Autodesk Inc (ADSK) 2019 Q4 法說會逐字稿

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

各位女士、先生，大家好，歡迎參加 Autodesk 2019 財年第四季財報電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。

I would now like to introduce your host for today's conference, Mr. Abhey Lamba, VP of Investor Relations. Sir, you may begin.

現在我謹向大家介紹今天會議的主持人，投資者關係副總裁阿貝·蘭巴先生。先生，您可以開始了。

Thanks, operator, and good afternoon. Thank you for joining our conference call to discuss the results of our fourth quarter and full year of fiscal '19. 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/investors.

謝謝接線員，下午好。感謝您參加我們的電話會議，討論我們 2019 財年第四季和全年的業績。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，本次電話會議的錄音重播可在 autodesk.com/investors 上收聽。

As noted in our press release, we have published our prepared remarks and a slide presentation on our website in advance of this call. The prepared remarks document is intended to serve in place of extended formal comments, and we will not repeat them on this call. Going forward, we will replace the prepared remarks with a slide presentation. Lastly, we will post the transcript of today's opening commentary on our website following 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和幻燈片簡報。準備好的發言稿旨在代替冗長的正式發言，我們將在本次通話中不再贅述。今後，我們將用幻燈片簡報取代事先準備好的演講稿。最後，我們將在本次電話會議結束後，把今天開幕評論的文字稿發佈到我們的網站上。

During the course of this conference call, we will make forward-looking statements regarding future events and the anticipated future performance of the company, such as our guidance for the first quarter and full-year fiscal '20, our long-term financial model guidance, our revenue and cash flow expectations, 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 plans 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.

在本次電話會議期間，我們將就未來事件和公司預期未來業績發表前瞻性聲明，例如我們對 2020 財年第一季度和全年業績的指引、我們的長期財務模型指引、我們的收入和現金流量預期、我們用於估算指引的因素、我們從維護模式向訂閱模式的過渡、我們對產品組合和定價、平均每筆我們提醒您，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 year 2018, our Form 10-Q for the period ending October 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 2018 財年的 10-K 表格、截至 2018 年 10 月 31 日的 10-Q 表格以及我們當前的 8-K 表格報告，包括今天隨新聞稿和準備好的發言稿一起提交的 8-K 表格。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. We will quote a number of numeric or growth changes as we discuss our financial performance and unless otherwise noted, each such reference represents a year-on-year comparison under ASC 606.

電話會議期間，我們也將討論非GAAP財務指標。這些非GAAP指標並非依照公認會計原則編製。我們已在今天的新聞稿、準備好的發言稿以及我們網站的投資者關係部分提供了 GAAP 和非 GAAP 業績的調節表。在討論財務表現時，我們將引用一些數字或成長變化，除非另有說明，否則每個此類引用均代表根據 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 am excited to share with you our impressive close to fiscal 2019 and the strong momentum we experienced closing the year. Consistent with the prior 2 quarters, we experienced strong performance across all geographic regions and in all product categories. In fiscal '19, we achieved multiple milestones, putting us in an excellent position to deliver on our fiscal '20 targets and advance the company to the next chapter of growth. Here are some of the key accomplishments we achieved this year:

謝謝你，阿貝。我很高興與大家分享我們2019財年令人矚目的收官成績以及我們在年底取得的強勁勢頭。與前兩個季度一致，我們在所有地理區域和所有產品類別中都取得了強勁的業績。在 2019 財年，我們取得了多項里程碑式的成就，這使我們能夠更好地實現 2020 財年的目標，並推動公司進入下一個成長階段。以下是我們今年取得的一些主要成就：

Recurring revenue was 95% of total revenues for the full year and has reached a steady state. Our total revenues of nearly $2.6 billion were the highest ever in the company's history. Our total subscription plan subs are now greater than total maintenance subs were at the peak of the prior model. We returned to positive free cash flow and earnings, we significantly expanded our operating margin and we strengthened our construction portfolio and now have an unrivaled breadth of construction solutions.

全年經常性收入佔總收入的 95%，並已達到穩定狀態。我們的總收入接近 26 億美元，創公司歷史新高。目前我們的訂閱計劃用戶總數已經超過了先前模式下維護訂閱用戶總數的峰值。我們恢復了正的自由現金流和盈利，大幅提高了營業利潤率，加強了建築業務組合，現在擁有無可比擬的廣泛建築解決方案。

Beyond that, I couldn't be prouder of the Autodesk team that delivered these results. They worked hard and they deserve all the credit and it's my honor to represent them.

除此之外，我對取得這些成果的 Autodesk 團隊感到無比自豪。他們付出了辛勤的努力，他們理應獲得所有讚譽，我很榮幸能代表他們。

Now before I dig deeper into our successes in the quarter, let me take a step back and revisit the 5 key priorities I laid out for the company at the beginning of last year. Our top priority entering fiscal 2019 was the continued execution of the business model transition. We now have less than 20% of our revenues coming from maintenance agreements, and I am happy to report that we are effectively finished with the model transition and look forward to executing on our growth strategy.

在深入探討本季的成功之前，讓我先回顧一下去年年初我為公司製定的 5 個關鍵優先事項。進入 2019 財年，我們的首要任務是繼續推動業務模式轉型。目前，我們來自維護協議的收入佔比不到 20%，我很高興地宣布，我們已經有效地完成了模式轉型，並期待執行我們的成長策略。

We continue to invest in digitizing the company to provide our customers with a better experience as they go through their own digital transformations, which is a recurring theme we hear from all of them. We have a focus on driving the Building Information Model through the design and make process in AEC. And during the year, we highlighted a number of customer wins that are using BIM to manage their design and make processes in the AEC industry. We look forward to executing on that theme further in fiscal '20, as BIM momentum remains strong.

我們持續投資公司數位化，以便在客戶進行數位轉型時為他們提供更好的體驗，這也是我們從所有客戶中反覆聽到的一個主題。我們致力於在建築、工程和施工 (AEC) 的設計和建造過程中推廣建築資訊模型 (BIM)。在這一年中，我們重點介紹了一些客戶成功案例，這些客戶正在使用 BIM 來管理他們在 AEC 行業的設計和製造流程。我們期待在 2020 財年進一步貫徹這個主題，因為 BIM 的發展動能依然強勁。

We are continuing to invest in automating the process of design to manufacturing and we are seeing early signs of the convergence of construction and manufacturing processes.

我們正在持續投資，以實現從設計到製造流程的自動化，並且我們已經看到了建築和製造流程整合的早期跡象。

Looking at our Q4 performance. We built upon the broad-based strength of the last couple of quarters by achieving 34% growth in annualized recurring revenue, or ARR, which remains the most important metric for us. We are becoming a more strategic partner for all of our customers, but in particular for our larger customers, a fact reflected in the strong growth of our enterprise business. Within product categories, we continue to see greater adoption of industry collections in our BIM 360 solutions. In line with our expectations, our free cash flow accelerated in a meaningful way as our billings topped $1 billion for the first time in the fourth quarter. Scott will walk you through more of the financials, but I want to spend a little bit more time talking about our progress in various areas.

回顧我們第四季的業績。我們延續了過去幾季的強勁勢頭，實現了年度經常性收入（ARR）34%的成長，ARR 仍然是我們最重要的指標。我們正成為所有客戶更具策略性的合作夥伴，尤其是對於我們的大客戶而言，這一點從我們企業業務的強勁成長中可見一斑。在產品類別方面，我們看到產業集合在我們的 BIM 360 解決方案中得到了更廣泛的應用。正如我們所預期的那樣，隨著第四季度帳單金額首次突破 10 億美元，我們的自由現金流也顯著加速成長。Scott 會帶你詳細了解財務方面的情況，但我想花點時間談談我們在各個領域的進展。

Expertise in our products remains in high demand and is growing rapidly. According to Indeed Hiring Lab, AutoCAD expertise is featured among the top 10 fastest-growing skills in technology job searches. In addition, according to Upwork's latest quarterly index, Revit expertise is featured among the top 15 hottest skills for freelancers in the U.S. job market. These are important indicators of the ongoing opportunity we have to grow our subscription base and to turn more and more of our users into subscribers.

對我們產品的專業知識需求依然很高，並且正在快速成長。根據 Indeed Hiring Lab 的數據，AutoCAD 專業技能位列技術類職位搜尋中成長最快的十大技能之一。此外，根據 Upwork 最新季度指數，Revit 專業知識位列美國就業市場自由工作者最熱門的 15 項技能之列。這些都是重要的指標，顯示我們擁有持續擴大訂閱用戶群、將越來越多的用戶轉化為訂閱用戶的機會。

During the year, we strengthened the foundation of our construction business with both organic and inorganic investments. In addition to investing in our BIM 360 portfolio, we purchased Assemble Systems to bolster our preconstruction capabilities, PlanGrid for document-centric workflows and field execution and BuildingConnected for bidding and risk management. This year, our focus is on integrating these businesses to deliver even greater value to our customers. The broadened product portfolio will help us expand our presence with general contractors, subcontractors and building owners. The feedback from our customers regarding these acquisitions has been overwhelmingly positive and they are excited about the expansion of our portfolio.

年內，我們透過內部投資和外部投資，加強了建築業務的基礎。除了投資我們的 BIM 360 產品組合外，我們還購買了 Assemble Systems 以增強我們的施工前能力，購買了 PlanGrid 以進行以文件為中心的工作流程和現場執行，以及購買了 BuildingConnected 以進行投標和風險管理。今年，我們的重點是整合這些業務，以便為我們的客戶提供更大的價值。擴大產品組合將有助於我們擴大在總承包商、分包商和業主中的影響力。客戶對這些收購的回饋非常積極，他們對我們產品組合的擴展感到興奮。

For instance, Clayco, a leading construction and design firm based in Chicago, has been an Autodesk customer for many years. As users of BIM 360, Assemble, PlanGrid and BuildingConnected, they have fully embraced the digitization of construction. They rely on the breadth of our portfolio to deliver value to their customers by automating their design and make activities throughout the preconstruction and construction processes. We look forward to strengthening our relationship with Clayco by investing in solutions that span their workflows. Additionally, we see opportunities to expand our relationships with other leading companies in the space.

例如，總部位於芝加哥的領先建築和設計公司 Clayco 多年來一直是 Autodesk 的客戶。作為 BIM 360、Assemble、PlanGrid 和 BuildingConnected 的用戶，他們已經完全接受了建築業的數位化。他們依靠我們廣泛的產品組合，透過在整個施工前和施工過程中自動化設計和製造活動，為客戶創造價值。我們期待透過投資涵蓋 Clayco 工作流程的解決方案，加強與 Clayco 的合作關係。此外，我們看到了拓展與該領域其他領先公司合作關係的機會。

Beyond that, BIM adoption remains one of the key drivers of investments in the infrastructure space. Mandates for using BIM drove another 7-figured enterprise agreement with a large European infrastructure provider during the quarter. We doubled our contract with the customer as they look to expand their adoption of BIM for building and managing their infrastructure projects. Our unique portfolio design tools is allowing them to expand from products like AutoCAD and Inventor into Revit, the world's leading BIM design tool, BIM 360 for site execution and other advanced analysis tools. We look forward to strengthening our partnership with them and many other organizations that are looking to rely on advanced technologies to drive efficiencies.

除此之外，BIM 的應用仍是基礎設施領域投資的關鍵驅動因素之一。本季度，由於強制使用 BIM，該公司與一家大型歐洲基礎設施供應商達成了另一項價值七位數的企業協議。我們與客戶的合約金額翻了一番，因為他們希望擴大 BIM 在基礎設施項目建設和管理中的應用。我們獨特的產品組合設計工具使他們能夠從 AutoCAD 和 Inventor 等產品擴展到 Revit（世界領先的 BIM 設計工具）、BIM 360（用於現場執行）和其他高級分析工具。我們期待加強與他們以及其他許多希望依靠先進技術來提高效率的組織的合作關係。

On the manufacturing side, generative design and our investments in Fusion continues to attract global manufacturing leaders to partner with us. During the quarter, we signed an enterprise agreement with Hyundai Motor Group, who plans to leverage our technologies to create innovative designs. Hyundai is very interested in utilizing our capabilities in generative design and we look forward to partnering with them to drive innovation in the automotive space.

在製造方面，生成式設計以及我們對 Fusion 的投資持續吸引全球製造領域的領導者與我們合作。本季度，我們與現代汽車集團簽署了一項企業協議，他們計劃利用我們的技術來創造創新設計。現代汽車對利用我們在生成式設計方面的能力非常感興趣，我們期待與他們合作，共同推動汽車領域的創新。

In summary, I am extremely pleased with our fiscal '19 performance and I'm excited about the future. We are entering fiscal '20 with strong momentum in every geographic region and across all product categories. This sets us up well to achieve our target of $1.35 billion of free cash flow this year. We also expect to see acceleration in our construction business this year and beyond. When combined with continued execution in the core, this will drive strong ARR growth into the future and help us reach our FY '23 goals.

總而言之，我對我們 2019 財年的業績非常滿意，並對未來充滿信心。進入 2020 財年，我們在各個地區和所有產品類別都保持著強勁的發展勢頭。這為我們實現今年13.5億美元自由現金流的目標奠定了良好的基礎。我們也預計今年及以後，我們的建築業務將加速成長。如果再加上核心業務的持續執行，這將推動未來 ARR 的強勁成長，並幫助我們實現 2023 財年的目標。

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

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。

Thanks, Andrew. Before digging into the numbers, I would echo Andrew's excitement entering fiscal '20, as we are experiencing great momentum in our business, driven by strong execution. Record billings of just over $1 billion in the quarter, coupled with better-than-expected cash collections, drove free cash flow of $294 million. For the year, we ended up generating free cash flow of $310 million. This kind of powerful leverage in the model drives our confidence in achieving our fiscal '20 cash flow target.

謝謝你，安德魯。在深入分析具體數字之前，我想表達我對安德魯在 2020 財年伊始的興奮之情，因為我們的業務正經歷著強勁的發展勢頭，這得益於我們強有力的執行力。本季創紀錄的帳單金額略高於 10 億美元，加上好於預期的現金回收，推動自由現金流達到 2.94 億美元。這一年，我們最終產生了 3.1 億美元的自由現金流。這種強大的槓桿效應增強了我們對實現 2020 財年現金流目標的信心。

Before discussing more detailed financial metrics for the quarter, let me highlight the impact of the fourth quarter acquisitions on our results. The acquisitions contributed $27 million to ARR, $7 million to total revenue and $43 million to billings for the quarter. Recall that we calculate billings by adding the change in deferred revenues from the balance sheet to our reported revenues. The acquisitions contributed $36 million to deferred revenue on the balance sheet and $61 million to unbilled deferred, for a combined contribution of $97 million to total deferred revenue.

在討論本季更詳細的財務指標之前，我想先重點介紹一下第四季度收購對我們業績的影響。此次收購為本季貢獻了 2,700 萬美元的年度經常性收入 (ARR)、700 萬美元的總收入和 4,300 萬美元的帳單金額。請記住，我們計算帳單金額的方法是將資產負債表中遞延收入的變化加到我們報告的收入中。此次收購為資產負債表上的遞延收入貢獻了 3,600 萬美元，為未開票遞延收入貢獻了 6,100 萬美元，合計為總遞延收入貢獻了 9,700 萬美元。

The acquisitions also increased our total expenses by $12 million, resulting in a negative impact of $5 million to our operating income, or 85 basis points to our non-GAAP margin for the quarter. The acquisitions negatively impacted our non-GAAP earnings per share by $0.03.

此次收購也使我們的總支出增加了 1,200 萬美元，導致我們的營業收入減少了 500 萬美元，或使我們本季的非 GAAP 利潤率下降了 85 個基點。此次收購使我們的非GAAP每股收益減少了0.03美元。

Lastly, they contributed 127,000 subscriptions that are included within our reported cloud and total subs numbers. Please refer to the earnings slide deck on our website for more information on the contribution from acquisitions and our adjusted results for the quarter.

最後，他們貢獻了 127,000 個訂閱用戶，這些用戶已計入我們報告的雲端服務和總訂閱用戶數量。有關收購貢獻和本季度調整後業績的更多信息，請參閱我們網站上的收益演示文稿。

Now I'll discuss the remaining financial metrics excluding acquisitions, as our fourth quarter 2019 guidance did not include their contributions. Our Q4 ARR growth of 33% benefited from a 17% increase in total ARPS and a 13% increase in subscriptions. Our strong performance across all product lines and geographic regions drove the results for the quarter. There was approximately 1 percentage point of benefit to the ARR growth related to upfront revenue recognition of some products, such as VRED and Vault, that do not incorporate substantial cloud services and are recognized upfront. Before I go into more details about our subs and ARPS, let me reiterate that this is the last time we'll be disclosing subs and ARPS on a quarterly basis. Going forward, we will use events like our annual Investor Day to report on these metrics that will help you build your long-term models.

現在我將討論除收購之外的其餘財務指標，因為我們 2019 年第四季的業績指引並未包括收購的貢獻。我們在第四季度 ARR 成長了 33%，這得益於 ARPS 總成長 17% 和訂閱量成長 13%。本季業績主要得益於所有產品線和各地區的強勁表現。對於某些產品（如 VRED 和 Vault），由於不包含大量雲端服務且收入是預先確認的，因此 ARR 成長大約有 1 個百分點的收益。在我詳細介紹我們的訂閱用戶和 ARPS 之前，我想重申，這將是我們最後一次按季度披露訂閱用戶和 ARPS。展望未來，我們將利用年度投資者日等活動來報告這些指標，這將有助於您建立長期模型。

Looking at subscriptions, we grew total subscriptions by 13% to 4.2 million. In the quarter, our subscription plan subs grew by 291,000 organically, led by growth in product subscriptions. We added 51,000 cloud subs, driven by the continued adoption of our BIM 360 solutions.

從訂閱用戶來看，我們的訂閱用戶總數增加了 13%，達到 420 萬。本季度，我們的訂閱計畫用戶自然成長了 29.1 萬，主要得益於產品訂閱的成長。受 BIM 360 解決方案持續普及的推動，我們新增了 51,000 個雲端訂閱用戶。

For core subscription, our net additions of 74,000 were driven by strong adoption of our industry collections, which continued to grow as a percentage of net new product subs sold. Industry collections now represents approximately 28% of our total subscription installed base.

核心訂閱用戶淨增 74,000 人，這主要得益於行業系列產品的強勁普及，其占新售產品訂閱用戶淨額的比例持續增長。行業收藏目前約占我們訂閱用戶總數的 28%。

Moving to the maintenance to subscription program, or M2S, we continue to make solid progress. In Q4, 110,000 customers migrated from maintenance to product subscriptions. We now converted nearly 800,000 maintenance customers to subscription since the inception of the program. Similar to the last few quarters, the conversion rate remains strong, with approximately 1/3 of the maintenance renewal opportunities migrating to product subscriptions. Of those that migrated, upgrade rates among eligible subscriptions remain within the historical range of 25% to 35%. We expect the number of M2S migrations to moderate in fiscal '20, as we have less than 800,000 maintenance subs remaining.

在向維護訂閱模式（M2S）過渡的過程中，我們繼續取得穩步進展。第四季度，11 萬名客戶從維護服務遷移到產品訂閱服務。自計劃啟動以來，我們已將近 80 萬維護客戶轉化為訂閱客戶。與過去幾季類似，轉換率依然強勁，大約 1/3 的維護續訂機會轉化為產品訂閱。在已遷移的用戶中，符合資格的訂閱用戶的升級率仍保持在 25% 至 35% 的歷史範圍內。我們預計 2020 財年 M2S 遷移的數量將放緩，因為我們剩餘的維護訂閱用戶不到 80 萬。

Maintenance renewal rates experienced a modest decline versus a year ago, which is as expected. Product subscription renewal rates ticked up year-over-year. Overall, we continue to experience very high renewal rates for M2S-related subs and industry collections continue to command higher renewal rates. We expect the renewal rate for product subs to keep increasing as the product mix shifts toward higher-value products.

與去年同期相比，維護續約率略有下降，這符合預期。產品訂閱續訂率較去年同期略有上升。整體而言，M2S 相關訂閱的續訂率仍然非常高，而業界收款的續訂率也持續保持在高水準。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 bit more about annualized revenue subscription, or ARPS. Total ARPS posted another quarter of strong growth as it continues to benefit from the same drivers we discussed at last year's Investor Day and that have manifested in the previous few quarters. These drivers include: continued growth of the 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.

現在讓我們更詳細地談談年度收入訂閱（ARPS）。Total ARPS 連續第二季實現強勁成長，這得益於我們在去年投資者日上討論過的、並在前幾個季度中得到體現的相同驅動因素。這些驅動因素包括：續訂用戶群的持續成長，這為 Autodesk 帶來了更高的淨成本；數位銷售的成長，這也為 Autodesk 帶來了更高的淨成本；產品組合向行業套裝的轉變；未使用 M2S 計劃的客戶的維護價格上漲；以及折扣和促銷活動的減少。

Contributions from our direct business rose by 2 points sequentially to 30%. Our eStore, which is playing a bigger part in our digital sales, grew by more than 50% in fiscal 2019. For the past 6 quarters, our eStore has generated over 20% of the new product subscriptions. Q4 also marked the ninth consecutive quarter of more than 30% growth in our enterprise business, demonstrating greater adoption within the largest customers. In fact, our EBAs posted over 60% revenue growth in the quarter.

來自我們直接業務的貢獻率較上季上升 2 個百分點，達到 30%。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，在 2019 財年成長了 50% 以上。過去 6 個季度，我們的網路商店貢獻了超過 20% 的新產品訂閱量。第四季也是我們企業業務連續第九個季度成長超過 30%，這表明我們在最大的客戶群中獲得了更大的認可。事實上，我們的 EBA 在本季實現了超過 60% 的營收成長。

Looking at the balance sheet. Total deferred revenue grew by 13%, which also includes the unbilled amount. Unbilled deferred revenue increased by $80 million sequentially to $530 million due to strong EBA performance. Our long-term deferred revenue posted sequential growth for the first time in 7 quarters, driven by multiyear subscriptions, which we expect to normalize back toward historical norms during fiscal '20 and beyond.

查看資產負債表。遞延收入總額增加了 13%，其中也包括未開票金額。由於 EBA 的強勁表​​現，未開票遞延收入環比增加 8,000 萬美元，達到 5.3 億美元。在多年訂閱的推動下，我們的長期遞延收入在 7 個季度以來首次實現環比增長，我們預計在 2020 財年及以後，該收入將恢復到歷史正常水平。

While our stock repurchases slowed down in Q4, as we were conserving cash for the acquisitions, we used $293 million in fiscal year '19 to repurchase 2.2 million shares at an average price of $130.15. We remain committed to managing dilution and reducing shares outstanding over time.

雖然我們在第四季度放慢了股票回購速度，因為我們要為收購保留現金，但我們在 2019 財年使用了 2.93 億美元，以平均每股 130.15 美元的價格回購了 220 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 global economic conditions remains unchanged for the last few quarters, and we continue to monitor the potential macroeconomic impact from Brexit and the various trade and tariff disputes. There have been some foreign exchange volatility, but our hedging program has succeeded in smoothing out the bigger swings.

現在我將把討論轉向我們的展望。首先我想說的是，過去幾個季度以來，我們對全球經濟狀況的看法沒有改變，我們將繼續關注英國脫歐以及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。

We are reiterating our fiscal '20 free cash flow outlook of approximately $1.35 billion. Our across-the-board strength and momentum exiting fiscal '19 will help us drive ARR growth in the range of 27% to 29%. On an organic basis, we expect our total non-GAAP expenses to grow by only 2%, while the acquisitions will drive another 7 points of growth. In line with our initial plans, we expect billings growth to accelerate to about 50% due to continued normalization of our multiyear billings, flow-through from unbilled deferreds, strength in our renewals, new subscription growth and acquisitions. Recall that our fiscal '19 billings were negatively impacted due to the adoption of ASC 606 accounting standard, which combined with the recent acquisitions, is offering a little over 10 percentage point tailwind to our billings growth in fiscal '20.

我們重申對 2020 財年自由現金流的預期，約 13.5 億美元。我們在 2019 財年結束時的全面實力和發展勢頭將有助於我們實現 ARR 成長 27% 至 29%。從有機成長的角度來看，我們預期非GAAP總支出只會成長2%，而收購將帶來另外7個百分點的成長。根據我們最初的計劃，由於多年帳單的持續正常化、未開票遞延款項的結轉、續約的強勁勢頭、新訂閱的增長以及收購，我們預計賬單增長將加速至約 50%。回想一下，由於採用了 ASC 606 會計準則，我們 2019 財年的帳單受到了負面影響，再加上最近的收購，這將為我們 2020 財年的帳單成長帶來略高於 10 個百分點的順風。

When looking at the quarterization of free cash flow for fiscal '20, given normal seasonality and strength of payment collections and large deals signed in the fourth quarter, we expect about 3/4 of our free cash flow to be generated in the second half of the year. Lastly, the non-GAAP tax rate for fiscal '20 is expected to be 18% or a point lower than fiscal '19.

從 2020 財年自由現金流的季度劃分來看，考慮到正常的季節性因素以及第四季度強勁的收款和簽署的大宗交易，我們預計大約 3/4 的自由現金流將在今年下半年產生。最後，預計 2020 財年的非 GAAP 稅率為 18%，比 2019 財年低 1 個百分點。

Looking at our guidance for the first quarter, our strength in the fourth quarter presents a tough sequential compare. Given normal software seasonality, other revenue in Q1 is expected to be about half as much as we experienced in Q4. Normalizing for the upfront revenue recognition in the fourth quarter subscriptions and contributions from recent acquisitions, our expected sequential change for the first quarter revenue growth is in line with our historical trends. The slide deck on our website has more details on modeling assumptions for the fiscal first quarter and full year 2020.

從我們對第一季的預期來看，第四季的強勁表現使得季比業績面臨嚴峻挑戰。考慮到軟體產業的正常季節性波動，預計第一季其他收入約為第四季的一半。考慮到第四季度訂閱收入的預收以及近期收購帶來的貢獻，我們預期第一季營收成長的環比變化與我們的歷史趨勢一致。我們網站上的投影片詳細列出了 2020 財年第一季和全年的建模假設。

Before we start the Q&A part of the call, I want to summarize by highlighting that fiscal '19 was a year of milestones for us. We exited the year with strong momentum in our free cash flow that drove our revenue growth plus free cash flow margins to 37% for the year. Going forward, we continue to focus on driving our free cash flows, driven by ARR growth and margin expansion. I could not be prouder of the accomplishments of the Autodesk team and I want to acknowledge our fantastic employees, customers and partners around the world. We look forward to seeing most of you at our Analyst Day on March 28, where we'll discuss our plans in more details.

在開始問答環節之前，我想總結一下，2019 財年對我們來說是個具有里程碑意義的一年。今年底，我們的自由現金流勢頭強勁，推動營收成長，全年自由現金流利潤率達到 37%。展望未來，我們將繼續專注於推動自由現金流成長，這主要得益於年度經常性收入成長和利潤率擴張。我為 Autodesk 團隊的成就感到無比自豪，我要感謝我們遍布全球的優秀員工、客戶和合作夥伴。我們期待在 3 月 28 日的分析師日上見到各位，屆時我們將更詳細地討論我們的計劃。

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

接線員，現在我們開始接受提問。

(Operator Instructions) Our first question comes from Philip Winslow with Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的菲利普‧溫斯洛。

Andrew, just wanted to focus in on the tone of the business. Obviously, Scott mentioned that your view of the economic conditions was still positive and unchanged from the last couple of quarters. If you do a drill-down into the industries, AEC, manufacturing, what's the feedback that you're hearing from customers about their spending intentions? Anything that you'd want to call out there? And then just one follow-up for Scott on that.

安德魯，我只是想專注於一下公司的基調。顯然，斯科特提到您對經濟狀況的看法依然樂觀，與過去幾季相比沒有變化。如果深入分析各個產業，例如建築、工程和施工產業（AEC）以及製造業，你從客戶那裡聽到的關於他們消費意願的回饋是什麼？有什麼想特別指出的嗎？然後，史考特還有最後一個問題。

Yes, Phil. So look, like we said, we're seeing strength across all the geographies and all the industries. Everyone's growing well and everyone's signaling an intention to keep buying. So right now, we don't see signs of a slowdown in anyone's purchasing activity. And we probably told you previously many times that we watch the AutoCAD and LT revenue streams fairly carefully to see if we see any signs. Those grew 36% year-over-year, so they're still robust and strong. So right now, all of the industries we look in, Phil, they're all showing signs of continued growth. So nothing's slowing down right now.

是的，菲爾。所以你看，就像我們說的，我們看到各個地區和各個行業都呈現出強勁的成長勢頭。大家的業績都很好，大家都表示有意繼續買。所以目前來看，我們沒有看到任何人的購買活動出現放緩的跡象。我們可能已經多次告訴您，我們會非常密切地關注 AutoCAD 和 LT 的收入流，看看是否會出現任何跡象。這些指標較去年同期成長了 36%，因此依然強勁。菲爾，所以目前我們關注的所有行業都顯示出持續成長的跡象。所以現在一切都沒有放緩的跡象。

Yes, Phil, from a revenue standpoint, AEC growth was 35% for the quarter and it's flat sequentially. So AEC has been strong for us all year, continued to be strong. Manufacturing growth actually picked up from 20% in Q3 to 29% in the quarter we just closed. So we're seeing -- if anything, we're seeing it stand pat and get stronger.

是的，菲爾，從營收角度來看，AEC 本季成長了 35%，環比持平。所以，AEC 對我們來說全年都很強勁，而且一直保持強勁勢頭。製造業成長率實際上從第三季的 20% 上升到我們剛結束的這個季度的 29%。所以我們看到——如果有什麼變化的話——那就是它保持現狀並變得更強大。

And then just maybe, Scott, to follow up on your comments on ARPS and just wondering if you can help us just kind of frame this coming fiscal year? Obviously, you have a lot of positives in fiscal '19, maintenance pricing, M2S, collections. How are you thinking about just ARPS this coming year? And maybe kind of walk us through the puts and takes this year compared to fiscal '19?

史考特，或許我們可以就您之前對 ARPS 的評論做個後續討論，想知道您是否能幫我們大致規劃一下即將到來的財政年度？顯然，2019 財年有很多利多因素，例如維護定價、M2S 和收款。您對明年 ARPS 的發展有何看法？或許可以為我們介紹一下今年與 2019 財年相比的買賣情況？

Yes, Phil, I think we'll continue to see the same trends that we've seen in ARPS. The long-term drivers of ARPS growth are still in place, that's the continued shift to industry collections, obviously, drives ARPS up. We gave you some stats in the opening commentary that industry collections are now 28% of our total product subscription base, which is huge. So that's driving ARPS up, I think that trend continues. We'll see higher net from continuing growth in the renewal base, and you know renewals come to us at a higher net price. And we'll see the continued shift to direct sales, which also comes to us at a higher price. And then smaller pricing changes and less discounting. So some of the core trends that we saw driving it that we talked about at last Investor Day that we saw driving it this year, those things will continue into fiscal '20.

是的，菲爾，我認為我們將繼續看到與 ARPS 相同的趨勢。ARPS 成長的長期驅動因素依然存在，那就是持續向產業催收的轉變，顯然，這推動了 ARPS 的成長。我們在開篇的評論中給出了一些數據，行業收藏品目前占我們產品訂閱總量的 28%，這是一個非常龐大的數字。所以這推高了平均每筆交易價格，我認為這種趨勢還會持續下去。我們將看到續約客戶群持續成長，從而帶來更高的淨收益，而且您也知道，續約客戶的淨價格通常更高。我們將繼續看到向直銷模式的轉變，而直銷的價格也會更高。然後是更小的價格變動和更少的折扣。因此，我們在上次投資者日上討論的一些推動其發展的核心趨勢，以及我們今年看到的推動其發展的一些趨勢，這些趨勢將延續到 2020 財年。

And our next question comes from Saket Kalia with Barclays.

下一個問題來自巴克萊銀行的薩凱特·卡利亞。

Maybe just to shift gears to construction and start with you, Andrew. Realizing it's still early for PlanGrid, can you just talk about how you're thinking about pricing strategies here down the road? I know that we've talked about the benefits of the per-user model, but if I think about other packages, like EBAs, which have been so successful as of late, and think about potential with PlanGrid, I'm curious just how you're thinking about PlanGrid pricing strategy, with what you've learned with some of the innovations with Autodesk pricing strategy, down the road?

或許我們應該轉換思路，從你開始，安德魯，轉而討論建設方面的事情。考慮到 PlanGrid 目前還處於早期階段，您能否談談您未來在定價策略方面的想法？我知道我們已經討論過按用戶付費模式的好處，但如果我考慮其他軟體包，例如最近非常成功的 EBA，以及 PlanGrid 的潛力，我很好奇您是如何考慮 PlanGrid 的定價策略的，以及您從 Autodesk 定價策略的一些創新中學到的東西，以及未來的發展方向？

Yes, Saket, that's a really good question. I mean, I think you probably know that PlanGrid's current pricing strategy is basically a package that have unlimited project access and limited number of sheets that are being accessed. So they have a nail gun, dozer and crane kind of purchase level. We have named user models. We also have a project-based model and then we have the pay-per-use EBA model. One of the things that's important to recognize about the construction ecosystem is projects involve multiple people participating on trying to create an outcome. And generally speaking, what people want to do is get as many people into the project using the software as possible and they want to do it in a predictable and economical way. So you've seen lots of models being played with in this space. One is the project-based model, where people charge you as a percent of the project value and every project they add, they keep charging you more. We found that model to be very problematic as you get deeper and deeper into your customers' business, because the customers basically start to push back on this idea of paying more and more based on the number of projects you're putting into the ecosystem. Named user bundles are attractive because you can essentially pay -- charge discounted pricing for thousands of users at once. You'll probably see that showing up in the PlanGrid model moving forward. And you mentioned lastly, the notion of pay-per-use pricing. So imagine being able to sign up for a project and just pay for what you use as you go along through the project. You'll probably see us start to experiment with those things as we move out into the later years. At the very least, PlanGrid over a period of time will start integrating with our EBA model, and our EBA customers will be able to do pay-per-use models. So looking forward, try to -- start to imagine the PlanGrid models lining up with some of the models we already have and start seeing us looking at more pay-per-use type models as we move into bigger and bigger project ecosystems.

是的，薩凱特，這真是個好問題。我的意思是，我想你可能知道 PlanGrid 目前的定價策略基本上是一個套餐，包含無限的項目訪問權限，但訪問的表格數量有限。所以他們的採購等級相當於射釘槍、推土機和起重機。我們已經命名了使用者模型。我們也有以專案為基礎的模式，以及按使用量付費的 EBA 模式。在建築生態系統中，需要認識到的一點是，專案涉及多人參與，共同努力創造成果。總的來說，人們希望盡可能多的人使用該軟體參與到專案中來，並且他們希望以可預測和經濟的方式實現這一目標。所以你已經看到這個領域裡有很多模型被嘗試應用。一種是基於項目的模式，在這種模式下，人們按項目價值的百分比向你收費，而且他們每增加一個項目，就會向你收取更多費用。我們發現，隨著你越來越深入了解客戶的業務，這種模式會變得非常成問題，因為客戶基本上會開始抵制這種根據你投入生態系統的專案數量而支付越來越多的費用的想法。指定用戶套餐之所以吸引人，是因為您可以一次為成千上萬的用戶支付折扣價。你可能會在未來的 PlanGrid 模型中看到這一點。最後，您也提到了按使用量付費的定價概念。想像一下，你可以報名參加一個項目，然後根據項目進度按需付費。隨著我們步入晚年，你可能會看到我們開始嘗試這些事情。至少，PlanGrid 將在一段時間內開始與我們的 EBA 模型集成，我們的 EBA 客戶將能夠採用按需付費模式。展望未來，試著想像一下 PlanGrid 的模型與我們已經擁有的一些模型相吻合，並開始看到隨著我們進入越來越大的專案生態系統，我們將更多地採用按需付費的模式。

Got it. That's really helpful. And maybe on that same topic for you, Scott, can you just remind us how the billings work for PlanGrid and BuildingConnected? And similarly, how that could change over time, just as those businesses become more integrated with Autodesk?

知道了。這真的很有幫助。史考特，關於這個主題，你能否再提醒我們一下 PlanGrid 和 BuildingConnected 的計費方式？同樣地，隨著這些企業與 Autodesk 的整合程度越來越高，這種情況又會發生怎樣的變化呢？

Yes, initially with both PlanGrid and BuildingConnected, we're leaving the sales teams intact, so that we can maintain the momentum in each of those businesses. So those -- they will flow in and will be consolidated, obviously, with our total results, but they will flow in through their own sales teams. And I expect to see, for the full year, I expect to see those billings come, driving somewhere around the mid-single digits of our year-on-year billings growth. So it's a notable amount of billings growth for the year. The one exception to that is we will have the PlanGrid sales also incorporated through our named account team, the people that sell to our largest customers, sell the EBAs. They'll also be selling PlanGrid. So a little bit of it coming through our own sales team; the remainder will continue to come through the sales teams that are there. And we are investing, by the way, to grow those sales teams post acquisition.

是的，最初對於 PlanGrid 和 BuildingConnected，我們都會保留銷售團隊，以便保持這兩家業務的發展勢頭。所以這些——它們會流入，並且顯然會與我們的總業績合併，但它們會透過各自的銷售團隊流入。我預計全年這些帳單將陸續到賬，推動我們年比帳單成長達到個位數中段水準。所以今年的帳單金額實現了顯著成長。唯一的例外是，我們將透過我們指定的客戶團隊（即向我們最大的客戶銷售產品並銷售 EBA 的團隊）來整合 PlanGrid 的銷售。他們也會銷售 PlanGrid。所以一部分會透過我們自己的銷售團隊完成；其餘部分將繼續透過當地的銷售團隊完成。順便一提，我們正在投資，以便在收購後壯大這些銷售團隊。

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

下一個問題來自高盛的希瑟·貝利尼。

Great, I had 2, just related to collections and then on the construction side. You guys have obviously seen a pretty steady mix, mix shift, over to collections SKUs. And I'm just wondering if you could share a little bit with us, what's driving those conversions? And specifically, are you doing anything to help incent that with maybe special promotions around collections? And is there any change in terms of the mix? I think you used to say it would be -- you expected it to be 30% of the mix. Any update on that would be helpful. And then I had a follow-up on the construction side, which obviously, now you've got a more robust offering. I'm just wondering what you're seeing, if anything, different from a competitive standpoint?

太好了，我有兩個，一個是跟收藏有關的，另一個是建築方面的。你們顯然已經看到了相當穩定的組合、組合轉變，以及向系列 SKU 的轉變。我想請您和我們分享一下，是什麼因素推動了這些轉換率？具體來說，你們是否採取任何措施來鼓勵這種行為，例如圍繞收藏品推出特別促銷活動？食材方面有變化嗎？我想你以前說過——你預計它會佔混合物的 30%。任何相關進展都將不勝感激。然後我跟進了建築方面的工作，顯然，現在你們的產品和服務更加完善了。我只是想知道，從競爭的角度來看，你看到了什麼不同？

All right, Heather, so I'll start, make a comment on the collections thing and I'll let Scott weigh in as well, and then we can come back to the construction point. So what's happening with collections is kind of what we expected. As customers are looking at their options, they are looking at upgrading from maintenance to subscription. They are looking at how they move their new seats into new types of mixes. They're just looking at the collections and saying, hey, you know what? This is a better way for me to consolidate my offering. My typical user uses this application and this application. I'm just going to true up on collections. We saw a similar phenomena with Suites. We're just seeing it accelerated at a somewhat larger scale with collections. And we expect that to continue as we move forward, which is a good thing. One, it simplifies our relationship with the customer, it increases the value of the account on an account-by-account basis and it gets more of our technology on our users' desktops. So it's all goodness from our perspective. Scott, do you want to add something?

好的，Heather，那我先來，就收藏這件事發表一下看法，也讓Scott說說，然後我們再回到建設方面。所以，目前收藏品的狀況基本上符合我們的預期。客戶在考慮各種方案時，正在考慮從維護升級到訂閱。他們正在研究如何將新座位融入新的組合類型中。他們只是看著這些藏品，然後說，嘿，你知道嗎？對我來說，這是整合產品/服務的更好方式。我的典型用戶會同時使用這個應用程式和這個應用程式。我正要整理一下收藏品。我們在套房方面也觀察到了類似的現象。我們現在看到的只是收藏品的出現，而且規模更大，加速了這個趨勢。我們預計這種情況會持續下去，這是一件好事。第一，它簡化了我們與客戶的關係，提高了每個帳戶的價值，並讓更多用戶的桌上型電腦能夠使用我們的技術。所以從我們的角度來看，一切都是好事。史考特，你還有什麼要補充的嗎？

Yes, the only thing, Heather, to the question of what's driving that, why is it growing faster than Suites, we've talked in the past about a lot of work that was done to simplify from Suites. There were 7 different Suites and each had 3 different versions, a good, better, best version, down to 3. And I think that simplicity has made it not only easier to sell and more efficient for our sales team and our channel partners, it's made it easier to buy on the buy side. So I think that's the biggest driver behind it. There's always an occasional promo. There's nothing we've done explicit to try and drive this much faster. I would say, at the point of conversion, as Andrew just talked about, when you convert from maintenance to product subscription, that is a very attractive price point, at that point, to go from individual products over to collections. And that's why we're seeing that upgrade within that 25% to 30% of those eligible are actually taking advantage of it and going to a collection from a single product.

是的，Heather，關於是什麼因素推動了這種情況，為什麼它的成長速度比 Suites 快，我們過去曾討論過為了簡化 Suites 而做了很多工作。共有 7 個不同的套件，每個套件有 3 個不同的版本，分別是好版、更好版、最佳版，最後只有 3 個版本。我認為這種簡潔性不僅使銷售更容易，提高了我們銷售團隊和通路合作夥伴的效率，也使採購者更容易購買。所以我認為這是背後最大的驅動因素。偶爾會有促銷活動。我們沒有採取任何明確的措施來大幅提高行駛速度。我想說，正如 Andrew 剛才提到的，在轉換點上，當你從維護模式轉換為產品訂閱模式時，那時的價格點就非常有吸引力，可以從單一產品過渡到產品集。這就是為什麼我們看到，在符合條件的人群中，有 25% 到 30% 的人實際上正在利用這一機會，從單一產品升級到系列產品。

Heather, you actually hit on something. Back in the Suites days, we did lots of cross-selling promotions around Suites. We've done very few, if any, around collections, which is a really big difference between that program and what we're doing now. And I think it talks to the maturity of the model and its connection with subscriptions. Now on your construction comments, with regard to competitive dynamics, we've kind of surged into these acquisitions really pleased with what we're seeing. One, we feel like we've consolidated a pretty broad and exceptional solution and it's right on track with some of our long-term strategic objectives. So when we go and talk to customers right now, the conversation isn't really about competitors. It's about okay, what's going to happen with the PlanGrid roadmap? What's going to happen with the BIM 360 roadmap? How are you going to get the Building Information Model more entrenched into my processes? So our conversations with customers are excitement about what we're doing, not about well, what our competitors are doing, which is a really great conversation to have. And I just want to remind you of a couple of things, so that you can kind of get a good sense for what we're doing here. With regards to both PlanGrid and BuildingConnected, we acquired these companies and we did not change their run rate with regards to R&D. We didn't change their run rates at all. In fact, we've layered more R&D investment into PlanGrid and into BIM 360. So what we're doing is we're accelerating the roadmaps of both of those products with much more targeting. So PlanGrid is going to focus a lot more on site execution and the things associated with site execution. BIM 360 is going to focus a lot more on project management and project flow. These are 2 incredibly sharp teams that are just going to kill it with what we've been able to do with the acceleration we're layering in. That's why you're seeing things like Construction IQ coming out right now, which we're really excited about, because it's completely differentiated in the market. That's using data that only we have, to aggregate it, layer machine learning on it and actually provide predictive outcomes of what could possibly happen in a construction project moving forward. Nobody else has that kind of stuff. So you're seeing us surge ahead of the competition, not lose any momentum at all. This is a big area for us and we're taking it really seriously and we're investing more.

希瑟，你居然說對了。在經營套房的那段時間裡，我們做了很多圍繞套房的交叉銷售促銷活動。我們幾乎沒有做過任何與收藏相關的工作，這與我們之前的項目和現在正在做的事情有很大的不同。我認為這體現了該模式的成熟度及其與訂閱模式的連結。關於您提到的建築業競爭動態，我們已經積極參與了這些收購，並對目前的情況非常滿意。第一，我們感覺我們已經整合了一個相當廣泛且卓越的解決方案，並且它完全符合我們的一些長期策略目標。所以，我們現在與客戶交談時，談話內容其實不是關於競爭對手的。情況還算可以，PlanGrid 的路線圖接下來會如何發展？BIM 360路線圖接下來會如何發展？您打算如何將建築資訊模型更深入地融入我的流程中？因此，我們與客戶的對話都是關於我們正在做的事情，而不是關於我們的競爭對手正在做的事情，這其實是一個非常好的對話。我只想提醒你們幾件事，以便你們能更了解我們在這裡所做的事情。關於 PlanGrid 和 BuildingConnected 這兩家公司，我們收購了它們，但我們沒有改變它們在研發方面的投入程度。我們完全沒有改變他們的運行率。事實上，我們已經在 PlanGrid 和 BIM 360 中投入了更多研發資金。因此，我們正在加快這兩個產品的路線圖，並使其更具針對性。因此，PlanGrid 將更專注於網站執行以及與網站執行相關的事項。BIM 360 將更重視專案管理和專案流程。這兩支隊伍實力非常強勁，憑藉我們不斷提升的加速能力，他們一定會取得巨大的成功。這就是為什麼你現在會看到像 Construction IQ 這樣的產品出現，我們對此感到非常興奮，因為它在市場上完全與眾不同。這是利用我們獨有的數據進行匯總，並在此基礎上應用機器學習技術，從而預測未來建設項目中可能出現的情況。其他人都沒有那種東西。所以你會看到我們遙遙領先競爭對手，而且絲毫沒有失去發展勢頭。這對我們來說是一個非常重要的領域，我們非常重視，並且正在加大投入。

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

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

Andrew, for the 6 quarters since you've been highlighting your own internal digital infrastructure, is there some way for you to characterize or quantify or otherwise describe how that infrastructure, particularly in terms of transactional and license activation capabilities, has evolved? I mean, it's clear that your imputed license volume is already well above where it was before the model transition. You've got some pretty ambitious plans for multiplying the size of the eStore. So in terms of what's occurred and what still has to occur, could you talk about them, that infrastructure? And then a follow-up.

Andrew，自從你六個季度前開始重點介紹你公司內部的數位基礎設施以來，你能否以某種方式描述、量化或以其他方式說明該基礎設施，特別是交易和許可證激活能力方面，是如何發展的？我的意思是，很明顯，你們的預估許可證數量已經遠高於模型轉換之前的水平。你們制定了一些非常雄心勃勃的計劃，旨在擴大網上商店的規模。那麼，就已經發生的事情和還需要發生的事情而言，您能談談基礎設施方面的問題嗎？然後還有後續報道。

Yes, so Jay, yes, this is actually something really exciting I can comment on, regarding the infrastructure. It doesn't get a lot of news, but what's happening now is that every new purchase of a single-user license that happens out there in the market, whether it happens from a partner or directly to us, is going into a completely new back end that is serial number-free. So all of our customers that buy these single-user licenses that used to manage large spreadsheets of serial numbers, that is all gone. So they are actually buying licenses that are completely identity-based, and that is a powerful lubricant to how our customers manage and use Autodesk software. Now at the same time, the existing licenses they have that are sitting on the old model, serial number-based, are being progressively migrated over to the new system. So by the end of the year, every single single-user license is going to be sitting on this new system and serial numbers are gone from our single-user business. Now if you know anything about how people manage our software and how they do it, this is a non-value-added activity that sucks lots of time and dollars away from managing your relationship with Autodesk. That is getting removed. And that is a direct result of the investment we've made in the digital infrastructure. You're going to see similar moves as we look at how we do multiuser licensings in the future. That's something I'll save for another day. Now the other thing that we're able to do, and you're going to see coming out more and more, is usage analysis. And it's not just for our EBAs, but we're actually going to be projecting usage behavior back to our customers so that they can see who's using what and to what degree the software is getting utilized. Now that will allow them to better control their relationship with Autodesk. It will also allow us to better understand what they're using and what we can recommend to them next. So this year is a big year for lighting up infrastructure changes that we've been investing in over the last 18 months. And customers are going to see real benefits, Jay. These are not trivial changes in the way they manage their relationship with Autodesk. So we're actually pretty excited about them.

是的，傑伊，是的，關於基礎設施方面，我確實可以就一些非常令人興奮的事情發表一些看法。雖然很少有人提及，但現在的情況是，市場上每一筆新的單用戶許可證購買，無論是透過合作夥伴還是直接購買給我們，都將進入一個全新的、沒有序號的後端。因此，所有購買單一使用者授權、過去用來管理大型序號電子表格的客戶，現在都無法再使用這種授權了。因此，他們實際上購買的是完全基於身分的許可證，這對於我們的客戶管理和使用 Autodesk 軟體來說是一個強大的推動因素。同時，他們現有的、基於舊模式（基於序號）的許可證正在逐步遷移到新系統。因此，到今年年底，所有單用戶許可證都將轉移到這個新系統上，我們的單用戶業務將不再使用序號。如果您了解人們如何管理我們的軟體以及他們如何進行管理，您就會知道這是一項不創造價值的活動，會浪費您大量的時間和金錢來管理您與 Autodesk 的關係。它將被移除。這是我們對數位基礎設施進行投資的直接結果。未來在製定多用戶許可方案時，你會看到類似的措施。這件事我改天再說吧。現在我們還能做另一件事，而且你會看到它越來越多地出現，那就是使用情況分析。這不僅適用於我們的企業業務分析師 (EBA)，我們實際上還會將使用行為回饋給我們的客戶，以便他們能夠看到誰在使用什麼以及軟體的使用程度。這樣一來，他們就能更掌控與 Autodesk 的關係了。這將使我們能夠更好地了解他們正在使用什麼，以及接下來我們可以向他們推薦什麼。因此，今年是啟動我們過去 18 個月以來一直在投資的基礎設施變革的大年。傑伊，顧客們將會看到實實在在的好處。這些並非他們與 Autodesk 合作關係管理方式上的微小改變。所以我們其實對它們相當興奮。

Okay. The follow-up is, as you know, we track pretty closely your headcount, your open reqs and where you're investing, in sales and R&D and so forth. You have quite a number of very interesting-sounding senior management positions that you're looking to fill. And maybe you could talk about the thinking behind some of those. For instance, a head of building design strategy, a chief data architect, a head of brand strategy, brand activation, a head of self-service transactions, multiple things that sound pretty interesting. And maybe just put that in the context of where you're going this year and beyond?

好的。如您所知，後續工作是，我們會密切關注您的人員數量、職缺以及您在銷售、研發等方面的投資方向。你們有很多聽起來很有趣的高階管理職缺，正在尋找合適的人選。或許你可以談談其中一些想法背後的考量。例如，建築設計策略主管、首席資料架構師、品牌策略主管、品牌啟動主管、自助交易主管等等，這些職位聽起來都很有趣。或許可以把這一點放在今年及未來發展方向的脈絡下來考慮？

Yes, so look, we are dead serious about having every aspect of Autodesk be completely digital, end-to-end, from when the customers first touch to when they get the product, to when they use the product and when we provide layered automations on top of them. We manage and deal with mountains of data from our customers. So for instance, what you heard about the chief architect role there, that's all about making sure that the infrastructure we're building behind the scenes takes that data from cradle-to-grave so it adds value to the customer at every single touch point, right? And does it in such a way that it's highly trusted, high integrity, the data is used in the service of the customer, not in the service of anyone else. So those roles what you're seeing is basically how we're translating the maturity of our investment into new types of automation activity. And we're just looking at, hey, we need this talent set, we need this talent set, in order to layer on this automation. So we're hiring to our roadmap is what we're doing, and you're going to see more of that. And frankly, we're getting really interesting people coming onboard that are interested in some of these positions. So very astute observation. And yes, you're correct, that presages other types of automation and activities that are yet to come from us, which we believe are kind of game-changing in our industry.

是的，所以你看，我們非常認真地致力於讓 Autodesk 的方方面面都實現完全數位化，從客戶第一次接觸產品到獲得產品，再到使用產品，以及我們在產品之上提供分層自動化功能。我們管理和處理來自客戶的大量數據。例如，你聽說過首席架構師這個角色，它的作用就是確保我們在幕後構建的基礎設施能夠將資料從搖籃到墳墓全程處理，從而在每一個接觸點上為客戶創造價值，對吧？而且，它以高度可信、高度誠信的方式進行，數據用於服務客戶，而不是服務於其他任何人。所以你現在看到的這些角色，基本上就是我們如何將投資的成熟度轉化為新型的自動化活動。我們現在考慮的是，我們需要這群人才，我們需要這群人才，才能實現這種自動化。所以，我們正在按照既定路線圖進行招聘，你們將會看到更多這樣的招聘活動。坦白說，我們公司確實吸引了一些對這些職位很感興趣的優秀人才加入。真是非常敏銳的觀察。是的，你說得對，這預示著我們將推出其他類型的自動化和活動，我們相信這些將對我們的產業產生顛覆性的影響。

And our next question comes from Gal Munda with Berenberg.

下一個問題來自貝倫貝格銀行的加爾·蒙達。

The first one I just have, Scott, for you, maybe on the cost side, the guidance for the next fiscal year is kind of in the high single-digit growth in terms of the cost base. Is that something we should be thinking more sustainable going forward, considering the fact we've had a few years kind of flattish cost base? Or is that something that's more of a one-off?

史考特，我剛才給你的第一個問題是，在成本方面，下一財年的成本基礎成長預期將達到較高的個位數。考慮到過去幾年成本基本上保持平穩，我們是否應該更加重視永續發展？或者這只是一次性事件？

Yes, Gal, it's a great question. If you peel back -- the guidance was 9% total spend to growth for the year, and if you peel that back, it's about 2 points organic. So maintaining kind of the cost discipline that we've had. But of course, you layer on what Andrew just talked in the -- not just the inorganic growth, but also the investments we'll make in those businesses. That's another 7 points of spend growth overall. I think that's probably not a bad range to think. As you look further and beyond fiscal '20 to '21 through '23, that's probably not a -- high-single digits is probably not a bad range to think about spend growth going forward. It all depends on how, what opportunities are out there and what's going to drive the long-term top line growth for the company.

是的，蓋爾，這是一個很好的問題。如果仔細分析——全年總支出成長預期為 9%，如果再細分，其中只有大約 2 個百分點是內生成長。所以，我們繼續保持了以往的成本控製水準。當然，你還要加上安德魯剛才提到的內容——不僅是內生成長，還有我們將對這些業務的投資。這意味著整體消費支出又增加了7個百分點。我認為這個思考範圍應該還不錯。展望 2020 至 2021 財年乃至 2023 財年，考慮到未來的支出成長，個位數高位成長率可能是一個不錯的範圍。這一切都取決於如何發展，取決於有哪些機遇，以及什麼因素將推動公司長期營收成長。

That makes sense. And then if I just kind of shift gears towards manufacturing a bit. Kind of construction has been getting a lot of the highlight recently. But in terms of the manufacturing, can you give us any color on the adoption of Fusion 360? When you look at some of the competitors, they're still growing pretty healthy in that space. Is that -- how has been its growth, maybe if you look throughout 2018 in calendar terms compared to what you've seen maybe the years before, because the product's kind of more mature now, it's in -- has had several iterations. How do you feel about it?

這很有道理。然後，如果我稍微調整一下方向，轉向製造業的話。這種建築方式最近備受關注。但就製造方面而言，您能否透露一下 Fusion 360 的應用？看看一些競爭對手，他們在這個領域仍然保持著相當健康的成長勢頭。也就是說——它的成長情況如何？也許你可以按日曆年來看 2018 年，並與之前幾年的情況進行比較，因為該產品現在更加成熟了，它已經經歷了多次迭代。你對此有何感想？

So Gal, let me tell it to you a couple -- this is Andrew. Let me say just a couple of things. One, nobody's growing at 29% in the manufacturing segment right now, all right? That kind of growth is share-taking, beside for us -- besides us, all right? So we -- and by the way, the reason you're seeing that growth is we talked a lot about year-over-year compares that people were questioning for a while, because we were retiring some manufacturing products. So we were actually taking revenue out of the system as it retired and consolidated some products, mostly consolidating some of those products into the Fusion stack and into the Fusion platform. So now what you're seeing is the compares that actually show what was sitting underneath all of that, and you're seeing robust growth in our manufacturing segment. What you're also probably seeing, if you're looking around in various forms, is that Fusion is really on fire. It's really, in terms of user growth, probably the fastest-growing platform in the industry right now. And we're happy with where it's at right now. What you're seeing is this exploration of what we've integrated into the platform with generative design. People are poking into this and using it in ways that frankly, we didn't really foresee. And I'll give you some examples. There's traditional hardline manufacturers that are using the generative capability inside of Fusion to kind of explore a series of design options that would traditionally kind of been 3D printed natively. And then what they're doing is they're saying, wow, this is a better [answer] than I ever had, and they turned it into a weldment. So they're actually using the capability inside of Fusion to explore design space they never explored before, and they're doing it with constraints in their manufacturing methods and other things and then turning it into solutions that they can use right now with traditional methods they have. Really unique workflows, really unique things, stay tuned. I think we've been very clear with you that construction was the first priority. We've established a strong construction portfolio. We're happy with what we've got there. In terms of major acquisitions, we're done. But as you look over the next 12 to 18 months, watch this space. You're going to see us start making the kinds of organic and inorganic moves in the manufacturing space that just accelerate the leadership position we already feel like we have.

所以蓋爾，讓我來給你介紹一下——這位是安德魯。我只想說幾句。首先，目前製造業領域還沒有人能達到 29% 的成長率，好嗎？那種成長方式是蠶食市場份額，對我們來說──對我們來說，好嗎？所以——順便說一下，你們看到這種增長的原因是，我們討論了很多關於同比數據的問題，這些問題之前一直受到質疑，因為我們正在淘汰一些製造產品。因此，隨著系統退役和一些產品的整合，我們實際上從系統中抽取了收入，主要是將其中一些產品整合到 Fusion 堆疊和 Fusion 平台中。所以現在你看到的對比數據實際上顯示了所有這些數據背後的原因，你可以看到我們製造業部門的強勁成長。如果你四處看看，你可能也會發現，Fusion 真的非常火爆。就用戶成長而言，它可能是目前業界成長最快的平台。我們對它目前的狀態很滿意。你現在看到的是我們對透過生成式設計整合到平台中的各種功能的探索。人們正在深入研究並利用它，坦白說，這確實是我們始料未及的。我舉幾個例子。有些傳統的硬線製造商正在使用 Fusion 內部的生成功能來探索一系列設計方案，這些方案傳統上會採用原生 3D 列印方式。然後他們就會說，哇，這比我以前得到的答案好多了，然後他們就把它變成了一個焊接件。因此，他們實際上是利用 Fusion 內部的功能來探索他們以前從未探索過的設計空間，並且他們在製造方法和其他方面的限制下進行探索，然後將其轉化為他們現在可以用現有傳統方法使用的解決方案。真正獨特的工作流程，真正獨特的事物，敬請期待。我想我們已經非常明確地告訴過你們，施工是首要任務。我們已建立起強大的建築項目組合。我們對目前的情況很滿意。就重大收購而言，我們已經完成了。但展望未來 12 到 18 個月，請密切關注這一領域。你們將會看到我們在製造業領域開始採取各種有機和非有機的舉措，這將進一步鞏固我們已經擁有的領導地位。

And our next question comes from Brad Zelnick with Crédit Suisse.

下一個問題來自瑞士信貸的布拉德·澤爾尼克。

Excellent, I've got one for Andrew and a follow-up for Scott. So firstly, something that came up in our conversations with partners this quarter was some confusion about the go-to-market strategy with PlanGrid. Can you just remind us of your strategy for integrating it into the broader construction portfolio, whether we should expect PlanGrid to continue being sold standalone or perhaps bundled with Build or ultimately integrating it with the BIM 360 platform longer term?

太好了，我這裡有一份給安德魯的，還有一份給史考特的後續郵件。首先，本季我們與合作夥伴的交流中出現了一些關於 PlanGrid 市場推廣策略的困惑。您能否提醒我們貴公司將其整合到更廣泛的建築產品組合中的策略？我們是否應該預期 PlanGrid 繼續獨立銷售，或與 Build 捆綁銷售，或最終將其長期整合到 BIM 360 平台中？

Yes, so for the foreseeable future, you're going to see PlanGrid continue to be sold standalone. We do -- we are rolling out a program where if a partner finds a deal, they get a commission on the deal. They get a finder's fee, essentially, for being, participating in the deal, but PlanGrid's going to continue to sell directly. We are also looking at ways to appropriately create offerings that combine capabilities from BIM 360 and PlanGrid, where customers might be confused about what solution is best. And stay tuned, you'll see some of that. But for the most part, we're letting this solution run and continue on its own. Remember, PlanGrid reached into a part of the construction ecosystem that we weren't spending a lot of time on. Neither were our partners, frankly, okay? So we're actually deeper into the construction chain than we were before, and we're letting them continue to go into that chain, renew their deals and actually find new deals. And that will continue, but we're definitely going to make sure that a partner, if they find something, we want them to tell us about it and we want to make sure they make some money off it.

是的，因此在可預見的未來，PlanGrid 將繼續作為獨立產品銷售。沒錯——我們正在推行一項計劃，如果合作夥伴促成交易，他們就能從中獲得佣金。他們實際上會因為參與這筆交易而獲得一筆介紹費，但 PlanGrid 將繼續直接銷售。我們也在研究如何適當地創建結合 BIM 360 和 PlanGrid 功能的產品和服務，因為客戶可能會對哪種解決方案最好感到困惑。敬請期待，你會看到其中的一些內容。但大多數情況下，我們會讓這個解決方案自行運作並繼續下去。請記住，PlanGrid 涉足了我們之前沒有投入太多時間的建築生態系統領域。坦白說，我們的合作夥伴也不太好，對吧？所以，我們實際上比以前更深入建築產業鏈中，我們讓他們繼續進入這個產業鏈，續約合同，並尋找新的交易。這種情況還會繼續，但我們肯定會確保合作夥伴如果發現了什麼，我們希望他們告訴我們，我們也希望確保他們能從中賺到一些錢。

Great. And just for Scott, cloud subscriptions, by my math, grew about 35% organically. Can you maybe rank order the different drivers there? And I think organic cloud ARPS was up only about 4% year-on-year. Was that in line with your expectations? And can you remind us of the levers that drive confidence in ARPS growth?

偉大的。僅就 Scott 而言，據我計算，雲端訂閱用戶自然成長了約 35%。您能給這些司機按排名順序排一下嗎？我認為有機雲平均每筆交易收入年增僅約 4%。這符合你的預期嗎？您能否提醒我們一下，有哪些因素能增強人們對 ARPS 成長的信心？

Sure. On the cloud side, the biggest drivers of the, organically, of the cloud subs continue to be BIM 360 is number one, and driving the biggest chunk of that growth. Fusion 360 would be second and then there's a handful of smaller products beyond that, Shotgun's in there, AutoCAD 360 is in there. But those 2 drive the majority of the cloud sub adds. The ARPS stuff is in line with our expectations for the BIM 360 product set. And you know, the [Fusion] 360, we also made a price change on it recently; a quarter and a half ago, we made a price change on Fusion 360. So you'll begin to see that price increase start to float its way through into the cloud ARPS as well. So I feel pretty good about where we are on the cloud side and you can see the inorganic contribution in the slide deck that we posted, you can see it. It was also a positive to the cloud ARPS for the quarter.

當然。在雲端方面，雲端訂閱用戶自然成長的最大驅動力仍然是 BIM 360，它是第一大驅動力，並推動了最大一部分成長。Fusion 360 排名第二，除此之外還有一些規模較小的產品，例如 Shotgun 和 AutoCAD 360。但這兩家公司貢獻了大部分的雲端服務新增用戶。ARPS 的產品符合我們對 BIM 360 產品集的預期。你知道，Fusion 360 最近也調整了價格；大約一個半季度前，我們對 Fusion 360 進行了價格調整。所以你會發現，這種價格上漲的趨勢也會逐漸蔓延到雲端ARPS。所以我對我們在雲端領域的進展感到非常滿意，你可以在我們發布的幻燈片中看到無機部分的貢獻，你可以看到。這也對本季的雲端平均每銷售額 (ARPS) 產生了積極影響。

And our next question comes from Sterling Auty with JPMorgan.

下一個問題來自摩根大通的斯特林·奧蒂。

I guess I missed it, but I'm going to ask the question anyway. What is PlanGrid and the other acquisition actually going to contribute in terms of this fiscal year's guidance? Because I didn't see it anywhere.

我好像錯過了，但我還是要問一下。PlanGrid和其他收購項目究竟會對本財年的業績指引做出哪些貢獻？因為我到處都沒看到。

Yes, Sterling, we didn't spend a lot of time working that out. We said at the point of acquisition with PlanGrid, that it would drive -- we expected it to drive about $100 million in ARR this year, and that's consistent with what's built into the guidance that we gave. I broke out the spend, it was, between the 2 of them, they drove 7 points of spend growth year-on-year. So you can do the math on what that looks like. That's probably about as much as we've done. The other thing is that you're doing your own calculations, and I saw in some of the preview notes, people trying to do the calculation. The other thing just to bear in mind is the swing in interest, the foregone interest on the cash spent and the added interest expense for the $500 million short-term loan agreement that we picked up. So all in all, it's a slight headwind on EPS for fiscal '20, and it's a slight headwind for us on free cash flow for fiscal '20, but we feel good about being able to contain it.

是的，斯特林，我們沒花太多時間去研究這個問題。我們在收購 PlanGrid 時就說過，我們預計它今年將帶來約 1 億美元的 ARR，這與我們給出的指導意見一致。我單獨分析了支出狀況，發現他們兩人加起來，讓支出年增了 7 個百分點。所以你可以自己算算會是什麼樣子。這大概就是我們所做的一切了。還有一點就是，你們都在自己做計算，我在一些預覽說明中看到有人在嘗試計算。另一件需要記住的事情是利率的波動，已支出現金所放棄的利息，以及我們獲得的 5 億美元短期貸款協議的額外利息支出。總的來說，這對 2020 財年的每股盈餘 (EPS) 和自由現金流都造成了輕微的不利影響，但我們有信心控制住這種影響。

Excellent, and then just one quick follow-up, Scott, just as we think about the cash flow guide, I think multiyear agreements were going to be a decent contributor to that. What's been your experience -- minus when you put the multiyear back into place, what's your experience? And what does it need to do to hit that $1.35 billion?

很好，斯科特，還有一個後續問題，當我們考慮現金流指南時，我認為多年協議將對此做出相當大的貢獻。撇開多年期付款政策不談，你的體驗如何？它需要做到什麼才能達到13.5億美元的目標？

Yes, it is one of the contributors. There are several things, obviously, that drive the cash flow growth year-on-year from -- well, we posted $310 million of free cash flow this year. But remember, that included about $130 million of one-time cash outflows tied to the restructuring that we announced a year ago and the exit tax and moving our European hub out of Neuchâtel and to Dublin. So the $310 million is actually understate -- or reflects $130 million of one-time payments that won't repeat themselves into fiscal '20. The remainder of the growth is the 2 things we talked about. It's net income, and you can back into the net income increase year-on-year from the guidance points we gave you, but net income grows strongly, driven by top line growth. And then billings growth, and it will grow for all the reasons we talked about. And ARPS, an element of it is multiyear, which is what you're touching on. We reintroduced the 10% discount for 3-year paid upfront multiyear product subs. We hadn't previously offered any discount on that, although we did still have some multiyear sales of it, there was no discount. We reintroduced that in Q4. And if you noticed -- I know it's a busy night for you guys -- but if you look at our balance sheet, you'll see our long-term deferred actually grew for the first time in 7 quarters, as we saw pretty good uptake of people buying that 3-year product subscription deal. So we expect to see that continue to grow next year and get back into the range that it had historically been. And I think from a -- in terms of what long term will represent of our total deferred revenue, we think it gets back into that 20% to 21% range that we talked about at Investor Day last year.

是的，它是貢獻者之一。顯然，有幾個因素推動了現金流逐年成長——今年我們實現了 3.1 億美元的自由現金流。但請記住，其中包括與我們一年前宣布的重組相關的約 1.3 億美元的一次性現金流出，以及退出稅和將我們的歐洲中心從納沙泰爾遷至都柏林的費用。因此，3.1 億美元實際上是低估了——或者說，其中 1.3 億美元是一次性付款，不會在 2020 財年再次發生。剩下的成長就是我們剛才討論的兩件事。這是淨收入，您可以根據我們給您的指導點反推淨收入的逐年增長，但淨收入增長強勁，是由營收成長推動的。然後是帳單成長，而且由於我們之前討論的所有原因，帳單成長將會實現。ARPS 的一個要素是多年期的，這正是你剛才提到的。我們重新推出了預付三年費用的多年度產品訂閱可享 10% 折扣的折扣。我們之前沒有提供任何折扣，雖然我們仍然有一些多年期的促銷活動，但都沒有折扣。我們在第四季度重新引入了這項功能。如果你注意到了——我知道今晚你們很忙——但如果你查看我們的資產負債表，你會發現我們的長期遞延負債在 7 個季度以來首次出現增長，因為我們看到購買 3 年產品訂閱協議的人數相當多。因此，我們預計明年這一數字將繼續增長，並恢復到歷史水平。我認為，從長期來看，這將占我們總遞延收入的比例，我們認為它將回到我們去年投資者日上談到的 20% 到 21% 的範圍內。

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

下一個問題來自伯恩斯坦研究公司的讚恩·克蘭。

I was speaking with developers in one of the new skyscrapers in New York and they were telling me how adopting Revit recently, they're expecting that to generate a 3x return on the multimillion-dollar contract they signed with you guys. That wasn't so much as surprising, so much as the fact that it sounded like a fairly recent decision. It made me wonder, how penetrated do you think your customer base is in terms of Revit adoption for those customers that may potentially use it or could benefit from it?

我當時正在和紐約一座新建摩天大樓的開發商交談，他們告訴我，他們最近採用了 Revit 軟體，預計這將為他們與你們簽訂的數百萬美元合約帶來 3 倍的回報。倒不是說這件事本身有多令人驚訝，而是因為這聽起來像是最近才做出的決定。這讓我不禁思考，您認為您的客戶群中，那些可能使用 Revit 或能從中受益的客戶，對 Revit 的接受程度如何？

I think, Zane, you're actually hitting on something that's important to discuss. People think that Revit's already like fully matured in penetrating the market. It's actually still very much the early kind of majority-type market for Revit adoption. We are actually seeing massive growth in Revit usage, Revit adoption. That's why I highlighted the increasing visibility of Revit skills as one of the skills that's important moving forward into the years. Revit's got a long way to go in terms of growth, and it really is the new engine of how architecture and building design is going to be done, and it's not even begun its journey very much into the infrastructure space. So look for Revit to keep going and going and going and watch how the skills reference on Revit climbs up that list from where it is today, well into the top 10. That's just to be expected. Especially in Europe, where Revit adoption is taking off from the very early, early stages. It was much more mature in the U.S.

我覺得，贊恩，你確實觸及了一個值得討論的重要議題。人們認為 Revit 在滲透市場方面已經相當成熟了。事實上，Revit 的普及度仍處於早期大眾市場階段。我們確實看到 Revit 的使用量和採用率出現了大幅成長。這就是為什麼我強調 Revit 技能日益受到重視，並將其視為未來幾年至關重要的技能之一。Revit 在發展方面還有很長的路要走，它確實是建築和建築設計的新引擎，而且它甚至還沒有真正開始涉足基礎設施領域。所以，Revit 將會持續發展壯大，看看 Revit 的技能參考排名會如何從目前的水準一路攀升，最終躋身前十名。這完全在意料之中。尤其是在歐洲，Revit 的應用從很早期階段就開始迅速普及。在美國，這項技術要成熟得多。

That's helpful. And as far as the adoption, do you think that will be driven more by the adoption of collections? Or do see a lot of enterprise customers buying it standalone?

那很有幫助。至於採用率，你認為這會受到收藏集採用率的推動嗎？或者您看到許多企業客戶單獨購買該軟體？

Our enterprise customers almost all buy it through EBAs, so they get access through the EBAs. It doesn't hurt that the collections have Revit inside, so that the users can immediately start moving projects to Revit. But frankly, the big driving force for Revit has little to do with how we package our software. There's a couple of things that are driving it. One, the return you heard from those customers in New York. They basically see a fairly significant return. Owners in particular see a significant return and are more and more starting to mandate BIM for particular projects. Governments are doing it, owners -- developers are doing it, people are just starting to expect BIM to be part of the process, because they're seeing the ROI. That is more of a secular driver in terms of where things are doing, this kind of digitization of the whole design through construction process, than how we package our software and sell it.

我們的企業客戶幾乎都是透過企業授權協議 (EBA) 購買的，因此他們可以透過 EBA 獲得存取權限。這些合集內建了 Revit，這當然也是一件好事，使用者可以立即開始將專案遷移到 Revit 中。但坦白說，Revit 的主要驅動力與我們如何打包軟體關係不大。有兩個因素在推動這件事。第一，你從紐約的那些顧客那裡聽到的回饋。他們基本上獲得了相當可觀的回報。業主們尤其看到了顯著的回報，並且越來越多地開始強制要求在特定專案中使用 BIM。政府正在這樣做，業主——開發商正在這樣做，人們開始期望 BIM 成為流程的一部分，因為他們看到了投資回報率。從發展方向來看，這種從設計到施工的整個過程的數位化，更多的是一種世俗的驅動力，而不是我們如何打包和銷售軟體。

And our next question comes from Matt Hedberg with 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。

This is actually Matt Swanson on for Matt. Just one from me. In our survey work this quarter, we had a reseller bring up a large deal that came from previously pirated software. I know before, at one point, you had mentioned 4 million pirates in mature markets. Can you just remind us what this opportunity is, just kind of how you go about identifying and pursuing it?

實際上這是 Matt Swanson 為 Matt 主持節目。我只有一個。在本季的調查工作中，一位經銷商提到了一筆大額交易，這筆交易的資金來自先前盜版的軟體。我知道你之前曾提到成熟市場有 400 萬盜版者。能簡單介紹一下這個機會是什麼嗎？您是如何發現和爭取這個機會的？

Yes, so just to put it all in scale, right, we have 18 million users of our products worldwide. There's 400 -- 4 million subscribers, all right? So you can kind of see there's a big delta between users and subscribers right now. Now the way we look at this, especially in mature markets, is we look at people who are using the software and maybe have a few illegal copies or a few illegal serial numbers inside their environment, and we go and we have conversations with them. For the most part, when you hear about big deals like that, that was somebody that was probably really stretching the limits of what was legal with regards to our software. Long term, what you're going to see with this whole entire process, and like I said, I've said this over and over again on calls, there's no big surge that's going to happen at any one point in this. As a matter of fact, if we try to create a big surge, I actually think what we'd do is create a big backlash, all right? What you're going to see is a gradual kind of continuing add in penetration to that 18 million user base as we add more capability to the products that help us understand who's using the licenses validly, who isn't. And also, as users start to realize that it's better to be part of the legal ecosystem than it is to be part of the invalid ecosystem. So just continue to see that momentum over time, don't expect big spikes. Deals like what you just described are not the norm, all right? So I want to make sure that we're clear on that. But we, especially as we move into fiscal '21 and '22, where we're getting further and further down from our last perpetual release, and we move more and more to pure named user licensing as a company, you're just going to see more and more of these people coming into the paid ecosystem.

是的，為了讓大家更直觀地了解規模，我們在全球擁有 1,800 萬產品用戶。有 400 到 400 萬訂閱用戶，懂嗎？所以你可以看出，目前用戶和訂閱用戶之間存在著很大的差距。現在，尤其是在成熟市場中，我們看待這個問題的方式是，我們會關注那些正在使用該軟體的人，他們可能在他們的環境中有一些非法副本或一些非法序號，然後我們會去與他們交談。大多數情況下，當你聽到像這樣的大交易時，那很可能是有人真的在挑戰我們軟體的法律底線。從長遠來看，你會看到整個過程中，就像我之前在電話會議上反覆強調的那樣，在這個過程中不會出現任何重大的激增。事實上，如果我們試圖製造一波大浪潮，我認為我們實際上會造成很大的反彈，明白嗎？你會看到，隨著我們為產品增加更多功能，幫助我們了解誰在合法使用許可證，誰沒有合法使用許可證，那麼用戶群的滲透率將逐步增加到 1800 萬。而且，使用者也開始意識到，成為合法生態系統的一部分比成為無效生態系統的一部分要好得多。所以，繼續保持這種成長勢頭，不要指望會大幅波動。你剛剛描述的那種交易並不常見，對吧？所以我想確保我們對此達成共識。但是，尤其是在我們進入 2021 和 2022 財年之後，隨著我們離上次永久發布越來越遠，並且我們公司越來越傾向於純粹的指定用戶許可，你會看到越來越多的人進入付費生態系統。

And Matt, you know we have our Investor Day at the end of March, actually a month from today, March 28, here in San Francisco. This is obviously one of the topics that we'll update everyone on and give you a sense not just of the numbers, but more importantly, the things we're doing, the changes we're making in both processing and the product, to go after chasing that opportunity.

馬特，你知道我們將在三月底，也就是一個月後的今天，3月28日，在舊金山舉行投資者日活動。這顯然是我們將向大家報告的重點主題之一，我們不僅會向大家介紹相關數字，更重要的是，還會介紹我們正在做的事情，以及我們在流程和產品方面所做的改變，以抓住這個機會。

And our next question comes from 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. I wanted to follow up on an earlier question asked about the integration between PlanGrid and the core BIM 360 product. What's the timeline for that? And is there any risk of customers perhaps being more cautious on purchasing BIM in advance of that integration? Since there have been a lot of changes to that product in recent years, mostly positive, so I'm just wondering if you're seeing any of that?

這是哈姆札·福德瓦拉取代基斯·韋斯上場。我想就先前提出的關於 PlanGrid 與核心 BIM 360 產品整合的問題進行後續討論。時間表是什麼？那麼，客戶是否會因此在整合之前更加謹慎地購買 BIM 呢？近年來該產品發生了很多變化，而且大多是積極的，所以我想知道你是否也注意到了這些變化？

And so one of the areas we're paying attention to, Keith -- it was Keith, right?

所以，我們關注的領域之一，就是基思——是基思，對吧？

No, it was actually Tom for Keith.

不，其實是湯姆給基斯的。

It was Tom, Tom for Keith, okay. One of the areas we're paying attention to, Tom, is moving very quickly on making it clear where the focus areas of those 2 products are. We've already kind of internally established that. PlanGrid is absolutely focused on site execution and all the things that make site execution just awesome. And they are incredibly talented at, as Tracy likes to say, beautiful, simple software that helps people be productive, and we're doubling down on that for them. So all of the additional R&D investment we've put in there is all going to accelerate their site execution roadmap. And customers are going to start to see that very quickly and start to understand, okay, so the site execution stuff that I saw in BIM 360, I'm going to see more of it PlanGrid. I'm going to see these things kind of expand out. What we've done on the BIM 360 side is we've been very focused with that team, aligning them around project management and project management capabilities. And there have been gaps that our customers have been asking for, for quite a while around project management and project flow capabilities, and they're going to see an acceleration of those capabilities inside of BIM 360. So we move very, very quickly based on our early analysis pre-acquisition and some of our post-acquisition moves, to be very clear with the R&D organizations, where they should run and how fast they should run in those areas. Customers will start to see that, and we're already starting to communicate some of this to our customers. And I think they're starting to understand it as being not only the right thing to do, but intuitively makes sense.

是湯姆，是基斯的湯姆，好的。湯姆，我們關注的領域之一是，要迅速明確這兩個產品的重點領域。我們內部已經基本確定了這一點。PlanGrid 完全專注於網站執行以及所有能讓網站執行變得非常棒的因素。正如 Tracy 喜歡說的那樣，他們在開發美觀、簡潔的軟體方面非常有天賦，這些軟體可以幫助人們提高工作效率，而我們正在加倍投入這方面為他們服務。因此，我們投入的所有額外研發經費都將加速他們的專案實施路線圖。客戶很快就會看到這一點，並開始理解，好的，我在 BIM 360 中看到的現場執行內容，我將在 PlanGrid 中看到更多。我會看到這些事情逐漸發展壯大。我們在 BIM 360 方面所做的，是與該團隊密切合作，圍繞專案管理和專案管理能力來調整他們的工作方向。我們的客戶長期以來一直要求在專案管理和專案流程功能方面有所改進，他們將在 BIM 360 中看到這些功能的加速發展。因此，我們根據收購前的早期分析和收購後的一些舉措，迅速採取行動，非常明確地告訴研發機構，他們應該在哪些領域開展工作，以及在這些領域應該以多快的速度開展工作。客戶將會開始注意到這一點，我們也已經開始向客戶傳達其中的一些訊息。我認為他們開始明白，這不僅是正確的做法，而且直覺上也很有道理。

Got it, that's helpful. And a follow-up question, perhaps for you, Scott. It looks like ARR growth is pretty strong, sustained at a level of 30%. But the sub adds were a bit below that of the original guidance, at least on an organic basis. Is that just the continued migration to collections? Or is there any other factors behind that?

明白了，這很有幫助。還有一個後續問題，或許想問你，史考特。ARR 成長勢頭強勁，持續保持在 30% 的水平。但新增訂閱用戶數量略低於最初的預期，至少從自然成長的角度來看是如此。那隻是向收藏集遷移的持續趨勢嗎？或者背後還有其他因素嗎？

No, it is. You nailed it. And as we've said in the past, we've focused much more on driving top line growth and driving ARR than we have on driving the individual components of that. I feel really good about the continued strength in collections, not just at the point of migration from maintenance over to product subs, which has continued to stay strong, but also on new sales. We see industry collections at this point at 28% of our total product subscription installed base. It's running faster than we expected to get to that point.

不，確實如此。你做得太棒了。正如我們過去所說，我們更加重視推動營收成長和提高年度經常性收入，而不是推動其各個組成部分的成長。我對銷售收入的持續強勁成長感到非常滿意，不僅體現在從維護服務向產品訂閱服務的過渡階段（該階段一直保持強勁增長），也體現在新銷售的成長上。目前，行業收藏品占我們產品訂閱總安裝量的 28%。它的進展速度比我們預期的要快。

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

下一個問題來自 Evercore ISI 的 Ken Talanian。

I was wondering if you could give us a sense for the percentage of your existing customer base that you're targeting for construction-related sales in fiscal ‘20. And then what, if any, level of cross-selling success you're factoring into the fiscal '20 guidance?

我想請您介紹一下，在 2020 財年，您計劃將現有客戶群中與建築相關的銷售額佔比是多少？那麼，在2020財年業績指引中，你們將交叉銷售的成功程度（如果有的話）考慮在內了嗎？

Well, Ken, the one thing I'd say is anybody who works in the AEC space is a target for our construction portfolio. When you look at our strategy, our strategy is to connect the end-to-end flow from the early design process all the way through down to site execution, and essentially get the Building Information Model and the data that's attached to it moving through that entire process. So basically, our entire AEC ecosystem is a target for some part of this construction stack, be it BIM 360 Design, all the way through to PlanGrid and all the way through to BuildingConnected on the bidding side. So we see a fairly open field with regards to who we're targeting. Now what was the second part of your question? I just wanted to -- because you were saying...

肯，我想說的是，任何在建築、工程和施工 (AEC) 領域工作的人都是我們建築專案組合的目標客戶。從我們的策略來看，我們的策略是將早期設計過程到現場執行的端到端流程連接起來，並讓建築資訊模型及其相關數據在整個過程中流動起來。所以基本上，我們整個 AEC 生態系統都是這個建築技術堆疊的某個部分的目標，無論是 BIM 360 設計，一直到 PlanGrid，再到投標方面的 BuildingConnected。因此，就我們的目標客戶群而言，我們看到了一個相當開放的領域。那麼，你的問題的第二部分是什麼？我只是想──因為你剛才說…

What you're factoring into the fiscal '20 guidance?

您在製定 2020 財年業績指引時考慮了哪些因素？

Yes, so Scott, why don't you take that?

是的，史考特，你為什麼不接受呢？

Yes, Ken, what we talked about is we expect ARR to be in that $100 million range, and that is what's factored into the guidance for fiscal '20. I think what I'd add, though, to the first part of your question of who are we targeting, one of the things that we're excited about when we got PlanGrid was not just the technology, which is beautiful, simple, easy-to-use, which is what's required in that site execution phase. They also have a strong base and a part of the ecosystem, the construction ecosystem, that we didn't have a lot of touch points to, which is the subcontractors and the trades. So it's not just selling to our existing customer set in construction, which we obviously will continue to do. We've also got a nice beachhead with PlanGrid into a part of the construction ecosystem we didn't previously touch. And again, BuildingConnected, by the way, brings that same thing. If you look at what BuildingConnected does, it connects general contractors to trades into subcontractors and to people below them. So it's actually a nice expansion of the people that we can target with our construction solutions.

是的，肯，我們討論的是，我們預計 ARR 將在 1 億美元左右，這也是 2020 財年業績指引中考慮的因素。不過，對於你提出的「我們的目標客戶是誰」這個問題，我想補充一點：我們選擇 PlanGrid 的原因之一，不僅僅是因為它的技術——它美觀、簡潔、易於使用，而這正是網站執行階段所需要的。他們也擁有強大的基礎，並且是建築生態系統的一部分，而我們與這部分人（即分包商和各行各業人員）的接觸點並不多。所以，我們不只是向現有的建築業客戶群銷售產品，當然，我們也會繼續這樣做。我們也透過 PlanGrid 進入了我們之前未曾涉足的建築生態系統領域，並取得了不錯的突破。順便一提，BuildingConnected 也實現了這一點。如果你了解 BuildingConnected 的功能，你會發現它將總承包商與各工種、分包商以及更下級的人員聯繫起來。所以，這實際上是我們透過建築解決方案可以瞄準的目標人群的一個很好的擴展。

Great. And if I can follow up quickly, can you give us a sense of how to think about the adoption rate of construction software in the event that we see an economic slowdown? Are you having the kind of high-level conversations that suggest that this is a top priority, regardless of sort of the economic backdrop?

偉大的。如果我能盡快追問，您能否為我們介紹一下，如果經濟放緩，我們該如何看待建築軟體的普及率？你們是否進行過高層對話，顯示無論經濟狀況如何，這都是一項首要任務？

Yes, so an excellent point, Ken. So look, what I'll do is I'll tell you about what happened in the last downturn and I'll tell you about the sense of urgency the construction customers have around digitization. So in the last downturn, construction IT spend continued to increase, even though that downturn hit construction incredibly hard. And the reason for that is very simple. The most digital vendor or the most digital contractor won, because they were able to more accurately predict what their total costs were going to be able to do. They were able to get their bids in tighter. They were able to basically manage their costs better, so digitization wins. The whole ecosystem in construction understands this right now. It's an imperative across almost all of our customers at this point. They're all looking to figure out how they can digitize their workflows, how they can extract more efficiency, how they can get more accuracy, reduce project risk, manage the timeline, reduce safety risk. That continues to be a highly visible aspect of this. So we anticipate that even in a downturn, construction IT spend is going to go up. And we're super excited about things like what we're doing with Construction IQ, where we're actually using some of the data that we collect from our customers to provide predictive outcomes, which is going to become more and more valuable. So digitization wins, all of our customers know that. And we anticipate the spend to continue even through a downturn.

是的，肯，你說得太好了。所以，接下來我會跟你們講講上次經濟衰退期間發生的事情，以及建築業客戶對數位轉型的迫切性。因此，在上一次經濟衰退期間，儘管建築業遭受了巨大的打擊，但建築業的 IT 支出卻持續成長。原因很簡單。最擅長數位化的供應商或承包商最終會勝出，因為他們能夠更準確地預測總成本所能達到的效果。他們的出價更加合理。他們基本上能夠更好地控製成本，所以數位化勝出。目前整個建築業都明白這一點。目前，這對我們幾乎所有客戶來說都是一項迫切的需求。他們都在努力尋找實現工作流程數位化、提高效率、提高準確性、降低專案風險、管理時間表、降低安全風險的方法。這仍然是其中非常引人注目的一個方面。因此我們預計，即使在經濟低迷時期，建築業的 IT 支出也會增加。我們對我們正在做的一些事情感到非常興奮，例如我們正在使用 Construction IQ，我們實際上是利用從客戶收集的一些數據來提供預測結果，這將變得越來越有價值。所以數位化必勝，我們所有的客戶都知道這一點。我們預計即使在經濟低迷時期，這種支出仍將持續。

Ladies and gentlemen, this concludes our question-and-answer session for today's call. I would now like to turn the call back over to Abhey Lamba for any further remarks.

女士們、先生們，今天的電話會議問答環節到此結束。現在我將把電話轉回給阿貝·蘭巴，請他再補充一些內容。

Thanks, operator, and thanks, everyone, for joining us today. I want to remind you that we are hosting our Investor Day on March 28 in San Francisco, where we will discuss our business in detail. Please reach out to us if you would like to attend or have any questions from today's call. Thanks.

謝謝接線員，也謝謝各位今天收看我們的節目。我想提醒各位，我們將於3月28日在舊金山舉辦投資者日活動，屆時我們將詳細討論我們的業務。如果您想參加或對今天的電話會議有任何疑問，請與我們聯絡。謝謝。

Ladies and gentlemen, thank you for participating in today's conference. This does conclude today's program and you may all disconnect. Everyone, have a wonderful 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，大家可以斷開連結了。祝大家今天過得愉快。