Autodesk Inc (ADSK) 2016 Q2 法說會逐字稿

Good day, ladies and gentlemen and welcome to the Autodesk Q2 FY16 earnings conference call.

各位女士、先生，大家好，歡迎參加 Autodesk 2016 財年第二季財報電話會議。

(Operator Instructions)

（操作說明）

As a reminder, this conference is being recorded.

再次提醒，本次會議正在錄影。

I would like to introduce your host for today's call, Mr. David Gennarelli, Senior Director of Investor Relations. Sir, you may begin.

我謹向大家介紹今天電話會議的主持人，投資者關係資深總監大衛‧詹納雷利先生。先生，您可以開始了。

Thanks, operator. Good afternoon.

謝謝接線生。午安.

Thank you for joining our conference call to discuss the results of our second quarter of FY16. Also on the line is Carl Bass, our CEO, and Scott Herren, our CFO.

感謝您參加我們的電話會議，討論我們2016財年第二季的業績。我們的執行長卡爾·巴斯和財務長斯科特·赫倫也在線上。

Today's conference call is being broadcast live via webcast. In addition, a replay of the call will be available at Autodesk.com/investor. As noted in our press release, we have published our prepared remarks 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.

今天的電話會議將透過網路直播。此外，本次電話會議的錄音重播將在 Autodesk.com/investor 上提供。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.

在本次電話會議中，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；我們的市場機會和戰略；以及各種產品、地區和行業的趨勢。

We caution you that such statements reflect our best judgment based on factors currently known to us, and that actual events or results could differ materially. Please refer to the documents we file from time to time with the SEC, specifically our Form 10-K for FY15, or Form 10-Q for the period ended April 30, 2015, and our current reports on Form 8-K, including the Form 8-K filed with today's press release and prepared remarks.

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。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，或截至 2015 年 4 月 30 日的 10-Q 表格，以及我們當前的 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。

Those documents contain and identify important risk factors and other factors that may cause our actual results to differ from those contained in the forward-looking statements. Forward-looking statements made during the call are being made as of today. If this call is replayed or reviewed after today, the information presented on the call may not contain current or accurate information.

這些文件包含並列明了重要的風險因素和其他因素，這些因素可能導致我們的實際結果與前瞻性聲明中包含的結果有所不同。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回顧本次通話，通話中呈現的資訊可能不再是最新或準確的資訊。

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.

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 and non-GAAP results is provided in today's press release, prepared remarks, and on the Investor Relations section of our website. We will quote a number of numeric or growth changes as we discuss our financial performance. Unless otherwise noted, each such reference represents a year-on-year comparison

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。今天的新聞稿、準備好的發言稿以及我們網站的投資者關係部分提供了我們按GAAP準則和非GAAP準則計算的業績對比表。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，否則所有此類數據均指同比數據。

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

現在，我想把電話交給卡爾。

Thanks, Dave, and good afternoon everyone.

謝謝你，戴夫，大家下午好。

We continue to be pleased with the progress of our business model transition. Strong billings, deferred revenue growth, and recurring revenue growth were highlights in the second quarter. 55% of the second-quarter revenue was recurring, compared to just 44% in Q2 last year. What's more, our ARR, or annualized recurring revenue, increased 23% year-on-year in constant currency. That's real progress on the business model transition, ahead of what will be the bigger transition period, when we discontinue selling new perpetual licenses. We'll talk more about ARR and its importance at our Investor Day event next month.

我們對業務模式轉型的進展感到滿意。第二季亮點包括強勁的帳單收入、遞延收入成長和經常性收入成長。第二季營收的55%為經常性收入，去年同期僅有44%。此外，我們的年度經常性收入（ARR）以固定匯率計算年增了 23%。這是商業模式轉型的真正進展，為即將到來的更大轉型期（屆時我們將停止銷售新的永久許可證）做好了準備。我們將在下個月的投資者日活動上詳細討論 ARR 及其重要性。

We're also pleased with the growth of new model subscription types. They continued to show strong year-over-year and sequential growth. Subscription business in Q2 was led by desktop subscriptions, again, comprising more than half of our total subscription adds for the quarter. Since we launched desktop subscriptions last year, we have seen the steady increase in volume, and an increase in the percentage of annual contracts, which is now approximately 80%.

我們也對新型訂閱模式的成長感到滿意。它們的同比和環比增長勢頭依然強勁。第二季訂閱業務主要由桌面訂閱驅動，再次占到該季度新增訂閱總量的一半以上。自去年推出桌面訂閱服務以來，我們看到訂閱量穩定成長，年度合約的比例也隨之增加，目前已達到約 80%。

As expected, AutoCAD LT continues to lead all desktop subscription products, which is important, since LT has historically been our highest-volume product, and represents the biggest opportunity to convert non-subscribing LT customers. Our channel partners have also been steadily increasing their desktop subscription business. In Q2 of last year, approximately 40% of our desktop subs came through our channel partners, and that has increased to approximately 60% this past quarter.

正如預期的那樣，AutoCAD LT 繼續在所有桌面訂閱產品中領先，這很重要，因為 LT 歷來是我們銷量最高的產品，代表著將非訂閱 LT 客戶轉化為訂閱用戶的最大機會。我們的通路合作夥伴的桌面訂閱業務也在穩步成長。去年第二季度，我們約 40% 的桌面用戶是透過通路合作夥伴獲得的，而上個季度這一比例已增至約 60%。

Total maintenance subscription additions for the quarter were lower than expected. Despite strong attach and renewal rates, we no longer offer upgrades for non-subscribing customers, and we simply have fewer opportunities to attach a maintenance subscription. Our focus for the rest of the year will continue to be on converting non-subscribers to subscribers.

本季新增維護訂閱用戶總數低於預期。儘管附加和續訂率很高，但我們不再為非訂閱客戶提供升級服務，而且我們附加維護訂閱的機會也越來越少。今年餘下的時間裡，我們將繼續把重點放在將非訂閱用戶轉化為訂閱用戶。

One area that helped drive billings, but was neutral to the subscription channel, was an uptick in multi-year maintenance subscriptions. We removed the discount for multi-year maintenance subscription, and that prompted a surge of activity, the upside for Autodesk securing the relationship with the customer for multiple years, and collecting the cash up front.

推動帳單成長但對訂閱管道影響不大的領域之一是多年維護訂閱的增加。我們取消了多年維護訂閱的折扣，這促使業務量激增，Autodesk 的好處是能夠與客戶建立多年的合作關係，並提前收取現金。

We are quickly approaching the end of this fiscal year when we stop selling new perpetual licenses for standalone products. We started the process in Q2 when we stopped selling new perpetual licenses for AutoCAD LT in Australia and New Zealand. The results were very much in line with our expectations.

本財政年度即將結束，我們將停止銷售獨立產品的新永久許可證。我們從第二季開始實施這個流程，當時我們停止在澳洲和紐西蘭銷售 AutoCAD LT 的新永久授權。結果與我們的預期非常吻合。

We experienced a surge of buying perpetual LT licenses prior to the cut-off date. Combined seat volume in perpetual LT and desktop subscription LT grew on a year-over-year basis. This is clearly a positive data point, as we look ahead to the end of sale of perpetual licenses for most individual products at year-end.

在截止日期之前，我們經歷了永久 LT 許可證購買量的激增。永久長期授權和桌面訂閱長期授權的席位總數同比增長。顯然，這是一個積極的數據點，因為隨著年底大多數個人產品的永久許可證銷售即將結束，這一數據點顯得尤為重要。

Looking at the AEC industry, BIM adoption continues to fuel our business, in addition to the general strength of the commercial construction market. We're excited about our cloud-based products like BIM 360, and the recently introduced A360 collaboration for Revit, which connects building project teams with centralized access to BIM project data in the cloud.

從建築、工程和施工 (AEC) 產業來看，除了商業建築市場的整體強勁之外，BIM 的應用也持續推動著我們的業務發展。我們對基於雲端的產品（如 BIM 360）以及最近推出的 Revit 協作平台 A360 感到非常興奮，該平台將建築專案團隊與雲端集中存取的 BIM 專案資料連接起來。

This new product had a great win in Q2, where it displaced a competitor on a major US airport project. On the structural engineering side, our new offering, Advance Steel, gained momentum with numerous competitive displacements in the quarter.

這款新產品在第二季取得了巨大成功，它在美國一個大型機場專案中取代了競爭對手。在結構工程方面，我們的新產品 Advance Steel 在本季獲得了強勁的發展勢頭，在眾多競爭對手中脫穎而出。

Looking at our manufacturing business, our automotive solutions continue to lead the way. We can count almost every car company in the world as a customer. There is broad use of products from conceptual design all the way through manufacturing, and we've seen substantial expansion in the use of our products throughout the auto industry.

從我們的製造業來看，我們的汽車解決方案持續保持領先地位。我們幾乎可以把世界上所有汽車公司都視為我們的客戶。從概念設計到製造，我們的產品得到了廣泛應用，我們已經看到我們的產品在整個汽車行業的應用大幅擴展。

And we're really encouraged by what we're seeing with the adoption of Fusion 360, the first cloud-based 3D CAD system. Fusion 360 connects the entire product development process for use in design, test and fabricating a single cloud-based tool.

我們對Fusion 360（首個基於雲端的3D CAD系統）的普及情況感到非常鼓舞。Fusion 360 將整個產品開發流程連接起來，用於設計、測試和製造，它是一個基於雲端的單一工具。

Usage is growing quickly, and we're delighted to see that the majority of our customers are switching from legacy desktop systems, such as SolidWorks. We will talk more about how engineering software is moving from the desktop to the cloud at our upcoming investor meeting.

使用量正在快速成長，我們很高興地看到，我們的大多數客戶都是從 SolidWorks 等傳統桌面系統轉向使用我們的產品。我們將在即將召開的投資者會議上詳細討論工程軟體如何從桌面端遷移到雲端。

Our simulation portfolio experienced strong growth in the second quarter, with new business centered in automotive, industrial machinery, and consumer products. Simulation provides key insights for our customers to design and manufacture better products. We also saw continued investment from large automotive supply chain customers, investing in solutions for advanced materials. Our new NASTRAN-based solutions had wins in many new and existing accounts.

第二季度，我們的模擬產品組合實現了強勁成長，新業務主要集中在汽車、工業機械和消費品領域。模擬技術為我們的客戶設計和製造更好的產品提供了關鍵見解。我們也看到大型汽車供應鏈客戶持續進行投資，投資先進材料解決方案。我們基於 NASTRAN 的全新解決方案在許多新舊客戶中都取得了成功。

From a geographic standpoint, it continues to be an uneven environment. Strength in the US is being tempered by continued weakness in Japan. Japan impacts both our APAC revenue, as well as our PSEB revenue line, as Japan has historically been a significant market for LT. We also saw weakness in most of the emerging economies, and despite recent news to the contrary, we saw strength in China last quarter.

從地理角度來看，這裡仍然是一個不平衡的環境。美國的強勢受到日本持續疲軟的限制。日本市場對我們的亞太地區收入以及PSEB收入都有影響，因為日本一直是LT的重要市場。我們也看到大多數新興經濟體表現疲軟，儘管最近的消息與此相反，但我們上個季度看到中國經濟強勁成長。

Following my comments last quarter, others in the industry had been talking about the approach to the Internet of Things. We believe that capitalizing on this opportunity will require more than applying yesterday's technology. To bolster our efforts in this area today, we announced an agreement acquire SeeControl, the innovative developer of enterprise IoT cloud-based platform. The SeeControl service helps manufacturers and system integrators to net, analyze control, and manage things remotely.

繼我上個季度發表評論之後，業內其他人也一直在討論物聯網的發展方向。我們認為，要抓住這個機遇，需要的不只是應用昨天的科技。為了加強我們在這一領域的努力，我們今天宣布達成協議，收購 SeeControl，這家公司是企業物聯網雲端平台領域的創新開發人員。SeeControl 服務可協助製造商和系統整合商遠端連網、分析控制和管理設備。

Just as we have changed the CAD, CAM and PLM markets with cloud-based products, we are doing the same with Internet of Things, enabling our customers to easily incorporate IoT capabilities into their projects. This is an exciting area, and we are looking forward to developing it.

正如我們透過基於雲端的產品改變了 CAD、CAM 和 PLM 市場一樣，我們正在透過物聯網做同樣的事情，使我們的客戶能夠輕鬆地將物聯網功能融入他們的專案中。這是一個令人興奮的領域，我們期待著開發它。

Now, let me get back to the business model transition. I will reiterate that this transition is not just about moving to a subscription 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.

現在，讓我回到商業模式轉型這個主題上來。我再次強調，這次轉型不僅僅是轉向訂閱模式。我們正在變革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。

I will also review once again that our business model transition will not be perfectly linear, and 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. Our transition will not look identical to some of the other high-profile software company transitions for many reasons, including a significant difference in our customers, price points, competitive position, our channel, and the fact that we already had a maintenance subscription business that represented approximately 40% of our revenue before we started the transition.

我還要再次強調，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。由於許多原因，我們的轉型與一些其他知名軟體公司的轉型不會完全相同，包括我們的客戶、價格點、競爭地位、通路等方面的顯著差異，以及在轉型開始之前，我們已經擁有一個維護訂閱業務，該業務約占我們收入的 40%。

We have made good progress in the transition to date, and we are now ready to accelerate the process. We'll start by ending sales of perpetual licenses of AutoCAD LT in APAC, with the exception of Japan, at the end of this quarter. Next week, we'll announce the date of when we will stop selling new perpetual licenses for suites, but I'll say that we are accelerating our plans that substantially move up that date.

到目前為止，我們在過渡方面取得了良好進展，現在我們準備加快這一進程。我們將從本季結束開始，停止在亞太地區（日本除外）銷售 AutoCAD LT 的永久授權。下週，我們將宣布停止銷售套件新永久許可證的日期，但我可以透露的是，我們正在加快推進相關計劃，這將大大提前該日期。

At our Investor Day event on September 29, we will provide you with our updated view of our model transition, and our enthusiasm about the steady state. In the meantime, new disclosures that we made today around ARR, the percent of recurring revenue, and the change in end of sales dates for perpetual licenses illustrate progress we made so far, and our plans to capitalize on and accelerate this early success. As we look at the second half of FY16, we remain confident in our billing systems and subscriptions network. We've updated our revenue outlook, based on a greater than expected portion of our sales shifting from perpetual licenses to new subscription types, which are deferred and recognized ratably.

在 9 月 29 日的投資者日活動上，我們將向您介紹我們最新的模型轉型觀點，以及我們對穩定狀態的熱情。同時，我們今天披露的有關 ARR、經常性收入百分比以及永久許可證銷售終止日期變化的新信息，表明了我們迄今為止取得的進展，以及我們利用和加速這一早期成功的計劃。展望 2016 財年下半年，我們對我們的計費系統和訂閱網路仍然充滿信心。我們更新了收入預期，原因是銷售額中有比預期更多的部分從永久許可轉向了新的訂閱類型，這些收入會遞延並按比例確認。

FX headwinds remain persistent, but they haven't gotten much worse than the first half of the year. We continue to believe that FY16 will be more back-end loaded than usual, given the deadlines for end of sale for new perpetual individual product offerings. To wrap things up, our strong conviction in the model transition is supported by our results. Undergoing this transition will provide our customers with greater flexibility, and embedded user experience, while creating a more predictable recurring and profitable business for Autodesk in the US economy.

外匯市場的不利因素依然持續，但與上半年相比並沒有惡化太多。我們仍然認為，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下半年。綜上所述，我們的研究結果也支持我們對模式轉變的堅定信念。完成這項轉型將為我們的客戶提供更大的靈活性和更好的用戶體驗，同時為 Autodesk 在美國經濟中創造更可預測的、經常性的、有利可圖的業務。

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

操作員，現在我們開放提問環節。

(Operator Instructions)

（操作說明）

Brent Thill of UBS.

瑞銀集團的布倫特·蒂爾。

Carl, I just wanted to clarify comment you made. The lowering of revenues really is related to the business model transition, not a material change in the actual core operations, or traction you're seeing, with your solutions in the market?

卡爾，我只是想澄清一下你剛才的評論。收入下降確實與商業模式轉型有關，而不是核心營運的實質變化，也不是您的解決方案在市場上的進展？

Yes. Let me try to be as clear as possible. Scott, feel free to jump in. It is really just a transition from -- so, no change in volume, in business. This is really about how we are going to recognize the revenue that comes in, and what we saw in this quarter and we are predicting, and in some cases programmatically accelerating, is that more of the revenue is going to move to ratable, which is just arithmetic to get to the fact that revenues are lower, even though there is no change in the fundamental business.

是的。我盡量把話說清楚。史考特，你隨時可以加入討論。這其實只是一個過渡階段——所以，業務量沒有改變。這實際上關乎我們如何確認收入，而我們在本季度看到並預測（在某些情況下正在加速推進）的是，更多的收入將轉為應稅收入，這只是算術運算的結果，得出的收入下降的結論，即使業務的基本面沒有變化。

Okay. Just to your comment in Japan, it's been an issue for many vendors. But, there is also another issue, which I think Adobe has highlighted, that Japan really hasn't made the move to cloud. I'm curious, as you move the transition to more subscription cloud, how do you think that market reacts, as you start to remove the core? It seems like that may pronounce the weakness there for a little bit longer than, perhaps, than we think. I'm curious if you could just provide any comments on how you think that all will play out?

好的。關於您提到的日本的情況，這確實是許多商家遇到的問題。但是，還有另一個問題，我認為 Adob​​e 也強調了這一點，那就是日本實際上還沒有真正轉向雲端運算。我很好奇，隨著你們向訂閱式雲端模式轉型，開始移除核心服務，你們認為市場會如何反應？看來這可能會使那裡的弱點持續的時間比我們預想的要長一些。我很想知道您能否就此事最終將如何發展發表一些看法？

Sure, Brent. First of all, I think it is true that as we've seen over the years, and adopting new technology and business models, Japan has never been the leader. I don't expect that to change.

當然可以，布倫特。首先，我認為，正如我們多年來所看到的，在採用新技術和商業模式方面，日本從來都不是領導者，這是事實。我不認為這種情況會改變。

One of the ways we are doing this transition that does give our Japanese customers a way to change, is people who have perpetual licenses and maintenance can continue to stay that way. So, we will have avenues for people to continue buying that way. For the majority of customers, it will change, but they can control it to some degree. The second thing that's interesting is what I am seeing, which is more anecdotal at this point. There is a slowing of the Japanese market.

我們實現這一過渡的方式之一，也為我們的日本客戶提供了一種改變的方式，那就是擁有永久許可證和維護權的人可以繼續保持這種狀態。因此，我們將保留讓人們繼續以這種方式購買商品的管道。對於大多數顧客來說，情況會發生變化，但他們可以在一定程度上控制這種變化。第二件有趣的事情是我所看到的，目前這更多是一些軼事。日本市場成長放緩。

So on many of the new things we're doing, so like these new products like Fusion, which is a cloud-based CAD product, we're having dramatically better results in Japan. We're just releasing the Japanese version of the product, because it's been so successful. That kind of runs counter to what we're seeing in the mainstream. I wouldn't say that the enthusiasm for the cloud trumps what will be traditional customer's way, but there is a new generation that is looking at doing things differently and there's definitely, at least, an undercurrent in Japan on that.

因此，在我們正在做的許多新事情上，例如像 Fusion 這樣的新產品（這是一款基於雲端的 CAD 產品），我們在日本取得了顯著更好的結果。由於產品的日文版非常成功，所以我們現在才推出日文版。這與我們在主流媒體上看到的情況截然相反。我不會說人們對雲端運算的熱情會凌駕於傳統客戶的方式之上，但新一代人正在尋求不同的做事方式，而且至少在日本，這種趨勢肯定正在醞釀中。

Philip Winslow of Credit Suisse.

瑞士信貸的菲利普‧溫斯洛。

I just had a question on the subscriber mix that you saw this quarter. If I just compare the press releases over the past couple of quarters here, in Q4, you talked about the majority of the subscriber additions being maintenance subscriptions. In Q1, you said half were traditional maintenance, half were new type. This quarter, you talked about the majority of subscriptions being the new subscription types. Just wondering what trend you are seeing there, and also maybe help us think through the ARPU of a traditional maintenance sub versus the subscription subs. Thanks.

我有一個關於本季用戶組成的問題。如果我比較一下過去幾季的新聞稿，在第四季度，你們提到新增訂閱用戶大部分是維護訂閱用戶。第一季度，您提到一半是傳統維護，一半是新型維護。本季度，您提到大部分訂閱都是新型訂閱類型。想知道您觀察到的趨勢是什麼，也希望能幫我們分析一下傳統維護訂閱與訂閱式訂閱的 ARPU 差異。謝謝。

Sure, Phil. As we look at the trend on subscriber adds, we saw in Q1, previous quarter, for the first time, roughly a balance between the net subscriber adds that was coming in for maintenance versus those coming in from the new model. In the quarter we just closed, it continued to be strong. The new model sub adds that are just two big elements inside our subscription adds, new model and maintenance. The new model sub adds continue to be strong, both year on year and sequentially.

當然可以，菲爾。當我們觀察用戶成長趨勢時，我們發現上一季（第一季）首次出現了維護用戶成長與新模式用戶成長之間大致平衡的情況。剛結束的這個季度，業績依然強勁。新模式訂閱包含兩個主要元素：新模式和維護。新車型新增銷售持續強勁，無論是年比或季比都保持成長。

When you look at the maintenance adds for the last quarter, they actually come into two pieces, too. Renewals, so existing maintenance, and new maintenance sold attached to new perpetual license sales. Renewal rates stayed strong, and then on the new sales, the attach rates stayed strong, but we are seeing that little bit of downward pressure on the new maintenance adds is really a different pattern this year versus what we saw last year. Last year, when we announced the end of the sale of upgrades, we saw a pretty linear path of customers buying those upgrades throughout Q2, Q3, and Q4. About the same each quarter.

當你查看上一季的維護費用時，你會發現它們實際上也分為兩個部分。續期，即現有維護，以及隨新的永久許可證銷售一起出售的新維護。續保率保持強勁，新銷售方面，附加率也保持強勁，但我們看到，今年新增維護服務略有下降，這與去年的情況截然不同。去年，當我們宣布停止銷售升級服務時，我們看到客戶在第二季、第三季和第四季購買這些升級服務的趨勢相當線性。每個季度大致相同。

What we are seeing this year is, the customers that are going to buy perpetual license at the end of the sale are more back-end loaded. We saw this with the test that we ran in ANZ, where it was closer to the end of the actual end of sale in Australia and New Zealand, that buying activity took place. We have said all along we think this is going to be a back-end loaded year because of that, and that's really the trend that we're seeing inside the subscriber adds.

我們今年看到的現像是，在銷售後期購買永久授權的客戶，其購買意願往往更加強烈。我們在澳新地區進行的測試中也看到了這一點，在澳洲和紐西蘭實際銷售即將結束的時候，購買活動發生了。我們一直認為今天的成長會集中在下半年，原因就在於此，而這正是我們在用戶成長方面看到的趨勢。

Talk about the difference in --

談談兩者之間的差異——

In ARPU? Yes. When you look at ARPU, the overall blended ARPU of those two types is quite different. Even within each type, it's very sensitive to whether you are talking a desktop subscription for LT versus the desktop subscription to PrDS. So, it's blended to such a level that it's hard to glean a lot of intelligence at the summary level.

以 ARPU 衡量？是的。從 ARPU 來看，這兩種類型的 ARPU 整體混合 ARPU 差異很大。即使在同一類型中，對於 LT 桌面訂閱和 PrDS 桌面訂閱，其影響也非常顯著。因此，資訊融合得非常徹底，很難從概括層面獲得大量資訊。

But when you look between just the average price of a desktop versus the average price of maintenance, a good example of it would be AutoCAD. And annual maintenance there sells for between 15% and 20% of the SRP of the new license, versus a desktop license for a year, would sell at about 40%. We're using that as an example, it is roughly half.

但是，如果只比較桌上型電腦的平均價格和維護的平均價格，AutoCAD 就是一個很好的例子。而那裡的年度維護費用為新許可證建議零售價的 15% 到 20%，相比之下，一年的桌面授權費用約為建議零售價的 40%。我們以此為例，它大約是一半。

Got it. So in other words, you got a higher mix of your higher ARPU to subscribers, as far as the new adds this quarter?

知道了。換句話說，就本季新增用戶而言，你們的ARPU（每位用戶平均收入）佔比更高了嗎？

Yes, that's correct.

是的，沒錯。

Got it. Cool. Thanks.

知道了。涼爽的。謝謝。

Steve Ashley of Robert W. Baird.

Robert W. Baird 公司的 Steve Ashley。

Terrific. I wonder if you could go back through -- you talked about the growth in long-term deferred revenue, and you had talked about seeing some long-term contracts with maintenance, and something about some dynamic around the renewal of maintenance. Can you just walk us through what drove that growth in long-term deferred revenue and maintenance?

了不起。我想知道您是否可以回顧一下——您談到了長期遞延收入的增長，也談到了一些與維護相關的長期合同，以及維護續約方面的一些動態。您能否詳細介紹一下是什麼因素推動了長期遞延收入和維護成本的成長？

Sure. We had, Carl mentioned in his opening commentary, we had a strong quarter for multi-year maintenance sales. So, what drops into long-term is anything that's deferred beyond 12 months, and when you sell multi-year, it's a bigger component of that than normal. So that's what's driving a bit of an outsized growth.

當然。正如卡爾在開場白中所提到的，我們本季多年期維護銷售業績強勁。因此，任何超過 12 個月到期的資產都屬於長期資產，而多年期資產在銷售時所佔比例比正常情況更大。這就是推動其超常成長的原因。

The deferred revenue in total was quite strong, up about $80 million sequentially, quarter on quarter, driven by what we just said, a higher mix of our sales coming in ratable models versus up front, and within those ratable models, multi-year maintenance was strong. That dropped an element in the long-term versus current.

遞延收入總額相當強勁，環比增長約 8000 萬美元，這主要得益於我們剛才所說的，銷售額中可計費模式的比例高於預付款模式，而且在這些可計費模式中，多年維護業務表現強勁。這使得長期與短期之間的關係少了一個因素。

Steve, what really drove it was, we offered a discount for people who were paying upfront for multiple years before. We announced the elimination of that discount, and people wanted to get in on it, at least some did, before that offer expired. It drove a little bit of business.

史蒂夫，真正促成這件事的原因是，我們之前為那些預付多年款項的人提供了折扣。我們宣布取消該折扣後，人們都想抓住機會，至少有些人確實這麼做了，趕在優惠到期前享受了折扣。它帶來了一些生意。

A bump in multi-year.

多年增長。

Yes. It just got multi-year, it didn't drive subscriber count, it had no effect revenue, essentially.

是的。只是合約到期多年，既沒有增加訂閱用戶數量，也沒有對收入產生任何影響。

That's the other interesting point. When you add a multi-year, it is still just one subscriber. Boost the billing line; it doesn't necessarily bump the subscriber line.

這是另一個有趣的方面。即使新增多年期合約，也仍然只算是訂閱用戶。提升計費線路；但這不一定會提升用戶線路。

Okay, and then I was going to ask about the desktop subscription traction you are getting in the channel. What percentage of that is LT? I'm not looking for a number.

好的，接下來我想問你們頻道在桌面訂閱方面的成長情況。其中LT佔多少百分比？我不是尋找具體數字。

It's the largest individual piece.

這是最大的單件作品。

It matches the product mix. The one thing I'd say about adoption of desktop subscription, just to step back a little bit, is I won't particularly say any industry or product line is any more inclined to do it or not. It seems like our customers are endorsing the move to the new model, and it's pretty consistent across the board.

它與產品組合相符。關於桌面訂閱模式的採用，我想先退一步說，我不會特別指出哪個產業或產品線更傾向於採用或不傾向於採用這種模式。看來我們的客戶都很支援這種新模式，而且這種支援在各方面都相當一致。

Thank you.

謝謝。

Heather Bellini of Goldman Sachs.

高盛的希瑟·貝利尼。

I had two questions, if you don't mind. The first one, I'm just trying to reconcile, again, the comments about the transition accelerating with subscription adds showing up of only 61,000 in the quarter. I know we don't have a ton of history with that, but I'm just trying to reconcile those -- that comment, if you could give some color, there.

如果您不介意的話，我有兩個問題。首先，我只是想再次調和一下關於轉型加速的評論，因為本季新增訂閱用戶只有 61,000 人。我知道我們在這方面沒有太多歷史淵源，但我只是想調和這些——如果你能補充一些細節，那就太好了。

Secondarily, I know obviously you started giving out annualize recurring revenue, and I know that the definition of that is in the glossary. The 55% that you are showing, the recurring revenue, and the table that you have, could we just take subscription revenue, I think, and divide it by your total revenue, that's about 52%, I think, of revenue.

其次，我知道你們已經開始公佈年度經常性收入，我也知道這個定義在詞彙表中。您展示的 55% 是經常性收入，還有您提供的表格，我們能否直接用訂閱收入除以您的總收入，我認為，這大約是 52% 的收入。

Is that ARR, if we were to try and translate that into numbers? Is that about, I don't know, $18 million or $20 million higher than what your subscription revenue line is showing? I'm trying to get a sense of what you want us to do with that number besides look at a percentage that's growing? I want to make sure I'm translating it into dollars appropriately. Thank you.

如果要把ARR轉換成數字，那就是這個嗎？這比你們的訂閱收入數據高出約1800萬美元或2000萬美元？我試圖了解除了關注成長百分比之外，您希望我們如何利用這個數字？我想確保我把它轉換成美元是正確的。謝謝。

Sure, Heather. Sure. On your second point, the reason we start to give that is as we go through the transition and we are in this somewhat hybrid state, where we are selling new model types and perpetual license types, obviously, the faster we make the transition, the more people that buy the new model types, the faster recurring revenue, both an annualized basis, and in any given quarter will trend. So that's the point of providing that. And we will spend more time talking about this.

當然可以，希瑟。當然。關於你的第二點，我們開始給出這個解釋的原因是，隨著我們經歷轉型，我們處於一種混合狀態，既銷售新的型號，也銷售永久許可類型。顯然，轉型速度越快，購買新型號的人就越多，經常性收入的成長速度就越快，無論是按年計算還是按任何給定季度計算，都會呈現上升趨勢。所以這就是提供這項服務的目的。我們將花更多時間討論這個問題。

I know why you are providing it. It's not about why you are providing it. How are we supposed to interpret the 55%? Is that annualized recurring revenue, the 55% you're pointing to, I'm just trying to confirm.

我知道你為什麼提供這些資訊。重點不在於你為什麼提供它。我們該如何解讀這55%？您提到的 55% 是指年度經常性收入嗎？我只是想確認一下。

Is at 55% of the $613 million that you reported, which compares to your subscription revenue, which is about 52%, I think, off the top of my head of the total? I'm just trying to get behind the number. You're not giving us the dollar amount, you are giving us the percentage. I want to make sure I'm thinking about the percentage the right way.

是你報告的 6.13 億美元收入的 55%，而你的訂閱收入約佔總額的 52%（我憑記憶估計的）？我只是想弄清楚這個數字背後的含義。你沒有給我們具體的金額，而是給了百分比。我想確保我對百分比的理解是正確的。

You are. It's actually 55% of the $610 million that we reported. But that's right you're thinking about it correctly.

你是。實際上，這相當於我們報道的 6.1 億美元的 55%。沒錯，你的想法是對的。

Okay. Perfect. Then, to the first question?

好的。完美的。那麼，回答第一個問題？

The first question, I'm sorry --

第一個問題，抱歉——

Go ahead.

前進。

The acceleration that we're talking about, again, it's the acceleration of the transition, and so what you see within the subscriber adds is both new model ads and old model adds, if you want to think of maintenance that way. The new model adds continue to accelerate, and so the growth rate there, both year on year, it's huge. It's strong sequentially for the new model adds.

我們再次談到的加速，指的是轉型加速，因此，如果你這樣看待維護工作，那麼你在訂閱用戶成長中看到的既有新模式的廣告，也有舊模式的廣告。新模式的加入持續加速，因此，無論是同比還是同比，成長率都非常高。新車型的銷售成長強勁。

That's why you see us taking actions, like going to end of sale in LT and APAC at the end of this quarter, everywhere except Japan. We'll announce next week when we hit end of sale for perpetual Ensuite. That's acceleration, and that's what is showing up in the subscriber adds.

這就是為什麼你會看到我們採取一些行動，例如在本季結束時停止在LT和亞太地區的銷售，日本除外。我們將於下周宣布永久套房銷售結束日期。這就是成長速度，也是訂閱用戶成長所反映出來的成長速度。

The one other comment we put in there that may have been slightly too obtuse, was this idea that what we're seeing with these end of sales, is that people are not taking advantage of it until late in the promotion. For example, the opportunity of some of these things to attach maintenance to, they are not availing themselves of it. I think we will see some unevenness in these numbers, on both the maintenance -- old maintenance and new subscription, as we go through the next two quarters and into next year, before we terminate the program.

我們在裡面提到的另一個可能有點過於晦澀的評論是，我們看到這些促銷活動的尾聲階段，人們往往直到促銷後期才開始利用這些優惠。例如，他們沒有利用某些可以進行維護的機會。我認為在接下來的兩個季度以及明年，在我們終止該計劃之前，無論是維護費用（舊維護費用）還是新訂閱費用，這些數字都會出現一些不平衡。

There will be a little bit of volatility there. It's behavior that we're at this point, truthfully, really not that good at predicting. We've never gone through this transition of doing the end of sale of either the individual licenses or the suites. This is a one-time phenomenon. I think all of this will be slightly imperfect. I'm predicting that.

那裡會有一些波動。說實話，我們目前真的不太會預測這種行為。我們從未經歷過停止銷售單一許可證或套裝的這種過渡時期。這是一次性現象。我認為這一切都會略有瑕疵。我預測會這樣。

Thank you.

謝謝。

Jay Vleeschhouwer with Griffin Securities.

格里芬證券公司的 Jay Vleeschhouwer。

Carl, with respect to the termination of the suites, just to be sure we understand what you're saying, you are moving it up from the end of FY17, as previously planned, and so, in effect, you decided to have a lift the Band-Aid moment off, the way Adobe decided to do three years ago? They originally started with a longer transition period in mind and of course, they went to do it much more quickly. You are, in effect, doing something similar, now? Is that what you mean to do next week?

卡爾，關於終止這些套房的問題，為了確保我們理解你的意思，你是說你把終止日期從 2017 財年末提前了，就像之前計劃的那樣，所以實際上，你是決定像 Adob​​e 三年前那樣，來個“揭開創可貼”式的解決問題？他們最初設想的過渡期較長，但後來當然加快了速度。實際上，你現在做的也是類似的事情？你下週打算這麼做嗎？

Yes. In essence, you are right. I'm not sure we've ever exactly announced what it was. But I think we certainly intimated clearly enough, and I think what we saw, we wanted to make sure that both our customers and our channel partners were ready for this transition. We started out with a model of this that enabled us to take longer to do it, than folks like to do it. What we've seen is a willingness -- a huge willingness on the part of our customers to use this new model. In many ways, it's much more favorable for them.

是的。從本質上講，你是對的。我不確定我們是否曾經正式宣布過它到底是什麼。但我認為我們已經表達得足夠清楚了，而且我認為我們看到，我們希望確保我們的客戶和通路合作夥伴都為這一轉變做好準備。我們最初採用的模型允許我們花費比人們通常希望的時間更長的時間來完成這項工作。我們看到的是，我們的客戶非常願意使用這種新模式。在很多方面，這對他們來說更有利。

Secondly, our channel partners, which we told you were always very vulnerable if we did rip the Band-Aid off in the beginning, are successfully transitioning their businesses and their customers through this. So, just like many of you, I can't tell you how many have you have told me, why don't you rip off the Band-Aid? Yes, we are going to have a rip the Band-Aid off moment, and we will give you the details on it next week, and then we can certainly talk about it a month from now, when we all get together. That was exactly what it was about.

其次，我們的通路合作夥伴，正如我們之前告訴你們的，如果我們一開始就採取強硬措施，他們總是非常脆弱的，但他們正在成功地幫助他們的業務和客戶度過這個難關。所以，就像你們中的許多人一樣，我無法告訴你們有多少人跟我說過，“為什麼不撕掉創可貼呢？”是的，我們將採取果斷行動，下週我們會公佈詳情，然後一個月後大家聚在一起的時候，我們當然可以再詳細討論一下。事情的真相正是如此。

In many ways, this is really beneficial for us. It is non-trivial to run the two things simultaneously. I know, also, just in terms of reporting financially, it makes some of the results somewhat confounding. How does this go up, and not this go up? All this does is it accelerates that transition for customers, resellers, and certainly for the financial community. So earlier next year than we previously planned we come out of that, and start seeing also the economics of that, as well.

從很多方面來看，這對我們來說真的很有好處。同時運行這兩件事並非易事。我知道，就財務報告而言，這也使得一些結果顯得有些令人困惑。為什麼這個會上升，而這個不會？這一切只會加速客戶、經銷商以及金融界的轉型。因此，明年我們將比原計劃更早擺脫困境，並開始看到由此帶來的經濟影響。

You've alluded, now, a couple of times, to the readiness of the channel. To the extent that you do accelerate the business model transition, would you necessarily accelerate the change in the channel model, itself? In other words, the agency or fee model that we have talked about a number of times, would the two, necessarily, go hand-in-hand, as you've also alluded to in the past?

您已經多次提到頻道已準備就緒。如果加速商業模式轉型，是否也必然加快通路模式本身的改變？換句話說，我們多次討論過的代理模式或收費模式，是否必然會像您過去也提到過的那樣，兩者相輔相成？

As you know, we are constantly adjusting the channel model. At the very least, it's an annual phenomenon around here.

如您所知，我們一直在調整頻道模式。至少在我們這裡，這已經是每年都會發生的現象了。

Much of it is carefully planned with the other programs that are in place, and in consultation with our partners, and so we've worked really closely with them, and many of the things that we think are appropriate for the beginning of the transition we put in place, and we've talked about them before. As we get towards the end of the transition, we'll move through to those things that we said were coming.

其中許多都是與現有專案精心策劃的，並且與我們的合作夥伴進行了磋商，因此我們與他們密切合作，我們認為適合過渡初期實施的許多措施，我們之前也討論過。隨著過渡期的臨近尾聲，我們將逐步推進我們先前預言的那些事。

I think every part of it has to move together, to make sense. So, with the acceleration of the announcement of the sale, along with the go channel programs and a number of other things.

我認為它的每個部分都必須協調一致，才能說得通。因此，隨著出售公告的加速發布，以及Go頻道節目和其他一些事情的推出。

All right. If I could maybe squeeze one more in. You alluded to focusing --

好的。如果我能再擠出一個就好了。你暗示要集中精力——

Who would stop you, Jay?

誰能阻止你，傑伊？

Maybe Scott. Thanks. So, you alluded, Carl, that in the second half you would focus on unattached or non-maintenance paying customers. Setting LT aside, are you referring, specifically, to the upgraded but not attached base that was part of the $2.9 million, that famous number from the analyst meeting last year?

或許是斯科特。謝謝。卡爾，你之前暗示過，下半年你會專注於非固定客戶或不支付維護費用的客戶。撇開 LT 不談，您具體指的是去年分析師會議上提到的 290 萬美元中，那部分升級後但未附加的基地嗎？

That's the famous number.

那是著名的數字。

Right. But of that, $1.3 million was upgraded, not attached, not counting LT. So, that's the number you are going to be converting?

正確的。但其中 130 萬美元是升級費用，而不是附加費用，還不包括 LT。所以，這就是你要轉換的數字嗎？

Yes.

是的。

Well, both, Jay. We'll focus on an LT base, as well. The goal will be to -- in addition to acquiring new customers with the new models, which we're doing nicely, will be to progressively go after that legacy base. LT and non-LT.

嗯，兩者都是，傑伊。我們也會專注於LT基地。除了透過新車型獲取新客戶（我們在這方面做得很好）之外，我們的目標是逐步爭取現有客戶群。LT 和非 LT。

One of the things that has been a very pleasing upside is, just because of the price points and the differences, characteristics amongst our LT customers, we were more anxious about them and the new model transition. If anything, the adoption there has been as strong as in any other part of the portfolio. I think we mentioned the one place that we are nervous, which is Japan, which is certainly meaningful in terms of LT.

令人非常欣慰的一點是，由於價格點和差異，以及我們LT客戶的特點，我們更加擔心他們和新車型的過渡。如果有什麼不同的話，那就是該地區的市場接受度與其他地區的市場接受度一樣高。我想我們已經提到了我們感到緊張的一個地方，那就是日本，這對長期發展來說當然意義重大。

When you look at, for example, the other industrialized countries, Western Europe, United States, we don't see much difference there. Fortunately, that simplifies the programs and allows us to do more things holistically, and in a way that makes sense, and is easier to communicate to everybody. We are just going to continue to do that, and we are really pleased to see the LT customers coming along.

例如，看看其他工業化國家，如西歐、美國，我們發現它們之間並沒有太大差異。幸運的是，這簡化了程序，使我們能夠以更全面、更合理的方式做更多的事情，也更容易與所有人溝通。我們將繼續這樣做，我們很高興看到LT客戶逐漸接受我們的需求。

The upside there, of course, is LT had the lowest attach rate. Previously, when we sold our perpetual, it had the lower attach rate on maintenance. Seeing that LT customer set move to desktop gives us a chance to bring them along with us and pull them in as subscribers.

當然，好處是LT的附加率最低。以前，當我們出售永續保險時，它的維護附加率較低。看到 LT 客戶群轉向桌面端，我們有機會將他們也帶入我們的系統，並吸引他們成為我們的訂閱用戶。

Thank you.

謝謝。

Gregg Moskowitz of Cowen and Company.

Cowen and Company 的 Gregg Moskowitz。

Thank you very much and good afternoon. So you had a pretty big uptick, a very big uptick in subscription billings, up 52% year-over-year. I was hoping, Scott, that you could parse this a little more for us. Can you tell us how much of this growth, roughly, came from greater end market customer acceptance of your subscription program as opposed to a lengthening in terms, just by virtue of the increase in multi-year subs that you referenced?

非常感謝，下午好。所以你們的訂閱費用出現了相當大的成長，比去年同期成長了 52%。史考特，我希望你能幫我們再詳細解釋。您能否告訴我們，這種增長中有多少是由於終端市場客戶對您的訂閱計劃的接受度提高，而不是僅僅由於您提到的多年訂閱數量的增加而導致的訂閱期限延長？

It was both, but of course, the size of our maintenance base was so much bigger, it's a base that we've built up over the last two years. The number, from a pure numbers standpoint, it overwhelms, but we saw strong growth, both crazy growth year on year in the new models, but strong growth sequentially. But multi-year maintenance also drove a big chunk of that subscriber billings upside, and that's just a function of the size of that installed base moving.

兩者都是，但當然，我們的維修基地規模要大得多，這是我們在過去兩年建立的基地。從純粹的數字角度來看，這個數字令人震驚，但我們看到了強勁的成長，無論是新車型的同比瘋狂增長，還是環比的強勁增長。但多年的維護費用也推動了用戶帳單的大幅成長，而這只是用戶基數遷移的必然結果。

Okay. Thanks. Maybe one for Carl. If you could talk about what you're seeing in terms of activity levels on your e-store? Just when you expect that e-store could become material for you. Thanks.

好的。謝謝。或許給卡爾一個。能否談談您網店的活躍程度？正當你以為這家網店可能會對你有幫助的時候。謝謝。

The e-store, at this point, is becoming material. We're getting to the point where we will start reporting, maybe we'll start giving you some insight into it. But it is becoming a sizable portion of the business. And, one way to think about it, there's already a store, but it's just electronic distribution and sales that includes many partners all the way from folks like TDW, Dell and Amazon, all the way to our traditional partners doing online distribution.

從目前來看，這家網路商店正在成為實體店。我們即將開始發布報道，或許會開始提供一些見解給大家。但這正逐漸成為公司業務中相當大的一部分。換個角度想，其實已經有了實體店，只不過是電子分銷和銷售，其中包括許多合作夥伴，從​​ TDW、戴爾和亞馬遜這樣的公司，到我們傳統的線上分銷合作夥伴。

Electronic sales and distribution is becoming more important. Already showing though, we continue to sell at list price. So, it is a reference marker out there. Many people just buy for convenience through there and it's growing substantially. The main point to take away as we prepare for Investor Day, talking a little bit more about the electronic channel. But they're clearly the wave of the future, and particularly as we look at many of our new products, many of them are almost exclusively through our electronic channels or at least starting out, more even with our traditional channels.

電子銷售和分銷變得越來越重要。雖然已經開始展出，但我們仍然以標價出售。所以，它是一個重要的參考指標。很多人只是為了方便才在那裡購物，而且這種購物方式正在大幅增長。在籌備投資者日之際，我們需要專注於電子通路。但它們顯然代表著未來的發展趨勢，尤其是當我們審視我們的許多新產品時，會發現其中許多產品幾乎完全是透過我們的電子管道銷售的，或者至少一開始是透過我們的傳統管道銷售的。

Great. Thank you.

偉大的。謝謝。

Walter Pritchard of Citi.

花旗集團的華特‧普里查德。

Scott, I wondered if you could talk about the rental uptake you're seeing, and how that may differ or not in the manufacturing vertical versus the AEC space?

Scott，我想請你談談你觀察到的租賃需求成長情況，以及製造業和建築、工程和施工 (AEC) 領域的租賃需求成長情況有何不同？

Walter, we're not seeing a big -- Carl touched on this earlier, we're not seeing a big difference in the uptake rate by either product or by industry vertical, at this point. If you looked at it by geo, you might see a slightly slower uptake of the new model types in Japan. But, holding that aside, we really are seeing a pretty consistent uptake in the new desktop subscription model, which is the rental model, across product lines and across segments.

沃爾特，我們目前還沒有看到——卡爾之前也提到過這一點——無論是按產品還是按行業垂直領域劃分，我們目前還沒有看到很大的差異。如果從地理位置來看，你可能會發現日本對新車型的接受速度略慢一些。但撇開這一點不談，我們確實看到新的桌面訂閱模式（即租賃模式）在各個產品線和各個細分市場都得到了相當一致的接受。

Got it. Carl, you are buying the Company on the Internet of Things side. It seems like if I put myself in your place, you have quite a bit going on. How do you avoid getting distracted here with a big business model transition, and now, you are entering a new market. It seems like that could be a risk.

知道了。卡爾，你收購的是這家公司的物聯網業務。如果我設身處地想，你好像有很多事情要忙。如何避免在進行重大商業模式轉型以及進入新市場時分心？這似乎存在風險。

Yes. One is, I'd say, we do acquisitions all the time, routinely. If you want to step back for a minute and just look at Autodesk, in general, there are two big things we're doing. The first one is business model transition. We spent a lot of time in prepared remarks, as well as already on the Q&A talking about lots of that, and so, we will continue for the next number of months.

是的。首先，我認為，我們一直在進行收購，這是例行公事。如果您想暫時退後一步，從整體上了解 Autodesk，那麼我們正在做兩件大事。第一個是商業模式轉型。我們花了很多時間準備演講稿，在問答環節也談了很多這方面的內容，因此，在接下來的幾個月裡，我們將繼續這樣做。

What sometimes gets lost with all of the conversation about that, is that we are probably in the biggest transformation in the engineering and design software space we've ever seen. As big as mainframes to workstation or workstation to PC, the shift of engineering software moving to the cloud is as big, and more inevitable than any of those other transitions.

在所有這些討論中，人們有時會忽略一點，那就是我們可能正處於工程和設計軟體領域有史以來最大的變革之中。就像從大型主機到工作站或從工作站到個人電腦的轉變一樣，工程軟體向雲端的遷移規模巨大，而且比任何其他轉變都更加不可避免。

The alternative to doing acquisitions like SeeControl is to miss out on big parts of the market. We just look and say, what we want to come out of this is not only a more sustainable, less volatile model on the business we have today, we fully expect to be the leaders in cloud computing for engineering and design. One of the ways to do that is to continue to develop stuff internally. The other is through acquisitions. Whether it is stuff we're doing with PLM 360 or BIM 360 or what we'll do with the Internet of Things on the cloud, we think that's really important.

如果不進行像 SeeControl 這樣的收購，就會錯失很大一部分市佔率。我們審視後認為，我們希望從中獲得的不僅是比我們現有業務更可持續、波動性更小的模式，我們還完全期望成為工程和設計領域雲端運算的領導者。實現這一目標的方法之一是繼續進行內部研發。另一種方式是透過收購。無論是我們正在使用 PLM 360 或 BIM 360 做的事情，還是我們將在雲端使用物聯網做的事情，我們都認為這非常重要。

I would, at least, urge you to look at both the lack of competitive movement there. Most of our competitors don't think the cloud is that important for their customers. They are making a half-hearted to nonexistent attempts to do anything about it as though -- . It's a bury your head in the sand of strategy. When you look at it, they are protecting the legacy business, whether PLM or anything else. So we look at things like the Internet of Things or moving CAD or PLM or CAM to it as being a critical part of what Autodesk looks like a handful of years from now.

我至少會敦促你注意那裡缺乏競爭性運動的情況。我們的大多數競爭對手認為雲端運算對他們的客戶來說並不那麼重要。他們對此採取的行動敷衍了事，甚至根本沒有行動，就好像──。這是一種鴕鳥政策。仔細想想，他們是在保護傳統業務，無論是產品生命週期管理（PLM）還是其他任何業務。因此，我們認為物聯網或將 CAD、PLM 或 CAM 遷移到物聯網等技術，對於 Autodesk 未來幾年的發展方向至關重要。

Walter, the other thing I would just add to that, since your question was about distraction, I don't see Internet of Things as a net new segment for us. It fits very much hand in glove with where we are headed in manufacturing, and where we are headed in AEC. It's more of an adjunct to a couple of pretty strategic segments we are already in than it is something that is net new that we are adding to the plate that we now have to build an entirely different structure to support.

沃特，我還要補充一點，既然你的問題是關於分心的，我不認為物聯網對我們來說是一個全新的領域。它與我們製造業的發展方向以及我們在建築、工程和施工（AEC）領域的發展方向非常契合。它更像是我們目前已涉足的幾個相當有戰略意義的領域的補充，而不是我們新增的、需要建構一個完全不同的結構來支持的全新事物。

I think some others in the market have positioned it as a new segment. I think Scott is absolutely right. If you just break it down a little bit, I don't know anyone building commercial buildings nowadays who are not thinking about instrumenting and monitoring buildings to improve the efficiency of running their operations. Whether that's in commercial real estate or industrial space, in terms of a factory or a power plant, everybody's doing it. I think very few people are designing new products that aren't, number one, enhanced by the Internet of Things technology, and most everybody is trying to collect data and analyze it so they can build better products for the future. This is really the foundation technology to get that started and we certainly have more work to build into the business, but I think it dovetails exactly with our already existing businesses.

我認為市場上的其他一些公司已經將其定位為一個新的細分市場。我認為斯科特的說法完全正確。如果稍微細究一下，我認識的現在建造商業建築的人，沒有一個不考慮對建築物進行儀器化和監控，以提高營運效率。無論是商業地產還是工業用地，無論是工廠還是發電廠，大家都在這樣做。我認為，很少有人在設計新產品時不借助物聯網技術，而且幾乎每個人都在嘗試收集數據並進行分析，以便為未來打造更好的產品。這確實是啟動這項業務的基礎技術，我們當然還有更多工作需要將其融入業務中，但我認為它與我們現有的業務完美契合。

Great. Thank you.

偉大的。謝謝。

Anil Doradla of William Blair.

威廉布萊爾的阿尼爾多拉德拉。

This is Maggie Nolan in for Anil. My first question is on the new incentives. You mentioned that had been a discount for customer-signed subscriptions up front, and I'm wondering, are there any other incentives that you will be rolling out to help accelerate the transition to the subscription base, and how you hope to achieve that subscription that we'll need to see in the second half, given that the full-year guidance has remained consistent?

這是代替阿尼爾上場的瑪吉諾蘭。我的第一個問題是關於新的激勵措施。您提到之前已經為客戶預付訂閱費用提供了折扣，我想知道，除了您提到的折扣之外，您還會推出哪些其他激勵措施來幫助加速向訂閱模式的過渡？鑑於全年業績預期保持不變，您希望如何在下半年實現我們期望看到的訂閱目標？

Let me just be clear on this one. The first one was what we're talking about with the multi-year subscriptions was the removal of a promotion, and people buying ahead of that removal.

讓我把話說清楚。第一個問題就是我們討論的多年訂閱問題，即促銷活動取消，以及人們在促銷活動取消前購買訂閱。

Okay.

好的。

That was just the discounts going away and people just saying I want to buy now and pay less. What I think you'll see going forward, is we will continue to promote the move to desktop subscriptions. We'll talk more a little bit more it about it next week and beyond that. I think, if anything, the bias right now is to accelerate that and promote it more. Having seen the success we saw was to double down on that, and encourage people to move more quickly. I think it serves all of us well to do that.

那隻是因為折扣活動結束了，人們都想現在就買，這樣可以省錢。我認為接下來你們會看到，我們將繼續推廣桌面訂閱模式。下週及以後我們會更詳細地討論這個問題。我認為，如果說有什麼傾向的話，那就是加速並進一步推廣這一趨勢。看到成功之後，我們決定加倍努力，鼓勵人們加快腳步。我認為這對我們所有人都有好處。

Okay, makes sense. And then, my second question was, you mentioned that China wasn't much of a headwind in the second quarter. I'm hoping you can give a little more color around your view of that going forward, and what limited that headwind in the second quarter?

嗯，有道理。然後，我的第二個問題是，您提到中國在第二季並沒有構成太大的阻力。我希望您能更詳細地闡述您對未來發展的看法，以及是什麼限制了第二季的不利因素？

I wish I could. That is one of the confounding things amongst many. Yes, there are certain places in which the economic reports coincide nearly perfectly. We are seeing really strong business in the US, and all the economic reports out in the US, including the one this morning, continue to be strong. Actually, it lines up with everybody's impressions. You walk around major cities, and there are cranes everywhere.

我希望我能。這是眾多令人困惑的事情之一。是的，在某些方面，經濟報告幾乎完全吻合。我們看到美國的商業狀況非常強勁，所有美國經濟報告，包括今天早上發布的報告，都持續向好。事實上，這與大家的印像一致。你走在各大城市裡，到處都是起重機。

The job market is tight, unemployment is low. China, always, on the reporting side, is a little bit of trickier place to actually understand. I don't really understand to what degree, and the flip side of that is Japan, is where there is definitely some distance between our results and the overall economic one. We're digging into it a little more to understand.

就業市場緊張，失業率低。從報道角度來看，中國的情況總是比較難懂。我不太明白這種差距究竟有多大，而另一方面，日本的情況則恰恰相反，我們的結果與整體經濟結果之間確實存在一些差距。我們正在深入研究以了解更多資訊。

I'd say, at this point, we have an imperfect understanding. And just for everyone, we spend a little bit of time trying to understand it. But in some of these things, when it goes beyond what is actionable and what we would do differently as a result of understanding it, it starts being diminishing returns for us to play macroeconomists.

我認為，就目前而言，我們對這個問題的理解還不夠完善。為了讓大家都能理解，我們花了一些時間試著去理解它。但在某些事情上，當它超出了可操作的範圍，超出了我們理解它之後會採取的不同做法的範圍時，我們扮演宏觀經濟學家的角色就開始獲得越來越少的回報。

Maggie, maybe the better way to think about China is to step back and say, what drove the growth in the quarter? Obviously, China is a very active construction market. I've been there. As Carl said, you see cranes everywhere.

瑪吉，或許思考中國市場的更好方法是退後一步，思考一下是什麼推動了本季的成長？顯然，中國的建築市場非常活躍。我去過那裡。正如卡爾所說，到處都能看到起重機。

BIM is actually taking off in China, you look at major projects like the new Shanghai Tower, and it's being built with BIM start to finish. So that's what's fueling the growth. The second part of your question, what to expect, given the events of the last five or six days, that's the one where its kind of -- who knows, at this point.

BIM在中國正在蓬勃發展，看看像上海中心大廈這樣的大型項目，它從頭到尾都是用BIM建造的。這就是推動成長的因素。你問題的第二部分，鑑於過去五、六天發生的事情，應該期待什麼，目前來說，誰也說不準。

Some of our peers include things like the government has been putting a lot of money into infrastructure projects, and some of the injections into the economy, I think they generally benefit our kinds of customers. That's a little bit of speculation on our part, but it is possible. Once again, it's one quarter data point. Now that we are lined up, we will see going forward what we're seeing in the next quarter.

我們的一些同行包括政府一直在基礎設施項目上投入大量資金，以及對經濟的一些注入，我認為這些通常都會使我們這類客戶受益。這只是我們的一些推測，但並非不可能。這又是一個季度的數據點。現在一切準備就緒，接下來我們將看看下一季度會發生什麼。

Sure. Great. That helps. Thanks for taking my question.

當然。偉大的。那很有幫助。謝謝您回答我的問題。

Sterling Auty of JPMorgan.

摩根大通的斯特林·奧蒂。

I've gotten a few emails from investors. There's a lot of terms being floated around during the call, and I think there's some confusion. Can you clarify for investors, when you talk about the new model, how much of that are you talking about in terms of pure product subscription versus maintenance, versus anything else? Just clarify the term for some of the investors?

我收到了一些投資者的郵件。通話過程中出現了許多術語，我認為這造成了一些混亂。您能否向投資者澄清一下，當您談到新模式時，您指的是純粹的產品訂閱、維護還是其他任何方面？請向部分投資者解釋一下這個術語的含義？

Sure, Sterling. We started talking about this last quarter, as well. When I say new model, I'm thinking of certainly desktop, cloud, and our enterprise business agreement.

當然，斯特林。上個季度我們也開始討論這個問題了。我所說的新模式，當然指的是桌面端、雲端以及我們的企業業務協議。

So, anything that is ratable and subscription-based is what I would drop into the new model, and then, if you look at what's not there, obviously, the biggest chunk is our maintenance business that's tied to our professional licenses and there is a smaller consulting and smaller CFIN and some others. Think of the new model as desktop, cloud, and EDA, largely.

因此，任何按費率計費和訂閱制的業務我都會納入新模式，然後，如果你看看哪些業務沒有被納入，顯然，最大的一部分是與我們的專業許可證相關的維護業務，還有規模較小的諮詢業務、規模較小的 CFIN 業務以及其他一些業務。可以將新模型大致理解為桌面、雲端和EDA。

Okay. Great. The other big topic the last couple of weeks for investors is, Carl, go back to that analyst day, when you talked about the 12% billings CAGR, 20% uplift in customer value, 50% increase in subscribers. Especially, that 12% CAGR in billings has been the one that's been on investors minds. Can you either comment tonight or at give us some idea if you are going to talk about how that actually shakes out under the new accelerated transition, when we get to Analyst Day?

好的。偉大的。過去幾週投資人關注的另一個重要話題是，卡爾，回顧一下你上次在分析師會議上談到的12%的帳單複合年增長率、20%的客戶價值提升以及50%的用戶成長。尤其是，12%的帳單複合年增長率一直是投資者關注的焦點。您今晚能否就此發表評論，或者在分析師日上透露一下您是否會談到在新加速轉型政策下，這種情況最終會如何發展？

Yes. Probably the best thing to do is to tell you that we will talk about it at the Investor Day, and what we will do is we will update the financial model, and our understanding of how the transition continues. We'll show you lots of detail about that, and hopefully, remove some of the confusion that exists about how we go about it.

是的。或許最好的方法是告訴大家，我們將在投資者日上討論這個問題，屆時我們將更新財務模型，並進一步闡述我們對轉型如何繼續進行的理解。我們會向您詳細介紹，希望能消除您對我們具體做法的一些疑惑。

What we did, a little bit as a preview, is to start pointing at some of the metrics that we think are more appropriate to understand the transition. We told you at the time, some of these were our best guess, and math moves easily to the history before it. We said, as we learned more about it and understood it better, and were better pinpoint things that we're looking at, I think we did that today, and we'll do more of it at the upcoming Investor Day.

我們所做的，算是提前預告一下，就是開始指出一些我們認為更適合理解這一轉變的指標。我們當時就告訴過你們，其中一些是我們最好的猜測，而數學很容易追溯到它之前的歷史。我們說過，隨著我們對它了解得越多，理解得越透徹，我們就能更好地確定我們正在關注的事情。我認為我們今天做到了這一點，我們將在即將到來的投資者日上做得更多。

Yes. Your notes have actually touched on a lot of the key dynamics in that transition. As we move from a hybrid cloud model to one that is much more pure subscription model.

是的。你的筆記其實已經觸及了這個轉變過程中的許多關鍵動態。隨著我們從混合雲模式轉向更純粹的訂閱模式。

I appreciate that. Last quick one.

我很感激。最後一個簡短的問題。

As you look at the last two quarters and subscribers, is there anything, in terms of seasonality or dynamics that would change one quarter versus the other in terms of total number of subscribers that we might expect? Or the mix, in terms of those that are pure product subscription -- desktop subscription customers?

從過去兩個季度和訂閱用戶數量來看，是否存在任何季節性或動態因素，導致一個季度與另一個季度在訂閱用戶總數方面出現差異，這是我們可以預期的？或者，就純粹的產品訂閱用戶（例如桌面訂閱用戶）而言，這種混合模式又如何呢？

I think, obviously, the big effect that we'll see on total subscriber adds in the second half will be the attach rate, which we have set our attach rate of maintenance has grown materially over the last four quarters. It continues to be strong.

我認為，很顯然，下半年用戶總數增加的最大影響將是附加率，我們已經設定了附加率，而我們的維護附加率在過去四個季度中顯著增長。它依然強勁。

So, as we see that end of sale of professional licenses at the end of Q4, a lot of those perpetual licenses that occur in attach rate, that will drive a subscription uptake in subscribers in Q4. For the new model types, they continue to grow. We're not seeing any seasonality in the new model types, yet. They are growing year on year, and they are growing sequentially, at this point.

因此，隨著第四季度末專業許可證銷售的結束，以及大量永久許可證的附加率上升，這將推動第四季度訂閱用戶數量的成長。對於新型車型而言，它們仍在不斷發展壯大。目前我們還沒有發現新車型有任何季節性特徵。目前來看，它們正逐年成長，並且穩定成長。

I think we need to understand the seasonality later, but right now, there are overwhelmingly affected by our promotions and the timing of an announcement like end of sales, that I would say that's certainly the first order effect, any seasonality is a second order that won't get sorted out till later.

我認為我們需要稍後再了解季節性因素，但目前，促銷活動和促銷結束等公告發佈時間的影響最大，我認為這肯定是第一層影響，任何季節性因素都是第二層影響，要到以後才能解決。

Great. Thank you.

偉大的。謝謝。

Keith Weiss of Morgan Stanley.

摩根士丹利的基斯‧韋斯。

Maybe, to dig in on that subscriber count a little bit. Last year, you saw big seasonality into the second half of the year, and upgrades went out. I think it was up, like, 36% from the first half into the second half. This year, to get to the midpoint of your guidance, you're looking for an even bigger seasonality, and it seems like the answer of how you get at bigger seasonality is the expiration of perpetual licenses on a significant part of your product portfolio.

或許，可以稍微提高一下訂閱用戶數。去年，下半年出現了明顯的季節性波動，升級換代的情況也隨之出現。我認為從上半場到下半場，增長了大約 36%。今年，為了達到您指導目標的中點，您需要更大的季節性波動，而實現更大季節性波動的答案似乎是您產品組合中很大一部分的永久許可證到期。

So two-part question. One, is that the right view? That is primarily what gives you bullishness into the back half, and two, maybe a little bit more philosophical, how do we understand the true level of underlying demand when the past two years have been heavily influenced by these expirations? Or, how do you get confidence to that level of underlying demand?

所以這個問題分成兩個部分。第一，這種觀點正確嗎？這主要是讓你對下半年市場持樂觀態度的原因，其次，也許從哲學角度來說，當過去兩年受到這些到期債券的嚴重影響時，我們如何理解潛在需求的真實水平？或者說，如何才能使潛在需求達到那種水準並建立起信心？

The first -- the answer to your first question is yes. You are fundamentally thinking about it correctly. We do expect it to be much more back-end loaded, because of the size and the importance of the products that will no longer be sold beyond the end of the year.

第一個問題的答案是肯定的。你的基本思路是正確的。我們預計，由於年底之後將不再銷售的產品的規模和重要性，其影響將更加集中在後期。

But, for a bit of an order of magnitude on that, we talked about it being roughly half of our new model types. So, not maintenance attached to perpetual. The new stuff, being roughly half of Q1, and better than half of our Q2.

但是，就數量級而言，我們討論過，它大約占我們新車型的一半。所以，永久使用無需維護。新推出的產品大約佔第一季的一半，比第二季的一半還要好。

You can start to get a sense of, it's not new material, it's not a huge revenue driver at this point, in terms of our subscriber adds. It is a pretty significant chunk of our subscriber adds, the new model types. But yes, fundamentally what will drive the significant uptick in the second half is the end of sale of perpetual at the end of Q4.

你可以開始感覺到，這不是新內容，就我們新增訂閱用戶而言，它目前並不是一個巨大的收入驅動因素。新型號的用戶在我們新增用戶中佔了相當大的比例。但從根本上講，下半年大幅成長的驅動因素是第四季末永續合約銷售的結束。

Secondarily, just on more philosophical, when we keep on emphasizing, and we'll give you more insight to in a month, is that the business model remains where we expected it. The big difference is the way people are choosing to buy the products. It's not about the underlying business demand. It is fundamentally about the way they choose, and therefore with the way they choose, the way we account for that. That's why we, as well as you, I'm sure, are looking forward, too, and it all comes back to a single model.

其次，從更哲學的角度來看，我們一直在強調，我們將在一個月內向您提供更多見解，那就是商業模式仍然符合我們的預期。最大的差異在於人們選擇購買產品的方式。這與潛在的商業需求無關。從根本上說，這關乎他們的選擇方式，因此，他們的選擇方式決定了我們如何看待這個選擇。這就是為什麼我們和你們一樣充滿期待的原因，而這一切都歸結於一個單一的模式。

We told you at the very beginning of this that the hardest part was going to be running a hybrid model where you have two, because goodness in one model looks like badness in the other and vice versa. They just eat away at each other, and so getting back to more of a holistic single model will be good. That's back to Jay's comment about ripping off the Band-Aid. What we said, and we'll give details next week is we're going to do that sooner than we were otherwise planning on doing.

我們一開始就告訴你們，最困難的部分是運行一個混合模型，因為在一個模型中表現好的東西在另一個模型中可能表現壞的東西，反之亦然。它們只會互相蠶食，所以回歸到更全面的單一模式是件好事。這又回到了傑伊關於撕掉創可貼的評論。我們說過，下週會公佈詳情，我們會比原計劃更早完成這項工作。

Got it.

知道了。

On this SeeControl acquisition, I think Walter was talking about the potential for distraction coming from SeeControl. I think the other risk that investors see is OpEx growth coming from it. The longer-term target is assumed that relatively muted OpEx growth over the next couple of years. Is SeeControl or acquisitions of this type, is that putting that as far as mid-single digit OpEx growth profile for the next couple of years, does that put that at risk?

關於此次對 SeeControl 的收購，我認為 Walter 指的是 SeeControl 可能帶來的干擾。我認為投資者看到的另一個風險是由此帶來的營運支出成長。長期目標是在未來幾年內保持相對溫和的營運支出成長。SeeControl 或類似類型的收購是否會使未來幾年的營運支出成長率保持在個位數中段水平，這是否會為這種成長帶來風險？

Not at all. Acquisitions like SeeControl and the others are all within the same envelope, when we give that guidance and as we move through it. We're consistent to that. We presumed it in the beginning, even though we didn't know which acquisitions. As we considered them internally, they are all within that.

一點也不。像 SeeControl 這樣的收購以及其他收購，在我們給予指導意見並推進的過程中，都屬於同一範疇。我們始終堅持這一點。我們一開始就這麼假設了，儘管我們並不知道具體是哪些收購。我們內部考慮過它們，它們都屬於這個範疇。

You saw the OpEx growth this quarter that aligned, I mean, it's right in line with everything we told you would be the OpEx growth. So, no, these acquisitions are not at all -- and as we said before, both the small and this would get into a medium-size, wouldn't do that.

你們看到了本季的營運支出成長，我的意思是，它與我們之前告訴你們的營運支出成長完全一致。所以，不，這些收購根本不是——而且正如我們之前所說，無論是小型收購還是中型收購，都不會這樣做。

The only exception I would ever say is if there happened to be a large one. I'm not saying there is one. We're not contemplating it at any time. As you know, large acquisitions and the costs they bring in the first year would effect that. That is not in the plans and we're holding true to the mid-single digits OpEx growth.

我唯一會說的例外情況是，如果碰巧遇到大型的。我並不是說一定存在這樣的人。我們從未考慮過這件事。如您所知，大型收購及其在第一年帶來的成本會對這種情況產生影響。這不在我們的計劃之內，我們將繼續保持營運支出成長在個位數的預期。

Got it. One last one for me.

知道了。最後再補充一個。

In terms of free cash flow growth, you had talked about free cash flow growth being in line with billings growth. Mix shift is taking the revenues down a little bit, but I won't expect that to -- that should not probably impact, since billing expectations stay the same, that billings in free cash flow model should stay roughly aligned?

關於自由現金流成長，您曾說過自由現金流成長與帳單成長一致。產品組合的調整導致收入略有下降，但我預計這不會產生影響——由於帳單預期保持不變，自由現金流模型中的帳單應該大致保持一致？

That's right. The top line of -- so free cash flow, the way I would define it is cash flow from ops minus CapEx. There is no significant changes coming in CapEx. The top line of cash flow from ops is net income. That will flow off of billings.

這是正確的。最關鍵的是──自由現金流，我的定義是營運現金流減去資本支出。資本支出方面不會有重大變動。營運現金流的首要指標是淨利。這將從賬單中扣除。

Got it. Excellent. Thank you.

知道了。出色的。謝謝。

Steve Koenig of Wedbush.

Wedbush公司的Steve Koenig。

Gentlemen, thanks for taking my questions. Just focused on the new model subscriptions here, I'm trying to rationalize some of the commentary with what we heard from the checks. In which, the desktop subscriptions, that promotion didn't seem to be doing nearly as well as the license plus extended maintenance promotion. I'm wondering if the success you are having in the new model adds -- could it be that given the lower ARPUs for the cloud products, is that -- is that helping significantly? Then, maybe one follow-up on that, as well.

各位先生，謝謝你們回答我的問題。我目前只專注於新的訂閱模式，並試圖根據我們從調查中獲得的資訊來解釋一些評論。其中，桌面訂閱促銷活動的效果似乎遠不如許可證加延長維護促銷活動。我想知道，你們在新模式下取得的成功是否帶來了——考慮到雲端產品的平均每用戶收入較低，這是否——這是否起到了顯著的幫助作用？然後，或許還可以就此進行一次後續調查。

No. It's not about the cloud subscriptions. This is really comparing maintenance subscriptions to desktop subscriptions. Answering -- I don't know how to answer -- resolving with the checks. That's always been a riddle beyond my pay grade.

不。這與雲端訂閱無關。這實際上是在比較維護訂閱和桌面訂閱。回答——我不知道該如何回答——透過檢查解決。那一直是個超出我能力範圍的謎題。

But, don't think that it's something else, and there something not to understand. This is exactly people moving to desktop subscriptions for the kinds of products you would imagine.

但是，不要以為這是別的事情，也不要以為有什麼我們無法理解的地方。這正是人們轉向桌面訂閱模式來獲取各種產品的原因，你可以想像這是怎麼回事。

That is exactly right. The checks are -- I think everyone knows this -- it's very difficult to extrapolate from a small subset to worldwide growth. It's always subject to variability.

完全正確。檢驗方法是──我想大家都知道──很難從一小部分樣本推斷出全球成長。它總是會受到各種因素的影響。

Just from your point of view, because of our interactions with the channel are a little different, we are always somewhere between bewildered and bemused at reading the notes on channel.

僅僅從你的角度來看，因為我們與頻道的互動方式略有不同，我們在閱讀頻道上的筆記時總是感到困惑和不解。

For sure.

一定。

Sometimes, they are strikingly accurate, uncannily so. Other days, we're like, did they talk to someone who had a bad day? I mean, we can tell you what we know about it. Just to be very clear about that, think of that as maintenance versus desktop subscription.

有時，它們的準確度驚人，簡直不可思議。有時候，我們會想，他們是不是跟心情不好的人聊過天？我的意思是，我們可以告訴你我們所了解的情況。為了更清楚地說明這一點，你可以把它理解為維護服務與桌面訂閱服務的差異。

Okay. That's helpful. For the follow-up, related, it's not fair to ask you what's different about my checks. But, I guess going back to the mix, maybe the mix of people selling the desktop subscriptions, I would just comment, we heard that most of the resellers were well short of the goal that Autodesk had set for them for the year. And there was a lot of consistency around what that goal was. Go ahead, sorry Carl.

好的。那很有幫助。至於後續相關問題，問你我的支票有什麼不同是不公平的。但是，我想回到銷售桌面訂閱的人員組成上來，我想說的是，我們聽說大多數經銷商都遠未達到 Autodesk 為他們設定的年度目標。而且，大家對這個目標的理解也高度一致。請便，抱歉了卡爾。

Sorry. Go ahead.

對不起。前進。

Okay. Just to close that off, we are guessing that it seems the larger resellers are doing better. Is there mix differences across the size of the resellers? You're clearly concentrating your efforts on making life better for those large resellers. Maybe any insight there, or further commentary?

好的。最後總結一下，我們猜測規模較大的經銷商似乎經營狀況較好。不同規模的經銷商之間是否有產品組合差異？您顯然正集中精力改善大型經銷商的​​經營狀況。或許有人對此有見解，或想做進一步評論？

First of all, sorry for trying to cut you off, there.

首先，很抱歉剛才試圖打斷你。

No problem.

沒問題。

What I would say is, as we get deeper into this, we will do more analysis on it. Right now, we don't have any distribution that looks dramatically different, there. It is certainly an interesting question, as to whether or not we are seeing anything, there. I would say, for the most part, we did not see any of that.

我想說的是，隨著我們對這個問題的深入了解，我們會進行更多的分析。目前來看，我們還沒有看到任何分佈情況有顯著變化。這的確是一個有趣的問題，即我們是否在那裡看到了什麼。我想說，在大多數情況下，我們並沒有看到這種情況。

Yes. We haven't structured the back-end incentives to be different for large versus small. Any more so than the normal channel structure would dictate. So, is nothing there that would favor that.

是的。我們沒有針對大型企業和小型企業設計不同的後端激勵機制。比正常通道結構所規定的還要多。所以，沒有任何因素支持這一點。

Okay. Sorry, Carl, go ahead.

好的。抱歉，卡爾，你先請。

I was just thinking of the mix of distributors and stuff out there, and just going -- what we will try to do is a month from now, we will try to give you a little better insight into whether we see any variability, in terms of the performance. There's nothing that jumped out at us through the analysis of the quarterly results that give us any indication about that. The one thing I would say, though, about goals, -- and I think sometimes this is misconstrued, in terms of people doing channel checks. It is true that sometimes our sales management team gets aggressive when we want to do programs.

我當時就在想，市場上各種分銷商和相關因素的組合，然後就想——我們打算在一個月後，嘗試讓大家更清楚地了解我們在業績方面是否看到任何波動。透過對季度業績的分析，我們沒有發現任何可以表明這一點的跡象。不過，關於目標，我想說的是——而且我認為有時人們會誤解這一點，認為人們在進行渠道檢查。確實，有時候當我們想開展專案時，我們的銷售管理團隊會變得比較強勢。

We're just trying to send the message of what's important. I think in more steady-state businesses where we really understand the performance, you might set your overall target at 102% of what you expect, and the 2% on, for example, a $600 million quarter, when it is relatively steady state is understandable.

我們只是想傳達一些重要訊息。我認為，在業務較為穩定、我們真正了解其業績的情況下，您可以將總體目標設定為預期目標的 102%，例如，在一個相對穩定的季度中，6 億美元的業績出現 2% 的偏差是可以理解的。

When we want to new things, sometimes we get aggressive and sometimes there is a little bit of a signs from the channel partners. Directionally, this is where we expect you to head, and we think this is what we think is important. Sometimes, some of the sales targets out there are more aggressive, and they're definitely not consistent in terms of targets, relative to what we think we want to change.

當我們想要嘗試新事物時，有時我們會變得咄咄逼人，有時通路夥伴也會給我們一些暗示。從方向上來說，我們希望你朝著這個方向前進，我們認為這才是最重要的。有時候，有些銷售目標過於激進，就我們想要改變的目標而言，這些目標肯定是不一致的。

Got it. Okay. Thank you very much for taking my questions.

知道了。好的。非常感謝您回答我的問題。

Richard Davis of Canaccord.

Canaccord公司的Richard Davis。

I know the cloud helps you compete better. But, one of the hardest parts that I hear from guys that are thinking about switching, or companies that are thinking about switching from one vendor to another, is the fear that the engineers have with regard to their old models, won't translate over seamlessly. How are you handling that concern? Is that still an issue? Is that a legacy issue? Is that a data issue? Or, is that not an issue at all? Thanks.

我知道雲端運算可以幫助你提升競爭力。但是，我從那些考慮更換供應商的人，或者那些考慮從一個供應商更換到另一個供應商的公司那裡聽到的最困難的部分之一是，工程師們擔心他們的舊模型無法無縫轉換。您是如何應對這個問題的？這個問題仍然存在嗎？這是歷史遺留問題嗎？這是數據問題嗎？或者，這根本不是問題？謝謝。

I think it used to be a huge issue in the industry. One of the things we've done with both our cloud and desktop products is hopefully, made it more of a non-issue. But, we will read in models from almost any vendor. Dozens and dozens of different formats and operated on almost as if they are natively.

我認為這曾經是業界的一個大問題。我們希望透過我們的雲端產品和桌面產品，能夠讓這個問題不再成為問題。但是，我們可以讀取幾乎任何供應商提供的模型。支援數十種不同的格式，並且幾乎像原生格式一樣進行操作。

Look, I would be worried if I had a 77 set of plans with 12 million parts in it, because the question is not does it translate, but how do you check that it's translated 100% correctly. I think there are some industries that will be slow in adopting this, but I think we're getting to the point where the majority, the mainstream of customers deal with files that come from heterogeneous systems every day, and have worked through that and have come to trust that the translation of these things just works well.

你看，如果我有一套包含 1200 萬個零件的 77 套圖紙，我會很擔心，因為問題不在於它能否翻譯，而在於如何檢查它是否 100% 正確翻譯。我認為有些產業在採用這項技術方面會比較慢，但我認為我們正在逐漸達到這樣一個階段：大多數主流客戶每天都要處理來自異質系統的文件，他們已經克服了這個問題，並且開始相信這些文件的轉換效果很好。

The one thing that's really good is moving this to the cloud has, digging a little bit deeper on the technical side, two nice benefits. Number one, is the translations that existed in desktop products, we were not able to see -- we could not see the failed results. When they're on the cloud, you can look at the failures.

從技術角度深入分析，將這項服務遷移到雲端確實有兩大好處。第一，桌面產品中存在的翻譯，我們無法看到──我們看不到失敗的結果。當它們在雲端時，你可以查看故障情況。

The second thing is, as you recognize whatever shortcomings there are in the translation process, you can update those translations instantaneously. There is a lot of benefits. While fully protecting the customer's data in IP, you can actually give them a much better experience. So, it's one of the many benefits of doing this cloud-based engineering.

第二點是，當你發現翻譯過程中有任何缺點時，你可以立即更新這些翻譯。好處多多。在充分保護客戶智慧財產權資料的同時，實際上還可以為他們提供更好的體驗。所以，這是進行這種基於雲端的工程的眾多好處之一。

Right. Thanks so much.

正確的。非常感謝。

At this time, I'd like to turn the call back to Mr. Gennarelli for any closing remarks.

此時，我想把電話轉回給詹納雷利先生，請他作總結發言。

That includes our call today. As Carl mentioned, we have our Analyst Day September 29 here in our Gallery in San Francisco. If you're interested in attending, please email or call me. You can get my contact information on the press release. Thanks.

這其中也包括我們今天的通話。正如卡爾所提到的，我們將於9月29日在舊金山畫廊舉辦分析師日活動。如果您有興趣參加，請給我發郵件或打電話。您可以在新聞稿中找到我的聯絡資訊。謝謝。

Ladies and gentlemen, thank you for your participation in today's conference. This concludes your program. You may now disconnect.

女士們、先生們，感謝各位參加今天的會議。您的課程到此結束。您現在可以斷開連線了。