Adobe Inc (ADBE) 2016 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. I would like to welcome you to the Adobe Systems second-quarter FY2016 earnings conference call.

女士們、先生們，午安。歡迎各位參加 Adob​​e Systems 2016 財年第二季財報電話會議。

(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. In the call today, we will discuss Adobe's second-quarter FY16 financial results.

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。在今天的電話會議中，我們將討論 Adob​​e 2016 財年第二季的財務表現。

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.

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。我們也把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文件發佈在了Adobe.com網站上。如果您需要這些文件的副本，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 plan, is based on information as of today, June 21, 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 6 月 21 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.

本次電話會議我們將討論GAAP和非GAAP財務指標。兩者之間的對比情況可在我們的收益報告和 Adob​​e 投資者關係網站上更新的投資者資料表中查閱。

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 rerecorded, or otherwise reproduced or distributed without prior written permission from Adobe.

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.

謝謝你，麥克，下午好。

In Q2 Adobe delivered another record quarter, reporting revenue of $1.4 billion, GAAP earnings per share of $0.48, and non-GAAP earnings per share of $0.71. Our momentum is a result of the continuous delivery of breakthrough product innovation across each of our three cloud offerings. We advanced our strategy of enabling the world's biggest brands, governments and educational institutions to develop well-designed data-led and personalized digital experiences to their customers across every channel.

第二季度，Adobe 再次創下季度紀錄，營收達 14 億美元，GAAP 每股收益為 0.48 美元，非 GAAP 每股收益為 0.71 美元。我們取得如此發展勢頭，得益於我們在三大雲端產品中不斷推出突破性創新。我們推進了我們的策略，使全球最大的品牌、政府和教育機構能夠透過各種管道，為其客戶開發精心設計的、以數據為導向的個人化數位體驗。

In our Digital Media segment, we exited Q2 with $3.41 billion of annualized recurring revenue, a net increase of $285 million. We exceeded our ARR target as a result of continued adoption and retention of Creative Cloud and Document Cloud across all customer segments.

在我們的數位媒體部門，第二季末的年度經常性收入為 34.1 億美元，淨增加 2.85 億美元。由於所有客戶群持續採用和留住 Creative Cloud 和 Document Cloud，我們超額完成了 ARR 目標。

Creative Cloud is the one-stop shop for creatives, from inspiration to monetization. Q2 ARR performance was driven by strong demand across all offerings, routes to market, and geographies. We continue to execute against our strategy of migrating CS customers, expanding into new market segments, and adding value by introducing new services. In addition to continued strength on Adobe.com, we were particularly pleased with the strength of renewals of enterprise term license agreements, which drove an increase in enterprise ARPU.

Creative Cloud 是創意人士的一站式平台，涵蓋從靈感激發到商業變現的各個環節。第二季 ARR 業績成長得益於所有產品、市場通路和地區的強勁需求。我們持續執行遷移 CS 客戶、拓展新市場領域以及透過推出新服務增加價值的策略。除了 Adob​​e.com 的持續強勁表現外，我們對企業長期授權協議續約的強勁勢頭尤其感到滿意，這推動了企業 ARPU 的成長。

Creative Cloud innovation continues at a torrid pace. Our goal is to make the creative process more fun, seamless and efficient for creatives, enabling them to go from a blank page to a brilliant composition in record time.

Creative Cloud 的創新仍在以驚人的速度持續進行。我們的目標是讓創意人員的創作過程更加有趣、流暢和高效，使他們能夠在創紀錄的時間內從一張白紙創作出一幅精彩的作品。

We announced a major Creative Cloud update today that includes new features in flagship applications like Content Aware Crop in Photoshop, performance enhancements in cross-product capabilities like Creative Sync, and a significant update to Adobe Stock, which now includes a premium collection of stock content and deeper integration within the CC desktop and mobile applications. We believe this innovation will promote migration and enhance retention.

我們今天宣布了 Creative Cloud 的重大更新，其中包括旗艦應用程式的新功能，例如 Photoshop 中的內容感知裁剪，跨產品功能（例如 Creative Sync）的性能增強，以及 Adob​​e Stock 的重大更新，現在包含高級素材庫，並與 CC 桌面和行動應用程式進行了更深入的整合。我們相信這項創新將促進人口遷移並提高人口留存率。

We continue to introduce new applications to target new design categories. Adobe XD, our solution for user interface design, has already garnered more than 200,000 downloads as a preview release. In addition to delivering cutting-edge innovation for use by professionals, we are excited about the broader opportunity to enable anybody with an idea to create and share high-impact visual stories. Adobe Spark was introduced in May to address this need, and enables students and consumers to create professional quality social posts, web stories and animated video in minutes.

我們不斷推出新的應用程序，以瞄準新的設計類別。Adobe XD 是我們的使用者介面設計解決方案，作為預覽版，其下載量已超過 20 萬次。除了為專業人士提供尖端創新技術外，我們還很高興有機會讓任何有想法的人都能創作和分享具有重大影響力的視覺故事。Adobe Spark 於 5 月推出，旨在滿足這一需求，它使學生和消費者能夠在幾分鐘內創建專業品質的社交媒體貼文、網路故事和動畫影片。

Adobe Document Cloud, the leading digital document service, enables businesses to transform inefficient paper-based processes into 100% digital workflows. Net new Document Cloud ARR grew quarter over quarter, demonstrating the continued momentum of this business. Document Cloud revenue was $188 million in Q2, and we exited the quarter with $415 million of Document Cloud ARR.

Adobe Document Cloud 是領先的數位文件服務，可協助企業將低效的紙本流程轉變為 100% 的數位化工作流程。文件雲端業務新增年度經常性收入環比成長，顯示該業務持續保持成長動能。第二季 Document Cloud 的營收為 1.88 億美元，本季末 Document Cloud 的年度經常性營收為 4.15 億美元。

Cross-cloud integration remains a high priority for Adobe. In April, we announced the first integration between Adobe Sign and Adobe Experience Manager, eliminating the cost and frustration of manual, paper-based processes for enrollment, onboarding and servicing across the customer journey. We announced new Document Cloud storage integrations with Box and Microsoft OneDrive to seamlessly and securely connect workflows across enterprise content collaboration platforms.

跨雲整合仍然是 Adob​​e 的首要任務。今年四月，我們宣布了 Adob​​e Sign 和 Adob​​e Experience Manager 的首次集成，消除了客戶旅程中註冊、入職和售後服務等人工紙本流程的成本和麻煩。我們宣布了 Document Cloud 與 Box 和 Microsoft OneDrive 的全新集成，旨在無縫、安全地連接企業內容協作平台的工作流程。

In our Digital Marketing segment, Adobe Marketing Cloud remains the leader in the emerging, high-growth customer experience category. Through our unique combination of content and data, Adobe Marketing Cloud enables businesses to deliver highly personalized digital experiences across devices and digital channels Adobe Marketing Cloud customer retention remains high and we continue to drive adoption of multiple solutions by our customers.

在我們的數位行銷領域，Adobe Marketing Cloud 仍然是新興的高成長客戶體驗領域的領導者。Adobe Marketing Cloud 透過其獨特的內容和資料組合，使企業能夠在各種設備和數位管道上提供高度個人化的數位體驗。 Adobe Marketing Cloud 的客戶保留率仍然很高，我們將持續推動客戶採用多種解決方案。

Q2 customer wins include Southwest Airlines, eBay, the NFL, FedEx, American Red Cross, Logitech and Singapore Workforce Development Agency. In Q2 we had record attendance at Adobe Summit events in Las Vegas and London, as well as Symposia in Mumbai and New York. We unveiled the next generation Adobe Marketing Cloud, shared our Adobe Cloud platform roadmap, and announced the Adobe Marketing Cloud Device Co-op, a network that will enable the world's biggest brands to work together to better identify consumers across digital devices.

第二季新增客戶包括西南航空、eBay、NFL、聯邦快遞、美國紅十字會、羅技和新加坡勞動力發展局。第二季度，我們在拉斯維加斯和倫敦舉辦的 Adob​​e Summit 活動以及在孟買和紐約舉辦的研討會都創下了出席人數紀錄。我們發布了下一代 Adob​​e Marketing Cloud，分享了我們的 Adob​​e Cloud 平台路線圖，並宣布成立 Adob​​e Marketing Cloud Device Co-op，這是一個能夠讓全球最大品牌攜手合作，更好地跨數位裝置識別消費者的網路。

A key takeaway from these customer events was the strong growth of partners and developers who are building vertical applications on our platform. In March we announced Adobe Primetime over-the-top capabilities that make it easy for TV networks and pay-TV providers to bring more personalized TV and ad experiences directly to consumers via Apple TV, Microsoft Xbox, Roku and other connected devices. In May, we introduced expanded virtual reality and augmented reality capabilities within Adobe Primetime, with ad insertion, digital rights management and playback.

從這些客戶活動中我們得到的一個重要啟示是，在我們平台上建立垂直應用的合作夥伴和開發人員數量實現了強勁成長。今年 3 月，我們發布了 Adob​​e Primetime 的 OTT 功能，使電視網路和付費電視提供商能夠輕鬆地透過 Apple TV、Microsoft Xbox、Roku 和其他連網設備，直接為消費者帶來更個人化的電視和廣告體驗。5 月，我們在 Adob​​e Primetime 中引入了擴展的虛擬實境和擴增實境功能，包括廣告插入、數位版權管理和播放。

In May we acquired Livefyre, a social content curation company. Livefyre will continue to be available as a standalone service and will be integrated within Adobe Experience Manager. With this integration, customers will be able to collect, curate and publish user-generated content from major social networks into digital experiences across their owned marketing channels.

今年五月，我們收購了社群內容策劃公司 Livefyre。Livefyre 將繼續作為獨立服務提供，並將整合到 Adob​​e Experience Manager 中。透過此次整合，客戶將能夠從主要社交網路收集、整理和發布用戶生成的內容，並將其整合到自有行銷管道的數位體驗中。

Based on these announcements, innovation and momentum, industry analysts continue to recognize Adobe's Marketing Cloud solutions as market leaders in their respective categories. In Q2, Adobe's Campaign solution was named a Leader by both Gartner and Forrester Research in their 2016 Magic Quadrant for Multichannel Campaign Management and the 2016 Cross-Channel Campaign Management Wave reports, respectively.

基於這些公告、創新和發展勢頭，產業分析師繼續將 Adob​​e 的行銷雲端解決方案視為各自類別中的市場領導者。在第二季度，Adobe 的 Campaign 解決方案分別被 Gartner 和 Forrester Research 在 2016 年多通路行銷活動管理魔力像限報告和 2016 年跨通路行銷活動管理浪潮報告中評為領導者。

Last week Gartner named Adobe as a Leader in its 2016 Magic Quadrant for Mobile Application Development Platforms report. Finally, Forrester Research recognized Adobe as a leader in its 2016 Enterprise Marketing Software Suites Wave report, where we once again received the highest scores for our overall Adobe Marketing Cloud offering and strategy.

上週，Gartner 在其 2016 年行動應用程式開發平台魔力像限報告中將 Adob​​e 評為領導者。最後，Forrester Research 在其 2016 年企業行銷軟體套件 Wave 報告中將 Adob​​e 評為領導者，我們的 Adob​​e Marketing Cloud 整體產品和策略再次獲得了最高分。

In Q2, Adobe Marketing Cloud managed nearly 19 trillion customer data transactions for our customers, reinforcing Adobe is the leading big data company in digital marketing. With unique insights from this data, we launched our new Digital Economy Project in March, which has quickly garnered broad attention as a critical indicator for the US digital economy. The monthly report includes a digital price index, a housing index and a job seeking index.

第二季度，Adobe Marketing Cloud 為我們的客戶管理了近 19 兆次客戶資料交易，這進一步鞏固了 Adob​​e 作為數位行銷領域領先的大數據公司的地位。憑藉這些數據提供的獨特見解，我們在 3 月推出了新的數位經濟項目，該項目迅速引起了廣泛關注，成為美國數位經濟的關鍵指標。該月度報告包括數位價格指數、房屋指數和求職指數。

Dealing with digital disruption is the main concern we hear about in every meeting we have with business, education and government leaders the world over. A key strategy for dealing with this disruption is to deliver a compelling digital experience, which is the new basis for customer satisfaction, loyalty and growth. This business imperative creates great opportunity for Adobe, and we are the only company that helps with every stage of a digital experience, from creation through monetization. With another strong quarter behind us, we continue to be bullish about our growth prospects.

應對數位化顛覆是我們與世界各地企業、教育界和政府領導人每次會面時聽到的主要擔憂。應對這種變革的關鍵策略是提供引人入勝的數位體驗，這是客戶滿意度、忠誠度和成長的新基礎。這項商業需求為 Adob​​e 創造了巨大的機遇，我們是唯一一家能夠幫助客戶完成數位體驗各個階段的公司，從創作到獲利。又一個強勁的季度過去了，我們對成長前景依然充滿信心。

Mark?

標記？

Thanks, Shantanu.

謝謝你，沙塔努。

In the second quarter of FY16, Adobe achieved record revenue of $1.399 billion, which represents 20% year-over-year growth. GAAP diluted earnings per share in Q2 were $0.48 and non-GAAP diluted earnings per share were $0.71.

2016 財年第二季度，Adobe 實現了創紀錄的 13.99 億美元收入，年增 20%。第二季以 GAAP 計算的稀釋後每股收益為 0.48 美元，以非 GAAP 計算的稀釋後每股收益為 0.71 美元。

Revenue came in above the midpoint of our targeted range, GAAP earnings were at the high end of our targeted range, and non-GAAP earnings were above our targeted range. These strong results reflect continued momentum across our business.

營收高於目標範圍的中點，GAAP 收益達到目標範圍的高端，非 GAAP 收益也高於目標範圍。這些強勁的業績反映了我們業務持續的發展勢頭。

Highlights in our second quarter include strong growth in Digital Media ARR, which reflects the overall health of our Creative Cloud and Document Cloud businesses; record Creative revenue of $755 million, which represents 37% year-over-year growth; record Adobe Marketing Cloud revenue of $385 million, which represents 18% year-over-year growth. Strong growth in operating and net income, with cash flow from operations of $489 million and 81% of Q2 revenue, was from recurring sources.

第二季亮點包括數位媒體 ARR 的強勁成長，這反映了我們 Creative Cloud 和 Document Cloud 業務的整體健康狀況；創意收入創下 7.55 億美元的紀錄，同比增長 37%；Adobe Marketing Cloud 收入創下 3.85 億美元的紀錄，同比增長 18%。營業收入和淨收入強勁成長，經營活動產生的現金流為 4.89 億美元，佔第二季營收的 81%，這些現金流均來自經常性收入。

In Digital Media, we grew segment revenue by 26% year over year. More importantly, we exceeded our Q2 target for Digital Media ARR. We added $285 million during the quarter and exited Q2 with $3.41 billion.

在數位媒體領域，我們實現了26%的部門營收年增。更重要的是，我們超額完成了第二季數位媒體年度經常性收入目標。本季我們新增了 2.85 億美元，第二季末總營收達到 34.1 億美元。

Within Digital Media, we delivered Creative revenue of $755 million, which represents year-over-year growth of 37%. We increased Creative ARR by $263 million during Q2. Driving this momentum was continued strong demand for Creative Cloud across all offerings and routes to market during the quarter, including net new Creative Cloud subscriptions. Retention rates remain consistent with prior periods.

在數位媒體領域，我們實現了 7.55 億美元的創意收入，年增 37%。第二季度，我們的創意類年度經常性收入增加了 2.63 億美元。推動這一成長勢頭的是本季對 Creative Cloud 所有產品和市場管道的持續強勁需求，包括新增 Creative Cloud 訂閱。客戶留存率與以往時期保持一致。

We continued to execute well against our key Creative Cloud opportunities, growing our core base of us users, including migrating the legacy user base of Creative suite users; and growing our installed base in the education market, driving new customer adoption in adjacent markets with market expansion efforts such as the photography plan and using Creative Cloud mobile apps to drive new member adoption; and achieving higher ARR with value expansion services such as Adobe Stock where revenue has grown sequentially over each of the past three quarters.

我們繼續在關鍵的 Creative Cloud 機會方面取得良好進展，擴大了我們的核心用戶群，包括遷移 Creative 套件的舊用戶群；擴大了我們在教育市場的安裝基礎，透過攝影計劃等市場拓展舉措推動相鄰市場的新客戶採用，並使用 Creative Cloud 行動應用程式推動新會員採用；並透過 Adob​​​​e Stock 等年度投資服務實現了更高的投資季度。

With Document Cloud, we achieved revenue of $188 million which was in line with our expectations. In addition, Document Cloud ARR exiting Q2 grew to $415 million, which represents higher quarter-over-quarter growth when compared to Q1. We continue to drive adoption of Acrobat subscriptions and value-add services such as Adobe Sign, which is benefiting ARR and building a foundation for growth in the future.

借助 Document Cloud，我們實現了 1.88 億美元的收入，這與我們的預期相符。此外，文件雲端服務第二季末的年度經常性收入成長至 4.15 億美元，與第一季相比，環比成長更高。我們持續推動 Acrobat 訂閱和 Adob​​e Sign 等增值服務的普及，這有利於 ARR 的成長，並為未來的發展奠定了基礎。

In digital marketing, we achieved record Adobe Marketing Cloud revenue of $385 million, driven by multi-solution adoption. We achieved another strong quarter with Adobe Campaign and Adobe audience Manager is becoming a strategic asset, as our customers are increasingly utilizing data to enhance their digital marketing programs to deliver personalized engaging experiences. In Q2 for the first time, mobile transactions grew to 50% of total Adobe analytics transactions.

在數位行銷領域，我們實現了 Adob​​e Marketing Cloud 創紀錄的 3.85 億美元收入，這主要得益於多解決方案的採用。我們與 Adob​​e Campaign 和 Adob​​e Audience Manager 再次取得了強勁的季度業績，它們正成為一項策略資產，因為我們的客戶越來越多地利用數據來增強他們的數位行銷計劃，從而提供個人化的互動體驗。第二季度，行動端交易首次佔 Adob​​e 分析交易總量的 50%。

From a quarter-over-quarter currency perspective, FX increased revenue by $5.2 million. We had $3.6 million in hedge gains in Q2 FY16 versus $3.2 million in hedge gains in Q1 FY16, thus, the net sequential currency increase to revenue, considering hedging gains, was $5.6 million.

從季度環比匯率角度來看，外匯業務收入增加了 520 萬美元。2016 財年第二季度，我們的對沖收益為 360 萬美元，而 2016 財年第一季的對沖收益為 320 萬美元，因此，考慮到對沖收益，收入的淨環比匯兌增長為 560 萬美元。

From a year-over-year currency perspective, FX decreased revenue by $21.7 million. We had $3.6 million in hedge gains in Q2 FY16 versus $22.2 million in hedge gains in Q2 FY15, thus the net year-over-year currency decrease to revenue, considering hedging gains, was $40.3 million.

從年比匯率角度來看，外匯交易導致收入減少了 2,170 萬美元。2016 財年第二季度，我們的對沖收益為 360 萬美元，而 2015 財年第二季度的對沖收益為 2,220 萬美元，因此，考慮到對沖收益，年比匯兌收入淨減少 4,030 萬美元。

In Q2, Adobe's effective tax rate was 26% on a GAAP basis and 21% on a non-GAAP basis. Our GAAP tax rate was higher than expected, primarily due to the acquisition of Livefyre.

第二季度，Adobe 的實際稅率以 GAAP 計算為 26%，以非 GAAP 計算為 21%。我們的 GAAP 稅率高於預期，主要是因為收購 Livefyre 所致。

Our trade DSO was 43 days, which compares to 39 days in the year-ago quarter and 42 days last quarter. Cash flow from operations was $489 million in the quarter. Deferred revenue grew to $1.68 billion, up 37% year over year. Our ending cash and short-term investment position was $4.32 billion, compared to $4.1 billion at the end of Q1.

我們的貿易應收帳款週轉天數為 43 天，去年同期為 39 天，上一季為 42 天。本季經營活動產生的現金流量為 4.89 億美元。遞延收入成長至 16.8 億美元，年增 37%。我們期末的現金和短期投資部位為 43.2 億美元，而第一季末為 41 億美元。

In Q2 we repurchased approximately 2.2 million shares at a cost of $205 million. We currently have $1.2 billion remaining under our current authority granted January 2015.

第二季度，我們以 2.05 億美元的價格回購了約 220 萬股股票。我們目前在2015年1月獲得的授權下還有12億美元剩餘資金。

I'll now provide our financial outlook. Based on our strong first-half performance and business momentum, we expect to meet or exceed our FY16 annual targets, which we raised in March. We expect the second half of the year to play out as we outlined in our Q1 call.

接下來我將介紹我們的財務展望。基於我們上半年強勁的業績和業務發展勢頭，我們預計將達到或超過我們在 3 月提出的 2016 財年年度目標。我們預計下半年的發展將與我們在第一季電話會議中概述的情況一致。

We are targeting a third-quarter revenue range of $1.420 billion to $1.470 billion. In Digital Media, we expect to add approximately $285 million of net new Digital Media ARR during Q3, with strong year-over-year Digital Media segment revenue growth. In Digital Marketing, we expect continued momentum in bookings and approximately 7% year-over-year Adobe Marketing Cloud revenue growth in Q3, factoring in the strong perpetual revenue in the year-ago quarter.

我們預計第三季營收將在 14.2 億美元至 14.7 億美元之間。在數位媒體領域，我們預計第三季將新增約 2.85 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同比增長。在數位行銷方面，我們預計第三季預訂量將持續成長，Adobe Marketing Cloud 營收將年增約 7%，這得益於去年同期強勁的持續營收。

We are targeting our Q3 share count to be between 504 million to 506 million shares. We expect net non-operating expense to be between $11 million and $13 million on both a GAAP and non-GAAP basis. We are targeting a Q3 tax rate of approximately 24% on a GAAP basis and 21% on a non-GAAP basis. These targets yield a Q3 GAAP earnings per share range of $0.46 to $0.52 per share and a Q3 non-GAAP earnings per share range of $0.69 to $0.75.

我們預計第三季的股票數量將在 5.04 億股至 5.06 億股之間。我們預計，無論以 GAAP 或非 GAAP 計算，淨非經營支出都將在 1,100 萬美元至 1,300 萬美元之間。我們預計第三季以美國通用會計準則計算的稅率約為 24%，以非美國通用會計準則計算的稅率約為 21%。這些目標得出的第三季 GAAP 每股收益範圍為 0.46 美元至 0.52 美元，第三季非 GAAP 每股收益範圍為 0.69 美元至 0.75 美元。

In summary, Q2 was another solid quarter for Adobe and we look forward to our momentum continuing in the second half of FY16. Mike?

總而言之，第二季度對 Adob​​e 來說又是穩健的一個季度，我們期待在 2016 財年下半年繼續保持這種成長勢頭。麥克風？

Thanks, Mark.

謝謝你，馬克。

A few weeks ago we opened registration for Adobe MAX, which is our user conference for our Creative business that will be held on November 2 through November 4. This year MAX moves to San Diego and we will host a financial analyst meeting on the first day of the conference, which is Wednesday, November 2. Next week we will send an invitation out to our investor e-mail list to attend MAX at a discounted price. If you have any questions please contact Adobe Investor Relations with an e-mail to IR@Adobe.com.

幾週前，我們開放了 Adob​​e MAX 的註冊，這是我們創意業務的用戶大會，將於 11 月 2 日至 4 日舉行。今年的 MAX 大會移師聖地牙哥，我們將在大會首日，也就是 11 月 2 日星期三，舉辦一場財務分析師會議。下週，我們將向投資者郵件清單發送邀請，邀請他們以優惠價格參加 MAX 大會。如有任何疑問，請發送電子郵件至 IR@Adobe.com 聯絡 Adob​​e 投資者關係部門。

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 18786308. International callers should dial 404-537-3406. The phone playback service will be available beginning at 5 PM Pacific time today and ending at 5 PM Pacific time on June 24, 2016.

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 18786308。國際來電者請撥 404-537-3406。電話重播服務將於太平洋時間今天下午 5 點開始，至太平洋時間 2016 年 6 月 24 日下午 5 點結束。

We would now be happy to take your questions and we ask that you limit your questions to one per person. Operator?

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）

Your first question comes from the line of Kirk Materne with Evercore ISI. Your line is open.

你的第一個問題來自 Kirk Materne 與 Evercore ISI 的對話。您的線路已開通。

Thanks very much and congrats on the quarter, guys. Mark, I had a question just on the guidance around the Digital Marketing business. I realize that there's been some changes in how the rev rec's been going given the shift from perpetual to more subscription-based rev rec. But this next quarter, even when you adjust for some of the deals that fell into 3Q last year, which I understand creates a bit of a tougher comp, it seems like that gap between bookings in that segment and revenue growth still isn't closing perhaps as fast as one might be thinking.

非常感謝，也恭喜各位本季取得佳績。馬克，我有一個關於數位行銷業務指導的問題。我意識到，隨著收入分成方式從永久分成轉向訂閱分成，收入分成方式也發生了一些變化。但是，即使考慮到去年第三季的一些交易（我知道這會造成比較困難），下一季度該細分市場的預訂量與收入增長之間的差距似乎仍然沒有人們想像的那麼快地縮小。

So, can you just walk you through that if there's changes in terms of implementation times or taking longer, so there's some issue there, or you have longer deals that are being spread out over, say, six quarters versus four. I just want to get a sense on when do we start to see the inflection in the revenue growth in that business come back into line a little bit closer with the bookings trends. Thanks.

那麼，如果在實施時間方面有所變化或耗時更長，導致出現一些問題，或者交易週期延長（例如，從四個季度延長到六個季度），您能否詳細說明一下？我只是想了解一下，我們什麼時候才能看到該業務的收入成長出現拐點，並開始與預訂趨勢更加吻合。謝謝。

Yes, thanks. As you pointed out, in Q3 of last year we did have an unusual amount of perpetual revenue. In fact, if you normalized last year for that perpetual revenue that was above and beyond, the growth this year would have been somewhere in the 20% area. So, that is the reason why you're seeing 7% instead of what would have normally been something like 20%.

好的，謝謝。正如您所指出的，去年第三季我們的永久收入確實異常高。事實上，如果將去年超出預期的持續收入進行正常化處理，今年的成長率應該在 20% 左右。所以，這就是為什麼你看到的是 7% 而不是通常的 20% 左右的原因。

We're still on a path to do 20% for the year, which is what we guided to quite a while ago. So, there's no change. There's no change in implementations or any of the other factors that you mentioned. It's really just how the quarters play out relative to perpetual last year.

我們仍有望實現今年 20% 的業績目標，這與我們很久以前設定的目標一致。所以，沒有任何變化。您提到的其他因素，包括具體實施方式，都沒有任何變化。實際上，這只是各季度相對於去年同期表現如何的問題。

Okay. Thanks a lot.

好的。多謝。

Your next question comes from the line of Brent Thill with UBS. Your line is open.

你的下一個問題來自瑞銀集團的布倫特·蒂爾。您的線路已開通。

Thanks. Mark, just following up on Kurt's question, can you just confirm that you're still, on the booking side I didn't catch what you did in Q2 in the Marketing Cloud, can you give us a sense of what the booking number was in Q2?

謝謝。Mark，我只是想跟進一下 Kurt 的問題，你能確認一下你那邊預訂情況如何嗎？我沒有看到你在第二季在 Marketing Cloud 上做了什麼，你能大概說一下第二季的預訂數量是多少嗎？

We don't disclose the booking number, Brent, every single quarter. But what we have said is that we're driving towards 30%. We're driving both long-term total contract value and we're focusing more and more now on annual contract value. And we expect that to grow 30% this year, which is consistent with what we've been saying.

布倫特，我們不會每季都公佈預訂量。但我們說過，我們的目標是達到 30%。我們既致力於提升長期合約總價值，也越來越重視年度合約價值。我們預計今年將成長 30%，這與我們一直以來的說法一致。

Okay. So, no change in the background other than the optics and stuff, the perpetual?

好的。所以，除了外觀之類的，背景沒有任何變化，一直都是這樣嗎？

That's right. As we're pointing out w, 're still saying we're going to grow 20% revenue this year. It does make for a bigger Q4 but you're also getting now the stacking effect of those bookings that will start to play out in Q4.

這是正確的。正如我們所指出的，我們仍然表示今年的收入將成長 20%。這確實會使第四季度業績更大，但你現在也看到了這些預訂的疊加效應，這些效應將在第四季度開始顯現。

And two things, both Brent and Kirk, if you look at our numbers for last year it actually does have a traditional and seasonal expectation to it. So, Q3 and Q4. And when we gave our updated targets at the end of Q2, this was very much part of the plan. So, it's playing out exactly as we had expected.

還有兩件事，布倫特和柯克，如果你看一下我們去年的數據，你會發現它實際上具有傳統的季節性預期。所以，Q3 和 Q4。在第二季末公佈更新目標時，這完全是計劃的一部分。所以，事情的發展完全符合我們的預期。

Shantanu, just a quick follow-up. On the Creative Cloud, where do you see the biggest next lever of growth? Is this coming international? Is it a new user type? The team addition seems like it's doing well. What's the next big wave you see that you have yet to hit?

Shantanu，我再補充一下。在 Creative Cloud 領域，您認為下一個最大的成長動力在哪裡？這會走向國際化嗎？這是新的使用者類型嗎？球隊新成員的加入似乎效果不錯。你認為下一個你尚未觸及的巨大浪潮是什麼？

Brent, firstly, with respect to Q2, we exceeded our ARR target that we had specified. We had expected $275 million. We came in at $285 million. And if you normalize for the 14-week quarter in Q1, you'll actually see it was extremely strong performance.

首先，就第二季而言，布蘭特原油的表現超過了我們所設定的年度經常性收入目標。我們原本預期營收為2.75億美元。我們最終的報價是2.85億美元。如果將第一季的 14 週數據進行標準化處理，你會發現它實際上表現得非常出色。

From the point of view of color, we said that we actually saw strength across all of the offerings as well as all of the geographies, and, I think I highlighted in particular, as the three-year ETLAs are all coming up for renewal, The first time around we had actually done a lot of the ETLAs as custom deals. Now we're seeing service as part of it.

從色彩的角度來看，我們表示，我們實際上在所有產品和所有地區都看到了強勁的勢頭，而且，我認為我特別強調的是，由於三年期的ETLA都即將續簽，我們第一次實際上做了很多ETLA定制交易。現在我們看到服務也成為其中的一部分。

The enterprise continues to be an opportunity. International, to your point, also continues to be an opportunity. We've always highlighted Japan and Germany, which are continuing to show progress against the migration goals that we have as well as new customer acquisition.

該企業仍然蘊藏著機會。正如您所說，國際市場仍然蘊藏著機會。我們一直專注於日本和德國，這兩個國家在實現我們設定的遷移目標以及獲取新客戶方面都持續取得進展。

Education also continues to be an area where we're seeing interest in the Creative suite. And I think if you see some of the announcements we made today, whether it was the new product in XD, adding virtual reality to premier, things that we're doing with touch, there's just so much innovation possible.

教育領域也持續受到對創意套件的關注。我認為，如果你看看我們今天發布的一些公告，無論是 XD 中的新產品，還是在 Premiere 中添加虛擬實境功能，以及我們在觸控方面所做的工作，你都會發現有很多創新的可能性。

I think the core elements of migrating existing customers, adding new customers and adding new services, we continue to be excited about the opportunity ahead of us. It's actually pretty interesting that three years into the transition we expect record net ARR add in 2016. I think by all accounts, that's great performance.

我認為，遷移現有客戶、增加新客戶和增加新服務是關鍵要素，我們對未來的機會感到興奮。實際上，很有趣的是，轉型三年後，我們預計 2016 年淨 ARR 成長將創歷史新高。我認為無論從哪個角度來看，這都是非常出色的表現。

Thank you, Shantanu.

謝謝你，沙塔努。

Your next question comes from the line of Sterling Auty with JPMorgan. Your line is open.

你的下一個問題來自 Sterling Auty 與摩根大通的合作計畫。您的線路已開通。

Yes, thanks. Hi, guys. I know that you're no longer disclosing the numbers around Creative Cloud. But triangulating some of the commentary on ETLA renewals, increase in ARPU, might have some people wondering qualitatively was there any softness in terms of the net increase in Creative Cloud subs in the quarter.

好的，謝謝。嗨，大家好。我知道你們不再公開有關 Creative Cloud 的數據了。但結合一些關於 ETLA 續訂和 ARPU 成長的評論，可能會讓一些人懷疑，本季 Creative Cloud 訂閱用戶淨成長是否有疲軟跡象。

Sterling, we were expecting multiple people would ask us that. We had a great quarter in subs. ARR continues to be where we're focusing. No issues there whatsoever. Great quarter.

斯特林，我們預料到會有很多人問我們這個問題。我們本季在替補隊員方面表現出色。ARR（年度經常性收入）仍然是我們關注的重點。完全沒問題。很棒的季度。

All right. Great. Thanks, guys.

好的。偉大的。謝謝各位。

Your next question comes from the line of Ross MacMillan with RBC Capital Markets. Your line is open.

你的下一個問題來自加拿大皇家銀行資本市場的羅斯麥克米倫。您的線路已開通。

Thanks a lot. Mark, just wanted to drill in on Digital Marketing. In Q1 the Digital Marketing subscription revenue grew 25%. We get that in the filing. I wondered if you had that subscription revenue growth in 2Q. And in context of that, when you talk about 20% overall growth, what will that subscription revenue grow at, ballpark, for the year, do you think? Thanks.

多謝。馬克，我只是想深入探討數位行銷。第一季數位行銷訂閱收入成長了25%。我們在文件中看到了這一點。我想知道你們第二季度的訂閱收入是否有所成長。在此背景下，如果您談到 20% 的整體成長，您認為訂閱收入今年的大致成長幅度會是多少？謝謝。

Let me answer that a slightly different way. I may have to get a little bit more detail for you later, Ross. But in Q1 the subscription revenue that you see that was reported had an extra week, and that week we said on the Q1 earnings call was worth $75 million in total revenue, but the bulk of that is subscription oriented.

我換個方式回答這個問題。羅斯，我可能稍後需要了解更多細節。但你在第一季看到的訂閱收入報告中包含了一周的數據，我們在第一季財報電話會議上說，那一周的總收入為 7500 萬美元，但其中大部分是訂閱收入。

Again, in Q1 we had that extra week we talked about of revenue which was worth $75 million. The bulk of that is going to be subscription oriented revenue. So when you look at sequentially the subscription revenue that we report from Q1 to Q2, it's definitely muted by the fact that you had an extra week in Q1. So, there is really strong growth in subscription revenue in Q2.

同樣，在第一季度，我們多出了一周的收入，正如我們之前提到的，這部分收入價值 7500 萬美元。其中大部分將來自訂閱收入。因此，當我們按季度查看我們從第一季到第二季報告的訂閱收入時，由於第一季多出了一周，訂閱收入的成長肯定會受到影響。因此，第二季訂閱收入實現了強勁成長。

The other thing, Ross, I would just add is, as expected, the amount of perpetual revenue that we're seeing in the Digital Marketing business is decreasing and becoming immaterial. So, I think the health of the business is driven by bookings and converting the bookings to revenue.

羅斯，我還想補充一點，正如預期的那樣，我們在數位行銷業務中看到的持續收入正在減少，並且變得無關緊要。所以，我認為企業健康狀況取決於預訂量以及將預訂量轉化為收入的能力。

Your next question comes from the line of Kash Rangan with Bank of America-Merrill Lynch. Your line is open.

你的下一個問題來自美國銀行美林證券的 Kash Rangan。您的線路已開通。

Hey, thanks and congratulations on still continuing to be the gold standard for these model transitions. One clarification for you, Mark. When you look at the Creative revenue number, Q1 was significantly better than expected. How much of the Creative revenue performance itself this quarter is more so the normalization because you do not have the extra week and therefore you're forecasting a number of guiding to a number that's closer to where you landed vis-a-vis any changes in the linearity or trends in the business this quarter, vis-a-vis the previous quarter? And I have a quick follow-up. Thank you.

嘿，謝謝，也恭喜你們繼續保持這些模型過渡領域的黃金標準。馬克，我有個問題要跟你澄清一下。從創意業務的營收數據來看，第一季的表現明顯優於預期。本季創意收入表現本身有多少是正常化的結果，因為沒有額外的一周時間，所以您預測的數字更接近您最終得出的數字，而沒有考慮本季度業務線性或趨勢的任何變化，與上個季度相比？我還有一個後續問題。謝謝。

Yes, Kash, it's really driven by the extra week. Like I said, $75 million in Q1 came from that extra week. That $75 million is driven by subscription revenue which would be both Digital Media and Digital Marketing. There's no change to the core underlying businesses. It's really just driven by that extra week.

是的，卡什，這確實是多出來的一周時間促成的。正如我所說，第一季的 7500 萬美元收入來自那額外的一周。這7500萬美元主要來自訂閱收入，包括數位媒體和數位行銷兩方面。核心業務沒有任何變化。這完全是因為多出來的那一週。

Got it. With respect to Street numbers, your guidance certainly, at the low end of the range, is a little bit below, considering that you're very consistent, a little below the Street expectations. Is that primarily due to the Marketing Cloud side? You correctly pointed out that you have a tough comparison to the perpetual induced Q3. Is that all there is to it with respect to how your guidance shakes out relative to the rest of the Street, or is there other pieces to the guidance that explains the discrepancy, at least where our models were? And that's it for me. Thank you again.

知道了。就華爾街的預期數字而言，你的指導意見在範圍的下限確實略低於預期，考慮到你一貫的預測，這略低於華爾街的預期。這主要是行銷雲方面的問題嗎？您正確地指出，與永動機 Q3 相比，這是一個棘手的問題。就你們的指導意見與華爾街其他機構的指導意見之間的差異而言，是否就只有這些？還是說，指導意見中還有其他因素可以解釋這種差異，至少在我們模型所依據的範圍內？我的故事就到此為止了。再次感謝。

As Shantanu and I have both said, we expect to meet or exceed all of our FY16 targets, and these are targets that we raised after Q1. We didn't give specific Q3 and Q4 targets but what we're laying out now for the rest of the year is very consistent with the quarterly color we provided. And it's also very similar to what you saw last year in terms of seasonality. There is still seasonality as it relates to revenue in Q3, Q4.

正如 Shantanu 和我之前所說，我們預計能夠達到或超過 2016 財年的所有目標，而這些目標都是我們在第一季之後提出的。我們沒有給出具體的第三季度和第四季度目標，但我們現在為今年剩餘時間制定的計劃與我們之前提供的季度業績展望非常一致。而且，就季節性而言，它也與去年的情況非常相似。第三季和第四季的營收仍有季節性影響。

So, I think what you're seeing from us is exactly what we would have expected, exactly consistent with what we've been saying all year long. It's probably just driven by the fact that we didn't give specific targets in Q3 and Q4.

所以，我認為你們現在看到的正是我們所預期的，與我們一年來一直所說的完全一致。這很可能是因為我們在第三季和第四季沒有給出具體目標。

Actually you did point out deceleration on the March quarter call in Digital Marketing upcoming in Q3. So, you did give us a bit of a heads up.

事實上，您在三月的季度電話會議上確實指出了第三季數位行銷業務成長放緩的問題。所以，你確實提前通知了我們一些資訊。

Yes.

是的。

Kash, the other thing that's really happening is, from our point of view, Mark and mine, the quarters are playing out exactly as expected. And when you see the percentage of revenue right now that's recurring, when you look at it relative to the mid point of what we specified in Q2, it was an outstanding quarter from our point of view. And our ability to predict the revenue is actually getting better and better.

卡什，還有一件事確實發生了，從我們（馬克和我）的角度來看，這幾個季度的比賽進程完全按照預期進行。當你看到目前經常性收入的百分比，再看看我們在第二季設定的中點，從我們的角度來看，這是一個非常出色的季度。我們預測收入的能力其實越來越好了。

I think when you look at some of the ranges that used to be the traditional part of our business, when the amount of perpetual was different, the good news from our point of view is the business is actually becoming more predictable and we have more visibility. So it's playing out like we had thought.

我認為，回顧我們業務中一些曾經的傳統部分，當永續年金的數額不同時，從我們的角度來看，好消息是業務實際上變得更加可預測，我們也擁有了更大的可見性。事情的發展正如我們所預想的。

Congrats, gents.

恭喜各位！

Your next question comes from the line of Walter Pritchard with Citi. Your line is open.

你的下一個問題來自花旗銀行的華特‧普里查德。您的線路已開通。

Hi. Thanks. Shantanu, wondering if you could talk about larger M&A and how that influences your strategy here as you're looking at growth in the digital marketing space, and how willing you are to step up to do a large deal, and what that deal might look like if you were looking to step up and do something more than $1 billion.

你好。謝謝。Shantanu，我想請你談談大型併購，以及它如何影響你在數位行銷領域的成長策略，你有多大意願進行大型交易，以及如果你打算進行超過 10 億美元的交易，這筆交易可能會是什麼樣子。

Walter, I think from our point of view, when we look at the overall opportunity, we've estimated it as approximately $27 billion. We don't think any single adjacency is going to impact our ability to either differentiate or continue to lead the market. We have very established criteria. We look at strategic expansion, we look at cultural fit and we look at healthy financial returns. And if something meets those criteria, we will engage. If something doesn't, we will continue to focus on our organic growth opportunities, which are outstanding.

沃爾特，我認為從我們的角度來看，當我們審視整體機會時，我們估計其規模約為 270 億美元。我們認為任何單一的鄰近因素都不會影響我們實現差異化或繼續引領市場的能力。我們有非常完善的標準。我們著眼於策略擴張、文化契合度以及健康的財務回報。如果符合這些標準，我們會參與。如果情況沒有好轉，我們將繼續專注於我們卓越的內生成長機會。

The second thing I would say is that, specifically as it relates to our focus, as we are delivering the platform, more and more of this actually represents a partner ecosystem. And I would suspect that commerce is on some people's minds relative to what our strategy is. And we continue to partner with multiple companies, whether it's IBM, SAP or Demandware because we control the entire digital experience and we partner with them, with Demandware on the specific retail vertical as well as physical goods.

第二點我想說的是，具體到我們的重點，隨著我們交付平台，這越來越體現出合作夥伴生態系統的特徵。我懷疑，在某些人看來，商業因素與我們的策略息息相關。我們繼續與多家公司合作，無論是 IBM、SAP 還是 Demandware，因為我們掌控整個數位體驗，我們與他們合作，與 Demandware 在特定的零售垂直領域以及實體商品方面合作。

If you think about the much larger opportunity that exists there, it's around non-physical commerce and we have partnerships there, as well. Net, I would say we feel really good about our organic growth prospects and we will continue to be disciplined about looking at potential adjacencies.

如果你考慮到那裡存在的更大機遇，那就是非實體商業，而我們在這方面也有合作關係。總的來說，我們對自身的有機成長前景感到非常樂觀，我們將繼續保持嚴謹的態度，尋找潛在的鄰近領域。

Okay. Thank you.

好的。謝謝。

Your next question comes from the line of Keith Weiss with Morgan Stanley. Your line is open.

你的下一個問題來自摩根士丹利的基斯‧韋斯。您的線路已開通。

Excellent. Thank you, guys, for taking the question, and nice quarter. Just in terms of your overall macro, one of the things that we picked up in our checks was a potential forced pause in spending, particularly in the UK, maybe more broadly in Western Europe, ahead of the Brexit vote. Did you see any of that in your quarter at all, any indication that guys are just maybe pausing ahead of that period of uncertainty? And was there any of that reflected in your guidance, any of that uncertainty?

出色的。謝謝各位回答這個問題，這季過得很好。就宏觀經濟整體而言，我們在檢查中發現的一件事是，在英國脫歐公投之前，支出可能會被迫暫停，尤其是在英國，也許在更廣泛的西歐也是如此。你在季度報告中有沒有看到任何類似跡象，或者說球員們是否在不確定時期到來之前有所觀望？你的指導方針中是否體現了這些因素或不確定性？

No, Keith, we neither saw any weakness, nor do we think that there's any impact to the macroeconomic opportunity that we have in those countries. As I said, there isn't a customer on the planet that we go visit where digital disruption is not top of mind. It's a line item in everybody's budget, and they're all talking about how they can aggressively transition to digital experiences. So, our conversation with them is front and center.

不，基思，我們既沒有看到任何疲軟跡象，也不認為這會對我們在這些國家的宏觀經濟機會產生任何影響。正如我所說，我們拜訪的每一位客戶，都將數位化顛覆放在首位。這是每個人預算中的一項支出，他們都在討論如何積極轉型為數位化體驗。所以，我們與他們的對話是重中之重。

Got it. Thank you very much.

知道了。非常感謝。

Your next question comes from the line of Heather Bellini with Goldman Sachs. Your line is open.

你的下一個問題來自高盛的 Heather Bellini。您的線路已開通。

Great. Thank you. I actually had two questions. The first one was related to Adobe Stock. Now that that deal has been closed for about a year and a half, just wondering if you could share with us how your strategy with that has been evolving, and any stats you could share with us about that driving incremental ARR.

偉大的。謝謝。我其實有兩個問題。第一個例子與Adobe Stock有關。現在這筆交易已經完成大約一年半了，我想知道您能否與我們分享您的策略是如何演變的，以及您能否與我們分享一些關於這筆交易如何推動 ARR 增長的數據。

And then the second question, Mark, is, you guys have been exceptional in terms of your operating expense control. If we do, however, look at what you're forecasting or what's implied in your forecast in the back half of the year, there is a pretty material ramp that you're baking in. I was wondering if you could just give us a sense of what those incremental investments might be. Thank you.

第二個問題是，馬克，你們在營運費用控制方面做得非常出色。但是，如果我們看一下你對下半年的預測或是你的預測中隱含的內容，就會發現你已經考慮到了相當大的成長幅度。我想請您簡要說明一下，這些新增投資可能具體是多少。謝謝。

I'll take the first, Heather, with respect to Adobe Stock. I think the big picture opportunity has always been that the people who both contribute to the stock ecosystem and the people who use Stock in order to create their compositions both are Adobe customers. I think when you look at the number of people who are using Adobe Stock, the percentage of them who are CC subscribers is a very high percentage. Clearly we are targeting folks who are already have a strong affinity towards our products strategically and view this as a value-added service.

關於 Adob​​e Stock，Heather，我先回答第一個問題。我認為，從長遠來看，機會一直在於，無論是為素材庫生態系統做出貢獻的人，還是使用素材庫來創作作品的人，他們都是 Adob​​e 的客戶。我認為，從使用 Adob​​e Stock 的人數來看，CC 訂閱用戶的比例非常高。顯然，我們的目標客戶是那些已經對我們的產品抱持強烈好感，並將此視為增值服務的人群。

With respect to how we are going to market, Heather, we have offerings that allow people who have a CC subscription to add a Stock subscription to that. And we also offer a complete offering which includes both access to CC desktop applications, as well as Stock. And we're seeing uptake in both of those categories in addition to the traditional on-demand business that existed in Stock.

關於我們的市場推廣方式，Heather，我們提供的產品可以讓擁有 CC 訂閱的用戶增加股票訂閱。我們還提供完整的解決方案，包括存取 CC 桌面應用程式和 Stock。除了 Stock 中原有的傳統按需業務之外，我們還看到這兩個類別的業務都在成長。

When I look at the revenue numbers over the last three quarters, we've been seeing good growth in the Adobe Stock line item across all three quarters. So, it's leading to both revenue as well as ARPU and ARR.

從過去三個季度的營收數據來看，Adobe Stock 專案在這三個季度都實現了良好的成長。因此，它既能提高收入，又能提高每位用戶平均收入 (ARPU) 和年度經常性收入 (ARR)。

And, Heather, as it relates to OpEx, I know this has been a question on analysts' minds for a while. We do have enough OpEx in our model, whether it's this year's model or the three-year model that we provided, to make sure that we can grow the business the way we want to grow the business. That growth is going to require sales capacity in Digital Marketing, and it's going to require marketing activities in Digital Media. And of course we're going to constantly invest in R&D. That's where it goes.

希瑟，關於營運支出，我知道這個問題已經困擾分析師們一段時間了。無論是今年的營運模式還是我們提供的三年期營運模式，我們的營運支出都足以確保我們能夠以我們想要的方式發展業務。這種成長需要數位行銷方面的銷售能力，也需要數位媒體方面的行銷活動。當然，我們也會持續加大研發投入。它就放在那裡。

To the extent that in any given quarter we don't need it, and we don't have a responsible place to put it, we're going to give it back to shareholders. And that's what you've seen from us in the last couple of quarters. And you know over many years that when we control costs and don't have a short-term need to make those investments, we'll provide it back to you in the form of upside to EPS.

如果某個季度我們不需要這筆資金，而且我們也沒有合適的地方存放它，我們將把這筆資金回饋給股東。這就是你們在過去幾個季度從我們這裡看到的。你知道，多年來，當我們控製成本，並且沒有短期投資需求時，我們會以每股收益成長的形式將這些收益回報給你。

Thank you very much.

非常感謝。

Your next question comes from the line of Mark Moerdler with Bernstein Research. Your line is open.

你的下一個問題來自伯恩斯坦研究公司的馬克‧莫德勒。您的線路已開通。

Thank you very much. Can you give us some more color on the Document Cloud transition to subscription, how that's progressing, when and if we could see a bigger inflection, how we should think about the whole process going forward?

非常感謝。您能否詳細介紹 Document Cloud 向訂閱模式的過渡情況，目前的進展如何，何時以及是否會有更大的轉折點，以及我們應該如何看待未來的整個過程？

Yes, Mark, we had a strong quarter in the Document Cloud. And, as you know, a significant portion of what we are seeing even with the Creative customers is adoption of the new Acrobat. Adobe Sign also continues to do well. That's represented in the Document Cloud business.

是的，馬克，我們在文檔雲端業務方面取得了強勁的季度業績。而且，如您所知，即使在 Creative 客戶中，我們也看到很大一部分人採用了新的 Acrobat。Adobe Sign 的表現也持續良好。這一點在文檔雲端業務中得到了體現。

So, if I look at it quarter over quarter, that business continues to show momentum. We think there's significant opportunity ahead of us. We've stated in the past that we have over 30 million people who have bought a perpetual or traditional version of Acrobat. That represents opportunities. And that migration to subscription will be more muted overall than the Creative business.

所以，如果我按季度來看，這項業務繼續保持成長勢頭。我們認為前方蘊藏著巨大的機會。我們之前說過，有超過 3000 萬人購買了 Acrobat 的永久版或傳統版。這代表著機會。而且，這種向訂閱模式的遷移整體上會比創意產業的遷移更為緩慢。

But on Adobe.com we're actually seeing mostly adoption of the subscription version of the Document Cloud. So, pleased with the business and continue to think that that's a growth opportunity for us.

但在 Adob​​e.com 上，我們看到的主要是 Document Cloud 的訂閱版本。所以，我對業務發展感到滿意，並繼續認為這對我們來說是一個成長機會。

Thank you.

謝謝。

Your next question comes from the line of Steve Ashley with Robert W. Baird. Your line is open.

你的下一個問題來自史蒂夫·阿什利和羅伯特·W·貝爾德的系列文章。您的線路已開通。

I was going to ask a Document Cloud question, as well. And specifically, (inaudible) the Cloud has allowed you to augment and change your go-to-market strategy, and are you trying to also push adoption within larger Creative accounts with the Document Cloud?

我也正打算問一個關於 Document Cloud 的問題。具體來說，（聽不清楚）雲端技術讓您能夠增強和改變您的市場推廣策略，您是否也在嘗試透過文件雲來推動大型創意客戶採用該技術？

Steve, you broke up a little bit, but if the question was around what we are doing with respect to cross-selling each of our clouds into enterprise customers, yes, we are seeing significant progress with that. Specifically, I would say in three areas. The first area is in what we've done with mobile and combining the DPS offering with AEM mobile and now providing a one-stop shop for whether they were Creative customers or digital marketing customers with our mobile publishing suite.

史蒂夫，你剛才有點語無倫次了，但如果問題是關於我們如何向企業客戶交叉銷售我們的每項雲端服務，那麼是的，我們在這方面取得了顯著進展。具體來說，我認為主要體現在三個方面。第一個方面是我們所做的行動裝置工作，我們將 DPS 產品與 AEM 行動版結合，現在透過我們的行動發布套件，為創意客戶或數位行銷客戶提供一站式服務。

The second area is in the cross-integration between Adobe Sign as well as AEM forms, thereby, allowing people to automate their inefficient paper-based processes. And the third area of cross-cloud integration and selling that we're doing is in the Creative Cloud enterprise offering, where people both have access to all of the Creative Cloud desktop applications, as well as asset management through our digital marketing solutions, to improve their content velocity. So, those are the three areas where we're continuing to both see traction from our customers, cross-sell into those specific accounts, and continue with innovation on an integration.

第二個方面是 Adob​​e Sign 和 AEM 表單之間的交叉集成，使人們能夠自動化低效的紙質流程。我們正在進行的第三個跨雲端整合和銷售領域是 Creative Cloud 企業產品，用戶既可以存取所有 Creative Cloud 桌面應用程序，也可以透過我們的數位行銷解決方案進行資產管理，從而提高內容製作速度。所以，以上三個領域，我們持續獲得客戶的認可，向這些特定客戶進行交叉銷售，並在整合方面繼續進行創新。

Perfect. Thank you,.

完美的。謝謝你，。

Your next question comes from the line of Jay Vleeschhouwer with Griffin Securities. Your line is open.

你的下一個問題來自 Griffin Securities 的 Jay Vleeschhouwer。您的線路已開通。

Thanks. Good evening. Shantanu, at Summit three months ago and again today on the call you highlighted Audience Manager among your Marketing Cloud solutions. I'm wondering if you are anticipating a significant reranking, let's say, of the various solutions that comprise total Marketing Cloud revenues. Could Audience Manager in effect become the next AEM as a major driver to growth of total Marketing Cloud?

謝謝。晚安.Shantanu，三個月前的高峰會上以及今天在電話會議上，您都重點介紹了 Marketing Cloud 解決方案中的 Audience Manager。我想知道您是否預期構成行銷雲總收入的各種解決方案的排名會發生重大調整。Audience Manager 能否像 AEM 一樣，成為推動整個行銷雲端成長的主要動力？

Also, at Summit you had said, almost in passing, at the investor meeting that you were experimenting with a new kind of licensing or usage model. If you have any update on that. And just a quick follow-up for Mark.

另外，在高峰會上，您在投資者會議上幾乎是順便提了一下，您正在嘗試一種新的許可或使用模式。如果您有任何最新消息，請告知。還有一個問題想問馬克。

Sure, Jay. I think both of those relate to the big picture question of how are we making progress, both migrating from individual solutions to customers adopting our entire digital marketing platform. I think the big three as it relates to solution revenue continued to be the Adobe Analytics, the Adobe experience Manager as well as the Adobe campaign Solutions.

當然可以，傑伊。我認為這兩件事都與我們如何取得進展這個大問題有關，都是從個別解決方案過渡到客戶採用我們整個數位行銷平台。我認為就解決方案收入而言，三大主要產品仍然是 Adob​​e Analytics、Adobe Experience Manager 和 Adob​​e Campaign Solutions。

But I think what's really exciting about Adobe Audience Manager is that it's one of the core services that's helping integrate all of these other three products into more meaningful offering to marketers and chief revenue and chief digital officers. And the traction that we're seeing with that, I think reflects the growing trend in the industry, where people don't want to buy individual solutions but they want to buy an entire platform that they can deploy and see the benefit of it easily. , o I think that's the reason to highlight the success that we're seeing with Audience Managers as a core service.

但我認為 Adob​​e Audience Manager 真正令人興奮的地方在於，它是幫助將其他三個產品整合起來，為行銷人員、首席營收長和首席數位長提供更有意義的產品的核心服務之一。我認為，我們目前看到的這種趨勢反映了行業內日益增長的趨勢，即人們不想購買單一解決方案，而是想購買一個完整的平台，以便輕鬆部署並從中受益。我認為，這正是我們應該強調受眾管理作為核心服務所取得的成功的原因。

And with respect to your second question, we're continuing to clearly see that the multi-product solutions are being adopted, and that will continue to be our focus and delivery.

關於你的第二個問題，我們繼續清楚地看到多產品解決方案正在被採用，這將繼續是我們的重點和交付方向。

For Mark, you appear to have had record revenue for services. We've talked about this subject the last couple of quarters. On the other hand, your margins improved in services sequentially and year over year. So, the question is, do you think you can keep services margins stable or perhaps on some upward path as we saw in Q2? And is the services growth driven by both Creative Cloud and Marketing Cloud or one more than the other?

馬克，你的服務收入似乎創下了歷史新高。過去幾季我們都討論過這個話題。另一方面，您的服務利潤率環比和年比均有所提高。所以問題是，您認為您能否保持服務利潤率穩定，或者像我們在第二季度看到的那樣，保持一定的成長勢頭？服務成長是由 Creative Cloud 和 Marketing Cloud 共同推動的，還是其中一方的貢獻更大？

The services growth is really driven by Marketing Cloud. As we do larger engagements with customers, as we deploy multiple solutions within customers, they want us to help them get the ROI out of that purchase and they're coming to us for implementation help. That's what's driving the marketing consulting.

服務成長其實是由行銷雲推動的。隨著我們與客戶的合作越來越深入，隨著我們在客戶內部部署多個解決方案，他們希望我們幫助他們從購買中獲得投資回報，因此他們會來尋求我們的實施協助。這就是推動行銷諮詢業務發展的因素。

And yes, Jay, obviously I'm focused on the margin in that business. It's going to be deal specific from time to time, but overall I'd like to see the margins in that business continue to get better.

是的，傑伊，顯然我關注的是這個行業的利潤率。具體情況會因交易而異，但總體而言，我希望看到該業務的利潤率繼續提高。

Thank you.

謝謝。

Your next question comes from the line of Michael Nemeroff with Credit Suisse. Your line is open.

你的下一個問題來自瑞士信貸的邁克爾·內梅羅夫。您的線路已開通。

Hi. Thanks. Great, thanks for taking my questions. I'm curious if maybe you could help us with how many more customers there are left to convert to the Creative Cloud from the Creative Suite, and maybe just a sense of what inning we're in. And then also if you could maybe comment a little further on the ETLA strength in the quarter. Shantanu, I think you had mentioned that you were starting to see some contracts from a couple of years ago start to come up for renewal. Should investors and should we expect that the strength in ETLA renewals is going to be similar to what we saw this quarter?

你好。謝謝。太好了，謝謝你回答我的問題。我很好奇您是否能幫我們估算一下還有多少客戶需要從 Creative Suite 轉換到 Creative Cloud，以及我們目前處於哪個階段。另外，您能否再就ETLA在本季的表現做一些補充說明？Shantanu，我想你之前提到過，你開始看到幾年前的一些合約即將到期需要續約。投資者和我們是否應該預期ETLA續保的強勁勢頭將與本季類似？

I think with respect to your first question on installed base migration, as you know, we don't update those on every quarter but I'd encourage you to look at the last numbers that we had at our MAX event, and you will see there's still very significant opportunity in both migration as well as market and value expansion. And I think those numbers still show significant head room relative to where we are today. So, I think that's a good metric for you to look at.

關於您提出的第一個問題，即已安裝基礎遷移，正如您所知，我們不會每個季度都更新這些數據，但我建議您查看我們在 MAX 活動上公佈的最新數據，您會發現，無論是遷移還是市場和價值擴張，仍然存在非常大的機會。我認為這些數字仍然表明，相對於我們目前的狀況，我們還有很大的發展空間。所以，我認為這是一個很好的參考指標。

I think with enterprise ETLAs, three years ago when we started this move of having enterprise customers license our software rather than buy it outright, we were just starting on this journey. And it was nice, as those three-year terms are coming up, to see that there's actually fairly nice upsell associated with that. People are now adopting the entire Creative Cloud. They may have only had single applications there and are adopting services.

我認為，三年前，當我們開始讓企業客戶以許可方式購買我們的軟體而不是直接購買時，我們才剛開始企業級 ETLA 的旅程。令人欣慰的是，隨著三年合約期限的臨近，實際上還有相當不錯的追加銷售方案。人們現在正在全面採用 Creative Cloud。他們可能之前只在那裡提交過單一申請，現在正在採用其他服務。

So, we certainly will continue to focus on that trend of driving significant upsell as people come up for retention and demonstrating the value. We're pleased with it and certainly from an execution point of view we're going to focus on continuing to drive that over the next few years.

因此，我們肯定會繼續關注這一趨勢，即在客戶進行續訂時推動顯著的追加銷售，並向他們展示價值。我們對此感到滿意，而且從執行的角度來看，我們肯定會在未來幾年繼續專注於推進這項工作。

And could you talk about the pricing dynamics on those renewals?

您能否談談這些續約的定價動態？

I think the pricing dynamic has such a different range associated with it. It's very large ranges as a result of the size of the installed base. But as we look at it, we'd like that to be greater than either the individual or the team for a number of our customers. And so it's driving overall ARR and ARPU up from what other customers might pay.

我認為定價動態與之相關的範圍非常廣泛。由於用戶基數龐大，其覆蓋範圍非常廣。但從我們的角度來看，我們希望對於我們的許多客戶來說，這個數字能夠大於個人或團隊的平均值。因此，與其他客戶可能支付的價格相比，它推高了整體 ARR 和 ARPU。

Thanks for taking my questions.

謝謝您回答我的問題。

Our last question comes from the line of Ross MacMillan with RBC Capital Markets. Your line is open.

最後一個問題來自加拿大皇家銀行資本市場的羅斯·麥克米倫。您的線路已開通。

Thank you. I just had one follow-up. Mark, obviously on operating expense your growth rates here have been running at around headcount growth levels. And I just wondered, as we think about going forward, should that still continue to be the case or could there be any material diversion from headcount growth and OpEx growth in the future? Thanks so much.

謝謝。我剛剛還有一次後續跟進。馬克，顯然，就營運費用而言，你們的成長率一直與員工人數成長率大致相當。我想知道，當我們展望未來時，這種情況是否應該繼續下去，或者未來在人員成長和營運支出成長方面是否有可能出現實質的轉變？非常感謝。

As a software company, we're going to be tied pretty tightly to headcount. OpEx is going to be tied pretty tightly to headcount, so I think you'd see them track pretty closely together.

作為一家軟體公司，我們的人員配置會受到很大限制。營運支出將與員工人數密切相關，所以我認為你會看到它們走勢非常接近。

Ross, thanks for asking that question. I think from my point of view as well as the management team, 2016 is shaping up to be a great year. As you know, we raised our annual revenue target at the end of Q1, as well as our Digital Media annualized recurring revenue target. It was good to confirm that we're on track to meet or exceed these financial targets.

羅斯，謝謝你提出這個問題。我認為，從我以及管理團隊的角度來看，2016年將會是輝煌的一年。如您所知，我們在第一季末提高了年度營收目標，以及數位媒體年度經常性營收目標。很高興確認我們正按計劃實現或超過這些財務目標。

I'm particularly pleased with the Digital Media ARR, where three years into the transition we continue to expect to add record bookings that exceed the $1 billion that we added last year. And in Digital Marketing, we continue to be the leader in this explosive customer experience category.

我對數位媒體 ARR 尤其感到滿意，轉型三年以來，我們預計新增預訂量將超過去年新增的 10 億美元。在數位行銷領域，我們繼續保持著在這個蓬勃發展的客戶體驗領域的領先地位。

I think most important, though, for me, we continue to innovate in our major businesses. If you saw the announcements we made, both at Digital Marketing Summit in terms of the additions to the marketing platform road map, as well as what we've announced both for Document Cloud and today for Creative Cloud, I think that positions us incredibly well for FY17 and beyond.

不過，對我來說，最重要的是，我們要在主要業務領域不斷創新。如果您看到了我們在數位行銷高峰會上發布的關於行銷平台路線圖新增功能的公告，以及我們針對 Document Cloud 和今天針對 Creative Cloud 發布的公告，我認為這讓我們在 2017 財年及以後都處於非常有利的地位。

And from all of the questions that were asked, we certainly believe that we have leverage in our model. And we continue to demonstrate tremendous financial discipline on the expense front and we will continue to do that. So, thank you for joining us today.

從所有提出的問題來看，我們確信我們的模式具有優勢。我們繼續在支出方面展現出強烈的財務紀律，並將繼續這樣做。感謝各位今天收看我們的節目。

This concludes our call. Thanks, everyone.

通話到此結束。謝謝大家。

You may now disconnect.

您現在可以斷開連線了。