Adobe Inc (ADBE) 2017 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. I would like to welcome you to Adobe Systems Fourth Quarter Fiscal Year 2017 Earnings Conference Call. (Operator Instructions) I would like to now 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 Systems 2017 財年第四季財報電話會議。（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 will discuss Adobe's fourth quarter and 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 datasheet 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 財年第四季和全年的財務表現。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。我們也在 adobe.com 上發布了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。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, December 14, 2017. It 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，以及我們前瞻性的產品計劃，都是基於截至 2017 年 12 月 14 日的信息。它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 datasheet 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。您可以在我們的收益報告和 Adob​​e 投資者關係網站上更新的投資者資料表中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。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. FY '17 was another strong year for Adobe, highlighted by record Creative Cloud, Document Cloud and Experience Cloud revenue and capped off by the first ever $2 billion quarter in company history.

謝謝你，麥克，下午好。2017 財年對 Adob​​e 來說又是強勁的一年，Creative Cloud、Document Cloud 和 Experience Cloud 的營收均創歷史新高，公司史上第一個季度營收更是達到了 20 億美元。

In Q4, we delivered revenue of $2.01 billion, which represents 25% year-over-year growth. GAAP earnings per share in Q4 was $1, and non-GAAP earnings per share was $1.26. For the year, we grew total revenue to $7.3 billion, which represents 25% annual growth. GAAP earnings per share in FY '17 was $3.38, and non-GAAP earnings per share was $4.31.

第四季度，我們的營收達到 20.1 億美元，年增 25%。第四季GAAP每股收益為1美元，非GAAP每股收益為1.26美元。本年度，我們的總營收成長至 73 億美元，年增 25%。2017 財年 GAAP 每股盈餘為 3.38 美元，非 GAAP 每股盈餘為 4.31 美元。

Our strong results are validation of the relevance of Adobe's mission to change the world through digital experiences. That vision serves a broad and diversified set of customers, from artists, students and anyone with a story to tell, to the world's most prestigious brands, media companies and institutions, all of whom are betting their future on Adobe as they embrace the opportunities of digital transformation.

我們所取得的優異成績驗證了 Adob​​e 透過數位體驗改變世界的使命的意義。這個願景服務於廣泛而多元化的客戶群體，從藝術家、學生和任何有故事要講述的人，到世界上最負盛名的品牌、媒體公司和機構，他們都將自己的未來寄託在 Adob​​e 身上，因為他們正在擁抱數位轉型帶來的機會。

In Digital Media, Creative Cloud and Adobe Document Cloud are fundamental to how people and businesses communicate, entertain and engage with each other. We exited the year with more than $5.2 billion of Digital Media annualized recurring revenue, or ARR. The net ARR increase in Q4 was $359 million, fueled by our ability to attract and retain new users, deepen product engagement and drive new opportunities through services.

在數位媒體領域，Creative Cloud 和 Adob​​e Document Cloud 對於人們和企業如何溝通、娛樂和互動至關重要。今年底，我們的數位媒體年度經常性收入（ARR）超過 52 億美元。第四季淨 ARR 成長 3.59 億美元，這得益於我們吸引和留住新用戶、加深產品參與度以及透過服務創造新機會的能力。

Creative Cloud remains the gold standard for creativity and design. Tens of millions of people use Creative Cloud and it is becoming the creativity platform for all. We achieved Creative revenue of $1.16 billion in Q4. For the year, we achieved Creative revenue of $4.2 billion, which represents 31% year-over-year growth.

Creative Cloud 仍然是創意和設計領域的黃金標準。數千萬用戶正在使用 Creative Cloud，它正逐漸成為面向所有人的創意平台。我們在第四季實現了11.6億美元的創意收入。本年度，我們的創意收入達到 42 億美元，年增 31%。

At our annual MAX Creativity Conference in October, we introduced the next generation of Creative Cloud, including a set of new applications across the design, video and photography segments. Highlights included the introduction of Adobe XD, our tool for end-to-end UX and UI design; Adobe Dimension, which greatly simplifies 3D design; Adobe Character Animator, which brings 2D puppets to life using voice, facial expressions and gestures; and Adobe Lightroom CC, our photography cloud service that works across desktop, mobile and web to edit, organize, store and share photos. We have delivered on Creative Cloud's promise to bring continuous innovation through updates to our flagship products, including Photoshop, Illustrator and Premiere Pro.

在 10 月舉行的年度 MAX 創意大會上，我們推出了下一代 Creative Cloud，其中包括一系列涵蓋設計、視訊和攝影領域的新應用程式。亮點包括：推出 Adob​​e XD，我們的端到端 UX 和 UI 設計工具；Adobe Dimension，大大簡化了 3D 設計；Adobe Character Animator，使用語音、面部表情和手勢使 2D 木偶栩栩如生；以及 Adob​​​​e Lightroom CC，我們的攝影、雲端服務，可在桌面、行動裝置和 Web 上運行，用於整理和整理。我們兌現了 Creative Cloud 的承諾，透過對包括 Photoshop、Illustrator 和 Premiere Pro 在內的旗艦產品的更新，不斷帶來創新。

We introduced a premium version of Adobe Spark, our tool for helping everyone communicate their ideas visually. Spark with premium features offers enhanced customization capabilities for branded graphics, webpages and video stories and is a key part of Adobe's strategy to introduce our Creative tools to a wider audience of storytellers.

我們推出了 Adob​​e Spark 的高級版本，這是一款旨在幫助每個人以視覺化方式表達想法的工具。Spark 及其高級功能為品牌圖形、網頁和視訊故事提供了增強的自訂功能，是 Adob​​e 將我們的創意工具介紹給更廣泛的說故事者群體的關鍵策略的一部分。

The value of Creative Cloud is enhanced through the delivery of innovative new cloud services. Adobe Stock has continued its steady growth as we innovate in areas like aesthetic search and introduce new features and content such as motion graphics templates. We've continued to add new contributor features to Adobe Stock, allowing our community to customize their portfolios and present their best work.

透過提供創新的雲端服務，Creative Cloud 的價值得以提升。Adobe Stock 持續穩定成長，我們在美學搜尋等領域不斷創新，並推出動態圖形模板等新功能和內容。我們不斷為 Adob​​e Stock 添加新的貢獻者功能，讓我們的社群成員能夠自訂他們的作品集並展示他們的最佳作品。

Last week, we announced that Scott Belsky, cofounder of Behance, returned to Adobe as Chief Product Officer and EVP of Creative Cloud and has joined my staff. Scott is one of the most admired leaders in the design community. In this role, he will focus on product delivery and driving long-term innovation for Creative Cloud products and services. Scott will partner closely with Bryan Lamkin, EVP and General Manager of Digital Media, as we continue to push the boundaries of what's possible with Creative Cloud and drive continued growth and customer engagement.

上週，我們宣布 Behance 聯合創始人 Scott Belsky 重返 Adob​​e，擔任首席產品長兼 Creative Cloud 執行副總裁，並加入了我的團隊。斯科特是設計界最受尊敬的領導者之一。在這個職位上，他將專注於產品交付，並推動 Creative Cloud 產品和服務的長期創新。Scott 將與數位媒體執行副總裁兼總經理 Bryan Lamkin 緊密合作，我們將繼續突破 Creative Cloud 的可能性界限，推動持續成長和客戶參與。

The world's leading digital document service, Adobe Document Cloud, is enabling businesses to transform inefficient paper-based processes to digital. In Q4, Document Cloud revenue was $235 million, and we grew Document Cloud ARR to $600 million. We achieved annual revenue of $837 million for Document Cloud in FY '17.

全球領先的數位文件服務 Adob​​e Document Cloud 正在幫助企業將低效的紙本流程轉變為數位化流程。第四季度，Document Cloud 的營收為 2.35 億美元，Document Cloud 的年度經常性營收成長至 6 億美元。2017 財年，我們的文件雲端業務實現了 8.37 億美元的年收入。

Mobile has become the new frontier for Document Cloud. This quarter, we announced new updates to Adobe Scan, which leverage Adobe Sensei to capture and create intelligent PDFs on your mobile device. To date, Adobe Scan has had more than 5 million downloads.

行動端已成為文件雲端的新前沿。本季度，我們發布了 Adob​​e Scan 的新更新，該更新利用 Adob​​e Sensei 在您的行動裝置上擷取和建立智慧型 PDF。截至目前，Adobe Scan 的下載量已超過 500 萬次。

Adobe created and is the leader in the digital marketing category, which has redefined the enterprise software landscape. Today, we are targeting the much broader Experience Business opportunity, which we estimate to be a $53 billion addressable market in 2020. In Q4, we achieved Adobe Experience Cloud revenue of $550 million, resulting in annual revenue of $2.03 billion.

Adobe 公司開創了數位行銷領域，並成為該領域的領導者，重新定義了企業軟體格局。如今，我們將目光投向了更為廣闊的體驗業務機會，我們估計到 2020 年，該市場規模將達到 530 億美元。第四季度，Adobe Experience Cloud 的營收達到 5.5 億美元，全年營收達 20.3 億美元。

In an era when entire industries are being disrupted, every business must now compete for the hearts and minds of their customers with every click and every interaction. With Adobe Experience Cloud, we are transforming how businesses compete in this new reality. Our offering includes Adobe Marketing Cloud, Adobe Analytics Cloud and Adobe Advertising Cloud, making it the industry's most complete and integrated offering. Adobe Advertising Cloud is the first end-to-end platform that helps marketers manage their ad spend across all digital formats, including display, search and video as well as traditional TV.

在各行各業都面臨顛覆性變革的時代，每個企業都必須透過每一次點擊和每一次互動來爭奪客戶的心。透過 Adob​​e Experience Cloud，我們正在改變企業在新情況下的競爭方式。我們的產品包括 Adob​​e Marketing Cloud、Adobe Analytics Cloud 和 Adob​​e Advertising Cloud，使其成為業界最完整、最整合的產品。Adobe Advertising Cloud 是首個端到端平台，可協助行銷人員管理其在所有數位格式（包括展示廣告、搜尋廣告、影片廣告以及傳統電視廣告）上的廣告支出。

It's been a year since our acquisition of TubeMogul, and we have successfully integrated the technology with Adobe Media Optimizer. This has played a key role in driving strong Advertising Cloud performance and leadership in the digital advertising space. We introduced several advancements to Advertising Cloud, including the release of the Adobe Advertising Cloud mobile app, the industry's first mobile app for cross-channel advertising campaign management.

自從我們收購 TubeMogul 以來已經過去一年了，我們已成功將該技術與 Adob​​e Media Optimizer 整合在一起。這在推動 Advertising Cloud 取得強勁業績和在數位廣告領域保持領先地位方面發揮了關鍵作用。我們對 Advertising Cloud 進行了多項改進，包括發布了 Adob​​e Advertising Cloud 行動應用程序，這是業內首款用於跨渠道廣告活動管理的行動應用程式。

Adobe Analytics Cloud continues to be the intelligence engine for the enterprise, combining digital and offline data to help brands move from insight to action. Recently, Gartner positioned Adobe as a leader in its Magic Quadrant for Digital Marketing Analytics research report for the third year in a row. Adobe was also recognized as a leader in the recent The Forrester Wave: Web Analytics report.

Adobe Analytics Cloud 繼續作為企業的智慧引擎，結合線上和線下數據，幫助品牌將洞察轉化為行動。最近，Gartner 在其數位行銷分析魔力像限研究報告中連續第三年將 Adob​​e 評為領導者。Adobe 在最近發布的 Forrester Wave：網路分析報告中也被公認為領導者。

Adobe Experience Cloud processed approximately 65 trillion data transactions for its customers in Q4 and 186 trillion data transactions in the trailing 4 quarters. The insights gleaned from this data provide a valuable window into customer behavior and business trends. Our annual holiday shopping report has become the industry benchmark for measuring the trajectory of e-commerce spending and trends. This year, we accurately predicted Cyber Monday to be the largest online sales day in U.S. history. Underscoring the importance of delivering a great mobile shopping experience, revenue driven by smartphones hit an all-time high of more than $1.59 billion on Cyber Monday.

Adobe Experience Cloud 在第四季度為其客戶處理了約 65 兆次資料交易，在過去的四個季度中處理了約 186 兆次資料交易。從這些數據中獲得的見解，為我們了解客戶行為和業務趨勢提供了一個寶貴的視窗。我們的年度假期購物報告已成為衡量電子商務支出軌跡和趨勢的行業基準。今年，我們準確預測了「網路星期一」將成為美國史上規模最大的線上銷售日。為了凸顯提供優質行動購物體驗的重要性，智慧型手機帶來的收入在「網路星期一」創下歷史新高，超過 15.9 億美元。

Together with Microsoft, we are now enabling enterprise marketers to deliver one-to-one personalization of web content at scale and connect any lead generation data captured on the web to their CRM system through Adobe Experience Manager integration with Microsoft Dynamics 365. To date, more than 50 enterprises leverage Adobe and Microsoft's joint offerings, including Air Canada, Great-West Life Assurance and the U.S. Army. Other significant customer wins in the quarter included Allianz, Barclays, BNP Paribas, IKEA, JPMorgan, Mattel and Opel.

我們現在與微軟攜手，使企業行銷人員能夠大規模地提供一對一的個人化網路內容，並透過 Adob​​e Experience Manager 與 Microsoft Dynamics 365 的集成，將網路上捕獲的任何潛在客戶開發資料連接到他們的 CRM 系統。迄今為止，已有超過 50 家企業利用 Adob​​e 和微軟的聯合產品，包括加拿大航空、加拿大西部人壽保險公司和美國陸軍。本季其他重要的客戶包括安聯、巴克萊銀行、法國巴黎銀行、IKEA、摩根大通、美泰和歐寶。

The centerpiece of our innovation efforts across Adobe is Sensei, our artificial intelligence and machine learning framework. We've invested heavily to make Sensei a foundational part of our offerings to both our creative and enterprise customers. With Adobe's massive volume of content and data assets fueling Adobe Sensei and our unmatched domain expertise in creativity, documents and experiences, Sensei is a critical differentiator for our business.

Adobe 創新工作的核心是 Sensei，它是我們的人工智慧和機器學習框架。我們投入巨資，使 Sensei 成為我們為創意客戶和企業客戶提供的基礎產品之一。Adobe 擁有大量的內容和資料資產，為 Adob​​e Sensei 提供了強大的支持，再加上我們在創意、文件和體驗方面無與倫比的專業知識，Sensei 是我們業務的關鍵差異化因素。

Last week, we celebrated Adobe's 35th anniversary. I know I speak for our 18,000 Adobe employees around the world when I share how proud we are of everything we've achieved as a company, not only the strong business results, but the impact Adobe has made in the markets we serve and in the communities where we do business.

上週，我們慶祝了 Adob​​e 成立 35 週年。我知道，當我分享我們全球 18,000 名 Adob​​e 員工對公司所取得的一切成就感到多麼自豪時，我代表了他們的心聲。我們不僅為公司取得的強勁業績感到自豪，也為 Adob​​e 在我們所服務的市場和我們開展業務的社區所產生的影響感到自豪。

We were recently recognized by Glassdoor as a 2018 Best Places to Work as well as the World's Best Workplace and one of the Best Workplaces for Diversity by Fortune. We recently announced that Adobe has achieved equal pay between men and women in the U.S., an important milestone in Adobe's ongoing efforts to create an inclusive and rewarding environment for all employees.

我們最近被 Glassdoor 評為 2018 年最佳工作場所之一，也被《財星》雜誌評為全球最佳工作場所之一，以及最具多元化工作場所之一。我們最近宣布，Adobe 已在美國實現了男女同工同酬，這是 Adob​​e 為所有員工創造包容和有回報的工作環境而不斷努力的一個重要里程碑。

The pride in what we've accomplished is exceeded by our excitement about Adobe's future. With our strong brand, our compelling strategy and our culture of innovation, our best days remain ahead of us. We're looking forward to a fantastic 2018. Mark?

我們對已取得的成就感到自豪，但對 Adob​​e 的未來感到無比興奮。憑藉我們強大的品牌、引人注目的策略和創新文化，我們最好的日子還在後頭。我們期待著精彩的2018年。標記？

Thanks, Shantanu. Our earnings report today covers both Q4 and fiscal year 2017 results. In FY '17, Adobe achieved record annual revenue of $7.3 billion, which represents 25% year-over-year growth. GAAP EPS for the year was $3.38, and non-GAAP EPS was $4.31. This performance is the result of strong execution against our strategy and noteworthy achievements, including record Creative revenue with 31% year-over-year revenue growth and exiting the year with $4.63 billion of Creative ARR; record Document Cloud revenue of $837 million and exiting the year with $600 million of Document Cloud ARR; record Adobe Experience Cloud revenue of $2.03 billion, which represents 24% annual year-over-year growth; generating a record $2.91 billion in operating cash flow during the year; growing deferred revenue to approximately $2.5 billion and increasing our unbilled backlog to approximately $3.9 billion exiting the year.

謝謝你，沙塔努。我們今天發布的獲利報告涵蓋了2017年第四季和全年業績。2017 財年，Adobe 實現了創紀錄的 73 億美元年度收入，年增 25%。該年度 GAAP 每股收益為 3.38 美元，非 GAAP 每股收益為 4.31 美元。這項業績得益於我們策略的強有力執行和顯著成就，包括創意業務收入創歷史新高，同比增長 31%，年末創意業務年度經常性收入達 46.3 億美元；文檔雲業務收入創歷史新高，達 8.37 億美元，年末創意業務年度經常性收入達 46.3 億美元；文檔雲業務收入創歷史新高，達 8.37 億美元，年末創意業務年度經常性收入 6 億美元24%；全年營運現金流量創歷史新高，達 29.1 億美元；遞延收入成長至約 25 億美元；未開票積壓訂單增至約 39 億美元。

Together, this represents approximately $6.4 billion of contracted revenue; and returning over $1.1 billion in cash to stockholders through our stock repurchase program. In the fourth quarter of FY '17, Adobe achieved record revenue of $2.01 billion, which represents 25% year-over-year growth. GAAP diluted earnings per share in Q4 was $1, and non-GAAP diluted earnings per share was $1.26.

總計約 64 億美元的合約收入；並透過我們的股票回購計畫向股東返還超過 11 億美元的現金。2017 財年第四季度，Adobe 實現了創紀錄的 20.1 億美元收入，年增 25%。第四季GAAP稀釋後每股收益為1美元，非GAAP稀釋後每股收益為1.26美元。

Highlights in Q4 included record Creative revenue of $1.16 billion; record Adobe Document Cloud revenue of $235 million; record Adobe Experience Cloud revenue of $550 million; record net new Digital Media ARR of $359 million; and record cash flow from operations of $833 million. In Digital Media, we grew segment revenue by 29% year-over-year. The addition of $359 million net new Digital Media ARR during the quarter grew the total to $5.23 billion exiting Q4.

第四季亮點包括：創意收入創歷史新高，達到 11.6 億美元；Adobe Document Cloud 營收創歷史新高，達到 2.35 億美元；Adobe Experience Cloud 營收創歷史新高，達到 5.5 億美元；新增數位媒體年度經常性營收 (ARR) 創歷史新高，達到 3.59 億美元；新增數位媒體年度經常性營收 (ARR) 創歷史新高，達到 3.59 億美元、創歷史活動產生的新創歷史。在數位媒體領域，我們實現了29%的部門營收年增。本季新增 3.59 億美元淨數位媒體 ARR，使第四季末的總 ARR 達到 52.3 億美元。

Within Digital Media, Creative revenue grew 30% year-over-year, and we increased Creative ARR by $315 million during Q4. The strong quarter for our Creative business was achieved across several areas: strong net new subscriptions, helped by increased Adobe.com traffic after the Adobe MAX announcements and end-of-year promotions; stable or improving ARPU across key offerings; the attachment of services with Team and Enterprise offerings; and continued momentum with Adobe Stock.

在數位媒體領域，創意收入年增 30%，第四季創意 ARR 增加了 3.15 億美元。我們創意業務本季表現強勁，這得益於多個方面：新增訂閱用戶數量強勁增長，這得益於 Adob​​e MAX 發布會和年末促銷活動後 Adob​​e.com 流量的增加；主要產品的平均每用戶收入 (ARPU) 保持穩定或有所提高；服務與團隊版和企業版產品的整合勢頭；以及 Adob​​e 增長的持續增長。

With Document Cloud, we achieved record revenue with 23% year-over-year growth. The performance in Q4 was driven by continued strength with Acrobat subscription adoption, normal Q4 enterprise seasonality and strong year-end Acrobat perpetual product licensing through the channel. Unit growth for Acrobat DC across Creative Cloud and Document Cloud accelerated again in Q4, pushing total year-over-year Acrobat unit growth to over 20% for FY '17. Adobe Sign also achieved strong results and contributed to Document Cloud ARR growth.

借助 Document Cloud，我們實現了創紀錄的收入，年增 23%。第四季業績的提升得益於 Acrobat 訂閱用戶數量的持續成長、正常的第四季企業季節性因素以及年底透過通路銷售的強勁的 Acrobat 永久產品授權。第四季度，Acrobat DC 在 Creative Cloud 和 Document Cloud 的銷售成長再次加速，推動 2017 財年 Acrobat 的年比銷售成長超過 20%。Adobe Sign 也取得了顯著的成績，並為 Document Cloud 的年度經常性收入成長做出了貢獻。

In Digital Marketing, we exceeded $2 billion of Adobe Experience Cloud revenue for the year, with 24% annual revenue growth. Advertising Cloud had a strong year, and we achieved the expectations we set in January for TubeMogul. Excluding the addition of TubeMogul, Experience Cloud subscription revenue grew 22% year-over-year during FY '17. Subscription revenue growth was helped by strong performance with Adobe Experience Manager, Adobe Campaign and Adobe Audience Manager during the year.

在數位行銷方面，我們全年的 Adob​​e Experience Cloud 營收超過 20 億美元，年營收成長 24%。Advertising Cloud 今年表現強勁，我們實現了 1 月為 TubeMogul 設定的預期目標。不計入 TubeMogul 的新增收入，Experience Cloud 在 2017 財年的訂閱收入年增了 22%。訂閱收入的成長得益於Adobe Experience Manager、Adobe Campaign和Adobe Audience Manager在這一年的強勁表現。

In Q4, we achieved record Adobe Experience Cloud revenue of $550 million, which represents 18% year-over-year growth. We drove strong sequential subscription bookings growth from Q3 to Q4, reflecting typical enterprise year-end strength. Multi-solution selling in our top accounts and strong bookings of the Adobe/Microsoft solutions drove this sequential growth.

第四季度，Adobe Experience Cloud 的營收創下歷史新高，達到 5.5 億美元，年增 18%。從第三季到第四季度，我們的訂閱預訂量實現了強勁的環比成長，反映了企業年末的典型成長勢頭。在頂級客戶中推廣多解決方案銷售以及Adobe/Microsoft解決方案的強勁預訂量推動了這一環比增長。

From a quarter-over-quarter currency perspective, FX increased revenue by $11.1 million. We had $1 million in hedge gains in Q4 FY '17 versus $0.2 million in hedge gains in Q3 FY '17. Thus, the net sequential currency increase to revenue considering hedging gains was $11.9 million.

從季度環比匯率角度來看，外匯收入增加了 1,110 萬美元。我們在 2017 財年第四季獲得了 100 萬美元的對沖收益，而 2017 財年第三季的對沖收益為 20 萬美元。因此，考慮到對沖收益，淨環比匯兌收入增加 1,190 萬美元。

From a year-over-year currency perspective, FX increased revenue by $4.1 million. We had $1 million in hedge gains in Q4 FY '17 versus $8.1 million in hedge gains in Q4 FY '16. Thus, the net year-over-year currency decrease to revenue considering hedging gains was $3 million. In Q4, Adobe's effective tax rate was 22% on a GAAP basis and 21% on a non-GAAP basis.

從年比匯率角度來看，外匯業務收入增加了 410 萬美元。2017 財年第四季，我們的對沖收益為 100 萬美元，而 2016 財年第四季的對沖收益為 810 萬美元。因此，考慮到對沖收益，年比匯兌收入淨減少 300 萬美元。第四季度，Adobe 的實際稅率以 GAAP 計算為 22%，以非 GAAP 計算為 21%。

Our trade DSO was 55 days, which compares to 47 days in the year-ago quarter and 50 days last quarter. Our DSO has increased slightly over the past year given the nature of the Advertising Cloud business model and the addition of the TubeMogul business.

我們的貿易應收帳款週轉天數為 55 天，去年同期為 47 天，上一季為 50 天。鑑於 Advertising Cloud 商業模式的性質以及 TubeMogul 業務的加入，我們的 DSO 在過去一年中略有增加。

Deferred revenue grew to a record $2.49 billion, up 24% year-over-year. Our ending cash and short-term investment position exiting Q4 was $5.8 billion. Cash flow from operations was a record $833 million in the quarter. In Q4, we repurchased approximately 1.9 million shares at a cost of $297 million. During the year, we repurchased 8.2 million shares, returning $1.1 billion to stockholders. We have approximately $1.9 billion remaining of our $2.5 billion stock repurchase authority granted in January 2017.

遞延收入成長至創紀錄的 24.9 億美元，年增 24%。截至第四季末，我們的現金和短期投資部位為 58 億美元。本季經營活動產生的現金流達到創紀錄的 8.33 億美元。第四季度，我們以 2.97 億美元的價格回購了約 190 萬股股票。年內，我們回購了 820 萬股股票，向股東返還了 11 億美元。我們在 2017 年 1 月核准的 25 億美元股票回購授權中，還剩下約 19 億美元。

Now I'll provide our financial outlook. Entering FY '18, we are excited about our momentum and the large addressable markets we discussed at our recent analyst meeting. We remain well positioned to continue to deliver strong top line and bottom line growth.

現在我將介紹我們的財務展望。進入 2018 財年，我們對自身的發展勢頭以及在最近的分析師會議上討論過的龐大潛在市場感到興奮。我們依然具備良好的發展前景，能夠持續實現強勁的營收和利潤成長。

As you know, we measure ARR on a constant currency basis during a fiscal year, and if necessary, we revalue ARR at year-end for the current currency rates. FX rate changes between December of last year and this year have resulted in a $154 million increase in Digital Media ARR. This increases our FY '18 beginning Digital Media ARR to $5.39 billion. The effect of this revision is reflected in our updated investor data sheet, and ARR results will be measured against this amount during FY '18.

如您所知，我們在一個財政年度內按固定匯率計算年度經常性收入 (ARR)，如有必要，我們會在年末按當前匯率重新評估 ARR。去年 12 月至今年 12 月的匯率變化導致數位媒體 ARR 增加了 1.54 億美元。這將使我們 2018 財年初的數位媒體年度經常性收入 (ARR) 增加到 53.9 億美元。此修訂的影響已反映在我們更新後的投資者資料表中，2018 財年的 ARR 結果將以此金額為基準進行衡量。

In FY '18, we are targeting total Adobe revenue of approximately $8.725 billion; Digital Media segment revenue growth of approximately 23%; Adobe Experience Cloud subscription revenue growth of approximately 20%; Adobe Experience Cloud total revenue growth of approximately 15%; GAAP earnings per share of approximately $4.40; non-GAAP earnings per share of approximately $5.50; net new Digital Media ARR of approximately $1.1 billion; and Adobe Experience Cloud subscription bookings growth of approximately 20%. We expect quarterly revenue, earnings per share and Digital Media ARR results to follow similar seasonality as was achieved in FY 2017.

2018 財年，我們的目標是 Adob​​e 總營收約 87.25 億美元；數位媒體部門營收成長約 23%；Adobe Experience Cloud 訂閱營收成長約 20%；Adobe Experience Cloud 總營收成長約 15%；GAAP 每股盈餘約 4.40 美元；Adobe Experience Cloud 總營收成長約 15%；GAAP 每股盈餘約為 4.40 美元； Experience Cloud 訂閱預訂量成長約 20%。我們預計季度收入、每股盈餘和數位媒體 ARR 結果將遵循與 2017 財年類似的季節性規律。

In Q1 FY '18, we are targeting revenue of approximately $2,040,000,000; Digital Media segment year-over-year revenue growth of approximately 25%; Experience Cloud year-over-year total revenue growth of approximately 15%; tax rate of approximately 9% on a GAAP basis and 21% on a non-GAAP basis; share count of approximately 500 million shares; GAAP earnings per share of approximately $1.15; non-GAAP earnings per share of approximately $1.27; and net new Digital Media ARR of approximately $275 million. As a reminder, our operating cash flow is seasonally higher in Q4 and typically decreases sequentially in Q1 due to several year-end related disbursements made during our first quarter.

2018 財年第一季，我們的目標是營收約 20.4 億美元；數位媒體業務年增約 25%；體驗雲端業務年增約 15%；GAAP 稅率約 9%，非 GAAP 稅率約 21%；體驗雲端業務年增約 15%；GAAP 稅率約 9%，非 GAAP 稅率約 21%；股份數約 5 億股；GAAP 每股盈餘約 1.15 美元淨收益約 1.15 美元； 2.75 億美元。提醒各位，我們的經營現金流在第四季度通常較高，由於第一季會進行一些與年末相關的支出，因此第一季通常會環比下降。

In summary, 2017 was another strong year for Adobe. We are the market leader across our key businesses and are executing well against a large and growing addressable market. We're excited about what lies ahead for Adobe and look forward to sharing more progress with you in the coming year. Mike?

總而言之，2017 年對 Adob​​e 來說又是強勁的一年。我們在核心業務領域均處於市場領先地位，並且在龐大且不斷成長的潛在市場中表現出色。我們對 Adob​​e 的未來充滿期待，並期待在未來一年與大家分享更多進展。麥克風？

Thanks, Mark. Beginning with our Q1 FY '18 earnings report in March, we will modify our segment reporting moving forward. LiveCycle and Connect, which have been reported in our Digital Marketing segment, will be moved to a new segment called Publishing, which will include the current Print and Publishing segment products. We will also rename our Digital Marketing segment to Digital Experience. As we've done in the past, we will publish an updated investor datasheet in late January with historical information adjusted to reflect the segment changes. The updated datasheet will coincide with the issuance of our annual report on Form 10-K for FY '17, which will also reflect these changes.

謝謝你，馬克。從 3 月發布的 2018 財年第一季財報開始，我們將對未來的分部報告進行調整。LiveCycle 和 Connect 之前在我們的數位行銷板塊中有所報道，現在將被移至一個名為「出版」的新板塊，該板塊將包括當前的印刷和出版板塊產品。我們也將把數位行銷部門更名為數位體驗部門。和以往一樣，我們將在1月下旬發布更新後的投資者資料表，其中的歷史資訊已根據業務板塊的變化進行了調整。更新後的數據表將與我們 2017 財年的 10-K 表格年度報告同時發布，該報告也將反映這些變化。

Adobe Summit, the world's largest digital marketing conference, is scheduled for the last week in March, with day 1 on Tuesday, March 27. An invitation with registration and discounted Summit pricing information will be sent out in January to our investor and analyst e-mail list. More details about the conference will be available at summit.adobe.com.

全球最大的數位行銷大會 Adob​​e Summit 定於 3 月最後一周舉行，第一天是 3 月 27 日星期二。我們將於一月份向我們的投資者和分析師電子郵件清單發送包含註冊資訊和高峰會折扣價格資訊的邀請函。更多會議詳情請瀏覽 summit.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# 9467178. 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 December 20, 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。會議 ID：9467178。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 12 月 20 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 the line of Jennifer Lowe.

（操作員說明）您的第一個問題來自 Jennifer Lowe 的一條線。

Mark, I wanted to follow up a little bit on the comment you made about the traffic uptick you saw post-MAX to the Adobe.com site. And you also added promotional activity in there but specifically the post-MAX uptick. Was that sort of what you normally would see after a MAX event? Or was it different this time? And what were the types of products that were really benefiting from that uptick in traffic? Was it the traditional fully configured Creative Cloud? Or were you seeing more activity around some of the newer product offerings?

馬克，我想就你之前提到的 MAX 大會後 Adob​​e.com 網站流量激增的情況再補充一點。你還在其中加入了促銷活動，特別是 MAX 之後的成長。這是 MAX 活動結束後通常會看到的景象嗎？這次情況有所不同嗎？那麼，哪些類型的產品真正受益於流量的成長呢？這是傳統的、配置完整的 Creative Cloud 版本嗎？或者您注意到一些新產品的市場活動更加活躍？

Why don't I take that? And in terms of what we saw after MAX, if you recall, MAX was perhaps the most productive release ever in the history of the company in terms of the 5 new products that we had introduced. At the end of Q4, if you look at the business that we have, both in terms of single-app adoption, which continues to grow, as well as the CC Complete, which continues to grow, I would say the photography offering continues to be a very popular offering. We introduced a new version of Lightroom and so that's seeing good traction.

我為什麼不拿呢？至於 MAX 之後的情況，如果你還記得的話，MAX 可能是公司史上成果最豐碩的一次發布，因為我們推出了 5 款新產品。在第四季末，如果你看一下我們的業務，無論是單應用程式的採用率（持續成長），還是 CC Complete 的採用率（持續成長），我認為攝影產品仍然是非常受歡迎的產品。我們推出了新版本的 Lightroom，目前反應良好。

The second product I would highlight would be XD, which is the product for screen design, everything that the creators are doing in terms of designing new interfaces for products across a variety of screens. And then we saw the traditional strength in the existing products that we continue to see, namely Photoshop, Illustrator. The video products continue to do well as well. So I think this is something that we do standard, which is we just continue to make sure that we're delivering great innovation for our customers. MAX certainly represents the culmination of a lot of effort. And so, as expected, the attention that we bring to it drives more traffic.

我要重點介紹的第二個產品是 XD，它是一款螢幕設計產品，涵蓋了創作者在各種螢幕上設計產品新介面的所有工作。然後我們看到了現有產品的傳統優勢，這些優勢一直延續至今，例如 Photoshop 和 Illustrator。視訊產品也持續表現良好。所以我認為這是我們一貫的做法，那就是不斷確保為客戶提供卓越的創新產品和服務。MAX無疑代表了許多努力的最終成果。因此，不出所料，我們對它的關注帶來了更多流量。

Okay, great. And maybe just one more if I can. On the Experience Cloud, I know in Q3, there was some color around extending sales cycles; bigger deals but longer sales cycles. I'm curious if that was the trend you saw in Q4 as well of or if there's any change there.

好的，太好了。如果可以的話，也許還能再來一個。據我所知，在第三季度，Experience Cloud 上有一些關於延長銷售週期的內容；更大的交易，但更長的銷售週期。我很好奇您在第四季度是否也觀察到了這種趨勢，或者情況是否有所變化。

We had a really strong close to the end of the year. So the sequential increase in bookings from Q3 to Q4, as is consistent with year-end seasonality, we were pleased with the strength associated with that in terms of the subscription bookings for the year as well. We were pleased with that. Advertising Cloud had a good quarter as well. So the opportunity continues to be really large as we talked about, the $53 billion opportunity that we have. We're the undisputed leader, and our innovation is really helping our enterprise customers with their digital transformation needs.

我們在年底取得了非常強勁的成績。因此，從第三季度到第四季度，預訂量環比增長，這與年末季節性規律相符，我們對全年訂閱預訂量的增長勢頭感到滿意。我們對此感到滿意。Advertising Cloud 本季業績也不錯。所以，正如我們之前討論的，機會仍然非常巨大，我們擁有 530 億美元的機會。我們是無可爭議的領導者，我們的創新確實在幫助我們的企業客戶滿足其數位轉型需求。

Yes. And I would add -- just add a little bit to that. Subscription bookings were up 20% for the quarter and for the full year, which is what we had targeted back at Q3. And the subscription organic revenue, I said this in my prepared remarks, even without the benefit of Tube, was up 22% year-over-year. And that subscription revenue, as we've said, is the way we're really going to start to measure the health of the business. So we were really pleased with both of those.

是的。我還要補充一點——就再補充一點。本季和全年的訂閱​​預訂量均成長了 20%，這與我們第三季設定的目標一致。正如我在事先準備好的發言稿中所說，即使不考慮Tube的貢獻，訂閱自然收入也比去年同期成長了22%。正如我們所說，訂閱收入將是我們真正開始衡量公司健康狀況的方式。所以我們對這兩項都非常滿意。

Your next question comes from the line of Walter Pritchard.

你的下一個問題出自華特·普里查德的詩句。

Mark, I'm wondering if, relative to what you're thinking about for ARR, the progression and the number for the year, you expect any impact from customers buying ahead of this price increase. And any impact you saw generally in terms of customer behavior reacting to that move you made?

馬克，我想知道，相對於你對年度經常性收入 (ARR) 的預期、增長情況以及年度目標，你是否預計客戶在此次提價之前購買產品會對價格產生任何影響。那麼，您觀察到的這項舉措對客戶行為的整體影響是什麼？

So we have not seen any indication that people are buying just ahead of the price increase. We just think the strength that we saw in the fourth quarter was coming off, as Shantanu said, MAX as well as just Q4 seasonality. And the truth of the matter is if people are buying ahead of the price increase, that's great because just like we do with promotions, that brings people into the franchise and allows us to move them up the ladder, so to speak, later. So either way, we're happy but we don't think that Q4 was a result of people buying early.

因此，我們沒有看到任何跡象表明人們會在價格上漲前搶購。我們認為，正如 Shantanu 所說，我們在第四季看到的強勁勢頭，既有 MAX 的影響，也有第四季季節性因素的影響。事實上，如果人們在價格上漲之前購買產品，那很好，因為就像我們進行促銷一樣，這能吸引人們加入加盟店，並讓我們以後能夠幫助他們「晉升」。所以無論如何，我們都很高興，但我們不認為第四季度的業績是由於人們提前購買造成的。

And with the big picture in terms of the overall demand for Creative Cloud, it continues to be clearly the one-stop shop for creativity. And the increase in ARR that we issued as a target is more a reflection of just the continued comprehensive nature of the offering, the adoption that we're continuing to see in international markets rather than necessarily anything different in terms of what we expect for the price increase, which, as we said at the analyst call, we expect to be low this year.

從整體來看，Creative Cloud 仍然是創意的一站式解決方案。我們設定的 ARR 目標值的成長，更反映了產品供應的持續全面性，以及我們在國際市場上持續看到的接受度，而不是我們對價格上漲的預期有任何不同。正如我們在分析師電話會議上所說，我們預計今年的價格上漲幅度會很低。

Your next question comes from the line of Brent Thill.

你的下一個問題來自布倫特·希爾的詩句。

On Experience Cloud, Shantanu, are there new routes to market or new ways you're thinking about distribution for that business as you head into the new fiscal year?

Shantanu，關於 Experience Cloud，在新財年即將到來之際，您是否正在考慮新的市場管道或新的分銷方式？

Yes, Brent, I mean, as that business continues to expand and continues to grow well, I think the first phase of that business was clearly everything that we were doing direct with large verticals in what we would call the strategic accounts in specific verticals. And B2C was a big push associated with that. We're seeing quite a bit of adoption in B2B. And consistent with the way, I think, every other enterprise software company would do, we're looking not just at strategic and corporate accounts but expanding into greenfield territory both in the United States and abroad. So that continues to be an area of push. And as you can imagine, that happens both with our direct sales force as well as with the ecosystem of partners that continues to be really key for us in terms of growth in that business. We talked and touched on the Microsoft partnership and how that's yielding some good implementations with customers and we expect that momentum to continue. But also, whether it be digital agencies or SI partners, they're certainly bringing us into more of their accounts. So just continued expansion and we're pleased with the execution that we have there.

是的，布倫特，我的意思是，隨著這項業務的不斷擴張和持續增長，我認為這項業務的第一階段顯然是我們直接與大型垂直行業客戶開展的所有業務，我們稱之為特定垂直行業的戰略客戶。而B2C模式正是與此相關的一大推手。我們看到B2B領域對這種技術的採用率相當高。我認為，與其他所有企業軟體公司一樣，我們不僅專注於策略和企業客戶，還在美國和海外拓展全新的業務領域。所以這仍然是一個需要努力推進的領域。正如你所想，這種情況既發生在我們的直銷團隊中，也發生在合作夥伴生態系統中，而合作夥伴生態系統對於我們業務的成長仍然至關重要。我們談到了與微軟的合作，以及這種合作如何為客戶帶來一些良好的成果，我們預計這種勢頭將持續下去。但同時，無論是數位代理商還是系統整合合作夥伴，他們都在不斷地將我們引入他們的更多客戶群。所以，我們繼續擴張，並且對目前的執行情況感到滿意。

Mark, just to clarify on Experience Cloud to Jen's question, I wanted to be clear. The deals that did push from Q3, it sounded like some of those came back into Q4. But did you see any other deals extend out into the next fiscal year that were not closed yet?

Mark，關於Jen提出的Experience Cloud問題，我想澄清一下，我想說清楚。聽起來，從第三季開始推進的一些交易，其中一些又在第四季重新達成了。但您是否看到其他交易延續到下一個財政年度，但尚未最終完成？

Brent, maybe I'll take that one as well. I mean, the pipeline just continues to be an evergreen pipeline. And we're continuing to both close deals, we're continuing to upsell. When we looked at the number of large deals that we have and we think about the number of customers who are adopting multi-solution deals, that has certainly increased, which we look at as good validation of the comprehensive and integrated nature of our product. But you've been tracking enterprise software for a long time. We had a great sequential bookings quarter between Q3 and Q4, but pipeline is an evergreen thing that we will continue to put a lot of focus on.

布倫特，或許我也該選那個。我的意思是，這條管道一直都是一條常青管道。我們仍在繼續達成交易，也持續追加銷售。當我們審視我們擁有的大宗交易數量，並思考採用多解決方案交易的客戶數量時，我們發現這個數字確實有所增加，我們認為這很好地驗證了我們產品的全面性和整合性。但您長期以來一直關注企業軟體領域。第三季到第四季度，我們的預訂量較上季成長強勁，但銷售通路是一個需要持續關注的方面，我們將繼續投入大量精力。

Your next question comes from the line of Ross MacMillan.

你的下一個問題出自羅斯·麥克米倫的詩句。

Maybe, Shantanu, first. Just on the Document Cloud, you highlighted Acrobat DC units of 20% growth. Any context for that in terms of history? And then I had a follow-up for Mark.

或許，先是沙塔努。僅在 Document Cloud 方面，您就重點介紹了 Acrobat DC 部門 20% 的成長。從歷史角度來看，這有何背景？然後我還要給馬克一個後續問題。

Sure, Ross. I mean, I think it's driven a lot by PDF adoption on mobile devices and PDF continuing to be the best way for people to share files across devices. When we think about PDF adoption, it actually accelerated in Q4 over the rest of the year, which, as we had been saying all along, was pretty strong. Primarily, we are seeing people adopt the subscription, which is consistent with what we are doing across the Creative Cloud. But we also saw some traditional strength that we expect at the end of the year with respect to enterprises continuing to either true-up or do licensing of the perpetual version. We're pleased with that, and that provided some nice upside. There's a significantly larger installed base of Acrobat that isn't on the subscription. And as people continue to adopt both the subscription offering, which is the primary offering, as well as the perpetual, that just signifies good growth opportunity for us. But specifically, we saw quite a bit of licensing of the perpetual new Acrobat DC product at the end of the year as enterprises use the end-of-year cycle to true-up and buy more product.

當然可以，羅斯。我的意思是，我認為這很大程度上是由於行動裝置上 PDF 格式的普及，以及 PDF 仍然是人們在不同裝置之間共享檔案的最佳方式。當我們考慮 PDF 的使用情況時，實際上第四季度比上一季加速成長，正如我們一直所說的那樣，第四季度的 PDF 使用情況相當強勁。首先，我們看到人們正在採用訂閱模式，這與我們在 Creative Cloud 中所做的工作是一致的。但我們也看到一些傳統上的優勢，我們預計在年底，企業會繼續進行結算或永久版本的授權，這方面將保持這種優勢。我們對此感到滿意，這帶來了一些不錯的收益。還有相當一部分 Acrobat 用戶沒有訂閱。隨著人們不斷採用訂閱服務（主要服務）和永久服務，這對我們來說意味著良好的成長機會。但具體來說，我們看到年底時出現了相當多的永久版新 Acrobat DC 產品的授權，因為企業會利用年底的周期來調整和購買更多產品。

That's helpful. And Mark, just a clarification. So when you rebased the end-of-year Digital Media ARR, the way I think about it is it's a rebase on the base. So $154 million and $5.23 billion is about a 3% rebase. And then every new ARR dollar that comes in, in fiscal '18 is going to be commensurately higher at 3%. And I just wanted then to think about that but in the context of what you said previously about net new ARR of $1 billion and now $1.1 billion. I would argue that's 10% higher, not 3% higher. So it's an implicit raise. And I just wanted to make sure I was thinking about that correctly.

那很有幫助。馬克，我再澄清一下。所以，當你重新計算年末數位媒體 ARR 時，我的理解是，這是對基數的重新計算。所以 1.54 億美元和 52.3 億美元大約是 3% 的重新基準調整。然後，2018 財年新增的每一美元 ARR 都將相應提高 3%。我當時就想思考一下，但要結合你之前所說的淨新增 ARR 為 10 億美元，現在是 11 億美元的情況來看。我認為應該是高出 10%，而不是高出 3%。所以這其實是一種隱性加薪。我只是想確認一下我的想法是否正確。

For sure, this is an implicit raise.

這無疑是一種隱性加薪。

Explicit raise, Ross.

明確提高，羅斯。

Explicit raise. I'm just a bit slow tonight.

顯式提升。我今晚有點反應遲鈍。

Yes, yes, the $100 million has little to do with currency. It's more based on our over-achievement through the year and what we expect to deliver in '18, so it's not a currency-related raise.

是的，是的，這1億美元與貨幣關係不大。這更多是基於我們在過去一年中的超額完成業績以及我們對 2018 年業績的預期，所以這不是與匯率相關的加薪。

Your next question comes from the line of Keith Weiss.

你的下一個問題出自基斯‧韋斯之口。

It's actually not Keith Weiss. It's Stan Zlotsky sitting in on his behalf. Around the large deals that you're seeing on -- around Experience Manager and pro services that are associated with those deals, should we expect, given the complexity of these deals, that your pro services would maybe tick up a little bit in order to dedicate the proper resources to these large strategic implementations?

其實他不是基斯‧韋斯。是史丹·茲洛斯基代表他出席。鑑於您看到的大型交易——圍繞體驗管理以及與這些交易相關的專業服務——我們是否可以預期，考慮到這些交易的複雜性，您的專業服務價格可能會略有上漲，以便為這些大型戰略實施投入適當的資源？

Stan, at the analyst meeting, we actually talked about, given the robustness of the ecosystem, that we will be leveraging the ecosystem more to do the actual implementation of these, whether they be for the entire Marketing Cloud or for Adobe Experience Manager specifically. That's part of the reason why, when we talk about our bookings growth, it's going to be greater than the revenue growth that we report that includes services. So great ecosystem of partners. I think we're focusing on some specialized services with these customers, which is at the very strategic level. But for the most part, we have a great set of partners who will be doing the heavy lifting associated with the implementation of not just Experience Manager but the rest of our solutions, and in fact, our clouds with the customers.

史丹，在分析師會議上，我們確實討論過，鑑於生態系統的強大，我們將更多地利用該生態系統來實際實施這些功能，無論是針對整個行銷雲還是專門針對 Adob​​e Experience Manager。這也是為什麼當我們談到預訂量成長時，它會大於我們報告的包含服務在內的收入成長的部分原因。如此優秀的合作夥伴生態系統。我認為我們正在為這些客戶提供一些專門的服務，這具有非常高的策略意義。但總的來說，我們擁有一群優秀的合作夥伴，他們將承擔實施體驗管理器以及其他解決方案（實際上是我們的雲端服務）的繁重工作。

Great. And just a quick follow-up. The 50 joint customers that you now have with Microsoft, you mentioned a few sample logos. But from a go-to-market perspective, how do these opportunities typically develop? Who brings who into the deals? And are the logos that you mentioned, are they kind of representative of the typical logo that we would see within that list of 50?

偉大的。還有一個後續問題。您提到了您目前與微軟共有的 50 個共同客戶，並列舉了一些標誌範例。但從市場推廣的角度來看，這些機會通常是如何發展的呢？誰牽線搭橋促成了這些交易？你提到的那些標誌，是否具有代表性，能夠代表我們在這份包含 50 個標誌的名單中看到的典型標誌？

Stan, I think the real goal for us was to demonstrate that we're open for business. The stuff is actually working. Customers are excited about it. As you can expect in these cases, it's both joint selling between Microsoft and us. It's us bringing them into deals, it's them bringing us into deals, and it's partners bringing both of us into deals. So it's the usual combination that you see in the enterprise in terms of how people adopt software.

史丹，我認為我們真正的目標是向外界表明我們已經準備好開展業務。這東西真的有效。顧客們對此感到興奮。正如你所預料的，這些情況都是微軟和我們聯合銷售。是我們促成交易，也是他們促成交易，還是合作夥伴促成雙方的交易。所以，這是企業中人們採用軟體時常見的組合。

Your next question comes from the line of Heather Bellini.

你的下一個問題出自希瑟·貝里尼的詩句。

This is Mark Grant on for Heather. Just a quick one for me on marketing and analytics. We got the announcement last month of the partnership with Google Analytics and Salesforce. I just wanted to get your thoughts on how you interpret that, what you think the competitive landscape is going to be looking like over the next little while and just any interpretation you can offer there.

這裡是馬克·格蘭特，替希瑟報道。我有個關於行銷和分析的簡短問題想請教一下。上個月我們收到了與 Google Analytics 和 Salesforce 建立合作關係的公告。我只是想聽聽你對此的看法，你認為未來一段時間的競爭格局會是什麼樣子，以及你能提供的任何解釋。

Well, I think we've always talked about how we have been the leaders in creating those categories and how the analytics that we have is, without a doubt, one of the secret sauces and the biggest competitive advantage that we continue to have. Enabling integration between that analytics as well as our other solutions has been over a 5-year effort, and we've integrated it. And I think it's just a reflection that others in the marketplace are understanding that Adobe has a significant competitive advantage with respect to everybody else. But big picture, this is an incredibly large opportunity. We're the leader. We're going to continue to innovate. We're seeing great customer wins, and there will be competition in the space as well as we expect.

嗯，我認為我們一直在談論我們如何引領這些品類的創建，以及我們所擁有的分析能力無疑是我們的秘訣之一，也是我們持續擁有的最大競爭優勢。實現該分析功能與我們其他解決方案的整合是一項歷時 5 年多的工作，我們已經完成了整合。我認為這反映出市場上的其他公司也意識到，Adobe 相對於其他所有公司都具有顯著的競爭優勢。但從宏觀角度來看，這是一個巨大的機會。我們是領導者。我們將繼續創新。我們看到客戶取得了巨大的成功，但正如我們預期的那樣，這個領域的競爭也會很激烈。

Your next question comes from the line of Jay Vleeschhouwer.

你的下一個問題來自 Jay Vleeschhouwer 的詩句。

One each on Creative Cloud and the Digital Marketing business. On Creative Cloud, when we think about the new product road map that you laid out at MAX and couple that with the creation of a new position, with Scott joining the company as Chief Product Officer, could you perhaps talk about some of the objectives or -- over the next number of years for Creative Cloud? And what I have in mind specifically is would you think there's any sense to perhaps re-segmenting the product line as you once did with CS and use that as a means to further drive ARPU upside? Secondly, on the Marketing Cloud, you've spoken in the past of having 4 dozen or more use cases across multiple industries and as well an objective of eventually having more of a single sign-on or a usage model across all the products. Could you, in that score, talk about perhaps the momentum across the various verticals or use cases that you're seeing or have talked about?

Creative Cloud 和數位行銷業務各一份。關於 Creative Cloud，考慮到您在 MAX 大會上提出的新產品路線圖，以及 Scott 加入公司擔任首席產品長這一新職位，您能否談談 Creative Cloud 在未來幾年內的一些目標？我具體想問的是，您認為重新細分產品線（就像您以前對 CS 所做的那樣）並以此為手段進一步提高 ARPU 是否有意義？其次，關於行銷雲，您過去曾提到過，它有 40 多個跨行業的用例，並且最終目標是在所有產品中實現更統一的單一登入或使用模式。就此而言，您能否談談您所看到或已經討論過的各個垂直領域或用例的發展勢頭？

Sure, Jay. I mean, first on the Creative Cloud, the success that we've continued to see, it's the golden age of creativity and design right now. And when you think about what's happening with augmented reality, virtual reality, artificial intelligence, the kinds of mobile apps that are being created at Adobe, we're just attracting the best. And as you know, we focus tremendously on product. Scott is phenomenal at that. And we're just attracting the best in the world to continue to help us push the envelope on being the design and creativity application. So thrilled to have him onboard. I would not read into that necessarily anything different with respect to segmenting that. I would definitely read into that, that we continue to focus on innovation and making sure that we lead that market the way we've been doing.

當然可以，傑伊。我的意思是，首先是 Creative Cloud，我們一直看到它取得了成功，現在正是創意和設計的黃金時代。當你想到擴增實境、虛擬實境、人工智慧以及 Adob​​e 正在開發的行動應用程式時，你會發現我們正在吸引最優秀的人才。如您所知，我們非常注重產品。斯科特在這方面非常出色。我們正在吸引世界上最優秀的人才，幫助我們不斷突破設計和創意應用的界限。非常高興他能加入我們。我不認為這在細分領域有什麼不同之處。我肯定會這樣理解，那就是我們將繼續專注於創新，並確保我們像以往一樣引領市場。

And with respect to your question on the Marketing Cloud, we will continue to demonstrate all of the different use cases. We will continue to focus on vertical industries. We will focus on sort of how people are using this at high level for things like personalization or multichannel engagement with our customers. But from our point of view, the integration associated with these products, every year, it gets better. So the notion of single sign-on that you're talking about and the fact that our customers can think about audience segmentation and demographics or campaigns or promotion or content velocity already within this platform, we're so far ahead of where the rest of the market is. But you can correctly continue to expect us to make both the integration better as well as the individual point products better.

至於您提出的關於行銷雲的問題，我們將繼續示範所有不同的用例。我們將繼續專注於垂直行業。我們將重點放在人們如何從宏觀層面利用這項技術，例如實現個人化或與客戶進行多管道互動。但從我們的角度來看，這些產品的整合度每年都在提高。所以，您提到的單一登入概念，以及我們的客戶可以在這個平台上考慮受眾細分、人口統計、行銷活動、促銷或內容更新速度等事實，讓我們遠遠領先於市場上的其他公司。但您可以繼續期待我們改進整合以及各個獨立產品。

Your next question comes from the line of Samad Samana.

你的下一個問題出自薩馬德·薩馬納的詩句。

So I had a question on the company's partner program. It's something that your competitors in enterprise software talk about a lot, and I think the companies are talking a lot more about them as well. I was wondering if maybe you can help us understand how much of Experience Cloud bookings they help you co-sell and maybe how we should think about that contribution changing in fiscal '18 as you come off of the changes that you put in place in fiscal '17.

我有一個關於公司合作夥伴計劃的問題。這是你的企業軟體競爭對手經常談論的話題，我認為這些公司也越來越重視這個問題。我想請您幫我們了解一下，Experience Cloud 的預訂量有多少是你們共同銷售的，以及隨著你們在 2017 財年實施的變革，我們應該如何看待 2018 財年這一貢獻的變化。

Yes, I mean, I think when you look at the partner program, there are multiple dimensions to it. But very quickly, the first dimension to it certainly is that all of our products, when we architect our products, just allow developers, whether they be individual developers, whether they be enterprises, whether they be systems integrators or agencies, to extend our products. And so them having their secret sauce to augment our products is a key part of one of our -- our partner strategy. With respect to implementation and strategy services, again, the traditional SIs and digital agencies are very much part of the ecosystem in terms of both implementation, architecture, services and strategy. And as is probably similar to everybody else in the space, when you think about the large deals and the large customers that we have, most of these customers have engagements with some partners as well. And so the partner involvement in these accounts will only continue to increase with the strategic nature of this. But everybody has an Adobe practice. You'll see it -- our kickoff that we have, they are very well represented as well as at our Summit, where we have a Partner Day. So we are pleased with the partner interest and we will continue to leverage it because it's in our best interest as well as in the customers' best interest.

是的，我的意思是，我認為當你審視合作夥伴計畫時，你會發現它包含多個層面。但很快，它的第一個維度肯定是，我們所有的產品，在設計產品架構時，都允許開發人員（無論是個人開發人員、企業、系統整合商或代理商）擴展我們的產品。因此，他們擁有增強我們產品的秘訣，這是我們合作夥伴策略的關鍵組成部分之一。就實施和策略服務而言，傳統的系統整合商和數位機構在實施、架構、服務和策略方面都是生態系統的重要組成部分。可能和業內其他人的情況類似，當我們考慮那些大額交易和大客戶時，會發現這些客戶大多也與一些合作夥伴有合作關係。因此，隨著此類策略的推進，合作夥伴在這些專案中的參與度只會不斷提高。但每個人都有自己的 Adob​​e 使用習慣。你會看到的——在我們的啟動儀式上，他們都有很好的代表，在我們的高峰會上，我們也會舉辦合作夥伴日。因此，我們對合作夥伴的興趣感到滿意，並將繼續利用這種興趣，因為這符合我們和客戶的最大利益。

That's helpful. And then maybe, Mark, if I can just ask a follow-up. The guidance for 15% growth in the first quarter for Experience Cloud, I believe, implies kind of flat revenue from 4Q to 1Q. Could you maybe help us think about seasonality for that business and how we should think about the growth cadence across the quarters?

那很有幫助。馬克，或許我可以問一個後續問題嗎？我認為，Experience Cloud 第一季 15% 的成長預期意味著營收將與第四季持平。您能否幫我們思考一下該業務的季節性因素，以及我們應該如何考慮各季度的成長節奏？

I mean, we had said that if you model out the business next year, it will follow typical patterns that you saw in 2017. So I think you should expect, whether that's total company or even down to the segment level, things following along similar growth patterns to what you saw in '17.

我的意思是，我們之前說過，如果你對明年的業務進行建模，它將遵循你在 2017 年看到的典型模式。所以我認為，無論是整個公司還是細分市場，都應該預期公司的發展模式會與 2017 年的發展模式類似。

Your next question comes from the line of Saket Kalia.

你的下一個問題來自薩凱特·卡利亞的詩句。

Mark, perhaps a less exciting question but about the business but topical nonetheless. I guess I would just want to ask about tax structure and the impact of potential reform. I guess understanding that a lot of this is still very uncertain, can you just give some broad brushes about how pretax income and tax rate in the U.S. maybe compared to the rest of the world, and how you're thinking about potential tax reform for Adobe?

馬克，這個問題或許沒那麼激動人心，但它與業務有關，也切合實際。我想問一下稅收結構以及潛在改革的影響。鑑於目前許多情況仍存在很大不確定性，您能否大致介紹一下美國的稅前收入和稅率與世界其他地區的比較情況，以及您對 Adob​​e 潛在的稅收改革有何看法？

Yes, I mean, obviously, as you said, based on the fact that this isn't final yet, I can't comment too much. I will say we clearly believe that the tax code needs to be overhauled, that it's outdated. We clearly are excited about the proposition to freely access foreign cash. So based on what I see, this is all very positive for Adobe. It would result, we believe, in a lower tax rate for us. It would result, we believe, in our ability to access foreign cash. The good news for Adobe as well is that we've been accruing, for a significant percentage of our foreign cash, at a 30% tax rate. So if this passes at a 14% rate on all our foreign cash, you wouldn't see a significant P&L hit because basically we've already accrued that tax, which is great from Adobe's perspective. So we'll see where it plays out. But based on what we see so far, it's very positive from our perspective.

是的，我的意思是，顯然，正如你所說，鑑於此事尚未最終定論，我無法發表太多評論。我想明確指出，我們一致認為稅法需要徹底改革，它已經過時了。我們顯然對可以自由獲取外幣現金的提議感到興奮。所以就我所見，這對Adobe來說都是非常正面的。我們相信，這將使我們的稅率降低。我們相信，這將使我們能夠獲得外匯。對 Adob​​e 來說，好消息是，我們很大一部分海外現金的累積稅率為 30%。因此，如果這項法案以 14% 的稅率對我們所有的海外現金徵收，您不會看到損益表受到重大影響，因為基本上我們已經提列了這筆稅款，這對 Adob​​e 來說是件好事。所以，我們拭目以待。但就我們目前所看到的，從我們的角度來看，這是非常正面的。

Your next question comes from the line of Keith Bachman.

你的下一個問題出自基斯·巴赫曼之口。

I was wondering if you'd care to make some comments on cash flow for FY '18. And the context of the question is either as a percent of revenue or cash flow growth rates, you mentioned previously, and it was in Q4, your days receivable were up. Is there anything you want to call out or give us any kind of context for cash flow guidance for CY '18 -- or FY '18 rather?

我想請您就 2018 財年的現金流狀況發表一些看法。問題的背景是收入或現金流成長率的百分比，正如您之前提到的，而且是在第四季度，您的應收帳款週轉天數上升了。對於 2018 財年（或更確切地說是 2018 年）的現金流指引，您有什麼需要特別指出或提供一些背景資訊嗎？

Yes. Keith, yes, so the only significant change to the way we've been executing so far is that, as I said, DSOs are up a little bit because of the TubeMogul business just being a different kind of a business from a collections perspective. But outside of that, we gave you margin and earnings guidance for next year that will continue to drive good, strong cash flow. I did say Q1, there's some seasonality in cash flow because we make a lot of year-end disbursements based on accruals that we make in the fourth quarter. But we're continuing to drive growth in cash flow. That's about all I can tell you right now, but I fully expect that cash flow will be up again significantly next year.

是的。Keith，是的，所以到目前為止，我們執行方式的唯一重大變化是，正如我所說，由於 TubeMogul 業務從收款角度來看是一種不同的業務類型，因此 DSO 略有上升。但除此之外，我們也提供了明年的利潤率和獲利預期，這將繼續推動良好強勁的現金流。我的確說過，第一季現金流存在一些季節性因素，因為我們很多年末支出都是基於我們在第四季提列的應計款項。但我們仍在持續推動現金流成長。目前我只能告訴你這些，但我完全相信明年現金流會再次大幅成長。

Okay, great. Then I'll ask a quick follow-up then if I could. Your total booked business, the $6.9 billion, was up about 18%. So strong growth. But relative to your guidance of revenue growth, it's a little less than what the revenue guidance is. How should we think about that number as a proxy going forward in terms of the total booked business relative to revenue guidance?

好的，太好了。如果可以的話，我再問一個後續問題。你們的總預訂業務額為 69 億美元，成長了約 18%。增長強勁。但相對於您對營收成長的預期，實際值略低於預期。我們應該如何看待這個數字，才能將其作為未來總預訂業務量與收入預期之間的參考指標？

So deferred revenue was up 24%. Unbilled -- yes, unbilled maybe was up less than that year-over-year. But we're pretty pleased with just that total number of $6.4 billion and the growth that, that generates going into next year. It's a little hard to take just that and think about how that compares to revenue growth because they're a little bit apples and oranges. Not all of revenue comes off of deferred or unbilled. So you kind of have to look at them separately.

因此，遞延收入成長了 24%。未開票金額－是的，未開票金額可能較去年同期增幅小於此。但我們對 64 億美元的總額以及由此帶來的明年成長感到非常滿意。僅僅根據這一點很難將其與收入成長進行比較，因為它們有點像蘋果和橘子，不能直接比較。並非所有收入都來自遞延或未開立款項。所以你必須把它們分開來看。

Your next question comes from the line of Kirk Materne.

你的下一個問題來自柯克·馬特恩的詩句。

So this Tom Mao on for Kirk. So I was actually wondering about the transition of ETLA contracts to subscription and how that's impacting your growth in Creative Cloud. And what are your expectations for that transition heading into 2018?

所以，湯姆·毛代替柯克上場。所以，我其實是想了解一下 ETLA 合約向訂閱模式的轉變，以及這會對 Creative Cloud 的成長產生怎樣的影響。那麼，您對2018年的過渡期有何預期呢？

Tom, on the Creative Cloud side, a lot of those transitions have actually happened. And what we are actually seeing and what we focus on even more right now are 2 things: one is named user deployment, so ensuring that the adoption of the new Creative Cloud within enterprises is high; and second, adoption of services. So I would say the transition of enterprise customers from buying perpetual to buying Creative Cloud is largely behind us, and really the focus is on adoption of all the new products and services that we have and on ensuring that the named account deployment is going well from their point of view. I would say on the Acrobat side, there's still probably some installed base that exists. But on the Creative Cloud, it's largely behind us.

Tom，在 Creative Cloud 方面，許多這樣的轉變其實已經發生了。而我們現在真正看到並且更重視的是兩件事：一是名為「使用者部署」的內容，即確保企業對新版 Creative Cloud 的採用率高；二是服務的採用率。因此，我認為企業客戶從購買永久授權過渡到購買 Creative Cloud 的進程已經基本完成，現在的重點是推廣我們所有的新產品和服務，並確保指定帳戶的部署從客戶的角度來看進展順利。我認為Acrobat方面，可能仍然有一些用戶群體存在。但在 Creative Cloud 上，這種情況基本上已經成為過去。

Got it. And can you just touch upon your thoughts on the opportunities for Document Cloud heading into fiscal year '18, as it seems like it was picking up momentum in the quarter?

知道了。您能否談談您對 Document Cloud 在 2018 財年的發展機會有何看法？因為該業務似乎在本季獲得了發展勢頭。

Well, we talked about right through the year how the unit growth has really been driving momentum not just in the Document Cloud but also since some of that is reflected in the Creative Cloud -- in Creative Cloud. And it's primarily subscriptions. In fact, all of the subscriptions and services that we continue to see, such as Sign and the Scan product, is driving more PDF adoption. And so we continue to think that PDF will be a really important format as people move from inefficient, paper-based processes to electronic processes.

嗯，我們全年都在討論，用戶成長如何真正推動了Document Cloud的發展勢頭，而且由於部分成長也反映在Creative Cloud中，所以Creative Cloud也受到了影響。而且主要靠訂閱。事實上，我們不斷看到的訂閱和服務，例如 Sign 和 Scan 產品，都在推動 PDF 的普及。因此，我們仍然認為，隨著人們從低效率的紙本流程轉向電子流程，PDF 將成為非常重要的格式。

Your next question comes from the line of Alex Zukin.

你的下一個問題來自 Alex Zukin 的一句話。

This is Taylor Reiners on for Alex. I had a follow-up question on the ETLA question. One of the things that we've been hearing in our conversations is that you've been having a lot of increased success on renewals, moving ETLA customers from point solutions to the entire Creative Cloud portfolio. I was wondering if you could speak to what inning you're at with respect to this expansion dynamic?

這是泰勒·雷納斯替補亞歷克斯上場。我還有一個關於 ETLA 問題的後續問題。我們在交流中聽到的一件事是，你們在續約方面取得了巨大的成功，將 ETLA 客戶從單一解決方案轉移到了整個 Creative Cloud 產品組合。我想請您談談您目前在這個擴張動態中所處的階段？

Well, I think the focus that the field organization has in that particular area is really making sure that people understand that there is a complete offering. And we have customer success managers who are in there, ensuring that people get the value out of it. That's a program that's really been working. We do Adobe Days. We do Evangelism. And as design is becoming more prevalent within enterprises, I think adoption of either the individual products or the complete product within enterprises is increasing. As with the adoption of the Creative Cloud, we started in North America and now we continue to roll that out. But we think that, as we've laid out even for individual users moving the core, migrating the core to Creative Cloud and then doing both the market expansion and value expansion even within enterprise customers based on the new offerings continues to be headroom for us.

我認為，該領域組織的工作重點在於確保人們了解他們提供的服務是全面的。我們也有客戶成功經理負責確保用戶從中獲得價值。那是一個真正行之有效的項目。我們舉辦Adobe Days活動。我們從事福音傳播工作。隨著設計在企業中變得越來越普遍，我認為企業對單一產品或完整產品的採用率也不斷提高。與 Creative Cloud 的推廣一樣，我們最初在北美地區開展業務，現在我們正繼續向其他地區推廣。但我們認為，正如我們之前所闡述的，即使對於個人用戶而言，將核心遷移到 Creative Cloud，然後基於新產品進行市場擴張和價值擴張，即使是在企業客戶中，仍然有我們的發展空間。

Your next question comes from the line of Kash...

你的下一個問題來自卡什的詩句…

Operator, we'll do 2 more questions, please. Thanks.

接線員，我們還要再問兩個問題，謝謝。謝謝。

Your next question comes from the line of Kash Rangan.

你的下一個問題出自卡什·蘭甘的詩句。

This is Shankar in behalf of Kash. I have a question on the Marketing Cloud. As you work through the adoption curve and get into the midsized businesses, can you talk about the adoption trends for marketing solutions? Do you see customers adopting more point solutions versus more the full suite? And is that -- how much of that is factored into the fiscal '18 guidance for growth?

我是 Shankar，代表 Kash。我有一個關於行銷雲的問題。隨著您逐步推進市場採用曲線並進入中型企業，您能否談談行銷解決方案的採用趨勢？您認為客戶更傾向於採用單點解決方案，還是更傾向於採用全套解決方案？那麼，其中有多少因素被納入了 2018 財年的成長預期呢？

Well, I'll answer the second question first. I mean, we clearly look at everything that's happening in the marketplace as we think about the guidance that we have because we take it very seriously. But I think I would say in terms of adoption with new customers, the multi-solution adoption is primarily the way in which we are going to market because people see if they're using content management, having content management with analytics is really the way to go, as well as the audience segmentation part of Audience Manager. And so the fact that we have this comprehensive offering from visitor acquisition to delivery of the content, to measurement and monetization, it's really the way we go to market to reflect the depth of our suite and the importance of the platform adoption.

好，我先回答第二個問題。我的意思是，我們在製定指導方針時，會密切關注市場上發生的一切，因為我們非常重視這一點。但我認為，就新客戶的接受度而言，多解決方案的採用是我們主要的市場推廣方式，因為人們會發現，如果他們正在使用內容管理，那麼將內容管理與分析功能結合起來才是真正的正確做法，此外還有受眾管理器的受眾細分功能。因此，我們擁有從訪客獲取到內容交付，再到衡量和變現的全面服務，這真正體現了我們產品套件的深度和平台採用的重要性，也是我們進入市場的方式。

Got it. And a quick follow-up. On the Microsoft partnership, you talked about the 50 logos that you added on. Can you also talk about any upselling that you achieved based on the partnership into existing customers?

知道了。還有一個後續問題。關於與微軟的合作，你提到了你添加的 50 個標誌。您能否也談談您如何利用合作關係，向現有客戶實現追加銷售？

Well, I think this is so early, but the initial success that we are seeing is really good. And it was just to reflect when you think about, whether it's the Dynamics integration with Campaign, whether it's what we are doing with Adobe Experience Manager with Azure, what's happening with PowerBI, that people are adopting both solutions and the momentum in the business is strong.

我覺得現在下結論還太早，但我們目前看到的初步成功確實非常好。想想看，無論是 Dynamics 與 Campaign 的集成，還是我們正在使用 Azure 的 Adob​​e Experience Manager，亦或是 Power BI 的發展，人們都在採用這兩種解決方案，而且業務發展勢頭強勁。

Your last question comes from the line of Adam Holt.

你最後一個問題出自亞當霍爾特之口。

I just had 2 quick ones. One for you, Mark. This is sort of another embarrassment of margin riches, and as we look into next year, you're looking at 40% margins plus. You're getting to rare air for software companies. Do you think that there's actually margin upside from 40%? Are we kind of getting to the level where you have to reinvest for the growth rates that you all want to achieve?

我剛才只吃了兩顆。給你，馬克。這簡直是利潤率高得令人眼花撩亂，展望明年，利潤率預計將達到 40% 以上。你正在進入軟體公司中的稀有領域。你認為利潤率還有提升空間嗎？我們是不是已經到了需要再投資才能達到大家想要的成長率的階段了？

Yes, obviously, we are very fortunate to be able to have, in my perspective, both significant top line growth at 20-plus percent and significant margin growth at scale already. We've done a great job over the years of managing margin. If there's anything we know how to do at Adobe, that's it. If there are things that we feel that we need to invest in to drive growth, we will do that. But outside of that, we can deliver margins. So I'm not going to guide beyond the 40%-ish that we talked about for next year, but we make those trade-offs every month as we go through spending in the company and clearly want to drive growth.

是的，顯然，在我看來，我們非常幸運，能夠同時實現超過 20% 的顯著營收成長和規模化的顯著利潤成長。多年來，我們在利潤率管理方面做得非常出色。如果說Adobe有什麼拿手絕活，那就是這個了。如果我們認為有必要投資某些方面來推動成長，我們就會這樣做。但除此之外，我們還能保證利潤。因此，我不會對明年超過我們之前討論過的 40% 左右的增長幅度做出預測，但我們每個月都會在公司支出方面做出這些權衡，而且我們顯然希望推動增長。

And if I can, just a quick follow up for Shantanu. When we had talked to Bryan Lamkin at our event a couple of weeks ago, he was pretty constructive about the services opportunity. And you called it out relative to one of the drivers for the Digital Media Cloud. Could you maybe break down how you see that unfolding, what services you're most excited about and how big that can potentially be from a revenue stream? Just order of magnitude, not guidance, obviously.

如果可以的話，我想就 Shantanu 的問題做一個簡短的後續說明。幾週前，我們在活動上與布萊恩·拉姆金交談時，他對服務機會給予了相當積極的評價。你指出了這一點，並將其與數位媒體雲端的某個驅動因素聯繫起來。您能否詳細說明您認為這一發展趨勢將如何演變，您最期待哪些服務，以及這些服務在潛在收入方面能帶來多大的收入？顯然，這只是數量級上的參考，並非指導原則。

Well, thanks, Adam. And as it relates to services, the one that we're seeing a fair amount of traction and year-over-year had quite significant growth was Stock as it relates to Creative Cloud, as well as Sign as it relates to the Document Cloud. But in addition to that, I mean, when we think about the Creative Cloud total addressable market and we think about market expansion in the $5.7 billion, I think, we had talked about it as a 2020 addressable, and $7.1 billion for value expansion. I think the other things such as storage, collaboration I think is a big opportunity ahead of us, the number of people who do the design within an enterprise as it relates to the number of people who will engage in that collaboration. So I expect to see Adobe do more in that particular space. But I think just continuing to afford our customers the ability to come -- training we've always said is a -- and learning content is something that's an opportunity associated with it. So at the analyst meeting, Adam, we gave some numbers, but hopefully, that also gives you some color in terms of the different services that we have.

謝謝你，亞當。至於服務方面，我們看到成長勢頭良好，並且與去年同期相比實現了相當顯著的成長，其中與 Creative Cloud 相關的 Stock 服務以及與 Document Cloud 相關的 Sign 服務都取得了顯著成長。但除此之外，我的意思是，當我們考慮 Creative Cloud 的總潛在市場，並考慮 57 億美元的市場擴張時（我認為，我們曾將其視為 2020 年的潛在市場），以及 71 億美元的價值擴張。我認為其他方面，例如儲存、協作，我認為是我們面前的巨大機遇，企業內部從事設計的人數與參與協作的人數密切相關。因此，我期待看到 Adob​​e 在該領域投入更多精力。但我認為，繼續讓我們的客戶能夠前來——我們一直說培訓是一種——學習內容是一種與之相關的機會。所以，亞當，在分析師會議上，我們給了一些數字，但希望這些數字也能讓你對我們不同的服務有所了解。

And since that was the last question, what I wanted to say was as we celebrate our 35th anniversary, I know all of us here at Adobe are really proud of the impact that we've had on society and really the continuous innovation that we're delivering across the world by all of our employees. It feels the strategy that we have empowering people to create and helping businesses transform is really resonating. They represent large addressable markets with very significant tailwinds. The relentless execution we continue to demonstrate means that we're pretty unique from a financial perspective in terms of both driving top line and bottom line growth profitably with significant operating margins. We had outstanding financial results in Q4 and FY '17. Our focus in FY '18 on continuing to deliver great value to an incredibly diverse set of customers. And so we remain really enthusiastic about the opportunities ahead of us.

因為這是最後一個問題，我想說的是，在我們慶祝成立 35 週年之際，我知道 Adob​​e 的所有人都為我們對社會的影響以及我們所有員工在世界各地不斷帶來的創新感到非常自豪。我們賦予人們創造力並幫助企業轉型的策略似乎真的引起了共鳴。它們代表龐大的潛在市場，並擁有非常強勁的利多因素。我們持續展現出的不懈努力意味著，從財務角度來看，我們在實現營收和利潤雙雙成長並保持可觀的營運利潤率方面，是非常獨特的。我們在2017年第四季和全年都取得了優異的財務表現。2018 財年，我們的重點是繼續為極度多元化的客戶群提供巨大價值。因此，我們對未來的機會依然充滿熱情。

Thank you for joining us today, and wishing you and your families a joyous holiday season.

感謝您今天蒞臨，祝您和您的家人節日快樂。

Thank you. This concludes our call today.

謝謝。今天的通話到此結束。