Adobe Inc (ADBE) 2018 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen. I would like to welcome you to Adobe Systems' Third Quarter Fiscal Year 2018 Earnings Conference Call. My name is Jerome, and I will be your conference operator today. (Operator Instructions) Thank you. I would like now to turn the call over to Mr. Mike Saviage, Vice President of Investor Relations. Please go ahead, sir.

女士們、先生們，午安。歡迎各位參加 Adob​​e Systems 2018 財年第三季財報電話會議。我叫傑羅姆，今天我將擔任你們的會議接線生。（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 Adob​​e 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 third 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 財年第三季的財務表現。現在，您應該已經收到我們大約 1 小時前發布的獲利新聞稿了。我們也把財報電話會議的準備發言稿和幻燈片、財務目標以及更新後的投資者資料表的PDF文件發佈在了Adobe.com網站上。如果您想要這些文件的副本，可以訪問 Adob​​e 的投資者關係頁面，並在「快速連結」下找到它們。

Before we get started, we want to emphasize that some of the information discussed in this call, particularly our revenue and operating model targets and our forward-looking product plans, is based on information as of today, September 13, 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 9 月 13 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. Q3 was a record quarter for Adobe. We delivered $2.29 billion in revenue, representing 24% year-over-year growth. GAAP earnings per share for the quarter was $1.34, and non-GAAP earnings per share was $1.73.

謝謝你，麥克，下午好。第三季是Adobe公司業績創紀錄的一個季度。我們實現了 22.9 億美元的收入，年增 24%。本季GAAP每股收益為1.34美元，非GAAP每股收益為1.73美元。

Adobe is empowering people to create and transforming how businesses compete. Our execution against this strategy is driving strong financial results across our Digital Media and Digital Experience businesses. In every market around the world, students, creatives, enterprises and governments are choosing Adobe Creative Cloud, Document Cloud and Experience Cloud to deliver the transformative digital experiences required to compete and win today.

Adobe 致力於賦能人們進行創造，並改變企業的競爭方式。我們執行這項策略，在數位媒體和數位體驗業務方面取得了強勁的財務表現。在全球各個市場，學生、創意人士、企業和政府都在選擇 Adob​​e Creative Cloud、Document Cloud 和 Experience Cloud，以提供當今競爭和勝利所需的變革性數位體驗。

In our Digital Media business, we achieved strong growth in both Creative Cloud and Document Cloud revenue in Q3. Net new Digital Media annualized recurring revenue, or ARR, was $339 million, and total Digital Media ARR exiting Q3 grew to $6.4 billion. Key Digital Media customer engagements in the quarter included the U.S. Department of Education, Facebook, Marks & Spencer and Walmart.

在數位媒體業務方面，第三季 Creative Cloud 和 Document Cloud 的營收均實現了強勁成長。淨新增數位媒體年度經常性收入（ARR）為 3.39 億美元，截至第三季末，數位媒體 ARR 總營收成長至 64 億美元。本季數位媒體的主要客戶包括美國教育部、Facebook、瑪莎百貨和沃爾瑪。

Creative Cloud has become the creativity platform for all with millions of highly engaged subscribers and a strong base of trialists whom we actively convert each month into paying customers. Whether it's YouTubers looking for an intuitive video solution or mobile-first photography enthusiasts, we continue to see significant opportunities for growth in new customer segments as well as untapped potential in emerging markets.

Creative Cloud 已成為面向所有人的創意平台，擁有數百萬高度活躍的訂閱用戶和強大的試用用戶群體，我們每月都會積極地將他們轉化為付費客戶。無論是尋求直覺式影片解決方案的 YouTube 用戶，還是行動優先的攝影愛好者，我們都持續看到新客戶群中存在著巨大的成長機會，以及新興市場中尚未開發的潛力。

Video continues to be an explosive category. In June, we previewed Project Rush, a new video editing app that makes creating and sharing online video content easier than ever. Whether your passion is vlogging about food or posting a cool skateboarding clip, Project Rush gives users a way to create video projects across surfaces, providing them with maximum creative flexibility.

視訊領域依然保持著爆炸性成長動能。今年六月，我們預覽了 Project Rush，這是一款全新的影片編輯應用程序，它讓創建和分享線上影片內容變得比以往任何時候都更加容易。無論你熱衷於拍攝美食視頻博客還是發布酷炫的滑板視頻，Project Rush 都能讓用戶在各種平台上創建視頻項目，從而為他們提供最大的創作靈活性。

This week at IBC, we shared a slate of new video creation capabilities that'll speed up video production and enable more seamless workflows for professional editors and animators. This includes Adobe Sensei-powered features for audio editing, color grading and animation in Premiere Pro, Audition, Character Animator and other video tools.

本週在 IBC 展會上，我們分享了一系列新的影片創作功能，這些功能將加快影片製作速度，並為專業編輯和動畫師實現更流暢的工作流程。這包括 Adob​​e Sensei 為 Premiere Pro、Audition、Character Animator 和其他視訊工具提供的音訊編輯、調色和動畫功能。

Lightroom CC, our cloud-based photography service, continues to attract new customers. We announced a number of updates to Lightroom CC and Lightroom Classic for Mac, Windows, Android and iOS and shipped several improvements including new in-app learning capabilities, support for new cameras and more than 1,200 different lenses. We previewed a brand-new feature, Best Photos, which combines Adobe Sensei intelligence with user-made edits to quickly recommend the best photos within an album.

我們的雲端攝影服務 Lightroom CC 不斷吸引新客戶。我們宣布對 Mac、Windows、Android 和 iOS 版 Lightroom CC 和 Lightroom Classic 進行多項更新，並發布了多項改進，包括新的應用程式內學習功能、對新相機和 1200 多種不同鏡頭的支援。我們預覽了一項全新功能“最佳照片”，該功能結合了 Adob​​e Sensei 的智慧技術和用戶編輯功能，可以快速推薦相簿中的最佳照片。

Adobe XD, our all-in-one UX solution for designing and prototyping websites and apps, is quickly becoming the leader in the screen design category with strong monthly active usage among customers. This quarter, we unveiled new open platform capabilities, which allow users to customize their workflow with a broader ecosystem of community and partner plug-ins.

Adobe XD 是我們用於設計和製作網站及應用程式原型的一體化 UX 解決方案，憑藉強大的每月活躍用戶量，正迅速成為螢幕設計領域的領導者。本季度，我們推出了新的開放平台功能，使用戶能夠透過更廣泛的社群和合作夥伴插件生態系統來客製化他們的工作流程。

As students around the world head back to school, Adobe is partnering with educators and institutions to ensure that creativity, a core 21st century skill, is a central part of curriculum and that students have access to the creative tools they need. Adobe Spark, our app for easily creating high-quality graphics, web pages and video stories, is a cornerstone of this effort. This quarter, we were proud to partner with the Ministry of Skill Development in India to enable more than 1 million students to access Spark.

隨著世界各地的學生重返校園，Adobe 正在與教育工作者和機構合作，以確保創造力（一項 21 世紀的核心技能）成為課程的核心部分，並確保學生能夠獲得所需的創意工具。Adobe Spark 是我們用於輕鬆創建高品質圖形、網頁和視訊故事的應用程序，它是這項工作的基石。本季度，我們很榮幸與印度技能發展部合作，使超過 100 萬名學生能夠使用 Spark。

Next month, we'll host MAX, the world's largest creativity conference. We'll unveil new capabilities across Creative Cloud that will enable our customers to push the boundaries of creativity across modalities like voice and touch and emerging media types, including 3D and augmented reality.

下個月，我們將舉辦 MAX，這是全球規模最大的創意大會。我們將推出 Creative Cloud 的全新功能，使我們的客戶能夠突破語音、觸控等模式以及 3D 和擴增實境等新興媒體類型的創意界限。

Adobe Document Cloud is the world's leading digital document service, enabling individuals and businesses to automate inefficient paper-based processes. In Q3, we achieved record revenue for Document Cloud of $249 million.

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。第三季度，我們的文檔雲業務收入創下 2.49 億美元的紀錄。

PDF creation, sharing, reviewing, scanning and signing is accelerating across devices, and Adobe's document business is experiencing strong growth. Over 50 billion PDFs were opened in Adobe products in the last year. In a few weeks, we'll announce major advancements to Adobe Document Cloud, including an update to our flagship Acrobat DC solution, which will radically transform what's possible with PDF on mobile devices.

PDF 的創建、分享、審查、掃描和簽名在各種裝置上都在加速發展，Adobe 的文件業務正在經歷強勁成長。去年，Adobe 產品開啟的 PDF 檔案超過 500 億個。幾週後，我們將宣布 Adob​​e Document Cloud 的重大改進，包括對我們旗艦產品 Acrobat DC 解決方案的更新，這將徹底改變行動裝置上使用 PDF 的可能性。

In August, we teamed up with Samsung for the launch of the new Galaxy Note9 and its intelligent assistant, Bixby. With the introduction of Adobe Scan for Bixby Vision, we're providing PDF scanning capabilities to Samsung users through Adobe Sensei and Adobe Document Cloud. Adobe Scan has become one of the most popular mobile scanning apps with nearly 14 million downloads to date.

8 月，我們與三星合作推出了新款 Galaxy Note9 及其智慧助理 Bixby。隨著 Adob​​e Scan for Bixby Vision 的推出，我們透過 Adob​​e Sensei 和 Adob​​e Document Cloud 為三星用戶提供 PDF 掃描功能。Adobe Scan 已成為最受歡迎的行動掃描應用程式之一，迄今為止下載量已接近 1400 萬次。

Adobe Sign continues to revolutionize the electronic signature market and has become the solution of choice for customers, particularly in highly regulated industries such as government, health care and financial services. This year, Adobe Sign received FedRAMP Tailored authorization, meeting the U.S. government's rigorous security standards. As part of our collaboration with the Cloud Signature Consortium, which is furthering an open standard for cloud signatures, we support key industry standards and guidelines such as HIPAA and the eSign Act. Overall, we continue to drive strong growth in the Adobe Sign business.

Adobe Sign 不斷革新電子簽名市場，已成為客戶的首選解決方案，尤其是在政府、醫療保健和金融服務等高度監管的行業。今年，Adobe Sign 獲得了 FedRAMP 客製化授權，符合美國政府嚴格的安全標準。作為我們與雲端簽名聯盟合作的一部分，該聯盟正在推進雲端簽名的開放標準，我們支持關鍵的行業標準和指南，例如 HIPAA 和電子簽名法案。總體而言，Adobe Sign 業務持續保持強勁成長。

Adobe Experience Cloud is the leading customer experience platform for the modern enterprise, helping companies deliver predictive, personalized, real-time digital experiences across every touch point. Our unique differentiation stems from the breadth and depth of our offerings and the unparalleled intelligence we derive from the trillions of transactions we process on behalf of our customers.

Adobe Experience Cloud 是現​​代企業的領先客戶體驗平台，可協助企業在每個接觸點提供預測性、個人化、即時數位體驗。我們獨特的差異化優勢源自於我們產品的廣度和深度，以及我們代表客戶處理的數兆筆交易所獲得的無與倫比的洞察力。

In Q3, we achieved Experience Cloud revenue of $614 million with strong bookings across Adobe Marketing Cloud, Analytics Cloud and Advertising Cloud. Key customer deals in the quarter included NBA Properties, Commonwealth Bank of Australia, The Federal Aviation Administration, CBS Interactive and Navy Federal Credit Union.

第三季度，我們實現了 Experience Cloud 營收 6.14 億美元，Adobe Marketing Cloud、Analytics Cloud 和 Advertising Cloud 的預訂量強勁成長。本季的主要客戶包括 NBA Properties、澳洲聯邦銀行、美國聯邦航空管理局、CBS Interactive 和海軍聯邦信貸聯盟。

In June, we completed our acquisition of Magento, bringing its industry-leading commerce capabilities to Adobe Experience Cloud for B2B and B2C customers. We delivered the first integrated deployment of Adobe Experience Manager and Magento Commerce Cloud this quarter. Expanding Magento's reach in the global enterprise space continues to be an area of opportunity for Adobe as is expanding other Experience Cloud solutions deeper into mid-sized businesses where Magento has a strong market position. Next month, we'll host over 2,000 customers at MagentoLive in Barcelona, where we'll share more details about how we're integrating Experience Cloud with the Magento Commerce Cloud.

6 月，我們完成了對 Magento 的收購，將其業界領先的商務功能引入 Adob​​e Experience Cloud，為 B2B 和 B2C 客戶提供服務。本季我們完成了 Adob​​e Experience Manager 和 Magento Commerce Cloud 的首次整合部署。對於 Adob​​e 而言，擴大 Magento 在全球企業領域的覆蓋範圍仍然是一個機會領域，就像將其他 Experience Cloud 解決方案更深入地擴展到 Magento 擁有強大市場地位的中型企業一樣。下個月，我們將在巴塞隆納的 MagentoLive 大會上接待 2000 多名客戶，屆時我們將分享更多關於我們如何將 Experience Cloud 與 Magento Commerce Cloud 整合的細節。

Adobe Advertising Cloud enables marketers to deliver search, display, video and TV advertising across a growing number of screens and formats. We recently announced new capabilities for TV ads in partnership with LiveRamp as well as new fraud protection features and support for emerging formats including digital audio ads on smart speakers and home devices. Our leading offering in data-driven TV advertising continues to see strong interest from brands and agencies as we bring more refined targeting options to linear and addressable TV.

Adobe Advertising Cloud 讓行銷人員能夠在越來越多的螢幕和格式上投放搜尋廣告、展示廣告、影片廣告和電視廣告。我們最近與 LiveRamp 合作，宣布推出新的電視廣告功能，以及新的防詐騙功能，並支援新興格式，包括智慧音箱和家用裝置上的數位音訊廣告。隨著我們為線性電視和可尋址電視帶來更精準的定向選項，我們在數據驅動型電視廣告領域的領先地位持續受到品牌和代理商的濃厚興趣。

We continue to deliver new innovation across our entire set of Experience Cloud solutions, including new e-mail and cross-channel marketing capabilities in Adobe Campaign and Attribution IQ inside of Adobe Analytics Cloud.

我們持續為整個 Experience Cloud 解決方案系列帶來創新，包括 Adob​​e Campaign 中的全新電子郵件和跨通路行銷功能，以及 Adob​​e Analytics Cloud 中的 Attribution IQ。

Growth in our Digital Experience business is enhanced by a strong network of global partners. Our strategic partnership with Microsoft continues to gain traction among enterprise customers as we bring more joint solutions to market. More than 100 enterprises now leverage Adobe and Microsoft's joint Digital Experience offerings, including Bank of America Merchant Services, Cintas, CDW and Virgin America Airlines.

強大的全球合作夥伴網路促進了我們數位體驗業務的成長。隨著我們推出更多聯合解決方案，我們與微軟的策略合作夥伴關係在企業客戶中持續獲得認可。目前已有超過 100 家企業利用 Adob​​e 和微軟共同推出的數位體驗產品，包括美國銀行商家服務公司、Cintas 公司、CDW 公司和維珍美國航空。

In Q3, Adobe was once again recognized for our technology leadership by top industry analysts. Adobe was named the only leader in the Forrester Wave: Experience Optimization Platforms, and we were named a leader in the Gartner Magic Quadrant for Web Content Management for the eighth year in a row. Additional leadership recognition included the Forrester Wave: Customer Analytics Solutions and the Gartner Magic Quadrant for Personalization Engines.

第三季度，Adobe 的技術領先地位再次獲得頂級產業分析師的認可。Adobe 被 Forrester Wave：體驗最佳化平台評為唯一領導者，並且連續第八年被 Gartner 網路內容管理魔力像限評為領導者。其他領導力認可包括 Forrester Wave：客戶分析解決方案和 Gartner 個人化引擎魔力像限。

Adobe's employees have always been our greatest asset. We pride ourselves on recruiting and retaining world-class talent and making Adobe a place where our employees can do their best work. Last week, Forbes ranked Adobe as the #1 Best Employer for New College Graduates, and we were recognized by Fortune as one of its Best Workplaces for Millennials. The Great Places to Work Institute recently included both Adobe India and Adobe Australia on its Best Workplaces lists.

Adobe的員工一直是我們最大的財富。我們以招募和留住世界級人才為榮，並將 Adob​​e 打造成一個讓員工充分發揮才能的地方。上週，《富比士》雜誌將 Adob​​e 評為應屆大學畢業生最佳雇主第一名，《財星》雜誌也將其評為千禧世代最佳工作場所之一。卓越職場研究所最近將 Adob​​e 印度和 Adob​​e 澳洲都列入了最佳工作場所名單。

As we look to Q4, we are excited about the opportunities ahead. We expect a strong close to Adobe's 2018 fiscal year and are confident that we have the right strategy, products, people, customers and partners to sustain our growth and momentum.

展望第四季度，我們對未來的機會感到興奮。我們預計 Adob​​e 2018 財年將強勁收官，並有信心我們擁有正確的策略、產品、人才、客戶和合作夥伴，以維持我們的成長和勢頭。

John?

約翰？

Thanks, Shantanu. In the third quarter of FY '18, Adobe achieved record revenue of $2.29 billion, which represents 24% year-over-year growth. GAAP diluted earnings per share in Q3 was $1.34, and non-GAAP diluted earnings per share was $1.73. We delivered another quarter of strong performance across product offerings and geographies while also successfully integrating Magento.

謝謝你，沙塔努。2018 財年第三季度，Adobe 實現了創紀錄的 22.9 億美元收入，年增 24%。第三季GAAP稀釋後每股盈餘為1.34美元，非GAAP稀釋後每股盈餘為1.73美元。我們在產品和服務以及地理方面又實現了強勁的季度業績，同時也成功整合了 Magento。

Highlights in Q3 included record Digital Media revenue, including Creative revenue of $1.36 billion and Adobe Document Cloud revenue of $249 million; record Digital Experience revenue of $614 million, which represents 21% year-over-year growth; net new digital media ARR of $339 million; deferred revenue growth of 23% year-over-year; cash flow from operations of $955 million; returning $714 million of cash to our stockholders through stock buyback; and approximately 90% of our revenue in Q3 was from recurring sources.

第三季亮點包括：數位媒體收入創歷史新高，其中創意收入達 13.6 億美元，Adobe Document Cloud 收入達 2.49 億美元；數位體驗收入創歷史新高，達 6.14 億美元，年增 21%；新增數位媒體年度經常性收入淨額達 3.39 億美元，年增 21%；新增數位媒體年度經常性收入淨額達 3.39 億美元；遞減收入同比上漲 25% 25% 25% 25%； 7.14 億美元現金；第三季約 90% 的營收來自經常性收入。

In Digital Media, we grew segment revenue by 27% year-over-year. The addition of $339 million net new Digital Media ARR during the quarter grew the total to $6.4 billion exiting Q3. Within Digital Media, we achieved another record quarter with our Creative business. Creative revenue grew 28% year-over-year in Q3, and we increased Creative ARR by $289 million. Several key factors contributed to this growth, including: strong net new subscriptions across user segments and across the U.S., Europe, Japan and Asia Pacific, driven by robust traffic and customer acquisition on adobe.com; strength in new individual app subscriptions with the Photography plan and Acrobat; continued momentum with Creative Cloud adoption in emerging markets; retention of users migrating from promotional to standard prices at annual cycles; new pricing introduced in North America; seat expansion and adoption of services in the enterprise; and the strength of Adobe Stock, which achieved greater than 30% year-over-year revenue growth during the quarter.

在數位媒體領域，我們實現了27%的年成長。第三季新增 3.39 億美元的數位媒體 ARR 淨額，使第三季末的總 ARR 達到 64 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。第三季創意營收年增 28%，創意 ARR 增加了 2.89 億美元。促成這一增長的幾個關鍵因素包括：在 adobe.com 上強勁的流量和客戶獲取推動下，美國、歐洲、日本和亞太地區各用戶群體新增訂閱量強勁增長；攝影計劃和 Acrobat 的新增個人應用程序訂閱量強勁增長；新興市場對 Creative Cloud 的採用持續保持增長勢頭； Adobe Stock 的強勁表​​現，其在本季度實現了超過 30% 的同比增長。

We transitioned our adobe.com sites in Europe to comply with new GDPR requirements, and we are successfully engaging with potential and existing customers, allowing us to continue to drive growth in revenue and ARR. Retention, up-sell, new customer acquisition and conversion remain huge opportunities, which we address through digital marketing campaigns, frequent targeted promotions and the introduction of new offerings across desktop and mobile.

我們已將歐洲的 adobe.com 網站升級為符合新的 GDPR 要求，並且我們成功地與潛在客戶和現有客戶互動，從而能夠繼續推動收入和 ARR 的成長。留住客戶、追加銷售、新客戶獲取和轉換仍然是巨大的機遇，我們透過數位行銷活動、頻繁的定向促銷以及在桌面和行動裝置上推出新產品來解決這些問題。

With Document Cloud, we achieved record revenue of $249 million, which represents 21% year-over-year growth, and we delivered another solid quarter of Document Cloud ARR growth. Acrobat unit growth across Creative Cloud and Document Cloud was again greater than 20%. Adobe Sign achieved greater than 25% year-over-year revenue growth.

憑藉 Document Cloud，我們實現了創紀錄的 2.49 億美元收入，年增 21%，而 Document Cloud 的年度經常性收入 (ARR) 又實現了穩健的季度成長。Creative Cloud 和 Document Cloud 的 Acrobat 銷售成長再次超過 20%。Adobe Sign 的年營收年增超過 25%。

In our Digital Experience segment, we achieved record Adobe Experience Cloud revenue of $614 million, which represents 21% year-over-year growth. Experience Cloud subscription revenue grew 25% year-over-year. Experience Cloud performance in Q3 was driven by success across our Analytics Cloud, Marketing Cloud and Advertising Cloud offerings with particular strength in Audience Manager, which is our data management platform, and in Adobe Campaign.

在我們的數位體驗業務板塊，Adobe Experience Cloud 的營收創下歷史新高，達到 6.14 億美元，較去年同期成長 21%。Experience Cloud訂閱營收年增25%。第三季 Experience Cloud 的業績表現得益於我們在 Analytics Cloud、Marketing Cloud 和 Advertising Cloud 產品方面的成功，尤其是在我們的資料管理平台 Audience Manager 和 Adob​​e Campaign 方面表現強勁。

Magento is off to a strong start and contributed subscription and services revenue of $27 million in Q3. Strength in demand, a longer-than-anticipated stub period in Q3 and a smaller-than-anticipated write-down of deferred revenue contributed to this success.

Magento 開局強勁，第三季貢獻了 2,700 萬美元的訂閱和服務收入。強勁的需求、第三季比預期更長的結餘期以及比預期更小的遞延收入減值，都促成了這一成功。

From a quarter-over-quarter currency perspective, FX decreased revenue by $13.8 million. We had $16.8 million in hedge gains in Q3 FY '18 versus $0.3 million in hedge gains in Q2 FY '18. Thus, the net sequential currency increase to revenue considering hedging gains was $2.7 million.

從季度環比匯率的角度來看，外匯損失導致收入減少了 1,380 萬美元。2018 財年第三季度，我們的對沖收益為 1,680 萬美元，而 2018 財年第二季的對沖收益為 30 萬美元。因此，考慮到對沖收益，淨環比匯兌收入增加 270 萬美元。

From a year-over-year currency perspective, FX increased revenue by $27.7 million. We had $16.8 million in hedge gains in Q3 FY '18 versus $0.2 million in hedge gains in Q3 FY '17. Thus, the net the net year-over-year currency increase to revenue considering hedging gains was $44.3 million.

從年比匯率角度來看，外匯業務收入增加了 2,770 萬美元。2018 財年第三季度，我們的對沖收益為 1,680 萬美元，而 2017 財年第三季的對沖收益為 20 萬美元。因此，考慮到對沖收益，年比淨匯兌收入成長為 4,430 萬美元。

In Q3, Adobe's effective tax rate was 5% on both a GAAP and a non-GAAP basis. The GAAP rate was lower than targeted due to larger-than-expected tax effects related to share-based payments as well as a favorable resolution of an income tax matter. Our trade DSO was 41 days, which compares to 50 days in the year-ago quarter and 44 days last quarter. Deferred revenue grew to a record $2.71 billion, up 23% year-over-year. With strong bookings, deferred revenue was in line with our expectations. Given Q3 FY '18 ended on August 31, deferred revenue was impacted by having one less billing cycle for many enterprise customers when compared to Q2 FY '18 and Q3 FY '17.

第三季度，Adobe 的實際稅率無論以 GAAP 或非 GAAP 計算均為 5%。由於與股份支付相關的稅務影響超出預期，以及所得稅事項得到有利解決，GAAP 稅率低於目標稅率。我們的貿易應收帳款週轉天數為 41 天，去年同期為 50 天，上一季為 44 天。遞延收入成長至創紀錄的 27.1 億美元，年增 23%。由於預訂情況良好，遞延收入符合我們的預期。鑑於 2018 財年第三季於 8 月 31 日結束，與 2018 財年第二季和 2017 財年第三季相比，許多企業客戶的帳單週期減少了一個，因此遞延收入受到了影響。

Our ending cash and short-term investment position exiting Q3 was $4.94 billion. The quarter-over-quarter decline in our cash position was due to the Magento acquisition. Cash flow from operations was $955 million in the quarter. And in Q3, we repurchased approximately 2.9 million shares at a cost of $714 million. We currently have $150 million remaining of our $2.5 billion authority granted in January 2017. We expect this authorization to be exhausted by the end of fiscal year 2018. 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.

截至第三季末，我們的現金和短期投資部位為 49.4 億美元。我們的現金狀況環比下降是由於收購 Magento 造成的。本季經營活動產生的現金流量為9.55億美元。第三季度，我們以 7.14 億美元的價格回購了約 290 萬股股票。我們目前還剩下 1.5 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 2018 財政年度結束時用完。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 will provide our financial outlook. In Q4 FY '18, we expect normal seasonal year-end strength in our business and are targeting revenue of approximately $2,420,000,000, Digital Media segment year-over-year revenue growth of approximately 22%, Digital Experience segment year-over-year revenue growth of approximately 20%, tax rate of approximately 6% on a GAAP basis and 5% on a non-GAAP basis, share count of approximately 495 million shares, GAAP earnings per share of approximately $1.42, non-GAAP earnings per share of approximately $1.87 and net new Digital Media ARR of approximately $385 million.

現在我將介紹我們的財務展望。2018 財年第四季度，我們預期業務將迎來正常的季節性年末增長，目標營收約為 24.2 億美元，數位媒體部門同比增長約 22%，數位體驗部門同比增長約 20%，GAAP 稅率約為 6%，非 GAAP 稅率約為 5%，股份數量約為 4.95 億市 4.785 .美元，新增數位媒體年度經常性收入淨額約為 3.85 億美元。

Our Q4 FY '17 Digital Media segment included a material amount of Acrobat perpetual licensing revenue. As we continue to migrate the business to subscriptions, we do not expect material Acrobat perpetual licensing this Q4. This is factored into our Digital Media year-over-year revenue growth target. Given the lower-than-expected write-down of Magento deferred revenue that we discussed earlier, we expect some slight upside to our original target of $30 million of Magento revenue in Q4. We look forward to a strong Q4 close and another record year for Adobe.

我們 2017 財年第四季數位媒體業務部門包含大量 Acrobat 永久授權收入。隨著我們繼續將業務遷移到訂閱模式，我們預計本第四季不會有大量的 Acrobat 永久授權收入。這已計入我們的數位媒體年度營收成長目標。鑑於我們先前討論過的 Magento 遞延收入減記低於預期，我們預計第四季度 Magento 收入將略高於我們最初設定的 3000 萬美元目標。我們期待Adobe第四季業績強勁收官，並再創佳績。

I'll now turn the call back over to Mike.

現在我將把電話轉回給麥克。

Thanks, John. Adobe MAX returns to Los Angeles and is quickly approaching. Day 1 of our user conference is Monday, October 15, and we will host a financial analyst meeting that afternoon. At the meeting, our executive team will discuss Adobe's vision, strategy and opportunities to continue to drive sustained revenue growth. Invitations to MAX and our financial analyst meeting with registration information were sent out in early July. If you wish to attend MAX and our financial analyst meeting, please send an e-mail to ir@adobe.com. More details about MAX and our exciting lineup of speakers and educational sessions are available at max.adobe.com.

謝謝你，約翰。Adobe MAX 即將重返洛杉磯。用戶大會第一天是10月15日星期一，當天下午我們將舉辦一場財務分析師會議。在會議上，我們的高階主管團隊將討論 Adob​​e 的願景、策略和機遇，以繼續推動持續的收入成長。7月初，我們發出了參加MAX大會和財務分析師會議的邀請函，並附上了註冊資訊。如果您想參加 MAX 大會和我們的財務分析師會議，請發送電子郵件至 ir@adobe.com。有關 MAX 大會以及我們精彩的演講嘉賓陣容和教育課程的更多詳情，請造訪 max.adobe.com。

If you wish to listen to a playback of today's conference call, a web-based archive of the call will be available on our IR site later today. Alternatively, you can listen to a phone replay by calling (855) 859-2056. Use conference ID #1136856. 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 8:00 p.m. Pacific Time on September 19, 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 #1136856。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。太平洋時間今天開始，晚上8點結束。太平洋時間 2018 年 9 月 19 日。

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

現在我們很樂意回答您的問題。（操作說明）

(Operator Instructions) Your first question comes from the line of Jennifer Lowe from UBS.

（操作員說明）您的第一個問題來自瑞銀集團的 Jennifer Lowe。

I wanted to ask about, coming into this quarter, there was some concern that GDPR could have an impact on Q3 Digital Media ARR. Obviously, the results speak for themselves that there wasn't as much of an impact there as maybe were contemplated initially. But if I put that in the context of Q4 ARR guidance and given sort of Adobe's long history of conservatism, the seasonality there is maybe even a little better than I would have expected going into Q4 relative to what you did last year. So can you talk a little bit about that was it no impact from GDPR or was just less than maybe you thought it could be? And does that sort of set up a more positive dynamic headed into Q4 around ARR?

我想問一下，在本季開始之前，有人擔心 GDPR 可能會對第三季數位媒體 ARR 產生影響。顯然，結果本身就說明了一切，並沒有像最初預想的那樣產生那麼大的影響。但是，如果我把這放在第四季度 ARR 指引的背景下，考慮到 Adob​​e 一貫的保守作風，那麼相對於去年同期而言，第四季度的季節性因素可能比我預期的還要好一些。那麼，您能否談談GDPR的影響，是完全沒有影響，還是比您預想的還要小？這是否為第四季度 ARR 的發展奠定了更積極的基調？

Sure, Jennifer. I mean, there a couple of questions in there. First, some color on GDPR. As we know, requirements and regulations for all businesses that are transacting online continue to evolve. But from our perspective and looking at Q3, we don't think it'll fundamentally change the relentless move that all businesses have to do more online, which is driven by customer preference. We did transition our own adobe.com sites to meet these requirements. And we'll continue to tweak and evolve our technology to lead the market. And as you pointed out, our results show that we achieved strong results in Q3. When we look at the transition between Q3 and Q4, I think it's important to remember a couple of things. The first is, Q3 tends to be seasonally weak, and so Q4 is our seasonally strong quarter. Education comes back, and education will show its strength in Q4. I think, with MAX coming up and all of the innovation that we continue to show with respect to MAX, which will be exciting, I hope you're attending, is also going to be in Q4. So Q3 ARR was strong. The business continues to have momentum. I think John spoke in his prepared remarks also as to strength that we saw across offerings. I'll highlight mobile. Mobile, we continue to drive a lot of new customer acquisition through units, Single App of Acrobat and the Photography continue to do well. So we continue to innovate in creativity, and there's strong demand there, Jennifer.

當然可以，珍妮佛。我的意思是，這裡面有幾個問題。首先，簡單介紹一下GDPR。眾所周知，所有進行線上交易的企業的要求和法規都在不斷發展變化。但從我們的角度來看，展望第三季度，我們認為這不會從根本上改變所有企業都必須加大線上業務投入的必然趨勢，而這一趨勢是由客戶偏好驅動的。我們已將自己的 adobe.com 網站遷移到符合這些要求的平台。我們將繼續改進和發展我們的技術，以引領市場。正如您所指出的，我們的結果表明，我們在第三季度取得了強勁的業績。當我們審視第三季到第四季的過渡時，我認為有幾件事需要記住。首先，第三季通常是季節性淡季，因此第四季是我們的季節性旺季。教育產業正在復甦，並將在第四季展現其實力。我認為，隨著 MAX 的到來，以及我們在 MAX 方面不斷展現的創新，這將令人興奮，我希望您能參加，MAX 也將在第四季度舉行。所以第三季年度經常性營收表現強勁。公司業務持續保持成長動能。我認為約翰在事先準備好的演講稿中也談到了我們在各個產品系列中看到的優勢。我將重點介紹行動裝置。在行動端，我們繼續透過裝置獲取大量新客戶，Acrobat 單一應用和攝影功能持續表現良好。所以，我們會在創意上不斷創新，而且這方面的需求也很旺盛，珍妮佛。

Great. And maybe just one last one for me. The pricing increase in the U.S. was obviously sort of a big topic amongst investors. Was there any notable benefit to ARPU as a result of that? Or does it just sort of become rounding error given the size of the business?

偉大的。也許最後，我還能再來一杯。美國物價上漲顯然是投資人關注的一大議題。這樣做對每位使用者平均收入（ARPU）有顯著的益處嗎？或者考慮到公司規模，這最終會變成可以忽略的誤差？

Well, I think our primary focus, again, putting it in big picture, continues to be attracting new customers and delivering value. Certainly, the new pricing that we introduced was accretive to us, but we continue to attract new customers. And they are seeing the benefit, as you point out again, with all of the innovation that we deliver, Lightroom, XD, Character Animator, Spark and Dimension, it was clearly the right time to introduce new pricing. And -- but we have also had quite a bit of experience with that as currency has fluctuated in other countries. The one other thing I might mention here is I know there have been some questions to Mike about promotions and how we look at promotions as well. From our point of view, they continue to be compelling events to drive a call to action. And then we see a double benefit because not only do we attract new customers to the platform but with strong retention rates that, at renewal time, leads to a further increase in ARR, which, again, when you think about Q4, given annual cycles, that's another thing that factors into our guidance for Q4. So all in all, we think business is good.

嗯，我認為，從大局來看，我們的首要重點仍然是吸引新客戶並創造價值。當然，我們推出的新定價策略對我們有利，但我們仍在不斷吸引新客戶。正如您再次指出的那樣，他們也看到了好處，憑藉我們提供的所有創新，Lightroom、XD、Character Animator、Spark 和 Dimension，現在顯然是推出新定價的合適時機。而且──但我們也累積了不少這方面的經驗，因為其他國家的貨幣也曾經出現過波動。我還要提一點，我知道有人問過麥克一些關於晉升以及我們如何看待晉升的問題。從我們的角度來看，它們仍然是能夠激發行動的引人注目的事件。這樣一來，我們就看到了雙重好處，因為我們不僅吸引了新客戶加入平台，而且憑藉強大的客戶留存率，在續訂時進一步提高了 ARR，而考慮到年度週期，這又是影響我們第四季度業績指引的另一個因素。總而言之，我們認為生意不錯。

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, you've seen a steady re-acceleration in Experience Cloud, and I'm curious if you could just talk to what you're seeing there. And I think tying into that, just coming off of a $1.8 billion acquisition, there's obviously some chatter about you looking to be more inquisitive. Just given the re-acceleration in Experience Cloud, maybe just talk through your appetite for larger transactions, realizing you have the [$8 billion] buyback also on your plate.

Shantanu，你已經看到 Experience Cloud 正在穩步復甦，我很想知道你在那裡看到了什麼。我認為，與此相關的是，在剛完成18億美元的收購之後，顯然有一些傳言說你們想要更積極主動地去探索。鑑於 Experience Cloud 的重新加速發展，或許應該談談你對更大規模交易的意願，同時也要意識到你還有 [80 億美元] 的股票回購任務要處理。

I think big picture, the whole digital transformation agenda, Brent, continues to be front and center to every C-level executive. We had strong bookings. I think we talked about that a couple of times both in my prepared remarks as well as in John's and I think the strength of our product portfolio, which continues to be differentiated. Magento was off to good start. I mean, the fact that they have both B2B and B2C, I think, continues to help. We saw some good deployments of Adobe Experience Manager. So big picture, we, again, are continuing to see a lot of demand for our solutions. We had some great events that we had all around the world. We normally do Japan and Sydney and Singapore during the quarter. And so I think it's digital transformation and customer centricity and loyalty that's driving the Digital Experience business. As you know, we would never comment on a market rumor.

我認為從宏觀角度來看，整個數位轉型議程，布倫特，仍然是每位主管關注的焦點。我們的預訂情況非常好。我認為我們在我準備的發言稿和約翰的發言稿中都談到過幾次這個問題，我認為我們產品組合的優勢在於其差異化優勢。Magento 的開局不錯。我的意思是，他們同時擁有 B2B 和 B2C 業務這一事實，我認為會繼續起到幫助作用。我們看到了一些 Adob​​e Experience Manager 的良好部署案例。所以從整體來看，我們再次看到市場對我們的解決方案有很大的需求。我們在世界各地舉辦了一些非常棒的活動。我們通常每季會去日本、雪梨和新加坡。所以我認為，推動數位體驗業務發展的正是數位轉型、以客戶為中心以及客戶忠誠度。如您所知，我們絕不會對市場傳言發表評論。

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

你的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。

Sorry for any background noise. I actually -- Shantanu, I wanted to ask a little bit around the announcement you -- that's coming up on the Adobe Document Cloud. And I wondered if there's any sort of way you could maybe give us a little preview of that here or at least directionally talk about what the intent is there. And then related to that, John, the comments around the Acrobat perpetual license being not material, couple that with the deceleration in Digital Media revenue in Q4 relative to the strength in net new ARR, my math, I was trying to back into it, would suggest a little bit below $100 million of perpetual win last year and maybe most of that's going to go away. And I wondered if you could maybe just comment on whether that's directionally right.

抱歉，背景可能有噪音。Shantanu，我其實想問你一些關於Adobe Document Cloud即將發布的公告的問題。我想知道您是否可以給我們稍微透露一下這方面的信息，或者至少大致談談您的意圖。約翰，關於Acrobat永久授權的評論並不重要，再加上第四季度數位媒體收入相對於新增淨ARR的強勁增長有所放緩，我嘗試反推計算，結果顯示去年永久授權的收入略低於1億美元，而且其中大部分可能都會消失。我想請您幫忙評論一下，這個方向是否正確。

Ross, to answer your first question, we continue to see a lot of demand in people are really both automating inefficient paper-based processes as well as using mobile devices to deal with PDF. I think we mentioned that over 50 billion PDFs are being opened in our documents alone. And so I think as we think about the document business in particular, among the customer pieces of feedback that we're getting, the first one clearly is that they want access to that PDF across all of -- all devices. They continue to want to have mobile devices being a PDF-creation device. So we talked a little bit about scanning and storage therefore so that people can actually have access to their content across devices. The other area I would say that a lot of people are looking at is certainly collaboration and what we can do with respect to collaboration and allowing different people to participate in a document workflow. And certainly signing and the interest in signing, whether that's ad hoc completely using the Acrobat product and desktop readers or complete workflows where signing is an ingredient within the enterprises. Hopefully, that gives you a flavor for how we are thinking about how we will continue to innovate in Document Cloud. And the one other thing I'd mention is a deeper focus on partnerships and what we are doing to ensure that PDF is embedded within other ecosystems. We certainly introduced recently support for both Sign in SharePoint as well as in Outlook. So that hopefully gives you a flavor of where we're focused with the document business.

羅斯，回答你的第一個問題，我們繼續看到人們對自動化低效的紙質流程以及使用行動裝置處理 PDF 的需求非常大。我想我們之前提到過，光是我們自己的文件中，每天就有超過 500 億個 PDF 檔案被開啟。因此，我認為，當我們思考文件業務時，尤其是在我們收到的客戶回饋中，第一個很明顯的回饋是，他們希望在所有裝置上存取該 PDF 文件。他們仍然希望將行動裝置作為 PDF 創建設備。因此，我們稍微討論了一下掃描和儲存的問題，以便人們能夠透過各種裝置存取他們的內容。另一個很多人關注的領域當然是協作，以及我們可以在協作方面做些什麼，允許不同的人參與文件工作流程。當然，簽名以及人們對簽名的興趣，無論是完全使用 Acrobat 產品和桌面閱讀器進行的臨時簽名，還是將簽名作為企業內部組成部分的完整工作流程。希望這能讓您了解我們是如何思考如何在文件雲端領域繼續創新的。還有一點我想提一下，那就是要更重視合作關係，以及我們正在採取哪些措施來確保 PDF 融入其他生態系統。我們最近確實推出了對 SharePoint 和 Outlook 登入的支援。希望以上內容能讓您大致了解我們在文件業務上的關注重點。

And Ross, just in regards to your comment on the perpetual revenue with Acrobat, really, what we're trying to explain is that in Q4 FY '17 we actually had a large perpetual revenue in that quarter. And we still sell both perpetual and subscription, and what we're expecting this quarter is not quite as large of perpetual revenue this quarter because we see continued momentum as customers are migrating to subscriptions. So it's -- for us, it's really kind of following our strategy for the business, and we're excited about it.

羅斯，關於你提到的 Acrobat 的永久收入，我們想解釋的是，在 2017 財年第四季度，我們實際上獲得了大量的永久收入。我們仍然同時銷售永久權和訂閱權，但我們預計本季永久權收入不會像之前那麼高，因為我們看到客戶正在繼續向訂閱模式遷移，這種勢頭依然強勁。所以對我們來說，這實際上是遵循我們的商業策略，我們對此感到很興奮。

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。

Two things for Shantanu. At MAX -- sorry, at Summit 6 months ago, you talked about the strategic objectives or road map for Experience Cloud, and you said that what you want to do is deliver unified experience, streamlined integration of Experience Cloud. I wish I assumed you were referring to both content and data and the multiple solutions, and then also deliver what you called domain-specific expertise via AI. And when you look back over the last 6 months and more importantly perhaps over the next 12 months, can you talk about some of the key things that you achieved, particularly in the area of integration, which had been a bit of an issue within the portfolio a while back? And maybe talk about that vis-à-vis the Experience Cloud road map. And at MAX last year, in the context of talking about your various new products within CC, you made the very interesting comment that XD could be the next InDesign. In other words, that would be your next big holy new product. And as such, when do you think XD might become your next 9-figure business, particularly when you think about the fact that you have no incumbent to go up against as you did with InD?

給沙塔努兩件事。在 MAX 大會上—抱歉，是六個月前的高峰會上，您談到了 Experience Cloud 的策略目標或路線圖，您說您想做的是提供統一的體驗，簡化 Experience Cloud 的整合。我希望我之前假設你指的是內容和數據以及多種解決方案，然後還能透過人工智慧提供你所謂的特定領域的專業知識。回顧過去 6 個月，更重要的是展望未來 12 個月，您能否談談您取得的一些關鍵成就，尤其是在整合方面，這在之前一段時間一直是投資組合中的一個問題？或許還可以談談這與 Experience Cloud 路線圖的關係。去年在 MAX 大會上，在談到 CC 中的各種新產品時，您發表了一個非常有趣的評論，即 XD 可能是下一個 InDesign。換句話說，那將是你的下一個重磅聖物新品。因此，你認為 XD 何時會成為你的下一個九位數業務？特別是考慮到你沒有像 InD 那樣需要與之競爭的現有競爭對手？

So Jay, let me take both of those questions. First, with respect to what we are doing on the Experience Cloud. An area of innovation that we're particularly excited about is enabling for all enterprises to have a Unified Customer Profile, where we are getting all of the behavioral, demographic data for customers across all of our different solutions. It's something that customers are already testing out in beta. And if you think about that, what it really means for us is this Unified Customer Profile can become the central nervous system in an enterprise, not just therefore targeting the CMOs but increasingly having the CIOs look at that as the basis for how they want to integrate a unified customer experience across all of the different enterprise solutions that might exist. And so that also then allows us, to your second question about the domain-specific AI, with Adobe Sensei, we have the ability for people not only to have our AI be applied to their dataset but for also their own AI and their data science continues to be leveraged using the datasets that they have. So both of those, we've started to deliver them. When I look at the results of the bookings in Q3, the multiproduct implementation and sales continues to be strong. So it's clearly an effective tool for us to go in and have more of the entire CMO deck be served by Adobe. So both of those, we continue to do it. I'm sure Brad will give an update at MAX as well in terms of how we see that, and so we look forward to that. And with respect to your question on MAX, certainly, XD and screen design has been an area of fairly deep investment for us. It's the only cross-platform solution, I think, we talk about not just helping design mobile applications but every screen. I mean, you have all of this content that's being delivered to screens across retail, across even fast food. And our products, all the way from content creation to content management and delivery, is powering that. Collaboration is another area for XD. And it's harder than it was in the InDesign as a result of more and more people using the Creative Cloud entire suite to look at just an individual product but both from an individual product monthly average usage of XD as well as the adoption in Creative Cloud All Apps, we continue to be pleased with how XD is doing. And that just serves as additional value to all of our Creative customers.

傑伊，這兩個問題就由我來回答吧。首先，關於我們在體驗雲上所做的事情。我們特別興奮的一個創新領域是讓所有企業都能擁有統一的客戶檔案，從中我們可以獲得所有不同解決方案中客戶的所有行為和人口統計資料。這項功能目前已在測試版中由客戶進行測試。如果你仔細想想，這對我們來說真正的意義在於，統一客戶畫像可以成為企業的中樞神經系統，因此不僅針對首席行銷官，而且越來越多地讓首席資訊長將其視為如何在所有可能存在的不同企業解決方案中整合統一客戶體驗的基礎。因此，對於您關於特定領域人工智慧的第二個問題，借助 Adob​​e Sensei，我們不僅可以讓人們將我們的人工智慧應用於他們的資料集，還可以讓他們自己的人工智慧和資料科學繼續利用他們擁有的資料集。所以，這兩項我們都已經開始交付了。從第三季的預訂結果來看，多產品實施和銷售依然強勁。因此，很明顯，Adobe 是一個有效的工具，可以幫助我們更好地完成整個 CMO 簡報。所以這兩件事，我們都會繼續做下去。我相信布拉德也會在 MAX 大會上就我們對此的看法給出最新消息，我們很期待。至於您提出的關於 MAX 的問題，當然，XD 和螢幕設計一直是我們投入相當多精力的領域。我認為，這是唯一的跨平台解決方案，我們不僅談論如何幫助設計行動應用程序，還談論如何幫助設計每個螢幕。我的意思是，所有這些內容都透過零售場所，甚至快餐店的螢幕進行傳播。從內容創作到內容管理和分發，我們的產品都在為此提供支援。協作是XD的另一個領域。由於越來越多的人使用 Creative Cloud 整套軟體，因此要單獨檢視 XD 單一產品比 InDesign 更難，但無論是從 XD 單一產品的月平均使用量，還是從 Creative Cloud 所有應用程式的採用率來看，我們都對 XD 的表現感到滿意。這無疑為我們所有的創意客戶創造了額外的價值。

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。

A question for you, Shantanu, on the experience side from a product perspective. I'm wondering if you feel like sort of going down market where you have a lot of competition in that space. Do you feel like your product is adequately positioned there? And if not, what else do you need to get that whole experience suite down market into more of the mid-market?

Shantanu，我想從產品體驗的角度問你一個問題。我想知道你是否考慮過進軍競爭激烈的低端市場。您覺得您的產品在那裡的定位合適嗎？如果以上方法都不奏效，那麼你還需要做些什麼才能將整套體驗方案推廣到中端市場呢？

Yes. I think, Walter, we were looking for a nice beachhead to start to think about how we could leverage the strength that we had in the enterprise down into whether that's departments, mid-market, commercial, sort of is another way in which people look at it. And that has been an area where we have seen some good adoption. And so our job was to continue to leverage Magento within the enterprise and to leverage Magento's base and their ecosystem of developers by allowing them -- and I would say both the Adobe Experience Manager and Adobe Analytics are products that can be used in that particular category to create websites as well as to have analytics in there. So it will continue to be an area. I think you're also seeing this product now being used within B2B installations as they all want to create a direct relationship with customers. So you have a lot of these companies that have billions of customers but don't have direct access to those folks because they go through a distribution channel. So hopefully, that gives you some indication of how we're continuing to expand the customer set that we target with Experience Cloud.

是的。沃爾特，我認為，我們當時正在尋找一個好的灘頭陣地，開始思考如何利用我們在企業中擁有的優勢，將其下放到各個部門、中端市場、商業領域等等，這是人們看待這個問題的另一種方式。而在這個領域，我們已經看到了一些不錯的成效。因此，我們的工作是繼續在企業內部利用 Magento，並利用 Magento 的基礎和開發者生態系統，允許他們——我認為 Adob​​e Experience Manager 和 Adob​​e Analytics 都是可以在這一特定類別中使用的產品——來創建網站，並在其中進行分析。所以它仍將是一個區域。我認為您現在也會看到該產品被應用於 B2B 部署中，因為他們都希望與客戶建立直接聯繫。所以有很多公司擁有數十億客戶，但卻無法直接接觸到這些客戶，因為他們是透過分銷管道進行銷售的。希望這能讓您了解我們如何持續擴大 Experience Cloud 的目標客戶群。

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, continuing on the Digital Experience theme. Can you talk a bit about your relationship with Microsoft in Digital Experience? And is there any way to size or scope these types of deals or think about the number of products included? And are you seeing accelerating adoption now that you've been in market for some time?

Shantanu，繼續探討數位體驗主題。您能否談談您與微軟在數位體驗上的合作關係？有沒有辦法衡量或界定這類交易的規模或範圍，或考慮其中包含的產品數量？現在你們的產品進入市場一段時間後，是否看到了市場接受度加速提升的趨勢？

The first answer, Brad, is we're definitely seeing accelerated adoption as a result of our products having been delivered on Azure. And I think going back to what I talked about with respect to the customer profile, what we are seeing are people are standardizing on Azure increasingly as an infrastructure for their cloud-based solutions, and we have a really great solution on top of that in order to be able to bring this Unified Customer Profile that exists. And so the success is leading to larger deals. It's leading to higher close rates. And frankly, I think more and more of both the Microsoft field force as well as the Adobe one are now looking at it and saying this is something that's resonating with customers. And so it is accelerating.

Brad，第一個答案是，由於我們的產品是在 Azure 上交付的，我們確實看到了產品採用率的加速成長。我認為，回到我之前談到的客戶畫像，我們看到人們越來越傾向於將 Azure 作為其雲端解決方案的基礎架構，而我們在此基礎上提供了一個非常棒的解決方案，以便能夠實現這種統一的客戶畫像。因此，成功促成了更大的交易。這有助於提高成交率。坦白說，我認為微軟和 Adob​​e 的銷售團隊中越來越多的人現在都注意到了這一點，並表示這引起了客戶的共鳴。因此，這一趨勢正在加速。

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, perhaps a more strategic question for you on Magento, understanding that it's still relatively early. I guess, as you look at other commerce clouds out there, how can we differentiate Magento either technically or perhaps from a pricing packaging perspective over time?

Shantanu，或許我可以問你一個關於Magento的更具策略性的問題，因為我知道現在還處於相對早期的階段。我想，當我們審視其他電商雲端平台時，我們如何在技術上或價格策略方面，隨著時間的推移，讓 Magento 脫穎而出呢？

Yes, Saket. I mean, a couple of things. The first is, I would not underestimate the importance of commerce being tied into content management systems and analytics because while commerce is closing the loop, the real activity is happening when you're doing A/B testing or where you're delivery content. And from my point of view, what was really attractive about Magento in addition to this really closing the loop and making every experience shoppable is the fact that they were the only player who had both B2B as well as B2C as well as digital goods and physical goods. And the other thing that I think they brought to bear, which is really paying off, is this ecosystem. What's happened in the commerce market, if you think about it, is that there are so many separate customization efforts. Having this large ecosystem of over 300,000 developers leads to both more rapid time to value for the enterprise customers, and honestly, they actually serve in many ways as a channel because they are helping with the ability to quickly install Magento as a way to bring us into more deals. And so that was the strategic rationale. I mean, it was a clear -- as you know, we had integrations with a whole bunch of different vendors, but the customers really wanted a solution end to end from Adobe. And we're pleased that we're able to deliver it, and it's off to a good start.

是的，薩凱特。我的意思是，有兩件事。首先，我認為不應低估商業與內容管理系統和分析相結合的重要性，因為雖然商業正在形成閉環，但真正的活動發生在進行 A/B 測試或交付內容的時候。在我看來，Magento 除了真正實現了閉環銷售，讓每個體驗都可購物之外，真正吸引人的是，他們是唯一一家同時擁有 B2B 和 B2C，以及數位商品和實體商品的公司。我認為他們帶來的另一個真正奏效的措施是這個生態系統。仔細想想，商業市場中出現的情況是，存在著太多各自獨立的客製化舉措。擁有超過 30 萬名開發者的龐大生態系統，不僅能幫助企業客戶更快地獲得價值，而且說實話，他們在許多方面實際上也起到了通路的作用，因為他們能夠幫助我們快速安裝 Magento，從而促成​​更多交易。這就是當時的戰略考量。我的意思是，很明顯——正如你所知，我們與許多不同的供應商進行了集成，但客戶真正想要的是 Adob​​e 提供的端到端解決方案。我們很高興能夠交付產品，而且目前進展順利。

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。

So just maybe a strategic one on mid-market and B2B. You've mentioned it a couple times now. So I guess, my question is basically, if I think about from a go-to-market perspective, how are you thinking about attacking the mid-market opportunity. And is the Microsoft partnership something that could evolve to be helpful there? And then what about the B2B market, in addition to Magento, makes that uniquely interesting for Adobe at this point in time?

所以，這或許是一項針對中階市場和B2B市場的策略性舉措。你已經提過好幾次了。所以我想問的是，從市場進入的角度來看，您打算如何開拓中階市場？微軟的合作關係能否在這方面發揮作用？那麼，除了 Magento 之外，B2B 市場有哪些方面讓 Adob​​e 在此時此刻感到格外感興趣呢？

Yes. I mean, first, to your question, Alex, partner certainly plays a huge role in terms of the amplification of how effectively we can get in and meet all of those customers in the mid-market. But we also have and we've always had ability through inside sales as well as the ability through partners to target them. So that isn't rocket science. We certainly have the ability to do that. And with Magento, we have the product as well that serves them well. And then as we think about B2B, what's really happening -- I mean, think of yourself as a consumer goods company. You may be a consumer goods company where you have 1 billion people use your product every day, but you don't have the ability to have those customers in your profile because you're going through a distribution channel. They're increasingly understanding that they have to create that direct relationship with customers, and so it's going to be a big part of the expansion of how we look at our business because they're all looking at Adobe to help them do what we frankly did in many ways, which was have a direct relationship with our customers. So B2B2C is already a major trend that's happening, and we're a key part of digitally enabling that.

是的。首先，回答你的問題，Alex，合作夥伴在提高我們進入中端市場並滿足所有客戶需求的效率方面確實發揮著巨大的作用。但是，我們一直以來都擁有透過內部銷售以及透過合作夥伴來鎖定目標客戶的能力。所以這並不是什麼高深的學問。我們當然有能力做到這一點。而且，我們還有像 Magento 這樣的產品，可以很好地滿足他們的需求。然後，當我們思考 B2B 時，真正發生的事情是什麼——我的意思是，把自己想像成一家消費品公司。你可能是一家消費品公司，每天有 10 億人使用你的產品，但你無法將這些客戶納入你的客戶畫像，因為你是透過分銷管道銷售的。他們越來越意識到必須與客戶建立直接聯繫，因此這將是我們拓展業務方式的重要組成部分，因為他們都希望 Adob​​e 能幫助他們做到我們在許多方面所做的事情，那就是與客戶建立直接聯繫。因此，B2B2C 已成為一個重要的發展趨勢，而我們是實現這一趨勢的數位化關鍵力量。

Got it. And maybe just one follow-up. If you think about Experience Cloud growth, and we -- if we back out Magento from the quarter and your guide, kind of core markets, core Experience Cloud revenue growth is in the mid-teens, is that what you consider healthy and what we should expect going forward? Do you see that accelerating over time? What's the right way to think about it?

知道了。或許只需要一次後續跟進。如果你考慮 Experience Cloud 的成長，如果我們——如果我們從本季中剔除 Magento，按照你的指導，核心市場，核心 Experience Cloud 營收成長在 15% 左右，你認為這是健康的嗎？我們應該對未來抱持怎樣的預期？你覺得這種現象會隨著時間而加速嗎？正確的思考方式是什麼？

Yes. I think when you look at Experience Cloud, I think it's important to remember what we said at the beginning of the year as we are focused a lot more on subscription bookings and subscription revenue growth, and to really understand that from our point of view, when you look at Q1, Q2, Q3 and the targets for Q4, it's actually ahead of what we had said. And so I -- we think we have a great offering. We're the leader in that market, and continuing to focus on the massive addressable opportunity is what we are doing. But clearly, 2018, we were going through that as well as we talked about having the partner ecosystem take on more of the services part of it. And you can -- you probably see that as well if you look at the financial data sheets that we've provided.

是的。我認為，在審視 Experience Cloud 時，重要的是要記住我們年初說過的話，因為我們更專注於訂閱預訂和訂閱收入成長。從我們的角度來看，當你查看第一季、第二季、第三季以及第四季的目標時，你會發現，實際情況實際上已經超過了我們之前所說的。所以，我認為我們提供了很棒的產品。我們是該市場的領導者，而我們正在做的就是繼續專注於巨大的潛在市場機會。但很顯然，在 2018 年，我們也經歷了同樣的過程，當時我們討論了讓合作夥伴生態系統承擔更多的服務部分。你也可以——如果你查看我們提供的財務數據表，你可能也會看到這一點。

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

你的下一個問題來自美國銀行的 Kash Rangan。

Shantanu, a question for you. You talked about conversion rates from free trials to paid subscribers for Creative in a way that I've not heard before. Can you just expand on that in the context of your previous observations that the TAM for the Creative Cloud product in this cycle is a multiple of the TAM that existed in the days bygone? So how is this all working out conceptually? Do you still continue to believe that to be the case? It does look like the front end of the funnel is expanding at a rate greater than we all anticipated. I know it's more of a question/observation but just really want to draw you out on your thoughts on why this Creative cycle is a much bigger cycle and why is it taking much longer in this cycle than what we all expected.

Shantanu，我有個問題想問你。當你談到Creative從免費試用用戶到付費用戶的轉換率時，我聽到了一種我從未聽過的方式。您能否結合您先前的觀察結果，進一步闡述一下，本週期 Creative Cloud 產品的潛在市場規模是過去時期的潛在市場規模的數倍？那麼，從概念上講，這一切是如何運作的呢？你仍然堅持這種觀點嗎？看起來漏斗前端的擴張速度比我們所有人預期的都要快。我知道這更像是一個問題/觀察，但我真的很想聽聽你的想法，為什麼這個創意週期比我們預期的要長得多，以及為什麼這個週期持續的時間要長得多。

Kash, I think we've always talked about the fact that if we look at the installed base of Creative and the number of creatives that exist, it's a massive number. And when you think about what's happening with the segment like photography or when you think about what's happening with mobile and you think about what's happening with emerging markets and students, those have always been areas of tremendous interest for us. I would say where we have really matured is when you think about the data-driven model that we're using to run that particular business, and Bryan's going to touch in more detail on this at MAX. The fact that we understand what we have to do on the discover, try, buy, use and renew part of that workflow, we have got so much better at understanding how people are discovering us and why trialists is a key part of getting people both aware of our products, using our products and then converting. And so I wouldn't say that, that's new. I would say that we're getting better and better at it as we understand how to tailor our offerings. I think the other thing that we've always talked about is the fact that we now have more offerings enables us to further attract new customers to the platform. With the only All Apps, we did not have the kind of offerings that we have right now. The fact that we can do it with mobile, we have multiple photography offerings, there's just far more scrutiny and focus on how we attract new customers to the platform, Kash. And I think in the past, we've thrown out that we have over 100 million IDs that are being created by these trialers, and that's how we look at expanding the top of funnel.

Kash，我認為我們一直在討論這樣一個事實：如果我們看一下 Creative 的安裝基礎和現有的創意人員數量，就會發現這是一個龐大的數字。當你思考攝影領域正在發生的事情，或者當你思考行動領域正在發生的事情，以及新興市場和學生群體正在發生的事情時，這些領域一直是我們非常感興趣的領域。我認為我們真正成熟的地方在於我們用來經營這項特定業務的數據驅動模型，布萊恩將在 MAX 大會上更詳細地談到這一點。我們了解了在發現、試用、購買、使用和續訂這個工作流程中我們需要做什麼，因此我們更能理解人們是如何發現我們的，以及為什麼試用者是讓人們了解我們的產品、使用我們的產品並最終轉化的關鍵部分。所以，我不會說這是新鮮事。我認為，隨著我們越來越了解如何調整我們的產品和服務，我們在這方面也做得越來越好。我認為我們一直在談論的另一點是，我們現在提供的產品和服務更多，這使我們能夠進一步吸引新客戶加入平台。以前只有「所有應用」功能時，我們無法提供現在這樣的產品種類。因為我們可以用行動裝置做到這一點，我們有多種攝影服務，所以我們對如何吸引新客戶到平台上進行更多的審查和關注，Kash。我認為過去我們曾提到，這些試用者正在創建超過 1 億個 ID，而這正是我們看待擴大漏斗頂端的方式。

So that's the ultimate TAM, 100 million in an ideal case.

所以，這就是最終的TAM（目標市場規模），理想情況下是1億。

Well, I think we talk about it more with respect to the over $30 billion that exists in Digital Media between what we have as Document Cloud and Creative Cloud. And I know the question that has also always come by is piracy and are we affecting piracy. There's no question that we're continuing to impact piracy with the business model and the fact that we're allowing people to trial and then convert more effectively.

我認為我們更多是在討論數位媒體領域超過 300 億美元的規模，其中包括 Document Cloud 和 Creative Cloud。我知道一直以來人們還會問到盜版問題，以及我們是否對盜版產生了影響。毫無疑問，我們的商業模式以及允許用戶試用並更有效地轉化為實際用戶這一事實，正在繼續對盜版產生影響。

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

你的下一個問題來自摩根大通的斯特林奧蒂。

In the prepared remarks, there was a comment about customers increasingly coming direct to adobe.com to transact the business. It's been some time. I'm wondering if you could give us a sense of how much of your business is now being transacted direct through your e-store or through adobe.com? And is there still further margin benefit to be captured moving forward from further increase in that percentage?

在事先準備好的演講稿中，提到客戶越來越直接造訪 adobe.com 進行交易。已經有一段時間了。我想了解一下，目前貴公司有多少業務是透過貴公司網路商店直接交易，又有多少是透過 adobe.com 進行交易？如果繼續提高這個比例，是否還有進一步提升利潤率的空間？

Yes. Sterling, I mean, when I look at the Digital Media business, I maybe separate a little bit of what's happening in the Creative side of that business with what's happening on the Acrobat side of the business. In the Creative side of the business, and there may be a few countries that are the exception, but the vast majority of consumers are directly interfacing with us on adobe.com. We certainly have, as you know, an enterprise ETLA. That did really well as enterprises are adopting more and more services. That's increasing the ARPU that exists with enterprises. So I would say the Creative business is primarily happening through adobe.com, except again, as I said, in some countries, where retail is a strong presence. On the document side of the business, I think given a lot of people still buy Acrobat when they buy a new PC as well as in conjunction with Office, the channel continues to be an important partner for us. And that's why we continue to offer both the subscription now, which is increasingly the preferred way which people are buying Acrobat DC. But I would say, there, it's still a fairly large percentage of our business and an important part of how we go to market. So hopefully that's giving that gives you some color of what it is. But more and more, it's happening on adobe.com. And as we expand the base and as we renew online and we hopefully up-sell them to higher value products, all of those represent both ARR as well as margin improvement opportunities.

是的。斯特林，我的意思是，當我審視數位媒體行業時，我可能會將該行業創意方面發生的事情與 Acrobat 方面發生的事情稍微區分開來。在創意業務方面，雖然可能有些國家是例外，但絕大多數消費者都是透過 adobe.com 直接與我們互動。如您所知，我們當然有企業ETLA。隨著企業越來越多地採用這些服務，這項服務表現非常出色。這將提高企業的平均每用戶收入（ARPU）。所以我認為創意業務主要透過 adobe.com 進行，但正如我所說，在一些零售業勢力強大的國家也是如此。在文件業務方面，考慮到許多人在購買新電腦時仍然會購買 Acrobat，以及將其與 Office 結合使用，我認為通路仍然是我們重要的合作夥伴。因此，我們現在繼續提供訂閱服務，而訂閱服務也越來越成為人們購買 Acrobat DC 的首選方式。但我想說，它仍然占我們業務的很大一部分，也是我們進入市場的重要方式之一。希望這能讓你對它有所了解。但這種情況越來越多地發生在 adobe.com 網站上。隨著我們擴大客戶基礎，隨著我們在線上續約服務，並希望能夠向他們推銷更高價值的產品，所有這些都代表著提高年度經常性收入和利潤率的機會。

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。

I'd like to drill a little more as others have been, Experience digital marketing. When you look at that overall market, there's a lot of fragmentation within the market. How should we think about the drivers of growth going forward? Is it more market consolidation or market growth? Which do you think is the bigger driver that's going to help drive that business?

我想像其他人一樣，更深入地探討數位行銷經驗。從整體市場來看，市場內部存在著很大的分散性。我們該如何看待未來成長的驅動因素？是市場整合加劇還是市場成長加劇？你認為哪個因素會成為推動業務發展的最大動力？

Well, I think you're right in terms of fragmentation. I think the fact that we have a platform is a clear differentiator and allows us to get a disproportionate share. We talk a lot about the number of multi-solution deals, and we're going to continue to, I think, do well in that particular respect. Outside the U.S. continues to be a really important market opportunity for us. I think we've said with commerce now as part of the portfolio that we have, that's an over $60 billion TAM, and that's available for us. But a lot of the small players that existed in different categories, we're clearly getting the request from our customers that across all of these channels, they want one unified way of personalizing the experience. And so I think the consolidation that's happening in that space, Mark, is as a result of when people are using more and more of our solutions, their ability to address that customers is significantly better when -- than when all these fragmented solutions don't talk to each other. And that's our goal, to be the Experience platform to enable them to run their business online.

嗯，我覺得你說的碎片化問題沒錯。我認為我們擁有平台這一事實是一個明顯的差異化優勢，使我們能夠獲得不成比例的市場份額。我們經常談到多解決方案交易的數量，而且我認為，我們在這方面會繼續做得很好。美國以外的市場對我們來說仍然是一個非常重要的市場機會。我認為我們已經說過，商業現在已成為我們投資組合的一部分，其潛在市場規模超過 600 億美元，這對我們來說是可利用的。但是，許多存在於不同類別中的小型企業都明確地從客戶那裡收到請求，他們希望在所有這些管道中，都能有一種統一的方式來個性化體驗。所以我認為，馬克，這個領域正在發生的整合，是因為當人們越來越多地使用我們的解決方案時，他們服務客戶的能力會比所有這些分散的解決方案彼此不溝通時要好得多。這就是我們的目標，成為讓他們能夠在線上開展業務的體驗平台。

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 2 quick questions. Obviously, you guys had great performance with Magento this quarter. And I know you mentioned it closed a little early and you didn't have the amount of the write-down that you were expecting. But when you think about the comments you made about the upside to your guide for Q4, you had guided to $30 million, how do we think about the magnitude there? Because I would imagine there was some good seasonality in the business and you'll catch the tail end of the start of -- I'm sorry, the beginning at the tail end of your quarter of the holiday shopping season. And then I also had a question, if we look out to ARR build, obviously you outperformed very nicely there this quarter, as you typically do. And if we look out to the next fiscal year, is there any reason -- or anything that would cause you -- or cause it -- cause the change in ARR in the next fiscal year to be below what you're guiding to this year, the net change?

我只有兩個問題要問。顯然，你們本季在Magento方面表現出色。我知道你提到它提前結束了，而且你沒有得到預期的減記金額。但想想你先前對第四季業績指引上調幅度的預測，你曾預測營收將達到 3,000 萬美元，我們該如何看待這個數字的規模？因為我認為這個行業有一定的季節性，你會趕上——抱歉，是趕上——你所在季度假期購物季的開始。然後我還有一個問題，如果我們看一下 ARR 的成長情況，顯然你們本季的表現非常出色，一如既往。展望下一個財政年度，是否有任何原因或因素會導致下一個財政年度的 ARR 變化低於您今年的預期淨變化？

I'll take the question on ARR, and then maybe John can give you more color on the Magento. I think on the ARR, Heather, at the FA meeting, we'll talk a lot more about it. I think it's -- we're focused on a strong close for Q4 and we'll give you more color on the interesting things that are happening at MAX. We continue to be excited about the long-term opportunity.

我會回答關於 ARR 的問題，然後也許 John 可以給你更詳細地介紹 Magento。希瑟，我想在 ARR 會議上，我們會詳細討論這個問題。我認為——我們專注於第四季度的強勁收官，我們將為您帶來更多關於MAX正在發生的有趣事情的詳細報導。我們對長遠發展機會依然充滿信心。

Heather, in regards to Magento's deferred revenue, when we acquired the company, of course, everyone goes through and evaluates the deferred revenue and whether or not you have to take a haircut, how much of a haircut. And so when we did the deal, we announced that we really didn't have that work done as we worked through the quarter. We ended up realizing that we ended up with a much smaller haircut than we expected. Much of that haircut was really realized in Q3, so we have slight upside in Q4.

Heather，關於Magento的遞延收入，當我們收購這家公司時，當然，每個人都會仔細評估遞延收入，看看是否需要削減成本，以及需要削減多少。因此，當我們達成交易時，我們宣布，由於我們本季的工作進展緩慢，我們實際上並沒有完成這項工作。我們最終發現，我們剪的頭髮比預想的要短得多。大部分削減措施已在第三季落實，因此我們在第四季略有成長空間。

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, can you just talk a little bit about Stock this quarter? Actually, you sort of called it out in your prepared remarks being up 30% year-over-year, which is pretty -- obviously very strong. So I was just wondering if there's anything specific this quarter you all saw in terms of just better cross-selling, new net sort of demand gen. Anything you want to maybe just add in terms of some color around that specific product?

Shantanu，可以簡單談談本季的股票狀況嗎？事實上，你在事先準備好的發言稿中已經提到，年比成長了 30%，這顯然非常強勁。所以我想知道，在本季度，你們在交叉銷售、新客戶開發等方面有沒有看到什麼具體的變化。您想為這款產品添加一些色彩上的元素嗎？

Look, I would just say, we continue to execute against the opportunity. And we've always maintained that the people who contribute Stock and the people who use Stock are our customers. And I would say the success was both in the enterprise where we're certainly now having large Stock deals that allow them to have access to our entire assets. The fact that the content inventory is improving across a different variety of media types, I think that continues to play a role. And if you look at our apps, I think one thing we're continuing to do better is the integration of the Stock portfolio that we have and the Sensei-based features that we have to find the right asset as a means to accelerate content creation is also I think starting to show benefits. And last but not least, I mean, we do have offerings that have both the creative products as well as Stock as part of an offering. We think that's great value, and that continues to be something that we are making available to our customers. So I think across-the-board, we continue to be excited about stock as a service that people will look at as an extension of the Creative Cloud.

我只想說，我們會繼續抓住機會。我們始終認為，貢獻 Stock 的人和使用 Stock 的人都是我們的客戶。我認為，成功體現在企業層面，我們現在確實達成了大規模的股票交易，使他們能夠獲得我們的全部資產。我認為，內容庫存不斷增加，涵蓋各種不同的媒體類型，這一事實將繼續發揮作用。如果你看看我們的應用程序，我認為我們正在不斷改進的一點是，我們現有的股票投資組合與我們基於 Sensei 的功能相結合，以找到合適的資產，從而加速內容創作，我認為這也開始顯現出好處。最後但同樣重要的是，我們的產品組合中既包含創意產品，也包含素材庫。我們認為這很有價值，我們將繼續為客戶提供這種價值。因此，我認為總體而言，我們仍然對「素材即服務」這個概念感到興奮，人們會將其視為 Creative Cloud 的延伸。

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 ask about churn in your Digital Media business. So I'm curious, have you seen any impact on retention rates with -- since the price change in U.S.? And then if you take a longer term view, I think churn has been steady for some time in the mid-teens range. Do you see any things you can do to improve that? Or is that just kind of the natural state of the market going forward?

我想了解一下貴公司數位媒體業務的客戶流失情況。所以我很好奇，自從美國價格變動以來，您是否觀察到對用戶留存率有任何影響？從長遠來看，我認為客戶流失率已經穩定在十幾個百分點的範圍內一段時間了。你覺得有什麼辦法可以改進這一點嗎？或者說，這只是未來市場發展的自然狀態？

I think with respect churn and retention, which continues to be a huge area of focus for us, I think the way we continue to be focused on it, it continues to do well so that we haven't seen really any change in the aggregate as it relates to churn. But the thing that we will continue to do is the more offerings you have and the more those offerings can be tailored allows us to actually target and retain more of the customer base. So I think that is one of the things, with mobile, we're able to do that. And we continue to be really focused. I mean, in that sense, I just look at it and say when there's a long tail of creators, the deeper our offering is, whether it's Spark, Premium at one end of the spectrum or the ability to do one PDF conversion all the way to the entire Creative Suite or Creative Suite plus Acrobat app, that's the way in which you can continue to make sure that you're delivering value to a broader and broader swath of customers. And outside the U.S., the ability to have differential pricing and look at that differential pricing also is another way that we will continue to focus on retention, on sales and continuing to have people have value. And so I think that's the way we look at it. But given that was the last question, Derrick, I mean, just for everybody, I think Q3 reflected another quarter from our perspective of both strong execution and validation that the strategy of empowering people to create and helping businesses transform is working. When you look at the Q4 targets, I think it reflects the momentum that we continue to drive across all geographies and all offerings. And we're really excited about sharing more at MAX about how we intend to continue to expand addressable markets and the strategic initiatives that we will focus on as a company to drive sustained growth on both the top and bottom line and deliver more value to our customers. But we appreciate you joining us on the call today.

我認為，就客戶流失和留存而言，這仍然是我們非常關注的領域，我認為我們繼續專注於此的方式，也使其繼續取得良好效果，因此我們在客戶流失方面總體上並沒有看到任何真正的變化。但我們會繼續做的是，你提供的產品和服務越多，這些產品和服務越能滿足客戶的個人需求，就能讓我們更好地鎖定和留住更多的客戶群。所以我覺得，行動裝置的優勢之一就在於此，我們能夠做到這一點。我們將繼續保持高度專注。我的意思是，從這個意義上講，我認為，當創作者群體龐大時，我們的產品越深入，無論是Spark、Premium這樣的入門級產品，還是能夠進行一次PDF轉換的產品，亦或是包含整個Creative Suite或Creative Suite加Acrobat應用程式的完整產品，我們就能持續確保為越來越廣泛的客戶群體提供價值。在美國以外，差異化定價的能力以及對差異化定價的考量，也是我們繼續專注於客戶留存、銷售以及持續為人們創造價值的另一種方式。所以我覺得我們應該這樣看待這個問題。但鑑於這是最後一個問題，德里克，我的意思是，就大家而言，我認為第三季度從我們的角度來看，再次體現了我們強有力的執行力，並驗證了賦予人們創造力並幫助企業轉型這一戰略是有效的。從第四季度目標來看，我認為這反映了我們在所有地區和所有產品領域持續保持的成長勢頭。我們非常興奮能在 MAX 大會上分享更多關於我們如何繼續擴大目標市場以及我們公司將重點關注的策略舉措，以推動收入和利潤的持續成長，並為我們的客戶創造更多價值。但感謝您今天參加我們的電話會議。

Thanks, everyone. We'll see you at MAX. This concludes the call.

謝謝大家。我們MAX見。通話到此結束。