Autodesk Inc (ADSK) 2020 Q1 法說會逐字稿

Good day, ladies and gentlemen, and thank you for your patience. You've joined the Autodesk First Quarter Fiscal 2020 Earnings Conference Call. (Operator Instructions) As a reminder, this conference may be recorded.

各位女士、先生，大家好，感謝你們的耐心等待。您已加入 Autodesk 2020 財年第一季財報電話會議。（操作說明）提醒：本次會議可能會被錄音。

I would now like to turn the call over to your host, VP of Investor Relations, Abhey Lamba. Sir, you may begin.

現在我將把電話交給主持人，投資者關係副總裁阿貝·蘭巴。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 first quarter of fiscal '20. 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. You can also find our earnings press release and the slide presentation on our website. We will also post a transcript of today's opening commentary on our website following this call.

謝謝接線員，下午好。感謝您參加我們的電話會議，討論我們 2020 財年第一季的業績。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。您也可以在我們的網站上找到我們的獲利新聞稿和幻燈片簡報。本次電話會議結束後，我們也會在網站上發布今天開場白的文字稿。

During the course of this conference call, we may make forward-looking statements. These statements reflect our best judgment based on factors currently known to us. Actual events or results could differ materially. Please refer to our SEC filings for important risks and other factors that may cause our actual results to differ from those in our forward-looking statements. 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.

在本次電話會議期間，我們可能會發表一些前瞻性聲明。這些陳述反映了我們根據目前已知因素所做的最佳判斷。實際事件或結果可能與此有重大差異。請參閱我們向美國證券交易委員會提交的文件，以了解可能導致我們的實際業績與前瞻性聲明中業績存在差異的重要風險和其他因素。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。

During the call, 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.

在電話會議中，我們將引用一些數字或成長變化來討論我們的財務表現。除非另有說明，否則每個此類參考數據均代表同比比較。

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. We started off fiscal '20 with great momentum accentuated by continued acceleration of recent construction acquisitions and strong growth across all geographic regions. Our billings and free cash flow came in at or above expectations and reflect the strength of our business. We are on track with the integration of PlanGrid and BuildingConnected and have exciting achievements to share with you.

謝謝你，阿貝。2020 財年伊始，我們便取得了強勁的發展勢頭，這得益於近期建築收購項目的持續加速以及所有地理區域的強勁增長。我們的帳單金額和自由現金流都達到或超過預期，反映了我們業務的強勁勢頭。PlanGrid 和 BuildingConnected 的整合工作正在按計劃進行，我們將與大家分享一些令人興奮的成果。

Although our first quarter revenue came at the low end of our guidance range, we are on track to achieve our fiscal '20 ARR and free cash flow guidance and are reaffirming our fiscal '23 targets. Our pipeline for the rest of the year is strong and growing, and the underlying demand strength we've seen in prior quarters continues to drive growth in our business. There is no change to our view of the strength of the business or the current spending environment in our end markets.

儘管我們第一季的營收處於預期範圍的下限，但我們預計將實現 2020 財年的年度經常性收入和自由現金流預期，並重申 2023 財年的目標。今年剩餘時間的業務儲備強勁且不斷成長，前幾季我們看到的潛在需求強勁，這將繼續推動我們業務的成長。我們對公司業務實力以及終端市場當前消費環境的看法並沒有改變。

Before I offer you more color on strategic highlights during the quarter, let me turn it over to Scott to give you more details on our first quarter results as well as our guidance. I'll then return with further insights into some of the key drivers of our business including construction, manufacturing and digital transformation, before we open it up to Q&A.

在我向大家詳細介紹本季策略亮點之前，讓我把麥克風交給 Scott，讓他為大家詳細介紹我們第一季的業績以及我們的業績展望。接下來，我將進一步闡述我們業務的一些關鍵驅動因素，包括建築、製造和數位轉型，之後我們將進入問答環節。

Thanks, Andrew. As Andrew mentioned, our leading indicators, billings and free cash flow, performed well. Total revenue of $735 million was up 31% and 28% excluding our recent acquisitions. It was within our planning assumptions although at the low end of our guidance range. This was primarily driven by linearity as we closed more business later in the quarter than anticipated, which affected the amount of ratable revenue recognized in the quarter.

謝謝你，安德魯。正如安德魯所提到的，我們的領先指標——帳單金額和自由現金流——表現良好。總營收為 7.35 億美元，年增 31%；若不計入近期收購項目，則較去年同期成長 28%。雖然處於我們預期範圍的下限，但仍然符合我們的計劃假設。這主要是由於線性規律造成的，因為我們在本季度後期完成的業務比預期要多，這影響了本季度確認的應稅收入金額。

Overall demand in our end markets was robust as indicated by our strong billings and revenue growth. Our subscription volume also grew steadily across the board. Sales volumes of AutoCAD LT remained strong, and this has historically been a leading indicator of potential demand slowdown. As you can see, revenue from our AutoCAD and AutoCAD LT products grew 37% in the first quarter, slightly better than the 36% growth rate in Q4. AEC and manufacturing also rose 37% and 24%, respectively.

從我們強勁的帳單和營收成長可以看出，我們終端市場的整體需求十分旺盛。我們的訂閱量也全面且穩定成長。AutoCAD LT 的銷售量依然強勁，而這歷來是潛在需求放緩的領先指標。如您所見，我們 AutoCAD 和 AutoCAD LT 產品的營收在第一季成長了 37%，略高於第四季的 36% 成長率。AEC（建築、工程和施工）和製造業也分別成長了 37% 和 24%。

Geographically, we saw broad-based strength across all regions. Revenue grew 35% in EMEA and APAC and 27% in the Americas with strength across almost all countries.

從地理上看，所有地區都呈現出普遍強勁的勢頭。歐洲、中東和非洲以及亞太地區的營收成長了 35%，美洲地區的營收成長了 27%，幾乎所有國家都表現強勁。

We also saw strength in direct revenue, which rose 36% and represented 30% of our total sales, consistent with last year. Within direct, our e-store grew 45%.

我們也看到直接收入表現強勁，成長了 36%，佔總銷售額的 30%，與去年持平。直接銷售方面，我們的網上商店成長了 45%。

Looking at ARR, total ARR continued to grow quickly, up 33% versus last year to $2.8 billion. Adjusting for our recent acquisitions, total ARR was up 29%. Core ARR growth was in line with our total organic growth, while cloud ARR grew 164% propelled by strong performance in construction. Excluding the $83 million of ARR from our fourth quarter acquisitions, organic cloud ARR, which is primarily made up of BIM 360 and Fusion 360, grew a record 43%.

從年度經常性收入 (ARR) 來看，總 ARR 持續快速成長，比去年成長 33%，達到 28 億美元。在調整近期收購項目後，年度經常性收入總額增加了 29%。核心 ARR 成長與我們的整體有機成長保持一致，而雲端 ARR 成長了 164%，這主要得益於建築業的強勁表現。除去第四季度收購帶來的 8,300 萬美元 ARR，主要由 BIM 360 和 Fusion 360 組成的有機雲 ARR 增長了創紀錄的 43%。

We continue to make progress with our maintenance to subscription or M2S program. The interest conversion rate in Q1 was consistent with prior quarters, with approximately 1/3 of 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%. As a reminder, this is the last year of the M2S program, and we're continuing to incentivize customers to convert.

我們的維護訂閱制（M2S）計劃持續取得進展。第一季的利息轉換率與前幾季一致，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。再次提醒大家，今年是 M2S 計畫的最後一年，我們將繼續激勵客戶進行轉換。

In addition to strong new customer billings, the growth in ARR was supported by continued expansion of our renewal base. And as we introduced at our Investor Day in March, the net revenue retention rate is a key metric to monitor the health of our renewal base. Net revenue retention rate measures the year-over-year change in ARR for the population of customers that existed 1 year ago, our base customers. It's calculated by dividing the current period ARR related to those same base customers by the total ARR from 1 year ago. During Q1, the net revenue retention rate was within the fiscal '19 range of approximately 110% to 120%, and we expect it to be in this range throughout fiscal '20.

除了強勁的新客戶帳單收入外，續約客戶群的持續擴大也支撐了 ARR 的成長。正如我們在 3 月的投資者日上介紹的那樣，淨收入留存率是監測續約客戶群健康狀況的關鍵指標。淨收入留存率衡量的是一年前就存在的客戶群（即我們的基礎客戶）的年度經常性收入 (ARR) 的同比變化。計算方法是將當前時期與這些基本客戶相關的 ARR 除以 1 年前的總 ARR。第一季淨收入留存率在 2019 財年的 110% 至 120% 範圍內，我們預計 2020 財年將維持在這一範圍內。

In Q1, some of the deeply discounted subscriptions from a global field promotion we ran 3 years ago came up for renewal. We're very pleased with the renewal rates of this group of customers as they renewed closer to list price, and the total value for the entire cohort grew.

第一季度，我們三年前開展的全球促銷活動中一些大幅折扣的訂閱服務到期需要續訂。我們對這批客戶的續約率非常滿意，因為他們續約的價格更接近標價，而且整個客戶群的總價值也成長了。

Moving to billings, we had $798 million of billings during the quarter. On a normalized basis, billings rose about 40%. Recall that last year we adopted ASC 606, which resulted in adjustments of approximately $160 million to our deferred revenue balance and impacted billings, since billings are calculated by taking the sum of revenue plus the change in deferred revenue. Growth in billings was driven by strong renewals and continued momentum in our core products. We also benefited from some customers renewing early in the quarter due to upcoming price increases.

從帳單金額來看，本季我們的帳單金額為 7.98 億美元。以正常水平計算，帳單金額增加了約 40%。回想一下，去年我們採用了 ASC 606，這導致我們的遞延收入餘額調整了約 1.6 億美元，並影響了帳單，因為帳單的計算方法是將收入加上遞延收入的變化。帳單金額的成長得益於強勁的續約率和核心產品的持續成長勢頭。由於即將提價，一些客戶提前續約，我們也從中受益。

Our recently acquired construction assets contributed nicely to the billings increase. And in line with our plans, multiyear contracts moved higher, helping our total billings. Recall that multiyear payments are good for our customers as they benefit from stable pricing and a single approval process. Our partners like them as they can sign higher contract values and maximize their cash flow, and we benefit from a more predictable revenue stream and upfront cash payments. The second and third year of those multiyear agreements are recorded in our long-term deferred revenue, which grew by 12% and ended the quarter at 17% of the total deferred balance. As we indicated on our Analyst Day, we expect to end the year with a long-term balance in the low 20% range of total deferred revenue, in line with the historical range.

我們近期收購的建築資產對帳單收入的成長做出了積極貢獻。正如我們計劃的那樣，多年期合約數量有所增加，這有助於提高我們的總收入。請記住，多年付款對我們的客戶有利，因為他們可以享受穩定的價格和單一的審批流程。我們的合作夥伴喜歡它們，因為他們可以簽訂更高價值的合同，最大限度地提高現金流，而我們則可以從更可預測的收入來源和預付現金中受益。這些多年協議的第二年和第三年計入我們的長期遞延收入，該收入增長了 12%，本季末佔遞延總額的 17%。正如我們在分析師日上所指出的，我們預計年底長期餘額將佔總遞延收入的 20% 左右，與歷史範圍一致。

On the margin front, we realized significant operating leverage as we have entered the growth phase of our journey. Non-GAAP gross margins of 91% were up 140 basis points versus last year. Our disciplined approach to expense management combined with revenue growth enabled us to expand our non-GAAP operating margin by 13 percentage points to 18% despite absorbing 2 significant acquisitions.

在利潤率方面，隨著我們進入成長階段，我們實現了顯著的經營槓桿效應。非GAAP毛利率為91%，較去年同期成長140個基點。我們嚴格的費用管理方法加上營收成長，使我們在完成兩項重大收購的同時，非GAAP營業利潤率仍提高了13個百分點，達到18%。

Moving to free cash flow, we generated $207 million in Q1. Over the last 12 months, we've now generated $550 million of free cash flow, positioning us well within our full year target of $1.35 billion. Note that Q1 benefited from very strong Q4 of fiscal '19 that we had. As you may recall, we had over $1 billion of billings during Q4, some of which was collected in the first quarter of fiscal '20. As such, we expect our free cash flow in Q2 to be down sequentially.

從自由現金流來看，我們在第一季產生了 2.07 億美元。過去 12 個月，我們已經產生了 5.5 億美元的自由現金流，使我們完全有能力實現全年 13.5 億美元的目標。請注意，第一季受益於 2019 財年第四季的強勁表現。您可能還記得，我們​​在第四季度有超過 10 億美元的帳單，其中一部分在 2020 財年第一季已收回。因此，我們預計第二季的自由現金流將環比下降。

We continue to repurchase shares with our excess cash, which is consistent with our capital allocation strategy. During the quarter, we repurchased 582,000 shares for $100 million at an average price of $171.84 per share.

我們繼續使用盈餘現金回購股票，符合我們的資本配置策略。本季度，我們以每股 171.84 美元的平均價格回購了 582,000 股股票，總額達 1 億美元。

Now I'll turn the discussion to our outlook. I'll start by saying that our view of global economic conditions and their impact on our business is unchanged from the last several quarters. We're not seeing any noticeable impact from Brexit and the various trade and tariff disputes.

現在我將把討論轉向我們的展望。首先我要說明的是，我們對全球經濟狀況及其對我們業務的影響的看法與過去幾季相比沒有改變。我們目前尚未看到英國脫歐以及各種貿易和關稅爭端產生任何明顯影響。

For the full year, we are reiterating our fiscal '20 free cash flow outlook of approximately $1.35 billion as well as our outlook for ARR of about $3.5 billion, up 27% to 29%. In line with our initial plans, we expect billings of about $4.1 billion at the midpoint, driven by the strength of our renewal base, new subscription growth, continued normalization in multiyear billings, the flow-through from unbilled deferred revenue and our acquisitions. When looking at the quarter-ization of free cash flow for fiscal '20, we continue to expect about 3/4 of the free cash flow to be generated in the second half of the year.

對於全年，我們重申 2020 財年自由現金流預期約為 13.5 億美元，年度經常性收入預期約為 35 億美元，比上年增長 27% 至 29%。根據我們最初的計劃，我們預計帳單金額中位數約為 41 億美元，這主要得益於我們強勁的續訂基礎、新訂閱成長、多年帳單的持續正常化、未開票遞延收入的轉換以及我們的收購。從 2020 財年自由現金流的季度劃分來看，我們仍然預計約 3/4 的自由現金流將在今年下半年產生。

Looking at our guidance for the second quarter, we expect total revenue to be in the range of $782 million to $792 million, and we expect non-GAAP EPS of $0.59 to $0.63. The earnings slide deck on the Investor Relations section of our website has more details as well as modeling assumptions for the fiscal second quarter and for full year 2020. Now I'd like to turn it back to Andrew.

根據我們對第二季的預期，我們預計總收入將在 7.82 億美元至 7.92 億美元之間，非 GAAP 每股收益為 0.59 美元至 0.63 美元。我們網站投資者關係部分的盈利情況幻燈片包含更多詳細信息，以及 2020 財年第二季度和全年的建模假設。現在我想把話題轉回給安德魯。

Thanks, Scott. Now let me give you an update on some of the key growth initiatives we highlighted at Investor Day, specifically progress made in construction, manufacturing and digital transformation. These initiatives are key drivers of our business both near and long term.

謝謝你，斯科特。現在讓我向大家報告我們在投資者日上重點介紹的一些關鍵成長舉措，特別是建築、製造和數位轉型方面的進展。這些舉措是我們業務近期和長期發展的關鍵驅動力。

First, in construction. We are seeing continued strength across the portfolio as we execute on our strategies to deliver a comprehensive, integrated platform that seamlessly connects the office, the trailer and the field. We had significant accomplishments during the quarter as we integrated PlanGrid and BuildingConnected into Autodesk. Both acquired companies showed impressive growth, which is important to call out considering that acquisitions typically see a slowdown during the integration phase, whereas we experienced accelerating momentum. Post close, we have won 15 head-to-head bids against leading competitors in this space. Other milestones included the launch of our first product integration and the realization of revenue synergies.

首先，在建築領域。隨著我們執行策略，打造一個將辦公室、拖車和現場無縫連接起來的全面、整合的平台，我們看到整個產品組合持續保持強勁勢頭。本季我們取得了重大成就，將 PlanGrid 和 BuildingConnected 整合到了 Autodesk 中。被收購的兩家公司都實現了令人矚目的成長，這一點值得強調，因為收購通常會在整合階段放緩，而我們卻經歷了加速成長的勢頭。交易結束後，我們已在該領域與領先的競爭對手進行了 15 次直接競標並獲勝。其他里程碑包括推出我們的首個產品整合和實現收入協同效應。

Q1 was the first full quarter where we had the entire construction portfolio in place as we closed PlanGrid in December 2018 and BuildingConnected in January of this year. Feedback from customers has been very positive regarding the addition of these best-in-class solutions to our comprehensive construction portfolio, which now includes BIM 360, PlanGrid, Assemble Systems and BuildingConnected, in addition to the design tools we have always sold into that market.

第一季是我們擁有整個建築項目組合的第一個完整季度，因為我們分別在 2018 年 12 月和今年 1 月關閉了 PlanGrid 和 BuildingConnected。客戶對這些一流解決方案的加入給予了非常積極的反饋，這些解決方案已添加到我們全面的建築產品組合中，除了我們一直以來向該市場銷售的設計工具外，現在還包括 BIM 360、PlanGrid、Assemble Systems 和 BuildingConnected。

On the technology development front, we were able to accelerate the product road map for PlanGrid, which resulted in the introduction of PlanGrid BIM last month. This is a new product integration between Revit and PlanGrid that allows customers to immediately access BIM data in either 2D or 3D directly within PlanGrid on their mobile devices. We were able to deliver this frequently requested feature at an accelerated pace now that PlanGrid is part of Autodesk. In fact when PlanGrid BIM was launched, we hosted a webcast, and the demand was 5x what PlanGrid had normally seen from prior product launches. And the number of customers who requested to be contacted by a salesperson following the webinar was also more than 5x what they normally experience following a product-focused webinar.

在技​​術開發方面，我們加快了 PlanGrid 的產品路線圖，並在上個月推出了 PlanGrid BIM。這是 Revit 和 PlanGrid 之間的一項新產品集成，它允許客戶直接在行動裝置上的 PlanGrid 中立即存取 2D 或 3D 的 BIM 資料。由於 PlanGrid 已成為 Autodesk 的一部分，我們得以加快速度，並交付這項用戶經常要求的功能。事實上，當 PlanGrid BIM 發佈時，我們舉辦了一場網路直播，需求量是 PlanGrid 以往產品發表需求的 5 倍。網路研討會結束後，要求銷售人員聯繫的客戶數量也比通常在產品導向網路研討會後遇到的情況多出 5 倍以上。

We've also seen synergies beginning to develop on the sales front. For example, APTIM, a leading construction services vendor and joint customer of Autodesk and PlanGrid, tripled its PlanGrid users as part of the Enterprise Business Agreement for its Digital Foreman initiative. Other Autodesk products they used include AutoCAD, Civil 3D, Plant 3D, Map 3D and Revit. And because we have been clear with our customers that PlanGrid will be focused on field execution and BIM 360 on project management, there are a lot of synergies between the 2 offerings that our customers had yet to realize.

我們也看到銷售方面開始出現綜效。例如，領先的建築服務供應商 APTIM 是 Autodesk 和 PlanGrid 的共同客戶，作為其「數位工頭」計畫的企業業務協議的一部分，其 PlanGrid 用戶數量增加了兩倍。他們使用的其他 Autodesk 產品包括 AutoCAD、Civil 3D、Plant 3D、Map 3D 和 Revit。由於我們已經向客戶明確表示，PlanGrid 將專注於現場執行，而 BIM 360 將專注於專案管理，因此這兩種產品之間存在許多協同效應，而我們的客戶尚未意識到這一點。

We are also seeing BuildingConnected thrive within the Autodesk construction ecosystem. Since the acquisition, they have grown their user base from about 700,000 to over 800,000.

我們也看到 BuildingConnected 在 Autodesk 建築生態系統中蓬勃發展。自收購以來，他們的用戶群已從約 70 萬增長到超過 80 萬。

Now I'd like to elaborate on the impressive growth comment made earlier. When we made the acquisitions, I said that we were focused on keeping the strong sales momentum going, and that is exactly what happened. At PlanGrid, the sales teams are continuing to perform strongly with both new and existing customers. For example, they expanded their relationship with Rosendin Electric, a long-standing PlanGrid customer with plus 6,000 employees and annual revenues of about 1.5 billion. The company recently extended its contract for 3 years and significantly expanded it, in part due to Autodesk's long-term vision.

現在我想詳細闡述之前提到的令人印象深刻的成長。在進行收購時，我說我們會專注於保持強勁的銷售勢頭，而事實也正是如此。PlanGrid 的銷售團隊在服務新舊客戶方面都持續保持強勁的業績。例如，他們擴大了與 Rosendin Electric 的合作關係，Rosendin Electric 是 PlanGrid 的長期客戶，擁有 6,000 多名員工，年收入約 15 億美元。該公司最近將合約延長了 3 年，並大幅擴展了合約範圍，部分原因是 Autodesk 的長遠眼光。

PlanGrid sales have also started to benefit from being part of the Autodesk family. During the quarter, Jacobs, a global leader in professional services sector and a long-standing Autodesk customer, decided to further enhance its relationship with us by adding PlanGrid to one of its divisions. In making this decision, Jacobs pointed to its current speed in the field, ease of use and integration with the rest of the Autodesk suite as determining factors in adopting the software. The company is currently utilizing PlanGrid on a billion-dollar infrastructure project. PlanGrid also ended Q1 with its largest ever pipeline of deals.

PlanGrid 的銷售也開始受惠於成為 Autodesk 集團的一員。本季度，全球專業服務領域的領導者 Jacobs（也是 Autodesk 的長期客戶）決定將 PlanGrid 新增至其一個部門，以進一步加強與我們的合作關係。在做出這項決定時，Jacobs 指出，該軟體目前在現場的速度、易用性以及與 Autodesk 套件其他部分的整合是決定採用該軟體的因素。該公司目前正在一項價值十億美元的基礎設施項目中使用 PlanGrid。PlanGrid第一季末的交易儲備量也創下歷史新高。

And the momentum continued at BuildingConnected, too. BuildingConnected has introduced new features that continue to make its platform more and more valuable to larger and larger portions of the market. In fact, they had their best quarter ever in Q1 in terms of new business and are seeing their flywheel continue to drive new business on both the general contractor and subcontractor side.

在 BuildingConnected 大會上，這股動能也得以延續。BuildingConnected 不斷推出新功能，使其平台對越來越大的市場群體越來越有價值。事實上，他們在第一季的新業務量創下了歷史新高，並且他們的飛輪效應正在繼續推動總承包商和分包商的新業務成長。

BIM 360 also continues to demonstrate strong growth. In fact, our organic ARR, of which BIM 360 is the largest component, was up 43% in Q1. This was driven by strength across the entire BIM 360 portfolio especially BIM 360 Design, which is our real-time collaboration tool for Revit users. We also saw both existing and new customers increase adoption of BIM 360. A good example here is WeWork. With 485 locations and 466,000 members around the world, We Work provides spaces and services to help people work, learn and collaborate in more meaningful ways. They expanded their subscription with Autodesk this quarter and are one of the largest BIM 360 Design customers. We are excited to work with them and look forward to further enhancing our relationship over the coming years.

BIM 360 也持續保持強勁成長動能。事實上，我們的有機 ARR（其中 BIM 360 是最大的組成部分）在第一季成長了 43%。這主要得益於整個 BIM 360 產品組合的強大實力，尤其是 BIM 360 Design，它是我們針對 Revit 用戶的即時協作工具。我們也看到現有客戶和新客戶對 BIM 360 的採用率都在提高。WeWork 就是一個很好的例子。WeWork 在全球擁有 485 個辦公地點和 466,000 名會員，提供空間和服務，幫助人們以更有意義的方式工作、學習和協作。本季他們擴大了與 Autodesk 的訂閱規模，是 BIM 360 Design 的最大客戶之一。我們很高興能與他們合作，並期待在未來幾年進一步加強彼此的關係。

Overall, all parts of our construction portfolio are performing at or above plan and showing strong growth. I am extremely proud of all the teams involved. They remain focused and dedicated to helping Autodesk grow and drive positive change in the construction industry.

整體而言，我們建築專案組合的各個部分均達到或超過計畫目標，並呈現強勁成長動能。我為所有參與的團隊感到無比自豪。他們始終專注於幫助 Autodesk 發展壯大，並推動建築業的積極變革。

And lastly, I wanted to note that for those looking to get a more in-depth view of our construction business, we are hosting an event on June 4 here in San Francisco where you'll have the opportunity to hear directly from AECOM, Webcor and DPR in addition to our construction team regarding our portfolio and go-to-market opportunity. I hope to see all of you there.

最後，我想指出，對於那些希望更深入了解我們建築業務的人，我們將於 6 月 4 日在舊金山舉辦一場活動，屆時您將有機會直接聽取 AECOM、Webcor 和 DPR 以及我們建築團隊關於我們項目組合和市場拓展機會的介紹。希望到那時能見到你們所有人。

On the manufacturing front, revenue grew 24% as customers see the benefits of our differentiated solution. We are gaining share and displacing competitive offerings in this space. For example, a large manufacturer of locomotives and rail equipment further expanded its relationship with us. They are in the process of deploying our manufacturing solutions across their various divisions and are relying on Inventor, our CAM solutions and faster design utilities to automate their workflows. Our solutions displace competing products due to our simplicity and short implementation cycles, which is in line with their rapid product introduction requirements.

在製造方面，隨著客戶看到我們差異化解決方案的優勢，收入成長了 24%。我們正在不斷擴大市場份額，並取代該領域的競爭對手。例如，一家大型機車和鐵路設備製造商進一步擴大了與我們的合作關係。他們正在各部門部署我們的製造解決方案，並依靠 Inventor、我們的 CAM 解決方案和更快速的設計工具來實現工作流程的自動化。由於我們的解決方案簡單易用，實施週期短，符合競爭對手快速推出產品的要求，因此能夠取代他們的同類產品。

Our investments in generative design and Fusion 360 have resulted in more than 100% year-over-year growth in monthly active users for our commercial customers. Users love the cloud-based comprehensive solution of Fusion 360, and it is disrupting the industry. Fusion 360 offers unprecedented value and out-of-the-box productivity for concept to production workflows, and that appeals to a large swathe of our customers.

我們在生成式設計和 Fusion 360 方面的投資，使我們的商業客戶的每月活躍用戶數量同比增長超過 100%。使用者非常喜歡 Fusion 360 基於雲端的綜合解決方案，它正在顛覆整個產業。Fusion 360 為從概念到生產的工作流程提供了前所未有的價值和開箱即用的生產力，這吸引了我們大量的客戶。

A U.S.-based specialty pharmaceutical company purchased Fusion 360 to replace SolidWorks for designing and manufacturing auto injectors. After reviewing various options, they decided that Fusion 360 provided superior collaboration and data management capabilities in the cloud with no setup or maintenance complications.

一家總部位於美國的專業製藥公司購買了 Fusion 360，以取代 SolidWorks 來設計和製造自動注射器。在評估了各種方案後，他們決定 Fusion 360 能夠在雲端提供卓越的協作和資料管理功能，而且沒有設定或維護方面的複雜性。

A Midwest metal fabrication company chose Fusion 360 to replace separate instances of CAD and CAM solutions. They were impressed by our integrated CAD/CAM functionality and collaboration features. With Fusion 360, they were able to replace CATIA, Creo, Mastercam and PTC Windchill, allowing them to rely on fewer platforms and to promote collaboration.

美國中西部一家金屬加工公司選擇 Fusion 360 來取代原有的 CAD 和 CAM 解決方案。他們對我們整合的 CAD/CAM 功能和協作功能印象深刻。透過 Fusion 360，他們能夠取代 CATIA、Creo、Mastercam 和 PTC Windchill，從而減少對平台的依賴，促進協作。

Now when it comes to digital transformation, we are seeing the positive impact it is having on our business. We are also making progress in using digitization internally as part of our plans to convert the large number of noncompliant users into paying customers. All new single-user product subscriptions are already using identity-based authentication, and we continue to move existing customers to this new system. We are on track to migrate all eligible single-user subscriptions to identity-based authentication by the end of the current fiscal year, which will provide a much better user experience for our customers and help us in combating noncompliant usage of our software. Beyond that, we are already starting to see results from our efforts to engage directly with customers using noncompliant versions of our software and expect our ongoing learning to increase our effectiveness in FY '20 and beyond.

現在，就數位轉型而言，我們已經看到了它對我們的業務的積極影響。作為將大量不合規用戶轉化為付費客戶的計劃的一部分，我們也在內部使用數位化方面取得了進展。所有新的單一使用者產品訂閱都已採用基於身分的身份驗證，我們將繼續將現有客戶遷移到這個新系統。我們正按計劃推進，在本財年結束前將所有符合條件的單用戶訂閱遷移到基於身份的身份驗證，這將為我們的客戶提供更好的用戶體驗，並幫助我們打擊不合規的軟體使用行為。除此之外，我們已經開始看到直接與使用不合規版本軟體的客戶溝通的努力取得成效，並期望我們持續的學習能夠提高我們在 2020 財年及以後的效率。

As you heard, there is a lot of activity happening towards the growth initiatives highlighted at Investor Day across construction, manufacturing and digital transformation. These drivers as well as the large opportunity we see in converting the current 14 million nonpaying users into subscribers should result in an acceleration in profitability and cash flow metrics and sustained growth going forward. We are highly confident in Autodesk's ability to capitalize on this large market opportunity and are committed to delivering our FY '20 and FY '23 targets.

正如您所聽到的，在投資者日上重點介紹的成長計劃正在建築、製造和數位轉型等領域積極推進。這些驅動因素以及我們看到的將目前 1400 萬非付費用戶轉化為訂閱用戶的巨大機會，應該會加速獲利能力和現金流指標的提升，並帶來持續成長。我們對 Autodesk 掌握這龐大市場機會的能力充滿信心，並致力於實現 2020 財年和 2023 財年的目標。

With that, operator, we'd like to open up the call for questions.

操作員，接下來我們將開始接受提問。

(Operator Instructions) Our first question comes from the line of Phil Winslow of Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的菲爾溫斯洛。

Congrats on a solid start to the year. I just wanted to drill into your comment about just the linearity of the quarter. Scott, you mentioned that -- the quarter's billings and it was well within your assumed range, with revenue at the low end just because of linearity. But your full year expectation's unchanged. Wondering if you could just drill into that. Where was sort of linearity different? Was it something about specific industries or more geographies? And sort of how are you thinking about the go-forward there?

恭喜你今年開局順利。我只是想深入探討你關於季度線性成長的評論。Scott，你提到了這一點——本季的帳單金額完全在你預期的範圍內，收入處於較低水平只是因為線性關係。但您的全年預期不變。我想知道能不能直接鑽進去看看。線性關係有何不同？是針對特定產業還是更廣泛的地域？那麼，您對未來的發展有什麼想法呢？

Yes. Thanks, Phil. It was certainly within the range of our guidance and our planning. $735 million was the low end of our guidance range. So it wasn't a significant variance from what our expectations were. What we did see though is both Q3 and Q4 had what I'll call better linearity, so earlier linearity in each of those quarters. As we came into Q1, Q1 actually ended up with a linearity similar to last Q1 as opposed to the improved linearity that we'd seen in Q3 and Q4, which I guess is not really surprising given that at the beginning of the year, people don't have budgets yet. Sales teams are going through sales kickoffs, et cetera. So we ended up with the same linearity we had in Q1 a year ago as opposed to kind of the improved linearity we've seen in Q3 and Q4. And that's what pushed us to the low end of the range.

是的。謝謝你，菲爾。這完全在我們的指導和計劃範圍內。7.35億美元是我們預期範圍的下限。所以這與我們的預期並沒有太大出入。不過，我們看到的是，第三季和第四季都出現了我稱之為更好的線性度，也就是說，這兩個季度的線性度出現得更早。進入第一季後，第一季的線性度實際上與去年第一季相似，而不是像第三季和第四季那樣有所改善。考慮到年初人們還沒有預算，這似乎並不令人驚訝。銷售團隊正在進行銷售啟動會等等。因此，我們最終得到的線性度與一年前第一季相同，而不是像第三季和第四季那樣有所改善。正是這一點促使我們把價格降到了該範圍的低端。

I'll go ahead and answer your follow-up question, which is our assumption for Q2 on linearity is that it will look more like Q2 '19 as opposed to the improved linearity that we saw in Q3 and Q4. It doesn't really have an effect on the full year. You see full year guidance remains unchanged. And you see actually Q2 guidance shows pretty -- a pretty nice step-up sequentially as a result of getting some of that. And that came in a little bit later in the quarter. Obviously, we have it for the full quarter of Q2. So it doesn't really change our view of the year. It was a good strong start to the year, just had linearity more in line with what we've seen a year ago as opposed to what we've seen in the prior 2 quarters.

我將回答你的後續問題，我們對第二季度線性度的假設是，它看起來會更像 2019 年第二季度，而不是像第三季度和第四季度那樣線性度有所提高。這其實對全年沒有影響。全年業績預期維持不變。實際上，由於獲得了一些資金，第二季業績指引環比出現了相當不錯的成長。那件事是在本季晚些時候發生的。顯然，我們擁有第二季的全部數據。所以它並沒有真正改變我們對這一年的看法。今年開局強勁，但成長趨勢更接近去年同期，而不是前兩個季度。

Got it. And then just a follow-up for Andrew. It's great to hear some of those wins on the PlanGrid side. BuildingConnected, wonder if you can provide just more color on just the early feedback you're getting there. You'd provided some earlier. But how do you think about bringing this into the product line maybe and also using building tech or even -- as a funnel for PlanGrid as well? Just more color there would be great.

知道了。然後，再給安德魯一個後續問題。很高興聽到 PlanGrid 取得的一些勝利。BuildingConnected，不知道您能否詳細介紹您目前收到的早期回饋？你之前提供了一些。但您覺得如何將這項技術融入產品線，並利用建築技術，甚至將其作為 PlanGrid 的管道？如果能多一些色彩就更好了。

Yes. So what was the second part you said about PlanGrid there, Phil?

是的。菲爾，你剛才說的關於 PlanGrid 的第二部分是什麼來著？

Oh, sorry. Just as a funnel, potentially you're seeing bids and bids management, actually using that as sort of a lead management, so to speak, for PlanGrid.

哦，對不起。就像一個漏斗，你可以看到出價和出價管理，實際上，你可以將其用作 PlanGrid 的一種線索管理方式。

Yes. Exactly. And actually, you've hit on one of the points that's important about this. The PlanGrid folks and the BuildingConnected folks immediately found some synergies between how they approach the market and their individual businesses. So there's a strong flow of leads and discussion back and forth between those 2 teams, and that plays a pretty integral part. Remember, BuildingConnected has visibility to the whole entire project bidding environment within the U.S. And obviously, PlanGrid is super eager to go and talk to those projects about how they can improve site execution and effectiveness and success for their particular projects. So that's -- one of the big uplifts we're seeing is some of the connection between those 2 offerings. And frankly as we brought BuildingConnected in, we saw a very nice surge in their business. Like I said, they had their best Q1 ever in terms of new business because people just like the fact that they're part of Autodesk. And what they're focusing on with the bid management is it's a good tool. They added a lot of features in there during Q1, and it's a solid result.

是的。確切地。事實上，你已經指出了這件事的一個重要面向。PlanGrid 和 BuildingConnected 的人員很快就發現，他們在市場策略和各自業務方面存在一些協同效應。因此，這兩個團隊之間有源源不斷的線索交流和討論，這發揮了非常重要的作用。請記住，BuildingConnected 可以了解美國境內的整個專案投標環境。顯然，PlanGrid 非常渴望與這些專案進行交流，探討如何提高現場執行效率和專案成功率。所以，我們看到的一大提升是這兩種產品之間的某種連結。坦白說，自從我們引入 BuildingConnected 之後，他們的業務就出現了非常好的成長。正如我所說，他們在新業務方面取得了有史以來最好的第一季業績，因為人們喜歡他們是 Autodesk 的一部分。他們關注的重點是投標管理是一個很好的工具。他們在第一季度添加了很多功能，結果令人滿意。

Our next question comes from the line of Saket Kalia of Barclays Capital.

下一個問題來自巴克萊資本的薩克特·卡利亞。

Maybe first for you, Andrew, just picking up off the last line of questioning on PlanGrid. Clearly seems like it's off to a good start. And I believe the initial approach here was to let them operate largely separately, at least for the vast majority of sales. But it seems like you were able to really cross-sell to some mutual customers relatively early on. So can you just talk about how you sort of envision the combined company maybe looking by the end of this fiscal year, PlanGrid plus Autodesk plus BuildingConnected? And within that, maybe touch on just the very minor overlap you might have with some products with Autodesk versus PlanGrid and how you plan on sort of handling that.

安德魯，這或許是你的第一個問題，我只是接著 PlanGrid 上最後一個問題繼續問下去。顯然，這看起來是個不錯的開端。我相信最初的方法是讓他們基本上獨立運作，至少在絕大多數銷售方面是如此。但看起來你很早就成功地向一些共同客戶進行了交叉銷售。那麼，您能否談談您設想一下，到本財年末，PlanGrid、Autodesk 和 BuildingConnected 合併後的公司可能會是什麼樣子？此外，還可以談談 Autodesk 和 PlanGrid 在某些產品方面可能存在的細微重疊，以及您打算如何處理這種情況。

Yes. So first off, let me comment on some of those synergies we found in shared accounts. So one of the things we did very quickly is we established how we were going to go to market with our named accounts side of our business. And a lot of the places where we're seeing like joint shared [updates] are in our named accounts business. So that was a place where we have a named account rep, where we can come in and say, "Hey, look, you know what, we can augment your solution with PlanGrid, and we can do some -- we can get this project booted up on PlanGrid. We can get this project booted up on BIM 360." That's where you're seeing a lot of collaboration. That fits within our standard sales force, and it's functioning really well. And we have an interconnect strategy between those 2, and a quota retirement strategy that allows people to cross-sell and get benefit in terms of quota retirement for both sides of the equation.

是的。首先，我想談談我們在共享帳戶中發現的一些協同效應。因此，我們很快採取的措施之一就是確定如何透過我們指定的客戶來開拓市場。我們看到很多類似聯合共享[更新]的地方都位於我們的指定帳戶業務中。所以，我們在那裡有一位指定的客戶代表，我們可以進去說：「嘿，你看，我們可以使用 PlanGrid 來增強你的解決方案，我們可以做一些事情——我們可以讓這個專案在 PlanGrid 上啟動。我們可以在 BIM 360 上啟動這個專案。 」 這就是你看到大量協作的地方。這符合我們標準的銷售團隊編制，而且運作得非常好。我們在這兩者之間建立了一種互聯互通的策略，以及一種配額退休策略，允許人們交叉銷售，並在配額退休方面為雙方帶來好處。

Now what you see the PlanGrid team being highly effective at is doing land and expand in new accounts in the construction ecosystem. And we focused a lot of that team on going out and reaching construction companies that we historically did not touch. And that's where they're spending a lot of energy. So they leverage our named accounts team for some of these synergistic sales. And they go out, and they find new business out there using their existing infrastructure, which works very effectively.

現在，您可以看到 PlanGrid 團隊非常擅長在建築生態系統中開拓和擴展新客戶。我們把團隊的許多精力都放在了走出去，聯繫那些我們從未接觸過的建築公司。他們把大量精力都投入這方面了。因此，他們會利用我們指定的客戶團隊來實現這些協同銷售。他們走出去，利用現有的基礎設施尋找新的商機，而且效果非常好。

As we move across into the year, what you're going to see is basically we're going to maintain that essential structure, but we're going to make sure that we coordinate sales more tightly within the Autodesk construction group as we move towards the end of the year. But we're going to continue to have that synergistic relationship between our named account program and the sales force that sits inside of the construction group. And we just think those synergies are going to increase as the year progresses. Remember we just rolled out a tokenized version of PlanGrid as well. And you know how effective we are at driving usage within some of the named accounts underneath our EBA. So you're going to see that have a synergistic factor as well, and it's all brand new. I mean we're very, very early on, on that.

隨著我們進入新的一年，你會看到我們基本上會保持這種基本結構，但隨著年底臨近，我們會確保在 Autodesk 建築集團內部更緊密地協調銷售工作。但我們將繼續維持指定客戶計畫與建築集團內部銷售團隊之間的協同關係。我們認為隨著時間的推移，這些協同效應將會不斷增強。別忘了，我們最近也推出了 PlanGrid 的代幣化版本。您也知道，我們在推動我們 EBA 項下某些指定帳戶的使用方面有多麼有效。所以你會發現它們之間也存在著協同效應，而且這一切都是全新的。我的意思是，我們在這方面還處於非常非常早期的階段。

Got it. Got it. That's really helpful. Maybe for you, Scott, just to peel back the onion a little bit on ARR. It was actually a little funny, the maintenance ARR number actually came in a little bit below what I was expecting, but I think the consensus is actually a little bit higher. Maintenance at this point is getting to be such a small part of the business, but I guess maybe just to better help -- better calibrate maybe the pace of decline, any sort of idea for how we should think about that pace of decline in maintenance ARR maybe through the rest of this year or some broad brushes?

知道了。知道了。這真的很有幫助。或許對你來說，史考特，只是想稍微揭開 ARR 的面紗。實際上有點搞笑，維護 ARR 數據比我預期的要低一些，但我認為大家的共識實際上要高一些。維護業務目前在公司業務中所佔比例已經很小了，但我想也許為了更好地幫助——更好地校準下降速度，對於我們應該如何看待今年剩餘時間內維護業務 ARR 的下降速度，或者一些大致的思路，有什麼想法嗎？

Yes. It's a great question, Saket. The M2S program, of course, just entered its third year, right? At the beginning of Q2, we just entered the third year of the M2S program, and this is when the more significant price increase goes into effect for those who want to renew maintenance. Ahead of that, what we've seen is the maintenance renewal rates, we're not talking subs and renewal rates anymore, but if we were, the maintenance renewal rates have held up really nicely in that space. And so we continue to see both success with conversions, I said that during the script, that was in the range that it has been historically. Of those that convert, the up-sell to collections continues to be good. We're down to, at this point, just short of 700,000 maintenance customers left, and that -- I'm super pleased. We started this with a little more than 2 million maintenance subs. And we've now moved all but about 700,000 over to product subscription. And I think this year is the year where we'll see a lot more of the remainder move over. So what I would -- my expectation is we'll continue to see good success with that moving over. And of those that elect to stay, what we have seen is the maintenance renewal rates are holding up nicely.

是的。薩凱特，這是一個很好的問題。當然，M2S 計畫才剛進入第三年，對吧？第二季初，我們剛進入 M2S 計畫的第三年，對於那些想要續訂維護服務的用戶來說，價格將出現更大的上漲。在此之前，我們看到的是維護續約率，我們現在不再討論訂閱和續約率了，但如果討論訂閱和續約率的話，維護續約率在這個領域表現得非常好。因此，我們繼續看到轉換率取得成功，正如我在腳本中所說，這在歷史上一直保持在一定的範圍內。在那些最終購買產品的用戶中，追加銷售至收藏系列的效果仍然很好。目前，我們的維護客戶數量已接近 70 萬，對此—我非常滿意。我們最初只有兩百多萬個維護訂閱用戶。現在，除了大約 70 萬用戶外，我們已經將大部分用戶轉移到了產品訂閱模式。我認為今年我們會看到更多剩餘的人口轉移過來。所以我認為——我預期我們會繼續看到這種遷移取得良好效果。而那些選擇留下的用戶，我們看到的是，維護續約率保持良好。

Our next question comes from the line of 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. One of the things that you talked about with respect to digital infrastructure is your usage telemetry, your ability to observe and collect data about how customers are employing the products particularly now that it's mostly subscription. Can you talk about any trends or key observations that you're getting from the usage telemetry particularly in the growing collection space?

安德魯，我先從你開始吧。您談到數位基礎設施時提到的一點是使用情況遙測，即觀察和收集客戶如何使用產品的數據的能力，尤其是在現在產品大多採用訂閱模式的情況下。您能否談談您從使用情況遙測資料中獲得的任何趨勢或關鍵觀察結果，尤其是在不斷增長的收藏領域？

Second question, there's been quite a bit of commentary on the call thus far with regard to direct sales and how you're handling the integration of the construction acquisitions. A broader question perhaps about customer engagement. You, like some other companies, have created a new customer success group, and this has become increasingly common in software. What do they do? And how do you measure the success of the customer success group?

第二個問題，到目前為止，電話會議上已經有很多關於直接銷售以及你們如何處理建築收購整合的評論。或許可以提出一個更廣泛的問題，即關於客戶參與的問題。你們和其他一些公司一樣，成立了新的客戶成功團隊，這在軟體產業變得越來越普遍。他們是做什麼的？那麼，如何衡量客戶成功團隊的成功呢？

Okay. All right. So let me start with the first question about kind of the insights we're seeing. So there's a few things I can tell you. One of the insights we're getting is usage is continuing to go up. It's going up nicely across numerous product sets, and that's really great to see.

好的。好的。那麼，讓我先回答第一個問題，關於我們目前看到的這些見解。所以，我可以告訴你幾件事。我們得到的其中一個訊息是，使用量持續上升。它在眾多產品系列中都呈現良好的成長勢頭，這真是令人欣喜。

The other thing we're seeing is that collections are seeing usage patterns better than the old suites in terms of how many products people are using, which shouldn't surprise you because there's more offerings inside -- more diverse offerings inside the collections. And we're seeing some of those things.

我們還發現，與舊版套件相比，產品系列在使用模式方面表現更好，這在用戶使用的產品數量方面體現得更為明顯，這並不奇怪，因為產品系列中包含的產品種類更多。我們正在看到其中一些現象。

And one of the other things I'll tell you is that the ramp-up of "new releases" that we're moving away from what we would like to consider major releases, people are ramping up under the latest capabilities relatively quickly, including the people who don't pay us, which is important for us to talk about because it says that cohort of nonpaying users continues to follow us into some of the newer capabilities. And I think that's important in terms of the future capability of capturing some of that opportunity as we move forward. So yes, we are seeing some more fidelity in terms of usage. And we are seeing some interesting trends and some things that look a lot better than they were in the suites days.

我還要告訴你們的是，我們正在逐步減少「新版本」的發布，不再像以前那樣將其視為重大版本發布。人們正在相對快速地適應最新的功能，包括那些不付費的用戶。這一點對我們來說很重要，因為它表明，這部分非付費用戶群體也持續使用我們的一些新功能。我認為這對我們未來抓住機會的能力至關重要。是的，我們在使用方面看到了更高的保真度。我們看到了一些有趣的趨勢，有些東西看起來比套房時代好多了。

Now in terms of the customer engagement team, the first thing I want to talk about is what is the team measured on? They're measured on net revenue retention, okay? That's their job. Their job is to go in there, renew and help grow those accounts, and that's the primary metric they track. They also have metrics around NPS for the interactions that they have with the customers. Not kind of global NPSs but relationship NPSs and network -- Net Promoter Scores around the various interactions. But primarily, we measure them on how well we capture money from the renewal base and net revenue retention in particular. The way they function is they function along the spectrum from low touch -- low human touch digital relationships all the way up to high touch engagements.

現在來說說客戶互動團隊，我先想談談這個團隊的考核標準是什麼？他們的衡量標準是淨收入留存率，懂嗎？那是他們的工作。他們的工作就是進入這些客戶群，續約並幫助發展這些客戶，而這正是他們追蹤的主要指標。他們還有關於淨推薦值 (NPS) 的指標，用於衡量與客戶的互動。不是全球 NPS，而是關係 NPS 和網路 NPS——圍繞各種互動的淨推薦值。但主要衡量標準是，我們從續約客戶中獲得的收入以及淨收入留存率。它們的運作方式是沿著一個連續光譜展開，從低接觸（低人際接觸的數位關係）一直到高接觸互動。

One of the digital infrastructures we built that's facing this team is what we call the early warning system. It's an umbrella of a lot of metrics that basically give this team a sense for how healthy an account is, how healthy are they on their usage capabilities, how healthy are they on their adoption of learning tools, on other tools, has there been a dropoff. And it helps them kind of spend their time with the accounts that need the most assistance and the most engagement with Autodesk. It is a new practice. We've beefed it up. It’s consolidated several things in the area, but I just want to emphasize the #1 thing they're measured on is net revenue retention. And that's how we track the success of that organization. Scott, do you want to add anything?

我們為這個團隊所建構的數位基礎設施之一，就是我們稱之為預警系統的系統。它涵蓋了許多指標，基本上可以讓團隊了解一個帳戶的健康狀況，他們的使用能力如何，他們對學習工具和其他工具的採用情況如何，以及是否存在下降。這樣一來，他們就能把時間花在最需要幫助、與 Autodesk 互動最多的客戶身上。這是一種新的做法。我們已經加強了。它整合了該領域的幾項內容，但我只想強調，衡量他們的首要指標是淨收入留存率。這就是我們衡量組織成功與否的方式。史考特，你還有什麼要補充的嗎？

No. I think you nailed it. We -- the customer success team under Ray has actually done a really nice job so far. And one of the things we mentioned, Jay, in the opening commentary is that our net revenue retention rate has stayed right in the range that we talked about at Investor Day. Last year all year, it was in that approximately 110% to 120% range, and it's stayed right there again in Q1. So Ray and his team are off to a really good start.

不。我覺得你說得太對了。我們——Ray領導下的客戶成功團隊——到目前為止做得非常出色。傑伊，我們在開場白中提到的一點是，我們的淨收入留存率一直保持在我們在投資者日上談到的範圍內。去年全年，這一比例大約在 110% 到 120% 之間，而第一季也保持在這個水平。所以雷和他的團隊開局非常順利。

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 had a question about -- I know you referenced linearity in your prepared remarks. I was wondering if you could share -- if you noticed any impact or what you're hearing from your manufacturing customer base in the quarter just due to the kind of ongoing turf war that seems to be going on and if they've given you any sense of whether or not that's impacting their own spending plans. And also I'm just also -- just because I'm getting asked myself, you obviously had very good outperformance, it seemed, on long-term deferreds versus some people's expectations. Could you share with us kind of how did short-term DR track versus your expectations? And that's it.

我有一個關於線性的問題——我知道您在準備好的演講稿中提到了線性。我想請您分享一下——在本季度，您是否注意到由於目前似乎正在進行的這種地盤爭奪戰，您的製造客戶群是否受到了任何影響，或者您從他們那裡聽到了什麼消息，以及他們是否讓您感受到這是否影響了他們自己的支出計劃。另外，我也想說──因為有人問過我這個問題，顯然，你的長期遞延收益表現非常出色，似乎超出了某些人的預期。能否和我們分享短期DR的進展與您的預期相比如何？就這樣。

So I'll take the first part, then I'll hand the second part over to Scott. So you saw our manufacturing business grew quite nicely during the quarter, really strong growth. Now it doesn't mean we aren't hearing from our manufacturing customers that they're seeing pressure in terms of the commodities they use to build their products and things associated with that, they absolutely are. All of our customers are paying more for certain basic things to bring into their business. But you have to understand, what we sell to them isn't a commodity. It isn't a metal or a fabrication or a supplier. It's a mission-critical tool, and it's a mission-critical digital process. And a lot of our customers see these tools and expansion of their investment with us as helping them be more efficient and be more effective when they're seeing cost pressures rise in other areas. Like a lot of those competitive wins I talked about are really focused on consolidation of multiple tool sets into the single solution we offer, which is easier deployed. It's lighter touch. It's got more and more end-to-end things at different types of price points. So customers are actually looking to us to help them get more efficient while they're seeing the cost of things that roll in the door to make their products go up. So we have not seen any kind of backing away of expenditures in our software space. We're seeing no signs of it. We haven't seen it yet. It doesn't mean things can't change, but we do know that our customers are turning to us to make them more efficient. And I think that puts us in a good position when they're seeing the cost of other parts of their business go up. Now I'll turn it over to Scott for the second part.

所以我先做第一部分，然後把第二部分交給史考特。所以你們可以看到，我們製造業在本季成長得相當不錯，成長動能非常強勁。但這並不意味著我們沒有從製造業的客戶那裡聽到他們反映，他們在生產產品所使用的原材料以及相關方面感受到了壓力，他們確實感受到了。我們所有的客戶都為一些用於其業務的基本用品支付了更高的價格。但你必須明白，我們賣給他們的不是普通商品。它既不是金屬製品，也不是加工品，更不是供應商。它是一款至關重要的工具，也是一個至關重要的數位化流程。許多客戶認為，這些工具以及他們在我們這裡擴大的投資，可以幫助他們在面臨其他領域成本壓力上升的情況下，提高效率和效益。就像我之前提到的許多競爭優勢一樣，它們實際上都集中在將多個工具集整合到我們提供的單一解決方案中，這樣更容易部署。手法更輕柔。它提供了越來越多不同價位的端到端解決方案。因此，客戶實際上希望我們幫助他們提高效率，同時他們也看到不斷湧入的各種因素導致產品成本上升。因此，我們沒有看到軟體領域出現任何支出縮減的跡象。我們沒有看到任何跡象。我們還沒看到。這並不意味著事情不會改變，但我們確實知道，我們的客戶正在尋求我們的幫助，以提高他們的效率。我認為，當他們看到公司其他業務成本上升時，這讓我們處於有利地位。現在我把第二部分交給史考特。

Sure. On the second one, it's interesting, Heather. Of course what you see showing up in long-term deferred, the sequential growth, is some of the success we're having in having multiyear payments get closer to the mean that they have been in historically. We're still not quite there. There's still a little more headroom in long-term deferred to get to what we talked about at Investor Day is that being kind of the low 20% range. If you look at the growth rate year-on-year, long-term deferred grew 12%. Short-term deferred actually grew 21% year-on-year. So we're seeing really nice performance as you'd expect when you see the billings line grow the way it has. We're seeing really nice performance across the deferred revenue spectrum. When you add in unbilled, total deferred revenue grew 24% year-on-year. So it was a obviously strong billings quarter that led to both good revenue results, but in particular strong growth in deferred.

當然。第二個問題很有意思，希瑟。當然，您在長期遞延付款的連續增長中看到的，是我們多年付款逐漸接近歷史平均水平所取得的成功。我們還沒完全達到目標。長期遞延所得稅還有一點提升空間，可以達到我們在投資者日討論的目標，也就是 20% 左右的低點。如果看年增速，長期遞延成長了 12%。短期遞延利息實際上年增了 21%。所以我們看到了非常好的業績，正如你所預期的那樣，帳單金額的成長速度非常快。我們看到遞延收入的各個方面都表現出色。加上未開票收入，遞延收入總額年增 24%。因此，這顯然是一個強勁的帳單季度，不僅帶來了良好的收入業績，而且尤其帶來了遞延收入的強勁成長。

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

我們的下一個問題來自加拿大皇家銀行資本市場的 Matt Hedberg。

Andrew, we continue to hear positive feedback from channel partners around generative design really transforming the whole design process. I know this remains a focus for you guys. Wondering about a little bit of an update there on this momentum and really customers' activity to this -- sort of this new way of designing.

Andrew，我們不斷收到通路夥伴的正面回饋，他們認為生成式設計確實改變了整個設計流程。我知道這仍然是你們關注的重點。想了解一下這股勢頭以及客戶對這種新設計方式的反應的最新情況。

Yes. Well, there's a lot going on there, and we're rolling out a lot more generative tools especially to the Fusion platform. Manufacture, you're going to see some new capabilities in terms of generative geometry creation tied to 2.5 axis milling constraints and more of the mainstream kind of CNC applications that customers use. So we're probably going to see a little bit of an explosion of use of some of these tools as we roll some of this out. But you're right, we're getting a lot of adoption. And the partners are excited about it because they can go in and have a very, very differentiated discussion with their customers about what they can do with these tools.

是的。嗯，那裡有很多事情正在發生，我們正在推出更多生成式工具，尤其是在 Fusion 平台上。在製造領域，您將會看到一些與 2.5 軸銑削限制相關的生成幾何體創建方面的新功能，以及客戶使用的更多主流 CNC 應用。因此，隨著這些工具的逐步推出，我們可能會看到其中一些工具的使用量爆發式增長。但你說得對，我們的產品確實獲得了很高的採用率。合作夥伴們對此感到興奮，因為他們可以與客戶進行非常、非常有針對性的討論，探討客戶可以使用這些工具做什麼。

Now one of the things we're seeing, and I want to make sure that people understand this because people thought, "Well, these are really advanced things. Isn't this like 3D printing-focused? And isn't this just for people that want to create organic shapes for 3D printing?" The biggest usage right now that we're seeing with regards to generative design is people exploring new types of design options for things that they either had existing or they are building from scratch, and then taking those explorations and turning them into things they can build using their traditional manufacturing methods. So they're essentially using generative design as a tool to show them new solutions to problems that they wouldn't have naturally found in the first place. And that's one of the exciting things about what's going on right now, is that it's having real impact in the mainstream customers and in the customers that are kind of looking out on the cutting-edge of things. So you're absolutely right, there's lots of reasons to be excited, and our partners are really getting engaged in our manufacturing portfolio because of generative.

現在我們看到的一件事，我想確保人們理解這一點，因為人們認為，“嗯，這些都是非常先進的東西。”這不就是以3D列印為重點的嗎？這不只是為那些想為 3D 列印創建有機形狀的人準備的嗎？目前我們看到生成式設計的最大用途是，人們探索為他們已有的或從零開始建造的事物提供新的設計方案，然後將這些探索轉化為他們可以使用傳統製造方法製造的物品。因此，他們實際上是將生成式設計作為一種工具，向他們展示解決問題的新方案，而這些方案是他們原本不可能自然而然地找到的。而現在正在發生的事情令人興奮的一點是，它對主流客戶和那些專注於事物前沿的客戶都產生了真正的影響。所以你說得完全正確，有很多理由讓我們感到興奮，而且由於生成式技術，我們的合作夥伴也真正積極參與我們的製造組合。

That's great. And then maybe just a quick one for Scott, obviously a lot of questions on the construction opportunity. I'm curious when you think about adding sales capacity to this year, how do you kind of think about maybe the overall pace? And then how do you think about putting that sort of like more so in the construction versus the A&E or the manufacturing side? Just sort of wondering about just sort of how you're kind of allocating sales capacity adds this year.

那太棒了。然後，或許可以快速問斯科特一個問題，顯然有很多關於建築機會的問題。我很好奇，當您考慮今年增加銷售能力時，您是如何看待整體速度的？那麼，您認為將這種理念更多地應用於建築領域，而不是建築設計或製造業方面，會是什麼結果呢？我只是想了解一下你們今年是如何分配新增銷售產能的。

Sure. Construction is such a massive opportunity for us, Matt, that it won't surprise you to hear that we rotate a lot of investment into it. Coming on the heels of the acquisitions we did in the fourth quarter, we've also increased spend in each of those. It wasn't the normal buy them and go through a bit of a downsize. We've actually done the reverse. We've acquired those companies, integrated them nicely into Autodesk and at the same time increase the investment in construction. So great results out of the gate, as Andrew mentioned in the opening commentary. And I think you can expect to see us at this level of performance, and with the market really beginning to turn this direction, you can expect to see us continue to invest in construction.

當然。馬特，建築業對我們來說是一個巨大的機遇，所以你不會驚訝地發現我們在這個領域投入了大量資金。繼第四季完成收購後，我們也增加了在這些收購項目上的支出。這不是通常的買下它們然後進行一些縮減開支的情況。我們實際上做了相反的事情。我們已經收購了這些公司，並將它們很好地整合到 Autodesk 中，同時增加了對建築業的投資。正如安德魯在開場評論中提到的那樣，開局就取得了非常好的成績。我認為您可以期待我們保持這樣的業績水平，而且隨著市場真正開始朝這個方向轉變，您可以期待我們繼續投資建設。

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

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

So for the customers that are still on maintenance, do you have a sense for how the percentage of that group who might upgrade to collections compares to the folks who have already converted?

那麼對於仍在維護階段的客戶，您是否了解該群體中可能升級到收藏版服務的客戶比例與已升級的客戶比例相比如何？

You know what, what I'd say, Ken, is we really haven't seen the needle move much on that. We've had great success. At the point of people moving from maintenance over to product subscription, we've had great success having them kind of cross-grade and instead of going single product to single product, going single product to collection. And that really hasn't changed over the last 6 quarters or 8 quarters now that we've been tracking M2S. So I'm not expecting a significant change. The one thing I would note in the demographic, which is probably not surprising to you, the bigger customers that aren't EBA, well, obviously the bigger customers that were on maintenance were some of the first to adopt M2S and move over. It's not as big a SKU as you might think from the biggest to the smallest, but there is a little bit of a bias to the larger customers. As we get down to the smaller and smaller customers, we might see a point or 2 difference there, but I wouldn't expect it to be significant. Andrew, anything you'd add?

肯，你知道嗎，我想說的是，我們在這方面真的還沒看到太大的進展。我們取得了巨大的成功。當使用者從維護模式過渡到產品訂閱模式時，我們發現讓他們進行某種程度的交叉升級非常成功，他們不是從單一產品升級到單一產品，而是從單一產品升級到產品集合。在我們持續追蹤 M2S 的過去 6 個季度或 8 個季度裡，這種情況並沒有發生太大變化。所以我預計不會有重大變動。在人口統計方面，我想指出一點，這可能並不令您感到意外，那些不是 EBA 的大客戶，顯然，那些處於維護狀態的大客戶，是最早採用 M2S 並遷移過來的客戶之一。雖然從最大到最小的 SKU 數量可能比你想像的要少，但確實存在對大客戶的輕微偏向。隨著客戶規模越來越小，我們可能會看到一兩個百分點的差異，但我預計不會有太大差別。安德魯，你還有什麼要補充的嗎？

No, I think we've seen a consistent pattern, and we don't see anything that would indicate that changing. I agree with you. It's probably going to be a point or 2 different as we get deeper into that base just because of the size and because maybe a mix shift inside of what's left at the maintenance base.

不，我認為我們已經看到了一致的模式，而且我們沒有看到任何跡象表明這種模式會改變。我同意你的看法。隨著我們深入該基地，情況可能會有所不同，因為基地規模較大，維護基地剩餘部分的內部結構可能會改變。

Great. And are you seeing any nonpayer conversion from the shift to a serial-number-free licensing model?

偉大的。您是否觀察到，隨著無序號授權模式的轉變，非付費用戶增加？

We always see nonpayer conversion every year. So one of the things -- I just have to say it because I say it every call, this nonpaying conversion thing isn't going to be this big explosion, all right? It's an ongoing process. Some of these people have very clever ways they continue to not pay us. But what I will tell you is that we successfully rolled out some really interesting ways to have conversations with these customers and engage with them directly, and we are learning a lot that we think is going to play pretty significantly into our long-term strategy with regards to converting these people. We have direct engagements with them. We can track where they go after an engagement, whether or not they continue to pirate or they pursue some kind of other path. So we're learning a lot, and that's what we expected to do this year. Every year, we convert nonpaying users into users. Every year, we convert more than we did the previous year. But more importantly, every year, we're learning more about how to effectively engage with these customers. And that should give you a really good feeling about the long-term growth prospects as we start looking at those 14 million nonpaying users and converting them over the next few years.

我們每年都能看到非付費用戶轉換。所以有一件事——我必須說，因為我每次打電話都會說——這種非付費轉換不會引發什麼大爆炸，好嗎？這是一個持續的過程。這些人有些人有非常巧妙的辦法，可以繼續不付錢給我們。但我可以告訴你們的是，我們成功地推出了一些非常有趣的方式與這些客戶進行對話並直接與他們互動，我們從中學習到了很多東西，我們認為這些知識將對我們長期轉化這些人的策略產生相當大的影響。我們與他們有直接聯繫。我們可以追蹤他們在交戰後的去向，看看他們是否繼續從事海盜活動，或是否走上其他道路。所以我們學到了很多東西，而這正是我們今年所期望的。每年，我們都能將非付費用戶轉化為付費用戶。我們每年的轉換率都比前一年高。但更重要的是，我們每年都在學習如何有效地與這些客戶互動。這樣一來，當我們開始關注這 1400 萬非付費用戶並在未來幾年內將他們轉化為付費用戶時，你應該會對長期成長前景感到非常樂觀。

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。

I think you gave commentary that you saw strength across the geographies. Obviously, we see the pie chart with the percentages. But just wondering about some color commentary. Looking at the PMI results coming out of Europe today, there's been questions in other areas of software around possible squishiness here in North America. What are you seeing from just a macro by geography?

我認為你曾評論說，你看到了各個地區的優勢。顯然，我們看到了帶有百分比的餅圖。只是想聽聽一些評論。從今天歐洲公佈的 PMI 結果來看，北美軟體產業的其他領域也出現了關於市場可能出現波動的問題。單從地理宏觀角度來看，你看到了什麼？

So we're not seeing any kind of geography-based slowdowns. And by the way, the PMI in EMEA has actually been in contraction territory for a while, so this isn't like a new phenomenon. And remember for us, we see the PMI as measuring a different side of the demand curve. It's much more focused on the purchasing of kind of the core assets that kind of go in the door and come out as product. We're selling efficiency and digital transformation. So right now, we -- and actually let's just look back historically. We've never seen a strong correlation between the PMI near-term impacts on our business. Long term, as the PMI stays in contraction territory, you absolutely eventually would see an impact on our business. Short term, what people do is they tend to buy more of our software to try to invest in digitization and kind of getting their processes more aligned, more efficient. So we're not seeing any slowdown in any geographic areas, and the ongoing PMI results don't signal anything to us in terms of our demand environment.

所以我們沒有看到任何基於地理位置的經濟放緩現象。順便說一句，歐洲、中東和非洲地區的採購經理人指數 (PMI) 實際上已經處於收縮區間一段時間了，所以這並不是什麼新現象。請記住，對我們來說，我們認為採購經理人指數 (PMI) 衡量的是需求曲線的另一側。它更側重於購買那些進入公司並最終轉化為產品的核心資產。我們銷售的是效率和數位轉型。所以現在，我們——實際上，讓我們回顧一下歷史。我們從未發現 PMI 指數與我們業務的近期影響之間有強烈的相關性。從長遠來看，隨著採購經理人指數 (PMI) 持續處於收縮區間，最終肯定會對我們的業務產生影響。短期來看，人們往往會購買更多我們的軟體，以嘗試投資數位化，並使他們的流程更加協調、更有效率。因此，我們沒有看到任何地區出現經濟放緩，而且目前的採購經理人指數 (PMI) 結果也沒有向我們發出任何關於需求環境的訊號。

Okay. And then one follow-up. Can you remind us where are we in terms of the various pricing or discount changes both on maintenance and other products that you would outline at the beginning of the transition? What changes recently went into effect if any? And what were the impacts?

好的。然後還有一次後續跟進。您能否提醒我們一下，在過渡初期您會概述的維護和其他產品的各種價格或折扣變化方面，我們目前的進展如何？最近有哪些變更生效了？那麼，這些影響是什麼？

Yes. Sterling, on the -- you're talking about the maintenance to subscription program that we're...

是的。斯特林，關於——你指的是我們正在推行的維護訂閱計劃…

Yes.

是的。

Yes. We just began -- if you remember, we started that program actually kind of middle of Q2 a couple of years ago. So we just began the third year of that. And at the third year, what we had said then and just went into effect at the beginning May is the cost to convert -- the price to convert would go up by 5%. The price to renew maintenance from last year, the price to renew maintenance will go up 20%. So both those increases went into effect in early May, so we're sitting 3 weeks into that right now. Not expecting to see any significant change in terms of renewal rate. I do think at this point it probably becomes a lot more attractive for those who are under maintenance to actually make the conversion. Through the first quarter, what we saw in conversion rates is they kind of held in at that roughly 1/3 that are converting at the point of renewal. We'll see now with the difference in -- a pretty significant difference in price, we'll see how that goes in this quarter and through the end of the year.

是的。我們剛開始——如果你還記得的話，我們實際上是在幾年前的第二季中期啟動了這個計畫。所以，我們剛開始了第三年。第三年，我們當時所說的，並且從五月初開始生效的是，轉換成本——轉換價格將上漲 5%。續約維護價格比去年上漲 20%。這兩項升息措施均於 5 月初生效，現在已經過了 3 週。預計續約率不會有任何重大變化。我認為，在這一點上，對於那些正在接受維護的人來說，進行轉換可能會變得更有吸引力。第一季度，我們看到的轉換率基本上維持在續約時轉換率的三分之一左右。現在我們將看到價格上的差異——相當大的差異——我們將看看本季以及到年底的情況如何。

Our next question comes from the line of Matthew Broome of Mizuho.

我們的下一個問題來自瑞穗銀行的馬修布魯姆。

You recently launched 2020 editions of AutoCAD, Revit and some other products. Just curious how early feedback has been for that. Sort of which new features you believe will have the biggest impact?

你們最近發布了 AutoCAD、Revit 和其他一些產品的 2020 版本。只是好奇目前為止的回饋如何。您認為哪些新功能的影響最大？

Yes. So like I said earlier, we've seen pretty rapid adoption of these capabilities as they rolled out, which actually bodes well for how customers are reacting to those things. I don't have any feedback on particular feature sets because we work in like big lumps of areas. Like in one area we're working on in Revit in particular is on rail and things associated with rail and adding capabilities that make it more efficient for rail. So there's going to be lots of areas in each one of these products that are broadly accepted. But when it comes to AutoCAD in particular, customers are starting to embrace the multi-platform nature of what we've done with AutoCAD and the way we're making it easy to integrate not only our own storage environments, but third-party storage environments like Dropbox and Box and other types of environments so that our customers can efficiently use AutoCAD data in multiple types of storage environments.

是的。正如我之前所說，這些功能一推出就被迅速採用，這實際上預示著客戶對這些功能的反應良好。我沒有針對特定功能集的回饋意見，因為我們的工作都是以大塊區域為單位進行的。例如，我們在 Revit 中特別關注的一個領域是鐵路以及與鐵路相關的事物，並添加使其在鐵路領域更有效率的功能。因此，這些產品中都會有很多被廣泛接受的領域。但就 AutoCAD 而言，客戶尤其開始接受我們在 AutoCAD 中實現的多平台特性，以及我們使其不僅能夠輕鬆整合我們自己的儲存環境，還能輕鬆整合 Dropbox 和 Box 等第三方儲存環境以及其他類型的環境，以便我們的客戶能夠在多種類型的儲存環境中高效地使用 AutoCAD 資料。

One of the features we rolled out, and it doesn't get a lot of visibility, is that when a customer is inside the Dropbox environment and they go and they click on a DWG file, it actually launches the AutoCAD web, the viewer. And it's -- but it's full AutoCAD web, and it actually says are you a subscriber. And if they're a subscriber, they get the added experience. But it is the full AutoCAD web version inside these applications. That kind of reach that we're getting with some of those things is actually exposing more and more customers to the power of the multi-platform view we've taken with some of these applications. So I think you're going to hear more and more about what we're doing there. On the Revit side, you're going to hear more and more about some of the things we're doing around rail and other areas where we're extending the capabilities to not just Revit but in InfraWorks. I'd more specifically say it's on the InfraWorks side. You're going to hear more and more about some of those things as well, but those are some of the areas that are getting a lot of interest and a lot of traction.

我們推出的一項功能（雖然不太引人注目）是，當客戶在 Dropbox 環境中點擊 DWG 檔案時，實際上會啟動 AutoCAD Web 檢視器。而且它是完整的 AutoCAD Web 版，它也會問您是否是訂閱用戶。如果他們是訂閱用戶，也能獲得更多體驗。但這些應用程式中包含的是完整的 AutoCAD Web 版本。我們透過這些方式所獲得的這種影響力，實際上讓越來越多的客戶體驗到我們在某些​​應用程式中採用的多平台視角所帶來的強大功能。所以我想你們會聽到越來越多關於我們在那裡所做的事情的消息。在 Revit 方面，您將會越來越多地聽到我們在鐵路和其他領域所做的一些事情，我們將把功能擴展到 Revit 以及 InfraWorks 中。更準確地說，問題出在 InfraWorks 這邊。你以後會聽到越來越多關於這些事情的消息，但這些領域目前正受到很多關注和重視。

That's fantastic. And I guess could you provide brief updates on the media and entertainment business? It just looks like there's a little bit of revenue deceleration there during the quarter.

太棒了。請問您能否簡單介紹一下媒體和娛樂產業的最新情況？看起來本季營收成長略有放緩。

Yes. So there's a couple of things you want to know about the media and entertainment business. One, it's very sensitive to large deals, all right? So for instance in Q4, we had a couple of really big deals in M&E. So there was a quarter-on-quarter change around media and entertainment just related to those deals. Last Q1, we also had a big deal that came in. And like I said, the media and entertainment business, of all our businesses, is very sensitive to these large deals. So there's a quarter over compare to that large deal.

是的。所以，關於媒體和娛樂產業，有幾件事你想了解。第一，它對大額交易非常敏感，懂嗎？例如，在第四季度，我們在媒體和娛樂領域達成了幾筆非常大的交易。因此，與這些交易相關的媒體和娛樂產業出現了季度環比變化。去年第一季度，我們也完成了一筆大訂單。正如我所說，在所有行業中，媒體和娛樂產業對這些大宗交易最為敏感。所以，與那筆大交易相比，這筆交易還多出了四分之一。

But in addition, and this is something I want you to pay attention to over a multi-quarter scenario, similar to what we did in our manufacturing business, we retired certain products in that space that we're no longer collecting revenue on. And you'll see some kind of year-over-year declines associated with that. So for instance, we don't charge for SketchBook anymore. That product is out there. It's completely free. It's available to people -- to anybody who wants to use it. That money isn't in there anymore, and it shows up in the year-over-years. But those are the things that are affecting the M&E business. We actually had a pretty robust M&E quarter, right? But as I said, there's a sensitivity to large deals, and it's this idea that we kind of retired certain products, especially things like SketchBook, that are going to have year-over-year impacts.

此外，我希望你們在多季度的情景中註意這一點，類似於我們在製造業業務中所做的，我們淘汰了該領域中一些不再產生收入的產品。你會看到一些同比下降的趨勢。例如，我們現在不再對 SketchBook 收費了。市面上確實有這款產品。完全免費。它對所有人開放——任何想使用的人都可以使用。那筆錢已經不在裡面了，這點在同比數據中有所體現。但這些正是影響媒體娛樂產業的因素。我們的媒體與娛樂部門本季業績其實相當不錯，對吧？但正如我所說，我們對大宗交易很敏感，正是這種想法導致我們淘汰了某些產品，特別是像 SketchBook 這樣的產品，這些產品會對每年的業績產生影響。

Our next question comes from Rob Oliver of Baird.

我們的下一個問題來自 Baird 公司的 Rob Oliver。

I wanted to take it back to the construction side if I could, Andrew, and talk a little bit about the pricing side. I know you've said you guys favor the named user bundles. How is pricing playing out so far relative to your expectations coming in? And on those 15 deals in particular where there was head-to-head competition, did price play a role at all? And then I have a very quick follow-up.

安德魯，如果可以的話，我想回到施工方面，談談定價方面的問題。我知道你們說過你們比較喜歡指定使用者身分的捆綁包。目前的價格走勢與您的預期相比如何？尤其是在那 15 筆存在直接競爭的交易中，價格是否發揮了作用？然後我還有一個非常簡短的後續問題。

Yes. So first off, like I said, we're really happy with the results of construction in Q1. We hit all our goals, and we're looking good heading into Q2. We're really happy with things, the way they're going on. But I should tell you right out of the gate that the pricing models are working in their form, but I think I know you're asking a different question. So look, when we go in against a competitor, let me tell you about the 2 things that help us win.

是的。首先，就像我剛才說的，我們對第一季的施工成果非常滿意。我們實現了所有目標，進入第二季情勢一片大好。我們對目前的情況非常滿意。但我必須一開始就告訴你，目前的定價模式是有效的，但我認為你問的是另一個問題。所以你看，當我們與競爭對手交鋒時，讓我來告訴你幫助我們獲勝的兩件事。

The first thing is competitors just like a story. They see us with a best-in-class field execution solution at one end. They see us with a best-in-class design collaboration solution at the other end, all cloud-based. And they just look at us, and when we tell them, "Look, we're going to connect the Building Information Model all the way from design through to site execution, and we're going to do it with these things in between," they believe us. And they see it, and they expect that all of this functionality is going to roll out over time. And when we do things like accelerate the rollout of PlanGrid BIM into the PlanGrid environment as quickly as we did, people start to say, "Okay, thank you, Autodesk. You're showing us the evidence that we're heading in the right direction." So they buy the vision. They buy Autodesk role. They don't see anybody else able to do this end-to-end kind of connection the way we're doing. And that's been something we've been consistent about. And yes, when they go in, they look at the business model that we come to market with, they say, "Look, yours is a much more customer-friendly business model. This is one I can grow with. This business model over here is just going to penalize me as I grow." So yes, we do see those things, but I wanted to just make it clear, primary reason we win is the big story. And that, that's the thing that is getting customers excited. It's the thing that's engaging them, and it's the thing that's bringing more people into our ecosystem. And we are seeing that.

首先，競爭對手就像故事一樣。他們看到我們擁有業內一流的現場執行解決方案。他們看到的是我們在另一端提供的一流的設計協作解決方案，完全基於雲端。他們看著我們，當我們告訴他們，「我們將把建築資訊模型從設計一直連接到現場施工，並且我們將透過這些中間環節來實現這一點」時，他們就相信我們了。他們看到了這一點，並期望所有這些功能都會隨著時間的推移而逐步推出。當我們像現在這樣迅速地將 PlanGrid BIM 推廣到 PlanGrid 環境中時，人們就開始說：“好的，謝謝你，Autodesk。”你向我們展示了我們正朝著正確方向前進的證據。 」所以他們認同這種願景。他們購買了 Autodesk 的角色。他們認為沒有其他人能夠像我們一樣實現這種端到端的連結。而這正是我們一直堅持的原則。是的，當他們進入市場，審視我們推向市場的商業模式時，他們會說：“你看，你們的商業模式對客戶更加友好。”這是我可以一起成長的。這種商業模式只會隨著我的發展而懲罰我。 「所以，是的，我們確實看到了這些問題，但我想要明確一點，我們獲勝的主要原因在於我們講述的故事。而這正是讓顧客興奮不已的原因。正是這一點吸引了他們，也正是這一點將更多的人帶入了我們的生態系統。我們正在目睹這一點。

Okay. That's really helpful. And just as a quick follow-up, Andrew, you had mentioned on the last call and Scott just reiterated, that you guys not only absorbed the planned R&D at PlanGrid and BuildingConnect, but you've ramped that R&D. And aside from platforming and integration, and I apologize because this may be leading on to the June 4 event, but are there areas that you're seeing from an end-user functionality perspective that are interesting to you as a possible recipient of those R&D dollars?

好的。這真的很有幫助。安德魯，我再補充一點，你在上次通話中提到過，斯科特也重申過，你們不僅吸收了 PlanGrid 和 BuildingConnect 的計劃研發，而且還加大了研發力度。除了平台和整合之外，很抱歉，這可能與 6 月 4 日的活動有關，但作為研發資金的潛在受益者，您是否從最終用戶功能角度看到了一些您感興趣的領域？

Yes. So one of the things I want to make sure that I reiterate, and I mentioned this during the last call, but I think it bodes restating, we've definitely applied clear missions to the 2 product stacks and the 2 teams frankly. And we've actually swapped people back and forth between the 2 teams. PlanGrid is very much focused on field execution and being the best-in-class tool for field execution. So they are looking to accelerate the road map that they had in place for field execution, both customer driven and internally driven. And that's where they're spending their dollars.

是的。所以我想再次強調一點，我在上次電話會議上也提到過這一點，但我認為有必要再次強調，坦白說，我們已經為這兩個產品棧和兩個團隊制定了明確的任務。實際上，我們已經在兩個團隊之間互換過人員。PlanGrid 非常注重現場執行，力求成為一流的現場執行工具。因此，他們希望加快推進已製定的現場執行路線圖，該路線圖既有客戶驅動的，也有內部驅動的。這就是他們花錢的地方。

On BIM 360, we're focusing the BIM 360 team much more on closing all the gaps around project management and things associated with project management, RFI flow and all the things that go -- connected to that, and then connecting those things back to the PlanGrid environment so the customer see a seamless flow. So this mission-based assignment of teams has been super important. It has resulted in additional R&D dollars going in.

在 BIM 360 中，我們讓 BIM 360 團隊更專注於彌合專案管理及相關事項、RFI 流程以及所有與之相關的事項之間的差距，然後將這些事項連接回 PlanGrid 環境，以便客戶可以看到無縫流程。因此，這種以任務為導向的團隊分配方式非常重要。這導致了額外的研發資金投入。

We are absolutely accelerating PlanGrid's road map, not decelerating it. And we're accelerating BIM 360's road map with regards to project management capabilities. So that you will hear more about in June, but I think it's important to just reiterate where we put the money and how we're spending it to move forward. Because we really do want these solutions to survive, thrive, grow and connect together rapidly inside Autodesk. So we're committed to that, and yes. We spent more when we brought them in, and we got the results we wanted. So I think we're going to keep doing that.

我們正在加快 PlanGrid 的發展路線圖，而不是放慢速度。我們正在加快 BIM 360 在專案管理功能方面的發展路線圖。所以六月你們會聽到更多相關消息，但我認為重要的是重申一下我們把錢花在了哪裡，以及我們是如何花錢來推進工作的。因為我們真心希望這些解決方案能夠在 Autodesk 內部生存、發展、壯大並快速連結。所以我們會致力於此，是的。我們當初引進它們的時候投入了更多資金，但我們得到了想要的結果。所以我覺得我們會繼續這樣做。

Our next question comes from Kash Rangan of Bank of America.

下一個問題來自美國銀行的卡什·蘭根。

My question, Andrew, for you is when you look at the maintenance to subscription conversion program, can you just give us an update on how much of that installed base has accepted the price increase versus converting to subscriptions? And what is left in the third bucket? And any strategy or plans you might have in place to convince the last set of holdouts to get on the program?

Andrew，我的問題是，當你審視維護用戶向訂閱用戶轉換計劃時，你能否給我們更新一下已安裝用戶群中有多少人接受了價格上漲，又有多少人轉換到了訂閱模式？第三個桶子還剩下什麼？那麼，你們有什麼策略或計劃來說服最後一批拒絕加入該計劃的人呢？

Yes. So we never expected that every subscription, every maintenance customer is going to move to subscription during this program. I think one thing that's important to note is we basically converted 2/3 of them already at this point. So there's really only 1/3 of the subscription base left from when we started this program. And as we told you over and over again, we -- everyone we've moved, we've grown the value of those customers through consolidation, through other efforts associated with that. So we have to pause and look at, well, how far have we come here with regards to this program. I think it's pretty impressive results given what we were trying to accomplish.

是的。因此，我們從未預料到所有訂閱用戶、所有維護客戶都會在這個方案期間轉為訂閱模式。我認為需要注意的一點是，到目前為止，我們基本上已經轉化了其中三分之二的人。所以，現在訂閱用戶只剩下我們剛開始這個專案的三分之一了。正如我們一再告訴你們的那樣，我們——我們遷移的每一位客戶，我們都透過整合以及與此相關的其他努力提高了這些客戶的價值。所以我們必須停下來看看，在這個專案中，我們已經取得了多大的進展。考慮到我們想要達成的目標，我認為這個結果相當令人印象深刻。

We have always expected that by the end of the year, there were going to be a set of customers left in. And there are going to be a set of customers left in maintenance. But I think also what you heard from Scott earlier is that the renewal rates for maintenance are holding up quite well, incredibly well actually, even with the price increases that are in front of customers. So customers are going with us along the journey. There are going to be some left at the end of the year still on maintenance. And we'll look at what we do in terms of working with those customers as we get to that point. But we're already 2/3 in there. We'll be more than 2/3 by the end of the year. We've been successful at increasing the value of those customers. And most of those customers that have moved over are happy. And the ones that are still on maintenance are renewing at robust rates. So the program looks like a success to me.

我們一直預計到年底，還會留下一部分客戶。還會有一部分客戶留在維護階段。但我認為你之前從 Scott 那裡也聽到了，維護續約率保持得相當不錯，實際上非常好，即使客戶面臨價格上漲。所以，客戶會和我們一起經歷這段旅程。到年底還會有一些設備處於維護狀態。到那時，我們會考慮如何與這些客戶合作。但我們已經進去了三分之二。到年底，我們將超過三分之二的目標達成。我們成功地提升了這些客戶的價值。而且，大多數遷移過來的客戶都很滿意。而那些仍在維護中的項目，續約率也相當可觀。所以在我看來，這個項目看起來很成功。

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 Hamza Fodderwala in for Keith Weiss. Just a couple of quick questions from my end. The first one, so manufacturing revenue growth really accelerated this quarter, and it's been up double digits for a few quarters now. I'm just wondering what's the inflection point there as far as you starting to really put up growth that's faster than many of your peers. What's driving some of that share gain? And what's the road map there going forward?

這是哈姆札·福德瓦拉取代基斯·韋斯上場。我這邊還有幾個問題想問一下。第一點，製造業收入成長在本季度確實加速了，而且已經連續幾季保持兩位數成長。我只是想知道，在你真正開始實現比許多同行更快的成長之前，那個轉折點是什麼。哪些因素推動了市場佔有率的成長？那麼，未來的發展路線圖是什麼呢？

So Hamza, what you're seeing there is the strength that was always there underneath that you couldn't see because of all the product retirements we did, all right? So we've been doing this for several quarters in the core part of our business, which is one of the reasons why we're so excited about how we're doing in manufacturing in general right now. You saw declines or slowness in the manufacturing business because we retired a whole set of products. Some of them, we just retired completely. Some of them were transitioned into the collections environment. Some of them were combined with other products. We did some large consolidations. And this resulted in some revenue that essentially disappeared but showed up eventually in other places.

所以哈姆扎，你現在看到的，是一直存在於我們產品之下，但由於我們淘汰了太多產品，你才看不到的實力，對吧？因此，我們已經在業務的核心部分這樣做了好幾個季度，這也是我們對目前製造業的整體表現感到非常興奮的原因之一。由於我們淘汰了一整套產品，所以製造業出現了下滑或放緩的現象。有些，我們已經徹底退休了。其中一些被轉移到了館藏環境。其中一些產品與其他產品混合使用。我們進行了一些大規模的合併。這導致部分收入基本上消失了，但最終卻在其他地方出現了。

So now what you're seeing is the underlying strength in the core manufacturing business that was always there. And we're, as I said, excited about it. And when you look at some of the things that are in the road map, what you're going to see is tighter and tighter coupling of these design-to-make workflows. You're going to see more showing up in Fusion with regards to end-to-end design all the way through to machining workflows and new generative algorithms that take not only 3D printing workflows, but print flows -- workflows for 2 axis, 2.5 axis, 3 axis milling operations and automating the geometry creation. You're also going to see more workflows between Inventor and Fusion so Inventor customers can take advantage of the downstream production workflows that are built inside of Fusion. Customers are starting to look inside the manufacturing -- and the product design and manufacturing collection, and they're cracking it open and they're seeing some things that they think are pretty amazing. That's part and parcel of what's driving our growth. Customers are consolidating on what we have because they see, "Oh, I can take these 8 weird things that I had. I can consolidate them into this one thing. And by the way, I've got this cloud workflow that makes all my data problems a lot cleaner." And it's just working. And I expect you'll see it to continue to work in the future. So I'm just happy you can now see the underlying strength in the business that we knew was there all along.

所以現在你看到的，是核心製造業企業一直以來所擁有的根本實力。正如我所說，我們對此感到興奮。當你查看路線圖中的一些內容時，你會發現這些從設計到製造的工作流程之間的連結越來越緊密。您將在 Fusion 中看到更多端到端設計方面的功能，一直到加工工作流程和新的生成演算法，這些演算法不僅適用於 3D 列印工作流程，還適用於列印流程——2 軸、2.5 軸、3 軸銑削操作的工作流程以及幾何創建的自動化。你也會看到 Inventor 和 Fusion 之間有更多工作流程，讓 Inventor 使用者就可以利用 Fusion 內部建置的下游生產工作流程。顧客們開始關注製造過程——以及產品設計和製造流程，他們正在深入了解，並發現了一些他們認為非常了不起的東西。這正是推動我們成長的重要部分。客戶正在整合我們現有的資源，因為他們看到，「哦，我可以把我之前擁有的這 8 件奇怪的東西都整合起來。我可以將它們合併成一件事。順便說一句，我有一個雲端工作流程，它讓我所有的資料問題都變得簡單多了。 ”而且它運作良好。而且我預計它將來也會繼續發揮作用。所以我很高興你們現在能夠看到我們一直以來都知道的公司所擁有的潛在實力。

And just a quick follow-up. We did hear that there was a price increase on multiuser licenses in May. Just wondering if that caused any pull-forward in the business from Q2 to Q1. And that's it for me.

還有一個後續問題。我們聽說5月多用戶授權的價格上漲了。想知道這是否導致業務從第二季提前到第一季。我的故事就到此為止了。

So what we did see, and we referred to this a little bit in the opening commentary, Hamza, we did see a little bit of early renew activity but really the same percent that we've seen historically. So if you add up our total sales, what percent were early renews, where you'd see people trying to front-run the price increase is early renews. And so as we looked at that, it was really in line from a percentage basis of -- with what we've seen historically, so I don't -- I'm not anticipating any change or any kind of an impact to the full year model from that.

所以我們確實看到了，我們在開場評論中也稍微提到過，哈姆扎，我們確實看到了一些早期的續約活動，但實際上與我們歷史上看到的百分比相同。所以，如果你把我們的總銷售額加起來，提前續約佔多少百分比？你會發現，那些試圖搶在價格上漲之前購買的人就是提前續訂。因此，當我們審視這個問題時，從百分比的角度來看，它與我們歷史上看到的情況非常吻合，所以我預計這不會對全年模型產生任何變化或影響。

Having said that, the change we made on multiuser pricing was really to do a better job capturing the value of what we're shipping with that. You've seen us make kind of incremental changes in multiuser now for a couple of years in a row, and it's to better align the price with the value that's being delivered on multiuser.

話雖如此，我們對多用戶定價所做的更改，實際上是為了更好地反映我們透過這種方式提供的產品的價值。你們已經看到我們連續幾年在多用戶模式下進行了一些漸進式的改變，這是為了更好地使價格與多用戶模式下所提供的價值相匹配。

Thank you. At this time, I'd like to turn the call over to Abhey Lamba for closing remarks. Sir?

謝謝。此時，我想把電話交給阿貝·蘭巴，請他作總結發言。先生？

Yes. Thank you for joining us this afternoon. If you have any questions, feel free to contact us. Thanks for joining us. Bye.

是的。感謝您今天下午蒞臨。如有任何疑問，請隨時與我們聯繫。謝謝您的參與。再見。

That does conclude our conference. Thank you for your participation and have a wonderful day. You may disconnect your lines at this time.

我們的會議到此結束。感謝您的參與，祝您有美好的一天。您可以在此時斷開線路。