Autodesk Inc (ADSK) 2019 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Fiscal Q2 2019 Autodesk Inc. Earnings Conference Call. (Operator Instructions) And as a reminder, this conference call is being recorded. And I would now like to introduce your host for today's call, Mr. Abhey Lamba. Sir, you may begin.

女士們、先生們，大家好，歡迎參加 Autodesk 公司 2019 財年第二季財報電話會議。 （操作說明）提醒各位，本次電話會議正在錄音。現在我謹介紹今天的主持人，Abhey Lamba 先生。先生，您可以開始了。

Thanks, operator, and good afternoon. Thank you for joining our call to discuss the results of our second quarter of fiscal 2019. On the line 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.

謝謝接線員，下午好。感謝您參加本次電話會議，共同探討我們2019財年第二季的業績。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 third 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 regarding ASC 606; 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.

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財年第三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、我們用於估算指引的因素（包括關於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，實際事件或結果可能與此有重大差異。

Please refer to the documents we file from time to time with the SEC, specifically our Form 10-K for fiscal year 2018, our Form 10-Q for the period ending April 30, 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 our actual results to differ from those contained in our forward-looking statements.

請參閱我們不時向美國證券交易委員會（SEC）提交的文件，特別是我們2018財年的10-K表格、截至2018年4月30日的10-Q季度報告以及我們當前的8-K表格報告，包括與今天新聞稿和準備好的發言稿一同提交的8-K表格。這些文件包含並列明了可能導致我們的實際業績與前瞻性聲明中所述業績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，否則我們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 in our financial performance and unless otherwise noted, each [such statement] 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公司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，否則每項[此類陳述]均代表根據ASC 606準則進行的同比比較。

And now, I would like to turn the call over to Andrew.

現在，我想把電話交給安德魯。

Thanks, Abhey. Our strong Q2 results, led by 28% growth in total annualized recurring revenue, not only reflect a healthy demand environment but also continued execution as we move further through our transition to subscription. We also achieved strong results in ARPS, billings, revenue and earnings. There are several key areas that I want to highlight. We had record growth in total ARR and total ARPS on both a year-over-year and sequential basis. The same goes for core ARR, which grew 29% and core ARPS. Recurring revenue advanced to 96%. We continue to see steady migration of maintenance customers to subscription with the maintenance-to-subscription program or M2S, and we've bolstered our presence in the construction market with the acquisition of Assemble Systems.

謝謝 Abhey。我們第二季業績強勁，主要得益於年度化經常性收入總額 28% 的成長，這不僅反映了良好的市場需求，也反映了我們在向訂閱模式轉型過程中持續有效的執行。此外，我們的每筆平均收入 (ARPS)、帳單金額、總收入和利潤也都取得了顯著成效。我想重點介紹幾個關鍵領域。我們的年度經常性收入總額 (ARR) 和每筆平均收入總額 (ARPS) 均實現了同比和環比雙雙創紀錄的增長。核心 ARR 和核心 ARPS 也同樣實現了 29% 的成長。經常性收入成長率高達 96%。我們持續看到維護客戶透過維護轉訂閱計畫 (M2S) 穩步遷移至訂閱模式，同時，我們透過收購 Assemble Systems 進一步鞏固了在建築市場的地位。

First, let's dive into ARR. I'll repeat that we view ARR as the best proxy for measuring our progress and the overall health of our business. I noted last quarter that we expected ARR growth to build as we moved through the year and we're absolutely seeing that in the second quarter. The strength in total ARR was once again broad-based with all 3 major geographies showing growth, with APAC showing the strongest growth. Subscription plan ARR more than doubled for the sixth time in the past 7 quarters, driven by growth in all subscription plan types, led by product subscription. We continue to drive impressive growth in product subscription ARR on both a year-over-year and sequential basis.

首先，我們來深入探討年度經常性收入 (ARR)。我再次強調，我們認為 ARR 是衡量我們業務進展和整體健康狀況的最佳指標。上個季度我提到，我們預期 ARR 的成長會隨著時間的推移而逐步提升，而我們在第二季也確實看到了這一點。整體 ARR 的成長動能依然強勁，三大主要市場均實現成長，其中亞太地區的成長最為顯著。訂閱計畫的 ARR 在過去七個季度中第六次翻番，這主要得益於所有訂閱計畫類型的成長，尤其是產品訂閱的成長。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。

Looking at our core business, which represents the combination of maintenance, product subscription and EBA subscriptions. 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. Simultaneously, customers continue to engage with our solutions for reimagining construction and manufacturing. That progress is reflected in cloud ARR, which grew more than 20% year-over-year and 10% sequentially. You have heard me say many times that construction is our key initial focus for becoming a design and make company. The market is ready and we have compelling technology and products.

我們的核心業務涵蓋維護、產品訂閱和企業業務協議 (EBA) 訂閱。核心業務的年度經常性收入 (ARR) 與總 ARR 的成長保持一致，這並不令人意外，因為我們的核心業務驅動了絕大部分的收入、ARR 和帳單成長。同時，客戶持續使用我們用於重塑建築和製造的解決方案。這項進展體現在雲端 ARR 上，其年成長超過 20%，季增 10%。我曾多次強調，建築業是我們轉型為設計製造型公司的首要重點。市場已經成熟，我們擁有極具競爭力的技術和產品。

The biggest contributor to our cloud ARR is our BIM 360 family of products, our project delivery and construction management software that connects design and construction. A great example of how BIM 360 is being utilized in the field comes from Webcor, a large U.S.-based general contractor. They are utilizing a range of advanced technology to support an innovative and efficient approach to construction. The company is using Autodesk BIM 360 on the UC Merced 2020 project, which will expand the University of California's Merced campus by over 1.2 million square feet across 14 structures. BIM 360 is enabling Webcor to gain greater efficiency in delivering documentation and coordinated models to the field. They are also using the Forge Platform to integrate and connect project data with BIM data, resulting in a single source of information and enhanced project delivery and performance.

我們雲端年度經常性收入 (ARR) 的最大貢獻者是我們的 BIM 360 系列產品，這是一款連接設計和施工的專案交付和施工管理軟體。 Webcor 是一家總部位於美國的大型總承包商，該公司在實際應用中充分展現了 BIM 360 的優勢。他們運用一系列先進技術，以創新且有效率的施工方式進行工作。該公司在加州大學默塞德分校 2020 項目中使用了 Autodesk BIM 360，該項目將為加州大學默塞德分校擴建 14 座建築，總面積超過 120 萬平方英尺。 BIM 360 協助 Webcor 更有效率地向現場交付文件和協調模型。他們還使用 Forge 平台將專案數據與 BIM 數據整合連接，從而實現單一資訊來源，並提升專案交付效率和績效。

We continue to aggressively pursue the $10 billion construction opportunity. And last month, we expanded our product offerings with the acquisition of Assemble Systems, a cloud-based solution offering combined 2D and 3D quantity takeoff for the construction market. Assemble is doing something very unique and was one of the first companies to recognize the power of BIM for preconstruction planning and developed ways to efficiently get information out of the model and into the planning process. They extract the information and make it useful and accessible for contractors to help them with bid management, estimating, project management, scheduling, site management and finance. They were also an early adopter of our 4D platform. Assemble is a team of about 50 people, fairly evenly split between sales and engineering. Their products are used by over 200 companies including 1/4 of the E&R 400 and have been used on more than 7,000 construction projects. Assemble will enhance our market positioning and contribute to making BIM 360 a more comprehensive solution, spanning across the design and construction phase. We believe this will be a great fit, both from a product and people perspective. We know them all well at Autodesk so our Forge fund was a lead investor in their Series A round last year.

我們正積極掌握價值100億美元的建築市場機會。上個月，我們收購了Assemble Systems，進一步拓展了產品線。 Assemble Systems是一家提供基於雲端的解決方案的公司，其產品結合了二維和三維工程量運算功能，服務於建築市場。 Assemble的業務模式獨樹一幟，是最早意識到BIM在施工前規劃中強大作用的公司之一，並開發出高效的方法，將模型資訊導入規劃流程。他們提取訊息，使其對承包商有用且易於訪問，從而幫助他們進行投標管理、估算、專案管理、進度安排、現場管理和財務工作。他們也是我們4D平台的早期使用者。 Assemble團隊約有50人，銷售和工程人員人數大致相當。他們的產品已被200多家公司使用，其中包括E&R 400強企業中的四分之一，並已應用於7000多個建築項目。 Assemble的加入將提升我們的市場地位，並協助BIM 360成為更全面的解決方案，涵蓋設計和施工階段。我們相信，無論從產品或人才角度來看，這都將是一次絕佳的合作。我們對Autodesk的所有成員都非常了解，因此我們的Forge基金去年領投了他們的A輪融資。

We're also seeing nice progress with the adoption of Fusion in the manufacturing market. An exciting Fusion customer is Fabric, makers of award-winning cycling products. Fabric's mission is to bring innovation to its industry by leveraging unique manufacturing methods. The Fabric team was initially introduced to Fusion by another customer and started using it for the complex industrial design requirements of bicycle saddles and for its ability to link the designs directly to manufacturing and 3D printing. Then they expanded their usage of Fusion into design, simulation and validation. Recently, they have begun using generative design infusion to explore hundreds of practical design alternatives that deliver superior performance and can be manufactured efficiently. They're a great company and they illustrate how manufacturers are innovating with the use of advanced tools like Fusion.

我們也看到Fusion在製造業市場的應用取得了顯著進展。 Fabric是一家屢獲殊榮的自行車產品製造商，也是Fusion的優秀客戶之一。 Fabric的使命是透過獨特的製造方法為產業帶來創新。 Fabric團隊最初是透過另一位客戶接觸到Fusion的，並開始將其用於滿足自行車鞍座複雜的工業設計需求，以及利用其將設計直接與製造和3D列印連接起來的能力。之後，他們將Fusion的應用擴展到設計、模擬和驗證領域。最近，他們開始使用生成式設計融合技術來探索數百種實用的設計方案，這些方案不僅性能卓越，而且可以高效製造。 Fabric是一家非常優秀的公司，他們充分展現了製造商如何利用Fusion等先進工具進行創新。

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

現在我將把發言權交給 Scott，讓他詳細介紹訂閱量、平均每筆收入和其他財務指標。

Thanks, Andrew. Before getting into the Q2 numbers, I want to comment on the terrific progress we've made since we started down this path to transform our model to subscription and cloud back in calendar 2014.

謝謝安德魯。在介紹第二季數據之前，我想先談談自2014年我們開始走上向訂閱和雲端模式轉型之路以來，我們取得的巨大進展。

We've added over 1.7 million net subscriptions over that time period and it's now been 2 years since we sold our last perpetual license. The mix of our business has also dramatically shifted as Maintenance now makes up less than 30% of the subs and ARR bases and the new model has allowed us to add a significant number of new customers to Autodesk. We've also migrated over 600,000 maintenance customers to subscription.

在此期間，我們新增了超過 170 萬淨訂閱用戶，距離我們售出最後一份永久授權也已經過了兩年。我們的業務結構也發生了顯著變化，維護服務目前僅佔訂閱用戶和年度經常性收入 (ARR) 的不到 30%，新的模式使我們能夠為 Autodesk 新增大量客戶。此外，我們還將超過 60 萬名維護服務客戶遷移到了訂閱模式。

From a financial standpoint, we're now firmly back in the growth stage. We're back to non-GAAP profitability, positive cash flow and we've transformed our business from less than 40% recurring revenue prior to the start of the transition, to a highly predictable 96% recurring revenue in Q2. We still have some ways to go to achieve the fiscal '20 targets we've laid out and believe the best is yet to come, but it's worth noting the meaningful progress we've made to date.

從財務角度來看，我們已穩步重回成長階段。我們恢復了非GAAP獲利，現金流為正，在業務轉型後，經常性收入佔比從轉型開始前的不足40%躍升至第二季度的96%，這一比例可預測性極高。儘管我們距離2020財年設定的目標仍有一段路要走，但我們相信未來會更好，而且迄今為止的顯著進展也值得關注。

Looking at Q2 now, I'll start with a closer look at subscriptions. Subscription plan subs grew by 290,000 in Q2, with growth coming in all 3 categories: cloud, enterprise and product subscriptions. Core subscription additions were 88,000 and increased 6% sequentially. We added 31,000 net cloud subscriptions, which is a nice step up from the 18,000 we added in Q1.

現在來看第二季度，我先來詳細分析訂閱業務。第二季訂閱計畫用戶增加了29萬，雲端訂閱、企業訂閱和產品訂閱這三大類別均實現了成長。核心訂閱用戶新增8.8萬，季增6%。我們淨增了3.1萬雲訂閱用戶，較第一季的1.8萬有了顯著提升。

It's important to note that net subscription additions continue to be impacted by product consolidation from the adoption of industry collections. Again, the good news is that many of these customers are increasing their total spend with Autodesk, contributing to solid increases in ARR and ARPS. The adoption of industry collections is happening through the regular run rate of new business, the renewal process, the legacy promo and the M2S program.

值得注意的是，淨新增訂閱用戶數持續受到產業產品整合的影響，而這種整合源自於產業產品系列的普及。不過，好消息是，許多客戶增加了在 Autodesk 的總支出，從而推動了年度經常性收入 (ARR) 和平均每筆交易收入 (ARPS) 的穩定成長。行業產品系列的普及是透過新業務的常規成長、續約流程、傳統促銷活動以及 M2S 計劃等途徑實現的。

New subscriptions for industry collections increased 60% year-over-year and represented 40% of the net product subscription additions in Q2. Industry collections now make up 27% of the total base of product subscriptions, up from 14% in Q2 last year, that's great progress. This is important because industry collections generate higher ARPS and have a much higher renewal rate compared to standalone products and it also signals a deeper relationship with the customer as they are able to utilize more of our solutions.

業界精選產品的新訂閱量較去年同期成長 60%，佔第二季產品淨新增訂閱量的 40%。業界精選產品目前佔產品訂閱總量的 27%，高於去年同期的 14%，這是一個顯著的進步。這一點至關重要，因為與獨立產品相比，行業精選產品能夠帶來更高的平均每筆交易收入 (ARPS) 和更高的續訂率，同時也表明我們與客戶的關係更加緊密，因為他們能夠更充分地利用我們的解決方案。

Speaking of the M2S program, we continue to make solid progress in migrating our maintenance customers to subscription. In Q2, customers migrated 117,000 maintenance subs to product subs. While that's less than what we've converted over the past 2 quarters, remember that the pool of maintenance subscription gets smaller each passing quarter. The conversion rate remains strong, with over 1/3 of all maintenance renewal opportunities during Q2 migrating to product subscription. Of those that migrate, once again about 30% of eligible subscriptions upgraded from an individual product to an industry collection. The renewal rate for maintenance declined slightly sequentially as expected. This is consistent with our long-term model where we've projected a decrease in maintenance renewal rates as we've progressed further into the M2S program.

關於M2S計劃，我們在將維護客戶遷移到訂閱模式方面持續取得穩定進展。第二季度，客戶將11.7萬個維護訂閱用戶遷移到了產品訂閱用戶。雖然這一數字低於過去兩個季度的總和，但請記住，維護訂閱用戶群體每個季度都在縮小。轉換率依然強勁，第二季超過三分之一的維護續訂機會都遷移到了產品訂閱模式。在這些遷移用戶中，約有30%的符合資格的訂閱用戶再次從單一產品升級到了產業套裝。如預期，維護續訂率較上季略有下降。這符合我們的長期模型，即隨著M2S計劃的深入推進，我們預計維護續訂率會下降。

The renewal rate for product subscription experienced another sequential increase and we expect it to continue to rise as the product mix shifts toward higher value products. Helping bolster that renewal rate are the M2S related subscriptions which have a very high renewal rate as expected because the program was designed to be very sticky.

產品訂閱續訂率較上季持續成長，隨著產品組合向高價值產品傾斜，我們預期續訂率將持續攀升。 M2S 相關訂閱的續訂率也如預期般高，這進一步提升了續訂率，因為該計劃的設計旨在增強用戶黏性。

To go a little deeper on this topic, when we first announced the M2S offer, we provide a 3-year price outlook to our maintenance customers who converted. As time went on, we heard customer feedback on extending this pricing outlook so they can plan for their long-term business needs and investment in Autodesk solutions.

為了更深入探討這個主題，當我們最初推出 M2S 服務時，會向轉換到 M2S 的維護客戶提供三年的價格展望。隨著時間的推移，我們收到客戶的回饋，希望延長價格展望期，以便他們能夠規劃其長期業務需求以及對 Autodesk 解決方案的投資。

So in June, we announced that we're extending our price commitment to 2028 for customers who continue to renew after they switch to subscription. For these converted customers, the renewal SRP will increase by no more than 5% every other year, starting in calendar 2021, subject to currency movements, of course. This has nothing to do with the adoption of M2S but rather, putting customers at ease regarding their #1 concern, that Autodesk will significantly increase pricing once they move to subscription.

因此，我們在六月宣布，對於轉為訂閱模式後繼續續訂的客戶，我們將把價格承諾延長至2028年。對於這些轉為訂閱模式的客戶，續訂建議零售價（SRP）將從2021年開始，每隔一年上漲不超過5%，當然，具體漲幅會根據匯率波動而有所調整。此舉與M2S的採用無關，而是為了消除客戶最主要的擔憂，即Autodesk會在他們轉為訂閱模式後大幅提高價格。

This action simply puts into writing what we've been verbalizing since we launched the program. The cost-of-living type adjustments would be implemented after the initial three-year price freeze and is consistent with our long-term financial goals. 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. In Q2, the legacy promo added 17,000 product subscriptions and 35% of those were industry collections, which is the highest percentage we've ever achieved for the legacy promotion. Once again, the average age of the licenses that are turned in with the promo is about 7 years behind the current release, indicating there's still a very long tail of legacy customers to convert.

此舉只是將我們自計畫啟動以來一直口頭承諾的內容以書面形式落實。生活成本調整將在最初三年的價格凍結期結束後實施，這符合我們的長期財務目標。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。然而，我們在將老用戶轉化為訂閱用戶方面持續取得進展。第二季度，舊用戶促銷活動新增了 17,000 個產品訂閱，其中 35% 為行業套裝，這是我們舊用戶促銷活動有史以來取得的最高比例。再次強調，透過促銷活動提交的許可證平均使用年限比當前版本晚約 7 年，這表明我們仍有大量老用戶需要轉換。

There continues to be about 2 million of these legacy users that are actively using an old perpetual license without a maintenance plan. We believe that over time, we'll convert a large number of them, utilizing our inside sales team to concentrate on converting this important cohort. A consistent attribute of the transition is that new customers continue to make up a meaningful proportion of the product subscription additions and represented over 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.

目前仍有約 200 萬老用戶在使用舊的永久許可證，但沒有購買維護計畫。我們相信，隨著時間的推移，我們將轉換其中大部分用戶，並利用內部銷售團隊集中精力轉化這部分重要用戶群。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佔比仍然很高，本季新增用戶佔比超過 25%。這些新客戶來自多個方面，包括市場擴張、新興市場成長、轉換未授權使用者以及先前使用其他設計工具的使用者。

Now let's talk a little bit more about annualized revenue per subscription or ARPS. ARPS continued to inflect up in Q2. Various pricing changes we've made in the past 2 quarters have the greatest influence on Q2 ARPS. These have been relatively small adjustments such as the price increase associated with the M2S program, lower channel discount on AutoCAD LT and an increase for multiuser subscriptions. Long-term ARPS drivers will continue to be the growing renewal base, which comes at a higher net price to Autodesk; the increase in digital sales, also at a higher net price to Autodesk; the product mix shift to industry collections; the maintenance price increase for those customers who don't take advantage of the M2S program; and less discounting and promotional activity. We expect ARPS to continue to inflect up for all the reasons I've just discussed as we progress through the transition.

現在我們來詳細談談年度訂閱收入（ARPS）。第二季ARPS持續成長。過去兩季我們所做的各項價格調整對第二季ARPS的影響最大。這些調整幅度相對較小，例如M2S計劃相關的價格上漲、AutoCAD LT通路折扣降低以及多用戶訂閱價格上漲。長期來看，ARPS的主要驅動因素包括：不斷增長的續訂用戶群（這將增加Autodesk的淨成本）；數位銷售的成長（同樣會增加Autodesk的淨成本）；產品組合向行業套裝的轉變；未使用M2S計劃的客戶的維護費用上漲；以及折扣和促銷活動的減少。我們預計，隨著轉型工作的推進，ARPS將繼續成長，原因如上所述。

Our eStore, which is playing a bigger part of our digital sales, grew over 75% in Q2. For the past 4 quarters, our eStore has generated over 20% of the product subscriptions and Q2 also marked the 7th consecutive quarter of greater than 30% growth in our direct to enterprise business. What's interesting is that while the growth of our total direct business accelerated to its highest rate in over 2 years, growth in the indirect business grew even faster, leaving the mix of indirect business to tick up 1 point to 72% of total revenue. We continue to believe that over time, the mix of direct business will outpace the growth of indirect, leading to a more even split between direct and indirect revenue.

我們的線上商城（eStore）在數位銷售中扮演越來越重要的角色，第二季成長超過75%。過去四個季度，線上商城貢獻了超過20%的產品訂閱量，而第二季度也是我們面向企業客戶的直接業務連續第七個季度實現30%以上的成長。值得注意的是，儘管我們整體直接業務的成長速度達到了兩年多來的最高水平，但間接業務的成長速度更快，使得間接業務佔總收入的比例上升1個百分點，達到72%。我們仍然相信，隨著時間的推移，直接業務的成長速度將超過間接業務，最終實現直接和間接收入更均衡的局面。

Moving to spend management. Our total non-GAAP spend came in at $556 million for the quarter, which is slightly higher than expected. However, if we normalize for ASC 340 and foreign exchange rates, the year-over-year growth in total spend would have been less than 2%. The sequential increase in spend was related to the continued hiring ramp that we've been calling out for the past few quarters as we near the completion of the resource rebalancing we announced in Q4 of last year. Our intent for fiscal '19 remains to keep non-GAAP spend roughly 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5.56億美元，略高於預期。然而，如果根據ASC 340準則和匯率進行調整，總支出的年增率將低於2%。支出環比成長與我們過去幾季一直在強調的持續招募計畫有關，因為我們即將完成去年第四季宣布的資源再平衡計畫。我們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）基本持平（以固定匯率計算）。

Looking at the balance sheet. Total deferred revenue grew 20% as reported and 24% under ASC 605.

從資產負債表來看，以報告計算，遞延收入總額增加了20%，而以ASC 605準則計算則增加了24%。

Unbilled deferred revenue decreased by $6 million sequentially to $406 million. It's important to note the impact of ASC 606 here because 606 requires early renewals to be captured in unbilled deferred revenue. Early renewals in Q2 were $20 million lower than in Q1 when some maintenance customers renewed early, ahead of the M2S price increase. So while traditional unbilled deferred revenue related to moving our large EBA customers to annual billings increased by $14 million sequentially, it was more than offset by fewer early renewals.

未開票遞延收入季減600萬美元，至4.06億美元。值得注意的是ASC 606的影響，因為606要求將提前續約計入未開票遞延收入。第二季的提前續約金額比第一季減少了2,000萬美元，這是因為部分維護客戶在M2S價格上漲前提前續約。因此，儘管將大型EBA客戶轉為年度計費相關的傳統未開票遞延收入環比增加了1400萬美元，但這一增長被提前續約金額的減少所抵消。

Looking at cash flow, we returned to positive cash flow as expected in Q2. Operating cash flow was $43 million, which benefited from growth in billings and better-than-expected billings linearity and cash collections.

從現金流來看，我們在第二季恢復了正現金流，正如預期。經營現金流為 4,300 萬美元，這得益於帳單金額的成長以及帳單線性成長和現金回收好於預期。

We used $147 million in the quarter to buy back roughly 1.1 million shares at an average price of $131.52. We continue to be committed to managing dilution and reducing shares outstanding over time.

本季我們動用了 1.47 億美元，以平均每股 131.52 美元的價格回購了約 110 萬股股票。我們將繼續致力於控制股權稀釋，並隨著時間的推移減少流通股數量。

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, but we're monitoring the potential macroeconomic impact from various trade and tariff disputes. There have been some FX volatility but our hedging program has succeeded in smoothing out the bigger swings.

現在我將討論我們的展望。首先，我們對全球經濟情勢的看法與過去幾季基本上保持一致，但我們正在密切關注各種貿易和關稅爭端可能帶來的宏觀經濟影響。外匯市場出現了一些波動，但我們的對沖策略成功地平抑了較大的波動。

Overall, we're really proud of the results we achieved in Q2 and the first half of the year. As we look at our outlook for Q3 and the second half, we expect to see continuing sequential increases in most metrics, including ARR, ARPS, billings, revenue, spend, earnings and subscription additions.

總體而言，我們對第二季和上半年的業績感到非常自豪。展望第三季和下半年，我們預計大多數指標將繼續環比成長，包括年度經常性收入 (ARR)、每筆平均收入 (ARPS)、帳單金額、收入、支出、利潤和新增訂閱用戶數。

We expect our hiring ramp to continue in the second half as we finish the rebalancing of resources to the most strategic projects. And as such, we expect our spend to increase sequentially and will likely be at the high end of our guidance range for the full year. Keep in mind that the adoption of ASC 340 capitalizes commissions, so we won't have as big of a step up in spend in Q4 compared to historical trends.

我們預計下半年招募將持續加大，同時完成資源向最具策略性項目的重新分配。因此，我們預計支出將環比成長，並可能達到全年預期範圍的高端。請注意，採用 ASC 340 會計準則會將佣金資本化，因此與歷史趨勢相比，第四季支出增幅不會太大。

I'll also point out the remodeling cash flow could decrease moderately sequentially in Q3 related to the shift in billings linearity that I mentioned earlier, which resulted in more of our Q2 billings being collected in-quarter. We continue to expect a sizable uptick in cash flow in Q4 and that we'll be cash flow positive for the year. And the acquisition of Assemble will not have a material impact on our overall results this year.

我還想指出，由於我之前提到的帳單線性變化，第三季改造現金流可能會環比小幅下降，因為第二季的大部分帳單已在本季度收回。我們仍然預計第四季度現金流將大幅成長，並且全年將實現正現金流。此外，收購 Assemble 不會對我們今年的整體業績產生重大影響。

We are confident in achieving our fiscal '20 goals. That said, subscription additions for this year likely will be at the low end of our guidance range, primarily related to the success we're having with the adoption of industry collections and the consolidation we're experiencing with the M2S program.

我們有信心實現2020財年的目標。儘管如此，今年的新增訂閱用戶數量可能處於預期範圍的下限，這主要與我們成功推廣行業數據收集以及M2S項目帶來的整合效益有關。

And one side note with regard to subscriptions, we will continue to report out on subs and ARPS for the remainder of this year but are not planning on reporting those metrics on a quarterly basis starting in Q1 of fiscal '20. Of course, we use events like our Annual Investor Day to report out on important metrics that will help you build out your long-term models.

關於訂閱量，還有一點需要說明：我們將在今年剩餘時間內繼續發布訂閱量和平均每筆交易收入（ARPS）數據，但從2020財年第一季開始，我們將不再按季度發布這些指標。當然，我們會利用年度投資者日等活動發布重要指標，以幫助您建立長期模型。

Now I'll turn the call back over to Andrew for a quick closing comment.

現在我把電話轉回給安德魯，讓他做個簡短的總結發言。

Thanks, Scott. I wanted to note that I've recently completed my first year as Autodesk's CEO. It's been an exciting 4 quarters and we've made a tremendous amount of progress. The 3 primary focus areas that I outlined at this time last year have not changed and all are on track, so allow me to remind you what the organization is focused on for driving success.

謝謝，斯科特。我想提一下，我最近剛完成擔任歐特克CEO的第一年。過去的四個季度令人振奮，我們取得了巨大的進步。去年這個時候我提出的三大重點領域依然不變，而且都在按計畫進行。所以，請容許我再次強調一下，公司目前致力於哪些方面來推動成功。

The first is completing the subscription transition. We remain focused not only in the financial results but on enhancing the subscriber experience and delivering more value to our customers, and customers are acknowledging that we're absolutely providing greater value with subscription.

首要任務是完成訂閱模式的轉型。我們不僅專注於財務業績，更致力於提升使用者體驗，為客戶創造更多價值。客戶也認可訂閱模式確實能帶來更大的價值。

Second is digitizing the company. By that, I mean that we are investing in our own digital infrastructure to create opportunities for our customers to transact and engage directly with us, increase their level of self-service for a wide range of customer needs and increase our ability to instantly and reliably understand how successful our customers are being with our products. We've made progress in this area and we've expanded the self-service capabilities in Autodesk Account, allowing customers to easily manage users, add seats, align billings and take advantage of the flexibility inherent in our subscription model. We've also rolled out a broad set of capabilities that help our inside sales and support teams understand the status of the customers they interact with every day.

其次是公司數位轉型。這意味著我們正在投資建立自身的數位基礎設施，為客戶創造更多直接與我們交易和互動的機會，提升客戶自助服務能力，滿足其多樣化的需求，並增強我們即時可靠地了解客戶產品使用情況的能力。我們在這一領域已取得進展，並擴展了 Autodesk Account 的自助服務功能，使客戶能夠輕鬆管理用戶、新增席位、調整帳單，並充分利用我們訂閱模式的靈活性。此外，我們還推出了一系列功能，幫助我們的內部銷售和支援團隊了解他們每天接觸的客戶的狀態。

The third is reimagining construction, manufacturing and production. You should have no doubt that we are absolutely committed to winning the construction space and winning in the new world of digital manufacturing. We've done well to establish an early leadership position in construction and we're not going to slow down. Operator, we'd now like to open the call up for questions.

第三點是重塑建築、製造和生產模式。毋庸置疑，我們致力於在建築領域以及數位化製造的新世界中取得成功。我們已成功在建築領域確立了早期領先地位，並且不會放慢腳步。操作員，現在我們開始接受提問。

(Operator Instructions) And our first question comes in the line of Jay Vleeschhouwer with Griffin Securities.

（操作員說明）我們的第一個問題來自 Griffin Securities 的 Jay Vleeschhouwer。

Andrew, let me start with you and ask a question regarding the alignment of your sales and distribution model to your product and market strategy in 2 respects. With respect to the growing intersection of manufacturing that you see through your strategy, can you talk about how you're aligning, particularly the indirect channel to do that? You've typically separated the AEC from the Manufacturing specialties in indirect. Would it make sense for you to increasingly combine or converge the channel specialties in that way to be more directly aligned with your product and market strategy, you know the focus areas that you just spoke of? And then secondly, with regard to the self-serve model, when would you expect that the eStore could be at least half of the direct business? And then lastly for Scott, your AEC and Manufacturing segment revenues were largely in line with our models. So the upside was as it turned out in AutoCAD, for the repackaged AutoCAD, would you expect for the remainder of the year that the relatively better growth or upside might occur in the repackaged AutoCAD as compared with the AEC and Manufacturing segments?

Andrew，首先我想問你兩個問題，關於你們的銷售和分銷模式與產品和市場策略的契合度。首先，你們的策略中提到製造業與市場日益融合，能否談談你們是如何調整，特別是如何透過間接管道來實現這個目標？你們通常會將AEC（建築、工程和施工）和製造業這兩個細分市場分開。你們是否會考慮逐步合併或整合這些管道，使其與你們的產品和市場策略（也就是你們剛才提到的重點領域）更加契合？其次，關於自助服務模式，你們預期電商平台何時才能至少占到直接業務的一半？最後，Scott，你們的AEC和​​製造業部門的收入與我們的模型基本一致。但就AutoCAD而言，重新包裝的AutoCAD表現出色，你們預計在今年剩餘的時間裡，重新包裝的AutoCAD的成長或提升空間是否會比AEC和製造業部門更大？

Okay. So Jay, let me start answering your question by just kind of summarizing how we structure the sales force, because I think it actually talks directly to what you're talking about. So at the beginning of this year, we realigned the sales force along a series of new models. First, what we did is we, of course, maintained and invested a little bit more in our major account team. And as you know, the major account team is basically account-based. So account-based is kind of an industry type model but it focuses on what's most important to the account, which by the way, is the most valuable way to go to market with anything, because accounts blend many different things. You know that some of our biggest accounts are both AEC customers and manufacturing customers, that they have buildings and maybe they design products. The other thing we did is we built out what we call a midmarket team, which is 1 level below our major account team. This is still a team that fulfills indirectly but it's structured like a named account team in that the reps have a series of accounts assigned to them that they then work with designated channel partners to satisfy. Again, this is the best way to try to scale a business when you see some of our businesses coming together because the accounts are already identified either as manufacturing or construction or architecture accounts or engineering accounts or as holistic AEC accounts. So that model actually allows us to expand the account paradigm deeper into our channel network and actually sort of align the channel on an account based methodology and thinking. The next tier down below from that is what we call territory sales. And the territory sales is essentially split into two pieces (technical difficulty) kind of the more generic horizontal part of our business where it's more picked up by ambient demand, there's not specific accounts called out but we do market along specific segments. And what we've done in that area is we've got the bit that's completely driven by channels, the channels are in the lead there and then we've got the digital piece, the piece that encompasses our inside sales teams and our eStore, which can be highly somewhat verticalized just like what we've done with named account sales where a particular inside sales rep might call on, just having e-accounts or just manufacturing accounts or AEC accounts. We believe that structure combined with some intermediate steps around accelerating opportunities, say, in construction and manufacturing is the right structure going forward, and aligns with some of the concepts you're saying where a lot of things that our customers do are getting closer and closer together. So that answers your first question. The second question, I'll answer this way: our long-term target for our business is half direct, half indirect. We anticipate that, that direct piece is going to be half eStore, half major account direct. Our eStore grew over 70% this quarter year-over-year. That would be over -- we're posting impressive growth numbers down there. More and more of the LT business is being captured in that channel. And I can't give you a specific number of when that mix becomes 50-50. You can see what the investment is doing, it's driving a lot more growth in that channel and we expect that growth to continue to be robust, especially as it starts to get more and more robust in say, Europe and then APAC first to pick up. There's still lots of room to grow down in that channel. And Scott, I'll turn the last question over to you.

好的。傑伊，我先簡單概括一下我們的銷售團隊架構來回答你的問題，因為我覺得這和你提到的問題直接相關。今年年初，我們根據一系列新模式對銷售團隊進行了調整。首先，我們保留了大客戶團隊，並增加了一些投入。你也知道，大客戶團隊基本上是以客戶為中心的。這種以客戶為中心的模式是一種行業模式，它關注的是對客戶而言最重要的東西，順便說一句，這就是任何市場拓展中最有價值的方式，因為客戶往往涉及很多方面。你知道，我們的一些大客戶既是建築、工程和施工（AEC）客戶，又是製造業客戶，他們既有建築，也可能設計產品。我們也組成了一個叫做中階市場團隊的團隊，它比大客戶團隊低一個等級。這仍然是一個間接完成銷售目標的團隊，但它的組織結構類似於指定客戶團隊，銷售代表會被分配一系列客戶，然後與指定的通路合作夥伴合作以滿足這些客戶的需求。再次強調，當我們的一些業務整合在一起時，這是擴展業務規模的最佳方式，因為這些客戶已經被明確劃分為製造、建築、設計、工程或綜合AEC（建築、工程、施工）客戶。因此，這種模式實際上使我們能夠將客戶模式更深入地擴展到我們的通路網路中，並使管道真正按照基於客戶的方法和思維方式進行調整。再下一層是我們所說的區域銷售。區域銷售基本上分為兩部分（技術上比較複雜）：一部分是我們業務中更通用的橫向部分，它更多地受到市場需求的影響，沒有特定的客戶，但我們會針對特定的細分市場進行行銷。我們在該領域所做的工作是，我們既有完全由通路驅動的部分（通路在該領域處於主導地位），也有數位化部分，這部分涵蓋了我們的內部銷售團隊和線上商城。線上商城可以進行高度垂直化，就像我們之前對指定客戶銷售所做的那樣，特定的內部銷售代表可能只負責電子客戶、製造客戶或建築、工程和施工（AEC）客戶。我們相信，這種結構結合一些加速機會拓展的中間步驟（例如在建築和製造領域），是未來發展的正確方向，也與您提到的客戶業務日益緊密相關的理念相符。所以，這回答了您的第一個問題。第二個問題，我這樣回答：我們業務的長期目標是實現一半直接銷售，一半間接銷售。我們預計，直接銷售部分將由一半線上商城和一半大客戶直接銷售組成。本季我們的線上商城年增超過70%。這種情況已經結束了——我們在那裡取得了令人矚目的成長。越來越多的LT業務正在透過這個管道拓展。我無法給出具體的數字，何時才能達到50:50的平衡。你可以看到投資的效果，它正在推動該管道的大幅成長，我們預計這種成長勢頭將持續強勁，尤其是在歐洲等市場開始蓬勃發展，然後亞太地區率先跟進的情況下。該渠道仍有很大的成長空間。史考特，最後一個問題交給你了。

Sure. Your question on AutoCAD upside. We repackaged all the AutoCAD verticals and AutoCAD together into 1 AutoCAD and launched that earlier this year, and the whole goal of that was to make it easier to sell, easier to buy, easier to consume AutoCAD. And so some of the benefit we're seeing is from that for sure, and I think we'll see some of that benefit continue through the year. I think the second is as I think most of you know, we made changes in our channel marketing structure for AutoCAD LT, which also rolls into the AutoCAD family where we reduced the channel margins on AutoCAD LT with the goal of having the channels put more of their focus on selling collections which we see as actually having quite a nice outcome. Although when you layer in both the acceleration from 1 AutoCAD and the change in the channel margin on LT, those are the 2 things that are fueling the growth in the AutoCAD family.

當然。關於您提到的 AutoCAD 的優勢，我們今年稍早將所有 AutoCAD 垂直產業版本和 AutoCAD 版本重新整合為一個 AutoCAD，並正式發布。此舉旨在讓 AutoCAD 的銷售、購買和使用更加便利。因此，我們目前看到的一些收益確實源於此，而且我認為這些收益將在今年持續成長。其次，如大家所知，我們調整了 AutoCAD LT 的通路行銷結構，這也會影響整個 AutoCAD 系列。我們降低了 AutoCAD LT 的通路利潤，目的是讓通路夥伴將更多精力放在銷售產品套裝上，我們認為這項措施取得了相當不錯的成效。總而言之，AutoCAD 系列的成長主要得益於「一個 AutoCAD」所帶來的加速成長以及 LT 通路利潤的調整。

And our next question comes from the line of Phil Winslow with Wells Fargo.

下一個問題來自富國銀行的菲爾溫斯洛。

Just have one question for Scott and then a follow-up for Andrew. Scott, obviously, another strong quarter in ARPS here and you laid out a lot of the drivers that we should see over the next multiple years to continue to move that higher. But I was hoping you could give us some color as you're thinking sort of the next few quarters here, how we think about sort of the incremental drivers and ARPS versus what we've seen in the first half of this year. Then to your comment about sort of collections being strong, obviously, a positive to ARPS. Could you also maybe just provide some color on just the impact to the subscription unit number? And then like I said, just one quick follow-up for Andrew.

我先問Scott一個問題，然後再問Andrew一個後續問題。 Scott，顯然，本季ARPS表現強勁，你也列舉了未來幾年推動ARPS持續成長的諸多因素。但我希望你能具體談談你對未來幾季的看法，以及你如何看待這些新增驅動因素和ARPS的成長，並與今年上半年的數據進行比較。另外，你提到收款情況良好，這顯然對ARPS有利。能否也談談這對訂閱用戶數量的影響？最後，就像我剛才說的，還有一個問題想問Andrew。

Sure, Phil. On the drivers of ARPS, I mean long-term drivers of ARPS are going to be the same ones that we've talked about at Investor Day and that I highlighted in the opening commentary. The growing renewal base, which is higher net to us, the digital sales continues to grow, that's a higher net to us. M2S -- and M2S both is a long-term driver of growth and also had a significant impact on Q2. As you know, at the beginning of Q2, the -- we got into year 2 of maintenance to subscription which meant the maintenance price indexed up another 10% and the conversion price indexed up 5%. So that's a long-term driver, that's also a specific Q2 driver for us on ARPS and then greater -- or less discounting and promotional activities, so greater net yield to us across-the-board. The LT channel discount change that we made earlier in the year, we're seeing that now flow through. Obviously, it goes first into deferred revenue, from deferred revenue into the P&L and then [X] ARPS. That was a benefit to ARPS in Q2. Industry collections continues to -- we continue to have great success. And 40% of the net product subscriptions added in the quarter were industry collections, which is a high-water mark for us. That's driving ARPS, it is having an offset. To the second part of your question, Phil, it does have an offset to subs obviously, but I think that's a -- in most cases, the customers end up spending more money with us when they make that change from standalone products to industry collections. So we drive more ARR and of course, higher ARPS and trade off faster subscriptions growth, I think that's a good trade-off. And then finally, we made a slight price adjustment on our multiuser products. We also saw the benefit of that for the first time really flowing through deferred revenue and into reported results during Q2. So it's a -- it was a lot of things that all moved the right direction on ARPS in Q2. To probably get ahead of your next -- your follow-up on this, when you look at our guidance for the full year, you can see we do expect to see continued ARPS growth in both Q3 and Q4 throughout the year.

當然，菲爾。關於ARPS的驅動因素，我的意思是，ARPS的長期驅動因素與我們在投資者日討論過以及我在開場白中重點提到的相同。不斷增長的續訂用戶基數（這對我們來說淨收益更高）以及持續增長的數位銷售（這對我們來說也是更高的淨收益）都是如此。 M2S－M2S既是長期成長的驅動因素，也對第二季產生了顯著影響。如您所知，在第二季初，我們進入了維護轉訂閱的第二年，這意味著維護價格上漲了10%，轉換價格上漲了5%。因此，這是一個長期驅動因素，也是我們第二季ARPS的具體驅動因素。此外，折扣和促銷活動的增加或減少，也為我們帶來了整體更高的淨收益。我們年初對長期通路折扣做出的調整，現在已經開始顯現成效。顯然，這首先計入遞延收入，然後從遞延收入計入損益表，最後計入每用戶平均收入 (ARPS)。這在第二季度對 ARPS 起到了積極作用。產業收款業務持續成長－我們持續取得了巨大成功。本季新增淨產品訂閱量中有 40% 來自產業收款業務，創下了我們的歷史新高。這推動了 ARPS 的成長，並起到了一定的抵消作用。關於你問題的第二部分，Phil，這顯然會對訂閱量產生一定的抵消作用，但我認為——在大多數情況下，客戶從獨立產品轉向行業收款業務後，最終會在我們這裡花費更多。因此，我們提高了年度經常性收入 (ARR)，當然也提高了 ARPS，而訂閱量增長速度加快，我認為這是合理的權衡。最後，我們對多用戶產品的價格進行了小幅調整。我們也首次看到，這項調整帶來的收益真正體現在第二季的遞延收入中，並最終體現在已公佈的業績中。所以，第二季ARPS的提升是多面向因素共同作用的結果。為了避免您接下來的疑問，如果您查看我們全年的業績指引，您會發現我們預期第三季和第四季ARPS將繼續成長。

Got it. And then Andrew, obviously, you highlighted the acquisition of Assemble and if I think about just your construction management portfolio as a broad number, so you started on the design side but then you added -- you had BIM and then Assemble being able to connect that BIM data into planning systems that you've got. You have planning, construction and management TAM when you think about the sort of life cycle of CMS, so how do you think about how sort of deep Autodesk wants to go onto the CMS side? Because it seems to me you're inching further along kind of that life cycle but still being grounded in the design side, kind of like CAD and PLM.

明白了。安德魯，你剛剛重點提到了對Assemble的收購。如果我把你們的施工管理產品組合看成一個大類，你們最初是從設計方面起步的，後來又增加了BIM，Assemble能夠將BIM數據連接到你們現有的規劃系統中。你們的TAM涵蓋了規劃、施工和管理，從CMS的生命週期角度來看，你們的產品組合是這樣的：那麼，你認為Autodesk打算在CMS領域投入多大的精力？因為在我看來，你們似乎正在逐步推進CMS的生命週期，但仍然紮根於設計方面，例如CAD和PLM。

So long-term, our goal is to capture every aspect of that cycle, from -- all the way from design through preconstruction to site execution and to operation. We're very interested in that whole process and the reason I said this multiple times is because it's moving in the direction that the manufacturing cycle moved in the past. The model is going to become the currency that moves from 1 aspect of the design process to the next aspect to the make process to ultimately, what you do to retire or manage the asset and make the next asset. So we think the model is going to be a critical piece of this process moving forward and we intend to manage the flow of that information across the entire process. You're correct in what you said around Assemble Systems. That was a classic move for us to double down on the area of preconstruction where we're trying to help people take BIM data and turn it into actionable information in the preconstruction planning cycle. That's exactly what Assemble does and it helps us basically drive open the opportunity in an area that we feel we're highly competitively advantaged in the space.

所以從長遠來看，我們的目標是涵蓋整個週期的方方面面，從設計、施工前準備到現場施工和營運。我們對整個流程非常感興趣，我多次強調這一點，是因為它的發展方向與過去製造業的發展方向相似。模型將成為貫穿設計流程各個環節的通用訊息，從設計流程的一個方面傳遞到下一個環節，再到製造流程，最終到資產的報廢或管理以及下一個資產的製造。因此，我們認為模型將是未來流程中至關重要的組成部分，我們計劃管理整個流程中資訊的流動。您剛才提到的Assemble Systems非常正確。這是我們加倍投入施工前準備領域的典型舉措，我們致力於協助客戶將BIM資料轉化為施工前規劃週期中可操作的資訊。 Assemble正是如此，它幫助我們在我們認為自身俱有高度競爭優勢的領域中開拓市場機會。

Got it. So CLM, not just PLM?

明白了。所以是CLM，而不僅僅是PLM？

(inaudible).

（聽不清楚）

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

下一個問題來自巴克萊資本的 Saket Kalia。

First, maybe for you, Scott. Nice job on the billings this quarter. I think clearly, the acceleration in ARR is the main driver, but you touched on some other items as well. So just wondering if you could talk about some other factors there like duration and linearity and how you think about -- how you thought about some of the drivers of billing strength in the quarter.

首先，史考特，我想問你。這季度的帳單業績很棒。我認為，年度經常性收入 (ARR) 的成長顯然是主要驅動因素，但你也提到了一些其他因素。所以我想問你能否談談其他一些因素，例如持續時間和線性成長，以及你如何看待本季帳單業績強勁成長的驅動因素。

Thanks, Saket. The duration really didn't have an effect during the quarter on billings. If you look at our weighted average term length of our deferred revenue, in fact, you see on the balance sheet, you see our long-term deferred actually declined again sequentially. So we're not seeing a change in duration that's driving billings. It does get back to a lot of the things that I just talked about in response to Phil's question about the drivers of ARPS. ARPS, the layering on of greater growth of industry collections, some of the changes that we made on channel margins. The growth through the channel, frankly. We had a really strong quarter in direct as you heard in the opening commentary and we actually ticked down 1 percentage point in the percent of direct because the channel grew really strongly during the quarter. So it was a combination of those things, much more so than any kind of one-time benefit that hit billings during the quarter.

謝謝Saket。本季度帳款期限對帳單金額並沒有產生實際影響。如果您查看我們遞延收入的加權平均期限，實際上，您可以在資產負債表上看到，我們的長期遞延收入實際上環比再次下降。因此，我們並未看到帳款期限的變動影響帳單金額。這確實與我剛才回答Phil關於ARPS驅動因素的問題時提到的許多因素有關。 ARPS、產業收款成長的疊加效應，以及我們對通路利潤率所做的一些調整。坦白說，通路的成長也起到了作用。正如您在開場白中聽到的，我們的直接銷售在本季度表現非常強勁，而由於通路在本季度的強勁增長，我們的直接銷售佔比實際上下降了1個百分點。因此，帳單金額的下降是多種因素共同作用的結果，而不是任何一次性收益的影響。

That's very helpful. Andrew, maybe for my follow-up for you. I know we've talked about renewal rates a little bit but I'd like to zoom in a little bit on subscription renewal rates in particular. Now that we've gone through a couple price increases, how -- I guess the question is, how have those trended -- I think we've touched on it a little bit, but can you recap for us how those have trended and more importantly, how have you thought about those renewal rates for subscription in the long-term model?

這很有幫助。安德魯，我可能還有個後續問題想問你。我知道我們之前稍微討論過續訂率，但我特別想深入探討訂閱續訂率。現在我們已經經歷了幾次漲價，我想問的是，這些價格走勢如何？我們之前也略有提及，但你能幫我們總結一下這些價格的走勢嗎？更重要的是，你如何看待長期訂閱續訂模式的續訂率？

All right, Saket, let me answer that question from a couple of angles. First, one of the things that we watch very, very closely here as we watch the transition, is the maintenance renewal rate in particular, all right? We know that the prices were going to be going up, we modeled in certain changes in maintenance prices -- maintenance renewal rates over time. So we've got a long-term model on what we expect to happen to maintenance renewal rates as the prices ratchet up on maintenance and as the M2S program progresses. What I can tell you right now is those renewal rates are smack dab in line with what we've been modeling and what our goals were with regards to that. Now do the model numbers create the outcome or are we just brilliant modelers in predicting customer behavior? We can debate that, but what we're seeing is behavior that's right in line with what we were modeling. The same goes from what we're seeing in the product subscription area, the pure product subscription area. We're seeing nice increases in renewal rates, what we expected, what we have built into our models. So I think the important headline here is we're seeing things that are consistent with our expectations. And one of the things that was also very gratifying and Scott mentioned it earlier in the opening commentary is the M2S program was designed to be very sticky. It's designed to incent our maintenance customers to come over and feel great coming over. And what we're seeing is really high -- our highest renewal rates for customers that took on the M2S program, which by the way, is an important fact pattern in terms of taking care of our best customers but also making sure we retain that base into the future.

好的，Saket，讓我從幾個角度來回答這個問題。首先，在我們觀察過渡期的過程中，我們非常密切關注的一個面向是維持續訂率，好嗎？我們知道價格會上漲，我們也對維護價格的某些變化——也就是維護續訂率隨時間的變化——進行了建模。因此，我們建立了一個長期模型，預測隨著維護價格的上漲和M2S專案的推進，維護續訂率會如何變化。我現在可以告訴你的是，這些續訂率與我們建模的結果以及我們在這方面的目標完全一致。那麼，模型預測的結果是否真的反映了實際情況，還是我們只是建模高手，能夠準確預測客戶行為？我們可以討論這個問題，但我們目前看到的行為與我們的模型預測完全吻合。產品訂閱領域的情況也是如此，純粹的產品訂閱領域。我們看到續訂率出現了可觀的成長，這與我們的預期以及我們在模型中設定的結果一致。所以我認為最重要的一點是，我們看到的情況與預期相符。史考特在開場白中也提到過，M2S專案旨在提高客戶黏著度，這讓我們非常欣慰。該專案旨在激勵我們的維護客戶前來，並讓他們在選擇服務時感到滿意。我們看到，參與M2S專案的客戶的續約率非常高——這是我們迄今為止最高的續約率。順便說一句，這對於我們維繫現有優質客戶以及確保未來繼續保持這一客戶群而言，都是一個重要的事實。

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。

BIM has been around for -- I mean, I've been hearing people talk about it for at least a decade, but it's doing well. And so, the question I have is so when I talk to some of your customers, some bought it because it was like -- a very few bought it -- there you go -- some bought it because of the digital transformation. Others were more kind of I guess, cold-blooded and saw hard dollar ROI. So when I kind of think about how markets evolve, is this a market -- and you guys have obviously much more visibility in this than I will. So is this a market that kind of starts with like, a hard dollar ROI sale and then as you kind of get momentum and people say this is like really important, you'll start to get the kind of bigger deals because you'll hear this digital transformation discussion? And this is exactly what we saw with Salesforce, it's what we we're seeing with ServiceNow and other industries in the sector. So I guess, I wonder if that's how this market's going to play out.

BIM技術已經存在很久了——我的意思是，我至少十年前就開始聽到人們談論它了，而且它發展勢頭良好。所以，我的問題是，當我與你們的一些客戶交流時，有些人購買BIM是因為它——只有極少數人購買——你看——有些人購買BIM是因為它能帶來數位轉型。還有一些人則比較理性，他們更看重的是實實在在的投資報酬率。所以，當我思考市場的發展規律時，我想問的是，這個市場——你們顯然比我更了解情況——是否一開始是以實實在在的投資回報率為導向的銷售，然後隨著市場勢頭的增強，人們開始意識到BIM的重要性，最終促成更大的交易，因為人們會開始談論數位轉型？這正是我們在Salesforce、ServiceNow以及業界其他領域所看到的。所以，我想知道這個市場最終的發展軌跡是否也會如此。

Here's how these markets generally play out. There's always a first mover and when you're talking about BIM, I want to distinguish whether or not you're talking about BIM as in the whole -- the discipline of building information modeling or BIM 360 in terms of the construction (technical difficulty) we have. What you're seeing is actually true for -- yes, so what you're saying is (technical difficulty) but let's just talk specifically about BIM 360. What you're seeing right now in the space is that there is a pressing problem to digitize the site. So the mainstream problem, that's the problem that just about every construction company sees, is this idea of I need to digitize my site, I need get model information to the construction site, I need to get up-to-date drawing information to the construction site. There's a lot of growth in that segment of the market right now because the technology is ready, the customer is ready, they want it and they need it. That's getting that kind of classic adoption curve that we typically see in any kind of technology adopters. More and more people are buying and now they're starting to ask the questions about, okay so what's the next step? So if I go and I look at some of our more forward-looking customers, especially some of our largest construction and general contractors, they're already looking at okay, I'm able to digitize my site but I want to digitize my entire construction process just like those guys do over in Boeing or Airbus, and make the same processes that they have for how I build a building, a road or a bridge. They're experimenting early with this pushing the building information model further and further down into the process, and what you're going to see is this battle for competitive advantage. It's now becoming who can be more digital first so that they can increase their fidelity on project bids, cut a few hundred million off their bid for a project because they have much more precise information about what the margin is. So it's going to become a digital arms race and that's exactly what starts to happen in classic technology adoption. There's all sorts of words for it, the tornado and you've heard of many different kinds of words. It's been called different things over the ages, but we're starting to see the early signs of basically, a digitization arms race between various people in the construction space, and it's going to play out [down there].

這些市場通常就是這樣發展的。總是會有先行者，說到BIM，我想區分一下你指的是整個BIM領域──建築資訊建模這門學科，還是指我們目前在施工（技術難題）方面遇到的BIM 360。你現在看到的現象確實存在──是的，你所說的（技術難題）確實存在，但我們不妨具體談談BIM 360。目前，這個領域面臨的一個迫切問題是工地數位化。所以，主流問題，也就是幾乎所有建築公司都面臨的問題，就是：我需要數位化我的工地，我需要將模型資訊傳輸到施工現場，我需要將最新的圖紙資訊傳輸到施工現場。目前，這個細分市場成長迅猛，因為技術已經成熟，客戶也準備好了，他們想要而且需要它。這正呈現出我們通常在任何技術採用者身上看到的那種經典採用曲線。越來越多的人購買了這項技術，現在他們開始問：下一步是什麼？如果我去看看我們一些更具前瞻性的客戶，特別是我們一些最大的建築和總承包商，他們已經在考慮：我能夠實現工地數位化，但我想像波音或空中巴士那樣，實現整個施工流程的數位化，並採用他們建造建築物、道路或橋樑的相同流程。他們正在早期進行試驗，將建築資訊模型（BIM）進一步下推到流程的各個環節。你會看到一場爭奪競爭優勢的競賽。現在的競爭焦點是誰能率先數位化，從而提高專案投標的準確性，並因掌握更精確的利潤資訊而節省數億美元的投標成本。所以這將演變成一場數位化軍備競賽，而這正是傳統科技應用過程中開始出現的情況。人們用各種各樣的詞來形容它，例如“龍捲風”，你可能聽說過很多不同的說法。歷史上它被賦予了不同的名稱，但我們現在開始看到建築領域各方之間數位化軍備競賽的早期跡象，而這場競賽將會在那裡上演。

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。

So I just wanted to talk a little bit, you guys are obviously well on your way to $6, which was the first target you guys laid out years ago. But as people start to shift the focus to $11 and I know you've touched on this a little bit here, but can you share with us how you're thinking about the contribution from cloud subs? How important are they to getting to that number and how do we think about broader adoption in the construction market, given they've typically been really slow to embrace technology? So I guess I'm wondering, what do you think the industry needs to see to be more open to leveraging technology?

所以我想簡單聊幾句。你們顯然已經朝著6美元的目標穩步邁進，這可是你們幾年前就定下的第一個目標。但隨著人們開始關注11美元，我知道你們之前也稍微提到過這一點，能否和我們分享一下你們是如何看待雲端訂閱的貢獻的？它們對於實現這個目標有多重要？考慮到建築業通常對科技的接受速度比較慢，我們該如何看待雲端訂閱在建築業更廣泛的應用？所以我想知道的是，你們認為建築業需要看到哪些變化才能更開放地接受並利用科技？

Let me approach this from a couple of directions. So first off, we're definitely committed to our long-term cash flow targets that we put out there in various forms, especially at Investor Day. I want to remind you of something we said at Investor Day because I think it's very important for how we look at the company moving forward. And we look less at the ratios that we've been classically talking about and much more at the sum of revenue growth and free cash flow margin, and trying to optimize that number to provide the right long-term outcome for the company and the right kind of value creation. So just remember as we look forward out beyond FY '20, we're really looking at the sum of those 2 numbers, revenue growth and free cash flow margin growth, as kind of the ways to look at where we're going moving forward. So we remain completely committed to the free cash flow targets we put out there. Now when you look at the construction market, so I want to challenge something you said. There already is a large increase in technology spending going on in the construction space. And it's not just because of all the VC money that's been invested in the space, there's actually hundreds of millions of dollars in revenue being generated right now on the site execution (inaudible). So what's changed fundamentally is it's getting harder and harder for these construction companies, especially on large projects, to win without having some kind of digitization in their process. They're simply not able to get the margins and hit the scheduling requirements they have without having tighter control over the data flow. So they've been historically reluctant because the industry as a whole has been historically sloppy. And because the industry as a whole is sloppy, there was no competitive pressure to actually drive technology adoption. But what you're starting to see is pipes of excellence inside the construction industry where people are adopting -- some of our best customers are becoming very digital and they're highly visionary in terms of how they see the construction industry evolving. That vision and that move towards being highly digital is changing the way people have to compete in this space. So it's been slow in the past because sloppy has been tolerated and everybody was sloppy and they were all equally sloppy. People are getting a lot tighter and that's what's going to change things, Heather, as we move forward. It's basically back to this fundamental thing about, as a statement of the market gets more digital, the rest of the statements ride the track into digital by necessity.

讓我從幾個方面來談談這個問題。首先，我們絕對致力於實現我們以各種形式公佈的長期現金流目標，尤其是在投資者日上。我想提醒大家我們在投資人日上說的一點，因為我認為這對我們如何看待公司未來的發展至關重要。我們不再像以前那樣關注那些傳統的比率，而是更關注收入成長和自由現金流利潤率的總和，並努力優化這個數字，從而為公司帶來正確的長期發展成果和價值創造。所以請記住，展望2020財年之後，我們真正關注的是營收成長和自由現金流利潤率成長這兩個數字的總和，以此來判斷公司未來的發展方向。因此，我們仍然完全致力於實現我們所公佈的自由現金流目標。現在，說到建築市場，我想對您剛才提到的一點提出一些質疑。建築領域的技術支出已經大幅成長。這不僅是因為大量創投湧入這個領域，實際上，目前現場施工（聽不清楚）已經創造了數億美元的收入。因此，根本性的變化在於，對於這些建築公司，尤其是在大型專案中，如果沒有某種形式的數位化流程，就越來越難以贏得專案。如果不能更有效地控制資料流，他們根本無法獲得所需的利潤，也無法滿足進度要求。因此，他們過去一直不願採用數位化，因為整個產業歷來比較鬆散。正因為整個產業鬆散，所以缺乏推動技術應用的競爭壓力。但現在，我們開始看到建築業內部湧現出一些卓越的典範，人們正在積極採用數位化技術——我們的一些最佳客戶正在變得高度數位化，他們對建築業的未來發展有著極具遠見的洞察。這種遠見卓識以及向高度數位轉型的趨勢正在改變人們在這個領域的競爭方式。所以過去進展緩慢是因為人們對馬虎的行為容忍度很高，大家都很馬虎，而且都一樣馬虎。現在人們越來越注重細節，希瑟，隨著我們不斷前進，這將會改變現狀。歸根究底，隨著市場報告的數位化程度提高，其他報告也必然會隨之數位化。

And our next question comes from the line of Sterling Auty with J.P. Morgan.

我們的下一個問題來自斯特林·奧蒂與摩根大通的合作。

So A lot of discussion around BIM, not only on this call but a lot of investor questions leading up to the call, I just want to ask it simply, has the financial results out of your BIM initiatives lived up to your expectations?

所以，關於 BIM 的討論很多，不僅在這次電話會議上，而且在電話會議之前，很多投資者也提出了相關問題。我只想簡單地問一下，你們的 BIM 專案在財務上是否達到了你們的預期？

Well, Sterling, we just had 21% growth in cloud ARR this quarter, which is mostly made up of BIM 360. We added 31,000 subs in the BIM 360 space. So we're absolutely seeing results that we want to see in this space. And you also saw us move to make an acquisition around Assemble to try to double down on frankly what we believe is a highly differentiated part of the process for us, around preconstruction. It's an area where our customers are actually saying well, we're glad you're doing this site digitization stuff but can you do more on preconstruction for us? So we're actually seeing a lot of the things we expected to see, and we're getting increased demand from some of our best customers around areas they want to see us spend more effort on. So I do feel pretty good about where we're going and I feel very good about our prospects. One of the things I want to iterate here too is, because I said it many times is it's our goal to be #1 in this construction space. We're not looking for #2, we're not -- we would never be satisfied with #3. We're going to be looking to be #1 and we're heavily focused on doing everything it takes to become #1 in the space. And I think you just want to make sure that you hear kind of our commitment to that and frankly, our passion for that.

史特林，我們本季的雲端年度經常性收入 (ARR) 成長了 21%，其中大部分來自 BIM 360。我們在 BIM 360 領域新增了 31,000 個訂閱用戶。所以，我們在這個領域確實看到了預期的成果。你也看到了，我們收購了 Assemble，旨在加倍投入我們認為極具差異化的流程環節——施工前準備。我們的客戶也表示，他們很高興看到你們在現場數位化方面所做的工作，但能否在施工前準備方面也投入更多精力？所以，我們看到了很多預期的成果，一些最重要的客戶也提出了更高的需求，希望我們在他們感興趣的領域中投入更多精力。因此，我對我們未來的發展方向和前景感到非常樂觀。我在這裡還要再次強調一點，因為我已經說過很多次了，我們的目標是成為建築領域的領導者。我們不追求第二，我們絕對不會滿足於第三。我們的目標是成為第一，我們正全力以赴，竭盡所能實現這一目標。我想你們只是想確保你們聽到我們對此的承諾，坦白說，還有我們對這個目標的熱情。

And one follow-up again on the space. If you look at the big customers like the E&C 300, et cetera, how are they adopting? Are they going with a single vendor and trying to build? Or are they kind of using a couple of different vendors and a couple of different projects to kind of test the waters and then making their decisions and developing from there?

再補充一點關於這個領域的問題。看看像E&C 300這樣的大客戶，他們是如何採用新技術的？他們是選擇單一供應商並嘗試自行建造系統嗎？還是他們會同時與幾家不同的供應商合作，進行幾個不同的專案來試水，然後再根據情況做出決定並逐步發展？

Yes. So I mean, not to be facetious but what you see is they -- the biggest customers, the biggest in the E&R 100 and the top of the GC chain, what they do is they have a combination of vendors they bring in and also, they bring custom-developed solutions on top of what they're doing to fill the gaps between what they see that no vendor is providing. Now, the great news about the fact that they're engaged in some of these custom solution executions is that they're becoming big adopters of Forge. Because Forge lets them stitch together some of our data into some of their flows in ways that we haven't done the work in some of our off-the-shelf products to do that. So everything you just described is exactly what's happening. I will tell you that there's more and more pressure on us to consolidate more and more of the process around the building information model, and we're trying to respond to all of those requests. But the way you described it, as multiple vendors involved and custom software coming together at the [pace you see], that's exactly what happens.

是的。我的意思是，我並非開玩笑，但你看，他們——那些最大的客戶，E&R 100強企業中的佼佼者，以及總承包商行業的領軍企業——他們的做法是，既引入多家供應商，又在其現有方案的基礎上開發定制解決方案，以彌補現有供應商無法提供的服務缺口。好消息是，他們參與這些客製化解決方案的實施，也讓他們成為了Forge的忠實用戶。因為Forge能夠讓他們將我們的一些數據整合到他們的流程中，而我們之前的某些現成產品並沒有做到這一點。所以，你剛才描述的正是我們所經歷的。我要告訴你的是，我們面臨越來越大的壓力，需要整合更多與建築資訊模型相關的流程，而我們正在努力滿足所有這些需求。但正如你所描述的，多個供應商參與，客製化軟體以你看到的速度整合在一起，這正是實際發生的情況。

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。

This is Hamza Fodderwala in for Keith Weiss. So it seems like the overall ARR growth was strong but the cloud ARR did come in a bit below that of the core business. Is that largely just a result of tougher year-on-year compares? And do you see any indication of a re-acceleration in the second half from the revamped BIM 360 product?

這裡是 Hamza Fodderwala，代替 Keith Weiss 發言。看來整體 ARR 成長強勁，但雲端業務的 ARR 略低於核心業務。這主要是由於同比基數較高所造成的嗎？您認為下半年升級後的 BIM 360 產品會帶來成長加速的跡象嗎？

Yes. Hamza, the cloud business actually accelerated sequentially, right? So we talked about the ARR being at 21% and the number of subs going from 18,000 net adds, right, so it grew in aggregate. 18,000 net adds in Q1 to 31,000 net adds in Q2, so the cloud business is actually -- it's actually performing quite well. You'll remember, this is the last quarter where our year-on-year comparison cloud compare back to a quarter where we were using a lot of kind of seeding strategy, pushing out a lot of high-volume, low price BIM 360 team subs out into the marketplace. So on a year-on-year basis maybe is where you're drawing your conclusion. If you look at sequentially how it's moving, it's actually moving quite nicely, and fueled by (technical difficulty) as Andrew just said (technical difficulty) fueled mostly by the growth of BIM 360.

是的，Hamza，雲端業務實際上是環比成長加速了，對吧？我們之前提到過，年度經常性收入 (ARR) 成長了 21%，新增用戶數量也從第一季的 18,000 個增加到第二季的 31,000 個，所以整體而言，雲端業務的成長非常顯著。你可能還記得，這是我們上一次將雲端業務同比數據與上一季進行比較，當時我們採取了大量的推廣策略，向市場推出了大量高容量、低價的 BIM 360 團隊分包商。所以，你可能是從同比數據得出結論的。但如果你觀察環比增長情況，你會發現它實際上發展得相當不錯，正如 Andrew 剛才提到的，這主要得益於 BIM 360 的增長。

And then on the direct business, so I understood the dynamic between the indirect business growing a bit faster but when could we see a more material pickup there given the sales restructuring that you talked about? Are there any sort of exclusive discounts that you're offering through the eStore that -- to incentivize customers through that channel?

關於直接業務，我理解間接業務成長速度略快，但考慮到您提到的銷售結構調整，我們什麼時候才能看到直接業務出現更顯著的成長？您是否透過網路商店提供任何專屬折扣來激勵顧客透過該管道購買？

No, we're not, Hamza, I don't think it makes sense to do a lot of that. It's a high-class problem to have when you've got the fastest growth rate in our eStore and in our enterprise sales we've had in the last 2 years and yet, the indirect channel's growing faster. So it's not a case that the direct channel is not growing, it's growing really quickly. The indirect channel is just, is keeping pace at this point. Longer-term, we still believe it settles in closer to a 50-50 blend but frankly, as long as we continue to grow that direct touch space, if the indirect business keeps pace, that's a good problem to have.

不，我們不是，哈姆札，我覺得沒必要做太多。我們電商和企業銷售的成長速度是過去兩年最快的，但間接的通路成長速度更快，這真是個甜蜜的煩惱。所以，並不是說直接管道沒有成長，而是成長非常迅速。間接通路目前只是勉強跟上。從長遠來看，我們仍然認為最終會穩定在50/50的水平，但坦白說，只要我們繼續擴大直接管道的份額，如果間接業務也能保持成長，那就是個幸福的煩惱。

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

下一個問題來自貝倫貝格資本市場的 Gal Munda。

This is actually Alex on for Gal. I just wanted to dig a little deeper in the collection upselling. I was wondering which collections do you see selling the best and I was wondering if you could give a quick breakdown on roughly how they're split. And then secondly, just on the 2 million user base that are not currently subscribers, what is the aging profile of that pool? And are you thinking about any more promos to get them to move over? How are you trying to attract them to become paying subscribers?

我是 Alex，替 Gal 回答問題。我想更深入了解一下產品系列的追加銷售情況。我想知道哪些產品系列賣得最好，能否簡單分析一下它們的銷售組成？其次，目前還有 200 萬非付費用戶，他們的年齡結構如何？你們是否考慮推出更多促銷活動來吸引他們升級？你們是如何吸引他們成為付費用戶的？

So Alex, on your first question, we don't actually provide that level of granularity. As you'd expect, AEC, which is the biggest piece of our overall business, you would expect the AEC collections to be the bigger piece of our total collection business as well, but we don't provide that level of granularity down to the vintage of the collections. The overall good news is collections are (technical difficulty) rapidly. Your second question on legacy, the 2 million legacy customers, we're making good strides on that, right? The statistic that we gave earlier, 17,000 took advantage of the legacy promotion that we ran during Q2. Andrew also touched on this though in his opening commentary. We will continue to go after that space, continue to migrate the legacy customers. We continue to see the average of -- if you do a scattergram of the licenses they turn in, the legacy customers turn in to take advantage of the promo -- we continue to see the midpoint of that bell curve to be 7 years old, 7 years behind the current version, which means there continues to be a pretty long tail of legacy customers out there. I think what you'll see us do is -- price is only 1 reason they move and Andrew, you can jump in on a little bit more on this as well. The longer -- the older their license is, their perpetual license is and remember, we sold the last perpetual licenses for standalone products more than 2 years ago. The older it gets, the more it ages out, the harder it is for them to work effectively within their ecosystem. So price is only 1 lever to get those guys. Just as their licenses age, they will come back and need to update the licenses. So we'll continue to farm that base, probably more so with an inside sales touch through our direct sales hubs as opposed to trying to just get there with price discounts.

所以Alex，關於你的第一個問題，我們其實並沒有提供如此細緻的數據。正如你所料，AEC（建築、工程和施工）是我們整體業務中佔比最大的部分，因此AEC的收款業務在我們整體收款業務中所佔比例也應該更高，但我們並不提供細化到收款年份的數據。總的來說，好消息是收款工作進展迅速（技術上存在一些困難）。你的第二個問題是關於傳統系統，也就是那200萬傳統客戶，我們在這方面取得了不錯的進展，對吧？我們之前提到的數據是，有1.7萬名客戶利用了我們在第二季推出的傳統系統促銷活動。 Andrew在他的開場白中也提到了這一點。我們將持續努力拓展這部分市場，持續遷移傳統客戶。我們持續觀察到，如果繪製老客戶為了享受促銷優惠而交回的許可證的散點圖，會發現該正態分佈曲線的中點仍然是7年，比當前版本落後7年，這意味著老客戶的數量仍然相當龐大。我認為我們接下來會做的是──價格只是促使他們升級的因素之一，Andrew，你也可以就此補充一些內容。他們的許可證越老，他們的永久許可證也越老，要知道，我們上次售出獨立產品的永久許可證還是兩年多前。許可證越老，功能越不完善，他們就越難在現有生態系統中有效運作。所以價格只是吸引這些顧客的手段。隨著許可證的老化，他們最終會回來更新許可證。因此，我們將繼續耕耘這部分客戶群，可能會更多地透過我們的直銷中心進行內部銷售，而不是僅僅依靠價格折扣來爭取客戶。

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

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

The core ARR was strong and it was good to see some improvement in cloud subscriptions as well. But Scott, you did mention that you expect net new subs to come in at the lower end of the range for the year. Is that solely because of the headwind on net adds from the M2S consolidation in the back half of the year? And if so, when do you expect that the, that dynamic will significantly subside?

核心年度經常性收入 (ARR) 表現強勁，雲端訂閱業務也有所改善，令人欣喜。但史考特，你提到預計今年的淨新增用戶數將處於預期範圍的下限。這只是因為下半年 M2S 整合對淨新增用戶數造成的不利影響嗎？如果是這樣，你預期這種不利因素何時會顯著緩解？

Yes, it is roughly related to success with collections is what I'd say. Obviously, when maintenance customers consolidate, that turns into a gain in ARR as we've talked about, but a decline in the total number of active subs. We'll continue to feel that headwind through the second half of the year. The other things that will fuel though, the other part of your question, which is what's going to fuel the subs growth in the second half of the year, there's a couple of things inside there. One is, we continue to -- we'll continue to see increased productivity from the midmarket channel that Andrew talked about, so this is a field sales team that we put out there that's driving direct touch with customers and that tier of customers below named accounts and selling side-by-side with a partner. We just started that process the beginning of this fiscal year. So they got their accounts assigned February 1, first day of our fiscal year, they've been meeting those accounts, they've been driving opportunities, they've been filling the pipeline. That business will uptick through the second half of the year. The productivity of that channel, now that -- as they -- the longer they're in position will drive that. And the second is just historically, new product subs are higher in the second half of the year than they are in the first half of the year is what will drive that growth in the second half.

是的，我認為這大致與收款情況有關。顯然，正如我們之前討論的，維護客戶合併會導致年度經常性收入 (ARR) 增加，但活躍用戶總數會下降。這種不利因素將持續到下半年。不過，您問題的另一部分，即下半年推動用戶成長的因素，包含以下幾個面向。首先，正如 Andrew 所提到的，我們將繼續看到中階市場通路的生產力提升。我們派出了一支現場銷售團隊，直接與客戶以及指定客戶以下級別的客戶進行溝通，並與合作夥伴並肩銷售。我們在本財年伊始才啟動了這個流程。他們在 2 月 1 日（新財年的第一天）分配了客戶，一直在拜訪這些客戶，挖掘商機，拓展銷售管道。這項業務將在下半年有所成長。此通路的生產力，尤其是其在通路中佔據位置的時間越長，就越能推動成長。其次，從歷史數據來看，下半年的新產品訂閱量通常高於上半年，這也將成為下半年成長的主要動力。

Gregg, with respect to the consolidation on the M2S side, I said last earnings call that we expect that to work its way out of the system through the second half of this year. And the reason for that is very simple: the accounts that are most likely to consolidate are our largest accounts. They're the ones that actually make the move from M2S earlier in the cycle. So for instance, in the U.S., the conversion rate for M2S is much higher than the average. I mean, they came out of the gate fast and strong and the largest accounts are already really moved in terms of M2S. You're starting to see that phenomenon work itself, its way through Europe, the European market, so you're seeing the large accounts start to take the M2S offering and move. And just like with any pattern of anything we roll out in the company, I don't care what program it is, APAC comes up to speed third in that process. And it will start to see just as we move towards the end of the year, its largest accounts start to move. So what -- and you'll see as these large accounts that move that are most likely to consolidate, will start to flesh out as we move through the second half of the year. So watch for that to happen. As we move through that, we'll see the headwind start to slow down.

格雷格，關於M2S方面的整合，我在上次財報電話會議上說過，我們預計這種情況會在今年下半年逐步改善。原因很簡單：最有可能進行整合的客戶是我們最大的客戶。他們往往在周期早期就從M2S轉向了其他系統。例如，在美國，M2S的轉換率遠高於平均值。我的意思是，他們一開始就發展迅猛，最大的客戶已經真正轉向了M2S。你開始看到這種現象蔓延到歐洲市場，你會看到一些大客戶開始接受M2S產品並且遷移。就像我們公司推出的任何項目一樣，無論是什麼項目，亞太地區在這個過程中總是第三個跟上步伐。隨著年底臨近，亞太地區最大的客戶也將開始遷移。所以，你會看到，隨著這些大客戶（他們很可能進行整合）進入下半年，他們的組成將逐漸明朗。請密切關注這一趨勢。隨著時間的推移，我們將看到不利因素開始減弱。

And our next question comes from the line of Rob Oliver with R.W. Baird.

下一個問題來自 Rob Oliver 和 R.W. Baird 的連線。

Just one for Andrew to start. Andrew, I know you won't be held to a number on privacy in terms of conversions there, but you did float last quarter a little bit about some of the initiatives you guys had. And I know, Scott, you just touched on them as well with the midmarket channel but new sales motion, some in-product messaging, things like that, I was just wondering if you could talk about the progress of some of those initiatives.

先問安德魯一個問題。安德魯，我知道你們在隱私方面不會因為轉換率而被要求給出具體數字，但你們上個季度確實稍微提到過你們的一些舉措。史考特，我知道你剛才也談到了中端市場管道，例如新的銷售模式、產品內訊息推播等等，我想請你們談談這些舉措的進展。

Yes, and it's good, I'm glad you're allowing me to refresh what I said last quarter that there will never be this announcement of some massive non-paying user event that fundamentally changes our trajectory. But you're right, we did roll out in English-speaking countries, a new program that allows us to get more information and more direct engagement with people basically using invalid licenses and software. That program has been integrated with our license compliance teams and with our inside sales teams, so we're actually getting leads through that program and getting into discussions with customers. It's beginning to have an impact on the run rate and will continue to grow. I mean, like with all these programs, they roll out, we start to get traction with them, we start to understand them more and they start to add more and more contribution. I think the great thing about the whole nonpaying user paradigm here is that it's going to be the gift that keeps giving over multiple years, right? These users aren't going away, they continue to use the software, they continue to procure more [valid] licenses as time goes on, and we're going to be continuing to reach out with them more and more as we move forward. So look for it just to continue to support the ramp ups in volume that we have built into our models over the next few years.

是的，這很好。我很高興您允許我重申上個季度我說的話：我們永遠不會宣布任何大規模的非付費用戶活動，從而從根本上改變我們的發展軌跡。但您說得對，我們確實在英語國家推出了一項新計劃，讓我們能夠獲取更多信息，並與那些使用無效許可證和軟體的用戶進行更直接的互動。該計劃已與我們的許可證合規團隊和內部銷售團隊整合，因此我們確實透過該計劃獲得了銷售線索，並與客戶展開了討論。它已經開始對業務成長產生影響，並且會持續成長。我的意思是，就像所有這些計劃一樣，它們推出後，我們開始看到成效，開始更深入地了解它們，它們也開始帶來越來越多的貢獻。我認為整個非付費用戶模式的妙處在於，它將在未來幾年持續帶來收益，對吧？這些用戶不會流失，他們會繼續使用我們的軟體，隨著時間的推移，他們將繼續購買更多有效許可證，我們也將繼續加強與他們之間的聯繫。因此，請期待我們未來幾年繼續支持我們模式中預設的用戶量成長。

And Scott, I just wanted to make sure. I think you touched on it pretty clearly but just on that like, the change to kind of the subscription contract. So if you could just repeat that, I think what you said was people get the price freeze for 3 years and then are subject to a sort of cost of living adjustment under that. But I just wanted to make sure I had it right.

史考特，我只是想確認一下。我覺得你剛才已經說得很清楚了，但還是想再確認一下訂閱合約的變更。你能再重複一遍嗎？我記得你說過，用戶享有三年的價格凍結期，之後會根據生活成本進行調整。但我還是想確認一下我的理解是否正確。

Yes. You got it right, Rob. When we first rolled out maintenance subscription, if you remember, we gave 3 years' worth of visibility to what the prices would be for maintenance and what the increases would look like and then what it would be to convert. And for those that converted, we offered a 3 year -- they didn't have to pay upfront but they got grandfathered at that conversion price for up to 3 years. What we've added to that now, one of the feedbacks that we got from the channel is, okay, I want to know what's going to happen after that, right, I get that you're going to grandfather me for 3 years but I'm giving up a perpetual license that I spent a lot of money on and I did exactly what you asked me to do. I kept it current on maintenance for the entire time that I had it. I'm giving that up, so I want to understand some sense of what pricing's going to be longer-term. And you've heard us say several times that there would be kind of cost-of-living price adjustments that go into that. What we've done is just formalize that and put out to the channel that there will be kind of an every other year 5% price increase, subject to currency changes obviously, but 5% price increase which averages out to kind of a 2.5% annual about a cost-of-living price increase every year for up to 10 years. So that's what we've done on M2S, just to put in writing what we've been saying verbally and of course, what's been built into our modeling all the -- for the entire time.

是的，羅伯，你說得對。當我們最初推出維護訂閱服務時，如果你還記得的話，我們提供了三年的維護價格透明化方案，包括價格上漲幅度以及轉換方案。對於轉換方案的用戶，我們提供三年的優惠——他們無需預付，可以享受三年的轉換價格。現在，我們在此基礎上增加了一項內容。我們從通路合作夥伴收到的回饋之一是：我想知道三年後的價格會如何變化。我知道你們會提供三年的優惠，但我放棄了我花了很多錢購買的永久授權，而且我完全按照你們的要求做了。在我擁有永久授權期間，我一直按時繳交維護費。現在我放棄了永久授權，所以我想了解一下長期的價格走勢。我們也多次提到，價格會根據市場變化進行調整。我們所做的就是將這一點正式化，並向通路發佈公告：每隔一年將有5%的價格上漲，當然，具體漲幅會受到匯率波動的影響，但5%的漲幅平均下來相當於每年2.5%的生活成本上漲，這種情況將持續長達10年。這就是我們在M2S所做的，只是為了將我們一直以來口頭表達的內容，以及我們模型中一直包含的內容，以書面形式記錄下來。

And our next question comes from the line of Brad Zelnick with Credit Suisse.

下一個問題來自瑞士信貸的布拉德·澤爾尼克。

Its Kevin Ma on for Brad. I just wanted to ask [on tag] the 10-year pricing plan a little bit more. I mean, has that extra assurance helped incremental and desk conversions at all and how is that pricing compared to that of non-promo subscriptions beyond 2021?

我是 Kevin Ma，替 Brad 回答。我想再問一下關於十年定價方案的問題。我的意思是，這項額外的保障措施是否對增量轉換和桌面轉換有所幫助？與 2021 年以後的非促銷訂閱相比，此定價方案有何不同？

Yes. So we didn't provide this clarity because of any issues we're having with M2S and the program. As you can see, we have very, very robust conversion rates that are actually ahead of our original models, so we're feeling good about this. We did this communication more to ensure that our sales resources didn't have to have protracted, long, back-and-forth conversations about the implications of moving to M2S. It's an efficiency move for us and it's a visibility move and trust move with regards to our customer base. So it's truly something that we're trying to do to look ahead to the last 1.5 years of the M2S program, make sure it's highly efficient and make sure our customers basically have no questions, all right? And remember, as we look at the 3-year period, there already was a published price increase true-up at the end of the 3-year period. All we did was give them visibility to how the cost of living will play out in years after that.

是的。我們之所以沒有提供這些說明，並非因為我們在使用M2S和該專案時遇到任何問題。如您所見，我們的轉換率非常非常強勁，實際上已經超過了我們最初的模型，所以我們對此感到滿意。我們進行此次溝通更多是為了確保我們的銷售人員不必就遷移到M2S的影響進行冗長、反覆的溝通。這對我們來說既是提高效率的舉措，也是提升顧客信任度和透明度的舉措。因此，我們這樣做是為了展望M2S專案最後1.5年的發展，確保其高效運行，並確保我們的客戶基本上沒有任何疑問。請記住，在展望3年周期時，我們已經公佈了3年周期結束時的價格調整方案。我們所做的只是讓他們了解未來幾年生活成本的變化。

Beyond that [internal] pricing...

除了內部定價之外…

Yes, beyond that. Now, your question about promos, are you referring to the legacy promos or...

是的，除此之外還有。現在，關於促銷活動，您指的是之前的促銷活動還是…

Or was it, were you asking what's the relative price of this cohort versus the people that come in to a net new sub. Because if you recall, when we laid that out, it starts at about a 50% discount for this converted group versus what the price of a new product sub is. And so with these kind of cost-of-living price increases, they probably take place on both lines. They'll continue to have an advantage price for some period of time.

或者，您想問這群現有用戶和新用戶相比，價格差異有多大？因為如果您還記得，我們​​之前說過，這群轉換用戶的價格大約比新產品訂閱價格低50%。所以，隨著生活成本的上漲，價格上漲可能會同時影響這兩類用戶。在一段時間內，轉換用戶的價格優勢還會持續存在。

Yes. And just remember, as time goes on, this cohort, this "M2S" cohort that moved from maintenance to subscription, it starts to become a fairly small percentage of our total subscriber base.

是的。請記住，隨著時間的推移，這批從維護型用戶轉為訂閱型用戶的「M2S」群體，在我們全部訂閱用戶中所佔的比例會越來越小。

But with an extremely high renewal rate.

但續約率極高。

With an extremely high renewal rate.

續約率極高。

Thank you. And that does conclude today's Q&A session and I'd like to return the call to Mr. Abhey Lamba for any closing remarks.

謝謝。今天的問答環節到此結束，我想把電話轉給阿貝·蘭巴先生，請他作總結發言。

Thanks everybody for joining us. This concludes our call. Please feel free to call us at (415) 547-3502 if you have any questions. Thank you.

感謝各位參與。本次通話到此結束。如有任何疑問，請隨時致電 (415) 547-3502 與我們聯絡。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。祝大家今天過得愉快。