Autodesk Inc (ADSK) 2022 Q4 法說會逐字稿

Thank you for standing by, and welcome to the Autodesk Fourth Quarter and Full Year Fiscal 2022 Earnings Conference Call. (Operator Instructions) As a reminder, today's program may be recorded.

感謝您的支持，歡迎參加 Autodesk 2022 財年第四季度和全年收益電話會議。 （操作員說明）提醒一下，今天的節目可能會被錄製。

I would now like to introduce your host for today's program, Simon Mays-Smith, Vice President of Investor Relations. Please go ahead, sir.

我現在想介紹一下今天節目的主持人，投資者關係副總裁 Simon Mays-Smith。請繼續，先生。

Thanks, operator, and good afternoon. Thank you for joining our conference call to discuss the fourth quarter and full year results of our fiscal '22. On the line with me are Andrew Anagnost, our CEO; and Debbie Clifford, our Chief Financial Officer.

謝謝，接線員，下午好。感謝您參加我們的電話會議，討論我們 22 財年的第四季度和全年業績。與我聯繫的是我們的首席執行官 Andrew Anagnost。和我們的首席財務官黛比·克利福德。

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

今天的電話會議將通過網絡直播進行現場直播。此外，還可在 autodesk.com/investor 上重播電話會議。在本次電話會議之後，您可以在我們的投資者關係網站上找到收益新聞稿、幻燈片演示和今天開幕評論的文字稿。

During this call, we may make forward-looking statements about our outlook, future results and related assumptions, acquisitions, products and product capabilities and strategies. These statements reflect our best judgment based on currently known factors. Actual events or results could differ materially.

在本次電話會議期間，我們可能會就我們的前景、未來結果和相關假設、收購、產品和產品能力和戰略做出前瞻性陳述。這些陳述反映了我們基於當前已知因素的最佳判斷。實際事件或結果可能存在重大差異。

Please refer to our SEC filings, including our most recent Form 10-K for important risks and other factors, including developments in the COVID-19 pandemic and the resulting impact on our business operations that may cause our actual results to differ from those in our forward-looking statements.

請參閱我們提交給 SEC 的文件，包括我們最近的 10-K 表格，了解重要風險和其他因素，包括 COVID-19 大流行的發展以及由此對我們的業務運營產生的影響，這些影響可能導致我們的實際結果與我們的實際結果不同前瞻性陳述。

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.

截至今天，電話會議期間作出的前瞻性陳述正在作出。如果今天之後重播或查看此通話，通話期間提供的信息可能不包含當前或準確的信息。 Autodesk 不承擔更新或修改任何前瞻性陳述的義務。

During the call, we will quote a number of numerical growth changes as we discuss our financial performance. Unless otherwise noted, each such reference represents a year-on-year comparison. All non-GAAP numbers referenced in today's call are reconciled in our press release or Excel Financials and other supplemental materials available on our Investor Relations website.

在電話會議期間，我們將在討論我們的財務業績時引用一些數字增長變化。除非另有說明，否則每個此類參考均代表同比比較。今天電話會議中引用的所有非 GAAP 數字均在我們的新聞稿或 Excel 財務報表以及我們投資者關係網站上提供的其他補充材料中進行了核對。

And now I will turn the call over to Andrew.

現在我將把電話轉給安德魯。

Thank you, Simon, and welcome, everyone, to the call. Today, we reported record fourth quarter and full year revenue, non-GAAP operating margins and free cash flow. Our strong results and competitive performance were underpinned by some perennial factors. Our ability to deliver greater value to our customers and partners through consistent investment in our technology, workforce and business model and customer experience.

謝謝你，西蒙，歡迎大家來電。今天，我們報告了創紀錄的第四季度和全年收入、非公認會計準則營業利潤率和自由現金流。我們強勁的業績和有競爭力的表現是由一些長期因素支撐的。通過對我們的技術、勞動力和商業模式以及客戶體驗的持續投資，我們有能力為我們的客戶和合作夥伴提供更大的價值。

Let me talk briefly about each of these as they are just as important to our future growth as they have been to our growth in the past. All of our technology investments, be it in 3D and BIM, enabling workflows in the cloud in generative design, in make, and in newer verticals like water and construction. All of them connect siloed adjacent workflows in the cloud and lead our customers to new, more efficient and sustainable ways of working.

讓我簡單地談談其中的每一個，因為它們對我們未來的增長和過去對我們的增長一樣重要。我們所有的技術投資，無論是在 3D 和 BIM 方面，都支持生成設計、製造以及水和建築等較新的垂直領域中的雲端工作流。所有這些都將雲中孤立的相鄰工作流連接起來，並引導我們的客戶採用新的、更高效和可持續的工作方式。

At Autodesk University, we announced we were moving from products to platforms and capabilities, and bringing those capabilities to any device anywhere to the cloud. Fusion 360 is the leading edge of this transition and our recent acquisitions of Prodsmart and CIMCO will enable us to further digitize and connect shop floor processes and manufacturing to help build connected factories while providing additional on-ramps into and usage of our manufacturing platform. Similarly, our acquisitions of Moxion and LoUPE enable us to connect Media and Entertainment workflows and data from postproduction to preproduction.

在 Autodesk 大學，我們宣布我們正在從產品轉向平台和功能，並將這些功能帶到雲端的任何設備上。 Fusion 360 是這一轉變的前沿，我們最近對 Prodsmart 和 CIMCO 的收購將使我們能夠進一步數字化和連接車間流程和製造，以幫助建立互聯工廠，同時為我們的製造平台提供額外的入口和使用。同樣，我們對 Moxion 和 LoUPE 的收購使我們能夠連接媒體和娛樂工作流程以及從後期製作到前期製作的數據。

With Media and Entertainment signing its largest ever EBA in the fourth quarter, the ability to connect preproduction workflows further expands our addressable TAM. We're also continuing to invest in our workforce, attract and retain the best talent in our industries and cultivate a shared sense of purpose and of diversity and belonging.

隨著媒體和娛樂公司在第四季度簽署其有史以來最大的 EBA，連接預製作工作流程的能力進一步擴展了我們的可尋址 TAM。我們還將繼續投資於我們的員工隊伍，吸引和留住我們行業中最優秀的人才，培養共同的使命感、多樣性和歸屬感。

We recently received recognition for that work with inclusion on the Corporate Knights index of the world's most sustainable companies and the highest possible score on the Human Rights Foundation's Corporate Equality Index. We are proud of our purpose and unique culture, one consequence of which is relatively low attrition compared to our technology peers. This is another source of competitive advantage in tight labor market.

我們最近因這項工作而獲得認可，被列入全球最具可持續性公司的企業騎士指數，並在人權基金會的企業平等指數中獲得最高分。我們為我們的目標和獨特的文化感到自豪，其結果之一是與我們的技術同行相比，流失率相對較低。這是勞動力市場緊張的另一個競爭優勢來源。

It also means that when gifted leaders like Scott Reese and Pascal Di Fronzo decide to climb their next mountains, we have a deep bench of internal talent like Jeff Kinder and Rebecca Pearce; and alumnae, like Ruth Ann Keene, to step into their shoes.

這也意味著，當像 Scott Reese 和 Pascal Di Fronzo 這樣有天賦的領導者決定攀登他們的下一座山時，我們擁有像 Jeff Kinder 和 Rebecca Pearce 這樣的內部人才；和校友，如露絲·安·基恩（Ruth Ann Keene），步入他們的位置。

And finally, business model and customer experience optimization. This includes the shift from perpetual licenses with maintenance to tiered subscription, the shift from desktop multiuser licenses to named user subscriptions and consumption. The shift from indirect to direct, the shift from front-end to back-end payments to channel partners. And most recently, the shift from upfront to annual billing, all of which enable us to better serve more customers in flexible and customized ways.

最後，商業模式和客戶體驗優化。這包括從帶維護的永久許可到分層訂閱的轉變，從桌面多用戶許可到指定用戶訂閱和消費的轉變。從間接到直接的轉變，從前端到後端支付到渠道合作夥伴的轉變。最近，從前期計費到年度計費的轉變，所有這些都使我們能夠以靈活和定制的方式更好地為更多客戶服務。

As of February 1, we unified all customer and partner-facing activities, marketing, go-to-market, customer success and customer operations under our COO, Steve Blum to give us a better end-to-end view of the customer experience and to drive sustainable competitive advantage and growth.

自 2 月 1 日起，我們在首席運營官 Steve Blum 的領導下統一了所有面向客戶和合作夥伴的活動、營銷、上市、客戶成功和客戶運營，以便我們更好地端到端地了解客戶體驗和推動可持續的競爭優勢和增長。

While the pandemic and its aftershocks, mean we will fall narrowly short of the financial targets set more than 5 years ago, we have made tremendous progress through consistent investment in our technology, our workforce and our business model and customer experience, which have added adjacent use cases and usage in our ecosystem, growing our addressable market and our ability to realize it.

雖然大流行及其餘震意味著我們將勉強實現 5 年多前設定的財務目標，但通過對我們的技術、我們的員工隊伍、我們的商業模式和客戶體驗的持續投資，我們取得了巨大的進步，這增加了相鄰的我們的生態系統中的用例和使用，發展我們的潛在市場和我們實現它的能力。

Importantly, the pandemic has accelerated the structural growth drivers underpinning our future growth. We have robust momentum as we enter fiscal '23 and over the long term.

重要的是，大流行加速了支撐我們未來增長的結構性增長動力。隨著我們進入 '23 財年並從長遠來看，我們擁有強勁的勢頭。

Now let me turn the call over to Debbie to take you through the details of our quarterly financial performance and guidance for the year. I'll then come back to provide an update on our strategic growth initiatives.

現在讓我把電話轉給黛比，帶您了解我們的季度財務業績和年度指導的詳細信息。然後我會回來提供我們戰略增長計劃的最新情況。

Thanks, Andrew. In an extraordinary year, we performed strongly across all metrics, perhaps best summarized by the sum of revenue growth and free cash flow margin for the year, which was 49%.

謝謝，安德魯。在非凡的一年裡，我們在所有指標上都表現出色，也許最好用當年收入增長和自由現金流利潤率的總和來概括，即 49%。

Our fourth quarter results were strong. Several factors contributed to that, including robust renewal rates, strong growth in subscriptions and rapidly expanding digital sales. Total revenue grew 17% or about 2 percentage points less in constant currency, with subscription revenue growing by 18%.

我們的第四季度業績強勁。有幾個因素促成了這一點，包括強勁的續訂率、訂閱量的強勁增長以及數字銷售的迅速擴大。總收入增長 17% 或按固定匯率計算減少約 2 個百分點，訂閱收入增長 18%。

Looking at revenue by product. AutoCAD and AutoCAD LT revenue grew 20%, AEC revenue grew 17% and manufacturing revenue grew 4%. Recall that Vault became ratable in fiscal '22, and that manufacturing also benefited in Q4 last year from a strong performance in automotive EBAs, which included significant upfront revenue. Excluding these impacts, manufacturing revenue grew in double digits in Q4.

按產品查看收入。 AutoCAD 和 AutoCAD LT 收入增長 20%，AEC 收入增長 17%，製造收入增長 4%。回想一下，Vault 在 22 財年變得可評級，去年第四季度製造業也受益於汽車 EBA 的強勁表現，其中包括可觀的前期收入。排除這些影響，第四季度製造業收入增長了兩位數。

M&A revenue grew 38%, which included some upfront revenue from its largest ever EBA. Even if you exclude upfront revenue, M&E grew more than 20% in Q4. Across the globe, revenue grew 18% in the Americas and 16% in both EMEA and APAC. Direct revenue increased 27% and represented 38% of total revenue, up from 34% last year due to strength from both enterprise and e-commerce. We had our best ever revenue quarter for digital sales, which helped annual e-commerce sales surpass $0.5 billion for the first time.

併購收入增長了 38%，其中包括來自其有史以來最大的 EBA 的一些前期收入。即使排除前期收入，M&E 在第四季度也增長了 20% 以上。在全球範圍內，美洲的收入增長了 18%，歐洲、中東和非洲和亞太地區的收入增長了 16%。由於企業和電子商務的強勁增長，直接收入增長了 27%，佔總收入的 38%，高於去年的 34%。我們在數字銷售方面取得了有史以來最好的收入季度，這幫助年度電子商務銷售額首次超過 5 億美元。

Our product subscription renewal rates remained at record highs. And our net revenue retention rate remained strongly within our 100% to 110% target range. Billings increased 13% to $1.7 billion, reflecting robust underlying demand, but also a tough EBA comparison from last year.

我們的產品訂閱續訂率保持在歷史最高水平。我們的淨收入保留率仍保持在 100% 至 110% 的目標範圍內。比林斯增長 13% 至 17 億美元，反映了強勁的潛在需求，但也與去年的 EBA 進行了艱難的比較。

Total deferred revenue grew 13% to $3.8 billion. Total RPO of $4.7 billion and current RPO of $3.1 billion grew 12% and 15%, respectively, and as expected, reflecting billings growth and the timing and volume of multiyear contracts, which are typically on a 3-year cycle.

總遞延收入增長 13% 至 38 億美元。 47 億美元的總 RPO 和 31 億美元的當前 RPO 分別增長了 12% 和 15%，正如預期的那樣，反映了賬單增長以及多年合同的時間和數量，這些合同通常以 3 年為周期。

Turning to the P&L. Non-GAAP gross margin remained broadly level at 93%, while non-GAAP operating margin increased by 5 percentage points to approximately 35%, reflecting strong revenue growth and ongoing cost discipline. GAAP operating margins declined by 6 percentage points to 12%, primarily due to lease-related charges of approximately $100 million, which reflects the progress we've made to reduce our real estate footprint and to further our hybrid workforce strategy as we announced on our last call.

轉向損益表。 Non-GAAP 毛利率大致保持在 93% 的水平，而非 GAAP 營業利潤率增長 5 個百分點至約 35%，反映出強勁的收入增長和持續的成本紀律。 GAAP 營業利潤率下降 6 個百分點至 12%，主要是由於租賃相關費用約為 1 億美元，這反映了我們在減少房地產足跡和推進混合勞動力戰略方面取得的進展，正如我們在我們的最後一次通話。

We delivered record free cash flow in the quarter and for the full year of $716 million and $1.5 billion, respectively. Having completed our first sustainability bond last quarter at historically attractive rates, we continued to optimize our capital structure in Q4 by accelerating our share repurchase activity.

我們在本季度和全年實現了創紀錄的自由現金流，分別為 7.16 億美元和 15 億美元。在上個季度以具有歷史吸引力的利率完成了我們的第一隻可持續發展債券後，我們在第四季度繼續通過加速我們的股票回購活動來優化我們的資本結構。

Given the recent pullback in our share price, we opportunistically repurchased shares at a higher rate than previous quarters, which allowed us to offset dilution in fiscal '22 and to get ahead of a sizable amount of our estimated dilution in fiscal '23. The net result was a slight reduction in our weighted average shares outstanding at the end of the year.

鑑於最近我們的股價回落，我們機會性地以高於前幾個季度的速度回購股票，這使我們能夠抵消 '22 財年的稀釋，並領先於我們在 '23 財年估計的大量稀釋。最終結果是我們在年底的加權平均流通股略有減少。

During Q4, we purchased 2.3 million shares for $613 million at an average price of approximately $267 per share. For the full year, we repurchased nearly 4 million shares at an average price of approximately $276 per share for a total spend of just over $1 billion. You'll see us continue to be opportunistic with share buybacks, but our capital allocation strategy is unchanged. We'll invest organically and inorganically to drive growth as well as purchase shares to offset dilution from our equity compensation plans over time.

在第四季度，我們以每股約 267 美元的平均價格以 6.13 億美元的價格購買了 230 萬股股票。全年，我們以每股約 276 美元的平均價格回購了近 400 萬股股票，總支出略高於 10 億美元。你會看到我們繼續在股票回購方面投機取巧，但我們的資本配置策略沒有改變。隨著時間的推移，我們將進行有機和無機投資以推動增長，併購買股票以抵消我們股權補償計劃的稀釋。

Now let me finish with guidance. On our last call, we signaled that we saw FX headwinds and macroeconomic uncertainty due to supply chain challenges, labor shortages and the ebb and flow of COVID. That perspective hasn't changed. So the risk we highlighted 3 months ago is now incorporated into our fiscal '23 outlook. Beyond that, we did see further strengthening of the U.S. dollar, resulting in a slight incremental FX headwind to our fiscal '23 expectations.

現在讓我以指導結束。在我們上次的電話會議上，我們表示，由於供應鏈挑戰、勞動力短缺和 COVID 的潮起潮落，我們看到了外匯逆風和宏觀經濟的不確定性。這種觀點沒有改變。因此，我們在 3 個月前強調的風險現在已納入我們的 23 財年展望。除此之外，我們確實看到美元進一步走強，導致我們對 23 財年預期的外匯逆風略有增加。

To put it in numerical terms, our fiscal '22 revenue growth reflects a 2 percentage point currency tailwind, which with FX movements in the last quarter, becomes a roughly 1 percentage point headwind to fiscal '23 revenue growth. Similarly, FX moves during the fourth quarter resulted in an approximately $30 million incremental headwind to fiscal '23 free cash flow. Beyond FX, we are obviously keeping a close eye on the geopolitical macroeconomic and policy environment.

用數字表示，我們 22 財年的收入增長反映了 2 個百分點的貨幣順風，隨著上一季度的外匯變動，這對 23 財年的收入增長造成了大約 1 個百分點的逆風。同樣，第四季度的外匯變動導致 23 財年的自由現金流增加了約 3000 萬美元的逆風。除了外匯，我們顯然也在密切關注地緣政治宏觀經濟和政策環境。

But having said all that, our strong momentum and competitive performance in fiscal '22 set us up well for fiscal '23. And we've assumed that market conditions in fiscal '23 are consistent with what we experienced in the second half of fiscal '22.

但話雖如此，我們在 22 財年的強勁勢頭和競爭性表現為我們在 23 財年奠定了良好的基礎。我們假設 23 財年的市場狀況與我們在 22 財年下半年的經歷一致。

We expect fiscal '23 revenue to be between $5.02 billion and $5.12 billion with growth of approximately 16% at the midpoint, and which reflects an incremental 1 percentage point FX headwind, as I mentioned earlier. We expect non-GAAP operating margins to be approximately 37% and free cash flow to be between $2.13 billion and $2.21 billion. The midpoint of that range, $2.17 billion, implies 47% growth and reflects the incremental $30 million FX headwind that I mentioned earlier. The slide deck on our website has more details on modeling assumptions for Q1 and full year fiscal '23.

正如我之前提到的，我們預計 23 財年的收入將在 50.2 億美元至 51.2 億美元之間，中點增長約 16%，這反映了 1 個百分點的外匯逆風。我們預計非美國通用會計準則營業利潤率約為 37%，自由現金流在 21.3 億美元至 22.1 億美元之間。該範圍的中點 21.7 億美元意味著增長 47%，反映了我之前提到的 3000 萬美元的外匯逆風。我們網站上的幻燈片有更多關於第一季度和 23 財年全年建模假設的詳細信息。

The pandemic has reinforced the structural growth drivers underpinning our strategy, and we remain confident in our long-term growth potential. We continue to target double-digit revenue growth, non-GAAP operating margins in the 38% to 40% range, and double-digit free cash flow growth on a compound annual basis. These metrics are intended to provide a floor to our revenue growth ambitions and a ceiling to our spend growth expectations.

大流行加強了支撐我們戰略的結構性增長動力，我們對我們的長期增長潛力仍然充滿信心。我們繼續以兩位數的收入增長、38% 至 40% 的非公認會計原則營業利潤率以及復合年均兩位數的自由現金流增長為目標。這些指標旨在為我們的收入增長目標提供一個底線，並為我們的支出增長預期設定一個上限。

Andrew, back to you.

安德魯，回到你身邊。

Thank you, Debbie. Our strategy is to transform the industries we serve with end-to-end cloud-based solutions that enable our customers to drive efficiency and sustainability. Structural growth drivers underpinning the strategy have been reinforced by the pandemic, including increased workflow convergence and platform standardization, a growing focus on distributed working in the cloud, automation and workforce productivity and also the growing importance of sustainability.

謝謝你，黛比。我們的戰略是通過端到端的基於雲的解決方案改變我們所服務的行業，使我們的客戶能夠提高效率和可持續性。大流行加強了支撐該戰略的結構性增長驅動因素，包括工作流融合和平台標準化的增加，對雲中分佈式工作的日益關注、自動化和勞動力生產力以及可持續性的日益重要。

Our model is scalable and extensible into adjacent verticals from architecture and engineering, through construction and owners from product engineering through product manufacturing and product data management. And as I stated earlier, with our consistent investment in our technology, our workforce and our business model and customer experience, we are well positioned to realize these opportunities. And so by both leading and partnering with our customers on new ways of working, we will grow too.

我們的模型具有可擴展性和可擴展性，可擴展到從建築和工程、產品工程到產品製造和產品數據管理的施工和所有者的相鄰垂直領域。正如我之前所說，憑藉我們對技術、員工隊伍、業務模式和客戶體驗的持續投資，我們已經做好了把握這些機會的準備。因此，通過領導客戶並與客戶合作開發新的工作方式，我們也將成長。

For example, Goldbeck is one of Europe's largest commercial design and construction companies and a leading practitioner of industrialized construction, and they use Inventor, Revit, Forge and generative design on our platform to implement their precast and modular system concept. By standardizing the invisible and customizing the visible, Goldbeck has been able to design and build highly customized and aesthetically pleasing buildings reliably, quickly and efficiently. Having unified around BIM, Goldbeck is now seeking to grow and connect beyond the design process to further improve efficiency and reduce waste through design automation during capital planning, for which it is trialing Spacemaker and great collaboration across design and build phases of construction using Autodesk Construction Cloud.

例如，Goldbeck 是歐洲最大的商業設計和建築公司之一，也是工業化建築的領先實踐者，他們在我們的平台上使用 Inventor、Revit、Forge 和生成式設計來實施他們的預製和模塊化系統概念。通過標準化無形和定制有形，Goldbeck 能夠可靠、快速、高效地設計和建造高度定制且美觀的建築。圍繞 BIM 統一後，Goldbeck 現在正在尋求在設計過程之外進行發展和連接，以通過資本規劃期間的設計自動化進一步提高效率並減少浪費，為此它正在試用 Spacemaker，並使用 Autodesk Construction 在施工的設計和建造階段進行良好的協作雲。

With the launch of Autodesk Build, the introduction of an account-based pricing business model and distribution through our channel partners, we are extending our reach into the construction market. For example, Lee Lewis Construction, an ENR 400 general contractor from Texas, has been driving innovation through construction technology for over 45 years. In 2021, it began adopting capabilities of the Autodesk Construction Cloud, beginning with Assemble for Virtual Design & Construction with the end goal of a full replacement of their product management software with Autodesk Build. By having one platform for the full end-to-end construction workflow, Lee Lewis will be able to more efficiently deliver extraordinary results for their clients, from concept planning to ribbon cutting.

隨著 Autodesk Build 的推出、基於帳戶的定價業務模式的引入以及通過我們的渠道合作夥伴進行分銷，我們正在將我們的影響力擴展到建築市場。例如，來自德克薩斯州的 ENR 400 總承包商 Lee Lewis Construction 45 年來一直通過建築技術推動創新。 2021 年，它開始採用 Autodesk Construction Cloud 的功能，從 Assemble for Virtual Design & Construction 開始，最終目標是用 Autodesk Build 完全替換其產品管理軟件。通過為完整的端到端施工工作流程提供一個平台，Lee Lewis 將能夠更有效地為客戶提供從概念規劃到剪彩的非凡成果。

With strong growth from Autodesk Build and the benefit of recently launched ACC bundles for preconstruction and construction operations, Autodesk Construction Cloud reported its best ever quarter and accelerating growth in the fourth quarter, entering FY '23 with strong momentum.

憑藉 Autodesk Build 的強勁增長以及最近推出的用於施工前和施工操作的 ACC 捆綁包的好處，Autodesk Construction Cloud 報告了有史以來最好的季度，並在第四季度加速增長，以強勁的勢頭進入 23 財年。

We continue connecting the dots in infrastructure too, most recently through the acquisition of Innovyze. Sustainable water is an area of opportunity for Autodesk across the globe. For example, Thames Water owns and operates one of the oldest and most complicated water supply networks in Europe, supplying 9 million customers in London and the Thames Valley. With InfoWorks WS Pro and IWLive Pro from Innovyze and an ongoing recruitment drive to double the size of their internal hydraulic modeling team, it is building a modeling center of excellence with a library of hydraulic models that can be run in near real time.

我們也繼續連接基礎設施中的各個點，最近一次是通過收購 Innovyze。可持續水是歐特克在全球範圍內的一個機會領域。例如，Thames Water 擁有並運營著歐洲最古老、最複雜的供水網絡之一，為倫敦和泰晤士河谷的 900 萬客戶供水。借助 Innovyze 的 InfoWorks WS Pro 和 IWLive Pro 以及不斷擴大內部水力建模團隊規模的招聘活動，該公司正在建立一個卓越的建模中心，其中包含可以近乎實時運行的水力模型庫。

When connected and compared with telemetry, these dynamic digital twins will become powerful planning tools, enabling Thames Water's teams to gain near real-time insight into system performance, leading to improved outcomes for the customers of today and tomorrow. I'm very pleased to report that Innovyze had its best quarter ever.

當與遙測技術相連接並進行比較時，這些動態數字雙胞胎將成為強大的規劃工具，使 Thames Water 的團隊能夠近乎實時地了解系統性能，從而為今天和未來的客戶帶來更好的結果。我很高興地報告 Innovyze 有有史以來最好的季度。

Turning to manufacturing. We sustained strong momentum in our manufacturing portfolio this quarter as we connect more workflows beyond the design studio and develop more on-ramps to our manufacturing platform. In automotive, we continue to grow our footprint beyond the design studio and into manufacturing-connected factories as automotive OEMs seek to break down work silos and shorten handoff and design cycles.

轉向製造。本季度我們的製造組合保持強勁勢頭，因為我們連接了設計工作室之外的更多工作流程，並為我們的製造平台開發了更多入口。在汽車領域，隨著汽車 OEM 尋求打破工作孤島並縮短交接和設計週期，我們繼續擴大我們的足跡，超越設計工作室，進入製造連接的工廠。

For example, a multinational automobile company, which designs and jointly manufactures premium electric cars operates in 4 countries across the world and is currently in the process of expanding to a further 20. With its new EBA signed in the fourth quarter, it is not only adding additional users of Alias and VRED, it is also partnering with our consulting teams and product experts to both extend its in-house manufacturing capabilities with Autodesk Moldflow and working on the rollout of ShotGrid globally to help seamlessly manage and collaborate across its end-to-end workflows.

例如，一家設計和聯合製造高檔電動汽車的跨國汽車公司在全球 4 個國家開展業務，目前正在進一步擴大到 20 個國家。隨著其新的 EBA 在第四季度簽署，它不僅是除了增加 Alias 和 VRED 的其他用戶，它還與我們的諮詢團隊和產品專家合作，通過 Autodesk Moldflow 擴展其內部製造能力，並致力於在全球範圍內推出 ShotGrid，以幫助無縫管理和協作。 -結束工作流程。

Our platform approach gives new customers multiple on-ramps into our cloud ecosystem. For example, a European-based start-up that creates smart charging systems for EVs worldwide use a competitor's product and design, but was also running into collaboration challenges due to the rapid growth of its business. It shows Upchain as its cloud data management system because it is easy to install, is up and running out of the box and enables all users anywhere and on any device to collaborate on up-to-date data in real time. And it is easy to add new users and scale with the hyper growth of the company. These are also all attributes of Fusion 360, and we hope to earn the right to connect more workflows for Upchain users in the future.

我們的平台方法為新客戶提供了進入我們雲生態系統的多個入口。例如，一家為全球電動汽車創建智能充電系統的歐洲初創公司使用競爭對手的產品和設計，但由於其業務的快速增長，也遇到了協作挑戰。它將 Upchain 顯示為其云數據管理系統，因為它易於安裝、開箱即用，並且使所有用戶在任何地方和任何設備上都可以實時協作處理最新數據。而且很容易添加新用戶並隨著公司的高速增長而擴展。這些也是 Fusion 360 的所有屬性，我們希望在未來為 Upchain 用戶贏得連接更多工作流的權利。

Fusion 360's commercial subscribers grew steadily, ending the quarter with 189,000 subscribers. Early demand for our new extensions, including machining, generative design and nesting and fabrication has been strong and there has been significant interest in our upcoming simulation and design extension. While we often think of education users taking Fusion 360 with them into the workforce, our commercial customers are also taking Fusion 360 into education to help train their future workforce.

Fusion 360 的商業用戶穩步增長，在本季度末達到 189,000 名用戶。早期對我們的新擴展（包括加工、衍生式設計以及嵌套和製造）的需求一直很強勁，並且對我們即將推出的模擬和設計擴展產生了濃厚的興趣。雖然我們經常想到教育用戶將 Fusion 360 帶入勞動力市場，但我們的商業客戶也將 Fusion 360 帶入教育領域，以幫助培訓他們未來的勞動力。

For example, Lawrence Equipment, as a member of the Pasadena City College Advisory Board, showed the college how Fusion 360 had helped innovate and improve its design and manufacturing workflows, resulting in greater operational efficiency, improved productivity and higher quality production. Upon adoption for its machine shop program, the college immediately found that students using Fusion 360 are spending less time learning how to use the software and more time on the machines, learning important machining skills. The students also better understood how their work affected the company. As a result, Lawrence Equipment can hire from a steady pool of highly qualified Pasadena City College graduate, a win-win.

例如，作為帕薩迪納市學院顧問委員會成員的 Lawrence Equipment 向學院展示了 Fusion 360 如何幫助創新和改進其設計和製造工作流程，從而提高運營效率、生產力和生產質量。在採用其機加工車間計劃後，該學院立即發現使用 Fusion 360 的學生在學習如何使用該軟件上花費的時間更少，而在機器上花費的時間更多，學習重要的加工技能。學生們也更好地了解了他們的工作對公司的影響。因此，Lawrence Equipment 可以從穩定的高素質帕薩迪納城市學院畢業生中招聘，這是雙贏的。

With sustained demand for compelling content and growing pressure to produce that content more efficiently, there is increased demand for content creation tools and cloud-enabled production workflows in the Media and Entertainment industries. As a result, Media and Entertainment finished the year strong as companies emerging from the pandemic sought to connect siloed workflows and remote teams.

隨著對引人注目的內容的持續需求以及更高效地製作內容的壓力越來越大，媒體和娛樂行業對內容創建工具和支持雲的製作工作流程的需求也在增加。因此，隨著從大流行中崛起的公司尋求連接孤立的工作流程和遠程團隊，媒體和娛樂業在這一年結束時表現強勁。

For example, Technicolor, a worldwide creative technology leader, has renewed its commitment to Autodesk content creation and production management tools, such as Maya and ShotGrid. By standardizing on common tools across its global studios, Technicolor can unleash the creative potential of its remote and distributed workforce. By efficiently and securely connecting teams, Technicolor can continue to serve the growing demand for compelling content, redefining what's possible for storytellers and audiences around the globe.

例如，全球創意技術領導者 Technicolor 重申了對 Autodesk 內容創建和生產管理工具（例如 Maya 和 ShotGrid）的承諾。通過標準化其全球工作室的通用工具，Technicolor 可以釋放其遠程和分佈式員工的創造潛力。通過高效、安全地連接團隊，Technicolor 可以繼續滿足對引人注目的內容不斷增長的需求，重新定義全球故事講述者和觀眾的可能性。

And finally, we continue to enable more users to participate in our ecosystem more productively through business model innovation and our license compliance initiatives. With single sign-on for improved security and user level reporting, our premium plan enables our customers to manage their software usage across distributed sites more safely and efficiently.

最後，我們繼續通過商業模式創新和許可合規計劃讓更多用戶更有效地參與我們的生態系統。通過單點登錄以提高安全性和用戶級別報告，我們的高級計劃使我們的客戶能夠更安全、更有效地管理他們在分佈式站點中的軟件使用。

As we help our customers understand the details of how they use our solutions, the better we can ensure their success by efficiently and effectively implementing them. For example, the ZETA Group, with 17 subsidiaries worldwide, specializes in planning, automation, digitization and maintenance of customized biopharmaceutical facilities for aseptic process solution. ZETA was looking for better visibility into its employee software usage in either administration of subscribers. In Q4, it doubled the number of premium plan subscriptions to gain comprehensive employee level reporting for better insight and easier administration.

當我們幫助我們的客戶了解他們如何使用我們的解決方案的細節時，我們可以更好地通過有效地實施它們來確保他們的成功。例如，ZETA 集團在全球擁有 17 家子公司，專門為無菌工藝解決方案定制生物製藥設施的規劃、自動化、數字化和維護。 ZETA 正在尋求更好地了解其員工軟件在訂閱者管理中的使用情況。在第四季度，它使高級計劃訂閱的數量翻了一番，以獲得全面的員工級別報告，以獲得更好的洞察力和更輕鬆的管理。

That visibility into employee software usage and easier administration of subscribers also makes premium plans an attractive solution for customers seeking to remain license compliant. For example, after identifying that a multinational consumer product company based in the U.S. had gaps in its account plan, we worked with its team to run a diagnostic scan to ensure it had access to the latest and safest versions of our software.

對員工軟件使用情況的可見性和更輕鬆的訂戶管理也使高級計劃成為尋求保持許可合規的客戶的有吸引力的解決方案。例如，在發現一家位於美國的跨國消費品公司的賬戶計劃存在漏洞後，我們與其團隊合作進行了診斷掃描，以確保其能夠訪問我們軟件的最新和最安全版本。

This process identified gaps in software availability and license mix. Our collaborative helpful approach enabled more users to access the latest versions of our software, and upgrading to our premium plan made it easier to administer and manage access in the future.

該過程確定了軟件可用性和許可組合方面的差距。我們的協作幫助方法使更多用戶能夠訪問我們軟件的最新版本，升級到我們的高級計劃使將來管理和管理訪問變得更加容易。

During the quarter, we closed 16 deals over $500,000 of our license compliance initiatives, 4 of which were over $1 million. As I said earlier, by both leading and partnering with our customers on new ways of working, we will grow too. And while there will certainly be twists and turns on the road ahead, in many ways, the pandemic has accelerated the future and increased my confidence in our strategy.

在本季度，我們完成了 16 筆超過 500,000 美元的許可合規計劃交易，其中 4 筆超過 100 萬美元。正如我之前所說，通過領導客戶並與客戶合作開發新的工作方式，我們也會成長。雖然前方的道路肯定會曲折，但在許多方面，大流行加速了未來，增加了我對我們戰略的信心。

Empowering innovators of design-and-make technology to achieve the new possible also enables them to build and manufacture efficiently and sustainably. We continue to execute well in challenging times and look forward to Autodesk's next 40 years of excitement and optimism.

授權設計和製造技術的創新者實現新的可能，也使他們能夠高效和可持續地建造和製造。我們在充滿挑戰的時代繼續保持良好的執行力，並期待 Autodesk 的下一個 40 年充滿興奮和樂觀。

Operator, we would now like to open the call up for questions.

接線員，我們現在想打開電話提問。

(Operator Instructions) Our first question comes from the line of Phil Winslow from Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Phil Winslow。

Andrew, just a question on you -- to you about the supply chain and the labor disruptions you talked about on the last call. I wonder if you could just give us an update on that. Just sort of what were you hearing from customers over the course of the past -- in 3 months? And then really, if you could particularly focus on the AEC vertical because one of the things you obviously did call out in the slides was record construction property news and accelerating growth there.

安德魯，只是問你一個問題——關於供應鍊和你在上次電話會議上談到的勞動力中斷問題。我想知道你是否可以給我們一個更新。在過去的 3 個月裡，您從客戶那裡聽到了什麼？然後真的，如果你能特別關注 AEC 垂直領域，因為你在幻燈片中明顯提到的一件事是創紀錄的建築房地產新聞和那裡的加速增長。

Yes. Thank you, Philip. Good to hear from you. So yes, so first, let me kind of frame it this way. What we saw was the kind of improvement we expected to see when we talked to you about this in Q3. So we saw some nice improvement. Our customers are saying they're feeling like they're coming out of some of these supply chain constraints. Our partners are echoing some of these things.

是的。謝謝你，菲利普。很高興聽到你的消息。所以，是的，所以首先，讓我用這種方式來描述它。我們看到的是我們在第三季度與您討論此問題時期望看到的改進。所以我們看到了一些不錯的改進。我們的客戶說他們感覺自己正在擺脫這些供應鏈限制。我們的合作夥伴正在回應其中一些事情。

We didn't see the off too much stick expectations we had at the beginning of the fiscal year when we expected to see acceleration in the second half. But what we saw was consistent with what we told you in Q3 in terms of the improving climate, all right? So I think with regards to AEC, in particular, which, by the way, I highlighted last quarter as being the key place that was feeling the most supply chain and cost pressure in terms of in-flight projects, that's where we saw the improvement.

當我們預計下半年會加速時，我們並沒有看到我們在本財年初的過高預期。但就氣候改善而言，我們所看到的與我們在第三季度告訴您的一致，好嗎？因此，我認為特別是關於 AEC，順便說一下，我在上個季度強調了它是在飛行項目方面感受到最大供應鍊和成本壓力的關鍵地方，這就是我們看到改進的地方.

And yes, we did have a record quarter in construction, and we did end the quarter with some nice acceleration and momentum heading into next year. But consistent with what we said in Q3, all right?

是的，我們確實有一個創紀錄的季度建設，我們確實在本季度結束時取得了一些不錯的加速和進入明年的勢頭。但與我們在 Q3 中所說的一致，好嗎？

Got it. And then just in terms of the backlog of projects you've been talking about for a couple of years now. Any thoughts on what sort of the customers are telling you about that? Do you think they're going to get unstick and sort of taken care of, call it, over the next 12 months? Or how are they thinking about that backlog?

知道了。然後就你幾年來一直在談論的項目積壓而言。關於什麼樣的客戶告訴你的任何想法？你認為他們會在接下來的 12 個月內擺脫困境並得到某種照顧嗎？或者他們是如何考慮積壓的？

Yes. So what I can tell you is that we monitor bid board activity and we monitor the growth in active projects on Construction Cloud and BIM 360 Docs. And what we're seeing in bid board is we're seeing consistent growth in bidding activity, and we're seeing an increasing number of monthly active projects on our cloud applications around Construction Cloud and BIM 360 Docs.

是的。所以我可以告訴你的是，我們監控投標委員會的活動，並監控 Construction Cloud 和 BIM 360 Docs 上的活動項目的增長。我們在投標板上看到的是，投標活動持續增長，我們看到圍繞 Construction Cloud 和 BIM 360 Docs 的雲應用程序上的月度活躍項目數量不斷增加。

Those are usually leading indicators of project activity and backlog getting turned into active projects. So we consider those good signs, all right, in terms of how the environment is moving.

這些通常是項目活動和積壓變成活躍項目的領先指標。因此，我們根據環境的變化來考慮這些好的跡象。

Our next question comes from the line of Saket Kalia from Barclays.

我們的下一個問題來自巴克萊的 Saket Kalia。

Andrew, maybe for you, a big renewal year here in fiscal '23. As we start to see maybe some more of those 3-year product subscriptions come up for renewal this year, what's the data sort of showing, the preliminary data maybe, on sort of customers' willingness to renew at that same duration. And perhaps just as importantly, their willingness to sort of expand their usage from prior levels. Does that make sense?

安德魯，也許對你來說，23 財年是一個重要的更新年。當我們開始看到今年可能會有更多的 3 年期產品訂閱續訂時，數據顯示的是什麼，初步數據可能是關於客戶在同一期限內續訂的意願。也許同樣重要的是，他們願意從以前的水平擴大使用範圍。那有意義嗎？

Yes, it does make sense. And the short answer to this, Saket, is that the willingness to renew is the same, or in some cases, better than the willingness to renew the shorter duration contracts. So customers who like long-duration contracts, who like the price lock tend to continue to grab the price lock and move on. That's what we've seen this -- so far.

是的，這確實有道理。 Saket 對此的簡短回答是，續約的意願是相同的，或者在某些情況下，比續簽較短期限合同的意願更好。因此，喜歡長期合同、喜歡價格鎖定的客戶往往會繼續抓住價格鎖定並繼續前進。這就是我們所看到的——到目前為止。

Now in terms of their willingness to buy more during these things, Well, that's going to depend on their individual circumstances. So I'm not going to give you any kind of specific numbers on how we're doing around their willingness to buy more. However, the net revenue to retention rates for the company are indicative of kind of how the global cohort of the company works with regards to this.

現在就他們在這些事情期間購買更多商品的意願而言，這將取決於他們的個人情況。所以我不會給你任何關於我們如何圍繞他們購買更多商品的意願的具體數字。然而，公司保留率的淨收入表明了公司的全球團隊在這方面的工作方式。

So Debbie, would you like to add anything to that or comment on it?

那麼，黛比，您想對此添加任何內容或對此發表評論嗎？

No, I think you covered it, Andrew.

不，我想你已經講過了，安德魯。

Got it. Got it. Debbie, maybe for my follow-up for you. I mean, understanding that we're just starting out fiscal '23, I was wondering if you have any thoughts on how we'll be phasing out the multiyear product subscriptions in fiscal '24? And maybe just philosophically, how you think about the shape of that impact on cash flow now that we have a sort of revised fiscal '23 view.

知道了。知道了。黛比，也許是為了我為你跟進。我的意思是，了解我們剛剛開始 '23 財年，我想知道您是否對我們將如何在 '24 財年逐步淘汰多年產品訂閱有任何想法？也許只是從哲學上講，既然我們有一種修訂後的 23 財年觀點，你如何看待這種影響對現金流的影響。

And again, I understand it's early, but any thoughts on kind of how you think that works? And the best way to think about modeling that?

再說一次，我知道現在還為時過早，但你對你認為它是如何工作的有什麼想法嗎？考慮建模的最佳方式是什麼？

Yes, sure. So we aren't giving specific guidance today for fiscal '24 and beyond as you know. But as you can imagine, it's a big area of focus for us. And we are retaining the framework that we set out at Investor Day, so let's just recap that again. It is double-digit revenue growth through fiscal '26, non-GAAP operating margins in the 38% to 40% range and double-digit compound annual growth in free cash flow through fiscal '26.

是的，當然。因此，如您所知，我們今天沒有為 24 財年及以後提供具體指導。但正如您可以想像的那樣，這對我們來說是一個很大的關注領域。我們保留了我們在投資者日制定的框架，所以讓我們再回顧一下。到 26 財年，收入實現兩位數增長，非 GAAP 營業利潤率在 38% 到 40% 範圍內，到 26 財年自由現金流實現兩位數複合年增長率。

Now that's after that expected decline in fiscal '24 when we institute our transition to annual billings for multiyear contracts. And as I mentioned in the prepared remarks, these metrics are intended to provide a floor to our revenue growth ambitions and a ceiling to our spend growth expectations.

現在，這是在 24 財年預期的下降之後，我們開始過渡到多年合同的年度賬單。正如我在準備好的評論中提到的那樣，這些指標旨在為我們的收入增長目標提供一個底線，並為我們的支出增長預期提供一個上限。

Now in terms of the decline for free cash flow, specifically in fiscal '24, I know there's a lot of interest in both the magnitude of it and the slope of it. And while we're not providing specifics today, here's how I think you should think about it.

現在就自由現金流的下降而言，特別是在 24 財年，我知道人們對它的幅度和斜率都很感興趣。雖然我們今天沒有提供具體細節，但我認為你應該這樣想。

If I start with the slope, the slope of the free cash flow decline and then its recovery is going to depend on the pace at which our customers adopt annual billings. Right now, we intend to offer our customers a choice, but we're still working through the programmatic details.

如果我從斜率開始，自由現金流的斜率下降，然後它的恢復將取決於我們的客戶採用年度賬單的速度。目前，我們打算為客戶提供選擇，但我們仍在研究程序化細節。

Our bias is going to be to go as quickly as possible. But we have customer, partner and operational constraints that we're working through as we navigate the transition. And then to give you an order of magnitude, I'd say, look at long-term deferred as a percent of total deferred back in fiscal '20. It was in that high 20s percent zone, and we should see something similar in fiscal '23 because it's that same cohort that's coming up for renewal.

我們的偏見將是盡快進行。但是，在我們進行過渡時，我們正在克服客戶、合作夥伴和運營方面的限制。然後給你一個數量級，我想說的是，將長期遞延視為 20 財年遞延總額的百分比。正是在那個 20% 的高位區域，我們應該在 23 財年看到類似的情況，因為這是即將更新的同一批人。

And so then as we move to annual billings, eventually that long-term deferred will go away. And again, our bias is to move as quickly as possible, but we're still working through the operational details. We'll give you updates on all of this as we progress through fiscal '23.

因此，當我們轉向年度賬單時，最終長期延期將消失。同樣，我們的偏見是盡快採取行動，但我們仍在研究操作細節。隨著我們通過 '23 財年的進展，我們將為您提供所有這些的最新信息。

You know, Saket, one thing that -- oh sorry, Saket.

你知道，Saket，有一件事——哦，對不起，Saket。

No, no, no. Please go ahead, Andrew. No, please.

不不不。請繼續，安德魯。不謝謝。

One thing that excites me about this post annual billings transition is that the free cash flow starts tracking to the long-term strategic drivers that I really like talking about. The digital transformation drivers that we talked about at Investor Day, including in the adjacent industries we were going in, these things are going to be what tracked and drives the growth and the behavior of the free cash flow going forward, as well as labeling all those -- leveraging all those growth enablers around business models and around noncompliance.

關於這個年度賬單轉換後令我興奮的一件事是，自由現金流開始追踪我真正喜歡談論的長期戰略驅動因素。我們在投資者日討論的數字化轉型驅動因素，包括我們所涉足的相鄰行業，這些東西將成為跟踪和推動未來自由現金流增長和行為的因素，以及標記所有那些——利用所有圍繞商業模式和不合規的增長推動力。

And also, don't forget, long term, our whole effort to monetize the long tail with not only with offerings like Flex, but with new types of digital channels that reach deeper into places where we might not be reaching customers today. So that's the exciting thing about getting through this for me is the free cash flow tracks with those long-term strategic drivers. That's going to be a really great outcome for us.

而且，不要忘記，從長遠來看，我們不僅通過像 Flex 這樣的產品，而且通過更深入地觸及我們今天可能無法接觸到客戶的地方的新型數字渠道，將長尾貨幣化的全部努力。因此，對我來說，度過這個令人興奮的事情是那些長期戰略驅動因素的自由現金流軌道。這對我們來說將是一個非常好的結果。

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

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

Andrew, Debbie, your slide deck is interesting in disclosing the 6 million subscribers at the end of the fiscal year, which indicates an increase of about 700,000 from the end of fiscal '21. Is it contemplated in your guidance for fiscal '23 that you might be able to add a similar, if not larger number to the sub space this year?

安德魯，黛比，你的幻燈片很有趣，在本財年末披露了 600 萬訂戶，這表明比 21 財年末增加了約 70 萬。在您對 23 財年的指導中是否考慮到您今年可以在子空間中添加類似的（如果不是更大的話）數量？

Second question, your disclosure about the digital sales revenue rate is very interesting. Having grown now apparently to be the plurality of your direct revenue, is it your view, Andrew, that the digital sales could become perhaps evenly split with the named accounts and EBA business? Or do you think named accounts and EBA remains the majority of the direct business?

第二個問題，您對數字銷售收入率的披露非常有趣。現在顯然已經增長到您的直接收入的多個部分，您是否認為，安德魯，數字銷售可能會與指定賬戶和 EBA 業務平分秋色？還是您認為命名賬戶和 EBA 仍然是直接業務的主要部分？

Yes. All right. So first, let me address your first question. As you recall last year, and this was on me, we had those up too much stick assessments of accelerating new business growth into the second half of the year, right? We're not assuming any of that moving into this year. We're assuming things stay exactly as they are and as the conditions that we see right now are.

是的。好的。所以首先，讓我解決你的第一個問題。正如你去年回憶的那樣，這在我身上，我們對下半年加速新業務增長的評估過於嚴格，對吧？我們不假設任何一個進入今年。我們假設事情保持原樣以及我們現在看到的條件。

The exception I'll give to that is that in our guidance, we did not factor in war in Ukraine, how that might affect our business is completely unclear. I mean, I thought -- probably all of you heard President Biden's speech earlier today about some of his positions on this. But when it comes to looking at next year, we're assuming that current things move forward the way they are, right?

我要給出的例外是，在我們的指導中，我們沒有考慮烏克蘭的戰爭，這可能如何影響我們的業務完全不清楚。我的意思是，我想——可能你們所有人今天早些時候都聽到了拜登總統關於他在這方面的一些立場的演講。但是當談到明年，我們假設當前的事情會按照它們的方式向前發展，對吧？

And also, just remember, that some of those subscriber increases that you saw were a result of multiuser trade-ins as well, okay? I just want to make sure that we factor some of those things. But current course and speed is the general assumption here, right?

而且，請記住，您看到的其中一些用戶增長也是多用戶以舊換新的結果，好嗎？我只是想確保我們考慮到其中一些因素。但目前的路線和速度是這裡的一般假設，對吧？

Now with regards to digital sales. Digital sales is -- it's a great example. It's our fastest-growing channel. It's not growing at the expense of our partners. Our partners are growing robustly as well. It's also a great example of what we're doing with digital productivity for ourselves and for our sales force. The digital channel reaches customers that we believe we have not historically been serving well.

現在關於數字銷售。數字銷售是——這是一個很好的例子。這是我們增長最快的渠道。它的增長並沒有以犧牲我們的合作夥伴為代價。我們的合作夥伴也在強勁增長。這也是我們為自己和我們的銷售人員利用數字生產力所做的一個很好的例子。數字渠道覆蓋了我們認為我們歷來服務不佳的客戶。

And they have -- they are not only finding us and buying our existing offerings, they're also engaging on some of our more forward-looking offerings like Fusion 360. So that channel is going to continue to become more powerful. And as I've said many times before, as we look out to our long-term goal of half of our revenue being direct, half of that direct revenue is going to come from this digital channel.

他們已經 - 他們不僅找到了我們併購買了我們現有的產品，他們還參與了我們一些更具前瞻性的產品，比如 Fusion 360。所以這個渠道將繼續變得更加強大。正如我之前多次說過的那樣，當我們著眼於我們一半收入是直接收入的長期目標時，一半的直接收入將來自這個數字渠道。

And clearly, you can see from the way -- what we've disclosed and the growth rates here, there is line of sight to those numbers over multiple years. And that channel is going to continue to help us reach deeper into the long tail. It's going to continue to benefit from the digital productivity tools we're building just to make our general overall sales force more productive. And I have high hopes for that channel in the future.

很明顯，你可以從方式上看到 - 我們披露的內容和這裡的增長率，多年來這些數字都是可以看到的。該渠道將繼續幫助我們深入了解長尾。它將繼續受益於我們正在構建的數字生產力工具，以提高我們的整體銷售隊伍的生產力。我對這個頻道的未來寄予厚望。

Now Debbie, did you want to add anything about, for instance, since I mentioned the Ukraine situation, anything around the specifics about our exposure there? Or anything related to that? Or anything about the digital channel?

現在黛比，你想補充什麼嗎，例如，自從我提到烏克蘭的情況，關於我們在那裡曝光的細節？或者有什麼相關的？或者關於數字頻道的任何事情？

Yes, sure. I'll cover Russia and the Ukraine. Just to be explicit, Russia and the Ukraine, they represented a bit less than 2 percentage points of our total revenue in fiscal '22. And we have similar assumptions in our fiscal '23 roll up. Obviously, events are unfolding live. That's a very fluid situation. It's a coincidence that our earnings call is today.

是的，當然。我將介紹俄羅斯和烏克蘭。明確地說，俄羅斯和烏克蘭在我們 22 財年的總收入中只佔不到 2 個百分點。我們在 23 財年匯總中也有類似的假設。顯然，事件正在現場展開。這是一個非常不穩定的情況。我們今天召開財報電話會議是一個巧合。

So we haven't baked anything, any potential risk that might occur there into our guidance. We're going to be watching things closely because at this point, we don't know if there's any impact at all. We don't know if there is impact, if it would be localized to Russia and the Ukraine specifically or whether or not it becomes a broader impact across Europe and beyond. It's just too early for us to tell.

因此，我們沒有將任何可能發生的潛在風險納入我們的指導。我們將密切關注事情，因為在這一點上，我們根本不知道是否有任何影響。我們不知道是否會產生影響，是否會特別局限於俄羅斯和烏克蘭，或者是否會在整個歐洲及其他地區產生更廣泛的影響。我們現在說還為時過早。

What I would say, though, is that as we pointed out at our Investor Day, our business is more resilient now after the business model transition. So that's one positive in the midst of all this. But as you can imagine, it's obviously a situation that we're watching really closely, and we'll continue to update you as we know more.

不過，我想說的是，正如我們在投資者日所指出的那樣，在商業模式轉型之後，我們的業務現在更具彈性。所以這是所有這一切中的一個積極因素。但正如您可以想像的那樣，這顯然是我們正在密切關注的一種情況，我們會在了解更多信息後繼續為您提供最新信息。

The net headline is, Jay, we've assumed that things are going to continue as they are current course and speed. There's no accelerations, no anticipated uplift or anything that we were looking for in the coming guidance or moving forward guidance.

淨標題是，傑伊，我們假設事情會繼續，因為它們是當前的進程和速度。沒有加速，沒有預期的提升或我們在即將到來的指導或前進指導中尋找的任何東西。

Our next question comes from the line of Adam Borg from Stifel.

我們的下一個問題來自 Stifel 的 Adam Borg。

Maybe just on the new product subscription growth in the quarter. Last quarter, you talked about that moderating to the mid-20s after kind of being in the 30% range in the first half of the year. I guess, how did that play out in 4Q? And I'm assuming, based on your prior comments, Andrew, that whatever you saw in the back half of the year, you're assuming that going forward. But I'd love to hear a little bit more color, if you can, about how that played out in 4Q?

也許只是在本季度的新產品訂閱增長。上個季度，您談到在今年上半年處於 30% 範圍內之後，這種情況正在緩和到 20 年代中期。我想，這在第四季度的表現如何？我假設，根據你之前的評論，安德魯，無論你在今年下半年看到什麼，你都假設未來會這樣。但如果可以的話，我很想听聽更多關於第四季度的表現如何？

I'm going to let Debbie take that question, Adam.

我要讓黛比回答這個問題，亞當。

Yes. Sure. I'll go ahead and take this. So Adam, yes, we have been talking quite a bit about new volume, and it is a metric that we monitor very closely. Our new volume growth decelerated a few points in Q4, and that's because of a tough comp versus Q4 last year, but the growth was very healthy, and it was in line with our expectations.

是的。當然。我會繼續接受這個。所以亞當，是的，我們一直在談論新的交易量，這是我們非常密切關注的一個指標。我們的新銷量增長在第四季度放緩了幾個點，這是因為與去年第四季度相比艱難，但增長非常健康，符合我們的預期。

And so that growth is effectively what we're considering as we build our guidance into next year and to just reiterate what Andrew has been saying, we're assuming that the demand environment, including that new volume growth, is built into our guidance and that there is no changes to the upside or the downside as we look ahead. But the bottom line answer is that the volume growth decelerated a few points, but it was as we expected and still with very healthy growth.

因此，增長實際上是我們在製定明年指導方針時正在考慮的內容，重申安德魯一直在說的話，我們假設需求環境，包括新的銷量增長，已納入我們的指導方針和展望未來，上行或下行都沒有變化。但最重要的答案是銷量增長放緩了幾個點，但正如我們預期的那樣，仍然保持著非常健康的增長。

Great. That's really helpful. And maybe just as a quick follow-up. It's great to see the growing traction with Autodesk Construction Cloud. And kind of as you look forward a few years, maybe for you, Andrew, how expansive do you view the ACC opportunity relative to the current portfolio? And do you have any interest at all to go deeper into the financials aspects?

偉大的。這真的很有幫助。也許只是作為一個快速跟進。很高興看到 Autodesk Construction Cloud 的吸引力越來越大。就像你期待幾年一樣，也許對你來說，安德魯，你認為 ACC 的機會相對於當前的投資組合有多廣闊？您是否有興趣深入研究財務方面？

Yes. Certainly, at some point, yes. But look, I've always said that we believe the construction business is Autodesk's next billion dollar business. And I'd like to add just for those of you who are looking at these things, you're probably using make -- the make revenue growth as a proxy for what we're doing. I want to make sure that you remember that because we have a diversity of business models and we offer consumption models, account-based models, subscription models that we blend the actual ACC business between our design bucket and our make bucket.

是的。當然，在某些時候，是的。但是看，我一直說我們相信建築業務是歐特克下一個十億美元的業務。我想為那些正在研究這些事情的人補充一下，你可能正在使用 make - make 收入增長作為我們正在做的事情的代表。我想確保您記住這一點，因為我們有多種業務模型，我們提供消費模型、基於帳戶的模型、訂閱模型，我們將實際的 ACC 業務融合在我們的設計桶和我們的製造桶之間。

So if you look at -- if you account for EBA impact on the make side of the business, the make side of the business grew about 30%, right? So we're looking at good robust growth here. I expect that growth to continue, and I continue to say that construction is Autodesk's next billion dollar business, and that should be the expectation [in our group].

因此，如果您看一下 - 如果您考慮到 EBA 對業務製造方面的影響，那麼業務製造方面的增長率約為 30%，對吧？因此，我們在這裡看到了良好的強勁增長。我預計這種增長將繼續，我繼續說建築是 Autodesk 下一個十億美元的業務，這應該是 [我們集團] 的期望。

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

我們的下一個問題來自加拿大皇家銀行資本市場的 Matthew Hedberg。

Andrew, obviously, it's great to hear the results on the Construction Cloud side. I'm wondering on the manufacturing side of your business, maybe using a baseball analogy, where do you think we are at in sort of the build-out of the manufacturing cloud business relative to maybe where you wanted to get to at some point?

顯然，Andrew 很高興聽到 Construction Cloud 方面的結果。我想知道在您的業務的製造方面，也許使用棒球類比，您認為我們在製造雲業務的構建方面處於什麼位置，相對於您在某個時候想要達到的位置？

Yes, it's a great question, Matt, because we're kind of in this transitional phase now, where we built out the technology, we've gotten to the early adopter audiences. We've established a strong stronghold, a strong base for the product, a strong kind of early market for Fusion. I mean, you heard in the opening commentary about the 189,000-plus subscribers.

是的，這是一個很好的問題，馬特，因為我們現在處於這個過渡階段，我們建立了技術，我們已經接觸到了早期採用者的受眾。我們已經建立了一個強大的據點，一個強大的產品基礎，一個強大的 Fusion 早期市場。我的意思是，您在開場評論中聽到了 189,000 多名訂閱者。

We're now moving into the phase of kind of trying to drive the acceleration of the growth in that space. I think we're early on. It's probably the third inning-or-so in the process, all right? We're starting off on a good base that's -- the threshold that we've got with subscribers here is, for those of you who know the history of this whole space, that is an excellent threshold to build on. That's usually where you start to cross the threshold of getting more and more material to the business.

我們現在正進入試圖推動該領域加速增長的階段。我認為我們還早。這可能是這個過程中的第三局左右，好嗎？我們從一個良好的基礎開始——我們在這裡與訂閱者建立的門檻是，對於那些了解整個空間歷史的人來說，這是一個很好的門檻。這通常是您開始跨越為業務獲取越來越多材料的門檻的地方。

And we've had a leadership transition recently with Scott Reese taking a great job off to go work for GE, one of our customers, by the way, which is always good, really happy for him. And Jeff Kinder is stepping in as part of the succession planning process there. And Jeff Kinder cares a lot about scaling and scaling growth and scaling transformation. And I think his skill set is going to provide some excellent capabilities in this next phase, but it's still really early, all right? It's still third inning-ish in this game. And I think we should expect that to look like that.

順便說一句，我們最近進行了領導層交接，斯科特·里斯（Scott Reese）辭去了一份出色的工作，為我們的客戶之一通用電氣工作，這對他來說總是很好，真的很高興。傑夫·金德 (Jeff Kinder) 作為繼任計劃過程的一部分介入其中。 Jeff Kinder 非常關心規模化、規模化增長和規模化轉型。而且我認為他的技能將在下一階段提供一些出色的能力，但現在還很早，好嗎？在這場比賽中，這仍然是第三局。我認為我們應該期待它看起來像那樣。

But over the next 5 years, again, this is going to be a significant driver of that growth that we've been talking about beyond fiscal '24.

但在接下來的 5 年裡，這將再次成為我們在 24 財年之後一直在談論的增長的重要推動力。

That's great. And then maybe just as a quick follow-up. I think it was about a year ago, maybe when some of the supply chain questions first started coming up. We talked to a number of your partners who suggested that people were using Autodesk as a way to reduce waste and just become more efficient with tight supply markets.

那太棒了。然後也許只是作為一個快速跟進。我想那是大約一年前，也許是一些供應鏈問題剛開始出現的時候。我們與您的一些合作夥伴進行了交談，他們建議人們將 Autodesk 用作減少浪費的一種方式，並在供應緊張的市場中提高效率。

As you reflect back on the last year, I mean, do you think that actually played out? And do you think that remains a pretty critical driver, especially in the world of supply chain or just broad ESG concerns?

當你回顧過去的一年時，我的意思是，你認為這真的發生了嗎？您是否認為這仍然是一個非常關鍵的驅動因素，尤其是在供應鏈領域或僅僅是廣泛的 ESG 問題？

Yes. Absolutely. It's only going to become more important. So we actually have really compelling stories of old line industrial companies using Fusion 360, for example, at its generative capability to actually lightweight and take out mass from products and reduce their material usage for things as simple as hydraulic equipment, all right? Real-world examples, and we're seeing more and more of that.

是的。絕對地。它只會變得更加重要。因此，我們實際上有一些關於使用 Fusion 360 的老牌工業公司的非常引人入勝的故事，例如，它的生成能力實際上可以減輕產品的重量並從產品中取出質量，並減少對液壓設備等簡單事物的材料使用，好嗎？現實世界的例子，我們看到的越來越多。

With regards to construction, every redo that you eliminate is a waste -- is a reduction in waste and carbon footprint for that particular project. And as you know, more and more, it's not becoming a choice for construction firms. It's becoming a requirement. There are more and more mandates about what the carbon footprint of a particular project has to be both this embedded carbon footprint and its lifetime carbon footprint.

關於建築，您消除的每一次重做都是一種浪費——減少了該特定項目的浪費和碳足跡。如您所知，它越來越不成為建築公司的選擇。它正在成為一種要求。關於特定項目的碳足跡必須是這種嵌入式碳足跡及其生命週期碳足跡，有越來越多的要求。

So this capability to reduce energy, select the right materials, reduce the amount of materials used is going to become a critical differentiator for lots of people. And it's really exciting to see some of these companies that you would never expect adopting some of our newest technology simply because it helps them address that key challenge for their businesses to be more sustainable and to be greener.

因此，這種減少能源、選擇正確材料、減少材料使用量的能力將成為許多人的關鍵差異化因素。看到這些公司中的一些你永遠不會期望採用我們的一些最新技術，這真的很令人興奮，因為它可以幫助他們解決關鍵挑戰，讓他們的業務更可持續和更環保。

Our next question comes from the line of Joe Vruwink from Baird.

我們的下一個問題來自 Baird 的 Joe Vruwink。

First question was just more of a fact check on my part. But I'm wondering if the only change in the formal guidance you're providing today versus the preliminary view you provided last quarter, the only difference is just the strengthening in the dollar and the incremental FX headwind, is that correct?

第一個問題只是對我來說更多的事實檢查。但我想知道你今天提供的正式指導與你上個季度提供的初步觀點的唯一變化是否只是美元走強和外匯逆風增加，對嗎？

That's correct. The overall headline is that the numbers are consistent with what we talked about last call. We've just adjusted them for our latest FX assumptions. And that's causing about 1 point of headwind to revenue growth and another about $30 million in incremental headwind to free cash flow, and that's been baked into the guidance.

這是正確的。總體標題是，這些數字與我們上次通話時所說的一致。我們剛剛根據我們最新的外匯假設調整了它們。這對收入增長造成約 1 個百分點的阻力，對自由現金流造成約 3000 萬美元的增量阻力，這已納入指導。

Okay. And then second question, Andrew, I know you've said that AutoCAD maybe isn't the leading indicator that it once was, but nevertheless, it did accelerate pretty nicely here at year-end. It might have been your fastest-growing business, if you've removed the upfront contribution from Media, so I'm just wondering if there's anything to kind of read between the lines there?

好的。然後是第二個問題，安德魯，我知道你說過 AutoCAD 可能不再像以前那樣是領先指標，但儘管如此，它在年底時確實加速得相當不錯。如果您取消了 Media 的前期貢獻，這可能是您增長最快的業務，所以我只是想知道是否有什麼可以在字裡行間閱讀的內容？

I think it's commensurate with an increase in monthly active usage, which I still think is becoming a better proxy. So for instance, our total monthly active usage of all our products increased over 10% in Q4 year-over-year. So those 2 things correlate pretty closely. And I think that's still the proxy. But you're right, I think the AutoCAD performance is a result of that strong monthly active usage performance that we're starting to see heading into the fiscal year.

我認為這與每月活躍使用量的增加相稱，我仍然認為這正在成為一個更好的代理。例如，我們所有產品的每月總活躍使用量在第四季度同比增長超過 10%。所以這兩件事密切相關。我認為這仍然是代理。但你是對的，我認為 AutoCAD 的表現是我們開始看到進入本財年的強勁月度活躍使用表現的結果。

Our next question comes from the line of Steve Koenig from SMBC.

我們的下一個問題來自 SMBC 的 Steve Koenig。

Was wondering about your -- in Q4, the kind of the elimination toning down the multiyear discounts. Kind of what was the reaction to that? And kind of how do you gauge what that will look like going forward?

想知道你的 - 在第四季度，消除多年折扣的那種消除。對此有何反應？你如何衡量未來會是什麼樣子？

And then just for housekeeping, I missed the comment at the very start of the call about what drove -- the other line did very well. And I think there was some upfront revenue there. Could you just provide me that color again?

然後只是為了打掃衛生，我錯過了電話一開始關於什麼開車的評論——另一條線做得很好。我認為那裡有一些前期收入。你能再給我那個顏色嗎？

Thanks, Steve. Just lots to unpack there, but let's start at the top on multiyear. So yes, we did see a discount change from 10% to 5% in the past quarter. And obviously, when we adjust pricing, we do see some customers take advantage of the window and buy ahead of that when the price change goes into effect. We saw a similar behavior with this price adjustment, and that's as expected. We're always going to be looking at ways to optimize our business. This is just one example of that. And I'd also say that the multiyear renewal rates remained firm even after that discount reduction.

謝謝，史蒂夫。那裡有很多東西要解壓，但讓我們從多年的頂部開始。所以是的，我們確實看到上個季度的折扣從 10% 變為 5%。顯然，當我們調整定價時，我們確實看到一些客戶在價格變化生效時利用這個窗口提前購買。我們在這次價格調整中看到了類似的行為，這與預期的一樣。我們一直在尋找優化業務的方法。這只是其中一個例子。而且我還要說，即使在折扣減少之後，多年續訂率仍然保持穩定。

And then in terms of other revenue, yes. Other revenue tends to be a little bit of a mixed bag, but the other revenue is in part what drove the beat in our Q4 revenue. And a piece of that -- the big piece of that is non cloud-enabled products that we sell through our EBAs that are recognized upfront. We typically see our highest EBA volume in Q4. And depending on the composition of those deals, it can sometimes drive a slight surge in upfront revenue as a result, and that's what we saw in Q4 in the beat in and what you're seeing in other.

然後就其他收入而言，是的。其他收入往往有點喜憂參半，但其他收入部分是推動我們第四季度收入節拍的部分原因。其中的一部分 - 其中很大一部分是我們通過預先認可的 EBA 銷售的非雲產品。我們通常會在第四季度看到最高的 EBA 交易量。根據這些交易的構成，它有時會導致前期收入略有激增，這就是我們在第四季度看到的情況以及你在其他情況下看到的情況。

We continue to expect, however, that upfront and other is going to be a relatively small part of our business over time, and that recurring revenue should be 95% or greater.

然而，我們繼續預計，隨著時間的推移，前期和其他業務將占我們業務的相對較小的一部分，而經常性收入應該是 95% 或更高。

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

我們的下一個問題來自摩根大通的 Sterling Auty。

Debbie, I want to circle back to cash flow. You had made the mention that there are some constraints from customers and partners on shift to annual billings. Can you give us maybe a quick example of what some of those constraints might be? And why you might not just be able to rip off the Band-Aid and move quicker to annual billings now?

黛比，我想回到現金流。您曾提到客戶和合作夥伴在轉向年度賬單方面存在一些限制。你能給我們舉一個簡單的例子來說明其中一些限制可能是什麼嗎？為什麼你現在不能撕掉創可貼並更快地轉向年度賬單？

Yes. So as I mentioned back at the Investor Day, we do -- the first part is operational. So we are upgrading our systems to be able to handle this volume of multiyear contracts with annual billings at scale our systems don't provide for that capability today, and it's a major system overhaul that we're working on, and it's going to take us some time. And we're looking at how fast we can create that capability and over what time period.

是的。因此，正如我在投資者日提到的那樣，我們確實這樣做了——第一部分是可操作的。因此，我們正在升級我們的系統，以便能夠處理如此多的多年期合同，而且我們的系統目前無法提供這種規模的年度賬單，這是我們正在進行的一項重大系統改革，它將需要我們有時間。我們正在研究我們能夠以多快的速度創建該功能以及在多長時間內創建該功能。

Again, I'd say that our bias is that we execute on this transition right away when we get to fiscal '24, but it is going to take us time and continued investment in both dollars and people to make sure that our systems are set up for that. And so we're looking at that right now.

再說一次，我想說的是，我們的偏見是，當我們進入 24 財年時，我們會立即執行這一過渡，但這需要我們時間並繼續對美元和人員進行投資，以確保我們的系統已設置好為此。所以我們現在正在研究這個問題。

The second piece that we talked about at Investor Day that still is important to us is that our partners are very important to Autodesk, very important to our growth, very important to -- in our ability to drive breadth and depth across the globe and engaging with customers. And our partners, we want to make sure that we work with them as we execute on this transition to make sure that we optimize not only for us and for our customers, but also for those partners that are important to us.

我們在投資者日談到的對我們仍然很重要的第二點是，我們的合作夥伴對 Autodesk 非常重要，對我們的增長非常重要，對我們在全球範圍內推動廣度和深度以及參與的能力非常重要與客戶。對於我們的合作夥伴，我們希望確保在執行這一過渡時與他們合作，以確保我們不僅為我們和我們的客戶，而且為那些對我們很重要的合作夥伴進行優化。

And so we're going to be looking at the programmatic details of that over the next year with an eye towards making sure that we've set ourselves up for success in the entire ecosystem as we get to that start of fiscal '24.

因此，我們將在明年研究計劃細節，著眼於確保在 24 財年開始時，我們已經為在整個生態系統中取得成功做好了準備。

Understood. Makes sense. And then maybe one follow-up. Outside of the $30 million FX headwind on free cash flow for fiscal '23, how else would we kind of think about the bridge from the guidance that you've given to the previous long-term target that was there?

明白了。說得通。然後也許是一個後續行動。除了 23 財年自由現金流的 3000 萬美元外匯逆風之外，我們還能如何考慮從您提供的指導到之前的長期目標的橋樑？

Sure. So the previous long-term target was $2.4 billion. And on the last call, we talked about a couple of hundred million in risk to that, that was broken down roughly equally between the macro backdrop and FX. And then we have an incremental $30 million in FX now given the continued strengthening of the dollar in the last 90 days.

當然。所以之前的長期目標是24億美元。在最後一次電話會議上，我們談到了幾億美元的風險，這在宏觀背景和外匯之間大致相等。然後，鑑於過去 90 天美元持續走強，我們現在的外匯增加了 3000 萬美元。

So net-net, it's about $100 million in macro or business risk. Again, that we highlighted on the last call, and then a total of $130 million risk from FX and that continued strengthening of the dollar, and that's why you see the midpoint of the guide right there at that $2.17 billion.

所以淨淨值，它的宏觀或商業風險約為 1 億美元。同樣，我們在上次電話會議中強調了這一點，然後是 1.3 億美元的外匯風險以及美元的持續走強，這就是為什麼你看到指南的中點就在 21.7 億美元。

Our next question comes from the line of Jason Celino from KeyBanc Capital.

我們的下一個問題來自 KeyBanc Capital 的 Jason Celino。

Maybe just a couple for Andrew. I kind of want to go a little deeper on the architecture side of your business, and this is obviously your bread and butter. How would you describe kind of the end market environment right now for that segment? And then what kind of growth initiatives should we be thinking of for this year and long term?

也許對安德魯來說只是一對。我有點想更深入地了解您業務的架構方面，這顯然是您的生計。您如何描述該細分市場目前的終端市場環境？那麼我們應該在今年和長期考慮什麼樣的增長計劃？

Yes. So architecture is coming out of this situation as coming out of pandemic, you've seen that there -- the index that drives our architecture activity is going up consistently. So architects are feeling better about the future and architects are also investing more in BIM, which is the critical part of their transition from 2D-based practices to 3D-based practices.

是的。所以建築從這種情況中走出來就像從大流行中走出來一樣，你已經看到了——推動我們的建築活動的指數一直在上升。因此，建築師對未來感覺更好，建築師也對 BIM 進行了更多投資，這是他們從基於 2D 的實踐過渡到基於 3D 的實踐的關鍵部分。

So that trend is going to continue. That's part of the bigger long-term digitization trend that we're seeing in architecture, in particular. More and more people are moving to 3D processes, 3D BIM and they're looking to adopt Revit and tools like Revit more aggressively so that they can stay competitive in the new world of the market.

因此，這種趨勢將繼續下去。這是我們在建築中看到的更大的長期數字化趨勢的一部分，特別是。越來越多的人正在轉向 3D 流程、3D BIM，他們希望更積極地採用 Revit 和 Revit 等工具，以便在新的市場世界中保持競爭力。

It's also a lot of increased labor productivity for them. So they're going to be looking at some of these new tools that allow them to do more with the labor pool they have, especially in the tight labor market.

對他們來說，這也大大提高了勞動生產率。因此，他們將研究其中一些新工具，使他們能夠利用現有的勞動力資源做更多事情，尤其是在勞動力市場緊張的情況下。

So that's where we're looking at with construction. The ongoing digitization move to BIM, that's going to accelerate as architects continue to get more optimistic about their project pipeline. But all the data is out there saying that we're seeing a better pipeline for the architecture segment.

所以這就是我們正在研究的建築。正在進行的數字化向 BIM 轉移，隨著建築師繼續對其項目管道更加樂觀，這將加速。但是所有的數據都表明我們正在為架構領域看到更好的管道。

Yes. And then when I kind of just think about the architecture job, is it unfair to think that maybe that role, in particular, has been hit maybe harder than some of the other jobs within AEC?

是的。然後，當我只是想到架構工作時，認為這個角色可能比 AEC 中的其他一些工作受到的打擊可能更嚴重，這是不公平的嗎？

It certainly was hit harder early on. There's no doubt about it, all right? It was the least prepared for remote work because it was essentially an office-type profession. It has adapted. They have certainly adopted our cloud-based tools at a rate significantly higher than prior to the pandemic.

它肯定在早期受到了更大的打擊。毫無疑問，好嗎？它是最不適合遠程工作的，因為它本質上是一種辦公室類型的職業。它已經適應了。他們肯定以比大流行之前高得多的速度採用了我們基於雲的工具。

So they've gotten on to BIM Collaborate and BIM Collaborate Pro at higher rates than we ever saw previously. So they're adapting, but yes, early on in this, the pandemic, and in the last few years, they were hit relatively harder. But they're coming back and they're adapting.

因此，他們以前所未有的速度使用 BIM Collaborate 和 BIM Collaborate Pro。所以他們正在適應，但是，是的，在這場大流行的早期，在過去的幾年裡，他們受到的打擊相對更大。但他們回來了，他們正在適應。

They still have to build up their book of business, they still have to build up their cushion, but that segment is absolutely coming back. And it's coming back in the cloud too.

他們仍然必須建立自己的業務賬簿，他們仍然必須建立自己的緩衝，但那部分絕對會回來。它也回到了雲端。

Thank you. That's all the time we have for Q&A today. I'll now hand the program back to Simon Mays-Smith for any further remarks.

謝謝你。這就是我們今天的問答時間。我現在將把程序交還給 Simon Mays-Smith 以徵求任何進一步的意見。

Thanks, everyone, for coming along. If you have any further questions, please do get in touch with me. Otherwise, we'll look forward to updating you on our Q1 results call. Thanks so much.

謝謝大家的陪伴。如果您還有其他問題，請務必與我聯繫。否則，我們將期待在第一季度業績電話會議上向您更新。非常感謝。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們，先生們，感謝你們參加今天的會議。這確實結束了程序。您現在可以斷開連接。再會。