Autodesk Inc (ADSK) 2017 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Autodesk second-quarter FY17 earnings conference call.

各位女士、先生，大家好，歡迎參加 Autodesk 2017 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 now like to hand the conference over to David Gennarelli, Senior Director of 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.

謝謝接線生。

Good afternoon. Thank you for joining our conference call to discuss the results of our second quarter of FY17. Also on the line is Carl Bass, our CEO, and Scott Herren, our CFO.

午安.感謝您參加我們的電話會議，討論我們2017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 call is being broadcast live via webcast. In addition, a replay of the call will be available at autodesk.com/investor.

今天的電話會議將透過網路直播。此外，您也可以在 autodesk.com/investor 上收聽電話會議的錄音回放。

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

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

During the course of this conference call, we will make forward-looking statements regarding future events and the anticipated future performance of the Company, such as: our guidance for the third-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, our transition to new business models, our market opportunities and strategies, and trends for various products, geographies and industries. We caution you that such statements reflect our best judgment based on factors currently known to us, and that actual events or results could differ materially.

在本次電話會議期間，我們將就未來事件和公司預期未來業績發表前瞻性聲明，例如：我們對 2017 財年第三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、我們向新業務模式的過渡、我們的市場機會和策略，以及各種產品我們提醒您，此類聲明反映了我們基於目前已知因素的最佳判斷，實際事件或結果可能與此有重大差異。

Please refer to the documents we file from time to time with the SEC. Specifically, our Form 10-K for FY16, our Form 10-Q for the period ending April 30, 2016, and our current reports on Form 8-K, including the Form 8-K furnished with today's press release and prepared remarks. Those documents contain and identify important risks and other factors that may cause our actual results to differ from those contained in our forward-looking statements.

請參閱我們不時向美國證券交易委員會提交的文件。具體而言，包括我們 2016 財年的 10-K 表格、截至 2016 年 4 月 30 日的 10-Q 表格以及我們目前的 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。這些文件包含並指明了可能導致我們的實際結果與前瞻性聲明中所包含的結果之間存在差異的重要風險和其他因素。

Forward-looking statements made during the call are being made as of today. If this call is replayed or reviewed after today, the information presented during the call may not contain current or accurate information.

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.

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. Those non-GAAP financial 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.

電話會議期間，我們也將討論非GAAP財務指標。這些非GAAP財務指標並非依照公認會計原則編製。我們在今天的新聞稿、準備好的演講稿以及我們網站的投資者關係部分提供了 GAAP 和非 GAAP 結果的調節表。在討論財務表現時，我們將引用一些數字或成長變化，除非另有說明，否則每個此類引用都代表同比比較。

And now I would like to turn the call over to Carl.

現在我想把電話交給卡爾。

Thanks, Dave.

謝謝你，戴夫。

We had a terrific quarter, and we reached a very important milestone with the end of selling perpetual licenses. Our Q2 results mark another solid quarter of execution, and progress on our two big initiatives -- increasing lifetime customer value, and secondly, driving increased adoption of our cloud-based solutions. I will share more details on our Q2 results, and then update you on what we have been doing around creating long-term shareholder value, before getting into the current quarter and our outlook for the rest of the year.

我們本季業績非常出色，隨著永久許可證銷售的結束，我們達到了一個非常重要的里程碑。我們第二季的業績標誌著另一個季度執行力強勁，並且在兩項重大舉措上取得了進展——首先是提高客戶終身價值，其次是推動更多地採用我們的雲端解決方案。我將分享更多關於我們第二季業績的細節，然後向大家介紹我們在創造長期股東價值方面所做的工作，之後再談到本季以及我們對今年剩餘時間的展望。

Starting with subscription numbers, we added 109,000 net new subscriptions in the quarter. We are really happy with the growth of new model subscription additions, which more than doubled year over year to 125,000.

從訂閱用戶數量來看，本季我們新增淨訂閱用戶 109,000 戶。我們對新增車型訂閱用戶數量的成長感到非常高興，年成長超過一倍，達到 125,000 人。

It was a strong quarter for product subscriptions, which drove the vast majority of the new model sub additions. And it is a clear sign of the progress on the transition with our customers and partners. Keep in mind that we did not have any big promotions going on like we did in Q1.

本季產品訂閱業務表現強勁，推動了絕大多數新型號訂閱用戶的加入。這清楚地表明，我們在與客戶和合作夥伴的過渡方面取得了進展。請記住，我們沒有像第一季那樣進行任何大型促銷活動。

Product subscriptions had strong sequential growth and dramatic year-over-year growth of over 3 times. Product subscriptions come to us from a number of sources. We are really pleased to see that one of the primary sources continues to be net new customers, which accounted for approximately one-third of product subscription additions in Q2.

產品訂閱業務較上季成長強勁，較去年同期成長超過 3 倍。我們的產品訂閱來源有很多。我們非常高興地看到，主要來源之一仍然是新增客戶，這在第二季度約佔產品訂閱新增量的三分之一。

It is impossible to get perfect clarity on these new customers, but it is likely that a portion of these people were previously pirating software, and now have a much more affordable option with our subscription. Still others have been using an alternative design tool, and can now get access to better software.

雖然無法完全了解這些新客戶的情況，但很可能其中一部分人以前是盜版軟體用戶，現在透過我們的訂閱服務，他們有了一個更實惠的選擇。還有一些人一直在使用其他設計工具，現在他們可以獲得更好的軟體。

Looking at the other new model subscription types, our token-based EBAs experienced good year-over-year growth, but added fewer than we did in our seasonally high Q1. And once again, we had a record quarter for cloud subscription additions.

從其他新的訂閱類型來看，我們基於代幣的 EBA 實現了良好的同比增長，但新增數量少於我們季節性高峰期的第一季。我們再次迎來了雲端訂閱用戶新增數量創紀錄的一個季度。

BIM 360 and Fusions 360 are leading the way, and we continue to have success with our other cloud products, such as Shotgun, and Fusion Lifecycle, formerly known as PLM 360. We continue to build on our leadership in the cloud, and our cloud services play an increasingly important role in our transition.

BIM 360 和 Fusion 360 處於領先地位，我們的其他雲端產品，如 Shotgun 和 Fusion Lifecycle（以前稱為 PLM 360），也繼續取得成功。我們不斷鞏固在雲端運算領域的領先地位，我們的雲端服務在轉型過程中扮演越來越重要的角色。

Maintenance is our other primary subscription bucket. The renewal rate for maintenance subscriptions increased significantly year over year, and remain near historic highs.

維護是我們另一個主要的訂閱項目。維護訂閱的續訂率比去年同期大幅增長，並保持在歷史高點附近。

Keep in mind that as we go forward, we will start to experience larger decreases in maintenance subscriptions since we are no longer selling perpetual licenses. We will also be incentivizing customers on maintenance to switch to a product subscription. As we've outlined in the past, by the end of next fiscal year we expect to have more customers on our new model subscriptions than maintenance subscriptions.

請記住，隨著時間的推移，由於我們不再出售永久許可證，維護訂閱量將會大幅下降。我們也將透過激勵措施鼓勵維護客戶轉為產品訂閱模式。正如我們之前所概述的那樣，到下一個財政年度結束時，我們預計採用新模式訂閱的客戶數量將超過採用維護訂閱的客戶數量。

We are adamant about supporting our maintenance customers. And at some point in the future, these programs will converge into a single subscription offering.

我們堅決支持我們的維修客戶。在未來的某個時候，這些項目將會合併成一個單一的訂閱服務。

As we have indicated before, growth in subscriptions will drive growth in ARR. The strong growth in new model subscriptions in Q2 fueled an 86% year-on-year constant-currency increase in new model ARR. Total ARR growth was 14% in constant currency year over year.

正如我們先前所指出的，訂閱用戶的成長將帶動年度經常性收入的成長。第二季新車型訂閱量的強勁成長推動新車型年度經常性收入（ARR）以固定匯率計算年增 86%。以固定匯率計算，年度經常性收入總額年增14%。

Total recurring revenue was 67% of our total reported revenues. That is a big jump compared to 55% in Q2 last year, and a slight decrease from last quarter due to the surge in perpetual suite sales.

經常性收入占我們報告總收入的 67%。與去年第二季的 55% 相比，這是一個很大的增長，但與上一季相比略有下降，這是由於永久套房銷售激增所致。

With just a few exceptions, we are now in a subscription-only model. So you can expect another jump in the percentage of recurring revenue starting in Q3.

除少數例外情況外，我們現在採用的是純訂閱模式。因此，預計從第三季開始，經常性收入的百分比將再次大幅成長。

Our Q2 revenue results were well ahead of expectations, and were influenced primarily by a larger-than-expected surge in last opportunity buying of perpetual licenses for suites. Recall that in Q4 we had a 10% increase in unit volume related to the end of sale of perpetual licenses for individual products.

我們第二季的營收業績遠超預期，主要得益於套件永久授權的最後機會購買量超出預期的激增。回想一下，第四季度我們的銷售量成長了 10%，這與單一產品的永久許可證銷售結束有關。

Our analysis of Q2 suggests that just under 20% of our unit volume was related to end-of-sale activity for suites. This was bigger than expected, and I would like to give you some insights on what we saw.

我們對第二季的分析表明，我們單位銷售的近 20% 與套房的銷售結束活動有關。這比預想的要大得多，我想和大家分享我們所看到的景象。

It was only over the last two weeks of the quarter that we started to experience a surge in demand for suites perpetual licenses, almost entirely driven by the channel. What was really interesting is that at the same time we experienced the uptick in perpetual license sales, we also saw an acceleration of product subscription sales.

直到本季的最後兩週，我們才開始感受到對套件永久授權的需求激增，幾乎完全是由通路推動的。真正有趣的是，在我們經歷永久授權銷售成長的同時，我們也看到了產品訂閱銷售額的加速成長。

The unique aspect of this activity relative to what we experienced in Q4 is that roughly half of the volume for suites came from customers cross-grading from an individual product. This is neutral to the subscription count, since a customer has to be on maintenance in order to cross-grade. But it is absolutely positive for in-period revenue and ultimately ARR, since the customer will be paying more annually for their maintenance plan.

與我們在第四季度經歷的情況相比，本次活動的獨特之處在於，套件銷售的大約一半來自客戶從單一產品升級而來。這與訂閱數量無關，因為客戶必須處於維護狀態才能升級。但這對於當期收入和最終的年度經常性收入來說絕對是積極的，因為客戶每年將為他們的維護計劃支付更多費用。

Overall, the increase in volume related to the end of perpetual suites was greater than we anticipated. But we are very pleased with how product subscriptions performed in the quarter, and the overall net result is positive for Autodesk.

總體而言，與永久套房結束相關的業務量成長比我們預期的要大。但我們對本季產品訂閱的表現非常滿意，對 Autodesk 而言，整體淨結果也是正面的。

Our total unit volume in the second quarter increased compared to Q2 last year, and was in line with our expectations. Even when normalizing for the increased activity related to the end-of-sale for suites.

第二季我們的總銷售量比去年同期有所成長，符合我們的預期。即使考慮到套房銷售結束帶來的活動增加，情況依然如此。

It is not surprising that the end-of-sale for suites drove a sequential uptick in license revenue. What might be surprising is that we are not seeing faster growth in our as-reported subscription revenue line.

套房銷售的結束推動了授權收入的環比增長，這並不令人意外。令人驚訝的是，我們公佈的訂閱收入並沒有更快的成長。

There are two things that are inhibiting that growth. The first is FX, which is causing about a 4-point headwind. The second is the accounting treatment of product subscription and EBA revenue.

有兩個因素阻礙了這種成長。首先是外匯市場，它造成了約 4 個百分點的不利影響。第二點是產品訂閱和 EBA 收入的會計處理。

While our new model subscriptions are deferred and recognized ratably over their contract length, a sizable portion of both our product subscription and our EBAs are recognized as license revenue. In fact, roughly 80% of product subscription and roughly 55% of EBAs get recorded as license revenue. Cloud is the only new model subscription type that gets 100% recorded as subscription revenue.

雖然我們的新模式訂閱收入會遞延並在合約期限內按比例確認，但我們產品訂閱和企業協議授權收入的相當一部分都會被確認為授權收入。事實上，大約 80% 的產品訂閱收入和約 55% 的企業授權協議收入都被計入授權收入。雲端服務是唯一能夠100%計入訂閱收入的新型訂閱模式。

If all the new model subscriptions were recognized 100% as subscription revenue, that line would show 10% year-over-year growth as reported, and 14% growth adjusted for currency. We are currently working towards providing a clearer breakout of our reporting so that our total subscription revenue can be seen directly in our reporting disclosures.

如果將所有新模式的訂閱收入 100% 確認為訂閱收入，則該項數據將顯示同比增長 10%（按報告數據），並按匯率調整後同比增長 14%。我們目前正在努力改進報告的細分方式，以便用戶能夠直接在報告揭露中看到我們的訂閱總收入。

Now let me get into a few more details of our Q2 results. By now, it should be very clear that our channel partners are fully engaged with our subscription model. 68% of new model subscription additions came through our channel partners, compared to just 47% in Q2 last year and 63% last quarter.

現在讓我更詳細地介紹一下我們第二季的業績。現在應該很清楚，我們的通路夥伴已經完全接受了我們的訂閱模式。新增機型訂閱用戶中有 68% 來自我們的通路合作夥伴，而去年第二季這一比例僅為 47%，上一季為 63%。

The volume of subscriptions coming through our E Store also continues to gain momentum, and nearly doubled from Q2 last year. Total direct revenue was 25% in the second quarter, despite most of the surge from the end-of-sale of suites coming through the channel. That is up from 20% in Q2 of last year.

透過我們的網路商店獲得的訂閱量也持續成長，與去年第二季相比幾乎翻了一番。第二季總直接收入成長了 25%，儘管大部分的成長來自套房銷售結束透過管道實現。這一比例高於去年第二季的20%。

On the expense side, our total spend decreased by almost 4%, as we continue to diligently control our spending. We are continuing to make structural changes that allow us to spend less, yet focus on our key initiatives. While we are being very disciplined about our spending, we are doing it without compromising the long-term health of the Company. We also increased our stock buyback in Q2 to $170 million in light of the dip in the stock caused by the temporary panic around the Brexit vote.

在支出方面，由於我們繼續認真控制支出，我們的總支出減少了近 4%。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。雖然我們在支出方面非常自律，但我們這樣做並沒有損害公司的長期健康發展。鑑於英國脫歐公投引發的暫時恐慌導致股價下跌，我們第二季也將股票回購規模增加至 1.7 億美元。

Overall, we were very pleased with the Q2 results. All of the trends we saw reinforce our confidence that the transition is working for our customers, our partners, and Autodesk.

整體而言，我們對第二季的業績非常滿意。我們看到的所有趨勢都增強了我們的信心，即這種轉型對我們的客戶、合作夥伴和 Autodesk 都是有利的。

That is a good segue into what I have touched on in the last couple of earnings calls about what we're doing to create long-term value for our shareholders. We continue to get many questions in this area, so I am happy to talk about it.

這正好引出了我在最近幾次財報電話會議上談到的內容，即我們正在採取哪些措施來為股東創造長期價值。我們不斷收到這方面的問題，所以我很樂意談談這個問題。

If you have been around the tech industry as long as I have, you have no doubt seen the carnage of once-great technology companies that ultimately failed to innovate and keep their competitive advantage. Autodesk has been a leader in the world of design and engineering software for over 30 years, and what we're doing with this transition is positioning Autodesk to lead the next generation of this kind of software.

如果你像我一樣長期從事科技業，你肯定見過那些曾經輝煌的科技公司最終因未能創新和保持競爭優勢而走向衰落的慘狀。Autodesk 在設計和工程軟體領域已經領先 30 多年，而我們此次轉型是為了使 Autodesk 能夠引領下一代此類軟體的發展。

Our transition happens on two fronts. We are currently in the midst of a business model and pricing transition, where our customers are moving to term-based subscriptions. This will lead to a highly predictable model over time, and a significant increase in the value our customers get from our products.

我們的轉型將在兩個方面展開。我們目前正處於商業模式和定價轉型期，我們的客戶正在轉向按期限訂閱模式。隨著時間的推移，這將形成一個高度可預測的模型，並顯著提高我們的客戶從我們的產品中獲得的價值。

The best indicator for this is the rapid growth we are experiencing in new model subscriptions and new model ARR. In support of this model change, we are simplifying our entire go-to-market strategy and reducing our cost structure, while we increase our ability to more effectively serve our customers.

最好的指標就是我們在新模式訂閱和新模式 ARR 方面所經歷的快速成長。為了支持此模式的轉變，我們正在簡化整個市場進入策略並降低成本結構，同時提高我們更有效地服務客戶的能力。

The second front of our transition is how we are building platforms to exploit the cloud and dramatically expand the size of our market opportunities. We are well ahead of our traditional competitors on this front, and we are investing to secure the future of Autodesk. These mobile and cloud technologies are opening up significant opportunities in the areas of construction and manufacturing, that are completely new to Autodesk.

我們轉型的第二個面向是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。我們在這方面遠遠領先傳統競爭對手，我們正在投資以確保 Autodesk 的未來。這些行動和雲端技術正在建築和製造領域開闢巨大的機遇，而這些機會對於 Autodesk 來說完全是全新的。

These new platforms offer a once-in-a-generation opportunity to redefine the competitive landscape. Our cloud-based products continue to gain momentum, and are already the undisputed leaders in their respective categories.

這些新平台為重新定義競爭格局提供了千載難逢的機會。我們的雲端產品持續發展壯大，並已成為各自領域中無可爭議的領導者。

So this is how I would summarize how we are building long-term shareholder value in three simple bullets. One, we are increasing the lifetime value of every customer. Two, we're changing our cost structure by focusing our product portfolio and go-to-market strategies. And three, we are building the best cloud and mobile-based products and services in the industry, which significantly expands our total available market, as the underlying technology platform shifts to the cloud.

所以，我會用以下三點來概括我們如何為股東創造長期價值。第一，我們正在提高每位客戶的終身價值。第二，我們正在透過調整產品組合和市場推廣策略來改變成本結構。第三，我們正在打造業界最好的雲端和行動裝置產品及服務，隨著底層技術平台向雲端轉移，這將大大擴大我們的市場規模。

Now, let's take a look at what's going on here in the current quarter, Q3. Our newly introduced collections are a great example of increasing lifetime customer value. On August 1, we launched collections, which is our next generation of suites with the addition of our cloud services.

現在，讓我們來看看本季（第三季）的情況。我們新推出的產品系列是提高客戶終身價值的絕佳例證。8 月 1 日，我們推出了 Collections，這是我們的下一代套件，其中加入了我們的雲端服務。

Suites were tremendously successful for Autodesk. But with collections, we're significantly reducing complexity by offering just three collections -- one for AEC, one for manufacturing, and one for M&E -- making them easier to sell and consume.

套件產品對 Autodesk 來說取得了巨大的成功。但透過推出產品系列，我們大大降低了複雜性，只提供三個產品系列——一個用於建築、工程和施工（AEC）行業，一個用於製造業，一個用於機電（M&E）行業——使它們更容易銷售和使用。

We're offering single-user and multi-user access, and choices of different term lengths to fit their needs. The value of our customers is tremendous, and well exceeds the premium suite.

我們提供單一用戶和多用戶存取權限，以及不同的期限選擇，以滿足他們的需求。我們客戶的價值非常巨大，遠遠超過了高級套餐的價值。

We have priced collections so that the average customer value to Autodesk will increase as well. We are only 25 days into selling collections, but we are very happy with the start. Despite the strong performance of suites at the end of Q2, in their first few weeks we're seeing the same volume level for collections that we experienced for suites in the same period a year ago.

我們對產品系列進行了定價，以便提高 Autodesk 為客戶創造的平均價值。我們銷售系列產品才25天，但我們對目前的開局非常滿意。儘管套房在第二季末表現強勁，但在最初的幾周里，我們看到的系列產品數量與去年同期套房的銷售量相同。

From a tactical standpoint, some of you have been asking about pricing and promotions. We are currently running another promotion aimed at our legacy customers. It is similar to the very successful promotion that we ran in Q1, but the discount is smaller. You can expect us to continue to work to convert these legacy customers with various promotions and incentives as we go forward.

從戰術角度來看，你們中的一些人一直在詢問定價和促銷方面的資訊。我們目前正在針對老客戶進行另一項促銷​​活動。它與我們在第一季推出的非常成功的促銷活動類似，但折扣幅度較小。您可以期待我們將繼續努力，透過各種促銷和激勵措施來轉換這些老客戶。

Like I have said before, running a business is different than running a spreadsheet. One area that we constantly evaluate is how we use pricing to drive subscriptions and ARR growth.

正如我之前所說，經營企業與操作電子表格是不同的。我們不斷評估的一個領域是如何利用定價來推動訂閱量和年度經常性收入的成長。

Having said that, we would not make significant decisions around packaging or pricing without first testing in certain markets. This is especially true when it comes to our flagship products like AutoCAD and LT.

話雖如此，我們不會在沒有先在某些市場進行測試的情況下，就包裝或定價做出重大決定。對於我們的旗艦產品，如 AutoCAD 和 LT 而言，尤其如此。

In early September, pricing changes will go into effect that will rationalize the pricing of AutoCAD LT, AutoCAD, and the AutoCAD verticals. We believe these moves will drive customers to the right product for their needs at higher billings and ARR for Autodesk.

9 月初，AutoCAD LT、AutoCAD 和 AutoCAD 垂直行業版的價格將進行調整，使其定價更加合理。我們相信這些舉措將引導客戶找到滿足其需求的正確產品，從而為 Autodesk 帶來更高的帳單金額和年度經常性收入。

Now, turning to our outlook for Q3 and the full year, our view of the macroeconomic environment's impact on our Business hasn't changed over the past several quarters. The global conditions have remained uneven, with most of the mature markets performing relatively well, while most of the emerging markets have been challenged.

現在，展望第三季和全年，我們對宏觀經濟環境對我們業務的影響的看法在過去幾季中並沒有改變。全球經濟情勢依然不平衡，大多數成熟市場表現相對較好，而大多數新興市場則面臨挑戰。

As we evaluated our strong Q2 results, we did not see any meaningful change in the demand environment. And as I indicated earlier, we do not see any immediate fallout from the Brexit vote. As always, it is impossible to say what the long-term impact might be, but we don't see any near-term risk.

在評估我們強勁的第二季業績時，我們沒有看到需求環境有任何實質變化。正如我之前所指出的，我們目前看不到英國脫歐公投的任何直接後果。和以往一樣，我們無法預測長期影響，但我們認為近期內沒有風險。

Our strong Q2 results likely pulled forward some demand from the second half of the year, but we are comfortable with bringing up the bottom end of our previous ranges for both revenue and EPS for FY17. We are also lowering our spend projection for FY17 based on the better-than-expected progress we have made on this front.

我們強勁的第二季業績可能提前拉動了下半年的部分需求，但我們有信心上調 2017 財年營收和每股收益先前預期範圍的下限。鑑於我們在這一領域的進展優於預期，我們也下調了 2017 財年的支出預測。

We remain confident in our long-term goals of growing our subscription base by a 20% CAGR through FY20, which will drive a 24% CAGR in ARR. We also remain committed to keeping spend growth flat in FY18. The lower spend projection also enhances our projected path to free cash flow of roughly $6 per share in FY20 and $11 per share in FY23.

我們仍然對實現長期目標充滿信心，即到 2020 財年，訂閱用戶數量將以 20% 的複合年增長率增長，這將推動 ARR 實現 24% 的複合年增長率。我們也將持續致力於在 2018 財年維持支出成長穩定。較低的支出預測也增強了我們對 2020 財年每股自由現金流約 6 美元和 2023 財年每股自由現金流約 11 美元的預測。

So to wrap things up, we are very pleased with the consistent execution over the past few quarters. We're really excited to be another major step further along in the transition, and now fully in the subscription-only model. We have a clear vision and plan for creating a more predictable, recurring, and profitable business in the years to come. We are focused on driving higher lifetime value, simplifying our offerings in 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.

總而言之，我們對過去幾季以來始終如一的執行情況非常滿意。我們非常高興在轉型過程中又向前邁出了重要一步，現在已完全過渡到訂閱模式。我們有清晰的願景和計劃，在未來幾年打造一個更可預測、更永續、更有利可圖的業務。我們致力於提升客戶終身價值，簡化市場推廣活動中的產品，並引領下一波設計和工程軟體向雲端遷移，從而顯著提升市場機會。

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

接線員，現在我們開始接受提問。

Thank you.

謝謝。

(Operator instructions)

（操作說明）

Our first question comes from the line of Jay Vleeschhouwer from Griffin Securities.

我們的第一個問題來自 Griffin Securities 的 Jay Vleeschhouwer。

Thank you, Carl, good evening. Good evening, Scott.

謝謝你，卡爾，晚上好。晚上好，斯科特。

Carl, let me ask you first about the pricing that you plan to take next month. Could you give some specifics as to how you are thinking about what the changes might be? And is this part of what you have referred to in the past as SRP realization as a concept for you to help improve pricing and margin?

卡爾，我先問你一下你下個月的定價計畫。您能否具體說明一下您認為可能做出哪些改變？這是否就是您過去所說的「SRP 實現」概念的一部分，該概念旨在幫助您提高定價和利潤率？

Secondly with respect to the decay of classic maintenance over time, how are you thinking about the rate of that decline? When we look at one of your competitors, PTC, which is moving mostly but not entirely to subscription, the stated rate of decline for their maintenance is low to mid-single digits. So would you anticipate going fully to subscription that your decay of maintenance might be somewhat faster than that?

其次，關於經典維護方式隨時間推移而衰落的問題，您認為這種衰落的速度如何？當我們觀察你們的競爭對手之一 PTC 時，該公司正在向訂閱模式轉型，但並非完全轉型，其維護費用的下降率僅為個位數中低水平。所以您是否預計，如果完全採用訂閱模式，維護成本的衰減速度可能會比現在更快？

Yes. So let me start with the pricing, and then Scott and I can tag team the one about the maintenance decline.

是的。那麼，我先來談談定價問題，然後我和史考特可以一起討論維護成本下降的問題。

So starting with the pricing, what we wanted to do was, as I said, rationalize the three different price points of AutoCAD LT, AutoCAD and the AutoCAD verticals. Whenever possible, we would like customers to get the right product. More often than not, that is on AutoCAD vertical, particularly tailored to the discipline that they are in. On the other side, for the more casual users, LT is clearly the more appropriate product.

所以，從定價開始，正如我所說，我們想要做的就是把 AutoCAD LT、AutoCAD 和 AutoCAD 垂直產業的三個不同價格點合理化。我們希望顧客盡可能買到合適的產品。通常情況下，這是在 AutoCAD 垂直領域，特別是針對他們所在的專業領域量身定制的。另一方面，對於休閒用戶而言，LT 顯然是更合適的產品。

What we were trying to do is move the price points apart, get the appropriate separation. And what we saw, and I referred to in the remarks, in our testing is that we can with the right pricing move more LT customers to AutoCAD and AutoCAD customers to the vertical.

我們當時想做的就是拉開價格差距，以實現適當的價格分離。我們在測試中看到（我在評論中也提到過），透過合理的定價，我們可以將更多 LT 客戶轉移到 AutoCAD，並將更多 AutoCAD 客戶轉移到垂直行業。

And so this is a part of the overall pricing, I wouldn't say it's particularly what I would refer to as the SRP realization. It is just increasing total pricing, but it is part of a pricing optimization strategy.

所以這是整體定價的一部分，但我不會說它是我所說的建議零售價實現額。這只是提高了總價，但這是價格優化策略的一部分。

And let me take the first pass. A couple of things will contribute to the maintenance decline, as you said, classic maintenance.

讓我先來。正如你所說，有幾個因素會導致維修成本下降，包括傳統的維修成本。

One is going to be the falloff from people who just choose not to renew for all of the usual reasons. The second one will be the conversion of the maintenance customers onto the subscription side.

其中一個原因是由於各種常見原因，人們選擇不再續訂，導致用戶數量下降。第二點是將維護客戶轉化為訂閱客戶。

And on the first one, we talked a little bit about it, in that we said that we expected the subscription base to be larger by the end of next year. We gave you some hints, or at least we gave you an algebra problem you could work on tonight, Jay.

在第一期節目中，我們稍微談到了這一點，我們表示預計到明年年底訂閱用戶數量會更多。傑伊，我們給了你一些提示，或至少給了你一個代數題，你可以今晚做做看。

And then on the second one, we also talked a little bit about programmatic ways of doing that over time. How we will continue to encourage customers to move from classic maintenance to the new subscriptions.

然後在第二部分，我們也稍微討論了一下如何透過程式化的方式逐步實現這一點。我們將繼續鼓勵客戶從傳統維護模式過渡到新的訂閱模式。

Scott, do you want to add something?

史考特，你還有什麼要補充的嗎？

No, I think you said it right. It is the decay rate which will vary within that pool of maintenance subscribers, by the way, between low-end LT customers that have a slightly lower renewal rate. Versus suites maintenance customers which have a much higher renewal rate.

不，我覺得你說得對。順便一提，在維護用戶群中，衰減率會有所不同，低端長期客戶的續訂率略低。相比之下，套房維護客戶的續約率要高得多。

So as that pool moves over, the maintenance pool will go continually down from this point basically one minus our churn rate. And at that point, what you will see is the mix will shift inside that pool. So if you think of maintenance revenue as a P times Q, think of the price, the average price inside there beginning to shift more toward suites customers out through time. But the overall decline being driven by the low-end LT customers.

因此，隨著該資金池的轉移，維護資金池將從這一點開始持續下降，基本上是 1 減去我們的流失率。到那時，你會看到池子裡的混合物會改變。所以，如果你把維護收入看作是 P 乘以 Q，想想價格，平均價格，隨著時間的推移，裡面的客戶開始更多地轉向套房客戶。但整體下滑是由低階LT用戶推動的。

I think the other way to peg this, Jay, as you sit down and do your modeling is what we've said. And I think we showed you these curves back at investor day that our expectation is by the end of next year, the number of maintenance subscribers and the maintenance ARR will be below the new model subscribers and new model ARR by the end of next year.

傑伊，我認為另一種解決這個問題的方法，就是當你坐下來進行建模時，我們之前說過的話。我認為我們在投資者日上已經向大家展示了這些曲線，我們預計到明年年底，維護型用戶數量和維護型 ARR 將低於新模式用戶數量和新模式 ARR。

(Operator Instructions)

（操作說明）

Our next question comes from the line of Saket Kalia from Barclays.

我們的下一個問題來自巴克萊銀行的 Saket Kalia。

Hello, guys. Thanks for taking my questions here.

大家好。感謝您回答我的問題。

Maybe first to start off, I know ARR -- maybe this is for you, Scott. But I know ARR is the better metric to look at. But for those of us that still look at billings, can you just give us a sense for how billings are maybe trending for those new model subscribers or new model billings versus maintenance billings? Because you obviously have headwind for maintenance in that deferred revenue account, so any color on how new model billings are doing would be helpful.

首先，我知道 ARR——也許這是給你的，Scott。但我知道 ARR 才是更好的衡量指標。但對於我們這些仍然關注帳單的人來說，您能否讓我們了解一下新模式用戶的帳單趨勢，或者新模式的帳單與維護帳單的對比情況？因為很明顯，您在遞延收入帳戶的維護方面面臨阻力，所以任何有關新模式計費情況的資訊都將有所幫助。

Yes, Saket, one of the reasons that I don't think billings are the best indicator of our progress of course is they are term specific. And if I sign a new customer but they only sign up for one year, that's a third of the billings if I sign that same customer for three years. So I think it's a little bit less of an indicator than things like ARR, which are annualized, and of course the overall subscription growth.

是的，Saket，我認為帳單金額並不是衡量我們進展的最佳指標，原因之一當然是帳單金額是按期限計算的。如果我簽下一個新客戶，但他們只簽了一年的合同，那麼如果我簽同一個客戶三年的合同，我的帳單金額就會減少三分之一。所以我認為它不如年度經常性收入（ARR）和整體訂閱成長等指標那樣具有指示意義，因為年度經常性收入是按年計算的。

But if you do the quick math, deferred revenue changed by $3 million during the quarter. So our billings track pretty much to our reported revenues. And when you peel back billings, at a high level, they tracked very much in line with what you see on subscription versus license.

但簡單計算一下，本季遞延營收變動了 300 萬美元。因此，我們的帳單金額與報告的收入基本一致。當你深入分析帳單時，從宏觀層面來看，它們與訂閱和授權模式的對比非常吻合。

Got it. That's helpful. And then for my follow up, Carl, I think you mentioned you saw good cross grade activity from maintenance to product subscriptions, which of course is a net neutral to the subs count.

知道了。那很有幫助。然後，卡爾，我想你提到過，你看到了維護到產品訂閱的良好交叉升級活動，這當然對訂閱用戶數量來說是淨中性的。

Can you just give us a sense for how many of those cross grades you saw this quarter? And then more broadly, are you still seeing customers from product versions older than five years make that cross grade? Thanks very much.

您能否大致說明一下，本季您看到了多少次跨年級的情況？更廣泛地說，您是否仍然看到來自五年以上產品版本的客戶進行這種跨版本升級？非常感謝。

Yes, so let me go backwards. We did not see customers from very far back because we didn't run any of the promotions, so the typical legacy promotion where people had to be on subscription already. What I did mention is that in Q3 we were running a similar promotion to the one that we ran in Q1.

是的，那我倒回去說說。我們沒有看到很久以前的客戶，因為我們沒有進行任何促銷活動，所以只有典型的傳統促銷活動，即人們必須已經訂閱。我之前提到過，第三季我們開展了與第一季類似的促銷活動。

So again, we will talk about that 90 days from now and see how many of the legacy customers we can attract. We didn't break out the number on your other question of people who converted, but it was a substantial number. I will leave it to Scott if he wants to give a number.

所以，我們將在90天後再次討論這個問題，看看我們能吸引多少老客戶。我們沒有針對您提出的另一個問題——轉換人數——單獨列出，但這個數字相當可觀。如果史考特想給一個數字，我會讓他自己決定。

Yes, the color I would add to that is if you think of the quarter that we just closed, we actually saw two end-of-sale surges at the same time. There was the normal end-of-sale surge like we saw in Q4, where it was the last chance for a customer who wanted to buy a suite perpetual license and there's some buy ahead activity some pull ahead of future demand for that set of customers. And by the way, we predicted that I think pretty accurately versus what the results were.

是的，我還要補充一點，如果你想想我們剛結束的這個季度，我們實際上同時看到了兩次促銷結束前的銷售激增。和第四季一樣，出現了正常的促銷結束高峰，這是想要購買套件永久許可證的客戶最後的機會，並且出現了一些提前購買活動，以滿足這部分客戶未來的需求。順便說一句，我認為我們的預測與實際結果相當吻合。

The piece that also happened was of course when you sell your last perpetual license, you also sell your last cross grade. And we saw a lot of the same behavior that we saw at the end of -- if you remember when we stopped selling upgrades on our FY15, so more than a year ago.

當然，同時發生的還有一件事，那就是當你賣掉最後一個永久許可證時，你也賣掉了最後一個跨版本許可證。我們看到了很多與 2015 財年末相同的行為——如果你還記得的話，就是我們停止銷售升級服務的時候，也就是一年多以前。

We saw a big spike in demand for people who were already using our product, but decided they wanted to upgrade to a more full-functioned product. They're willing to pay more for it. We saw some of that same upgrade-like behavior happen within our cross grades, and I think that is the piece that surprised us a bit and it is a positive for ARR.

我們發現，許多已經在使用我們產品的用戶，想要升級到功能更全面的產品，需求量出現了大幅成長。他們願意為此支付更高的價格。我們在交叉等級中也看到了類似的升級行為，我認為這部分讓我們有點驚訝，這對 ARR 來說是一個積極的信號。

It is in neutral for subscribers, because you had to be on maintenance to be eligible for the cross grade. But it is a positive for ARR, and it is a positive for total revenue going forward. So that's the way I would think about the surge we saw at the end of this quarter.

對於用戶來說，目前處於中立狀態，因為只有處於維護狀態的用戶才有資格進行升級。但這對年度經常性收入（ARR）來說是好消息，對未來的總收入也是好消息。所以，這就是我對本季末出現的激增現象的看法。

Thank you. 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。

Hey, thanks.

嘿，謝謝。

So it sounds like -- you're getting good growth as you pointed out, reduced piracy and also changed vendors. The question that I hear when you hear from people thinking about changing vendors is a big hurdle is just the data migration and things like that.

聽起來你們確實取得了不錯的成長，正如你們所指出的那樣，盜版現象減少了，而且你們也更換了供應商。我經常聽到人們在考慮更換供應商時提出的一個問題，那就是資料遷移之類的事情是一大障礙。

Have there been any -- have you done anything technologically to make that less painful? Because if I have model set in a different vendor, I am terrified that if I move it over to you guys it will incinerate me or something like that. And so that's really -- help me understand how you can make that less fearful for these folks trying to -- (multiple speakers).

有沒有什麼技術手段可以減輕這種痛苦？因為如果我的模型設置在其他供應商那裡，我很擔心如果我把它轉移到你們那裡，它會把我燒成灰燼之類的。所以，這真的——請幫我理解如何讓這些試圖——（多人發言）的人們減少恐懼。

Despite the advice of our legal counsel, I can guarantee you it won't incinerate you, Richard. Let me just divide the markets and talk about the dynamics slightly differently.

儘管我們的法律顧問提出了反對意見，但我可以向你保證，它不會把你燒成灰燼，理查德。讓我把市場細分一下，換個角度談談市場動態。

In AEC market which is more project based, it comes up for a building or a roadway or a bridge. There is more willingness, there is slightly more willingness to shift with new projects as new teams come together.

在以專案為基礎的AEC市場中，它通常用於建築物、道路或橋樑等專案。隨著新團隊的組建，人們更願意做出改變，以適應新專案。

I think the place where you hear even greater reluctance is in manufacturing. And there we have done a number of things that we have rolled out across our product portfolio that allow customers to work in new software, and access the data that they created over the last couple decades.

我認為在製造業，人們的抵觸情緒會更加強烈。我們已經開展了一系列工作，並在我們的產品組合中全面推廣，使客戶能夠在新軟體中工作，並存取他們在過去二十年中創建的數據。

So they can work with the native data. Obviously, as always, we can translate it and convert it. But even more importantly, we now let customers leave their data in the native format and work on it whether they are doing modeling or visualization or simulation.

這樣他們就可以處理原生資料了。顯然，像往常一樣，我們可以翻譯和轉換它。但更重要的是，我們現在允許客戶保留其原始資料格式並對其進行處理，無論他們是進行建模、視覺化還是模擬。

So that has been over the last two years. A pretty big breakthrough in giving people a much smoother ramp to go from one of the legacy products to a new one.

以上就是過去兩年的情況。這是一項相當大的突破，它使人們能夠更平穩地從舊產品過渡到新產品。

And at a certain point, one of the other things that has to happen in motivating people to move to something is the new stuff has to be that much better. If you think about it, particularly in manufacturing, many of the products that people are using are more than 20 years old. And we would like to think in the industry that we can do better than having 20-year-old products be state-of-the-art.

在某種程度上，要激勵人們轉向某些事物，另一個必須發生的事情是，新事物必須好得多。仔細想想，尤其是在製造業領域，人們使用的許多產品都有 20 多年的歷史了。我們認為，在業界，我們應該做得更好，而不是讓 20 年前的產品成為最先進的產品。

So part of it is making the new products and the new product experiences much more compelling. The other is to reassure people about being able to migrate their data, or to use all their data and access it for as long as they need to.

因此，其中一部分工作就是讓新產品和新產品體驗更具吸引力。另一個目的是讓人們放心，他們可以遷移自己的數據，或使用所有數據，並在需要時隨時存取這些數據。

That's super helpful. Thanks.

這太有幫助了。謝謝。

Yes.

是的。

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

謝謝。我們的下一個問題來自高盛的 Heather Bellini。

Hello, this is Shateel in for Heather. Thanks for taking my question.

大家好，我是Shateel，替Heather來。謝謝您回答我的問題。

The first one is on expenses. So your expenses were down 4% this quarter and you lowered guidance for the year. Can you talk about some of the actions you've taken that are driving this spend to be lower than you were expecting? In the past you talked about discontinuing some non-core products and creative hardware, just wondering if we could see more of that or are you done with that type of product streamlining?

第一項是關於開支的。所以，你們本季的支出下降了 4%，並且你們下調了全年的業績預期。您能否談談您採取了哪些措施，使得這項支出低於您的預期？過去您曾談到要停產一些非核心產品和創意硬件，我想知道我們是否還會看到更多這樣的情況，或者您是否已經完成了這類產品精簡？

The two biggest places have clearly been on of consolidation of the product portfolio, and the second place is in I would just say overall in our go-to-market activities. As it refers to the product portfolio, we are on a multi-year transition to a much more streamlined portfolio. Including making the end of life of certain products.

顯然，最大的兩個面向是產品組合的整合，其次是我們整體的市場推廣活動。就產品組合而言，我們正在進行多年過渡，以建立一個更精簡的產品組合。包括某些產品報廢的處理。

But also as you look at collections as a big simplification from suites, all across the board, we are trying to simplify the portfolio. Make it easy on customers, make it easy on our Partners. So you will continue to see the folding in of certain functionality into the products that we keep going forward, the elimination of some of the older and less important ones.

但從整體來看，系列產品是對套裝產品的極大簡化，我們正在努力簡化產品組合。讓客戶輕鬆，也讓我們的合作夥伴輕鬆。因此，您將會看到我們不斷將某些功能整合到我們未來的產品中，同時淘汰一些較舊和不太重要的功能。

And we are constantly pruning for the things that work and do not work. So I would not at all expect to see, or said more positively, I would expect to see that same proactive management of the portfolio for the next couple years.

我們會不斷篩選出哪些有效，哪些無效。因此，我完全不期望看到，或者更積極地說，我期望在未來幾年看到同樣的積極主動的投資組合管理。

Got it. That's helpful.

知道了。那很有幫助。

And then for my follow up, you model subs the additions of 125,000 was higher than we were expecting. Can you just give some color on the mix that was traditional desktop and EBA versus new cloud offerings? And are we starting to see new cloud subs become a higher portion of the adds now?

然後，我的後續問題是，你們的模型顯示，新增訂閱用戶 125,000 比我們預期的要多。能否簡單介紹一下傳統桌面和 EBA 與新型雲端產品之間的差異？現在我們是否開始看到新增雲端訂閱用戶在廣告中所佔比例越來越高？

Shateel, this is Scott.

沙提爾，我是史考特。

We had a record, I think Carl mentioned this actually in the opening commentary, we had a record quarter for cloud sub adds. So it continues to move along nicely. But that new model space will continue, it did this quarter and will continue into the future to be dominated by product subscriptions, so term licenses. In fact for the first time, we had more inventory of product subscriptions within the new model type than of enterprise coming out of the EBAs. So think of it as being dominated by product subscriptions, EBAs would be next, cloud would be next.

我們創下了紀錄，我想卡爾在開場白中也提到過，我們創下了雲端訂閱用戶成長季度的紀錄。所以它繼續順利進行。但這種新的模式空間將會繼續存在，本季如此，未來也將繼續以產品訂閱和定期授權為主導。事實上，我們首次實現了新模式產品訂閱庫存量超過 EBA 企業級產品庫存量。所以，你可以把它想像成以產品訂閱為主，其次是企業業務協議（EBA），再之後是雲端運算。

Great. Thank you, that's helpful.

偉大的。謝謝，這很有幫助。

Thank you. Our next question comes from the line of Gregg Moskowitz from Cowen and Company.

謝謝。我們的下一個問題來自 Cowen and Company 的 Gregg Moskowitz。

Thank you very much and good afternoon. Carl, if you look at Asia-Pac, customers there have historically moved more slowly to adopt your subscriptions in the Q1, however you did reference I think an uptick in new model subscriptions towards the end of that period. Can you give us an update on what you saw out of Asia in Q2?

非常感謝，下午好。卡爾，如果你看看亞太地區，那裡的客戶歷來在第一季度接受訂閱的速度比較慢，但是你確實提到過，我認為在這一時期的末期，新模式的訂閱量有所上升。能否介紹一下您在第二季從亞洲市場觀察到的情況？

Yes. I would continue to say that parts of Asia are slower to adopt the new model. We have had some pockets of success with some of our traditional partners and some of the electronic channels that have been more positive. But overall, slightly slower adoption with a handful of countries.

是的。我還要再說一遍，亞洲部分地區接受新模式的速度較慢。我們與一些傳統合作夥伴取得了一些成功，一些電子管道也表現得比較積極。但整體而言，少數國家的普及速度略慢。

As you do the analysis, it is a little bit hard to dissect exactly what is going on. Since up until now, the preference of the channel partners have shown through in that they were able to exert certain forces on the customers.

在進行分析的過程中，要準確剖析正在發生的事情有點困難。到目前為止，通路夥伴的偏好已經顯現出來，因為他們能夠對客戶施加一定的影響力。

Moving forward, that goes away so hopefully everyone will be aligned. It is a great relief to make it to August 1 and get into the new model, and I suspect going forward we'll see more normalization. But given that there were two choices, Asia-Pac certainly lagged a little bit.

展望未來，這種情況將會消失，希望大家都能步調一致。終於熬到了 8 月 1 日，進入了新模式，真是令人如釋重負。我估計，未來我們會看到更多正常化跡象。但考慮到只有兩個選擇，亞太地區顯然稍微落後。

Okay, that's helpful. And then just for Scott, based on where you are at this point in the year, you're calling for about 260,000 or so net subscribers in the second half, at least at the midpoint of the range. And I know you don't guide quarterly of course, but maybe you can just share with the group your high level of thoughts around net adds in Q3 as compared with Q4 as you see it today. Thanks.

好的，這很有幫助。然後，就斯科特而言，根據你目前的情況，你預計下半年淨新增用戶數約為 26 萬左右，至少在預測範圍的中點是如此。我知道您當然不會按季發佈業績指引，但或許您可以和大家分享一下您對第三季和第四季淨新增業績的看法。謝謝。

Sure, Gregg. We always have seasonal pattern of demand. If you think of where the subs will come in in the second half of the year, there will be more than 100% of what we add will be new model. Maintenance will be on a continual -- slow but on a steady decline.

當然可以，格雷格。我們的需求總是存在季節性規律。如果你想想下半年替補球員的到來，你會發現我們新增的球員中超過 100% 都是新型號。維護工作將持續進行—雖然速度緩慢，但會穩定下降。

So all of the new adds will come from new model types. New model types tend to have the same seasonality as a lot of our previously our perpetual license did. So heavier in Q4 than in Q3 would be the normal demand pattern.

因此，所有新增產品都將來自新的車型類型。新型車型往往與我們之前許多永久許可證一樣，具有相同的季節性。因此，第四季的需求量大於第三季是正常的市場需求模式。

We also see Q4 typically heavy on EBA sales, although as you have seen the last couple of years we sell a lot of them in Q4 in the EBAs, we pick up those subs in Q1. So think of this as being driven -- the Q3 versus Q4 driven by our normal seasonality pattern first. And then secondarily we do think there was some demand pulled forward from some of the end of sale of suites at the very end of Q2 that probably makes Q3 from a sub add standpoint a little bit more challenging than what we'd normally expect with normal seasonality.

我們還發現，第四季度通常是 EBA 銷售旺季，儘管正如您在過去幾年中所看到的，我們在第四季度銷售了許多 EBA 產品，但我們在第一季就獲得了這些訂閱用戶。所以，你可以把這看作是受正常季節性模式驅動的——第三季與第四季之間的差異首先是由我們的正常季節性模式所驅動的。其次，我們認為第二季末一些套房的銷售提前釋放了一些需求，這可能會使第三季從新增房源的角度來看比我們通常在正常季節性情況下預期的更具挑戰性。

Thank you. Our next question comes from the line of Ken Wong from Citigroup.

謝謝。我們的下一個問題來自花旗集團的 Ken Wong。

Great, thanks for taking my question.

太好了，謝謝你回答我的問題。

My first question for you, Carl, with collections now it's been out in the market for about a month. How should we think about the customers you're attracting here? Is it customers that are using a few products moving up to collections, or are you seeing your traditional suite customers recognize the incremental value with this comprehensive bundle and those are the ones that are primarily moving towards collections?

卡爾，我的第一個問題是，現在這些收藏品已經上市大約一個月了。我們應該如何看待您在這裡吸引的客戶？是那些只使用少量產品的客戶升級到產品套裝，還是那些傳統的套件客戶認識到這種綜合捆綁包帶來的增量價值，而這些客戶才是主要轉向產品套裝的群體？

Yes, Ken, it's probably just a little too early to know for sure. And it's almost like, give us the two more months. In this first month, we have certainly seen some of the suites customers move over.

是的，肯，現在下結論可能還為時過早。感覺就像是，再給我們兩個月時間吧。第一個月，我們確實看到一些套房客戶搬了過來。

Some of the buying at the end of the quarter was anticipation of being able to move from suites to collections. So there is certainly some of that in there, but we will be able to do a little bit better breakdown of the customers when we get a little bit more traction there. It's just a little bit premature.

季度末的一些購買行為是預期能夠從套房轉向系列產品。所以這其中肯定包含一些這樣的因素，但當我們在這方面取得更多進展時，我們將能夠更好地細分客戶。現在說這些還為時過早。

Got it. And then earlier in your prepared remarks, you mentioned at some point convert to a single subscription offering. Is this just consistent with what you have said in the past where just a natural bleed off of maintenance and then you'll eventually just be all new model subs? Or is there something more specific that you are looking to do to try to converge that process sooner?

知道了。然後，在你之前準備好的發言稿中，你提到在某個時候會轉向單一訂閱模式。這是否與您過去所說的一致，即維護成本自然會逐漸減少，最終您將全部更換為新型號的潛水艇？或者，您是否有更具體的想法，希望更快完成這個過程？

Two things, I think we're being more direct in a general sense, but it is probably at this point we don't want to give more details. But we do know and we have talked about the complexity and the expense that comes with multiple models, and so we will continue to look at ways to just simplify all of the offerings and merge the programs into one as it makes sense. But I think we were at least hinting at more proactive behavior on our part.

兩件事，我認為我們在總體上更加直接了，但目前我們可能不想透露更多細節。但是我們確實知道，而且我們也討論過多種模式帶來的複雜性和成本，因此我們將繼續尋找方法，簡化所有產品，並在合理的情況下將這些項目合併為一個。但我認為我們至少暗示了我們將採取更積極主動的行動。

Ken, the only color I would add to that is you've seen us do some of this already. First was suites, and now with collections. You see us bundling together to ease the ramp from you see us bundling the Windows based whether it is perpetual license or product subscriptions with cloud to try to ease that on ramp.

肯，我唯一要補充的是，你已經看到我們做過一些類似的事情了。先是套房，現在又推出了系列產品。你會看到我們將基於 Windows 的產品（無論是永久授權還是產品訂閱）與雲端服務捆綁在一起，以減輕用戶的上手難度。

And I think you'll see us continue to see us do more of that to make it easier to consume, to give customers a choice within what they've bought to execute whichever product type that they like. That was one of the guiding tenets with the way we designed collections, and I think you will see that continue.

我認為你會看到我們繼續做更多這樣的事情，讓消費更容易，讓顧客在購買的產品範圍內有選擇，從而執行他們喜歡的任何產品類型。這是我們設計系列產品的指導原則之一，我認為你會看到這項原則繼續沿用。

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

謝謝。我們的下一個問題來自羅伯特·W·貝爾德的史蒂夫·阿什利。

Hello, most of my questions have been asked. But let me ask about Japan, color on what's going on there and is there trend wise any hope? Or any color on that would be great?

您好，我的大部分問題都已經被問過了。但我想問一下日本的情況，那裡發生了什麼事？從趨勢上看，還有希望嗎？或是用任何顏色都可以？

I would say flatlined. It is what it is. It hasn't gotten better and it hasn't gotten worse. Scott, would you want to -- ?

我覺得應該是心跳停止了。就是這樣。情況既沒有好轉，也沒有惡化。史考特，你想──？

No, I think that's right. I think the year-on-year impacts in Japan are probably more pronounced than elsewhere, because they were slower last year to adopt the new model types. So the falling off a cliff from going from perpetual license to new model types is more pronounced in Japan than it is elsewhere, I think that is part of what we're seeing.

不，我覺得是對的。我認為日本的同比影響可能比其他地方更明顯，因為他們去年採用新車型的速度較慢。因此，從永久授權到新型車型的斷崖式下跌在日本比在其他地方更為明顯，我認為這是我們所看到現象的一部分。

Part of it is just the continuation of the trend that we've seen where it has been a tough economy in Japan, and we feel some of that. I think -- no change is what I would say, Steve. But I think part of what we're feeling from a year-on-year standpoint is just the difference in the adoption model.

部分原因是日本經濟狀況嚴峻，我們感受到了這種趨勢的延續。我認為——不會有任何變化，史蒂夫。但我認為，從逐年變化的角度來看，我們感受到的部分差異只是採用模式的不同。

And then in terms of the promotions you're running, you have been great about calling out the fact that you are running a fairly aggressive promotion, less discounting that we saw in the first quarter. But in terms of digital marketing in how much wood you're putting behind the arrow, is there any difference in how visible you will be with this promotion versus the one you ran in the first quarter?

至於你們正在進行的促銷活動，你們也很好地指出，你們正在進行一項相當積極的促銷活動，折扣力度比我們在第一季看到的要小。但就數位行銷而言，如果你投入了大量的資源，那麼這次促銷活動的曝光度與你在第一季進行的促銷活動相比，會有什麼不同呢？

Steve, what I said, last time we thought the promotion was generous, but not well known by all of our customers. And after having run it in that one quarter, we thought we could turn the two knobs and turn down the discounting and turn up the awareness.

史蒂夫，我上次說過，我們認為促銷活動很慷慨，但並非所有顧客都知道。經過一個季度的運作後，我們認為可以調整兩個旋鈕，降低折扣力度，提高品牌知名度。

As we said a quarter ago, we were extremely pleased and surprised by the results and how far back into the legacy user base we could reach and that was with I would say minimal awareness. And so we would like to promote that more heavily going forward, and we thought we could accomplish both goals of greater SRP realization and a good response by just turning up the awareness. So you should see a little bit more of it, and as we indicated in the opening commentary, even see more of it going forward.

正如我們三個月前所說，我們對結果感到非常高興和驚訝，我們能夠觸及到如此之多的老用戶群體，而且可以說，我們對此知之甚少。因此，我們希望未來能更加大力推廣，我們認為，只要提高公眾意識，就能同時實現提高 SRP 實現率和獲得良好反響這兩個目標。所以你們應該會看到更多這樣的內容，而且正如我們在開篇評論中指出的那樣，以後還會看到更多這樣的內容。

Thank you. Our next question comes from the line of Keith Weiss from Morgan Stanley.

謝謝。我們的下一個問題來自摩根士丹利的基斯‧韋斯。

Thank you for taking the question. Given the fact that suites were a bigger part of what was going on in this quarter, you talked a lot about a lot more new model subscription types coming from suites.

感謝您回答這個問題。鑑於套房在本季度佔據了更大的份額，您多次談到了來自套房的更多新型訂閱模式。

I would've expected the ARPs number, the pricing side of the equation [on its traditions] start to improve. But by my math, it's still down sequentially a little bit both on maintenance and new model subs.

我原本以為ARP數量，以及等式中的定價方面（按照其傳統）會開始改善。但據我計算，無論是維護費用還是新型號的訂閱費用，都比上一季略有下降。

One, it's a two-part question. One, why has that continued to decline? And two, when should we expect that to turn back up and start being one of the drivers of ARR growth?

第一，這是一個包含兩個部分的問題。第一，為什麼這個趨勢會持續下降？其次，我們應該期待這種情況何時會再次好轉，並成為 ARR 成長的驅動因素之一？

Yes, Keith, we talked about this I think last quarter as well. Part of what is going on there is just the math. When you do the ARPs calculation, you're taking a quarter average ARR and dividing it by a quarter end sub count.

是的，基思，我想我們上個季度也討論過這個問題。那裡發生的部分事情只是數學運算而已。計算 ARP 時，要用季度平均 ARR 除以季度末訂閱用戶數。

So if you go back and say, quarter average ARR divided by quarter average sub count, you'll get a different answer on that. But I think overriding longer term, you do need to expect for some period of time that to continue to come down, and it will come down simply driven by mix.

所以，如果你回過頭來說，季度平均 ARR 除以季度平均訂閱用戶數，你就會得到不同的答案。但我認為，從長遠來看，你確實需要預料到在一段時間內它會繼續下降，而下降只是由於產品組合的變化所致。

We've talked about ARPs being very mix sensitive, it will continue to be mix sensitive. And as we get further out and layer on more quarters of selling suites and collections and our higher-priced products only in a new model way, you will begin to see that ARPs rebound.

我們已經討論過ARP對混音非常敏感，它仍然會對混音非常敏感。隨著我們進一步拓展銷售管道，增加銷售套房、系列產品以及以全新模式銷售高價產品的季度，您將會開始看到平均訂單價格反彈。

But short term, we will continue -- that pool will be more heavily dominated the lower-priced LT and AutoCAD, the things that have been out there only as product subs for the last six months. That's the way you ought to think about it, very mix sensitive.

但短期內，我們將繼續進行——這個市場將更多地被價格較低的 LT 和 AutoCAD 所主導，這些產品在過去六個月裡只是作為產品訂閱服務推出的。你應該這樣想，它對混音非常敏感。

And to be a little bit more quantitative about it, I would look out about three quarters before we probably saw the collections.

更具體地說，我會提前大約四分之三的時間觀察，我們大概就能看到這些系列作品了。

Okay. And that's just because that's when it's going to -- how long it will take for the demand on the suite side of the equation or now the collections side of the equation to really ramp up and normalize that mix? I always thought once you end perpetual for suites in all the new buying for those high-end products becomes new model, that that should start inflecting that number upwards.

好的。那隻是因為，套房方面的需求，或是現在的收款方面的需求，需要多長時間才能真正提升並正常化這種組合？我一直認為，一旦所有高端產品的新採購都停止，那麼這些高端產品就會成為新型號，這應該會使這個數字開始上升。

But you've got to layer in multiple quarters of that ARR, Keith, before it becomes as representative of the total new model ARR as the things that have already been out there for two or three quarters selling it only in a new model way. So that's the reason you see the lag. It starts now, but there will be a lag effect before you get to that entire pool properly representing what the new sales look like.

但基思，你必須把幾個季度的年度經常性收入（ARR）疊加起來，才能像那些已經上市兩三個季度，只以新車型名義銷售的車型那樣，代表整個新車型的年度經常性收入。所以這就是你看到延遲的原因。現在就開始了，但是要完整地反映出新的銷售情況，還需要一段時間，會有滯後效應。

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。

Thanks. Scott, the midpoint of the guide looks like there is little sequential growth from Q3 to Q4. Can you just explain why that is?

謝謝。Scott，從該指南的中點來看，第三季到第四季幾乎沒有連續成長。你能解釋一下這是為什麼嗎？

One of the benefits of the shift that we are taking is we have a lot more clarity on day one of a quarter of what the reported revenues are going to look like. So as we look at both what we already have in deferred revenue for Q3 and what is sitting in backlog, we've got very high coverage of the number that we forecast for Q3 and obviously a higher degree of certainty on that. As we get closer to Q4, we will be in that same position on Q4 and we can evaluate if it makes sense to go up at that point.

我們正在進行的這種轉變帶來的好處之一是，在每季的第一天，我們就能更清楚地了解報告的收入狀況。因此，當我們檢視第三季已有的遞延收入和積壓訂單時，我們發現第三季的預測數位覆蓋率非常高，顯然我們對此也有更高的確定性。隨著第四季臨近，我們將處於同樣的境地，屆時我們可以評估是否應該上調股價。

Okay. And just a follow up on the ARPs question, it was down 7%. Should we continue to expect over the next couple quarters that to be down mid-single-digit? Is that a good way to think of it, or should we think on the higher end of this?

好的。關於ARP的問題，補充一點，下降了7%。我們是否應該繼續預期未來幾季會出現個位數中段的下滑？這種思考方式是否合理？或者我們應該從更高的角度去思考這個問題？

Let me start, Carl, and you can add color. So think of ARPs at a minimum in the two line items, maintenance separate from new model. New model will have the trend that I just talked about to Keith on the prior question. It will take a couple of quarters for that entire pool of new model ARR to be representative of the new sales that are going on.

卡爾，我先開始，你來上色。因此，至少在兩個專案裡要考慮 ARP，維護與新模型分開。新車型將延續我剛才在上一個問題中和基斯談到的趨勢。需要幾個季度的時間，所有新車型的年度經常性收入才能真正代表當前的新銷售情況。

On the maintenance side, I think you will see the ARPs there rebound a little bit quicker. We will continue to see higher renewal rates on suites, and the suites will become a bigger part of the pool faster. So it may be a quarter out, it may be two quarters out, but I think you can expect to see ARPs rebound a little bit more quickly on the maintenance side than on the new model side.

在維護方面，我認為你會看到那裡的 ARP 恢復速度會更快一些。我們將繼續看到套房續租率不斷攀升，套房在房源池中所佔比例也將迅速增加。所以可能還需要一個季度，也可能需要兩個季度，但我認為你可以預期，維護方面的 ARP 反彈速度會比新機型方面更快一些。

I would agree directionally with Scott, and I would say back to the mix. I think as we gauge the success of legacy promotions and just the cloud services, that will affect the mix as well. So we will be able to give a little bit more clarity as we go there.

我同意斯科特的總體方向，我會說回到混合模式。我認為，當我們評估傳統促銷活動和雲端服務的成功程度時，這也會對組合產生影響。所以，隨著我們深入研究，我們將能夠提供更清晰的解釋。

Thank you.

謝謝。

Thank you. Our next question comes from the line of Sterling Auty from JP Morgan.

謝謝。我們的下一個問題來自摩根大通的斯特林·奧蒂。

Thanks, hello.

謝謝，你好。

Given the perpetual sales of suites were higher than you expected in the quarter, is there a way to quantify the unit volume beyond the items you gave earlier? And specifically what I'm looking for is, is there any chance that that has an impact on your full year 475,000 to 525,000 subscription and addition number because of that pull forward?

鑑於本季套房的持續銷售額高於您的預期，除了您之前提到的項目之外，還有什麼方法可以量化單位銷售嗎？我具體想知道的是，由於提前扣款，是否有可能對您全年 475,000 至 525,000 的訂閱量和新增訂閱量產生影響？

One is, we have raised the bottom of the range which is our indication that we don't think it has any effect. We remain confident in that, and I would say increasingly confident about it.

一是我們提高了價格區間的下限，這表明我們認為它沒有任何影響。我們對此仍然充滿信心，我認為信心與日俱增。

It was interesting to see, and as I try to highlight in the remarks, as we saw the surge in the perpetual suites what we also saw was the new model stuff also take off in the last couple weeks. So we saw obviously higher than anticipated volume, and when we back out the extra buying of perpetual suites it was the volume of activity that we would have expected for this quarter. It slightly exceeded our expectations, and then on top of that we also had whatever pull forward.

有趣的是，正如我在評論中試圖強調的那樣，我們看到永久套房數量激增的同時，我們也看到新型號的產品在過去幾週也迅速發展起來。因此，我們看到成交量明顯高於預期，扣除額外購買永久套房的費用後，成交量就達到了我們預期的本季成交量。它略微超出了我們的預期，而且除此之外，我們還有一些額外的動力。

So I think you may see some shifting between quarters on the margin. But we're comfortable with the guidance for the rest of the year, and that is why we are willing to bring up the numbers.

所以我認為你可能會看到各季度之間在邊際方面出現一些變化。但我們對今年剩餘時間的業績預期感到滿意，因此我們願意上調業績數字。

Got it.

知道了。

Yes, Sterling, sorry just on that last one, a little more context for you around the new model sub adds of 125,000 in the quarter. If you remember back in Q1, new model sub adds were 140,000. But buried in there were two things that didn't recur in Q2.

是的，Sterling，抱歉，關於最後一個問題，我需要向你提供更多關於本季度新增 125,000 輛新車型的資訊。如果你還記得的話，第一季新增用戶數為 14 萬。但其中有兩件事在第二季度並沒有再次出現。

One was promo. We didn't run that legacy focused promo in Q2. We will do that again, as Carl said, in Q3.

其中一件是促銷品。我們第二季沒有進行以傳統產品為重點的促銷活動。正如卡爾所說，我們將在第三季再次這樣做。

The second is, we had a big catch up of the EBAs that rolled in in Q1 and were a little bit more than 25,000 of that 140,000 we had in Q1. If you net those two out, Q1 without those two is in the, call it, 90,000 range. That grew to 125,000 new model sub adds in Q2. So there's certainly the pull ahead I do not think signals any weakness in where we are headed on the new model side.

第二點是，我們在第一季收到了大量 EBA，數量比第一季的 140,000 份多了 25,000 多份。如果把這兩個因素排除在外，第一季（Q1）的金額大約在 9 萬左右。第二季新增車型訂閱用戶達 125,000 輛。所以，目前這種領先優勢肯定不代表我們在新車型方面有任何弱點。

The other thing to bear in mind is, a part of the pull ahead that we saw, a significant part, was driven by cross grades. And to be eligible for a cross grade, you had to already be a customer with a maintenance agreement attached. So all that pull ahead business was really neutral to the subs. They already had a sub and they have sub now, so it's not a -- a big piece of that pull ahead really doesn't affect the subs growth.

另一點要記住的是，我們看到的領先優勢中，很大一部分是由交叉等級提升所驅動的。要符合升級資格，您必須已經是我們的客戶，並且簽訂了維護協議。所以所有這些搶佔先機的舉動對替補隊員來說其實並沒有太大影響。他們之前已經有訂閱用戶，現在也有訂閱用戶，所以這並不是——這部分提前購買實際上並不會影響訂閱用戶的成長。

That makes sense. And then the follow up, Carl, the comment you said that the subscriptions accelerated at the same time as the perpetual. Were you suggesting that you had customers that were buying both perpetual and subscriptions, or do you think it was more coincidental to see both accelerating some at the same time?

這很有道理。然後，卡爾，你接著說，訂閱模式和永久模式同時加速發展。你是說你的客戶既購買永久權也購買訂閱權，還是你認為兩者同時加速成長只是巧合？

Now I'm speaking a little out of school, and we've got to do a little bit more work on this, but I do not think it was customers buying both. That is just a little bit of an awkward purchase.

現在我的說法可能有點脫離實際，我們還需要在這方面做更多的工作，但我認為並不是顧客同時購買了這兩款產品。這筆交易有點尷尬。

I think it was the outreach from our channel partners created demand, and when people decided to buy then they made the choice. But more likely is they chose one or the other, not both at this point.

我認為是通路夥伴的推廣創造了需求，而當人們決定購買時，他們就做出了選擇。但更有可能的是，他們目前會選擇其中之一，而不是兩者都選。

Thank you. Our next question comes from the line of Matt Hedberg from RBC Capital Markets.

謝謝。我們的下一個問題來自加拿大皇家銀行資本市場的 Matt Hedberg。

Sure, thanks for taking my questions, guys. Scott, I have got a modeling question.

當然，謝謝各位回答我的問題。斯科特，我有一個建模方面的問題。

Now that you're done with the license option for software, how should we think of the trajectory of the run rate of that license line going forward. I think you do allocate some of the subscription sale to license. Is that correct?

既然您已經完成了軟體授權選項的討論，我們應該如何考慮該授權產品線未來發展速度的軌跡？我認為你們確實會將一部分訂閱收入用於支付授權費用。是這樣嗎？

That is right, Matt.

沒錯，馬特。

So if you look at that line, there is three components to it. One is perpetual license sales that get immediately recognized, and of course that piece goes to zero. The second is, that line is actually license and other, so there's a grab bag of smaller items in there, some legacy products, a little bit of consulting in there.

所以如果你仔細觀察這條線，你會發現它由三個部分組成。一是永久授權銷售，這部分收入會立即得到確認，當然，這部分收入會降至零。第二點是，那條線其實是許可證和其他，所以裡麵包含一些小專案、一些遺留產品，還有一些諮詢服務。

So that piece, we have talked about that historically if you go back a few quarters when we were selling perpetual licenses, that piece being about 10% of the total. That other piece will continue, the perpetual license piece goes to zero. The third piece is what you just said.

所以，我們之前也討論過這個問題，回顧幾個季度前我們銷售永久許可證的時候，這部分收入大約佔總數的 10%。另一部分將繼續有效，永久授權部分將歸零。第三點就是你剛才說的話。

Both the product subs and the EBAs, of course when we sell it, it goes immediately into deferred revenue and gets recognized ratably. But as it comes out of deferred, a portion of it, because if you think of a term license, the customer is buying two things. They're buying access to the license and there buying maintenance. So a portion of that deferred revenue accretes back into the license line, and a portion of it accretes back into the maintenance line.

當然，無論是產品子項還是 EBA，當我們出售時，都會立即計入遞延收入，並按比例確認。但當延期付款到期時，其中一部分會到期，因為如果你考慮期限許可，客戶實際上是在購買兩樣東西。他們購買的是許可證的使用權，而他們購買的是維護服務。因此，部分遞延收入會重新計入許可證收入，一部分會重新計入維護收入。

I know it is confusing, I would love to say that I'm changing that today. We are working on changing that so that it's much clearer for you to be able to see how subscription revenue comes back into a line called subscription. Maintenance is in the maintenance line, and then what's left in license and other really is mostly other at that point.

我知道這令人困惑，我很想說我今天就要改變這一點。我們正在努力改變這一點，以便您能夠更清楚地看到訂閱收入是如何計入名為「訂閱」的條目中的。維護工作在維護線路中，而許可證和其他部分剩下的，實際上大部分都屬於其他範疇了。

As I said, it is roughly 80% of the product subscriptions and 55% of the EBAs, they've recorded as license revenues. So it is way more than I think many people have in their models.

正如我所說，他們將產品訂閱收入的約 80% 和 EBA 收入的約 55% 記錄為授權收入。所以，這比我認為很多人的模型裡包含的要多得多。

And we are doing everything we can to change it and try to clarify it, so that it is much clearer in terms of what I think everyone would just affectionately refer to as subscription. We will try to make this as clear as possible, but hopefully with those two pieces of data it is a little bit easy for others to model what's going on.

我們正在盡一切努力去改變它，並試圖澄清它，以便讓它在大家通常所說的訂閱方面更加清晰明了。我們會盡量把事情解釋清楚，希望有了這兩條數據，其他人就能比較容易對正在發生的事情進行建模。

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

謝謝。我們的下一個問題來自美國銀行美林證券的 Kash Rangan。

Sorry about that. Thank you so much. Sorry about that.

抱歉。太感謝了。抱歉。

I wasn't sure if this question has been asked earlier. But more appropriate for Scott, what is your view on the new accounting standard that is being proposed by the FASB, being reviewed by the SEC. I think they call it the ASC 606, particularly applies to software companies that are trying to move into a more ratable model. How much of it does apply to Autodesk, how much of it does not apply to Autodesk?

我不確定之前是否有人問過這個問題。但更適合斯科特的問題是，你對 FASB 提出的、SEC 正在審查的新會計準則有何看法？我認為他們稱之為 ASC 606，尤其適用於試圖轉向更易於評級的模式的軟體公司。其中有多少適用於 Autodesk，又有多少不適用於 Autodesk？

Just curious about your thoughts, thank you.

只是好奇你的想法，謝謝。

Sure, Kash, it applies to everyone.

當然，卡什，這適用於所有人。

It's not just Autodesk or non Autodesk, it applies to everyone who's selling software. But what we have been doing on that front, and I think we talked about this when you were in town a couple months ago, we have been very actively engaged on this. As we have done everything that we have to shift to a ratable revenue model, the last thing I want is to have that shift back based on the new rev rec guidelines.

這不僅適用於 Autodesk 或非 Autodesk 產品，適用於所有銷售軟體的公司。但是，我們在這方面所做的工作，我想幾個月前你來城裡的時候我們也談過，我們一直在積極參與其中。既然我們已經盡一切努力轉向按稅率徵稅的收入模式，我最不希望看到的就是因為新的收入徵稅準則而導致這種轉變倒退。

So our he's now our controller, has actually been a part of the IACPA task force that's working on clarifying the guidelines for FASB on how that will work. And if you think of a lot of our offerings, they are actually hybrid offerings. There is some term license in there, but there is a lot of cloud-based offering inside there.

所以，他現在是我們的財務總監，實際上曾是 IACPA 工作小組的成員，該小組正在努力澄清 FASB 關於如何運作的指導方針。仔細想想我們提供的許多產品，它們其實都是混合型產品。其中包含一些期限許可，但更多的是基於雲端的服務。

So we're committed to continuing to maintain ratable revenue for our products sales for both the product subscription sales going forward, obviously cloud is pretty straightforward and for EBAs. We are staying very actively in touch with the group as those rules get clarified.

因此，我們致力於持續維持產品銷售的可分配收入，包括未來的產品訂閱銷售（顯然雲端服務非常簡單明了）和 EBA 服務。隨著相關規則的澄清，我們將與該團體保持非常積極的聯繫。

One follow up, if I could, for Carl, and apologies if this question has already been answered. If yes, you don't need to. Any impact that you see from fiscal stimulus of the next presidential cycle brings that forth, do you think there is any pent-up demand for infrastructure build out globally and in particularly the United States that could help you? Thank you.

如果可以的話，我想就卡爾的問題再問一個後續問題，如果這個問題之前已經有人回答過，我深表歉意。如果答案是肯定的，那麼你就不需要這樣做。您認為下一屆總統任期內的財政刺激措施會產生哪些影響？您認為全球，特別是美國，是否存在對基礎建設的潛在需求，而這種需求可能會對您有所幫助？謝謝。

Anything that's spurs a larger infrastructure spend will be good. I would say just generally speaking if you look across industries right now, seems strong in all the countries we talked about where the economies are good. Construction in the US is really strong, and northern and central Europe is really healthy.

任何能刺激基礎建設支出增加的措施都是好事。總的來說，如果你縱觀目前各個行業的情況，我們討論過的所有經濟狀況良好的國家，行業發展似乎都很強勁。美國的建築業非常強勁，北歐和中歐的建築業也十分健康。

If through the political changes there is more infrastructure spend, that would all be to the good side. We are not counting on it. We've heard that promise before. But it would certainly be to our advantage.

如果政治變革能夠帶來更多基礎建設支出，那將是一件好事。我們並不指望它。我們以前就聽過這樣的承諾。但這肯定對我們有利。

Wonderful. Thanks so much.

精彩的。非常感謝。

Thanks, Kash.

謝謝你，卡什。

Thank you. Our next question comes from the line of Monika Garg from Pacific Crest.

謝謝。我們的下一個問題來自太平洋之巔的莫妮卡·加格。

Hello, thanks for taking my question. First on the ARR, the ARR growth here is close to 10%. But your long-term target is 24% CAGR. So this quarter, yes, of course, perpetual is impacting it, but for the next quarter as you're not selling any more perpetual licenses, so should the ARR growth start trending towards 24% CAGRs that you've talked about?

您好，感謝您回答我的問題。首先來看 ARR，這裡的 ARR 成長率接近 10%。但你的長期目標是24%的複合年增長率。所以，本季度，永久授權當然會對它產生影響，但下個季度由於你們不再銷售任何永久授權，那麼 ARR 增長是否應該開始朝著你們所說的 24% 的複合年增長率發展呢？

It will, Monika.

會的，莫妮卡。

That is not intended to be every single year and every single quarter will be 24%, obviously I know you know that. That's a CAGR over that timeframe. You will see ARR growth rates accelerate in the second half of the year, partly because you see the divergence in the ARR growth rates between maintenance on a slight decline and new model growing 86% year on year at constant currency.

當然，我明白你也知道，這並不是說每年、每季都會是 24%。這是該時間段內的複合年增長率。您將會看到下半年 ARR 成長率加速，部分原因是 ARR 成長率出現分化，維護業務略有下降，而新模式以固定匯率計算年增 86%。

As new model becomes a bigger piece of the total, that drives it up. But also as we go forward, there will be a higher and higher mix of new model subs and within that of the subscriptions growth that will continue to drive new model to a significantly higher level. So you will see that begin to accelerate in the second half and continue.

隨著新車型在整體車型中所佔比例越來越大，價格也會隨之上漲。但隨著我們不斷前進，新車型訂閱用戶的比例將會越來越高，而訂閱用戶的成長也將繼續推動新車型達到更高的水平。所以你會看到，這種情況在下半場開始加速並持續下去。

Thanks. On the follow-up side, if you look at the revenue on the platform solution PSEB segment, that has come down year over year. Is there any reclassification in that segment?

謝謝。另一方面，如果你看一下平台解決方案 PSEB 部門的收入，你會發現它比去年同期下降了。該細分市場是否存在重新分類？

There is. It's a continuation of what we've seen over the last several quarters, actually since we launched suites three years ago, three plus years ago since we launched suites. Because what drives the vast majority of that PSEB segment is AutoCAD and LT, and of course AutoCAD is included in almost all of our, in fact it might be in all of our suites that get sold.

有。實際上，這延續了我們過去幾個季度以來所看到的情況，自從三年前我們推出套件以來，確切地說，自從三年多前我們推出套件以來，情況一直如此。因為推動 PSEB 細分市場絕大多數發展的是 AutoCAD 和 LT，當然，AutoCAD 幾乎包含在我們所有的產品套件中，事實上，它可能包含在我們所有售出的套件中。

And so what's happening is it's not that there is less AutoCAD going out into the world, what's happening instead is there's less of it being sold standalone. And therefore dropping into that PSEB segment, and more of it being sold as a component in the suite and in the future as a component in collections.

所以現在的情況並不是 AutoCAD 的發行量減少了，而是單獨銷售的 AutoCAD 數量減少了。因此，它將落入 PSEB 細分市場，並且越來越多地作為套件中的一個組件進行銷售，未來還將作為系列產品中的一個組件進行銷售。

Thank you, and we have time for one more question today. Our final question comes from the line of Steve Koenig from Wedbush.

謝謝，今天我們還有時間回答最後一個問題。我們的最後一個問題來自 Wedbush 公司的 Steve Koenig。

Thanks for squeezing me in, I appreciate it. Apologize if this question has been asked, I just wanted to maybe understand, probe a little bit your thinking behind collections and your designed philosophy for it.

謝謝你擠出時間幫我，非常感謝。如果這個問題之前有人問過，我先道個歉。我只是想了解您設計系列背後的想法和設計理念。

My background for this question was, we were looking for an offering other than desktop subscription that might be a little bit more appropriate for the mid market. I am seeing some resistance in the mid market to the subscriptions. More so than for AutoCAD and LT being sold at DTS in the lower end of the market.

我提出這個問題的背景是，我們正在尋找一種除了桌面訂閱之外，可能更適合中階市場的產品。我發現中階市場對訂閱模式有些抵觸情緒。比起在DTS低端市場銷售的AutoCAD和LT，情況更是如此。

And yet, collections, it looks very much like the desktop subscription, it is a larger bundle at a slightly higher price point. Maybe the question besides your intent behind it is, where will the dividing line be in the market between your T-FLEX and your EBAs versus collections when it comes to consuming the suites? In terms of company size, is that how we should think about it, and what might that size be?

然而，合集版看起來很像桌面訂閱版，它是一個更大的捆綁包，價格也略高一些。除了你的意圖之外，或許還有這樣的問題：在消費這些套件時，你的 T-FLEX 和 EBA 與系列產品之間的市場界線在哪裡？就公司規模而言，我們應該這樣考慮嗎？公司規模又該如何界定？

So the first thing I would say is, so far, we gave a lot of proof points hopefully tonight. We have not seen the resistance. As a matter of fact, many of the new products and desktop subscription for both suites and collections is being sold through our channel partners, which serves the broadly speaking the mid market.

所以我想說的第一點是，到目前為止，我們希望今晚能提供很多證據。我們還沒有看到抵抗。事實上，許多新產品和桌面訂閱服務（包括套件和集合）都是透過我們的通路合作夥伴銷售的，這些合作夥伴主要服務於中階市場。

So we think collections are a nice way to both simplify and give people the easy ramp to the new cloud services. So what they are familiar with, plus the new stuff.

因此，我們認為集合既能簡化操作，又能讓人們輕鬆上手新的雲端服務，是個很好的方式。所以，既包括他們熟悉的東西，也包括新的東西。

Let me jump to the other side of it is our EBAs and as you mentioned the technology behind it the T-FLEX, is really in less than the top 1% of our accounts. So it has a lot of room to grow before these two things run into each other.

讓我跳到另一方面，說說我們的 EBA，正如您所提到的，其背後的技術 T-FLEX 實際上只應用於不到 1% 的頂級客戶。所以，在兩者發生衝突之前，它還有很大的發展空間。

And what I would add is I would expect to see more flexibility in our product offerings going forward. Collections is really just the first step in the door of what we're going to do in terms of making sure the customers have more flexibility, and that is regardless of how it will be sold.

我還要補充一點，我希望未來我們的產品供應能更有彈性。收款只是我們確保客戶擁有更大靈活性的第一步，無論產品將以何種方式銷售。

At the same time, we've documented and we've talked about how we really want to see our EBAs go out to a broader audience and how that will grow over time. So we think there is a lot of room between the two right now, and there is actually an opportunity to introduce other offerings that have that level of flexibility from T-FLEX, but for example, can easily be sold by our channel partners.

同時，我們也記錄並討論了我們多麼希望看到我們的企業福利協議 (EBA) 能夠觸及更廣泛的受眾，以及隨著時間的推移，這種觸及範圍將如何擴大。所以我們認為目前兩者之間還有很大的發展空間，實際上有機會推出其他產品，這些產品具有 T-FLEX 那樣的靈活性，但例如，我們的通路合作夥伴可以輕鬆銷售這些產品。

Got it. Great. Thank you very much, Carl. Thanks a lot.

知道了。偉大的。非常感謝你，卡爾。多謝。

Yes, sure, Steve.

當然可以，史蒂夫。

Thank you, and that concludes our question-and-answer session for today. I would like to turn the conference back over to Autodesk for any additional comments.

謝謝大家，今天的問答環節到此結束。我想把會議交還給 Autodesk，請他們補充一些意見。

Thanks, operator. That concludes our call today. If you have any follow-up questions, you can reach me, Dave Gennarelli, at 415-507-6033. We will also be at the Citi conference in New York on September 8. Thanks for joining us.

謝謝接線生。今天的通話到此結束。如果您有任何後續問題，可以撥打 415-507-6033 聯繫我，Dave Gennarelli。9月8日，我們也將參加在紐約舉行的花旗集團會議。感謝您的參與。

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 great 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。