Adobe Inc (ADBE) 2017 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. I would like to welcome you to Adobe Systems Second Quarter Fiscal Year 2017 Earnings Conference Call. (Operator Instructions) I would now like to turn the call over to Mr. Mike Savage, Vice President of Investor Relations. Please go ahead, sir.

女士們、先生們，午安。歡迎各位參加 Adob​​e Systems 2017 財年第二季財報電話會議。（操作員指示）現在我將把電話交給投資者關係副總裁麥克·薩維奇先生。請繼續，先生。

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

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

In our call today, we will discuss Adobe's second quarter fiscal year 2017 financial results. By now, you should have a copy of our earnings press release, which crossed the wire approximately 1 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 Adobe's Investor Relations page and find them listed under Quick Links.

在今天的電話會議中，我們將討論 Adob​​e 2017 財年第二季的財務表現。現在，您應該已經收到我們大約 1 小時前發布的獲利新聞稿了。我們也把財報電話會議的準備發言稿和幻燈片、財務目標以及更新後的投資者資料表的PDF文件發佈在了adobe.com網站上。如果您想要這些文件的副本，可以訪問 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 on this call, particularly our revenue and operating model targets and our forward-looking product plans, is based on information as of today, June 20, 2017, and contains forward-looking statements that involve risk and uncertainty. Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review the forward-looking statements disclosure in the earnings press release we issued today as well as Adobe's SEC filings.

在正式開始之前，我們想強調，本次電話會議中討論的一些信息，特別是我們的收入和運營模式目標以及我們的前瞻性產品計劃，均基於截至 2017 年 6 月 20 日的信息，並且包含涉及風險和不確定性的前瞻性陳述。實際結果可能與此類聲明中所述的結果有重大差異。有關這些風險和不確定性的討論，您應該查看我們今天發布的盈利新聞稿中的前瞻性聲明披露以及 Adob​​e 向美國證券交易委員會提交的文件。

During this call, we will discuss GAAP and non-GAAP financial measures. A reconciliation between the 2 is available in our earnings release and in our updated investor data sheet on Adobe's Investor Relations website.

在本次電話會議中，我們將討論GAAP和非GAAP財務指標。您可以在我們的獲利報告和 Adob​​e 投資者關係網站上更新的投資者資料表中查看這兩項之間的調節表。

Call participants are advised that the audio of this conference call is being webcast live in Adobe Connect, and is also being recorded for playback purposes. An archive of the webcast will be made available on Adobe's Investor Relations website for approximately 45 days and is the property of Adobe. The call audio and the webcast archive may not be rerecorded or otherwise reproduced or distributed without prior written permission from Adobe.

參加本次電話會議的人員請注意，本次電話會議的音訊正在 Adob​​e Connect 上進行即時網路直播，並且會進行錄音以備回放之用。網路直播的存檔將在 Adob​​e 的投資者關係網站上保留約 45 天，其所有權歸 Adob​​e 所有。未經 Adob​​e 事先書面許可，不得重新錄製或以其他方式複製或散佈通話音訊和網路直播存檔。

I will now turn the call over to Shantanu.

現在我將把通話轉給沙塔努。

Thanks, Mike, and good afternoon. Adobe had a record quarter with revenue of $1.77 billion, representing 27% year-over-year growth. GAAP earnings per share in Q2 was $0.75 and non-GAAP earnings per share was $1.02. We're executing on our strategy of enabling our customers to design and deliver best-in-class digital experiences.

謝謝你，麥克，下午好。Adobe公司本季營收創歷史新高，達17.7億美元，年增27%。第二季GAAP每股盈餘為0.75美元，非GAAP每股盈餘為1.02美元。我們正在執行我們的策略，即幫助客戶設計和交付一流的數位體驗。

Digital transformation continues to be the burning agenda for creative professionals, enterprises, governments and educational institutions. Adobe is now the go-to company for creating world-class digital customer journeys from design to delivery to measurement and monetization.

數位轉型仍然是創意專業人士、企業、政府和教育機構迫切需要解決的問題。Adobe 現在是打造世界級數位客戶旅程的首選公司，涵蓋從設計到交付、衡量和盈利的各個方面。

At the core of our ability to drive transformative change across all customer segments is Adobe Sensei, our artificial intelligence and machine-learning framework, which is being deployed across all Adobe solutions to solve our customers' greatest experience challenges.

我們能夠推動所有客戶群發生變革的核心在於 Adob​​e Sensei，這是我們的人工智慧和機器學習框架，它正部署到所有 Adob​​e 解決方案中，以解決客戶面臨的最大體驗挑戰。

Central to our strong performance this quarter was record revenue in our Digital Media business. We achieved $1.21 billion in Digital Media revenue in Q2, a 29% increase year-over-year. We exited the quarter with over $4.56 billion of Digital Media annualized recurring revenue, or ARR. The net ARR increase in Q2 was $312 million, and was driven by continued strength in our Creative Cloud and Document Cloud businesses.

本季我們業績強勁的關鍵在於數位媒體業務創紀錄的收入。第二季度，我們的數位媒體營收達到 12.1 億美元，年增 29%。本季末，我們的數位媒體年度經常性收入（ARR）超過 45.6 億美元。第二季淨 ARR 成長 3.12 億美元，主要得益於 Creative Cloud 和 Document Cloud 業務的持續強勁成長。

Creative Cloud is the one-stop shop for millions of creative people globally, and we continue to successfully migrate CS customers, acquire new customers, expand into new market segments and add value through new services. In Q2, we exceeded the $1 billion mark for Creative product revenue for the first time, an increase of 34% year-over-year. Creative Cloud growth was driven by healthy net-new subscription adoption, strong retention and positive trends in our average revenue per user, or ARPU.

Creative Cloud 是全球數百萬創意人士的一站式服務平台，我們不斷成功地遷移 CS 客戶，獲取新客戶，拓展新的市場領域，並透過新服務增加價值。第二季度，我們的創意產品收入首次突破 10 億美元大關，較去年同期成長 34%。Creative Cloud 的成長得益於健康的新用戶訂閱量、強勁的用戶留存率以及每用戶平均收入 (ARPU) 的正面趨勢。

Our Adobe Stock business continues to accelerate, driven by customer demand for powerful visual content. Last week, we introduced Aesthetic Filters, a next-gen search capability leveraging Adobe Sensei to streamline one of the most cumbersome, time-consuming task for creatives, finding the perfect image or video for creative projects.

在客戶對強大視覺內容的需求推動下，我們的 Adob​​e Stock 業務持續加速成長。上週，我們推出了美學濾鏡，這是一項利用 Adob​​e Sensei 的新一代搜尋功能，旨在簡化創意人員最繁瑣、最耗時的任務之一：為創意專案尋找完美的影像或影片。

With nearly 90 million assets, Adobe Stock is becoming the most comprehensive marketplace for digital assets. And this week we announced the availability of new collections from Reuters and Stocksy with USA TODAY Sports coming soon.

Adobe Stock 擁有近 9,000 萬個資產，正成為最全面的數位資產市場。本週我們宣布了路透社和 Stocksy 的全新系列產品即將上線，USA TODAY Sports 也將很快推出。

In our video business, Premiere Pro continues to be the leader in the category with 49% year-over-year growth in single-app subscriptions. At NAB, we unveiled a major update to Premiere Pro, which will help filmmakers and video producers create, deliver and monetize their video assets faster than ever before. This latest update delivers new features for graphics and titling, animation, polishing audio and sharing assets, support for the latest video formats such as HDR, VR and 4K and new integrations with Adobe Stock.

在我們的視訊業務中，Premiere Pro 繼續保持領先地位，單一應用程式訂閱量較去年同期成長 49%。在 NAB 展會上，我們發布了 Premiere Pro 的重大更新，這將幫助電影製作人和影片製作人比以往任何時候都更快地創建、交付視訊資產並從中獲利。此次最新更新帶來了圖形和標題、動畫、音訊潤色和資源共享的新功能，支援最新的視訊格式，例如 HDR、VR 和 4K，以及與 Adob​​e Stock 的新整合。

Our leadership in video applications is attracting a new set of creatives to our platform. With flagship applications like Photoshop, Illustrator and After Effects and innovative new apps like Character Animator, we have the most comprehensive video authoring solution. New customers buying single apps like Premiere Pro will be a great base to convert over time to a full Creative Cloud subscription.

我們在視訊應用領域的領先地位正在吸引一群新的創意人才加入我們的平台。憑藉 Photoshop、Illustrator 和 After Effects 等旗艦應用程式以及 Character Animator 等創新應用程序，我們擁有最全面的視訊創作解決方案。購買 Premiere Pro 等單一應用程式的新客戶將成為良好的基礎，隨著時間的推移，他們有望轉化為完整的 Creative Cloud 訂閱用戶。

In addition to video, we continue to innovate in new categories like Experience Design, 3D and mobile apps, including Adobe Spark, which greatly simplifies the process of designing social graphics, web stories and animated videos. These offerings will expand our footprint and bring new customers to Creative Cloud.

除了影片之外，我們還在體驗設計、3D 和行動應用程式等新類別中不斷創新，包括 Adob​​e Spark，它大大簡化了社交圖形、網路故事和動畫影片的設計過程。這些產品將擴大我們的市場份額，並為 Creative Cloud 帶來新客戶。

The world's leading digital document service, Adobe Document Cloud, is addressing growing customer demand for more efficient digital processes. In Q2, Document Cloud revenue was $200 million, and we grew Document Cloud ARR to $520 million exiting the quarter. Acrobat units across Creative Cloud and Adobe Document Cloud combined grew double digits year-over-year, fueled by a record number of new subscriptions in the quarter.

全球領先的數位文件服務 Adob​​e Document Cloud 正在滿足客戶對更有效率數位流程日益增長的需求。第二季度，Document Cloud 的營收為 2 億美元，到本季末，Document Cloud 的年度經常性營收成長至 5.2 億美元。受本季新增訂閱數量創紀錄的推動，Creative Cloud 和 Adob​​e Document Cloud 中的 Acrobat 銷量合計同比增長兩位數。

Adobe is focused on delivering innovative capabilities to enable PDF creation in the mobile era. We recently introduced a new app called Adobe Scan, which turns a smartphone or tablet into a PDF creation tool that can do both scanning and intelligent text recognition through integration with Document Cloud. In its first 12 days, the Adobe Scan app had over 750,000 downloads across iOS and Android.

Adobe致力於提供創新功能，以支援行動時代的PDF創建。我們最近推出了一款名為 Adob​​e Scan 的新應用程序，它可以透過與 Document Cloud 的集成，將智慧型手機或平板電腦變成 PDF 創建工具，並可進行掃描和智慧文字識別。Adobe Scan 應用程式上線僅 12 天，在 iOS 和 Android 平台上的下載量就超過了 75 萬次。

Adobe is recognized as the leader in the digital marketing category, and we have expanded our ambition to solve enterprises' broader customer experience mandate. At Adobe Summit in March, we unveiled Adobe Experience Cloud, a comprehensive set of cloud services designed to give enterprises everything they need to deliver exceptional customer experiences.

Adobe 被公認為數位行銷領域的領導者，我們已擴大目標，致力於解決企業更廣泛的客戶體驗需求。在 3 月的 Adob​​e Summit 上，我們推出了 Adob​​e Experience Cloud，這是一套全面的雲端服務，旨在為企業提供打造卓越客戶體驗所需的一切。

Adobe Experience Cloud includes: Adobe Marketing Cloud, an integrated set of industry-leading solutions to help marketers differentiate their brands and engage their customers; Adobe Advertising Cloud, the industry's first end-to-end platform for managing advertising across traditional TV and digital formats; and Adobe Analytics Cloud, the core system of data and intelligence for the enterprise. We drove a record $495 million in Adobe Experience Cloud revenue in Q2, representing 29% year-over-year revenue growth.

Adobe Experience Cloud 包括：Adobe Marketing Cloud，一套業界領先的整合解決方案，可協助行銷人員打造差異化品牌並吸引客戶；Adobe Advertising Cloud，由業界首個用於管理傳統電視和數位格式廣告的端到端平台；以及 Adob​​e Analytics Cloud，企業資料和智慧的核心系統。第二季度，Adobe Experience Cloud 的營收創下 4.95 億美元的紀錄，年增 29%。

We managed more than 135 trillion data transactions on behalf of our customers over the past 4 quarters across our solutions. This massive volume of data feeds Adobe Sensei, enabling our Experience Cloud solutions to better understand, predict and personalize customer interactions.

在過去的四個季度裡，我們透過各種解決方案代表客戶管理了超過 135 兆次數據交易。這些海量數據為 Adob​​e Sensei 提供數據，使我們的 Experience Cloud 解決方案能夠更好地了解、預測和個人化客戶互動。

We announced the availability of our first set of joint solutions with Microsoft to help enterprises transform cross-channel experiences and campaign orchestration using Adobe Experience Cloud and Microsoft Azure, Dynamics 365 and Power BI.

我們宣布與微軟推出首批聯合解決方案，旨在協助企業利用 Adob​​e Experience Cloud 和 Microsoft Azure、Dynamics 365 和 Power BI 轉變跨通路體驗和行銷活動編排。

In addition, we will collaborate on an industry standard to create semantic data models that will define language for marketing, sales and services, which will accelerate the delivery of digital experiences at scale across the entire enterprise.

此外，我們將合作制定行業標準，創建語義資料模型，為行銷、銷售和服務定義語言，加速在整個企業範圍內大規模交付數位體驗。

Adobe's ad tech momentum continues to build. We have now integrated Adobe Audience Manager into Adobe Advertising Cloud, enabling advertisers to identify high-performing segments and do automated, data-driven media planning and buying across all channels, including linear TV.

Adobe 的廣告技術發展動能持續增強。我們現在已經將 Adob​​e Audience Manager 整合到 Adob​​e Advertising Cloud 中，使廣告主能夠識別出表現優異的細分市場，並在所有管道（包括線性電視）上進行自動化、數據驅動的媒體規劃和購買。

Adobe Experience Cloud continues to be the leader across multiple industry analyst categories. Forrester Research named Adobe as the only leader in Digital Intelligence Platforms, an emerging market segment bringing together digital data management, digital analytics and customer engagement optimization technologies.

Adobe Experience Cloud 在多個產業分析類別中持續保持領先地位。Forrester Research 將 Adob​​e 評為數位智慧平台領域的唯一領導者，該市場領域將數位資料管理、數位分析和客戶互動優化技術結合在一起。

They also recognized Adobe Advertising Cloud as a leader in the Omnichannel Demand-Side Platforms and Adobe Audience Manager as a leader in Data Management Platforms. Gartner recognized Adobe as a leader in its Magic Quadrant for Multichannel Campaign Management, where they placed Adobe furthest in the Leaders quadrant for completeness of vision out of 22 vendors evaluated in the report.

他們也認可 Adob​​e Advertising Cloud 在全通路需求方平台領域的領先地位，認可 Adob​​e Audience Manager 在資料管理平台領域的領先地位。Gartner 在其多通路行銷活動管理魔力像限報告中將 Adob​​e 評為領導者，在報告評估的 22 家供應商中，Adobe 因其願景的完整性而在領導者象限中名列前茅。

Interest in Adobe Experience Cloud continues to be strong. We had record attendance at our U.S. and EMEA summits as well as our symposia in New York, London, Mumbai, Toronto and Sydney. Major customer wins this quarter included Best Buy, Cisco, Morgan Stanley and Verizon.

消費者對 Adob​​e Experience Cloud 的興趣依然濃厚。我們在美國和歐洲、中東及非洲地區的高峰會以及在紐約、倫敦、孟買、多倫多和雪梨舉辦的研討會上都創下了出席人數紀錄。本季贏得的主要客戶包括百思買、思科、摩根士丹利和Verizon。

Last week, Adobe joined the Fortune 500 list for the first time, an exciting milestone for our company. This quarter, we were also included on Forbes' Best Large Employers list and LinkedIn's Top Global Companies List, and received Great Places to Work recognition in the U.K. and Germany. People are our greatest asset at Adobe, and we continue to invest in creating an innovative culture and exciting work environment to attract and retain the best talent in the industry.

上週，Adobe 首次躋身財富 500 強榜單，這對我們公司來說是一個令人興奮的里程碑。本季度，我們也榮登福布斯最佳大型雇主榜單和領英全球頂級公司榜單，並在英國和德國獲得「最佳工作場所」稱號。人才是我們 Adob​​e 最大的資產，我們將繼續投資打造創新文化和令人興奮的工作環境，以吸引和留住業內最優秀的人才。

With the introduction of Adobe Experience Cloud, we have expanded our vision and our market opportunity. Our brand, coupled with our deep technology platforms, are further distancing us from the competition. We have the world's best customers, partners and employees. And we look forward to a strong second half. Mark?

隨著 Adob​​e Experience Cloud 的推出，我們拓展了視野，也拓展了市場機會。我們的品牌，加上我們強大的技術平台，正在進一步拉開我們與競爭對手的距離。我們擁有世界上最好的客戶、合作夥伴和員工。我們期待下半年能取得好成績。標記？

Thank, Shantanu. In the second quarter of FY '17, Adobe achieved record revenue of $1.77 billion, which represents 27% year-over-year growth. GAAP diluted earnings per share in Q2 was $0.75 and non-GAAP diluted earnings per share was $1.02.

謝謝你，沙塔努。2017 財年第二季度，Adobe 實現了創紀錄的 17.7 億美元收入，較去年同期成長 27%。第二季GAAP稀釋後每股盈餘為0.75美元，非GAAP稀釋後每股盈餘為1.02美元。

Highlights in Q2 included our first $1 billion quarter of Creative revenue; achieving strong net new Digital Media ARR of $312 million; record Adobe Experience Cloud revenue of $495 million; strong year-over-year growth in operating profit and net income; record deferred revenue with strong cash flow from operations; and 86% of Q2 revenue came from recurring sources.

第二季亮點包括：創意收入首次突破 10 億美元；新增數位媒體年度經常性收入淨額強勁增長 3.12 億美元；Adobe Experience Cloud 營收創歷史新高，達到 4.95 億美元；營業利潤和淨收入同比增長強勁；遞延收入創歷史新高，營運現金流強勁；第二季 86% 的收入來自經常性收入。

In Digital Media, we grew segment revenue by 29% year-over-year. The addition of $312 million net new Digital Media ARR during the quarter grew total Digital Media ARR to $4.56 billion exiting Q2. Within Digital Media, we delivered Creative revenue of $1.01 billion, which represents 34% year-over-year growth. In addition, we increased Creative ARR by $285 million during Q2 and exited the quarter with $4.04 billion of Creative ARR.

在數位媒體領域，我們實現了29%的部門營收年增。第二季新增 3.12 億美元淨數位媒體 ARR，使數位媒體 ARR 總額在第二季末達到 45.6 億美元。在數位媒體領域，我們的創意收入達到 10.1 億美元，年增 34%。此外，我們在第二季增加了 2.85 億美元的創意 ARR，季末創意 ARR 達到 40.4 億美元。

Driving the momentum with our Creative business was continued solid demand for Creative Cloud across all segments, including individual, team and enterprise. We saw particular strength on adobe.com and in the education market. International adoption of Creative Cloud was notable, particularly in Germany and Japan. Q2 ARR performance was also driven by solid retention as well as quarter-over-quarter ARPU growth across all key offerings. Adobe Stock contributed to this performance with another quarter of record revenue. We are also pleased to see the growing subscription base for Adobe Stock, adding to overall ARR.

推動我們創意業務成長動能的是，各個細分市場（包括個人、團隊和企業）對 Creative Cloud 的持續強勁需求。我們看到 adobe.com 和教育市場表現特別強勁。Creative Cloud 在國際上的普及程度顯著，尤其是在德國和日本。第二季 ARR 業績也得益於穩健的客戶留存率以及所有主要產品 ARPU 的季度環比成長。Adobe Stock 也憑藉著另一個季度創紀錄的營收，為此業績做出了貢獻。我們也很高興地看到 Adob​​e Stock 的訂閱用戶群不斷增長，這增加了整體 ARR。

With Document Cloud, we achieved revenue of $200 million and Document Cloud ARR grew to $520 million exiting Q2. Across Creative Cloud and Document Cloud, Acrobat unit growth accelerated when compared to last quarter and, again, achieved double-digit year-over-year growth. In addition, Adobe Sign growth continues, and we expect the recent Document Cloud launch with new Acrobat Sign and Scan functionality to contribute to the overall Document Cloud performance moving forward.

憑藉 Document Cloud，我們實現了 2 億美元的收入，Document Cloud 的年度經常性收入在第二季末成長至 5.2 億美元。與上一季相比，Creative Cloud 和 Document Cloud 的 Acrobat 銷售成長加速，再次實現了兩位數的年成長。此外，Adobe Sign 的成長動能持續強勁，我們預期最近推出的 Document Cloud 及其新增的 Acrobat Sign 和 Scan 功能將有助於 Document Cloud 的整體效能持續提升。

In Digital Marketing, we achieved record Adobe Experience Cloud revenue of $495 million, which represents 29% year-over-year growth. We are hard at work integrating TubeMogul into our new Advertising Cloud solution and Q2 performance with the TubeMogul business continues to track as we outlined earlier this year. TubeMogul gross revenue recognized in the quarter was de minimis, as forecasted.

在數位行銷方面，我們實現了創紀錄的 Adob​​e Experience Cloud 營收 4.95 億美元，年增 29%。我們正在努力將 TubeMogul 整合到我們新的廣告雲端解決方案中，第二季 TubeMogul 業務的表現繼續按照我們今年稍早概述的情況進行。正如預期的那樣，TubeMogul 本季確認的總收入微乎其微。

Mobile remains a key driver for our Experience Cloud business. Mobile data transactions grew to 57% of total Adobe Analytics transactions in the quarter. Experience Cloud's success is fueled by a large ecosystem of partners, including systems integrators and digital agencies. They are working with us and our joint customers to create digital strategies, plan and execute implementations and achieve value realization. In Q2, partners were involved in approximately 50% of our bookings.

行動端仍然是我們體驗雲端業務的關鍵驅動力。本季行動數據交易量佔 Adob​​e Analytics 總交易量的 57%。Experience Cloud 的成功得益於其龐大的合作夥伴生態系統，其中包括系統整合商和數位機構。他們正與我們和我們的共同客戶合作，制定數位化策略，規劃和執行實施方案，並實現價值。第二季度，合作夥伴參與了我們約 50% 的預訂。

From a quarter-over-quarter currency perspective, FX increased revenue by $0.4 million. We had $13.3 million in hedge gains in Q2 FY '17 versus $18.3 million in hedge gains in Q1 FY '17, thus, the net sequential currency decrease to revenue, considering hedging gains, was $4.6 million.

從季度環比匯率角度來看，外匯收入增加了 40 萬美元。2017 財年第二季度，我們的對沖收益為 1,330 萬美元，而 2017 財年第一季的對沖收益為 1,830 萬美元，因此，考慮到對沖收益，營收的淨環比匯兌減少額為 460 萬美元。

From a year-over-year currency perspective, FX decreased revenue by $19.2 million. We had $13.3 million in hedge gains in Q2 FY '17 versus $3.6 million in hedge gains in Q2 FY '16, thus, the net year-over-year currency decrease to revenue, considering hedging gains, was $9.5 million. We experienced stable demand across all major geographies during the quarter.

從年比匯率角度來看，外匯交易導致收入減少了 1,920 萬美元。2017 財年第二季度，我們的對沖收益為 1330 萬美元，而 2016 財年第二季度的對沖收益為 360 萬美元，因此，考慮到對沖收益，同比匯兌收入淨減少 950 萬美元。本季度，我們在所有主要地區都實現了穩定的需求。

In Q2, Adobe's effective tax rate was 24% on a GAAP basis and 21% on a non-GAAP basis. Our trade DSO was 46 days, which compares to 43 days in the year ago quarter and 46 days last quarter.

第二季度，Adobe 的實際稅率以 GAAP 計算為 24%，以非 GAAP 計算為 21%。我們的貿易應收帳款週轉天數為 46 天，去年同期為 43 天，上一季為 46 天。

Deferred revenue grew to a record $2.07 billion, up 23% year-over-year. Our ending cash and short-term investment position exiting Q2 was $4.93 billion. Cash flow from operations was $645 million in the quarter. In Q2, we repurchased approximately 2 million shares at a cost of $266 million, and we exhausted our $2 billion authority granted in January 2015. In Q3, we will begin utilizing our new $2.5 billion authority granted in January 2017.

遞延收入成長至創紀錄的 20.7 億美元，年增 23%。截至第二季末，我們的現金和短期投資部位為 49.3 億美元。本季經營活動產生的現金流量為 6.45 億美元。第二季度，我們以 2.66 億美元的價格回購了約 200 萬股股票，用完了 2015 年 1 月授予的 20 億美元授權。第三季度，我們將開始使用我們在 2017 年 1 月獲得的 25 億美元新授權。

Now I will provide our financial outlook. In Q3 '17, we are targeting revenue of approximately $1.815 billion; net new Digital Media ARR of approximately $300 million; Digital Media segment year-over-year revenue growth of approximately 26%; Adobe Experience Cloud year-over-year revenue growth of approximately 25%; share count of approximately 501 million shares; net nonoperating expense of approximately $14 million on both a GAAP and non-GAAP basis; tax rate of approximately 24% on a GAAP basis and 21% on a non-GAAP basis; GAAP earnings per share of approximately $0.72; and non-GAAP earnings per share of approximately $1.

現在我將介紹我們的財務展望。2017 年第三季度，我們的目標是實現約 18.15 億美元的收入；約 3 億美元的新增數字媒體年度經常性收入淨額；數位媒體部門同比增長約 26%；Adobe Experience Cloud 同比增長約 25%；股份總數約為 5.01 億股；按 GAAP 和非 GAAP 支出以 40 萬美元的淨收入約為 10 萬美元的淨支出為 GAAP0 萬美元； 24%，以非 GAAP 計算的稅率約為 21%；以 GAAP 計算的每股盈餘約為 0.72 美元；以非 GAAP 計算的每股盈餘約為 1 美元。

Given our business momentum, we continue to expect total Adobe revenue, Digital Media ARR and earnings per share to all grow sequentially from Q3 to Q4. When modeling segment and total revenue estimates for Q4 '17, it is important to factor the material amount of perpetual revenue reported in our Digital Marketing business in Q4 '16, which we do not expect to reoccur in Q4 of this year. Considering this and our strong performance year-to-date, we now expect total Adobe revenue year-over-year growth to be approximately 23%, an increase from our prior target.

鑑於我們目前的業務發展勢頭，我們繼續預計 Adob​​e 總收入、數位媒體 ARR 和每股收益將從第三季到第四季環比增長。在對 2017 年第四季的部門和總收入進行預測時，必須考慮 2016 年第四季數位行銷業務報告的大量永久收入，我們預計今年第四季不會再次出現這種情況。考慮到這一點以及我們今年迄今為止的強勁業績，我們現在預計 Adob​​e 總收入將年增約 23%，高於我們先前的目標。

In summary, our record Q2 achievement demonstrates we are executing well against a large growth opportunity. We remain excited about our prospects for the rest of the year and beyond. Mike?

總而言之，我們第二季度創紀錄的業績表明，我們正在很好地掌握巨大的成長機會。我們對今年剩餘時間以及未來幾年的前景依然充滿信心。麥克風？

Thanks, Mark. Adobe MAX is scheduled this fall during the week of October 16. Day 1 of our conference is Wednesday, October 18, and Adobe management will have a meeting with financial analysts and investors that afternoon. An invitation with registration information will go out within the next month and more details about the conference is available at max.adobe.com.

謝謝你，馬克。Adobe MAX大會預定今年秋天10月16日那一週舉行。本次大會的第一天是10月18日星期三，Adobe管理階層將於當天下午與金融分析師和投資者舉行會議。下個月將發出包含註冊資訊的邀請函，有關會議的更多詳情請造訪 max.adobe.com。

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 28928378. International callers should dial (404) 537-3406. The phone playback service will be available beginning at 5:00 p.m. Pacific Time today and ending at 5:00 p.m. Pacific Time on June 27, 2017.

如果您想收聽今天電話會議的錄音回放，我們投資者關係網站上稍後將提供本次電話會議的網路存檔。或者，您可以撥打 (855) 859-2056 收聽電話錄音。使用會議 ID 號碼 28928378。國際來電者請撥 (404) 537-3406。電話回放服務將於下午 5 點開始提供。太平洋時間今天下午 5:00 結束。太平洋時間2017年6月27日。

We would now be happy to take your questions (Operator Instructions) Operator?

現在我們很樂意回答您的問題（操作員說明）操作員？

(Operator Instructions) Your first question is from Ross MacMillan from RBC Capital Markets.

（操作員說明）您的第一個問題來自加拿大皇家銀行資本市場的羅斯·麥克米倫。

I had one for Shantanu and a follow up for Mark. Shantanu, just you mentioned Premiere Pro and the success you're having there with the single-app product. And then you commented that, that could be a mechanism to drive more sales into full Creative Cloud. And I guess I just had a question on the overall sort of strategy in terms of the potential to create new bundles in the Creative Cloud with the analogy being Creative Suite, when I think you had 6 different suite types. So I just wondered if you could just elaborate on that for a second and help us think about the opportunities going forward to kind of segment the Creative Cloud product portfolio.

我給 Shantanu 寫了一封電子郵件，然後又給 Mark 寫了一封後續郵件。Shantanu，你剛才提到了 Premiere Pro，以及你憑藉這款單一應用程式產品的成功。然後你評論說，這可能是推動更多人購買完整版 Creative Cloud 的機制。我想問的是關於 Creative Cloud 整體策略方面的問題，即在 Creative Suite 的基礎上，是否有可能創建新的軟體包，因為我記得你們當時有 6 種不同的套件類型。所以我想請您詳細解釋一下，幫助我們思考未來如何將 Creative Cloud 產品組合區隔。

Yes, thanks, Ross, I'm happy to do so. Also, I wanted to say upfront, Mark and I are actually on different coasts. I was visiting the Tech Council, so I'm in New York and Mark is in San Jose, as usual. The strategy, Ross, with Creative Cloud was initially, as you know, to migrate existing customers. And so it was really important for us to simplify the offering and have a CC Complete that we thought would be the right solution for the broad swathe of customers that we have. And as you are aware, that has played out really well. We always knew that as we wanted to attract new customers, the single-app product would be a great stepping stone to get people into the platform and then convert them into full units. This is something that we did in the past whether it was within Design during the print era or think products like Dreamweaver or Photoshop or Illustrator. They have always been great ways to attract new customers who may have real experience with one product and then focus on multiple products. And video has clearly been one of those new categories where more and more people are using video. And the fact that Premiere Pro is such a great product in video, we're attracting customers to the platform and then we will convert them into CC Complete, but it's through promotions as well as training. So that's the way to really think about it, which is when we're doing new customer acquisitions, just the way photography has played out really well with photography expansion and market expansion, we think video will be the same. We're equally excited about XD and what's happening with screen designs. So think about it as bring more customers into the platform through single apps and then convert them to higher ARPU servicing products.

是的，謝謝你，羅斯，我很樂意這樣做。另外，我想先說明一下，我和馬克其實身處不同的海岸。我當時正在訪問科技委員會，所以我在紐約，而馬克像往常一樣在聖荷西。羅斯，如你所知，Creative Cloud 最初的策略是遷移現有客戶。因此，對我們來說，簡化產品並推出我們認為能夠滿足廣大客戶需求的 CC Complete 解決方案至關重要。如你所知，結果非常理想。我們一直都知道，為了吸引新客戶，單應用產品將是一個很好的跳板，可以將人們引入平台，然後將他們轉化為完整的用戶單元。這是我們過去經常做的事情，無論是在印刷時代的設計中，還是在 Dreamweaver、Photoshop 或 Illustrator 等產品中。它們一直是吸引新客戶的絕佳方式，這些客戶可能對某一款產品有實際體驗，然後專注於多種產品。顯然，影片已成為越來越多的人開始使用的新興類別之一。Premiere Pro 是一款非常優秀的影片製作產品，我們透過促銷和培訓吸引客戶使用該平台，然後我們將他們轉化為 CC Complete 用戶。所以，我們應該這樣思考：當我們進行新客戶獲取時，就像攝影行業隨著攝影業務的擴張和市場擴張而取得的成功一樣，我們認為視訊產業也會如此。我們對 XD 以及螢幕設計的發展同樣感到興奮。所以可以這樣想：透過單一應用程式將更多客戶引入平台，然後將他們轉化為 ARPU 更高的服務產品。

That's helpful. And just a follow up for Mark on the ARR. You've obviously exceeded now Q1, Q2 and guiding a bit above where certainly we were for Q3. It looks like you're going to do better than your $1 billion for the year but you didn't raise that number. Just maybe any thoughts around sort of the $5 billion sort of exit target? How should we think about that?

那很有幫助。還有一點要跟馬克確認一下 ARR 的狀況。顯然，你們現在已經超越了第一季和第二季的業績，而且對第三季的預期也略高於我們先前的預期。看來你今年的業績會超過10億美元，但你並沒有提高這個數字。大家對50億美元的退出目標有什麼想法嗎？我們該如何看待這個問題？

Yes, actually, if you don't mind, Ross, before I answer that question, I want to clarify something. As we were reading our prepared remarks, I caught something that needs clarification. So in the end of my prepared remarks, we talked about how we now expect Adobe revenue year-over-year growth to be approximately 23%. That's for the full year. It wasn't clear whether that was the full year or the quarter, so just to be very clear. We expect the full year to be up 23% year-over-year. So just make sure you think about that as you update your models. For ARR, yes, we're very pleased how that's playing out, Ross, obviously, relative to our expectations. And we're not updating annual targets but clearly we're on a great trajectory, we had a great first half. And as you know, there's just lots of positive trends that are driving ARR up. Everything from ARPU growing across each of the offerings. We've consistently said ARPU continues to grow across each of the offerings, bringing new people into the franchise, selling them services, migrating the base over and all those trends continue. So we are very optimistic about ARR in general.

是的，羅斯，如果你不介意的話，在我回答這個問題之前，我想澄清一些事情。在宣讀準備好的演講稿時，我發現有些地方需要澄清。因此，在我準備好的發言的最後，我們談到了我們現在預計 Adob​​e 的收入同比增長率約為 23%。這是全年的費用。目前還不清楚這是全年還是季度，所以為了明確起見，特此說明。我們預計全年將年增23%。所以在更新模型時，請務必考慮這一點。對於 ARR 來說，是的，我們對目前的情況非常滿意，羅斯，顯然，這符合我們的預期。我們沒有更新年度目標，但顯然我們正處於良好的發展軌道上，上半年我們取得了巨大的成功。如您所知，有很多積極的趨勢正在推動 ARR 成長。所有產品的平均每用戶收入都在成長。我們一直表示，每項產品的 ARPU 都在持續成長，吸引新用戶加入加盟行列，向他們銷售服務，將現有用戶群遷移過來，所有這些趨勢都在繼續。因此，我們對年度經常性收入（ARR）總體上非常樂觀。

And, Ross, the other thing I might add here is, as you know, we're really focused on the $20 billion large opportunity that exists for this entire business. We were pleased also, in addition to the stuff that Mark said, with how both Germany and Japan have started to adopt Creative Cloud and Stock as well. So our focus is continue to execute on the near term but focus on the large, untapped opportunity that we have.

羅斯，我還要補充一點，正如你所知，我們真正關注的是整個行業存在的 200 億美元的巨大機會。除了馬克所說的那些內容之外，我們也很高興地看到德國和日本也開始採用 Creative Cloud 和 Stock。因此，我們的重點是繼續執行近期計劃，但同時也要關注我們所擁有的巨大、尚未開發的機會。

Your next question is from Walter Pritchard from Citi.

你的下一個問題來自花旗銀行的華特‧普里查德。

Mark, I'm wondering just on the ARR guidance for Q3, that seems like a stronger performance than you've seen in the last couple years, given that's a pretty seasonally light quarter. And you had strength in areas like Germany and Japan which might be weaker that quarter as well. I'm wondering what gives you the confidence and what areas of the business do you expect to see the strength in Q3 ARR for Digital Media?

馬克，我想問一下關於第三季的年度經常性收入 (ARR) 預期，考慮到第三季通常是淡季，這個業績似乎比過去幾年都要好。而且，你們在德國和日本等地區表現強勁，而這些地區在本季可能較為疲軟。我想知道是什麼讓您充滿信心，以及您預計數位媒體業務的哪些領域會在第三季 ARR 中表現強勁？

Yes, I mean, we kind of touched on it, Walter. We do have seasonality in prior years in the third quarter so I don't think this is anything unusual in terms of strength. We just continue to see momentum across the business though. It's everything from international, whether that's Germany or Japan. Like I said, ARPU going up across all the different offerings. We continue to migrate the base over. We continue to attract new users. Stock is contributing to ARR. We're starting to see the benefit of less piracy across the offering. So all of those factors just play into our performance in the first half and what we see moving forward.

是的，我的意思是，我們之前確實談到過這個問題，沃爾特。往年第三季確實存在季節性因素，所以我認為就強勁程度而言，這並沒有什麼不尋常之處。不過，我們看到整個業務領域都持續保持著成長動能。涵蓋國際範圍，無論是德國還是日本。正如我所說，所有不同產品的平均每用戶收入都在上升。我們繼續進行基地遷移。我們持續吸引新用戶。股票對年度經常性收入 (ARR) 有貢獻。我們開始看到盜版減少帶來的好處。所以所有這些因素都會影響我們上半季的表現以及我們接下來的比賽走向。

Your next question is from Kirk Materne from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Kirk Materne。

This is actually Tom Mao on for Kirk. Mark, as some of your original ETLA deals come due, can you talk about how that's impacting ARPU for Creative Cloud now that you have a subscription version for the enterprise?

實際上，這是湯姆·毛代替柯克主持節目。Mark，隨著你最初的一些 ETLA 協議到期，你能否談談這對 Creative Cloud 的 ARPU 有何影響，畢竟你們現在推出了企業訂閱版本？

Yes, maybe even I can touch on what we are hearing when we go meet with all of these customers from enterprises. The 2 points I would make is, firstly, ARPU is actually increasing. One of the things we track is the amount of the Creative Cloud ETLA customers who are adopting services when they renew their contract. And the second thing we're actually tracking right now is the actual number of users who are downloading and using the product and training it, so that we can ensure that our customers get the value associated with it. And both of those are going well. That, again, in even answering Walter's question gives us confidence as to the ARR moving forward in the Digital Media business. But fundamentally, it's the adoption of services. It's the deployment of the Creative Cloud applications and the usage and training associated with it that have all done well for us in the enterprise customer base.

是的，或許我還可以談談我們在與這些企業客戶會面時聽到的一些情況。我想提出的兩點是，第一，ARPU（每位使用者平均收入）其實是在成長。我們追蹤的指標之一是 Creative Cloud ETLA 客戶在續約時採用服務的數量。我們現在實際追蹤的第二件事是下載、使用和培訓該產品的實際用戶數量，以便我們能夠確保我們的客戶獲得與其相關的價值。這兩項工作進展都很順利。再次強調，即使只是回答沃特的問題，也讓我們對數位媒體業務的 ARR 前景充滿信心。但從根本上講，這是服務的採用。Creative Cloud 應用程式的部署以及相關的使用和培訓，都為我們在企業客戶群中帶來了良好的成果。

And just more broadly, in the Digital Media business, can you talk about, I think you kind of touched on this a little bit, but just some of the drivers for ARPU increases outside of Adobe Stock?

更廣泛地說，在數位媒體產業，您能否談談，我想您剛才已經稍微提到過，除了 Adob​​e Stock 之外，推動 ARPU 成長的一些因素？

Well, I think we've always said that, as it relates to getting people onto the platform, the first step is on promotional prices to get them onto the platform. I think we mentioned in the prepared remarks that retention continues to be strong. People are using increased number of product and so I think when we look at ARPU, that's really the reason. And foreign exchange hasn't had an impact, so it's true usage as well as adoption of more product that's driving ARPU.

嗯，我認為我們一直都說，就吸引人們加入平台而言，第一步是提供促銷價格來吸引他們加入平台。我認為我們在準備好的演講稿中提到過，員工留存率依然很高。人們使用的產品數量越來越多，所以我認為，當我們查看 ARPU 時，這才是真正的原因。外匯波動並未產生影響，因此，推動 ARPU 成長的是實際使用情況以及更多產品的採用情況。

Your next question is from Keith Weiss from Morgan Stanley.

下一個問題來自摩根士丹利的基斯‧韋斯。

This is actually Stan Zlotsky sitting in for Keith. So one question for Shantanu, and then one for Mark. For Shantanu, since the Marketing Summit, what has the customer feedback been like on the partnership with Microsoft? What are customers most excited about? And with this combined solution, which parts of the market are you looking to address near term and then more long term, as the solution matures? And then a quick one for Mark. Recurring revenue now just hit 86%. How much further can that go as we go and we look at 2018 and beyond?

實際上，這是斯坦·茲洛茨基代替基思出場。那麼，先問 Shantanu 一個問題，再問 Mark 一個問題。對 Shantanu 而言，自從行銷高峰會以來，客戶對與微軟的合作回饋如何？顧客最期待的是什麼？那麼，透過這項綜合解決方案，您希望在近期內解決哪些市場問題，隨著解決方案的成熟，又希望在長期內解決哪些市場問題呢？然後給馬克快速提問。經常性收入佔比剛達到 86%。展望2018年及以後，這種趨勢還能走多遠？

I think big picture, actually, when you look at what our customers are saying, they're all struggling with digital transformation and they want to understand how we can help them create this digital customer journey and help them take advantage of all of the technology trends that are happening. The combination of Adobe and Microsoft in that regard is clearly providing a more comprehensive solution than each one of us alone. And as they are thinking about which is the cloud provider that they standardize on, the fact that we have a great application on Azure, also really provides great go-to-market synergy between the 2 field organizations. The first solutions that we identified and we've actually started to deliver are the Adobe Experience Manager solution, which is a managed service on Azure. The second solution is being able to run Campaign integrated with Dynamics, so think of it as a complete CRM as well as a messaging and campaign and orchestration solution. And clearly being able to look at all of the data that they have in Experience Cloud and visualize that through Power BI. And so I think it's the fact that, together we have a more comprehensive solution, the fact that the field organization and the marketing organization is very aligned and the fact that unlike all other partnerships which are press releases, the fact that we've actually executed against it and delivered value, I think is leading to a lot of interest in our joint solutions.

我認為從大局來看，當你了解我們的客戶所說的話時，你會發現他們都在努力實現數位轉型，他們想知道我們如何幫助他們創建數位化客戶旅程，並幫助他們利用所有正在發生的技術趨勢。在這方面，Adobe 和微軟的合作顯然比我們任何一方單獨行動都能提供更全面的解決方案。當他們考慮採用哪個雲端供應商作為標準時，我們在 Azure 上擁有一個很棒的應用程序，這也確實為兩個現場組織之間提供了很好的市場推廣協同效應。我們首先確定並開始交付的解決方案是 Adob​​e Experience Manager 解決方案，這是在 Azure 上託管的服務。第二個解決方案是能夠將 Campaign 與 Dynamics 整合運行，因此可以將其視為完整的 CRM 以及訊息傳遞、行銷活動和流程編排解決方案。顯然，他們能夠查看 Experience Cloud 中的所有數據，並透過 Power BI 將其視覺化。所以我認為，正是因為我們共同擁有一個更全面的解決方案，現場組織和行銷組織高度協調一致，而且與其他所有隻是發布新聞稿的合作關係不同，我們實際上已經執行了協議並創造了價值，我認為這導致了人們對我們聯合解決方案的濃厚興趣。

And in terms of recurring revenue, that's my favorite, favorite number. It does just keep creeping up. It's going to keep going up a bit but it's not going to go to 100%. And we're always going to have some revenue that's going to be recognized upfront. But I do expect that it keeps slowly increasing. It's hard to say exactly where it settles in.

就經常性收入而言，那是我最最喜歡的數字。它確實一直在悄悄上漲。還會繼續小幅上漲，但不會達到 100%。而且我們總是會有一些收入需要事先確認。但我預計它會繼續緩慢增長。很難說它最終會落腳在哪裡。

Your next question is from Heather Bellini from Goldman Sachs.

下一個問題來自高盛的希瑟·貝利尼。

This is Mark Grant on for Heather. I just wanted to follow up real quick on enterprise. As you talked about some of those renewals from the ETLAs from 3 years ago and with the announcements that you made around Experience Cloud at Summit, are you seeing an improvement in customer response there given the introduction of the Experience Cloud and that integrated suite? And what's the impact that you're seeing on typical contract values in the enterprise as you bring that up?

這裡是馬克·格蘭特，替希瑟報道。我只是想快速跟進一下企業方面的事宜。您談到了 3 年前的一些 ETLA 續約事宜，以及您在峰會上發布的關於 Experience Cloud 的公告，鑑於 Experience Cloud 和該集成套件的推出，您是否看到客戶的反應有所改善？那麼，您認為這個問題對企業中典型的合約價值會產生什麼影響？

Yes, if you put yourself in the shoes of a customer, if you're in retail, what you're trying to do is ensure that all the assets that you have from creation of these assets all the way out to delivery are in a consistent life cycle of content all the way from our content creation tools to when it's delivered either through a mobile application or on the website. If you're in advertising or you're creating a campaign, you want to make sure that the brand content that you created in one country rolls out exactly with the same fidelity across multiple countries. So when we go customer after customer, they're trying to ensure that all of the digital content that's exploding, they have a good way to deal with it and to roll it out with the fidelity and the efficacy that they expect. That's where the combination of what we've done with Creative Cloud, with the ETLA option and AEM assets, the Experience Manager asset solution, is a clear leader in the marketplace. And when I alluded to the fact that services and tracking the service usage within CC ETLA, that's what we are trying to do, which is to make sure that they have the ability to do asset management. So the interest level, I would say, 3 or 4 years ago, we were pitching this vision of how they could corral all their assets across the enterprise in a global way. Today, they are absolutely utilizing it and getting benefit out of it. So there's no question that we've been able to solve a customer pain point.

是的，如果你站在顧客的角度思考，如果你從事零售業，你所要做的就是確保你擁有的所有資產，從這些資產的創建到最終交付，都處於一致的內容生命週期中，從我們的內容創建工具到通過移動應用程序或網站交付，全程如此。如果你從事廣告業或正在策劃廣告活動，你肯定希望確保在一個國家創建的品牌內容能夠以完全相同的保真度推廣到多個國家。因此，當我們逐一拜訪客戶時，他們都在努力確保所有爆炸性增長的數位內容都能得到妥善處理，並以他們期望的保真度和有效性進行推廣。正因如此，我們結合 Creative Cloud、ETLA 選項和 AEM 資產（即 Experience Manager 資產解決方案）所做的一切，使其成為市場上明顯的領導者。當我提到服務和追蹤 CC ETLA 內的服務使用情況時，這正是我們努力的方向，即確保他們有能力進行資產管理。所以，我想說，在三、四年前，我們向他們展示瞭如何以全球方式整合企業內所有資產的願景，當時人們對此很感興趣。如今，他們正在充分利用它，並從中獲益。所以毫無疑問，我們已經解決了客戶的痛點。

Your next question is from Mark Moerdler from Bernstein Research.

您的下一個問題來自伯恩斯坦研究公司的馬克‧莫德勒。

I'd like to ask a question both to Shantanu and to Mark. Given the strong revenue growth for Adobe over the last few years and the expected growth this year of 23%, what would you think are the largest impediments to driving roughly 20% year-over-year growth for the next 4 -- few years, excuse me, for next few years? Is it external issues such as market size? Law of large numbers? Or there's more internal issues such as sales, staff or breadth of product offering in Digital Marketing, how should we think about it?

我想問 Shantanu 和 Mark 一個問題。鑑於 Adob​​e 過去幾年的強勁營收成長以及今年預計 23% 的成長，您認為未來 4 年（抱歉，是未來幾年）實現約 20% 的年增長率的最大障礙是什麼？是市場規模等外部因素嗎？大數定律？或者，數位行銷中還存在銷售、人員配備或產品範圍等內部問題，我們該如何考慮這些問題？

Well, Mark, I think the first thing we always try to do is to state the overall opportunity and TAM that's available for us, and we identify that, that was an over $60 billion market opportunity available to us so I think you start with that. I think you look at the tailwinds that exist in the categories that we are, namely, content creation and what's happening on the media side with new media guides, what's happening with augmented reality, virtual reality, more people coming into the Creative franchise, and, frankly, as we've always said, people having and wanting a story to tell. On the Digital Marketing side, continuing to help businesses transform just like on the individual side, we're empowering people to create. It's a massive opportunity associated with it. So we look at it and say, big picture, there's no question that the market opportunity is available. Within the company, we want to make sure we're really focused on building these deep technology platforms. I think at Summit, Mark, you saw us talk about what we're doing with the data platform and these key strategic partnerships to ensure that we build a moat around our offering and that's what we are focused on. And we have to continue to execute and focus on our customers. But as long as we keep our customers front and center, the opportunity is there. If you're trying to get us to back into a long target right now, we're not going to do that. But we're really pleased with what we did in the first half and we're going to continue to execute against this opportunity.

嗯，馬克，我認為我們首先要做的是闡明我們所面臨的整體機會和潛在市場規模，我們發現，我們擁有超過 600 億美元的市場機遇，所以我認為你應該從這裡開始。我認為你應該專注於我們所處領域的順風，即內容創作，以及媒體方面正在發生的變化，例如新媒體指南、擴增實境、虛擬實境的發展，以及越來越多的人加入創意產業，坦白說，正如我們一直所說，人們有故事要講，並且想要講述故事。在數位行銷方面，我們將繼續幫助企業轉型，就像在個人方面一樣，我們致力於賦能人們去創造。這其中蘊含著巨大的機會。因此，從宏觀角度來看，市場機會是毋庸置疑的。公司內部，我們希望確保真正專注於建立這些深度技術平台。馬克，我想在峰會上，你看到了我們談論我們正在利用數據平台以及這些關鍵的戰略合作夥伴關係來確保我們圍繞我們的產品建立護城河，而這正是我們關注的重點。我們必須繼續執行計劃，並專注於我們的客戶。但只要我們總是把客戶放在第一位，機會就一直存在。如果你想讓我們現在回到長期目標價位，我們不會這麼做。但我們對上半場的表現非常滿意，我們將繼續抓住這個機會。

Your next question is from Derrick Wood from Cowen and Company.

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

A question on the partner front. One of the things we've heard -- I've been hearing recently, is that demand for certified developers on Adobe, especially the Marketing Cloud, is really starting to outstrip supply. So are there incremental investments you guys are looking at in terms of driving more partner enablement in the channel? And I guess as a follow-up, I'd be curious if the integration with Microsoft or other ISVs can attract new third-party developers or resellers to your cloud.

關於合作夥伴方面的問題。我最近聽到的一種說法是，對 Adob​​e 認證開發人員的需求，尤其是 Marketing Cloud 認證開發人員的需求，真的開始超過供應了。那麼，你們是否正在考慮增加投資，以推動通路夥伴的更多發展？另外，我很好奇與微軟或其他獨立軟體開發人員的整合能否吸引新的第三方開發人員或經銷商加入你們的雲端平台。

Derrick, that's a great question. And I think we said at Summit, and this is true not just of the U.S. Summit but all around the world, the number of partners who are there and creating digital practices that are based solely on Adobe's Experience Cloud solutions is growing quite dramatically. I think from our point of view, we continue to ensure that we're providing the best training solutions for these customers. Our professional services organization is available to help them on board, to help with architectural services that they might need. And to continue to be the eyes and ears. But we're thrilled with the number of practices that have been created in every large SI as well as every large digital agency that exists. And so we just have to continue to focus on providing the best training, allowing them to download and use our products. All of them are our customers so they have first-hand experience so everything that they're doing in this particular space. And with respect to your second question, you're absolutely right. There are a couple of key, both digital agencies and SI, partners, who view the fact that Microsoft and Adobe are working so closely together to actually create a joint practice where they have real experience with integrating these 2 and delivering that as value to their customers. So as long as Azure continues to grow and do as well as it has and Experience Cloud does, there will be a market for somebody who's an expert in, specifically, the integration of these 2 offerings.

德瑞克，你問得好。我認為我們在峰會上說過，而且這種情況不僅適用於美國峰會，也適用於世界各地，參與峰會並完全基於 Adob​​e Experience Cloud 解決方案創建數位化實踐的合作夥伴數量正在急劇增長。我認為從我們的角度來看，我們將繼續確保為這些客戶提供最好的培訓解決方案。我們的專業服務機構可以協助他們入駐，並為他們提供可能需要的建築設計服務。並繼續充當耳目。但令我們感到非常高興的是，每個大型系統整合商以及每個大型數位代理商都創建了大量的實踐方法。因此，我們只需繼續專注於提供最好的培訓，讓他們能夠下載和使用我們的產品。他們都是我們的客戶，所以他們擁有第一手經驗，了解他們在這特定領域所做的一切。至於你的第二個問題，你完全正確。一些重要的數位代理商和系統整合商合作夥伴認為，微軟和 Adob​​e 如此緊密地合作，共同創建了一個聯合實踐平台，這為他們帶來了整合這兩家公司並向客戶交付價值的真正經驗。所以，只要 Azure 和 Experience Cloud 繼續保持成長勢頭，並且發展良好，那麼就會有市場需要專門精通這兩個產品整合的專家。

Your next question is from Saket Kalia from Barclays Capital.

下一個問題來自巴克萊資本的薩凱特·卡利亞。

Maybe just to build on that last question for you, Mark. In the prepared comments, you mentioned that partners were involved with about 50% of bookings in the Experience Cloud. Qualitatively, could you just talk about how services revenue in the Digital Marketing business has trended? And maybe how you're thinking about it going forward?

馬克，或許我想就你剛才提出的問題再補充一點。在準備好的評論中，您提到合作夥伴參與了體驗雲中約 50% 的預訂。從定性角度來看，您能否談談數位行銷業務的服務收入趨勢？那麼，你對未來有什麼打算呢？

Yes, services marketing has clearly increased in that business over time as we've driven more implementations into customers. But that is not a critical number for us. From our perspective, a lot of customers want us to do the services but we're very happy if that partner ecosystem picks up some of the services work as well. So it's going to be a mix of us doing it as well as our third-party ecosystem.

是的，隨著我們向客戶推廣更多實施方案，該業務中的服務行銷顯然也隨之增加。但這對我們來說並不是一個關鍵數字。從我們的角度來看，許多客戶希望我們提供這些服務，但如果合作夥伴生態系統也能承擔一些服務工作，我們也非常高興。所以這將是我們自身以及我們的第三方生態系統共同努力的結果。

The one thing I might strategically add from a color perspective is one of the things we are doing is, as they become more and more [successful at] doing each of the individual point products, we're focusing our services a little bit more on architecture and the integration between these products as a way to supplement and augment their offerings. And so, again, I think, as Mark said in the prepared remarks, we're thrilled that we have more partners and that they are driving more revenue for themselves and we're happy to augment that through higher-end architectural services as required.

從色彩角度來看，我可能會在策略上補充一點：隨著他們越來越擅長做好每一個單獨的產品，我們正在將服務重點更多地放在架構以及這些產品之間的整合上，以此來補充和增強他們的產品。所以，我再次認為，正如馬克在準備好的演講稿中所說，我們很高興擁有更多合作夥伴，他們也為自己創造了更多收入，我們也樂於根據需要透過更高端的建築服務來增加收入。

Your next question is from Alex Zukin from Piper Jaffray.

下一個問題來自Piper Jaffray公司的Alex Zukin。

I wanted to ask a go-to-market question around Experience Cloud. Can you maybe comment about the current structure of the sales organization? And maybe as you move toward these bigger solution oriented sales and it's less kind of individual product focus, is -- how are you realigning or thinking about strategically with the sales organization? And then just a follow up for Mark, any impacts on deferred revenue that we should be aware of from the ETLA? The Creative platform version or anything else?

我想問一個關於 Experience Cloud 的市場推廣問題。能否談談目前銷售組織的架構？或許隨著銷售模式轉向更大型的解決方案導向銷售轉變，而不再那麼注重單一產品，那麼──你如何與銷售組織進行策略性的調整或思考？馬克，還有一個後續問題，ETLA 會對遞延收入產生哪些影響，我們需要注意嗎？是Creative平台版本還是其他版本？

I'll take the first part. Certainly, big picture, when we think about our go-to-market with the sales organization, and I'm assuming you mean primarily in Digital Marketing, it's a very traditional named account and organized by vertical with our sales organization and Digital Marketing. So think of it as a financial services or retail or travel and hospitality, media and publishing sales organization so that our customers clearly understand the vocabulary of the people that they are dealing with. Named accounts because these named accounts are increasingly relying on us as the complete mission-critical solution for them. And then we have the equivalent of what you might call lighter territory or commercial, which our customers who are not yet named accounts or other verticals that exist. And we certainly have specialists as well and these specialists are able to augment or exist with the named accounts. So the field organization is being structured like that all around the world. It's executing against that. One of the new initiatives that we also have in the field organization is a strategy group that's actually enabling them to have a [recipe] all the way from going from a digital transformation all the way to how they can start to execute us. So more and more customers are asking us to be their trusted strategic adviser in that particular respect, and we stepped up to do that as well.

我來回答第一部分。當然，從大局來看，當我們考慮銷售部門的市場推廣策略時（我假設你主要指的是數位行銷），我們的銷售部門和數位行銷部門採用的是非常傳統的指定客戶模式，並按垂直行業進行組織。所以，您可以把它想像成一個金融服務、零售、旅遊酒店、媒體出版等行業的銷售機構，這樣我們的客戶就能清楚地理解與他們打交道的人所使用的詞彙。指定客戶，因為這些指定客戶越來越依賴我們作為其完整的關鍵任務解決方案。然後，我們還有相當於您所說的較輕領域或商業領域的東西，即我們尚未命名的客戶或其他存在的垂直領域。當然，我們也有相關領域的專家，這些專家能夠為指定的帳戶提供支援或與之配合。因此，世界各地的現場組織都是這樣建構的。它正在執行反制措施。我們在現場組織中推出的新舉措之一是成立一個策略小組，該小組實際上為他們提供了一套完整的方案，從數位轉型一直到如何開始執行我們的方案。因此，越來越多的客戶要求我們成為他們在這一特定領域的可信賴的策略顧問，我們也積極回應了這項要求。

And then, Alex, as it relates to deferred revenue, yes, there are a couple things that you should probably know in there. As you know, it's comprised of both Digital Media and Digital Marketing invoiced bookings. On the Digital Media side, ETLAs continue to perform well and that flows through deferred. More and more of our business is going through adobe.com. Some of which goes through deferred and then some, frankly, doesn't flow through deferred. And then in Digital Marketing, there's a seasonal component to deferred. So in Digital Marketing, you usually see a decline from Q1 to Q2 because in Q4, we have a very strong booking quarter and those Q4 bookings are typically built and hit deferred in Q1 so then you'll see a bit of a seasonal decline in Q2. It was a little bit different than that last year, not to complicate things, because we had the extra week last year in Q1. And that extra week ended up billing in Q2. But typically, you do see, in Digital Marketing, a seasonal decline from Q1 to Q2.

還有，Alex，關於遞延收入，是的，其中有幾件事你應該知道。如您所知，它包括數位媒體和數位行銷的已開票訂單。在數位媒體方面，ETLA 繼續表現良好，並且這種良好勢頭也體現在延期付款中。我們越來越多的業務都透過 adobe.com 進行。其中一些資金會延期支付，而另一些資金，坦白說，則不會延期支付。此外，數位行銷中還存在季節性因素導致延遲。因此，在數位行銷領域，你通常會看到從第一季度到第二季度的下滑，因為第四季度是預訂量非常大的季度，而這些第四季度的預訂通常是在第一季度建立和交付的，所以你會看到第二季度出現一些季節性下滑。今年的情況與去年略有不同，為了避免把事情複雜化，因為去年第一季我們多了一週時間。而多出來的一周最終計入了第二季的帳單。但通常情況下，在數位行銷領域，你會看到從第一季到第二季的季節性下滑。

Your next question is from Sterling Auty from JPMorgan.

下一個問題來自摩根大通的斯特林·奧蒂。

Shantanu, I'd be curious if you could compare and contrast the drivers of the strength in Creative Cloud today versus a year ago. And specifically wondering how much of the strength is what you're doing in the enterprise versus continued conversions of legacy Creative Suite versus just upsell and expansion within existing Creative Cloud users?

Shantanu，我很想知道你能否比較分析一下，如今 Creative Cloud 的優勢驅動因素與一年前的優勢驅動因素有何異同。具體來說，我想知道你們的優勢有多少來自於企業級業務，有多少來自於傳統 Creative Suite 的持續轉化，又有多少來自於現有 Creative Cloud 用戶群的追加銷售和擴展？

Yes, Sterling. I think when we identified the 3 strategies that we were going to continue to focus on, which is migration of the Creative Suite base, market expansion and delivering new services, I think you have to look at it across each one of those. On the migration side, certainly we had, I think, identified in November of 2016 that we have about 7 million people left to convert. We're continuing to make good progress against that. We had said that Japan and Germany had lagged. That's now showing good progress so the migration continues well. From a new customer acquisition, the new customer acquisition has been very healthy. And I think the fact that we combated piracy, you can't buy a box anymore on one of those e-commerce channels that you were able to, the fact that it's a low price of entry, like I mentioned, Sterling, with video, with XD, we have new categories where we're leading the platform. That continues to be really healthy. It starts off a lot with single app and so people come on with a single app and then they move them into the complete suite. Education had a strong quarter so that was good. And on the CC ETLA and theme, I think we're just executing against all of this, our awareness of the customer, our ability for them to get value out of the entire offering is improving. and I would say, big picture, Sterling, I think the biggest thing that's driving it is the creation of good design and content has never been more important, whether that's for the web, whether it's for mobile applications. And so it's not like I can point to one thing that's actually fueling this business. It's the fact that we have the most comprehensive offering, we're innovating and we're executing because we understand each customer in a more unique way and are addressing our offering to target them in a personalized way using our Digital Marketing solution. So can't point at one thing, but are pleased with our progress against all of the initiatives we identified.

是的，斯特林。我認為，當我們確定了要繼續重點關注的 3 項策略，即 Creative Suite 基礎架構的遷移、市場擴張和提供新服務時，我認為必須從每個方面來看待這個問題。在移民方面，我認為我們在 2016 年 11 月已經確定，我們還有大約 700 萬人需要皈依基督教。我們在應對這一問題上持續取得良好進展。我們曾說過日本和德國發展落後。目前進展順利，遷移工作仍在順利進行中。從新客戶獲取情況來看，新客戶獲取情況非常健康。我認為，我們打擊盜版的事實，使得你無法再像以前那樣透過那些電子商務管道購買盜版光碟；再加上入門門檻低，就像我之前提到的，Sterling，以及影片、XD，我們開闢了新的類別，引領著平台的發展。這仍然非常有益健康。很多時候都是從單一應用程式開始，所以人們一開始只開發單一應用程序，然後逐漸擴展到完整的套件。教育部門本季表現強勁，這是個好消息。關於 CC ETLA 和主題，我認為我們正在努力實現所有這些目標，我們對客戶的認知，以及我們讓客戶從整個產品中獲得價值的能力都在不斷提高。史特林，從大局來看，我認為推動這一切的最大因素是，創造優秀的設計和內容從未像現在這樣重要，無論是對於網頁還是對於行動應用程式而言。所以，我無法指出究竟是什麼單一因素在推動這項業務的發展。正是因為我們擁有最全面的產品和服務，我們不斷創新並高效執行，因為我們以更獨特的方式了解每一位客戶，並利用我們的數位行銷解決方案，以個性化的方式調整產品和服務，從而更好地滿足他們的需求。所以不能指出具體是哪一項，但我們對我們在所有已確定的舉措方面取得的進展感到滿意。

Your next question is from Jay Vleeschhouwer from Griffin Securities.

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

Two questions for both Shantanu and Mark. Mark, you highlighted the role of adobe.com as you typically do on the call. Could you just talk about the margin leverage that you're continuing to get from the growth of adobe.com? Do you think that's largely played out? Or do you think there's further margin leverage benefit you can get from adobe.com as the business continues to grow? Or perhaps you offer some new structural ways of doing business with Adobe, perhaps with new combined products, single sign-on and the like? Secondly, with respect to Document Cloud, your ARR increased just over $100 million there year-over-year. At that rate, it would probably take you another 4 or 5 years to get to $1 billion ARR for Document Cloud. But given the size of the Acrobat base, more than double the Creative base, and the conversion more and more to subscription, could you foresee a perhaps material acceleration in the ARR accretion for Document Cloud? And thereby get to a much higher 9-figure number sooner?

兩個問題分別問 Shantanu 和 Mark。馬克，你在電話會議上像往常一樣重點強調了adobe.com的作用。您能否談談您從 adobe.com 的成長中持續獲得的利潤槓桿效應？你認為這種情況已經基本結束了嗎？或者，您認為隨著業務的持續成長，adobe.com 還能為您帶來進一步的利潤槓桿效應嗎？或者，您可以提供一些與 Adob​​e 開展業務的新結構方式，例如新的組合產品、單一登入等等？其次，關於文檔雲，你們的年度經常性收入年增了 1 億美元以上。照此速度，Document Cloud 可能還需要 4 到 5 年才能達到 10 億美元的年度經常性收入 (ARR)。但考慮到 Acrobat 用戶群的規模是 Creative 用戶群的兩倍多，而且越來越多的用戶轉向訂閱模式，您是否可以預見 Document Cloud 的 ARR 成長可能會出現實質的加速？這樣就能更快達到更高的九位數？

So I'll...

所以我會…

Maybe I'll start off with the latter one, Mark, and then you can -- which is on the Document Cloud side, Jay, I think it's really important to remember that Acrobat is also available as part of the Creative Cloud offering and is doing extremely well as part of the Creative Cloud offering. It's probably something I should have mentioned even in Sterling and the other questions that are coming. I think we mentioned that Acrobat is seeing a record number of subscriptions and is doing well both in the Creative Cloud funnel as well as in the Document Cloud funnel. And I think we've identified many times that one of the choices that we've made is to offer Acrobat as a single app, more in the Creative Cloud funnel so that we can then upsell them to our imaging solution. So don't just look at the Document Cloud ARR or the revenue when you think about how well Acrobat's doing because PDF is actually doing well across both Creative Cloud and Document Cloud. And I'll let Mark answer the second question.

馬克，也許我會先從後者開始，然後你可以——傑伊，這是在 Document Cloud 方面，我認為記住這一點非常重要：Acrobat 也是 Creative Cloud 產品的一部分，並且在 Creative Cloud 產品中表現得非常出色。這或許是我在回答史特林和其他即將提出的問題時應該要提到的。我想我們之前提到過，Acrobat 的訂閱量創下了歷史新高，並且在 Creative Cloud 和 Document Cloud 頻道中都表現出色。我認為我們已經多次確定，我們做出的選擇之一是將 Acrobat 作為單獨的應用程式提供，更多地放在 Creative Cloud 管道中，以便我們能夠將他們向上銷售到我們的圖像解決方案。所以，在考慮 Acrobat 的表現如何時，不要只看 Document Cloud 的 ARR 或收入，因為 PDF 實際上在 Creative Cloud 和 Document Cloud 中都表現良好。第二個問題就讓馬克來回答吧。

Yes. And then as it relates to adobe.com, Jay, as you know, we've been scaling adobe.com dramatically over the past several years as we've gone through this transition. There's no doubt that, that has contributed to improved margin. I think it will continue to contribute to improved margin as we continue to scale up the business on adobe.com. It's a major, major channel for us now and clearly a profitable -- a very profitable one.

是的。至於 adobe.com，Jay，如你所知，在過去幾年裡，隨著我們經歷這一轉型，我們一直在大幅擴展 adobe.com 的規模。毫無疑問，這有助​​於提高利潤率。我認為隨著我們在 adobe.com 上不斷擴大業務規模，它將繼續有助於提高利潤率。現在，這已經成為我們一個非常非常重要的管道，而且顯然是一個有利可圖的管道——一個非常有利可圖的管道。

The last question is from Samad Samana from Stephens.

最後一個問題來自史蒂芬斯大學的薩馬德·薩馬納。

Mark, I have a question for you. When I look at the Experience Cloud forecast for the third quarter, it looks like a deceleration which I'm little surprised given the year-over-year comp and the added TubeMogul revenue. Can you maybe remind us if there was a lot of license revenue in the third quarter of last year? And also, I think you'd mentioned ASV growth in the past for Marketing Cloud, maybe what that was so we can reconcile the forecast with our models?

馬克，我有個問題想問你。當我查看 Experience Cloud 第三季的預測時，發現成長速度有所放緩，考慮到同比數據和新增的 TubeMogul 收入，我對此感到有些意外。您能否提醒我們一下，去年第三季的授權收入是否很多？另外，我想您之前提到過 Marketing Cloud 的 ASV 成長情況，能不能告訴我具體數字，以便我們能將預測結果與我們的模型進行核對？

Yes, there was some perpetual in the third, and especially, the fourth quarter of last year, as I said in my prepared remarks. You've also got, as we've said for quite a while now, the mix of ASV, subscription and services revenue as well in there. And sometimes the services revenue plays into that. But if you look at it across the year, it's tracking nicely against what we've said.

是的，正如我在準備好的發言稿中所說，去年第三季度，特別是第四季度，確實存在一些持續性問題。正如我們之前多次提到的，其中還包括ASV、訂閱和服務收入的組合。有時服務收入也會影響這一點。但從全年來看，它與我們先前的預測基本上吻合。

And since that was the last question, I just wanted to end by saying we're really pleased with our performance in the first half of fiscal '17 both by delivering great top line growth as well as bottom line earnings. I think what excites us really is the long-term opportunities that we have to continue to empower people, to bring their creativity to life as well as to enable businesses to transform themselves. And from our point of view, it's this combination of content to create the world's largest digital experience customer journeys that have become so important, and the analysis of that data to deliver great business outcomes, we think, is what differentiates the modern enterprise, and we have a unique, mission-critical solution in that entire life cycle. We continue to invest in deep technology. We didn't touch much on AI and ML, but that we believe will continue to distance us from our competitors. We look forward to chatting with you at our next earnings call. Thank you for joining us today.

既然這是最後一個問題，我只想最後說一句，我們對 2017 財年上半年的業績非常滿意，無論是營收成長還是淨利潤都取得了顯著成效。真正讓我們感到興奮的是，我們擁有長期的機會，可以繼續賦能於人，將他們的創造力變為現實，並使企業能夠實現轉型。從我們的角度來看，正是這種內容組合，打造了全球最大的數位體驗客戶旅程，而分析這些數據以取得卓越的業務成果，我們認為，這才是現代企業與眾不同的地方，而我們在整個生命週期中擁有獨特的、至關重要的解決方案。我們將繼續投資於前沿技術領域。我們沒有過多談及人工智慧和機器學習，但我們相信這將繼續拉開我們與競爭對手之間的差距。我們期待在下次財報電話會議上與您交流。感謝您今天蒞臨。

This concludes our call. Thanks, everyone.

通話到此結束。謝謝大家。