Autodesk Inc (ADSK) 2017 Q3 法說會逐字稿

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

各位女士、先生，大家好，歡迎參加 Autodesk 2017 財年第三季財報電話會議。

(Operator Instructions)

（操作說明）

As a reminder, this conference is being recorded. I would now like to hand the floor over to David Gennarelli, Senior Director Investor Relations. Please go ahead.

再次提醒，本次會議正在錄影。現在我謹將發言權交給投資人關係資深總監大衛‧詹納雷利。請繼續。

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

謝謝接線員，下午好。感謝您參加我們的電話會議，討論我們 2017 財年第三季的業績。我們的執行長 Carl Bass 和財務長 Scott Herren 也參加了這次電話會議。

Today's conference call is being broadcast live via webcast, and 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，會議錄音也將在 autodesk.com/investor 上提供。正如我們在新聞稿中所述，我們已提前在網站上公佈了我們準備好的演講稿。這些發言旨在代替冗長的正式發言，我們將在本次電話會議上不再贅述。

During the course of this conference call, we will make forward-looking statements regarding future events and the anticipated future performance of the Company, such as our guidance for the fourth quarter and full year FY17, our long-term financial model guidance, the factors we use to estimate our guidance including currency headwinds, our transition to new business models, ARPS customer value, cost structure, our market opportunities and strategies, and trends for various products, geographies and industries.

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 財年第四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）、我們向新業務模式的轉型、ARPS 客戶價值、成本結構、我們的市場機會和策略，以及各種

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, our Form 10-Q for the period ended April 30 and July 31, 2016, and our current reports on Form 8-K including the Form 8-K filed with today's press release and prepared remarks.

我們提醒您，此類聲明反映了我們基於目前已知因素的最佳判斷，實際事件或結果可能與此有重大差異。請參閱我們不時向美國證券交易委員會提交的文件，特別是我們的 2016 財年 10-K 表格、截至 2016 年 4 月 30 日和 7 月 31 日的 10-Q 表格，以及我們當前的 8-K 表格報告，包括與今天的新聞稿和準備好的發言表格一起提交的 88-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 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僅代表截至今日的觀點。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'll provide guidance on today's call, but will not provide 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，否則不會提供關於本季業績的進一步指導或更新。

During the call, we will also discuss non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with Generally Accepted Accounting Principles. A reconciliation of our GAAP and non-GAAP results is provided in today's press release, prepared remarks, and on the Investor Relation 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 結果的調整表。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're really pleased with our third quarter results. Q3 marked a significant milestone in our transition. It's the first quarter where we only sold subscriptions, and we're off to a great start.

我們對第三季的業績非常滿意。第三季是我們轉型過程中的重要里程碑。這是我們首次只銷售訂閱服務，而且開局非常順利。

New model subscriptions grew by 168,000. New model ARR grew 91% at constant currency, and recurring revenue jumped to 76% of total revenue.

新用戶訂閱量增加了 16.8 萬。新模式的 ARR 以固定匯率計算成長了 91%，經常性收入佔總收入的比例躍升至 76%。

More generally, we made progress on our two major initiatives, growing lifetime customer value by moving customers to the subscription model, and increasing adoption of our cloud-based solutions. Given that this quarter was the most uncertain when we started the year, these are fantastic results, so let's look at the details.

更廣泛地說，我們在兩項主要舉措上取得了進展：一是透過將客戶轉移到訂閱模式來提高客戶終身價值；二是提高雲端解決方案的採用率。考慮到年初時本季是最不確定的，這些結果非常出色，讓我們來看看細節。

For the quarter, we added 134,000 net subscriptions. New model subscription additions more than tripled year-over-year to 168,000, while maintenance subscriptions declined as expected by 34,000 during the quarter. Product subscriptions drove the vast majority of the new model sub additions.

本季度，我們新增淨訂閱用戶13.4萬。新機型訂閱量年增超過三倍，達到 168,000 份，而維護訂閱量如預期般在本季度減少了 34,000 份。產品訂閱是新增車型訂閱用戶的主要動力。

The launch of Industry Collections, the next generation of suites that include many of our cloud services, contributed to our strong growth this quarter. Collections are a great example of how we're simplifying our offerings, while increasing lifetime customer value.

新一代套件「行業精選集」（包含我們眾多雲端服務）的推出，促進了我們本季的強勁成長。精選系列產品很好地體現了我們如何在簡化產品和服務的同時，提高客戶的終身價值。

During the quarter, we ran another promotion aimed at converting our legacy non-subscriber base to new product subscriptions. Like the promotion in Q1, legacy non-subscribers were offered product subscriptions at a discount when trading in their old perpetual licenses. The Q3 promotion added approximately 43,000 product subscriptions, significantly more than Q1.

本季度，我們開展了另一項促銷​​活動，旨在將我們原有的非訂閱用戶轉化為新產品訂閱用戶。與第一季的促銷活動類似，舊版非訂閱用戶在以舊的永久授權折價換購產品訂閱時，可以享有折扣。第三季促銷活動新增約 43,000 個產品訂閱，較第一季大幅成長。

In addition, the overall average selling price was twice as high as the Q1 promotion due to a lower discount, and the fact that customers favored higher price products. And lastly, more than 50% of the subscribers turned in licenses that were seven years back or older. This reinforces our view that there are meaningful number of active users whose licenses are more than five years old, and are interested moving to the latest software.

此外，由於折扣力度較小，且顧客更傾向於購買價格較高的產品，因此整體平均售價是第一季促銷活動的兩倍。最後，超過 50% 的用戶提交的許可證是七年前或更久以前的。這進一步印證了我們的觀點，即有相當數量的活躍用戶，他們的許可證已經超過五年，並且有興趣升級到最新軟體。

While the promo successfully migrated many legacy customers to our subscription model, product subscriptions continue to attract a significant number of users that are new to Autodesk. Once again, new customers represented about one-third of our new product subscriptions for the quarter.

雖然促銷活動成功地將許多老客戶遷移到我們的訂閱模式，但產品訂閱仍然吸引了大量 Autodesk 新用戶。本季度，新客戶再次占到我們新產品訂閱量的三分之一左右。

We believe some of these people were previously pirating the software, and now have a much more affordable option with product subscriptions. This is consistent with the fact that emerging countries are some of the fastest growing areas for product subscriptions.

我們相信這些人有些以前是盜版軟體，現在透過產品訂閱有了更實惠的選擇。這與新興國家是產品訂閱成長最快的地區之一這一事實相符。

In other cases, these new users have been using an alternative design tool, and can now afford software from Autodesk. Overall product subscriptions grew by more than 30% quarter-over-quarter, with new subscribers coming from the legacy base, from people previously pirating the software, and from new customers switching from other systems. Particularly pleasing is that this strong performance immediately follows the end of sale of perpetual licenses for suites.

在其他情況下，這些新用戶之前一直使用其他設計工具，現在他們有能力購買 Autodesk 的軟體了。整體產品訂閱量較上季成長超過 30%，新增訂閱用戶來自原有用戶群、先前盜版軟體的用戶以及從其他系統轉過來的新用戶。尤其令人欣喜的是，這一強勁表現緊隨套房永久許可證銷售結束之後。

We also had another record quarter for cloud subscription additions. They nearly doubled from the second quarter which was also a record. BIM 360 and Fusion 360 once again are leading the way, but we also continue to have success with our other cloud products, such as AutoCAD 360, Shotgun and Collaboration for Revit. It is clear that we are building on our leadership in the cloud, and that cloud services are growing in importance with our customers.

我們的雲端訂閱用戶數量也再次創下季度新高。這一數字幾乎比第二季翻了一番，而第二季也創下了紀錄。BIM 360 和 Fusion 360 再次引領潮流，但我們的其他雲端產品，如 AutoCAD 360、Shotgun 和 Collaboration for Revit，也持續取得成功。很明顯，我們正在鞏固我們在雲端運算領域的領先地位，而且雲端服務對我們的客戶來說也越來越重要。

We see the benefits of the cloud's inherent scale and connectivity. For example, during Q3 we signed a large BIM 360 contract with a global construction company. Last spring they started a pilot program, less than 200 seats for new projects, working with them on their implementation drove rapid adoption.

我們看到了雲端運算固有的規模和連接性所帶來的好處。例如，在第三季度，我們與一家全球建築公司簽署了一份大型 BIM 360 合約。去年春天，他們啟動了一個試點項目，為新項目提供不到 200 個席位，透過與這些項目合作實施，推動了項目的快速普及。

Their results were so strong, that they signed a seven figure agreement expanding their use of BIM 360 Glue, Field and Docs to additional projects, reaching over 2,000 subscriptions in just one region. Now they are planning to scale their BIM processes even further, eventually using BIM 360 for all projects in all regions.

他們的成果非常顯著，以至於他們簽署了一份價值七位數的協議，將 BIM 360 Glue、Field 和 Docs 的使用範圍擴大到更多項目，僅在一個地區就達到了 2000 多個訂閱用戶。現在他們計劃進一步擴大 BIM 流程，最終在所有地區的所有專案中使用 BIM 360。

Maintenance is our other significant subscription bucket. During the quarter, we included for the first time 13,000 maintenance customers from our acquisition of Solid Angle. As you already know, July 31 was the last time customers could add maintenance to a perpetual license, so the incentive to stay up-to-date with existing maintenance contracts is compelling.

維護是我們另一個重要的訂閱項目。本季度，我們首次將收購 Solid Angle 後獲得的 13,000 名維護客戶納入統計範圍。如您所知，7 月 31 日是客戶可以為永久許可證添加維護服務的最後期限，因此及時更新現有維護合約的動力非常強。

In Q3 the renewal rate for maintenance subscriptions was strong, ahead of last year, but with no new maintenance agreements being sold, total maintenance subscriptions declined. As we've said before, we expect to see ongoing declines in maintenance subscriptions going forward. The rate of decline will vary, based on the number of subscriptions that come up for renewal, the renewal rate, and our ability to incentivize maintenance customers to switch over to product subscription.

第三季維護訂閱的續訂率強勁，高於去年同期，但由於沒有售出新的維護協議，維護訂閱總量下降。正如我們之前所說，我們預計未來維護訂閱量將持續下降。下降速度會根據續訂訂閱的數量、續訂率以及我們激勵維護客戶轉為產品訂閱的能力而有所不同。

This migration is good for both Autodesk and our customers, as it moves them to our newest and best products. While we are still working through the timeline, at some point, we will further simplify our offerings, and the maintenance subscription and product subscription offerings will converge into a single program.

這次遷移對 Autodesk 和我們的客戶都有好處，因為它能讓他們使用我們最新、最好的產品。雖然我們仍在製定時間表，但總有一天，我們將進一步簡化我們的產品和服務，維護訂閱和產品訂閱服務將合併為單一的計劃。

Now let me get into ARR. New model ARR growth surged to 91% on a constant currency basis, and reflects the continued strong uptake of all of our new subscription offerings. Total ARR grew 15% at constant currency. ARR growth was negatively impacted this quarter by the allocation of our market development funds, which are accounted for as contra-revenue and booked upfront in each quarter. Prior to Q3, these funds were allocated across all revenue streams.

現在讓我來談談ARR。以固定匯率計算，新模式的 ARR 成長飆升至 91%，反映出我們所有新訂閱產品的持續強勁成長。以固定匯率計算，總年度經常性收入成長了15%。本季度，由於市場開發資金的分配，ARR 成長受到負面影響，這些資金作為抵減收入計入，並在每季提前確認。第三季之前，這些資金已分配到所有收入來源。

With the end of perpetual license sales, 100% of our market development funds are now allocated to recurring revenues in ARR. This impacted ARR growth by 3 percentage points or about $40 million.

隨著永久授權銷售的結束，我們 100% 的市場開發資金現在都用於 ARR 中的經常性收入。這導致 ARR 成長下降了 3 個百分點，約 4,000 萬美元。

FX rates also continued to be a headwind for ARR in the quarter. The combination of FX rates and contra-revenues reduced total ARR by about $100 million or 7 percentage points in Q3 which is sizeable. Despite those headwinds, we remain confident in our ability to achieve our FY20 ARR CAGR of 24%.

本季外匯匯率持續對年度經常性收入構成不利影響。外匯匯率和逆向收入的綜合影響，導致第三季總 ARR 減少了約 1 億美元或 7 個百分點，降幅相當可觀。儘管面臨這些不利因素，我們仍有信心實現 2020 財年 ARR CAGR 24% 的目標。

I mentioned last quarter that some of our moves to drive subscriptions in ARR revolve around pricing. In early September, we made changes that rationalized the pricing of AutoCAD LT, AutoCAD and the AutoCAD verticals. The aim was to drive customers to the right product for their needs, and do so with higher billings and ARR.

我上個季度提到過，我們為推動 ARR 中的訂閱量而採取的一些措施都圍繞著定價。9 月初，我們對 AutoCAD LT、AutoCAD 和 AutoCAD 垂直產業產品的定價進行了調整，使其更加合理。目標是引導客戶找到滿足其需求的正確產品，並實現更高的帳單金額和年度經常性收入。

I'm pleased to report that these actions are motivating the intended customer behavior. More LT users are buying up to AutoCAD, and the volumes from AutoCAD, and especially AutoCAD verticals increased significantly quarter-over-quarter. For the overall AutoCAD family of products, volume and ARR increased because of these price changes.

我很高興地報告，這些措施正在激勵預期的客戶行為。越來越多的 LT 用戶升級到 AutoCAD，AutoCAD 的銷量，尤其是 AutoCAD 垂直行業的銷量，較上季顯著成長。由於這些價格變化，AutoCAD 系列產品的整體銷售和年度經常性收入均有所增長。

We focus on subscriptions and ARR as the key metrics to measure our progress in the business model transition. However, we have received many investment questions on trends and annualized revenue per subscription or ARPS. So I thought I'd spend a little extra time on it this quarter, and we'll spend more time on it at Investor Day next week. Let's start by focusing on new seats added in Q3, excluding the promo seats, as they have the temporary effect of depressing ARPS until their renewal which will be at the full price.

我們以訂閱量和年度經常性收入作為衡量我們在商業模式轉型方面進展的關鍵指標。然而，我們收到了許多關於趨勢和每訂閱年收入（ARPS）的投資問題。所以我決定本季多花點時間在這上面，下週的投資人日我們也會花更多時間討論這個問題。我們首先關注第三季新增的座位，不包括促銷座位，因為促銷座位會暫時降低平均每張票的價格，直到它們以全價續訂為止。

Suite and Collections in the US saw a year-over-year increase in ARPS of 24%. In Germany, the increase was plus-79% and in Japan, it was plus-26%. AutoCAD LT in the US saw a year-over-year increase of plus-9%. In Germany, the increase was plus-55% and in Japan, 50%.

美國套房和精選系列的平均每筆銷售額年增了 24%。德國的增幅為 79%，日本的增幅為 26%。美國AutoCAD LT的銷量較去年同期成長了9%。德國的增幅為 55%，日本的增幅為 50%。

The AutoCAD family, which is the sum of the vanilla AutoCAD and the vertical AutoCAD for the US saw a year-over-year increase of 8%. In Germany, the increase was 13% and in Japan, 78%.

AutoCAD 系列（包括標準版 AutoCAD 和麵向美國的垂直版 AutoCAD）較去年同期成長了 8%。德國的增幅為 13%，日本的增幅為 78%。

Because the strong year-over-year changes for new seat purchases, the quarter-over-quarter ARPS change for the sum of AutoCAD, AutoCAD verticals, and AutoCAD LT in the US, Germany and Japan were 5%, 35%, and 64%, respectively. This was simply the result of more people buying vertical AutoCAD than vanilla AutoCAD, and more people buying AutoCAD instead of AutoCAD LT. Exactly the result we were looking for from the pricing change, and why we generated more volume than ARR from the AutoCAD family.

由於新用戶購買量較去年同期大幅成長，美國、德國和日本的 AutoCAD、AutoCAD 垂直產業軟體和 AutoCAD LT 的總和的季度平均每用戶收入 (ARPS) 分別成長了 5%、35% 和 64%。這只是因為購買垂直版 AutoCAD 的人比購買一般版 AutoCAD 的人多，購買 AutoCAD 的人比購買 AutoCAD LT 的人多。這正是我們透過價格調整所期望的結果，也是為什麼我們從 AutoCAD 系列產品中獲得的銷售量超過了 ARR（年度經常性收入）。

These are very positive outcomes. In fact, except for a few emerging markets in Europe, we see essentially the same trend lines everywhere. So why aren't these results reflected in the aggregate ARPS number we report? There are two primary reasons. First, the calculation is extremely sensitive to mix in the early stages. Small numbers exaggerate the effects of short-term shifts internally, geo mix, promotions, et cetera, until it starts to normalize when the number of customers is large enough.

這些都是非常正面的結果。事實上，除了歐洲少數新興市場外，我們看到各地的發展趨勢基本上相同。那麼，為什麼這些結果沒有反映在我們報告的總體ARPS數據中呢？主要原因有兩個。首先，該計算對早期階段的混合非常敏感。小規模的客戶群會誇大短期內部變動、地理組合、促銷活動等因素的影響，直到顧客數量夠大時，這種影響才會開始趨於正常。

Secondly, the method that we use to count ARR and subscriptions is very sensitive to timing within the quarter. On an as-reported basis, ARPS can significantly understate the value of a subscription. The net-net of all of this, is the fundamental business drivers are very positive, but aggregate ARPS for the Company is declining because of various mix impacts, calculations around ARPS, FX, and the contra-revenue impact of market development funds.

其次，我們用來計算 ARR 和訂閱量的方法對季度內的時間點非常敏感。以報告數據計算，ARPS 可能會嚴重低估訂閱的價值。綜上所述，基本業務驅動因素非常積極，但由於各種組合影響、ARPS 計算、外匯以及市場開發基金的反向收入影響，公司的總 ARPS 正在下降。

In fact, factors such as mix drove about 50% of the decline in ARPS trend. We expect these impacts to converge to a steady state, and that's when you'll see aggregate ARPS begin to increase again. We will provide more insight into the components of the new model subscriptions, as they mature into a bigger base next year. I know many of you are keenly interested this area, and we'll spend a lot more time on this at next week's Investor Day.

事實上，產品組合等因素導致了平均每價格 (ARPS) 下降趨勢的約 50%。我們預計這些影響將趨於穩定，屆時您將看到總 ARPS 再次開始成長。隨著明年新訂閱模式的用戶基礎不斷擴大，我們將提供更多關於其組成部分的深入分析。我知道你們很多人對這個領域非常感興趣，我們將在下週的投資者日上花更多時間討論這個問題。

Total direct revenue also increased as a proportion of total revenues to 29%, up from just 17% three years ago, and 25% last quarter, as we continued to grow the volume of business with both our large enterprise customers as well as our e-store.

直接收入佔總收入的比例也從三年前的 17% 和上季度的 25% 增長到 29%，因為我們與大型企業客戶以及網上商店的業務量持續增長。

On the expense side, we continue to prudently manage spend. Total non-GAAP spend decreased by 2% year-over-year. This marks the third consecutive quarter of decreases as we diligently control our spending.

在支出方面，我們繼續謹慎管理開支。非GAAP總支出較去年同期下降2%。這標誌著我們連續第三個季度實現下降，因為我們一直在認真控制支出。

We had already committed to keeping our FY18 spend flat with FY17. We're now committing to keep our FY19 spend flat as well. This will require some additional effort, but we believe it's the right thing to do at this stage of our transition, and that we can do so without compromising the long-term health of the Company.

我們先前已承諾2018財年的支出將與2017財年持平。我們現在承諾，2019財年的支出也將維持不變。這需要一些額外的努力，但我們相信，在我們轉型的這個階段，這樣做是正確的，而且這樣做不會損害公司的長期健康發展。

We also remained aggressive with our stock buyback program in Q3, buying back 2 million shares at an average price of $68.74. We've now repurchased nearly 7 million shares this fiscal year, and plan to remain active buyers through both programmatic and opportunistic means. This is another area we will discuss in greater depth at our Investor Day on December 6.

第三季度，我們繼續積極推進股票回購計劃，以平均每股 68.74 美元的價格回購了 200 萬股股票。本財年我們已回購近 700 萬股股票，並計劃繼續透過程序化和機會性手段積極買入。這也是我們將在12月6日投資者日上深入探討的另一個領域。

Overall, we were extremely pleased with our Q3 results. We have increased confidence that the transition is working for customers, partners, and Autodesk, and that we are on track for the FY20 targets we set.

整體而言，我們對第三季的業績非常滿意。我們越來越有信心，此次轉型對客戶、合作夥伴和 Autodesk 都是有利的，而且我們正朝著設定的 2020 財年目標穩步前進。

Turning to our outlook, as we've seen over the past several quarters, global conditions have held steady with most of the mature markets performing relatively well, while many of the emerging markets have been challenging. As we evaluate our strong Q3 results, and look ahead to Q4, we don't see any meaningful change in the demand environment. Talk of increased infrastructure spending and tax reform in the US would likely benefit Autodesk, but it's far too early to determine if the election results will have a material positive or negative impact on our business domestically or abroad.

展望未來，正如我們在過去幾季所看到的，全球情勢保持穩定，大多數成熟市場表現相對較好，而許多新興市場則面臨挑戰。在評估我們強勁的第三季業績並展望第四季時，我們認為需求環境不會發生任何實質變化。美國有關增加基礎設施支出和稅制改革的討論可能會對歐特克公司有利，但現在判斷選舉結果是否會對我們在國內或國外的業務產生實質性的積極或消極影響還為時過早。

Our view for the rest of FY17 remains positive. Our revenue and EPS results were slightly better than we expected in Q3. Q4 typically experiences a sequential increase due to seasonality, and we expect to see that again this year. But keep in mind that Q3 revenue benefited from $38 million in backlog from the end of sale of perpetual suites at the end of Q2.

我們對2017財年剩餘時間的展望依然樂觀。第三季度，我們的營收和每股盈餘略好於預期。由於季節性因素，第四季度通常會較上季成長，我們預計今年也會如此。但請記住，第三季的收入受益於第二季末永久套房銷售結束而產生的 3,800 萬美元積壓訂單。

Since we've ended the sale of most perpetual licenses, backlog is now zero, and it won't be a material contributor going forward in the subscription-only mode. We feel great about the way subscriptions are trending. And now that Q3 is behind us, we are bringing up the bottom end of our previous range for subscription additions, and we're on track for the spend target that we lowered last quarter.

由於我們已經停止銷售大部分永久許可證，積壓訂單現在為零，而且在僅訂閱模式下，它不會成為未來訂單的實質貢獻者。我們對訂閱模式的發展趨勢感到非常滿意。現在第三季已經過去，我們提高了先前訂閱用戶成長目標的下限，我們正朝著上個季度下調的支出目標穩步前進。

When we started down this transition path three years ago, the objective was the same as it is today: build long-term shareholder value and establish Autodesk as the leader of the next generation of design and engineering software. We are accomplishing these goals in three simple ways. One, we're increasing the lifetime value of every customer by moving them to subscription models. Two, we're changing our cost structure by focusing our product portfolio and go-to-market strategies. And three, we're building the best cloud and mobile-based products and services in the industry, which significantly expands our [TAM], as the underlying technology platform shifts to the cloud. Next week at our Investor Day event, we'll provide further detail on significant items on our path to our transition goals, including $6.00 in free cash flow per share in FY20 and $11.00 in FY23.

三年前我們開始走上這條轉型之路時，目標與今天一樣：創造長期股東價值，並將 Autodesk 打造成為下一代設計和工程軟體的領導者。我們透過三種簡單的方式來實現這些目標。第一，我們透過將客戶轉移到訂閱模式來提高每個客戶的終身價值。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基於雲端和行動的產品及服務，隨著底層技術平台向雲端轉移，這將顯著擴大我們的[TAM]。在下週的投資者日活動上，我們將提供更多關於我們實現轉型目標的重要事項的細節，包括 2020 財年每股 6.00 美元和 2023 財年每股 11.00 美元的自由現金流。

Some of the items we'll cover include an update on the transition overall, focus areas to achieve the 20% growth in subscriptions and 24% CAGR in ARR, the factors influencing ARPS, TAM expansion opportunities in construction and manufacturing and success with our cloud offerings, the evolution of our go-to-market strategies to align with the subscription business, recent operating changes that will increase our access to foreign cash and dramatically increase our financial flexibility, and our thoughts on capital allocation.

我們將介紹一些內容，包括整體轉型進展情況、實現訂閱量增長 20% 和 ARR 複合年增長率 24% 的重點領域、影響 ARPS 的因素、建築和製造業的 TAM 擴張機會以及我們在雲端產品方面的成功、為適應訂閱業務而不斷演變的市場進入策略、近期將增加我們獲得海外現金配置並大幅提高財務配置的靈活性。

To wrap things up, we couldn't be more excited to be finally in the subscription-only model. We've executed well over the past few quarters, and we're looking forward to finishing the year strong. Our vision and strategy are working.

最後，我們無比激動地宣布，我們終於正式採用訂閱制模式。過去幾季我們執行得不錯​​，期待今年能以強勁的勢頭結束。我們的願景和策略正在奏效。

The business model transition is ahead of plan, and we're leading the industry in delivering cloud-based software for the next generation of design and engineering. With each quarter, we become more confident in our ability to increase shareholder value by creating a more predictable, recurring and profitable business, and achieving the goals we set out for FY20 and for subscriptions, ARR and cash flow.

商業模式轉型進展順利，我們正引領業界，為下一代設計和工程提供基於雲端的軟體。每個季度，我們都越來越有信心透過創造更可預測、更常態化、更盈利的業務來增加股東價值，並實現我們為 2020 財年以及訂閱量、年度經常性收入和現金流設定的目標。

Operator, we'd now like to open the call up for questions?

接線員，現在我們想開放提問環節。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Our first question comes from Saket Kalia from Barclays.

我們的第一個問題來自巴克萊銀行的薩凱特·卡利亞。

Hi guys, thanks. Thanks for taking my questions here. First, just sort of a housekeeping question for you, Scott. Can you just remind us what market development funds are from a high level, and what sort of dollar amount we should expect that to be on an annual basis?

大家好，謝謝。感謝您回答我的問題。首先，史考特，我有個關於日常事務的問題想問你。您能否簡要介紹市場發展基金是什麼，以及我們每年應該預期獲得多少資金？

Yes, sure, Saket. So market development funds are common to every company that sells through a value-added reseller channel. So it's in effect demand generation dollars. It's money that we make available to our resellers, for them to go off and drive demand, pre-sale demand for the product, so not a new program. We've had market development funds for years.

當然可以，薩凱特。因此，市場開發資金對於所有透過加值經銷商通路銷售產品的公司來說都很常見。所以這其實是用來創造需求的資金。這是我們提供給經銷商的資金，讓他們去推動產品的需求，也就是預售需求，所以這不是新計畫。我們擁有市場開發基金多年。

I think what's changed this quarter is the way those market development funds are allocated. They're not treated as an expense. They are treated as a contra revenue, meaning they're subtracted from our reported revenues. It runs $10 million to $11 million a quarter.

我認為本季發生變化的是市場開發資金的分配方式。它們不被視為費用。它們被視為抵減收入，這意味著它們將從我們報告的收入中扣除。每季的營運成本為1000萬至1100萬美元。

And so, historically what's happened is, that was allocated pro rata to the sales through the channel, which were heavily driven by license sales. This quarter, of course, there's no license sales. So all of the market development funds 00 same amount we've always spent, end up being allocated for the first time to recurring revenues. And so, the $10 million to $11 million per quarter, when you annualize that, of course is between $40 million and $45 million for the year. So first time we've seen that effect on recurring revenue was this quarter, and I would expect it to stay in that range going forward.

因此，歷史上發生的情況是，這部分利潤按比例分配給了通路銷售額，而通路銷售額又很大程度上是由授權銷售推動的。當然，本季沒有授權銷售。因此，所有市場開發資金（金額與我們一直以來投入的資金相同）最終都將首次分配給經常性收入。因此，每季 1,000 萬至 1,100 萬美元，以年計算，當然就是一年 4,000 萬至 4,500 萬美元。因此，我們本季首次看到這種對經常性收入的影響，我預計未來一段時間內，這種情況仍將持續。

Understood. That's very helpful. And then for my follow-up, and I'm sure this is something we talk about a lot more next week, but how sensitive is the long-term model to mix? Meaning, can you just talk through, talk us through qualitatively maybe how different the mix is across the product ranges in this first quarter with whole subscription, compared to what you're modeling in that $6.00 per share in free cash flow? And maybe just qualitatively, how much leeway do you have with that mix?

明白了。那很有幫助。接下來我想問的是，我相信下週我們會多討論這個問題，那就是長期模型對混合市場的敏感度如何？也就是說，您能否定性地談談，在第一季度，整個訂閱模式下，各個產品系列的組合與您在每股 6 美元的自由現金流模型中預測的組合有何不同？或許從定性角度來看，這種混合方式的調整空間有多大？

Let me start with this, and Scott, feel free to jump in. We have a variety of mixes that we try to talk about, one was about certainly product mix, one is about geo mix. There's others like term length. And then, there are very specific things, the difference between for example, EBAs and maintenance. Those numbers look different, as well as certainly, the cloud revenues look different.

我先來說說這個，史考特，你隨時可以插話。我們嘗試討論各種組合，其中一個是關於產品組合，另一個是關於地理組合。還有其他因素，例如任期長度。此外，還有一些非常具體的事情，例如 EBA 和維護之間的差異。這些數字看起來不一樣了，當然，雲端運算收入看起來也不一樣了。

So those things matter a lot. We have a fair amount of flexibility. We understand the price range that these things will come in.

所以這些事情非常重要。我們有一定的彈性。我們了解這些東西的價格範圍。

Right now, we're actually above the plan, to where we expect it to be. And one of the things that I tried to do in the middle of the prepared remarks, was give you a little bit of information about what's selling on a like-for-like basis is. So that's where -- those were those quotes in the middle, all about how much more people are paying this year, or this quarter, compared to the previous year or the previous quarter. And we thought it was important to really compare the like-for-like, so that people could understand it.

目前，我們的實際進度已經超過了計劃，達到了我們預期的目標。在準備的演講稿中，我試著向大家介紹一下同類產品銷售狀況。所以，這就是中間那些引述的內容，都是關於今年或本季人們要比去年或上個季度多支付多少費用。我們認為進行同類比較非常重要，這樣人們才能理解。

One of the things we also mentioned is going forward, we'll start breaking this out for you. Having an average of average of averages is way too confusing, as we've all seen. I think the folks at Goldman did a nice job at breaking out the model in their most recent report, and I think they did a nice job of looking at the stuff we did. While it's not identically our model, it's close, and certainly has the major effects in there, and a good understanding of the kind of mix we anticipate seeing, and the price ranges. So maybe that helps a little bit. We're going to spend a lot more time next week, walking you through this, but hopefully that's a start on the problem.

我們也提到，今後我們會開始為您詳細講解。我們都看到了，對平均值進行平均會造成極大的混亂。我認為高盛的人在他們最近的報告中很好地闡述了模型，我認為他們很好地分析了我們所做的工作。雖然它與我們的模型並不完全相同，但很接近，而且肯定包含了主要的影響因素，並且很好地理解了我們預期會看到的組合類型和價格範圍。或許這能起到一點幫助。下週我們將花更多時間，一步步向你講解這個問題，但希望這能成為解決問題的開始。

Yes, Saket, the other thing that I would add to that is, I think mix is a bigger effect on ARPS right now, than it will be longer term. And you just need to look at the ARPS per maintenance, and you see it's far more steady, because it's a much bigger base of maintenance subs. So as the base grows, mix will become slightly less important. I think, longer term, the more important metric than ARPS is ARR. And so, one of the things we'll look to do is provide you better insight into where we think ARR is headed, so that the ARPS calculation becomes slightly less sensitive.

是的，Saket，我還要補充一點，我認為目前混合因素對ARPS的影響比長期影響更大。你只需要看一下每次維護的平均每艘船的租金 (ARPS)，你會發現它要穩定得多，因為它的維護子用戶基數要大得多。隨著基礎的擴大，混合的重要性會略微降低。我認為，從長遠來看，比 ARPS 更重要的指標是 ARR。因此，我們將努力做的一件事是，讓您更好地了解我們認為 ARR 的發展方向，以便 ARPS 計算變得不那麼敏感。

Next question, operator? Karen, you there? Okay, we seem to have lost the operator. Hang on one second while we try to reconnect to her, and see if we can keep the Q&A moving. This is a first for me. Of all of the earnings calls I've done, I've never had this happen.

操作員，下一個問題？凱倫，你在嗎？好的，我們好像失去聯繫了。請稍等片刻，我們正在嘗試重新連結她，看看能否繼續進行問答環節。這是我第一次遇到這種情況。在我參加過的所有財報電話會議中，從未發生過這種情況。

I am here now. Our next question comes from the line of Steve Ashley from Robert W. Baird.

我現在在這裡。我們的下一個問題來自羅伯特·W·貝爾德的史蒂夫·阿什利。

Okay.

好的。

Hi, thank you very much. I would just like to ask on the promotion, if you could give us some color on how much of that might have been direct versus indirect, and if what role the e-store might have played in the performance there?

您好，非常感謝。我想問一下關於促銷活動，您能否詳細說明其中有多少是直接推廣，有多少是間接推廣，以及網上商店在其中發揮了什麼作用？

Yes, Steve, the promotion, Carl laid out the success of it, 43,000 subs that came through the promotion. It was almost entirely driven through the channel, versus through the e-store.

是的，史蒂夫，卡爾詳細介紹了這次推廣活動的成功之處，透過這次推廣活動獲得了 43,000 名訂閱者。幾乎完全是透過通路銷售，而不是透過電商平台。

Okay, perfect. And then I would just like to ask about Collections, and I realize they have not been out very long, but with that, you introduced multi-user pricing, and that's the first time that's been out there. Wondering if you've gotten any early response to that, or if there's any early color you can provide on that new pricing option?

好的，完美。然後我想問一下關於收藏集的問題，我知道它推出時間不長，但是你們引入了多用戶定價，這是第一次推出這種定價模式。想知道您是否已經收到任何初步回饋，或者能否提供一些關於新定價方案的初步資訊？

It's still early. It's, we're trying to replicate some of the things that we had in the previous model, but I mean, it's only a quarter worth of data. So we'll update it more as we go through next year. But we know it is one of the things that customers really want. It's one of the important things -- that whole middle bulk of our customer base has multiple seats. And while we offer lots of flexible offerings for people with large numbers of seats through EBAs, people are also looking for it in the [game] so, but we'll update you as we go.

現在還為時過早。我們正在嘗試複製先前模型中的一些功能，但我的意思是，這只是四分之一的數據。所以，明年我們會繼續更新。但我們知道這是顧客真正想要的東西之一。這是很重要的一點——我們客戶群的中間大部分人都擁有多個席位。雖然我們透過 EBA 為擁有大量座位的人提供了許多靈活的選擇，但人們也在遊戲中尋找它，所以，我們會隨時更新資訊。

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 [Shateel] on, filling in for Heather. Thanks for taking my question. First question was just on new model ARR, that increased by $43 million. I'm not sure if you specifically broke out what the MDF impact was, for specifically new model, but first could you break that out? And then also, last quarter new model ARR increased by $63 million. We're expecting it to increase in size again this quarter. Going forward, now that you're subscription only, should we expect new model ARR increases each quarter to get larger?

大家好，我是[Shateel]，代Heather值班。謝謝您回答我的問題。第一個問題是關於新模式的年度經常性收入（ARR），該模式增加了 4,300 萬美元。我不確定您是否具體列出了 MDF 對新型號​​的影響，​​但您能否先列出這部分內容？此外，上個季度新車型的年度經常性收入 (ARR) 增加了 6,300 萬美元。我們預計本季其規模將再次擴大。展望未來，既然你們只提供訂閱服務，我們是否可以預期每季的新模式 ARR 成長幅度會更大？

Yes, Shateel, the overall amount that ARR was affected by the allocation of MDF. Again, MDF is not a new program, but the first time it's really been heavily allocated, almost exclusively allocated to recurring revenue is why we're seeing impact so pronounced this quarter, was about $40 million on the overall. If you split that, between how much was allocated to new model versus maintenance, it's about 6 percentage points, on a year-on-year basis about 6 percentage points of growth for the MDF impact on new model, and about 2 percentage points of growth reduced by MDF being allocated to maintenance. So overall, it was 3 points, but if you split it between the two, it was about 6 on new model, and about 2 on maintenance.

是的，Shateel，ARR 的總體金額受到了 MDF 分配的影響。再次強調，MDF 不是一項新計劃，但這是它第一次真正被大量分配，幾乎全部用於經常性收入，這就是為什麼我們在本季度看到其影響如此顯著的原因，對整體而言，其分配額約為 4000 萬美元。如果將這筆資金按分配給新車型和維護的金額進行劃分，那麼按年計算，MDF 對新車型的影響增長了約 6 個百分點，而由於 MDF 分配給了維護，增長減少了約 2 個百分點。所以總的來說是 3 分，但如果平分的話，新車型大約是 6 分，維護保養大約是 2 分。

Okay. And I just had one follow-up on Collections. Suites used to represent 30% of your revenues. I'm wondering over time, do you expect Collections to also end up representing 30% of total new model ARR, and how long do you think it would take for that to ramp to that level?

好的。我剛剛還有關於收款方面的一個後續問題。套房收入曾經占到您總收入的 30%。我想知道隨著時間的推移，您是否預計精選系列最終也會占到新車型 ARR 總值的 30%，您認為需要多長時間才能達到這個水平？

My best guess is that it will be less, because of the additional offerings we'll have == with the cloud offerings, and the consumption services tied to things like Collections. So I think it will be less, but not substantially so.

我估計會更少，因為我們將提供額外的雲端服務，以及與收藏集等相關的消費服務。所以我認為會減少，但不會大幅減少。

Thank you. And our next question comes from the line of Jay Vleeschouwer.

謝謝。我們的下一個問題來自 Jay Vleeschouwer 的問題。

Thanks, good evening. Carl, I'd like to ask you, for my first question, a technology question stemming from what was asked at the University a couple weeks ago, particularly if you could tie some of your technology disclosures from two weeks ago, to the longer term business implications? In other words, you had some very interesting things to say, I thought about your future architecture with the Quantum project you talked about. There were numerous references to what you talked about as a common data environment, new architecture and so forth. So talk about the commercial implications and commercial plans for that as you showed two weeks ago, and what that means for the next number of years, in terms of the business model? And then, a selling follow-up question.

謝謝，晚上好。卡爾，我的第一個問題是一個技術問題，這個問題源自於幾週前在大學裡提出的問題，特別是如果你能將兩週前披露的一些技術資訊與更長期的商業影響聯繫起來的話？換句話說，你提出了一些非常有趣的觀點，我思考了你提到的量子專案對你未來架構的影響。文中多次提到了你所說的通用資料環境、新架構等等。那麼，請談談您兩週前展示的商業影響和商業計劃，以及這對未來幾年的商業模式意味著什麼？然後，提出一個與銷售相關的後續問題。

Yes, sure, Jay. I think, well, this goes back a number of years. We have s fervent belief that engineering software is going to move to the cloud, all design and engineering software will be in the cloud. We've started to demonstrate that with a number of products. We've talked about some like BIM 360. We've shown kind of the basic architecture with products like Fusion 360, and how they take advantage of the connectivity and the compute power of the cloud.

當然可以，傑伊。我想，這事兒可以追溯到好幾年前了。我們堅信工程軟體將會遷移到雲端，所有設計和工程軟體都將在雲端。我們已經開始透過一系列產品來證明這一點。我們討論過一些類似 BIM 360 的東西。我們已經透過 Fusion 360 等產品展示了基本架構，以及它們如何利用雲端的連接性和運算能力。

So we started to demonstrate that, and we started investing in this area three or four years ago. As I've said before, while everybody is rightfully focused on the business model transition of our existing business, and how we're using it to attract new customers, what I think people will most be surprised about, as you look out the next couple of years is the size of the cloud business that we build, and how it really [stims] our TAM. So we're going to spend a bunch of time next week, showing a little bit more. You were at AU, and got to see it. We'll try to put kind of an investor look on it, so that people next week can understand what we're doing, and what the importance is, and why we're investing in the cloud, and why this really is the next generation architecture.

所以我們開始證明這一點，並在三、四年前開始在這個領域進行投資。正如我之前所說，雖然大家都理所當然地關注我們現有業務的商業模式轉型，以及我們如何利用它來吸引新客戶，但我認為，展望未來幾年，人們最會感到驚訝的是我們構建的雲端業務的規模，以及它如何真正刺激了我們的潛在市場規模。所以下週我們會花很多時間，展示更多內容。你當時在奧本大學，所以有機會親眼目睹了這一切。我們將嘗試從投資者的角度來解讀它，以便下週人們能夠理解我們正在做的事情、其重要性、我們為什麼要投資雲端運算，以及為什麼這才是真正的下一代架構。

I've talked in the past, about being a place for collaboration, as well as giving access to virtually unlimited amounts of compute power, which is something our users demand. And so, it's just a natural fit. It's unusual that engineering has been one of the slowest to move to the cloud. But we see lots of evidence of hitting the tipping point, not just in the US, but other places in terms of customers willingness to adopt it. And so, next week, you'll hear a bunch more.

我之前說過，我們要打造一個協作平台，並提供幾乎無限的運算能力，這也是我們的使用者所需要的。所以，這簡直是天作之合。工程領域向雲端遷移的速度一直很慢，這很不尋常。但我們看到大量證據表明，不僅在美國，在其他地方，消費者接受新技術的意願也達到了臨界點。所以，下週你還會聽到更多。

Thank you, And 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。

Thanks very much. Carl, thanks for all of the additional information on ARPS during your prepared remarks. Having said that, given where you are today, you do have a lot of ground to make up to reach a 24% ARR CAGR by FY20. Can you elaborate on what gives you confidence that you'll get there?

非常感謝。卡爾，感謝你在事先準備好的發言中提供了關於ARPS的所有補充資訊。話雖如此，就你目前的狀況而言，你還有很長的路要走才能在 2020 財年實現 24% 的 ARR CAGR。能詳細說說是什麼讓你有信心實現目標嗎？

Yes, part of it is, the calculation method we chose gives great certainty and repeatability. It's very auditable, but it is a method that can greatly understate the amount of revenue coming in. So one of the things we do, and we'll walk you through this example, but what we actually do, is we take the revenue that comes in for the quarter, the recognized revenue, which if it's particularly back-end loaded can be close to zero, and we divide it by the number of subscribers at the end of the quarter. So in the extreme, if somebody -- so for example, I'll use one example, that will illustrate two points.

是的，部分原因是，我們選擇的計算方法具有很高的確定性和可重複性。這種方法雖然便於審計，但可能會大大低估實際收入。所以我們採取的措施之一（我們將透過這個例子來說明），是把當季的收入（已確認的收入，如果收入主要集中在後端，則可能接近零）除以季度末的訂閱用戶數量。所以，在極端情況下，如果有人——例如，我舉一個例子，這將說明兩點。

The promotions were very heavily back-end loaded. So you have a low priced offering that's discounted, coming in very close to the end. So what you might get out of that is 1 day out of 91 worth of revenue, or call it, 4 days out of 365 or slightly less than 1% of the revenue that, that subscription is worth, but we divide it by a whole subscriber. So it greatly understates the value. Even as we go through this, it will normalize as Scott mentioned, because the numbers come up, the numbers get larger, and you'll get the same effect moving from quarter to quarter. In the beginning, it's very sensitive to mix. It's very sensitive to timing. So we're ahead of our plan, from where we want to be.

促銷活動主要集中在後期。所以，你現在看到的是一款價格低廉、打折的商品，而且接近促銷結束。所以，你可能從中獲得的收益是 91 天收入中的 1 天，或者說，365 天收入中的 4 天，或略低於該訂閱收入的 1%，但我們將其除以一個完整的訂閱者。所以它大大低估了它的價值。即使我們經歷這一切，正如斯科特提到的那樣，情況也會逐漸正常化，因為數字會上升，數字會變大，你會在每個季度之間得到相同的效果。一開始，它對混合非常敏感。它對時機非常敏感。所以，我們目前的進度比計畫提前了，已經達到了我們預期的目標。

And while I understand that some people are paying lots of attention to ARPS, I think the better thing to look at going forward, and we've tried to stress it as ARR, as Scott mentioned, we'll start giving you guidance on ARR. And on the ARPS one, we'll start breaking it out, so you don't have to be guessing at the coefficients between what's in cloud, what's in EBA, what's in product subscriptions, and even in the subset that's something like the legacy promotion.

雖然我知道有些人非常關注 ARPS，但我認為未來更應該關注的是 ARR，正如 Scott 所提到的，我們也一直在強調 ARR，我們將開始為您提供 ARR 方面的指導。至於 ARPS，我們會開始將其細分，這樣您就不必猜測雲端服務、EBA、產品訂閱，甚至是傳統促銷等子集中的係數了。

We think we can help you understand that a little better. Again, I'll tell you again, one of the reasons we gave the numbers in the middle of the prepared remarks about like-for-like, was to show you the increase in pricing that we were seeing. And that was both -- there was some numbers that were quarter-over-quarter, and some were year-over-year, and we'll detail that a little bit more next week at Investor Day, so you can see the thing. And what we think is the like-for-like is the best comparison.

我們認為我們可以幫助您更好地理解這一點。我再說一遍，我們在關於同類比較的準備好的發言稿中給出這些數字的原因之一，就是為了向你們展示我們所看到的價格上漲情況。這兩種情況都有——有些數字是環比增長，有些是同比增長，我們將在下週的投資者日上更詳細地介紹一下，這樣你們就能明白了。我們認為，最恰當的比較方式就是進行同類比較。

Okay. Perfect. Thanks for that detail. And agree, that will be helpful, so look forward to that. And then, just one for Scott. Any update on the timing to potentially change the segment classifications on product subscriptions and EBAs from a hybrid approach to 100% subscription on the income statement? Yes, Greg, fast isn't fast enough on that. I would love to have that done now. I think I mentioned on this call last quarter, the complication with doing it is not the revenue side, it's the COGS side. We're working that very carefully. So the goal will be to end up with three revenue lines instead of the two that we have today, because I recognize the confusion it causes.

好的。完美的。謝謝你提供這個細節。我同意，那會很有幫助，敬請期待。然後，再給斯科特一個。關於將產品訂閱和企業業務協議 (EBA) 的分部分類從混合方式改為損益表中 100% 的訂閱方式，目前是否有任何最新進展？是的，格雷格，光說「快」還不夠快。我希望現在就能完成這件事。我想我在上個季度的電話會議上提到過，這樣做的難點不在於收入方面，而在於銷售成本方面。我們正在非常謹慎地處理此事。因此，我們的目標是最終擁有三個收入來源，而不是像現在這樣只有兩條，因為我意識到這造成了混亂。

The three lines would be one for maintenance revenue, one for subscription revenue which ties to new model, and one for kind of license and other, because there will still be a small amount of license revenue that comes in. We'll have to go through, of course, and carve up deferred revenue, and then new revenue going forward. So my goal is to get that done as quickly as possible. I'd love to roll that out next year.

這三條收入線分別是：一條用於維護收入，一條用於與新模式相關的訂閱收入，一條用於各種許可證和其他收入，因為仍然會有少量許可證收入。當然，我們必須仔細分析，將遞延收入和未來的新收入分開計算。所以我的目標是盡快完成這件事。我希望明年就能推出這項計畫。

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

謝謝。下一個問題來自摩根士丹利的基斯‧韋斯。

Hi, guys, good afternoon, and this is actually Stan Zlotsky sitting in for Keith. Thank you for taking our question. So how much of the churn on maintenance subscription base was driven from maintenance subscribers moving over to desktop subscribers? And a quick follow-up, what's happening with (inaudible), and what are you thinking with the latest on pricing for the maintenance, and enticing those customers to move over, to become full product subscribers? Thank you.

大家好，下午好，我是 Stan Zlotsky，代替 Keith 來這裡。感謝您回答我們的問題。那麼，維護訂閱用戶流失中有多少是因為維護訂閱用戶轉而成為桌面訂閱用戶所造成的呢？還有一個後續問題，（聽不清楚）那邊情況如何？您對維護服務的最新定價有什麼想法？如何吸引這些客戶升級為完整產品訂閱用戶？謝謝。

So on the first part, we don't know exactly. We use an estimation method that's fairly manual in order to do this, and so we'll try to explain this a little bit next week, but we don't actually know exactly how many set through manual process, and we don't automate it because, that will make less and less sense going forward. So I think Stan the second question, was about convergence of the programs?

所以第一部分，我們並不完全清楚。為了做到這一點，我們使用了一種相當人工的估算方法，所以我們下週會試著解釋一下，但我們實際上並不知道有多少是透過人工流程設定的，我們也沒有將其自動化，因為這樣做以後會越來越沒有意義。所以我覺得史丹的第二個問題是關於程序的收斂性的？

Yes, essentially, are you driving pricing increases to entice people to move over from maintenance, or are they doing it voluntarily through seeing the greater value proposition of those products? Or is there a third option that we aren't thinking about?

是的，本質上，你是在透過提高價格來吸引人們從維護型產品轉向新型產品，還是他們因為看到了新型產品更高的價值而自願轉向新型產品？或者還有我們沒有考慮到的第三種可能性？

I think both right now, and an ongoing basis, it's going to be a combo of the two. There will be some incentives to move people forward who choose to go early, but a lot of it is the value in the new offering, which is the latest and includes large aspects of the cloud in it, and gives users additional flexibility. So we think there will be a little bit of a push and a little bit of a pull.

我認為無論現在或將來，都會是這兩種方式的結合。對於選擇提前升級的用戶，我們會提供一些激勵措施，但更重要的是新產品的價值，它是最新的產品，包含了雲端技術的許多方面，並為用戶提供了更大的靈活性。所以我們認為會有一些推動力，也會有一些拉力。

Perfect. Thank you very much.

完美的。非常感謝。

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 very much. If I'm a firm that's decided to switch to the cloud, to what extent should we kind of be thinking about, is there any risk -- because this happened with Oracle to some degree -- is there any risk that I would consider other cloud options? I mean, obviously yes, but have you seen any kind of data that would say that's an issue, or is it more just like listen, we're going to switch. And when we switch, I have all of my models in Autodesk, so I'm just going to go to your new model? Thanks.

非常感謝。如果我是一家決定轉向雲端的公司，我們應該在多大程度上考慮這個問題？是否存在任何風險——因為 Oracle 在某種程度上就存在這種情況——是否存在任何風險，導致我需要考慮其他雲端選項？我的意思是，顯然是的，但是你有沒有看到任何數據表明這是一個問題，或者更像是這樣，聽著，我們要換了。切換之後，我的所有模型都在 Autodesk 裡，所以我只需要打開你的新模型就行了？謝謝。

Yes. So on the cloud stuff, Richard, in terms of having mature viable cloud products for both the AC industry and manufacturing, we're really the only ones that have it. You can look out, and see some small start-ups, but barely have any traction. We probably have three orders of magnitude, maybe four orders of magnitude more users in the cloud than they do. So I think for people who are deciding that the cloud has real benefits, I think Autodesk is the natural choice.

是的。所以，理查德，就雲端運算方面而言，就空調產業和製造業而言，我們是唯一一家擁有成熟可行的雲端產品的公司。你可以看到一些小型新創公司，但它們幾乎沒有任何發展勢頭。我們在雲端的使用者數量可能比他們多三個數量級，甚至四個數量級。所以我認為，對於那些認為雲端運算確實有好處的人來說，Autodesk 自然是他們的首選。

As we detailed a little bit at previous times, where we said more than half, and sometimes it was three-quarters of the users of Fusion are coming from other mechanical CAD packages. So it's not just our users who are adding on cloud capabilities, it's really to attract new users. The second part of it is, one of the things we did when we introduced our cloud products is we made sure they weren't only direct competitors with what we already did, but it was to extend the market.

正如我們之前詳細介紹過的那樣，Fusion 的用戶中超過一半，有時甚至四分之三都來自其他機械 CAD 軟體包。所以，不只是我們的用戶在增加雲端功能，實際上也是為了吸引新用戶。第二點是，我們在推出雲端產品時所做的一件事是，我們確保它們不僅與我們已有的產品直接競爭，還要拓展市場。

So if you look at BIM 360, BIM 360 wasn't a replacement for Revit. It was to extend having model-based design go all the way out to the job site, and reach all of the construction workers. Those are the kind of things we're trying to do, is expand the reach of our products, because of the more natural platform. And I think you've seen the same thing in other parts of enterprise software with SaaS offerings, where people are expanding into parts of the Company that their legacy applications would have never gone to. And I think it's identical in the design and engineering world.

所以，如果你看 BIM 360，你會發現 BIM 360 並不是 Revit 的替代品。其目的是將基於模型的設計推廣到施工現場，並惠及所有建築工人。我們正在努力做的就是透過更自然的平台來擴大我們產品的覆蓋範圍。我認為你在其他企業軟體領域，例如 SaaS 產品領域，也看到了同樣的現象，人們正在將業務擴展到公司中他們傳統應用程式從未涉足的領域。我認為設計和工程領域的情況也是一樣的。

Great. Thank you very much.

偉大的。非常感謝。

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。

Yes, thanks. Hi, guys. Carl, in your prepared remarks, you did touch upon the infrastructure possibility in terms of the new administration. Can you level-set for us, if you were to just give us a rough estimate, what percentage of the Autodesk business at this point is infrastructure related, and how should we think about that within the US?

好的，謝謝。嗨，大家好。卡爾，你在事先準備好的演講稿中確實談到了新政府在基礎建設方面的可能性。能否請您粗略估計一下，目前 Autodesk 的業務中有多少百分比與基礎架構相關？在美國，我們該如何看待這個問題？

Just the construction, or the broadly speaking [AEC] business, think of it as roughly around 50%, and then you can take the fraction that's the US part of that, and go from there. And of course, Mexico is going to be building the wall, so I guess, we can extend to the rest of North America.(laughter). So yes, I mean, that's about the reach of it. It's the American part, which is about a quarter of about 50% something like that, I'd put it in the 10% to 15% range.

單就建築業，或者廣義的建築、工程和施工（AEC）行業而言，大概佔 50% 左右，然後你可以把其中美國的部分也算進去，再從那裡開始算起。當然，墨西哥也要建牆，所以我想，我們可以把範圍擴大到北美其他地區。 （笑聲）是的，我的意思是，它的影響範圍大概就是這樣。是美國那部分，大約佔 50% 左右的四分之一，我估計在 10% 到 15% 之間。

Okay. Fair enough. And then, can you give us an update -- so you touched upon the e-store a couple of times. At the Analyst day last year, you talked about a lot of the improvements that you were making in North America, the initiative to move international with the e-store. Where are you on those initiatives, and are you at a point yet, where you can start to break out how much of the revenue is actually coming through the e-store?

好的。很公平。那麼，您能否為我們更新一下情況——您之前幾次提到了網上商店。在去年的分析師日上，您談到了您在北美所做的許多改進，以及透過網路商店走向國際化的舉措。這些計劃目前進展到什麼程度了？你們是否已經可以開始分析究竟有多少收入是透過網路商店獲得的？

Yes, Sterling. So we -- I'll tell you what, Carl I'll start, and you can jump in.

是的，斯特林。所以我們——這樣吧，卡爾，我先開始，你也加入進來。

Okay, good.

好的。

We have of course, e-stores everywhere. We've launched our own e-stores now across North America and in most of Europe. The e-store continues to grow. We talked about our, the proportion of our sales that were direct versus indirect grew to the high 20%s this quarter, I think 29%, up sequentially from 25% just last quarter, and 17% a year ago.

當然，我們現在到處都有網路商店。我們現在已經在北美和歐洲大部分地區推出了自己的網路商店。網上商店持續發展壯大。我們談到，本季我們直接銷售與間接銷售的比例成長到 20% 以上，我認為是 29%，比上一季的 25% 和一年前的 17% 都有所成長。

So continues to grow as a proportion of total sales, and I think we'll continue to see that happen, not so much because we're guiding people there. It -- that style, when you get to a subscription model, buying direct is a style of interaction that customers want to have with the Company, much more so than when I renewed my subscription to the Wall Street Journal, I don't walk down to a bookstore to do that, right? I go to WSJ.com and do that renewal, and I think we're going to see more of that business move that direction.

因此，其佔總銷售額的比例持續成長，我認為這種情況還會繼續發生，但這並非因為我們引導人們這樣做。這種模式，當你採用訂閱模式時，直接購買是顧客希望與公司進行的互動方式，遠比我續訂《華爾街日報》時更甚，我不會走到書店去續訂，對吧？我去 WSJ.com 網站續訂，我認為我們會看到更多企業朝著這個方向發展。

Thank you. And our next question comes from the line of Monika Garg with Pacific Crest Securities.

謝謝。下一個問題來自太平洋證券公司的莫妮卡·加格。

Hi, thanks for taking my question. How much revenue in the quarter came from indirect channel, and where do you think channel could get, as a percentage of revenue over the next couple of years?

您好，感謝您回答我的問題。本季間接通路的營收佔比是多少？您認為未來幾年間接通路的收入佔比能達到多少？

Yes. Well, Monica, that's the data point I was just trying to give. So the direct channel in the quarter was 29% of sales, and up from 25% last quarter. Where that goes longer term, actually is the topic we'll talk about again next week. But I don't think our view has changed much from the perspective that we had a year ago, which was as we get out to FY20, we think the channel continues to be a significant part of our sales. In terms of absolute dollars, we think there are more dollars of sales going for the channel in FY20, than there were in FY16.

是的。莫妮卡，這就是我剛才想提供的數據點。因此，本季直接通路銷售額佔 29%，高於上季的 25%。從長遠來看，這究竟會如何發展，實際上是我們下週將再次討論的話題。但我認為我們的觀點與一年前相比並沒有太大變化，當時我們認為，隨著 2020 財年的到來，通路仍然是我們銷售的重要組成部分。就絕對金額而言，我們認為 2020 財年通路銷售額比 2016 財年要高。

But in terms of a percent of pie, the percent of the total sales that get done, it will be a smaller percent by the time we get out there. So I think we'll see a case where the channel has a place, where absolute dollars of revenue grow. By the way, probably fewer channel partners was out there than we have today, so it's a more profitable business for the channel partners that remain. But as a percent of total sales, it will come down pretty significantly from where it is.

但就佔總銷售額的百分比而言，到我們真正開始銷售時，這個百分比將會更小。所以我認為我們會看到這樣的情況：該管道佔有一席之地，並且絕對收入（以美元計）實現成長。順便說一句，以前的通路合作夥伴可能比現在少，所以對於留下來的通路合作夥伴來說，這是一項更有利可圖的業務。但佔總銷售額的比例將會比現在大幅下降。

Got it. Thanks. And I have a question on ARPS. Carl talked about a lot of questions on that already on the call. So if I look Q over Q, ARPS for new model are down almost 10%, in spite of the fact that Collections were sold as subscription due to higher revenue per seat item, so why would that be the case? And then, seven straight quarters of ARPS for new model being down?

知道了。謝謝。我還有一個關於ARPS的問題。卡爾在電話會議上已經談到了許多相關問題。因此，如果我逐季度查看，儘管由於每個席位項目的收入較高，收藏品以訂閱形式銷售，但新模式的 ARPS 卻下降了近 10%，這是為什麼呢？然後，新車型的平均售價連續七季下降？

Well, generally speaking, we've continued to add lower priced products as we've rolled this out. We started with a lot of EBA, we started with a lot of transactions going through the e-store. But we also went through -- when you have back-end loaded quarters, you greatly understate the value of that subscription. It's why during the thing I tried to break out, how the prices were increasing for like-for-like products going forward. And I think that's going to be an important one.

總的來說，隨著這項計劃的推出，我們一直在增加價格較低的產品。我們一開始有很多 EBA，我們一開始有很多交易是透過網路商店進行的。但我們也經歷過——當季度末收益較高時，你會大大低估訂閱的價值。這就是為什麼在我試圖擺脫困境的那段時間裡，同類產品的價格一直在上漲。我認為這將是一件非常重要的事。

What you're getting, is you're trying to look at an average, and guess the component pieces. And rather than have you guess, what we said we would do next year is break it out, so that you can actually see. In the interim what we did is we gave you is some numbers for showing that the prices are actually increasing, even if the calculation methodology in the mix is heading it down. As we said, just some of the mix issues were responsible for 50% of the decline. So mix and time, and mix and timing play a big role here.

你實際上是在試著尋找一個平均值，然後猜測它的組成部分。與其讓你們猜測，我們說明年我們會把它拿出來，讓你們親眼看看。在此期間，我們向你們提供了一些數據，以表明價格實際上正在上漲，即使其中的計算方法導致價格下跌。正如我們所說，部分產品組合問題導致了 50% 的下滑。所以，混合和時間，以及混合和時間的把握，在這裡扮演著重要角色。

And remember how I just described that calculation, that if you buy something at the end of the quarter for example, on the last day, it greatly undervalues what that subscription is worth over the long-term. In a quarter in which we had a fair amount of promotion, and the promotion was back-end loaded, you're going to see that. But I'll reemphasize again, the prices of like-for-like, so people buying the same thing, that they bought last quarter or a year ago, those prices are going up significantly. And I highlighted how they are going up significantly across the world.

還記得我剛才描述的計算方法嗎？例如，如果你在季度末的最後一天購買某樣東西，那麼它就大大低估了該訂閱服務從長遠來看的價值。在這個季度，我們進行了相當多的促銷活動，而且促銷活動​​主要集中在季度末，所以你會看到這種情況。但我還是要再次強調，同類商品的價格，也就是人們購買的與上個季度或一年前購買的相同商品的價格，正在大幅上漲。我重點強調了它們在全球範圍內的顯著上升趨勢。

Yes, Monica, what I'd add -- and again we'll spend more time on this next week, if you go back to new model subscription sales a year ago, it was a small number. They were largely in mature markets, a healthy mix of monthly and annual, as well as many of them came through the e-store. The channel was still largely focused on selling perpetual licenses at that point.

是的，莫妮卡，我還要補充一點——我們下週會花更多時間討論這個問題——如果你回顧一年前的新模式訂閱銷售情況，你會發現銷量很小。它們大多來自成熟市場，每月會員和年度會員的比例均衡，而且其中許多都是透過網路商店購買的。當時該管道仍主要專注於銷售永久許可證。

What we've seen over the last several quarters is a pretty significant uptake of new model subscription sales -- and I'm talking about product subscription sales now -- pretty significant uptake of those in emerging markets, which I think is healthy for the business. And certainly, I would expect some of those to be recapture of pirates in those emerging markets. But as that happens, of course, those are lower priced, so that's a headwind on ARPS. We see a lot more long-term sales of product, and a lot less monthly. Frankly, we had a lot of toe-dippers that were coming in monthly, previously we have a lot more annual and multi-year. Again, good for the business, but the monthly subscription price is about 50% higher than the annual subscription price, the monthly times 12 is about 50% more than annual.

在過去的幾個季度裡，我們看到新模式的訂閱銷售（我指的是產品訂閱銷售）取得了相當大的成長——新興市場尤其如此，我認為這對業務發展來說是健康的。當然，我預計其中一些案件將是對這些新興市場海盜的逮捕。但隨著這種情況的發生，這些產品的價格自然會降低，這對ARPS來說是一個不利因素。我們看到產品的長期銷售額大幅增加，而每月銷售額則大幅減少。坦白說，我們以前有很多按月付費的試水者，而以前我們有很多按年付費和多年付費的用戶。這對企業來說是好事，但是月度訂閱價格比年度訂閱價格高出約 50%，月費乘以 12 比年費高出約 50%。

So as that mix shift, again good for the business, not necessarily good for ARPS, it's a headwind. And then, as channel has gotten really engaged and is driving this. And so, a higher proportion of the sales of product subs come through the channel than did a year ago, where many of them were being sold off the e-store -- again, I think that's a positive for the business, it gives us scale, but it cuts into ARPS. So three trends that are very positive for our business, and positive for the long-term ARR growth, but all that cut against growing ARPS in the short-term.

因此，隨著這種組合的轉變，這對企業來說是好事，但對 ARPS 來說未必是好事，這是一種不利因素。然後，隨著頻道真正參與並推動此事，情況發生了變化。因此，與一年前相比，現在透過通路銷售的產品訂閱比例更高，而一年前許多產品都是透過網路商店銷售的——我認為這對業務來說是一個積極的信號，它使我們擁有了規模，但這會降低平均每筆交易金額。因此，這三個趨勢對我們的業務非常有利，對長期 ARR 成長也有利，但所有這些都不利於短期內 ARPS 的成長。

Thank you. And 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。

Hi, thanks for taking my question. Carl, you mentioned the convergence of maintenance and [renewals] earlier. And I think you might have been heading down that path on one of the earlier questions, but could you give us some color on some of the moving pieces of that particular convergence?

您好，感謝您回答我的問題。卡爾，你之前提到過維護和更新的整合。我認為你在前面某個問題中可能已經談到了這個方向，但你能否為我們詳細介紹促成這一特定融合的一些因素？

Yes, there are a number of things that we've talked about. So one is, if you look out to kind of call it, FY20, we want to be in a place, where first of all, we have really a single kind of offering, with a single back office and infrastructure to support it. One that will be a combination of subscriptions, product subscriptions as you see them, plus a consumption model on top of it. That's where we see the business heading.

是的，我們討論了很多事情。所以，首先，如果我們展望一下 2020 財年，我們希望達到這樣的狀態：我們首先真正擁有單一的產品類型，以及一個統一的後台和基礎設施來支持它。它將結合訂閱模式（如您所見的產品訂閱模式）以及在此基礎上增加的消費模式。這就是我們認為企業發展的方向。

Along the way, it's how do we motivate customers to move from one model to another, what's actually in the program, what are the price points, how does that transition work? And we'll talk a little bit more about this next week. But in our mind, getting to a single model is really important. It will give the best service to our customers. It will be the most affordable for us to have. We can start getting rid of some of the systems that were designed for a different era, and be able to really concentrate on giving a world-class experience for what users are trying to do today. So as we go through the next couple of years, we'll talk about how we do that, and how we do that in the most prudent and responsible way.

在這個過程中，我們需要考慮如何激勵客戶從一種模式過渡到另一種模式，該計劃實際包含哪些內容，價格點是多少，以及過渡是如何進行的。我們下週會再詳細討論這個問題。但我們認為，找到一個統一的模型非常重要。我們將為我們的客戶提供最好的服務。這將是我們能負擔得起的。我們可以開始淘汰一些為不同時代設計的系統，真正專注於為使用者提供世界級的體驗，以滿足他們今天的需求。因此，在接下來的幾年裡，我們將討論如何做到這一點，以及如何以最謹慎、最負責任的方式做到這一點。

Got it. Looking forward to next week then. And then building on Stan's question around maintenance, and just renewals, any rough sense of the magnitude of renewals that are coming up in Q4 relative to Q3?

知道了。期待下週的到來。然後，針對 Stan 關於維護和續約的問題，能否大致估算一下第四季即將到來的續約規模相對於第三季的情況？

Yes, sure, Ken. So renewals tend to be on the anniversary of when the license was sold, and of course, Q4 has historically been our biggest quarter. We've sold the most perpetual licenses over-- if you look back over the last several years we sold the most in Q4. So we have a significant renewal base that comes up during Q4. That I would go back though, and highlight what Carl mentioned in the script, renewal rate is actually stronger this year than it was last year. So yes, we're seeing a decline of the absolute numbers, but it's not driven by a decline in renewal rate. It's driven by the rate at which the maintenance agreements come up for renewal. And then in some cases, we're incentivizing them, and successfully moving them over to the new model.

當然可以，肯。因此，續約往往在許可證售出的周年紀念日進行，當然，第四季歷來是我們最大的季度。過去幾年，我們售出的永久許可證數量最多——回顧過去幾年，我們在第四季度售出的許可證數量最多。因此，我們在第四季有大量的續約客戶。不過，我想補充一點，正如卡爾在劇本中提到的，今年的續訂率實際上比去年更高。所以，是的，我們看到絕對數量正在下降，但這並非續約率下降所致。這主要取決於維護協議的續約頻率。然後在某些情況下，我們會激勵他們，並成功地將他們轉移到新模式。

Yes, we'll also see an effect in Q4 from people moving to EBAs. As we've talked about, we're really encouraging our large customers to move to EBAs. And there's an issue in which we don't count the subscribers until the following quarter. You might have seen this in Q1 of this year, and the same phenomena will go on. So particularly if someone goes from being a large maintenance customer to an EBA customer, you'll see some of that tendency to depress the number of maintenance customers, and you'll see the corresponding increase, but you won't see it until Q1.

是的，第四季度我們也會看到人們轉向 EBA 帶來的影響。正如我們之前討論過的，我們正在大力鼓勵我們的大客戶轉向 EBA。還有一個問題是，我們直到下一個季度才統計訂閱用戶數。你可能在今年第一季已經看到過這種情況，而且同樣的現象還會繼續發生。因此，特別是如果某人從大型維護客戶轉變為 EBA 客戶，你會看到維護客戶數量下降的趨勢，你會看到相應的成長，但你直到第一季才會看到這種情況。

Thank you. And our next question comes from the line of Steve Koenig from Wedbush Securities.

謝謝。我們的下一個問題來自 Wedbush Securities 的 Steve Koenig。

Hi, thanks, gentlemen. I apologize if this question has been asked, hopefully it hasn't. I'm wondering if you could elaborate a little bit on your expectation for subscriber, subscription counts, which implies acceleration in the out years? Maybe if you could give us a little color on, or a ranking of the factors that will drive that, when you think about things like piracy and cloud, et cetera? What's going to drive that acceleration that you guys are looking for, and to what extent are you starting to see those things kick in?

嗨，謝謝各位先生。如果這個問題之前有人問過，我深感抱歉；希望還沒有人問過。我想請您詳細說明您對訂閱用戶數量和訂閱人數的預期，這是否意味著未來幾年訂閱用戶數量會加速成長？或許您可以給我們詳細介紹一下，或是將影響盜版、雲端服務等問題的因素排序？你們所追求的那種加速發展，究竟是什麼因素推動的？你們目前在多大程度上看到了這些因素的顯現？

Yes. So in the existing business, what we're really looking for is the three places we saw at this time. One was legacy, one is piracy, and one is new customers, and I think you've seen the effectiveness. We've been able to detail the effectiveness of the legacy programs, very specifically. Piracy is a little bit harder. Unlike legacy, where people claim to be a legacy customer, people don't claim to be former pirates. So it makes it a little bit more difficult to identify them as former pirates, but we do have our ways.

是的。所以，在現有業務中，我們真正尋找的是我們目前看到的這三個地方。一個是傳統用戶，一個是盜版用戶，一個是新用戶，我想你已經看到了效果。我們已經能夠非常具體地詳細說明原有項目的有效性。盜版稍微難一些。與傳統客戶聲稱自己是傳統客戶不同，人們不會聲稱自己是前海盜。因此，要確定他們是否是前海盜就有點困難了，但我們有辦法。

Right.

正確的。

I expect to see more from that. And like we said, about one-third of the customers coming are new customers. In terms of the other things that we see is, growth amongst our enterprise customers in terms of EBAs, and the size of those. And then, the whole new category of cloud customers and consumption. So you'll both have cloud customers, and then you'll have consumption models where people pay as they go for various services. Many of them will be tied directly to cloud products, but many will be consumption, baked into things like the Collections. So for example, if someone is doing simulation or rendering in a Collection, they'll get some amount with it. And if they want to use extra, they'll pay as they go. So that's where we're expecting to see that.

我希望看到更多相關內容。正如我們所說，大約三分之一的顧客是新顧客。我們看到的其他面向包括：企業客戶在 EBA 方面的成長，以及這些合約規模的成長。然後，出現了全新的雲端客戶和雲端消費類別。所以你們既會有雲端客戶，也會有按需付費的消費模式，人們可以根據需要為各種服務付費。其中許多功能將直接與雲端產品相關聯，但也有許多功能將以消費的形式存在，並內建於諸如 Collections 之類的產品中。例如，如果有人在集合中進行模擬或渲染，他們將獲得一定的收益。如果他們想使用額外的服務，則需按需付費。所以，我們預計會在那裡看到這種情況。

Got it. Great. I'll leave it at that. Thanks, Carl.

知道了。偉大的。我就說到這兒吧。謝謝你，卡爾。

Okay, yes. And next week, you'll see a bunch more about it, but right now our cloud business is growing incredibly quickly. We're really pleased with the growth we're seeing in the cloud business. And we'll talk more about which customers we're getting with the cloud business, and why that expands the margin.

好的，是的。下週你會看到更多相關內容，但目前我們的雲端業務成長速度非常快。我們對雲端運算業務的成長感到非常滿意。接下來，我們將進一步討論我們透過雲端業務獲得了哪些客戶，以及為什麼這能擴大利潤率。

Great. Thank you.

偉大的。謝謝。

You're welcome.

不客氣。

Thank you. Our next question is 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. Good afternoon. Carl, you mentioned one-third of the subscribers are now coming from new customers. I'm curious, what's maybe most surprising to you, what you've seen in terms of switchers from the competition, greenfield, old users, pirates? How do you put the community together, and highlight where you're seeing the strongest number of new users coming into the platform?

謝謝。午安.卡爾，你提到現在有三分之一的訂閱用戶來自新客戶。我很好奇，在你看來，最令人驚訝的是什麼？你是從競爭對手那裡轉投而來的用戶、新用戶、老用戶還是盜版用戶？如何將社群凝聚起來，並專注於平台上新用戶數量最多的區域？

Yes, I probably put it, probably in that category, I'd have to guess. But like I said, Brent, right now we're doing a bunch of manual work to figure out, of the new customers, how many were really -- we've never seen before versus those who pirated the software. So we're trying to understand that dynamic a little bit more, and we'll talk a little bit more about that. As a rough guess, one of the ways to think about it, and we've talked about this before. For every legitimate user out there, there's about one that's slightly more than one user, who's not paying for the software.

是的，我大概會把它歸到那個類別。但就像我說的，布倫特，我們現在正在做大量的人工工作來弄清楚，在新客戶中，有多少是我們以前從未見過的客戶，又有多少是盜版軟體的客戶。所以我們正在努力更深入地了解這種動態，稍後我們會再詳細談談。粗略估計一下，這是思考這個問題的一種方式，我們以前也討論過這個問題。對於每一個合法用戶來說，大約有一個（略多於一個）用戶沒有為該軟體付費。

So my guess would be, as we made some of these offerings more affordable from an upfront perspective, we're attracting a fair number of the pirates. So the piracy base is probably bigger than we originally anticipated, kind of last year when we laid out these goals. The second thing is, the legacy base is probably bigger than we laid out last year at this time. We saw it in terms of the distribution throughout the years.

所以我猜，隨著我們從前期投入的角度降低了部分產品的價格，我們吸引了相當多的盜版者。所以盜版用戶群可能比我們最初預期的要大，這與我們去年制定這些目標時的預期有所不同。第二點是，現有客戶群可能比我們去年同期預測的還要大。我們從這些年的分佈來看，就可以看出這一點。

Again, the mid point is again around seven years, so we're seeing a fair number of people who are historical users. So on both those fronts, we're kind of pleased. The greenfield is a little harder to identify for certain. The other ones we have a better chance at, but we'll give you a little bit more color on this, as we go, and we get the numbers. Like I said, at a certain point it won't actually matter, but we are looking at both piracy, as well as maintenance customers who are moving over.

同樣，中點大約在七年左右，所以我們看到相當多的歷史用戶。所以在這兩方面，我們都比較滿意。綠地要準確界定則有點困難。其他幾個我們更有可能成功，但我們會邊做邊說，等我們掌握了數據後再給大家詳細介紹。就像我說的，到某個時候這可能就無關緊要了，但我們現在既要關注盜版問題，也要關注遷移過來的維護客戶。

And just a quick follow-up, you've been talking a lot about, the make process, you can [build] it, and then you've got to make it. And you've I think mentioned in the past, it hasn't been a big -- maybe as big a piece of revenue, could be a lot bigger in the business. Could you maybe update us, in terms of what you're seeing on that core area?

還有一個後續問題，你一直在談論製作過程，你可以[構建]它，然後你必須把它做出來。正如你之前提到的，它並不是很大一部分收入——也許只是很小一部分，但在業務中本來可以更大。能否請您更新一下您在核心區域觀察到的情況？

Yes. So for example, a lot of -- I mean, we're seeing it in the number of areas. In the AC area, particularly with products like BIM 360, BIM 360 is really communicating with all of our non-traditional customers involved in the process. If things like Revit in our structural analysis software for the architects and engineers, BIM 360 encompasses the entire workflow, all the way from architect to general contractor and subcontractors. And next week, Amar will go through a bunch of what we're doing there, and how it's reaching the people who are actually on the construction site building stuff. When you look at the other things like manufacturing, Fusion 360 as well as all of our advanced manufacturing products are really very specifically about the next part of the process. I've kind of joked that we're helping people make beautiful digital prototypes, things that stay on that side of the glass, but our customers get paid for making real things.

是的。例如，很多——我的意思是，我們在很多地區都看到了這一點。在空調領域，特別是像 BIM 360 這樣的產品，BIM 360 真正與參與流程的所有非傳統客戶進行了溝通。如果說像 Revit 這樣的工具是我們為建築師和工程師提供的結構分析軟體，那麼 BIM 360 則涵蓋了從建築師到總承包商和分包商的整個工作流程。下週，Amar 將詳細介紹我們在那裡所做的工作，以及這些工作是如何惠及那些在建築工地實際施工的人們的。當你審視其他方面，例如製造業時，你會發現 Fusion 360 以及我們所有的先進製造產品實際上都是非常具體地關注流程的下一個環節。我曾開玩笑說，我們幫助人們製作漂亮的數位原型，這些原型只會停留在螢幕的那一邊，但我們的客戶卻因為製作出實物而獲得報酬。

And so, what we started doing a number of years ago is starting to helping them in that process, of taking it from one side of the screen to the other side of the screen. And we have lots of stuff going on in composite materials, a lot we have going on with machining, communicating on the factory floor, as well as the construction site, those are all expansions of the market, and we'll spend a fair amount of time. We've generally spent most of our time, and probably appropriately so, as people have been very interested the business model transition. But like I said, this is a growing and very important part of the business. And as people look to the next couple years, it will become increasingly important. So we'll give you some more detail, Brent.

因此，我們幾年前開始做的事情，就是幫助他們完成這個過程，將螢幕的一側轉移到另一側。我們在複合材料領域有很多事情要做，在機械加工、工廠車間溝通以及施工現場也做了很多事情，這些都是市場的拓展，我們將投入相當多的時間。我們把大部分時間都花在了商業模式轉型上，這或許也是理所當然的，因為人們對這個轉型非常感興趣。但正如我所說，這是業務中一個不斷發展且非常重要的組成部分。隨著人們展望未來幾年，這一點將變得越來越重要。布倫特，我們再給你詳細說明。

Thank you. That concludes our question and answer session for today. I would like to turn the conference back over to Autodesk management for any closing comments.

謝謝。今天的問答環節到此結束。我想把會議交還給 Autodesk 管理階層，請他們作總結發言。

Thanks, Karen. That will conclude our call today. As Carl mentioned, we do have our Investor Day next week, next Tuesday, the 6th. It's going to be at our Gallery in San Francisco. And after that, we'll be at the Barclays conference in San Francisco on December 8. If you need to reach me, you can reach me at 415-507-6033 or e-mail me with any questions. Thank you.

謝謝你，凱倫。今天的通話就到此結束。正如卡爾所提到的，我們下週二，也就是6號，將舉行投資者日活動。它將在我們位於舊金山的畫廊展出。之後，我們將於12月8日在舊金山參加巴克萊銀行會議。如果您需要聯絡我，可以撥打415-507-6033或給我發電子郵件，提出任何問題。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 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。