Adobe Inc (ADBE) 2018 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. I would like to welcome you to Adobe Systems' First Quarter Fiscal Year 2018 Earnings Conference Call. (Operator Instructions) Thank you.

女士們、先生們，午安。歡迎各位參加 Adob​​e Systems 2018 財年第一季財報電話會議。（操作說明）謝謝。

I would now like to turn the call over to Mr. Mike Saviage, Vice President of Investor Relations. Please go ahead, sir.

現在我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 first quarter fiscal year 2018 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 would like a copy of these documents, you can go to Adobe's Investor Relations page and find them listed under Quick Links.

在今天的電話會議中，我們將討論 Adob​​e 2018 財年第一季的財務表現。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, March 15, 2018, 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 2018 年 3 月 15 日的信息，並且包含涉及風險和不確定性的前瞻性陳述。實際結果可能與此類聲明中所述的結果有重大差異。有關這些風險和不確定性的討論，您應該查看我們今天發布的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 re-recorded 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，不得重新錄製通話音訊和網路直播存檔，或以其他方式複製或散佈。

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 2018 is off to a strong start for Adobe as we continue to successfully execute against our strategy. In Q1, we delivered record revenue of $2.08 billion, which represents 24% year-over-year growth. GAAP earnings per share in Q1 was $1.17, and non-GAAP earnings per share was $1.55.

謝謝你，麥克，下午好。Adobe 2018 財年開局強勁，我們繼續成功地執行我們的策略。第一季度，我們實現了創紀錄的 20.8 億美元收入，年增 24%。第一季GAAP每股收益為1.17美元，非GAAP每股收益為1.55美元。

Our strategy to empower people to create and transform how businesses compete is working. Our relentless focus on delivering innovation to our customers is continuing to drive our outstanding performance. Across the globe, individuals and companies now recognize that great experiences have become the basis of differentiation in an increasingly competitive and complex world. With the world's best digital media and digital experience cloud-based solutions, Adobe has become the go-to company for helping customers develop and deliver transformative digital experiences.

我們透過賦予員工創造和改變企業競爭方式的策略正在奏效。我們始終堅持為客戶提供創新產品，這正是我們取得卓越業績的持續動力。如今，全球各地的個人和公司都意識到，在競爭日益激烈、日益複雜的世界中，卓越的體驗已成為脫穎而出的基礎。憑藉全球最佳的數位媒體和數位體驗雲端解決方案，Adobe 已成為幫助客戶開發和交付變革性數位體驗的首選公司。

In our Digital Media business, we achieved strong growth in both Creative revenue and Document Cloud revenue for Q1, achieving net new annualized recurring revenue, or ARR, growth of $336 million. We exited Q1 with Creative ARR of $5.07 billion, marking the first time Creative ARR has surpassed $5 billion.

在我們的數位媒體業務中，第一季創意收入和文件雲端收入均實現了強勁成長，淨新增年度經常性收入（ARR）成長了 3.36 億美元。第一季末，我們的創意 ARR 達到 50.7 億美元，這是創意 ARR 首次突破 50 億美元大關。

Across our individual, team and enterprise offerings, we continue to acquire new subscribers through Creative Cloud Single App and all App offerings. We focus on retention by driving customer engagement through products, services and community. In addition to strength in our major geographies, emerging markets such as Korea, China and Southeast Asia are beginning to contribute to subscriber growth.

在我們的個人版、團隊版和企業版產品中，我們持續透過 Creative Cloud 單應用版和所有應用版產品獲得新用戶。我們透過產品、服務和社群來提高客戶參與度，從而專注於客戶留存。除了在主要地區保持強勁勢頭外，韓國、中國和東南亞等新興市場也開始為用戶成長做出貢獻。

Creative Cloud remains the gold standard for creativity and design. We deliver ongoing value to our subscribers through major feature enhancements in our existing flagship applications across desktop and mobile devices. In addition, we're attracting a broader set of consumers and creative professionals through innovative new applications like Adobe Character Animator, Spark, Lightroom CC, Dimension and XD.

Creative Cloud 仍然是創意和設計領域的黃金標準。我們透過在桌面和行動裝置上現有旗艦應用程式的重大功能增強，不斷為訂閱用戶提供價值。此外，我們還透過 Adob​​e Character Animator、Spark、Lightroom CC、Dimension 和 XD 等創新應用程序，吸引了更廣泛的消費者和創意專業人士。

Adobe XD is an innovative new app for designing experiences across multiple screens. In addition to graphic, mobile and website designers, product managers are adopting this all-in-one solution that combines design, prototyping and collaboration capabilities. We recently delivered workflow enhancements, tighter integration with Photoshop and deeper support for new modalities such as pen and touch. Major companies including Wipro have standardized on XD as their core design product.

Adobe XD 是一款創新應用程序，用於設計跨多個螢幕的體驗。除了平面設計師、行動應用設計師和網站設計師之外，產品經理也開始採用這種集設計、原型製作和協作功能於一體的解決方案。我們最近推出了工作流程增強功能，與 Photoshop 更緊密地集成，並更深入地支援筆和觸控等新模式。包括Wipro在內的多家大型公司已將XD作為核心設計產品。

Video continues to be an explosive category, and our editing and production products, including Adobe Premiere Pro and After Effects, continue to gain momentum among large production houses as well as independent filmmakers. More than half of the films at the recent Sundance Film Festival were edited with Premiere Pro as were the majority of virtual reality projects.

影片領域持續蓬勃發展，我們的編輯和製作產品，包括 Adob​​e Premiere Pro 和 After Effects，在大製作公司和獨立電影製作人中持續獲得發展勢頭。在最近的聖丹斯電影節上，超過一半的影片都是用 Premiere Pro 剪輯的，大多數虛擬實境專案也是如此。

Adobe Spark makes it easy for everyday communicators to transform their ideas into beautiful visual stories that make an impact with graphics, videos and web pages. Starting next month, Adobe Spark Premium will be accessible to every student globally, and we're already beginning to see strong adoption across school districts in areas like Anaheim in California, Roanoke in Virginia, Burnsville in Minnesota and Deer Park in Texas.

Adobe Spark 讓日常溝通者能夠輕鬆地將他們的想法轉化為精美的視覺故事，並透過圖形、影片和網頁產生影響。從下個月開始，全球所有學生都可以使用 Adob​​e Spark Premium，我們已經開始看到加州阿納海姆、維吉尼亞州羅阿諾克、明尼蘇達州伯恩斯維爾和德克薩斯州迪爾帕克等地區的學區大力推廣這項服務。

In addition to the world's best desktop and mobile tools, we continue to focus on community and services to provide inspiration and accelerate the creative process. Adobe Stock now has a library of more than 80 million images, videos and creative assets. Last month, we announced a partnership with the Pantone Color Institute to curate a collection of Adobe Stock Premium images inspired by the top colors in fashion as well as a gallery of Adobe Stock images that captures the essence of Pantone's always highly anticipated Color of the Year. It's Pantone 18-3838 Ultra Violet, for those of you who are curious. Adobe Stock achieved record revenue in the quarter with greater than 20% year-over-year growth.

除了提供全球最佳的桌面和行動工具外，我們還將繼續專注於社群和服務，以激發靈感並加速創作過程。Adobe Stock 目前擁有超過 8,000 萬張圖片、影片和創意素材庫。上個月，我們宣布與潘通色彩研究所合作，策劃了一系列受時尚界頂級色彩啟發的 Adob​​e Stock Premium 圖片，以及一個捕捉潘通年度流行色精髓的 Adob​​e Stock 圖片庫。如果你好奇的話，它的顏色是潘通色卡 18-3838 紫外光色。Adobe Stock本季營收創歷史新高，較去年同期成長超過20%。

Adobe Document Cloud is the world's leading digital document service, enabling individuals and businesses to automate inefficient paper-based processes. Acrobat performance across Creative Cloud and Document Cloud was particularly strong in Q1. Document Cloud subscriptions and Acrobat perpetual licensing drove 18% year-over-year revenue growth and $33 million in net new ARR.

Adobe Document Cloud 是全球領先的數位文件服務，使個人和企業能夠實現低效的紙本流程自動化。第一季度，Acrobat 在 Creative Cloud 和 Document Cloud 的表現尤其強勁。Document Cloud 訂閱和 Acrobat 永久授權推動了 18% 的年成長收入和 3,300 萬美元的淨新增 ARR。

As worldwide PDF adoption continues, we're focused on delivering new services, including Adobe Scan and Adobe Sign. Adobe Scan, our mobile PDF application that leverages Adobe Sensei to capture and create intelligent PDFs, has been downloaded more than 7 million times. Adobe Sign is now the preferred e-signature solution in Office 365, and we closed our first set of joint customers in the quarter.

隨著全球範圍內 PDF 的普及，我們正致力於提供新的服務，包括 Adob​​e Scan 和 Adob​​e Sign。Adobe Scan 是我們推出的行動 PDF 應用程序，它利用 Adob​​e Sensei 來擷取和建立智慧 PDF，下載量已超過 700 萬次。Adobe Sign 現在是 Office 365 中首選的電子簽名解決方案，而我們在本季度完成了第一批聯合客戶交易。

Digital transformation and the ability to deliver immersive, intelligent and impactful customer experiences is a strategic imperative for businesses and governments worldwide. To drive customer engagement and growth, you need to be an experience business, and the Adobe Experience Cloud is the industry's most complete and integrated offering.

數位轉型以及提供沉浸式、智慧化和有影響力的客戶體驗的能力，是全球企業和政府的戰略要務。要提升客戶參與度並促進業務成長，你需要成為體驗型企業，而 Adob​​e Experience Cloud 是業界最完整、最整合的解決方案。

We achieved Experience Cloud revenue of $554 million in Q1 and strong bookings across Adobe Marketing Cloud, Adobe Analytics Cloud and Adobe Advertising Cloud. Key customer deals included Braun, City National Bank, Expedia, Ford, the NFL, Rakuten, Samsung and T. Rowe Price.

第一季度，我們的 Experience Cloud 營收達到 5.54 億美元，Adobe Marketing Cloud、Adobe Analytics Cloud 和 Adob​​e Advertising Cloud 的預訂量也十分強勁。主要客戶包括 Braun、City National Bank、Expedia、福特、NFL、樂天、三星和 T. Rowe Price。

In Q1, Adobe was once again recognized as a leader by industry analyst firms, achieving top scores among evaluated vendors in The Forrester Wave: Enterprise Marketing Software Suites and The Forrester Wave: Cross-Channel Campaign Management reports. Adobe was positioned as a major player in IDC's Marketscape Worldwide AI in Enterprise Marketing Clouds Vendor Assessment, with Adobe Sensei ranking highest in capabilities. In the competitive category of digital experiences, Adobe was recognized as a leader in the Gartner Magic Quadrant for Digital Experience Platforms.

第一季度，Adobe 再次被產業分析公司公認為領導者，在 Forrester Wave：企業行銷軟體套件和 Forrester Wave：跨通路行銷活動管理報告中，Adobe 在受評供應商中獲得了最高分。在IDC發布的《全球企業行銷雲端人工智慧供應商評估市場概覽》中，Adobe被定位為主要參與者，其中Adobe Sensei的功能排名最高。在競爭激烈的數位體驗領域，Adobe 被 Gartner 數位體驗平台魔力像限評為領導者。

We're in a world where businesses are challenged to reach, engage and influence their customers across multiple digital touch points and new interfaces including voice, augmented reality and virtual reality. Our goal is to be a mission-critical partner to governments and enterprises as they undergo this essential digital transformation. Our success is a result of our comprehensive offering, our deep investment in technology and a rich ecosystem of partners.

如今，企業面臨著透過多種數位接觸點和新介面（包括語音、擴增實境和虛擬實境）來觸及、吸引和影響客戶的挑戰。我們的目標是成為政府和企業在進行這項至關重要的數位轉型過程中不可或缺的合作夥伴。我們的成功源自於我們全面的產品和服務、對技術的深度投入以及豐富的合作夥伴生態系統。

In 2 weeks, we'll be hosting Summit, our annual digital experience conference that brings together the world's biggest brands, agencies, consulting firms and media companies. Leaders from Coca-Cola, the NFL, Mercedes-Benz, Tourism Australia, Marriott and more will share how they're tackling digital transformation and capitalizing on new opportunities in the experience era. We plan to unveil a spectrum of new Experience Cloud capabilities including new Sensei-powered features that will use new algorithms to simplify complex tasks.

兩週後，我們將舉辦年度數位體驗大會——高峰會，屆時將匯集全球最大的品牌、代理商、顧問公司和媒體公司。來自可口可樂、美國國家橄欖球聯盟、梅賽德斯-奔馳、澳洲旅遊局、萬豪酒店等公司的領導人將分享他們如何應對數位轉型，並在體驗時代抓住新的機會。我們計劃推出一系列全新的 Experience Cloud 功能，包括由 Sensei 提供支援的新功能，這些功能將使用新的演算法來簡化複雜的任務。

We've long recognized that our Experience Cloud customers need more than just innovative products. They need a partner who can help them navigate the many challenges involved in digital transformation. Adobe has always prided itself on being that trusted partner. And at Summit, we will introduce a broad spectrum of programs that champion and enable our customers.

我們一直都意識到，我們的體驗雲客戶需要的不僅僅是創新產品。他們需要一位合作夥伴，幫助他們應對數位轉型過程中遇到的許多挑戰。Adobe一直以成為值得信賴的合作夥伴而自豪。在高峰會上，我們將推出一系列旨在支援和幫助客戶的計畫。

We've made great strides in delivering new magic through Adobe Sensei, our artificial intelligence and machine learning framework across Creative Cloud, Document Cloud and Experience Cloud. Last month, we were recognized by Fast Company as one of the most innovative companies in artificial intelligence.

我們透過 Adob​​e Sensei（我們的人工智慧和機器學習框架，涵蓋 Creative Cloud、Document Cloud 和 Experience Cloud）在提供全新功能方面取得了巨大進展。上個月，我們被《快公司》雜誌評為人工智慧領域最具創新力的公司之一。

We're keenly aware that our continued growth as a company is made possible by an innovative and exceptional team of employees around the world. We were recently recognized by Fortune as one of the world's most admired software companies. Fortune also named Adobe one of its 100 Best Companies to Work For, the 18th year we've been honored with that designation.

我們深知，公司能夠持續發展壯大，離不開遍佈全球的創新優秀員工團隊。我們最近被《財星》雜誌評為全球最受尊敬的軟體公司之一。《財星》雜誌也將 Adob​​e 評為 100 家最佳雇主公司之一，這是我們第 18 年獲此殊榮。

Adobe continues to have the right strategy, products and people in place to drive future growth. And we're fortunate to go to market with the industry's best partners and serve the world's most innovative customers across all industries and geographies. 2018 is off to an outstanding start, and we look forward to building on this momentum. Mark?

Adobe 擁有正確的策略、產品和人才，將繼續推動未來的成長。我們很幸運能夠與業內最好的合作夥伴一起進入市場，並為全球各行各業、各個地區最具創新精神的客戶提供服務。2018 年開局非常出色，我們期待在此勢頭基礎上繼續發展。標記？

Thanks, Shantanu. In the first quarter of FY '18, Adobe's momentum continued with record revenue of $2.08 billion, which represents 24% year-over-year growth. GAAP diluted earnings per share in Q1 was $1.17, and non-GAAP diluted earnings per share was $1.55. We drove strong performance across our product offerings and geographies during the quarter.

謝謝你，沙塔努。2018 財年第一季，Adobe 持續保持成長勢頭，營收創下 20.8 億美元的紀錄，較去年同期成長 24%。第一季GAAP稀釋後每股收益為1.17美元，非GAAP稀釋後每股收益為1.55美元。本季度，我們的所有產品和業務區域均取得了強勁的業績。

Highlights in Q1 included: record Digital Media revenue, including Creative revenue of $1.23 billion and Adobe Document Cloud revenue of $231 million; record Adobe Experience Cloud revenue of $554 million; net new Digital Media ARR of $336 million, and exiting Q1 with more than $5 billion of Creative ARR; deferred revenue growth of 25% year-over-year; record cash flow from operations of $990 million; returning over $300 million of cash to our stockholders through stock buyback; and a record 88% of our revenue in Q1 was from recurring sources.

第一季亮點包括：創紀錄的數位媒體收入，其中創意收入達 12.3 億美元，Adobe Document Cloud 收入達 2.31 億美元；創紀錄的 Adob​​e Experience Cloud 收入達 5.54 億美元；新增數位媒體年度經常性收入淨額達 3.36 億美元，第一季收入比遞上創收入超過 50 億美元的創收入； 9.9 億美元；透過股票回購向股東返還超過 3 億美元的現金；以及第一季 88% 的收入來自經常性收入，創歷史新高。

In Digital Media, we grew segment revenue by 28% year-over-year. The addition of $336 million net new Digital Media ARR during the quarter grew the total to $5.72 billion exiting Q1.

在數位媒體領域，我們實現了28%的部門營收年增。本季新增 3.36 億美元數位媒體 ARR，使第一季末的總 ARR 達到 57.2 億美元。

Within Digital Media, Creative revenue grew 30% year-over-year in Q1, and we increased Creative ARR by $303 million. Several key factors helped drive this growth, including: strong net new subscriptions across user segments and geographies, spanning creative professionals to consumers and students; and quarter-over-quarter growth in ARPU across all product categories.

在數位媒體領域，創意收入在第一季同比增長了 30%，創意 ARR 增加了 3.03 億美元。推動這一成長的幾個關鍵因素包括：用戶群和地理（從創意專業人士到消費者和學生）的強勁新增訂閱量；以及所有產品類別的 ARPU 逐季增長。

In addition, services are helping to grow Creative ARR and revenue. Adobe Stock had a strong quarter, and Stock and collaboration services helped grow Creative Cloud enterprise ARR. 86% of creative enterprise agreements signed during Q1 included services, which helps expand the use of Creative Cloud within companies and makes it more mission critical to content workflows.

此外，各項服務也有助於提升創意類年度經常性收入與營收。Adobe Stock 本季表現強勁，Stock 和協作服務協助 Creative Cloud 企業 ARR 成長。第一季簽署的創意企業協議中有 86% 包含服務，有助於擴大 Creative Cloud 在公司內部的使用範圍，並使其對內容工作流程更加至關重要。

During Q1, we finalized a transition on adobe.com from using U.S. dollar estimates from our third-party e-commerce platform in certain emerging markets to using transactional level data denominated in local currencies. This transition resulted in a one-time catch-up of approximately $20 million to our ending ARR balance and is reflected in the Q1 ARR increase.

在第一季度，我們完成了 adobe.com 在某些新興市場的過渡，從使用第三方電子商務平台提供的美元估算值，過渡到使用以當地貨幣計價的交易級資料。此次調整導致我們期末 ARR 餘額一次性增加了約 2000 萬美元，並反映在第一季 ARR 的成長中。

With Document Cloud, we achieved strong revenue with 18% year-over-year growth. The performance in Q1 was driven by continued strength with Acrobat subscription adoption and perpetual licensing of Acrobat through the channel. Acrobat year-over-year unit growth across Creative Cloud and Document Cloud again exceeded 20%, and Adobe Sign contributed with another solid quarter of revenue and ARR growth.

借助 Document Cloud，我們實現了強勁的營收成長，年增 18%。第一季業績主要得益於 Acrobat 訂閱用戶數量的持續成長以及透過管道獲得的 Acrobat 永久授權的持續強勁成長。Adobe Creative Cloud 和 Document Cloud 的 Acrobat 年比銷量成長再次超過 20%，Adobe Sign 也再次實現了穩健的季度營收和 ARR 成長。

In our Digital Experience segment, we achieved Adobe Experience Cloud revenue of $554 million, which represents 16% year-over-year revenue growth. Subscription revenue grew 22% year-over-year. Experience Cloud performance in Q1 was driven by success across our Analytics Cloud, Marketing Cloud and Advertising Cloud offerings, with emerging solutions such as Audience Manager, Campaign, Target and Media Optimizer solutions achieving strong results.

在我們的數位體驗業務部門，Adobe Experience Cloud 的營收達到 5.54 億美元，較去年同期成長 16%。訂閱收入較去年同期成長 22%。第一季 Experience Cloud 的業績表現主要得益於 Analytics Cloud、Marketing Cloud 和 Advertising Cloud 產品的成功，其中 Audience Manager、Campaign、Target 和 Media Optimizer 等新興解決方案取得了強勁的業績。

From a quarter-over-quarter currency perspective, FX increased revenue by $12.2 million. We had $1 million in hedge gains in Q1 FY '18 versus $1 million in hedge gains in Q4 FY '17, thus, the net sequential currency increase to revenue considering hedging gains was $12.2 million.

從季度環比匯率角度來看，外匯收入增加了 1,220 萬美元。我們在 2018 財年第一季獲得了 100 萬美元的對沖收益，而 2017 財年第四季也獲得了 100 萬美元的對沖收益，因此，考慮到對沖收益，收入的淨環比匯兌成長為 1,220 萬美元。

From a year-over-year currency perspective, FX increased revenue by $35.6 million. We had $1 million in hedge gains in Q1 FY '18 versus $18.3 million in hedge gains in Q1 FY '17, thus, the net year-over-year currency

從年比匯率角度來看，外匯業務收入增加了 3,560 萬美元。2018財年第一季度，我們的對沖收益為100萬美元，而2017財年第一季為1830萬美元，因此，年比淨收益為…

(technical difficulty)

（技術難題）

Cash flow from operations was a record $990 million in the quarter. In Q1 FY '18, we repurchased 1.6 million shares at a cost of $301 million, which lowered our diluted share count to less than 500 million shares. We have approximately $1.6 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達到創紀錄的9.9億美元。2018 財年第一季度，我們以 3.01 億美元的價格回購了 160 萬股股票，使我們的稀釋後股票數量減少到不到 5 億股。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 16 億美元。

I will now provide our financial outlook. In Q2 FY '18, we are targeting: revenue of approximately $2,150,000,000; Digital Media segment year-over-year revenue growth of approximately 25%; Digital Experience segment year-over-year revenue growth of approximately 15%; tax rate of approximately 13% on a GAAP basis and 11% on a non-GAAP basis; share count of approximately 499 million shares; GAAP earnings per share of approximately $1.16; non-GAAP earnings per share of approximately $1.53; and net new Digital Media ARR of approximately $330 million.

接下來我將介紹我們的財務展望。2018 財年第二季度，我們的目標是：營收約 21.5 億美元；數位媒體業務年增約 25%；數位體驗業務同比增長約 15%；GAAP 稅率約 13%，非 GAAP 稅率約 11%；股份數量約 4.99 億市淨收益；美元；以及新增數位媒體年度經常性收入淨額約 3.3 億美元。

We expect revenue, earnings per share and Digital Media ARR results in Q3 and Q4 to follow similar seasonality as was achieved in FY '17. Our leadership in the large addressable markets we created, combined with Adobe's leveraged operating model, contributed to another record quarter in Q1. We look forward to seeing you at Summit. Mike?

我們預計第三季和第四季的營收、每股盈餘和數位媒體 ARR 業績將遵循與 2017 財年類似的季節性規律。我們在所創建的大型目標市場中的領先地位，加上 Adob​​e 的槓桿式營運模式，促成了第一季又一個創紀錄的季度。我們期待在峰會上見到您。麥克風？

Thanks, Mark. Day 1 of Adobe Summit, the world's largest digital experience conference, is Tuesday, March 27. An invitation with registration and discounted pricing information to attend Summit in Las Vegas was sent out in January to our investor and analyst e-mail list. We will host an informal Q&A session with financial analyst attendees and Adobe management on the afternoon of the 27th. Attendees can also attend educational sessions, meet with customers and partners and learn more about our solutions at the conference. More details about Summit are available at summit.adobe.com.

謝謝你，馬克。全球最大的數位體驗大會 Adob​​e Summit 的第一天是 3 月 27 日星期二。1 月份，我們向投資者和分析師的電子郵件清單發送了參加拉斯維加斯峰會的邀請函，其中包含註冊資訊和折扣價格資訊。我們將於 27 日下午與金融分析師與會者和 Adob​​e 管理層舉行非正式問答環節。與會者還可以參加教育課程，與客戶和合作夥伴會面，並在大會上了解更多關於我們解決方案的資訊。有關 Summit 的更多詳細信息，請訪問 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 #6388567. 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 March 21, 2018.

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 #6388567。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 2018 年 3 月 21 日。

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

現在我們很樂意回答您的問題。（操作說明）操作員？

(Operator Instructions) Your first question comes from Adam Holt with MoffettNathanson.

（操作說明）您的第一個問題來自 MoffettNathanson 的 Adam Holt。

60%-plus EPS growth, just amazing. I guess my question is for Shantanu. As we head into the Summit event, it's an interesting market. We've been seeing headlines about companies like Procter & Gamble cutting digital media spend. And it's been -- it sort of seems like a little bit more of a mixed environment, yet you all continue to do well. And I wanted to, a, get your sense for how the end market feels to you, whether things like cut on digital spend trickles down into your market. And, b, just thinking about the growth rates, do you feel like you're at steady state with sort of Digital Experience at 15%? Or can that -- can you do better as some of your products get more mature? That's it.

每股收益成長超過60%，簡直令人驚嘆。我想問的是Shantanu。隨著高峰會的臨近，市場情況變得很有趣。我們經常看到像寶潔這樣的公司削減數位媒體支出的新聞報導。而且，這裡似乎是個比較複雜的環境，但你們都做得很好。我想了解您對終端市場的感受，例如數位支出削減等因素是否會對您們的市場產生影響。其次，從成長率的角度來看，您是否覺得數位體驗的成長率在 15% 左右已經達到穩定狀態了？或者，隨著一些產品的成熟，你能做得更好嗎？就是這樣。

Thanks, Adam. As it relates to digital transformation and what's happening in the Digital Experience business, it actually feels like the spending environment for digital within enterprises remains unaffected by what you're referring to as marketing spend. And the reason for that is that everybody is trying to engage with their customers digitally across touch points. And as you know, our offering, which is the most comprehensive, actually has everything to do with not just the advertising spend aspect of marketing but also the delivery of the content, the multichannel campaign communication, the audience segmentation. And to give you maybe a little bit more color on that, Adam, it's really about the themes that we hear about are, first, every business is trying to do customer segmentation, every business is trying to do -- ensuring that they can personalize the experience they're delivering for their customers and running the business, frankly, by looking at real-time metrics, which correspond clearly to our Audience Manager product, our Analytics product and our Campaign product. So it feels like long term, the digital media spend is only going to increase. People are going to ask for more attribution associated with it. And so it feels really strong. We had a strong revenue as well as a bookings quarter. The last thing I might say in that is if you look at the underlying business, I think we said in the prepared remarks that the revenue actually grew greater than 20%. And that's as a result of us focusing a lot more on subscription bookings and subscription revenue rather than focusing on services because we have an incredibly large ecosystem of partners. So it feels really good, and we expect the momentum to continue.

謝謝你，亞當。就數位轉型和數位體驗業務的發展而言，企業內部的數位化支出環境似乎並未受到您所謂的行銷支出的影響。原因在於，每個人都在嘗試透過各種接觸點以數位化方式與客戶互動。如您所知，我們提供的服務最為全面，實際上不僅涉及行銷的廣告支出方面，還涉及內容交付、多管道行銷活動溝通、受眾細分等各個方面。亞當，為了讓你更清楚地了解這一點，我們聽到的主題是，首先，每個企業都在嘗試進行客戶細分，每個企業都在嘗試確保他們能夠為客戶提供個性化的體驗，坦率地說，他們通過查看實時指標來運營業務，這些指標與我們的受眾管理產品、分析產品和營銷活動產品明顯相關。因此，從長遠來看，數位媒體支出只會不斷增加。人們會要求提供更多相關的歸屬資訊。所以感覺非常強勁。我們的營收和預訂量都表現強勁。最後我想說的是，如果你看公司的基本業務，我想我們在準備好的發言稿中說過，收入實際上增長了超過 20%。這是因為我們更專注於訂閱預訂和訂閱收入，而不是服務本身，因為我們擁有一個極其龐大的合作夥伴生態系統。感覺真的很好，我們預計這種勢頭會繼續下去。

Your next question comes from Ross MacMillan with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的羅斯·麥克米倫。

Maybe just on -- actually on Digital Media. I'm curious on the comment on 86% attach of services on Creative Cloud. I'm just curious as to -- is there any way to think about how material that is on driving ARPU as you think about that service attach? And then maybe as a follow-up to Mark, was there any impact on new ARR from the impending price increase that went into effect on March 1? Was there any sort of shift of renewals, for example, into Q1?

或許只是在——確切地說是在數位媒體上。我對「Creative Cloud 服務附加率達 86%」的評論很感興趣。我只是好奇——在考慮服務附加價值時，有沒有辦法思考這些材料是如何影響 ARPU 的？那麼，作為對 Mark 問題的後續，即將於 3 月 1 日生效的價格上漲是否對新的 ARR 產生了任何影響？例如，續約是否有任何提前到第一季的情況？

Ross, with respect to your first question and environment within the enterprise, we have talked about, during the first time we transitioned enterprise customers from buying the perpetual product to buying the cloud product that we had, in effect, mirrored the various solutions that we had as part of Creative Suite. As we are now increasingly renewing them, we have been doing, I think, a great job of evangelizing the entire suite of products. So the first thing we see as it relates to ARPU increases is people moving from a subset of products to using the entire suite of products. The other thing that we've been doing with enterprises is continuing to reflect the benefits of adopting Adobe Stock so that they can have access to all of those great content as an on-ramp to accelerate the creativity process as well as things like Creative Libraries, which enables an enterprise to globally ensure that they're using the same fonts and colors and assets to ensure consistency and improve what we call as content velocity. And so I think the need from enterprises to really standardize across all of our products and with content management and asset management now becoming an increasingly important thing, it's really great to see both the ARPU increase and the increased adoption of our Creative products within enterprises. And that's certainly contributing to the strength in ARR that you saw.

Ross，關於你的第一個問題以及企業內部的環境，我們之前討論過，在我們第一次將企業客戶從購買永久產品過渡到購買雲端產品時，我們實際上反映了我們作為 Creative Suite 一部分的各種解決方案。隨著我們不斷更新產品，我認為我們在推廣全套產品方面做得非常出色。因此，我們看到與 ARPU 成長相關的第一個變化是，人們從使用部分產品轉向使用全套產品。我們一直在與企業合作的另一件事是，繼續宣傳採用 Adob​​e Stock 的好處，以便他們能夠訪問所有這些優質內容，作為加速創意過程的入口，以及 Creative Libraries 等功能，使企業能夠在全球範圍內確保使用相同的字體、顏色和素材，從而確保一致性並提高我們所說的內容速度。因此，我認為企業需要真正實現我們所有產品的標準化，而內容管理和資產管理現在變得越來越重要，看到 ARPU 成長以及企業對我們創意產品的採用率提高，真的令人欣喜。這無疑對你所看到的 ARR 的強勁成長起到了推動作用。

And then Ross, as it relates to the price increase in Creative Cloud, it's a process. We started communication with the channel and customers in March. We're trying to be very diligent about the communication and getting it right. The price changes were not in effect in Q1. They'll take effect in Q2. And as we've said from the very beginning, it won't represent a material impact on ARR in '18.

至於 Creative Cloud 的價格上漲問題，羅斯，這是一個過程。我們從三月開始與通路和客戶溝通。我們力求在溝通方面做到盡善盡美，確保溝通準確無誤。第一季價格調整尚未生效。這些措施將於第二季生效。正如我們從一開始就說過的那樣，這不會對 2018 年的 ARR 產生實質影響。

And the last thing I'd maybe add to that, Ross, is we don't think there was an impact associated with the impending price as it related to Q1 results. And so when we look at our Q1 results across geographies, it wasn't as if there was an impact of that in Q1.

最後我想補充一點，羅斯，我們認為即將到來的價格變動對第一季業績沒有影響。因此，當我們查看第一季各地區的業績時，並沒有發現第一季受到了什麼影響。

Meaning that people were not buying in advance of the price increase.

這意味著人們並沒有在價格上漲前提前購買。

Yes, exactly. No, I think that was clear from your guide on ARR in Q2.

是的，正是如此。不，我認為你在第二季發布的 ARR 指南中已經很清楚地說明了這一點。

Your next question comes from Jennifer Lowe with UBS.

下一個問題來自瑞銀集團的珍妮佛洛。

Shantanu, maybe a question for you. You've commented in your prepared remarks that you were seeing an increase in demand for Creative Cloud in emerging markets and you named Korea, China, Southeast Asia. And China in particular is an interesting one given how usage of Creative Suite may be low monetization. Can you talk a little bit about what your sense is on how much of that is existing paying customers migrating to Creative Cloud versus starting to eat into piracy a bit in that market in particular?

Shantanu，或許我有個問題想問你。您在準備好的演講稿中提到，您看到新興市場對 Creative Cloud 的需求不斷增長，您也提到了韓國、中國和東南亞。尤其是中國，情況比較有趣，因為創意套件的使用率可能較低，變現率也較低。您能否談談您認為這其中有多少是現有付費客戶遷移到 Creative Cloud，又有多少是開始在該市場打擊盜版？

Sure, Jennifer. I mean, I think what we are seeing in those emerging markets is actually a phase shift in what we've seen in the other major geographies that we have, which is people love the new innovation that we're providing. People love the comprehensive nature of what we've delivered with Creative Cloud. People who are casual pirates are now finding that the affordability of the upfront price allows them to actually be legitimate customers of Creative Cloud. And I think the one difference that we have for the first time is in those markets, we're able to offer differential pricing and not feel like the differential pricing will cause people to take the product, put it in a box and resell it in the United States. And so I think we've

當然可以，珍妮佛。我的意思是，我認為我們在這些新興市場看到的，實際上是我們在其他主要地區所看到的階段性轉變，那就是人們喜歡我們提供的創新產品。人們喜歡我們透過 Creative Cloud 提供的全面性。現在，一些偶爾使用盜版軟體的人發現，由於預付價格實惠，他們實際上可以成為 Creative Cloud 的合法用戶。我認為我們首次在這些市場上取得的一個不同之處在於，我們能夠提供差異化定價，而不必擔心差異化定價會導致人們把產品裝箱後在美國轉售。所以我覺得我們已經

(technical difficulty)

（技術難題）

the revenue upside that you saw. And hiring in the first quarter is lower just based on seasonality with hiring. We expect hiring to pick up the balance of the year. We have Summit. We have MAX. We're definitely going to have increased spending as we go through the rest of the year. So I wouldn't look at that 42% as the new watermark. I would look at the revenue and earnings and information we provided for Q2, and you'll see that operating margin will be a little bit lower in Q2. So that's not kind of the new run rate.

你所看到的營收成長。由於招聘存在季節性因素，第一季的招聘人數通常會較低。我們預計今年剩餘時間招募情況將有所改善。我們有峰會。我們有 MAX。今年剩餘時間裡，我們的支出肯定會增加。所以我不會把42%視為新的標竿。我建議您查看我們提供的第二季度收入、盈利和相關信息，您會發現第二季度的營業利潤率會略低一些。所以這並不是新的運行率。

And Brent, we'll continue to be very diligent about the opportunities. There are still tremendous opportunities ahead of us. I think our investment in deep technology, you'll see some of the benefits of that at Summit, and with AI and us being continued to recognize in terms of what we are doing with AI, expect to see continued investments in that space. And so we have large opportunities, and we're going to continue to focus on driving aggressive growth.

布倫特，我們會繼續非常認真地把握各種機會。我們面前仍然充滿著巨大的機會。我認為，我們在深度技術領域的投資，您將在峰會上看到一些好處，隨著人工智慧的發展，我們在人工智慧領域的工作也不斷得到認可，預計我們將在該領域繼續進行投資。因此，我們擁有巨大的機遇，我們將繼續專注於推動積極成長。

The next question comes from Alex Zukin with Piper Jaffray.

下一個問題來自 Alex Zukin 和 Piper Jaffray。

I guess one question I maybe have and then a follow-up is just given the upside versus kind of the guide for Digital Media ARR, were you more surprised by the strength in ARPU growth or new subscriber growth? And maybe also just can you help us stack rank the new subscriber growth coming from the lower SKU customers versus the international subscriber growth?

我想問一個問題，然後還有一個後續問題是，考慮到數位媒體 ARR 的成長勢頭，您是更驚訝於 ARPU 的成長還是新用戶成長的強勁勢頭？另外，您能否幫我們比較一下來自低 SKU 客戶的新用戶成長與來自國際用戶成長的排名？

Yes. Again, I would look at the success that we had and what we have seen in the past is maybe a little bit a falloff from Q4 to Q1. And the momentum actually continued, which I think just reflects interest in the Creative products. It continues to be across the board. Clearly, a lot of the new customer acquisition we are seeing is as a result of Single App adoption, and we're doing an effective job of completing them to use the entire suite. So I would say it was the new customer adoption that drove more of the ARR than the ARPU. We're doing a good job, however, of engagement, as we mentioned in our prepared remarks, and as people are coming to their annual cycle or re-upping. And I think as it relates to the specific products, the usual suspects continue to show a lot of strength. Imaging continues to be strong. One interesting thing, we introduced a mobile offering of our product. We're seeing now mobile offering being adopted, and so we're starting to monetize that. We're monetizing Spark, and Stock continues to feel good. And last but certainly not least, as we have said, Acrobat and the strength of Acrobat, both as it relates to what we are seeing on subscriptions across Creative and Document Cloud as well as licensing, and the licensing tends to be primarily customers who are already using Acrobat and are adding more seats as a result of the strength of their businesses, that was also really encouraging. And all of the Acrobat that's being used as perpetual, that continues to be an opportunity for us down the road to move to subscription. So I feel strong all around.

是的。再說一遍，我會看看我們取得的成功，以及我們過去所看到的情況，也許從第四季到第一季會有一點下滑。而且這股勢頭還持續了下來，我認為這恰恰反映了人們對創新科技產品的興趣。這種情況依然普遍存在。顯然，我們看到的新客戶數量大幅增長，這主要歸功於單一應用程式的採用，而且我們正在有效地引導他們使用整個套件。所以我認為，推動 ARR 成長的主要因素是新客戶的加入，而不是 ARPU。不過，正如我們在準備好的演講稿中提到的那樣，我們在提高參與度方面做得很好，而且人們也即將迎來他們的年度週期或續約。就具體產品而言，我認為那些老牌廠商依然展現出強大的實力。影像技術依然強勁。有趣的是，我們推出了產品的行動版本。我們現在看到行動端產品正在被廣泛採用，因此我們也開始從中獲利。我們正在實現 Spark 的商業化，而且股票表現持續良好。最後但同樣重要的是，正如我們所說，Acrobat 及其強大的實力，無論是從我們在 Creative Cloud 和 Document Cloud 訂閱方面看到的，還是從許可方面看到的，都令人鼓舞。授權業務主要面向已經在使用 Acrobat 的客戶，並且由於其業務的強勁發展而增加了更多席位。所有目前以永久授權方式使用的 Acrobat 都為我們未來轉向訂閱模式提供了機會。所以我感覺各方面都很強壯。

Got it. And then, Shantanu, maybe just a follow-up on Sensei and AI. Are you seeing that given the broader adoption of the suite rather than specific products, are you seeing any of that being driven by Sensei and maybe the automation of workflows across product lines that you're driving?

知道了。然後，Shantanu，或許可以作為 Sensei 和 AI 的後續。鑑於套件的廣泛應用而非特定產品，您是否認為這其中有任何一部分是由 Sensei 以及您正在推動的跨產品線工作流程自動化所驅動的？

Without a doubt. I mean, when people come, and whether it's a company like Reliance Telecommunications (sic) [Reliance Communications] in India or Loblaw visited us from Canada or Tourism Australia or Mastercard, what they're asking us is you guys have transitioned your business to be more direct. Tell us how you are moving from data collection to insight to automation and whether it's in analytics and what we do with anomaly detection, or whether it's in personalization, what we do with recommendations based on data or media attribution in the marketing side. They are clearly expecting, and we're delivering on this automated nature of what AI can bring to it. Hopefully, you're going to be at Summit, and we'll share a little bit more about it. The deep investment that we've also made in our data platform and how you can actually start to get this unified view of a customer, I think a lot of people are finding that very impressive in terms of what that can do for their businesses. So the investment is clearly being recognized and adding value.

無疑。我的意思是，當人們來訪時，無論是像印度的 Reliance Telecommunications（原文如此）[Reliance Communications]這樣的公司，還是來自加拿大的 Loblaw，或是澳洲旅遊局，或是萬事達卡，他們都在問我們，你們是否已經將業務轉型為更直接的方式。請告訴我們您是如何從資料收集到洞察再到自動化的，以及這是否體現在分析方面，例如我們如何進行異常檢測，或體現在個人化方面，例如我們如何在行銷方面基於資料或媒體歸因進行推薦。他們顯然對此抱持著期待，而我們正在兌現人工智慧所能帶來的這種自動化特性。希望您能參加高峰會，到時我們會和您分享更多相關資訊。我們對數據平台進行了大量投資，以及如何真正開始獲得客戶的統一視圖，我認為很多人都覺得這非常令人印象深刻，因為它能為他們的業務帶來許多好處。因此，這項投資顯然得到了認可，並創造了價值。

The next question comes from Jay Vleeschhouwer with Griffin Securities.

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

One for you, Shantanu, and one for Mark. For Shantanu, we've sometimes spoken of the cohort phenomenon within Creative Cloud, that is the aging or mix of older Digital Media customers that you've been trying to move or migrate to CC. So similar question regarding Marketing Cloud, when you think back to the deployment of AEM and MO and so forth, 4, 5, 6, 7 years ago, what kind of upgrading phenomenon have you been seeing as part of your business recently? And for Mark, what further gross margin leverage do you think you might still be able to experience? You're at 95% in Digital Media but might there still be some upside there in? You're around 63% or so in Digital Marketing, is there some leverage there?

給你，沙塔努，再給馬克。對 Shantanu 來說，我們有時會談到 Creative Cloud 中的團體現象，也就是您一直試圖遷移到 CC 的那些老化或老牌數位媒體客戶。關於 Marketing Cloud，也有類似的問題。回想一下 4、5、6、7 年前 AEM 和 MO 等產品的部署，最近您的業務中出現了哪些升級現象？那麼對馬克來說，你認為你還能進一步提高毛利率嗎？您在數位媒體領域的投入已達 95%，但是否還有進步空間？您在數位行銷方面的佔比約為 63%，這方面有什麼提升空間嗎？

Jay, as it relates to the Digital Experience business, I think we've always said that with existing customers who adopted one solution, the strategy has been to continuously demonstrate how the integration of our newer solutions can add more value. I think in the prepared remarks, we talked about how some of the emerging solutions showed strength, whether it's Audience Manager, which is being used for customer segmentation and definition. And so that's clearly the -- how we continue to grow existing accounts as well as increased usage of our products. And with new accounts, it tends to be a little bit more of adoption of the entire platform that's driving it. So I would say the earlier cohorts, because they had originally adopted 1 or 2 solutions because that's what the portfolio had, that cohort we focus more on upsells. And the newer cohorts, we are focusing more on the entire story in the platform.

Jay，就數位體驗業務而言，我認為我們一直都說，對於已經採用我們解決方案的現有客戶，我們的策略是不斷展示如何透過整合我們的新解決方案來增加更多價值。我認為在準備好的演講稿中，我們談到了一些新興解決方案如何展現出優勢，例如用於客戶細分和定義的 Audience Manager。所以很明顯，這就是我們如何繼續發展現有客戶以及提高我們產品的使用率的方法。對於新用戶來說，推動成長的往往是他們對整個平台的接受度更高一些。所以我認為，對於早期的用戶群體，因為他們最初只採用了 1 或 2 個解決方案，因為產品組合中只有這些，所以我們更專注於追加銷售。對於新一批用戶，我們更專注於在平台上呈現完整的故事。

And Jay, on gross margin, a lot of that improvement comes from operating efficiency in our hosted costs, and it comes from better margin on professional services. I would expect that we'll continue to see margin improvement, probably more so on the Digital Experience side than the Digital Media side. You're not going to see a big movement but you'll see continued improvement in gross margin.

傑伊，就毛利率而言，許多改善都來自於託管成本的營運效率提高，以及專業服務利潤率的提高。我預期利潤率將持續提高，數位體驗的利潤率提高幅度可能比數位媒體方面更大。你不會看到大幅波動，但你會看到毛利率持續改善。

Your next question comes from Walter Pritchard with Citi.

下一個問題來自花旗銀行的華特‧普里查德。

Shantanu, on the Digital Marketing side, I'm wondering you bought TubeMogul about a year ago. I'm wondering how you're thinking about M&A in that area. It just does seem like that market's moving pretty quickly, and acquisitions could be a part of the future. Just curious, any -- especially anything large you might be contemplating in that area?.

Shantanu，關於數位行銷方面，我想知道你大約在一年前收購了 TubeMogul。我想知道您對該地區的併購有何看法。看起來這個市場變化很快，收購可能是未來的一部分。只是好奇問問，您在那個領域有什麼——特別是有什麼大型專案正在考慮嗎？

Well, Walter, I think with the acquisition of Tube, we became the most comprehensive offering already in the market and adding the ability to do linear, nonlinear and adding TV to the mix of search, social, display really was good. So we feel good about our opportunity there, and it's unlikely that there's anything large that's going to change. We like what we have organically, Walter.

沃爾特，我認為收購 Tube 後，我們已經成為市場上產品最全面的供應商，再加上線性、非線性以及將電視添加到搜尋、社交、展示廣告組合中的能力，這真的很好。所以我們對在那裡的機會感到樂觀，而且不太可能發生什麼重大的改變。沃特，我們喜歡我們自然而然擁有的東西。

Your next question comes from Kash Rangan with 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。

First of all, congratulations to Mark Garrett on your retirement. Outstanding job with Adobe, tremendous value creation. I think it will go down as one of the best. And a question for you, Shantanu. When you look at the old cycles, which ended I think when you gave a CS installed base of 12.8 million, I forget how many years back that was. Now you got a different word to your point, there's more mobile consumption, more smartphones. What is your best prognostication as to how the days of the old Creative users will play out in the next cycle? Are we looking at an addressable opportunity in terms of units and job creation that is multiples of what the old base? Because we're used to analyzing Adobe with a lens of this is the old cycle, this is the old base, this is where the company matures and whatnot. Can you help us understand with some numbers and perspective as to why the addressable market could be -- if I'm right, it could be multiples, given mobile and a whole bunch of other factors that just did not exist in the prior cycle. That's it for me.

首先，恭喜馬克·加勒特光榮退休。與Adobe的合作非常出色，創造了巨大的價值。我認為它會成為最優秀的作品之一。沙塔努，我還有一個問題想問你。回顧過去的週期，我記得是在 CS 的安裝量達到 1280 萬的時候結束的，我忘了那是多少年前的事了。現在你用了另一個詞來表達你的觀點，那就是行動消費更多了，智慧型手機更多了。您認為老一輩創意用戶在下一個週期會有什麼樣的發展？我們是否看到了一個在單位數量和就業創造方面可以實現的機遇，其規模是原有規模的數倍？因為我們習慣用「這是舊週期，這是舊基礎，這是公司走向成熟的地方」等等的視角來分析 Adob​​e。您能否用一些數據和視角幫助我們理解，為什麼潛在市場規模可能會擴大——如果我沒理解錯的話，考慮到移動端以及上一輪週期中不存在的許多其他因素，這個規模可能會擴大好幾倍？就這些了。

Well, Kash, you're right about the fact that we look at it as not just a migration opportunity but a very significant new opportunity as it relates to the importance of creativity, everything from K-12, which is why we try to give examples of how Spark is used there. This -- it was never really a migration story. And as people like you have recognized, that it's been a hugely expansive story in terms of attracting new customers. And what we try and do, and that's probably more appropriate at our analyst call, is to continue to show how big the TAM is when we talk about the $20 billion TAM and the number of users and the different offerings that we have. And so within the company, we're just focused on how do we keep adding more subscribers, the migration is not the first, second or third thing we talk about. We talk about acquisition. We talk about engagement. And our product like XD, every product manager in the world should be using it. When we talk about everyone has a story to tell, and the media types that they are using to tell that story and the devices that they are using to tell that story on and the modalities that they're using to create that story, it has never been more exciting in terms of what we can do for content creation. And I think our teams are doing an incredible job at innovating. So it's clearly a multiple of what we considered at the peak of the Creative Suite. And it really should be -- I'd love to see every single student in K-12 as part of every history project use our Creative Suite to tell -- Creative Cloud to tell the story.

卡什，你說得對，我們不僅將其視為一個遷移機會，而且將其視為一個非常重要的新機會，因為它與創造力的重要性息息相關，涵蓋從 K-12 到高中各個階段，這就是為什麼我們試圖舉例說明 Spark 是如何在那裡使用的。這——這從來就不是一個移民故事。正如像您這樣的人所認識到的，就吸引新客戶而言，這是一個非常廣闊的故事。我們努力做的，或許在我們的分析師電話會議上更合適，就是繼續展示我們200億美元的TAM市場規模、用戶數量以及我們提供的不同產品，這其中的TAM有多大。因此，在公司內部，我們只專注於如何不斷增加訂閱用戶，遷移並不是我們首先、其次或第三件事。我們來談談收購。我們來談談參與度。而我們的產品 XD，全世界每位產品經理都應該使用它。當我們談到每個人都有故事要講，以及他們用來講述故事的媒體類型、用來講述故事的設備以及用來創作故事的方式時，就內容創作而言，這從未像現在這樣令人興奮。我認為我們的團隊在創新方面做得非常好。所以很明顯，它比我們在創意套件巔峰時期所考慮的價格高出好幾倍。確實應該如此——我希望看到從幼兒園到高中的每一位學生，在每個歷史專案中，都能使用我們的創意套件——創意雲來講述故事。

In the next life, I want to be a creative artist.

來世，我想成為一位富有創意的藝術家。

With artificial intelligence, we're going to make that happen right now, Kash.

卡什，借助人工智慧，我們現在就能實現這一點。

Your next question comes from Saket Kalia with Barclays.

下一個問題來自巴克萊銀行的薩凱特·卡利亞。

Mark, I think it was mentioned earlier that in Digital Experience, there is more of a focus on subscription versus services kind of given the ecosystem of partners. And I know we don't talk about segment margins specifically, operating margins that is. But can you just talk about qualitatively whether we should see a more concerted effort in leveraging the partner ecosystem, in Digital Experience? And what that can mean for segment margins?

馬克，我想之前有人提到過，在數位體驗領域，考慮到合作夥伴生態系統，人們更專注於訂閱而不是服務。我知道我們通常不討論分部利潤率，也就是營業利益率。但您能否定性地談談，我們是否應該在數位體驗方面更協調一致地利用合作夥伴生態系統？那這對細分市場的利潤率又意味著什麼？

Maybe I'll start off, and then Mark can certainly add. When we talk about ecosystem of partners, the ecosystem of partners is really in 3 categories. I mean, we have an incredible set of what you would have considered the traditional SI partners, the Accentures, the Deloittes of the world who have practices built around digital transformation, who are out there not just implementing our solutions but also certainly co-selling and helping sell our solutions. We have the media agencies as the media agencies are moving their business to include a technology and strategy component for digital transformation. The WPPs, the Publicises of the world have become incredibly great partners in that. And then you have the traditional ISVs and the partnership with Microsoft allows us to jointly go to market with a very integrated offering across what they are doing with dynamics and Power BI and Azure, and what we are doing with Analytics Cloud, Marketing Cloud and Advertising Cloud. When the business was starting, we had a consulting organization that enabled people to implement this. I think a lot of the implementation and the running, we have a great ecosystem of partners, and so that results in us not requiring as many consulting resources. And we've shifted our focus there to be more architectural services so that we can ensure that people are getting the best value out of our products. And so that reflects itself in terms of when we use those services as part of COGS instead of that being there, and that's why it's more a traditional software sale, which, in your words, would result in better margins. So that's how we tend to think of what's happening in the environment and why we feel well served by both the super global partners as well as some regional partners.

或許我可以先開始，然後馬克一定可以補充。當我們談到合作夥伴生態系統時，合作夥伴生態系統實際上分為 3 個類別。我的意思是，我們擁有一群非常優秀的合作夥伴，他們都是傳統的系統整合商，例如埃森哲、德勤等公司，他們的業務都圍繞數位化轉型展開，他們不僅在實施我們的解決方案，而且肯定也在共同銷售和幫助銷售我們的解決方案。我們看到媒體代理公司正在將其業務轉向包含數位轉型所需的技術和策略要素。WPP集團、陽獅集團等世界級媒體公司已成為這方面非常棒的合作夥伴。此外，還有傳統的獨立軟體供應商 (ISV)，與微軟的合作使我們能夠共同推出高度整合的產品，涵蓋他們在 Dynamics、Power BI 和 Azure 方面所做的工作，以及我們在 Analytics Cloud、Marketing Cloud 和 Advertising Cloud 方面所做的工作。公司創立之初，我們成立了一個顧問機構，幫助人們實現這個目標。我認為，在實施和運作方面，我們擁有一個強大的合作夥伴生態系統，因此我們不需要那麼多諮詢資源。我們已將重點轉移到建築服務領域，以確保人們能夠從我們的產品中獲得最大價值。因此，當我們把這些服務當作銷售成本的一部分時，而不是單獨列出來時，這一點就體現出來了。這就是為什麼它更像是一種傳統的軟體銷售，用你的話來說，這將帶來更高的利潤率。所以，這就是我們看待環境現狀的方式，也是為什麼我們覺得全球合作夥伴和一些區域合作夥伴都為我們提供了良好的服務。

The only thing I'd add to that is to the extent that we can leverage that partner ecosystem that Shantanu talked about, we could potentially invest a little bit less in the sales and marketing line than we are currently doing a lot on our own today. So you get leverage both in professional services and in sales and marketing.

我唯一要補充的是，如果我們能夠利用 Shantanu 提到的合作夥伴生態系統，我們或許可以減少在銷售和行銷方面的投入，而我們現在在這方面投入巨大。這樣，你在專業服務、銷售和行銷方面都能獲得優勢。

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

你的下一個問題來自高盛的 Heather Bellini。

This is Mark Grant on for Heather. You've mentioned a couple of times that there are opportunities that you've taken advantage of within the customer base to look at customers that are single product or using a subset of the product and then moving them to the full suite, obviously driving some improved ARPs there. Can you give us a sense of the relative size of that opportunity going forward? And how much of the base do you think is still in a position to make that shift into a larger ticket?

這裡是馬克·格蘭特，替希瑟報道。您曾多次提到，您利用客戶群中的機會，將那些只使用單一產品或部分產品的客戶轉移到全套產品，顯然這提高了他們的平均購買價格 (ARP)。您能否讓我們了解一下未來這一機遇的相對規模？你認為目前還有多少基本盤用戶有能力轉向購買更大價位的商品？

You're referring to the Digital Experience side in terms of single solutions and multiple? I think Brad, at the last analyst call, gave you some update about how we are moving in terms of the top 100 customers and the significant improvement in revenue associated with each of those customers. But as we continue to offer more integration between our products as they continue to grow their own businesses and the transactions cost, they're significant. I would go back to our big picture of how when we think about digital experience, it's a $60-plus billion opportunity. And while we are doing well, there still is a significant amount of headroom in that business.

您指的是數位體驗方面的單一解決方案和多種解決方案嗎？我認為布拉德在上次分析師電話會議上已經向你介紹了我們在前 100 位客戶方面的最新進展，以及與這些客戶相關的收入的顯著改善。但隨著我們不斷加強產品間的整合，以及他們自身業務的不斷發展和交易成本的增加，這些成本將變得非常高。我想回到我們的大局，當我們思考數位體驗時，這是一個價值超過 600 億美元的機會。雖然我們目前發展勢頭良好，但該行業仍有很大的發展空間。

Your next question comes from Sterling Auty with JPMorgan.

下一個問題來自摩根大通的斯特林·奧蒂。

You called out Acrobat and Document Cloud and cloud a couple of times. I'm just curious, are there any particular vertical industries that are seeing a bigger uptake or maybe a new use case that's starting to drive that growth?

你提到了 Acrobat、Document Cloud 和雲端服務好幾次。我只是好奇，是否有某些特定的垂直行業正在經歷更大的成長，或者是否有新的應用程式場景正在推動這種成長？

Well, I think the use of both PDF and Adobe Sign to automate paper-based processes across a variety of industries is certainly one of the places that we are seeing it. But I would also point back to mobile and the adoption of PDF on mobile and what's happening there and the ability for that. We've also done a really incredible job, I think, as a team of leveraging Reader. And so the fact that we have Reader distributed and when you get one of these documents that has an embedded, whether it's a spreadsheet or something else in it and you want to edit it, the ability for people to now edit PDFs and to use it as an on-ramp as part of their creative process, that's also helping out. So I think there are 3 or 4 horizontal use cases. And as it relates to vertical industries, anybody who's trying to automate paper-based processes and regulated industries like government, financial services, tends to be at the forefront of that. They're certainly seeing the benefits not just of moving to PDF but also the benefits of using Adobe Sign.

我認為，在各個行業中使用 PDF 和 Adob​​e Sign 來自動化紙本流程，無疑是我們看到這種趨勢的一個領域。但我還要指出行動裝置以及行動裝置上 PDF 的採用情況，以及這方面正在發生的事情和可能性。我認為，我們團隊在利用 Reader 方面也做得非常出色。因此，我們有了 Reader，當你收到一份嵌入了電子表格或其他內容的文檔，並且你想編輯它時，人們現在可以編輯 PDF，並將其作為他們創作過程的入口，這也有所幫助。所以我認為有 3 到 4 個橫向應用場景。就垂直產業而言，任何試圖實現紙本流程自動化以及政府、金融服務等受監管產業的企業，往往都處於這一領域的前沿。他們不僅看到了遷移到 PDF 的好處，也看到了使用 Adob​​e Sign 的好處。

And this is Mike. Operator, we'll do 2 more questions, and before we do that, just to build on what Shantanu said, the datasheet that we have published has the Excel file built into it as an attachment just as an example of what Shantanu said. And I say that not only to point that out but also with the new segment information we published in January, it would be helpful to look at the updated datasheet for the new segment information that we have moving forward this year. So operator, 2 more questions, please.

這位是麥克。操作員，我們再問兩個問題。在此之前，為了補充 Shantanu 剛才所說的內容，我們發布的資料表中有一個 Excel 檔案作為附件，正好可以作為 Shantanu 剛才所說的一個例子。我這麼說不僅是為了指出這一點，而且鑑於我們在 1 月份發布了新的細分市場信息，查看我們今年即將推出的新細分市場信息的更新數據表也會有所幫助。操作員，請再問兩個問題。

You're next question comes from Keith Weiss with Morgan Stanley.

下一個問題來自摩根士丹利的基斯‧韋斯。

Just a quick question on sort of Digital Marketing side of the equation. With GDPR really coming onto the horizon, do you guys see any indication -- or do you have any concerns that there may be some frictions around some of the more sort of customer data-type functionalities that guys are doing in the marketing office with deep personalization and segmentation? Or is that kind of a non-issue amongst the customer base?

我有個關於數位行銷方面的問題想請教一下。隨著 GDPR 的真正到來，你們是否看到任何跡象——或者你們是否擔心——在行銷部門正在進行的深度個人化和細分等客戶資料類型功能方面可能會出現一些摩擦？或者說，這在客戶群中根本不算什麼問題？

I'd point back to what happened when the cloud first came out. When the cloud first came on the horizon, I think a lot of people appropriately talked about what that meant for security. And I think a number of cloud vendors clearly pointed out that the ability for people to update that would actually make systems more secure, which is something that I think most people would look at. I think as people are collecting data, the emphasis and importance of data and privacy continue to be front and center, but I don't think it changes the fundamental trajectory associated with people wanting to have all of this in the cloud. We just have to make sure that we use it as a tailwind against the competition and step up, like we have done when we collect customer data to enable our customers to do that as well. And so we'll be ready for GDPR when it comes, but it's not going to change this fundamental move where things are going to move in the cloud, and digital is going to be the way in which enterprises transact with consumers.

我會回顧一下雲層最初出現時發生的事情。當雲端運算剛出現時，我認為很多人都恰當地討論了它對安全意味著什麼。我認為許多雲端供應商都明確指出，允許用戶更新系統實際上會使系統更加安全，我認為這是大多數人都會關注的一點。我認為，隨著人們收集數據，數據和隱私的重要性仍然備受關注，但我認為這並不會改變人們希望將所有這些放在雲端的根本趨勢。我們只需要確保利用這一點作為對抗競爭對手的順風，並加大力度，就像我們收集客戶數據以幫助我們的客戶也做到這一點一樣。因此，當 GDPR 來臨時，我們將做好準備，但這不會改變這一根本趨勢，即一切都將向雲端遷移，數位化將成為企業與消費者交易的方式。

Got it. And maybe a quick one for Mark. The repurchase activity continues to -- it's still on pace, and you even sort of upped the pace a little bit. But you guys are still building up a lot of cash on the balance sheet. Any update on kind of potential uses for that cash?

知道了。或許還可以給馬克快速寫一篇。回購活動仍在繼續——它仍然按計劃進行，而且你們甚至稍微加快了速度。但是你們的資產負債表上仍然累積了大量現金。關於這筆資金的潛在用途，有什麼最新消息嗎？

So there's no change to our current prioritization of capital. We still take excess cash and put it towards M&A and share repurchases. Obviously, we have more excess cash now with the tax reform. We have $1.6 billion remaining on our current authorization, and obviously, we're executing against that. When we're ready, of course, we'll come out to you with any change to the current trajectory on that.

因此，我們目前的資金優先順序並沒有任何改變。我們仍會將多餘的現金用於併購和股票回購。顯然，稅制改革後，我們現在有了更多盈餘現金。我們目前的授權額度還剩 16 億美元，顯然，我們正在充分利用這筆資金。當然，當我們準備好時，我們會將當前發展方向的任何變化告知大家。

Your last question comes from Derrick Wood with Cowen and Company.

您的最後一個問題來自 Cowen and Company 的 Derrick Wood。

So we're hearing more and more digital agencies enter the SI market and kind of want to participate in technology implementation on the marketing side, not just large ones that you talked about but a lot of midmarket agencies. So I'm just wondering how you're thinking about the midmarket opportunity for Experience Cloud. Is there anything -- any new initiatives you could look at to focus more on the midmarket?

因此，我們聽到越來越多的數位代理商進入系統整合市場，並且希望參與行銷方面的技術實施，而不僅僅是你提到的那些大型機構，還有很多中型市場代理商。所以我想知道您是如何看待 Experience Cloud 在中階市場的機會的。有沒有什麼新措施可以考慮，以便更專注於中階市場？

We've announced a couple of partnerships there, Derrick, with midmarket providers in order to do it. I would say our focus is really more on the larger enterprises right now. That's not to say that we do not partner with regional media agencies and/or SIs. They tend to have, in many countries, very strong relationships with enterprises. So our partner ecosystem is open to all. But in terms of taking our own solutions and focusing them down market as opposed to focusing our solutions on what we think the largest opportunity is, we're focused a lot more on the large enterprise opportunity. Since that was the last question, what Mark, Mike and I do is when we're going through our preparation, we try and make sure we address some of the things that may be top of mind. And one of the questions that actually didn't come up was the fact that we haven't updated our annual guidance, and we wanted to sort of proactively ensure that we address that and say we really don't want to get into updating annual targets across revenue and balance sheet every quarter. I think for those of you as you think about how this plays out, the Q1 performance as well as the Q2 targets, I think, are clear indicators of the strength of the business. And the one thing we might have you continue to focus on is our original second half growth of 20% on revenue as you think about how you want to be prudent about your models. But having said that, we had an outstanding quarter. The strategy of empowering people to create and helping businesses transform just represent large addressable markets, and we see significant tailwinds. I'm pleased with the relentless execution. And it just continues to hopefully demonstrate to you that we're a unique company that's able to drive both top line and bottom line growth with significant operating margins. We will continue to invest in driving innovation through long-term technology investments in both Digital Media and Digital Marketing, and we're really pleased with how Sensei has continued to be a differentiator. Look forward to those of you who will be able to join us at Summit, and thank you again for joining us today.

德里克，為了實現這一目標，我們已經宣布與一些中型​​市場供應商建立了合作關係。我認為我們目前的重點確實更多地放在了大型企業上。但這並不意味著我們不與區域媒體機構和/或系統整合商合作。在許多國家，他們往往與企業保持著非常牢固的關係。因此，我們的合作夥伴生態系統對所有人開放。但是，就我們自身解決方案的定位而言，我們更關注的是大型企業市場，而不是我們認為最大的市場機會。由於這是最後一個問題，我和馬克、麥克在準備過程中，會盡量確保解決一些大家最關心的問題。還有一個問題其實並沒有被提出，那就是我們還沒有更新年度業績指引。我們希望主動確保解決這個問題，並表示我們真的不想每季更新收入和資產負債表的年度目標。我認為，對於你們這些思考此事將如何發展的人來說，第一季的業績以及第二季的目標，我認為，都是衡量公司實力的明確指標。我們建議您繼續關注我們原定的下半年營收成長 20% 的目標，同時謹慎考慮您的模型。但即便如此，我們本季的業績依然非常出色。賦予人們創造力並幫助企業轉型的策略代表著巨大的潛在市場，我們看到了巨大的發展機會。我對他們堅持不懈的執行力感到滿意。這進一步向大家證明，我們是一家獨特的公司，能夠以可觀的營運利潤率實現營收和利潤的雙重成長。我們將繼續增加對數位媒體和數位行銷的長期技術投資，以推動創新，我們對 Sensei 持續保持差異化優勢感到非常滿意。期待各位蒞臨峰會，再次感謝各位今天與我們相聚。

And one last thing, we had some connectivity problems on Connect. So for those that are on Connect, the archive will be complete as well as the phone replay. So if you did have some issues listening on the Connect session, we'll have that rectified in the archive, and thanks again for joining us.

最後還有一件事，我們的 Connect 連線出現了一些問題。因此，對於那些使用 Connect 的用戶來說，節目存檔和電話回放都將是完整的。所以，如果您在收聽 Connect 會議時遇到任何問題，我們將在存檔中進行修正，再次感謝您的參與。