Adobe Inc (ADBE) 2016 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. I'd like to welcome you to Adobe Systems' first quarter FY16 earnings conference call.

女士們、先生們，午安。歡迎各位參加 Adob​​e Systems 2016 財年第一季財報電話會議。

(Operator instructions).

（操作說明）

Thank you. I would now like to turn the call over to Mr. Mike Saviage, Vice President of Investor Relations. Please go ahead, sir.

謝謝。現在我將把電話交給投資者關係副總裁麥克·薩維亞格先生。請繼續，先生。

Good afternoon, and thank you for joining us today. Joining me on the call are Adobe's President and CEO, Shantanu Narayen, and Mark Garrett, Executive Vice President and CFO.

下午好，感謝各位今天蒞臨。與我一同參加電話會議的還有 Adob​​e 總裁兼執行長 Shantanu Narayen 和執行副總裁兼財務長 Mark Garrett。

In the call today, we will discuss Adobe's first quarter FY16 financial results. By now, you should have a copy of our earnings press release, which crossed the wire approximately one hour ago. We've also posted PDFs of our earnings call prepared remarks and slides, financial targets, and an updated investor data sheet, on adobe.com. If you would like a copy of these documents, you can go to the Investor Relations page, and find them listed under Quick Links.

在今天的電話會議中，我們將討論 Adob​​e 2016 財年第一季的財務表現。現在，您應該已經收到我們大約一小時前發布的獲利新聞稿了。我們也在 adobe.com 上發布了財報電話會議的準備發言稿和幻燈片、財務目標以及更新後的投資者資料表的 PDF 文件。如果您想要這些文件的副本，可以訪問投資者關係頁面，並在「快速連結」下找到它們。

Before we get started, we want to emphasize that some of the information discussed in this call, particularly our revenue and operating model targets, and our forward-looking product plans, is based on information as of today, March 17, 2016, and contains forward looking statements that involve risk and uncertainty. Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review the forward-looking statements disclosure in the earnings press release we issued today, as well as Adobe's SEC filings.

在正式開始之前，我們想強調，本次電話會議中討論的一些信息，特別是我們的收入和運營模式目標，以及我們的前瞻性產品計劃，均基於截至 2016 年 3 月 17 日的信息，並且包含涉及風險和不確定性的前瞻性陳述。實際結果可能與此類聲明中所述的結果有重大差異。有關這些風險和不確定性的討論，您應該查看我們今天發布的盈利新聞稿中的前瞻性聲明披露，以及 Adob​​e 向美國證券交易委員會提交的文件。

During this call, we will discuss GAAP and non-GAAP financial measures. A reconciliation between the two is available in our earnings release, and in our updated investor data sheet on Adobe's Investor Relations website. Call participants are advised that the audio of this conference call is being webcast live in Adobe Connect, and is also being recorded for playback purposes. An archive of the webcast will be made available on Adobe's Investor Relations website for approximately 45 days, and is the property of Adobe. The call audio and the webcast archive may not be re-recorded, or otherwise reproduced or distributed, without prior written permission from Adobe.

在本次電話會議中，我們將討論GAAP和非GAAP財務指標。兩者之間的比較情況可在我們的收益報告中查閱，也可在 Adob​​e 投資者關係網站上更新的投資者資料表中查閱。參加本次電話會議的人員請注意，本次電話會議的音訊正在 Adob​​e Connect 上進行即時網路直播，並且會進行錄音以備回放之用。網路直播的存檔將在 Adob​​e 的投資者關係網站上保留約 45 天，其所有權歸 Adob​​e 所有。未經 Adob​​e 事先書面許可，不得重新錄製通話音訊和網路直播存檔，或以其他方式複製或散佈。

I will now turn the call over to Shantanu.

現在我將把通話轉給沙塔努。

Thanks, Mike, and good afternoon. Adobe's year is off to a strong start, with first-quarter revenue of $1.38 billion, and non-GAAP earnings per share of $0.66. Adobe's opportunity has never been greater. Every brand, government agency and educational institution is undergoing large-scale digital transformation. Creating a compelling experience for their customers and constituents across every touch point is paramount to their success, and they are turning to Adobe for help.

謝謝你，麥克，下午好。Adobe 今年開局強勁，第一季營收達 13.8 億美元，非 GAAP 每股收益為 0.66 美元。Adobe 的機會從未如此之大。每個品牌、政府機構和教育機構都在經歷大規模的數位轉型。為他們的客戶和支持者在每個接觸點上創造引人入勝的體驗，對他們的成功至關重要，因此他們正在尋求 Adob​​e 的幫助。

In Digital Media, Creative Cloud momentum continued in Q1, with strong adoption across all segments. There have never been more people creating content. Whether it's creative professionals, photographers, students or hobbyists, creating compelling images, videos, websites or mobile applications, our opportunity is to provide them with a one-stop shop for all their creative needs. There are three primary growth drivers for Creative Cloud, as we target a $17 billion addressable market. Continuing to migrate our core base of creative users, market expansion into new segments, and value expansion through new services.

在數位媒體領域，Creative Cloud 的發展勢頭在第一季得以延續，在所有細分市場都得到了強勁的採用。現在創作內容的人比以往任何時候都多。無論是創意專業人士、攝影師、學生還是業餘愛好者，無論是創作引人注目的圖像、影片、網站還是行動應用程序，我們的機會都是為他們提供滿足所有創意需求的一站式服務。Creative Cloud 有三個主要的成長驅動因素，我們的目標是 170 億美元的潛在市場。持續遷移我們的核心創意用戶群，將市場拓展到新的細分領域，並透過新服務擴大價值。

Our migration strategy focuses on driving Creative Suite users to our core offerings, Creative Cloud for individuals, teams and enterprises. In Q1, we executed well against this opportunity, driving adoption across all routes to market, including adobe.com, our channel partners, and Adobe direct sales.

我們的遷移策略著重於引導 Creative Suite 用戶遷移到我們的核心產品 Creative Cloud（面向個人、團隊和企業）。第一季度，我們很好地把握住了這個機會，推動了所有市場管道的採用，包括 adobe.com、我們的通路合作夥伴和 Adob​​e 直接銷售。

Our market expansion strategy is to bring in new users, including photo enthusiasts and hobbyists, with our Creative Cloud Photography plan. Over 30% of Creative Cloud subscribers are new to Adobe, and many are coming to us through our mobile apps. Over 23 million new Adobe IDs have been created through our mobile apps, to date.

我們的市場拓展策略是透過我們的 Creative Cloud 攝影計畫吸引新用戶，包括攝影愛好者和業餘愛好者。超過 30% 的 Creative Cloud 訂閱用戶是 Adob​​e 的新用戶，其中許多人是透過我們的行動應用程式加入我們的。迄今為止，已有超過 2300 萬個新的 Adob​​e ID 透過我們的行動應用程式創建。

In terms of value expansion, we have begun to see the positive effect of Adobe Stock, our stock content marketplace, on our Creative revenue and ARR. Millions of creatives use stock content, and we believe Adobe has a tremendous opportunity to deliver additional value, by seamlessly integrating Adobe Stock directly into the Creative Cloud service. We intend to become the leader in this space through further product integration and new offerings, including stock video. In February, we added more than 100,000 native 4K video assets to Adobe Stock, which already includes more than 1 million video assets, and more than 45 million images and graphics.

就價值擴張而言，我們已經開始看到我們的素材庫市場 Adob​​e Stock 對我們的創意收入和 ARR 產生了積極影響。數百萬創意人士都在使用素材庫內容，我們相信 Adob​​e 有巨大的機會透過將 Adob​​e Stock 無縫整合到 Creative Cloud 服務中來提供更多價值。我們計劃透過進一步的產品整合和新產品（包括素材影片）成為該領域的領導者。今年 2 月，我們為 Adob​​e Stock 增加了超過 10 萬個原生 4K 影片素材，Adobe Stock 先前已包含超過 100 萬個影片素材和超過 4500 萬張圖片和圖形。

The primary benefit of a Creative Cloud subscription is access to Adobe's continuous innovation. Earlier this week, we announced the preview release of a brand-new product, Adobe Experience Design CC, a design and prototyping product that empowers user experience designers to deliver new mobile apps and websites quickly and easily. User experience design is one of the fastest growing creative disciplines. According to data from our Behance creative community of over 6.6 million creatives, interaction design projects grew by 52% in 2015, more than any other creative field.

Creative Cloud 訂閱的主要好處是能夠獲得 Adob​​e 的持續創新。本週早些時候，我們宣布推出全新產品 Adob​​e Experience Design CC 的預覽版，這是一款設計和原型製作產品，可幫助用戶體驗設計師快速輕鬆地交付新的行動應用程式和網站。使用者體驗設計是發展最快的創意學科之一。根據我們Behance創意社群（擁有超過660萬創意人士）的數據，2015年互動設計專案成長了52%，超過了其他任何創意領域。

We look forward to hearing feedback from our community, as we work toward launching the product later this year. Adobe's momentum continues in the video space, where we are now the leader in video production and editing. Over 175 films debuting at the 2016 Sundance Film Festival used Adobe Premiere Pro CC and other Creative Cloud tools. Deadpool is the latest blockbuster film to be edited exclusively with Adobe Premiere Pro.

我們期待收到來自社群的回饋，以便在今年稍後推出該產品。Adobe 在影片領域的成長動能依然強勁，我們現在已成為影片製作和編輯領域的領導者。2016 年聖丹斯電影節上首映的 175 多部電影使用了 Adob​​e Premiere Pro CC 和其他 Creative Cloud 工具。《死侍》是最新一部完全使用 Adob​​e Premiere Pro 剪輯的大片。

Our footprint is extending beyond creative pros, to creative consumers. In February, we introduced Adobe Post, a free mobile app that allows consumers to quickly and easily turn photos and text into beautifully designed graphics, and share them on social media. It joins our other consumer mobile apps, Adobe Voice and Adobe Slate, in bringing fast and fun storytelling capabilities to a broad audience, including students and small businesses.

我們的業務範圍正在從創意專業人士擴展到創意消費者。今年二月，我們推出了 Adob​​e Post，這是一款免費的行動應用程序，讓消費者能夠快速輕鬆地將照片和文字轉換成設計精美的圖形，並在社交媒體上分享。它與我們的其他消費者行動應用程式 Adob​​e Voice 和 Adob​​e Slate 一起，為包括學生和小型企業在內的廣大用戶帶來快速有趣的講故事功能。

Adobe Document Cloud is becoming critical to the paper-to-digital transformation of document processes. More than 6 billion digital and electronic signature transactions are now processed through Document Cloud each year. Global businesses like The Royal Bank of Scotland, Scottrade, and NetApp rely on Document Cloud and Adobe Sign for fast, secure and mobile e-signatures.

Adobe Document Cloud 對於文件流程從紙本到數位化的轉型至關重要。目前，每年透過 Document Cloud 處理的數位和電子簽名交易超過 60 億筆。像蘇格蘭皇家銀行、Scottrade 和 NetApp 這樣的全球企業都依賴 Document Cloud 和 Adob​​e Sign 來實現快速、安全和行動電子簽名。

In Q1, Document Cloud revenue was $199 million, and we exited the quarter with $393 million in ARR. Across our creative and Document Cloud businesses, total Digital Media ARR grew to $3.13 billion, as of the end of Q1.

第一季度，文件雲端收入為 1.99 億美元，該季度末的年度經常性收入為 3.93 億美元。截至第一季末，我們創意和文件雲端業務的總數位媒體 ARR 成長至 31.3 億美元。

We are the leader in the exploding digital marketing category. In Q1, we achieved strong Adobe Marketing Cloud bookings, with revenue of $377 million, which represents a 21% year-over-year increase. We continue to drive large-scale, multi-solution engagements with Marketing Cloud customers. Significant customer engagements in Q1 included RR Donnelly, Samsung Electronics, MGM Resorts International, Nissan, Workday and Goldman Sachs.

我們在蓬勃發展的數位行銷領域處於領先地位。第一季度，我們的 Adob​​e Marketing Cloud 預訂量強勁成長，營收達 3.77 億美元，年增 21%。我們持續推動與 Marketing Cloud 客戶進行大規模、多解決方案合作。第一季的重要客戶包括 RR Donnelly、三星電子、美高梅國際酒店集團、日產、Workday 和高盛。

At Adobe, we are focused on product innovation, and Adobe Marketing Cloud solutions continue to garner accolades from industry analysts. Earlier this month, we were recognized by IDC as a leader in its Worldwide Marketing Cloud Platforms vendor assessment, and Forrester Research recognized Adobe Analytics, the data and analytics backbone of Adobe Marketing Cloud, as a leader in its Customer Analytics Solutions Wave report. In January, Gartner named Adobe as a leader in the 2016 Magic Quadrant for Digital Marketing Hubs.

Adobe 專注於產品創新，Adobe Marketing Cloud 解決方案持續獲得產業分析師的讚譽。本月初，IDC 在其全球行銷雲端平​​台供應商評估中將我們評為領導者，Forrester Research 在其客戶分析解決方案 Wave 報告中將 Adob​​e Analytics（Adobe Marketing Cloud 的數據和分析支柱）評為領導者。今年1月，Gartner將Adobe評為2016年數位行銷中心魔力像限的領導者。

Adobe managed over 51 trillion customer data transactions through the Marketing Cloud over the past 4 quarters, and our Adobe Digital Index reports are increasingly being viewed as the source for reporting and predicting major retail and consumer trends. Yesterday, we launched our new Digital Economy Project, which includes three digital indicators of the US economy: a digital price index, a housing index, and a job seeking index.

在過去的四個季度裡，Adobe 透過 Marketing Cloud 管理了超過 51 兆筆客戶資料交易，而我們的 Adob​​e 數位指數報告正日益被視為報告和預測重大零售和消費趨勢的來源。昨天，我們啟動了新的數位經濟項目，其中包括美國經濟的三個數字指標：數位價格指數、房屋指數和求職指數。

Next week, we will hold our Adobe Summit event in Las Vegas, and we're expecting record-breaking attendance, including hundreds of our partners and main stage speakers from top brands, including Cirque du Soleil, McDonalds, Comedy Central, Mattel and Royal Bank of Scotland. Adobe Summit is the industry's leading digital marketing conference, and the venue to learn where the industry is headed, and see Adobe's latest technical advancements in mobile, video and data science.

下週，我們將在拉斯維加斯舉辦 Adob​​e Summit 活動，預計將有創紀錄的出席人數，包括數百名合作夥伴和頂級品牌的演講嘉賓，例如太陽馬戲團、麥當勞、喜劇中心、美泰兒和蘇格蘭皇家銀行。Adobe Summit 是業界領先的數位行銷大會，也是了解產業發展方向以及了解 Adob​​e 在行動、視訊和資料科學領域最新技術進步的場所。

For over 30 years, Adobe employees have demonstrated a sense of purpose and commitment to our communities, and we're proud of the recognition we received in Q1, as both an employer and a good corporate citizen. We were included as one of the Global 100 Most Sustainable Corporations, and were recognized as Fortune's most admired company within the software category.

30多年來，Adobe員工展現了強烈的使命感和對社區的承諾，我們為在第一季作為雇主和優秀企業公民所獲得的認可感到自豪。我們入選了全球100家最具永續發展能力企業，並被《財星》雜誌評為軟體產業最受讚賞的公司。

While Creative Cloud, Adobe Document Cloud and Adobe Marketing Cloud are all leaders in their respective categories, our true opportunity is in bringing these solutions together. We have been unwavering in our mission to use content and data to deliver world-class experiences to our customers, whether they're on the web, in an app, in a retail store, or in a car.

雖然 Creative Cloud、Adobe Document Cloud 和 Adob​​e Marketing Cloud 都是各自領域的領導者，但我們真正的機會在於將這些解決方案整合在一起。我們始終堅定不移地致力於利用內容和數據為我們的客戶提供世界一流的體驗，無論他們是在網路上、應用程式、零售店還是在車上。

Adobe is the only software company with deep history in content and vast data capabilities to deliver consistent, continuous and compelling experiences. We have a robust technology platform, a thriving ecosystem of partners and developers, and a strong brand that has affinity worldwide with the world's largest enterprises, agencies, governments and educational institutions.

Adobe 是唯一一家在內容領域擁有深厚歷史和龐大數據能力，能夠提供一致、持續和引人入勝的體驗的軟體公司。我們擁有強大的技術平台、蓬勃發展的合作夥伴和開發者生態系統，以及在全球範圍內與世界最大企業、機構、政府和教育機構建立良好關係的強大品牌。

Our Q1 results demonstrate strong execution against this vast opportunity. Our market leadership, product differentiation and continued momentum give us confidence to raise our FY16 revenue and earnings targets. Mark?

我們第一季的業績表明，我們能夠有力地把握住這巨大的機會。我們的市場領先地位、產品差異化和持續成長動能使我們有信心提高 2016 財年的營收和獲利目標。標記？

Thanks, Shantanu. Before I comment on Q1 results, as a reminder, 2016 is a 53 week fiscal year, with a 14 week first quarter. This was factored into all of the targets we provided in December.

謝謝你，沙塔努。在評論第一季業績之前，提醒一下，2016 年是一個 53 週的財政年度，第一季有 14 週。這一點已納入我們12月份所訂定的所有目標。

In the first quarter of FY16, Adobe achieved record revenue of $1.383 billion, which represents 25% year-over-year growth. We estimate the extra week added approximately $75 million of revenue to the quarter, but this was mainly offset by a net year-over-year currency decrease to revenue, of approximately $69 million. GAAP diluted earnings per share in Q1 were $0.50, and non-GAAP diluted earnings per share were $0.66. These strong results reflect continued momentum across our cloud businesses.

2016 財年第一季度，Adobe 實現了創紀錄的 13.83 億美元收入，年增 25%。我們估計，額外增加的一周為該季度增加了約 7,500 萬美元的收入，但這主要被同比匯率淨下降約 6,900 萬美元所抵消。第一季GAAP稀釋後每股收益為0.50美元，非GAAP稀釋後每股收益為0.66美元。這些強勁的業績反映了我們雲端業務持續的發展動能。

Highlights in our first quarter include better than expected growth in Digital Media ARR, exiting the quarter with $3.13 billion. Record Creative revenue of $733 million, which represents 44% year-over-year growth. Record Adobe Marketing Cloud revenue of $377 million, which represents 21% year-over-year growth. Strong growth in operating and net income, with cash flow from operations of $498 million, and exiting Q1 with a record 81% of Q1 revenue as recurring.

第一季的亮點包括數位媒體年度經常性收入 (ARR) 成長超出預期，季末達到 31.3 億美元。創意部門營收創歷史新高，達到 7.33 億美元，年增 44%。Adobe Marketing Cloud 營收創歷史新高，達到 3.77 億美元，較去年同期成長 21%。營業收入和淨收入強勁成長，經營活動產生的現金流達 4.98 億美元，第一季末經常性收入佔比達到創紀錄的 81%。

In Digital Media, we grew Q1 segment revenue by 33% year over year, and exited the quarter with Digital Media ARR of $3.13 billion. Within Digital Media, we delivered Creative revenue of $733 million, which represents year-over-year growth of 44%. We increased Creative ARR by $238 million during Q1. Driving this strong performance was demand for Creative Cloud across all offerings and routes to market, including the addition of 798,000 net new Creative Cloud subscriptions during the quarter.

在數位媒體領域，我們第一季的營收年增了 33%，本季末數位媒體年度經常性收入達到 31.3 億美元。在數位媒體領域，我們實現了 7.33 億美元的創意收入，年增 44%。第一季度，我們的創意類年度經常性收入增加了 2.38 億美元。推動這一強勁業績的是市場對 Creative Cloud 所有產品和通路的需求，包括本季新增 798,000 個 Creative Cloud 訂閱。

Migration continues to represent a large opportunity. Creative Cloud continues to distance itself from Creative Suite, and creatives are migrating, as well as renewing, at non-promotional pricing. New customer adoption continues to increase our install base. Creative Cloud mobile apps are driving new top of funnel traffic and first-time customer adoption. Market expansion is being driven by offerings such as the Creative Cloud Photography Plan, which targets photo enthusiasts. Value expansion, with new services like Adobe Stock, are increasing ARPU and ARR.

移民仍然蘊藏著巨大的機會。Creative Cloud 繼續與 Creative Suite 拉開距離，創意人員正在遷移並續訂，續訂價格不再是促銷價。新客戶的加入不斷擴大我們的安裝基礎。Creative Cloud 行動應用程式正在推動漏斗頂端的新流量和新客戶的首次使用。市場擴張的驅動力來自 Creative Cloud 攝影計畫等產品，這些產品的目標客戶是攝影愛好者。透過 Adob​​e Stock 等新服務實現價值擴張，ARPU 和 ARR 正在成長。

Our performance across all of these offerings, and the health of the business, is best reflected in ARR. Because of this, moving forward, we have decided to provide forward-looking quarterly ARR targets to help you better model the total business.

ARR（年度經常性收入）最能反映我們在所有這些產品方面的表現以及業務的健康狀況。因此，今後我們將提供前瞻性的季度 ARR 目標，以幫助您更好地模擬整體業務。

With respect to subscriptions, it has been our stated goal to attract tens of millions of customers at widely varying price points. We reviewed this strategy with you back in October at our analyst meeting. Creative Cloud Photography Plan was our first market expansion offering, and has resulted in well over 1 million subscribers. New SKUs, such as the recently announced K-through-12 education offering, will make Creative Cloud available to millions of students. And as we said at the analyst meeting, we are also considering a mobile-only offering. All of this further dilutes the relevance of the number of subscribers as a measure of the health of the business.

在訂閱方面，我們一直明確的目標是吸引數千萬客戶，並提供價格差異很大的服務。我們在十月的分析師會議上已經和你們討論過這個策略。Creative Cloud 攝影計畫是我們首次拓展市場的產品，目前已擁有超過 100 萬訂閱用戶。新的 SKU，例如最近宣布的 K-12 教育產品，將使數百萬學生能夠使用 Creative Cloud。正如我們在分析師會議上所說，我們也在考慮推出僅限行動裝置的產品。所有這些都進一步削弱了使用者數量作為衡量企業健康狀況指標的相關性。

In addition, with respect to Acrobat, customers have been able to choose to subscribe to Acrobat either through Creative Cloud, which has been reflected as Creative Cloud subscriptions and creative ARR, or via Document Cloud, which has been reflected in Document Cloud ARR. For all of these reasons, while we might choose to periodically report subscriptions, we no longer intend to provide actuals on a quarterly basis.

此外，關於 Acrobat，客戶可以選擇透過 Creative Cloud 訂閱 Acrobat（這體現在 Creative Cloud 訂閱和 Creative ARR 中），或透過 Document Cloud 訂閱 Acrobat（這體現在 Document Cloud ARR 中）。鑑於以上所有原因，雖然我們可能會選擇定期報告訂閱情況，但我們不再打算按季度提供實際數據。

With Document Cloud, we achieved revenue of $199 million, with Document Cloud ARR exiting the quarter of $393 million. Adoption of our new Acrobat DC offering was strong in Q1, both through the perpetual offering, as well as in both Creative Cloud and Document Cloud subscription offerings on adobe.com, all of which is captured in Digital Media ARR.

Document Cloud 的營收為 1.99 億美元，Document Cloud 的年度經常性營收在本季末達到 3.93 億美元。第一季度，我們新推出的 Acrobat DC 產品獲得了強勁的市場認可，無論是永久授權產品，還是 adobe.com 上的 Creative Cloud 和 Document Cloud 訂閱產品，都取得了不錯的成績，所有這些都計入了數位媒體年度經常性收入 (ARR)。

In Digital Marketing, we achieved record Adobe Marketing Cloud revenue of $377 million. We delivered strong bookings during the quarter, and both in the revenue and bookings in Q1 put us on pace to achieve our annual targets of approximately 20% revenue growth and 30% bookings growth.

在數位行銷方面，我們實現了 Adob​​e Marketing Cloud 創紀錄的收入，達到 3.77 億美元。本季我們實現了強勁的預訂量，第一季的營收和預訂量均使我們預計將實現年度目標，即營收成長約 20%，預訂量成長約 30%。

Other Marketing Cloud highlights in Q1 include strong year-over-year revenue growth across all Marketing Cloud solutions, continued growth in multi-solution adoption by our biggest customers, and mobile data transactions grew to 49% of total Adobe Analytics transactions. Our Digital Marketing segment revenue also includes LiveCycle and Connect, which declined as expected.

第一季 Marketing Cloud 的其他亮點包括：所有 Marketing Cloud 解決方案的營收年增強勁，我們最大的客戶對多解決方案的採用率持續成長，行動數據交易量佔 Adob​​e Analytics 總交易量的 49%。我們的數位行銷部門收入還包括 LiveCycle 和 Connect，這兩項收入均如預期般下降。

From a quarter-over-quarter currency perspective, FX decreased revenue by $9.5 million. We had $3.2 million in hedge gains in Q1 FY16, versus $1.3 million in hedge gains in Q4 FY15. Thus, the net sequential currency decrease to revenue, considering hedging gains, was $7.6 million.

從季度環比匯率的角度來看，外匯損失導致收入減少了 950 萬美元。我們在 2016 財年第一季獲得了 320 萬美元的對沖收益，而 2015 財年第四季的對沖收益為 130 萬美元。因此，考慮到對沖收益，淨環比匯兌收入減少 760 萬美元。

From a year-over-year currency perspective, FX decreased revenue by $48.1 million. We had $3.2 million in hedge gains in Q1 FY16, versus $23.7 million in hedge gains in Q1 FY15. Thus, the net year-over-year currency decrease to revenue, considering hedging gains, was $68.6 million.

從年比匯率角度來看，外匯交易導致收入減少了 4,810 萬美元。2016 財年第一季，我們的對沖收益為 320 萬美元，而 2015 財年第一季的對沖收益為 2,370 萬美元。因此，考慮到對沖收益，年比匯兌收入淨減少 6,860 萬美元。

In Q1, Adobe's effective tax rate was 13% on a GAAP basis, and 21% on a non-GAAP basis. The GAAP rate was lower than targeted, primarily due to the retroactive reinstatement of the 2015 R&D tax credit. Employees at the end of Q1 totaled 14,154, versus 13,893 at the end of last quarter.

第一季度，Adobe 的實際稅率以 GAAP 計算為 13%，以非 GAAP 計算為 21%。GAAP 比率低於目標，主要是由於 2015 年研發稅收抵免的追溯恢復。第一季末員工總數為 14,154 人，而上一季末為 13,893 人。

Our trade DSO was 42 days, which compares to 44 days in the year-ago quarter and 47 days last quarter. Cash flow from operations was $498 million in the quarter. Deferred revenue grew to $1.61 billion, up 36% year over year. Our ending cash and short-term investment position was $4.1 billion, compared to $3.99 billion at the end of Q4. In Q1, we repurchased approximately 1.5 million shares, at a cost of $133 million. We currently have $1.48 billion remaining under our latest repurchase authority, granted in January 2015.

我們的貿易應收帳款週轉天數為 42 天，去年同期為 44 天，上一季為 47 天。本季經營活動產生的現金流量為 4.98 億美元。遞延收入成長至 16.1 億美元，年增 36%。我們期末的現金和短期投資部位為 41 億美元，而第四季末為 39.9 億美元。第一季度，我們回購了約 150 萬股股票，耗資 1.33 億美元。我們目前在2015年1月獲得的最新回購授權下還有14.8億美元剩餘資金。

Now, I will provide our financial outlook. When considering our targets for the second quarter of FY16, it is important to remember that the first quarter had an extra week of revenue, which we estimate had an approximate benefit of $75 million. Based on Q2 being a standard 13 week quarter, we are targeting a second-quarter revenue range of $1.365 billion to $1.415 billion.

現在，我將介紹我們的財務展望。在考慮 2016 財年第二季的目標時，需要記住的是，第一季多出了一周的收入，我們估計這帶來了約 7,500 萬美元的收益。以第二季為標準的 13 週週期計算，我們預計第二季營收範圍為 13.65 億美元至 14.15 億美元。

In Digital Media, we expect to add approximately $275 million of net new Digital Media ARR during Q2, with strong year-over-year Digital Media segment revenue growth. In Digital Marketing, as we said in December, we expect Marketing Cloud quarterly year-over-year revenue growth will fluctuate below and above our annual FY16 target of approximately 20% growth, based on the amount of perpetual revenue achieved in the prior year-ago quarter. Given this, we are targeting approximately 17% year-over-year Adobe Marketing Cloud revenue growth in Q2, with continued momentum in bookings.

在數位媒體領域，我們預計第二季將新增約 2.75 億美元的淨數位媒體年度經常性收入，數位媒體部門的收入將實現強勁的年成長。正如我們在 12 月所說，在數位行銷方面，我們預計 Marketing Cloud 的季度同比收入成長將低於和高於我們 2016 財年約 20% 的年度成長目標，這是基於去年同期實現的永久收入額。有鑑於此，我們預計第二季 Adob​​e Marketing Cloud 的營收將年增約 17%，並且預訂量將保持持續成長動能。

We expect our Q2 share count to be between 506 million to 508 million shares. We are targeting net non-operating expense to be between $14 million and $16 million, on both a GAAP and non-GAAP basis. We are targeting a Q2 tax rate of approximately 23% on a GAAP basis, and 21% on a non-GAAP basis. These targets yield a Q2 GAAP earnings per share range of $0.42 to $0.48 per share, and a Q2 non-GAAP earnings per share range of $0.64 to $0.70.

我們預計第二季股票數量將在 5.06 億股至 5.08 億股之間。我們的目標是將淨非經營性支出控制在 1,400 萬美元至 1,600 萬美元之間，無論以 GAAP 或非 GAAP 計算。我們預計第二季以美國通用會計準則計算的稅率約為 23%，以非美國通用會計準則計算的稅率約為 21%。這些目標得出的第二季度 GAAP 每股收益範圍為 0.42 美元至 0.48 美元，第二季度非 GAAP 每股收益範圍為 0.64 美元至 0.70 美元。

Based on Q1 upside, and the benefit of strong Digital Media ARR momentum, we are raising certain full-year financial targets. In Digital Media, we are increasing our Digital Media ARR, exiting FY16, to approximately $4 billion, which is above our prior target of approximately $3.875 billion. We are increasing our targeted revenue for the year to approximately $5.8 billion, up from our prior target of approximately $5.7 billion. FY16 targeted EPS is now approximately $2 on a GAAP basis, and approximately $2.80 on a non-GAAP basis. Our prior FY16 EPS targets were approximately $1.80 on a GAAP basis, and approximately $2.70 on a non-GAAP basis.

基於第一季的成長動能以及強勁的數位媒體年度經常性收入成長勢頭，我們提高了某些全年財務目標。在數位媒體領域，截至 2016 財年末，我們的數位媒體 ARR 已增至約 40 億美元，高於我們先前設定的約 38.75 億美元的目標。我們將今年的目標營收提高到約 58 億美元，高於先前設定的約 57 億美元目標。2016 財政年度目標每股收益以 GAAP 計算約為 2 美元，以非 GAAP 計算約為 2.80 美元。我們先前對 2016 財年每股收益的目標值，以 GAAP 計算約為 1.80 美元，以非 GAAP 計算約為 2.70 美元。

In terms of color for the rest of the year, in Q3, we expect a slight sequential increase in both total revenue and Digital Media ARR. We also expect Q3 Marketing Cloud revenue growth of less than 20% year over year, due to the large amount of perpetual revenue in the year-ago quarter. In Q4, we expect seasonally strong sequential growth in both total revenue and Digital Media ARR. And we expect Q4 Marketing Cloud revenue growth greater than 20%, year over year.

就今年剩餘時間的色彩而言，我們預計第三季總營收和數位媒體 ARR 都將略有環比成長。我們也預計，由於去年同期永久收入較大，第三季行銷雲端收入年增將低於 20%。預計第四季總營收和數位媒體 ARR 都將出現季節性強勁的環比成長。我們預計第四季度行銷雲端營收年增將超過 20%。

In summary, Q1 was a great start to what will be another strong year for Adobe. Mike?

總而言之，第一季為Adobe又一個強勁的年份開了個好頭。麥克風？

Thanks, Mark. Next week, Adobe will host its annual Digital Marketing Summit in Las Vegas, with the opening day keynote on the morning of Tuesday, March 22. If you would like to attend Summit, please send an email to IR@Adobe.com for registration information. If you are unable to attend in person, keynote sessions on Tuesday and Wednesday will be webcast live.

謝謝你，馬克。下週，Adobe 將在拉斯維加斯舉辦一年一度的數位行銷高峰會，開幕式主題演講將於 3 月 22 日星期二上午舉行。如果您想參加高峰會，請發送電子郵件至 IR@Adobe.com 以取得註冊資訊。如果您無法親自到場，週二和週三的主題演講將進行網路直播。

For those who wish to listen to a playback of today's conference call, a web-based archive of the call will be available on our IR site later today. Alternatively, you can listen to a phone replay by calling 855-859-2056. Use conference ID number 63288010. International callers should dial 404-537-3406. The phone playback service will be available beginning at 5:00 PM Pacific Time today, and ending at 5:00 PM Pacific Time on March 23, 2016. We would now be happy to take your questions, and we ask that you limit your questions to one per person. Operator?

對於那些希望收聽今天電話會議回放的人，電話會議的網頁存檔將於今天晚些時候在我們的投資者關係網站上提供。或者，您可以撥打 855-859-2056 收聽電話錄音。使用會議 ID 號碼 63288010。國際來電者請撥 404-537-3406。電話回放服務將於太平洋時間今天下午 5:00 開始提供，至太平洋時間 2016 年 3 月 23 日下午 5:00 結束。現在我們很樂意回答您的問題，但請每人限提一個問題。操作員？

(Operator instructions)

（操作說明）

Brent Thill, UBS.

瑞銀集團的布倫特·蒂爾。

Thanks.

謝謝。

Mark, on operating expenditures, you were running flat to low-single-digit growth this quarter. You were up 15% year over year. Can you give us a sense of where these incremental investments are going? And maybe talk a little bit about the build-out of the direct distribution team around the Marketing Cloud, and your aspirations there?

馬克，本季你的營運支出成長停滯不前，只有個位數低成長。你們比去年同期成長了15%。您能否簡單介紹一下這些新增投資的用途？或許可以稍微談談圍繞行銷雲建立直接分銷團隊的情況，以及您在這方面的願景？

Sure, Brent.

當然可以，布倫特。

First off, keep in mind we did have the extra week, which impacts expense just like it impacts revenue. So a large chunk of that is based on just having the extra week. In addition, we have merit increases that happen in the beginning of the year, and you've got the full-quarter effect of hires that you did in the fourth quarter.

首先，請記住我們多出了一周的時間，這不僅會影響收入，也會影響支出。所以很大一部分原因只是因為多了一週的時間。此外，年初還有績效工資成長，第四季還有招募帶來的整個季度影響。

As you look out over the rest of the year, OpEx, it won't be up sequentially just because of that extra week that you had in the first quarter. And then you will see some growth in Q3 and Q4. And to your point, that's more around driving sales and marketing capacity for the growth that we're seeing in all three clouds, and the need to have that sales capacity on board, as we get closer and closer to FY17.

展望今年剩餘時間，營運支出不會因為第一季多出的一週就較上季成長。然後，你會看到第三季和第四季出現一些成長。正如您所說，這更多的是為了推動銷售和行銷能力，以適應我們在三大雲端領域所看到的成長，並且隨著 2017 財年的臨近，我們需要具備相應的銷售能力。

Thanks.

謝謝。

Ross MacMillan, RBC Capital Markets.

Ross MacMillan，加拿大皇家銀行資本市場。

Thanks very much, and congratulations on a strong start.

非常感謝，祝賀你們取得如此強勁的開局。

Shantanu, on mobile, our recent survey work suggests that mobile apps are actually driving some new subscribers to the Creative Cloud. And I'd love if you could maybe cast some light on how mobile is influencing the business, going forward? And especially around, maybe, monetization of mobile-only users?

Shantanu，關於行動端，我們最近的調查工作表明，行動應用程式實際上正在為 Creative Cloud 帶來一些新的訂閱用戶。如果您能闡述行動技術將如何影響未來的業務發展，那就太好了？尤其是圍繞著行動端用戶的獲利模式？

Thanks.

謝謝。

Yes, Ross, and I saw your survey, as well. That was good work. Clearly, what we're finding is that the over 20 million people who are first coming to us on mobile, it's serving as a great top of the funnel, in terms of the new creatives getting interest in Adobe. And they experience our mobile apps, and then they both subscribe to, as well as download, all of our desktop applications. And part of it is because they all recognize that the content it that they are creating is going to be consumed in mobile. And in terms of working in groups, that's the other thing that's driving both tablet, mobile, as well as PC usage.

是的，羅斯，我也看到了你的問卷。那做得很好。顯然，我們發現，超過 2000 萬首次透過行動裝置造訪我們的用戶，對於吸引新創意人才關注 Adob​​e 而言，行動裝置是一個很好的管道。他們體驗了我們的行動應用，然後訂閱並下載了我們所有的桌面應用程式。部分原因是他們都意識到，他們所創作的內容最終會在行動裝置上被消費。就團隊協作而言，這也是推動平板電腦、手機和個人電腦使用量成長的另一個因素。

The new experience design project, as well, initial feedback has been very positive. People have been asking about how they can get that also, as well, on mobile and touch. And so, we just look at the explosion of mobile devices, and where both content is created and consumed, and it's clearly being a tailwind. Not just in the Digital Media business, but also in the digital marketing business. And things like being able to take a picture, and move that from a camera into Photoshop, people just love the fact that they now have independence of where they can create content when inspiration strikes.

新的體驗設計專案也獲得了非常正面的初步回饋。人們一直在詢問如何在行動裝置和觸控螢幕上也獲得這種體驗。因此，我們只需看看行動裝置的爆炸性成長，以及內容的創作和消費，這顯然是一股順風。不僅在數位媒體行業，而且在數位行銷行業也是如此。像是能夠拍照，然後把照片從相機導入 Photoshop 這樣的功能，人們非常喜歡這種感覺：當靈感來臨時，他們可以自由選擇在哪裡創作內容。

Thank you.

謝謝。

Kirk Materne, Evercore ISI.

Kirk Materne，Evercore ISI。

Thanks very much.

非常感謝。

I was wondering, Shantanu, if you could talk a little bit about the educational SKUs that you guys have announced recently? If I recall correctly, I think education was about 25% of the units before you started this transition. Can you talk a little bit about where, perhaps, we are in that transition within education? And some of the opportunity you still see in front of us on that front?

Shantanu，我想請你們來談談你們最近發布的教育類產品吧？如果我沒記錯的話，在你開始轉型之前，教育大約佔總學分的 25%。您能否談談我們目前在教育轉型過程中所處的階段？那麼，您認為我們在這方面仍面臨哪些機會呢？

Thanks very much.

非常感謝。

Sure, Kirk. As you correctly pointed out, education has always been one of the largest verticals, in terms of the creative products, and we have multiple offerings. We certainly offer site licenses for both K-12 institutions, as well as higher ed, the student and teacher edition, and then there's lap usage of our products. So big picture, what we're trying to do is make sure that in any setting that exists, that we have the right creative products.

當然，柯克。正如您所指出的，就創意產品而言，教育一直是最大的垂直領域之一，我們有多種產品可供選擇。我們當然為 K-12 學校和高等教育機構提供網站許可，包括學生版和教師版，此外，我們的產品也支援在筆記型電腦上使用。所以從大局來看，我們努力的目標是確保在任何環境下，我們都能擁有合適的創意產品。

Creative, in the education season, tends to be Q3. We certainly believe that there's tens of millions of creatives, as they come into the market as part of the education segment. That is a growth for us, and that's part of the reason why, in Mark's prepared remarks, also, he talked about, as we continue to offer our creative products as a site license, that we don't talk about subs.

在教育季，創意活動往往集中在第三季。我們堅信，有數千萬創意人才透過教育領域進入市場。這對我們來說是一種成長，這也是為什麼在馬克準備好的演講稿中，他也談到，由於我們繼續以網站許可的形式提供我們的創意產品，所以我們不談論訂閱。

So it's going well. More and more people are using our creative products. Internationally, also, we are starting to have education be adopted. But big picture, we look at it and say, whether it's a student, teacher, single edition, whether it's an institution, or whether it's a lab usage, we want to make sure that our offering is applicable in all of those settings.

一切進展順利。越來越多的人正在使用我們的創意產品。在國際上，我們也開始採用這種教育方式。但從大局來看，無論是學生、教師、單次使用、機構或實驗室使用，我們都希望確保我們的產品適用於所有這些環境。

Thanks a lot.

多謝。

Kash Rangan, Bank of America Merrill Lynch.

Kash Rangan，美國銀行美林證券。

Thank you.

謝謝。

I'm curious if you can give us some feel for the momentum for stock in this particular quarter? Can you roughly quantify how many tens of subscribers you added for stock? And Shantanu, maybe a quick refresher on, what are your longer-term attach rate targets for stock, perhaps in the next 3 to 4 years, within the Creative family? And if you have the time, what was Marketing Cloud bookings in this quarter -- bookings growth rate in this quarter?

我想請您談談本季股票的走勢？你能大致估算一下你透過股票增加了多少訂閱用戶嗎？Shantanu，能否快速回顧一下，在未來 3 到 4 年內，Creative 集團的庫存長期附加率目標是什麼？如果您有時間，能否告知本季 Marketing Cloud 的預訂量是多少？本季的預訂量成長率是多少？

Thank you.

謝謝。

So multiple questions there, Kash. Let me try and parse them one by one.

卡什，你這裡有很多問題。讓我來逐一分析一下。

The first is, as it relates to revenue for stock during the quarter, it was in line with our expectations, so it's doing well. Again, just to refresh folks, we offer on-demand Stock as a way for people to buy particular Stock assets. We certainly offer a Stock-only subscription, and we then offer a combined subscription, which allows people to both access Stock, as well as our desktop products.

首先，就本季股票收入而言，它符合我們的預期，所以表現良好。再次提醒大家，我們提供隨選股票服務，讓人們可以購買特定的股票資產。我們當然提供僅包含 Stock 的訂閱，此外我們還提供組合訂閱，讓用戶可以同時存取 Stock 和我們的桌面產品。

And so, across all of them, we are continuing to see accelerated usage of the Stock subscriptions. We don't break that out, Kash, in terms of what it is. And that's the reason we're focused on just continuing to make sure we gain market share in the stock, and deliver value. I think big picture, as we've always said, over 80% of the people who are buying or selling Stock are using our products, and that's the opportunity.

因此，在所有這些方面，我們都持續看到股票訂閱的使用量加速成長。卡什，我們不會詳細解釋它到底是什麼。這就是為什麼我們專注於繼續確保我們獲得股票市場份額並創造價值的原因。我認為從大局來看，正如我們一直所說，超過 80% 的股票買賣者都在使用我們的產品，這就是機會所在。

From a road map point of view, we look at integrating the Stock service more directly within our applications, as a way to both increase awareness for our customers, and to improve their work flows. So as the year progresses, we continue to expect to do better in Stock, moving forward. So off to a good start, and it's early in the entire marketplace strategy for Adobe.

從路線圖的角度來看，我們正在考慮將 Stock 服務更直接地整合到我們的應用程式中，以提高客戶的認知度並改善他們的工作流程。因此，隨著時間的推移，我們預期股票業務未來會繼續取得更好的業績。所以開局不錯，而這只是 Adob​​e 整個市場策略的早期階段。

And with respect to bookings, I think Mark also alluded to the fact that they were strong. We did not see any seasonal slowdown from Q4 to Q1, in terms of how we look at the business. And one of the things I should probably state is, when you look at the digital marketing revenue for Q1, it's actually being driven primarily by the bookings that we had last year, now translating into things getting live. There really wasn't much perpetual revenue in the quarter. So the good news is that marketing is all as a result of the strong bookings we experienced last year.

至於預訂情況，我認為馬克也暗示過，預訂情況非常強勁。從我們對業務的觀察來看，我們沒有看到從第四季度到第一季出現任何季節性放緩。我應該說明的一點是，當你查看第一季的數位行銷收入時，你會發現它實際上主要由我們去年預訂的內容推動，現在這些內容正在上線。本季並沒有太多持續性收入。好消息是，所有的行銷活動都歸功於我們去年強勁的預訂量。

In fact, to add onto that, when you see the Q, you'll see that Digital Marketing segment, the whole segment, subscription revenue is up 25%, year over year, for the whole Digital Marketing segment, which is great.

事實上，補充一點，當你看到 Q 時，你會發現整個數位行銷部門的訂閱收入比去年同期成長了 25%，這非常棒。

Sterling Auty, JPMorgan.

斯特林奧蒂，摩根大通。

Yes, thanks.

好的，謝謝。

Just wanted to follow up on the Adobe Stock [portfolio] item. So specifically, it sounds like you're gaining traction. Wondering what that's going to do to the ARPU in the Creative side, versus the offset that you still have, because of the expanding TAM with photography bundle and things like that? So what's that tug-of-war look like? And what should we be thinking around ARPU trends from here?

想跟進 Adob​​e Stock [作品集] 的相關事宜。所以具體來說，聽起來你正在取得進展。想知道這會對創意領域的 ARPU 產生什麼影響，以及由於攝影套餐等因素導致 TAM 擴大而仍然存在的抵消效應？那麼，這場拔河比賽究竟是什麼樣子呢？那麼，從現在開始，我們該如何看待ARPU（每位用戶平均收入）的發展趨勢呢？

Hey, Sterling, it's Mark.

嘿，史特林，我是馬克。

That's why, frankly, this average ARPU number gets very difficult to use as a gauge for the business. If you look at just Creative, we certainly expect that stock will raise the ARPU for the creative professional, the people that are going to buy stock. It just doesn't make sense to look at the average anymore, especially, for all the reasons we articulated around subs, with millions of people potentially buying this K-12 education bundle. Or as you said, millions of people buying CCPP. But Stock will add to ARPU for the creative professional.

坦白說，正因如此，平均每用戶收入 (ARPU) 這個數字很難用來作為衡量企業經營狀況的指標。如果只看創意產業，我們當然預期該股票會提高創意專業人士（也就是那些會購買股票的人）的平均每用戶收入 (ARPU)。再去看平均值已經沒有意義了，尤其是考慮到我們已經闡述過的關於訂閱的所有原因，可能有數百萬人會購買這個 K-12 教育套餐。或者正如你所說，數百萬人購買了CCPP。但股票將提高創意專業人士的平均每用戶收入 (ARPU)。

And as it relates to the overall ARPU in the quarter, again, Sterling, we continue to see, for the core creative product, an increase in ARPU. Very much in line, as people renew at non-promotional pricing.

至於本季的整體 ARPU，Sterling，我們再次看到，核心創意產品的 ARPU 繼續成長。這與人們以非促銷價格續訂的情況非常吻合。

Great. Thank you.

偉大的。謝謝。

Heather Bellini from Goldman Sachs.

來自高盛的希瑟貝利尼。

Great. Thank you.

偉大的。謝謝。

I just had a couple questions. I was wondering, now that you have multiple years under your belt here, if you've seen -- with the change to subscription, if you've seen any change in the level of piracy? And have you been able to combat that, in any way, with the new way of subscribing to the software? And then secondarily -- I might have missed this -- but did you give out the percentage of subs that were suite subscriptions versus single app?

我還有幾個問題。我想問一下，既然您在這裡工作多年，您是否注意到，隨著訂閱模式的改變，盜版程度是否有所變化？您是否能夠透過新的軟體訂閱方式以任何方式解決這個問題？其次——我可能錯過了這一點——您是否公佈了套件訂閱用戶與單一應用程式訂閱用戶的百分比？

So Heather, let me take both.

所以希瑟，這兩個都讓我帶走吧。

The first is, when you look at the number of new users that we've stated who are part of the creative platform, which is 30% of the people who are doing business with us, there's no question that our surveys and anecdotal evidence speak to the fact that people who may have formerly pirated, or used our products casually, are paying for the service because it's far more affordable.

首先，看看我們公佈的創意平台新用戶數量（佔與我們開展業務的人數的 30%），毫無疑問，我們的調查和軼事證據表明，以前可能盜版或偶爾使用我們產品的人現在正在付費使用這項服務，因為它價格更實惠。

As you know, we are seeing increased growth in international markets, where there was more piracy. The reality is, we still haven't offered the Creative Cloud product in China as Creative Cloud. So all of that is upside for us, in terms of combating piracy. There's so much opportunity in the developed markets, that's where we focus. So making progress, and we continue to think, as we roll it out in other markets around the world, it's going to impact it.

如您所知，我們看到國際市場成長加快，而這些市場過去盜版現象更為嚴重。事實上，我們至今仍未在中國以 Creative Cloud 的名義提供 Creative Cloud 產品。所以，就打擊盜版而言，所有這些對我們來說都是有利的。已開發市場蘊藏著巨大的機遇，這也是我們關注的重點。因此，我們正在取得進展，我們認為，隨著我們在世界各地其他市場推廣這項技術，它將會產生影響。

With respect to the single app versus the complete, as we said, it's going to gravitate towards 50/50 in the quarter. I think it was 52% CC Complete.

至於單一應用程式與完整應用程式的比例，正如我們所說，本季兩者的比例將趨於 50/50。我認為 CC 完成度是 52%。

Okay. Great. Thank you so much.

好的。偉大的。太感謝了。

Mark Moerdler, Bernstein.

馬克‧莫德勒，伯恩斯坦。

Hi, this is [Hank Green] in for Mark. Thanks for taking my question. I want to ask about the opportunity for ARPU expansion outside of Stock. Obviously, Stock is a home run, in terms of driving up ARPU. And I know you mentioned the average ARPU in subs numbers is becoming less meaningful, as the mix because more complex. But if you could just talk about what you see as opportunity for ARPU expansion, outside of Stock, that would be really helpful.

大家好，我是漢克·格林，代替馬克發言。謝謝您回答我的問題。我想諮詢一下股票以外的 ARPU 擴張機會。顯然，股票策略在提升每位用戶平均收入方面取得了巨大成功。我知道你提到過，隨著用戶組成變得更加複雜，以訂閱用戶數量衡量的平均ARPU值變得越來越沒有意義。但如果您能談談您認為在股票之外，ARPU（每位用戶平均收入）有哪些成長機會，那就太好了。

Thank you.

謝謝。

The opportunity for ARPU expansion around Stock is, we are attracting people to the platform. We are certainly attracting them at what we would call promotional pricing. So that's one big opportunity. And we're clearly seeing, as people come onto the Creative Cloud platform, they typically they come from CS-6 and prior versions, where we give them a promotional pricing, and then convert into the full pricing.

圍繞著股票市場，ARPU（每位用戶平均收入）擴張的機會在於，我們正在吸引人們加入這個平台。我們確實是在以促銷價格吸引他們。所以這是一個絕佳的機會。我們清楚地看到，當人們加入 Creative Cloud 平台時，他們通常是從 CS-6 及更早版本過來的，我們會給他們促銷價格，然後轉換為全價。

The other opportunity for ARPU expansion is moving from single app to the entire product. The third opportunity for ARPU expansion is Acrobat. We're certainly seeing a lot of people, and that's why we are moving them more through the Creative Cloud funnel, as opposed to the Document Cloud funnel, up-selling them into the entire product.

提升每位用戶平均收入 (ARPU) 的另一個機會是從單一應用程式擴展到整個產品。第三個提升 ARPU 的機會是 Acrobat。我們確實看到了很多用戶，所以我們正在引導他們更多地使用 Creative Cloud 銷售漏斗，而不是 Document Cloud 銷售漏斗，從而向他們推銷整個產品。

And last, but certainly not least, while it's not called ARPU, within the enterprise, as well, as we move from selling what used to be custom-like solutions of Creative Suite, into the entire Creative Cloud complete. So even on the core desktop products, there's ARPU expansion against all of those four.

最後，雖然它不叫 ARPU，但在企業內部也是如此，因為我們從銷售過去類似客製化的 Creative Suite 解決方案，轉向銷售完整的 Creative Cloud。因此，即使是核心桌面產品，ARPU 也針對這四個指標進行了擴展。

Then, in addition to that, it's the new services that we have introduced, and will continue to introduce, that represents ARPU expansion. And as you know, in our analyst meeting, we provided, therefore, the entire TAM available for us, on both the Creative Cloud, as well as the Document Cloud, as part of Digital Media.

此外，我們也推出了新服務，並將繼續推出新服務，這些都代表著 ARPU 的成長。如您所知，在我們的分析師會議上，我們提供了數位媒體領域中 Creative Cloud 和 Document Cloud 的所有可用 TAM。

Fantastic. Thank you.

極好的。謝謝。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

Excellent. Thank you, and again, congratulations on a great quarter.

出色的。謝謝，再次恭喜你們本季業績出色。

Shantanu, I want to follow on, on something that -- a comment that you made about the lack of seasonality -- or the relative lack of seasonality in the quarter, going from Q4 to Q1, which is a lot different than what we saw last year at this time, particularly when it came to subscriber adds.

Shantanu，我想接著你剛才說的關於本季缺乏季節性（或者說從第四季到第一季相對缺乏季節性）的評論，這與我們去年同期看到的情況大不相同，尤其是在新增訂閱用戶方面。

Anything in particular you could point to for why that happened? What was different this year than last year, that enabled you to sustain that level of the subscriber adds so much better?

您能具體指出導致這種情況發生的原因嗎？今年與去年相比有哪些不同之處，使得你們能夠更好地維持如此高的訂閱用戶成長水準？

I think there are a couple of things. I think at the macro level, Keith, firstly, the solutions that we are providing, I think, are playing to what is a very key need in the marketplace, which is, everybody is dealing with digital transformation. Everyone is trying to bring their businesses online. So there's no question in the marketing side, as it relates to the kinds of solutions we offer, that the demand is only getting greater in organizations around the world. So I think that's one issue.

我認為有兩件事。基思，我認為從宏觀層面來看，首先，我們提供的解決方案迎合了市場上的一個非常關鍵的需求，那就是每個人都在應對數位轉型。每個人都在努力將自己的業務轉移到線上。因此，就我們提供的解決方案而言，行銷方面毫無疑問，世界各地組織的需求只會越來越大。所以我覺得這是其中一個問題。

Certainly, the fact that we're doing less perpetual also factors into this. And so as you think about the traditional Q4 to Q1, there would be big, perpetual pushes, and then it would fall off. The third thing I would give is, our marketing group is doing a much better job of having consistent demand, and growing demand.

當然，我們減少永續開發也是造成這種情況的原因之一。因此，當你回顧傳統的第四季到第一季時，就會出現持續不斷的成長，然後就會下降。第三點是，我們的行銷團隊在維持和提升市場需求方面做得更好了。

So we are looking at it not just as fiscal boundaries, but as a continuous process of driving demand for our particular solutions. So I think there are a number things. And then on the Creative side, I think it just continues to be opportunity to migrate customers and attract new customers. So I think for all of those four reasons, we feel good about our business, and we feel like they're in the sweet spot of what customers need right now.

因此，我們不僅將其視為財政限制，而且還將其視為不斷推動對我們特定解決方案的需求的過程。所以我覺得有很多因素。而在創意方面，我認為這仍然是吸引現有客戶和拓展新客戶的機會。所以我覺得基於以上四個原因，我們對我們的業務感到滿意，我們覺得它們恰好滿足了客戶現在的需求。

Excellent. Thank you.

出色的。謝謝。

Brendan Barnicle, Pacific Crest Securities.

Brendan Barnicle，太平洋之巔證券公司。

Good afternoon, and happy St. Patrick's Day. Thanks for taking my questions.

下午好，聖日快樂！聖派翠克節。謝謝您回答我的問題。

Shantanu, there's been a lot of concern about the macro-economy particularly, in the most recent quarter. I was interested in what you saw in the quarter, in the US and globally? Particularly given your new Adobe Digital Economy Project. And just a quick one for Mark, can you remind us of the disruption breakdown between adobe.com, the channel, and Adobe direct sales right now?

Shantanu，最近一個季度，人們對宏觀經濟，尤其是宏觀經濟，感到非常擔憂。我想了解您在本季度，尤其是在美國和全球範圍內，觀察到的情況？尤其考慮到您新推出的Adobe數位經濟項目。馬克，請你簡單介紹一下目前 adobe.com、頻道和 Adob​​e 直銷之間的中斷情況？

Clearly, we saw strong demand, and we did not see any issues from the macro-economy. And that's the reason for both the strong quarter, as well as the strong outlook, not just for Q2, but for the rest of the year. So if there is macroeconomic conditions that are impacting other people's businesses; we haven't seen that yet. I think, even should that happen, as you know, we are far more inured to that, as a result of the recurring business. But we did not see any demand weakness anywhere in the world.

顯然，我們看到了強勁的需求，而且我們沒有看到宏觀經濟方面的任何問題。這就是本季業績強勁以及前景樂觀的原因，不僅是第二季度，今年剩餘時間的前景也一片光明。所以，如果存在影響其他人企業的宏觀經濟狀況，我們目前還沒有看到這種情況。我認為，即使這種情況發生，你也知道，由於業務往來頻繁，我們已經對此習以為常了。但我們並未在全球任何地方看到需求疲軟的跡象。

As it relates to route to market, there's no doubt that we want adobe.com to be the premier place people come to do business with us, and it's becoming a much, much bigger piece of the business than it has over time.

就市場管道而言，毫無疑問，我們希望 adobe.com 成為人們與我們開展業務的首選之地，而且隨著時間的推移，它在業務中所佔的比重也越來越大。

As well, our business, from a direct sales perspective, would come in right behind that. And then channel, while it's always going to be important to us, it's just been shrinking consistently. I think at some point, it levels off. It's not going to go away, but we really want to go direct, and we want to go through adobe.com.

此外，從直接銷售的角度來看，我們的業務也緊跟著。至於管道，雖然它對我們來說始終很重要，但它一直在持續萎縮。我認為在某個時候，它會趨於穩定。它不會消失，但我們真的想直接進行，我們想透過 adobe.com 進行。

Great. Thanks so much.

偉大的。非常感謝。

Jay Vleeschhouwer from Griffin Securities.

格里芬證券公司的 Jay Vleeschhouwer。

A couple questions for Mark.

我有幾個問題想問馬克。

I noticed that in your prepared remarks, you did not make any mention of ETLA's. And could you comment on how those performed, within the context of the increase in Creative ARR, sequentially? Your total subs adds were substantially ahead of our forecast, but your Creative ARR was right in line. So I'm wondering if perhaps you had some much lighter performance, relatively, in ETLA's.

我注意到，在你準備好的發言稿中，你沒有提到ETLA。能否請您就這些項目在創意類年度經常性收入 (ARR) 成長背景下的表現進行一下評論？您的訂閱用戶總數大幅超出我們的預期，但您的創意類年度經常性收入 (ARR) 與預期完全一致。所以我想知道，在ETLA中，你的表現是否相對輕鬆得多。

And then secondly, you had quite substantial gross margin improvement sequentially, in both businesses, both Digital Media and Digital Marketing. If you could comments on what's driving the improvement in Digital Media gross margin, including, even, a sequential decline of your gross revenue there?

其次，數位媒體和數位行銷這兩個業務的毛利率都實現了季比大幅成長。您能否就推動數位媒體毛利率提升的因素發表評論，包括該業務總收入較上季下降的情況？

Thanks.

謝謝。

Sure, Jay. You're right. As it relates to ETLA's, there is some seasonality, and you'll see that reflected in the ARR numbers for Creative and for doc services. So, there is some seasonality in the ETLA's.

當然可以，傑伊。你說得對。就 ETLA 而言，存在一些季節性因素，您會在創意和文件服務的 ARR 資料中看到這一點。所以，ETLA 的產量存在一定的季節性。

On the gross margin side, a lot of that just has to do with the stacking effect, frankly, of having these subscribers build up over time, and not needing to add as much cost structure to support them, because you've got critical mass. So it's a benefit of the stacking effect on the Creative side.

從毛利率方面來看，坦白說，很大程度上是因為訂閱用戶隨著時間的推移而不斷增加，從而產生了疊加效應，並且由於已經達到了臨界規模，因此不需要增加太多成本結構來支持他們。所以這是創意方面疊加效應帶來的好處。

Thank you.

謝謝。

Steve Ashley, Robert W. Baird.

史蒂夫·阿什利，羅伯特·W·貝爾德。

Terrific. Thanks so much.

了不起。非常感謝。

I'd like to talk about the Adobe Experience Design product that is in preview now. It seems to have gotten a very nice response in the market. And I'm just wondering, the users of that product, I'm assuming they are current customers. Do you foresee this as being an incremental purchase for these people? Or is it something they would use in place of other Adobe products they have used in the past? Thanks.

我想談談目前正在預覽的 Adob​​e Experience Design 產品。看來它在市場上獲得了非常好的迴響。我只是想知道，該產品的用戶，我假設他們是現有客戶。你認為這對這些人來說會是一筆小額消費嗎？或者，他們會用它來取代過去使用過的其他 Adob​​e 產品嗎？謝謝。

Steve, I think what we're seeing is a big phenomenon in the creative market, as more people doing design and prototyping. It certainly is the traditional creatives who have been doing design and prototyping, and they may have used products like Photoshop or Illustrator or Fireworks from Adobe in the past. But I actually think that there is a new community of people. Product managers all around the world, the way we are designing products right now is, they are doing a prototyping of what that product looks like, whether that's on mobile or on the web.

史蒂夫，我認為我們現在看到的是創意市場的一個重大現象，越來越多的人開始從事設計和原型製作。當然，從事設計和原型製作的主要是傳統創意人員，他們過去可能使用過 Adob​​e 的 Photoshop、Illustrator 或 Fireworks 等產品。但我認為確實存在一個新的群體。世界各地的產品經理們，我們現在設計產品的方式是，他們會製作產品原型，展示產品在行動裝置或網頁上的樣子。

And so I think this inherent need for people to have design far more as a part of product creation, I think, will lead the expense design product to be used not just by our existing customers, but also by a whole new set of customers, who are thinking about, how do they use design to create a new generation of experience products.

因此，我認為人們迫切需要將設計更多地融入產品創作中，這將促使付費設計產品不僅被我們現有的客戶使用，而且還被一大批新的客戶使用，他們正在思考如何利用設計來創造新一代的體驗產品。

So we're very excited about it. The feedback has been really good. But I do think product managers, a new breed of product managers that exist in startups, they will all need to use a product such as the experience design product.

所以我們對此感到非常興奮。反饋非常好。但我認為，新創公司中湧現的新一代產品經理，他們都需要使用體驗設計產品之類的工具。

Great. Thanks.

偉大的。謝謝。

Brian Weiser, Pivotal Research.

Brian Weiser，Pivotal Research。

Thanks for taking the question.

感謝您回答這個問題。

I was wondering if you could talk a bit about Marketing Cloud, the competitive environment, as you're seeing it, attach rate of different products? And the degree to which you think your customers are taking full suite versus individual products? And maybe, at the same time, if you might be able to comment about how your recent issues with the data marketplace might be impacting the business at this point?

我想請您談談行銷雲、您眼中的競爭環境以及不同產品的附加率？您認為您的客戶在多大程度上傾向於購買全套產品，而不是單獨的產品？同時，您能否談談您最近在數據市場方面遇到的問題目前可能對業務造成的影響？

Sure. With respect to the Marketing Cloud, I think we continue to be the most both unified, as well is comprehensive, offering that's out there in the market. The results are driven not just buy new logos -- and the new logos are increasingly using multiple solutions when they start off -- but also with, certainly, up-selling existing customers to new solutions. So I think we're seeing that across the space.

當然。就行銷雲而言，我認為我們仍然是市場上最統一、最全面的產品。業績的提升不僅得益於新客戶的購買——而且新客戶在起步階段越來越多地使用多種解決方案——當然也得益於向現有客戶追加銷售新解決方案。所以我認為我們在整個領域都看到了這種情況。

In terms of competition, as we said, even at the analyst meeting, when you have a $27 billion opportunity, you are going to attract other customers. But I think we are so far ahead of them, we continue to be rated, and we continue to innovate. On the data market stuff, stay tuned. Next week is our Summit, and we're going to be talking a lot more about some of the exciting areas that we have on data. And so hopefully, you're going to be at Summit, and we will share more at that time.

就競爭而言，正如我們在分析師會議上所說，當你擁有 270 億美元的機會時，你也會吸引其他客戶。但我認為我們遠遠領先他們，我們不斷獲得認可，並且不斷創新。關於數據市場方面的事情，請關注。下週我們將舉行高峰會，屆時我們將更深入地探討一些令人興奮的數據領域。所以，希望您能參加峰會，屆時我們將分享更多資訊。

I'll be there.

我會在那裡。

I was curious, though, maybe to your point, as new entrants -- and obviously, I'm thinking of Google -- but -- try to push harder into this space, are -- do you see that they are -- whether it's them or others, that they are really tapping into other marketers. Maybe you're not, and that it's helping contribute to growth of the total ecosystem?

不過我很好奇，也許正如你所說，作為新進入者——顯然，我指的是谷歌——但是——試圖更加努力地進入這個領域，你是否看到他們——無論是他們還是其他人——真的在與其它營銷人員合作。或許你並非如此，而這反而有助於整個生態系的發展？

I think with respect to what's happening, we used to target the Chief Revenue Officer, the Chief Digital Officer, the Chief Marketing Officer within the enterprise. And I think that has now expanded to being a C-level issue, all the way up to the CEO, in terms of the customer journey.

我認為就目前的情況而言，我們過去的目標是企業內部的首席營收長、數位長和行銷長。我認為，就客戶體驗而言，這現在已經演變成一個高層問題，甚至涉及執行長。

I think that companies who are certainly providing the add stack for this customer journey, there will be people who provide the experience for the customer journey and the analytics. So in that sense, you're right. It is -- the opportunity is dramatically expanding, because this is becoming front and center, not just for the marketing function, but also at the C-level function.

我認為，那些為客戶旅程提供技術棧的公司，將會有人為客戶旅程提供體驗和分析。從這個意義上講，你是對的。的確如此——機會正在急劇擴大，因為這不僅對行銷部門而言，對高階主管而言，都正成為關注的焦點。

Great. Thank you.

偉大的。謝謝。

Kyle, we're pushing the end of the hour. Why don't we take two more questions?

凱爾，快到一小時結束了。我們何不再回答兩個問題呢？

Steve Rogers, Citi.

史蒂夫·羅傑斯，花旗集團。

I'm on for Walter. Just wanted to see if we can get some color on net adds, and the strength there. Is that more internationally? Or is that the net new to the franchise adds? Or potentially, Acrobat subs that are coming through the Creative Cloud funnel? Just some color there would be great.

我替沃特上場。只是想看看我們能否了解淨增幅以及增幅情況。這在國際上是否更為普遍？或者說，這是該系列新增內容的淨值？或者，也可能是那些透過 Creative Cloud 管道訂閱的 Acrobat 使用者？如果那裡加點顏色就太好了。

I think it's all of the above. In terms of where the net adds were, you're right, it was strong net adds. We certainly, as it relates to the document businesses or Acrobat, there was a fair amount -- we definitely have a clear preference for customers to adopt Acrobat DC through the Creative final. So that shows up as net adds in the Creative funnel, because that gives us permission to up-sell them to the photography plan.

我認為以上所有情況都屬實。就新增淨成長點而言，你說得對，新增淨成長非常強勁。當然，就文件業務或 Acrobat 而言，我們確實有很多——我們絕對更希望客戶透過 Creative Final 採用 Acrobat DC。因此，這在創意漏斗中顯示為淨增長，因為這給了我們向他們追加銷售攝影套餐的權限。

But team did well. Team continues to do well, and so we're seeing strength. International, Japan and Germany, that we've identified as areas for growth, are growing nicely. There still is a significant opportunity there to migrate existing customers and attract new customers. So I would say those markets are a couple of years behind, but we haven't seen any slowdown in the US yet.

但球隊表現不錯。球隊持續表現出色，我們看到了球隊的實力。國際市場、日本和德國是我們確定的成長區域，這些區域的發展勢頭良好。仍然存在著將現有客戶遷移到新客戶並吸引新客戶的巨大機會。所以我認為這些市場落後幾年，但我們還沒有看到美國市場出現任何放緩跡象。

Thanks.

謝謝。

Your last question comes from the line of Nandan Amladi from Deutsche Bank.

你的最後一個問題來自德意志銀行的南丹‧阿姆拉迪。

Thanks for taking my question.

謝謝您回答我的問題。

Mark, a question for you on metrics. Since you're no longer going to be providing the Creative Cloud subscriber count, historically, we've used your commentary on ARPU and the units to back into an ELA number or ETLA number. Going forward, as you provide just the ARR number, would you be providing any finer segmentation of that?

馬克，關於指標方面我有個問題想問你。由於您不再提供 Creative Cloud 訂閱者數量，我們過去一直使用您對 ARPU 和用戶數量的評論來反推 ELA 數量或 ETLA 數量。今後，由於您只提供 ARR 數據，您是否會提供更精細的細分數據？

Not right now. The best way to do the model, from my perspective, would be to take ARR, which we're now going to guide to quarterly -- so we did say we will add some additional guidance, by giving you ARR every quarter. And you can take that ARR, and do a waterfall, flowing that into revenue, to get a sense of what revenue is.

現在不行。從我的角度來看，建立該模型的最佳方法是採用 ARR，我們現在將按季度提供 ARR 指導——所以我們確實說過，我們將透過每季提供 ARR 來增加一些額外的指導。你可以把 ARR 做成瀑布圖，把它轉化為收入，從而了解收入是多少。

To be honest with you, using what you were using, which was a sub number that was incomplete and an average ARPU number, it really doesn't work anyway. We'll periodically give you more insight into what's going on, like we do at analyst days and things like that, but the best way to do it is to take that ARR number and flow it through into revenue.

說實話，你用的那個資料（子資料不完整，ARPU 資料一般）根本就沒用。我們會定期向您提供更多相關信息，例如在分析師日等活動中，但最好的方法是將 ARR 數據轉化為收入。

And on the -- I think as Mark said, we -- the goal is to continue to help you model the business, and provide more color on ARR, so that you get a sense not just for the overall health of the business, but the various components. And since that was the last question, just a couple of comments. As I'm traveling around the world, meeting both customers and partners, it's really clear that consumer expectations, and what's happening with technology, is causing every business to rethink how they interact with customers. And I think that's a digital-first strategy right now, for every one of them.

至於——我認為正如馬克所說——我們的目標是繼續幫助您建立業務模型，並提供更多關於 ARR 的信息，以便您不僅能了解業務的整體健康狀況，還能了解各個組成部分。既然這是最後一個問題，我就簡單補充幾點。在環遊世界的過程中，我與客戶和合作夥伴會面，很明顯，消費者的期望以及技術的發展正在促使每個企業重新思考他們與客戶互動的方式。我認為，對他們所有人來說，這都是目前數位化優先的策略。

From our point of view, that great experience starts with great content. We're clearly the company that's helping bringing their concepts to life for creatives, and Creative Cloud's clearly the one-stop shop for these customers, providing everything from inspiration to monetization. I think the other thing we see is delivering that experience to the right person, at the right time, requires a technology platform that deals with large volumes of content and data, but more importantly with the right intelligence. And that's the goal of the Adobe Marketing Cloud.

在我們看來，美好的體驗始於優質的內容。我們顯然是一家能夠幫助創意人士將他們的概念變為現實的公司，而 Creative Cloud 顯然是這些客戶的一站式商店，提供從靈感到盈利的一切服務。我認為我們看到的另一點是，要在合適的時間將這種體驗傳遞給合適的人，需要一個能夠處理大量內容和數據的技術平台，但更重要的是，需要一個能夠提供正確智慧的技術平台。這就是 Adob​​e Marketing Cloud 的目標。

All of these tail winds we see, now, benefiting our businesses. And I think in Q1, we saw strength across Creative Cloud adoption and ARR growth, DC and Acrobat adoption, as well as strong bookings and revenue. And implementations that are going live with the Adobe Marketing Cloud.

我們現在看到的所有這些順風，都對我們的企業有利。我認為在第一季度，我們看到了 Creative Cloud 的採用率和 ARR 成長、DC 和 Acrobat 的採用率以及強勁的預訂量和收入。以及即將上線的 Adob​​e Marketing Cloud 的實施方案。

And that's the reason why our Q1 upside and Q2 outlook give us confidence to raise the revenue, as well as our earnings target. We think we're in great shape. We remain focused on driving innovation and strong financial results.

正因如此，我們對第一季業績的樂觀預期和第二季業績的展望讓我們有信心提高營收目標和獲利目標。我們認為我們狀態很好。我們將繼續專注於推動創新並取得強勁的財務表現。

And I want to thank our customers and partners worldwide for their ongoing commitment, and to our employees for continuing to drive innovation in our industry. We hope to see you folks next week at Summit, and otherwise, we look forward to our next call. Thank you for joining us today.

我還要感謝全球客戶和合作夥伴的持續支持，以及我們的員工不斷推動產業創新。我們希望下週能在峰會上見到各位，否則，我們期待下次與您通話。感謝您今天蒞臨。

And this concludes our call. Thank you.

通話到此結束。謝謝。