鉴于ADSK持续增长且未受AI颠覆影响，其近期下跌缺乏合理性；市场反应主要受预期而非基本面驱动。
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嗯，Autodesk将在周四发布财报，至少目前的预估时间是周四。你知道，Autodesk软件、Workday软件、Affirm消费信贷、Ulta消费购物、Iron Neocloud，当然还有Marvell Tech，我们在AS6定制AS6 CPO采用方面处于什么位置？我们会看到的，这将真的很有趣。
Uh Autodesk reports at 4 at least that's the current estimate. you know autodesk software workday software a firm consumer lending Ulta consumer purchasing iron neocloud and then of course Marll tech for where do we stand on AS6 custom AS6 CPO adoption we'll see it's going to be really interesting
你有Autodesk即将发布财报。那也将是很精彩的。你知道，它是你的……嗯，基本上是AutoCAD的开发商。住宅建筑软件，坦白说，住宅成交量并不理想。房屋建设面临挑战。所以，我们将看看这一切最终如何转化为对Autodesk的影响。
You've got uh Autodesk coming up. That'll be uh neat as well. You know, one of your um well, your developer basically of AutoCAD. The home architectural software, which frankly, home volumes aren't great. Home building is challenged. So, we'll see see how that all ends up translating to uh Autodesk.
我们来了。Autodesk发布了。嗯，Autodesk超出了预期。Autodesk第二季度的净营收为20.5亿美元，而预期为20.11亿美元。也就是20.1亿美元的预期值。这在第二季度营收上大约有2%的超预期表现，嗯，运营利润率为41%，而预期为39.3%。
所以你在Autodesk上看到了一次不错的提振，这是一次超预期表现。
Here we go. Autodesk coming in. Uh it is a beat on Autodesk. We've got Q2 for Autodesk coming in with net revenue at 205 versus uh 2011. So 2 billion 2.01 billion was the expectation. It's about a 2% beat on Q2 rev and uh operating margin at 41% versus 39 uh 39.3% expected. So you got a nice boost there on Autodesk on a beat.
让我们看看股票的表现。Autodesk，Autodesk，盘后股价持平。看起来有一根大K线，但它今天上涨了6%。现在下跌了大约88个点。
Let's see how the stock is performing. Autodesk Autoesk and the stock is flat in the afters. Got what looks like a big candlestick, but it was up 6% today. It is down now about 88 pips. What's the forecast here? forecast on Autodesk is uh let's see it is it is Q3 forecast is coming in at 2135 billion versus 208 billion that puts us at 2135 divided by 2.08 was about 2.6% 6% bead on Q3 forecast. So, no sign that AI is really destroying Autodesk over there. Uh adjusted EPS range $34 to $39. I've got forecast on fiscal year that beat as well. Midpoint on fiscal year was 8.325 and the current update is 8.19 8.19. Sorry. 8.19 was the expectation. 8.325 is what they came in at. So 8.19, that is a 1.6% beat. 1.6% beat on fiscal year revenue. So that's Autodesk.
Autodesk和Workday两者现在都下跌了大约4%到6%。对于那个……嗯，对于那次软件推动来说，不太理想。
Autodesk and Workday both of them dropping about 4 to 6% now. Less ideal uh for that um for that software push.
我要回到Autodesk一会儿，因为看起来有一些关于Autodesk的新笔记传过来了。我们有第三季度。我们在最初的预测上取得了超预期表现，但是，嗯，第二季度调整后的……第三季度调整后的每股收益未达预期。
哦，所以你在那里有一个未达预期。好的，所以第三季度调整后的每股收益出来的是……嗯，5 2 3.065，3.065是调整后每股收益的预测值。嗯，预期值是3.15。所以这是一个未达预期。
3.065除以3.15，这是一个2.7%的未达预期。2.7%的未达预期。所以Autodesk预测有2.7%的未达预期。我们必须看看为什么。那里发生了什么？
I'm going back to Autodesk for a moment because it looks like there's some more notes that came through on Autoesk. We've got Q3. We got a beat on that original forecast, but uh, Q2 adjusted. Q3 adjusted EPS misses expectations. Oh, so you got a miss over there. Okay, so Q3 adjusted EPS comes through at uh 5 2 3.065 3.065 is the forecast for adjusted EPS. Uh expectation was 3.15. So that's a miss. 3.065 / 3.15 that's a miss of 2.7%. miss of 2.7%. So 2.7% miss Autodesk forecast. We'll have to see why. What's going on there?
我们有第三季度。我们在最初的预测上取得了超预期表现，但是，嗯，第二季度调整后的……第三季度调整后的每股收益未达预期。哦，所以你在那里有一个未达预期。好的，所以第三季度调整后的每股收益出来的是……
嗯，5 2 3.065，3.065是调整后每股收益的预测值。嗯，预期值是3.15。所以这是一个未达预期。3.065除以3.15，这是一个2.7%的未达预期。2.7%的未达预期。
We've got Q3. We got a beat on that original forecast, but uh, Q2 adjusted. Q3 adjusted EPS misses expectations. Oh, so you got a miss over there. Okay, so Q3 adjusted EPS comes through at uh 5 2 3.065 3.065 is the forecast for adjusted EPS. Uh expectation was 3.15. So that's a miss. 3.065 / 3.15 that's a miss of 2.7%. miss of 2.7%.
所以Autodesk预测有2.7%的未达预期。我们必须看看为什么。那里发生了什么？
So 2.7% miss Autodesk forecast. We'll have to see why. What's going on there?
Ulta。我们涵盖了Marvell。没有新消息。Autodesk，也不是新消息。Autodesk，不是新消息。
Ulta. We covered Marll. Nothing new. Autodesk, not new. Autodesk, not new.
让我们去看看Autodesk。Autodesk投资者关系。好的。我们开始吧。好的，让我们看看他们做得怎么样。Autodesk为了好玩起见，其同比账单收入增长了10%，或者说是他们的账单，抱歉，账单增长了10%。
我必须看看他们如何定义账单和营收之间的区别，因为营收增长了16%。GAP，好吧，那没问题。而且他们没有为此提供百分比。好吧。设计业务增长了16%。制造业务增长了16%。各个产品细分领域。美洲地区增长了14%。
Let's go look at Autodesk. Autodesk Investor relations. All right. Here we go. All right, let's see how they're doing. Autodesk for giggles has year-over-year revenue up 10% or their billings, I'm sorry, billings are up 10%. I have to see how they define the difference between billings and revenue because revenue is up 16%. GAP, okay, that's fine. And they're not presenting a percentage for that. Fine. Design's up 16%. Make is up 16%. Individual product segments. America's up 14%.
我的意思是，看起来人们并没有因为……嗯，AI而纷纷取消他们的Autodesk订阅。我的意思是，公平地说，这也有一定道理。作为一名专业人士，比如建筑师或绘图员，很难在没有……的情况下运作
I mean, doesn't look like people are running to cancel their Autodesk subscriptions because of uh AI. I mean, that also in fairness makes some sense. little hard to uh operate as a professional like architect or draftsman or woman uh without
剩余履约义务（RPO）增长了2%。好的。好吧，这就是我们最初看到的一批财报。它们都不算太令人兴奋，没有什么是真正具有颠覆性的亮点。我的意思是，我不知道。Autodesk在仍然显示增长的情况下，股价却下跌了8%，这合理吗？
可能不合理。我认为这在一定程度上与预期有关，像往常一样。不过，如果我看一下Autodesk，我们刚刚把它记下来了。
h rpo remaining performance obligations grew 2%. Okay. All right. Well, I mean that's uh that's the initial set of earnings that we got. None of them really exciting. like there wasn't really a showstopper. I mean, I don't know. Does does it Autodesk deserve to go down 8% on, you know, still indicating growth? Probably not. I think some of it has to do with uh, you know, expectations as usual. If I look at Autodesk though, we just um just jotted that down.
Autodesk在仍然显示增长的情况下，股价却下跌了8%，这合理吗？可能不合理。我认为这在一定程度上与预期有关，像往常一样。
Does does it Autodesk deserve to go down 8% on, you know, still indicating growth? Probably not. I think some of it has to do with uh, you know, expectations as usual.
不过，如果我看一下Autodesk，我们刚刚把它记下来了。哦，它去哪了？别告诉我又把我登出了。呃，我被登出了吗？哦，不，我没事。谢天谢地。所以，Autodesk的预测偏软。就是这样。
每股收益（EPS）预测低于预期2.7%。因此，投资者感觉有点被坑了。是的。期望与现实。你知道，你告诉了我一件事，你让我期待某样东西，结果你却让我失望了。你让我失望了。
If I look at Autodesk though, we just um just jotted that down. Oh, where'd it go? Don't tell me logged me out again. Uh, did I get logged out? Oh, no. I'm good. Okay, thank goodness. So, Autodesk came in with uh the forecast was light. That's what it was. EPS forecast missed by 2.7%. So, investors feel like they got a little rugged. Yeah. Expectation versus reality. You know, you told me one thing, you told me to expect something, and you let me down. You let me down.
哦，它去哪了？别告诉我又把我登出了。呃，我被登出了吗？哦，不，我没事。谢天谢地。所以，Autodesk的预测偏软。就是这样。每股收益（EPS）预测低于预期2.7%。因此，投资者感觉有点被坑了。
是的。期望与现实。你知道，你告诉了我一件事，你让我期待某样东西，结果你却让我失望了。你让我失望了。
Oh, where'd it go? Don't tell me logged me out again. Uh, did I get logged out? Oh, no. I'm good. Okay, thank goodness. So, Autodesk came in with uh the forecast was light. That's what it was. EPS forecast missed by 2.7%. So, investors feel like they got a little rugged. Yeah. Expectation versus reality. You know, you told me one thing, you told me to expect something, and you let me down. You let me down. Okay.
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