Adobe Inc (ADBE) 2016 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. I would like to welcome you to Adobe Systems fourth-quarter FY16 earnings conference call.

女士們、先生們，午安。歡迎您參加 Adob​​e Systems 2016 財年第四季財報電話會議。

(Operator Instructions)

（操作員指令）

I would now like to 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 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 fourth quarter and FY16 financial results.

下午好，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 第四季和 2016 財年的財務表現。

By now, you should have a copy of our earnings press release, which crossed the wire approximately one hour ago. We have also posted PDFs of our earnings call prepared remarks and slides, financial targets, and an updated investor datasheet 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的收益新聞稿的副本，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的評論和幻燈片、財務目標以及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 we get started, we want to emphasize that some of the information discussed in this call, particularly our revenue and operating model targets, and our forward-looking product plans is based on information as of today, December 15, 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 12 月 15 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以及 Adob​​e 的 SEC 文件中的前瞻性聲明披露。

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 datasheet on Adobe's Investor Relations website. Call participants are advised that the audio of this conference call is being webcast live in Adobe Connect and is also being recorded for playback purposes. An archive of the webcast will be made available on Adobe's Investor Relations website for approximately 45 days and is the property of Adobe. The call audio and the webcast archive may not be re-recorded or otherwise reproduced or distributed without prior written permission from Adobe. 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正在 Adob​​e Connect 中進行網路直播，並且還將錄製以供播放。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. FY16 was another great year for Adobe. Our record revenue and net income were driven by strong performance in Creative Cloud annualized recurring revenue, continued growth of Adobe Document Cloud subscriptions and strong revenue and bookings for Adobe Marketing Cloud. In Q4, we delivered record revenue of $1.61 billion, which represents 23% year-over-year growth.

謝謝，麥克，下午好。2016 財年對 Adob​​e 來說又是豐收的一年。我們創紀錄的營收和淨收入得益於 Creative Cloud 年度經常性收入的強勁表現、Adobe Document Cloud 訂閱的持續成長以及 Adob​​e Marketing Cloud 的強勁收入和預訂量。第四季度，我們實現了創紀錄的 16.1 億美元營收，年增 23%。

GAAP earnings per share in Q4 was $0.80 and non-GAAP earnings per share was $0.90. For the year, we grew total revenue to $5.85 billion, which represents 22% annual growth. GAAP earnings per share in FY16 was $2.32 and non-GAAP earnings per share was $3.01.

第四季 GAAP 每股收益為 0.80 美元，非 GAAP 每股收益為 0.90 美元。今年，我們的總營收成長至 58.5 億美元，年增率為 22%。2016 財年 GAAP 每股盈餘為 2.32 美元，非 GAAP 每股盈餘為 3.01 美元。

In Digital Media we are advancing the state of the art for content and setting the standard for creativity and digital documents. We exited the year with over $4 billion of annualized recurring revenue, or ARR. The net ARR increase in Q4 was $316 million and was driven by continued adoption and retention of Creative Cloud and Document Cloud across all customer segments.

在數位媒體領域，我們正在推動內容的先進水平，並為創造力和數位文件製定標準。我們今年的年度經常性收入（ARR）超過 40 億美元。第四季的淨 ARR 增加 3.16 億美元，這得益於所有客戶群對 Creative Cloud 和 Document Cloud 的持續採用和保留。

Creative Cloud is the one-stop shop for creativity and design and in FY16, we expanded our customer base while continuing to deliver a rapid stream of product innovations. We achieved record Creative revenue of $886 million in Q4. For the year, we achieved Creative revenue of $3.2 billion, which represents 38% year-over-year growth.

Creative Cloud 是創意和設計的一站式商店，2016 財年，我們擴大了客戶群，同時繼續快速提供產品創新。我們第四季的創意收入達到了創紀錄的 8.86 億美元。今年，我們的創意收入達到 32 億美元，年增 38%。

At the heart of the Creative Cloud is the promise of continuous innovation and the pace at which we are delivering new technology is accelerating. Last month, at our MAX Creativity Conference, we unveiled next generation desktop, mobile and cloud services for designers, photographers and film-makers as well as sneak previews of creative technologies in the areas of virtual reality, image matching and digital painting.

Creative Cloud 的核心是持續創新的承諾，我們推出新技術的步伐正在不斷加快。上個月，在我們的 MAX 創意大會上，我們為設計師、攝影師和電影製作人推出了下一代桌面、行動和雲端服務，並預覽了虛擬實境、影像匹配和數位繪畫領域的創意技術。

Our creative customers have always counted on us to turn the future into reality. Creative Cloud is the place designers expect to get the best tools and services in emerging categories like experience design and 3D. Earlier this week, we released two public betas: Adobe XD for Windows, the first all-in-one tool for designing, prototyping and sharing user experiences for web and mobile apps; and Project Felix, a new application that enables designers to create photo-realistic composites with 2D images and 3D assets.

我們富有創造力的客戶始終期望我們將未來變成現實。Creative Cloud 是設計師期望獲得體驗設計和 3D 等新興類別的最佳工具和服務的地方。本週早些時候，我們發布了兩個公開測試版：適用於 Windows 的 Adob​​e XD，這是第一款用於設計、原型設計和共享 Web 和行動應用程式使用者體驗的一體化工具； Project Felix 是一款新應用程序，可讓設計師使用 2D 圖像和 3D 資產創建照片般逼真的合成圖。

Adobe Stock continues to gain momentum in the multibillion-dollar stock image category. In Q4, we launched the Adobe Stock Contributor Site, a new platform that allows users to upload and sell photos, illustrations, videos, and vectors to the world's largest creative community.

Adobe Stock 在價值數十億美元的圖片庫類別中繼續保持強勁勢頭。在第四季度，我們推出了 Adob​​e Stock 貢獻者網站，這是一個新平台，允許用戶向世界上最大的創意社群上傳和銷售照片、插圖、影片和向量圖。

We also announced a partnership with Reuters that will bring their expansive video and photography library across news, sports, business and entertainment to the Adobe Stock service. With creativity exploding across the globe, geographic expansion represents a significant growth opportunity. In November, we launched Adobe Creative Cloud for teams in China. China is one of the world's largest digital economies and we can now address its extensive community of designers and creators.

我們還宣布與路透社建立合作夥伴關係，將其涵蓋新聞、體育、商業和娛樂領域的豐富影片和攝影庫引入 Adob​​e Stock 服務。隨著全球創造力的爆發，地域擴張代表著巨大的成長機會。11 月，我們在中國推出了適用於團隊的 Adob​​e Creative Cloud。中國是世界上最大的數位經濟體之一，現在我們可以向其龐大的設計師和創作者群體致辭。

We believe everyone is creative and should have the opportunity to express themselves. Adobe Spark, our consumer friendly web and mobile solution for creating and sharing professional-quality animated videos, web stories and social graphics, is gaining traction with small businesses, social marketers and students. We will continue to invest in Adobe Spark, which we see as a key way to reach a broader consumer audience as part of Creative Cloud.

我們相信每個人都有創造力，都應該有機會表達自己。Adobe Spark 是我們用於創建和分享專業品質的動畫影片、網路故事和社交圖形的消費者友善網路和行動解決方案，正在受到小型企業、社交行銷人員和學生的青睞。我們將繼續投資 Adob​​e Spark，我們認為它是 Creative Cloud 接觸更廣泛消費者受眾的關鍵方式。

The world's leading digital document service, Adobe Document Cloud, leverages the PDF standard we pioneered and enables businesses to transform inefficient paper-based processes to digital. In Q4, Document Cloud revenue was $191 million and we grew Document Cloud ARR to $475 million. Document Cloud represents the modern way for managing digital documents. Core cloud capabilities, like mobile and collaboration, as well as services like electronic signatures have become a requirement for our customers. As a result, Document Cloud subscriptions now eclipse licensing of perpetual Acrobat software on Adobe.com and we expect to see stronger migration among our enterprise customers in the coming year. As part of the ongoing innovation delivered through Document Cloud, this quarter, we rolled out critical new scan functionality in our Adobe Reader mobile apps. In October, we expanded the global footprint for Adobe Document Cloud, with the launch of the Adobe Sign service in Japan.

全球領先的數位文件服務 Adob​​e Document Cloud 利用我們開創的 PDF 標準，幫助企業將低效的紙本流程轉變為數位化流程。第四季度，Document Cloud 的營收為 1.91 億美元，我們將 Document Cloud ARR 增至 4.75 億美元。Document Cloud 代表了管理數位文件的現代方式。核心雲端功能（例如行動和協作）以及電子簽名等服務已成為我們客戶的需求。因此，Document Cloud 訂閱現在已超越了 Adob​​e.com 上永久 Acrobat 軟體的許可，並且我們預計在來年我們的企業客戶中將會出現更強勁的遷移。作為本季透過 Document Cloud 實現的持續創新的一部分，我們在 Adob​​e Reader 行動應用程式中推出了重要的新掃描功能。10 月份，我們在日本推出了 Adob​​e Sign 服務，擴大了 Adob​​e Document Cloud 的全球影響力。

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 is financial institutions, retail, travel and entertainment, or automotive, entire industries are experiencing digital disruption and aggressively deploying technology to drive stronger brand loyalty and growth.

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、旅遊和娛樂還是汽車，整個行業都在經歷數位顛覆，並積極部署技術以增強品牌忠誠度和成長。

Adobe's winning formula is built on a unique foundation of content and data which enables deep customer insights, development and delivery of consistent personalized experiences and the ability to monitor and optimize business performance in real-time. Adobe Marketing Cloud continues to be the most comprehensive offering in the exploding digital marketing category, with best-in-class solutions and analytics content management, cross-channel campaigns, and data management as well as media optimization. We're seeing strong demand for the Adobe Marketing Cloud across the globe, as evidenced by the sold-out crowds at events this quarter in London, Paris, Munich and Tokyo. Major customer wins this quarter included Lufthansa, Pandora, United Healthcare, UPS, US Defense Information Systems Agency, and Verizon.

Adobe 的成功秘訣建立在獨特的內容和數據基礎之上，這種基礎能夠提供深入的客戶洞察、開發和交付一致的個人化體驗，以及即時監控和優化業務績效的能力。Adobe Marketing Cloud 繼續成為爆炸性成長的數位行銷類別中最全面的產品，具有一流的解決方案和分析內容管理、跨通路行銷活動、資料管理以及媒體優化。我們發現全球對 Adob​​e Marketing Cloud 的需求強勁，本季在倫敦、巴黎、慕尼黑和東京舉行的活動的門票銷售一空就證明了這一點。本季的主要客戶包括漢莎航空、潘朵拉、聯合健康保險、UPS、美國國防資訊系統局和威瑞森電信。

In Q4, Adobe managed a record 33.5 trillion data transactions, providing us with an unparalleled view into real-time business and cultural trends. Debuting in 2016, the Adobe Digital Price Index has redefined how inflation and consumer goods prices are tracked and measured, and has received broad support from the world's leading economists. Leveraging over 20 billion visits to retail websites, Adobe Digital Insights' Holiday Shopping Report accurately predicted online sales for this holiday season within a margin of error of less than 0.5%.

第四季度，Adobe 管理了創紀錄的 33.5 兆筆數據交易，為我們提供了無與倫比的即時商業和文化趨勢視角。Adobe 數位物價指數於 2016 年首次亮相，重新定義了通貨膨脹和消費品價格的追蹤和衡量方式，並得到了世界頂尖經濟學家的廣泛支持。Adobe Digital Insights 的「假期購物報告」利用超過 200 億次零售網站流量，準確預測了本假日季的線上銷售額，誤差幅度不到 0.5%。

Adobe measures 80% of all online transactions from the top 100 US retailers, and $7.50 out of every $10 spent online with the top 500 US retailers go through Adobe Marketing Cloud. This tremendous volume of data puts Adobe in the unique position to deliver highly accurate, census-based online sales totals, pricing and product availability trends each holiday season.

Adobe 統計了美國 100 強零售商 80% 的線上交易，而美國 500 強零售商在線上消費的每 10 美元中，有 7.50 美元是透過 Adob​​e Marketing Cloud 進行的。如此龐大的數據量使得 Adob​​e 能夠在每個假期季節提供高度準確的、基於人口普查的線上銷售總額、定價和產品供應趨勢。

Last month, we announced our intention to acquire TubeMogul, a leading demand site video advertising platform, further strengthening our leadership in digital marketing and ad tech. Adobe is currently a leader in search, display and social advertising planning and delivery with our Adobe Media Optimizer solution. The addition of TubeMogul to our ad tech capabilities will enable Adobe's customers to maximize their video advertising investments across desktop, mobile, streaming devices and TV. Together, Adobe and TubeMogul will enable our customers to identify the right audience segments and plan, execute and measure paid media performance across any device. We expect the transaction to close in December.

上個月，我們宣布了收購領先的需求網站影片廣告平台 TubeMogul 的意向，進一步加強了我們在數位行銷和廣告科技領域的領導地位。憑藉我們的 Adob​​e Media Optimizer 解決方案，Adobe 目前在搜尋、顯示和社交廣告規劃和交付領域處於領先地位。TubeMogul 加入我們的廣告科技能力後，Adobe 的客戶能夠最大化他們在桌面、行動裝置、串流裝置和電視上的影片廣告投資。Adobe 和 TubeMogul 攜手合作，幫助我們的客戶識別正確的受眾群體，並在任何裝置上規劃、執行和衡量付費媒體的效果。我們預計交易將於12月完成。

In September, we announced a strategic partnership with Microsoft to help enterprises embrace digital transformation. Adobe announced it will make Microsoft Azure the preferred platform for our cloud services, providing customers with a trusted enterprise-grade, global platform and that we will integrate our Adobe Marketing Cloud technology with Microsoft's Dynamic 365 Enterprise and Power BI. Microsoft announced it will make Adobe Marketing Cloud the preferred marketing service for its enterprise customers and its extensive partner and developer ecosystem.

9月，我們宣布與微軟建立策略夥伴關係，幫助企業實現數位轉型。Adobe 宣布將將 Microsoft Azure 作為我們雲端服務的首選平台，為客戶提供值得信賴的企業級全球平台，並且我們將結合我們的 Adob​​e Marketing Cloud 技術與 Microsoft 的 Dynamic 365 Enterprise 和 Power BI 相結合。微軟宣布將 Adob​​e Marketing Cloud 打造為其企業客戶及其廣泛的合作夥伴和開發者生態系統的首選行銷服務。

Adobe's success has been a result of our ability to predict the future. While others are jumping on the machine learning and the AI bandwagon, these capabilities have been the foundation of our innovation for decades. Our engineers and scientists are squarely focused on harnessing the massive volume of content and data assets captured in our cloud solutions to tackle today's complex experience challenges.

Adobe 的成功源自於我們預測未來的能力。雖然其他人也在加入機器學習和人工智慧的行列，但這些能力幾十年來一直是我們創新的基礎。我們的工程師和科學家專注於利用我們的雲端解決方案中捕獲的大量內容和資料資產來應對當今複雜的體驗挑戰。

Last month, we announced Adobe Sensei, a new framework and set of intelligent services for dramatically improving the design and delivery of digital experiences. Adobe Sensei services address the critical demands of our creative, document and marketing customers from image matching across million of images to understanding the meaning and sentiment of digital documents, to finally targeting important audience segments. Dozens of these intelligence services have been deployed in our products to date and we are significantly increasing our investment. We also intend to make Adobe Sensei available to our ecosystem of partners, ISVs and developers.

上個月，我們宣布推出 Adob​​e Sensei，這是一套新的框架和智慧服務，可顯著改善數位體驗的設計和交付。Adobe Sensei 服務滿足了我們的創意、文件和行銷客戶的關鍵需求，從數百萬張圖像的圖像匹配到理解數位文件的含義和情感，最終鎖定重要的受眾群體。到目前為止，我們的產品中已經部署了數十種此類智慧服務，我們正在大幅增加投資。我們也打算將 Adob​​e Sensei 提供給我們的合作夥伴、ISV 和開發人員生態系統。

Adobe's success over the decades is, in no small part, due to the unique culture we have created. In October, we were named a Best Multinational Workplace by the Great Places To Work Institute, and this month, we were among the top 10 employers on Glassdoor's 2017 list of 50 Best Places To Work. We know that a strong workforce is a diverse workforce, and we are committed to increasing diversity among our employee base. We have broken new ground in terms of employee benefits like extended parental leave and are implementing programs including youth coding and media making initiatives to inspire future female technologists.

Adobe 數十年來的成功，很大程度上歸功於我們創造的獨特文化。十月份，我們被卓越職場研究所評為「最佳跨國工作場所」；本月，我們又躋身 Glassdoor 2017 年 50 個最佳工作場所榜單的前 10 名雇主之列。我們知道，一支強大的員工隊伍是一支多元化的員工隊伍，我們致力於增加員工隊伍的多元化。我們在員工福利方面取得了突破，例如延長育嬰假，並正在實施包括青年編碼和媒體製作計劃在內的計劃，以激勵未來的女性技術人員。

Being a good global citizen is important to our employees, customers and investors. For the first time, Adobe has been selected as a component of the prestigious Dow Jones Sustainability World Index. For the third year in a row, we received a perfect score on the 2017 Corporate Equality Index Report from the Human Rights Campaign Foundation. In light of these accomplishments Adobe's brand momentum has never been stronger and we were honored to be one of the five fastest growing brands on the 2016 Interbrand Best Global Brands ranking.

成為優秀的全球公民對我們的員工、客戶和投資者來說非常重要。Adobe 首次被選為著名的道瓊永續發展世界指數的成分股。我們連續第三年在人權運動基金會發布的 2017 年企業平等指數報告中獲得滿分。鑑於這些成就，Adobe 的品牌勢頭從未如此強勁，我們很榮幸成為 2016 年 Interbrand 全球最佳品牌排名中成長最快的五個品牌之一。

FY16 was a great year for Adobe. We are driving growth in each of the large categories we have created. With a $64 billion total addressable market by 2019, our opportunity has never been greater. Our mission to change the world through digital experiences has never been more relevant. And our strategy, our technology and our people set us up for continued success. I would like to thank our employees for their dedication and innovation over the past year. We remain incredibly excited about the opportunity ahead. Mark?

2016 財年對 Adob​​e 來說是豐收的一年。我們正在推動我們所創造的每個大類別的成長。到 2019 年，潛在市場總額將達到 640 億美元，我們的機會比以往任何時候都更大。我們的使命是透過數位體驗改變世界，這一點從未如此重要。我們的策略、技術和人才為我們持續的成功奠定了基礎。我要感謝我們的員工在過去一年的奉獻和創新。我們對於未來的機會仍然感到無比興奮。標記？

Thanks, Shantanu. Our earnings report today covers both Q4 and FY16 results. In FY16, Adobe achieved record annual revenue of $5.85 billion which represents 22% year-over-year growth. GAAP EPS for the year was $2.32 and non-GAAP EPS was $3.01.

謝謝，Shantanu。我們今天的收益報告涵蓋了第四季和2016財年的業績。2016財年，Adobe年營收達到創紀錄的58.5億美元，較去年同期成長22%。全年 GAAP EPS 為 2.32 美元，非 GAAP EPS 為 3.01 美元。

This performance is a result of strong execution against our strategy and noteworthy achievements, including growing Digital Media ARR by $1.13 billion during the year to exit FY16 with $4.01 billion, well ahead of our original target of $3.875 billion, achieving 38% year-over-year revenue growth in our Creative business and exiting the year with $3.54 billion of ARR.

這項業績是我們強有力執行策略和取得顯著成就的結果，包括年內數位媒體 ARR 成長 11.3 億美元，2016 財年結束時達到 40.1 億美元，遠高於我們最初設定的 38.75 億美元的目標，創意業務收入同比增長 38%，年末 ARR 達到 35.4 億美元。

Delivering Document Cloud revenue of $765 million and growing ARR to $475 million, both of which reflect progress against our goal of migrating this to a subscription business. Achieving record Adobe Marketing Cloud revenue of $1.63 billion and 20% annual year-over-year growth.

實現 Document Cloud 營收 7.65 億美元，ARR 成長至 4.75 億美元，這兩項都反映了我們將其遷移到訂閱業務的目標取得了進展。Adobe Marketing Cloud 營收達到創紀錄的 16.3 億美元，年增率為 20%。

Generating $2.2 billion in operating cash flow during the year, which represents 50% year-over-year growth; growing deferred revenue to $2 billion and increasing our unbilled backlog to approximately $3.4 billion exiting the year. Together this represents approximately $5.4 billion of contracted revenue that will be recognized over time and returning over $1 billion in cash to stockholders through our stock repurchase program.

年內產生22億美元經營現金流，較去年同期成長50%；遞延收入增加至 20 億美元，年底未開票積壓訂單增加至約 34 億美元。總計約 54 億美元的合約收入將隨著時間的推移而確認，並透過我們的股票回購計畫向股東返還超過 10 億美元的現金。

In the fourth quarter of FY16, Adobe achieved record revenue of $1.61 billion which represents 23% year-over-year growth. GAAP diluted earnings-per-share in Q4 was $0.80 and non-GAAP diluted earnings-per-share was $0.90.

2016財年第四季，Adobe營收創歷史新高，達16.1億美元，較去年同期成長23%。第四季 GAAP 稀釋每股收益為 0.80 美元，非 GAAP 稀釋每股收益為 0.90 美元。

Highlights in the quarter included achieving $316 million of net new Digital Media ARR; record Creative revenue of $886 million, which represents 33% year-over-year growth; record Adobe Marketing Cloud revenue of $465 million, which represents 32% year-over-year growth. Strong growth in operating and net income; record cash flow from operations and deferred revenue; and 82% of Q4 revenue from recurring sources.

本季的亮點包括實現 3.16 億美元的淨新數位媒體 ARR； 創意收入達 8.86 億美元，年增 33%； Adobe Marketing Cloud 營收達到創紀錄的 4.65 億美元，較去年同期成長 32%。營業收入及淨收入強勁成長； 記錄經營活動現金流量及遞延收入； 第四季 82% 的營收來自經常性收入。

In Digital Media, we grew segment revenue by 23% year-over-year. The addition of $316 million net new Digital Media ARR during the quarter grew total Digital Media ARR to $4.01 billion exiting Q4. Within Digital Media, we delivered Creative revenue of $886 million, which represents 33% year-over-year growth. In addition, we increased Creative ARR by [$283 million] during Q4 and exited the quarter with $3.54 billion of Creative ARR.

在數位媒體領域，我們的分部營收年增了 23%。本季增加了 3.16 億美元的淨新數位媒體 ARR，使得第四季末的總數位媒體 ARR 達到 40.1 億美元。在數位媒體領域，我們實現了 8.86 億美元的創意收入，年增 33%。此外，我們在第四季度將創意 ARR 增加了 [2.83 億美元]，並在本季末將創意 ARR 提升至 35.4 億美元。

Driving the momentum with our Creative business was 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 and upsells.

推動我們創意業務發展動能的因素是本季所有產品和市場途徑對 Creative Cloud 的持續強勁需求，包括淨新增 Creative Cloud 訂閱以及企業合約續約和追加銷售。

Creative Cloud ARPU grew quarter over quarter across all offerings in Q4. As we outlined at our analyst meeting in November, 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.

第四季度，Creative Cloud 所有產品的 ARPU 均較上季成長。正如我們在 11 月的分析師會議上所概述的那樣，我們對 Creative Cloud 的關注仍然放在三個關鍵領域。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。

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.

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和推動新成員採用，並透過 Adob​​e Stock 等價值擴展服務提高 ARPU 和 ARR。

Some highlights against these goals during the year include: 53% year-over-year subscription growth outside the US. Broadly expanding our base of users by adding more than 1 million Creative Cloud Photography Plan subscribers during the year and growing Adobe Stock revenue by more than 40% year over year.

今年實現這些目標的一些亮點包括：美國以外地區的訂閱量年增 53%。今年，我們的用戶群大幅擴大，增加了 100 多萬 Creative Cloud 攝影計畫訂閱用戶，Adobe Stock 營收年增超過 40%。

With Document Cloud, we achieved revenue of $191 million. Document Cloud ARR grew to $475 million, the highest sequential quarterly growth this year. Driving this growth was adoption of Acrobat subscriptions and value-add services such as Adobe Sign, both which are benefiting ARR and building a foundation for revenue growth in the future.

借助 Document Cloud，我們實現了 1.91 億美元的營收。Document Cloud ARR 成長至 4.75 億美元，為今年連續季最高增幅。推動這一成長的原因是 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 achieved record quarterly and annual Adobe Marketing Cloud revenue. Entering the year, we targeted approximately 20% Adobe Marketing Cloud annual revenue growth and approximately 30% annual subscription value, or ASV bookings growth.

在數位行銷方面，我們實現了創紀錄的季度和年度 Adob​​e Marketing Cloud 收入。進入今年，我們的目標是 Adob​​e Marketing Cloud 年營收成長約 20%，年訂閱價值或 ASV 預訂量成長約 30%。

Included in these targets in FY16 was an expectation of approximately $45 million of perpetual revenue. Relative to our expectations at the beginning of the year, we experienced increased demand for on-premise, perpetual licensed solutions by some customers.

2016 財年的這些目標中包括預計約 4,500 萬美元的永久收入。相對於我們年初的預期，我們發現一些客戶對內部部署、永久授權解決方案的需求增加。

When we combined ASV bookings for the year with an overachievement in first year value of perpetual contracts, we achieved 30% bookings growth. In Q4, we achieved Marketing Cloud revenue of $465 million, which represents 32% year-over-year growth. With this Q4 performance in FY16, we achieved 20% annual revenue growth. Mobile remains a key driver for this business. Mobile data transactions grew to 55% of total Adobe Analytics transactions in the quarter.

當我們將年度 ASV 預訂量與永久合約第一年價值的超額完成相結合時，我們實現了 30% 的預訂量增長。第四季度，我們的行銷雲端營收達到 4.65 億美元，年增 32%。憑藉2016財年第四季的業績，我們實現了20%的年營收成長。移動仍然是這項業務的關鍵驅動力。本季度，行動數據交易量成長至 Adob​​e Analytics 總交易量的 55%。

From a quarter-over-quarter currency perspective, FX decreased revenue by $4.5 million. We had $8.1 million in hedge gains in Q4 FY16 versus $3.9 million in hedge gains in Q3 FY16. Thus, the net sequential currency decrease to revenue considering hedging gains was $0.3 million. From a year-over-year currency perspective, FX decreased revenue by $9.1 million. We had $8.1 million in hedge gains in Q4 FY16 versus $1.3 million in hedge gains in Q4 FY15; thus the net year-over-year currency decrease to revenue considering hedging gains was $2.3 million. We experienced stable demand across all major geographies during the quarter.

從季度環比貨幣角度來看，FX 收入減少了 450 萬美元。我們在 2016 財年第四季的對沖收益為 810 萬美元，而 2016 財年第三季的對沖收益為 390 萬美元。因此，考慮對沖收益後，收入的淨連續貨幣減少額為 30 萬美元。從年比貨幣角度來看，FX 收入減少了 910 萬美元。我們 2016 財年第四季的對沖收益為 810 萬美元，而 2015 財年第四季的對沖收益為 130 萬美元；因此，考慮避險收益後，營收年比淨減少額為 230 萬美元。本季度，我們在所有主要地區都經歷了穩定的需求。

In Q4, Adobe's effective tax rate was 12.5% on a GAAP basis and 21% on a non-GAAP basis. The GAAP rate was lower than targeted due to tax benefits recognized as a result of the completion of certain income tax audits.

第四季度，Adobe 的有效稅率根據 GAAP 計算為 12.5%，根據非 GAAP 計算為 21%。由於完成某些所得稅審計後確認了稅務優惠，因此 GAAP 稅率低於目標。

Our trade DSO was 47 days, which compares to 47 days in the year-ago quarter and 45 days last quarter. Deferred revenue grew to a record $2 billion, up 36% year over year. Our ending cash and short-term investment position was $4.76 billion, compared to $4.45 billion at the end of Q3.

我們的貿易 DSO 為 47 天，而去年同期為 47 天，上季為 45 天。遞延收入成長至創紀錄的 20 億美元，年增 36%。我們的期末現金和短期投資狀況為 47.6 億美元，而第三季末為 44.5 億美元。

Cash flow from operations was a record $696 million in the quarter. During this year, we have been using excess domestic cash to buy back stock and reduce our share count. In Q3, we've repurchased approximately 3.2 million shares at a cost of $331 million. We currently have $500 million remaining under our current authority granted in January 2015.

本季經營活動現金流達到創紀錄的 6.96 億美元。今年，我們一直在使用過剩的國內現金回購股票並減少股票數量。第三季度，我們回購了約 320 萬股，耗資 3.31 億美元。根據2015年1月授予的現有授權，我們目前還剩餘5億美元。

Now I will provide our financial outlook. Entering FY17, we have great momentum and continue to see strength across our three cloud businesses. We are excited about our large addressable markets and are uniquely positioned to drive strong top-line and bottom line growth. At our November 2 financial analyst meeting, we outlined our long-term strategy and provided long-term growth rates and preliminary FY17 financial targets. We remain confident in our ability to operationally execute against those targets and we are reaffirming our long-term FY15 to FY18 financial targets today.

現在我將提供我們的財務展望。進入 2017 財年，我們發展勢頭強勁，三大雲端業務持續保持強勁勢頭。我們對我們龐大的潛在市場感到非常興奮，並且擁有獨特的優勢來推動強勁的營收和利潤成長。在 11 月 2 日的財務分析師會議上，我們概述了我們的長期策略，並提供了長期成長率和 2017 財年初步財務目標。我們對實現這些目標的營運能力仍然充滿信心，今天我們重申了我們的2015財年至2018財年的長期財務目標。

Since the analyst meeting, the US dollar has strengthened considerably. Were it not for this currency fluctuation, we would be reaffirming all of the preliminary FY17 targets we provided on November 2. Based on today's FX rates, we believe our hedging programs will effectively mitigate the impact of these rate changes in Q1 and Q2 but if they persist, current FX rates will affect our ability to achieve the preliminary annual targets due to the impact in the second half of FY17. As a result, we are providing the following FY17 targets.

自分析師會議以來，美元已大幅走強。如果不是因為這次貨幣波動，我們將重申 11 月 2 日提供的所有 2017 財年初步目標。因此，我們制定了以下 2017 財政年度目標。

We expect total revenue of approximately $6.95 billion, which factoring in the extra week in FY16, represents approximately 21% year-over-year growth. We continue to target Digital Media segment revenue growth of approximately 20%. As you know, we measure ARR on a constant currency basis during a fiscal year and if necessary, we revalue ARR at year-end for the current currency rates.

我們預計總收入約為 69.5 億美元，如果算上 2016 財年的額外一周，則年增約 21%。我們繼續將數位媒體部門的收入成長目標定為約 20%。如您所知，我們在一個財政年度內以固定貨幣基礎衡量 ARR，如有必要，我們會在年底根據當前貨幣匯率重新評估 ARR。

FX rate changes have resulted in a $27 million reduction and an updated Digital Media ARR exiting FY16 of $3.99 billion. The effect of this revision is reflected in our updated investor datasheet and we continue to expect approximately 25% Digital Media ARR growth, which equates to approximately $1 billion of net new ARR in the year, leading to approximately $5 billion of Digital Media ARR exiting FY17.

匯率變化導致數位媒體 ARR 減少 2,700 萬美元，2016 財年結束時數位媒體 ARR 更新為 39.9 億美元。此次修訂的影響已反映在我們更新的投資者資料表中，我們繼續預期數位媒體 ARR 將成長約 25%，相當於當年約 10 億美元的淨新 ARR，從而導致 2017 財年結束時數位媒體 ARR 約為 50 億美元。

By quarter, we expect to add approximately $225 million of net new Digital Media ARR in Q1, followed by sequential growth of net new ARR in Q2, then in Q3, we anticipate a seasonally driven sequential decline followed by strong seasonal growth in the fourth quarter to achieve the target for the year. In Digital Marketing, we continue to target Adobe Marketing Cloud revenue growth of approximately 20% and Adobe Marketing Cloud ASV bookings growth of approximately 30%.

按季度計算，我們預計第一季淨新增數位媒體 ARR 將增加約 2.25 億美元，隨後第二季度淨新增 ARR 將環比增長，然後在第三季度，我們預計會出現季節性環比下降，然後在第四季度出現強勁的季節性增長，從而實現全年目標。在數位行銷方面，我們繼續瞄準 Adob​​e Marketing Cloud 營收成長約 20% 和 Adob​​e Marketing Cloud ASV 預訂量成長約 30%。

Despite the currency impact, we expect to achieve the same FY17 EPS targets we provided on November 2, which are GAAP earnings per share of approximately $2.85 and non-GAAP earnings per share targeted at approximately $3.75. During the year, we expect revenue and earnings per share to grow sequentially each quarter with the largest sequential increase in Q4.

儘管受到金錢影響，我們預計將實現 11 月 2 日提出的 2017 財年每股收益目標，即 GAAP 每股收益約 2.85 美元，非 GAAP 每股收益約 3.75 美元。我們預計今年每季的營收和每股盈餘將連續成長，其中第四季的連續增幅最大。

Starting with FY17, we are providing quarterly estimates for our most likely results rather than providing targeted ranges due to the increased predictability in our business. In the first quarter of FY17, we are targeting revenue of approximately $1.625 billion.

從 2017 財年開始，由於業務的可預測性增強，我們將提供最可能業績的季度預估，而不是提供目標範圍。2017 財年第一季度，我們的目標是實現約 16.25 億美元的營收。

We expect to achieve approximately $225 million of net new Digital Media ARR in Q1. We expect Digital Media Q1 segment year-over-year revenue growth of approximately 19% and Adobe Marketing Cloud year-over-year revenue growth of approximately 20%. When comparing Q1 FY17 targets, it is helpful to remember that Q1 FY16 had an extra week due to our 52/53 week fiscal year calendar.

我們預計第一季淨新數位媒體 ARR 將實現約 2.25 億美元。我們預計數位媒體第一季部門營收年增約 19%，Adobe Marketing Cloud 營收年增約 20%。當比較 2017 財年第一季的目標時，值得記住的是，由於我們的財政年度日曆為 52/53 週，因此 2016 財年第一季有額外的一周。

Factoring the extra week in Q1 FY16, all Q1 FY17 revenue targets represent greater than 20% year-over-year growth. We are targeting our Q1 share count to be approximately 501 million shares. We expect net non-operating expense to be approximately $13 million on both a GAAP and non-GAAP basis.

考慮到 2016 財年第一季的額外一周，2017 財年第一季的所有營收目標均比去年同期成長 20% 以上。我們第一季的目標股票數量約為 5.01 億股。我們預計，根據 GAAP 和非 GAAP 計算，淨非營業支出約為 1,300 萬美元。

We are targeting a Q1 tax rate of approximately 15% on a GAAP basis and 21% on a non-GAAP basis. These targets yield a Q1 GAAP earnings per share target of approximately $0.71 and Q1 non-GAAP earnings per share of approximately $0.87.

我們預計第一季的稅率根據 GAAP 約為 15%，根據非 GAAP 約為 21%。這些目標使得第一季 GAAP 每股收益目標達到約 0.71 美元，第一季非 GAAP 每股收益目標達到約 0.87 美元。

Finally, the targets we are providing today do not reflect our planned acquisition of TubeMogul, which we expect to close in December. We plan to issue updated Q1 and annual FY17 financial targets after the acquisition closes. We strongly believe analysts and investors should wait for the close of the acquisition to combine expected results of both companies into an updated model for the coming year. We plan to host a brief call to discuss our strategy and targets that factor in items such as a stub quarter period and accounting implications.

最後，我們今天提供的目標並不反映我們計劃中的對TubeMogul的收購，我們預計該收購將於12月完成。我們計劃在收購完成後發布更新後的 2017 財年第一季和年度財務目標。我們堅信，分析師和投資者應該等待收購完成，將兩家公司的預期結果結合上一年的更新模型中。我們計劃召開一次簡短的電話會議來討論我們的策略和目標，其中考慮到了諸如季度末期間和會計影響等因素。

In summary, 2016 was another strong year for Adobe. We are the market leader, with all three of our cloud solutions and we are executing well against a large and growing addressable market. We're excited about what lies ahead for Adobe and look forward to sharing more progress with you in the coming year. Mike?

總而言之，2016 年對 Adob​​e 來說又是強勁的一年。我們是市場領導者，擁有三種雲端解決方案，並且在龐大且不斷成長的潛在市場上表現良好。我們對 Adob​​e 的未來充滿期待，並期待在未來一年與您分享更多進展。麥克風？

Thanks, Mark. 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 later today. Alternatively, you can listen to a phone replay by calling 855-859-2056. Use conference ID number 253-69-759.

謝謝，馬克。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 253-69-759。

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 December 21, 2016. We would now be happy to take your questions and we ask that you limit your questions to one per person. Operator?

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 12 月 21 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，但請您將問題限制為每個人一個。操作員？

(Operator Instructions)

（操作員指令）

Steve Ashley, Robert Baird.

史蒂夫艾希莉、羅伯特貝爾德。

I was going to look at the Creative Media business. You hitting on all cylinders. The Creative business is strong. You have strengthened education, Document is coming up the curve. I was going to ask about the consumer opportunity there. Can you remind us what you have today in consumer and if there is an opportunity to maybe push out and expand how far you push into the consumer market in the future? Thanks.

我本來想看看創意媒體業務。您全力以赴。創意業務強勁。你們加強了教育，文件正在走上正軌。我本來想詢問那裡的消費者機會。您能否回顧一下您目前在消費者市場中擁有哪些業務，以及未來是否還有機會進一步拓展消費市場？謝謝。

I'm happy to take that, Steve. You are right. And thank you for the acknowledgment of how we are executing against Creative business. From our point of view, Creative Cloud is very much about not just migrating the core customer segment but significantly through market expansion, making sure that we are targeting new customers.

我很高興接受這個，史蒂夫。你是對的。感謝您對我們創意業務執行情況的認可。從我們的角度來看，Creative Cloud 不僅涉及遷移核心客戶群，還透過市場擴張來確保我們能夠瞄準新客戶。

I would point out two or three different initiatives in that space. The first one clearly is Creative Cloud Photography Plan. As you know we used to have a Lightroom and Photoshop Elements. We're increasingly seeing those consumers adopt the Creative Cloud Photography Plan; that continues to do really well in terms of a new customer acquisition that we have.

我想指出該領域兩到三種不同的舉措。第一個顯然是Creative Cloud攝影計畫。如你所知，我們曾經擁有 Lightroom 和 Photoshop Elements。我們看到越來越多的消費者採用 Creative Cloud 攝影計畫； 就我們吸引新客戶而言，這繼續表現良好。

A second category that I will talk about are products like Adobe Spark. We're seeing more and more people who have a story to tell, wanting to use Adobe Spark and I think in this year, you will see that also start to get integrated and folded into the Creative Cloud, much like mobile apps are. They represent a big customer acquisition and adoption and migration opportunity.

我要談論的第二類產品是像 Adob​​e Spark 這樣的產品。我們看到越來越多的人有自己的故事要講述，想要使用 Adob​​e Spark。它們代表著巨大的客戶獲取、採用和遷移機會。

And the third, I continue to impress upon education. Education is a segment; does really well in Creative Cloud. It's that next generation, or whether it is K-12 students or higher ed. As they get exposed to our products, clearly as they enter university or the marketplace, they are using our products, all of which we look at as positive trends for the future.

第三，我繼續強調教育。教育是一個部分；在 Creative Cloud 中表現出色。他們是下一代，無論是 K-12 學生還是高等教育學生。當他們接觸到我們的產品時，顯然當他們進入大學或市場時，他們就會使用我們的產品，所有這些都被視為未來的正面趨勢。

Great. Thanks so much.

偉大的。非常感謝。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

Congrats on a great fiscal year to you all. Shantanu, the last time we met you was right the week before the election and I think there's a lot of folks who are wondering what you guys have seen post the results from a macro perspective. I know you guys are sort of operating on your cadence right now in terms of your products and your strategy, but I was curious, I guess especially in the digital marketing world where you guys are obviously talking to a lot of enterprises. Is there any change in tone or I guess projected spend, or anything like that? I was just curious if you could give us a bit of an update on that? Thanks.

祝賀大家度過了一個豐收的財政年度。Shantanu，我們上次見到您是在選舉前一周，我想很多人都想知道從宏觀角度來看，你們對選舉結果有何看法。我知道你們現在在產品和策略方面正在按照自己的步調運作，但我很好奇，我想特別是在數位行銷領域，你們顯然正在與許多企業進行交流。語氣或預期支出是否有所變化，或諸如此類的事情？我只是好奇，您能否向我們提供有關該問題的一些最新消息？謝謝。

Sure Kirk. I have seen rally in the stock market as well, which I think all of us have certainly experienced but in addition to that, I would just continue to emphasize this notion of how all enterprises are being transformed by what is happening in digital and the urgency with which they really need to think about technology that they can leverage to become more of an experienced business.

當然可以，柯克。我也看到了股市的反彈，我想我們所有人都經歷過，但除此之外，我只想繼續強調這個觀點，即所有企業都在透過數位技術的變革而發生轉變，以及他們真正需要緊急考慮可以利用的技術，以成為更有經驗的企業。

I think that continues to be unabated. As you saw, we had a pretty strong Q4 revenue growth with 30% year over year in the Digital Marketing business and I think the opportunity continues to be one that we're excited about, not just in the US, but internationally as well so nothing that we have seen, either just before the election or post-election changes our belief in the large opportunity and our continued execution in that, Kirk.

我認為這種趨勢仍將持續。正如您所看到的，我們第四季度的數位行銷業務收入同比增長了 30%，增長非常強勁。

Thanks very much.

非常感謝。

Sterling Auty, JPMorgan.

摩根大通的斯特林‧奧蒂 (Sterling Auty)。

In your prepared remarks, you mentioned the overage or the higher-than-expected demand for on-premise, perpetual in the Digital Marketing side. How much of that happened in the fourth quarter and if you normalize, how would you characterize the bookings and revenue relative to what your expectations were?

在您準備好的評論中，您提到了數位行銷方面對內部部署的超額或高於預期的需求。其中第四季發生了多少這樣的情況？

Sterling, when we look at the entire year first, let me reflect that we continue to think that we both have the most comprehensive offerings and we're pleased with both the revenue and the bookings growth for the year. I do want to clarify that we think the cloud remains the long-term right offering for our customers.

史特林，當我們首先回顧全年業績時，我認為我們仍然認為我們都擁有最全面的產品，並且我們對今年的收入和預訂量增長感到滿意。我確實想澄清的是，我們認為雲端運算仍然是我們客戶的長期正確選擇。

But it is -- the fact that we have an on-premise solution, we continue to think it's a competitive advantage and globally, it is hard to predict which option customers might prefer on a quarter-by-quarter basis but I want to reiterate it's all, from our point of view, good revenue.

但事實是，我們擁有內部部署解決方案，我們繼續認為這是一個競爭優勢，在全球範圍內，很難預測客戶在每個季度可能會更喜歡哪種選擇，但我想重申，從我們的角度來看，這一切都是良好的收入。

When we look at the different components of revenue in the Marketing Cloud and you look at subscription, which we think is the healthiest long-term predictor and then you look at perpetual and consulting, the subscription bookings revenue grew 29% year over year in FY16. So stronger than the overall 20%.

當我們查看行銷雲中的不同收入組成部分並查看訂閱時，我們認為這是最健康的長期預測指標，然後再查看永久和諮詢，2016 財年的訂閱預訂收入同比增長了 29％。因此比整體的 20% 更強。

And if you actually go back to what Mark showed at the analyst meeting and look at the pie chart, it was exactly in line with what we had predicted for Q4. Relative to the beginning of the year, to your question, we certainly overachieved a little bit in perpetual revenue relative to subscription bookings.

如果你回顧馬克在分析師會議上展示的內容並查看圓餅圖，你會發現它與我們對第四季的預測完全一致。關於您的問題，相對於年初而言，我們的永久收入相對於訂閱預訂量確實略有超出。

However, when you normalize that and you take, given perpetual revenue as a multi-year commitment and look at just the first year component, I think it's really small and so relative to overall growth, we feel good about it. The mix was slightly different relative to what we thought at the beginning of the year.

然而，當你將其正常化，並將永久收入視為多年承諾並僅看第一年的部分時，我認為它真的很小，因此相對於整體增長，我們對此感到滿意。與年初時我們想像的相比，這種組合略有不同。

Got it. Thank you.

知道了。謝謝。

Brent Thill, UBS.

瑞銀的布倫特·蒂爾（Brent Thill）。

Shantanu, the Asian business has been very strong the last couple quarters and I was curious if you could just talk through the fall-through that you're seeing there. I know you have also made a bigger push into China, where many software companies have not been as successful for a lot of the reasons. Can you just talk a little bit about what you're seeing there so far as you push more aggressively to China?

Shantanu，過去幾個季度，亞洲業務一直非常強勁，我很好奇您是否可以談論您在那裡看到的下滑情況。我知道你們也在中國做出了更大的努力，由於多種原因，許多軟體公司在中國都沒有那麼大的成功。您能否簡單談一談在積極推進中國市場方面目前看到的情況？

Sure, Brent. I think that two things that we factor in. The first, as we've always stated when we first released Creative Cloud. Adoption of Creative Cloud in Asia lagged adoption of Creative Cloud in the US and UK, for example, as markets. We are now pleased with the adoption that we are seeing.

當然，布倫特。我認為我們要考慮兩件事。第一個，正如我們首次發布 Creative Cloud 時一直所說的那樣。例如，亞洲對 Creative Cloud 的採用落後於美國和英國等市場的採用。我們對目前看到的採用情況感到非常高興。

Australia was always a strong market. Australia continues to be a very strong market so as it relates to Creative Cloud, as we said, even having it in China right now, it was long overdue and the fact that we now have Creative Cloud for teams in China I think shows our commitment to the Chinese digital economy, which we continue to think is one of the largest, so we feel good about.

澳洲一直是個強勁的市場。澳洲仍然是一個非常強大的市場，因此就 Creative Cloud 而言，正如我們所說，即使現在在中國推出它，它也早就應該推出了，而我們現在為中國的團隊提供 Creative Cloud，我認為這表明了我們對中國數位經濟的承諾，我們仍然認為中國數位經濟是最大的經濟之一，所以我們對此感到很高興。

The other large opportunity, as you know, for us is in digital marketing. And that is driven by two different phenomena. The first phenomena is as we are increasingly have global agreements with US multinationals, they expect deployment of our solutions, whether it is in retail, financial services or other places to also be true in China and in India and in Australia and Southeast Asia.

如您所知，我們面臨的另一個巨大機會是數位行銷。這是由兩種不同的現象引起的。第一個現像是，隨著我們與美國跨國公司達成越來越多的全球協議，他們期望我們的解決方案能夠部署在中國、印度、澳洲和東南亞，無論是在零售、金融服務或其他地方。

So that is continuing to drive some growth and then even local companies in all of those markets, as they realize mobile, in particular, there and the digital disruption there, there is excitement around our products. So in Digital Media, it is all about the adoption of Creative Cloud and Digital Marketing, has brought about global adoption of our Digital Marketing solutions as well as local companies increasingly recognizing that they have to migrate to digital, with mobile being the key driver there.

因此，這將繼續推動一些成長，甚至所有這些市場的本地公司，當他們意識到行動領域，特別是那裡的數位顛覆時，對我們的產品感到興奮。因此，在數位媒體領域，一切都與創意雲端和數位行銷的採用有關，這帶來了我們數位行銷解決方案的全球採用，同時本地公司也越來越認識到他們必須遷移到數位化，而行動端是其中的關鍵驅動力。

Thank you.

謝謝。

Walter Pritchard, Citi.

花旗銀行的沃爾特‧普里查德 (Walter Pritchard)。

Shantanu, I'm wondering if you could talk about the ETLA performance in the fourth quarter and your expectations in terms of ETLA as part of that $1 billion in incremental ARR next year. I'm specifically trying to figure out if that -- if the new ETLA business is still growing. I know you're coming on some renewals and so forth there. I just wanted to get a sense of the trajectory.

Shantanu，我想知道您是否可以談談第四季度的 ETLA 表現，以及您對 ETLA 作為明年 10 億美元增量 ARR 的一部分的期望。我特別想弄清楚——新的 ETLA 業務是否仍在成長。我知道你正在進行一些續約之類的事情。我只是想了解一下軌跡。

Net summary, Walter, very strong quarter in Q4. I think driven by two different phenomena. The first is three years ago when we had first introduced the ETLA program for our customers, it was really more a reflection of what they were licensing for Creative Suite so I'd call them more of these custom solutions, which reflected what versions of different products that we're using.

淨摘要，沃爾特，第四季非常強勁。我認為這是受到兩種不同現象的驅動。第一個是三年前，當我們首次為客戶推出 ETLA 計劃時，它實際上更多地反映了他們為 Creative Suite 授權的內容，因此我稱它們為更多這些定制解決方案，這反映​​了我們正在使用的不同產品的版本。

Starting in FY16, we move to a more complete solution, which is people were licensing all of the products and the fact that it was integrated. The field organization did a really great job of articulating the benefits of moving to the entire complete solution and the second thing that actually happened in the year was also true-ups, which is people are finding that as they are deploying more and more of Creative Cloud, they were volunteering doing true-ups.

從 2016 財年開始，我們將轉向更完整的解決方案，即人們對所有產品進行授權並將其整合。現場組織在闡明轉向整個完整解決方案的好處方面做得非常出色，而今年實際發生的第二件事也是真實情況，即人們發現，隨著他們部署越來越多的 Creative Cloud，他們自願進行真實情況。

So new logos as well as moving from, what I would say, custom to complete and clearly resulting in an increase in ARPU for the enterprise and we continue to believe that, that represents a large opportunity in the US and internationally for FY17.

因此，新的標誌以及從定製到完整的轉變顯然會導致企業的 ARPU 增加，我們仍然相信，這代表著 2017 財年在美國和國際上的巨大機會。

Thank you.

謝謝。

Kash Rangan, Bank of America Merrill Lynch.

美銀美林的卡什‧蘭根 (Kash Rangan)。

This is Shankar on behalf of Kash. I have a question on your overall margin profile as we look into the next few years. You mentioned in your prepared remarks about being the increased investment that you're going to make in Sensei and Adobe Spark and a whole lot of other products.

這是代表 Kash 的 Shankar。我對您未來幾年的整體利潤狀況有一個疑問。您在準備好的演講中提到您將增加對 Sensei、Adobe Spark 和許多其他產品的投資。

But if you also look at the large down potential and the potential that as your partnership can drive your Marketing Cloud. And also your margins down over time. What is the leverage in the model and can we expect an operating margin to be in the 40% to 45% range there by the end of the decade?

但如果您也考慮巨大的下行潛力以及合作夥伴關係可以推動您的行銷雲的潛力。而且你的利潤也會隨著時間的推移而下降。此模型中的槓桿率是多少？

It's Mark. Thanks for the question. I'm glad I got one. I was getting ready to go home. (laughter) So first, we are extremely proud of our ability to be one of the only, if not one of the only cloud companies, that can grow significantly on top-line and bottom line and the fact that we got to $3.01 this year and being well ahead of our guidance is something that we are very proud of.

是馬克。謝謝你的提問。我很高興我得到了一個。我正準備回家。（笑聲）首先，我們非常自豪能夠成為唯一一家（如果不是唯一一家）能夠在營業收入和利潤上實現大幅增長的雲端運算公司。

We do have room in the model to invest in the businesses that we need to invest in. If you look at next year's guidance and you do the P&L based on what we just told you, you're going to come up with operating margins that are increasing by around 1 point from this year, so from 34% to 35%.

我們確實在模型中有足夠的空間來投資我們需要投資的業務。如果您查看明年的指引，並根據我們剛才告訴您的內容計算損益表，您會發現營業利潤率比今年增加了約 1 個百分點，即從 34% 增加到 35%。

We gave you guidance for 2018. You can see that margins continue to improve from there. I'm not going to say at this point that we're going to go back to 40% which is where we were in 2008 but you can see that there is still tremendous leverage in our model and we feel very good about that.

我們為您提供了 2018 年的指導。您可以看到利潤率從那時起持續提高。我現在還不能說我們會回到 2008 年的 40% 的水平，但你可以看到我們的模型仍然有巨大的槓桿作用，我們對此感覺非常良好。

Thank you.

謝謝。

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

This is Stan Zlotsky sitting in for Keith Weiss. So I actually wanted to ask a question on the Document Services business. The ARR, the add-in for Q4 was very impressive and you guys had mentioned in the prepared remarks that the fastest and most you've had it all year. So what was the driver of the outperformance in the quarter? And more broadly, as you move the Document back into services business to subscription, how are you thinking about that versus the kind of strategy that you adopted, moving the Creative Cloud business to subscription as well? So thank you.

這是代替 Keith Weiss 的 Stan Zlotsky。所以我實際上想問一個有關文件服務業務的問題。ARR，Q4 的附加功能非常令人印象深刻，你們在準備好的評論中提到，這是你們全年速度最快、最多的一次。那麼本季業績表現優異的因素是什麼呢？更廣泛地說，當您將文件業務重新轉回服務業務並轉向訂閱時，與您採用的將 Creative Cloud 業務轉向訂閱的策略相比，您是如何考慮這一點的？所以謝謝你。

I think two comments come to mind there. First is it was a very strong year and if you look at just the Document Cloud segment ARR, it probably under represents the momentum that we have with the Document Cloud and Acrobat businesses because as you know, significant number of people also use Acrobat DC when they are using the Creative Cloud.

我想到這裡有兩則評論。首先，這是非常強勁的一年，如果只看 Document Cloud 部分的 ARR，它可能低估了我們在 Document Cloud 和 Acrobat 業務方面的發展勢頭，因為如您所知，相當多的人在使用 Creative Cloud 時也會使用 Acrobat DC。

So big picture, it was driven by both the Adobe.com, where we have very dramatically made the switch from people buying the perpetual product to people buying the subscription offering as well as enterprise and the adoption of new services like Adobe Sign.

因此，從總體上看，這是由 Adob​​e.com 推動的，在 Adob​​e.com 上，我們已顯著地實現了從購買永久產品的人們到購買訂閱產品的人們的轉變，以及企業和採用 Adob​​e Sign 等新服務。

So when you look at the ARR, I think the ARR growth was over 20% for the year and when you think about the unit growth that we're seeing in it, it just reflects that PDF, as a standard, has continued to be the way in which people share. For those on the call, I would also really recommend you try out our new mobile apps and the scan functionality, where it's -- I would say one of the easiest ways for people to create a PDF out of any picture that they might have using the camera. So continued innovation, I think in that space, just reflects paper to digital is this macro trend. They are very uniquely positioned to capitalize on that.

因此，當您查看 ARR 時，我認為今年的 ARR 成長率超過了 20%，當您考慮我們在其中看到的單位成長時，它只是反映了 PDF 作為一種標準，一直是人們分享的方式。對於通話中的人，我還強烈建議你們嘗試我們的新行動應用程式和掃描功能，我認為這是人們使用相機將任何照片創建為 PDF 的最簡單的方法之一。所以我認為，在這個領域持續的創新，只是反映了從紙本到數位化的宏觀趨勢。他們擁有非常獨特的優勢，可以利用這一點。

Next question, please.

請回答下一個問題。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，Griffin Securities。

Mark, don't go home yet. I have a question for you. (laughter) So, the question concerns cash flow.

馬克，別回家。我有一個問題想問你。（笑聲）所以，問題涉及現金流。

Jay, it's Mike. I'm glad you're on our call, not the Oracle call, like everyone else thinks.

傑伊，我是麥克。我很高興您參加了我們的電話會議，而不是像其他人想的那樣參加 Oracle 的電話會議。

You're very welcome. You just grew your GAAP operating cash flow by about $800 million in 2016 and the question is, how are you thinking about cash flow in 2017? Do you think you could achieve a similar increment, even considering all the investments of course that you're talking about, particularly in terms of geographic expansion in Asia, and of course, R&D.

別客氣。2016 年，您的 GAAP 營業現金流增加了約 8 億美元，那麼問題是，您如何看待 2017 年的現金流？您認為您可以實現類似的成長嗎，即使考慮到您談到的所有投資，特別是在亞洲的地理擴張以及研發方面的投資？

Yes, Jay, thanks for the question. Obviously, we had extremely strong cash flow on the year. Really good cash flow in Q4. As I look into next year I expect very strong cash flow again. I will say -- I'm glad you asked the question.

是的，傑伊，謝謝你的提問。顯然，我們今年的現金流非常強勁。第四季的現金流確實很好。展望明年，我預計現金流將再次非常強勁。我想說——我很高興你問了這個問題。

I will say, just so everybody understands, cash flow from Q4 to Q1 always naturally declines. We have a lot of payments that get made in the first quarter for commissions and bonuses and things like that so you should expect a pretty substantial decline, just sequentially, but I do fully expect another strong cash flow year next year.

我要說的是，為了讓每個人都明白，從第四季到第一季的現金流總是自然下降的。我們在第一季度支付了大量佣金、獎金等款項，因此你應該預計會出現相當大的下降，只是環比下降，但我確實完全預計明年的現金流將再次強勁。

Okay. Maybe just as a follow-up, could you talk about perhaps the non-net income components of that? How are you thinking in terms, for example, of deferred in particular?

好的。也許只是作為後續問題，您能談談其中的非淨收入部分嗎？例如，您是如何考慮延期的？

Again, I expect deferred to continue to increase as we drive bookings faster than we are driving revenue.

再次，我預計遞延費用將繼續增加，因為我們的預訂量成長速度快於收入成長速度。

Okay. Great. Thanks very much.

好的。偉大的。非常感謝。

Ross MacMillan, RBC Capital Markets.

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

Mark, when we look at ARR, the big picture, I guess is that we added about $1.1 billion this year, 2016, about the same level as FY15. We're talking about $1.7 billion in 2017 so there is very little decay in the rate of new ARR being added and I know you're not yet talking about the year or even further out. But how should we be thinking about that kind of pace of moderation shall we see in that ARR increment and the question really goes to this notion of where we are, both in terms of user ads and base transition? I'm just curious for your high-level thoughts.

馬克，當我們看 ARR 時，總體情況是，我猜我們今年（2016 年）增加了約 11 億美元，與 2015 財年的水平大致相同。我們談論的是 2017 年的 17 億美元，因此新 ARR 的增加率幾乎沒有下降，我知道您還沒有談論今年甚至更遠的未來。但是，我們應該如何看待這種適度步伐，我們該如何看待 ARR 增量？ 問題實際上在於我們所處的位置，無論是在用戶廣告還是基礎轉型方面？我只是對您的高層次想法感到好奇。

I mean, we've -- like you say, we been consistently adding around $1 billion and we feel very good about that number. We continue to attract the users. We continue to drive higher ARPU. We're getting people off of promotions on to full price. We're adding value-add services like Stock, all of those things help drive that ARR number. Retention helps drive that ARR number. So there's lots of different ways that we can do that and as you note we are addressing a much bigger TAM than we were addressing the number of years ago so all of that plays into our ability, we believe, to continue to drive that kind of net new ARR.

我的意思是，就像你說的，我們一直在增加約 10 億美元，我們對這個數字感到非常滿意。我們繼續吸引用戶。我們將繼續提高每用戶平均收入 (ARPU)。我們正在讓人們不再享受促銷，而是享受全額。我們正在添加像 Stock 這樣的增值服務，所有這些都有助於提高 ARR 數字。保留有助於提高 ARR 數字。因此，我們可以透過多種不同的方式來做到這一點，正如您所說，我們現在解決的 TAM 比幾年前要大得多，因此，我們相信，所有這些都會影響我們繼續推動這種淨新 ARR 的能力。

Then just one other, just follow-up quickly, just on the seasonality of ARR this year. I think this will be the first year where we actually see decline in fiscal Q3. If that's just the base effect, like the numbers are getting bigger, are there any particular things this year we should think about as we transition Q2 to Q3 that maybe we didn't see last year or the prior year?

然後還有一點，只是快速跟進，只是關於今年 ARR 的季節性。我認為今年將是我們在財政第三季度實際看到下滑的第一年。如果這只是基數效應，例如數字越來越大，那麼今年在第二季度向第三季度過渡的過程中，是否有一些特別的事情是我們應該考慮的，而這些事情可能是去年或前一年我們沒有看到的？

There is nothing new. We're just trying to make sure we incorporate seasonality. Q3 is a slower seasonal quarter for buying for us and we just want to factor that in.

沒什麼新鮮事。我們只是想確保將季節性納入考慮。對我們來說，第三季是一個採購淡季，我們只是想將這一點考慮進去。

Okay. Thanks again. Congratulations.

好的。再次感謝。恭喜。

Thank you.

謝謝。

Thanks Ross.

謝謝羅斯。

Brian Weiser, Pivotal Research.

Brian Weiser，Pivotal Research。

Following the TubeMogul acquisition, I was just wondering if you could talk about any other aspects of ad tech, you think you may be emphasizing investment in, whether internal or external? And maybe relatedly, Tube made a pretty strong focus as an independent company on demand audience orientation. Given the business you have on prime time, I'm wondering if you expect it will have some supply audience orientation as well?

在收購 TubeMogul 之後，我想知道您是否可以談談廣告技術的其他方面，您認為您可能會強調投資，無論是內部還是外部？也許與此相關的是，作為一家獨立公司，Tube 非常注重隨選觀眾導向。考慮到您在黃金時段的業務，我想知道您是否預計它也會有一些供應觀眾導向？

I think at this point, Brian, what I would say is we're excited about the TubeMogul acquisition and we are excited about the long-term video as well as data opportunities. Just to highlight from our point of view, TubeMogul enables it's more heft in our ad tech platform which is a key part of -- as we are targeting the CMO, the Chief Revenue Officer, the Chief Digital Officer, and in enterprise and adding to what we have in displays, search and social so that's good.

布萊恩，我想在這一點上，我想說的是，我們對 TubeMogul 的收購感到興奮，我們對長期的視訊和數據機會感到興奮。從我們的角度來看，TubeMogul 讓我們的廣告科技平台更具分量，這是其中的關鍵部分——因為我們的目標是首席行銷長、首席營收長、數位長以及企業，並增加了我們在顯示、搜尋和社交方面的內容，所以這很好。

To your point, we do have now more end-to-end capabilities, all the way from video delivery to monetization for our publisher as well as our advertiser customers. And I think what's perhaps most strategic the integration between their DSP offering and our DMP. We're seeing more and more people wanting to integrate with our industry-leading Audience Manager, DMP.

正如您所說，我們現在確實擁有更多端到端的功能，從影片傳輸到為我們的發布商和廣告客戶實現貨幣化。我認為最具戰略意義的可能是他們的 DSP 產品和我們的 DMP 之間的整合。我們看到越來越多的人希望與我們行業領先的受眾管理器 (DMP) 進行整合。

That's really become in FY16 a driver of the adoption of the platform and so I think our goal, when this closes, will be to share more about what we are planning to do strategically, but big picture, it just enables us to be more of trusted platform for the chief marketing officers and chief revenue officers and to enable both personalization in terms of delivery and better segmentation in deriving value from all of the data that they have. Excited about it and we will say more about that after we close.

這在 2016 財年確實成為了平台採用的驅動力，因此我認為，當這一切結束時，我們的目標是分享更多關於我們計劃在戰略上做什麼，但從大局來看，它使我們成為首席營銷官和首席營收官更信賴的平台，並在交付方面實現個性化，在從他們擁有的所有數據中獲取價值方面實現更好的細分。我對此感到很興奮，我們結束後會多談論這一點。

Okay. Thank you very much.

好的。非常感謝。

Heather Bellini, Goldman Sachs.

高盛的 Heather Bellini。

It's Jack Kilgallen filling in for Heather. So you mentioned Creative Cloud ARPU continues to grow sequentially. I just wondered if you could rank order the drivers behind this. I know you mentioned users on promo pricing renewing at full price, new offerings like Stock. If you could just put into context of what the biggest drivers are? And how long we should expect a tailwind like the promo users for doing it full price to exist. Thanks.

傑克·基爾加倫 (Jack Kilgallen) 取代希瑟 (Heather)。所以您提到 Creative Cloud ARPU 繼續連續成長。我只是想知道您是否可以對此背後的驅動因素進行排序。我知道您曾提到以促銷價格續訂的用戶會以全價續訂新產品，例如 Stock。能否簡單說明一下最大的驅動因素是什麼？我們應該期待像促銷用戶以全價購買商品這樣的順風持續多久。謝謝。

All of them are clearly driving the transition of the business to ARR. I would say people are migrating off of the promotional pricing and as long as they continue to retain to full price, that is certainly one of the large drivers. I think we talked about enterprise as one of the large drivers. The mix, as it moves from single app to complete is another driver, so hopefully that gives you a little bit of color.

他們所有人都在推動業務向 ARR 的轉型。我想說的是，人們正在逐漸擺脫促銷價格，只要他們繼續保持全價，這肯定是主要驅動因素之一。我認為我們討論過企業是主要驅動因素之一。從單一應用程式轉變為完整應用程序，混合是另一個驅動因素，所以希望這能為你帶來一點色彩。

And that is why our strategy of getting more and more people onto the platform -- we actually did fewer promotions in the quarter. They were more targeted promotions so they were successful. And that gives you some color, I think. Stock and Sign are starting to become reasonable ARR and we expect continued growth in both those areas as well.

這就是我們的策略——讓越來越多的人加入這個平台——的原因——我們在本季度實際上做了更少的促銷活動。他們的促銷活動更加有針對性，因此取得了成功。我想這會帶給你一些色彩。庫存和標誌開始變得合理 ARR，我們預計這兩個領域也將繼續成長。

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

Michael Nemerov, Credit Suisse.

瑞士信貸的麥可‧內梅羅夫 (Michael Nemerov)。

Just building on the last one. Some recent survey work that we've done suggest that the majority of enterprises have yet to upgrade to Windows 10 but they plan to do so within the next 12 to 24 months. So I'm just curious, how much of the as-yet converted suite base is running Windows versus iOS and do you expect because I didn't hear you mention in the last answer that those Windows 10 upgrades would drive some of the ARR growth in FY17?

只是在上一個基礎上進行建構。我們最近所做的一些調查工作表明，大多數企業尚未升級到 Windows 10，但他們計劃在未來 12 到 24 個月內升級。所以我很好奇，目前轉換的套件基礎中有多少運行 Windows 而不是 iOS，您是否預計這些 Windows 10 升級將推動 2017 財年的部分 ARR 成長？

I think big picture, what I would say in that particular space is whenever there are hardware transitions or software transitions with significant new functionality, they always represent opportunities for us to accelerate migration. When people look at Windows in particular, I think what is most exciting to them is in addition to the incredible hardware that Microsoft and other companies are doing, the fact that it's Stock-enabled has really made a very significant difference.

我認為從大局來看，在那個特定領域我想說的是，每當有硬體轉換或具有重要新功能的軟體轉換時，它們總是代表著我們加速遷移的機會。當人們特別關注 Windows 時，我認為最讓他們興奮的是除了微軟和其他公司正在製造的令人難以置信的硬體之外，它的 Stock 支援確實帶來了非常顯著的變化。

Video capabilities are also in that platform are just so powerful that there is clearly migration from the high-end proprietary video systems into PCs. So that hopefully gives you some color. I think Apple continues to innovate but with Windows 10, as people migrate, it always is an opportunity for us to work with that transition team to make sure that they also migrate to Creative Cloud.

該平台的視訊功能非常強大，顯然已經從高階專有視訊系統遷移到個人電腦。希望這能帶給你一些啟發。我認為蘋果會繼續創新，但隨著人們遷移到 Windows 10，我們始終有機會與過渡團隊合作，確保他們也能遷移到 Creative Cloud。

Thank you very much.

非常感謝。

Operator, we're 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？

Samad Samana, Stephens Inc.

薩馬德·薩馬納（Samad Samana），Stephens Inc.

I apologize if it's already been asked. I jumped on late. But could you give us any idea -- you gave 1 million of new Photoshop subs that you added are photography package. Maybe any color on just what the full-year trend looked like for full Creative Cloud adds and if there is any change in either of these retention rate that you saw there or the add-on rates for the Adobe Stock package for the Creative Cloud, that included Stock. Thank you.

如果這個問題已經被問過了，我深感抱歉。我來晚了。但您能否告訴我們一些想法——您為 100 萬個新的 Photoshop 訂閱添加了攝影包。也許您可以了解 Creative Cloud 完整附加服務的全年趨勢是什麼樣的，以及您在其中看到的這些保留率或 Creative Cloud 的 Adob​​e Stock 軟體包（包括 Stock）的附加率是否有任何變化。謝謝。

I think with respect to both the addition of subs as well as the migration of the business, all of them just continue to be really powerful. If I had to give you a little bit of color, as it relates to what happened in retention, I think in 2011, when we first outlined the opportunities, we estimated at that point, that even at 80% retention rates for the core Creative, it would be great for the business.

我認為，無論是增加子公司，還是業務遷移，它們都將繼續發揮強大的作用。如果我必須給你一些與保留情況有關的詳細信息，我想在 2011 年，當我們第一次概述機會時，我們當時估計，即使核心創意的保留率達到 80%，這對業務來說也是很棒的。

Clearly, retention for the core Creative is higher than that. In fact, for the entire base, that includes -- if you could mute your line also, that would be great. Thank you. And so what I said was where retention for the core Creative is really higher than that, and when you think about it for the entire base, that includes consumers, it's also higher than 80%. And so as we look at retention, it is actually a very good indicator of the core health of the business and we are pleased with that.

顯然，核心創意的保留率高於這個數字。事實上，對於整個基地來說，這包括——如果你也可以使你的線路靜音，那就太好了。謝謝。所以我說的是核心創意的保留率確實高於這個數字，當你考慮包括消費者在內的整個基礎時，它也高於 80%。因此，當我們看保留率時，它實際上是一個非常好的業務核心健康狀況的指標，我們對此感到滿意。

With respect to the Creative Cloud Photography Plan, it just continues to be a very vibrant way for us to attract new customers to our particular platform. And since that was the last question, for me, my summary remarks would be while FY16 was clearly a great year, in many ways, I'm even more excited about the long-term opportunities that we have created for ourselves as a Company.

就 Creative Cloud 攝影計畫而言，它仍然是我們吸引新客戶到我們特定平台的一種非常活躍的方式。因為這是最後一個問題，對我來說，我的總結性評論是，雖然 2016 財年顯然是偉大的一年，但從很多方面來看，我對於我們作為一家公司為自己創造的長期機遇更加興奮。

What we think about the two big areas of focus for Adobe empowering people to create and transforming how businesses compete, they just represent massive opportunities. And our content and data platform really allow us to uniquely address this need. On the Creative business, just continuing to enable any individual who has a story to tell to tell them across any medium, any device.

我們認為 Adob​​e 關注的兩個重點領域是賦予人們創造能力和改變企業競爭方式，它們代表著巨大的機會。我們的內容和數據平台確實使我們能夠以獨特的方式滿足這項需求。在創意商業方面，我只是繼續讓任何有故事的人都可以透過任何媒介、任何設備講述他們的故事。

And on the enterprise side, enabling them to leverage technology to reinvent themselves as an experienced business represent large unmet needs. I feel good that we're innovating while staying in an extremely select group of people and companies that are delivering impressive both top-line and bottom line growth. I'd like to thank our customers, partners, employees and investors and wish you all a happy holiday season. Thank you for joining us.

而在企業方面，讓它們能夠利用科技重塑自己，成為經驗豐富的企業，這代表著巨大的未滿足需求。我很高興我們在不斷創新的同時，仍留在一群極其精選的人才和公司中，這些人才和公司實現了令人矚目的營收和利潤成長。我要感謝我們的客戶、合作夥伴、員工和投資者，並祝大家節日快樂。感謝您加入我們。

This concludes our call. Thanks, everyone.

我們的通話到此結束。謝謝大家。