ANSYS Inc (ANSS) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the ANSYS Third Quarter 2022 Earnings Conference Call. With us today are Ajei Gopal, President and Chief Executive Officer; Nicole Anasenes, Chief Financial Officer; and Kelsey DeBriyn, Vice President, Investor Relations. (Operator Instructions) Please note that this event is being recorded.

女士們先生們，感謝您的支持，歡迎參加 ANSYS 2022 年第三季度收益電話會議。今天和我們在一起的是總裁兼首席執行官 Ajei Gopal； Nicole Anasenes，首席財務官；和投資者關係副總裁 Kelsey DeBriyn。 （操作員說明）請注意，此事件正在記錄中。

At this time, I would now like to turn the conference over to Ms. DeBriyn for opening remarks. Please go ahead.

在這個時候，我現在想把會議交給 DeBriyn 女士做開場白。請繼續。

Good morning, everyone. Our earnings release, the related prepared remarks document, and the link to our third quarter 2022 Form 10-Q have all been posted on the homepage of our Investor Relations website. They contain the key financial information and supporting data relative to our third quarter financial results and business update as well as our Q4 and updated fiscal year 2022 outlook and the key underlying quantitative and qualitative assumptions.

大家，早安。我們的收益發布、相關準備好的評論文件以及我們的 2022 年第三季度 10-Q 表格的鏈接都已發佈在我們的投資者關係網站的主頁上。它們包含與我們第三季度財務業績和業務更新相關的關鍵財務信息和支持數據，以及我們的第四季度和更新的 2022 財年展望以及關鍵的基本定量和定性假設。

Today's presentation contains forward-looking information. Important factors that may affect our future results are discussed in our public filings. Forward-looking statements are based upon our view of the business as of today, and ANSYS undertakes no obligations to update any such information.

今天的演示文稿包含前瞻性信息。我們的公開文件中討論了可能影響我們未來結果的重要因素。前瞻性陳述基於我們對當前業務的看法，ANSYS 不承擔更新任何此類信息的義務。

During this call, we will be referring to non-GAAP financial measures, unless otherwise stated. A discussion of the various items that are excluded and reconciliations of GAAP to the comparable non-GAAP financial measures are included in our earnings release materials.

在本次電話會議中，除非另有說明，否則我們將提及非公認會計準則財務指標。我們的收益發布材料中包含對排除的各種項目的討論以及 GAAP 與可比的非 GAAP 財務指標的對賬。

I would now like to turn the call over to our President and CEO, Ajei Gopal, for his opening remarks. Ajei?

我現在想把電話轉給我們的總裁兼首席執行官 Ajei Gopal，他的開場白。阿傑？

Good morning, everyone, and thank you for joining us. Q3 was yet another excellent quarter for ANSYS, where we, once again, beat across our key metrics, including ACV, revenue, operating margin and earnings per share. This gives us further confidence in the business, and has enabled us to operationally raise our full year guidance for ACV, revenue, EPS and operating cash flow. Nicole will have the details in a few minutes.

大家早上好，感謝您加入我們。第三季度對 ANSYS 來說又是一個出色的季度，我們再次超越了我們的關鍵指標，包括 ACV、收入、營業利潤率和每股收益。這使我們對業務更有信心，並使我們能夠在運營上提高我們對 ACV、收入、每股收益和經營現金流的全年指導。 Nicole 將在幾分鐘內了解詳細信息。

As we have previously discussed, the strength and the resilience of the ANSYS business come, in part, because of the number and the diversity of customers we serve. ANSYS has tens of thousands of customers across multiple industries, including high-tech and semiconductor, aerospace and defense and automotive and ground transportation. Those 3 sectors were, again, our largest contributors in Q3.

正如我們之前所討論的，ANSYS 業務的實力和彈性部分源於我們所服務客戶的數量和多樣性。 ANSYS 在多個行業擁有數以萬計的客戶，包括高科技和半導體、航空航天和國防以及汽車和地面交通。這三個行業再次成為我們第三季度最大的貢獻者。

Our largest contract for the quarter was in the high-tech and semiconductor space, a $59 million 3-year agreement with an international electronics company. This global brand has been challenged by the increasing complexity of its products, as semiconductor chips continue to get smaller which has led to issues such as voltage drop. By continually enhancing our solutions for semiconductor and other areas of physics, we would not only able to stave off any competitive challenges in this long-term account, but we increased the number of ANSYS products the customer uses, the number of end users as well as the amount of computations performed.

我們本季度最大的合同是在高科技和半導體領域，與一家國際電子公司簽訂了一份價值 5900 萬美元、為期 3 年的協議。這個全球品牌一直受到其產品日益複雜的挑戰，因為半導體芯片不斷變小，這導致了電壓下降等問題。通過不斷增強我們在半導體和其他物理領域的解決方案，我們不僅能夠避免這個長期帳戶中的任何競爭挑戰，而且我們增加了客戶使用的 ANSYS 產品的數量，以及最終用戶的數量作為執行的計算量。

This new contract broadens our existing footprint, which included products from across our multiphysics portfolio, such as structures, fluids, electromagnetics and materials. This is a perfect example of our discussion at our recent investor update, that ANSYS is growing across 3 vectors: more products, more users and more computations.

這份新合同擴大了我們現有的業務範圍，其中包括來自我們多物理場產品組合的產品，例如結構、流體、電磁學和材料。這是我們在最近的投資者更新中討論的一個完美示例，即 ANSYS 正在跨越 3 個向量增長：更多產品、更多用戶和更多計算。

ANSYS is also well balanced across geographies, with a little less than 50% of our business coming from the Americas and the remainder roughly split between EMEA and Asia Pacific. This diversity in our customer base means that we can harness growth from a wide variety of sources. It also means that we are resilient to the business or economic dynamics of any specific customer or industry or country.

ANSYS 的地域分佈也很均衡，我們的業務有不到 50% 來自美洲，其餘的業務大致分佈在 EMEA 和亞太地區。我們客戶群的這種多樣性意味著我們可以利用各種來源的增長。這也意味著我們能夠適應任何特定客戶、行業或國家的業務或經濟動態。

In Q3, I'm excited to report that, from a geographic perspective, we saw very strong revenue growth from both Asia Pacific and EMEA, while the Americas came in as expected. Adding to the strength of our business is our broad and deep product portfolio, which includes flagship products in structures, fluids, electromagnetics, semiconductors, optics and mission. As such, we are not overaligned on any individual product line, which further contributes to ANSYS' resilience.

在第三季度，我很高興地報告說，從地理角度來看，我們看到亞太地區和歐洲、中東和非洲地區的收入增長非常強勁，而美洲則如預期般進入。增加我們業務實力的是我們廣泛而深入的產品組合，其中包括結構、流體、電磁學、半導體、光學和任務方面的旗艦產品。因此，我們不會在任何單個產品線上過度調整，這進一步有助於 ANSYS 的彈性。

Additionally, our proven portfolio enables us to attract new customers as well as to displace competitive technology. For example, our start-up program is continuing to grow as these nascent companies take advantage of ANSYS solutions. The program has had over 1,600 customers across 53 countries. While members of our start-up program represent a small piece of our overall business, they are aggressive users of our products. And with the program's high graduation rates, more and more of these customers become active contributors to the ANSYS business.

此外，我們經過驗證的產品組合使我們能夠吸引新客戶並取代具有競爭力的技術。例如，隨著這些新興公司利用 ANSYS 解決方案，我們的啟動計劃正在繼續增長。該計劃已在 53 個國家/地區擁有超過 1,600 名客戶。雖然我們初創計劃的成員只占我們整體業務的一小部分，但他們是我們產品的積極用戶。隨著該計劃的高畢業率，越來越多的這些客戶成為 ANSYS 業務的積極貢獻者。

While it can be difficult to replace an incumbent in our space, we have also grown our customer base by displacing competitors. For example, in Q3, we won a contract with an industrial tool manufacturer that was a key account at one of our competitors. That customer is now using ANSYS' structural, fluids and electronic solutions for the development of its power tools.

雖然在我們的領域很難取代現有企業，但我們也通過取代競爭對手來擴大我們的客戶群。例如，在第三季度，我們贏得了與一家工業工具製造商的合同，該製造商是我們競爭對手之一的關鍵客戶。該客戶現在正在使用 ANSYS 的結構、流體和電子解決方案來開發其電動工具。

On these calls, I often highlight a specific aspect of our business. Over the past several calls, I have discussed the unparalleled scalability of our best-in-class fluid products. I highlighted the critical role that ANSYS solutions play in sustainability, I discussed how customers are using our solutions in the development of next-generation semiconductors, and I reviewed our leading suite of optical simulation products.

在這些電話中，我經常強調我們業務的一個特定方面。在過去的幾次電話會議中，我討論了我們一流的流體產品無與倫比的可擴展性。我強調了 ANSYS 解決方案在可持續性方面發揮的關鍵作用，討論了客戶如何在下一代半導體開發中使用我們的解決方案，並回顧了我們領先的光學仿真產品套件。

For this call, I would like to reiterate some of the key takeaways from our recent investor update. During the update in August, we discussed how typical enterprise software companies have only 2 vectors of growth, more products and more users. ANSYS, however, has a third, more computations. Let me briefly discuss each of them.

對於這次電話會議，我想重申我們最近的投資者更新中的一些關鍵要點。在 8 月份的更新中，我們討論了典型的企業軟件公司如何只有 2 個增長向量、更多產品和更多用戶。然而，ANSYS 有第三種，更多的計算。讓我簡要討論它們中的每一個。

Traditionally, simulation involves a single user, leveraging a single ANSYS product for each individual simulation. Today, as we partner with our customers to solve more complex R&D challenges, there is an increased demand for multiple physics, including structures and fluids, electronics, photonics and others to work together.

傳統上，仿真只涉及一個用戶，每個仿真都使用一個 ANSYS 產品。今天，隨著我們與客戶合作解決更複雜的研發挑戰，對多種物理的需求不斷增加，包括結構和流體、電子學、光子學和其他方面的協同工作。

By transcending individual physics to connect workflows that solve complex multiphysics problems, our customers can simulate and analyze the physical world at a system and a mission level. Addressing these complex new use cases inherently requires the use of multiple physics solvers, leading to an increased number of multiproduct sales.

通過超越單個物理場連接解決複雜多物理場問題的工作流，我們的客戶可以在系統和任務級別模擬和分析物理世界。解決這些複雜的新用例本質上需要使用多個物理求解器，從而導致多產品銷售數量增加。

In Q3, we signed a 7-figure contract with a long-time Space 2.0 company that has standardized on ANSYS' multiphysics solutions across all of its engineering departments to develop safer and more reliable launch vehicles. With this new agreement, the company is now expanding its ANSYS footprint to include our material intelligence solution as its central materials database. We have also invested in the overall user experience, which is driving more end users of ANSYS solutions.

在第三季度，我們與一家老牌 Space 2.0 公司簽訂了一份 7 位數的合同，該公司已在其所有工程部門標準化 ANSYS 的多物理場解決方案，以開發更安全、更可靠的運載火箭。通過這項新協議，該公司現在正在擴大其 ANSYS 足跡，將我們的材料智能解決方案作為其中央材料數據庫。我們還投資於整體用戶體驗，這推動了更多最終用戶使用 ANSYS 解決方案。

Remember that in the past, only expert engineering analysts could take advantage of simulation. Today, ANSYS simulation is being used by all levels of engineers, thanks to our automated workflows and integrations with other systems that make ANSYS solutions more intuitive and easier to use. That means that different types of engineers can fully take advantage of the benefits of ANSYS simulation, and it is driving the expansion of simulation usage to more users upstream and downstream of the validation process.

請記住，在過去，只有專業的工程分析師才能利用仿真。今天，ANSYS 仿真正被各級工程師使用，這要歸功於我們的自動化工作流程以及與其他系統的集成，這些系統使 ANSYS 解決方案更加直觀和易於使用。這意味著不同類型的工程師可以充分利用 ANSYS 仿真的優勢，並推動仿真使用擴展到驗證過程上游和下游的更多用戶。

In Q3, ANSYS calls the largest health care contract in our history, a 7-figure agreement that will dramatically expand the number of users at an American eye care company. Realizing the benefits of simulation, this existing customer has launched a digital twin and digital engineering initiative that will triple the number of users of engineering simulation technology in the next 18 to 24 months.

在第三季度，ANSYS 稱這是我們歷史上最大的醫療保健合同，這是一個 7 位數的協議，將極大地擴大一家美國眼保健公司的用戶數量。意識到仿真的好處後，該現有客戶推出了數字孿生和數字工程計劃，該計劃將在未來 18 到 24 個月內將工程仿真技術的用戶數量增加三倍。

The third vector of our growth is through more computations. ANSYS is able to monetize customers' workloads as they run the larger, more complex calculations needed to solve next-generation product challenges. A single ANSYS user can leverage multiple products and can run hundreds of simulations across thousands of cores in parallel, which is a critical functionality as even the most common products become more complex.

我們增長的第三個向量是通過更多的計算。 ANSYS 能夠將客戶的工作負載貨幣化，因為他們運行解決下一代產品挑戰所需的更大、更複雜的計算。單個 ANSYS 用戶可以利用多種產品，並可以在數千個內核上並行運行數百次仿真，這是一項關鍵功能，因為即使是最常見的產品也變得越來越複雜。

We provide our customers with open, scalable offerings, supported by the major cloud platforms to enhance and extend our industry-leading simulation portfolio. This flexibility enables our customers to maximize the value they realized from simulation, while scaling up to address the increasing complexity of next-generation product development.

我們為客戶提供開放、可擴展的產品，由主要雲平台支持，以增強和擴展我們行業領先的仿真產品組合。這種靈活性使我們的客戶能夠最大限度地提高他們從仿真中實現的價值，同時擴大規模以解決下一代產品開發日益複雜的問題。

We recently announced the launch of our ANSYS Gateway, powered by Amazon Web Services. With this addition to our comprehensive cloud offering, customers can easily access, subscribe and configure ANSYS applications from a single location. ANSYS Gateway powered by AWS allows broader access to high-performance computing by bringing down the traditional hardware barriers that have limited innovation for many of our customers.

我們最近宣布推出由 Amazon Web Services 提供支持的 ANSYS Gateway。借助我們全面的雲產品的新增功能，客戶可以從一個位置輕鬆訪問、訂閱和配置 ANSYS 應用程序。由 AWS 提供支持的 ANSYS Gateway 通過消除限制我們許多客戶創新的傳統硬件障礙，允許更廣泛地訪問高性能計算。

Our focus on expanding the portfolio of physics, on creating a platform to enable and manage complex multiphysics solutions, and on expanding simulation use cases, unlocks greater customer value, which enables all 3 vectors of growth for ANSYS.

我們專注於擴展物理產品組合、創建平台以支持和管理複雜的多物理場解決方案，以及擴展仿真用例，從而釋放更大的客戶價值，從而實現 ANSYS 的所有 3 個增長向量。

The application of ANSYS simulation technologies can be manifested in varied and distinct ways. For example, last time, I discussed the multiple roles ANSYS solutions played in the testing, launch and deployment of the James Webb Space Telescope.

ANSYS 仿真技術的應用可以以多種不同的方式表現出來。例如，上次，我討論了 ANSYS 解決方案在詹姆斯韋伯太空望遠鏡的測試、發射和部署中發揮的多重作用。

Keeping with the applications of ANSYS's space, I'd like to briefly highlight the role that we played in NASA's recent DART Mission. As you may recall, in September, NASA smashed an unmanned spacecraft into an asteroid in an attempt to alter its orbit. The Johns Hopkins Applied Physics Lab extensively used ANSYS STK throughout mission planning process from formulating DART's trajectory through the asteroid system as well as to visualize relevant vectors and altitudes. The thermal team used STK's full mission environment when checking the location of the sun relative to the satellite during critical maneuvers.

與 ANSYS 空間的應用保持一致，我想簡要強調一下我們在 NASA 最近的 DART 任務中所扮演的角色。您可能還記得，9 月，美國宇航局將一艘無人駕駛宇宙飛船撞向一顆小行星，試圖改變其軌道。約翰霍普金斯大學應用物理實驗室在整個任務規劃過程中廣泛使用 ANSYS STK，從制定 DART 通過小行星系統的軌跡到可視化相關矢量和高度。在關鍵機動期間檢查太陽相對於衛星的位置時，熱能團隊使用了 STK 的完整任務環境。

NASA has announced that the DART mission exceeded its highest expectations by shortening the asteroid's orbit by 32 minutes. This marks the first time humanity has changed the orbit of a celestial object, and I would like to congratulate the team at Johns Hopkins and NASA for their success in this inspirational and potentially life-saving mission. This example demonstrates the range of use cases as well as the impact of ANSYS solutions.

美國宇航局宣布，DART 任務通過將小行星的軌道縮短 32 分鐘，超出了其最高預期。這標誌著人類第一次改變天體的軌道，我要祝賀約翰霍普金斯大學和美國宇航局的團隊在這項鼓舞人心且可能挽救生命的任務中取得成功。這個例子展示了使用案例的範圍以及 ANSYS 解決方案的影響。

Next, I'd like to highlight the thousands of ANSYS employees around the world. They are, of course, what makes ANSYS so special. So I'm very proud that Newsweek Magazine has ranked ANSYS as 13th amongst the Most Loved Workplaces at U.S. companies. The ranking considers employee survey responses, external ratings and interviews with company leaders. This recognition is just one more testament to ANSYS' unique culture and the impact we have on the world.

接下來，我想重點介紹一下全世界成千上萬的 ANSYS 員工。當然，它們是 ANSYS 如此特別的原因。因此，我很自豪《新聞周刊》將 ANSYS 列為美國公司最受喜愛的工作場所中的第 13 位。該排名考慮了員工調查回复、外部評級和與公司領導的訪談。這一認可只是對 ANSYS 獨特文化和我們對世界的影響的又一證明。

In closing, Q3 was another excellent quarter for ANSYS, one that provides momentum as we close out the year and look ahead to 2023. With our product leadership, proven performance and resilient business model, I am more confident than ever in the future of ANSYS and the innovations we are helping our customers to drive.

最後，第三季度是 ANSYS 的又一個出色季度，在我們結束這一年並展望 2023 年時提供動力。憑藉我們的產品領先地位、久經考驗的性能和有彈性的商業模式，我對 ANSYS 的未來比以往任何時候都更有信心以及我們正在幫助客戶推動的創新。

And with that, I'll turn the call over to Nicole. Nicole?

有了這個，我會把電話轉給妮可。妮可？

Thank you, Ajei. Good morning, everyone. Let me take a few minutes to add some additional perspective on our third quarter financial performance and provide context for our outlook and assumptions for Q4 and full year 2022.

謝謝你，阿傑。大家，早安。讓我花幾分鐘時間就我們第三季度的財務業績添加一些額外的觀點，並為我們對第四季度和 2022 年全年的展望和假設提供背景。

The third quarter demonstrated the strength and resiliency of our business as we delivered robust growth during the quarter and beat our financial guidance across all key metrics. ACV was strong and better than our guidance. Revenue, operating margin and EPS also exceeded our Q3 guidance, driven by ACV outperformance. Both our large enterprise customers and SMB customers performed well during the quarter.

第三季度展示了我們業務的實力和彈性，因為我們在本季度實現了強勁增長，並且在所有關鍵指標上都超過了我們的財務指導。 ACV 比我們的指導更強大而且更好。在 ACV 表現出色的推動下，收入、營業利潤率和每股收益也超過了我們的第三季度指引。我們的大型企業客戶和 SMB 客戶在本季度均表現良好。

Now let me discuss some of our Q3 financial highlights. Q3 ACV was $409.3 million and grew year-over-year, 12% or 20% in constant currency. We saw broad-based constant currency growth across customer types, geographies and industries. ACV from recurring sources grew 16% in constant currency year-over-year on a trailing 12-month basis.

現在讓我討論一下我們第三季度的一些財務亮點。第三季度 ACV 為 4.093 億美元，同比增長 12% 或 20%（按固定匯率計算）。我們看到跨客戶類型、地域和行業的廣泛貨幣持續增長。在過去 12 個月的基礎上，來自經常性來源的 ACV 按固定貨幣計算同比增長 16%。

This momentum in recurring ACV growth is driven by the strong annuity, created by our ongoing shift towards subscription lease licenses. ACV from recurring sources represented 79% of the total in the third quarter.

經常性 ACV 增長的這種勢頭是由強勁的年金推動的，這是我們不斷轉向訂閱租賃許可證所創造的。來自經常性來源的 ACV 佔第三季度總數的 79%。

Q3 total revenue was $473.7 million and grew 6% or 15% in constant currency, which, as I mentioned, exceeded our guidance, driven by outperforming our expected ACV. Asia Pacific and EMEA drove strong Q3 revenue growth. We had robust top line performance in Q3, with ACV and revenue both growing double digit in constant currency at 20% and 15%, respectively. In both Q3 and year-to-date, we executed against our business model of double-digit growth, including tuck-in M&A.

第三季度總收入為 4.737 億美元，按固定匯率計算增長 6% 或 15%，正如我所提到的，由於超出了我們預期的 ACV，這超出了我們的預期。亞太地區和 EMEA 推動了第三季度收入的強勁增長。我們在第三季度的收入表現強勁，按固定匯率計算，ACV 和收入均以兩位數增長，分別為 20% 和 15%。在第三季度和年初至今，我們執行了兩位數增長的商業模式，包括併購。

We closed the quarter with a total balance of GAAP deferred revenue and backlog of over $1.1 billion, which grew 23% year-over-year. During the quarter, we continued to deliver a business model with strong operating leverage. This yielded a solid third quarter gross margin of 91.1% and an operating margin of 41%, which was better than our guidance.

我們以 GAAP 遞延收入和積壓超過 11 億美元的總餘額結束本季度，同比增長 23%。在本季度，我們繼續提供具有強大運營槓桿的業務模式。這產生了穩定的第三季度毛利率 91.1% 和 41% 的營業利潤率，好於我們的預期。

Operating margin was positively impacted by outperforming on revenue as well as the timing of investments that have moved into the fourth quarter of the year. The result was third quarter EPS of $1.77, which was also better than our guidance. Similar to operating margin, EPS benefited from strong revenue results and the timing of investments.

營業利潤率受到收入表現出色以及進入今年第四季度的投資時機的積極影響。結果是第三季度每股收益為 1.77 美元，也好於我們的預期。與營業利潤率類似，每股收益受益於強勁的收入結果和投資時機。

Our effective tax rate in the third quarter was 18%, the tax rate we expect for the remainder of 2022. Our operating cash flows in the third quarter totaled $127.2 million. Our unlevered operating cash flows were $132 million. We ended the quarter with $632.7 million of cash and short-term investments on the balance sheet.

我們第三季度的有效稅率為 18%，這是我們對 2022 年剩餘時間的預期稅率。我們第三季度的經營現金流總額為 1.272 億美元。我們的無槓桿經營現金流為 1.32 億美元。我們在本季度末的資產負債表上有 6.327 億美元的現金和短期投資。

Now let me turn to the topic of guidance. The underlying momentum in our business and demand for our best-in-class portfolio continues to be strong. We are operationally increasing our outlook on ACV, revenue, EPS and operating cash flow for the full year. We delivered a robust Q3, and our strong 2022 forecast reflects our continued breadth and depth of customer demand. Offsetting our year-to-date performance and strong full year outlook is persistent and significant U.S. dollar strengthening, which impacts the exchange rates embedded in our guidance.

現在讓我轉向指導的話題。我們業務的潛在動力和對我們一流產品組合的需求繼續強勁。我們正在運營上提高我們對全年 ACV、收入、每股收益和運營現金流的展望。我們實現了強勁的第三季度業績，我們對 2022 年的強勁預測反映了我們持續的客戶需求廣度和深度。抵消我們年初至今的業績和強勁的全年前景的是美元持續顯著走強，這影響了我們指引中的匯率。

Let me start with our full year 2022 guidance. We expect full year ACV outlook to be in the range of $1.975 billion to $2 billion, which represents growth of 5.6% to 6.9% or 12% to 13.4% in constant currency. We are raising the midpoint of our full year constant currency ACV growth compared to our August guidance.

讓我從我們的 2022 年全年指導開始。我們預計全年 ACV 前景將在 19.75 億美元至 20 億美元之間，按固定匯率計算，增長 5.6% 至 6.9% 或 12% 至 13.4%。與 8 月份的指引相比，我們正在提高全年固定貨幣 ACV 增長的中點。

For additional context, the midpoint of our ACV guidance, when translated at 2019 foreign exchange rates, would be equal to approximately $2.08 billion and would exceed our 2019 Investor Day ACV target.

在其他背景下，我們的 ACV 指南的中點，按 2019 年的匯率換算，將等於約 20.8 億美元，將超過我們 2019 年投資者日 ACV 的目標。

Our full year constant currency ACV growth raise is driven by the strong performance and our resilient business model. That performance drove a full year ACV operational increase of $8 million relative to our August guidance. This momentum was offset by $20 million of additional foreign exchange headwind.

我們的全年固定貨幣 ACV 增長是由強勁的業績和我們有彈性的商業模式推動的。相對於我們 8 月份的指導，這一業績推動 ACV 全年運營增加了 800 萬美元。這一勢頭被 2000 萬美元的額外外匯逆風所抵消。

Our strong performance has been consistent throughout 2022. Since we issued full year ACV guidance in February, we have raised the midpoint of our constant currency growth rate guidance by almost 3 points from around 10% in February to almost 13% constant currency growth with our current guidance. The strong organic growth in our business has been driving our improving outlook.

我們的強勁表現在 2022 年始終如一。自 2 月份發布全年 ACV 指引以來，我們已將我們的固定貨幣增長率指引的中點從 2 月份的 10% 左右提高了近 3 個百分點，達到了近 13% 的固定貨幣增長率。目前的指導。我們業務的強勁有機增長一直在推動我們改善前景。

Turning to revenue. We expect revenue to be in the range of $2 billion to $2.035 billion, which is growth of 3.5% to 5.4% or 10.1% to 11.9% in constant currency. We are raising the midpoint of our constant currency revenue growth compared to our August guidance, which reflects a full year revenue operational increase of $12 million. This momentum was offset by $24 million of additional foreign exchange headwind.

轉向收入。我們預計收入將在 20 億美元至 20.35 億美元之間，按固定匯率計算，增長 3.5% 至 5.4% 或 10.1% 至 11.9%。與我們 8 月份的指引相比，我們提高了固定貨幣收入增長的中點，這反映了全年收入運營增長 1200 萬美元。這一勢頭被 2400 萬美元的額外外匯逆風所抵消。

Similar to ACV, for revenue, we have raised the midpoint of our full year 2022 constant currency growth rate guidance by almost 2 points from around 9% in February to 11% with our current guidance.

與 ACV 類似，在收入方面，我們將 2022 年全年固定貨幣增長率指引的中點從 2 月份的 9% 左右上調了近 2 個百分點，達到了當前指引的 11%。

Turning to EPS. We expect our full year EPS to be in the range of $7.48 to $7.80. Relative to our August guidance, our full year EPS increased $0.12 from better operational performance, which was offset by $0.17 of incremental foreign exchange headwind.

轉向EPS。我們預計全年每股收益將在 7.48 美元至 7.80 美元之間。相對於我們 8 月份的指引，我們的全年每股收益因運營業績的改善而增加了 0.12 美元，這被增加的 0.17 美元的外匯逆風所抵消。

As a reminder, some of our strong Q3 EPS performance was driven by the timing of investments that moved from the third quarter to the fourth quarter. We continue to expect our full year operating margin to be in the range of 41% to 42%.

提醒一下，我們第三季度強勁的每股收益表現部分是由從第三季度到第四季度的投資時機推動的。我們繼續預計我們的全年營業利潤率將在 41% 至 42% 之間。

Now let me turn to our full year operating cash flow guidance. Our 2022 outlook is a range of $570 million to $600 million. Relative to our August guidance, our full year operating cash flow increased $2 million from better operational performance, which was offset by $7 million of incremental foreign exchange headwind.

現在讓我談談我們的全年經營現金流指導。我們對 2022 年的展望為 5.7 億美元至 6 億美元。相對於我們 8 月份的指導，我們的全年經營現金流因經營業績的改善而增加了 200 萬美元，這被增加的 700 萬美元的外匯逆風所抵消。

Also note, on a year-over-year basis, operating cash flow continues to face nonoperational headwinds, including the timing impact of R&E capitalization regulations and higher interest expense, given rising interest rates.

另請注意，與去年同期相比，經營現金流繼續面臨非經營性逆風，包括 R&E 資本化法規的時間影響以及利率上升導致的更高利息費用。

Since January 2022, we have seen significant U.S. dollar strengthening relative to all of our -- all global currencies that contribute to our results. Our largest exposures are to the euro and Japanese yen. When compared to the 2021 currency rates, our 2022 guidance is negatively impacted on ACV by approximately $120 million and operating cash flow by approximately $40 million.

自 2022 年 1 月以來，我們看到美元相對於我們所有對我們的業績做出貢獻的全球貨幣顯著走強。我們最大的敞口是歐元和日元。與 2021 年的匯率相比，我們 2022 年的指導對 ACV 產生了約 1.2 億美元的負面影響，對經營現金流產生了約 4000 萬美元的負面影響。

Now let me turn to guidance for Q4. For the fourth quarter, we expect ACV in the range of $761.3 million to $786.3 million and revenue in the range of $621.8 million to $656.8 million. We expect Q4 operating margin in the range of 45.6% to 48.5% and EPS in the range of $2.58 to $2.90.

現在讓我轉向第四季度的指導。對於第四季度，我們預計 ACV 在 7.613 億美元至 7.863 億美元之間，收入在 6.218 億美元至 6.568 億美元之間。我們預計第四季度營業利潤率在 45.6% 至 48.5% 之間，每股收益在 2.58 美元至 2.90 美元之間。

Further details around specific currency rates and other assumptions that have been factored into our outlook for 2022 and Q4 are contained in the prepared remarks document.

有關特定貨幣匯率和已納入我們對 2022 年和第四季度展望的其他假設的更多詳細信息包含在準備好的評論文件中。

Our core simulation market is strong and diversified with consistent demand from our customers as they encounter increasingly complex product development challenges. This strong core market, coupled with our market-leading portfolio, deep customer relationships and highly recurring financial model with 3 vectors of growth makes ANSYS' business highly resilient. All of this is driving the underlying momentum in our business and gives us confidence in the increased outlook for our full year constant currency ACV and revenue growth.

我們的核心仿真市場強大且多樣化，客戶在遇到日益複雜的產品開發挑戰時，他們的需求始終如一。這個強大的核心市場，加上我們市場領先的產品組合、深厚的客戶關係和具有 3 個增長向量的高度經常性財務模型，使 ANSYS 的業務具有很強的彈性。所有這些都在推動我們業務的潛在動力，並使我們對全年固定貨幣 ACV 和收入增長的前景充滿信心。

I would like to thank the ANSYS team for their outstanding execution during the quarter, which drove a robust Q3 financial performance and momentum going into our last quarter of the year. We, once again, delivered an exceptional quarter, which demonstrated the ongoing strength of the ANSYS business. I am confident in our ability to continue to execute against our outlook.

我要感謝 ANSYS 團隊在本季度的出色執行，這推動了強勁的第三季度財務業績和進入今年最後一個季度的勢頭。我們再次交付了一個出色的季度，這證明了 ANSYS 業務的持續實力。我對我們繼續執行與我們的前景相反的能力充滿信心。

Operator, we will now open the phone line to take questions.

接線員，我們現在打開電話線回答問題。

(Operator Instructions) And our first question today will come from Gal Munda with Wolfe Research.

（操作員說明）我們今天的第一個問題將來自 Gal Munda 和 Wolfe Research。

The first one is just, Ajei, you mentioned how the different vectors of growth are working for you. And I wanted to kind of double down a little bit on the computational power that your customers use. And just relate that to the business model you have today.

第一個就是，Ajei，你提到了不同的增長載體是如何為你工作的。我想在你的客戶使用的計算能力上加倍努力。並將其與您今天擁有的商業模式聯繫起來。

Can you just give us a little bit more color on how you're able to capture that as people -- as that relationship from 1 engineer using 1 license had a particular problem? When they start building more complex problems, how do you capture that value from an economic perspective as well?

您能否就如何將其作為人捕捉到更多的色彩——因為使用 1 個許可證的 1 位工程師之間的關係存在特定問題？當他們開始構建更複雜的問題時，您如何從經濟角度也捕捉到這種價值？

Gal, that's a great question. So the way you should think about how we monetize that is really through product licensing. So when we license our technology to customers, we give them access to the use of our -- take a multiyear lease as an example. We give them access to use our technology for a duration of time, and we also give them access to high-performance computing capability.

蓋爾，這是一個很好的問題。因此，您應該考慮我們如何通過產品許可真正獲利的方式。因此，當我們將我們的技術許可給客戶時，我們允許他們使用我們的 - 以多年租約為例。我們讓他們可以在一段時間內使用我們的技術，我們還讓他們可以使用高性能計算能力。

And that HPC translates into license software for us -- license revenue for us, license ACV. And of course, access to the solvers themselves also show up as licenses. So in the aggregate, both the ability to use the technology on more processing translates into license for us, and the ability to use more of our software in that context translates into more license for us.

HPC 為我們轉化為許可軟件——我們的許可收入，許可 ACV。當然，對求解器本身的訪問也顯示為許可證。因此，總的來說，在更多處理上使用該技術的能力對我們來說轉化為許可，在這種情況下使用我們更多軟件的能力對我們來說轉化為更多許可。

So that's how we monetize it, and that's how it shows up in our financials.

這就是我們將其貨幣化的方式，這就是它在我們的財務狀況中的體現。

That is really helpful. Interesting. And then I like kind of the point that Nicole made, which is, if you look at the constant currency exchange rates from 2019, you, as a team, managed to beat the guidance -- will manage to beat the guidance by about 4%, 5%.

這真的很有幫助。有趣的。然後我喜歡 Nicole 提出的觀點，也就是說，如果你看看 2019 年的固定貨幣匯率，作為一個團隊，你成功地超過了指導 - 將設法超過指導 4% , 5%。

If you look back and kind of think about when you gave us that guidance, I think it was in September '19, and what happened during that time we had COVID and everything. What has allowed you, which parts have potentially played out better than what you thought at that time?

如果你回顧一下你給我們指導的時間，我想那是在 19 年 9 月，那段時間發生了什麼，我們有 COVID 和一切。是什麼讓你，哪些部分可能比你當時想像的更好？

To allow you to -- even though anything that was going on from a macro perspective, you're able to kind of achieve those targets? What surprised you might be on the positive or maybe even on the -- what ended up being maybe a little bit slower than you thought?

為了讓您——即使從宏觀角度來看發生了任何事情，您也能夠實現這些目標？有什麼讓你感到驚訝的可能是積極的，甚至可能是——最終可能比你想像的要慢一點？

Why don't I jump in, Gal, because I have some context, and then maybe I'll ask Nicole to add a little bit more. So if you look back at 2019 and you consider the evolution of our business, and we described some of this in the investor update presentation that we did earlier this year, we've been in the process of a transformation in our business model where we've been taking advantage of these 3 vectors of growth that you alluded to earlier. And we've been using that to really transform our business model in the way that we support our customers.

我為什麼不跳進去，Gal，因為我有一些上下文，然後也許我會要求 Nicole 再補充一點。因此，如果您回顧 2019 年並考慮我們業務的發展，並且我們在今年早些時候所做的投資者更新演示中描述了其中的一些內容，那麼我們一直處於業務模式轉型的過程中，我們一直在利用您之前提到的這 3 個增長向量。我們一直在用它來真正改變我們的商業模式，以支持我們的客戶。

So we've increased the amount of lease that we do with our customers, and that translates into, obviously, stickier relationships with our customers as we go forward. So look, at the end of the day, it comes down to the products that we have and the capabilities that we provide and our ability to address some of our customers' most challenging market needs.

因此，我們增加了與客戶的租賃量，這顯然會轉化為我們與客戶建立更緊密的關係。因此，歸根結底，這取決於我們擁有的產品和我們提供的能力，以及我們滿足客戶最具挑戰性的市場需求的能力。

And we have an amazing portfolio. We've continued to build in that portfolio. We've continued to expand that capability. That makes us even more relevant for our customers today as compared with years ago. And the nature of the business model, the nature of the ability to monetize that relationship, all of that translate into our ability to be very resilient no matter what happens out there in the market. So we have a very resilient business model that I'm excited about.

我們有一個驚人的投資組合。我們繼續構建該產品組合。我們一直在擴展這種能力。與多年前相比，這使我們今天與客戶的關係更加密切。商業模式的性質，將這種關係貨幣化的能力的性質，所有這些都轉化為我們無論市場上發生什麼都具有很強彈性的能力。所以我們有一個非常有彈性的商業模式，我很興奮。

We've talked about how we are -- and I mentioned this in my script, we talked about how our technology is very broad across multiple physics. We're not overly reliant on a single product line. We talked about how we're -- we have a presence in multiple industry verticals. And we mentioned -- I mentioned high-tech, I mentioned automotive, I mentioned aerospace as examples. And of course, we have presence in others, and we talked about our geographical distribution as well.

我們已經討論了我們的情況——我在我的腳本中提到了這一點，我們討論了我們的技術如何在多個物理領域非常廣泛。我們並不過分依賴單一的產品線。我們談到了我們的現狀——我們在多個垂直行業都有業務。我們提到了——我提到了高科技，我提到了汽車，我提到了航空航天作為例子。當然，我們在其他方面也有存在，我們也談到了我們的地理分佈。

So that gives us the ability to be resilient when a particular industry changes or when there are particular challenges in an individual market. Now in the face of a global pandemic, of course, as you saw going through this, that's an overarching global phenomenon. And there, it goes back to the core value proposition of our products, which is we help our customers build better products, bring them to market faster at lower cost.

因此，這使我們能夠在特定行業發生變化或個別市場存在特定挑戰時保持彈性。現在，面對全球大流行，當然，正如你所看到的那樣，這是一個全球性的普遍現象。在那裡，它回到了我們產品的核心價值主張，即我們幫助我們的客戶打造更好的產品，以更低的成本更快地將它們推向市場。

We help them reduce warranty costs. We help them be more efficient. And so that combination of being able to support them from a top line perspective and drive both top line growth as well as support them from a cost perspective, really stands us in good stead in rough economic times, which is obviously what we've seen in the last couple of years.

我們幫助他們降低保修成本。我們幫助他們提高效率。因此，能夠從收入的角度支持他們、推動收入增長以及從成本的角度支持他們的組合，確實讓我們在艱難的經濟時期處於有利地位，這顯然是我們所看到的在過去的幾年裡。

So that part in part contributes to the momentum of the business that we've seen in the past. And frankly, that contributes to the momentum of the business that we're seeing today. I've had the opportunity to now spend a number of -- over the last couple of months, I've had an opportunity to spend time with customers in person in the U.S., in Europe, in Asia.

因此，這部分有助於我們過去看到的業務發展勢頭。坦率地說，這有助於我們今天看到的業務發展勢頭。我現在有機會在過去的幾個月里花很多時間與美國、歐洲和亞洲的客戶面對面交流。

And what I'm hearing from customers around the globe is very consistent perspectives on the pressures that they're having to be able to continue to drive their businesses forward. So they've all got multiyear product road maps that they need to advance their businesses.

我從全球客戶那裡聽到的關於他們必須能夠繼續推動業務向前發展的壓力的觀點非常一致。因此，他們都擁有推進業務所需的多年產品路線圖。

And frankly, they're relying on us. They're relying on simulation to be able to not only deliver on those road maps, but to be able to deliver on those road maps as efficiently as possible because they know that simulation can help them save time and money, through the avoidance of physical testing and things of that nature.

坦率地說，他們依賴我們。他們依靠模擬不僅能夠交付這些路線圖，而且能夠盡可能高效地交付這些路線圖，因為他們知道模擬可以幫助他們節省時間和金錢，通過避免物理測試和那種性質的東西。

So that's all contributed to the momentum that we have in the business, and I'm really excited about where we are right now.

所以這一切都促成了我們在業務中的發展勢頭，我對我們現在所處的位置感到非常興奮。

And our next question will come from Tyler Radke with Citi.

我們的下一個問題將來自花旗的 Tyler Radke。

Yes. Ajei, in the opening remarks, you referenced a number of deals where you displaced competition in accounts and -- just feels like this is something that you're talking about more here on this earnings call relative to historical quarters.

是的。 Ajei，在開場白中，您提到了一些您取代了賬戶競爭的交易，並且感覺這是您在本次財報電話會議上相對於歷史季度所談論的更多內容。

So could you just walk through kind of the opportunity that you see there? Have you seen kind of win rates tick up? And is this kind of a function of some of the innovation at ANSYS and perhaps, inorganically, just kind of combining products that you've acquired into the core suite that's allowing you to do this? Just kind of talk about the opportunity on the competitive displacement side, and then I had a quick follow-up for Nicole.

那麼你能不能看看你在那裡看到的那種機會？你見過贏率上升的嗎？這種功能是否是 ANSYS 的一些創新功能，或者在無機上，只是將您獲得的產品組合到允許您這樣做的核心套件中？只是談談競爭性置換方面的機會，然後我對 Nicole 進行了快速跟進。

Yes. So firstly, Tyler, the first point is competitive displacements are, in our industry, relatively difficult, right? They don't happen on a regular basis. These are relatively difficult.

是的。所以首先，泰勒，第一點是競爭性置換，在我們的行業中，相對困難，對吧？它們不會定期發生。這些都比較難。

And when they do happen, it's something that you are excited about because the customer has a specific need. And obviously, they're not able to satisfy that need based on whatever products they may currently be using. And whatever they're using right now, may or -- if it's not able to address their needs, not able to solve their problems, not able to provide the level of fidelity or accuracy they're looking for, not able to integrate with the systems that they need to, they'll look for another solution.

當它們確實發生時，您會對此感到興奮，因為客戶有特定的需求。顯然，他們無法根據他們目前使用的任何產品來滿足這種需求。無論他們現在使用什麼，可能會或者——如果它無法滿足他們的需求，無法解決他們的問題，無法提供他們正在尋找的保真度或準確性水平，無法與他們需要的系統，他們會尋找另一種解決方案。

And as you rightly pointed out, we were excited -- and I mentioned this in my script, we were excited about one of a competitive displacement this year that we noted. But more generally, the nature of these displacements are driven by, as you pointed out, the strength of the portfolio.

正如你正確指出的那樣，我們很興奮——我在我的劇本中提到了這一點，我們對今年我們注意到的競爭性替代之一感到興奮。但更一般地說，正如您所指出的，這些置換的性質是由投資組合的實力驅動的。

Look, we've made a lot of investment in improving the products from a performance perspective, from a usability perspective, from an integration perspective. If you look at some of the releases that we've announced, for example, most recently in R3 -- in R2 -- 2022 R2, one example on scalability.

看，我們在從性能角度、可用性角度、集成角度改進產品方面投入了大量資金。如果您查看我們宣布的一些版本，例如，最近在 R3 中 - 在 R2 - 2022 R2 中，一個關於可擴展性的示例。

I mean we are using a GPU scalability and achieving enormous acceleration in solving capacity for our customers. These are all incredible innovations that they value. And as they start to look at our road map and the organic activity that we've got, they realized that they should be committing to us because we will be able to help them not just only today, but out into the future.

我的意思是我們正在使用 GPU 可擴展性，並為我們的客戶在解決能力方面實現了巨大的加速。這些都是他們重視的令人難以置信的創新。當他們開始審視我們的路線圖和我們所擁有的有機活動時，他們意識到他們應該對我們做出承諾，因為我們不僅能夠幫助他們，而且能夠幫助他們走向未來。

So that's how I see it. And obviously, as you mentioned in organic, obviously, we continue -- we've made a number of good acquisitions. They've been integrated into our portfolio as well, and that just adds to the breadth and the depth of our technology and capability.

所以我就是這麼看的。顯然，正如你在有機中提到的，顯然，我們繼續 - 我們已經進行了一些很好的收購。它們也已集成到我們的產品組合中，這只會增加我們技術和能力的廣度和深度。

And Nicole, as I look at the Q4 ACV guide. So obviously, it was a really strong beat here in Q3, but it looks like the raise for the full year was much less than the operational beat in Q3. Could you just help us understand what's giving you the moving pieces and the guide for Q4? Were there some deals that maybe came in a bit earlier here in Q3? Or are you kind of derisking Q4 further based on what you see in the macro environment? Just help us understand that the relative large outperformance in Q3, and then the much smaller operational raise for the full year.

還有妮可，當我查看第四季度 ACV 指南時。很明顯，這是第三季度的一次非常強勁的節拍，但看起來全年的加薪遠低於第三季度的運營節拍。您能否幫助我們了解是什麼給了您第四季度的動態和指南？是否有一些交易可能在第三季度早些時候出現？還是根據您在宏觀環境中看到的情況進一步貶低第四季度的風險？只是幫助我們了解第三季度相對較大的表現，然後是全年較小的運營增長。

Yes, sure. Thanks, and great question, Tyler. So let me start with a perspective of how we view the overall momentum in our business. Our focus is really on how we improve our full year ACV outlook over time, and that's because the quarter-to-quarter revenue growth dynamics are really less indicative of momentum because of the lumpiness of large deals.

是的，當然。謝謝，很好的問題，泰勒。因此，讓我從我們如何看待我們業務的整體勢頭的角度開始。我們的重點實際上是如何隨著時間的推移改善我們的全年 ACV 前景，這是因為由於大宗交易的波動性，季度收入增長動態實際上不太能說明動力。

And also timing -- the precision of predicting the timing within a specific quarter is also a little more challenging. For example, in Q3, we closed over 12,000 deals. So you can't always control the timing of when customers are deciding to close those deals.

還有時間——在特定季度內預測時間的精確度也更具挑戰性。例如，在第三季度，我們完成了超過 12,000 筆交易。因此，您無法始終控制客戶決定完成這些交易的時間。

And so to illustrate the momentum we see in the business, I would point out 2 things. So first is looking at what we -- when I started -- the answer was here I'm looking at the raises throughout the year. So our $8 million operational raise that we gave in this guidance really is a follow-on to a $29 million operational raise in August, which was a follow-on to a $35 million operational raise in May.

因此，為了說明我們在業務中看到的勢頭，我要指出兩件事。所以首先是看看我們 - 當我開始時 - 答案就在這裡，我正在關注全年的加薪。因此，我們在本指南中提供的 800 萬美元運營融資實際上是 8 月份 2900 萬美元運營融資的後續，這是 5 月 3500 萬美元運營融資的後續。

And so overall, we've seen consistent momentum and improvement in the business. That translated to about 3 points of incremental constant currency growth throughout the year. So from about 10% in February when we started to about 13% at the midpoint.

總體而言，我們看到了業務的持續發展勢頭和改善。這轉化為全年約 3 個點的增量不變貨幣增長。因此，從 2 月份我們開始時的約 10% 到中點的約 13%。

The second thing that I'd point out is while quarters are a little lumpy and it's a little bit more challenging to see patterns, if you can look at kind of the first half and the second half to understand the underlying momentum of the business. So in the first half, our constant currency ACV growth was around 12%.

我要指出的第二件事是，雖然季度有點混亂，但如果您可以查看上半年和下半年以了解業務的潛在動力，則查看模式更具挑戰性。所以上半年，我們的固定貨幣 ACV 增長在 12% 左右。

And if you look at the midpoint of our constant currency ACV growth implied in our guidance for the second half, that would be about 14 points. So you can clearly see from the first half to the second half, the improvement in the momentum of the business. And in addition, the incremental $8 million raise on top of the guidance we gave in August is an indicator of the overall improvement in the second half.

如果你看一下我們下半年指引中暗示的不變貨幣 ACV 增長的中點，那將是大約 14 個點。所以你可以清楚地看到從上半年到下半年，業務的勢頭有所好轉。此外，在我們 8 月份給出的指導之上增加的 800 萬美元是下半年整體改善的一個指標。

And our next question will come from Jay Vleeschhouwer with Griffin Securities.

我們的下一個問題將來自格里芬證券公司的 Jay Vleeschhouwer。

Ajei, for you first. You noted the breadth of the product line. And that, for me, raises the question of resource allocation to that greater breadth of portfolio, specifically for R&D. At your analyst meeting 5 years ago, you gave us a number of priorities that you had for internal investing, specifically, for R&D.

阿傑，先給你。您注意到產品線的廣度。對我來說，這提出了將資源分配到更廣泛的投資組合的問題，特別是對於研發。在 5 年前的分析師會議上，您向我們提出了一些內部投資的優先事項，特別是研發方面。

And here, 5 years later, looking ahead, given the greater breadth of the portfolio and the various dimensions you spoke of, how are you thinking about critical resource allocations, especially as R&D is steady or a slightly higher percentage of revenues than it was a number of years ago.

5年後，展望未來，鑑於投資組合的廣度和您談到的各個方面，您如何考慮關鍵資源分配，特別是在研發穩定或收入比例略高於以前的情況下幾年前。

For you Nicole as a follow-up. For the year-to-date, you've been adding typically between 100 and 200 employees per quarter. How are you thinking about the ongoing headcount adds from here, specifically in one of your largest categories, which is technical support consulting or the AE area.

為你妮可作為後續行動。年初至今，您通常每季度增加 100 到 200 名員工。您如何看待從這裡持續增加的員工人數，特別是在您最大的類別之一，即技術支持諮詢或 AE 領域。

Okay. So let me start first, Jay. Thank you for the question. Let's talk about -- a little bit about R&D and prioritization. As you know, and I think we've discussed this in our investor updates, we have a pretty robust mechanism of being able to allocate resources against priorities. And we do that analysis, and that ultimately influences where we're spending our money and our resources in order to achieve the outcomes that we're looking for.

好的。那麼讓我先開始吧，傑。感謝你的提問。讓我們談談 - 一點關於研發和優先級。如您所知，我認為我們已經在投資者更新中討論了這一點，我們有一個非常強大的機制，能夠根據優先級分配資源。我們進行分析，這最終會影響我們將資金和資源花在哪裡，以實現我們正在尋找的結果。

From a product perspective, I think you should understand that we look at sort of the core physics evolution. And there is an amount of work that we have focused on the evolution of the core physics and that's our algorithmic advances, all of the work that you would expect to continue to make structures better than ever, fluids better than ever, electromagnetics, et cetera. So we have a stream of activity within the R&D organizations, which do that.

從產品的角度來看，我認為您應該了解我們關注的是核心物理演化。我們有大量工作集中在核心物理學的發展上，這就是我們的算法進步，所有你期望繼續做的工作比以往任何時候都更好，流體比以往更好，電磁學等等.因此，我們在研發組織內部開展了一系列活動，它們就是這樣做的。

We also have, as we broadened our portfolio, we have some platform level work. And that really addresses the needs across multiple products. So it's a support for the cloud. It's support for products like Minerva. These are value propositions that apply across all of the physics and all of the verticals as we deliver to our customers, the -- a simulation platform that allows them to manage these really complex simulations that we're dealing with.

隨著我們擴大產品組合，我們也有一些平台級別的工作。這真正解決了多種產品的需求。所以它是對雲的支持。它支持像 Minerva 這樣的產品。當我們向客戶交付時，這些價值主張適用於所有物理和所有垂直領域，這是一個模擬平台，允許他們管理我們正在處理的這些非常複雜的模擬。

If you look at technologies like Materials, for example, that's, again, very valid as you start to think about multiproduct sales. Materials comes in and provides a significant amount of capability in that context. So the other thing to note is that some of the techniques that we have developed, for example, GPU acceleration, where we've done some incredible work, that's technology that can be shared across the physics some of the ray tracing techniques that we've developed in one [physics] are applicable across others.

例如，如果您查看諸如材料之類的技術，當您開始考慮多產品銷售時，這又是非常有效的。材料進來並在這種情況下提供了大量的能力。所以要注意的另一件事是，我們開發的一些技術，例如，GPU 加速，我們已經完成了一些令人難以置信的工作，這些技術可以在物理學中共享一些我們的光線追踪技術已經在一個 [物理] 中開發，適用於其他。

So we are leveraging the teams to be able to take advantage of learnings from one team to the other. So I'm very comfortable with our position, with our R&D footprint. I think we have a fantastic road map. And I think it continues to add to the value proposition for our customers, which is we can continue to help them solve their most challenging problems now, and they have confidence in our road map going into the future to support them. They understand the value proposition of being able to reduce costs. They understand we can help them reduce warranty costs -- all of those things are reflected and supported by our R&D road map.

因此，我們正在利用團隊來利用從一個團隊到另一個團隊的學習成果。因此，我對我們的職位以及我們的研發足跡感到非常滿意。我認為我們有一個很棒的路線圖。而且我認為它繼續為我們的客戶增加價值主張，即我們可以繼續幫助他們解決現在最具挑戰性的問題，並且他們對我們未來的路線圖支持他們充滿信心。他們了解能夠降低成本的價值主張。他們明白我們可以幫助他們降低保修成本——所有這些都反映在我們的研發路線圖中並得到支持。

And Jay, on your hiring question, yes, our Q3 pace of hiring came in as expected. And it is at a higher rate than we did in Q3 2021. So we are keeping to our plans. We're tracking to our plans. We're continuing to hire in Q4 as planned. I mean the overall additional point I would make is that, our overall attrition still remains lower than industry averages. And that really positions us well to have the consistency and the stability in our overall organization to continue to invest in growth and really -- and take advantage of the opportunities that Ajei just articulated in his response to you around your R&D question. And so we're continuing to execute against the 2022 hiring, as planned.

傑伊，關於你的招聘問題，是的，我們第三季度的招聘速度符合預期。而且它的速度比我們在 2021 年第三季度的速度要高。所以我們正在堅持我們的計劃。我們正在跟踪我們的計劃。我們將按計劃在第四季度繼續招聘。我的意思是，我要提出的總體補充觀點是，我們的整體流失率仍然低於行業平均水平。這確實使我們能夠很好地保持我們整個組織的一致性和穩定性，從而繼續投資於增長，並真正利用 Ajei 在回答您的研發問題時所表達的機會。因此，我們將繼續按計劃執行 2022 年的招聘。

And our next question will come from Steve Tusa with JPMorgan.

我們的下一個問題將來自摩根大通的史蒂夫圖薩。

Appreciating guys have kind of overdriven on the annual guide this year. I think that's something that's pretty clear. So obviously, the trends through the third quarter here, very strong. I'm just still not kind of understanding what's going on in the fourth with the slowing growth on the ACV side.

欣賞者在今年的年度指南中有點過分了。我認為這是很清楚的事情。很明顯，第三季度的趨勢非常強勁。隨著 ACV 方面的增長放緩，我仍然不太了解第四節發生了什麼。

Is there something in the macro that is maybe some pull forward into 3Q that made that look a little better? So the trend is still very strong. It's just that there's a little bit of lumpiness. And I know the backlog and the leading indicators were down, that's probably a 4x issue.

宏觀中是否有一些東西可能會在第三季度向前推進，從而使情況看起來好一些？所以趨勢還是很強勁的。只是有一點點疙瘩。而且我知道積壓和領先指標下降，這可能是一個 4 倍的問題。

But just trying to get a little more color on what's happening there in the fourth quarter? Again, totally appreciating that the trend line is very strong, and you guys have done a great job this year of beating numbers consistently.

但只是想對第四季度發生的事情有更多的了解？再次，完全欣賞趨勢線非常強勁，你們今年做得很好，一直在擊敗數字。

Yes. Yes. So first, I just kind of reiterate the point around growth rates in any given quarter on a quarter-to-quarter basis. I mean the absolute growth rate in Q4 that you see in the underlying guidance, remember there's about 700 basis points of foreign exchange in that absolute number overall.

是的。是的。所以首先，我只是重申一下任何給定季度的季度增長率。我的意思是你在基本指導中看到的第四季度的絕對增長率，記住這個絕對數字中大約有 700 個基點的外匯。

So when you adjust for foreign exchange, the midpoint is around that double-digit growth, which is in line overall with our model. On a quarter-to-quarter basis, you sometimes get lumpiness in terms of when deals happen and when there's kind of year-to-year comparisons of when those deals happen. So the quarterly growth rates and the patterns of quarterly growth rates are just less indicative of overall momentum than the overall, which is why kind of in responding to Tyler, I kind of gave that description of the overall momentum.

所以當你調整外匯時，中點在兩位數的增長附近，這與我們的模型總體上是一致的。在每個季度的基礎上，您有時會在交易發生的時間以及這些交易發生時間的年度比較方面變得模糊不清。因此，季度增長率和季度增長率模式對整體動力的指示性不如整體動力，這就是為什麼在回應泰勒時，我對整體動力做出了這樣的描述。

And so now -- and when you look at what can happen in any given quarter, again, 12,000 contracts in the quarter, sometimes timing isn't a different. It falls into different quarters than one would expect. And so overall, the underlying optimism of the business hasn't changed. The underlying momentum of the business hasn't changed.

所以現在——當你看看在任何給定季度可能發生的事情時，再一次，這個季度有 12,000 份合同，有時時間安排並沒有什麼不同。它與人們預期的不同。因此，總體而言，企業的基本樂觀情緒沒有改變。業務的基本動力沒有改變。

We have -- we are very focused on the full year -- delivering the full year number, making sure that we're getting the right deals for our customers and for the business at the right time. And so sometimes that can affect the overall underlying dynamics of our growth. But overall, Q4's midpoint is still in that 10% range, which brings the second half to approximately 14% constant currency.

我們已經 - 我們非常關注全年 - 提供全年數字，確保我們在正確的時間為我們的客戶和業務獲得正確的交易。因此，有時這會影響我們增長的整體潛在動力。但總體而言，第四季度的中點仍在 10% 的範圍內，這使下半年達到了約 14% 的不變貨幣。

Right. And I guess just -- yes, sorry go ahead.

正確的。我猜只是 - 是的，對不起，請繼續。

I didn't answer your backlog question, I apologize. So the backlog -- on the back -- that's really a sequential pattern as well. If you go back and you look -- there's some seasonality to the way backlog kind of rolls off.

我沒有回答你的積壓問題，我很抱歉。所以積壓——在後面——這實際上也是一個順序模式。如果你回去看看 - 積壓的方式有一些季節性。

And so that you also have to look in the longer patterns as well. So if you look at the same quarters last year, you see that kind of seasonal pattern of the dip in backlog on a quarter-to-quarter basis and then it kind of returns to difference. So the quarter-to-quarter dynamics are less indicative than the overall kind of full year dynamics that you see on backlog growth.

因此，您還必須查看較長的模式。因此，如果您查看去年的相同季度，您會看到這種季節性模式，即按季度減少積壓，然後又會恢復差異。因此，與您在積壓增長中看到的整體全年動態相比，季度動態的指示性較小。

Right. So there's really nothing that you guys are seeing. I know everybody is very sensitive to this -- to the macro these days. But there's really nothing you're kind of seeing as far as an extension of close cycles or anything like that where people are being just a little bit more cautious because the annual midpoint growth was on an organic basis was touch down a little bit. There's really nothing there, macro guys -- macro wise that you guys are seeing just to put a cap on this question?

正確的。所以你們真的什麼都沒有看到。我知道每個人都對此非常敏感——這些天對宏觀。但是，就關閉週期的延長或類似的情況而言，您實際上並沒有看到人們更加謹慎的情況，因為年度中點增長在有機基礎上略有下降。那裡真的什麼都沒有，宏觀的傢伙——你們看到的宏觀明智只是為了限制這個問題？

Yes. No, I would say that the overall -- over -- I'll let Ajei comment because he's been speaking to customers so he can give you the more contextual cover. But the overall -- our overall outlook has improved since August. And so we're not seeing any fundamental difference other than the timing of when customers have closed deals in the quarter.

是的。不，我會說總體上——結束——我會讓 Ajei 發表評論，因為他一直在與客戶交談，這樣他就可以給你更多的背景信息。但總體而言——我們的整體前景自 8 月以來有所改善。因此，除了客戶在本季度完成交易的時間之外，我們沒有看到任何根本性差異。

So on a constant currency basis, our growth rate has increased for the full year, and that's really driven by a $8 million operational raise. So there's nothing specific that we're seeing other than normal quarter-to-quarter dynamics in terms of when things closed. But Ajei, maybe you can add some color?

因此，在固定貨幣基礎上，我們全年的增長率有所提高，這實際上是由 800 萬美元的運營加薪推動的。因此，就關閉時間而言，除了正常的季度動態之外，我們沒有看到任何具體的情況。但是Ajei，也許你可以添加一些顏色？

Yes, sure. Just to jump in here. obviously, we read the same headlines that everyone else does. But look, our outlook is based on the reality that we're seeing in the field. And as I mentioned earlier, in the last couple of months, I've had the opportunity to spend a fair amount of time on the road.

是的，當然。只是為了跳到這裡。顯然，我們閱讀的標題與其他人閱讀的標題相同。但是看，我們的前景是基於我們在該領域看到的現實。正如我之前提到的，在過去的幾個月裡，我有機會在路上度過了相當多的時間。

And I've -- as I said earlier, I've talked to customers across in different geographies. I've also spent time with the sales force in the field in these different geographies as well. And we're not seeing the challenges that you might read about in the headlines, reflecting in our business.

而且我 - 正如我之前所說，我已經與不同地區的客戶進行了交談。我也曾與這些不同地區的銷售人員一起工作。而且我們沒有看到您可能在頭條新聞中看到的挑戰，這反映在我們的業務中。

And as I will sound like a broken record and forgive me for repeating myself. The value proposition that we provide is tied to R&D. And customers have multiyear R&D product roadmaps and the competitive environment for customers is more challenging today than it's ever been. And so they understand the lessons of the past, which is that if you see concerns in the headlines and you pull your R&D investment back when those concerns are passed, you're now behind and you lose market share, and that's to your detriment. They've seen this play out time after time after time.

因為我聽起來像是一張破唱片，請原諒我重複自己。我們提供的價值主張與研發息息相關。客戶擁有多年的研發產品路線圖，如今客戶的競爭環境比以往任何時候都更具挑戰性。所以他們明白過去的教訓，那就是如果你在頭條新聞中看到了擔憂，並且在這些擔憂過去之後又撤回了研發投資，那麼你現在落後了，你失去了市場份額，這對你不利。他們一次又一次地看到這場比賽。

And so the investment in R&D activity continues unabated, and our value proposition is tied to R&D because, as I've said, again, repeatedly, we make R&D efficient, more efficient and we help customers drive product to market faster.

因此，對研發活動的投資持續有增無減，我們的價值主張與研發息息相關，因為正如我反复說過的，我們讓研發更有效率，更有效率，我們幫助客戶更快地將產品推向市場。

So that's where our excitement comes from. It comes front what we're seeing from a forecast perspective, what we're seeing from the field, what we're seeing with our customers enter the products in the market we serve.

所以這就是我們興奮的地方。它超越了我們從預測的角度看到的東西，我們從現場看到的東西，我們看到的客戶進入我們所服務的市場的產品。

And our next question will come from Blair Abernethy with Rosenblat Securities.

我們的下一個問題將來自 Rosenblat Securities 的 Blair Abernethy。

Nice quarter. Ajei, just wanted to ask you -- back to your prepared remarks around users of simulation software. If we look back a decade or so ago, really a very technical masters level or higher kind of user base was predominant. And now it seems like things are starting to broaden finally as had been long predicted. Is this -- are you seeing this actively out there across your verticals? And -- what exactly do you see ANSYS doing in order to encourage broader engineering adoption?

漂亮的季度。 Ajei，只是想問你——回到你準備好的關於模擬軟件用戶的評論。如果我們回顧大約十年前，真正的技術大師級別或更高級別的用戶群占主導地位。而現在，事情似乎終於開始擴大，正如人們長期以來所預測的那樣。這是 - 你是否在你的垂直領域積極地看到了這一點？而且——您認為 ANSYS 究竟做了哪些工作來鼓勵更廣泛的工程採用？

Well, it's multifaceted. I mean, firstly, the observation that you're making, which is that, it's easier for engineers to use simulation and more engineers are using simulation is absolutely accurate.

嗯，它是多方面的。我的意思是，首先，你所做的觀察，即工程師使用仿真更容易，更多的工程師使用仿真是絕對準確的。

And there are a number of reasons why that's the case. Number one, we'll start from the product perspective. The products are easier to use. And we've had significant investments in usability, in integration, all of those things over the last several years after last decade or 2, which is culminated to a situation right now where the product is so easy to use.

出現這種情況的原因有很多。第一，我們將從產品的角度開始。產品更易於使用。在過去十年或 2 年之後的過去幾年裡，我們在可用性、集成和所有這些方面進行了大量投資，這最終導致了現在產品非常易於使用的情況。

I don't know if you recently -- you saw this, it ran by my news feed this morning, but there was a high schooler in California who use ANSYS simulation to simulate the loading of backpacks on students and the impact of a backpack. And they did that analysis using ANSYS simulation. They use Granta, they use Mechanical, they use a number of these products working together in order to come up with a solution and won a very prestigious award.

我不知道你最近是否——你看到了這個，今天早上我的新聞提要，但是加利福尼亞有一個高中生使用 ANSYS 仿真來模擬學生背包的負載和背包的影響。他們使用 ANSYS 仿真進行了分析。他們使用 Granta，他們使用 Mechanical，他們使用許多這樣的產品協同工作以提出解決方案並贏得了非常有聲望的獎項。

That's an example of how easy the technology has been to -- has become to use for people where you've -- where high schoolers are able to take -- motivated high schoolers are able to take advantage of the technology. That's number one.

這是一個例子，說明這項技術已經變得多麼容易——已經成為你所使用的人——在高中生能夠接受的地方——有動力的高中生能夠利用這項技術。那是第一名。

Second thing is we continue to increase our level of investment with universities, we have presence in over 1,600 universities around the world.

第二件事是我們繼續增加對大學的投資水平，我們在全球 1,600 多所大學都有業務。

Cornell University teaches a massive online course using ANSYS, over 0.25 million people have signed up for that. We've had millions of people downloading the student version of our products around the world. So there is broad-based understanding of our technologies at the undergraduate level and simulation is being taught as part of the curriculum.

康奈爾大學使用 ANSYS 教授大型在線課程，已有超過 25 萬人報名參加。我們已經有數百萬人在世界各地下載我們產品的學生版。因此，我們在本科階段對我們的技術有廣泛的了解，並且模擬正在作為課程的一部分進行教授。

So graduating students are coming out aware of how to see a simulation, aware of the value proposition, aware of benefits and aware of how to use ANSYS. And that is another aspect where the entering engineering workforce is very comfortable with the technology as opposed to a few decades ago.

因此，即將畢業的學生開始意識到如何查看模擬，意識到價值主張，意識到好處並意識到如何使用 ANSYS。與幾十年前相比，這是進入工程人員對技術非常滿意的另一個方面。

The other thing is, of course, the use of computing. We have continued to make the technology more efficient. We're also leveraging high-performance computing. We're leveraging GPUs, and with the overall broad-based availability of compute, that's making it easier for people to take advantage of simulation as well.

另一件事當然是計算的使用。我們不斷提高技術的效率。我們還在利用高性能計算。我們正在利用 GPU，並且隨著計算的整體廣泛可用性，這也使人們更容易利用模擬。

So it's all of those things. It's workflows, it's product capabilities, ease of use, it's integration with academia. All of the availability of computing, all of that is really exciting. And frankly, I would encourage all of you to go to the most -- to our website. We have a magazine called ANSYS Advantage. And the most recent one, for example, talks about some academic success stories, and that will give you some perspective of how we're more deeply engaging with the academic community as well.

所以這就是所有這些事情。它是工作流程、產品功能、易用性以及與學術界的整合。所有計算的可用性，所有這些都非常令人興奮。坦率地說，我會鼓勵你們所有人訪問我們的網站。我們有一本名為 ANSYS Advantage 的雜誌。例如，最近的一篇文章談到了一些學術上的成功故事，這將使您對我們如何更深入地與學術界互動有所了解。

And our next question will come from Jason Celino with KeyBanc Capital Markets.

我們的下一個問題將來自 KeyBanc Capital Markets 的 Jason Celino。

Obviously, a good quarter. I'm curious on kind of the linearity of strength. And then maybe, if you're able to kind of discuss how things might be trending through October.

顯然，這是一個很好的季度。我很好奇力量的線性度。然後也許，如果你能夠討論到 10 月份事情的發展趨勢。

Yes. So Jason, can I just clarify your first question? I want to make sure I answer it correctly.

是的。那麼傑森，我可以澄清你的第一個問題嗎？我想確保我回答正確。

Yes. So you talked about, in earlier questions, you can't control when customers close deals. So I'm curious on the strength that you saw, the linearity of the activity through each month of the quarter.

是的。所以你談到，在前面的問題中，你無法控制客戶何時完成交易。所以我很好奇你看到的強度，本季度每個月的活動線性度。

Yes. So I would say that -- I mean, do you mean in terms of when deals close? I'd say that the linearity was somewhat more consistent, although I believe we saw a little bit more in the third month of the quarter. I'm just looking at the data here to make sure I've got it right. Yes. So we saw a little bit more in the third month of the quarter than we've seen it in prior quarters, but overall, it's been largely consistent.

是的。所以我會說——我的意思是，你的意思是交易何時結束？我會說線性更加一致，儘管我相信我們在本季度的第三個月看到了更多。我只是查看這裡的數據以確保我做對了。是的。因此，我們在本季度的第三個月看到的比我們在前幾個季度看到的要多一點，但總的來說，它基本上是一致的。

Perfect. And then maybe just a quick housekeeping question. I think you made a small tuck-in acquisition C&R technologies, again, small tuck-in, but how should we think about contribution for Q4, if there is any?

完美的。然後也許只是一個快速的家務問題。我認為您對 C&R 技術進行了小額收購，再次，小額收購，但我們應該如何考慮對第四季度的貢獻，如果有的話？

Yes. So C&R Technologies is closed yesterday, November 1, last checked, closed yesterday. And so we'll have 2 million -- I'm sorry, 2 months, not 2 million, 2 months of top line this year. It was a very, very small technology acquisition, with a de minimis impact on the overall top line of the business. Maybe you could talk a little bit...

是的。所以 C&R Technologies 昨天關閉，11 月 1 日，最後一次檢查，昨天關閉。所以我們將有 200 萬——對不起，是 2 個月，而不是 200 萬，今年是 2 個月的收入。這是一次非常非常小的技術收購，對業務的整體收入影響微乎其微。或許你可以聊一聊...

I'll jump in here. While the transaction is obviously not material from a financial perspective, I just want to note that I'm really excited about the people who are joining the company as a result of -- joining ANSYS as a result of the acquisition of C&R and of course, the technology, the C&R has built over the years.

我會跳到這裡。雖然從財務角度來看，這筆交易顯然並不重要，但我只想指出，我對那些因為收購 C&R 而加入 ANSYS 的人感到非常興奮，當然還有，C&R多年來建立的技術。

They're a leading provider of flow analysis that's used to optimize thermal systems. And they're using a number of applications, but most especially in the space in the satellite industry. So their focus is on providing system-level simulation for thermal. And they've had a number of use cases, and they were, in fact, being used as part of the James Webb Telescope as well, where NASA used the C&R Thermal Desktop to provide a detailed thermal model of these optical and instrumentation systems, and it was used to predict things like transient profiles and gradients and heat flows as a payload tradition from ambient to cryogenic conditions and back again.

他們是用於優化熱系統的流量分析的領先供應商。他們正在使用許多應用程序，但最重要的是在衛星行業的空間中。因此，他們的重點是為熱提供系統級仿真。他們有許多用例，事實上，它們也被用作詹姆斯韋伯望遠鏡的一部分，美國宇航局使用 C&R 熱桌面提供這些光學和儀器系統的詳細熱模型，它被用來預測瞬態剖面和梯度以及熱流等作為有效載荷傳統的東西，從環境條件到低溫條件再返回。

So by adding that to our portfolio, we will then be able to provide analysis to customers -- similar analysis to customers from every stage from system design, all the way up to optimization from 1D tools all the way up to 3D tools that gives us a comprehensive perspective.

因此，通過將其添加到我們的產品組合中，我們將能夠為客戶提供分析——從系統設計到從 1D 工具一直到為我們提供了 3D 工具的優化的每個階段，都可以為客戶提供類似的分析全面的視角。

And then, of course, with the work that we're doing, with space applications, with a mission engineering suite of offerings, this further sorts that and increases our competitiveness in that market as well.

然後，當然，通過我們正在做的工作，空間應用，提供任務工程套件，這進一步分類並提高了我們在該市場的競爭力。

And our next question will come from Andrew DeGasperi with Berenberg.

我們的下一個問題將來自 Andrew DeGasperi 和 Berenberg。

I just wanted to maybe ask a question on the large number of automotive deals you saw in Q3. I think if it's Germany, if I'm looking at the revenue mix. Just wondering, given the news we're hearing about that region, can you elaborate how long were those deals in the making? And maybe tell us if the macro political situation there is accelerating some of these deal closures, given the energy issues there and things like that?

我只是想問一個關於你在第三季度看到的大量汽車交易的問題。我想如果是德國，如果我在看收入組合。只是想知道，鑑於我們聽到的有關該地區的消息，您能否詳細說明這些交易進行了多長時間？也許告訴我們，鑑於那裡的能源問題和類似的事情，那裡的宏觀政治局勢是否正在加速其中一些交易的完成？

Yes. So if I can jump in and give you some color on automotive. I don't have exactly the numbers in front of me, so it will have to be a little bit more qualitative. So one of the countries that I was in a few weeks ago was Germany. I did have a chance to meet with automotive customers there. And certainly, I did in Asia as well, Japan. And obviously, I spent time with our teams.

是的。所以，如果我能跳進去給你一些關於汽車的顏色。我沒有確切的數字在我面前，所以它必須更定性一點。所以我幾週前去過的國家之一是德國。我確實有機會在那裡與汽車客戶會面。當然，我在亞洲也做過，日本。顯然，我花時間和我們的團隊在一起。

Look, again, it's the same value proposition that we're dealing with. The automotive industry is looking at technologies like electrification and they're recognizing that they need to make investments to be able to move more aggressively and consider the future of their product lines and how they're going to evolve their product lines. So that's one area.

再看一遍，這與我們正在處理的價值主張相同。汽車行業正在關注電氣化等技術，他們認識到他們需要進行投資才能更積極地採取行動，並考慮其產品線的未來以及他們將如何發展其產品線。所以這是一個領域。

In autonomy, whilst it's true that full-fledged; autonomy, people are recognizing is a more difficult problem to solve, there is a tremendous amount of investment, certainly in making sure ADAS happens, which is safety features. And so there continues to be investment in those areas.

在自治方面，雖然確實是成熟的；自主性，人們認識到這是一個更難解決的問題，有大量的投資，當然是為了確保 ADAS 的發生，這是安全功能。因此，這些領域的投資仍在繼續。

When you consider both electrification and autonomy, these are not traditional internal combustion engine, traditional views of how a car is built. These are incremental -- different -- it's a different approach. It's different skills, it's different tooling, it's different technologies. And as these companies are scaling up, both the OEMs as well as the Tier 1s and the supply chain, in general, they are facing pressures to start to think differently. And that's where simulation comes in. So we have an opportunity to continue to monetize those relationships and to continue to support our customers. And that's, I think, where we see strength in automotive.

當您同時考慮電氣化和自動駕駛時，這些都不是傳統的內燃機，也不是關於汽車製造方式的傳統觀點。這些是增量的——不同的——這是一種不同的方法。這是不同的技能，不同的工具，不同的技術。隨著這些公司不斷擴大規模，原始設備製造商以及一級供應商和供應鏈通常都面臨著開始以不同方式思考的壓力。這就是模擬的用武之地。因此，我們有機會繼續通過這些關係獲利並繼續支持我們的客戶。我認為，這就是我們看到汽車實力的地方。

Yes. And just to give a little bit of color on the question you asked. The overall growth in EMEA was strong to reinforce Ajei's point or on the backstep of that. In automotive, Automotive was a strong quarter in EMEA. There were several 7-figure sales. Automotive company, it's really focused on the things that Ajei mentioned in electrification and autonomous vehicle. But the high-tech industry was also an area of strength in Q3, which was an element of the performance around EMEA.

是的。只是為了給你提出的問題一點色彩。歐洲、中東和非洲地區的整體增長強勁，以加強 Ajei 的觀點或支持這一觀點。在汽車領域，汽車在歐洲、中東和非洲地區表現強勁。有幾個七位數的銷售額。汽車公司，它真正專注於 Ajei 在電氣化和自動駕駛汽車中提到的事情。但高科技行業也是第三季度的強項，這是歐洲、中東和非洲地區表現的一個要素。

Operator, we have time for one more question.

接線員，我們有時間再問一個問題。

And that question will come from Ken Wong with Oppenheimer.

這個問題將來自 Ken Wong 和奧本海默。

It appears Ken has disconnected.

看來肯已斷開連接。

And that will come from Adam Borg with Stifel.

這將來自與 Stifel 的 Adam Borg。

Maybe just a quick housekeeping item. I know earlier this year, you guys made a price increase, I think, back in July. I was just curious maybe, the color you could help understand kind of what kind of benefit that had in the quarter? And how we should think about that in the coming quarters?

也許只是一個快速的家務用品。我知道今年早些時候，你們提價了，我想，早在 7 月。我可能只是好奇，你可以幫助了解本季度有什麼樣的好處的顏色？在接下來的幾個季度中，我們應該如何考慮這一點？

Yes. Thanks for the question. Yes, as we mentioned, I think it was on the last call, we had done a strategic review of the portfolio to identify targeted areas where we thought that the relative value that we provide versus the pricing in the market was maybe a little skewed. And so we did some targeted price increases on a subset development of the portfolio in July.

是的。謝謝你的問題。是的，正如我們所提到的，我認為這是在最後一次電話會議上，我們對投資組合進行了戰略審查，以確定我們認為我們提供的相對價值與市場定價可能有點偏差的目標領域。因此，我們在 7 月份對投資組合的一個子集開發進行了一些有針對性的提價。

Now just to provide some -- and so the underlying yields on that is, of course, embedded in our guidance because we did it in July.

現在只是提供一些 - 當然，因為我們在 7 月份就這樣做了，所以這方面的基本收益率當然已經包含在我們的指導中。

But what I would say is that even the price increase in July, our sales cycles tend to be 3 to 6 months long on average. And when you look at the larger deals that you see in Q4, many of those are -- you're starting those conversations in January. And so our expectation with that price increase is that it would have relatively less impact in 2022.

但我想說的是，即使是 7 月份的價格上漲，我們的銷售週期平均也往往是 3 到 6 個月。當您查看在第四季度看到的較大交易時，其中許多是 - 您在 1 月份開始這些對話。因此，我們對價格上漲的預期是，它在 2022 年的影響相對較小。

That's all the time we have today. I'm going to turn it over to Ajei for some closing remarks.

這就是我們今天的所有時間。我將把它交給 Ajei 做一些結束語。

Thanks, Kelsey. I am excited by our outstanding performance in Q3 and thus far in 2022, along with our robust pipeline and deep customer relationships. These factors, along with our diversified business and laser focus on execution, are giving us momentum as we close out the year and move into 2023.

謝謝，凱爾西。我對我們在第三季度和 2022 年迄今為止的出色表現以及我們強大的管道和深厚的客戶關係感到興奮。這些因素，加上我們多元化的業務和對執行的高度關注，在我們結束這一年並進入 2023 年時為我們提供了動力。

And I'm confident in our ability to achieve the ambitious long-term goals we announced during our investor update. Thank you to my colleagues at ANSYS for your dedication to our customers and to advancing the state-of-art simulation. And thank you all for attending today's call. Have a great day.

我相信我們有能力實現我們在投資者更新中宣布的雄心勃勃的長期目標。感謝我在 ANSYS 的同事們為我們的客戶和推進最先進的仿真所做的奉獻。感謝大家參加今天的電話會議。祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines at this time.

會議現已結束。感謝您參加今天的演講。你現在可以在這個時候斷開你的線路。