Autodesk Inc (ADSK) 2017 Q1 法說會逐字稿

Welcome to the Autodesk first-quarter FY17 earnings conference call.

歡迎參加 Autodesk 2017 財年第一季財報電話會議。

(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 now like to hand the meeting over to David Gennarelli, Senior Director, Investor Relations. Please go ahead.

現在我將把會議交給投資者關係高級總監大衛詹納雷利。請繼續。

Thanks, operator. Good afternoon.

謝謝接線生。午安.

Thank you for joining our conference call to discuss the results of our first quarter of FY17. Also on the line are Carl Bass, our CEO; and Scott Herren, our CFO.

感謝您參加我們的電話會議，共同討論我們2017財年第一季的業績。同時在線的還有我們的執行長卡爾·巴斯和我們的財務長斯科特·赫倫。

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 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.

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。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評論，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 FY17; our long-term financial model guidance; the factors we use to estimate our guidance, including currency headwinds; expectations regarding our restructuring; the various anticipated benefits, including greater predictability of revenue, and reduced cost structure from 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 2017 財年第二季度和全年的業績指引；我們的長期財務模型指引；我們用於估算業績指引的因素，包括匯率不利因素；關於我們重組的預期；各種預期收益，包括收入的更高可預測性以及透過企業向新業務模式

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 the FY16 and our current reports on Form 8-K, including the Form 8-K furnished 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 2016 財年 10-K 表格和我們目前的 8-K 表格報告，包括今天新聞稿和準備好的發言稿中附帶的 8-K 表格。

Those documents contain and identify important risks and other factors that may cause our actual results to differ from those contained in our 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 during the call may not contain current or accurate information.

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。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此通話，通話期間提供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. During the call, we will also disclose non-GAAP financial measures.

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業績指引，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引或更新。在電話會議期間，我們也會揭露非GAAP財務指標。

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. 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.

這些非GAAP指標並非依照公認會計原則編製。我們已在今天的新聞稿、準備好的發言稿以及我們網站的投資者關係部分提供了 GAAP 和非 GAAP 業績的調節表。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，否則每個此類引用都代表同比比較。

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

現在我想把電話交給卡爾。

Thanks, Dave. We had a terrific start to FY17 with more proof points that the transition from perpetual licenses to subscription and cloud offerings is going well. We're moving steadily ahead on our two big initiatives. First, we are increasing the lifetime customer value. Second, we are driving increased adoption of our cloud-based solutions to better serve existing customers as well as expand into new segments.

謝謝你，戴夫。2017 財年開局非常順利，更多證據表明，從永久許可向訂閱和雲端服務的過渡進展良好。我們的兩項重大計劃正在穩步推進。首先，我們要提高客戶終身價值。其次，我們正在推動更多人採用我們的雲端解決方案，以便更好地服務現有客戶並擴展到新的領域。

I'll share more details on our Q1 results and then talk more about our view around long-term shareholder value creation before getting into our outlook for the rest of the year. As I mentioned last quarter, the primary focus for us through the transition Is driving subscriptions and annualized recurring revenue, or ARR.

我將分享更多關於我們第一季業績的細節，然後再多談談我們對長期股東價值創造的看法，最後展望今年剩餘時間的業績。正如我上個季度提到的，我們在轉型期間的主要重點是推動訂閱和年度經常性收入（ARR）。

In total, we added 132,000 net new subscriptions the quarter. New model subscriptions more than doubled to 140,000. While we expected maintenance subscriptions to decline in conjunction with the end of sale of perpetual licenses on individual products at the end of Q4, total maintenance subscriptions declined by only 8,000, as our renewal rates for maintenance continues to increase. Q1 was the first quarter that customers no longer had the option to buy a perpetual license for individual products such as AutoCAD or AutoCAD LT.

本季我們總共新增了 132,000 個淨訂閱用戶。新模式的訂閱用戶數量翻了一番多，達到 14 萬。雖然我們預計隨著第四季度末單一產品永久授權的停止銷售，維護訂閱量會下降，但由於我們的維護續訂率持續上升，維護訂閱總量僅下降了 8,000。第一季是客戶不再可以選擇購買 AutoCAD 或 AutoCAD LT 等單一產品的永久授權的第一個季度。

As a result, additions from product subscription, formerly known as Desktop subscription, jumped dramatically by 125% sequentially and by nearly 350% year over year. Helping drive product subscription growth in Q1 was a promotion targeted at converting our legacy non-subscriber base to new product subscriptions.

因此，產品訂閱（以前稱為桌面訂閱）的新增用戶數量較上季成長 125%，較去年同期成長近 350%。第一季度，我們透過一項促銷活動推動產品訂閱量的成長，該活動旨在將我們原有的非訂閱用戶轉化為新的產品訂閱用戶。

This promotion captured legacy non-subscribers, who are customers that purchased a perpetual license sometime in the past and wanted to trade in their old perpetual license for a product subscription at a discount. It turned out to be one of the most successful promotions we've ever run and contributed over 25,000 net new model subscriptions to the quarter.

這項促銷活動吸引了老牌非訂閱用戶，這些用戶過去曾購買過永久許可證，現在想用舊的永久許可證換取產品訂閱折扣。事實證明，這是我們開展過的最成功的促銷活動之一，為本季帶來了超過 25,000 個新的車型訂閱量。

As we annualize the data, the really interesting part was that over 50% of those taking advantage of the promotion were using versions from seven years back or older. We've talked about the opportunity to convert a portion of the estimated 2.8 million non-subscribers, which captures a five-year look back. We knew there was a meaningful number of active users behind -- beyond that five-year look back and this was a great validation of that point.

當我們對數據進行年度化處理時，真正有趣的是，超過 50% 的促銷參與者使用的是七年前或更早的版本。我們已經討論過將估計的 280 萬非訂閱用戶中的一部分轉化為訂閱用戶的機會，這反映了過去五年的情況。我們知道，在過去五年之後，還有相當數量的活躍用戶，而這很好地驗證了這一點。

New model subscriptions also got a strong contribution from our enterprise flexible license, or EBA customers. I mentioned on last quarter's call that in Q4, we signed up a record number of enterprise customers who are these token-based, or consumption style EBAs. And that because the way we count those subscriptions, we see the benefits in net new subscriptions in Q1 as we did in the first quarter of last year. These EBAs contributed more than 25,000 subscription additions in Q1 this year. EBAs, with our large enterprise customers, have been a very successful component of our transition, leading to both increased subscriptions and account value while creating increased flexibility for our customers.

新模式訂閱也得到了我們企業彈性授權（EBA）客戶的大力支持。我在上個季度的電話會議上提到，在第四季度，我們簽約了創紀錄數量的企業客戶，這些客戶都是基於代幣或消費型 EBA 的。這是因為我們統計這些訂閱的方式，使得我們在第一季的淨新增訂閱量中看到了與去年第一季相同的收益。今年第一季度，這些 EBA 貢獻了超過 25,000 個新增訂閱用戶。對於我們的大型企業客戶而言，EBA 已成為我們轉型過程中非常成功的一個組成部分，它既提高了訂閱量和帳戶價值，也為我們的客戶創造了更大的靈活性。

We also had a record quarter for cloud subscription additions in Q1, which increased nearly 50% sequentially. BIM360 and PLM360 continued to lead the way. We are also having success with our other cloud products, such as Shotgun, A360 and Fusion 360. Our cloud-based products continue to bring in new customers to Autodesk.

第一季度，我們的雲端訂閱用戶數量也創下歷史新高，季增近 50%。BIM360 和 PLM360 繼續保持領先地位。我們的其他雲端產品，如 Shotgun、A360 和 Fusion 360，也取得了成功。我們的雲端產品不斷為歐特克帶來新客戶。

Our newest cloud product is our IoT platform, Fusion Connect, formerly known as SeeControl, a service that helps manufacturers and system integrators connect, analyze, control and manage things remotely, which is gaining traction. Just as we changed the CAD/CAM and PLM markets with cloud-based products, we're doing the same with the Internet of Things, enabling our customers to easily incorporate IoT capabilities into their projects.

我們最新的雲端產品是我們的物聯網平台 Fusion Connect（以前稱為 SeeControl），這項服務可以幫助製造商和系統整合商遠端連接、分析、控制和管理設備，並且正在獲得越來越多的關注。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。

In Q1, we landed a six-figure IoT deal with an industrial manufacturing company, and this led us competing head to head against other well-known competitors. This is an exceptional win because the customer is considered a pioneer in IoT and has been making connected products as part of their core business strategy for several years.

第一季度，我們與一家工業製造公司達成了一項價值六位數的物聯網交易，這使我們與其他知名競爭對手展開了正面交鋒。這是一場非凡的勝利，因為該客戶被認為是物聯網領域的先驅，並且多年來一直將製造互聯產品作為其核心業務策略的一部分。

It's important to note that our channel partners are fully engaged with our subscription model. 63% of new model subscription additions came through our channel partners, compared to just 27% in Q1 last year.

值得注意的是，我們的通路合作夥伴已完全融入我們的訂閱模式。在新增車型訂閱用戶中，63%來自我們的通路合作夥伴，而去年第一季這一比例僅為27%。

We're also excited about the number of subscriptions coming through our eStore, which more than doubled from Q1 last year. Our total direct sales increased to 25% in the first quarter. That's up from just 15% two years ago and it's still in the early days for our eStore.

我們也對透過我們的網上商店獲得的訂閱數量感到興奮，該數量比去年第一季增加了一倍多。第一季度，我們的直接銷售額成長了25%。這比兩年前的 15% 有所增長，而且我們的網上商店仍處於起步階段。

The growth in new model subscriptions fueled a 76% year-on-year constant currency increase in new model ARR. Total recurring revenue jumped to 70% of our total reported revenues, compared to 53% last quarter. Total ARR growth was 12% at constant currency year on year.

新車型訂閱量的成長推動新車型 ARR 年成長 76%（以固定匯率計算）。經常性收入總額佔報告總收入的比例躍升至 70%，而上一季為 53%。以固定匯率計算，年度經常性收入總額年增 12%。

Remember, when evaluating total ARR growth relative to our long-term targets, that this number will build over the next three quarters, as new model becomes an increasingly large component of total ARR, so we're very comfortable with the growth we experienced here in Q1. Another metric that we talked about in the recent quarters has been unit volume. When comparing our unit volume to the first quarter last year, it was in line with our expectations.

請記住，在評估總 ARR 成長相對於我們長期目標的情況時，隨著新模式在總 ARR 中所佔比例越來越大，這個數字將在接下來的三個季度內成長，因此我們對第一季取得的成長非常滿意。最近幾季我們討論的另一個指標是銷售量。與去年第一季相比，我們的銷售量符合預期。

On the expense side, we are diligently controlling our spending. As a result of the restructuring action we took earlier in the quarter, our total spend decreased more than 2 percentage points year on year. We are continuing to make structural changes that allow us to spend less, yet focus on our key initiatives.

在支出方面，我們正在認真控制開支。由於我們在本季早些時候採取的重組措施，我們的總支出比去年同期下降了 2 個百分點以上。我們正在持續進行結構性改革，以便減少開支，同時專注於我們的關鍵措施。

We are carefully balancing the need for financial discipline with the need to invest to drive the long-term health of the Company. Overall, we are very pleased with the Q1 results, which are a great start to the year and reinforce our confidence that the transition is working for our customers, our partners, and Autodesk.

我們正在謹慎地平衡財務紀律的必要性與推動公司長期健康發展的投資需求。總體而言，我們對第一季的業績非常滿意，這為新的一年開了個好頭，也增強了我們對轉型對我們的客戶、合作夥伴和 Autodesk 都有效這一事實的信心。

We're eagerly looking forward to the end of Q2, when we start selling perpetual licenses for Suites and become fully immersed in the subscription model. Another exciting factor about Q3 is that we'll begin selling what can be thought of as our next generation of Suites called Collections. We won't officially launch it with our customers until next week, but I'll give you a little preview.

我們熱切期盼第二季末的到來，屆時我們將開始銷售套件的永久許可證，並全面投入訂閱模式。第三季另一個令人興奮的因素是，我們將開始銷售可以被視為我們下一代套件的產品，稱為「精選集」。我們下週才會正式向客戶推出，但我可以先給大家簡單預覽。

Collections will be the most convenient way for customers to access a wide selection of both our Desktop software and our cloud services. We're significantly reducing complexity by offering just three Collections, one for OEC; one for manufacturing; and one for community. The value for our customers is tremendous and well exceeds the premium suite.

透過合集，客戶可以最方便地存取我們豐富的桌面軟體和雲端服務。我們透過僅提供三個系列來大大降低複雜性，一個系列用於 OEC；一個系列用於製造業；一個系列用於社區。這款產品對顧客來說價值巨大，遠遠超過高級套裝。

We're offering single user and multi-user access and choices of different turn rates to fit their needs. Suites have been a tremendous success since we launched them over five years ago and Collections will take it to the next level by giving greater flexibility to our customers and increasing the lifetime value for us.

我們提供單一用戶和多用戶存取權限，以及不同的交易速率選擇，以滿足他們的需求。自五年前推出以來，套房系列取得了巨大的成功，而精選系列將透過為我們的客戶提供更大的靈活性並提高我們的終身價值，將套房系列提升到一個新的水平。

That's a good segue to what I touched on last quarter and that's about what we're doing to create long-term value for our shareholders. I'm [using this] because I feel that we're -- what we're ultimately aiming to accomplish, which is positioning Autodesk to lead the next generation of design, is being somewhat lost in the noise of quarterly financial results.

這正好引出了我上個季度談到的內容，那就是我們正在採取哪些措施來為股東創造長期價值。我之所以使用這個術語，是因為我覺得我們最終的目標是讓 Autodesk 引領下一代設計，而這個目標在某種程度上被季度財務表現的喧囂所掩蓋。

Our transition is really happening on two vectors. The first is the business model and pricing transition that is happening now where our customers are moving to churn base subscriptions. Over the next three years, we expect this process to lead to a highly predictable model and a significant increase in the value our customers get from our products.

我們的轉型實際上是在兩個維度上進行的。首先是目前正在發生的商業模式和定價轉型，我們的客戶正在轉向基於流失率的訂閱模式。在接下來的三年裡，我們預計這個過程將帶來高度可預測的模型，並顯著提高客戶從我們的產品中獲得的價值。

In support of this model change, we are simplifying our entire go-to-market strategy to align with the concept of being an all-subscription Company. The result will be meaningful increases in the business we do directly with our customers at the enterprise and e-commerce levels.

為了支持這種模式的轉變，我們正在簡化整個市場推廣策略，以符合成為全訂閱公司的理念。這將使我們在企業和電子商務層面直接與客戶開展的業務顯著成長。

In turn, these changes ultimately reduce our cost structure and increase how effectively we serve our customers. The second vector of our transition is how we are building platforms to exploit the cloud and dramatically expand the size of our market opportunities.

反過來，這些變化最終會降低我們的成本結構，並提高我們服務客戶的效率。我們轉型的第二個方向是，我們如何建立平台來利用雲端運算，並大幅擴大我們的市場機會規模。

Investments we've made in this area, which started over three years ago, have allowed us to get a sizable lead on our current competitors, as well as the many well-funded start-ups. We've seen the platform shift moving before. Incumbents will slowly become less relevant while the world changes around them.

我們從三年前開始在這個領域進行投資，這使我們能夠比目前的競爭對手以及許多資金雄厚的新創公司取得相當大的領先優勢。我們之前也看過平台轉型的情況。隨著世界不斷變化，現有企業的重要性將逐漸降低。

We're investing to secure the future of Autodesk and our new cloud-based products are really the undisputed leaders in their respective categories. It's not just about making browser-based design tools. It's about market expansion. Mobile and cloud technologies are opening up significant opportunities in areas of construction and manufacturing that are completely new to Autodesk.

我們正在進行投資，以確保 Autodesk 的未來，而我們新的雲端產品在其各自領域中無疑是領導者。這不僅僅是開發基於瀏覽器的設計工具。這是關於市場擴張的問題。行動和雲端技術正在為建築和製造領域帶來巨大的機遇，而這些領域對 Autodesk 來說都是全新的。

Again, our framework for building long-term shareholder value is to increase the lifetime value of every customer, change our cost structure, and the means by which we reach customers and finally, to build the best cloud- and mobile-based products and services in the industry, as the underlying platform shifts to the cloud. While many people are focused on the business model shift, winning the leadership position in the cloud leads to a long-term, sustainable competitive advantage.

再次強調，我們建構長期股東價值的框架是：提高每個客戶的終身價值，改變我們的成本結構和我們接觸客戶的方式，最終，隨著底層平台向雲端遷移，打造業內最好的基於雲端和行動的產品和服務。雖然許多人關注的是商業模式的轉變，但贏得雲端運算領域的領導地位才能帶來長期、可持續的競爭優勢。

Now turning to our Q2 and full-year look outlook, I mentioned on last quarter's call that the current fiscal year is the most unique in the Company's history, as we complete the transition from perpetual licenses to subscriptions at the end of Q2. None of the traditional seasonality patterns for sales metrics will be applicable. Year-over-year-over-year growth rates of traditional and financial metrics will be helpful in understanding how we are performing through the transition.

現在，讓我們展望一下第二季和全年前景。我在上個季度的電話會議上提到，本財年是公司歷史上最獨特的一年，因為我們將在第二季末完成從永久許可到訂閱的過渡。傳統的銷售指標季節性規律將不再適用。傳統指標和財務指標的同比增速將有助於我們了解轉型期間的表現。

Similar to our volume in Q1, hitting the lower end of our revenue range while exceeding our subscription guidance is a desirable outcome for the year. Our view of the macroeconomic environment's impact on our business hasn't changed since last quarter, or for the past several quarters, for that matter. The global conditions have been uneven. Most of the emerging markets have been difficult. But most of the mature markets have been relatively good. As we evaluated our strong Q1 results, we didn't see any meaningful change in the demand environment.

與第一季銷售量類似，今年營收達到預期範圍的下限，同時訂閱量超過預期，這是理想的結果。我們對宏觀經濟環境對我們業務的影響的看法與上個季度相比沒有改變，事實上，在過去的幾個季度裡，我們的看法也沒有改變。全球形勢不平衡。大多數新興市場都面臨挑戰。但大多數成熟市場表現都相對良好。在評估我們強勁的第一季業績時，我們沒有看到需求環境有任何實質變化。

For the end of sale of Suites here in Q2, we expected the dynamics will resemble what we saw in Q4 with the end of sale for individual products. In other words, we're expecting some surge activity but not a lot. Remember that our unit volume and revenue contribution from Suites is much lower than our individual products and we have already seen a significant shift in Suites customers to the new model.

對於本季套房銷售的結束，我們預計其動態將與第四季單一產品銷售結束的情況類似。換句話說，我們預計會出現一些激增活動，但不會很多。請記住，套房產品的銷售和收入貢獻遠低於我們的單一產品，而且我們已經看到套房客戶向新模式發生了顯著轉變。

While this is good news in terms of moving them to a higher value offering now and not having to convert them later, it tamps down our expectations for a surge in volume at the end of this quarter. Also, while the promo targeting legacy customers was successful in Q1, we will not be running that promo here in Q2.

雖然這對於現在將他們轉移到更高價值的產品上，而不必以後再進行轉換來說是個好消息，但這降低了我們對本季末銷量激增的預期。此外，雖然針對老客戶的促銷活動在第一季取得了成功，但我們不會在第二季繼續進行該促銷活動。

Q3 will be our first quarter of subscription-only sales across the board and we'll likely experience a sequential slowdown. That's when you can expect to see promotions aimed at our legacy customers again. If you're not modeling a sequential decline for Q3 already, you should be.

第三季將是我們首次全面實施訂閱制銷售，我們可能會經歷環比放緩。屆時，您將會看到我們再次為老客戶推出促銷活動。如果你還沒有對第三季進行環比下滑的建模，那麼你應該開始這麼做了。

And it's consistent with our expectations for the full year, which are unchanged. And Q4 should be due to show more normal sales trends in our new subscription-only model. We made a slight adjustment to our FY17 outlook for EPS based on our revised tax rate assumption for the year.

這與我們對全年的預期一致，我們的預期保持不變。預計第四季在我們新的純訂閱模式下，銷售趨勢將會更加正常。根據我們對2017財年稅率假設的修訂，我們對2017財年每股盈餘預期進行了略微調整。

Otherwise, we remain comfortable with our full-year outlook for FY17 and our long-term goals of growing our subscription base by a 20% CAGR over the next four years, which will drive a 24% CAGR in the ARR. We remain committed to keeping spend growth roughly flat to slightly down this year and flat in FY18. Coupled with our topline projections, we see a path of free cash flow of roughly $6 per share in FY20 and $11 per share in FY23.

否則，我們對 2017 財年的全年展望以及未來四年訂閱用戶數量以 20% 的複合年增長率增長的長期目標仍然感到滿意，這將推動 ARR 實現 24% 的複合年增長率。我們仍致力於使今年的支出成長基本持平或略有下降，並在 2018 財年保持持平。結合我們的營收預測，我們預計 2020 財年每股自由現金流約為 6 美元，2023 財年每股自由現金流約為 11 美元。

To wrap things up, our business model transition is in full swing now and exceeding expectations. We're really excited to be another major step further along in the transition and by the second of half of this year, we will fully be in the subscription-only model.

總而言之，我們的商業模式轉型目前正在全面展開，並且超越了預期。我們很高興在轉型過程中又向前邁出了重要一步，到今年下半年，我們將完全採用訂閱模式。

Customers and partners are embracing the new model, both subscriptions and the cloud. At the same time, we're driving higher lifetime value, simplifying our offerings, and our go-to-market activities, and significantly increasing our market opportunity as we lead the next wave of design and engineering software to the cloud.

客戶和合作夥伴都欣然接受了這種新模式，包括訂閱模式和雲端服務。同時，我們正在推動更高的終身價值，簡化我們的產品和服務，並優化我們的市場推廣活動，從而顯著提升我們的市場機會，引領下一波設計和工程軟體向雲端遷移。

We had a clear vision and plan for creating a more profitable -- predictable, recurring and profitable business in the years to come. Operator, we'd now like to open the call up for questions.

我們對未來幾年打造一個更獲利、更可預測、更永續且獲利的業務有著清晰的願景和計劃。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 the line of Saket Kalia from Barclays Capital.

我們的第一個問題來自巴克萊資本的 Saket Kalia。

Hi, guys. Thanks for taking my questions here. First, maybe to start off for you, Carl, obviously, a nice start to the year for subscription additions. Can we just go back to the 650,000 to 800,000 units that we've sold in any given year. And can you just talk about the seasonality of that in a typical year as well as how much of that might be Suites versus standalone?

嗨，大家好。感謝您回答我的問題。首先，卡爾，很顯然，對你來說，今年的訂閱新增數量是一個不錯的開始。我們能不能回到每年65萬到80萬輛的銷售量？您能否談談在典型年份中，這種現象的季節性變化，以及其中套房和獨立客房的比例？

Yes, let me give you a little bit. Generally speaking, much more in Q4. It's always been, as faras I can remember, back-end loaded; surprisingly heavy in Q4. Q1 is usually up a drop. Q2 and Q3 go well, and then Q4 comes out as the usual seasonality pattern. When we go back and look at unit volumes, we're just in mind of everything we've seen historically, as well as all of our projections for the quarter.

是的，讓我簡單介紹一下。總的來說，第四季會更多。據我所知，它一直都是後半段負載較高；第四季負載尤其高。第一季通常會略有下降。第二季和第三季表現良好，然後第四季則呈現出通常的季節性波動模式。當我們回顧過去查看銷售量時，我們會考慮到歷史上的所有數據，以及我們對本季的所有預測。

In fact, in terms of the split between products and Suites, I know you know this, but the AutoCAD and AutoCAD LT are by far the highest volume. So we look at unit volumes; they dominate that as well. Suites are higher priced but significantly lower volume.

事實上，就產品和套件的銷售佔比而言，我知道您也知道，AutoCAD 和 AutoCAD LT 的銷售遙遙領先。所以我們來看單位體積；它們也佔據主導地位。套房價格較高，但入住人數明顯較少。

Got it. Got it. As my follow-up, Carl, one of the interesting things that you mentioned was, a fair number of the non-subscribers that converted this quarter were on tools that were older than seven years. And I think the 2.8 million that we've talked about historically is for non-subscribers that are on tools five years or less. So I guess the question is, what would that number look like if you included a couple more years of non-subscribers? And as you built a couple more data points, how do you feel about that 30% conversion that you've talked about within that base?

知道了。知道了。卡爾，我的後續問題是，你提到的一件有趣的事情是，本季轉換成付費用戶中，有相當一部分人使用的工具已經超過七年了。我認為我們過去討論過的 280 萬用戶是指那些使用工具五年或五年以下的非訂閱用戶。所以我想問的是，如果把幾年的非訂閱用戶也算進去，這個數字會是什麼樣子呢？隨著你收集到更多數據點，你對你之前提到的在該用戶群中 30% 的轉換率有何看法？

So let -- that's a great question and I know it's got a lot of attention. So let me just back up a little bit and give you a more holistic view of moving people to subscriptions and then try to place the 2.8 million into context. So as we were looking at building out the new model that would be subscription-only, we basically said that there were three pools of people that we could draw from.

所以，這是一個很好的問題，我知道它引起了很多人的注意。那麼，讓我稍微回顧一下，更全面地向您介紹如何將用戶引導至訂閱模式，然後再嘗試將 280 萬這個數字放在具體的背景下進行解讀。因此，當我們考慮建立僅限訂閱的新模式時，我們基本上認為我們可以從三個人群中招募用戶。

One were the non-subscribers. The second were the non-payers, or the pirates. And the third, I'll just call, the non-users, basically people who are either not using software or using competitive software. Then, share shift, we would move them over. There were three different distinct pools with different dynamics.

其中一人是未訂閱用戶。第二類是拒付者，也就是盜版者。第三類人，我姑且稱之為非用戶，基本上是指那些要不是不使用軟體，就是使用競爭對手軟體的人。然後，根據換班情況，我們會把它們移過去。有三個不同的水池，它們的動態各不相同。

One of the questions that came up frequently was -- okay, what is the size of the people who have bought products but aren't on subscription? And what we've said is our new model, when we built out our model, we were looking to add about 800,000 subscribers to the total from this collection of sources.

經常被問到的問題之一是——購買了產品但沒有訂閱的用戶數量是多少？我們之前說過，我們的新模式，也就是我們建構新模式時所設想的，是從這些來源增加約 80 萬訂閱用戶。

People wanted to know the size of the -- wanted to know the size of each of these relative segments. Here's a way to think about it. On the non-subscribers, one data point we gave you, and it was only just one, was that in the last five years -- and it remained relatively constant which is why we chose it as a convenient data point -- there were 2.8 million people who had bought but had an attached subscription.

人們想知道——想知道這些相對部分的大小。可以這樣思考。關於非訂閱用戶，我們只提供了一個數據點，而且只有這一個數據點：在過去的五年裡——而且這個數字相對穩定，這也是我們選擇它作為方便的數據點的原因——有 280 萬人購買了產品但附帶了訂閱。

We put a caveat around that, that said, some of those people may no longer be users. They may no longer be actively using it. They may have come back in by buying a new license. They may have joined a different firm. They could have passed away, for all we know. But we wanted to give a size to it.

但我們對此也做了補充說明，也就是說，其中有些人可能不再是使用者了。他們可能不再積極使用它了。他們可能是透過購買新許可證重新進入市場的。他們可能加入了其他公司。他們可能已經過世了，誰知道呢。但我們想給它一個尺寸。

There are clearly people beyond that five years who are still using software, as evidenced by that. So it's just an indication. And if you look, it's interesting and somewhat obvious in at least, retrospect but if you look at the legacy promo results, there are more people that bought, that were back six and seven years than were maybe years one, two, and three. The mean is around seven years and it's a bell-shaped distribution. So that should give you an indication of what goes on in that base.

顯然，超過五年時間後，仍然有人在使用軟體，這一點可以從中得到證明。所以這只是一個參考指標。如果你仔細觀察，你會發現這很有趣，而且至少從回顧的角度來看也顯而易見：如果你查看歷史促銷結果，你會發現六七年前的購買者比第一年、第二年和第三年的購買者還要多。平均年齡約七年，呈鐘形分佈。這樣應該可以讓你大致了解那個基地裡發生的事。

So, it is bigger and what we had said is, we thought we could convert 30%. So taking into account how many people were no longer active or the new model would not appeal to them, we thought we could convert 30 base -- 30% of the base. And that's what we were indicating, was our assumption in the model.

所以，它更大，我們之前說過，我們認為我們可以轉換 30%。因此，考慮到有多少人不再活躍，或者新模式對他們沒有吸引力，我們認為我們可以轉換 30 個基數——即基數的 30%。而這正是我們所指出的，也是我們在模型中的假設。

The second one is, and I think people overlook this, and miss out on the dynamics as we move to a more connected experience from our customers, is that right now, somewhere around half or slightly more than half of the usage of our products in the world is by people who do not pay for it.

第二點是，我認為人們忽略了這一點，也錯過了我們向客戶提供更緊密聯繫的體驗所帶來的動態，那就是目前，我們產品在世界範圍內的使用量中，大約有一半或略多於一半是由免費用戶提供的。

Once again, you've got to put a discount on how many people will actually pay for it when they are forced to, but at least as many people don't pay for the software they use, as the ones who do. The third one, which I would not rule out as an important contribution to the subscription additions, are the people who are using competitive products.

再次強調，你必須考慮到實際願意付費的人數會比被迫付費的人數少，但至少不付費使用軟體的人數與付費使用軟體的人數一樣多。第三點，我認為對訂閱用戶成長有重要貢獻的，是那些使用競品的用戶。

I think much of what we've done to lead the way in cloud-based engineering software is going to be very attractive and will be a source of moving customers, from namely the legacy providers who have kind of, frankly, dropped the ball on moving their software to the cloud. So sorry for the really long-winded answer to your question but I thought it would -- I knew [too good it ] would come up and I just wanted to try to put it in a broader context.

我認為我們在雲端工程軟體領域所做的許多工作都將非常有吸引力，並將成為吸引客戶的源泉，尤其是那些在將軟體遷移到雲端方面做得不夠好的傳統供應商。很抱歉我的回答這麼冗長，但我認為應該這樣——我知道[太好]這個問題遲早會被提及，所以我只是想嘗試把它放在一個更廣泛的背景下解釋。

Absolutely. Very helpful. Thanks a bunch, Carl.

絕對地。很有幫助。非常感謝，卡爾。

Okay.

好的。

Thank you. And our next question comes from the line of Jay Vleeschhouwer from Griffin Securities.

謝謝。我們的下一個問題來自 Griffin Securities 的 Jay Vleeschhouwer。

Thanks. Good evening. Carl, start with you, and then finish with Scott for the follow-up. I thought it was very useful that you highlighted the technology and product vector of the strategy and not just the model change. So on that point, could you talk about how you're thinking about the timing of delivery of new technology over time?

謝謝。晚安.卡爾，先從你開始，然後史考特再進行後續跟進。我認為你重點強調了該策略的技術和產品方向，而不僅僅是模式的改變，這一點非常有用。那麼，關於這一點，您能否談談您是如何考慮隨著時間的推移推出新技術的時機的？

In other words, for example, Inventor is being updated seemingly on a quarterly basis -- go back in December in AU, we heard about AutoCAD may go to a more than 12-month cycle for major releases. And could you talk about what you think the relevance is of the schedule of various products is to sustaining the flywheel of the subscriptions model?

換句話說，例如，Inventor 似乎每季都會更新——回顧去年 12 月在澳洲發生的情況，我們聽說 AutoCAD 的主要版本更新週期可能會超過 12 個月。您能否談談您認為各種產品的發佈時間表對於維持訂閱模式的良性循環有何意義？

And one almost obviously, missing brand in your portfolio is, let's call it, Revit 360. You've got all kinds of other 360s, but you don't have a Revit 360. Is that something that would make sense for you?

而你的產品組合中幾乎明顯缺少的一個品牌，我們姑且稱之為 Revit 36​​0。你可能會有各種其他的 360 度視圖，但你沒有 Revit 36​​0 視圖。你覺得這樣做有意義嗎？

Yes. So generally, the frequency of updates is inversely proportional to the maturity of the product. Just broadly speaking, if you were to look and say a very mature product like AutoCAD needs at least frequent updates. Products like, maybe Fusion 360,gets updated relatively frequently.

是的。因此，一般來說，更新頻率與產品的成熟度成反比。總的來說，像 AutoCAD 這樣非常成熟的產品至少需要頻繁更新。像 Fusion 360 這樣的產品，更新頻率相對較高。

If you follow Fusion, there's weekly and bi-weekly small updates and certainly, every month, there's an update with significant functionality. We'll continue that. In some ways, it's not the overall quantity of steps delivered. One of the things that changes in this new model is really the frequency and what I think it changes is also the digestibility.

如果你有在關注 Fusion，你會發現它每週或每兩週都會有小的更新，而且每個月都會有一次功能重大的更新。我們會繼續這樣做。從某種意義上說，重要的不是完成步驟的總數。新模式中改變的一點是頻率，我認為它也會改變消化率。

If you -- it's like getting one big roll a year versus having dozens of small snacks. And a little bit what this allows us to do with our newer products, is have not only us deploy the software more effectively, but our customers more easily discover what's in it and put it to use as quickly as possible. So we're going to kind of continue on that kind of cadence of the newer cloud-based products will be frequently updated.

如果你——這就好比一年只得到一大卷麵包和得到幾十份小零食之間的區別。而這在某種程度上使我們能夠更有效地部署新產品的軟體，同時也能讓我們的客戶更容易發現軟體的功能並儘快投入使用。所以我們會繼續保持這種節奏，頻繁更新新的雲端產品。

The other ones will be a little bit slower, but both the traditional products and the new cloud services really need to be thought of differently as connected experiences, which now allow us to do things in the ongoing use and in the update that were just not possible before. As a matter of fact, even when we look at some of the data I was just reporting on in the answer to Saket's question, a bunch of that comes from frequent connectivity.

其他產品速度會稍慢一些，但無論是傳統產品還是新的雲端服務，都需要以不同的方式看待，將它們視為互聯體驗，這使我們能夠在持續使用和更新過程中執行以前不可能執行的操作。事實上，即使我們看一下我剛才在回答 Saket 的問題時提到的一些數據，其中許多數據都來自頻繁的連接。

Okay. And for Scott --

好的。至於斯科特——

Let me just interrupt you, Jay, yes, there's a bunch of work going on online stuff for the AEC industry. The first thing we're doing, we've talked about being incredibly successful is what we're doing with BIM 360. Where we've gone most recently is we brought out BIM 360 -- in the beginning was more enterprise and for the more sophisticated users.

傑伊，我打斷一下，是的，AEC 行業的線上工作有很多正在進行中。我們正在做的第一件事，也是我們已經討論過的，將會取得巨大成功的事情，就是我們使用 BIM 360 所做的事情。我們最近的發展方向是推出了 BIM 360——最初它更偏向企業級應用，面向更高階的用戶。

But there's a huge demand in the market for the less sophisticated users and distribution of plans and stuff like that. We just did a -- we're just in the process of doing updates to BIM 360 Docs that addresses this much broader need and you'll see more of the design and analysis for AEC coming online during the next year.

但市場上對技術水平較低的用戶以及套餐分發等服務有著巨大的需求。我們剛剛完成了一項——我們正在對 BIM 360 Docs 進行更新，以滿足更廣泛的需求，您將在明年看到更多 AEC 的設計和分析功能上線。

Good. Thank you. For Scott, could you give us an update on the capacity additions you've put in place for what you've called your entitlement and transactional engines, your back-office for the new model. And just a quick clarification, to date, you had the somewhat odd situation of splitting your subs billings between license revenue and subs revenue. Could you foresee taking the subs revenue -- billings, rather, only into the subs reporting line so we don't have to mix and match the two kinds of reporting lines?

好的。謝謝。Scott，您能否向我們介紹一下您為新模型的授權和交易引擎（即您的後台系統）增加的容量情況？另外，需要簡單澄清一下，到目前為止，你們的情況有點奇怪，你們將訂閱收入拆分為授權收入和訂閱收入。您能否預見到將分包商的收入（或更確切地說是帳單）僅計入分包商的報告線，這樣我們就不必將兩種報告線混用了？

Let me answer that -- the second part first, Jay. I am working on that. I realize that the way we do it is accurate in terms of accounting standards, and the way we do it today but confusing from a modeling standpoint. So one of the things that we're working on is trying to simplify the way we categorize revenue as it comes out of deferred and hits the P&L; such that either we can keep maintenance separate from, what I'll call, new model subscription separate from license and other.

讓我來回答這個問題——先回答第二部分，傑伊。我正在努力。我意識到，就會計準則和我們目前的做法而言，我們的做法是準確的，但從建模的角度來看，這種做法令人困惑。因此，我們正在努力簡化收入分類的方式，使其從遞延收入中產生併計入損益表；這樣，我們就可以把維護費用與我稱之為新模式訂閱的費用分開，再與許可和其他費用分開。

That's not ready yet but that's something that is implied and I think it will be a very investor friendly move when we can make that. To your first question on capacity, we see the capacity -- so we built the entitlement engine. We are -- it's, as you think about, it's a multi-phase process, right?

雖然目前還沒有準備好，但這其中蘊含著一定的意圖，我認為一旦我們能夠做到這一點，對投資者來說將是一個非常友好的舉措。關於您提出的第一個關於容量的問題，我們看到了容量——所以我們建立了授權引擎。我們正在做的事——正如你所想，這是一個多階段的過程，對吧？

You have to build capability on the back end, then each product has to build in the capability to recognize the new back end and use that as a way of turning it on, so that they can get access to it. As those products ramp up, the capacity on the back end gets tested. We haven't had any problems at this point as we ramp up the new model subscriptions fairly rapidly. I think it's now a question of absorption and adoption of the new models.

你必須在後端建立能力，然後每個產品都必須建立識別新後端的能力，並以此作為啟用後端的方式，以便它們能夠存取後端。隨著這些產品產量的增加，後端產能將面臨考驗。到目前為止，我們還沒有遇到任何問題，因為我們正在快速擴大新模式的訂閱規模。我認為現在的問題在於如何吸收和接受這些新模式。

Thank you. And our next question comes from the line of Sterling Auty from JPMorgan.

謝謝。我們的下一個問題來自摩根大通的斯特林·奧蒂。

Thanks. Hi, guys. Looking at the maintenance, the decline of 8,000 seats, I'm kind of curious if you saw any of those maintenance seats actually transition over to subscription. If so, why did they do it and what kind of uplift did you see?

謝謝。嗨，大家好。從維護方面來看，減少了 8000 個席位，我很好奇你是否看到這些維護席位中有任何席位真正轉為訂閱席位。如果真是這樣，他們為什麼要這樣做？你看到了什麼樣的提升？

Yes, Sterling, we're not seeing a lot of that activity right now. We've talked about the path that we'll head down to make that happen. As you know, it's a higher price to convert. If you're an existing maintenance customer, it's a higher price to convert over to the new model offerings.

是的，斯特林，我們目前還沒有看到很多這樣的活動。我們已經討論過實現這一目標將要採取的途徑。如您所知，轉換成本更高。如果您是現有維修客戶，則升級到新型號服務的價格會更高。

So what we've talked about is driving higher value into the Desktop subscription offerings that make that something that, besides being required to do it as you buy additional capacity, it's attractive even when you've got already got the existing perpetual license and maintenance attached to it. So it's not a -- the reduction is not driven by conversions.

所以我們討論的是如何提高桌面訂閱產品的價值，使其不僅在購買額外容量時必須這樣做，而且即使您已經擁有現有的永久授權和維護服務，它也仍然具有吸引力。所以，下降並非由轉換率驅動。

And by the way, the reduction of 8,000 subs, the net reduction of 8,000 subs on maintenance was fewer than we had expected. It's more driven by just taking a very high renewal rate, the one that's not 100% and multiplying it times a very big number of maintenance installed base.

順便說一下，減少的8000名訂閱者，維護方面的淨減少人數比我們預期的要少。其主要驅動因素是極高的續約率（雖然不是 100%），並將其乘以龐大的維護安裝基數。

Got you. Then as a follow-up, looking at the sequential change in revenue by the areas, it looks like AEC did not get impacted as much as some of the others. Is that just a natural fact of maybe there's more suite revenue in AEC versus the other two buckets or the other couple of buckets?

抓到你了。然後，作為後續分析，從各地區收入的連續變化來看，AEC 受到的影響似乎沒有其他一些行業那麼大。這是否只是一個自然事實，即 AEC 行業的套房收入比其他兩個行業或另外​​幾個行業要高？

I think that's a fair evaluation.

我認為這是一個合理的評價。

All right. Thank you.

好的。謝謝。

Thank you. And our next question comes from the line of Heather Bellini from Goldman Sachs. Heather, your line is open. Our next question comes from the line of Keith Weiss from Morgan Stanley.

謝謝。下一個問題來自高盛的希瑟·貝里尼。希瑟，你的線已接通。我們的下一個問題來自摩根士丹利的基斯‧韋斯。

Excellent. Thank you, guys, for taking the question. I was looking at the ARR numbers and the subs numbers and it was a really nice quarter, as you guys have noted, in terms of adding those new model subs. But one of the things I noticed is that the -- since the growth in sub numbers is so much higher than the ARR number, the ARPS, if you will, the average recurring revenue per subscription is going down for the new model subs.

出色的。謝謝各位回答這個問題。我查看了 ARR 數據和訂閱用戶數量，正如你們所指出的，就新增型號訂閱用戶而言，這是一個非常不錯的季度。但我注意到的一點是——由於訂閱用戶數量的增長遠高於 ARR 數量，因此，如果你願意的話，平均每次訂閱的經常性收入 (ARPS) 正在下降，這是新訂閱模式的通病。

And I think it's down something in the order of about 20% year on year. Can you talk to us a little about what's driving that down? Is it mix shift? Is it promotional pricing? What should we expect at on a going forward basis; is that going to settle out at some time, or is that going to turn up once we have the Suites go fully to subscription? How should we be thinking about that trend line on ARPS on a go-forward basis?

我認為同比下降了大約 20%。您能跟我們談談導致這現像下降的原因嗎？這是混合模式轉換嗎？這是促銷價格嗎？未來我們該期待什麼？這種情況會在某個時候得到解決，還是會在套房全面實施訂閱制後出現？我們該如何看待ARPS的未來發展趨勢？

Sure, Keith. It really is mixed revenues. As you know, with the end of sale of perpetual licenses at the end of Q4, a lot of the new model subs that we added this quarter, of course, are the low end models, right? So it's LT and AutoCAD. So as those come online, and remember the way we measure ARR is we sum the recurring revenue for the entire quarter, multiply that by four and that's what becomes the ARR.

當然可以，基斯。收入確實參差不齊。如您所知，隨著第四季末永久授權銷售的結束，我們本季新增的許多新型號訂閱服務，當然都是低端型號，對吧？所以是LT和AutoCAD。因此，隨著這些產品上線，請記住，我們衡量 ARR 的方法是，將整個季度的經常性收入加總，乘以 4，這就是 ARR。

So the linearity in the quarter is one effect but mix is a bigger effect. We've -- actually, you see the same thing in maintenance, going the reverse direction; as there are fewer AutoCAD LT and AutoCAD maintenance subs -- you probably have already done the math -- you see the ARPS is actually going up slightly on the maintenance side but coming down on new model.

所以季度內的線性成長是影響因素，但組合因素的影響更大。實際上，在維護方面也出現了相同的情況，只是方向相反；由於 AutoCAD LT 和 AutoCAD 維護分包商的數量減少——您可能已經計算過了——您會發現，維護方面的 ARPS 實際上略有上升，但新型號的 ARPS 卻在下降。

Strictly a matter of mix. That will reverse, of course, when we get to the second half and into the next year and we return to a mix that has an equivalent representation of Suites, as what we've seen historically.

完全是混合比例的問題。當然，到了下半年和明年，這種情況就會逆轉，我們會恢復到套房在音樂組合中佔有同等比例的局面，就像我們過去看到的那樣。

Remember, if you just look at it, if you go back to what we did around the long-term model, we've always said that the current year mix was going to drive this over a longer period of time, and particularly, as we add the cloud subscriptions. We've always kind of suggested that low to mid-single digits was the increase that you'd see in ARPS along a longer period of time. I wouldn't say there's anything there that's out of the ordinary or outside the bounds of the model that we have right now.

記住，如果你仔細觀察，回顧我們圍繞長期模型所做的工作，我們一直說，今年的組合將在更長的時間內推動這一趨勢，尤其是在我們增加雲端訂閱之後。我們一直以來都認為，從長遠來看，ARPS 的成長幅度應該在個位數低到中段。我不會說那裡有什麼不尋常的，或者超出了我們現有模型的範圍。

Got it. Thank you very much.

知道了。非常感謝。

Thanks, Keith.

謝謝你，基斯。

Thank you. And our next question comes from the line of Phil Winslow from Credit Suisse.

謝謝。下一個問題來自瑞士信貸的菲爾溫斯洛。

Hi, thanks. Congrats on a great sub quarter. Carl, just help me, just double click on the macro comments that you made there and obviously, no change. But I wondered if you could just comment about what sort of what you're seeing by vertical, by geography, anything standing out. As you're kind of putting your forward guidance here, just any sort of major assumptions that you'd highlight, that would be very helpful.

您好，謝謝。恭喜你本季表現出色。卡爾，幫幫我，雙擊你在那裡添加的宏註釋，顯然沒有任何變化。但我很想知道您能否就您從垂直方向、地理位置等方面看到的情況發表一下看法，有沒有什麼特別突出的地方。既然您在這裡提出了您的指導意見，那麼您能重點強調一些主要假設嗎？這將非常有幫助。

I gave you the general outlook which we -- which I would broadly characterize as unchanged. It's probably the headline is that it's unchanged and it continues to be soft in a handful of mostly developing markets and pretty robust across the more mature markets.

我向你們介紹了整體情況，而我們——我大致認為——情況沒有改變。最引人注目的一點是，經濟情勢沒有變化，在少數主要的發展中市場依然疲軟，但在較成熟的市場則相當強勁。

We paid special attention this time, and you guys have noted and as you noted in your reports, I'd say three of our competitors, mostly in the manufacturing space but also one or two in the construction space, seem to have a little rougher time of it this time. And what we were trying to do was just parse how much was self-induced versus macroeconomically driven.

這次我們格外關注，你們也注意到了，正如你們在報告中提到的那樣，我想說，我們的三個競爭對手，主要是在製造業領域，但也有一兩個在建築領域，這次似乎過得比較艱難。我們當時想做的就是分析其中有多少是自我引發的，又有多少是宏觀經濟驅動的。

I think at the end, I think most of the kind of shortfalls, or stubbed toes, seem to be mostly self-inflicted. And so we're pretty comfortable. I just talked to our sales managers the other day. Yesterday, I met with some of our channel partners who represent a huge percentage of our (inaudible) makers through the channel. They're feeling relatively bullish.

我認為最終，大多數的不足或挫折似乎都是自找的。所以我們覺得很舒服。我前幾天才和我們的銷售經理談過。昨天，我與一些通路合作夥伴會面，他們透過該管道代表了我們（聽不清楚）製造商的很大一部分。他們感覺相對樂觀。

So I -- there's nothing in our guidance or the forecast that would suggest any big change one way or another. Also, across industry segments, relatively healthy across the board. If I wanted to put a like a little gold star next to anything, I would say AEC seems to be just a little bit stronger on a worldwide basis.

所以——我們的指導意見或預測中沒有任何內容顯示會有任何重大變化。此外，各行業板塊整體狀況也相對良好。如果非要挑個毛病的話，我會說，AEC在全球似乎略勝一籌。

Once again, maybe better than the value index, is that informal [screen] count. There are just cities in the world where it's hard to reach a screen right now. There's just so many in use. So, that to me would be a little bit of a bias towards the upside is just strength in AEC. But otherwise, stable, healthy, relatively unchanged.

再次強調，或許比價值指數更好的方法是非正式的[螢幕]計數。世界上有些城市，現在很難接觸到螢幕。目前使用的實在太多了。所以，在我看來，AEC產業的強勢可能會稍微偏向上漲。但除此之外，一切穩定、健康，基本上沒有改變。

Keith, when you look at it by geo and you see some of this in the results, we really haven't seen a change in the demand environment overall. We continue to have, obviously, the biggest headwind in APAC. Within that, as we pointed out a couple times, Japan continues to be the biggest challenge for us.

Keith，當你以地理位置來看，你會發現結果中確實存在一些這樣的情況，但總體而言，我們並沒有看到需求環境發生真正的變化。顯然，我們在亞太地區仍然面臨最大的逆風。其中，正如我們多次指出的那樣，日本仍然是我們面臨的最大挑戰。

But beyond that, America looks strong. EMEA's doing well, particularly on the constant currency basis. The place that we see the biggest headwind right now, as we've seen for the past several quarters, has been APAC and in particular, in Japan.

但除此之外，美國看起來很強大。歐洲、中東和非洲地區表現良好，尤其是在固定匯率的基礎上。正如過去幾季以來我們所看到的，目前最大的阻力來自亞太地區，尤其是日本。

Got it. Thanks, guys.

知道了。謝謝各位。

Thank you. And our next question comes from the line of Richard Davis from Canaccord.

謝謝。我們的下一個問題來自 Canaccord 公司的 Richard Davis。

Thanks. If you kind of fast forward a year from now and you'll have -- you'll be through your product transition, at least in terms of end-of-lifing -- and I've seen this kind of with Kronos. How do you think about mix -- I guess, with the mix model, how do you think about kind of making the cloud version of the software more attractive than the perpetual license maintenance accounts?

謝謝。如果你快轉到一年後，你會發現——至少在產品生命週期結束方面，你的產品轉型已經完成——我在 Kronos 身上也看到了這種情況。您如何看待混合模式——我想，在混合模式下，您如何考慮讓軟體的雲端版本比永久許可證維護帳戶更具吸引力？

Because I presume you would prefer people to kind of move to that side of the subscription docket. How do you kind of think about comparatively making those things better and at what pace do you want to try to do that? Thanks.

因為我猜你更希望大家能傾向訂閱流程的這一邊。您是如何考慮逐步改進這些方面的，以及您希望以怎樣的速度來實現這一目標？謝謝。

Sure. First of all, Richard, I need to congratulate anybody from Davidson. We all are very happy here in the Bay area after (multiple speakers) -- I know you're the second favorite. Here's the way I think about it. First of all, as I've said before, customers who are on maintenance are historically our best customers.

當然。首先，理查德，我要向戴維森學院的所有人表示祝賀。在（多位發言者）之後，我們灣區的所有人都非常高興——我知道你是第二受歡迎的人。我是這麼想的。首先，正如我之前所說，處於維護狀態的客戶歷來都是我們最好的客戶。

They can stay there as long as they want to stay there. It's okay. Secondly, I would prefer to move them to one of the new product subscriptions. Hopefully, one of the industry Collections, as what will do better for them and more valuable to us; that would be a nice move.

他們想待多久就待多久。沒關係。其次，我更傾向於將他們轉移到新的產品訂閱方案中。希望產業收藏家們能這樣做，這對他們更有利，對我們來說也更有價值；這將是一個不錯的舉措。

The Collections going forward will have a fair number of cloud services, including the consumption-based models built into them. So that will be a way for customers to become more familiar, more comfortable and hopefully, more desirous of more cloud functionality.

未來，Collections 將擁有相當數量的雲端服務，包括內建的按需付費模式。這樣一來，客戶就能更熟悉、更舒適地使用雲端功能，也有望更渴望使用雲端功能。

The other thing we're dealing with, a lot of the cloud stuff is, we're really reaching new segments. It's this cloud/mobile combination, for example, that's allowing us to do -- and if you look at the products, BIM 360 and PLM 360, reaching large parts of the enterprise or large parts of an industry that were not otherwise accessible to us.

我們正在處理的另一件事，很多雲端相關的工作，就是我們正在真正觸及新的細分市場。例如，正是這種雲端/行動組合使我們能夠做到——如果你看看我們的產品，BIM 360 和 PLM 360，它們能夠觸及企業或產業的很大一部分，而這些部分原本是我們無法觸及的。

In the [foremost] time of that three year to five year period, I think almost all of the software will run online and we really just have different versions and people will be able to run it in a browser, on a mobile device, or as an installed application on their desktop. That's just going to become par for the course that they will get their tool of choice on their device of choice.

在接下來的三到五年裡，我認為幾乎所有的軟體都將在線上運行，我們只會提供不同的版本，人們可以在瀏覽器中、行動裝置上或作為安裝在桌面上的應用程式運行它。這會成為一種常態，他們會在自己選擇的裝置上使用自己選擇的工具。

Got it. That's helpful. Thank you so much.

知道了。那很有幫助。太感謝了。

Sure. Thanks, Richard.

當然。謝謝你，理查。

Thank you. And our next question comes from the line of Steve Ashley from Robert W. Baird.

謝謝。下一個問題來自羅伯特·W·貝爾德的史蒂夫·阿什利。

Hi. I would just like to ask about the -- continue on this line of thought of product transformation. I'm assuming that part of the game plan or road map here would be to introduce some mobile applications to some of your desktop subscribers. When might we start to see timing-wise, some of that incremental functionality being offered from the cloud to desktop subscribers? Thanks.

你好。我想問一下——繼續沿著產品轉型這個思路來探討一下。我猜想，你們的計劃或路線圖的一部分應該是向部分桌面用戶推出一些行動應用程式。從時間來看，我們什麼時候才能看到一些新增功能從雲端提供給桌面用戶？謝謝。

So there it's starting right now. I would say through Q2 through the end of the year, you will increasingly see cloud services that are available to all of our subscribers. They'll be packaged differently. Many of them will be done on a consumption basis. So for example, you will be able to either buy consumption plans or pay-as-you-go models in order to tap in the power of the cloud.

比賽現在就開始了。我認為從第二季到年底，您將會看到越來越多的雲端服務向我們的所有用戶開放。它們的包裝方式會有所不同。其中許多將按消費量進行。例如，您可以選擇購買消費計畫或按需付費模式，以充分利用雲端的強大功能。

So for example, visualization, analysis, being able to run. Many of these compute intensive jobs, on the cloud side, is going to be a part of the rest of the year. We'll continue to roll it out. We've already seen really good pick-up in this. People are hugely appreciating this footing of -- sometimes people forget how computing-intensive our ops are.

例如，可視化、分析、運行能力。今年剩餘時間裡，雲端將承擔許多運算密集型任務。我們將繼續推廣這項服務。我們已經看到這方面有非常好的迴響。人們非常欣賞這種立足點——有時人們會忘記我們的操作對運算能力的要求有多高。

So instead of setting off a job and going for a cup of coffee, people are now able to set off a job on our cloud and then continue working. And so this has been a big productivity boost. Customers have really liked it. We're already doing a fair amount of visualization and we're really starting to see it pick up in analysis and simulation.

因此，人們現在可以在我們的雲端啟動一個任務，然後繼續工作，而不是像以前那樣啟動任務後去喝杯咖啡。因此，這極大地提高了生產力。顧客們都很喜歡。我們已經做了相當多的視覺化工作，我們真的開始看到它在分析和模擬中被應用。

I think that will continue. The other place where we've seen a fair amount of cloud-based stuff that's really important, is the second axis and that's important about the cloud, which is all around collaboration and coordination. And those are services that are not only available for just the new cloud-based products they're actually available for the desktop products, as those people have kind of the same kinds of communication needs as anyone else trying to build products.

我認為這種情況還會持續下去。我們看到很多基於雲端的東西非常重要，另一個面向是第二個維度，這也是雲端技術的重要之處，那就是協作和協調。而且這些服務不僅適用於新的雲端產品，實際上也適用於桌面產品，因為桌面產品使用者與其他任何試圖開發產品的人一樣，都有類似的溝通需求。

To the point on mobile, in particular, Steve, we've got BIM 360 Docs out there. So if you think of a job site, what you don't see anymore is the guys walking around with a big bundle of blueprints under their arm. They're using ruggedized mobile devices on the site to do both view capabilities, to look at the logistics programs to understand what needs to get done when, to do work flow around conflicts that come up in the field that may not have been envisioned during the design phase.

史蒂夫，尤其是在行動裝置方面，我們已經推出了 BIM 360 Docs。所以，如果你想想建築工地，你再也看不到那些手臂下夾著一大捆藍圖的工人了。他們在現場使用加固型行動設備，既可以查看物流計劃，了解何時需要完成哪些工作，也可以針對現場出現的衝突（這些衝突可能在設計階段沒有預料到）制定工作流程。

So the -- we already have apps out there that are leveraging mobility, in particular, and as we think about the TAM expansion and construction in particular, I think it goes heavily toward that space, toward the mobile space.

所以——我們已經有一些應用程式正在利用行動性，特別是當我們考慮TAM的擴張和建置時，我認為它將主要集中在行動領域。

Just a quick follow-up. It's early days on subscription renewals. Are the renewal rates on the subscriptions running higher than what you've historically seen with maintenance?

再補充一點。訂閱續訂還處於早期階段。訂閱續費率是否高於您以往看到的維護費用續費率？

They are. We actually see subscription -- both attach rate for where we still have remaining perpetual license sales going up and the renewal of those going up. It makes sense, given that if you have decided you want a perpetual license and you want to stay on a perpetual license, if you fall off of maintenance you can't get back on.

沒錯。我們確實看到訂閱量有所增長——無論是剩餘永久許可證的附加銷售率，還是這些許可證的續訂率，都在上升。這是有道理的，因為如果您決定要獲得永久許可證並且想要保持永久許可證，那麼如果您停止維護，就無法重新獲得維護。

And so you know you'll need to update that. You'll know you'll want to make it compatible with the latest peripherals, with newer versions of companion software that you're working with. So we're seeing both attach rates and renewal rates on maintenance improve.

所以你知道你需要更新它。你會知道你需要讓它與最新的外圍設備以及你正在使用的配套軟體的最新版本相容。因此，我們看到維護服務的附加率和續保率都在提高。

One thing you'll see going forward and we report on it as new data comes in, is on the new product subscriptions. I think you will see -- this is my best guess at the time, you will see differential rates between the differing term lengths that we have.

接下來，我們將根據新數據的更新情況，對新產品訂閱情況進行報道，屆時大家將會看到這項變更。我認為你會看到——這是我目前最好的猜測——你會看到不同期限之間的利率差異。

There's, I think, some people choose the term length based on a desire of how they want to pay. But mainly view it's because of a spike in demand and so I think we will see differential rates, for example, between annual and quarterly. And as we get data that makes it statistically significant, we'll report out on that.

我認為，有些人選擇貸款期限是根據他們希望如何付款來決定的。但主要原因在於需求激增，所以我認為我們會看到不同的利率，例如，年利率和季利率之間。一旦我們獲得具有統計意義的數據，我們會立即公佈。

Thank you. And our next question comes from the line of Heather Bellini from Goldman Sachs.

謝謝。下一個問題來自高盛的希瑟·貝里尼。

Hi, this is filling in Shateel Alam for Heather. Thanks for taking my question. So you had your biggest increase in new model ARR this quarter at over $50 million. You mentioned a few things that helped, like the channel contribution. Just wondering what clicked in the channel this quarter and overall, what would you call the top drivers of new model ARR this quarter that may have not been helping in the past?

大家好，我是Shateel Alam，取代Heather。謝謝您回答我的問題。本季你們的新車型年度經常性收入 (ARR) 增幅最大，超過 5000 萬美元。你提到了一些有幫助的事情，例如頻道貢獻。我想知道本季通路和整體上哪些方面取得了突破性進展，您認為本季推動新車型年度經常性收入增長的主要因素是什麼，而這些因素在過去可能並沒有起到推動作用？

Well, Shateel, I'll start and Carl, you can jump in. Obviously, the first biggest driver of new model ARR for the quarter was the end of sale of perpetual at the end of the prior quarter. So we talked about unit volume being right in line with our expectations. To the extent that they -- that those customers were looking for AutoCAD or AutoCAD LT, that drove a huge amount of the increase of 140,000 new model sub adds.

好，沙提爾，我先開始，卡爾，你也加入吧。顯然，本季新車型 ARR 的首要驅動因素是上一季末永久授權銷售的結束。所以我們討論了單位銷售是否符合我們的預期。就他們而言，那些客戶正在尋找 AutoCAD 或 AutoCAD LT，這在很大程度上推動了 140,000 個新型號子用戶的成長。

I'd say the other piece, that Carl's already talked about, but also factored in, in particular on Desktop is the success of the promo that we had that targeted legacy users of the software that didn't have a subscription attached. Those would be the two biggest drivers of the new model subs for the quarter.

我認為卡爾已經提到過的另一點，也是影響桌面端發展的重要因素，是我們針對沒有訂閱的舊版軟體使用者所進行的促銷活動取得了成功。這將成為本季新車型訂閱量成長的兩大驅動因素。

Okay. And then I had one, Scott, for you on your balance sheet. You have over $2 billion in cash, just bought back $100 million in stock. What's keeping you from buying more stock and how should we think about you balancing share repurchases versus doing acquisitions?

好的。然後，史考特，我還有一項要加到你的資產負債表上。你手上有超過20億美元的現金，剛剛回購了價值1億美元的股票。是什麼原因導致您沒有增持股票？我們該如何看待您在股票回購和收購之間的平衡問題？

Sure. As I think we called out in the -- I'm sure we called out in the prepared remarks, around about 80% of that cash, of course, is offshore. Given our tax structure, it would be quite expensive to get our hands on that and bring it back home but we'd have to get it to do a share repurchase.

當然。正如我們在準備的演講稿中提到的那樣，大約 80% 的現金當然都在海外。鑑於我們的稅收結構，要獲得這些資產並將其帶回國內成本會相當高昂，但為了進行股票回購，我們必須獲得這些資產。

I think we mentioned in the past that as our business model changes and as tax legislation around the world is somewhat in flight, we are looking at our overall operating structure and that will have an impact on tax structure. But as we stand today with that cash trapped offshore, and the current tax structure that we've got, I'd say would be a very expensive proposition to bring it home.

我想我們之前提到過，隨著我們的商業模式發生變化，以及世界各地的稅收立法也在不斷變化，我們正在審視我們的整體營運結構，這將對稅收結構產生影響。但就目前的情況來看，由於這些資金被困在海外，加上我們目前的稅收結構，我認為將這些資金帶回國內將是一個非常昂貴的選擇。

Got it. Thank you.

知道了。謝謝。

Thank you. And our next question comes from the line of Anil Doradla from William Blair.

謝謝。我們的下一個問題來自威廉·布萊爾的阿尼爾·多拉德拉的詩句。

Hi, guys. Thanks for taking my question and congrats on the new subs during the quarter. Carl, I had a couple questions. I think you said something like a 50% sequential increase in the 360 products. Now, was that kind of spread around all the products or was it more BIM-focused or more Fusion 360-focused?

嗨，大家好。感謝您回答我的問題，也恭喜本季新增了訂閱用戶。卡爾，我有幾個問題。我記得你說過360系列產品將較上季成長50%左右。那麼，這種普及程度是涵蓋了所有產品，還是更專注於 BIM 或 Fusion 360？

They're slightly different stages of maturity but we saw good growth in all of the products. We're in the really early stages. It's -- by comparison, it's explosive growth. Each one of these is taking off. We -- but to look at it a little bit more fine grain. A [few set] of 360 products are targeted at collaboration and those we have users in kind of clumps, as company or company in its ecosystem come on, or some of the design engineering products are more -- small teams get at it at a time. But across the board, we're seeing good adoption of the cloud products and a great response from customers.

雖然它們的成熟階段略有不同，但所有產品都實現了良好的成長。我們還處於非常早期的階段。相比之下，這是爆發式增長。這些項目都在蓬勃發展。我們——但要更細緻地觀察一下。360 系列產品中有幾款是面向協作的，這些產品的使用者往往成群結隊地使用，例如公司或其生態系統中的公司，或者一些設計工程產品更適合小型團隊一次使用。但總體而言，我們看到雲端產品得到了良好的普及，客戶也給予了正面的回饋。

If anyone wants to do kind of the equivalent of channel checks on the product side, there's a huge amount of information out there on social media about the acceptance and how people are just becoming aware that there's a whole new generation of products out there.

如果有人想在產品方面進行類似管道調查的工作，社交媒體上有大量訊息，講述了人們對產品的接受程度，以及人們如何逐漸意識到市面上出現了一整代新產品。

Anil, what I'd say is it's the usual suspects, right? It's BIM, it's PLM, it's Shotgun, it's 360, as we pointed out in the opening commentary.

阿尼爾，我覺得還是那些老熟人，對吧？正如我們在開場白中指出的那樣，它是 BIM、PLM、Shotgun 和 360。

As a follow-up, Carl, you talked about BIM 360. You're talking about some of the addressable markets which are significantly above the non-subscriber base and all that kind of stuff. So if I fast forward and look at BIM 360, say, three years or four years from now, first of all, when do you think you'll hit the sweet spot or inflection point on BIM 360 and how big could this be, say, in five years?

卡爾，作為後續問題，你談到了 BIM 360。你指的是一些潛在市場，這些市場遠大於非訂閱用戶群等等。所以，如果我快轉到未來，看看 BIM 360，比如說，三年或四年後，首先，你認為 BIM 360 何時會達到最佳狀態或轉折點？五年後，它的規模會有多大？

This is -- what you can look at out there, and look, it's very hard when a market doesn't exist to size it. But you can already see start-ups out there that are trying to serve some of the markets as well as some of the other incumbents. In total, there's probably a couple of hundred million dollars already being sold in the area of collaboration and coordination software.

這就是——你可以看看外面的情況，你看，當一個市場不存在時，很難確定它的規模。但你已經可以看到一些新創公司正在嘗試服務部分市場以及其他一些現有企業。總的來說，協作和協調軟體領域的銷售額可能已經達到數億美元。

I think that market is going to grow tremendously. And that's what's available to us. It's really critical that we get out the BIM 360 Docs, like I said. We had incredible success with our Enterprise, architecture engineering, construction customers.

我認為這個市場將會迎來巨大的成長。這就是我們所擁有的。正如我所說，發布 BIM 360 文件至關重要。我們在企業、建築工程和施工客戶方面取得了巨大的成功。

We were missing out on the smaller parts of the market and that's where it really gets the scale. But these are opportunities that are certainly in the hundreds of thousands of potential users and in some cases, possibly in the millions. But if you want to just look more specifically, for example, many of the people on the construction site who will use BIM 360 were not a user of our designer engineering products.

我們錯過了市場中較小的部分，而這才是真正實現規模化的關鍵。但這些機會無疑擁有數十萬潛在用戶，在某些情況下，甚至可能達到數百萬。但如果你想更具體地了解，例如，建築工地上許多將使用 BIM 360 的人員並不是我們設計工程產品的使用者。

If you look at PLM 360, it broadens the use of our manufacturing products throughout the whole enterprise, as opposed just the people that are design -- involved in designing engineering. So it's a very different use profile.

如果你了解 PLM 360，你會發現它將我們製造產品的使用範圍擴大到整個企業，而不僅僅是參與設計工程的人員。所以它的使用場景截然不同。

It's also why we've said, just tying back to some of the other comments, when you look at some of these cloud subscriptions, when you include these, these will be lower price products and that's what kind of dampens the ARPS growth. So just trying to tie that together but these are really new users that haven't been available, whereas before I talked about those three pools of users who can come and use the desktop or the new cloud-based design products.

這也是為什麼我們之前說過，結合其他一些評論，當你查看這些雲端訂閱服務時，你會發現這些產品的價格較低，這會抑制 ARPS 的成長。所以，我只是想把這些聯繫起來，但這些確實是以前無法使用的新用戶，而我之前談到了三類用戶，他們可以使用桌面版或新的基於雲端的設計產品。

Thank you. And our next question comes from the line of Kash Rangan from Bank of America-Merrill Lynch.

謝謝。下一個問題來自美國銀行美林證券的 Kash Rangan。

Hi, guys, thanks for taking my question. One part is that I would assume that geographies, the products that are going through the model transition would show the steepest revenue decline. I'm just trying to get your analysis into what to make of the fact that Asia-Pac decreased faster than EMEA and Americas. That would seem to suggest that if you didn't know a whole lot, that's the region that's going through the model transition. But clearly, that historically has not been the case with model transition.

大家好，感謝你們回答我的問題。其中一部分原因是我認為，正在經歷模式轉型的地區和產品將會出現最嚴重的收入下降。我只是想請你分析一下，為什麼亞太地區的下滑速度比歐洲、中東和非洲地區以及美洲地區更快。這似乎表明，如果你不太了解情況，那麼那個地區正在經歷模式轉變。但很顯然，從歷史經驗來看，模式轉變並非如此。

So trying to get your view on that, and also from a product perspective, it would seem that PSEB is going through the sharpest decline trends, therefore, the model transition is more prevalent there. But again, that would not make sense. I'm trying to get some sense, and your perspective as to what to make of the disparity in the growth rates of these geographic and product cuts. Thank you.

所以，我想了解您對此的看法，從產品角度來看，PSEB 似乎正在經歷最急劇的下滑趨勢，因此，車型轉型在那裡更為普遍。但那樣做是說不通的。我想了解一下，對於這些地理和產品削減帶來的成長率差異，您有什麼看法。謝謝。

Right, right. Kash, I think you're thinking about it in the right way. But let me put a little bit of a different distinction on it. The places where the year-on-year growth is less impacted by the model transition are the places where they were earlier to adopt the new model. So the compare point a year ago already had a reasonable mix or a growing mix of new model subs built into it.

對，對。卡什，我覺得你的想法是對的。但我想對此稍作區分。那些較早採用新模式的地區，其年增長率受模式轉變的影響較小。因此，一年前的對比點已經包含了相當合理或不斷增長的新型號潛艇組合。

That was not the case in APAC, right? APAC has been the slowest to adopt the new models, so the compare point for our APAC revenues for the quarter compares back to a quarter that had very little new model mix inside there. So it's more impacted in terms of the year-on-year growth rates.

亞太地區的情況並非如此，對吧？亞太地區採用新車型的速度最慢，因此本季亞太地區營收的比較點是與上一季新車型組合非常少的季度進行比較。因此，它在同比增速方面受到的影響更大。

One of the encouraging signs we saw this quarter was the proportion in APAC of new model subscriptions for the Suites. So there are portions of Asia that are moving. It's not uniform. But we were very surprised, and pleasantly so, to see such a large percentage; and it exceeded the other geos in terms of new model subscriptions.

本季我們看到的一個令人鼓舞的跡像是亞太地區套房新模式訂閱的比例。所以亞洲部分地區正在改變。它並不統一。但令我們非常驚訝和欣喜的是，我們看到瞭如此高的比例；而且，就新車型訂閱量而言，它超過了其他地區。

So we're seeing some traction there. Also, a lot of it, just so you understand it and maybe can reconcile it, as some of you who are doing things like channel checks, one of the biggest factors affecting the uptick is actually the sentiment of the reseller. Resellers have a huge impact in what they present to our customers.

所以我們看到這方面取得了一些進展。另外，為了讓你們理解並可能調和其中很多內容，對於你們中的一些進行通路檢查的人來說，影響成長的最大因素之一實際上是經銷商的情緒。經銷商對他們向客戶展示的產品有著巨大的影響。

Our best resellers are all on board with the new models. Some of the ones that are staying behind are influencing it. And sometimes that carries over into geographic distinctions that are actually big enough to be called out.

我們最好的經銷商都已接受新型號。一些留守的人正在影響它。有時，這種差異甚至會延伸到地理上的差異，而這些差異實際上已經大到足以被指出。

Right, but as Carl said, we did see an encouraging uptick, and despite the fact that APAC had the biggest year-on-year impact from the transition, we saw a really encouraging uptick toward the end of the quarter in the new model subs there.

沒錯，但正如卡爾所說，我們確實看到了令人鼓舞的成長，儘管亞太地區受轉型影響最大，但我們在季度末看到新模式用戶數量出現了非常令人鼓舞的成長。

Just to add on in PSEB, Kash, what you're seeing there is just the continuation of what we've seen all along is Suites. Because so what's in PSEB it's dominated by AutoCAD and AutoCAD LT and those products are included in the suite. So as the Suites continue to grow and gain traction, fewer people are buying just the standalone version. So a lot of what's happening in that PSEB segment is simply mix of customers, getting AutoCAD and getting LT but getting it inside their suite instead.

補充一點，PSEB，Kash，你在那裡看到的只是我們一直以來看到的套房的延續。因為 PSEB 中包含的內容主要由 AutoCAD 和 AutoCAD LT 所構成，這些產品都包含在套件中。隨著套裝產品的不斷增長和普及，購買獨立版本的人越來越少。因此，PSEB 領域發生的許多事情其實就是客戶混合購買 AutoCAD 和 LT，但將其整合到自己的套件中。

I think as you see the Collections roll out, you'll see the same phenomena. It's going to continue because it's down the same lines.

我認為隨著精選系列的推出，你會看到同樣的現象。這種情況還會繼續下去，因為它還是老樣子。

Got it. Thanks, gentlemen. Also, philosophically, when are we going to see the clear distinction in the product road map between the licenses and the desktop versions, that somebody that is inclined to stay on maintenance actually says -- you know what, I'm not going to pay maintenance. I'm just going to jump over to the subscription. When is the product road map going to be clearly delineated into two separate points?

知道了。謝謝各位先生。此外，從哲學角度來看，我們什麼時候才能在產品路線圖中看到許可證和桌面版本之間的明確區別，讓那些傾向於繼續使用維護服務的人真正說——你知道嗎，我不想支付維護費用了。我直接跳到訂閱頁面吧。產品路線圖何時才能明確劃分為兩個獨立的階段？

I think as soon as you start seeing the Collections, it will become clear. I think that will begin to have an impact in Q3. Collections are one of the vehicles to move our customers from maintenance to product subscription. It is more valuable. It is more valuable.

我認為，一旦你開始看到這些系列作品，一切就會變得清晰明了。我認為這將在第三季開始產生影響。收藏夾是引導我們的客戶從維護模式過渡到產品訂閱模式的途徑之一。它更有價值。它更有價值。

It's way more flexible than anything they've had. It gives them broader access to a wider set of products. That will be one of the tools that we use to encourage our customers to look in, to look and consider the new offerings.

它比他們以前用過的任何東西都靈活得多。這讓他們能夠更廣泛地接觸到更多種類的產品。這將是我們鼓勵客戶了解、查看和考慮新產品的工具之一。

Thank you. And our next question comes from the line of Kenneth Wong from Citi.

謝謝。我們的下一個問題來自花旗銀行的 Kenneth Wong。

Hi, guys. Carl, I wanted to touch a little bit on what you just mentioned about Collections. Is that something you feel that you guys have circled up with some of your larger customers and partners in terms of talking about the value of Collections? And you get a better sense that, that's a product that could potentially pivot them over to buying kind of a higher value rental from you guys?

嗨，大家好。卡爾，我想稍微談談你剛才提到的收藏品方面的內容。你們是否已經和一些大客戶和合作夥伴就收款的價值進行過深入探討？這樣你就能更能感受到，這款產品有可能促使他們轉而向你們購買更高價值的租賃產品？

So Ken, you sound a little bit like you're under water. I'm not sure I was able to -- were you able to -- Scott understands you much more clearly than --

肯，聽起來你好像在水下一樣。我不確定我是否能——你是否能——斯科特比——更了解你。

The sound quality wasn't great, Ken, but I think I got your question on Collections. It is the case where we have, as Carl said in the opening commentary, we haven't formally rolled this out worldwide but as we do, think of it is as sort of the follow-on to Suites, as the next iteration of what Suites look like.

肯，音質不太好，但我認為我明白了你關於收藏的問題。正如卡爾在開場白中所說，我們還沒有正式在全球範圍內推出這項服務，但隨著我們推出，可以把它看作是 Suites 的後續，是 Suites 的下一個迭代版本。

It will be greatly simplified. The pricing model will be greatly simplified. It will bring along with it substantial additional value, in terms of the number of products that are included. It also will begin to form the on-ramp from desktop execution software to cloud software.

將會大大簡化。定價模式將大大簡化。它將帶來巨大的附加價值，體現在所包含的產品數量上。它還將開始建立從桌面執行軟體到雲端軟體的過渡路徑。

We'll incorporate a lot of our cloud properties inside there to make it something that's not a separate buying decision to go out and have our customers test out and try out the cloud product. So we look at it as, not just the next step in adding value and driving our customers to see the higher value of the new subscription models, but also as an on-ramp to the cloud.

我們將把許多雲端資產整合到其中，這樣一來，客戶就不需要單獨購買雲端產品來測試和試用了。因此，我們不僅將其視為增加價值、引導客戶看到新訂閱模式更高價值的下一步，而且將其視為通往雲端的途徑。

Got it. (multiple speakers)

知道了。（多位發言者）

Let me just add one thing as soon as our urban environment quiets down. The other thing I'd add, because we've been slightly oblique about this, is one of the other things to remember is our ability to consolidate the product portfolio, shrink the product portfolio. This is the first step towards doing it. So people have asked about the product portfolio.

等城市環境安靜下來，我再補充一點。我還要補充一點，因為我們在這方面一直比較含糊其辭，那就是我們需要記住的另一件事是我們有能力整合產品組合，縮小產品組合。這是實現目標的第一步。所以有人詢問了產品組合方面的問題。

Collections are the vehicle that allow us to simplify the product portfolio, focus on the important ones, trim the parts of it that make less sense and have much more discipline around the R&D expense. So we're really excited about concentrating the offerings for the different industries with only these three Collections.

收藏品是簡化產品組合、專注於重要產品、剔除意義不大的產品以及在研發支出方面更嚴格控制的有效方法。因此，我們非常高興能夠透過這三個系列產品，集中為不同產業提供產品和服務。

Got it. And then in terms of the channel, clearly, you guys are getting more volume there. How should we think the contribution from the channel trends over time? Does that get closer to the 80% that you guys are --

知道了。就頻道而言，很明顯，你們的頻道播放量更大。我們該如何看待通路趨勢隨時間推移所產生的影響？這樣比較接近你們所說的80%嗎？

I'm sorry, Ken, can you repeat the question? We're having trouble picking you up here. You're coming through very softly.

抱歉，肯，你能再說一次問題嗎？我們無法在此接通您的設備。你的聲音很輕。

Sure. Simply, does the channel contribution trend closer to your 80% as the processing forth --

當然。簡單來說，隨著處理的進行，通路貢獻率是否越來越接近 80%？

Ken, you there?

肯，你在嗎？

This time, you were even softer.

這一次，你更溫柔了。

Operator, we're going to have to go to the next question.

接線員，我們得進入下一個問題了。

Thank you. Our next question comes from the line of Brent Thill from UBS.

謝謝。我們的下一個問題來自瑞銀集團的布倫特希爾。

Hi. This is Xiao Min for Brent Thill. Can you hear me okay?

你好。這是肖敏為布倫特·希爾報的報。你聽得清楚我說話嗎？

Yes, we can.

是的，我們可以。

Okay. Great. So, just two questions. One, with the Q2 revenue outlook being a little bit lower than consensus, but the year the same. Should we think of that -- would it be that just you are seeing the Street just mismodeling the seasonality? Or was there any change in your expected path or as you go through the end of perpetual and Suites for the rest of the year? What would be the best way to think about that?

好的。偉大的。所以，我只有兩個問題。第一，第二季營收預期略低於市場普遍預期，但全年預期與預期持平。我們是否應該考慮這一點——會不會只是你看到的華爾街對季節性的預測有誤？或者，在您完成永續合約和套房合約的剩餘時間裡，您的預期路徑是否有任何變化？思考這個問題最好的方式是什麼？

Xiao, I recognize that the guide we gave for the quarter is not where consensus was but, of course, we hadn't guided Q2 before. What we're seeing in our guidance is in sync with what our expectations were. It's not a question of a change in seasonality pattern versus what had be been expected previously.

肖，我承認我們給出的季度業績指引與市場共識不符，但當然，我們之前也沒有對第二季業績進行過指引。我們從指導方針中看到的情況與我們的預期相符。這不是季節性模式與先前預期相比變化的問題。

If you just look at coming to the end of sale of Suites during Q2, we talked about earlier, we're expecting really a bit of a muted buy-ahead versus what we saw on individual products. On a standalone products, remember, we sized that at the end of Q4, there was only about a 10% increase in volume that came through. Suites, to begin with, are a much lower volume product than standalone products are. We're also seeing and have seen a really steady increase in the uptake of customers already buying the new model on Suites.

如果只看第二季套房銷售即將結束的情況（我們之前討論過），我們預計提前購買的意願會比單一產品的購買意願低一些。就獨立產品而言，請記住，我們在第四季度末估計，銷量僅增長了約 10%。首先，套房的銷售量遠低於獨立產品的銷售量。我們還看到，並且在 Suites 上購買新型號的客戶數量一直在穩步增長。

So not waiting for it to hit end of sale. There's been a lot of interest in Suites customers buying the new model. So you add those two together, we're expecting a small amount of buy-ahead activity in Q2 on Suites but not a huge amount.

所以不會等到它降價促銷才買。套房客戶對購買新款車型表現出了濃厚的興趣。綜上所述，我們預計第二季套房預訂量會略有增加，但不會很大。

If it's bigger than we think, we'll be toward the high end of the range and if it's less than we think, which would be a good thing, because those are customers we don't have to convert off of perpetual in the future, the customer, we think will be at the low end of the range.

如果比我們預想的要大，那我們就接近範圍的高端；如果比我們預想的要小，那將是一件好事，因為這意味著我們將來不必再將那些客戶轉化為永久會員，我們認為這些客戶將處於範圍的低端。

One of the things that I would just outline two things about it. One is just generally, we're seeing greater support amongst customers and our partners in the new model. So that is running ahead of plan. But it was interesting.

關於這一點，我想重點提兩點。一方面，我們看到客戶和合作夥伴對新模式的支持度普遍提高。所以進度比計劃提早了。但這很有趣。

Like I said, I was just with our largest North American resellers or many of our largest North American resellers and just going around the room, there's some good betting going on about how much buy ahead there would be of Suites at the end of the quarter. Like we said, the best we can say about this is we've never experienced this before. It's different.

正如我所說，我剛剛和我們北美最大的幾家經銷商在一起，或者說和很多北美最大的經銷商在一起，大家互相交流了一下，都在猜測本季末套房的預購量會是多少。正如我們所說，對此我們只能說，我們以前從未經歷過這種情況。情況不一樣。

And this is really, just our best estimate of what's going to go on. The more important news for us is that whatever happens, we're done with it at the end of this quarter. And so whether we're at the low end of the range and we're happy or it's the high end of the range, it doesn't matter because we move on to a world that we've been waiting for.

而這真的只是我們對將要發生的事情的最佳估計。對我們來說，更重要的消息是，無論發生什麼，我們都將在本季末完成這項工作。所以，無論我們處於低端而感到快樂，還是處於高端，都無關緊要，因為我們將進入我們一直期待的世界。

I'm talking about for awhile, and which we're just really selling only -- we're only selling the new model and that greatly simplifies so much stuff. So I will be thrilled when we're here three months from now.

我一直在談論這個，而且我們現在只銷售——我們只銷售新型號，這大大簡化了很多事情。所以，三個月後我們來到這裡時，我會非常興奮。

Great. That's helpful. Just one more question on the new Collections. I guess we'll get details pretty soon. But what's the philosophy around setting the pricing for those versus, say, the old Suites or the individual product subscription or Desktop subscription? And maybe also think of it in terms of LTV for those versus the other choices. And that's it from me. Thanks.

偉大的。那很有幫助。關於新系列，我還有一個問題。我想我們很快就會得到詳細資訊。但是，與先前的套件、單一產品訂閱或桌面訂閱相比，這些產品的定價概念是什麼？或許也可以從客戶終身價值（LTV）的角度來考慮這些選項與其他選項進行比較。我的發言就到這裡。謝謝。

Over the next couple weeks, we'll be rolling out the prices and what's included in the Collections. Probably best to do it then and look at it holistically. Information's not far behind. So you'll all get to see it soon. We just felt like we wanted to share it because it seemed like if we're announcing it in 10 days, it was best to just give you a guys a preview. But probably more -- best digest it with a full collection of information.

接下來幾週，我們將陸續公佈價格以及套裝包含的內容。或許最好還是那時再做，並從整體來看這個問題。訊息也緊跟其後。所以你們很快就能看到了。我們覺得應該跟大家分享一下，因為既然打算 10 天後才正式宣布，不如先給大家提前預覽。但可能還有更多——最好結合所有相關資訊來消化。

Thank you. And that concludes our question-and-answer session for today. I would like to turn the conference back over to David Gennarelli for any closing comments.

謝謝。今天的問答環節到此結束。我謹將會議交還給大衛‧詹納雷利，請他作總結發言。

That concludes our call today. This quarter, we'll be at several conferences. Next week on May 24, we'll be at the JPMorgan Conference in Boston.

今天的通話到此結束。本季度，我們將參加幾個會議。下週5月24日，我們將參加在波士頓舉行的摩根大通會議。

On June 2, we'll be at the BAML conference in San Francisco; June 14, at the Berenberg Design Software Conference in London, and also that same week on June 16, the NASDAQ Conference in London. In the meantime, you can reach me, Dave Gennarelli, at 415-507-6033. Thanks.

6 月 2 日，我們將參加在舊金山舉行的美國銀行 (BAML) 會議；6 月 14 日，我們將參加在倫敦舉行的貝倫貝格設計軟體會議；同一周的 6 月 16 日，我們也將參加在倫敦舉行的納斯達克會議。在此期間，您可以透過 415-507-6033 聯繫我，Dave Gennarelli。謝謝。

Thank you. Ladies and gentlemen, thank you for your participation in today's conference. This does conclude the program and you may now disconnect. Everyone have a good day.

謝謝。女士們、先生們，感謝各位參加今天的會議。程式到此結束，您可以斷開連線了。祝大家今天過得愉快。