Autodesk Inc (ADSK) 2020 Q2 法說會逐字稿

Good day, ladies and gentlemen, and thank you for your patience. You've joined Autodesk Q2 Fiscal Year 2020 Earnings Conference Call. (Operator Instructions) As a reminder, this conference may be recorded. I would now like to turn the call over to your host, Abhey Lamba, VP of Investor Relations. You may begin.

各位女士、先生，大家好，感謝你們的耐心等待。您已加入 Autodesk 2020 財年第二季財報電話會議。（操作說明）提醒：本次會議可能會被錄音。現在我將把電話交給主持人，投資者關係副總裁阿貝·蘭巴。你可以開始了。

Thanks, operator, and good afternoon. Thank you for joining our conference call to discuss the results of our second 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財年第二季的業績。電話那頭是我們的執行長 Andrew Anagnost 和我們的財務長 Scott Herren。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.

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 numeric or growth changes as we discuss our financial performance, and unless otherwise noted, each such reference represents a year-on-year comparison. All non-GAAP numbers referenced in today's call are reconciled in the press release or 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字或成長變化，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'd like to turn the call over to Andrew.

現在我想把電話交給安德魯。

Thanks, Abhey. Our great momentum from the first quarter carried into the second quarter resulting in strong performance with revenue, billings, earnings and free cash flow coming in ahead of expectations. We also crossed the $3 billion mark on ARR for the first time, which was driven by solid performance across all regions and products.

謝謝你，阿貝。第一季強勁的成長勢頭延續到了第二季度，帶來了強勁的業績，收入、帳單金額、獲利和自由現金流均超乎預期。我們的年度經常性收入 (ARR) 也首次突破了 30 億美元大關，這得益於所有地區和產品的穩健表現。

Our last 12 months' free cash flow of $731 million is the highest amount of free cash flow we have ever generated in a 4 quarter period in the company's history. We performed well in the first half of the year, demonstrating focused execution and the strength of our recurring revenue model.

我們過去 12 個月的自由現金流為 7.31 億美元，這是該公司歷史上四個季度內產生的最高自由現金流。今年上半年我們表現出色，展現了專注的執行力和我們經常性收入模式的強大實力。

Although we continue to execute well and are not materially impacted by current trade tensions and macro conditions, we are aware of the current business and geopolitical environment that is causing uncertainty in the market. As we look across the next 6 months, we are taking a prudent approach to our outlook for the remainder of fiscal '20.

儘管我們繼續保持良好的運營，並未受到當前貿易緊張局勢和宏觀經濟狀況的實質影響，但我們意識到當前的商業和地緣政治環境為市場帶來了不確定性。展望未來六個月，我們對 2020 財年剩餘時間的展望將採取謹慎的態度。

However, we think the uncertainty caused by macro-related events is only a short-term issue. We remain confident in our ability to achieve the fiscal '23 goals we have laid out for you. Our confidence is grounded in the value delivered by our products, their ability to help our customers differentiate via innovation and digitization, focused execution delivered by our partners and sales teams and the significant strides we are making to capture the nonpaying user community.

然而，我們認為宏觀經濟事件帶來的不確定性只是短期問題。我們仍有信心實現我們為您設定的 2023 財年目標。我們的信心源自於我們產品所帶來的價值，它們能夠幫助我們的客戶透過創新和數位化實現差異化，我們的合作夥伴和銷售團隊能夠專注執行，以及我們在贏得非付費用戶群方面取得的重大進展。

I would also like to point out that although there are headlines of some impact in the current environment on a few industry verticals like manufacturing, we outgrew competitors and gained share in the space. The construction industry is also holding steady and continues to invest in innovative solutions, and we saw ongoing strength in construction this quarter.

我還想指出，儘管當前環境對製造業等一些行業垂直領域產生了一定影響，但我們已經超越了競爭對手，並在該領域獲得了市場份額。建築業也保持穩定，並持續投資於創新解決方案，本季我們看到建築業持續強勁成長。

Before I offer you more color on strategic highlights during the quarter, let me first turn it over to Scott to give you more details on our second quarter results as well as details of our updated fiscal '20 guidance. I'll then return with further insights on the key drivers of our business including construction, manufacturing and digital transformation before we open it up for Q&A.

在我向大家詳細介紹本季策略亮點之前，先請 Scott 為大家詳細介紹我們第二季的業績以及我們更新後的 2020 財年業績指引。接下來，我將進一步闡述我們業務的關鍵驅動因素，包括建築、製造和數位轉型，之後我們將進入問答環節。

Thanks, Andrew. As Andrew mentioned, revenue, billings, earnings and free cash flow all performed ahead of expectations during the second quarter. Overall demand in our end markets was solid during the quarter as indicated by our strong billings and revenue growth. Growth was driven by both volume and pricing, which was a result of the strong uptake of our products by new users as well as increased usage with existing customers.

謝謝你，安德魯。正如安德魯所提到的，第二季的收入、帳單金額、獲利和自由現金流都超出預期。本季我們終端市場的整體需求穩健，這從我們強勁的帳單和營收成長中可見一斑。成長的驅動力來自銷售和價格兩方面，這得益於新用戶對我們產品的強勁接受度以及現有客戶使用量的增加。

Sales volume of AutoCAD LT also remained strong. This has historically been a leading indicator of a potential demand slowdown. And as you can see, revenue from our AutoCAD and AutoCAD LT products grew 31% in the second quarter. AEC and Manufacturing revenue rose 37% and 20%, respectively.

AutoCAD LT的銷售也保持強勁。從歷史上看，這一直是潛在需求放緩的領先指標。如您所看到的，我們 AutoCAD 和 AutoCAD LT 產品的營收在第二季成長了 31%。AEC（建築、工程和施工）和製造業收入分別成長了37%和20%。

Geographically, we saw broad-based strength across all regions. Revenue grew 32% in the Americas, 27% in EMEA and 33% in APAC, with strength across almost all countries. We also saw strength in direct revenue, which rose 38% versus last year and represented 30% of our total sales, up from 28% in the second quarter of last year.

從地理上看，所有地區都呈現出普遍強勁的勢頭。美洲地區營收成長 32%，歐洲、中東和非洲地區成長 27%，亞太地區成長 33%，幾乎所有國家都呈現強勁成長動能。我們也看到直接收入強勁成長，比去年成長了 38%，占我們總銷售額的 30%，高於去年第二季的 28%。

Before I comment on ARR, I want to remind you how we define it. ARR is the annualized value of our actual recurring revenue for the quarter or, said another way, it's the reported recurring revenue for the quarter multiplied by 4. Total ARR of $3.1 billion continued to grow steadily and was up 31%. Adjusting for our fourth quarter acquisitions, total ARR was up 27%.

在評論 ARR 之前，我想先提醒大家我們是如何定義它的。ARR 是本季實際經常性收入的年化價值，或者換句話說，是本季報告的經常性收入乘以 4。總 ARR 為 31 億美元，持續穩定成長，增幅達 31%。剔除第四季收購的影響，年度經常性收入總額增加了 27%。

Within core, ARR growth was roughly in line with total organic growth and was driven by the strength in product subscriptions. In cloud, ARR grew 175%, propelled by our strong performance in construction. Excluding $98 million of ARR from our fourth quarter acquisitions, growth in organic cloud ARR, which is primarily made up of BIM 360 and Fusion 360, increased from 43% in the first quarter to 45%, which is a record for that product set.

在核心業務方面，ARR 成長與整體有機成長大致持平，主要得益於產品訂閱的強勁成長。在雲端業務方面，ARR 成長了 175%，這主要得益於我們在建築領域的強勁表現。除去第四季度收購帶來的 9,800 萬美元 ARR，主要由 BIM 360 和 Fusion 360 組成的有機雲 ARR 成長率從第一季的 43% 增至 45%，創下該產品組合的紀錄。

We continue to make progress with our maintenance to subscription or M2S program. The M2S conversion rate of the maintenance renewal opportunities migrating to product subscriptions was in the high 30% range in Q2, which is higher than our historical rate. This uptick in the conversion rate was in line with expectations as our maintenance renewal prices went up by 20% in the second quarter, which made it significantly more advantageous for customers to move to subscription. Of those that migrated, upgrade rates among eligible subscriptions remain within the historical range of 25% to 35%.

我們的維護訂閱制（M2S）計劃持續取得進展。第二季度，M2S 將維護續訂機會轉化為產品訂閱的轉換率達到了 30% 以上，高於我們以往的轉換率。轉換率的上升符合預期，因為我們的維護續訂價格在第二季度上漲了 20%，這使得客戶轉向訂閱模式變得更加有利。在已遷移的用戶中，符合資格的訂閱用戶的升級率仍保持在 25% 至 35% 的歷史範圍內。

Now moving to net revenue retention rate. During Q2, the rate continued to be within the range of approximately 110% to 120%, and we expect it to be in this range for the remainder of fiscal '20. As a reminder, the net revenue retention rate measures the year-over-year change in ARR for the population of customers that existed 1 year ago or base customers. It's calculated by dividing the current period ARR related to those base customers by the total ARR from those customers 1 year ago.

接下來分析淨收入留存率。第二季利率持續維持在 110% 至 120% 左右，我們預計 2020 財年剩餘時間利率將維持在這一範圍內。提醒一下，淨收入留存率衡量的是一年前就存在的客戶群（即基礎客戶）的年度經常性收入 (ARR) 的同比變化。計算方法是將當前期間與這些基礎客戶相關的 ARR 除以 1 年前這些客戶的總 ARR。

Moving to billings. We had $893 million of billings during the quarter, up 48%. The growth in billings was driven by strength in new customer billings and strong renewals with continued momentum in our core products. And as we've said in prior quarters and in line with our plans, billings are also benefiting from a return to more normalized levels of multiyear agreements.

移至賬單。本季我們的帳單金額為 8.93 億美元，成長了 48%。帳單金額的成長得益於新客戶帳單金額的強勁成長和續約率的穩定提升，以及我們核心產品持續成長的勢頭。正如我們在前幾個季度所說，並且按照我們的計劃，帳單也受益於多年期協議恢復到更正常的水平。

Remaining performance obligations, or RPO, which in the past we have referred to as total deferred revenue is the sum of both billed and unbilled deferred revenue and rose 28% versus last year and 3% sequentially to $2.8 billion. Current RPO, which represents the future revenues under contract expected to be recognized over the next 12 months was a little over $2 billion, an increase of 23%.

剩餘履約義務（RPO），我們過去稱之為遞延收入總額，是已開票遞延收入和未開票遞延收入的總和，與去年相比增長了 28%，環比增長了 3%，達到 28 億美元。目前 RPO（代表預計在未來 12 個月內確認的合約收入）略高於 20 億美元，成長了 23%。

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 of 92% were up 2 percentage points versus last year. Our disciplined approach to expense management combined with revenue growth enabled us to expand our non-GAAP operating margin by 14 percentage points to 23% while absorbing 2 meaningful acquisitions. We realized significant leverage from our investments in sales and marketing and R&D initiatives during the quarter and are on track to deliver significant margin expansion in fiscal '20 and further expand non-GAAP operating margin to approximately 40% 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毛利率為92%，比去年增加了2個百分點。我們採取嚴格的費用管理方法，加上收入成長，使我們在完成兩項重大收購的同時，將非GAAP營業利潤率提高了14個百分點，達到23%。本季度，我們在銷售、行銷和研發方面的投資實現了顯著的槓桿效應，並預計在 2020 財年實現利潤率的顯著增長，並在 2023 財年將非 GAAP 營業利潤率進一步提高到約 40%。

Moving to free cash flow. We generated $205 million in Q2. Over the last 12 months, we've generated a record $731 million of free cash flow driven by growing net income and strong billings. Lastly, we continue to repurchase shares with our excess cash, which is consistent with our capital allocation strategy. During the second quarter, we repurchased 253,000 shares for $40 million at an average price of $159.54 per share. Almost all of our repurchase activity during the quarter was through our 10b5-1 plan, which we entered into before the most recent market volatility.

轉向自由現金流。第二季我們創造了2.05億美元的營收。過去 12 個月，在淨收入成長和強勁的帳單收入推動下，我們創造了創紀錄的 7.31 億美元自由現金流。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。第二季度，我們以每股 159.54 美元的平均價格回購了 253,000 股股票，總計 4,000 萬美元。本季我們幾乎所有的回購活動都是透過我們的 10b5-1 計畫進行的，該計畫是在最近一次市場波動之前製定的。

Now I'll turn the discussion to our outlook. I'll start by saying that our view of global economic conditions and their impact on our business has been updated to reflect the current state of various trade disputes and the geopolitical environment and their potential impact on our customers. While we have not seen any material impacts to our business, we are taking a prudent stance regarding customer spending environments in the U.K. due to Brexit, Central Europe due to a slowdown in the manufacturing industry there and China due to trade tensions. These items individually are not material headwinds but in aggregate are responsible for our guidance adjustment, which now reflects our current views based on what we know about the environment today.

現在我將把討論轉向我們的展望。首先我要說的是，我們已經更新了對全球經濟狀況及其對我們業務的影響的看法，以反映當前各種貿易爭端和地緣政治環境及其對我們客戶的潛在影響。雖然我們尚未看到業務受到任何實質影響，但由於英國脫歐，我們對英國的客戶消費環境、由於中歐製造業放緩，我們對中歐的客戶消費環境以及由於貿易緊張局勢，我們對中國的客戶消費環境都採取了謹慎的態度。這些因素單獨來看並非實質的不利因素，但綜合起來卻導致了我們的業績指引調整，這反映了我們基於當前對環境的了解而得出的最新觀點。

Our pipeline remains strong globally including in these regions though we began noticing some changes in demand environments in these areas towards the end of July. As such, for these affected areas, we feel it's appropriate to adjust our expectations for the rest of the year. As you will soon hear from Andrew, customers continue to increase their spending on our products even in these areas, and our renewal rates are fairly steady. Additionally, we are now assuming more billings will occur later in the quarter for the remainder of the year.

儘管我們在7月底開始注意到這些地區的需求環境發生了一些變化，但我們在全球的供應管道仍然強勁，包括這些地區。因此，對於這些受影響的地區，我們認為有必要調整我們對今年剩餘時間的期望。正如安德魯很快就會告訴你的那樣，即使在這些地區，客戶對我們產品的支出也在持續增加，而且我們的續訂率也相當穩定。此外，我們現在預計今年剩餘時間裡，會有更多帳單在本季稍後產生。

At the midpoint of our updated guidance, we're calling for revenue and ARR growth to be approximately 27% and 26%, respectively, which speaks to the resiliency of our model versus prior cycles. The wider-than-normal range of our full year guidance is the result of the greater uncertainty we're expecting over the second half of the year. Additionally, currency now offers a headwind of about $10 million to our full year revenues versus being neutral at the beginning of the year.

在我們更新後的績效指引的中點，我們預期營收和年度經常性收入成長將分別達到約 27% 和 26%，這反映了我們的模式相對於以往週期的韌性。我們全年業績預期範圍較往年更廣，是因為我們預計下半年存在更大的不確定性。此外，匯率波動目前為我們的全年收入帶來了約 1000 萬美元的不利影響，而年初時匯率波動的影響是中性的。

As such, the low end of our updated constant currency guidance is in line with the low end of our initial outlook we shared with you at the beginning of the year. And it also reflects the potential for a slight deterioration in the environment from the current level. While our billings guidance has come down by about $50 million, billings are still expected to grow by approximately 50% or 40% after adjusting for the adoption of ASC 606 last year. This supports our view of strong demand for our products even in uncertain environments.

因此，我們更新後的固定匯率預期下限與我們年初與您分享的初步預期下限一致。這也反映出環境有可能比目前水準略有惡化。雖然我們的帳單預期下調了約 5,000 萬美元，但考慮到去年採用 ASC 606 的影響，預計帳單仍將增長約 50% 或 40%。這印證了我們先前的觀點，即即使在不確定的環境下，市場對我們的產品仍然有強勁的需求。

Regarding free cash flow, the $50 million adjustment to $1.3 billion is primarily a result of our updated view of billings and their timing. We expect to achieve our original target of $1.35 billion trailing 12 months free cash flow during the first quarter of fiscal '21. And while it's too early to give you detailed color on fiscal '21, we expect to continue growing billings, revenues and free cash flows while expanding our margins.

關於自由現金流，13 億美元調整 5,000 萬美元主要是由於我們對帳單及其時間安排的看法發生了變化。我們預計在 2021 財年第一季實現過去 12 個月自由現金流 13.5 億美元的原定目標。雖然現在詳細分析 2021 財年的情況還為時過早，但我們預計帳單金額、收入和自由現金流將繼續增長，同時擴大利潤率。

This is supported by what we're seeing in North America, especially in AEC where our pipeline remains strong and we have more visibility into our business than in Central Europe and China. Construction is also performing very well as we continue to increase the value we're bringing to our customers, and we continue to make strides with capturing revenue from nonpaying users.

我們在北美，尤其是在建築、工程和施工 (AEC) 領域看到的情況也印證了這一點，我們的業務管道依然強勁，而且我們對業務的了解程度也比在中歐和中國更高。隨著我們不斷提升為客戶帶來的價值，建築業務也表現得非常出色，同時我們也不斷努力從非付費用戶那裡獲取收入。

Looking at our guidance for the third quarter, we expect total revenue to be in the range of $820 million to $830 million, and we expect non-GAAP EPS of $0.70 to $0.74. Third quarter free cash flow is expected to be modestly above second quarter. The earnings slide deck on the Investor Relations section of our website has more details as well as modeling assumptions for fiscal '20.

根據我們對第三季的預期，我們預計總收入將在 8.2 億美元至 8.3 億美元之間，非 GAAP 每股收益為 0.70 美元至 0.74 美元。預計第三季自由現金流將略高於第二季。我們網站投資者關係部分的獲利情況投影片包含更多詳細資訊以及 2020 財年的建模假設。

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 revenue that is less exposed to macro swings than when we were selling perpetual licenses. So while we are adjusting our fiscal '20 guidance slightly, we're still expecting revenue growth of 27% for the year, market expansion of about 12 percentage points, and we're confident in delivering on our fiscal '23 targets.

總而言之，我想提醒大家，自從我們改變了商業模式以來，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，並且受宏觀經濟波動的影響比我們以前銷售永久許可證時要小。因此，儘管我們對 2020 財年的業績預期略作調整，但我們仍然預計全年收入增長 27%，市場擴張約 12 個百分點，並且我們有信心實現 2023 財年的目標。

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, we delivered very strong performance in the first half of the year. And despite negative headlines from Europe and Manufacturing, we are still seeing strong demand for our solutions.

謝謝你，斯科特。正如你們所聽到的，我們上半年的業績非常強勁。儘管歐洲和製造業方面出現了一些負面新聞，但我們仍然看到市場對我們的解決方案有著強勁的需求。

For example, a large European automobile company recently signed a new 3-year Enterprise Business Agreement, or EBA, despite a more challenging macro backdrop for their industry. They see the new agreement as an investment in design, and they know innovation is needed to stay ahead of the competition. They view Autodesk as a market leader in this area and count on us to provide new innovative design solutions such as generative design.

例如，儘管汽車產業的宏觀環境更具挑戰性，一家大型歐洲汽車公司最近還是簽署了一份新的為期 3 年的企業業務協議 (EBA)。他們將新協議視為對設計的投資，並且他們知道，要想在競爭中保持領先地位，就需要創新。他們將 Autodesk 視為該領域的市場領導者，並指望我們提供諸如生成式設計等創新設計解決方案。

The EBA also offers them the flexibility to access our entire product portfolio, including products ranging from Manufacturing and AEC collections to Alias, 3ds Max, Maya and Vault, while at the same time, representing a more than 130% increase in annual contract value for us. We will continue to partner with them to ensure that they get maximum value out of our products and remain a leader in an industry that is undergoing significant change.

EBA 也為他們提供了存取我們全部產品組合的靈活性，包括從製造和 AEC 系列到 Alias、3ds Max、Maya 和 Vault 等產品，同時，也使我們的年度合約價值增長了 130% 以上。我們將繼續與他們合作，確保他們從我們的產品中獲得最大價值，並在一個正在經歷重大變革的行業中保持領先地位。

Our customers know that at the end of every downturn is an upturn. And if they don't continue to innovate and use the latest technology tools throughout the cycle, they will be at a distinct disadvantage when growth returns. This underscores 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.

我們的客戶都知道，每一次經濟低迷之後都會迎來經濟復甦。如果他們無法在整個週期中持續創新並使用最新的技術工具，那麼當經濟成長回歸時，他們將處於明顯的劣勢。這凸顯了我們產品的重要性，無論宏觀環境如何，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。

Now let me give you an update on some key strategic growth initiatives we are focused on, specifically our continued traction with construction, gains in manufacturing and leveraging our digital transformation to capture the opportunity within our nonpaying user base. These initiatives are key drivers of both our near- and long-term business.

現在讓我向大家介紹一下我們正在重點關注的一些關鍵策略成長舉措，特別是我們在建築業的持續發展勢頭、製造業的進步以及利用我們的數位轉型來抓住非付費用戶群的機會。這些舉措是我們近期和長期業務發展的關鍵驅動力。

In construction, BIM 360 was the primary driver of our organic growth in cloud led by BIM 360 Design and Build. Our customers are continually finding value in this offering, and the PlanGrid team continues to see strong momentum. For example, Tutor Perini, one of the largest general contractors in the U.S., selected PlanGrid over competitor offerings for 2 $500 million key projects. The team wanted to provide real-time, up-to-date documentation and plans to the field. Senior management for these projects had used PlanGrid before at a different firm, and this relationship provided an opportunity to demonstrate PlanGrid's capabilities for these 2 projects.

在建築領域，BIM 360 是我們雲端領域有機成長的主要驅動力，而 BIM 360 設計和建造則引領了這一成長。我們的客戶不斷發現這項服務的價值，PlanGrid 團隊也持續保持強勁的發展動能。例如，美國最大的總承包商之一 Tutor Perini 在 2 個價值 5 億美元的關鍵項目中，選擇了 PlanGrid 而不是競爭對手的產品。團隊希望向現場提供即時、最新的文件和計劃。這些專案的高階主管之前在另一家公司使用過 PlanGrid，這種合作關係為展示 PlanGrid 在這兩個專案中的功能提供了機會。

PlanGrid set up the projects by processing the drawings and pulling out title block information, categorizing the drawings with CAE and hyperlinking detailed callouts for 2,000 drawings in under an hour. This was an immediate time savings for Tutor Perini. Additionally, the field teams have access to new drawings, changes, RFIs and submittals right away in an easy-to-use interface. Going forward, we continue to look for opportunities to partner with Tutor Perini across all their products and subsidiaries.

PlanGrid 在不到一小時內完成了專案設置，透過處理圖紙並提取標題欄信息，使用 CAE 對圖紙進行分類，並為 2,000 張圖紙添加了詳細的標註超連結。這立即為佩里尼老師節省了時間。此外，現場團隊可以透過易於使用的介面立即存取新的圖紙、變更、RFI 和提交文件。展望未來，我們將繼續尋找機會與 Tutor Perini 及其所有產品和子公司開展合作。

BuildingConnected and Assemble also performed well as we continue to focus on integrating these offerings. During the quarter, we integrated BuildingConnected's bid management solution with PlanGrid technology, enabling the seamless transfer of data from preconstruction to the building process. The integration allows construction project managers to automatically push design and preconstruction files from BuildingConnected to PlanGrid, saving time, reducing errors and further enhancing the cost savings associated with using both platforms.

BuildingConnected 和 Assemble 也表現良好，我們將繼續專注於整合這些產品。本季度，我們將 BuildingConnected 的投標管理解決方案與 PlanGrid 技術集成，實現了從施工前到施工過程的資料無縫傳輸。此整合使建築專案經理能夠自動將設計和施工前文件從 BuildingConnected 推送到 PlanGrid，節省時間、減少錯誤，並進一步提高使用這兩個平台所帶來的成本節約。

And as you recall, we integrated Revit with PlanGrid with the launch of PlanGrid BIM last quarter and have received tremendously positive feedback from customers regarding the update. In the first quarter after its release, the product is also being used in over 650 projects by more than 300 customers. These integrations are steady steps towards providing Autodesk construction customers with integrated workflows that connect the office, trailer and field.

如您所知，我們在上個季度推出 PlanGrid BIM 時將 Revit 與 PlanGrid 進行了集成，並收到了客戶對此次更新的非常積極的反饋。在該產品發布後的第一個季度，已有超過 300 位客戶在 650 多個專案中使用該產品。這些整合是穩步推進的，旨在為 Autodesk 建築客戶提供連接辦公室、拖車和現場的整合工作流程。

We are also continuing to see outstanding cross-selling with our recent construction acquisitions. For example, during the quarter, Chick-fil-A, an existing Autodesk customer, expanded its relationship by adding BuildingConnected and Assemble solutions to reduce the time to open new locations and downtime due to construction updates in existing locations.

我們也持續看到，透過我們最近收購的建築公司，實現了出色的交叉銷售。例如，在本季度，作為 Autodesk 的現有客戶，Chick-fil-A 透過添加 BuildingConnected 和 Assemble 解決方案擴展了雙方的合作關係，以減少開設新店的時間以及因現有店面施工更新而導致的停工時間。

And as a reminder, infrastructure is an area that we have seen in the past perform well during macro-related slowdowns, and we continue to focus efforts in this area. This quarter, we secured a new Enterprise Business Agreement with Gannett Fleming. Gannett Fleming is a leading global engineering and architecture firm ranked #35 on the ENR top 500 design list. The Gannett Fleming executive team considers a strategic partnership with Autodesk to be a distinct competitive advantage. With the EBA, Gannett Fleming now has direct access not only to the full portfolio of Autodesk technology but also to a wide range of Autodesk services and expertise that will help them achieve their corporate growth and market expansion goals.

需要提醒的是，基礎建設領域在過去宏觀經濟放緩時期表現良好，我們將繼續把精力集中在這一領域。本季度，我們與 Gannett Fleming 簽訂了一份新的企業業務協議。Gannett Fleming 是一家領先的全球工程和建築公司，在 ENR 頂級 500 設計公司榜單中排名第 35 位。Gannett Fleming 的高階主管團隊認為與 Autodesk 建立策略夥伴關係是一項明顯的競爭優勢。透過 EBA，Gannett Fleming 現在不僅可以直接獲得 Autodesk 的全套技術產品組合，還可以獲得 Autodesk 的各種服務和專業知識，這將有助於他們實現企業成長和市場擴張目標。

On the Manufacturing front, revenue grew 20% in the second quarter despite a more challenging manufacturing environment in Europe. Customers are seeing the benefits of our differentiated solution, and we continue to gain market share while displacing competitive offerings in the space. For example, during the second quarter, a leading Swiss watchmaker selected Autodesk's design and manufacturing collection to replace SolidWorks given the flexibility offered by our solutions.

在製造業方面，儘管歐洲製造業環境更具挑戰性，但第二季營收仍成長了 20%。客戶正在體驗我們差異化解決方案的好處，我們也不斷擴大市場份額，同時取代該領域的競爭對手。例如，在第二季度，一家領先的瑞士手錶製造商選擇 Autodesk 的設計和製造套件來取代 SolidWorks，因為我們的解決方案具有靈活性。

In addition, our investments in generative design and Fusion 360 have resulted in competitive displacements not only in the CAD market but also in the computer-aided manufacturing, or CAM, space where there are lower barriers to switching vendors. As a result, we see displacements of competitors like Mastercam. And once we're embedded in those customers' downstream processes, we are increasingly penetrating design activities within those same accounts. Customers pick Fusion over competitive offerings due to an integrated CAD/CAM functionality, its compatibility with other CAD tools, ease-of-use and attractive pricing model.

此外，我們對生成式設計和 Fusion 360 的投資不僅在 CAD 市場，在電腦輔助製造 (CAM) 領域也造成了競爭性變動，因為在 CAM 領域，更換供應商的門檻較低。因此，我們看到像 Mastercam 這樣的競爭對手被淘汰。一旦我們融入這些客戶的下游流程中，我們就會越來越多地滲透到這些客戶的設計活動中。客戶選擇 Fusion 而不是其他競爭產品，是因為它具有整合的 CAD/CAM 功能、與其他 CAD 工具的兼容性、易用性和有吸引力的定價模式。

Now let's talk about progress with our digital transformation. Many of you recall that a key part of this transformation will increase the insight we have on our noncompliant user base. One of the initiatives we undertook to accomplish this started last year and has given us the ability to analyze usage patterns of our noncompliant users. Since last year, we have analyzed a significant amount of data on these users including how long they use the software and how their journey traverses across noncompliant usage to downloading free trials or using student editions.

現在我們來談談數位轉型的進展。你們中的許多人可能還記得，這次轉型的關鍵部分是提高我們對不合規使用者群體的了解。為了實現這一目標，我們去年啟動了一項舉措，使我們能夠分析不合規用戶的使用模式。自去年以來，我們分析了大量關於這些用戶的數據，包括他們使用該軟體的時長，以及他們從不合規使用到下載免費試用版或使用學生版的轉變歷程。

With this data, we can test different ways to convert them including in-product messaging and leveraging our inside sales team. While still early in the conversion process, we have an increasing amount of data that allows us to take necessary actions to convert this large pool of potential customers. In the quarter, we expanded our pilot cases for in-product messaging to many international regions and enhanced our license compliance initiatives using our sales teams as well as via email campaigns. These conversions resulted in multiple deals including 2 over $1 million, one of which was in China. Our billings from license compliance initiatives were up by approximately 65% versus last year, although on a small base.

有了這些數據，我們可以測試不同的轉換方法，包括產品內訊息傳遞和利用我們的內部銷售團隊。雖然轉換過程仍處於早期階段，但我們擁有越來越多的數據，這使我們能夠採取必要的措施來轉換這大量潛在客戶。本季度，我們將產品內訊息傳遞的試點案例擴展到了許多國際地區，並透過銷售團隊和電子郵件行銷活動加強了我們的授權合規舉措。這些轉化促成了多筆交易，其中包括兩筆超過 100 萬美元的交易，其中一筆在中國。雖然基數較小，但我們的許可證合規計畫收入比去年增長了約 65%。

So as you heard, we made great progress this quarter that enabled us to finish the first half of the year strong. We continue to execute well in construction where IT spending remains strong. We are making competitive inroads in manufacturing with our innovative solutions and are making strides in converting the current 14 million nonpaying users into subscribers. We are highly confident in Autodesk's ability to capitalize on our large market opportunity and are committed to delivering our fiscal '23 goals.

正如你們所聽到的，我們本季取得了巨大進展，使我們能夠以強勁的勢頭結束上半年。我們在建築業持續保持良好的業績，該行業的IT支出依然強勁。我們憑藉創新解決方案在製造業領域取得了競爭優勢，並在將目前 1,400 萬非付費用戶轉化為訂閱用戶方面取得了長足進步。我們對 Autodesk 掌握龐大市場機會的能力充滿信心，並致力於實現 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 the line of Saket Kalia of Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Saket Kalia。

Andrew, maybe just to start with you, slightly higher-level question on the macro. I know we spoke about some of the regional items that we'd seen, whether it was the U.K., China or Central Europe, but I want to maybe think about the macro from a different lens.

安德魯，或許可以先問你一個稍微高階的宏觀問題。我知道我們討論過一些我們看到的區域性問題，無論是英國、中國還是中歐，但我希望從不同的角度思考宏觀問題。

Clearly, a lot of concern out there about the manufacturing economy. And as we know, not all of Autodesk's business is levered to the manufacturing space. But for the part that is, can you just give us some color on the verticals that Autodesk sells into, whether that's auto or aerospace, for example, just to sort of get a sense for where Autodesk kind of sits with regards to different subsegments in Manufacturing, specifically.

顯然，外界對製造業經濟非常擔憂。眾所周知，Autodesk 的所有業務並非都與製造業有關。但就此而言，您能否簡要介紹 Autodesk 的銷售垂直領域，例如汽車或航空航天，以便我們了解 Autodesk 在製造業不同細分領域的市場地位。

Okay, Saket. Before we jump into that, I'd like to clear up something. We've heard that there's some confusion in our guidance metrics from the press release footnotes. So what our current guidance for free cash flow for fiscal '20 is $1.3 billion. We get there by saying free cash flow from -- or cash flow from operations will be $1.37 billion. You net out $70 million of free cash flow to get to $1.3 billion.

好的，薩凱特。在我們深入探討之前，我想先澄清一件事。我們了解到，新聞稿腳註中的一些指導指標存在一些誤解。因此，我們目前對 2020 財年自由現金流的預期是 13 億美元。我們得出這個結論的依據是：自由現金流（或經營活動產生的現金流）將達到 13.7 億美元。淨額為 7,000 萬美元的自由現金流，使總資產達到 13 億美元。

So I think the footnote created confusion that the $1.3 billion wasn't already netted for CapEx. It is. So it's $1.37 billion before CapEx, is cash flow from ops. $1.3 billion is the free cash flow guide for the year.

所以我認為腳註造成了誤解，讓人以為這 13 億美元還沒有計入資本支出。這是。所以，在資本支出之前，這是 13.7 億美元，這是營運現金流。預計全年自由現金流為13億美元。

So let me address your question about verticals in Manufacturing, in particular. All right, first off, just let me kind of just frame a few things. Our Manufacturing business actually did pretty well, grew 20%, a lot better than any of our competitors. That has a lot to do with the way we're diversified. It also has a lot to do with the price points and the upfront -- the reduced upfront costs of our offerings are pretty attractive to a lot of people. And we're also seeing acceleration in the CAM space due to the Fusion 360 portfolio and the way it integrates design and CAM along with the generative capability. So we're seeing pretty strong performance in Manufacturing.

那麼，讓我來回答您關於製造業垂直行業的具體問題。好的，首先，讓我先說明幾點。我們的製造業業務實際上表現相當不錯，成長了 20%，比任何競爭對手都好得多。這與我們多元化經營的方式有很大關係。這也與價格點和前期投入有很大關係——我們產品的前期投入成本較低，這對許多人來說都很有吸引力。我們還看到，由於 Fusion 360 產品組合以及它將設計和 CAM 與生成功能相結合的方式，CAM 領域正在加速發展。所以我們看到製造業表現相當強勁。

But to your point about which verticals we're exposed to, our biggest vertical in Manufacturing is what we call industrial machinery, and this is machinery of all manner and type. It's machines you'll see inside of automotive factories, but it's also machines you see that package cereal or to wrap toys or to do any manner of things, make paper. And it's large industrial machines. It's our single biggest segment.

但就您提到的我們涉足的垂直領域而言，我們在製造業中最大的垂直領域是我們所說的工業機械，這包括各種類型和種類的機械。你會在汽車工廠裡看到這種機器，但你也會看到它被用來包裝麥片、包裝玩具或做各種各樣的事情，例如造紙。而且是大型工業機械。這是我們最大的單一業務板塊。

Another really big segment for us is what's called building product manufacturers. And these are the people that build things that go into buildings, and they're also the people that build things that hang on buildings and prefabricate components of buildings. So think doors and windows manufacturers, think air conditioner manufacturers, think curtain wall manufacturers if you understand how skyscrapers are made.

對我們來說，另一個非常重要的細分市場是所謂的建築產品製造商。這些人負責建造建築物內的零件，也負責建造懸掛在建築物上的零件以及預製建築物的構件。所以，如果你了解摩天大樓的建造方式，就想想門窗製造商、空調製造商、帷幕牆製造商。

Our smallest level exposure is actually in the auto and aerospace where other competitors have deeper exposure in terms of the engineering processes. We are definitely big in auto in some of the more forward-looking aspects of the auto industry. So we're embedded deep in the design departments which are several years ahead of where the current production is and where current production volume is.

實際上，我們在汽車和航空航太領域的涉足程度最低，而其他競爭對手在工程流程方面涉足的領域更深。我們在汽車產業的某些前瞻性領域絕對佔有重要地位。因此，我們深入設計部門，這些部門的設計理念和產量都領先於目前的生產水準和產量數年。

And we're also working closely with a lot of autos on some of their next-generation production workflows. I think you've seen some of the things we've been talking about with generative with regard to some of the work we've done with GM and some of the other automotives to kind of help them consolidate multiple parts in multipart assemblies into a single 3D-printed part. And we're definitely engaged with some of that work. But that's kind of the hierarchy of exposure we have to Manufacturing. Make sense?

我們也與許多汽車製造商密切合作，共同開發他們的下一代生產工作流程。我想你已經看到了我們一直在討論的關於生成式技術的一些內容，例如我們與通用汽車和其他一些汽車公司合作，幫助他們將多部件組件中的多個部件整合到一個 3D 列印部件中。我們當然也參與了其中的一些工作。但這就是我們接觸製造業的大致層級。明白了嗎？

That does. That does. That's really helpful. Scott, maybe for you for my follow-up, a little bit of different topic, but I'd love to talk a little bit about the remaining maintenance business. Obviously, this is the last year of M2S price increases, as you've mentioned before, and that maintenance ARR sort of continues to decline in that high 30% range.

確實如此。確實如此。這真的很有幫助。史考特，或許我的後續問題可以稍微換個話題，但我很想跟你談談剩餘的維修業務。顯然，正如您之前提到的，今年是 M2S 價格上漲的最後一年，維護 ARR 將繼續在 30% 以上的高點下降。

How do you sort of think about that decline in coming quarters? And maybe just speak to sort of the profile of your remaining maintenance customers? I guess with the last 25% price increase, should we start to see a step-up in that maintenance base decline? Or should we kind of think about it kind of chugging along the way it has so far? Any color there would be helpful.

您如何看待未來幾季的下滑趨勢？或許可以和剩餘的維護客戶談談他們的客戶畫像？我想，隨著最近 25% 的價格上漲，我們是否應該開始看到維護成本下降的趨勢加速？或者我們應該把它看作是目前為止一直穩定發展下去的樣子嗎？任何顏色都會有所幫助。

Yes, sure, Saket. So this is the year -- by the way, it's a 20% price increase, not 25%. But this is -- Q2 is the first full quarter that that third price increase that we announced 3 years ago. It went into effect at the beginning of Q2. So this is our first quarter with that.

當然可以，薩凱特。所以今年——順便說一下，價格上漲了 20%，而不是 25%。但這是——第二季是我們3年前宣布的第三次漲價後的第一個完整季度。它於第二季初生效。所以這是我們第一季的情況。

And we actually had some interesting results. Conversion rate of maintenance agreements that came up for renewal actually increased, which is what you'd expect with the staying on maintenance going up 20% from what had been about 1/3 of those to come up for renewal converting to something in the high 30% range for the quarter. So conversion rate increased as expected.

我們確實得到了一些有趣的結果。續約維護協議的轉換率實際上有所提高，這也在意料之中，因為續約的維護協議數量從先前的約三分之一增加到本季接近 30%，增幅達 20%。因此，轉換率如預期般提高了。

The -- interestingly, for those that did elect to stay on maintenance, and some do, the renewal rate actually ticked up. I would've expected, with the increase in price, it to stay flat or maybe even decline. Actually, the renewal rate for maintenance for those that did not convert actually ticked moderately but ticked up slightly in the quarter. So we're seeing the exact same behavior we expected when we laid out the M2S program. And at this point, it's -- we have 3 more quarters to go. It'll actually overlap into the first quarter of next year before it's finished.

有趣的是，對於那些選擇繼續使用維護服務的用戶（其中一些確實選擇了維護服務），續訂率實際上有所上升。我原本以為，隨著價格上漲，它應該保持不變，甚至可能下降。事實上，那些沒有轉換套餐的用戶的續訂率在本季略有小幅上升。所以我們看到的情況和我們制定 M2S 計劃時預期的情況完全一致。而現在，我們還有三個季度要打。實際上，這項工程要到明年第一季才能完工。

Our next question comes from Phil Winslow of Wells Fargo.

下一個問題來自富國銀行的菲爾溫斯洛。

Thanks for the commentary on Asia Pacific and Europe. I wonder if you could give us more color on what you're seeing in the U.S., particularly, end of the quarter and in terms of the pipeline and, particularly, by vertical. That would be very helpful.

感謝您對亞太地區和歐洲的評論。我想請您詳細介紹一下您在美國看到的情況，特別是季度末的情況，以及銷售管道的情況，特別是按垂直行業劃分的情況。那將非常有幫助。

Yes, so the Americas and the U.S. in particular were strong. We grew 32%. Our pipeline is solid in the U.S. It's solid across the whole Americas. Our visibility is pretty good. We're seeing broad strength across all the segments so we're not seeing any weakening in any kind of segment or by any types of vertical. So the U.S. business is looking solid, and it continues to look solid right now until something changes in the environment. But we saw great visibility in our pipeline to the U.S.

是的，所以美洲，特別是美國，當時實力很強。我們成長了32%。我們在美國的業務管道很穩固，在整個美洲的業務管道都很穩固。我們的視野相當不錯。我們看到所有細分市場都呈現全面強勁的態勢，因此我們沒有看到任何細分市場或任何垂直領域出現疲軟跡象。因此，美國的商業前景看起來十分穩健，而且在環境改變之前，這種穩健的態勢還會持續下去。但我們看到了通往美國市場的良好前景。

Phil, the other comment that's worth adding onto that is I think there was some concern that emerging markets might have underperformed during the quarter. And it's actually -- you have to dig into the appendix of our slides that we posted on our website, but you can see emerging markets actually grew north of 30%. And obviously, there's -- a chunk of those emerging markets are in the Americas as well. So we continue to see -- with the exception of the 3 areas that we pointed out, we continue to see strength geographically across the board.

Phil，還有一點值得補充的是，我認為有人擔心新興市場在本季可能表現不佳。實際上——你必須仔細查看我們網站上發布的幻燈片附錄，你可以看到新興市場的實際成長率超過了 30%。顯然，這些新興市場中也有相當一部分位於美洲。因此，除了我們指出的 3 個地區之外，我們繼續看到，從地理上看，各個地區都保持強勁勢頭。

Got it. Then also just in terms of the breakdown, as Saket was saying, obviously your business is sort of like a matrix internationally and then by multiple verticals and multiple subverticals within -- inside of those verticals. When you think about just manufacturing exposure versus, let's say, commercial construction versus media and entertainment, is there one geography that's weighted more, let's say, towards your commercial construction and one more towards manufacturing? Any sort of color on sort of that sort of...

知道了。另外，就細分而言，正如 Saket 所說，顯然你的業務在國際上就像一個矩陣，然後又分為多個垂直領域和多個子垂直領域——在這些垂直領域內部。如果只考慮製造業、商業建築、媒體和娛樂等產業的投資機會，是否存在某一地區的投資機會更偏向商業建築，而另一個地區的投資機會則更偏向製造業？任何顏色，在那種…上

Yes. Absolutely. So that's an easy place, Phil, to give some color. So in construction, we're definitely leaned more towards the U.S. There's no doubt about it. On Manufacturing, we're definitely leaned more towards Europe. We've historically been more successful in Europe relative to competition than in the U.S.

是的。絕對地。所以菲爾，這裡很容易增添一些色彩。所以在建築業，我們肯定更傾向美國。這點毋庸置疑。在製造業方面，我們顯然更傾向歐洲。從歷史上看，我們在歐洲的競爭中比在美國更成功。

So when you see a manufacturing slowdown in Germany, it slows down our overall Manufacturing business. So Europe is definitely where we're more exposed in Manufacturing. The U.S. is definitely where the bulk of the business is for construction right now, though we're growing pretty quickly internationally on the construction side as well. But that's kind of the high-level breakdown.

所以，當德國製造業放緩時，也會拖累我們的整體製造業。因此，歐洲無疑是我們在製造業方面面臨更大風險的地方。目前，美國無疑是建築業的主要市場，不過我們在國際建築業方面的成長速度也相當快。但這只是大致的分析。

Our next question comes from Jay Vleeschhouwer of Griffin Securities.

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

Andrew, a quarter ago on the call, you made some interesting remarks regarding what you're calling your early warning system. This was in the context of you talking about digital infrastructure and your customer engagements team. The question is, what is that system telling you in terms of some of the key metrics that it's set up for in terms of usage and other metrics? And is it thus far a U.S.-oriented system? Or is it giving you signals globally that are helping you?

安德魯，三個月前的電話會議上，你對你所謂的預警系統發表了一些有趣的評論。這是在你談論數位基礎設施和你的客戶互動團隊的背景下發生的。問題是，就其設定的一些關鍵指標（例如使用情況和其他指標）而言，該系統告訴了你什麼？到目前為止，它是否是以美國為中心的體系？或者它在全球範圍內向你發出對你有幫助的信號？

And then secondly, a longer-term technology or road map question, you made some comments on the call earlier about your integrations thus far with the ACS acquisitions and the BIM and Revit and so forth. What about the road map, however, between AEC and Manufacturing? If you're going to pursue industrialization of construction, you have to have that cross-segment integration. You haven't really spoken about it much, but perhaps you can talk about that road map.

其次，關於長期技術或路線圖的問題，您在先前的電話會議中談到了迄今為止與 ACS 收購、BIM 和 Revit 等的整合情況。那麼，AEC（建築、工程和施工）與製造業之間的發展路線圖又如何呢？如果要推進建築業的工業化，就必須實現跨領域的整合。你之前很少談到這件事，但或許你可以談談那份路線圖。

Okay. All very good questions, Jay. So first, let me talk about the early warning system and what it's telling us. So it is broad geographically. It tells us about multiple products in multiple geographies. And one of the things -- and what it's also intended to do is give us predictor scores of at-risk renewals so that we can go take direct action with regards to at-risk renewals.

好的。傑伊，你問的都是很好的問題。首先，讓我談談預警系統以及它告訴我們的訊息。所以它的地理範圍很廣。它向我們介紹了多個地區多種產品的情況。其中一項功能——也是它旨在實現的功能——是為我們提供有風險續約的預測分數，以便我們能夠針對有風險的續約採取直接行動。

What I can tell you at a very high level is it's telling us that there's no slowdown in usage of our products, right? In fact, usage continues to grow across all types of products and all manner of verticals. So we're not seeing any systematic declines in usage or usage activity with the [socio-interact]. Our pirates continue to use our products robustly and as do our paying subscribers.

從總體上看，這表明我們的產品使用量沒有放緩，對吧？事實上，各種類型產品和各個垂直領域的使用量都在持續成長。因此，我們沒有看到[社交互動]的使用率或使用活動出現任何系統性的下降。我們的盜版用戶和付費用戶一樣，都持續大量使用我們的產品。

But remember that the core part of that system is designed to help our teams understand which one of our accounts are most at risk for renewal. And yes, you're right. We watch things like activations. We watch things like product usage, and we watch other things like access to support that allow us to kind of score these customers in terms of risk, but it's global. And we're not seeing any changes in the usage trends. Usage continues to go up globally.

但請記住，系統的核心部分旨在幫助我們的團隊了解哪些帳戶續約風險最大。是的，你說得對。我們會關注諸如活動之類的事件。我們會觀察產品使用情況等，也會觀察獲得支援等其他情況，以便根據風險對這些客戶進行評分，但這屬於全球範圍。而且我們沒有看到使用趨勢有任何變化。全球使用量持續成長。

Now with regards to integrations with construction, I think you're actually pointing to a very important area that's -- it's one of the things that we're really focusing on behind the scenes. And it has to do with creating some workflows for the building product manufacturers which includes, like I said earlier, curtain walls as well as the components that go inside of buildings.

關於與建築業的融合，我認為你實際上指出了一個非常重要的領域——這也是我們幕後真正關注的事情之一。這與為建築產品製造商創建一些工作流程有關，其中包括，正如我之前所說，幕牆以及建築物內部的組件。

So what we've been working to do is expand the interop between Revit and Inventor so that you can actually take low-precision models from Revit, move them into the high-precision environment of Inventor so that you can get -- do fabrication prep for things like curtain walls and other types of manufacturing components. And then actually move them back into Revit in the low-precision world in an encapsulated way so that changes that happen inside of Inventor go back and update inside of the Revit model as well.

因此，我們一直在努力擴展 Revit 和 Inventor 之間的互通性，以便您可以將 Revit 中的低精度模型轉移到 Inventor 的高精度環境中，從而可以對幕牆和其他類型的製造組件進行製造準備。然後以封裝的方式將它們移回低精度的 Revit 中，這樣 Inventor 內部發生的變更也會返回並更新 Revit 模型。

We've been improving those integrations continuously behind the scenes. You're going to see more improve on those -- improvement in those integrations in Q4 and a continuing road map next year. It's not -- that's not completing fully industrialized workflows for construction, but it's a prerequisite to making sure you have a good BIM to Manufacturing or 3D solid modeling workflows that you can actually do some of these more complex interactions between a Building Information Model and a 3D model for manufacturing purposes. So we continue to work on those Revit and Inventor integrations, and you'll see acceleration in that area.

我們一直在幕後不斷改進這些整合。您將會看到這些方面有更多改進——第四季度這些整合方面的改進以及明年的持續路線圖。這不是——這並不是要完成建築業的完全工業化工作流程，而是要確保擁有良好的 BIM 到製造或 3D 實體建模工作流程，以便能夠真正實現建築資訊模型和用於製造目的的 3D 模型之間的一些更複雜的交互。因此，我們將繼續致力於 Revit 和 Inventor 的集成，您將看到這方面的進展加快。

Next question comes from Heather Bellini of Goldman Sachs.

下一個問題來自高盛的希瑟·貝利尼。

Just a couple of questions here. Andrew, I just want to make sure that your tone and your conservatism seems like you're not seeing the weakness yet, so to speak, but you're just being more conservative in your outlook. I just want to confirm that that's how we should be reading your comments.

這裡就幾個問題。安德魯，我只是想確認一下，你的語氣和你的保守態度是否讓你覺得你還沒有意識到自身的弱點，或者說，你只是在觀點上更加保守而已。我只是想確認一下，我們是否應該這樣解讀您的評論。

And then I guess one of the other questions would be how is seat growth trending and churn in seat growth, which may be a precursor to a slowdown if you think of the fact that your products are deployed -- as increased deployment as people are hired into the industry?

那麼，我想其他問題之一就是席位成長趨勢和席位成長流失情況如何，考慮到隨著越來越多的人加入這個行業，產品的部署量也在增加，這可能是成長放緩的前兆？

And then I guess the follow-up from there would be, just from a linearity perspective after last quarter when you said linearity was a little bit more back-end loaded, I know you guys were going back to assuming the same linearity in Q3 this year that you did last year. Is that where it actually came out of? If you can give us some color there, that'd be great.

然後我想接下來的問題是，從線性角度來看，在上個季度您提到線性度略微偏向後端之後，我知道你們打算在今年第三季度恢復到與去年相同的線性度假設。它真的是從那裡來的嗎？如果你能提供一些細節訊息，那就太好了。

What I'll do is I'll answer your middle question first, then I'll answer your first question second, and I'll let Scott answer the third, okay? So your middle question, seat growth and churn, no change, all right? We're seeing the same kind of seat growth where our renewal rates are solid. In some places, we're seeing improvements. So all of those trends are consistent right now with a fairly steady environment.

我會先回答你的第二個問題，然後再回答你的第一個問題，第三個問題就讓史考特來回答，好嗎？所以你中間的問題，座位成長和流失情況，沒有變化，對嗎？我們看到座位數同樣成長，續訂率也很穩定。有些地方已經有所改善。因此，所有這些趨勢目前都與相當穩定的環境相符。

Like we said earlier, we've seen some indications in certain specific markets that lead us to be a little bit more cautious, particularly Germany in Manufacturing, U.K. in -- around Brexit and the state-owned enterprises in China. We simply cannot engage with them, and that's going to put pressure on our expectations relative to those markets. Even though emerging -- China is small part of our business, it's a small percentage, over a couple of quarters, it could easily add up to $5 million in missed expectations.

正如我們之前所說，我們在某些​​特定市場看到了一些跡象，這讓我們更加謹慎，特別是德國的製造業、英國的脫歐以及中國的國有企業。我們根本無法與他們進行交易，這將對我們相對於這些市場的預期造成壓力。儘管新興市場——中國在我們業務中所佔比例很小，但幾個季度下來，很容易造成 500 萬美元的預期損失。

But there's a lot of noise. You can all hear it. It's all going on. There's something new every day, all right? All you have to do is check your Twitter feed. So there's all sorts of noise. And what you see us doing, and I want to make sure we put this in context. What we did is we took the high end of our guidance down. So we narrowed the range. The low end of our guide on a constant currency basis is unchanged. So this is a prudent narrowing of the range to kind of reflect this noise we're seeing in the system. I think it's the right thing to do right now. I think it's appropriate.

但這裡噪音很大。你們都能聽到。一切都在發生。每天都有新鮮事發生，對吧？你只需要查看你的推特動態。所以到處都是噪音。你們現在看到的這些，我想確保我們能將其置於正確的背景中看待。我們降低了指導意見的上限。因此，我們縮小了範圍。以固定匯率計算，我們指南的最低價格保持不變。所以，這是對範圍進行謹慎的縮小，以反映我們在系統中看到的這種噪音。我認為現在這樣做是正確的。我認為這樣做是合適的。

But even if you look at the worst-case scenario on all of that, worst-case scenario, we're coming in at 96% at worst case of the numbers we set out there 4 years ago. I think that's pretty good. It's not just great modeling. It's actually great execution and flexible and adaptive execution. And it's that ability to kind of track the business to that kind of fidelity that gives us a lot of confidence in terms of what we're looking to see out in FY '23.

但即使考慮到所有這些的最壞情況，最壞的情況，我們也能達到 4 年前設定的目標的 96%。我覺得這很不錯。這不僅僅是建模技術高超。這其實是非常出色、靈活且適應性強的執行。正是這種能夠如此精準地追蹤業務的能力，讓我們對 2023 財年的發展前景充滿信心。

And I want to make sure, just since you asked the question, I want to reinforce a few things that are really important drivers around some of this stuff. First off, one just side comment. We could easily do some unnatural acts to hit that free cash flow number at what we stated previously in the last call. You wouldn't want us to do that. I have no interest in pushing an agenda in that direction, and we're just simply not going to do it. It's not good for the business. It's not good for the long-term health and for the long-term prospects of the business, and we have to pay attention to the long-term prospects of the business.

既然你問了這個問題，我想強調一些與此相關的非常重要的驅動因素。首先，我想補充一點。我們很容易就能採取一些不自然的手段，達到我們在上次電話會議中提到的自由現金流目標。你肯定不希望我們那樣做。我無意推動朝那個方向發展的議程，我們也不會那麼做。這對企業來說不是好事。這不利於企業的長期健康和長期發展前景，我們必須關注企業的長期發展前景。

So we're not going to do any unnatural things to try to drive that free cash flow number up. And I think that that's an important point. But the resilience in the model -- because remember, as we move into next year, the model transition is done. So we've got the resilience in the model that lets us look out the FY '23, but look at just how the midpoint of the guide changed. Half of that, half of that is due to currency FX, okay? Total complete short-term impact on our business.

所以，我們不會採取任何不自然的措施來提高自由現金流數字。我認為這一點很重要。但該模型具有韌性——因為請記住，隨著我們進入明年，模型過渡就完成了。因此，我們的模型具有一定的韌性，可以讓我們展望 2023 財年，但請注意，該指導方針的中點發生了怎樣的變化。其中一半是由於匯率波動造成的，懂嗎？對我們的業務造成全面、徹底的短期影響。

The other thing I want you to be aware of in terms of what's kind of guiding us with the conservatism, and we're -- our pipeline's solid. We're looking out -- our pipelines. We've got more visibility to our business than we've ever had before. The pipeline looks good. In countries where we're historically having problems, I think you might remember a year ago, we talked a lot about Japan. Japan is doing great. So we're seeing things like that.

還有一點我想讓你們知道，這在某種程度上指導著我們的保守主義，而且──我們的管道很穩固。我們正在關注—我們的輸油管。我們現在對我們的業務有了前所未有的了解。管道狀況良好。在一些我們歷史上有問題的國家，我想你可能還記得，一年前我們談了很多關於日本的事情。日本發展得很好。所以我們看到了類似的事情。

But more importantly, as we look out beyond the FY '20 guide into some of the FY '23 things, construction is doing really well. We believe that construction is going to continue to do well during the downturn. IT spending, construction continued to grow during the downturn last time. In '07 and '08, Revit continued to grow for us. I think you're going to see that same thing. Our performance on noncompliant users is getting better and better.

但更重要的是，當我們展望 2020 財年及 2023 財年時，建築業的發展動能非常強勁。我們認為，即使在經濟低迷時期，建築業仍將繼續保持良好發展勢頭。上次經濟低迷時期，IT支出和建築業仍持續成長。在 2007 年和 2008 年，Revit 繼續為我們帶來成長。我想你也會看到同樣的事情。我們對不合規用戶的處理效果越來越好。

And also let's just say there was a protracted downturn. Something interesting happens in those downturns. Infrastructure spend tends to go up. We've gotten in front of that. We've done some things in our core design products and our construction portfolio to ensure that we're good partners to the infrastructure business. So we intend to capitalize on any infrastructure spend that could come out of a protracted downturn.

而且，我們不妨說，當時經濟衰退持續很長時間。經濟低迷時期會發生一些有趣的事。基礎設施支出往往會增加。我們已經提前應對了這個問題。我們在核心設計產品和建築產品組合方面做了一些工作，以確保我們成為基礎設施產業的良好合作夥伴。因此，我們打算充分利用經濟長期低迷可能帶來的任何基礎設施建設支出。

So you're right. We are simply being conservative, and we're being prudent because of the noise out there in the system and because of the weakness we saw in some places where they can have impacts on our expectations. What's clear -- we're growing robustly in all those places. We just have higher expectations for those places. And I think it's the right time to make that kind of adjustment, and it's all short-term, but we're still very confident about what we can do in FY '23.

你說得對。我們只是採取保守謹慎的態度，因為系統內存在各種幹擾因素，而且我們看到某些方面存在弱點，這些弱點可能會影響我們的預期。顯而易見的是——我們在所有這些地方都實現了強勁成長。我們對那些地方的期望更高。我認為現在是進行這種調整的合適時機，而且這一切都是短期的，但我們仍然對我們在 2023 財年所能取得的成就充滿信心。

And Heather, the other part of your stream of questions that was around linearity. And I think the thing that we are seeing in linearity, and again, in Q2, which was consistent with our expectations in Q2, was that more sales were happening a little bit later in the quarter than what we had experienced in the second half of fiscal '19. So it's more like the traditional linearity that we had in first half of fiscal '19, and that's now built into our forecast for the second half of this year.

還有 Heather，你提出的問題還有一部分是關於線性關係的。我認為，我們在線性成長中看到的情況，以及在第二季度的情況（這與我們在第二季度的預期一致），是銷售額的增加發生在季度末，而我們在 2019 財年下半年經歷的情況則有所不同。所以它更像是我們在 2019 財年上半年所經歷的傳統線性成長，而這現在已經納入了我們對今年下半年的預測。

So it has a couple of effects when you do that, obviously. And Andrew's talked about just a big chunk of the adjustment in our guidance is all tied to FX. But holding that aside, as linearity pushes down a little bit, it has an effect on billings, where billings come in later, right, in the quarter. And then you end up collecting some of those billings instead of during the current quarter in the following quarter. So there was a little bit of an effect on billings and an effect on free cash flow as well from linearity, but that's the way to think about it.

所以，這樣做顯然會產生一些影響。安德魯也談到，我們業績指引中很大一部分調整都與外匯有關。但撇開這一點不談，隨著線性效應的減弱，會對帳單產生影響，因為帳單會在季度末才到賬，對吧。然後，你最終會發現，有些帳單不是在本季收取，而是在下一季收取。因此，線性效應對帳單金額和自由現金流都產生了一些影響，但這就是思考這個問題的方式。

The midpoint of the guide is a 27% revenue growth. Midpoint of the billings guide is 40% growth, even normalized for the 606 implementation at the beginning of last year. And the midpoint of the guide is 12 points of margin expansion. So it's a strong year. We continue to feel good about the momentum of the business.

該指南的中點是 27% 的收入成長。帳單指南的中點是成長 40%，即使考慮到去年年初實施的 606 版本，這一數字也屬於正常水準。該指南的中點是邊際擴張12個百分點。所以今年是個好年。我們對公司的發展動能依然充滿信心。

Our next question comes from Gal Munda of Berenberg Capital Management.

我們的下一個問題來自貝倫貝格資本管理公司的加爾·蒙達。

The first one is just on the Manufacturing side. We see that Manufacturing is growing below the AEC part of the business. And I was just wondering if it's macro related, or is it maybe got something to do with the comments you made around the shift to the new platform. You mentioned that Fusion 360 is gaining market share. You mentioned that Fusion 360 is growing very, very strongly. And I'm wondering whether Fusion 360, by taking market share, is also potentially taking market share from some older solutions that you have, like Inventor, which might provide kind of short-term headwind to the revenue there.

第一個問題只涉及製造方面。我們看到製造業的成長速度低於建築、工程和施工（AEC）業務部分。我只是想知道這是否與宏觀經濟有關，或者是否與您之前就新平台過渡發表的評論有關。您提到Fusion 360正在獲得市場份額。您提到 Fusion 360 的發展勢頭非常強勁。我很好奇 Fusion 360 在搶佔市場份額的同時，是否也會搶佔你們一些老牌解決方案（如 Inventor）的市場份額，這可能會在短期內對你們的收入造成一定影響。

All right. So Gal, let me kind of answer that from a (inaudible). First off, we grew 20% Manufacturing, better than any of our competitors, all right, better than the market. So our performance in Manufacturing is actually very strong. The relative difference in the performance between Manufacturing and AEC is simply due to the fact that AEC is stronger.

好的。所以 Gal，讓我從（聽不清楚）的角度來回答這個問題。首先，我們的製造業成長了 20%，比任何競爭對手都好，甚至比市場平均好。所以我們在製造業的表現其實非常出色。製造業及建築、工程及施工（AEC）產業在性能上的相對差異，僅是因為建築、工程及施工（AEC）產業實力較強。

What we're seeing in AEC is Revit is not only being adopted very robustly, it's actually being mandated or BIM is being mandated in more and more countries and for more and more projects. Japan in particular is an interesting place where, historically, BIM was slow to be adopted, and it's starting to see an acceleration of adoption, and you're seeing BIM mandates showing up in Japan as well. So I want to make sure that we understand the relative performance difference between those 2 things and our performance relative to competitors in the overall market.

我們在 AEC 領域看到的是，Revit 不僅得到了非常廣泛的應用，而且在越來越多的國家和越來越多的專案中，它實際上被強制要求使用 BIM。日本尤其有趣，歷史上 BIM 在日本的普及速度較慢，但現在普及速度開始加快，在日本也出現了 BIM 強制令。因此，我想確保我們了解這兩者之間的相對性能差異，以及我們在整個市場中相對於競爭對手的表現。

Now to your point about Fusion, one of the reasons why there is no cannibalization related to Fusion is because, one, every Inventor customer that's getting Inventor through the collection, gets Fusion with it, all right? So they actually get both products. So if you buy and subscribe to a collection, you get all the things that are in a collection. You actually get Fusion as well.

現在來談談你提到的 Fusion，Fusion 不存在蠶食效應的原因之一是，第一，每個透過套裝獲得 Inventor 的客戶都會同時獲得 Fusion，對吧？所以他們實際上兩種產品都能得到。所以，如果你購買並訂閱一個合集，你就能獲得合集中的所有內容。你實際上還能獲得Fusion。

And Fusion, as a design app, can't do all the things that Inventor does. So there's very little cross-overlap between those 2 applications in terms of actually complete design things. The growth that you're seeing in Fusion is actually coming more from competitive swaps. We always -- we've always given several examples of SolidWorks displacements. We've seen other displacements as well. And this growth in the CAM space as well, where the integrated end-to-end solution and the price points are just really, really attractive.

而且，Fusion 作為一個設計應用程序，無法做到 Inventor 所能做到的所有事情。因此，就實際完整的設計而言，這兩個應用程式之間幾乎沒有重疊之處。Fusion 的成長實際上更多地來自於競爭性互換。我們一直以來都給了許多 SolidWorks 位移的例子。我們也看到了其他一些位移情況。CAM 領域的成長也是如此，其整合的端到端解決方案和價格點真的非常有吸引力。

So I just want to make sure that we put color on that. Manufacturing is doing great. The relative difference between AEC and Manufacturing has to do with the fact that AEC is doing better, and it's doing better because of BIM mandates and BIM momentum. And we're not seeing any cannibalization from Fusion in our core Inventor business.

所以我只是想確保我們給它加上顏色。製造業發展動能良好。AEC（建築、工程和施工）與製造業之間的相對差異在於，AEC發展得更好，而AEC發展得更好是因為BIM（建築資訊模型）的強制實施和BIM的發展勢頭。而且，我們並沒有看到 Fusion 對我們核心的 Inventor 業務造成任何蠶食。

Okay. That's very helpful. And then just as a follow-up, could you comment a bit about the performance between the direct and indirect sales force, so basically, the channel and your own sales force. You basically mentioned that you had some significant EBA wins. Maybe also comment a bit more on the e-commerce side of things, how the direct performance is going there?

好的。那很有幫助。然後，作為後續問題，您能否就直接銷售團隊和間接銷售團隊（即通路和您自己的銷售團隊）的表現做一些評論？你剛才提到你在EBA聯賽中取得了一些重要的勝利。或許可以多談談電子商務方面的情況，例如直接銷售的業績如何？

Yes, Gal. The -- we talked about the mix being 70% through the channel, 30% direct, which is compared to 28% direct in Q2 of last year. So it's grown a couple points. Our direct business actually grew 38% year-on-year. So we're seeing good strength in direct. Within EBAs, we continue to do most of our EBAs in the second half of the year and, within that, most of them in the fourth quarter and the second half of the year. So the EBA business, while we had good traction with EBAs in Q2, the quarters where we really start to see a lot more EBA business is late in Q3 and then through Q4.

是的，蓋爾。我們討論過，通路銷售佔比為 70%，直接銷售佔比為 30%，而去年第二季直接銷售佔比為 28%。所以它成長了幾個百分點。我們的直接業務實際上比去年同期成長了 38%。所以我們看到直接投資表現強勁。在企業協議 (EBA) 中，我們繼續在下半年完成大部分企業協議，其中大部分又在第四季和下半年完成。因此，雖然我們在第二季的 EBA 業務取得了不錯的進展，但我們真正開始看到更多 EBA 業務是在第三季末和第四季。

The e-commerce business, our eStore, is actually growing very nicely year-on-year, again, growing off a smaller base, but growing very nicely year-on-year. And that's part of our overall digital sales approach, right? It's not just put up a store and try to drive people to it, we also use the eStore as the back-end transaction engine for a lot of our inside sales teams. So we're seeing very nice growth through that whole digital sales channel, which comes to us at a higher net revenue per content to Autodesk. So it's actually performing quite well.

我們的電子商務業務，也就是我們的網上商店，實際上每年都在穩步增長，雖然基數較小，但每年的成長勢頭依然非常良好。這也是我們整體數位化銷售策略的一部分，對吧？我們不僅開設了網店並試圖吸引顧客，我們還將網路商店用作我們許多內部銷售團隊的後端交易引擎。因此，我們看到整個數位銷售管道實現了非常不錯的成長，這為 Autodesk 帶來了更高的每項內容淨收入。所以它的實際表現相當不錯。

And our next question comes from the line of Ken Talanian of Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Ken Talanian。

As you think about the uncertainty related to the second half, could you give us a sense for how you see the billings impact related to demand patterns and linearity differ, if at all, between the larger EBA-type customers and the smaller volume-oriented ones? And along those lines, how should we think about the EBA renewal opportunity in the back half of this year versus last?

考慮到下半年的不確定性，您能否談談您認為與需求模式和線性關係相關的帳單影響在大型 EBA 型客戶和小型以銷售為導向的客戶之間是否存在差異（如果有的話）？那麼，我們該如何看待今年下半年與去年相比的 EBA 續簽機會呢？

Yes, Ken. Our -- we always have -- as I just mentioned, we always have more EBAs in the second half of the year and in particular in the fourth quarter than we do in the first half of the year. That was -- we know when those EBAs are coming up for renewal, and we have the best insight of any of our transactions on the -- what's happening with the EBA so we have a good sense of when those are going to close. I'd say that's always been pretty accurately reflected in our outlook.

是的，肯。正如我剛才提到的，我們下半年，特別是第四季的EBA數量總是比上半年多。我們知道這些 EBA 何時到期需要續簽，而且我們對 EBA 的進展情況了解得比任何其他交易都多，所以我們對 EBA 何時到期有很好的把握。我認為這一點一直以來都相當準確地反映了我們的觀點。

What you see in terms of the adjustment in billings, the $50 million adjustment in billings, first of all, to put it in context, it's a $50 million adjustment at the midpoint on a number that's greater than $4 billion, right? So it's a little more than a 1% adjustment in the full year billings. Half of that $50 million roughly is strictly FX.

首先，從帳單調整的角度來看，5000 萬美元的帳單調整，需要說明的是，這是在超過 40 億美元的數字的中間值上進行的 5000 萬美元調整，對吧？因此，全年帳單的調整幅度略高於 1%。這 5000 萬美元中大約有一半是外匯交易。

The remainder is really localized around the 3 areas that we talked about, around the U.K. with concerns over Brexit, and we saw that actually much more so in July than we did in the first 2 months of the quarter. Same with the slowdown in the Manufacturing base in Germany and then with the state-owned enterprises in China. So the adjustment in billings is really a reflection of FX and then those 3 kind of localized effects that I think everyone is feeling, not just Autodesk.

其餘部分實際上集中在我們討論過的三個地區，也就是英國各地對英國脫歐的擔憂，而且我們在 7 月看到的這種情況實際上比本季度前兩個月要嚴重得多。德國製造業基礎經濟放緩，中國國有企業也出現了同樣的情況。所以帳單的調整實際上反映了FX以及我認為每個人都能感受到的3種局部影響，而不僅僅是Autodesk。

Understood. And if I may, given that you've already reached about $98 million in ARR from your acquisitions, and I think you're targeting $100 million for the year, how are you kind of thinking about the contribution to the year now?

明白了。如果可以的話，鑑於您透過收購已經實現了約 9,800 萬美元的 ARR，而且我認為您今年的目標是 1 億美元，您現在如何看待收購對今年的貢獻？

Yes, super happy with the way the integration has gone, and Andrew, I'll let you comment on this as well and talk about the numbers. I'm super pleased with that. And the $100 million that you refer to was really what we talked about for PlanGrid so it'd be slightly higher when you add BuildingConnected to that as well. I feel like we're on track. I'm really happy with the way those have performed so far. It's -- those were 2 really significant transactions to pull in in the same quarter and not -- we haven't lost a bit of momentum in either one of those. So feeling good about our construction business overall.

是的，我對目前的整合情況非常滿意。安德魯，也請你談談這方面的情況，說說相關數據。我對此非常滿意。你提到的 1 億美元實際上是我們之前討論的 PlanGrid 項目的費用，所以如果再加上 BuildingConnected，金額還會更高一些。我覺得我們一切進展順利。我對這些產品目前的表現非常滿意。那是——那兩個季度裡達成的兩筆非常重要的交易，而且——我們在這兩筆交易中都沒有絲毫失去勢頭。整體而言，我對我們的建築業務前景感到樂觀。

And I think the interesting point, before I hand off to you, Andrew, is not only have we done well with the acquired products, the breadth of the portfolio we have in construction now has created an updraft for BIM 360. And we talked about our cloud -- our organic cloud ARR growth at 45% for the quarter. BIM 360 is one of the big drivers of that. So we continue to see not just success in construction with the acquired assets but a bit of a halo effect because of the breadth of that product portfolio on our organic BIM 360 products.

在我把麥克風交給安德魯之前，我認為有趣的一點是，我們不僅在收購的產品方面做得很好，而且我們現在在建築領域擁有的廣泛產品組合也為 BIM 360 的發展創造了上升勢頭。我們也談到了我們的雲端業務—本季我們的雲端業務有機 ARR 成長率為 45%。BIM 360 是推動這一趨勢的主要因素之一。因此，我們不僅繼續看到收購的資產在建築領域取得成功，而且由於該產品組合的廣泛性，也對我們自主研發的 BIM 360 產品產生了一定的光環效應。

You took all my interesting points.

你把我的觀點都說得很有趣。

Oh, sorry.

哦，對不起。

Yes, look, the construction portfolio is performing really well. That is very unusual to get this kind of first half -- first 2-quarter performance out of big acquisitions like that. We're happy. On the integration side, senior leaders from the acquired companies are taking senior positions inside the Construction Solutions team so we're seeing better and better alignment between those organizations.

是的，你看，建築業務組合表現非常出色。對於像這樣的大收購來說，上半年甚至前兩個季度取得這樣的業績是非常不尋常的。我們很高興。在整合方面，被收購公司的資深領導正在建築解決方案團隊中擔任高階職位，因此我們看到這些組織之間的協調性越來越好。

We have a lot of confidence in where we're going with these things. You see continuing stream of product integrations. Our customers are getting comfortable with our roadmap. The reason customers accelerated their purchasing of BIM 360 is because, basically, they just -- they see us saying, doing and acting in all the right ways, so they're doubling down on Autodesk. And that's nothing but an excellent sign for how this business is going to grow into next year.

我們對這些事情的發展方向充滿信心。你會看到產品整合的持續進行。我們的客戶逐漸適應了我們的發展路線圖。客戶加快購買 BIM 360 的原因是，基本上，他們看到我們言行舉止都正確無誤，所以他們加倍支持 Autodesk。這無疑是該業務明年發展前景極佳的一個好兆頭。

Our next question comes from Zane Chrane of Bernstein Research.

我們的下一個問題來自伯恩斯坦研究公司的讚恩·克蘭。

I just want to dig into Manufacturing a little bit more. The 20% growth in Manufacturing revenue really was driven by ARR added in Q3 and Q4 of last year. If I look at the annualized value of Manufacturing revenue based on the number of days in the quarter, it's -- it looks like it's down about $4 million or $5 million in ACV compared to what it was at the end of Q4.

我只是想更深入地了解製造業。製造業收入成長 20% 實際上是由去年第三季和第四季新增的 ARR 所推動的。如果我查看按季度天數計算的製造業收入年化價值，看起來與第四季末相比，年度合約價值下降了約 400 萬至 500 萬美元。

So -- and that's in contrast to pretty strong incremental growth in Manufacturing revenue each quarter of fiscal '19. Is the weakness in first half on that incremental Manufacturing revenue added, is that due to increased churn or lower expansion with existing customers or just a pause in adoption due to the macro uncertainty?

因此—這與 2019 財年每季製造業收入的強勁成長形成了鮮明對比。上半年新增製造業收入疲軟，是由於現有客戶流失率上升或擴張放緩，還是僅因宏觀經濟的不確定性導致採用率暫停？

Yes, it's neither, Zane. And so to be clear, we -- the 20% growth in Manufacturing is in line with the growth in Manufacturing we've seen historically over the last 2 or 3 quarters that we're not seeing -- even in the markets that we talked about, the 3 markets that we talked about having a localized impact, we're showing strong double-digit growth even in Germany which, of course, is a manufacturing-based economy. So...

是的，兩者都不是，贊恩。因此，需要明確的是，我們——製造業20%的增長與我們過去兩三個季度以來所看到的製造業增長一致，而我們並沒有看到——即使在我們談到的那三個受到局部影響的市場中，我們也看到了強勁的兩位數增長，即使在德國，當然，德國是一個以製造業為基礎的經濟體。所以...

In ACV.

在 ACV 中。

In ACV. So we're not seeing that kind of a -- I'm not exactly sure the math that you did there. We're not seeing -- we can pick it up offline. But we're not seeing any acceleration or deceleration -- significant deceleration on the Manufacturing side. Renewal rates look strong across the board. New product subscription growth with -- back to one of the questions that came up earlier, was in line and actually slightly higher than what we've seen in the prior couple quarters. So the Manufacturing space continues to perform well, and I think it's a bit of a standout relative to our peers that are far more manufacturing-focused when you look at that growth rate.

在 ACV 中。所以我們並沒有看到那種——我不太確定你剛才做的計算結果。我們看不到——我們可以離線取得。但我們沒有看到任何加速或減速的跡象——製造業方面沒有明顯的減速。整體續約率表現強勁。新產品訂閱成長——回到之前提出的問題——與前幾季相比，基本上持平，實際上略高於前幾季的水平。因此，製造業領域持續表現良好，我認為，就成長率而言，它相對於我們那些更注重製造業的同行來說，顯得有些突出。

Yes. And I -- just even to comment on Germany, and we'll just talk about it from a pure ACV standpoint. The ACV growth in Germany was still double-digit -- high double-digit growth. What we saw was a gap between our expectations and the growth you were seeing as we headed into the end of the quarter. We have high expectations for that market, and those expectations were not getting met in the same kind of pattern that we would have expected in past quarters. But ACV is growing across the board in Manufacturing. So I think maybe it's something that would be absolutely good to follow up on and make sure we got the math right there.

是的。我——即使只是想評論一下德國，我們也只是從純粹的ACV角度來談談。德國的ACV成長率仍保持在兩位數——接近兩位數的成長率。我們發現，隨著季度末的臨近，我們的預期與你們所看到的成長之間存在差距。我們對這個市場寄予厚望，但這些期望並沒有像過去幾季我們預期的那樣得到滿足。但蘋果醋在製造業的各個領域都在全面成長。所以我認為，這或許是一件非常值得跟進的事情，以確保我們的計算是正確的。

Yes.

是的。

Okay. That makes sense. Just a quick question on the gap between the results versus your high expectations going in. Is the gap more driven by lower expansion than you expected or less adoption from potential new customers?

好的。這很有道理。我有一個關於結果與您最初高預期之間差距的問題想請教一下。造成這種差距的原因更多是因為擴張速度低於預期，還是潛在新客戶的接受度較低？

Yes. So what it is, is mostly a cross-sell and upsell opportunity slowing down a little bit. I'll give one example as we look out into the second half. Accounts in some of the European countries where we expected to see EBA conversions are looking like they're more going to subscription sales versus the EBAs. So what we're seeing is a little bit of change in behavior at the EBA level and at the upsell and cross-sell level, and that's really what's triggering our caution.

是的。所以，這主要是因為交叉銷售和向上銷售的機會稍微放緩了。展望下半場，我舉個例子。在一些我們原本預期會看到 EBA 轉換的歐洲國家，帳戶似乎更多地轉向了訂閱銷售，而不是 EBA。所以我們看到的是，在 EBA 層面以及追加銷售和交叉銷售層面，行為上出現了一些變化，而這正是引發我們警覺的原因。

And in terms of what we saw during the quarter, we expect a certain level of uptick in the ACV as we get towards the end of the quarter. And for Manufacturing in Germany, in particular, we didn't see that uptick in ACV. We're still doing great growing, but we didn't see the uptick we expected in -- towards the numbers we wanted to see, and we took that as an indicator of some slowness.

就本季我們所看到的，我們預計隨著季度末的臨近，年度合約價值 (ACV) 將出現一定程度的增長。尤其是在德國製造業，我們沒有看到年度合約價值成長。我們仍然保持著良好的成長勢頭，但是我們沒有看到預期的成長——沒有達到我們想要的數字，我們認為這是一個成長放緩的跡象。

Our next question comes from Kash Rangan of Bank of America.

下一個問題來自美國銀行的卡什·蘭根。

Thanks for being completely detailed and transparent with all the disclosures. I was also curious given that we've not seen any meaningful turn in the business so far. How confident that -- are you that we have level set the estimates? Or is it a potential nub, rather, which is potentially based on what you might uncover in October quarter? Or do you feel that you've seen enough and you've scrubbed the model enough to account for whatever it is that you saw in July and that we should be okay from this point onwards?

感謝您如此詳盡透明地披露所有資訊。我也很好奇，因為到目前為止，我們還沒有看到業務出現任何實質的轉變。您對我們設定的估算標準有多大把握？或者說，這是一個潛在的瓶頸，這可能取決於你在十月季度中可能會發現什麼？或者您覺得您已經了解得足夠多，並且已經對模型進行了充分的調整，足以解釋您在7月份看到的任何事情，並且從現在開始我們應該沒問題了？

Yes, so obviously, we spent a lot of time scrubbing the numbers and looking at this and making sure that we were looking at this in a prudent way. We feel confident that we set the guide right. I mean obviously, we're one tweet away from something changing. Unless something radical changes in the macro environment, we feel pretty confident given our pipeline visibility to what we're guiding out there right now.

是的，很顯然，我們花了很多時間仔細核查數據，確保我們以謹慎的方式看待這個問題。我們相信我們已經制定了正確的指南。我的意思是，很明顯，一則推文就可能帶來改變。除非宏觀環境發生根本性變化，否則鑑於我們對目前所引導專案的了解，我們對此相當有信心。

And again, I just want to reiterate, what we did is we narrowed the range from the top end down. The bottom at constant currency stayed the same, prudent measured action relative to what we're seeing out there. We think we've got it right. Look, if something comes from left field -- if something will come from left field -- but we feel like we've got it right, and we've scrubbed our numbers. Scott, do you want to comment?

我再次重申一下，我們所做的就是縮小範圍，從最高價位向下調整。以固定匯率計算，底部保持不變，相對於我們目前所看到的市場狀況，採取謹慎的、有節制的行動是合理的。我們認為我們做對了。你看，如果有什麼意想不到的事情發生——如果有什麼事情會出乎意料——但我們感覺我們已經做對了，而且我們已經清理了我們的資料。史考特，你想發表一下看法嗎？

Yes, the only thing I'd add to that, Kash, and it's a great question, and I appreciate you asking it so we can talk about it on the call, is that the -- as we started to analyze not just where we're headed in the -- with the strength of our pipeline and the overall strength in our renewal rates, which the renewal rate is becoming a bigger and bigger part of our business. Net revenue retention stayed in the same range. Renewal rates on a volume basis, if anything, ticked up, modestly, of course, but ticked up slightly sequentially. So feel good about the core business.

是的，Kash，我唯一要補充的是，這是一個很好的問題，我很感謝你提出這個問題，這樣我們就可以在電話會議上討論它了。那就是——當我們開始分析我們未來的發展方向時——我們不僅關注銷售管道的實力，還關注續約率的整體實力，而續約率在我們業務中所佔的比重越來越大。淨收入留存率維持不變。從數量上看，續約率略有上升，當然，上升幅度不大，但環比略有上升。所以，請對核心業務感到滿意。

And we talked about the remaining performance obligations. Even the current RPO, right? So those are there. They're going to turn into revenue in the next 12 months, growing 23% year-on-year. So who knows what the next tweet will say, but we feel like we've built in everything that we can see at this point.

我們也討論了剩餘的履約義務。即使是目前的RPO（招募點目標）也一樣，對吧？所以，這些東西都在那裡。未來 12 個月內，這些投資將轉化為收入，年增 23%。所以誰也不知道下一則推文會說什麼，但我們感覺目前為止我們已經把所有能想到的東西都考慮進去了。

Our next question comes from Richard Davis of Canaccord.

我們的下一個問題來自 Canaccord 公司的 Richard Davis。

Two quick questions. One, you had a little bit of kind of work on rationalizing kind of the overlapping features between PlanGrid and some preexisting functionality. How far are you on that?

兩個問題，簡單問一下。第一，您需要做一些工作來合理化 PlanGrid 與一些現有功能之間的重疊特性。你那項工作進展到什麼程度了？

And then on the second question would be share repurchase, I think, you said 253,000. How much is left? And can you accelerate that? Can you surge that? Or what's up with that? That was your 2 simple questions.

然後第二個問題是關於股票回購，我想，你說的是 253,000。還剩多少？你能加快這個過程嗎？你能把它加註嗎？那到底是怎麼回事？這就是你提出的兩個簡單問題。

Yes, Richard, that's the -- thank you for that. All right. So first off, let's talk about how we positioned the portfolio to our customers and positioned the breadth of our portfolio. I made it very clear that the BIM 360 product set is going to focus on project management, project-centric workflows and all the things associated with managing projects from start to finish and integrating them into the preconstruction workflow.

是的，理查德，就是這樣——謝謝你。好的。首先，讓我們談談我們如何向客戶定位產品組合，以及如何定位我們產品組合的廣度。我已明確表示，BIM 360 產品套件將專注於專案管理、以專案為中心的流程以及與專案從開始到結束的管理相關的所有事項，並將其整合到施工前流程中。

PlanGrid is going to focus on field execution and all the things associated with field execution and the capturing of information in and around field execution and communicating that information back up into the global project management environment. We've made progress on multiple fronts. Like I said earlier, we've integrated BIM into PlanGrid, and so there's a BIM-PlanGrid integration.

PlanGrid 將專注於現場執行以及與現場執行相關的一切事項，包括現場執行過程中及周圍的資訊收集，並將這些資訊回饋到全球專案管理環境中。我們在多個方面都取得了進展。正如我之前所說，我們已經將 BIM 整合到 PlanGrid 中，因此存在 BIM 與 PlanGrid 的整合。

We've also integrated some BuildingConnected build -- bid management function into PlanGrid as well. But one of the really exciting things that we're working on and is part of the integration strategy is that both the PlanGrid team and the BIM 360 teams have seen the next-generation building BIM 360 Docs solution we built as being the foundation of what we call a common data environment. This is something that's spec-ed out in the AEC industry. It's called a CDE.

我們也把 BuildingConnected 的一些建設投標管理功能整合到了 PlanGrid 中。但我們正在努力實現的一個真正令人興奮的目標，也是整合策略的一部分，是 PlanGrid 團隊和 BIM 360 團隊都認為我們建造的下一代建築 BIM 360 Docs 解決方案是我們所說的通用數據環境的基礎。這是建築、工程和施工（AEC）行業中明確規定的內容。它被稱為 CDE。

And Docs is going to be the foundation of our common data environment. And both PlanGrid and BIM -- and all the other core BIM 360 functionality are integrating into that platform, which gives us a great stepping-stone not only to satisfy some pretty complicated requirements around common data environments, but also to bring the products together more rapidly.

而 Docs 將成為我們通用資料環境的基礎。PlanGrid 和 BIM 以及所有其他 BIM 360 核心功能都整合到該平台中，這為我們提供了一個很好的跳板，不僅可以滿足圍繞通用資料環境的一些相當複雜的要求，還可以更快地將產品整合在一起。

So you're going to hear a lot of things from us in the second half of this year and the first half of next year about how these portfolios are coming together, but our customers get it. They understand, and they're buying in more to our solution because they see us acting in the direction of what we said we're going to do.

所以，今年下半年和明年上半年，你們會聽到我們很多關於這些投資組合如何整合的訊息，但我們的客戶都明白這一點。他們理解了，並且更加認可我們的解決方案，因為他們看到我們正在朝著我們所說的方向行動。

And Richard, on the -- on your stock buyback question, you're spot on. So we spent $40 million during the quarter. Year-to-date, we spent $140 million. Our -- there's no change in our stance on cap allocation so we'll continue to offset the -- of course, support the growth of the company first, but offset the dilution from our equity plans and then return excess cash to shareholders.

理查德，關於你提出的股票回購問題，你完全正確。所以，我們本季支出了4000萬美元。今年迄今為止，我們已花了 1.4 億美元。我們的——我們對資本分配的立場沒有改變，所以我們將繼續抵消——當然，首先支持公司的成長，但抵消股權計劃造成的稀釋，然後將多餘的現金返還給股東。

We've been doing that pretty effectively with a more opportunistic buying pattern, so a price grid that's based on some Monte Carlo modeling that we do. And during the trading blackout window, of course, we have to trade under a 10b5-1 plan. Our trading blackout window began in early July right before the most recent market volatility. So the grid that we had set up didn't necessarily reflect the volatility that we wound up experiencing. At this point, I think you should definitely expect us to be back in the market buying back stocks.

我們一直採用更具機會主義的購買模式來有效地做到這一點，即基於我們所做的一些蒙特卡洛建模的價格網格。當然，在交易暫停期間，我們必須按照 10b5-1 計劃進行交易。我們的交易暫停期從7月初開始，就在最近一次市場波動之前。因此，我們建立的網格並不一定能反映出我們最終經歷的波動性。此時此刻，我認為你們絕對應該預料到我們會重返市場，重新買進股票。

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

我們的下一個問題來自花旗銀行的泰勒拉德克。

So you talked about how you think some of these macro issues are only a temporary thing or a short-term thing. I guess what gives you the confidence there? And then as you think about your lowered expectations, is it fair to say it's all coming from Manufacturing? Or is there any reduction in your view on AEC?

所以你談到你認為其中一些宏觀問題只是暫時的或短期的。我想問你，是什麼讓你如此有自信？那麼，當你考慮到降低的期望值時，是否可以說這一切都源自於製造業？或是您對AEC的看法是否有所改變？

Yes. All right. So first off, again, let me just clarify a few things that give us confidence about the short-term impacts once it is -- one, half of the change in the midpoint of the guide is currency effect, okay? So let's just make sure we all level set on that and remember it's currency effect. I think that's really important.

是的。好的。首先，讓我再次澄清幾件事，以便我們對短期影響充滿信心——第一，指導價中點變化的一半是匯率影響，好嗎？所以，我們先確保大家對此達成共識，記住這是貨幣效應。我認為這非常重要。

The other thing that gives us a lot of confidence is our pipeline visibility. We have more visibility -- because of the changes in some of the models that we have in terms of our go-to-market model with the rise of our mid-market programs and some of our direct programs, we have quite a bit of visibility into our pipeline. And we can see into our pipeline. We see a robust pipeline. We have visibility all the way through to the end of the year and also visibility beyond that. So we feel pretty good that some of these things are short-term effects.

另一個讓我們信心倍增的因素是我們對管道走向的清晰了解。由於我們的一些市場進入模式發生了變化，例如中端市場項目和一些直接項目的興起，我們對自身的發展前景有了更清晰的了解。我們可以看到我們的管道內部情況。我們看到了穩健的人才儲備。我們不僅能夠預見到年底的情況，還能預見更遠的未來。所以我們感覺還不錯，因為其中一些影響是短期的。

In addition, we don't see anything slowing down with regards to construction and with regards to our piracy conversion work. So if we just look at the high level, those things are all kind of short-term impacts on our business. And what was the second part of your question? Because I thought you asked another clarifying thing about what gave me confidence on the short term.

此外，我們也沒有看到建築業和我們的反盜版工作有任何放緩的跡象。所以如果我們只從宏觀層面來看，這些事情對我們的業務都只是短期影響。你問題的第二部分是什麼？因為我以為你問的是另一個需要澄清的問題，那就是什麼讓我短期內充滿信心。

Yes, it was just the confidence that it's only a short-term macro bump. And on the -- I think you kind of answered it, but around the guidance, was it all a reduction in Manufacturing? Or was there any incremental caution on AEC?

是的，只是因為我相信這只是短期宏觀經濟波動。關於──我想你已經回答過了，但關於指導意見，是不是全部都是製造業的縮減？或者說，AEC方面是否有任何逐步增強的謹慎態度？

No. Yes, so there's no incremental views on AEC. The change in guidance came from those FX effects and our view of the impacts of the softness we saw in Manufacturing in Germany, the softness we saw in the U.K. and the gap between our potential in China and what we're actually able to execute on. That -- those were really the key drivers.

不。是的，所以對AEC沒有新的認識。此次業績指引的調整源於匯率波動的影響，以及我們對德國製造業疲軟、英國製造業疲軟以及我們在中國的潛在業績與實際業績之間的差距的看法。那——那些才是真正的關鍵驅動因素。

Okay. Great. And if I could sneak in one more for Scott. As you think about kind of some of the expense levers you have, if you continue to see more softness, just what's kind of your willingness to maybe pull back on hiring or be more conservative to keep free cash flow or profitability targets in place?

好的。偉大的。如果可以的話，我還要再給斯科特加一個。當你考慮一些可以控制支出的因素時，如果經濟持續疲軟，你願意在多大程度上減少招募或採取更保守的措施來維持自由現金流或獲利目標？

Yes, that's a great question, Tyler. The -- I think we've demonstrated pretty effectively over the last 4 years sound spend discipline. We continue to show, to demonstrate, sound spend discipline. We effectively kept total spend flat for -- ex the acquisitions in Q4, we kept total spend flat for 4 consecutive years. So there will be a bit of an opportunity for us to take up spend at the same time we're increasing margins.

是的，泰勒，你問得好。我認為，在過去的四年裡，我們已經相當有效地展現了良好的支出紀律。我們將繼續展現、證明我們擁有良好的支出紀律。除了第四季度的收購之外，我們有效地保持了總支出不變——我們連續 4 年保持了總支出不變。因此，在我們提高利潤率的同時，我們也有機會增加支出。

If you look at this year, we talked about spend growth of 9% and margin growth of 12 percentage points of margin year-on-year. I expect margin to expand again into fiscal '21, although there is some pent-up demand for spend -- having been flat for 4 consecutive years, there's some pent-up demand so I would -- spending will increase. Current [course, as we speak], barring something significantly different happening in the overall macro environment, spending will see a little bit of an increase again in fiscal '21.

如果回顧今年，我們談到支出成長了 9%，利潤率年增了 12 個百分點。我預計利潤率在 2021 財年將再次擴大，儘管支出方面存在一些被壓抑的需求——由於連續 4 年持平，因此存在一些被壓抑的需求，所以我認為支出將會增加。就目前情況而言，除非宏觀環境發生重大變化，否則 2021 財年的支出將再次略有增加。

Thank you. At this time, I'd like to turn the call back over to management for any closing remarks.

謝謝。此時，我想把電話轉回給管理階層，請他們作總結發言。

Thanks for joining us. This concludes our conference call for today. If you have any questions, feel free to contact us. All right. Thank you.

謝謝您的參與。今天的電話會議到此結束。如有任何疑問，請隨時與我們聯繫。好的。謝謝。

Thank you, sir. Ladies and gentlemen, this concludes today's conference. Thank you for your participation, and have a wonderful day. You may disconnect your lines at this time.

謝謝您，先生。女士們、先生們，今天的會議到此結束。感謝您的參與，祝您有美好的一天。您可以在此時斷開線路。