Adobe Inc (ADBE) 2019 Q3 法說會逐字稿

Good afternoon.

下午好。

I'd like to welcome you to the Adobe Third Quarter Fiscal Year 2019 Earnings Conference Call.

歡迎您參加 Adobe 2019 財年第三季度收益電話會議。

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

（操作員說明）此時，我想將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.

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

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

在今天的電話會議中，我們將討論 Adobe 2019 財年第三季度的財務業績。

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的副本，該新聞稿大約在 1 小時前發布。

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好的評論和幻燈片的 PDF 文件以及更新的投資者數據表。

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

如果您喜歡這些文件的副本，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, September 17, 2019, and contains forward-looking statements that involve risks and uncertainties.

在開始之前，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 9 月 17 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所述的結果大不相同。

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以及 Adobe 提交給美國證券交易委員會的文件中的前瞻性聲明披露。

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 財務指標。

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

我們的收益發布和 Adobe 的投資者關係網站上提供了兩者之間的對賬。

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

建議通話參與者，本次電話會議的音頻正在網絡直播，也正在錄製以供播放。

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.

我現在將把電話轉給 Shantanu。

Thanks, Mike, and good afternoon.

謝謝，邁克，下午好。

Q3 was a record quarter for Adobe with strong revenue and continued growth across our entire business.

第三季度是 Adobe 創紀錄的季度，收入強勁，整個業務持續增長。

We delivered $2.83 billion in revenue in Q3, representing 24% year-over-year growth.

我們在第三季度實現了 28.3 億美元的收入，同比增長 24%。

GAAP earnings per share for the quarter was $1.61, and non-GAAP earnings per share was $2.05.

本季度 GAAP 每股收益為 1.61 美元，非 GAAP 每股收益為 2.05 美元。

Adobe's strategy to empower people to create and transform how businesses compete is fueling our continued success.

Adobe 讓人們能夠創造和改變企業競爭方式的戰略正在推動我們持續取得成功。

The ability to deliver a personalized relationship with every customer using digital technology is a mandate for every business.

使用數字技術與每個客戶建立個性化關係的能力是每個企業的任務。

Internal efficiency, including a paper-to-digital revolution, is critical to achieving that imperative.

內部效率，包括紙到數字的革命，對於實現這一要求至關重要。

In addition, design and creativity has never been more relevant.

此外，設計和創意從未如此重要。

Everyone has a story to tell from professional photographers, to immersive content and experienced designers, to students and small business owners, and they need to tell it on an ever-increasing number of canvases.

從專業攝影師到沉浸式內容和經驗豐富的設計師，再到學生和小企業主，每個人都有一個故事要講述，他們需要在越來越多的畫布上講述它。

Adobe is innovating to expand these market opportunities, and customers around the globe continue to count on Adobe Creative Cloud, Document Cloud and Experience Cloud to run their businesses, transform how they work and bring their creative ideas to life.

Adobe 正在創新以擴大這些市場機會，全球客戶繼續依靠 Adobe Creative Cloud、Document Cloud 和 Experience Cloud 來運營他們的業務、改變他們的工作方式並將他們的創意變為現實。

In our Digital Media business, we drove strong revenue growth in both Creative Cloud and Document Cloud in Q3.

在我們的數字媒體業務中，我們在第三季度推動了 Creative Cloud 和 Document Cloud 的強勁收入增長。

Net new Digital Media annualized recurring revenue, or ARR, was $386 million, and total Digital Media ARR exiting Q3 grew to $7.86 billion.

淨新數字媒體年化經常性收入或 ARR 為 3.86 億美元，第三季度結束的數字媒體 ARR 總額增長至 78.6 億美元。

Q3 Creative revenue was $1.65 billion, which represents 22% year-over-year growth.

第三季度創意收入為 16.5 億美元，同比增長 22%。

Creative Cloud is the creativity platform for all.

Creative Cloud 是所有人的創意平台。

Through a relentless focus on innovation across different media types, devices and segments, Creative Cloud has become the one-stop shop for creative applications and services as well as the leading source for creative inspiration, learning, training and community.

通過對不同媒體類型、設備和領域的創新的不懈關注，Creative Cloud 已成為創意應用程序和服務的一站式商店，以及創意靈感、學習、培訓和社區的主要來源。

Our goal is to ensure that Creative Cloud applications and services make every creative possibility a reality for every one of our customers.

我們的目標是確保 Creative Cloud 應用程序和服務為我們的每一位客戶提供每一種創造性的可能性。

Adobe's vision is that mobile devices and tablets should be used for creation in addition to consumption.

Adobe 的願景是移動設備和平板電腦除了消費外，還應該用於創作。

Adobe Lightroom, our complete system for photo editing, achieved significant growth on mobile devices with Q3 monthly active users growing 130% year-over-year.

Adobe Lightroom 是我們完整的照片編輯系統，在移動設備上實現了顯著增長，第三季度每月活躍用戶同比增長 130%。

In Q3, new Adobe IDs created from Adobe mobile apps rose more than 40% year-over-year, showing that mobile continues to be a healthy on-ramp for subscriptions.

在第三季度，從 Adobe 移動應用創建的新 Adobe ID 同比增長超過 40%，這表明移動仍然是訂閱的健康入口。

In Q3, we announced Adobe Fresco, a groundbreaking drawing and painting app, which will be available first on iPad later this fall.

在第三季度，我們發布了 Adobe Fresco，這是一款開創性的繪圖應用程序，將於今年秋季晚些時候在 iPad 上首次推出。

Fresco digitally reimagines the process that artists have traditionally used, whether it's chalk, pastels, oil or watercolor paint.

Fresco 以數字方式重新構想了藝術家傳統上使用的工藝，無論是粉筆、粉彩、油畫還是水彩顏料。

Like Photoshop transformed and democratized photography, we believe Fresco will change how artists use digital to draw and illustrate.

就像 Photoshop 改造和普及攝影一樣，我們相信 Fresco 將改變藝術家使用數字繪畫和插圖的方式。

Apple will feature Fresco in hundreds of its retail stores as part of its iPad Pro Big Draw campaign.

作為 iPad Pro Big Draw 活動的一部分，Apple 將在其數百家零售店中展示 Fresco。

At Adobe, we believe that creative skills should be a core part of school curricula and that STEAM, not just STEM, should be a focus in education.

在 Adobe，我們認為創意技能應該是學校課程的核心部分，STEAM 而不僅僅是 STEM，應該成為教育的重點。

We've expanded our Adobe Ambassador Network to target more than 100 colleges across the country where students evangelize creativity and lead on-campus workshops to help fellow students learn to use Adobe Creative products.

我們已將 Adobe 大使網絡擴展到全國 100 多所大學，學生在這些大學宣傳創造力並舉辦校園研討會，以幫助同學們學習使用 Adobe Creative 產品。

Last week, we launched a new program with Reddit to encourage young creators to contribute their personal designs to a giant global canvas on the Reddit front page.

上週，我們與 Reddit 啟動了一項新計劃，以鼓勵年輕創作者將他們的個人設計貢獻給 Reddit 頭版上的巨大全球畫布。

This was the biggest community event on Reddit based on total contributions and participation.

這是 Reddit 上最大的社區活動，基於總貢獻和參與。

These types of partnerships give us an opportunity to introduce Creative Cloud to millions of next-generation creators.

這些類型的合作夥伴關係讓我們有機會將 Creative Cloud 介紹給數百萬的下一代創作者。

Adobe MAX is the world's largest creativity conference.

Adobe MAX 是世界上最大的創意會議。

In November, we'll welcome our global creative community and partners, more than 15,000 live attendees and nearly 1 million virtual attendees and unveil significant new Adobe Creative Cloud innovation.

11 月，我們將迎來我們的全球創意社區和合作夥伴、超過 15,000 名現場參與者和近 100 萬虛擬參與者，並推出重要的全新 Adobe Creative Cloud 創新。

With Document Cloud, we are accelerating the transformation of paper-to-digital processes and reinventing how people scan, edit, collaborate, sign and share digital documents.

借助 Document Cloud，我們正在加速紙質到數字化流程的轉變，並重塑人們掃描、編輯、協作、簽署和共享數字文檔的方式。

Q3 Document Cloud revenue and net new ARR were records for a quarter, and we grew total Document Cloud ARR to $993 million.

第三季度 Document Cloud 收入和淨新 ARR 創下了一個季度的記錄，我們將 Document Cloud ARR 總額增加到 9.93 億美元。

Key Document Cloud customer wins in Q3 included Deutsche Bank, Saudi Aramco, Dell and the U.S. Department of Veterans Affairs.

第三季度贏得的主要 Document Cloud 客戶包括德意志銀行、沙特阿美、戴爾和美國退伍軍人事務部。

As with our Creative products, our Document Cloud customers increasingly expect business processes to be seamless across desktop and mobile devices.

與我們的 Creative 產品一樣，我們的 Document Cloud 客戶越來越希望業務流程能夠在桌面和移動設備之間實現無縫連接。

In Q3, more than 2.5 billion PDFs were opened in Adobe Reader on mobile devices.

在第三季度，超過 25 億份 PDF 在移動設備上的 Adobe Reader 中打開。

Adobe Scan, which has become the top document scanning app for both iOS and Android, has close to 35 million installs with downloads increasing more than 30% year-over-year in Q3.

Adobe Scan 已成為 iOS 和 Android 的頂級文檔掃描應用程序，第三季度的安裝量接近 3500 萬次，下載量同比增長超過 30%。

Strong uptake of our Document Cloud mobile applications as well as continued strength in Acrobat subscription adoption is driving momentum in the business.

我們的 Document Cloud 移動應用程序的強勁採用以及 Acrobat 訂閱採用的持續強勁正在推動業務發展勢頭。

In addition, we launched new web-based services that offer instant access to Adobe PDF creation and compression capabilities from any browser.

此外，我們推出了新的基於 Web 的服務，可讓您從任何瀏覽器即時訪問 Adobe PDF 創建和壓縮功能。

We believe these services are not only relevant to individuals looking to quickly get work done but also developers who need to build best-in-class PDF document support into their web applications.

我們相信這些服務不僅適用於希望快速完成工作的個人，也適用於需要在其 Web 應用程序中構建一流 PDF 文檔支持的開發人員。

We are investing in creative marketing campaigns to drive awareness of these capabilities and target new users.

我們正在投資創意營銷活動，以提高對這些功能的認識並瞄準新用戶。

Adobe Sign, our leading cloud-based electronic signature solution, continues to gain traction among businesses and organizations.

Adobe Sign 是我們領先的基於雲的電子簽名解決方案，繼續在企業和組織中獲得關注。

This quarter, we introduced Adobe Sign for small business, providing small and mid-market businesses enterprise-level e-signature capabilities.

本季度，我們為小型企業推出了 Adobe Sign，為中小型企業提供企業級電子簽名功能。

In our Digital Experience business, we achieved Experience Cloud revenue of $821 million for the quarter, which represents 34% year-over-year growth.

在我們的數字體驗業務中，我們在本季度實現了 8.21 億美元的 Experience Cloud 收入，同比增長 34%。

Our vision is to help every business become an experienced business.

我們的願景是幫助每個企業成為有經驗的企業。

This means enabling them to deliver engaging experiences that anticipate and meet the needs of their customers at every stage of their journey from acquisition to purchase and renewal.

這意味著使他們能夠提供引人入勝的體驗，在從獲取到購買和續訂的每個階段都能預測並滿足客戶的需求。

We believe customer experience management is a significant growth opportunity for Adobe.

我們相信客戶體驗管理對 Adobe 來說是一個重要的增長機會。

Experience Cloud is the industry's most comprehensive offering, providing content and commerce, customer journey management and customer data and insights to power experience-driven businesses across all industries.

Experience Cloud 是業界最全面的產品，提供內容和商務、客戶旅程管理以及客戶數據和洞察力，為所有行業的體驗驅動型業務提供支持。

In Q3, Experience Cloud was named a Leader in 7 Gartner Magic Quadrant and Forrester Wave reports.

在第三季度，Experience Cloud 在 7 個 Gartner 魔力像限和 Forrester Wave 報告中被評為領導者。

Key Experience Cloud wins in Q3 included Delta Airlines, T-Mobile, Capital One and Best Western.

第三季度的主要 Experience Cloud 贏家包括 Delta Airlines、T-Mobile、Capital One 和 Best Western。

We are the undisputed leader in this large and growing market, and we continue to expand the opportunity in front of us, extending our footprint from B2C to B2B, from enterprise to mid-market and from the CMO to the CIO, CTO and CEO.

我們是這個龐大且不斷增長的市場中無可爭議的領導者，我們將繼續擴大我們面前的機會，將我們的足跡從 B2C 擴展到 B2B，從企業擴展到中端市場，從 CMO 擴展到 CIO、CTO 和 CEO。

Content and commerce are the foundation for every digital business.

內容和商業是每個數字業務的基礎。

We continue to drive strong performance with Adobe Experience Manager for multichannel experience delivery.

我們繼續通過 Adobe Experience Manager 推動多渠道體驗交付的強勁表現。

Through integration with Magento Commerce, we are making every experience shoppable.

通過與 Magento Commerce 的整合，我們讓每一次體驗都可以購物。

This has led to strong performance of our integrated content and commerce offering and Magento Commerce bookings growth of more than 40% year-over-year in Q3.

這導致我們的綜合內容和商務產品表現強勁，第三季度 Magento Commerce 預訂量同比增長超過 40%。

Multichannel campaign management is another differentiated pillar of the Adobe Experience Cloud.

多渠道活動管理是 Adobe Experience Cloud 的另一個差異化支柱。

The integration of Marketo with Adobe Campaign gives Adobe the industry's strongest offering in the customer journey management and orchestration space across both B2B and B2C.

Marketo 與 Adobe Campaign 的集成為 Adobe 提供了業界最強大的 B2B 和 B2C 客戶旅程管理和編排空間產品。

Earlier this year, we introduced Adobe Experience platform, the industry's first real-time platform for customer experience management.

今年早些時候，我們推出了業界首個實時客戶體驗管理平台 Adobe Experience Platform。

Adobe Experience platform will solve a critical challenge every enterprise is facing: how to harness massive amounts of valuable customer data that is siloed and not easily accessible or actionable.

Adobe Experience Platform 將解決每個企業都面臨的關鍵挑戰：如何利用大量孤立且不易訪問或可操作的寶貴客戶數據。

Adobe Experience platform stitches together data from across the enterprise, creating real time unified customer profiles, enabling the activation and delivery of hyper-personalized experiences.

Adobe Experience Platform 將來自整個企業的數據拼接在一起，創建實時統一的客戶檔案，從而激活和交付超個性化的體驗。

By combining Adobe Experience platform with Adobe Analytics, Adobe Audience Manager and our new real-time customer data platform or CDP, we are creating a new comprehensive customer data and insights offering for the digital enterprise that is unmatched.

通過將 Adobe Experience Platform 與 Adobe Analytics、Adobe Audience Manager 和我們新的實時客戶數據平台或 CDP 相結合，我們正在為數字化企業創建一個新的全面的客戶數據和洞察力產品。

Adobe Experience platform has been several years in the making, and we've seen tremendous enthusiasm from customers for this solution with multiple pilot deployments already in market.

Adobe Experience 平台已經開發了數年，我們已經看到客戶對該解決方案的極大熱情，並且已經在市場上進行了多個試點部署。

We continue to be the leader in customer experience management, which has a TAM of more than $70 billion by 2021.

我們繼續成為客戶體驗管理領域的領導者，到 2021 年其 TAM 將超過 700 億美元。

While we experienced some bookings delays in Q3, our robust product road map and customer pipeline positions us for multiple years of strong growth.

雖然我們在第三季度經歷了一些預訂延遲，但我們強大的產品路線圖和客戶管道使我們能夠實現多年的強勁增長。

At Adobe, we continue to invest in our employees, who are the heart and soul of our company.

在 Adobe，我們繼續投資於我們的員工，他們是我們公司的核心和靈魂。

Last week at our annual Adobe For All Summit, we reaffirmed global gender pay parity for our workforce and shared new details and data on our opportunity parity initiative, which examines fairness in promotion rates and access to new opportunities for our employees.

上週在我們的年度 Adobe For All 峰會上，我們重申了我們員工的全球性別薪酬平等，並分享了我們的機會平等倡議的新細節和數據，該倡議檢查了晉升率的公平性和我們員工獲得新機會的機會。

Adobe is the leader in several large and growing categories: creativity, digital documents and customer experience management.

Adobe 在以下幾個大型且不斷增長的類別中處於領先地位：創意、數字文檔和客戶體驗管理。

We remain excited about the opportunities in front of us and confident in our ability to drive strong top line and bottom line growth.

我們仍然對擺在我們面前的機會感到興奮，並對我們推動強勁的頂線和底線增長的能力充滿信心。

John?

約翰？

Thanks, Shantanu.

謝謝，山塔努。

In Q3 FY '19, Adobe achieved record revenue of $2.83 billion, which represents 24% year-over-year growth.

在 19 財年第三季度，Adobe 實現了創紀錄的 28.3 億美元收入，同比增長 24%。

GAAP diluted earnings per share in Q3 was $1.61, and non-GAAP diluted earnings per share was $2.05.

第三季度 GAAP 攤薄每股收益為 1.61 美元，非 GAAP 攤薄每股收益為 2.05 美元。

Business and financial highlights in Q3 included: record Digital Media revenue of $1.96 billion, including record Creative revenue of $1.65 billion and record Adobe Document Cloud revenue of $307 million; strong net new Digital Media ARR of $386 million; record Digital Experience revenue of $821 million; remaining performance obligation, or RPO, grew to $8.77 billion; cash flow from operations of $922 million; repurchasing 2.6 million shares of our stock; and approximately 92% of our revenue in Q3 was from recurring sources.

第三季度的業務和財務亮點包括：創紀錄的 19.6 億美元的數字媒體收入，包括創紀錄的 16.5 億美元的創意收入和創紀錄的 3.07 億美元的 Adobe Document Cloud 收入；強勁的淨新數字媒體 ARR 為 3.86 億美元；創紀錄的數字體驗收入 8.21 億美元；剩餘履約義務（RPO）增至 87.7 億美元；運營現金流為 9.22 億美元；回購260萬股我們的股票；第三季度我們大約 92% 的收入來自經常性來源。

In our Digital Media segment, we achieved record revenue with 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 $386 million net new Digital Media ARR during the quarter grew the total to $7.86 billion.

本季度新增 3.86 億美元的淨新數字媒體 ARR 使總額增至 78.6 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一個強勁的季度。

Creative revenue grew 22% year-over-year in Q3, and we increased Creative ARR by $314 million.

第三季度創意收入同比增長 22%，我們將創意 ARR 提高了 3.14 億美元。

Strong acquisition, upsell and retention of Creative Cloud subscriptions continued during Q3 and were driven by: new user growth, helped by many global initiatives to generate demand, including targeted campaigns and promotions, a large funnel of users coming from desktop and mobile and leveraging Adobe's brand and new products to expand into adjacent creative categories; increasing adoption of single app offerings, including Adobe Premiere Pro for video and Adobe Illustrator for artwork; continued growth in international markets, including greater than 40% year-over-year unit growth in key emerging markets; ongoing success in the enterprise, including new logos, seat expansion and services adoption, which drives higher contract value; and adoption of creative services including Adobe Stock where revenue grew greater than 30% year-over-year.

第三季度，Creative Cloud 訂閱繼續獲得強勁的收購、追加銷售和保留，其驅動因素是：新用戶增長，在許多全球舉措的幫助下產生需求，包括有針對性的活動和促銷，來自桌面和移動設備的大量用戶以及利用 Adobe 的品牌和新產品擴展到相鄰的創意類別；越來越多地採用單一應用程序產品，包括用於視頻的 Adobe Premiere Pro 和用於藝術品的 Adobe Illustrator；國際市場的持續增長，包括主要新興市場的同比增長超過 40%；企業的持續成功，包括新標識、座位擴展和服務採用，從而推動更高的合同價值；並採用包括 Adobe Stock 在內的創意服務，其收入同比增長超過 30%。

Our momentum with Document Cloud accelerated in Q3.

我們在 Document Cloud 方面的發展勢頭在第三季度加速。

We achieved Document Cloud revenue of $307 million, which represents 24% year-over-year growth, and we added a record $72 million of net new Document Cloud ARR during the quarter.

我們實現了 3.07 億美元的 Document Cloud 收入，同比增長 24%，我們在本季度新增了創紀錄的 7200 萬美元的 Document Cloud ARR 淨額。

Strong Document Cloud performance during Q3 was driven by subscription demand across key routes to market with individuals, small and mid-market businesses and large enterprises; the continued migration of Acrobat perpetual customers to subscriptions; enterprise services adoption; and the conversion of free mobile reader users to paid subscriptions.

第三季度 Document Cloud 的強勁表現是由個人、中小型企業和大型企業的關鍵上市路線的訂閱需求推動的； Acrobat 永久客戶繼續向訂閱遷移；企業服務採用；以及將免費移動閱讀器用戶轉換為付費訂閱。

Adobe Sign revenue grew greater than 25% year-over-year.

Adobe Sign 收入同比增長超過 25%。

In our Digital Experience segment, we achieved quarterly Experience Cloud revenue of $821 million, which represents 34% year-over-year growth.

在我們的數字體驗部門，我們實現了 8.21 億美元的季度體驗雲收入，同比增長 34%。

Experience Cloud subscription revenue was a record $679 million, growing 37% year-over-year.

Experience Cloud 訂閱收入達到創紀錄的 6.79 億美元，同比增長 37%。

While we had strong overall revenue in Q3, our subscription bookings growth from Marketo in the mid-market did not meet our expectations, which is being addressed by increasing our focus and investment on demand generation and inside sales.

雖然我們在第三季度的整體收入強勁，但我們在中端市場的 Marketo 訂閱預訂增長並未達到我們的預期，我們正在通過增加對需求產生和內部銷售的關注和投資來解決這一問題。

In addition, there were Analytics Cloud subscription bookings delays with related shortfalls in consulting services bookings and revenue associated with the launch of our new Adobe Experience Platform.

此外，Analytics Cloud 訂閱預訂延遲，以及與我們新的 Adobe Experience Platform 推出相關的諮詢服務預訂和收入不足。

We are confident the enhanced innovation in Analytics Cloud, the introduction of our real-time CDP product and the ongoing global rollout of the Adobe Experience platform will convert strong customer demand and the current pipeline into bookings starting in Q4.

我們相信，Analytics Cloud 的增強創新、我們實時 CDP 產品的推出以及 Adobe Experience 平台的持續全球推廣將從第四季度開始將強勁的客戶需求和當前管道轉化為預訂。

We now expect to grow our total Digital Experience subscription bookings in fiscal 2019 by greater than 20% year-over-year.

我們現在預計 2019 財年的數字體驗訂閱總預訂量將同比增長 20% 以上。

From a quarter-over-quarter currency perspective, FX decreased revenue by $8.5 million.

從環比貨幣的角度來看，FX 的收入減少了 850 萬美元。

We had $10.8 million in hedge gains in Q3 FY '19 versus $9 million in hedge gains in Q2 FY '19, thus the net sequential currency decrease to revenue considering hedging gains was $6.7 million.

我們在 19 財年第三季度的對沖收益為 1080 萬美元，而在 19 財年第二季度的對沖收益為 900 萬美元，因此考慮到對沖收益，收入的連續貨幣淨減少為 670 萬美元。

From a year-over-year currency perspective, FX decreased revenue by $38.3 million.

從同比貨幣角度來看，外匯收入減少了 3830 萬美元。

The $10.8 million in hedge gains in Q3 FY '19 versus $16.8 million in hedge gains in Q3 FY '18 resulted in a net year-over-year currency decrease to revenue considering hedging gains of $44.3 million.

考慮到對沖收益為 4430 萬美元，19 財年第三季度的對沖收益為 1080 萬美元，而 18 財年第三季度的對沖收益為 1680 萬美元，導致收入同比淨貨幣減少。

In Q3, Adobe's effective tax rate was 5% on a GAAP basis and 11% on a non-GAAP basis.

在第三季度，Adobe 的有效稅率在 GAAP 基礎上為 5%，在非 GAAP 基礎上為 11%。

Our trade DSO was 44 days, which compares to 41 days in the year ago quarter and 42 days last quarter.

我們的交易 DSO 為 44 天，而去年同期為 41 天，上一季度為 42 天。

Remaining performance obligation, or RPO, was approximately $8.77 billion exiting Q3, which compares to $8.37 billion exiting Q2.

第三季度剩餘履約義務或 RPO 約為 87.7 億美元，而第二季度為 83.7 億美元。

Deferred revenue exiting Q3 was $3.26 billion.

第三季度的遞延收入為 32.6 億美元。

Our ending cash and short-term investment position exiting Q3 was $3.65 billion, and cash flow from operations was $922 million in the quarter.

我們在第三季度結束時的現金和短期投資頭寸為 36.5 億美元，本季度運營現金流為 9.22 億美元。

In Q3, we repurchased approximately 2.6 million shares at a cost of $750 million.

在第三季度，我們以 7.5 億美元的成本回購了大約 260 萬股股票。

We currently have $5.85 billion remaining of our $8 billion repurchase authority granted in May 2018, which goes through 2021.

我們目前在 2018 年 5 月授予的 80 億美元回購授權中剩餘 58.5 億美元，該授權將持續到 2021 年。

Turning to our targets considering second half Digital Experience bookings and consulting revenue.

談到我們的目標，考慮下半年的數字體驗預訂和諮詢收入。

In Q4 FY '19, we are targeting revenue of approximately $2.970 billion; Digital Media segment year-over-year revenue growth of approximately 20%; net new Digital Media ARR of approximately $450 million; Digital Experience segment year-over-year revenue growth of approximately 23%; net nonoperating expense of approximately $20 million; tax rate of approximately 11% on a GAAP and non-GAAP basis; share count of approximately 490 million shares; GAAP earnings per share of approximately $1.68; and non-GAAP earnings per share of approximately $2.25.

在 19 財年第四季度，我們的目標收入約為 29.70 億美元；數字媒體部門的收入同比增長約 20%；淨新數字媒體 ARR 約為 4.5 億美元；數字體驗部門收入同比增長約 23%；淨非營業費用約為 2000 萬美元；按公認會計原則和非公認會計原則計算的稅率約為 11%；約4.9億股股份； GAAP每股收益約為1.68美元；非公認會計原則每股收益約為 2.25 美元。

We look forward to a strong finish for the early and sharing insights with you about our strategy and opportunities at our financial analyst meeting at MAX.

我們期待早日取得圓滿成功，並在 MAX 的金融分析師會議上與您分享我們的戰略和機遇。

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 is less than 2 months away.

距離 Adobe MAX 不到 2 個月。

On Day 1 at our user conference in Los Angeles on Monday, November 4, we will host a financial analyst meeting in the afternoon.

在 11 月 4 日星期一在洛杉磯舉行的用戶會議的第 1 天，我們將在下午主持一次金融分析師會議。

Invitations, including discounted MAX registration information, were sent to our analyst and investor e-mail list over the summer.

邀請，包括折扣 MAX 註冊信息，已在夏季發送到我們的分析師和投資者電子郵件列表。

Please contact Adobe Investor Relations via e-mail at ir@adobe.com if you have not registered and wish to attend.

如果您尚未註冊並希望參加，請通過電子郵件 ir@adobe.com 聯繫 Adobe 投資者關係部。

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

有關該活動的更多信息，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，今天晚些時候將在我們的 IR 網站上提供電話會議的網絡廣播存檔。

Alternatively, you can listen to a phone replay by calling (888) 203-1112.

或者，您可以撥打 (888) 203-1112 收聽電話重播。

Use conference ID number 7673180.

使用會議 ID 號 7673180。

International callers should dial (719) 457-0820.

國際呼叫者應撥打 (719) 457-0820。

The phone playback service will be available beginning at 5:00 p.m.

電話播放服務將於下午 5:00 開始提供。

Pacific Time today and ending at 5:00 p.m.

今天太平洋時間，下午 5:00 結束。

Pacific Time on September 24, 2019.

太平洋時間 2019 年 9 月 24 日。

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

我們現在很樂意回答您的問題（操作員說明） 操作員？

(Operator Instructions) And we'll take our first question today from Keith Weiss with Morgan Stanley.

（操作員說明）今天我們將回答摩根士丹利的 Keith Weiss 提出的第一個問題。

Very nice quarter, particularly on Digital Media side of the equation.

非常好的季度，特別是在等式的數字媒體方面。

It does sound like you guys are having some sort of go-to-market and disruption impacts on the digital streaming side of the equation.

聽起來你們確實對等式的數字流媒體方面產生了某種進入市場和破壞的影響。

I was hoping you could dig in a little bit further to help us explain exactly what's going on, on that side of the business.

我希望您能進一步挖掘，以幫助我們準確解釋在業務方面發生了什麼。

What does it take to fix that?

解決這個問題需要什麼？

Because it definitely sounds like you are much more optimistic about that business a quarter ago.

因為聽起來你對一個季度前的業務肯定要樂觀得多。

And then maybe one for John, is there any margin impact in terms of the increased investments in inside sales and some of the go-to-market stuff that, that is going to take to get Experience Cloud back up to growth rates you guys are expecting?

然後可能是約翰的一個問題，就內部銷售投資的增加和一些進入市場的東西而言，是否有任何利潤影響，這將使 Experience Cloud 恢復到你們現在的增長率期待？

Great.

偉大的。

Keith, as you pointed out, it was a strong quarter.

基思，正如你所指出的，這是一個強勁的季度。

We were pleased with the growth across the businesses.

我們對各個業務的增長感到滿意。

Since I suspect that there'll be a couple of people asking about Digital Experience, let me go into a little bit more color on that particular opportunity.

由於我懷疑會有幾個人詢問數字體驗，所以讓我在這個特定的機會上多談一點。

And let me clarify that, that wasn't any impact associated with macro.

讓我澄清一下，這與宏沒有任何影響。

The interest from enterprises, all sizes, different verticals in our comprehensive solutions remains incredibly strong.

來自各種規模、不同垂直領域的企業對我們的綜合解決方案的興趣仍然非常強烈。

And even if you look at the targets that we've provided, it's clear that we are delivering strong revenue growth while actually accelerating the subscription bookings year-over-year on what is a much larger book of business because we do an apples-to-apples comparison.

即使您查看我們提供的目標，很明顯我們正在實現強勁的收入增長，同時實際上在更大的業務書中逐年加速訂閱預訂，因為我們做了一個蘋果公司-蘋果比較。

I think as you think about Q3, it's clear we have leading solutions in the first mile and the last mile.

我認為當您考慮第三季度時，很明顯我們在第一英里和最後一英里都有領先的解決方案。

So Adobe Experience Manager, Campaign and Magento had strong growth.

因此，Adobe Experience Manager、Campaign 和 Magento 增長強勁。

The Magento acquisition has been viewed extremely well by customers.

客戶對 Magento 的收購評價非常好。

It's clearly very strategic, and we grew the book of business greater than 40% in Q3 and actually have done a really good job of taking Magento into the enterprise.

這顯然是非常具有戰略意義的，我們在第三季度的業務量增長了 40% 以上，實際上在將 Magento 納入企業方面做得非常好。

The other part that we're absolutely clear about is that there's a new generation of enterprise software that's going to emerge, which will be required to digitally engage with customers across all these multiple channels.

我們絕對清楚的另一部分是，新一代的企業軟件將會出現，這將需要通過所有這些多個渠道與客戶進行數字化互動。

What it has to do is deliver first-mile content experiences, that's the content and commerce piece.

它要做的是提供第一英里的內容體驗，這就是內容和商業部分。

It has to segment audiences now in real time across multiple channels.

它現在必須跨多個渠道實時細分受眾。

You have to do customer journey management and orchestration, and you have to provide data and insights to enable these AI services.

您必須進行客戶旅程管理和編排，並且必須提供數據和洞察力以啟用這些 AI 服務。

We've been focused on this opportunity just like we created the Digital Marketing category, we believe this is absolutely crucial for the experience business.

就像我們創建數字營銷類別一樣，我們一直專注於這個機會，我們相信這對於體驗業務絕對至關重要。

And so we build the Adobe Experience Platform from scratch to deliver what we call DDOM in terms of how we run our own digital business.

因此，我們從頭開始構建 Adobe Experience Platform，以根據我們如何運營自己的數字業務來交付我們所謂的 DDOM。

Customers are really excited.

客戶真的很興奮。

It's the first software actually that exist that's designed to specifically integrate the needs of the CMO, the Chief Revenue Officer and the CIO.

這是實際存在的第一個軟件，旨在專門集成 CMO、首席營收官和 CIO 的需求。

So our strategy with the Adobe Experience Platform is that we want to actually augment the Analytics capability, the Audience Manager capability with what we are doing with these new services as well as the real-time CDP in the market.

因此，我們使用 Adobe Experience Platform 的策略是，我們希望通過我們正在使用這些新服務以及市場上的實時 CDP 實際增強分析功能、受眾管理器功能。

We're really excited about the multiple installations that we have as well as the interest globally.

我們對我們擁有的多個裝置以及全球範圍內的興趣感到非常興奮。

You can argue we were maybe a tad aggressive, Keith, about the timing adoption.

你可以爭辯說我們可能有點激進，基思，關於時間採用。

But this pace shift that we've seen in no way diminishes the magnitude of the opportunity or my belief in the lead that we have.

但是，我們所看到的這種步伐轉變絕不會削弱機會的重要性或我對我們所擁有的領先地位的信念。

And so as I think about the business, as we think about the targets, we're leading in this particular category.

因此，當我考慮業務時，當我們考慮目標時，我們在這一特定類別中處於領先地位。

We saw, as I said, some delays in the bookings, but that has in no way changed our excitement and optimism about the business.

正如我所說，我們看到預訂出現了一些延遲，但這絲毫沒有改變我們對業務的興奮和樂觀態度。

So hopefully, that gives you some color associated with each of the businesses.

所以希望這能給你一些與每個業務相關的顏色。

The last thing I would say is that we talked about Marketo specifically.

我要說的最後一件事是我們專門討論了 Marketo。

And there, I would say our natural inclination was to perhaps focus our aspirations on the enterprise business, serve our existing customers.

在那裡，我想說我們的自然傾向可能是將我們的願望集中在企業業務上，為我們現有的客戶服務。

That's going well.

這進展順利。

Mid-market continues to be a huge growth opportunity.

中端市場仍然是一個巨大的增長機會。

We have the leading product in that space.

我們擁有該領域的領先產品。

And much like we drove growth in the Magento business, our focus will now be the same on Magento as well as Marketo.

就像我們推動 Magento 業務的增長一樣，我們現在的重點將同樣放在 Magento 和 Marketo 上。

And so we've created a unified organization.

因此，我們創建了一個統一的組織。

It's going to drive aligned demand generation, customer support.

它將推動一致的需求生成和客戶支持。

We have the right individuals in the field that's organized the right way, so I'm excited about that as well.

我們在該領域有合適的人以正確的方式組織，所以我也對此感到興奮。

I know I was a little long, but I thought I'd just give you color associated with all of those businesses.

我知道我有點長，但我想我會給你與所有這些業務相關的顏色。

And again, the Adobe Experience Platform, that is really our platform that deals with the future of what we are doing around analytics services, what we are doing around campaign services.

再說一次，Adobe 體驗平台，它真的是我們的平台，它處理我們圍繞分析服務所做的事情的未來，我們圍繞活動服務所做的事情。

And so when bookings are light, you'll certainly see some impact on consulting as well.

因此，當預訂量較少時，您肯定也會看到對諮詢的一些影響。

And Keith, just to answer your question on investments, yes, they've been factored into the targets that we issued for Q4.

基思，只是為了回答你關於投資的問題，是的，它們已被納入我們為第四季度發布的目標中。

And as you've seen those targets, we continue to expand our operating margin as we had expected through the year as we have said the second half would accelerate expansion.

正如您所看到的這些目標，我們將繼續擴大我們的營業利潤率，正如我們所預期的那樣，我們已經說過下半年將加速擴張。

So the investments are embedded in those targets.

因此，投資嵌入在這些目標中。

And as Shantanu said, we're focused on really driving that mid-market motion like we did with Magento.

正如 Shantanu 所說，我們專注於真正推動中端市場的發展，就像我們對 Magento 所做的那樣。

Next, we hear from Kirk Materne with Evercore ISI.

接下來，我們聽取了 Evercore ISI 的 Kirk Materne 的來信。

Maybe I'll flip over to the Digital Media side of the business, which obviously had a really strong quarter.

也許我會轉向業務的數字媒體方面，這顯然是一個非常強勁的季度。

Shantanu, maybe the stat that stood out to me is actually some of the subs growth in the emerging markets.

Shantanu，也許對我來說突出的統計數據實際上是新興市場的一些潛艇增長。

Can you just provide a little bit more detail on that, sort of how you feel like you're monetizing those opportunities, how that's coming along?

你能否提供更多細節，你覺得你如何利用這些機會獲利，這是如何發生的？

And maybe just talk a little bit about the opportunity maybe internationally because I know that's sort of just taking off right now.

也許只是在國際上談論一下這個機會，因為我知道這現在才剛剛起步。

Sure, Kirk.

當然，柯克。

And yes, when we look at Digital Media ARR both across the creative as well as the document business, we just continue to see strength.

是的，當我們在創意和文檔業務中查看數字媒體 ARR 時，我們只會繼續看到實力。

If you look at our targets for the combined year, I mean, it's clear that driving approximately $1.6 billion of net new Digital Media ARR, creativity and design have never been important.

如果你看看我們的合併年度目標，我的意思是，很明顯，推動大約 16 億美元的淨新數字媒體 ARR、創意和設計從未如此重要。

A couple of points.

幾點。

The first is mobile.

首先是移動端。

What we've been doing with the mobile applications and having mobile be in on-ramp, especially in international as well as key emerging markets, what we've seen with the Lightroom system that we've developed, photography is such a universal phenomenon, and Lightroom is a great product.

我們一直在使用移動應用程序做的事情以及讓移動設備進入匝道，尤其是在國際市場和主要新興市場，我們在開發的 Lightroom 系統中所看到的，攝影是一種如此普遍的現象，而 Lightroom 是一款很棒的產品。

So we're driving adoption across a couple of dimensions.

因此，我們正在推動多個維度的採用。

The first is the number of people who come in from mobile and only buy a mobile subscription through an app store, the people who come in through mobile but then realized that there's more to Adobe's Creative offerings and then come in and download a desktop application as well as then adopt it.

首先是從移動設備進入並僅通過應用程序商店購買移動訂閱的人數，通過移動設備進入但隨後意識到 Adobe 的創意產品還有更多內容然後進入並下載桌面應用程序的人數以及然後採用它。

We're seeing significant growth for Document Cloud also in these international markets as they are migrating from the perpetual version of the product as well as engaging on the web.

我們也看到 Document Cloud 在這些國際市場上的顯著增長，因為它們正在從產品的永久版本遷移並參與到 Web 上。

This is something that we started to talk about, which is people just coming from the web, they want to create a PDF, they want export PDF, that same traction.

這是我們開始談論的事情，即人們剛從網絡上來，他們想要創建 PDF，他們想要導出 PDF，同樣的牽引力。

So -- and frankly, Stock, we actually did some really interesting work with Stock.

所以——坦率地說，Stock，我們實際上用 Stock 做了一些非常有趣的工作。

Stock was a primarily U.S. product.

股票主要是美國產品。

But as you have more international content, as you have the search capabilities available, so the services revenue is also increasing.

但是隨著您擁有更多的國際內容，因為您擁有可用的搜索功能，因此服務收入也在增加。

So just across the board as we talk about new customer acquisition, as we talk about focus on engagement, mobile certainly has momentum and services like Adobe Stock, both in the U.S. as well as international.

因此，當我們談論新客戶獲取時，當我們談論對參與度的關注時，移動設備肯定具有像 Adobe Stock 這樣的勢頭和服務，無論是在美國還是在國際上。

And the last thing I'll say is that the DDOM that we have really gives us insight into what's effective in those markets.

我要說的最後一件事是，我們擁有的 DDOM 確實讓我們深入了解了在這些市場中什麼是有效的。

So rather than have a one-size-fits-all where we spend our money digitally, how we engage with our customers, how do we price the products appropriately.

因此，我們不是千篇一律地在數字上花錢，我們如何與客戶互動，我們如何適當地為產品定價。

China is again seeing really good growth as it relates to our team offering in Creative Cloud.

中國再次看到了非常好的增長，因為這與我們在 Creative Cloud 中提供的團隊產品有關。

And so across the board, it just reflects creativity is important, and we're the leader.

所以總的來說，它只是反映了創造力很重要，我們是領導者。

Our next question comes from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Shantanu, just back on the Digital Experience business, if you plug in your fourth quarter guide, you're going to come in a few points below your full year guide.

Shantanu，剛剛回到數字體驗業務，如果您插入第四季度指南，您將比全年指南低幾個點。

And I'm just curious, I think the Marketo mid-market and some of the other explanations makes sense, but this has been something historically that's been fairly inconsistent.

我只是好奇，我認為 Marketo 中端市場和其他一些解釋是有道理的，但這在歷史上一直是相當不一致的。

I guess the question is how do you back to more consistency in making numbers in this business?

我想問題是您如何在這項業務中恢復到更多的一致性？

And if you could just comment as it relates to your linear, why it's taking so long to get someone in that seat for the new role.

如果您可以評論與您的線性相關的內容，為什麼要花這麼長時間才能讓某人擔任新角色。

Well, a couple of questions in there, Brent.

嗯，有幾個問題，布倫特。

And the first one is I would say, as I pointed out at the beginning, we're growing our subscription book of business, which is a much larger subscription book of business, greater in 2019 than we did in 2018.

第一個是我要說的，正如我在開始時指出的那樣，我們正在增加我們的業務訂閱書，這是一個更大的業務訂閱書，在 2019 年比我們在 2018 年更大。

So I think putting that in perspective, I would say clearly, with the mid-market, our motion was perhaps a lot more in the enterprise.

所以我認為從正確的角度來看，我會明確地說，對於中端市場，我們的動議可能更多地是在企業中。

We saw tremendous success with Magento in the enterprise and creating a demand generation machine, I think having that aligned organization.

我們看到 Magento 在企業中取得了巨大的成功，並創造了需求生成機器，我認為擁有一致的組織。

Part of what I've done as I've been running this business is to align all of them quicker.

我在經營這項業務時所做的部分工作是更快地調整所有這些。

I wish I've done it even earlier in terms of having a combined Magento and Marketo mid-market offering because that demand generation is a machine.

我希望我能夠更早地完成 Magento 和 Marketo 中端市場產品的組合，因為需求生成是一台機器。

So I'm confident that we'll see improvements as a result of those organizational changes.

因此，我相信我們會看到這些組織變化帶來的改進。

And the Adobe Experience Platform, when you look at it, Brent, nobody's delivered something like this.

還有 Adobe 體驗平台，當你看到它時，布倫特，沒有人提供過這樣的東西。

It is so innovative.

它是如此創新。

We talked about it being groundbreaking.

我們談到它是開創性的。

And much like we did with Digital Marketing, which is when we first came out, we were decades ahead of the competition, we feel excited about that.

就像我們對數字營銷所做的那樣，當我們第一次出現時，我們領先競爭對手數十年，我們對此感到興奮。

Customer interest is high.

客戶的興趣很高。

There's an ongoing on-ramp.

有一個正在進行的匝道。

And maybe we were a tad aggressive, but when you're the leader and you're driving such innovation, we have to be optimistic about what we are doing for customers.

也許我們有點激進，但是當你是領導者並且你正在推動這種創新時，我們必須對我們為客戶所做的事情持樂觀態度。

And we experienced firsthand what it takes.

我們親身體驗了這需要什麼。

So we're confident that he will continue to grow that business the way we have.

因此，我們相信他將繼續以我們的方式發展該業務。

Organization.

組織。

And as it relates to the organization, I think I mentioned this last time as well.

由於它與組織有關，我想我上次也提到了這一點。

I intentionally put that on hold because I needed to get all of those organization aligned.

我故意將其擱置，因為我需要讓所有這些組織保持一致。

The product road map, the innovation road map that exist right now, Brent, is stronger than it's ever been as a result, I think, of Abhay's help over the last 6 months.

我認為，由於 Abhay 在過去 6 個月的幫助，產品路線圖，即目前存在的創新路線圖，布倫特，比以往任何時候都更加強大。

What we are doing with delivering new services, the AI and intelligence services that are available, the delivery of the Adobe Experience Platform, what we've done with content and commerce, aligning that and getting that unified, that is clearly the sweet spot of where Abhay is helping and where I focus.

我們在提供新服務方面所做的工作、可用的人工智能和智能服務、Adobe Experience Platform 的交付、我們在內容和商業方面所做的工作、調整和統一，這顯然是Abhay 在哪裡提供幫助以及我關注的重點。

And I think that would not have happened without somebody doing that directly.

如果沒有人直接這樣做，我認為這不會發生。

And so I'm actually pleased that I did it and aligned the organization first.

所以我真的很高興我做到了，並首先調整了組織。

So it's in great shape for somebody when they come in.

所以當有人進來時，它的狀態很好。

Our next question comes from Jennifer Lowe with UBS.

我們的下一個問題來自瑞銀的 Jennifer Lowe。

And maybe just to follow up on Brent's question a little bit because there was a number of different items that came up there, both in terms of getting greater product alignment, in terms of Marketo and Magento and also organizational alignment.

也許只是為了稍微跟進布倫特的問題，因為那裡出現了許多不同的項目，無論是在獲得更大的產品一致性方面，在 Marketo 和 Magento 方面，還是在組織一致性方面。

So is it possible to just sort of at a high level give us a sense of how much of this is a product-related issue of just trying to get the products working together versus just organizational.

因此，是否有可能只是在高層次上讓我們了解這在多大程度上是與產品相關的問題，即只是試圖讓產品協同工作而不是組織起來。

And as you think about how long this will take to kind of get back to where you'd like to be, is that something that could happen in a quarter or 2?

當您考慮這需要多長時間才能回到您想要的位置時，這可能會在一個季度或兩個季度內發生嗎？

Or could this be a more extended time line to get all the things working the way you want them to?

或者這可能是一個更長的時間線，讓所有的事情都按照你想要的方式工作？

Listen, Jennifer, again, multiple questions there.

聽著，詹妮弗，再一次，那裡有多個問題。

First, let me end with that, which is in Q4, we expect substantial increase in quarter-over-quarter bookings in that particular business.

首先，讓我結束第四季度，我們預計該特定業務的季度預訂量將大幅增加。

So let me start off by that.

所以讓我從那個開始。

I think when you introduce an upgrade to the Analytics, which is now available through the Adobe Experience Platform, the customer adoption has been good.

我認為，當您對現在可通過 Adobe Experience Platform 獲得的 Analytics 進行升級時，客戶的採用率一直很好。

It doesn't have to do with a product issue.

它與產品問題無關。

The product is years ahead of the competition, as I said.

正如我所說，該產品比競爭對手領先多年。

It's a new motion.

這是一個新的動議。

I mean what we went through as we went through our digital transformation, people have to get ready for that adoption.

我的意思是我們在進行數字化轉型時所經歷的，人們必須為這種採用做好準備。

And we are seeing that right now.

我們現在看到了這一點。

We're seeing the on-ramp.

我們看到了入口。

So I would put that less as any product issue, definitely not a customer demand issue.

所以我不會把它當作任何產品問題，絕對不是客戶需求問題。

And it's just one of those things that you work through and you work through aggressively to ensure that customers get the value that they want.

這只是您努力完成的事情之一，並且您積極努力以確保客戶獲得他們想要的價值。

And again, in Q4, we expect a substantial increase in quarter-over-quarter bookings based on the pipeline and based on what we would do.

同樣，在第四季度，我們預計基於管道和我們將做什麼的季度預訂量將大幅增加。

Next, we'll hear from Mark Moerdler with Bernstein Research.

接下來，我們將聽取 Bernstein Research 的 Mark Moerdler 的來信。

Congrats on the quarter also.

也祝賀這個季度。

This quarter, even with the integration work and sales expansion driven by Marketo and Magento acquisitions, you delivered a really good operating margin.

本季度，即使在 Marketo 和 Magento 收購推動的整合工作和銷售擴張的情況下，您也實現了非常好的營業利潤率。

Given what you're looking -- it sounds like you're going to do in terms of the increased mid-market focus, in other areas, is there any reason why we shouldn't continue to see that margin continue to move up?

鑑於您正在尋找的內容 - 聽起來您將在其他領域增加對中端市場的關注，是否有任何理由我們不應該繼續看到利潤率繼續上升？

Well, Mark, if you look at our sort of guidance for Q4 and look at what the operating margin guidance would be on the revenue that we outlined and the GAAP and non-GAAP EPS, it's clear that we are continuing to focus on the margin as well.

好吧，馬克，如果您查看我們對第四季度的指導，並查看我們概述的收入以及 GAAP 和非 GAAP 每股收益的營業利潤率指導，很明顯我們將繼續關注利潤率也是。

And I think at the beginning of the year, we had said you would start to see margins back in the 40%, that's certainly there.

我認為在今年年初，我們曾說過你會開始看到利潤率回到 40%，那肯定是存在的。

However, big picture, I would say, we're really focused on the long-term opportunity and continuing to drive top line growth.

但是，我想說，從大局來看，我們真的專注於長期機會並繼續推動收入增長。

But the margins and the leverage in the model, you saw that in Q3 as well across the business.

但是模型中的利潤率和槓桿作用，您在第三季度以及整個業務中都看到了這一點。

And you are right in that the mid-market motions are more marketing and generated by demand through the website and less through direct sales.

你是對的，中端市場的動議更多的是營銷，是由網站需求產生的，而不是通過直接銷售產生的。

So that would be better margins than perhaps an enterprise business.

因此，這可能比企業業務的利潤率更高。

Jay Vleeschhouwer with Griffin Securities has our next question.

格里芬證券的 Jay Vleeschhouwer 提出了我們的下一個問題。

Shantanu, I'd like to ask a sequel to the technology question I asked a quarter ago, although without the plethora of 3-letter acronyms that we talked about at the time and still however with an intent to understand how you're thinking about your technology or platform as a driver to content velocity usage and ultimately retention.

Shantanu，我想問一個關於我四分之一前提出的技術問題的續集，儘管沒有我們當時討論的過多的 3 個字母的首字母縮略詞，但仍然希望了解您的想法您的技術或平台作為內容速度使用和最終保留的驅動力。

So the question tonight is about AEM.

所以今晚的問題是關於 AEM。

Next year is the 10th anniversary of the Day acquisition, and as best we can tell, you've quintupled or more the revenue from that product.

明年是 Day 收購 10 週年，據我們所知，您從該產品中獲得的收入增加了五倍或更多。

So perhaps you could just talk about how you're thinking about the ongoing momentum in AEM -- any fundamental investments or rearchitecture work you need to do or are doing in AEM to continue to drive that as the focal point of DX.

因此，也許您可以談談您如何看待 AEM 的持續發展勢頭——您需要或正在 AEM 中進行的任何基本投資或重構工作，以繼續推動它作為 DX 的焦點。

And then just a quick clarification, in terms of the fixes that you talked about, at least for mid-market in DX, are you planning to accelerate or implement any more of the self-service capabilities that we've talked about there besides the inside sales and other things you talked about tonight?

然後快速澄清一下，就您談到的修復而言，至少對於 DX 中的中端市場，您是否計劃加速或實施我們在那裡討論過的任何自助服務功能，除了今晚你談到的內部銷售和其他事情？

So let me answer the second question first, Jay, which is certainly both the Magento and Marketo, we have both self-serve capabilities as well as ecosystem of partners.

所以讓我先回答第二個問題，Jay，當然是 Magento 和 Marketo，我們既有自助服務能力，也有合作夥伴生態系統。

As you know with Magento, having the open source community helped us not just with bringing us leads but also helping integrate with any point-of-sale or inventory or supply chain systems.

正如您對 Magento 所了解的那樣，擁有開源社區不僅幫助我們為我們帶來潛在客戶，而且還幫助我們與任何銷售點或庫存或供應鏈系統集成。

It's a huge advantage, and I think we're leveraging that.

這是一個巨大的優勢，我認為我們正在利用這一點。

And also as it relates to Magento, we've already integrated that with AEM.

此外，由於它與 Magento 相關，我們已經將其與 AEM 集成。

On AEM, content just continues to be a significant, significant differentiator, and I referred to it earlier as the first mile experience that every customer has with a digital enterprise.

在 AEM 上，內容仍然是一個重要的、顯著的差異化因素，我之前將其稱為每個客戶在數字化企業中擁有的第一英里體驗。

So really exciting things underway there.

那裡正在發生真正令人興奮的事情。

As you know, when we acquired Day Software, that was a perpetual business.

如您所知，當我們收購 Day Software 時，這是一項永久性業務。

I think we effectively transitioned it to be a managed services business.

我認為我們有效地將其轉變為託管服務業務。

We have some really exciting plans underway that we're starting to deliver to customers as it relates to fully SaaS-ifying that and making that even more self-serve in terms of people using that technology.

我們有一些非常令人興奮的計劃正在進行中，我們開始向客戶提供這些計劃，因為它與完全 SaaS 化相關，並使使用該技術的人更加自助。

When you think about what's happening with what's called headless content management, that's an area of significant investment for us so that people can automate their content production.

當您考慮所謂的無頭內容管理正在發生什麼時，這對我們來說是一個重大投資領域，以便人們可以自動化他們的內容生產。

AEM assets, which is the assets product, there's a lot of excitement for that for content velocity as you pointed out.

AEM assets 是資產產品，正如您所指出的，內容速度令人興奮。

We talked a little bit less about AEM forms, but AEM forms also is a way in which people want to use AEM technology.

我們很少談論 AEM 表單，但 AEM 表單也是人們想要使用 AEM 技術的一種方式。

So AEM has really become a platform.

所以AEM真的變成了一個平台。

It's your web infrastructure.

這是您的網絡基礎設施。

What's really exciting for us is there isn't a digital event that happens, whether it's debates, companies introducing product launches, sports events that aren't completely run sort of on Adobe technology.

對我們來說真正令人興奮的是，沒有發生任何數字事件，無論是辯論、公司介紹產品發布、體育賽事都不是完全依靠 Adobe 技術運行的。

And that's really exciting to see.

看到這真的很令人興奮。

When we see these spikes in our traffic, we know what's happening on -- in virtually every online event.

當我們在流量中看到這些峰值時，我們就知道發生了什麼——幾乎在每個在線活動中。

And AEM is at the core of that.

AEM 是其中的核心。

AEM had a strong quarter.

AEM 有一個強勁的季度。

It continues to be a way in which people are replatforming their web.

它仍然是人們重新構建網絡平台的一種方式。

And so stay tuned for more.

敬請期待更多。

But hopefully, that gives you a glimpse of some of the things that we're doing.

但希望這能讓您了解我們正在做的一些事情。

The move to SaaS, the move towards headless content and asset management are maybe 3 of the ones I'd identify.

轉向 SaaS、轉向無頭內容和資產管理可能是我認為的其中 3 個。

Our next question will come from Heather Bellini with Goldman Sachs.

我們的下一個問題將來自高盛的 Heather Bellini。

I just wanted to go back to a couple questions that were asked previously.

我只是想回到之前提出的幾個問題。

One, just thinking through the digital experience and some of the comments you made.

一，只是考慮一下數字體驗和您發表的一些評論。

Can you give us a sense, is there anything to do from a competitive standpoint here?

你能給我們一個感覺，從競爭的角度來看，這裡有什麼可做的嗎？

Is it really all go-to-market?

真的都是上市嗎？

And I'm just wondering kind of who you're seeing most frequently and if that's changed.

我只是想知道你最常看到的是誰，如果這種情況發生了變化。

And then I think to Jen's question kind of talking about margins, I was wondering if you could speak a little bit about OpEx growth.

然後我想對於 Jen 的問題有點談論利潤率，我想知道你是否可以談談 OpEx 增長。

And based on your comments and your guide for the -- for Q4 and as such, the full year, when we think about parsing your comments about investing for growth and margin, how should we be thinking about the pace of OpEx growth going forward?

根據您的評論和您對第四季度以及全年的指南，當我們考慮解析您關於投資增長和利潤率的評論時，我們應該如何考慮未來運營支出增長的步伐？

I mean you guys have been 20% or higher for the last few years.

我的意思是你們在過去的幾年裡一直在 20% 或更高。

Obviously, there's M&A included in that.

顯然，其中包括併購。

But should we be expecting, just given the opportunities that are ahead of you, kind of similar type growth rates as we start to think about the periods ahead?

但是，考慮到您面前的機會，當我們開始考慮未來時期時，我們是否應該期待類似類型的增長率？

Sure.

當然。

So let me answer the first question.

所以讓我回答第一個問題。

While there may be some point solutions that have point competitors or products that are there in the market that do similar technology for the vast majority of what we offer in Digital Experience, we're the undisputed leaders.

雖然可能有一些單點解決方案具有關鍵競爭對手或市場上的產品，它們為我們在數字體驗中提供的絕大多數產品提供類似的技術，但我們是無可爭議的領導者。

And really, as we talk about innovation for new things like Adobe Experience Platform, the real time CDP, what we are doing with intelligent services, Heather, where there really isn't anybody else who's offering capabilities similar to what we have in the market.

真的，當我們談論新事物的創新時，比如 Adobe Experience Platform、實時 CDP、我們正在使用智能服務做什麼、Heather，在這些領域真的沒有其他人能夠提供與我們在市場上所擁有的功能相似的功能.

I think as it relates to M&A, if that was a question, there is nothing major that we look at and feel like is a gap currently in our portfolio.

我認為，由於它與併購有關，如果這是一個問題，那麼我們認為並沒有什麼重大的事情是我們目前投資組合中的差距。

I think the combination of Magento and Marketo and what we've done with the Adobe Experience Platform, that gives us, without a doubt, the leading platform and significant portfolio to continue to drive growth.

我認為 Magento 和 Marketo 的結合以及我們對 Adobe Experience Platform 所做的工作，毫無疑問地為我們提供了領先的平台和重要的產品組合，以繼續推動增長。

I think what we are doing on the document side with the verbs and having the ability for people to embed PDFs, so think of it as a PDF service, we're pretty excited about the opportunity associated with that.

我認為我們在文檔方面正在做的事情是使用動詞並讓人們能夠嵌入 PDF，因此將其視為 PDF 服務，我們對與此相關的機會感到非常興奮。

And we talk about Creative.

我們談論創意。

So hopefully, that gives you a flavor as we talk about the $100 billion addressable market.

所以希望，當我們談論 1000 億美元的潛在市場時，這會讓你有所了解。

That's really driving our growth at this point.

在這一點上，這確實推動了我們的增長。

And then the second question, on OpEx, right, OpEx growth.

然後是第二個問題，關於 OpEx，對，OpEx 增長。

Yes.

是的。

Yes, well, Jen, on all expense, really.

是的，嗯，珍，不惜一切代價，真的。

I mean I think when we look at margins in general, where our goal is to continue to invest in top line growth but then obviously drive efficiencies both in how we look at our COGS and how we're looking at the rest of the P&L.

我的意思是我認為，當我們總體上看利潤率時，我們的目標是繼續投資於收入增長，但隨後顯然會提高我們如何看待我們的 COGS 以及我們如何看待其他損益表的效率。

And so you see that here in Q3, where we're able to vary through a lot of like relentless fiscal discipline contribute to the lower OpEx in Q3 than probably was modeled and that came through obviously in the EPS performance.

所以你在第三季度看到，我們可以通過很多類似無情的財政紀律來改變第三季度的運營支出，這可能比建模的要低，這在 EPS 表現中很明顯。

And you'll see it again in Q4 as we model it out.

當我們對其進行建模時，您將在第四季度再次看到它。

You'll see the operating margin expand again in Q4 based upon our targets.

根據我們的目標，您將在第四季度看到營業利潤率再次擴大。

So diligently focused on that.

如此專注於這一點。

From time to time like we did with the acquisitions, we found opportunities to invest in growth, and we'll do that.

就像我們在收購時所做的那樣，我們不時發現投資增長的機會，我們會這樣做。

But the idea is to really always focus on growing our earnings as fast if not faster than revenue.

但我們的想法是真正始終專注於我們的收入增長速度與收入增長速度一樣快。

Our next question will come from Saket Kalia with Barclays Capital.

我們的下一個問題將來自巴克萊資本的 Saket Kalia。

John, maybe for you -- and I apologize for the background noise by the way.

約翰，也許是給你的——順便說一下，我為背景噪音道歉。

Adobe continues to do a good job on generating new Creative ARR.

Adobe 在生成新的 Creative ARR 方面繼續做得很好。

And so as you think about next year, understanding that we aren't giving guidance yet, can you just talk about some of the puts and takes to how ARR may look next year, particularly with some of the benefit of pricing that we got in fiscal '19?

因此，當您考慮明年時，了解我們尚未提供指導，您能否談談明年 ARR 的一些看跌期權和看法，特別是我們獲得的定價帶來的一些好處'19 財政年度？

When I look at ARR more philosophically because obviously, we have Analyst Day coming up where we'll actually talk a lot about next year, we've laid out many, many times the different drivers that we have.

當我從更哲學的角度看待 ARR 時，因為很明顯，我們即將迎來分析師日，我們將在明年談論很多，我們已經列出了很多很多次我們擁有的不同驅動程序。

And Shantanu covered a number of them when he talked about that earlier to the earlier question.

Shantanu 在之前的問題中談到這一點時涵蓋了其中的一些內容。

So we have international markets, we've got new products, we've got single apps and mobile on-ramp that are really driving new users to the platform.

所以我們有國際市場，我們有新產品，我們有真正推動新用戶進入平台的單一應用程序和移動入口。

And that's one of our biggest growth areas, that's still a focus for us.

這是我們最大的增長領域之一，這仍然是我們關注的重點。

We have -- I think other folks have asked about promotions before as well, and we used those, and we've seen through our DDOM model that they're very effective in driving new users and then converting those to paid users.

我們有——我認為其他人之前也曾詢問過促銷活動，我們使用了這些，我們已經通過我們的 DDOM 模型看到它們在吸引新用戶並將其轉化為付費用戶方面非常有效。

So overall, we've got a number of vectors that we believe we can continue to grow ARR in the future and beyond.

因此，總的來說，我們有許多向量，我們相信我們可以在未來及以後繼續增加 ARR。

Alex Zukin with RBC Capital Markets has our next question.

RBC Capital Markets 的 Alex Zukin 提出了我們的下一個問題。

So maybe just the first one about the -- if it's possible to unpack kind of the -- where the greater magnitude of the bookings kind of headwinds came from, whether it was more the mid-market Marketo side or whether it was the Analytics side.

所以也許只是第一個關於 - 如果有可能解開那種 - 預訂量更大的逆風來自哪裡，無論是更多的中端市場 Marketo 方面還是分析方面.

And then just maybe one for John about the cash flow, Outperformance in the quarter was a bit below our numbers.

然後可能只是約翰關於現金流的一個問題，本季度的表現略低於我們的數字。

Was there -- were there any onetime issues there that should self-correct?

是否存在——是否存在任何應該自我糾正的一次性問題？

Yes.

是的。

Alex, as it relates to the bookings, I would, in order of sort of priority, first talk about the Analytics as its moving to the Adobe Experience Manager.

亞歷克斯，因為它與預訂有關，我會按照優先順序，首先談談分析，因為它正在遷移到 Adobe Experience Manager。

So the combination of Analytics and Audience Manager sort of moving to Experience Platform with the real-time CDP and then, to a lesser extent, the Marketo mid-market.

因此，Analytics 和 Audience Manager 的結合有點像是轉向帶有實時 CDP 的 Experience Platform，然後在較小程度上轉向 Marketo 中端市場。

So that's sort of how I would look at it as people are transitioning and upgrading to the Adobe Experience Platform.

當人們正在過渡和升級到 Adobe Experience Platform 時，這就是我的看法。

And on cash flow, we're actually pretty happy with the performance, but we did have some onetimes in the quarter.

在現金流方面，我們實際上對業績感到非常滿意，但我們確實在本季度有過幾次。

We ended up taking advantage of some favorable vendor pricing by doing a couple large prepayments.

我們最終通過進行幾筆大額預付款來利用一些有利的供應商定價。

And then also, we had some timing of some tax payments in the quarter as well.

此外，我們在本季度也有一些納稅的時間。

So those impacted that but had -- excluding those items, would have been well above $1 billion in the quarter.

因此，那些影響了這一點，但不包括這些項目，在本季度將遠高於 10 億美元。

Next, we'll hear from Sterling Auty with JPMorgan.

接下來，我們將聽取 Sterling Auty 與摩根大通的合作。

You mentioned the softness in the Marketo bookings, specifically mid-market.

您提到了 Marketo 預訂的疲軟，特別是中端市場。

Can you give us a sense of what percentage of that business is usually targeted towards mid-market?

您能否告訴我們該業務中通常針對中端市場的百分比是多少？

And is there a different kind of product set or requirement than what you're currently offering that you think you need to deliver to get it back on track?

是否存在與您當前提供的產品不同類型的產品集或要求，您認為需要交付以使其重回正軌？

No, Sterling.

不，斯特林。

I think first, to put it in perspective, we saw growth.

我認為首先，從長遠來看，我們看到了增長。

We're talking about the acceleration in mid-market the way we did it for Magento in terms of sort of growing it across the enterprise.

我們談論的是中端市場的加速，就像我們為 Magento 所做的那樣，在整個企業中增長它。

And so I think it's really all about having the demand generation machine, which is easier to fix in terms of getting that sort of motion going again in the company.

所以我認為這真的是關於擁有需求生成機器，這更容易在公司再次進行這種運動方面進行修復。

And in terms of it being self-serve, I mean, the product is actually applicable already across of the mid-market and enterprise.

就自助服務而言，我的意思是，該產品實際上已經適用於中端市場和企業。

So there are no product issues there.

所以那裡沒有產品問題。

It really has been, as I said, the national inclination was to go in the enterprise.

正如我所說，確實是國家傾向於進入企業。

And so continuing to accelerate the mid-market in addition to enterprise like we are focusing on Magento and having that as an aligned organization so we can leverage our marketing is the 2 changes we've made.

因此，除了像我們這樣專注於 Magento 的企業之外，繼續加速中端市場，並將其作為一個一致的組織，以便我們可以利用我們的營銷是我們所做的兩個改變。

And the general split, enterprise versus mid-market in that business?

以及該業務中企業與中端市場的總體劃分？

We have such good market share across both of those segments as the leading B2B segment.

作為領先的 B2B 細分市場，我們在這兩個細分市場都擁有良好的市場份額。

It really is well penetrated across both, if there's any -- there's probably more penetration in the mid-market and the smaller size of the large enterprises than the large enterprise, Sterling, if I were to give you some color on their current penetration within the enterprise.

它確實很好地滲透到兩者中，如果有的話——中端市場和規模較小的大型企業可能比大型企業 Sterling 的滲透率更高，如果我要給你一些顏色的話企業。

Our next question will come from Kash Rangan with Bank of America Merrill Lynch.

我們的下一個問題將來自美銀美林的 Kash Rangan。

Shantanu, I just want to clarify.

Shantanu，我只是想澄清一下。

Generally, when you put out a new -- newly integrated platform, the enterprise market is the one that's a little bit more demanding, and they are the ones that are likely to delay purchasing.

一般來說，當你推出一個新的——新集成的平台時，企業市場是要求更高的市場，他們是可能延遲購買的市場。

But here, it appears that it's more on the mid-market side.

但在這裡，它似乎更偏向於中端市場。

So I'm just curious to get a little bit more color.

所以我只是想得到更多的顏色。

What else do you need to see in the product by which the customer base can move forward with confidence?

您還需要在產品中看到哪些讓客戶群充滿信心地向前發展的東西？

And I've got to believe that just based on the new guidance for Q4 that we're not expecting a snap back in Marketing -- or what used to be called Marketing Cloud bookings.

而且我必須相信，僅基於第四季度的新指導，我們並不期望市場營銷——或者曾經被稱為營銷雲預訂的東西——迅速恢復。

So therefore, should we expect -- what are we expecting for this year to actually happen next year while not being specific about growth rate?

因此，我們是否應該期待——我們預計今年會在明年實際發生什麼，而不是具體的增長率？

So Kash, first, with respect to the bookings, let me again reiterate what we said in the prepared remarks, which is we would expect the overall subscription book of business for all of the experience cloud across mid-market, across enterprise and across all solutions to be greater than 20%.

因此，Kash，首先，關於預訂，讓我再次重申我們在準備好的評論中所說的話，即我們預計整個中端市場、企業和所有體驗雲的整體訂閱業務解決方案大於 20%。

So I wanted to make sure that, that was understood despite what we saw in Q3.

因此，我想確保儘管我們在第三季度看到了這一點，但人們可以理解這一點。

I think as it relates to your first question, the integrated platform, that is really aimed more at the enterprise.

我認為這與您的第一個問題有關，即集成平台，它實際上更多地針對企業。

And that's the natural migration of Analytics and Audience Manager customers.

這就是 Analytics 和 Audience Manager 客戶的自然遷移。

I think the mid-market is specifically as it relates to Marketo.

我認為中端市場特別與 Marketo 相關。

So I just wanted to clarify that.

所以我只是想澄清一下。

And so there are no issues with respect to adoption in the enterprise.

因此，在企業採用方面沒有任何問題。

If anything, as I said, we were maybe a tad aggressive with how quickly they would adopt it, but we do expect to see substantial bookings in Q4 quarter-over-quarter.

如果有的話，正如我所說，我們可能對他們採用它的速度有點激進，但我們確實希望在第四季度看到大量預訂。

Got it.

知道了。

And the outlook for this combined newly integrated platform going into next year, what are the things that you could do or customers can do that they could not do with the previous product?

以及這個新集成平台到明年的前景，有哪些是你可以做的或者客戶可以做的，而他們以前的產品做不到的？

Just trying to understand qualitatively how this changes things for Adobe.

只是試圖定性地理解這如何改變 Adobe。

That's it.

就是這樣。

Congrats.

恭喜。

Well, I think what we've been through, Kash, with our own move to digital, the ability to have a real-time platform where you can actually activate what happens to customers across multiple channels, it doesn't exist.

好吧，我認為我們所經歷的，Kash，隨著我們自己向數字化的轉變，擁有一個實時平台的能力，您可以在其中實際激活跨多個渠道發生在客戶身上的事情，它不存在。

I mean the first generation of dealing with these customers is a record in our database.

我的意思是與這些客戶打交道的第一代是我們數據庫中的記錄。

That is completely inadequate in terms of how people can engage with customers.

就人們如何與客戶互動而言，這完全不夠。

So this is absolutely groundbreaking in terms of what can be done.

因此，就可以做的事情而言，這絕對是開創性的。

So think of it as how many times have you gone to a website, you bought a product and then the ad for that product continues to dog you for weeks.

因此，可以將其想像為您訪問網站多少次，您購買了一種產品，然後該產品的廣告持續困擾您數週。

And maybe sometimes to add insult to injury, it actually says there's a discount now available for that product.

也許有時是為了雪上加霜，它實際上說該產品現在有折扣。

That's sort of the thing that we're addressing.

這就是我們正在解決的問題。

Or when you call in to a customer support and you've done something in a retail store or you've done something online, and it has no idea about who you are and what you did.

或者當您致電客戶支持並且您在零售店做過某事或您在網上做過某事時，它不知道您是誰以及您做了什麼。

So I think this real-time CDP, the other massive movement that you know is happening is between known and unknown and a movement towards that with browsers.

所以我認為這個實時 CDP，另一個你知道正在發生的大規模運動是在已知和未知之間，以及瀏覽器的運動。

So we're the first to convert what was our leading position with DMP or data management into real-time CDP or a customer data platform.

因此，我們率先將我們在 DMP 或數據管理方面的領先地位轉變為實時 CDP 或客戶數據平台。

So this is the ability to have one single unified view of a customer across multiple channels, understand how you acquire them, understand how you engage with them.

因此，這是一種跨多個渠道對客戶進行單一統一視圖的能力，了解您如何獲得他們，了解您如何與他們互動。

So that's really what I think is an imperative for every company doing digital transformation.

因此，我認為這確實是每家進行數字化轉型的公司的當務之急。

So that's our opportunity and our lead.

所以這是我們的機會和領先優勢。

Our next question will come from Walter Pritchard with Citi.

我們的下一個問題將來自花旗的 Walter Pritchard。

Sorry for the background noise here.

抱歉這裡有背景噪音。

John, just a question for you on pricing as a driver.

約翰，作為司機的定價問題。

I've noticed in the past, you've outlined and this quarter, you've outlined the different -- some of the different drivers in the script, and I didn't see pricing there.

我過去注意到，你已經概述了這個季度，你已經概述了不同的 - 腳本中的一些不同的驅動程序，我沒有看到那裡的定價。

I'm wondering sort of how pricing, both the expiration of the promotional pricing as well as some of the pricing actions you've taken over the last 18 months, are faring as drivers of the Creative business compared to what you see in recent quarters.

我想知道與您在最近幾個季度看到的情況相比，定價（促銷定價到期以及您在過去 18 個月中採取的一些定價措施）如何成為創意業務的驅動力.

Sure, Walter.

當然，沃爾特。

Yes, pricing is certainly a lever.

是的，定價當然是一個槓桿。

It's not one that we've ever used really as a driver for an annual price increase to increase ARR, for instance.

例如，我們從未真正將其用作每年價格上漲以增加 ARR 的驅動因素。

One of the things that we look at is with the value that we're providing to the customers and when we provide the value and we see that value resonate with customers, then we price it accordingly.

我們關注的一件事是我們為客戶提供的價值，當我們提供價值並且我們看到該價值與客戶產生共鳴時，我們就會相應地定價。

What we saw this year, of course, is the price increase that we did, I should say, last year for North America and then this year internationally in Australia and Japan, we've seen those price increases be well accepted.

當然，我們今年看到的是我們所做的價格上漲，我應該說，去年在北美，然後是今年在澳大利亞和日本的國際市場，我們已經看到這些價格上漲被廣泛接受。

We have customers who stay on the platform, and their value is resonating.

我們有客戶留在平台上，他們的價值正在引起共鳴。

So it's something that we'll look at.

所以這是我們要看的東西。

It's not a core driver, but something that is one of the many levers that we can use to grow.

它不是核心驅動力，而是我們可以用來發展的眾多槓桿之一。

Our final question will come from Chris Eberle with Nomura Instinet.

我們的最後一個問題將來自 Nomura Instinet 的 Chris Eberle。

Just wanted to touch on advertising really quickly.

只是想很快接觸到廣告。

We noticed that in -- back in August, Google had shut out Adobe DSP from their ad exchange.

我們注意到，早在 8 月，Google 就將 Adobe DSP 拒之門外。

Can you talk about if that had any effect at all or maybe just kind of remind us of the size of that business now and if it's material at all?

你能談談這是否有任何影響，或者只是提醒我們現在該業務的規模以及它是否重要？

So the easy answer to that is it really had no impact.

因此，簡單的答案是它確實沒有影響。

That was a 1 day in one part of Europe as a result of a customer who used it inappropriately.

由於一位客戶使用不當，在歐洲的某個地區這是 1 天。

And we were back up and running.

我們已經恢復正常運行。

So that really had no issue.

所以這真的沒有問題。

I mean the advertising business for us is important part of the Experience Cloud business.

我的意思是，對我們而言，廣告業務是 Experience Cloud 業務的重要組成部分。

It allows the CMOs to have real attribution associated with their marketing spend.

它允許 CMO 擁有與其營銷支出相關的真實歸因。

It helps with customer acquisition as the on-ramp to a digital business.

它有助於客戶獲取作為數字業務的入口。

So it plays a strategic role, and we have good offering in that it cuts across all of the different channels that people are looking to acquire customers on, namely TV, search, display and video.

因此，它發揮著戰略作用，我們提供了很好的產品，因為它跨越了人們希望獲得客戶的所有不同渠道，即電視、搜索、顯示和視頻。

So I think in particular, where we are strongest right now is certainly in helping people with the new media types such as video and TV.

所以我特別認為，我們現在最強大的地方肯定是幫助人們使用視頻和電視等新媒體類型。

So that's it as it relates to the ad business.

這就是它與廣告業務相關的內容。

I mean given that was the last question, I continue to believe that Adobe is not just driving, but we are creating large market opportunities.

我的意思是，鑑於這是最後一個問題，我仍然相信 Adobe 不僅在推動，而且我們正在創造巨大的市場機會。

We were pleased with our fiscal performance in Q3, and I'm particularly pleased with the product road map and innovation that we're delivering across all 3 clouds to what is increasingly an incredibly diverse set of customers.

我們對第三季度的財務表現感到滿意，我對我們在所有 3 個雲中為日益多樣化的客戶提供的產品路線圖和創新感到特別滿意。

Our strategy, empowering people to create and helping businesses transform, is certainly working, and we're executing against that strategy.

我們的戰略，賦予人們創造和幫助企業轉型的能力，當然是有效的，我們正在執行這一戰略。

Design and creativity have never been more important.

設計和創意從未如此重要。

You've seen the strength in both the creative as well as the document business.

您已經看到了創意和文檔業務的優勢。

And digital transformation and digitization continues to be an incredible opportunity.

數字化轉型和數字化仍然是一個難得的機會。

Clearly, FY '19 will be another record year with strong cash flow and margin expansion.

顯然，19 財年將是又一個創紀錄的年份，現金流強勁，利潤增長。

And as a plug, I am particularly excited about the innovation that we're going to showcase at MAX.

作為一個插件，我對我們將在 MAX 上展示的創新感到特別興奮。

It's going to be our largest Creative event, and I hope to see you join us in L.A. for both MAX as well as our FA meeting.

這將是我們最大的創意活動，我希望看到你和我們一起在洛杉磯參加 MAX 和我們的 FA 會議。

Thank you for joining us today.

感謝您今天加入我們。

This concludes our call.

我們的電話到此結束。

Thanks, everyone.

謝謝大家。