計算它。我並不打算在這些通話中重點討論這件事。但如果你看一下我們的損益表，如果你還記得的話，我們計算年度經常性收入 (ARR) 的方法是：訂閱收入加上當季實際報告的維護收入乘以 4。我們將繼續報告這些項目。所以，如果你願意的話，你仍然可以繼續追蹤它。我認為，與收入或當前 RPO 相比，它作為衡量我們未來發展方向的指標可靠性較低。正如您在我們的業績中所看到的，目前 RPO 成長了 23%。

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

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

Andrew, Scott, you used the word aggressively during your prepared remarks, I believe, to refer to internal investments you'll be making. And on that point, you now have, by far, a record number of openings in sales-related positions.

Andrew、Scott，我相信你們在事先準備好的演講稿中使用了「積極主動」這個詞，指的是你們將要進行的內部投資。就這一點而言，目前銷售相關職位的空缺數量遠遠超過以往任何時期。

Do we?

是嗎？

The highest -- yes. Yes. By far, the highest I have counted in 8 years. And it's for territorial account execs, named accounts, inside sales, license compliance. And so the question is, how are you thinking about that as a principal cost driver to your expense targets this year? And more importantly, the production or revenue production effects that you would expect from that kind of substantial onboarding of sales capacity.

最高——是的。是的。這是我8年來統計到的最高值。它適用於區域客戶經理、指定客戶、內部銷售、許可證合規人員。所以問題是，您如何看待將其作為今年支出目標的主要成本驅動因素？更重要的是，銷售能力的大幅提升會帶來預期的生產或收入成長效果。

Number two, you used to give a metric prior to the transition of your annual license volume. And the last reported numbers in the way you used to calculate it were about 600,000 to 650,000 licenses. If we continue to follow that method and impute the volume of your business, you are now, it seems, well above those last given numbers from a few years ago. It would seem now the consumption of Autodesk product licenses, including, in particular, collections, is now in the high 6 figures, so well above prior levels. So would you concur with that calculation that your intrinsic demand, consumption of Autodesk product is well above what it used to be under the old way of counting?

第二，在年度許可證數量轉變之前，你們曾經提供過一個指標。根據你們之前的計算方法，最近公佈的數字大約是 60 萬到 65 萬張許可證。如果我們繼續沿用這種方法並估算您的業務量，那麼現在看來，您的業務量似乎已經遠遠超過了幾年前給出的那些數字。現在看來，Autodesk 產品授權（尤其是產品集合）的消耗量已達到六位數以上，遠高於先前的水平。那麼您是否同意這樣的計算結果，即您對 Autodesk 產品的內在需求和消費量遠高於以前按舊方法計算的水平？

And then finally, with regard to the changes in pricing towards single-user preference, would there be an implicit connection there, Andrew, to your view of an eventual consumption model? Can you get there only if you do, in fact, have this kind of named user pricing?

最後，關於價格轉變為單一使用者偏好的問題，安德魯，這是否與你對最終消費模式的看法有某種內在關聯？只有當你確實擁有這種指定用戶定價模式時，你才能實現這一點？

Okay. That was -- you asked 2 follow-ups to the question. Okay. So first off, let me start back to your first question about investments. So I want -- I'll speak for Scott, and then Scott can speak for Scott. I want to make sure you're clear. We are not losing any of our spend discipline at all, all right? We're actually investing below our capacity to kind of make sure that we're staying in line with things. You're seeing some of the areas we're investing in go to market. We're also investing in R&D. We're investing big in Construction. That shouldn't surprise you. But we're also investing in Fusion. We're investing in architecture with some of the things we're doing around generative and other types of things for architects and Revit as well. We're also in investing in our digital infrastructure. So yes, we are investing, all right? And we said we would invest but we're investing prudently, we're investing smartly, and we're excited about it, all right, because we see a lot of return from the investments we make. And we've been very deliberate about this.

好的。那是——你對這個問題提出了兩個後續問題。好的。首先，讓我回到你關於投資的第一個問題。所以我想——我會代表斯科特發言，然後斯科特可以代表他自己發言。我想確保你明白。我們絲毫沒有放鬆支出紀律，好嗎？實際上，我們的投資額低於我們的實際能力，以確保我們與實際情況保持一致。現在您看到的是我們投資的一些領域正在走向市場。我們也在研發方面進行投資。我們正在大力投資建築業。這不應該讓你感到意外。但我們也對Fusion進行了投資。我們正在投資建築領域，包括我們為建築師和 Revit 所做的一些生成式和其他類型的工作。我們也在投資我們的數位基礎設施。所以，是的，我們正在投資，懂嗎？我們說過我們會投資，但我們會謹慎投資，我們會明智地投資，而且我們對此感到興奮，因為我們從我們的投資中看到了豐厚的回報。我們對此一直非常謹慎。

Now on your second point about the license growth. I'm not going to comment specifically on that. But I can -- one thing I can tell you is that the lower upfront cost of our products and the way we're going to market now, it makes a difference, okay? Too many people spend a lot of time talking to the customers of our old maintenance customers and how this transition has been hard on them, and they're confused and they're not sure. But there is a whole swath of customers that are just sitting there going, how did all of this stuff gets so cheap, all right? And that seems to be the forgotten people. And yes, they're coming in, they're excited about our products. Some of them are using Revit when they never thought they could use Revit. Or they're using Inventor, or they're using Max. And if you've seen some of the things we've done with Max, where we have an indie version of Max. And I mean there's a whole gamut of flexibility we've layered out there for people that really changes the way people buy our software and who is buying it and who is paying for it. And it is an exciting change. And yes, it has impacts on it, without saying more about the specifics of what you asked for there.

現在來談談你關於許可證成長的第二個問題。我對此不予置評。但我可以告訴你一件事，那就是我們產品的前期成本較低，而且我們現在的行銷方式也不同，這確實會帶來一些不同，好嗎？太多人花大量時間與我們以前的維護客戶的客戶交談，了解這種轉變對他們來說有多麼困難，他們感到困惑和不確定。但有一大批顧客坐在那裡想，這些東西怎麼會這麼便宜呢？而這些人似乎已被遺忘。是的，他們來了，他們對我們的產品很感興趣。他們中的一些人現在正在使用 Revit，而他們以前從未想過自己會使用 Revit。或者他們正在使用 Inventor，或者他們正在使用 Max。如果你看過我們用 Max 做的一些東西，你就會知道我們有一個獨立版的 Max。我的意思是，我們為用戶提供了一系列靈活的選擇，這真正改變了人們購買我們軟體的方式、購買者以及付費者。這是一個令人興奮的改變。是的，這會對它產生影響，但我就不贅述你具體詢問的內容了。

Now your third question, and I remembered all 3. Now about this move to named user. Look, we -- it's imperative for us to complete the transition to SaaS excellence to be a named user company. And once you get people to named users, you're also getting them on our new subscription back-end infrastructure, which is super important. And as you correctly said, that back-end infrastructure provides new types of flexibility that weren't available in the previous hybrid world of dangling on some of the serial number-based systems and some of the other systems.

現在說說你的第三個問題，這三個問題我都記得。關於這次遷移到指定用戶的問題。聽著，我們——對我們來說，完成向 SaaS 卓越領域的轉型，成為一家指定用戶公司，是至關重要的。一旦你把用戶升級為命名用戶，你也就把他們納入了我們新的訂閱後端基礎設施，這非常重要。正如您所說，這種後端基礎設施提供了以前混合系統中無法獲得的新型靈活性，這種混合系統依賴於一些基於序號的系統和其他一些系統。

So what you're going to see over the next 12 to 24 months is increasingly rolling out more flexibility to our customers with regards to how they can apply this named user capability in multiple ways. And you've mentioned consumption. The premium plan is kind of a layer in that direction. So you're right in assuming that we're going to be able to do much more flexible things with our customers as a result of what we've done. It's been a heavy lift to get here, all right? It's been an absolute heavy lift, but we're going to be 24 months from here. And our customers are going to be looking back and saying, I don't know what I was complaining about because this is a better way to engage with Autodesk.

因此，在接下來的 12 到 24 個月裡，您將會看到我們持續向客戶推出更大的靈活性，讓他們能夠以多種方式應用此指定使用者功能。你也提到了消費。高級套餐算是朝這個方向邁出的一步。所以你的假設是對的，由於我們所做的一切，我們將能夠為我們的客戶提供更靈活的服務。走到今天這一步真的不容易，對吧？這絕對是一項艱鉅的任務，但我們還有24個月的時間。我們的客戶將會回顧過去，並說：“我不知道我之前在抱怨什麼，因為這是與 Autodesk 互動的一種更好的方式。”

Scott, did you have something to add?

史考特，你還有什麼要補充的嗎？

I would be remiss on your first question if I didn't add -- besides, we're continuing to maintain spend discipline, it was -- we built it up pretty diligently over the 4 years of staying flat in spend. That's not going away. But I think you also have to look at the increased spend, not as increased spend, but we're increasing margin. We're at a point in our growth story where we can both increase spend to drive future growth and increase margins. So we added 12 points to our operating margin in fiscal '20. You see the midpoint of our guide, we're adding 5 more points to our op margin in fiscal '21. And we've said it's going to be 40% by the time we get to fiscal '23.

對於你的第一個問題，如果我不補充一點，那就是失職了——此外，我們一直在保持支出紀律，而且——在過去四年支出保持不變的情況下，我們非常認真地建立了這種紀律。那件事不會消失。但我認為你也要看到支出增加，不是支出增加，而是利潤率提高。我們目前正處於成長的關鍵階段，既可以增加支出以推動未來成長，也可以提高利潤率。因此，我們在 2020 財年將營業利潤率提高了 12 個百分點。您可以看到我們指南的中點，我們在 2021 財年將營業利潤率提高 5 個百分點。我們已經說過，到 2023 財年，這個比例將達到 40%。

So the conversation around spend, while interesting if what you're looking for is where are we investing, that's a good conversation to have. You should know, and everyone should be confident, we continue to manage that very diligently.

所以，關於支出的討論固然有趣，但如果你想了解的是我們在哪裡投資，那就倒是一個值得探討的好話題。你們應該知道，大家也應該放心，我們會繼續非常認真地管理這項工作。

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

我們的下一個問題來自高盛的 Heather Bellini。

Most of mine have been asked, but I just -- I wanted to follow up on the multiuser pricing change that you had. And I totally understand, Andrew, your comments about kind of you need to go to a named user pricing model. But just wondering if there was anything you could share with us about maybe the impact that, that helped drive in the quarter that just ended. And how you're thinking about -- like what reactions been -- what has the reaction been from customers who are going to convert to this so far? What's their feedback to you on it?

我的大部分問題都已經被問過了，但我只是想——我想跟進一下你們的多用戶定價變更。安德魯，我完全理解你關於需要採用指定用戶定價模式的評論。我只是想知道，您能否和我們分享一下，這或許對剛結束的季度業績產生了影響。你是如何看待這個問題的──比如，目前為止，那些打算改用這種產品的顧客的回饋如何？他們對此有何回饋？

So great. Great question, Heather. Good to hear from you. Let me give you some color here. So first off, we did increase the price of new multiuser licenses, new, all right? And renew is exactly the same price, all right? So it was a 33% increase in multiuser. This is going to have very little impact on our existing customers, all right? The reason we did it was very simple. Between now and May, when the 2-for-1 starts in earnest, we've now set the price so that gaming is removed from the system. So what we didn't want to see was this kind of like sudden hoarding of multiuser licenses heading into the May 2-for-1. And that's why we did this. So it was basically a signal like, hey, here's where we're going, we're heading into this new direction. We did not pull any materially significant business forward into Q4. This had no material effect on our Q4 results. And to be very clear, let me repeat that. No material effect on our Q4 results, all right? This was purely a hygienic change to line up everything to the 2-for-1 offer, right? Most customers will not see a huge impact from this, except for the few that are going to be adding some multiuser licenses in there.

太棒了。問得好，希瑟。很高興收到你的來信。讓我來給你添點色彩。首先，我們提高了新的多用戶許可證的價格，是新的，懂嗎？續訂價格也完全一樣，對吧？因此，多用戶數量增加了 33%。這對我們現有的客戶幾乎沒有任何影響，好嗎？我們這樣做的原因很簡單。從現在到五月「買一送一」活動正式開始之前，我們已經設定了價格，將遊戲從系統中移除。所以我們不想看到的就是在 5 月的買一送一活動之前，出現這種突然囤積多用戶許可證的情況。這就是我們這麼做的原因。所以這基本上是一個信號，意思是：嘿，這就是我們要去的地方，我們要朝著這個新方向前進。我們沒有將任何實質業務提前到第四季。這並未對我們第四季的業績產生實質影響。為了說得更清楚些，我再重複一次。不會對我們的第四季業績產生實質影響，對嗎？這純粹是為了配合買一送一優惠活動而進行的衛生調整，對吧？除了少數需要添加多用戶授權的客戶外，大多數客戶不會受到太大影響。

It's really too early to hear what the customer impact is. We did hear from some of our early evangelists, and as a result, we were able to kind of adjust some aspects of the program and do a few things that kind of addressed some of their concerns. But so far, it's too early.

現在判斷對客戶的影響還為時過早。我們確實收到了一些早期佈道者的回饋，因此，我們能夠對該計劃的某些方面進行調整，並採取一些措施來解決他們的一些擔憂。但現在下結論還為時過早。

And Heather, I wouldn't expect a huge amount of pushback on that -- yes, this is Scott. I wouldn't expect a huge amount of pushback on that, given that we designed it to be 2-for-1, both in terms of price if you buy a new multiuser now, but at the trade-in point, because that's what we see as the average number of single user or named users that are being served by a multiuser license. So it should be fairly neutral to most of our customers.

希瑟，我預計不會有太大的反對意見——是的，這就是斯科特。考慮到我們將其設計為買一送一，無論是現在購買新的多用戶許可證的價格，還是以舊換新的價格，我預計不會遇到太大的阻力，因為我們看到多用戶許可證平均服務於這麼多單用戶或指定用戶。因此，對於我們的大多數客戶來說，它應該相當中性。

Okay. Great. And then I just had one follow-up, if I may, just about the construction market and the deals you closed there in the quarter. Could you share with people kind of is this typically a greenfield market where there is no incumbent provider, except maybe Excel or Notebooks? Or is this one where when you're closing business now, it's -- is there any legacy replacement of a vendor? And just kind of how do you look out and see the competitive environment?

好的。偉大的。然後，如果可以的話，我還有一個後續問題，是關於建築市場以及您在本季完成的交易。您能否向大家介紹一下，這通常是一個全新的市場嗎？除了Excel或筆記型電腦之外，是否還沒有其他現有供應商？或者，這種情況是指，當你現在結束一項業務時，是否存在供應商的替代者？那麼，你該如何看待和分析競爭環境呢？

Yes, for the most part, you're going in and you're digitizing a process from scratch for them. Now we do have a competitor we compete with frequently, we're winning and beating them more and more. And we've actually kicked them out of some of our accounts because our customers do not like their business model. And that will increasingly make it easy to kick them out of our accounts. It's just not a good long-term business model.

是的，大多數情況下，你是從零開始為他們實現流程數位化。現在我們有了一個經常與之競爭的對手，而且我們贏的次數越來越多，也越來越能打敗他們。實際上，我們已經將他們從我們的一些帳戶中移除，因為我們的客戶不喜歡他們的商業模式。這將使我們越來越容易將他們從我們的帳戶中踢出去。這並非一個好的長期商業模式。

So we do have competitors that go into the same accounts. But essentially, what you're doing is you're replacing analog with digital. And -- or you're replacing email on mobile devices with some kind of process and process control. Now as we get deeper and deeper into preconstruction planning, model-based construction management, interdisciplinary digital twins and all of the things that kind of buildout on this, you actually start fundamentally changing the customers' processes. But Heather, you're essentially right. You're replacing analog with digital. And that's where the money is, and that's where we're going.

所以，我們的競爭對手也會進入同樣的客戶群。但本質上，你所做的就是用數位訊號取代類比訊號。或者，您正在用某種流程和流程控制來取代行動裝置上的電子郵件。現在，隨著我們越來越深入地進行施工前規劃、基於模型的施工管理、跨學科數位孿生以及所有以此為基礎構建的東西，實際上開始從根本上改變客戶的流程。但是希瑟，你的說法基本上都正確。你正在用數位訊號取代類比訊號。錢都在那裡，我們也該去那裡。

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

我們的下一個問題來自瑞士信貸的布拉德·澤爾尼克。

And first, I just want to follow up on Heather's question on Construction. It's great to see the enthusiasm in Construction Cloud. Can you talk about some of the learnings from combining the product portfolio and how you'll be more competitive in fiscal '21? And also, how big of a component of your mix can Construction Cloud become as we approach your fiscal '23 target?

首先，我想就 Heather 關於建築方面的問題做個後續說明。很高興看到大家對 Construction Cloud 的熱情。您能否談談整合產品組合後有哪些經驗教訓，以及您將如何在 2021 財年提高競爭力？此外，隨著我們接近 2023 財年目標，建築雲在您的業務組合中可以佔據多大的份額？

Yes. Okay. So first, let me answer you about the customer reaction to Construction Cloud and one of the things we learned. So one of the first things we learned is that we had a winner in BIM 360 Docs because what we did, we were building kind of this next-generation platform, and it just so happens that all the acquired solutions hooked incredibly nicely into this platform, which is super important because if you want to compete both inside the infrastructure business with the Department of Transportation and internationally, you need what's called an ISO compliance common data environment, which is what Docs is going to be providing for our customers. So it's actually a huge competitive advantage to have this environment. And we learned pretty quickly that the work we were doing with Docs really kind of played nicely into that. We also learned pretty quickly that we have a huge mobile advantage with what we've done with the PlanGrid products and what the PlanGrid team has done. And we're leveraging that advantage and expanding it into other parts of our portfolio.

是的。好的。首先，讓我回答一下客戶對 Construction Cloud 的反應以及我們從中了解到的一件事。因此，我們學到的第一件事就是，BIM 360 Docs 是一個成功的案例，因為我們構建的是一個下一代平台，而所有收購的解決方案恰好都能與這個平台完美銜接，這非常重要，因為如果你想在基礎設施行業內部與交通部競爭，並在國際上競爭，你就需要一個符合 ISO 標準的通用數據環境，而這正是客戶的 Docs 將為我們的客戶提供的通用數據。所以擁有這樣的環境其實是一個巨大的競爭優勢。我們很快就發現，我們與 Docs 合作的工作與此非常契合。我們也很快意識到，憑藉 PlanGrid 產品和 PlanGrid 團隊所做的工作，我們在行動領域擁有巨大的優勢。我們正在利用這一優勢，並將其擴展到我們投資組合的其他部分。

We also discovered that the building network of BuildingConnected that, by the way, is getting integrated with PlanGrid and getting integrated with some of these other solutions, is an amazingly important asset, not only to our customers but to us in terms of understanding the construction climate.

我們還發現，BuildingConnected 的建築網絡（順便說一句，它正在與 PlanGrid 以及其他一些解決方案整合）是一項極其重要的資產，不僅對我們的客戶而言如此，對我們了解建築環境而言也是如此。

We also have learned what it takes to go internationally. So one of the things that we're well positioned to do better than anyone, and we're investing pretty heavily in this, is international expansion for our Construction portfolio. Construction is an international business, it always has been, it's local, but it's also international. And between our investment in the common data environment, go-to-market standup in various places, you're going to see us start to grow internationally pretty significantly. And there's nobody that we compete with that can actually do some of the things that we're doing there in terms of the construction environment.

我們也了解了走向國際需要具備哪些條件。因此，我們比任何人都更有優勢做好的一件事，也是我們正在大力投資的一件事，就是我們建築業務組合的國際擴張。建築業是一項國際產業，一直都是如此；它既具有地域性，又具有國際性。憑藉我們對通用數據環境的投資，以及在各地開展的市場推廣活動，你們將會看到我們在國際上開始取得相當大的成長。而且，就建築環境而言，我們遇到的競爭對手中，沒有人能做到我們正在做的一些事情。

Now there was another part to your question. I want to make sure I answer it because I got carried away on what we learned. What was the second parter there, Brad?

你的問題還有另一部分。我想確保我回答這個問題，因為我太專注於我們學到的東西了。布拉德，第二部分是什麼？

The second part was just asking how big of a component of your mix Construction Cloud can become as we look to fiscal '23?

第二部分只是想問，展望 2023 財年，建築雲在您的投資組合中能佔據多大的份額？

Yes, Brad, thanks for that. I don't certainly want to get into giving that kind of granularity on our fiscal '23 guidance. So what -- I'll give you a couple of comments though that we've said a few times in the past and still believe. Construction is the next $1 billion business for Autodesk. And I think it's -- what you see is on the -- in the wake of the transactions we did in the fourth quarter last year, we've done a great job integrating those. We haven't lost any momentum in those acquired companies and in fact, have seen an updraft in our organic Construction business as a result of that. So it's growing on a really nice path at this point. You've seen what the inorganic piece looks like in our results.

是的，布拉德，謝謝你。我當然不想就我們 2023 財年的業績指引給予如此詳細的資訊。那又怎樣——不過，我還是要補充幾點我們過去曾多次說過並且仍然堅持的觀點。建築業是歐特克公司下一個價值10億美元的業務領域。我認為，正如你所看到的，在我們去年第四季完成交易之後，我們已經很好地整合了這些交易。我們在這些收購的公司中並沒有失去任何發展勢頭，事實上，由於這些收購，我們的有機建築業務反而出現了成長。所以目前它的發展勢頭非常好。您已經從我們的結果中看到了無機物的樣子。

Looking at our total cloud growth gives you a good sense because BIM 360 is the organic piece of our Construction business and it's the biggest piece of our cloud results. So you get an overall sense of where Construction is headed for us. And it's a sizable business and will continue to grow. But I don't want to get into trying to give you a, here's the, let me start to break down the components of our fiscal '23 targets.

從我們整體的雲端業務成長情況來看，就能很好地了解情況，因為 BIM 360 是我們建築業務的有機組成部分，也是我們雲端業務業績中佔比最大的部分。這樣你就能大致了解建築業的發展方向了。而且，這是一個規模龐大的企業，並將繼續成長。但我不想深入探討如何向你們解釋，讓我來逐一分析我們 2023 財年目標的組成部分。

No. That's helpful, Scott. I appreciate it. And if I could just sneak in a quick follow-up for you about long-term deferreds, which were much higher than we expected, just given your continued traction of multiyear. How should we think about long-term deferreds going forward, especially as you make changes to some of your multiuser products?

不。那很有幫助，斯科特。謝謝。另外，我能否順便跟您快速補充一下關於長期延期付款的問題？由於您持續推進多年期貸款，延期付款的金額遠高於我們的預期。展望未來，我們應該如何看待長期延期付款，尤其是在您對一些多用戶產品進行更改的情況下？

Now that's a great question. So thanks for asking it. And obviously, the long-term deferreds are a result of multiyear, right, of multiyear sales. And we said this is the year we expect multiyear sales to revert back to the mean, all right, to the what we had seen when we sold multiyear on maintenance historically. And that -- what you see that -- one of the effects of that is, of course, it drives long-term deferred revenue, and that's what you're seeing in our results.

這真是個好問題。謝謝你的提問。顯然，長期遞延付款是多年銷售的結果，對吧？我們曾說過，今年我們預計多年期銷售將回歸平均水平，回歸到我們過去銷售多年期維護服務時的水平。而這——你可以看到——其影響之一當然是，它推動了長期遞延收入，而這正是你在我們的業績中看到的。

I thought midyear that this was going to get -- that long-term deferred as a percent of total deferred revenue would be in the mid-20% range. It's a couple of points higher than that as we've analyzed that, again, we're keeping a close eye on how multiyear is running as we've analyzed it. I still feel like that's at a sustainable level, and it's below what we saw with maintenance. When we offered almost the exact same offer for 3 years paid upfront on maintenance, long-term deferred got up to 30% of total deferred at that point. I don't see us getting to that level. In fact, I think long-term deferred moderates a bit looking at fiscal '21 as a percent of total deferred versus where it is. But we'll stay on top of that. And to the extent we need to make an adjustment in that offering, we'll make that adjustment. I certainly don't want to see that run at a level that's unobtainable -- or unsustainable.

我年中認為，長期遞延收入佔總遞延收入的百分比將達到 20% 左右。經我們分析，實際數值比這高出幾個百分點。此外，我們正在密切關注多年計劃的運行情況，並對其進行了分析。我仍然覺得這處於可持續的水平，而且低於我們之前看到的維護成本。當我們提供幾乎完全相同的方案，即預付 3 年的維護費用時，長期延期付款的金額最高可達當時總延期付款額的 30%。我不認為我們能達到那個水平。事實上，我認為從 2021 財年長期遞延支出佔總遞延支出的百分比來看，遞延支出有所緩和。但我們會密切關注此事。如果需要對產品進行調整，我們會進行調整。我當然不希望看到這種勢頭達到無法企及或不可持續的程度。

I think the -- what may be implied in your question that you didn't ask is, is this going to create a headwind for free cash flow. And so besides the comments I just made on kind of the steady state that I see multiyear getting to, bear in mind one other fact, and we've talked about this but not since last Investor Day, that as we look from fiscal '20 out through fiscal '23, more and more of our free cash flow, in fact, the majority beginning this year of our free cash flow, will come from net income as opposed to coming off the balance sheet and growth in deferred revenue, right? So as we scale both the top line and improve our margins out through fiscal '23, more and more of the cash flow comes right off the P&L in net income versus coming in growth in deferred.

我認為你的問題中可能隱含著一個你沒有問出口的問題是：這是否會對自由現金流造成不利影響？所以，除了我剛才提到的關於未來幾年將達到的穩定狀態的評論之外，還要記住另一個事實，我們之前也討論過這一點，但自從上次投資者日以來就沒有再討論過了，那就是從 2020 財年到 2023 財年，我們越來越多的自由現金流，實際上，從今年現金開始，我們大部分的自由流將來自淨收入因此，隨著我們在 2023 財年擴大營收規模並提高利潤率，越來越多的現金流將直接來自損益表中的淨利潤，而不是來自遞延成長。

And this is some place where I have to chime in just a little bit since you mentioned the free cash flow ramp. One of the things I want to make sure we all kind of like think up on here. When you look back 3 years, here we are 3 years later, okay, the business ended up free cash flow-wise where we expected it to be. The path had numerous twists and turns, numerous puts and takes. We modeled it according to certain assumptions. We've adjusted the assumptions as we went along. We have an execution machine that knows how to adapt. I just want you to remember, when we give you 3-year targets, we are fairly confident we know where we're going and we know how the free cash flow is going to ramp. And we know it's going to continue to ramp. We also know how to adjust as we execute through here and how to move forward and make sure things happen the way they need to happen.

既然你提到了自由現金流成長，那我也得稍微補充一點。我想確保我們都能在這裡認真思考這個問題。回顧三年前，三年過去了，公司最終的自由現金流達到了我們預期的水平。這條路曲折蜿蜒，起伏。我們根據某些假設建立了模型。我們根據實際情況調整了假設條件。我們擁有一台懂得如何適應環境的執行機器。我只想讓你們記住，當我們給出三年目標時，我們相當有信心知道我們的發展方向，也知道自由現金流將如何成長。我們知道這種情況還會繼續加劇。我們也知道如何在執行過程中進行調整，如何繼續前進，並確保事情按預期進行。

And I just told you before, the safest assumption is to assume we're going to do what we tell you we're going to do. And if there was any kind of hidden things, like Scott said in that question, I want you to know, we've got our handles on the controls here for this business.

我剛才也跟你說過，最穩健的做法就是假設我們會做我們告訴你們要做的事情。如果真有什麼不可告人的秘密，就像史考特在那個問題裡說的那樣，我想讓你知道，我們已經完全掌控了這項業務。

Our next question comes from the line of Sterling Auty from JPMorgan.

我們的下一個問題來自摩根大通的斯特林·奧蒂。

2 questions on the Construction area. The first one is when you look at your solutions now, where are the biggest pockets of users in your customer base? So is it GC, subcontractors, owners, et cetera, just to understand where you're seeing the biggest buying power at the moment?

關於建築領域的兩個問題。首先，當你審視你目前的解決方案時，你的客戶群中最大的使用者群體在哪裡？所以，您認為目前最大的購買力體現在哪些方面，是總承包商、分包商、業主等等嗎？

Okay. So right now, GCs are some of our biggest customers. Subs are starting to ramp up quite significantly, all right, because remember, with the BuildingConnected network, we have a lot of access to subs now. So we're engaged with the subs ecosystem in a way that we were never before. GCs are the biggest buyers, but you'll also be surprised interdisciplinary engineering firms are big buyers as well because of their intimate connection to construction planning processes and things associated with that. But yes, it's starting with the GCs, but it's been moving down markets quite significantly as we've matured.

好的。所以目前，總承包商是我們最大的客戶群之一。訂閱用戶數量開始顯著增加，沒錯，因為記住，有了 BuildingConnected 網絡，我們現在可以接觸到許多訂閱用戶。因此，我們以前所未有的方式參與訂閱生態系統。總承包商是最大的買家，但你也會驚訝地發現，跨學科工程公司也是很大的買家，因為它們與施工規劃流程及相關事宜有著密切的聯繫。是的，它最初是從GC開始的，但隨著我們逐漸成熟，它已經顯著地向下擴展到其他市場。

Yes. We have an example in the opening commentary of a significant subcontractor.

是的。在開頭的評論中，我們舉了一個重要分包商的例子。

All right. And then the one follow-up would be there's a lot of components that make up that Construction ecosystem, from project management to bid management, to the financials, et cetera. Can you highlight with the solutions that you have, where do you think your biggest areas of strength within that group is today? And directionally, where do you see building out that portfolio?

好的。然後，需要補充的是，建築生態系統由許多組成部分構成，從專案管理到投標管理，再到財務等等。你能結合你現有的解決方案，重點說明你認為目前該團隊最大的優勢領域是什麼嗎？從發展方向來看，您認為該投資組合應該朝哪個方向建構？

Yes. So there's 2 anchors of strength that we have that are pretty deep. One is field execution. We are, by far, massively advantaged in the field execution side. The other area is closer to the front end of the process is in preconstruction planning. There's another area where we've brought tools and capabilities close to the building information model and all the things associated with that, that are pretty powerful.

是的。所以，我們有兩個非常穩固的力量來源。一是現場執行。我們在現場執行方面擁有絕對優勢。另一個領域更接近流程的前端，即施工前規劃。在另一個領域，我們已經引入了與建築資訊模型及其相關所有功能密切相關的工具和功能，這些工具和功能非常強大。

Now there's one kind of thin layer of technology where we've been playing catch-up, and actually, it's not really a very deep technological moat, to be honest, but it's in project management and in project costing. That's something where we've been investing a lot. It's where a lot of the R&D investment has gone. That gap is closing incredibly rapidly. The team is just pounding out enhancements. And that's the area we pay attention to because it's not technologically sophisticated, but it's important. And it's one of the areas that we've deployed to add those things. And that will allow us to connect field and preconstruction planning in a way that other people simply can't.

現在，在某個技術領域，我們一直在努力追趕，而且說實話，這其實不是一個很深的技術護城河，那就是專案管理和專案成本核算。我們在這方面投入了很多資金。很多研發投資都投向了這裡。這一差距正在以驚人的速度縮小。團隊正在加緊進行功能增強。而這正是我們關注的領域，因為它雖然技術上並不複雜，但卻非常重要。這是我們部署以添加這些功能的領域之一。這將使我們能夠以其他人無法做到的方式將現場規劃和施工前規劃連結起來。

Our next question comes from the line of Tyler Radke from Citi.

我們的下一個問題來自花旗銀行的泰勒拉德克。

So maybe you could just talk about this new pricing you're doing on the multiuser, that named user, and maybe just frame it in the context of some of the other pricing changes you've made. And in terms of financial benefit, what's kind of the time frame that you expect to see the uplift play out? And should we be thinking this as kind of a possible source of upside relative to the existing '23 targets, which were put out before this plan was announced?

所以，或許您可以談談您正在對多用戶、指定用戶實施的新定價策略，並將其放在您所做的其他一些定價變更的背景下進行闡述。就經濟效益而言，您預計這種成長會在多長時間內顯現出來？我們是否應該將此視為相對於現有 2023 年目標（該計劃公佈之前製定的目標）的一種潛在上行空間？

So Tyler, are you referring to the premium plan? Or are you referring to the new multiuser price, the question I answered earlier? The pricing on multiuser, we don't see a significant upside being generated by that. That was a tactical pricing action designed to prevent gaming as we headed into the 2-for-1 exchange in May. So it's not -- that is not an accretive change that kind of is going to drive business. The bigger story is the premium plan that layers on top of the multiuser plan, that will be a long-term continuing opportunity for us. And it should be one of those things that increases your confidence in our ability to hit our FY '23 targets, all right? And I think that's kind of the way you should look at it.

泰勒，你指的是高級套餐嗎？還是您指的是新的多用戶價格，也就是我之前回答的問題？我們認為多用戶定價不會帶來顯著的優勢。這是為了防止在 5 月 2 比 1 的兌換過程中出現投機行為而採取的策略性定價措施。所以，這並不是一種能夠推動業務發展的有利改變。更重要的是，在多用戶套餐之上疊加的高級套餐，將為我們帶來長期的持續發展機會。這應該能增強你們對我們實現 2023 財年目標的信心，好嗎？我認為你應該這樣看待這個問題。

Scott, did you want to add anything?

史考特，你還有什麼要補充的嗎？

No, I think that's right. I think the gist of your question, Tyler, was around multiuser. And we did touch on that earlier. And I think the only thing I would add, again, is that the way we set the price and the trade-in program around multiuser, moving them all to named user, was in sync with the -- our analysis of how many named users today are being supported by a given multiuser. So it should be pretty much a wash for most of our multiuser customers.

不，我覺得是對的。泰勒，我覺得你問題的重點是關於多用戶模式的。我們之前也談過這一點。我唯一要補充的是，我們圍繞多用戶模式製定價格和以舊換新計劃，並將所有多用戶模式都改為命名用戶模式，這與我們對當前給定多用戶模式支援多少個命名用戶的分析是一致的。所以對於我們大多數的多用戶客戶來說，這應該不會造成太大影響。

Great. And as I think about the premium plan, it sounds like that's a multiyear event. I mean as I think about the existing '23 targets, I mean, those have been out there for a number of years now. Any chance that come Analyst Day that maybe we look at targets beyond that? Or what's kind of your -- how are you thinking about kind of long-term targets now that '23 isn't that far away?

偉大的。仔細想想高級計劃，感覺好像是一個持續多年的項目。我的意思是，當我想到現有的「2023年目標」時，我的意思是，這些目標已經公佈好幾年了。在分析師日那天，我們有沒有可能考慮更高的目標價位？或者說，你對長期目標有什麼想法？既然 2023 年已經不遠了。

Yes. I'm not -- I think I feel good about the targets that we've laid out for fiscal '23. Let me start there. And we sort of glossed over it, given all the other news that's in the environment, but I'm pretty proud of the fact that we hit the number that we laid out 3 years ago for free cash flow at the end of fiscal '21, which was no small task given the amount of transition we still had to go through and the changes we made in execution to get there. So we probably ought to start there. That's a big stake in the ground, a big milestone for us.

是的。我不是——我覺得我對我們為 2023 財年所訂定的目標感到滿意。我就從這裡開始吧。鑑於當時的新聞環境，我們對此事輕描淡寫地帶過了，但我非常自豪的是，我們在 2021 財年末實現了 3 年前設定的自由現金流目標，考慮到我們當時仍需經歷的轉型以及為實現這一目標而做出的執行調整，這絕非易事。所以，我們或許應該從那裡開始。這是一個重要的里程碑，對我們來說意義重大。

Looking out to fiscal '23, I feel equally confident in our ability to hit the targets that we've got out there of $2.4 billion in free cash flow. Looking beyond that, I think we will continue to see the same trends that drive growth out through fiscal '23, of course, extending beyond that. I think the relative magnitude of some of those will change. Obviously, Construction will be a bigger driver as we go further out in time. I think where we're headed with Fusion in the manufacturing world will become a bigger driver further out in time. But many of the same drivers that get us to those '23 targets will extend well beyond fiscal '23. I'm not inclined at this point to put another quantitative target out though beyond fiscal '23.

展望 2023 財年，我對我們實現 24 億美元自由現金流目標的能力同樣充滿信心。展望未來，我認為我們將繼續看到推動成長的相同趨勢，當然，這種趨勢將延續到 2023 財年甚至更久。我認為其中一些問題的相對重要性將會改變。顯然，隨著時間的推移，建築業將成為更大的驅動因素。我認為，從長遠來看，Fusion技術在製造業領域的發展方向將成為更大的驅動力。但許多推動我們實現 2023 年目標的因素，其影響將遠遠超出 2023 財年。目前我並不打算在 2023 財年之後再設定新的量化目標。

At this time, I am showing no further questions. I would like to turn the call back over to Abhey Lamba for closing remarks.

目前我沒有其他問題要問。我謹將電話交還給阿貝·蘭巴，請他作總結發言。

Thanks, operator, and thanks, everyone, for joining us today. We look forward to seeing you at our Analyst Day on March 25 at our San Francisco office. Please reach out if you have any questions following today's call or would like to register for the Analyst Day. With that, we can end the call. Thank you.

謝謝接線員，也謝謝各位今天收看我們的節目。我們期待在3月25日於舊金山辦公室舉行的分析師日活動中見到您。如果您在今天的電話會議後有任何疑問，或者想註冊參加分析師日活動，請與我們聯絡。這樣，我們就可以結束通話了。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。