Autodesk Inc (ADSK) 2016 Q1 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Autodesk first-quarter FY16 earnings conference call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will be given at that time.

各位女士、先生，大家好，感謝你們的耐心等待。歡迎參加 Autodesk 2016 財年第一季財報電話會議。目前，所有參與者均處於唯讀模式。稍後我們將進行問答環節，屆時會給予具體指示。

(Operator Instructions)

（操作說明）

As a reminder, this conference call is being recorded.

再次提醒，本次電話會議正在錄音。

I would now like to turn the conference over to Mr. David Gennarelli, Senior Director Investor Relations. Sir, you may begin.

現在我將把會議交給投資者關係高級總監大衛詹納雷利先生。先生，您可以開始了。

Thank you, operator.

謝謝接線生。

Good afternoon. Thank you for joining our conference call to discuss the results of our first quarter of FY16. Also on the line is Carl Bass, our CEO, and Scott Herren, our CFO. Today's conference call is being broadcast live via webcast. In addition, a replay of the call will be available at autodesk.com/investor.

午安.感謝您參加我們的電話會議，共同討論我們2016財年第一季的業績。我們的執行長卡爾·巴斯和財務長斯科特·赫倫也在線上。今天的電話會議將透過網路直播。此外，您也可以在 autodesk.com/investor 上收聽電話會議的錄音回放。

As noted in our press release, we have published our prepared remarks on our website in advance of this call. Those remarks are intended to serve in place of extended formal comments, and we will not repeat them on this call.

正如我們在新聞稿中所述，我們已提前在網站上公佈了我們準備好的演講稿。這些發言旨在代替冗長的正式發言，我們將在本次電話會議上不再贅述。

During the course of this conference call, we will make forward-looking statements regarding future events and the anticipated future performance of the Company, such as our guidance for the second quarter and full year FY16; our long-term financial model guidance; the factors we use to estimate our guidance, including currency headwinds, our transition to new business models, our market opportunities and strategies, and trends for various products, geographies, and industries. We caution you that such statements reflect our best judgment based on factors currently known to us and that actual event or results could differ materially.

在本次電話會議期間，我們將就未來事件和公司預期未來業績發表前瞻性聲明，例如我們對 2016 財年第二季度和全年業績的指引；我們的長期財務模型指引；我們用於估算指引的因素，包括匯率不利因素、我們向新業務模式的轉型、我們的市場機會和策略，以及各種產品、地區和行業的趨勢。我們提醒您，此類聲明反映了我們基於目前已知因素的最佳判斷，實際事件或結果可能與此有重大差異。

Please refer to the documents we file from time to time with the SEC, specifically our Form 10-K for the FY15 and our current reports on Form 8-K, including the Form 8-K filed with today's press release and prepared remarks. Those documents contain and identify important risks and other factors that may cause our actual results to differ from those contained in the forward-looking statements.

請參閱我們不時向美國證券交易委員會提交的文件，特別是我們的 2015 財年 10-K 表格和我們目前的 8-K 表格報告，包括今天隨新聞稿和準備好的發言稿一起提交的 8-K 表格。這些文件包含並指明了可能導致我們的實際結果與前瞻性聲明中所包含的結果之間存在差異的重要風險和其他因素。

Forward-looking statements made during the call are being made as of today. If this call is replayed or viewed after today, the information presented during the call may not contain current or accurate information. Autodesk disclaims any obligation to update or revise any forward-looking statements. We will provide guidance on today's call, but will not provide any further guidance or updates on our performance during the quarter unless we do so in a public forum.

本次電話會議中所作的前瞻性陳述均以今日為準。如果今天之後重播或查看此通話，通話期間提供的資訊可能不包含最新或準確的資訊。Autodesk公司聲明不承擔更新或修改任何前瞻性聲明的義務。我們將在今天的電話會議上提供指導，但除非在公開場合，否則不會提供任何關於本季業績的進一步指導或更新。

During the call, we will also discuss non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. A reconciliation of our GAAP and non-GAAP results is provided in today's press release, prepared remarks, and on the Investor Relations section of our website.

電話會議期間，我們也將討論非GAAP財務指標。這些非GAAP指標並非依照公認會計原則編製。我們在今天的新聞稿、準備好的演講稿以及我們網站的投資者關係部分提供了 GAAP 和非 GAAP 結果的調節表。

We will quote a number of numeric or growth changes as we discuss our financial performance, and unless otherwise noted, each such reference represents a year-on-year comparison.

在討論財務表現時，我們將引用一些數字或成長變化，除非另有說明，否則每個此類引用都代表同比比較。

And now, I'd like to turn the call over to Carl.

現在，我想把電話交給卡爾。

Thank you, Dave, and good afternoon, everyone.

謝謝你，戴夫，大家下午好。

We're off to a solid start in FY16, with good progress on our business model transition. We're particularly pleased with the 95,000 subscription additions in the quarter.

我們在2016財年開局穩健，業務模式轉型也取得了良好進展。我們對本季新增的 95,000 個訂閱用戶尤其感到滿意。

We continue to experience high growth rates for new model subscriptions, such as term-based desktop subscriptions, enterprise flexible license offerings, and cloud-based services. It's worth noting that these new model subscriptions accounted for approximately half of our subscription additions for the quarter.

我們持續看到新型訂閱模式的高速成長，例如基於期限的桌面訂閱、企業彈性授權產品和雲端服務。值得注意的是，這些新模式的訂閱約佔本季新增訂閱量的一半。

We achieved our Q1 financial results, despite the backdrop of an uneven macro economy and currency headwinds. To put it into numbers, the strong dollar impact of Q1 billings by approximately $31 million and revenue by approximately $22 million, and that's after our hedging was applied.

儘管宏觀經濟情勢不平衡且面臨貨幣逆風，我們仍然實現了第一季的財務表現。用數字來表示，美元的強勁衝擊導致第一季帳單金額減少約 3,100 萬美元，收入減少約 2,200 萬美元，而這還是在我們進行對沖之後的結果。

It's also worth noting that for the first time in recent memory, we had very limited promotional activity in the quarter. This was intentional, as we wanted to digest the activity that had led up to the end of sale for upgrades. We do have more promotional activity going on here in Q2 to spur demand, and we implemented a small price adjustment in both euro and yen.

值得注意的是，就近幾年來的情況來看，我們本季的促銷活動非常有限。這是有意為之，因為我們想消化升級促銷結束前發生的一系列活動。我們在第二季度開展了更多促銷活動以刺激需求，並且對歐元和日圓的價格都進行了小幅調整。

From a geographic perspective, our revenue results in EMEA and the Americas remain strong, despite unevenness in certain areas. We also experienced growth in most of APAC, while Japan continued to be impacted by unfavorable economic conditions.

從地理角度來看，儘管某些地區發展不平衡，但我們在歐洲、中東和非洲以及美洲的營收表現依然強勁。我們在亞太地區大部分地區也實現了成長，而日本則繼續受到不利經濟環境的影響。

From an industry perspective, our Q1 results were driven by strength in both our AEC and manufacturing business segments. Taking a closer look at AEC, we're really pleased to see growth being delivered by our building design suite and our infrastructure design suite.

從產業角度來看，我們第一季的業績得益於AEC和製造業業務部門的強勁表現。仔細研究 AEC 領域，我們非常高興地看到我們的建築設計套件和基礎設施設計套件都實現了成長。

It's great to see strength in these core products, but what gets us excited is the interest we're seeing in the new cloud-based products like BIM 360, which is being adopted in the construction field, and InfraWorks 360, which is being adopted by infrastructure firms. Infraworks is now being deployed in significant projects, such as a hydroproject in China and with a US State DOT for its planning and design projects.

很高興看到這些核心產品表現強勁，但真正讓我們興奮的是，我們看到人們對新的基於雲端的產品表現出濃厚的興趣，例如建築領域正在採用的 BIM 360，以及基礎設施公司正在採用的 InfraWorks 360。Infraworks 目前已部署到一些重大項目中，例如中國的水利工程項目以及美國某州交通運輸部門的規劃和設計項目。

Our manufacturing team delivered a strong growth in Q1, driven by the contribution from Delcam. It's been a year since the Delcam acquisition, and we are really pleased with the addition of the team and how that business has maintained its momentum, extending Autodesk much deeper into the manufacturing process with industry-leading CAM technology. Delcam's focus is in the mold, tool, and dye sector, as well as high-end production machining.

在 Delcam 的貢獻推動下，我們的製造團隊在第一季實現了強勁成長。自從收購 Delcam 以來已經一年了，我們非常高興看到團隊的加入，以及該業務如何保持其發展勢頭，使 Autodesk 憑藉行業領先的 CAM 技術更深入地進入製造流程。Delcam 的業務重點是模具、工具和沖模領域，以及高端生產加工。

Our HSM Cam business is focused on an integrated solution for the SMB market, working with Inventor Fusion 360 and competitive products. Our HSN business includes hundreds of transactions and added hundreds of new customers in Q1.

我們的 HSM Cam 業務專注於為中小企業市場提供整合解決方案，與 Inventor Fusion 360 和競爭產品合作。我們的 HSN 業務在第一季完成了數百筆交易，並新增了數百名客戶。

Once again, we were encouraged by what we're seeing with our cloud-based manufacturing products like PLM360 and Fusion 360. PLM 360 continues to expand our base by attracting customers that are new to Autodesk, as well as being adopted by our existing customers.

我們再次對 PLM360 和 Fusion 360 等基於雲端的製造產品所取得的成果感到鼓舞。PLM 360 透過吸引 Autodesk 的新客戶以及被我們現有的客戶採用，不斷擴大我們的客戶群。

We're also seeing a continued trend of existing PLM customers coming back to add-on to their original deal. In Q1 we had a record quarter for total PLM 360 deals, with many new companies buying, as well as many companies expanding their use of PLM360.

我們也看到，現有PLM客戶不斷回來，在原有合約基礎上增加附加服務，這種趨勢仍在持續。第一季度，PLM 360 的總交易量創下歷史新高，許多新公司購買了 PLM 360，同時許多公司也擴大了對 PLM360 的使用。

There are a lot of exciting things happening with Fusion 360 recently, and the buzz around the product is building. Fusion 360 is such a game changer for both start-ups and established manufacturers that we wanted to make it simple to purchase and make it very accessible. So earlier this month, we simplified the pricing structure and made Fusion 360 subscriptions available for sale on Amazon.com.

最近 Fusion 360 發生了很多令人興奮的事情，產品的熱度也越來越高。Fusion 360 對新創公司和成熟製造商來說都具有顛覆性的意義，因此我們希望簡化購買流程，使其更容易獲得。因此，本月初，我們簡化了定價結構，並在 Amazon.com 上推出了 Fusion 360 訂閱服務。

It's clear that the way products are being designed and built is changing, and customers are looking for tools to support these changes. Our cloud-based products like BIM 360, PLM 360, and Fusion 360 are leading the market.

很明顯，產品的設計和製造方式正在發生變化，客戶正在尋找能夠支援這些變化的工具。我們的雲端產品，如 BIM 360、PLM 360 和 Fusion 360，在市場上處於領先地位。

Just as we have changed the engineering and PLM markets with cloud-based products, we are doing the same with Internet of Things. Across all the industries we serve, there's great interest in this technology. In the near term, we can monitor buildings and factories to optimize operating conditions such as energy use, safety, and preventive maintenance.

正如我們透過基於雲端的產品改變了工程和PLM市場一樣，我們正在透過物聯網做同樣的事情。在我們所服務的各個行業中，人們對這項技術都表現出了濃厚的興趣。短期內，我們可以監控建築物和工廠，以優化能源使用、安全和預防性維護等運作條件。

Today's industrial products, commercial buildings, and urban infrastructure have sensors built into them. The world of the future includes capturing and analyzing data from these sensors, incorporating the learnings into the next generation of products, and designing new products that respond in real time to changing conditions.

如今的工業產品、商業建築和城市基礎設施都內建了感測器。未來的世界包括捕獲和分析來自這些感測器的數據，將所獲得的經驗融入下一代產品，並設計能夠即時響應不斷變化的情況的新產品。

The Internet of Things has the potential to substantially change design from creating static, inert discrete things to creating dynamic networks of interacting things, environments, and media. We think we're in a fantastic position to lead this market.

物聯網有可能從根本上改變設計，從創造靜態、惰性的離散事物轉變為創造動態的、相互作用的事物、環境和媒體網路。我們認為我們處於引領這個市場的絕佳位置。

Now let's talk more about our business transition. I think what is getting lost on some people is that we're not just changing our business model, we are transforming our business and the products that our customers use. The cloud is enabling our customers to think differently about how they approach design, simulation, production, and collaboration, and doing so in ways that were not previously possible. We're also expanding our presence into new markets and adding new customers to our sizeable base.

現在我們來詳細談談業務轉型。我認為有些人沒有意識到，我們不僅僅是在改變我們的商業模式，我們正在徹底改變我們的業務以及客戶使用的產品。雲端運算使我們的客戶能夠以不同的方式思考他們如何進行設計、模擬、生產和協作，並以以前不可能的方式做到這一點。我們也正在拓展新市場，並為我們龐大的客戶群增加新客戶。

It's worth repeating that our business model transition will not be perfectly linear and that the amount of business that we transition, the number of subscription additions, and the mix of subscription additions will fluctuate from quarter to quarter and year to year. Earlier this year, we announced that we would stop selling new perpetual offerings from most of the standalone products at the end of our fiscal year, which is January 31 of calendar 2016.

值得重申的是，我們的商業模式轉型不會是完全線性的，我們轉型的業務量、新增訂閱用戶數量以及新增訂閱用戶的組合都會逐季度和逐年波動。今年早些時候，我們宣布，我們將在財政年度結束時（即 2016 年 1 月 31 日）停止銷售大多數獨立產品的新永久合約。

We will also discontinue selling new perpetual licenses for suites sometime in FY17. At that point, nearly all revenue will come from ratably recognized offerings, including desktop and cloud subscriptions, EVAs and maintenance.

我們將在 2017 財年某個時候停止銷售新的套件永久許可證。屆時，幾乎所有收入都將來自按比例確認的產品，包括桌面和雲端訂閱、EVA 和維護。

This will naturally put downward pressure on reported revenue in FY17, as perpetual license offerings are discontinued. From there, we would expect a material rebound in the income statement the following year. Of course the model transition will positively impact deferred revenue and subscription additions, which we expect will continue to add healthy year-on-year growth rates during the transition years.

由於永久許可銷售停止，這自然會對 2017 財年的報告收入造成下行壓力。我們預計，第二年的損益表將大幅反彈。當然，模式轉型將對遞延收入和訂閱用戶成長產生正面影響，我們預計在轉型期間，這兩項指標將繼續保持健康的年成長率。

The unevenness of the current macro environment has reduced near-term visibility somewhat. When coupled with the persistent FX headwinds, it calls for a little bit more caution in our outlook.

當前宏觀環境的不平衡在一定程度上降低了近期前景的可視性。鑑於外匯市場持續面臨不利因素，我們需要對前景持更謹慎的態度。

Our original assumption was that FY16 would be more back-end loaded than usual, given the deadline for end of sale from new perpetual individual product offerings. We continue to believe that's how the year will shape up, and likely a little softer in the middle quarters.

我們最初的假設是，鑑於新的永久個人產品銷售截止日期臨近，2016 財年的業績將比往常更加集中在後半段。我們仍然認為今年的經濟狀況會如此，而且中間幾季可能會略微疲軟。

Our forecast for FY16 now assumes 7 points of currency headwinds for billings and 5 points of currency headwinds for revenue, after applying our hedge, which equates to over $160 million of billings and over $100 million in revenue. That's a lot of money.

在應用我們的對沖策略後，我們對 2016 財年的預測現在假設帳單金額將受到 7 個百分點的匯率不利影響，收入將受到 5 個百分點的匯率不利影響，這相當於超過 1.6 億美元的帳單金額和超過 1 億美元的收入。那可是一大筆錢。

To wrap things up, we're pleased with the start of FY16 and the pace of our business transition. We remain confident in our long-term business model transition goals of 12% billings CAGR, 20% more customer value, 50% more subscriptions, and 30% operating margins. We look forward to building on these early successes and transitioning Autodesk to a more profitable and recurring subscription-based model over the coming years.

總而言之，我們對 2016 財年的開局以及業務轉型的速度感到滿意。我們仍然對長期業務模式轉型目標充滿信心，即實現 12% 的帳單複合年增長率、20% 的客戶價值成長、50% 的訂閱量成長和 30% 的營運利潤率。我們期待在前期成功的基礎上，在未來幾年內將 Autodesk 轉型為更獲利、更持續的訂閱模式。

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

接線員，現在我們開始接受提問。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Our first question comes from Gregg Moskowitz from Cowen and Company. The line is open. Please go ahead.

我們的第一個問題來自 Cowen and Company 的 Gregg Moskowitz。線路已開通。請繼續。

Okay thank you very much, and apologize for any background noise. First question, wondering how much of a benefit to Q1 billings, if there is any way to size this? Carl, it just came from the upgrade extension that existed through early March?

好的，非常感謝，也請原諒我的背景噪音。第一個問題是，想知道這對第一季的帳單收入有多大好處，有沒有辦法衡量這一點？卡爾，這只是三月初之前一直存在的升級擴充功能帶來的嗎？

Not a huge amount. We saw a little bit of pull-through at the beginning of the quarter from the end of the previous quarter, so I think it -- but it was not substantial.

數量不多。我們看到本季初從上一季末略有回升，所以我認為——但這並不顯著。

Okay, and then we've obviously spoken with some of your customers and partners, but I'm curious what you're hearing anecdotally just in terms of feedback from them with regards to the recently announced perpetual licensing changes?

好的，我們顯然已經和你們的一些客戶和合作夥伴談過了，但我很好奇，就最近宣布的永久許可變更而言，你們從他們那裡聽到了哪些非正式的反饋？

So what we've seen, the changes just went in effect very recently, so I don't think it's reached the end customer to any significant degree. The partners are first starting to get ready for it.

所以我們看到的這些變化都是最近才生效的，因此我認為它們還沒有對最終用戶產生任何顯著的影響。合作夥伴們首先開始為此做準備。

Like we said, we had almost no promotions in Q1. We wanted to kind of digest what went on at the end of last year and get people ready for this three-quarter march to the -- to ending license sales.

正如我們所說，第一季我們幾乎沒有任何促銷活動。我們想回顧一下去年年底發生的事情，並讓人們為接下來的三個季度——也就是結束許可證銷售——做好準備。

So what I think it will take probably another month or two until we really see what the reaction from customers are. Generally speaking, they've been favorable and most of the results point that way. Do you have anything, Scott?

所以我認為可能還需要一到兩個月的時間才能真正看到顧客的反應。總的來說，結果都是有利的，大多數結果也都指向這一點。史考特，你有什麼嗎？

Yes. Gregg, one of the things that is encouraging on that front is, if you look at the 95,000 subscription adds we had in Q1, about half of them came from the new model types. So there is -- we are building pretty good acceptance, in the early days at least, on the new model types.

是的。格雷格，這方面令人鼓舞的一點是，如果你看一下我們第一季新增的 95,000 個訂閱用戶，其中大約一半來自新型號的用戶。所以，至少在初期，我們對新型車型的接受度相當不錯。

Our next question comes from Brent Thill from UBS. Your line is open. Please go ahead.

我們的下一個問題來自瑞銀集團的布倫特希爾。您的線路已開通。請繼續。

Good afternoon. Just a question on the guidance, and I want to make sure we understand this correctly. You left your constant-currency guidance for the full year unchanged, but you talk about this unevenness, and I know you've changed your as-reported guide due to FX.

午安.關於指導意見，我有個問題，想確認一下我們是否理解正確。您維持了全年固定匯率預期不變，但您談到了這種不平衡，我知道您已經因為匯率波動而更改了已公佈的預期。

But beyond the FX, is there something that's making you more nervous as you look at the economy, you talk about this unevenness? I think everyone in Japan has had issues. But what -- you did leave your constant currency and change. So I'm curious, there's inconsistent statements that you're making in terms of how you're thinking about as it looks -- as it relates to --

但除了外匯市場之外，在看待經濟問題時，還有什麼讓你感到更加擔憂的嗎？你談到了這種不平衡現象？我認為每個日本人都遇到過問題。但是——你確實留下了你的常用貨幣和找零。所以我很好奇，你對這件事的看法似乎前後矛盾——就它與…的關係而言——

Yes, so let me put things on both sides of the ledger. Generally, I feel good, as Scott just said, about the transition to the new model, and most parts of the world seem to be doing well. And in that way, our plans are unchanged.

是的，那我就把帳目兩邊都列出來吧。總的來說，正如斯科特剛才所說，我對向新模式的過渡感到滿意，而且世界上大多數地區似乎都進展順利。這樣一來，我們的計劃就沒有改變。

If you wanted me to rank my fussbudget, number one on my fussbudget would be FX; number two would be Japan; and number three would be Russia, and I don't think the list really goes longer than that. Those are the things, I think FX has been more of a headwind than we anticipated. Japan -- and Japan can continue to be weak.

如果要我給我的預算內的支出排名，那麼第一名是FX；第二名是日本；第三名是俄羅斯，我想這份名單也就到此為止了。我認為，FX帶來的阻力比我們預期的還要大。日本——而且日本可能繼續保持弱勢。

Russia we've already cut our business in such a substantial way that its impact is going to taper off. But if I wanted to prioritize them for you, Brent, that's probably the best thing I could do.

我們已經大幅削減了在俄羅斯的業務，因此其影響將會逐漸減弱。但是，布倫特，如果我想為你優先考慮這些事情，那可能是我能做的最好的事情了。

But your statement in not changing you constant currency, just the sense of you're not seeing a lot of this have a major impact. It's just this is -- it sounds like it's more FX-related.

但你的聲明並沒有改變你的固有觀念，只是你感覺這些事情並沒有產生重大影響。只是這個——聽起來更像是與特效相關的。

There's a lot of FX. I am -- I'd be not completely candid to say I'm not worried about Japan. Right now, Japan is one of our biggest markets. You've seen, as you mentioned, others have had trouble there. I think it can continue.

有很多特效。我確實──要說我不擔心日本，那就太不坦誠了。目前，日本是我們最大的市場之一。正如你所說，其他人也遇到類似的問題。我認為它可以繼續下去。

Generally speaking, when Q1 is weak for Japan, it's a weak year for Japan. So I have some nervousness around Japan. But as I said, somewhat tongue and cheek, it's a lot of money. Having a $200 million is a lot of money for us just to go in FX. So I usually feel better about both our hedging policy, as well as the buffer we had built in with the rates, and this time I have less confidence in that.

一般來說，如果日本第一季經濟疲軟，那麼這一年對日本來說也是經濟疲軟的一年。所以我對日本有點緊張。但正如我剛才半開玩笑地說的，這可是一大筆錢。對我們來說，拿出 2 億美元去投資外匯市場是一筆巨款。因此，我通常對我們的對沖政策以及我們在利率方面建立的緩衝都比較有信心，但這次我對此信心不足。

Okay, thank you for the color.

好的，謝謝你提供的顏色。

Thank you. Our next question comes from Keith Weiss from Morgan Stanley. Your line is open. Please go ahead.

謝謝。下一個問題來自摩根士丹利的基斯‧韋斯。您的線路已開通。請繼續。

Excellent. Thank you for taking the question. One of the things that we're all trying to figure out here as we go through the business model transition is the push and pulls between whether people are going to be hoarding perpetual licenses up front, or whether you're going to be able to convince to go to desktop subscription more fully or more wholesomely up front as we go through this transition.

出色的。感謝您回答這個問題。在進行商業模式轉型的過程中，我們都在努力弄清楚的一個問題是，人們是否會提前囤積永久許可證，或者我們是否能夠說服他們更全面、更徹底地轉向桌面訂閱模式，這兩者之間存在著拉鋸戰。

Any indications you could give us? It's been in the market for a couple months now> Any indications you could give us on how you think that's going to break, which direction it's going to break?

您能給我們一些線索嗎？它上市已經幾個月了。您能否預測一下它的走勢，以及它將朝哪個方向發展？

Keith, we've been trying to be totally transparent in this. We don't actually -- we have a number of models and a number of knobs and levers to move during the year, as we see it. I think you'll see it first break this quarter, and we'll have a little bit of understanding of that. And then we can adjust some things as we go through the rest of the year, but it's not as obvious. I was obviously encouraged that people, many higher subscription numbers in Q1, so we will just have to see how that plays out. But that was at least a positive sign.

基思，我們在這件事上一直努力做到完全透明。實際上我們並沒有——我們認為，一年中我們需要調整的參數和旋鈕有很多。我認為你會在本季看到它首次出現問題，我們也會對此有所了解。然後，我們可以在今年剩餘的時間裡對一些事情進行調整，但這並不那麼明顯。顯然，我感到很受鼓舞，因為第一季的訂閱用戶數量大幅增長，所以我們只需看看最終結果如何。但這至少是個正面的訊號。

Keith, the other thing, besides what Carl just mentioned about half of our net adds coming from new model in Q1, when we look at the promotional activity that we've got queued up for Q2 and through the end of the year, there's a couple of different thrusts behind that. One is going to the install base and offering a way for them to, if they're ready to move to a subscription, offer them a way for them to get there on a multi-year basis with a slight discount.

Keith，還有一點，除了Carl剛才提到的，我們第一季新增客戶中有大約一半來自新車型之外，當我們審視我們為第二季以及年底準備的促銷活動時，會發現背後有幾個不同的重點。一種方法是面向現有用戶群，如果他們準備轉向訂閱模式，就為他們提供一種方法，讓他們能夠以略微折扣的方式分多年完成訂閱。

And the other is really going directly after the LT base in Europe, and they are LP customers to the extent that they are willing to -- or want to buy another perpetual license and will buy multi-year, they can get a scaled up discount on that, depending on how many years of maintenance they decide to buy up front. So you'll see us doing more from a promotional standpoint to help drive that shift.

而另一項舉措則直接瞄準了歐洲的 LT 基礎用戶群，他們是 LP 客戶，如果他們願意或想要購買另一個永久許可證，並且願意購買多年許可證，他們就可以獲得遞增的折扣，折扣幅度取決於他們決定預先購買多少年的維護服務。因此，你會看到我們從推廣的角度做更多工作來推動這種轉變。

Keith, let me just try to give you a little bit of color on promotions, because certainly as I read some of your notes, the extrapolations were somewhat imperfect. And so the first thing was clear. Over the last few years, we have centralized much more of our promotional activity around the world. So it used to be that this was a more decentralized activity done by sales leaders in the geographies, and at any point we could have literally dozens of promotions going on. Over the last few years, those have been centralized. So that's the just the first thing, and so we have a really good handle on what they are.

基思，讓我試著給你補充一些關於晉升的細節，因為我讀了你的一些筆記後，發現你的推斷並不完全準確。所以第一件事就很清楚了。過去幾年，我們已將全球的推廣活動集中化程度越來越高。所以過去這是一項較為分散的活動，由各地區的銷售主管負責，任何時候我們都可能有數十個促銷活動同時進行。過去幾年，這些都已集中化。所以這只是第一點，因此我們對它們有了非常清晰的了解。

Second one is there are almost no promotions in the first quarter. It's the lowest level of promotional activity I've ever seen, certainly in my tenure. And the third thing is that when you have picked up from talking to customers or resellers any pricing changes, those have not been promotional activities driven by us. As you know, we don't control end-user pricing; we obviously have an impact on it. But those were things initiated by some of our partners.

第二點是第一季幾乎沒有促銷活動。這是我任職期間見過的最低水準的宣傳活動。第三點是，如果您從與客戶或經銷商的交談中了解到任何價格變化，那都不是我們推動的促銷活動。如您所知，我們無法控制最終用戶定價；但我們顯然對其有影響。但這些都是我們的一些合作夥伴發起的。

And so, then I just conclude the color commentary on promotions by saying and now we have a pretty robust promotional program going through Q2, Q3, & Q4. And so you should start picking up signs of that in your channel checks.

因此，我最後總結一下促銷活動的情況，現在我們有一個相當完善的促銷計劃，將持續到第二季​​、第三季和第四季。因此，你應該開始在渠道檢查中發現這些跡象。

Got it, and if I could probably sneak one last one in. So we're on this -- the beginning of a business model transition, which isn't just pricing models, if that's how you are taking product to market, something that you guys think is going to add a lot of value to the business over the next two to three years.

明白了，如果可以的話，我可能還會偷偷加最後一個。所以我們現在正處於商業模式轉型的開端，這不僅僅是定價模式的問題（如果你就是透過這種方式將產品推向市場），而是你們認為在未來兩到三年內將為企業帶來巨大價值的事情。

And I would argue is it's probably not terribly well understood by investors and probably not fully reflected in this stock. If that's the case, why aren't you buying back your stock more aggressively here?

我認為，投資人可能對此了解得併不透徹，而且這種了解可能也沒有充分反映在這隻股票上。如果真是這樣，為什麼你不更積極地回購股票？

Scott?

史考特？

Keith, that's obviously a question about capital allocation. So the first thing I would say is when you look at the $2 billion plus of cash we have on the balance sheet, as you probably saw in the prepared remarks, 86% of that is offshore. But it hasn't really affected the way we think about allocating capital.

基思，這顯然是一個關於資本配置的問題。所以，我首先要說的是，正如你們在準備好的演講稿中可能看到的那樣，當我們查看資產負債表上超過 20 億美元的現金時，其中 86% 都在海外。但這並沒有真正影響我們對資本配置的思考方式。

Just to reiterate, first and foremost, it's to support the business through the transition, whether that's organic growth or that's M&A-type growth. Second, it's about managing the dilution of the equity plans. And by the way, that includes not just our SKUs, but employee stock purchase plan that everyone has the opportunity to participate in.

再次重申，首要目標是支持企業順利過渡，無論是內生成長或是併購式成長。其次，這關係到如何管理股權計畫的稀釋。順便說一句，這不僅包括我們的 SKU，還包括每個人都有機會參與的員工購買股票計劃。

And then it's -- beyond that, it's to reduce the outstanding share count. So that policy is still in place, and that's still really where our head is, as we look at the next couple years.

除此之外，還要減少流通股數量。所以這項政策仍然有效，展望未來幾年，我們仍然會秉持這個理念。

We've just gone through a capital planning review and stay tuned. We're not reducing anything at this point, but we've just gone through a fairly comprehensive review of looking at the next few years and what the capital requirements are. So you'll see more in the coming months.

我們剛剛完成了一項資本規劃審查，敬請期待。目前我們不會削減任何開支，但我們剛剛對未來幾年的資金需求進行了相當全面的審查。所以未來幾個月你會看到更多。

Thank you. Our next question comes from Jay Vleeschhouwer from Griffin Securities. Your line is open. Please go ahead.

謝謝。下一個問題來自 Griffin Securities 的 Jay Vleeschhouwer。您的線路已開通。請繼續。

Carl, I'd like to ask a couple of questions regarding what the steady state of the business might look like, starting in FY in two respects. And you touched on it in part when you talked about your products and how they are being used differently.

卡爾，我想問你幾個關於公司在2020財年開始後的穩定營運狀況的問題，主要涉及兩個方面。當你談到你的產品以及它們如何以不同的方式被使用時，也部分地提到了這一點。

So the first question is, you already have a reasonably complex product line in terms of numbers of skews, numbers of configurations per suite, and so forth. And the question is versus what the portfolio looks liked today, do you think the portfolio in FY18 is somewhat more simplified or reduced? For example, when you come out with subscribe to Autodesk, do you think that even with various flavors of that, that you might, in effect, consolidate the product line? Or do you think that it just expands? You just introduced a new suite, for example. So what do you think the general direction of the scope of the portfolio looks like?

所以第一個問題是，就偏差數量、每個套件的配置數量等而言，你們的產品線已經相當複雜了。問題是，與目前的投資組合相比，您認為 2018 財年的投資組合是否更加簡化或縮減了？例如，當您推出 Autodesk 訂閱服務時，您是否認為即使有各種不同的版本，實際上也能整合產品線？還是你認為它只是在擴張？例如，您剛剛推出了一套新的套件。那麼，您認為該投資組合的範圍大致會朝哪個方向發展呢？

And then just the second question for Scott. Also looking at it, what the steady state might look like, would it be fair to say that in terms of the margin leverage you get, once you're on the other side of this transition, that sales and marketing as a percent of revenue is where you get the most leverage, perhaps several hundred basis points of reduction of sales and marketing? And that you might even have flat to lower absolute spending of sales and marketing at some point?

然後是給斯科特的第二個問題。此外，從穩定狀態的角度來看，一旦度過這個過渡期，是否可以說，就利潤率而言，銷售和行銷費用佔收入的百分比是你能獲得最大槓桿的地方，也許可以降低幾百個基點的銷售和行銷費用？甚至有可能在某個時候，銷售和行銷的絕對支出會保持不變或下降？

Let me just start. What I would say is, right now we're probably at the height of complexity of our product portfolio, because we really have one foot in each world. As we move forward, what I think you will see for the more traditional desktop products is subscribe to Autodesk will tend to be the primary way our customers buy.

讓我先開始吧。我想說的是，目前我們的產品組合可能正處於複雜程度的頂峰，因為我們真的一腳踏進了兩個領域。隨著我們繼續向前發展，我認為對於更傳統的桌面產品而言，訂閱 Autodesk 將成為我們客戶的主要購買方式。

And so there may be underlying that offer, individual products. But certainly as you would see them through our financial statements, these will look like subscribe to Autodesk.

因此，該優惠背後可能隱藏著個別產品。但正如您從我們的財務報表中看到的那樣，這些看起來就像是訂閱了 Autodesk。

And as you know, subscribe to Autodesk is just an umbrella term we're using for bringing our flexible license offerings to the majority of our customers. So there may be underneath it product names that you're unfamiliar with today, but the method in which they buy will be more common there.

如您所知，「訂閱 Autodesk」只是我們用來向大多數客戶提供靈活授權方案的一個統稱。因此，它下面可能會出現一些你今天不熟悉的商品名稱，但他們的購買方式在那裡會更常見。

Second thing I'd say is we've looked at our cloud offerings. The one thing about many cloud offerings is they're not as distinct as desktop offerings, that the services that you offer in a web-based environment tend to blow together and all fall under a single subscription fee with different kind of levels. But I think from the outside, it will be much more transparent and it will be much easier to discern what's going on. And the intention is for customers it's much easier for them to choose.

第二點是，我們已經檢視了我們的雲端產品。許多雲端服務的一個共同點是它們不像桌面服務那樣涇渭分明，你在基於網路的環境中提供的服務往往混雜在一起，所有服務都包含在一個訂閱費用中，只是層級有所不同。但我認為從外部來看，情況會更加透明，也更容易看清發生了什麼事。這樣做的目的是為了讓顧客更容易做出選擇。

So a lot of the emphasis on the change in business model here is to allow customers to be much more flexible. We've talked about many times how we see flexible license offerings as both being really good for our business and really good for our customers.

因此，此次商業模式變革的重點在於讓客戶擁有更大的彈性。我們已經多次談到，我們認為靈活的授權方案對我們的業務和客戶都非常有利。

So that's the general direction. I think you're probably at the Apex of product portfolio complexity, and certainly as you get to FY18, you'll see considerable simplification.

大致方向就是這樣。我認為你們的產品組合複雜性可能已經達到了頂峰，而且可以肯定的是，到了 2018 財年，你們將會看到相當大的簡化。

Jay, this is Scott. To your question on sales and marketing as a percent of revenue leverage, for sure we'll get a good deal of leverage as we reestablish steady state in that FY18, FY19 time frame for a couple of reasons. One of which is just scale, and sales and marketing is our highest spin as a percent of revenue. So of course, that means it's going to get the greatest leverage as we scale.

傑伊，這是史考特。關於您提出的銷售和行銷佔收入百分比的問題，可以肯定的是，隨著我們在 2018 財年和 2019 財年期間恢復穩定狀態，我們將獲得相當大的槓桿作用，原因有二。其中之一就是規模，銷售和行銷是我們收入中佔比最高的支出。所以，這當然意味著隨著我們規模的擴大，它將獲得最大的槓桿作用。

We'll also see channel mix shift out in time. Our reseller channel will continue to be the overwhelming majority of our sales, but we will see some mix shift. And we're starting to see a little bit of that today, and as we do, that will drive also leverage in sales and marketing. To the extent that it comes down in absolute terms, that's a little far out to be able to project at this point.

我們也會看到頻道混合比例隨時間改變。我們的經銷商通路仍將是我們銷售的絕大部分，但我們會看到一些組合變化。我們今天已經開始看到一些這樣的跡象，隨著這種情況的出現，這也將推動銷售和行銷的槓桿作用。如果要從絕對值來看，現在預測這個數字還為時過早。

Thank you. Our next question comes from Brendan Barnicle from Pacific Crest Securities. Your line is open. Please go ahead.

謝謝。我們的下一個問題來自太平洋證券公司的布倫丹·巴尼克爾。您的線路已開通。請繼續。

Thank you so much, and Carl, thank you for reiterating that FY18 guidance. I wanted to drill down on how we get there a little bit. It sounds like based on your comments that FY17, not this year would be the low in terms of revs in EPS. And if that's so, do you also expect that billings would remain positive in FY17 as we go through this transition? Ar would those dip negative as you make the change?

非常感謝，卡爾，也感謝你重申了2018財年的指導。我想更深入地探討一下我們是如何達到那個目標的。根據你的評論來看，2017 財年（而不是今年）的每股盈餘（EPS）將創下新低。如果情況確實如此，您是否也預計在2017財年，隨著我們完成這項過渡，帳單金額將保持正成長？當你做出改變時，這些數值會變成負值嗎？

There's a chance it dips negative; a lot depends on the pace of change. So the question that was asked earlier, a huge amount depends on how quickly people move between the two models. We'll update you as we see it develop, but I don't think it's wrong to assume that it dips in FY17, and I think it is correct to say that FY17 is the low point. There will be -- that will be the place where the customers are most compelled to do something and make a choice.

有可能出現負成長；很大程度取決於變化的速度。所以，之前提出的問題，很大程度取決於人們在兩種模式之間轉換的速度。我們會隨時向您報告最新進展，但我認為假設它在 2017 財年出現下滑並沒有錯，而且我認為說 2017 財年是低谷也是正確的。那裡將會有一個——那是顧客最有可能採取行動並做出選擇的地方。

And let me just remind you, to the extent that we're most successful at transitioning customers to the new models, which is what we really want to do, because the financial model with the others into the rainbow is so promising, is that it will impact traditional income statement metrics.

我還要提醒各位，如果我們能夠成功地將客戶過渡到新模式（這正是我們真正想要做的，因為與其他模式融合在一起的財務模式前景非常光明），那麼它將對傳統的損益表指標產生影響。

So it's a mixed bag for us. Most of all we root for it; it definitely brings down the traditional metrics that people look at.

所以對我們來說，結果是喜憂參半。最重要的是，我們支持它；它肯定會降低人們關注的傳統指標。

And Brendan, that same dynamic is in play this year. To the extent that it moves much more quickly to new models and away from perpetual sales, we'll see that in the reported revenue results this year. We'll continue to see the build in subscribers; we'll continue to see the build in deferred revenues, but that same dynamic that we're talking about in FY17 is also in play for the remainder of this year.

布倫丹，今年同樣的情況也發生了。如果它更快地轉向新車型，擺脫持續銷售的模式，我們將在今年公佈的營收業績中看到這一點。我們將繼續看到訂閱用戶數量的成長；我們將繼續看到遞延收入的成長，但我們在 2017 財年所討論的這種動態，在今年剩餘的時間裡也將繼續發揮作用。

Great, thank you. And Scott, just following up quickly on the cash flow you mentioned in the prepared comments, the higher pay out of variable employee comp. And I was just curious whether given that you didn't see as much this quarter, if you had just more direct sales in Q4? And then whether direct sales met the expectations for Q1, or if that's just a seasonal pattern we should start modeling?

太好了，謝謝。史考特，我快速跟進你在準備好的評論中提到的現金流問題，即員工可變薪酬中更高的支出。我只是好奇，鑑於您本季業績不佳，是不是第四季的直接銷售額增加？那麼，第一季的直接銷售額是否達到了預期，或者這只是一個季節性模式，我們應該開始建立模型嗎？

Yes, what really impacted cash flow from ops in Q1 was really -- was two things. We talked about both of these when we talked about our income statement in Q4, but they both came out of cash in Q1. One was the variable comp plans. FY15 for us, which ended January 1st -- or 31st, was a very good year, until we saw in our OpEx in -- throughout the year, but in particular in Q3 and Q4 of last year, a pretty elevated level of variable comp expense. Well all that got paid out in Q1. So year on year, we spent out of our cash, we spent about $60 million more in variable comp in Q1 of this year than we spent in variable comp in Q1 of last year.

是的，真正影響第一季營運現金流的其實是兩件事。我們在第四季度損益表分析時談到了這兩件事，但它們都是在第一季用現金支付的。其中之一就是浮動薪酬計劃。對我們來說，2015 財年（截至 1 月 1 日或 31 日）是一個非常好的一年，直到我們在營運支出中看到——尤其是在去年的第三季度和第四季度，可變薪資支出水平相當高。所有款項都在第一季支付完畢了。因此，與去年同期相比，我們用現金支付了約 6,000 萬美元的可變薪酬，今年第一季我們在可變薪酬方面的支出比去年第一季多出約 6,000 萬美元。

The second is we talked about, if you remember, Q4 was a record quarter for us for cash flow from ops of $257 million. Within that, we talked about the linearity of Q4 was such that we had a lot of those large EVAs close actually in December. It wasn't the end of our fiscal year, but it was the end of a lot of our customers' fiscal year.

第二點是我們之前討論過的，如果你還記得的話，第四季是我們營運現金流創紀錄的一個季度，達到 2.57 億美元。其中，我們討論了第四季度的線性特徵，即許多大型EVA實際上在12月就結束了。雖然這不是我們財政年度的結束，但卻是我們許多客戶財政年度的結束。

So a lot of those big transactions actually got closed in December, got invoiced and collected still in Q4, as opposed to a normal linearity, which would have those much more at the end of the quarter and then collected in the following quarter. And that contributed about a little more than $40 million to the OpEx impact year on year. So those two together drove Q1 cash flow from ops down a little bit more than $100 million on a year-on-year basis.

因此，許多大額交易實際上是在 12 月完成的，開立發票和收款仍然在第四季度完成，這與正常的線性過程不同，正常的線性過程通常是在季度末完成，然後在下一個季度收款。這每年為營運支出帶來了略高於 4000 萬美元的影響。因此，這兩個因素加在一起導致第一季營運現金流年減了略超過 1 億美元。

Great, thank you for the clarity.

太好了，謝謝你的解釋。

Thank you. Our next question comes from Steve Ashley from Robert W. Baird. Your line is open. Please go ahead.

謝謝。下一個問題來自 Robert W. Baird 公司的 Steve Ashley。您的線路已開通。請繼續。

Perfect. Just like to go back and maybe touch a little bit on what Brett had talked about a little earlier about your talking about the year. Just wondering if your internal way that you had expected the year to play out has changed from when you started the year till now. Do you now expect the seasonality of quarterly of the way the revenue flows to be different?

完美的。我想回顧一下，稍微談談布雷特之前提到的關於你談論這一年的話題。我只是想知道，從年初到現在，你內心對這一年發展走向的預期是否有改變。現在您是否預期季度收入波動方式的季節性會有所不同？

Yes, Steve, this is Scott. I'll start and then let Carl add some commentary. It's really not significantly different. As we calculate the FX impact, it is rounding going on in there. We quote that in whole percentage points, but it has increased and has moved from what was 6 and 4 on billings and revenue to 7 and 5. But the reality is there's some rounding going on underneath the covers.

是的，史蒂夫，我是史考特。我先開始，然後讓卡爾補充一些評論。其實差別不大。我們在計算外匯影響時，會進行四捨五入。我們以整數百分比表示，但實際上已經有所增長，帳單和收入的比例從之前的 6% 和 4% 上升到 7% 和 5%。但實際上，這裡面存在一些四捨五入的誤差。

I think the shape of the year is the same shape that we expected. There is a little bit of uncertainty, as Carl talked about earlier, in some of our key markets, in particular in Japan and then to some extent in Russia. And that's really what you see reflected.

我認為今年的整體趨勢和我們預期的一樣。正如卡爾之前提到的，我們的一些主要市場存在一些不確定性，特別是日本市場，以及在某種程度上俄羅斯市場。而這正是你所看到的反映。

Great.

偉大的。

Yes, and same thing I said before in terms of concerns. It's FX and then it's Japan and then it's Russia, and the list kind of ends there.

是的，和我之前說的擔憂一樣。先是FX，然後是日本，然後是俄羅斯，名單就差不多到此為止了。

I would just, in terms of 50% of the subscriptions coming from the new model, I wonder if we could get a little more granularity there. And maybe just comment, are you seeing traction with desktop subscriptions?

關於 50% 的訂閱用戶來自新模式這一點，我想知道我們是否可以更細緻地分析一下。另外，您能否評論一下，桌面訂閱業務的發展如何？

Yes, we are, Steve. We are seeing desktop. We've talked about it growing on a sequential basis at a pretty high clip. We're not actually breaking it out, because it's still -- despite the rapid growth, it's still not a material number. But it is continuing to grow actually and not experience seasonality at this point. We're still seeing very strong sequential growth coming out of desktop and cloud.

是的，我們是，史蒂夫。我們看到的是桌面系統。我們已經討論過它以相當快的速度逐年增長。我們實際上並沒有將其拆分出來，因為儘管增長迅速，但這仍然不是一個實質的數字。但實際上它仍在持續成長，目前還沒有出現季節性波動。我們仍然看到桌面端和雲端業務保持著非常強勁的連續成長。

Perfect, thank you.

太好了，謝謝。

Thank you. Our next question comes from Heather Bellini from Goldman Sachs. Your line is open. Please go ahead.

謝謝。下一個問題來自高盛的希瑟·貝利尼。您的線路已開通。請繼續。

Great, thank you. I had a couple questions. One, I just wanted to follow-up on that last one before I go to these other two about the product strength you're seeing. You mentioned new products in particular, and just wondering, you just gave us some color on desktop subscription. But can you give us some other information about -- or anymore granularity on where you're seeing growth in the other new products? And then I have a couple follow-ups.

太好了，謝謝。我有幾個問題。首先，我想在討論你看到的關於產品強度的另外兩個問題之前，先跟進最後一個問題。您特別提到了新產品，我想問一下，您剛才也詳細介紹了桌面訂閱服務。但是，您能否提供一些關於其他新產品增長情況的其他信息，或者更詳細地說明一下您在哪些方面看到了增長？然後我還有幾個後續問題。

Okay sure, Heather. First one I would say is the enterprise licensing, the EVAs continue to do really well. They're still a little bit more seasonal than other parts of our business. They coincide with the customer or our end of year, but enterprise licenses continue to grow. I expect them to continue into this year and next.

好的，當然可以，希瑟。首先我想說的是企業許可，EVA（企業授權許可）的表現依然非常出色。與其他業務相比，它們的季節性仍然更強一些。雖然這與客戶或我們的年末銷售情況相吻合，但企業許可證的數量仍在持續成長。我預計這種情況會持續到今年和明年。

And then we're having tremendous amount of success on the cloud-based products. So PLM 360, I called out some color, the CAM products, PLM 360, Fusion 360, all doing really well.

而且我們在雲端產品方面也取得了巨大的成功。所以，PLM 360，我提到了一些顏色，CAM 產品，PLM 360，Fusion 360，都表現得非常好。

In some ways if you think about it, it's been crazy that it's taken this long for cloud software to make it to the world of engineering. And as its becoming a mainstream deployment in IT shops, people are realizing that; the world of design engineering and manufacturing is going to move there as well, and so we're benefiting from being in a leadership position in all of those.

從某種程度上來說，仔細想想，雲端運算軟體花了這麼長時間才進入工程領域，這簡直太不可思議了。隨著它在 IT 部門逐漸成為主流部署方式，人們也意識到，設計工程和製造領域也將隨之發展，因此，我們在所有這些領域都處於領先地位，並從中受益。

I think backing it up too would be the desktop subscriptions continue to do nicely, and we'll be able to give you more color on the desktop subscriptions as the promotions start in Q2 and the deadlines approach in Q4. We will watch that go.

我認為，桌面訂閱業務的持續良好表現也印證了這一點，隨著第二季度促銷活動的開始和第四季度截止日期的臨近，我們將能夠為您提供更多關於桌面訂閱業務的詳細信息。我們會密切關注事態發展。

And I think just generally, lost in our gray coloring of the macro economy is most is going pretty well, and we saw that in the construction numbers and a lot of the manufacturing numbers, that absent a couple of specific countries, generally speaking, the economies of the world are doing pretty well.

我覺得，在我們對宏觀經濟的灰色看法中，人們很容易忽略一點：大部分經濟狀況都相當不錯。我們在建築業數據和許多製造業數據中也看到了這一點。除了少數特定國家之外，總的來說，世界經濟運作良好。

Heather, the one bit color I'd add to Carl's comments on desktop that I should have mentioned earlier is it's early days. But what we are seeing is within our desktop subscription growth, the largest component of it is LT. And I think what's encouraging about that is an LT customer traditionally would buy a perpetual license and we had a much lower attach rate of maintenance. So seeing that cohort, that set of our customers now shifting over to a subscription model is pretty encouraging for the future.

Heather，關於桌面系統，我還要補充Carl的評論中我之前應該提到的一點：現在還處於早期階段。但我們看到，在桌面訂閱用戶成長中，LT 佔比最大。我認為令人鼓舞的是，LT 客戶通常會購買永久許可證，而我們的維護附加率則低得多。因此，看到這部分客戶群轉向訂閱模式，對未來來說是一個相當令人鼓舞的消息。

That's great, thank you. And then I just had a question, two more actually. But there's a lot of people wondering if you could give some color between the difference between how you guys calculate billings, and then the billings we all see on your financial statements. Because those are the only ones we have to look at. So if you can talk a little bit about that.

太好了，謝謝。然後我還有兩個問題。但很多人都想知道，您能否解釋一下您們的帳單計算方式與我們在財務報表上看到的帳單之間的差異。因為我們只需要查看這些。所以，如果您能稍微談談這方面的話。

And then also, when you give your billings CAGR, is it based on your definition of billings? Or is it going to be the billings we see on your financial statements, because that's the other thing we're getting pinged on a lot? And then I just had one follow-up after that.

另外，當您給出帳單金額複合年增長率時，它是基於您對帳單金額的定義嗎？或者，我們指的是你們財務報表上的帳單金額嗎？因為這是我們常被問到的另一個問題。之後我只進行了一次後續跟進。

Sure. The way we do billings is, it's outlined actually in our prepared comments, but it's actually what's invoiced minus the partner incentives. So our contras come out of that. I think the one thing that may be driving --

當然。我們的計費方式是這樣的，實際上在我們的預先準備好的說明中已經概述過了，但實際開票金額是扣除合作夥伴激勵後的金額。所以我們的反叛分子就是由此產生的。我認為可能驅動這過程的因素只有一個——

But why aren't those in the financial -- but why aren't those in your Qs and Ks?

但為什麼這些內容不在財務報表中──但為什麼這些內容不在你們的Q和K表中呢？

Net billings are reported on the face of our quarterly earnings. I'd have to go back and look at the Q and see if we put that in there or not. It's not --there's no magic to it though. It's what's invoiced minus the contras.

淨帳單金額會在我們的季度收益報告中列出。我得回去看看問題，看看我們有沒有把那句話加進去。並非如此——這其中並沒有什麼魔法。這是發票金額減去抵銷金額後的餘額。

But then, and then when you give your billings growth target, I'm just passing on the questions that are in my inbox. What are you -- what's the goal based on? Is it based on what you just defined, that net billings number?

但是，當你給出你的帳單成長目標時，我只是把我收件匣裡的問題轉達給你。你的目標是什麼？你的目標是基於什麼？這是基於您剛才定義的淨帳單金額嗎？

Yes. When we talk about billings, we talk about net billings.

是的。我們談到帳單時，指的是淨帳單。

Okay, and then the question for you, Carl, you've been asked a lot over the last year or so about buybacks. And I heard your comments that said you just finished a comprehensive review and that you'd be back to us. Is that -- when we hear you saying that, is that something like you know that this is something that you should be contemplating?

好的，那麼問題要問你，卡爾，在過去一年左右的時間裡，很多人都問過你關於股票回購的問題。我聽到你說過你剛剛完成了一項全面的審查，你會回來和我們聯繫。——當我們聽到你說這句話時，是不是代表你知道這是你應該認真考慮的事情？

I'm just trying to get a sense of we've known for years that you guys have used your buyback to offset solution from stock options and the employee stock purchase plan. But is the Board at least going through the analysis to determine where you are in the transition, how much better it would be for shareholders if you were to take the dilution out now?

我只是想了解一下，我們多年來都知道你們一直利用股票回購來抵消股票選擇權和員工股票購買計劃帶來的問題。但董事會至少是否正在進行分析，以確定您目前處於過渡階段的哪個階段，以及如果現在取消稀釋對股東來說會有多大的好處？

How much of that is being factored in? Because while we appreciate saving cash for a rainy day and understanding that a lot of it's offshore, I think even during the depths of the credit crisis, you didn't burn any cash. So how do we think about how the Board is going about the comprehensive review?

其中有多少因素被考慮在內？雖然我們讚賞為不時之需存錢，也理解很多錢都存在海外，但我認為即使在信貸危機最嚴重的時候，你們也沒有燒掉任何現金。那麼，我們如何看待董事會進行全面審查的方式呢？

First, let's start by being honest. You don't appreciate saving cash for a rainy day, and other people in your inbox appreciate it either, or very few. But more seriously, Heather, you'll hear from us in the next month or so about what our plans are.

首先，讓我們坦誠相待。你不懂得存錢以備不時之需，收件匣裡的其他人也不懂得珍惜，或是只有極少數人懂得珍惜。但說真的，希瑟，接下來一個月左右我們會告訴你我們的計畫是什麼。

So certainly during Q2, we'll talk about it. And I was very seriously; it was comprehensive, we went through. This is a point of inflection, and so it required a different analysis than we've done before, and so stay tuned.

所以，我們肯定會在第二季討論這個問題。我當時非常認真；我們進行了全面的討論。這是一個轉折點，因此需要採用與以往不同的分析方法，敬請期待。

That's great. Thank you so much.

那太棒了。太感謝了。

Thank you. Our next question comes from Matt Hedberg from RBC Capital Markets. Your line is open. Please go ahead.

謝謝。下一個問題來自加拿大皇家銀行資本市場的馬特‧赫德伯格。您的線路已開通。請繼續。

Thank you for taking my questions. One of the questions that I get the most is how might the range of outcome look for 2017, and when might those ranges start to narrow here? And I'm wondering how should we think about cash margins versus operating margins? Should cash margins be a bigger focus for investors during this transition versus your 30% operating margin targets?

謝謝您回答我的問題。我被問到最多的問題之一是，2017 年的結果範圍會是什麼樣的，以及這些範圍何時會開始縮小？我想知道我們應該如何看待現金利潤率和營業利潤率？在此轉型期間，投資人是否應該更加關注現金利潤率，而不是您設定的 30% 的營業利潤率目標？

Yes, Matt. I think both are important. Obviously we are continuing to generate cash. I don't think you see a significantly different trend though between our cash margins and our op margins. So as we go into FY17, and as Carl talked about, some of the traditional income statement metrics, particularly around reported revenue will be under pressure in FY17. That's going to put pressure right down the face of the income statement.

是的，馬特。我認為兩者都很重要。顯然，我們仍在持續創造現金流。我認為我們的現金利潤率和營業利潤率之間並沒有明顯不同的趨勢。因此，隨著我們進入 2017 財年，正如卡爾所說，一些傳統的損益表指標，特別是與報告收入相關的指標，將在 2017 財年面臨壓力。那將直接給損益表帶來巨大壓力。

I think the better way to track our progress through the transition is going to be looking at things like the growth of deferred revenue and the growth of the subscriber base, which really get at the underlying business dynamics then set up for the way the model looks as we come back out of the transition.

我認為追蹤我們轉型進展的更好方法是專注於遞延收入的成長和用戶群的成長等指標，這些指標能夠真正反映出潛在的業務動態，並為我們轉型後的商業模式奠定基礎。

That's great. And then, Carl, I wanted to ask about IOT. It seems to me you talked about it a little more in your prepared remarks than I can remember historically. Can you give us a better sense for how you might play in that market? And should we expect further investments, be it M&A, to further boost that opportunity for you?

那太棒了。然後，卡爾，我想問關於物聯網的問題。我覺得你在事先準備好的發言稿中談到這件事的次數比我記憶中以往的發言要多一些。您能否更詳細地說明一下您將如何在這個市場中運作？我們是否可以預期會有進一步的投資，例如併購，來進一步提升您獲得此機會的可能性？

Yes, so this is probably the first time we've really talked about it, and it's one of these areas where our customers are really interested it. I was doing the prepared remarks last night when I came upon this tweet and it made me pause about including it, because the tweet was something like IOT is like teenage sex. Everyone talks about it, nobody really knows how to do it, everyone thinks everyone else is doing it, so everyone else claims they are doing it. So it did give me a little bit of pause.

是的，這可能是我們第一次真正討論這個問題，也是我們的客戶非常感興趣的領域之一。昨晚我在準備演講稿時看到了這條推文，這讓我猶豫要不要把它加進去，因為這條推文的內容大概是：物聯網就像青少年性行為。每個人都在談論它，但沒有人真正知道該怎麼做，每個人都認為其他人都在做，所以其他人也都聲稱自己在做。所以這確實讓我有點猶豫。

But let me just tell you that we do know what we're doing, and it has become a huge focus for our customers in all of our industries. IOT has been often associated with just purely manufacturing, but it's also in the building space. And I would say this is both for vertical and horizontal construction, a big deal.

但我想告訴你們，我們確實知道自己在做什麼，而且這已經成為我們所有行業客戶非常關注的焦點。人們通常將物聯網與純粹的製造業聯繫起來，但它也應用於建築領域。我認為這對於垂直和水平結構來說都是一件大事。

Sensors are being built into every building; they're being put in every infrastructure project, from electrical infrastructure to sewage infrastructure to dams, roads, bridges are all having it. And the important thing for us is figuring out how do you help customers not only collect that data and analyze that data, but how does that feed back into better products that are being built, in turn for their customers.

每棟建築都安裝了感測器；每個基礎設施項目都安裝了感測器，從電力基礎設施到污水處理基礎設施，再到水壩、道路、橋樑，無一例外。對我們來說，重要的是弄清楚如何幫助客戶不僅收集和分析這些數據，而且還如何將這些數據回饋到正在開發中的更好的產品中，進而為他們的客戶創造更好的產品。

Also many of our customers are contemplating transitions of their own. You've certainly seen things along the lines from large industrial companies like GE talking about essentially jet engines as a service, as opposed to selling jet engines, and railroads as a service. And so it's a huge interest.

此外，我們的許多客戶也在考慮進行自身的轉型。你肯定見過像通用電氣這樣的大型工業公司談論噴氣發動機作為一種服務，而不是銷售噴氣發動機，以及鐵路作為一種服務。所以，這引起了人們的極大興趣。

What we saw in the market was that there was a real lack of contemporary modern tools to do. There's a lot of old tools that have been around for a long time, and so we will do the usual thing to answer your question directly, which is we're doing some in-house development that we start from scratch, and we will be opportunistic about finding M&A opportunities.

我們在市場上發現，非常缺乏現代化的工具來進行這項工作。有很多舊工具已經存在很長時間了，所以我們會像往常一樣直接回答你的問題，那就是我們正在進行一些從零開始的內部開發，並且我們會抓住機會尋找併購機會。

But I wouldn't take those remarks to signal anything significant about a big acquisition. Any acquisitions we will do will be in the style that we're most accustomed to.

但我認為這些話並不代表會有重大收購發生。我們進行的任何收購都將採用我們最習慣的方式。

Thank you. Our next question comes from Phillip Winslow from Credit Suisse. Your line is open. Please go ahead.

謝謝。下一個問題來自瑞士信貸的菲利普‧溫斯洛。您的線路已開通。請繼續。

Thank you for taking my question. Most questions I had have already been asked, but just wanted to dig into the linearity question. And Carl, back to your comments about being more back-end loaded and a little softer in the middle. Perhaps you could help us -- give an analogy here to how you expect the end of sale of point product licenses at the end of this fiscal year to impact the second half, maybe versus how the end of upgrade sales impacted the second half or just last fiscal year. What did we learn from the end of upgrades? And how are you thinking about that and applying it to the end of point product sales? And then in terms of the guidance, that would be great.

感謝您回答我的問題。我的大部分問題都已經被問過了，但我還是想深入探討線性問題。卡爾，回到你之前關於後段爆發力更強、中段稍弱的評論。或許您可以幫我們做個類比，說明一下您預計本財年末停止銷售點產品許可證會對下半年產生怎樣的影響，或許可以將其與停止銷售升級服務對下半年或上個財年的影響進行比較。從升級的最後階段我們學到了什麼？您是如何考慮這一點並將其應用於最終產品銷售的？至於指導方面，那就太好了。

Yes, so I think it's a great question. I think the best indication we have about the trajectory, the slow growth activity is what happened last year. It's a really good indication of how our customers respond to changes that need to be made. So that much I look at as being very similar to last year.

是的，所以我認為這是一個很好的問題。我認為，關於經濟成長軌跡和緩慢成長活動的最佳指標就是去年的情況。這很好地表明了我們的客戶對需要做出的改變的反應。所以我覺得這方面和去年非常相似。

The place where there's probably a little bit of difference is just we don't know what they will do as a result of it. So how many will move to desktop subscription versus the -- hoarding extra licenses? So there's a little bit of difference in what they will do, but the level of activity, we've been modeling as pretty close to a mirror of what happened the year before. And checking with historical patterns, it's pretty similar to things we've done with other transitions where there was really an end of sale demarcated in the future.

可能略有不同的地方在於，我們不知道他們最終會採取什麼行動。那麼，究竟有多少用戶會轉向桌面訂閱模式，還是會繼續囤積額外的授權呢？所以他們在具體做法上會有一些不同，但我們模擬的活動量與前一年的情況非常接近。從歷史模式來看，這與我們過去在其他轉型過程中所做的事情非常相似，當時確實在未來劃定了銷售結束的界限。

So is it fair to summarize it that, hey, we're coming off of a lot of one-time demand the last couple quarters? We're now half way through the trough, and then there's this ramp up for the now-or-never purchase the second half of this year? Is that a fair way to describe it, a U-shape?

所以，我們可以這樣總結嗎：嘿，過去幾季我們經歷了大量的一次性需求？我們現在已經度過了低谷期的一半，然後今年下半年將迎來「機不可失，時不再來」的搶購潮？用「U形」來形容它是否恰當？

The little bit of subtlety that's in there is because of that, the way the incentives work for our partners and our customers is the biggest discount starts earlier in the year. So, where we've noticed that if we had the biggest financial incentive at the end of the year, that combined with a compelling deadline makes for a very nominal year. So instead we did the opposite, just like we did last year, is the financial incentives are greatest in Q2 and ramp down to Q4. So we tried to just balance those two forces out as much as possible to get a little bit more linearity.

其中蘊含的些許微妙之處在於，我們為合作夥伴和客戶提供的激勵措施是，最大的折扣從年初開始生效。所以，我們注意到，如果年底有最大的經濟誘因，再加上一個緊迫的截止日期，那麼這一年就只能算是微不足道的一年。因此，我們採取了相反的做法，就像去年一樣，即第二季度的財政激勵措施最大，然後到第四季逐漸減少。所以我們盡量平衡這兩種力，以獲得更好的線性度。

Got it. Thank you.

知道了。謝謝。

The other nuance there compared to upgrades is what Carl said earlier. In the case of upgrades, it was buy the upgrade now or don't. In this case, it's buy perpetual license now or go ahead and make the shift over to desktop or cloud, so there's a little bit of unknown.

與升級相比，另一個細微差別正如卡爾之前所說。如果是升級，要嘛現在就買升級，要嘛就別買。在這種情況下，現在要么購買永久許可證，要么直接遷移到桌面或雲端，所以存在一些未知因素。

We always felt the shape of the year was going to be back-end loaded, and that's exactly how we're seeing it play out. We've put in place promos to try to drive more of that demand earlier in the year, and I still think it could be fairly back-end loaded.

我們一直覺得今年的情況會是後半段最為強勁，而事實也正是如此。我們已經採取了一些促銷措施，試圖在年初就刺激更多的需求，但我仍然認為需求可能會在後期集中爆發。

The other point, just to make sure that everyone still has on the radar screen is we're really talking about end of sale at the end of this year just for the individual products. We haven't yet announced the end of sale point on suites, although we have said it will be some time within our FY17. But that's still out there for part of FY17.

還有一點，為了確保大家仍然注意到這一點，我們指的是今年年底這些單一產品的銷售結束。雖然我們已表示將在 2017 財年內某個時間點停止銷售套房，但我們尚未正式宣布套房銷售的截止日期。但這種情況在 2017 財年的部分時間仍然存在。

Thank you. Our next question comes from Walter Pritchard from Citigroup. Your line is open. Please go ahead.

謝謝。我們的下一個問題來自花旗集團的華特·普里查德。您的線路已開通。請繼續。

Hi, thank you. Two questions just to follow-up to the prepared remarks. One is you commented in there that LT (inaudible), and I'm wondering is that just a revenue business model transition, or did you actually [see some] fundamental underlying (inaudible) weakness during the quarter?

您好，謝謝。針對剛才準備好的發言，我還有兩點後續問題。您在評論中提到了 LT（聽不清楚），我想知道這只是收入業務模式的轉變，還是您實際上在本季度看到了一些根本性的潛在（聽不清楚）弱點？

Walt? Can you repeat the question? For some reason you're breaking up.

沃特？你能再說一次問題嗎？你們因為某些原因分手了。

Oh, sorry. All right, let's see. Is this any better.

哦，對不起。好的，我們來看看。這樣好些了嗎？

Yes that's better.

這樣好多了。

Okay, great. So well the question was on LTs. You had in the prepared remarks that LT was weak during the quarter. And I'm wondering if that was a business model transition source of weakness or if there was something going on that was more demand-related or otherwise?

好的，太好了。所以問題是關於LT的。你在事先準備好的發言稿中提到，LT在本季表現疲軟。我想知道這是否是商業模式轉型造成的弱點，還是有其他與需求相關的或其他方面的問題？

LT, as we've always said, is very promotion-related. It's the most price sensitive amongst our customers, and so I tie it almost completely to lack of promotions in the quarter.

正如我們一直所說，LT 與晉升密切相關。這是我們的客戶中最注重價格的，因此我幾乎完全將其歸因於本季度缺乏促銷活動。

Got it, and then just another follow-up on the prepared remarks. You had in there that manufacturing I think it grew, I don't know remember exactly the number, but it was a little weaker than we thought it would be on a constant-currency basis. And obviously some of the things like TMI and manufacturing data on the macro side haven't been as strong. I'm wondering if you attribute that relative weakness to the macro or if -- I'm just curious how you think about your market share there, and if you're holding share in that market?

明白了，接下來只需為準備好的發言稿補充一些內容即可。報告顯示製造業有所成長，我記不清具體數字了，但以固定匯率計算，其成長速度比我們預期的要慢一些。顯然，宏觀層面的一些指標，例如TMI和製造業數據，表現並不強勁。我想知道您是否將這種相對疲軟歸因於宏觀經濟，或者——我只是好奇您如何看待您在該地區的市場份額，以及您是否在該市場佔有一席之地？

Yes, I think we feel relatively good about manufacturing. Japan is obviously one of the areas impacting us. So generally feel good about where we are. If I was to break it down a little further to the question of share, I think we're holding serve or better in all of the traditional products.

是的，我認為我們對生產製造方面比較有信心。日本顯然是影響我們的地區之一。總的來說，我對我們目前的狀況感到滿意。如果進一步細分市場份額的問題，我認為我們在所有傳統產品中都保持或超過了市場份額。

The place where we're really gaining ground, although it's not reflected so much in the financials, is in all of the cloud-based products. As we talk about a cloud-based IOT product and a cloud-based PON product, and a cloud-based design and engineering product like Fusion, that's dramatically different than what our competitors are doing. And that's the place where we are seeing real traction.

雖然財務數據並沒有充分反映出來，但我們真正取得進展的領域是所有基於雲端的產品。當我們談論基於雲端的物聯網產品、基於雲端的 PON 產品以及像 Fusion 這樣的基於雲端的設計和工程產品時，這與我們的競爭對手正在做的事情截然不同。而這正是我們看到真正進步的地方。

Thank you our next question comes from Steve Koenig from Wedbush. Your line is open. Please go ahead.

謝謝，我們的下一個問題來自 Wedbush 公司的 Steve Koenig。您的線路已開通。請繼續。

Hi, thank you gentlemen. If I can do a housekeeping and then one follow-up. On the housekeeping, a financial question here. Scott, can you just explain to us the operating margin being down in guidance, is that all currency or is there a bit of macro or something else in there?

嗨，謝謝各位先生。如果我能先做些家務，然後再做一次後續跟進。關於家務事方面，這裡有一個財務問題。斯科特，你能解釋為什麼營運利潤率在預期中有所下降嗎？這完全是匯率因素造成的，還是也受到了宏觀經濟或其他因素的影響？

Yes, it's the op margin coming down from previous guide of 13-15 to 12-14 really just reflects the change that we've guided on the top line.

是的，營業利潤率從先前的 13-15% 下調至 12-14%，這實際上反映了我們對營收成長的預期變化。

Okay, so--

好的，所以——

Sorry we're getting a lot of feedback. I don't know if you heard the same thing. We have got a significant echo there.

抱歉，我們收到了大量回饋。我不知道你是否也聽到了同樣的事情。那裡迴聲很大。

I didn't hear that, but can you hear me okay now?

我剛才沒聽到，現在你能聽清楚我說話嗎？

Yes, we can.

是的，我們可以。

Okay, great. So the operating margin being down in guidance is really all related to that top-line reduction, which was currency?

好的，太好了。所以，營運利潤率下降的預期其實都與營收下降有關，而營收下降的原因是匯率波動？

That's right.

這是正確的。

Okay, and then I wanted to ask you as well, it seems in some aspects the transition is perhaps a year, or at least some measure of time behind what you might have originally anticipated when you planned out your transition and first communicated it. Not so much in terms of the subscriber additions, but in terms perhaps of the optics on the headline results and on the margin adjustments. Is this a correct perception or not? And if so, any color on that or why might that be?

好的，我也想問你，在某些方面，過渡期似乎可能比你最初計劃過渡並首次溝通時所預期的要長一年，或者至少晚了一些。倒不是說新增用戶數量有什麼變化，而是說業績報告和利潤率調整的視覺效果可能有所不同。這種看法是否正確？如果是這樣，這其中有什麼意義或原因嗎？

Yes, go ahead.

好的，請繼續。

This is exactly, we've been marching pretty much to the same plan all along. There have probably been small alterations, as we phase out when the promotions are and when the end of sale of certain products are. But certainly in big terms, it's virtually identical to what we laid out the very first time at Investor Day about the transition that we saw. So no, there hasn't been any major disruptions one way or another.

沒錯，我們一直以來幾乎都是按照同樣的計畫行事的。促銷活動的時間和某些產品的銷售結束時間可能會有一些細微的變化。但從宏觀角度來看，這與我們第一次在投資者日上闡述的我們所看到的轉變幾乎完全相同。所以，並沒有出現任何重大干擾。

Yes, my sentiment, Steve, is we're continuing to move as quickly as we can actually through the transition, and so I don't -- certainly it's not the sense that we're behind. I think if anything, when you look at the subscriber adds, we're perhaps a bit ahead of where we might have been at this point when we first talked about going through this transition.

是的，史蒂夫，我的看法是，我們正在盡可能快地推進過渡進程，所以我並不覺得我們落後了。我認為，從訂閱用戶成長情況來看，我們目前的進展可能比當初我們首次討論進行這種轉型時的情況要好一些。

Thank you. Our next question comes from Sterling Auty from JPMorgan. Your line is open. Please go ahead.

謝謝。我們的下一個問題來自摩根大通的斯特林·奧蒂。您的線路已開通。請繼續。

Hi. Thank you. It's actually Darren Jue on for Sterling. Carl, you mentioned that you made a small price adjustment in some of the euro and yen denominated markets. I'm just wondering if you could maybe elaborate more on what you did? Presumably you raised prices, and perhaps you could talk a little bit about what the early reaction has been from customers.

你好。謝謝。實際上，替補斯特林上場的是達倫朱。卡爾，你提到你對一些以歐元和日圓計價的市場進行了小幅價格調整。我只是想問您能否詳細說明您具體做了什麼？想必您提高了價格，或許您可以談談顧客的初步反應如何。

Yes, you know, Scott do you want to?

是的，史考特，你想嗎？

Yes, the address that we made, Darren, was really as we've looked at where the had currencies moved, and of course, we price in local currency in every market, just trying to attain some level of equilibrium around our pricing across markets. So if there's not a significant arbitrage opportunity to buy licenses in one market versus the other.

是的，達倫，我們制定的方案實際上是基於我們對貨幣走勢的觀察，當然，我們在每個市場都使用當地貨幣定價，只是想在各個市場之間實現某種程度的定價平衡。因此，如果在一個市場購買許可證與在另一個市場購買許可證之間沒有明顯的套利機會。

So the adjustment -- and we only adjusted the yen and euro, which are the two most significant non-US dollar denominated price points that we have. And the adjustment was in the 5% to 7% range, so it's not an enormous amount. From an absorption standpoint in the market, there's been absolutely no noise on that.

因此，我們只調整了日圓和歐元，因為這是我們擁有的兩個最重要的非美元計價貨幣點。調整幅度在 5% 到 7% 之間，所以金額並不算大。從市場吸收的角度來看，這方面完全沒有任何動靜。

Okay, great, and wondering if you could tell us of the 95,000 subs that you added in the quarter, how many of them came by the Shotgun acquisition? And also if you could give us a sense for how many came through the Autodesk website?

好的，太好了。請問您能否告訴我們，在本季新增的 95,000 個訂閱用戶中，有多少是透過收購 Shotgun 取得的？另外，您能否大致介紹一下有多少人是透過 Autodesk 網站造訪的？

The Shotgun was steady state, so if you remember in Q4 we talked about the 17,000 subscription ad driven by Shotgun; that was an acquisition that we had done previously and it was the first time that we got their subscriber count to a level of accuracy and conformed it to the way we count subscribers. So we added that as a one-time. So the ongoing ads from Shotgun will just be the ongoing ads that are driven by the business, and it didn't stand out as a significant number.

Shotgun 處於穩定狀態，所以如果你還記得我們在第四季度討論過 Shotgun 帶來的 17,000 訂閱廣告；這是我們之前完成的一項收購，也是我們第一次將他們的訂閱用戶數量精確到我們統計訂閱用戶的方式。所以我們把它作為一次性項目添加了進去。因此，Shotgun 持續投放的廣告只是由企業本身驅動的持續投放廣告，數量並不多。

The one thing we did see in the subscriber count in Q1 is, if you think of our EVAs, so the big large $1 million plus transactions that we do, those are token-based. It takes a little bit of time to get the infrastructure set up behind those to be in reporting out the monthly average users, which is what gets added to the subscriber base. So part of what we saw in Q1 was a little bit of a catch up from the large number of EVAs we had done in Q3 and Q4 of last year. That infrastructure was set up and we got 90 days worth of monthly average users rolling in. So it was a little bit of a net add from that, but that's probably the only thing I'd point to as a bit offer an anomaly in the Q1 adds.

我們從第一季的訂閱用戶數量中看到的一點是，如果你考慮我們的 EVA，也就是我們進行的超過 100 萬美元的大額交易，這些都是基於代幣的。建立用於報告每月平均用戶數的基礎設施需要一些時間，而這些用戶數會被添加到訂閱用戶群中。因此，我們在第一季看到的部分情況，是對我們去年第三季和第四季進行的大量 EVA 的一次小規模追趕。基礎設施搭建完畢，我們獲得了相當於 90 天的月平均用戶量。所以淨增了一些，但這可能是我在第一季新增產品中唯一能指出的異常之處。

Okay, thank you.

好的，謝謝。

Thank you. Our next question comes from Matt Williams from Evercore. Your line is open. Please go ahead.

謝謝。我們的下一個問題來自 Evercore 公司的 Matt Williams。您的線路已開通。請繼續。

Hi, guys. Thank you for fitting me in. Carl, you mentioned earlier in your remarks around cloud how customers seem to be migrating to those solutions a little bit more so than they have in the past. And I'm just curious, what level of evangelizing are you having to do with the customer base in terms of trying to explain the benefits and help them along, versus how much of this is really customers saying this is the direction we really want to go in, and you're not having to hold the hand as much?

嗨，大家好。謝謝你安排我過來。卡爾，你之前在談到雲端運算時提到，客戶似乎比過去更傾向於遷移到這些解決方案。我很好奇，在向客戶群解釋產品優勢並幫助他們方面，你們需要投入多少精力進行宣傳推廣？還是說，客戶自己就表示“這就是我們真正想要的方向”，而你們不需要過多地指導他們？

Good question. I would divide it; I would say we aren't having to do much in the evangelism category, that the customers who are aware and transitioning other parts of their business to the cloud are receptive to it. They've been waiting for answers in the construction or in the engineering space.

問得好。我會把它分成兩類：一類是我們在佈道方面不需要做太多工作，因為那些已經意識到雲端技術並正在將業務的其他部分遷移到雲端的客戶都樂於接受它。他們一直在等待建築或工程領域的答案。

The place where we're spending more time is on just general awareness, so [marking] dollars to make them know that we have a solution that is that. So we've probably spent more time and money on awareness rather than the overall benefits.

我們現在花更多時間的地方在於提高公眾意識，例如用美元讓他們知道我們有這樣的解決方案。因此，我們可能在提高公眾意識方面花費了更多的時間和金錢，而不是在整體效益方面。

Having said that, I think you've probably seen this, the adoption of cloud technology is like all of the others. There's still a recalcitrant part of the audience that's sitting there going, I'll never do it. And they have their arms folded across their chest and they say, that will never happen. But with each passing day, it becomes less and less.

話雖如此，我想你可能已經注意到了，雲端運算技術的應用與其他技術的應用並無二致。觀眾席上仍然有一部分頑固不化的觀眾坐在那裡想著：我永遠不會這麼做。他們雙臂抱胸，說道，那絕對不會發生。但隨著時間的推移，它變得越來越少。

And as I've gotten older and seen enough of these transitions, I just know that to be a little crude, we can just wait people out. This is an inevitable transition, as mainframes to workstations or workstations to PCs was. And most of the reasons for not moving are not very substantial.

隨著年齡的增長，我見識了足夠多的這類轉變，我知道，說得直白點，我們只需要等待人們平靜下來。這是不可避免的轉變，就像從大型主機到工作站，或是從工作站到個人電腦的轉變。而大多數不搬家的理由都不太充分。

I think there's a handful of places that are wrestling with this question. You see it in terms of government organizations, places in the defense industry. But it was interesting, we spent a long time in the CTO of the Company with folks from [darka] the other day, and then kind of marveling at what's possible and what's going on on the cloud. And then saying how difficult it was going to be for them to use it.

我認為有不少地方都在努力解決這個問題。在政府機構、國防工業等領域都能看到這種情況。但很有趣的是，前幾天我們和 [darka] 的 CTO 在公司待了很長時間，一起探討了雲端的各種可能性和正在發生的事情。然後又說他們使用它有多困難。

And then we went on this interesting conversation that said the bad guys have no problem using the cloud. They're using the cloud already, and they are going to continue to use the cloud. And so I don't think the operational plan should be for you to figure out how not to use it. You need to do something different. And so I think both businesses and governments will figure out a way, because the benefits are so substantial.

然後我們展開了一段有趣的對話，對話中提到壞人使用雲端科技毫無問題。他們已經在使用雲端服務，而且他們還會繼續使用雲端服務。所以我認為操作計劃不應該是讓你去想如何不去使用它。你需要採取一些不同的做法。所以我認為企業和政府都會找到解決辦法，因為好處非常巨大。

Got it, and maybe just one quick follow-up on you've talked in the past about operationally and systems, some of the changes that you need to make internally as more of your business goes direct and transactional to the website and that sort of thing. You talked about the tokens on the EBAs. How do you feel like you are set up as you're starting to really ramp this transition in earnest throughout this year and into next year?

明白了。關於您之前談到的營運和系統方面的問題，我想快速跟進一下，隨著越來越多的業務直接透過網站進行交易，您需要在內部做出一些改變等等。你談到了EBA上的代幣。您覺得在今年及明年正式推動這項轉型之際，您目前的準備如何？

I would say, just to be clear on the question, it's not only important for businesses to direct, it's also for our business to be partners. The thing that's really changed is the number of transactions and the frequency in which people transact. This was a system that was built for perpetual licenses and upgrades, and that's what we've been transitioning.

我想說，為了明確這個問題，企業不僅要發揮領導作用，還要成為合作夥伴。真正改變的是交易數量和人們進行交易的頻率。這是一個為永久授權和升級而設計的系統，而這正是我們一直在進行的轉型。

So I feel like we're finally -- there's a light at the end of the tunnel. We're certainly servicing the business today, and I feel like we're on track to be ahead of when the most massive movement of our customers comes. But we are building infrastructure as we go.

所以我覺得我們終於看到了曙光——隧道盡頭出現了光明。我們目前確實在為業務提供服務，而且我覺得我們正按計劃推進，以便在客戶最大規模的流動到來之前做好準備。但我們正在邊走邊建設基礎建設。

Great, thank you for taking the questions.

太好了，謝謝你回答這些問題。

Thank you.

謝謝。

Our next question comes from Kash Rangan from Merrill Lynch. Your line is open. Please go ahead.

我們的下一個問題來自美林證券的卡什·蘭根。您的線路已開通。請繼續。

Hey, thank you very much. Carl, just I appreciate the enthusiasm for the model transition. But looking back over the last few quarters, maybe there's some other factors at work. The number of subs added, we've seen 121,000, 100,000, and this quarter it was 95,000. I would probably expect the numbers to be moving in the other direction.

嘿，非常感謝。卡爾，我很欣賞你對模式轉變的熱情。但回顧過去幾個季度，或許還有其他因素在起作用。在新增訂閱用戶數量方面，我們看到 121,000、100,000，而本季是 95,000。我原本以為這些數字會朝相反的方向發展。

Also the billings growth rate, although clearly pretty solid this quarter, we've seen 27%, 25%, 20% going down to 8%. So if you take a step back and you help us understand the context of what seems to be deceleration on the face of reported, I'm sure that there is another side to the story just what I really wanted to hear.

此外，帳單成長率雖然本季明顯相當穩健，但我們已經看到從 27%、25%、20% 下降到 8%。所以，如果你退後一步，幫助我們理解表面上報道的減速現象背後的背景，我相信事情還有另一面，這正是我真正想聽到的。

And finally, also the guidance, you have done really well on beating the sub number and taking up the guidance. I noticed that we didn't do it this time. We did it last time. Just wanted to get your thought process on that. Thank you so much.

最後，關於指導，你們在超越目標人數和採納指導方面做得非常好。我注意到這次我們沒有這樣做。我們上次就是這麼做的。我只是想了解你的想法。太感謝了。

Yes, sure, Kash. I would say the 95,000 exceeded our expectations; like we said, it was not going to be linear. Given what we saw in terms of promotional activity and that the impending end of sale is 12 months off, this was above what our expectations were.

當然可以，卡什。我覺得95000這個數字超出了我們的預期；就像我們之前說的，這並不是一個線性成長的過程。考慮到促銷活動的力度，以及距離促銷結束還有 12 個月，這超出了我們的預期。

So the other thing I would say is, and we've tried to be as clear as possible is that these things are not going to be perfectly linear. And we've tried to present as much information as we can when we think it gets on a solid footing and when it is understandable, and we'll continue to do that. We said we'll start breaking down more numbers as we go forward.

所以我想說的另一點是，我們已經盡可能清楚地表明，這些事情不會是完全線性的。我們一直努力在資訊成熟、易於理解的時候盡可能多地提供信息，我們將繼續這樣做。我們說過，隨著工作的推進，我們會開始分析更多的數據。

But everything about what we saw in the subscription part of the business was at or above where we had planned the year, so I feel good about that. Now as we enter the second quarter, we're interested in new dynamics with the promotional activity and the end of sale getting closer. And in three months, we'll have another conversation about where we are at that point.

但是，我們在訂閱業務方面看到的一切，都達到了或超過了我們今年的計劃，所以我對此感到很滿意。現在我們進入第二季度，隨著促銷活動和銷售季臨近結束，我們對新的動態很感興趣。三個月後，我們將再次討論我們屆時的進展。

And Kash, to the numbers that you quoted when we talk about 121,000 net adds in Q3, bear in mind that there was a one-time ad for Delcam of 25,000 built into that number. And as we talked earlier in the 100,000 that we added in Q4, there was 17,000 one time. So we had some one-time, inorganic hits as those acquisitions got their subscriber count up to a level where we were comfortable reporting them and adding them to our base, which was inception to date for those companies as a one-time add. And then the ongoing growth is just whatever the ongoing growth of those businesses are.

卡什，關於你引用的第三季新增 121,000 個淨銷售數據，請記住，其中包含了 Delcam 的一次性廣告收入 25,000 個。正如我們之前在第四季度新增的 10 萬個職位中提到的那樣，曾經有一次新增了 17,000 個職位。因此，隨著這些收購使它們的訂閱用戶數量達到我們能夠放心報告並將其添加到我們資料庫中的水平，我們獲得了一些一次性的非自然增長，這些公司從成立之初就作為一次性新增用戶加入了我們的資料庫。而持續成長則只是指這些企業本身的持續成長。

So there was a little bit of -- actually a fairly notable tail wind in both Q3 and Q4 in those subscriber add numbers. I think the 95,000 adds we just posted for the quarter we just closed certainly was ahead of our expectations and is something we feel pretty good about.

因此，第三季和第四季的用戶新增數量都出現了一些——實際上相當明顯的順風。我認為我們剛剛公佈的本季新增 95,000 個用戶肯定超出了我們的預期，我們對此感到非常滿意。

Thank you. At this time, I'd like to hand the conference over to Mr. David Gennarelli for closing remarks.

謝謝。此時，我謹將會議交給大衛‧詹納雷利先生，請他作閉幕致詞。

All right, thank you, everybody. So just as a reminder, we're going to be at the Banwell Conference on June 2nd in San Francisco, and if anybody wants to talk to me in the meantime, you can me at 415-507-6033. Thank you.

好的，謝謝大家。提醒一下，我們將於 6 月 2 日在舊金山參加 Banwell 會議，在此期間，如果有人想和我談談，可以撥打 415-507-6033 聯繫我。謝謝。

Ladies and gentlemen, thank you for participating in today's conference. This concludes our program for today. You may all disconnect, and have a wonderful day.

女士們、先生們，感謝各位參加今天的會議。今天的節目到此結束。你們可以斷開連結了，祝你們有美好的一天。