Autodesk Inc (ADSK) 2018 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Autodesk First Quarter Fiscal 2018 Earnings Conference Call. (Operator Instructions) 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, sir.

各位女士、先生，大家好，歡迎參加 Autodesk 2018 財年第一季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。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，先生。

Thanks, operator. Good afternoon. Thank you for joining our conference call to discuss the results of our first quarter of fiscal year 2018. 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.

謝謝接線生。午安.感謝您參加我們的電話會議，討論我們2018財年第一季的業績。線上的有我們的聯合執行長 Amar Hanspal 和 Andrew Anagnost；以及我們的財務長 Scott Herren。今天的電話會議將透過網路直播。此外，您也可以在 autodesk.com/investor 上收聽電話會議的錄音回放。

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

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

During the course of the conference call, we'll make forward-looking statements regarding future events and the anticipated future performance of the company, such as our guidance for the second quarter and full year fiscal 2018; our long-term financial model guidance; the factors we use to estimate our guidance, including currency headwinds, our maintenance to subscription transition, ARPs, customer value, cost structure, our market opportunities and strategies and trends for various products, geographies and industries. We caution you that such statements reflect our best judgment based on factors currently known to us and that actual events or results could differ materially. Please refer to the documents we file from time to time with the SEC, specifically our Form 10-K for the fiscal year 2017 and our current reports on Form 8-K, including the Form 8-K filed with today's press release and prepared remarks. Those documents contain and identify important risks and other factors that may cause our actual results to differ from those contained in our forward-looking statements.

在電話會議期間，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 2018 財年第二季度和全年業績的指引；我們的長期財務模型指引；我們用於估算指引的因素，包括匯率不利因素、我們從維護服務向訂閱服務的過渡、平均收益計劃 (ARP)、客戶價值、成本結構、我們的市場機會以及針對訂閱服務的過渡、平均收益計劃 (ARP)、客戶價值、成本結構、我們的市場機會以及針對訂閱服務的過渡、平均收益計劃 (ARP)、客戶價值、成本結構、我們的市場機會以及針對訂閱服務的過渡、平均收益計劃 (ARP)、客戶價值、成本結構、我們的市場機會以及針對訂閱服務的過渡我們提醒您，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 2017 財年的 10-K 表格和我們當前的 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。這些文件包含並指明了可能導致我們的實際結果與前瞻性聲明中所包含的結果之間存在差異的重要風險和其他因素。

Forward-looking statements made during the call are being made as of today. If this call is replayed or reviewed after today, the information presented during the call may not contain current or accurate information. Autodesk disclaims any obligation to update or revise any forward-looking statements. We will provide guidance on today's call, but we'll not provide any further guidance or updates on our performance during the quarter unless we do so in a public forum.

本次電話會議中所作的前瞻性陳述均以今日為準。如果今天之後重播或回顧此通話，通話期間提供的資訊可能不再是最新或準確的資訊。Autodesk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，否則我們不會就本季業績提供任何進一步的指導或更新。

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 Relations section of our website. We will quote a number of numeric or growth changes as we discuss our financial performance and, unless otherwise noted, each such reference represents a year-on-year comparison.

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

And now I'd like to turn the call over to Amar.

現在我想把電話交給阿瑪爾。

Thanks, Dave. We're off to an impressive start to the new fiscal year with broad-based strength across all subscription types and geographies. These kinds of results are increasing our confidence in the acceptance of the subscription model and our ability to achieve our goals.

謝謝你，戴夫。新財年伊始，我們就取得了令人矚目的成績，在所有訂閱類型和地區都展現出了強勁的成長勢頭。這些結果增強了我們對訂閱模式的接受度以及實現目標的能力的信心。

There are several areas to highlight in Q1, including we added a record 186,000 total subscriptions. Total ARR grew 20% at constant currency; recurring revenue jumped to 90% of total revenue; and we overachieved on both our revenue and spend goals, leading to better-than-expected EPS. As we've demonstrated over the past several quarters, we are executing well and making real progress on our 2 major initiatives: growing the lifetime customer value by moving customers to the subscription model and expanding our market opportunity with increasing adoption of our cloud-based solutions.

第一季有幾個值得關注的領域，包括我們新增了創紀錄的 186,000 個訂閱用戶。以固定匯率計算，總 ARR 成長了 20%；經常性收入佔總收入的比例躍升至 90%；我們在收入和支出方面均超額完成了目標，從而實現了比預期更好的每股收益。正如我們在過去幾季所展示的那樣，我們在兩項主要舉措上執行良好，並取得了真正的進展：透過將客戶轉移到訂閱模式來提高客戶終身價值，並透過不斷提高雲端解決方案的採用率來擴大我們的市場機會。

Now let's dive into our Q1 performance a little more. Before I get too far, I want to note a change in our terminology. New model is now known simply as subscription plan to synchronize with our new revenue reporting terminology. Just like new model, subscription plan consists of product subscriptions, enterprise subscriptions and cloud subscriptions.

現在讓我們更深入地了解我們第一季的業績。在深入探討之前，我想先說明我們術語上的變化。為了與我們新的收入報告術語保持一致，新模式現在簡稱為訂閱計劃。與新模式一樣，訂閱方案包括產品訂閱、企業訂閱和雲端訂閱。

We added 233,000 subscription plan subs in Q1, which is even higher than our seasonally strong fourth quarter of last year. What's more, we netted a record 186,000 total subscription additions, resulting from strength across all subscription plan types and a higher renewal rate for maintenance plan subs.

第一季我們新增了 23.3 萬訂閱用戶，甚至高於去年第四季（往年第四季業績強勁）的水平。此外，由於所有訂閱方案類型的強勁成長以及維護計畫訂閱用戶續訂率的提高，我們新增訂閱用戶總數創下 186,000 的紀錄。

One of the best signals for the health of our business was a strong demand for our core design and engineering products, which is reflected in impressive year-over-year growth of over 170% in product subscriptions. Even more pleasing was the strength in product subscriptions was broad-based with triple-digit growth across all geographies and very strong growth in emerging markets.

我們業務健康狀況的最佳訊號之一是市場對我們核心設計和工程產品的強勁需求，這體現在產品訂閱量同比增長超過 170% 的驚人增長上。更令人欣喜的是，產品訂閱業務的強勁成長是普遍的，所有地區均實現了三位數的成長，新興市場的成長尤為強勁。

Once again, new customers represented about 1/3 of our new product subscriptions for the quarter. These new customers come from a mix of market expansion, growing in emerging countries, unlicensed users and people who have been using an alternate design tool.

本季度，新客戶再次占我們新產品訂閱量的約三分之一。這些新客戶來自市場擴張、新興國家的成長、未授權用戶以及一直使用其他設計工具的人員等多種管道。

Subscription plan subs also had a strong contribution from our new enterprise customers. I mentioned on last quarter's call that in Q4, we had signed up a record number of enterprise customers for our token-based or consumption style EBAs. And that because of the way we count those subscriptions, we'd see the benefit to net new subscriptions in Q1 just as we did in the first quarter of the last 2 fiscal years. These EBAs contributed a record 44,000 subscription additions in Q1 of this year, 10% more than Q1 of last year. EBAs with our large enterprise customers have been a very successful component of our transition, leading to both increased subscriptions and account value while creating increased flexibility for our customers.

訂閱方案的訂閱用戶也主要來自我們的新企業客戶。我在上個季度的電話會議上提到，在第四季度，我們為基於代幣或消費性 EBA 簽約了創紀錄數量的企業客戶。正因為我們統計這些訂閱的方式，我們才會在第一季看到淨新增訂閱量帶來的好處，就像過去兩個財年的第一季一樣。今年第一季度，這些 EBA 貢獻了創紀錄的 44,000 個新增訂閱用戶，比去年第一季成長了 10%。與我們的大型企業客戶簽訂的企業業務協議 (EBA) 是我們轉型過程中非常成功的一個組成部分，它既提高了訂閱量和帳戶價值，也為我們的客戶創造了更大的靈活性。

The third component of our subscription plan subs is our cloud products. This is the TAM expansion part of our business, and we are building on our leadership in the cloud. Cloud subscription additions continue to show strong growth, growing by over 4x Q1 of last year. And these were driven by BIM 360, our BIM collaboration and construction management tool, and closely followed by Fusion, our cloud-based design and fabrication tool. In addition to brand-new customers to our cloud products, we're also doing a lot of add-on business with our existing cloud customers. A great example of this was a large Australian construction company which had already deployed over 1,000 seats of BIM 360. The company is now expanding the deployment of BIM 360 and integrating it into their project management system which has resulted in the purchase of an additional 3,000 seats of BIM 360 by that customer. BIM 360 goes beyond a typical product sale and has allowed us to develop much more strategic relationships with this and other companies as we tap into the huge potential TAM of the construction market, the C in AEC. Some of you may have seen that just last week there was a great story in The Wall Street Journal that highlighted this opportunity and prominently featured Autodesk.

我們訂閱方案的第三個組成部分是我們的雲端產品。這是我們業務的TAM擴張部分，我們將鞏固我們在雲端運算領域的領先地位。雲端訂閱用戶數量持續強勁成長，比去年第一季成長超過 4 倍。這些都得益於我們的 BIM 協作和施工管理工具 BIM 360，以及緊隨其後的我們的基於雲端的設計和製造工具 Fusion。除了吸引新客戶使用我們的雲端產品外，我們還與現有雲端客戶進行了大量的附加業務。一個很好的例子是澳洲一家大型建築公司，該公司已經部署了超過 1000 個 BIM 360 席位。該公司目前正在擴大 BIM 360 的部署，並將其整合到其專案管理系統中，這導致該客戶額外購買了 3,000 個 BIM 360 席位。BIM 360 超越了典型的產品銷售，使我們能夠與這家公司和其他公司建立更具策略性的關係，從而挖掘建築市場（AEC 中的 C）的巨大潛在市場規模。你們當中有些人可能已經看到，就在上週，《華爾街日報》刊登了一篇精彩的文章，重點介紹了這一機遇，並重點介紹了歐特克公司。

Fusion 360 is also expanding our market opportunity. We had a great Q1 win with a U.K.-based engineering firm that is choosing to replace Teamcenter with Fusion Lifecycle. This customer also purchased product design collection, which includes Fusion 360 which successfully competed against Dassault and PTC solutions. The more people use Fusion, the more they are reinforcing our belief that Fusion is a game-changer that's driving the future of making things at the expense of our competition.

Fusion 360 也正在拓展我們的市場機會。我們在第一季取得了一項重大勝利，一家總部位於英國的工程公司選擇以 Fusion Lifecycle 取代 Teamcenter。該客戶還購買了產品設計軟體套裝，其中包括 Fusion 360，該軟體成功地與 Dassault 和 PTC 的解決方案展開了競爭。使用 Fusion 的人越多，就越能印證我們的信念：Fusion 是一款顛覆性的產品，它正在以犧牲競爭對手為代價，引領未來產品的製造方式。

Partially offsetting the growth in subscription plan subs was the expected decline in maintenance plan subs. However, maintenance plan subs declined less than what we experienced in Q4 through a combination of a higher renewal rate and a smaller pool of renewal opportunities. As we've said in the past, we expect to see ongoing declines in maintenance plan subscriptions going forward. The rate of decline was varied based on the number of subscriptions that come up for renewal, the renewal rate at the time and our ability to incent maintenance plan customers to switch over to EBAs or product subscription with our maintenance to subscription program.

訂閱計劃用戶數量的增長被預期中的維護計劃用戶數量的下降部分抵消。然而，由於續約率較高且續約機會較少，維護計畫訂閱用戶的下降幅度小於第四季。正如我們之前所說，我們預計未來維護計畫訂閱量將持續下降。下降速度取決於續訂訂閱的數量、當時的續訂率以及我們透過維護轉訂閱計畫激勵維護計畫客戶轉為 EBA 或產品訂閱的能力。

I'll now turn it over to Andrew to provide more details on the great results we saw in Q1.

現在我將把發言權交給安德魯，讓他詳細介紹我們在第一季取得的優異成績。

Thanks, Amar. The strong growth in total subscriptions is fueling growth in ARR. Subscription plan ARR surged 105% on a constant currency basis and reflects the strong uptakes of all our subscription plan offerings. Total ARR grew by over $100 million quarter-over-quarter and 20% over Q1 last year on a constant currency basis. And I'll point out that 40% of our total ARR is now driven by (inaudible). That's up from just 23% in Q1 last year and a clear indicator of the significant progress we're making. When we accelerated the transition away from perpetual licenses 2 years ago, we projected that subscription plan ARR would surpass maintenance plan during this fiscal year, and we are well underway to making that happen.

謝謝你，阿瑪爾。訂閱用戶總數的強勁成長正在推動年度經常性收入 (ARR) 的成長。以固定匯率計算，訂閱方案的年度經常性收入成長了 105%，反映了我們所有訂閱方案產品的強勁需求。以固定匯率計算，總 ARR 環比成長超過 1 億美元，比去年第一季成長 20%。我還要指出，我們總 ARR 的 40% 現在是由（聽不清楚）驅動的。這比去年第一季的 23% 有所上升，清楚地表明我們正在取得重大進展。兩年前，當我們加快從永久授權模式過渡到訂閱模式時，我們預測訂閱計劃的年度經常性收入將在本財年超過維護計劃，而我們目前正朝著這個目標穩步前進。

For the second consecutive quarter, we experienced a small sequential increase in total ARPS, primarily driven by ARPS growth in product subscription. It's still a little too early to project whether ARPS will grow sequentially in Q2 as ARPS is still sensitive to short-term shifts in term length, geo mix, product mix and promotions. Having said that, we remain confident that ARPS will be positively influenced in the second half of the year by less discounting and promotions to our legacy users as well as the impact of the maintenance to subscription program.

連續第二個季度，我們的總 ARPS 實現了小幅環比成長，這主要得益於產品訂閱 ARPS 的成長。現在預測 ARPS 在第二季是否會環比成長還為時過早，因為 ARPS 仍然對期限長度、地理組合、產品組合和促銷活動的短期變化很敏感。儘管如此，我們仍然相信，由於減少了對舊用戶的折扣和促銷活動，以及維護訂閱計劃的影響，ARPS 將在下半年受到正面影響。

Each quarter, the vast majority of the subscription plan subs are added through traditional means. However, we continue to make meaningful progress in converting nonpaying users into subscribers. In Q1, we added 26,000 product subscriptions through another successful promo targeted at our legacy users. The Q1 promo offered a 30% discount on a 3-year subscription if they turned in their old perpetual license. It's the same type of promo that added 28,000 subs in Q1 last year with a 70% discount.

每個季度，絕大多數訂閱方案用戶都是透過傳統方式增加的。然而，我們在將非付費用戶轉化為付費用戶方面持續取得顯著進展。第一季度，我們透過另一項針對舊用戶的成功促銷活動，新增了 26,000 個產品訂閱。第一季促銷活動提供3年訂閱30%的折扣，前提是他們交回舊的永久授權。這與去年第一季以 70% 折扣吸引 28,000 名訂閱者的促銷活動類型相同。

We're still finding that more than half of those participating in the promo are turning in licenses 7 years back or older. This further reinforces our view that there are a meaningful number of active users whose licenses are more than 5 years old and are interested in moving to the latest software. There continues to be over 2 million of these legacy users that are actively using our old perpetual license. Over time, we will convert a large portion of these users either through promotions like this, compelling new product introductions or through traditional means as their product becomes increasingly outdated over time. We're beginning to see this happen already.

我們發現，參與促銷活動的人中，超過一半的人交回的是 7 年前或更久以前的駕照。這進一步印證了我們的觀點，即有相當數量的活躍用戶，他們的許可證已超過 5 年，並​​且有興趣升級到最新軟體。目前仍有超過 200 萬老用戶在使用我們舊的永久許可證。隨著時間的推移，我們將透過此類促銷活動、引人注目的新產品發布或傳統方式（因為他們的產品會隨著時間的推移而變得越來越過時）來轉化這些用戶中的很大一部分。我們已經開始看到這種情況發生了。

The other large cohort of nonpaying users is the noncompliance or piracy base of roughly 12 million worldwide. We've made significant gains in being able to more accurately identify these noncompliant users, and we're just getting underway with programs to systematically pursue conversion to subscription. Driving more users to subscription directly aligns with another one of our transition-related initiatives to drive more business direct. Total direct revenue for the first quarter was 30% of total revenue. That's up from 25% in Q1 last year and just 19% 2 years ago. We continue to grow the volume of business with our large enterprise customers, and we're experiencing exceptional growth of over 300% with our eStore. We expect to continue to meaningfully grow both our direct enterprise and our eStore business as we go forward.

另一大類非付費用戶是全球約 1,200 萬的違規或盜版用戶。我們在更準確地識別這些不合規用戶方面取得了重大進展，我們才剛開始實施系統性地推動用戶轉化為訂閱用戶的計畫。引導更多用戶直接訂閱與我們另一項轉型相關舉措（即直接推動更多業務成長）一致。第一季直接收入佔總收入的30%。這一比例高於去年第一季的 25%，也高於兩年前的 19%。我們與大型企業客戶的業務量持續成長，我們的網路商店也實現了超過 300% 的驚人成長。我們預計未來我們的直接企業和網上商店業務都將繼續實現顯著成長。

Now I'll close my section by talking a little bit more about the maintenance to subscription program because it was easily the most asked about topic over the past quarter. At the end of Q1, we had nearly 2 million maintenance plan customers, and we are going to encourage these customers to move to product subscription. We'd like them to do so sooner rather than later as product subscription provides them the greatest value with increased flexibility, support and access to our cloud products. Moving to a single model makes the most sense and will imminently simplify our customers' transactions with Autodesk. The M2S program kicks off with maintenance plan customers that come up for renewal starting on June 1, which is just a couple of weeks away. Along with greater value, loyalty pricing will be a big driver. As I discussed last quarter, all maintenance customers will be subject to a 5% price increase when they come up for renewal, and they can choose to move to product subscription for a loyalty discount of 60% less than the cost of a new product subscription and lock the price in for the following 2 years. This discount will decrease by 5% for each of the following 2 years, so the earlier a customer switches, the more they'll save. A maintenance plan customer can choose to stay on maintenance, but they will be subject to a 10% increase next year and a 20% increase the year after that. As such, we believe that there will be a relatively small number of maintenance plan customers by the end of FY '20, and we'll determine the best course of action for the subsequent renewal periods.

現在，我將以更詳細地談談維護轉訂閱計劃來結束我的部分，因為這無疑是上個季度被問到最多的話題。第一季末，我們擁有近 200 萬維護計畫客戶，我們將鼓勵這些客戶轉向產品訂閱。我們希望他們盡快這樣做，因為產品訂閱能為他們提供最大的價值，包括更高的靈活性、支援和對我們雲端產品的存取權。採用單一模型是最合理的選擇，並且能夠立即簡化客戶與 Autodesk 之間的交易。M2S 計畫將於 6 月 1 日開始，面向即將續訂維護計畫的客戶啟動，距離現在只有幾週了。除了更高的性價比，忠誠度定價也將是重要的驅動因素。正如我上個季度所討論的，所有維護客戶在續約時都將面臨 5% 的價格上漲，他們可以選擇轉為產品訂閱，享受比新產品訂閱價格低 60% 的忠誠度折扣，並鎖定未來 2 年的價格。接下來的兩年裡，這項折扣將每年減少 5%，所以客戶越早轉換，節省的就越多。維護計畫客戶可以選擇繼續享有維護服務，但明年費用將上漲 10%，後年將上漲 20%。因此，我們認為到 2020 財年末，維護計畫的客戶數量將相對較少，我們將確定後續續約期的最佳行動方案。

Since we announced this program a couple of months ago, we have been working with our partners to help them better understand the program. We've also provided them with some extra tools to help drive positive conversations with customers, and we are incentivizing the channel partners to upsell Collections, which would further enhance their cash flow. We're not making projections on (inaudible) will move over this year or next but believe we will have a much smaller pool of maintenance customers by the time we get to the end of our fiscal year '20.

自從幾個月前我們宣布這項計劃以來，我們一直在與合作夥伴共同努力，幫助他們更好地了解這項計劃。我們也為他們提供了一些額外的工具，以幫助他們與客戶進行積極的對話，並且我們正在激勵通路合作夥伴追加銷售收款服務，這將進一步改善他們的現金流。我們不打算對（聽不清楚）今年或明年的情況做出預測，但我們相信，到 2020 財年結束時，我們的維護客戶數量將會大幅減少。

Now I'll turn it over to Scott for a closer look at some of the financials.

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. Once again, 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 through all of them, but I do want to hit on a couple of noteworthy items and then talk about our business outlook for fiscal '18.

謝謝你，安德魯。再次提醒各位，請查閱已準備好的備註文件，該文件是了解我們財務詳情的最佳來源。所以我不會一一贅述，但我確實想重點談談幾個值得注意的事項，然後談談我們對 2018 財年的業務展望。

Before I get into the numbers, I want to draw your attention to our new format for revenue reporting which greatly improves transparency. You'll now see 3 revenue lines: one for subscription, one for maintenance and one for license and other revenue. In this format, you'll no longer need the reconciliation table in our prepared remarks doc as all subscription revenue, which we used to call new model, will be reported in the subscription line, and all maintenance revenue will be reported in the maintenance line. Our remaining nonrecurring revenue will be reported as license and other revenue. In this new format, quarterly subscription revenue times 4 equals subscription ARR and quarterly maintenance revenue times 4 equals maintenance ARR. And you'll be better able to isolate nonrecurring revenues that will flow into the license and other revenue line. Note that one side effect of this change results in additional small legacy products being added into the ARR calculation. As a result, we have slightly adjusted the historical figures for ARR so that you have an apple-to-apples compare for our Q1 results and going forward.

在詳細介紹具體數字之前，我想提請大家注意我們新的收入報告格式，該格式大大提高了透明度。現在您將看到 3 條收入明細：一條是訂閱收入，一條是維護收入，一條是許可和其他收入。在這種格式下，您將不再需要我們準備好的備註文件中的對帳表，因為所有訂閱收入（我們以前稱之為新模式）都將在訂閱行中報告，所有維護收入都將在維護行中報告。剩餘的非經常性收入將作為許可費和其他收入報告。在這種新格式下，季度訂閱收入乘以 4 等於訂閱 ARR，季度維護收入乘以 4 等於維護 ARR。這樣你就能更好地將流入授權費和其他收入來源的非經常性收入分開。請注意，此變更的一個副作用是，一些額外的小型遺留產品將被添加到 ARR 計算中。因此，我們對 ARR 的歷史數據進行了略微調整，以便您能夠對我們的第一季業績以及未來的業績進行公平的比較。

This is an improvement we've been working on and many of you have been asking for, for quite a while, and I think we can all agree this is clear and more transparent.

這是我們一直在努力改進的地方，也是你們很多人一直以來所要求的，我想我們都能同意，這樣更清晰、更透明。

Moving to spend management. We're proud that we've been able to drive strong growth in all of our important transition metrics while reducing our Q1 non-GAAP spend by 3%. We know that some of you have been skeptical of our ability to grow our business while keeping spend flat this year and next year, and we continue to achieve our goals by making sure that we're investing in critical elements of our transition while reducing spend in other areas, driving efficiencies throughout the company and divesting small noncore products.

轉向支出管理。我們很自豪，我們能夠在所有重要的轉型指標上實現強勁成長，同時將第一季的非GAAP支出減少3%。我們知道，你們中的一些人對我們能否在今年和明年保持支出不變的情況下發展業務持懷疑態度，我們將繼續透過確保投資於轉型中的關鍵要素，同時減少其他領域的支出，提高整個公司的效率並剝離小型非核心產品來實現我們的目標。

During this stage of our transition, deferred revenue is a better measure of our business than reported revenue. Deferred revenue grew 18% against a really tough compare last year, when we were still selling multiyear maintenance contracts. As you know, we've discontinued multiyear maintenance sales in conjunction with the launch of the maintenance to subscription program.

在我們轉型的這個階段，遞延收入比報告收入更能衡量我們的業務狀況。與去年同期非常艱難的基數相比，遞延收入成長了 18%，當時我們還在銷售多年維護合約。如您所知，隨著維護訂閱計畫的推出，我們已經停止銷售多年維護服務。

You'll notice another new disclosure that we added this quarter for unbilled deferred revenue which we define simply as revenue that has been contractually committed by our customers but not yet billed and not included on our balance sheet. This is typically driven by our multiyear, large enterprise business agreements or EBAs. Historically, unbilled deferred revenue was an immaterial number but, as we move forward this year, we're planning on moving more of our enterprise customers to annual billings for their contracts which are typically 3-year commitments. We are providing visibility to our unbilled deferred revenue to give you a more holistic view of our quarterly results.

您會注意到，本季度我們新增了一項揭露內容，即未開票遞延收入，我們將其簡單定義為客戶已按合約承諾但尚未開立且未計入資產負債表的收入。這通常是由我們簽訂的多年期大型企業業務協議（EBA）所驅動的。從歷史上看，未開票的遞延收入是一個無關緊要的數字，但隨著今年的推進，我們計劃將更多企業客戶的合約（通常是 3 年的合約）改為按年計費。我們正在公開未開票遞延收入，以便您更全面地了解我們的季度業績。

We remain aggressive with our stock buyback plan in Q1 and repurchased 2.2 million shares for a total of $192 million. That averages out to a little over $85 per share. The downside of our stock price at this level is we're not able to buy back quite as many shares, but we remain committed to offsetting dilution from equity plans and reducing our share count over time.

我們在第一季繼續積極推進股票回購計劃，共回購了 220 萬股，總金額達 1.92 億美元。平均下來，每股略高於 85 美元。目前股價的不利之處在於我們無法回購那麼多股票，但我們仍然致力於透過股權激勵計畫來抵消稀釋效應，並隨著時間的推移減少我們的股票數量。

Overall, our strong Q1 results increased our confidence that the transition is working for our customers and our partners. It also sets us up for success for the rest of the year and reinforces our conviction in our fiscal '20 targets.

整體而言，我們強勁的第一季業績增強了我們對轉型對客戶和合作夥伴有利的信心。這也為我們今年剩餘時間的成功奠定了基礎，並增強了我們對 2020 財年目標的信心。

Turning 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 and little change in the emerging markets. As we look at our outlook for the second quarter, we expect a seasonal decrease in subscription additions in Q2, consistent with what we've seen in the last 2 years. Remember that Q1 sub adds have the added benefit from a seasonally strong EBAs sold in the prior quarter and the legacy promo. While we're pleased with our execution of the current business trends and have confidence in our ability to drive results, we're taking an appropriately conservative approach and leaving the full year fiscal '18 outlook unchanged at this point.

展望未來。我們對全球經濟情勢的看法與過去幾季的看法保持一致，大多數成熟市場表現相對較好，新興市場變化不大。展望第二季度，我們預計第二季度新增訂閱用戶數量將出現季節性下降，這與我們過去兩年所看到的情況一致。請記住，第一季新增用戶也受益於上一季銷售的季節性強勁的 EBA 以及先前的促銷活動。雖然我們對當前業務趨勢的執行情況感到滿意，並且對推動業績的能力充滿信心，但我們採取了適當的保守做法，目前維持 2018 財年全年展望不變。

Finally, I want to provide an update on our CEO transition. The board is currently in the process of vetting external candidates as well as both Andrew and Amar. We don't have any other updates on the CEO selection process other than to say it's a top priority for the board and is progressing as planned. In the meantime, we continue to execute very well through the transition. And Andrew and Amar have the board's full confidence to lead the company to ongoing success.

最後，我想報告一下我們執行長的交接情況。董事會目前正在審查外部候選人以及安德魯和阿瑪爾。除了表示執行長遴選是董事會的首要任務並且正在按計劃推進之外，我們沒有關於執行長遴選過程的任何其他更新資訊。同時，我們在過渡期間繼續保持著非常良好的執行力。董事會對安德魯和阿瑪爾充滿信心，相信他們能夠帶領公司走向持續成功。

To wrap things up, we've executed well over the past several quarters, and we're looking forward to building on this [success] through fiscal '18 and work toward our fiscal '20 goals and beyond.

總而言之，過去幾季我們執行得非常出色，我們期待在 2018 財年在此基礎上再接再厲，朝著 2020 財年及以後的目標努力。

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

接線員，現在我們開始接受提問。

(Operator Instructions) Our first question comes from the line of Heather Bellini with Goldman Sachs.

（操作說明）我們的第一個問題來自高盛的 Heather Bellini。

This is Mark Grant on for Heather, just a quick one from me. You mentioned that the maintenance renewals were a little better in the quarter than you've seen in recent trends. Was there a possibility in the quarter that you had maintenance renewal kind of pull-forward, customers coming forward and trying to renew maintenance ahead of the maintenance-to-subscription transition? And then a quick followup to that is, on the full year guide, the reason for not raising the full year guide after such a great quarter.

我是馬克·格蘭特，替希瑟報隊，我簡單說幾句。您提到本季的維護續約情況比近期的趨勢略好。本季是否有可能出現維護續訂提前的情況，即客戶在維護服務過渡到訂閱服務之前提前續訂維護服務？然後，還有一個後續問題，關於全年業績預期，為什麼在這樣一個表現優異的季度之後沒有提高全年業績預期？

Yes, so on the maintenance question, maintenance was better than expected really. I think kind of -- we had a small pool of renewals, and I think most of our customers who renewed were really trying to line up with the maintenance-to-subscription transition, and we didn't see any unnatural pull-forward into the quarter. And it was better than expected, and we expect to continue to do well with the renewal rates because we are paying a lot of attention to it.

是的，關於維護方面的問題，維護情況確實比預期的要好。我覺得情況有點——我們的續訂客戶數量不多，而且我認為大多數續訂客戶都是為了配合維護服務向訂閱服務的過渡，我們沒有看到任何非自然的提前續訂現象。續約率比預期要高，我們預期續約率會繼續保持良好勢頭，因為我們對此非常重視。

Yes, and on the second part of your question on the full year guide, we've executed well over the last several quarters and certainly executed well in Q1. And it's given us increased confidence as -- that both the transition is working for our customers but it's also working for our partners, and we feel good about where we are at this point in the year. But there's a long way to go. It's 90 days into a full year. At this point, I think it's appropriate to be prudent with the guide for the full year.

是的，關於您問題的第二部分，即全年業績指引，我們在過去幾個季度都執行得很好，第一季也執行得很好。這讓我們更有信心——因為轉型不僅對我們的客戶有利，對我們的合作夥伴也有利，我們對今年目前的狀況感到滿意。但還有很長的路要走。一年已經過去90天了。我認為目前來看，謹慎制定全年指南是合適的。

(Operator Instructions) Our next comes from the line of Phil Winslow with Wells Fargo.

（操作說明）接下來是來自富國銀行的菲爾溫斯洛的說明。

A question for Andrew and Scott. Going back to the maintenance because, obviously, just overall subscriber comp growth was way ahead of people's expectations, and the maintenance decline was definitely less than what we were expecting. Curious because obviously there were a lot of changes going on, on pricing but wonder if you can comment on just the feedback you're getting from customers and sort of the early thoughts on sort of how you expect this to play out? I know you're not giving specific guidance but maybe kind of help us, walk us through what you're hearing and how you're thinking about that.

問安德魯和斯科特一個問題。回到維護費用上來，因為很明顯，整體訂閱用戶成長遠遠超出了人們的預期，而維護費用的下降幅度也肯定小於我們的預期。我很好奇，因為很明顯價格方面有很多變化，但我想知道您能否談談您從客戶那裡得到的反饋，以及您對這件事未來發展走向的初步想法？我知道你沒有給出具體的指導，但或許可以幫助我們，帶我們了解你聽到的內容以及你對此的看法。

Yes, Phil. This is Andrew. Let me talk to it. So first off, let me remind you how we structured this program so we can put some of the feedback in context. It's a multiyear program. We rolled out 3 years' worth of changes in the customer base so that they could actually get a lot of visibility to what they could expect over the next few years. The first year is modest price increases. The program starts June 1, and they're going to see a 5% price increase. So whether you're a maintenance customer that really wants to stay on maintenance or wants to move to subscription now, you're really going to renew and move forward and take -- you're going to take an action, a positive action, because you've got a year to think about it. And what we're going to be doing in that year is we're going to be collecting the customer reaction, and we're also going to be demonstrating to the customers more explicitly why there is more value in the subscription world. The value is going to show up just in the nature of the offering, we've talked about the access control and insights. We're also going to be adding a lot more value related to bringing the cloud much closer to the subscription offering. So we've given the customers lots of runway. We expected there was going to be different types of reactions to the program, which is one of the reasons why we built in this year for people to digest what we're doing. So as we've rolled it out, we've gotten reaction from some of our larger customers where they're just looking at it and they're going, "We were going to move to subscription anyway," or "We're going to move to an EBA, so we're going to probably move forward with the lowest price possible." Our smaller customers are where we've gotten the most noise. And essentially, they're concerned about losing access to their perpetual software. That's why we've got the 1 year cooling off period for us to absorb this feedback, for us to engage with these customers and for us to really prove to them that not only are they moving to a better, higher-value offering but we're going to protect them as they move forward. So that's where we're at right now, and I wouldn't expect anything else to change.

是的，菲爾。這是安德魯。讓我跟它說。首先，讓我提醒大家我們是如何建構這個專案的，這樣我們才能更能理解一些回饋意見。這是一個多年期項目。我們對客戶群進行了 3 年的調整，以便他們能夠真正了解未來幾年可以期待什麼。第一年價格漲幅不大。該計劃將於6月1日開始，價格將上漲5%。所以，無論您是想繼續使用維護服務的客戶，還是想現在就轉為訂閱客戶，您都應該續訂並繼續前進，採取積極的行動，因為您有一年的時間來考慮。在那一年裡，我們將收集客戶的回饋，並更明確地向客戶展示為什麼訂閱模式更有價值。價值將體現在產品的性質上，我們已經討論過存取控制和洞察力。我們還將增加更多與將雲端服務更緊密地與訂閱服務結合相關的價值。所以我們給了客戶充足的緩衝時間。我們預料到大家會對這個專案有不同的反應，這也是我們今年特意留出時間讓人們消化我們所做的一切的原因之一。隨著我們逐步推出這項服務，一些大客戶的反饋表明，他們正在考慮“我們本來就打算轉向訂閱模式”，或者“我們打算轉向企業協議，所以我們可能會選擇盡可能低的價格”。而小客戶的回饋則最為強烈。本質上，他們擔心失去對永久軟體的存取權。這就是為什麼我們設立了 1 年的冷靜期，以便我們吸收這些回饋，與這些客戶互動，並真正向他們證明，他們不僅正在轉向更好、更有價值的產品，而且我們將在他們前進的過程中保護他們。這就是我們目前的處境，我預計不會有任何其他變化。

And our next question comes from the line of Saket Kalia from Barclays.

下一個問題來自巴克萊銀行的 Saket Kalia。

Actually, maybe I'll start with you, Scott. So subscription ARPS, to the point earlier, saw a second quarter of sequential growth here. You've talked about this being a little bit of a volatile metric because of the mix in the past. Do you feel like we're getting to a point where some of the higher-priced subscriptions are really having a structural impact on that ARPS number where we could see a little bit more stability in that metric going forward?

其實，或許我應該先從你開始，史考特。因此，正如前面提到的，訂閱平均收入（ARPS）在第二季度實現了環比增長。您之前說過，由於過去的數據組合，這個指標波動性比較大。您是否覺得，一些價格較高的訂閱服務正在對 ARPS 數據產生結構性影響，從而導致該指標在未來更加穩定？

This is Andrew. I'm going to take that one, all right? As we've said, this metric is highly, highly sensitive to mix. It's highly sensitive not only to product mix but also the geo mix whether it's emerging or mature markets. And what we said consistently, and we're sticking to it, is as we move into the second half of the year, we're going to start to see that metric trend up. And we're not changing that assessment, we're not changing that guidance. I want to remind you, though, about some of the things that are going to keep pushing that up. One, we're going to be absorbing that maintenance-to-subscription price increase, the 5% that pushes into the ecosystem, so that's going to trend that up a bit. You're also going to see some core price increases, and the move to collections is going to put upward pressure on that. We're also going to see the decrease in discounts. Remember, with a discount this round, it was a fraction of what it was in previous years on our legacy programs, you're going to see that. But you're also going to see the mix in mature and emerging change which is going to -- have put some positive pressure. As we're more successful in the cloud, you're going to see downward pressure. So those are the factors that are going to be affecting this as we move into the second half of the year, but we're holding to the statement we made previously, you're going to see a trend up as we move through the second half.

這是安德魯。我就要選那個，好嗎？正如我們所說，這個指標對混合物非常非常敏感。它不僅對產品組合高度敏感，而且對地理組合也高度敏感，無論是新興市場還是成熟市場。我們一直強調，而且我們堅持這一觀點，那就是隨著我們進入下半年，我們將開始看到該指標呈上升趨勢。我們不會改變這項評估，也不會改變這項指導方針。不過，我想提醒你們，有些因素會繼續推高這個數字。第一，我們將承擔維護費向訂閱費上漲的 5%，這部分上漲會影響整個生態系統，因此價格會略有上漲。你也會看到一些核心產品價格上漲，而向收藏品的轉型將為價格上漲帶來壓力。我們也會看到折扣減少。記住，這一輪折扣後的價格只有往年傳統項目價格的一小部分，你會看到的。但你也會看到成熟變革和新興變革的混合，這將帶來一些正面的壓力。隨著我們在雲端運算領域取得更大的成功，你會看到下行壓力。所以，這些因素將在今年下半年對市場產生影響，但我們堅持先前的說法，隨著下半年的推進，你們將會看到上升的趨勢。

Got it, that's very helpful. And then maybe for my follow-up, maybe for you, Amar. It felt like in some of your prepared commentary that some of the competitive wins sounded just a little bit stronger this quarter. Can you just talk, maybe qualitatively, about any competitive metrics that you look at, whether that's win rates or competitive conversions, talk to us a little bit about maybe how you felt competitively this quarter maybe versus others.

明白了，這很有幫助。然後，也許為了我的後續，也許為了你，阿瑪爾。感覺在你事先準備好的一些評論中，本季度的一些比賽勝利聽起來似乎更有說服力一些。您能否定性地談談您關注的任何競爭指標，無論是勝率還是競爭轉換率，請您稍微談談您本季與其他季度相比，在競爭方面的感覺如何。

Yes, Saket, great question, thanks. We definitely are feeling very positive about how we are positioned in this industry and how we are driving change. Our investment, our strategy of using the cloud to drive a new paradigm in both the billing industry as well as the manufacturing industry is really paying off. In manufacturing in particular, with Fusion and the changes we are driving in getting industrial additive manufacturing and concepts like generative design, the customers are really paying a lot of attention in adopting those ideas from us in a big way and, in many cases, at the expense of our competition. In fact, many of our Fusion 360 wins this quarter, in fact, in an increasing rate, are coming at the expense of our competition. They're leaving their sort of old, 20-year-old CAD systems and starting to adopt the paradigm we are putting forward with Fusion, which connects CAD to CAM to CAE with data management built in. So in manufacturing, we really feel like the customer base is searching for the next paradigm, and they're starting to really turn to Fusion and adopt it in response to that. Likewise, in the building industry, the big sort of competitive push and success that we're seeing is really in construction, where I would say actually a major competitor has been paper in some ways; that they are moving from an analog to a digital way of working. And we've been leading the way in using cloud and mobile to drive a construction management and BIM management process for this customer. So we're definitely feeling both those vectors of manufacturing and construction growing at a really fast pace, and we feel very good about where we are positioned in both industries.

是的，Saket，問得好，謝謝。我們對自己在產業中的定位以及我們推動變革的方式感到非常樂觀。我們的投資，我們利用雲端運算推動計費產業和製造業新範式的策略，真的取得了成效。尤其是在製造業領域，隨著 Fusion 技術的發展以及我們在工業增材製造和生成式設計等概念方面所推動的變革，客戶們非常重視並大力採納我們的這些理念，而且在許多情況下，這損害了我們競爭對手的利益。事實上，本季我們在 Fusion 360 領域取得的許多成功，而且這一比例還在不斷上升，都是以犧牲競爭對手的利益為代價的。他們正在放棄使用了 20 年的舊 CAD 系統，開始採用我們透過 Fusion 提出的範式，該範式將 CAD 與 CAM 和 CAE 連接起來，並內建了資料管理功能。因此，在製造業領域，我們真切地感受到客戶群正在尋找下一個範式，而他們也開始真正轉向 Fusion 並採用它來回應這一需求。同樣，在建築業，我們看到的真正意義上的競爭和成功主要體現在建築領域，我認為，在某種程度上，紙張實際上已經成為主要的競爭對手；他們正在從模擬工作方式轉向數位工作方式。我們一直走在利用雲端和行動技術推動該客戶施工管理和 BIM 管理流程的前沿。因此，我們確實感受到製造業和建築業這兩個行業都在快速成長，我們對自己在這兩個行業中的定位感到非常滿意。

Our next question comes from the line of Sterling Auty with JPMorgan.

我們的下一個問題來自 Sterling Auty 與摩根大通的合作。

It's Jackson Ader on for Sterling tonight. A couple of questions from us, the first being in the revenue by product family, it looks like AutoCAD and AutoCAD LT actually grew year-over-year as far as the major segments are concerned. Any particular reason that, that returned to growth in the quarter whereas AEC and Manufacturing are still down year-over-year?

今晚斯特林隊將由傑克遜·阿德爾首發。我們有幾個問題，第一個是關於按產品系列劃分的收入，就主要細分市場而言，AutoCAD 和 AutoCAD LT 的收入似乎確實比去年同期成長了。有什麼特殊原因導致該季度工業板塊恢復成長，而建築、工程和施工（AEC）以及製造業年比仍下降？

Yes, Jack, when you look at that, you got to reflect back on what was happening in Q1 a year ago. It was our first quarter without selling any perpetual licenses on AutoCAD and LT. And you'll remember, when we ended that sale at the end of the prior quarter in Q4, there were some buy-ahead activities we had with AutoCAD and LT Q1 a year ago, so the compare point was a little bit artificially low with some demand pulled backward into the prior year. That's part of what contributed to it. I would say we're seeing very strong uptake, though, for both AutoCAD and AutoCAD LT and the LT family with product subscriptions, so it's a combination of both.

是的，傑克，當你看到這種情況時，你必須回顧一下一年前第一季發生的事情。這是我們第一個季度沒有售出任何 AutoCAD 和 LT 永久授權。您可能還記得，我們​​在上一季末（第四季）結束那次促銷活動時，由於去年第一季我們對 AutoCAD 和 LT 進行了一些提前採購，因此比較點略微偏低，一些需求被拉回到了去年。這是造成這種情況的部分原因。不過，我認為我們看到 AutoCAD 和 AutoCAD LT 以及 LT 系列產品訂閱的銷售量都非常強勁，所以這是兩者共同作用的結果。

Right. And what I'd add to what Scott just said, it's one of the -- we are seeing subscription working everywhere around the world. One of the geographies which really did well for us sequentially is APAC. And APAC has always been a strong contributor to the AutoCAD and LT result, and that's sort of reflected in the numbers you're seeing. The other thing I would say, you made a comment about AEC and Manufacturing, I'll just take this opportunity to say, in Manufacturing, one other thing that is going on is that our Delcam business moved from a perpetual license business to a subscription business over these quarters, and that's sort of reflected in those numbers. So I would say the Manufacturing numbers, the downward trend of that is exaggerated because of that shift of revenue from upfront to ratable, but I think we're performing strongly across all industries and feel very good about where we are.

正確的。我還要補充史考特剛才說的一點，訂閱模式在世界各地都行之有效。亞太地區是我們業績持續表現最好的地區之一。亞太地區一直是 AutoCAD 和 LT 績效的重要貢獻者，這也反映在你所看到的數字上。另外，您提到了 AEC 和製造業，我想藉此機會補充一點，在製造業方面，還有一件事正在發生，那就是我們的 Delcam 業務在這幾個季度裡從永久許可業務轉向了訂閱業務，這在某種程度上也反映在了這些數據中。所以我認為製造業數據的下降趨勢被誇大了，因為收入從預付轉向了應計，但我認為我們在所有行業都表現強勁，對我們所處的位置感到非常滿意。

Okay, great. And then, actually, since you mentioned geographies, for my follow-up, it appears that at least on a revenue basis, year-over-year Americas did a little bit better than the other major geographies. Is that also true as far as bookings are concerned? Or was there just a little bit of some noise in the revenue for the regions?

好的，太好了。而且，既然你提到了地域，我的後續問題是，至少從收入來看，美洲的年比表現比其他主要地區略好。就預訂而言，情況也是如此嗎？或者，只是各地區的收入出現了一些波動？

Yes, Jack, we actually did well in all regions. I think that it's one thing to look at it year-on-year, if you look at it sequentially, we actually did well in Americas, in Europe and in APAC. And as Amar just pointed out, actually, seemed to have at least found the bottom in APAC and don't have the same headwinds that we had for most of this year last year there. So it didn't -- there's nothing that stands out that was particularly strong or particularly weak in any of the 3 geos. It was good performance across the board.

是的，傑克，我們實際上在所有地區都取得了不錯的成績。我認為，逐年來看是一回事，但如果按時間順序來看，我們在美洲、歐洲和亞太地區實際上都做得很好。正如 Amar 剛才指出的那樣，實際上，亞太地區似乎至少已經觸底反彈，不再像去年大部分時間那樣面臨同樣的逆風。所以並沒有——這三個地區都沒有什麼特別強或特別弱的地方。整體表現都很出色。

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

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

Question #1, perhaps for Andrew and Amar, is if you could talk about the role of distribution or distributors in your future -- how do you see their role in terms of fulfillment, license management, et cetera. And as well, could you talk about the effects of any past or prospective pricing changes that you've put through distribution? In other words, you've changed the pricing for VARs, looking to purchase directly from the company versus perhaps more favorable pricing if they buy through distribution instead. And then, secondly, in the first quarter, it would appear that Collections, at least in the indirect business, were a smaller percentage of the business than the former Suites had been. Could you verify that? And how are you thinking about the progression of Collections as a percentage of your business as you go through the rest of the year?

第一個問題，或許可以問問 Andrew 和 Amar，你們能否談談經銷商或經銷商在你們未來發展中的作用——你們如何看待他們在履行、許可管理等方面的作用。另外，您能否談談過去或未來透過分銷管道實施的任何價格變動的影響？換句話說，您改變了 VAR 的定價策略，他們希望直接從公司購買，而不是透過經銷商購買，這可能會獲得更優惠的價格。其次，在第一季度，收款業務（至少在間接業務方面）所佔的業務比例似乎比以前的套房業務小。你能核實一下嗎？在今年剩餘的時間裡，您如何看待收款業務佔您業務總量的百分比變化？

All right. So Jay, that was a multipart question, so let me kind of approach each one of these one at a time. So look, when it comes to VARs and distribution in our future, let's be very clear, our business is going to be bigger and the size of the pie that the VARs are going to get, the size of the business that they're going be able to participate will be bigger as well. We are going to be doing more business direct through major accounts and direct through the eStore, but we are absolutely going to be providing a bigger business to our indirect partners as well as we move forward. Now your question with regard to pricing to VADs and VARs and things of this -- we are constantly evolving and changing our frameworks and changing the pricings and the things that go through the framework to optimize what things are going on. I'm not going to comment on any specific pricing strategy we put out there in the system, but we're always doing that to optimize how we distribute and deliver the software to the customers. And your last question about Collections. So first off, let's talk about where the overall strategy is going with Collections. It's absolutely our goal to ensure that our new customers are moving to Collections versus buying standalone products. And as you know, as we light up the maintenance-to-subscription program in June, there's going to be a major push to move those customers over to Collections. Those activities are brewing and gestational right now. But with regard to the Collections result, we're actually really happy where we're at. The volume runway in Q1 is equivalent to the Suites runway in the same period a year ago, and that's exactly where we want to be. And in a short period of time, we basically dialed back up to that run rate, and that's right where we should be. But as we move forward into the year, you're going to see Collections contributions go up more and more throughout the year. But right now, we're exactly where we expect to be.

好的。傑伊，這是一個多部分的問題，所以讓我逐一解答。所以，就我們未來的加值經銷商和分銷而言，我們必須明確一點，我們的業務規模將會更大，加值經銷商所能分到的市場份額，以及他們能夠參與的業務規模，也會更大。我們將透過大客戶和網上商店開展更多直接業務，但隨著我們不斷前進，我們也一定會為我們的間接合作夥伴提供更大的業務機會。關於您提出的 VAD 和 VAR 的定價問題等等——我們一直在不斷發展和改變我們的框架，改變定價以及透過該框架進行的事項，以優化正在進行的事情。我不會對我們在系統中推出的任何具體定價策略發表評論，但我們一直在這樣做，以優化我們向客戶分發和交付軟體的方式。還有你最後一個關於收藏的問題。首先，我們來談談 Collections 的整體策略發展方向。我們的目標絕對是確保新客戶轉向購買產品系列，而不是購買獨立產品。如您所知，隨著我們在 6 月啟動維護轉訂閱計劃，我們將大力推動這些客戶轉移到 Collections 服務。這些活動目前正處於醞釀和發展階段。但就收款業績而言，我們其實對目前的成績非常滿意。第一季的銷售量與去年同期套房的銷售量相當，而這正是我們想要達到的目標。在很短的時間內，我們基本上就恢復到了之前的運行速度，而這正是我們應該達到的高度。但隨著時間的推移，你會看到全年的捐贈額不斷增加。但就目前而言，我們正處於預期的位置。

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

下一個問題來自摩根士丹利的基斯‧韋斯。

I was wondering if you could -- you talked a little bit about sort of better renewal rates on the NIM side of the equation. I wonder if you can give us any sort of a viewpoint on sort of the renewal rates on the new model subs or the subscription subs, if you will? You have a little time under your belt. How would those come in? And in particular, how do those look relative to sort of what you see in your maintenance base?

我想問一下，您剛才稍微談到了在淨利差額支付方面提高續約率的問題。我想請您談談對新模式訂閱或訂閱服務續訂率的看法？你已經累積了一些經驗。這些會如何納入考量？具體來說，這些情況與您在維護基地看到的情況相比如何？

Yes, Keith. Look, renewal rates were strong across-the-board. I mean, the product subscription rates were right in line with our expectations. In terms of comparing maintenance to product subscriptions, I mean one thing to keep in mind is one of the benefits of the product subscription is customers can switch things on and off, and some are monthly and some are quarterly product subscribers. So we don't really break the renewal rates out by subscription type, but we are pleased with where product subscriptions ended up, and this continues to be a big focus area for us for the remainder of the year.

是的，基斯。你看，續約率整體都很強。我的意思是，產品訂閱率完全符合我們的預期。如果要比較維護服務和產品訂閱，我的意思是，需要記住的一點是，產品訂閱的好處之一是客戶可以隨時開啟或關閉某些服務，有些是按月訂閱，有些是按季度訂閱。因此，我們並沒有按訂閱類型細分續訂率，但我們對產品訂閱的最終結果感到滿意，這仍然是我們今年剩餘時間的重點領域。

Got it. And then for my second question, and then to continue the line of questioning that Jay was drilling down on the reseller channel. Now that we're fully on a subscription model, can you tell us a little bit about sort of what the incentives are? Like what does the incentive program look like for the channel in broad strokes? Is it on ARR? Is it on subscription? Can you give us some kind of indication of where you took that now that it's not going to be kind of a revenue-based model anymore?

知道了。接下來是我的第二個問題，也是繼續 Jay 之前深入探討的關於經銷商通路的問題。既然我們已經全面採用訂閱模式，您能跟我們簡單介紹一下其中的激勵措施嗎？通路激勵計畫的大致架構是什麼？它在 ARR 上嗎？需要訂閱嗎？既然它不再是以獲利為導向的模式，您能否大致透露一下您目前的進展？

Actually, you know what -- this is Andrew. So you know what, the incentives we put into the system for partners are aligned with the kind of outcomes we want with subscription. So first off, we're obviously going to incent them to encourage a customer to look at a collection because, obviously, that's something we really want the customer to consider, and we think that's the right path for them moving forward and the best path to the future. But we also want to incent adoption and renewal activity. So we actually put incentives into the system to ensure that the partners are making sure that the customers are actually using the software because like Amar said, when you're on a subscription model, you can turn -- you can start and stop if you want. So we want the partners to guarantee that the customers are actually adopting things. So we're putting incentives into the system like that to drive that kind of behavior.

其實，你知道嗎——這是安德魯。所以你知道嗎，我們為合作夥伴提供的激勵措施與我們希望透過訂閱實現的成果是一致的。首先，我們顯然會激勵他們鼓勵顧客瀏覽產品系列，因為很顯然，這是我們真心希望顧客考慮的事情，我們認為這是他們前進的正確道路，也是通往未來的最佳道路。但我們也希望激勵用戶採納和續訂。因此，我們實際上在系統中加入了激勵措施，以確保合作夥伴確保客戶真正使用該軟體，因為就像 Amar 說的那樣，當你採用訂閱模式時，你可以隨時開始和停止。所以我們希望合作夥伴能夠保證客戶確實在採用這些產品。所以我們正在透過這樣的激勵措施來推動這種行為。

Yes, I agree. And Keith, I'll just add that, over time, you'll see us continuing to optimize our incentive structure to drive the kind of results and outcomes that we want. Subscription is obviously the big focus for us right now, driving Collections is a big focus for us right now and certainly making sure that our renewal rates are right where we want it to be in. I think we are using our classic combination of front- and back-end discounts to get those results. To Jay's earlier comment with the distribution channel, that's another place where we've been sort of just optimizing our relationships and our incentive structure to get the right results, again, to drive this overall recurring revenue and subscription business that we're getting the channel oriented around.

是的，我同意。基思，我還要補充一點，隨著時間的推移，你會看到我們不斷優化激勵機制，以推動我們想要的結果和成果。訂閱顯然是我們目前的重點，推動收款是我們目前的重點，當然也要確保我們的續訂率達到我們想要的水平。我認為我們正是透過結合前後端折扣這項經典策略才取得了這些成果。針對 Jay 之前提到的分銷管道，我們一直在優化我們的關係和激勵機制，以獲得正確的結果，從而推動我們正在圍繞渠道發展的整體經常性收入和訂閱業務。

Got it. Just to be clear, I mean, is it fair to say that in terms of whether or not a partner hit plan or not hit plan -- kind of their quota, if you will, does ARR replace revenues? Or is it just -- there's a whole collection of things they got to [page in there] ?

知道了。澄清一下，我的意思是，就合作夥伴是否達到計劃目標（或者說，是否達到配額）而言，ARR 是否可以取代收入？或者只是——他們有很多東西要放進去？

Keith, can you say that again? You said ARR, and then we lost the second part of the question.

基思，你能再說一次嗎？你說的是 ARR，然後我們就答不出來問題的第二部分了。

So in terms of sort of like from a headline number for partners, you guys sit down and do your business reviews, is there a version of a quarter? Like when they hit plan, does ARR replace what revenues used to be? They used to have to hit a revenue target, now they have to hit an ARR target or is it a little more complicated than that?

所以，就合作夥伴而言，你們坐下來進行業務回顧時，是否有季度業績之類的指標？例如當他們達到計畫目標時，年度經常性收入（ARR）是否會取代先前的收入？他們以前需要達到營收目標，現在需要達到年度經常性收入（ARR）目標，還是情況比這更複雜？

Keith, our engagement with VARs is very simple. We talk about billings numbers with them and the billings outcomes with them and the annualized contract value. We don't try to do ARR compensation models with our partner channel, that would be far too complicated for them to not only engage with but actually for them to measure and react to. So we keep that very simple because we want to grease their transactional ability.

Keith，我們與VAR的合作非常簡單。我們會和他們討論帳單金額、帳單結果以及年度合約價值。我們不嘗試與合作夥伴管道實施 ARR 補償模式，因為這對他們來說太複雜了，不僅難以參與，而且難以衡量和做出反應。所以我們盡量簡化流程，因為我們想提高他們的交易效率。

And our next question comes from the line of Gregg Moskowitz from Cowen and Company.

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

Wondering if you could add any commentary on the mix of LT subscriptions this quarter as compared with both AutoCAD and the AutoCAD vertical subscriptions?

想請您對本季 LT 訂閱與 AutoCAD 和 AutoCAD 垂直產業訂閱的組合情況做一些評論？

Yes, Gregg, LT continues to be the volume part of the business. It was in the perpetual license world, it is in the product subscription world. We're not seeing a significant shift in the mix of LT either going as a higher percent on a volume basis or a lower percent. LT and AutoCAD kind of continue to hold serve at the level they were.

是的，格雷格，LT仍然是業務中銷售佔比最大的部分。過去是永久授權模式，現在也是產品訂閱模式。我們沒有看到LT產品組合有重大變化，無論是銷售佔比上升或下降。LT 和 AutoCAD 基本上繼續保持它們原有的地位。

Sorry, Amar. Go ahead.

對不起，阿瑪爾。前進。

I was just going to say I mean I think we saw a strength across all products, including the verticals as well as -- the vertical products and 3D vertical products. So there wasn't a single standout product that was driving subs, we saw strength across the board.

我正要說的是，我認為我們看到所有產品都表現出了優勢，包括垂直行業產品以及垂直行業產品和 3D 垂直行業產品。所以沒有哪一款產品特別突出，用戶數量成長迅猛，我們看到的是整體表現強勁。

Okay, perfect. And then just a question for Andrew. I find it really interesting that you got essentially the same amount of legacy nonsubscriber conversions this quarter at a 30% discount as you did a year ago at a 70% discount, and that you're still seeing half of the conversions at an aging that is 7 years or older. So the question is, in the past, you've spoken about a 30% conversion rate on licenses that were 5 years old or less. Is there any reason why the conversion percentage can't be a lot higher than that?

好的，完美。最後，我還有一個問題想問安德魯。我覺得很有趣的是，本季你們以 30% 的折扣獲得了與一年前以 70% 的折扣獲得的相同數量的傳統非訂閱用戶轉換率，而且你們仍然看到一半的轉換率來自 7 年或更久以前的用戶。所以問題是，過去您曾說過，對於使用年資不超過 5 年的許可證，轉換率達到 30%。為什麼轉換率不能更高呢？

Look, we're going to continue to convert at very high rates. Let's make sure that we're clear on exactly how we're going to be converting the customers. The promos are only one measure of our conversion success. It's a 3-pronged strategy we're looking at to bring these customers in. One is the pace of functionality that we update in the existing product so that the ecosystem becomes very much out-of-date very quickly for a customer that stays off the current release. The other aspect of the things that we're doing is entangling the cloud value so deeply into the subscription offering that the customers are really compelled to get that value captured and integrated in their processes. More and more, the cloud offerings are going to become supercritical to what our customers do, and that's going to get deeply entangled into the subscription offering. The last bit was these legacy promos and these offerings that we use. These are not the -- that's not the absolute measure of legacy conversion we do; just the fact that we're doing the kinds of net adds that you see here means that we're dipping into these nonsubscriber bases. We're going to continue to do it, and we're going to continue to do it at reasonable rates. And I think the program's working exactly as we expected it to.

你看，我們將繼續保持非常高的轉換率。讓我們先明確一下我們將如何轉換客戶。促銷活動只是衡量我們轉換率成功的指標。我們正在研究一種三管齊下的策略來吸引這些客戶。一方面，我們更新現有產品功能的速度太快，導致對於不使用最新版本的客戶來說，整個生態系統很快就會過時。我們正在做的另一件事是將雲端價值深深融入訂閱服務中，從而真正促使客戶獲取這種價值並將其整合到他們的流程中。雲端服務對我們的客戶而言將變得越來越重要，而且它將與訂閱服務緊密結合。最後一部分是我們沿用的這些傳統促銷活動和優惠。這些並不是——這並不是衡量我們傳統用戶轉換率的絕對標準；只是我們在這裡看到的淨新增用戶數量意味著我們正在挖掘這些非訂閱用戶群體。我們將繼續這樣做，並將繼續以合理的價格這樣做。我認為這個程式運行得完全符合我們的預期。

Yes, Gregg, one of the things that we are pleased with is that we didn't have to discount aggressively to get the kind of subs result that we saw. And as Andrew mentioned, I mean, I think, in some ways, the net adds number is becoming a better indicator of how well we are converting our overall opportunity than any individual promotion to reach this legacy base because, as Andrew said, at some level there's a network effect being built as our new products roll out and customers want to be current, and many of them self-select into the buying a new subscription to be current. So I think overall, we're seeing the promo work, we're seeing new net subs go up because of the new product subs rising. So I think we're doing well with that opportunity.

是的，格雷格，我們感到滿意的一點是，我們不必大幅降價就能獲得這樣的替補效果。正如 Andrew 所提到的，我的意思是，我認為，在某種程度上，淨新增客戶數量正在成為衡量我們整體機會轉換率的更好指標，而不是衡量我們觸達現有客戶群的任何單一促銷活動，因為正如 Andrew 所說，隨著我們的新產品推出，在某種程度上正在形成一種網絡效應，客戶希望保持最新狀態，而他們中的許多人為了保持最新狀態而主動選擇購買新的訂閱。所以我覺得總體來說，我們看到了促銷活動的效果，我們看到新增淨訂閱用戶數量上升，因為新產品訂閱用戶數量增加了。所以我覺得我們很好地把握住了這個機會。

And our next question comes from the line of Ken Wong with Citigroup.

我們的下一個問題來自花旗集團的 Ken Wong。

Scott, I know you guys mentioned flat total spend for the year. But how should we think about the trajectory of sales and marketing once you guys launch the maintenance to subs program? Will that tick up meaningfully?

史考特，我知道你們之前提到全年總支出將保持不變。但是，一旦你們推出維護訂閱計劃，我們該如何看待銷售和行銷的發展軌跡呢？這個數字會顯著上升嗎？

I don't think so, Ken. I mean you saw that for the first quarter, we actually posted a decline in spend of about 3% during Q1. Obviously, for us to be flat for the year, it's not going to stay at minus 3% throughout the year. So I would expect to see slight increases going forward but that still comes in at flat for the year. There's no particular swing between categories as we roll out maintenance to subscription. Maintenance to subs is obviously a huge focus, both for our sales team and for our channel. I don't see that driving any particular bump in expense.

我不這麼認為，肯。我的意思是，你們也看到了，第一季我們的支出實際上下降了約 3%。顯然，要想全年保持平穩，利率不可能全年都維持在-3%。所以我預計未來會有小幅成長，但全年整體仍將保持穩定。在將維護服務推廣到訂閱服務的過程中，各個類別之間並沒有明顯的波動。對訂閱用戶的維護顯然是我們銷售團隊和通路團隊的重點領域。我認為這不會導致費用大幅上漲。

Yes, got it. And then just a follow-up on just receivables. So it was -- I guess, it was down a pretty good amount from what it was last year. Could you remind us if something last year drove up accounts receivable collections much more than typical?

是的，明白了。然後，我們再跟進一下應收帳款的情況。所以，我想，比去年下降了不少。能否提醒我們一下，去年是否有什麼因素導致應收帳款回收量遠超往年同期水準？

Yes. What drives receivables, of course, is linearity in the quarter, right? It's what gets sold during the quarter, in the last month because we -- in most cases, we bill in that 30. So we had a very linear quarter this quarter. If you look at our DSOs this quarter, they were below 45 -- I think, 43 days -- whereas the last quarter, it was a much more back end-loaded quarter. So just think of linearity during the quarter, there's nothing else that's happening that would skew that one way or another.

是的。當然，推動應收帳款成長的因素是季度內的線性成長，對吧？這是季度末，也就是最後一個月賣出的產品，因為我們——在大多數情況下——會在30天內開立發票。所以本季我們的業績非常平穩。如果你看一下我們本季的應收帳款週轉天數 (DSO)，它們低於 45 天——我想是 43 天——而上個季度，應收帳款週轉天數則更多地集中在季度末。所以，只要考慮本季內的線性成長，沒有其他因素會影響成長方向。

And our next question comes from the line of Kash Rangan from Bank of America.

下一個問題來自美國銀行的卡什·蘭甘。

This is Shankar for Kash. I have a question on the maintenance conversion. So my understanding is that if a maintenance customer is currently using an LT or AutoCAD product, he would most likely shift to an LT or AutoCAD product in subscription if and when the customer converts. So in that context, can you elaborate how -- also with the discount you are offering, how else are you incentivizing the customer to adopt collections? Geography and mix as well, how customers...

這是 Shankar 為 Kash 所做的致詞。我有一個關於維護轉換的問題。所以我的理解是，如果維護客戶目前正在使用 LT 或 AutoCAD 產品，那麼當客戶轉換時，他很可能會轉而使用訂閱版的 LT 或 AutoCAD 產品。那麼，在這種情況下，您能否詳細說明一下—除了您提供的折扣之外，您還如何激勵客戶採用收藏方式？地理位置和組合，以及顧客如何…

Yes. So remember, the main -- the way the program is structured is that the customer that's moving at the time can move like-for-like, they can move LT to LT or AutoCAD to AutoCAD, but they're never going to get a better price to move to a collection than they will at that point. The discount on collection that they get is the same 60% discount they get moving like-for-like. So there's a strong incentive in the system, especially for an AutoCAD customer, to consider a collection -- probably less so for an LT customer but definitely for an AutoCAD customer. And what we've done is we've armed our partner channels all across the world with basically a tool that lets them sit down with a customer and say, hey, here are your options. Here's what happens if you move now. Here's what happens if you move next year. And by the way, if you move to a collection, this is the price you lock in and this is the value you get with regards to the product offerings. So we've put a lot of work into educating the channel in particular, in how to have a conversation with the customer in terms of moving up to a collection.

是的。所以請記住，該計劃的主要結構是，當時正在遷移的客戶可以進行同類遷移，他們可以將 LT 遷移到 LT，或者將 AutoCAD 遷移到 AutoCAD，但他們遷移到收藏品的價格永遠不會比遷移到收藏品的價格更好。他們購買自提商品可享的折扣與購買同類商品可享的 60% 折扣相同。因此，該系統有很強的激勵機制，特別是對於 AutoCAD 用戶而言，請考慮收藏——對於 LT 用戶來說可能沒那麼強烈，但對於 AutoCAD 用戶來說肯定如此。我們所做的，就是為世界各地的合作夥伴管道配備了一種工具，讓他們可以與客戶坐下來，告訴他們：“嘿，這是你們的選擇。”如果你現在搬家，將會發生以下情況。如果你明年搬家，會發生以下情況。順便一提，如果您選擇購買系列產品，這就是您鎖定的價格，也是您在產品供應方面所獲得的價值。因此，我們投入了大量精力教育通路夥伴，特別是如何與客戶溝通，引導他們升級到高級系列產品。

And what I'd add to that, this is a play our partners know how to do. And this is a -- it's not just an incentive for the customers; our partners really take advantage of this one-time opportunity to move their customers to a higher recurring revenue base. And I think they're really focused on that opportunity right now.

我還要補充一點，這是我們的合作夥伴非常擅長的劇目。這不僅是給客戶的激勵；我們的合作夥伴也真正利用這一千載難逢的機會，將他們的客戶轉化為更高的經常性收入來源。我認為他們現在確實非常關注這個機會。

Got it. Just a follow-up question, you mentioned about the smaller customers having an issue with the subscription plan, and you're working with them. Could you elaborate the feedback you've received on potential price increases that could happen post fiscal '20? Is there any pushback in there, or what's the strategy?

知道了。還有一個後續問題，您提到一些小客戶在訂閱計劃方面遇到了問題，您正在與他們合作解決。您能否詳細說明您收到的關於 2020 財年之後可能發生的價格上漲的回饋意見？那裡是否有反對意見？或者說，他們的策略是什麼？

Look, like I said, the feedback, the negative feedback we got was exactly what we've expected. Look, when you announce to a customer that their maintenance prices are going to be going up over a 3-year period, you expect to get some feedback that's not necessarily positive. It has primarily been from the smaller customers. And when you look at their main issue, it doesn't come down to maintenance versus subscription. They recognize that the program we put in place puts reasonable price increases in for them and they get -- they love the loyalty program. What they're worried about is giving up their perpetual license. So what we over this next year -- and by the way, it is over this next year because they're obviously going to renew at a 5% increase -- is essentially show the customers in these small accounts that moving to subscription is a more valuable path for them and something that helps them accomplish what they need to do more effectively. We're committed to doing that, and that's really going to be the essence of our response to these customers, is delivering the value they're expecting to see and helping them understand exactly what they get when they move to subscription.

正如我所說，我們收到的回饋，尤其是負面回饋，完全符合我們的預期。你看，當你向客戶宣布他們的維護價格將在 3 年內上漲時，你預料會得到一些回饋，而這些回饋未必是正面的。主要來自小客戶。而當你審視他們的主要問題時，你會發現問題並不在於維護與訂閱之爭。他們意識到我們實施的計劃為他們帶來了合理的價格上漲，他們也因此受益——他們喜歡這個會員計劃。他們擔心的是失去永久執照。因此，我們接下來一年的工作——順便說一句，之所以說是接下來一年，是因為他們顯然會以 5% 的漲幅續約——本質上是向這些小帳戶的客戶展示，轉向訂閱模式對他們來說更有價值，並且能夠幫助他們更有效地完成他們需要做的事情。我們致力於做到這一點，而這才是我們回應這些客戶的核心所在，那就是提供他們期望看到的價值，並幫助他們確切地了解在轉向訂閱後他們將獲得什麼。

I mean I think one thing you'll notice in talking to our partners, when we first announced this program and got a bunch of reaction and then as our customers started talking to our partners, I mean a lot of that concern has started to die down because of all the things that Andrew said; is that our customers are starting to understand better the value proposition of subscription and the kind of pricing model that we're putting in. So I think that there was a little bit of a kerfuffle when we made the announcement but that is really starting to mute, and customers are much more comfortable with the path that we have put forward.

我的意思是，我認為在與我們的合作夥伴交談時，你會注意到一點：當我們最初宣布這項計劃並收到很多反饋後，隨著我們的客戶開始與合作夥伴交談，很多擔憂都開始消退，因為正如安德魯所說，我們的客戶開始更好地理解訂閱的價值主張以及我們正在實施的定價模式。所以我覺得，當我們宣布這個消息時，確實引起了一些小騷動，但這種情況正在逐漸平息，客戶們也對我們提出的道路感到更加放心了。

If I may just ask one more just as a follow-up to that, is there any difference in the geography, call it, the U.S. versus Europe versus Asia, is there any difference on how customers reacted?

如果我能再問一個後續問題，不同地域（例如美國、歐洲和亞洲）的客戶反應是否有差異？

No. The reaction is fairly uniform. I mean, obviously, you get some small variations, but it's really uniform. And it's very similar to the reaction we got when we announced the end of perpetuals. It's playing out exactly the same way, and we're going to go through the exact same process. But there's no particular geography or country that's showing any more propensity to be concerned.

不。此反應相當均勻。我的意思是，當然，會有一些細微的差別，但總體來說非常均勻。這和我們宣布永續系列停產時所得到的反應非常相似。事情的發展完全一樣，我們將經歷完全一樣的過程。但沒有任何特定的地理區域或國家表現出更強烈的擔憂傾向。

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

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

I'm going to try to bunch the 2 questions maybe at once because they're kind of related. So I guess, first, to what extent are your -- are your plans for the discounts that you'll offer on subscriptions under the M2S program next year and the year after, are those pretty much hardwired? Or might you change those? And kind of a related question is, I understand you're not prepared to give the guide yet on the M2S program, the volumes that you'll get out of the M2S program, and that's sensible that you're not ready yet to do that. But to what -- can you give us color on to what extent do your fiscal '20 targets depend on the price increases that you'll effectively get from the maintenance customers and the converting customers?

我打算把這兩個問題一起問，因為它們有點關聯。所以我想，首先，你們明年和後年在 M2S 計劃下提供的訂閱折扣計劃，在多大程度上是已經確定下來的？或者你會改變這些嗎？還有一個相關的問題是，我知道您還沒有準備好提供 M2S 專案的指南，也沒有準備好說明您將從 M2S 專案中獲得多少收益，這很合理，您還沒有準備好這樣做。但是，您能否詳細說明一下，您的 2020 財年目標在多大程度上取決於您從維護客戶和轉換客戶實際獲得的價格上漲？

So I'm going to answer part of that, and then I'm going to let Scott speak to the other part of it. So with regards to the maintenance to subscription program, look, we've rolled out the program, we've created visibility, we told them they're getting a 60% discount, that discount goes down by 5% every year as they -- depending on what year they move. It's our intent to stick to that program and stick to that -- I think, we think it's an excellent program, it's an excellent level of discount. There's really no reason to change that. So I don't anticipate any change in the actual rules of the program.

所以我會先回答一部分問題，然後讓史考特來回答另一部分問題。關於維護到訂閱計劃，我們已經推出了該計劃，提高了透明度，告訴他們可以獲得 60% 的折扣，但隨著他們升級到訂閱計劃，該折扣每年會減少 5%。我們打算堅持執行該計劃，並堅持下去——我認為，我們認為這是一個非常好的計劃，折扣力度也非常好。真的沒有理由改變這一點。所以我預計該項目的實際規則不會有任何改變。

Yes, I agree with that, Steve, and to your second question, there's an interesting effect. If you look at the price increases built into maintenance to subscription, the longer someone stays on maintenance, of course, they incur higher price increases, the more they contribute to ARR. So there's a bit of a reverse -- it's a bit counterintuitive. So there's no dependency on a very rapid shift over. In fact, the slower it goes, actually, it boosts ARR a bit as it moves along. So there's no significant dependency on the model on them.

是的，我同意你的看法，史蒂夫。至於你的第二個問題，確實存在著一個有趣的現象。如果你看一下維護到訂閱的價格上漲情況，當然，用戶使用維護服務的時間越長，他們所承擔的價格上漲幅度就越大，他們對 ARR 的貢獻就越大。所以這有點反直覺——有點違反直覺。所以並不依賴非常迅速的轉變。事實上，速度越慢，隨著時間的推移，ARR（年度經常性收入）反而會略微增加。因此，該模型對它們沒有明顯的依賴性。

Well, may I clarify then, Scott: Have you assumed in your long-term guide a rapid -- a fairly rapid shift over, so that there's a fairly minimal price boost? Or does the long-term guide require that a significant number of customers stay on maintenance?

那麼，斯科特，我可以澄清一下嗎：你在長期指南中是否假設了一種快速的——相當快速的轉變，以至於價格上漲幅度相當小？或者，長期指導原則是否要求相當數量的客戶保持維護狀態？

Yes. Our long-term targets -- not guide, our long-term targets do assume that it shifts over and that the majority do shift over. But I don't want to get into any of the details on what that looks like. There's -- like I said, there's an interesting play in terms of the rate and pace that they move and the effect that has on the model. And we've -- as with most of the metrics in the model, Steve, we try to be somewhat conservative on those.

是的。我們的長期目標—不是指導方針，我們的長期目標假設它會轉變，並且大部分會轉變。但我不想透露具體細節。就像我說的，就他們行動的速度和節奏以及這對模型的影響而言，這其中存在著有趣的遊戲。而且，就像模型中的大多數指標一樣，史蒂夫，我們在這些指標上盡量保持保守。

Steve, we have a clear goal to get as much of that maintenance base moved over to subscription by FY '20 as we possibly can.

史蒂夫，我們有一個明確的目標是，到 2020 財年，盡可能地將維護基礎轉移到訂閱模式。

And our next question comes from the line of Ken Talanian from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Ken Talanian。

So you had a nice downtick in expenses in this quarter, and I was wondering if you could walk us through some of your key initiatives to continue to contain expenses. And what elements might cause you to perform better than your current guidance on that front?

你們本季的支出大幅下降，我想知道你們能否詳細介紹一下為繼續控制支出而採取的一些關鍵舉措。那麼，哪些因素可能會促使你在這一方面做得比目前的指導更好呢？

Sure, Ken. Just to be clear, we typically always see a sequential downtick in spend from Q4 to Q1. Q4, as the year ends, there's a lot of true-ups that happen on variable compensation plans, on commissions. It's the quarter that we have our AU event which also drives some expense. So normal seasonality, you'd expect a decline from Q4 to Q1. The rate of that decline, in some ways, depends on how successful we were in the prior year because commissions are not an insignificant part of that decline. So it's not a -- while it is a sequential decline, it's not an unexpected sequential decline from Q4 to Q1. Amar, if you want to touch on how we're managing spend.

當然可以，肯。需要說明的是，我們通常都會看到支出從第四季到第一季出現較上季下降。第四季度，也就是年底，會有很多關於浮動薪酬計畫和佣金的調整。這個季度我們有AU活動，這也會帶來一些開支。所以，按照正常的季節性規律，你會預期從第四季到第一季出現下滑。從某種程度上說，這種下降的速度取決於我們前一年的成功程度，因為佣金是這種下降中不可忽視的一部分。所以，雖然這是一個環比下降，但從第四季度到第一季度，這並不是一個意料之外的環比下降。Amar，如果你想談談我們如何管理支出的話。

Yes. So Ken, what I'd add is, look, our outlook for the year on spend remains unchanged because we've instituted operational rigor and discipline and continue to make very hard choices in investing in the right areas to drive the transition and divesting sort of noncore projects and noncore activities and just keep a tight focus on managing spend. So our outlook for the year is unchanged, and I think we're making all the right decisions in terms of ensuring that the transition remains on track. And some of the things that we've decided to divest, we had a bunch of consumer products, for example, last year, that are not material to the transition. We make choices like that to divest, and that's given us some of the fuel we need to keep driving the transition forward.

是的。所以肯，我想補充的是，我們今年的支出展望保持不變，因為我們已經建立了嚴格的營運紀律，並繼續在正確的領域做出艱難的選擇，以推動轉型，剝離非核心項目和非核心活動，並始終專注於管理支出。因此，我們對今年的展望保持不變，我認為我們在確保過渡順利進行方面做出了所有正確的決定。我們決定剝離的一些業務，例如去年我們剝離的一批消費品，對轉型而言並不重要。我們做出這樣的撤資選擇，也因此獲得了繼續推動轉型所需的動力。

Okay, great. And as a follow-up, I realize it's early, but could you give us a sense to how to think about what the price increases might look like in the years following the initial 3-year subscription discount that folks will be locking in? Will it -- I mean, directionally, could you expect it to be on par with the subscription price absent that discount, or might it even be more?

好的，太好了。作為後續問題，我知道現在說這些還為時過早，但您能否讓我們大致了解一下，在人們鎖定的最初 3 年訂閱折扣期結束後，價格上漲可能會是什麼樣子？——我的意思是，從方向來看，如果沒有折扣，它的價格能和訂閱價格持平嗎？或者甚至可能更高？

Ken, we've been very explicit in the program where the customer pops up to the terminal discount price of the program. So the maintenance subscription program lasts 3 years and, at the end of that third year, there's a particular discount. That's the price that everybody trues up to when they exit the program -- which, by the way, is the right thing to do with regard to incenting the customer to not only give up their perpetual license but feel comfortable with the move to subscription.

Ken，我們在程序中已經非常明確地說明了客戶會看到程序的最終折扣價格。因此，維護訂閱計劃為期 3 年，在第三年結束時，將有特定的折扣。這是每個人退出該計劃時都必須支付的價格——順便說一句，這樣做是正確的，這樣不僅可以激勵客戶放棄永久許可證，還能讓他們安心地接受訂閱模式。

And is that for EBAs as well or just product and collections?

那也適用於EBA嗎？還是只適用於產品和系列？

EBAs are a totally different process. So when a customer moves to an EBA, they've moved off of maintenance to a consumption model. And remember, for all of these things, with regards to the way we rolled out the prices, the way we manage the price increases at the terminal point, our goal is to maximize the value of that maintenance base. And that is all about minimizing the churn out of those customers that are in that base. We feel like we've created a program that balances both the price uplift and the churn factors that guide us in maximizing the value of that base. That's what's driving all of this.

企業協議（EBA）是一個完全不同的流程。因此，當客戶轉向 EBA 時，他們就從維護模式轉向了消費模式。請記住，對於所有這些事情，無論是我們推出價格的方式，還是我們在終端點管理價格上漲的方式，我們的目標是最大限度地提高維護基礎的價值。這一切都是為了最大限度地減少現有客戶的流失率。我們感覺我們已經創建了一個方案，平衡了價格上漲和客戶流失因素，從而引導我們最大限度地提高客戶群的價值。這就是這一切的驅動力。

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

我們的下一個問題來自 Monika Garg 與 Pacific Crew 的合作。

I guess, first question, one question which we get quite often is that CAD seems like a low-growth market but your target of 20% subscription growth means you need to add somewhere between 850,000 to 900,000 new subscriptions every year. So can you maybe walk through the math to achieve that?

我想，第一個問題，也是我們常被問到的問題，是 CAD 似乎是一個低成長市場，但你們 20% 的訂閱成長目標意味著你們每年需要新增 85 萬到 90 萬個訂閱用戶。那麼，您能否詳細解釋一下實現這一目標的數學過程？

There's a fundamental thing we've been telling people over and over again with regard to how this is sort of going to work. First off, the move to subscription has reset the price points for design software pretty dramatically. So what we're seeing is we're seeing increased demand for our offerings just by virtue of the fact that the upfront costs are so much lower. Then there's a couple of other factors that play out here in terms of hitting those long-term subscription targets; one is the nonsubscriber base we've been talking about over and over again throughout the last few years, those customers moving forward, the other -- which is a 2 million-plus base of people. The other base is the 12 million pirate base that is going to move from pirated software to subscriptions. We know -- we understand that base, we know how to move them forward. But the more important factor as we look over a 5-year period is the market expansion we're going to see with the delivery of the cloud application in both construction and manufacturing. The move to the cloud, especially in the manufacturing space, is starting a share shift away from our competitors to our offerings. When you add all of those things together, the 20% subscription growth target is quite achievable, and it's achievable not only from growing off our existing core but expanding into these new markets in construction and manufacturing.

關於這件事的運作方式，我們一直在反覆向人們強調一個基本原則。首先，訂閱模式的推行已經大幅改變了設計軟體的價格水準。因此，我們看到，由於前期成本低得多，我們產品的需求量增加。此外，還有一些其他因素會影響長期訂閱目標的實現；一個是過去幾年我們反覆討論的非訂閱用戶群體，這些客戶的未來發展，另一個是超過 200 萬人的群體。另一個大用戶群是 1,200 萬盜版用戶，他們將從盜版軟體轉向訂閱服務。我們知道——我們了解這個基礎，我們知道如何推動他們前進。但從未來五年來看，更重要的因素是隨著雲端應用在建築和製造業的普及，我們將看到的市場擴張。向雲端遷移，尤其是在製造業領域，正在推動市場份額從競爭對手轉向我們的產品。把所有這些因素加在一起，20% 的訂閱成長目標完全可以實現，而且不僅可以從我們現有的核心業務成長，還可以擴展到建築和製造業等新市場。

Yes, Monika, I'd just also take this opportunity to say we've always been the volume leader in the industries that we serve, and we continue to do that. We continue to drive, as Andrew said, share shift now increasingly in manufacturing from traditional CAD CAM systems over to new cloud-based disruptive systems like Fusion. And with the adoption of BIM, the adoption of construction solutions, they all expand our opportunity. And so in combination with the license compliance, the legacy opportunity and just the organic volume we see through job growth in the industries, I think we feel -- we remain confident in our goals that we set ourselves.

是的，莫妮卡，我還想藉此機會說，我們一直是我們所服務行業的銷售領導者，我們將繼續保持這一地位。正如 Andrew 所說，我們繼續推動製造業從傳統的 CAD/CAM 系統轉向 Fusion 等基於雲端的顛覆性新系統。隨著 BIM 和建築解決方案的採用，所有這些都擴大了我們的機會。因此，結合許可證合規性、傳承機會以及我們透過產業就業成長所看到的自然成長量，我認為我們感到——我們仍然對我們自己設定的目標充滿信心。

Okay. Then as a follow-up, could you share the split of subscriptions between EBAs, cloud and product subs?

好的。其次，能否請您分享 EBA、雲端服務和產品訂閱之間的訂閱比例？

Well, the one -- so I'd say we don't give it at that level of granularity. The one number we have shared is the number of EBA subscriptions in this quarter was 44,000. And that's really -- we sold a bunch of EBAs in Q4, we watch how they get used and adopted or how many users in those accounts adopt our EBA solutions. And then -- so then 90 days later, we count the subscriptions. So that number was 44,000. At this point, we're not prepared to sort of break out cloud and product subs. But look, as we've said, our strategy is working, our business model transition, platform transition is working, subscription is working everywhere, so we saw strength across all those product -- all those subscription types.

嗯，就一個——所以我想說，我們不會給出那麼細緻的描述。我們公佈的唯一數字是，本季 EBA 訂閱數量為 44,000。實際上，我們在第四季度賣出了一批 EBA，我們會觀察它們的使用和採用情況，或者這些帳戶中有多少用戶採用了我們的 EBA 解決方案。然後——也就是 90 天后，我們統計訂閱數量。所以這個數字是 44,000。目前，我們還沒有準備好將雲端服務和產品子服務分開。但是，正如我們所說，我們的策略正在奏效，我們的商業模式轉型、平台轉型正在奏效，訂閱模式在各個方面都奏效，因此我們在所有這些產品——所有這些訂閱類型——都看到了強勁的勢頭。

And that concludes our question-and-answer session. I would like to turn things back over to Dave Gennarelli for any closing comments.

我們的問答環節到此結束。我想把發言權交還給戴夫·詹納雷利，讓他做最後的總結發言。

Thanks, operator. We'll be at the JPMorgan conference in Boston next Tuesday and the Canaccord one-on-one conference in Toronto next Thursday. We'll be at the Berenberg and the NASDAQ conferences in London on June 14 and 15, respectively. And lastly, we're holding investors and analysts at AU London on June 21. So please let me know if you'd like to be attending that event as well. So for anything else, you can reach me at (415) 507-6033. Thank you.

謝謝接線生。下週二我們將參加在波士頓舉行的摩根大通會議，下週四我們將參加在多倫多舉行的Canaccord一對一會議。我們將分別於6月14日和15日在倫敦參加貝倫貝格銀行和納斯達克的會議。最後，我們將於 6 月 21 日在倫敦 AU 酒店舉辦投資者和分析師會議。所以，如果您也想參加那個活動，請告訴我。如有其他任何事宜，您可以透過 (415) 507-6033 與我聯絡。謝謝。

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.

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。