Autodesk Inc (ADSK) 2023 Q1 法說會逐字稿

Thank you for standing by, and welcome to Autodesk's First Quarter Fiscal 2023 Earnings Call. (Operator Instructions) Please be advised that today's call may be recorded. (Operator Instructions)

感謝您的耐心等待，歡迎參加歐特克2023財年第一季財報電話會議。 （操作說明）請注意，本次電話會議可能會被錄音。 （操作說明）

I would now like to hand the call over to your host, VP, Investor Relations, Simon Mays-Smith. Please go ahead.

現在我將把電話交給主持人、投資者關係副總裁西蒙·梅斯-史密斯先生。請開始吧。

Thanks, operator, and good afternoon. Thank you for joining our conference call to discuss the first quarter results of our fiscal '23. On the line with me are Andrew Anagnost, our CEO; and Debbie Clifford, our CFO.

謝謝接線員，下午好。感謝您參加我們關於2023財年第一季業績的電話會議。與我一同參加會議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'll 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. Please refer to our SEC filings, including our most recent Form 10-K and the Form 8-K filed with today's press release, for important risks and other factors that may cause our actual results to differ from those in our forward-looking statements.

在本次電話會議中，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目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。請參閱我們向美國證券交易委員會（SEC）提交的文件，包括我們最新的10-K表格和隨今日新聞稿提交的8-K表格，以了解可能導致我們的實際業績與前瞻性陳述中所述業績存在差異的重要風險和其他因素。

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

本次電話會議中所作的前瞻性陳述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 several numeric or 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，我們將引用一些數字或成長變化來討論我們的財務表現。除非另有說明，否則所有引用均指同比數據。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.

謝謝西蒙，也歡迎各位參加本次通話。

Today, we reported record first quarter revenue, non-GAAP operating margin and free cash flow fueled by strong demand and a robust competitive performance. The structural growth drivers for our business that were critical to our performance during the pandemic, such as flexibility and agility, continue to support and propel us during elevated macroeconomic, geopolitical and policy uncertainty. These growth drivers further cement the important role we play in our customers' digital transformation and increase our confidence in our strategy.

今天，我們公佈了第一季創紀錄的營收、非GAAP營業利潤率和自由現金流，這主要得益於強勁的需求和穩健的市場競爭表現。疫情期間對我們業務成長至關重要的結構性驅動因素，例如靈活性和敏捷性，在宏觀經濟、地緣政治和政策不確定性加劇的情況下，依然能夠繼續支撐和推動我們前進。這些成長驅動因素進一步鞏固了我們在客戶數位轉型中扮演的重要角色，並增強了我們對自身策略的信心。

Our steady strategy, industry-leading products, platform and business model innovation, sustained and focused investments, and strong execution are creating additional opportunities for Autodesk. By accelerating the convergence of workflows within and between the industries we serve, we create broader and deeper partnerships with existing customers and bring new customers into our ecosystem.

我們穩健的策略、業界領先的產品、平台和商業模式的創新、持續且重點突出的投資以及強大的執行力，正在為歐特克創造更多機會。透過加速我們所服務產業內部及產業間的工作流程整合，我們與現有客戶建立更廣泛、更深入的合作關係，並將新客戶引入我們的生態系統。

A prime example of this is infrastructure. The combination of Revit, Civil 3D, Navisworks, Autodesk BIM Collaborate Pro, InfoWorks, and more recently, Autodesk Construction Cloud and Innovyze delivers industry-leading end-to-end capabilities in transportation and water from planning and design to construction and operations. And our customers can extend those capabilities through our partnerships with Aurigo in capital planning and Esri in geospatial mapping.

基礎建設就是一個絕佳的例子。 Revit、Civil 3D、Navisworks、Autodesk BIM Collaborate Pro、InfoWorks，以及最近新增的 Autodesk Construction Cloud 和 Innovyze 等軟體的組合，為交通運輸和水務領域提供了從規劃設計到施工營運的行業領先的端到端解決方案。此外，我們的客戶還可以透過與 Aurigo 在資本規劃方面的合作以及與 Esri 在地理空間測繪方面的合作，進一步擴展這些功能。

This is important because governments and asset owners across the globe are investing growing amounts in next-generation infrastructure to meet the societal and environmental needs of the next century and are retooling now to do it. That equals opportunity for Autodesk. For example, in the first quarter, we signed our second largest EBA ever with a large global infrastructure company in a deal that included Innovyze and Autodesk Build for the first time.

這一點至關重要，因為全球各國政府和資產所有者都在增加對下一代基礎設施的投資，以滿足下個世紀的社會和環境需求，並且正在為此進行轉型升級。這對歐特克來說意味著機會。例如，在第一季度，我們與一家大型全球基礎設施公司簽署了有史以來第二大企業協議，該協議首次將Innovyze和Autodesk Build納入其中。

Across Autodesk, we are focused on unifying more common data and fluidly connecting more workflows in the cloud in ways that delight our customers and lead them to new, more efficient and more sustainable ways of working. And by doing that, we will move beyond carbon neutrality for ourselves to transform our customers' carbon footprint. Together, we can design and make a better world for all that advances equitable access to the in-demand skills of the future.

在歐特克，我們致力於統一更多通用數據，並在雲端流暢連接更多工作流程，從而提升客戶滿意度，並引領他們走向更有效率、更永續的全新工作方式。透過這些努力，我們將超越自身的碳中和目標，協助客戶實現碳足跡的轉變。攜手並進，我們能夠為所有人打造一個更美好的世界，促進公平取得未來所需的技能。

Before I turn the call over to Debbie to take you through the details of our financial performance and outlook, I want to update you on important decisions we made about our business in Russia. You will recall that the invasion of Ukraine occurred hours before our last earnings call. In light of the conflict, we halted all of our new and renewal business in Russia on March 3. We strongly believe this decision was the right thing to do and that it is in our long-term interest, even though it comes at a cost, which Debbie will detail in a moment. Of course, our immediate focus remains on the safety and well-being of our employees in the region, and we continue to monitor the situation closely.

在將電話轉交給黛比，讓她詳細介紹我們的財務表現和展望之前，我想先向大家報告我們針對俄羅斯業務所做的重要決定。大家應該還記得，就在我們上次財報電話會議前幾個小時，烏克蘭遭到入侵。鑑於衝突局勢，我們於3月3日暫停了在俄羅斯的所有新業務和續約業務。我們堅信這項決定是正確的，符合我們的長遠利益，儘管這會帶來一些代價，黛比稍後會詳細說明。當然，我們眼下的首要任務仍然是保障該地區員工的安全和福祉，我們將繼續密切關注局勢發展。

Beyond the immediate impact in Russia, other leading indicators trend positive. For example, usage remained steady in Europe during the quarter and grew in America and Asia Pacific region, building connected bid activity again hit record levels, and our partner channel remains optimistic. The strong momentum sets us up well for the remainder of the year.

除了俄羅斯市場的直接影響外，其他領先指標也呈現正向態勢。例如，本季歐洲市場的使用量保持穩定，美洲和亞太地區的使用量則有所增長，互聯競價活動再次創下歷史新高，我們的合作夥伴管道也保持樂觀。強勁的發展勢頭為我們今年餘下的時間奠定了良好的基礎。

Debbie, now over to you to take everyone through the details of our quarterly financial performance and guidance for the year. I'll come back afterwards to provide an update on our strategic growth initiatives.

黛比，現在請你為大家詳細介紹一下我們本季的財務表現以及全年的業績展望。之後我會再回來報告我們的策略成長計畫。

Thanks, Andrew.

謝謝你，安德魯。

Q1 was a strong quarter driven by broad-based strength across products and regions. If we compare the revenue result versus guidance, the outperformance was due to that strength as well as the upfront revenue in a large EBA, which we had forecasted would close later in the year.

第一季業績強勁，主要得益於各產品線及各地區的全面成長。如果將實際營收與預期進行比較，業績超預期不僅歸功於上述成長，還得益於一項大型企業協議（EBA）的預收收入，該協議我們此前預計會在今年稍後完成。

Total revenue grew 18% and 17% in constant currency. By product, AutoCAD and AutoCAD LT revenue grew 21%, AEC revenue grew 17%, manufacturing revenue grew 14%, and M&E revenue grew 24%. By region, revenue grew 24% in the Americas, 17% in EMEA and 10% in APAC. Direct revenue increased 22% and represented 34% of total revenue, up 1 percentage point from last year due to strength in both enterprise and e-commerce. Our product subscription renewal rates remained at record highs, and our net revenue retention rate was comfortably within our 100% to 110% target range.

總營收成長18%，以固定匯率計算成長17%。按產品劃分，AutoCAD和AutoCAD LT收入成長21%，AEC收入成長17%，製造業收入成長14%，M&E營收成長24%。按地區劃分，美洲地區收入成長24%，歐洲、中東和非洲地區成長17%，亞太地區成長10%。直接營收成長22%，佔總營收的34%，較去年成長1個百分點，這主要得益於企業和電子商務業務的強勁成長。我們的產品訂閱續訂率維持在歷史高位，淨收入留存率也輕鬆達到100%至110%的目標區間。

Billings increased 16% to $1.1 billion, reflecting robust underlying demand. Total deferred revenue grew 12% to $3.7 billion. Total RPO of $4.7 billion and current RPO of $3.1 billion grew 11% and 10%, respectively, reflecting strong billings growth, and as I flagged last quarter, the timing and volume of multiyear contracts, which are typically on a 3-year cycle.

帳單金額成長16%至11億美元，反映出強勁的潛在需求。遞延收入總額成長12%至37億美元。總RPO（恢復點目標）為47億美元，目前RPO為31億美元，分別成長11%和10%，反映出帳單金額的強勁成長，正如我上個季度所指出的，也反映了多年期合約（通常以三年為一個週期）的簽訂時間和數量的增長。

Turning to the P&L. Non-GAAP gross margin remained broadly level at 92%, while non-GAAP operating margin increased by 6 percentage points to approximately 34%, reflecting strong revenue growth and ongoing cost discipline. GAAP operating margins increased by 4 percentage points to approximately 18%.

再來看損益表。非GAAP毛利率基本上維持在92%的水平，而非GAAP營業利潤率則成長了6個百分點，達到約34%，這反映了強勁的營收成長和持續的成本控制。 GAAP營業利潤率成長了4個百分點，達到約18%。

As Andrew mentioned, we delivered record first quarter free cash flow of $422 million, up 34% year-over-year, reflecting strong billings growth in both Q4 and Q1.

正如安德魯所提到的，我們第一季自由現金流創下歷史新高，達到 4.22 億美元，年增 34%，這反映出第四季和第一季的帳單收入均實現了強勁增長。

With the broad equity market pullback in Q1 and our strong cash position, we again accelerated our share repurchasing during the quarter. We purchased 2.1 million shares for $436 million at an average price of approximately $212 per share, which contributed to a reduction in our weighted average shares outstanding of approximately $2 million.

鑑於第一季股市整體回調以及我們強勁的現金儲備，我們在本季再次加快了股票回購步伐。我們以每股約212美元的平均價格回購了210萬股股票，總額達4.36億美元，這使我們的加權平均流通股數量減少了約200萬股。

While our capital allocation strategy remains unchanged, you can expect that we will continue to invest organically and inorganically to drive growth. Over the last 2 quarters, we've proactively used our strong liquidity to accelerate repurchasing, and we'll continue to be opportunistic in doing so when market conditions allow for it.

儘管我們的資本配置策略保持不變，但您可以預期我們將繼續透過內生式成長和外延式成長來推動業務成長。過去兩個季度，我們積極利用強勁的流動性加速股票回購，並將繼續在市場條件允許的情況下抓住機會進行回購。

Now let me finish with guidance. The overall headline is that the underlying business conditions that we've been seeing are unchanged, save for Russia and the continued strengthening of the U.S. dollar. Our business continues to perform well and to post top line growth ahead of our peers. As you can imagine, we're keeping a close eye on the geopolitical, macroeconomic and policy environments. But against that backdrop in Q1, renewal rates remain strong, multiyear billings were in line with our expectations, and we exited the quarter with strong momentum. As we look ahead and as with previous quarters, we're assuming that market conditions in fiscal '23 are consistent with recent quarters.

最後，我想就業績展望做個總結。總體而言，除了俄羅斯局勢和美元持續走強之外，我們所看到的基本商業環境基本上保持不變。我們的業務表現依然良好，營收成長也領先同業。正如您所想，我們正密切關注地緣政治、宏觀經濟和政策環境。但在此背景下，第一季續約率依然強勁，多年期帳單符合預期，我們以強勁的成長勢頭結束了本季。展望未來，與前幾季一樣，我們預計2023財年的市場狀況將與近幾季保持一致。

The decision to halt our new and renewal business in Russia had a direct impact on our outlook. Billings decreased by approximately $115 million, revenue by $40 million and free cash flow by $80 million. Of course, we're not satisfied with that outcome, and we'll work hard to mitigate the impact by accelerating our channel evolution, customer retention and digital growth initiatives and by doubling down on early successes from recent acquisitions like Innovyze.

停止在俄羅斯開展新業務和續約業務的決定對我們的前景產生了直接影響。帳單金額減少了約1.15億美元，收入減少了4000萬美元，自由現金流減少了8000萬美元。當然，我們並不滿意這樣的結果，我們將努力透過加快通路轉型、客戶留存和數位成長計劃，以及加大對近期收購（例如Innovyze）所取得的早期成功成果的投入，來減輕影響。

Beyond Russia, the U.S. dollar continued to strengthen during Q1. While we benefit from a robust hedging program, the pace of FX volatility has been incredibly rapid, and it's having an impact on our fiscal '23 outlook, reducing billings, revenue and free cash flow by approximately $80 million, $20 million and $50 million, respectively.

除俄羅斯外，美元在第一季繼續走強。雖然我們受益於穩健的對沖計劃，但外匯波動速度極快，這對我們2023財年的展望產生了影響，導致帳單金額、收入和自由現金流分別減少了約8000萬美元、2000萬美元和5000萬美元。

Bringing these factors together, we expect fiscal '23 revenue to be between $4.96 billion and $5.06 billion. We expect non-GAAP operating margin to increase 400 basis points year-over-year to approximately 36%, reflecting 1 point of impact from removing Russia from our forecast. We expect free cash flow to be between $2.0 billion and $2.08 billion.

綜合以上因素，我們預計2023財年營收將介於49.6億美元至50.6億美元之間。我們預期非GAAP營業利潤率將年增400個基點至約36%，這反映了剔除俄羅斯業務後1個百分點的影響。我們預計自由現金流將在20億美元至20.8億美元之間。

The slide deck on our website has more details on modeling assumptions for Q2 and full year fiscal '23.

我們網站上的投影片詳細列出了 2023 財年第二季和全年的建模假設。

The volatile global environment has reinforced the structural growth drivers underpinning our strategy, give us confidence 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.

全球環境的動盪反而強化了支撐我們策略的結構性成長驅動因素，增強了我們對長期成長潛力的信心。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.

謝謝你，黛比。

Our strategy is to transform the industries we serve with end-to-end cloud-based solutions that drive efficiency and sustainability for our customers. Our business is scalable and extensible into adjacent verticals, from architecture and engineering through construction and owners, from product engineering to product data management and product manufacturing. It is also scalable and extensible between verticals with industrialized construction and into new workflows like XR.

我們的策略是透過端到端的雲端解決方案，為客戶提升效率和永續性，從而變革我們所服務的產業。我們的業務具有可擴展性，能夠拓展到相鄰的垂直領域，涵蓋建築和工程、施工和業主、產品工程、產品資料管理和產品製造等。此外，我們的業務還具有跨垂直領域的可擴展性，能夠從工業化施工擴展到XR等新型工作流程。

By accelerating the convergence of workloads within and between the industries we serve, we are also creating broader and deeper partnerships with existing customers and bringing new customers into our ecosystem. For example, in AEC, AECOM is the world's most trusted infrastructure consulting firm that delivers professional services throughout the project life cycle from planning, design and engineering to program and construction management. With growing investment in infrastructure, customers are increasingly seeking both efficiency and sustainability to meet ESG goals such as net zero carbon, resiliency, quality of life, social impact and safety. This aligns AECOM and its customers closely with Autodesk's values and capabilities.

透過加速我們所服務產業內部及產業間的工作負載整合，我們不僅與現有客戶建立了更廣泛、更深入的合作關係，還將新客戶引入我們的生態系統。例如，在建築、工程和施工 (AEC) 領域，AECOM 是全球最值得信賴的基礎設施顧問公司，提供貫穿專案生命週期的專業服務，涵蓋規劃、設計和工程，以及專案和施工管理。隨著基礎設施投資的不斷成長，客戶越來越注重效率和永續性，以實現淨零碳排放、韌性、生活品質、社會影響和安全等 ESG 目標。這使得 AECOM 及其客戶與 Autodesk 的價值觀和能力高度契合。

In Q1, AECOM renewed and increased its EBA with Autodesk. The renewal promotes further platform standardization and now extends from design further in to build with the addition of Autodesk Construction Cloud and from bridges and tunnels to water with the addition of Innovyze.

第一季度，AECOM與Autodesk續簽並提高了企業業務協議（EBA）。此次續約進一步促進了平台標準化，並將業務範圍從設計擴展到建造，新增了Autodesk Construction Cloud；同時，也從橋樑隧道擴展到水利工程，新增了Innovyze。

Across the globe, our customers are seeking to connect and streamline their workflows. As we enable our partner network to distribute Autodesk Construction Cloud, we serve more of that growing demand. For example, Bravida, which is based in Sweden, is a leading provider of technical end-to-end consulting design, installation and service solutions across the Nordic region, focusing on efficiency and sustainability. It is responsible for the installation of fire sprinklers, ventilation, electrics and safety systems in the tunnels of the Stockholm Bypass Project, the largest infrastructure project in Sweden's history. Having adopted Autodesk's AEC Collections and realizing 50% cost savings and a significant reduction in carbon dioxide using Revit in the design phase of the project, Bravida was looking for a complementary system to seamlessly connect the build phase. Adopting Autodesk Build enable it to connect office and field data and workflows in the cloud, standardize and attract projects accurately and manage procurement and logistics, health and safety and cost more effectively and efficiently.

在全球範圍內，我們的客戶都在尋求連結並簡化他們的工作流程。隨著我們賦能合作夥伴網路分發 Autodesk Construction Cloud，我們能夠更好地滿足這日益增長的需求。例如，總部位於瑞典的 Bravida 是北歐地區領先的端到端技術諮詢設計、安裝和服務解決方案提供商，專注於效率和永續性。該公司負責斯德哥爾摩繞城公路項目隧道內的消防噴淋、通風、電氣和安全系統的安裝，該項目是瑞典歷史上最大的基礎設施項目。 Bravida 在專案設計階段採用了 Autodesk 的 AEC Collections，並使用 Revit 實現了 50% 的成本節約和二氧化碳排放量的顯著降低。因此，Bravida 正在尋找一個能夠無縫連接施工階段的補充系統。採用 Autodesk Build 後，Bravida 能夠在雲端連接辦公室和現場數據及工作流程，準確地標準化和吸引項目，並更有效率地管理採購和物流、健康與安全以及成本。

With the launch of Autodesk Build, the introduction of an account-based pricing business model, distribution through our channel partners and giving subcontracts with the ability to have their own instance of their data, we are connecting more workflows, both within construction and between adjacent workflows of design, preconstruction and operations and maintenance.

隨著 Autodesk Build 的推出、基於帳戶的定價商業模式的引入、透過我們的通路合作夥伴進行分銷，以及賦予分包商擁有自己資料實例的能力，我們正在連接更多的工作流程，無論是在施工內部還是在設計、施工前準備以及運營和維護等相鄰工作流程之間。

After evaluating various project management solutions for more than a year, Donohoe Construction Company, a top mid-market GC in Washington, D.C., chose Autodesk Build to seamlessly connect project, site and cost management workflows. Autodesk's industry-leading cost management system, which is integrated into and included with Autodesk Build, is anticipated to enable Donohoe to control change order management and reporting much more seamlessly with its project and site management workflows. We're excited to partner with Donohoe to build a sustainable future together.

經過一年多的評估，華盛頓特區領先的中型總承包商 Donohoe Construction Company 最終選擇 Autodesk Build，以實現專案、現場和成本管理工作流程的無縫連接。 Autodesk 業界領先的成本管理系統已整合到 Autodesk Build 中，預計將幫助 Donohoe 更順暢地控制變更單管理和報告，並將其與專案和現場管理工作流程無縫銜接。我們很高興能與 Donohoe 攜手共創永續發展的未來。

We're investing in Autodesk Construction Cloud to do even more. For example, we launched Bridge to enable subcontractors to have their own instance of their data, a critical factor in improving their business processes. We're also rapidly integrating ProEst so that estimates can be pushed to the cost module and Autodesk Build, enabling it to automatically create a budget.

我們正在增加對 Autodesk Construction Cloud 的投入，以實現更多功能。例如，我們推出了 Bridge，使分包商能夠擁有自己的資料實例，這對於改善他們的業務流程至關重要。我們也正在快速整合 ProEst，以便將估算資料推送至成本模組和 Autodesk Build，從而實現自動產生預算。

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 new business growth quarter, with an increasing proportion of that growth coming from EMEA and APAC and growing contract size and renewal rates.

由於 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 軟體包的推動，Autodesk Construction Cloud 實現了有史以來最好的新業務增長季度，其中來自 EMEA 和 APAC 的增長比例不斷增加，合約規模和續約率也在不斷提高。

Turning to manufacturing. We sustained strong momentum in our manufacturing portfolio this quarter as we connected more workflows beyond the design studio, develops more on-ramps to our manufacturing platform and deliver new powerful tools and functionality through Fusion 360 Extensions.

再來看看製造業。本季度，我們在製造業產品組合方面保持了強勁的發展勢頭，我們將更多工作流程連接到設計工作室之外，開發了更多通往我們製造平台的入口，並透過 Fusion 360 Extensions 提供了新的強大工具和功能。

As we connect and develop new workflows in the cloud and provide more ways for customers to use our products, we have the opportunity to renew engagement with some of our legacy customers. For example, a high-tech manufacturer in Germany which has been using Autodesk software since 1991 was using Inventor software purchased in 2018. By updating from a perpetual license to a product design and manufacturing collection subscription in Q1, the team will benefit from significant process and performance improvements, which alleviate mechanical engineering bottlenecks and better serve as high demand periods. Because of its familiarity with Autodesk, the customer enabled these improvements immediately and leveraged its existing IP without migration. We are happy to have them back on our latest and most secure software.

隨著我們在雲端連接和開發新的工作流程，並為客戶提供更多使用我們產品的方式，我們有機會重新與一些老客戶建立合作關係。例如，一家德國高科技製造商自 1991 年以來一直使用 Autodesk 軟體，先前使用的是 2018 年購買的 Inventor 軟體。透過在第一季將永久許可升級到產品設計和製造套裝訂閱，該團隊將受益於流程和性能的顯著提升，從而緩解機械工程瓶頸，更好地應對高需求時期。由於熟悉 Autodesk，該客戶立即啟用了這些改進，並利用了其現有的知識產權，無需遷移。我們很高興他們重新使用我們最新、最安全的軟體。

In automotive, we continue to grow our footprint beyond the design studio into manufacturing as automotive OEMs seek to break down work silos and shorten handoff and design cycles. Enovate Motors, an electric vehicle manufacturer in China, added Product Design and Manufacturing Collections on top of its Alias and VRED subscriptions to achieve a seamless digital workflow across design and manufacturing. Enovate will be able to build higher-quality cars more efficiently by connecting workloads in the cloud that enable more collaboration and better data integrity.

在汽車領域，隨著汽車OEM廠商尋求打破工作壁壘、縮短交接和設計週期，我們的商業版圖正不斷從設計工作室擴展到製造環節。中國電動車製造商Enovate Motors在其Alias和VRED訂閱的基礎上，新增了產品設計和製造解決方案，從而實現了設計和製造環節的無縫數位化工作流程。透過連接雲端工作負載，Enovate能夠更有效率地打造更高品質的汽車，實現更有效率的協作和更高的資料完整性。

Our Fusion 360 platform approach enables customers to seamlessly connect workflows while also delivering powerful tools and functionality to those that needed through extensions. For example, an educational toy manufacturer based in the U.S. started using Fusion 360 about a year ago and quickly recognized the impact working on the cloud would have on its ability to collaborate across sites between product design and product engineering.

我們的 Fusion 360 平台方案使客戶能夠無縫連接工作流程，同時透過擴充功能為有需要的使用者提供強大的工具和功能。例如，一家位於美國的教育玩具製造商大約一年前開始使用 Fusion 360，並很快意識到雲端工作對其產品設計和產品工程部門跨站點協作能力的影響。

Q1 was able to seamlessly activate manage, nesting and product design extensions within the Fusion 360 user interface, giving access to even more powerful tools and functionality to those that needed it. For example, the Fusion 360 managed extension unlocks additional data management functionality to manage design changes at any stage of production with the click of a button using prebuilt workflows.

Q1 成功地在 Fusion 360 使用者介面中無縫啟動了管理、巢狀和產品設計擴展，為有需要的使用者提供了更強大的工具和功能。例如，Fusion 360 管理擴充功能解鎖了額外的資料管理功能，使用者只需點擊一個按鈕，即可使用預置的工作流程在生產的任何階段管理設計變更。

Fusion 360's commercial subscribers grew steadily, ending the quarter with 198,000 subscribers with demand for our new extensions, including machining, generative design and nesting and fabrication continue to grow at an exceptional pace.

Fusion 360 的商業用戶數量穩步增長，本季末達到 198,000 名用戶，對我們新擴展功能（包括機械加工、生成式設計、嵌套和製造）的需求繼續以驚人的速度增長。

Outside of commercial use, our education partnerships are helping students learn the in-demand skills of the future. For example, Government Tool Room & Training Center, or GTTC, is a premier vocational institution in India with 6,000 students across 28 campuses. Q1, GTTC adopted Fusion 360 and its tool and die-making courses because it was easy for students to learn, spanned the entire course for conceptual design through simulation to fabrication, and gave students hand-on experience with next-generation workflows such as generative design, 3D printing for additive manufacturing and digital simulation and generation of G-code outputs.

除了商業用途外，我們的教育合作夥伴關係也在幫助學生學習未來所需的技能。例如，印度政府工具室與培訓中心（GTTC）是一所頂尖的職業訓練機構，在28個校區擁有6,000名學生。 GTTC之所以在第一季度採用Fusion 360及其模具製造課程，是因為它易於學生學習，涵蓋了從概念設計、模擬到製造的整個課程流程，並讓學生有機會親身實踐下一代工作流程，例如生成式設計、用於增材製造的3D列印以及數位模擬和G程式碼輸出產生。

And finally, we continue to bring more users into our ecosystem through business model innovation and license compliance initiatives. BESIX is a multidisciplinary firm whose contracts in construction, infrastructure and machine works often have a high level of complexity. To support its standardization effort across all projects of regions, the BESIX group uses BIM Collaborate Pro and Docs to collaborate on Revit projects in a secure common data environment. For additional security and efficiency, it now leverages our premium plan and Flex. By better understanding its usage through the enhanced reporting functions within our premium plant, it can provide access to occasional users through Flex while realizing the additional security benefits of single sign-on across its global employee base.

最後，我們持續透過商業模式創新和授權合規舉措，吸引更多用戶加入我們的生態系統。 BESIX 是一家多元化公司，其在建築、基礎設施和機械工程領域的合約通常非常複雜。為了支援其在所有地區專案中的標準化工作，BESIX 集團使用 BIM Collaborate Pro 和 Docs 在安全的通用資料環境中協作處理 Revit 專案。為了進一步提高安全性和效率，該公司現在利用了我們的高級計劃和 Flex 功能。透過我們進階計畫中增強的報告功能，BESIX 可以更了解其使用情況，從而可以透過 Flex 為臨時用戶提供存取權限，同時在其全球員工群體中實現單一登入帶來的額外安全優勢。

We continue to work with our customers to maximize their access to current and secure versions of our software. For example, an international research institution in Europe, which has both students and employees, was mistakenly using education subscriptions for commercial use cases. By partnering with their leadership, we ensured the relevant departments had access to the necessary tools by combining subscriptions to our industry collections with Flex tokens. The collaborative approach resulted in a compliance deal of over EUR 1 million. During the quarter, we closed 8 deals over $500,000 of our license compliances, 2 of which were over $1 million.

我們持續與客戶合作，確保他們能夠最大限度地獲得我們軟體的最新安全版本。例如，一家位於歐洲的國際研究機構，其學生和員工均有涉及，此前誤將教育版訂閱用於商業用途。透過與該機構管理層合作，我們將行業軟體合集訂閱與 Flex 代幣相結合，確保相關部門能夠存取必要的工具。這種協作方式最終促成了一項金額超過 100 萬歐元的合規協議。本季度，我們完成了 8 項總額超過 50 萬美元的許可合規協議，其中 2 項金額超過 100 萬美元。

Let me finish with the story. I recently visited the FUTURES exhibition at Smithsonian Institution in Washington. I highly recommend visiting if you are in the area this summer before it closes in mid-July. It is the Smithsonian's first building-wide exploration of the future. Autodesk partnered with Smithsonian to create an interactive experience called Future Communities that brings visitors together to build a sustainable community block using analytics and goal-driven design with Autodesk generative design technology. Guests collaborate both with each other and AI, adjusting the input they deem most important. Each guest takes on a different persona with specific goals and input factors, which include social, ecological and economic considerations, ranging from availability of green space and low-carbon transportation to the reach of public services and employment opportunities. The evolving community block is displayed in real-time, and the technology showcases the types of trade-offs necessary to achieve various outcomes. The exhibit structure was generally designed to be strong and lightweight, using sustainable materials and modular space frame components that can be easily assembled and disassembled for minimum construction waste.

最後，讓我再說一次這個故事。我最近參觀了位於華盛頓史密森尼博物館的「未來」（FUTURES）展覽。如果您今年夏天正好在附近，我強烈建議您在七月中旬展覽閉幕前去參觀。這是史密森尼博物館首次以整棟建築為單位探索未來。歐特克公司與史密森尼博物館合作，打造了名為「未來社群」（Future Communities）的互動體驗，讓參觀者齊聚一堂，運用歐特克生成式設計技術，透過分析和目標驅動設計，共同打造一個永續的社群區。參觀者可以與彼此以及人工智慧協作，調整他們認為最重要的輸入資訊。每位參觀者都扮演不同的角色，擁有特定的目標和輸入因素，這些因素涵蓋社會、生態和經濟等各個方面，從綠地和低碳交通的可用性，到公共服務和就業機會的覆蓋範圍。不斷演變的社區街區會即時顯示，這項技術展示了實現不同結果所需的各種權衡取捨。展覽結構的設計總體上兼顧了堅固性和輕便性，採用了可持續材料和模組化空間框架組件，便於組裝和拆卸，最大限度地減少了建築垃圾。

The exhibit not only represents Autodesk vision of the future, that of collaborative and connected workflows and data in the cloud that designs and makes a better world for all, that meets the challenges posed by carbon, water and waste, and that advances equity and access to the in-demand skills of the future. But in addition, the exhibit represents a very diverse set of visions for how the future may unfold. The one thing they share is an unwavering sense of optimism about what we can all accomplish together. Every day, our goal is to empower innovators with design and make technology that turns their vision into reality, helping them to achieve the new possible. I share this story because it gives me great confidence in the future of Autodesk and our vision of a better world, design and made for all.

這次展覽不僅展現了歐特克對未來的願景——基於協作互聯的工作流程和雲端數據，旨在為所有人設計並創造一個更美好的世界，應對碳排放、水資源和廢棄物帶來的挑戰，並促進公平獲取未來所需的技能。此外，展覽也呈現了對未來發展方向的多元願景。這些願景的共同點在於，它們都對我們攜手共創的未來充滿堅定不移的樂觀精神。我們每天的目標都是賦能創新者，利用設計和製造技術將他們的願景變成現實，幫助他們實現新的可能性。我分享這個故事，因為它讓我對歐特克的未來以及我們為所有人打造更美好世界、設計和製造的願景充滿信心。

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

接線員，現在開始接受提問。

(Operator Instructions) Our first question comes from the line of Phil Winslow of 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。

Congrats on a great strong start to the year. Now Construction Cloud delivered its best new business growth quarter ever. You signed your second largest EBA ever with an infrastructure company. And I loved obviously the example of a manufacturing vendor getting current moving to subscription from a lapsed perpetual license.

祝賀你們今年開局強勁！ Now Construction Cloud 的新業務成長季創歷史新高。你們與一家基礎設施公司簽署了有史以來第二大企業協議。當然，我也很喜歡你們的案例：一家製造業從過期的永久許可轉向訂閱模式。

But when you think about this, investors have been concerned about Autodesk's exposure, specifically to these cyclical end markets and the potential impact to your business. However, the numbers you just report, the large deals you highlighted clearly don't show this. So my questions are, what are you hearing from customers about why Autodesk is seeing sustained demand? And what gives you confidence in the durability of these drivers?

但仔細想想，投資人一直擔心Autodesk的風險敞口，特別是對這些週期性終端市場的風險敞口，以及這可能對貴公司業務造成的影響。然而，您剛才公佈的數據，以及您重點提及的大宗交易，顯然並沒有反映出這種擔憂。所以我的問題是，您從客戶那裡了解到Autodesk持續需求的原因是什麼？是什麼讓您對這些需求的持久性充滿信心？

Yes. So Phil, I think somebody wrote a report about us not being a cyclical business anymore. I can't remember who it was.

是的。菲爾，我想有人寫了一篇報告，說我們不再是週期性產業了。我不記得是誰寫的了。

A very [intuitive] analyst probably, yes.

一位非常有直覺的分析師，或許吧。

Probably an incredibly bright analyst. So look, a couple of things happened in the quarter, and we're projecting those forward through the year just consistently. And I think it's important to kind of just talk about this notion of diversification not only of geographical spread of our business but disciplined spread and also business model spread. And I'll talk about that on a couple of [factors].

他可能是一位非常聰明的分析師。你看，這個季度發生了一些事情，我們會持續地將這些趨勢預測到全年。我認為，談談業務多元化的概念非常重要，這不僅包括業務的地理分佈，還包括有條不紊的擴張以及商業模式的多元化。我會從幾個方面來談談這一點。

So first off, let's just talk about what's kind of highlighted in resiliency around our business. Throughout the quarter, the monthly active usage that we track regularly continue to strengthen throughout the entire quarter. It continued to strengthen right up to the end. Yes, we absolutely saw a pullback during the early part of the invasion of Ukraine in Europe, but that rebounded as the quarter progressed. So one, we have a strong demand environment, and we're selling into that demand environment from multiple vectors, construction, infrastructure and general building design as well as manufacturing. So we're working across these things.

首先，我們來談談我們業務韌性最突出的幾個面向。整個季度，我們持續追蹤的每月活躍用戶數持續成長，直到季度末。沒錯，在烏克蘭戰爭初期，我們的用戶數確實出現了一次回落，但隨著季度的推進，用戶數迅速反彈。一方面，我們擁有強勁的需求環境，我們的銷售管道涵蓋多個領域，包括建築、基礎設施、建築設計以及製造業。因此，我們在這些領域都取得了進展。

And what was happening at the same time, and I think this is an important point about the underlying kind of health and resilience in our business, is even when we saw dips in our new business growth in Europe during -- just as the invasion in the Ukraine started, which, by the way, recovered as the quarter progressed, renewal rates strengthened broadly. So we saw a broad strengthening in renewal rates. So that broad strengthening in renewal rate actually was able to offset some of the slowness in the new businesses. All of these things are things that we expect to see continue throughout the year and provide durability and stability for our business.

同時，我認為這一點對我們業務的根本健康和韌性至關重要：即使在烏克蘭戰爭爆發初期，我們在歐洲的新業務增長出現下滑（順便一提，隨著季度推進，這種情況已經有所好轉），續約率卻普遍走強。因此，我們看到續約率普遍走強。續約率的普遍走強實際上抵消了新業務成長放緩的部分影響。我們預計所有這些因素都將在全年持續，為我們的業務提供持久性和穩定性。

Now the U.S. was strong during the year as well. We did see some softness early on in APAC because it was most sensitive to the currency effects. But if you take out some of the COVID-affected regions like Japan and China, or just Japan specifically, we saw much higher growth rates in APAC than are indicated by the overall results. All of this is a balance between new business and offsetting impacts from renewal businesses.

今年美國市場表現同樣強勁。亞太地區年初確實出現了一些疲軟，因為該地區對匯率波動最為敏感。但如果剔除受新冠疫情影響的地區，例如日本和中國，或僅剔除日本，亞太地區的成長率遠高於整體績效所顯示的水準。這一切都是新業務成長與業務更新帶來的抵銷作用之間的平衡。

So between the diversity of -- our geographic diversity where we're kind of distributed across multiple spaces, the vectors of diversity we have around selling into infrastructure, construction, core design, manufacturing and the offsetting of really strong renewal rates -- increasing renewal rates even in areas of weaker or at least some weakness in new business, that gives us confidence in terms of the durability for the rest of the year.

因此，我們業務的多樣性——包括我們在多個地區的地理多樣性，以及我們在基礎設施、建築、核心設計、製造等領域的銷售多樣性，再加上強勁的續約率——即使在新業務較弱或至少有些疲軟的地區，續約率也在不斷提高——這些因素抵消了續約率的上升，讓我們對今年剩餘時間的持續性充滿信心。

Our next question comes from Jay Vleeschhouwer of Griffin Securities.

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

Looking ahead into next year, first fiscal '24 cash flow, a question as to how you're going to work with the channel to get through that. 5 or 6 years ago when you went through your first multiphase transition in the model, you were very conscientious about making sure you've got the channel through all the changes in terms of upfront, upgrades, maintenance and so forth.

展望明年，也就是2024財年的第一個現金流，一個問題是您將如何與通路夥伴共同因應。五、六年前，當您進行第一次多階段模式轉型時，您非常認真地確保通路夥伴能夠順利度過所有變化，包括前期投入、升級、維護等等。

And so when you look into next year and beyond, how are you thinking about preserving or managing channel margins, their cash flow, their recurring revenue streams as you go through that valley of your own cash flow next year and then look through a rebound in fiscal '25? That's the first question.

因此，展望明年及以後，您打算如何考慮在明年自身現金流低谷期以及2025財年復甦期間，維持或管理通路利潤率、現金流量和經常性收入來源？這是第一個問題。

Yes. All right. Okay. So let's start with that, Jay. So first off, let's just back up and talk about the high-level principle that we're working towards here, right? We're trying to move away from these upfront multiyear deals to annualized billings. None of us want this. We don't like the way it creates a lumpiness in our cash flow. Frankly, our partners don't like the way it creates the lumpiness in their cash flow as well, and they don't like discounting to get multiyear upfront deals closed.

是的。好的。好的。傑伊，我們就從這裡開始。首先，讓我們先回顧一下我們正在努力實現的整體原則，對吧？我們正在嘗試擺脫多年期預付合同，轉而採用年度結算方式。我們都不希望這樣。我們不喜歡這種方式會導致現金流波動。坦白說，我們的合作夥伴也不喜歡這種方式導致他們的現金流波動，他們也不喜歡為了達成多年期預付合約而打折。

So you look at this, we're trying to create a more stable, reliable and predictable cash flow build-out beyond -- FY '24 and beyond. Okay. So yes, FY '24 will be the trough. But after that, we're going to grow much more consistently double digits out and predictably moving forward, which is what we want, what you want. We can't get there fast enough. And frankly, our partners can't get there fast enough. So we do integrate programs to help them get there.

所以你看，我們正在努力打造一個更穩定、可靠且可預測的現金流成長體系，從2024財年開始，一直延續到未來。沒錯，2024財年將會是低谷期。但之後，我們將持續保持兩位數的成長，而這種成長模式將更加穩定可預測，這正是我們所希望的，也是你們所希望的。我們自己都迫不及待想要實現這個目標。坦白說，我們的合作夥伴也同樣迫不及待地想要實現這個目標。因此，我們整合了相關項目來幫助他們達成目標。

One of the core programs here right now is we're encouraging them to work with us on conserving some of that upfront cash they're going to be collecting because that's cash flow directly into the partner's pockets, all right? And then we do adjust for early on some of their back-end incentives to ensure that they can transition smoothly from a cash flow basis and continue to do -- to work and support our business the way they have.

目前我們這裡的核心項目之一是鼓勵他們與我們合作，節省一些他們即將收取的預付款，因為那是直接進入伴侶口袋的現金流，對吧？然後我們會儘早調整他們的一些後端激勵措施，以確保他們能夠順利地從現金流模式過渡到其他模式，並繼續像以前一樣為我們的業務提供支援。

So it's not that different from what we've done previously. But you're right, we have to support them through this dip. But once we're all through this dip, it's this nice predictable cash flow buildup that we all want and is going to create a stronger and more reliable business and more durable business. They like it. We like it. And we're helping them through it.

所以這跟我們之前做的其實差不多。但你說得對，我們必須幫助他們度過這段低谷期。一旦我們共同度過這段低谷期，就能獲得我們都想要的穩定且可預測的現金流，這將打造一個更強大、更可靠、更持久的企業。他們喜歡這樣，我們也喜歡這樣，所以我們正在幫助他們度過難關。

Okay. Shorter-term question -- you mentioned a couple of times so far on the call usage rate, which is always useful to hear about. Could you speak about that, Andrew, in terms of vertical or end markets? You spoke about it by geo and generally, but could you speak about it in terms of AEC, including, in particular, ACC manufacturing and perhaps even what are you seeing in terms of stand-alone apps versus collection usage?

好的。還有一個短期問題——您之前幾次提到過通話使用率，這總是很有用的信息。安德魯，您能否從垂直行業或終端市場的角度談談這個？您之前按地域和整體情況談過，但您能否具體談談建築、工程和施工 (AEC) 行業，特別是建築控制、施工和施工 (ACC) 製造業，以及您觀察到的獨立應用程序與數據採集使用情況之間的差異？

Yes. Here's what's interesting, all right? And this is another one of these things that's just really great about our portfolio is the increase in monthly active usage was broad-based. There wasn't any particular place that was stronger or weaker than the other, all right? So we saw increases in monthly active usage of AutoCAD, Revit, Inventor, Fusion. And in fact, in Construction Cloud, we saw a 30% year-over-year increase in monthly active usage, which is a really nice surge on the Construction Cloud side. So there wasn't any particular standout or holdout in those monthly active usage numbers. They really were broad across the spectrum.

是的。有趣的是，我們產品組合的另一個優點在於，每月活躍用戶數的成長是全面性的。沒有哪個部分明顯強於或弱於其他部分。我們看到 AutoCAD、Revit、Inventor 和 Fusion 的每月活躍用戶數都有所成長。事實上，Construction Cloud 的月活躍用戶數年增了 30%，這對 Construction Cloud 來說是一個非常可觀的成長。因此，這些月活躍用戶數數據中沒有任何特別突出或落後的部分。它們確實覆蓋了所有產品。

Now when you talk about collection usage, we don't really look at it that way. I mean we just look at adoption with -- adoption of the individual products. We don't necessarily flag it according to a collection, but one thing we have consistently saw is multiproduct usage continues to be robust in the collection environment. And actually, we've been slicing that data differently over time. So we got a better sense for how multiproduct usage was moving forward. And it looks pretty solid.

現在，說到產品系列的使用情況，我們其實並不那麼看待。我的意思是，我們只關注單一產品的採用情況。我們不一定會以產品系列來區分，但我們一直觀察到，在產品系列環境下，多產品使用情況依然十分穩定。實際上，隨著時間的推移，我們一直在以不同的方式分析這些數據。因此，我們對多產品使用情況的未來發展趨勢有了更清晰的了解。目前看來，情況相當樂觀。

So the people who buy collections really are engaged in multiproduct usage, but no hot spots or cold spots in terms of this monthly active usage growth geographic or industry-wise. I remember there was a slowdown when Russia invaded Ukraine, but it came back as the quarter progressed.

所以，購買系列產品的消費者確實會使用多種產品，但就月活躍用戶成長而言，無論從地理或產業來看，都沒有明顯的熱點或冷點。我記得俄羅斯入侵烏克蘭時，用戶成長曾出現放緩，但隨著季度的推進，成長又恢復了。

Our next question comes from Saket Kalia of Barclays.

下一個問題來自巴克萊銀行的薩克特·卡利亞。

Debbie, maybe I'll start with you. Autodesk did 34% operating margin this quarter, great to see. The guide is for 36% for the year. I know we're taking a point out of that for Russia. So it's not a huge ramp through the year, but it's a question that we get nonetheless.

黛比，或許我先從你開始吧。 Autodesk本季的營業利潤率達到了34%，這很不錯。全年預期是36%。我知道我們要從中扣除俄羅斯市場的利潤。所以全年成長幅度不會很大，但這仍然是我們常被問到的問題。

So I'm just wondering for everyone's benefit, if you could just go one level deeper into some of the moving parts around the margin expansion this year, particularly in this inflationary environment.

所以，為了大家的利益，我想請您更深入地探討今年利潤率擴張背後的一些因素，尤其是在當前通膨環境下。

Sure. Thanks, Saket. So before I say anything, I want to let all of you guys know that I have a terrible cold. I say this now because I know my voice sounds gravelly. So I just figured I'd be upfront about it, so there weren't any questions. I also -- I don't want you to interpret my unusual sounding voice as a lack of enthusiasm. Unfortunately, it's just a garden-variety cold, not COVID, that I'm struggling with. So anyway, just wanted to be upfront about it.

當然。謝謝你，薩凱特。不過，在正式開始之前，我想先告訴大家，我得了重感冒。我知道我的聲音聽起來很沙啞，所以現在就說出來，免得大家有什麼疑問。另外，我不想讓你們誤以為我聲音沙啞是因為我缺乏熱情。很遺憾，我只是得了普通的感冒，不是新冠。總之，就是想提前跟大家說一聲。

Onto your question, at the end of the day, the biggest driver of margin improvement over time is going to be revenue growth. And it's that revenue growth combined with our continued discipline with spend that's going to deliver that leverage.

回到你的問題，歸根究底，長期來看，利潤率提升的最大驅動力將是營收成長。而營收成長加上我們持續嚴格的支出控制，才能真正帶來利潤率的提升。

For this year's guide, the ramp to 36% is a little less peak because of the impact to the top line that we saw from Russia, and we had that impact flow through to the margin. We think it's important to continue to invest to further our strategy. We don't want to be doing any kind of knee-jerk reaction on spend because of Russia. Yes, the inflationary pressures that you mentioned are there. We're monitoring them closely. But right now, we feel it's all manageable. I'd also point out that the margin target at 36% represents a 4 percentage point improvement year-over-year. So we're delivering considerable operating margin leverage at our scale.

今年的業績指引中，由於俄羅斯市場對營收的影響，利潤率成長至36%的目標高峰略有下降，而這種影響也傳導至利潤率。我們認為，繼續投資以推進我們的策略至關重要。我們不希望因為俄羅斯市場而對支出做出任何倉促的反應。是的，您提到的通膨壓力確實存在，我們正在密切關注。但目前，我們認為一切都在可控範圍內。我還想指出，36%的利潤率目標比去年同期提高了4個百分點。因此，在我們目前的規模下，我們實現了相當可觀的營運利潤率提升。

As we progress through fiscal '23, we're assuming a gradual improvement in margin as the revenue grows and as we continue to tightly manage our spend. That's a similar pattern to what we saw in fiscal '22.

隨著2023財年的推進，我們預計隨著收入成長和我們繼續嚴格控制支出，利潤率將逐步提高。這與2022財年的情況類似。

Got it. Very helpful. Andrew, maybe for you for my follow-up. Great to see the consistent renewal rates and the increase in monthly active users. I was wondering if you could just look at it from a different lens and wondering if you could just talk about your new business, sort of how that trended in Q1 qualitatively, of course? And how you're thinking about that as part of the full year guide?

明白了，很有幫助。安德魯，或許我可以跟你後續談談。很高興看到續訂率持續穩定，每月活躍用戶數也有所成長。我想請你從另一個角度談談你的新業務，例如第一季的發展趨勢，當然，我指的是定性分析。還有，你打算如何將這些因素納入全年的業績規劃中？

Yes. So the new business trended pretty consistently in the U.S. throughout the quarter. It trended fairly consistently in APAC throughout the quarter. There was a slowdown during the Ukrainian invasion at the beginning that recovered as the quarter progressed. And what we're doing right now is we're looking at those new business trends, and we're essentially carrying them forward into the year, expecting it to continue at kind of similar levels as we go through the year.

是的。因此，本季美國的新業務成長趨勢相當穩定。亞太地區的新業務成長趨勢也相當穩定。季度初受烏克蘭入侵事件的影響，業務成長放緩，但隨著季度的推進逐漸恢復。我們目前正在密切關注這些新業務成長趨勢，並計劃將其延續到今年，預計全年都將保持類似的成長水平。

Obviously, we saw a complete evaporation of new business in Russia and some impact in Belarus. But like I said, Europe recovered after -- shortly after the invasion progressed. So that's the way we're viewing these. That's the way they played out throughout the quarter, and we're assuming similar performance throughout the year.

顯然，我們在俄羅斯的新業務完全停滯，白俄羅斯也受到了一定影響。但正如我所說，歐洲在入侵蔓延後不久就恢復了。這就是我們對這些地區的看法。整個季度的情況都是如此，我們預計全年表現也類似。

Our next question comes from Adam Borg of Stifel.

我們的下一個問題來自 Stifel 公司的 Adam Borg。

Maybe just for Andrew. You spent a good -- as a matter of time in your prepared remarks talking about infrastructure, including the largest EBA deal and just the breadth of your portfolio. So I'd love to just get an update on your conversations with the industry, how you're thinking about the upfront or the existing infrastructure bill, latest thoughts on the impact to the industry and ultimately the impact of Autodesk, any such timing there?

或許只是為了安德魯。你在準備好的演講稿中花了不少時間談論基礎設施，包括最大的EBA交易以及你業務組合的廣度。所以我很想了解你與業界人士的溝通進展，你對預付或現有基礎設施法案的看法，以及你對行業和Autodesk最終影響的最新想法，你打算何時就此發表意見？

Yes. So you probably read recently that no, not a lot of money has made it out yet. This is what we told you when the bill originally passed. It takes time for these things to make their way into the system. Most of our customers are in proposal mode right now. Departments of transportation and other places are in proposal mode. Some grants have been awarded, and the money will start flowing soon. So we expect to see projects related to some of the infrastructure build spending to show up.

是的。您可能最近也看過，目前還沒有很多資金到位。這正是我們在法案最初通過時告訴您的情況。這些資金需要時間才能進入系統。我們的大多數客戶目前都處於提案階段。交通部門和其他機構也都在進行提案。一些撥款已經發放，資金很快就會開始到位。因此，我們預計一些與基礎設施建設相關的項目將會陸續出現。

We're particularly interested in the $100 million that's being targeted to help departments and transportation drive digital technologies into their processes. And we've been talking to the Department of Transportation -- the U.S. Department of Transportation on how best to kind of drive that into the DOT so that they can actually utilize that money to change their processes, but we haven't seen a lot yet. But what we are seeing is customers like, for instance, what we saw with AECOM when their EBA renewals coming on, they are layering in construction cloud and infrastructure capability, specifically Innovyze in the AECOM deal to get ahead of some of this.

我們特別關注那1億美元的專案撥款，這筆資金旨在幫助各部門和交通部門將數位化技術融入他們的流程中。我們一直在與美國交通部（DOT）探討如何更好地將這筆資金引入DOT，以便他們能夠真正利用這筆資金來改善流程，但目前為止進展甚微。不過，我們看到一些客戶，例如AECOM，在即將續簽其企業協議（EBA）時，他們正在引入建築雲和基礎設施功能，特別是AECOM交易中引入的Innovyze，以搶佔先機。

Water is going to be a big deal in the infrastructure spending, and it's showing up to be a big deal in a lot of places. I expect we're going to see that trend continue as we head into some of the contracts actually getting awarded and the money actually flowing out of Washington, that people will buy, for instance, Innovyze on some of their renewals and some of their kind of deal discussions with us to get ahead of some of the things that they're probably going to be bidding on.

水資源將在基礎建設支出中佔據重要地位，而且在許多地方都已顯現出其重要性。我預計隨著一些合約的正式授予和資金從華盛頓流出，這種趨勢將會持續下去。例如，有些企業會在續約合約或與我們進行交易洽談時購買Innovyze的服務，以便在他們可能參與競標的專案中搶佔先機。

That's really helpful. And maybe just a real quick follow-up on the macro. Obviously, you guys are very clear about the diversity of the strength that you've seen. And maybe I'll just ask the diversity question slightly differently.

這真的很有幫助。關於宏觀層面，我可能還需要快速補充一點。顯然，你們對所觀察到的實力差異非常清楚。或許我可以稍微換個方式問一下關於這種差異性的問題。

In the past, you talked about a small end of the market, the mid-end and the larger end by different customer sizes, by employees or seats. I'm just curious, any differentiation you saw across the installed base, looking that way in terms of macro, both the installed base and new business there?

過去，您曾根據客戶規模（員工人數或席位數）將市場劃分為小型、中型和大型市場。我很好奇，從宏觀角度來看，包括現有客戶群和新業務在內，您是否觀察到任何差異？

Yes. No significant differentiation, actually. The low end of the business held up quite well, actually. And we have a standard clip of new customer acquisition that we see just about every quarter to manage our business. It didn't change. It held steady. And the new "customer acquisition," generally speaking, the customers that have never been in our database before, generally come from the low end of our business. So the low end held up well.

是的，實際上並沒有顯著差異。低端業務表現相當不錯。我們每季都會有一個固定的新客戶獲取量指標來管理業務，這個指標沒有變化，保持穩定。一般來說，這些新客戶指的是以前從未出現在我們資料庫中的客戶，他們通常來自低端業務。所以，低端業務表現良好。

You saw the high end held up well. There was some pressure with regards to people kind of growing their installs, net revenue retention rate. So new inside of existing accounts saw some pressure, but not a lot. And actually, that improved as well. So no discernible strong difference worth noting between the various segments.

高端市場表現良好。在提升安裝量和淨收入留存率方面，確實存在一些壓力。因此，現有客戶的新用戶成長也面臨一些壓力，但並不大。實際上，這種情況也有所改善。所以，各個細分市場之間並沒有顯著差異。

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

下一個問題來自加拿大皇家銀行資本市場的馬特‧赫德伯格。

Andrew, maybe for you first. Obviously, I think we all understand at least that this business is not as cyclical as Autodesk of old. And I think that's clear through the subscription transition here. Now if the global economy works is slow, I just wanted to double-click on really the value of your subscriptions and why these renewal rates could be better than a lot of investors perceive even if there is a slowing.

安德魯，或許先說說你的情況。顯然，我想我們都明白，這個行業的周期性不如以前的歐特克那麼強。我認為，訂閱模式的轉型就充分說明了這一點。如果全球經濟成長放緩，我想重點強調訂閱的價值，以及為什麼即使經濟放緩，續訂率也可能比許多投資者預想的要高。

Well, first off and foremost, they need these subscriptions to do their jobs, right? They have to -- they need the software to build their -- to do their book of business, right? And if you look at our customers and you talk to our customers -- and I'm sure you looked at some of the indicators and some of the things that are out there. Our customers have a fairly robust book of business. In fact, most of our customers are building up a backlog. And if you have a conversation with them, their biggest challenge right now is I can't hire, I'm having trouble hiring, materials aren't showing up on time.

首先，也是最重要的，他們需要這些訂閱服務才能開展工作，對吧？他們需要這些軟體來建立和維護他們的業務，對吧？如果你看看我們的客戶，和他們聊聊——我相信你也看過一些指標和相關資訊——你會發現我們的客戶業務相當穩健。事實上，我們的大多數客戶都在累積訂單。如果你和他們交談，你會發現他們目前面臨的最大挑戰是：招不到人，招募人很困難，材料也準時交付。

Like I told you last year, they were likely to price inflationary pressure into their bids. So it's not so much that they're dealing with cost compression between bid price and cost price. It has a lot more to do with labor and access to the materials for delivery. None of them are talking about pulling back anytime soon because of the backlog they're seeing in their business.

就像我去年跟你說的那樣，他們很可能已經把通膨壓力計入了報價。所以，問題不在於投標價和成本價之間的成本壓縮，而更多在於勞動成本和原料的供應。鑑於目前業務積壓的情況，他們都沒有打算很快縮減訂單。

So they need the software. They need it. They need it now. So they're going to continue to renew this software in order to keep using it. And they're looking to hire more people. They just can't find them right now.

所以他們需要這款軟體。他們現在就需要。所以他們會繼續續訂這款軟體才能繼續使用。而且他們還在招募更多人手，只是目前找不到合適的人選。

That's super helpful. And then, Debbie, we'll see if your voice can hold up here. Obviously, a big year for multiyear renewals that ramps throughout the year, but I'm wondering, was there anything that surprised you about billings duration in 1Q? And maybe how might that progress as the year unfolds?

這非常有幫助。黛比，接下來我們來看看你的看法是否站得住腳。顯然，今年是多年續約的大年，而且續約業務會持續成長。但我很好奇，第一季的帳單週期有什麼讓你感到意外的地方嗎？隨著時間的推移，帳單週期又會如何改變呢？

Thanks, Matt. Nothing surprising. We continue, of course, to track the multiyear cohort closely. And the proportional volume that we've been seeing for multiyear was in line with our expectations for all of fiscal '22 and also in through Q1 of fiscal '23. So that gives us confidence in our fiscal '23 outlook.

謝謝，馬特。一切如常。我們當然會繼續密切關注多年期貸款組合的情況。我們看到的多年期貸款組合的比例與我們對2022財年全年以及2023財年第一季的預期相符。因此，我們對2023財年的前景充滿信心。

Our next question comes from Joe Vruwink of Baird.

我們的下一個問題來自 Baird 公司的 Joe Vruwink。

One thing that stood out this quarter was the accelerating growth from the partner channel. How much would you credit some of the recent initiatives like opening up Construction Cloud or being able to get in front of customers with some of the new commercial formats as opposed to just kind of the general trends in the business that you've been talking about?

本季最突出的一點是合作夥伴通路的成長加速。您認為這主要歸功於近期推出的舉措，例如開放建築雲平台，或透過一些新的商業模式接觸客戶，還是僅僅歸功於您之前提到的整體業務趨勢？

Yes. That's an excellent question. I can't give you a particularly deep answer there. However, we did see significant growth in the partner channel with Construction Cloud, and we're starting to light up Construction Cloud in the channel, which is really important for us in terms of our mid-market expansion of that business. So it probably had an effect on certain key partners.

是的，這是一個很好的問題。我無法給出特別深入的解答。不過，我們確實看到合作夥伴通路在建築雲方面取得了顯著成長，我們正在開始在通路中推廣建築雲，這對於我們拓展中端市場業務至關重要。因此，這可能對某些關鍵合作夥伴產生了一定影響。

But to give you the exact detail about how much of that was related to new business within the channel versus their -- the traditional business they're turning over, I can't really give you an exact breakdown on that. Debbie, do we have any fidelity on that at all with regards to the channel business?

但是，要具體說明其中有多少是通路內的新業務，又有多少是他們流失的傳統業務，我無法提供精確的細分資料。黛比，關於通路業務，我們有任何可靠的資訊嗎？

Not at this point, I would say. I mean we saw broad-based strengths through the channel -- through our channel partners during the quarter outside, of course, of Russia. And then that immediate slowdown that we talked about in Europe that then picked back up as we exited Q1. And we did see that momentum as we exited Q1, but I wouldn't highlight anything specific.

就目前而言，我認為還不是這樣。我的意思是，除了俄羅斯以外，我們在本季透過通路合作夥伴看到了整體的強勁成長。然後，正如我們之前提到的，歐洲市場出現了短暫的放緩，但在第一季末又開始回升。我們在第一季末確實看到了這種成長勢頭，但我不會特別強調任何方面。

Certainly, the success that we're seeing in Construction is helping. But remember, Construction, while it's an explosive growth area for us, on the whole, it's still a smaller part of our business. So that strength is contributing to overall partner strength, but we're also seeing just broad-based strength through the core of our business as well.

當然，我們在建築領域的成功確實有所幫助。但請記住，儘管建築領域是我們業務的爆發式成長點，但總體而言，它在我們業務中所佔的比重仍然較小。因此，建築業務的優勢有助於提升合作夥伴的整體實力，但我們也看到，我們核心業務的各個方面都呈現出強勁的成長勢頭。

Okay. Great. And then I'll ask another macro question. But can you maybe contrast the business environment we've been in late February onward? It sounds like, ultimately, trends have been good and stable. Contrast that with last fall. Obviously, inflationary pressures still around. They haven't abated. We're layering on some incremental macro things, but it's stability now as opposed to some moderation last fall, maybe differences or what you see is contributing to the stability more recently.

好的，太好了。接下來我再問一個宏觀方面的問題。您能否對比一下二月下旬以來的商業環境？聽起來，整體而言，趨勢良好且穩定。請比較一下去年秋季的情況。顯然，通膨壓力依然存在，並未緩解。我們目前面臨一些漸進式的宏觀經濟因素，但與去年秋季的緩和局面相比，現在的情況更加穩定。或許您觀察到的某些差異或因素促成了近期的穩定。

Yes. Well, if you remember back in the fall, I talked a lot about some of our customers being caught offguard by the rapid inflation and supply chain difficulties. So some of our customers were on fixed bid contracts. And fixed bid contracts, when your cost of goods are going up, are really a serious issue for their businesses. So their businesses were feeling a lot of pinch. Manufacturers were able to pass the cost through to their customers directly, AEC customers less so. So manufacturers suffered more from some of the supply chain things.

是的。如果你還記得去年秋天的情況，我當時多次提到，我們的一些客戶因為通貨膨脹加劇和供應鏈問題而措手不及。有些客戶簽訂的是固定價格合約。而固定價格合同，在商品成本上漲的情況下，對他們的業務來說確實是個大問題。所以他們的業務受到了很大的壓力。製造商可以直接將成本轉嫁給客戶，但建築、工程和施工（AEC）行業的客戶就沒那麼容易了。因此，製造商受供應鏈問題的影響更大。

What you're seeing now is customers -- they don't -- they're not surprised by this. They know how to bid the contract. So there's a general kind of bidding parity out there, and people are building in inflationary impacts into their bids and into their projects. So that creates a much more stable environment for them with regards to having a book of projects that are -- having their margins deteriorate rapidly and some that you want to get to that have better margins. So what they're seeing right now is just a better spectrum of margins across the projects. That's one key thing that contributes to the stability. Does that make sense?

現在的情況是，客戶對此並不感到意外。他們知道如何投標。因此，市場上的投標基本上趨於平衡，大家都在投標和專案中考慮通貨膨脹的影響。這為他們創造了一個更穩定的環境，避免了專案利潤率快速下滑，以及那些利潤率更高的專案。他們現在看到的是專案利潤率分佈更加均衡。這是促成這種穩定性的關鍵因素之一。您明白我的意思嗎？

It does, yes.

是的，確實如此。

And we fully expected them to do that.

我們完全預料到他們會這樣做。

Our next question comes from Keith Weiss of Morgan Stanley.

下一個問題來自摩根士丹利的基斯‧韋斯。

Very nice quarter. Maybe following on, on that last question, really a 2-parter. One, Debbie, when you're talking to us about the full year guidance, it seems like we're adjusting for currency. That's just about it. It doesn't sound like we are adjusting the forecast down for anticipation of any macro weakness or any further weakening of demand trends. So one, I just wanted to clarify that side of the equation.

非常棒的一個季度。關於你剛才的問題，我想從兩個方面來談。首先，黛比，你之前跟我們談到全年業績預期時，似乎我們只是做了匯率調整，僅此而已。聽起來我們並沒有因為預期宏觀經濟疲軟或需求趨勢進一步減弱而下調預測。所以，我首先想澄清一下這一點。

And then two, if demand does weaken and you do see the macro impacts kind of catching up with all -- in software land, what's the reaction on sort of the spending side of the equation? Is the philosophy that we're looking to protect free cash flows? Or is it the market opportunity is too big and we really need to keep investing for growth, and we're going to look to sustain and take advantage of your balance sheet to be able to sustain that investment and get ahead of your competitors? I'm trying to understand kind of your philosophy on how you view potential demand slowdown.

其次，如果需求確實疲軟，宏觀經濟的影響也開始顯現──在軟體領域，支出會如何因應？我們的策略是保護自由現金流嗎？還是認為市場機會巨大，需要持續投資以實現成長，並利用資產負債表來維持投資並超越競爭對手？我想了解您對於潛在需求放緩的看法。

Keith, lots to unpack there. So if I got lost a little bit as I go, please keep me on it. Let's start with the guidance. The impact to the guidance that we are talking about today relates to FX and Russia. You said FX, but it also includes Russia. There's no change to the underlying business assumptions for the rest of our business, and that's because we haven't seen a change in the demand environment for the rest of our business.

基思，這裡有很多資訊需要解釋。如果我講得有點混亂，請隨時提醒我。我們先從業績指引說起。今天我們討論的業績指引受影響的因素是外匯和俄羅斯市場。你提到了外匯，但也包括俄羅斯市場。我們其他業務的基本業務假設沒有變化，因為我們沒有看到其他業務的需求環境改變。

As a matter of fact, although we saw a bit of a slowdown focused mostly on Europe at the onset of the invasion of Ukraine, we saw a bounce back, and we really exited Q1 with momentum. And so that gives us confidence as we look to the rest of this year. And we've built into our guidance assumptions that reflect the demand that we saw as we exited Q1.

事實上，雖然在烏克蘭戰爭初期，我們看到經濟成長略有放緩，主要集中在歐洲，但隨後出現了反彈，第一季末我們保持了強勁的成長勢頭。這讓我們對今年剩餘時間充滿信心。我們已將第一季末的需求情況納入了業績指引的假設中。

And then when we think about margin, remember that with the subscription business model, we have a very resilient business model. Even with the adjustment to revenue for Russia, it was only about 1 point of our total revenue, we let that flow through to operating margins because we want to make sure that we're not doing any kind of knee-jerk reaction on spend. We think it's important to continue to invest to make sure that we can further our strategy.

當我們考慮利潤率時，請記住，我們的訂閱模式具有很強的韌性。即使調整了俄羅斯的收入，也只佔總收入的1個百分點左右，我們允許這部分影響反映在營業利潤率中，因為我們希望確保不會對支出做出任何倉促的反應。我們認為，持續投資至關重要，以確保我們能夠推進我們的策略。

I don't think -- I don't see a scenario at this point where if the world -- or the economy were to deteriorate even further that we would see substantial further pressure on operating margins because of that resilient business model. But of course, we're going to manage our business in the best way possible.

我認為——就目前而言，我看不出任何一種情況會導致即使世界或經濟狀況進一步惡化，由於我們這種具有韌性的商業模式，我們的營業利潤率會面臨更大的壓力。當然，我們會盡力經營好我們的業務。

And this is absolutely the right time to invest in the business. When you're a business of our size with our resilience and our footprint and you're up against smaller, less resilient, more challenged competitors, you invest. You invest. You pull ahead of the competition. You keep focused on the things you're trying to do. You expand your category leadership. You solidify category leadership in other places.

現在絕對是投資這家企業的最佳時機。像我們這樣規模、韌性強、業務遍及全球的企業，面對規模較小、韌性較弱、面臨更多挑戰的競爭對手，就應該投資。投資，才能超越競爭對手。才能始終專注於我們正在做的事情。才能擴大你在品類中的領先地位。才能在其他領域鞏固你的品類領先地位。

We've got category leadership in 3D for BIM, which is a very important growth segment in AEC. We've got category leadership for design through Construction in the construction space, deals like deals like Bravida, AECOM, BESIX, these are all people trying to buy into this connected AI-driven cloud-based design through construction environment. That's the category we're in, and we're kind of already the king.

我們在BIM的3D領域處於領先地位，而BIM是AEC行業一個非常重要的成長領域。我們在建築領域的「設計到施工」領域也處於領先地位，像Bravida、AECOM、BESIX這樣的公司都在尋求加入這種互聯的、人工智慧驅動的、基於雲端的「設計到施工」環境。這就是我們所處的領域，而且我們已經是這個領域的佼佼者了。

So this is the perfect time to continue to invest. It helps you lap the competition. The competition will be able to invest to the same degree. I think this is not the time you pull back, right, especially given the underlying strength of our business. It's solid. You can see it. We've got the multiple vectors of resiliency here and the kind of nice portfolio of options that we can leverage. I'm definitely in a mindset that investment is good for us right now.

所以現在正是繼續投資的絕佳時機。這能幫助你超越競爭對手。競爭對手也會投入同樣的資金。我認為現在不是撤資的時候，尤其是考慮到我們業務的內在實力。它非常穩固，這一點顯而易見。我們擁有多重韌性，以及一系列可利用的優質選擇。我堅信，現在投資對我們大有裨益。

Our next question comes from Steven Koenig of SMBC Nikko.

下一個問題來自SMBC日興的Steven Koenig。

Debbie, I have a cold, too, and it's not COVID. So we're in the same boat. So hope you get better soon here.

黛比，我也感冒了，但不是新冠。所以我們情況一樣。希望你早日康復。

I wanted to -- I may have missed it and apologize if I did, but can you give us a little more specifics on when you saw business start to bounce back in EMEA? Was it right at the end of the quarter? Was it a week after? Was it a little before? And yes -- and then I've got one more for you, Debbie.

我想問——我可能錯過了，如果錯過了請見諒——您能否更具體地告訴我們一下，您認為歐洲、中東和非洲地區的業務何時開始反彈？是在季度末嗎？是在一週後嗎？還是稍早一些？對了——黛比，我還有一個問題想問你。

Yes. Actually, it was fairly short term after the initial invasion. It was within weeks, all right? It wasn't like it was a long thing. It fell off. It slowed down a bit as the invasion started. And then within a few weeks, it was rising back up again and back up to where it had started. So it didn't take that long. It surprised us, honestly.

是的。實際上，入侵初期之後，這種情況持續時間很短。也就幾週時間，對吧？持續時間並不長。它先是下降了，入侵開始時速度放緩。然後幾週之內，它又開始回升，回到了最初的水平。所以，整個過程並沒有持續太久。說實話，這讓我們很驚訝。

And was it -- I was trying to parse your earlier statements. Was it kind of balanced between new business and renewals? Or was it kind of more one or the other?

我一直在試著理解你先前的發言。新業務和續約業務的比例是否比較均衡？還是說其中一方占主導地位？

Renewal stayed strength -- strong throughout the entire cycle, all right? So renewals kept building as the quarter progressed. There was never a slowdown in renewal momentum. A matter of fact, if anything, it just kept strengthening and strengthening, all right? It was only in the new business part that we saw a slowdown post-invasion that recovered. So no, renewals just kept building.

續約業務一直保持強勁勢頭——整個週期都保持強勁，明白嗎？隨著季度推進，續約業務持續成長。續約勢頭從未放緩。事實上，如果有什麼改變的話，那就是續約業務一直在不斷增強，懂嗎？只有在新業務部分，我們在疫情後才看到成長放緩，但隨後又恢復了。所以，續約業務一直持續成長。

Yes, got it. Got it. Okay. Great. And then for my follow-up, and actually either of you are welcome to answer this as you see fit. So you raised prices at the end of March. And I'm sure that's all embedded in your guidance and it allows you to invest appropriately and get to the margins you want.

是的，明白了。明白了。好的。太好了。接下來想問一個後續問題，其實你們兩位都可以隨意回答。你們在三月底提高了價格。我相信這都包含在你們的業績指引裡了，這樣你們就可以進行適當的投資，並達到你們想要的利潤率。

How do you think about in this inflationary environment your internal compensation trajectory and also what you're doing with partners? And how does inflation affect your plans there? What do you have to tweak or finesse to -- you have very high employee retention. You have very good rates. So how do you maintain that?

在當前通膨環境下，您如何看待公司內部的薪資發展趨勢以及與合作夥伴的合作？通膨會如何影響您的相關計畫？您需要做出哪些調整或改進？貴公司員工留任率很高，薪資水準也相當不錯。那麼，您該如何保持這些優勢？

Yes. So let me -- because there's 2 questions there. First, let me comment on the price increases so that we're all on the same page here. The price increases were highly targeted to certain parts of the world where we had artificially suppressed the price below our long-term goal of having standard euro, U.S. and yen-denominated pricing. So what you're seeing is, in certain places, we are raising prices to equalize so that we can get to this kind of standard-based pricing that simplifies some of our go-to-market practices. So we had some artificially suppressed prices in regions, and that's what was going on there. Okay? It's no -- there's no change in our standard pricing policy. In fact, places like Europe did not see a price increase, all right? So I just want to be clear, we're all on the same page with regards to pricing and the things associated with that.

是的。所以，讓我來解釋一下——因為這裡有兩個問題。首先，我想就價格上漲問題做個說明，確保我們理解一致。這次價格上漲主要針對世界某些地區，這些地區的物價之前被我們人為壓低，低於我們長期設定的以歐元、美元和日圓計價的標準價格。所以，你們現在看到的是，在某些地區，我們正在提高價格，以達到價格均衡，從而實現這種基於標準的定價模式，簡化我們的一些市場推廣流程。之前，我們人為壓低了一些地區的物價，這就是當時的情況。明白嗎？我們的標準定價政策沒有任何改變。事實上，像歐洲這樣的地區並沒有出現價格上漲，好嗎？所以我想明確一點，我們在定價以及相關事宜上都達成了共識。

Now with regards to inflationary pressures (inaudible), but we're no different, all right? We see pressure in terms of employee compensation and trying to help our employees navigate an increasingly inflationary environment. We increased our raised pool. We increased our bonus this year. And equally important, we're increasing our stock-based compensation, and you'll probably see us continue to increase our stock-based compensation for our employee base. So these moves were made and baked into the year well ahead of the start of the year to ensure that we were able to meet our employees or at least try to meet our employees where they were at.

現在來說說通膨壓力（聽不清楚），但我們也面臨同樣的壓力，好嗎？我們看到了員工薪資方面的壓力，並努力幫助員工應對日益嚴重的通膨環境。我們增加了員工福利池，提高了今年的獎金。同樣重要的是，我們也提高了股票選擇權激勵，而且您可能會看到我們繼續提高員工的股票選擇權激勵。這些舉措早在年初就已製定並納入年度計劃，以確保我們能夠滿足員工的需求，或至少盡力滿足他們的需求。

But we will certainly continue to look at our pay position. We'll probably continue to see some pressure there in terms of staying competitive. We are retaining employees at high rates. We'll also continue to use stock-based compensation more robustly and more broadly within the organization, which we think is good for the company, good for investors and good for employees.

但我們肯定會繼續關注薪酬制度。為了保持競爭力，我們可能會繼續面臨一些壓力。我們目前的員工留任率很高。同時，我們也會繼續在公司內部更廣泛、更有效地運用股票選擇權激勵機制，我們認為這對公司、投資人和員工都有好處。

Our next question comes from Bhavin Shah of Deutsche Bank.

下一個問題來自德意志銀行的 Bhavin Shah。

I'll focus my questions to Andrew and to Debbie [of course]. Andrew, just hoping to get to the call, you noted the robust competitive performance during the quarter. Can you maybe just elaborate on this? What verticals or products are seeing better success or even improved win rates? And what's driving some of this?

我的問題主要會問安德魯和黛比（當然）。安德魯，我希望能盡快接通電話，你提到本季競爭表現強勁。能詳細說說嗎？哪些垂直領域或產品取得了更好的業績，或者說成交率有所提高？又是什麼因素推動了這些變化？

Yes. Well, it's basically every sector. I mean every one of our industries, we're growing faster than our competitors, all right? So we're taking share as we're selling more seats in some highly competitive industries. So you're seeing us doing well in AEC. You're seeing us doing well in manufacturing, both on seat counts and revenue counts, which I think is really important because you want to watch both of those performances. We even did quite nicely in media entertainment year-over-year. So we are absolutely seeing broad-based competitive performance.

是的。基本上每個行業都是如此。我的意思是，我們所有行業的成長速度都超過了競爭對手，對吧？因此，我們在一些競爭非常激烈的行業中，透過銷售更多席位來擴大市場份額。所以你會看到我們在建築、工程和施工（AEC）行業表現出色。你會看到我們在製造業也表現出色，無論是席位數還是收入，我認為這非常重要，因為你需要同時關注這兩個方面的表現。我們甚至在媒體娛樂產業也實現了相當不錯的年成長。所以，我們確實看到了全面而強勁的競爭表現。

I mean, obviously, one of the places that we all watch is Construction, too. In Construction, if you look at the kind of the raw make numbers, we grew 24% year-over-year. But you got to remember, some of that construction that make opportunity is actually in the EBAs, which are counted a design. So when you look at our total make performance and taking that -- those EBA impacts where we kind of put -- make components into the EBAs, we grew into the mid-30s. And Construction Cloud monthly active usage grew slightly north of 30%. This is all great, solid competitive performance.

我的意思是，很顯然，我們都關注的領域之一就是建築業。在建築業，如果你看一下原始的製造數據，我們比去年同期成長了24%。但你要記住，建築業的部分製造機會實際上包含在工程應用協議（EBA）中，而EBA被計入設計。所以，當你查看我們的整體製造業績，並考慮到EBA的影響（我們將製造組件納入EBA），我們的整體製造業績成長到了30%以上。建築雲的月活躍用戶數也略高於30%。所有這些都是非常出色、穩健的競爭表現。

AEC -- Construction Cloud of its best new business growth quarter. International growth for Construction Cloud was significantly higher than its regular growth. We're lighting up the channel in the mid-market. We're kind of solidifying our category leader position in this design through construction position.

AEC—建築雲業務迎來了其新業務成長最快的季度。建築雲業務的國際成長顯著高於其常規成長。我們在中端市場通路表現強勁，並鞏固了我們在設計到施工這一領域的領先地位。

Essentially, anybody else in this player -- this space is kind of outside that category. They're very niche or they're a zombie waiting for the industry to move on and move past them. So I think we're in a very strong competitive position right now. It's our job to continue to maintain that. But it was across all the industries we serve.

基本上，其他任何在這個領域——或者說這個細分市場——的公司都屬於這個範疇之外。他們要不是非常小眾，就是就像殭屍一樣，等著產業發展淘汰他們。所以我認為我們目前處於非常強大的競爭地位。我們的任務就是繼續保持這種優勢。而且，在我們服務的所有行業中，情況都是如此。

Super helpful. And just one quick follow-up. It was really interesting to see that large EBA deal include Innovyze. And these are good things here as well.

非常有用。還有一個小問題想補充。看到那筆大型 EBA 交易包含了 Innovyze，真的很有意思。而且這方面也很不錯。

Where are you on your integration plans just with this solution? And where are you in terms of evolving the product set here? And how do we just think about the pipeline of customers who are looking to leverage some of your water-based products?

你們針對該解決方案的整合計畫進展如何？你們在產品組合的演進上又處於什麼階段？我們該如何看待那些希望使用你們水性產品的客戶群？

Yes. Look, we've made really great progress integrating Innovyze in. The company was fairly similar to us when we bought them. So there's a lot of things that are rapidly getting integrated. Of course, there's some product integration pieces and some back-office systems that are still kind of working through some of the iterations. But in terms of integration, that's not a barrier right now to where we're at with Innovyze.

是的。你看，我們在整合 Innovyze 方面取得了非常大的進展。我們收購 Innovyze 時，這家公司和我們非常相似。所以很多東西都在快速整合。當然，有些產品整合和後台系統還在迭代完善中。但就整合而言，這目前並不是我們與 Innovyze 合作的障礙。

One of the things that's exciting about what Innovyze does is it's already kind of fulfill the end-to-end vision for water that we have for construction and manufacturing. It goes everywhere from design all the way to operate. And it has some fairly sophisticated cloud-based tools for water infrastructure operators, sewage treatment operators, other water infrastructure operators that allow them to actually manage the facilities once they've been put into operations. So it's a very robust solution. It covers a very broad piece of it, and it fits incredibly nicely into our portfolio, both story-wise, strategy-wise, and frankly, sales motion-wise.

Innovyze 最令人興奮的一點在於，它基本上已經實現了我們對建築和製造領域水務的端到端願景。它涵蓋了從設計到營運的整個流程。它為水務基礎設施運營商、污水處理運營商以及其他水務基礎設施運營商提供了一些相當先進的雲端工具，使他們能夠在設施投入運營後進行有效管理。因此，這是一個非常強大的解決方案，覆蓋範圍非常廣泛，無論從產品理念、策略或銷售策略來看，都與我們的產品組合完美契合。

And ladies and gentlemen, that is all the time we have for Q&A today. This concludes today's conference call. Thank you for participating. You may now disconnect.

女士們、先生們，今天的問答環節到此結束。今天的電話會議到此結束。感謝各位的參與。您可以斷開連線了。