Adobe Inc (ADBE) 2019 Q3 法說會逐字稿

Good afternoon. I'd like to welcome you to the Adobe Third Quarter Fiscal Year 2019 Earnings Conference Call. (Operator Instructions) At this time, I would like to turn the call over to Mike Saviage, Vice President of Investor Relations. Please go ahead, sir.

午安.歡迎各位參加 Adob​​e 2019 財年第三季財報電話會議。（操作員指示）現在，我將把電話交給投資者關係副總裁麥克·薩維亞格。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 third 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 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 財年第三季的財務表現。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。如果您需要這些文件的副本，可以訪問 Adob​​e 的投資者關係頁面，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, September 17, 2019, and contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review the forward-looking statements disclosure in the earnings press release we issued today as well as Adobe's SEC filings.

在正式開始之前，我們想強調，本次電話會議中討論的一些信息，特別是我們的收入和運營模式目標以及我們的前瞻性產品計劃，均基於截至 2019 年 9 月 17 日的信息，並且包含涉及風險和不確定性的前瞻性陳述。實際結果可能與此類聲明中所述的結果有重大差異。有關這些風險和不確定性的討論，您應該查看我們今天發布的盈利新聞稿中的前瞻性聲明披露以及 Adob​​e 向美國證券交易委員會提交的文件。

On this call, we will discuss GAAP and non-GAAP financial measures. A reconciliation between the 2 is available in our earnings release and on Adobe's Investor Relations website. Call participants are advised that the audio of this conference call is being webcast live and is also being recorded for playback purposes. An archive of the webcast will be made available on Adobe's Investor Relations website for approximately 45 days and is the property of Adobe. The call audio and the webcast archive may not be rerecorded or otherwise reproduced or distributed without prior written permission from Adobe.

本次電話會議，我們將討論GAAP和非GAAP財務指標。兩者之間的對比情況可在我們的收益報告中以及 Adob​​e 的投資者關係網站上查閱。參加電話會議的人員請注意，本次電話會議的音訊將進行即時網路直播，並將被錄音以備回放。網路直播的存檔將在 Adob​​e 的投資者關係網站上保留約 45 天，其所有權歸 Adob​​e 所有。未經 Adob​​e 事先書面許可，不得重新錄製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。

Q3 was a record quarter for Adobe with strong revenue and continued growth across our entire business. We delivered $2.83 billion in revenue in Q3, representing 24% year-over-year growth. GAAP earnings per share for the quarter was $1.61, and non-GAAP earnings per share was $2.05.

第三季度是 Adob​​e 創紀錄的一個季度，公司營收強勁，整個業務持續成長。第三季度，我們實現了 28.3 億美元的收入，年增 24%。本季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. The ability to deliver a personalized relationship with every customer using digital technology is a mandate for every business. Internal efficiency, including a paper-to-digital revolution, is critical to achieving that imperative. In addition, design and creativity has never been more relevant. 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. 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 致力於賦能人們，讓他們能夠創造並改變企業的競爭方式，而這項策略正在推動我們持續取得成功。利用數位科技與每位客戶建立個人化關係的能力，是每個企業的必備素質。提高內部效率，包括從紙本文件轉變為數位化文件的轉變，對於實現這一目標至關重要。此外，設計和創意從未像現在這樣重要。從專業攝影師、沉浸式內容創作者和經驗豐富的設計師，到學生和小企業主，每個人都有故事要講，而且他們需要在越來越多的畫布上講述這些故事。Adobe 不斷創新，以拓展這些市場機遇，全球各地的客戶繼續依靠 Adob​​e Creative Cloud、Document Cloud 和 Experience Cloud 來經營業務、改變工作方式並將創意變為現實。

In our Digital Media business, we drove strong revenue growth in both Creative Cloud and Document Cloud in Q3. Net new Digital Media annualized recurring revenue, or ARR, was $386 million, and total Digital Media ARR exiting Q3 grew to $7.86 billion. Q3 Creative revenue was $1.65 billion, which represents 22% year-over-year growth.

在數位媒體業務方面，第三季 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 3.86 億美元，截至第三季末，數位媒體 ARR 總營收成長至 78.6 億美元。第三季創意營收為 16.5 億美元，年增 22%。

Creative Cloud is the creativity platform for all. 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.

Creative Cloud 是面向所有人的創意平台。Creative Cloud 透過持續專注於不同媒體類型、設備和領域的創新，已成為創意應用程式和服務的一站式商店，以及創意靈感、學習、培訓和社群的領先來源。

Our goal is to ensure that Creative Cloud applications and services make every creative possibility a reality for every one of our customers. Adobe's vision is that mobile devices and tablets should be used for creation in addition to consumption. Adobe Lightroom, our complete system for photo editing, achieved significant growth on mobile devices with Q3 monthly active users growing 130% year-over-year. 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.

我們的目標是確保 Creative Cloud 應用程式和服務能夠讓每位客戶的每個創意想法都成為現實。Adobe 的願景是，行動裝置和平板電腦除了用於消費之外，還應該用於創作。Adobe Lightroom，我們的完整照片編輯系統，在行動裝置上取得了顯著成長，第三季每月活躍用戶年增 130%。第三季度，透過 Adob​​e 行動應用程式創建的新 Adob​​e ID 年成長超過 40%，顯示行動裝置仍然是訂閱用戶健康成長的途徑。

In Q3, we announced Adobe Fresco, a groundbreaking drawing and painting app, which will be available first on iPad later this fall. Fresco digitally reimagines the process that artists have traditionally used, whether it's chalk, pastels, oil or watercolor paint. Like Photoshop transformed and democratized photography, we believe Fresco will change how artists use digital to draw and illustrate. Apple will feature Fresco in hundreds of its retail stores as part of its iPad Pro Big Draw campaign.

第三季度，我們發布了突破性的繪圖和繪畫應用程式 Adob​​e Fresco，該應用程式將於今年秋季晚些時候率先在 iPad 上推出。Fresco 以數位方式重新構想了藝術家傳統上使用的繪畫過程，無論是粉筆、粉彩、油畫或水彩顏料。就像 Photoshop 改變了攝影並使其大眾化一樣，我們相信 Fresco 將改變藝術家使用數位技術進行繪畫和插圖創作的方式。作為 iPad Pro 大推廣活動的一部分，蘋果將在數百家零售店展示 Fresco 的設計。

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. 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. 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. This was the biggest community event on Reddit based on total contributions and participation. These types of partnerships give us an opportunity to introduce Creative Cloud to millions of next-generation creators.

Adobe 認為，創造力技能應該是學校課程的核心部分，STEAM（科學、技術、工程、藝術和數學）應該成為教育的重點，而不僅僅是 STEM（科學、技術、工程和數學）。我們擴大了 Adob​​e 大使網絡，涵蓋全國 100 多所大學，學生們在這些大學宣傳創意，並主持校園研討會，幫助其他學生學習使用 Adob​​e 創意產品。上週，我們與 Reddit 合作推出了一項新計劃，鼓勵年輕的創作者將他們的個人設計作品貢獻到 Reddit 首頁的全球巨幅畫布上。根據總貢獻量和參與人數來看，這是Reddit上規模最大的社區活動。這類合作關係讓我們有機會將 Creative Cloud 介紹給數百萬新世代創作者。

Adobe MAX is the world's largest creativity conference. 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.

Adobe MAX是全球規模最大的創意大會。11 月，我們將迎來全球創意社群和合作夥伴，屆時將有超過 15,000 名現場觀眾和近 100 萬名虛擬觀眾，並發布 Adob​​e Creative Cloud 的重大創新成果。

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. Q3 Document Cloud revenue and net new ARR were records for a quarter, and we grew total Document Cloud ARR to $993 million. Key Document Cloud customer wins in Q3 included Deutsche Bank, Saudi Aramco, Dell and the U.S. Department of Veterans Affairs. As with our Creative products, our Document Cloud customers increasingly expect business processes to be seamless across desktop and mobile devices.

借助 Document Cloud，我們正在加速紙本流程向數位化流程的轉型，並重新定義人們掃描、編輯、協作、簽署和共享數位文件的方式。第三季文檔雲端收入和新增淨 ARR 均創下季度新高，文檔雲總 ARR 成長至 9.93 億美元。第三季 Document Cloud 的主要客戶包括德意志銀行、沙烏地阿美、戴爾和美國退伍軍人事務部。與我們的創意產品一樣，我們的文件雲端客戶越來越希望業務流程能夠在桌面和行動裝置上無縫銜接。

In Q3, more than 2.5 billion PDFs were opened in Adobe Reader on mobile devices. 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. Strong uptake of our Document Cloud mobile applications as well as continued strength in Acrobat subscription adoption is driving momentum in the business. In addition, we launched new web-based services that offer instant access to Adobe PDF creation and compression capabilities from any browser. 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. We are investing in creative marketing campaigns to drive awareness of these capabilities and target new users.

第三季度，超過 25 億個 PDF 檔案在行動裝置上使用 Adob​​e Reader 開啟。Adobe Scan 已成為 iOS 和 Android 平台上最熱門的文件掃描應用程序，安裝量接近 3,500 萬次，第三季下載量年增超過 30%。我們的 Document Cloud 行動應用程式的強勁普及以及 Acrobat 訂閱採用率的持續走高，正在推動業務發展。此外，我們還推出了新的基於網路的即時服務，用戶可以透過任何瀏覽器存取 Adob​​e PDF 來建立和壓縮功能。我們相信這些服務不僅適用於希望快速完成工作的個人，也適用於需要將一流的 PDF 文件支援整合到其 Web 應用程式中的開發人員。我們正在投資創意行銷活動，以提高人們對這些功能的認識並吸引新用戶。

Adobe Sign, our leading cloud-based electronic signature solution, continues to gain traction among businesses and organizations. This quarter, we introduced Adobe Sign for small business, providing small and mid-market businesses enterprise-level e-signature capabilities.

Adobe Sign 是我們領先的基於雲端的電子簽名解決方案，在企業和組織中持續獲得青睞。本季度，我們推出了小型企業的 Adob​​e Sign，為中小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. Our vision is to help every business become an experienced business. 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. We believe customer experience management is a significant growth opportunity for Adobe. 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. In Q3, Experience Cloud was named a Leader in 7 Gartner Magic Quadrant and Forrester Wave reports. Key Experience Cloud wins in Q3 included Delta Airlines, T-Mobile, Capital One and Best Western.

在我們的數位體驗業務中，本季體驗雲端收入達到 8.21 億美元，年增 34%。我們的願景是幫助每家企業成為經驗豐富的企業。這意味著要讓他們能夠提供引人入勝的體驗，在客戶從獲取、購買到續訂的每個階段，都能預見並滿足客戶的需求。我們認為客戶體驗管理是 Adob​​e 的一個重要成長機會。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，從而為各行各業的體驗驅動型企業提供支援。第三季度，Experience Cloud 在 7 份 Gartner 魔力像限報告和 Forrester Wave 報告中被評為領導者。第三季度，Key Experience Cloud 贏得了達美航空、T-Mobile、Capital One 和 Best Western 等客戶的青睞。

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. Content and commerce are the foundation for every digital business. We continue to drive strong performance with Adobe Experience Manager for multichannel experience delivery. Through integration with Magento Commerce, we are making every experience shoppable. 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.

在這個龐大且不斷成長的市場中，我們擁有無可爭議的領導地位，我們不斷擴大眼前的機會，將我們的業務範圍從 B2C 擴展到 B2B，從企業擴展到中端市場，從首席行銷長擴展到首席資訊長、首席技術長和執行長。內容和商業是所有數位業務的基礎。我們持續利用 Adob​​e Experience Manager 在多通路體驗交付方面取得強勁表現。透過與 Magento Commerce 的集成，我們讓每一次體驗都可購物。這使得我們的整合內容和商務產品表現強勁，Magento Commerce 的預訂量在第三季年增超過 40%。

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

多通路行銷活動管理是 Adob​​e Experience Cloud 的另一個差異化支柱。Marketo 與 Adob​​e Campaign 的整合，使 Adob​​e 在 B2B 和 B2C 領域的客戶旅程管理和協調方面擁有了業內最強大的產品。

Earlier this year, we introduced Adobe Experience platform, the industry's first real-time platform for customer experience management. 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 stitches together data from across the enterprise, creating real time unified customer profiles, enabling the activation and delivery of hyper-personalized experiences.

今年早些時候，我們推出了 Adob​​e Experience 平台，這是業界首個用於客戶體驗管理的即時平台。Adobe Experience 平台將解決每個企業都面臨的一個關鍵挑戰：如何利用大量分散且不易存取或操作的寶貴客戶資料。Adobe Experience 平台將來自整個企業的資料整合在一起，創建即時統一的客戶檔案，從而實現高度個人化體驗的啟動和交付。

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. 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. We continue to be the leader in customer experience management, which has a TAM of more than $70 billion by 2021. While we experienced some bookings delays in Q3, our robust product road map and customer pipeline positions us for multiple years of strong growth.

透過將 Adob​​e Experience 平台與 Adob​​e Analytics、Adobe Audience Manager 以及我們全新的即時客戶資料平台 (CDP) 結合，我們正在為數位企業打造無與倫比的全新綜合客戶數據和洞察產品。Adobe Experience 平台經過數年研發，我們看到客戶對解決方案表現出極大的熱情，目前市場上已有多個試點部署專案。我們繼續保持客戶體驗管理領域的領先地位，到 2021 年，該領域的潛在市場規模將超過 700 億美元。儘管我們在第三季度遇到了一些預訂延遲，但我們強大的產品路線圖和客戶管道使我們有信心在未來幾年實現強勁成長。

At Adobe, we continue to invest in our employees, who are the heart and soul of our company. 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. Adobe is the leader in several large and growing categories: creativity, digital documents and customer experience management. We remain excited about the opportunities in front of us and confident in our ability to drive strong top line and bottom line growth.

在 Adob​​e，我們持續投資於我們的員工，他們是我們公司的核心和靈魂。上週，在我們一年一度的 Adob​​e For All 高峰會上，我們重申了全球員工性別薪資平等的原則，並分享了有關機會平等計畫的新細節和數據。該計劃旨在研究員工晉升率和獲得新機會的公平性。Adobe 在多個規模龐大且不斷成長的領域中處於領先地位：創意、數位文件和客戶體驗管理。我們對擺在我們面前的機會依然充滿熱情，並對實現強勁的營收和利潤成長充滿信心。

John?

約翰？

Thanks, Shantanu.

謝謝你，沙塔努。

In Q3 FY '19, Adobe achieved record revenue of $2.83 billion, which represents 24% year-over-year growth. GAAP diluted earnings per share in Q3 was $1.61, and non-GAAP diluted earnings per share was $2.05.

2019 財年第三季度，Adobe 實現了創紀錄的 28.3 億美元收入，年增 24%。第三季GAAP稀釋後每股盈餘為1.61美元，非GAAP稀釋後每股盈餘為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.

第三季業務和財務亮點包括：數位媒體收入創歷史新高，達到 19.6 億美元，其中包括創歷史新高的創意收入 16.5 億美元和創歷史新高的 Adob​​e Document Cloud 收入 3.07 億美元；強勁的新增數位媒體年度經常性收入淨額達到 3.86 億美元； 87.7 億美元；經營活動產生的現金流為 9.22 億美元；回購了 260 萬股股票；第三季約 92% 的收入來自經常性收入。

In our Digital Media segment, we achieved record revenue with 22% year-over-year growth. The addition of $386 million net new Digital Media ARR during the quarter grew the total to $7.86 billion.

在數位媒體領域，我們實現了創紀錄的收入，年增 22%。本季新增 3.86 億美元淨數位媒體 ARR，使總 ARR 達到 78.6 億美元。

Within Digital Media, we achieved another strong quarter with our Creative business. Creative revenue grew 22% year-over-year in Q3, and we increased Creative ARR by $314 million. 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.

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。第三季創意營收年增 22%，創意 ARR 增加了 3.14 億美元。第三季度，Creative Cloud 訂閱的強勁成長、追加銷售和留存率持續攀升，這主要得益於：新用戶成長，這得益於眾多旨在創造需求的全球舉措，包括有針對性的營銷活動和促銷活動；大量用戶來自桌面和行動設備，並利用 Adob​​​​e 的品牌和新產品拓展到相鄰的創意Adobe Illustrator；國際市場的持續成長，其中主要新興市場的同比增長率超過 40%；企業市場的持續成功，包括新客戶、席位增加和服務採用率的提高，從而推動了合約價值的提升；以及創意服務的普及，包括 Adob​​e Stock，其收入同比增長超過 30%。

Our momentum with Document Cloud accelerated in Q3. 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. 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. Adobe Sign revenue grew greater than 25% year-over-year.

第三季度，我們在文檔雲端領域的成長動能加快了。我們實現了 Document Cloud 營收 3.07 億美元，年增 24%，本季新增 Document Cloud 淨 ARR 創紀錄地達到 7,200 萬美元。第三季 Document Cloud 的強勁表​​現得益於以下因素：個人、中小企業和大型企業等主要市場管道的訂閱需求；Acrobat 永久用戶持續向訂閱用戶遷移；企業服務採用率；以及免費行動閱讀器用戶向付費訂閱用戶的轉換。Adobe Sign 的營收年增超過 25%。

In our Digital Experience segment, we achieved quarterly Experience Cloud revenue of $821 million, which represents 34% year-over-year growth. Experience Cloud subscription revenue was a record $679 million, growing 37% year-over-year. 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. 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. 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. We now expect to grow our total Digital Experience subscription bookings in fiscal 2019 by greater than 20% year-over-year.

在我們的數位體驗業務板塊，我們實現了季度體驗雲端收入 8.21 億美元，年增 34%。Experience Cloud 訂閱營收創下 6.79 億美元的紀錄，較去年同期成長 37%。雖然我們在第三季整體營收強勁，但我們在中階市場透過 Marketo 獲得的訂閱預訂成長並未達到預期，我們正在透過增加對需求創造和內部銷售的關注和投資來解決這個問題。此外，由於我們新的 Adob​​e Experience Platform 的推出，Analytics Cloud 訂閱預訂出現延遲，導致諮詢服務預訂和收入相應減少。我們相信，Analytics Cloud 的增強創新、我們即時 CDP 產品的推出以及 Adob​​e 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的銷售管道轉化為實際訂單。我們現在預計，2019 財年我們的數位體驗訂閱總預訂量將年增 20% 以上。

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

從季度環比匯率的角度來看，外匯損失導致收入減少了 850 萬美元。2019 財年第三季度，我們的對沖收益為 1,080 萬美元，而 2019 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，收入的淨環比匯兌減少額為 670 萬美元。

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

從年比匯率角度來看，外匯交易導致收入減少了 3,830 萬美元。2019 財年第三季對沖收益為 1,080 萬美元，而 2018 財年第三季對沖收益為 1,680 萬美元，考慮到對沖收益，導致收入年淨減少 4,430 萬美元。

In Q3, Adobe's effective tax rate was 5% on a GAAP basis and 11% on a non-GAAP basis. Our trade DSO was 44 days, which compares to 41 days in the year ago quarter and 42 days last quarter. Remaining performance obligation, or RPO, was approximately $8.77 billion exiting Q3, which compares to $8.37 billion exiting Q2. Deferred revenue exiting Q3 was $3.26 billion. 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.

第三季度，Adobe 的實際稅率以 GAAP 計算為 5%，以非 GAAP 計算為 11%。我們的貿易應收帳款週轉天數為 44 天，去年同期為 41 天，上一季為 42 天。截至第三季末，剩餘履約義務（RPO）約為 87.7 億美元，而截至第二季末為 83.7 億美元。截至第三季末，遞延營收為32.6億美元。截至第三季末，我們的現金及短期投資部位為 36.5 億美元，該季經營活動產生的現金流為 9.22 億美元。

In Q3, we repurchased approximately 2.6 million shares at a cost of $750 million. We currently have $5.85 billion remaining of our $8 billion repurchase authority granted in May 2018, which goes through 2021.

第三季度，我們以 7.5 億美元的價格回購了約 260 萬股股票。我們目前還剩下 58.5 億美元，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。

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

接下來，我們展望一下下半年數位體驗預訂和諮詢收入的目標。2019 財年第四季，我們的目標是營收約 29.7 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 4.5 億美元；數位體驗部門營收年增約 20%；新增數位媒體年度經常性營收淨額約 4.5 億美元；數位體驗部門營收年增約 23%；非經營性淨支出約 2,000 萬美元；數位體驗部門營收年增約 23%；非經營性淨支出約 2,000 萬美元； 1.68 美元；非 GAAP 每股盈餘約為 2.25 美元。我們期待在早期階段取得強勁的成績，並將在 MAX 的財務分析師會議上與您分享有關我們的策略和機會的見解。

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 is less than 2 months away. On Day 1 at our user conference in Los Angeles on Monday, November 4, we will host a financial analyst meeting in the afternoon. Invitations, including discounted MAX registration information, were sent to our analyst and investor e-mail list over the summer. Please contact Adobe Investor Relations via e-mail at ir@adobe.com if you have not registered and wish to attend. More information about the event can be found online at max.adobe.com.

Adobe MAX大會還有不到兩個月就要舉行了。11 月 4 日星期一，在洛杉磯舉行的用戶大會第一天，我們將在下午舉辦財務分析師會議。今年夏天，我們向分析師和投資者的電子郵件清單發送了邀請函，其中包含 MAX 折扣註冊資訊。如果您尚未註冊但希望參加，請透過電子郵件聯絡 Adob​​e 投資者關係部，電子郵件地址為 ir@adobe.com。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 number 7673180. International callers should dial (719) 457-0820. The phone playback service will be available beginning at 5:00 p.m. Pacific Time today and ending at 5:00 p.m. Pacific Time on September 24, 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 收聽電話錄音。使用會議 ID 號碼 7673180。國際來電者請撥打 (719) 457-0820。電話回放服務將於下午 5 點開始提供。太平洋時間今天下午 5:00 結束。太平洋時間 2019 年 9 月 24 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）今天我們先來回答摩根士丹利的基斯‧韋斯提出的問題。

Very nice quarter, particularly on Digital Media side of the equation. 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. 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. What does it take to fix that? Because it definitely sounds like you are much more optimistic about that business a quarter ago. 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?

本季表現非常出色，尤其是在數位媒體方面。聽起來你們似乎在數位串流媒體領域遇到了一些市場推廣和顛覆性影響。我希望你能更深入地了解一下，幫我們解釋一下公司那邊到底發生了什麼事。要解決這個問題需要做些什麼？因為聽起來你對這家企業的前景比一個季度前樂觀得多。那麼，也許可以問約翰一個問題：為了讓 Experience Cloud 恢復到你們預期的成長速度，增加對內部銷售和一些市場推廣方面的投資，這對利潤率會有影響嗎？

Great. Keith, as you pointed out, it was a strong quarter. We were pleased with the growth across the businesses. 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. And let me clarify that, that wasn't any impact associated with macro. The interest from enterprises, all sizes, different verticals in our comprehensive solutions remains incredibly strong. 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.

偉大的。基思，正如你所指出的，這是一個表現強勁的季度。我們對各業務部門的成長感到滿意。因為我估計會有人問到數位體驗方面的問題，所以讓我更詳細地介紹一下這個機會。讓我澄清一下，這並非宏觀經濟方面的影響。各行各業、各種規模的企業對我們綜合解決方案的興趣依然非常濃厚。即使看看我們提供的目標，也很明顯，我們在實現強勁的收入成長的同時，實際上也在逐年加速訂閱預訂量的成長，而我們的業務規模要大得多，因為我們進行了公平的比較。

I think as you think about Q3, it's clear we have leading solutions in the first mile and the last mile. So Adobe Experience Manager, Campaign and Magento had strong growth. The Magento acquisition has been viewed extremely well by customers. 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. 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. What it has to do is deliver first-mile content experiences, that's the content and commerce piece. It has to segment audiences now in real time across multiple channels. You have to do customer journey management and orchestration, and you have to provide data and insights to enable these AI services.

我認為，當你思考第三季時，很明顯，我們在「第一公里」和「最後一公里」方面都擁有領先的解決方案。因此，Adobe Experience Manager、Campaign 和 Magento 都實現了強勁成長。Magento的收購受到了客戶的極佳評價。這顯然是一項非常具有戰略意義的舉措，我們在第三季度實現了超過 40% 的業務成長，並且在將 Magento 引入企業方面做得非常出色。我們非常清楚的另一點是，新一代企業軟體即將出現，企業需要利用這些軟體透過各種管道與客戶進行數位互動。它必須做的就是提供第一公里內容體驗，這就是內容和商業部分。它現在必須能夠跨多個管道即時細分受眾。您需要進行客戶旅程管理和編排，並且需要提供數據和洞察來支援這些人工智慧服務。

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. 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. Customers are really excited. 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. 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. We're really excited about the multiple installations that we have as well as the interest globally. You can argue we were maybe a tad aggressive, Keith, about the timing adoption. 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.

我們一直專注於這個機遇，就像我們創建數位行銷類別一樣，我們相信這對體驗型企業來說至關重要。因此，我們從零開始建立了 Adob​​e Experience Platform，以實現我們所謂的 DDOM，也就是我們如何經營自己的數位業務。顧客們都非常興奮。這是目前市面上第一款專門為滿足行銷長、首席營收長和資訊長的需求而設計的軟體。因此，我們對 Adob​​e Experience Platform 的策略是，我們希望透過這些新服務以及市場上的即時 CDP 來增強其分析功能和受眾管理功能。我們對已完成的多個項目以及全球範圍內的關注度感到非常興奮。基思，你可能會認為我們在採用時機上可能有點過於激進了。但是，我們看到的這種節奏變化絲毫沒有削弱機會的重要性，也沒有動搖我對我們領先優勢的信心。

And so as I think about the business, as we think about the targets, we're leading in this particular category. We saw, as I said, some delays in the bookings, but that has in no way changed our excitement and optimism about the business. So hopefully, that gives you some color associated with each of the businesses. The last thing I would say is that we talked about Marketo specifically. And there, I would say our natural inclination was to perhaps focus our aspirations on the enterprise business, serve our existing customers. That's going well. Mid-market continues to be a huge growth opportunity. We have the leading product in that space. And much like we drove growth in the Magento business, our focus will now be the same on Magento as well as Marketo. And so we've created a unified organization. It's going to drive aligned demand generation, customer support. We have the right individuals in the field that's organized the right way, so I'm excited about that as well. I know I was a little long, but I thought I'd just give you color associated with all of those businesses. 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. And so when bookings are light, you'll certainly see some impact on consulting as well.

所以，當我思考業務時，當我們思考目標時，我們在這個特定領域處於領先地位。正如我所說，我們看到預訂方面出現了一些延誤，但這絲毫沒有改變我們對這項業務的熱情和樂觀態度。希望這能讓您對每家企業都有一些了解。最後我想說的是，我們專門討論了 Marketo。因此，我認為我們自然而然地傾向於將我們的抱負集中在企業業務上，服務於我們現有的客戶。一切進展順利。中端市場仍然是一個巨大的成長機會。我們在該領域擁有領先的產品。就像我們推動 Magento 業務成長一樣，我們現在也將把重點放在 Magento 和 Marketo 上。因此，我們創建了一個統一的組織。它將推動需求產生和客戶支援的協調一致。我們擁有合適的人才，而且組織得很好，所以我對此也感到很興奮。我知道我講得有點長，但我只是想給你們介紹一下與這些企業相關的各種情況。再次強調，Adobe Experience Platform 是我們真正的平台，它處理著我們未來在分析服務、行銷活動服務等方面所做的工作。因此，當預訂量較少​​時，諮詢業務也肯定會受到一定影響。

And Keith, just to answer your question on investments, yes, they've been factored into the targets that we issued for Q4. 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. So the investments are embedded in those targets. And as Shantanu said, we're focused on really driving that mid-market motion like we did with Magento.

Keith，關於你提出的投資問題，是的，它們已經納入了我們為第四季設定的目標。正如你們所看到的，我們繼續擴大營業利潤率，正如我們全年所預期的那樣，正如我們所說，下半年將加速擴張。因此，這些投資都融入這些目標之中。正如 Shantanu 所說，我們正專注於真正推動中階市場的發展，就像我們在該年度推動 Magento 的發展一樣。

Next, we hear from Kirk Materne with Evercore ISI.

接下來，我們將聽聽來自 Evercore ISI 的 Kirk Materne 的演講。

Maybe I'll flip over to the Digital Media side of the business, which obviously had a really strong quarter. Shantanu, maybe the stat that stood out to me is actually some of the subs growth in the emerging markets. 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? And maybe just talk a little bit about the opportunity maybe internationally because I know that's sort of just taking off right now.

或許我會轉到公司的數位媒體部門，這個部門上個季度的業績顯然非常強勁。Shantanu，或許最讓我印象深刻的數據是新興市場的一些訂閱用戶成長情況。您能否更詳細地介紹一下，例如您是如何將這些機會變現的，以及進度如何？或許可以稍微談談國際上的機會，因為我知道這方面現在正處於起步階段。

Sure, Kirk. 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. 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. A couple of points. The first is mobile. 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. So we're driving adoption across a couple of dimensions. 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. 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. 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.

當然，柯克。是的，當我們審視數位媒體的年度經常性收入（ARR），無論是創意業務還是文件業務，我們都看到了持續強勁的成長勢頭。如果你看看我們全年的目標，我的意思是，很明顯，要實現約 16 億美元的淨新增數位媒體 ARR，創意和設計從來都不重要。幾點說明。第一種是行動裝置。我們一直在努力開發行動應用程序，並讓行動端成為進入市場的入口，尤其是在國際市場和主要新興市場。我們從我們開發的 Lightroom 系統中看到了這一點，攝影是一種非常普遍的現象，而 Lightroom 是一款很棒的產品。因此，我們正在從多個方面推動普及。第一類是透過行動裝置存取並僅透過應用程式商店購買行動訂閱的用戶數量，以及透過行動裝置存取但後來意識到 Adob​​e 的創意產品還有更多功能，然後下載桌面應用程式並最終採用的用戶數量。我們看到 Document Cloud 在這些國際市場也實現了顯著成長，因為他們正在從產品的永久版本遷移過來，並且越來越多地使用網路。這是我們開始討論的問題，那就是人們從網路上來，他們想要創建 PDF，他們想要匯出 PDF，就是同樣的趨勢。

So -- and frankly, Stock, we actually did some really interesting work with Stock. Stock was a primarily U.S. product. But as you have more international content, as you have the search capabilities available, so the services revenue is also increasing. 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. 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. 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. China is again seeing really good growth as it relates to our team offering in Creative Cloud. And so across the board, it just reflects creativity is important, and we're the leader.

所以——坦白說，Stock，我們確實和 Stock 做了一些非常有趣的工作。股票主要產自美國。但是，隨著國際內容的增加和搜尋功能的完善，服務收入也在不斷增長。因此，無論從哪個方面來看，當我們談到獲取新客戶、關注客戶互動時，行動端無疑都擁有強勁的發展勢頭，像 Adob​​e Stock 這樣的服務，無論是在美國還是在國際上，都取得了成功。最後我想說的是，我們擁有的 DDOM 確實讓我們深入了解了這些市場中哪些策略是有效的。因此，與其採用一刀切的方式來規範我們在數位領域的消費、與客戶的互動以及產品的定價，不如根據實際情況來制定合適的策略。中國市場對我們 Creative Cloud 團隊產品的需求再次呈現強勁成長動能。因此，從各個方面來看，這都反映出創造力非常重要，而我們是這方面的領導者。

Our next question comes from Brent Thill with Jefferies.

下一個問題來自傑富瑞集團的布倫特·蒂爾。

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

Shantanu，你剛回到數位體驗業務方面，如果你把第四季的業績預期代入，你的實際業績會比全年預期低幾個百分點。我只是好奇，我認為 Marketo 的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一個相當不穩定的現象。我想問題在於，在這個產業裡，如何才能重新獲得更穩定的表現？如果您能就您負責的部門發表意見，為什麼這個新職位需要這麼長時間才能找到合適的人選，那就太好了。

Well, a couple of questions in there, Brent. 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. 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. We saw tremendous success with Magento in the enterprise and creating a demand generation machine, I think having that aligned organization. Part of what I've done as I've been running this business is to align all of them quicker. 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. So I'm confident that we'll see improvements as a result of those organizational changes.

嗯，布倫特，這裡面有幾個問題。首先，正如我在開頭指出的那樣，我們的訂閱業務正在成長，2019 年的訂閱業務規模比 2018 年大得多。所以我覺得，從這個角度來看，很明顯，在中端市場，我們的行動可能更集中在企業級市場。我們在企業中使用 Magento 取得了巨大的成功，並打造了一台需求生成機器，我認為這得歸功於組織內部的協調一致。我在經營這家公司的過程中所做的部分工作就是更快地協調好所有這些環節。我真希望我能更早推出 Magento 和 Marketo 的中階市場產品組合，因為這種需求創造方式簡直太有效了。所以我相信，這些組織變革會帶來改進。

And the Adobe Experience Platform, when you look at it, Brent, nobody's delivered something like this. It is so innovative. We talked about it being groundbreaking. 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. Customer interest is high. There's an ongoing on-ramp. 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. And we experienced firsthand what it takes. So we're confident that he will continue to grow that business the way we have.

布倫特，你仔細看看 Adob​​e Experience Platform，你會發現，沒有人推出過像這樣的產品。它太有創新性了。我們討論過它具有開創性意義。就像我們在數位行銷領域所做的那樣，我們剛出道時就領先競爭對手數十年，對此我們感到非常興奮。顧客興趣很高。入口通道正在通行。或許我們有點過於激進了，但身為領導者，在推動創新時，我們必須對我們為客戶所做的一切保持樂觀。我們親身經歷了這一切需要付出什麼。所以我們相信他會像我們一樣，繼續發展壯大這項業務。

Organization.

組織。

And as it relates to the organization, I think I mentioned this last time as well. I intentionally put that on hold because I needed to get all of those organization aligned. 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. 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. And I think that would not have happened without somebody doing that directly. And so I'm actually pleased that I did it and aligned the organization first. So it's in great shape for somebody when they come in.

至於與組織相關的方面，我想我上次也提到過。我特意把那件事擱置了，因為我需要把所有組織方面的事情都協調好。布倫特，我認為，由於阿拜在過去 6 個月的幫助，目前的產品路線圖和創新路線圖比以往任何時候都更加完善。我們正在做的，包括提供新服務、人工智慧和智慧服務、Adobe Experience Platform 的交付、我們在內容和商務方面所做的工作，以及將這些工作進行協調和統一，這顯然是 Abhay 正在幫助的領域，也是我關注的重點。我認為如果沒有人直接去做這件事，就不會發生這種事。所以我很高興我這麼做了，並且首先調整了組織架構。所以對新來的人來說，房子狀況非常好。

Our next question comes from Jennifer Lowe with UBS.

下一個問題來自瑞銀集團的珍妮佛洛。

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

也許我想稍微補充 Brent 的問題，因為那裡提到了很多不同的問題，包括如何更好地與 Marketo 和 Magento 等產品保持一致，以及如何更好地與組織保持一致。那麼，能否從宏觀層面上讓我們了解一下，這其中有多少是產品相關的問題（即如何讓產品協同工作），又有多少是組織方面的問題？當你思考需要多長時間才能恢復到你想要的狀態時，你會覺得這有可能在一兩個季度內實現嗎？或者，這可能是為了讓所有事情都以你想要的方式運作起來而需要的更長的時間？

Listen, Jennifer, again, multiple questions there. First, let me end with that, which is in Q4, we expect substantial increase in quarter-over-quarter bookings in that particular business. So let me start off by that. 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. It doesn't have to do with a product issue. The product is years ahead of the competition, as I said. It's a new motion. I mean what we went through as we went through our digital transformation, people have to get ready for that adoption. And we are seeing that right now. We're seeing the on-ramp. So I would put that less as any product issue, definitely not a customer demand issue. 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. 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.

聽著，珍妮弗，這裡有很多問題。首先，我想以這一點作為結尾，我們預計在第四季度，該業務的訂單量將比上一季大幅成長。那麼，我就從這裡開始吧。我認為，當您推出 Analytics 的升級版（現在可透過 Adob​​e Experience Platform 取得）時，客戶的接受度一直很好。這跟產品問題無關。正如我所說，這款產品領先競爭對手數年。這是一項新的運動。我的意思是，就像我們經歷數位轉型一樣，人們必須為這種轉變做好準備。我們現在就看到了這一點。我們看到了入口匝道。所以我認為這與其說是產品問題，不如說是客戶需求問題。而這正是你需要努力解決的問題之一，你需要積極主動地解決，以確保客戶獲得他們想要的價值。同樣，根據目前的銷售管道和我們將採取的措施，我們預計第四季度訂單量將比上一季大幅成長。

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

接下來，我們將聽聽伯恩斯坦研究公司的馬克‧莫德勒的演講。

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

也恭喜你本季業績出色。本季度，即使經歷了整合工作以及因收購 Marketo 和 Magento 而帶來的銷售擴張，你們仍然取得了非常好的營業利潤率。鑑於您目前的情況—聽起來您打算加大對中端市場的關注，在其他領域，我們有什麼理由不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. 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. However, big picture, I would say, we're really focused on the long-term opportunity and continuing to drive top line growth. But the margins and the leverage in the model, you saw that in Q3 as well across the business. 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. So that would be better margins than perhaps an enterprise business.

馬克，如果你看看我們對第四季度的業績指引，看看我們概述的收入、GAAP和非GAAP每股收益的營業利潤率指引，就會發現我們也持續關注利潤率。我認為年初的時候我們就說過，利潤率會回升到 40%，現在肯定已經實現了。不過，從大局來看，我認為我們真正關注的是長期機遇，並將繼續推動營收成長。但是，您在第三季也看到了整個業務的利潤率和槓桿作用。你說得對，中端市場的動向更多是透過網站行銷和需求驅動，而不是透過直接銷售。這樣一來，利潤率可能會比大型企業更高。

Jay Vleeschhouwer with Griffin Securities has our next question.

Griffin Securities 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. So the question tonight is about 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. 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.

Shantanu，我想問一個關於我三個月前提出的技術問題的後續問題，雖然這次不會像當時那樣涉及大量的三字母縮寫詞，但我仍然想了解您是如何看待您的技術或平台，並將其作為內容使用速度和最終用戶留存率的驅動因素。所以今晚的問題是關於AEM的。明年是 Day 被收購 10 週年，據我們所知，該產品的收入已經增加了五倍甚至更多。所以，或許您可以談談您是如何看待 AEM 目前的良好勢頭的——您需要在 AEM 中進行或正在進行的任何基礎性投資或架構重構工作，以繼續將其作為 DX 的重點。

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?

那麼，就您剛才提到的解決方案而言，至少對於 DX 的中端市場來說，除了內部銷售和您今晚談到的其他內容之外，您是否計劃加速或實施我們討論過的更多自助服務功能？

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. 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. It's a huge advantage, and I think we're leveraging that. And also as it relates to Magento, we've already integrated that with AEM. 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. So really exciting things underway there. As you know, when we acquired Day Software, that was a perpetual business. I think we effectively transitioned it to be a managed services business. 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.

傑伊，讓我先回答第二個問題，Magento 和 Marketo 當然都具備自助服務能力，我們也擁有合作夥伴生態系統。如您所知，Magento 的開源社群不僅幫助我們獲得了潛在客戶，還幫助我們與任何銷售點、庫存或供應鏈系統整合。這是一個巨大的優勢，我認為我們正在充分利用這一點。另外，關於 Magento，我們已經將其與 AEM 整合。在 AEM 中，內容仍然是一個非常重要的差異化因素，我之前曾將其稱為每個客戶與數位企業互動的第一公里體驗。那裡正在進行一些非常令人興奮的事情。如您所知，當我們收購 Day Software 時，那是一項永續經營的業務。我認為我們已經有效地將其轉型為託管服務公司。我們正在實施一些非常令人興奮的計劃，並開始向客戶交付這些計劃，這些計劃旨在將該技術完全 SaaS 化，並使人們在使用這項技術方面更加自助服務。

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. AEM assets, which is the assets product, there's a lot of excitement for that for content velocity as you pointed out. We talked a little bit less about AEM forms, but AEM forms also is a way in which people want to use AEM technology. So AEM has really become a platform. It's your web infrastructure. 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. And that's really exciting to see. When we see these spikes in our traffic, we know what's happening on -- in virtually every online event. And AEM is at the core of that. AEM had a strong quarter. It continues to be a way in which people are replatforming their web. And so stay tuned for more. But hopefully, that gives you a glimpse of some of the things that we're doing. The move to SaaS, the move towards headless content and asset management are maybe 3 of the ones I'd identify.

當你思考所謂的無頭內容管理時，你會發現這是我們投入大量資金的領域，讓人們可以實現內容生產的自動化。正如您所指出的，AEM assets（資產產品）在內容速度方面引起了極大的轟動。我們討論 AEM 表單的次數稍微少一些，但 AEM 表單也是人們使用 AEM 技術的一種方式。所以AEM已經真正成為一個平台了。這是你的網路基礎設施。真正讓我們感到興奮的是，目前還沒有任何一場數位活動，無論是辯論、公司產品發布會還是體育賽事，不是完全依靠 Adob​​e 技術運行的。看到這一幕真是令人興奮。當我們看到流量出現這些高峰時，我們就知道發生了什麼事——幾乎在所有線上活動中都是如此。而AEM正是其中的核心。AEM本季表現強勁。這仍然是人們重新建構其網路平台的一種方式。敬請期待更多精彩內容。但希望這能讓您大致了解我們正在做的一些事情。向 SaaS 轉型、向無頭內容和資產管理轉型，這大概是我認為的三個面向。

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

下一個問題將來自高盛的希瑟貝利尼。

I just wanted to go back to a couple questions that were asked previously. One, just thinking through the digital experience and some of the comments you made. Can you give us a sense, is there anything to do from a competitive standpoint here? Is it really all go-to-market? And I'm just wondering kind of who you're seeing most frequently and if that's changed. 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. 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? I mean you guys have been 20% or higher for the last few years. Obviously, there's M&A included in that. 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?

我只是想回顧一下之前提出的幾個問題。第一，我只是想仔細思考數位體驗以及您提出的一些意見。您能否為我們介紹一下，從競爭的角度來看，這裡有什麼可以做的？真的全是市場推廣策略嗎？我只是好奇你最近最常見到的人是誰，以及這種情況是否有改變。然後，我想回應Jen關於利潤率的問題，我想知道您是否可以談談營運支出成長的情況。根據您對第四季度以及全年的評論和指導，當我們考慮分析您關於投資以實現成長和利潤率的評論時，我們應該如何看待未來營運支出成長的速度？我的意思是，你們過去幾年的成功率一直維持在20%或以上。顯然，這其中也包括併購。但是，考慮到擺在我們面前的機遇，當我們開始展望未來時期時，我們是否應該期待類似的成長率？

Sure. So let me answer the first question. 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. 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. 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. 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. 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. And we talk about Creative. So hopefully, that gives you a flavor as we talk about the $100 billion addressable market. That's really driving our growth at this point.

當然。那麼，讓我來回答第一個問題。雖然市場上可能存在一些與我們在數位體驗領域提供的絕大部分服務具有相似技術的解決方案或產品，但我們是無可爭議的領導者。事實上，當我們談論像 Adob​​e Experience Platform、即時 CDP 以及我們正在開發的智慧服務等新事物的創新時，Heather，市場上真的沒有其他人提供與我們類似的功能。我認為就併購而言，如果這是一個問題的話，我們目前並沒有發現任何重大的併購機會，感覺我們的投資組合中存在任何重大缺口。我認為，Magento 和 Marketo 的結合，以及我們在 Adob​​e Experience Platform 上所做的工作，無疑地使我們擁有了領先的平台和強大的產品組合，從而能夠繼續推動成長。我認為我們在文件方面所做的，包括添加動詞以及允許用戶嵌入 PDF 文件（可以將其視為 PDF 服務），我們對此感到非常興奮。我們來聊聊創意。希望這能讓您對這個價值 1000 億美元的潛在市場有所了解。目前，這確實是推動我們成長的主要因素。

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

然後是第二個問題，關於營運支出，對吧，營運支出成長。

Yes. Yes, well, Jen, on all expense, really. 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. 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. And you'll see it again in Q4 as we model it out. You'll see the operating margin expand again in Q4 based upon our targets. So diligently focused on that. From time to time like we did with the acquisitions, we found opportunities to invest in growth, and we'll do that. But the idea is to really always focus on growing our earnings as fast if not faster than revenue.

是的。是的，珍，真的，一切費用都由你承擔。我的意思是，我認為當我們從整體上看利潤率時，我們的目標是繼續投資於營收成長，但顯然也要提高效率，無論是在看待銷售成本方面，還是在看待損益表的其他方面。因此，您可以看到，在第三季度，我們透過嚴格的財務紀律，使得第三季度的營運支出低於預期，這顯然體現在每股收益的表現上。我們將在第四季度再次展示它，屆時您將會看到它。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。所以他非常專注地投入其中。就像我們過去進行收購一樣，我們會不時發現投資成長的機會，我們也會這樣做。但我們的理念是始終專注於讓獲利成長速度與營收成長速度持平，甚至更快。

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

下一個問題來自巴克萊資本的薩克特·卡利亞。

John, maybe for you -- and I apologize for the background noise by the way. Adobe continues to do a good job on generating new Creative ARR. 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?

約翰，也許對你來說是這樣——順便說一句，很抱歉背景噪音有點大。Adobe 在創造新的創意 ARR 方面繼續表現出色。因此，在考慮明年業績時，考慮到我們目前尚未給出業績指引，您能否談談明年 ARR 可能面臨的一些利弊，特別是考慮到我們在 2019 財年獲得的定價優勢？

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. And Shantanu covered a number of them when he talked about that earlier to the earlier question. 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. And that's one of our biggest growth areas, that's still a focus for us. 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. So overall, we've got a number of vectors that we believe we can continue to grow ARR in the future and beyond.

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，屆時我們將深入探討明年，我們已經多次闡述了我們所面臨的各種驅動因素​​。Shantanu 在之前回答這個問題時已經談到了其中的一些問題。因此，我們擁有國際市場，我們有新產品，我們有獨立的應用程式和行動入口，這些都真正為平台帶來了新用戶。而這正是我們最大的成長領域之一，也是我們目前關注的重點。我們已經——我想其他人之前也問過促銷活動，我們確實使用了促銷活動，並且透過我們的 DDOM 模型，我們發現促銷活動在吸引新用戶並將這些用戶轉化為付費用戶方面非常有效。總的來說，我們相信有很多途徑可以讓我們在未來及更長的時間內繼續提高年度經常性收入 (ARR)。

Alex Zukin with RBC Capital Markets has our next question.

RBC Capital Markets 的 Alex Zukin 將向我們提出下一個問題。

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. And then just maybe one for John about the cash flow, Outperformance in the quarter was a bit below our numbers. Was there -- were there any onetime issues there that should self-correct?

所以，或許第一個問題是關於——如果可以分析一下的話——預訂方面更大的阻力來自哪裡，是來自中端市場的 Marketo 方面，還是來自分析方面。然後，也許還有一點要跟約翰談談現金流，本季的業績表現略低於我們的預期。是否存在一些可以自行解決的一次性問題？

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

是的。Alex，關於預訂方面，我會按優先順序先談談分析功能，因為它正在遷移到 Adob​​e Experience Manager。因此，分析和受眾管理工具的結合，逐漸演變為體驗平台，實現了即時客戶數據平台 (CDP)，然後在較小程度上，轉向了 Marketo 中端市場。所以，我大概就是從這個角度來看待人們過渡和升級到 Adob​​e Experience Platform 這件事的。

And on cash flow, we're actually pretty happy with the performance, but we did have some onetimes in the quarter. We ended up taking advantage of some favorable vendor pricing by doing a couple large prepayments. And then also, we had some timing of some tax payments in the quarter as well. So those impacted that but had -- excluding those items, would have been well above $1 billion in the quarter.

至於現金流方面，我們對業績相當滿意，但本季確實出現了一些一次性支出。我們最終利用供應商提供的優惠價格，預付了幾筆大筆款項。此外，本季我們還需繳納一些稅金。因此，那些受到影響但——排除這些項目——本季收入將遠遠超過 10 億美元。

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

接下來，我們將聽取摩根大通的斯特林·奧蒂的演講。

You mentioned the softness in the Marketo bookings, specifically mid-market. Can you give us a sense of what percentage of that business is usually targeted towards mid-market? 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?

您提到了 Marketo 預訂量的疲軟，特別是中端市場。您能否大致說明一下，該業務通常有多少比例的目標客戶是中端市場？是否有與您目前提供的產品不同的產品組合或要求，您認為需要提供這些產品才能使公司重回正軌？

No, Sterling. I think first, to put it in perspective, we saw growth. 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. 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. And in terms of it being self-serve, I mean, the product is actually applicable already across of the mid-market and enterprise. So there are no product issues there. It really has been, as I said, the national inclination was to go in the enterprise. 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.

不，是斯特林。首先，從客觀角度來看，我們看到了成長。我們正在討論的是如何加速中端市場的發展，就像我們之前為 Magento 所做的那樣，即如何將其推廣到整個企業。所以我認為關鍵在於要有需求產生機制，要讓公司重新運作起來，這個問題就比較容易解決。至於自助服務方面，我的意思是，該產品實際上已經適用於中端市場和企業級市場。所以產品方面沒有任何問題。正如我所說，全國上下確實都傾向於投身於這項事業。因此，除了像我們專注於 Magento 這樣的企業級市場之外，我們還繼續加速中端市場的發展，並將其作為一個協調一致的組織，以便我們可以利用我們的行銷，這是我們做出的兩項改變。

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

那麼，該產業中企業級市場和中型市場之間的整體劃分情況如何呢？

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

我們在這兩個細分市場都擁有非常好的市場份額，是領先的 B2B 細分市場。它在中型市場和規模較小的大型企業中的滲透率確實很高，如果非要說的話——斯特林，如果我要給你介紹一下它目前在企業中的滲透率，那麼它在中型市場和規模較小的大型企業中的滲透率可能比在大型企業中的滲透率更高。

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

下一個問題將來自美國銀行美林證券的卡什·蘭根。

Shantanu, I just want to clarify. 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. But here, it appears that it's more on the mid-market side. So I'm just curious to get a little bit more color. What else do you need to see in the product by which the customer base can move forward with confidence? 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. So therefore, should we expect -- what are we expecting for this year to actually happen next year while not being specific about growth rate?

Shantanu，我只是想澄清一下。一般來說，當你推出一個全新的整合平台時，企業市場的要求會更高一些，他們也更有可能推遲購買。但在這裡，它似乎更偏向中端市場。所以我只是好奇想看看顏色是否更豐富一些。您認為產品還需要具備哪些條件，才能讓客戶群充滿信心地繼續使用？而且，根據第四季度的新指導意見來看，我不得不相信，我們預計行銷業務（或以前稱為行銷雲端預訂）不會出現快速反彈。所以，我們應該期待──我們預計今年會發生什麼，明年又會發生什麼（而不具體說明成長率）？

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%. So I wanted to make sure that, that was understood despite what we saw in Q3. I think as it relates to your first question, the integrated platform, that is really aimed more at the enterprise. And that's the natural migration of Analytics and Audience Manager customers. I think the mid-market is specifically as it relates to Marketo. So I just wanted to clarify that. And so there are no issues with respect to adoption in the enterprise. 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.

卡什，首先，關於預訂情況，讓我再次重申我們在準備好的發言稿中所說的，那就是我們預計，在中端市場、企業和所有解決方案中，所有體驗雲的整體訂閱業務佔比將超過 20%。所以我想確保這一點，儘管我們在第三季看到了一些情況，但大家仍然能夠理解。我認為，就你的第一個問題而言，整合平台實際上更多是面向企業的。這就是分析和受眾管理客戶的自然遷移。我認為中階市場特別指 Marketo 平台。所以我想澄清一下。因此，在企業採用上並無任何問題。正如我所說，我們可能在推廣速度上有點過於激進了，但我們預計第四季度訂單量將環比大幅增長。

Got it. 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? Just trying to understand qualitatively how this changes things for Adobe. That's it. Congrats.

知道了。展望明年，這個全新整合的平台有哪些功能是以前產品無法實現的，您或客戶可以使用該平台實現哪些功能？我只是想從定性角度了解這會對 Adob​​e 產生哪些影響。就是這樣。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. I mean the first generation of dealing with these customers is a record in our database. That is completely inadequate in terms of how people can engage with customers. So this is absolutely groundbreaking in terms of what can be done. 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. And maybe sometimes to add insult to injury, it actually says there's a discount now available for that product. That's sort of the thing that we're addressing. 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. 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. 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.

嗯，Kash，我認為我們經歷的向數位轉型過程中所遇到的情況，目前還沒有一個能夠即時反映客戶在多個管道上所發生情況的平台。我的意思是，我們資料庫中記錄了與這些客戶打交道的第一代情況。就人們與客戶互動的方式而言，這完全不夠。所以就其應用範圍而言，這絕對是具有突破性的。想想看，你是否經常造訪某個網站，購買了某個產品，然後該產品的廣告會在接下來的幾週內一直騷擾你？更糟的是，有時候它還會顯示該產品現在有折扣。這正是我們正在努力解決的問題。或者當你打電話給客服，而你之前在零售店或網路上做過一些事情，但客服卻不知道你是誰，也不知道你做了什麼。所以我認為，這種即時 CDP，以及另一個正在發生的巨大變化，就是已知與未知之間的轉變，以及瀏覽器向這種轉變的趨勢。因此，我們率先將我們在資料管理平台 (DMP) 方面的領先地位轉化為即時客戶資料平台 (CDP)。

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

因此，這能夠讓你擁有跨多個管道的單一統一的客戶視圖，了解如何獲取客戶，並了解如何與客戶互動。所以我認為這對每個進行數位轉型的公司來說都是勢在必行的。這就是我們的機會和領先優勢。

Our next question will come from Walter Pritchard with Citi.

下一個問題將來自花旗銀行的沃爾特·普里查德。

Sorry for the background noise here. John, just a question for you on pricing as a driver. 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. 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.

抱歉，這裡有點背景噪音。約翰，關於司機定價方面，我有個問題想問你。我注意到，過去您已經概述了，本季度您也概述了腳本中的一些不同驅動因素，但我沒有看到定價。我想知道，與最近幾個季度相比，促銷價格的到期以及您在過去 18 個月中採取的一些定價措施，作為創意業務的驅動因素，其表現如何。

Sure, Walter. Yes, pricing is certainly a lever. It's not one that we've ever used really as a driver for an annual price increase to increase ARR, for instance. 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. 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. We have customers who stay on the platform, and their value is resonating. So it's something that we'll look at. It's not a core driver, but something that is one of the many levers that we can use to grow.

當然可以，沃爾特。是的，價格當然是一個重要的槓桿。例如，我們從未真正將其作為年度價格上漲的驅動因素來提高 ARR。我們關注的一點是，我們為客戶提供的價值，當我們提供的價值能夠引起客戶的共鳴時，我們就會據此定價。當然，我們今年看到的是價格上漲，應該說，去年我們在北美地區漲價，今年又在澳大利亞和日本等國際市場提價，我們看到這些提價得到了市場的廣泛認可。我們擁有一些長期留在平台上的客戶，他們的價值得到了認可。所以我們會研究這個問題。它不是核心驅動因素，而是我們可以用來實現成長的眾多槓桿之一。

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

最後一個問題將由野村證券的克里斯·埃伯勒提出。

Just wanted to touch on advertising really quickly. We noticed that in -- back in August, Google had shut out Adobe DSP from their ad exchange. 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?

我只想簡單談談廣告方面的事情。我們注意到，早在 8 月份，Google就將 Adob​​e DSP 排除在其廣告交易平台之外。您能否談談這是否產生了任何影響，或提醒我們該企業目前的規模，以及這是否具有實質影響？

So the easy answer to that is it really had no impact. That was a 1 day in one part of Europe as a result of a customer who used it inappropriately. And we were back up and running. So that really had no issue. I mean the advertising business for us is important part of the Experience Cloud business. It allows the CMOs to have real attribution associated with their marketing spend. It helps with customer acquisition as the on-ramp to a digital business. 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. 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. So that's it as it relates to the ad business.

所以，這個問題的簡單答案是：它實際上沒有任何影響。那是歐洲某地因一名顧客不當使用而導致的一天事件。我們又恢復正常運作了。所以這方面確實沒有任何問題。我的意思是，對我們來說，廣告業務是體驗雲端業務的重要組成部分。它使首席行銷長能夠對其行銷支出進行真正的歸因分析。它有助於客戶獲取，為數位化業務打開大門。因此，它發揮著戰略作用，我們的產品優勢在於它涵蓋了人們希望獲取客戶的所有不同管道，即電視、搜尋、展示和影片。所以我認為，我們目前最強大的地方肯定是幫助人們使用視訊和電視等新媒體類型。以上就是與廣告業相關的內容。

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. 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. Our strategy, empowering people to create and helping businesses transform, is certainly working, and we're executing against that strategy. Design and creativity have never been more important. You've seen the strength in both the creative as well as the document business. And digital transformation and digitization continues to be an incredible opportunity.

我的意思是，鑑於這是最後一個問題，我仍然相信 Adob​​e 不僅在引領潮流，而且正在創造巨大的市場機會。我們對第三季的財務業績感到滿意，我特別對我們面向日益多元化的客戶群，在所有三個雲端平台上提供的產品路線圖和創新感到滿意。我們的策略是賦能於人，使其能夠創造價值，並幫助企業轉型，而這項策略無疑正在奏效，我們正在按照這項策略執行。設計和創意從未像現在這樣重要。你已經看到了創意業務和文檔業務的強勁勢頭。數位轉型和數位化仍然是一個絕佳的機會。

Clearly, FY '19 will be another record year with strong cash flow and margin expansion. And as a plug, I am particularly excited about the innovation that we're going to showcase at MAX. 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.

顯然，2019財年將是另一個創紀錄的年份，現金流強勁，利潤率擴張。另外，我還要特別推薦我們將在 MAX 大會上展示的創新成果，我對此感到非常興奮。這將是我們規模最大的創意盛會，我希望你能來洛杉磯參加 MAX 大會和我們的 FA 會議。

Thank you for joining us today.

感謝您今天蒞臨。

This concludes our call. Thanks, everyone.

通話到此結束。謝謝大家。