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.

感謝您的耐心等待，歡迎參加歐特克2022財年第四季及全年業績電話會議。 （操作說明）溫馨提示：本次會議可能會被錄音。

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

現在我謹介紹今天節目的主持人，投資人關係副總裁西蒙‧梅斯-史密斯先生。請您開始吧，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。感謝您參加我們關於2022財年第四季和全年業績的電話會議。與我一同參會的有我們的執行長安德魯·阿納格諾斯特和財務長黛比·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.

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

During 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.

在本次電話會議中，我們可能會就我們的展望、未來業績及相關假設、收購、產品及產品功能和策略做出前瞻性陳述。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與這些陳述有重大差異。

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.

請查閱我們向美國證券交易委員會提交的文件，包括我們最新的 10-K 表格，以了解重要風險和其他因素，包括 COVID-19 疫情的發展及其對我們業務運營的影響，這些因素可能導致我們的實際業績與前瞻性聲明中的業績有所不同。

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

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

During the call, we will quote a number of 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.

在本次電話會議中，我們將引用一些成長數據來討論我們的財務表現。除非另有說明，所有引用的數據均為同比數據。本次電話會議中提及的所有非GAAP財務資料均已在我們的新聞稿、Excel財務報表以及投資者關係網站上的其他補充資料中進行了核對。

And now I will turn the call over to Andrew.

現在我將把電話交給安德魯。

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Simon，也歡迎各位參加本次電話會議。今天，我們公佈了第四季度和全年營收、非GAAP營業利潤率和自由現金流均創歷史新高。我們強勁的業績和極具競爭力的表現得益於一些長期存在的因素。我們透過持續投資於科技、員工、商業模式和客戶體驗，持續為客戶和合作夥伴創造更大價值。

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.

讓我簡要地談談這些方面，因為它們對我們未來的發展至關重要，正如它們對我們過去發展的重要性一樣。我們所有的技術投資，無論是3D和BIM，或是在雲端實現生成式設計、製造以及水務和建築等新興垂直領域的工作流程，都將原本孤立的相鄰工作流程在雲端連接起來，引領我們的客戶走向更有效率、更永續的全新工作方式。

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 University 上，我們宣佈公司將從產品轉向平台和功能，並將這些功能帶到任何地點的任何裝置上，直到雲端。 Fusion 360 是這項轉型的前沿產品，而我們近期對 Prodsmart 和 CIMCO 的收購將使我們能夠進一步實現車間流程和製造過程的數位化和互聯，從而幫助建立互聯工廠，同時為用戶提供更多進入和使用我們製造平台的途徑。同樣，我們對 Moxion 和 LoUPE 的收購使我們能夠連接媒體和娛樂行業的從後期製作到前期製作的工作流程和數據。

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.

第四季度，媒體和娛樂業務簽署了有史以來最大的企業協議，這進一步提升了我們連接前期製作工作流程的能力，從而擴大了我們的潛在市場規模。同時，我們也將持續投資於員工隊伍建設，吸引並留住業界頂尖人才，並致力於培養共同的目標感、多元化意識和歸屬感。

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.

我們近期因這項工作而獲得認可，榮登Corporate Knights全球最具永續發展公司指數，並在人權基金會的企業平等指數中獲得最高分。我們為自身的使命和獨特的企業文化感到自豪，其成果之一是與科技同行相比，員工流動率相對較低。這在勞動市場緊張的情況下，也為我們帶來了另一項競爭優勢。

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 這樣才華橫溢的領導者決定攀登下一個高峰時，我們擁有像 Jeff Kinder 和 Rebecca Pearce 這樣強大的內部人才儲備；還有像 Ruth Ann Keene 這樣的校友可以接替他們的位置。

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，我們也要優化業務模式和客戶體驗。這包括從永久授權加維護模式轉向分級訂閱模式，從桌面多用戶授權模式轉向指定用戶訂閱和按需付費模式，從間接銷售轉向直接銷售，從前端支付轉向後端支付和通路合作夥伴支付。最近，我們也從預付費模式轉向年度計費模式。所有這些措施都使我們能夠以更靈活、更個人化的方式更好地服務更多客戶。

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.

從 2 月 1 日起，我們將所有面向客戶和合作夥伴的活動、行銷、市場推廣、客戶成功和客戶營運統一到首席營運長 Steve Blum 的領導下，以便更好地了解客戶體驗的端到端情況，並推動可持續的競爭優勢和成長。

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.

雖然疫情及其後續影響意味著我們將略微低於 5 年多前設定的財務目標，但我們透過對技術、員工、商業模式和客戶體驗的持續投資取得了巨大的進步，這增加了我們生態系統中的相關用例和使用情況，擴大了我們的潛在市場和實現目標的能力。

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，疫情加速了支撐我們未來成長的結構性驅動因素。進入2023財年，以及從長遠來看，我們都擁有強勁的成長動能。

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.

現在我把電話交給黛比，讓她為大家詳細介紹我們本季的財務表現和全年的業績展望。之後我會回來報告我們的策略成長計劃的最新進展。

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。在這一年裡，我們各項指標都表現出色，或許最能體現這一點的就是全年營收成長和自由現金流利潤率總和，達到了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%.

我們第四季的業績表現強勁。這主要得益於多項因素，包括強勁的續訂率、訂閱收入的顯著增長以及數位銷售的快速擴張。總收入成長了17%，以固定匯率計算則略低約2個百分點，其中訂閱收入成長了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.

按產品來看收入。 AutoCAD 和 AutoCAD LT 的收入成長了 20%，AEC 收入成長了 17%，製造業收入成長了 4%。需要注意的是，Vault 在 2022 財年開始計入收入，而製造業收入在去年第四季也受益於汽車 EBA 的強勁表​​現，其中包括可觀的預付款收入。剔除這些因素的影響，製造業收入在第四季實現了兩位數的成長。

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.

併購收入成長38%，其中包括來自史上最大規模企業協議（EBA）的部分預付款收入。即使不計入預付款收入，第四季併購收入也成長超過20%。在全球範圍內，美洲地區營收成長18%，歐洲、中東和非洲地區（EMEA）以及亞太地區（APAC）均成長16%。直接營收成長27%，佔總營收的38%，高於去年的34%，這主要得益於企業業務和電子商務的強勁成長。我們的數位銷售收入創歷史新高，助力年度電子商務銷售額首度突破5億美元大關。

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持續維持歷史高點。淨收入留存率也穩居100%至110%的目標區間。帳單金額成長13%至17億美元，反映出強勁的潛在需求，但也受到去年同期EBA業績基數較高的影響。

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.

遞延收入總額成長 13% 至 38 億美元。 RPO 總額為 47 億美元，目前 RPO 為 31 億美元，分別成長 12% 和 15%，符合預期，反映了帳單成長以及多年合約的時間和數量，這些合約通常以 3 年為一個週期。

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.

接下來來看損益表。非GAAP毛利率基本上維持在93%的水平，而非GAAP營業利潤率則成長了5個百分點，達到約35%，這反映了強勁的營收成長和持續的成本控制。 GAAP營業利潤率下降了6個百分點，至12%，主要原因是約1億美元的租賃相關費用，這體現了我們在上次電話會議上宣布的減少房地產佔用空間和推進混合辦公模式戰略方面所取得的進展。

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.

本季及全年自由現金流均創歷史新高，分別為7.16億美元及15億美元。繼上季以極具吸引力的利率完成首筆永續發展債券發行後，我們在第四季繼續優化資本結構，加快了股票回購步伐。

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.

鑑於近期股價回落，我們抓住機會，以高於以往季度的速度回購了股票，這使我們能夠抵消2022財年的股權稀釋，並提前應對2023財年預計的大部分股權稀釋。最終結果是，截至年底，我們的加權平均流通股數略有減少。

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.

第四季度，我們以每股約267美元的平均價格回購了230萬股股票，總額達6.13億美元。全年來看，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。我們將繼續抓住機會進行股票回購，但我們的資本配置策略保持不變。我們將透過內生式和外延式投資來推動成長，同時也回購股票以抵銷股權激勵計畫帶來的股權稀釋。

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.

最後，我想就此給出一些指導意見。在上一次電話會議上，我們指出，由於供應鏈挑戰、勞動力短缺以及新冠疫情的反覆波動，我們預計外匯市場將面臨不利因素，宏觀經濟也將存在不確定性。這一觀點並未改變。因此，我們三個月前強調的風險現在已納入我們對2023財年的展望。此外，我們觀察到美元進一步走強，這將對我們2023財年的預期帶來略微額外的外匯不利影響。

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.

具體來說，我們2022財年的營收成長反映了2個百分點的匯率利好，但加上上一季的匯率波動，這相當於對2023財年營收成長約1個百分點的阻力。同樣，第四季的匯率波動也導致2023財年自由現金流增加了約3,000萬美元的阻力。除了匯率因素外，我們顯然也密切關注地緣政治、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.

但即便如此，我們在2022財年的強勁勢頭和競爭優勢為我們2023財年奠定了良好的基礎。我們預計2023財年的市場狀況將與2022財年下半年的情況一致。

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.

我們預計2023財年營收將在50.2億美元至51.2億美元之間，中位數約為16%，這其中包含了我之前提到的1個百分點的匯率不利影響。我們預期非GAAP營業利潤率約為37%，自由現金流將在21.3億美元至22.1億美元之間。該區間的中位數21.7億美元意味著47%的成長率，這包含了我之前提到的3000萬美元的匯率不利影響。我們網站上的簡報提供了更多關於2023財年第一季和全年模型假設的詳細資訊。

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.

疫情強化了支撐我們策略的結構性成長動力，我們對自身的長期成長潛力依然充滿信心。我們將繼續致力於實現兩位數的營收成長、38%至40%的非GAAP營業利潤率以及兩位數的複合年化自由現金流成長。這些指標旨在為我們營收成長目標設定底線，並為支出成長預期設定上限。

Andrew, back to you.

安德魯，把鏡頭交給你了。

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。我們的策略是透過端到端的雲端解決方案，協助我們所服務的產業轉型升級，進而幫助客戶提升效率和永續發展能力。疫情強化了支撐此策略的結構性成長動力，包括工作流程整合和平台標準化程度的提高、對雲端分散式辦公室的日益重​​視、自動化和員工生產力的提升，以及對永續發展日益增長的關注。

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.

我們的模式具有可擴展性，能夠延伸至建築、工程、施工、業主、產品工程、產品製造和產品資料管理等相鄰垂直領域。正如我之前所說，憑藉我們對科技、員工、商業模式和客戶體驗的持續投入，我們完全有能力掌握這些機會。因此，透過引領並與客戶攜手探索新的工作方式，我們也將實現自身的發展。

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施工公司之一，也是工業化施工領域的領先實踐者。他們利用我們平台上的Inventor、Revit、Forge和生成式設計工具來實現其預製和模組化系統理念。透過標準化不可見部分並客製化可見部分，Goldbeck能夠可靠、快速、高效地設計和建造高度客製化且美觀的建築。在BIM的統一應用下，Goldbeck目前正尋求在設計流程之外進一步發展和連接，以透過在資本規劃階段進行設計自動化來進一步提高效率並減少浪費。為此，他們正在試用Spacemaker，並利用Autodesk Construction Cloud在設計和施工階段實現高效協作。

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 的發布、基於帳戶的定價商業模式的引入以及透過通路合作夥伴進行分銷，我們正在拓展在建築市場的業務範圍。例如，來自德州的 ENR 400 強總承包商 Lee Lewis Construction，45 年來一直致力於透過建築技術推動創新。 2021 年，該公司開始採用 Autodesk Construction Cloud 的各項功能，首先使用 Assemble 進行虛擬設計與施工，最終目標是用 Autodesk Build 完全取代其產品管理軟體。透過擁有一個涵蓋端到端完整施工工作流程的平台，Lee Lewis 將能夠更有效率地為客戶交付卓越的成果，從概念規劃到完工剪彩，全程助力客戶成功。

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運營的 ACC 軟體包的益處，Autodesk Construction Cloud 實現了有史以來最好的季度業績，並在第四季度加速增長，以強勁的勢頭進入 2023 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.

我們持續在基礎設施領域整合資源，最近收購了 Innovyze 公司。永續水資源是 Autodesk 在全球的重要機會領域。例如，泰晤士水務公司擁有並經營歐洲歷史最悠久、最複雜的供水網路之一，為倫敦和泰晤士河谷地區的 900 萬用戶提供水。借助 Innovyze 提供的 InfoWorks WS Pro 和 IWLive Pro，以及持續的招聘計劃（旨在將其內部水力建模團隊規模擴大一倍），該公司正在構建一個卓越的建模中心，並擁有一個可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.

當這些動態數位孿生模型與遙測資料連接並進行比對後，它們將成為強大的規劃工具，使泰晤士水務公司的團隊能夠近乎即時地了解系統性能，從而改善當前和未來客戶的用水體驗。我非常高興地宣布，Innovyze 取得了有史以來最好的季度業績。

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.

再來看製造領域。本季度，隨著我們將更多工作流程拓展到設計工作室之外，並開發更多接入我們製造平台的途徑，我們在製造業務組合方面保持了強勁的成長勢頭。在汽車領域，我們持續擴大業務範圍，從設計工作室延伸到與製造環節相連的工廠，以滿足汽車原始設備製造商打破工作壁壘、縮短交接和設計週期的需求。

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，一家設計和聯合生產高端電動車的跨國汽車公司在全球 4 個國家開展業務，目前正在向另外 20 個國家擴張。該公司在第四季度簽署了新的 EBA 協議，不僅增加了 Alias 和 VRED 的用戶，還與我們的顧問團隊和產品專家合作，利用 Autodesk Moldflow 擴展其內部製造能力，並致力於在全球範圍內推廣 ShotGrid，以幫助其無縫管理和協作其端到端工作流程。

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.

我們的平台方案為新客戶提供了多種連結我們雲端生態系統的途徑。例如，一家總部位於歐洲的新創公司，致力於為全球電動車打造智慧充電系統。該公司最初使用競爭對手的產品和設計，但由於業務的快速成長，在協作方面遇到了許多挑戰。該公司選擇 Upchain 作為其雲端資料管理系統，因為它易於安裝，開箱即用，並支援所有用戶隨時隨地透過任何裝置即時協作處理最新資料。此外，Upchain 還易於新增用戶，並能隨著公司的高速成長而擴展。這些也正是 Fusion 360 的優勢所在，我們希望未來能為 Upchain 使用者連結更多工作流程。

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 的商業用戶數量穩定成長，本季末達到 18.9 萬人。包括機械加工、生成式設計、排料和製造在內的新擴展功能早期需求強勁，即將推出的模擬和設計擴展功能也引起了廣泛關注。雖然我們通常認為教育使用者會將 Fusion 360 帶入工作崗位，但我們的商業客戶也將 Fusion 360 應用於教育領域，以幫助培養未來的員工。

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，作為帕薩迪納城市學院顧問委員會成員的勞倫斯設備公司向學院展示了Fusion 360如何幫助其創新和改進設計與製造流程，從而提高營運效率、生產力和產品品質。學院在其機械加工課程中採用Fusion 360後，立即發現使用Fusion 360的學生減少了學習如何使用軟體的時間，而將更多時間投入到實際操作中，學習重要的加工技能。學生們也更了解他們的工作對公司的影響。因此，勞倫斯設備公司可以從源源不絕的帕薩迪納城市學院高素質畢業生中招募人才，實現了雙贏。

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.

隨著市場對優質內容的需求持續成長，以及提高內容製作效率的壓力日益增大，媒體和娛樂產業對內容創作工具和雲端製作工作流程的需求也隨之增加。因此，隨著疫情後企業尋求連接孤立的工作流程和遠端團隊，媒體和娛樂產業在年底表現強勁。

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已重申對Autodesk內容創作和製作管理工具（如Maya和ShotGrid）的承諾。透過在其全球工作室中採用通用工具，Technicolor能夠充分釋放其遠距辦公和分散式員工的創作潛力。透過有效率且安全地連結團隊，Technicolor可以繼續滿足日益增長的優質內容需求，重新定義全球故事講述者和觀眾的創作可能性。

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，我們持續透過商業模式創新和授權合規舉措，幫助更多用戶更有效率地參與我們的生態系統。我們的高級套餐提供單一登入功能，增強安全性並提供使用者級報告，使客戶能夠更安全、高效地管理其在分散式網站上的軟體使用情況。

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.

當我們幫助客戶深入了解他們如何使用我們的解決方案時，我們就能更有效率、更有效地實施這些方案，從而更好地確保他們的成功。例如，ZETA集團在全球擁有17家子公司，專注於為無菌製程解決方案提供客製化生物製藥設施的規劃、自動化、數位化和維護。 ZETA希望更了解其員工軟體的使用情況，以便更好地管理訂閱用戶。在第四季度，ZETA將高級方案的訂閱用戶數量增加了一倍，從而獲得更全面的員工級別報告，以便更深入地了解情況並簡化管理。

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.

對員工軟體使用情況的清晰了解以及更便捷的用戶管理，使得高級套餐成為那些希望遵守許可規定的客戶的理想選擇。例如，我們發現一家總部位於美國的跨國消費品公司帳戶套餐存在漏洞後，便與其團隊合作進行了診斷掃描，以確保他們能夠使用我們軟體的最新、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.

這個過程發現了軟體可用性和許可組合方面的不足。我們協作互助的方式使更多用戶能夠存取我們軟體的最新版本，而升級到我們的高級套餐則使未來的存取權限管理更加便捷。

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.

本季度，我們在許可合規項目方面完成了16筆超過50萬美元的交易，其中4筆超過100萬美元。正如我之前所說，透過引領並與客戶合作探索新的工作方式，我們自身也將實現成長。儘管未來的道路必然充滿曲折，但在許多方面，疫情加速了未來的發展，也增強了我對我們策略的信心。

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.

賦能設計製造技術領域的創新者，協助他們實現新的可能性，也使他們能夠有效率、永續地進行建設和生產。我們始終在充滿挑戰的時代保持卓越的執行力，並期待 Autodesk 在接下來的 40 年裡繼續保持令人興奮的發展勢頭和樂觀精神。

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

接線員，現在我們開始接受提問。

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

（操作說明）我們的第一個問題來自瑞士信貸的菲爾溫斯洛。

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，我有個問題想問你——關於你在上次電話會議上提到的供應鏈和勞動力短缺問題。我想請你更新一下這方面的狀況。在過去三個月裡，你從客戶那裡了解到了哪些回饋？另外，能否重點談談建築、工程和施工（AEC）產業？因為你在幻燈片中確實提到了該行業建築地產的新聞創下新高，而且成長速度正在加快。

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。很高興收到你的消息。是的，首先，我這樣解釋一下。我們看到的情況和我們第三季跟你討論這個問題時預期的一樣，確實有所改善。我們的客戶表示，他們感覺到供應鏈的一些限制正在逐步解除。我們的合作夥伴也表達了類似的看法。

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.

年初我們曾預期下半年會加速成長，但實際情況並沒有如預期般大幅超出預期。不過，我們看到的情況與我們在第三季所說的市場環境改善的情況一致。因此，我認為，尤其是在建築、工程和施工（AEC）領域，正如我上個季度重點提到的，該領域在進行中的項目方面承受著最大的供應鏈和成本壓力，而我們看到了該領域的改善。

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?

沒錯，我們的建築業務確實創下了季度紀錄，而且季度末也保持了良好的成長勢頭，為明年做好了準備。但這與我們在第三季所說的一致，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?

明白了。關於您過去幾年一直在提到的專案積壓問題，您覺得客戶對此有什麼看法？您認為這些問題會在未來12個月內解決嗎？或者說，他們對這些積壓項目有什麼看法？

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。我可以告訴您的是，我們會監控投標平台的活動，也會監控 Construction Cloud 和 BIM 360 Docs 上活躍專案數量的成長。我們看到，投標平台上的投標活動持續成長，而且我們圍繞 Construction Cloud 和 BIM 360 Docs 的雲端應用上的每月活躍專案數量也在增加。

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.

這些通常是專案活動和積壓專案轉化為活躍專案的領先指標。因此，我們認為這些跡像是正面的，反映了環境的良好發展趨勢。

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銀行的 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，對你來說，2023財年或許是個續約大年。隨著更多三年期產品訂閱在今年到期，初步數據顯示，客戶續訂意願如何？或許同樣重要的是，他們是否願意在原有基礎上增加使用量？你明白我的意思嗎？

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，這很有道理。薩凱特，簡而言之，長​​期合約的續約意願與短期合約的續約意願相同，甚至在某些情況下更高。因此，喜歡長期合約、喜歡價格鎖定的客戶往往會繼續鎖定價格，然後繼續續約。到目前為止，我們觀察到的情況正是如此。

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.

至於他們在這些情況下是否願意增加購買量，這取決於他們的具體情況。所以我不會提供關於他們增加購買量的具體數據。但是，公司的淨收入與客戶留存率可以大致反映公司全球客戶群在這方面的表現。

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

黛比，你還有什麼要補充或評論的嗎？

No, I think you covered it, Andrew.

不，我覺得你已經說得很清楚了，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.

明白了，明白了。黛比，我可能還有個後續問題想問你。我的意思是，考慮到我們才剛開始2023財年，我想問你對我們在2024財年如何逐步取消多年產品訂閱有什麼想法？還有，從理念上講，鑑於我們現在對2023財年的預期有所調整，你認為這會對現金流產生怎樣的影響？

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?

我知道現在討論這個問題還為時過早，但您覺得這大概是怎麼運作的？以及，建構這種模型的最佳方法是什麼？

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。如您所知，我們今天不會對2024財年及以後的業績給予具體指引。但正如您所想，這是我們重點關注的領域。我們將沿用在投資者日上製定的框架，所以我們再回顧一下：到2026財年，營收將實現兩位數增長；非GAAP營業利潤率將在38%至40%之間；自由現金流也將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.

這指的是2024財年預期出現下滑之後的情況，屆時我們將開始對多年期合約實施年度結算。正如我在事先準備好的發言稿中所提到的，這些指標旨在為我們的收入成長目標設定一個底線，並為我們的支出成長預期設定一個上限。

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.

現在來說說自由現金流的下降情況，特別是2024財年的情況，我知道大家非常關注下降的幅度以及下降的幅度。雖然我們今天不提供具體數據，但我認為大家應該這樣思考。

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.

如果我先從斜率說起，自由現金流下降及其復甦的斜率將取決於客戶採用年度結算方式的速度。目前，我們打算為客戶提供選擇，但我們仍在研究具體的方案細節。

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.

我們的目標是盡快完成過渡。但我們也面臨客戶、合作夥伴和營運方面的諸多限制，我們需要在過渡過程中努力克服這些限制。為了讓您更直觀地了解情況，我建議您看看2020財年長期遞延付款佔總遞延付款的百分比。當時這個比例接近30%，我們預計2023財年也會看到類似的情況，因為屆時需要續約的也是同一批客戶。

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，隨著我們逐步過渡到年度結算，長期遞延款項最終將會消失。我們當然希望盡快完成過渡，但仍在敲定具體操作細節。在2023財年期間，我們會及時向您報告所有進展。

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

你知道嗎，薩凱特，有一件事——哦，對不起，薩凱特。

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

不，不，不。請你繼續，安德魯。不，求你了。

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.

讓我感到興奮的是，年度結算方式轉變後的自由現金流開始與我一直以來都非常關注的長期策略驅動因素保持一致。我們在投資者日上討論的數位轉型驅動因素，包括我們即將進入的相鄰行業，這些因素將決定未來自由現金流的成長和走勢，同時也將影響所有這些因素——利用商業模式和合規性方面的各種成長推動因素。

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.

此外，別忘了，從長遠來看，我們致力於將長尾市場變現，這不僅體現在像 Flex 這樣的產品上，還體現在能夠觸及我們目前可能尚未覆蓋到的客戶群的新型數位管道上。對我而言，最令人興奮的是，自由現金流能夠與這些長期策略驅動因素保持一致。這對我們來說將會是一個非常好的成果。

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?

Andrew、Debbie，你們的投影片很有意思，揭露了本財年末600萬訂閱用戶的數據，這比2021財年末增加了約70萬。你們在2023財年的業績預期中是否預計今年的訂閱用戶數量能夠達到或超過2021財年的水平？

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，您揭露的數位銷售收入佔比非常有趣。數位銷售收入現在顯然已成為您直接收入的主要部分，安德魯，您認為數位銷售額是否有可能與指定客戶和EBA業務平分秋色？還是您認為指定客戶和EBA業務仍佔據直接業務的大部分？

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。首先，讓我回答你的第一個問題。你可能還記得去年，這完全是我的責任，我們當時對下半年加速新業務成長的預期過高，對吧？我們今年不會再有這樣的預期。我們假設一切都將維持不變，維持現狀。

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?

我要補充的是，在我們的業績指引中，我們沒有將烏克蘭戰爭考慮在內，而這場戰爭會如何影響我們的業務目前尚不明朗。我的意思是，我想——你們可能都聽到了拜登總統今天早些時候關於他在這方面立場的演講。但展望明年，我們假設目前的情況會繼續下去，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?

還有，請記住，您看到的訂閱用戶成長中，有些是由於多人以舊換新造成的，好嗎？我只是想確保我們把這些因素都考慮進去。但目前的趨勢和速度是這裡的基本假設，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.

現在來說說數位化銷售。數位化銷售就是一個很好的例子，它是我們成長最快的管道。它的成長並沒有以犧牲合作夥伴的利益為代價，我們的合作夥伴也同樣實現了強勁成長。它也很好地體現了我們如何透過數位化手段提升自身及銷售團隊的生產力。數位化管道能夠觸及我們認為以往服務不足的客戶群。

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.

他們不僅找到了我們並購買了我們現有的產品，還積極參與了一些更具前瞻性的產品，例如 Fusion 360。因此，這個管道將會變得越來越重要。正如我之前多次提到的，當我們展望未來，即實現一半收入來自直接銷售的長期目標時，這其中一半的直接收入將來自這個數位管道。

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.

顯然，從我們揭露的資訊和成長率可以看出，這些數字在未來幾年內都有發展前景。這個管道將繼續幫助我們更深入地挖掘長尾市場。它將繼續受益於我們正在開發的數位化生產力工具，這些工具旨在提高我們整個銷售團隊的效率。我對這個管道的未來充滿信心。

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?

黛比，你還有什麼要補充的嗎？例如，既然我提到了烏克蘭局勢，關於我們在那裡的具體情況，或是其他相關內容？或是關於數位管道方面的內容？

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.

當然可以。我會介紹俄羅斯和烏克蘭的情況。具體來說，俄羅斯和烏克蘭在2022財年的收入占我們總收入的不到2個百分點。我們在2023財年的總結預測中也做了類似的假設。當然，情勢瞬息萬變，目前情況非常複雜。我們今天召開財報電話會議純屬巧合。

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，我們尚未將任何可能出現的潛在風險納入我們的業績指引。我們將密切關注事態發展，因為目前我們尚不清楚是否會產生任何影響。我們不知道影響是否僅限於俄羅斯和烏克蘭，還是會波及整個歐洲甚至更廣泛地區。現在下結論還為時過早。

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上指出的那樣，在完成商業模式轉型後，我們的業務韌性更強了。這是目前情況中的一個正面因素。但正如您所能想的，我們顯然正在密切關注事態發展，一旦有新的進展，我們會及時向您通報。

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.

傑伊，總而言之，我們認為一切都將以目前的速度和方向繼續發展。不會出現加速成長，也不會出現我們預期的提振，或任何我們在即將發布的業績指引或未來展望中期待看到的情況。

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?

或許可以談談本季新產品訂閱量的成長。上個季度您提到，在經歷了上半年約30%的成長後，第四季成長放緩至20%左右。我想問一下，第四季的情況如何？根據您之前的發言，我假設安德魯，您認為下半年的情況會延續到下半年。但如果您能更詳細地說明一下第四季度的情況，那就太好了。

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

亞當，我請黛比來回答這個問題吧。

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.

好的，沒問題。我來接手。亞當，是的，我們一直在討論新銷量，這是我們密切關注的指標。第四季新銷售成長略有放緩，這是因為與去年同期相比基數較高，但整體成長依然非常健康，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，這種成長其實是我們制定明年業績指引時所考慮的因素。正如安德魯剛才所說，我們假設需求環境（包括新增銷售成長）已納入我們的指引，並且展望未來，我們預期業績的上行或下行空間不會改變。但最終的結論是，銷售成長速度略有放緩，但這符合我們的預期，並且仍然保持著非常健康的成長勢頭。

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?

太好了，這真的很有幫助。還有一個後續問題想問一下。很高興看到 Autodesk Construction Cloud 的發展勢頭越來越強勁。展望未來幾年，Andrew，您認為 ACC 的發展機會相對於目前的業務組合有多大？您是否有興趣深入了解財務方面的情況？

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，在某個時候，是的。但你看，我一直都說，我們相信建築業務將是 Autodesk 下一個十億美元級的業務。我還想補充一點，對於那些關注這些的人來說，你們可能用「製造」業務的收入成長來衡量我們的業績。我想確保你們記住這一點，因為我們擁有多元化的商業模式，包括消費模式、帳戶模式和訂閱模式，我們將實際的 ACC 業務融合在設計業務和製造業務之間。

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].

所以，如果你把EBA對製造業務的影響考慮進去，製造業務的成長率約為30%，對吧？所以我們看到的是強勁的成長。我預計這種成長勢頭會持續下去，而且我一直認為建築業將是Autodesk下一個十億美元級的業務，這應該是我們團隊的預期。

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馬修‧赫德伯格。

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?

安德魯，顯然，很高興聽到建築雲業務的成果。我想了解貴公司製造業業務的情況，或許可以用棒球來打個比方，您認為我們在建立製造業雲端業務方面目前處於什麼階段？與您最終的目標相比，您覺得如何？

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，馬特，你問得好，因為我們現在正處於一個過渡階段，技術已經開發完成，也接觸到了早期用戶群。我們已經為產品建立了一個強大的基礎，一個穩固的早期市場。我的意思是，你在開場白中也聽到了，我們已經有超過18.9萬的訂閱用戶。

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.

我們現在正進入加速該領域成長的階段。我認為我們還處於早期階段，大概還處於整個過程的第三局左右，對吧？我們目前擁有一個良好的基礎—對於了解這個領域發展歷程的人來說，我們目前的訂閱用戶數量是一個非常好的起點。通常情況下，正是從這個起點開始，我們才能為業務帶來越來越多的內容。

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.

最近我們經歷了一次領導層交接，Scott Reese放棄了一份非常好的工作，去通用電氣（GE）工作，順便說一句，GE也是我們的客戶之一，這當然是件好事，我真心為他高興。 Jeff Kinder作為繼任計畫的一部分，接任了他的職位。 Jeff Kinder非常重視規模化、規模成長和規模轉型。我認為他的技能組合將為下一階段帶來卓越的能力，但現在還處於非常早期的階段，明白嗎？這場比賽才剛開始。我認為我們應該預料到情況會是這樣。

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，這又將成為我們一直在談論的 2024 財年以後成長的重要驅動力。

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.

太好了。然後我想再補充一點。大概一年前，供應鏈方面的問題開始出現的時候，我們和你們的一些合作夥伴聊過，他們提到，在供應緊張的市場環境下，大家使用 Autodesk 來減少浪費、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?

回顧過去一年，你認為實際狀況如何？你認為這是否仍然是一個相當關鍵的驅動因素，尤其是在供應鏈領域或更廣泛的ESG（環境、社會和治理）議題上？

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，絕對的。而且它只會變得越來越重要。我們確實有很多引人入勝的案例，例如一些傳統工業企業利用 Fusion 360 的生成式設計功能，成功地減輕了產品的重量，降低了材料用量，即使是像液壓設備這樣簡單的產品也是如此。這些都是真實案例，而且我們看到的這樣的例子越來越多。

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.

就建築而言，每次返工都是在減少浪費——減少的是該項目的浪費和碳足跡。而且如您所知，對於建築公司來說，這正逐漸成為一種要求，而非選擇。越來越多的規定要求專案必須達到一定的碳足跡水平，包括其固有碳足跡和生命週期碳足跡。

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，這種降低能耗、選擇合適材料、減少材料用量的能力，將成為許多人的關鍵競爭優勢。令人振奮的是，一些你意想不到的公司也開始採用我們最新的技術，因為它能幫助他們應對業務永續發展和環保方面的關鍵挑戰。

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

我們的下一個問題來自 Baird 公司的 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?

我的第一個問題只是想核實一下事實。我想確認一下，您今天提供的正式業績指引與上個季度提供的初步指引相比，唯一的變化是否僅僅是美元走強和匯率波動帶來的不利影響？是這樣嗎？

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.

沒錯。總體而言，這些數據與我們上次電話會議討論的內容一致。我們只是根據最新的匯率假設進行了調整。這將導致營收成長下降約1個百分點，自由現金流減少約3,000萬美元，這些都已計入業績指引中。

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。第二個問題，安德魯，我知道你說過 AutoCAD 可能不像以前那樣是業績領先指標了，但即便如此，它在年底的成長速度仍然相當不錯。如果剔除媒體業務的初期貢獻，它可能是你們成長最快的業務，所以我想知道這其中是否有什麼深意？

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用戶數的成長相符，而且我仍然認為每月活躍用戶數正逐漸成為更好的指標。例如，我們所有產品的總月活躍用戶數在第四季度同比增長超過 10%。所以這兩者之間的相關性非常強。我認為這仍然是一個可靠的指標。但你說得對，我認為 AutoCAD 的業績成長正是得益於我們在新財年開始之際所看到的強勁的每月活躍用戶數成長。

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?

我想問一下，您在第四季取消多年折扣的舉措，市場反應如何？您如何預測未來情勢？

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?

還有一點要說明的是，我錯過了通話開始時關於另一條線路表現非常出色的原因的評論。我想那條線路應該有一些預付款。您可以再告訴我那個顏色嗎？

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。資訊量確實很大，但我們先從多年合約說起。是的，上個季度我們的折扣從10%降到了5%。顯然，當我們調整價格時，有些客戶會利用這段時間提前購買，趕在價格調整生效前完成。這次價格調整也出現了類似的情況，這也預料之中。我們會一直尋求優化業務的方法，這只是其中一個例子。我還想說，即使在折扣下調之後，多年合約的續約率仍然保持穩定。

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.

至於其他收入，確實如此。其他收入的情況比較複雜，但它在一定程度上推動了我們第四季營收超出預期。其中很大一部分——或者說很大一部分——是我們透過企業協議 (EBA) 銷售的非雲端產品，這些產品的收入是預先確認的。我們通常在第四季迎來 EBA 交易量的最高峰。根據這些交易的具體組成，有時會因此帶來預收收入的小幅增長，這正是我們在第四季度營收超出預期以及您在其他收入中看到的情況。

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.

不過，我們仍然預計，隨著時間的推移，預付款和其他費用在我們業務中所佔的比例將相對較小，而經常性收入應達到 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斯特林·奧蒂。

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，我想再談談現金流的問題。你之前提到過，客戶和合作夥伴在轉向年度結算方面存在一些限制。能簡單舉個例子說明一下這些限制具體是什麼嗎？以及為什麼你們現在不能立即採取激進措施，加快轉向年度結算呢？

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。正如我在投資者日上提到的，我們確實在進行第一部分——營運方面。我們正在升級系統，以便能夠大規模處理如此大量的多年期合約和年度帳單。我們目前的系統不具備這種能力，這是一項重大的系統改造，我們正在進行中，這需要一些時間。我們正在研究如何盡快以及需要多長時間才能完成這項改造。

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.

我再次強調，我們的傾向是，在進入2024財年時立即執行這項轉型，但這需要時間，也需要持續的資金和人力投入，以確保我們的系統為此做好準備。因此，我們目前正在著手處理此事。

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.

我們在投資者日上談到的第二點，也是我們至今仍重視的一點是：我們的合作夥伴對歐特克至關重要，對我們的發展至關重要，對我們拓展全球業務範圍、深化業務以及與客戶互動都至關重要。我們希望確保在轉型過程中與合作夥伴攜手合作，不僅要確保自身和客戶的利益最大化，也要確保這些對我們至關重要的合作夥伴的利益最大化。

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，在接下來的一年裡，我們將著眼於研究這方面的程序化細節，以確保我們在 2024 財年開始時，能夠在整個生態系統中取得成功。

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。有道理。然後可能還有一個後續問題。除了2023財年自由現金流3000萬美元的外匯不利因素之外，我們該如何看待您給出的業績指引與先前長期目標之間的銜接問題？

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。之前的長期目標是24億美元。上次電話會議上，我們討論了數億美元的風險，這筆風險大致平均分配在宏觀經濟環境和外匯波動兩方面。鑑於美元在過去90天持續走強，外匯波動方面又增加了3000萬美元的風險。

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.

所以總的來說，宏觀或商業風險約為1億美元。這一點我們在上次電話會議也重點強調了。此外，外匯風險總計1.3億美元，美元持​​續走強也是造成此風險的原因，這就是為什麼您會看到指導方針的中點值定在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?

或許可以問安德魯幾個問題。我想更深入地了解貴公司在建築設計方面的業務，這顯然是貴公司的核心業務。您如何描述目前該領域的終端市場環境？此外，我們應該考慮哪些成長措施來應對今年以及長遠發展？

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。建築業正在走出疫情的陰霾，正如你所看到的——推動建築活動成長的指數一直在持續上升。因此，建築師對未來更有信心，他們也在加大對BIM的投入，這對於他們從二維實踐向三維實踐轉型至關重要。

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.

所以這種趨勢還會持續下去。這是我們在建築領域，尤其是建築業，看到的更大的長期數位化趨勢的一部分。越來越多的人正在轉向3D流程和3D BIM，他們正積極採用Revit及類似工具，以便在新市場環境中保持競爭力。

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.

這也意味著他們勞動生產力的大幅提升。因此，他們將研究一些新的工具，以便更好地利用現有勞動力資源，尤其是在勞動市場緊張的情況下。

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.

這就是我們目前關注的建築業現況。隨著建築師對專案儲備越來越樂觀，向BIM的數位轉型將會加速。所有數據都表明，建築業的專案儲備正在改善。

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，當我仔細想想建築師這個職位時，我會不會覺得這個職位受到的衝擊比建築、工程和施工（AEC）行業的其他一些職位更大？

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.

疫情初期，它受到的衝擊確實更大，這點毋庸置疑。它對遠距辦公的準備最不足，因為它本質上是一種辦公室工作模式。但它已經適應了。他們採用我們基於雲端的工具的速度，無疑比疫情前快得多。

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.

所以他們使用 BIM Collaborate 和 BIM Collaborate Pro 的比例比以往任何時候都高。他們正在適應，但沒錯，在疫情初期以及過去幾年裡，他們受到的衝擊相對較大。但他們正在復蘇，並且正在適應。

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.

他們仍然需要重建業務，仍然需要累積資金儲備，但這個領域肯定會復甦。而且它也在雲端復甦。

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。今天的問答環節到此結束。現在我將把發言權交還給西蒙·梅斯-史密斯，請他再補充一些內容。

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.

感謝各位的到來。如有任何其他問題，請隨時與我聯絡。否則，我們期待在第一季業績電話會議上與大家分享最新情況。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.

感謝各位女士、先生參加今天的會議。本次會議到此結束，您可以斷開連線了。祝您今天愉快。