Adobe Inc (ADBE) 2019 Q2 法說會逐字稿

Good afternoon. I would like to welcome you to the Adobe Second Quarter Fiscal Year 2019 Earnings Conference Call. (Operator Instructions)

午安.歡迎各位參加 Adob​​e 2019 財年第二季財報電話會議。（操作說明）

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

此時，我想把電話交給投資人關係副總裁麥克‧薩維亞格。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 second 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 would like a copy of these documents, you can go to Adobe's Investor Relations page and find them listed under Quick Links.

在今天的電話會議中，我們將討論 Adob​​e 2019 財年第二季的財務表現。現在，您應該已經收到我們大約 1 小時前發布的獲利新聞稿了。我們也把財報電話會議的發言稿、投影片、以及更新後的投資人資料表的PDF文件發佈在了adobe.com網站上。如果您想要這些文件的副本，可以訪問 Adob​​e 的投資者關係頁面，並在「快速連結」下找到它們。

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

在正式開始之前，我們想強調，本次電話會議中討論的一些信息，特別是我們的收入和運營模式目標以及我們的前瞻性產品計劃，均基於截至 2019 年 6 月 18 日的信息，並且包含涉及風險和不確定性的前瞻性陳述。實際結果可能與此類聲明中所述的結果有重大差異。

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

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 this call, we will discuss GAAP and non-GAAP financial measures. 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。兩者之間的核對結果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 it's 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 rerecorded 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，同時也會被錄音以備回放。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，不得重新錄製或以其他方式複製或散佈通話音訊和網路直播存檔。

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.

謝謝你，麥克，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. We delivered $2.74 billion in revenue in Q2, representing 25% year-over-year growth. GAAP earnings per share for the quarter was $1.29, and non-GAAP earnings per share was $1.83.

第二季對 Adob​​e 而言又是強勁的一年，營收創下歷史新高，Adobe Creative Cloud、Adobe Document Cloud 和 Adob​​e Experience Cloud 也持續成長。第二季度，我們的營收達到 27.4 億美元，年增 25%。本季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. Millions of consumers depend on brands like Photoshop and PDF for their personal and professional pursuits. Thousands of enterprises the world over are turning to Adobe every day to help them transform their businesses.

Adobe 的解決方案已成為創建和管理全球數位體驗的標準。數百萬消費者在個人和職業活動中都依賴 Photoshop 和 PDF 等品牌。全球成千上萬的企業每天都在藉助 Adob​​e 的力量實現業務轉型。

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. We are creating large addressable markets in the creativity, document and customer experience management categories. Our opportunity has never been greater.

我們強大的品牌影響力、產品和服務的持續創新、對技術平台的大力投入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。我們正在創意、文件和客戶體驗管理領域創造巨大的潛在市場。我們的機會從未如此之大。

In our Digital Media business, we drove strong revenue growth in both Creative Cloud and Document Cloud in Q2. Net new Digital Media annualized recurring revenue, or ARR, was $406 million, and total Digital Media ARR exiting Q2 grew to $7.47 billion. Q2 Creative revenue was $1.59 billion, which represents 22% year-over-year growth. 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. This is the golden age of creativity, and our vision for Creative Cloud is to be the creativity platform for all. Whether you're a student, an experienced designer, a YouTuber or a marketer, storytelling is central to the way you communicate and connect.

在我們的數位媒體業務中，第二季度 Creative Cloud 和 Document Cloud 的營收均實現了強勁成長。淨新增數位媒體年度經常性收入（ARR）為 4.06 億美元，截至第二季末，數位媒體 ARR 總營收成長至 74.7 億美元。第二季創意營收為 15.9 億美元，較去年同期成長 22%。行動端是我們數位媒體業務的順風，我們正在推動行動端流量和會員註冊量顯著成長。這是一個創意的黃金時代，我們對 Creative Cloud 的願景是成為面向所有人的創意平台。無論你是學生、經驗豐富的設計師、YouTuber 或行銷人員，說故事都是你溝通和聯繫的核心方式。

The key part of our Creative Cloud growth strategy is appealing to new segments of users. 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. Spark traffic on web and mobile has more than doubled year-over-year. In Q2, we expanded Spark's global footprint with support for 5 new languages: Brazilian-Portuguese, French, German, Italian and Spanish.

我們 Creative Cloud 成長策略的關鍵在於吸引新的用戶群。Adobe Spark 是我們推出的產品，它能輕鬆地將想法轉化為引人入勝的故事、圖形和網頁，目前正迅速受到從課堂到董事會等各領域創作者的歡迎。Spark 在網頁和行動端的流量較去年同期成長超過一倍。第二季度，我們透過支援 5 種新語言（巴西葡萄牙語、法語、德語、義大利語和西班牙語）擴大了 Spark 的全球影響力。

We've expanded our vision of platforms to include social media channels like Facebook, Instagram and YouTube. Premiere Rush is rapidly becoming the solution of choice for YouTubers and social video creators. Premiere Rush is now available on Android in addition to iOS, MAC and Windows.

我們擴大了平台的概念範圍，將 Facebook、Instagram 和 YouTube 等社群媒體管道也納入其中。Premiere Rush 正迅速成為 YouTube 用戶和社群影片創作者的首選解決方案。除了 iOS、MAC 和 Windows 系統外，Premiere Rush 現在也支援 Android 系統了。

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

體驗設計是最具爆發力的創意類別之一，我們將繼續利用 Adob​​e XD（我們的 UX 和 UI 設計系統）在這個領域進行創新。我們在五月發布了 Adob​​e XD 的重大更新，使團隊能夠創建和共享設計，從而提高生產力和協作能力。

In Q2, we drove strong subscription growth across our flagship photography and digital video offerings. At NAB in Las Vegas, we unveiled new innovations across Premiere Pro, Audition, Character Animator and After Effects. 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. It won 5 awards at the show, including the NAB Show Product of the Year Award.

第二季度，我們的旗艦攝影和數位視訊產品訂閱量實現了強勁成長。在拉斯維加斯舉行的 NAB 展會上，我們發布了 Premiere Pro、Audition、Character Animator 和 After Effects 的多項創新功能。一項令人興奮的消息是，由 Adob​​e Sensei 提供支援的 After Effects 中推出了內容感知填充功能，該功能可以神奇地使編輯人員能夠無縫地從影片中刪除不需要的對象，從而節省數小時繁瑣的手動工作。該產品在展會上榮獲 5 項大獎，其中包括 NAB 展會年度產品獎。

We continue to expand Creative Cloud with value-added services. Adobe Stock, our fast-growing service for stock images, videos and millions of additional creative assets, grew greater than 25% year-over-year. We're proud of the role our solutions play in inspiring the global creative community and shaping popular culture. This quarter, we launched a creative campaign with 17-year-old music sensation Billie Eilish, which inspired significant participation among our important student segment.

我們將繼續透過增值服務擴展 Creative Cloud。Adobe Stock 是我們快速成長的圖庫服務，提供圖片、影片和數百萬其他創意素材，較去年同期成長超過 25%。我們為我們的解決方案在激發全球創意社群和塑造流行文化方面所發揮的作用感到自豪。本季度，我們與 17 歲的音樂新星 Billie Eilish 合作推出了一項創意活動，激發了我們重要的學生群體的廣泛參與。

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

借助 Adob​​e Document Cloud，我們正在重新定義人們在雲端和行動時代掃描、編輯、協作、簽名和共享文件的方式。第二季 Document Cloud 的營收創下 2.96 億美元的紀錄，在 Acrobat 訂閱用戶持續強勁成長的推動下，Document Cloud 的年度經常性營收成長至 9.21 億美元。

Mobile is the next frontier for digital documents and our flagship apps. Adobe Reader for mobile and Adobe Scan continue to gain traction. 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.

行動裝置是數位文件和我們旗艦應用程式的下一個前沿領域。Adobe Reader 行動版和 Adob​​e Scan 的使用者數量持續成長。Adobe Scan 能夠捕捉從文件到表格、白板草圖或名片等各種內容，並將它們轉換為完美無瑕的高品質 PDF 文件，目前已成為 iOS 和 Android 上領先的掃描應用程式。

We're driving adoption for Adobe Sign, our cloud-based electronic signature solution, with customers including Merck, Hitachi and Iowa State University. They're using Adobe Sign to provide a better customer experience, close contracts and win business.

我們正在推動 Adob​​e Sign（我們的雲端電子簽名解決方案）的普及，客戶包括默克、日立和愛荷華州立大學。他們使用 Adob​​e Sign 來提供更好的客戶體驗、達成協議並贏得業務。

In our Digital Experience business, we achieved record Experience Cloud revenue of $784 million for the quarter, which represents 34% year-over-year growth. To win in today's competitive landscape, businesses must become more customer-centric and data-driven. 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. At the core of Adobe's own transformation has been our use of Adobe Experience Cloud.

在我們的數位體驗業務中，本季體驗雲端收入創下歷史新高，達到 7.84 億美元，年增 34%。要想在當今競爭激烈的市場環境中取得成功，企業必須變得更加以客戶為中心，更加數據驅動。我們對 Adob​​e Experience Cloud 的願景是，讓企業能夠利用資料重新構想整個客戶旅程，從而了解並推動其業務從發現、試用、購買、使用到續訂的整個過程。Adobe自身轉型的核心在於我們對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. Key Experience Cloud customer wins in Q2 include Amazon, Rite Aid, Vodafone and Wyndham Hotels. 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.

各國和產業的 B2B 和 B2C 公司都在選擇 Adob​​e Experience Cloud，這是唯一一款集行銷、廣告、分析和商務於一體的端到端解決方案，幫助企業掌握客戶體驗管理的藝術和科學。第二季 Key Experience Cloud 贏得的客戶包括亞馬遜、Rite Aid、沃達豐和溫德姆酒店集團。收購 Magento 和 Marketo 顯著提升了我們對現有客戶的價值，幫助我們吸引了新客戶，並擴大了 Adob​​e 的潛在市場機會。

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. 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.

Magento 為我們的 Experience Cloud 願景錦上添花，它讓我們能夠讓每一刻都充滿個人化，讓每一次體驗都可購物，同時也吸引了龐大而充滿活力的開發者社群加入 Adob​​e。本季度，我們宣布推出基於 Magento Commerce 平台構建的 Adob​​e Commerce Cloud，並與 Adob​​e Analytics Cloud、Marketing Cloud 和 Advertising Cloud 深度整合。

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，這將為商家提供更無縫的方式來管理他們在 Amazon.com 和他們自己的店鋪中的業務。

With the addition of Marketo, Adobe provides the leading marketing engagement platform for both B2B and B2C customers. We've deepened the integration between Adobe Marketing Cloud and Marketo Engage. We're leveraging Adobe Sensei so companies can deliver the right experiences to the right people at the right time.

透過收購 Marketo，Adobe 為 B2B 和 B2C 客戶提供了領先的行銷互動平台。我們深化了 Adob​​e Marketing Cloud 和 Marketo Engage 之間的整合。我們正在利用 Adob​​e Sensei，讓企業在合適的時間向合適的人提供合適的體驗。

This quarter, we announced our partnership with LinkedIn, empowering B2B marketers and sellers to easily identify, understand and engage B2B customer buying teams. At Summit, we announced the global availability of Adobe Experience Platform, the industry's first real-time platform for customer experience management. 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.

本季度，我們宣布與 LinkedIn 建立合作夥伴關係，使 B2B 行銷人員和銷售人員能夠輕鬆識別、了解和吸引 B2B 客戶採購團隊。在高峰會上，我們宣布了 Adob​​e Experience Platform 的全球發布，這是業界首個用於客戶體驗管理的即時平台。Adobe Experience Platform 提供即時 CDP 和 DMP 功能，並將來自整個企業的資料整合在一起，創建即時客戶畫像，並實現高度個人化體驗的啟動和交付。

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.

包括百思買、索尼互動娛樂、家得寶和威瑞森無線在內的一些世界領導品牌已經開始使用 Adob​​e Experience Platform 的測試版。

We've built a strong ecosystem of global partners. Recently, we announced new partnerships with ServiceNow and Software AG. We will deliver integration between Adobe Experience Platform and the ServiceNow platform as well as with Software AG's webMethods platform.

我們已經建立了一個強大的全球合作夥伴生態系統。最近，我們宣布與 ServiceNow 和 Software AG 建立新的合作夥伴關係。我們將實現 Adob​​e Experience Platform 與 ServiceNow 平台以及 Software AG 的 webMethods 平台之間的整合。

Adobe and Marketo were both positioned as Leaders by Gartner in the Magic Quadrant for Multichannel Marketing Hubs. Among the 21 companies evaluated, Adobe achieved the strongest position for completeness of vision. Adobe Experience Cloud was recently named a leader in the Gartner Magic Quadrant for Digital Experience platforms. 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.

Gartner 將 Adob​​e 和 Marketo 都列為多通路行銷中心魔力像限的領導者。在接受評估的 21 家公司中，Adobe 在願景完整性方面取得了最強的成績。Adobe Experience Cloud 最近被 Gartner 評為數位體驗平台魔力像限的領導者。Adobe Marketing Cloud、Advertising Cloud 和 Analytics Cloud 經過 TrustArc 的審核和成功驗證，使 Adob​​e 成為數位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. We're proud Adobe was honored with a Hope Award from the National Center for Missing and Exploited Children. 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.

我們致力於透過數位化體驗改變世界，這賦予了我們工作意義。我們很榮幸 Adob​​e 獲得了美國國家失蹤與受虐兒童中心頒發的希望獎。十多年來，Adobe 一直透過軟體貢獻和技術專長與 NCMEC 合作，為 NCMEC 的重要使命服務：尋找失蹤兒童，防止兒童遭受剝削和侵害。

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

在 Adob​​e，員工是我們最大的資產，我們將繼續投資未來的人才。今年夏天，我們很高興地歡迎來自全球 150 多所院校的 1000 多名實習生和應屆畢業生加入 Adob​​e。我們透過賦能員工進行創造，改變企業競爭方式的策略，在市場上提供了獨特的價值主張，並為我們的業務成長帶來了巨大的潛在機會。

FY '19 is expected to be another record year. We expect the first half momentum to continue in the second half. Our revenue growth, cash flow and operating profit differentiates us among SaaS companies at scale.

預計2019財年將再次創下紀錄。我們預計上半場的良好勢頭將在下半場延續。我們的營收成長、現金流和營業利潤使我們在眾多規模化的SaaS公司中脫穎而出。

John?

約翰？

Thanks, Shantanu.

謝謝你，沙塔努。

As with last quarter, we are reporting results based on our adoption of ASC 606 this fiscal year. As a reminder, our results in the year ago fiscal period were reported based on ASC 605. We have not adjusted our prior fiscal year reported numbers for comparison purposes under ASC 606.

與上個季度一樣，我們根據本財年採用 ASC 606 準則來報告業績。提醒一下，我們上一年的財務表現是根據 ASC 605 報告的。為了方便比較，我們沒有根據 ASC 606 對上一財政年度報告的數字進行調整。

In Q2 FY '19, Adobe achieved record revenue of $2.74 billion, which represents 25% year-over-year growth. GAAP diluted earnings per share in Q2 was $1.29, and non-GAAP diluted earnings per share was $1.83.

2019 財年第二季度，Adobe 實現了創紀錄的 27.4 億美元收入，年增 25%。第二季GAAP稀釋後每股盈餘為1.29美元，非GAAP稀釋後每股盈餘為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.

第二季業務與財務亮點包括：數位媒體收入創歷史新高，達 18.9 億美元，其中包括創意收入 15.9 億美元和 Adob​​e Document Cloud 營收 2.96 億美元；數位媒體新增淨經常性收入強勁增長，達 4.06 億美元；約數位收入創歷史新高，達 7.84 億美元億美元；經營活動產生的現金流為 11.1 億美元；透過股票回購回購了 250 萬股股票；第二季約 91% 的收入來自經常性收入。

In our Digital Media segment, we achieved record revenue of 22% year-over-year growth. The addition of $406 million net new Digital Media ARR during the quarter grew the total to $7.47 billion. Within Digital Media, we achieved another strong quarter with our Creative business. Creative revenue grew 22% year-over-year in Q2, and we increased Creative ARR by $341 million.

在數位媒體業務方面，我們實現了創紀錄的年增 22% 的收入。本季新增 4.06 億美元淨數位媒體 ARR，使總 ARR 達到 74.7 億美元。在數位媒體領域，我們的創意業務又取得了強勁的季度業績。第二季創意營收年增 22%，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.

第二季轉換率、追加銷售和用戶留存率的顯著成長驅動因素包括：眾多旨在創造需求的全球舉措推動了新用戶成長，包括有針對性的行銷活動和促銷活動，利用透過行動應用程式和線上互動進入 Creative Cloud 的用戶管道，並持續關注沉浸式媒體和社群媒體創作者等新類別；Creative Cloud 攝影計畫訂閱；企業版，包括客戶獲取、席位擴展和服務採用；以及 Adob​​e Stock 的採用，其收入和訂閱成長率依然強勁。

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. 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.

第二季度，我們的文檔雲端營收創下歷史新高，達到 2.96 億美元，年增 22%，本季新增文檔雲淨收入 6,500 萬美元。Document Cloud 業務的成長得益於 adobe.com 的強勁需求、Acrobat 永久用戶持續向訂閱用戶遷移、企業服務採用以及行動應用程式使用貨幣化。

In addition, Adobe Sign achieved another strong quarter of growth. In our Digital Experience segment, we achieved record quarterly Experience Cloud revenue of $784 million, which represents 34% year-over-year growth. Experience Cloud subscription revenue was a record $654 million. 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.

此外，Adobe Sign 又實現了強勁的季度成長。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 7.84 億美元，年增 34%。Experience Cloud 訂閱營收創下 6.54 億美元的紀錄。本季數位體驗業務的業績成長主要得益於以下方面的優勢：Adobe Marketing Cloud（包括 Adob​​e Experience Manager、Adobe Target 和 Adob​​e Campaign）；多解決方案數位轉型專案；以及在企業中交叉銷售 Magento 和 Marketo 的良好勢頭。

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

第二季度，我們將繼續專注於推動 Magento 和 Marketo 的協同效應，包括組織架構、產品和市場推廣方面的協調一致。Magento 和 Marketo 都在美國和歐洲的峰會活動中得到了重點展示，我們也在第二季度舉辦了 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. We had another successful quarter of selling alongside Microsoft where our combined value proposition is resonating with enterprise customers.

我們企業合作夥伴生態系統的深度和廣度仍然是我們的競爭優勢，有助於業務拓展、客戶成功以及財務表現。我們與微軟的合作銷售又取得了成功，我們雙方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. Total Adobe Q2 year-over-year revenue growth would have been 27% if measured in constant currency. In year-to-date, total first half FY '19 year-over-year revenue growth would have been 26% if measured in constant currency.

匯率波動對我們的整體財務表現產生了負面影響。若以固定匯率計算，Adobe 第二季總營收年增率為 27%。截至目前，2019 財年上半年的總營收年增率（以固定匯率計算）為 26%。

More specifically in Q2, from a quarter-over-quarter currency perspective, FX decreased revenue by $4.9 million. We had $9 million in hedge gains in Q2 FY '19 versus $8.5 million in hedge gains in Q1 FY '19. Thus, the net sequential currency decrease to revenue considering hedging gains was $4.4 million.

更具體地說，從季度環比匯率的角度來看，外匯導致第二季收入減少了 490 萬美元。2019 財年第二季度，我們的對沖收益為 900 萬美元，而 2019 財年第一季的對沖收益為 850 萬美元。因此，考慮到對沖收益，淨環比匯兌收入減少 440 萬美元。

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

從年比匯率角度來看，外匯交易導致收入減少了 4,530 萬美元。2019 財年第二季對沖收益為 900 萬美元，而 2018 財年第二季對沖收益為 30 萬美元，考慮到對沖收益，導致收入年淨減少 3,660 萬美元。

In Q2, Adobe's effective tax rate was 11% on a GAAP and non-GAAP basis. Our trade DSO was 42 days, which compares to 44 days in the year ago quarter and 46 days last quarter.

第二季度，Adobe 的實際稅率以 GAAP 和非 GAAP 計算均為 11%。我們的貿易應收帳款週轉天數為 42 天，去年同期為 44 天，上一季為 46 天。

Remaining performance obligation, or RPO, was approximately $8.37 billion exiting Q2, which compares to $8.13 billion exiting Q1. Deferred revenue exiting Q2 was $3.13 billion. The sequential decline in deferred revenue was a result of timing rather than business performance due to fewer billing cycles in our second quarter. The impact was more than offset by an increase in unbilled backlog.

截至第二季末，剩餘履約義務（RPO）約為 83.7 億美元，而截至第一季末為 81.3 億美元。截至第二季末，遞延營收為31.3億美元。遞延收入環比下降是由於時間因素而非業務表現所致，原因是第二季帳單週期較少。未結算積壓訂單的增加完全抵消了上述影響。

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. In Q2, we repurchased approximately 2.5 million shares at a cost of $659 million. We currently have $6.6 billion remaining of our $8 billion repurchase authority granted in May 2018, which goes through 2021.

截至第二季末，我們的現金及短期投資部位為 34.8 億美元，該季經營活動產生的現金流量為 11.1 億美元。第二季度，我們以 6.59 億美元的價格回購了約 250 萬股股票。我們目前還有 66 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. 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.

現在我將討論我們的財務目標。再次提醒，我們的第三季包括六月、七月和八月這三個夏季月份，我們預期正常的季節性因素會對該季度的業績產生影響。

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.

2019 財年第三季度，我們的目標是營收約 28 億美元；數位媒體部門營收年增約 20%；新增數位媒體年度經常性收入淨額約 3.6 億美元；數位體驗部門營收年增約 34%；其他金額約 2,200 萬美元；GAAP 與非 GAAP 14. 每股收益約 14.AP 每股 1.453；美元；非 GAAP 每股收益約 1.95 美元。

As usual, we are not updating annual targets at this time of the year. 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. We continue to expect sequential operating margin growth as we move through the second half of the year.

與往年一樣，我們在這個時節不會更新年度目標。我們對上半年的業績感到滿意，並預計上半年的良好勢頭將在下半年延續，第三季將出現典型的季節性波動，第四季將表現強勁。我們預計，隨著下半年的到來，營業利潤率將繼續環比成長。

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

現在我將把電話轉回給麥克。

Thanks, John.

謝謝你，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. On day 1 at MAX, on Monday, November 4, we plan to host a financial analyst meeting. Invitations, including discounted registration information, will be sent to our analyst and investor e-mail list later this summer. More information about the event can be found online at max.adobe.com.

Adobe MAX 是我們專注於數位媒體解決方案的使用者大會，將於今年 11 月的第一周在洛杉磯舉行。在 MAX 大會的第一天，也就是 11 月 4 日星期一，我們計劃舉辦一場金融分析師會議。今年夏季晚些時候，我們將向分析師和投資者電子郵件清單發送邀請函，其中包含折扣註冊資訊。有關本次活動的更多信息，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. Alternatively, you can listen to a phone replay by calling (888) 203-1112, use conference ID #2843011. International callers should dial (719) 457-0820. The phone playback service will be available beginning at 5 p.m. Pacific Time today and ending at 5 p.m. Pacific Time on June 25, 2019.

如果您想收聽今天電話會議的回放，本次電話會議的網路直播存檔將於今天稍後在我們的投資者關係網站上提供。或者，您可以撥打 (888) 203-1112，使用會議 ID #2843011 收聽電話錄音。國際來電者請撥打 (719) 457-0820。電話重播服務將於下午5點開始提供。太平洋時間今天下午5點結束。太平洋時間2019年6月25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'll take our first question from Brent Thill with Jefferies.

（操作員說明）我們首先來回答來自傑富瑞集團的布倫特·蒂爾提出的問題。

Shantanu, just on Magento and Marketo. 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.

Shantanu，僅支援Magento和Marketo。我們只是想了解您對於整合工作的最新想法，您在實際操作中的表現，以及這兩項收購在客戶方面的進展，這將對我們很有幫助。

Sure, Brent. Both of them are actually, big picture, going really well. We have, as you saw, started to integrate the products, the delivery of the Adobe Commerce Cloud that was based on Magento Commerce. 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. We did some good work as it related to integration between the Adobe Experience Manager as well as the Adobe Commerce Cloud. So you can now have in a single digital foundation the ability to do web content management, analytics as well as commerce. So product integration with Magento is going well.

當然可以，布倫特。從整體來看，他們倆的情況其實都很好。正如您所看到的，我們已經開始整合產品，交付基於 Magento Commerce 的 Adob​​e Commerce Cloud。我們也宣布了一些不錯的合作關係，這與我們和亞馬遜正在做的事情有關，目的是讓眾多中小企業能夠基於這項綜合技術來提供他們的線上店鋪服務。我們在 Adob​​e Experience Manager 和 Adob​​e Commerce Cloud 的整合方面做了一些不錯的工作。現在，您可以在一個統一的數位平台上實現網站內容管理、分析以及商務功能。因此，產品與Magento的整合進展順利。

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. 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.

我認為在市場上——市場推廣策略，我們擁有的企業級策略，這顯然是 Adob​​e 的優勢，我們正在透過這種企業級市場推廣策略來推廣 Magento 解決方案。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，因為兩者的結合使我們在市場上更有分量。

And on Marketo as well, I mean it's clearly a fabulous SaaS platform for engagement as it relates to B2B marketing. 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. So pleased with it. Results are good, continued focus. 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.

至於 Marketo，我的意思是，它顯然是一個非常棒的 SaaS 平台，可以用於 B2B 行銷中的互動。重點在於與 Adob​​e Analytics 的集成，以及確保 Campaign 和 Marketo 的組合將成為最佳的 B2E，我們稱之為面向所有人的企業互動平台。非常滿意。結果不錯，繼續保持。我認為，這也是我們加快組織協調以確保適當協調的原因之一。

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

接下來，我們將回答瑞銀集團的珍妮佛洛提出的問題。

It was nice to see the net new ARR outperformance this quarter. 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. In particular in the last quarter, there were some unusual items in there. I just want to check was there anything unusual this quarter. 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. Anything to keep in mind there as well?

很高興看到本季新增年度經常性收入淨額超出預期。所以——聽起來好像是幾個不同的因素造成的，但如果能更詳細地說明是什麼推動了上漲就太好了。尤其是在上一季度，出現了一些不尋常的項目。我只是想確認一下本季有沒有什麼異常情況。最後，當我們考慮第三季的季節性因素時，這份指南似乎暗示的季節性比去年要強一些。還有什麼需要注意的嗎？

Yes. I think big picture, Jennifer, Digital Media, we continue to do really well. We had, as you point out, a great Q2 achieving, I think, $406 million in net new ARR, which is a record for Q2.

是的。我認為從大局來看，珍妮弗，在數位媒體方面，我們繼續做得非常好。正如您所指出的，我們第二季表現出色，淨新增 ARR 達到 4.06 億美元，創下第二季紀錄。

Certainly, I think in terms of the different offerings, as John mentioned in his prepared remarks, we are seeing traction on the video offerings. We're seeing traction with enterprise adoption services. Both Stock and Sign are continuing to perform quite well. International expansion continues to be an area of opportunity as well as new customer acquisition through the marketing campaigns that we have.

當然，我認為就不同的產品而言，正如約翰在他準備好的演講稿中提到的那樣，我們看到視訊產品越來越受歡迎。我們看到企業採用服務方面取得了進展。Stock 和 Sign 兩家公司目前都表現良好。國際擴張仍然是一個充滿機會的領域，透過我們的行銷活動，我們也能持續獲得新客戶。

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.

正如你再次指出的那樣，想想我們為第三季設定的 3.6 億美元目標，這將是第三季的紀錄，再加上上半年超過 7.5 億美元的年度經常性收入，我的意思是，很明顯，業務勢頭仍在繼續。

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

關於您提出的季節性和色彩方面的問題，我認為我們預計第四季度新增DME ARR淨額將與去年第四季的情況類似。因此，綜合所有因素來看，這意味著我們在 2019 年將再次創下新的年度經常性收入 (ARR) 紀錄。

And I think underlying all of that, as we've outlined to you, is the DDOM model that we have. It allows us to optimize our marketing spend. It allows us to engage better with customers, and MAX should be another great show for that business.

我認為，正如我們向你們概述的那樣，所有這一切的基礎是我們擁有的 DDOM 模型。它可以幫助我們優化行銷支出。它使我們能夠更好地與客戶互動，MAX 展會應該會是這項業務的另一個重要展會。

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

抱歉，我還應該提一下，正如您從結果中清楚地看到的那樣，Acrobat 的表現仍然非常出色。

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

接下來，我們將回答摩根士丹利的基斯‧韋斯提出的問題。

Very nice quarter. I wanted to touch base on kind of leadership on the Digital Experience side of the equation. Kind of what were the current thought processes? 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?

非常好的街區。我想談談數位化體驗的領導力議題。當時的思考過程大致是怎麼樣的？我相信，Shantanu，你在領導方面做得非常出色，但是我們是否計劃更換Brad？推出新領導階層的計畫是什麼？新資源將如何融入新的領導計畫？

Thanks, Keith, for the question. It's such a large opportunity that we're completely convinced, I am, that the focus on the aligned organization was the right choice. It's been great. I focus a lot of time on the customers. 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. You've seen the general availability of the Adobe Experience Platform, the artificial intelligence features that were now in beta, attribution and customer journey. 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. 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. 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.

謝謝你的提問，基斯。這是一個如此巨大的機遇，我們完全相信，我自己也堅信，專注於協調一致的組織是一個正確的選擇。感覺很棒。我把很多時間都花在客戶身上。我認為在過去的 10 天裡，有 3 位財富 100 強企業的 CEO 來和我們討論我們對數位轉型的看法和願景，他們花了很多時間研究產品，以確保我們達成高度一致。您已經看到了 Adob​​e Experience Platform 的全面推出，以及先前處於測試階段的人工智慧功能、歸因分析和客戶旅程分析。我們與 Software AG 和 ServiceNow 簽署了一些很棒的合作協議，並且一直在努力讓公司更加重視以客戶為中心。我認為，正如我們之前向您（Keith）概述的那樣，我們已經將 Magento 和 Marketo 這兩項收購整合起來，並將其作為優先事項，我們把我們在 DDOM 中秉持的嚴謹態度帶到了 Magento 和 Marketo，以創建節奏和以客戶為中心的模式，推進銷售渠道，促進軟體市場需求生成，以及完善軟體交付生命週期。因此，我對目前的管理團隊也感到非常滿意，他們非常強大，已經挺身而出，並且執行得井井有條。

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

所以，雖然尋找工作仍在繼續，但我們並沒有耽誤進度，我也投入了大量時間，這讓我對這項業務的長期發展機會充滿信心。而且，就我們需要做的事情而言，這絲毫沒有阻礙進展。

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

接下來，我們將回答來自瑞士信貸的布拉德·澤爾尼克提出的問題。

Congrats as well on a great quarter. 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. How will Adobe Experience Platform differentiate from peers? And why is your product going to be better and win in the market?

恭喜你本季業績出色。Shantanu，關於客戶資料平台，最近 Adob​​e 發布了許多消息，你們的一些競爭對手也在關注他們自己的 CDP 產品。Adobe Experience Platform 將如何與同類產品區分開來？為什麼你的產品會更好，在市場上獲勝？

It's a good question, Brad. And I think fundamentally, it stems from the fact that when you have the leading content management platform, we have the data. And I think that continues to differentiate us in terms of the customer and traction across different channel points.

布拉德，問得好。我認為從根本上講，這源於這樣一個事實：當你擁有領先的內容管理平台時，我們就擁有了數據。我認為這讓我們在不同管道的客戶和用戶成長方面繼續保持差異化優勢。

We've been talking to you for a couple of years of the investment that we've made in the Adobe Experience Platform. 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. 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. So we start off from that being a huge advantage.

過去幾年，我們一直在向你們介紹我們對 Adob​​e Experience Platform 的投資。我們的願景始終不僅是整合我們所有現有的解決方案，從而擁有一個涵蓋內容和數據的平台來贏得市場，而且坦白說，還要即時整合所有客戶資料。當客戶透過行動裝置造訪網站或透過網站造訪網站，或客戶允許我們存取其他管道資料時，所有這些客戶互動都會發生，這是其他公司所不具備的獨特差異化優勢。所以，這本身就是一個巨大的優勢。

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，我們在資料收集方面所投入的努力，我們建立的合作夥伴關係生態系統，我們達成的通用分類法，與 SAP 和微軟在 ODI 方面的合作，以及我們不斷獲得的信譽——每年處理數萬億筆交易，我們擁有更多洞察力來激活它——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. There is just so much opportunity. 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.

我認為，就整個體驗雲而言，我會繼續強調，當我們談到它擁有超過 700 億美元的潛在市場時，你應該把它看作是一種輸贏局面。這裡有很多機會。但是，結合我們之前在 Audience Manager 和 DMP 以及 Demdex 中所做的工作，再加上我們在 CDP 中所做的一切，並確保所有功能都能即時運行，我認為這對 Adob​​e 來說是一個獨特的組合。

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

接下來，我們將回答來自巴克萊資本的薩克特·卡利亞提出的問題。

Maybe for you, Shantanu, just to dig into one of the prior questions on Creative. Adobe Spark seems to be doing very well. So can you just talk a little bit about why you think that's doing so well? 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.

或許對你來說，Shantanu，可以深入探討之前關於創意的某個問題。Adobe Spark 似乎發展得非常好。那麼，您能否簡單談談您認為它表現如此出色的原因？更具體地說，談談 Spark 在過去幾年的表現，從終身價值和客戶獲取成本方面定性地觀察了什麼。

Yes. 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. 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. 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.

是的。薩凱特，我的意思是，我認為這源自於我們所持有的這個基本斷言和假設——我們相信每個人都有故事要說。從 K-12 學生到世界上最大的企業，都想使用社群媒體，都想透過快速的模板化方法來表達自己，然後逐步發展這種專業知識來使用我們的產品，這簡直就是一個絕佳的入門途徑。因此，我們擁有數百萬客戶，在教育領域的滲透本身就是一個機會，坦白說，這是一個絕佳的品牌建立機會，可以提高人們對 Adob​​e 解決方案在各個方面功能的認識。

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. And it doesn't matter whether you're starting history or geography. 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. And I think we've really struck a chord with a great, great product across both mobile.

所以我覺得——我們已經討論這個問題一段時間了——現在是創意和設計的黃金時代。無論你一開始學習的是歷史還是地理，都無關緊要。我的意思是，能夠以視覺和圖形的方式表達自己，並在社交管道上這樣做，是它本身固有的組成部分。我認為我們憑藉這款優秀的產品，在行動和終端機端都引起了用戶的共鳴。

I think the fact that we're exploring different platforms. And previously, we used to look at print and web as a platform. Now we look at even channels like YouTube as a platform. It's just a great, in addition to mobile, way to attract new customers. 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.

我認為我們正在探索不同的平台。以前，我們把紙媒和網路視為一個平台。現在我們甚至把 YouTube 這樣的頻道也視為一個平台。除了行動端之外，這也是吸引新客戶的絕佳方式。所以我認為，這就是為什麼它能真正引起客戶的共鳴，以及為什麼無論從 ARR 的角度來看，它都會繼續增長，而且從整體品牌和知名度來看，它都是我們繼續保持數位媒體 ARR 成長勢頭的重要因素。

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

接下來，我們將回答來自摩根大通的斯特林·奧蒂提出的問題。

Maybe I can bring John into the conversation here. 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.

或許我可以把約翰也拉進這個討論。考慮到本季 Creative Cloud 的成長情況，我很好奇，有沒有辦法將成長分解為多少來自過去幾季價格調整帶來的成長，以及多少來自純粹的銷售成長。

Yes. Sure. It's really coming from both. 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. And then earlier this year, in February, we did price increase for Doc Cloud and also in EMEA for Creative. 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. 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. And then as they get comfortable with those, they end up -- we're able to upsell them into full suite products for multiple applications. 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.

是的。當然。實際上，這種想法來自雙方。想想我們去年第二季在北美漲價，正如我們所說，這將帶來收益，而且隨著我們今年迎來提價週年，這一收益肯定會持續下去。今年早些時候，也就是 2 月份，我們對 Doc Cloud 進行了漲價，在歐洲、中東和非洲地區，我們對 Creative 也進行了提價。所以所有這些都是有益的，但我們長期以來一直在討論的一件事是，吸引新用戶加入平台才是我們最大的成長機會。我們能夠做到這一點，是因為我們推出了各種新產品，吸引人們使用我們的平台，因為其中一些新產品更容易上手。然後，當他們逐漸適應這些產品後，我們就能向他們推銷適用於多種應用的完整套件產品。因此，我們有機會從多個不同角度來解決這個問題，而且我們現在已經成功地增加了平台上的用戶數量，並充分利用了行動應用程式入口。

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

但如果你從實質角度來看，斯特林，你應該這樣看待這個問題：主要是新用戶成長和新訂閱。我認為我們提供的價值使我們能夠繼續推動人們過渡到新定價的周年紀念，讓他們保持忠誠度，並提高他們的參與度。但就攝影和影片而言，推動數位媒體 ARR 成長的主要因素是新用戶的成長。

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

接下來，我們將回答來自美國銀行的卡什·蘭甘提出的問題。

Congratulations. 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. 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. Is it just a function of conservatism given maybe a questionable macro environment? 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? Just wondering what your thoughts are there, and congrats.

恭喜。我很好奇，鑑於本季的強勁表現，你們的淨新增 ARR 業績非常出色，而且在 Experience Cloud 方面，你們的預訂量也非常好。但當我查看業績指引時，雖然你們沒有改變全年的業績指引，但第三季的數據至少與華爾街的預期相比略顯疲軟。這是否僅僅是保守主義在當前可能存在問題的宏觀環境下的一種體現？或者只是因為業務的季節性，我們第一次有機會對包括收購在內的業務季節性進行建模，而我們可能與 Adob​​e 新的季節性略有偏差？想知道你對此有何看法，恭喜你。

Yes. I think -- sure. Thanks first. 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. 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. I think on Digital Media, I gave some color as it related to what will certainly be a record Digital Media ARR year. And I think we factor in seasonality. And so that's, I think, part of how you should be thinking about Q3 versus Q4.

是的。我想——當然可以。首先感謝。我的意思是，從大局來看，很明顯我們又​​迎來了一個創紀錄的年份，並且在創意、文件和體驗這三大行銷雲的所有成長機會方面都取得了巨大的成功。正如您所指出的，業績表現良好，營收成長 25%，現金流充裕，每股盈餘強勁，同時利潤率也不斷提高。我認為在數位媒體方面，我闡述了一些與即將創下數位媒體年度經常性收入紀錄的一年相關的資訊。我認為我們考慮到了季節性因素。所以，我認為這就是你思考第三季與第四季時應該如何看待這個問題的一部分原因。

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. And it's closer to 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.

還有 NDX，我的意思是訂閱收入成長，如果你看一下，你會發現收入成長了 34%，而訂閱收入成長肯定超過了這個數字。更接近 39%。所以我認為這也反映了我們持續取得的成功，以及我們擁有領先的 SaaS 企業平台，可以幫助企業以數位化方式與客戶互動。

And so I think big picture, the 2 opportunities continue to be significant tailwinds. We're executing well against it. I think we'll give you more color as it relates to Q4 in September as well as 2020 at MAX. But continue to be really optimistic. And I think where we are in the quarter, just updating annual numbers for a year is akin to giving Q3 and Q4 targets. 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.

因此，我認為從宏觀角度來看，這兩個機會將繼續成為重要的順風。我們應付得很好。我認為我們將在 9 月的 MAX 大會上為您帶來更多關於第四季度以及 2020 年的詳細資訊。但請繼續保持樂觀。我認為，就目前這個季度的情況來看，僅僅更新年度數據就相當於給出第三季和第四季的目標。所以正如你所知，我們通常不會這樣做，但這不應該改變我們業務發展勢頭良好以及對未來充滿樂觀的事實。

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

接下來，我們將回答來自伯恩斯坦研究公司的馬克‧莫德勒提出的問題。

Congrats also on the quarter. 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. Can you give us a bit more color on what's driving that strength? I appreciate.

也恭喜你本季取得佳績。因此，儘管面臨更艱難的比較（因為你們趕上了Magento的收購，並且在一定程度上趕上了Marketo），你們仍然實現了下半年數位行銷34%的成長。您能否更詳細地介紹一下這種優勢背後的驅動因素？謝謝。

I think as it relates to the Digital Experience business, we've always outlined, Mark, that the focus has been on driving subscription bookings. I think as the deferred revenue also starts to taper off, that's certainly going to factor into what happens. But it's just a large addressable opportunity. We have the market-leading products, and we continue to be excited about how we execute against that. So that's how I would think about that particular business.

我認為，就數位體驗業務而言，我們一直強調，重點是推動訂閱預訂。我認為隨著遞延收入也開始逐漸減少，這肯定會對後續發展產生影響。但這只是一個巨大的潛在市場。我們擁有市場領先的產品，我們對如何將這些產品轉化為實際效益感到興奮不已。這就是我對那家公司的看法。

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

接下來，我們將回答來自 Griffin Securities 的 Jay Vleeschhouwer 提出的問題。

Shantanu, a technology strategy question. 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. We now have CDP, CXM, CXT, XPM and so forth. The question is ultimately does Adobe have a single underlying data model that is the Adobe data model. Or could you foresee 2 or more principal data models, particularly an 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. 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.

Shantanu，一個技術策略問題。我希望我們能夠解讀 Adob​​e 在峰會和其他場合與我們分享的大量 3 個字母的縮寫。我們現在有了 CDP、CXM、CXT、XPM 等等。最終的問題是，Adobe 是否擁有一個單一的底層資料模型，即 Adob​​e 資料模型。或者，您能否預見 2 個或多個主要資料模型，特別是 MTX？我這麼問部分原因是，在上個月的 EMEA 高峰會上，其中一個會議提到你們正在開發一個新的專用 B2B 資料模型。因此，或許你可以將此置於架構的複雜性以及技術可能對研發和銷售效率產生的影響的背景下考慮。

You forgot ODI and maybe a couple of other TLAs, Jay, but it's a good question. And I think as it relates to how we think about the technology underpinnings, we think about it from 2 strategic points of view. 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? 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. 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. And so we did that heavy lifting associated with having a common way to define the taxonomy, the customer journey across our products.

Jay，你漏掉了 ODI，可能還有其他幾個 TLA，但這確實是個好問題。我認為，就我們如何看待技術基礎而言，我們從兩個策略角度來考慮這個問題。首先，我們能否在自己的產品中提供一種通用的方法，讓人們能夠比任何其他單獨的產品供應商更好地為我們現有的應用程式提供整合？如你所知，我認為我們在數位媒體方面，在色彩、字體和趣味元素運用方面，比大多數人做得更好。正因如此，底層資料模型才能讓我們的應用程式在行銷活動、細分受眾群體或用戶群等方面比其他任何應用程式都更有效。因此，我們完成了與定義產品分類和客戶旅程相關的繁重工作，制定了通用的分類方法。

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. 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.

我們清楚地看到，就我們想要成為所有公司應對數位轉型的基礎架構的願景而言，這遠遠不夠。與微軟和 SAP 建立合作關係的原因，實際上是為了透過 ODI 實現這一目標，不僅是為了獲取客戶行為數據（我們顯然可以存取所有這些數據），而且還是為了將數據擴展到財務數據、交易數據，隨著時間的推移，擴展到物聯網數據。

And so the way I would think about it is it's a common taxonomy. It's a common way for people to extend it, but we don't have to do the heavy lifting of defining everything. 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. And so it enables the entire ecosystem to partner. So it's exciting. We deliver that through the Adobe Experience Platform. I talked in the prepared remarks about how we have early beta customers. We are starting to see it. Certainly, Adobe is using it in our own offering. But I think it's really going to be the underlying infrastructure for a next-generation enterprise who wants to engage with their customers. So we're excited about that.

所以我認為它是一種常見的分類方法。這是人們常用的擴充方式，但我們不必費力定義所有東西。這個模型的妙處在於，實際上，我們定義了框架、定義了 API、定義了服務，而其他人可以對其進行擴展和增強。因此，它使整個生態系統能夠開展合作。所以這很令人興奮。我們透過 Adob​​e Experience Platform 來實現這一點。我在準備好的演講稿中談到了我們擁有早期測試客戶的情況。我們開始看到這一點了。當然，Adobe 也在我們的產品中使用它。但我認為，它將成為下一代企業與客戶互動的基礎架構。我們對此感到很興奮。

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

接下來，我們將回答來自 Evercore ISI 的 Kirk Materne 提出的問題。

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

Shantanu，我想問關於 Sensei 的問題，在 Experience Cloud 方面的一些討論中，它是否被提及過。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。我只是有點好奇老師是否對討論有所貢獻，以及你們是否認為這在目前這個階段對你們來說是一個重要的轉折點。

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

我很高興你問了這個問題，因為我們經常談到我們在數位媒體產品中擁有的 Adob​​e 魔力，我們也確實談到了我們在內容感知填充方面所做的工作，這方面的魔力在於能夠跨幀執行此操作，並降低視頻產品的許多複雜性。我們在體驗雲中對 Sensei 這項技術進行了大量投資。

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

我舉幾個例子讓你更直觀地理解。我的意思是，首先，當你進行搜尋時，你在數位媒體中進行搜尋的方式，例如在庫存中查找某個物件（我們擁有最好的技術），仍然與你在電商領域進行搜尋的方式有很大不同。在電商領域，你可能會根據顏色或偏好類型來尋找某個物件。所以我認為在商業領域，Sensei 的搜尋功能以及找到你感興趣的合適商品的能力，改變了遊戲規則。在目標定位以及我們如何優化目標和推薦方面，人工智慧無疑是另一個有益的領域。當您談到訂閱模式、客戶偏好、預測哪些客戶可能流失以及如何透過各種管道與他們互動時，這是我們擁有人工智慧技術的另一個領域。

But in addition to that, as part of the Experience Platform, we actually now have modules. I talked a little bit about Attribution. AI and things like that which are AI modules and frameworks for people to actually augment their 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. But we've -- a track record of delivering against that has been strong, and it's only getting better.

但除此之外，作為體驗平台的一部分，我們現在實際上還有模組。我簡單談了一下歸屬問題。AI 以及類似的東西，例如 AI 模組和框架，供人們實際增強其 Experience Cloud。所以我認為，與其他公司不同，我們認為人工智慧最好是融入現有的每個解決方案中，並透過框架來實現。但我們在這方面一直表現出色，而且只會越來越好。

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

接下來，我們將回答來自 Stifel 公司的 Tom Roderick 提出的問題。

John, let me throw this one at you just looking at the Digital Experience segment itself. We saw a nice bounce back in the segment gross margins. And part of that, of course, is gaining scale and some of the deferred revenue write-downs rolling off. But the other part, of course, is realizing some of the integrations between the components. 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. In particular on the COGS side, are there elements of architectural leverage that are starting to show up? And then even below that line, are you seeing like sales leverage between the acquired properties?

約翰，我來給你提個醒，就從數位體驗這個細分領域本身來看。我們看到該業務板塊的毛利率出現了不錯的反彈。當然，其中一部分原因是規模擴大和一些遞延收入減損攤銷。當然，另一部分則是實現各個元件之間的一些整合。我希望您能談談您如何看待 Magento 和 Marketo 的特色與數位體驗核心之間的協同作用。尤其是在成本方面，是否存在一些架構槓桿作用的要素開始顯現？即使在這條線以下，您是否看到已收購物業之間存在銷售槓桿效應？

Yes. No. Absolutely. 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. 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. 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. 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.

是的。不。絕對地。可以肯定的是，我們看到我們收購的這兩處房產都具備統一平台開發的能力，這本身就帶來了一定的效率提升。此外，從市場推廣的角度來看，正如我們之前討論過的，我們已經將市場推廣策略與 Matt 領導下的現有 Adob​​e 企業銷售組織進行了統一和協調。因此，我們不僅能夠交叉銷售現有的數位體驗產品，還能交叉銷售 Magento 和 Marketo，從而大大提高了效率。更不用說我們的合作夥伴生態系統了，例如，我們與微軟合作銷售，取得了成功，並且與他們一起實現了多解決方案銷售。因此，透過規模化和持續專注於整合，我們能夠從中獲得一些優勢。

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. 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.

我可能想補充一點，我知道之前有人問過關於季節性的問題，雖然這個問題具體是關於營業利潤率的，但我認為 Kash 也問過這個問題。所以，我們或許可以向您詳細介紹我們對投資的看法，以及與利潤率相關的情況。

I think it's clear that despite the revenue growth and investment, that the operating margin of the company has improved throughout the year. And I think we remain very focused on profitability. 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. And we certainly expect Q4 to be a strong seasonally finish to the year. 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. So hopefully, that gives you some color on how we think about the investments. We certainly continue to believe in investing for the revenue growth that we're seeing. And it also clearly gets us back to north of 40% margin. 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.

我認為很明顯，儘管公司營收成長且進行了投資，但其營業利潤率在全年都得到了改善。我認為我們仍然非常注重盈利能力。從季節性角度來看，下半年的情況應該如何發展，我們對第三季的預測顯示，儘管受到季節性因素的影響，每股盈餘仍將成長約 0.12 美元。我們預計第四季將以強勁的業績為全年畫下圓滿的句點。我想，為了讓大家更清楚地了解情況，雖然我們不打算更新年度目標，但我們預計第三季到第四季的每股盈餘將季增約第二季到第三季成長的 3 倍。希望這能讓您對我們看待投資的方式有所了解。我們當然仍然相信，投資能夠帶來我們所看到的營收成長。而且，這顯然也使我們的利潤率重回 40% 以上。希望這能讓您對季節性有所了解，以及，雖然問題是關於毛利率，但我們是如何看待營業利潤率和費用的。

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

我們最後來聽聽花旗銀行的華特·普里查德提出的問題。

Question on the Digital Experience side. You had talked in the past about a 25% growth in the book of business including these 2 acquisitions. 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.

關於數位化體驗方面的問題。您之前曾談到，包括這兩項收購在內，業務量將成長 25%。我想知道今年到目前為止情況如何，以及隨著上半年的成長趨勢延續到下半年，你從中了解到了什麼。

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

是的。沃爾特，正如你所知，我們不會定期更新預訂情況，因為我們會關注行業的潛在動態以及對數位化體驗解決方案的需求。絲毫沒有減弱我們擁有巨大成長機會的信念。

I think as you could see from the subscription revenue growth that we see, we continue to focus on executing against that. And so we'll certainly provide more color, as we've said, on that on an annual basis.

正如您從訂閱收入成長中看到的那樣，我們將繼續專注於實現這一目標。因此，正如我們所說，我們每年都會對此進行更詳細的闡述。

But just big picture, the available opportunity, I think, continues to be large. 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. We expect that momentum to continue in the second half, the strategy of empowering people to create and helping businesses transform. We believe that continues to be a north of $100 billion addressable market opportunity. 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.

但從大局來看，我認為目前的機會依然很大。鑑於麥克已經說過，這是最後一個問題，那麼我再快速總結一下：很明顯，我們擁有正確的策略，專注於為客戶創造巨大價值，我們對上半年的財務業績感到滿意。我們預計下半年將持續維持這股勢頭，即賦能於人創造，幫助企業轉型。我們認為這仍然是一個超過 1000 億美元的潛在市場機會。我們對在 DX 客戶活動中看到的出席人數感到非常滿意，無論是美國峰會、歐洲峰會、Marketo Marketing Nation 還是 Magento Imagine，我認為這既反映了我們在產品戰略和願景方面的領導地位，也反映了客戶和合作夥伴社區的強大實力。

And FY '19 is shaping up again, and we expect it to be another record year for revenue. And I think the innovation road map and opportunity positions us really well for future growth.

2019 財年的情況再次明朗，我們預期這將是營收創紀錄的一年。我認為創新路線圖和機會使我們為未來的成長奠定了非常有利的地位。

We appreciate all of you joining us today. Thank you.

感謝各位今天蒞臨。謝謝。

And this concludes our call. Thanks, everybody, for joining us.

通話到此結束。謝謝大家的參與。