Adobe Inc (ADBE) 2018 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. I'd like to welcome you to Adobe Systems Second Quarter Fiscal Year 2018 Earnings Conference Call. (Operator Instructions) Thank you. 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 2018 財年第二季財報電話會議。（操作說明）謝謝。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 John Murphy, 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：Adobe 總裁兼執行長 Shantanu Narayen；以及執行副總裁兼財務長 John Murphy。

In our call today, we will discuss Adobe's second quarter fiscal year 2018 financial results. By now, you should have a copy of our earnings press release which crossed the wire approximately one hour ago. We've also posted PDFs of our earnings call prepared remarks and slides, financial targets and an updated investor datasheet on adobe.com. If you would like a copy of these documents, you can go to Adobe 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 財年第二季的財務表現。現在，您應該已經收到我們大約一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 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, June 14, 2018 and contains forward-looking statements that involve risk and uncertainty. Actual results may differ materially from those set forth in such statements.

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，都是基於截至 2018 年 6 月 14 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。

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. 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.

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。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之用。網路直播的存檔將在 Adob​​e 的投資者關係網站上保留約 45 天，其所有權歸 Adob​​e 所有。未經 Adob​​e 事先書面許可，不得重新錄製或以其他方式複製或散佈通話音訊和網路直播存檔。

I will now turn the call over to Shantanu.

現在我將把通話轉給沙塔努。

Thanks, Mike, and good afternoon. Adobe delivered record revenue in our second quarter, with strong financial results. Q2 revenue was $2.2 billion, which represents 24% year-over-year growth. GAAP earnings per share for the quarter was $1.33, and non-GAAP earnings per share was $1.66.

謝謝你，麥克，下午好。Adobe第二季營收創歷史新高，財務表現強勁。第二季營收為 22 億美元，年增 24%。本季GAAP每股收益為1.33美元，非GAAP每股收益為1.66美元。

Adobe enables individuals, companies, governments and educational institutions to design and deliver transformative digital experiences, immersive, intelligent experiences that inspire, entertain and drive loyalty and growth. The breadth of our product portfolio, the deep science embedded in our Adobe cloud platform, the insights derived from the trillions of data transactions we process every year on behalf of our customers and our global ecosystem of partners and developers have made Adobe the leader in enabling great customer experiences.

Adobe 使個人、公司、政府和教育機構能夠設計和交付變革性的數位體驗、沉浸式、智慧體驗，從而激發靈感、娛樂大眾並促進忠誠度和成長。Adobe 擁有廣泛的產品組合、Adobe 雲端平台中蘊含的深厚科學技術、每年代表客戶處理的數萬億數據交易所獲得的洞察力，以及遍布全球的合作夥伴和開發者生態系統，這些都使 Adob​​e 成為打造卓越客戶體驗的領導者。

In our Digital Media business, we achieved strong growth in both Creative and Document Cloud revenue in Q2. We added net new Digital Media annualized recurring revenue, or ARR, of $343 million, which grew total Digital Media ARR exiting Q2 to $6.06 billion. We continue to drive steady adoption of Creative Cloud subscriptions and services by individuals, teams and enterprises across all segments and geographies. This resulted in another strong quarter for Creative Cloud, with Creative revenue growing to $1.3 billion.

在我們的數位媒體業務中，第二季創意雲端和文件雲端的收入均實現了強勁成長。我們新增了 3.43 億美元的數位媒體年度經常性收入 (ARR)，使第二季末的數位媒體 ARR 總收入達到 60.6 億美元。我們持續推動個人、團隊和企業在所有領域和地區穩步採用 Creative Cloud 訂閱和服務。這使得 Creative Cloud 又迎來了一個強勁的季度，Creative 的營收成長至 13 億美元。

At Adobe, we believe everyone has a story to tell. Our strategy to empower more of the world's storytellers to express themselves depends on our ability to make our tools more accessible, enjoyable and invaluable to a broader set of creative customers, from creative pros, to hobbyists, to young creatives.

在 Adob​​e，我們相信每個人都有故事要說。我們旨在賦能更多世界故事講述者表達自我的策略，取決於我們能否讓我們的工具對更廣泛的創意客戶群（從創意專業人士到業餘愛好者，再到年輕的創意人士）來說更易於使用、更有趣、更有價值。

Experience Design is one of our fastest growing Creative segments and we recently introduced a new startup plan for Adobe XD, our all-in-one UX/UI design platform. Adobe XD is the most modern cloud-based solution available for designing, prototyping and collaborating with colleagues across multiple platforms. We recently announced several new integrations between XD and designers' existing workflows inside of tools such as Photoshop and Illustrator. We launched a $10 million design investment fund to support designers and developers who innovate and push the boundaries of Experience Design.

體驗設計是我們成長最快的創意領域之一，我們最近為我們的一體化 UX/UI 設計平台 Adob​​e XD 推出了一項新的創業計畫。Adobe XD 是目前最先進的雲端為基礎的解決方案，可用於設計、原型製作以及與同事跨多個平台合作。我們最近宣布了 XD 與設計師在 Photoshop 和 Illustrator 等工具中的現有工作流程之間的幾項新整合。我們啟動了一項 1,000 萬美元的設計投資基金，以支持那些勇於創新、突破體驗設計界限的設計師和開發人員。

Enabling creativity in the Education segment remains a passion for Adobe. Adobe Spark Premium, our application for everyday communicators to transform their ideas into beautiful visual stories, is now available to every student globally. We have achieved strong adoption of Spark in school districts across the nation. To further bolster our commitment to K-12 students, we introduced a new offering that gives students more affordable access to applications including Photoshop, Illustrator, Premiere Pro and XD. These actions are part of our commitment to partner with educators, promote Steam and ensure art and creativity remain an essential part of education and professional development.

激發教育領域的創造力一直是 Adob​​e 的熱情所在。Adobe Spark Premium 是我們為日常溝通者推出的應用程序，旨在幫助他們將想法轉化為精美的視覺故事，現在全球所有學生均可使用。Spark 在全國各地的學區都得到了廣泛應用。為了進一步加強我們對 K-12 學生的承諾，我們推出了一項新服務，讓學生能夠以更實惠的價格使用 Photoshop、Illustrator、Premiere Pro 和 XD 等應用程式。這些舉措是我們致力於與教育工作者合作、推廣STEAM教育、確保藝術和創造力仍然是教育和職業發展的重要組成部分的承諾的一部分。

Adobe's video editing and production tools, including Adobe Premiere Pro and After Effects, are the gold standard for creating films and video from the silver screen to the mobile screen. At NAB, Adobe unveiled innovative updates to Creative Cloud's digital video tools. In addition, partners including Canon, RED Cameras, AMD and Sony announced tools and updates that allow users to work in an integrated, collaborative production environment.

Adobe 的影片編輯和製作工具，包括 Adob​​e Premiere Pro 和 After Effects，是製作從大銀幕到行動螢幕的影片和影片的黃金標準。在 NAB 展會上，Adobe 發布了 Creative Cloud 數位視訊工具的創新更新。此外，佳能、RED Cameras、AMD 和索尼等合作夥伴也宣布了相關工具和更新，使用戶能夠在整合、協作的製作環境中工作。

Our mission is to push the limits of creativity and storytelling while supporting exciting new mediums. We provided a sneak peek of Project Aero, a powerful new augmented reality, or AR authoring tool at Apple's WWDC last week. Project Aero is a system that makes it easier for designers and developers to create immersive content and bridge the gap between the physical and digital worlds. With close to 1 billion AR-enabled devices expected to be in market next year, AR can drive a new wave of digital transformation and creativity.

我們的使命是突破創意和故事講述的極限，同時支持令人興奮的新媒體。上週在蘋果公司的 WWDC 大會上，我們提前展示了 Project Aero，這是一款強大的全新擴增實境 (AR) 創作工具。Project Aero 是一個系統，它使設計師和開發人員更容易創建沉浸式內容，並彌合物理世界和數位世界之間的差距。預計明年將有近 10 億台支援 AR 功能的設備上市，AR 可以推動新一輪的數位轉型和創新浪潮。

In addition to the world's best desktop and mobile tools, Creative Cloud services are driving growth in our business while offering new ways to inspire our customers and accelerate their creative process.

除了世界上最好的桌面和行動工具外，Creative Cloud 服務也在推動我們業務的成長，同時為我們的客戶提供新的靈感，並加速他們的創作過程。

Adobe Stock achieved record revenue in the quarter, with greater than 25% year-over-year growth. Adobe Stock now has a library of more than 100 million images, videos and creative assets, including new curated HD and 4K videos as well as Motion Graphics templates.

Adobe Stock 本季營收創歷史新高，年增超過 25%。Adobe Stock 目前擁有超過 1 億張圖片、影片和創意素材庫，其中包括精選的高清和 4K 影片以及動態圖形模板。

Adobe Document Cloud is the world's leading digital document service, enabling individuals and businesses to digitize inefficient paper-based processes. In Q2, we achieved record revenue for Document Cloud of $243 million. Document Cloud subscriptions and Acrobat perpetual licensing drove 22% year-over-year revenue growth and $47 million in net new Document Cloud ARR.

Adobe Document Cloud 是全球領先的數位文件服務，使個人和企業能夠將低效的紙本流程數位化。第二季度，我們的文檔雲端業務收入創下 2.43 億美元的紀錄。Document Cloud 訂閱和 Acrobat 永久授權推動了 22% 的年成長收入和 4,700 萬美元的 Document Cloud 新增 ARR。

This week marks the 25th anniversary of Acrobat and PDF, the innovation that ushered in the era of digital documents. 25 years later, the pace at which we are innovating with Document Cloud has only accelerated as digital documents become more collaborative and mobile. More than 800 million PDFs are opened in Adobe Acrobat Reader on mobile devices each month. Adobe Scan, our mobile PDF creation app, powered by Adobe Sensei that turns your phone or tablet into a scanning and text-recognition tool, has been downloaded more than 10 million times.

本周是 Acrobat 和 PDF 誕生 25 週年紀念日，這項創新開啟了數位文件時代。25 年過去了，隨著數位文件變得更加協作和行動化，我們在 Document Cloud 的創新速度有增無減。每月有超過 8 億個 PDF 檔案在行動裝置上使用 Adob​​e Acrobat Reader 開啟。Adobe Scan 是我們推出的行動 PDF 創建應用程序，它由 Adob​​e Sensei 提供支持，可將您的手機或平板電腦變成掃描和文字識別工具，下載量已超過 1000 萬次。

Adobe Sign, our digital signature solution for Document Cloud, continues to have strong momentum. Today, over half of Fortune 100 companies use Adobe Sign. Last September, we teamed up with Microsoft to integrate Adobe Sign into Microsoft Office 365. Next week, we'll be unveiling industry-first innovations in Adobe Sign, focused on delivering superior digital document experiences to millions of customers.

Adobe Sign 是我們為 Document Cloud 提供的數位簽章解決方案，目前仍保持強勁的發展動能。如今，財富 100 強企業中超過一半都在使用 Adob​​e Sign。去年九月，我們與微軟合作，將 Adob​​e Sign 整合到 Microsoft Office 365 中。下週，我們將推出 Adob​​e Sign 的多項業界首創創新，旨在為數百萬客戶提供卓越的數位文件體驗。

Adobe Experience Cloud is the most comprehensive, integrated and actionable set of solutions in the market, designed to help companies deliver consistent, continuous and compelling experiences across every touch point and channel. In Q2, we achieved Experience Cloud revenue of $586 million and strong bookings across Adobe Marketing Cloud, Adobe Analytics Cloud and Adobe Advertising Cloud. Key customer deals in the quarter included Audible, Intuit, Shell, H&R Block, Japan Airlines, PNC Bank and Samsung. In May, we announced our intent to acquire Magento, a leading commerce platform. Commerce is an integral part of an end-to-end customer experience, as consumers and businesses now expect every interaction to be shoppable. The addition of Magento Commerce will enable commerce to be seamlessly integrated into Adobe Experience Cloud, delivering a single platform that serves both B2B and B2C customers globally, while providing the flexibility to scale to serve midmarket and large enterprise customers.

Adobe Experience Cloud 是市場上最全面、最整合、最實用的解決方案集，旨在幫助企業在每個接觸點和管道提供一致、持續和引人入勝的體驗。第二季度，我們的 Experience Cloud 營收達到 5.86 億美元，Adobe Marketing Cloud、Adobe Analytics Cloud 和 Adob​​e Advertising Cloud 的預訂量也表現強勁。本季的主要客戶包括 Audible、Intuit、殼牌、H&R Block、日本航空、PNC 銀行和三星。今年5月，我們宣布了收購領先的電商平台Magento的意向。商業是端到端客戶體驗中不可或缺的一部分，因為消費者和企業現在都希望每一次互動都能實現購物。Magento Commerce 的加入將使電子商務能夠無縫整合到 Adob​​e Experience Cloud 中，提供一個可同時服務於全球 B2B 和 B2C 客戶的單一平台，同時提供可擴展的靈活性，以服務中型市場和大型企業客戶。

The Magento platform is supported by a robust community of more than 300,000 developers and a partner ecosystem that provides thousands of pre-built extensions including payment, shipping, tax and logistics. The acquisition of Magento will make Adobe the only company with leadership in content creation, marketing, advertising, analytics and now, commerce, enabling real-time personalized experiences across the entire customer journey, whether on the web, mobile, social, in-product or in-store. We believe the addition of Magento expands our available market opportunity, builds out our product portfolio and addresses a key underserved customer need.

Magento 平台擁有超過 30 萬名開發者的強大社群支持，以及一個合作夥伴生態系統，提供數千個預先建置的擴充程序，包括支付、運輸、稅務和物流。收購 Magento 將使 Adob​​e 成為唯一一家在內容創作、行銷、廣告、分析以及現在的電商領域都處於領先地位的公司，從而能夠在整個客戶旅程中提供即時個人化體驗，無論是在網路、行動裝置、社群媒體、產品內還是實體店。我們相信，Magento 的加入擴大了我們可利用的市場機會，豐富了我們的產品組合，並滿足了客戶尚未充分滿足的關鍵需求。

When combined with our world-class content and data platform and leveraging our Sensei machine learning and AI framework, this latest capability will further differentiate Adobe Experience Cloud as the leading platform for Experience businesses. We expect the acquisition to close next week.

結合我們世界一流的內容和數據平台，並利用我們的 Sensei 機器學習和人工智慧框架，這項最新功能將進一步凸顯 Adob​​e Experience Cloud 作為體驗業務領先平台的地位。我們預計此次收購將於下週完成。

We continue to host successful customer summits across the globe where we roll out new innovations across Adobe Experience Cloud, including major enhancements to the Adobe cloud platform. Recent advancements include a new Unified Customer Profile that combines data across an enterprise, intelligent services and General Data Protection Regulation, or GDPR readiness, all aimed at solving key challenges facing marketers, data scientists and developers.

我們持續在全球各地成功舉辦客戶高峰會，並在會上推出 Adob​​e Experience Cloud 的各項創新，包括對 Adob​​e 雲端平台的重大改進。近期的進展包括：整合企業內資料的全新統一客戶檔案、智慧服務以及一般資料保護規範 (GDPR) 的準備工作，所有這些都旨在解決行銷人員、資料科學家和開發人員面臨的關鍵挑戰。

Adobe was once again recognized for our leadership in technology segments that help to deliver and orchestrate experiences across the entire customer journey. We were named a Leader in the Forrester Wave: Digital Asset Management for Customer Experience, achieving the highest score for current offering of the vendor leaders. Adobe was positioned as a Leader in the Gartner Magic Quadrant for Multichannel Marketing Hubs. In this inaugural report, Adobe had the strongest ranking for completeness of vision among the 21 vendors evaluated.

Adobe 再次因其在技術領域的領導地位而受到認可，這些技術領域有助於在整個客戶旅程中提供和協調體驗。我們在 Forrester Wave：客戶體驗數位資產管理報告中被評為領導者，在目前領先供應商的產品中獲得了最高分。Adobe 在 Gartner 多通路行銷中心魔力像限中被評為領導者。在這份首份報告中，在 21 家接受評估的供應商中，Adobe 在視覺完整性方面排名最高。

Adobe Sensei, our artificial intelligence and machine learning framework, forms the foundation of the innovative Adobe Magic across Creative Cloud, Document Cloud and Experience Cloud. We were pleased to be recognized again as one of the World's Most Innovative Companies by Forbes for 2018.

Adobe Sensei 是我們的人工智慧和機器學習框架，它構成了 Adob​​e Creative Cloud、Document Cloud 和 Experience Cloud 中創新 Adob​​e Magic 的基礎。我們很高興再次被《富比士》評為 2018 年全球最具創新力的公司之一。

The talent and passion of our more than 18,000 employees worldwide continues to be the catalyst for Adobe's success. We take pride in making Adobe one of the world's best workplaces and cultivating a diverse and innovative team of global employees. This summer, we're pleased to welcome over 1,000 interns and university graduates to Adobe, the largest such group in company history. Adobe has the right strategy, partners, products and people in place to win. We look forward to building on the momentum we're driving across our entire business and expect a strong second half of the year. John?

我們全球超過 18,000 名員工的才華和熱情一直是 Adob​​e 成功的催化劑。我們為將 Adob​​e 打造成世界上最好的工作場所之一，並培養一支多元化和創新的全球員工團隊而感到自豪。今年夏天，我們很高興地迎來了 1000 多名實習生和大學畢業生加入 Adob​​e，這是該公司歷史上規模最大的實習生和大學畢業生群體。Adobe 擁有正確的策略、合作夥伴、產品和人才，必定會成功。我們期待在整個業務範圍內保持目前的成長勢頭，並預計下半年將取得強勁的業績。約翰？

Thanks, Shantanu. In the second quarter of FY '18, Adobe's momentum continued with record revenue of $2.2 billion, which represents 24% year-over-year growth. GAAP diluted earnings per share in Q2 was $1.33 and non-GAAP diluted earnings per share was $1.66. We drove strong performance across our product offerings and geographies during the quarter.

謝謝你，沙塔努。2018 財年第二季度，Adobe 持續保持成長勢頭，營收創下 22 億美元的紀錄，較去年同期成長 24%。第二季GAAP稀釋後每股盈餘為1.33美元，非GAAP稀釋後每股盈餘為1.66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 Q2 included: record Digital Media revenue, including Creative revenue of $1.3 billion and Adobe Document Cloud revenue of $243 million; record Adobe Experience Cloud revenue of $586 million; net new Digital Media ARR of $343 million and exiting Q2 with $5.37 billion of Creative ARR; deferred revenue growth of 27% year-over-year; cash flow from operations of $976 million, returning $589 million of cash to our stockholders through stock buyback; and approximately 89% of our revenue in Q2 was from recurring sources.

第二季亮點包括：創紀錄的數位媒體收入，其中創意收入達 13 億美元，Adobe Document Cloud 收入達 2.43 億美元；創紀錄的 Adob​​e Experience Cloud 收入達 5.86 億美元；新增數位媒體年度經常性收入淨額達 3.43 億美元，第二季末創意業務比遞上7% 53.7% 2%； 9.76 億美元，並透過股票回購向股東返還了 5.89 億美元現金；第二季約 89% 的收入來自經常性收入。

In Digital Media, we grew segment revenue by 28% year-over-year. The addition of $343 million net new Digital Media ARR during the quarter grew the total to $6.06 billion exiting Q2. Within Digital Media, we achieved another record quarter with our Creative business. Creative revenue grew 29% year-over-year in Q2 and we increased Creative ARR by $296 million. Several key factors helped drive this growth, including: strong net new subscriptions across user segments and geographies, helped by robust traffic and conversion on adobe.com; continued momentum with Creative Cloud adoption in emerging markets; stable or increasing ARPU across key offerings, which continues to be driven by retention of users on promotional prices migrating to standard prices; as well as attachment of services in the enterprise and the recently introduced price increase in North America; and strong growth with Adobe Stock.

在數位媒體領域，我們實現了28%的部門營收年增。第二季新增 3.43 億美元淨數位媒體 ARR，使第二季末的總 ARR 達到 60.6 億美元。在數位媒體領域，我們的創意業務又取得了創紀錄的季度成績。第二季創意營收年增 29%，創意 ARR 增加了 2.96 億美元。推動這一成長的幾個關鍵因素包括：用戶群體和地理的強勁新增訂閱量，這得益於 adobe.com 的強勁流量和轉換率；新興市場對 Creative Cloud 的持續接受；主要產品的平均每用戶收入 (ARPU) 保持穩定或增長，這繼續得益於北美價格的用戶向標準價格過渡；以及企業服務的附加化和最近的增長價格上漲。

With Document Cloud, we achieved record revenue of $243 million, which represents 22% year-over-year growth. The performance in Q2 was driven by continued momentum with Acrobat subscription adoption as well as strength in the enterprise with Acrobat and Document Cloud services.

憑藉 Document Cloud，我們實現了創紀錄的 2.43 億美元收入，年增 22%。第二季業績成長主要得益於 Acrobat 訂閱模式的持續普及以及 Acrobat 和 Document Cloud 服務在企業市場的強勁表現。

In our Digital Experience segment, we achieved record Adobe Experience Cloud revenue of $586 million, which represents 18% year-over-year revenue growth. Subscription revenue grew 24% year-over-year. Experience Cloud performance in Q2 was driven by success across our Analytics Cloud, Marketing Cloud and Advertising Cloud offerings. Experience Cloud data transactions grew to 97 trillion in the quarter, with 60% of Analytics transactions driven by mobile device usage. From a quarter-over-quarter currency perspective, FX increased revenue by $15.2 million. We had $0.3 million in hedge gains in Q2 FY '18 versus $1 million in hedge gains in Q1 of FY '18. Thus, the net sequential currency increase to revenue considering hedging gains was $14.5 million.

在我們的數位體驗業務部門，Adobe Experience Cloud 的營收創下歷史新高，達到 5.86 億美元，年增 18%。訂閱收入較去年同期成長 24%。第二季 Experience Cloud 的優異表現得益於我們在 Analytics Cloud、Marketing Cloud 和 Advertising Cloud 產品方面的成功。本季體驗雲端數據交易量成長至 97 兆，其中 60% 的分析交易量由行動裝置使用驅動。從季度環比匯率角度來看，外匯收入增加了 1,520 萬美元。2018 財年第二季度，我們的對沖收益為 30 萬美元，而 2018 財年第一季的對沖收益為 100 萬美元。因此，考慮到對沖收益，淨環比匯兌收入增加 1,450 萬美元。

From a year-over-year currency perspective, FX increased revenue by $51.3 million. We had $0.3 million in hedge gains in Q2 FY '18 versus $13.3 million in hedge gains in Q2 of FY '17. Thus, the net year-over-year currency increase to revenue considering hedging gains was $38.3 million.

從年比匯率角度來看，外匯業務收入增加了 5,130 萬美元。2018 財年第二季度，我們的對沖收益為 30 萬美元，而 2017 財年第二季的對沖收益為 1,330 萬美元。因此，考慮到對沖收益，年比匯兌收入淨增長為 3,830 萬美元。

In Q2, Adobe's effective tax rate was 4% on a GAAP basis and 5% on a non-GAAP basis. These rates are below the targets we provided due to a structural change we made during Q2 in how we serve foreign customers based on the new U.S. Tax Act. Our recent international tax structure change will benefit our tax rates for the remainder of FY '18 as well as next year.

第二季度，Adobe 的實際稅率以 GAAP 計算為 4%，以非 GAAP 計算為 5%。由於我們在第二季根據新的美國稅法對服務外國客戶的方式進行了結構性調整，這些費率低於我們設定的目標。我們最近的國際稅收結構調整將有利於我們在 2018 財年剩餘時間和明年的稅率。

Our trade DSO was 44 days, which compares to 46 days in the year-ago quarter and 47 days last quarter. Deferred revenue grew to a record $2.63 billion, up 27% year-over-year. Our ending cash and short-term investment position exiting Q2 was $6.33 billion. Cash flow from operations was $976 million in the quarter.

我們的貿易應收帳款週轉天數為 44 天，去年同期為 46 天，上一季為 47 天。遞延收入成長至創紀錄的 26.3 億美元，年增 27%。截至第二季末，我們的現金和短期投資部位為 63.3 億美元。本季經營活動產生的現金流量為9.76億美元。

In Q2, we repurchased approximately 2.6 million shares at a cost of $589 million. We currently have $900 million remaining of our $2.5 billion authority granted in January 2017. We expect this authorization to be exhausted by the end of this fiscal year. On May 21, we announced that our Board had authorized an incremental $8 billion stock repurchase program through fiscal year 2021, which will be funded from future cash flow generation.

第二季度，我們以 5.89 億美元的價格回購了約 260 萬股股票。我們目前還剩下 9 億美元，而我們在 2017 年 1 月獲得了 25 億美元的授權。我們預計這項授權將在本財政年度結束前用完。5月21日，我們宣布董事會已批准一項增量80億美元的股票回購計劃，該計劃將持續到2021財年，資金將來自未來的現金流。

Now I'll provide our financial outlook. In January, we updated our financial targets to reflect provisions of the new U.S. Tax Act, which became law during our fiscal Q1. The Tax Act affords companies like Adobe the ability to make changes to the way we serve our foreign customers with our international corporate structure. During Q2, we made a structural change and the effect of it results in even lower tax rates than we discussed previously for both this year and subsequent fiscal years.

現在我將介紹我們的財務展望。1 月份，我們更新了財務目標，以反映新的美國稅法的規定，該稅法在我們的第一個財季生效。稅法賦予像 Adob​​e 這樣的公司改變其國際公司結構，從而改變其服務外國客戶方式的能力。第二季度，我們進行了結構性調整，其結果是，今年及以後的財政年度的稅率將比我們之前討論的還要低。

In fiscal 2018, we anticipate an incremental 6 percentage point reduction in our GAAP and non-GAAP tax rates when compared to the rates we provided in January. We are now expecting a GAAP tax rate of approximately 7% in Q3 and Q4 of fiscal 2018 and a non-GAAP tax rate of approximately 5% in Q3 and Q4 of fiscal 2018.

2018 財年，我們預期 GAAP 和非 GAAP 稅率將比 1 月公佈的稅率降低 6 個百分點。我們現在預計 2018 財年第三季和第四季的 GAAP 稅率約為 7%，非 GAAP 稅率約為 5%。

Our November fiscal year calendar and the timing of certain Tax Act provisions make our FY '18 a unique year from a tax rate perspective. We indicated in January that we anticipated our tax rates would stabilize at a new rate of approximately 18% on both a GAAP and a non-GAAP basis in FY '19. Based on the structural change we made in Q2, we now estimate our tax rates in FY '19 will stabilize at GAAP and non-GAAP rates of approximately 14%.

由於我們的財政年度日曆為 11 月，加上某些稅法條款的生效時間，從稅率的角度來看，我們的 2018 財政年度是一個特殊的年份。我們在 1 月表示，我們預計 2019 財年，無論以 GAAP 或非 GAAP 計算，我們的稅率都將穩定在約 18% 的新水平。根據我們在第二季進行的結構性調整，我們現在預計 2019 財年的稅率將穩定在 GAAP 和非 GAAP 稅率約為 14%。

Turning to Q3 FY '18, we are targeting revenue of approximately $2,240,000,000; 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 7% on a GAAP basis and 5% on a non-GAAP basis; share count of approximately 498 million shares; GAAP earnings per share of approximately $1.27; non-GAAP earnings per share of approximately $1.68; and net new Digital Media ARR of approximately $310 million.

展望 2018 財年第三季度，我們的目標是營收約 22.4 億美元；數位媒體業務年增約 25%；數位體驗業務年增約 15%；GAAP 稅率約為 7%，非 GAAP 稅率約為 5%；股份數量約為 4.98 億股收益；GAAP 每股盈餘約為 1.27 美元；美元；新增數位媒體年度經常性收入淨額約 3.1 億美元。

Our Q3 targets do not reflect our pending acquisition of Magento Commerce. We have received regulatory clearance and anticipate closing the acquisition next week. For the second half of calendar year 2018, Magento's internal plan projected achieving approximately $100 million in revenue. After the transition to Adobe's November fiscal calendar and the write-down of deferred revenue due to purchase accounting rules, we anticipate Adobe will report approximately $40 million of Magento revenue in the second half of Adobe's fiscal 2018, with approximately $10 million of it in our fiscal Q3. We expect the closing of Magento to be slightly dilutive to our Q3 GAAP earnings per share target. We do not expect the closing to impact our non-GAAP Q3 earnings per share target. In Q4, we anticipate normal seasonal strength and a strong finish to the year. I'll now turn the call back over to Mike.

我們第三季的目標並未反映我們即將完成的對Magento Commerce的收購。我們已獲得監管部門的批准，預計下週完成收購。Magento 的內部計劃預計，2018 年下半年的收入將達到約 1 億美元。在過渡到 Adob​​e 的 11 月財政年度日曆以及由於收購會計準則而對遞延收入進行減值之後，我們預計 Adob​​e 將在 2018 財年下半年報告約 4000 萬美元的 Magento 收入，其中約 1000 萬美元將在我們的第三季財年實現。我們預計Magento的關閉將略微稀釋我們第三季GAAP每股收益目標。我們預計此交易不會影響我們對第三季非GAAP每股收益的目標。我們預計第四季業績將保持正常的季節性成長勢頭，並有望為全年畫上一個圓滿的句號。現在我將把電話轉回給麥克。

Thanks, John. Adobe MAX returns to Los Angeles this fall and day 1 of our user conference is Monday, October 15. We plan to host a financial analyst meeting on the afternoon of the 15th, and an invitation with registration information will be sent out in early July. More details about MAX are available at max.adobe.com.

謝謝你，約翰。Adobe MAX 將於今年秋季重返洛杉磯，用戶大會的第一天是 10 月 15 日星期一。我們預定15日下午舉辦金融分析師會議，邀請函及註冊資訊將於7月初發出。有關 MAX 的更多詳細信息，請訪問 max.adobe.com。

If you wish to listen to a playback of today's conference call, a web-based archive of the call will be available on our IR site later today. Alternatively, you can listen to a phone replay by calling (855) 859-2056. Use conference ID number 4599054. International callers should dial (404) 537-3406. The phone playback service will be available beginning at 5:00 p.m. Pacific Time today and ending at 5:00 p.m. Pacific Time on June 20, 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 號碼 4599054。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6月20日。

We would now be happy to take your questions and we ask that you limit your questions to 1 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) And your first question comes from the line of Sterling Auty from JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的斯特林·奧蒂。

Looking at the results, the revenue in Digital Media both in the quarter and for the outlook is better than expected despite the Digital Media ARR coming in line. I'm wondering if there's something that's improving the revenue conversion in the quarters or is there some other factor that's allowing that to happen?

從結果來看，儘管數位媒體年度經常性收入 (ARR) 符合預期，但本季和展望期的數位媒體收入均優於預期。我想知道是否有一些因素提高了季度收入轉換率，或者是否有其他因素促成了這種情況的發生？

Sterling, I'll take that. I think as we look at Digital Media, as you pointed out, ARR was again strong across all different segments. Retention continues to be in line with expect. Acrobat perpetual had a good quarter. So Acrobat, as it related to both licensing and perpetual, was strong as well as stocks. So I think across the board, we continue to focus on converting ARR to revenue.

史特林，我接受。我認為，正如您所指出的，當我們審視數位媒體時，ARR 在所有不同細分市場中都表現強勁。用戶留存率持續符合預期。Acrobat Perpetual 本季表現良好。因此，無論是在授權許可方面還是永久授權方面，Acrobat 的表現都十分強勁，其股票表現也同樣出色。所以我認為，總的來說，我們將繼續專注於將年度經常性收入轉化為營收。

Your next question comes from the line of Alex Zukin from Piper Jaffray.

你的下一個問題來自 Piper Jaffray 樂團的 Alex Zukin 的一句台詞。

I wanted to ask on the Experience Cloud business. Clearly showed some really nice acceleration in the quarter on a much tougher comp from last year. So I wanted to ask kind of what changes have you observed? What's strengthening renewal activity and upsell? Any comments would be helpful, and how sustainable do you expect some of these trends to be?

我想問一下關於體驗雲端業務的問題。很明顯，在比去年同期更艱難的情況下，本季展現出了非常不錯的加速表現。所以我想問，你們觀察到了哪些變化？哪些因素促進了續約活動和追加銷售？任何意見都將不勝感激。您認為這些趨勢的可持續性如何？

Alex, big picture, I think we were very pleased with our performance in the Experience business. I think the metric that we look at a lot that was the subscription revenue growth. If you look at the subscription revenue growth in the quarter, that was 24% year-over-year. I think in the prepared remarks, we said it was across the Marketing Cloud, Analytics Cloud as well as the Advertising Cloud. Again, digital transformation is front and center as an imperative for every single organization. Without a doubt, we have the clear leadership position in that. The value proposition is very unique. We're getting larger deals. We've talked about the multi-solution opportunities that we have. I would say particularly in the quarter as well, with the 2 summits that we organized and the interest that we have in summits as closing opportunities for us. And last but not least, the partnership with Microsoft, where we're jointly going in and engaging with customers at higher levels. So I'd just point to continued leadership on the product and vision side and focus on execution in the quarter.

Alex，從整體來看，我認為我們對體驗業務的表現非常滿意。我認為我們經常關注的指標是訂閱收入成長。如果看一下本季的訂閱營收成長，年增了 24%。我認為在事先準備好的發言稿中，我們提到過，這涵蓋了行銷雲、分析雲以及廣告雲。再次強調，數位轉型是每個組織都必須優先考慮的核心議題。毫無疑問，我們在這方面擁有絕對的領導地位。它的價值主張非常獨特。我們達成的交易規模更大了。我們已經討論過我們所擁有的多種解決方案的機會。我也想說，尤其是在本季度，我們組織了兩次峰會，我們對峰會作為我們結束工作的機會很感興趣。最後但同樣重要的是，我們與微軟建立了合作關係，共同深入並與更高層次的客戶互動。因此，我只想強調在產品和願景方面繼續保持領導地位，並專注於本季的執行。

Your next question comes from the line of Brent Thill from Jefferies.

你的下一個問題來自傑富瑞集團的布倫特·蒂爾。

Shantanu, just following up on Digital Experience. The first half of the year, you actually outpaced your year-end growth rate target and you have easier comps in the back half of this year. So I'm just curious in terms of why not take up your aspirations there? Is there something that's worrying you in the second half? Obviously, you'll have Magento layer in as well, so are you just kind of waiting for that to layer in before you update your aspirations there?

Shantanu，我只是想跟進數位體驗的問題。今年上半年，你們的成長率其實超過了年底的目標，而且下半年的比較基數也相對較小。所以我很好奇，為什麼不去那裡實現你的抱負呢？下半場有什麼讓你擔心的事情嗎？顯然，你還會加入 Magento 層，所以你是不是在等待 Magento 層加入之後再更新你的目標？

I think in terms of overall, as you know, Brent, we do not update our full year guidance at this point. We're coming into what has been the Q3 seasonal quarter in Europe. But the interest and the excitement or aspirations haven't diminished in any way. As you point out, it was a strong quarter. We have with Magento, even more of a comprehensive offering. And so we continue to remain excited, but it's -- I wouldn't read anything into it except for the fact that we -- we did touch on the fact that Q4 will continue to be seasonally strong, so it should proceed as expected.

我認為就整體而言，正如您所知，布蘭特原油，我們目前不會更新全年的指導意見。我們即將進入歐洲的第三季（季節性）。但是，人們的興趣、熱情和抱負絲毫沒有減弱。正如你所指出的，這是一個表現強勁的季度。我們與 Magento 合作，獲得了更全面的解決方案。因此我們仍然感到興奮，但——我不會對此做出任何解讀，只是我們——我們確實提到了第四季度將繼續保持季節性強勁，所以應該會按預期進行。

And just a quick follow-up for John on ARPU. I think last quarter, you said ARPU was kind of up across the board. I think now, you're saying flat to up. Given the price increases, can you just maybe parse them? I know we're probably digging in on the metric that we're probably going too deep into, but any color there why that won't be up and up like we saw in Q1?

最後再跟約翰問一下關於 ARPU 的問題。我記得上個季度你說過，ARPU值整體上有上升。我覺得你現在的意思是說從平坦到向上。鑑於價格上漲，能否幫忙分析一下？我知道我們可能對這個指標過於深入研究了，但有沒有什麼原因可以解釋為什麼它不會像第一季那樣持續上漲？

Yes. No, I think what we said it's that it's stable and that we expect it remain stable to up. So I think it's really kind of from our perspective, a healthy metric. We don't guide to that or chart it externally but it really contributes to our ARR.

是的。不，我認為我們說的是它很穩定，而且我們預計它會保持穩定並上漲。所以我覺得從我們的角度來看，這確實是一個健康的指標。我們沒有對此進行指導或外部規劃，但它確實對我們的年度經常性收入 (ARR) 有貢獻。

Maybe just adding color, Brent, on that. As it relates to the enterprise licensing, nothing has changed as we see enterprise licensing. We're certainly seeing good adoption of the full offering from the customized versions that we have said. As it relates to the price, since you asked that question, we always expected it to be marginal in terms of the impact associated with that. We're pleased with what we have seen so far in terms of whether it's people buying new subscriptions or renewal, where people see the price increase. I think that's very much in line with the additional value that we provided. So on Digital Media, we continue to be excited about the opportunity.

布倫特，或許可以給它加點色彩。就企業許可而言，我們所看到的企業許可沒有任何變化。我們確實看到，正如我們所說，定製版本的完整產品受到了很好的歡迎。至於價格方面，既然你問到了這個問題，我們一直預期它帶來的影響微乎其微。就目前所見，無論是新用戶購買訂閱或續訂用戶，都對價格上漲的情況感到滿意。我認為這與我們提供的附加價值非常吻合。因此，在數位媒體領域，我們仍然對機會感到興奮。

Your next question comes from the line of Jennifer Lowe from UBS.

你的下一個問題來自瑞銀集團的珍妮佛洛。

I wanted to follow up a little bit on subscription growth that you're seeing with Creative Cloud outside of the U.S. and in particular, in geographies outside of the U.S. And I guess, maybe in 2 pieces, first, I think last year, one of the talking points was that Japan and Germany were still relatively early in the transition from on-prem to cloud. So I'm curious if we sort have any update on the rate of the base migration there. And then related, as you think about subscriber growth in emerging markets, I'm curious if you have sort of an update on how much of that's sort of piracy conversion versus net new users to the base.

我想稍微跟進一下您在美國以外地區，特別是美國以外地區看到的 Creative Cloud 訂閱成長。我想，或許可以分成兩部分來說，首先，我認為去年討論的重點之一是，日本和德國從本地部署向雲端過渡的進程還處於相對早期階段。所以我很想知道我們是否有關於該地區基礎遷移速度的最新消息。另外，在考慮新興市場用戶成長時，我很好奇您是否掌握最新數據，說明其中有多少是盜版用戶轉換而來，又有多少是新增用戶。

Yes, Jennifer. I think globally, when we look at the demand for the Creative solutions and specifically, the cloud offerings, I think we've stated that Japan and Germany and the other emerging markets will phase shift it from the United States and Australia where we first introduced the offering. All the learnings that we've had about how to acquire customers and convert them, whether they be new customers to the platform or as you point out, former pirates, we have certainly learned from that. We continue to think that the differential pricing that we have in countries like China as well as Southeast Asia is helping us. There's more creativity in those markets. So Japan and Germany, net-net, continue to be good areas of growth for us moving forward. The emerging markets, both the piracy as well as the attractive upfront pricing, are reasons why people are adopting the platform.

是的，珍妮佛。我認為在全球範圍內，當我們審視對創新解決方案，特別是雲端產品的需求時，我認為我們已經說過，日本、德國和其他新興市場將逐步把這些產品從我們最初推出該產品的美國和澳洲轉移出去。我們從獲取客戶和轉換客戶（無論是平台的新客戶，還是像您指出的那樣，以前的海盜）的過程中學到了很多東西。我們仍然認為，我們在中國和東南亞等國家實行的差異化定價對我們有利。這些市場更有創造力。所以總的來說，日本和德國仍然是我們未來發展良好的成長領域。新興市場，包括盜版問題以及誘人的預付價格，都是人們採用該平台的原因。

Your next question comes from the line of Brad Zelnick from Crédit Suisse.

你的下一個問題來自瑞士信貸的布拉德·澤爾尼克。

Shantanu, can you share with us what the learnings have been from the price increase you introduced in North America this quarter and your observations on elasticity?

Shantanu，您能否與我們分享您本季在北美地區實施的價格上漲政策有哪些經驗教訓，以及您對價格彈性的觀察？

Yes. I think Brad, it's early. I would actually point to the learnings that we've had from the foreign exchange changes that have happened in other countries and as a result of that, what we have done with respect to pricing. Our strategy continues to be how do we get more and more people on the platform and so, we continue to attract new customers with attractive pricing. And during the first year, the more engagement that we have with them, the more they are likely to add standard pricing continue and renewal. And so, renewal continues to be an area of focus for us. And again, the goal for us right now is attracting new customers to the platform. Everything we've done with respect to price changes has not impacted retention. And so we continue to focus on that blend, if that makes sense.

是的。我覺得布萊德，現在還早。我其實想指出，我們從其他國家發生的外匯變化中吸取了教訓，並因此在定價方面採取了相應的措施。我們的策略仍然是如何讓越來越多的人加入平台，因此，我們不斷透過有吸引力的定價來吸引新客戶。在第一年，我們與他們的互動越多，他們就越有可能增加標準定價並繼續續約。因此，更新換代仍然是我們關注的重點領域。再次強調，我們目前的目標是吸引新客戶加入平台。我們在價格調整方面所做的一切努力都沒有影響用戶留存率。因此，我們將繼續專注於這種融合，如果這樣說你能理解的話。

Your next question comes from the line of Saket Kalia from Barclays Capital.

你的下一個問題來自巴克萊資本的薩凱特·卡利亞。

Shantanu, realizing that it still has to close, can you just talk about initial customer feedback on Magento? It's been a few weeks. And any early ideas, broad brushes that you can share with us on how the business can look different as part of the Adobe family, post-closing.

Shantanu，考慮到它仍然需要結束，你能談談Magento的初步客戶回饋嗎？已經過去幾週了。對於公司在交易完成後成為 Adob​​e 大家庭的一員後，其面貌可能會有哪些變化，您有什麼初步的想法或大致的設想可以與我們分享嗎？

Sure, Saket. I mean, I think despite the fact that we already had integrations with commerce systems, we had clear asked from our customers for a complete Adobe solution from content creation to delivery to analytics and now, all the way out to commerce. What we're particularly excited about is the investment that we've made in the Adobe cloud platform provides a clear architecture and a playbook for us to integrate new acquisitions like Magento seamlessly. We were attracted by a few things when we looked at Magento, great people, great technology. But I think what's unique was that they targeted both digital and physical goods as well as B2B and B2C in terms of the customer segments. And Mark, who is their CEO, did a great job of leading them after they transitioned out of eBay. While their traditional strength has been in the midmarket and departments or single geographies where large enterprises use them for commerce in 1 geography and then translate it, I think that will continue to be an area of good opportunity for us. And what we will bring to that is the enterprise relationships that we have with larger enterprise. So like all our acquisitions, we look at it from the point of view of can we accelerate their growth? Does it fill out our offering? Do we have a unique and differentiated solution? And the good news was Magento, I think, checked all of those boxes. And so we're excited about it. As we said, hopefully, it closes next week and we've given you some transparency into the size of their business.

當然，薩凱特。我的意思是，儘管我們已經與電商系統進行了集成，但我們的客戶明確要求我們提供完整的 Adob​​e 解決方案，涵蓋內容創作、交付、分析，現在更要延伸到電商領域。我們尤其感到興奮的是，我們對 Adob​​e 雲端平台的投資為我們提供了一個清晰的架構和操作指南，使我們能夠無縫地整合像 Magento 這樣的新收購專案。我們在考察 Magento 時，被幾個面向所吸引：優秀的人才、卓越的技術。但我認為他們的獨特之處在於，他們的目標客戶群既包括數位商品和實體商品，也包括 B2B 和 B2C。而他們的執行長馬克，在他們從 eBay 過渡出來後，出色地領導了他們。雖然它們的傳統優勢在於中端市場和部門或單一地區，大型企業利用它們在一個地區進行商業活動，然後再進行轉換，但我認為這仍將是我們有良好機會的領域。我們將帶來的是我們與大型企業建立的企業關係。所以，就像我們所有的收購一樣，我們從能否加速其成長的角度來看待它？它是否完善了我們的產品組合？我們是否有獨特且差異化的解決方案？好消息是，我認為 Magento 完全符合所有這些條件。所以，我們對此感到很興奮。正如我們所說，希望下週就能完成交易，我們也已經向大家展示了他們公司的規模。

Your next question comes from the line of Mark Moerdler from Bernstein Research.

你的下一個問題來自伯恩斯坦研究公司的馬克‧莫德勒。

So I'm going to follow up on the questions on Magento. You discussed how Magento has had strength in selling of the physical goods, Adobe's Digital Marketing's all about digital marketing but it's both digital and electronic. How big a nuance, how big a difference is there? How big an opportunity is there, the fact that they are so strong in selling the physical goods, and how does that play into the existing customer base that Adobe has in digital marketing?

接下來，我將跟進解答關於Magento的問題。您討論了 Magento 在實體商品銷售方面的優勢，Adobe 的數位行銷則完全是關於數位行銷，但它既是數位化的，也是電子化的。這其中的細微差別有多大？差異有多大？他們在實體商品銷售方面實力雄厚，這其中蘊藏著多大的機會？而這與 Adob​​e 在數位行銷領域現有的客戶群又有何關聯？

Yes. Mark, I think from our point of view, we just want a very comprehensive solution. When you go into a retail customer, for example, with Digital Experience, who is making available-for-sale physical goods, we say, yes. We have the ability for you to transact and finalize your sale for physical goods that's shipping. That doesn't mean that we are in shipping ourselves but the ability to have that inventory, the biller materials, the payment methods, is clearly an advantage in terms of them taking a non-digital way of transacting commerce and converting it to commerce. What's also nice about them is for people who want to do rooms or airline reservations or other digital ways of transacting business, the same solution scales from physical goods to digital goods. Things like subscriptions, what Adobe offers, I think we would all acknowledge that more and more companies want to get to a subscription mechanism. And so I think I would look at it more as a comprehensive way of dealing with anything that needs to be transacted online, whether the end result was a physical good, a digital good, a subscription, being able to have a comprehensive offering across B2B and B2C is really helpful. And what I mean by B2B is you might have companies whether they're consumer goods companies or companies that are actually shipping to other retailers who also want to use this to transact business electronically. So that's what's exciting for us about what Magento offers.

是的。馬克，我認為從我們的角度來看，我們只是想要一個非常全面的解決方案。例如，當你帶著數位體驗去拜訪零售客戶，而他們正在銷售實體商品時，我們會說，是的。我們能夠幫助您完成實體商品的銷售交易，並最終確定您的訂單。這並不意味著我們自己也從事運輸業務，但擁有庫存、帳單材料和支付方式的能力，對於將非數位化交易方式轉化為數位化交易而言，顯然是一個優勢。它們的另一個優點是，對於想要預訂房間、機票或其他數位化交易方式的人來說，同樣的解決方案可以從實體商品擴展到數位商品。像是訂閱服務，例如 Adob​​e 提供的服務，我想我們都會承認，越來越多的公司都希望採用訂閱模式。因此，我認為應該將其視為一種全面處理任何需要在線交易的事物的方式，無論最終結果是實體商品、數位商品還是訂閱服務，能夠提供涵蓋 B2B 和 B2C 的全面服務真的很有幫助。我所說的 B2B 指的是，一些公司，無論是消費品公司還是向其他零售商發貨的公司，都希望使用這種方式進行電子交易。這就是Magento讓我們感到興奮的地方。

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

你的下一個問題來自加拿大皇家銀行的羅斯·麥克米倫。

You look like you're tracking again this year to something around $1.3 billion of net new Digital Media ARR. And we're just coming up into a period where you're starting to move on price. You have some new product introductions. There's some ARPU effects from Stock. Just philosophically, how do you think about the progress of that net new ARR? As we think about that, not just this year but broadly speaking over the next 2 or 3 years, and do you feel like there are levers that you have to manage that number to a sort of target? And I'm just trying to get a sense for sustainability on that line item.

看來你們今年的數位媒體淨新增年度經常性收入（ARR）預計將再次達到 13 億美元左右。現在我們即將進入一個價格開始波動的時期。你們有一些新產品即將推出。Stock 帶來了一些 ARPU 效應。從哲學角度來說，您如何看待淨新增 ARR 的進展？當我們思考這個問題時，不僅是今年，而是更廣泛地說，未來兩三年，您是否覺得有一些方法可以將這個數字控制在某個目標範圍內？我只是想了解一下這一項的可持續性情況。

Yes, Ross. I mean, again, when we look at the ARR accomplishment and entire digital media performance in the first half, it's very clear that we continue to have momentum across all of the various offerings as well as geographies. I think if you look at our Q3 and then I'll get to the big picture, we do expect Q3 is seasonally weak, and we've said that we expect the traditional strength in Q4. I mean, one of the things that we're just continuing to monitor in Q3 is what's happened with GDPR and the recent privacy law changes is that everybody who's doing business online in Europe will have to make sure that GDPR is not sort of just a checklist item but a new way of doing business, which requires people to tailor their digital marketing. We were ready with that on May 25. We just want to continue to monitor that as we transact business online. We are best-in-class both for ourselves as well as for the service that we deliver for our customers. And so we look at the $310 million target for ARR, it's the highest we've actually had in Q3 for digital media. To your point, it should result in record ARR addition in this business for FY '18. But long term, as you think about new media types, as you think about devices, what we are doing across education, immersive media opportunities with AR and VR, screen design, video and the explosion of video, I think you'll continue to see us innovate more, attract new customers to the platform and really drive the addressable opportunities. So that's really the focus for us in that business.

是的，羅斯。我的意思是，再說一遍，當我們審視上半年的 ARR 成就和整個數位媒體表現時，很明顯，我們在所有不同的產品和服務以及各個地區都繼續保持著成長勢頭。我認為，如果你看一下我們的第三季度，然後再從宏觀角度來看，我們預計第三季度會是季節性疲軟的季度，我們也說過，我們預計第四季度會恢復往年的強勁勢頭。我的意思是，我們在第三季持續關注的事情之一是 GDPR 和最近的隱私法變化，因為在歐洲開展線上業務的每個人都必須確保 GDPR 不僅僅是一個清單項目，而是一種新的業務開展方式，這要求人們調整他們的數位行銷。我們早在5月25日就準備好了。我們希望在進行線上交易時繼續監控這種情況。無論就我們本身而言，或是就我們為客戶提供的服務而言，我們都是一流的。因此，讓我們來看看 3.1 億美元的 ARR 目標，這是我們在第三季數位媒體方面取得的最高目標。正如您所說，這應該會使該業務在 2018 財年實現創紀錄的年度經常性收入成長。但從長遠來看，當你思考新的媒體類型、設備、我們在教育、AR 和 VR 的沉浸式媒體機會、螢幕設計、視訊以及視訊的爆炸式增長等方面所做的工作時，我認為你會看到我們不斷創新，吸引新客戶加入平台，並真正推動可實現的機會。所以，這才是我們在這個業務領域真正關注的重點。

And just a quick follow-up, if I can, for John, welcome. Just on the tax rate, that new run rate of 14%, is that something that in the absence of material geographic revenue mix shift or M&A, is that something that you would view as broadly a sort of stable run rate even beyond fiscal '19?

最後，如果可以的話，我想對約翰說聲歡迎。就稅率而言，14% 的新稅率，在沒有實質性的地域收入結構變化或併購的情況下，您是否認為即使在 2019 財年之後，這仍然是一個相對穩定的稅率？

Yes. Thanks, Ross. I think how I would describe it is with the new Tax Act, we've been digesting the different impacts to that. And so, you see us having made this recent change again, after just starting in January. So we do feel this rate is stable, but we continue to evaluate opportunities with the provisions of the tax law. And just to remind you, our fiscal year '18 is really unique for us and we don't have the full impacts of the Tax Act until FY '19. But I think you can rely on those rates at this point to be relatively stable. And then as we continue to evaluate opportunities, take advantage of the provisions, we can update you then.

是的。謝謝你，羅斯。我認為，對於新的稅法，我們一直在消化它帶來的各種影響。因此，您會看到我們繼一月份開始做出這項改變之後，最近又一次做出了這項改變。因此，我們認為目前的利率是穩定的，但我們會繼續評估稅法條款下的各種機會。再次提醒各位，我們的 2018 財年非常特殊，要到 2019 財年才能感受到稅法的全部影響。但我認為目前這些利率應該會相對穩定。然後，隨著我們繼續評估各種機會並利用相關條款，我們會及時向您報告最新情況。

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

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

Shantanu, a technology roadmap question for you regarding Digital Experience. How much of a role do you think there may ultimately be for you to have a self-serve model in the portfolio in Digital Experience, paralleling what you've done with Digital Media, particularly with adobe.com? The reason I'm asking is, was the launch of the Advertising Cloud Creative at Summit for instance perhaps, an early sign of a longer-term ambition for more comprehensive self-serve capability that you can deliver to customers for Digital Experience? If that's so, would there then be positive incremental margin implications as you've seen on the Digital Media side from that kind of a model?

Shantanu，我有一個關於數位化體驗的技術路線圖問題想請教你。您認為在數位體驗產品組合中，您最終可以發揮多大的作用來採用自助服務模式，就像您在數位媒體領域（特別是 adobe.com）所做的那樣？我這麼問是因為，例如，在高峰會上推出的廣告雲端創意解決方案，是否預示著貴公司未來將致力於為客戶提供更全面的自助式數位體驗功能？如果是這樣，那麼這種模式是否會像您在數位媒體領域看到的那樣，帶來積極的增量利潤？

I think, Jay, there's no question that a focus on time to value and getting more practitioners adopting our Digital Experience solutions sooner rather than later is a priority for us. We've certainly, to your point, done that with Acrobat and CC. Magento is a really nice addition to that because if people can create a website, start doing it with their customers through multiple channels and transact business through commerce, that opens up new vistas for us. And if you remember, the original Day software as well as what Omniture had actually targeted small and medium businesses. So I look at it as are we focused on continuing to drive time to value and getting more practitioners to be self-serve? That's only a benefit in terms of their NPS with Adobe, and it's clearly an area of focus for us.

傑伊，我認為毫無疑問，專注於價值實現時間和讓更多從業者盡快採用我們的數位體驗解決方案是我們的首要任務。正如您所說，我們確實使用 Acrobat 和 CC 實現了這一點。Magento 的出現確實是一個很好的補充，因為如果人們能夠創建一個網站，開始透過多種管道與客戶互動，並透過電子商務進行交易，這將為我們開闢新的前景。如果你還記得的話，最初的 Day 軟體以及 Omniture 的產品實際上都是針對中小企業的。所以我認為，我們是否專注於繼續縮短價值實現時間，並讓更多從業者實現自助服務？就他們與 Adob​​e 的 NPS 而言，這才是一個優勢，而這顯然是我們關注的重點領域。

A quick one for John. Could you talk about the implications for cash flow from the new tax structure, both in terms of not just net income which is obviously going to be affected by -- on the backside, but also perhaps in terms of deferred tax implications within cash flow?

給約翰一個簡短的問題。您能否談談新稅收結構對現金流量的影響，不僅包括淨收入（淨收入顯然會受到影響），還包括遞延所得稅對現金流量的影響？

Yes. No, clearly, we benefit from the tax rate changes and I think what we've demonstrated is that our business continues to throw off great cash flow strength and growth. So I would just say that, that trend is pretty consistent.

是的。不，顯然，我們受益於稅率變化，而且我認為我們已經證明，我們的業務持續產生強勁的現金流和成長。所以我想說的是，這種趨勢相當穩定。

Your next question comes from the line of Walter Pritchard from Citi.

你的下一個問題來自花旗銀行的華特‧普里查德。

Just a further question around pricing. You've talked about services for some time and Stock, I think it continues to do well. Can you help us understand how services are impacting pricing versus some of these other factors, especially the price increase that just started to have an impact this quarter? Maybe a stack rank or kind of relative conversation about the drivers of ARPU.

關於價格方面還有一個問題。您已經談論服務業和股票一段時間了，我認為它繼續表現良好。您能否幫助我們了解服務對定價的影響，以及其他一些因素的影響，特別是本季剛開始產生影響的價格上漲？或許可以進行一番排名分析，或是就影響 ARPU 的因素展開一些相對討論。

Sure, Walter. I mean, I think as it relates to Adobe Stock, that is a clear service. It makes the entire offering stickier. And I think we mentioned in our prepared remarks that Stock had a very strong quarter. I think it continues to make the whole aspect of an on-ramp to creativity easier so that's been good. I would say in the enterprise in particular, as people are finding that whether you're interfacing between freelancers and the marketing or graphics departments within enterprises, storing all of these assets so that you can increase content velocity, things like Adobe Sign, all of them are causing us to be able to both deliver better value and charge more to our enterprise customers. So in the enterprises in particular, we are very maniacally focused on named user deployment, ensuring more people use it within an enterprise, having services to be the win which they can engage more people in the creative process. And that's leading to both greater ARPU as well as new seat deployment within the enterprise.

當然可以，沃爾特。我的意思是，就 Adob​​e Stock 而言，我認為這是一項明確的服務。這讓整個產品更具吸引力。我想我們在事先準備好的發言稿中也提到過，Stock公司本季表現非常強勁。我認為它讓通往創造力的途徑變得更加容易，這是一件好事。尤其是在企業領域，人們發現，無論是在企業內部的自由工作者與行銷或圖形部門之間進行對接，儲存所有這些資產以便提高內容更新速度，像 Adob​​e Sign 這樣的工具，所有這些都讓我們能夠為企業客戶提供更好的價值，並收取更高的費用。因此，尤其是在企業中，我們非常注重指定使用者部署，確保更多的人在企業內使用它，讓服務成為制勝法寶，從而讓更多的人參與創作過程。這將帶來更高的每位用戶平均收入 (ARPU) 以及企業內部的新席位部署。

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

你的下一個問題出自高盛的希瑟·貝里尼之口。

I just had a question about -- as you look at your revenue targets, Shantanu, and as you look out a few years, is there a reason to think that the pace of expense growth which we've been seeing would change at all? You guys have done such a great job kind of growing expenses at such at a much lower pace obviously than revenue. And I'm just wondering if there's any reason to think that kind of the pace of what we've seen in terms of expense growth would change based on what your revenue plans might be down the road.

Shantanu，我有個問題想問你——當你審視你的收入目標，並展望未來幾年時，你認為我們目前看到的支出成長速度會有任何改變嗎？你們在控制支出成長方面做得非常出色，顯然支出成長速度遠低於收入成長速度。我只是想知道，根據你們未來的收入計劃，是否有任何理由認為我們所看到的這種支出成長速度會改變。

That's a great question, Heather, in terms of how we think about it. And I think as a company, we've just been ruthlessly focused on both top line and bottom line growth. I mean, when you are driving 24% year-over-year growth in revenue or driving 60-plus percent growth in non-GAAP EPS, I think it shows that we are really focused on both of those. We just have some very significant opportunities and I think as you think about Q2, maybe there were a couple of investments in the Adobe Cloud platform as well as in preparation for GDPR that were factored in. But I think long term, we just continue to ensure that are we driving great top line growth at a very profitable margin? And we're going to continue as we did in Q1, for example, all revenue over-achievement will result in greater earnings and that continues to be our focus.

希瑟，你問的這個問題很好，讓我們來思考這個問題。我認為，作為一家公司，我們一直以來都毫不留情地專注於營收和利潤的成長。我的意思是，當你的收入同比增長 24% 或非 GAAP 每股收益同比增長 60% 以上時，我認為這表明我們確實非常關注這兩方面。我們有一些非常重要的機會，我認為，當你考慮第二季時，可能已經考慮到了對 Adob​​e 雲端平台的一些投資，以及為 GDPR 做準備的情況。但我認為從長遠來看，我們只需繼續確保我們能夠以非常高的利潤率實現強勁的營收成長即可？我們將繼續沿用第一季的做法，例如，所有超額完成的收入都將帶來更高的收益，而這仍然是我們的重點。

Your next question comes from the line of Kirk Materne from Evercore ISI.

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

Shantanu, I was wondering if you can just -- I want to go back to Magento again, and can you just walk us through, I guess, how you're thinking about the integration? I assume given the time of your fiscal year, you'll operate generally on a standalone basis. But is this a product that Adobe sales force can start taking to market once the deal closes? I guess, just how you're thinking about sort of integrating, I guess, mainly from a go-to-market perspective once the deal closes over the next couple of quarters.

Shantanu，我想問你能不能－我想重新使用Magento，你能不能跟我們講解一下你是如何考慮整合問題的？鑑於貴公司的財政年度時間，我推測貴公司通常會以獨立運作的方式開展業務。但是，一旦交易完成，Adobe 銷售團隊就可以開始將這款產品推向市場了嗎？我想，你主要是在考慮如何整合，我想，主要是從市場推廣的角度來看，一旦交易在接下來的幾季完成。

Kirk, I think the sales force is already chomping at the bit in terms of saying how do we -- once the deal is closed, have Magento in our bag? It's such a natural extension. But I think to your point, our focus has always been with acquisitions, do no harm; really make sure that we can continue to bring to bear the Adobe brand, bring to bear the customer relationships that we have and truly understand the magic sauce that makes them so special. So certainly in terms of from day 1 when we are closing, being able to expand our story of how we can serve customers, looking at some of the customers. And I think we pointed that out in the introductory call in terms of who they already have as customers. So I think we will start to deliver to enterprises but we will be a little cautious because we just want to make sure that we have a disciplined on-ramp to that particular product.

Kirk，我認為銷售團隊已經迫不及待地想知道，一旦交易完成，我們如何才能把 Magento 納入囊中？這是一個非常自然的延伸。但我認為，正如你所說，我們的重點一直是收購，不造成損害；真正確保我們能夠繼續發揮 Adob​​e 品牌的作用，發揮我們擁有的客戶關係的作用，並真正了解使他們如此特別的秘訣。所以，從第一天起，當我們結束營業時，我們當然要擴展我們服務客戶的故事，看看一些客戶的狀況。我認為我們在介紹電話中已經指出了這一點，即他們目前擁有哪些客戶。所以我認為我們會開始向企業交付產品，但我們會比較謹慎，因為我們只想確保我們有一個規範的管道來引導用戶使用該產品。

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

你的下一個問題來自考恩公司（Cowen and Company）的德里克·伍德（Derrick Wood）的系列文章。

I wanted to touch -- drill in on GDPR. And one could argue it could have some mixed impact for you guys. The regulation focuses on data minimization in terms of the amount of content companies should be storing about their end consumers and e-mail lists have to be more scrutinized. And I guess that could weigh on capacity, subscription sales. But at the same time, companies are needing to put more governance and workflow around their digital engagements, and you could see more standardization and more usage on the Adobe platform. You clearly had a good quarter but how do you see these dynamics around GDPR working out and impacting the demand trajectory on Experience Cloud?

我想深入探討一下 GDPR。有人可能會說，這對你們來說可能會產生一些好壞參半的影響。該法規側重於資料最小化，限制公司應儲存的有關其最終消費者的內容量，並且必須對電子郵件清單進行更嚴格的審查。我想這可能會對產能和訂閱銷售造成影響。但同時，企業需要對其數位化互動進行更多治理和工作流程管理，因此可能會出現更多標準化和對 Adob​​e 平台更多使用的趨勢。你們顯然度過了一個不錯的季度，但是你們認為 GDPR 的相關動態將如何影響 Experience Cloud 的需求軌跡？

When I take a step back, Derrick, the trend towards online businesses and digital spend and the desire on the part of enterprises to understand attribution is only going to increase. More money is going to be spent digitally but the bar of how that's being spent and the understanding and effectiveness of that marketing and spend is only going to increase. And I think big picture, we look at that as a big opportunity for Advertising Cloud because not only are we a channel for the major online marketing platforms like search, social, display and TV, but we're unique in that we have sort of the broadest perspective of efficacy across all marketing spends. On the second side, all companies will need to balance the customer acquisition where this third-party data plays an important role. And the more important issue for all companies is going to be customer engagement, to your question around e-mail list and how you engage with them. And there, I think, leveraging the first-party data is going to become even more crucial. And so we look at it and say we have the best of both worlds. The Advertising Cloud will continue to focus on helping customer acquisition but really, the energy is going to be spent by cost by companies more on Marketing Cloud where engagement is going to be even more critical in this world of GDPR so that you don't, in any way, impact the trust that you've built with companies. And I actually think Analytics also across both acquisition and engagement will become even more critical in this new environment. So you're right in that we have to help our companies navigate it, and you're right and I think long term, it just continues to be a tailwind as the leader in this business.

德里克，從長遠來看，企業向線上業務和數位支出發展的趨勢，以及企業了解歸因的願望，只會越來越高。未來將有更多資金投入數位化領域，但對這些資金的使用標準，以及對行銷和支出的理解和有效性，只會不斷提高。我認為從宏觀角度來看，這對 Advertising Cloud 來說是一個巨大的機會，因為我們不僅是搜尋、社交、展示和電視等主要線上行銷平台的管道，而且我們的獨特之處在於，我們對所有行銷支出的有效性都有最廣泛的視角。另一方面，所有公司都需要在客戶獲取方面取得平衡，而第三方數據在其中發揮重要作用。對於所有公司而言，更重要的問題將是客戶互動，也就是您提出的關於電子郵件清單以及如何與它們互動的問題。我認為，在這一點上，利用第一方數據將變得更加至關重要。因此，我們在審視這個問題後認為，我們擁有兩全其美的優勢。廣告雲將繼續專注於幫助客戶獲取，但實際上，企業會將更多精力投入到行銷雲上，因為在 GDPR 的時代，互動將變得更加重要，這樣才不會以任何方式影響你與企業建立的信任。而且我認為，在這種新環境下，數據分析在用戶獲取和用戶互動方面將變得更加重要。所以你說得對，我們必須幫助我們的公司應對這種情況，而且你說得對，我認為從長遠來看，這將繼續成為我們作為行業領導者的順風。

Your next question comes from the line of Keith Weiss from Morgan Stanley.

你的下一個問題來自摩根士丹利的基斯‧韋斯。

I just had a clarification question around the guidance. I think last quarter, Mark Garrett was talking about Digital Media ARR and talking about Q3 and Q4. He expected the seasonality of Q3 and Q4 to follow similar to what was achieved in FY '17. And when I look at ARR from last year, Q2 to Q3 was pretty sort of flat seasonality. It looks like we're looking for closer to like down 9% to 10% this year. Did something change between sort of Mark Garrett's comments and sort of how we're thinking about ARR into Q3 this quarter?

我只是想就指導意見提出一個澄清問題。我認為上個季度，Mark Garrett 談到了數位媒體 ARR，並談到了第三季和第四季。他預計第三季和第四季的季節性變化將與 2017 財年的情況類似。當我查看去年的年度經常性收入（ARR）數據時，發現第二季到第三季的季節性波動相當平緩。看來今年我們預計跌幅會在 9% 到 10% 之間。Mark Garrett 的評論和我們對本季第三季 ARR 的看法之間是否發生了一些變化？

No, Keith. I think as I mentioned a little bit earlier, when you look at from an absolute perspective, the Q3 target that we provided for ARR will still be the largest that we have. I think we continue to see strength in the business, so nothing's changed from that particular quarter. I mentioned briefly that we want to just make sure that we get a little bit more experience with what's happening with GDPR to Derrick and other people's questions associated with what's happening online, but in no way reflects a change in how we see the business. And Q4 again, we expect the traditional strength in the business.

不，基斯。我認為正如我之前提到的，從絕對角度來看，我們為第三季 ARR 設定的目標仍然是我們設定的最高目標。我認為公司業務依然強勁，所以與上個季度相比沒有任何變化。我曾簡要地提到，我們希望能夠更多地了解 GDPR 的相關情況，並回答 Derrick 和其他人提出的與網路相關問題，但這絕不代表我們對業務的看法發生了改變。第四季度，我們預期業務將延續以往的強勁勢頭。

Got it. So some caution perhaps around GDPR potentially pushing some Digital Media business from Q3 into Q4?

知道了。所以，或許應該對GDPR可能帶來的負面影響保持謹慎，因為GDPR可能會將一些數位媒體業務從第三季推遲到第四季？

Yes. I think we look at it from a first half, second half and we still continue to model it. But you can look at it as we just want to make sure that we understand GDPR in more detail across Q3, yes.

是的。我認為我們應該從上半場、下半場兩個角度來看待這個問題，我們將繼續對其進行建模。但你可以這樣理解，我們只是想確保在第三季更詳細地了解 GDPR，是的。

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

你的下一個問題來自美國銀行美林證券的卡什·蘭甘。

Shantanu, I'm just curious. If you look at companies like in your peer group, just Microsoft, Intuit, they've had revenue growth in some of the key businesses outpace unit growth. So obviously, pricing and ARPU growth has been a key trend in the industry. I'm curious how you think about that. Are you at a point where it's more so ARPU growth versus unit growth? If so, what is driving that? Or if you on the contrary believe what you said on the previous earnings conference call, that the TAM is a multiple of the previous cycle, I'm curious to hear you elaborate on why you believe the TAM is a multiple of the prior cycle. That's it for me.

Shantanu，我只是好奇而已。如果你看看像你同行中的公司，例如微軟、Intuit，它們的一些關鍵業務的收入成長速度已經超過了銷售成長速度。顯然，定價和 ARPU 成長一直是該行業的關鍵趨勢。我很想知道你對此有何看法。你們現在更注重的是ARPU成長而不是銷售成長嗎？如果真是如此，那麼是什麼原因導致這種情況發生的？或者，如果您相反，相信您在上次財報電話會議上所說的，即TAM是上一個週期的數倍，我很想听聽您詳細解釋一下為什麼您認為TAM是上一個週期的數倍。就這些了。

Yes, sure. I mean, I think when we look at the 2 businesses where we have a B2C business, when we look at Acrobat and units growth for Acrobat, all the strength in the Document Cloud business is being driven by unit growth rather than what you would call ARPU growth. When we look at customer acquisition in Creative Cloud, we've been pretty forthcoming about how it's really been driven by new people coming to our platform. And so I can't comment on what Microsoft and Intuit are saying, but from our point of view, it's certainly being driven a lot more by new customer acquisitions and focused on that. And so, as we think about big picture what we are focused on in Creative, the first is let's just continue to drive net new subscriptions, focused on retention. The pool is becoming larger and larger, so this is an emerging market. I would say a little bit more of adjacent markets, what we've done with education and hobbyists. We continue to make sure that ARPUs are increasing as people go into renewals. But price is not on that first list of things that we are focused on, given where we are in the cycle.

當然可以。我的意思是，當我們審視我們擁有 B2C 業務的兩項業務時，當我們審視 Acrobat 及其銷售增長時，Document Cloud 業務的所有強勁增長都是由銷量增長驅動的，而不是由 ARPU 增長驅動的。當我們審視 Creative Cloud 的客戶獲取情況時，我們一直坦誠地表示，這實際上是由新用戶加入我們的平台所推動的。因此我無法評論微軟和Intuit的說法，但從我們的角度來看，這無疑更多是由獲取新客戶所驅動，而我們專注於此。因此，當我們從宏觀角度思考創意部門的重點時，首先要關注的是繼續推動新增訂閱用戶，重點是留存率。目標市場越來越大，這是一個新興市場。我想說，我們應該更專注於鄰近市場，例如我們在教育和業餘愛好者領域所做的工作。我們持續確保隨著用戶續約，ARPU（每用戶平均收入）不斷成長。但鑑於我們目前所處的周期階段，價格並不是我們首先關注的因素。

Your next question comes from the line of Pat Walravens from JMP Securities.

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

Shantanu, I'm going to step back a little bit and I'm curious, how far -- on sort of the artificial intelligence side of things, how far away are we from having Sensei help customers search video content with a high degree of accuracy? So Sensei, find all the footage that has Brad Pitt in it.

Shantanu，我想稍微退後一步，我很好奇，在人工智慧方面，我們距離讓 Sensei 幫助客戶高精度地搜尋影片內容還有多遠？老師，請找出所有有布萊德彼特演出的影片。

Well, Pat, I think if you look at what we already have with respect to Adobe Stock, the 2 things that I would call Adobe Magic that Sensei has provided us, first auto-tagging. So you can actually get thousands of pictures and we have the ability based on the prior data set, to be able to tag it and infer intent and so, you can search. And the canonical example we give is fire engine truck versus being it called different things in different countries. And so, we already have that. With video as well, I think we have the ability across frames to do searching. And so, it's only going to get better and better with the data sets. But that data is not far in terms of being able to find across video. And in fact, we have already demonstrated abilities to do search on video.

派特，我覺得如果你看看我們目前在 Adob​​e Stock 方面所擁有的東西，Sensei 為我們提供的兩件我稱之為 Adob​​e Magic 的事情，首先是自動標記。因此，您實際上可以獲得數千張圖片，並且我們能夠根據先前的資料集對其進行標記並推斷意圖，以便您可以進行搜尋。我們舉的典型例子是消防車，它在不同國家有不同的叫法。所以，我們已經擁有了這一點。對於影片來說，我認為我們也有能力跨幀進行搜尋。因此，隨著資料集的不斷完善，情況只會越來越好。但就視訊數據而言，這些數據並不算多。事實上，我們已經展示了在影片上進行搜尋的能力。

Operator, we're coming up on the hour. Why don't we take one more question, please?

接線員，我們快到整點了。我們能再回答一個問題嗎？

And your last question comes from the line of Brian Wieser from Pivotal.

你的最後一個問題來自 Pivotal 公司的 Brian Wieser。

I was wondering if you could offer a little more color on what you're seeing with Advertising Cloud. You called it out certainly as supporting some of the growth there, and we see some of the peers to that business, Trade Desk in particular, doing phenomenally well. And related to GDPR, as we're seeing something of a shake out with much of the ad tech sector, I'm wondering if you see opportunities for deeper investment. It seems like anyone with deep pockets in the long time horizon is maybe well-positioned to take advantage of just growing organically or by picking up businesses that are now available.

我想請您詳細介紹一下您在使用 Advertising Cloud 時看到的情況。您確實指出它對當地的成長起到了一定的支持作用，我們看到一些與該業務相關的同行，特別是 Trade Desk，都做得非常出色。關於 GDPR，鑑於我們看到廣告科技產業正在經歷一場洗牌，我想知道您是否看到了更深層投資的機會。看起來，那些財力雄厚、著眼長遠的人，或許更能利用自身有機成長或收購現有企業的機會。

We had a good, strong revenue quarter for Advertising Cloud in Q2. I think if you looked at our overall revenue growth of 18%, it was certainly higher than what we had guided to. Advertising Cloud played a role in that. I think to your point, we are one of the few companies that has the breadth to have the ability for people to invest across search, social, display and all forms of TV and so, I think we're pretty uniquely positioned. I think what's even more unique about that offering is the tie-in to the segmentation that we have with Audience Manager and the analytics that we provide on the efficacy of the spend. So we continue to be excited about the opportunity that we have, both in Advertising Cloud as a separate cloud and opportunity, and the integration of that across the entire Experience Cloud. And since, Brian, that was the last question, in close, the momentum in our business clearly continued in Q2. We continue to be excited about the product roadmap that we will deliver in the second half and the innovation agenda.

第二季度，我們的廣告雲業務取得了良好且強勁的營收業績。我認為，如果我們看一下我們18%的整體營收成長率，就會發現這肯定高於我們先前的預期。廣告雲在其中發揮了作用。我認為你的觀點沒錯，我們是少數幾家擁有足夠廣度的公司之一，能夠讓人們在搜尋、社交、展示和所有形式的電視廣告方面進行投資，因此，我認為我們擁有非常獨特的優勢。我認為該服務更獨特之處在於它與我們透過 Audience Manager 進行的細分以及我們提供的關於支出效果的分析相結合。因此，我們對所擁有的機會感到興奮，無論是作為獨立雲端平台的廣告雲，還是將其整合到整個體驗雲中。布萊恩，既然這是最後一個問題，那麼最後總結一下，我們業務的發展勢頭在第二季度顯然得以延續。我們對下半年即將推出的產品路線圖和創新計畫依然充滿信心。

Big picture, the strategy of empowering people to create as well as helping businesses transform continue to be large, addressable markets, with good tailwinds. And we'll continue to focus on driving both top line and bottom line growth, with significant margins while we invest in technology as a long-term differentiator for Adobe. So thank you for joining us today.

從宏觀角度來看，賦予人們創造力並幫助企業轉型的策略仍然是一個龐大且可觸及的市場，並且擁有良好的發展勢頭。我們將繼續專注於推動營收和利潤雙雙成長，並保持可觀的利潤率，同時投資技術，將其作為 Adob​​e 的長期差異化優勢。感謝各位今天蒞臨。

Thanks, everyone. This concludes our call.

謝謝大家。通話到此結束。