Adobe Inc (ADBE) 2018 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. I'd like to welcome you to Adobe Fourth Quarter Fiscal Year 2018 Earnings Conference Call. (Operator Instructions) I would like to now turn the call over to 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 2018 財年第四季財報電話會議。（操作員指示）現在我將把電話交給投資者關係副總裁麥克·薩維奇。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 fourth quarter and 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 and an updated investor datasheet on adobe.com. If you'd like a copy of these documents, you can go to Adobe's Investor Relations page and find them listed under Quick Links.

在今天的電話會議中，我們將討論 Adob​​e 2018 財年第四季和全年的財務表現。現在你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發言稿、投影片、以及更新後的投資人資料表的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, December 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 12 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'll 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. Fiscal 2018 was an outstanding year for Adobe, and I'm thrilled with what we've accomplished. Our vision to empower people to create and transform how businesses compete has never been more relevant, and we welcomed millions of new customers to Adobe. From students to creative professionals to government agencies and the world's most successful brands, customers everywhere are turning to Adobe to tell their story, drive their digital businesses and change the world.

謝謝你，麥克，下午好。2018 財年對 Adob​​e 來說是傑出的一年，我對我們所取得的成就感到非常興奮。我們致力於賦能人們，讓他們能夠創造並改變企業的競爭方式，這個願景從未像現在這樣具有現實意義，我們也迎來了數百萬新客戶加入 Adob​​e。從學生到創意專業人士，再到政府機構和世界上最成功的品牌，世界各地的客戶都在使用 Adob​​e 來講述他們的故事、推動他們的數位業務並改變世界。

This year, we delivered significant innovation across Creative Cloud, Document Cloud and Experience Cloud. We made strategic acquisitions, which have expanded our offerings in addressable markets, and we forged key partnerships that bring us increased scale. These actions have resulted in record revenue and impressive growth across all our businesses. As we enter 2019, Adobe is well positioned to build on this momentum, delight our customers and continue to deliver impressive long-term top and bottom line growth.

今年，我們在 Creative Cloud、Document Cloud 和 Experience Cloud 方面實現了重大創新。我們進行了策略性收購，擴大了我們在目標市場的產品和服務範圍；我們也建立了重要的合作夥伴關係，從而擴大了我們的規模。這些舉措使我們所有業務都實現了創紀錄的收入和令人矚目的成長。進入 2019 年，Adobe 已做好充分準備，鞏固這一勢頭，讓客戶滿意，並繼續實現令人矚目的長期營收和利潤成長。

Total Adobe revenue was $9.03 billion in FY '18, which represents 24% annual growth. GAAP earnings per share in FY '18 was $5.20, and non-GAAP earnings per share was $6.76. Total Digital Media annualized recurring revenue or ARR exiting the year grew to $6.83 billion. FY '18 Creative revenue was $5.34 billion, which represents 28% year-over-year growth. We achieved annual revenue of $982 million for Document Cloud. And in our Digital Experience business, Experience Cloud revenue for the full year was $2.44 billion, representing 20% year-over-year growth.

Adobe 2018 財年的總營收為 90.3 億美元，較去年同期成長 24%。2018 財年 GAAP 每股盈餘為 5.20 美元，非 GAAP 每股盈餘為 6.76 美元。截至年底，數位媒體年度經常性收入（ARR）總額成長至 68.3 億美元。2018 財年創意營收為 53.4 億美元，較去年同期成長 28%。Document Cloud 的年營收達到 9.82 億美元。在我們的數位體驗業務中，體驗雲全年收入為 24.4 億美元，年增 20%。

We closed the year with another record quarter, delivering Q4 revenue of $2.46 billion, representing 23% year-over-year growth. GAAP earnings per share for the quarter was $1.37, and non-GAAP earnings per share was $1.83. These results include the acquisition of Marketo and the associated financial impacts that come with a large transaction. Excluding Marketo, we met or exceeded all of our Q4 and annual targets.

我們以另一個創紀錄的季度結束了這一年，第四季營收達到 24.6 億美元，年增 23%。本季GAAP每股收益為1.37美元，非GAAP每股收益為1.83美元。這些結果包括收購 Marketo 以及大型交易帶來的相關財務影響。除 Marketo 外，我們已達到或超過所有第四季度和年度目標。

Adobe believes everyone has a story to tell. Tens of millions of people around the world tell their story with Creative Cloud, whether it's in a high school magazine, a mobile app, a documentary at Sundance or an enterprise website. We achieved record Creative revenue of $1.45 billion in Q4 with 26% year-over-year growth.

Adobe 認為每個人都有故事要說。世界各地數千萬人使用 Creative Cloud 講述他們的故事，無論是在高中雜誌、行動應用程式、聖丹斯電影節的紀錄片還是企業網站上。我們在第四季度實現了創紀錄的創意收入 14.5 億美元，年增 26%。

In Q4, our Creative business was fueled by strong performance across all segments, particularly among consumers. Black Friday and Cyber Monday were 2 of the largest single selling days in company history.

第四季度，我們的創意業務在所有細分市場都表現強勁，尤其是在消費者群體中，這推動了業務成長。黑色星期五和網路星期一是該公司歷史上單日銷售額最高的兩個日子。

We focused on expanding the value of Creative Cloud for existing customers while extending its capabilities to meet the needs of broad new segments of users. In October, we held our annual MAX Creativity Conference. MAX has become a movement with reach and impact well beyond the physical event. This year, hundreds of thousands of Creative customers tuned in online to watch MAX and millions more continue to view MAX content.

我們致力於提升 Creative Cloud 對現有客戶的價值，同時擴展其功能以滿足廣大新用戶群的需求。10月份，我們舉辦了年度MAX創意大會。MAX 已經發展成為一場影響範圍遠遠超出實體賽事本身的運動。今年，數十萬 Creative 用戶在線上收看了 MAX 頻道，還有數百萬用戶繼續觀看 MAX 頻道的內容。

Product announcements at MAX included: major updates to our flagship Creative tools, including Photoshop, Lightroom, Illustrator, InDesign and Premiere Pro; the introduction of Premiere Rush, the first all-in-one, easy-to-use video editing app for social media creators, simplifying video creation and sharing on leading platforms such as YouTube and Instagram. Online video is one of the fastest growing Creative segments, and Rush is a cornerstone of our strategy to unlock this opportunity for millions of new customers.

MAX 大會上發布的產品包括：旗艦創意工具的重大更新，包括 Photoshop、Lightroom、Illustrator、InDesign 和 Premiere Pro；以及 Premiere Rush 的推出，這是首款面向社交媒體創作者的一體化、易於使用的視頻編輯應用程序，簡化了在 YouTube 和 Instagram 等主流平台上的視頻創作和分享。線上影片是成長最快的創意領域之一，而 Rush 是我們為數百萬新客戶釋放這一機會的策略基石。

Exciting new innovations, powered by Adobe Sensei inside of Adobe XD, include new technology for prototyping experiences and applications for voice-enabled devices such as Amazon Echo; and new apps including Photoshop on the iPad, which will bring the power and precision of Photoshop to a touch device; and Project Gemini, a new drawing and painting application that brings unprecedented watercolor and oil painting capabilities to the digital canvas.

由 Adob​​e XD 中的 Adob​​e Sensei 提供支援的令人興奮的新創新包括：用於為 Amazon Echo 等語音設備創建體驗和應用程式原型的新技術；以及新的應用程序，例如 iPad 版 Photoshop，它將 Photoshop 的強大功能和精確度帶到觸控設備上；還有 Project Gemini，這是一款新的繪畫和繪畫功能，它還有一幅畫塗油和畫漆上的水畫和彩繪功能。

In our Document Cloud business, we're revolutionizing how people scan, edit, collaborate, sign and share Adobe PDFs, whether they're consumers, small businesses or large enterprises. Document Cloud revenue in Q4 was $259 million, and we grew Document Cloud ARR to more than $800 million.

在我們的文件雲端業務中，我們正在徹底改變人們掃描、編輯、協作、簽署和共享 Adob​​e PDF 的方式，無論他們是消費者、小型企業還是大型企業。第四季 Document Cloud 的營收為 2.59 億美元，Document Cloud 的年度經常性營收成長至超過 8 億美元。

We continue to accelerate our pace of innovation with Document Cloud, investing to modernize the PDF experience on every device and surface and building on the document intelligence available from the billions of PDFs in market to power AI-driven experiences.

我們將繼續加快 Document Cloud 的創新步伐，投資以改進每個設備和表面上的 PDF 體驗，並利用市場上數十億個 PDF 文件所提供的文檔智能，為 AI 驅動的體驗提供支援。

We recently shipped an all-new Acrobat DC with connected mobile apps like Adobe Scan and Acrobat Reader Mobile to create, share and collaborate with PDFs across smartphones and tablets. Adobe Sign, our e-signature solution, continues to gain momentum across businesses through new integrations and partnerships, including Dropbox, Microsoft Dynamics and ServiceNow.

我們最近推出了全新的 Acrobat DC，並配備了 Adob​​e Scan 和 Acrobat Reader Mobile 等行動應用程序，以便在智慧型手機和平板電腦上建立、共享和協作處理 PDF 文件。我們的電子簽名解決方案 Adob​​e Sign 透過與 Dropbox、Microsoft Dynamics 和 ServiceNow 等公司的全新整合和合作，在各行各業持續獲得發展動力。

Digital transformation continues to be the mandate for CEOs across the globe. To compete and win today, both B2C and B2B businesses must provide a world-class, end-to-end customer experience across every touch point. With Experience Cloud, Adobe is reimagining customer experience management and delivering the industry's only end-to-end solution for marketing, advertising, analytics and commerce purpose-built for the modern enterprise. In our Digital Experience business, we achieved Experience Cloud revenue of $690 million for the quarter, which represents 25% year-over-year growth.

數位轉型仍然是全球執行長們的當務之急。如今，無論是 B2C 企業還是 B2B 企業，要想在競爭中脫穎而出，就必須在每個接觸點上提供世界一流的端到端客戶體驗。Adobe 透過 Experience Cloud，正在重新構想客戶體驗管理，並提供業界唯一專為現代企業打造的端到端行銷、廣告、分析和商務解決方案。在我們的數位體驗業務中，本季體驗雲端收入達到 6.9 億美元，年增 25%。

Key Experience Cloud customer wins in the quarter include Unilever, The Home Depot, Telegraph Media Group, Geico, Heathrow Airport and the U.S. Department of Veterans Affairs. Delivering exceptional customer experiences demands deep customer insights and a platform built for action. We continue to invest in building the industry's first open platform for customer experience management, the Adobe Experience Platform. The Adobe Experience Platform will deliver true, unified view of the customer for both CMOs and CIOs.

本季 Experience Cloud 的主要客戶包括聯合利華、家得寶、電訊傳媒集團、蓋可保險、希斯洛機場和美國退伍軍人事務部。提供卓越的客戶體驗需要深入了解客戶，並建立一個能有效執行的平台。我們將持續投資，打造業界首個以客戶體驗管理為導向的開放平台－Adobe Experience Platform。Adobe Experience Platform 將為行銷長和資訊長提供真正統一的客戶視圖。

In partnership with Microsoft and SAP, the recently announced Open Data Initiative is aimed at eliminating the data silos that exist across enterprises. It will enable enterprises to harness and take action on massive volumes of customer data to deliver personalized, real-time customer experiences. We're excited to have early support for ODI from leading brands, including Coca-Cola and Walmart.

最近宣布的開放資料計畫是與微軟和 SAP 合作推出的，旨在消除企業中存在的資料孤島。它將使企業能夠利用大量客戶數據並採取行動，從而提供個人化的即時客戶體驗。我們很高興能得到包括可口可樂和沃爾瑪在內的領先品牌對 ODI 的早期支持。

Adobe's retail reports, powered by Adobe Analytics data, have become the industry bellwether for holiday shopping forecasts and other digital media, commerce and cultural trends. Adobe analyzed over 1 trillion visits and 55 million product SKUs across U.S. retail sites this holiday season. Data showed that online sales reached $7.9 billion on Cyber Monday, making it the largest online shopping day of all time in the U.S.

Adobe 的零售報告由 Adob​​e Analytics 數據驅動，已成為假期購物預測以及其他數位媒體、商業和文化趨勢的行業風向標。Adobe 分析了今年假日季美國零售網站的超過 1 兆次造訪和 5,500 萬個產品 SKU。數據顯示，網路星期一的線上銷售額達到 79 億美元，成為美國有史以來最大的線上購物日。

In October, we completed our acquisition of Marketo, the leader in B2B marketing engagement, and we're off to a great start. Marketo strengthens our offering to customers, combining Experience Cloud's analytics, personalization, commerce and content capabilities with Marketo's B2B marketing engagement platform, helping customers automate and orchestrate mission-critical marketing campaigns and activities from lead management and customer engagement to account-based marketing and revenue attribution.

10 月份，我們完成了對 B2B 行銷互動領域的領導者 Marketo 的收購，並且我們開局良好。Marketo 加強了我們為客戶提供的服務，將 Experience Cloud 的分析、個人化、商務和內容功能與 Marketo 的 B2B 行銷互動平台相結合，幫助客戶自動化和協調關鍵行銷活動，從線索管理和客戶互動到帳戶為基礎的行銷和收入歸因。

The addition of Marketo, along with our recently integrated commerce capabilities via our acquisition of Magento, widens Adobe's lead in customer experience management across both B2B and B2C in all industries. We're well positioned to continue capitalizing on this growing opportunity that we estimate to have a total addressable market of more than $71 billion by 2021. Adding Marketo to our Digital Experience business immediately accelerates overall revenue growth for Adobe, and other financial benefits will ramp during FY '19 as the accounting impact from the transaction dissipates.

Marketo 的加入，加上我們最近透過收購 Magento 整合的商務能力，進一步擴大了 Adob​​e 在 B2B 和 B2C 各行業的客戶體驗管理方面的領先地位。我們已做好充分準備，繼續把握這不斷增長的機會。我們估計，到 2021 年，該市場總規模將超過 710 億美元。將 Marketo 納入我們的數位體驗業務，將立即加速 Adob​​e 的整體收入成長，隨著交易的會計影響在 2019 財年逐漸消散，其他財務收益也將隨之增加。

Adobe is the clear leader in the markets we serve: creativity, digital documents and customer experience management. Our solutions have become indispensable to millions of customers, whether they are in the design department or the IT department, the classroom or the boardroom.

Adobe 在我們所服務的市場（創意、數位文件和客戶體驗管理）中是絕對的領導者。無論客戶身處設計部門、IT部門、教室或會議室，我們的解決方案已成為數百萬客戶不可或缺的一部分。

At Adobe, it is our 20,000 global employees that form the heart and soul of our business. In October, we achieved global gender pay parity, a critical milestone in Adobe's commitment to providing employees with a workplace that is diverse and inclusive. Last week, we were named one of Fortune's Top 100 Best Workplaces for Diversity. Adobe was once again ranked on the Dow Jones Sustainability Index, a key barometer tracking sustainability-driven companies.

在 Adob​​e，我們遍布全球的 20,000 名員工是我們業務的核心和靈魂。10 月，我們實現了全球性別薪資平等，這是 Adob​​e 致力於為員工提供多元化和包容性工作場所的一個重要里程碑。上週，我們被《財星》雜誌評為「多元化最佳工作場所100強」之一。Adobe 再次榮登道瓊永續發展指數榜單，該指數是追蹤以永續發展為導向的公司的重要晴雨表。

In 2018, we made significant investments across our product portfolio, entered new markets and made strategic acquisitions, which we believe will fuel continued top and bottom line performance. We expect 2019 to be another year of strong product innovation and financial results.

2018 年，我們對產品組合進行了大量投資，進入了新市場，並進行了策略性收購，我們相信這將推動公司持續的營收和利潤成長。我們預計2019年將是產品創新和財務業績強勁成長的一年。

John?

約翰？

Thanks, Shantanu. We're pleased with our Q4 and full year FY '18 results. We're excited about our acquisition of Marketo, which closed on October 31, and as part of my prepared remarks, I will review our consolidated Q4 and FY '18 results and outline Marketo's impact in comparison to our targets previously provided, which excluded Marketo.

謝謝你，沙塔努。我們對2018財年第四季和全年業績感到滿意。我們對 10 月 31 日完成的對 Marketo 的收購感到非常興奮。作為我準備的演講的一部分，我將回顧我們 2018 年第四季和全年的合併業績，並概述 Marketo 對我們之前提供的目標（不包括 Marketo）的影響。

In FY '18, Adobe achieved record annual revenue of $9.03 billion, which represents 24% year-over-year growth. GAAP EPS for the year was $5.20, and non-GAAP EPS was $6.76.

2018 財年，Adobe 實現了創紀錄的 90.3 億美元年度收入，年增 24%。該年度 GAAP 每股收益為 5.20 美元，非 GAAP 每股收益為 6.76 美元。

Noteworthy achievements during the year include: Creative revenue of $5.34 billion, which represents 28% year-over-year growth; Adobe Document Cloud revenue of $982 million, which represents 17% year-over-year growth; adding a record $1.45 billion of net new Digital Media ARR during the year, and exiting FY '18 with $6.83 billion of Digital Media ARR; Adobe Experience Cloud revenue of $2.44 billion, which represents 20% year-over-year growth; generating more than $4 billion in operating cash flow during the year; returning $2 billion in cash to stockholders through our stock repurchase program; and growing deferred revenue to approximately $3 billion; and increasing our unbilled backlog to approximately $5 billion exiting the year. Together, this represents approximately $8 billion of contracted revenue.

本年度值得關注的成就包括：創意收入達 53.4 億美元，年增 28%；Adobe Document Cloud 營收達 9.82 億美元，年增 17%；本年度新增數位媒體年度經常性營收 (ARR) 淨額達 14.5 億美元，2018 財年可近數位 14.5 億美元，2018 財年 4.383 財年 4.38 月 2018 億美元；億美元，年增 20%；本年度營運現金流超過 40 億美元；透過股票回購計畫向股東返還 20 億美元現金；遞延收入成長至約 30 億美元；以及截至年底，未開票訂單積壓額增至約 50 億美元。總計約80億美元的合約收入。

Total annual revenue growth, excluding Magento and Marketo, was approximately 22%, well ahead of the revenue target we provided entering the year. In the fourth quarter of FY '18, Adobe achieved record revenue of $2.46 billion, which represents 23% year-over-year growth. GAAP diluted earnings per share in Q4 was $1.37, and non-GAAP diluted earnings per share was $1.83. Excluding the impact of the Marketo acquisition in Q4, we estimate GAAP EPS would have been $1.48 and non-GAAP diluted EPS would have been $1.90, both of which would have exceeded the earnings targets we provided in September.

不包括 Magento 和 Marketo 在內的年度總營收成長約為 22%，遠超過我們年初設定的營收目標。2018 財年第四季度，Adobe 實現了創紀錄的 24.6 億美元收入，較去年同期成長 23%。第四季GAAP稀釋後每股收益為1.37美元，非GAAP稀釋後每股收益為1.83美元。如果排除第四季度 Marketo 收購的影響，我們估計 GAAP 每股收益將為 1.48 美元，非 GAAP 稀釋每股收益將為 1.90 美元，這兩個數字都將超過我們在 9 月給出的獲利目標。

Business and financial highlights in Q4 included: Digital Media revenue of $1.71 billion, including Creative revenue of $1.45 billion and Adobe Document Cloud revenue of $259 million; record net new Digital Media ARR of $430 million; Digital Experience revenue of $690 million, which represents 25% year-over-year growth; deferred revenue growth of 22% year-over-year; record cash flow from operations of $1.1 billion; returning $397 million of cash to our stockholders through stock buyback; and approximately 90% of our revenue in Q4 was from recurring sources.

第四季業務和財務亮點包括：數位媒體收入達 17.1 億美元，其中創意收入為 14.5 億美元，Adobe Document Cloud 營收為 2.59 億美元；數位媒體新增淨年度經常性收入 (ARR) 達 4.3 億美元，創歷史新高；數位媒體新增淨收入 6.9 億美元，每年成長 125%；億美元，創歷史新高；透過股票回購向股東返還了 3.97 億美元現金；第四季約 90% 的收入來自經常性收入。

In Digital Media, we grew segment revenue by 23% year-over-year. The addition of $430 million net new Digital Media ARR during the quarter grew the total to $6.83 billion exiting Q4. Within Digital Media, we achieved another strong quarter with our Creative business. Creative revenue grew 26% year-over-year in Q4, and we increased Creative ARR by a record $373 million.

在數位媒體領域，我們實現了23%的年成長。本季新增 4.3 億美元數位媒體 ARR，使第四季末的總 ARR 達到 68.3 億美元。在數位媒體領域，我們的創意業務又取得了強勁的季度業績。第四季創意收入年增 26%，創意 ARR 創紀錄地成長了 3.73 億美元。

Key growth drivers included: strong net new subscriptions across user segments and geographies, driven by robust traffic and customer acquisition on adobe.com and helped by typical year-end benefits including enterprise seasonality, post-MAX traffic and holiday campaigns, which drove strong consumer adoption; education market success driven by our year-long effort to increase our focus on Creative Cloud use by students and schools; continued momentum with Creative Cloud in emerging markets; services adoption, including continued strength with Adobe Stock revenue, which grew by more than 25% during the year; and pricing optimizations in North America. As we outlined at our financial analyst meeting in October, we're focused on numerous initiatives to continue to fuel Creative Cloud growth in the coming years.

主要成長驅動因素包括：使用者群體和地理的強勁新增訂閱量，這得益於 adobe.com 的強勁流量和客戶獲取，以及典型的年末收益，例如企業季節性因素、MAX 大會後的流量和假日促銷活動，這些因素推動了消費者的強勁採用；教育市場的成功，得益於我們一年來致力於提高學生和對 Creative Cloude 的成長率；收入的持續強勁增長，該收入在一年內增長超過 25%；以及北美地區的定價優化。正如我們在 10 月的財務分析師會議上所概述的那樣，我們正專注於多項舉措，以在未來幾年繼續推動 Creative Cloud 的成長。

We achieved record Document Cloud revenue of $259 million in Q4, which represents 10% year-over-year growth, and we added $57 million of net new Document Cloud ARR during the quarter. As we discussed previously, in Q4 FY '17, we achieved a significant amount of perpetual Acrobat revenue through the channel, which impacts year-over-year comparisons.

我們在第四季度實現了創紀錄的 Document Cloud 營收 2.59 億美元，年增 10%，並且本季新增了 5,700 萬美元的 Document Cloud 淨 ARR。正如我們之前討論過的，在 2017 財年第四季度，我們透過該管道獲得了大量的 Acrobat 永久收入，這影響了同比比較。

Acrobat unit growth across Creative Cloud and Document Cloud was greater than 30% during the year, and Adobe Sign revenue grew by more than 25% during FY '18. With strong Acrobat subscription and Document Cloud services adoption, we exited FY '18 with more than $800 million of Document Cloud ARR and solid momentum.

2018 財年，Acrobat 在 Creative Cloud 和 Document Cloud 的使用者數量成長超過 30%，Adobe Sign 的營收成長超過 25%。憑藉強勁的 Acrobat 訂閱和 Document Cloud 服務的普及，我們在 2018 財年結束時，Document Cloud ARR 超過 8 億美元，並保持了強勁的發展勢頭。

In our Digital Experience segment, we achieved record quarterly Experience Cloud revenue of $690 million. Magento exceeded the $30 million target we shared previously for Q4, and Marketo added $21 million during the quarter. Digital Experience year-over-year segment growth was 25% in Q4 inclusive of Marketo and 22% excluding Marketo, ahead of our Q4 target of approximately 20%. For the year, Digital Experience year-over-year segment growth was 20% inclusive of Magento and Marketo.

在我們的數位體驗業務部門，體驗雲端業務季度收入創下 6.9 億美元的紀錄。Magento 第四季營收超過了我們先前公佈的 3,000 萬美元目標，Marketo 第四季營收增加了 2,100 萬美元。第四季度，數位體驗業務年增25%（包括Marketo），較去年同期成長22%（不包括Marketo），高於我們第四季約20%的目標。今年，數位體驗細分市場年增 20%，其中包括 Magento 和 Marketo。

We finished the year with strong subscription bookings in line with our target. In Q4, Experience Cloud subscription revenue grew 30% year-over-year; and for the year, we achieved 26% year-over-year Experience Cloud subscription revenue growth, both including Magento and Marketo. Experience Cloud performance in Q4 was driven by success across our offerings with particular strength in Analytics, AEM Assets and Magento Commerce. Our go-to-market relationship with Microsoft resulted in strong bookings in Q4 and during the year.

我們以強勁的訂閱預訂量結束了這一年，達到了預期目標。第四季度，Experience Cloud 訂閱營收年增 30%；全年來看，Experience Cloud 訂閱營收年增 26%，其中包括 Magento 和 Marketo。第四季 Experience Cloud 的出色表現得益於我們所有產品的成功，尤其是在 Analytics、AEM Assets 和 Magento Commerce 方面表現強勁。我們與微軟的市場合作關係促成了第四季和全年強勁的訂單量。

From a quarter-over-quarter currency perspective, FX decreased revenue by $9.5 million. We had $30.5 million in hedge gains in Q4 FY '18 versus $16.8 million in hedge gains in Q3 FY '18. Thus, the net sequential currency increase to revenue considering hedging gains was $4.2 million.

從季度環比匯率的角度來看，外匯損失導致收入減少了 950 萬美元。2018 財年第四季，我們的對沖收益為 3,050 萬美元，而 2018 財年第三季的對沖收益為 1,680 萬美元。因此，考慮到對沖收益，淨環比匯兌收入增加 420 萬美元。

From a year-over-year currency perspective, FX increased revenue by $7.9 million. We had $30.5 million in hedge gains in Q4 FY '18 versus $1 million in hedge gains in Q4 FY '17. Thus, the net year-over-year currency increase to revenue considering hedging gains was $37.4 million.

從年比匯率角度來看，外匯業務收入增加了 790 萬美元。2018 財年第四季，我們的對沖收益為 3,050 萬美元，而 2017 財年第四季的對沖收益為 100 萬美元。因此，考慮到對沖收益，年比淨收入的匯兌成長為 3,740 萬美元。

In Q4, Adobe's effective tax rate was 3% on both a GAAP and a non-GAAP basis. Both rates were lower than targeted due to a more favorable-than-expected geographic mix of earnings as well as the favorable resolutions of certain income tax matters.

第四季度，Adobe 的實際稅率無論以 GAAP 或非 GAAP 計算均為 3%。由於收入的地域組成比預期更為有利，以及某些所得稅事項得到了有利的解決，這兩個稅率均低於預期目標。

Our trade DSO was 49 days, which compares to 55 days in the year-ago quarter and 41 days last quarter. Deferred revenue grew to a record $3.05 billion, up 22% year-over-year.

我們的貿易應收帳款週轉天數為 49 天，去年同期為 55 天，上一季為 41 天。遞延收入成長至創紀錄的 30.5 億美元，年增 22%。

Our ending cash and short-term investment position exiting Q4 was $3.23 billion, and cash flow from operations was $1.1 billion in the quarter. The quarter-over-quarter decline in our cash position was due to the funding of the Marketo acquisition.

截至第四季末，我們的現金及短期投資部位為 32.3 億美元，該季度經營活動產生的現金流量為 11 億美元。我們現金狀況季減的原因是為收購 Marketo 提供資金。

In Q4, we repurchased approximately 1.6 million shares at a cost of $397 million. During FY '18, we repurchased 8.7 million shares at a cost of $2 billion. We currently have $7.85 billion remaining of our new $8 billion repurchase authority granted in May, which goes through 2021.

第四季度，我們以 3.97 億美元的價格回購了約 160 萬股股票。在 2018 財年，我們以 20 億美元的價格回購了 870 萬股股票。我們目前還剩下 78.5 億美元，這是 5 月授予我們的 80 億美元新回購授權的一部分，有效期至 2021 年。

Now I will discuss our financial targets for the coming year. Entering FY '19, we are excited about our business momentum, our market leadership position and the large addressable markets we presented at our recent financial analyst meeting in October. The strategic acquisitions we made in FY '18 increased FY '19 revenue growth targets with some added complexity in describing our financial outlook. I'll explain some of the details as I walk you through our targets.

現在我將討論我們來年的財務目標。進入 2019 財年，我們對公司業務發展勢頭、市場領導地位以及我們在 10 月最近召開的金融分析師會議上提出的巨大潛在市場感到興奮。我們在 2018 財年進行的策略性收購提高了 2019 財年的營收成長目標，但也讓描述我們的財務前景變得更加複雜。在向您介紹我們的目標時，我會解釋一些細節。

As we've stated previously, we will report our FY '19 results based on the new ASC 606 accounting standards beginning in March with our Q1 results. The targets we are providing today are based on ASC 605 as we are still in the process of integrating Marketo into our financial systems to report results utilizing 606. We continue to believe that moving to 606 in FY '19 reporting will not materially impact our revenue. However, we now expect there will be a slight improvement to earnings through the year as we benefit from the capitalization of sales commissions.

正如我們先前所宣布的，我們將從 3 月的第一季業績開始，根據新的 ASC 606 會計準則報告 2019 財年的業績。我們今天提供的目標是基於 ASC 605，因為我們仍在將 Marketo 整合到我們的財務系統中，以便使用 606 報告結果。我們仍認為，在 2019 財年報告中採用 606 不會對我們的收入產生實質影響。然而，由於銷售佣金資本化，我們現在預計今年的收益將略有改善。

We measure ARR in constant currency during our fiscal year, and if necessary, we revalue ARR at year-end for current currency rates. Adverse FX rate changes between December of last year and this year have resulted in a $123 million adjustment and lowers our beginning FY '19 Digital Media ARR balance to $6.71 billion. This expected revision is reflected in our updated investor datasheet and our FY '19 net new growth target, and our quarterly results will be measured against this revalued amount during FY '19.

我們在財政年度內以固定匯率衡量年度經常性收入 (ARR)，如有必要，我們會在年末以當前匯率重新評估 ARR。去年 12 月至今年 12 月期間不利的匯率變動導致 1.23 億美元的調整，使我們 2019 財年初的數位媒體年度經常性收入餘額降至 67.1 億美元。這項預期調整已反映在我們更新後的投資者資料表和 2019 財年淨新增成長目標中，2019 財年期間，我們的季度業績將以此重估金額為基準進行衡量。

In FY '19, we are targeting total Adobe revenue of approximately $11,150,000,000; Digital Media segment revenue growth of approximately 20%; net new Digital Media ARR of approximately $1.45 billion, an increase above our preliminary target provided in October; Digital Experience segment revenue growth of approximately 34%; Digital Experience subscription bookings growth of approximately 25%; a GAAP tax rate of approximately 10% and a non-GAAP tax rate of approximately 11%; GAAP earnings per share of approximately $5.54; and non-GAAP earnings per share of approximately $7.75.

2019 財年，我們的目標是 Adob​​e 總收入約為 111.5 億美元；數位媒體部門收入增長約 20%；新增數位媒體年度經常性收入淨額約為 14.5 億美元，高於我們 10 月份給出的初步目標；數位體驗部門收入增長約 34%；AP 預訂量約 25% 10756666666666稅率體驗每股收益約為 5.54 美元；非 GAAP 每股收益約為 7.75 美元。

Certain factors are reflected in our FY '19 annual targets, specifically: approximately $35 million of adverse revenue impact due to current FX rates, which have moved against us since we provided preliminary FY '19 targets that were based on September spot rates; approximately $75 million reduction in revenue from the write-down of deferred revenue for Magento and Marketo due to purchase accounting; and the increase in tax rates between FY '18 and FY '19.

某些因素反映在我們的 2019 財年年度目標中，具體而言：由於當前匯率對我們不利，導致約 3500 萬美元的收入受到不利影響，自我們根據 9 月份即期匯率提供 2019 財年初步目標以來，匯率一直對我們不利；由於收購會計處理，Magento 和 Marketo 的收入遞約2019 財政年度之間稅率的提高。

In Q1 FY '19, we are targeting revenue of approximately $2,540,000,000; Digital Media segment year-over-year growth of approximately 20%; net new Digital Media ARR of approximately $330 million; Digital Experience segment year-over-year revenue growth of approximately 31%; other expense of approximately $39 million; tax rate of approximately 3% on a GAAP basis and 11% on a non-GAAP basis; share count of approximately 495 million shares; GAAP earnings per share of approximately $1.14; and non-GAAP earnings per share of approximately $1.60.

2019 財年第一季，我們的目標是營收約 25.4 億美元；數位媒體業務年增約 20%；新增數位媒體年度經常性收入淨額約為 3.3 億美元；數位體驗業務營收年增約 31%；其他支出約 3,900 萬美元；GAAP 業務營收年增約 31%。 1.14 美元；非 GAAP 每股盈餘約為 1.60 美元。

For modeling purposes, after Q1, we expect total revenue in each quarter to grow by approximately the same year-over-year growth percentage implied in our targeted revenue growth rate for the year. In addition, after Q1, we expect net new Digital Media ARR in each quarter to be sequentially similar as that achieved in past fiscal years from quarter-to-quarter with typical summer seasonality, which can lead to sequentially lower net new ARR in Q3 as well as normal year-end sequential strength in Q4 net new ARR.

出於建模目的，我們預計第一季之後，每季的總收入將以與我們全年目標營收成長率所隱含的同比成長百分比大致相同的百分比成長。此外，我們預計第一季之後，每季的新增數位媒體 ARR 將與過去財年每季的增幅大致相同，並受典型的夏季季節性影響，這可能導致第三季新增 ARR 環比下降，以及第四季度新增 ARR 在年末出現正常的環比增長。

As the impact of loss deferred revenue due to purchase accounting tapers off during FY '19 and as we grow our business, we expect quarterly operating margins to increase sequentially. We also expect quarterly year-over-year earnings growth rates to increase during the year.

隨著 2019 財年因收購會計處理而導致的遞延收入損失的影響逐漸減弱，以及我們業務的成長，我們預期季度營業利潤率將逐週提高。我們也預計，年內各季度的年獲利成長率將有所提高。

In summary, FY '18 was another record year for Adobe as demonstrated by our strong revenue and earnings growth and exceptional cash flow from operations. More importantly, during the year, we've invested in the business to continue our momentum over the long term. Our growth targets for the coming year reflect our confidence in our ability to execute, and we expect to exit FY '19 with a business that continues to exhibit strong top line growth, expanding profit margins and earnings growth rates that equal or exceed top line growth rates.

總而言之，2018 財年是 Adob​​e 的又一個創紀錄的年份，這體現在我們強勁的收入和盈利增長以及出色的經營現金流上。更重要的是，在過去一年中，我們對業務進行了投資，以保持長期的發展勢頭。我們對來年的成長目標反映了我們對自身執行能力的信心，我們預計在 2019 財年結束時，公司將繼續保持強勁的營收成長，利潤率不斷擴大，獲利成長率將達到或超過營收成長率。

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 Summit returns to Las Vegas in March. Day 1 of our Digital Experience conference is Tuesday, March 26. Invitations with registration information to Summit will be sent out in January. More details about Summit are available at summit.adobe.com.

謝謝你，約翰。Adobe Summit將於3月重返拉斯維加斯。我們的數位體驗大會第一天是3月26日星期二。高峰會邀請函及註冊資訊將於一月發出。有關 Summit 的更多詳細信息，請訪問 summit.adobe.com。

If you wish to listen to a playback of today's conference call, a web-based archive of the call will be available on our IR site later today. Alternatively, you can listen to a phone replay by calling (855) 859-2056. Use conference ID #8459218. 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 9:00 p.m. Pacific Time on December 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 #8459218。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9點結束。太平洋時間 2018 年 12 月 19 日。

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

現在我們很樂意回答您的問題。（操作說明）操作員？

(Operator Instructions) Your first question comes from the line of Walter Pritchard with Citi.

（操作員說明）您的第一個問題來自花旗銀行的華特‧普里查德。

I'm wondering, for Shantanu, on the Creative side, as we look to next year, fiscal '19, and ARR that you're talking about, can you help us understand maybe how some of the drivers that you saw this year may evolve into 2019? Which of the drivers there were -- do you expect to continue? Which do you expect to strengthen? And any that you expect to sort of wane in terms of driving that $1.45 billion ARR?

我想知道，對於 Shantanu 而言，在創意方面，當我們展望明年，也就是 2019 財年以及您提到的 ARR 時，您能否幫助我們了解今年您看到的一些驅動因素可能會在 2019 年如何演變？你認為哪些司機——你打算繼續開車？你預計哪一方面會加強？你認為哪些因素會逐漸減弱，進而影響14.5億美元的年度經常性收入？

Sure, Walter. I mean, first, as it relates to FY '18, we're certainly thrilled with the performance; and when you think about both Q4 and FY '18, we actually saw strength in ARR across all offerings as well as all geographies. Q4 was characterized, I would say, with the typical seasonal enterprise strength that we see at the end of Q4. We saw a bunch of consumer strength as we also said in our prepared remarks. But whether it was the Individual offering, the team offering or the enterprise offering, they just continue to show quite a bit of momentum. And we expect that momentum, frankly, to continue into FY '19. So I think from the Individual products, when you think about what's happening with the photography bundle, what's happening with Acrobat, what's happening with the video products, clearly, we've identified that we're working on some new categories like HD and what we showed with augmented reality and virtual reality, continued offering of services, which is adding to this. But as you remember, even during MAX, we announced numerous set of initiatives that we expect we'll all continue to drive, emerging markets, continued adoption of our services. So we're just really pleased. And I think it's important to remember, even when you look at the $1.45 billion target for next year, that FX did go adversely against us. And so when we think about both new units as well as renewal of units that happens next year, if they are internationally, that's actually going to be adverse relative to FY '18, so clearly, I think, indicating that the momentum that we saw in '18 will continue.

當然可以，沃爾特。我的意思是，首先，就 2018 財年而言，我們對業績當然非常滿意；而且，當你回顧 2018 財年第四季度和整個財年時，我們實際上看到所有產品和所有地區的 ARR 都表現強勁。我認為，第四季的特點是典型的季節性企業實力，這在第四季末很常見。正如我們在事先準備好的演講稿中所說，我們看到了消費者的強勁需求。但無論是個人產品、團隊產品或企業產品，它們都持續展現出相當強勁的成長動能。坦白說，我們預計這種勢頭將延續到 2019 財年。所以我覺得從單一產品來看，想想攝影套裝、Acrobat、視訊產品這些產品的發展情況，很明顯，我們已經確定正在開發一些新的類別，例如高清，以及我們展示的擴增實境和虛擬實境技術，並繼續提供服務，這些都對產品發展起到了推動作用。但如您所知，即使在 MAX 大會期間，我們也宣布了許多我們預計將繼續推進的舉措，包括新興市場和我們服務的持續普及。我們真的非常高興。我認為，即使考慮到明年 14.5 億美元的目標，也應該記住，匯率確實對我們不利。因此，當我們考慮明年即將發生的國際新業務和業務更新時，如果這些業務是國際性的，那麼相對於 2018 財年，這實際上將是不利的，所以很明顯，我認為，這表明我們在 2018 年看到的勢頭將會繼續下去。

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

你的下一個問題來自巴克萊資本的 Saket Kalia。

Shantanu, just to maybe think a little higher level, can you just talk about how the Digital Experience sales force might change this year now that it has just a lot more to sell and potentially different types of customers to sell into with both B2C and B2B? How do you think about the sales force and sort of go to market in 2019 with the addition of Magento and Marketo?

Shantanu，或許我們可以從更高的層次思考一下，你能談談今年數位體驗銷售團隊可能會發生哪些變化嗎？因為他們現在要銷售的產品變多了，而且可能要面對不同類型的客戶，包括 B2C 和 B2B 客戶。您如何看待2019年引進Magento和Marketo後，銷售團隊與市場拓展策略？

Saket, what we have done is, even in fiscal '18 as we have segmented the markets and we think very strategically about what's happening in what we call the strategic accounts versus the corporate accounts versus the territory accounts, we've got a go-to-market that's optimized around what's the best way to generate pipeline, what's the best way to have what we would call named account salespeople versus the specialists. And the more comprehensive the offering, the more it actually strengthens our ability to drive pipeline and then convert existing customers. FY '18 was characterized, I think, by a return to momentum that we saw in subscription bookings. We have certainly seen good adoption, as we mentioned, of our Analytics and AEM products as well as Magento. And so what I'm excited about in FY '19 is when you think about what we had with Adobe Campaign and the B2C high-volume e-mail and cross-channel campaign capability, when you think about what Marketo bought in B2B with a lead management and account-based marketing capability, we now have really a far more comprehensive offering for the enterprise to manage and personalize their end-to-end customer journeys across all channels. So we've already demonstrated integration. Magento is being integrated with AEM. So it just feels like there's more demand for our products. There's more refinement of our go to market; and there's a strengthening, frankly, of the offering, which should help.

Saket，我們所做的，即使在 2018 財年，隨著我們對市場進行細分，並且我們對所謂的戰略客戶、企業客戶和區域客戶的情況進行了非常戰略性的思考，我們制定了一套市場進入策略，以優化產生銷售渠道的方式，以及優化我們所謂的指定客戶銷售人員與專家銷售人員的方式。產品和服務越全面，就越能增強我們拓展銷售管道和轉換現有客戶的能力。我認為，2018 財年的特點是訂閱預訂量恢復了成長動能。正如我們所提到的，我們的分析和 AEM 產品以及 Magento 都得到了很好的採用。因此，我對 2019 財年感到興奮的是，想想我們之前擁有的 Adob​​e Campaign 以及 B2C 大批量電子郵件和跨渠道營銷活動功能，再想想 Marketo 在 B2B 領域收購的線索管理和基於客戶的營銷功能，我們現在確實為企業提供了一個更加全面的解決方案，可以管理和客戶端到所有客戶端到所有的渠道。所以我們已經證明了整合能力。Magento正在與AEM整合。所以感覺市場對我們產品的需求更大了。我們的市場推廣策略更加完善；坦白說，我們的產品和服務也得到了加強，這應該會有所幫助。

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

你的下一個問題來自瑞士信貸的 Brad Zelnick。

Shantanu, at MAX, you spoke a bit about Adobe's data-driven operating model, but I think it would be helpful if you could spend a moment reminding us why this is a competitive advantage and how it contributes to the visibility and predictability that you have in your business.

Shantanu，在 MAX 大會上，你談到了 Adob​​e 的資料驅動營運模式，但我認為如果你能花點時間提醒我們為什麼這是一個競爭優勢，以及它如何提高你業務的可見度和可預測性，那就太好了。

Sure, Brad, and thanks for the comments. I mean, going back to the data-driven operating model, I mean, it's a vocabulary that's so prevalent now within Adobe; and when we talk about discover, try, buy, use and renew, I think it just enables us to have tremendous focus across each parts of it. I think most companies start off with really good awareness at the top of the funnel, which is on the discovery phase, but what I think we have done is actually provided a really good mathematical underpinning to what we need to do across each of those. So I know you have and others in the past have asked us questions about how we think about promotions. We have incredible data about what is the right way to target those customers, how do they then convert into paying customers, in which countries do trials work, in which countries do trials not work. In terms of the buying, what are the right offers? How do you make recommendations? How do you convert people and upsell them into other offerings? And on the use, which is where I would say in FY '18 we spent the most time, clearly, as the base grows larger and larger and larger, it's in the utilization of the products and ensuring that they get value that the greatest upside exists for Adobe. And so the best example I could give you is once I was at a Wednesday meeting where the entire team was talking about what was happening in realtime and they were making decisions in realtime. So having this mathematical underpinning in a model and empowering people in realtime across every geography to make the right decisions based on data, I think that's really the power of this model. And I think you've seen that in our results.

當然，布拉德，謝謝你的評論。我的意思是，回到數據驅動的營運模式，這在 Adob​​e 內部現在非常普遍；當我們談論發現、試用、購買、使用和續訂時，我認為這使我們能夠非常專注於每個環節。我認為大多數公司在銷售漏斗頂端（即發現階段）的認知度都很高，但我認為我們所做的，實際上是為我們在每個階段需要做的事情提供了非常好的數學基礎。我知道你和其他人過去都問過我們關於我們如何看待晉升的問題。我們擁有大量數據，這些數據顯示如何正確定位這些客戶，如何將他們轉化為付費客戶，試用在哪些國家有效，在哪些國家無效。就購買而言，什麼樣的報價才算合適？你如何提出建議？如何吸引潛在客戶並向他們推銷其他產品？至於使用方面，我認為我們在 2018 財年投入的時間最多，顯然，隨著用戶基數越來越大，產品利用率以及確保用戶獲得價值才是 Adob​​e 最大的收益所在。我能舉出的最好例子就是，有一次我參加一個週三的會議，整個團隊都在即時討論正在發生的事情，並且即時做出決定。因此，該模型具有數學基礎，並能即時賦能世界各地的人們根據數據做出正確的決策，我認為這才是該模型的真正力量所在。我想你們已經從我們的結果中看到了這一點。

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

你的下一個問題來自 Alex Zukin 和 Piper Jaffray 的對話。

This is Taylor Reiners on for Alex. I guess, one of the interesting points we picked up from our conversations with partners is that it seems like AEM Forms has been picking up quite a bit. I was wondering if you could dig in a bit more on the momentum you've been seeing there. And then maybe any comments on what you've been seeing within the e-signature market?

這是泰勒·雷納斯替補亞歷克斯上場。我想，我們從與合作夥伴的交流中了解到的一個有趣的現像是，AEM Forms 似乎發展勢頭迅猛。我想請您更深入地探討一下您觀察到的這股發展動能。那麼，您對電子簽名市場目前的情況有什麼看法呢？

Yes. I mean, I think the whole paper-to-digital movement just continues to be a big driver of what's happening in digital transformation. And so if you think about most enterprises, what they have to do is they first have to create this website to engage with customers, and then allowing them to transact businesses digitally is a big imperative. And so to that end, what we have done, both on the Acrobat side as well as on the AEM Forms side to allow everything from ad hoc workflows as well as more structured workflows to happen using our products, it's clearly a drive that we see. Government tends to be a big area of usage for AEM Forms as you can imagine, and the usage of PDF there is high because governments can never mandate that citizens buy software in order to engage with customers. And so I think that's the reason for the underlying strength. And AEM is a platform. It's -- we also talked about AEM Assets and how content management has grown. And from our point of view, as we think about documents, sign is just one of the many verbs that we focus on. The entire document opportunity is such a large opportunity. And it's -- signing is something that we've enabled. We have this incredible reach in terms of the client that we have, and the footprint allows us to sign things. But it's, again, all about creating those documents and sharing those documents and scanning those documents. And so our strength in PDF as a format, our strength in the web content management and our strength in these verbs, including the ability for people to sign, I think, is what gives us confidence that this will continue to drive business for us.

是的。我的意思是，我認為從紙本到數位化的整個過程仍然是推動數位轉型的重要因素。因此，如果你想想大多數企業，他們首先要做的是創建一個網站來與客戶互動，然後允許他們以數位化方式進行交易是一項非常重要的任務。因此，為了實現這一目標，我們在 Acrobat 和 AEM Forms 兩方面都做出了努力，使得從臨時工作流程到更結構化的工作流程，所有操作都可以使用我們的產品完成，這顯然是我們看到的趨勢。可以想像，政府往往是 AEM Forms 的重要使用領域，而 PDF 的使用率很高，因為政府永遠無法強制公民購買軟體才能與客戶互動。所以我認為這就是其潛在優勢的原因。AEM 是一個平台。我們也討論了 AEM Assets 以及內容管理的發展。從我們的角度來看，當我們思考文件時，「簽署」只是我們關注的眾多動詞之一。整個文件的機會非常大。而且——簽名是我們已經啟用的功能。我們擁有令人難以置信的客戶群體，而且我們的業務範圍也使我們能夠簽署各種協議。但歸根結底，這一切都與創建、共享和掃描這些文件有關。因此，我們在 PDF 格式方面的優勢、我們在網路內容管理方面的優勢以及我們在這些功能（包括人們簽名功能）方面的優勢，我認為，正是讓我們有信心繼續推動業務發展的原因。

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

你的下一個問題來自 Kirk Materne 與 Evercore ISI 的合作系列。

I guess, Shantanu, I was wondering just about Magento. It seems that, that came in a little bit above your expectations, and I know it's still early. But commerce seems to be an area that almost every enterprise is interested in to some degree or the other. I was just kind of curious about how that's helping round out -- I think you talked about this a little bit earlier -- but how that's specifically helping you round out sort of your offering, especially at B2C clients as that's an area you used to have to partner with other people around. So I was just kind of curious if you could just comment specifically on Magento.

Shantanu，我猜，我只是想了解Magento。看來這比你預想的要好一些，我知道現在還為時過早。但商業似乎幾乎是所有企業都或多或少感興趣的領域。我只是有點好奇，這如何幫助你完善——我想你之前也稍微談到過這一點——但這具體是如何幫助你完善你的產品和服務，尤其是在 B2C 客戶方面，因為在這個領域你過去必須與其他人合作。所以我就有點好奇，能否具體談談Magento方面的問題。

Sure, Kirk. I mean, strategically there are 2 things that we're excited about with the Magento Commerce solution. The first is, for larger enterprises, the ability to now finally close the loop. We have the content management. We have audience segmentation. And at MagentoLive in Barcelona, we actually already have shown how you can integrate AEM with Magento Commerce. So that's been one of the strategic wins for us as people are thinking about next-generation commerce with mobile being a more fundamental part of it. So just having that built-in integration, having the ability for our salespeople to sell the entire solution to our customers, it's clearly an advantage. The other strategic area of focus for us with Magento is really -- where Magento was very strong, namely in the mid-market and small and medium businesses, the fact that we have technology and content management and analytics and personalization to add to that as an out-of-box offering for those set of customers is also a strategic advantage for us. And certainly, Marketo adds to that in terms of the offering for that particular segment of customers. So it's across both these dimensions that we do it. And underlying all of that, I think, is their over 300,000 developer, the ecosystem that they have, that's, in effect for us, a channel and that I think with Adobe's brand and that distribution and reach, I think we should continue to capitalize on that opportunity.

當然，柯克。我的意思是，從策略角度來看，Magento Commerce 解決方案有兩點讓我們感到興奮。首先，對於規模較大的企業而言，現在終於能夠實現閉環。我們有內容管理系統。我們進行了受眾細分。在巴塞隆納的MagentoLive大會上，我們已經展示瞭如何將AEM與Magento Commerce整合。因此，隨著人們開始思考下一代商業模式，行動端將成為其中更基礎的一部分，這成為了我們的策略勝利。因此，擁有這種內建集成，使我們的銷售人員能夠向客戶銷售整個解決方案，這顯然是一個優勢。我們與 Magento 合作的另一個策略重點領域是——Magento 的優勢在於中端市場和中小企業，而我們擁有技術、內容管理、分析和個人化功能，可以作為開箱即用的產品添加到這些客戶群中，這對我們來說也是一個策略優勢。當然，Marketo 也為該特定客戶群提供了更多選擇。所以，我們正是在這兩個維度上進行這項工作的。我認為，這一切的基礎在於他們擁有超過 30 萬名開發者，以及他們所擁有的生態系統。這實際上對我們來說是一個管道，我認為憑藉 Adob​​e 的品牌、分銷管道和影響力，我們應該繼續利用這個機會。

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

你的下一個問題來自瑞銀集團的珍妮佛洛。

Thank you for the detail on Marketo and Magento impacts in Q4 and maybe rolling that to fiscal '19. I think there's a few breadcrumbs in there that would let us get to the revenue impact and the interest expense impacts associated with Marketo. But can you just talk a little bit about the expense line impacts from Marketo embedded in the guidance, both in terms of direct cost acquires with Marketo and also opportunities to invest in that business given that private equity's been controlling the purse strings for a while?

感謝您詳細說明 Marketo 和 Magento 在第四季度的影響，以及可能將這些影響延續到 2019 財年的情況。我認為其中有一些線索，可以幫助我們了解 Marketo 對收入和利息支出的影響。但您能否談談Marketo對公司營運指引中各項支出項目的影響，包括Marketo帶來的直接成本增加，以及鑑於私募股權公司已經掌控了一段時間的資金，投資該業務的機會？

Well, first, Jennifer, I think there were a little bit more than breadcrumbs, but we appreciate the call out in terms of us trying to be transparent associated with that business. Maybe I'll take a little step back and then John can add colors. But I think we just look at it and say Q4 and FY '18, the financial results were clearly stellar. At MAX, as you know, we provided sort of the preliminary targets for FY '19, ARR of $1.4 billion, Digital Media revenue growth of 20%. At that point, what we had said was that we expect DX revenue growth of 20% and subscription bookings growth of 25%. And as you know, at that point, it did not include Marketo because the deal hadn't closed. But we highlighted 2 things. We highlighted that it would probably -- the earnings would be impacted moving forward as you factor in Marketo, and the tax rate would also impact our earnings profile. What we tried to do is update all of that today to both reflect the continued momentum and demonstrate that -- so from a currency perspective, currency went against us. So since September, despite that, we've raised our ARR target from $1.4 billion to $1.45 billion. We've kept the revenue growth for Digital Media at 20% despite, again, as I said, foreign exchange is going against us. In Digital Experience, which is your question, as we think about it, the segment revenue target we have raised to 34% year-over-year growth. So clearly, we are reflecting the continued momentum that we would expect as a result of getting Marketo. The base is much larger right now. And so including that base, what we said is that we expect to drive 25% subscription bookings growth for this much larger book of business, and that's already factored in how we think about the operating expense in terms of what goes for Marketo and actually what goes for the entire DX business. And then what we tried to do is reflect that, while we continue to be excited about the potential of earnings, once you factor in the accounting impact of purchase accounting that's approximately $75 million for Magento and Marketo, primarily in the first half of the year, that's like a 15% -- $0.15 impact in non-GAAP earnings. So that's sort of how we think about it. We're certainly investing for growth. You see that as we talk about a 25% growth in the entire subscription bookings growth, and we try to reflect what the accounting impacts are as well in that business, which should taper off starting the middle of the year and towards Q3 and Q4. So hopefully, that helps set the context of how we move from MAX. And if you think about it from an operational basis, Marketo is actually not dilutive. So what you have to do is factor in what's happening with accounting for deferred revenue. You have to factor in, as you said, the financing and what happens in that particular area as well as you have to think about what's happening with respect to tax rates.

首先，珍妮弗，我認為事情遠不止是零星線索，但我們感謝你指出我們試圖在與該業務相關的方面保持透明。或許我可以稍微退後一步，然後讓約翰來上色。但我認為我們只需看一下，就會發現 2018 年第四季和全年的財務表現顯然非常出色。如您所知，MAX 為 2019 財年設定了初步目標，即年度經常性收入 (ARR) 達到 14 億美元，數位媒體收入成長 20%。當時我們曾表示，我們預計 DX 營收將成長 20%，訂閱預訂量將成長 25%。如您所知，當時Marketo並不包含在內，因為交易尚未完成。但我們重點強調了兩點。我們強調，考慮到 Marketo 的影響，未來的收益可能會受到影響，而且稅率也會影響我們的收益狀況。我們今天嘗試更新所有這些數據，既是為了反映持續的發展勢頭，也是為了表明——從貨幣角度來看，貨幣走勢對我們不利。因此，儘管如此，自 9 月以來，我們已將 ARR 目標從 14 億美元提高到 14.5 億美元。儘管正如我之前所說，外匯匯率對我們不利，但我們仍然保持了數位媒體收入成長20%。在數位體驗方面（也就是您問的這個問題），我們考慮了一下，該細分市場的收入目標已提高到同比增長 34%。顯然，我們正在反映出我們預期在獲得 Marketo 之後所取得的持續發展勢頭。現在基地比以前大得多。因此，包括這個基數在內，我們預計，對於這個更大的業務組合，訂閱預訂量將增長 25%，這已經計入我們對 Marketo 營運費用以及整個 DX 業務營運費用的考慮之中。然後我們試圖反映這一點，雖然我們仍然對盈利潛力感到興奮，但一旦考慮到收購會計的影響（Magento 和 Marketo 的收購會計影響約為 7500 萬美元，主要集中在上半年），這將對非 GAAP 收益產生 15% 的影響，即 0.15 美元。我們大概就是這麼想的。我們當然是在為成長而投資。您可以看到，當我們談到整個訂閱預訂量成長 25% 時，我們也試圖反映出該業務的會計影響，這種影響應該從年中開始逐漸減弱，並在第三季和第四季逐漸減弱。希望這有助於我們了解從 MAX 過渡到 MAX 的背景。從營運角度來看，Marketo 實際上並不會稀釋股權。所以，你需要考慮的是遞延收入的會計處理情況。正如你所說，你必須把融資和特定地區的情況考慮進去，同時還要考慮稅率方面的情況。

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

你的下一個問題來自 Jefferies 的 Brent Thill。

On Digital Media ARR, you raised the guidance by 3.5% or $50 million going into '19. I guess, can you just outline your confidence to make that big a raise right out of the gate here?

在數位媒體 ARR 方面，您將 2019 年的預期提高了 3.5%，即 5000 萬美元。我想問的是，您能否簡單說明為什麼有信心一開始就爭取到這麼大的加薪？

Brent, again, I think it just reflects the momentum that we saw in Q4. I think we outlined a number of different initiatives that we just continue to drive. I mean, we're certainly going to see the benefits of pricing and how we continue to optimize that around the world. It's the new product introductions that are coming and just continued strength in Acrobat in emerging markets. We continue to do a good job combating piracy. We're seeing good strength at what we call named user deployment within the enterprises, I think continued strength in Sign and Stock and what that's doing to the particular business. So just across all of the various priorities that we outlined, we just continue to feel good about the opportunity and we have to continue to execute, Brent.

我認為，布蘭特原油價格再次反映了我們在第四季度看到的成長勢頭。我認為我們已經制定了一系列不同的舉措，並且正在繼續推動這些舉措。我的意思是，我們肯定會看到定價帶來的好處，以及我們如何繼續在全球範圍內優化定價。是即將推出的新產品以及Acrobat在新興市場的持續強勁勢頭。我們在打擊盜版方面繼續做得很好。我們看到，在企業內部，我們稱之為指定使用者部署的業務發展勢頭良好，我認為 Sign and Stock 業務的持續強勁發展及其對特定業務的影響也印證了這一點。所以，就我們列出的所有優先事項而言，我們仍然對這個機會感到樂觀，我們必須繼續執行，布倫特。

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

你的下一個問題來自 Kash Rangan 與美國銀行的合作計畫。

Shantanu, I am curious if -- when you comb through your natural intelligence and artificial intelligence from Sensei, what is the current read? Because I think you're one of the very few companies that has reported a Q4 and is giving guidance for Q1. What is your take on the emerging markets, especially in some of the volatilities you have seen? Granted, the U.S. seems to be a pocket of strength, what is your take on these other questionable economies and your prognostication behind how you'd see those markets play out for Adobe next year?

Shantanu，我很好奇——當你梳理你的自然智慧和 Sensei 的人工智慧時，你目前的解讀是什麼？因為我認為貴公司是極少數已經公佈第四季業績並給出第一季業績指引的公司之一。您如何看待新興市場，特別是您所看到的某些波動？誠然，美國似乎是強勁的市場，但您對其他一些前景不明的經濟體有何看法？您預測這些市場明年將如何影響 Adob​​e 的發展？

I mean, from our perspective, I think we're no economists. What we see is that both creativity as an important initiative for everybody just continues to be really an area of emphasis and digital transformation and the digital tailwinds or headwinds that enterprises are seeing, depending on their perspective. So I think what gives us confidence is that it doesn't matter which country you're in. Digital has become an imperative for enterprises. And for individuals, the importance of creativity and design has never been more important. And so we will just continue to monitor it, we see strength across emerging markets as well. We've talked about that. I think the fact that we have a differential pricing scheme that allows us to target customers in those emerging markets might help. But overall, clearly, the exposure in that area for us is probably lower than some of the other companies that you are covering.

我的意思是，從我們的角度來看，我認為我們都不是經濟學家。我們看到，創造力作為一項對每個人來說都非常重要的舉措，仍然是一個重點領域；而數位轉型以及企業所面臨的數位化順風或逆風，則取決於他們各自的視角。所以我覺得讓我們充滿信心的是，你身處哪個國家並不重要。數位化已成為企業的必然選擇。對於個人而言，創造力和設計的重要性從未像現在這樣突出。因此我們將繼續關注這一趨勢，我們也看到新興市場整體表現強勁。我們討論過這個問題。我認為，我們擁有差異化定價方案，可以針對新興市場的客戶群，這可能會有所幫助。但總的來說，很明顯，我們在該領域的風險敞口可能低於你們所關注的其他一些公司。

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

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

Shantanu, I'd like to follow up on 2 broad statements Adobe made about its business, one at MAX and one at Summit. At MAX, the company said that Creative Cloud at least is at an inflection point in terms of moving from the desktop largely to more of a multi-service -- surface device TAM. And at Summit, you noted that your objective in Digital Experience is to enable or establish what you call that Experience System of Record. On the former, could you talk about how you're thinking about your correlation of Creative Cloud new business to new hardware business as compared to the old days of packaged software in terms of the correlation to hardware sales? And then for the latter, do you think that you've established now the Experience System of Record, you are de facto, you've done that? Or do you think that's still aspirational?

Shantanu，我想就 Adob​​e 在 MAX 大會和 Summit 大會上就其業務發表的兩項重要聲明做個後續說明。在 MAX 大會上，該公司表示，Creative Cloud 至少正處於一個轉折點，其目標市場正從主要面向桌面用戶轉向面向多服務用戶（即 Surface 設備用戶）。在高峰會上，您指出，您在數位體驗方面的目標是啟用或建立您所謂的體驗記錄系統。關於前者，您能否談談您如何看待 Creative Cloud 新業務與新硬體業務之間的關聯性，並將其與過去套裝軟體與硬體銷售之間的關聯性進行比較？那麼對於後者，你認為你現在已經建立了經驗記錄系統嗎？事實上，你已經做到了這一點嗎？還是你認為那仍然是一種理想？

Well, Jay, first, as it relates to our belief and assertions around multisurface, it stems from a very simple observation that we want to enable our products to be used wherever inspiration strikes. And second, I think to your question, the capabilities of these new devices, whether they be tablets or whether they be mobile devices are infinitely more powerful than the prior generation. And so whenever there's a step function in capability or there's a new modality like voice or touch or other interfaces that emerge, all of them represent opportunities for Adobe. We pioneered our own offering in that particular space with Lightroom, and we are seeing good results with Lightroom, which is clearly a space where people want to be able to manage their pictures on any device that they want. The second category in which we have shown a lot of capability in this particular space is with XD, where, again, the number of people who design products and the number of people -- stakeholders in that entire design workflow is probably significantly larger than those who design. So those were the 2 first flagship products that showed it. But I think at MAX we clearly announced that not only would we bring -- bringing our flagship products like Photoshop to the iPad, but in addition to that, we would be doing brand-new products that took advantage of this media like Project Gemini, where people would use a stylus and a tablet to draw. So we're well on our way on that journey. We're really excited about what we can do. We also showed, as you know, voice-enabled applications in XD that integrated with Echo. So if you start to think about a world where every single screen, you're going to be able to talk to that screen, we want to enable people to use our apps to create applications for that screen. So that's on the MAX front, excited about it. But we're early in the journey, and we think there's a lot more that we can do that'll enable people to tell their story with ease. On the Digital Experience side with the enterprise (sic) [Experience] System of Record, I think the ODI announcement that we made in conjunction with SAP and Microsoft was the next step in that particular journey, where all 3 companies have talked about the need to have this Unified Customer Profile, where in realtime you can action it and you can integrate that with support systems, supply chain systems, financial systems and certainly the marketing systems, which is what we are pioneering. We made some good progress in that. The interest, honestly, in that is pretty high because every CIO is worried about, "How do I get this Unified Customer Profile?" So again, I would say that's a multiyear journey for us to deliver value. Our Experience Platform is already been delivered to customers. They're giving us feedback in realtime. Our applications, much like we did with the Creative Suite of products, will all build on top of the score content and data platform. But that's what we do, Jay. I mean, we are excited about the product journey and building deep technology moats. And so I would say off to a great start but there's so much more that we can do in terms of delivering value to our customers and further strengthening our differentiation against the competition.

傑伊，首先，就我們對多表面應用的信念和主張而言，它源於一個非常簡單的觀察，即我們希望我們的產品能夠在任何靈感迸發的地方使用。其次，我認為對於你的問題，這些新設備（無論是平板電腦還是行動裝置）的功能都比上一代產品強大得多。因此，每當能力出現飛躍式提升，或出現語音、觸控或其他介面等新模式時，所有這些都代表著 Adob​​e 的機會。我們率先在該領域推出了 Lightroom，並且 Lightroom 取得了良好的效果，這顯然滿足了人們希望能夠在任何設備上管理照片的需求。我們在第二個領域展現出強大能力的類別是 XD，在這個領域，設計產品的人數和整個設計工作流程中的利害關係人人數可能比實際設計人員多得多。所以，這兩款旗艦產品就是最早展現這項特質的兩款產品。但我認為在 MAX 大會上，我們明確宣布，我們不僅會將 Photoshop 等旗艦產品帶到 iPad 上，而且除此之外，我們還將開發利用這種媒體的全新產品，例如 Project Gemini，人們可以使用觸控筆和平板電腦進行繪畫。所以，我們在這條路上已經走得很順利了。我們對我們能做的事情感到非常興奮。如您所知，我們還在 XD 中展示了與 Echo 整合的語音應用程式。所以，如果你開始想像這樣一個世界：每個螢幕都可以與螢幕對話，我們希望能夠讓人們使用我們的應用程式為該螢幕創建應用程式。關於MAX方面，我很興奮。但我們仍處於起步階段，我們認為還有很多工作要做，可以幫助人們輕鬆地講述自己的故事。在數位化體驗方面，就企業（原文如此）[體驗]記錄系統而言，我認為我們與 SAP 和微軟聯合發布的 ODI 公告是這一特定旅程的下一步，這三家公司都談到了建立統一客戶檔案的必要性，以便實時採取行動，並將其與支持系統、供應鏈系統、財務系統以及營銷系統集成，而這正是我們正在開創的。我們在這方面取得了一些不錯的進展。說實話，大家對此都非常感興趣，因為每個資訊長都在擔心「如何獲得統一的客戶畫像？」所以，我再次強調，這需要我們花費數年時間才能實現其價值。我們的體驗平台已經交付給客戶。他們會即時給我們回饋。我們的應用程序，就像我們之前開發的創意套件產品一樣，都將建立在樂譜內容和數據平台之上。但我們就是這麼做的，傑伊。我的意思是，我們對產品發展歷程和建造強大的技術護城河感到興奮。因此，我認為這是一個好的開端，但在為客戶創造價值和進一步加強我們相對於競爭對手的差異化方面，我們還有很多工作要做。

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

你的下一個問題來自高盛的 Heather Bellini。

I mean, Shantanu, I had actually 2 questions. You -- I think just to follow up on one -- something that Kash asked. I was wondering, given digital transformation is a top area of focus for years, I'm trying to get a sense for how resilient do you think the spending could be if the macro environment were to become more challenging. And then I had a follow-up on piracy.

我是說，Shantanu，我其實有兩個問題。我想就卡什提出的一個問題做個後續說明。鑑於數位轉型多年來一直是重點關注領域，我想知道，如果宏觀環境變得更加具有挑戰性，您認為支出能有多大的韌性。然後我又就盜版問題進行了後續報道。

Yes, Heather, my belief is that the customers, there's no way that customer expectations are going to change in terms of how they transact businesses with enterprise. And as you know, when -- if economic climate changes, there's even more reason to prioritize on the first few imperatives that are essential. And so if you just look at what's happening with mobile devices as the only form of interaction with enterprises, we just continue to think that digital will be very important and very central to the C-level mandate. So that gives us confidence that we need to continue to drive it. I mean, we will certainly monitor what happens if there is, but you don't want this to become a self-fulfilling prophecy, where everybody says, "Hey, what do we do if there's a slowdown and then people cut spending?" We haven't seen that so far. So that's how I would describe this as a priority. And we help with the top line driving revenue for customers. And so I think that's the important part of our mandate and offering.

是的，Heather，我認為客戶，客戶的期望在與企業進行交易的方式方面是不會改變的。如您所知，當經濟環境發生變化時，我們就更有理由優先考慮那些至關重要的前幾項要務。因此，如果只從行動裝置作為與企業互動的唯一方式來看，我們仍然認為數位化對於高階主管來說非常重要且至關重要。因此，這讓我們更有信心繼續推進這項工作。我的意思是，如果真的出現這種情況，我們當然會密切關注事態發展，但我們不希望這變成自我實現的預言，讓每個人都說：「嘿，如果經濟放緩，人們削減開支怎麼辦？」到目前為止，我們還沒有看到這種情況。所以，這就是我將其列為優先事項的方式。我們幫助客戶提高營收。所以我認為這是我們使命和使命的重要組成部分。

Right. So for the CEOs you talk to or the CMOs, it's much more been about the fear of not spending because of their competitors' spend than they're falling further behind. Is that kind of the way to think about it?

正確的。所以，對於你和CEO或CMO們交談來說，他們更多的是擔心因為競爭對手的支出而不敢支出，而不是擔心自己會進一步落後。是這樣想的嗎？

That's exactly the way to think about it, and it's also the way they -- every one of them knows that if they are not using digital as an enabler, there's some small company out there that's going to completely disrupt their business using a mobile app and a -- and digital technology. So the heightened importance of digital I think is there front and center for every enterprise.

正是這樣想的，而且他們每個人都知道，如果他們不利用數位化作為推動力，就會有一些小公司利用行動應用程式和數位技術徹底顛覆他們的業務。因此，我認為數位化的重要性日益凸顯，它已成為每個企業關注的焦點。

Great. And then just the last one would just be a follow-up on your comments on piracy and you've mentioned some good success that you're having there. Is there a way to help think about the tailwinds that this could add to your Creative business?

偉大的。最後一個問題就是想跟進您關於盜版的評論，您提到您在這方面取得了一些不錯的成功。有沒有辦法幫助思考這可能會為你的創意事業帶來哪些利好因素？

Well, I think we've seen that, Heather, right through our journey. The affordability of Creative Cloud from day 1 has been one of the drivers of the new growth, our new customer acquisition that we've highlighted every year, including at MAX. And so I think that continues to give us confidence. I think the pricing upfront, which allows more people to enter the platform, I think that's another way in which we are combating piracy. And third is the fact that we don't have boxes. They used to be a real gray market associated with selling our boxes. That's also gone away. That's not to say that people aren't finding ways to somehow get their hands on Creative Cloud. And our brand continues to be strong even in areas where there are malicious users of our product. But we've -- we made significant traction, and we continue to focus on driving value through services. And I would say a step function for us, as all of these assets are in the cloud, then they become DOA unless you're a legitimate user of Adobe products.

嗯，我想我們已經看到了這一點，希瑟，在我們的整個旅程中。Creative Cloud 自推出以來一直保持著經濟實惠的價格，這已成為我們每年（包括在 MAX 大會上）重點強調的新增長和新客戶獲取的驅動力之一。所以我認為這繼續增強了我們的信心。我認為預先定價可以讓更多的人進入平台，我認為這是我們打擊盜版的另一種方式。第三點是我們沒有箱子。過去，這確實是一個與銷售我們的包裝盒相關的灰色市場。那個也消失了。但這並不代表人們沒有想辦法獲取 Creative Cloud。即使在存在惡意用戶利用我們產品的地區，我們的品牌依然保持強勁勢頭。但是我們已經取得了顯著進展，並將繼續專注於透過服務創造價值。我認為這對我們來說是一個階躍函數，因為所有這些資產都在雲端，除非你是 Adob​​e 產品的合法用戶，否則它們就會變成 DOA（到手即損）。

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

你的下一個問題來自摩根士丹利的基斯‧韋斯。

Maybe one for John, so he doesn't feel completely left out on this call. If we strip out the acquired assets, Marketo in particular, how are you thinking about sort of operating leverage within sort of the core Adobe businesses into FY '19? Do you think this is another year where you could see the nice expansion that you have been seeing in the underlying operating margins? Or is there like a broader investment in that core going on through FY '19 as well?

或許可以給約翰也發一個，這樣他就不會覺得自己完全被排除在這通通話之外了。如果我們剔除收購的資產，特別是 Marketo，您認為 Adob​​e 核心業務在 2019 財年的營運槓桿效應如何？你認為今年能否像過去一年一樣，繼續看到基礎營運利潤率的良好成長？或者說，在 2019 財年，對該核心業務也有更廣泛的投資？

Thanks very much, Keith. I think when you think about our core business, we have that operating leverage as we've shared throughout FY '18 before the acquisitions. And what we tried to articulate in the prepared remarks was that because the accounting implications coming with the acquisitions for purchase accounting, you have this first -- really the kind of first half to third quarter impact of deferred revenue, for instance, on the operating side. And as that tapers off during the year, we believe the leverage on our model continues to return to growth in terms of operating margins. And so we see that expanding as we exit the year into familiar territory that I think you've seen before.

非常感謝，基斯。我認為，當我們考慮我們的核心業務時，我們擁有那種營運槓桿，正如我們在 2018 財年收購之前所分享的那樣。我們在準備好的發言稿中試圖闡明的是，由於收購對購買會計處理會產生會計影響，首先，例如，營運方面，遞延收入會對上半年到第三季產生影響。隨著這一趨勢在年內逐漸減弱，我們相信，我們模式的槓桿作用將繼續轉化為營業利潤率的成長。因此，我們看到，隨著年末的臨近，這種情況會不斷擴大，進入大家以前都見過的熟悉領域。

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

你的下一個問題來自 Mark Moerdler 與 Bernstein 的對話。

Can you give us a sense of where you are in the journey of Acrobat's subscription and how to think about the negative impact of the move of perpetual license subscriptions on the Document Cloud revenue growth?

您能否介紹一下 Acrobat 訂閱模式目前的發展階段，以及您如何看待永久授權訂閱模式的轉變對 Document Cloud 營收成長的負面影響？

Well, Mark, as you know, we have actually used a different strategy for Acrobat than we used for Creative Cloud because in that particular business, perpetual just continues to be an important area of both new customer acquisition for us as well as I think we've done a good job of bridging. And so you've clearly seen -- now the business continues to do well. We talk about the unit growth that we're seeing in Acrobat. And so we don't particularly see a headwind as it relates to perpetual moving to subscriptions the way we saw in the Creative. We just want to continue to focus on driving more unit growth, and that's really our focus. What is still a big opportunity, however, which may be the other part of your question, is that there's a larger and larger installed base that as we add more value in the services and apply our AI services, that'll continue to be a forward-looking opportunity for us with document. So I think that's all factored and tailored in the targets that we provided for next year.

馬克，正如你所知，我們對 Acrobat 採取的策略與對 Creative Cloud 採取的策略不同，因為在 Acrobat 這項業務中，永久授權仍然是我們獲取新客戶的重要領域，而且我認為我們在銜接方面做得很好。所以你已經清楚地看到——現在公司業務繼續發展良好。我們來談談Acrobat的銷售成長情況。因此，我們並沒有看到像在創意領域一樣，永久轉向訂閱模式會遇到特別大的阻力。我們只想繼續專注於推動銷售成長，這才是我們真正的重點。然而，這仍然是一個巨大的機遇，也可能是你問題的另一部分，那就是隨著我們不斷增加服務價值並應用我們的人工智慧服務，用戶基數越來越大，這將繼續為我們帶來文件方面的前瞻性機會。所以我認為這些因素都已納入我們為明年設定的目標。

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

你的下一個問題來自 Sterling Auty 與摩根大通的合作計畫。

So trade negotiations with China are dominating the headlines. If we actually see an agreement that brings true IP protection and a real open market in China, how big could that market be for Adobe? What could that do to your revenue and revenue growth going forward?

因此，與中國的貿易談判佔了各大媒體的頭條。如果我們真的看到一項協議能夠帶來真正的智慧財產權保護和中國真正的開放市場，那麼對於 Adob​​e 來說，這個市場會有多大？這會對你的收入和未來的收入成長產生什麼影響？

Well, Sterling, one way you can look at it is you can say what is the number of PCs and mobile devices that are used in China and how does that compare to what's being used in the U.S. And if you look at what our revenue is in the U.S., I mean, that would, I think, at the high end show the potential of what that could be because creativity is just as important in China. And you could actually argue, we're one of the few companies -- U.S. technology companies, that really doesn't have an alternative in China, so we feel good about it. But even if those trade agreements that you allude to happen, I think it would take a little while for that to completely translate into our business. So having said that, the China business for us has been doing well. As you know, we introduced CC. We focused on the team offering because we thought that would be the right beachhead for us to focus on. And the other area that we focus on is our company is doing business in China. How do we make sure that they have a site license, so to speak, or enterprise license agreement that allows us to do it? So from a purely mathematical and installed base perspective, it's massive how that translates. We haven't clearly baked any of that sort of inflection point or dramatic shift into our numbers.

史特林，你可以這樣看待這個問題：你可以統計一下中國個人電腦和行動裝置的使用數量，並與美國的數據進行比較。如果你再看看我們在美國的收入，我認為這從高處就能看出我們在中國的發展潛力，因為創造力在中國同樣重要。你甚至可以說，我們是為數不多的幾家在美國科技公司中，在中國沒有真正替代方案的公司之一，所以我們對此感到很滿意。但即便你提到的那些貿易協定得以實現，我認為也需要一段時間才能完全轉化為我們的業務效益。綜上所述，我們在中國的業務一直發展良好。如您所知，我們推出了CC。我們之所以專注於團隊產品，是因為我們認為這將是我們應該專注於的正確切入點。我們關注的另一個領域是，我們公司正在中國開展業務。我們如何確保他們擁有允許我們這樣做的網站許可證或企業授權協議？因此，從純粹的數學和使用者基數角度來看，這帶來的轉換影響是巨大的。我們的數據中並沒有明確反映出這類轉折點或劇烈變化。

Your next question comes from the line of Brent Bracelin with KeyBanc Capital Markets.

你的下一個問題來自 KeyBanc Capital Markets 的 Brent Bracelin。

I have -- wanted to follow up on the operating margin question that Keith kind of went down. And taking a little bit of a different tack here, full year operating margins have risen by more than 200 basis points, I think, for 5 consecutive years. You're now above 40%, phenomenal kind of progress year, highest in over 10 years. My question is going forward, I get the first half accounting impact. But as you think about the opportunity in the $70 billion Experience Cloud, do you plan to invest incremental dollars to accelerate the share in the Experience Cloud? Or do you think you can actually drive margins well above 40% on a blended basis?

我想就基斯提到的營業利潤率問題做個後續跟進。換個角度來看，我認為，全年營業利潤率已經連續 5 年成長超過 200 個基點。你現在的成績已經超過 40%，這是非常了不起的一年，也是 10 多年來的最高水準。我的問題是，接下來我會得到上半年的會計影響。但當您考慮價值 700 億美元的體驗雲端市場帶來的機會時，您是否計劃追加投資以加速在體驗雲端市場佔據份額？或者你認為你真的可以實現綜合利潤率遠高於 40% 嗎？

Great. Thanks very much, Brent. I think when you look at the Digital Experience business, we've always long believed that, that business can actually have margins typical of a SaaS business. We continue to invest in the Digital Experience, of course, obviously recently with the 2 acquisitions. And so our goal there is to help them integrate to make sure that they can accelerate our growth in that space. That market's huge. So as we continue to invest in that market, certainly we want to see operating leverage in it, and it'll be healthy for the business overall. If we look at top line growth and we look at bottom line growth really is what we're trying to drive. And so our long-term model has always been to grow our earnings as fast as the top line or faster. So once we kind of get past this noise of accounting through the year, more so in the first half and then it trails off in the third and fourth quarter, you'll see the operating margin for the total company kind of return to historical levels.

偉大的。非常感謝，布倫特。我認為，當我們審視數位體驗業務時，我們一直堅信，該業務實際上可以擁有與 SaaS 業務類似的利潤率。我們當然會繼續投資數位化體驗，最近更是透過兩項收購加大了投入。因此，我們的目標是幫助他們融入，確保他們能夠加速我們在該領域的成長。那個市場非常龐大。因此，隨著我們繼續投資該市場，我們當然希望看到營運槓桿效應，這對整個業務來說都是有益的。如果我們看一下營收成長，就會發現利潤成長才是我們真正想要實現的。因此，我們的長期模式一直是讓獲利成長速度與營收成長速度持平或更快。所以，一旦我們擺脫了全年會計的噪音（尤其是在上半年，然後在第三和第四季逐漸減弱），你就會看到整個公司的營業利潤率恢復到歷史水準。

And your last question comes from the line of Tom Roderick with Stifel.

你的最後一個問題來自 Stifel 的 Tom Roderick 一線。

So the company took some pricing up here last March in Creative Cloud, I guess just in North America. But would love it if you could provide just a little bit of feedback as to how the price bumps that were put in place have been received by both new and installed customers. And can you add any color there as to whether you've seen any changes to net dollar retention stemming from the price bumps? Just overall some color on how this has gone would be great.

所以，該公司去年三月提高了 Creative Cloud 的價格，我猜只是在北美地區。如果您能提供一些回饋意見，說明新舊客戶對此價格上漲的反應，我將不勝感激。您能否補充一些訊息，說明價格上漲是否對淨美元留存率造成了任何影響？如果能大致了解一下事情進展就太好了。

Sure. I think it's gone completely in line with our expectations. I mean, we have just a significant amount of experience with that. As you know, we look at FX in other countries as well to also look at pricing. So it's not the first time that we have made changes to Creative Cloud pricing since the time it was introduced. From our perspective, it was on the heels of MAX, where we introduced 5 new products, which was the sort of most significant innovation after the original introduction. We continue to be focused on a lot more innovation driving value for our customers and I think you'll continue to see it. But North America went very much in line with our expectations. And as we said, our goal is to continue to drive new customers to the platform. That remains front and center, but nothing that I would say is to doubt in our experience. And I think that's just because of the diligence that we did, which is we're thoughtful about it. We want to continue to attract customers to the platform with promotional pricing and deliver them the value, which enables us to give more credence to whatever pricing changes we might do.

當然。我認為事情完全符合我們的期望。我的意思是，我們在這方面累積了相當豐富的經驗。如您所知，我們也會關注其他國家的外匯市場，以便了解定價情況。所以，這並非我們自 Creative Cloud 推出以來第一次對其定價進行調整。從我們的角度來看，MAX 之後我們推出了 5 款新產品，這是繼最初產品推出後最重大的創新。我們將繼續專注於更多創新，為客戶創造價值，我相信您會繼續看到這一點。但北美的情況與我們的預期基本一致。正如我們所說，我們的目標是繼續為平台吸引新客戶。這一點仍然是重中之重，但就我們的經驗而言，沒有什麼值得懷疑的。我認為這完全是因為我們認真負責，考慮周全。我們希望繼續透過促銷價格吸引顧客使用平台，並為他們提供價值，這使我們能夠更有理由相信我們可能做出的任何價格調整。

But since the last question, I mean, I'll also start off by wishing everybody on the call happy holidays. Thank you all for joining us. We're certainly thrilled with Q4 and FY '18. I think we had a very, very strong year. And I think it's a clear indication that our strategy of empowering people to create and helping businesses transform is working. We think it represents, as we have said at our MAX financial analyst meeting, a massive addressable market opportunity, and the FY '19 financial targets reflect the momentum that we expect to continue to drive across all offerings and geographies. And we're excited about the product innovation road map that we have for all of our customers. And again, wanted to thank you all for joining us today.

但既然提到了最後一個問題，我的意思是，我也要先祝所有參加電話會議的人節日快樂。感謝各位的參與。我們對第四季和2018財年的業績感到非常滿意。我認為我們今年的表現非常非常出色。我認為這清楚地表明，我們賦予人們創造力並幫助企業轉型的策略正在發揮作用。正如我們在 MAX 財務分析師會議上所說，我們認為這代表著一個巨大的潛在市場機會，而 2019 財年的財務目標反映了我們預期將繼續在所有產品和服務以及各個地區推動的成長勢頭。我們對為所有客戶制定的產品創新路線圖感到非常興奮。再次感謝各位今天蒞臨。

And this concludes our call. Thanks, everyone.

通話到此結束。謝謝大家。