Adobe Inc (ADBE) 2016 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen. I would like to welcome you to the Adobe Systems third-quarter FY16 earnings conference call. All lines have been placed on mute to prevent any background noise.

女士們、先生們，午安。歡迎您參加 Adob​​e Systems 2016 財年第三季財報電話會議。所有線路均已靜音以防止任何背景噪音。

(Operator Instructions)

（操作員指令）

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

現在我想將電話轉給投資者關係副總裁 Mike Saviage 先生。先生，請繼續。

Good afternoon. Thank you for joining us today. Joining me on the call is Adobe's President and CEO, Shantanu Narayen, and Mark Garrett, Executive Vice President and CFO. In the call today we will discuss Adobe's third-quarter FY16 financial results. By now you should 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.

午安.感謝您今天加入我們。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 財年第三季的財務表現。現在您應該已經複製了我們的收益新聞稿，該新聞稿大約在一小時前發布。我們也在 Adob​​e.com 上發布了收益電話會議準備好的評論和幻燈片、財務目標和更新的投資者資料表的 PDF 版本。如果您想要這些文件的副本，您可以前往投資者關係頁面並在快速連結下找到它們。

Before 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, September 20, 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.

在開始之前，我們想強調一下，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前瞻性的產品計劃，是基於截至 2016 年 9 月 20 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收益新聞稿中的前瞻性聲明披露，以及 Adob​​e 的 SEC 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 be 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. I'll now turn the call over to Shantanu.

在本次電話會議中，我們將討論 GAAP 和非 GAAP 財務指標。兩者之間的對帳表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找到。請通話參與者註意，本次電話會議的音訊將在 Adob​​e Connect 中進行網路直播，並且將錄製以供播放。網路廣播的存檔將在 Adob​​e 投資者關係網站上提供約 45 天，並且歸 Adob​​e 所有。未經 Adob​​e 事先書面許可，不得重新錄製或以其他方式複製或散佈通話音訊和網路直播存檔。現在我將電話轉給 Shantanu。

Thanks Mike, and good afternoon. In Q3 Adobe delivered another record quarter with revenue of $1.46 billion, GAAP earnings per share of $0.54, and non-GAAP earnings per share of $0.75. These strong results are a reflection of our market leadership and momentum we have with Creative Cloud, Adobe Document Cloud and Adobe Marketing Cloud. We are enabling the world's leading brands to develop design and data-driven digital experiences for their customers across every channel. Our unique value proposition continues to distance Adobe from our competitors.

謝謝邁克，下午好。第三季度，Adobe 再創紀錄，營收為 14.6 億美元，GAAP 每股收益為 0.54 美元，非 GAAP 每股收益為 0.75 美元。這些強勁的業績反映了我們在 Creative Cloud、Adobe Document Cloud 和 Adob​​e Marketing Cloud 方面的市場領導地位和發展勢頭。我們正在幫助世界領先的品牌透過各個管道為其客戶開發設計和數據驅動的數位體驗。我們獨特的價值主張使 Adob​​e 繼續與競爭對手保持距離。

In our Digital Media segment we exited Q3 with $3.7 billion of annualized recurring revenue, or ARR, which represents an increase of $285 million quarter over quarter. The increase was a result of the continued adoption and retention of Creative Cloud and Document Cloud across all customer segments. Creative Cloud is a one-stop shop for creativity and design, offering the world's best creative apps, services and training as well as a vibrant marketplace and community. We achieved record Creative revenue of $803 million in Q3, which represents 39% year-over-year growth. Creative ARR grew in line with our expectations, and was driven by continued migration of creative suite users, the addition of new value to existing subscribers with services such as Adobe Stock, new customer acquisition in the education and hobbyist photography markets, and retention of existing subscribers.

在我們的數位媒體部門，我們在第三季結束時實現了 37 億美元的年化經常性收入（ARR），比上一季增加了 2.85 億美元。這一成長是由於所有客戶群持續採用和保留 Creative Cloud 和 Document Cloud。Creative Cloud 是一站式創意和設計商店，提供全球最好的創意應用程式、服務和培訓以及充滿活力的市場和社區。我們在第三季實現了創紀錄的 8.03 億美元的創意收入，年增 39%。創意 ARR 的成長符合我們的預期，主要得益於創意套件用戶的持續遷移、Adobe Stock 等服務為現有訂閱用戶帶來的新價值、在教育和業餘攝影市場的新客戶獲取以及現有訂閱用戶的保留。

Creative Cloud continues to deliver powerful new innovations across our segments at a rapid pace. As the leader in digital photography, Adobe has set the standard for professional-grade photography across cameras and mobile devices with Adobe DNG, a raw file format we created. As of last week's iOS 10 release, Adobe DNG is now supported natively by iOS and Android, and Lightroom is the first cross-platform app to empower users with an end-to-end raw mobile photography workflow for high-quality image capture and editing.

Creative Cloud 繼續快速為我們的各個領域提供強大的創新。作為數位攝影的領導者，Adobe 透過我們創建的原始檔案格式 Adob​​e DNG 為相機和行動裝置的專業級攝影樹立了標準。自上週 iOS 10 發布以來，Adobe DNG 現已得到 iOS 和 Android 的原生支持，而 Lightroom 是第一款跨平台應用程序，為用戶提供端到端原始移動攝影工作流程，以實現高質量的圖像捕捉和編輯。

New Creative Cloud innovation enables subscribers to design for emerging categories like Experience Design. Adobe XD, our solution for designing and prototyping websites and and mobile apps, continues to gain momentum among users and industry watchers. Although still only available as a preview release, last week it was selected as one of 15 winners in the Fast Company Innovation by Design Awards, a distinct honor given the 1,700 entries.

新的 Creative Cloud 創新使訂閱者能夠針對體驗設計等新興類別進行設計。Adobe XD 是我們用於設計和製作網站和行動應用程式原型的解決方案，它在用戶和行業觀察者中繼續獲得青睞。儘管目前還只是預覽版，但上週它被選為「Fast Company」創新設計獎的 15 位獲獎者之一，這對於 1,700 個參賽作品來說是一項非凡的榮譽。

Earlier this month we showcased Adobe's leadership in the video category, unveiling advancements in virtual reality, character animation and 3D at the IBC conference in Amsterdam. These new capabilities are enabling video creators of all kinds, from YouTubers to Hollywood studios, to create, deliver, monetize and measure innovative and immersive media across multiple screens. This morning we announced the beta release of our new Adobe Stock Contributor Site, which reduces the friction for Creative Cloud users to promote and sell their work. The new site is integrated with Creative Cloud apps and introduces auto-keywording, which uses machine learning algorithms to analyze and tag content, streamlining the submission process and increasing the discoverability of Adobe Stock content.

本月初，我們在阿姆斯特丹舉行的 IBC 會議上展示了 Adob​​e 在影片領域的領導地位，並揭曉了虛擬實境、角色動畫和 3D 方面的進步。這些新功能使各種影片創作者（從 YouTube 用戶到好萊塢工作室）能夠在多個螢幕上創建、交付、貨幣化和衡量創新和沈浸式媒體。今天早上，我們宣布發布新的 Adob​​e Stock 貢獻者網站測試版，它減少了 Creative Cloud 用戶推廣和銷售作品的阻力。新網站與 Creative Cloud 應用程式整合並引入了自動關鍵字功能，該功能使用機器學習演算法來分析和標記內容，簡化了提交流程並提高了 Adob​​e Stock 內容的可發現性。

In November we will hold our annual MAX Creativity Conference in San Diego. We expect this year's MAX to be the largest gathering ever of designers, photographers, filmmakers and other creative professionals from around the world. As always, we look forward to unveiling new technology at MAX including whole new categories of cloud-first creative solutions.

11 月，我們將在聖地牙哥舉辦年度 MAX 創意大會。我們預計今年的 MAX 將成為有史以來規模最大的全球設計師、攝影師、電影製作人和其他創意專業人士的聚會。與往常一樣，我們期待在 MAX 上推出新技術，包括全新類別的雲端優先創意解決方案。

The world's leading digital document service, Document Cloud, leverages PDF and enables businesses to transform inefficient paper-based processes to digital using Acrobat desktop and mobile apps, as well as integrated cloud services like Adobe Sign. In Q3, individual Acrobat subscription units exceeded perpetual units for the first time. And on Adobe.com over 90% of Acrobat customers chose the subscription offering. Document Cloud revenue was $187 million in Q3. Combined with Acrobat adoption reflected in Creative Cloud, Document Cloud continues to be an important growth business for Adobe.

全球領先的數位文件服務 Document Cloud 利用 PDF，使企業能夠使用 Acrobat 桌面和行動應用程式以及 Adob​​e Sign 等整合雲端服務將低效的紙本流程轉變為數位化流程。在第三季度，單一 Acrobat 訂閱單位數量首次超過永久訂閱單位數量。在 Adob​​e.com 上，超過 90% 的 Acrobat 客戶選擇了訂閱服務。Document Cloud 第三季的營收為 1.87 億美元。結合 Creative Cloud 中反映的 Acrobat 的採用，Document Cloud 繼續成為 Adob​​e 的重要成長業務。

In June we announced the Cloud Signature Consortium, a group comprised of leading industry and academic organizations committed to building a new open standard for cloud-based digital signatures across mobile and web, so anyone can digitally sign documents from anywhere. Adobe led the way in establishing PDF as a digital document standard. And is now raising the awareness of electronic signatures as a key to any business' digital transformation.

今年 6 月，我們宣布成立雲端簽名聯盟，該聯盟由領先的行業和學術組織組成，致力於為跨行動和網路的基於雲端的數位簽名建立新的開放標準，以便任何人都可以從任何地方對文件進行數位簽名。Adobe 率先將 PDF 確立為數位文件標準。現在，人們越來越意識到電子簽名是任何企業數位轉型的關鍵。

In our Digital Marketing segment, Adobe Marketing Cloud is the leader in enabling brands, government agencies and institutions to deliver great digital experiences across devices and channels. Whether it financial institutions, retail, travel and entertainment, or automotive, entire industries are experiencing disruption and aggressively deploying technology to drive stronger loyalty and growth. Success hinges on a strong foundation of content and data, which enable a deep understanding of customer needs, development and delivery of consistent, personalized experiences and the ability to monitor business performance in real-time.

在我們的數位行銷領域，Adobe Marketing Cloud 是幫助品牌、政府機構和機構跨裝置和管道提供出色數位體驗的領導者。無論是金融機構、零售、旅遊和娛樂或汽車，整個產業都在經歷顛覆，並積極部署技術以增強忠誠度和成長。成功取決於強大的內容和數據基礎，這使得我們能夠深入了解客戶需求、開發和提供一致的個人化體驗，並能夠即時監控業務績效。

In Q3 Adobe managed a record 23 trillion data transactions. Our customers in every major category of business are utilizing our machine learning algorithms to predict customer behavior and drive their business. Adobe Marketing Cloud solutions including Adobe Campaign, Adobe Audience Manager and Adobe Media Optimizer are achieving strong growth as our customers invest more in data-driven solutions.

第三季度，Adobe 管理的數據交易量創下了 23 兆的紀錄。我們各個主要業務類別的客戶都在利用我們的機器學習演算法來預測客戶行為並推動他們的業務。隨著我們的客戶對資料驅動解決方案的投資增加，Adobe Marketing Cloud 解決方案（包括 Adob​​e Campaign、Adobe Audience Manager 和 Adob​​e Media Optimizer）正在實現強勁成長。

In August Adobe Marketing Cloud once again played a key role in the digital broadcast of the Olympic Games. NBC Sports used Adobe Primetime to power the digital delivery of the 2016 Rio Olympics, the largest digital Olympic Games in history. In addition to being listed earlier this year as the Marketing Cloud platform category leader, Adobe Marketing Cloud was recognized by industry analysts during the quarter as a leader in categories such as mobile application development, cross-channel campaign management and enterprise marketing software. We continue to drive new logo wins and expand our business across geographies and vertical markets. Some Q3 customer wins include T-Mobile, Nordstrom, Subaru, SunTrust Bank, AstraZeneca and the State of Tennessee.

8 月份，Adobe Marketing Cloud 再次在奧運數位廣播中發揮了關鍵作用。NBC Sports 使用 Adob​​e Primetime 為 2016 年裡約奧運會提供數位化交付，這是歷史上規模最大的數位奧運會。除了今年稍早被列為 Marketing Cloud 平台類別領導者之外，Adobe Marketing Cloud 在本季還被產業分析師評為行動應用程式開發、跨通路行銷活動管理和企業行銷軟體等領域的領導者。我們將繼續推動新標誌的成功，並拓展跨地域和垂直市場的業務。Q3 的一些客戶包括 T-Mobile、Nordstrom、Subaru、SunTrust Bank、阿斯特捷利康和田納西州。

At the core of our business are the people that make it happen. As a software business, we know that employees are our most strategic asset, and we are committed to increasing diversity. We have broken new ground in terms of employee benefits like extended parental leave. And are implementing new programs including coding initiatives, focusing on young women. We were recently recognized as one of Forbes Most Innovative Companies. And we continue to garner Best Place to Work honors around the world, mostly recently in Australia and India. In addition our focus as a Company on the environment and sustainability is important to our employees and to many investors. We were pleased to learn Adobe has been selected as a component of the Dow Jones Sustainability World Index for the first time.

我們業務的核心是使之成為現實的人。作為一家軟體企業，我們知道員工是我們最具策略性的資產，我們致力於增加多元化。我們在延長育嬰假等員工福利方面取得了突破。並正在實施包括編碼計劃在內的新計劃，重點關注年輕女性。我們最近被《富比士》評為最具創新力的公司之一。我們繼續在世界各地獲得「最佳工作場所」的榮譽，最近主要是在澳洲和印度。此外，作為一家公司，我們對環境和永續發展的關注對我們的員工和許多投資者來說非常重要。我們很高興得知 Adob​​e 首次入選道瓊斯永續發展世界指數。

Today every company is under pressure to be more connected and in tune with its customers; to know their history, their preferences and to create and deliver powerful, personalized experiences to them anywhere they go. Content and data are at the core of these exceptional experiences. And Adobe is the only Company that brings these critical capabilities together in our market-leading cloud solutions. The market opportunity is significant. Our strategy is sound. And our results demonstrate the leverage in our model. All of these are what make us excited about the opportunities ahead. Mark?

當今，每家公司都面臨著與客戶建立更緊密聯繫和協調的壓力；了解他們的歷史、喜好，並在他們所到之處創造和提供強大、個人化的體驗。內容和數據是這些非凡體驗的核心。Adobe 是唯一將這些關鍵功能融入其市場領先的雲端解決方案的公司。市場機會巨大。我們的策略是合理的。我們的結果證明了我們的模型的槓桿作用。所有這些都讓我們對未來的機會感到興奮。標記？

Thanks, Shantanu. In the third quarter of FY16 Adobe achieved record revenue of $1.464 billion, which represents 20% year-over-year growth. GAAP diluted earnings per share in Q3 were $0.54. And non-GAAP diluted earnings per share were $0.75. Strong performance across our three cloud offerings help to deliver revenue towards the high end of our targeted range. Our cost discipline helped to deliver earnings upside, while we continue to invest in the business to drive future growth.

謝謝，Shantanu。2016財年第三季度，Adobe營收創歷史新高，達14.64億美元，較去年同期成長20%。第三季 GAAP 攤薄每股收益為 0.54 美元。非公認會計準則每股攤薄收益為 0.75 美元。我們三大雲端產品的強勁表現有助於我們實現營收至目標範圍的高端。我們的成本控制有助於實現獲利成長，同時我們將繼續對業務進行投資，以推動未來成長。

Highlights in our third quarter include: solid growth with Digital Media ARR, we achieved our target of $285 million net new ARR during what is typically a seasonally soft quarter, and keeps us on pace to achieve our annual target that we increased earlier this year; record creative revenue of $803 million, which represents 39% year-over-year growth; record Adobe Marketing Cloud revenue of $404 million, which represents 10% year-over-year growth and was above our target for the quarter; strong growth in operating and net income, record cash flow from operations and deferred revenue, and 83% of Q3 revenue from recurring sources, an all-time high. In Digital Media, we grew segment revenue by 29% year over year. The addition of $285 million net new Digital Media ARR during the quarter grew total Digital Media ARR to $3.7 billion exiting Q3. Within Digital Media we delivered creative revenue of $803 million, which represents year-over-year growth of 39%.

我們第三季的亮點包括：數位媒體 ARR 穩步增長，我們在通常為季節性疲軟的季度中實現了 2.85 億美元的淨新增 ARR 的目標，並繼續朝著實現今年早些時候提高的年度目標邁進；創意收入達到創紀錄的 8.03 億美元，較去年同期成長 39%； Adobe Marketing Cloud 營收創紀錄地達到 4.04 億美元，年增 10%，高於我們本季的目標；營業收入和淨收入強勁成長，經營現金流和遞延收入創歷史新高，第三季 83% 的收入來自經常性收入，創歷史新高。在數位媒體領域，我們的分部營收年增了29%。本季增加了 2.85 億美元的淨新數位媒體 ARR，使得第三季末的總數位媒體 ARR 達到 37 億美元。在數位媒體領域，我們實現了 8.03 億美元的創意收入，年增 39%。

In addition, we increased creative ARR by $258 million during Q3. And exited the quarter with $3.26 billion of Creative ARR. Our Creative ARR is more than $1 billion higher than the peak annual creative revenue we achieved when there was just perpetual licensing of Creative Suite. Driving the momentum with our creative business with continued strong demand for Creative Cloud across all offerings and routes to market during the quarter, including net new Creative Cloud subscriptions and enterprise contract renewals. Retention rates for subscriptions overall remain ahead of our original targeted projections. Creative Cloud ARPU across each of our commercial offerings continues to grow quarter on quarter as new users on promotion pricing renew at full price after their promotions expire. We also drove strong subscription growth in the education market during the back-to-school season in Q3.

此外，我們在第三季將創意 ARR 增加了 2.58 億美元。本季結束時，創意 ARR 達到 32.6 億美元。我們的創意 ARR 比我們在僅有 Creative Suite 永久授權時實現的最高年度創意收入高出 10 億美元以上。本季度，所有產品和市場管道對 Creative Cloud 的需求持續強勁，包括淨新增 Creative Cloud 訂閱和企業合約續約，推動了我們的創意業務發展勢頭。整體而言，訂閱的保留率仍高於我們最初的目標預測。由於享有促銷價的新用戶在促銷活動到期後以全價續訂，我們每款商業產品的 Creative Cloud ARPU 持續逐季成長。在第三季的返校季，我們也推動了教育市場的訂閱量強勁成長。

Our focus with Creative Cloud continues to be in three key areas: growing our core base of users, including migrating the legacy user base of Creative Suite users, addressing piracy 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 create awareness and drive new member adoption; and growing ARPU and ARR with value expansion services such as Adobe Stock, where revenue grew by over 40% year over year in Q3.

我們對 Creative Cloud 的關注點繼續放在三個關鍵領域：擴大我們的核心用戶群，包括遷移 Creative Suite 用戶的傳統用戶群、解決盜版問題以及擴大我們在教育市場的安裝基礎；透過攝影計畫等市場擴展措施推動鄰近市場的新客戶採用，並使用 Creative Cloud 行動應用程式來提高知名度並推動新成員採用；並透過 Adob​​e Stock 等價值擴展服務實現 ARPU 和 ARR 成長，其中第三季營收年增超過 40%。

With Document Cloud we achieved revenue of $187 million, which was in line with our expectations as we gradually migrate this business to be more recurring. Document Cloud ARR exiting Q3 grew to $442 million, which represents the highest sequential quarterly growth this year. Helping this growth is our effort to drive adoption of Acrobat subscriptions and value-add services such as Adobe Sign, both of which are benefiting ARR and building a foundation for revenue growth in the future.

透過 Document Cloud，我們實現了 1.87 億美元的收入，這符合我們的預期，因為我們正在逐步將這項業務轉變為更具經常性的業務。第三季結束時，Document Cloud ARR 成長至 4.42 億美元，這是今年連續季度的最高增幅。推動這一成長的是我們努力推動 Acrobat 訂閱和 Adob​​e Sign 等增值服務的採用，這兩項服務都使 ARR 受益並為未來的收入成長奠定了基礎。

In Digital Marketing we drove strong year-over-year growth in annual Adobe Marketing Cloud subscriptions bookings, and greater than 25% year-over-year growth in subscription revenue. Reported Marketing Cloud revenue was a record $404 million, ahead of our Q3 target, as a result of accelerated second-half pipeline conversion. And resulted in year-over-year growth of 10%. Marketing Cloud retention, bookings in Q3, and our pipeline set us up for a strong Q4. Our increased focus on first year annual subscription value will help us more quickly convert our bookings into reported revenue as we look to FY17 and beyond. Mobile remains a key market trend for this business. Mobile data transactions grew to 52% of total Adobe analytics transactions in the quarter.

在數位行銷方面，我們推動了 Adob​​e Marketing Cloud 年度訂閱預訂量的強勁同比增長，訂閱收入同比增長超過 25%。報告顯示，由於下半年通路轉換加速，行銷雲端收入達到創紀錄的 4.04 億美元，高於我們第三季的目標。並實現了同比增長10%。Marketing Cloud 的保留、第三季的預訂以及我們的管道為我們強勁的第四季度奠定了基礎。我們更專注於第一年的年度訂閱價值，這將有助於我們在展望2017財年及以後時更快地將預訂量轉化為報告收入。行動仍然是該業務的關鍵市場趨勢。本季度，行動數據交易量成長至 Adob​​e 分析交易總量的 52%。

From a quarter-over-quarter currency perspective, FX increased revenue by $0.9 million. We had a $3.9 million in hedge gains in Q3 FY16 versus $3.6 million in hedge gains in Q2 FY16. Thus, the net sequential currency increase to revenue considering hedging gains was $1.2 million. From a year-over-year currency perspective, FX decreased revenue by $14.2 million. We had $3.9 million in hedge gains in Q3 FY16 versus $9.1 million in hedge gains in Q3 FY15. Thus, the net year over year currency decrease to revenue considering hedging gains was $19.4 million.

從季度環比貨幣角度來看，FX 收入增加了 90 萬美元。我們在 2016 財年第三季的對沖收益為 390 萬美元，而 2016 財年第二季的對沖收益為 360 萬美元。因此，考慮對沖收益後，收入的淨連續貨幣增加值為 120 萬美元。從年比貨幣角度來看，FX 收入減少了 1,420 萬美元。2016 財年第三季的對沖收益為 390 萬美元，而 2015 財年第三季的對沖收益為 910 萬美元。因此，考慮對沖收益後，收入年淨減少額為 1,940 萬美元。

We experienced stable demand across all major geographies during the quarter. Although there was a short-term impact on demand following the Brexit announcement in the UK, it did not affect our ability to achieve our Q3 goals and we do not anticipate any significant impact through the rest of FY16.

本季度，我們在所有主要地區都經歷了穩定的需求。儘管英國宣布脫歐對需求產生了短期影響，但並未影響我們實現第三季目標的能力，我們預計 2016 財年剩餘時間不會受到任何重大影響。

In Q3 Adobe's effective tax rate was 24% on a GAAP basis and 21% on a non-GAAP basis. Our trade DSO was 45 days, which compares to 44 days in the year-ago quarter and 43 days last quarter. Deferred revenue grew to a record $1.8 billion, up 38% year over year. Our ending cash and short-term investment position was $4.45 billion compared to $4.32 billion at the end of Q2. Cash flow from operations was a record $518 million in the quarter.

第三季度，Adobe 的有效稅率（以 GAAP 計算）為 24%，以非 GAAP 計算為 21%。我們的貿易 DSO 為 45 天，而去年同期為 44 天，上季為 43 天。遞延收入成長至創紀錄的 18 億美元，年增 38%。我們的期末現金和短期投資狀況為 44.5 億美元，而第二季末為 43.2 億美元。本季經營活動現金流達到創紀錄的 5.18 億美元。

During this year we have been using excess domestic cash to buy back stock and drive our share count down. In Q3 we repurchased approximately 3.5 million shares at a cost of $344 million. We currently have $800 million remaining under our current authority granted in January 2015.

今年我們一直在使用過剩的國內現金回購股票並減少我們的股票數量。第三季度，我們回購了約 350 萬股，耗資 3.44 億美元。根據2015年1月授予的現有授權，我們目前還剩餘8億美元。

Now I will provide our financial outlook. We are targeting a fourth quarter revenue range of $1.55 billion to $1.6 billion. In Digital Media we expect to add slightly more than $300 million of net new Digital Media ARR during Q4 to achieve our full-year target of our possibly $4 billion of ARR exiting the year. In Digital Marketing we expect our business momentum to enable us to achieve Q4 Marketing Cloud year-over-year revenue growth of approximately 30%, which puts us on pace to achieve our annual growth target of approximately 20% for the year. We are targeting our Q4 share count to be between 503 million to 505 million shares.

現在我將提供我們的財務展望。我們預計第四季的營收範圍為 15.5 億美元至 16 億美元。在數位媒體方面，我們預計第四季度淨新數位媒體 ARR 將略高於 3 億美元，以實現我們全年 ARR 可能達到 40 億美元的目標。在數位行銷方面，我們預計我們的業務發展勢頭將使我們實現第四季度行銷雲端收入年增約 30%，這使我們有望實現今年約 20% 的年度成長目標。我們的目標是第四季的股票數量在 5.03 億股至 5.05 億股之間。

We expect net nonoperating expense to be between $8 million and $10 million on both a GAAP and non-GAAP basis. We are targeting a Q4 tax rate of approximately 24% on a GAAP basis and 21% on a non-GAAP basis. These targets yield a Q4 GAAP earnings per share range of $0.60 to $0.66 per share and a Q4 non-GAAP earnings per share range of $0.83 to $0.89. For the year our updated annual targets reflect our year-to-date results and our Q4 targets. We expect FY16 annual revenue between $5.8 billion and $5.85 billion, GAAP EPS between $2.12 and $2.18, and non-GAAP EPS between $2.94 and $3.

我們預計，根據 GAAP 和非 GAAP 計算，淨營業外支出將在 800 萬美元至 1,000 萬美元之間。我們計劃將第四季的稅率定為約 24%（以 GAAP 計算）和 21%（以非 GAAP 計算）。這些目標使得第四季度 GAAP 每股收益範圍為 0.60 美元至 0.66 美元，第四季度非 GAAP 每股收益範圍為 0.83 美元至 0.89 美元。我們更新後的年度目標反映了我們今年迄今的業績和第四季的目標。我們預計 2016 財年年營收在 58 億美元至 58.5 億美元之間，GAAP 每股收益在 2.12 美元至 2.18 美元之間，非 GAAP 每股收益在 2.94 美元至 3 美元之間。

In summary, Q3 was yet another strong quarter for Adobe, with the leverage in our model continuing to be reflected in our bottom-line performance. Our year-to-date results and targets for Q4 keep us on track to meet or exceed all of the financial targets we provided at the outset of the year. We look forward to finishing the year strong. And hope to see you at MAX and our upcoming Financial Analyst Meeting in San Diego. Mike?

總而言之，第三季度對於 Adob​​e 來說又是一個強勁的季度，我們模型中的槓桿作用繼續反映在我們的底線表現中。我們今年迄今的業績和第四季的目標使我們有望達到或超過年初設定的所有財務目標。我們期望以出色的成績結束這一年。希望在 MAX 和我們即將在聖地亞哥舉行的財務分析師會議上見到您。麥克風？

Thanks, Mark. Adobe MAX will be held on November 2 through November 4 in San Diego. And we will host a Financial Analyst Meeting on the first day of the conference, which is Wednesday, November 2. We have sent e-mail invitations to our investor list of attend MAX at a discounted price. If you have not registered and wish to attend, please contact Adobe Investor Relations with an e-mail to IR@Adobe.com. For those unable to attend MAX and the Financial Analyst Meeting, we will provide a live webcast of the November 2 MAX Keynote Presentation and the Financial Analyst Meeting later that afternoon.

謝謝，馬克。Adobe MAX 將於 11 月 2 日至 11 月 4 日在聖地牙哥舉行。而我們將在會議的第一天，也就是11月2日星期三舉辦一次財務分析師會議。如果您尚未註冊但希望參加，請透過電子郵件聯絡 Adob​​e 投資者關係部（IR@Adobe.com）。對於無法參加 MAX 和財務分析師會議的人，我們將提供 11 月 2 日 MAX 主題演講和當天下午晚些時候的財務分析師會議的網路直播。

If you 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 this website later today. Alternatively, you can listen to a phone replay by calling 855-859-2056. Use conference ID number 73287217. 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 September 23, 2016. We would now be happy to take your questions.

如果您希望收聽今天電話會議的回放，今天晚些時候我們將在 IR 網站上提供該電話會議的網路存檔。或者，您也可以撥打 855-859-2056 收聽電話重播。使用會議 ID 號碼 73287217。國際電話請撥 404-537-3406。電話回放服務將於今天太平洋時間下午 5:00 開始，並於 2016 年 9 月 23 日太平洋時間下午 5:00 結束。我們現在很樂意回答您的問題。

(Caller Instructions)

（來電指示）

Operator?

操作員？

(Operator Instructions)

（操作員指令）

Ross MacMillan, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ross MacMillan。

Thanks so much, and congratulations from me. Shantanu, I think Mark commented that the creative ARR is now about $1 billion higher than the peak in the creative revenue versus -- or under the Creative Suite licensing model. So you clearly cleared that barrier and you're growing that rapidly. But I actually wondered if you could look at the -- compare and contrast that with the Acrobat and Document Cloud, given that that's earlier in its cycle of conversion? And I wondered if you could maybe frame for us what the opportunities are there in terms of driving expansion in that opportunity over time, and maybe how much larger that could be? Thanks.

非常感謝，我向你表示祝賀。Shantanu，我認為馬克曾評論說，現在的創意 ARR 比 Creative Suite 授權模式的創意收入高峰高出約 10 億美元。所以你顯然已經突破了那個障礙，並且正在快速成長。但我實際上想知道您是否可以看一下——將其與 Acrobat 和 Document Cloud 進行比較和對比，考慮到它處於轉換週期的早期階段？我想知道您是否可以為我們描述一下，隨著時間的推移，推動這一機會擴張有哪些機會，以及這個機會可以擴大到多大？謝謝。

Thanks, Ross. And while I won't be updating our (inaudible) at this point, we are pleased with our performance and I'll be happy to give you some color on how we see the opportunity ahead of us in terms of both the Creative Cloud as well as the Document Cloud. The Creative Cloud business has certainly been driven both by customer migration as well as by new customer adoption. And we certainly think that's going to be true for the document business as well. As you know, we have tens of millions of people who have bought Acrobat over the lifetime of the Acrobat product. And for the first time, as we mentioned again in our prepared remarks, the number of subscription units of Acrobat actually exceeded the perpetual units. We are pleased with how that transition is going.

謝謝，羅斯。雖然我現在不會更新我們的（聽不清楚），但我們對我們的表現感到滿意，我很樂意向您介紹我們如何看待 Creative Cloud 和 Document Cloud 面臨的機會。Creative Cloud 業務無疑受到客戶遷移和新客戶採用的推動。我們當然認為這對於文檔業務也是如此。如您所知，在 Acrobat 產品的整個生命週期中，有數千萬人購買了 Acrobat。正如我們在準備好的評論中再次提到的那樣，Acrobat 的訂閱單位數量實際上首次超過了永久單位數量。我們對這項轉變的進展感到滿意。

The playbook is exactly the same. It is about how do we migrate Acrobat customers to Acrobat DC? Is about adding new services like Sign. It is about enhancing new services that we can add to the business. But the thing I would also caution folks listening is to recognize that part of the Creative ARR that's being driven is also already been driven by the document business. And so while we report the document segment separately, let's already reflect that it's actually helping not just the document business but also the creative business. We are pleased with that on mobile. PDF has continued to be adopted as a wide standard, which I think also all augers well for its continued growth.

劇本是完全一樣的。這是關於我們如何將 Acrobat 客戶遷移到 Acrobat DC？是關於添加像 Sign 這樣的新服務。這是為了增強我們可以添加到業務中的新服務。但我也想提醒聽眾的是，要認識到 Creative ARR 的這一部分也已經由文件業務推動了。因此，雖然我們單獨報告文件部分，但我們已經反映出它實際上不僅有助於文件業務，而且還有助於創意業務。我們對行動裝置上的這項功能感到很滿意。PDF 繼續被廣泛採用為標準，我認為這也預示著它的持續發展。

Great. Maybe just a quick follow-up, if I could. Mark, great to see the operating leverage coming through. OpEx is growing in the mid-teens, which I think is ahead of headcount growth. So I wondered if you could just maybe bridge that for us as we see OpEx growing a little bit ahead of headcount this quarter and probably next quarter? Thanks.

偉大的。如果可以的話，也許只是一個快速的跟進。馬克，很高興看到經營槓桿的發揮。營運支出正在以十五六成的速度成長，我認為這超過了員工人數的成長。因此我想知道您是否可以為我們彌補這一缺陷，因為我們看到本季以及下個季度的營運支出成長略高於員工人數成長？謝謝。

In terms -- thanks Ross. In terms of OpEx growing faster than headcount, I'd say a couple of things. Number one, when you hire people during the quarter, you don't get the full effect of their expense in the quarter. They are averaged out over the course of the quarter. So you don't get the full impact until the following quarter. As you saw, we did add 500 heads this quarter. There's also a lot of spending that we do that's non-headcount related, particularly in marketing, and that can come and go despite what we do from a headcount perspective.

就此而言——感謝羅斯。關於營運支出成長速度快於員工人數成長速度，我想說幾點。第一，當你在季度內僱用人員時，你無法充分享受他們在該季度的支出。它們是在整個季度內計算出來的平均值。因此，直到下個季度你才能感受到全部影響。正如您所看到的，本季我們確實增加了 500 名員工。我們的許多支出都是與員工人數無關的，特別是在行銷方面，無論我們從員工人數的角度做什麼，這些支出都可能來來去去。

Let me comment briefly on EPS overall because I know this will be a follow-on question. We have consistently shown that we have leverage in our model. I think Adobe has been a poster child at that for a number of years now. And with good revenue execution and good cost discipline, I think you've come to expect that from us. When we don't have very specific short-term investment needs, you are going to see earnings upside like you saw in the back half of this year, both in Q3 and our guidance in Q4. In the longer term we see a lot of tremendous opportunity that's going to continue to require investment in sales and marketing. You saw that in the 500 heads that I mentioned we hired this quarter. For the longer term 2017, 2018 I would encourage you not to raise your EPS models right now. I would encourage you to recognize that we are going to continue to invest in sales and marketing, and wait as we provide 2017 revenue and earnings guidance later this year.

讓我對 EPS 總體進行簡要評論，因為我知道這將是一個後續問題。我們一貫地表明，我們的模型具有優勢。我認為 Adob​​e 多年來一直是這方面的典範。透過良好的收入執行和良好的成本紀律，我想您已經對我們抱持這樣的期望。當我們沒有非常具體的短期投資需求時，您將會看到獲利上升，就像今年下半年看到的那樣，無論是第三季還是第四季的預期。從長遠來看，我們看到了許多巨大的機遇，這些機會將繼續需要在銷售和行銷方面進行投資。您看到了，我剛才提到我們本季招募了 500 名員工。對於 2017 年、2018 年的長期而言，我建議您現在不要提高 EPS 模型。我希望您認識到我們將繼續在銷售和行銷方面進行投資，並等待我們在今年稍後提供 2017 年收入和盈利指導。

Understood. Thanks so much, and congrats again.

明白了。非常感謝，再次恭喜。

Thanks, Ross.

謝謝，羅斯。

Brent Thill, UBS.

瑞銀的布倫特·蒂爾（Brent Thill）。

Thanks. Shantanu, the Marketing Cloud is set to accelerate into the fourth quarter. And I would assume, given the perpetual falloff and more moving to the new model, that that should continue to accelerate into FY17. Can you just talk a little bit about your confidence underpinning what's happening in Marketing Cloud? Some of your competitors have shown a pretty material slowdown in their growth rates in their cloud. Are you taking share? What's happening here that's giving you this confidence?

謝謝。Shantanu，行銷雲將在第四季加速發展。我認為，考慮到持續的下滑和更多向新模式的轉變，這一趨勢應該會持續加速到 2017 財年。您能否簡單談談您對 Marketing Cloud 進展的信心？您的一些競爭對手的雲端運算成長率已經明顯放緩。你有分紅嗎？這裡發生了什麼事讓你有這樣的信心？

Brent, I think we continue to be the undisputed leader of the Marketing Cloud. It is a category that we created. And I think from a unique differentiation what we provide in terms of both the core content and analytics, and all of the personalization software that we are delivering, I just -- we continue to execute against that opportunity. The macro environment, Brent, people are still talking about digital disruption and how do they help create a more personalized experiences for customers. And we are right in the center of that particular tailwind.

布倫特，我認為我們仍然是行銷雲無可爭議的領導者。這是我們創建的一個類別。我認為，從我們在核心內容和分析方面所提供的獨特差異化以及我們提供的所有個人化軟體來看，我只是——我們會繼續抓住這個機會。宏觀環境，布倫特，人們仍在談論數位顛覆以及它們如何幫助為客戶創造更個人化的體驗。我們正處於這股順風的中心。

With respect to the second half of the year, again, it is playing out as we expected. We told you at the end of Q2 that we had a strong pipeline which gave us confidence to grow approximately 20% for the year. We were actually able to close deals on an accelerated basis in Q3, which is why you saw upside to our Q3 numbers relative to the target. And we just have to keep executing the way we are, Brent. It is not for lack of market opportunity in the marketing space. And we just have to keep innovating as well. So that's what gives us confidence, the market leadership that we have and continued focus on execution. International expansion level again continue to say is a large opportunity for us in marketing and cross-selling existing customers with new solutions.

對於今年下半年的情況，一切再次正如我們預期的那樣。我們在第二季末告訴大家，我們擁有強大的產品線，這使我們有信心今年實現約 20% 的成長。我們實際上能夠在第三季加速完成交易，這就是為什麼您看到我們的第三季數字相對於目標上升。我們必須繼續按照我們現在的方式執行，布倫特。這並不是因為行銷領域缺乏市場機會。我們也必須不斷創新。所以這就是我們擁有信心的原因、我們所擁有的市場領導地位以及對執行的持續關注。國際擴張程度再次表明，這是我們在行銷和向現有客戶交叉銷售新解決方案方面的巨大機會。

Thank you.

謝謝。

Walter Prichard, Citi.

花旗銀行的 Walter Prichard。

Thanks. Shantanu, I'm wondering if you could talk about on the creative side maybe you'll update this at MAX, so I'll ask another one if you do. But the creative users that you've talked about in the past that were still to convert, any update on what is left that you have visibility into conversions of the prior CS users still to go onto CC?

謝謝。Shantanu，我想知道您是否可以談論創意方面的問題，也許您會在 MAX 上更新這個問題，如果您這樣做的話，我會再問另一個問題。但是，您過去談到的仍有待轉換的創意用戶，對於剩餘的內容有任何更新嗎？

I think big picture, Walter, we continue to do a good job of migrating them. As you know there was a fairly healthy cohort of CS-6 customers that continues to be an opportunity for us in the US. And we talked about international expansion also as an opportunity. Both Japan and Germany had a good quarter. When we looked at Q3, Japan and Germany grew, run rate units grew greater than the overall units. So that's continuing to please us in terms of now seeing CS customers in those geographies migrate.

我認為，從大局來看，沃特，我們會繼續做好遷移工作。如你所知，CS-6 擁有一批相當龐大的客戶群，這對我們在美國來說仍然是一個機會。我們也談到了國際擴張作為一個機會。日本和德國本季的表現均不錯。當我們觀察第三季時，日本和德國的運作率單位數成長超過了總體單位數的成長。因此，看到這些地區的 CS 客戶遷移，我們感到非常高興。

Education had another great subscription units quarter, which means we are attracting that next generation of customers. When you look at overall subs in the quarter, it was a very healthy number. So we are attracting new customers to the platform. But even the migration opportunity continues to be one. I think one of the areas where we are executing well is whether you are an existing customer or whether you're a new customer, the work we are doing in terms of delivering new innovative products, what they're seeing with XD, you will see some new announcements as well at MAX that I'm not going to preview here today, what we're doing with VR and video, I think that also gives a lot of people the confidence that by adopted the Creative Cloud, it is the one-stop shop for all of their creative needs. I think that gives us continued confidence that those who have not migrated, they will continue to see additional value as we continue to deliver new innovation.

教育領域又迎來了一個訂閱單位成長出色的季度，這意味著我們正在吸引下一代客戶。當你查看本季的整體訂閱量時，你會發現這是一個非常健康的數字。因此我們正在吸引新客戶加入該平台。但即便是移民機會還是只有一個。我認為我們執行良好的領域之一是，無論您是現有客戶還是新客戶，我們在提供新創新產品方面所做的工作，他們在 XD 上看到的內容，您還會在 MAX 上看到一些新公告，我今天不會在這裡預覽，我們在 VR 和視頻方面所做的工作，我認為這也讓很多人相信，通過採用 Creative Cloud，它是他們採用所有創意需求的商店。我認為這讓我們繼續相信，那些尚未遷移的人將繼續看到額外的價值，因為我們將繼續提供新的創新。

Okay. Thank you.

好的。謝謝。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

Thanks very much, and congrats on the quarter guys. Shantanu, I was wondering if you could talk a little bit about where you think we are on the Digital Marketing side in terms of customers moving away from buying point products or best-of-breed products towards buying more Digital Marketing solutions where you guys obviously, I would think, have an advantage given the breadth of the product portfolio? Can you just talk about where we are in that transition in your view? And how much of an advantage is that today for you all versus some of the competitors, especially some of the smaller ones out there? Thanks.

非常感謝，並祝賀大家本季取得的成績。Shantanu，我想知道您是否可以談談您認為我們在數位行銷方面處於什麼位置，即客戶從購買點產品或最佳產品轉向購買更多的數位行銷解決方案，而我認為，鑑於您產品組合的廣度，您顯然具有優勢？您能否談談您認為我們處於這一轉變的哪個階段？那麼與一些競爭對手，特別是一些較小的競爭對手相比，你們今天的優勢有多大？謝謝。

Sure, Kirk. I think we mentioned that when we think about big picture, what's happening in the enterprise space, if the first era was all about back-office automation and the second era was about what happened with productivity of front office, we really are motivated by this notion that it is going to be the experience business. And if you are trying to create the experience business, the only way to transform your companies is by adopting an entire platform rather than piecemeal trying to buy individual products and try and fit that together. Virtually every new logo that we get is a multi-solution deal because what they want is a complete offering that enables them to do that transformation. Given the breadth of existing customer base, certainly we're upselling all of them to multiple solutions. But whether it is a new logo acquisition or whether it is renewals, most of the deals are now multi-solution deals and much larger revenue to Adobe and value to the customer. Hopefully that gives you some color in terms of the number of solutions that they are all adopting and how that's certainly migrating, to your point. It is a competitive advantage for us, most definitely.

當然，柯克。我想我們提到過，當我們思考大局時，企業領域正在發生的事情，如果第一個時代都是關於後台自動化，而第二個時代是關於前台生產力發生的事情，那麼我們確實受到這個概念的激勵，即它將成為體驗業務。如果你想創建體驗式業務，那麼轉變公司的唯一方法就是採用整個平台，而不是零零碎碎地嘗試購買單一產品並嘗試將其組合在一起。實際上，我們收到的每一個新標誌都是一個多解決方案的交易，因為他們想要的是能夠讓他們實現這種轉變的完整產品。考慮到現有客戶群的廣度，我們當然會向他們全部推銷多種解決方案。但無論是新標誌收購還是續約，現在大多數交易都是多解決方案交易，為 Adob​​e 帶來了更大的收入，為客戶帶來了更大的價值。希望這能讓您了解他們所採用的解決方案的數量，以及這些解決方案的遷移情況，正如您所說。這對我們來說絕對是競爭優勢。

If I can ask a really quick follow-up for Mark around that topic. Mark, deferred revenue growth, obviously's been really, really strong. I assume that's primarily being driven by the strength you've seen in bookings around Digital Marketing. I guess, do ETLAs play into that as well from the Creative [plus] side? Thanks.

我是否可以就該主題向馬克快速詢問一個後續問題。馬克，遞延收入成長顯然非常非常強勁。我認為這主要是由您在數位行銷預訂中看到的強勁表現所推動的。我猜，從 Creative [plus] 來看，ETLA 是否也能發揮這一作用？謝謝。

Yes, it is actually both. It is being driven by Digital Marketing bookings. But it's also very heavily driven by ETLAs on the creative side and on the Acrobat side. It is really across the board, Kirk.

是的，實際上兩者兼而有之。這是由數位行銷預訂推動的。但它在創意方面和 Acrobat 方面也受到 ETLA 的極大推動。柯克，這確實是全面的。

Thanks.

謝謝。

Heather Bellini, Goldman Sachs.

高盛的 Heather Bellini。

Great. Thank you. Most of my questions have been answered. But I was wondering, Shantanu or Mark, if you could talk a little bit about, you mentioned piracy reduction earlier in your prepared remarks. And I'm wondering if you could share with us how much of a tailwind do you see that giving you? Is there a framework that we can think about in terms of the impact on top-line growth that you can get from piracy reduction? And are there things that you're doing, that you are changing even more than you were a couple years ago to stay head of the pirate? Thanks.

偉大的。謝謝。我的大部分問題都已得到解答。但我想知道，Shantanu 或 Mark，您是否可以稍微談一談，您之前在準備好的發言中提到了減少盜版。我想知道您是否可以與我們分享您認為這會為您帶來多大的順風？是否有一個框架可以幫助我們思考減少盜版對營收成長的影響？為了保持對海盜的領先地位，你們所做的改變比幾年前更大嗎？謝謝。

Sure, Heather. If you look at the macro level, and we use to sell approximately 3 million units of Creative Suite a year. And if you look at the numbers right now of where we are with Creative Cloud, it is clear that we have seen significant acceleration. Without a doubt a large part of that acceleration is people who want Creative Cloud and are no longer pirating creative products but are actually, as a result of the low price and the value that we are delivering, using seen the entire subscription-based offering. So what we've done from a technical perspective already, we've actually ensured that people who download the trials, that once the trial expires, that they don't have access to the products. And as you know, we've also shut down places, online websites where people could buy a repackaged box. So there's no question that we've already addressed piracy in a meaningful way.

當然，希瑟。如果從宏觀層面來看，我們每年大約銷售 300 萬套 Creative Suite。如果您查看 Creative Cloud 目前的狀況，您會發現我們已經看到了顯著的加速。毫無疑問，這種加速發展的很大一部分原因是人們想要 Creative Cloud，並且不再盜版創意產品，而實際上，由於我們提供的低價和價值，他們已經看到了整個基於訂閱的產品。因此，從技術角度來說，我們已經採取了措施，實際上確保下載試用版的使用者在試用期結束後將無法存取這些產品。正如你們所知，我們也關閉了人們可以購買重新包裝盒的地方和線上網站。因此毫無疑問我們已經採取了有效措施來解決盜版問題。

In terms of the installed base of pirates, I think the numbers for that are all over the map. But I think you can go back and look at the last numbers that we gave in terms of the addressable market. And you would see that there's still significant headroom. The last thing I will mention is I think later this year we'll also make some announcements. There's still a number of countries where we actually only sell CS-6. And we're going to start to offer CC in all of those markets. And for the first time we have the ability to offer differential pricing. So this is playing out exactly as we expected. Let's get the markets that are most developed, let's address casual pirates, let's hit the enterprise. And then let's now expand that into emerging markets where there was more piracy, and now we have the ability to counter that both through pricing as well as through technology.

就盜版者的安裝基礎而言，我認為其數字遍布各地。但我認為您可以回頭看看我們給出的有關潛在市場的最後數字。您會發現，仍有很大的發展空間。我要提到的最後一件事是，我認為今年晚些時候我們還會宣布一些消息。實際上，在許多國家我們只銷售 CS-6。我們將開始在所有這些市場提供 CC。這是我們首次能夠提供差別定價。這一切正如我們所預期的。讓我們佔領最發達的市場，讓我們打擊臨時盜版，讓我們打擊企業。現在讓我們將這項措施擴展到盜版現象更為嚴重的新興市場，我們有能力透過定價和技術來應對盜版現象。

Thank you.

謝謝。

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

Thank you, guys, for taking the question. And very nice quarter. One of the things that we were picking up on when we were talking to channel partners was a increasing benefit from the roll-off of promotional pricing and good renewal rates on those -- as the promotions roll off. Your comments seem to support that. So I was wondering if you could help us think about that in terms of the magnitude of the impact of how much are we seeing that in the numbers today? And how much should we think about that occurring on a go-forward basis of how well is that going to sustain into FY17?

謝謝大家回答這個問題。這是非常好的一個季度。我們在與通路夥伴交談時發現的一件事是，隨著促銷活動的開展，促銷價格的推出和良好的續訂率帶來的好處越來越多。您的評論似乎支持這一點。所以我想知道您是否可以幫助我們思考這個問題，即我們今天在數字上看到的影響程度有多大？我們應該在多大程度上考慮這種情況在未來會如何發生，以及這種情況在 2017 財年會如何持續？

Certainly some part of that, Keith, is reflected in the ARR, when you think about it. Mark may have mentioned in his prepared remarks that when we think about all of the commercial offerings, the ARPU of all of the commercial offerings are increasing. And that, as you point out, is a reflection of high retention rates of people who are moving off of promotions. And again, the strategy very much is let's have promotions to bring people onto our platform. And once we deliver the value, as they retain at the annual boundaries, then we get the additional revenues. So it certainly has had an impact on ARR.

當然，Keith，如果你仔細想想的話，其中的一部分已經反映在 ARR 中了。馬克可能在他的準備好的演講中提到，當我們考慮所有的商業產品時，所有商業產品的 ARPU 都在增加。正如您所指出的，這反映出那些接受晉升的人員的留任率很高。再說一遍，我們的策略是透過促銷來吸引人們加入我們的平台。一旦我們實現了他們在年度邊界上保留的價值，那麼我們就可以獲得額外的收入。所以它肯定對 ARR 產生了影響。

The same thing is also true in the enterprise. When we first introduced the enterprise offerings we had what we would call a customer enterprise offering, which was more of a mirror of what they were accustomed to buying with the Creative Suite. As they all move off the three-year cycle and they are renewing, we are definitely marketing to them the value of the entire Creative Cloud offering. And we've seen adoption of that as fairly high again, which again leads to increase revenue per customer.

在企業裡也是如此。當我們首次推出企業產品時，我們有所謂的客戶企業產品，它更像是他們習慣購買的 Creative Suite 產品的鏡像。隨著他們都脫離三年周期並開始續約，我們肯定會向他們推銷整個 Creative Cloud 產品的價值。我們再次看到這種做法的採用率相當高，這又帶來了每位客戶收入的增加。

Got it. And if I could press follow up on that, that latter comment in terms of the ETLAs into the enterprise market. Is there any change in terms of who is able to sell those ETLAs? Any expansion of that into the partner channel that we should be aware of?

知道了。如果我可以繼續跟進的話，後面關於 ETLA 進入企業市場的評論。關於誰可以出售這些 ETLA 方面有什麼變化嗎？我們應該知道它有沒有擴展到合作夥伴管道？

For the most part I would say the large enterprise offerings, it is a direct sales force in our sales force. I think if I look at that also moving forward, we're going to be providing more and more of those as self-serve on Adobe.com moving forward. The trend in the industry is clear, whether it is us directly or whether it is through channel partners in addition to very motivated direct sales force, we want to reduce the friction of procuring or of expanding or of administrating the Creative Cloud within enterprises. And we will continue to make that easy for people who just come to our website to start small and then grow as their organization grows. That's very much the vision of how we look at Adobe.com.

在大多數情況下，我想說大型企業的產品是我們銷售團隊中的直接銷售團隊。我認為，如果我將此視為未來的發展，我們將在 Adob​​e.com 上提供越來越多的自助服務。產業趨勢很明顯，無論是我們直接銷售，還是透過通路合作夥伴，除了積極的直銷隊伍，我們都希望減少企業內部採購、擴展或管理 Creative Cloud 的摩擦。我們將繼續為那些剛造訪我們網站的人提供便利，讓他們從小處做起，然後隨著組織的發展而不斷壯大。這正是我們對 Adob​​e.com 的看法。

Excellent. Thank you very much.

出色的。非常感謝。

Kash Rangan, Bank of America Merrill Lynch.

美銀美林的卡什‧蘭根 (Kash Rangan)。

Hey, guys. Thanks for taking my question. Congrats on the quarter. Mark, question for you as it relates to the longer-term offering leverage in the business. And clearly you've gotten to a point where you mentioned 80%-plus of revenues are recurring. As you have this recurring revenue business that renews at very high margins, the second driver starts to slow down, although the overall growth here looks pretty good. You don't have to grow your new subscription revenues quite [at the pace] (inaudible) growing before. So therefore that has some positive consequences for acquisition cost and sales and marketing. Perhaps are we missing some of the consideration in relation to your statement that you continue to see investment opportunities? So just trying to measure or square off the merits of the subscription model vis-a-vis your comments that we should be more muted as far as how much margin expansion we should be expecting. Thank you.

嘿，大家好。感謝您回答我的問題。恭喜本季取得佳績。馬克，我有一個問題想問您，它與業務中的長期提供槓桿有關。顯然，您已經提到 80% 以上的收入都是經常性的。由於這項經常性收入業務的利潤率非常高，因此第二個驅動因素開始放緩，儘管這裡的整體成長看起來相當不錯。您不必以之前的速度（聽不清楚）增加新的訂閱收入。因此，這對收購成本和銷售和行銷產生了一些正面的影響。也許我們忽略了您所說的「您繼續看到投資機​​會」的一些考慮？因此，只是試圖衡量或平衡訂閱模式的優點與您的評論，對於我們應該預期的利潤率擴張幅度，我們應該更加謹慎。謝謝。

Thanks, Kash. I'm not saying you should be more muted. I'm saying just don't get a little carried away based on what we are delivering in a second half of this year. We gave you guys a three-year model a year ago that shows some pretty significant margin expansion over the next several years. And we are ahead of that pace in the back half of this year, as I said, because when we don't have some short-term investment needs we can deliver that to you in the form of upside to EPS and deliver that to shareholders. You're right, 83% recurring revenue model, particularly on the creative side, you're going to over time have less cost of acquisition. You can drive more margin.

謝謝，卡什。我並不是說你應該保持沉默。我想說的是，不要對我們今年下半年的成果有點得意忘形。我們去年向大家提供了一個三年模型，顯示未來幾年利潤率將大幅擴大。正如我所說，我們在今年下半年領先於這個步伐，因為當我們沒有一些短期投資需求時，我們可以以每股收益上升的形式將其交付給您，並將其交付給股東。你說得對，83% 的經常性收入模式，特別是在創意方面，隨著時間的推移，你的收購成本會越來越低。您可以獲得更多利潤。

On the Digital Marketing side, as we've discussed, that business is a very different business. You've got a lot of variable cost that comes with that business in the form of hosted infrastructure. It is going to be a very different margin profile. So we've got two different businesses with two different margin profiles, both growing very fast right now. But nothing has changed from our perspective about our ability to continue to drive more margin in the out years.

正如我們所討論的，就數位行銷方面而言，這項業務是非常不同的業務。您將以託管基礎架構的形式產生大量與該業務相關的變動成本。這將是一個非常不同的利潤狀況。因此，我們有兩種不同的業務，它們具有不同的利潤率，但目前都成長得非常快。但從我們的角度來看，我們在未來幾年繼續提高利潤的能力並沒有任何改變。

Kash, maybe the one thing I will add is we're clearly seeing the benefits of the stacking effect when you look at the result for just Q3. I think Digital Media grew approximately 29%, the creative grew approximately 39%, and certainly the core creative is growing even faster than that. So very pleased with both new customer acquisition as well as seeing the benefits of stacking effect in the core subscription revenue stream.

Kash，也許我要補充的一點是，當你只看第三季的結果時，我們就能清楚地看到堆疊效應的好處。我認為數位媒體成長了約 29%，創意成長了約 39%，當然核心創意的成長速度甚至比這還要快。我對獲得新客戶以及看到核心訂閱收入流中堆疊效應的好處感到非常高興。

Congrats, guys. Thank you so much.

恭喜你們，夥伴們。太感謝了。

Thank you.

謝謝。

Sterling Auty, JPMorgan.

摩根大通的斯特林‧奧蒂 (Sterling Auty)。

Yes. Thanks, guys. Actually looking for the intersection of two questions that I think were asked earlier, which is I think Shantanu you talk about Creative Suite 6 is still -- the migration path is still there. Later I think you talked about Germany and Japan having good quarters. But want to put those two together and try to understand, where are you still seeing the most momentum in the Creative Suite conversion by geography?

是的。謝謝大家。實際上，我正在尋找之前提出過的兩個問題的交集，也就是說，我認為 Shantanu 您所談論的 Creative Suite 6 仍然 - 遷移路徑仍然存在。後來我想你談到了德國和日本的良好表現。但將這兩者結合起來並嘗試去理解，按地區劃分，您認為 Creative Suite 轉換的最大勢頭在哪裡？

I think we continue to see strength across all geographies Sterling. I think in terms of trying to give some color, Japan and Germany had a good quarter. Was very interesting as Australia where, as you know, we started the entire process for the Creative Cloud, they had a great new unit growth in run rate. And so new customer acquisition is also clearly powering the business. And hopefully those three data points give you -- and rest of world is growing. It is just we are seeing nice growth across all of the geographies in the run rate business. Clearly there's more untapped opportunity in terms of international markets than they are in the US, no question, because in the US we have seen tremendous progress. But I don't want to give anybody the impression that in the US we are not both growing new customers as well as migrating existing customers.

我認為，我們將繼續看到英鎊在所有地區保持強勁勢頭。我認為，從某種程度上來說，日本和德國本季的表現不錯。非常有趣的是，如你所知，我們在澳洲啟動了 Creative Cloud 的整個流程，他們的新單位運作率實現了巨大的成長。因此，新客戶的獲取顯然也推動了業務的發展。希望這三個數據點能為你帶來幫助——世界其他地區也在成長。我們只是看到所有地區的運作率業務都實現了良好的成長。顯然，國際市場上尚未開發的機會比美國市場上的機會還要多，這是毫無疑問的，因為我們在美國已經看到了巨大的進步。但我不想讓任何人留下這樣的印象：在美國，我們既沒有發展新客戶，也沒有轉移現有客戶。

Got it. Thank you, guys.

知道了。謝謝你們。

Thanks.

謝謝。

Jay Vleeschouwer, Griffin Securities.

Jay Vleeschouwer，Griffin Securities。

Thanks. For Mark, would it be fair to say that your pace of hiring could very well accelerate in terms of total heads even as compared, or especially as compared with Q3 adds when looking, for example, at the number of open positions? Right now on your website we detected a pretty sharp increase year over year and sequentially over the past few months in only two regions Americas, Asia, EMEA, sales and RD spiking up pretty considerably. Interestingly Japan is picking up in terms of openings. The UK post-Brexit picking up in terms of openings. So again, would it be fair to say that you think you might even drive the head count additions, particularly in non-US markets more rapidly?

謝謝。對於馬克來說，是否可以公平地說，與第三季新增的職缺數量相比，貴公司的招募速度可能會大大加快？現在，我們在您的網站上發現，與去年同期相比，與過去幾個月相比，僅在美洲、亞洲、歐洲、中東和非洲兩個地區的銷售額和研發支出出現了相當大幅的成長。有趣的是，日本的開放程度正在加快。英國脫歐後，開放程度有所回升。那麼，您是否認為您甚至可能會推動員工人數的增加，特別是在非美國市場更快增加員工人數？

Hey, Jay. Yes, without a doubt. The 500 people we added roughly this quarter is the most we've added in a quarter in my recent memory. And it is all being driven by what we've been saying for quite a while, which is our need to drive sales capacity for both Digital Media, Digital Marketing, drive more marketing and R&D, as well for that matter. So I would expect that to continue. And that's why I made the comment I did about our investment for the next couple of years, we're going to need to make sure we've got the right available funds to invest in that and drive the growth that we are trying to dive in these businesses. We are driving 20% revenue growth on the Digital Media side of the business and 30% bookings growth on the Digital Marketing side. Those are pretty significant growth numbers and you've got to have the investment to drive that growth.

嘿，傑伊。是的，毫無疑問。本季我們增加了約 500 名員工，這是我記憶中我們在一個季度內增加的最多員工。這一切都是由我們長期以來一直在說的話所推動的，那就是我們需要推動數位媒體、數位行銷的銷售能力，同時也推動更多的行銷和研發。因此我希望這種情況能夠持續下去。這就是我對未來幾年的投資發表評論的原因，我們需要確保我們有足夠的可用資金來投資這些投資並推動我們在這些業務中試圖實現的成長。我們推動數位媒體業務的營收成長 20%，數位行銷業務的預訂量成長 30%。這些都是相當可觀的成長數字，你必須有投資來推動這一成長。

Right. for Shantanu, you've spoken at Summit and on other occasions, and Mark has as well, about your future technology infrastructure, meaning you've referred on a number of occasions to defining a common data model, common cloud architecture, investments in beta science and so forth. Could you talk about that a little bit in terms of ultimately where do you see the platform going? Is that part of what you were referring to earlier in terms of a frictionless self-service capability that you could offer customers? Or what do those really mean in terms of functionality and deliverable to the customer?

正確的。對於 Shantanu，您曾在高峰會和其他場合談過，Mark 也曾談到您未來的技術基礎設施，這意味著您曾多次提到定義通用資料模型、通用雲端架構、對 beta 科學的投資等等。您能否就您認為該平台的最終發展方向稍微談一談？這是否就是您之前提到的您可以為客戶提供的無摩擦自助服務功能的一部分？或者從功能和交付給客戶的角度來看，它們到底意味著什麼？

Jay, I think in terms of how we as a product company continue to innovate for our customers, there's no question that Creative Cloud has been as successful as it is because not only is it best-of-breed individual products for specific users, but the integration across all of those is unparalleled in the industry in terms of how colors or types of fonts work. Our vision for the Marketing Cloud is exactly the same, which is we are building a data platform that enables all of our products to work seamlessly together. We've made a lot of progress in that space. And the benefit for customers is certainly as they think about a campaign, as they think about customer segments it naturally flows from the analytics product to the target product to the campaign product. And in the enterprise space we certainly see that our Marketing Cloud, while it is a leader, we have aspirations for that not to be an island unto itself but really to be the hub that interconnects all of the enterprise software. And so investing, as you point out, in these core data platforms to enable our customers to derive value and for us to continue to build a technology [mote] that will serve us well for many years is very much part of the strategy. Last but not least, customer expectations right now across the globe are that content flows seamlessly from our Creative Cloud into our Marketing Cloud, and so we do that.

傑伊，我認為，就我們作為一家產品公司如何繼續為客戶創新而言，毫無疑問，Creative Cloud 已經取得瞭如此大的成功，因為它不僅是針對特定用戶的最佳單一產品，而且所有這些產品的整合（就顏色或字體類型而言）在業界也是無與倫比的。我們對行銷雲端的願景完全相同，那就是我們正在建立一個數據平台，使我們所有的產品能夠無縫協作。我們在該領域取得了很大進展。對客戶來說，好處肯定是，當他們考慮一項活動時，當他們考慮客戶細分時，它自然會從分析產品流向目標產品，再流向活動產品。在企業領域，我們當然看到我們的行銷雲雖然處於領先地位，但我們的願望是它不會成為一個孤島，而是真正成為連接所有企業軟體的樞紐。因此，正如您所指出的，投資這些核心數據平台是為了使我們的客戶能夠從中獲得價值，而對我們來說，繼續建立一項能夠在未來許多年為我們服務的技術，這是該策略的重要組成部分。最後但同樣重要的一點是，目前全球的客戶期望內容能夠從我們的創意雲無縫流入我們的行銷雲，所以我們做到了這一點。

The one other comment I will make, you are right, there's a lot of conversation right now about machine learning and AI. It's something that we've invested in for years. We won't be building the magic that we built in Creative Cloud or Creative Suite without very deep technology in terms of machine learning. And the reality is what when we think about Marketing Cloud, it is not about data collection, it is all about how we are driving insight and predictive, which is another form of machine learning. And that's what's really fueled our Marketing Cloud business. Continue to invest in deep technology across the Company.

我要說的另一點是，你是對的，現在有很多關於機器學習和人工智慧的討論。這是我們多年來一直在投資的事情。如果沒有非常深厚的機器學習技術，我們就無法在 Creative Cloud 或 Creative Suite 中創造出奇蹟。事實是，當我們思考行銷雲時，我們考慮的並不是資料收集，而是我們如何推動洞察力和預測能力，這是機器學習的另一種形式。這才是我們行銷雲端業務的真正推手。繼續在公司範圍內對深度技術進行投資。

Thank you.

謝謝。

Alex Zukin, Piper Jaffray.

亞歷克斯·祖金（Alex Zukin），Piper Jaffray。

Thanks for taken my question, guys. Shantanu, you mentioned some accelerated deal signings in the quarter. And I guess maybe you can comment on the macro backdrop as you are seeing this year versus last year, as some of the other vendors in the space saw some deal pushes. And you clearly are not seeing that. So maybe just give a comment there. And then I've got a quick follow-up.

謝謝你們回答我的問題。Shantanu，您提到本季有一些加速的交易簽署。我想您可以就今年與去年相比的宏觀背景進行評論，因為該領域的一些其他供應商也看到了一些交易推動。但你顯然沒有看到這一點。因此也許只是在那裡發表評論。然後我進行快速的跟進。

Alex, I think when after Q2 we said as we looked at the pipeline for the second half of the year, it was a healthy pipeline. And we look at it and we have our internal expectations of what's going to close in Q3 and what's going to close in Q4. As you know, enterprise software Q4 is the traditionally strong quarter, which again to the question that Brent also asked earlier, gives us confidence the strength of the pipeline for the numbers that we said. But I think we executed well against it. And I think it also reflects the importance of our solutions for the customers that we are serving. If you are trying to move your business online, if you are trying to create a more personalized relationship with your customer, sure, you can defer the decision. You're only deferring the inevitable in terms of having to invest in technology that helps you automate that process. So I would say part of it is the offering that we have, part of it is the execution that we have. And we have to just continue to be focused on it.

亞歷克斯，我認為，當我們在第二季度之後審視下半年的管道時，我們發現這是一個健康的管道。我們對此進行了研究，並對第三季和第四季將要完成的交易做出了內部預期。如您所知，企業軟體第四季是傳統上表現強勁的季度，這也回應了布倫特之前提出的問題，讓我們對我們所說的數字的通路實力充滿信心。但我認為我們表現得很好。我認為這也反映了我們的解決方案對於我們所服務的客戶的重要性。如果您試圖將您的業務轉移到網路上，如果您試圖與您的客戶建立更個人化的關係，當然，您可以推遲決定。您只是推遲了必須投資於可幫助您自動化該過程的技術這一不可避免的事情。因此我想說，部分原因在於我們提供的服務，部分原因在於我們的執行力。我們必須繼續關注它。

Operator, we're coming up -- (multiple speakers). Sorry, Alex. Go ahead.

接線員，我們馬上就到－（多位發言者）。對不起，亞歷克斯。前進。

I was going to ask a question. You mentioned machine learning and predictive analytics. And Shantanu, I guess, in the context of AI, do you see, when you think about the application of data within your product suite, are you thinking more in terms of an automation context or a insights content? And just in general, how do you see that playing out in the marketing landscape over the next few years?

我正要問一個問題。您提到了機器學習和預測分析。我想，Shantanu，在人工智慧的背景下，當您考慮在產品套件中應用資料時，您是否更多地考慮自動化環境或洞察內容？整體而言，您認為未來幾年行銷格局將如何改變？

I think, Alex, for years we've been talking about our platform unique advantage being the combination of data and content. As we are enabling our customers to have these Marketing Clouds deliver more personalized experience, I think table stakes a few years ago was being able to actually just collect that data, do the core web analytics. Our business is being fueled by not just collecting the data. Our business is certainly being fueled by across campaign and across target, how we providing a unique insight into our customers. We have been doing this for years. And I think to your point, there a lot of people talking about it. It is going to become something that becomes the industry buzz. We've quietly been executing against that for quite a while now.

我認為，亞歷克斯，多年來我們一直在談論我們平台的獨特優勢是數據和內容的結合。當我們幫助客戶透過這些行銷雲獲得更個人化的體驗時，我認為幾年前的首要任務就是能夠真正收集這些數據，進行核心的網路分析。我們的業務不僅僅依靠收集數據來推動。我們的業務當然受到跨活動、跨目標的推動，以及我們如何為客戶提供獨特的見解。我們已經這樣做了很多年。我認為，正如你所說，有很多人在談論這個。這將會成為業界熱議的話題。我們已默默地執行這目標很長一段時間了。

Operator, we are coming up on the top of the hour. Why don't we take one more question.

接線員，我們現在已經到整點了。我們何不再回答一個問題呢？

Derrick Wood, Cowen and Company.

德里克·伍德（Derrick Wood），考恩公司。

Great. Thanks for squeezing me in. Shantanu, on the Marketing Cloud, the base ARR conversations, at least within the enterprise B2C base, it seems like we're moving a bit past the website replatforming cycle and a bit more towards the modules on top of AEM and better monetizing the content in the platform. Would you agree with this? And if so, what does that mean to the velocity of transaction activity and the type of deal sizes you are seeing? Then it may be correlated, but Mark, I heard you say you want to increase both more focus on first year contract value and shorten time to go live. Could you flesh out a bit more on what you guys are doing and what you hope to yield from it?

偉大的。謝謝你擠進我。Shantanu，在 Marketing Cloud 上，基礎 ARR 對話，至少在企業 B2C 基礎上，似乎我們正在超越網站重建平台週期，而更多地轉向 AEM 之上的模組，並更好地將平台上的內容貨幣化。你同意這個嗎？如果是這樣，那麼這對交易活動的速度和您所看到的交易規模類型意味著什麼？那麼它們可能是相關的，但是馬克，我聽你說你想更加關注第一年的合約價值並縮短上線時間。您能否更詳細地介紹一下你們正在做的事情以及希望從中獲得什麼成果？

I will start and then Shantanu can add on. As it relates to that, I think we've discussed this with you, I know we've discussed this with you in the past. But we want to more closely align revenue to bookings. And as a result of that our focus has shifted more towards annual subscription value. So the field, our sales force, is now compensated more towards annual subscription value. We continue to believe that we are going to hit our 30% ASP bookings growth for the year. And by doing so that puts revenue more closely aligned to bookings.

我先開始，然後 Shantanu 可以補充。關於這一點，我想我們已經與您討論過這個問題，我知道我們過去也與您討論過這個問題。但我們希望收入與預訂量更加緊密地結合。因此，我們的重點已轉向年度訂閱價值。因此，我們銷售人員所獲得的報酬現在更取決於年度訂閱價值。我們仍然相信，今年的平均銷售價格預訂量將成長 30%。這樣一來，收入與預訂量就更加緊密地掛鉤。

Derrick, as to your question, you are absolutely right. The single point of interaction in a digital world for most customers used to be the website with AEM, as you point out. What's becoming table stakes increasingly is having that same kind of personalized experience across all digital channels, whether you are in airlines, and that's the experience in a kiosk or a terminal, whether it is in retail and that's the particular experience when you walk into a retail store, whether it is included food hospitality, whether you are coming to a drive-in. So what fueling our business is the ability to actually deliver as an experience across each of those different channels. And more specifically what that means is as people are creating new mobile applications and using our AEM mobile solutions, or as people are corresponding more with people and addressing our campaign solutions. And it is certainly our goal to provide that single-stop shop for all communication and all experience across all different channels. It is very definitely driving it.

德瑞克，關於你的問題，你完全正確。正如您所指出的，大多數客戶在數位世界中的單一互動點曾經是 AEM 網站。越來越重要的一點是，在所有數位管道中獲得相同類型的個人化體驗，無論您是在航空公司，這是在自助服務終端或航站樓的體驗，無論是在零售店，這是當您走進零售店時的特殊體驗，無論是包括餐飲招待，無論您是來到汽車影院。因此，推動我們業務發展的是我們能夠透過每個不同的管道實際提供體驗。更具體地說，這意味著人們正在創建新的行動應用程式並使用我們的 AEM 行動解決方案，或者人們正在與更多人進行交流並使用我們的活動解決方案。我們的目標當然是提供所有不同管道、所有溝通和所有體驗的一站式服務。它確實在推動它。

The one product that I'll again single out is Audience Manager, really just continues to do extremely well in the enterprise. I think the reason for that is all enterprises are starting off with this question of, who are my customers? What are the demographics? And how do I set that up? Audience Manager is so much more than just a DMP. It actually allows enterprise to start off at a business strategy and say, let me get a real clear understanding of my customers and what I'm trying to deliver to them across all different touchpoints. Our vision of the Marketing Cloud and continuing to be the one-stop shop, I think it is paying off. And you are seeing that in the results.

我要再次特別指出的產品是 Audience Manager，它在企業中確實繼續表現非常出色。我認為，原因在於所有企業會先思考這個問題：我的客戶是誰？人口統計如何？我該如何設定呢？Audience Manager 不僅僅是一個 DMP。它實際上允許企業從商業策略開始並說，讓我真正清楚地了解我的客戶以及我試圖透過所有不同的接觸點向他們提供什麼。我們對行銷雲的願景以及繼續成為一站式商店，我認為這正在獲得回報。您可以在結果中看到這一點。

Big picture, since that was the last question. I think we continue to focus on the large opportunities ahead of us as a Company. And we are helping create the world's content, we are helping enterprises use technology to deliver better customer value. I know Mark and I are pleased with our Q3 results. Our Q4 targets reflect the continued momentum in the business. It is good to be able to enlist macro environment, continued to reiterate our financial targets, and as you saw, increase our EPS target for the year. And so we think we are in great shape. We remain focused on driving innovation for our customers. I again want to thank customers, partners worldwide for their commitment. And to our employers -- employees for continuing to drive innovation in this industry. We look forward to seeing you all at MAX. There is going to be some exciting announcements. And we will have an update for you. But thank you for joining us today.

總體來說，因為這是最後一個問題。我認為我們將繼續關注公司面臨的巨大機會。我們正在幫助創造世界的內容，我們正在幫助企業利用科技提供更好的客戶價值。我知道馬克和我對我們的第三季業績感到滿意。我們的第四季度目標反映了業務的持續發展勢頭。能夠利用宏觀環境、持續重申我們的財務目標，以及如您所見，提高我們今年的每股盈餘目標是件好事。因此我們認為我們處於良好的狀態。我們始終致力於為客戶推動創新。我再次感謝全球客戶和合作夥伴的承諾。並感謝我們的雇主和員工繼續推動這個行業的創新。我們期待在 MAX 見到大家。將會有一些令人興奮的公告。我們將為您提供最新消息。但感謝您今天加入我們。

This concludes our call. Thank you.

我們的通話到此結束。謝謝。