Adobe Inc (ADBE) 2017 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen. I would like to welcome you to Adobe Third Quarter Fiscal Year 2017 Quarterly Earnings Call. (Operator Instructions) I would now like to turn the call over to Mr. Mike Saviage, 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 2017 財年第三季財報電話會議。（操作員指示）現在我將把電話交給投資者關係副總裁麥克·薩維亞格先生。請繼續，先生。

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

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'll discuss Adobe's third 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'd 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 財年第三季的財務表現。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 in this call, particularly our revenue and operating model targets and our forward-looking product plans, is based on information as of today, September 19, 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 9 月 19 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 at 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。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'll now turn the call over to Shantanu.

現在我將把電話交給沙塔努。

Thanks, Mike, and good afternoon. Adobe had another record quarter with revenue of $1.84 billion, representing 26% year-over-year growth. GAAP earnings per share in Q3 was $0.84, and non-GAAP earnings per share was $1.10. We continue to deliver strong top line and bottom line growth with expanding operating margins and strong cash flow from operations.

謝謝你，麥克，下午好。Adobe 又創下季度營收紀錄，達到 18.4 億美元，較去年同期成長 26%。第三季GAAP每股盈餘為0.84美元，非GAAP每股盈餘為1.10美元。我們持續實現強勁的營收和利潤成長，營業利潤率不斷擴大，經營活動產生的現金流也十分強勁。

Digital transformation has become the top agenda item for C-suites across the globe, and Adobe's cloud offerings are mission-critical for CMOs, CIOs, CTOs and CEOs charged with modernizing their businesses and the way they engage with their customers. At the same time, we are significantly growing our footprint in the creative space well beyond our loyal base of creative professional customers. Whether it's designing the user experience for a personal blog or editing a short film, Creative Cloud's capabilities are expanding to address the needs of today's youth, social media mavens and creative enthusiasts while continuing to push the technology boundaries for our most demanding creative pros.

數位轉型已成為全球高階主管的首要議程，而 Adob​​e 的雲端產品對於負責實現業務現代化以及與客戶互動方式的首席行銷長、首席資訊長、首席技術長和執行長來說至關重要。同時，我們在創意領域的影響力也顯著擴大，遠遠超出了我們忠實的創意專業客戶群。無論是為個人部落格設計使用者體驗，還是編輯短片，Creative Cloud 的功能都在不斷擴展，以滿足當今年輕人、社交媒體達人和創意愛好者的需求，同時不斷突破技術界限，滿足我們要求最苛刻的創意專業人士的需求。

In addition to delivering continuous product innovation, we're investing deeply in Adobe Sensei to dramatically improve the accessibility, design and delivery of digital experiences. Adobe Sensei leverages Adobe's massive volume of content and data assets as well as our deep domain expertise in the creative, document and marketing segments. We are making the Adobe Sensei framework and intelligent services available to our ecosystem of partners, ISVs and developers who will deliver additional magic.

除了持續進行產品創新之外，我們還在 Adob​​e Sensei 上投入巨資，以顯著改善數位體驗的可近性、設計和交付。Adobe Sensei 利用 Adob​​e 龐大的內容和資料資產，以及我們在創意、文件和行銷領域的深厚專業知識。我們將 Adob​​e Sensei 框架和智慧服務提供給我們的合作夥伴、獨立軟體開發商和開發者生態系統，他們將帶來更多驚喜。

Central to our strong performance this quarter was record revenue in our Digital Media business. We achieved $1.27 billion in Digital Media revenue in Q3, a 28% year-over-year increase. We exited the quarter with over $4.87 billion of Digital Media annualized recurring revenue, or ARR. The net ARR increase in Q3 was $308 million and was driven by continued strength in our Creative Cloud and Adobe 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。第三季度，我們的數位媒體營收達到 12.7 億美元，年增 28%。本季末，我們的數位媒體年度經常性收入（ARR）超過 48.7 億美元。第三季淨 ARR 成長 3.08 億美元，主要得益於 Creative Cloud 和 Adob​​e Document Cloud 業務的持續強勁成長。

Creative Cloud is the one-stop shop for creativity, and we increased revenue 33% year-over-year in Q3. Creative Cloud growth was driven by net new subscriptions, continued focus on customer value that fuels retention, adoption of enterprise services and focus on high-potential segments like education. The video category is exploding and we continue to drive strong growth with our market-leading Creative Cloud video solutions. At the IBC Conference in Amsterdam, we highlighted our latest innovations in virtual reality, animation, motion graphics, editing, collaboration and Adobe Stock video.

Creative Cloud 是創意的一站式平台，我們在第三季實現了年增 33% 的營收。Creative Cloud 的成長得益於新增訂閱用戶、持續專注於客戶價值以提高客戶留存率、企業服務的普及以及對教育等高潛力細分市場的關注。視訊市場正在蓬勃發展，我們憑藉著市場領先的 Creative Cloud 視訊解決方案，持續推動強勁成長。在阿姆斯特丹舉行的 IBC 大會上，我們重點介紹了我們在虛擬實境、動畫、動態圖形、編輯、協作和 Adob​​e Stock 影片方面的最新創新成果。

We unveiled new premium features in Adobe Spark, a family of easy-to-use services for creating high-quality social graphics, web pages and video stories. Spark with premium features is now available as a stand-alone subscription and is also included in our Creative Cloud All Apps subscription.

我們推出了 Adob​​e Spark 的全新高級功能，Adobe Spark 是一系列易於使用的服務，用於創建高品質的社交圖形、網頁和影片故事。Spark 及其高級功能現已作為獨立訂閱提供，同時也包含在我們的 Creative Cloud 所有應用程式訂閱中。

In addition to Adobe XD, or Experience Design, and Project Felix for 2D to 3D photorealistic rendering, we're driving innovation to enable authoring for emerging media types such as AR and VR. We recently acquired best-in-class 360-degree and virtual reality software from Mettle. The acquisition complements Adobe Creative Cloud's existing 360/VR cinematic production technology, and we will integrate this functionality natively into future releases of Premiere Pro and After Effects.

除了 Adob​​e XD（體驗設計）和 2D 到 3D 照片級渲染的 Project Felix 之外，我們還在推動創新，以實現 AR 和 VR 等新興媒體類型的創作。我們最近從 Mettle 公司收購了業內頂尖的 360 度全景和虛擬實境軟體。此次收購是對 Adob​​e Creative Cloud 現有 360/VR 電影製作技術的補充，我們將把此功能原生整合到未來版本的 Premiere Pro 和 After Effects 中。

Next month's MAX in Las Vegas will be the world's largest creativity conference. At MAX, we will outline our expanding vision for creatives, release new Creative Cloud apps and services, and showcase amazing new technology that our brilliant scientists are working on in our labs.

下個月在拉斯維加斯舉行的 MAX 大會將是全球規模最大的創意大會。在 MAX 大會上，我們將概述我們不斷擴展的創意願景，發布新的 Creative Cloud 應用和服務，並展示我們傑出的科學家正在實驗室中研究的令人驚嘆的新技術。

The world's leading digital document service, Adobe Document Cloud, is enabling businesses to automate their paper-based processes. In Q3, Document Cloud revenue was $206 million, a year-over-year increase of 10%, and we grew Document Cloud ARR to $556 million exiting the quarter. We drove strong uptake of Acrobat across both Creative Cloud and Adobe Document Cloud.

全球領先的數位文件服務 Adob​​e Document Cloud 正在幫助企業實現紙本流程的自動化。第三季度，Document Cloud 的營收為 2.06 億美元，年增 10%，截至本季末，Document Cloud 的年度經常性營收 (ARR) 成長至 5.56 億美元。我們大力推動了Acrobat在Creative Cloud和Adobe Document Cloud上的普及。

Adobe Sign is helping drive Adobe Document Cloud ARR growth. Earlier this month, we announced Adobe Sign is now Microsoft's preferred e-signature solution across the company's portfolio, including the 100 million monthly commercial active users of Microsoft Office 365.

Adobe Sign 正在協助 Adob​​e Document Cloud 的年度經常性營收成長。本月初，我們宣布 Adob​​e Sign 現已成為微軟公司產品組合中的首選電子簽名解決方案，其中包括擁有 1 億月活躍用戶的 Microsoft Office 365。

Adobe Scan is at the heart of our mobile PDF creation strategy. Adobe Scan has had over 2.7 million downloads across iOS and Android, delivering revolutionary scanning and text recognition capabilities through integration with Adobe Document Cloud.

Adobe Scan 是我們行動裝置 PDF 建立策略的核心。Adobe Scan 在 iOS 和 Android 平台上的下載量已超過 270 萬次，透過與 Adob​​e Document Cloud 的集成，提供了革命性的掃描和文字識別功能。

The leader in the digital marketing category, Adobe Experience Cloud, is enabling enterprises to deliver intelligent, intuitive and effective customer experiences. We achieved record Adobe Experience Cloud revenue of $508 million in Q3, which represents 26% year-over-year revenue growth.

身為數位行銷領域的領導者，Adobe Experience Cloud 正在幫助企業提供智慧、直覺和高效的客戶體驗。第三季度，Adobe Experience Cloud 的營收達到創紀錄的 5.08 億美元，年增 26%。

The breadth of Adobe Experience Cloud, which includes Adobe Marketing Cloud, Adobe Analytics Cloud and Adobe Advertising Cloud, is enabling us to address an expanding array of customer experience categories. Central to the differentiation of Adobe Experience Cloud is our data and analytics platform, which provides unique insight into customer behavior and ROI across every digital touch point. In the trailing 4 quarters, we've helped our customers manage more than 150 trillion data transactions across our Experience Cloud solutions.

Adobe Experience Cloud 涵蓋 Adob​​e Marketing Cloud、Adobe Analytics Cloud 和 Adob​​e Advertising Cloud 等廣泛領域，使我們能夠應對不斷擴展的客戶體驗類別。Adobe Experience Cloud 的核心優勢在於我們的數據和分析平台，該平台能夠提供對客戶行為和每個數位接觸點的投資回報率的獨特洞察。在過去的四個季度裡，我們透過 Experience Cloud 解決方案幫助客戶管理了超過 150 兆次資料交易。

Adobe Marketing Cloud enables marketers to deliver hyper-personalized content and campaigns to their customers. We announced new capabilities in Adobe Target to further enhance customer recommendations and targeting, optimize experiences and automate the delivery of personalized offers. In Adobe Campaign, marketers can now predict the highest performing images, forecast likely customer churn and gain real-time insights to adjust their campaigns.

Adobe Marketing Cloud 讓行銷人員能夠為客戶提供高度個人化的內容和行銷活動。我們宣布 Adob​​e Target 新增功能，以進一步增強客戶推薦和定位，優化體驗並自動提供個人化優惠。在 Adob​​e Campaign 中，行銷人員現在可以預測效果最佳的圖片，預測可能的客戶流失情況，並獲得即時洞察以調整其行銷活動。

Adobe Analytics Cloud is foundational to the digital enterprise. We announced new voice analytics capabilities that enable brands to deliver personalized customer experiences using voice-based interfaces. Through deep analysis of voice data, brands can gain robust audience insights and recommendations while automating the traditionally cumbersome manual analysis.

Adobe Analytics Cloud 是數位企業的基礎。我們發布了全新的語音分析功能，使品牌能夠透過語音介面提供個人化的客戶體驗。透過對語音數據進行深度分析，品牌可以獲得強大的受眾洞察和建議，同時實現傳統上繁瑣的手動分析的自動化。

Adobe Advertising Cloud enables marketers to deliver video, display and search advertising across any screen in any format. We announced the addition of digital audio advertising formats on desktop and mobile devices. We added Spotify as a premium inventory source for digital audio, display and video advertising formats. At Advertising Week, we are extending automated buying and data-driven optimization to all TV advertising for the first time in a cross-channel platform.

Adobe Advertising Cloud 讓行銷人員能夠以任何格式在任何螢幕上投放影片、展示和搜尋廣告。我們宣佈在桌面和行動裝置上新增數位音訊廣告格式。我們已將 Spotify 新增為數位音訊、展示和視訊廣告形式的高級廣告資源。在廣告週上，我們將首次在一個跨通路平台上，把自動化購買和數據驅動的最佳化擴展到所有電視廣告。

Last week, we announced new automotive-focused analytics, personalization and advertising capabilities in Adobe Experience Cloud that gives brands the ability to deliver unique consumer experiences, including personalized playlists, [en route] recommendations and audio ads. The 10 largest automakers in the world already use Adobe Experience Cloud, and Adobe is working with these brands along with ecosystem players to advance new digital in-car capabilities.

上週，我們在 Adob​​e Experience Cloud 中發布了以汽車行業為中心的新分析、個人化和廣告功能，使品牌能夠提供獨特的消費者體驗，包括個人化播放清單、[途中]推薦和音訊廣告。全球十大汽車製造商已在使用 Adob​​e Experience Cloud，Adobe 正在與這些品牌以及生態系統參與者合作，以推進新的車載數位功能。

Our strategic partnership with Microsoft is providing us with an expanded footprint in the enterprise with Microsoft Azure, Dynamics 365 and PowerBI complementing Adobe Experience Cloud. We see a strong pipeline of joint customer opportunities with enterprise customers who are navigating their digital transformation.

我們與微軟的策略夥伴關係，使我們在企業領域的影響力不斷擴大，微軟 Azure、Dynamics 365 和 Power BI 與 Adob​​e Experience Cloud 相輔相成。我們看到與正在進行數位轉型的企業客戶之間存在著強大的聯合客戶機會管道。

Significant customer wins this quarter included Adidas, HSBC, Kellogg's, Marks & Spencer and University of Maryland. Despite this success with global enterprise customers, we were disappointed with our Experience Cloud bookings in Q3 but remain confident in our ability to execute against this large opportunity.

本季贏得的重要客戶包括阿迪達斯、匯豐銀行、家樂氏、瑪莎百貨和馬裡蘭大學。儘管我們在全球企業客戶方面取得了成功，但我們對第三季 Experience Cloud 的預訂感到失望，但我們仍然有信心抓住這個巨大的機會。

Two weeks ago, we held our second annual internal Adobe & Women Leadership Summit and announced that we will be at 100% pay parity between women and men in the U.S. by the end of this fiscal year. Achieving pay parity underscores our leadership and commitment to being a diverse and inclusive employer.

兩週前，我們舉辦了第二屆年度 Adob​​e 內部女性領導力高峰會，並宣佈到本財年結束時，我們將實現美國男女員工 100% 的薪酬平等。實現同工同酬凸顯了我們在成為多元化和包容性雇主方面的領導地位和承諾。

In Q3, we were named one of the Best Workplaces for Millennials and one of the top 10 Best Places to Work in both India and Australia. And for the second year in a row, Adobe has been named to the Dow Jones Sustainability Index World, the gold standard of corporate responsibility reporting for the investment community.

第三季度，我們被評為千禧世代最佳工作場所之一，以及印度和澳洲十大最佳工作場所之一。Adobe 連續第二年入選道瓊永續指數世界榜單，該榜單是投資界衡量企業社會責任報告的黃金標準。

Adobe is the clear leader in creating and delivering digital experiences across all segments and geographies. Our strategy has never been more relevant, and we continue to execute well against our plan. No other company empowers every individual to tell their story while enabling businesses to compete more effectively in the digital age. With the world's best employees, partners and customers, we are equipped to continue to deliver on our mission and look forward to a strong close to our fiscal year. Mark?

Adobe 在各個領域和地區創造和交付數位體驗方面無疑是領導者。我們的策略從未像現在這樣切合實際，我們也將繼續很好地執行我們的計劃。沒有其他公司能夠像我們一樣，既讓每個人都能講述自己的故事，又能讓企業在數位時代更有效地參與競爭。憑藉著全球最優秀的員工、合作夥伴和客戶，我們有能力繼續履行我們的使命，並期待本財年會圓滿成功。標記？

Thanks, Shantanu. In the third quarter of FY '17, Adobe achieved record revenue of $1.84 billion, which represents 26% year-over-year growth. GAAP diluted earnings per share in Q3 was $0.84, and non-GAAP diluted earnings per share was $1.10. Highlights in Q3 included: record Creative revenue of $1.06 billion; strong Document Cloud revenue of $206 million; strong net new Digital Media ARR of $308 million; record Adobe Experience Cloud revenue of $508 million; strong year-over-year growth in operating profit and net income; record deferred revenue of $2.2 billion; more than $700 million in cash flow from operations; and a record 88% of revenue during the quarter came from recurring sources.

謝謝你，沙塔努。2017 財年第三季度，Adobe 實現了創紀錄的 18.4 億美元收入，年增 26%。第三季GAAP稀釋後每股盈餘為0.84美元，非GAAP稀釋後每股盈餘為1.10美元。第三季亮點包括：創意業務收入創歷史新高，達 10.6 億美元；文檔雲業務收入強勁增長，達 2.06 億美元；新增數位媒體年度經常性收入淨額強勁增長，達 3.08 億美元；Adobe Experience Cloud 業務收入創歷史新高，達 5.08 億美元；營業利潤億美元；以及本季經常性收入佔比高達 88%，創歷史新高。

In Digital Media, we grew segment revenue by 28% year-over-year. The addition of $308 million net new Digital Media ARR during the quarter grew total Digital Media ARR to $4.87 billion exiting Q3. Within Digital Media, we delivered Creative revenue of $1.06 billion, which represents 33% year-over-year growth. In addition, we increased Creative ARR by $272 million during Q3 and exited the quarter with $4.32 billion of Creative ARR.

在數位媒體領域，我們實現了28%的部門營收年增。第三季新增 3.08 億美元淨數位媒體 ARR，使數位媒體 ARR 總額在第三季末達到 48.7 億美元。在數位媒體領域，我們的創意收入達到 10.6 億美元，年增 33%。此外，我們在第三季增加了 2.72 億美元的創意 ARR，季末創意 ARR 達到 43.2 億美元。

Driving the momentum with our Creative business was continued strength with Creative Cloud across all segments, including individual, team and enterprise. Notable Q3 highlights included the achievement of strong net new subscriptions; maintaining or growing ARPU across all key Creative Cloud offerings; and strength in Japan.

推動我們創意業務發展勢頭的，是 Creative Cloud 在各個細分市場（包括個人、團隊和企業）的持續強勁表現。第三季的亮點包括：新增訂閱用戶數量大幅成長；所有主要 Creative Cloud 產品的平均每用戶營收 (ARPU) 均維持或成長；以及在日本市場的強勁表現。

With Document Cloud, we achieved revenue of $206 million, and Document Cloud ARR grew to $556 million exiting Q3. Across Creative Cloud and Document Cloud, Acrobat adoption accelerated again when compared to recent quarters, achieving 19% year-over-year unit growth. In addition, our electronic signature service, Adobe Sign, continues to show strength. We expect the recent partnership we announced with Microsoft to fuel growth of Adobe Sign moving forward.

憑藉 Document Cloud，我們實現了 2.06 億美元的收入，截至第三季末，Document Cloud 的年度經常性收入成長至 5.56 億美元。與最近幾季相比，Creative Cloud 和 Document Cloud 中的 Acrobat 採用率再次加速成長，年成長 19%。此外，我們的電子簽名服務 Adob​​e Sign 也持續保持強勁勢頭。我們預計近期與微軟宣布的合作關係將推動 Adob​​e Sign 的未來發展。

In Digital Marketing, we achieved record Adobe Experience Cloud revenue of $508 million, which represents 26% year-over-year growth. Notable areas of strength include Adobe Audience Manager, Adobe Campaign and Adobe Advertising Cloud. We now have approximately $3 billion of annualized ad spend across search, social, display and video. Mobile remains a key driver for our Experience Cloud business. Mobile data transactions grew to 57% of total Adobe Analytics transactions in the quarter.

在數位行銷方面，我們實現了創紀錄的 Adob​​e Experience Cloud 營收 5.08 億美元，年增 26%。Adobe Audience Manager、Adobe Campaign 和 Adob​​e Advertising Cloud 是其顯著優勢領域。目前，我們在搜尋、社交、展示和影片廣告方面的年化支出約為 30 億美元。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%。

Overall interest in Digital Marketing and Adobe Experience Cloud is strong, and we continue to drive subscription bookings growth. The scale of our engagements is growing with customers increasingly adopting multiple Adobe solutions, which is leading to larger deal sizes but longer sales cycles. As a result, we did not achieve our Q3 bookings goal and are no longer on track to achieve our 30% net new ASV bookings growth target for the year. However, we do expect greater than 20% organic annual growth in FY '17 on the subscription book of business.

消費者對數位行銷和 Adob​​e Experience Cloud 的整體興趣濃厚，我們將繼續推動訂閱預訂量的成長。隨著客戶越來越多地採用多種 Adob​​e 解決方案，我們的合作規模也不斷擴大，這導致交易規模更大，但銷售週期也更長。因此，我們未能實現第三季的預訂目標，也無法實現全年淨新增ASV預訂成長30%的目標。不過，我們預期 2017 財年訂閱業務的有機年增長率將超過 20%。

From a quarter-over-quarter currency perspective, FX increased revenue by $9.6 million. We had $200,000 in hedge gains in Q3 FY '17 versus $13.3 million in hedge gains in Q2 FY '17. Thus, the net sequential currency decrease to revenue considering hedging gains was $3.5 million. From a year-over-year currency perspective, FX decreased revenue by $11.3 million. We had $200,000 in hedge gains in Q3 FY '17 versus $3.9 million in hedge gains in Q3 FY '16. Thus, the net year-over-year currency decrease to revenue considering hedging gains was $15 million.

從季度環比匯率角度來看，外匯收入增加了 960 萬美元。2017 財年第三季度，我們的對沖收益為 20 萬美元，而 2017 財年第二季的對沖收益為 1,330 萬美元。因此，考慮到對沖收益，淨環比匯兌收入減少 350 萬美元。從年比匯率角度來看，外匯交易導致收入減少了 1,130 萬美元。2017 財年第三季度，我們的對沖收益為 20 萬美元，而 2016 財年第三季的對沖收益為 390 萬美元。因此，考慮到對沖收益，年比匯兌收入淨減少 1,500 萬美元。

In Q3, Adobe's effective tax rate was 22.5% on a GAAP basis and 21% on a non-GAAP basis. The GAAP rate was slightly lower than targeted due to stronger-than-forecasted profits from outside the U.S. as well as certain tax benefits we were entitled to claim upon filing our U.S. income tax returns.

第三季度，Adobe 的實際稅率以 GAAP 計算為 22.5%，以非 GAAP 計算為 21%。由於美國以外的利潤強於預期，以及我們在提交美國所得稅申報表時有權享受的某些稅收優惠，GAAP 稅率略低於目標稅率。

Our trade DSO was 50 days, which compares to 45 days in the year-ago quarter and 46 days last quarter. Deferred revenue grew to a record $2.2 billion, up 23% year-over-year, primarily driven by strength in Digital Media. Our ending cash and short-term investment position exiting Q3 was $5.4 billion.

我們的貿易應收帳款週轉天數為 50 天，去年同期為 45 天，上一季為 46 天。遞延營收成長至創紀錄的 22 億美元，年增 23%，主要得益於數位媒體的強勁表現。截至第三季末，我們的現金和短期投資部位為 54 億美元。

Cash flow from operations was $704 million in the quarter. In Q3, we repurchased approximately 2.1 million shares at a cost of $298 million. We have approximately $2.2 billion remaining of our $2.5 billion stock repurchase authority granted in January 2017.

本季經營活動產生的現金流量為7.04億美元。第三季度，我們以 2.98 億美元的價格回購了約 210 萬股股票。我們在 2017 年 1 月獲批的 25 億美元股票回購授權中，目前還剩下約 22 億美元。

I will now provide our financial outlook. In Q4 FY '17, we are targeting revenue of approximately $1.950 billion; net new Digital Media ARR of approximately $330 million; Digital Media segment year-over-year revenue growth of approximately 25%; Adobe Experience Cloud year-over-year revenue growth of approximately 17%. As a reminder, last quarter, we outlined that the Experience Cloud Q4 FY '17 year-over-year growth rate will be affected by a material amount of perpetual revenue that we achieved in Q4 FY '16; share count of approximately 500 million shares; net nonoperating expense of approximately $13 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 $0.86; and non-GAAP earnings per share of approximately $1.15.

接下來我將介紹我們的財務展望。2017 財年第四季度，我們的目標是實現約 19.5 億美元的營收；淨新增數位媒體 ARR 約 3.3 億美元；數位媒體部門年增約 25%；Adobe Experience Cloud 較去年同期成長約 17%。提醒一下，上個季度我們概述了體驗雲端業務2017財年第四季同比成長率將受到以下因素的影響：我們在2016財年第四季實現的巨額永久收入；約5億股的股份數量；按GAAP和非GAA P計算的淨非經營支出約為1,300萬美元；以GAAP計算的稅率約為24%，以非GAAP計算的稅率約為21%；GAAP每股收益約為0.86美元；非GAAP每股收益約為1.15美元。

Our Q4 targets, combined with our year-to-date performance, would yield the following annual FY '17 revenue results: total Digital Media segment growth of approximately 26%; total Adobe Experience Cloud growth of approximately 24%; and total Adobe growth of approximately 24%. Our strong results, coupled with our Q4 targets, demonstrate that FY '17 will be another record year for Adobe. Mike?

我們的第四季目標，加上年初至今的業績，將帶來以下 2017 財年年度營收結果：數位媒體部門總成長約 26%；Adobe Experience Cloud 總成長約 24%；Adobe 總成長約 24%。我們強勁的業績，加上我們第四季度的目標，表明 2017 財年將是 Adob​​e 的另一個創紀錄的年份。麥克風？

Thanks, Mark. As we highlighted last quarter, Adobe MAX is coming up in Las Vegas during the week of October 16. Day 1 of our conference is Wednesday, October 18, and Adobe management will host a meeting with financial analysts and investors that afternoon. An invitation with registration and discounted MAX pricing information was sent out in August, and more details about the conference is available at max.adobe.com. Please contact Adobe Investor Relations with an e-mail to ir@adobe.com if you wish to receive the registration information.

謝謝你，馬克。正如我們上個季度重點介紹的那樣，Adobe MAX 將於 10 月 16 日當週在拉斯維加斯舉行。大會第一天是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。8 月已發出包含註冊資訊和 MAX 折扣價格資訊的邀請函，有關會議的更多詳情請造訪 max.adobe.com。如果您希望收到註冊訊息，請發送電子郵件至 ir@adobe.com 聯絡 Adob​​e 投資者關係部門。

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 77046940. International callers should dial (404) 537-3406. The phone playback service will be available beginning at 5 p.m. Pacific Time today and ending at 8 p.m. Pacific Time on September 23, 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 77046940。國際來電者請撥 (404) 537-3406。電話重播服務將於下午5點開始提供。太平洋時間今天結束，截止時間為晚上8點。太平洋時間2017年9月23日。

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

現在我們很樂意回答您的問題，但請每人限提一個問題。操作員？

(Operator Instructions) Your first question comes from Walter Pritchard from Citi.

（操作員說明）您的第一個問題來自花旗銀行的華特‧普里查德。

I'm wondering, Shantanu, on the Digital Marketing performance, I noticed one product that wasn't mentioned as strong in the quarter was Experience Manager. Could you go into some detail as to whether or not weakness in that product was because of what you saw? I know what you mentioned on the larger transaction, but was it any sort of product maturity issues you're facing there? And any more detail around sort of steps you're taking to try to resolve some of those challenges you faced in the quarter?

Shantanu，我想問一下，關於數位行銷業績，我注意到本季有一個產品沒有被提及表現強勁，那就是體驗管理器。您能否詳細說明一下，該產品的缺陷是否是由於您所觀察到的情況造成的？我知道你提到的那筆較大的交易，但你當時是否遇到了任何產品成熟度方面的問題？那麼，關於您為解決本季遇到的一些挑戰所採取的具體措施，能否提供更多細節？

Sure. I'll talk about that, Walter. I mean, we wanted to be clear in our communication that Q3 subscription bookings were below our expectations, but that in no way diminishes both our excitement around the opportunity and how we're helping companies deal with digital transformation. And when you see the minor impact of that Q3 bookings to our Q4 revenue target, you'll see that we're still targeting 24% revenue growth in fiscal '17. So as we think about providing a little bit more color on how we inspect that business, as you know, Walter, there are 3 components to the Experience Cloud: There's the nonrecurring revenue sources, including perpetual, and that's now de minimis. And there's consulting services. The largest part of the business is now represented by our subscription-based model in both Marketing Cloud and Analytics Cloud, and growth there is best described, I think, by net growth on the book of business at the beginning of the year, and that's very similar to how we described Digital Media ARR. That continues to grow, and we're expecting that book of business to grow organically at greater than 20% this year. So the fact that we highlighted revenue in certain categories has nothing to do with an implication that there was revenue weakness in AEM. So I wanted to get that out there. In Advertising Cloud, the business model, again, as you know, is the traditional usage-based model and/or percentage of advertising spend. This includes an organic, inorganic compare in FY '17, but again, that will grow substantially over 30% this year. And so the way we think about it, the 30% target that we had given was actually based on a different methodology which was prior to the acquisition of TubeMogul and was blended across both the subscription and the usage-based models and was actually growth on top of last year's growth in the business as opposed to just net growth on the beginning book of business. So the business remains healthy. There were some large deals that were taking longer, but we expect the traditional year-end strength across Experience Cloud will lead to a substantial increase in sequential bookings from Q3 to Q4, which was the last part of your question, a very stringent focus on execution, and we remain excited about the business. We'll probably provide an update to you guys at MAX as well.

當然。我會談到這件事的，沃特。我的意思是，我們希望在溝通中明確指出，第三季的訂閱預訂量低於預期，但這絲毫不會削弱我們對這機會的熱情，以及我們如何幫助企業應對數位轉型。當你看到第三季預訂量對我們第四季營收目標的輕微影響時，你會發現我們仍然以 2017 財年 24%​​ 的營收成長為目標。所以，當我們考慮更詳細地說明我們如何檢查這項業務時，正如你所知，沃爾特，體驗雲有 3 個組成部分：非經常性收入來源，包括永久收入，而這現在已經微不足道了。此外，還有諮詢服務。目前，我們最大的業務部分是透過行銷雲端和分析雲端的訂閱模式實現的，我認為，這部分業務的成長最好用年初業務淨增長來描述，這與我們描述數位媒體 ARR 的方式非常相似。這一趨勢仍在持續，我們預計今年該業務的有機成長率將超過 20%。因此，我們將重點放在某些類別的收入，並不暗示 AEM 的收入疲軟。所以我想把這件事說出來。如您所知，Advertising Cloud 的商業模式仍然是傳統的基於使用量和/或廣告支出百分比的模式。這包括 2017 財年的有機成長和無機成長，但同樣，今年的成長將超過 30%。因此，我們認為，我們先前設定的 30% 的目標實際上是基於不同的方法，這是在收購 TubeMogul 之前製定的，並且是將訂閱模式和基於使用量的模式結合起來計算的，實際上是在去年業務增長的基礎上實現的增長，而不僅僅是年初業務的淨增長。所以公司業務依然保持健康發展。有些大額交易耗時較長，但我們預計 Experience Cloud 傳統的年末強勁勢頭將帶動第三季度到第四季度預訂量大幅增長，這正是您問題的最後一部分，即對執行的嚴格把控，我們對這項業務仍然充滿信心。我們也可能會在 MAX 大會上向你們提供最新消息。

Your next question comes from Brent Thill from Jefferies.

下一個問題來自傑富瑞集團的布倫特·蒂爾。

Shantanu, just a follow-up on Experience Cloud. There was some concern that you pulled the target that maybe these larger deals will take longer than Q4 to close. Can you just comment in terms of what you're seeing in the pipeline? Or are these just pushing from Q3 to Q4? Or do you anticipate a push into the fiscal year? And then just a quick follow-up, there's been a lot of talk about iOS 11 and the blocking of cookies and ads as well as the weakness that's been found in some of the ad agencies as of late. Is there anything else going on maybe outside your control that you're seeing that's new that we should take into account?

Shantanu，關於 Experience Cloud，我有個後續問題。有人擔心，你設定的目標可能是，這些較大的交易可能需要超過第四季才能完成。您能否就目前在研發階段看到的進展發表一下看法？或者這些只是從第三季推遲到第四季？還是您預計會進入下一個財政年度？最後補充一點，最近有很多關於 iOS 11 和封鎖 cookie 及廣告的討論，以及最近在一些廣告公司發現的漏洞。是否還有其他超出你控制範圍的新情況發生，需要我們考慮？

Brent, as it relates to the Q3 pipeline that did not close, it's primarily moved to Q4. It has nothing to do -- we still remain the leader in the category and it's not competitive. So we expect the traditional year-end strength across Experience Cloud will lead, as I said earlier, to the substantial increase in sequential bookings. But we're also anticipating that as a result of the larger deals, there's a possibility that we'll continue to see an ongoing larger sales cycles that might lead to a phase shift in terms of when the bookings are closed. And so we don't think that the fundamental opportunity has changed. With respect to the Advertising Cloud, we had a strong quarter, and as I said, the business is growing substantially over 30% this year. So no impact yet in terms of what we are seeing with respect to cookies or iOS. The advertising spend, I think Mark also spoke to in his prepared remarks. We have a significant amount of dollars under marketing spend.

布蘭特原油與第三季未完成的管道項目有關，該項目主要已移至第四季度。這跟我們無關——我們仍然是該領域的領導者，根本不存在競爭。因此，正如我之前所說，我們預計 Experience Cloud 傳統的年末強勁勢頭將導致連續預訂量大幅成長。但我們也預計，由於更大的交易，我們可能會繼續看到持續的更大銷售週期，這可能會導致預訂完成時間的階段性轉變。因此，我們認為根本機會並沒有改變。關於廣告雲端業務，我們本季表現強勁，正如我所說，該業務今年成長超過 30%。所以就目前我們看到的 cookie 或 iOS 方面的情況來看，還沒有受到任何影響。我認為馬克在他的準備好的演講稿中也談到了廣告支出問題。我們在行銷支出方面還有大量資金缺口。

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

你的下一個問題來自摩根大通的斯特林奧蒂。

I just want to continue that line of question. Shantanu, you mentioned that you don't think it's competitive, but still, I want to try to zero in. Is there any more color as to why the extension or the lengthening of sales cycles, whether the approval process, rethinking in terms of the direction that customers are taking some of their spend? Because I know we're going to get hit with that question a lot, which is why. Why do you think you're seeing the lengthening sales cycle and the spillover in some of these deals?

我只是想繼續問這個問題。Shantanu，你提到你認為這沒有競爭力，但我還是想努力縮小差距。對於銷售週期延長或延長的原因，例如審批流程，以及客戶重新思考部分支出方向等，是否有更多細節可以說明？因為我知道我們會常常被問到這個問題，所以才這樣。你認為造成銷售週期延長和部分交易出現外溢效應的原因是什麼？

Well, one thing, Sterling, that is happening is given that these are much larger deals, the number of approvals that you need within an enterprise is extending beyond the marketing person who is responsible for this activity. And so as we were targeting the Chief Revenue Officer, the Chief Digital Officer that was a single point of approval, now there may be a couple of points of approval. But beyond that, it's just the bigger engagements is resulting in more people in an organization who are responsible for digital transformation and being involved in the process. Yes, I think people shouldn't read too much into this as opposed to the fact that we are being as candid and transparent as, we always are. The big term opportunity remains exactly the same.

斯特林，有一點需要注意，由於這些交易規模更大，企業內部需要獲得的批准數量已經超出了負責這項活動的市場人員的範疇。因此，當我們的目標是首席營收長和數位長時，這是一個單一的審批點，而現在可能有兩個審批點。但除此之外，更大規模的合作意味著組織中有更多的人負責數位轉型並參與這一過程。是的，我認為人們不應該對此事過度解讀，而應該關注我們一如既往地坦誠透明這一事實。長期來看，大機會依然不變。

Your next question comes from Ross MacMillan from RBC.

下一個問題來自加拿大皇家銀行的羅斯·麥克米倫。

Mark, maybe one for you. Just this year has obviously been a really strong year in Digital Media ARR. I think the net add in your forecast is going to be above $1.2 billion, which is actually higher than we've seen in the past 2 years. I'm just -- I know you're not guiding for next year, but just to help us think about the shape of the curve on the net new ARR because we've been sort of hanging out above $1 billion now for 3 years. Is this something you think is sustainable? Or should we start thinking about the potential for the net new ARR to begin to come down? Maybe just help us think about that because there's a lot of factors, obviously, that play into that number.

馬克，也許這件適合你。顯然，今年是數位媒體年度經常性收入（ARR）表現非常強勁的一年。我認為你預測的淨新增額將超過 12 億美元，這實際上比過去兩年我們看到的還要高。我只是——我知道您沒有對明年的業績做出預測，但只是想幫助我們思考一下新增淨 ARR 的曲線形狀，因為我們已經連續 3 年徘徊在 10 億美元以上了。你認為這是可持續的嗎？或者我們應該開始考慮新增淨 ARR 可能開始下降的問題？或許您可以幫我們思考這個問題，因為顯然有很多因素會影響這個數字。

Yes, we're very pleased with ARR, and we're very pleased with the fact, to your point, Ross, that we've been able to continue to add over $1 billion every year. And as you know, it comes from 3 big routes, right? So we're still migrating the base over and there's still opportunity there. We continue to attract more and more new users, and that remains a very big opportunity. And we continue to sell services. So those 3 growth vectors still play out very nicely, and we don't really see any change in that right now. I mean, we're very pleased with what we've been able to do. And as Shantanu laid out on the marketing side, this is $1 billion plus that we're adding every year is an increase to our book of business, which is how we were trying to explain the way we will begin to look at Digital Marketing, so no change to the kind of trajectory from our perspective.

是的，我們對 ARR 非常滿意，正如羅斯所說，我們也很高興我們能夠每年持續增加超過 10 億美元的收入。如你所知，它來自 3 條主要路線，對吧？所以我們仍在進行基地遷移，那裡仍然有機會。我們不斷吸引越來越多的新用戶，這仍然是一個巨大的機會。我們繼續銷售服務。所以這三個成長方向仍然發展得非常好，目前我們還沒有看到任何改變。我的意思是，我們對我們所取得的成就非常滿意。正如 Shantanu 在行銷方面所闡述的那樣，我們每年新增的 10 億美元以上的業務量，是我們業務成長的體現，這也是我們試圖解釋我們將如何看待數位行銷的方式，因此從我們的角度來看，發展軌跡不會改變。

And also, Ross, I mean, the more nascent businesses, like Adobe Stock and Adobe Sign, are continuing to perform really well. Our international expansion continues to grow and new customer acquisition, so -- as well as enterprise services, so continued focus on that. And last but certainly not least, you can see that the impact of Acrobat on that overall business continues to be strong. Acrobat had a strong business in both Document Cloud as well as in the Creative Cloud.

羅斯，還有，像 Adob​​e Stock 和 Adob​​e Sign 這樣的新興企業，也繼續表現出色。我們的國際擴張和新客戶獲取持續成長，因此—以及企業服務，我們將繼續專注於此。最後但同樣重要的是，你可以看到 Acrobat 對整個業務的影響仍然強勁。Acrobat 在 Document Cloud 和 Creative Cloud 領域都擁有強大的業務。

And not to pile on, but we also continue to see an opportunity to combat piracy and drive more into education. So there's just a lot of growth vectors left in this business.

我不想雪上加霜，但我們仍然看到打擊盜版和加大教育投入的機會。所以這個行業還有很多成長空間。

Yes, that's very clear. And maybe just a quick follow-up on marketing. The 30% number was a big one, and as you mentioned, that was a kind of combined -- sorry, for the background noise -- combined on the advertising as well as the sort of underlying prior assets. Just as you're thinking about that business, are you -- do you think a 20% growth in sort of new [ACV] is a reasonable way to think about that? Do you think that's high? Do you think that's especially low? Just maybe a little bit of framework around what you think is sustainable on a kind of new ACV basis. That would be helpful.

是的，這一點很清楚。或許還可以簡單跟進一下行銷方面的問題。30% 這個數字非常大，正如你所說，這是廣告投入以及之前積累的資產投入的綜合結果——抱歉，背景噪音有點大——綜合起來得出的。就像你在考慮這項業務一樣，你認為以 20% 的成長率來衡量新的 [ACV] 是否合理？你覺得這個數字高嗎？你覺得這個數字特別低嗎？或許可以圍繞著你認為在新的 ACV 基礎上什麼是可持續的，建立一個框架。那會很有幫助。

Yes, I think first, Ross, the market opportunity continues to be incredibly large. I think we've talked about the $40 billion TAM. I think you've got it exactly when you talked about that was a growth-on-growth number as opposed to just a percentage growth on the book of business. And so when we look at it as a percentage growth on the book of business, which is similar to what we do in Digital Media, as I said, the Marketing Cloud and Analytics Cloud will grow greater than 20%, and the Advertising Cloud is going to be substantially greater than 30%. And so relative to the market opportunity, we continue to think that there's headroom for us and we continue to be the leader.

是的，我認為首先，羅斯，市場機會依然非常巨大。我想我們已經討論過400億美元的TAM（總市場規模）。我認為你理解得完全正確，你剛才說的是成長幅度，而不是業務量成長的百分比。因此，當我們以業務成長百分比來衡量時（這與我們數位媒體的做法類似），正如我所說，行銷雲和分析雲端的成長將超過 20%，而廣告雲的成長將遠超 30%。因此，相對於市場機會而言，我們仍然認為我們還有發展空間，我們將繼續保持領先地位。

Your next question comes 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。

Just to change gears a little bit towards Creative, Shantanu or Mark, can you just talk a little bit about Adobe Stock? I realize that you won't give the contribution to ARR. Could you maybe talk qualitatively about whether customers are asking for monthly or annual plans and maybe what price spends are proven to be more popular?

稍微轉換主題，談談創意方面，Shantanu 或 Mark，你們能簡單談談 Adob​​e Stock 嗎？我知道你不會捐款給 ARR 。您能否定性地談談客戶是要求按月付費還是按年付費，以及哪種價格區間更受歡迎？

Yes, with respect to Adobe Stock, we just continue to think it's a significant opportunity for us. Big picture, we offer it both in conjunction with the Creative Cloud All Apps as well as we offer it as a subscription. We have actually tapered down the on-demand part of the Adobe Stock in favor of the subscription so that it becomes a recurring part of the business. I think it's clear when you look at the other stock content services, that the growth in that category, we are continuing to drive it. We've added new capabilities in video as well, but the business is growing well for us across our offerings which are primarily subscription-based offerings.

是的，就 Adob​​e Stock 而言，我們仍然認為這對我們來說是一個重要的機會。整體而言，我們既提供與 Creative Cloud 所有應用程式捆綁銷售的版本，也提供訂閱版本。實際上，我們已經逐步減少了 Adob​​e Stock 的按需付費部分，轉而增加訂閱服務，使其成為業務的持續組成部分。我認為，當你觀察其他素材內容服務時，你會清楚地看到，我們正在繼續推動這一領域的成長。我們在視訊方面也增加了新功能，但我們的業務成長良好，主要成長的是我們的訂閱服務。

Your next question comes from Heather Bellini from Goldman Sachs.

下一個問題來自高盛的希瑟·貝利尼。

I was wondering, Shantanu, if you could help share some color with us on the cross-sell and upsell trends you've been seeing in the Creative Cloud community. And also wondering, if you look forward, what do you see as being a bigger driver of growth? Can you help us think about, just directionally, net new sub contribution versus cross-sell?

Shantanu，我想邀請你和我們分享你在 Creative Cloud 社群中看到的交叉銷售和向上銷售趨勢。另外，展望未來，您認為什麼會成為更大的成長驅動力？您能否幫我們從方向上考慮一下，淨新增用戶貢獻與交叉銷售之間的關係？

Yes, Heather, when we look at the business, I think as we add new categories of products in the authoring space, whether it's Adobe XD or whether it's what we are doing with Project Felix and as we think about AR and VR, the first thing that we can continue to do is think about, is it time to also offer another premium Creative Cloud service that can drive an upsell in terms of ARR? We continue to see good adoption of new single apps, as was also evident in the Creative Suite business of old. That's the way in which people enter the platform, and then we move them from single app to the entire Creative Cloud offering. Services, the ARPU in the enterprise continues to grow as people adopt the services, and we are certainly in the process and have seen success in attaching, whether it's Stock or whether it's Sign, to those Creative Cloud enterprise term license agreements. We haven't yet started even looking at pricing, which continues to be a big opportunity for us in terms of optimizing pricing because we are trying to get more and more people to the platform. So I think net international expansion -- Mark talked about education and piracy, it's -- the nature of everybody who has a story to tell is just expanding. I'm excited about Spark and now offering Spark as a premium feature, which we think there should be a significantly larger set of people who would be interested in Spark. So across all of those dimensions, Heather, the cross-sell of people who have the applications to mobile and Stock, the upsell from individual users to the entire suite and also from enterprises not only adopting asset management and Creative Cloud ETLAs but also adopting the Marketing Cloud, I think all of those continue to be areas of focus and execution for us.

是的，Heather，當我們審視業務時，我認為隨著我們在創作領域增加新的產品類別，無論是 Adob​​e XD，還是我們正在做的 Project Felix，以及當我們考慮 AR 和 VR 時，我們首先要考慮的是，是否應該提供另一項高級 Creative Cloud 服務，以推動 ARR 方面的追加銷售？我們繼續看到新的單一應用受到廣泛歡迎，這在過去的創意套件業務中也得到了充分體現。這就是用戶進入平台的方式，然後我們將他們從單一應用程式遷移到整個 Creative Cloud 產品系列。隨著人們採用這些服務，企業中的 ARPU 持續成長，我們當然正在這樣做，並且已經看到，無論是將 Stock 還是 Sign 附加到 Creative Cloud 企業期限授權協議中，都會取得成功。我們甚至還沒有開始考慮定價，這仍然是我們優化定價的一個大機會，因為我們正在努力讓越來越多的人使用我們的平台。所以我認為淨國際擴張——馬克談到了教育和盜版，這是——所有有故事要說的人的本質都在不斷擴展。我對 Spark 感到興奮，現在我們將 Spark 作為進階功能提供給大家，我們認為應該會有更多人對 Spark 感興趣。因此，Heather，從所有這些方面來看，無論是向擁有行動應用程式和 Stock 的用戶進行交叉銷售，還是向個人用戶追加銷售整個套件，亦或是向企業追加銷售，不僅包括採用資產管理和 Creative Cloud ETLA，還包括採用 Marketing Cloud，我認為所有這些都將繼續是我們關注和執行的領域。

Your next question comes from Kash Rangan from Bank of America Merrill Lynch.

下一個問題來自美國銀行美林證券的卡什·蘭根。

A good segue to Heather's question, I was looking to see, given your exceptional track record in being able to lay out longer-term targets and being able to hit that with a lot of panache and style, how should we think about Adobe's growth opportunities ahead? Is it the way you answered Heather's question, the different vectors? Is that the next third chapter, if you will, of your long-term planning that is going to give us comfort in your ability to sustain this growth? And I ask this because there's not maybe a widely held belief but in maybe some pockets of the investor community that once you hit the full penetration in Creative, whenever that happens, '18 or '19, that growth will decelerate, and therefore, Adobe is going to have to do something to keep that growth rate. Just curious how we should think about and how you think about it, more importantly.

正好可以接上 Heather 的問題。我想問的是，鑑於您在製定長期目標和實現這些目標方面有著卓越的成就，並且表現出色，我們應該如何看待 Adob​​e 未來的成長機會？是不是因為你回答Heather的問題時使用了不同的向量？如果可以這麼說的話，這是否是您長期規劃的下一個第三章，它將讓我們對您維持這種成長的能力感到放心？我之所以這麼問，是因為雖然可能不是普遍的看法，但在投資者群體中的某些人看來，一旦創意領域的滲透率達到飽和（無論何時，2018 年還是 2019 年），增長速度就會放緩，因此，Adobe 必須採取一些措施來保持增長率。我只是好奇我們該如何看待這個問題，更重要的是，你們又是如何看待這個問題的。

Kash, I think at our analyst meetings, we always take it upon ourselves to talk about our long-term growth opportunities, whether they'd be in Creative, Document or Marketing Cloud. And as we talk about the large TAM available to us, it's clear actually that we're executing against all 3 of those. And so we'll continue to provide updates at MAX. But from the point of view of your specific question around Creative, we think we're so early in the adoption of our Creative Cloud applications and services and mobile and new forms of offering that any concern associated with sort of migration being the only fuel of the business, we should have put that to bed a long time ago in terms of the new customer acquisition and the new services that are driving the growth, so multiple opportunities. I hope you're coming to MAX where you'll see a lot of the tremendous innovation, and we'll again outline all of the growth vectors that are available for us.

Kash，我認為在我們的分析師會議上，我們總是主動討論我們的長期成長機會，無論這些機會是在創意雲、文件雲還是行銷雲方面。當我們談到我們所擁有的巨大潛在市場時，很明顯，我們實際上正在針對這三個目標採取行動。因此，我們將繼續在 MAX 上提供最新消息。但就您提出的關於 Creative 的具體問題而言，我們認為我們目前在 Creative Cloud 應用程式和服務、行動應用程式以及新型產品形式的採用方面還處於早期階段，因此任何關於遷移是業務唯一驅動力的擔憂，我們早就應該消除了，因為新客戶的獲取和推動增長的新服務帶來了許多機會。我希望您能來參加 MAX 大會，在那裡您將看到許多巨大的創新，我們將再次概述所有可供我們選擇的成長方向。

And we...

我們…

MAX in Vegas, tough combination to beat. We'll be there.

拉斯維加斯的MAX，很難被擊敗。我們會到場。

I was going to say, Kash, we both touched on it separately, but if you just list out all the different opportunities in Creative to grow the business, whether it's people coming from the base, new users or services and then pricing opportunity, international opportunity, piracy opportunity, education opportunity, international opportunity -- I said that one, I mean, there's just a lot of different opportunities to continue to grow this business for quite a while, from our perspective.

我本來想說，Kash，我們倆都分別提到過這一點，但如果你把 Creative 中所有不同的業務增長機會都列出來，無論是來自現有用戶、新用戶還是服務，還有定價機會、國際機會、打擊盜版機會、教育機會、國際機會——我剛才提到了這一點，我的意思是，從我們的角度來看，未來有許多不同的機會可以讓我們在未來很長一段時間內繼續這項業務。

Your next question comes from Adam Holt from MoffettNathanson.

你的下一個問題來自 MoffettNathanson 公司的 Adam Holt。

A very good quarter from a cash flow perspective, and I was hoping maybe you could detail a little bit what drove that, specifically around the deferred revenue line. And I wanted to know, are you seeing any benefit or are you making any changes with respect to your billings duration and trying to move firms to more of an annual payment perhaps on a monthly and quarterly? And just secondly, given what...

從現金流的角度來看，這是一個非常好的季度，我希望您能詳細說明是什麼因素促成了這一結果，特別是關於遞延收入方面。我想知道，您是否看到了任何好處，或者您是否正在對帳單週期進行任何更改，並嘗試將公司更多地轉向按年付款，或許按月或按季度付款？其次，考慮到…

Adam, you're fading. Can you be just a little bit closer to the mic, please?

亞當，你正在衰弱。請您離麥克風再近一點好嗎？

Adam, sorry.

亞當，對不起。

Sure, sorry about that.

哦，真抱歉。

Much better.

好多了。

Can you hear me now?

現在能聽到我說話嗎？

Yes.

是的。

Yes.

是的。

Okay. So a very good quarter from a cash flow perspective and I wanted to drill down on what's driving deferred revenue. And specifically, have you started to see any impact of maybe better durations from your billings, moving people from monthly and quarterly to annual? And how do you think that plays out going forward?

好的。從現金流的角度來看，這是一個非常好的季度，我想深入了解是什麼因素推動了遞延收入的成長。具體來說，您是否開始看到計費週期從每月或按季度改為按年計費所帶來的任何影響？你認為接下來會如何發展？

As it relates to the Creative business -- so first of all, Adam, congrats on the new job. Welcome back. As it relates to the Creative business, most people are on an annual plan already. So that gets factored into deferred revenue already. The beauty of our business -- and you guys all know this, but the beauty of our business overall is that you've got 2 businesses, 3 businesses growing very nicely, and 2 of which just are amazingly profitable businesses that drive a lot of cash flow, and that's going to continue. So we're thrilled with the cash flow. That is one of the beautiful parts of our business, and that will continue. But as it relates to deferred, most people are already on an annual plan on the Creative side. So it's really factored in there.

就創意產業而言——首先，亞當，恭喜你找到新工作。歡迎回來。就創意產業而言，大多數人已經簽訂了年付合約。所以這部分已經計入遞延收入了。我們業務的魅力在於——你們都知道這一點——我們業務的整體魅力在於，我們擁有 2 家、3 家發展良好的企業，其中 2 家盈利能力驚人，能夠帶來大量現金流，而且這種情況還會繼續下去。我們對現金流非常滿意。這是我們業務的美妙之處之一，而且這種美妙之處還會繼續下去。但就延期付款而言，創意人員中的大多數人已經採用年度計劃。所以這確實被考慮在內了。

And if I could just ask a quick follow-up. In terms of what you talked about bookings earlier, could you expect relationship between billings and bookings to change going forward?

我可否再問一個後續問題？關於您之前提到的預訂情況，您認為未來帳單和預訂之間的關係會改變嗎？

To the extent that we, in a quarter, come up a little short on bookings, like we did this quarter, you're going to come up a little short on invoicing and you're going to come up a little short on deferred. And that's why we said in the deferred, most of what you saw there was Digital Media-related. So there's definitely a correlation there, but again, none of the fundamentals of the business have changed. None of the opportunity has changed. This is, from our perspective, just a short-term change to drive larger transactions in the enterprise.

如果像本季一樣，我們某個季度的預訂量略有不足，那麼發票量和遞延款項也會略有不足。所以，我們在延期發布會上說，你們在那裡看到的大部分內容都與數位媒體有關。所以這之間肯定存在相關性，但話說回來，該業務的基本面並沒有改變。機會本身並沒有改變。從我們的角度來看，這只是為了推動企業內更大規模交易而做出的短期調整。

Your next question comes from Jay Vleeschhouwer from Griffin Securities.

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

Shantanu, Mark, without meaning to suggest anything about the new customer acquisition, I'd like to ask about your various opportunities in upgrading and migrating several large bases. Specifically, if you could comment on, for instance, the opportunity to upgrade or migrate CC team to CCE? By our calculation, about 1/4 of the CCE subscriber base is using the full product on teams, and that seems to suggest a pretty substantial base upgrade opportunity. Similarly, you've been -- in the years after you grew AEM after the acquisition of Day, you still sold a substantial amount of your life cycle business. We calculate roughly $0.5 billion or more over a period of half a decade even as AEM was growing. So again, there, too, seems to be a substantial migration opportunity. And then lastly, with respect to Doc Cloud, which has always been your biggest base, do you think that the new PDF 2.0 spec could engender a new growth cycle for Acrobat either within the base or for new customers?

Shantanu，Mark，我無意對新客戶獲取提出任何建議，但我想詢問一下你們在升級和遷移幾個大型資料庫方面的各種機會。具體來說，您能否就例如將 CC 團隊升級或遷移到 CCE 的機會發表一下看法？據我們計算，大約有 1/4 的 CCE 用戶群在團隊中使用完整產品，這似乎表明存在相當大的基礎升級機會。同樣，在收購 Day 之後，您在發展 AEM 的幾年裡，仍然出售了相當一部分生命週期業務。我們估計，即使在 AEM 不斷發展的五年間，損失也約為 5 億美元或更多。所以，那裡似乎也存在著巨大的移民機會。最後，關於您最大的使用者群體—Doc Cloud，您認為新的 PDF 2.0 規格能否為 Acrobat 帶來新的成長週期，無論是在現有使用者群體中還是在新客戶群體中？

So Jay, I'll go third, backwards. And so first on Acrobat, I think we've said in the past we've had over 30 million installation of Acrobat. So clearly, that represents a large opportunity. I think mobile PDF creation with what we've done with Adobe Scan and the ability for all of those assets to be in the cloud and to use Adobe Sensei to do things like OCR, clearly, we see a large opportunity. That business has migrated faster than we would have thought to subscription-based business while we are growing the overall base. So large opportunity, continue to be focused on it, and clearly, I think to your point, we're much earlier in the cycle in terms of migrating. I think as for the second one that you talked about within the enterprise, the opportunity associated with how people move from traditional life cycle to new forms capabilities in the AEM stack, absolutely, that continues to be a large opportunity as people are moving from paper to digital. The ability to now have electronic signatures which completes the last mile of that workflow is again an opportunity. Whether that's in government or whether that's in enterprises that are regulated continues to be a large opportunity. And on the CC team versus CCE, we look at that a little bit more, honestly, as a buying preference that people have, where some people are buying CC team and they're getting that fulfilled through the channel and others are buying CC enterprise and want a direct relationship with the customer and with Adobe in that particular case. In both those scenarios, we're focused on upselling services as opposed to migrating them from one buying vehicle to another buying vehicle. So on that one, I would say the focus is more on how do we get both of those categories to buy more of the services rather than necessarily transition them if their preference is buying through the channel or adobe.com to having that CC enterprise relationship with Adobe.

傑伊，我第三個上，倒著上。首先說說 Acrobat，我想我們之前說過，Acrobat 的安裝量已經超過 3000 萬次。顯然，這代表著一個巨大的機會。我認為，結合我們利用 Adob​​e Scan 所做的工作，以及將所有這些資源儲存在雲端並使用 Adob​​e Sensei 進行 OCR 等操作的能力，行動 PDF 創建顯然蘊藏著巨大的機會。這項業務轉型為訂閱制業務模式的速度比我們預想的要快，同時我們的整體用戶群也不斷成長。所以機會很大，要繼續關注它，而且很明顯，我認為正如你所說，就遷移而言，我們還處於週期的早期階段。我認為，就你提到的企業內部的第二個方面而言，即人們如何從傳統生命週期過渡到 AEM 堆疊中的新表單功能所帶來的機遇，絕對是這樣，隨著人們從紙質文檔過渡到數位化文檔，這仍然是一個巨大的機會。現在有了電子簽名，就完成了工作流程的最後一公里，這又是一個機會。無論是在政府部門還是在受監管的企業中，仍然存在著巨大的機會。至於 CC 團隊版與 CCE 版，我們更傾向於將其視為人們的購買偏好，有些人購買 CC 團隊版，並透過管道獲得交付，而其他人則購買 CC 企業版，並希望與客戶（在這種情況下是 Adob​​e）建立直接聯繫。在這兩種情況下，我們都專注於向上銷售服務，而不是將服務從一種購買管道轉移到另一種購買管道。所以，關於這一點，我認為重點更多地在於如何讓這兩類客戶購買更多的服務，而不是如果他們更喜歡透過管道或 adobe.com 購買，就必須讓他們與 Adob​​e 建立 CC 企業合作關係。

Your next question comes from Keith Weiss from Morgan Stanley.

下一個問題來自摩根士丹利的基斯‧韋斯。

I wanted to ask a couple of bigger picture questions. One is on Sensei. We start to hear back some positive feedback on Sensei particularly in the broader experience cloud. Could you guys talk to us a little bit about sort of what you're hearing back from customers and also remind us kind of how the monetization strategy around Sensei is going to be evolving as we move forward?

我想問幾個比較宏觀的問題。一個是關於Sensei的。我們開始收到一些關於 Sensei 的正面回饋，尤其是在更廣泛的體驗雲領域。你們能否跟我們談談從客戶那裡得到的回饋，並提醒我們一下，隨著我們不斷推進，Sensei 的獲利策略將如何演變？

Sure, Keith. I mean, as it relates to Sensei, I mean, we have had, as we've outlined on many occasions, decades of significant expertise, whether it's an understanding of video, understanding images, understanding the semantic meaning of documents; and on the Experience Cloud side, everything to do with predicting based on these large data sets, behavior that will drive optimization of business outcomes on behalf of our customers. And as we embed more and more of that intelligence that people have access to directly in how they use their products, I think the aha moment is going. I think people have that more and more on the Creative side when they saw the magic that they saw within our products. And now what we are doing is actually ensuring that the ability for them to action all of the insights that we are getting is far more within the hands of the users. So as you point out, the feedback that we're getting on Sensei across all of our offerings is very positive. I do want to clarify one issue as it relates to the question around monetization of intelligence in our applications. If there are other companies that are saying, "We're going to monetize the intelligence separately," does that mean that their other applications are dumb and don't have actually the functionality? So for us, we just look at all of the technology that we are putting in, and it's making our existing products that are already world-class better. So that's the way I look at it. We're not going to go and say, "You can buy the non-intelligent product for $1 and you can buy the additional intelligent product for additional dollar amount." That makes no sense whatsoever, Keith. But the intelligence is being appreciated. We're investing very deeply in it. And from our point of view, the best is getting better.

當然可以，基斯。我的意思是，就 Sensei 而言，正如我們多次概述的那樣，我們擁有數十年的豐富專業知識，無論是對視頻的理解、對圖像的理解，還是對文檔語義的理解；而在 Experience Cloud 方面，則包括基於這些大型數據集進行預測的所有方面，這些預測將推動我們客戶的業務成果優化。隨著我們將越來越多的人們可以直接獲得的智慧資訊融入他們使用產品的方式中，我認為頓悟時刻正在消失。我認為，當人們看到我們產品中所蘊含的魔力時，他們在創意方面會越來越有這種意識。現在我們正在做的，實際上是確保用戶能夠更好地利用我們獲得的所有見解。正如您所指出的，我們收到的所有關於 Sensei 產品的回饋都非常正面。我想澄清一個與我們應用程式中智慧貨幣化相關的問題。如果其他公司表示“我們將單獨對智慧技術進行貨幣化”，這是否意味著他們的其他應用程式很愚蠢，實際上並不具備相應的功能？所以對我們來說，我們只需審視我們正在投入的所有技術，這些技術就能使我們現有的、已經世界一流的產品變得更好。這就是我的看法。我們不會說，「你可以花1美元購買非智慧產品，然後花額外的錢購買智慧產品。」這完全沒有道理，基斯。但這種智慧正在得到認可。我們在這方面投入了大量資金。而從我們的角度來看，最好的就是不斷進步。

Excellent. And perhaps one follow-up on distribution. We heard about sort of an expansion of the ETLA program trying to sort of make it, so we can put more customers into it. Could you talk a little bit about that expansion of ETLAs and whether -- what sort of the initial feedback has been and whether you've been successful in getting more customers onto that program?

出色的。或許還需要跟進一下分送狀況。我們聽說 ETLA 專案正在嘗試擴大規模，以便讓更多客戶參與其中。您能否談談ETLA的擴展情況，以及最初的回饋如何，您是否成功地讓更多客戶加入該計劃？

Yes, Keith, I think we've had tremendous success with actually migrating people from the traditional way of procuring the Creative applications from us into ETLAs. And I think we've described in the past how the first version of that ETLA was, in effect, mimicking the sort of different solutions that they've got in Creative Suite. In other words, Creative Suite was available as a design collection or as a master collection or as a video collection. And the first versions of ETLAs in terms of doing no harm, we were just providing an equivalent way for them to license the Creative Cloud applications. The second wave of that, as they are rolling off the 3 years, we have been very active in upselling them into the Creative Cloud Complete application, which is an increase in ARPU for us, as well as selling them new services like Stock and Sign, which is additional revenue. And so the way we measure the business -- and I look at this all the time, is migrating old ETLA customers first to Creative Cloud then to Creative Cloud Complete and then monitoring usage of not just Creative Cloud, all of our applications, but also monitoring Stock as well as Sign. And so we're well on that way through the journey, which is leading to better satisfaction on the part of our customers and clearly increased revenue and ARPU to us here at Adobe.

是的，基思，我認為我們在將人們從傳統的從我們這裡獲取創意應用程式的方式遷移到 ETLA 方面取得了巨大的成功。我認為我們過去已經描述過，ETLA 的第一個版本實際上是在模仿他們在 Creative Suite 中提供的各種不同的解決方案。換句話說，Creative Suite 可以作為設計套裝、大師套裝或影片套裝。而 ETLA 的最初版本，就其不造成任何損害而言，我們只是為他們提供了一種等效的方式來獲得 Creative Cloud 應用程式的許可。第二波浪潮，隨著他們即將結束三年合約，我們一直非常積極地向他們推銷 Creative Cloud Complete 應用程序，這提高了我們的每用戶平均收入 (ARPU)，同時還向他們銷售 Stock 和 Sign 等新服務，這帶來了額外的收入。因此，我們衡量業務的方式——我一直在關注這一點——是先將舊的 ETLA 客戶遷移到 Creative Cloud，然後再遷移到 Creative Cloud Complete，然後監控 Creative Cloud 以及我們所有應用程式的使用情況，同時監控 Stock 和 Sign 的使用情況。因此，我們正朝著這個目標穩步前進，這不僅提高了客戶的滿意度，也顯著增加了 Adob​​e 的收入和 ARPU。

Your next question comes from Derrick Wood from Cowen & Co.

你的下一個問題來自 Cowen & Co. 的 Derrick Wood。

Back on the marketing side and -- I mean, it seems like there's more companies forming a position for the Chief Data Officer. I know you guys have always had the ear of the Chief Marketing Officer, but I would think as data is becoming more important in the marketing investments, you guys start to have more engagement with the CDO. So I guess what I'm trying to get at is, do you think that may be an element of longer sales cycles? And if so, do you think you need to change or expand your account coverage capacity to sell into a different approval point? Or do you feel like you're entrenched enough with large accounts that the rate of investment doesn't need to change much?

回到行銷方面——我的意思是，似乎越來越多的公司設立了首席數據官的職位。我知道你們一直都能直接與行銷長溝通，但我認為隨著數據在行銷投資中變得越來越重要，你們應該會開始與首席數據長進行更多的互動。所以我想問的是，你認為這可能是銷售週期延長的因素嗎？如果是這樣，您是否認為需要更改或擴大您的帳戶覆蓋範圍，以便向不同的審批點進行銷售？或者您覺得您已經擁有足夠的大額帳戶，因此投資速度無需大幅改變？

A good question, Derrick. I think we are definitely entrenched in the accounts where the selling motion or process doesn't have to change as a result of what we are seeing because they know about us. The cycle may take a little bit longer. With respect to your second question, there's no doubt that there's additional scrutiny on ensuring whatever the frameworks are to protect the data appropriately. If you go to our website, you'll see we're a leader. And whether it's Fed ramping the government or looking at it as HIPAA for health care and ensuring that all of those standards is part of Adobe's security framework and our data privacy framework that we've taken the lead on that. I think the third part of your question associated with are we then finding ways that enable our customers to monetize the insight associated with that data, that's clearly something that we've been doing for a while, including with the data co-op that we've announced in terms of being able to monetize their data. So at all 3 levels, we feel confident, namely we have the right people on the table, we deal with all of the checklist items that are important for them to feel comfortable with our solutions, and we're providing business value and business outcome.

問得好，德瑞克。我認為我們已經穩固地佔據了客戶群，即使我們看到的情況發生變化，銷售策略或流程也不需要改變，因為他們了解我們。這個過程可能需要更長時間。關於你的第二個問題，毫無疑問，需要對各種框架進行額外的審查，以確保能夠適當地保護資料。如果您造訪我們的網站，您會發現我們是行業領導者。無論是聯準會加強政府監管，還是將 HIPAA 視為醫療保健領域的標準，並確保所有這些標準都成為 Adob​​e 安全框架和資料隱私框架的一部分，我們都在這方面發揮了領導作用。我認為你問題的第三部分，即我們是否在尋找方法讓我們的客戶能夠將與這些數據相關的洞察力貨幣化，這顯然是我們已經做了一段時間的事情，包括我們宣布的數據合作計劃，該計劃旨在幫助他們將數據貨幣化。因此，在所有三個層面上，我們都充滿信心，也就是說，我們有合適的人員參與，我們處理了所有對他們來說重要的檢查清單項目，使他們對我們的解決方案感到滿意，並且我們正在提供業務價值和業務成果。

Your next question comes from Kirk Materne from Evercore.

你的下一個問題來自 Evercore 公司的 Kirk Materne。

This is Tom Mao calling in for Kirk. Just from the product side, can you talk about some of the updates to your 360/VR technology acquired from Mettle? What kind of impact can we start to see in 2018? And how do you think about the TAM of those segments today?

這裡是湯姆·毛，替柯克打電話。僅從產品方面來看，您能否談談從 Mettle 收購的 360/VR 技術的一些更新？2018年我們可以看到什麼樣的影響？您如何看待這些細分市場目前的市場規模？

Within the Creative Cloud, I think we've touched on the fact that video is clearly the most explosive category that we are seeing. IBC was another great opportunity for us. Within video, we had already added some 360/VR capabilities. The technology that we've acquired also was available as plug-ins to some of our applications, but as we have done traditionally, we take those plug-ins and apply that natively because then the performance is significantly better and the usability of that functionality is better. So big picture, we look at it as saying video is certainly exploding. We're the leaders in that video as Apple and other companies do a lot more innovation on things as AR and VR, extending our existing applications and continuously looking at new opportunities, like we did with Project Felix, to enable people to author for those. There's no question that, that's going to lead to both an increased set of new users as well as established users asking from Adobe support for all of those new media types. So both represent long-term opportunities for us, and we're pleased with the performance.

我認為，在 Creative Cloud 中，我們已經談到了影片顯然是目前成長最快的類別。IBC 對我們來說是另一個絕佳的機會。在影片方面，我們已經添加了一些 360/VR 功能。我們獲得的這項技術也可以作為插件用於我們的一些應用程序，但正如我們一直以來所做的那樣，我們會將這些插件以原生方式應用，因為這樣性能會顯著提高，功能的可用性也會更好。所以從大局來看，我們可以說視訊產業正在蓬勃發展。在這段影片中，我們處於領先地位，因為蘋果和其他公司在 AR 和 VR 等領域進行了大量創新，擴展了我們現有的應用程序，並不斷尋找新的機會，就像我們透過 Project Felix 所做的那樣，使人們能夠為這些應用進行創作。毫無疑問，這將導致新用戶數量增加，同時也將讓現有用戶向 Adob​​e 尋求所有這些新媒體類型的支援。因此，這兩項都代表著我們的長期發展機遇，我們對它們的表現感到滿意。

And just a quick follow-up, it looks like your sales and marketing expense grew 14% year-on-year. Can you talk about where you are in terms of adding sales capacity on the Digital Marketing side and how we should think about that initiative as we head into 2018?

另外，還有一個問題需要確認，您的銷售和行銷費用似乎比去年同期成長了 14%。您能否談談貴公司在增加數位行銷銷售能力方面的進展，以及在進入 2018 年之際，我們該如何看待這項舉措？

Yes, it's Mark. We've said for a while now that our incremental spend, if you look at it quarter-to-quarter or year-to-year, is going to be primarily in sales and marketing and R&D. And we're going to need to continue to invest in sales and marketing to drive both awareness on the Creative Cloud side and sales capacity on the Digital Marketing side. So I don't foresee that changing, especially as you look out and we continue to drive growth in both of those businesses.

是的，是馬克。我們之前說過，從季度或年度來看，我們新增的支出將主要集中在銷售、行銷和研發方面。我們需要繼續投資於銷售和行銷，以提高 Creative Cloud 的知名度和數位行銷的銷售能力。因此，我預計這種情況不會改變，尤其是在我們繼續推動這兩項業務成長的情況下。

Your next question comes from Nate Cunningham from Guggenheim.

你的下一個問題來自古根漢美術館的內特‧坎寧安。

Shantanu, on the marketing side of the business, what do you see as the strategic gaps in your portfolio? And what are some areas where we could see you either partnering or making acquisitions in the future?

Shantanu，在行銷方面，你認為你的產品組合有哪些策略差距？那麼，未來您可能會在哪些領域進行合作或進行收購呢？

Well, let's start with the partnering. We clearly see an opportunity with Microsoft to partner. We have -- that's far more than a press release. We're open for business on that particular front both with AEM and with Campaign in terms of a managed service implementation on Azure and integration with Dynamics as well as integration with PowerBI is certainly an opportunity. That pipeline is growing very healthily. We will be in Microsoft events. I think they have been participating in the Adobe events. So on partnership, while we have a platform that enables a number of small start-ups to also benefit from and leverage our data assets, that's the one that I would highlight first and foremost. With respect to M&A, I'm certainly not going to highlight for the smaller companies that may be on our radar, what we are interested in to drive our price, but we feel really good about the overall portfolio that we have. And in terms of the available market and growth opportunities for what we already have, we feel really good. We will continuously look at adjacencies in order to continue to extend our lead, but nothing stands out as a weakness or gap in our portfolio.

好，我們先從合作開始。我們清楚地看到了與微軟合作的機會。我們有—這遠不止一份新聞稿那麼簡單。在這一特定領域，我們持開放態度，無論是 AEM 還是 Campaign，在 Azure 上實施託管服務，以及與 Dynamics 和 Power BI 的集成，這無疑是一個機會。該管道項目發展勢頭非常強勁。我們將參加微軟的活動。我認為他們一直在參與Adobe的活動。因此，在合作方面，雖然我們有一個平台，可以讓許多小型新創公司也能受益於我們的數據資產並加以利用，但這正是我要首先強調的。關於併購，我當然不會特別指出我們關注的那些規模較小的公司，以及我們為了推高股價而感興趣的收購目標，但我們對我們目前的整體投資組合感到非常滿意。就現有市場和成長機會而言，我們感覺非常好。我們將持續關注鄰近領域，以繼續擴大領先優勢，但我們的投資組合中沒有任何明顯的弱點或缺口。

Your next question comes from Keith Bachman from Bank of Montreal.

下一個問題來自蒙特利爾銀行的基思·巴赫曼。

Shantanu, I want to try this for you. Going back to the Marketing Cloud and you commented in your formal remarks -- the Experience Cloud, that you expect FY '17 to be better than 20% organic bookings growth, and yet I'm trying to understand how to reconcile that because there's clearly some degradation in the Q4 guidance. I understand it's a tough comp where you're talking about 17%, but that still includes TubeMogul, which is mostly in the quarter. And so as we think about the business, as you look out beyond this quarter, can the Experience Cloud grow on an organic basis more? Is 20% the message that we should be thinking about as we look at next fiscal year for the growth of the Experience Cloud?

Shantanu，我想替你試試。回到行銷雲，您在正式演講中提到體驗雲，您預計 2017 財年的有機預訂增長將超過 20%，但我正在努力理解如何調和這一點，因為第四季度的業績指引顯然有所下降。我知道17%的成長率很難比較，但這仍然包括TubeMogul，而TubeMogul的成長率主要集中在季度內。因此，當我們思考業務時，展望本季之後，體驗雲能否在有機基礎上實現更大的成長？在展望下一財年體驗雲端的成長時，20% 是否是我們應該關注的訊息？

I think those are 2 separate issues, and we want to make sure, Keith, that we separate the 2 separate issues because when we started the second half of the year and provided targets for the remainder of the year for the Digital Marketing revenue segment, even at that point, we had talked about while we were targeting 25%, which is now 24%, we expected sequentially Q3 to be higher from a year-over-year growth perspective than Q4. So there's nothing that you should read into the 17% because that's something that we had outlined at the beginning of the second half of the year. So I wanted to make sure we clarified that.

我認為這是兩個不同的問題，基思，我們要確保將這兩個問題分開，因為當我們開始下半年並為數位行銷收入部門設定了今年剩餘時間的目標時，即使在那時，我們也討論過，雖然我們的目標是 25%（現在是 24%），但我們預計從同比增長的角度來看，第三季度的環比增長率會高於第三季度。所以你不必對 17% 這個數字做任何解讀，因為這是我們在下半年初就已經提出的目標。所以我想確保我們把這一點澄清清楚。

And the reason, Keith, that we had a 25% target as opposed to what used to be a 20% target for revenue was specifically because of 2. So that was factored into both the quarter and the year.

基思，我們之所以將營收目標設定為 25% 而不是之前的 20%，正是因為 2. 所以這一點被納入了季度和年度的考慮範圍。

And as it relates to the long-term growth prospects, I think we've outlined how large this opportunity is. We're not providing FY '18 targets right now, but nothing has changed as it relates to the substantial opportunity that exists for the offerings that we have as people embark on digital transformation.

至於長期成長前景，我認為我們已經闡明了這一機會有多麼巨大。我們目前不提供 2018 財年的目標，但就我們所提供的產品和服務而言，隨著人們開始進行數位轉型，存在的巨大機會依然存在，這一點沒有改變。

Will you provide some specific context associated with the upcoming analyst event?

您能否提供一些與即將舉行的分析師活動相關的具體背景資訊？

At Analyst Day, yes, we will provide much more context.

是的，在分析師日上，我們會提供更多背景資訊。

Your last question comes from Alex Zukin from Piper Jaffray.

最後一個問題來自Piper Jaffray公司的Alex Zukin。

So maybe the first question on Marketing Cloud specifically, were there any changes to sales teams or sales leadership? Or do you anticipate making them on the Digital Marketing side? And then, Shantanu, maybe big picture question kind of along the same lines, not necessarily what a gap you have in your marketing portfolio, but if you stack rank your ability to parlay your success on continued market leadership in B2C marketing into B2B. Or do you need a customer record or a customer data set to be able to do that? And/or do you look at maybe going down market as an easier pathway to continued growth? So just big picture, and then small, more specific account there.

那麼，關於 Marketing Cloud 的第一個具體問題是，銷售團隊或銷售領導層是否有任何變化？或者您預計會在數位行銷方面實現這些目標？然後，Shantanu，也許可以問一個類似的大局問題，不一定是你的行銷組合中存在什麼差距，而是你能否將你在 B2C 行銷中持續的市場領導地位轉化為 B2B 行銷的成功。或者，您是否需要客戶記錄或客戶資料集才能做到這一點？或者，您認為進入低端市場或許是實現持續成長的更便​​捷途徑？所以先從大方向入手，再具體分析一下。

Yes, I think on the first question, I mean, there is nothing that we are outlining except continued focus on execution with respect to sales execution. So that one is an easy one. As it relates to the stack ranking, I think you're right in saying that B2C clearly represented the first beachhead in terms of people who are embarking on digital transformation. However, there are a number of customers who are already in the B2B space who are adopting our solutions because they are going through absolutely the same scenarios and they have been using our solutions in order to deliver digital transformation, whether it's B2B or B2C. So while the first beachhead was B2C, we've already made traction and continue to see opportunity in B2B. As it relates to your question around going down market and the existence of a customer record, I think the big differentiation in our particular product is not about the customer record as much as it's the ability to, in real time, deliver the customer experience. And I think over time, the existence of what's on disk as a customer record is far less important than what is in memory in terms of being able to deliver the digital experience. So I think the game is completely changing to an in-memory, how do you action, based on all the data that you have, the behavior, the demographics rather than an existence of a flat file or a record associated with it. And that's really what we are focused on. We talk about it as the last millisecond in the Experience Cloud. And big picture, I think that's where we will continue to, across all digital touch points where a customer engages with an enterprise, ensure that we deliver the best possible customer experience. And given that was the last question, I -- in close, we're absolutely proud of the strong financial results we reported in Q3, and I think you're clearly seeing the leverage that exists in our business model. We remain excited about the growth opportunities, clear that the strategy, whether it's empowering people to bring their creativity to life or enabling businesses to transform, continues to resonate with customers from individuals to the larger enterprises. We have a strong portfolio of products, and this represents multiple multiyear growth opportunities, and we continue to be one of the only companies that's delivering stellar top line and bottom line financial results. We hope you're going to join us at MAX because we're going to showcase tremendous innovation, and we will provide an update at our analyst meeting in conjunction with MAX. With that, thank you for joining us today.

是的，關於第一個問題，我的意思是，除了繼續專注於銷售執行之外，我們沒有概述任何其他內容。那題很簡單。就排名而言，我認為你說的沒錯，B2C 顯然代表了人們開始數位轉型的第一個灘頭堡。然而，許多已經在 B2B 領域的客戶正在採用我們的解決方案，因為他們正經歷著完全相同的場景，並且他們一直在使用我們的解決方案來實現數位轉型，無論是 B2B 還是 B2C。因此，雖然我們最初的灘頭陣地是 B2C，但我們已經取得了進展，並且繼續看到 B2B 領域的機會。至於你提出的下沉市場和客戶記錄的問題，我認為我們產品最大的差異化優勢不在於客戶記錄，而是能夠即時提供客戶體驗。而且我認為，隨著時間的推移，對於提供數位體驗而言，磁碟上的客戶記錄遠不如記憶體中的客戶記錄重要。所以我認為遊戲規則正在徹底改變，變成基於記憶體中所有資料（行為、人口統計資料）來決定如何行動，而不是基於平面檔案或與之關聯的記錄。而這正是我們真正關注的重點。我們稱之為體驗雲中的最後一毫秒。從宏觀角度來看，我認為我們將繼續在客戶與企業互動的所有數位接觸點上，確保提供最佳的客戶體驗。鑑於這是最後一個問題，我——最後，我們對第三季度公佈的強勁財務業績感到非常自豪，我認為你們已經清楚地看到了我們商業模式中存在的優勢。我們仍然對成長機會感到興奮，並清楚地認識到，無論是賦予人們力量將創造力變為現實，還是幫助企業轉型，這一策略都持續引起從個人到大型企業的客戶的共鳴。我們擁有強大的產品組合，這代表著多個多年成長機會，而且我們仍然是為數不多的能夠實現卓越的營收和利潤財務表現的公司之一。我們希望您能參加 MAX 大會，因為我們將展示巨大的創新成果，並且我們將在與 MAX 大會同期舉行的分析師會議上提供最新進展。那麼，感謝各位今天收看我們的節目。

And this concludes our call. Thanks, everyone.

通話到此結束。謝謝大家。