Autodesk Inc (ADSK) 2020 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. And welcome to the Autodesk Third Quarter Fiscal Year 2020 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, Mr. Abhey Lamba, Vice President of Investor Relations. Please go ahead, sir.

女士們、先生們，感謝你們的耐心等待。歡迎參加 Autodesk 2020 財年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。（操作員指示）現在我謹將會議交給今天的發言人，投資者關係副總裁阿貝·蘭巴先生。請繼續，先生。

Thanks, operator, and good afternoon. Thank you for joining our conference call to discuss the results of our third quarter of fiscal '20. On the line is Andrew Anagnost, our CEO; and Scott Herren, our CFO. Today's conference call is being broadcast live via webcast. In addition, a replay of the call will be available at autodesk.com/investor. You can also find our earnings press release and a slide presentation on our Investor Relations website. We will also post a transcript of today's opening commentary on our website following this call.

謝謝接線員，下午好。感謝您參加我們的電話會議，討論我們2020財年第三季的業績。電話那頭是我們的執行長 Andrew Anagnost 和我們的財務長 Scott Herren。今天的電話會議將透過網路直播。此外，您也可以在 autodesk.com/investor 上收聽電話會議的錄音回放。您也可以在我們的投資者關係網站上找到我們的獲利新聞稿和幻燈片簡報。本次電話會議結束後，我們也會在網站上發布今天開場白的文字稿。

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. Forward-looking statements made during the call are being made as of today. If this call is replayed or reviewed after today, the information presented during the call may not contain current or accurate information. Autodesk disclaims any obligation to update or revise any forward-looking statements.

在本次電話會議期間，我們可能會對我們的展望、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。請查閱我們向美國證券交易委員會提交的文件，以了解可能導致我們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。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 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. Building on our strong performance in Q2, we delivered another quarter of solid execution and results, revenue, billings, ARR, earnings and free cash flow coming in ahead of expectations. For the first time, we delivered over $1 billion in quarterly billings outside of a fourth quarter, and our last 12 months free cash flow came in at nearly $1 billion, breaking yet another company record. Broad-based strength across our entire product portfolio and all geographic regions drove these results.

謝謝你，阿貝。繼第二季強勁表現之後，我們又實現了穩健的執行和業績，收入、帳單金額、年度經常性收入、獲利和自由現金流均超乎預期。我們首次在第四季度以外的季度實現了超過 10 億美元的收入，過去 12 個月的自由現金流接近 10 億美元，再次打破了公司紀錄。這些成果得益於我們整個產品組合和所有地理區域的全面實力。

We have strong momentum in Construction, are gaining share in Manufacturing, and we continue to make strides in converting the nonpaying user base. Before we dig into details from the quarter, I want to recognize the hard work put in by the entire Autodesk team, especially our colleagues in the Bay Area who ensured that our business did not experience any disruptions despite our San Rafael office and many employees' homes being without power due to wildfires in the final days of the quarter. Our business continuity planning was flawless, and the entire team went the extra mile to ensure that we did not miss a beat under very difficult circumstances.

我們在建築業發展勢頭強勁，在製造業市場份額不斷擴大，並且在轉換非付費用戶方面持續取得進展。在深入探討本季度細節之前，我想感謝整個 Autodesk 團隊的辛勤付出，特別是我們在灣區的同事們，儘管本季度末的聖拉斐爾辦公室和許多員工的家中因山火而停電，但他們確保了我們的業務沒有受到任何干擾。我們的業務連續性計畫完美無瑕，整個團隊都竭盡全力，確保我們在非常困難的情況下也能順利開展業務。

Now let me turn it over to Scott to give you more details on our third quarter results as well as details of our fiscal 20 guidance. I'll then return with insights on key drivers of our business and provide an update on the progress of our strategic initiatives before we open it up for Q&A.

現在，我把麥克風交給史考特，讓他為大家詳細介紹我們第三季的業績以及2020財年的業績預期。接下來，我將分享我們業務的關鍵驅動因素，並介紹我們策略性舉措的最新進展，之後我們將開放問答環節。

Thanks, Andrew. As Andrew mentioned, revenue, billings, ARR, earnings and free cash flow all performed ahead of expectations during the third quarter. Revenue growth of 28% was driven by strength across the board with subscription revenue as the biggest driver. Acquisitions from the fourth quarter of last year contributed 4 percentage points of growth. The revenue upside versus our guidance was largely driven by deals with upfront revenue recognition, including those with the federal government or that include certain products like Vault and VRED. Some of these transactions were targeted for the fourth quarter and closed early. Overall, we're very pleased with strong execution in the quarter.

謝謝你，安德魯。正如安德魯所提到的，第三季收入、帳單金額、年度經常性收入、收益和自由現金流都超出預期。營收成長 28%，主要得益於各業務板塊的全面強勁成長，其中訂閱收入是最大的驅動力。去年第四季的收購為公司貢獻了 4 個百分點的成長。收入成長超過預期主要得益於預先確認收入的交易，包括與聯邦政府的交易以及包含 Vault 和 VRED 等特定產品的交易。其中一些交易原計劃在第四季度進行，但提前完成了。總體而言，我們對本季的出色執行情況非常滿意。

Total ARR grew by 28%, which is impressive in light of a tough year-on-year compare. Our cloud ARR grew 164% tied to strong performance in Construction. Excluding $113 million of ARR from acquisitions, growth in our organic cloud portfolio came in at 35%. BIM 360 design was once again the biggest driver of our organic cloud revenue growth with strength across all regions.

總年度經常性收入成長了 28%，考慮到去年同期基數較高，這一成績令人印象深刻。我們的雲端業務年度經常性收入成長了 164%，這主要得益於建築業的強勁表現。除去收購帶來的 1.13 億美元 ARR，我們有機雲端產品組合的成長率為 35%。BIM 360 設計再次成為我們雲端業務有機成長的最大驅動力，在所有地區都表現強勁。

Indirect and direct revenue mix remained at 70% and 30%, respectively. Revenue for -- from our AutoCAD and AutoCAD LT products grew 29% in the third quarter. AEC revenue increased 36%, and Manufacturing rose 15%. Geographically, we saw broad-based strength across all regions. Revenue grew 30% in Americas and APAC, while EMEA grew by 24%.

間接收入和直接收入佔比分別維持在 70% 和 30%。第三季度，我們來自 AutoCAD 和 AutoCAD LT 產品的營收成長了 29%。AEC收入成長了36%，製造業成長了15%。從地理上看，所有地區都呈現出普遍強勁的勢頭。美洲和亞太地區的收入成長了 30%，而歐洲、中東和非洲地區的收入則成長了 24%。

Our maintenance-to-subscription program, or M2S, now in its third year, continued to yield great results. The M2S conversion rate increased to an all-time high of 40%. The uptick in the conversion rate was expected as our maintenance renewal prices increased by 20% in the second quarter, making it more cost effective for customers to move to subscription. Of those that migrated, upgrade rates came in at 21%, in line with expectations.

我們的維護轉訂閱計畫（M2S）目前已進入第三年，並持續取得顯著成效。M2S轉換率提升至歷史新高40%。轉換率的上升是意料之中的，因為我們的維護續訂價格在第二季度上漲了 20%，使得客戶轉向訂閱更具成本效益。在遷移的用戶中，升級率達 21%，符合預期。

Net revenue retention rate continued to be within the range of 110% to 120% during the third quarter, and we expect it to be within this range in Q4. Similar to Q1, some of the deeply discounted 3-year subscriptions from a previous promotion came up for renewal. This group of customers renewed closer to list price, and we're pleased to see the total value from the entire cohort grow.

第三季淨收入留存率持續維持在 110% 至 120% 的範圍內，我們預計第四季也將維持在這一範圍內。與第一季類似，先前促銷活動中一些折扣力度大的三年訂閱服務即將到期續訂。這群客戶續費價格更接近標價，我們很高興看到整個客戶群的總價值有所成長。

Billings grew 55% to more than $1 billion. The growth was driven by our organic business, contributions from Construction and the return of multiyear contracts closer to historical levels. We believe our customers' willingness to make long-term commitments to our solutions underscores the business criticality of our products, and we're closely monitoring the rate of multiyear buying to ensure it doesn't create a headwind to future cash flows.

比林斯的營收成長了 55%，超過 10 億美元。成長主要得益於我們的內生業務、建築業的貢獻以及多年期合約恢復到接近歷史水平。我們相信，客戶願意對我們的解決方案做出長期承諾，這凸顯了我們產品對業務的重要性，我們正在密切關注多年期採購的速度，以確保它不會對未來的現金流造成不利影響。

Remaining performance obligations, or RPO, which is the sum of billed and unbilled deferred revenues, rose 32% and 6% sequentially to almost $3 billion. Current RPO, which represents the future revenues under contract expected to be recognized over the next 12 months, was $2.1 billion, an increase of 23%, so a solid leading indicator of the strength of our business.

剩餘履約義務（RPO）是已開立和未開票遞延收入的總和，季增 32% 和 6%，達到近 30 億美元。目前 RPO（代表預計在未來 12 個月內確認的合約收入）為 21 億美元，成長了 23%，是衡量我們業務實力的一個可靠的領先指標。

On the margin front, we realized significant operating leverage as we continue to execute in the growth phase of our journey. Non-GAAP gross margins were very strong at 92%, slightly up quarter-over-quarter and up 2 percentage points versus last year. Revenue growth, combined with our disciplined approach to expense management, enabled us to expand our non-GAAP operating margin by 13 percentage points to 27%. We are on track to deliver further margin expansion in Q4 and approximately 40% non-GAAP operating margin in fiscal '23.

在利潤率方面，隨著我們繼續推動成長階段的策略，我們實現了顯著的營運槓桿效應。非GAAP毛利率非常強勁，達到92%，較上季略有成長，較去年同期成長2個百分點。營收成長，加上我們嚴格的費用管理方法，使我們的非GAAP營業利潤率提高了13個百分點，達到27%。我們預計在第四季度進一步擴大利潤率，並在 2023 財年實現約 40% 的非 GAAP 營業利潤率。

Moving to free cash flow. We generated $267 million in Q3. Over the last 12 months, we generated a record $972 million of free cash flow, demonstrating the power of our subscription model and the strength of our products.

轉向自由現金流。第三季我們創造了2.67億美元的營收。在過去的 12 個月裡，我們創造了創紀錄的 9.72 億美元自由現金流，證明了我們訂閱模式的強大實力和我們產品的強大實力。

Lastly, we continue to repurchase shares with our excess cash, which is consistent with our capital allocation strategy. During the third quarter, we repurchased 856,000 shares for $124 million at an average price of $144.49 per share. Year-to-date, we have repurchased 1.7 million shares for $264 million, an average price of $156.16 per share. In addition, we paid down another $100 million on the term loan associated with the fourth quarter of fiscal '19 acquisitions and intend to repay the remaining $150 million by the end of fiscal '20.

最後，我們繼續用盈餘現金回購股票，符合我們的資本配置策略。第三季度，我們以每股 144.49 美元的平均價格回購了 856,000 股股票，總額達 1.24 億美元。今年迄今為止，我們已回購了 170 萬股股票，總價為 2.64 億美元，平均每股價格為 156.16 美元。此外，我們也償還了與 2019 財年第四季收購相關的 1 億美元定期貸款，並打算在 2020 財年結束前償還剩餘的 1.5 億美元。

Now I'll turn the discussion to our outlook. Our view of global economic conditions and their impact on our business remains unchanged from last quarter. As you'll soon hear from Andrew, customers continue to increase their spending on our products even in segments experiencing some near-term headwinds.

現在我將把討論轉向我們的展望。我們對全球經濟狀況及其對我們業務的影響的看法與上季相比沒有改變。正如安德魯很快就會告訴你的那樣，即使在一些短期內面臨不利因素的領域，客戶仍然會繼續增加對我們產品的支出。

Our full year revenue outlook has been updated for the upside we experienced in third quarter, partially offset by the early signing of some transactions initially targeted for the fourth quarter. At the midpoint of our updated guidance, we're calling for revenue and ARR growth to be approximately 27% and 25%, respectively. Additionally, currency is now expected to drive an incremental headwind of about $5 million to our full year revenue. We're adjusting our ARR outlook as some of the expected Q4 upfront subscription revenue was recognized in the third quarter. Additionally, fourth quarter ARR is being impacted modestly by the currency headwind. As a reminder, we calculate ARR by multiplying our reported quarterly subscription and maintenance revenues times 4.

由於第三季業績成長，我們已更新了全年營收預期，但部分被提前簽署的、原計劃在第四季度完成的交易所抵銷。在我們更新後的業績指引的中點，我們預計收入和年度經常性收入 (ARR) 成長率將分別達到約 27% 和 25%。此外，匯率波動預計將為我們的全年收入帶來約 500 萬美元的額外不利影響。由於部分預計在第四季度收到的預付訂閱收入在第三季確認，我們正在調整 ARR 預期。此外，第四季 ARR 也受到匯率不利因素的輕微影響。提醒一下，我們計算 ARR 的方法是將我們報告的季度訂閱和維護收入乘以 4。

Our billings forecast has been updated to reflect our strong performance and the momentum behind multiyear deals. We expect long-term deferred revenue to be in the mid-20% range of total deferred revenue at the end of the year. Strong billings and operational execution are driving the upside to our free cash flow outlook for fiscal '20, which is now expected to be $1.3 billion to $1.34 billion.

我們已更新帳單預測，以反映我們強勁的業績和多年期交易帶來的良好勢頭。我們預計，到年底，長期遞延收入將佔總遞延收入的 20% 左右。強勁的帳單和營運執行力推動了我們對 2020 財年自由現金流的預期上調，目前預計自由現金流將達到 13 億美元至 13.4 億美元。

Looking at our guidance for the fourth quarter. We expect total revenue to be in the range of $880 million to $895 million, and we expect non-GAAP EPS of $0.86 to $0.91. The earnings slide deck on the Investor Relations section of our website has more details as well as modeling assumptions. Looking out to fiscal '21. We expect continued strength with revenue and free cash flow growing in the low 20% range. In line with our normal practice, we'll provide a more detailed fiscal '21 forecast on our next earnings call.

來看看我們對第四季的預期。我們預計總收入將在 8.8 億美元至 8.95 億美元之間，非 GAAP 每股收益預計為 0.86 美元至 0.91 美元。我們網站投資者關係部分的獲利簡報包含更多詳細資訊以及模型假設。展望2021財年。我們預計營收和自由現金流將繼續保持強勁成長勢頭，成長速度在 20% 左右。按照慣例，我們將在下次財報電話會議上提供更詳細的 2021 財年預測。

In summary, I want to remind everyone that since our business model shift, we have moved to a much more resilient business model that generates a very steady stream of revenues, less exposed to macro swings than when we were selling perpetual licenses. We're committed to driving revenue growth while expanding operating margins. We delivered revenue growth plus free cash flow margin of 62% in the last 12 months and plan to end the year at around 67%. Overall, I'm proud of our performance and are confident of delivering on our near-term and long-term targets.

總而言之，我想提醒大家，自從我們轉變商業模式以來，我們已經轉向了一種更具韌性的商業模式，這種模式能夠產生非常穩定的收入流，受宏觀波動的影響比我們銷售永久許可證時要小。我們致力於在提高營業利潤率的同時，推動營收成長。過去 12 個月，我們實現了收入成長，自由現金流利潤率達到 62%，並計劃在年底達到 67% 左右。總的來說，我對我們的表現感到自豪，並且有信心實現我們的近期和長期目標。

Now I'd like to turn it back to Andrew.

現在我想把話題轉回給安德魯。

Thanks, Scott. As you heard, resiliency of our business model combined with strong momentum in our products and great execution by the team helped deliver another outstanding quarter despite continued uncertainty in some parts of the world. In terms of the macro conditions, demand remained relatively in line with the second quarter. The business environment and our results improved slightly in the U.K. and Central Europe, and our commercial business in China continues to perform well despite a slowdown in state-owned enterprises.

謝謝你，斯科特。正如你所聽到的，儘管世界某些地區持續存在不確定性，但我們商業模式的韌性，加上我們產品的強勁勢頭和團隊的出色執行力，幫助我們取得了又一個出色的季度業績。從宏觀經濟情勢來看，需求與第二季基本持平。英國和中歐的商業環境和我們的業績略有改善，儘管國有企業成長放緩，但我們在中國的商業業務仍然表現良好。

During the quarter, Robertson Group, one of the largest independently owned construction companies in the U.K. to cover the entire construction life cycle, significantly increased their adoption of our BIM 360 portfolio. The company deployed our software on over 60 projects over the last 3 years and estimates a 28% increase in productivity. This is an incredible return on investment. We are thrilled to be partnering with a company prioritizing such impressive continuous improvement.

本季度，羅伯遜集團（Robertson Group）——英國最大的獨立建築公司之一，業務涵蓋整個建築生命週期——大幅增加了對我們 BIM 360 產品組合的採用。過去 3 年，該公司在 60 多個專案中部署了我們的軟體，預計生產力將提高 28%。這是一筆非常划算的投資。我們非常高興能與一家如此重視持續改善的公司合作。

In another example, one of the largest automotive parts suppliers in Central Europe nearly doubled their EBA commitment with us this quarter. With the move to electric vehicles, the customer knows innovation is needed to stay ahead of the competition, so they are investing in retooling their factory and migrating from 2D to 3D. Our customers understand the benefits of investing in growth opportunities under all kinds of economic conditions. These examples underscore the importance of our products regardless of the macro environment as well as our customers' commitment to investing in technology to stay ahead of competitors.

再舉一個例子，中歐最大的汽車零件供應商之一本季將其與我們簽訂的 EBA 協議的金額幾乎翻了一番。隨著電動車的普及，客戶意識到需要創新才能保持競爭優勢，因此他們正在投資改造工廠，並從 2D 向 3D 過渡。我們的客戶了解在各種經濟條件下投資成長機會的好處。這些例子凸顯了我們產品的重要性，無論宏觀環境如何，同時也體現了我們的客戶致力於投資技術以保持領先於競爭對手的決心。

Last week, we hosted 12,000 people at Autodesk University, and customers walked away excited about our current products and our vision for their industries. In fact, 32% more customers attended the conference this year than in the previous year. Across the board, customers are looking to Autodesk to help them digitally transform their businesses and make them more competitive.

上週，我們在 Autodesk University 接待了 12,000 人，客戶們對我們目前的產品以及我們對他們所在行業的願景感到非常興奮。事實上，今年參加會議的客戶比去年增加了 32%。整體而言，客戶都希望 Autodesk 能幫助他們實現業務的數位轉型，進而提高競爭力。

Before I go into the strategic updates for the quarter, let me also acknowledge that, for the fifth consecutive year, AU Las Vegas was a carbon-neutral event. This sustainable effort is reinforced and expanded by Autodesk's commitment to achieve company carbon neutrality in 2020. We're also delivering and continuing to investigate ways to help customers realize their sustainability goals through automation and insights in our technology. In fact, over the next few years, we intend to ramp up our financial commitment to this work by investing approximately 1% of operating profits in the Autodesk Foundation.

在介紹本季策略更新之前，我還想指出，AU拉斯維加斯連續第五年實現了碳中和。Autodesk 承諾在 2020 年實現公司碳中和，這進一步加強和擴展了這項永續發展努力。我們也不斷探索和提供各種方法，透過我們技術的自動化和洞察力，幫助客戶實現其永續發展目標。事實上，在接下來的幾年裡，我們計劃加大這項工作的資金投入，將約 1% 的營業利潤投資於 Autodesk 基金會。

Now let me give you an update on some of the key initiatives, specifically our continued traction within Construction, gains in Manufacturing and success in monetizing our nonpaying user base. These are the initiatives that continue to be key drivers of our business.

現在讓我向大家報告一些關鍵舉措的最新進展，特別是我們在建築業的持續發展勢頭、在製造業的進步以及在非付費用戶群體貨幣化方面的成功。這些舉措仍然是我們業務發展的關鍵驅動力。

In Construction, the breadth and depth of our product portfolio continues to make our offerings more compelling for our customers. In the last 2 years, the number of participants from the construction industry at Autodesk University increased over sevenfold to approximately 3,500. At AU this year, we announced Autodesk Construction Cloud, which combines our advanced technology with the industry's largest network of builders and powerful predictive insights to drive more productivity, predictability and profitability for companies across the construction life cycle. Autodesk Construction Cloud is comprised of our best-of-breed Construction Solutions, Assemble, BuildingConnected, BIM 360 and PlanGrid and connects these solutions with Autodesk's unmatched design technology such as AutoCAD and our 3D modeling solutions, Revit and Civil 3D. The announcement included more than 50 new product enhancements across the portfolio and deeper integrations, including powerful new artificial intelligence that helps construction teams identify and mitigate design risks before problems occur. Autodesk Construction Cloud is being well received by customers and supports our long-term plan.

在建築領域，我們產品組合的廣度和深度不斷提升，使我們的產品對客戶更具吸引力。在過去的兩年裡，Autodesk University 的建築業參與者人數增加了七倍多，達到約 3500 人。在今年的 AU 大會上，我們發布了 Autodesk Construction Cloud，它將我們的先進技術與業內最大的建築商網絡和強大的預測洞察力相結合，從而在整個建築生命週期中為公司提高生產力、可預測性和盈利能力。Autodesk Construction Cloud 由我們一流的建築解決方案 Assemble、BuildingConnected、BIM 360 和 PlanGrid 組成，並將這些解決方案與 Autodesk 無與倫比的設計技術（如 AutoCAD）以及我們的 3D 建模解決方案 Revit 和 Civil 3D 連接起來。此次發布的產品組合新增了 50 多項功能，並進行了更深入的集成，其中包括強大的全新人工智慧技術，可幫助施工團隊在問題發生之前識別和減輕設計風險。Autodesk Construction Cloud 受到客戶的好評，並支持我們的長期計劃。

PlanGrid and BuildingConnected continued their momentum, delivering $113 million in ARR with growth coming from new customers as well as adoption by existing Autodesk customers. During the quarter, 1 of Australia's largest construction and infrastructure companies expanded its relationship with us by adding PlanGrid and BIM 360 to its existing product set. The transaction resulted in the largest new product agreement for PlanGrid globally and the largest regional enterprise deal to date. We are helping the company adopt cloud-based technologies to improve project delivery and safety.

PlanGrid 和 BuildingConnected 繼續保持成長勢頭，實現了 1.13 億美元的年度經常性收入，成長來自新客戶以及現有 Autodesk 客戶的採用。本季度，澳洲最大的建築和基礎設施公司之一透過在其現有產品組合中添加 PlanGrid 和 BIM 360，擴大了與我們的合作關係。這項交易促成了 PlanGrid 在全球最大的新產品協議，也是迄今為止最大的區域企業交易。我們正在幫助該公司採用基於雲端的技術來提高專案交付和安全性。

The depth and breadth of our solutions that many other vendors in the space cannot deliver is very appealing to our customers. For example, we enhanced our relationship with EBC, one of Canada's leading construction companies focused on infrastructure, buildings and natural resources by adding BuildingConnected to their existing portfolio of Assemble and BIM 360 solutions. Our sales team demonstrated how we could help manage their systems more effectively and prepare them better for the future. We were able to meet their needs for the design and construction phases of the building life cycle for both the commercial and infrastructure industry segments.

我們提供的解決方案具有許多其他供應商無法提供的深度和廣度，這對我們的客戶來說非常有吸引力。例如，我們透過將 BuildingConnected 添加到加拿大領先的建築公司之一 EBC 的 Assemble 和 BIM 360 解決方案組合中，加強了與 EBC 的關係。 EBC 專注於基礎設施、建築和自然資源。我們的銷售團隊示範了我們如何幫助他們更有效地管理系統，並為他們的未來做好更充分的準備。我們能夠滿足他們在建築生命週期的設計和施工階段的需求，涵蓋商業和基礎設施行業領域。

We continue to focus our investments on infrastructure, which has performed well in prior downturns. This focus could offer us greater resiliency should the macro environment weaken. We recently announced availability of collaboration for Civil 3D, which is now included with BIM 360 design and enables teams to collaborate on complex infrastructure projects.

我們將繼續把投資重點放在基礎建設上，基礎設施在以往的經濟低迷時期表現良好。這種關注點可以增強我們在宏觀環境惡化時的適應能力。我們最近宣布了 Civil 3D 的協作功能，該功能現已包含在 BIM 360 設計中，使團隊能夠協作處理複雜的基礎建設專案。

We also continue to gain market share in the infrastructure space. This quarter, we significantly expanded our relationship with JR Group made up of 7 companies responsible for operating almost all of Japan's intercity and commuter rail services. As part of our strategic collaboration, all 7 of the group's companies will use our tools such as Revit, Civil 3D and AutoCAD over competitive offerings to develop a nationwide BIM rail standard.

我們在基礎設施領域的市場份額也在持續成長。本季度，我們大幅擴展了與 JR 集團的關係。 JR 集團由 7 家公司組成，負責營運日本幾乎所有的城際和通勤鐵路服務。作為我們策略合作的一部分，集團旗下所有 7 家公司都將使用我們的 Revit、Civil 3D 和 AutoCAD 等工具，而不是競爭對手的產品，來制定全國性的 BIM 鐵路標準。

Moving to manufacturing. The business is performing extremely well as we continue to gain share from competitors with steady innovations in generative design and Fusion 360. We believe a large number of small- and medium-sized businesses will look to upgrade their vendor stack over the next few years, which is a clear opportunity for us to grow market share.

轉向製造業。公司業績表現非常出色，我們不斷從競爭對手手中奪取市場份額，這得益於我們在生成式設計和 Fusion 360 方面的持續創新。我們相信，未來幾年內，大量的中小企業將會升級他們的供應商體系，這對我們來說是一個擴大市場份額的絕佳機會。

Similar to last quarter, we had a number of competitive displacements of SolidWorks, Mastercam and PTC Creo. For instance, a 3D-display designer and manufacturer in North America replaced SolidWorks and Mastercam with Fusion 360 because it integrated design and CAM capabilities. In another instance, a manufacturer of plastic machine components in the U.K. displaced SolidWorks and another CAM vendor with Fusion 360 in their design and manufacturing workflow. The company was attracted to Fusion's cloud-based collaboration capabilities in addition to the integrated functionality and price point.

與上個季度類似，我們遇到了不少 SolidWorks、Mastercam 和 PTC Creo 的競爭性替代品。例如，北美一家 3D 顯示器設計和製造商用 Fusion 360 取代了 SolidWorks 和 Mastercam，因為它整合了設計和 CAM 功能。在另一個例子中，英國一家塑膠機械零件製造商在其設計和製造工作流程中以 Fusion 360 取代了 SolidWorks 和另一家 CAM 供應商。除了整合功能和價格優勢外，Fusion 的雲端協作功能也吸引了該公司。

Our success in manufacturing is not limited to small- and medium-sized businesses. We are making inroads in larger organizations as well. During the third quarter, Daifuku chose Autodesk as the best design software partner to move from 2D to 3D solutions. Based in Japan, Daifuku is the world's leading material handling system supplier serving a variety of industries, including the manufacturing, distribution, airport and automotive sectors. With its new EBA, the company has standardized Inventor as its 3D platform and is also considering Revit for future building initiatives.

我們在製造業方面的成功並不限於中小企業。我們也正在向大型組織滲透。第三季度，大福選擇 Autodesk 作為從 2D 向 3D 解決方案過渡的最佳設計軟體合作夥伴。總部位於日本的大福是全球領先的物料搬運系統供應商，服務於包括製造業、分銷業、機場和汽車業在內的多個行業。憑藉其新的 EBA，該公司已將 Inventor 標準化為其 3D 平台，並且正在考慮將 Revit 用於未來的建築項目。

We continue to invest in our manufacturing solutions. In fact, some of you might have seen the exciting news coming out of Autodesk University last week. We announced a partnership with ANSYS, and our customers will soon have an option to use ANSYS' simulation solutions while running our industry-leading generative design workflows in Fusion 360. We also announced the introduction of a new end-to-end design-through-make workflow for electronics in Fusion, providing key capabilities such as integrated PCB design and thermal simulation. This is something our customers have been asking for as the market for smart products continues to grow. With Fusion 360, users can take those electronic ideas and physically produce them in the same product development environment, bypassing the current disconnects between design, simulation and manufacturing that make data importing and translation necessary.

我們將繼續加大對製造解決方案的投入。事實上，你們中的一些人可能已經看到了上週 Autodesk University 發布的令人興奮的消息。我們宣布與 ANSYS 建立合作關係，我們的客戶很快就可以選擇在 Fusion 360 中運行我們行業領先的生成式設計工作流程的同時，使用 ANSYS 的模擬解決方案。我們也宣佈在 Fusion 中引進全新的電子產品端到端設計製造工作流程，提供整合 PCB 設計和熱模擬等關鍵功能。隨著智慧產品市場的持續成長，我們的客戶一直要求我們提供這項服務。透過 Fusion 360，使用者可以將這些電子創意在同一個產品開發環境中進行實體生產，從而繞過目前設計、模擬和製造之間的脫節，避免了資料導入和轉換的必要性。

Lastly, we are looking forward to meeting some of you at our manufacturing event at the Autodesk Technology Center in Birmingham, U.K. on Monday, December 2. At that time, you'll learn even more about our solutions and strategy in the space.

最後，我們期待在12月2日星期一於英國伯明罕歐特克技術中心舉辦的製造活動上與各位見面。屆時，您將更深入了解我們在該領域的解決方案和策略。

Now let's close with an update of our progress with digital transformation and how it is allowing us to monetize the noncompliant user base. Our investments in our digital infrastructure have given us unprecedented access to noncompliant users' product usage patterns. We continue to learn more about these users and are in the process of expanding our compliance programs in additional regions.

最後，讓我們報告我們在數位轉型方面的進展，以及它如何幫助我們將不合規用戶群體貨幣化。我們對數位基礎設施的投資使我們能夠以前所未有的方式了解不合規用戶的產品使用模式。我們正在不斷了解這些用戶，並正在將我們的合規計畫擴展到其他地區。

During the quarter, we signed 19 license compliance deals over $500,000, including 3 over $1 million. The mix of deals over $500,000 was equally distributed by region and 1 of the million-dollar-plus transactions was with a commercial entity in China. Our approach to creating positive experiences for our customers as they become compliant is paying dividends. For instance, 1 large manufacturer in Central Europe was paying for less than 10 manufacturing collections and had some old perpetual licenses. Our data indicated much higher usage. We worked closely with our partner and senior management at the company to identify and fix the noncompliant usage, resulting in almost $1 million contract. The experience provided during the process has opened the door for us to discuss competitive displacement to further expand their usage as they now view us as a true partner rather than a software vendor.

本季度，我們簽署了 19 份金額超過 50 萬美元的許可合規協議，其中 3 份金額超過 100 萬美元。超過 50 萬美元的交易組合按地區平均分佈，其中 1 筆超過 100 萬美元的交易是與中國商業實體進行的。我們致力於為客戶創造正面的體驗，幫助他們合規，這種做法正在發揮作用。例如，中歐一家大型製造商只購買了不到 10 個製造系列，並且擁有一些舊的永久許可證。我們的數據顯示使用率高得多。我們與合作夥伴和公司高層密切合作，找出並糾正了不合規的使用情況，最終簽訂了一份價值近 100 萬美元的合約。這個過程提供的經驗為我們打開了一扇門，讓我們能夠討論如何透過競爭性替代來進一步擴大他們的使用範圍，因為他們現在把我們視為真正的合作夥伴，而不是軟體供應商。

I am excited about our year-to-date performance and looking forward to a strong close to the year. We continue to execute well in construction and are making competitive inroads in manufacturing with our innovative solutions. I am also proud of the strides we are making in converting the current nonpaying users into subscribers.

我對我們今年迄今的業績感到興奮，並期待今年能取得強勁的收官成績。我們在建築領域持續保持良好的業績，並透過創新解決方案在製造業領域取得競爭優勢。我也為我們在將現有非付費用戶轉化為訂閱用戶方面取得的進展感到自豪。

20 years ago, Autodesk was known as the AutoCAD company. Today, through the rapidly growing installed base of 3D products like Revit, Inventor, Maya and Fusion 360, we lead the market in bringing the power of 3D modeling and the cloud to all the industries we serve. We are highly confident in Autodesk's ability to capitalize on not only our near-term market opportunity but also our long-term opportunity connected to the rise of AI-driven 3D modeling in the cloud. Because of this, we remain committed to delivering on our fiscal '23 goals.

20年前，Autodesk公司以AutoCAD聞名。如今，憑藉 Revit、Inventor、Maya 和 Fusion 360 等 3D 產品快速成長的安裝基礎，我們在將 3D 建模和雲端技術的強大功能帶給所服務的所有行業方面處於市場領先地位。我們對 Autodesk 的能力充滿信心，相信它不僅能夠抓住近期的市場機遇，還能抓住與雲端人工智慧驅動的 3D 建模興起相關的長期機會。正因如此，我們仍致力於實現 2023 財年的目標。

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

話筒，接下來我們將開始接受提問。

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

（操作員說明）我們的第一個問題來自巴克萊銀行的 Saket Kalia。

Scott, maybe just to start with you just on the ARR guide and the adjustment, sounded like there was a little bit of a tie-in with the upfront deals that signed in the quarter. I guess the question is were these upfront deals that were originally expected to come in as subscription but then came in as upfront. I guess from an ARR perspective, I just -- I imagine signing it in Q3 as a subscription wouldn't make as much of a difference to Q4 ARR, but I'd love to just understand the dynamic there around the upfront deals this quarter and how it sort of impacted the ARR outlook for the year.

Scott，或許我們可以先從你談 ARR 指南和調整開始，聽起來這似乎與本季簽署的預付款協議有點關聯。我想問的是，這些預付款交易原本預計會以訂閱​​形式進行，但後來卻變成了預付款。從 ARR 的角度來看，我猜——我估計在第三季度以訂閱形式簽約對第四季度的 ARR 不會有太大影響，但我很想了解本季度預付款交易的動態，以及它對全年 ARR 前景的影響。

Yes, it's a great question, Saket. Thanks for putting it out there because I think you're probably not the only one scratching their head. Here's the way you got to think about it. The -- if you step back and think of the way we define ARR, it's actual reported subscription plus maintenance revenue for the quarter, and then we annualize it by multiplying by 4. So we give you a full year ARR number. What we're really saying is this is what we think our Q4 subscription and revenue numbers -- subscription and maintenance revenue number will be times 4. What you saw in Q3 is we had a fair amount of upside in the revenue line versus the midpoint of guide. Revenue was $8 million higher than midpoint. Some of what drove that was upfront revenue. We always have a little bit of upfront revenue.

是的，薩凱特，這是一個很好的問題。感謝你提出這個問題，因為我覺得可能不只你一個人對此感到困惑。你應該這樣想。如果你退後一步，想想我們對 ARR 的定義，它指的是當季實際報告的訂閱收入加上維護收入，然後我們將其乘以 4 進行年化。這樣我們就得到了全年的 ARR 數據。我們真正想表達的是，我們認為第四季的訂閱和收入數據——訂閱和維護收入將達到第四季的四倍。您在第三季看到的是，我們的營收線相對於指引值的中點有相當大的成長空間。營收比中位數高出800萬美元。部分原因是前期收入。我們總是會有一些預付收入。

So we have a couple of products, smaller products that under ASC 606 don't qualify for ratable treatment. So we sell them just like a subscription. They look -- the economics of them look like a subscription. The customer buys it. They have to renew in 12 months, but under 606, you have to claim all that revenue upfront. It's small products like Vault that fall in this category.

因此，我們有一些產品，一些較小的產品，根據 ASC 606 規定，這些產品不符合評級待遇的條件。所以我們像銷售訂閱服務一樣銷售它們。它們的經濟模式看起來像是訂閱制。顧客買了它。他們需要在 12 個月後續簽，但根據 606 條款，你必須預先申報所有收入。像 Vault 這樣的小型產品就屬於這一類。

What happened in Q3 is we have a handful of deals -- of this small product set that we thought were coming in, in Q4, but actually, we got closed in Q3. And because they're upfront, that revenue moved out of Q4 and into Q3, and there's no tail of it. There's no ongoing -- all of that revenue is recognized upfront. This happens every quarter, but this was particularly magnified, where we had a handful of these deals that we thought were coming in Q4, actually came in Q3 instead. So good news is Q3 looks super strong. The downside is that creates a headwind to the Q4 subscription and maintenance revenue, therefore, to the Q4 ARR calculation. So it's kind of the combination of ASC 606 and the way it treats just a small subset of our products and then how that gets rippled through in the way we calculate ARR, which is actual reported revenue times 4.

第三季我們達成了一些交易——我們原本以為這批小產品組合會在第四季實現，但實際上，我們在第三季就完成了交易。而且由於這些收入是提前確認的，所以這部分收入從第四季度轉移到了第三季度，沒有尾部拖延。沒有持續性收入－所有收入都是預先確認的。這種情況每季都會發生，但這次尤其嚴重，我們原本以為在第四季達成的一些交易，實際上卻在第三季就完成了。好消息是，第三季看起來非常強勁。不利的一面是，這將對第四季度的訂閱和維護收入造成不利影響，進而影響第四季度的年度經常性收入 (ARR) 計算。所以，這有點像是 ASC 606 的結合，以及它對我們產品的一小部分進行的處理方式，然後這種處理方式又如何影響我們計算 ARR 的方式，即實際報告收入乘以 4。

What's important to remember is a couple of things. One is the way the rev rec works is not necessarily -- it doesn't reflect the economics of the transaction. We sell these on a subscription basis. They look just -- to our customers, just like any other subscription. So this change in ARR isn't reflective of any kind of change in the overall economics of our business.

需要記住的兩件事很重要。一是收入確認機制的工作方式不一定──它並不反映交易的經濟效益。我們以訂閱方式銷售這些產品。對我們的客戶來說，它們看起來就像其他任何訂閱服務一樣。因此，ARR 的這種變化並不反映我們業務整體經濟狀況的任何變化。

I think the second is, when you peel back the growth that we're going to see in subscription revenue this year then -- and you can derive this from the guidance we just gave you, Saket -- we see subscription revenue continuing to grow for the full year, right, because that's an accumulated metric. It's Q1 plus Q2 plus Q3 plus Q4. When revenue moves across quarter lines, it doesn't matter when you aggregate it to the full year. For the full year, we see subscription revenues growing in the 29% to 30% range. So still feel strong about that. We just got this anomaly between kind of the way 606 treats a small subset of products and how that gets reflected in our ARR. And that's what you see in the ARR guidance change.

我認為第二點是，當我們剝離今年訂閱收入的成長時——你可以從我們剛才給你的指導中得出這個結論，Saket——我們預計訂閱收入將在全年繼續增長，對吧，因為這是一個累積指標。是第一季加上第二季加上第三季加上第四季。當收入跨越季度界限時，何時將其匯總為全年收入並不重要。我們預計全年訂閱收入將成長 29% 至 30%。所以，我仍然對此深信不疑。我們剛剛發現 606 處理一小部分產品的方式與我們的 ARR 反映方式之間存在某種異常。這就是您在 ARR 指引變化中看到的情況。

Yes, sure. That makes sense. It sounds like those Vault deals were maybe term subscriptions, which under 606 kind of requires that upfront cost.

當然可以。這很有道理。聽起來 Vault 的那些交易可能是定期訂閱，根據 606 條款，定期訂閱需要預付費用。

It has more to do with the product, Saket, than the way we sell it. We sell it just like we sell every other product. 12 months, you -- they pay us upfront. They get access to the product. At the end of that 12-month period, they either renew and continue to use the product or they don't renew and they lose access to the product. So it's really transparent to a customer. It's more -- some of the details of the offering itself under 606 don't qualify for ratable treatments.

這與產品本身（Saket）有關，而不是與我們的銷售方式有關。我們像銷售其他所有產品一樣銷售它。12 個月，你們──他們預先支付我們費用。他們可以獲得該產品。12 個月期限結束時，他們要么續訂並繼續使用該產品，要么不續訂並失去使用該產品的權限。所以對客戶來說，這完全透明。更確切地說——根據第 606 條規定，該項發行本身的一些細節並不符合可評級待遇的條件。

Got it. If I can ask a quick follow-up for you, Andrew, just to get off accounting, I mean really interesting development in the CAD market just with more talk about SaaS adoption. Obviously, we saw Onshape get acquired, and clearly, you compete here with tools like Fusion 360. But curious how you think about SaaS adoption in CAD and what, if anything, that deal can mean for Autodesk competitively.

知道了。安德魯，我可以問你一個後續問題嗎？我不想再談會計了，我是說CAD市場出現了一些非常有趣的發展，例如越來越多討論SaaS的採用。顯然，我們看到 Onshape 被收購了，很明顯，你在這裡要與 Fusion 360 等工具競爭。但我很好奇您如何看待 CAD 領域 SaaS 的採用，以及這筆交易對 Autodesk 的競爭力意味著什麼（如果有的話）。

Yes. First off, let me just kind of say that I have a lot of respect for Jon Hirschtick and the work that he's done over the years. I have respect for Jim Heppelmann and the work he's done in the past. And I think they're important forces in this industry, but the way this is all coming down and characterized is just off, okay? So let's talk about what we all agree on and what's happening, what's really happening in the market. So here's what we all agree on. Multi-tenant SaaS is the future of our business. It just is. It's the future of the entire software [because I have] been saying this for 7 years now, okay, 7 years and we've been executing on it for 7 years. Fusion 360 is a multi-tenant SaaS offering, okay, with a SaaS business model. Here's the other thing we agree on. What does this SaaS mean? It means 3 important things, right? Data: The cloud is going to revolutionize data flow in the manufacturing and product development industry. It's just going to revolutionize it. Multidisciplinary data flow, data flow across various parts of the supply, it's just going to revolutionize data flow. Compute: Compute power, we're able to deploy compute power through the cloud in ways we've never been able before. What we do with generative design, that's all computed off a desktop. It's all -- that is all a cloud compute exercise.

是的。首先，我想說我非常尊重喬恩·赫希蒂克以及他多年來所做的工作。我尊重吉姆·赫佩爾曼以及他過去所做的工作。我認為他們是這個行業的重要力量，但是這一切的走向和描述方式都太不妥了，好嗎？那麼，讓我們來談談我們都認同的事情，以及正在發生的事情，市場上真正發生的事情。所以，這是我們都認同的一點。多租戶SaaS是我們業務的未來發展方向。事實就是如此。這是整個軟體的未來，因為我已經說了7年了，好吧，7年了，我們已經執行了7年了。Fusion 360 是一款多租戶 SaaS 產品，採用 SaaS 商業模式。這是我們還達成共識的另一件事。SaaS是什麼意思？它意味著三件重要的事情，對吧？數據：雲端運算將徹底改變製造業和產品開發產業的資料流。它將徹底改變這一切。多學科資料流，跨供應鏈各個環節的資料流，這將徹底改變資料流。運算能力：我們能夠以前所未有的方式透過雲端部署運算能力。我們所做的生成式設計，都是在電腦上計算出來的。這一切都——這一切都是雲端運算的實踐。

And then the last thing, I think, we all agree on that we don't all talk about this equally, and some of us aren't actually executing on it, is that we can layer machine learning on top of this data layer and with this compute, and we can start doing predictive analytics and all sorts of predictive and insightful studies on top of what people do. Some of our generative design algorithms already incorporate machine learning with regards to how they integrate CAM.

最後一點，我想我們都同意，我們並沒有平等地談論這件事，而且我們中的一些人實際上也沒有付諸行動，那就是我們可以將機器學習疊加到這個數據層之上，並利用這種計算能力，我們可以開始在人們的工作基礎上進行預測分析和各種預測性和洞察力研究。我們的一些生成式設計演算法在整合 CAM 時已經融入了機器學習。

So we all agree on that, all right? It's been uniform, great, and we're all building that to some degree. We're, I think, quite a bit ahead, and I'll get to that in a minute. But here's what we don't agree on, is how you do it, right? And there's a big difference between the way Fusion and Onshape works. Fusion has taken the strategy where we have a thin client, which is a browser, and we have a thick client, which installs on the desktop and works on that cloud data layer. The thin client and the thick client see the world exactly the same. They can't operate without the cloud behind it. They're dead without it. The reason we have the thick client is we're solving an additional problem is this end-to-end workflow all the way from design to CAM, electronics and all these things. So we're putting a huge amount of power in there that you want to get in there in order to solve a bigger problem.

所以我們都同意這一點，好嗎？它一直都很統一、很棒，我們都在某種程度上為此努力。我認為我們已經領先很多，我稍後會詳細說明。但我們意見不一致的地方在於，你該怎麼做，對吧？Fusion 和 Onshape 的運作方式有很大的不同。Fusion 採取的策略是，我們有一個瘦客戶端（即瀏覽器），還有一個胖客戶端（安裝在桌面上，並在雲端資料層上運行）。瘦客戶端和胖客戶端看到的世界完全相同。沒有雲端技術的支持，它們就無法運作。沒有它，他們就活不下去了。我們之所以採用胖客戶端，是因為我們要解決一個額外的問題，那就是從設計到 CAM、電子元件以及所有這些環節的端到端工作流程。所以，我們正在投入大量的電力，而你也希望獲得這種電力來解決一個更大的問題。

Onshape put CAD in the browser, a thin client. We knew from our thin client experiments early on, which were like 7 years ago, that don't work, okay? That boat don't float. And one thing we've just seen from this acquisition is we were right. What was Onshape's installed base 8 years into this experiment? 5,000 subscribers. We did more than that, we added more subscribers to the Fusion base in Q3 than that entire installed base. So we're talking tens of thousands of paid Fusion subscribers, and we're talking about 5,000 subscribers for Onshape. We know exactly why because that thin client-only solution doesn't work. You need a thin client and a thick client. True, the thick client will probably get thinner over time, but that's what you need today. And you also need a new business model with the different prices and the different options. So we just have a different view of how to do it, and we're pretty convinced we're way ahead. I think the data now -- now that we can see the data, we're now confirming that we're way ahead. But that's kind of where we're at. We all see the world the same way. We're executing on it differently. And the market's voting with its wallet.

Onshape 將 CAD 整合到瀏覽器中，形成了一個輕量級用戶端。早在7年前，我們就開始進行瘦客戶端實驗，那時我們就知道瘦客戶端行不通，懂嗎？那艘船不會浮起來。而我們從這次收購中看到的一點是，我們是對的。經過 8 年的實驗，Onshape 的用戶基數是多少？5000名訂閱者。我們不僅做到了這一點，第三季我們為 Fusion 新增的使用者數量超過了整個安裝使用者數量。所以，Fusion 有數萬名付費用戶，而 Onshape 只有 5000 名用戶。我們非常清楚原因，因為那種只使用瘦客戶端的解決方案行不通。你需要一個瘦客戶端和一個胖客戶端。沒錯，隨著時間的推移，笨重的客戶端可能會變得越來越輕量級，但這正是你現在需要的。而且，你還需要一個新的商業模式，來應付不同的價格和不同的選擇。所以我們只是對如何做這件事有不同的看法，而且我們非常確信我們遙遙領先。我認為現在的數據——既然我們能看到數據，我們現在可以確認我們遙遙領先。但這就是我們目前的處境。我們看待世界的方式都一樣。我們的執行方式有所不同。市場正在用錢包投票。

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'm wondering, at this part of the transition, you mentioned the increase in the maintenance pricing. But what are the additional levers that you have to drive increases in ARR growth on a dollar basis moving forward?

我想問一下，在過渡的這個階段，您提到了維護價格的上漲。但是，您還有哪些方法可以推動未來 ARR（年度經常性收入）以美元計價的成長？

Sterling, it's a lot of the same factors that we've talked about, right? So obviously, the renewal base continues to grow. That renewal base comes to us at a better price realization than a net new does. We continue to drive growth out of Construction. I mean you saw -- we gave you some of the data points both in the opening commentary and in the press release. Construction business drove $113 million of ARR in the third quarter. So we continue to see strong growth there as well. Well, the core basically grows to a certain degree every year. We'd -- I'd say 6% to 8% growth in the core every year. So it's the same factors we've always talked about that will continue to drive that growth.

史特林，這跟我們之前討論的很多因素都一樣，對吧？顯然，續訂用戶群持續成長。續約資產的實現價格比新增資產更優惠。我們持續推動建築業的成長。我的意思是，你們也看到了——我們在開場白和新聞稿中都給了一些數據點。第三季度，建築業務貢獻了 1.13 億美元的年度經常性收入。因此，我們也持續看到這方面強勁的成長。嗯，核心區域基本上每年都會在某種程度上成長。我估計核心業務每年增長 6% 到 8%。所以，推動這種成長的仍然是我們一直以來所討論的那些因素。

I think one thing to bear in mind, we now are in year 3 of the M2S program. And remember, the very first cohort of M2S customers we signed, we've locked in their price for 3 years, but then at the end of that time, we said they revert to the terminal price, which for that set of customers will be about 11% price increase. We begin to see the front edge of that, even for the M2S base that's been locked in, will start to ripple in, in the second quarter of next year. So we'll -- besides just our annual price increase rhythm that we've gotten on, there's a few embedded price increases that'll be coming through over the next few years as well. So piracy recapture, construction, renewal base growth and some embedded price increases. This is what'll drive it longer term.

我認為需要記住的一點是，我們現在正處於 M2S 計畫的第三年。請記住，我們簽約的第一批 M2S 客戶，我們鎖定了他們的價格 3 年，但到那時，我們說他們將恢復到最終價格，對於這群客戶來說，價格將上漲約 11%。我們開始看到，即使對於已經鎖定的 M2S 基礎來說，這種趨勢的前沿也將在明年第二季開始顯現。所以，除了我們已經養成的年度物價上漲習慣之外，未來幾年還會出現一些隱性價格上漲。因此，盜版回收、建設、更新基礎成長以及一些隱含的價格上漲。從長遠來看，這將推動其發展。

Got it. And then the one follow-up would be you're kind of surpassed already what you expect in terms of long-term deferred as the mix. You talked about the percentage of multi-year deals. What I'm kind of curious about is what are the collection terms that you're offering to drive some of the collection of these multi-year deals?

知道了。然後，後續的一點是，就長期延期付款的組合而言，你已經超過了你的預期。你談到了多年合約的比例。我比較好奇的是，你們為了促成這些多年合約的款項收回，提供了哪些收款條款？

It's a standard 3 years upfront, 10% discount. I think you see most companies that sell on an annual subscription basis will offer that kind of 10%, is obviously a bit better than the cost of money over 3 years but not a whole lot more. And there's no extended AR terms. There's nothing else that goes with it.

標準的付款方式是預付3年，享有10%的折扣。我認為大多數按年訂閱收費的公司都會提供這種 10% 的折扣，這顯然比三年內一次性付款要好一些，但也不會好太多。而且沒有延長的AR期限。沒有其他配套的東西了。

What I'd say just to perhaps get at what's underneath your question, Sterling, is we're monitoring that very carefully. And one of the reasons that I went ahead and gave you some headlights on fiscal '21, both revenue growing in the low 20% range and free cash flow growing in the low 20% range, is I didn't want there to be this building perception that because multiyear is reverting to the mean that, that was somehow creating a headwind, and we wouldn't be able to see the same kind of free cash flow growth next year. Obviously, it's an outsized growth this year going from $300 million of free cash flow in fiscal '19 to $1.3 billion to $1.34 billion this year. But we see that growing another 20% next year in fiscal '21. So we're monitoring the multiyear -- the percent of sales multiyear very closely, and if we see it begin to run too hot, where we think it's not sustainable, and it will begin to create a headwind, we'll modify the offering.

斯特林，我想說的是，為了更好地理解你的問題，我們正在非常密切地關注此事。我之所以提前向大家透露 2021 財年的業績，包括收入增長 20% 左右以及自由現金流增長 20% 左右，是因為我不想讓大家產生這樣一種看法：由於多年增長正在回歸均值，這在某種程度上造成了不利影響，導致我們明年無法看到同樣的自由現金流增長。顯然，今年的成長幅度非常大，自由現金流從 2019 財年的 3 億美元成長到今年的 13 億美元至 13.4 億美元。但我們預計，在 2021 財年，這一數字還將成長 20%。因此，我們正在密切關注多年銷售額百分比，如果我們發現它開始過熱，我們認為它不可持續，並且會開始產生不利影響，我們將修改產品。

Our next question comes from Phil Winslow with Wells Fargo.

下一個問題來自富國銀行的菲爾溫斯洛。

Congrats on a good quarter. Just a question on next year's outlook, just building on your comments just now. When you think about the macro comments that you made in terms of just geographies as well as the different verticals. How are you thinking about the puts and takes for 2021. And then just one quick follow-up to that.

恭喜你本季業績出色。關於明年的展望，我有一個問題，這是在補充您剛才的評論。當你思考你從地理和不同垂直領域角度提出的宏觀評論。您對2021年的買賣有何看法？然後，我還有一個後續問題。

Yes. Did you say for '21?

是的。你說的是2021年嗎？

'21.

'21。

Yes. So first off, let me comment on kind of what -- how we do things since we talked last quarter. There really hasn't been a fundamental change in our view of the market right now. In fact, a few things got a little bit better, all right? The U.K. and Germany are still performing below our expectations, but they're growing, and they showed a slight improvement in Q4 -- I mean, Q3 -- I can't see that far in the future yet -- in Q3 relative to what we saw in Q2. The same goes for China. We're still not doing any business with the state-owned enterprises, but the business continued to grow just below our expectations. So we actually saw a little bit of a firming up, not a deterioration in the business, which is a good sign.

是的。首先，我想就我們自上個季度以來所做的工作發表一下看法。目前我們對市場的看法並沒有根本性的改變。事實上，有些事情確實有所好轉，好嗎？英國和德國的表現仍然低於我們的預期，但它們正在增長，並且在第四季度（我是說第三季度）——我還無法預見那麼遠的未來——與第二季度相比，第三季度略有改善。中國的情況也是如此。我們仍然沒有與國有企業開展任何業務，但業務成長略低於我們的預期。所以，我們實際上看到的是業務穩定，而不是惡化，這是一個好兆頭。

Now as we look into next year, we're not seeing any fundamental change in the places where we see weakness, but more importantly, there's a trend going on that I want you to pay attention to, which is a tailwind for us as we move into any situation that we see in the next year and how we feel about next year. People are moving more and more rapidly to the model-based solutions we're deploying and the cloud-based solutions we're deploying because they see those as fundamental to their competitive shift -- their competitive dynamics. We're seeing a continued acceleration of BIM. That is going to continue into next year. BIM mandates, BIM project specs are going to continue. Inventor and Fusion 360 are growing as we head into next year, and the momentum on Construction is solid.

展望明年，我們發現薄弱環節並沒有根本性的變化，但更重要的是，有一個趨勢正在發生，我希望你們注意，這對我們來說是一個順風，無論我們明年面臨什麼情況，這都影響著我們對明年的感受。人們越來越迅速地轉向我們正在部署的基於模型的解決方案和我們正在部署的基於雲端的解決方案，因為他們認為這些解決方案對於他們的競爭轉變——他們的競爭動態——至關重要。我們看到BIM（建築資訊模型）的發展持續加速。這種情況將會持續到明年。BIM強制要求和BIM計畫規範將會繼續實施。隨著我們邁入明年，Inventor 和 Fusion 360 都在成長，建築領域的成長動能也很強勁。

In addition to that, one of the things that we always see as anti-cyclical as we head into any kind of environment is infrastructure. And over the last year, we've been investing in infrastructure capabilities in our product. And a lot of those are going to show up next year, and they're going to show up both with regards to some of our construction portfolio and some of our design portfolio. So we feel pretty good heading into next year. And that's one of the reasons why, in the opening commentary, we affirmed this low single digits growth in free cash flow for next year.

除此之外，無論進入何種環境，我們總是能看到基礎設施具有反週期性。過去一年，我們一直在投資提升產品的基礎設施能力。其中許多項目將在明年推出，它們既包括我們的一些建築項目，也包括我們的一些設計項目。所以，我們對明年充滿信心。這也是我們在開篇評論中確認明年自由現金流將達到個位數低成長的原因之一。

20% -- low 20s.

20%——20%出頭。

Yes, low 20s. Didn't I say low 20s? Sorry. Thank you for correcting me. That would have been -- that would have definitely upset somebody. Thank you. Low 20s, the low 20% cash flow increase year-over-year.

是的，20歲出頭。我不是說了二十出頭嗎？對不起。謝謝你指正。那肯定會——那肯定會惹惱某些人。謝謝。20%出頭，即現金流年增20%左右。

Great. That's great color. And then just a follow-up on that for Scott. Obviously, you're not guiding to operating income or operating expenses, but also just help me think about sort of the framework for next year because obviously this is investment year plus acquisitions. Just, high level, give us your thought process on just the expense side, and then I'll go back in the queue.

偉大的。顏色真好看。然後，我想就此向史考特提出一個後續問題。顯然，您不是在指導我如何實現營業收入或營業支出，而是在幫助我思考明年的框架，因為很明顯，今年是投資年加上收購年。請您從宏觀層面談談費用方面的想法，然後我再重新排隊。

Okay. All right. Thanks, Phil. On that, one of the things that we've said is we expected growth -- spend growth now, so COGS plus OpEx between '20 and '23 to be in this high single to low double-digit range. If you look at the growth we had this year, spend growth in the guidance will be about 9%, but the overwhelming majority of that came via acquisition. So the organic business has been roughly flat now for about 4 years, and there is some pent-up demand for increased sales capacity, for continued investment in digitization. So what I would model for fiscal '21 is something toward the higher end of that low single to double digit -- sorry, high single to low double-digit range, so closer to the low double-digit range for fiscal '21, but then averaging out in that high single to low double throughout fiscal '23. Does that get at what you were asking about?

好的。好的。謝謝你，菲爾。關於這一點，我們說過的一點是，我們預計支出會成長，因此 2020 年至 2023 年的銷售成本加營運支出將達到個位數高點到兩位數低點。如果看一下我們今年的成長情況，預計支出成長將達到 9% 左右，但其中絕大部分是透過收購實現的。因此，有機業務在過去 4 年左右的時間裡基本保持平穩，市場對提高銷售能力和繼續投資數位化存在一些被壓抑的需求。因此，我對 2021 財年的預測是，接近個位數低到兩位數範圍的較高值——抱歉，是個位數高到兩位數低的區間，所以 2021 財年更接近兩位數低的區間，但在整個 2023 財年平均保持在個位數高到兩位數低的區間。這樣回答你問的問題了嗎？

Yes, that's perfect.

是的，那就太好了。

And 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。

I guess just 2 quick ones. But one, just following up on what Phil was just talking about. If you look out to next year, would you say that the environment that you're expecting, the environment to be stronger, weaker or the same than what you had this year when you're thinking about the puts and takes of everything you were just talking about? And then just was wondering, how do you think about -- in the context of what you were just saying about expense growth, how do you think about managing operating margins if the macro environment did start to go against you? I'm just trying to think about the trade-off between driving growth versus protecting margins, if you could just share with us your philosophy there.

我想就兩個簡單的問題吧。但是，首先，我想接著菲爾剛才說的話題再說一點。展望明年，考慮到你剛才談到的所有利弊，你認為明年的環境會比今年更強、更弱還是一樣？然後我就想知道，在您剛才談到費用成長的情況下，如果宏觀環境開始對您不利，您是如何看待管理營業利潤率的？我只是想思考一下在推動成長和保護利潤率之間如何權衡，如果您能和我們分享您的理念就太好了。

So we absolutely expect things to stay fairly consistent heading into next year. I'd like to highlight the countercyclical aspects of our business right now with regards to BIM mandates, with regards to the momentum around displacing SolidWorks and Mastercam and smaller accounts for Fusion with regards to digitization and construction, with regards to infrastructure because these are important things to keep in mind. But our assumption into next year is the places where we saw are soft are going to continue to be soft relative to our expectations, and we're going to continue to see kind of the same thing heading into the rest of the market. I'll let Scott comment on the investment model.

因此，我們完全預期明年情況會保持相對穩定。我想重點介紹我們目前業務的反週期性方面，例如 BIM 強制要求、在數位化和建築領域用 Fusion 取代 SolidWorks 和 Mastercam 以及小型客戶的勢頭，以及基礎設施建設，因為這些都是需要牢記的重要事項。但我們對明年的假設是，我們看到表現疲軟的地區將繼續低於我們的預期，我們預計市場其他地區也會出現類似的情況。我會讓斯科特來評論這種投資模式。

The only thing I'd add to what Andrew just said before I jump in on spend management is we do think, by the way, there continues to be an accelerating opportunity that's not necessarily tied to overall macro spend environment in areas like construction and the momentum that you see us gaining in piracy recapture.

在深入探討支出管理之前，我唯一想補充的是，我們認為，順便說一句，仍然存在一個加速發展的機會，這個機會不一定與整體宏觀支出環境相關，例如建築業以及我們在打擊盜版方面取得的進展。

On your spend management question, Heather, you've seen us really exercise good spend management muscles for 4 consecutive years at this point. I feel good about our ability to do that. I've mentioned that there's pent-up demand for spend. There is. But to the extent that we see the business beginning to trend lower than what we expected, of course, we'll tighten up on that front. I think it's a muscle that we've built that doesn't -- it's taken time. It doesn't go away overnight. So I think you can expect us to continue to be diligent on spend management.

關於你提出的支出管理問題，Heather，你已經看到我們連續 4 年都很好地發揮了支出管理的作用。我對我們有能力做到這一點感到很滿意。我之前提到過，目前有被壓抑的消費需求。有。但如果我們發現業務開始呈現低於預期的趨勢，我們當然會在這方面收緊措施。我認為這是我們逐漸培養出來的一種能力——這需要時間。它不會一夜之間消失。所以我認為您可以期待我們繼續認真做好支出管理。

That said, with the revenue growth we're expecting, next year, we will not only grow revenues. We'll be able to grow spend and expand margins. We are expecting expanded operating margins next year versus this year. So I think we're pretty well positioned from a spend management standpoint next year.

也就是說，按照我們預期的收入成長，明年我們不僅會提高收入。我們將能夠增加支出並擴大利潤率。我們預計明年的營業利潤率將比今年有所提高。所以我覺得從支出管理的角度來看，我們明年處於相當有利的地位。

Our next question comes from Jay Vleeschhouwer with Griffin Securities.

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

Andrew, I was pretty intrigued by your several references to infrastructure, which is a business that, as you know, once upon the time, the company broke out. And it looks as though it's still about 1/4 to 1/3 of your total AEC business even after including ACS. And so I'm wondering if that's a business that you might revert to reporting out in some way. And also just talk about what you think the growth potential is of infrastructure as a proportion of the total AEC revenue.

安德魯，你多次提到基礎設施，這讓我很感興趣。你知道，公司曾經就是從基礎建設這個產業起家的。即使算上 ACS，它似乎仍然佔您 AEC 總業務的 1/4 到 1/3 左右。所以我想知道，這是否是你會以某種方式重新對外披露的業務。另外，也請談談您認為基礎建設在建築、工程和施工總收入中所佔的成長潛力是多少。

And then as follow-up, longer-term question as well regarding your sales mix. That is to say your 50-50 mix expectations direct and indirect would have to potentially be in the store. On that point, could you talk about whether you're still confident in the stores becoming half of half or 1/4 of the total? If it -- what are the limitations you think or risks to that trajectory of growth for the store? And if it doesn't come through, how are you thinking about reverting spending or redirecting spending and sales development back towards named account direct and the channel?

然後，作為後續的、更長期的問題，關於您的銷售組合。也就是說，您期望的直接和間接管道各佔 50% 的比例可能需要在店內體現出來。關於這一點，您能否談談您是否仍然有信心這些門市能占到總數的二分之一或四分之一？如果是這樣——您認為這種成長軌跡對商店來說有哪些限製或風險？如果未能實現，您打算如何調整支出方向，或將支出和銷售拓展重新轉向指定客戶直接行銷和通路行銷？

Yes, yes, okay. So you asked a couple of questions there. So let me start on the infrastructure question. So no, we're not going to be breaking out the business or providing any more color on what percentage, but what I can tell you is that we've made some deliberate investments in rail and road. Some of those have already shown up this year, more are going to show up early next year, that are targeted at where we believe some of the sweet spots in spending are going to be in areas where we have strength. You might have also noticed that we moved Civil 3D into the BIM 360 design environment. So now the same collaborative power that we have on Revit models is available for Civil 3D models. That's important. That was something that customers were looking for.

好的，好的，沒問題。所以你問了幾個問題。那麼，就讓我先從基礎設施問題談起。所以，不，我們不會公佈具體的業務細節，也不會透露具體的百分比，但我可以告訴你們的是，我們已經在鐵路和公路領域進行了一些有計劃的投資。其中一些產品今年已經上市，明年年初還會有更多產品上市，這些產品的目標市場是我們認為消費支出會比較集中的領域，而這些領域也是我們的優勢。您可能也已經注意到，我們將 Civil 3D 遷移到了 BIM 360 設計環境中。現在，我們在 Revit 模型上擁有的協作能力同樣適用於 Civil 3D 模型。這很重要。這正是顧客所需要的。

And another thing we're doing that you'll start to see progress on is this notion of a common data environment, which is really important to infrastructure projects, and it's important to, particularly, infrastructure projects in Europe, but even in the U.S., people are really, really interested in these ISO-compliant common data environments. That's going to be showing up really soon as well.

我們正在做的另一件事，你會開始看到進展，那就是通用資料環境的概念，這對基礎設施專案來說非常重要，尤其對歐洲的基礎設施專案來說非常重要，但即使在美國，人們也對這些符合 ISO 標準的通用資料環境非常感興趣。很快它也會出現。

So we have made some clear targeted investments that we believe are -- allow us to go where the real opportunity is in that space. And on top of that, if you've been following what's happening with InfraWorks, that product's really growing up. And its integration with Esri and some of the things we've done there are actually pretty compelling and pretty interesting.

因此，我們進行了一些明確的定向投資，我們相信這些投資能讓我們在這個領域找到真正的機會。除此之外，如果你一直關注 InfraWorks 的發展，你會發現這款產品真的日益成熟。它與 Esri 的整合以及我們在那裡所做的一些事情實際上非常引人注目，也非常有趣。

Now with regards to the long-term targets, all right, so you're right. Right now about -- we're at 30% between direct and indirect. And the reason for that is not that the store isn't growing. The store is growing a lot, all right? It's still our fastest-growing channel in the company, okay? So our digital direct channel is still the fastest-growing channel of the company. You say, "Well, if it's the fastest growing, why isn't it showing more progress towards the goal?" The truth of the matter is, is that the channel grew well, too, all right? It grew robustly. And I think we should all celebrate that. And at the same time, what happened is because right now the store is essentially majority an LT channel, that's not totally true because we sell the whole portfolio there, and we capture a lot of construction solutions digitally direct. The -- it's margin neutral right now because the margin we make off of LT to the channel and to the store is the same. So we're getting the same economics.

至於長期目標，好的，你說得對。目前直接和間接收入佔比約為 30%。而原因並非是這家商店沒有發展壯大。這家店發展得很快，對吧？它仍然是我們公司成長最快的管道，好嗎？因此，我們的數位直銷管道仍然是公司成長最快的管道。你可能會問：「如果它是成長最快的，為什麼它在實現目標方面沒有取得更大的進展？」 事實是，這個頻道也發展得很好，對吧？它生長旺盛。我認為我們都應該為此感到高興。同時，目前商店基本上主要是一個長期管道，但這並不完全正確，因為我們在那裡銷售所有產品組合，我們透過數位化直接獲取了許多建築解決方案。目前來說，利潤率是中性的，因為我們從通路和商店獲得的 LT 利潤率是相同的。所以，我們得到的經濟效益是一樣的。

Now that said, I'm not backing away at all from the 50-50 split or the 25 -- the half of that direct being from the digital direct channels. We're still going to achieve that. Remember, I always characterize that as a long-term target. And there's lots of things that haven't lit up yet that are going to help with that, things associated with piracy recapture, things associated with construction. There's a whole set of things over the next few years that are going to tip the balance on that number. So we're still confident. We're getting the economics we want. So we're getting the price realization we want, especially on the things that would most likely go digital direct. So we are still committed to that mix long term.

話雖如此，我絲毫沒有動搖 50-50 的分成比例，也沒有放棄 25% 的分成比例——其中一半直接來自數位直銷管道。我們仍然會實現這個目標。記住，我一直把那當作一個長期目標。還有很多尚未實現但有助於實現這一目標的因素，例如與海盜抓捕相關的因素，以及與建設相關的因素。未來幾年內，一系列因素將對這個數字產生決定性影響。所以我們依然充滿信心。我們正在獲得我們想要的經濟效益。因此，我們獲得了想要的價格，尤其是在那些很可能直接進行數位化銷售的產品上。因此，我們仍然致力於長期採用這種組合。

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。

The results of converting noncompliant users was impressive. I guess, first of all, was this the best quarter for converting these noncompliant users? And then on a go-forward basis, should we expect more of the same on this cadence? Or are there, in fact, either additional steps that can, in fact, convert even more of these users?

將不合規用戶轉化為合規用戶的效果令人印象深刻。首先，我想問的是，這是否是轉換這些不合規用戶的最佳季度？那麼，未來是否該繼續保持這種節奏呢？或者，實際上是否還有其他步驟可以轉換更多用戶？

So Matt, here's a few things I want to kind of characterize here. First off, we're absolutely on the plan that we always intended for this model. Every year, we're taking a set of steps that we believe are going to materially improve our penetration into the noncompliant base. And every year, there'll be a set of new steps that we believe will provide some additional ramp-up in that space as well. So what did we do this year? We rolled out in-product communication and tracking of how the pirated user journey -- the noncompliant user journeys through the life cycle of learning they're noncompliant and what options they take as they travel through that cycle. We introduced those things. We rolled it out throughout the year across more and more countries. And yes, we're seeing results that we expected, primarily through 2 things: One, we're increasing better leads to our inside license compliance teams; and we are converting people digitally as well through some of the digital communication. But the digital communication also creates these better leads.

馬特，我想在這裡闡述幾點。首先，我們完全按照我們為這款車型所製定的計劃進行。每年，我們都會採取一系列措施，我們相信這些措施將實質地提高我們對不合規人群的滲透率。每年都會有一系列新的舉措，我們相信這些舉措也將為該領域帶來一些額外的推動作用。那我們今年都做了些什麼呢？我們推出了產品內溝通和追蹤功能，用於追蹤盜版用戶的旅程——即不合規用戶在了解自己不合規的生命週期中所經歷的旅程，以及他們在這一週期中採取的各種選擇。我們引進了這些東西。我們全年都在越來越多的國家推廣這項服務。是的，我們看到了預期的結果，主要體現在兩方面：第一，我們為內部許可證合規團隊增加了更多優質潛在客戶；第二，我們也透過一些數位化溝通方式實現了數位化轉換。但數位化溝通也帶來了這些更優質的潛在客戶。

To put in context, so that you kind of get a sense for what happened, last year, we did 21 deals over $500,000 in piracy, the whole entire year, 21 deals. In Q3, alone, we did 19 deals over $500,000. So you can see, yes, we are seeing increases in momentum. And there's a whole slew of things that we'll talk about later that we'll be doing next year that will provide us to not only get even more intelligence on this base but make it more challenging for the base to jump to another pirated solution, okay? And that will be a discussion for later. But this is to plan. Every year, there's something that rolls out, and every year, we seem to be getting the results that we want from this program. And given what we know we're doing next year, we feel confident we're going to continue to get the results we expect to get.

為了讓大家了解當時的情況，我舉個例子：去年，我們查獲了 21 筆價值超過 50 萬美元的盜版交易，整整一年，只有 21 筆。光是第三季度，我們就完成了 19 筆金額超過 50 萬美元的交易。所以你可以看到，是的，我們看到勢頭正在增強。明年我們將進行一系列工作，稍後會詳細介紹，這些工作不僅能讓我們獲得更多關於該基地的情報，還能讓該基地更難轉向另一個盜版解決方案，好嗎？那我們將在以後討論。但這是為了計劃。每年都會推出一些新舉措，而且每年我們似乎都能從這個項目中獲得我們想要的結果。鑑於我們對明年工作的了解，我們有信心繼續取得我們預期的成果。

Super helpful, Andrew. And then maybe, Scott, just a quick one for you. On the multi-year renewals, it is good to hear that these are renewing closer to list price. Just a quick question. I wonder if you could comment on the churn you're seeing for these? Is it about what you expect? That piece would be helpful.

安德魯，你真是幫了我大忙。然後，斯科特，也許可以給你一個簡短的問題。關於多年續約，令人欣慰的是，續約價格越來越接近標價。問個小問題。我想請您談談您觀察到的這些用戶的流失？這是否符合你的預期？那篇文章會很有幫助。

Yes. Yes, Matt, it is. And to be clear, what I was talking about is, if you remember, in Q3 of fiscal '18, we had -- as we started down this path of selling nothing but subscriptions, we offered a promotion for legacy customers, turn in your perpetual license, and for a 50% discount, you can get 3 years of the same product on product subscription. That was actually quite a successful promo. If you remember, we did over 40,000 of those. That 3-year term came due during this last quarter. What we saw, we expected there to be a higher-than-normal churn rate, and we didn't see that. But the aggregate value of that customer set actually grew. So I think the promotion was quite successful. It got people to try to move over to the product subscription and the aggregate value after renewal -- and they renewed closer to list, not at the 50% discount -- grew over that time frame. So it was successful, but it did create a little bit of a headwind on our volume renewal basis. Remember, we...

是的。是的，馬特，確實如此。需要說明的是，如果你還記得的話，我當時說的是，在 2018 財年第三季度，當我們開始走上只銷售訂閱服務的道路時，我們為老客戶提供了一項促銷活動：交回你的永久許可證，然後以 50% 的折扣，你可以獲得同一產品 3 年的訂閱服務。那次推廣活動其實相當成功。如果你還記得的話，我們做了超過 4 萬個這樣的專案。那份為期三年的合約已於上個季度到期。我們原本預期會出現高於正常水準的客戶流失率，但實際情況並非如此。但該客戶群的總價值實際上成長了。所以我覺得這次推廣活動相當成功。它促使人們嘗試轉向產品訂閱，續訂後的總價值（而且他們續訂的時間更接近產品上市時間，而不是享受 50% 的折扣）在這段時間內增長。所以這次行動取得了成功，但確實對我們的續約量造成了一些不利影響。記住，我們…

On a unit basis.

按單位計算。

On a unit basis. Remember, we started talking about renewal also as net revenue retention rate or sometimes I'll call it NR3. And our NR3 for the quarter continued to run in that 110% to 120% range overall. So this was -- it was accretive to that metric.

按單位計算。記住，我們一開始也把續約稱為淨收入保留率，或者有時我會稱之為 NR3。本季我們的 NR3 總體上繼續保持在 110% 到 120% 的範圍內。所以這對該指標是有益的。

Keith Weiss with Morgan Stanley.

基斯‧韋斯，摩根士丹利。

This is Hamza Fodderwala in for Keith Weiss. So I just wanted to go back to the fiscal '20 ARR outlook. So it looks like it was lower by about 1.5 points at the midpoint. Part of that was FX, and some of that was upfront revenue. Any sense that we could get for the magnitude of the greater upfront revenue? Because -- I mean, to me, it seems like the macro situation in Europe and North America was sequentially better. So I guess why wouldn't that carry forward into Q4 and reaffirm the 25% to 27% growth outlook that you gave last quarter?

這是哈姆札·福德瓦拉取代基斯·韋斯上場。所以我只想回到 2020 財年的 ARR 展望。所以看起來中點時比預期低了約 1.5 個百分點。一部分是外匯交易，一部分是預付收入。我們能否大致了解一下前期收入增加的幅度？因為——我的意思是，在我看來，歐洲和北美的宏觀情況似乎逐漸好轉。所以我想知道，為什麼這種成長勢頭不能延續到第四季度，並重申您上個季度給出的 25% 至 27% 的成長預期呢？

Yes. Tom (sic) [Hamza], the amount of upfront revenue that moved from Q4 back into Q3 was about $5 million, so that was -- that contributed to the upside in Q3 revenue. But remember, the way we do ARR, subscription revenue times 4, that, by itself, was a $20 million headwind to ARR in the fourth quarter. The fact is, remember, those -- that's upfront revenue. So there is no tail of deferred. Once we put that in and because of 606, we have to claim all our revenue upfront, there's no Q4 impact of those. It just moved from Q4 back into Q3. That -- you see the full year revenue. You see we've guided that point up because float revenue is an accumulated metric. That's Q1 plus Q2 plus Q3 plus Q4. ARR is just take the snapshot of Q4 subscription and maintenance revenue and multiply by 4. So the midpoint of that ARR guidance change was $30 million. $20 million of it was just driven by this effect. It was about $5 million of incremental headwind from FX and about the same amount of just product mix. Does that clear up in your mind the move from Q4 back to Q3 and why it's an impact to ARR?

是的。Tom（原文如此）[Hamza]，從第四季轉移到第三季的預付收入約為 500 萬美元，因此——這促成了第三季營收的成長。但請記住，我們計算 ARR 的方式是訂閱收入乘以 4，光是這一點就為第四季的 ARR 帶來了 2000 萬美元的不利影響。事實是，請記住，那些——那是前期收入。所以不存在延期付款的尾部。一旦我們把這些因素考慮進去，而且由於 606 條款的規定，我們必須預先申報所有收入，那麼這些因素就不會對第四季度產生影響。它只是從第四季移回了第三季。那就是——你可以看到全年的收入。您看，我們已經將這一點上調了，因為浮動收入是一個累積指標。即 Q1 加 Q2 加 Q3 加 Q4。ARR 的計算方法是：取第四季訂閱和維護收入的快照，然後乘以 4。因此，ARR 預期變更的中點為 3000 萬美元。其中2000萬美元的收益僅僅是由這種效應帶來的。外匯波動帶來的額外不利影響約為 500 萬美元，產品組合變化帶來的不利影響也大致相同。這樣是否能讓你明白為什麼從第四季度調整回第三季度，以及為什麼這會對年度經常性收入 (ARR) 產生影響？

Yes. So I guess ex those changes, would ARR growth have been sort of reiterated if it wasn't for those onetime impacts?

是的。所以我想，如果沒有這些一次性影響，ARR成長是否會得到某種程度的延續？

Absolutely.

絕對地。

Yes.

是的。

Absolutely.

絕對地。

Yes, exactly.

是的，正是如此。

And the interesting thing about this, Tom (sic) [Hamza], is the economics of our business, by the way, are completely divorced from the rev rec issue that we're talking about. The economics of the business are unchanged. It's just between having to claim that as nonratable upfront revenue and moving it back into Q3 and the way we define ARR as quarterly revenue times 4. It's that combination that drove the change in Q4 ARR.

湯姆（原文如此）[哈姆札]，有趣的是，順便說一句，我們業務的經濟狀況與我們正在討論的收入確認問題完全無關。該業務的經濟效益並沒有改變。問題在於，是否必須將這部分收入申報為不可計入稅率的預付款，並將其移回第三季度，以及我們對 ARR 的定義是季度收入乘以 4。正是這些因素共同導致了第四季度 ARR 的變化。

Yes, this is an interesting collision between the way we define ARR and the 606 accounting rules.

是的，這是我們對 ARR 的定義與 606 會計準則之間一個有趣的衝突。

Yes, it's always exciting. So I guess just one quick follow-up. So the billings obviously came in much stronger than expected. To what extent is the shift to multi-year deals performing better than you expected coming into the year? And should we expect that long-term DR mix to continue trending higher because it's already kind of around the mid-20% range of total that we've seen historically? That's it for me.

是的，總是令人興奮。那麼，我想就再補充一個問題。因此，帳單金額顯然遠遠超出預期。多年合約的出現，在多大程度上超出了您年初的預期？我們是否應該預期長期需求反應組合將繼續呈上升趨勢，因為它已經達到了我們歷史上所見的總量的 20% 左右？就這些了。

Okay. Yes. Thanks for that, too. Billings growth at 55% and over $1 billion of billings in Q3, super strong. The biggest factor driving that is the growth of our renewal base. So it had nothing to do with multiyear. It's just the overall growth of renewal base. Beyond that, the contribution from our Construction business, Construction continues to perform really well. With the noise around the ARR guide, we haven't really focused in on the success of our Construction business as much as we probably should have. It continues to perform really well, and it's driving upside to our billings as well.

好的。是的。也謝謝你。第三季帳單金額成長 55%，超過 10 億美元，表現非常強勁。推動這一趨勢的最大因素是我們續訂用戶群的成長。所以這與多年無關。這只是更新用戶群的整體成長。除此之外，我們的建築業務也做出了貢獻，建築業務持續表現非常出色。由於 ARR 指南引發的種種爭議，我們並沒有像應該的那樣，真正關注我們建築業務的成功。它的表現一直非常出色，也帶動了我們帳單的成長。

Multiyear is part of it, and you're right, we're already at long-term deferred at about 25% of total deferred. If you go back historically, by the way, back into fiscal '17 and '18 before we began this transition, long-term deferred ran as high as 30% of total deferred at one point. I don't think it gets back to that level. I think we keep it in this low to mid-20% range in terms of long term as a percent of total. To the extent that it ran hot, I said this earlier, in other words, we're selling more multiyear than I thought we could sustain longer term, I'd like to make a change in the offering. What I don't want to do is drive volatility and free cash flow because of the offer we've got out there for multiyear. At this point, I don't think we've done that. But if it continued to accelerate, that's something we'd take a look at.

多年期延期是其中的一部分，你說得對，我們長期延期付款已經占到總延期付款的 25% 左右。順便說一句，如果回顧歷史，回到我們開始轉型之前的 2017 和 2018 財年，長期遞延支出一度高達總遞延支出的 30%。我不認為它會恢復到那個水平。我認為從長遠來看，我們應該將其佔總量的百分比保持在 20% 左右的低位到中位數水平。正如我之前所說，如果市場過熱，換句話說，我們銷售的多年期合約數量超過了我們長期能夠維持的數量，我想對產品組合做出一些改變。我不想因為我們提出的多年期收購要約而導致市場波動和自由現金流下降。就目前而言，我認為我們還沒有做到這一點。但如果這種情況持續加速發展，那就是我們需要關注的問題了。

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。

Andrew, you highlighted the launch of Autodesk Construction Cloud at AU this year. What excites you most about the offering? How has the customer feedback been to the launch? And how do you see it driving growth next year?

Andrew，你在今年的AU大會上重點介紹了Autodesk Construction Cloud的發布。您對此次活動最感興趣的是什麼？顧客對產品上市的回饋如何？您認為它將如何推動明年的成長？

Yes. You know what excites me a lot about this is the way we're unifying the whole entire stack around this common data environment, and it's a real great return on the investment we made in BIM 360 Docs because that entire environment is becoming the common data environment. And PlanGrid's integrating into it. BuildingConnected's integrating into it. The existing BIM 360 stack is already integrated into it. And everybody is looking at this inside -- internally within the developer and saying, "Wow, this is an amazing opportunity for us to bring these things together." So it's the whole ability to have a conversation with the customers about here is the umbrella brand and how we're bringing all these things together so that they actually communicate, is a really exciting part of this.

是的。你知道最讓我興奮的是，我們正在圍繞這個通用資料環境統一整個技術棧，這對於我們在 BIM 360 Docs 上的投資來說，確實帶來了巨大的回報，因為整個環境正在變成通用資料環境。PlanGrid 也正在整合到其中。BuildingConnected正在整合到其中。現有的 BIM 360 技術堆疊已經整合到其中。開發人員內部都在關注這件事，並表示：「哇，這是一個絕佳的機會，讓我們能夠把這些東西整合起來。」 因此，能夠與客戶就這個總品牌以及我們如何將所有這些整合起來，使它們真正能夠溝通進行交流，這才是真正令人興奮的部分。

And I think it's going to come rapidly and customers are going to be delighted. When we rolled it out, there were 50 new enhancements, and there's a reason why those 50 new enhancements were in there, is because we invested in acceleration of the integrations with respect to some of these things. We're moving faster, not slowing down. I'm really excited about the pace of what's going on. I'm excited about what the team has been doing. And I'm frankly excited about how well we're winning in the market. People look at what we're doing. They look 5 years out at the landscape, and they say, "Okay, I'm going to place my bet with Autodesk." And I think that's a credit to the team, I think that's credit to the momentum they've kept in here. And I think the whole story around Construction Cloud and the way they rolled it out and told it at AU is really a great piece of work by the team. So I'm really proud of them.

我認為這將很快實現，顧客們一定會很高興。我們推出時，新增了 50 項增強功能，之所以新增了這 50 項增強功能，是因為我們投資加快了其中一些功能的整合。我們前進的速度越來越快，而不是越來越慢。我對目前的發展速度感到非常興奮。我對團隊所做的工作感到非常興奮。坦白說，我對我們在市場上取得的佳績感到非常興奮。人們都在關注我們正在做的事情。他們展望未來五年的發展前景，然後說：「好吧，我要把賭注押在歐特克身上。」我認為這要歸功於團隊，我認為這要歸功於他們一直保持的良好發展勢頭。我認為圍繞著 Construction Cloud 的整個故事，以及他們在 AU 上的推廣和講述方式，都是團隊的一項偉大工作。所以我真的為他們感到驕傲。

Awesome. And Andrew, if I could just add another one for you. Your results seem to demonstrate continued success in executing on M&A. How should we think about your appetite for additional deals in both Construction and Manufacturing?

驚人的。安德魯，我可以再幫你加一個嗎？您的業績似乎表明您在併購方面持續取得成功。我們應該如何看待您在建築和製造業領域尋求更多交易的意願？

Well, we've always said that, as we look out to the business, we'll continue to be as acquisitive as we were in the past at the very least. We always look at the market for organic and inorganic opportunities. Right now we feel like our Construction portfolio has most of what it needs. We're partnering aggressively. We could potentially do tech tuck-ins around the construction solution. As we look into other parts of the market, we'll just have to wait and see. What you see is we've demonstrated an ability to capture significant, significant inorganic targets, integrate them and turn them into results. And I think that's one of the things you should notice regardless of whatever we do in the future that we have become a serious machine around focusing around what are the real integrated opportunities, how do we bring them in and then how do you make them successful. And that's our commitment to our customers and to the market.

嗯，我們一直都說，展望未來，我們至少會像過去一樣繼續保持積極的收購態勢。我們始終關注市場上的有機和無機成長機會。目前我們感覺我們的建築業務組合已經具備了大部分所需條件。我們正在積極尋求合作夥伴。我們或許可以圍繞著施工方案進行一些技術上的整合。至於市場的其他部分，我們只能拭目以待了。您可以看到，我們已經證明了我們有能力獲得重要的非有機成長目標，將它們整合起來，並將它們轉化為成果。我認為，無論我們將來做什麼，你們都應該注意到一點：我們已經變成了一個強大的機器，專注於尋找真正的綜合機會，如何引入這些機會，以及如何讓這些機會成功。這就是我們對客戶和市場的承諾。

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

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

Building off the last question about the Construction Cloud announcement, it sounds like it's more of a branding, grouping all your portfolio products. But what was some of the initial customer feedback that you heard?

接著一個關於 Construction Cloud 發布的問題，聽起來它更像是一個品牌推廣活動，將你們所有的產品組合整合在一起。但您最初聽到的客戶回饋有哪些？

Yes. So the customer feedback has been really solid, and here's why. The customers don't react to the branding. They don't spend a lot of energy on that. What they do is they react to what we do, all right? So we like the branding because it helps us communicate simply. We're not propagating multiple brands out there. It allows us to focus our go-to-market efforts. It allows us to communicate more precisely as a company. The customers pay attention to what have you done for me, and what they were excited about at the Connect & Construct event and all the discussions there is the feature velocity, right? They're seeing us delivering on the integrations we said we were going to deliver, and they're watching us closely, right? Every quarter, they're going to see did we do what we said we're going to do, did we do what we said we were going to do.

是的。所以客戶回饋非常積極，原因如下。顧客對品牌推廣沒有反應。他們不會在這方面投入太多精力。他們所做的，就是對我們的行為做出反應，懂嗎？我們喜歡這種品牌形象，因為它有助於我們簡單的溝通。我們並沒有推廣多個品牌。這使我們能夠集中精力開展市場推廣活動。它使我們能夠以公司為單位進行更精準的溝通。客戶關注的是你為他們做了什麼，以及他們在 Connect & Construct 活動中興奮的是什麼，以及所有在那裡進行的討論都是關於功能開發速度的，對嗎？他們看到我們正在兌現我們承諾要實現的整合，他們正在密切關注我們，對吧？每個季度，他們都會查看我們是否完成了我們承諾要做的事情。

So that's what the customers are excited about. They really love the fact that we're integrating to a common data environment, and we're building an ISO-standard-accepted common data environment. That's something that everybody gets the thumbs up on. They're really excited with the increased scalability and performance on BIM 360 design, which was an area where they were kind of pushing on us a little bit. So those are the kind of things that customers are paying attention to. The branding makes it easier for us to tell the world what we're doing so that you're going to see us basically amplify that, but the customers care about what we do, not what we say.

這就是顧客們興奮的原因。他們非常喜歡我們正在整合到通用資料環境中，我們正在建立一個符合 ISO 標準的通用資料環境。這一點大家都非常贊同。他們對 BIM 360 設計中不斷提高的可擴展性和效能感到非常興奮，而這正是他們一直在努力推動我們提升的領域。所以這些都是顧客關注的重點。品牌推廣讓我們更容易向世界宣告我們正在做的事情，所以你會看到我們基本上會放大這一點，但客戶關心的是我們做了什麼，而不是我們說了什麼。

And that ends our Q&A session for today. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day. Goodbye.

今天的問答環節到此結束。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。祝大家今天過得愉快。再見。