Autodesk Inc (ADSK) 2017 Q4 法說會逐字稿

Good day, ladies and gentlemen and welcome to the Autodesk Incorporated fourth-quarter FY17 earnings conference call. At this time all participants are in a listen-only mode. Later, we'll conduct a question-and-answer session and instructions will be given at that time.

各位女士、先生，大家好，歡迎參加 Autodesk Incorporated 2017 財年第四季財報電話會議。目前所有參與者均處於唯讀模式。稍後我們將進行問答環節，屆時會給予具體說明。

As a reminder, this conference is being recorded. I would you now like to hand the floor over to Dave Gennarelli, Head of Investor Relations. Please go ahead had, sir.

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主管戴夫詹納雷利。請繼續，先生。

Thanks, operator. Good afternoon. Thank you for joining our conference call to discuss the results of our fourth quarter and full year FY17.

謝謝接線生。午安.感謝您參加我們的電話會議，討論我們 2017 財年第四季和全年業績。

On the line are our co-CEOs, Amar Hanspal and Andrew Anagnost. And Scott Herren, our CFO. Today's conference call is being broadcast live via Webcast. In addition a replay of the call will be available at Autodesk.com/investor.

線上的是我們的聯合執行長 Amar Hanspal 和 Andrew Anagnost。還有我們的財務長史考特·赫倫。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評論，我們將在本次電話會議上不再贅述。

During the course of this conference call we will make forward-looking statements regarding future events and the anticipated future performance of the Company. Such as our guidance for the first quarter and full year FY18, 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.

在本次電話會議中，我們將對未來事件和公司預期未來業績做出前瞻性陳述。例如，我們對 2018 財年第一季和全年的業績指引、我們的長期財務模型指引、我們用來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、平均每筆銷售額 (ARPS)、客戶價值、成本結構、我們的市場機會和策略，以及各種產品、地區和產業的趨勢。

We caution you that such statements reflect our best judgment based on factors currently known to us and that actual events or results could differ materially. Please refer to the documents we file from time to time with the SEC, specifically our Form 10-K for the FY16, our Form 10-Q for the period ended October 31, 2016, and our current reports on Form 8-K including the 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 10 月 31 日的 10-Q 表格以及我們當前的 8-K 表格報告，包括今天隨新聞稿和準備好的發言稿一起提交的 8-K 表格。

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

這些文件包含並指明了可能導致我們的實際結果與前瞻性聲明中所包含的結果之間存在差異的重要風險和其他因素。本次電話會議中所作的前瞻性陳述均以今日為準。如果今天之後重播或回顧此通話，通話中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業績指引，但除非在公開場合，否則不會提供任何關於本季業績的進一步指引或更新。

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

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

We will quote a number of numeric or growth changes as we discuss our financial performance. Unless otherwise noted each such reference represents a year on year comparison. And now I'd like to turn the call over to Amar.

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，否則每個此類引用均代表與上一年相比的情況。現在我想把電話交給阿瑪爾。

Thanks Dave. We rounded out a fantastic year with strong fourth quarter results, new model ARR grew 109% at constant currency. New model subscriptions grew by a record 227,000 sequentially.

謝謝你，戴夫。我們以強勁的第四季度業績為精彩的一年畫上了圓滿的句號，新車型 ARR 按固定匯率計算增長了 109%。新車型訂閱量較上季成長22.7萬，創歷史新高。

Recurring revenue jumped to 84% of total revenue and we're beginning to see meaningful volume in our cloud services. It's clear that we're making real progress in our two major initiatives, growing lifetime customer value by moving customers to the subscription model, and increasing adoption of our cloud based solutions. Let's dive into the numbers a little more.

經常性收入佔總收入的比例躍升至 84%，我們的雲端服務業務量也開始顯著成長。很明顯，我們在兩大舉措上都取得了真正的進展：一是透過將客戶轉移到訂閱模式來提高客戶終身價值；二是提高我們基於雲端的解決方案的採用率。讓我們更深入地分析一下這些數字。

For the quarter we added 154,000 net subscriptions bringing the total additions for the year to 530,000. Total subscriptions at the end of the year stood at 3.11 million, an increase of 21%. We're really pleased with the continued momentum of new model subscription additions which grew more than three-and-a-half times as compared to Q4 of last year.

本季我們新增淨訂閱用戶 154,000 戶，使全年新增訂閱用戶總數達到 53 萬戶。截至年底，訂閱用戶總數達到 311 萬，成長了 21%。我們對新增訂閱用戶數量的持續成長動能感到非常滿意，與去年第四季相比，這一數字成長了三倍半以上。

Bear in mind, we accomplished this without having a significant promotion in the market during Q4, so we're really pleased with the overall demand for product subscriptions. Taking a closer look at new model subscriptions, once again product subscriptions drove the majority of the new model sub additions as will likely be the case in most quarters. New customers represented about one third of our new product subscriptions for the quarter which is a consistent trend we've been seeing. These new customers come from a mix of market expansion, growth in emerging countries, former pirates or people who may have been using an alternate design or simulation tool. It's clear that a subscription model is broadening our market opportunity.

請記住，我們在第四季度沒有進行大規模市場推廣的情況下就實現了這一目標，因此我們對產品訂閱的整體需求感到非常滿意。仔細觀察新車型訂閱情況，產品訂閱再次成為新車型訂閱量成長的主要驅動力，這種情況在大多數季度可能都會出現。本季新客戶約占我們新產品訂閱量的三分之一，這是我們一直以來觀察到的趨勢。這些新客戶來自市場擴張、新興國家的成長、前海盜或可能使用過其他設計或模擬工具的人等各種因素。很明顯，訂閱模式正在拓寬我們的市場機會。

We're experiencing continued success with the EBA program in our enterprise named accounts. EBA subscription additions more than doubled over Q4 of last year and total EBA subs grew over 40% for the year. Q4 has always been our biggest quarter for signing large transactions with our enterprise customers and this quarter was no exception. We signed nearly 70 deals worth more than $1 million and over 50 of these were EBAs.

我們在企業指定客戶中持續透過 EBA 計畫取得成功。EBA訂閱用戶數量較去年第四季增加了一倍多，全年EBA訂閱用戶總數成長超過40%。第四季一直是我們與企業客戶簽訂大額交易最多的季度，本季也不例外。我們簽署了近 70 份價值超過 100 萬美元的協議，其中 50 多份是企業協議 (EBA)。

The EBA deal volume was up 50% over Q4 of last year and this is a clear sign that we're successfully and effectively moving our biggest customers to the new model. It's important to remember that these EBAs help drive subscription growth going forward. Since we introduced EBAs, customers that have moved from our older license agreement to the token based EBA have resulted in subscriptions nearly three times higher than before. Keep in mind that most of the EBAs we signed up in Q4 won't start contributing to the subs account until Q1 of this year, consistent with prior years.

EBA 交易量比去年第四季度增長了 50%，這清楚地表明，我們正在成功有效地將我們最大的客戶轉移到新模式。需要注意的是，這些企業協議有助於推動未來的訂閱成長。自從我們推出 EBA 以來，從我們以前的授權協議轉向基於代幣的 EBA 的客戶，其訂閱量幾乎是以前的三倍。請記住，與往年一樣，我們在第四季度簽署的大多數 EBA 協議要到今年第一季才會開始向訂閱帳戶繳款。

Product subscriptions and EBA subscriptions are the business model transition part of our story. The third component of our new model subscription is our cloud products. This is a TAM expansion part of our transition and we continue to build on our leadership in the cloud. We had a record quarter for the cloud, adding three times more cloud subscriptions than in any other quarter in our history. Cloud subscription was driven by BIM 360, our BIM management and collaboration tool, closely followed by Fusion, our cloud based design, simulation and fabrication tool. For the year, cloud subscriptions grew more than 150%.

產品訂閱和 EBA 訂閱是我們商業模式轉型的一部分。我們新訂閱模式的第三個組成部分是我們的雲端產品。這是我們轉型過程中TAM擴張的一部分，我們將繼續鞏固我們在雲端運算領域的領先地位。我們本季的雲端業務創下歷史新高，新增雲端訂閱用戶數量是公司歷史上任何一個季度的三倍。雲端訂閱主要由我們的 BIM 管理和協作工具 BIM 360 推動，其次是我們的基於雲端的設計、模擬和製造工具 Fusion。今年雲端訂閱用戶成長超過 150%。

BIM 360 continues to gain momentum with big wins at large construction companies. A perfect example of this is a multi-million dollar Q4 deal with a large US based contractor. Historically, this customer had been a relatively minor user of some of our design tools like Revit, AutoCAD and Navisworks. Over the past couple of years they've been expanding their deployment and utilization of BIM 360 and their new contract covers an 8,000 subscription mix of BIM 360 Field, Glue and Docs, to be used in 95% of their projects. More than anything else, this transaction illustrates how we're strengthening our alignment with builders and contractors enabling us to reach parts of the $10 trillion construction market like never before.

BIM 360 在大型建築公司中取得了巨大成功，持續發展勢頭強勁。一個完美的例子是第四季度與美國大型承包商達成的數百萬美元的交易。從歷史上看，這位客戶對我們的一些設計工具（如 Revit、AutoCAD 和 Navisworks）的使用量相對較小。在過去的幾年裡，他們一直在擴大 BIM 360 的部署和使用範圍，他們的新合約涵蓋了 8,000 個 BIM 360 Field、Glue 和 Docs 的訂閱組合，將在他們 95% 的專案中使用。這項交易最能說明的是，我們正在加強與建築商和承包商的合作，使我們能夠以前所未有的方式進入價值 10 兆美元的建築市場。

I also want to note that in Q4 we launched Fusion Ultimate which provides enterprise level customers access to advanced design, simulation and manufacturing capabilities. The list price for an annual subscription to Fusion Ultimate is $1,500, which includes consumption credits and this provides us with new opportunities to continue to introduce cutting edge products to our customers.

我還想指出，我們在第四季度推出了 Fusion Ultimate，它為企業級客戶提供先進的設計、模擬和製造功能。Fusion Ultimate 年度訂閱的標價為 1,500 美元，其中包括消費積分，這為我們繼續向客戶推出尖端產品提供了新的機會。

Now, partly offsetting the growth in new model subscriptions was the expected decline in maintenance subscriptions. The fourth quarter has long had the biggest pool of renewal opportunities, so with the maintenance renewal rates similar to our recent trends and no new maintenance agreements being sold, the sequential step-up in attrition was as expected. As we said in the past, 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 at the time, and our ability to incent maintenance customers to switch over to EBAs or to product subscription.

現在，新機型訂閱量的成長部分被預期中的維護訂閱量下降所抵消。第四季一直以來都是續約機會最多的時期，因此，由於維護續約率與我們最近的趨勢相似，而且沒有新的維護協議售出，因此流失率的環比上升也在意料之中。正如我們之前所說，我們預計未來維護訂閱量將持續下降。下降速度將根據續訂訂閱的數量、當時的續訂率以及我們激勵維護客戶轉而使用 EBA 或產品訂閱的能力而有所不同。

That's a perfect segue for me to turn things over to Andrew to talk about ARR and ARPS. Importantly, Andrew will also cover our new program to incent those maintenance customers to move to subscription. Andrew?

這正好給了我一個機會，讓我把麥克風交給 Andrew，讓他來談談 ARR 和 ARPS。更重要的是，安德魯還將介紹我們旨在激勵維護客戶轉向訂閱的新計劃。安德魯？

Thanks, Amar. When we started the business model transition we indicated that subscription growth was a key metric for tracking our progress. Clearly we feel good about the trends we're seeing with subscriptions but ultimately it's the growth in ARR that will enable us to achieve our free cash flow goals.

謝謝你，阿瑪爾。當我們開始進行商業模式轉型時，我們曾指出訂閱成長是衡量我們進展的關鍵指標。顯然，我們對訂閱業務的發展趨勢感到滿意，但最終，ARR 的成長才能使我們能夠實現自由現金流目標。

So we're happy to report that the trends we're seeing in both are positive. New model ARR growth surged to 109% on a constant currency basis and reflects the continued strong uptake of all of our new model subscription offerings. The total ARR grew 19% in constant currency and about one third of our total ARR is now driven by new model subscriptions. That's up from just 19% in Q4 of last year and it's a clear indicator of the significant progress we've made this year.

因此，我們很高興地報告，我們看到的這兩個領域的趨勢都是正面的。以固定匯率計算，新模式的 ARR 成長飆升至 109%，反映出我們所有新模式訂閱產品的持續強勁成長。以固定匯率計算，年度經常性收入總額增加了 19%，目前約有三分之一的年度經常性收入是由新模式的訂閱驅動的。這一比例較去年第四季的 19% 有所上升，清楚地表明了我們今年取得的重大進展。

You might also recall that at the Investor Day, I said that we would start to see ARPS trending up in the second half of FY18. In Q4 2017 we did experience a sequential increase in ARPS but this does not indicate a permanent trend or an inflection point.

您可能還記得，在投資者日上，我曾說過，我們將在 2018 財年下半年開始看到 ARPS 呈上升趨勢。2017 年第四季度，我們的 ARPS 確實出現了環比增長，但這並不意味著永久趨勢或轉折點。

As you recall, in Q1 and Q3 we had successful legacy promos which brought in a lot of subscriptions at lower ARPS. We did not run a promo in Q4 and that positively impacted ARPS. Going forward, the ARPS calculation will continue to be extremely sensitive to short-term shifts in term length, geo mix, promotions, et cetera. We expect to see ARPS flux up or down on a quarterly basis and it will not increase monotonically throughout the year.

您應該還記得，在第一季和第三季度，我們成功推出了傳統促銷活動，以較低的平均每用戶收入 (ARPS) 帶來了大量訂閱用戶。我們在第四季度沒有進行促銷活動，這對平均每筆訂單金額產生了積極影響。展望未來，ARPS 計算將繼續對期限長度、地理組合、促銷活動等短期變化極為敏感。我們預計 ARPS 會按季度波動，並且不會在全年單調成長。

Now I want to pick up where Amar left off regarding our maintenance subscription base and build on my comments from Investor Day. At the end of Q4 we had just over 2 million maintenance subscriptions. Starting today we are starting taking a number of steps to encourage these customers to move to product subscription and to do so sooner rather than later. We want the best for these customers and product subscription provides them the greatest value and access to our offerings.

現在我想接著 Amar 剛才的話題，談談我們的維護訂閱基礎，並補充我在投資者日上發表的觀點。第四季末，我們的維護訂閱用戶剛超過200萬。從今天開始，我們將採取一系列措施，鼓勵這些客戶轉向產品訂閱模式，並且越早越好。我們希望為這些客戶提供最好的服務，產品訂閱可以為他們提供最大的價值和獲取我們產品和服務的途徑。

So let me get into the information that you've been asking for since we talked about this at Investor Day. Information we just communicated to our customers and channel partners this morning. Beginning in June, maintenance customers can move to product subscription for a loyalty discount of 60% less than the cost of a new product subscription.

那麼，讓我來解答一下自投資者日以來大家一直要求的資訊。我們今天早上剛剛將這些訊息傳達給了我們的客戶和通路合作夥伴。從 6 月開始，維護客戶可以轉為產品訂閱，享受忠誠客戶折扣，比新產品訂閱的價格低 60%。

This discount will decrease by 5% for each of the following two years. So the earlier the customer switches, the more they'll save. This discount allows the maintenance customer to move to subscription at a 5% increase over their current price and lock that price in for three years. In exchange for turning in their perpetual license. A maintenance customer can choose to stay on maintenance but they will be subject to a 5% increase this year, a 10% increase in FY19, and a 20% increase in FY20. In addition, maintenance customers will no longer be able to purchase multi-year contracts.

接下來兩年，該折扣將每年遞減 5%。因此，客戶越早轉換，就能節省越多。這項折扣允許維護客戶以比當前價格高出 5% 的價格升級為訂閱用戶，並鎖定該價格三年。作為交出永久駕照的交換條件。維護客戶可以選擇繼續使用維護服務，但今年將面臨 5% 的漲幅，2019 財年將面臨 10% 的漲幅，2020 財年將面臨 20% 的漲幅。此外，維護客戶將無法再購買多年合約。

So why are these customers going to of move? Product subscription offers the greatest value to our customers as it provides increased flexibility, support, and access to our cloud products. The loyalty pricing will be a big driver.

那麼，這些顧客為什麼要搬家呢？產品訂閱為我們的客戶提供了最大的價值，因為它提高了靈活性、支援和對我們雲端產品的存取權。忠誠度定價將成為一大驅動因素。

This program blends all the right elements, a customer friendly element with the loyalty price and the pressure driver of the maintenance price increases. It's a simple program, the partners know how to run it, the sales force knows how to run it and they're highly motivated to do it well. Beyond that, the program offers our customers the most attractive pricing for moving to collections they will ever see. And we expect many customers to move their standalone maintenance seats to collections.

該計劃融合了所有正確的要素：以客戶為中心的忠誠度價格，以及維護價格上漲帶來的壓力驅動因素。這是一個簡單的項目，合作夥伴知道如何運行，銷售人員也知道如何運行，而且他們都非常有動力把它做好。除此之外，該計劃還為我們的客戶提供他們所能見到的最具吸引力的移交至催收服務的價格。我們預計許多客戶會將他們的獨立維護席位轉移到集合服務。

It's also important to remember that the maintenance customer will be subject to a 5% increase this year whether they take advantage of the loyalty pricing and move to product subscription or if they stick with their traditional maintenance. This migration will be good for both Autodesk and our customers as it moves them to the newest and best product experience. Now I'll turn it over to Scott for a closer look at some of the financials.

還需要記住的是，無論維護客戶是利用忠誠度定價轉為產品訂閱，還是繼續使用傳統的維護服務，今年都將面臨 5% 的價格上漲。此次遷移對 Autodesk 和我們的客戶都有好處，因為它將使他們能夠體驗最新、最好的產品。現在我將把鏡頭交給史考特，讓他更詳細地看一些財務數據。

Thanks, Andrew. All of you should have the prepared remarks document which is the best source for our financial details so I'm not going to walk you through them all. But I do want to hit on a couple of noteworthy items and talk about our business outlook for FY18.

謝謝你，安德魯。你們都應該已經拿到準備好的備註文件，這是我們財務細節的最佳來源，所以我不會逐一講解。但我確實想重點談談幾個值得注意的事項，並談談我們對 2018 財年的業務展望。

Starting with revenue, total direct revenue for the fourth quarter increased once again and represented 32% of total revenues. That's up from 23% in Q4 last year and just 19% two years ago. That's a lot of progress over a relatively short period of time as we continue to grow the volume of business with both our large enterprise customers as well as on our e-store. As we indicated we believe there is still room for our direct business to grow over the next few years as we progress on the model transition.

先來看收入，第四季總直接收入再次成長，佔總收入的 32%。這一比例高於去年第四季的 23%，也高於兩年前的 19%。在相對較短的時間內取得瞭如此大的進步，我們不斷擴大與大型企業客戶以及我們網上商店的業務量。正如我們之前所指出的，隨著我們推動模式轉型，我們相信未來幾年我們的直接業務仍有成長空間。

Moving to spend management. We're really proud of what we've accomplished on the expense side. We started the year with a goal of keeping non-GAAP spend flat to down 1%. We ended up reducing it by 3% for the fiscal year and 4% in the fourth quarter. We accomplished this by making sure we're investing in consider elements of our transition while reducing spend in other areas.

轉向支出管理。我們對在費用控制方面所取得的成就感到非常自豪。年初我們的目標是將非GAAP支出控制在持平或下降1%。我們最終在本財年將其減少了 3%，第四季減少了 4%。我們透過確保在轉型過程中對各個環節進行投資，同時減少其他領域的支出，實現了這一目標。

Part of the reduction this year was the result of the restructuring we announced at the beginning of the year, coupled with a relentless focus on driving efficiencies across the organization. We significantly reduced our M&A activity this year and we've been simplifying the product portfolio. We remain committed to keeping spend flat through FY19 and believe we can do so without compromising the long-term health of the Company.

今年裁員的部分原因是年初我們宣布的重組計劃，以及我們持續不斷地致力於提高整個組織的效率。今年我們大幅減少了併購活動，一直在簡化產品組合。我們仍致力於在 2019 財年保持支出不變，並相信我們可以在不損害公司長期健康發展的前提下做到這一點。

During this stage of our transition deferred revenue is a better measure of our business than reported revenue. Total deferred revenue grew 18% against a tough compare last year when we attached a very high percentage of maintenance contracts along with the last sale of perpetual licenses for individual products.

在我們轉型階段，遞延收入比報告收入更能衡量我們的業務狀況。與去年同期相比，總遞延收入成長了 18%，而去年同期由於維護合約佔比非常高，加上最後一次銷售單一產品的永久許可證，導致收入大幅下降。

As I mentioned in December, the work we've been doing over the past several quarters on our operating structure has allowed us to move about $1.7 billion of our offshore cash into foreign subsidiaries that are branches of Autodesk US. If we look at our cash balance at quarter end, approximately 85% can be used without incremental US tax. That equates to $1.9 billion. Of course, we need to keep some of our cash for operating needs but we intend to put the majority of it into our stock buyback program and execute on that over the next several quarters using both programmatic and opportunistic means.

正如我在 12 月提到的，過去幾個季度我們一直在改進營運結構，這使得我們可以將大約 17 億美元的海外現金轉移到 Autodesk US 的海外子公司分支機構。如果我們看一下季度末的現金餘額，大約 85% 可以在不繳納額外美國稅款的情況下使用。那相當於19億美元。當然，我們需要保留一些現金用於運營，但我們打算將大部分現金投入到股票回購計劃中，並在接下來的幾個季度裡，透過計劃性和機會性手段來執行該計劃。

We've been increasing our buyback this year and in Q4 we repurchased 2.9 million shares. For the year we repurchased nearly 10 million shares, resulting in a reduction of over 4 million. We're making steady progress on this front and over the past two years have reduced our basic share count by about 3%.

今年以來，我們一直在增加股票回購，第四季我們回購了 290 萬股。今年我們回購了近 1,000 萬股股票，導致持股數量減少了 400 多萬股。我們在這方面取得了穩步進展，過去兩年中，我們的基本股份數量減少了約 3%。

Overall we're extremely pleased with our Q4 and full year FY17 results. We have increased confidence that the transition is working for our customers, for our partners, and for Autodesk. And that we're on track for the FY20 targets we set.

整體而言，我們對2017財年第四季和全年業績都非常滿意。我們越來越有信心，此次轉型對我們的客戶、合作夥伴以及 Autodesk 本身都是有利的。我們正按計畫達成2020財年設定的目標。

Turning now to our outlook. Our view of the global economic conditions remains consistent with our view over the past several quarters. With most of the mature markets performing relatively well while many of the emerging markets have been challenging.

現在來談談我們的展望。我們對全球經濟情勢的看法與過去幾季以來的看法保持一致。大多數成熟市場表現相對良好，而許多新興市場則面臨挑戰。

We continue to monitor for changes in Europe stemming from Brexit but to date we have not experienced any impact. With the new administration in the US it's far too early to determine any impact from proposed policy changes around tax reform, trade and tariffs, infrastructure spend, or whatever the next executive order might be. As we look ahead to FY18 it will be our first full year in the subscription only model and as such we believe it's prudent to take an appropriately conservative approach to our outlook for the year, while remaining confident in our ability to achieve our long-term targets.

我們持續關注英國脫歐為歐洲帶來的變化，但到目前為止，我們尚未感受到任何影響。美國新政府上台後，現在判斷圍繞稅收改革、貿易和關稅、基礎設施支出或下一項行政命令的擬議政策變化會產生什麼影響還為時過早。展望 2018 財年，這將是我們全面採用訂閱模式的第一年，因此我們認為，對這一年的前景採取適當保守的態度是審慎的，同時我們對實現長期目標的能力仍然充滿信心。

Here are primary financial goals we're setting for FY18. We're projecting that total ARR growth will increase to between 24% and 26%.

以下是我們為 2018 財年設定的主要財務目標。我們預計年度經常性收入總成長率將達到 24% 至 26%。

Subscription additions are projected to increase by 600,000 to 650,000, which equates to about a 20% increase. Bear in mind that the sales team focus that goes into the maintenance to subscription program Andrew discussed earlier will drive higher lifetime values from those who convert but will not drive any additional subscription adds. Spending will be about flat and we expect the percentage of recurring revenue to increase to approximately 90% beginning in Q1. As we look at our outlook for Q1 keep in mind that total ARR growth and subscription additions will build over the course of the year.

預計新增訂閱用戶將增加 60 萬至 65 萬，增幅約 20%。請記住，Andrew 先前提到的銷售團隊專注於維護到訂閱計畫的做法，將提高轉換用戶的終身價值，但不會帶來任何額外的訂閱成長。支出將基本持平，我們預計從第一季開始，經常性收入的比例將上升至約 90%。展望第一季時，請記住，年度經常性收入總額成長和訂閱用戶增加量將在年內逐步提高。

Another item that I mentioned in December is that we are working to further improve the transparency of our revenue reporting. As such, starting in the first quarter we're planning to have three revenue lines. One for subscriptions, one for maintenance, and one for other revenue. In this format I'll new model subscription revenue will be reported in the subscription line and all of maintenance revenue will be reported in the maintenance line. Any remaining nonrecurring revenue will be reported as other revenue.

我在 12 月提到的另一件事是，我們正在努力進一步提高收入報告的透明度。因此，從第一季開始，我們計劃推出三個收入來源。一個用於訂閱，一個用於維護，一個用於其他收入。在這種格式下，新的訂閱收入將在訂閱行中報告，所有維護收入將在維護行中報告。剩餘的非經常性收入將作為其他收入報告。

To alleviate the need for the recon table we've been including in prepared remarks and should significantly improve the link between our financials and our business model transition. In this format subscription revenue times four will equal new model ARR, maintenance revenue times four will equal maintenance ARR. And you'll be able to better isolate the nonrecurring revenues that flow into the other revenue line.

為了減輕對核對錶的需求，我們已將其納入準備好的發言稿中，這將大大改善我們的財務狀況與業務模式轉型之間的聯繫。在這種模式下，訂閱收入乘以四等於新模式的年度經常性收入 (ARR)，維護收入乘以四等於維護模式的年度經常性收入 (ARR)。這樣你就能更好地將流入其他收入來源的非經常性收入分開。

One side effect of this change to call out is that it changes the inputs to our ARR calculation to include a couple of small legacy products. If we applied this methodology to our FY17 results, our total ARR would have been about $40 million higher. We have factored this change into our guidance assumptions for FY18 so that we're comparing apples-to-apples. And we will give you visibility to all of FY17 with this small tweak.

需要指出的是，這項變更的一個副作用是，它改變了我們 ARR 計算的輸入，使其包含一些小型遺留產品。如果我們把這種方法應用到 2017 財年的績效中，我們的年度經常性收入總額將增加約 4,000 萬美元。我們已將這項變更納入 2018 財年的業績預期假設中，以便進行公平的比較。透過這項小小的調整，我們將讓您能夠查看 2017 財年的所有數據。

To wrap things up we've executed well over the past several quarters and we're looking forward to building on this success as we head into FY18 and the next stage of our transition. I want to thank our employees and partners who have worked so hard to make last year a success. I also want to recognize Carl Bass for his leadership and tireless service to Autodesk over the past 20-plus years. We look forward to his continued input as a special advisor over the next few months and an ongoing Board member.

總結起來，過去幾季我們執行得都很出色，我們期待在進入 2018 財年和轉型下一階段之際，能夠在此成功的基礎上再接再厲。我要感謝我們的員工和合作夥伴，感謝他們為去年的成功所付出的辛勤努力。我還要感謝 Carl Bass 在過去 20 多年裡對 Autodesk 的領導和不懈努力。我們期待他在接下來的幾個月繼續以特別顧問和董事會成員的身份提供意見。

As we undergo the CEO transition both Andrew and Amar have our full confidence to lead the Company to continued success. Operator, we'd now like to open up the call for questions.

在公司進行執行長交接之際，我們對 Andrew 和 Amar 都充滿信心，相信他們能夠帶領公司繼續取得成功。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 for today comes from the line of say Saket Kalia from Barclays.

我們今天的第一個問題來自巴克萊銀行的薩凱特·卡利亞先生。

Hi, guys, thanks for taking my questions here. Maybe just first to start with, Andrew. Andrew, you kind of talked about some of the changes that you're making to maintenance pricing and new model to incentivize that conversion.

大家好，感謝你們回答我的問題。或許可以先從第一個開始，安德魯。Andrew，你剛才談到了一些關於維護定價的改變以及為了激勵用戶轉換而採用的新模式。

Could you quickly recap the promotion that you're specifically running on product subscription if they trade in their perpetual license? More broadly, how are you thinking about the maintenance subs to new model subs conversion in 2018?

能否簡單概括一下，如果用戶以永久授權置換產品，你們正在進行的針對產品訂閱的促銷活動具體內容？更廣泛地說，您如何看待 2018 年維護型潛艇向新型潛艇的轉換？

Let me just recap some basic details here so you get the understanding. The way this works is the customer in return for trading in their perpetual license gets a very big discount to move to subscription. Essentially what they're doing is they're paying 5% more than they would pay today on their current maintenance if they were going right now today.

我在這裡簡單回顧一些基本細節，以便您理解。具體操作方法是，客戶用永久授權換取訂閱服務的大幅折扣。實際上，他們現在支付的費用比他們今天進行當前維護時多 5%。

So they get to of move over at that price and they get to lock that price in for three years. If they move early they get much more advantage than if they wait. One of the things that's important about this program is things we're looking at is we want to move as many of these maintenance customers as possible.

所以他們可以用這個價格成交，並且可以鎖定這個價格三年。如果他們及早行動，就能比等待獲得更大的優勢。這個項目的重要意義之一在於，我們希望盡可能轉移這些維修客戶。

Really we want to move 100%. Churn is the enemy of this program. The reason we structured it the way we have with these 5% increases and this discount to move is because we want 100% of them to move.

我們真的想百分之百地推進。人員流動是這個專案的敵人。我們之所以這樣安排，提供 5% 的漲幅和搬遷折扣，是因為我們希望 100% 的人都能搬遷。

And the advantages we're going to get out of this is look, as they move, they're going to be making different kinds of choices. A lot of them are going to have the best possible price to get to collection that they've ever seen. So what we're going to see instead of a customer moving from maintenance on AutoCAD to subscription on AutoCAD, they're going to move from AutoCAD maintenance to collections subscription. Which by the way adds a greater uplift on top of the maintenance base than just what we're doing.

我們從中獲得的優勢是，隨著他們的遷徙，他們會做出不同類型的選擇。許多收藏將以他們所見過的最優惠價格進入收藏階段。因此，我們將看到的不是客戶從 AutoCAD 維護服務轉向 AutoCAD 訂閱服務，而是客戶從 AutoCAD 維護服務轉向合集訂閱服務。順便說一句，這比我們目前所做的工作更能提升維護成本。

In addition, some of the customers are going to stay behind on maintenance. This is just going to be their preferred path. They're going to stay there until the second year of the program and maybe not move until the third year of the program.

此外，部分客戶的維護工作將會落後。這只是他們傾向於選擇的道路。他們會在那裡待到計畫第二年，可能要到計畫第三年才會搬走。

They're obviously going to see continual price increases to maintain that perpetual license, but if it's important to them. They're going to end up paying more.

為了維持永久授權，他們顯然會面臨持續的價格上漲，但如果這對他們來說很重要的話。他們最終會付出更多代價。

But the net result of what we're trying to do is over a three year period move the majority of that base over. I'm not going to give you specifics about how many we expect to move over this year but we certainly expect people to start considering this program. We expect to see a lot of our larger customers at the top of the pyramid and down at the bottom where they get a lot of engagement from partners moving quickly.

但我們努力的最終目標是在三年內將大部分人口轉移過來。我不會透露今年預計會有多少人搬過來，但我們當然希望人們開始考慮這個項目。我們預計，我們的許多大客戶將位於金字塔的頂端，而位於金字塔的底部，他們將從行動迅速的合作夥伴那裡獲得大量參與。

Great. That's really helpful. And then maybe for my follow-up, actually for you again, Andrew, I just want to confirm, I think you mentioned that new model ARPS of course was up this quarter, but could flux quarter to quarter.

偉大的。這真的很有幫助。然後，我可能要跟進一下，其實還是想再問你一下，安德魯，我只是想確認一下，我想你提到過，新模型 ARPS 當然在本季度有所增長，但可能會逐季波動。

I may have missed it but can you just confirm, it sounded like it should be roughly flat from a dollar perspective throughout 2018. Is that correct?

我可能錯過了，但你能確認一下嗎？聽起來從美元的角度來看，2018 年全年應該大致持平。是這樣嗎？

So if you remember what I said at Investor Day earlier, it's going to start to trend up in the second half of the year. The increase we saw in Q4 is basically a result of the fact that we didn't have a promo in Q4 and we had one in Q3. So you're not going to see that continue.

所以，如果你還記得我之前在投資人日上說過的話，那就是它將於今年下半年開始呈現上升趨勢。第四季的成長主要是因為我們在第四季沒有進行促銷活動，而我們在第三季進行了促銷活動。所以這種情況不會繼續下去了。

You're going to see some kind of variability as we head through Q1, Q2 and into Q3 but as we move into the second half it's not going to be flat. It's actually going to trend up in the latter half of the year. And that's just going to be a result of the accumulation of new model ARPS that we're going to be seeing especially on the product sub side and the mix of more mature markets buying product subs.

在第一季、第二季以及第三季度，你會看到一些波動，但進入下半年後，情況不會再趨於平穩。實際上，下半年它的趨勢將會上升。而這只是由於我們將看到的新型ARPS的積累，尤其是在產品細分方面，以及更成熟的市場購買產品細分的組合。

That's very helpful. Thanks very much.

那很有幫助。非常感謝。

You're welcome.

不客氣。

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。

Great. Thank you. I was wondering if you could give us a little bit more color.

偉大的。謝謝。我想請您再補充一些細節。

I remember at the investor day and I apologize if you touched on this in earlier comments. If you could give us a little bit more color about the mix of the cloud subs versus the new -- versus the desktop subscriptions. Let us know, one, kind of where are you seeing strength in that and how do you -- how are you thinking about splitting that out going forward they terms of disclosure?

我記得在投資者日上，如果您之前的評論中提到過這一點，我深表歉意。如果您能更詳細地介紹一下雲端訂閱、新推出的桌面訂閱之間的組成情況，那就太好了。請告訴我們，首先，您認為這方面的優勢在哪裡？其次，您打算如何根據揭露條款來拆分這部分內容？

Well, Heather, let me take the first part of that question and then Scott can weigh in on the disclosure part. We saw strength across the board on all types of subscriptions. Clearly product subscriptions were very strong and we saw EBAs as I mentioned in the earlier remarks, we had lots of strength in the EBA.

好的，Heather，讓我先回答這個問題的第一部分，然後Scott可以就資訊揭露部分發表意見。我們看到所有類型的訂閱業務都表現強勁。顯然，產品訂閱非常強勁，正如我之前提到的，我們在 EBA 方面也擁有強大的實力。

We had a record quarter in the cloud because I think it was three times the number of subscriptions that we had seen in any prior quarter. So we are definitely seeing a lot of growth from our new cloud based offerings. But we have continued strength in product subscriptions across the board and we expect that momentum to be carried into this fiscal year.

我們在雲端業務方面取得了創紀錄的季度業績，因為訂閱用戶數量是之前任何季度的三倍。因此，我們新的雲端產品確實帶來了很大的成長。但我們的產品訂閱業務整體保持強勁勢頭，我們預計這一勢頭將延續到本財年。

Heather, within that, the strength comes from BIM 360, largely followed by fusion and then shotgun. It was a very strong quarter. It's good to see the cloud products, which will be key to kind of the second wave of the transition, but the cloud products begin to take off.

Heather，其中，優勢主要來自 BIM 360，其次是融合，然後是霰彈槍。這是一個非常強勁的季度。很高興看到雲端產品，它們將是轉型第二波的關鍵，而且雲端產品已經開始起飛。

In terms of disclosure, I would he say at this point while it's -- we're seeing good growth, it's still good growth off a small base and it's having a bigger effect obviously on subs than it is on ARR. As that becomes material, or we think it's clouding the results and making it too difficult to model, that's when we'll consider breaking it out.

就資訊揭露而言，我認為目前雖然我們看到了良好的成長，但這是在一個較小的基數上取得的良好成長，而且顯然對訂閱用戶的影響比對年度經常性收入的影響更大。當這種情況變得實質性，或者我們認為它影響了結果，使建模變得過於困難時，我們才會考慮將其單獨列出。

One quick follow-up if you don't mind. In regards to the changes that you sent out to the channel partners today, what's been -- have you heard any -- I imagine you kind of tested the waters on this of before you did it.

如果您不介意的話，我想快速問一個後續問題。關於您今天發送給通路夥伴的變更，您有沒有聽到任何回饋？我想您在實施前應該已經試探過市場反應了吧。

What type of feedback did you get from customers or from channel partners about the strategy to basically customer maintenance -- customers paying that increase in price and the move to subscription. Basically trading they your license to move to subscription. What type of feedback did you hear if you ran that by any of your larger customers before you did this in.

您從客戶或通路夥伴那裡收到了哪些關於客戶維護策略（即客戶支付價格上漲和轉向訂閱模式）的回饋？基本上，他們透過交易將你的許可證轉為訂閱制。在實施這項計畫之前，如果你向一些大客戶徵求意見，你聽到了什麼樣的回饋？

So Heather, we do test a lot of these things. Amar and I just got back from our sales conference and I think the most relevant feedback I can give you is that our partners are very positive about this program. Mostly because they really -- they see an opportunity for them to go in and have a conversation with the customer.

所以希瑟，我們確實測試了很多這些東西。我和 Amar 剛從銷售會議回來，我認為我能給你的最相關的回饋是，我們的合作夥伴對這個專案評價非常積極。主要原因是他們真的看到了一個機會，可以進去和顧客交談。

They also see a big opportunity to get the customer's collections and frankly living in two worlds where they have a maintenance model and a subscription model isn't exactly in the partner's or the customer's best interest. With regard to the customer reaction, I think it's going to take us a little bit more time to gather that reaction.

他們也看到了獲取客戶收藏品的巨大機會，坦白說，同時採用維護模式和訂閱模式，對合作夥伴和客戶來說都不是什麼好事。至於客戶的反應，我認為我們需要更多時間來收集回饋。

The net that the customers are going to see in terms of value is going to increase. It's going to take us time to really get that -- obviously we didn't test all of this with our customers before we rolled it out because of the nature of the program.

客戶最終獲得的價值淨值將會增加。我們需要時間才能真正理解這一點——顯然，由於該計劃的性質，我們在推出之前並沒有對客戶進行所有這些測試。

What I'd add to that, just what I'd add to that is when from the customer's perspective we're seeing our largest customers really respond very well to the flexibility of product subscriptions. It suits their way of doing business and also at the low end we're seeing people really respond well to the lower cash outlay that subscriptions demand from them and the channel is really energized and is excited.

我想補充的是，從客戶的角度來看，我們發現我們最大的客戶對產品訂閱的靈活性反應非常好。這很符合他們的經營方式，而且在低端市場，我們看到人們對訂閱模式較低的現金支出反應良好，頻道也因此充滿活力，令人興奮。

This is a thing they know how to do well and that was the feedback that Andrew referred to that we got at OTC. I think right now it feels like the right set of things that are under way.

這是他們擅長的領域，也是 Andrew 提到的我們在 OTC 上得到的回饋。我覺得現在一切都在朝著正確的方向發展。

Great. Thank you.

偉大的。謝謝。

Thank you. 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. Andrew, I didn't quite catch, if somebody moves from AutoCAD maintenance to collections, what's the actual uplift that we would see?

好的，謝謝。嗨，大家好。Andrew，我沒太明白，如果有人從 AutoCAD 維護轉到收款部門，我們實際上能看到怎樣的提升？

Yes, so let me kind of do a little quick -- I'm not going to do all the math. I'll give you a quick example. If they just move to AutoCAD to AutoCAD it's essentially a 5% increase from the maintenance as it is used today.

是的，那我就簡單簡單地算一下──我不會做所有的計算。我給你舉個簡單的例子。如果他們只是從 AutoCAD 遷移到 AutoCAD，那麼維護成本實際上會比現在使用的軟體增加 5%。

However, if they move that AutoCAD to a collection, it's going to be several hundred dollars higher than that. All right. And it's basically the delta.

但是，如果他們把那份 AutoCAD 檔案移到收藏夾裡，價格會比這高出幾百美元。好的。它基本上就是三角洲。

So it's a significant uplift over what they'd be paying normally, much more than 5%. But it's the smallest delta they'll ever see in terms of getting to collections.

所以這比他們正常支付的價格高出很多，遠超過 5%。但就收款而言，這是他們所能遇到的最小差距。

I think what you need to focus on is the fact that they'll never have a better way to get to collections than this path. Essentially if they wait and they find that collections are important part of their solution in the future they're going to pay a lot more.

我認為你需要關注的是，他們再也不會有比這條路更好的途徑來獲取收藏品了。本質上，如果他們等待，將來發現催收是他們解決方案的重要組成部分，他們將付出更高的代價。

A lot of customers, just like back in the sweeps days when we ran all the sweeps plays, they're going to opt to take the collection route because the price is so attractive now. But it's still -- they're still going to pay more because they moved to the collections. It's not going to be just a 5% uplift of their current maintenance, it's much more than that.

就像以前我們搞抽獎活動的時候一樣，很多顧客都會選擇收款方式，因為現在的價格非常誘人。但是，由於債務被轉入催收程序，他們仍然需要支付更多費用。這不僅僅是比他們目前的維護費用提高 5%，而是要高得多。

That makes sense. The follow-up is, not that I'm expecting you to quantitatively tell us what's built into the guidance. But can you give us a feel for, okay how did you go about baking in the impact of this program into the guidance?

這很有道理。接下來我想問的是，我並不是希望你用量化的方式告訴我們指南包含了哪些內容。但是，您能否簡要說明一下，您是如何將該計劃的影響融入指導方針中的？

So if there's a massive, everybody says yes, I really want to convert, I really want to go to collections. What does that do to -- is it an immediate impact to revenue and cash flow?

所以如果有大規模的轉化，每個人都會說「是的，我真的很想轉化，我真的很想去收藏」。這會對收入和現金流產生什麼影響？會立即產生影響嗎？

How does it come in? On the flip side, if everybody says yes, I get what you're doing but I'm just not interested and it's light of what you expect. What kind of magnitude impact can we see to the way you guided?

它是如何產生的？另一方面，如果每個人都說“是”，我明白你的意思，但我就是不感興趣，而且這與你的期望相去甚遠。你的指導方式能產生多大的影響力？

So the most important thing you need to remember is it's plus 5% on the maintenance base no matter what happens. There's a price increase in the maintenance base that happens just as a matter of course. The whole entire maintenance base is going to see a 5% price increase.

所以你最需要記住的是，無論發生什麼，維護費都會在基本工資的基礎上增加 5%。維護基礎成本上漲是理所當然的。整個維護基礎服務的價格將上漲 5%。

They can choose to roll that 5% price increase into a subscription program at a three-year lock if they want to. But they're all going to see a 5% increase.

如果他們願意，可以選擇將這 5% 的價格上漲納入三年鎖定期的訂閱方案中。但他們都將迎來 5% 的成長。

To your second question about a specifics about how many are going to move to collections, that's something we're going to watch over time. I expect most of that will be -- we'll see later in the year as people try to decide. But everybody's going to see 5%.

關於你的第二個問題，即具體有多少房產將被移交至收藏機構，我們將隨著時間的推移密切關注此事。我預計大部分情況會是——我們會在今年晚些時候看到，屆時人們會做出決定。但每個人都會看到 5%。

Sterling, said another way, the price for maintenance after the 5% uplift is the exact same price they would pay if they converted to subscription instead. So it's from a modeling standpoint for FY18 it's the same whether they convert or not.

換句話說，英鎊在 5% 的價格上漲後，維護費用與他們轉為訂閱模式所支付的價格完全相同。所以從 2018 財年的建模角度來看，無論他們是否轉換，結果都是一樣的。

Makes sense. Thank you guys.

有道理。謝謝大家。

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

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

For Amar and Andrew, could you talk you about how you've arranged the division of labor between yourselves as co-CEOs, so long as this arrangement lasts. How are you dividing your respective responsibilities for overseeing product sales, operations and the like?

對於 Amar 和 Andrew，你們能否談談作為聯合首席執行官，你們是如何安排彼此之間的勞動分工的，只要這種安排能夠持續下去？你們是如何劃分各自在產品銷售、營運等方面的職責的？

Yes, Jay, we are sharing responsibilities rather than dividing them. Andrew and I have been sort of co-architects of the plan that you're seeing unfold right now. We're continuing to work very closely together on both the technology transition, as well as the business model transition that's implied.

是的，傑伊，我們是在共同承擔責任，而不是劃分責任。我和安德魯可以說是你們現在看到的這個計畫的共同策劃者。我們將繼續密切合作，共同推動技術轉型以及由此帶來的商業模式轉型。

What he and I have been focusing on is driving greater focus and urgency on the execution of the plan and basically making decisions jointly through this period. So I wouldn't -- while Andrew continues to do his marketing role and I continue to do my product role, the executive decisions we are making we're making jointly.

他和我一直以來的重點是提高計劃執行的重視程度和緊迫性，並在此期間共同做出決策。所以，我不會——雖然 Andrew 繼續擔任他的行銷角色，我繼續擔任我的產品角色，但我們共同做出的執行決策。

Jay, just so you know how we moved into this mode. We started this mode well before the announcement of Carl's departure. We got ourselves into a cadence of how we were going to make decisions, how we were going to work together on some of these things.

傑伊，我只是想讓你知道我們是如何進入這種模式的。早在卡爾宣布離職之前，我們就開始採取這種模式了。我們逐漸形成了一套決策節奏，以及在這些事情上如何合作。

Jay, you know, we've worked together for a long time. We have a pretty good cadence set up already. There was no disruption as we moved from the pre to the post Carl era.

傑伊，你知道，我們一起工作很久了。我們已經設定了一個相當不錯的節奏。從卡爾時代之前到之後，我們沒有遇到任何混亂。

My follow-up is. Did you say at Analyst Day or the last call that you expected the new models subs base to exceed the classic maintenance subs base by the end of this fiscal year.

我的後續問題是：您在分析師日或上次電話會議上是否說過，您預計到本財年末，新車型的訂閱用戶基數將超過經典維護車型的訂閱用戶基數？

That's correct. This is the crossover year, Jay.

沒錯。傑伊，今年是跨界之年。

Okay. And related to that, could you talk about how you're thinking about the channel comp effects of this program in terms of their activity, how they get comped as they look you through this program and what the --

好的。另外，您能否談談您如何看待這個節目對頻道推廣的影響，包括他們的觀看行為、觀看節目時獲得的推廣機會以及其他相關因素？

Are you talking about the maintenance to subscription program?

您指的是維護轉訂閱計畫嗎？

Correct.

正確的。

Okay. Obviously the comp structure is going to change on maintenance a bit as time goes on. Otherwise the incentives wouldn't be in the right direction.

好的。顯然，隨著時間的推移，維護方面的薪酬結構會發生一些變化。否則，激勵機制就無法朝著正確的方向發展。

A partner is going to make more moving a customer to subscription than they're going to make keeping the customer on maintenance. Obviously it's going to be take a little bit from one and give it to the other.

合作夥伴將客戶轉化為訂閱用戶所獲得的收益，將比讓客戶繼續使用維護服務所獲得的收益更高。顯然，這需要從一方取走一些東西，然後給予另一方。

Thanks very much.

非常感謝。

Thanks, Jay.

謝謝你，傑伊。

Thank you. Our next question comes from the line of Phil Winslow from Wells Fargo.

謝謝。我們的下一個問題來自富國銀行的菲爾溫斯洛。

Thanks, guys. Congrats on a great end of the year. Just have two questions here.

謝謝各位。恭喜你圓滿結束了這一年。我只有兩個問題。

When you look at the subscriptions right now, the net new subscriptions that you're seeing, where are people most compelled to move. Obviously you have products here in the manufacturing vertical, civil vertical, commercial construction. Where are you seeing the earliest uptake.

當你觀察當前的訂閱情況，特別是新增訂閱量時，你會發現人們最傾向於遷移到哪些平台。顯然，你們的產品涵蓋製造業、土木工程和商業建築等領域。你發現最早的接受度出現在哪裡？

I would certainly say AEC has been a place where -- we see strength across all our verticals, honestly. We started this journey on product subscriptions actually with our M&E business first. As we rolled it out into other product segments, we've seen strength in demand across all verticals.

我當然可以說，AEC 一直是我們各個垂直領域都表現強勁的領域，這是真的。實際上，我們最初是從媒體與娛樂業務開始的產品訂閱模式起步的。隨著我們將其推廣到其他產品領域，我們發現各個垂直領域的需求都很強勁。

I would say that our AC business grows, is continuing to grow very -- at a very healthy rate, really driven by the adoption of building information modeling around the world. That's in building, in civil, all the sub-verticals in AEC. Manufacturing has been extremely strong for us as well.

我認為我們的空調業務正在成長，而且成長速度非常快，這主要得益於世界各地對建築資訊模型的採用。這包括建築、土木工程以及AEC（建築、工程和施工）的所有細分領域。我們的製造業也一直表現非常強勁。

In fact, in manufacturing, in addition to product subscriptions we've seen a growing uptake of the cloud based solutions with fusion, both on the design side, on the simulation side, as well as in the new sort of additive manufacturing piece. So we're very pleased with our growth across the vertical segments.

事實上，在製造業領域，除了產品訂閱之外，我們還看到基於雲端的解決方案與融合技術在設計、模擬以及新型增材製造等領域得到了越來越廣泛的應用。因此，我們對各個垂直領域的成長非常滿意。

Got it. Then just a question for Scott and Andrew here about just the path of maintenance pricing. If you look at the price increases that you talked about 5%, 10%, 20%, it does become very compelling to make the move this year and lock that 5% increase going forward for three years if you're on subscription.

知道了。那麼，我只想問 Scott 和 Andrew 一個關於維護定價方案的問題。如果你看看你提到的 5%、10%、20% 的價格漲幅，那麼如果你是訂閱用戶，今年就採取行動鎖定未來三年 5% 的漲幅就非常有吸引力了。

How do you think about converting the base? Obviously the maintenance rates are going up and you'll be paying substantially more one or two years out. You is there potential this year where you see even faster subscriber growth because it's act now or never and these are long duration software applications, obviously a long life cycle.

你覺得轉換基地怎麼樣？顯然，維護費用將會上漲，一兩年後你將支付更多費用。今年用戶成長速度可能會更快，因為現在是行動的時候了，否則就永遠沒有機會了。而且這些都是長期軟體應用程序，顯然生命週期很長。

Could you see a faster move? Then as you think about the long-term guidance, sort of more of a hockey stick than actual ARR and revenue.

你覺得還有更快的移動方式嗎？那麼，當你考慮長期指導時，你會發現它更像是一根曲棍球棒，而不是實際的 ARR 和收入。

Potentially faster subs but a hockey stick later on they call it the ARR and revenue to get to those targets. How are you sort of thinking through that because obviously it's a pretty compelling program.

潛在的更快訂閱速度，但之後會出現類似曲棍球棒的成長，他們稱之為 ARR 和收入，以達到這些目標。你是怎麼考慮這個問題的？因為這顯然是一個非常吸引人的方案。

Let me correct something you said. Remember, this program is net neutral on subs adds because they're basically moving from one type of recurring revenue to another type of recurring revenue.

我想糾正你剛才說的一句話。請記住，該計劃對訂閱用戶增加的影響是淨中性的，因為他們基本上是從一種類型的經常性收入轉向另一種類型的經常性收入。

So it's not a subs adds accelerator. It's an ARR phenomenon.

所以它不是訂閱用戶成長的加速器。這是ARR現象。

That's what I meant, maintenance to subscription.

我的意思是，從維護制改為訂閱制。

Absolutely have a cumulative effect as we move into FY19 and FY20. There's no doubt about it. It definitely builds on itself, the program.

隨著我們進入 2019 財年和 2020 財年，這肯定會產生累積效應。這點毋庸置疑。這個項目絕對是循序漸進的。

Now, when you look at who's going to move, the people who have the largest installations are going to be the ones that are looking right now to try to consider, hey, should I move. It's going to make a material difference in their maintenance renewal moving forward and coming into next year. Smaller accounts, they'll absorb the 5%.

現在，看看哪些人會搬家，那些擁有最大規模設施的人現在正在考慮，嘿，我應該搬家嗎？這將對他們未來的維護續約以及明年的續約產生實質的影響。小額帳戶將自行承擔 5% 的費用。

They might even absorb the 10%. As they start looking out to the 20% they're obviously going to move. You're going to see a chunk that moves in the first year representing a certain size of customer.

他們甚至可能吸收這10%。當他們開始關注那 20% 的群體時，他們顯然會採取行動。你會看到部分銷售在第一年就有所成長，這部分銷售代表了一定規模的顧客。

Then you're going to see the next chunk that's going to move in the next year and then the people who are really attached to their perpetual license, which we don't think is going to be a lot of people will move later in the program. You can see this absolutely a cumulative effect to this and not only a cumulative effect from people moving, but remember, the discount to move drops 5% every year, as well. The ones that move in the second year move at a higher loyalty price than the ones that move in first year.

接下來，你會看到下一批人將在未來一年內遷移，而那些真正依戀永久許可證的人（我們認為人數不會很多）將在該計劃後期遷移。你可以看到這絕對是一種累積效應，而且不僅僅是人們搬家帶來的累積效應，但請記住，搬家折扣每年也會下降 5%。第二年搬家的顧客比第一年搬家的顧客享有更高的忠誠度價格。

The ones that move in the third year get a higher loyalty price. When these people who have locked in the three year price drop off their three year lock period they then bounce up to the loyalty price at the end of the program, which is a little bit more than 15% what they're paying now. You can see there's a buildup here and that will also provide us some runway into FY21 and beyond in terms of how the base grows in terms of ARR.

第三年搬家的人可以享受更高的忠誠度價格。當這些鎖定三年價格的人的三年鎖定期結束後，他們將在計劃結束時獲得忠誠價格，該價格比他們現在支付的價格高出 15% 多一點。你可以看到這裡有成長勢頭，這也將為我們 2021 財年及以後的 ARR 成長提供一些緩衝空間。

What I'd add is that -- I don't know whether you'd characterize this as a hockey stick. It's more a cumulative effect of ARR as Andrew talked about.

我想補充的是——我不知道你是否會把它形容為曲棍球棒。正如安德魯所說，這更多的是 ARR 的累積效應。

This is what gives us a lot of confidence in our FY20 plan. We do see programs like M2S and the other things that we're driving really set us up for success in the long run.

正是這一點讓我們對2020財年計畫充滿信心。我們看到像 M2S 這樣的項目以及我們正在推進的其他項目，確實為我們長期的成功奠定了基礎。

Great, guys. Thanks a lot.

太棒了，夥計們。多謝。

Thanks, Phil.

謝謝你，菲爾。

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。

Hey, guys. So when looking at the maintenance sub decline of 73,000 this quarter, any sense as to how many of those guys converted over to a product subscription?

嘿，夥計們。因此，考慮到本季維護訂閱用戶減少了 73,000 人，我們能否推測其中有多少人轉而使用產品訂閱服務？

Ken, I don't think we can project that. What we'd say is that the 73K number was as expected. This was our largest pool of maintenance customers up for renewal and our renewal rates was exactly where we'd expect them to be.

肯，我覺得我們無法預測這一點。我們認為，73K 這個數字符合預期。這是我們續約維護客戶數量最多的一批，續約率也完全符合我們的預期。

The number's not unusual or unexpected for us. We will get better at tracking every single customer that goes from column A to column B, especially as we do the maintenance to subscription program. There was nothing unusual about the 73K number that we saw.

這個數字對我們來說並不異常或出乎意料。我們將更好地追蹤每一位從 A 列到 B 列的客戶，尤其是在我們推行維護到訂閱計劃的過程中。我們看到的 73K 這個數字並沒有什麼不尋常之處。

Maybe a follow-up to that. As we try to kind of put this in the context of seasonal Q4 and then the loyalty program you guys are putting in place, should we see that number grow?

或許可以做個後續報道。當我們嘗試將此與第四季度的季節性因素以及你們正在實施的忠誠度計劃聯繫起來時，我們是否應該看到這個數字增長？

Again, not grow in a bad way but obviously that could convert over. But is that 73 number a pretty good pace or too high, too low? Too low?

再說一遍，這並非指不良發展，但顯然這種情況可能會轉變。但是73這個數字是相當不錯的速度，還是太高或太低呢？太低了？

Yes, Ken. If you look at the seasonality of where we typically sold licenses. Which is when the maintenance agreements will expire, right, annual maintenance agreement, when you sold the license becomes the same quarter that the maintenance comes due.

是的，肯。如果你看一下我們通常銷售許可證的季節性地點。維護協議到期的時候就是維護協議到期的時候了，對吧？年度維護協議，當你出售許可證的時候，維護費用就會在同一季度到期。

The two biggest quarters for that are Q4 and Q1. So 73,000 in Q4 as Amar said was really churn rate was right in line with our expectations.

其中最重要的兩個季度是第四季和第一季。正如 Amar 所說，第四季 73,000 的客戶流失率確實符合我們的預期。

It is a big quarter in Q1 of renewal opportunities. There's another big -- I'm sorry, in Q4.

第一季是續約機會很多的季度。第四季還有另一件大事——抱歉，是第四季。

There's another big opportunity for renewals in Q1, as well. So obviously we're not guiding to that level of granularity but it's not out of line with what I would expect to see us just based on the size of the renewal opportunity.

第一季還有另一個很大的續約機會。顯然，我們不會把指導細化到那種程度，但這與我根據續約機會的規模所預期的情況並無不妥。

Got it. And then maybe last thing on kind of the same point. I might have missed when the program officially kicks in and then I guess would we expect some pull forward during that particular quarter?

知道了。最後，或許還有一點與此類似。我可能錯過了該專案正式啟動的時間，那麼我想我們是否可以期待在那個季度取得一些進展？

The program starts in June and it's tied to their renewal. There's no kind of pull forward effect here. It's all tied to their renewal event.

該計劃於六月啟動，並與他們的續約掛鉤。這裡不存在任何向前推效應。這一切都與他們的續約活動有關。

As people come up for renewal in a quarter they get to choose which path they go on. So it's June and it's all tied to their renewal event.

當人們在一個季度內進行續約時，他們可以選擇自己要走的路。現在是六月，這一切都與他們的續約活動有關。

Got it. Okay. Thanks a lot, guys.

知道了。好的。非常感謝各位。

Thanks, Ken.

謝謝你，肯。

Thank you. Our next question comes from the line of Keith Weiss from Morgan Stanley. Keith, your line is open.

謝謝。我們的下一個問題來自摩根士丹利的基斯‧韋斯。基思，你的線路已接通。

Could you check your mute button, please. He might have stepped away.

請檢查您的靜音鍵是否已關閉。他可能已經離開了。

We'll move on. Our next question comes from the line of Kash Rangan from Bank of America.

我們繼續前進。我們的下一個問題來自美國銀行的卡什·蘭甘。

One K to another K. Give us a little bit of -- certainly appreciate the detail on the pricing uplift, et cetera.

從一個K到另一個K。請給我們一些關於價格上漲等方面的詳細資訊——我們非常感謝您能提供這些細節。

What is the incentive for the customer to do the 5% price increase or the maintenance. How is the Company going to explain to the customer what is the value they're going to get for the 5% price increase. Also if you could take a step back I think from the Analyst Day and from this conversation.

客戶有什麼動力接受 5% 的價格上漲或維護？公司將如何向客戶解釋，5%的價格上漲能帶來哪些價值？另外，如果您能暫時放下分析師日和這次談話，我想再回顧一下。

What is the value to the customer not from a financial standpoint, disincentive or an incentive. How does the product fundamentally do different things in the cloud-based versions or subscription, broadly speaking the subscription arrangement relative to what they're getting from the desktop software they currently use. Not a lot of discussion, but would love to get enlightened there.

撇開財務角度、激勵或懲罰因素，對客戶而言，其價值為何？該產品在雲端版本或訂閱模式下，從根本上來說有哪些不同之處？廣義上講，訂閱模式與用戶目前使用的桌面軟體相比有何不同？雖然討論不多，但我很想從中獲得一些啟發。

First off, a 5% increase on anything is just -- that's normal course of business in some respects. So the maintenance customers in terms of seeing a 5% price increase, that's not going to change things very significantly in their view. From our view, it's complicated for them.

首先，任何東西上漲 5% 都是——在某些方面，這是正常的商業行為。因此，對於維修客戶而言，5% 的價格上漲不會對他們產生太大的影響。在我們看來，這對他們來說很複雜。

It's complicated for our partners and it's complicated for the whole infrastructure to maintain these two models. So basically sending out a signal that if you want to maintain a perpetual license it's going to cost you more is a positive signal for the whole ecosystem. Amar and I will both answer the second question.

對我們的合作夥伴來說很複雜，對整個基礎設施來說，維護這兩種模式也很複雜。因此，發出「如果你想保持永久許可證，你需要付出更多代價」的信號，對整個生態系統來說是一個積極的信號。我和阿瑪爾將共同回答第二個問題。

I want to put a little bit of a beginning on it. When a customer moves to the subscription model they're moving to a model that has a lot more access sees control and insight into how they're using things. I think that's an important value proposition, just without additional products.

我想先給它打個小小的基礎。當客戶轉向訂閱模式時，他們就轉向了一種可以更充分地了解自己如何使用產品的模式，從而獲得更多的存取權、控制權和洞察力。我認為這是一個重要的價值主張，即使不包含其他產品。

The access is any time, anywhere products. They actually get access to different types of versions of the product. They get a mobile, a web and a desktop experience.

隨時隨地取得產品。他們實際上可以接觸到該產品的不同版本。使用者可以同時獲得行動端、網頁端和桌面端的使用者體驗。

They're able to control how they're used, turn them on and off. They get a lot more flexibility.

他們可以控制這些設備的使用方式，可以打開和關閉它們。他們獲得了更大的靈活性。

As we move forward throughout the year the customers are going to see a lot more value add in the control side and the insight side into you how they're using the products that I think he's is l actually real money saved for them. They're going to see real value.

隨著今年的推進，客戶將在控制方面和洞察方面看到更多的增值，了解他們如何使用產品，我認為這實際上為他們節省了真金白銀。他們會發現真正的價值。

Andrew's absolutely right about the installation and deployment experience that customers get, the increased flexibility in materials of where to access and who gets to access what. The other thing that we're doing is actually also changing the core product value proposition.

Andrew 對客戶獲得的安裝和部署體驗、材料的獲取地點和誰可以訪問哪些材料的靈活性的說法完全正確。我們正在做的另一件事，實際上也是在改變核心產品價值主張。

There's increasing availability of cloud services on the product subscription side. In fact there are pieces of our desktop software right now that are being rewritten as cloud services and really it's only those things are available as part of product subscription.

在產品訂閱方面，雲端服務的可用性越來越高。事實上，我們目前有一些桌面軟體正在被重寫為雲端服務，而且只有這些服務才能作為產品訂閱的一部分使用。

So the product is not the same product as we move from the license model to the subscription model. We are actively evolving it to be much more of a hybrid experience. I think customers totally get that and they see that they're going to get access to a stream of innovation as opposed to the annual update that they used to get.

因此，隨著我們從授權模式轉向訂閱模式，產品本身已經不是同一個產品了。我們正在積極地對其進行改進，使其成為一種更加混合的體驗。我認為客戶完全理解這一點，他們意識到自己將獲得源源不絕的創新，而不是像以前那樣每年只能獲得一次更新。

Thank Amar and Andrew. It's been so good to hear your voice on an earnings conference call. Not to leave you out, Scott. Any thoughts on when you'd be starting to -- if you could give us a little breakdown from this quarter between the EBA, cloud and the desktop subscriptions.

感謝Amar和Andrew。很高興在財報電話會議上聽到你的聲音。斯科特，當然也不能忘了你。您能否就本季 EBA、雲端訂閱和桌面訂閱的細分情況給我們做一些說明？

Yes, Kash. We're not providing that level of granularity under new model. But as always happens in Q4, Q4 and Q1 are the biggest quarters for enterprise subscription adds.

是的，卡什。在新模式下，我們無法提供這種細粒度的分割。但正如往年第四季的情況一樣，第四季和第一季是企業訂閱用戶成長最多的季度。

Q4 because we sell the most EBAs and then they come on throughout the -- come online throughout the quarter. Q1 is where we typically get the cash-up. We measure the active users because it's a consumption model.

第四季是因為我們銷售的EBA最多，然後它們會在整個季度陸續上線。第一季通常是我們獲得現金儲備的時候。我們統計活躍用戶數量，因為這是一種消費模式。

It's not a named user model. We have to measure the active users and that takes 60 days before we can report those. Think of enterprise being heavier in Q4 and Q1.

它不是一個命名使用者模型。我們需要統計活躍用戶數量，這需要 60 天才能公佈結果。預計第四季和第一季企業業務量會更大。

Product subs were very strong. We mentioned that in had the opening commentary. That was the leading driver of the growth of 227,000 few model sub adds during the quarter and cloud was also strong albeit from a smaller base.

產品細分市場表現非常強勁。我們提到過，他有開場評論。這是本季新增 22.7 萬小型模型用戶的主要驅動力，雲端服務也表現強勁，儘管基數較小。

Wonderful. Thanks.

精彩的。謝謝。

Thanks, Kash.

謝謝你，卡什。

Thank you. Our next question come from Keith Weiss of Morgan Stanley.

謝謝。下一個問題來自摩根士丹利的基斯‧韋斯。

Excellent. Thank you guys. Sorry about being on mute before.

出色的。謝謝大家。之前我一直靜音，抱歉。

Nice quarter. So one question just a clarification. Just so I'm clear.

不錯的街區。還有一個問題，只是想確認一下。我確認一下。

When a customer comes up for he renewal they're being faced with a choice either pay 5% more for your renewal or pay 5% and go onto desktop subscription. The only reason they wouldn't want to go onto desktop subscription is if they like are afraid at some point they don't want to pay maintenance anymore. They want to have that perpetual license is that the correct way to think about it.

當客戶續訂時，他們面臨兩個選擇：要麼續訂時多付 5%，要麼支付 5% 的費用並轉為桌面訂閱。他們不想轉為桌面訂閱的唯一原因，就是他們擔心將來某個時候不想再支付維護費用。他們想要獲得永久許可證，這樣理解對嗎？

That's really the correct way to think about it. A lot of the customers -- .

這才是正確的思考方式。很多顧客——。

Because we took the unusual step of basically announcing what our intended price increase path is for maintenance. A lot of customers are going to be making the decision, okay how much is that perpetual license worth for me when I get this multi-year lock on a smaller price increase. Also we're going to be making it pretty clear to them over time, look at all the additional value you get on the subscription side.

因為我們採取了不同尋常的舉措，基本上公開宣布了我們計劃的維護價格上漲路徑。很多客戶會做出這樣的決定：如果我能以較小的價格漲幅獲得多年的鎖定，那麼永久許可證對我來說值多少錢呢？此外，我們也會逐步向他們明確說明，訂閱用戶可以獲得的所有額外價值。

You thought it out right. That's how it's going to work an the renewal event.

你考慮得很周全。續約活動將以此方式進行。

You're not losing functionality when you go to a desktop subscription. You gain functionality from.

升級到桌面訂閱版並不會損失任何功能。您將從中獲得功能。

You gain functionality. You're gaining more control over you how you use and manage the software. It's a gain for the customer experience wise and capability wise.

您將獲得新功能。您將擁有對軟體使用和管理方式的更多控制權。從客戶體驗和能力來看，這都是一種進步。

You lock in the price for three years but there's no sorts of definition of what happens after three years, not like after three years you're coming off a promotional pricing and you get jacked up to some higher pricing.

價格鎖定三年，但三年後會發生什麼事卻沒有任何定義，不像三年後促銷價格會結束，然後漲到更高的價格。

Every year there's a different loyalty price for them to move. In year one it's 5% more than their current. In year two it's going to be little over 10% more than their current maintenance.

每年都會有不同的忠誠客戶折扣價來吸引他們搬家。第一年比他們目前的水準高出 5%。第二年，維護費用將比目前的維護費用高出 10% 以上。

And in year three it's a little over 15% above their current maintenance. So there's a different price for each year.

到了第三年，維護費用比他們目前的水準高出 15% 以上。所以每年的價格都不一樣。

When that three year lock in expires, that customer immediately goes up to the terminal loyalty price of a little over 15%, roughly 16% more than their maintenance price. Then they're kind of subject to ongoing price increases that would you affect what our long-term pricing strategy is.

當三年鎖定期到期時，該客戶的最終忠誠度價格將立即上漲至略高於 15%，比其維護價格高出約 16%。這樣一來，它們就容易受到持續價格上漲的影響，進而影響我們的長期定價策略。

There's no giant leap up to the full subscription price. You can see there's still going up to a higher value level.

訂閱價格不會一下子漲到全額。你可以看到，它的價值還在不斷提升。

Got it. Makes sense. If I can sneak one last one in.

知道了。有道理。如果我能偷偷塞進去最後一個的話。

You mentioned the uplift in value you see when you bring a customer to an EBA. I think you said three times the subscription rate. Should I think about that -- is that three times the monetization level that you were able to get out of these customers previously or is it like maintenance to subscription so it's not truly like full monetization if we think about it lifetime value of the customer.

您提到過，當您將客戶引入企業業務協議 (EBA) 時，您會看到價值的提升。我想你說過訂閱費是三倍。我應該考慮一下——這是否意味著這是你之前從這些客戶身上獲得的盈利水平的三倍，還是說這更像是從維護到訂閱的轉變，所以如果我們從客戶的終身價值來考慮，它並不算是真正的完全盈利？

Let's clarify that come. It's three time the number of users that we see inside the enterprise account.

讓我們澄清一下。這相當於企業帳戶中用戶數量的三倍。

Generally leads to a higher level of token consumption, generally leads to ever increasing values of EBA over time. But the multiplier isn't exactly three.

通常會導致代幣消耗量增加，通常會導致 EBA 的價值隨著時間的推移而不斷增長。但乘數並非正好是 3。

Any sense you'd give us of what the increase in monetization you get out of moving a customer over to an EBA?

您能否大致說明一下，將客戶轉移到 EBA 後，您能獲得的收益成長是多少？

Keith, we typically see at the -- I think Steve gave some stats back at our Investor Day. We typically see an uplift in the 30% range at the point of renewal. In other words, when they go from maintenance and they convert over to an EBA.

Keith，我們通常會在——我想Steve在我們的投資者日上提供了一些統計數據。我們通常看到續約時價格上漲 30% 左右。換句話說，當他們從維護階段過渡到 EBA 階段時。

got it. Thank you very much, guys. Nice quarter.

知道了。非常感謝各位。不錯的街區。

You're welcome.

不客氣。

Thank you. And our next question comes from the line of Rob Oliver from Baird.

謝謝。我們的下一個問題來自 Baird 公司的 Rob Oliver。

Hey, guys. Thanks for taking one from the new guy. Have you guys noticed any change to the pace of new customer acquisitions?

嘿，夥計們。謝謝你聽取新人的意見。你們有沒有註意到新客戶獲取速度有任何變化？

Then a follow-up for Scott. Andrew may have just answered this in response to Kash Rangan's question talking about additional access control, increased cloud services. Scott, you mentioned the high degree of confidence that 606 rev rec isn't going to impact you guys.

接下來是史考特的後續報道。Andrew 可能剛剛在回答 Kash Rangan 關於額外存取控制和增加雲端服務的問題時回答了這個問題。Scott，你曾經提到你非常有信心 606 rev rec 不會對你們造成影響。

Can you talk a little bit more about that, add some color there? Thanks so much.

能再詳細談談這方面嗎？能不能再添些細節？非常感謝。

Sure. Let me take the new customer acquisition. The place where we've seen growth in new customer acquisition has really been from the cloud products.

當然。讓我來負責新客戶獲取。我們看到新客戶成長主要來自雲端產品。

We've certainly made penetration into construction, into manufacturing. We've seen growing momentum on that side, the ability to acquire customers that we didn't have before. I would say that depending on how you think about license compliance, these are customers that have not paid us before.

我們確實已經成功打入了建築業和製造業。我們看到這方面勢頭越來越強勁，我們有能力獲得以前沒有的客戶。我認為，根據你對許可證合規性的看法，這些客戶以前從未向我們支付過費用。

We're starting to make a dent with our new model subscription in that customer base. That's why a third of the new model subscriptions were really new to our Company in the result that we saw in Q4. We are definitely seeing new logos coming in as a result of both the combination of the cloud as well as product subscription.

我們的新訂閱模式已經開始在該客戶群中取得一些成效。這就是為什麼我們在第四季看到的結果中，三分之一的新模式訂閱對我們公司來說都是全新的。由於雲端運算和產品訂閱的結合，我們確實看到了許多新的品牌標誌出現。

And then to the second part of your question, Rob, on 606. I could probably let Amar that as well because he's been -- he has been into it up to his eye balls. We are not expecting it to have any impact.

然後回答你問題的第二部分，羅布，關於 606。我或許也可以讓阿瑪爾這麼做，因為他──他已經完全沉迷其中了。我們預計不會產生任何影響。

I think I mentioned to you last time we met and I've said it a couple times. The person who is now our assistant controller used to run our rev ops team and has been a member of the AICPA task force on 606 for a couple of years. We've had great insight into where this is headed and kind of how it's going to be interpreted and how the guidelines will be applied.

我想上次見面的時候我跟你提過，而且之後也說過好幾次。我們現在的助理財務總監以前負責我們的收入營運團隊，並且擔任美國註冊會計師協會 (AICPA) 606 工作小組成員已有幾年時間。我們對事態的發展方向、人們將如何解讀以及指導方針將如何應用都有了深刻的了解。

Going through what we're going through at the business model transition, the last thing we wanted to get to the end of this and have all that revenue flip back to upfront. We've been working this for quite some time.

在我們經歷商業模式轉型的過程中，我們最不希望看到的就是轉型結束後所有收入又回到預付模式。我們已經為此努力了相當長一段時間。

I think Andrew just mentioned, and Amar did as well, we built into our product subscription a fair amount of integrated cloud functionality. Such that a significant amount of the value comes not just from the executables that come down to the end point, but from the interaction with the cloud services. We're quite confident that we're going to have a nominal impact from 606.

我想 Andrew 剛才也提到了，Amar 也提到了，我們在產品訂閱中內建了相當多的整合雲功能。因此，相當一部分價值不僅來自最終到達終端的可執行文件，還來自與雲端服務的互動。我們相當有信心，606號提案只會產生微不足道的影響。

Got it. That's helpful. Thanks a lot guys, appreciate it.

知道了。那很有幫助。非常感謝各位，感激不盡。

Thanks, Rob.

謝謝你，羅伯。

Thank you. Our next question comes from the line of Gal Munda from Berenberg.

謝謝。我們的下一個問題來自貝倫貝格的 Gal Munda 系列。

Hi, guys. Just a few questions if I can. The first one is just to understand your pool of active users.

嗨，大家好。如果可以的話，我想問幾個問題。首先，你需要了解你的活躍用戶群。

If we take a look back retrospectively at the start of 2016, we had a 5.1 million users which we said at the last Capital Markets Day was kind of underestimated. Under that us users we had 2.3 million subs. Now we're up to 3.1 millions subs.

回顧 2016 年初，我們擁有 510 萬用戶，我們在上次資本市場日上表示，這個數字被低估了。在那之前，我們擁有 230 萬訂閱用戶。現在我們的訂閱用戶已經達到310萬了。

What is your best guess on the other part of the pool, which initially was 2.8 million today. How big is it?

你對獎池另一部分的最佳猜測是多少？該獎池最初的金額是 280 萬。它有多大？

Because I'd imagine it would be bigger than 2 million, the difference between 3.1 and 5.1. How do you look at that.

因為我估計它會大於 200 萬，也就是 310 萬和 510 萬之間的差距。你如何看待這件事？

Actually one of our biggest opportunities as we move over the next couple years is converting users into subscribers. I mean that pretty basically. They're using it, but they're not paying us.

事實上，未來幾年我們最大的機會之一就是將用戶轉化為訂閱用戶。我的意思是基本就是這樣。他們用了我們的設備，卻沒付錢給我們。

And if you remember from Investor Day, they come in two pools. Actually we have fairly high fidelity in terms of information on how many of these people are active. So if you look at this non-subscriber base, meaning people who bought a perpetual copy of software from us and then dropped off, the active level there is about a 2.2 million.

如果你還記得投資人日的內容，它們分為兩類池子。實際上，我們對這些人中有多少人活躍的資訊掌握得相當準確。因此，如果你看一下這個非訂閱用戶群體，也就是那些從我們這裡購買了永久軟體副本然後又放棄使用的用戶，那麼活躍用戶數量約為 220 萬。

So there's about 2.2 million active people using our software that aren't paying us but have paid us in the past. The more interesting number is the 6 million plus pirates who are actively using our software. We know that they're using the software because we're able to track the pirated serial numbers and the pirated activity.

因此，目前約有 220 萬活躍用戶正在使用我們的軟體，他們現在沒有付費，但過去曾付費使用過。更有意思的數字是，有超過 600 萬盜版用戶正在積極使用我們的軟體。我們知道他們在使用這款軟體，因為我們能夠追蹤盜版序號和盜版活動。

That's a more interesting number for us long term and it's interesting to note that about 4 million of those pirates are in mature markets and 1.2 million of them are in accounts that we know and have worked with in the past. So there's a very large base of users out there that are not subscribers.

從長遠來看，這是一個更有趣的數字，值得注意的是，其中約有 400 萬盜版用戶位於成熟市場，其中 120 萬盜版用戶位於我們過去了解並合作過的帳戶中。所以，還有非常龐大的用戶群並非訂閱用戶。

We're not going to be moving all of those over to us at once. One of the things that's really important especially when it comes to the subscriber growth you're going to see this year is the momentum we're going to be building into FY17. Because, all of these programs that are targeted at the nonsubscribers, for instance, are going to start seeing rapid acceleration as we head to the second half of the year, which is going to carry into FY17.

我們不會一次把所有這些都轉移過來。尤其就今年用戶成長而言，非常重要的一點是，我們將把這種勢頭延續到 2017 財年。因為所有這些針對非訂閱用戶的計劃，例如，隨著我們進入下半年，將會開始迅速發展，這種情況將延續到 2017 財年。

The products that Omar talked about earlier are actually going to have some pretty significant pull for these non-subscriber's to move forward. That will not only be good for this year, it's going to be very good for FY17. The next thing we're doing this year is we're main streaming all of our piracy efforts, the efforts that are targeting these non-users.

奧馬爾之前提到的那些產品，實際上會對這些非訂閱用戶產生相當大的吸引力，促使他們繼續使用。這不僅對今年有好處，對 2017 財年也將非常有利。我們今年的下一步工作是將所有打擊盜版的行動，也就是針對非使用者的行動，納入主流。

As we move into the end of this year and into FY17, we'll actually have end product purchasing capability for a pirate, so the pirate will actually get a notification saying hey, you might want to pay for this software. This base is going to move over several years but as you can see, it's pretty big.

隨著我們進入今年的尾聲和 2017 財年，我們將真正為盜版用戶提供最終產品購買能力，因此盜版用戶實際上會收到一條通知，說「嘿，你可能想為這個軟體付費」。這個基地將在幾年內遷移，但正如你所看到的，它相當大。

Okay. So at least 2.2 active non subscribers now plus at least --

好的。所以現在至少有 2.2 個活躍的非訂閱用戶，再加上至少 --

2.2 active non-subscriber's plus another 6 million plus pirates.

220萬活躍非訂閱用戶，外加600多萬盜版用戶。

Okay. That makes sense.

好的。這很有道理。

Much bigger than our current paying base.

比我們目前的付費用戶群大得多。

Just as a follow-up, on the guidance you are expecting north of 600,000 net new users over the next year is indicating some acceleration. Especially considering historically when you guys talked about the volume of licenses, you would be saying between 600,000 and 700,000 would be the total volume licenses that you see in any given year.

作為後續補充，您預計未來一年淨新增用戶將超過 60 萬，這表示成長速度已加快。特別是考慮到歷史上你們談到許可證數量時，你們會說任何一年的總許可證數量都在 60 萬到 70 萬之間。

Now taking some churn that we're seeing at the moment into that. That would indicate that you're on the volume expecting more something like 900,000 if I'm just very high level calculation. Does that indicate that you have -- how does that compare to FY17 that just finished and also does it indicate there's some access acceleration of the new user acquisition, maybe some activation of that old pool.

現在，我們也要把目前看到的一些波動考慮進去。如果我只是粗略估算一下，那就表示你的成交量預計會達到 90 萬左右。這是否表明您擁有——與剛結束的 2017 財年相比如何？這是否表明新用戶獲取速度有所加快，或者舊用戶池得到了一些啟動？

Good question. Look, I think our unit volume for this year was right where we expected it to be and I think we're growing momentum.

問得好。我認為我們今年的銷售量達到了預期，而且我們的成長勢頭正在增強。

Based on the factors that Andrew touched upon, we are certainly seeing increasing momentum through license compliance, through what we would have called a legacy customer base. One of the places where we're definitely accelerating acquisition of customers is also the cloud. As regions around the world, whether emerging countries or places in Asia as they come back to better economic health they will contribute to this overall unit volume growth.

根據 Andrew 所提到的因素，我們確實看到，透過許可證合規性，透過我們所謂的傳統客戶群，正在取得越來越大的發展勢頭。我們正在加速獲取客戶的領域之一就是雲端運算。隨著世界各地，無論是新興國家還是亞洲地區，經濟狀況的逐步改善，都將為整體銷售成長做出貢獻。

That's why we're very confident that the momentum we're carrying into this year, combined with license compliance legacy as well as momentum in cloud as well as the changes that we talked about in the product that really drive customers to be more current. They're all factors that we believe will drive that result that we pointed to.

正因如此，我們非常有信心，我們今年所保持的勢頭，加上許可證合規方面的傳統優勢，以及雲端領域的發展勢頭，還有我們之前談到的產品變化，這些都將真正促使客戶與時俱進。我們認為，這些都是促成我們所指出的結果的因素。

Gal One of the things that of course was not in that historic range of -- actually we said 500,000 to 800,000. The midpoint's the same with your 600,000 to 700,000. What's not in there of course is cloud.

Gal 當然，其中有一件事並不在那個歷史範圍內——實際上我們說的是 50 萬到 80 萬。中點與你的 60 萬到 70 萬相同。當然，其中不包含雲。

And so as we've seen the cloud begin to accelerate, and it's not in the unit volumes that we've referred to from time to time either. Take that as what's happening in the core business.

因此，我們看到雲端運算開始加速發展，而且這種發展速度也不是我們之前提到的單位體積。把這看作是核心業務正在發生的事情。

Layer on the increase we're seeing as Amar just pointed out, both legacy recapture and some of our piracy programs and put cloud on top of that. Those how you get to the total grows.

正如 Amar 剛才指出的那樣，我們看到，無論是傳統的資料回收還是我們的一些反盜版項目，都會增加資料量，而雲端技術則進一步增強了這種成長。那些你達到總數成長的方式。

The total gross you're expecting, is it around 900,000? Is that fair to I say?

你預計的總票房收入在90萬左右嗎？我這麼說公平嗎？

We're not guiding at that level. We're not providing that type of insight. But we feel confident in the 600,000 to 650,000 net sub adds for the year.

我們不負責那個層面的指導。我們不提供這類見解。但我們對今年新增淨用戶數達到 60 萬至 65 萬充滿信心。

Okay. Thank you so much.

好的。太感謝了。

Thanks, Cal.

謝謝你，卡爾。

Thank you. And our next question comes from the line of Monika Garg from 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。

Given that in Q4 you saw your perpetual license was merely subscription, why would revenue guidance for Q1 is flattish to more lower?

鑑於您在第四季度發現您的永久許可實際上只是訂閱模式，為什麼第一季的收入預期會持平甚至更低？

Yes, Monika. The one thing when you look year on year and you've got the data now for the full year of FY17, the nonrecurring element of course included six months of sweep perpetual license sales. There won't be any suite perpetual license sales of course.

是的，莫妮卡。當你逐年查看數據，現在有了 2017 財年全年的數據時，你會發現，非經常性因素當然包括六個月的永久許可證銷售。當然，不會有任何套裝永久授權的銷售。

That means the total nonrecurring revenue year on year is coming down pretty significantly. So we gave you a couple of data points earlier.

這意味著非經常性收入總額較去年同期大幅下降。我們之前已經提供了一些數據點。

So we guided revenue into a range of $2 billion to $2.05 billion. And said in the opening commentary that we expect 90% to be recurring. If you do the quick math you could say the nonrecurring piece is going to basketball park $200 million.

因此，我們將營收預期設定在 20 億美元至 20.5 億美元之間。並在開篇評論中表示，我們預計 90% 的用戶會再次光顧。簡單計算一下，你會發現非經常性支出將用於建造籃球公園，金額為 2 億美元。

If you look at what that was last year, that was closer to $500 million. Where the difference is in the year on year it's certainly we're seeing great growth on the recurring side.

如果看看去年的數據，那就接近 5 億美元。與往年相比，最大的差異在於經常性收入方面，我們看到了巨大的成長。

You see that in our ARR guide. But the nonrecurring element of course is coming down year on year.

您可以在我們的 ARR 指南中看到這一點。當然，非經常性因素正在逐年下降。

I was actually looking Q over Q from 4Q to 1Q.

我實際上是在查看從第四季度到第一季的 Q 值。

You'll see the same thing from Q4 to Q1. You'll see the nonrecurring elements coming down pretty significantly.

從第四季度到第一季度，你會看到同樣的情況。你會看到非重複元素的數量大幅下降。

Got it. Then coming back to the maintenance pricing increase.

知道了。然後我們再來談談維護費用上漲的問題。

The loyalty program you talked about, what is the risk of losing customers to competition due to this maintenance price increase you talked about with your channel over the next year? Thank you.

您之前提到的會員忠誠度計劃，由於您與通路夥伴在未來一年內討論的維護價格上漲，存在哪些客戶流失到競爭對手的風險？謝謝。

One of the reasons we structured the program the way we did is we were really focused on minimizing the churn off of that maintenance base. We feel that the way we structured the program, the huge incentives for loyalty that we're giving to maintenance customers is really a churn minimization plan. We're feeling pretty confident.

我們這樣安排專案的原因之一是，我們非常注重最大限度地減少維護人員的流失。我們認為，我們建立的計劃，以及我們給予維護客戶的巨大忠誠度激勵措施，實際上是一個最大限度減少客戶流失的計劃。我們感覺相當有信心。

Our competitors have historically tried to make incursions into our installed base as we moved to subscription. The truth of the matter is none of them have been particularly successful.

隨著我們轉向訂閱模式，我們的競爭對手一直以來都試圖蠶食我們的用戶群。事實是，他們中沒有一個人特別成功。

It's really hard to compete with software that's at prices and accessibility levels that are far below what they've been historically when you come in with more expensive perpetual software. Competitors try to make incursions.

當你推出價格較高的永久軟體時，很難與價格和易用性遠低於歷史水準的軟體競爭。競爭對手試圖入侵。

They haven't been successful. I think we structured this program as a churn minimization program with a primary goal.

他們並沒有成功。我認為我們把這個專案設計成一個以最大限度地減少客戶流失為主要目標的專案。

Thank you so much.

太感謝了。

Thanks, Monika.

謝謝你，莫妮卡。

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

謝謝。今天的問答環節到此結束。我謹將發言權交給大衛‧詹納雷利，請他作總結發言。

Thanks, Karen. That concludes our conference call for today. If you have any follow-up questions you can e-mail me or call me direct at 415-507-6033. Thanks.

謝謝你，凱倫。今天的電話會議到此結束。如果您有任何後續問題，您可以給我發電子郵件或直接致電 415-507-6033。謝謝。

Thank you. Ladies and gentlemen, thank you for your participation in today's conference.

謝謝。女士們、先生們，感謝各位參加今天的會議。

This does conclude the program and you may now disconnect. Everyone have a great day.

程式到此結束，您可以斷開連線了。祝大家今天過得愉快。