Adobe Inc (ADBE) 2019 Q2 法說會逐字稿

Good afternoon.

下午好。

I would like to welcome you to the Adobe Second Quarter Fiscal Year 2019 Earnings Conference Call.

歡迎大家參加 Adobe 2019 財年第二季度收益電話會議。

(Operator Instructions)

（操作員說明）

At this time, I would like to turn the call over to Mike Saviage, Vice President of Investor Relations.

在這個時候，我想把電話轉給投資者關係副總裁 Mike Saviage。

Please go ahead, sir.

請繼續，先生。

Good afternoon and thank you for joining us today.

下午好，感謝您今天加入我們。

Joining me on the call are Adobe's President and CEO, Shantanu Narayen; and John Murphy, Executive Vice President and CFO.

與我一起參加電話會議的還有 Adobe 總裁兼首席執行官 Shantanu Narayen；執行副總裁兼首席財務官 John Murphy。

In our call today, we will discuss Adobe's second quarter fiscal year 2019 financial results.

在今天的電話會議中，我們將討論 Adobe 2019 財年第二季度的財務業績。

By now, you should have a copy of our earnings press release, which crossed the wire approximately 1 hour ago.

到目前為止，您應該有一份我們的收益新聞稿，大約 1 小時前發布的。

We've also posted PDFs of our earnings call prepared remarks and slides and an updated investor datasheet on adobe.com.

我們還在 adobe.com 上發布了我們的收益電話會議準備的評論和幻燈片的 PDF 以及更新的投資者數據表。

If you would like a copy of these documents, you can go to Adobe's Investor Relations page and find them listed under Quick Links.

如果您想要這些文件的副本，您可以訪問 Adobe 的投資者關係頁面並在“快速鏈接”下找到它們。

Before we get started, we want to emphasize that some of the information discussed in this call, particularly our revenue and operating model targets and our forward-looking product plans, is based on information as of today, June 18, 2019, and contains forward-looking statements that involve risk and uncertainty.

在我們開始之前，我們要強調的是，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，是基於截至今天 2019 年 6 月 18 日的信息，並包含前瞻性- 涉及風險和不確定性的陳述。

Actual results may differ materially from those set forth in such statements.

實際結果可能與此類聲明中的結果存在重大差異。

For a discussion of these risks and uncertainties, you should review the forward-looking statements disclosure in the earnings press release we issued today as well as Adobe's SEC filings.

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收益新聞稿中披露的前瞻性聲明以及 Adobe 提交給 SEC 的文件。

On this call, we will discuss GAAP and non-GAAP financial measures.

在這次電話會議上，我們將討論 GAAP 和非 GAAP 財務措施。

Reconciliation between the 2 is available in our earnings release and on Adobe's Investor Relations website.

在我們的收益發布和 Adobe 的投資者關係網站上可以找到兩者之間的對賬。

Call participants are advised that the audio of this conference call is being webcast live, and it's also being recorded for playback purposes.

電話會議參與者請注意，本次電話會議的音頻正在網絡直播，並且還被錄製以供回放。

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.

網絡廣播的存檔將在 Adobe 的投資者關係網站上提供大約 45 天，並且是 Adobe 的財產。

The call audio and the webcast archive may not be rerecorded or otherwise reproduced or distributed without prior written permission from Adobe.

未經 Adobe 事先書面許可，不得重新錄製或以其他方式複製或分發通話音頻和網絡廣播存檔。

I'll now turn the call over to Shantanu.

我現在將電話轉給 Shantanu。

Thanks, Mike, and good afternoon.

謝謝，邁克，下午好。

Q2 was another strong quarter for Adobe, with record revenue and continued growth across Adobe Creative Cloud, Adobe Document Cloud and Adobe Experience Cloud.

第二季度是 Adobe 的又一個強勁季度，收入創紀錄，Adobe Creative Cloud、Adobe Document Cloud 和 Adobe Experience Cloud 的收入持續增長。

We delivered $2.74 billion in revenue in Q2, representing 25% year-over-year growth.

我們在第二季度實現了 27.4 億美元的收入，同比增長 25%。

GAAP earnings per share for the quarter was $1.29, and non-GAAP earnings per share was $1.83.

本季度 GAAP 每股收益為 1.29 美元，非 GAAP 每股收益為 1.83 美元。

Adobe's solutions have become the standard for creating and managing the world's digital experiences.

Adobe 的解決方案已成為創建和管理全球數字體驗的標準。

Millions of consumers depend on brands like Photoshop and PDF for their personal and professional pursuits.

數以百萬計的消費者依賴 Photoshop 和 PDF 等品牌來實現他們的個人和專業追求。

Thousands of enterprises the world over are turning to Adobe every day to help them transform their businesses.

全世界每天都有成千上萬的企業求助於 Adobe，以幫助他們實現業務轉型。

The power of our brand, the continuous innovation in our products and services, the deep investment we're making in our technology platforms and a robust ecosystem of partners are enabling us to serve millions of customers around the globe.

我們品牌的力量、我們產品和服務的持續創新、我們對技術平台的深度投資以及強大的合作夥伴生態系統使我們能夠為全球數百萬客戶提供服務。

We are creating large addressable markets in the creativity, document and customer experience management categories.

我們正在創意、文檔和客戶體驗管理類別中創建大型可尋址市場。

Our opportunity has never been greater.

我們的機會從未如此巨大。

In our Digital Media business, we drove strong revenue growth in both Creative Cloud and Document Cloud in Q2.

在我們的數字媒體業務中，我們在第二季度推動了 Creative Cloud 和 Document Cloud 的收入強勁增長。

Net new Digital Media annualized recurring revenue, or ARR, was $406 million, and total Digital Media ARR exiting Q2 grew to $7.47 billion.

淨新數字媒體年化經常性收入 (ARR) 為 4.06 億美元，第二季度數字媒體 ARR 總額增長至 74.7 億美元。

Q2 Creative revenue was $1.59 billion, which represents 22% year-over-year growth.

第二季度創意收入為 15.9 億美元，同比增長 22%。

Mobile is a tailwind in our Digital Media business, and we're driving significant increases in mobile traffic and member sign-ups for our offerings.

移動是我們數字媒體業務的順風車，我們正在推動移動流量和我們產品的會員註冊顯著增加。

This is the golden age of creativity, and our vision for Creative Cloud is to be the creativity platform for all.

這是創造力的黃金時代，我們對 Creative Cloud 的願景是成為所有人的創意平台。

Whether you're a student, an experienced designer, a YouTuber or a marketer, storytelling is central to the way you communicate and connect.

無論您是學生、經驗豐富的設計師、YouTuber 還是營銷人員，講故事都是您交流和聯繫方式的核心。

The key part of our Creative Cloud growth strategy is appealing to new segments of users.

我們 Creative Cloud 增長戰略的關鍵部分是吸引新的用戶群。

Adobe Spark, our offering for easily turning ideas into compelling stories, graphics and web pages, is rapidly gaining popularity among creators from the classroom to the boardroom.

Adobe Spark 是我們用於將創意輕鬆轉化為引人入勝的故事、圖形和網頁的產品，正迅速受到從課堂到會議室的創作者的歡迎。

Spark traffic on web and mobile has more than doubled year-over-year.

網絡和移動設備上的 Spark 流量同比增長了一倍以上。

In Q2, we expanded Spark's global footprint with support for 5 new languages: Brazilian-Portuguese, French, German, Italian and Spanish.

在第二季度，我們通過支持 5 種新語言擴大了 Spark 的全球足跡：巴西-葡萄牙語、法語、德語、意大利語和西班牙語。

We've expanded our vision of platforms to include social media channels like Facebook, Instagram and YouTube.

我們已經擴大了平台的視野，包括 Facebook、Instagram 和 YouTube 等社交媒體渠道。

Premiere Rush is rapidly becoming the solution of choice for YouTubers and social video creators.

Premiere Rush 正迅速成為 YouTube 用戶和社交視頻創作者的首選解決方案。

Premiere Rush is now available on Android in addition to iOS, MAC and Windows.

除了 iOS、MAC 和 Windows 之外，Premiere Rush 現在還可以在 Android 上使用。

Experience design is one of the most explosive creative categories, and we continue to innovate in this space with Adobe XD, our design system for UX and UI.

體驗設計是最具爆炸性的創意類別之一，我們通過 Adobe XD（我們的 UX 和 UI 設計系統）繼續在這個領域進行創新。

We released a major update to Adobe XD in May, enabling teams to create and share designs to enhance both productivity and collaboration.

我們在 5 月份發布了 Adobe XD 的重大更新，使團隊能夠創建和共享設計以提高生產力和協作。

In Q2, we drove strong subscription growth across our flagship photography and digital video offerings.

在第二季度，我們推動了旗艦攝影和數字視頻產品的強勁訂閱增長。

At NAB in Las Vegas, we unveiled new innovations across Premiere Pro, Audition, Character Animator and After Effects.

在拉斯維加斯的 NAB 上，我們展示了 Premiere Pro、Audition、Character Animator 和 After Effects 的新創新。

One exciting announcement was the availability of the Content-Aware Fill feature in After Effects powered by Adobe Sensei, which magically enables editors to seamlessly remove unwanted objects from video, saving hours of tedious manual work.

一個令人興奮的公告是在由 Adobe Sensei 提供支持的 After Effects 中推出了內容感知填充功能，它神奇地使編輯能夠從視頻中無縫刪除不需要的對象，從而節省數小時的繁瑣手動工作。

It won 5 awards at the show, including the NAB Show Product of the Year Award.

它在展會上獲得了 5 個獎項，包括 NAB 展會年度產品獎。

We continue to expand Creative Cloud with value-added services.

我們繼續通過增值服務擴展 Creative Cloud。

Adobe Stock, our fast-growing service for stock images, videos and millions of additional creative assets, grew greater than 25% year-over-year.

Adobe Stock 是我們為股票圖像、視頻和數百萬其他創意資產提供的快速增長的服務，同比增長超過 25%。

We're proud of the role our solutions play in inspiring the global creative community and shaping popular culture.

我們為我們的解決方案在激發全球創意社區和塑造流行文化方面發揮的作用感到自豪。

This quarter, we launched a creative campaign with 17-year-old music sensation Billie Eilish, which inspired significant participation among our important student segment.

本季度，我們與 17 歲的音樂紅人 Billie Eilish 一起發起了一項創意活動，激發了我們重要學生群體的積極參與。

With Adobe Document Cloud, we're reinventing how people scan, edit, collaborate, sign and share documents in the cloud and mobile era.

借助 Adobe Document Cloud，我們正在重塑人們在雲和移動時代掃描、編輯、協作、簽名和共享文檔的方式。

Document Cloud revenue in Q2 was a record $296 million, and we grew Document Cloud ARR to $921 million driven by continued strength in Acrobat subscription adoption.

第二季度的 Document Cloud 收入達到創紀錄的 2.96 億美元，在 Acrobat 訂閱採用率持續走強的推動下，我們將 Document Cloud ARR 增長至 9.21 億美元。

Mobile is the next frontier for digital documents and our flagship apps.

移動是數字文檔和我們的旗艦應用程序的下一個前沿領域。

Adobe Reader for mobile and Adobe Scan continue to gain traction.

用於移動設備的 Adobe Reader 和 Adobe Scan 繼續受到關注。

Adobe Scan, which allows you to capture everything from documents to forms, whiteboard sketches or business cards and turn them into picture-perfect, high-quality PDFs, is now the leading scanning app on iOS and Android.

Adobe Scan 允許您捕獲從文檔到表格、白板草圖或名片的所有內容，並將它們轉換為圖片完美、高質量的 PDF，現在是 iOS 和 Android 上領先的掃描應用程序。

We're driving adoption for Adobe Sign, our cloud-based electronic signature solution, with customers including Merck, Hitachi and Iowa State University.

我們正在推動採用我們基於雲的電子簽名解決方案 Adobe Sign，客戶包括默克、日立和愛荷華州立大學。

They're using Adobe Sign to provide a better customer experience, close contracts and win business.

他們使用 Adobe Sign 來提供更好的客戶體驗、簽訂合同並贏得業務。

In our Digital Experience business, we achieved record Experience Cloud revenue of $784 million for the quarter, which represents 34% year-over-year growth.

在我們的數字體驗業務中，我們本季度的體驗雲收入達到創紀錄的 7.84 億美元，同比增長 34%。

To win in today's competitive landscape, businesses must become more customer-centric and data-driven.

為了在當今的競爭環境中取勝，企業必須更加以客戶為中心和數據驅動。

Our vision for Adobe Experience Cloud is to enable businesses to reimagine the entire customer journey using data to understand and drive their business from discovery through trial, purchase, use and renewal.

我們對 Adobe Experience Cloud 的願景是讓企業能夠使用數據重新構想整個客戶旅程，以了解並推動他們的業務從發現到試用、購買、使用和續訂。

At the core of Adobe's own transformation has been our use of Adobe Experience Cloud.

Adobe 自身轉型的核心是我們對 Adobe Experience Cloud 的使用。

B2B and B2C companies across every country and industry are choosing Adobe Experience Cloud, the only end-to-end solution for marketing, advertising, analytics and commerce to master the art and science of customer experience management.

每個國家和行業的 B2B 和 B2C 公司都在選擇 Adobe Experience Cloud，這是唯一一款用於營銷、廣告、分析和商業的端到端解決方案，以掌握客戶體驗管理的藝術和科學。

Key Experience Cloud customer wins in Q2 include Amazon, Rite Aid, Vodafone and Wyndham Hotels.

Experience Cloud 在第二季度贏得的主要客戶包括亞馬遜、Rite Aid、沃達丰和溫德姆酒店。

The acquisitions of Magento and Marketo have significantly increased our value to existing customers, helped us attract new logos and expanded Adobe's addressable opportunity.

對 Magento 和 Marketo 的收購顯著增加了我們對現有客戶的價值，幫助我們吸引了新徽標並擴大了 Adobe 的可尋址機會。

Magento adds to our Experience Cloud vision by allowing us to make every moment personal and every experience shoppable in addition to attracting a large and vibrant developer community to Adobe.

Magento 增加了我們的 Experience Cloud 願景，使我們能夠讓每一刻都變得個性化，讓每一次體驗都可以購買，此外還吸引了一個龐大而充滿活力的開發者社區加入 Adobe。

This quarter, we announced the availability of Adobe Commerce Cloud built on the Magento Commerce platform with deep integrations across Adobe Analytics Cloud, Marketing Cloud and Advertising Cloud.

本季度，我們宣布推出基於 Magento Commerce 平台構建的 Adobe Commerce Cloud，該平台深度集成了 Adobe Analytics Cloud、Marketing Cloud 和 Advertising Cloud。

We announced a new partnership with Amazon, creating Magento Commerce branded stores for Amazon sellers, which will give merchants a more seamless way to manage their business across both Amazon.com and their own storefront.

我們宣布與亞馬遜建立新的合作夥伴關係，為亞馬遜賣家創建 Magento Commerce 品牌商店，這將為商家提供一種更無縫的方式來管理他們在 Amazon.com 和他們自己的店面中的業務。

With the addition of Marketo, Adobe provides the leading marketing engagement platform for both B2B and B2C customers.

隨著 Marketo 的加入，Adobe 為 B2B 和 B2C 客戶提供了領先的營銷參與平台。

We've deepened the integration between Adobe Marketing Cloud and Marketo Engage.

我們加深了 Adobe Marketing Cloud 和 Marketo Engage 之間的集成。

We're leveraging Adobe Sensei so companies can deliver the right experiences to the right people at the right time.

我們正在利用 Adobe Sensei，因此公司可以在正確的時間向正確的人提供正確的體驗。

This quarter, we announced our partnership with LinkedIn, empowering B2B marketers and sellers to easily identify, understand and engage B2B customer buying teams.

本季度，我們宣布與 LinkedIn 建立合作夥伴關係，使 B2B 營銷人員和賣家能夠輕鬆識別、理解和參與 B2B 客戶購買團隊。

At Summit, we announced the global availability of Adobe Experience Platform, the industry's first real-time platform for customer experience management.

在峰會上，我們宣佈在全球推出 Adobe Experience Platform，這是業界首個實時客戶體驗管理平台。

Adobe Experience Platform provides real-time CDP and DMP capabilities, and stitches together data from across the enterprise, creating real-time customer profiles and enabling the activation and delivery of hyper-personalized experiences.

Adobe Experience Platform 提供實時 CDP 和 DMP 功能，並將來自整個企業的數據拼接在一起，創建實時客戶檔案並實現超個性化體驗的激活和交付。

Some of the world's leading brands are already using Adobe Experience Platform in beta, including Best Buy, Sony Interactive Entertainment, The Home Depot and Verizon Wireless.

一些世界領先品牌已經在使用 Adobe Experience Platform 的測試版，包括 Best Buy、Sony Interactive Entertainment、The Home Depot 和 Verizon Wireless。

We've built a strong ecosystem of global partners.

我們已經建立了一個強大的全球合作夥伴生態系統。

Recently, we announced new partnerships with ServiceNow and Software AG.

最近，我們宣布與 ServiceNow 和 Software AG 建立新的合作夥伴關係。

We will deliver integration between Adobe Experience Platform and the ServiceNow platform as well as with Software AG's webMethods platform.

我們將提供 Adobe Experience Platform 與 ServiceNow 平台以及 Software AG 的 webMethods 平台之間的集成。

Adobe and Marketo were both positioned as Leaders by Gartner in the Magic Quadrant for Multichannel Marketing Hubs.

Adobe 和 Marketo 均被 Gartner 評為多渠道營銷中心魔力像限的領導者。

Among the 21 companies evaluated, Adobe achieved the strongest position for completeness of vision.

在接受評估的 21 家公司中，Adobe 在願景完整性方面排名最高。

Adobe Experience Cloud was recently named a leader in the Gartner Magic Quadrant for Digital Experience platforms.

Adobe Experience Cloud 最近被評為 Gartner 數字體驗平台魔力像限的領導者。

Adobe Marketing Cloud, Advertising Cloud and Analytics Cloud were reviewed and successfully validated by TrustArc, making Adobe the first company in the Digital Experience space to receive TRUSTe GDPR Privacy Practices Compliance Validation.

Adobe Marketing Cloud、Advertising Cloud 和 Analytics Cloud 經過 TrustArc 審查並成功驗證，使 Adobe 成為數字體驗領域第一家獲得 TRUSTe GDPR 隱私實踐合規性驗證的公司。

Our mission to change the world through digital experiences gives purpose to the work we do.

我們通過數字體驗改變世界的使命為我們所做的工作賦予了目的。

We're proud Adobe was honored with a Hope Award from the National Center for Missing and Exploited Children.

我們很自豪 Adobe 獲得了國家失踪與受虐兒童中心頒發的希望獎。

For more than a decade, Adobe has been partnering with NCMEC through software contributions and technical expertise in service of its important mission: To find missing children and prevent child exploitation and victimization.

十多年來，Adobe 一直通過軟件貢獻和技術專長與 NCMEC 合作，以服務於其重要使命：尋找失踪兒童並防止兒童遭受剝削和受害。

At Adobe, our employees are our greatest asset, and we continue to invest in our future talent.

在 Adobe，我們的員工是我們最大的資產，我們將繼續投資於未來的人才。

This summer, we're pleased to welcome more than 1,000 interns and new grads to Adobe from more than 150 schools around the world.

今年夏天，我們很高興地歡迎來自全球 150 多所學校的 1,000 多名實習生和應屆畢業生來到 Adobe。

Our strategy of empowering people to create and transforming how businesses compete offers a unique value proposition in the market and large addressable opportunities to grow our business.

我們授權人們創造和改變企業競爭方式的戰略在市場上提供了獨特的價值主張，並為我們的業務發展提供了巨大的可尋址機會。

FY '19 is expected to be another record year.

預計 19 財年將是又一個創紀錄的年份。

We expect the first half momentum to continue in the second half.

我們預計下半年將延續上半年的勢頭。

Our revenue growth, cash flow and operating profit differentiates us among SaaS companies at scale.

我們的收入增長、現金流和營業利潤使我們在規模化的 SaaS 公司中脫穎而出。

John?

約翰？

Thanks, Shantanu.

謝謝，山塔努。

As with last quarter, we are reporting results based on our adoption of ASC 606 this fiscal year.

與上一季度一樣，我們根據本財年採用的 ASC 606 報告結果。

As a reminder, our results in the year ago fiscal period were reported based on ASC 605.

提醒一下，我們去年財年的業績是根據 ASC 605 報告的。

We have not adjusted our prior fiscal year reported numbers for comparison purposes under ASC 606.

我們沒有根據 ASC 606 調整我們上一財年報告的數字以進行比較。

In Q2 FY '19, Adobe achieved record revenue of $2.74 billion, which represents 25% year-over-year growth.

在 19 財年第二季度，Adobe 實現了創紀錄的 27.4 億美元收入，同比增長 25%。

GAAP diluted earnings per share in Q2 was $1.29, and non-GAAP diluted earnings per share was $1.83.

第二季度 GAAP 攤薄後每股收益為 1.29 美元，非 GAAP 攤薄後每股收益為 1.83 美元。

Business and financial highlights in Q2 included: record Digital Media revenue of $1.89 billion, including Creative revenue of $1.59 billion and Adobe Document Cloud revenue of $296 million; strong net new Digital Media ARR of $406 million; record Digital Experience revenue of $784 million; remaining performance obligation, or RPO, grew to $8.37 billion; cash flow from operations of $1.11 billion; repurchasing 2.5 million shares of our stock through stock buyback; and approximately 91% of our revenue in Q2 was from recurring sources.

第二季度的業務和財務亮點包括：創紀錄的數字媒體收入 18.9 億美元，包括 Creative 收入 15.9 億美元和 Adobe Document Cloud 收入 2.96 億美元；強勁的新數字媒體 ARR 為 4.06 億美元；創紀錄的數字體驗收入為 7.84 億美元；剩餘履約義務（RPO）增至 83.7 億美元；運營產生的現金流為 11.1 億美元；通過股票回購回購 250 萬股我們的股票；我們第二季度約 91% 的收入來自經常性來源。

In our Digital Media segment, we achieved record revenue of 22% year-over-year growth.

在我們的數字媒體部門，我們實現了創紀錄的收入同比增長 22%。

The addition of $406 million net new Digital Media ARR during the quarter grew the total to $7.47 billion.

本季度淨新增數字媒體 ARR 增加了 4.06 億美元，使總額增至 74.7 億美元。

Within Digital Media, we achieved another strong quarter with our Creative business.

在數字媒體領域，我們的創意業務又取得了強勁的季度業績。

Creative revenue grew 22% year-over-year in Q2, and we increased Creative ARR by $341 million.

第二季度創意收入同比增長 22%，我們將創意 ARR 增加了 3.41 億美元。

Notable growth drivers in Q2 across conversion, upsell and retention included: new user growth driven by numerous global initiatives to generate demand, including targeted campaigns and promotions, leveraging the funnel of users coming to Creative Cloud through mobile apps and online engagement and continued focus on new categories, including immersive media and new segments such as social media creators; Creative Cloud Photography Plan subscriptions; Adobe Premiere Pro Single App subscriptions in the video category; Creative Cloud enterprise, including customer acquisition, seat expansion and services adoption; and adoption of Adobe Stock where revenue and subscription growth rates remain strong.

第二季度在轉化率、追加銷售和留存率方面的顯著增長驅動因素包括：新用戶增長由眾多旨在產生需求的全球計劃推動，包括有針對性的活動和促銷，利用用戶通過移動應用程序和在線參與進入 Creative Cloud 的渠道，並繼續關注新類別，包括沉浸式媒體和社交媒體創作者等新細分市場； Creative Cloud 攝影計劃訂閱；視頻類別中的 Adobe Premiere Pro Single App 訂閱； Creative Cloud 企業，包括客戶獲取、席位擴展和服務採用；採用 Adobe Stock，收入和訂閱增長率保持強勁。

We achieved record Document Cloud revenue of $296 million in Q2, which represents 22% year-over-year growth, and we added $65 million of net new Document Cloud ARR during the quarter.

我們在第二季度實現了創紀錄的 2.96 億美元的 Document Cloud 收入，同比增長 22%，並且在本季度我們增加了 6500 萬美元的淨新 Document Cloud ARR。

The growth in the Document Cloud business was driven by strong demand on adobe.com, the continued migration of the Acrobat perpetual customers to subscriptions, enterprise services adoption and monetization of mobile app use.

Document Cloud 業務的增長受到對 adobe.com 的強勁需求、Acrobat 永久客戶向訂閱的持續遷移、企業服務採用和移動應用程序使用貨幣化的推動。

In addition, Adobe Sign achieved another strong quarter of growth.

此外，Adobe Sign 實現了又一個強勁的季度增長。

In our Digital Experience segment, we achieved record quarterly Experience Cloud revenue of $784 million, which represents 34% year-over-year growth.

在我們的數字體驗部門，我們實現了創紀錄的季度體驗雲收入 7.84 億美元，同比增長 34%。

Experience Cloud subscription revenue was a record $654 million.

Experience Cloud 訂閱收入達到創紀錄的 6.54 億美元。

Business performance in Digital Experience during the quarter was driven by strength in: Adobe Marketing Cloud, including Adobe Experience Manager, Adobe Target and Adobe Campaign; multi-solution digital transformation engagements; and traction with cross-selling Magento and Marketo in the enterprise.

本季度數字體驗業務的業績受到以下方面實力的推動：Adobe Marketing Cloud，包括 Adobe Experience Manager、Adobe Target 和 Adobe Campaign；多解決方案數字化轉型參與；以及在企業中交叉銷售 Magento 和 Marketo 的牽引力。

During Q2, we continue to focus on driving Magento and Marketo synergies, including organizational, product and go-to-market alignment.

在第二季度，我們繼續專注於推動 Magento 和 Marketo 的協同作用，包括組織、產品和上市調整。

Both Magento and Marketo were prominently featured at Summit events in the U.S. and Europe, and we also held Magento Imagine and Marketo Marketing Nation events during Q2.

Magento 和 Marketo 都在美國和歐洲的峰會活動中脫穎而出，我們還在第二季度舉辦了 Magento Imagine 和 Marketo Marketing Nation 活動。

The depth and breadth of our enterprise partner ecosystem remains a competitive advantage contributing to pipeline generation, customer success as well as financial performance.

我們企業合作夥伴生態系統的深度和廣度仍然是一個競爭優勢，有助於管道生成、客戶成功以及財務績效。

We had another successful quarter of selling alongside Microsoft where our combined value proposition is resonating with enterprise customers.

我們與 Microsoft 一起取得了另一個成功的銷售季度，我們的綜合價值主張引起了企業客戶的共鳴。

Our overall financial results were negatively affected by currency rate movements.

我們的整體財務業績受到匯率變動的負面影響。

Total Adobe Q2 year-over-year revenue growth would have been 27% if measured in constant currency.

如果以固定匯率計算，Adobe 第二季度總收入同比增長 27%。

In year-to-date, total first half FY '19 year-over-year revenue growth would have been 26% if measured in constant currency.

今年迄今，如果以固定匯率計算，19 財年上半年總收入同比增長 26%。

More specifically in Q2, from a quarter-over-quarter currency perspective, FX decreased revenue by $4.9 million.

更具體地說，在第二季度，從季度環比貨幣角度來看，外匯收入減少了 490 萬美元。

We had $9 million in hedge gains in Q2 FY '19 versus $8.5 million in hedge gains in Q1 FY '19.

我們在 19 財年第二季度的對沖收益為 900 萬美元，而在 19 財年第一季度的對沖收益為 850 萬美元。

Thus, the net sequential currency decrease to revenue considering hedging gains was $4.4 million.

因此，考慮到對沖收益，貨幣對收入的連續淨減少為 440 萬美元。

From a year-over-year currency perspective, FX decreased revenue by $45.3 million.

從同比貨幣的角度來看，外匯收入減少了 4530 萬美元。

The $9 million in hedge gains in Q2 FY '19 versus $0.3 million in hedge gains in Q2 FY '18 resulted in a net year-over-year currency decrease to revenue considering hedging gains of $36.6 million.

19 財年第二季度的對沖收益為 900 萬美元，而 18 財年第二季度的對沖收益為 30 萬美元，考慮到對沖收益為 3660 萬美元，導致收入同比淨減少。

In Q2, Adobe's effective tax rate was 11% on a GAAP and non-GAAP basis.

在第二季度，Adobe 在 GAAP 和非 GAAP 基礎上的有效稅率為 11%。

Our trade DSO was 42 days, which compares to 44 days in the year ago quarter and 46 days last quarter.

我們的貿易 DSO 為 42 天，而去年同期為 44 天，上季度為 46 天。

Remaining performance obligation, or RPO, was approximately $8.37 billion exiting Q2, which compares to $8.13 billion exiting Q1.

第二季度剩餘履約義務（RPO）約為 83.7 億美元，而第一季度為 81.3 億美元。

Deferred revenue exiting Q2 was $3.13 billion.

第二季度的遞延收入為 31.3 億美元。

The sequential decline in deferred revenue was a result of timing rather than business performance due to fewer billing cycles in our second quarter.

遞延收入的連續下降是時間安排的結果，而不是由於我們第二季度的計費周期減少導致的業務績效。

The impact was more than offset by an increase in unbilled backlog.

這一影響被未開票積壓訂單的增加所抵消。

Our ending cash and short-term investment position exiting Q2 was $3.48 billion, and cash flow from operations was $1.11 billion in the quarter.

我們退出第二季度的期末現金和短期投資頭寸為 34.8 億美元，本季度運營現金流為 11.1 億美元。

In Q2, we repurchased approximately 2.5 million shares at a cost of $659 million.

在第二季度，我們以 6.59 億美元的成本回購了大約 250 萬股股票。

We currently have $6.6 billion remaining of our $8 billion repurchase authority granted in May 2018, which goes through 2021.

目前，我們在 2018 年 5 月授予的 80 億美元回購授權中剩餘 66 億美元，該授權將持續到 2021 年。

Now I will discuss our financial targets.

現在我將討論我們的財務目標。

As a reminder, our Q3 includes the summer months of June, July and August, and we expect normal seasonality to influence our results during the quarter.

提醒一下，我們的第三季度包括 6 月、7 月和 8 月的夏季，我們預計正常的季節性會影響我們在本季度的業績。

In Q3 FY '19, we are targeting revenue of approximately $2.8 billion; Digital Media segment revenue year-over-year growth of approximately 20%; net new Digital Media ARR of approximately $360 million; Digital Experience segment year-over-year revenue growth of approximately 34%; other expense of approximately $22 million; tax rate of approximately 11% on a GAAP and non-GAAP basis; share count of approximately 491 million shares; GAAP earnings per share of approximately $1.40; and non-GAAP earnings per share of approximately $1.95.

在 19 財年第三季度，我們的目標收入約為 28 億美元；數字媒體業務收入同比增長約20%；淨新數字媒體 ARR 約為 3.6 億美元；數字體驗業務收入同比增長約 34%；其他費用約為 2200 萬美元；按 GAAP 和非 GAAP 計算的稅率約為 11%；股份數量約為4.91億股； GAAP 每股收益約為 1.40 美元；非 GAAP 每股收益約為 1.95 美元。

As usual, we are not updating annual targets at this time of the year.

與往常一樣，我們不會在每年的這個時候更新年度目標。

We are pleased with our first half performance, and we expect our first half momentum to continue in the second half with typical seasonality in Q3 and strength in Q4.

我們對上半年的表現感到滿意，我們預計我們上半年的勢頭將在下半年繼續，第三季度典型的季節性和第四季度的強勁勢頭。

We continue to expect sequential operating margin growth as we move through the second half of the year.

隨著我們進入今年下半年，我們繼續預計營業利潤率將連續增長。

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

我現在將電話轉回給邁克。

Thanks, John.

謝謝，約翰。

Adobe MAX, our user conference focused on our Digital Media solutions, will occur during the first week of November this year in Los Angeles.

Adobe MAX 是我們專注於數字媒體解決方案的用戶大會，將於今年 11 月的第一周在洛杉磯舉行。

On day 1 at MAX, on Monday, November 4, we plan to host a financial analyst meeting.

在 MAX 的第一天，也就是 11 月 4 日星期一，我們計劃召開一次金融分析師會議。

Invitations, including discounted registration information, will be sent to our analyst and investor e-mail list later this summer.

包括折扣註冊信息在內的邀請將在今年夏天晚些時候發送到我們的分析師和投資者電子郵件列表。

More information about the event can be found online at max.adobe.com.

有關此次活動的更多信息，請訪問 max.adobe.com。

If you wish to listen to a playback of today's conference call, a webcast archive of the call will be available on our IR site later today.

如果您想收聽今天電話會議的回放，今天晚些時候我們的 IR 網站將提供電話會議的網絡廣播檔案。

Alternatively, you can listen to a phone replay by calling (888) 203-1112, use conference ID #2843011.

或者，您可以撥打 (888) 203-1112，使用會議 ID #2843011 收聽電話重播。

International callers should dial (719) 457-0820.

國際來電者應撥打 (719) 457-0820。

The phone playback service will be available beginning at 5 p.m.

電話播放服務將於下午 5 點開始提供。

Pacific Time today and ending at 5 p.m.

太平洋時間今天下午 5 點結束。

Pacific Time on June 25, 2019.

太平洋時間 2019 年 6 月 25 日。

We would now be happy to take your questions.

我們現在很樂意回答您的問題。

(Operator Instructions) Operator?

（操作員說明）操作員？

(Operator Instructions) We'll take our first question from Brent Thill with Jefferies.

（操作員說明）我們將與 Jefferies 一起接受 Brent Thill 的第一個問題。

Shantanu, just on Magento and Marketo.

Shantanu，就在 Magento 和 Marketo 上。

Just curious if you could give us your updated thoughts on the integration, how you're doing in the field and some of the customer traction on both of those acquisitions, that would be helpful.

只是好奇您是否可以向我們提供您對集成的最新想法，您在該領域的表現以及對這兩項收購的一些客戶吸引力，這將有所幫助。

Sure, Brent.

當然，布倫特。

Both of them are actually, big picture, going really well.

實際上，從大局來看，他們倆都進展順利。

We have, as you saw, started to integrate the products, the delivery of the Adobe Commerce Cloud that was based on Magento Commerce.

如您所見，我們已經開始集成產品，交付基於 Magento Commerce 的 Adobe Commerce Cloud。

We announced some good partnerships there as well as it relates to what we are doing with Amazon to allow multiple small and medium businesses to be able to deliver their storefronts based on this combined technology.

我們在那裡宣布了一些良好的合作夥伴關係，這與我們與亞馬遜所做的工作有關，以允許多家中小型企業能夠基於這種組合技術提供他們的店面。

We did some good work as it related to integration between the Adobe Experience Manager as well as the Adobe Commerce Cloud.

我們做了一些很好的工作，因為它與 Adobe Experience Manager 和 Adobe Commerce Cloud 之間的集成有關。

So you can now have in a single digital foundation the ability to do web content management, analytics as well as commerce.

因此，您現在可以在一個數字基礎上擁有進行 Web 內容管理、分析和商務的能力。

So product integration with Magento is going well.

因此與 Magento 的產品集成進展順利。

I think on the market -- go-to-market efforts, the enterprise motion that we have, which was clearly a strength of Adobe, we are putting the Magento solutions through that enterprise go-to-market motion.

我認為在市場上——進入市場的努力，我們擁有的企業動議，這顯然是 Adobe 的優勢，我們正在通過企業進入市場的動議來實施 Magento 解決方案。

We've also done a good job, I think, of integrating the mid-market, small and medium business, whatever you want to call it, of Magento and Marketo because the combination of both of them give us a little bit more heft in the marketplace.

我認為，我們在整合 Magento 和 Marketo 的中端市場、中小企業（無論你怎麼稱呼它）方面也做得很好，因為兩者的結合讓我們在市場。

And on Marketo as well, I mean it's clearly a fabulous SaaS platform for engagement as it relates to B2B marketing.

在 Marketo 上也是如此，我的意思是它顯然是一個很棒的 SaaS 參與平台，因為它與 B2B 營銷相關。

The focus there has been on both integration with Adobe Analytics as well as making sure that the combination of Campaign and Marketo will be the best B2E, which is what we call sort of the business-to-everyone engagement platform.

重點一直放在與 Adobe Analytics 的集成上，以及確保 Campaign 和 Marketo 的結合將成為最好的 B2E，這就是我們所說的企業對所有人的參與平台。

So pleased with it.

很高興。

Results are good, continued focus.

效果不錯，繼續關注。

And I think that's one of the reasons why we are aligning the organizations more rapidly to make sure that we get the appropriate alignment.

我認為這就是為什麼我們要更快地調整組織以確保我們得到適當的調整的原因之一。

And we'll take our next question from Jennifer Lowe with UBS.

我們將接受來自瑞銀的 Jennifer Lowe 的下一個問題。

It was nice to see the net new ARR outperformance this quarter.

很高興看到本季度淨新 ARR 表現出色。

So I -- it sounds like it was a few different things there, but just any more color on what drove the upside would be great.

所以我 - 聽起來好像那裡有一些不同的東西，但只要有更多關於推動上漲的顏色就會很棒。

In particular in the last quarter, there were some unusual items in there.

特別是在最後一個季度，那裡有一些不尋常的項目。

I just want to check was there anything unusual this quarter.

我只是想看看這個季度有沒有什麼異常。

And maybe just to round it out, as we think about seasonality into Q3, it looks like the guide implies a bit more seasonality than what we saw last year.

也許只是為了解決這個問題，當我們考慮第三季度的季節性時，該指南似乎比我們去年看到的更具季節性。

Anything to keep in mind there as well?

還有什麼要記住的嗎？

Yes.

是的。

I think big picture, Jennifer, Digital Media, we continue to do really well.

我認為大局，詹妮弗，數字媒體，我們繼續做得很好。

We had, as you point out, a great Q2 achieving, I think, $406 million in net new ARR, which is a record for Q2.

正如你所指出的，我們在第二季度取得了很好的成績，我認為，淨新 ARR 達到 4.06 億美元，這是第二季度的記錄。

Certainly, I think in terms of the different offerings, as John mentioned in his prepared remarks, we are seeing traction on the video offerings.

當然，我認為就不同的產品而言，正如約翰在他準備好的發言中提到的那樣，我們看到了視頻產品的吸引力。

We're seeing traction with enterprise adoption services.

我們看到了企業採用服務的吸引力。

Both Stock and Sign are continuing to perform quite well.

Stock 和 Sign 都繼續表現良好。

International expansion continues to be an area of opportunity as well as new customer acquisition through the marketing campaigns that we have.

國際擴張仍然是一個充滿機遇的領域，也是通過我們開展的營銷活動獲得新客戶的領域。

And if you think about, as you pointed out again, the $360 million target that we're putting for Q3, which would be a record for a Q3, and then you add to that the $750 million plus in ARR for the first half, I mean it's clear that the momentum continues in the business.

如果你想想，正如你再次指出的那樣，我們為第三季度設定的 3.6 億美元目標，這將是第三季度的記錄，然後你再加上上半年的 ARR 7.5 億美元，我的意思是很明顯，業務的勢頭仍在繼續。

I think to your question around seasonality and color, I think it's our expectation that net new DME ARR in Q4 would be similar to what we had last year in Q4.

我認為你關於季節性和顏色的問題，我認為我們期望第四季度的淨新 DME ARR 與我們去年第四季度的情況相似。

And so if you add that all up, it implies that we will have record new ARR again in 2019.

因此，如果將所有這些加起來，這意味著我們將在 2019 年再次創下新的 ARR 記錄。

And I think underlying all of that, as we've outlined to you, is the DDOM model that we have.

正如我們向您概述的那樣，我認為所有這些的基礎是我們擁有的 DDOM 模型。

It allows us to optimize our marketing spend.

它使我們能夠優化營銷支出。

It allows us to engage better with customers, and MAX should be another great show for that business.

它使我們能夠更好地與客戶互動，而 MAX 應該是該業務的另一場精彩演出。

One thing I should also mention, sorry, is that Acrobat continues to, as you clearly saw from the results, do really well.

抱歉，我還應該提到的一件事是，正如您從結果中清楚地看到的那樣，Acrobat 繼續做得非常好。

And we'll take our next question from Keith Weiss with Morgan Stanley.

我們將與 Morgan Stanley 一起接受 Keith Weiss 的下一個問題。

Very nice quarter.

非常好的季度。

I wanted to touch base on kind of leadership on the Digital Experience side of the equation.

我想談談等式的數字體驗方面的領導能力。

Kind of what were the current thought processes?

當前的思維過程是什麼樣的？

I'm sure, Shantanu, you're doing a great job sort of with leadership there, but are we planning on replacing Brad and kind of what's the sort of the game plan for rolling out new leadership and how sort of the new assets are going to fit under that new leadership plan?

我敢肯定，Shantanu，你在領導方面做得很好，但我們是否計劃更換 Brad，推出新領導層的遊戲計劃是什麼，新資產是怎樣的會適應新的領導計劃嗎？

Thanks, Keith, for the question.

謝謝，基思，提出這個問題。

It's such a large opportunity that we're completely convinced, I am, that the focus on the aligned organization was the right choice.

這是一個如此巨大的機會，我們完全相信，我是，專注於一致的組織是正確的選擇。

It's been great.

太棒了。

I focus a lot of time on the customers.

我把很多時間都花在了客戶身上。

Just I think over the last 10 days, 3 Fortune 100 CEOs have come in to talk to us about our view and our vision for digital transformation, spent a lot of time on the product to make sure that we get great alignment.

我想在過去的 10 天裡，3 位財富 100 強的 CEO 來和我們談談我們對數字化轉型的看法和願景，他們在產品上花費了大量時間以確保我們達成一致。

You've seen the general availability of the Adobe Experience Platform, the artificial intelligence features that were now in beta, attribution and customer journey.

您已經看到了 Adobe Experience Platform 的全面可用性、目前處於測試階段的人工智能功能、歸因和客戶旅程。

We've signed some great partnerships with Software AG and ServiceNow and really have been trying to focus also the organization on a lot more with respect to customer centricity.

我們已經與 Software AG 和 ServiceNow 簽署了一些很好的合作夥伴關係，並且確實一直在努力讓組織更多地關注以客戶為中心。

I think as we've aligned the 2 acquisitions, the Magento and Marketo, which we've outlined to you, Keith, was a priority, we brought the same rigor that we have in DDOM for creating that cadence and customer centricity, for pipeline progression, for marketing demand generation as well as for the software delivery life cycle.

我認為當我們調整了 2 次收購時，Magento 和 Marketo，我們已經向你概述過，Keith，是一個優先事項，我們帶來了與 DDOM 相同的嚴謹性來創建節奏和以客戶為中心，用於管道進展，用於營銷需求生成以及軟件交付生命週期。

And so I'm really also pleased with how the current management team, which is extremely strong and has stepped up and is executing in alignment.

因此，我也對當前的管理團隊感到非常滿意，該團隊非常強大並且已經加強並正在協調執行。

So while the search continues, we haven't missed a beat, and I've been spending a lot of time, which just continues to give me a lot faith in the long-term opportunity associated with the business.

因此，在繼續搜索的同時，我們沒有錯過任何一個節拍，而且我已經花了很多時間，這讓我繼續對與業務相關的長期機會充滿信心。

And it's not hampering the progress at all in terms of what we need to do.

就我們需要做的事情而言，這根本不會阻礙進展。

And we'll take our next question from Brad Zelnick with Credit Suisse.

我們將接受瑞士信貸 Brad Zelnick 的下一個問題。

Congrats as well on a great quarter.

祝賀一個偉大的季度。

Shantanu, on customer data platforms, there's been a lot of recent news from Adobe as well as some of your competitors watching their own CDP offerings.

Shantanu，在客戶數據平台上，有很多來自 Adobe 以及您的一些競爭對手正在觀看他們自己的 CDP 產品的最新消息。

How will Adobe Experience Platform differentiate from peers?

Adobe Experience Platform 將如何與同行區分開來？

And why is your product going to be better and win in the market?

為什麼您的產品會變得更好並贏得市場？

It's a good question, Brad.

這是個好問題，布拉德。

And I think fundamentally, it stems from the fact that when you have the leading content management platform, we have the data.

我認為從根本上說，這源於這樣一個事實，即當您擁有領先的內容管理平台時，我們就擁有了數據。

And I think that continues to differentiate us in terms of the customer and traction across different channel points.

而且我認為這繼續使我們在不同渠道點的客戶和牽引力方面脫穎而出。

We've been talking to you for a couple of years of the investment that we've made in the Adobe Experience Platform.

幾年來，我們一直在與您討論我們在 Adobe Experience Platform 上的投資。

The vision there has always been not only to integrate all of our existing solutions so we have a platform across content and data to win it but to frankly stitch together all that customer profile in real time.

一直以來的願景不僅是整合我們所有現有的解決方案，以便我們擁有一個跨內容和數據的平台來贏得它，而且坦率地說，實時拼接所有客戶資料。

And when you have all that customer interaction that's happening as a result of mobile access to the website or website access or as customers are giving us access to the other channel data, that's just a unique differentiator that no other company has.

當您擁有由於移動訪問網站或網站訪問或客戶允許我們訪問其他渠道數據而發生的所有客戶互動時，這只是其他公司所沒有的獨特差異化因素。

So we start off from that being a huge advantage.

所以我們從這是一個巨大的優勢開始。

I think the effort that we've put in to an ecosystem of partnerships there in terms of ingesting that data, the common taxonomy that we've agreed to, the partnership with SAP and Microsoft on ODI and frankly the credibility that we just continue to get associated with the fact that when you're processing these hundreds of trillions of transactions on an annual basis that we have more insight to be able to activate it, I think all of that gives us hope.

我認為我們在攝取數據、我們同意的通用分類法、與 SAP 和微軟在 ODI 上的合作夥伴關係以及坦率地說我們將繼續與這樣一個事實相關聯，即當你每年處理這些數百萬億的交易時，我們有更多的洞察力來激活它，我認為所有這些都給了我們希望。

I think with the whole Experience Cloud, I will continue to reinforce that when we talk about it being north of $70 billion addressable market, you should look at this as it's not a win-loss kind of situation.

我認為對於整個 Experience Cloud，我將繼續強調，當我們談論它超過 700 億美元的潛在市場時，你應該看看這個，因為這不是一種輸贏的情況。

There is just so much opportunity.

機會太多了。

But starting with what we had with Audience Manager and DMP that we have with Demdex, combined with what we are doing in CDP and making sure that, that all operates in real time, I think that is just a unique combination for Adobe.

但是，從我們與 Demdex 的 Audience Manager 和 DMP 開始，結合我們在 CDP 中所做的工作，並確保所有這些都是實時運行的，我認為這只是 Adobe 的獨特組合。

And we'll take our next question from Saket Kalia with Barclays Capital.

我們將從 Saket Kalia 和 Barclays Capital 提出下一個問題。

Maybe for you, Shantanu, just to dig into one of the prior questions on Creative.

也許對你來說，Shantanu，只是為了深入探討之前關於 Creative 的問題之一。

Adobe Spark seems to be doing very well.

Adobe Spark 似乎做得很好。

So can you just talk a little bit about why you think that's doing so well?

那麼你能談談為什麼你認為它做得這麼好嗎？

And maybe more specifically, talk about what you've seen in the last couple of years that Spark has been available, what you've seen in terms of lifetime value and customer acquisition cost qualitatively.

也許更具體地說，談談你在過去幾年中看到的 Spark 可用的情況，你在生命週期價值和定性客戶獲取成本方面看到的情況。

Yes.

是的。

Saket, I mean I think it stems from this fundamental assertion and hypothesis that we have -- belief that we have that everyone has a story to tell.

Saket，我的意思是我認為它源於我們擁有的這個基本斷言和假設 - 相信我們相信每個人都有一個故事要講。

And when you have K-12 student all the way to the largest enterprise in the world wanting to use social media, wanting a quick template-based approach to start to be able to express themselves and then grow that expertise into using our products, it's just a fantastic on-ramp.

當你有 K-12 學生一直到世界上最大的企業想要使用社交媒體，想要一種基於模板的快速方法來開始表達自己，然後將這種專業知識發展到使用我們的產品時，它是只是一個很棒的入口。

And so the millions of customers that we have, the penetration in the education segment is both an opportunity in itself where frankly great brand building and awareness of what the Adobe solutions can do across the spectrum.

因此，我們擁有的數百萬客戶，在教育領域的滲透本身就是一個機會，坦率地說，這是一個很好的品牌建設和對 Adobe 解決方案可以在整個範圍內做什麼的認識。

And so I think it really -- we've been talking about this for a while, but it's the golden age of creativity and design.

所以我認為它真的 - 我們已經討論了一段時間，但它是創造力和設計的黃金時代。

And it doesn't matter whether you're starting history or geography.

不管你是從歷史還是地理開始。

I mean the ability to express yourself visually and graphically and to do that across social channels is just such an intrinsic part of what it is.

我的意思是能夠以視覺和圖形方式表達自己並跨社交渠道做到這一點正是它的內在組成部分。

And I think we've really struck a chord with a great, great product across both mobile.

而且我認為我們真的在兩個移動設備上都用一個非常棒的產品引起了共鳴。

I think the fact that we're exploring different platforms.

我認為我們正在探索不同的平台。

And previously, we used to look at print and web as a platform.

以前，我們曾經將印刷和網絡視為一個平台。

Now we look at even channels like YouTube as a platform.

現在我們甚至將 YouTube 等頻道視為一個平台。

It's just a great, in addition to mobile, way to attract new customers.

除了移動之外，這是吸引新客戶的絕佳方式。

So I think that's why it really resonates with customers and why it will continue to be both from an ARR perspective a growth as well as from overall brand and awareness just a significant ability for us to continue to keep Digital Media ARR momentum going.

所以我認為這就是為什麼它真正引起了客戶的共鳴，以及為什麼它會繼續從 ARR 的角度來看增長以及從整體品牌和知名度來看只是我們繼續保持數字媒體 ARR 勢頭的重要能力。

We'll take our next question from Sterling Auty with JPMorgan.

我們將從摩根大通的 Sterling Auty 那裡回答下一個問題。

Maybe I can bring John into the conversation here.

或許我可以讓 John 加入到這裡的對話中來。

Kind of curious as you look at the growth in Creative Cloud for the quarter, is there a way to disaggregate how much of that growth has actually come from the price changes that you've made over x number of quarters versus how much of that growth is actually coming from pure volume.

當您查看本季度 Creative Cloud 的增長時，您會感到好奇，是否有一種方法可以將增長中有多少實際上來自您在 x 個季度內所做的價格變化與增長中的多少進行分解實際上來自純體積。

Yes.

是的。

Sure.

當然。

It's really coming from both.

它真的來自兩者。

And when you think about the North America price increase that we did last year in Q2, that, as we said, was going to be accretive, and certainly through the year as we now anniversary that price increase.

當你想到我們去年第二季度的北美價格上漲時，正如我們所說，這將是增值的，而且肯定會在我們現在紀念價格上漲的這一年中。

And then earlier this year, in February, we did price increase for Doc Cloud and also in EMEA for Creative.

然後在今年早些時候，即 2 月，我們為 Doc Cloud 和 EMEA 的 Creative 提價。

So all these things are accretive, but one of the things that we've talked about for a long time now is attracting new users to the platform is really our biggest growth opportunity.

所以所有這些事情都是增值的，但我們已經討論了很長時間的事情之一就是吸引新用戶使用該平台，這確實是我們最大的增長機會。

And we're able to do that through the various new products that are attracting folks to our platform because some of these newer products are easier to use.

我們能夠通過吸引人們使用我們平台的各種新產品來做到這一點，因為其中一些新產品更易於使用。

And then as they get comfortable with those, they end up -- we're able to upsell them into full suite products for multiple applications.

然後當他們對這些感到滿意時，他們最終 - 我們能夠將它們追加銷售成用於多種應用程序的全套產品。

So we have this opportunity to really kind of tackle it from many different ways, and we've been successful now in growing the number of users across the platform and also leveraging the mobile app on-ramp.

因此，我們有機會真正從許多不同的方式來解決這個問題，我們現在已經成功地增加了整個平台的用戶數量，並利用了移動應用程序的入口。

But if you think of it in terms of material, it's primarily new user growth and new subscriptions, Sterling, is how you should think about it.

但如果你從材料的角度考慮它，主要是新用戶增長和新訂閱，斯特林，你應該如何考慮它。

I think the value that we're providing enables us to keep driving the anniversary of people moving over to the new pricing, keep them as loyal customers and improve their engagement.

我認為我們提供的價值使我們能夠繼續推動人們轉向新定價的周年紀念日，讓他們成為忠實的客戶並提高他們的參與度。

But it's -- as it relates to the photography and video, it's primarily new user growth that's driving the Digital Media ARR.

但它是——因為它與攝影和視頻有關，主要是新用戶的增長推動了數字媒體 ARR。

And we'll take our next question from Kash Rangan with Bank of America.

我們將接受來自美國銀行的 Kash Rangan 的下一個問題。

Congratulations.

恭喜。

I'm curious, given the strength in the quarter, you had a very nice quarter on net new ARR and on the Experience Cloud side, you had very good bookings as well.

我很好奇，考慮到本季度的實力，您在淨新 ARR 方面有一個非常好的季度，在 Experience Cloud 方面，您的預訂也非常好。

But when I look at the guidance, you didn't change the guidance for the year, but Q3 numbers look a little bit light relative to the Street at least.

但是當我看指導時，你沒有改變今年的指導，但至少相對於華爾街，第三季度的數字看起來有點輕。

Is it just a function of conservatism given maybe a questionable macro environment?

考慮到可能存在問題的宏觀環境，這是否只是保守主義的一種表現？

Or is it just that the seasonality of the business, we've had the first chance to model the seasonality of the business including the acquisitions and that we may have been a little off relative to what is the new seasonality of Adobe?

或者僅僅是因為業務的季節性，我們第一次有機會模擬包括收購在內的業務的季節性，並且相對於 Adobe 的新季節性我們可能有點偏離？

Just wondering what your thoughts are there, and congrats.

只是想知道你的想法是什麼，恭喜。

Yes.

是的。

I think -- sure.

我想——當然。

Thanks first.

先謝謝了。

I mean big picture, it's clear we're having another record year and great execution against both growth opportunities across all of the 3 Marketing Clouds: Creative, Document and Experience.

我的意思是大局，很明顯，我們又迎來了創紀錄的一年，並且在所有 3 個營銷雲（創意、文檔和體驗）的增長機會方面都表現出色。

And as you point out, the results, revenue growth of 25%, the significant cash flow as well as the strong EPS, while we're increasing margins.

正如你所指出的，結果是收入增長了 25%，大量的現金流以及強勁的每股收益，同時我們正在提高利潤率。

I think on Digital Media, I gave some color as it related to what will certainly be a record Digital Media ARR year.

我認為在數字媒體上，我給出了一些顏色，因為它與肯定會成為創紀錄的數字媒體 ARR 年有關。

And I think we factor in seasonality.

我認為我們考慮了季節性因素。

And so that's, I think, part of how you should be thinking about Q3 versus Q4.

所以，我認為，這就是你應該如何考慮第三季度和第四季度的一部分。

And NDX as well, I mean the subscription revenue growth, if you look at that, when you see the revenue growth of 34%, the subscription revenue growth certainly has exceeded that.

還有 NDX，我指的是訂閱收入增長，如果你看一下，當你看到 34% 的收入增長時，訂閱收入增長肯定超過了那個。

And it's closer to 39%.

它接近 39%。

And so I think that also reflects the success that we continue to have and the fact that we have the leading SaaS enterprise platform for enterprises to engage digitally with their customers.

因此，我認為這也反映了我們繼續取得的成功，以及我們擁有領先的 SaaS 企業平台，供企業以數字方式與客戶互動。

And so I think big picture, the 2 opportunities continue to be significant tailwinds.

因此，我認為從大局來看，這兩個機會仍然是重要的順風。

We're executing well against it.

我們對此執行得很好。

I think we'll give you more color as it relates to Q4 in September as well as 2020 at MAX.

我想我們會給你更多的顏色，因為它與 9 月的第四季度以及 2020 年的 MAX 相關。

But continue to be really optimistic.

但要繼續保持樂觀。

And I think where we are in the quarter, just updating annual numbers for a year is akin to giving Q3 and Q4 targets.

而且我認為我們在本季度的位置，僅更新一年的年度數據類似於給出第三季度和第四季度的目標。

And that's why as you know, typically, we don't do that, but that should not change the fact that we have momentum in the business and optimism for the future.

這就是為什麼正如你所知，通常情況下，我們不這樣做，但這不應該改變我們在業務中有動力和對未來樂觀的事實。

We'll take our next question from Mark Moerdler with Bernstein Research.

我們將從 Bernstein Research 的 Mark Moerdler 那裡回答下一個問題。

Congrats also on the quarter.

也祝賀本季度。

So you've guided to 34% Digital Marketing growth for the back half of the year off of what's a more difficult set of compares as you lapped Magento's acquisition and lapped a bit of the Marketo.

因此，當您對 Magento 的收購和 Marketo 進行了一些比較時，您已經指導了今年下半年 34% 的數字營銷增長，這是一組更困難的比較。

Can you give us a bit more color on what's driving that strength?

你能給我們更多關於驅動這種力量的顏色嗎？

I appreciate.

我很感激。

I think as it relates to the Digital Experience business, we've always outlined, Mark, that the focus has been on driving subscription bookings.

我認為，由於它與數字體驗業務相關，我們一直在概述，馬克，重點是推動訂閱預訂。

I think as the deferred revenue also starts to taper off, that's certainly going to factor into what happens.

我認為隨著遞延收入也開始減少，這肯定會影響到發生的事情。

But it's just a large addressable opportunity.

但這只是一個巨大的可尋址機會。

We have the market-leading products, and we continue to be excited about how we execute against that.

我們擁有市場領先的產品，我們繼續對我們如何執行它感到興奮。

So that's how I would think about that particular business.

這就是我對那個特定業務的看法。

And we'll take our next question from Jay Vleeschhouwer with Griffin Securities.

我們將從 Jay Vleeschhouwer 和 Griffin Securities 那裡回答下一個問題。

Shantanu, a technology strategy question.

Shantanu，一個技術戰略問題。

I was hoping we could parse through the plethora of 3-letter acronyms that Adobe has been sharing with us at Summit and in other occasions.

我希望我們能夠解析 Adobe 在峰會和其他場合與我們分享的大量 3 個字母的首字母縮略詞。

We now have CDP, CXM, CXT, XPM and so forth.

我們現在有 CDP、CXM、CXT、XPM 等等。

The question is ultimately does Adobe have a single underlying data model that is the Adobe data model.

問題最終是 Adobe 是否有一個單一的底層數據模型，即 Adobe 數據模型。

Or could you foresee 2 or more principal data models, particularly an MTX?

或者您能否預見 2 個或更多主要數據模型，尤其是 MTX？

I ask in part because at Summit EMEA last month, there were some mention in one of the sessions about you're having a new purpose-built B2B data model.

我之所以這樣問，部分原因是在上個月的歐洲、中東和非洲峰會上，其中一場會議提到了您擁有一個新的專門構建的 B2B 數據模型。

And so maybe you could put this in the context of the complexity of the architecture, the technology as it might relate to any implications for R&D and sales efficiency.

所以也許你可以把它放在架構複雜性的背景下，技術可能與研發和銷售效率的任何影響有關。

You forgot ODI and maybe a couple of other TLAs, Jay, but it's a good question.

你忘記了 ODI 和其他幾個 TLA，Jay，但這是一個很好的問題。

And I think as it relates to how we think about the technology underpinnings, we think about it from 2 strategic points of view.

我認為這與我們如何看待技術基礎有關，我們從兩個戰略角度來考慮它。

The first is are we able, in our own products, to have a common way in which people can really provide integration for our existing applications better than any other individual point product vendor can provide?

首先是我們是否能夠在我們自己的產品中採用一種通用方式，使人們能夠真正為我們現有的應用程序提供比任何其他單點產品供應商所能提供的更好的集成？

And I think our track record, as you know, better than most in terms of what we've done on the Digital Media side of having colors and types and fun faces work well.

而且我認為我們的記錄，如你所知，在我們在數字媒體方面所做的工作方面比大多數人更好，這些方面有顏色和類型以及有趣的面孔運作良好。

That is the reason why the underlying data model allows us to have things like campaigns or segments or audiences work better across our applications than anybody else.

這就是為什麼底層數據模型允許我們在我們的應用程序中比其他任何人都更好地工作的原因，例如活動或細分或受眾。

And so we did that heavy lifting associated with having a common way to define the taxonomy, the customer journey across our products.

因此，我們完成了繁重的工作，這些工作與定義分類法的通用方法相關，即客戶在我們產品中的旅程。

We clearly saw that, that was not going to be adequate in terms of the aspirations we had to actually being the underlying sort of infrastructure for how all companies deal with digital transformation.

我們清楚地看到，就我們實際上必須成為所有公司如何處理數字化轉型的基礎設施類型的願望而言，這還不夠。

And the reasons for the partnership with both Microsoft as well as with SAP is to actually, through ODI, make that true, not just for customer behavioral data where we clearly have access to all of that data but also to extend that to financial data, to transactional data, over time to IoT data.

與微軟和 SAP 合作的原因實際上是通過 ODI 實現這一點，不僅是我們顯然可以訪問所有這些數據的客戶行為數據，而且還將其擴展到財務數據，到交易數據，隨著時間的推移到物聯網數據。

And so the way I would think about it is it's a common taxonomy.

所以我認為它是一種常見的分類法。

It's a common way for people to extend it, but we don't have to do the heavy lifting of defining everything.

這是人們擴展它的常用方法，但我們不必做定義所有內容的繁重工作。

The beauty of the model is that actually, we define the framework, we define the API, we define the services, and other people can actually extend and augment that.

該模型的美妙之處在於，實際上，我們定義了框架、我們定義了 API、我們定義了服務，而其他人實際上可以擴展和擴充它。

And so it enables the entire ecosystem to partner.

因此，它使整個生態系統能夠合作。

So it's exciting.

所以這很令人興奮。

We deliver that through the Adobe Experience Platform.

我們通過 Adobe Experience Platform 實現這一目標。

I talked in the prepared remarks about how we have early beta customers.

我在準備好的評論中談到了我們如何擁有早期測試版客戶。

We are starting to see it.

我們開始看到它。

Certainly, Adobe is using it in our own offering.

當然，Adobe 正在我們自己的產品中使用它。

But I think it's really going to be the underlying infrastructure for a next-generation enterprise who wants to engage with their customers.

但我認為它確實將成為希望與客戶互動的下一代企業的底層基礎設施。

So we're excited about that.

所以我們對此感到興奮。

And we'll take our next question from Kirk Materne with Evercore ISI.

我們將從 Kirk Materne 和 Evercore ISI 提出下一個問題。

Shantanu, I want to ask a little bit about Sensei in the context of is that coming up at all in some of the conversations on the Experience Cloud side.

Shantanu，我想問一些關於 Sensei 的問題，因為在 Experience Cloud 方面的一些對話中會出現這個問題。

I know there's a lot of factors that go into those decisions from a product portfolio perspective.

我知道從產品組合的角度來看，有很多因素會影響這些決策。

I was just kind of curious if Sensei is adding to the conversation and if you view that as sort of a needle mover for you all at this point.

我只是有點好奇，Sensei 是否加入了對話，你是否認為這對你們所有人來說都是一種推動力。

I'm really glad you asked that question because we talk a lot about the Adobe Magic that we've had in the Digital Media products, and we certainly touched on what we've done with Content-Aware Fill, which is Magic as it relates to being able to do that across frames and reduce a whole bunch of complexity for the video products.

我真的很高興你問了這個問題，因為我們談論了很多關於數字媒體產品中的 Adobe Magic，而且我們當然也談到了我們對 Content-Aware Fill 所做的事情，這就是 Magic涉及能夠跨幀執行此操作並降低視頻產品的一大堆複雜性。

We are investing very heavily in the same technology, Sensei, in the Experience Cloud.

我們在 Experience Cloud 中對相同的技術 Sensei 進行了大量投資。

Let me maybe give you a couple of examples to make it more tangible.

讓我給你舉幾個例子，讓它更具體。

I mean the first is when you're doing search, the way you do search when you're doing it in Digital Media, trying to find an object in Stock where we have the best technology is still substantially different from that way you would do search in Commerce where you're looking for an object maybe based on a color or based on the type of preference.

我的意思是第一個是當你進行搜索時，你在數字媒體中進行搜索時的搜索方式，試圖在 Stock 中找到我們擁有最好技術的對象仍然與你的方式有很大不同在您正在尋找對象的 Commerce 中搜索可能基於顏色或基於偏好類型。

So I think in Commerce, that's one area where Sensei and the ability to do search and find the right shopping good that you're interested in, that's a game changer.

所以我認為在商業領域，Sensei 能夠搜索並找到您感興趣的合適的購物商品，這是一個改變遊戲規則的領域。

In targeting and in what we can do around how we can optimize targets and recommendations, that's another area where AI is certainly beneficial.

在目標定位以及我們可以圍繞如何優化目標和建議方面做些什麼，這是人工智能肯定有益的另一個領域。

When you are talking about a subscription model and customer preference and a prediction score of who's likely to churn and what are the best way to engage with them across channels, that's another area where we have AI technology.

當您談論訂閱模式和客戶偏好以及誰可能流失的預測分數以及跨渠道與他們互動的最佳方式時，這是我們擁有 AI 技術的另一個領域。

But in addition to that, as part of the Experience Platform, we actually now have modules.

但除此之外，作為體驗平台的一部分，我們實際上現在有了模塊。

I talked a little bit about Attribution.

我談了一點歸因。

AI and things like that which are AI modules and frameworks for people to actually augment their Experience Cloud.

AI 和類似的東西是 AI 模塊和框架，供人們實際增強他們的 Experience Cloud。

So I think unlike other companies, we believe that the AI is best built in into each of the existing solutions and through frameworks.

所以我認為與其他公司不同，我們認為人工智能最好通過框架內置到每個現有解決方案中。

But we've -- a track record of delivering against that has been strong, and it's only getting better.

但我們已經 - 實現這一目標的記錄一直很強大，而且只會越來越好。

And we'll take our next question from Tom Roderick with Stifel.

我們將接受來自 Stifel 的 Tom Roderick 的下一個問題。

John, let me throw this one at you just looking at the Digital Experience segment itself.

約翰，讓我把這個扔給你看數字體驗部分本身。

We saw a nice bounce back in the segment gross margins.

我們看到該部門的毛利率出現了不錯的反彈。

And part of that, of course, is gaining scale and some of the deferred revenue write-downs rolling off.

當然，其中一部分正在擴大規模，一些遞延收入減記正在減少。

But the other part, of course, is realizing some of the integrations between the components.

但另一部分當然是實現組件之間的一些集成。

And I was hoping you could speak to what you're seeing with some of the leverage between the properties of Magento and Marketo and the core of Digital Experience.

我希望你能通過 Magento 和 Marketo 的屬性與數字體驗的核心之間的一些槓桿來談談你所看到的。

In particular on the COGS side, are there elements of architectural leverage that are starting to show up?

特別是在 COGS 方面，是否有架構槓桿元素開始顯現？

And then even below that line, are you seeing like sales leverage between the acquired properties?

然後甚至低於該線，您是否看到收購物業之間的銷售槓桿？

Yes.

是的。

No.

不。

Absolutely.

絕對地。

For sure, we're seeing the ability in both properties that we acquired for us to be able to unify development across the platform, and that in and of itself provides some efficiencies.

可以肯定的是，我們看到了我們為我們獲得的兩個屬性的能力，以便能夠跨平台統一開發，並且它本身提供了一些效率。

In addition from the go-to-market perspective, as we've talked about, we've unified and aligned our go-to-market strategy with the existing Adobe enterprise sales organization under Matt.

此外，從上市的角度來看，正如我們所談到的，我們已經將我們的上市戰略與馬特領導下的現有 Adobe 企業銷售組織進行了統一和調整。

And so that's been able to bring a lot more efficiency as we cross-sell not only the existing Digital Experience products but also Magento and Marketo, not to mention then our partner ecosystem where we are selling alongside Microsoft, for example, and being successful and having multisolution sales with them as well.

因此，這能夠帶來更高的效率，因為我們不僅交叉銷售現有的數字體驗產品，還交叉銷售 Magento 和 Marketo，更不用說我們的合作夥伴生態系統，例如，我們與 Microsoft 一起銷售，並取得成功和與他們一起進行多解決方案銷售。

So it's been something that through scale and through continued focus on integration that we're able to get some leverage out of that.

因此，通過規模化和對集成的持續關注，我們能夠從中獲得一些影響力。

The one thing maybe I'd like to add to that, I know there was some question around seasonality, and while this question was specifically around operating margins, I think Kash had asked.

也許我想補充一件事，我知道有一些關於季節性的問題，雖然這個問題特別是關於營業利潤率，但我認為 Kash 已經問過。

So maybe we'd give you color on how we think about our investment as well as what's happening as it relates to margins.

所以也許我們會給你一些關於我們如何看待我們的投資以及與利潤相關的事情的顏色。

I think it's clear that despite the revenue growth and investment, that the operating margin of the company has improved throughout the year.

我認為很明顯，儘管收入增長和投資增加，但公司的營業利潤率全年都有所提高。

And I think we remain very focused on profitability.

我認為我們仍然非常關注盈利能力。

If you look at seasonally how that should play out over the second half of the year, our guide for Q3 shows EPS increasing by approximately, I think, $0.12 despite seasonality.

如果你季節性地看待下半年的情況，我們的第三季度指南顯示，儘管存在季節性，但我認為每股收益增加了大約 0.12 美元。

And we certainly expect Q4 to be a strong seasonally finish to the year.

我們當然希望第四季度成為今年的強勁季節性收尾。

And I think to give you some color on that while we are not updating our annual targets, we would expect that sequential EPS growth from Q3 to Q4 to be about 3x the growth from Q2 to Q3.

我想給你一些顏色，雖然我們沒有更新我們的年度目標，但我們預計第三季度到第四季度的連續每股收益增長大約是第二季度到第三季度增長的 3 倍。

So hopefully, that gives you some color on how we think about the investments.

所以希望這能讓你對我們如何看待投資有一些了解。

We certainly continue to believe in investing for the revenue growth that we're seeing.

我們當然繼續相信投資是為了我們所看到的收入增長。

And it also clearly gets us back to north of 40% margin.

它也清楚地讓我們回到了 40% 的保證金以北。

So hopefully, that gives you some color on seasonality as well as, while the question was on gross margins, how we think about operating margins and expenses.

所以希望這能給你一些關於季節性的顏色，以及，雖然問題是關於毛利率，但我們如何看待營業利潤率和費用。

We'll take our final question from Walter Pritchard with Citi.

我們將接受來自花旗銀行的 Walter Pritchard 的最後一個問題。

Question on the Digital Experience side.

關於數字體驗方面的問題。

You had talked in the past about a 25% growth in the book of business including these 2 acquisitions.

您過去曾談到包括這兩項收購在內的業務增長 25%。

I'm wondering sort of how things are tracking so far this year and what you've learned in terms of first half growth as that trend progressed into the second half.

我想知道今年到目前為止情況如何，以及隨著趨勢進入下半年，你在上半年增長方面學到了什麼。

Yes.

是的。

As you know, Walter, we don't update how we are doing against bookings during the year as we think about the underlying dynamics of the industry and the need for Digital Experience solution.

如你所知，沃爾特，我們不會更新我們在這一年中對預訂的處理方式，因為我們考慮了行業的潛在動態和對數字體驗解決方案的需求。

Nothing diminishes the belief that we have that, that continues to be a large growth opportunity.

沒有什麼能削弱我們的信念，這仍然是一個巨大的增長機會。

I think as you could see from the subscription revenue growth that we see, we continue to focus on executing against that.

我認為正如您從我們看到的訂閱收入增長中看到的那樣，我們將繼續專注於執行這一目標。

And so we'll certainly provide more color, as we've said, on that on an annual basis.

因此，正如我們所說，我們每年都會在此基礎上提供更多顏色。

But just big picture, the available opportunity, I think, continues to be large.

但總的來說，我認為可用的機會仍然很大。

And given Mike said that, that was the last question, maybe just as a quick summary again, it's clear that we have the right strategy and the focus on delivering great customer value, we're pleased with the first half financial results.

鑑於邁克說，這是最後一個問題，也許只是作為一個快速總結，很明顯我們有正確的戰略並專注於提供巨大的客戶價值，我們對上半年的財務業績感到滿意。

We expect that momentum to continue in the second half, the strategy of empowering people to create and helping businesses transform.

我們預計這一勢頭將在下半年繼續下去，即賦予人們創造能力和幫助企業轉型的戰略。

We believe that continues to be a north of $100 billion addressable market opportunity.

我們認為，這仍然是一個超過 1000 億美元的潛在市場機會。

And we're really pleased with the attendance that we saw at the customer events in the DX, whether it was the Summits in the U.S., Europe, whether it was Marketo Marketing Nation, whether it was Magento Imagine, I think that just reflects both the leadership that we have in product strategy and vision as well as the strength of the customer and partner community.

我們對在 DX 的客戶活動中看到的出席率感到非常滿意，無論是在美國、歐洲的峰會，無論是 Marketo Marketing Nation，還是 Magento Imagine，我認為這都反映了兩者我們在產品戰略和願景方面的領導地位以及客戶和合作夥伴社區的實力。

And FY '19 is shaping up again, and we expect it to be another record year for revenue.

而 19 財年再次成形，我們預計這將是又一個創紀錄的收入年。

And I think the innovation road map and opportunity positions us really well for future growth.

而且我認為創新路線圖和機會為我們未來的增長做好了準備。

We appreciate all of you joining us today.

感謝大家今天加入我們。

Thank you.

謝謝你。

And this concludes our call.

我們的電話到此結束。

Thanks, everybody, for joining us.

謝謝大家加入我們。