Autodesk Inc (ADSK) 2019 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Third Quarter Fiscal Year 2019 Autodesk Inc. Earnings Conference Call. (Operator Instructions) As a reminder, this call may be recorded. I would now like to turn the conference over to Abhey Lamba, Vice President of Investor Relations. You may begin.

各位女士、先生，大家好，歡迎來到 Autodesk Inc. 2019 財年第三季報告。財報電話會議。（操作員說明）提醒您，本次通話可能會被錄音。現在我將把會議交給投資者關係副總裁 Abhey Lamba 主持。你可以開始了。

Thanks, Sonia. Good afternoon.

謝謝你，索妮亞。午安.

Thank you for joining our conference call to discuss the results of our third 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.

感謝您參加我們的電話會議，共同討論我們2019財年第三季的業績。電話那頭是我們的執行長 Andrew Anagnost 和我們的財務長 Scott Herren。今天的電話會議將透過網路直播。此外，您也可以在 autodesk.com/investor 上收聽電話會議的錄音回放。

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

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

We will also post a transcript of management's opening commentary on our website at the end of the call.

電話會議結束後，我們也會在網站上發布管理層開場白的文字稿。

During the course of this conference call, we will make forward-looking statements regarding future events and anticipated future performance of the company, such as our guidance for the fourth quarter and full year fiscal 2019; our long-term financial model guidance; our revenue and cash flow expectations; our expectations regarding the acquisition of PlanGrid and its anticipated benefits and impact on our short- and long-term guidance; the factors we use to estimate our guidance; our maintenance-to-subscription transition; our expectations regarding product mix and pricing; 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發表前瞻性聲明，例如我們對 2019 財年第四季度和全年的業績指引；我們的長期財務模型指引；我們的收入和現金流量預期；我們對收購 PlanGrid 的預期及其預期收益和對我們短期和長期訂閱模式的影響；我們用於估計業績的每筆價值； (ARPS)；客戶價值；成本結構；我們的市場機會和策略；以及各種產品、地區和行業的趨勢。我們提醒您，此類聲明反映了我們基於目前已知因素的最佳判斷，實際事件或結果可能與此有重大差異。

Please refer to the documents we file from time to time with the SEC, specifically our Form 10-K for fiscal 2018, our Form 10-Q for the period ending July 31, 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提交的文件，特別是我們的 2018 財年 10-K 表格、截至 2018 年 7 月 31 日的 10-Q 表格以及我們當前的 8-K 表格報告，包括與今天的新聞稿和準備好的發言稿一起提交的 8-K 表格。這些文件包含並指明了可能導致我們的實際結果與前瞻性聲明中所包含的結果之間存在差異的重要風險和其他因素。

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

本次電話會議中所作的前瞻性陳述均以今日為準。如果今天之後重播或回顧此通話，通話期間提供的資訊可能不再是最新或準確的資訊。Autodesk公司聲明不承擔更新或修改任何前瞻性聲明的義務。我們將在今天的電話會議上提供業績指引，但除非在公開場合，否則不會提供任何關於本季業績的進一步指引或更新。

During the call, we will 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.

電話會議期間，我們也將討論非GAAP財務指標。這些非GAAP指標並非依照公認會計原則編製。我們已在今天的新聞稿、準備好的發言稿以及我們網站的投資者關係部分提供了 GAAP 和非 GAAP 業績的調節表。

We will quote a number of numeric or growth changes as we discuss our financial performance. And unless otherwise noted, each such reference represents on a year-on-year comparison under ASC 606.

在討論財務表現時，我們將引用一些數字或成長變化。除非另有說明，否則每個此類參考值均代表根據 ASC 606 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. I have 2 exciting things to share with you today. First, we closed another fantastic quarter with strong performance across all key metrics. Second, we are expanding our capabilities in the construction space by acquiring PlanGrid to complement our construction portfolio as well as to enhance our reach within the industry.

謝謝你，阿貝。今天我有兩件令人興奮的事情要跟大家分享。首先，我們又以優異的成績結束了另一個季度，所有關鍵指標都表現強勁。其次，我們正在透過收購 PlanGrid 來擴展我們在建築領域的能力，以完善我們的建築產品組合，並擴大我們在產業內的影響力。

Looking first at our Q3 performance. We built upon the strength of our Q2 results by posting accelerated growth, driven by strength across all product families in major geographies. We generated 33% growth in total annualized recurring revenue or ARR with both product and cloud offerings delivering great performance. There are several key areas that I want to highlight on the call today. We have record growth in total ARR and total ARPS. In fact, this is the highest growth quarter for both since we started our business model transition over 4 years ago. We experienced strong growth in our enterprise business during the quarter, which speaks to the strategic importance of our products in a healthy demand environment. We hit a milestone of 4 million total subscriptions. The maintenance and subscription program continues to perform well, and we're seeing an increase in the adoption of collections. BIM 360 delivered broad-based strengths driving cloud ARR growth in the quarter, and we are enhancing our construction offering with the acquisition of PlanGrid.

首先來看我們第三季的業績。我們在第二季業績強勁的基礎上，實現了加速成長，這得益於主要地區所有產品系列的強勁表現。我們透過產品和雲端服務，實現了年度經常性收入 (ARR) 總成長 33%，產品和雲端服務都表現出色。今天我想在電話會議上重點強調幾個關鍵領域。我們的總年度經常性收入和總平均每筆收入均創歷史新高。事實上，這是自我們4年多前開始商業模式轉型以來，兩項業務成長最快的季度。本季我們的企業業務實現了強勁成長，說明在健康的需求環境下，我們的產品具有重要的策略意義。我們突破了訂閱用戶總數400萬的里程碑。維護和訂閱計劃繼續表現良好，我們看到收藏品的使用率正在上升。BIM 360 在本季展現了廣泛的優勢，推動了雲端 ARR 的成長，同時，我們透過收購 PlanGrid 來增強我們的建築產品。

First, let's look at ARR, which is the best proxy for measuring progress in our business model transition and the overall health of our business. The strength in ARR was a result of accelerating growth in all geographic regions and across all product families. All geographic regions posted revenue growth of at least 25%. Subscription plan ARR has more than doubled on a year-over-year basis for 7 out of the last 8 quarters. Growth in ARR was driven by strength across all subscription plan types and, once again, product subscription led the group while EBAs also accelerated meaningfully. ARR for our core business, which represents the combination of maintenance, product subscription in our EBA sales, also grew at 33%, in line with total ARR, as our core business drives the overwhelming majority of our revenue, ARR and billings growth.

首先，我們來看看 ARR，它是衡量我們商業模式轉型進展和業務整體健康狀況的最佳指標。ARR 的強勁成長是所有地理區域和所有產品系列加速成長的結果。所有地區的營收成長均至少達到 25%。在過去 8 個季度中的 7 個季度裡，訂閱計畫的 ARR 年比增長超過一倍。ARR 的成長得益於所有訂閱方案類型的強勁表現，其中產品訂閱再次引領成長，而 EBA 也實現了顯著加速。我們核心業務的 ARR（包括維護、產品訂閱等 EBA 銷售收入）也成長了 33%，與總 ARR 持平，因為我們的核心業務推動了我們絕大部分的營收、ARR 和帳單成長。

Now as you know, I've made construction one of the company's critical near-term priorities, and that's why I'm incredibly excited to talk about the acquisition of PlanGrid, which expands our expertise, presence, scale and reach in the construction space. You have heard me say many times the construction industry is a key focus area for us in becoming a design and make company. It's hungry to deploy more technology, and we're ready with compelling solutions. At PlanGrid, Tracy Young, Ralph Gootee and the rest of the management team have built a leading construction tech company, and we look forward to welcoming them to the Autodesk family. PlanGrid is both an innovative mobile SaaS solution that's focused on document-centric workflows for field execution and project management. This is an excellent complement to our focus on model-centric workflows through Revit and BIM 360. On the field side of construction management, PlanGrid enables those working on the site to make informed decisions with realtime information. PlanGrid solutions also empower project managers to ensure jobs are delivered within scope and on budget. The company currently serves 12,000 customers and has approximately 120,000 paid users. Its products have been used on over 1 million construction projects. PlanGrid's quality and value are reflected by the many large customers it serves like LPR Construction, Devcon, Granite, Nvidia and Target. And we intend to capitalize on its strength to further advance the state-of-the-art in construction technology and better meet the needs of our customers. The combination creates a more comprehensive cloud-based construction platform for general contractors and will expand our relationships with subcontractors and building owners. Over time, we will integrate workflows between PlanGrid's software and our BIM 360 construction management platform for a seamless exchange of 2D and 3D project information. Additionally, we will be able to leverage our global reach to accelerate adoption of PlanGrid solutions. There are many GCs who have deployed both solutions. For example, DPR Construction is a commercial GC using Autodesk BIM 360 and PlanGrid software. Atul Khanzode, DPR CTO, said, and I quote, "One of the biggest challenges in the construction industry is dataflow, how you get the most current and accurate information to the right people at the right time. We're excited about this acquisition because it will improve the way information can be shared on project, and that leads to greater productivity and predictability. Using BIM 360 has made our project planning better. We're able to reliably plan, forecast and measure project cast that will support lean construction practices and reduce waste, and we're using PlanGrid to help everyone in the field build off the most current data set." We're tremendously excited about joining forces with PlanGrid, and I will believe this will further position us for success as we move further into the $10 billion construction opportunity. Scott will cover financial details of the transaction in a few minutes, but I would like to turn our attention back to Q3 performance.

如你所知，我已經將建築業列為公司近期最重要的優先事項之一，因此我非常興奮地談論收購 PlanGrid 一事，這將擴大我們在建築領域的專業知識、影響力、規模和覆蓋範圍。你們已經多次聽我說過，建築業是我們成為一家集設計與製造於一體的公司的重點領域。它渴望部署更多技術，而我們已經準備好了引人注目的解決方案。PlanGrid 的 Tracy Young、Ralph Gootee 和其他管理團隊成員打造了一家領先的建築技術公司，我們期待他們加入 Autodesk 大家庭。PlanGrid 是一款創新的行動 SaaS 解決方案，專注於以文件為中心的現場執行和專案管理工作流程。這與我們透過 Revit 和 BIM 360 專注於以模型為中心的工作流程形成了很好的補充。在施工管理的現場方面，PlanGrid 使現場工作人員能夠利用即時資訊做出明智的決策。PlanGrid解決方案也能幫助專案經理確保專案在範圍和預算內完成。該公司目前為 12,000 名客戶提供服務，並擁有約 12 萬名付費用戶。其產品已用於超過100萬個建築項目。PlanGrid 的品質和價值體現在其服務的眾多大型客戶身上，例如 LPR Construction、Devcon、Granite、Nvidia 和 Target。我們將充分利用自身優勢，進一步推動建築技術的進步，以更好地滿足客戶的需求。此次合併將為總承包商打造一個更全面的基於雲端的建築平台，並將擴大我們與分包商和業主的關係。隨著時間的推移，我們將整合 PlanGrid 軟體和我們的 BIM 360 施工管理平台之間的工作流程，以實現 2D 和 3D 專案資訊的無縫交換。此外，我們將能夠利用我們的全球影響力來加速 PlanGrid 解決方案的普及。許多總承包商都部署了這兩種解決方案。例如，DPR Construction 是一家商業總承包商，使用 Autodesk BIM 360 和 PlanGrid 軟體。DPR 技術長 Atul Khanzode 表示（我引用他的原話）：「建築業面臨的最大挑戰之一是資料流，即如何在正確的時間將最新、最準確的資訊傳遞給正確的人。我們對此次收購感到非常興奮，因為它將改善專案資訊的共享方式，從而提高生產力和可預測性。使用 BIM 360 使我們的專案規劃更加完善。我們能夠可靠地規劃、預測和衡量專案成本，從而支持精益建造實踐並減少浪費。我們正在使用 PlanGrid 來幫助現場所有人員基於最新資料集開展工作。我們非常高興能與 PlanGrid 攜手合作，我相信這將進一步鞏固我們在價值 100 億美元的建築市場中取得成功的地位。Scott 將在幾分鐘後介紹這筆交易的財務細節，但我想把大家的注意力重新集中到第三季業績上。

Particularly, I'd like to highlight the performance of our BIM 360 portfolio. We had a strong showing for the entire offering, which helped us post 36% growth in cloud ARR in the quarter. Customers are deploying all modules of the BIM 360 platform, and I am excited to share that large customers like AECOM, Arcadis, Swinnerton and Layton have already started adopting our new platform, and we look forward to more customers doing the same. A great example of the convergence of design and make was a significantly expanded deal we signed with Daiwa House industries, one of the largest construction companies in Japan. They sell prefabricated homes in the region and are working to expand globally. Their processes are a clear example of how manufacturing and construction are converging. They utilize a wide range of our product portfolio from AutoCAD and Revit to BIM 360 and Inventor. Our new EBA with them is one of the largest we have signed and it increases the account value by a sixteen-fold. We now have 3 of the largest 5 general contractors in Japan on EBAs and we are not done. These transactions also highlight the progress we have made in Japan as a region where we saw broad-based strengths across all customer types.

我尤其想重點介紹一下我們的 BIM 360 產品組合的表現。我們整體產品表現強勁，這幫助我們實現了本季雲端業務 ARR 成長 36%。客戶正在部署 BIM 360 平台的所有模組，我很高興地宣布，像 AECOM、Arcadis、Swinnerton 和 Layton 這樣的大客戶已經開始採用我們的新平台，我們期待更多客戶也這樣做。設計與製造融合的一個很好的例子是我們與日本最大的建築公司之一——大和房屋工業株式會社簽署的一項大幅擴展的協議。他們在該地區銷售預製房屋，並致力於拓展全球市場。他們的流程清楚地表明了製造業和建築業是如何融合的。他們廣泛使用我們的產品組合，從 AutoCAD 和 Revit 到 BIM 360 和 Inventor。我們與他們簽署的新 EBA 是我們簽署過的最大合約之一，使帳戶價值增加了十六倍。我們現在已經與日本五大總承包商中的三家簽訂了企業協議，但這還不是全部。這些交易也凸顯了我們在日本地區的進展，我們在該地區的所有客戶類型中都看到了廣泛的優勢。

On the manufacturing side, our growth rate for the product family accelerated to 20% from 10% in the second quarter. During the quarter, we transitioned a major customer, Ford, to an EBA. It is yet another example of how our relationship has expanded with our large enterprise customers where we've evolved from a vendor to a collaborative thought leader. We are partnering with Ford to help them explore new workflows utilizing our most advanced software functionality such as general design infusion in our flexible token-based EBAs. This will allow them to benefit from the breadth of our product portfolio. We expect a 4x increase in subscriptions as a result of our new EBA contract.

在生產製造方面，我們產品系列的成長率從第二季的 10% 加速到 20%。本季度，我們將一位重要客戶福特汽車的合約模式轉變為企業協議 (EBA)。這再次體現了我們與大型企業客戶關係的擴展，我們從供應商發展成為合作思想領袖。我們正在與福特合作，幫助他們探索利用我們最先進的軟體功能（例如在我們靈活的基於令牌的 EBA 中融入通用設計）的新工作流程。這將使他們能夠受益於我們豐富的產品組合。我們預計，由於新的 EBA 合同，訂閱量將增長 4 倍。

In summary, I am extremely pleased with the progress we've made with the transition, and I believe we're positioning the company to expand our technology leadership in the construction space. Many of you attended Autodesk University last week, and I think you could feel the buzz and excitement in the air around both our core offerings and our cloud technologies like BIM 360 and Fusion. We are making terrific progress while remaining committed to our FY '20 goals. In particular, I am also excited to see that we crossed the 30% mark for the sum of revenue growth and free cash flow margin. We look forward to nearly doubling that in the next few years.

總而言之，我對我們在轉型過程中取得的進展感到非常滿意，我相信我們正在使公司在建築領域擴大技術領先地位。上週，許多人參加了 Autodesk University，我想你們都能感受到大家對我們核心產品以及 BIM 360 和 Fusion 等雲端技術的熱情和興奮。我們在實現 2020 財年目標的同時，也取得了巨大的進步。尤其令我興奮的是，我們的營收成長和自由現金流利潤率總和已經突破了 30% 大關。我們期待在未來幾年內將這一數字翻倍。

Now I'll turn it over to Scott for more details on the financials. Scott?

現在我將把發言權交給史考特，讓他詳細介紹一下財務狀況。史考特？

Thanks, Andrew. Digging deeper into the numbers for the third quarter, I'll start with a few more details on our strong ARR performance.

謝謝你，安德魯。為了更深入分析第三季的數據，我將首先詳細介紹我們強勁的年度經常性收入 (ARR) 表現。

ARR benefited from a 17% increase in ARPS, a 14% increase in subscriptions and 30% growth in billings for the quarter. Looking at subscriptions, we added 143,000 subs in the quarter and hit a milestone in total subscriptions as we crossed the 4 million mark, which is nearly twice the number of maintenance seats we had at the peak of the previous business model. Subscription plan subs grew by 252,000 led by product subscriptions. Core sub adds once again increased by 3% sequentially. We also added 53,000 cloud subs, which is a nice step-up from the 31,000 we added in Q2 and 18,000 in Q1. Strength in cloud was led by broad-based adoption of the BIM 360 family.

本季度，ARR 受惠於 ARPS 成長 17%，訂閱量成長 14%，帳單金額成長 30%。從訂閱量來看，本季我們新增了 143,000 個訂閱用戶，訂閱總數突破 400 萬大關，達到了一個里程碑，這幾乎是我們之前商業模式巔峰時期維護席位數量的兩倍。訂閱方案用戶成長了 25.2 萬，主要得益於產品訂閱的成長。核心用戶新增量較上季再次成長3%。我們也新增了 53,000 個雲端訂閱用戶，比第二季新增的 31,000 個和第一季新增的 18,000 個都有了顯著成長。雲端運算領域的優勢主要得益於 BIM 360 系列產品的廣泛應用。

Moving to the maintenance-to-subscription program, we continue to make solid progress. In Q3, customers migrated 71,000 maintenance subs to product subscriptions. While the number of M2S subscriptions is down sequentially, the conversion rate remains strong with approximately 1/3 of the maintenance renewal opportunities migrating to product subscriptions. Of those that migrated, once again, over 30% of eligible subscriptions upgraded from an individual product to an industry collection. We expect a number of M2S subs to increase in Q4 as our maintenance renewal opportunity is higher. The renewal rates for both maintenance and product subscription ticked up slightly from Q2 and were aligned with our planning assumptions. Helping to bolster renewal rates for product subscriptions are the M2S-related subs, which have, as expected, very high renewal rates because the program was designed to be sticky. We expect the renewal rates for product subscriptions to continue to increase as the product mix shifts toward higher-value products.

在向維護付費轉訂閱付費模式過渡的過程中，我們持續取得穩定進展。第三季度，客戶將 71,000 個維護訂閱遷移到了產品訂閱。雖然 M2S 訂閱數量較上季下降，但轉換率依然強勁，約 1/3 的維護續訂機會轉化為產品訂閱。在遷移的用戶中，超過 30% 的符合條件的訂閱用戶再次從單一產品升級到行業套裝。我們預計第四季度 M2S 子用戶數量將會增加，因為我們的維護續約機會更高。維護和產品訂閱的續訂率較第二季略有上升，與我們的計劃假設相符。M2S 相關訂閱有助於提高產品訂閱的續訂率，正如預期的那樣，這些訂閱的續訂率非常高，因為該計劃旨在提高用戶黏著度。我們預計，隨著產品組合向高價值產品轉變，產品訂閱續訂率將持續上升。

Now let's talk a little more about annualized revenue per subscription or ARPS. Total ARPS posted another quarter of strong growth as it continued to benefit from the same drivers we discussed at Investor Day and that we saw in Q2. These drivers include the growth of the renewal base, the ongoing strength of industry collections and various pricing adjustments we made earlier in the year and are now having a greater influence on ARPS. The pricing adjustments include the price increase associated with the M2S program, lower channel discount on AutoCAD LP 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 for Autodesk, the increase in digital sales also at a higher net price for 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 total ARPS to continue to increase for all the reasons I just discussed as we progress through the transition and well beyond fiscal '20.

現在我們來詳細談談每訂閱年收入（ARPS）。Total ARPS 再次實現強勁成長，繼續受益於我們在投資者日討論過以及在第二季度看到的相同驅動因素。這些驅動因素包括續約基礎的成長、產業收款的持續強勁以及我們今年稍早進行的各種價格調整，這些因素現在對 ARPS 產生了更大的影響。價格調整包括 M2S 計劃相關的價格上漲、AutoCAD LP 通路折扣降低以及多用戶訂閱價格上漲。長期來看，ARPS 的驅動因素將繼續包括：不斷增長的續訂基礎（這對 Autodesk 來說意味著更高的淨價）、數位銷售的增長（這對 Autodesk 來說也是更高的淨價）、產品組合向行業套裝的轉變、未利用 M2S 計劃的客戶的維護價格上漲以及折扣和促銷活動的減少。我們預計，隨著我們逐步完成過渡，並且遠遠超過 2020 財年，總 ARPS 將因我剛才討論的所有原因而繼續增長。

Our eStore, which is playing a bigger part in our digital sales grew by 65% year-on-year. For the past 5 quarters, our eStore has generated over 20% of the product subscriptions. Q3 also marked the eighth consecutive quarter of greater than 30% growth in our EBAs. In fact, our EBAs posted over 50% growth in the quarter, highlighting strong execution as well as adoption and expansion of EBA contracts.

我們的網路商店在我們的數位銷售中扮演著越來越重要的角色，年增了 65%。在過去五個季度，我們的網路商店貢獻了超過 20% 的產品訂閱量。第三季也是我們 EBA 連續第八個季度成長超過 30%。事實上，本季我們的 EBA 成長超過 50%，凸顯了 EBA 合約的強勁執行力以及採用和擴展。

What's interesting is that while the growth of our total direct business accelerated, even from the record levels in Q2, our indirect business expanded even faster. 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 revenues.

有趣的是，雖然我們的直接業務總量成長加速，甚至超過了第二季的創紀錄水平，但我們的間接業務成長速度更快。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的成長速度，從而使直接收入和間接收入的比例更加均衡。

Moving to spend management. Our total non-GAAP spend was up 5% and was slightly higher than expected as we've done a nice job filling the open positions created by last year's resource rebalancing, cloud costs are higher year-on-year and due to the impact of ASC 340, which requires us to capitalize sales commissions. If we normalize for ASC 340, the growth in total spend would have been less than 4%.

轉向支出管理。由於我們很好地填補了去年資源重新平衡造成的空缺職位，雲端成本同比上漲，以及 ASC 340 的影響（該準則要求我們將銷售佣金資本化），我們的非 GAAP 總支出增加了 5%，略高於預期。如果按照 ASC 340 進行標準化，總支出的成長將低於 4%。

Looking at the balance sheet, total deferred revenue grew 17%. Unbilled deferred revenue increased by $45 million sequentially to $451 million due to a strong EBA performance. We expect unbilled deferred revenue to increase meaningfully next quarter with seasonally strong enterprise transactions.

從資產負債表來看，遞延收入總額增加了 17%。由於 EBA 的強勁表​​現，未開票遞延收入環比增加 4,500 萬美元，達到 4.51 億美元。我們預計下個季度未開票遞延收入將大幅成長，這主要得益於季節性強勁的企業交易。

While we continue to experience an expected decrease on long-term deferred, our short-term deferred revenue grew by 14% due to strong billings in the quarter.

儘管長期遞延收入持續出現預期下降，但由於本季強勁的帳單結算，我們的短期遞延收入成長了 14%。

Looking at cash flow. We generated $39 million in operating cash flow as we benefited from the growth in billings and strong cash collections. We expect our cash flow to accelerate in the fourth quarter. We used $103 million in the quarter to buy back roughly 800,000 shares at an average price of $131.42. Year-to-date, we have repurchased 2.1 million shares for $270 million, an average price of $129.86. We continue to be committed to managing dilution and reducing shares outstanding over time.

查看現金流。由於帳單金額成長和現金回收情況良好，我們獲得了 3,900 萬美元的營運現金流。我們預計第四季現金流將加速成長。本季我們用 1.03 億美元回購了約 80 萬股股票，平均價格為每股 131.42 美元。今年迄今為止，我們已回購了 210 萬股股票，總價為 2.7 億美元，平均價格為每股 129.86 美元。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。

Before I turn to the outlook, let me run through some details about our acquisition of PlanGrid. As announced this afternoon, we are paying $875 million net of acquired cash. We will finance the deal with cash on hand and a short-term prepayable loan. The transaction is expected to close during our fiscal Q4. Since we cannot be sure of the exact timing, we have not included any impact on our guidance. That said, we would expect it to contribute slightly to revenue growth and be modestly negative for profitability and cash flows for the quarter.

在展望未來之前，讓我先詳細介紹一下我們收購 PlanGrid 的情況。正如今天下午宣布的那樣，我們將支付 8.75 億美元（扣除收購所得現金後）。我們將用自有現金和短期可償還貸款為這筆交易提供資金。預計該交易將於本財年第四季完成。由於我們無法確定確切的時間，因此我們沒有將任何影響納入我們的指導方針中。也就是說，我們預計它將對收入成長略有貢獻，但將對本季的獲利能力和現金流產生輕微的負面影響。

For fiscal '20, we expect PlanGrid to contribute approximately $100 million in ARR and create a slight headwind for our profitability. The transaction and associated financing costs will have some dilutive effect on our cash flow, and we believe we can achieve our goal of $1.35 billion in free cash flow for the year. There are more details about the company and our rationale behind the acquisition in a slide deck on our Investor Relations website.

預計 2020 財年 PlanGrid 將貢獻約 1 億美元的年度經常性收入 (ARR)，並對我們的獲利能力造成輕微的不利影響。此次交易及相關融資成本將對我們的現金流量產生一定的稀釋作用，但我們相信我們能夠實現今年自由現金流達到 13.5 億美元的目標。有關本公司及我們收購理由的更多詳情，請參閱我們投資者關係網站上的幻燈片。

Now I'll turn to the discussion of our outlook. 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's been some foreign exchange volatility, but our hedging program has succeeded in smoothing out the bigger swings.

現在我將轉而討論我們的展望。首先我想說的是，我們對全球經濟情勢的看法與過去幾季相比基本上沒有變化，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，但我們的對沖計畫成功地平抑了較大的波動。

As we look at our outlook for Q4, we expect to see continued sequential increases in most metrics, including ARR, ARPS, billings, revenue, spend and earnings.

展望第四季度，我們預期大多數指標將繼續環比成長，包括 ARR、ARPS、帳單金額、收入、支出和收益。

We are raising our outlook on all of those key metrics for the year. We expect our hiring ramp to continue as we finish the rebalancing of resources to the most strategic projects. And as such, we expect our spend to increase slightly sequentially. However, the sequential uptick in total operating expense in the fourth quarter will be lower than previous years, due to the adoption of ASC 340 that requires capitalization of commissions, which historically have been very heavy during Q4. Even though our full year expenses are moving up modestly, our operating margin for the year will be higher by 1 percentage point versus our previous target. Also, our new margin forecast for the year represents nearly 17 points of improvement over last year. And we expect a sizable uptick in cash flow in Q4.

我們提高了今年所有關鍵指標的預期。隨著我們完成資源向最具策略性項目的重新平衡，我們預期招募規模將繼續擴大。因此，我們預計支出將較上季略有成長。然而，由於採用了 ASC 340 準則，要求將佣金資本化（而佣金在第四季度歷來都非常高），因此第四季度總營運支出的環比增長將低於往年。儘管我們全年的支出略有增加，但我們今年的營業利潤率將比之前的目標高出 1 個百分點。此外，我們新的年度利潤率預測顯示，與去年相比，利潤率將提高近 17 個百分點。我們預計第四季現金流將大幅成長。

Regarding subscriptions, I'll reiterate that next quarter will be the last time we will record on subs and ARPS on a quarterly basis. After that, we will use events like our annual Investor Day to report on important metrics that will help you build your long-term models. For fiscal year '19, we continue to expect subscription additions to end up 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.

關於訂閱量，我再次重申，下個季度將是我們最後一次按季度記錄訂閱量和平均每筆交易額。之後，我們將利用年度投資者日等活動來報告一些重要指標，這些指標將有助於您建立長期模型。對於 2019 財年，我們仍然預期新增訂閱用戶數將達到我們預期範圍的下限，這主要與我們在採用行業數據收集方面取得的成功以及我們在 M2S 計劃中經歷的整合有關。

Before we start the Q&A part of this call, I want to summarize by highlighting the great progress we have made on driving the sum of our revenue growth plus free cash flow margin, which is a key metric for driving shareholder value under the rule of 40 framework. We ended the quarter with the sum of both metrics at 32%, a level we have not seen for 4 years. And as Andrew said, we plan to nearly double this metric in the next few years. Operator, we'd now like to open up the call for questions.

在開始本次電話會議的問答環節之前，我想總結一下，重點介紹我們在推動收入增長和自由現金流利潤率之和方面取得的巨大進展，這是根據 40 法則框架推動股東價值的關鍵指標。本季末，這兩項指標的總和為 32%，這是我們 4 年來從未見過的水平。正如安德魯所說，我們計劃在未來幾年內將這一指標提高近一倍。接線員，現在我們開始接受提問。

(Operator Instructions) Our first question comes from Saket Kalia of Barclays Capital.

（操作員說明）我們的第一個問題來自巴克萊資本的Saket Kalia。

It's Saket from Barclays. First, maybe for you on -- maybe for you, Andrew, on PlanGrid. Nice addition to the construction portfolio. I guess, longer term, as you think about the construction software market, how important is it going to be that Autodesk has both the underlying BIM data as well as the PlanGrid capabilities versus others in the space that maybe don't have that underlying BIM data?

我是巴克萊銀行的薩克特。首先，也許對你來說——也許對你來說，安德魯，是在 PlanGrid 上。為建築產品組合增添了另一個佳品。我想，從長遠來看，在考慮建築軟體市場時，Autodesk 同時擁有底層 BIM 數據和 PlanGrid 功能，這相對於該領域其他可能不具備底層 BIM 數據的公司來說，究竟有多重要？

Yes, that's an excellent question, Saket. So let me kind of give you a sense for where we are right now. Right now, a lot of the projects out there in the construction ecosystem are very document-centric, and that's where PlanGrid plays a very, very strong role, but there's a growing percentage of projects that are very BIM-centric. And these projects start with BIM data and move BIM data through the entire process. What you'll see us over time be able to do is capture the BIM-centric projects, the document-centric projects and bring the 2 together. PlanGrid really understands the document-centric and sheet-centric workflow, and they really have the hearts and minds of the end users in that space. We really understand the BIM data. And as those 2 things come together over time in over a 5-year period or more where more and more projects are BIM based, it's obviously going to allow us to cover almost 100% of the project ecosystem.

是的，薩凱特，你問得好。那麼，讓我來大致介紹一下我們目前的處境。目前，建築生態系統中的許多項目都非常注重文檔，而 PlanGrid 在其中發揮著非常強大的作用，但越來越多的項目也非常注重 BIM。這些專案從 BIM 資料開始，並將 BIM 資料貫穿整個流程。隨著時間的推移，您將會看到我們能夠做到將以 BIM 為中心的專案、以文件為中心的專案結合起來。PlanGrid 非常了解以文件和表格為中心的工作流程，並且真正贏得了該領域最終用戶的心。我們對BIM數據非常了解。隨著這兩件事在五年或更長時間內逐漸結合起來，越來越多的專案基於 BIM，顯然這將使我們能夠覆蓋幾乎 100% 的專案生態系統。

Got it. That's super helpful. Maybe staying on PlanGrid with you, Andrew. Can you just talk a little bit about the pricing model and maybe how it compares to others in the industry? I know you talked about general contractors and subcontractors and we've heard others in the industry that perhaps base pricing on seat versus total value of a particular construction project. So can you talk a little bit about PlanGrid's pricing model?

知道了。這太有幫助了。或許可以繼續和你一起使用 PlanGrid，安德魯。您能否簡單談談定價模式，以及它與業界其他產品的比較？我知道您談到了總承包商和分包商，我們也聽說業內其他人可能會根據座位數量而不是特定建設項目的總價值來定價。那麼，您能簡單談談 PlanGrid 的定價模式嗎？

Yes. So PlanGrid, like us right now, is predominantly a named user model. Now as you probably know, we have experience in all the model types here. We have a named user model. We have a pay-per-use consumptive model, and we have the project-based model. And what we found over time is that the models that are tending to be the predominant play are going to be named user and consumptive or pay-per-use. The project-based models, they help in the short term. They allow you to land an account and they provide short-term growth. But long term, the customers basically just push back on this whole percent of turnover model. It's not an attractive model to the customers, so we absolutely see the pendulum swinging towards named user and pay-per-use and that -- PlanGrid is well aligned with that.

是的。所以 PlanGrid 和我們現在一樣，主要採用命名使用者模型。正如您可能知道的那樣，我們這裡各種車型都有經驗。我們採用命名用戶模型。我們既有按使用量付費的消費模式，也有以專案為基礎的模式。隨著時間的推移，我們發現，逐漸佔據主導地位的模式將以使用者為中心，以消費為中心，或按使用量付費。項目制模式在短期內會有所幫助。它們能讓你獲得帳戶，並提供短期成長。但從長遠來看，客戶基本上都會抵制這種營業額百分比模式。對於客戶而言，這種模式並不吸引人，因此我們完全可以看到趨勢正在向指定用戶和按使用付費的方向轉變——PlanGrid 與此非常契合。

Our next question comes from Philip Winslow of Wells Fargo.

下一個問題來自富國銀行的菲利普‧溫斯洛。

As you mentioned, probably the strongest quarter that I can think of, of having both net add growth as well as a pretty impressive ARPS increase. What do you think about sort of what's driving that even in the context of higher cloud subs, typically higher -- lower ARPS? Kind of walk us through sort of where we are in sort of the ARPS life cycle. Obviously, you've given your guidance for next year that implies an increase versus what you guided to this year. But kind of help us through like what are the drivers that were there this year, which one of those continue into 2020? Then I just have one follow-up to that.

正如您所提到的，這可能是我能想到的最強勁的一個季度，淨新增用戶數成長，平均每筆銷售額 (ARPS) 也實現了相當可觀的成長。您認為在雲端用戶數量較高的情況下，通常情況下，是什麼因素導致了較低的ARPS？請您大致介紹一下我們目前在 ARPS 生命週期中的位置。顯然，您已經給出了明年的業績預期，這意味著業績將比今年的預期有所成長。但請您幫我們梳理一下，今年有哪些車手參賽，其中哪些車手會延續到 2020 年？然後我還有一個後續問題。

Philip, this is Scott. I think on the subs, you touched on it. We had another good quarter of sub adds for core, and cloud had a -- we're accelerating the sub add in the cloud business really driven by BIM 360, 53,000 sub adds for the quarter. So that's on the subs front. On the ARPS front, we're continuing to see the trend that we saw and we -- initially that we talked about in the Investor Day back in March and that we saw in Q2. So there's some effect from the change in channel discounts for AutoCAD LT that rolled out at the beginning of the year. We made a slight adjustment to our multiyear -- our multiuser product pricing at the beginning of this year. That's coming through as well. But more importantly, we're seeing a bigger renewal base, which you know comes at a higher net price to us. We're seeing an increase in direct sales at eStore. One of the stat I gave on the opening commentary was that eStore grew 65% this quarter. So that drives higher ARPS. The move to collections continues to be strong. Collections are a notable percent of our total base, both of new and of conversions on M2S and less discounting over time. So all those factors drove ARPS last quarter and again, this quarter. And almost all those will continue out, not just into fiscal '20 but out into fiscal '23 as well.

菲利普，這位是斯科特。我認為關於字幕，你已經提到過了。我們核心業務的子用戶新增量又是一個不錯的季度，而雲端業務的子用戶新增量——我們正在加速雲端業務的子用戶新增，這主要得益於 BIM 360 的推動，本季新增了 53,000 個子用戶。以上就是關於替補席方面的情況。在 ARPS 方面，我們繼續看到我們在 3 月的投資者日上最初談到的趨勢，以及我們在第二季度看到的趨勢。所以，年初推出的 AutoCAD LT 通路折扣變更產生了一些影響。今年年初，我們對多年期多用戶產品定價進行了一些調整。這一點也體現出來了。但更重要的是，我們看到續約客戶群更大，您也知道，這對我們來說意味著更高的淨成本。我們看到網上商店的直接銷售額有所成長。我在開場白中提到的一個數據是，本季 eStore 成長了 65%。這樣就能推高平均每用戶收入（ARPS）。向集約化模式的轉變依然強勁。收藏品在我們總客戶群中佔相當大的比例，包括新客戶和透過 M2S 轉換的客戶，而且隨著時間的推移，折扣力度也較小。因此，所有這些因素都影響了上季和本季的平均每百萬美元銷售額。而且幾乎所有這些措施都會繼續實施，不僅會延續到 2020 財年，還會延續到 2023 財年。

Great. So then a follow-up for Andrew on PlanGrid. And first off, congratulations on that deal and really reinforcing your leadership position in defining construction life cycle management as a market here. When you think about PlanGrid and sort of the idea of construction life cycle management, where do you kind of put the dividing line between sort of where Autodesk is going to play versus, call it, traditional sort of more financials applications? What do you think about budgeting, et cetera, kind of getting under the financial side of construction? Is that where you kind of separate how deep Autodesk wants to go in construction? Or is it eventually somebody that says, hey, look, we're going to be a player in the entire life cycle?

偉大的。接下來，Andrew 將就 PlanGrid 提出後續問題。首先，恭喜你們達成這項交易，並真正鞏固了你們在定義建築生命週期管理市場的領導地位。當你想到 PlanGrid 和建築生命週期管理的概念時，你會如何劃分 Autodesk 將要涉足的領域與傳統財務應用程式之間的界線？你對預算編制等方面有什麼看法？也就是深入了解建築業的財務面？這是否大致反映了 Autodesk 想要在建築領域深入發展到何種程度？或者最終會有人說，嘿，瞧，我們要在整個生命週期中扮演重要角色？

Yes. So I think you're actually touching on something that's important here. If you look at the way that's evolved in the manufacturing space, what happened was there was a rise of what were called product life cycle management systems, and they basically handled the entire data flow from the design phase all the way through the delivery of the products in the manufacturing floor, but ERP systems continued to fill the void in terms of the whole financial planning and budgeting aspects and some of the financial aspects. That's the way we see this unfolding in the future. We're not going to go into the ERP space of construction. We're going to stay on the whole life cycle from design all the way through to site execution, and we think that's well aligned with our vision of how construction is going to industrialize over the next 10 years. So don't see us getting into construction financials and budget management and those kind of things in the future.

是的。所以我覺得你確實觸及了這裡很重要的一個問題。如果你看看製造業的發展歷程，你會發現產品生命週期管理系統興起，它們基本上處理了從設計階段到產品交付到生產車間的整個資料流，但 ERP 系統繼續填補了整個財務規劃和預算方面以及一些財務方面的空白。這就是我們預見的未來發展趨勢。我們不會涉足建築業的ERP領域。我們將持續關注從設計到現場施工的整個生命週期，我們認為這與我們對未來 10 年建築業工業化的願景非常契合。所以，未來我們不會涉足建築財務、預算管理以及類似的事情。

So the basic idea is just sort of like PLM evolved from of the design software players becoming the leaders in PLM. Similar idea with you guys here, design in the construction life cycle management but financials being a separate area. Is that a fair assumption?

所以，PLM 的基本理念就像是從設計軟體廠商發展而來，最後成為 PLM 領域的領導者。我的想法和你們類似，設計是建築生命週期管理的一部分，但財務是另一個獨立的領域。這種假設合理嗎？

Absolutely. I see it playing out exactly the same way, and there's really no reason right now to not see it playing out the exact same way.

絕對地。我認為事情會完全按照同樣的方式發展，而且現在真的沒有任何理由認為事情不會完全按照同樣的方式發展。

Our next question comes from Jay Vleeschhouwer of Griffin Securities.

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

Andrew, let me start with you on this big dose of vitamin C that you're buying with PlanGrid. Could you talk about 2 things? One, how do you foresee the integration into the portfolio and maybe talk about the technology road map here? And also, what connection do you see, if any, of this acquisition to the manufacturing side of the portfolio? In other words, as we heard last week at AU, there's the growing connection of manufacturing to AEC and construction. Does this have any bearing on that and could this also lay the groundwork? Does this imply a future construction collection? Then a follow-up.

Andrew，我先跟你談談你透過 PlanGrid 買的這大劑量維生素 C 吧。能談談兩件事嗎？第一，您如何看待產品組合的整合，能否在這裡談談技術路線圖？另外，您認為此次收購與公司投資組合中的製造業方面有何關聯（如果有的話）？換句話說，正如我們上週在AU聽到的那樣，製造業與AEC和建築業的聯繫日益緊密。這是否與此有關，或者這是否也能為此奠定基礎？這是否意味著未來會推出建築系列？然後是後續跟進。

All right. So let me start -- that was actually 3 questions, Jay. I'll answer all of them, okay? All right. So first off, let's talk about the product integration strategy. So let's kind of just pause and talk about what is each product family good at, all right? PlanGrid has built an excellent SaaS mobile native platform for document-centric workflows and sheet-centric workflows and project management layers. They capture issues, change orders and things in these document-centric workflows. They have done an absolutely exceptional job, and you can tell by how far they've reached down in the construction ecosystem and the products beloved by the end users. So they really nailed this notion of document-centric flow. You can see on the BIM 360 side we have always been very BIM centric, all right? We focused on how do you get BIM data deeper into the construction process? How do you explode it so that it can be useful to more teams? So I think what you're going to see us doing with this portfolio integration, especially over the next 1.5 years or so is we're going to pull their document-centric view up into BIM 360, and they're going to pull our model-centric view down into their application. So basically, you're going to see us close the loop between the document flows that go on in PlanGrid and the BIM data flows that go on in BIM 360. And you'll see each team kind of double downing on what it's best at. So you'll see the BIM 360 team start to continue to move further upstream in its efforts on preconstruction, and the PlanGrid team continue to execute more deeply on the document based flows and gaining insights from those flows. Now in terms of the manufacturing integration, I think one of the things you're probably aware of is as manufacturing industrializes more and more, what we classically call building product manufacturers are going to show up more and more in the construction world. They're going to be delivering products into the construction space. They're probably going to be one of the larger pre-fabricators out there in terms of what -- these are the things -- these are companies that right now that build things like ducting systems, air conditioning systems, curtain walls, prefabricated modular buildings. They're going to get more and more important. And as such, they will be a trade "in the workflow," and they'll likely be consuming some of these applications too as the owners propagate their construction flows into these applications. So you'll absolutely see an overlap between what we classically call our product data management applications and these construction life cycle applications. Now your last point on the construction collection, I wouldn't look for anything like that soon. The collections have primarily been targeted at the desktop products and integrating cloud-based capabilities with the desktop products, we think we have the appropriate layer of overlap there. Right now, we're just going to keep rolling these products out separately and satisfy the needs of individual products -- projects in the construction ecosystem one at a time.

好的。那麼，讓我先開始吧——傑伊，其實那是三個問題。我會回答所有問題，好嗎？好的。首先，我們來談談產品整合策略。那麼，我們不妨停下來，談談每個產品系列各自的優勢是什麼，好嗎？PlanGrid 為以文件為中心的工作流程、以表格為中心的工作流程和專案管理層建立了一個優秀的 SaaS 行動原生平台。它們記錄了以文件為中心的各種工作流程中的問題、變更單和事項。他們做得非常出色，從他們深入建築生態系統以及最終用戶喜愛的產品就能看出這一點。所以他們真的把以文檔為中心的流程概念理解透徹了。您可以看到，在 BIM 360 方面，我們一直都非常注重 BIM，對吧？我們重點研究如何將 BIM 資料更深入地應用到施工過程中？如何將其擴展，使其能夠為更多團隊所用？所以我認為，在接下來的1.5年左右的時間裡，我們將把他們以文檔為中心的視圖引入BIM 360，而他們也將把我們以模型為中心的視圖引入他們的應用程序，從而實現投資組合的整合。所以基本上，你會看到我們實作 PlanGrid 中文檔流與 BIM 360 中 BIM 資料流之間的閉環。你會看到每個團隊都在加倍投入自己最擅長的領域。因此，你會看到 BIM 360 團隊開始繼續向上游推進施工前準備工作，而 PlanGrid 團隊則繼續更深入地執行基於文件的流程，並從這些流程中獲得見解。就製造業整合而言，我認為您可能已經意識到，隨著製造業的工業化程度越來越高，我們通常所說的建築產品製造商將會越來越多地出現在建築領域。他們將向建築領域供應產品。他們很可能成為規模較大的預製件生產商之一，具體來說，就是這些公司目前正在生產管道系統、空調系統、帷幕牆、預製模組化建築等產品。它們會變得越來越重要。因此，它們將成為「工作流程」中的一種交易，而且隨著業主將他們的施工流程擴展到這些應用程式中，他們也可能會使用這些應用程式。因此，您肯定會看到我們通常所說的產品資料管理應用程式與這些建築生命週期應用程式之間存在重疊。關於你提到的建築收藏品的最後一點，我建議你近期不要考慮這類收藏品。這些產品系列主要針對桌面產品，並將基於雲端的功能與桌面產品結合，我們認為我們在這方面已經達到了適當的重疊程度。目前，我們將繼續逐一推出這些產品，並滿足各個產品的需求——建築生態系統中的項目也逐一滿足。

A quick follow-up on M2S. Could you talk about -- this one's for Scott. Any material differences you're seeing in adoption or conversion by geo, for example, within Europe? Are you seeing any notable differences there or in Asia or here in terms of rates of adoption of M2S?

關於 M2S 的快速後續報導。你能談談嗎——這個問題是問斯科特的。例如，在歐洲內部，您是否觀察到不同地區在採用率或轉換率方面有任何實質差異？您在M2S的採用率方面，是否觀察到亞洲或英國有任何顯著差異？

Yes, Jay, We are. So let me start by saying the conversion rate on M2S was unchanged this quarter. It's still staying at about 1/3 of maintenance agreements that came up for renewal that converted. So even though the number in absolute terms is smaller, it just means the number that came up for renewal is small. So no change in conversion rate. There is a difference by geo, as you just pointed out. It's less so at the country level. It's more what we typically see as new technologies roll out where North America seems to be the earliest adopters followed by Continental Europe and then some of the emerging markets in Europe and APAC comes in at -- after Europe. So that's exactly what we're seeing in our maintenance-to-subscription. We're furthest along in the U.S., we're about where the U.S. was within the last 2 or 3 quarters in Europe at this point, and APAC is behind.

是的，傑伊，我們是。首先我要說的是，本季M2S的轉換率沒有改變。在續約的維護協議中，轉換率仍維持在三分之一左右。所以，即使絕對數量較小，也只是代表需要續簽的數量較少。因此轉換率沒有變化。正如你剛才指出的那樣，地理位置不同確實存在差異。在國家層面，這種情況就沒那麼明顯了。這更像是我們通常在新技術推廣過程中看到的現象，北美似乎是最早採用者，其次是歐洲大陸，然後是歐洲的一些新興市場，亞太地區則排在歐洲之後。所以，這正是我們在維護用戶與訂閱用戶比例上看到的情況。我們在美國的發展進度最快，目前我們在歐洲的發展進度大致相當於過去兩三個季度美國的水平，而亞太地區則落後了。

Our next question comes from Heather Bellini of Goldman Sachs.

我們的下一個問題來自高盛的希瑟貝利尼。

I have a follow-up on collections. You guys mentioned that they're a notable percentage of your total base. I'm just wondering if, as you said, I guess, total base and M2S. I'm just wondering, are collections tracking faster than you thought? And then what do you think it is now that's driving adoption for existing customers to look at collections when you had fleets in the past? What's causing people to get more interested in them? The other just real quick one would be your eStore progress. Is that progressing faster than where you thought you would be right now?

我還有關於收藏品的後續工作。你們提到他們佔你們總用戶群的相當大比例。我只是想知道，正如你所說，我猜，總基礎和 M2S。我只是想問一下，收款進度比你預想的還要快嗎？那麼，您認為現在是什麼因素促使現有客戶從過去依賴車隊管理轉向現今的收款模式呢？是什麼原因導致人們對它們越來越感興趣？另一個只需簡單查看一下的問題是您的網上商店進度。這個進展比你預想的還要快嗎？

Yes, Heather, I'll start on the eStore. It's progressing right in line with what our expectations are. We gave a stat, it grew 65% year-on-year during the third quarter that we disclosed. The eStore continues to drive 20% or so of all of our product subs so the eStore is progressing nicely. There's more ground to cover there, but the eStore is progressing nicely. On the collections, they have moved faster than we had initially planned, and I think it's all upside. It's definitely good news. We spent -- I think you've heard me say this, we spent an enormous amount of time. Andrew, both in his current role but also in his prior role, spent an enormous amount of time ensuring that we put the right content in those collections, that we simplified it. We went from 7 Suites, which each had a good-better-best version. So 21 Suites down to just 3 collections. So it's easier to sell, it's easier to buy and easier to consume. But we also spend a lot of time getting the product mix inside those collections right. It's moved faster both for new customers and certainly, it's moved fast on people converting from maintenance over to product subscription and stepping up at that point to collections. It's been a pleasant upside.

是的，希瑟，我會開始做網路商店。進展完全符合我們的預期。我們公佈的數據顯示，第三季年增了 65%。網路商店繼續貢獻我們約 20% 的產品訂閱量，因此網路商店的發展勢頭良好。雖然還有很多工作要做，但網上商店的進展很順利。在產品系列方面，它們的進展比我們最初計劃的要快，我認為這全是好事。這絕對是個好消息。我們花了——我想你們都聽我說過——我們花了大量的時間。安德魯無論是在他目前的職位上，還是在他之前的職位上，都花費了大量時間來確保我們在這些收藏集中放入正確的內容，並簡化這些內容。我們從 7 間套房開始，每間套房都有好、更好、最好的三種版本。所以，21 個套房縮減到了 3 個系列。所以它更容易銷售、更容易購買、更容易消費。但我們也花了很多時間確保這些系列產品內部的產品組合合理。對於新客戶而言，它的進展速度更快；當然，對於從維護模式過渡到產品訂閱模式，並最終升級到產品系列的用戶來說，它的進展速度也更快。這是一個令人欣喜的意外收穫。

And Heather, one of the things that's very different about the collections from the Suites space is the integration with multiplatform in the cloud is a pretty significant delta from what we had in the Suite space. So for instance, the AutoCADs, you get in the box with a collection, have a mobile version. They have a web version. And also, they're all integrated with a common data platform in the cloud so people can share their data. So it's a very different offering than what we had during the Suite space.

Heather，Suite 系列產品與一般產品系列的一個非常不同的是，它們與雲端多平台的整合與 Suite 系列產品相比有了相當大的差異。例如，你在套裝軟體中得到的 AutoCAD 就有一個行動版本。他們有網頁版。而且，它們都整合到雲端的通用數據平台中，因此人們可以共享他們的數據。所以這和我們在套房空間裡提供的服務非常不同。

Our next question comes from Gal Munda of Berenberg Capital Markets.

下一個問題來自貝倫貝格資本市場的加爾·蒙達。

The first one I have is about PlanGrid. Can you talk a bit about the growth profile of the business and the way you expect that maybe the contributions to come into FY '20 when you look at that? How does that contribute to kind of your targets for FY '23?

我的第一個貼文是關於 PlanGrid 的。您能否談談公司的發展前景，以及您預計公司在 2020 財年將如何做出貢獻？這對於實現你們2023財年的目標有何貢獻？

Yes. So I'll start and then let Andrew chime in. They are running on a $60 million to $70 million revenue run rate right now and growing about 50% year-on-year. So that's what underpins one of the comments I gave in the opening script that we expect it to contribute around $100 million in ARR next year. There's likely to be some small haircuts, the revenue haircut, as we work through all the purchase accounting. But that's -- so that will drive a small amount of upside in ARR for fiscal '20. And actually between that -- the small amount of headwind on profitability and a small amount of financing cost. There will be a little bit of a headwind on cash flows, we think we can contain that and still achieve for fiscal '20 the $1.35 billion in free cash flow we put out there. You want to talk about longer term?

是的。那我先開始，然後讓安德魯插話。他們目前的年收入約為 6,000 萬至 7,000 萬美元，並且每年增長約 50%。所以，這就是我在開場白中提到的其中一條評論的依據，我們預計它明年將貢獻約 1 億美元的年度經常性收入 (ARR)。當我們處理所有採購會計工作時，可能會出現一些小幅削減，也就是收入削減。但這樣一來，2020 財年的 ARR 將會略有上升。實際上，介於兩者之間的因素包括：獲利能力方面的小阻力以及少量的融資成本。現金流方面會有一些不利因素，但我們認為可以控制住這些因素，並實現 2020 財年 13.5 億美元的自由現金流目標。你想談長遠發展嗎？

Yes. Now if we look out at the FY '23 target, remember, one of the things we said very explicitly when we talked about those target was that the cloud and specifically construction was one of the things that was required to hit those targets. So what you're seeing us do right now is executing on the strategy that allows us to hit those numbers we put out there for FY '23. So organic and inorganic CapEx are actually how we're getting those numbers we put out there, and that's how we're going to succeed in construction.

是的。現在，如果我們展望一下 2023 財年的目標，請記住，我們在談到這些目標時非常明確地指出，雲端技術，特別是雲端建設，是實現這些目標所必需的條件之一。所以你們現在看到的，是我們正在執行的策略，該策略使我們能夠實現我們在 2023 財年設定的目標。所以，有機資本支出和無機資本支出其實是我們得出這些數字的方式，也是我們在建築領域中取得成功的方式。

Perfect. And just if I think about the customer overlap and the way you guys -- when they go to the market today. First, maybe if you think about the U.S., because that's where they're mainly based in, how much is the -- how much customer overlap there is? And in the past, you talked a bit about the stages of adoption in BIM. You start with the project, then you spend in the division, maybe go company-wide and entity-wide. Where is PlanGrid at compared to BIM 360 today?

完美的。如果我仔細想想客戶重疊的情況，以及你們現在進入市場的方式。首先，或許可以考慮美國市場，因為他們的主要總部都設在那裡，那麼──客戶重疊度有多高？過去，您曾談到BIM的採用階段。你先從專案入手，然後在部門內投入資金，也許會擴展到公司範圍甚至整個公司。與現今的 BIM 360 相比，PlanGrid 處於什麼階段？

Yes. So here's what's really exciting about this. We do have quite a bit of customer overlap, not a lot. They go deeper down into the system than we do, but what we don't have is project overlap, all right? And what happens in the construction space is technology is sold on a project-by-project basis. So for instance, in accounts where we do overlap, BIM 360 is on a completely different project, and PlanGrid is used on another project. So what you see is PlanGrid has built a go-to-market machine that's very good at selling on a project-by-project basis. We've had a lot of success with BIM 360 selling to the IT departments in the large GCs and the midsize GCs. So there's a really great complement between their project centric go-to-market approach and our IP or top of the market go-to-market approach. So you can see it's actually coming at some of our companies in different ways. The other growth synergy we're obviously going to see is taking the PlanGrid technology international, into EMEA and into APAC. So yes, there is an overlap, but the overlap is by account not by projects. We do not share any projects.

是的。所以，真正令人興奮的是…我們的客戶重疊部分確實不少，但不多。他們比我們更深入地了解系統，但我們之間沒有項目重疊，對吧？在建築領域，技術是按項目逐一銷售的。例如，在我們業務重疊的帳戶中，BIM 360 用於一個完全不同的項目，而 PlanGrid 則用於另一個項目。所以你可以看到，PlanGrid 已經建立了一套非常擅長以專案進行銷售的市場推廣機制。我們向大型總承包商和中型總承包商的 IT 部門銷售 BIM 360 取得了巨大的成功。因此，他們以專案為中心的市場推廣方式與我們以智慧財產權或市場領先地位為中心的市場推廣方式之間有著非常好的互補性。所以你可以看到，它實際上正以不同的方式影響我們的一些公司。我們顯然將看到的另一個成長綜效是將 PlanGrid 技術推向國際市場，進入歐洲、中東和非洲地區以及亞太地區。所以，是的，存在重疊，但重疊是按帳戶而不是按項目進行的。我們不共享任何項目。

Our next question comes from Sterling Auty of JPMorgan.

我們的下一個問題來自摩根大通的斯特林·奧蒂。

You mentioned in the prepared remarks talking about the outlook and your commentary on macros that hasn't changed, but how did the G20 -- and a lot of concerns over trade discussions, et cetera. Kind of what are you hearing specifically from customers in EMEA and APAC? And what are your thoughts here going into next quarter from a macro perspective?

您在準備好的發言稿中談到了前景，您對宏觀經濟的評論也沒有改變，但是二十國集團的情況如何——以及對貿易談判的許多擔憂等等。您具體從歐洲、中東和非洲地區以及亞太地區的客戶那裡了解到哪些資訊？那麼從宏觀角度來看，您對下一季有何看法？

Yes, Sterling. We are not seeing any impact on macro at this point. It's something that obviously, I think, everyone is looking very closely for. We've been watching since the beginning of the year, frankly, to see if there's any effect in the U.K. or across Northern Europe from Brexit. We're not seeing that -- we're not seeing it in demand. We're not seeing it in pipeline build. We've also been watching very carefully with the trade and tariff situation, the way it's escalated over the last couple of months, we're not seeing any impact there. There's the anecdote here and there. We're not seeing any impact on-demand, and we're not seeing any impact on pipeline build at this point. So to this point, the demand environment still remains robust. And from what we can see, it will continue that way through the end of the year.

是的，斯特林。目前我們尚未看到對宏觀經濟的任何影響。顯然，我認為，每個人都在密切關注這件事。坦白說，我們從年初就開始關注英國脫歐是否會對英國或整個北歐產生任何影響。我們沒有看到這種情況——我們沒有看到市場對它的需求。我們在流水線建造中沒有看到它。我們也一直在密切關注貿易和關稅情況，儘管過去幾個月情況不斷升級，但我們目前還沒有看到任何影響。這裡那裡零星散落著一些軼事。目前我們尚未看到對需求的任何影響，也未看到對管道建設的任何影響。所以到目前為止，市場需求環境依然強勁。從目前的情況來看，這種情況將持續到年底。

Yes. And Sterling, I just came off of Autodesk University and I spend a lot of time with construction and manufacturing customers. And yes, sure, some of them are seeing increases in their material costs, but they're all seeing increases in their material costs. So really, it's not affecting their ability to execute on projects relative to their competition. So they're still investing in technology from our side because they're all seeing the same kind of small impact on their material cost, but it's not translating into any kind of impact on our business because the people have to get their jobs done.

是的。史特林，我剛從歐特克大學畢業，我花了很多時間與建築和製造業的客戶打交道。沒錯，有些企業的材料成本確實上漲了，但所有企業的材料成本都在上漲。所以實際上，這並沒有影響他們相對於競爭對手的專案執行能力。所以他們仍然在技術方面進行投資，因為他們都看到了材料成本受到的類似輕微影響，但這並沒有對我們的業務產生任何影響，因為人們必須完成他們的工作。

That makes sense. And then my follow-up on PlanGrid. As you looked at that space, given the number of competitors that are in it, can you help us by comparing and contrasting what you think PlanGrid's particular strengths were versus the other competitors in that space?

這很有道理。然後是我關於 PlanGrid 的後續報導。鑑於該領域競爭者眾多，您能否幫助我們比較和對比一下您認為 PlanGrid 相對於該領域其他競爭對手的獨特優勢？

Yes, you're right. It is a very competitive space, Sterling. There's lots of competition in the space. What we look at, there's a couple of important things. One, PlanGrid built an excellent SaaS native application. That's where our focus is on the BIM 360 portfolio. Everything started SaaS native. They've got an excellent set of technologies that are well tuned in mobile workflows. So they started with a staff that's highly scalable, highly SaaS focused, highly mobile-centric, and that's super important moving forward because that's the paradigm that you have to go with. You don't want to have to retool some underlying architecture to be more SaaS or mobile friendly. So that was number one, right? Number two is they are covering a set of project requirements that we don't necessarily cover as well with BIM 360. So they have that really robust document-centric flow, we have that really robust BIM-centric flow. Another thing that's super important, they're right down the street, all right? They're right here in San Francisco. It allows us to tap more robustly into the San Francisco talent pool. It's highly synergistic with our location strategy so we're able to build out a stronger construction presence here in San Francisco. And then finally, there's big synergy with their business models. The business models are nicely aligned. As we discussed earlier when Saket asked, there's pluses and minuses to the various business models out there. And we felt very strongly that the named user and pay-per-use models are the winning models, and project-based models hit a brick wall. So it was really important for us to look at all these things out there in terms of execution. That's what led us in this direction. They really got the right application in the right space the right time.

是的，你說得對。斯特林，這是一個競爭非常激烈的領域。這個領域的競爭非常激烈。我們關注的重點有兩個面向。第一，PlanGrid 建構了一個優秀的 SaaS 原生應用程式。這就是我們在 BIM 360 產品組合中的重點。一切都始於SaaS原生模式。他們擁有一套非常優秀的技術，這些技術已經針對行動工作流程進行了很好的調整。所以他們一開始就組建了一支高度可擴展、高度專注於 SaaS、高度以行動端為中心的團隊，這對於未來的發展至關重要，因為這是你必須遵循的範式。你肯定不想為了更適合 SaaS 或行動應用程式而重新設計底層架構。所以那是第一點，對吧？第二點是，它們涵蓋了一系列我們用 BIM 360 不一定能很好地涵蓋的專案要求。所以他們有非常強大的以文件為中心的流程，我們有非常強大的以 BIM 為中心的流程。還有一件非常重要的事，他們就在街對面，好嗎？他們就在舊金山。這使我們能夠更有效地利用舊金山的人才庫。這與我們的選址策略高度契合，因此我們能夠在舊金山建立更強大的建築業務。最後，他們的商業模式也具有很大的綜效。兩者的商業模式非常契合。正如我們之前在 Saket 問起時討論的那樣，各種商業模式都有其優點和缺點。我們強烈認為，指定使用者和按使用付費模式是成功的模式，而基於專案的模式則遇到了瓶頸。因此，對我們來說，從執行的角度審視所有這些因素非常重要。正是這一點引導我們走向了這個方向。他們確實在合適的時間、合適的領域推出了合適的應用程式。

Our next question comes from Matt Hedberg of RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的馬特‧赫德伯格。

Scott, can you help us how we should think through the impact of multiyear contracts to your -- you reiterated fiscal '20 free cash flow targets, but is the plan to get back to more historic levels? Is that primarily channel incentives to drive that behavior?

Scott，可以幫我們分析一下多年合約對你的影響嗎？你重申了 2020 財年的自由現金流目標，但計畫是恢復到更歷史水準嗎？這種行為主要是由通路激勵機制所驅動的嗎？

Yes, Matt. That's a great question. If you remember, this is one thing that I talked about as we were laying out the road to the $1.35 billion free cash flow for fiscal '20 when I walked through that back at our Investor Day. And it really is about seeing multiyear sales kind of revert to its historic mean. We artificially depressed multiyear sales so we launched the maintenance subscription program because we shot up our multiyear maintenance. We had to, given 3 years of visibility to price increases that were going to happen there. So I'd say it's more returning to the norm that it had been, which, if you recall, I said is in about 20% of our sales. And that is focused on product subscription getting to that multiyear point. What that will mean is long-term deferred will get up to less than it has been historically, but probably into that 15% to 20% range below where it had been historically, closer to 30% of our total deferred revenue. So it really is just about reverting that, and that's both a channel play and through our [unbid] market team.

是的，馬特。這是一個很好的問題。如果你還記得的話，這是我們在投資者日上詳細闡述2020財年實現13.5億美元自由現金流目標時提到的一件事。實際上，關鍵在於觀察多年來的銷售額如何回歸其歷史平均值。我們人為地壓低了多年期訂閱的銷售額，所以我們推出了維護訂閱計劃，因為我們大幅提高了多年期維護的銷售額。鑑於三年內價格上漲已成定局，我們不得不這麼做。所以我覺得這更像是回歸到以前的常態，如果你還記得的話，我說過這大約占我們銷售額的 20%。而這主要是為了實現產品訂閱達到多年期的目標。這意味著長期遞延收入將低於歷史水平，但可能會低於歷史水準的 15% 到 20%，接近我們總遞延收入的 30%。所以，關鍵在於扭轉這種局面，這既需要通路策略，也需要我們（未競標的）市場團隊的努力。

That's great. And then just maybe a quick one. As we think forward to Q1, what's the right way to think about sort of like a cost-of-living price increase across the subscription portfolio of products? Is that kind of the right way to think about on an annual basis just kind of like a cost-of-living increase?

那太棒了。然後也許就快速地來一個。展望第一季度，我們該如何看待訂閱產品組合中類似生活成本上漲的價格調整呢？從年度角度來看，這種想法是否正確，就像生活成本上漲一樣？

That's not a decision that we've made or rolled out yet. What we've said is over the long term, expect to see us have annual price increases that are in that low single-digit kind of cost of living range longer term. We haven't thought through or made any decisions on what the kind of price increases would look like beginning next year.

我們尚未做出或推出這項決定。我們之前說過，從長遠來看，預計每年的價格漲幅將保持在個位數的低水平，與長期的生活成本漲幅相當。我們還沒有仔細考慮或決定從明年開始的價格上漲幅度。

As you know, we have published long-term price expectations for our M2S customers. So anyone that's taking the M2S offering has a 10-year visibility to how the cost of their subscription is going to trend over time, which is something we thought was really important to do for some of our best customers.

如您所知，我們已經發布了針對 M2S 客戶的長期價格預期。因此，任何選擇 M2S 服務的人都可以提前 10 年了解其訂閱成本隨時間推移的趨勢，我們認為這對我們的一些最佳客戶來說非常重要。

Our next question comes from Brad Zelnick of Credit Suisse.

下一個問題來自瑞士信貸的布拉德·澤爾尼克。

Congrats as well on PlanGrid and on a great quarter. I wanted to ask about the strength in EBAs and as well, if you can comment to about where we are in the shift to annual billings for EBAs and on penetrating within the enterprise.

也恭喜 PlanGrid 計畫取得成功，以及本季業績斐然。我想詢問一下企業業務協議 (EBA) 的優勢，以及您在 EBA 向年度計費模式轉變以及滲透到企業內部方面所取得的進展。

Yes. Thanks for that question. The EBA business continues to grow strongly so if you remember the stat we gave, and we haven't updated this at a mid-year point but I would expect to see us update it on our Investor Day last year. We're about 45% penetrated through our base of EBA-eligible customers. So obviously, we've made a little more progress on that. I expect to update that penetration rate when we come to the next Investor Day next March. What I'd say is we see great benefit, as do our customers see great benefit as they convert over to EBAs. Usage goes up significantly at that first renewal point. Because of the increased usage of that first renewal point, we see anywhere from 40% to 45% higher renewal at the first renewal point because the usage goes up so much during that period. So the EBA business continues to grow strongly. I think, the statistic we gave earlier was that the enterprise business grew about 50% during the quarter we just closed and it continues to be a focus area for us.

是的。謝謝你的提問。EBA 業務持續強勁成長，如果您還記得我們給出的數據，雖然我們尚未在年中更新該數據，但我預計我們會在去年的投資者日上更新該數據。我們已滲透到符合 EBA 資格的客戶群的約 45%。顯然，我們在這方面取得了一些進展。我預計將在明年三月的下一次投資者日上更新這一滲透率。我想說的是，我們看到了巨大的好處，我們的客戶在轉向 EBA 後也看到了巨大的好處。首次續費時，使用量會顯著增加。由於第一個續訂點的使用量增加，我們看到第一個續訂點的續約率提高了 40% 到 45%，因為在此期間的使用量大幅增加。因此，EBA業務持續保持強勁成長。我認為，我們之前給出的統計數據是，在我們剛結束的季度中，企業業務成長了約 50%，並且它仍然是我們的重點領域。

Excellent. if I could follow up on PlanGrid. You had said that you expect it will be dilutive to fiscal '20 cash flow but yet good to see you're maintaining your fiscal '20 target. But I guess, it's fair to assume it's going to be accretive to fiscal '23. Any way to quantify that?

出色的。如果我能跟進一下 PlanGrid 的情況就好了。您曾表示預計這將稀釋 2020 財年的現金流，但很高興看到您維持了 2020 財年的目標。但我認為，可以合理地假設它將對 2023 財年產生正面影響。有什麼方法可以量化嗎？

Yes, so it does make sense for us to update this fiscal '23 target at this point. We haven't even closed the transaction yet, so I don't want to get into addressing fiscal '23 clearly as a part of the strategy that we had laid out to get to our fiscal '23 targets. In terms of fiscal '20, though, to back up to that piece, they are bringing along a fairly robust revenue stream in addition. So it will be slightly dilutive to profitability in fiscal '20 and slightly dilutive to free cash flows. But we think we can contain it within our fiscal '20 target of $1.35 billion of free cash flow.

是的，所以現在更新 2023 財年的目標是合理的。我們甚至還沒有完成交易，所以我不想就 2023 財年進行明確的討論，因為這與我們為實現 2023 財年目標而製定的戰略不符。不過，就 2020 財年而言，為了佐證這一點，他們也帶來了相當強勁的收入來源。因此，這將對 2020 財年的獲利能力和自由現金流產生輕微的稀釋作用。但我們認為可以控制在 2020 財年 13.5 億美元的自由現金流目標之內。

Yes. Brad, one of the frequent questions I get when I'm out talking to the investment community is -- they ask us, well, so how are you going to get to those construction numbers in the fiscal '23 targets? Well, now you know. It's going to be a combination of organic and inorganic actions like what you just saw.

是的。布拉德，我與投資界人士交流時常被問到的一個問題是──他們會問我們，那麼你們打算如何實現 2023 財年的建築目標呢？現在你知道了。這將是有機作用和無機作用相結合的結果，就像你剛才看到的那樣。

Our next question comes from Alex Tout of Deutsche Bank.

下一個問題來自德意志銀行的 Alex Tout。

Just firstly, on the BIM side and kind of more the concepts of BIM, are you seeing any more government or agency mandates coming through that might act as sort of general catalyst for the BIM market and your attack on that market, first of all? And then on the manufacturing side, you mentioned the interesting Ford example and how this was at least driven in part by generous design. We've also got concepts like digital twin and IoT getting a lot of attention on the manufacturing side, but do you maybe see these initiatives in manufacturing as a little bit further out than the construction opportunity? Just your thoughts there on kind of how quickly those opportunities are developing relatively speaking.

首先，就 BIM 方面以及 BIM 的概念而言，您是否看到任何政府或機構的強制性規定出台，從而成為 BIM 市場以及您進入該市場的催化劑？在製造方面，您提到了福特汽車這個有趣的例子，以及這至少部分是由於慷慨的設計所驅動的。我們也看到數位孿生和物聯網等概念在製造業方面受到了廣泛關注，但您是否認為這些製造業舉措比建築業的機會更遙遠一些？你覺得這些機會的發展速度相對而言如何？

All right. So Alex, remind me what your first question was because I got -- BIM mandate. Okay. Thank you. Yes, because I got -- I started taking notes. All right. Let me talk about the BIM mandate. So we're absolutely seeing more momentum around governments and owners mandating BIM as part of their building process, as part of their specification process. We expect this to continue as time goes on. You remember what happened with the U.K. mandates and how that drove some pretty intense adoption of Revit in the U.K. markets and surrounding markets. You're going to see more and more of those. It's just part of what's going to happen. We're very interested in seeing BIM-based permitting processes getting to government entities as well. That's going to be something that we'd like to be part of helping people understand and do. Now when it comes to the manufacturing opportunity, what you said there about it being somewhat further out, I think, what you're seeing right now especially with our execution on the construction side, you've got this perfect storm of technology is ready, the mobile platform as it is today and the cloud is absolutely 100% suited to what the construction industry needs. The customers are ready. They know they have to digitize, and the products are ready. That's why you see this intense doubling down on the construction opportunity in the near term right now. You look at manufacturing, tools like generative and some of these other tools, IoT, by the way, we just see IoT as an input to generative. That's how you collect data and you use it to put information in. It's something we pioneered with the Hack Rod initiative a couple of years back. These initiatives are all very much in the exploratory stages of manufacturers large and small. And what they're doing is they're sitting, they're going, wow, I know that these technologies, the cloud, high-performance computing in the cloud, connected workflows, generative, all of these things are going to have a big impact on my business. I just don't know how I'm going to deploy them yet. So you'll see those start to get much more traction over an 18- or 24-month horizon whereas construction is kind of a now opportunity.

好的。所以 Alex，提醒我你的第一個問題是什麼，因為我得到的答案是－BIM 強制要求。好的。謝謝。是的，因為我開始做筆記了。好的。讓我來談談BIM強制實施的問題。因此，我們確實看到越來越多的政府和業主強制要求將 BIM 作為其建築流程和規範流程的一部分。我們預計這種情況會隨著時間的推移而持續下去。你還記得英國的強制規定是如何推動 Revit 在英國及週邊市場廣泛應用的嗎？你會看到越來越多這樣的例子。這只是將會發生的事情的一部分。我們也非常希望看到基於 BIM 的審批流程能夠推廣到政府機構。我們希望能夠參與其中，幫助人們理解和做到這一點。說到製造業的機遇，正如你剛才所說，它可能還需要一段時間才能實現。我認為，就目前我們在建築領域的執行情況來看，科技已經成熟，行動平台和雲端技術完全符合建築業的需求，可謂天時地利人和。顧客們已經準備好了。他們知道必須進行數位轉型，而且產品也已經準備就緒。這就是為什麼你會看到目前各方都在加倍投入，抓住近期建築業發展機會的原因。你看看製造業，像生成式科技這樣的工具，還有一些其他的工具，順便說一句，物聯網，我們只是把物聯網看作是生成式技術的輸入。這就是收集數據並利用數據輸入資訊的方法。這是我們幾年前透過 Hack Rod 計劃率先提出的做法。這些舉措目前都還處於大大小小製造商的探索階段。他們現在所做的，就是坐在那裡，心想：哇，我知道這些技術，雲端運算、雲端高效能運算、連網工作流程、生成式運算，所有這些都將對我的業務產生重大影響。我目前還不知道該如何部署它們。因此，你會看到這些項目在 18 或 24 個月內開始獲得更大的發展動力，而建築業則是一種立竿見影的機會。

And our next question comes from Richard Davis of Canaccord.

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

Maybe a longer-term question. You may or may not want to name names, but when we think about kind of how the growth, the unit growth will come as you kind of go through your transition, subscription in cloud, how should we think about the mix of you guys chipping away market share from your competition versus kind of acquiring because we've talked about this before, acquiring pirates and/or kind of getting people that are laggards to pay to become more sustainable to paying customers? Is it 50-50, is it 60-40 or how do you think about that?

或許這是一個需要長期考慮的問題。你可能想也可能不想點名，但當我們思考隨著你們轉型到雲端訂閱模式，你們的成長，特別是用戶成長將如何實現時，我們應該如何看待你們從競爭對手那裡蠶食市場份額，以及收購（因為我們之前討論過）收購盜版用戶和/或讓落後者付費，從而使他們成為更可持續的付費客戶？是五五開，還是六四開，或者你覺得呢？

All right. Well, so Richard, I can't give you a percentage but here's the philosophical answer I'll give you, all right? In the short term, what you're going to see is piracy or what we call nongenuine users, piracy, nongenuine users and legacy users are going to be a more important driver. But in the long term, as you head out 3 to 5 years, you're absolutely going to see us chipping away at competitors in the space, especially in the manufacturing space, the growth in Fusion is prefacing what's going on in terms of our ability to execute in that space. There's an absolute change in the manufacturing market and that change favors the cloud native. And we've invested, we've been patient, we worked hard on that, and it's going to pay off in terms of share shift long term. So the way I have you think about this is the 1- to 3-year horizon, you're going to see a lot of these nongenuine users and legacy users coming in. When you look out to the 3-to 5-year horizon, you're going to see some share shift coming into the mix.

好的。好吧，理查德，我無法給你一個百分比，但我可以給你一個哲學上的答案，好嗎？短期內，你會看到盜版，或者我們稱之為非正版用戶，盜版、非正版用戶和老用戶將成為更重要的驅動因素。但從長遠來看，未來 3 到 5 年，你肯定會看到我們在這個領域，尤其是在製造業領域，逐步蠶食競爭對手的市場份額。 Fusion 的成長預示著我們在該領域的執行能力。製造業市場正在發生徹底的變化，而這種變化有利於雲端原生技術的發展。我們投入了資金，我們保持了耐心，我們為此付出了努力，從長遠來看，這些努力終將帶來市場份額的提升。所以我建議你這樣想：在未來 1 到 3 年內，你會看到很多非真實用戶和老用戶湧入。展望未來 3 到 5 年，你會看到市場佔有率發生一些變化。

Yes. And what I'll add to that, Richard, is on the construction market, this is the -- we see it as a $10 billion opportunity over time, but it's probably less than $1 billion today. The last time we did our own survey, we thought it was around a $500 million market today. So I think a lot of the growth going ahead is not necessarily reclaiming nonpaying users, whether they're legacy or pirates or share gains, frankly, in that space or where we have to take it from someone else. I think, in the construction market, that's just an enormous amount of growth that's going to happen in that marketplace ahead of us, and we're really well positioned. It is a big market, and there's a lot of competitors in that space. So I think there's enough market there for all of us to grow.

是的。理查德，我還要補充一點，在建築市場，我們認為從長遠來看，這是一個價值 100 億美元的機會，但就目前而言，可能還不到 10 億美元。我們上次進行市場調查時，認為如今的市場規模約為 5 億美元。所以我認為，未來的許多成長並不一定意味著重新獲得非付費用戶，無論是老用戶、盜版用戶還是市場份額用戶，坦白說，在這個領域，或者我們必須從其他人那裡奪取市場份額的時候，成長就不重要了。我認為，在建築市場，未來將會有巨大的成長，而我們已經做好了非常充分的準備。這是一個很大的市場，而且這個領域有很多競爭者。所以我認為那裡的市場足夠大，足以讓我們所有人發展壯大。

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

下一個問題來自摩根士丹利的基斯‧韋斯。

This is actually Stan Zlotsky sitting in for Keith. Just a quick clarification. When we think about the fiscal '23 targets and the M&A, the inorganic, I guess, contributions to get there beyond PlanGrid, should we be expecting similar type of transactions in the future? And then a quick follow-up on the cloud part of the business in the quarter.

實際上，這是斯坦·茲洛茨基代替基思出場。簡單澄清一下。當我們考慮 2023 財年目標和併購，以及為了實現 PlanGrid 以外的目標而進行的非有機成長時，我們是否應該期待未來會有類似的交易？然後快速跟進一下本季度雲端業務部分的情況。

So we've always been acquisitive, all right? We've been an acquisitive company. The last 2 years were an anomaly. What you're seeing is entering back into a period where we'll actually be acquisitive again. So we're going to make disciplined choices between inorganic and organic execution over the next 5 years in all the new markets we're participating in, construction being the first, manufacturing not being immune either. So I think you'll continue to see us doing appropriate organic and inorganic actions. And I can't remember, what was your second question?

所以我們一直都很有佔有欲，對吧？我們一直是一家熱衷於收購的公司。過去兩年是個例外。你們現在看到的是，我們將再次進入一個積極收購的時期。因此，未來 5 年，在我們參與的所有新市場中，我們將有條不紊地在無機成長和有機成長之間做出選擇，建築業是第一個，製造業也不例外。所以我認為你們會繼續看到我們採取適當的有機和無機措施。我記不清了，你的第二個問題是什麼？

The official question, the sort of 53,000 cloud subs that we just saw in the quarter was a nice uptick versus the trend that we saw in Q1 and Q2, and you specifically mentioned that it came from BIM 360. But maybe just digging into that one. What is it about BIM 360 that really drove such a strong result within the cloud portion of the product? Was it better renewal rates? Maybe just help us to unpack that number little bit.

官方問題是，我們在本季看到的 53,000 個雲端訂閱用戶與第一季和第二季的趨勢相比是一個不錯的成長，您特別提到這來自 BIM 360。但或許應該深入研究一下這個問題。BIM 360究竟有哪些優勢，使其在雲端部分取得如此強勁的成效？續約率更高了嗎？或許您能幫我們稍微解讀一下這個數字嗎？

There's 2 factors. One, you might recall a year ago, the infamous year ago, we had stopped doing promotions that were pushing kind of low-end BIM 360 products into our channel. We now have clean year-over-year compares from those days. So what you see is year-over-year compares are more representative of where we're going with the business. The other piece that I think is really important to pay attention to is that about 6 or 9 months ago, we rolled out the new platform for BIM 360 that was integrating our field and planned functionality in a single platform. That platform is now starting to get adoption in some of our largest customers, and what you're seeing is the pull-through in the BIM 360 business as a result.

有兩個因素。你可能還記得一年前，也就是臭名昭著的一年前，我們停止了向我們的管道推廣低階 BIM 360 產品的促銷活動。我們現在有了當年清晰的同比數據。因此，您看到的同比數據更能代表我們業務的發展方向。我認為另一點非常重要，那就是大約 6 到 9 個月前，我們推出了新的 BIM 360 平台，該平台將我們的現場和計劃功能整合到一個平台中。該平台現在開始被我們的一些最大客戶採用，因此，您現在看到的是 BIM 360 業務的推廣。

Our next question comes from (inaudible) of Bernstein Research.

我們的下一個問題來自伯恩斯坦研究公司（聽不清楚）。

You had really strong growth in EMEA and APAC, and it's really impressive, given the fact that these regions tend to lag in cloud and subscription adoption versus North America. I'm just wondering, is the strong growth you're seeing in those regions being driven more by customers getting more comfortable with these types of deployment models? Or is it more macro-driven such that there's maybe an uptick in construction or manufacturing demand?

你們在歐洲、中東和非洲以及亞太地區的成長非常強勁，考慮到這些地區在雲端和訂閱採用方面往往落後於北美，這真的令人印象深刻。我只是想知道，您在這些地區看到的強勁成長是否更多是由於客戶越來越習慣於這類部署模式所推動的？或者，這更多是宏觀因素驅動的，例如建築業或製造業需求上升？

Yes. I think it's a little bit of both. I think it's -- and it's a little bit different story between APAC and EMEA. I think, in EMEA, we are seeing better penetration. We're seeing better uptake both of the new model types and of cloud across EMEA. I think, in APAC, what you see is more -- the fast growth rate we're seeing there is more common on the year-earlier quarter where as you recall -- we struggled for a couple of years in Japan, made several changes there, changes in our market structure, changes in our own team, frankly, to drive execution. And we've really seen Japan turn around very nicely, and that's fueling a lot of the growth that we see on APAC. So it's a little bit of a different story between the 2.

是的。我認為兩者兼而有之。我認為——亞太地區和歐洲、中東及非洲地區的情況略有不同。我認為，在歐洲、中東和非洲地區，我們看到滲透率正在提高。我們看到，在歐洲、中東和非洲地區，兩種新型模型和雲端技術的接受度都在提高。我認為，在亞太地區，我們看到的這種快速成長速度比去年同期更為普遍。而正如你所記得的，我們在日本經歷了幾年的掙扎，在那裡進行了一些變革，包括市場結構的變革，以及我們自身團隊的變革，坦白說，都是為了推動執行。我們已經看到日本經濟出現了非常好的復甦，這推動了亞太地區的經濟成長。所以這兩者之間情況略有不同。

That's great. And just a quick follow-up. Any difference in the macro outlook in those regions versus North America?

那太棒了。還有一個後續問題。這些地區的宏觀經濟前景與北美有何不同？

No, not at this time.

不，目前還沒有這個打算。

Our next question comes from Ken Talanian of Evercore ISI.

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

So first off, when you look at the construction opportunity, what, if anything, do you need to do to better address the building owner constituent who may not be as familiar with Autodesk as they are with, say, a traditional ERP vendor?

首先，在考慮建造機會時，您需要做些什麼（如果有的話）來更好地滿足可能不如熟悉傳統 ERP 供應商那樣熟悉 Autodesk 的業主的需求？

Yes. So we actually have a very quiet product that we have out there in the market already. It's called BIM 360 Ops. And one of the big value propositions of BIM, in general, is that it leaves behind a 3D model that is a huge asset to the owner in terms of managing, maintaining and using their asset as time progresses. So we've been experimenting in that space. What you're going to do is see us getting deeper penetration there from a couple of fronts. Frankly, some of our lead customers are actually starting to become more owners because they see opportunity for them in managing building spaces. Some of the customers that are using BIM 360 Ops now are in that category. So you'll see us getting more awareness in that space simply because some of our customers are starting to participate more in that part of the market.

是的。所以，我們其實已經有一款非常安靜的產品推出市場了。它叫做 BIM 360 Ops。BIM 的一大價值在於，它能留下一個 3D 模型，隨著時間的推移，這個模型對於業主管理、維護和使用其資產而言是一筆巨大的財富。所以我們一直在這個領域進行試驗。接下來你們將會看到我們從幾個方面更深入地滲透到那個領域。坦白說，我們的一些主要客戶實際上已經開始成為業主，因為他們看到了管理樓宇空間的機會。目前使用 BIM 360 Ops 的一些客戶就屬於這一類。因此，你會看到我們在該領域的知名度不斷提高，原因很簡單，我們的一些客戶開始更多地參與這部分市場。

Okay, great. And as another question. Could you give us a sense for some of the factors that drove your renewal rates up and what leverage you might have going forward?

好的，太好了。還有一個問題。您能否談談推動續約率上升的一些因素，以及您未來可能有哪些談判籌碼？

Yes, Ken. We continue to see in -- so let's just say maintenance efforts from subscription -- line of products subscription. We continue to see maintenance rates hold up despite the move from maintenance to subscription, and we gave you the stat that more than 30% of those eligible actually move from an individual product to a collection, which means they probably took more maintenance subscriptions and fewer industry collection subscriptions. So despite that fact and despite the price increase, we continue to see maintenance renewal rates hold up nicely. So that's a positive. A little surprised we're not seeing faster migration, frankly, from maintenance over to product subscription. But at this point, the price difference between the 2 is still pretty nominal. That price gap will expand next year. Product subscription has continued adoption and deep adoption and building that product subscription into your workflows such that it becomes an indispensable tool, much like the products have been back in the perpetual license world. So each of those are progressing, actually ticking up modestly but ticking up quarter-on-quarter.

是的，肯。我們繼續看到——這麼說吧，維護工作來自訂閱——產品線訂閱。儘管從維護模式轉向訂閱模式，我們仍然看到維護率保持穩定。我們之前提供的數據顯示，超過 30% 的符合條件的用戶實際上從單一產品轉向了產品合集，這意味著他們可能增加了維護訂閱，減少了行業合集訂閱。因此，儘管價格上漲，我們仍然看到維護續約率保持良好水準。這是個好消息。坦白說，我們有點驚訝沒有看到從維護模式到產品訂閱模式的快速遷移。但目前來看，這兩款產品之間的價格差異仍然很小。明年價格差距將會擴大。產品訂閱模式持續廣泛採用和深入應用，並將產品訂閱融入您的工作流程中，使其成為不可或缺的工具，就像產品在永久授權模式下一樣。所以這些指標都在取得進展，雖然成長幅度不大，但每季都在穩定成長。

Thank you. This does conclude our question-and-answer session. I would now like to turn the call back over to Abhey Lamba for closing remarks.

謝謝。我們的問答環節到此結束。現在我謹將電話轉回給阿貝·蘭巴，請他作總結發言。

Thanks. This concludes our conference call. Thanks for joining us this afternoon. If you have any follow-up questions, please reach out to us. Thank you.

謝謝。本次電話會議到此結束。感謝您今天下午蒞臨。如果您有任何後續問題，請與我們聯絡。謝謝。

Ladies and gentlemen, thank you for participating in today's conference. This concludes today's program. 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。今天的節目到此結束。你們可以斷開連結了。祝大家今天過得愉快。