Autodesk Inc (ADSK) 2019 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the First Quarter Fiscal Year 2019 Autodesk Earnings Conference Call. (Operator Instructions) And as a reminder, this conference call is being recorded.

女士們、先生們，大家好，歡迎參加 Autodesk 2019 財年第一季財報電話會議。 （操作說明）提醒各位，本次電話會議正在錄音。

I would now like to introduce your host for today's conference, Mr. Dave Gennarelli, Investor Relations at Autodesk. Sir, you may begin.

現在我謹介紹今天會議的主持人，歐特克公司投資者關係部的戴夫‧詹納雷利先生。先生，您可以開始了。

Thanks, operator. Good afternoon. Thank you for joining our conference call to discuss the results of our first quarter of fiscal 2019. On the line today is Andrew Anagnost, our CEO; 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.感謝您參加我們關於2019財年第一季業績的電話會議。今天參加會議的是我們的執行長Andrew Anagnost和財務長Scott Herren。本次電話會議將透過網路直播。此外，您也可以在autodesk.com/investor上收聽會議錄音。

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發布了準備好的發言稿。這些發言稿旨在代替冗長的正式發言，我們不會在本次電話會議上重複這些內容。

During the course of this conference call, we will make forward-looking statements regarding future events and the anticipated future performance of the company, such as our guidance for the second quarter and full year fiscal 2019; our long-term financial model guidance; our cash flow expectations; the factors we use to estimate our guidance, including assumptions around ASC 606; our maintenance-to-subscription transition; ARPS; customer value; cost structure; our market opportunities and strategies; and transfer of 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 2018 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 actual results to differ from those contained in our forward-looking statements.

在本次電話會議中，我們將就未來事件和公司預期未來業績作出前瞻性陳述，例如我們對2019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；我們的現金流量預期；我們用於估算對ASC 606的假設；我們從維護模式向訂閱模式我們提醒您，此類陳述反映了我們基於目前已知因素的最佳判斷，而實際事件或結果可能與這些陳述有重大差異。請參閱我們不時向美國證券交易委員會（SEC）提交的文件，特別是我們2018財年的10-K表格和我們目前的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。這些文件包含並列明了可能導致實際結果與前瞻性陳述中包含的結果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 will not provide any further guidance or updates on the 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僅代表截至今日的資訊。如果本次電話會議在今天之後重播或回顧，會議中提供的資訊可能不再是最新或準確的資訊。 Autodesk 不承擔更新或修訂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，否則不會就本季業績提供任何進一步的指引或更新。

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 under ASC 606.

在本次電話會議中，我們也將討論非公認會計準則（非GAAP）財務指標。這些非GAAP指標並非依照公認會計準則編製。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欄位中提供了GAAP和非GAAP業績的調節表。在討論財務表現時，我們將引用一些數值或成長變化，除非另有說明，否則每一項引用均代表根據ASC 606準則進行的同比比較。

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

現在我想把電話交給安德魯。

Thanks, Dave.

謝謝你，戴夫。

Q1 was a good start to our fiscal 2019, with continued solid execution leading to strong growth in key metrics such as ARR and ARPS. We also realized strong growth in billings, revenue, total deferred revenue and better-than-expected EPS resulting from lower spend in the quarter. Overall, these results keep us confident in achieving the financial targets we've laid out this year and beyond.

2019財年第一季開局良好，持續穩健的執行力推動了年度經常性收入（ARR）和每筆平均收入（ARPS）等關鍵指標的強勁成長。此外，由於本季支出減少，我們的帳單金額、收入和遞延收入總額也實現了強勁成長，每股盈餘（EPS）也超出預期。整體而言，這些業績讓我們對實現今年及未來設定的財務目標充滿信心。

There are several key areas that I want to highlight. Total annualized recurring revenue, or ARR, grew 22% under the new revenue recognition standard ASC 606 and 25% on an apples-to-apples basis under ASC 605. Annualized revenue per subscription, or ARPS, continued to -- its upward trajectory both year-over-year and sequentially. Recurring revenue increased to 95% of total revenue.

我想重點強調幾個關鍵領域。根據新的收入確認準則 ASC 606，年度經常性收入 (ARR) 總額增加了 22%，而如果按照 ASC 605 進行同等基準比較，則增加了 25%。每份訂閱的年度營收 (ARPS) 持續保持成長勢頭，年比和季比均呈上升趨勢。經常性收入佔總收入的比例已增至 95%。

We continue to see rapid migration of maintenance customers to subscription with the maintenance-to-subscription program, or M2S, and customers continue to engage with our solutions for reimagining construction and manufacturing.

我們持續看到維護客戶透過維護轉訂閱計畫 (M2S) 快速遷移到訂閱模式，客戶也持續使用我們的解決方案來重新構想建築和製造。

First, let's dig into ARR a little bit more. As we've been highlighting since we started the transition, the Autodesk machine has been geared towards driving ARR, and we continue to see great results. Subscription plan ARR more than doubled, driven by growth in all subscription plan types, but led by product subscription. We continue to drive impressive growth in product subscription ARR on both a year-over-year and sequential basis. The strength in total ARR was once again broad-based with all 3 major geographies showing strong growth, led by APAC.

首先，讓我們更深入地了解年度經常性收入 (ARR)。正如我們自轉型開始以來一直強調的那樣，Autodesk 的戰略重點是提升 ARR，而且我們持續取得顯著成效。訂閱計劃的 ARR 增長超過一倍，這得益於所有訂閱計劃類型的增長，其中產品訂閱的增長最為顯著。我們持續推動產品訂閱 ARR 實現令人矚目的年成長和環比成長。整體 ARR 的成長動能依然強勁，三大主要區域均呈現強勁成長，其中亞太地區表現尤為突出。

Last quarter and at our recent Investor Day, we started breaking out results of our core business, which represents the combination of maintenance, product subscription and EBA subscription, while our cloud business represents all the results generated by standalone cloud offerings. It's not surprising that core ARR grew in line with total ARR, as our core business drives the overwhelming majority of our revenue, ARR and billings growth. Our cloud ARR performed up to expectation, and cloud billings remained strong, growing nearly 50%.

上個季度以及最近的投資者日上，我們開始單獨揭露核心業務的業績，核心業務涵蓋維護、產品訂閱和EBA訂閱；而雲端業務則涵蓋所有獨立雲端產品產生的業績。核心業務的年度經常性收入 (ARR) 與總 ARR 的成長保持一致並不令人意外，因為核心業務貢獻了我們絕大部分的收入、ARR 和帳單成長。雲端業務的 ARR 表現符合預期，雲端帳單也維持強勁成長，增幅接近 50%。

I also want to provide you with a little more insight into our cloud business, because our pure cloud ARR and cloud subscription totals don't tell the entire story of the success we're having.

我還想向你們更深入地介紹一下我們的雲端業務，因為我們純粹的雲端 ARR 和雲端訂閱總額並不能完全反映我們所取得的成功。

Our cloud products have become an integral selling point for our EBA customers, and usage within our EBA customer base has really taken off. For example, in Q1, just over half of the monthly active users for BIM 360 were in EBA accounts. This really validates our relevancy at the top of the general contractor market, which is where we focused initially. That success is a strong foundation to build on, and we're now leveraging it in the mid-market contractors.

我們的雲端產品已成為EBA客戶的重要賣點，且在EBA客戶群中的使用率也呈現爆炸性成長。例如，在第一季度，BIM 360的月活躍用戶中，超過一半來自EBA帳戶。這充分證明了我們在總承包商市場的領導地位，而這正是我們最初的重點。這項成功為我們未來的發展奠定了堅實的基礎，我們現在正將其應用於中階承包商市場。

For example, Miron Construction, a U.S.-based construction company, is deploying some of the most advanced technology available in the construction industry. They use the new BIM 360 project delivery platform to process a change to their building project that added up to 70 design documents and the potential to add almost $1 million in project costs. The 70 documents needed review by everyone in the project, which would have taken hundreds of hours to resolve through manual processes or their old digital document management software. But Miron resolved the issue in just a fraction of that time with BIM 360. The project manager also found several additional issues which never would have been caught with their old document management tool. Now that's real value delivered on real projects.

例如，總部位於美國的建築公司Miron Construction正在部署建築業最先進的技術。他們使用全新的BIM 360專案交付平台來處理其建築專案的變更，該變更增加了多達70份設計文件，並可能導致專案成本增加近100萬美元。這70份文件需要專案中的所有人員進行審核，如果採用人工流程或使用他們舊的數位文件管理軟體，則需要數百小時才能完成。但Miron使用BIM 360只花了很短的時間就解決了這個問題。專案經理還發現了幾個其他問題，而這些問題如果使用他們舊的文件管理工具則根本無法發現。這才是真正為實際項目帶來的價值。

Beyond that, as I said at our Investor Day, we expect in 5 years Autodesk will have moved the Building Information Model across the entire construction process from start to finish. BIM will become the record of everything that is happening, from design to prefabrication, to on-site assembly and to the final handover of the building to its owner. BIM will become the single source of truth across the full spectrum of design-and-make processes.

除此之外，正如我在投資者日上所說，我們預計在五年內，Autodesk 將把建築資訊模型（BIM）應用於整個施工流程，從設計到預製，再到現場組裝，直到最終交付給業主。 BIM 將成為整個設計建造流程中唯一的權威資訊來源。

On the manufacturing side, our cloud-based Fusion 360 is also enabling customers to bring design and make closer. Generative Design is now available in the Ultimate version of Fusion 360 and uses AI-based algorithms to simultaneously generate multiple valid solutions based on real-world manufacturing constraints and product performance requirements, such as strength, weight, materials and more.

在製造方面，我們基於雲端的 Fusion 360 也幫助客戶將設計與製造更緊密地結合。 Fusion 360 Ultimate 版本現已提供生成式設計功能，該功能利用基於人工智慧的演算法，根據實際製造約束和產品性能要求（例如強度、重量、材料等），同時產生多個有效的解決方案。

Some of you may have noticed that earlier this month, we announced a project with GM using our Generative Design technology to lightweight their vehicles and reimagine a small but important vehicle component. The software produced more than 150 valid design options based on parameters the engineers set, such as required connection points, strength and mass. They zeroed in on the new design that is 40% lighter and 20% stronger than the original assembly. It also demonstrated another major benefit of Generative Design, part consolidation. The new design consolidates an assembly of 8 different components into 1 3D-printed part. That's the kind of game-changing technology that really gets customers excited about the future of making things, and Autodesk is clearly leading the way.

各位可能已經注意到，本月初我們宣布與通用汽車合作，利用我們的生成式設計技術為其車輛進行輕量化改造，並重新設計一個雖小但至關重要的汽車零件。該軟體根據工程師設定的參數（例如所需的連接點、強度和品質）產生了超過 150 個有效的設計方案。最終，他們選定了比原始組件輕 40%、強度提高 20% 的新設計。設計也展現了生成式設計的另一個重要優勢：零件整合。新設計將 8 個不同的組件整合為一個 3D 列印零件。這種顛覆性的技術真正激發了客戶對未來製造方式的熱情，而 Autodesk 顯然正引領著這股潮流。

Finally, I want to quickly comment on our net subscription adds and remind you of some of the key factors we discussed last quarter. First, the M2S-driven upsell to collections is resulting in a consolidation of subscriptions in many of our accounts, but at a higher total account value. Second, cloud subscriptions will continue to consolidate as the new packaging for BIM 360 works its way through the market.

最後，我想簡單談談我們的淨新增訂閱用戶，並提醒大家上個季度我們討論過的一些關鍵因素。首先，M2S 驅動的增值銷售導致我們許多客戶的訂閱用戶數量有所整合，但帳戶總價值卻有所提高。其次，隨著 BIM 360 新版軟體包逐步推廣到市場，雲端訂閱用戶數量將持續整合。

These factors are as expected and will continue to impact net subscription adds for the next couple of quarters. However, we continue to expect strong ARR growth resulting from the higher ARPS.

這些因素符合預期，並將持續影響未來幾季的淨新增訂閱用戶數。然而，我們仍然預期更高的平均每筆交易收入（ARPS）將帶來強勁的年度經常性收入（ARR）成長。

Now I'll turn it over to Scott for a few more details on subscription, ARPS and other financial metrics.

現在我將把麥克風交給 Scott，讓他詳細介紹訂閱量、ARPS 和其他財務指標。

Thanks, Andrew.

謝謝你，安德魯。

I'll start with a closer look at subscriptions. Subscription plan subs grew by 307,000 in Q1, with growth coming in all 3 categories: cloud, enterprise and product subs. As Andrew noted, net subscription additions continue to be impacted by product consolidation from the adoption of collections and the product consolidation associated with our recently launched, simplified BIM 360 offerings.

我先來詳細分析一下訂閱狀況。第一季訂閱計畫用戶增加了30.7萬，雲端訂閱、企業訂閱和產品訂閱這三大類別均實現了成長。正如Andrew所指出的，淨新增訂閱用戶數量持續受到產品整合的影響，這源自於產品集合的採用以及我們近期推出的簡化版BIM 360產品所帶來的產品整合。

Collections subscription additions increased over 30% sequentially and now make up 1/4 of the base of product subs. The adoption of collections is happening through the regular run rate of new business, through the renewal process, the legacy promo and the maintenance-to-subscription program. Again, the good news is that many of these customers are increasing their total spend with Autodesk, contributing to solid increases in ARPS and ARR. So we continue to execute well on our core strategy of driving upsell to industry collections.

合集訂閱用戶數量較上季成長超過 30%，目前已佔產品訂閱用戶總數的四分之一。合集的普及主要透過新業務的常規成長、續訂流程、傳統促銷活動以及維護升級為訂閱計劃來實現。值得一提的是，許多客戶增加了在 Autodesk 的總支出，從而推動了平均每筆銷售額 (ARPS) 和年度經常性收入 (ARR) 的穩定成長。因此，我們繼續有效執行核心策略，即推動產業合集的追加銷售。

Each quarter, the vast majority of the new subscription plan subs are added through traditional means. However, we continue to make progress in converting legacy users into subscribers.

每個季度，絕大多數新增訂閱用戶都是透過傳統方式獲得的。但是，我們在將老用戶轉化為訂閱用戶方面持續取得進展。

In Q1, the legacy promo added another 24,000 product subs, and over 30% of those were collections. And we're still finding that the average age of the licenses that are turned in with the promo are 7 years behind the current release, indicating there is still a very long tail of legacy customers to convert. There continues to be over 2 million of these legacy users that are actively using an old perpetual license without a maintenance plan. Over time, we expect to convert a large portion of these users through promotions like this, through compelling new product introductions and through traditional means as the product becomes increasingly outdated through time.

第一季度，舊版產品促銷活動新增了 24,000 個產品訂閱用戶，其中超過 30% 為集合訂閱用戶。我們發現，透過促銷活動提交的許可證平均使用年限比當前版本落後 7 年，這表明仍有大量舊版用戶需要轉換。目前仍有超過 200 萬舊版用戶在使用舊的永久許可證，但沒有購買維護計畫。隨著時間的推移，我們預計透過此類促銷活動、引人注目的新產品發布以及傳統方式（隨著產品逐漸過時），能夠轉化其中很大一部分用戶。

Core subscriptions grew between 12% and 13% in Q1, slightly below our recent history, but was in line with our expectations. Subscription consolidations are creating a near-term headwind, but as Andrew stated earlier, core ARR still grew 25%. A consistent attribute of the transition is that new customers continue to make up a meaningful portion of product subscription additions and represented 25% of the mix for the quarter. These new customers come from a mix of market expansion, growth in emerging markets, converting unlicensed users and people who have been using an alternate design tool.

第一季核心訂閱用戶成長了12%至13%，略低於近期歷史水平，但符合預期。訂閱整合在短期內會帶來一些不利影響，但如Andrew之前所述，核心年度經常性收入(ARR)仍成長了25%。此次轉型的一個顯著特點是，新客戶在產品訂閱新增用戶中仍佔據相當大的比例，本季佔高達25%。這些新客戶來自市場擴張、新興市場成長、未授權用戶轉換以及先前使用其他設計工具的用戶等多個方面。

Partially offsetting the growth in subscription plan subs was the expected decline in maintenance plan subs, primarily related to the M2S program. The M2S program continues to progress faster than expected, especially in the Americas.

訂閱計劃用戶數量的成長部分被維護計劃用戶數量的預期下降所抵消，這主要與M2S項目有關。 M2S計畫的進展速度持續超出預期，尤其是在美洲地區。

In Q1, customers migrated 154,000 maintenance subs to product subs. That brings the total M2S conversions to 0.5 million since we started the program middle of last year. The conversion rate remains strong, with approximately 1/3 of all maintenance renewal opportunities during Q1 migrating to product subscription. Of those that migrate, over 30% of eligible subscriptions upgraded from an individual product to an industry collection.

第一季度，客戶將 15.4 萬份維護訂閱遷移到了產品訂閱。自去年年中啟動該計劃以來，M2S 轉換總數已達 50 萬份。轉換率依然強勁，第一季約有三分之一的維護續訂機會遷移到了產品訂閱。在這些遷移的客戶中，超過 30% 的符合條件的訂閱從單一產品升級到了行業套裝。

We are now entering year 2 of the M2S program, and we expect this to be the biggest year for M2S migrations. Effective earlier this month, for all maintenance contracts up for renewal, the price to move to subscription increases 5% and maintenance plan prices increase 10% if they choose to stay on maintenance. It's easy to see that it makes more economic sense for our customers to migrate, and product subscription provides them the greatest value with increased flexibility, support, continuous updates and access to our cloud products.

我們現已進入M2S計畫的第二年，預計今年將是M2S遷移規模最大的一年。自本月初起，所有續約的維護合同，如果選擇升級到訂閱模式，價格將上漲5%；如果選擇繼續使用維護模式，價格將上漲10%。顯而易見，對於我們的客戶而言，遷移到訂閱模式更具經濟效益，產品訂閱模式能夠為他們提供更高的價值，包括更大的靈活性、更完善的支援、持續的更新以及對我們雲端產品的存取權。

The renewal rate for product subscription experienced a small increase sequentially, and we expect it to continue to rise as the product mix improves. The renewal rate for maintenance was flat sequentially.

產品訂閱續訂率環比小幅增長，我們預計隨著產品組合的優化，續訂率將繼續上升。維修續訂率季平。

Now let's talk a little bit more about annualized revenue per subscription, or ARPS. ARPS continued to inflect up in Q1, for many of the reasons we've been calling out, including the growing renewal base at a higher net price to Autodesk; the increase in digital direct sales; the price increase from the M2S program; and less discounting and promotional activity.

現在我們來詳細談談年度訂閱收入（ARPS）。由於我們先前提到的許多原因，ARPS在第一季持續成長，包括：續訂用戶基數擴大，Autodesk的淨價上漲；數位直銷增加；M2S計畫漲價；以及折扣和促銷活動減少。

Looking at an apples-to-apples comparison on ASC 605 basis, total ARPS grew 7% year-on-year and 3% sequentially to $569, while core ARPS grew 11% year-on-year and 3% sequentially to $624. We expect total ARPS to continue to inflect up, for all the reasons we laid out at Investor Day, as we progress through the transition.

依ASC 605準則進行直接比較，總每股盈餘較去年同期成長7%，季增3%，達到5.69億美元；核心每股盈餘較去年成長11%，較上季成長3%，達到6.24億美元。我們預計，隨著轉型工作的推進，總每股盈餘將繼續成長，原因已在投資者日上闡述。

Our eStore continues to play a bigger part of the digital direct business and grew nearly 90% while achieving record revenue in the quarter. In addition, our eStore generated over 20% of the product subs in Q1, and our direct business to enterprise increased by over 30%.

我們的網路商城在數位化直銷業務中扮演越來越重要的角色，本季成長近90%，並創下營收新高。此外，我們的網路商城在第一季貢獻了超過20%的產品訂閱量，而面向企業的直接業務成長超過30%。

So looking at our total business mix, total direct grew 11% and was 29% of the Q1 mix. The growth in total direct was partially offset by some of the divestitures announced last November as part of the restructuring.

因此，從整體業務結構來看，直接業務總額成長了11%，佔第一季業務總額的29%。直接業務總額的成長部分被去年11月宣布的重組計畫中的部分資產剝離所抵銷。

Now let's talk about billings. Since we moved to a point in the transition where we are comparing back to a prior year that is also subscription-only sales, billings growth has become a relevant metric again, as we noted in our last earnings call when we reintroduced guidance for billings. To be clear, we now define billings as reported revenue plus the change in deferred revenue. Using that definition, billings for Q1 decreased year-over-year under ASC 606, primarily due to the write-off of previously deferred revenue, but increased 12% when comparing more apples-to-apples on a 605 basis. The impact from the adoption of ASC 606 is greatest in Q1, and we'll see a diminishing impact as we move through the rest of the year. And note, the deferred revenue impacts due to the adoption of ASC 606 do not impact cash flows.

現在我們來談談帳單金額。由於我們已進入過渡階段，需要與上一年同樣僅以訂閱模式銷售的業績進行比較，因此賬單金額增長再次成為一個重要的指標，正如我們在上次財報電話會議上重新發布賬單金額指引時所提到的那樣。需要明確的是，我們現在將帳單金額定義為已申報收入加上遞延收入的變化。根據這個定義，第一季的帳單金額在ASC 606準則下同比下降，主要原因是沖銷了先前遞延的收入；但如果採用ASC 605準則進行更直接的比較，則帳單金額增加了12%。採用ASC 606準則的影響在第一季最為顯著，隨著時間的推移，其影響將逐漸減弱。需要注意的是，採用ASC 606準則對遞延收入的影響不會影響現金流。

Moving to spend management. Our total non-GAAP spend came in at $531 million for the quarter, leading to better-than-expected profitability. Driving the lower spend result was our continued focus on cost management and the hiring ramp associated with filling the new roles we created as a result of the recent restructuring. We do expect to see hiring increase as we go forward. Our intent for fiscal '19 remains to keep non-GAAP spend flat at constant currency relative to our fiscal 2018 budget at about $2.2 billion.

接下來談談支出管理。本季我們的非GAAP總支出為5.31億美元，獲利能力超出預期。支出下降的主要原因是我們持續專注於成本控制，以及為填補近期重組產生的新職位而進行的招募。我們預計未來招聘人數將會增加。 2019財年的目標仍是維持非GAAP支出與2018財年預算（約22億美元）在固定匯率下持平。

Looking at the balance sheet, total deferred revenue grew 21% as reported and 24% under ASC 605. Unbilled deferred revenue increased to $412 million.

從資產負債表來看，以報告計算，遞延收入總額成長了 21%，以 ASC 605 計算成長了 24%。未開票遞延收入增加至 4.12 億美元。

I want to note that the adoption of ASC 606 also required a change to the definition of unbilled deferred revenue to include certain early renewals. We're not breaking out the 2 components, but the overwhelming majority of unbilled deferred revenue still relates to the move to annual billings with our large EBA customers.

我想指出，採用 ASC 606 也需要修改未開立發票遞延收入的定義，以涵蓋某些提前續約。我們不將這兩部分分開列出，但絕大部分未開票遞延收入仍與我們大型 EBA 客戶轉向年度結算有關。

Q1 operating cash flow was slightly negative, as expected. As we move through the year, we expect operating cash flow to turn back positive and remain there.

如預期，第一季經營現金流略微為負。隨著時間的推移，我們預計經營現金流將轉正並保持正值。

With the significant price appreciation of our stock since the last earnings report, we did not trigger the opportunistic buying within our stock repurchase program.

由於自上次財報發布以來，我們的股價大幅上漲，因此我們沒有啟動股票回購計畫中的機會性買入。

In Q1, we bought back roughly 200,000 shares at an average price of $113.31. As always, we remain committed to managing dilution and reducing shares outstanding over time.

第一季度，我們以平均每股 113.31 美元的價格回購了約 20 萬股股票。我們將一如既往地致力於控制股權稀釋，並隨著時間的推移減少流通股數。

And lastly, before we get to the business outlook, we're pleased to have reached another milestone in the transition with the return to non-GAAP profitability. It's important to note that with this milestone, about 3 million shares are added back into the non-GAAP diluted share count, and this was already factored into our guidance for the quarter and the year.

最後，在展望業務前景之前，我們很高興地宣布，隨著非GAAP準則下獲利能力的恢復，我們在轉型過程中又邁出了重要一步。值得注意的是，這一里程碑的實現，意味著約300萬股股票重新計入非GAAP稀釋後股本，而這已計入我們對本季和全年的業績預期中。

It's also important to note that non-GAAP earnings per share under ASC 605 and absent ASC 340, which is what requires the capitalization of commissions, would have been $0.16, a significant uptick in earnings as we continue along the transition.

值得注意的是，根據 ASC 605 準則，在沒有 ASC 340 準則（該準則要求將佣金資本化）的情況下，非 GAAP 每股收益將為 0.16 美元，隨著我們繼續推進過渡，收益將大幅增長。

Now I'll turn the discussion to our outlook, and I'll start by saying that our view of the global economic conditions remains mostly unchanged from the last few quarters, with mature markets performing relatively well and emerging markets showing improvement, although we're watching the emerging markets closely.

現在我將把討論轉向我們的展望，首先我要說的是，我們對全球經濟狀況的看法與過去幾個季度相比基本沒有變化，成熟市場表現相對較好，新興市場也呈現改善趨勢，儘管我們正在密切關注新興市場。

As you know, we launched a significant restructuring last November, which was really a rebalancing of our investment areas. This touched our entire global organization, especially around changes we made with our sales team and the move to increase our direct touch business.

如您所知，我們去年11月啟動了一項重大重組計劃，實際上是對我們的投資領域進行重新平衡。這項計劃影響了我們整個全球組織，尤其是在銷售團隊的調整以及加大直銷業務力度方面。

Overall, we're really proud of the results we achieved in Q1 and are confident that we'll see the benefit from the changes we made as we move through the year. As we look at our outlook for Q2, we expect to see sequential increases in most metrics, including billings, ARR, ARPS, revenue, spend, profitability and subscription additions.

總體而言，我們對第一季所取得的業績感到非常自豪，並相信隨著時間的推移，我們所做的調整將會帶來效益。展望第二季度，我們預計大多數指標將環比增長，包括帳單金額、年度經常性收入 (ARR)、每筆平均收入 (ARPS)、營收、支出、獲利能力和新增訂閱用戶數量。

The better-than-expected in profitability in Q1 was primarily related to not meeting our hiring projections during the quarter. We expect the hiring ramp to increase in Q2 and, as such, expect our sequential spend to increase more than usual.

第一季獲利優於預期，主要原因是當季招聘人數未達預期。我們預計第二季招聘規模將擴大，因此，預計環比支出增幅將高於往常。

Also note that we're now required to capitalize commission costs and amortize them back into our operating expense versus expensing them as incurred, which we did previously. This will have the effect of leveling off our commission costs and will change our historical spend patterns throughout the year.

另請注意，我們現在必須將佣金成本資本化，並將其攤銷到營運費用中，而不是像以前那樣在發生時就將其計入費用。這將使我們的佣金成本趨於穩定，並改變我們全年的歷史支出模式。

We remain confident in our previous guidance for fiscal '19, but want to note that we provided full year guidance for billings under ASC 606, which we had not provided earlier. The initial impact of the adoption of 606 reduced previously deferred revenue on the balance sheet and consequently reduces calculated billings. This update is not driven by a change in our underlying business, and you can see there is no change to our 605 billing guidance. And again, it has no impact on cash flow or subscriptions.

我們依然對先前發布的2019財年業績指引充滿信心，但需要指出的是，我們提供了此前未曾發布的基於ASC 606準則的全年帳單金額指引。採用ASC 606準則的初期影響導致資產負債表上先前遞延的收入減少，進而降低了計算出的帳單金額。此次更新並非由於我們基礎業務發生變化，您可以看到，我們基於ASC 605準則的帳單金額指引並未改變。再次強調，此次更新對現金流或訂閱量均無影響。

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 Phil Winslow with Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的菲爾溫斯洛。

Really want to focus in on ARPS because that upsided again this quarter versus what The Street was looking for. When I really zone in on things, it looks like that core number that you mentioned really drove that. More than anything, wondering if you can just help us through sort of the flow of the year because obviously there are lots of moving parts. And Scott, I know you just said this thing about ARPS up sequentially, but as you think about Q2, Q3, Q4, what are the puts and takes to keep driving that ARPS up here? Because obviously some of it's mix, some is these promotions, et cetera. Maybe kind of walk us through that. And I just have a quick follow-up.

我想專注於ARPS，因為本季ARPS再次超出華爾街預期。仔細分析後，我發現您提到的核心指標確實推動了這一成長。更重要的是，我想請您幫我們梳理今年的整體情況，因為其中涉及的因素很多。 Scott，我知道您剛才提到ARPS環比成長，但展望第二、三、四季度，您認為哪些因素會繼續推動ARPS成長？因為顯然，這其中既有因素，也有促銷活動等等。能否請您詳細解釋一下？我還有一個後續問題。

Sure, Phil. The first thing, if you remember the factors that I talked about that will drive ARPS from back in our Investor Day, all of those come into play and actually increasingly so throughout the year. So the first is, grow renewal base, which has a higher net to us, right? We talked about there's a lesser channel margin on renewals than there is on net new sales. And as that renewal base gets bigger, that accretes to us as a higher ARPS. We'll sell more direct. And frankly, a lot of the changes that we put in place as a result of the rebalancing, the restructuring that we announced back at the beginning of Q4, are increasing our direct touch across the salesforce. So as direct goes up, we get a higher yield out of our direct sales. The next step function in the pricing on M2S comes into play more and more as the year goes on, right? As we sell those conversions, they go into deferred revenue and they accrete out through the year. So it takes -- it's a little bit of a dampened effect. It doesn't happen as sharply as it did in the past. And just ongoing less promotional activity. And you've seen us have some slightly less promotional activity. Those are the trends. And so we do expect to see sequential increase in ARPS certainly next quarter, and ARPS to end the year at a higher point than it ends next quarter.

當然，菲爾。首先，如果你還記得我在投資者日上提到的那些影響平均每筆交易收入 (ARPS) 的因素，所有這些因素都會發揮作用，而且實際上會在這一年中愈發重要。首先是續約客戶群的成長，這對我們來說意味著更高的淨收益，對吧？我們之前討論過，續約的通路利潤率低於新銷售的利潤率。隨著續約客戶群的擴大，我們的 ARPS 也會隨之提高。我們會增加直銷。坦白說，我們在第四季初宣布的重組計畫中實施的許多調整，都是為了加強我們銷售團隊的直銷管道。因此，隨著直銷額的增加，我們的直銷收益也會更高。 M2S 定價的階躍函數也會隨著時間的推移而愈發重要，對吧？當我們售出這些轉換產品時，它們會進入遞延收入，並在全年逐步計入。所以，它的影響會稍微減弱一些。這種情況不像過去那麼劇烈。而且促銷活動​​也持續減少。您也看到了，我們的促銷活動確實略有減少。這就是目前的趨勢。因此，我們預計下個季度平均每筆交易收入（ARPS）將環比成長，並且年底的ARPS將高於下個季度末的水平。

Got it. Awesome. And follow-up to -- for Andrew, on your comments there about BIM penetrating into the construction market. We've seen over the past 12, 18 months here and as recently as just like about a month ago, some consolidation in the construction management software market. How do you think about Autodesk positioning in there? Where are there natural adjacencies versus things that you'd actually just partner up with people for?

明白了，太棒了。還有一點要補充的是──安德魯，關於你之前提到的BIM滲透到建築市場的問題。過去12到18個月，以及就在一個月前，我們看到建築管理軟體市場出現了一些整合。你如何看待Autodesk在這個市場中的定位？哪些方面是自然而然的互補，哪些方面需要與其他公司合作？

Yes, we've said over and over again, we intend to go deep on the entire process. We do believe, just like what's happened in manufacturing where the model has become the record of the entire process, that's what's going happen in the construction space as well. So we intend to touch every piece of that process. We'll do some of that organically with internal development. We'll do some of it inorganically. But we intend to touch just about every part of that process. We'll probably stay clear of the ERP-like side of the business, but every other part of it, from pre-construction all the way to field operations, we're going to be involved. We already are.

是的，我們已經反覆強調，我們打算深入研究整個流程。我們相信，就像製造業中模型已經成為整個流程的記錄一樣，建築業也將發生同樣的變化。因此，我們計劃涉足流程的每一個環節。我們會透過內部研發來實現一部分，也會透過外部合作來實現一部分。但我們的目標是幾乎涵蓋流程的每個部分。我們可能會避開類似企業資源計劃（ERP）的業務領域，但從前期準備到現場運營，其他所有環節我們都會參與其中。事實上，我們已經開始參與了。

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

下一個問題來自 Saket Kalia 與巴克萊銀行的對話。

First, maybe for you, Andrew, thanks for reminding us about the collections impact on that net add number. Typically, we would see a seasonal uptick from the EBAs we sold in Q4 that get turned on in Q1. So just to confirm, did we see that bump, but maybe that's perhaps getting hidden by some of the collection impact and the flushing out of the BIM 360 team item that you spoke of? And relatedly, when do you think we'd see the impacts of those perhaps normalize? If that makes sense.

首先，安德魯，感謝你提醒我們收款對新增淨額的影響。通常情況下，我們會看到第四季度售出的EBA（擴展業務協議）在第一季生效，從而帶來季節性成長。所以我想確認一下，我們是否確實看到了這種成長，但它是否被收款的影響以及你提到的BIM 360團隊專案的影響所掩蓋了？另外，你認為這些影響何時才能恢復正常？如果我的意思表達清楚的話。

Okay. So Saket, let me kind of like address the question a little bit, and then I'm going to let Scott dig in on the EBA stuff a little bit, too. I'm going to just go a little high level here. So first off, the number -- the net adds we saw is what we expected to see, right, so we're seeing what we expect to see. And I want to peel it back a little bit, and then I'm going to let Scott comment a little bit more. So when you peel it back, right, we broke out core and cloud on purpose. And what you see is a fairly significant decline in what's happening with the cloud subscriptions, and that's to be expected. That's exactly what we were telegraphing to you and exactly how -- why we modified some of the things. Another thing that you also see is in the core side, you're seeing an ongoing continual growth of the core net adds, right? But there is a difference in how the EBA is kind of rolled in this year into the core. And I'm going to let Scott comment on that real quick.

好的。 Saket，我先簡單回答這個問題，然後我會讓Scott也深入探討EBA的相關內容。我這裡先簡單概括一下。首先，我們看到的淨新增用戶數符合預期，對吧？我想再詳細分析一下，然後請Scott再補充一些內容。我們特意將核心業務和雲端業務分開來看。你會發現雲端訂閱用戶數出現了相當明顯的下降，這也在預料之中。這正是我們之前向大家預告的，也是我們做出一些調整的原因。另外，你還可以看到核心業務方面，淨新增用戶數持續成長，對吧？但今年EBA的整合方式與以往有所不同。接下來，我將讓史考特簡單談談他的看法。

Yes. Saket, and just to be super clear, I think you know this, we still added cloud subs -- net added cloud subs during the quarter. We just aren't adding them at the same rate we did a year ago. On the EBA business, if you remember back in Q3, we had a really strong Q3 of last year in EBAs. So what normally happens is we sell the majority of our EBAs during Q4, and then we count those monthly active users 9 days later and we get a big slug of additional EBA subs in Q1. Last year, we actually had a strong Q3 in addition to a strong Q4. So we've seen some of the bleed back from the EBA sales already coming in into Q4 and then slightly lesser amount as the quarter-to-quarter impact going from Q4 to Q1.

是的，Saket，為了確保萬無一失，我想你應該知道，我們本季仍然增加了雲端訂閱用戶——淨新增雲端訂閱用戶。只是新增速度不如去年同期。關於EBA業務，如果你還記得的話，去年第三季我們的EBA業務表現非常強勁。通常情況下，我們會在第四季賣出大部分EBA，然後在9天後統計這些月活躍用戶，這樣我們就能在第一季獲得大量新增EBA訂閱用戶。去年，我們第三季和第四季都表現強勁。因此，我們已經看到一些EBA銷售的下滑影響已經延續到第四季度，而從第四季度到第一季的環比影響則略小一些。

Got it. Got it. That makes sense. Maybe for my follow-up, for you, Scott, just to move to the cost side of the equation. A really nice decrease in the cost of goods sold, driving one of the higher gross margins that I think we've seen. The question is, is this coming from sort of the rightsizing of the cost structure that we've done last year? Of course, I'm sure part of it is related to no more perpetual sales. And how sustainable, I guess, are these levels? Just a little bit more color on that nice cost of goods sold line would be helpful.

明白了，明白了，這說得通。史考特，或許我可以進一步問你，我們來談談成本方面。銷售成本確實大幅下降，推高了毛利率，我認為這是我們近年來見過的最高毛利率之一。問題是，這是否源自於我們去年對成本結構的調整？當然，我確信部分原因也與不再進行持續銷售有關。我想問的是，這些水準的可持續性如何？如果能更詳細地解釋一下銷售成本的下降就更好了。

Thanks for that question. And you're right, it is a nice trend on gross margins. There's a couple of things driving that. One is, as we've gone through and become more focused in certain areas, we went through several divestments, and that has -- that accreted some benefit into our cost of goods sold. Second is, we have also been really active with the channel, taking a lot of what previously was consulting business that we had done and having -- giving the intellectual property, giving the best practices to the channel and having them deliver a lot of that. They can do it a higher margin, frankly, than they can make on product markup. For us, that's a lower-margin business. So we pushed a lot of the consulting business outside of the big EBAs where the customers really want us in there to our channel partners. It's a win for them and it's a win for us. And that's the other thing that's contributed to a lot of that improving gross margin and reduced COGS.

謝謝你的提問。你說得對，毛利率確實是一個不錯的趨勢。這主要有兩個原因。首先，隨著我們專注於某些領域，我們進行了一些資產剝離，這降低了我們的銷售成本。其次，我們也積極拓展管道，將先前許多諮詢業務——包括智慧財產權和最佳實踐——交給通路合作夥伴，讓他們負責交付。坦白說，通路夥伴的利潤率比產品加價更高。對我們來說，產品加價利潤率較低。因此，我們將許多諮詢業務從大型企業協議（EBA）之外轉移到了通路合作夥伴，而客戶確實希望我們參與這些業務。這對他們和我們來說都是雙贏的。這也是毛利率提升和銷售成本降低的重要原因之一。

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

下一個問題來自高盛的 Heather Bellini。

I wanted to follow up a little bit on Saket's question about the collections versus the Suites that you would have sold. Is there any sense to give us -- or any way to give us a sense of the type of -- we still get a lot of questions about what that -- how that might be impacting the actual sub number in the quarter. And I know it might be hard, but if there's any way to think about maybe the average number of products the collections people are using versus, say, before. If there's any way to kind of have a rule of thumb. I know it wouldn't be perfect. And then I wanted to just touch on one other thing, which is in relation to piracy, which I know you guys have always kind of been focused on and trying to cut back on. But was wondering if there was anything regarding piracy in the quarter -- piracy reduction in the quarter that might have helped.

我想就Saket提出的問題再補充一點，關於你們銷售的系列產品和套裝產品。能否給我們一些參考，或者說，能否讓我們大致了解一下——我們仍然收到很多關於這方面的問題——這會對本季度的實際訂閱用戶數量產生什麼影響？我知道這可能比較困難，但能否考慮一下用戶現在使用系列產品的平均數量，以及與之前相比的變化？能否提供一些經驗法則？我知道這肯定不會完美。另外，我還想談談盜版問題，我知道你們一直很關注這個問題，並且努力減少盜版。我想知道本季在減少盜版方面是否有任何進展？

All right. So Heather, I'll start. There's no real magic rule of thumb on the collections consolidation. Last quarter, we tried to give you a really nice example that kind of showed you the extreme case of what can happen in terms of the consolidation and not that -- when we talked about the engineering service company in Canada and gave you that example. So I'd encourage you to go back and look at that example because that is a common scenario, and it does happen. But I don't have a rule of thumb for you with that respect. Now on your second question -- but one thing I will say is we expect the effective consolidation to continue in kind of a consistent manner as we move forward through the next few quarters, all right?

好的。那麼，Heather，我先來。關於收款合併，並沒有什麼真正神奇的經驗法則。上個季度，我們舉了一個很好的例子，展示了合併過程中可能出現的極端情況——當時我們談到了加拿大的一家工程服務公司，並舉了那個例子。所以我建議你回去看看那個例子，因為那是一種常見的情況，而且確實會發生。但我在這方面沒有經驗法則可以給你。現在回答你的第二個問題——但我要說的是，我們預計在接下來的幾個季度裡，有效的合併將以相對穩定的方式繼續進行，好嗎？

Yes. Heather, if I could just add to that. If you remember that example, it was 42 -- it was a company that had 42 individual products on maintenance. Consolidated -- at the point they moved from maintenance to subscription, consolidated down to 20, in effect 19 collections and 1 AutoCAD subscription. And in the process -- so their sub count went from 42 to 20. In the process of that, their ARR went up more than 10%, right? It's one of the reasons why I think focusing less on subs -- subs are not irrelevant, by any stretch. But focusing less on the sub count and more on the outcome, which is the growth of ARR, is going to make sense, for this quarter and then actually as we look ahead.

是的。 Heather，我再補充一點。如果你還記得那個例子，那是一家公司，之前有42個產品採用維護模式。後來，他們從維護模式轉為訂閱模式，合併後的產品數量減少到20個，實際上是19個產品系列和1個AutoCAD訂閱。在這個過程中，他們的訂閱用戶數量從42個減少到20個。同時，他們的年度經常性收入（ARR）成長了10%以上，對吧？這就是為什麼我認為應該減少對訂閱用戶的關注——當然，訂閱用戶並非無關緊要。但減少對訂閱用戶數量的關注，更專注於最終結果，也就是ARR的成長，對於本季以及未來一段時間來說，都是更明智的做法。

Not to drive this home over and over again, but remember, the result we saw this quarter is the result we expected, and we're not changing our outlook for the year. So we're seeing what we expect, given all the factors we see in the business and the things that we watch. So we're actually feeling pretty good about the outcome right now. Now with regards to your question about piracy, I sometimes feel like everybody expects like at some quarter I'm going to declare, "There's 50,000 net subscriber adds from piracy in this quarter." You might be waiting a long time to hear that declaration. This move, with regards to how we address nonpaying users in our market, it's an ongoing process of basically keeping the run rate at a relatively nice clip quarter after quarter after quarter, well beyond even the FY '20 goals. That's what some of the companies that have engaged in this, like Adobe and Microsoft, have seen. It's been an ongoing return to the business. So we have done some new things this quarter. We rolled out the in-product messaging to pirates in AutoCAD, and we're going to continue to roll that out worldwide as time progresses. We've also lit up some things in our sales force with new lead generation and new teams. But there's no like headline around how piracy gets added into our business. It's going to be one of these things that actually maintains the business as we move forward. And like I've said many times before, pirates don't declare themselves at the door, so it's very difficult to count some of this stuff.

我不想反覆強調這一點，但請記住，我們本季的業績符合預期，我們不會改變全年的展望。考慮到我們觀察到的所有業務因素和我們關注的事項，我們看到的結果與預期相符。因此，我們目前對結果相當滿意。至於您提到的盜版問題，我有時感覺大家好像都期待著我在某個季度宣布：「本季我們透過盜版獲得了5萬淨新增用戶。」您可能要等很久才能聽到這個消息。就我們如何處理市場上的非付費用戶而言，這是一個持續的過程，基本上就是維持一個季度又一個季度相對穩定的成長速度，甚至遠遠超過2020財年的目標。一些已經採取類似措施的公司，例如Adobe和微軟，也看到了這一點。這是一個持續回升的過程。所以，我們本季也採取了一些新的措施。我們在 AutoCAD 中針對盜版用戶推出了產品內提示訊息，並且隨著時間的推移，我們將持續在全球範圍內推廣。我們也透過新的線索開發和新團隊，加強了銷售團隊的建立。但是，目前還沒有一個明確的標題來說明盜版是如何影響我們業務的。它將成為我們未來業務發展中不可或缺的一部分。正如我之前多次提到的，盜版者不會主動表明身份，因此很難統計這類情況。

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

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

Andrew, first for you, and then a follow-up for Scott. So the question is, as your business has evolved over the last number of years, both in terms of technology and model and channel and so forth, and externally, too, for that matter, how are you thinking differently, if at all, about the leading indicators of the business? In other words, for a long time, we were told that LT was perhaps the broadest indicator of the business. If we go back far enough, let's say a decade, there were even indications that civil, of all things, was an indicator for the business, at least for AEC. So in that respect, maybe you could talk about how you're thinking about leading indicators. And then the follow-up, at the analyst meeting, Steve talked about a couple of changes you're making with respect to the channel, moving an account-based approach that you are taking from EBAs into the mid-market. And then similarly, this year you're going from paying for actions, for like activation and onboarding, to next year you're going to go to more paying for outcomes, usage and adoption. So maybe you could update us on the progress you're making in terms of those evolutions vis-a-vis the channel.

安德魯，先問你一個問題，然後是史考特的後續問題。問題是，在過去幾年裡，隨著貴公司業務在技術、模式、通路等方面的發展，以及外部環境的變化，你們對業務領先指標的看法是否有所改變？換句話說，長期以來，我們一直認為長期服務（LT）可能是最廣泛的業務指標。如果我們追溯到十年前，甚至有跡象表明，土木工程（civil）竟然也是一項業務指標，至少在建築、工程和施工（AEC）領域是如此。因此，在這方面，您能否談談您是如何看待領先指標的？接下來，在分析師會議上，史蒂夫談到了你們在通路方面做出的一些改變，例如將你們從企業協議（EBA）中採用的客戶帳戶模式推廣到中端市場。同樣地，今年你們的付費模式將從按行動付費（例如啟動和引導），轉向明年按結果付費（例如使用情況和用戶採納率）。所以，您能否向我們介紹一下，在通路轉型方面，你們取得了哪些進展？

Okay. So Jay, I'll start with the first question. We are absolutely starting to look at leading indicators differently. I think in the past, it would have been easy to pin a particular product as a leading indicator. I think the way we're kind of framing this as we look forward, it's really this idea of the low end of our business, the VSB business, the chunk that comes in from what we call very small businesses. That is the indicator moving forward that we will watch as a leading indicator in terms of economic activity. Classically, that space bought LT a lot. Now because of the subscription transition, you're actually starting to see a mix in that base around what they actually buy because the upfront costs are lower. So instead of pinning it to a particular product, what we're doing more and more is we're looking at that VSB segment and tracking its behavior. It just so happens that, that segment is more likely to buy direct from us in the eStore than any other segment. So I would actually say, in terms of leading indicators, although we haven't actually institutionalized all of this yet, we have more knowledge and more access to some of these leading indicators as we move fully through the subscription transition. So that's how we're thinking about it moving forward, Jay.

好的。傑伊，我先回答第一個問題。我們現在看待領先指標的方式確實有所不同。我認為過去很容易將某個特定產品作為領先指標。但展望未來，我們更關注的是業務的低端部分，也就是我們所謂的小型企業（VSB）業務，也就是我們所謂的「微型企業」的消費。我們將密切關注這部分業務，將其作為經濟活動的領先指標。傳統上，這個領域為LT貢獻了大量的銷售額。但現在，由於訂閱模式的轉變，由於前期成本降低，這個客戶群的購買選擇開始變得多樣化。因此，我們不再將領先指標與某個特定產品掛鉤，而是更專注於VSB細分市場並追蹤其行為。恰好，與其他任何細分市場相比，VSB客戶群更有可能直接從我們的網上商店購買產品。所以，就領先指標而言，雖然我們還沒有完全將這些指標制度化，但隨著訂閱模式的全面推進，我們對這些領先指標的了解和獲取管道也會更多。傑伊，這就是我們未來的發展方向。

And Jay, on the second part of your question around the changes that Steve talked about at Investor Day around the channel, it's still really early days. I think if you peel back the strategy behind that, it is about driving more direct touch, first of all, with the mid-market account, account base. So field-based, account level assigned salespeople below the named account tier that we already have. That will be sell with the channel, by the way. So we'll have direct touch. We'll also have channel partners involved. We're increasing the level of support we've got in our inside sales, which, again, is a direct touch play. And then you talked about the formation of a new group called customer success. And the customer success team is all about driving adoption internally, also through the channel, and when we built incentives in our channel partners, incentive program around driving adoption. A first pass at that this year, and we'll get more refined at it next year. So the customer success team and the channel incentives are around adoption as opposed to just making sure that they get the sale done. So a lot of -- I expect to see a lot of uptick in both our -- the engagement, the direct customer engagement that we have, and I think we'll see some of the benefits of that really beginning to come into play in the second half of this year.

傑伊，關於你問題的第二部分，也就是史蒂夫在投資者日上提到的管道變革，目前還處於非常早期的階段。我認為，如果深入分析背後的策略，首先是要加強與中端市場客戶的直接接觸。也就是說，要為我們現有的指定客戶層級以下的現場銷售人員指派客戶層級。順便說一下，這些銷售人員將透過管道進行銷售。所以我們將實現直接接觸。同時，我們也會與通路夥伴合作。我們正在加強內部銷售的支援力度，這同樣是一種直接接觸的策略。你也提到了成立一個名為「客戶成功」的新團隊。客戶成功團隊的職責是推動內部以及透過通路管道實現產品採用。我們也為通路合作夥伴制定了激勵計劃，旨在推動產品採用。今年我們進行了初步嘗試，明年會進行更完善的調整。因此，客戶成功團隊和通路激勵機制的目標是推動產品採用，而不僅僅是確保完成銷售。因此，我預期我們雙方的互動，特別是我們與客戶的直接互動，都會大幅增加，我認為我們將在今年下半年看到這些互動帶來的好處真正開始顯現。

And our next question comes from the line of Gal Munda with Berenberg.

我們的下一個問題來自 Gal Munda 與 Berenberg 的聯繫。

The first one is just on the -- I've heard about some of the changes that have been rolled out in terms of the U.S. sales, especially when we're talking about discounting philosophy in terms of the channel. Can you talk a bit more about that? And do you think that, that had any impact on -- in terms of how the net new adds played out in the quarter maybe in terms of how the channel is prepared for that? And could that take maybe a quarter or 2 for them to get on board with it?

第一個問題是關於──我聽說美國銷售方面推出了一些變化，尤其是在通路折扣策略方面。能詳細談談嗎？您認為這些變化對本季的新增客戶數量，以及通路的因應措施是否有影響？他們是否需要一到兩個季度的時間來適應這些變化？

So first off, I just want to make sure I clarify what you're asking about, Gal, because we did do some margin changes in the U.S. specifically related to AutoCAD LT and AutoCAD. That had absolutely no impact on the volume in the U.S. markets whatsoever. It certainly is accretive to our total realization of the business because it pushes more business to the eStore and actually allows us to make more on LT. Had absolutely no impact on volume at all. And these changes are going to be cascading through Europe and APAC this quarter and into the next quarter. And we similarly do not expect any impact on volume.

首先，Gal，我想確認一下你問的是什麼。我們確實在美國對 AutoCAD LT 和 AutoCAD 的利潤率進行了一些調整。但這完全沒有影響美國市場的銷售量。事實上，這些調整提升了我們的整體業務收益，因為它促使更多業務流向線上商城，並讓我們在 AutoCAD LT 上賺取更多利潤。這些調整對銷售完全沒有影響。而且，這些調整將在本季和下一季逐步擴展到歐洲和亞太地區。我們同樣預期這些調整不會對銷售造成任何影響。

So that should impact -- that should actually be beneficial to that price realization, right?

所以這應該會對價格實現產生影響——實際上應該是有利的，對吧？

Yes, the -- we expect the outcome here to be beneficial in terms of price realization.

是的，我們預計這裡的結果在價格實現方面將是有利的。

On the LT piece. And frankly, part of the goal of that, too, is to focus the channel in on selling the higher-value products, right? I think one of the places the channel can add the most value is moving upstream, either to the new 1 AutoCAD or up into collections.

關於LT部分。坦白說，其部分目標也是為了讓通路專注於銷售更高價值的產品，對吧？我認為通路能夠創造最大價值的領域之一是向上游拓展，無論是推廣到新的AutoCAD 1版本，還是推廣到產品系列。

Okay, perfect. Can we just talk a bit about the cloud ARPS and how -- maybe just a comment on the churn -- on the core churn on the cloud, what you talked -- you obviously don't disclose that directly, but just in terms of the trends now that you've been, slightly on one side, basically saying you're being slightly more cautious about the pricing, trying to support that. On the other side, we're still seeing ARPS trending down on cloud. So how can we reconcile those 2 data points? Maybe if you can just help us understand, that'd be very helpful.

好的，太好了。我們能稍微聊聊雲端ARPS嗎？還有，關於客戶流失——特別是雲端核心客戶流失，您剛才提到過——您顯然沒有直接透露，但就目前的趨勢而言，一方面，您表示在定價方面更加謹慎，並試圖支持這一策略。另一方面，我們仍然看到雲端ARPS呈現下降趨勢。那麼，我們該如何調和這兩個數據點呢？如果您能幫我們理解一下，那就太好了。

Yes. There's kind of 2 effects -- there's actually 3 effects here in many respects. So the first effect is, as we've told you previously, we've rotated away from some of these really low-end, down-market-type ARPS that -- I mean, applications that we were selling, like the BIM 360 team application. They've rolled up into the consolidated suite. Those continue to turn out of the run rate, and that's fully expected. We actually expect them. We're not chasing those, okay. The other thing is, is in terms of new packs, we sell lots of user packs. So a company might buy 1,000 user packs into their project space. That number of users obviously starts to dilute the ARPS over time. However, it's really good for the business because basically what they're doing is they're buying future capacity. So they're buying and expanding into our bucket with what they're purchasing. In another respect, too, especially on the ARR side, the ARR side for cloud right now doesn't actually reflect the full ARR impact of, say, BIM 360 right now because so much of it is contained within the EBAs. That's one of the reasons why I made that point about 50% of the monthly active use coming from EBA customers from BIM 360. That ARR sits in the enterprise ARR and not in the cloud ARR. And that also has an impact on how these numbers roll out. I think one of the things that you -- in terms of looking at this in the short term, remember, the core is going to drive the big ARR outcomes over the next 18 to 24 months. So we want to pay a little bit -- more attention to that. And these trends that we're talking about will settle out. Scott, you want to add anything?

是的。這其中其實包含兩方面的影響——其實在很多方面都有三方面的影響。首先，正如我們之前提到的，我們已經逐步淘汰了一些低端、面向下端市場的應用軟體，例如我們先前銷售的 BIM 360 Team 應用。這些應用軟體現在都整合到了我們的套件中。這些應用軟體的銷售量會持續下降，這完全是意料之中。我們其實也預料到了這種情況。我們並沒有刻意追求這些應用軟體。另一方面，就新軟體包而言，我們銷售大量的用戶包。例如，一家公司可能會購買 1000 個用戶包來擴展其專案空間。隨著時間的推移，如此多的用戶顯然會稀釋每個應用軟體的售價。然而，這對公司來說其實是好事，因為他們實際上是在購買未來的容量。他們透過購買這些產品來擴展他們的業務。另一方面，尤其是在年度經常性收入 (ARR) 方面，目前雲端服務的 ARR 實際上並不能完全反映 BIM 360 等產品的全部 ARR 影響，因為其中很大一部分都包含在企業級應用 (EBA) 中。這也是我之前提到 BIM 360 的 EBA 客戶貢獻了約 50% 的每月活躍用戶的原因之一。這部分 ARR 計入了企業級 ARR，而不是雲端 ARR。這也影響了這些數據的最終呈現方式。我認為，從短期來看，核心業務將在未來 18 到 24 個月內主導 ARR 的最終結果。因此，我們需要更加關注核心業務。我們討論的這些趨勢最終會趨於穩定。 Scott，還有什麼要補充的嗎？

No, I think you said it.

不，我想是你說過。

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

我們的下一個問題來自 Gregg Moskowitz 和 Cowen 的連線。

Scott, ARR was certainly strong, as you pointed to, but it was a little surprising to see maintenance plan ARPS decline by $24 sequentially. And I just wanted to clarify a comment from your prepared remarks. Would you say that the decline there was entirely due to the linearity of the M2S sign-up activity?

史考特，正如你所指出的，ARR確實表現強勁，但維修計畫的ARPS季減24美元確實有點出乎意料。另外，我想澄清一下你事先準備好的發言稿中的一個觀點。你認為ARPS的下降完全是M2S註冊活動的線性成長所造成的嗎？

Yes, it's not entirely, Gregg, but it is largely based on -- not just the linearity, just based on M2S. There is a 605 to 606 impact in maintenance as well. So as we implemented 606 at the beginning of this quarter, we wrote off a fair amount of previously deferred revenue. Some of that hit the maintenance line, and of course, that then becomes a headwind on ARPS.

是的，格雷格，並非完全如此，但主要原因在於——不僅僅是線性關係，而是M2S。維護方面也受到了605到606版本的影響。因此，在本季初實施606版本時，我們註銷了相當一部分先前遞延的收入。其中一部分計入了維護成本，當然，這會對ARPS造成不利影響。

Got it. And then Andrew, you gave that example, I believe, of Miron Construction, and that was helpful. But when you look out at the construction vertical, when do you expect that your enhanced focus on the mid-market will begin to really show up in the numbers?

明白了。安德魯，你舉了米倫建築公司的例子，我覺得很有幫助。但是，從整個建築業來看，你預期你加強對中階市場的關注何時才能真正體現在業績數據上呢？

Yes, I think what you'll start to see, as we start to penetrate the mid-market, you'll see more and more of these packs start to get sold. And I think that's -- the packs absolutely target the mid-market. So I don't -- I'm not going to give you a specific time line in terms of when you'll start to see more robust growth in the mid-market, but what I can say is our focus has been the top of the pyramid for almost the entire existence of BIM 360. And it's only now that we're starting to move deeper into the mid-market. And these early successes, frankly, driven by some of these successes we've had upmarket, are indicative of what I expect you'll see over the next few quarters as we start to penetrate the mid-market more and more.

是的，我認為隨著我們開始打入中階市場，你會看到這些軟體包的銷量越來越高。而且我認為——這些軟體包的目標客戶群正是中階市場。所以，我不會給出中端市場何時會實現更強勁成長的具體時間表，但我可以肯定的是，在BIM 360成立之初，我們的重心幾乎一直放在金字塔頂端。直到現在，我們才開始深入中端市場。坦白說，這些早期的成功，正是源自於我們在高端市場取得的一些成功，也預示著未來幾季隨著我們不斷拓展中端市場，你會看到的趨勢。

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

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

Could you give us a sense for the blended maintenance price increase you realized in the quarter, and then some of the moving pieces we should consider around maintenance ARR for the remainder of the year?

能否簡要介紹本季實現的綜合維護價格成長情況，以及在今年剩餘時間內我們應該考慮的與維護 ARR 相關的一些變動因素？

Yes, it's hard to do that on a blended level, Ken. I mean, you can see the ARPS and you can calculate the ARPS. And we do provide you the details to be able to sort out the 605 impact as well as the M2S impact. So you can see it in aggregate. I'd say, on an apples-to-apples, same maintenance before to same maintenance after, it's really just a 5% price increase up until the beginning of this quarter that was put in place as part of the M2S program. And as you know, beginning of this quarter, that maintenance price went up, apples-to-apples, 10%. So the blending shows up in the ARPS. And I think when you dig through the prepared remarks, you'll see enough detail to be able to peel out the effects of both 606 and M2S.

是的，肯，在混合層面上很難做到這一點。我的意思是，你可以看到平均每期價格（ARPS），也可以計算ARPS。我們確實提供了詳細信息，以便你能區分605和M2S的影響。所以你可以看到總體情況。我想說，如果進行同等條件的比較，即M2S實施前後的相同維護，那麼在本季度初之前，價格實際上只上漲了5%，這是M2S計劃的一部分。如你所知，本季初，維護價格上漲了10%。因此，混合因素體現在ARPS中。我認為，當你仔細閱讀準備好的發言稿時，你會看到足夠的細節，能夠區分606和M2S各自的影響。

Okay. And could you talk about the uptake you saw in multiyear product subscriptions in the quarter and your expectations for the remainder of the year?

好的。您能否談談本季多年產品訂閱的成長情況，以及您對今年剩餘時間的預期？

Yes, we're not doing anything right now, Ken, to incent multiyear product subs. It's just back to part of the presentation that I gave at Investor Day. We are seeing some multiyear activity in that. We haven't really done anything to incentivize it. So it's not -- it's kind of churning along at that double-digit rate that it had been. I do expect to see that pick up later this year and into next year, but we're not -- at this point, we're not doing anything to really encourage that.

是的，肯，我們目前沒有採取任何措施來鼓勵多年期產品訂閱。這和我之前在投資者日演講中提到的部分內容一樣。我們看到這方面確實有一些多年期訂閱活動。但我們並沒有採取任何激勵措施。所以，它目前仍然保持著之前兩位數的成長速度。我預計今年稍晚和明年這個數字會有所回升，但就目前而言，我們還沒有採取任何措施來鼓勵這種成長。

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

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

I'll change it up from a model-building question to a product question. Look, we talked to some of your customers, and they agree that this kind of Generative Design stuff is a big improvement over what used to be called topological optimization. So basically, the question is, should we think of this generative functionality as an increment to ARPS, increment to customer accounts, reduced churn, all 3? Or -- and then I would assume that it'll take probably a year or 2 before we kind of get any kind of measurable ramp in financials. It just -- it would be helpful.

我把問題從模型建構轉向產品方面。我們和你們的一些客戶聊過，他們都認為這種生成式設計比以前所謂的拓樸優化有了很大的改進。所以，問題在於，我們是否應該把這種生成式功能看作是提高平均每筆交易收入 (ARPS)、增加客戶帳戶、降低客戶流失率，或是三者兼顧？或者——我估計可能需要一到兩年的時間，我們才能在財務數據上看到任何可衡量的成長。總之，這很有幫助。

Well, Richard, that is definitely not a boring question. So look, I don't want to dilute the power of the answer here, but almost all of the above are true in some respects. So for instance, some of what you're seeing with our Fusion Ultimate rollout of the generative capability is it's included in the Ultimate subscription, but buried inside the Ultimate subscription is an allocation of consumption that's built into the subscription. So there's an amount of consumption that is available to the user. Once that consumption is burned down, if like, for instance, if they were a massive generative user and they just kept generating designs over and over again, they're going to have to reload that consumption outside of their normal subscription. That kind of blending that you saw in Fusion Ultimate, that's the way you're going to see some of these things roll out into the business. There will be some level access to generative capabilities, because remember, this is an AI-driven, supercomputing-type application delivered to the customer because we can do it with the low price of compute from the cloud. So we're going to blend some of it in. So it will be accretive in subscriptions in terms of the fact that it just redefines us in the market and it makes us more competitive. And you can see we're already seeing some impacts of that, the positive impact. And then you'll see also people will be buying more consumption in the future as they buy more outcomes from the generative results. So it's kind of all 3, but I hope that gives you a little bit more color on why it's sort of all 3. Hopefully, that would help.

理查德，這絕對不是個枯燥的問題。我不想削弱答案的力量，但上面提到的幾乎所有內容在某些方面都是正確的。例如，您在我們Fusion Ultimate的生成功能推廣中看到的一些情況是，它包含在Ultimate訂閱中，但Ultimate訂閱中還包含一定的使用量。也就是說，使用者擁有一定的使用量。一旦這些使用量用完，例如，如果用戶是生成功能的重度用戶，不斷重複生成設計，他們就需要從常規訂閱之外重新購買使用量。您在Fusion Ultimate中看到的這種混合模式，就是您將在企業中看到的一些功能的推廣方式。我們將提供一定程度的生成式運算能力，因為請記住，這是一個人工智慧驅動的超級運算型應用，我們之所以能以低成本的雲端運算資源交付給客戶，是因為我們可以利用雲端運算資源。所以我們會將部分生成式運算能力融入我們的產品中。這將促進訂閱量的成長，因為它重新定義了我們在市場上的定位，並增強了我們的競爭力。您可以看到，我們已經看到了一些正面的影響。此外，隨著人們購買更多基於生成式運算結果的產品，未來他們的消費量也會增加。所以，這三方面因素都有涉及，但我希望這能讓您更清楚地了解為什麼是這三方面因素。希望這能有所幫助。

And our next question comes from the line of Monika Garg with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Monika Garg。

First question on the ARR side, under ASC 606, you posted 22% ARR growth. Target is 29% at the midpoint. So to achieve that, it seems ARPS for the next 3 quarters will have to ramp significantly. Now of course, I'm comparing 605 to 606, because last year, we have only 605 numbers. So ARPS was 5% year-over-year in Q1, it seems like they will have to ramp to like low teens by the end of the year. So maybe could you talk about factors that could lead to the ramp in ARPS growth?

關於年度經常性收入（ARR）方面，第一個問題：根據ASC 606準則，你們公佈的ARR成長率為22%，目標中位數為29%。因此，為了實現這一目標，未來三個季度的每筆平均收入（ARPS）似乎需要大幅提升。當然，我在這裡比較的是ASC 605和ASC 606準則下的數據，因為去年我們只有ASC 605準則下的數據。第一季ARPS年增5%，看來到年底需要提升到10%左右。您能否談談可能促成ARPS成長提升的因素？

Yes. Monika, first of all, I think the way you need to think about the growth in Q1 is really back -- to make it apples-to-apples, back to the 605, which was 25% in Q1. And honestly, it's a great result. Looking ahead, it's not just ARPS that's going to grow, right? We've talked about what the subscription count looks like. We've got -- there is some improving ARPS for all the reasons that we've talked about. But we also have sub count going up. And it's the combination of both of those that drives the ARR growth out through the end of the year. So separate the onetime effect. And by the way, the effect of 606 is greatest in Q1. If you noticed, that's why in the prepared remarks, we tried to give you both sets of numbers so you can trend it out. But it was almost a 40 -- a little bit more than a $40 million hit to ARPS just driven by the implementation of 606 in Q1. That diminishes out through the year. So there's a little bit of an exaggerated effect in Q1 just driven by the onetime write-down of the deferred revenue caused by 606.

是的。莫妮卡，首先，我認為你需要這樣看待第一季的成長：為了公平起見，應該回到606版本，也就是第一季成長25%。說實話，這是一個非常好的結果。展望未來，成長的不只是ARPS，對吧？我們之前討論過訂閱用戶數量的情況。由於我們之前提到的種種原因，ARPS確實有所改善。但訂閱用戶數量也在增加。正是這兩者的結合推動了ARR在年底前的成長。所以要把一次性因素排除在外。順便說一下，606版本的影響在第一季最為顯著。如果你注意到了，這就是為什麼我們在準備的發言稿中盡量提供兩組數據，以便你了解趨勢。但光是606版本在第一季的實施就給ARPS造成了近4,000萬美元的損失。這種影響在一年中會逐漸減弱。因此，第一季出現一些誇大的影響，僅是由於606號公告導致的遞延收入的一次性減損所致。

Then just strong growth in all the geographies, but revenue growth was kind of lowest in Americas compared with other geos: 13% in Americas, whereas greater than 20% in all other geographies. Maybe could you kind of walk through the reasons?

所有地區都實現了強勁成長，但美洲地區的營收成長與其他地區相比略低：美洲地區為13%，而其他所有地區的營收成長均超過20%。您能否解釋一下原因？

Well, so Americas saw double-digit growth. So we saw a very strong number in the Americas. So I don't really look at it as weaker growth. I think one of the things that you'll -- you need to understand about the Americas is they're way ahead on the M2S program relative to other geographies. Other geographies are just starting to ramp up on the M2S program and, in some respects, were even behind on the subscription transition. So Americas is where it should be at this point in the cycle, and I think it was a really great result from the Americas. Do you want to add anything, Scott?

美洲地區實現了兩位數的成長。所以，我們在美洲地區看到了非常強勁的成長。因此，我並不認為美洲的成長較弱。我認為你需要了解的一點是，美洲地區在M2S專案方面遠遠領先其他地區。其他地區才剛開始推進M2S項目，在某些方面，甚至在訂閱模式轉型方面也落後了。所以，美洲地區目前的發展階段正處於應有的位置，我認為這是一個非常出色的成績。史考特，你還有什麼要補充的嗎？

No. I think you said it right. The only other small thing I would point to is Americas did have the toughest compare point year-on-year. They had the strongest Q1 last year, so that's a little bit of a factor. But 11% growth, even with 606, and 13% growth on an apples-to-apples basis, pretty good growth.

不，我覺得你說得對。我唯一想補充的是，美洲地區的年比基數最大。他們去年第一季的業績最強勁，所以這在一定程度上影響了成長。但即便考慮到606個病例，11%的成長率，以及同等條件下13%的成長率，都相當不錯了。

And our next question comes from the line of Zane Chrane with Bernstein Research.

我們的下一個問題來自伯恩斯坦研究公司的讚恩·克蘭。

It seems like the subscription transition and the business model change is solidly on track. So I want to dive a little bit more into the second pillar of your 5-year strategy via the company's efforts in your own internal digital transformation. Could you give us an update on how that's going? And you talked about AVA, the Autodesk virtual assistant, at your Analyst Day and highlighted that. But aside from that example, could you maybe give us a couple of other examples of initiatives that you're working on as part of that second pillar? And then lastly, it seems like this is probably a multiyear effort. I'm wondering how we should think about the timing in which we would start to see maybe cost reduction or operating leverage or incremental revenue opportunities created by this internal digitization effort.

訂閱模式轉型和商業模式變革似乎進展順利。因此，我想更深入地探討貴公司五年策略的第二個支柱——公司內部數位轉型的努力。可否介紹一下這方面的進展？您在分析師日上提到了Autodesk虛擬助理AVA，並重點介紹了它。除了這個例子之外，您能否再舉幾個例子，說明一下作為第二支柱的一部分，您正在進行的其他舉措？最後，這似乎是一項多年計劃。我想知道我們應該如何看待這項內部數位化措施帶來的成本降低、營運槓桿效應或新增收入機會。

Okay. So let me give you some color on some of the things we're working on with regard to digitization. So first off, we've actually rolled out AVA's capabilities in other areas of support to our customers. So we continue to evolve that capability simply to make it easier. The satisfaction levels with that capability are pretty high because it just solves the problem very quickly. AVA's very good at some of these things. The other area that we're looking at is what we like to call the administrator or CAD manager persona. I think administrator is probably a better word. This is the person that has to actually manage all the assets somebody owns from Autodesk and make sure the right user gets the right access to the right kind of capabilities. What we're doing is we're doing a set of ongoing capability dumps very much targeted at this particular buyer. And our customers are going to find this fairly liberating capability as it matures over the next few quarters because it just allows them to understand what they're using, who is using what and actually respond more quickly in self-service ways, to hey, add a seat, do some of these things. So you'll start to see incremental kind of direct-to-customer engagements as some of this capability matures. In the second half of the year, we'll actually start doing some major cutovers as we start moving all of our orders that come into the system into our new back office, which actually is what powers our eStore, which has a much more robust, simple, seamless, manageable experience than what they get through our current partner system. So the partner orders are going to start coming to that same system as we move into the end of this year and into the beginning of next year. All of these things are actually pretty big, heavy-lifting projects, but they make a big difference in terms of what the customer is able to do on their own, including our ability to recommend things to them. The other thing we're doing on the digital back end is we're providing simpler front ends and more intelligence to our inside sales teams. So our inside sales teams are now able to see more about what's going on with the customer and actually take actions quicker in terms of satisfying the customer in the moment. That's already starting to pay real dividends to the company in terms of renewal activities, in terms of our ability to upsell and cross-sell an account and actually in terms of our ability to help people move from maintenance to subscription when they call in and work with some of our inside teams. We're seeing those benefits right now. Those are going to continue to ramp up throughout the year. But you'll also see more benefits next year where customers simply upsell and cross-sell themselves because we're going to start recommending things to them over their account management tool. So that gives you a little bit of insight into some of those things and some of the potential upside benefits that we're going to start to see from that.

好的。讓我來詳細介紹一下我們在數位化方面正在進行的一些工作。首先，我們已經將 AVA 的功能推廣到其他客戶支援領域。我們會不斷改進這些功能，使其更加便利易用。客戶對這項功能的滿意度很高，因為它能夠快速解決問題。 AVA 在這些方面表現出色。我們正在關注的另一個領域是我們稱之為管理員或 CAD 管理員的角色。我認為“管理員”這個詞可能更貼切。這個人需要管理客戶從 Autodesk 購買的所有資產，並確保合適的使用者能夠獲得相應的權限。我們正在持續推出一系列功能擴展，專門針對這類用戶。隨著這項功能在未來幾季日益成熟，我們的客戶將會發現它帶來的便利性，因為它能讓他們了解自己正在使用什麼、誰在使用什麼，並能以自助服務的方式更快地做出回應，例如添加席位或執行其他操作。隨著這項功能的不斷完善，您將會看到我們與客戶的直接互動逐漸增加。今年下半年，我們將開始進行一些重大的系統切換，將所有進入系統的訂單遷移到新的後台管理系統。該系統正是我們網上商店的驅動平台，相較於目前透過合作夥伴系統所獲得的體驗，它更加強大、簡潔、流暢且易於管理。因此，從今年年底到明年年初，合作夥伴的訂單也將陸續進入該系統。所有這些項目都相當龐大且繁重，但它們將極大地提升客戶的自助操作能力，包括我們向客戶推薦產品的能力。我們在數位化後端做的另一項工作是，為內部銷售團隊提供更簡潔的前端介面和更聰明的功能。這樣一來，我們的內部銷售團隊現在能夠更全面地了解客戶動態，並能更快採取行動，即時滿足客戶需求。這已經開始為公司帶來實質的回報，例如續約率、追加銷售和交叉銷售能力，以及幫助客戶從維護服務升級到訂閱服務（當客戶致電我們的內部團隊尋求幫助時）。我們現在已經看到了這些益處，而且這些益處將在今年持續增強。明年，您還將看到更多好處，例如客戶會主動進行追加銷售和交叉銷售，因為我們將開始透過他們的帳戶管理工具向他們推薦產品和服務。以上內容讓您對一些方面以及我們將從中看到的潛在收益有了初步的了解。

That's fantastic. That's really helpful. And just really quickly, I want to verify that it is the correct assumption that we should only expect ARR, rather than subs and ARPS, starting in fiscal '20, is that correct?

太好了，這真的很有幫助。我再快速確認一下，從2020財政年度開始，我們是否應該只預期年度經常性收入（ARR），而不是訂閱費和年度平均收入（ARPS）？這個假設正確嗎？

Well, we haven't formalized that, Zane, but that's certainly where I think we need to get to. I think there's been an outsized focus externally on subs. What we're really trying to drive is, of course, ARR and cash flow. And the way you get there -- I'm not saying subs are irrelevant; they're not. Subs are important. We'll obviously continue to track that, but I think like we've seen others who have gone through this transition get to a point where focusing just on the subs count as opposed to focusing on the outcome and the result is distracting. And I think we're at that -- we're probably pressing that point as well. And so it's entirely possible that when we get to next year, we will stop talking about subs externally, perhaps just a once-a-year update at Investor Day, as opposed to the focus we put on it in each of our calls.

嗯，Zane，我們還沒有正式確定這一點，但這絕對是我們需要努力的方向。我認為外界對子公司的關注度過高。我們真正想要推動的是年度經常性收入（ARR）和現金流。至於實現這些目標的方式——我並不是說子公司不重要；它們很重要。我們當然會繼續關注子公司，但我認為，就像我們看到其他經歷過類似轉型的公司一樣，如果只專注於子公司數量而不是專注於最終結果，就會分散我們的注意力。我認為我們現在就處於這個階段——我們可能也在朝著這個方向努力。因此，明年我們完全有可能不再對外談論子公司，或許只會在投資者日上進行一年一次的更新，而不是像現在這樣在每次電話會議上都重點討論它。

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

下一個問題來自美國銀行美林證券的 Kash Rangan。

This is Shankar on for Kash. Just on the legacy users, you've mentioned they were -- some of them upgraded to collections. Can you comment on what they were using before? And have you kind of tracked the usage trends as they upgraded to collections? Like what do they use after they upgrade to collections?

這裡是 Shankar 替 Kash 提問。關於老用戶，您提到他們中的一些人升級到了 Collections 版本。您能說說他們之前用的是什麼軟體嗎？您有沒有追蹤他們升級到 Collections 後的使用趨勢？例如，他們升級後都用些什麼軟體？

What we are seeing is a pretty significant uptake, as we talked about, more than 30% that are moving from single product to collections. Once they make that shift, of course, they have access to anything that's in the collection. So what they're actually using is much more dependent on the persona, on the person and on what market they're in. I'm not sure there's a good rule of thumb for you to go by on that. I think the underlying theme, though, that's driving that is, we've put a lot of focus on making those collections simple to consume, easier to select which one they want, easier to sell and, frankly, at a price point that's attractive both for us in driving up our ARPS, but for our customers in getting greater value. And we're seeing great success with that.

正如我們之前討論的，我們看到的是一個相當顯著的成長，超過30%的用戶正在從單一產品轉向產品系列。一旦他們完成這種轉變，他們當然就可以訪問產品系列中的所有產品。因此，他們實際使用的產品更取決於使用者畫像、使用者本身以及他們所處的市場。我不確定是否有一個通用的經驗法則可以遵循。但我認為，推動這一趨勢的根本原因在於，我們非常注重讓產品系列的使用更加便捷，用戶更容易選擇所需產品，也更容易銷售，而且坦白說，價格也極具吸引力，這既有利於我們提高平均每筆交易額（ARPS），也有利於我們的客戶獲得更高的價值。我們在這方面取得了巨大的成功。

Got it. And just a quick question on the BIM side. Can you comment on the competition you're seeing, especially from Procore? And can I compare -- the strategy you have is to provide the end-to-end solution, but from a customer perspective, is what your competition providing, is that sufficient? Or do they kind of wait and see more on what you're doing? And when they expect to get onto your platform? Just want to understand on that front.

明白了。關於BIM方面，我還有一個小問題。您能否談談您遇到的競爭，特別是來自Procore的競爭？我想比較一下—您的策略是提供端到端的解決方案，但從客戶的角度來看，您的競爭對手提供的解決方案是否足夠？或者他們會觀望您的更多舉措？以及他們預計何時會使用您的平台？我只是想了解這方面的資訊。

Yes. So by the way, Procore is a great competitor. I think they have a great product. And I think they have shown early success in the mid-market. We compete with them all the time in the high end of the market. We're much more successful there. And I expect that to continue. Long term, it's not so much who the competitors are in the ecosystem. I want to take us back to what's actually going to happen over the next 5 years. The big driver here is the move of the BIM data through the entire process. That's what's going to happen. What you've seen over time in the manufacturing space is the companies that were providing access to the models ultimately owned the end-to-end process in terms of the optimization and the software that digitized that process. This is going to happen as well in the construction space. The long-term trend is the building information model is the communication vehicle that passes through the various stages of the construction process. We're very much focused on that long-term outcome. And the reason you're starting to see us consolidate our position more and more in the larger accounts and start to move mid-market is people are actually trying to use our tools to do the now problem, but they see that we're also focused on the then problem, the future problem. And that's really more of the dynamic that we're paying attention to. We have some great competitors in this space. Love competing with them. They make us all better, but the long game swings in our favor.

是的。順便說一句，Procore 是個很棒的競爭對手。我認為他們的產品很出色，而且在中端市場已經初見成效。我們在高端市場一直與他們競爭，但我們在高端市場更勝一籌，我預計這種情況會持續下去。從長遠來看，生態系統中的競爭對手是誰並不那麼重要。我想把大家帶回未來五年真正會發生的事。這裡最大的驅動力是 BIM 資料在整個流程中的應用。這才是未來的發展趨勢。在製造業領域，我們已經看到，那些提供模型存取權限的公司最終掌控了端到端的流程，包括優化流程和數位化流程的軟體。這種情況也會在建築領域發生。長期趨勢是，建築資訊模型將成為貫穿整個施工流程各階段的溝通工具。我們非常關注這一長期目標。之所以您會看到我們越來越鞏固在大客戶中的地位，並開始進軍中端市場，是因為人們確實在嘗試使用我們的工具來解決眼前的問題，但他們也看到我們同樣關注未來，也就是長遠的問題。而這正是我們真正關注的動態。我們在這個領域有一些非常優秀的競爭對手。我們很享受與他們競爭。他們的競爭讓我們都變得更好，但從長遠來看，我們最終會佔優勢。

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

我們的下一個問題來自摩根大通的斯特林·奧蒂。

I was just curious, how much of the maintenance-to-subscription conversions are taking place through direct sales versus the eStore versus the channel?

我只是好奇，有多少維護用戶轉化為訂閱用戶是透過直接銷售實現的，又有多少是透過網路商店實現的，還有多少是透過管道實現的？

Well, Sterling, so the short answer is I don't know. It's not available on the eStore, at this point. I think we're just enabling that either this quarter or next. So it's all happening either direct or through the channel, but I don't actually have that split at my fingertips.

嗯，史特林，簡單來說，我不知道。目前網路商店還沒有上架。我們估計會在本季或下季開通這項服務。所以，所有銷售管道不是直銷，就是透過通路銷售，但我手邊還沒有具體的細分數據。

Okay. And then just one quick follow-up. I wasn't clear, you mentioned the promotional activity a couple of times. How should we think about the impact -- if we go back a couple of quarters, talked about the renewals from that early promotional activity and what it did to the net additions. What was the impact this quarter from that phenomenon?

好的。還有一個後續問題。我剛才沒說清楚，您有提到過幾次促銷活動。我們該如何看待它的影響？如果我們回顧幾個季度前，討論過早期促銷活動帶來的續約情況以及它對淨新增客戶的影響。那麼，本季這種現象又產生了什麼影響呢？

Well, most of those early promos, if you remember, were multiyear, right? So the -- if you're talking about the legacy promos that we ran. Is that what you're referring to, where we went after legacy customers with a discounted price if they turned in an old perpetual license?

嗯，如果你還記得的話，早期的那些促銷活動大多都是多年期的，對吧？所以——如果你指的是我們之前推出的那些老客戶促銷活動，你指的是那種我們向老客戶提供折扣價，條件是他們交回舊的永久許可證嗎？

Well, not only that, but I think there was the cloud promos as well where you were bundling in some of the cloud seats.

不僅如此，我想你們還推出了雲端服務促銷活動，將一些雲端服務席位捆綁銷售。

Got it. So let's take them in 2 cases because it's 2 different things. On the legacy promos, for the first 2 years that we ran those promos, we ran them twice a year for the first 2 years. And in each case, the discount was tied to, a, the customer forfeiting their perpetual license and buying a sub; but b, for those first 2 years, it was a multiyear buy. They paid for 3 years upfront. So none of them have come up for renewal at this point. The last 2 times we ran it, we did give them the option of a single year, and we haven't seen any of those come up for renewal at this point. On the cloud side, it's a different answer, right? This was the shift that we talked about back in November when we were announcing our Q3 of last year results. And we really moved away from very deep promotions, as I called it, seeding promotions, where we really pushed a lot of low-cost cloud subs out into the market with the goal of seeing which ones that would land and with the understanding that many of them would not be put into use. And if they were put into use, they wouldn't be renewed. That headwind, we still deal with, right? We did that. We ran through those seeding -- we continued with that seeding program strategy in both Q1 and Q2 of last year. So that's a headwind that we're feeling right now as many of those come due, and if they didn't, they weren't being adopted, they're not being used. So that's part of why you see the cloud. We're still adding net subs to our cloud business, but you see those cloud net adds coming down.

明白了。那我們分兩種情況來說，因為這是兩碼事。關於傳統促銷活動，在我們推出這些促銷活動的頭兩年，我們每年舉辦兩次。每次折扣都與以下兩點掛鉤：a) 客戶放棄永久授權併購買訂閱；b) 前兩年都是多年期購買，他們預付了三年的費用。所以目前為止，這些訂閱都還沒到期續約。在最近兩次促銷活動中，我們提供了單年購買的選項，目前也沒有看到任何續約。至於雲端服務方面，情況就不同了，對吧？這就是我們在去年11月公佈第三季業績時提到的轉變。我們確實已經不再像以前那樣大力推廣，我稱之為「種子推廣」。以前我們會大量推出低價雲端服務，目的是看看哪些用戶會買賬，但我們也清楚，其中許多用戶最終都不會使用。即使有人使用，也不會續訂。這種不利因素我們至今仍在應對，對吧？我們確實這麼做了。去年第一季和第二季度，我們都繼續推行了這種種子推廣策略。現在，隨著許多種子推廣到期，我們正感受到這種不利因素的影響。即使有些服務沒有到期，也說明它們沒有被採用或使用。所以，這就是雲端業務成長放緩的部分原因。我們仍在增加雲端業務的淨用戶數量，但雲端業務的淨新增用戶數量卻在下降。

And our last question comes from the line of Matt Hedberg with RBC Capital Markets.

最後一個問題來自加拿大皇家銀行資本市場的 Matt Hedberg。

I guess, as a follow-up to the question on collections a couple of questions ago here. You're clearly having success there, providing a lot of value. I guess, I'm wondering, can you help us think about customer satisfaction when they move to a collection? And I guess in the context of thinking about maintaining renewal rates when some of these collections come up for renewal and likely price points move higher. Is it a function of continuing to provide additional value? I'm sort of wondering just kind of your high-level thoughts there.

我想就之前幾個問題中關於催收業務的問題做個後續探討。您顯然在這方面取得了成功，提供了很多價值。我想請教一下，當顧客選擇催收服務時，他們的滿意度會如何？另外，考慮到部分催收服務即將到期，價格可能會上漲，如何才能維持訂率？這是否取決於您是否持續提供額外的價值？我只是想聽聽您對此的一些看法。

So first off, let me correct a misstatement you made there. The price points don't go up. When they move to collections as part of M2S, they're actually capturing a highly advantaged price, but they're actually paying more at that moment of move, all right? So let's be very clear here. When the renewal comes up, they're paying the same price that they paid when they moved to the M2S. Super important. There's no price increase cliff that they're going to see. Now if you're talking about the end of the M2S program, when their 3-year period runs out and they do see that price increase, one, that's a couple of years out, and there's a couple of things that we're doing to ensure satisfaction. First off, our experience from Suites shows that if a customer uses 2 applications, they're highly satisfied with what they get from these aggregated applications. It's really just 2 applications that drive satisfaction. We've actually stood up a whole new team inside our sales organization that's a customer success organization. And its mission is to help customers extract value from some of these higher-end offerings that we've deployed into the market. So they're spending a lot of energy helping customers understand what they own, how they can use the products together and what return they get from using the products together. So I think we've got a real focus on this, and history says from our Suites experience that these are very, very sticky offerings. Did you want to add something, Scott?

首先，讓我糾正一下你剛才的一個錯誤說法。價格不會上漲。當他們作為 M2S 的一部分遷移到收款服務時，他們實際上享受了非常優惠的價格，但遷移的那一刻，他們實際上支付的價格更高，明白嗎？所以我們要明確一點。續約時，他們支付的價格與遷移到 M2S 時的價格相同。這一點非常重要。他們不會遇到價格突然上漲的情況。如果你指的是 M2S 專案結束時，也就是三年期滿後，他們確實會看到價格上漲，那麼，那還有幾年時間，而且我們正在採取一些措施來確保客戶滿意度。首先，我們在 Suite 方面的經驗表明，如果客戶使用兩個應用程序，他們對這兩個整合後的應用程式提供的服務非常滿意。真正帶來滿意度的只是這兩個應用程式。事實上，我們在銷售部門內部組建了一個全新的團隊，專門負責客戶成功。它的使命是幫助客戶從我們推向市場的這些高端產品中獲得價值。因此，他們投入大量精力幫助客戶了解他們擁有的產品、如何將這些產品組合使用以及組合使用能帶來哪些收益。所以我認為我們非常重視這一點，而且從我們以往的套件經驗來看，這些產品的用戶黏性非常高。史考特，你還有什麼要補充的嗎？

No, the only other point I'd make on collections and customer sat is we do see the highest renewal rates of all of our product subs on the collections.

不，關於催收和客戶滿意度，我唯一要補充的是，我們發現催收產品的續訂率在所有產品訂閱中最高。

That's super helpful, Andrew, and that's exactly what I was trying to get at, not necessarily these initial price increases but more so upon looking 2 to 3 years out. But I think that's a great way to think about it, and I think it's a super helpful context.

安德魯，這太有幫助了，這正是我想表達的意思，我指的並非最初的價格上漲，而是未來兩三年內的價格走勢。我覺得這是一個很好的思考角度，也是一個非常有用的背景資訊。

Yes, they're very sticky. The Suites were very sticky. The collections are very sticky. That has been something we've seen consistently.

是的，它們非常黏人。套房系列非常黏人。所有系列都非常黏人。我們一直都看到這種情況。

And that does conclude today's Q&A session, and I'd like to return the call to Mr. Dave Gennarelli for any closing remarks.

今天的問答環節到此結束，我想把電話轉給戴夫·詹納雷利先生，請他作總結發言。

That does conclude our call. If you have any follow-up questions, you can reach me at (415) 507-6033. Thank you.

通話到此結束。如果您有任何後續問題，可以撥打 (415) 507-6033 與我聯絡。謝謝。

Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program, and you may all disconnect. Everyone, have a great day.

女士們、先生們，感謝各位參加今天的會議。會議到此結束，大家可以斷開連線了。祝各位有美好的一天。