Aspen Technology Inc (AZPN) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by, and welcome to Q4 2023 Aspen Technology Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to introduce your host for today's call, Brian Denyeau from ICR. Your line is now open.

美好的一天，感謝您的支持，歡迎參加 2023 年第四季度 Aspen Technology 財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在我想介紹一下今天電話會議的主持人，來自 ICR 的 Brian Denyeau。您的線路現已開通。

Thank you, operator. Good afternoon, everyone, and thank you for joining us to discuss our financial results for the fourth quarter and full year of fiscal 2023 ending June 30, 2023. With me on the call today are Antonio Pietri, AspenTech's President and CEO; and Chantelle Breithaupt, AspenTech's CFO.

謝謝你，接線員。大家下午好，感謝您與我們一起討論截至 2023 年 6 月 30 日的 2023 財年第四季度和全年財務業績。今天與我通話的有 AspenTech 總裁兼首席執行官 Antonio Pietri；以及 AspenTech 首席財務官 Chantelle Breithaupt。

Please note, we have developed an expanded earnings presentation for the fourth quarter and our fiscal year 2023. This presentation is now posted on our IR website, and we ask that investors to refer to this presentation in conjunction with today's call.

請注意，我們已經制定了第四季度和 2023 財年的擴展收益演示文稿。該演示文稿現已發佈在我們的 IR 網站上，我們要求投資者在今天的電話會議中參考該演示文稿。

Starting on Slide 2. Before we begin, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that cause these results to differ materially are set forth in today's press release and in our annual report on Form 10-KT, other subsequent filings made with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

從幻燈片 2 開始。在開始之前，我想藉此機會提醒您，我們今天的言論將包括前瞻性陳述。實際結果可能與這些前瞻性陳述預期的結果存在重大差異。導致這些結果出現重大差異的因素已在今天的新聞稿和我們的 10-KT 表格年度報告以及隨後向 SEC 提交的其他文件中列出。我們在本次電話會議中做出的任何前瞻性陳述均基於截至目前的假設，我們不承擔因新信息或未來事件而更新這些陳述的義務。

During this presentation, we present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release and investor presentation, both of which are available on our website.

在本次演示中，我們介紹了 GAAP 和某些非 GAAP 財務指標。今天的收益新聞稿和投資者介紹中包含了 GAAP 與非 GAAP 衡量標準的調節，兩者均可在我們的網站上獲取。

With that, let me turn the call over to Antonio. Antonio?

現在，讓我把電話轉給安東尼奧。安東尼奧？

Thanks, Brian, and thanks to all of you for joining us today. Let me open by thanking our investors for their thoughtful feedback and suggestions regarding our earnings materials, which are reflected in the structure of today's prepared remarks as well as our updated earnings presentation.

謝謝布萊恩，也感謝大家今天加入我們。首先，我要感謝我們的投資者對我們的盈利材料提供的深思熟慮的反饋和建議，這些反饋和建議反映在今天準備的講話以及我們更新的盈利報告的結構中。

Beginning on Slide 3. We achieved several important milestones in the quarter and fiscal year to help lay the foundation for AspenTech to enter our next growth stage as a leading global industrial software player. First, we delivered a solid fourth quarter to close out a successful year, marked by resilient demand and ACV growth above the midpoint of our guidance range. We believe these results have successfully laid the groundwork for a promising fiscal '24 and position AspenTech well for future ACV growth and free cash flow margin expansion over time.

從幻燈片 3 開始。我們在本季度和財年實現了幾個重要的里程碑，為 AspenTech 作為全球領先的工業軟件公司進入下一個增長階段奠定了基礎。首先，我們在第四季度取得了穩健的業績，為成功的一年畫上了圓滿的句號，其特點是需求強勁，ACV 增長高於我們的指導範圍中點。我們相信，這些結果成功地為充滿希望的 24 財年奠定了基礎，並為 AspenTech 未來 ACV 增長和自由現金流利潤率隨著時間的推移擴大做好了準備。

Second, we made substantial progress integrating and transforming OSI and SSE and we're pleased with how well this business has fit into our product portfolio, given how early we are in our journey with these assets. We're excited about the enhanced value proposition. Our solutions can now provide customers across energy, chemicals, EPCs and utilities, among other industries.

其次，我們在 OSI 和 SSE 的整合和轉型方面取得了實質性進展，考慮到我們在這些資產方面的發展還處於起步階段，我們對這項業務與我們的產品組合的契合程度感到滿意。我們對增強的價值主張感到興奮。我們的解決方案現在可以為能源、化工、EPC 和公用事業等行業的客戶提供服務。

Third, we built the teams, processes and systems to capture growth synergies between Emerson and AspenTech and establish a cadence between organizations to execute on these opportunities going forward. And finally, we remain focused on R&D and co-innovation with the strategic partners and customers. Our efforts to advance use cases in support of our customer sustainability strategies show incredible promise and have been well received by customers.

第三，我們建立了團隊、流程和系統，以捕捉艾默生和 AspenTech 之間的增長協同效應，並在組織之間建立節奏，以抓住未來的這些機會。最後，我們仍然專注於與戰略合作夥伴和客戶的研發和共同創新。我們為推進用例以支持客戶可持續發展戰略所做的努力顯示出令人難以置信的前景，並受到了客戶的好評。

Q4 was a strong finish to an important year and show the benefits of our transformation efforts and learnings. Fiscal '23 annual contract value was $884.9 million, representing double-digit growth of 11.8% year-over-year. While fiscal '23 free cash flow was $292.3 million. Chantelle will address our free cash flow performance in her remarks.

第四季度是重要一年的有力收官，展示了我們轉型努力和學習的好處。 23 財年的年度合同價值為 8.849 億美元，同比增長 11.8%，實現兩位數增長。 23 財年的自由現金流為 2.923 億美元。尚特爾將在講話中談到我們的自由現金流表現。

Turning to Slide 4. I'll walk through our suite performance. In the quarter and throughout the year, demand in most of our end markets and geographies were strong. Our performance this year against the backdrop of an unpredictable macro environment is an important reminder of the mission criticality of AspenTech solutions to our customers' operations and strategic priorities.

轉向幻燈片 4。我將介紹一下我們的組曲表演。在本季度和全年中，我們大多數終端市場和地區的需求都很強勁。我們今年在不可預測的宏觀環境的背景下的表現是一個重要的提醒，提醒我們 AspenTech 解決方案對我們客戶的運營和戰略優先事項的使命關鍵性。

I'll touch now on the key high-level themes we're seeing across our suites. First, Heritage AspenTech performed well, contributing 7.2 points of growth on an ACV basis. Our engineering suite outperformed this year driven by an improving business environment for EPC customers after years of restructuring in the industry and a strong energy market. We also saw material growth contribution from new customers that are benefiting from or investing in sustainability-related projects. We believe these new customers represent a classic land-and-expand opportunity for our other suites in the future.

我現在將談談我們在套房中看到的關鍵高級主題。首先，Heritage AspenTech 表現良好，在 ACV 基礎上貢獻了 7.2 個百分點的增長。經過多年的行業重組和強勁的能源市場，EPC 客戶的商業環境不斷改善，我們的工程套件今年表現出色。我們還看到受益於或投資於可持續發展相關項目的新客戶對增長的實質性貢獻。我們相信這些新客戶代表了我們未來其他套房的典型土地和擴張機會。

MSC performance was in line with our commentary from the third quarter, benefiting from refining market strength. Chemical demand remained subdued in the fourth quarter particularly for bulk chemical producers as companies continue working through destocking and the impact from an uncertain economic outlook. This dynamic is having a more pronounced impact on OpEx spend for chemicals customers which drives most of our chemicals business. Our expectation is this trend will now last at least through the end of the calendar year based on recent market commentary from customers.

得益於煉油市場的強勁表現，MSC 的業績與我們第三季度的評論一致。第四季度化學品需求依然低迷，特別是對於大宗化學品生產商而言，因為企業繼續努力去庫存並受到經濟前景不確定的影響。這種動態對化學品客戶的運營支出產生了更顯著的影響，而這推動了我們大部分化學品業務的發展。根據客戶最近的市場評論，我們預計這種趨勢將至少持續到今年年底。

APM's performance came in at the lower end of our guidance range for fiscal '23 and reflected a continuation of the trend we have experienced in recent years. While APM represents a relatively small portion of our overall business, we continue to believe in its growth potential and remain committed to building out its capabilities to better capitalize on opportunities in certain markets.

APM 的業績處於我們 23 財年指導範圍的下限，反映了我們近年來所經歷的趨勢的延續。雖然 APM 在我們整體業務中所佔的比例相對較小，但我們仍然相信其增長潛力，並繼續致力於增強其能力，以更好地利用某些市場的機會。

On that note, I'm pleased to announce that we recently closed a tuck-in IP acquisition that will provide additional failure mode and effects analysis and new root cause analysis capabilities, in short, FMEA and RCA capabilities to our Mtell product. This will strengthen Mtell's existing use cases and help to further expand its reach into other industries such as power and transmission and distribution.

就此而言，我很高興地宣布，我們最近完成了一項附加IP 收購，該收購將為我們的Mtell 產品提供額外的故障模式和影響分析以及新的根本原因分析功能，簡而言之，就是FMEA 和RCA 功能。這將加強 Mtell 的現有用例，並有助於進一步將其業務範圍擴展到電力、輸配電等其他行業。

The SSE and DGM suite of products were both successful in their first year as part of new AspenTech, exceeding our anticipated point of ACV growth contribution by 60 basis points in total. SSE had an exceptional fiscal '23 and was the largest area of outperformance for the year. The offset was driven in large part by the positive impact of initial transformation synergies, including the establishment of minimum contract [lens] and Heritage AspenTech-like contract terms and conditions as well as better-than-expected demand. SSE's performance this year reinforces the attractiveness of our full life cycle solution that supports both traditional oil and gas E&P [efforts] for upstream customers as well as an increasing number of sustainability use cases.

作為新 AspenTech 的一部分，SSE 和 DGM 產品套件在第一年就取得了成功，總共超出了我們對 ACV 增長貢獻的預期點 60 個基點。上交所 23 財年表現出色，是全年表現最佳的板塊。這種抵消在很大程度上是由初始轉型協同效應的積極影響推動的，包括最低合同[鏡頭]的建立和類似於Heritage AspenTech的合同條款和條件以及好於預期的需求。 SSE 今年的表現增強了我們全生命週期解決方案的吸引力，該解決方案既支持上游客戶的傳統石油和天然氣勘探與生產[工作]，也支持越來越多的可持續發展用例。

DGM sales delivered a solid Q4 performance and we are pleased with its sales activity outside of North America. Historically, DGM has been focused on the U.S. and its ability to leverage AspenTech's global expertise and capabilities is an important driver of our growth strategy in fiscal '24 and beyond. Furthermore, the imperative to expand the grid to achieve global electrification and the funds committed globally by governments to this effort will accelerate the demand environment for the DGM suite.

DGM 第四季度的銷售業績表現強勁，我們對其在北美以外的銷售活動感到滿意。從歷史上看，DGM 一直專注於美國，其利用 AspenTech 的全球專業知識和能力的能力是我們 24 財年及以後增長戰略的重要驅動力。此外，擴大電網以實現全球電氣化的必要性以及各國政府在全球範圍內為此承諾投入的資金將加速 DGM 套件的需求環境。

Turning now to Slide 5. In fiscal '23, we built the foundation of new AspenTech while delivering solid financial results. In the span of 13 months, we made significant progress bringing OSI, SSE and Heritage AspenTech together. We successfully integrated this business as sales, marketing, finance and product development teams, among other areas to create a fully unified organization.

現在轉向幻燈片 5。在 23 財年，我們為新 AspenTech 奠定了基礎，同時實現了穩健的財務業績。在 13 個月的時間裡，我們在將 OSI、SSE 和 Heritage AspenTech 整合在一起方面取得了重大進展。我們成功地將銷售、營銷、財務和產品開發團隊等業務整合到一起，創建了一個完全統一的組織。

We also completed our acquisition of inmation which, combined with our industrial IoT offerings, forms what we now refer to as data works. On the synergies front, our results reflect early success in realizing our objectives as part of the Emerson transaction. We are on track to achieve the $110 million of EBITDA synergies which includes $40 million in cost synergies. In particular, we have made significant progress in laying the foundation for our joint go-to-market strategies with Emerson. We're excited about the increasing opportunities we see to jointly expand business in either AspenTech or Emerson accounts as well as co-innovation and OEM collaboration. Emerson brings a unique and complementary skill set to our industrial software focus, and we're aligned on execution and priorities going forward.

我們還完成了對信息的收購，與我們的工業物聯網產品相結合，形成了我們現在所說的數據工作。在協同效應方面，我們的業績反映了作為艾默生交易一部分的我們在實現目標方面的早期成功。我們有望實現 1.1 億美元的 EBITDA 協同效應，其中包括 4000 萬美元的成本協同效應。特別是，我們在為與艾默生的聯合上市戰略奠定基礎方面取得了重大進展。我們看到越來越多的機會共同拓展 AspenTech 或艾默生客戶的業務以及共同創新和 OEM 合作，對此我們感到非常興奮。艾默生為我們的工業軟件重點帶來了獨特且互補的技能，並且我們在執行和未來的優先事項上保持一致。

Importantly, we also executed the planned transformation work for fiscal '23 related to OSI and SSE. Having done all of this and because of it, we remain confident in our execution plan and the time line to achieve the anticipated outcomes from these businesses transformation. As an example, in the case of OSI, we're building out OSI's third-party implementation services providers network to support a secular increase in demand and as part of the business model evolution towards a software-centric business like Heritage AspenTech.

重要的是，我們還執行了與 OSI 和 SSE 相關的 23 財年計劃轉型工作。完成所有這些工作後，我們對我們的執行計劃和實現這些業務轉型預期成果的時間表充滿信心。以 OSI 為例，我們正在構建 OSI 的第三方實施服務提供商網絡，以支持需求的長期增長，並作為向 Heritage AspenTech 等以軟件為中心的業務發展的業務模式演變的一部分。

We're also receiving encouraging early receptivity to our DGM term license model from utility customers as we introduced an alternative to perpetual software license. And we have completed the work to make the DGM suite token-ready to introduce to the market soon.

隨著我們推出永久軟件許可的替代方案，公用事業客戶對我們的 DGM 期限許可模型的早期接受度也令人鼓舞。我們已經完成了 DGM 套件代幣準備工作，以便很快推向市場。

As we discussed on Slide 6, we continue to see the mega trends of the energy transition and global electrification as important drivers of our business, particularly related to sustainability projects. That said, I'd like to take a moment now to discuss how we're positioned to capitalize on the sustainability pathway opportunities, many of which have been expanded through our transaction with Emerson.

正如我們在幻燈片 6 中討論的那樣，我們繼續將能源轉型和全球電氣化的大趨勢視為我們業務的重要驅動力，特別是與可持續發展項目相關的業務。也就是說，我現在想花點時間討論一下我們如何定位以利用可持續發展途徑的機會，其中許多機會已經通過我們與艾默生的交易得到了擴展。

First, Heritage AspenTech capabilities across all 3 suites are uniquely positioned to drive energy efficiencies and profitability in our customers' existing asset operations. While also addressing a growing number of energy transition use cases around biofuels production, carbon capture and sequestration, the hydrogen supply chain, electrical batteries, engineering design and recycling process design, direct air carbon capture systems and more.

首先，Heritage AspenTech 的所有 3 個套件的功能都具有獨特的優勢，可以提高客戶現有資產運營的能源效率和盈利能力。同時還解決越來越多的圍繞生物燃料生產、碳捕獲和封存、氫供應鏈、電池、工程設計和回收工藝設計、直接空氣碳捕獲系統等的能源轉型用例。

In fiscal '23, we already started to see material benefits from sustainability efforts in our engineering suite. In DGM, many customers are using our Monarch SCADA platform to help manage oil and gas distribution systems, supply and demand management for solar, wind and hydropower electricity and a broad array of key resources, supply and demand management networks such as [for water].

在 23 財年，我們已經開始看到工程套件中可持續發展努力帶來的實質性好處。在 DGM，許多客戶正在使用我們的 Monarch SCADA 平台來幫助管理石油和天然氣分配系統、太陽能、風能和水力發電的供需管理以及廣泛的關鍵資源、供需管理網絡，例如[水] 。

Chemicals and refining customers are also showing heightened interest in microgrid management capabilities presenting us with the opportunity to cross-sell our DGM suite into these markets. Meanwhile, in SSE, we are seeing the interest in geothermal energy production, carbon capture and sequestration, subsurface, hydrogen storage and other sustainability use cases that are happening faster than we originally anticipated in certain parts of the world. Now more than ever, AspenTech is well positioned to drive existing customer growth, win new logos and gain market share through the sustainability-related opportunities.

化工和煉油客戶也對微電網管理功能表現出濃厚的興趣，這為我們提供了向這些市場交叉銷售 DGM 套件的機會。與此同時，在上海證券交易所，我們看到人們對地熱能生產、碳捕獲和封存、地下、儲氫和其他可持續發展用例的興趣，這些用例在世界某些地區的發展速度比我們最初預期的要快。現在，AspenTech 比以往任何時候都更有能力推動現有客戶增長、贏得新徽標並通過可持續發展相關機會獲得市場份額。

As you can see on Slide 7, we're investing in R&D and co-innovation partnership to build out additional sustainability capabilities in our products to enhance our first-mover advantage in this space for the benefit of our customers. As an example, this year, we partnered with Emerson and Microsoft to develop a joint hydrogen value chain solution demo that helps optimize CapEx, operating costs and other infrastructure to expedite the speed to market.

正如您在幻燈片7 中看到的，我們正在投資研發和共同創新合作夥伴關係，以在我們的產品中建立額外的可持續發展能力，從而增強我們在該領域的先發優勢，從而造福我們的客戶。例如，今年，我們與艾默生和微軟合作開發了聯合氫價值鏈解決方案演示，有助於優化資本支出、運營成本和其他基礎設施，以加快上市速度。

On that note and turning to Slide 8, we've outlined several customer wins in Q4 that demonstrate the value we're creating for our customers through this work as well as the current and future growth opportunities. On this slide, we've highlighted a few examples that are relevant to our discussion here today and would encourage you to read those in more detail.

在這一點上，轉向幻燈片 8，我們概述了第四季度的幾項客戶勝利，展示了我們通過這項工作以及當前和未來的增長機會為客戶創造的價值。在這張幻燈片中，我們重點介紹了一些與我們今天的討論相關的示例，並鼓勵您更詳細地閱讀這些示例。

Wrapping up my discussion of our fiscal '23 results, I can tell you that the team here at AspenTech is energized and excited about the opportunity and growth potential of AspenTech today. At our recent annual sales meeting, I was encouraged to meet with my colleagues from around the world and discuss our next chapter. It was a material different conversation now that the Heritage AspenTech OSI and SSE teams have all been a part of a unified organization for 13 months. Their excitement about what's possible going forward was palpable.

在結束我對 23 財年業績的討論時，我可以告訴您，AspenTech 的團隊對 AspenTech 今天的機遇和增長潛力感到充滿活力和興奮。在我們最近的年度銷售會議上，我很高興能夠與來自世界各地的同事見面並討論我們的下一個篇章。現在，Heritage AspenTech OSI 和 SSE 團隊已經成為統一組織的一部分已有 13 個月了，這是一次截然不同的對話。他們對未來可能發生的事情的興奮是顯而易見的。

As we kick off fiscal '24, we entered the year with a strong foundation from which we can build and grow new AspenTech. The success we had in fiscal '23 putting the teams systems and processes in place necessary to scale this business means we're now able to increase our focus on execution and achieving our go-to-market priorities.

當我們開始 24 財年時，我們已經打下了堅實的基礎，可以在此基礎上建設和發展新的 AspenTech。我們在 23 財年取得了成功，成功建立了擴展業務所需的團隊系統和流程，這意味著我們現在能夠更加註重執行並實現我們的上市優先事項。

Now turning to Slide 9. I want to shift to fiscal '24 and our ACV guidance. We start this year with a solid operational foundation and growing momentum. Customers are reacting well to our expanded value proposition and ability to positively impact their bottom line and sustainability efforts. Moreover, customers across all industries are grappling with their strategies to achieve a successful energy transition and believe we're positioned extremely well to help them achieve their goals. The technology stack and long-term vision for our solutions are very compelling to customers.

現在轉向幻燈片 9。我想轉向 24 財年和我們的 ACV 指導。今年伊始，我們就擁有了堅實的運營基礎和不斷增長的勢頭。客戶對我們擴展的價值主張以及積極影響他們的利潤和可持續發展努力的能力反應良好。此外，各行業的客戶都在努力製定戰略，以實現成功的能源轉型，並相信我們處於非常有利的位置，可以幫助他們實現目標。我們解決方案的技術堆棧和長期願景對客戶來說非常有吸引力。

Our outlook is for ACV growth of at least 11.5% in fiscal '24. This includes at least 7.5 points of growth from Heritage AspenTech, 2.5 points of growth from DGM and 1.5 points of growth from SSE. We believe this outlook effectively balances the positive demand trends we see in most of our end markets and the benefit of improved execution focus with the ongoing uncertainty of the macro environment.

我們的預期是 2024 財年 ACV 增長至少 11.5%。其中包括 Heritage AspenTech 至少 7.5 個百分點的增長、DGM 的 2.5 個百分點的增長以及 SSE 的 1.5 個百分點的增長。我們相信，這一前景有效地平衡了我們在大多數終端市場看到的積極需求趨勢以及改善執行重點的好處與宏觀環境的持續不確定性。

Some of the key assumptions underpinning our guidance include: industry demand trends that are consistent with fiscal '23, which were positive in all markets, except for chemicals. In the chemicals market, while we remain excited about its long-term prospects due to its focus on digitalization, efficiency improvement and sustainability initiatives, our guidance assumes that market conditions we experienced in the second half of fiscal '23 will persist throughout all fiscal '24.

支持我們指導的一些關鍵假設包括： 與 23 財年一致的行業需求趨勢，除化學品外，所有市場的需求趨勢都是積極的。在化學品市場，雖然我們對其長期前景仍然感到興奮，因為它專注於數字化、效率提高和可持續發展舉措，但我們的指導假設我們在23 財年下半年經歷的市場狀況將持續整個財年。 24.

Within Heritage AspenTech, we expect the ongoing strength in the refining market will support another solid year of MSC growth. The engineering suite is expected to continue benefiting from encouraging CapEx trends across the upstream energy market as well as the positive impact from sustainability initiatives.

在 Heritage AspenTech 內部，我們預計煉油市場的持續強勁將支持 MSC 又一個堅實的增長年。該工程套件預計將繼續受益於上游能源市場令人鼓舞的資本支出趨勢以及可持續發展舉措的積極影響。

Finally, for APM, we anticipate its ACV growth contribution to be similar to fiscal '23. While we continue to think APM is an attractive growth opportunity, our guidance does not anticipate selling conditions to improve this year. For DGM, we're confident DGM ACV growth will improve in fiscal '24 due to: one, our ongoing investment in DGM sales capacity, including our international sales team; two, increasing demand in the market as funding to upgrade and expand electrical grids continues to grow; and three, the benefit of a full year of DGM customers adopting our term license offering.

最後，對於 APM，我們預計其 ACV 增長貢獻與 23 財年相似。雖然我們仍然認為 APM 是一個有吸引力的增長機會，但我們的指引預計今年的銷售狀況不會改善。對於 DGM 而言，我們相信 DGM ACV 的增長將在 24 財年有所改善，因為：第一，我們對 DGM 銷售能力的持續投資，包括我們的國際銷售團隊；二是電網升級擴容資金持續增長，市場需求不斷增加；第三，DGM 客戶採用我們的定期許可證產品一整年的好處。

Turning to SSE. We are pleased with its underlying performance in fiscal '23 and the future growth opportunity for this suite. SSE is benefiting from increased investment in traditional upstream CapEx, a growing number of opportunities to support our customer sustainability efforts in areas such as carbon capture and sequestration and geothermal energy, among others, as well as the benefits of AspenTech's tokenization model.

轉向上交所。我們對其 23 財年的基本業績以及該套件的未來增長機會感到滿意。上交所受益於對傳統上游資本支出的投資增加、在碳捕獲和封存以及地熱能等領域支持客戶可持續發展努力的越來越多的機會，以及 AspenTech 代幣化模型的優勢。

Having said that, it is important to note that a significant portion of SSE's outperformance in fiscal '23 was due to the positive impact of a transformation synergy that was a onetime in nature. As customers renewed or signed new agreements that align with Heritage AspenTech standard contractual terms and conditions. SSE contract duration at the time of the Emerson transaction was approximately 1 year which means we have renewed almost all of its existing contracts and largely capture the impact of this transformation initiative. There remains an important transformation synergy in the SSE business which is the conversion of a large base of legacy perpetual SMS ACV to term software ACV, which will begin to convert in fiscal '24 by leveraging the SSE token suite.

話雖如此，值得注意的是，上證所在 23 財年的優異表現很大程度上歸功於一次性轉型協同效應的積極影響。當客戶續籤或簽署符合 Heritage AspenTech 標準合同條款和條件的新協議時。艾默生交易時上證所合同期限約為 1 年，這意味著我們已經續簽了幾乎所有現有合同，並在很大程度上體現了這一轉型舉措的影響。 SSE 業務中仍然存在重要的轉型協同效應，即將大量傳統永久 SMS ACV 轉換為術語軟件 ACV，後者將在 24 財年開始利用 SSE 代幣套件進行轉換。

We expect this to materialize over a multiyear period. Overall, SSE's 1.5 points of expected ACV growth contribution equates to a mid-teens SSE ACV growth rate, which compares favorably for expectations for this business when we announced the Emerson transaction.

我們預計這將在多年的時間內實現。總體而言，上證所預期 ACV 增長貢獻為 1.5 個百分點，相當於上證所 ACV 增長率中位數，這與我們宣布艾默生交易時對該業務的預期相比是有利的。

With that, I would now like to turn the call over to Chantelle before I return for closing remarks. Chantelle?

現在，我想在返回結束語之前將電話轉給尚特爾。尚特爾？

Thank you, Antonio. I will now review our financials for the fourth quarter and for the full year of our fiscal 2023 on Slide 10.

謝謝你，安東尼奧。我現在將在幻燈片 10 上回顧我們第四季度和 2023 財年全年的財務狀況。

Before I begin, I'd like to highlight that our earnings presentation includes explanations regarding the impact of ASC Topic 606 on our financial results. We have also included definitions of annual contract value or ACV and bookings in our earnings presentation now available on our IR website. We ask that investors refer to these definitions together with today's call.

在開始之前，我想強調一下，我們的收益報告包括有關 ASC 主題 606 對我們財務業績影響的解釋。我們還在我們的收益演示文稿中納入了年度合同價值或 ACV 和預訂的定義，現已在我們的 IR 網站上提供。我們要求投資者在今天的電話會議中同時參考這些定義。

As Antonio discussed, annual contract value was $884.9 million at the end of fiscal '23, up 11.8% year-over-year and 3.5% quarter-over-quarter. This was at the high end of our outlook for fiscal '23, reflecting our portfolio expansion, solid growth across our product suites and resilient demand in most end markets.

正如 Antonio 所討論的，截至 23 財年末，年度合同價值為 8.849 億美元，同比增長 11.8%，環比增長 3.5%。這是我們對 23 財年展望的高端，反映了我們的產品組合擴張、產品套件的穩健增長以及大多數終端市場的彈性需求。

Customer attrition was 5.9% in fiscal '23, beating our guide of 7% to 8%, mainly due to benefits from transformation efforts in SSE and secondarily, focused customer success efforts on EPC customers to mitigate reduction in spend.

23 財年的客戶流失率為5.9%，超出了我們7% 至8% 的指導，這主要得益於SSE 的轉型工作，其次是將客戶成功工作重點放在EPC 客戶上，以減輕支出的減少。

Annual spend for Heritage AspenTech was approximately $730.9 million at the end of fiscal '23, increasing 8.5% year-over-year and 2.7% quarter-over-quarter. Please note that we will not be disclosing annual spend for Heritage AspenTech going forward now that we have finished the fiscal year.

截至 23 財年末，Heritage AspenTech 的年度支出約為 7.309 億美元，同比增長 8.5%，環比增長 2.7%。請注意，既然我們已經完成了本財年，我們將不會披露 Heritage AspenTech 未來的年度支出。

Total bookings was $380 million in the fourth quarter and $1.08 billion in fiscal 2023, above the high end of our guide. As a reminder, bookings are impacted by the timing of renewals. Total revenue was $320.6 million for the fourth quarter and $1.04 billion for fiscal 2023 within our guidance range. As a reminder, revenue in our model is heavily impacted by contract renewal timing and variability under ASC Topic 606.

第四季度的預訂總額為 3.8 億美元，2023 財年的預訂總額為 10.8 億美元，高於我們指南的上限。請注意，預訂會受到續訂時間的影響。第四季度總收入為 3.206 億美元，2023 財年總收入為 10.4 億美元，在我們的指導範圍內。提醒一下，我們模型中的收入受到 ASC 主題 606 下的合同續籤時間和可變性的嚴重影響。

Now turning to profitability. On a GAAP basis, operating income was $6 million, while net income was $27.3 million or $0.42 per share in Q4. For fiscal '23, operating loss was $183.1 million and net loss was $107.8 million or $1.67 per share.

現在轉向盈利能力。按 GAAP 計算，第四季度營業收入為 600 萬美元，淨利潤為 2730 萬美元，即每股 0.42 美元。 23 財年，營業虧損為 1.831 億美元，淨虧損為 1.078 億美元，即每股 1.67 美元。

On a non-GAAP basis, operating income was $148.9 million in Q4, representing a 46.4% non-GAAP operating margin. For fiscal '23, non-GAAP operating income was $394.8 million, representing a non-GAAP operating margin of 37.8%. Related to my comment on revenue on Topic 606, the timing of customer renewals and the resulting impact on license revenue recognition in a given quarter also drive fluctuation in margins between periods. Expenses came in slightly higher than our guide due to an increase in bad debt expense driven by one customer.

按非 GAAP 計算，第四季度營業收入為 1.489 億美元，非 GAAP 營業利潤率為 46.4%。 23 財年，非 GAAP 營業收入為 3.948 億美元，非 GAAP 營業利潤率為 37.8%。與我對主題 606 的收入評論相關，客戶續訂的時間以及由此產生的對特定季度許可證收入確認的影響也會導致期間之間利潤率的波動。由於一位客戶導致壞賬費用增加，費用略高於我們的指南。

Net -- non-GAAP net income was $138.2 million in the quarter or $2.13 per share. For fiscal '23, non-GAAP net income was $372.1 million or $5.72 per share.

淨收入——非 GAAP 本季度淨收入為 1.382 億美元，即每股 2.13 美元。 23 財年，非 GAAP 淨利潤為 3.721 億美元，即每股 5.72 美元。

Turning to the balance sheet. We ended fiscal '23 with approximately $241.2 million of cash and cash equivalents and no debt. In addition, we had $193.1 million available on our revolving credit facility. On cash flow, we generated $113.6 million of cash from operations and $111.5 million of free cash flow in Q4.

轉向資產負債表。截至 23 財年，我們擁有約 2.412 億美元的現金和現金等價物，沒有債務。此外，我們的循環信貸額度還有 1.931 億美元。在現金流方面，第四季度我們從運營中產生了 1.136 億美元的現金，並產生了 1.115 億美元的自由現金流。

For fiscal '23, we generated $299.2 million in operating cash flow and $292.3 million in free cash flow. This was below our expectations due to lower collections. As we have discussed in the past, Heritage AspenTech has a disproportionate amount of its receivables due on June 30. This year, we saw a greater portion of these invoices pushed out of the quarter as certain customers took longer to pay than they have historically. We received a significant portion of these payments in July. We believe this reflects certain customers being more cautious as they manage through a tighter working capital and cost of capital environment.

23 財年，我們產生了 2.992 億美元的運營現金流和 2.923 億美元的自由現金流。由於收藏量減少，這低於我們的預期。正如我們過去所討論的，Heritage AspenTech 的應收賬款在6 月30 日到期的數額過高。今年，我們看到大部分發票被推遲到本季度，因為某些客戶的付款時間比以往更長。我們在 7 月份收到了這些付款的很大一部分。我們認為，這反映出某些客戶在應對營運資金和資本成本趨緊的環境時變得更加謹慎。

Tightening our collection processes and improving the rigor of our collections forecast across the entire business is a primary area of focus for us in fiscal 2024. Before turning to guidance, I would like to take a moment to discuss our capital allocation strategy, which we have outlined on Slide 11. I'll begin by providing an update on Micromine. In collaboration with Potentia, Micromine's majority owner, we have terminated our agreement to acquire Micromine.

收緊我們的收款流程並提高整個業務收款預測的嚴格性是我們 2024 財年的主要關注領域。在轉向指導之前，我想花點時間討論一下我們的資本分配策略，我們已經制定了幻燈片11 中概述了這一點。我將首先介紹Micromine 的最新情況。我們與 Micromine 的大股東 Potentia 合作，終止了收購 Micromine 的協議。

As stated previously, we have been waiting to secure final regulatory approval. The outstanding approval needed was from the Russian government. As its review process continues, the timing and requirements necessary to secure the approval became increasingly unclear. This lack of clarity on the potential for and timing of a successful regulatory review led us to this course of action.

如前所述，我們一直在等待最終的監管批准。所需的未決批准來自俄羅斯政府。隨著審查過程的繼續，獲得批准所需的時間和要求變得越來越不清楚。由於對成功監管審查的潛力和時機缺乏明確性，導致我們採取了這一行動方針。

We remain committed to acquisitions, including smaller technology tuck-ins or larger and more strategic targets as our primary use of capital. We have built one of the world's leading industrial software businesses, and we believe we are in a great position to deepen our product portfolios for our core verticals through M&A.

我們仍然致力於收購，包括較小的技術收購或更大、更具戰略性的目標，作為我們資本的主要用途。我們已經建立了世界領先的工業軟件業務之一，我們相信我們處於有利地位，可以通過併購深化我們的核心垂直領域的產品組合。

In addition, we will opportunistically pursue acquisitions that provide us with leadership positions within new markets that could further benefit from our deep technical capabilities and first principles approach.

此外，我們將伺機進行收購，為我們在新市場中提供領導地位，從而進一步受益於我們深厚的技術能力和第一原則方法。

Importantly, we have strengthened our internal M&A capabilities to execute on additional M&A as part of our strategic road map. I would note as well that despite the decision to terminate the Micromine transaction, the metals and mining industry remains an attractive market particularly for our DGM, MSC and APM suites, and we remain committed to expanding our footprint in this industry through organic and inorganic investments.

重要的是，我們加強了內部併購能力，以執行更多併購，作為我們戰略路線圖的一部分。我還要指出的是，儘管決定終止Micromine 交易，但金屬和採礦業仍然是一個有吸引力的市場，特別是對於我們的DGM、MSC 和APM 套件而言，我們仍然致力於通過有機和無機投資擴大我們在該行業的足跡。

If we do not identify attractive and actionable M&A opportunities, we will pursue share repurchase authorizations if market and business conditions warrant. For example, in Q4, we announced a $100 million accelerated share repurchase program that we anticipate completing this quarter. And today, we are announcing that our Board of Directors has approved a $300 million share repurchase authorization for fiscal year '24.

如果我們沒有找到有吸引力且可操作的併購機會，我們將在市場和商業條件允許的情況下尋求股票回購授權。例如，在第四季度，我們宣布了一項 1 億美元的加速股票回購計劃，預計本季度完成。今天，我們宣布董事會已批准 24 財年 3 億美元的股票回購授權。

Once the ASR is complete, our intention is to begin executing on this new authorization. We maintained a robust financial profile with a strong balance sheet and healthy cash flows. We consider these to be strategic assets, and they allow us to deploy capital in ways that generate value for our customers, employees, the communities we serve and our shareholders.

ASR 完成後，我們的目的是開始執行這項新授權。我們保持穩健的財務狀況，擁有強勁的資產負債表和健康的現金流。我們認為這些是戰略資產，它們使我們能夠以為我們的客戶、員工、我們服務的社區和股東創造價值的方式部署資本。

Turning to Slide 12. I would like to now close with guidance. Consistent with prior fiscal years, we will continue to provide guidance on an annual basis. As Antonio mentioned, we are targeting total ACV growth of at least 11.5% year-over-year in fiscal '24. This includes our expectations for attrition of approximately 5% with a higher concentration of attrition occurring in Q2 and Q3. We expect total bookings of at least $1.04 billion with $580 million up for renewal in fiscal '24 and $80 million up for renewal in Q1.

轉向幻燈片 12。我現在想以指導結束。與之前的財政年度一致，我們將繼續每年提供指導。正如安東尼奧提到的，我們的目標是 24 財年 ACV 總同比增長至少 11.5%。這包括我們對大約 5% 的流失率的預期，其中第二季度和第三季度的流失率更高。我們預計總預訂量至少為 10.4 億美元，其中 24 財年的續訂金額為 5.8 億美元，第一季度的續訂金額為 8000 萬美元。

We expect total revenue of at least $1.12 billion, GAAP net loss at or better than $7 million and non-GAAP net income of at least $424 million. In addition, we expect GAAP net loss per share at or better than $0.11 and non-GAAP net income per share of at least $6.51. This includes the impact of our fiscal '23 share repurchase program.

我們預計總收入至少為 11.2 億美元，GAAP 淨虧損等於或好於 700 萬美元，非 GAAP 淨利潤至少為 4.24 億美元。此外，我們預計 GAAP 每股淨虧損為 0.11 美元或好於 0.11 美元，非 GAAP 每股淨收益至少為 6.51 美元。這包括我們 23 財年股票回購計劃的影響。

From a cash flow perspective, we expect operating cash flow of at least $378 million and free cash flow of at least $360 million. Please refer to our earnings release and presentation for a complete overview of our fiscal '24 guidance.

從現金流角度來看，我們預計運營現金流至少為 3.78 億美元，自由現金流至少為 3.6 億美元。請參閱我們的收益發布和演示文稿，了解我們 24 財年指導的完整概述。

Our earnings presentation presents other important considerations for investors to think about in terms of modeling our business. I'd now like to provide some additional color on these points. In general, our business is typically weighted more towards the second half of the fiscal year. For ACV, we expect fiscal '24 growth to have a similar cadence to what we delivered in fiscal '23 -- in fiscal '24 to -- '23 in terms of our net new ACV added during the year. Q1 is expected to be the lowest and Q4, the highest in terms of net new ACV added.

我們的收益報告提出了投資者在建模我們的業務時需要考慮的其他重要考慮因素。現在我想對這些觀點提供一些補充說明。總的來說，我們的業務通常更多地集中在本財年下半年。對於 ACV，我們預計 24 財年的增長節奏將與我們在 23 財年（從 24 財年至 23 財年新增 ACV 淨值）中實現的增長節奏類似。就新增 ACV 淨值而言，預計第一季度是最低的，第四季度是最高的。

On free cash flow, the large majority of our free cash flow typically occurs in the second half of the year. In fiscal '24, we expect at least 80% of free cash flow to occur in the second half of the year which is largely consistent with last year's linearity. We anticipate free cash flow in the second half to be fairly evenly split between Q3 and Q4. Please note that Q1 is typically our lowest free cash flow quarter, and we expect that to be true again this year. Our guidance assumes cash tax payments of approximately $125 million.

在自由現金流方面，我們的大部分自由現金流通常發生在下半年。在 24 財年，我們預計至少 80% 的自由現金流將出現在下半年，這與去年的線性基本一致。我們預計下半年的自由現金流在第三季度和第四季度之間將相當平均。請注意，第一季度通常是我們自由現金流最低的季度，我們預計今年也會如此。我們的指導假設現金納稅額約為 1.25 億美元。

With respect to revenue, as noted earlier, timing is more variable due to the impact of 606. However, renewals, which heavily impact license revenue are generally more weighted to the second half of the year, with Q1 renewals at the lowest and Q4 renewals at the highest. Based on current expectations, we anticipate that our revenue linearity will be broadly similar to fiscal 2023. We will continue to disclose the amount of bookings up for renewal each quarter.

就收入而言，如前所述，由於606 的影響，時間安排更加可變。然而，對許可證收入產生重大影響的續訂通常更偏重於下半年，第一季度的續訂量最低，第四季度的續訂量最低在最高處。根據目前的預期，我們預計我們的收入線性將與 2023 財年大致相似。我們將繼續披露每個季度續訂的預訂量。

Let me wrap up by saying that we are proud of what we have accomplished in fiscal 2023. I am confident in our team and our ability to capitalize on both existing and emerging growth opportunities going forward.

最後，我要說的是，我們對 2023 財年所取得的成就感到自豪。我對我們的團隊以及我們利用現有和新興增長機會的能力充滿信心。

With that, I will turn it back to Antonio for his closing remarks. Antonio?

接下來，我將請安東尼奧作結束語。安東尼奧？

Thanks, Chantelle. We'll be opening up the call for Q&A momentarily. But before we do that, I want to reiterate the key takeaways from this call and fiscal '23 more broadly. First, we delivered a solid year in fiscal '23, delivering double-digit ACV growth and laying the foundation for the expansion of ACV growth and free cash flow margins in the coming years.

謝謝，尚特爾。我們將立即開放問答環節。但在此之前，我想更廣泛地重申本次電話會議和 23 財年的關鍵要點。首先，我們在 23 財年實現了穩健的一年，實現了兩位數的 ACV 增長，並為未來幾年 ACV 增長和自由現金流利潤率的擴大奠定了基礎。

Second, we made great progress integrating OSI and SSE with Heritage AspenTech and made a strong progress on our ambitious transformation road maps for both the OSI and SSE businesses. I'm confident our efforts this year position us for success in fiscal '24 and beyond.

其次，我們在將 OSI 和 SSE 與 Heritage AspenTech 整合方面取得了巨大進展，並在 OSI 和 SSE 業務雄心勃勃的轉型路線圖上取得了重大進展。我相信我們今年的努力將使我們在 24 財年及以後取得成功。

Third, sustainability is a sizable and growing tailwind across every area of our business. We are in a great position to capitalize on increased investment from customers in areas like energy transition and electrification for years to come. As we look ahead, we expect to build on our leadership in sustainability as a key driver of our strategic priorities.

第三，可持續發展是我們業務各個領域的一個巨大且不斷增長的推動力。我們處於有利地位，可以在未來幾年利用客戶在能源轉型和電氣化等領域增加的投資。展望未來，我們希望鞏固我們在可持續發展方面的領導地位，將其作為我們戰略重點的關鍵驅動力。

And finally, we entered fiscal '24 with solid momentum, a cutting-edge technology stack and long-term vision for our solution that is very compelling to our customers. A big component of my confidence in our ability to deliver on these outcomes is also the incredibly talented team we have at the helm of new AspenTech today. We entered the year with the right people, processes and products in place to take full advantage of the opportunity in front of us.

最後，我們以強勁的勢頭進入了 24 財年，擁有尖端的技術堆棧和對我們的解決方案的長期願景，這對我們的客戶來說非常有吸引力。我對我們實現這些成果的能力充滿信心的一個重要因素是我們今天掌管新 AspenTech 的才華橫溢的團隊。進入新的一年，我們配備了合適的人員、流程和產品，以充分利用擺在我們面前的機會。

With that, operator, we would now like to begin the Q&A, please.

那麼，接線員，我們現在開始問答。

(Operator Instructions) And our first question comes from Rob Oliver from Baird.

（操作員說明）我們的第一個問題來自 Baird 的 Rob Oliver。

I had one just to start since probably the last time we're going to be able to ask about it, which is the Heritage AspenTech component of the guide, which I'm going to miss. Antonio, I appreciated your color around some of the moving parts within that, and it looks like it's relatively flattish with this year. Can you just give us a sense of what linearity was in Q4 with your chemicals customers. And I know things dropped off pretty dramatically there. So when you say, "Hey, we're not expecting any change in the market." Is that off of sort of that low base you guys saw last quarter? Help us understand that and maybe some of the other moving parts within that? And I just had a quick follow-up.

我剛開始有一個可能是因為我們最後一次能夠詢問它，這是指南的遺產阿斯彭科技部分，我會錯過它。安東尼奧，我很欣賞你在其中一些移動部件周圍的顏色，看起來今年相對平淡。您能否讓我們了解一下第四季度與您的化學品客戶的線性關係。我知道那裡的情況急劇惡化。因此，當您說：“嘿，我們預計市場不會發生任何變化。”這是否與你們上個季度看到的那種低基數有所不同？幫助我們理解這一點以及其中的其他一些活動部分？我剛剛進行了快速跟進。

Well, I mean, look, the fourth quarter was a solid quarter for HAT growth. That supported the eventual outcome that we got. Nonetheless, as you said, the growth for HAT in fiscal '23 was similar to fiscal '22, around 8.5%. And that is a result of a combination of factors, certainly chemicals. Now that chemicals completely disappeared, but probably from a growth standpoint, it contributed less than half of what it normally does. There was a little bit of back and forth throughout the year in our Russian business. And we had a quarter where China was fully closed down as well. And look, ultimately, fiscal '23 was an incredible year. A huge amount of work was accomplished in integration and transformation. They had a leadership team, had to take on the integration and transformation of the OSI and SSE businesses. And I have no doubt that a lot of their brand cycles were dedicated to that effort as opposed to the normal execution cadence that we have in the company.

嗯，我的意思是，看，第四季度是 HAT 增長的一個堅實的季度。這支持了我們最終得到的結果。儘管如此，正如您所說，23 財年 HAT 的增長與 22 財年相似，約為 8.5%。這是多種因素綜合作用的結果，尤其是化學物質。現在化學物質完全消失了，但可能從增長的角度來看，它的貢獻還不到正常情況的一半。我們的俄羅斯業務全年都有一些反复。我們有一個季度中國也完全關閉。歸根結底，23 財年是令人難以置信的一年。整合轉型做了大量工作。他們有一個領導團隊，必須承擔 OSI 和 SSE 業務的整合和轉型。我毫不懷疑他們的很多品牌週期都致力於這一努力，而不是我們公司的正常執行節奏。

Now that we're past that, I am convinced that we're going to get back to that execution cadence going forward which is what encourages me about our guidance for fiscal '24 in line with what we accomplished in fiscal '23, at least what we did in fiscal '23.

既然我們已經過去了，我相信我們將回到前進的執行節奏，這鼓勵我對 24 財年的指導至少與我們在 23 財年取得的成就保持一致我們在 23 財年所做的事情。

Okay. Very helpful. Appreciate it. And then Chantelle, just to quickly touch on some of the issues around the acquired assets, SSE and DGM that surfaced last quarter. It sounds like you guys are on the path to fixing those and I guess, particularly on SSE around contract durations and DGM around labor-related issues. Can you just help us understand where we are relative to those as we enter FY '24?

好的。很有幫助。欣賞它。然後是 Chantelle，我想快速談談上季度出現的有關收購資產、SSE 和 DGM 的一些問題。聽起來你們正在解決這些問題，我猜，特別是在 SSE 上圍繞合同期限和 DGM 圍繞勞工相關問題。當我們進入 24 財年時，您能否幫助我們了解我們與其他公司的相對位置？

Yes, happy to, Rob. I would say we're exiting FY '23 with confidence that we fully understand the learnings and have incorporated those. So we've taken the exit out of '23, incorporate that into our '24 guide, learning from SSE, learning from DGM and OSI. So Rob, we've fully taken those learnings and incorporated them and we're confident that we have our hands around those in our '24 guidance.

是的，很高興，羅布。我想說的是，我們在 23 財年結束時充滿信心，因為我們完全理解了所學到的知識並已將其納入其中。因此，我們已經退出了 23 年，將其納入我們的 24 指南中，向 SSE 學習，向 DGM 和 OSI 學習。所以，羅布，我們已經充分吸收了這些經驗教訓並將其納入其中，我們有信心在 24 小時指南中掌握這些知識。

What I would also add to Chantelle's answer, Rob, is, look, we're now entering '24 with the leadership team, the organization, the systems and the processes in place. That's what we work in '23, '24 is about execution now, and that's what gives us a lot of confidence.

Rob，我還要對 Chantelle 的回答補充一點，你看，我們現在正進入 24 世紀，領導團隊、組織、系統和流程都​​已到位。這就是我們 23 年的工作，24 年現在的重點是執行，這給了我們很大的信心。

And our next question comes from Andrew Obin from Bank of America.

我們的下一個問題來自美國銀行的安德魯·奧賓。

Just historically, you guys sort of provided your guidance within 3 percentage points. So this 11.5%, am I correct to assume that, that's sort of the low end of the guide. I just want to make sure, right, versus the midpoint of the guide, the way you would historically guide, right? Does that make sense, what I'm asking?

從歷史上看，你們提供的指導大約在 3 個百分點之內。所以這個 11.5%，我的假設是否正確，這是指南的低端。我只是想確定一下，與指南的中點相比，您歷史上的指南方式，對嗎？我問的有道理嗎？

Yes. You should assume that the 11.5% is the floor for our performance in fiscal '23 -- fiscal '24.

是的。您應該假設 11.5% 是我們 23 財年至 24 財年業績的下限。

That sounds good to me. And then on DGM, just we've heard from some of your competitors that utilities just generally as you transition the license structure, they have to figure out how to incorporate it into their base rate. Can you just talk about it and it seems it's not right, it's not just an Aspen issue. It's like other competitors have sort of highlighted that as well. Can you just talk to us where we are in terms of sort of industry acceptance as you go away from perpetual license model?

這對我來說聽起來不錯。然後在 DGM 上，我們從您的一些競爭對手那裡聽說，公用事業公司通常在您轉變許可證結構時，他們必須弄清楚如何將其納入其基本費率中。你能不能簡單說一下，好像不太對勁，這不僅僅是阿斯彭的問題。就像其他競爭對手也強調了這一點。您能否與我們談談，當您放棄永久許可模式時，我們在行業接受度方面處於什麼位置？

I was utilities-regulated, utilities customers. Just give us a little bit more color how much work has been done, what's the understanding level in the industry. It sounds like you guys have done some, but just maybe a little bit more color.

我是受公用事業監管的公用事業客戶。請給我們多一點顏色，做了多少工作，行業的理解水平如何。聽起來你們已經做了一些，但可能只是多了一點顏色。

Yes. Well, Andrew, I believe one of the comments that we have on our prepared remarks is also how pleasantly surprised we are about the early receptivity to our term licensing model by utility customers. Frankly, we had that same belief that you just communicated at the beginning of the fiscal year and listening to the OSI team. But as we approach these customers with term licensing, the benefits of it and even some preliminary conversations around the token suite, we've seen them to be very accommodating.

是的。好吧，安德魯，我相信我們對準備好的評論的評論之一也是我們對公用事業客戶對我們的術語許可模式的早期接受感到多麼驚喜。坦率地說，我們也有同樣的信念，您剛剛在財政年度開始時進行了溝通並聽取了 OSI 團隊的意見。但當我們向這些客戶提供定期許可、其好處，甚至圍繞代幣套件進行一些初步對話時，我們發現他們非常樂於助人。

No doubt that they have to find ways to build that cost into their cost rate. They do go through those motions. A lot of them do. It has allowed us to do some term business or new pipeline that has closed early on. But also, we've been able to convert on pipeline that is being on a perpetual license basis, the term license business at the very end of those deal negotiations.

毫無疑問，他們必須找到方法將該成本計入成本率中。他們確實會做這些動作。他們中的很多人都這樣做。它使我們能夠開展一些早已關閉的定期業務或新管道。而且，我們已經能夠在永久許可的基礎上轉換管道，即交易談判結束時的術語許可業務。

So yes, we understood that to be the case, but the fact is that our sales motion is proven to be otherwise in most cases. No doubt, there are some customers that prefer perpetual, but this is a transition and the progress we've made, we're very pleased with.

所以，是的，我們理解情況確實如此，但事實是，我們的銷售動議在大多數情況下被證明是相反的。毫無疑問，有些客戶更喜歡永久，但這是一個過渡，我們所取得的進步，我們感到非常滿意。

And our next question comes from Matthew Pfau from William Blair.

我們的下一個問題來自威廉·布萊爾的馬修·普福。

First, I wanted to you ask on acquisitions, and thanks for an update on the capital allocation strategy. But specifically on acquisitions, what does the pipeline look like there for larger transactions like the Micromine 1? Are there attractive ones that are out there? And how soon would you be willing or feel that you're ready to pursue another transaction, similar size to Micromine?

首先，我想詢問您有關收購的問題，並感謝您提供有關資本配置策略的最新信息。但具體到收購方面，像 Micromine 1 這樣的大型交易的流程是什麼樣的？那裡有有吸引力的嗎？您多久願意或覺得您準備好進行另一筆與 Micromine 規模類似的交易？

Yes. I think that I can start, Matthew. I think from the perspective, we definitely have a pipeline. We have an active pipeline that we're always looking at as being part of our capital allocation strategy. There are targets out there that are of interest. Unfortunately, you can't always time when you would like to do it versus when they're available.

是的。我想我可以開始了，馬修。我認為從這個角度來看，我們肯定有一個管道。我們擁有一條活躍的管道，我們一直將其視為我們資本配置策略的一部分。有一些令人感興趣的目標。不幸的是，你不能總是安排你想做的時間和他們有空的時間。

As I mentioned in my prepared remarks, we're ready to do that activity when it presents itself. We've developed the internal M&A activities. We have the balance sheet to support it. So I think we're ready when we find it, but we remain disciplined as we've always discussed in the sense that we want to make sure it's accretive for support double-digit ACV growth at our best-in-class profitability. So we'll time it when it's available, but we're ready to still engage in it.

正如我在準備好的發言中提到的，我們已經準備好在這項活動出現時開展這項活動。我們開展了內部併購活動。我們有資產負債表來支持它。因此，我認為，當我們找到它時，我們就已經準備好了，但我們仍然保持紀律，就像我們一直在討論的那樣，我們希望確保它能夠以我們一流的盈利能力支持兩位數的ACV增長。因此，我們會在可用時安排時間，但我們仍準備好參與其中。

Okay. Great. And then just wanted to follow up on comments around the Russia business. Is there any of that left that's included in the fiscal '24 guidance? And is there any risk around that part of the business?

好的。偉大的。然後只是想跟進有關俄羅斯業務的評論。 '24 財年指南中是否包含了剩下的內容？這部分業務是否存在風險？

Yes. Look, our guidance of 11.5% certainly accounts for chemicals, accounts for other potential eventualities. But on Russia, due to the different challenges that we've been facing in that market, we decided to go to a renewals-only model. So that means that we're not going to be selling anything new into Russia going forward. We will be focusing on renewing the existing business, and that's going to be our focus. So our guidance already implies that we will not see any growth from Russia. And we've also taken a little bit of a conservative approach with respect to potential attrition in Russia although we expect to renew the business that's coming to us in fiscal '24. We've been cautious and assume some level of attrition in Russia as we try to renew some of that business. So going forward, AspenTech will only be renewing business. We will not be selling new entitlement to Russian customers.

是的。看，我們 11.5% 的指導肯定考慮到了化學品，考慮到了其他潛在的可能性。但在俄羅斯，由於我們在該市場面臨著不同的挑戰，我們決定採用僅續訂模式。因此，這意味著我們今後不會向俄羅斯銷售任何新產品。我們將專注於更新現有業務，這將是我們的重點。因此，我們的指導已經意味著我們不會看到俄羅斯出現任何增長。儘管我們預計將在 24 財年恢復業務，但我們對於俄羅斯潛在的人員流失也採取了一些保守的態度。當我們嘗試更新部分業務時，我們一直保持謹慎，並假設俄羅斯會出現一定程度的消耗。因此，展望未來，AspenTech 將只會更新業務。我們不會向俄羅斯客戶出售新的權利。

And our next question comes from Jason Celino from KeyBanc Capital Markets.

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

Really, really strong guide here with a double-digit ACV guidance. I think you mentioned on Andrew's prior question that this was kind of the floor. I guess, how conservative do you think investors should view this type of ACV outlook?

這裡真的非常非常強大的指導，有兩位數的 ACV 指導。我想你在安德魯之前的問題中提到過，這是一種地板。我想，您認為投資者應該如何保守地看待這種 ACV 前景？

Well, look, it's -- if we give you that guidance of 11.5% being the floor is because we're confident about that number. If you look at the ACV growth in fiscal '23 and the attrition 11.8% plus 5.9%. That's about 17.7% of gross growth, new growth in fiscal '23 at a very strong outcome from a new growth, new business generated in fiscal '23.

好吧，看，如果我們給你 11.5% 作為下限的指導，是因為我們對這個數字充滿信心。如果你看看 23 財年的 ACV 增長和人員流失 11.8% 加 5.9%。這約佔總增長的 17.7%，是 23 財年的新增長，是 23 財年新增長、新業務產生的非常強勁的成果。

In fiscal '24, if you look at the guidance of at least 11.5% and the attrition at 5%, approximately 5%, that 16.5%. So what you see in our guidance is the expectation of chemicals for the full year not contributing. We had half a year of strong contribution from chemicals since fiscal '23. We're assuming that chemicals will be subdued in the full year in fiscal '24 in their less Russia growth or no Russia growth and so that's how we come out to the 11.5%.

在 24 財年，如果你看看指導值至少為 11.5%，人員流失率為 5%，大約為 5%，即 16.5%。因此，您在我們的指導中看到的是化學品全年不會做出貢獻的預期。自 23 財年以來，化學品在半年中做出了強勁貢獻。我們假設化學品在 24 財年全年將因俄羅斯增長較少或沒有俄羅斯增長而受到抑制，這就是我們得出 11.5% 的結果。

If you look at our guidance as well on the suite -- on a per suite basis, you look at -- has delivered about 8.5% growth in fiscal '23. We're taking approximately close to double-digit growth in fiscal '24. OSI grew 30% in fiscal '23, we're guiding to almost 40% growth for the DGM suite -- sorry, I should have said DGM in fiscal '23, 30%, 40% in fiscal '24 and SSE grew by 33% in fiscal '23, and we're guiding to about 15% -- 14%, 15% growth in fiscal '24. And this is solid growth across all suites because we're assuming. We saw in Q4 a solid contribution to growth from DGM. We were conservative in our Q3 outlook for DGM considering that we were still learning around the dynamics of customers' motions to sign deals, but we're pleasantly surprised in Q4 with that outcome.

如果你看看我們對套件的指導——以每間套件為基礎，你會發現——在 23 財年實現了約 8.5% 的增長。我們預計 24 財年將實現接近兩位數的增長。 OSI 在 23 財年增長了 30%，我們指導 DGM 套件增長近 40%——抱歉，我應該說 DGM 在 23 財年增長 30%，在 24 財年增長 40%，SSE 增長了 33% % 在23財年，我們指導在24 財年增長約15% - 14%、15%。正如我們所假設的那樣，所有套房都實現了穩健增長。我們在第四季度看到了 DGM 對增長的堅實貢獻。考慮到我們仍在了解客戶簽署交易動議的動態，我們對 DGM 第三季度的前景持保守態度，但我們對第四季度的結果感到驚喜。

So overall, look, we feel good about the trajectory for HAT in fiscal '24, the trajectory for DGM, the trajectory for SSE. We're going to have a greater focus on our execution and now it's about really injecting more momentum into the business as we go forward.

因此，總的來說，我們對 24 財年 HAT 的軌跡、DGM 的軌跡、SSE 的軌跡感覺良好。我們將更加關注我們的執行，現在我們要在前進的過程中為業務注入更多動力。

Perfect. No, I really appreciate that really end up answer, Antonio. And then maybe just a quick follow-up for Chantelle on the free cash flow for the year and for next year -- or for the quarter. You mentioned some timing differences just on invoicing. That makes sense. Any way to quantify what moved from Q4 to Q1?

完美的。不，我真的很感激最終的回答，安東尼奧。然後，Chantelle 可能會快速跟進今年和明年（或本季度）的自由現金流。您提到了發票方面的一些時間差異。這就說得通了。有什麼方法可以量化從第四季度到第一季度的變化嗎？

No, I understand the question for sure, Jason. I would put it at basically the difference between the actual and the guide would be the range that I would carry in. And then in our guidance, assume that some of that continues through the year. So [alternative is Q1] and Q4 has none. But you can say the range to the actual would be what I would assume.

不，我肯定理解這個問題，傑森。我基本上會說，實際情況和指南之間的差異將是我要執行的範圍。然後在我們的指南中，假設其中一些情況會持續全年。所以[替代方案是 Q1] 而 Q4 沒有。但你可以說實際的範圍是我所假設的。

And our next question comes from Clarke Jeffries from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Clarke Jeffries。

I really appreciate the disclosure on ACV growth contributions, especially by industry. Antonio, maybe I would clarify something that you briefly mentioned in the prior question, but -- when we think about Heritage AspenTech getting back to double digits, where would be the delta there? Was it chemicals was half the contribution that you normally expect? Any other call-outs when we think about industry contribution overall Heritage returning to that double-digit level?

我非常感謝有關 ACV 增長貢獻的披露，特別是按行業披露。安東尼奧，也許我會澄清你在上一個問題中簡要提到的一些事情，但是——當我們考慮遺產阿斯彭科技回到兩位數時，那裡的三角洲會在哪裡？化學品的貢獻是您通常預期的一半嗎？當我們考慮整個遺產行業的貢獻回到兩位數水平時，還有其他的提示嗎？

Yes. No. Look, I think fundamentally, our energy industry refining, it's been a strong contributor. Certainly, that will be the case. Engineering accelerated to almost 8.6% growth in fiscal '23. By the way, that's the fastest growth rate of our engineering business since fiscal '14 when we grew just over 10%. So we're really excited about the tailwinds for the engineering business from sustainability investments. I think that will continue in fiscal '24. We believe that MSC will continue to perform strongly. There are some products in MSC that the performance we expected as a result of execution focus in fiscal '23, that focus will come back. I think that will give us a lift in the same markets, refining even upstream that is taking out some of -- more of those technologies.

是的。不，我認為從根本上來說，我們的能源工業煉油業是一個強有力的貢獻者。當然，情況會是這樣。 2023 財年工程增速加快至近 8.6%。順便說一句，這是自 14 財年以來我們工程業務的最快增長率，當時我們的增長率略高於 10%。因此，我們對可持續投資對工程業務的推動感到非常興奮。我認為這種情況將在 24 財年繼續。我們相信 MSC 將繼續表現強勁。 MSC 中的一些產品由於 23 財年的執行重點而達到了我們預期的性能，這一重點將會回來。我認為這將使我們在相同的市場中得到提升，甚至在上游進行改進，從而淘汰更多的技術。

And APM sort of similar contribution. So -- but look, I think MSC will be about focus on execution in fiscal '24.

和 APM 的貢獻類似。所以，但是我認為 MSC 將在 24 財年專注於執行。

Perfect. And then a follow-up for Chantelle. One thing that stands out to me is the bookings number for next year. Just wondering if there were any early renewals, anything that contributed to bookings this year being above the high end of the guide that you had for last quarter for full year bookings. Any other mechanics that would lead to the bookings number being down year-over-year for fiscal '24?

完美的。然後是 Chantelle 的後續作品。對我來說最引人注目的一件事是明年的預訂數量。只是想知道是否有提前續訂，是否有任何因素導致今年的預訂量高於上季度全年預訂量指南的高端。還有其他機制會導致 24 財年的預訂量同比下降嗎？

Yes. I think that in the sense of some of the prepared remarks you've heard of driving the bookings for this year would be the achievement of the term length for HAT, I think that we look at what we've achieved in DGM. So I don't think there's anything mechanical. I think it's just the mix of business and timing of the renewals is the key factor. So I would put around more of the timing of the renewals and anything more specific than that.

是的。我認為，從您聽說過的一些準備好的推動今年預訂量的言論來看，這將是 HAT 任期長度的成就，我認為我們會看看我們在 DGM 中取得的成就。所以我不認為有什麼機械的東西。我認為這只是業務的組合，續訂的時間才是關鍵因素。因此，我會詳細說明續訂的時間以及比這更具體的內容。

And just one more thing and for everyone, if you look at the presentation, the slide deck that we posted, if you look at Slide 16, that has all the ACV dollars by suite over the last 3 years, which will allow you to calculate the growth rate for fiscal '23 instead of having to remember what I said.

對於每個人來說，還有一件事，如果您查看演示文稿，我們發布的幻燈片，如果您查看幻燈片 16，其中包含過去 3 年按套件排列的所有 ACV 美元，這將允許您計算23 財年的增長率，而不必記住我說的話。

And our next question comes from Josh Tilton from Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的喬什·蒂爾頓。

The first question that I wanted to ask is kind of revisiting the question that I think was sort of asked about a few questions ago. But given this is the last time we're -- you're going to, I guess, talk to or disclose the Heritage business, you're guiding to kind of like a mid-single-digit growth for next year. When you guys step back and you just really look at that business, like how should investors view the growth profile of what is core Heritage Aspen over the next 3 years? Like does this remain a mid-single-digit grower? Is this going to accelerate, decelerate? Like how do you guys think about the growth profile of this business over the next few years?

我想問的第一個問題是重新審視我認為之前幾個問題被問過的問題。但考慮到這是我們最後一次——我想，您將與傳統業務進行交談或披露，您將指導明年實現中個位數的增長。當你們退後一步，真正審視這項業務時，比如投資者應該如何看待遺產阿斯彭的核心業務在未來 3 年的增長狀況？就像這仍然是一個中等個位數的種植者嗎？這會加速、減速嗎？你們如何看待該業務未來幾年的增長狀況？

Well, let me look -- first of all, we're guiding to 7.5%. And I guess that would be at the high end of mid-single digits. But look, we -- for us to get to our growth rate that we believe this business can operate at, the HAT business will be a double-digit growth business. That's our expectation. We are revisiting our expectations around the engineering business from being sort of a high mid-single-digit business to high single to double digits. I think our MSC business hit a soft spot, if you will, this year. That will recover. And we continue to have expectations about the NIM suite. This is why we made that tuck-in acquisition that we just announced.

好吧，讓我看看——首先，我們的目標是 7.5%。我猜這將是中個位數的高端。但是，我們認為，為了達到我們認為該業務可以運營的增長率，HAT 業務將實現兩位數的增長。這是我們的期望。我們正在重新審視我們對工程業務的期望，從高中個位數業務到高個位數到兩位數業務。如果你願意的話，我認為今年我們的 MSC 業務遇到了軟肋。那會恢復的。我們仍然對 NIM 套件抱有期望。這就是我們剛剛宣布的收購的原因。

So overall, our expectation is for HAT to be a double-digit grower. Now what I would tell you is this is on an ACV basis, in the past has been an annual spend. So there's a little bit of a step down because of the higher base in ACV, but overall, our expectations have been changed for that suite, okay?

總體而言，我們期望 HAT 能夠實現兩位數的增長。現在我要告訴你的是，這是按 ACV 計算的，過去是每年支出。因此，由於 ACV 的基數較高，所以有一點下降，但總的來說，我們對該套件的期望已經改變，好嗎？

Makes sense. And then maybe just a quick follow-up for me is, I think you guys, during the Q&A, said that you look at -- to the current guidance is sort of a floor. If we were to look at the Heritage business or some of these newer assets from Emerson, like 12 months from now, you guys beat the guide, where would we expect -- where are you most confident to see the upside come from? Is it from the Heritage business or some of these newer assets?

說得通。然後，也許對我來說，一個快速的後續行動是，我想你們在問答期間說，你們看——當前的指導意見是一種底線。如果我們看看 Heritage 業務或艾默生的一些新資產，比如從現在起 12 個月後，你們會擊敗指南，我們期望什麼——你們最有信心看到上升空間來自哪裡？是來自傳統業務還是其中一些較新的資產？

I mean, look, I think chemicals plays a big role in the outcome for HAT. We listen to the commentary from chemicals company CEOs, they expect chemicals to be subdued through the end of this calendar year. They are not saying anything about next year, but we assume it's more of the same, to be conservative on our guide. If this change, I could provide some upside.

我的意思是，我認為化學品在 HAT 的結果中發揮著重要作用。我們聽取了化學品公司首席執行官的評論，他們預計化學品價格將在今年年底受到抑制。他們沒有透露明年的情況，但我們認為情況基本相同，對我們的指南持保守態度。如果這種情況發生變化，我可以提供一些好處。

Look, I'm a big believer in our MSC business. We were fully focused on executing on that business. Our engineering business has shown a strong resilience. But look, I think DGM, we're gaining momentum on that business as well. I look at sustainability could be the big surprise as well here and the big benefit on sustainability is coming through the HAT suite.

看，我非常相信我們的 MSC 業務。我們完全專注於執行該業務。我們的工程業務表現出了強大的韌性。但是，我認為 DGM，我們在該業務上也取得了增長勢頭。我認為可持續性也可能是一個巨大的驚喜，並且可持續性的巨大好處是通過 HAT 套件實現的。

Electrification is what drives DGM and we're building the pipeline there. So I know I'm sort of giving you an answer for everything, but I just think that there's just a lot of opportunity out there, and it will be just a matter of execution. So we'll see what outperforms, but 11.5% is the floor.

電氣化是 DGM 的驅動力，我們正在那裡建設管道。所以我知道我是在為你提供所有問題的答案，但我只是認為那裡有很多機會，而這只是執行的問題。所以我們會看看什麼表現更好，但 11.5% 是下限。

(Operator Instructions) And our next question comes from Mark Schappel from Loop Capital Markets.

（操作員說明）我們的下一個問題來自 Loop Capital Markets 的 Mark Schappel。

Antonio, this quarter's remarks around the DGM business were much more positive than last quarter when you ran into some project milestone issues and had some longer sales cycles that you spoke of. I was wondering if you could just review once again some of the changes in that business over the last quarter that you're seeing.

Antonio，本季度有關 DGM 業務的評論比上季度積極得多，當時您遇到了一些項目里程碑問題，並且您提到了一些較長的銷售週期。我想知道您是否可以再次回顧一下您所看到的上個季度該業務的一些變化。

Look, I think we need to talk about the cadence of the full fiscal year. There was an incredible amount of work going on in Q1 and Q2 to lay the foundation, put in place the teams, the processes, the systems, are pushed into the market of SSE and DGM with term software -- or term licensing for the software.

聽著，我認為我們需要討論整個財政年度的節奏。第一季度和第二季度進行了大量的工作來奠定基礎，建立團隊、流程、系統，並通過術語軟件（或軟件的術語許可）將其推入 SSE 和 DGM 市場。

As we got into the services business, there are some things that we found there. And in a way, a lot of things came to ahead in Q3. We learned a lot out of the Q3 quarter. And I would also argue that those learnings were quickly applied early in Q4 and it was produced, what I think was much cleaner execution in Q4. There was very little learning that happened in Q4. It was more about applying what we learned from the previous 3 quarters. And then I think that we are -- we generate a momentum, which is what's propelling us into fiscal 2024. So I think it's just how the year flowed and the activities that were happening and the assumptions we made sort of all came together in the Q3 quarter, but we quickly pivoted. And I'm very proud about the job that the team did coming out of that quarter to really refocus our execution, and therefore, you have what I think is a tremendous Q4 outcome.

當我們進入服務行業時，我們發現了一些東西。從某種程度上來說，第三季度很多事情都取得了進展。我們從第三季度學到了很多東西。我還認為，這些經驗教訓在第四季度初期很快得到了應用，並且已經產生，我認為第四季度的執行更加清晰。第四季度幾乎沒有學到什麼。更多的是應用我們從前三個季度學到的知識。然後我認為我們——我們產生了一種動力，這就是推動我們進入 2024 財年的動力。所以我認為這就是這一年的流程、正在發生的活動以及我們所做的所有假設都在第三季度，但我們很快就發生了轉變。我對團隊在該季度所做的工作感到非常自豪，真正重新調整了我們的執行重點，因此，我認為第四季度取得了巨大的成果。

Great. And then as a follow-up, with respect to Micromine and the termination of that deal, to be relevant in the metals and mining industry, do you believe that you need to do another transaction in that sector?

偉大的。然後，作為後續行動，關於 Micromine 和該交易的終止，為了與金屬和採礦業相關，您認為您需要在該行業進行另一筆交易嗎？

Well, look, I've always said that if we want to sort of grow and be relevant in a new industry, we need to have an anchor asset, meaning buy something that gives us already critical mass. And therefore, the answer is yes. I still believe that in any industry that we decide to go into, the goal has to be to buy an anchor tenant, if you will.

好吧，看，我總是說，如果我們想要在新行業中成長並發揮作用，我們需要擁有錨定資產，這意味著購買已經為我們提供了臨界質量的東西。因此，答案是肯定的。我仍然相信，在我們決定進入的任何行業，目標必須是購買主力租戶（如果你願意的話）。

And I am showing no further questions. I would now like to turn the call back over to Antonio Pietri, CEO, for closing remarks.

我沒有提出任何進一步的問題。現在我想將電話轉回首席執行官安東尼奧·皮特里 (Antonio Pietri)，讓其致閉幕詞。

Yes. Look, I want to thank everyone for joining us on the call today. Again, just to reiterate the takeaways. Look, we built the foundation for the next stage of growth for the company. And I hope that's clear. We're entering fiscal '24 with momentum, and we believe that the guidance that we provided supports that. We continue to see strong demand around our mission-critical solutions, HAT, DGM and SSE. And we see emerging opportunities in sustainability, especially for our engineering business. So all of this, we believe, is creating a very exciting outlook and environment for the new AspenTech. And well, our job is now to execute in fiscal '24. Thank you, everyone.

是的。我要感謝大家今天加入我們的電話會議。再次重申要點。看，我們為公司下一階段的發展奠定了基礎。我希望這一點很清楚。我們正以強勁的勢頭進入 24 財年，我們相信我們提供的指導意見支持這一點。我們繼續看到對我們的關鍵任務解決方案、HAT、DGM 和 SSE 的強勁需求。我們看到了可持續發展方面的新機遇，特別是對於我們的工程業務而言。因此，我們相信，所有這一切正在為新的 AspenTech 創造一個非常令人興奮的前景和環境。好吧，我們現在的工作是在 24 財年執行。謝謝大家。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。