Adobe Inc (ADBE) 2017 Q1 法說會逐字稿

I would like to welcome to you to Adobe Systems first quarter FY17 earnings conference call.

歡迎大家參加 Adob​​e Systems 2017 財年第一季財報電話會議。

(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 today 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 first-quarter FY17 financial results.

下午好，感謝您今天加入我們。今天與我一起參加電話會議的還有 Adob​​e 總裁兼執行長 Shantanu Narayen；以及執行副總裁兼財務長馬克·加勒特（Mark Garrett）。在今天的電話會議中，我們將討論 Adob​​e 2017 財年第一季的財務表現。

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

現在您應該已經收到我們大約一小時前發布的收益新聞稿的副本。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 Adob​​e 的投資者關係頁面並在快速連結下找到它們。

Before we get started, we want to emphasize that some of the information discussed in this call, particularly our revenue and operating model targets, and our forward-looking product plans, is based on information as of today, March 16, 2017. It contains forward-looking statements that involve risk and uncertainty.

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，都是基於截至 2017 年 3 月 16 日的信息。它包含涉及風險和不確定性的前瞻性陳述。

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.

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.

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。

It 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.

它還被錄製以供播放。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、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. Adobe had an outstanding first quarter with record revenue of $1.68 billion and record profit. GAAP earnings per share in Q1 was $0.80 and non-GAAP earnings per share was $0.94. We continued to execute well against our strategy and are driving momentum across our entire business.

謝謝，麥克，下午好。Adobe 第一季表現出色，營收達到創紀錄的 16.8 億美元，獲利也創歷史新高。第一季 GAAP 每股收益為 0.80 美元，非 GAAP 每股收益為 0.94 美元。我們繼續良好地執行我們的策略，並推動整個業務的發展。

Digital transformation has created a tailwind for Adobe among a diverse spectrum of customers in a broad number of industries, from students, to designers, to the public sector and the world's largest brands. Once the domain solely of professionals, today everyone is a creator, from the teenager doing a school photography project, to the small business owner prototyping her website, to the film-maker working on his first documentary.

數位轉型為 Adob​​e 在眾多行業的不同客戶群中創造了順風，這些客戶包括學生、設計師、公共部門和全球最大的品牌。創作者曾經是專業人士的專屬領域，而如今，每個人都是創作者，無論是從事學校攝影計畫的青少年，還是正在製作網站原型的小企業主，還是正在製作第一部紀錄片的電影製作人。

And design has become a critical element in the fabric of our lives. Design is the starting point for every connection we make and great design requires innovative technology. At the same time, massive amounts of data, the proliferation of devices, and skyrocketing customer expectations are forcing enterprises to completely rethink their business strategies.

設計已經成為我們生活中的重要元素。設計是我們建立的每一個連結的起點，偉大的設計需要創新的技術。同時，大量數據、設備的激增以及不斷增長的客戶期望迫使企業徹底重新思考其業務策略。

To forge stronger customer connections that lead to brand loyalty and growth, forward-looking enterprises are reimagining the experience they provide to their customers. At Adobe, we've always known that a great customer experience is the differentiator that separates market leaders from the pack. At the center of every great experience are customer intelligence and amazing design, and these are Adobe's core competencies.

為了建立更強大的客戶聯繫，從而提高品牌忠誠度和促進品牌成長，有遠見的企業正在重新構想為客戶提供的體驗。在 Adob​​e，我們始終認為出色的客戶體驗是市場領導者脫穎而出的差異化因素。每一次出色體驗的核心都是客戶智慧和出色的設計，而這些正是 Adob​​e 的核心競爭力。

Our mission to help our customers design and deliver great experiences has never been more relevant, as is reflected in our outstanding Q1 results. In Digital Media, we continue to be the undisputed leader in helping customers inject creativity into their jobs, schoolwork, and their daily lives. We achieved a record $1.14 billion in Digital Media revenue in Q1, and exited the quarter with over $4.25 billion of Digital Media Annualized Recurring Revenue, or ARR.

我們的使命是幫助客戶設計和提供出色的體驗，這從未如此重要，這在我們出色的第一季業績中得到了體現。在數位媒體領域，我們繼續成為幫助客戶為工作、學業和日常生活注入創造力的無可爭議的領導者。我們在第一季實現了創紀錄的 11.4 億美元數位媒體收入，並在本季結束時實現了超過 42.5 億美元的數位媒體年度經常性收入（ARR）。

The net ARR increase in Q1 was $265 million, and was driven by continued strength in our Creative Cloud business. Creative Cloud is the one-stop shop for creatives the world over and we continue to execute against our strategy of migrating CS customers, expanding into new market segments, and adding value through new services.

第一季的淨 ARR 增加 2.65 億美元，這得益於我們 Creative Cloud 業務的持續強勁成長。Creative Cloud 是全球創意人員的一站式商店，我們將繼續執行遷移 CS 客戶、擴展到新的細分市場以及透過新服務增加價值的策略。

In Q1, Creative Cloud ARR growth was driven by strong performance in the SMB segment with our Creative Cloud teams offering and international growth, as well as strong retention of existing subscribers. This year, two of Adobe's iconic creative apps are celebrating anniversaries. In March, Adobe Illustrator, the industry-standard vector graphics app that lets you create logos, typography, and complex illustrations for print, web, video, and mobile, celebrated its 30th anniversary. 30 years of illustrative projects are visible everywhere across the world from billboards on US highways to magazine covers in Tokyo. More than 180 million graphics are created monthly with Illustrator.

第一季度，Creative Cloud ARR 的成長主要得益於我們 Creative Cloud 團隊在 SMB 領域的強勁表現、國際成長以及現有訂閱用戶的強勁保留率。今年，Adobe 的兩個標誌性創意應用程式正在慶祝週年紀念。三月份，Adobe Illustrator 迎來了 30 週年紀念，這款業界標準的向量圖形應用程式可讓您為印刷品、網路、影片和行動裝置創建標誌、字體和複雜插圖。從美國高速公路的廣告看板到東京的雜誌封面，30 年來插畫計畫遍布世界各地。每月有超過 1.8 億張圖形是用 Illustrator 創建的。

Earlier this week, we celebrated Premiere Pro's 25th anniversary. Premiere Pro is the world's leading video production solution and continues to grow its footprint across every video segment. Premiere Pro was the official editing tool of the 2017 Sundance Film Festival in January. Premiere Pro's virtual reality workflows are seeing strong adoption, with the majority of the films in the Virtual Reality category at Sundance, having used it in their creative process.

本週早些時候，我們慶祝了 Premiere Pro 誕生 25 週年。Premiere Pro 是全球領先的影片製作解決方案，並且在每個影片領域都持續擴大其影響力。Premiere Pro 是 2017 年 1 月聖丹斯電影節的官方編輯工具。Premiere Pro 的虛擬實境工作流程得到了廣泛的應用，聖丹斯電影節虛擬實境類別中的大多數電影都在創作過程中使用了它。

As part of our year-long celebration, we are partnering with the Grammy-award winning band, Imagine Dragons, which just released the music video for its newest song, Believer. Earlier this week, we announced that creatives in 27 countries will have the chance to take the raw video footage from the original video and cut their own version.

作為我們全年慶祝活動的一部分，我們與格萊美獎獲獎樂隊 Imagine Dragons 合作，該樂隊剛剛發布了其最新歌曲《Believer》的音樂視頻。本週早些時候，我們宣布 27 個國家的創意人員將有機會從原始影片中截取原始影片片段並剪輯出自己的版本。

Our Adobe Stock service business continues to accelerate. In the past year, we have grown Adobe Stock assets to more than 60 million, and in January, we announced a partnership with 500px, a global, online photography community which expands Adobe Stock's Premium collection.

我們的 Adob​​e Stock 服務業務持續加速發展。在過去的一年裡，我們的 Adob​​e Stock 資產已成長到 6000 多萬，並於今年 1 月宣布與全球線上攝影社群 500px 建立合作夥伴關係，以擴大 Adob​​e Stock 的 Premium 系列。

The world's leading digital document service, Adobe Document Cloud enables businesses to reinvent inefficient paper-based processes. In Q1, Document Cloud revenue was $196 million and we grew Document Cloud ARR to $493 million. Acrobat units across Creative Cloud and Adobe Document Cloud combined, again grew double-digits year over year. This achievement was driven by new customer acquisition with our subscription model and the funnel of users created by the broad use of PDF and the proliferation Adobe Reader across mobile devices.

作為全球領先的數位文件服務，Adobe Document Cloud 協助企業重塑低效率的紙本流程。第一季度，Document Cloud 的營收為 1.96 億美元，我們將 Document Cloud ARR 增至 4.93 億美元。Creative Cloud 和 Adob​​e Document Cloud 中的 Acrobat 部門合計較去年同期成長了兩位數。這項成就得益於我們透過訂閱模式吸引新客戶，以及 PDF 的廣泛使用和 Adob​​e Reader 在行動裝置上的普及所形成的使用者管道。

In February, in conjunction with the Cloud Signature Consortium, we unveiled the world's first open, cloud-based digital signature standard, available in any browser and on any device. We announced new functionality in Adobe Sign that enables users to create end-to-end business workflows, such as advanced document routing, online collaboration and Microsoft SharePoint integration. Adobe Sign now includes mobile tools, powered by Adobe Sensei, for scanning, reading, routing and signing documents.

今年 2 月，我們與雲端簽名聯盟聯合推出了世界上第一個基於雲端的開放數位簽章標準，可在任何瀏覽器和任何裝置上使用。我們宣布了 Adob​​e Sign 的新功能，使用戶能夠建立端到端業務工作流程，例如高級文件路由、線上協作和 Microsoft SharePoint 整合。Adobe Sign 現在包括由 Adob​​e Sensei 提供支援的行動工具，用於掃描、閱讀、路由和簽署文件。

Deep intelligence, fueled by trillions of data transactions, are the foundation of our Digital Marketing business. We drove a record $477 million in Adobe Marketing Cloud revenue in Q1, which was 26% year-over-year revenue growth. Adobe Marketing Cloud continues to lead the category and be the most comprehensive offering for global brands, government agencies and institutions that need to deliver personal, consistent, and relevant experiences to their audiences everywhere and every time they connect with them.

由數萬億數據交易推動的深度智慧是我們數位行銷業務的基礎。第一季度，Adobe Marketing Cloud 營收達到創紀錄的 4.77 億美元，年增 26%。Adobe Marketing Cloud 繼續引領該領域並成為全球品牌、政府機構和機構最全面的產品，這些品牌、政府機構和機構需要在任何地方、每次與其聯繫時為其受眾提供個性化、一致且相關的體驗。

Adobe Marketing Cloud features best-in-class solutions in analytics, content management, cross-channel campaign management and media optimization. We managed more than 100 trillion data transactions on behalf of our customers over the past year across our Adobe Marketing Cloud solutions. In February, Gartner recognized Adobe as a leader in its 2017 Magic Quadrant For Digital Marketing Hubs research report.

Adobe Marketing Cloud 在分析、內容管理、跨通路行銷活動管理和媒體優化方面擁有一流的解決方案。過去一年，我們透過 Adob​​e Marketing Cloud 解決方案代表客戶管理了超過 100 兆筆資料交易。今年 2 月，Gartner 在《2017 年數位行銷中心魔力像限》研究報告中將 Adob​​e 評為領導者。

For the third consecutive time, Adobe was ranked the highest in completeness of vision axis among the 22 companies that were evaluated. Also in Q1, Adobe was recognized as a Leader in the Forrester Wave report on Web Content Management systems, receiving the highest score. Thanks to the completeness of our offering, our continued innovation and our growing partner network, we continue to see strong market momentum, with major customer wins this quarter at Dick's Sporting Goods, Mercy Health, Hutchison UK, Autotrader.com, Computer Sciences Corporation, ADT, and the University of Michigan.

Adobe 連續第三次在接受評估的 22 家公司中，在願景軸完整性方面排名最高。此外，在第一季度，Adobe 在 Forrester Wave Web 內容管理系統報告中被評為領導者，並獲得了最高分。由於我們產品的完整性、持續的創新和不斷增長的合作夥伴網絡，我們繼續看到強勁的市場勢頭，本季度我們贏得了 Dick's Sporting Goods、Mercy Health、Hutchison UK、Autotrader.com、Computer Sciences Corporation、ADT 和密西根大學等主要客戶。

In December, we completed our acquisition of TubeMogul, a leader in demand-side video advertising. We achieved strong Q1 TubeMogul revenue, and we are hard at work integrating TubeMogul with our current Adobe Media Optimizer solution. As a combined advertising solution, we will enable Adobe's customers to optimize their video, search, and display advertising investments across desktop, mobile, streaming devices, and TV.

12 月，我們完成了對需求方影片廣告領先公司 TubeMogul 的收購。我們在第一季實現了強勁的 TubeMogul 收入，並且我們正在努力將 TubeMogul 與我們目前的 Adob​​e Media Optimizer 解決方案相結合。作為一種綜合廣告解決方案，我們將幫助 Adob​​e 的客戶優化他們在桌面、行動裝置、串流媒體設備和電視上的影片、搜尋和展示廣告投資。

Next week in Las Vegas, we will conduct our largest Adobe Summit ever, with more than 12,000 attendees, including more than 1,000 of our global partners. Executives from top brands including the NBA, National Geographic, T-Mobile and Facebook will take the stage and we'll give an update on our strategic partnership with Microsoft.

下週在拉斯維加斯，我們將舉辦有史以來規模最大的 Adob​​e 峰會，與會者將超過 12,000 人，其中包括 1,000 多名全球合作夥伴。NBA、國家地理、T-Mobile 和 Facebook 等頂級品牌的高管將登台，我們將介紹與微軟的戰略合作夥伴關係的最新進展。

We are continuing to aggressively invest in the Adobe Cloud Platform and Adobe Sensei, our unified artificial intelligence and machine learning framework and intelligent services. Our trillions of content and data assets, along with our deep category expertise in the markets we serve, give Adobe Sensei a unique ability to help customers tackle complex experience challenges.

我們將繼續積極投資 Adob​​e Cloud Platform 和 Adob​​e Sensei、我們的統一人工智慧和機器學習框架和智慧服務。我們擁有數萬億的內容和數據資產，加上我們在所服務市場的深厚專業知識，使 Adob​​e Sensei 具有獨特的能力，可幫助客戶應對複雜的體驗挑戰。

We plan to unveil new Adobe Sensei capabilities at Adobe Summit. We will also provide an update on our adobe.io capabilities for partners, ISVs and developers, who can utilize our open platform to develop their own applications. This level of innovation can only come from talented, creative and dedicated employees. Last month we held our internal Tech Summit where we announced our commitment to train every one of our technical employees in artificial intelligence fundamentals.

我們計劃在 Adob​​e 峰會上推出新的 Adob​​e Sensei 功能。我們還將為合作夥伴、ISV 和開發人員提供有關 adobe.io 功能的更新，他們可以利用我們的開放平台開發自己的應用程式。這種水準的創新只能來自於才華洋溢、富有創造力和敬業精神的員工。上個月，我們舉行了內部技術高峰會，宣布我們致力於為每位技術員工提供人工智慧基礎知識培訓。

We also demonstrated the incredible work happening across the Company. Last month, we were included on Fast Company's Most Innovative Companies list, and last week we were honored to be named to the Fortune Best Places to Work list for the 17th year. Adobe would not be the Company it is today without our rich diversity of employees, and that continued diversity is vital to our future.

我們還展示了公司上下正在進行的令人難以置信的工作。上個月，我們被列入《Fast Company》最具創新力公司名單，上週我們很榮幸連續第 17 年被《財星》雜誌評為最佳工作場所名單。如果沒有員工的多元化，Adobe 就不可能有現今的成就，而持續的多元化對我們的未來至關重要。

I would like to thank all our employees for the role they play in our continued success. To create an exceptional customer experience, you need a potent combination of deep intelligence and amazing design. These are our unique capabilities, and our opportunity has never been greater.

我要感謝我們所有的員工，感謝他們為我們持續的成功所發揮的作用。要創造卓越的客戶體驗，您需要深度智慧和出色設計的強大組合。這是我們獨特的能力，我們的機會也從未如此巨大。

We have the technology leadership, partner ecosystem and customer relationships to fundamentally reshape how individuals, brands and institutions transform themselves in the 21st century. Q1 was a great start to what we believe will be another great year for Adobe. Mark?

我們擁有技術領導、合作夥伴生態系統和客戶關係，可以從根本上重塑個人、品牌和機構在 21 世紀的轉型方式。第一季是一個很好的開端，我們相信，對於 Adob​​e 來說，今年也將是另一個輝煌的一年。標記？

Thanks, Shantanu. In the first quarter of FY17, Adobe achieved record revenue of $1.68 billion, which represents 22% year-over-year growth. GAAP diluted earnings per share in Q1 was $0.80, and non-GAAP diluted earnings per share was $0.94.

謝謝，Shantanu。2017財年第一季，Adobe營收創歷史新高，達16.8億美元，較去年同期成長22%。第一季 GAAP 稀釋每股收益為 0.80 美元，非 GAAP 稀釋每股收益為 0.94 美元。

When comparing Q1 FY17 and Q1 FY16 results, it is helpful to remember that our year-ago quarter had an extra week due to Adobe's 52/53 week fiscal year calendar. Factoring in the extra week a year-ago in Q1 FY16, year-over-year revenue growth in the quarter was greater than 25%.

在比較 2017 財年第一季和 2016 財年第一季的結果時，值得記住的是，由於 Adob​​e 的財政年度日曆為 52/53 週，因此我們去年同期的季度多出了一周。考慮到去年同期的額外一周，2016 財年第一季的年收入成長超過 25%。

Highlights in Q1 included achieving $265 million of net new Digital Media ARR; record Creative revenue of $942 million; record Adobe Marketing Cloud revenue of $477 million, strong year-over-year growth and operating income and net income; record cash flow from operations and deferred revenue; and 85% of Q1 revenue came from recurring sources.

第一季的亮點包括實現 2.65 億美元的淨新數位媒體 ARR；創紀錄的 9.42 億美元創意收入； Adobe Marketing Cloud 營收創紀錄達 4.77 億美元，年成長強勁，營業收入和淨收入也實現成長；記錄經營活動現金流量及遞延收入；第一季 85% 的營收來自經常性收入。

In Digital Media, we grew segment revenue by 22% year over year. The addition of $265 million net new Digital Media ARR during the quarter grew total Digital Media ARR to $4.25 billion exiting Q1. Within Digital Media, we delivered Creative revenue of $942 million, which represents 29% year-over-year growth. In addition, we increased Creative ARR by $244 million during Q1, and exited the quarter with 3.76 billion of Creative ARR.

在數位媒體領域，我們的分部營收年增了 22%。本季增加了 2.65 億美元的淨新數位媒體 ARR，使得第一季末的總數位媒體 ARR 達到 42.5 億美元。在數位媒體領域，我們實現了 9.42 億美元的創意收入，年增 29%。此外，我們在第一季將創意 ARR 增加了 2.44 億美元，本季結束時創意 ARR 達到 37.6 億美元。

Driving the momentum with our Creative business was continued demand for Creative Cloud across all offerings and routes to market during the quarter. Q1 ARR performance was driven by strong subscription adoption and retention, strength with Creative Cloud for teams, particularly in Europe, and continued growth with Adobe Stock.

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通路對 Creative Cloud 的持續需求。Q1 ARR 的表現得益於強勁的訂閱採用和保留、團隊版 Creative Cloud 的強勁表​​現（尤其是在歐洲），以及 Adob​​e Stock 的持續成長。

Creative Cloud ARPU was either steady or grew quarter over quarter across all offerings in Q1. With Document Cloud, we achieved revenue of $196 million; Document Cloud ARR grew to $493 million exiting Q1. Driving this growth was continued 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.

第一季度，Creative Cloud 所有產品的 ARPU 保持穩定或較上季成長。憑藉 Document Cloud，我們實現了 1.96 億美元的營收；截止第一季末，Document Cloud ARR 成長至 4.93 億美元。推動這一成長的原因是 Acrobat 訂閱和 Adob​​e Sign 等增值服務的持續採用，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 Adobe Marketing Cloud revenue of $477 million, which represents 26% year-over-year growth. TubeMogul added $32 million of revenue in Q1, which was $13 million above our target of $19 million. Approximately $10 million of the upside was due to some of the TubeMogul revenue being recognized on a gross basis in the quarter, rather than on a net basis.

在數位行銷方面，Adobe Marketing Cloud 的營收達到了創紀錄的 4.77 億美元，年增 26%。TubeMogul 第一季的營收增加了 3,200 萬美元，比我們 1,900 萬美元的目標高出 1,300 萬美元。其中約 1,000 萬美元的上漲是由於 TubeMogul 的部分收入在本季度是按毛額而非淨額確認的。

Excluding the extra $10 million of gross to mobile revenue, year-over-year Adobe Marketing Cloud revenue growth was 24%, which was in line with our Q1 target. As we discussed on our TubeMogul conference call in January, we intend to recognize TubeMogul revenue on a net basis. Due to some ongoing contractual commitments, there will be some small gross revenue amounts through year-end.

除去額外 1,000 萬美元的行動收入，Adobe Marketing Cloud 營收年增 24%，與我們第一季的目標一致。正如我們在一月份的 TubeMogul 電話會議上所討論的那樣，我們打算以淨額為基礎確認 TubeMogul 收入。由於一些正在進行的合約承諾，到年底將會有一些小額的總收入。

Mobile remains a key driver for our marketing cloud business. Mobile data transactions grew to 56% of total Adobe Analytics transactions in the quarter. Total data transactions in Q1 grew to 41.3 trillion, and in the trailing four quarters, data transactions with our marketing cloud solutions exceeded 100 trillion.

行動仍然是我們行銷雲端業務的關鍵驅動力。本季度，行動數據交易量成長至 Adob​​e Analytics 總交易量的 56%。第一季的總數據交易量成長至41.3兆，過去四個季度，我們行銷雲端解決方案的數據交易量超過100萬億。

From a quarter-over-quarter currency perspective, FX decreased revenue by $14.8 million. We had $18.3 million in hedge gains in Q1 FY17, versus $8.1 million in hedge gains in [Q1] FY16, thus the net sequential currency decreased to revenue considering hedging gains was $4.7 million.

從季度環比貨幣角度來看，FX 收入減少了 1,480 萬美元。我們在 2017 財年第一季的對沖收益為 1,830 萬美元，而 2016 財年第一季的對沖收益為 810 萬美元，因此考慮到對沖收益，淨連續貨幣收入減少為 470 萬美元。

From a year-over-year currency perspective, FX decreased revenue by $11.9 million. We had $18.3 million in hedge gains in Q1 FY17, versus $3.2 million in hedge gains in Q1 FY16, thus, the net year-over-year currency increased to revenue considering hedging gains was $3.2 million.

從年比貨幣角度來看，FX 收入減少了 1,190 萬美元。我們在 2017 財年第一季的對沖收益為 1,830 萬美元，而 2016 財年第一季的對沖收益為 320 萬美元，因此，考慮對沖收益後，營收年比淨增加額為 320 萬美元。

We experienced stable demand across all major geographies during the quarter. In Q1, Adobe's effective tax rate was 13.5% on a GAAP basis, and 21% on a non-GAAP basis. The Q1 GAAP rate was slightly lower than targeted due to Adobe's adoption of the new accounting standard affecting taxes related to equity-based costs.

本季度，我們在所有主要地區都經歷了穩定的需求。第一季度，Adobe 的有效稅率以 GAAP 計算為 13.5%，以非 GAAP 計算為 21%。由於 Adob​​e 採用了影響股權成本相關稅收的新會計準則，第一季的 GAAP 稅率略低於目標。

Our trade DSO was 46 days, which compares to 42 days in the year-ago quarter, and 47 days last quarter. Deferred revenue grew to a record $2.06 billion, up 28% year over year. Our ending cash and short-term investment position exiting Q1 was $4.65 billion. Cash flow from operations was a record $730 million in the quarter.

我們的貿易 DSO 為 46 天，而去年同期為 42 天，上季為 47 天。遞延收入成長至創紀錄的 20.6 億美元，年增 28%。我們第一季的期末現金和短期投資部位為 46.5 億美元。本季經營現金流達到創紀錄的 7.3 億美元。

In Q1, we repurchased approximately 2.2 million shares at a cost of $238 million. We have $300 million remaining under the January 2015 authority, after which we will begin repurchases under our new $2.5 billion authority granted in January of 2017.

第一季度，我們回購了約 220 萬股，耗資 2.38 億美元。根據 2015 年 1 月的授權，我們還剩餘 3 億美元，之後我們將根據 2017 年 1 月授予的 25 億美元新授權開始回購。

Now, I'll provide our financial outlook. In the second quarter of FY17, we are targeting revenue of approximately $1.73 billion. We expect to achieve approximately $290 million of net new Digital Media ARR in Q2, which represents both sequential and year-over-year growth in net new ARR achievement.

現在，我將提供我們的財務前景。2017 財年第二季度，我們的目標是實現約 17.3 億美元營收。我們預計第二季淨新數位媒體 ARR 將實現約 2.9 億美元，這意味著淨新 ARR 的環比和同比增長。

We expect Digital Media Q2 segment year-over-year revenue growth of approximately 24%, and Adobe Marketing Cloud year-over-year revenue growth of approximately 26%. We are targeting our Q2 share count to be approximately 499 million shares. We expect net non-operating expense to be approximately $15 million on both a GAAP and non-GAAP basis.

我們預計數位媒體第二季部門營收將年增約 24%，Adobe Marketing Cloud 營收年增約 26%。我們預計第二季的股票數量將達到約 4.99 億股。我們預計，根據 GAAP 和非 GAAP 標準，淨非營業支出約為 1,500 萬美元。

We are targeting a Q2 tax rate of approximately 24% on a GAAP basis, and 21% on a non-GAAP basis. These targets yield a Q2 GAAP earnings per share target of approximately $0.66, and a Q2 non-GAAP earnings per share of approximately $0.94. In summary, Q1 was an amazing start to what we believe will be another record year for Adobe. We remain bullish about our prospects for the rest of the year and beyond. Mike?

我們預計第二季的稅率（以 GAAP 計算）約為 24%，（以非 GAAP 計算）約為 21%。這些目標使得第二季 GAAP 每股盈餘目標達到約 0.66 美元，第二季非 GAAP 每股盈餘目標達到約 0.94 美元。總而言之，第一季是一個令人驚嘆的開始，我們相信這將是 Adob​​e 又一個創紀錄的一年。我們對今年剩餘時間及以後的前景仍然充滿信心。麥克風？

Thanks, Mark. Next week, Adobe will host its Annual Digital Marketing Summit in Las Vegas, with the opening day keynote on the morning of Tuesday, March 21. We are also hosting an informal Q&A session for financial analysts and investors in attendance on Tuesday afternoon. If you would like to attend Summit, please send an e-mail to ir@adobe.com for registration information.

謝謝，馬克。下週，Adobe 將在拉斯維加斯舉辦年度數位行銷高峰會，開幕日主題演講將於 3 月 21 日星期二上午舉行。我們也將於週二下午為出席的金融分析師和投資者舉辦非正式問答會。如果您想參加高峰會，請發送電子郵件至ir@adobe.com 以獲取註冊資訊。

If you are unable to attend in person, keynote sessions on Tuesday and Wednesday, as well as the Q&A session for financial analysts and investors will be webcast live and we will send out webcast access information tomorrow. 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.

如果您無法親自出席，週二和週三的主題演講以及面向金融分析師和投資者的問答環節將進行網路直播，我們將於明天發送網路直播訪問資訊。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。

Alternatively, you can listen to a phone replay by calling 855-859-2056. Use conference ID number 7070-9434. International callers should dial 404-537-3406. The phone playback service will be available beginning at 5:00 PM Pacific Time today and ending at 5:00 PM Pacific Time on March 22, 2017. We would now be happy to take your questions. And we ask that you limit your questions to one per person. Operator?

或者，您也可以撥打 855-859-2056 收聽電話重播。使用會議 ID 號碼 7070-9434。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 2017 年 3 月 22 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。我們要求您將每個人的問題限制為一個。操作員？

(Operator Instructions)

（操作員指令）

Your first question comes from the line of Kash Rangan, Bank of America Lynch.

您的第一個問題來自美國銀行林奇的卡什·蘭根 (Kash Rangan)。

Congratulations on a great start for the year. Mark, I hate to bring this up but AD606, a lot of companies are starting to give it a little thought. I'm wondering if you could give us a perspective, your perspective on how would -- that would change? The revenue recognition of the marketing cloud and also the expense recognition? Thank you so much.

恭喜您新的一年有一個好的開始。馬克，我不想提起這件事，但 AD606，很多公司已經開始考慮這個問題了。我想知道您是否可以從您的角度來看待這種情況會如何改變？行銷雲的收入確認，以及費用確認？太感謝了。

Thanks, Kash. You will see that we have written some disclosure in our SEC filings on this. The standard, as you know, is effective for Adobe in the first quarter of 2019. So, we have quite a bit of time until it goes effective for us. We don't plan to early adopt, and we haven't selected a transition method yet. We're clearly evaluating the effect of the standard, and what it will do to revenue for us.

謝謝，卡什。您會看到，我們已在提交給美國證券交易委員會的文件中對此做了一些披露。如您所知，該標準將於 2019 年第一季對 Adob​​e 生效。所以，我們還有相當長的時間才能看到效果。我們不打算提前採用，尚未選擇過渡方法。我們正在清楚地評估該標準的影響以及它將對我們的收入產生什麼影響。

We expect that revenue related to Professional Services in our cloud offerings for enterprises, individual, and teams would remain substantially unchanged. But again, we are in the process of evaluating that. And as it relates to what we would call, more of an ETLA, a term-based license where software and maintenance are bundled together, those are the arrangements that will likely have some impact on the standard.

我們預計，我們為企業、個人和團隊提供的雲端產品中的專業服務相關收入將基本保持不變。但我們仍在對此進行評估。由於它與我們所說的 ETLA（一種基於期限的許可證，其中軟體和維護捆綁在一起）有關，這些安排可能會對標準產生一定的影響。

But again, we have until 2019 to work through that. And, as you know, we are now selling the full cloud solution to the enterprise. That's where we stand as of today. But, clearly, more work to do and lots more time.

但是，我們必須在 2019 年之前解決這個問題。而且，如您所知，我們現在正在向企業銷售完整的雲端解決方案。這就是我們今天的狀況。但顯然，還有很多工作要做，還有很多時間。

Your next question comes from the line of Sterling Auty, JPMorgan.

您的下一個問題來自摩根大通的 Sterling Auty。

On the Creative Cloud side, the growth momentum continues to be strong. But can you give us a little bit more, at least qualitative color as to the drivers of it? How much of it might be stuff that you are doing on price and managing promotions? How much is adding new customers? How much is deeper penetration into deep existing customers?

在Creative Cloud方面，成長動能持續強勁。但您能否給我們更多一些信息，至少是定性地說明一下其驅動因素？其中有多少是您在價格和促銷管理方面所做的工作？增加新客戶需要多少錢？對現有客戶的深度滲透有多深？

Sterling, I'll take that question. I think we're continuing to see good strength across each of the groups, particularly as it relates to Q1. We saw some good SMB, small and medium business demand. That continues to do well. As you know, that's the Team offering,, which is a higher price point offering, especially in EMEA. We had a good quarter. I would say Acrobat had a strong unit quarter. That's reflected both in Creative Cloud as well as Document Cloud.

史特林，我來回答這個問題。我認為我們將繼續看到各組表現出色，尤其是與第一季相關的方面。我們看到了一些良好的中小型企業需求。這一表現持續良好。如您所知，這是團隊提供的產品，是一種價格較高的產品，尤其是在歐洲、中東和非洲地區。我們本季表現良好。我想說 Acrobat 本季表現強勁。這在 Creative Cloud 和 Document Cloud 中都有所體現。

In addition to that, we continue to see good progress on retention. And so, as people migrate off of the performance or the promotional pricing and get onto the full plans; and then new unit adoption as well for the new offerings, especially the photography solution and international continue to do well. Also there's no question that we are combating piracy as the ability to get boxes in most countries diminishes.

除此之外，我們在保留方面繼續看到良好的進展。因此，隨著人們不再關注性能或促銷價格而轉向完整計劃；然後新單位的採用以及新產品，特別是攝影解決方案和國際化繼續表現良好。毫無疑問，隨著大多數國家獲取盒子的能力下降，我們正在打擊盜版。

I would say across the spectrum of the different offerings, and from an ARPU point of view as well, Sterling, I think Mark mentioned that in his prepared remarks, that continues to be strong as well.

我想說，從各種產品來看，並且從 ARPU 的角度來看，Sterling，我認為馬克在他的準備好的演講中提到了這一點，這一趨勢仍然很強勁。

Next question comes from the line of Alex Zukin, Piper Jaffrey.

下一個問題來自 Piper Jaffrey 的 Alex Zukin。

Congratulations on another great quarter. Thanks for taking my question. Shantanu, I wanted to ask a bigger picture question for you, about what you're seeing in terms of the growth of front-office budgets and maybe what change you observed this year. Start this year from maybe last year and the year before that.

恭喜您又一個出色的季度。感謝您回答我的問題。Shantanu，我想問您一個更大的問題，關於您看到的前台預算增長情況以及您今年觀察到的變化。今年可能從去年或前年開始。

And how is that driving the change in kind of -- is that accelerating your vision in any way? Because it seems like this shift of the digital transformation budget to the importance at CEO level has really accelerated. So, just curious to get your thoughts on that.

這如何推動變革—這是否在某種程度上加速了您的願景？因為看起來數位轉型預算轉向 CEO 層面的重要性確實已經加速了。所以，只是好奇想知道你對此的想法。

You're absolutely right. I think big picture, the conversations that we're having day in and day out are enterprises recognizing that digital is transforming their agenda. And then they decompose that into what are the key things they have to do in order to use that as an opportunity rather than a challenge. Clearly, from our point of view, the engagement that they do with their customers or how they deliver their experience continues to be, we think, one of the key ways in which people make digital tailwind rather than a headwind.

你完全正確。我認為，從大局來看，我們日復一日進行的對話表明企業意識到數位化正在改變他們的議程。然後他們將其分解為必須做的關鍵事情，以便將其視為機會而不是挑戰。顯然，從我們的角度來看，他們認為，他們與客戶的互動或他們如何提供體驗仍然是人們實現數位順風而不是逆風的關鍵方式之一。

We are a part of all of those conversations. I think if you talk to also the consulting companies, they are being brought in to aspirationally help all of these companies, rethink their business model processes and people. But top of the agenda for even the CEO and the CIO and CFO is, what are we doing with respect to delivering a better customer engagement experience?

我們是所有這些對話的一部分。我認為如果你與顧問公司交談的話，你會發現他們的目標是幫助所有這些公司重新思考他們的商業模式流程和人員。但對於執行長、資訊長和財務長來說，首要議題是，我們正在採取哪些措施來提供更好的客戶參與體驗？

Next week at Summit, we will talk a little bit more about how that expands on our vision of what we can do and what people are asking us to step-up and do. But, I think the way it manifests itself in the business is people are saying, this is so key to my future. I want to bet and standardize on companies that have a comprehensive platform, which is why we're always pleased to see us being rated as the number one platform that exists for this kind of technology solution.

在下週的峰會上，我們將進一步討論如何擴展我們的願景，即我們能做什麼以及人們要求我們做什麼。但是，我認為它在商業中的表現方式是人們會說，這對我的未來至關重要。我希望押注並標準化擁有全面平台的公司，這就是為什麼我們總是高興地看到我們被評為此類技術解決方案的第一個平台。

Your next question comes from the line of Walter Pritchard, Citigroup.

您的下一個問題來自花旗集團的華特普里查德。

Thanks, Mark. I heard your response, I think, on the question on the main drivers. I'm just wondering if you can talk about ARPU, specifically as a driver in FY17 and beyond? It did feel like your commentary around stock suggested that you were seeing more of an uptick there. It seems like Sensei and so forth that are incremental to the product you are delivering in the market. Can you help us understand how much more of the driver ARPU is versus what it's been over the last several years into this transition?

謝謝，馬克。我認為，我聽到了您對主要驅動因素問題的回答。我只是想知道您是否可以談談 ARPU，特別是作為 2017 財年及以後的驅動因素？確實，您對股票的評論表明您看到了股票更多的上漲。似乎 Sensei 等對於您在市場上提供的產品而言都是增量的。您能否幫助我們了解，與過去幾年相比，在這種轉變中，ARPU 驅動因素增加了多少？

Walter, maybe I'll give you some color which we didn't touch on as another demand driver, which is in the enterprise. As you know, we are coming up on the anniversary, a lot of the three-year ETLAs. The first time when we did three-year ETLAs, Creative Cloud was relatively new. So, what we were doing was, in effect, providing them with a subscription model that met their, what I would call, custom way of buying CS in the past.

沃爾特，也許我可以告訴你我們沒有涉及的另一個需求驅動因素，也就是企業內部的因素。如您所知，我們即將迎來許多三年期 ETLA 的周年紀念日。我們第一次製定三年期 ETLA 時，Creative Cloud 還比較新。因此，我們所做的實際上是向他們提供一種訂閱模式，以滿足他們過去購買 CS 的客製化方式。

As those are all rolling off the first three-year milestone, we are clearly selling them both on the CC Complete Solution, as well as on services. So, the number of people who are contracting for services right now, people have to get an exception to not contract for services. So, that clearly represents an increase in ARPU as well.

由於這些都是在第一個三年里程碑的基礎上推出的，因此我們顯然會在 CC 完整解決方案和服務上銷售它們。因此，對於目前正在簽訂服務合約的人數，人們必須獲得例外才能不簽訂服務合約。所以，這顯然也代表著 ARPU 的增加。

To your point, stock had a good quarter. We continue to see growth both in terms of the demand, as well as in terms of the inventory. Sign had a good quarter. All of them are adding. And I think, what's on your mind as well as investors is, is there leverage and room for price increases? We still think we're in new customer acquisition growth. We're helping people deliver value. And so, that's really what's still driving a lot of the upside in ARR with the potential to look at optimizing further out as well.

正如您所說，本季股票表現良好。我們繼續看到需求和庫存方面的成長。Sign 本季表現良好。全部都在增加。我認為，您和投資者關心的是，是否存在槓桿和價格上漲的空間？我們仍然認為我們正處於新客戶獲取的成長階段。我們正在幫助人們創造價值。所以，這實際上是推動 ARR 大幅上漲的因素，而且還具有進一步優化的潛力。

Your next question comes from the line of Heather Bellini, Goldman Sachs.

您的下一個問題來自高盛的 Heather Bellini。

Shantanu, I was wondering if you could share with us how you have seen the success of Creative Cloud impact the adoption of the marketing suite? I know that's been one of your goals that one could help drive the other. But have you seen any change in the ability for you, being the industry standard for Creative, start to impact the Marketing Cloud side of the business? And has the messaging with customers and the receptivity started to -- have you seen any noticeable difference over the last 12 months?

Shantanu，我想知道您是否可以與我們分享 Creative Cloud 的成功對行銷套件的採用有何影響？我知道這是你們的目標之一，你們彼此之間能夠互相幫助、共同推動。但是，作為 Creative 的行業標準，您是否看到您的能力發生了任何變化，並開始對 Marketing Cloud 方面的業務產生影響？您與客戶之間的訊息傳遞和接受度是否已經開始——在過去 12 個月中，您是否看到過明顯的變化？

It's a really good question, Heather. There's no question actually in our mind that Creative Cloud was first the door opener for us to have conversations with the enterprise. There is an increased expectation from customers that the content lifecycle that we talk about, namely, the ability for them to accelerate how they deliver campaigns, or how they personalize the experience that they wish to deliver across all of these different channels, is predicated on making sure that, that content from -- content all the way from creation to asset management, and all the way out to delivery is more seamless than it's ever been.

這真是一個好問題，希瑟。事實上，我們心中毫無疑問，Creative Cloud 是我們與企業對話的第一個大門。客戶越來越期望我們所談論的內容生命週期，即他們能夠加速他們投放廣告活動的方式，或者他們希望透過所有不同管道提供個人化體驗的能力，以確保內容從創建到資產管理，再到交付的整個過程比以往任何時候都更加無縫銜接。

So, I would say three years ago, two years ago, we were talking about that as one of the benefits. I would say, today, every conversation with the enterprises, they see that as a differentiator for us and the expectation is that's how they will accelerate both their campaigns, and how they will ensure personalized delivery. We're seeing that within financial services. We are seeing retail, travel, hospitality, automotive. It's a key part of our differentiator and one that we will continue to innovate in.

所以我想說，三年前、兩年前我們就在談論這個，把它當作其中一個好處。我想說，今天，在與企業的每次對話中，他們都將這視為我們的差異化因素，並且期望這就是他們加速開展活動的方式，也是他們確保個性化交付的方式。我們在金融服務領域看到了這一點。我們看到了零售、旅遊、旅館、汽車等行業。這是我們差異化的關鍵部分，也是我們將繼續創新的部分。

Great. Thank you very much.

偉大的。非常感謝。

Your next question comes from the line of Ross MacMillan, RBC Market.

您的下一個問題來自 RBC Market 的 Ross MacMillan。

Congratulations from me as well. Mark, I didn't see any commentary on FY17 guidance. I'm just curious, specifically about how you are thinking on the $1 billion ARR target given the strength in Q1 and your guide for Q2, which is certainly above our number.

我也對此表示祝賀。馬克，我沒有看到任何關於 2017 財政年度指引的評論。我只是很好奇，特別是考慮到第一季的強勁表現以及您對第二季的預測（肯定高於我們的數字），您如何看待 10 億美元的 ARR 目標。

Sure, Ross. Clearly, from our perspective, the Business is performing exceptionally well. We had a great Q1 across all the key metrics, and to your point, we provided we think are strong Q2 targets. If you remember back, we guided FY17, the first time at Analyst Day back in November of last year. We've updated it again in December with Q4 earnings.

當然，羅斯。顯然，從我們的角度來看，該業務表現非常出色。我們第一季的所有關鍵指標都表現優異，正如您所說，我們認為第二季的目標也非常強勁。如果你還記得的話，我們在去年 11 月的分析師日上首次發布了 2017 財年指引。我們於 12 月根據第四季度的收益再次進行了更新。

We updated it once more in January for TubeMogul. We just don't want to get in a habit of updating annual guidance so frequently. We're very happy with the first quarter. We're very pleased with what we were able to do from a guidance perspective on Q2. Clearly, we've got momentum. We just don't want to get in the habit of updating annual guidance that frequently.

我們在一月針對 TubeMogul 再次進行了更新。我們只是不想養成如此頻繁更新年度指導的習慣。我們對第一季非常滿意。我們對第二季的指導成果感到非常滿意。顯然，我們已經有了動力。我們只是不想養成頻繁更新年度指導的習慣。

Understood. Thank you. And then one just quick one. Just looking at Q2 guide, it implies that, at least I think in our model, that operating margins maybe are down a little bit sequentially. I know that we have a little bit of an extra three weeks, I think, from Tube. But are there any other factors for us to think about in terms of OpEx this quarter, Summit, or anything else that's unusual? Thanks.

明白了。謝謝。然後就很快了。僅查看第二季度指南，就意味著，至少我認為在我們的模型中，營業利潤率可能比上一季略有下降。我知道我們還有額外的三週時間，從地鐵開始。但是，就本季的營運支出、高峰會或其他任何不尋常的事情而言，我們還需要考慮其他因素嗎？謝謝。

Our salary increases kick in for the Company, and that has an effect on Q2 from a cost perspective. You'll see that every year. We'll continue to hire and invest in the Company. Again, we feel great about our performance in Q1, and our ability to drive leverage in the model going forward.

我們的薪資上漲對公司產生了影響，從成本角度來看，這對第二季產生了影響。每年你都會看到這種情況。我們將繼續為公司招募人才並進行投資。再次，我們對第一季的表現以及未來推動模型槓桿的能力感到非常滿意。

Understood. Congratulations again.

明白了。再次恭喜。

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

Congrats on a really nice quarter. On the marketing side, you talked about Gartner Magic Quadrants that came out in the quarter and I think, Forrester Wave. Are you seeing any change in the competitive environment? Are any of the SRAM guys or any of the big guys like Microsoft or the Oracles of the world getting more competitive in that Marketing Cloud field for you guys? And then on -- as a follow-up, any initial sort of gains or any initial benefits you guys are seeing from the Microsoft relationship in FY17?

恭喜您度過了一個非常愉快的季度。在行銷方面，您談到了本季發布的 Gartner 魔力像限，我認為還有 Forrester Wave。您看到競爭環境有什麼改變嗎？對你們來說，SRAM 公司或微軟或甲骨文等大公司在行銷雲端領域是否有所競爭力？然後 - 作為後續問題，你們從 2017 財年與微軟的合作中看到了任何初步收益或初步好處嗎？

Yes, let me take the second one first which is, you'll get an update as well at Summit. So we're hoping a lot of you will be at Summit. I think you'll be pleased with how quickly we've been able to integrate the products. From my point of view, the benefit from the Microsoft relationship is really customer-driven.

是的，讓我先說第二個，那就是您也會在高峰會上得到更新。因此我們希望你們中的許多人都能參加峰會。我想您會對我們產品整合的速度感到滿意。從我的角度來看，與微軟合作所帶來的好處確實是由客戶驅動的。

Customers are asking for integration with Azure, Power BI, as well as Dynamics. I think the team has done a great job. But next week, we will give you a little bit of an update on that. On the first question as it relates to the competitive, I think we've talked about -- this is a $40 billion TAM. Clearly, there are other players that you are alluding to that are also seeing this as a market opportunity.

客戶要求與 Azure、Power BI 以及 Dynamics 整合。我認為該團隊表現出色。但下週，我們將向您提供一些有關該方面的最新消息。關於第一個與競爭相關的問題，我想我們已經討論過了——這是一個 400 億美元的 TAM。顯然，您所提到的其他參與者也將此視為一個市場機會。

And so -- but our track record and our winning percentage record in the areas that we're strong continues to be excellent. I think we have a differentiated solution, and I think our vision, the way we want to take this and how we want to continue to expand it, I think it still makes us a unique leader. But certainly, there are other players in this market as well, Keith.

所以 — — 但是我們在優勢領域的記錄和勝率記錄仍然非常出色。我認為我們有一個差異化的解決方案，而且我認為我們的願景、我們想要實現這一目標的方式以及我們希望如何繼續擴展它，我認為這仍然使我們成為獨特的領導者。但可以肯定的是，這個市場也有其他參與者，基斯。

Thank you very much.

非常感謝。

Your next question comes from the line of Jay Vleeschhouwer, Griffin Securities.

您的下一個問題來自 Griffin Securities 的 Jay Vleeschhouwer。

A question for Mark. As you know, I'm particularly interested in your gross margin structure and the various components of that. You had a couple of dichotomous outcomes in Q1, with respect to the cost of revenue that you can address. You had an unusually large sequential increase in Digital Marketing cost of revenue, where before you came to the margin expansion there.

問馬克一個問題。如您所知，我對您的毛利率結構及其各個組成部分特別感興趣。就您可以解決的收入成本而言，第一季出現了幾個截然不同的結果。你們的數位行銷收入成本出現了異常大的連續成長，而在此之前，你們的利潤率是有所擴大的。

Is that tied somehow TubeMogul revenue upside given the way they were recording their cost of revenue versus their gross revenue recognition? On the other hand, you had a pretty material sequential decrease in Digital Media COGS. Was that anomalous? Or was that something that you think is sustainable? Lastly, you had a pretty significant increase in services cost of revenue. Even your revenues were down materially Q4 to Q1. So I know a lot of moving pieces in COGS but maybe you can address those.

考慮到 TubeMogul 記錄收入成本與確認總收入的方式，這是否與 TubeMogul 的收入成長有某種關係？另一方面，數位媒體的銷貨成本連續大幅下降。這有什麼異常嗎？或者您認為這是可持續的？最後，服務收入成本有相當顯著的成長。甚至你們第四季的營收也比第一季大幅下降。所以我知道 COGS 中有很多變動的部分，但也許你可以解決這些問題。

The single biggest thing probably worth mentioning, Jay, is you're exactly right. If you look at Digital Marketing this quarter, that $10 million of gross revenue recognition would flow right into COGS so you would have $10 million of revenue and $10 million of COGS. If you back that $10 million of COGS out of Digital Marketing, the gross profit would be exactly the same as last quarter.

傑伊，可能最值得一提的是，你完全正確。如果您查看本季的數位行銷，1000 萬美元的總收入確認將直接流入銷貨成本，因此您將擁有 1000 萬美元的收入和 1000 萬美元的銷貨成本。如果從數位行銷中扣除 1000 萬美元的銷貨成本，毛利將與上一季完全相同。

There's really no change to Digital Marketing cost of service. It's been pretty consistent. And you're exactly right, it was really driven by 2014. On the Digital Media side, I think what you saw this quarter is some of the upside that you see in our revenue relative to our guidance was from a bit more perpetual product, especially on the Acrobat side.

數位行銷服務成本實際上沒有變化。它一直非常一致。您說得完全正確，這確實是由 2014 年推動的。在數位媒體方面，我認為您本季看到的是我們的收入相對於我們的預期有所上升，這是因為產品更加持久，尤其是 Acrobat 方面。

And that comes, as you know, with very, very, high gross margins. That's why you would have seen Digital Media gross margin better this quarter.

如你所知，這會帶來非常非常高的毛利率。這就是為什麼你會看到本季數位媒體毛利率更高。

Okay. And the services piece?

好的。還有服務部分？

Services, I can't remember what your question was. It was back to Q --

服務，我不記得你的問題是什麼。回到 Q——

Services revenue were down sequentially, but you had a pretty sequential increase in services of cost.

服務收入環比下降，但服務成本較上季成長。

The revenue is down sequentially mainly because in Q4, it's a very difficult time for the teams to deliver services with holidays and year-end. So, typically, Q1 revenue is going to be a little bit lighter on the services side. The cost of services doesn't change that much so that's why you see a little bit less on the gross margin side.

收入環比下降主要是因為第四季度，由於假期和年末，團隊很難提供服務。因此，通常情況下，第一季服務的收入會稍微少一些。服務成本變化不大，這就是為什麼毛利率會略有下降。

Got it. Thank you.

知道了。謝謝。

Your next question comes from Samad Samana, Stephens Inc.

您的下一個問題來自 Stephens Inc. 的 Samad Samana。

We saw that in early February, the Company pushed out price increases in some international -- or outside the US in some countries where FX, in particular headwind. I'm curious if you learned any lessons from those price increases and whether it shows what the appetites for customers is to accept those, and how it impacts your thoughts on raising prices in the US?

我們看到，2 月初，公司在一些國際市場，或者說美國以外的一些國家，尤其是外匯面臨逆風的國家，推出了物價上漲措施。我很好奇，您是否從這些價格上漲中學到了什麼教訓，以及它是否表明了客戶接受這些價格的意願，以及它如何影響您對在美國提高價格的想法？

Yes, this is Mark. We did push out some price increases around the world in various markets because of FX to stay FX-neutral, if you will. The good news there is we really did not see an impact to ARR. So that does give us confidence down the road, we are able to tweak pricing a bit. We're not taking advantage of that yet other than FX but that was a very good sign.

是的，這是馬克。如果你願意的話，為了保持外匯中性，我們確實在全球各個市場推出了一些價格上漲，以應對外匯波動。好消息是我們確實沒有看到對 ARR 的影響。所以這確實給了我們信心，我們可以稍微調整價格。除了 FX 之外我們還沒有利用這一點，但這是一個非常好的跡象。

Maybe just as a quick follow up. Can you give us what Marketing Cloud revenue would have grown year over year excluding the extra week and the revenue contribution from TubeMogul just for a apples-to-apples compare? Thanks.

或許只是作為一種快速的跟進。您能否告訴我們，除去額外一週的營收和 TubeMogul 的營收貢獻，Marketing Cloud 的營收年增多少，以便進行同類比較？謝謝。

With the week, I would have to get back to you. The TubeMogul growth, you just take out $10 million, and instead of $26 million, it would have been $24 million. But I don't have the week broken out between the different businesses. It's about $75 million, we said, a year ago.

這一周我必須回覆您。TubeMogul 的成長，你只需拿出 1000 萬美元，而不是 2600 萬美元，就會是 2400 萬美元。但我沒有列出不同業務的一周明細。我們一年前就說過，這個數字約為 7500 萬美元。

But we didn't split it between the businesses, I don't think it's (multiple speakers) very material for Digital Marketing, to be honest with you. It's more material on the media side, that extra week. Because you think about it as recognizing revenue from subscribers. It doesn't change that much from an enterprise perspective.

但我們並沒有在各個業務之間進行分割，老實說，我認為（多位發言者）這對數位行銷來說並不是很重要。這額外的一周是媒體方面的更多內容。因為您認為這是從訂閱者確認的收入。從企業角度來看，變化並不大。

Great. Thanks, that's very helpful. Thank you.

偉大的。謝謝，這很有幫助。謝謝。

Your next question comes from the line of Derrick Wood with Cowen and Company.

您的下一個問題來自 Cowen and Company 的 Derrick Wood。

Congrats on the quarter. Shantanu, you mentioned Adobe Stock has $16 million assets now. I don't really know how this compares to other offerings but I know you guys announced partnership with Reuters a few months ago. I'm just curious how impactful it is when you onboard new content into the service? Specifically, do you think these partnerships kind of move the needle in increasing the tax rate? Or getting people to subscribe to the monthly version? And when you say growth is tied to bringing more content on board, or are you really at kind of full-scale?

恭喜本季取得佳績。Shantanu，您提到 Adob​​e Stock 現在擁有 1600 萬美元的資產。我不知道這與其他產品相比如何，但我知道你們幾個月前宣布與路透社合作。我只是好奇，當你將新內容納入服務時，它會產生多大的影響？具體來說，您是否認為這些合作關係會推動稅率的提高？或讓人們訂閱月度版本？您所說的成長與引入更多內容密切相關，還是說您真的處於全面成長階段？

The way that I would answer that is strategically, as we look at that business, there are three things that we think we continue to have to execute on to ensure that we capitalize on the opportunity we've talked about.

我的回答是，從策略上講，當我們審視這項業務時，我們認為有三件事我們必須繼續執行，以確保我們能夠利用我們所談論的機會。

The first is integration within the products. I think you've seen us make some good integration with products like Photoshop. The ability for people to contribute and to acquire assets is built into the product. That's one area that we are continuing to make sure we invest.

第一是產品內的整合。我想您已經看到我們與 Photoshop 等產品實現了良好的整合。人們貢獻和獲取資產的能力已內建在產品之中。這是我們將繼續確保投資的一個領域。

The second one that tends to be a win, which you compete effectively is the inventory. So I think having the inventory and having the inventory across different kinds of assets, including premium and including partnerships with some of the people that you are talking about. That also helps us ensure that we are competitively either ahead of the market, or at least in line with the market.

第二個容易取得勝利、您能有效競爭的是庫存。因此，我認為擁有庫存，並擁有不同種類資產的庫存，包括溢價以及與您正在談論的某些人的合作關係。這也有助於我們確保我們在競爭力上領先市場，或至少與市場保持一致。

And the third one that we think about when we think about stock is, how good is our technology to find the right asset based on the intelligence that we can provide? And that's where I think we will demonstrate superior advantage to anything else that's out there, because our ability to understand these assets and, irrespective of what keyword is being used to search for a particular asset, we turn to the right, in other words, search relevance and search is going to be a key part of it.

當我們考慮股票時，我們考慮的第三個問題是，根據我們所能提供的情報，我們的技術有多好找到合適的資產？我認為這就是我們將展示出優於其他任何產品的優勢的地方，因為我們能夠理解這些資產，並且無論使用什麼關鍵字來搜尋特定資產，我們都會向右轉，換句話說，搜尋相關性和搜尋將是其中的關鍵部分。

I think in all three of those, we're continuing to make great progress. I think at MAX, we showed you a lot of really cool ways in which we will make that more relevant. It's an area we will continue to invest in, so we feel good about it there.

我認為，在這三個方面我們都在繼續取得巨大進展。我認為在 MAX，我們向您展示了許多非常酷的方法，以使其更具相關性。我們將繼續在這個領域進行投資，因此我們對此感到很滿意。

Good. Thank you.

好的。謝謝。

Your next question comes from the line of Richard Davis with Canaccord Genuity.

您的下一個問題來自 Canaccord Genuity 的理查德戴維斯 (Richard Davis)。

Just a real quick question. It seems to me, and you've touched on this, that you're becoming a lot more critical to your customers. And, typically, that means larger deals. But larger deals have a different selling motion and cadence and staff dynamics. Could you just talk a little bit about what you believe you need to do to evolve and position yourself to move to larger deals? You obviously keep up with the small stuff, too, but that would be helpful. Thanks.

這只是一個簡單的問題。在我看來，正如您提到這一點一樣，您對客戶變得越來越挑剔。而且，通常這意味著更大的交易。但較大的交易有不同的銷售動作和節奏以及員工動態。您能否簡單談談您認為自己需要做些什麼才能發展並定位自己以承擔更大的交易？顯然你也會注意一些小事，但這會很有幫助。謝謝。

You're absolutely right. The good news is we're absolutely mission critical to our customers, so the level of engagement that we have with these enterprises is at multiple levels all the way from the C-Suite to all of our products. I would say, actually, on the field side and on the partner side, we [are everywhere] we think we have a world-class organization that does that.

你完全正確。好消息是，我們對客戶來說絕對至關重要，因此我們與這些企業的合作程度是多層次的，從高階主管到我們所有的產品。我想說，實際上，在現場和合作夥伴方面，我們[無處不在]我們認為我們有一個世界級的組織來做到這一點。

Because it's not just what you do internally. It's ensuring the thousand partners that I talked who are also partners with the companies that we're working with are evangelizing and promoting our products, and are educated on our products. I actually feel good about all of those. In some cases, you have those deals, the larger the size, the time taken can increase.

因為這不僅僅是你內部所做的事情。這是為了確保與我交談過的上千名合作夥伴（他們也是我們正在合作的公司的合作夥伴）能夠宣傳和推廣我們的產品，並了解我們的產品。我實際上對所有這些都感覺很好。在某些情況下，如果你有這些交易，規模越大，花費的時間就越多。

But that's why we want to build a healthy pipeline and continue to execute against that. Feel very good about it and that is, without a doubt, one of the areas where we've invested in over the last few years.

但這就是為什麼我們希望建立一個健康的管道並繼續執行它。對此感覺非常好，毫無疑問，這是我們過去幾年來投資的領域之一。

Super. Thank you.

極好的。謝謝。

Your next question comes from the line of Brent Bracelin with Pacific Crest Securities.

您的下一個問題來自 Pacific Crest Securities 的 Brent Bracelin。

Mark, I wanted to go back to the operating margin, non-GAAP operating margin of 36% this quarter, certainly above where we thought they would be. If I go back the last two years, Q1 was the low point. And then you saw basically improvement throughout the year. Is there something different about this year?

馬克，我想回到營業利潤率，本季非 GAAP 營業利潤率為 36%，肯定高於我們的預期。如果回顧過去兩年，第一季是最低點。然後你會看到全年基本上都有所改善。今年有什麼不同嗎？

Or different we should think about relative to the additional expenses or hiring plans that might be a different sequence? And then as a follow-up to that, if I go back and look at where margins could go, I think the peak was back in 2008 at 40%. How are you thinking about the op margin trajectory longer-term?

或者我們應該考慮相對於額外費用或招聘計劃可能不同的順序？然後作為後續問題，如果我回頭看看利潤率可能會達到什麼水平，我認為峰值是在 2008 年，為 40%。您如何看待長期營業利潤率走勢？

Sure. There's no difference on the cost side than what you've seen in prior years. As I just mentioned a few minutes ago on the revenue side in Q1, we did have a little bit of the upside coming from some increased perpetual revenue on the Acrobat side of the business, on the Toolbar distribution deal. And that revenue upside can typically drop down to the bottom-line pretty readily.

當然。成本方面與前幾年相比沒有區別。正如我幾分鐘前提到的，關於第一季的收入方面，我們確實從 Acrobat 業務方面、從工具列分銷協議中獲得的永久收入的增加獲得了一些好處。而這種收入成長通常很快就會下降到底線。

So, that's where you saw a bit more margin than we had guided to in the first quarter. Expense-wise, there's no real change to our trajectory and there hasn't been for quite some time. In terms of long-term margins, the best I can do for you right now is two things. One, we're very focused on margin. You see that in any given quarter. You see that when we over-achieve on revenue, like we did in Q1. We gave a three-year model a little while back that shows what margins could like those look through at least 2018. And if you looked at that model and looked at it back when we gave it to you, you would see margins up above 35%. Beyond that, we'll see.

因此，您看到的利潤率比我們在第一季預期的要高一些。從費用方面來看，我們的軌跡並沒有真正的改變，而且相當長一段時間都沒有改變。就長期利潤而言，我現在能為您做的最好的事情就是兩件事。首先，我們非常注重利潤。在任何特定季度你都可以看到這種情況。當我們的收入超額完成時，你會發現這一點，就像我們在第一季所做的那樣。我們不久前提供了一個三年模型，該模型顯示了至少到 2018 年利潤率可能會達到何種程度。如果您看一下該模型，並回顧我們將它交給您時的情況，您會看到利潤率高達 35% 以上。除此之外，我們拭目以待。

Fair enough. Thank you.

很公平。謝謝。

Operator, we will take two more questions, please.

接線員，我們還想回答兩個問題。

Your next question comes from Pat Walravens, JMP Securities.

您的下一個問題來自 JMP Securities 的 Pat Walravens。

Shantanu, probably for you, what key points would you make to investors at this point about your acquisition strategy going forward and sort of what you are looking for?

Shantanu，對您來說，關於未來的收購策略以及您所尋求的目標，您會向投資人提出哪些要點？

We actually feel really good about all of the technology that we have. We're always on the lookout for small innovative companies. I think both Mark and I have always talked about we look for is it bringing us strategic advantage? What is the culture of the companies that we are looking at because we are very, very thoughtful about making sure that we continue to expand on the vision of what people want.

事實上，我們對我們擁有的所有技術感到非常滿意。我們一直在尋找小型創新公司。我想馬克和我都在談論我們所尋求的是否能為我們帶來策略優勢？我們正在關注的公司文化是什麼樣的，因為我們非常非常重視確保我們能夠繼續擴展人們想要的願景。

And the third is financially, whether it makes sense. I -- we've done some when they make sense. But, we feel really good about the core value that we have and we continue to be on the lookout for things that meet our criteria in all of those. Namely, continuing to expand strategically what we can do, ensuring that the culture fit is right and financially making sense.

第三是從財務角度看是否合理。我—當它們有意義的時候，我們會做一些事情。但是，我們對自己的核心價值感到非常滿意，並將繼續尋找符合我們標準的事物。即，繼續從策略上擴展我們的能力，確保文化契合且財務上合理。

Okay, thank you.

好的，謝謝。

Your final question comes from the line of Kirk Materne with Evercore.

您的最後一個問題來自 Evercore 的 Kirk Materne。

Shantanu, I was wondering if you could talk a bit about the upsell Stock in the Marketing Cloud product customers is going relative to Creative Cloud? Does that seem to be somewhat of an untapped opportunity that we don't talk perhaps as much about? Just kind of curious how we should think about that as another step forward in terms of Stock? Thanks.

Shantanu，我想知道您是否可以談談 Marketing Cloud 產品客戶相對於 Creative Cloud 的追加銷售庫存？這是否似乎是一個尚未開發、但我們可能還未談論太多的機會？只是有點好奇我們該如何看待這是股票的另一步進步？謝謝。

From our point of view, as we are going more and more to these large enterprises with solutions across the Creative Cloud, Document Cloud, and the Marketing Cloud, we have a quarterback model and the account model with this quarterback is that they are clearly bringing to bear opportunities like the ones that you are talking about.

從我們的角度來看，隨著我們越來越多地向這些大型企業提供跨 Creative Cloud、Document Cloud 和 Marketing Cloud 的解決方案，我們擁有一個四分衛模型，而擁有這個四分衛的帳戶模型顯然會帶來像您所說的那樣的機會。

If you are in there primarily with Marketing Cloud ensuring that we sell more solutions, sell stock, sell Sign, and continue to drive the CC ETLAs, so I think the model that we have in the field is really one of, how do we comprehensively to these larger accounts, ensure that they are getting the benefit of the breadth of our solutions?

如果您主要透過 Marketing Cloud 來確保我們銷售更多解決方案、銷售庫存、銷售 Sign 並繼續推動 CC ETLA，那麼我認為我們在該領域的模型實際上是如何全面地面向這些較大的帳戶，確保他們從我們的解決方案的廣度中受益？

And to your point, in CC, when we think about the CC enterprise opportunity, and the conversations that we are having with those customers, we are very much moving them from custom to complete.

正如您所說，在 CC，當我們考慮 CC 企業機會以及與這些客戶進行的對話時，我們正積極推動他們從客製化走向完整。

And we are moving them from complete to complete plus services. And the services that is top of mind for us is Stock. So it's a good question and it's clearly one of the areas that we're focused on. Since that was the last question, I think, in summary, we were really pleased with the strong start to Q1. It was an outstanding quarter.

我們正在將其從完整版轉變為完整+服務版。我們最關心的服務是庫存。這是一個好問題，而且顯然是我們關注的領域之一。因為這是最後一個問題，我想，總而言之，我們對第一季的強勁開局感到非常高興。這是一個出色的季度。

I think the Q2 targets that we gave reflect the continued momentum in the business. In addition to the great quarterly performance, we are really excited about the long-term opportunities that we've outlined, namely, the ability to empower people to create the things they want to create, and to enable businesses to transform themselves.

我認為我們給出的第二季度目標反映了業務的持續發展勢頭。除了出色的季度業績之外，我們對我們所概述的長期機會也感到非常興奮，即賦予人們創造他們想要創造的東西的能力，以及使企業實現自我轉型的能力。

And I think we're -- we continue to be unique in that we are one of the only companies that's delivering great top-line growth and bottom-line earnings. We're looking forward to next week's Adobe Summit. It's our largest ever. We really hope you'll join us to hear about our vision for the future and demonstrate both product and partner progress against that vision. Thank you for joining us today.

我認為我們仍然是獨一無二的，因為我們是唯一實現出色的營業額成長和淨利潤成長的公司之一。我們期待下週的 Adob​​e 峰會。這是我們迄今規模最大的一次。我們真誠希望您能加入我們，了解我們對未來的願景，並展示產品和合作夥伴在這一願景方面取得的進展。感謝您今天加入我們。

This concludes our call. Thanks everyone.

我們的通話到此結束。謝謝大家。