Adobe Inc (ADBE) 2019 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. I would like to welcome you to Adobe First Quarter Fiscal Year 2019 Earnings Conference Call. (Operator Instructions) And 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 2019 財年第一季財報電話會議。（操作員指示）現在，我將把電話交給投資者關係副總裁麥克·薩維亞格先生。請繼續，先生。

Good afternoon and thank you for joining us today. Joining me on the call are Adobe's President and CEO, Shantanu Narayen; and 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 first quarter fiscal year 2019 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 2019 財年第一季的財務表現。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。我們也在 Adob​​e.com 上發布了財報電話會議的演講稿和幻燈片 PDF 文件，以及更新後的投資者資料表。如果您想要這些文件的副本，可以訪問 Adob​​e 的投資者關係頁面，並在「快速連結」下找到它們。

Before we get started, we want to emphasize that some of the information discussed in this call, particularly our revenue and operating model targets, and our forward-looking product plans, is based on information as of today, March 14, 2019, 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 2019 年 3 月 14 日的信息，並且包含涉及風險和不確定性的前瞻性陳述。實際結果可能與此類聲明中所述的結果有重大差異。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。

On our Q4 FY '18 call in December, we provided targets for fiscal year 2019 and for Q1 FY '19 based on revenue accounting Standard ASC 605. As required, we have adopted ASC 606 for FY '19 and today are reporting the results based on ASC 606. Where applicable, we will call out differences in our results between ASC 605 and ASC 606 for comparison purposes against our prior ASC 605-based targets.

在 2018 財年 4 月 12 日的電話會議上，我們根據收入會計準則 ASC 605 提供了 2019 財年和 2019 財年第一季的目標。根據要求，我們已在 2019 財年採用 ASC 606，今天將根據 ASC 606 報告結果。在適用的情況下，我們將指出 ASC 605 和 ASC 606 結果之間的差異，以便與我們先前基於 ASC 605 的目標進行比較。

On this call, we will discuss GAAP and non-GAAP financial measures. A reconciliation between the 2 is available in our earnings release and on Adobe's Investor Relations website.

本次電話會議，我們將討論GAAP和非GAAP財務指標。兩者之間的對比情況可在我們的收益報告中以及 Adob​​e 的投資者關係網站上查閱。

Call participants are advised that the audio of this conference call is being webcast live 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.

參加電話會議的人員請注意，本次電話會議的音訊將進行即時網路直播，並將被錄音以備回放。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'll now turn the call over to Shantanu.

現在我將把電話交給沙塔努。

Thanks, Mike and good afternoon. Fiscal 2019 is off to a strong start for Adobe as we delivered another record quarter in Q1. We achieved $2.6 billion in revenue, representing 25% year-over-year growth. GAAP earnings per share for the quarter was $1.36, and non-GAAP earnings per share was $1.71.

謝謝邁克，下午好。Adobe 2019 財年開局強勁，第一季再次創下業績新高。我們實現了 26 億美元的收入，年增 25%。本季GAAP每股收益為1.36美元，非GAAP每股收益為1.71美元。

Adobe empowers people to create and transforms how businesses compete, a highly differentiated strategy that we continue to execute well on in Q1. Across all industries and geographies, we're helping customers, large and small, transform themselves and their businesses with Adobe Creative Cloud, Document Cloud and Experience Cloud.

Adobe 致力於賦能人們進行創造，並改變企業的競爭方式，這是一項高度差異化的策略，我們在第一季繼續出色地執行了這項策略。我們正在幫助各行各業、各個地區的客戶（無論規模大小）利用 Adob​​e Creative Cloud、Document Cloud 和 Experience Cloud 實現自身及其業務的轉型。

In our Digital Media business, we achieved strong revenue in both Creative Cloud and Document Cloud in Q1. Net new Digital Media annualized recurring revenue or ARR was $357 million, and total Digital Media ARR exiting Q1 grew to $7.07 billion. Q1 Creative revenue was $1.49 billion, which represents 22% year-over-year growth.

在我們的數位媒體業務中，第一季 Creative Cloud 和 Document Cloud 都取得了強勁的收入。淨新增數位媒體年度經常性收入（ARR）為 3.57 億美元，截至第一季末，數位媒體 ARR 總營收成長至 70.7 億美元。第一季創意營收為 14.9 億美元，較去年同期成長 22%。

Adobe Creative Cloud is democratizing creativity by delivering innovative new ways for everyone, from businesses to students to creative professionals to hobbyists, to tell their story. Our flagship digital imaging and video solutions, including Photoshop, Premiere Pro and After Effects, have long been the go-to tools for indie and feature filmmakers and editors. At this year's Academy Awards, both Adobe Photoshop and After Effects received scientific and engineering awards for their contributions to the filmmaking industry. It's a tremendous honor for Adobe, and we're very proud of the product and engineering teams who contribute to the development and ongoing innovation in these iconic products. Most recently, Photoshop was used in the making of Spider-Man: Into the Spider-Verse, which won this year's Oscar for Best Animated Film.

Adobe Creative Cloud 正在透過為每個人（從企業​​到學生，從創意專業人士到業餘愛好者）提供創新的新方式來普及創造力，讓他們能夠講述自己的故事。我們旗艦級的數位成像和視訊解決方案，包括 Photoshop、Premiere Pro 和 After Effects，長期以來一直是獨立電影人和長片製作人及剪輯師的首選工具。在今年的奧斯卡金像獎頒獎典禮上，Adobe Photoshop 和 After Effects 都因其對電影製作行業的貢獻而獲得了科學與工程獎。這對 Adob​​e 來說是莫大的榮譽，我們為參與這些標誌性產品開發和持續創新的產品和工程團隊感到非常自豪。最近，Photoshop 被用於製作《蜘蛛人：平行宇宙》，該片獲得了今年的奧斯卡最佳動畫長片獎。

Our photography business, including mobile usage, continues to show strong momentum. The number of Lightroom CC mobile subscribers has increased by more than 400% over the past year. Beyond film and photography, Adobe is pushing the boundaries of creativity onto new canvases and broadening the appeal of Creative Cloud to entirely new segments of users.

我們的攝影業務，包括行動裝置使用，持續保持強勁的成長動能。過去一年，Lightroom CC 行動版用戶數量成長超過 400%。除了電影和攝影之外，Adobe 正在將創意的邊界拓展到新的領域，並將 Creative Cloud 的吸引力擴展到全新的用戶群。

New media types, including 3D, video and augmented reality, continue to emerge, which will enable more immersive and engaging digital experiences. In January, we acquired Allegorithmic, the industry standard in tools for 3D material and texture creation for gaming and entertainment. The addition of Allegorithmic further expands Creative Cloud into interactive content design and allows us to better equip video game creators, visual FX artists working in film and television, designers and marketers to deliver the next generation of immersive experiences.

包括 3D、視訊和擴增實境在內的新媒體類型不斷湧現，這將帶來更具沉浸感和吸引力的數位體驗。今年一月，我們收購了 Allegorithmic，該公司是遊戲和娛樂產業 3D 材質和紋理創建工具的業界標準。Allegorithmic 的加入進一步擴展了 Creative Cloud 在互動式內容設計領域的應用，使我們能夠更好地為電玩創作者、電影和電視視覺特效藝術家、設計師和行銷人員提供裝備，從而打造下一代沉浸式體驗。

Premiere Rush CC, our popular video editing app for social media creators, is expanding its footprint to Android and was recently showcased at Samsung's Galaxy S10 event. We continue to innovate with Adobe XD, our solution for designing and prototyping websites and apps, adding expanded collaboration prototyping and voice capabilities, all supported by a growing ecosystem of plug-ins and integrations with companies like Microsoft, Slack and Atlassian.

Premiere Rush CC 是我們廣受歡迎的社交媒體創作者影片編輯應用程序，它正在向 Android 平台擴展，並於最近在三星 Galaxy S10 發布會上亮相。我們不斷創新 Adob​​e XD，這款用於設計和製作網站及應用程式原型的解決方案，增加了擴展的協作原型製作和語音功能，所有這些都得到了不斷增長的插件生態系統的支持，並與微軟、Slack 和 Atlassian 等公司進行了整合。

We feel passionately that creative skills are a critical component for success across K through 12 and higher education classrooms. We recently announced a partnership with the Royal Shakespeare Company in England. Together, we'll make new creative teaching resources and tools, including Creative Cloud and Adobe Spark, available to teachers and to millions of students learning the works of Shakespeare in schools throughout the U.K.

我們堅信，創造力是K-12和高等教育課堂成功的關鍵要素。我們最近宣布與英國皇家莎士比亞劇團建立合作關係。我們將共同努力，為英國各地學校的教師和數百萬學習莎士比亞作品的學生提供新的創意教學資源和工具，包括 Creative Cloud 和 Adob​​e Spark。

This quarter, we partnered with the California State University System to give students and staff at 21 campuses access to our full suite of Creative Cloud tools. Since Adobe launched Spark for Education in April 2018, over 7 million licenses have been provided to students and teachers worldwide.

本季度，我們與加州州立大學系統合作，讓 21 個校區的學生和教職員工能夠使用我們全套的 Creative Cloud 工具。自 Adob​​e 於 2018 年 4 月推出 Spark 教育版以來，已向全球學生和教師提供了超過 700 萬張許可證。

With Adobe Document Cloud, we're reinventing how people create, scan, edit, collaborate, sign and share documents and leading the paper-to-digital revolution. Document Cloud revenue in Q1 was a record $282 million, and we grew Document Cloud ARR to $856 million.

透過 Adob​​e Document Cloud，我們正在革新人們創建、掃描、編輯、協作、簽署和共享文件的方式，引領紙本文件向數位化的革命。第一季 Document Cloud 的營收創下 2.82 億美元的紀錄，Document Cloud 的年度經常性營收成長至 8.56 億美元。

Overall momentum for Acrobat is fueled by strong demand for Adobe PDF among individuals and businesses worldwide. Our mobile footprint continues to grow. Adobe Reader and Adobe Scan downloads have now surpassed 600 million, and our partnership with Samsung contributed significantly to downloads of Adobe Scan in Q1. In addition, Adobe Reader is now available in the Made for Samsung section of the Galaxy App Store, increasing our potential reach to millions of Samsung smartphone users.

全球個人和企業對 Adob​​e PDF 的強勁需求推動了 Acrobat 的整體發展勢頭。我們的行動端業務持續成長。Adobe Reader 和 Adob​​e Scan 的下載量現已超過 6 億次，我們與三星的合作對第一季 Adob​​e Scan 的下載量做出了重大貢獻。此外，Adobe Reader 現已在 Galaxy App Store 的「Made for Samsung」區上架，這將使我們有機會觸及數百萬三星智慧型手機用戶。

We recently launched the "PDF Like a Boss" global advertising campaign to drive further awareness for new Document Cloud, Acrobat and Adobe PDF capabilities. Last month, we announced a partnership with the PGA TOUR, which will feature our new campaign in TV coverage for 10 tournaments this year.

我們最近推出了「像老闆一樣使用 PDF」全球廣告宣傳活動，旨在進一步提高人們對 Document Cloud、Acrobat 和 Adob​​e PDF 新功能的認識。上個月，我們宣布與 PGA 巡迴賽建立合作夥伴關係，今年將在 10 場比賽的電視轉播中推廣我們的新活動。

Adobe Sign has strong momentum and has become the e-signature solution of choice for organizations across all industries. We continue to enable resellers such as Nintex to sell Adobe Sign to thousands of partners, public, private and government organizations on their platforms.

Adobe Sign發展勢頭強勁，已成為各行各業組織首選的電子簽章解決方案。我們繼續幫助像 Nintex 這樣的經銷商在其平台上向成千上萬的合作夥伴、公共機構、私人企業和政府機構銷售 Adob​​e Sign。

In our Digital Experience business, we achieved Experience Cloud revenue of $743 million for the quarter, which represents 34% year-over-year growth. The success of our Digital Experience business is bolstered by several industry tailwinds: the mandate for enterprises and organizations to digitally transform their businesses, and the need to deliver the world-class end-to-end customer experiences consumers have come to expect. More and more businesses are choosing Adobe Experience Cloud, the industry's only end-to-end solution for marketing, advertising, analytics and commerce, serving both B2C and B2B customers. Key Experience Cloud customer wins in the quarter included HSBC, NBC Universal, Bass Pro Shops and WebMD.

在我們的數位體驗業務中，本季體驗雲端收入達到 7.43 億美元，年增 34%。我們的數位體驗業務的成功得益於幾個行業利好因素：企業和組織必須對其業務進行數位轉型，以及需要提供消費者期望的世界一流的端到端客戶體驗。越來越多的企業選擇 Adob​​e Experience Cloud，這是業界唯一面向行銷、廣告、分析和商務的端到端解決方案，可同時服務 B2C 和 B2B 客戶。本季度，Experience Cloud 的主要客戶包括匯豐銀行、NBC 環球、Bass Pro Shops 和 WebMD。

Delivering exceptional experiences requires a lot more than tapping into a customer database to deliver a personalized e-mail. Businesses need a full range of capabilities from creation through commerce and acquisition through renewal. For today's digital businesses, it's not enough to have data. You need the right data, behavioral, transactional and operational, to understand your customer and the intelligence to act on it in context.

提供卓越的客戶體驗需要的遠不止是利用客戶資料庫發送個人化電子郵件。企業需要具備從產品創造到商業運作，從收購到更新的全方位能力。對於當今的數位化企業而言，僅僅擁有數據是不夠的。你需要正確的數據，包括行為數據、交易數據和營運數據，才能了解你的客戶，並掌握在特定情況下採取行動的洞察力。

With our Adobe Experience Platform and breadth of Adobe Experience Cloud solutions, Adobe is enabling enterprises to achieve a unified, real-time view of their customers and harness these insights to deliver engaging digital experiences. Last year, we made several significant investments to further expand the range of capabilities we offer to Experience Cloud customers with the acquisitions of Magento with its best-in-class e-commerce capabilities; and Marketo, the leader in B2B marketing engagement. We're off to a strong start with both Magento and Marketo, and we're successfully integrating them into Adobe Experience Cloud. This is creating an unmatched value proposition for customers and growing Adobe's addressable opportunity in the Customer Experience Management category.

透過 Adob​​e Experience Platform 和廣泛的 Adob​​e Experience Cloud 解決方案，Adobe 正在幫助企業實現對其客戶的統一、即時視圖，並利用這些洞察來提供引人入勝的數位體驗。去年，我們進行了多項重大投資，透過收購擁有頂級電子商務功能的 Magento 和 B2B 行銷互動領域的領導者 Marketo，進一步擴展了我們為 Experience Cloud 客戶提供的功能範圍。我們在 Magento 和 Marketo 方面都取得了良好的開端，並且正在成功地將它們整合到 Adob​​e Experience Cloud 中。這為客戶創造了無與倫比的價值主張，並擴大了 Adob​​e 在客戶體驗管理領域的潛在市場機會。

We're focused on product integration while driving acceleration of the Magento and Marketo businesses, leveraging Adobe's brand, enterprise sales and go-to-market organization while maintaining a strong global footprint in the mid-market. With Magento, we're driving momentum by cross selling our commerce offering to existing Adobe Experience Manager customers. With Marketo, we delivered our first integrated deployment of Adobe Experience Platform Launch, our tag management system. We're seeing strong interest from strategic Adobe accounts, many of which are B2C who have significant B2B operations as part of a broader digital transformation strategy.

我們專注於產品整合，同時加速 Magento 和 Marketo 業務的發展，利用 Adob​​e 的品牌、企業銷售和市場推廣組織，同時在中端市場保持強大的全球影響力。透過 Magento，我們透過向現有的 Adob​​e Experience Manager 客戶交叉銷售我們的電商產品來推動發展勢頭。透過 Marketo，我們實現了 Adob​​e Experience Platform Launch（我們的標籤管理系統）的首次整合部署。我們看到來自 Adob​​e 策略客戶的強烈興趣，其中許多是 B2C 客戶，它們作為更廣泛的數位轉型策略的一部分，擁有重要的 B2B 業務。

Industry analysts continue to recognize Adobe Experience Cloud as the market leader. This quarter, Adobe Experience Cloud was named a leader in the Gartner Magic Quadrant for Digital Experience Platforms and once again achieved the strongest position in the quadrant out of 17 vendors for "Completeness of Vision".

產業分析師繼續將 Adob​​e Experience Cloud 視為市場領導者。本季度，Adobe Experience Cloud 被 Gartner 評為數位體驗平台魔力像限的領導者，並在「願景完整性」方面再次在 17 家供應商中佔據了象限中最強的位置。

Our upcoming Summit in Las Vegas will be our largest to date, and we will welcome the Marketo Marketing Nation community to the event. We're excited to share our customer experience management vision, strategy and technology road map with our customers and partners.

我們即將在拉斯維加斯舉行的峰會將是迄今為止最大的一次，我們將歡迎 Marketo Marketing Nation 社區的成員參加此次活動。我們很高興與我們的客戶和合作夥伴分享我們的客戶體驗管理願景、策略和技術路線圖。

At Adobe, our employees are our greatest asset, and we're proud to have a brand that continues to be recognized for its innovation, progressive workplace practices and commitment to the communities in which we do business. For the third consecutive year, we were named one of Fast Company's Most Innovative Companies. Forbes recently recognized Adobe as one of its Best Employers for Diversity. And Fortune included Adobe on its annual Most Admired Companies in Software list again this year.

在 Adob​​e，我們的員工是我們最大的資產，我們為擁有一個不斷因其創新、進步的工作場所實踐以及對我們開展業務所在社區的承諾而獲得認可的品牌而感到自豪。我們連續第三年被《快公司》評為最具創新力的公司之一。福布斯最近將Adobe評為最佳多元化雇主之一。今年，《財星》雜誌再次將 Adob​​e 列入其年度「最受尊敬的軟體公司」榜單。

Adobe is the clear leader in empowering people to create and helping businesses transform to deliver the customer experiences needed to compete and win in today's competitive climate. These 2 tremendous market opportunities are fueling our business. With the world's best employees, customers and partners, we are well positioned for further growth and continued success in 2019.

Adobe 是賦能個人創造和幫助企業轉型以提供在當今競爭激烈的環境中贏得競爭和勝利所需的客戶體驗的絕對領導者。這兩個巨大的市場機會正在推動我們的業務發展。憑藉全球最優秀的員工、客戶和合作夥伴，我們已做好充分準備，在 2019 年實現進一步成長和持續成功。

John?

約翰？

Thanks, Shantanu. Our strong results in Q1 reflect a solid start to fiscal year 2019. As we discussed on our Q4 FY '18 call in December, we provided targets for Q1 FY '19 based on ASC 605. We are reporting results today based on our adoption of ASC 606 as required. Where applicable, we will call out differences in our results between 605 and 606 for comparison purposes against our prior 605-based targets.

謝謝你，沙塔努。我們第一季的強勁業績反映了2019財年的良好開局。正如我們在 2018 財年第四季電話會議上討論的那樣，我們根據 ASC 605 提供了 2019 財年第一季的目標。今天，我們將根據我們按要求採用 ASC 606 準則的結果進行報告。在適用的情況下，我們將指出 605 和 606 之間的結果差異，以便與我們先前基於 605 的目標進行比較。

In Q1 FY '19, Adobe achieved record revenue of $2.6 billion under 606, which represents 25% year-over-year growth when compared to $2.08 billion reported in Q1 FY '18 under 605. Q1 FY '19 revenue would have been $2.58 billion under 605 which represents 24% growth. Based on 606, GAAP diluted earnings per share in Q1 was $1.36 and non-GAAP diluted earnings per share was $1.71. Based on 605, GAAP diluted EPS in Q1 would have been $1.31 and non-GAAP EPS would have been $1.65. This compares to our EPS targets based on 605 of $1.14 on a GAAP basis and $1.60 on a non-GAAP basis.

2019 財年第一季度，Adobe 的營收達到創紀錄的 26 億美元（基於 606 平台），與 2018 財年第一季報告的 20.8 億美元（基於 605 平台）相比，年成長 25%。2019 財年第一季營收將低於 605 美元，達到 25.8 億美元，較去年同期成長 24%。根據 606 的數據，第一季 GAAP 稀釋後每股收益為 1.36 美元，非 GAAP 稀釋後每股收益為 1.71 美元。根據 605 的計算，第一季 GAAP 稀釋後每股收益為 1.31 美元，非 GAAP 每股收益為 1.65 美元。這與我們基於 605 的 EPS 目標相比，GAAP 基準下的 EPS 目標為 1.14 美元，非 GAAP 基準下的 EPS 目標為 1.60 美元。

Business and financial highlights in Q1 included: Digital Media revenue of $1.78 billion, including Creative revenue of $1.49 billion and Adobe Document Cloud revenue of $282 million; net new Digital Media ARR of $357 million; Digital Experience revenue of $743 million; exiting the quarter with deferred revenue of $3.22 billion; cash flow from operations of $1.01 billion; repurchasing 2.1 million shares of our stock through stock buyback; and approximately 91% of our revenue in Q1 was from recurring sources.

第一季業務與財務亮點包括：數位媒體收入達 17.8 億美元，其中創意收入為 14.9 億美元，Adobe Document Cloud 營收為 2.82 億美元；新增數位媒體年度經常性收入淨額為 3.57 億美元；數位體驗收入為 7.43 億美元；本季末遞延收入為 32.2 億美元所購買了 1.2 億美元； 210 萬股股票；第一季約 91% 的營收來自經常性收入。

In Digital Media, we grew segment revenue by 22% year-over-year under both ASC 606 and ASC 605. The addition of $357 million net new Digital Media ARR during the quarter grew the total to $7.07 billion. Exiting Q1 ARR included an approximately $20 million cumulative adjustment from adoption of ASC 606.

在數位媒體領域，我們根據 ASC 606 和 ASC 605 實現了 22% 的年成長。本季新增 3.57 億美元數位媒體年度經常性收入淨額，使總收入達到 70.7 億美元。第一季末年度經常性收入 (ARR) 包括因採用 ASC 606 而產生的約 2,000 萬美元累積調整。

Within Digital Media, we achieved another strong quarter with our Creative business. Creative revenue grew 22% year-over-year in Q1, and we increased Creative ARR by $292 million. Notable growth drivers in Q1 included: new customer acquisition across all offerings and geographies; subscription momentum and strength with Creative Cloud enterprise deployments; continued growth in emerging markets; ARPU increases, particularly in markets where price optimizations were introduced last year; and services adoption, including continued momentum with Adobe Stock, which again achieved greater than 20% year-over-year revenue growth.

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。第一季創意營收年增 22%，創意 ARR 增加了 2.92 億美元。第一季的顯著成長動力包括：所有產品和服務在各個地區的新客戶獲取；Creative Cloud 企業部署的訂閱勢頭強勁；新興市場的持續增長；ARPU 增長，尤其是在去年推出價格優化的市場；以及服務的採用，包括 Adob​​e Stock 的持續增長勢頭，其收入再次實現了超過 20% 的同比增長。

We achieved record Document Cloud revenue of $282 million in Q1, which represents 22% year-over-year growth, and we added $65 million of net new Document Cloud ARR during the quarter. In addition to delivering another strong quarter with Acrobat and Document Cloud, some of the revenue strength in Q1 is attributed to a benefit from the move to ASC 606 revenue recognition. Notable drivers of Document Cloud growth include continued strength with Acrobat subscription adoption, helped by steady on-ramp and conversion of free mobile app usage to paid subscriptions, strength with enterprise adoption of Acrobat and Document Cloud services and strong performance with Adobe Sign.

第一季度，我們的文檔雲端營收創下歷史新高，達到 2.82 億美元，年增 22%，本季新增文檔雲淨收入 6,500 萬美元。除了 Acrobat 和 Document Cloud 又一個強勁的季度業績外，第一季的部分營收成長也歸功於採用 ASC 606 營收確認準則的好處。Document Cloud 成長的主要驅動因素包括 Acrobat 訂閱用戶數量的持續成長（這得益於免費行動應用程式用戶穩定成長並轉化為付費訂閱用戶）、企業對 Acrobat 和 Document Cloud 服務的強勁採用以及 Adob​​e Sign 的出色表現。

In our Digital Experience segment, we achieved record quarterly Experience Cloud revenue of $743 million, which represents 34% year-over-year growth. There were minor benefits from adoption of ASC 606, and year-over-year growth would have been 32% under ASC 605. Experience Cloud subscription revenue was a record $612 million.

在我們的數位體驗業務板塊，我們實現了創紀錄的季度體驗雲端收入 7.43 億美元，年增 34%。採用 ASC 606 帶來的好處不大，如果採用 ASC 605，年增長率將達到 32%。Experience Cloud 訂閱營收創下 6.12 億美元的紀錄。

In addition to new revenue from our recent Magento and Marketo acquisitions, Experience Cloud performance in Q1 was driven by success across many offerings with the strength in Adobe Campaign and Adobe Experience Manager. Cross-sell of Magento within existing Experience Cloud accounts was notable, and Marketo delivered solid results in their first full quarter as part of Adobe.

除了近期收購 Magento 和 Marketo 帶來的新收入外，Experience Cloud 在第一季的業績還得益於眾多產品的成功，其中 Adob​​e Campaign 和 Adob​​e Experience Manager 的優勢尤為突出。在現有 Experience Cloud 客戶中交叉銷售 Magento 的表現十分出色，Marketo 作為 Adob​​e 的一部分，在其第一個完整季度中取得了穩健的業績。

Our Publishing segment, which includes OEM contracts, saw sizable benefit from the move to ASC 606 and benefited from a large renewal deal in the quarter. From a quarter-over-quarter currency perspective, FX decreased revenue by $6.6 million. We had $8.5 million in hedge gains in Q1 FY '19 versus $30.5 million in hedge gains in Q4 FY '18; thus, the net sequential currency decrease to revenue considering hedging gains was $28.6 million.

我們的出版業務部門（包括 OEM 合約）從採用 ASC 606 準則中獲得了相當大的收益，並且在本季度獲得了一筆大額續約交易。從季度環比匯率的角度來看，外匯損失導致收入減少了 660 萬美元。2019 財年第一季，我們的對沖收益為 850 萬美元，而 2018 財年第四季的對沖收益為 3,050 萬美元；因此，考慮到對沖收益，營收的淨環比匯兌減少額為 2,860 萬美元。

From a year-over-year currency perspective, FX decreased revenue by $14.7 million. The $8.5 million in hedge gains in Q1 FY '19 versus $1 million in hedge gains in Q1 FY '18 resulted in a net year-over-year currency decrease to revenue considering hedging gains of $7.2 million.

從年比匯率角度來看，外匯交易導致收入減少了 1,470 萬美元。2019 財年第一季對沖收益為 850 萬美元，而 2018 財年第一季對沖收益為 100 萬美元，考慮到對沖收益為 720 萬美元，導致同比淨收入因匯兌而減少。

In Q1, Adobe's effective tax rate was 4% on a GAAP basis and 11% on a non-GAAP basis. Our trade DSO was 46 days, which compares to 47 days in the year-ago quarter and 49 days last quarter. Deferred revenue grew to a record $3.22 billion, up 25% year-over-year.

第一季度，Adobe 的實際稅率以 GAAP 計算為 4%，以非 GAAP 計算為 11%。我們的貿易應收帳款週轉天數為 46 天，去年同期為 47 天，上一季為 49 天。遞延收入成長至創紀錄的 32.2 億美元，年增 25%。

Remaining performance obligations, RPO, a financial measure required with reporting under ASC 606, was approximately $8.13 billion exiting Q1. RPO includes approximately $600 million of noncancelable and nonrefundable committed funds related to some of our enterprise customer agreements. These funds do provide our customers options to either renew monthly on-premise term-based licenses or use some or all funds to purchase other Adobe products or services.

截至第一季末，剩餘履約義務 (RPO) 是 ASC 606 報告要求的財務指標，約為 81.3 億美元。RPO 包括與我們部分企業客戶協議相關的約 6 億美元不可取消且不可退款的承諾資金。這些資金為我們的客戶提供了多種選擇，他們可以選擇續訂按月付費的本地部署期限許可證，或使用部分或全部資金購買其他 Adob​​e 產品或服務。

Our ending cash and short-term investment position exiting Q1 was $3.23 billion, and cash flow from operations was $1.01 billion in the quarter.

截至第一季末，我們的現金及短期投資部位為 32.3 億美元，該季經營活動產生的現金流量為 10.1 億美元。

In Q1, we repurchased approximately 2.1 million shares at a cost of $491 million. We currently have $7.35 billion remaining of our $8 billion repurchase authority granted in May 2018, which goes through 2021.

第一季度，我們以 4.91 億美元的價格回購了約 210 萬股股票。我們目前還有 73.5 億美元的剩餘資金，這是 2018 年 5 月授予的 80 億美元回購授權的一部分，有效期至 2021 年。

Now I will discuss our financial targets. We are providing ASC 606-based annual fiscal 2019 targets that reflect our Q1 results. 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 $1.5 billion; 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 $5.59; and non-GAAP earnings per share of approximately $7.80.

現在我將討論我們的財務目標。我們提供基於 ASC 606 的 2019 財年年度目標，這些目標反映了我們第一季的業績。2019 財年，我們的目標是：Adobe 總營收約 111.5 億美元；數位媒體部門營收成長約 20%；新增數位媒體年度經常性營收淨額約 15 億美元；數位體驗部門營收成長約 34%；數位體驗訂閱預訂量成長約 25%；GAAP 稅率稅率約 10%，非專案 5.53%每股收益約為 7.80 美元。

We anticipate Q3 and Q4 year-over-year revenue growth rates to be similar to the growth rate implied in our Q2 revenue target. As in prior years, we expect summer seasonality, which can lead to sequentially lower net new Digital Media ARR in Q3 followed by normal year-end strength in Q4.

我們預計第三季和第四季的年收入成長率將與我們第二季營收目標中隱含的成長率相似。與往年一樣，我們預計夏季季節性因素會導致第三季淨新增數位媒體 ARR 環比下降，隨後第四季將恢復正常的年末強勁勢頭。

As the impact of lost deferred revenue due to purchase accounting from our acquisitions of Magento and Marketo tapers off during FY '19 and as we grow our business, we expect quarterly operating margins to increase in the second half of the year. In Q2, we are targeting: Q2 revenue of approximately $2,700,000,000; Digital Media segment year-over-year revenue growth of approximately 20%; net new Digital Media ARR of approximately $370 million; Digital Experience segment year-over-year revenue growth of approximately 32%; other expense of approximately $36 million; tax rate of approximately 12% on a GAAP basis and 11% on a non-GAAP basis; share count of approximately 495 million shares; GAAP earnings per share of approximately $1.20; and non-GAAP earnings per share of approximately $1.77. As a reminder, Q2 continues to be impacted by lost deferred revenue and acquisition-related costs.

隨著 2019 財年期間因收購 Magento 和 Marketo 而導致的遞延收入損失的影響逐漸減弱，以及我們業務的增長，我們預計下半年季度營業利潤率將有所提高。第二季度，我們的目標是：第二季度營收約 27 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 3.7 億美元；數位體驗業務年增約 32%；其他支出約為 3,600 萬美元；按美國通用會計準則 (GAAP) 計算的稅率約為 12%， 4.95 億股；以美國通用會計準則 (GAAP) 計算的每股收益約為 1.20 美元；按非美國通用會計準則 (non-GAAP) 計算的每股收益約為 1.77 美元。再次提醒，第二季仍受到遞延收入損失和收購相關成本的影響。

In summary, Q1 was a great start to what we expect will be another record year for Adobe. We look forward to seeing many of you at Summit. I'll now turn the call back over to Mike.

總而言之，第一季是一個好的開端，我們預計Adobe今年將再創佳績。我們期待在峰會上見到你們中的許多人。現在我將把電話轉回給麥克。

Thanks, John. Adobe Summit is just around the corner. Day 1 of the Digital Experience Conference in Las Vegas at the Venetian-Palazzo is Tuesday, March 26. In addition to the day 1 general session, we will host a Q&A session with financial analysts and investors in attendance at 2 p.m. Pacific Time. Invitations to the conference with registration information to Summit were sent out in January. More details about Summit and the agenda are available at summit.adobe.com.

謝謝你，約翰。Adobe Summit高峰會即將召開。數位體驗大會在拉斯維加斯威尼斯人酒店舉行，第一天是 3 月 26 日星期二。除了第一天的全體會議之外，我們還將在下午 2 點舉辦一場與到場的金融分析師和投資者的問答環節。太平洋時間。一月份已發出高峰會邀請函及註冊資訊。有關峰會和議程的更多詳情，請訪問 summit.adobe.com。

We would also like to extend an invitation to the Adobe EMEA Summit in London on May 15. If any Europe-based investors or analysts wish to attend, please e-mail us at ir@adobe.com, and we will send you registration information.

我們也想邀請您參加 5 月 15 日在倫敦舉行的 Adob​​e EMEA 高峰會。如有歐洲投資者或分析師希望參加，請發送電子郵件至 ir@adobe.com，我們將向您發送註冊資訊。

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 #4657707. International callers should dial (404) 537-3406. The phone playback service will be available beginning at 5 p.m. Pacific Time today and ending at 9 p.m. Pacific Time on March 20, 2019.

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 #4657707。國際來電者請撥 (404) 537-3406。電話重播服務將於下午5點開始提供。太平洋時間今天結束，截止時間為晚上9點。太平洋時間 2019 年 3 月 20 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) We have your first question. It comes from the line of Brad Zelnick from Crédit Suisse.

（操作說明）我們收到您的第一個問題。它源自於瑞士信貸的布拉德·澤爾尼克 (Brad Zelnick) 的理念。

If I'm limited to one question, my question's for John. John, how should we think about the impact of 606 on a quarterly basis for the remainder of the year? Will it be a tailwind to both revenue and margins for each quarter relative to 605?

如果我只能問一個問題，那我的問題要問約翰。約翰，我們應該如何考慮 606 號法案對今年剩餘時間每季的影響？與 605 相比，這是否會對每季的營收和利潤率產生正面影響？

Sure. No, I think as we had talked about at Analyst Day and further in December at our earnings call, overall, 606 does not have a material impact to our results. What you're seeing in Q1 is the pull forward of revenue by recognizing some OEM contracts upfront that otherwise would have been recognized throughout the year. But otherwise, we don't expect a material impact for the year.

當然。不，我認為正如我們在分析師日以及 12 月的財報電話會議上所討論的那樣，總體而言，606 對我們的業績沒有實質影響。第一季的收入成長是由於提前確認了一些 OEM 合約的收入，這些合約原本會在一年中的不同時間確認。但除此之外，我們預計今年不會產生實質影響。

That was a quick answer. If I could just slip in a quick, quick follow-up. The $20 million ARR benefit to -- from ASC 606, how does that split between Document Cloud versus Creative in the quarter?

回答真快。如果我能快速補充一句就好了。ASC 606 帶來的 2000 萬美元 ARR 收益，在本季度中，Document Cloud 和 Creative 之間的收益是如何分配的？

So that was a cumulative catch-up adjustment against the $7 billion base of ARR. So it's really quite immaterial, and the split was really more on the Creative versus Document.

所以這是對 70 億美元 ARR 基數的累積追趕調整。所以這其實無關緊要，真正的分歧更多在於創意與文件的對立。

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, there were some questions about some of the promotional activity towards the end of the quarter, and I think many noted that Creative Cloud ARR was more in line and historically, you've been beating that number. So can you just talk to the promotional activity and what happened with that? Just a coincidence at the end of the quarter. Is this just ongoing promotional activity you've seen historically that we shouldn't read too deeply into?

Shantanu，本季末的一些促銷活動引起了一些疑問，我認為很多人都注意到 Creative Cloud 的 ARR 更符合預期，從歷史數據來看，你們一直都在超越這個數字。那麼，您能談談推廣活動以及具體情況嗎？只是季度末的巧合。這是否只是您過去也見過的那種持續進行的促銷活動，我們不應該過度解讀？

Yes, the short answer, Brent, is you shouldn't read too deeply into it. The slightly longer answer is, when I think about the business and the momentum that we saw across Creative Cloud, Document Cloud and Experience Cloud, it's clear we're off to a strong start. With respect to the Creative and Document businesses specifically, we've talked to you about the state-of-the-art DDOM model that we have, the data-driven operating model, and the fundamental strategy continues to be to acquire new customers. We're very aware of what is the activity that enables us to attract them, how we can make it a compelling event, but if you look at our success that we've had associated with attracting new customers to the platform, upselling them. And if you look, Brent, also at the Q2 targets that we're providing as well as the raise in ARR for the year, I think that should reflect the continued confidence and momentum that we have against the overall addressable market.

是的，布倫特，簡而言之，你不應該過度解讀這件事。更詳細地說，當我思考業務以及我們在 Creative Cloud、Document Cloud 和 Experience Cloud 中看到的勢頭時，很明顯我們已經有了一個強勁的開端。就創意和文件業務而言，我們已經向您介紹了我們最先進的 DDOM 模型、數據驅動的營運模式，而基本策略仍然是獲取新客戶。我們非常清楚哪些活動能夠吸引他們，如何才能使之成為一個引人入勝的活動，但如果你看看我們在吸引新客戶到平台並向他們追加銷售方面取得的成功。布倫特，如果你看看我們提供的第二季目標以及今年的年度經常性收入成長預期，我認為這應該反映出我們對整體潛在市場的持續信心和發展勢頭。

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。

Just along the same lines, I guess, just the -- if I pool $20 million of that cumulative benefit, I think your net new ARR would have been a little bit better than your initial guide. But then I look at your Q2 net new ARR guide, and it's certainly a lot better than I would have thought given that adjustment off of Q1. And I wondered if you could just maybe talk about why that second quarter guide is where it is and -- relative to Q1 and is there certain things you'd highlight. So for example, the price changes on international on Doc Cloud I think go into full effect for the current quarter. But I was just curious as to that kind of transition adjusting out the $20 million cumulative adjustment from Q1 to Q2.

我想，同樣地，如果我把這 2000 萬美元的累積收益集中起來，我認為你的淨新增 ARR 會比你最初的預期略好一些。但是，當我查看你們第二季的新增年度經常性收入 (ARR) 指引時，考慮到第一季的調整，它肯定比我預想的要好得多。我想請您談談第二季業績指引為何如此，以及相對於第一季而言，您有哪些需要重點強調的地方。例如，我認為 Doc Cloud 國際版的價格變動將在本季全面生效。但我只是好奇，如何透過調整第一季到第二季的 2000 萬美元累計調整額來進行過渡。

Yes, Ross. I mean, I think when we look at the business, from a seasonal perspective, we do see traditional change between Q2 and Q1. That's been something that you can go back and look at fiscal '18 as well and you see the same trends. Remember in fiscal '18, there was that sort of catch-up as it related to the systems. So you see a nice growth in Q1 '19 over Q1 '18. And you see the same sequential change then if you look at it whether it was in '18 or it was in '19. And I think where we continue to see momentum in the business, John certainly alluded to some of those in his prepared remarks. Enterprise continues to do well. Mobile and the adoption of mobile continues to do well. Acrobat, we're seeing tremendous strength in the Acrobat business. If you look at the 22% revenue growth that we talk about both in the Creative part of the business as well as in the Document part of the business, we're continuing to see that. And remember, in addition to new customer acquisition, there's a very significant installed base that exists with the perpetual version of Acrobat as we move them to the subscription offering. That's part of the reason why we are spending money in advertising and awareness of the new Document Cloud features. And this is a traditional December slowing a little bit as it relates to the Creative, you start to see the momentum in the business. So nothing different from what we've seen in past years.

是的，羅斯。我的意思是，我認為從季節性的角度來看，當我們審視業務時，我們確實會看到第二季和第一季之間出現傳統的變化。這一點你也可以回顧 2018 財年的數據，你會發現同樣的趨勢。還記得 2018 財年嗎？當時系統方面也出現了類似的追趕情況。因此，您可以看到 2019 年第一季比 2018 年第一季實現了良好的成長。如果你看 2018 年還是 2019 年的數據，你會發現同樣的順序變化。我認為，我們繼續看到業務發展勢頭強勁，約翰在他的準備好的發言稿中也提到了其中的一些方面。企業持續表現良好。行動技術及其普及應用持續保持良好勢頭。Acrobat，我們看到Acrobat業務發展勢頭強勁。如果我們看一下我們所說的創意業務和文件業務的 22% 的收入成長，就會發現這種成長勢頭仍在持續。請記住，除了獲取新客戶之外，我們還擁有非常龐大的 Acrobat 永久版用戶群，我們將他們逐步遷移到訂閱服務。這也是我們投入資金進行廣告宣傳，提高使用者對新文檔雲端功能認知度的部分原因。按照慣例，12 月創意領域的業務會略有放緩，你會開始看到業務的成長動能。所以，情況和往年一樣，沒有什麼不同。

Next question comes from the line of Saket Kalia from Barclays.

下一個問題來自巴克萊銀行的薩凱特·卡利亞。

Shantanu, just to maybe switch gears off of Digital Media towards Digital Experience. Given the change in management there with Brad Rencher moving on, can you just talk a little bit about the search for his replacement and perhaps just as importantly, how that organization can change structurally now with a bigger slate of things to sell and a bigger team?

Shantanu，或許可以把重心從數位媒體轉向數位體驗。鑑於 Brad Rencher 的離任，管理層發生了變化，您能否談談尋找他的繼任者的情況，以及同樣重要的是，隨著待售產品種類增多、團隊規模擴大，該組織在結構上應該如何改變？

Yes. First, Saket, let me talk a little bit about the momentum that we are seeing in the business. I was actually with customers the last 2 weeks on the road in both U.S. and Europe, and all the meetings that you have, whether it's with CEOs, CMOs and CIOs, they're absolutely reflecting the urgency of digital engagement and an appetite, really, to work with Adobe because we are viewed not just as a leader in the technology strategy part of it but a company that can share results, lessons as a result of our own transition. So very pleased with the success that we saw in that business. In Q1, I think it was 34% growth under 606, 32% under 605 so really strong part of that. And I think we highlighted as well the success that we're seeing with both Magento and Marketo and so Magento, the integration with AEM and the success that we're seeing there; Marketo, which is the leader in B2B. So fundamental market dynamics continue to be very favorable. My immediate and direct involvement and frankly, the alignment of the entire DX organization that was previously matrixed at Adobe, the whole goal was intended to accelerate the momentum in what is very clearly a large and growing opportunity for Adobe. And so Saket, what we've done is we're actually integrating the 2 recent acquisitions quicker where appropriate, Magento and Marketo, to enable the synergies between the businesses. I touched on what was happening there. Operationally, Matt's been running the combined go to market, Abhay has been running and helping us with the product road map. And so I think the scale and the momentum of that business that's now north of -- on a $3 billion run rate, allows us the luxury of attracting world-class executives and growing internal talent. But net-net, I would say the direct involvement that I have in the alignment of the entire organization is, frankly, allowing us to operate at a faster pace.

是的。首先，Saket，讓我談談我們目前在業務方面看到的良好發展勢頭。實際上，過去兩週我一直在美國和歐洲各地與客戶會面，所有與首席執行官、首席營銷官和首席資訊官的會議都充分體現了數位參與的緊迫性，以及與 Adob​​e 合作的強烈願望，因為我們不僅被視為技術戰略領域的領導者，而且還被視為一家能夠分享自身轉型和經驗教訓的公司。我們對該業務的成功感到非常滿意。第一季度，我認為 606 車型成長了 34%，605 車型成長了 32%，所以這部分錶現非常強勁。而且我認為我們也強調了我們在 Magento 和 Marketo 方面取得的成功，Magento 與 AEM 的整合以及我們在那裡取得的成功；Marketo 是 B2B 領域的領導者。因此，基本面市場動態依然非常有利。我直接參與其中，坦白說，我協調了之前在 Adob​​e 內部採用矩陣式結構的整個 DX 組織，其最終目標是為了加速 Adob​​e 明顯面臨的巨大且不斷增長的機會的發展勢頭。因此，Saket，我們所做的，實際上是在適當的時候更快地整合最近收購的兩家公司——Magento 和 Marketo，以實現業務之間的協同效應。我簡要地談到了那裡發生的事情。在營運方面，Matt 一直負責聯合市場推廣工作，Abhay 則負責產品路線圖的製定和實施，並為我們提供協助。因此，我認為，目前年營業額超過 30 億美元的業務規模和發展勢頭，使我們能夠吸引世界一流的高階主管並培養內部人才。但總的來說，我認為我直接參與整個組織的協調工作，坦白說，讓我們能夠以更快的速度運作。

Next question comes from the line of Alex Zukin from Piper Jaffray.

下一個問題來自 Piper Jaffray 的 Alex Zukin。

I want to ask about the partnership with Microsoft and kind of maybe just if you can give us an update on the impact it's having on the Digital Experience business and then maybe how you're thinking about that partnership given the Marketo and Magento integration as well.

我想問一下與微軟的合作情況，能否請您介紹一下這種合作對數位體驗業務的影響，以及考慮到 Marketo 和 Magento 的集成，您是如何看待這種合作的。

Yes. I mean, big picture, it's clearly one of the most successful partnerships we've had. I'll make a little bit of a plug for Adobe Summit. For those of you who are there, Satya will be joining us on day 2 and so -- on Wednesday. So I think you'll hear from him as well his perspective on not just the current partnership and what we've been able to do but some of the new opportunities that are emerging ahead of us, whether it's ODI, where we're continuing to make progress. And I think speaking for Adobe, we're certainly excited about the ability to have Magento and Marketo as well work on their cloud platforms. The current success is all based on what we've done with AEM and -- Adobe Experience Manager and Adobe Campaign. But the go-to-market alignment, I mean, again, when I was on the road in Europe as I was mentioning as well as in America, executives all around, the fact that they're all moving to a cloud-based environment for native applications and they see not just rhetoric but actual evidence of how Adobe and Microsoft have partnered to make our technology work together and for us to connect the disparate SaaS-based systems, it's working. It's having -- it's actually exceeded our targets, as I think we mentioned for '18. We expect the same kind of success in '19.

是的。我的意思是，從整體來看，這顯然是我們最成功的合作關係之一。我稍微推薦一下Adobe Summit。對於在場的各位，薩蒂亞將於第二天，也就是星期三加入我們。所以我認為你也會聽到他的看法，不僅是他對當前合作關係以及我們所取得的成就的看法，還有他對未來湧現的一些新機遇的看法，無論是 ODI 還是我們不斷取得進步的 ODI 領域。我認為就 Adob​​e 而言，我們當然非常高興 Magento 和 Marketo 也能在我們的雲端平台上運作。目前的成功完全基於我們使用 AEM 以及 Adob​​e Experience Manager 和 Adob​​e Campaign 所做的工作。但是，在市場推廣策略的協調方面，我的意思是，正如我之前提到的，當我在歐洲和美國出差時，我發現各地的管理人員都在向基於雲端的原生應用程式環境遷移，他們看到的不僅僅是空談，而是 Adob​​e 和微軟如何合作使我們的技術協同工作，並將不同的 SaaS 系統連接起來的實際證據，而且這種合作是有效的。實際上，它已經超過了我們的目標，正如我們之前在 2018 年提到的那樣。我們預計2019年也能取得同樣的成功。

Next question comes from the line of Jennifer Lowe from UBS.

下一個問題來自瑞銀集團的珍妮佛洛。

So as we look at -- through the incremental investments into the business in terms of sales and marketing and R&D at this point, how much of that is going toward the traditional Creative business, the Document Cloud business versus the Marketing Cloud? And has that shifted at all, particularly in Creative, as you start to go after a broader set of users or continue to expand the set of users you go after?

因此，當我們審視目前對業務在銷售、行銷和研發方面的增量投資時，其中有多少用於傳統的創意業務、文檔雲業務，又有多少用於行銷雲端業務？這種情況是否有所改變，尤其是在創意領域，隨著你們開始瞄準更廣泛的使用者群體，或繼續擴大目標使用者群體？

Yes, Jennifer. And as you look at the OpEx and as you look at the margins, I mean, just recall again sort of the impact of Marketo and Magento. But big picture, unless you're trying to get me in trouble with my product organization, I would say we see so much opportunity across each of the 3 businesses. And I think we're investing in all 3. On the Creative side, certainly, we've touched on the new applications that are coming out on iPads. We've talked about the innovation in the fundamental desktop applications. We've alluded to, with the acquisition of Allegorithmic, our excitement around what we can do with immersive media; on XD, what we've done with respect to fundamentally changing the nature of collaboration and allowing people to collaborate in a meaningful way. We talked about some good partnerships there with Slack and Atlassian in addition to Microsoft, the new voice-enabled application. So on Creative, there is absolutely significant amount of product innovation that's underway that'll be delivered to customers. Acrobat, what we are doing, the strategy around delivering more functionality with verbs around documents, things that we've done with Scan and Create and Sign, Document Cloud had a really successful business. And clearly, with Experience Cloud, the delivery of the platform, I hope you're going to be at Summit where we'll share more and show more. And I think underlying all of this, the investment that we're making in the core cloud infrastructure for us to not only deliver value but over time, reduce the COGS because we're going to get more efficient there as well as on AI and ML. So really comprehensive road map that exists against all of those, Jennifer. And given the opportunity, when you have a $100 billion addressable market, I think we've done a good job of balancing the long term while continuing to deliver great value for shareholders.

是的，珍妮佛。當你查看營運支出和利潤率時，我的意思是，再回想一下 Marketo 和 Magento 的影響。但從大局來看，除非你想讓我在產品部門惹上麻煩，否則我認為我們在這三個業務領域都看到了巨大的機會。我認為我們正在對所有這三個方面進行投資。在創意方面，我們當然已經談到了即將在 iPad 上推出的新應用程式。我們已經討論了基礎桌面應用程式的創新。我們已經透過收購 Allegorithmic 表達了我們對沉浸式媒體的興奮之情；在 XD 上，我們則表達了我們從根本上改變協作本質、讓人們能夠以有意義的方式進行協作的努力。我們也討論了與 Slack 和 Atlassian 的一些良好合作關係，以及與微軟合作推出的全新語音應用程式。因此，在 Creative 平台上，正在進行大量的創新產品研發，這些產品將會交付給客戶。Acrobat，我們正在做的，圍繞文件相關的動詞提供更多功能的策略，我們透過掃描、創建和簽名所做的事情，Document Cloud 取得了非常成功的業務。很顯然，關於 Experience Cloud 平台的交付，我希望您能參加峰會，屆時我們將分享更多資訊並展示更多內容。我認為這一切的根本在於，我們對核心雲端基礎設施的投資，這不僅是為了創造價值，而且隨著時間的推移，還能降低銷售成本，因為我們在雲端基礎設施以及人工智慧和機器學習方面都會變得更加高效。所以，珍妮弗，針對所有這些問題，確實存在一個非常全面的路線圖。而且，當有機會面對 1000 億美元的潛在市場時，我認為我們在平衡長期發展的同時，也繼續為股東創造巨大價值，做得相當不錯。

Next question comes from the line of Kirk Materne from Evercore.

下一個問題來自 Evercore 的 Kirk Materne。

Shantanu, you mentioned that Matt's running the combined go-to-market efforts for the Experience Cloud. And in your prepared remarks, you mentioned some good initial cross-sell at Magento. Can you just maybe remind us about how sort of the go to market's working right now? Are Adobe sales reps able to sell Magento and Marketo? Are you leaving those somewhat apart for now? Can you just remind me of how that's sort of playing out in the early stages and where you maybe hope to have that by the end of the fiscal year?

Shantanu，你提到Matt負責Experience Cloud的聯合市場推廣工作。在您事先準備好的演講稿中，您提到了一些關於Magento的不錯的初步交叉銷售策略。您能否簡單介紹一下目前市場推廣的進度？Adobe銷售代表能夠銷售Magento和Marketo嗎？你暫時打算把它們分開嗎？您能否簡要介紹一下目前初期階段的進展情況，以及您希望在本財年結束時達到的目標？

Sure. I mean, I think when we first acquired both Magento and Marketo, we had the field organizations a little distinct. They were part of the business unit as part of the -- as opposed to part of the field organization. What we've done is we've got a complete aligned pipeline generation right now for the entire Experience Cloud, and so the marketing initiatives, the partner initiatives and the organic sales initiatives are aligned around getting a very healthy pipeline. And what we are doing is really now then with the enterprise sales force focused on delivering the entire value to the customers. I mean, so many of these customers are already customers of other Adobe solutions, and so the ability to plug in commerce and to plug in B2B marketing directly into that pipeline, we had a really strong quarter with Magento in the Enterprise segment. And while we are doing that, we want to make sure that the mid-market motion that exists globally is not impacted. And so I think having this really unified single message, single sales kick off, I think, is showing success. And Steve, who is CEO of Marketo and Mark Lavelle, they are helping us make sure that we understand the nuances of how to best market Magento and Marketo but to leverage, again as I said, the Adobe brand. So having that one unified running the business is definitely accelerating the integration and presenting a very unified view to the customer. Maybe the one other thing I would mention there is the number of partners actually having a single unified view is enabling us to get all of our existing partners in addition to, I think, as we said, the hundreds of thousands of people on the open-source community. Having that all aligned enables us to paint a much bigger picture as well very quickly.

當然。我的意思是，我認為當我們最初收購 Magento 和 Marketo 時，我們的現場組織是稍微獨立的。他們是業務部門的一部分，而不是現場組織的一部分。我們現在為整個體驗雲平台建立了一個完全一致的銷售管道生成機制，因此，行銷計劃、合作夥伴計劃和自然銷售計劃都圍繞著建立一個非常健康的銷售管道而展開。而我們現在所做的，實際上是讓企業銷售團隊專注於為客戶交付全部價值。我的意思是，這些客戶中有很多已經是其他 Adob​​e 解決方案的客戶，因此能夠將電子商務和 B2B 行銷直接連接到該管道中，我們在企業級 Magento 領域取得了非常強勁的季度業績。同時，我們希望確保全球中端市場的發展趨勢不受影響。所以我認為，擁有這樣一個真正統一的單一訊息、單一的銷售啟動儀式，就顯示了成功。Marketo 的執行長 Steve 和 Mark Lavelle 正在幫助我們確保我們了解如何最好地推廣 Magento 和 Marketo，同時再次像我剛才說的那樣，利用 Adob​​e 品牌。因此，由一個統一的機構來經營業務，無疑會加速整合，並向客戶呈現非常統一的視野。我還要提一點，合作夥伴數量實際上擁有一個統一的視圖，這使我們能夠獲得所有現有合作夥伴的支持，此外，正如我們所說，還有開源社群的數十萬人。將所有這些因素協調起來，就能讓我們很快地描繪出一幅更宏大的圖景。

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

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

Shantanu, I'd like to ask you to comment on 3 internal programmatic initiatives that Adobe clearly seems to be investing in or ramping up, those being first, retention, which you described at the MAX meeting as "the new growth"; number two, monetization; and then thirdly, self-service, particularly for EC. And if you could just comment on how you're looking at those generally and how any or all of those might be informing your guidance for this year and beyond.

Shantanu，我想請你評論一下 Adob​​e 顯然正在投資或加速推進的 3 項內部程序化舉措，分別是：第一，用戶留存，你在 MAX 會議上將其描述為“新的增長”；第二，貨幣化；第三，自助服務，特別是針對電子商務的自助服務。如果您能談談您如何看待這些問題，以及這些問題中的任何一個或所有這些因素將如何影響您今年及以後的指導方針，那就太好了。

Can you maybe just -- before I answer, Jay, talk a little bit about the middle one? What did you mean by monetization? We're trying to monetize everything, so I just want to make sure I...

傑伊，在我回答之前，你能不能先談談中間那個問題？你說的「盈利」是什麼意思？我們正在努力實現所有業務的商業化，所以我只是想確保我…

Oh, sure. Well -- yes, well, what I'm looking at, for example, you're looking to bring people on that are specifically focused in the monetization area. I realize it's an ongoing thing, but it looks like something that you are incrementally focusing on, particularly in Creative Cloud and new services and Experience Cloud. I'm just -- I'm going off of some of the internal investments you seem to be making.

哦，當然。嗯——是的，嗯，例如，我正在考慮的是，你們希望招攬那些專門專注於獲利領域的人才。我知道這是一個持續進行的過程，但看起來你們正在逐步關注這個問題，尤其是在 Creative Cloud、新服務和 Experience Cloud 方面。我只是——我只是根據你似乎正在進行的一些內部投資來推測的。

Got it. Got it. No, those are good questions. I mean, first on the retention, while retention is the -- and I still continue to believe that retention is the new growth. The focus there really has been a lot on engagement and understanding how people can get the value out of our products. I think we use our own campaign products to communicate with people. I think what Scott Belsky has done with what he described at MAX as the first-mile initiative, which is when people first come onboard, how they can get advantage of our products. I think the integration with Adobe Stock and enabling them to participate and not have the fear of a blank slate and I would say the community and Behance and the success that we're seeing for people to get benefit of participating in a larger community, all of that is helping with the retention. And that'll just continue to be ongoing focus for us because the more you retain, not only do you get the benefit of those customers, they also serve as evangelists. Spark -- the monetization side, I think the more we can get people at the early part of the funnel, whether it's coming in through mobile, whether it's coming in with Reader and Acrobat and then converting them, that just continues to be a way for us to get our brand out there. And it's certainly serving as a good funnel. The other area where we're seeing success there, Jay, is the fact the system approach that we're taking, products like Lightroom where you can use Lightroom exactly the same on mobile or on a tablet or on a PC, the retention rates for products like that are certainly higher because people are seeing more value associated with that. And in the self-service, again, all about top of the funnel and making sure that we can get people to experience Adobe products, that's certainly been a part. I think the last number we probably shared was 100 million IDs that we've been able to create. And going back to, I think, a question that maybe Brent asked earlier, certainly, we provide promotions to some of those people who otherwise may not have even made the leap from a free product to a paid product. So I think the DDOM is where we continue to emphasize our internal effort to make sure that we're optimizing and delivering value at the same time.

知道了。知道了。不，這些都是很好的問題。我的意思是，首先是留存率，雖然留存率是——而且我仍然認為留存率是新的成長點。我們一直非常注重用戶參與度，以及如何讓用戶從我們的產品中獲得價值。我認為我們利用自己的競選宣傳產品與民眾溝通。我認為 Scott Belsky 在 MAX 提出的「第一英里計劃」（即當人們第一次加入我們時，如何讓他們能夠利用我們的產品）做得很好。我認為與 Adob​​e Stock 的整合，讓他們能夠參與其中，而不必擔心從零開始，再加上社群和 Behance，以及我們看到人們從參與更大的社群中受益所取得的成功，所有這些都有助於提高用戶留存率。這將繼續是我們關注的重點，因為客戶留存率越高，不僅能從中受益，他們也將成為我們的宣傳大使。Spark——就盈利方面而言，我認為我們越能在銷售漏斗的早期階段吸引用戶，無論是透過行動裝置進入，還是透過 Reader 和 Acrobat 進入，然後促成轉化，這都將是我們推廣品牌的一種持續方式。它確實起到了很好的漏斗作用。Jay，我們成功的另一個領域是，我們採取的系統方法，例如 Lightroom 這樣的產品，你可以在手機、平板電腦或 PC 上使用 Lightroom，其使用體驗完全相同，這類產品的留存率肯定更高，因為人們看到了它帶來的更多價值。在自助服務方面，同樣，一切都圍繞著漏斗頂端，確保我們能夠讓人們體驗 Adob​​e 產品，這當然是其中的一部分。我想我們上次分享的數字可能是我們已經創建了 1 億個 ID。回到布倫特之前可能問過的問題，我們當然會向一些原本可能不會從免費產品升級到付費產品的用戶提供促銷活動。所以我認為，DDOM 是我們繼續強調內部努力的地方，以確保我們能夠同時實現優化和創造價值。

Next question comes from the line of Walter Pritchard from Citi.

下一個問題來自花旗銀行的華特‧普里查德。

Question for John on the experience side. I guess I'm a little challenged to try to understand maybe as we move past all of the moving parts on deferred revenue write-downs and acquired revenue and so forth. Could you help us understand what the business is growing, either if we were to look at it all in with everything part of the past year and the current year or if we were to maybe strip out some of the things that were acquired? It just -- it feels like we're working with numbers maybe in the mid-teens and the reported numbers are in the mid-30s, and there's a lot of -- kind of room between, I think, for people to interpret how fast you may be growing on the experience side.

想問約翰在經驗方面的問題。我想，當我們逐步了解遞延收入減損和收購收入等各種複雜因素時，我可能有點難以理解。您能否幫助我們了解一下公司業務的成長情況？我們可以把過去一年和今年的所有數據都考慮進去，或是剔除一些收購的數據。感覺我們掌握的數字可能在十幾歲左右，而公佈的數字卻在三十幾歲左右，兩者之間有很多差距，我認為這會讓人們對你在經驗方面的成長速度產生不同的解讀。

Sure, sure. Thanks, Walter. I think when you look at the Digital Experience business, it's a portfolio of solutions and services and products, and certainly Magento and Marketo being the newest additions to that provide an accelerated growth for the total Digital Experience business. So our target that we're really comfortable with is the -- in the combined because we're selling everything right now. So it's 34% for the year. We don't necessarily parse out what Magento's doing, what Marketo's doing because it's an integrated sales approach at this point now. So for us, we're looking at the larger opportunity in the Digital Experience space as we talked about at Analyst Day, and these new assets help us accelerate that opportunity. And then subscription bookings growth has been very strong. And really pretty pleased with the performance this quarter and with the momentum that we have for the rest of the year.

當然，當然。謝謝你，沃特。我認為，從數位體驗業務的角度來看，它是一個包含解決方案、服務和產品的組合，而 Magento 和 Marketo 作為最新加入的成員，無疑將加速整個數位體驗業務的成長。所以我們目前最滿意的目標是——因為我們現在正在銷售所有產品。所以全年成長率是34%。我們不一定需要區分 Magento 和 Marketo 各自在做什麼，因為目前這是一種整合的銷售方式。因此，正如我們在分析師日上所討論的那樣，我們正在關注數位體驗領域更大的機遇，而這些新資產有助於我們加速實現這一機會。此外，訂閱預訂量的成長也非常強勁。我對本季的業績以及今年剩餘時間的發展動能都非常滿意。

So I mean, John, on that, I mean, it doesn't feel like though we get past that -- the end of the year there. We're going to be growing 34%. That seems -- I guess, I feel like people are going to miscalibrate the models as they look forward at the growth rate. Any help as we sort of look at it that way? I think that's the real confusion, I think we get -- that we get the guidance and even the 606 impact.

所以，約翰，關於這一點，我的意思是，感覺我們好像還沒能度過那一年的尾聲。我們將成長 34%。我覺得——我猜——人們在展望未來成長率時，可能會對模型進行錯誤的校準。從這個角度來看，有什麼幫助嗎？我認為真正的困惑在於——我們得到了指導，甚至得到了 606 條款的影響。

Yes.

是的。

I think Walter, if you look at it, taking a step back and you think about the book of business, I think the most apt comparison is we take Magento, we take Marketo, we bring it into the beginning book of business. And when we say we're growing that book of business by 25%, that sort of shows the growth of what is the core part of the business, namely Software as a Service and licensing. When you take the fact that consulting as a result of the partner ecosystem that exists is less of a focus for us, hopefully that gives you a sense of the underlying sort of dynamics in that business and our excitement because at the scale at which we are to continue to grow subscription bookings at that rate and to continue to expand, I think, reflects the momentum we have.

我認為沃爾特，如果你退後一步，從業務角度來看，最恰當的比較是，我們把 Magento 和 Marketo 引入到最初的業務中。當我們說我們的業務成長了 25% 時，這在某種程度上表明了業務核心部分的成長，即軟體即服務和授權。考慮到諮詢業務由於現有合作夥伴生態系統的存在而不再是我們關注的重點，希望這能讓你感受到該業務的潛在動態以及我們的興奮之處，因為我們將繼續以這樣的速度增長訂閱預訂量並繼續擴張，我認為這反映了我們所擁有的發展勢頭。

Next question comes from the line of Richard Davis from Canaccord.

下一個問題來自 Canaccord 公司的 Richard Davis。

(inaudible)

（聽不清楚）

We can't hear you whoever it is. Sorry.

我們聽不到你的聲音，不管你是誰。對不起。

Richard, can...

理查德，可以…

Hold on. Yes, hold on. Can you hear me now?

堅持，稍等。好的，稍等。現在能聽到我說話嗎？

Yes.

是的。

Sorry about that. I was on mute. You guys have a broad product line, so I realize it's hard to answer. But is there a way to think about the customer wins that you're getting that are rip and replace versus kind of new budget dollars? Because I mean, you're getting both, right? I mean there's more budget dollars going to marketing, tech and customer stuff, but there's also rip and replace. Is there a mix? And how does that feel?

抱歉。我當時處於靜音狀態。你們的產品線很廣泛，所以我知道這個問題很難回答。但是，有沒有辦法思考一下，你獲得的那些透過拆除和替換方式贏得的客戶，與那些需要新預算資金的客戶相比，究竟是怎樣的呢？因為我的意思是，你兩者都能得到，對吧？我的意思是，預算中用於行銷、技術和客戶服務的資金更多了，但同時也存在著徹底更換的情況。是否有混合裝？那感覺如何？

I would say, when we looked at 2018, we were doing a lot more of the existing customers, and we put a pretty good emphasis on new logos as well. That is really helping bring a lot more people. I think the whole B2B space that we've talked about now with the combination of Magento and Marketo, that's been good. But to your point, there's a fair amount of expansion within existing customers, and the expansion is coming from 2 different sources. The first is the expansion is coming from the cross-sell of new products that we're acquiring into existing customers as people see the benefits of the integration. The upsell is also coming from more usage of the current products as they're seeing more efficiency gains and/or additional benefits associated with it. So we're pretty focused on all 3 of those. I mean you want to keep growing new logos and going after greenfield territory. I think we're getting more international expansion. That continues to be new logos. But within accounts, we are very focused. And in most of the accounts, we're very, very diligent about making sure, as we look at a particular account, that we're not just measuring renewal but we are measuring growth in those particular accounts. And so that -- hopefully, that gives you some color of what it is. You're right. We don't break that out. I wouldn't know how to break that out, frankly, for a business this size, but internally, we're absolutely inspecting all 3 of those.

我想說，當我們回顧 2018 年時，我們更專注於了現有客戶，同時也非常重視新客戶的加入。這確實有助於吸引更多的人。我認為我們現在討論的整個 B2B 領域，結合 Magento 和 Marketo，發展得很好。但正如你所說，現有客戶群中確實存在相當大的成長，而這種成長來自兩個不同的來源。首先，業務擴張來自於向現有客戶交叉銷售我們收購的新產品，因為人們看到了整合帶來的好處。隨著消費者看到現有產品的使用效率提高和/或帶來的額外好處，追加銷售也隨之而來。所以我們非常關注這三方面。我的意思是，你想不斷開發新的品牌，開拓全新的領域。我認為我們正在進行更多國際擴張。那仍然是新的標誌。但在帳戶方面，我們非常專注。在大多數帳戶中，我們都非常認真地確保，在查看特定帳戶時，我們不僅要衡量續約情況，還要衡量這些特定帳戶的成長。希望這能讓你對它有所了解。你說得對。我們不會把那件事單獨列出來。坦白說，對於這樣規模的企業，我不知道該如何細分這些項目，但在內部，我們絕對會對這三項進行全面審查。

Next question comes from the line of Keith Weiss from Morgan Stanley.

下一個問題來自摩根士丹利的基斯‧韋斯。

I think a question for John. Just digging into sort of the ASC 606 impacts. I just want to make sure I understand sort of how it's impacted the guide. So if we look at Q1, you beat the original guide on Q1 by $0.11. It looks like about $0.05 of that came from sort of the underlying fundamental on a like-for-like basis and $0.06 from ASC 606 impacts. But the full year guide only moves by $0.05. So am I reading it correctly that sort of that $0.06 benefit that you saw in Q1 on ASC 606, you see actually a headwind that sort of like you have a lower earnings? Or is it negative impact throughout the year? And then related to that, on the last quarter, in Q4, you guys mentioned that you did expect to see sales and marketing benefits. It wouldn't be too much of a change to revenues and ARR, but you did expect to see sales and marketing benefits from deferring commissions. Does that still apply? Is there still that benefit that's coming through?

我想問約翰一個問題。正在深入研究 ASC 606 的影響。我只是想確保我理解它對指南產生了哪些影響。所以如果我們看一下 Q1，你比 Q1 的原始指南高出 0.11 美元。其中約 0.05 美元來自基本面因素，0.06 美元來自 ASC 606 的影響。但全年價格指南僅變動 0.05 美元。所以我的理解沒錯吧，你在第一季看到的 ASC 606 帶來的 0.06 美元收益，實際上卻帶來了不利影響，例如收入下降？或者說，這種負面影響貫穿全年？另外，關於這一點，在上個季度（第四季），你們提到你們確實預期會看到銷售和行銷方面的好處。對收入和年度經常性收入 (ARR) 的影響不會太大，但您確實期望透過延遲支付佣金來獲得銷售和行銷方面的好處。這條規定仍然適用嗎？這種好處現在還能感受到嗎？

Yes. I think maybe, Keith, I'll just start and then I'll certainly have John add more color to it. I mean, first, big picture, when we look at the momentum in the business, it just continues the way we had imagined. The way you have to think about it is you're right. I mean, if you look at the sort of $60 million above the guide that we had done, you also have to factor in that there was actually foreign exchange that was probably a little bit more of a headwind. So we actually had a very strong quarter. What happens in some of the accounts is you're recognizing the revenue upfront rather than recognizing them rapidly. And so that's part of the reason for how you should think about what might that also play out in Q2 for the same reason, namely deferred revenue. But in terms of how we looked at the targets for 606 for fiscal '19, we wanted to give you an update. It's early in the year. The business is doing well. On the ARR front, which has nothing to do with 606 or 605 moving forward, we were very clear about the success that we're continuing to have. And so that's part of the way we're doing it, but we're excited about the business.

是的。我想，基思，或許我可以先開始，然後約翰肯定會為它增添更多色彩。我的意思是，首先，從大局來看，當我們看到業務發展勢頭時，它正按照我們預想的方式繼續發展。你應該這樣想：你是對的。我的意思是，如果你看看我們之前給出的指導價上浮了大約 6000 萬美元，你還得考慮到外匯波動可能是一個更大的不利因素。所以我們本季業績非常出色。有些帳戶的情況是，你會提前確認收入，而不是快速確認收入。所以，這也是你需要考慮第二季可能出現的情況的部分原因，原因相同，即遞延收入。但就我們 2019 財年 606 的目標而言，我們想向您報告最新情況。現在才年初。公司經營狀況良好。在 ARR 方面，這與 606 或 605 的未來發展沒有任何關係，我們非常清楚地表明我們正在持續取得成功。所以這是我們做事方式的一部分，但我們對這項業務感到興奮。

So I guess just to add on to that, in relation to the sales and marketing benefit that we talked about last quarter, it's really because of the Marketo acquisition. So it's a slight benefit that we're seeing from the capitalized commissions related to the Marketo business. So you can see a little bit of that benefit here in Q1 when you look at OpEx under 605 and 606, and you'll see that through the year. But certainly, as Shantanu said, I think it's just being a little cautious in terms of how the rollout of the different contracts are in terms of upfront revenue versus recognizing the rest of the year.

所以我想補充一點，關於我們上個季度討論的銷售和行銷方面的好處，這實際上是因為收購了 Marketo。因此，我們從與 Marketo 業務相關的資本化佣金中看到了一絲好處。所以，當你查看 605 和 606 項下的營運支出時，你就能在第一季看到一些好處，而且你會在全年都看到這一點。但正如 Shantanu 所說，我認為這只是在推進不同合約的實施過程中，在預付收入與確認剩餘年度收入方面，需要保持謹慎。

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

下一個問題來自美國銀行美林證券的卡什·蘭甘。

This is Shankar on behalf of Kash. I have a question on XD and just a question on how you think about the total TAM opportunity for that business. Seems like when you talk to partners and customers that use it, is this not UX designers, UI designers using it, but there are more developers also on the platform. And when you think about the total opportunity, both in terms of units and dollar, how do you think about it? And does XD provide you an opportunity to drive more enterprise-wide adoption of your Creative Cloud?

這是 Shankar 代表 Kash 發來的。我有一個關於XD的問題，想問您如何看待該業務的總TAM機會。當你和使用該平台的合作夥伴和客戶交談時，你會發現，使用它的不僅僅是 UX 設計師、UI 設計師，還有更多的開發人員也在這個平台上。當你從銷售和金額兩方面考慮整體機會時，你會怎麼想？XD 是否為您提供了在企業範圍內更廣泛地採用 Creative Cloud 的機會？

When we think about XD in particular, I mean I think the biggest picture sort of message that I would send, as we look at it and say everything is going to have a screen, and if everything is going have a screen, then it's going to have digital content delivered to it, whether you're on your automotive, whether you're in a retail store, whether you're having a watch, we think XD is the perfect application to design, prototype and deliver content for all of those different devices. So it's not just UX designers. It's certainly developers as developer breaking that designer-developer bridge that exists today to deliver great applications. That's another use case. I think your question around enterprise is actually spot on. We're seeing a fair amount of success and adoption in the enterprise because enterprises are standardizing on the collaboration between the marketing organization, the product organization and the engineering organization. We're seeing some good traction there. New apps like voice, that's certainly an area where XD, I think, continues to shine. And so we're just excited. I mean, every time you see one of these new applications, you see both new app adoption among new customers. The monthly average usage of XD is growing very nicely, and you certainly see that as an additional benefit to the full value Creative Cloud. And that's also true. I know you didn't ask the question but when you think about Allegorithmic as well, it's the same thing. We start to attract a whole new set of customers. With Allegorithmic, it gives us the opportunity to have a higher priced, all apps bundled for people who are doing even more high-end work. And so both from a top-of-funnel acquisition as well as from optimization, that's how we think about each one of these different categories.

當我們特別考慮 XD 時，我的意思是，我認為我想傳達的最宏觀的信息是，當我們審視它時，我們會說一切都將有屏幕，如果一切都將有屏幕，那麼它將接收數字內容，無論你是在汽車上、在零售店裡，還是在佩戴手錶，我們認為 XD 是為所有這些不同的設備設計、製作原型和交付內容的完美應用程序。所以不僅僅是使用者體驗設計師。當然，正是開發者們打破了目前設計師和開發者之間存在的橋樑，從而交付了優秀的應用程式。這是另一個應用場景。我認為你關於企業的問題確實切中要害。我們看到企業中出現了相當多的成功案例和採用案例，因為企業正在規範行銷部門、產品部門和工程部門之間的協作。我們在這方面看到了一些不錯的進展。像語音這樣的新應用，無疑是 XD 繼續大放異彩的領域。所以我們都感到非常興奮。我的意思是，每次你看到這些新應用程式時，你都會看到新用戶採用新應用程式。XD 的月平均使用量成長非常可觀，這無疑是 Creative Cloud 全部價值的另一個額外好處。這也沒錯。我知道你沒有問這個問題，但當你仔細想想寓言式的表達方式時，你會發現它也是一樣的道理。我們開始吸引一批全新的客戶群。借助 Allegorithmic，我們有機會為從事更高端工作的用戶提供價格更高的所有應用程式捆綁包。因此，無論是從漏斗頂端獲取用戶，或是從最佳化角度來看，我們都是這樣看待每一個不同類別的。

Next question comes from the line of Tom Roderick from Stifel.

下一個問題來自 Stifel 公司的 Tom Roderick。

So just maybe just kind of building on Keith's question that he just asked a little bit earlier regarding 606 and the impact to EPS, but just sort of thinking about the second quarter in particular. If I look at the full year, great guidance, above where we all were. For the second quarter, I think our models were a little bit heavy maybe by somewhere in the magnitude of around $0.10, $0.11. Can you just kind of talk to some of the seasonal investments that might be taking place in addition to some of the 606 impact that might have pulled some of that profitability forward just so we get a sense of what's impacting that Q2 EPS guidance?

所以，也許可以接著 Keith 之前提出的關於 606 及其對 EPS 的影響的問題，特別是考慮一下第二季的情況。如果縱觀全年，指導意見非常出色，遠超我們所有人之前的水平。我認為第二季我們的模型可能有點偏重，大概偏重了 0.10 美元到 0.11 美元左右。您能否談談除了 606 的影響之外，還有哪些季節性投資可能會提前帶來部分盈利，以便我們了解哪些因素會影響第二季度每股收益預期？

Yes, I think part of it where you also have to factor in was the Q1 overperformance and the operating margin that we showed in Q1. So I wouldn't be surprised if some of you had modeled it where I think -- as I've looked at the models, Q2 and Q3 where you were probably a little ahead of where the numbers were not fully understanding the Marketo and Magento both sort of impact of deferred revenue and the purchase accounting impact, and you were probably a little light on Q4 as it related to how we thought the year would play out. But -- so I look at it and say there's a little overachievement in Q1. We've guided to good operating margins in Q2 based on the revenue that we have, and we've, I think, guided that Q3 and Q4, once the impacts of Marketo and Magento deferred revenue and purchasing accounting taper off, then you know you're back to where you may have modeled it. But John, anything to add?

是的，我認為其中一部分因素也需要考慮，那就是第一季業績超預期以及我們在第一季展現的營業利潤率。所以，如果你們中的一些人按照模型進行預測，我不會感到驚訝——正如我所看到的，在第二季度和第三季度，你們的預測可能略微超前於實際數字，因為你們沒有完全理解 Marketo 和 Magento 對遞延收入和購買會計處理的影響；而且你們對第四季度的預測可能也略顯不足，因為它與我們對這一年發展趨勢的預期不符。但是——所以我看了一下，覺得第一季有點超額完成任務了。根據我們目前的收入，我們預計第二季的營業利潤率將保持在良好水準。我認為，一旦 Marketo 和 Magento 的遞延收入和採購會計處理的影響逐漸消退，第三季和第四季的營業利潤率也將恢復到我們預期的水平。約翰，你還有什麼要補充的嗎？

Yes. I think that's exactly right. We had said that the first half of FY '19 was going to be more greatly impacted by the deferred revenue haircuts. And I think you probably modeled a little more linearly in terms of the return of the operating margin, and it really does actually accelerate towards the back end of the year. So we exit FY '19 at rates that you typically see them -- of our performance in the past.

是的。我覺得完全正確。我們曾說過，2019 財年上半年將受到遞延收入削減的更大影響。而且我認為，你在營運利潤率的回報方面可能採用了更線性的模型，但實際上，它在年底確實會加速成長。因此，我們以與以往業績相符的水平結束了 2019 財年。

And then as we get into FY '20, just sort of more standard seasonality, not this upfront haircut that we got this year, right?

然後到了 2020 財年，就會出現更標準的季節性變化，而不是像今年這樣突然的調整，對吧？

Oh, yes, that's correct. That's correct.

哦，是的，沒錯。沒錯。

That's absolutely correct.

完全正確。

Next question comes from the line of Mark Moerdler from Bernstein.

下一個問題來自伯恩斯坦的馬克·莫德勒。

This is Tim for Mark. I wanted to talk a little bit more about ODI and specifically if you could talk about where you guys are on the road map and maybe feedback that you've gotten from customers.

這是提姆給馬克的問候。我想再多談談 ODI，特別是你們能否談談你們的路線圖進展情況，以及你們從客戶那裡得到的回饋。

I think the core strategy of ODI and 3 large companies getting together to say we're going to agree on the taxonomy, we're going agree on an API and we're going to ensure interoperability between the data that exists today in silos, there hasn't been a customer that isn't excited about the fact that we're all stepping up to do that and allow enterprises to get value out of all of the data that they have in different silos. So I would say big picture first, there's a lot of excitement. It clearly builds on the progress that Adobe and Microsoft have made over the past few years as we've integrated Power BI in campaign or the work that we've done with AEM. I think you'll see at Summit having more people on the ingestion or ETL side also sign up and say they're going to enable all of this data that exists in silos to get normalized. I mean, the whole -- the Holy Grail of what we are trying to do with ODI with a whole bunch of partners is to bring all of the data that exists into this real-time stitched platform that has a common taxonomy. People don't care about where this data is stored. People care about can I action it in real time. And that is really the goal of ODI. We're making good progress. We'll share more at Summit. But the core value proposition really resonates with customers.

我認為 ODI 和三家大公司齊聚一堂，共同製定分類標準、API，並確保目前分散在各個數據孤島中的數據之間的互操作性，這一核心戰略令所有客戶都感到興奮，因為我們都在努力實現這一目標，讓企業能夠從分散在不同數據孤島中的所有數據中獲取價值。所以，首先從大局來看，現在有很多令人興奮的事情。它顯然建立在 Adob​​e 和 Microsoft 在過去幾年中取得的進展之上，例如我們將 Power BI 整合到 Campaign 中，或者我們與 AEM 合作所做的工作。我認為在高峰會上你會看到，會有更多從事資料攝取或 ETL 的人員報名參加，並表示他們將致力於實現所有分散在各個系統中的資料的規範化。我的意思是，我們與眾多合作夥伴一起，透過 ODI 努力實現的最終目標是，將所有現有資料整合到一個具有通用分類法的即時拼接平台中。人們並不關心這些資料儲存在哪裡。人們關心的是能否即時採取行動。而這正是 ODI 的真正目標。我們進展順利。我們將在峰會上分享更多資訊。但其核心價值主張確實引起了顧客的共鳴。

Last question comes from the line of Sterling Auty from JPMorgan.

最後一個問題來自摩根大通的斯特林·奧蒂。

Earlier in the call, Shantanu, you mentioned the importance of adding customers as the growth algorithm. So within Creative Cloud, I'm curious what is the biggest pocket of new users that you're still tapping into? And what kind of ARPU or pricing are you getting on those customers versus what you've seen traditionally?

Shantanu，在先前的通話中，你提到了增加客戶作為成長演算法的重要性。所以，在 Creative Cloud 中，我很好奇你們仍在挖掘的最大新使用者群體是什麼？與傳統模式相比，這些客戶的平均每用戶收入 (ARPU) 或定價如何？

Sterling, the sort of -- there are so many different opportunities there. If I had to pick one, I would still say mobile imaging, and imaging is the area where there's the most. But what we've done with Premiere Rush, we talked about that. Spark, having 7 million people and that being a real seeding ground for what we can do in education, I think that's very significant. The aura that comes from us doing high-end work with AR and what we are doing with Allegorithmic, while the numbers may not be small, don't underestimate the importance of how that attracts a whole new generation of creatives to our platform. But I would say imaging and PDF still continue to be the 2 largest areas of acquisition for new customers in the Creative Cloud. And I would highlight Spark as well only because Spark is this incredibly easy product that everybody from K through 12 to teachers are starting to use. And the more we get that standardized in school districts and frankly, in some cases, entire countries is sort of the platform of choice for education. I think that'll continue to be a way in which we expose young creative talent to the joys of using Adobe products. But Sterling, since you had the last question, let me just summarize by saying, I think when we think about the Q1 financial results, I think it's, again, a clear reflection for the core strategy on the enterprise side, helping businesses transform; on the content side, empowering people to create. That strategy resonates, and our execution against that strategy continues to be strong. We think design and creativity have never been as important as they are today. And whether you call it digital transformation like you call it in the U.S. or digitization as it's called in Europe, it just represents an incredible opportunity for us to continue to grow and deliver value to our customers. We're excited about Summit. We hope we'll see a bunch of you there. One thing I'll also mention is that it actually integrates Marketo's Marketing Nation, so we're welcoming that community as well to Summit in a few weeks. And the targets that we provided, I think, reflect the momentum we continue to drive across all geographies. So Q1 was off to a great start. Thank you for joining us today.

斯特林，那種－那裡有很多不同的機會。如果非要我選一個，我還是會說是移動成像，而且成像領域也是最大的。但是，我們已經討論過我們使用 Premiere Rush 所做的事情了。Spark 擁有 700 萬用戶，這為我們在教育領域所能做的事情提供了一個真正的試驗場，我認為這意義非凡。我們利用 AR 技術進行高端創作，以及我們與 Allegorithmic 合作所取得的成就，雖然數量可能不多，但不要低估這吸引新一代創意人才加入我們平台的重要性。但我認為，影像處理和 PDF 仍然是 Creative Cloud 中新客戶獲取的兩大主要領域。我還要特別提一下 Spark，因為 Spark 是一款非常簡單易用的產品，從幼兒園到高中學生，再到教師，每個人都開始使用它了。而且，隨著我們在學區乃至某些情況下在整個國家推行標準化，它正逐漸成為教育的首選平台。我認為這將繼續是我們讓年輕的創意人才體驗使用 Adob​​e 產品樂趣的一種方式。史特林，既然你問了最後一個問題，那我就簡單總結一下：我認為，當我們回顧第一季度的財務業績時，我認為這再次清晰地反映了我們在企業方面的核心戰略，即幫助企業轉型；在內容方面，即賦能人們進行創作。這項策略引起了共鳴，我們對這項策略的執行也一直非常有力。我們認為，設計和創意從未像今天這樣重要。無論你像美國那樣稱之為數位轉型，還是像歐洲那樣稱之為數位化，它都代表著我們繼續發展並為客戶創造價值的絕佳機會。我們對峰會感到非常興奮。我們希望在那裡見到你們中的許多人。我還要提一下，它實際上整合了 Marketo 的 Marketing Nation，所以我們也歡迎這個社區在幾週後的峰會上加入。我認為，我們設定的目標反映了我們在所有地區持續推動的發展勢頭。所以第一季開局非常順利。感謝您今天蒞臨。

And this concludes our call. Thanks everyone for joining.

通話到此結束。感謝大家的參與。