Adobe Inc (ADBE) 2019 Q4 法說會逐字稿

Good afternoon. I would like to welcome you to Adobe's Fourth Quarter Fiscal Year 2019 Earnings Conference Call. (Operator Instructions) As a reminder, today's call is being recorded.

午安.歡迎各位參加 Adob​​e 2019 財年第四季財報電話會議。（操作員說明）提醒您，今天的通話將會被錄音。

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

現在我將把電話交給投資者關係副總裁麥克·薩維亞格先生。請繼續，先生。

Good afternoon, and thank you for joining us today. Joining me on the call are Adobe's President and CEO, Shantanu Narayen; and John Murphy, Executive Vice President and CFO.

下午好，感謝各位今天蒞臨。與我一同參加電話會議的還有 Adob​​e 總裁兼執行長 Shantanu Narayen；以及執行副總裁兼財務長 John Murphy。

In our call today, we will discuss Adobe's fourth quarter and 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 data sheet on adobe.com. If you'd like a copy of these documents, you can go to Adobe's Investor Relations page and find them listed under Quick Links.

在今天的電話會議中，我們將討論 Adob​​e 2019 財年第四季和全年的財務表現。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準備發言稿和幻燈片以及更新後的投資者資料表的PDF文件發佈在了adobe.com網站上。如果您想要這些文件的副本，可以訪問 Adob​​e 的投資者關係頁面，並在「快速連結」下找到它們。

Before we get started, we want to emphasize that some of the information discussed in this call, particularly our revenue and operating model targets and our forward-looking product plans, is based on information as of today, December 12, 2019, and contains forward-looking statements that involve risks and uncertainty. Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review the forward-looking statements disclosure in the earnings press release we issued today as well as Adobe's SEC filings.

在正式開始之前，我們想強調，本次電話會議中討論的一些信息，特別是我們的收入和運營模式目標以及我們的前瞻性產品計劃，均基於截至 2019 年 12 月 12 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 re-recorded 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，不得重新錄製通話音訊和網路直播存檔，或以其他方式複製或散佈。

I'll now turn the call over to Shantanu.

現在我將把電話交給沙塔努。

Thanks, Mike, and good afternoon.

謝謝你，麥克，下午好。

Fiscal 2019 was a phenomenal year for Adobe as we exceeded $11 billion in revenue, a significant milestone for the company. Our record revenue and EPS performance in 2019 and makes us one of the largest, most diversified and profitable software companies in the world.

2019 財年對 Adob​​e 來說是輝煌的一年，我們的營收超過了 110 億美元，這是公司發展歷程中的一個重要里程碑。2019 年，我們創紀錄的收入和每股盈餘，使我們成為全球規模最大、業務最多元化、獲利能力最強的軟體公司之一。

Total Adobe revenue was $11.17 billion in FY '19, which represents 24% annual growth. GAAP earnings per share in FY '19 was $6 and non-GAAP earnings per share was $7.87. We closed the year with another record quarter, delivering Q4 revenue of $2.99 billion, representing 21% year-over-year growth. GAAP earnings per share for the quarter was $1.74 and non-GAAP earnings per share was $2.29.

Adobe 2019 財年總營收為 111.7 億美元，較去年同期成長 24%。2019 財年 GAAP 每股盈餘為 6 美元，非 GAAP 每股盈餘為 7.87 美元。我們以另一個創紀錄的季度結束了這一年，第四季營收達到 29.9 億美元，年增 21%。本季GAAP每股收益為1.74美元，非GAAP每股收益為2.29美元。

Our strategy to unleash creativity for all, accelerate document productivity and power digital businesses is significantly expanding our customer universe, from students to business communicators to creative professionals to the world's largest multinational corporations. Groundbreaking innovation in Creative Cloud, Document Cloud and Experience Cloud is accelerating our opportunity and momentum.

我們旨在釋放所有人的創造力，加快文件生產力，並為數位業務賦能的策略，正在顯著擴大我們的客戶群體，從學生到商務溝通人員，再到創意專業人士，直至全球最大的跨國公司。Creative Cloud、Document Cloud 和 Experience Cloud 的突破性創新正在加速我們的機會和發展勢頭。

Creative Cloud empowers all voices from the most demanding professional to next-gen creators, enables the cutting edge of creativity across all media types, makes the creative process more productive and collaborative and delivers Adobe Magic with Sensei. We continue to invest in multiple new growth drivers which has expanded the total addressable market for Creative Cloud to approximately $31 billion by 2022.

Creative Cloud 為從要求最苛刻的專業人士到新一代創作者的所有用戶賦能，支援所有媒體類型的尖端創意，使創作過程更加高效協作，並透過 Sensei 提供 Adob​​e Magic。我們持續投資於多個新的成長驅動因素，這使得 Creative Cloud 的潛在市場規模在 2022 年擴大到約 310 億美元。

Innovation is at the heart of Creative Cloud's growth. This year at MAX, we announced the next generation of Creative Cloud with goals of deepening customer engagement, continuing to attract new customers and investing in adjacent opportunities to fuel future growth. Key announcements at MAX included delivering additional value to existing subscribers through feature enhancements to our flagship creative tools, including Photoshop, Lightroom, Premier Pro Illustrator and InDesign as well as a complete redesign of our Creative Cloud desktop app; enabling collaboration via multi-surface systems with the launch of Photoshop on iPad, Fresco on Windows and a preview of illustrator on iPad; extending category leadership with new innovations in Adobe XD, including live co-editing and fully integrated Creative Cloud Libraries; launching new products, such as Adobe Aero, the industry's first tool that allows designers to build and share AR experiences; expanding our mobile offering with the introduction of Photoshop Camera, a consumer app that will bring Photoshop technology directly to the moment of capture; and delivering Adobe Magic to enable creatives to work faster and smarter than ever before with new Adobe Sensei-powered features.

創新是 Creative Cloud 發展的核心。今年在 MAX 大會上，我們發布了下一代 Creative Cloud，目標是加深客戶參與度，繼續吸引新客戶，並投資相關機會以推動未來的成長。在 MAX 大會上，Adobe 發布了多項重要公告，包括：透過增強旗艦創意工具（如 Photoshop、Lightroom、Premiere Pro、Illustrator 和 InDesign）的功能，為現有訂閱用戶帶來更多價值；全面重新設計 Creative Cloud 桌面應用程式；推出 iPad 版 Photoshop、Windows 版 Fresco 以及 iPad 版 Illustra 介面新版，實現多種組合和完整整合的 iPad 版圖、Dobtor 介面的整合版， Cloud Libraries）鞏固業界領先地位；推出 Adob​​e Aero 等新產品，這是業內首款允許設計師構建和分享 AR 體驗的工具；推出 Photoshop Camera，這是一款消費者應用程序，可將 Photoshop 技術直接帶到拍攝現場，從而擴展我們的移動產品；以及推出 Adob​​e Magic，借助全新的 Adob​​e Sensei 將工作人員更快地工作。

Adobe's heritage is built on providing trusted, creative solutions, and we have a responsibility to play a role in addressing content authenticity. At MAX, we announced an initiative in partnership with The New York Times Company and Twitter to develop an industry standard for digital content attribution, and we're inviting other companies to join to create a long-term shared solution.

Adobe 的傳統是提供值得信賴的創意解決方案，我們有責任在解決內容真實性問題上發揮作用。在 MAX 大會上，我們宣布與《紐約時報》公司和 Twitter 合作，制定數位內容歸因的行業標準，並邀請其他公司加入，共同打造長期的共享解決方案。

With Document Cloud, Adobe is enabling the paper-to-digital transformation that is underway at organizations and enterprises around the world. With trillions of PDFs created every year and billions of people viewing PDF documents, we've expanded our ambitions in this space and estimate the total addressable market for Document Cloud will grow to approximately $13 billion by 2022.

Adobe Document Cloud 正在協助全球各地組織和企業實現從紙本文件到數位化文件的轉型。每年創建的 PDF 文件數萬億，數十億人查看 PDF 文檔，我們擴大了在該領域的雄心壯志，並估計到 2022 年，文檔雲的潛在市場總額將增長到約 130 億美元。

Our Document Cloud strategy is to enable all common document actions, what we call Acrobat verbs, including editing, sharing, scanning and signing, to be frictionless across mobile and web by leveraging the ubiquitous PDF format. We make this possible through desktop and mobile applications, single-click web functionality in browsers and with a rich set of APIs that can be embedded in third-party applications.

我們的文件雲端策略是利用無所不在的 PDF 格式，使所有常見的文件操作（我們稱之為 Acrobat 動詞，包括編輯、共享、掃描和簽名）在行動裝置和網路上都能無縫進行。我們透過桌面和行動應用程式、瀏覽器中的一鍵式 Web 功能以及可嵌入第三方應用程式的豐富 API 集來實現這一點。

Our Document Cloud ecosystem continues to grow. At BoxWorks, we introduced a new Acrobat web experience which includes capabilities to modify, organize, sign and collaborate on PDFs directly within Box. At Microsoft Ignite, we announced new advancements in Adobe Sign to simplify the e-signature process, and we deepened integrations between Adobe Sign and Microsoft Office 365, Dynamics 365 and Azure.

我們的文檔雲生態系統持續發展壯大。在 BoxWorks，我們推出了全新的 Acrobat Web 體驗，其中包括直接在 Box 中修改、組織、簽名和協作處理 PDF 的功能。在 Microsoft Ignite 大會上，我們宣布了 Adob​​e Sign 的新進展，以簡化電子簽署流程，並深化了 Adob​​e Sign 與 Microsoft Office 365、Dynamics 365 和 Azure 之間的整合。

In Q4, we drove strong revenue growth across both Creative Cloud and Document Cloud. Digital Media revenue was $2.08 billion. Net new Digital Media ARR was a record $539 million, and total Digital Media ARR exiting Q4 grew to $8.4 billion.

第四季度，Creative Cloud 和 Document Cloud 兩大業務部門均實現了強勁的營收成長。數位媒體收入為20.8億美元。在第四季末，數位媒體新增年度經常性收入 (ARR) 達到創紀錄的 5.39 億美元，數位媒體年度經常性收入總額成長至 84 億美元。

Global interest and subscription adoption was strong throughout the quarter and accelerated after Adobe MAX. Demand for mobile offerings and overall web traffic continued to grow. We're attracting new customers with over 50% of our cumulative subscribers being new to our Creative Cloud franchise. With 23 million students having access to Adobe Spark, we're spearheading the development of critical creative skills for the next generation.

本季全球用戶興趣和訂閱量均保持強勁，並在 Adob​​e MAX 大會後加速成長。行動端產品需求和整體網路流量持續成長。我們吸引了大量新客戶，累計訂閱用戶中超過 50% 都是 Creative Cloud 系列產品的新用戶。目前已有 2,300 萬名學生可以使用 Adob​​e Spark，我們正在引領下一代關鍵創意技能的發展。

Document Cloud growth is being driven by new customer acquisition, migration from Acrobat perpetual licenses to subscriptions and the monetization of an ever-increasing universe of Document Cloud mobile app users.

Document Cloud 的成長動力來自新客戶的獲取、從 Acrobat 永久授權向訂閱的遷移以及 Document Cloud 行動應用用戶群不斷增長的貨幣化。

Digital Media enterprise adoption continues to expand with outstanding seasonal Q4 performance. Finally, we drove record demand for subscriptions during the last week of the quarter, culminating in our biggest ever Black Friday on adobe.com.

數位媒體企業應用持續成長，第四季業績表現優異。最後，我們在本季最後一周推動了訂閱需求的創紀錄成長，最終在 adobe.com 上實現了有史以來最大的「黑色星期五」銷售。

In the experience economy, every business must be a digital business, and Adobe Experience Cloud is the industry leader for powering digital businesses. The ever-increasing demand for data and insights, content and personalization, customer journey management, commerce and advertising is expanding our total addressable market for Experience Cloud to $84 billion by 2022.

在體驗經濟時代，每個企業都必須轉型為數位化企業，而 Adob​​e Experience Cloud 是推動數位企業發展的產業領導者。對數據和洞察、內容和個人化、客戶旅程管理、商務和廣告的不斷增長的需求，使得 Experience Cloud 的潛在市場規模在 2022 年達到 840 億美元。

We're leveraging our relationships with chief marketing officers and chief digital officers to drive customer experience management across the enterprise. With Adobe Experience Platform, we are becoming mission-critical to the chief information officer. We've extended our offerings and go to market across both B2B and B2C and are expanding our footprint in the mid-market segment.

我們正在利用與行銷長和首席數位長的關係，推動整個企業的客戶體驗管理。借助 Adob​​e Experience Platform，我們對資訊長而言正變得至關重要。我們已擴展了面向企業和消費者的產品和服務，並擴大了在中端市場的份額。

We're rapidly evolving our CXM product strategy to deliver generational technology platforms, launch innovative new services and introduce enhancements to our market-leading applications. Adobe Experience Platform is the industry's first purpose-built CXM platform. With real-time customer profiles, continuous intelligence and an open and extensible architecture, Adobe Experience Platform makes delivering personalized customer experiences at scale a reality.

我們正在快速發展 CXM 產品策略，以提供新一代技術平台，推出創新服務，並對我們市場領先的應用程式進行改進。Adobe Experience Platform 是業界首個專為顧客體驗管理 (CXM) 而打造的平台。Adobe Experience Platform 擁有即時客戶檔案、持續智慧以及開放且可擴展的架構，使大規模提供個人化客戶體驗成為現實。

At Adobe, we've leveraged our highly successful data-driven operating model, or DDOM, into a transformation playbook for our customers. We're helping enterprises rearchitect their technology, people and processes to drive business growth. We have a unique and valuable perspective as a company that has used its own technology to transform its business.

在 Adob​​e，我們利用我們非常成功的數據驅動營運模式（DDOM）為客戶制定了轉型方案。我們正在幫助企業重新架構其技術、人員和流程，以推動業務成長。作為一家利用自身技術轉型業務的公司，我們擁有獨特而寶貴的視角。

Our leadership in customer experience management is reflected in the industry recognition we've received in Q4, including being named the top leader in Forrester's Digital Intelligence Platforms Wave report, achieving the best scores across both Ability to Execute and Completeness of Vision. Adobe was named a leader by Gartner and Forrester in the categories of Enterprise Marketing Software Suites, Digital Asset Management and CRM Lead Management.

我們在客戶體驗管理方面的領導地位體現在我們第四季度獲得的行業認可中，包括在 Forrester 的數位智慧平台 Wave 報告中被評為頂級領導者，並在執行能力和願景完整性方面均獲得了最高分。Gartner 和 Forrester 將 Adob​​e 評為企業行銷軟體套件、數位資產管理和 CRM 線索管理領域的領導者。

If you've watched TV, listened to the radio or read the news this past week, you could not have avoided references to Adobe's Holiday Shopping predictions report which leverages Adobe Sensei to identify retail trends and insights from trillions of data points flowing through Adobe Analytics and Adobe Commerce Cloud. Adobe's data showed that Cyber Monday reached a record $9.4 billion in online sales, and we predict online holiday spending will surpass $140 billion this year.

如果你在過去一周看過電視、聽過廣播或讀過新聞，你不可能不注意到 Adob​​e 的假日購物預測報告，該報告利用 Adob​​e Sensei 從流經 Adob​​e Analytics 和 Adob​​e Commerce Cloud 的數萬億個數據點中識別零售趨勢和洞察。Adobe 的數據顯示，網路星期一的線上銷售額達到了創紀錄的 94 億美元，我們預測今年的線上假期消費額將超過 1,400 億美元。

Key Digital Experience transactions in the quarter included Goldman Sachs, Marriott, McDonald's and Qualcomm. Interest in the Adobe Experience Platform and our new Real-Time Customer Data Platform is strong, and we successfully closed business across key verticals, including financial services, manufacturing, media and entertainment, retail, telecommunications and travel and hospitality. Key wins included 3M, Coca-Cola, Synopsys, Tommy Bahama and Verizon. As a result of the strong Q4, we exceeded 20% subscription bookings growth during FY '19.

本季重要的數位體驗交易包括高盛、萬豪酒店、麥當勞和高通公司。市場對 Adob​​e Experience Platform 和我們全新的即時客戶數據平台表現出濃厚的興趣，我們已成功在金融服務、製造業、媒體和娛樂、零售、電信以及旅遊和酒店等關鍵垂直領域達成業務合作。主要客戶包括 3M、可口可樂、Synopsys、Tommy Bahama 和 Verizon。由於第四季業績強勁，我們在 2019 財年實現了超過 20% 的訂閱預訂成長。

Our performance in FY '19 was driven by the significant contributions of our global employees. They are Adobe's greatest asset, and we pride ourselves on our progressive and inclusive employee policies. This year, we reaffirmed global pay parity across our workforce. And in September, we became the first company to announce our commitment to opportunity parity, which looks at fairness in internal promotions and horizontal movement. We are proud to once again be included on Fortune's list of the 100 Best Companies to Work For and one of the Best Employers for New Grads by Forbes.

我們在 2019 財年的表現得益於全球員工的重大貢獻。他們是 Adob​​e 最寶貴的資產，我們為我們進步且包容的員工政策感到自豪。今年，我們重申了全球員工薪資平等的原則。9 月，我們成為第一家宣布致力於機會平等的公司，該承諾著眼於內部晉升和橫向流動中的公平性。我們很榮幸再次入選《財星》雜誌評選的「100家最佳雇主」榜單，並被《富比士》評為「應屆畢業生最佳雇主」之一。

We're pleased to have been recognized by Newsweek as one of America's Most Responsible Companies and were named to the Dow Jones Sustainability Index for the fourth consecutive year.

我們很高興被《新聞週刊》評為美國最具責任感的公司之一，並連續第四年入選道瓊永續指數。

We were honored to receive the Hope Award from the National Center for Missing and Exploited Children for our ongoing work to further their mission of keeping every child safe.

我們很榮幸獲得美國國家失踪和受虐兒童中心頒發的“希望獎”，以表彰我們為推進該中心保護每個兒童安全這一使命所做的持續努力。

Adobe's vision, our compelling strategy, our large and loyal customer base and our relentless focus on these opportunities position us well for the next decade of growth. Adobe is the clear frontrunner in the categories we serve: creativity, digital documents and customer experience management. Our best days remain ahead of us and we look forward to a phenomenal 2020.

Adobe 的願景、我們引人注目的策略、我們龐大而忠實的客戶群以及我們對這些機會的不懈關注，使我們為未來十年的成長做好了充分準備。在我們所服務的領域（創意、數位文件和客戶體驗管理）中，Adobe 顯然是領先的。我們最棒的日子還在後頭，我們期待精彩的2020年。

John?

約翰？

Thanks, Shantanu. Our earnings report today covers both Q4 and fiscal year 2019 results.

謝謝你，沙塔努。我們今天發布的獲利報告涵蓋了2019年第四季和全年業績。

Starting with our annual results. In FY '19, Adobe achieved record revenue of $11.17 billion, which represents 24% year-over-year growth. GAAP EPS for the year was $6 and non-GAAP EPS was $7.87. This performance is the result of strong execution against our expanding strategy resulting in noteworthy achievements, including Digital Media segment revenue of $7.71 billion, representing 22% year-over-year growth; Creative revenue of $6.48 billion, representing 21% year-over-year growth; Adobe Document Cloud revenue of $1.22 billion, representing 25% year-over-year growth; exiting the year with $8.4 billion of Digital Media ARR, an annual increase of $1.69 billion; Digital Experience segment revenue of $3.21 billion, representing 31% year-over-year growth; Digital Experience subscription revenue of $2.67 billion, representing 37% year-over-year growth; growing Digital Experience subscription bookings by greater than 20%; generating $4.42 billion in operating cash flow during the year; growing remaining performance obligation, or RPO, to approximately $9.82 billion; and returning $2.7 billion in cash to stockholders through our stock repurchase program.

首先是我們的年度業績報告。2019 財年，Adobe 實現了創紀錄的 111.7 億美元收入，較去年同期成長 24%。該年度 GAAP 每股收益為 6 美元，非 GAAP 每股收益為 7.87 美元。這項業績得益於我們強而有力的策略執行，並取得了顯著成就，包括：數位媒體業務收入達77.1億美元，年增22%；創意業務收入達64.8億美元，年增21%；Adobe Document Cloud營收達12.2億美元，年增25%；數位媒體年度經常性營收（ARR）達84億美元，年增16.9億美元；數位體驗業務收入達32.1億美元，年增31%；數位體驗訂閱收入達2 6.7億美元，年增37%；數位體驗訂閱預訂量成長超過20%；年內產生44.2億美元的營運現金流；剩餘履約義務（RPO）增至約98.2億美元；並透過股票回購計畫向股東返還了27億美元現金。

In the fourth quarter of FY '19, Adobe achieved record revenue of $2.99 billion, which represents 21% year-over-year growth. GAAP diluted earnings per share in Q4 was $1.74 and non-GAAP diluted earnings per share was $2.29. Business and financial highlights in Q4 included Digital Media revenue of $2.08 billion, which represents 22% year-over-year growth. Net new Digital Media ARR of $539 million; Digital Experience revenue of $859 million, which represents 24% year-over-year growth; record cash flow from operations of $1.38 billion; increasing RPO by more than $1 billion and repurchasing 2.8 million shares of our stock during the quarter.

在 2019 財年第四季度，Adobe 實現了創紀錄的 29.9 億美元收入，年增 21%。第四季GAAP稀釋後每股收益為1.74美元，非GAAP稀釋後每股收益為2.29美元。第四季業務和財務亮點包括數位媒體收入達 20.8 億美元，年增 22%。新增數位媒體年度經常性收入淨額達 5.39 億美元；數位體驗收入達 8.59 億美元，年增 24%；經營活動現金流創歷史新高，達 13.8 億美元；本季 RPO 增加超過 10 億美元，並回購了 280 萬股股票。

In our Digital Media segment, we achieved record revenue with 22% year-over-year growth in Q4. The addition of $539 million net new Digital Media ARR grew the total to $8.4 billion. Within Digital Media, we achieved another strong quarter with our Creative business. Creative revenue grew 20% year-over-year and we increased Creative ARR by $445 million in Q4. Driving this performance was continued strength with acquisition, upsell and retention of Creative Cloud subscriptions as well as the adoption of Creative Cloud services.

在數位媒體領域，我們在第四季度實現了創紀錄的收入，年增 22%。新增 5.39 億美元的數位媒體年度經常性收入淨額使總額成長至 84 億美元。在數位媒體領域，我們的創意業務又取得了強勁的季度業績。創意收入年增 20%，第四季創意 ARR 增加了 4.45 億美元。推動這項業績成長的因素包括 Creative Cloud 訂閱的持續強勁成長、追加銷售和留存，以及 Creative Cloud 服務的普及。

Key Q4 Creative growth drivers included new user growth, fueled by demand generation initiatives including targeted campaigns and promotions, an increase in mobile app users and year-end seasonal strength; end of November strength coming from interest driven by the recent Adobe MAX conference and follow-on targeted campaigns that helped drive record performance during the last week of the quarter; continued strength with single app adoption, particularly with our imaging and video offerings; a strong finish to the year in the enterprise with renewals, upsell and enterprise services adoption; continued momentum with Creative services, including Adobe Stock, where revenue again grew greater than 30% year-over-year; and improvements in retention across all of our offerings.

第四季創意業務成長的關鍵驅動因素包括：新用戶成長，這得益於有針對性的行銷活動和促銷等需求創造舉措；行動應用用戶數量的成長以及年底的季節性成長；11 月底的成長勢頭來自近期 Adob​​e MAX大會以及後續的定向行銷活動，這些活動幫助推動了季度最後一周的業績創下新高；單應用採用率持續強勁增長，尤其是在我們的圖像和視頻產品方面；企業業務在續訂、追加銷售和企業服務採用方面實現了強勁的年末增長；創意服務（包括 Adob​​e Stock）繼續保持所有產品的營收。

Adobe Document Cloud revenue growth accelerated once again in Q4. We achieved record Document Cloud revenue of $339 million, which represents 31% year-over-year growth, and we added $94 million of net new Document Cloud ARR during the quarter. Document Cloud performance during Q4 and the year was driven by Acrobat subscription demand across all customer segments; the conversion of free mobile app users to paid subscriptions for services such as Create PDF Online; Document Cloud services adoption, including Adobe Sign revenue, which grew greater than 25% year-over-year in Q4; and year-end strength in perpetual and OEM licensing.

Adobe Document Cloud 第四季營收成長再次加速。我們實現了 Document Cloud 營收創紀錄的 3.39 億美元，年增 31%，本季新增 Document Cloud 淨 ARR 為 9,400 萬美元。第四季和全年 Document Cloud 的業績成長主要得益於：所有客戶群對 Acrobat 訂閱的需求；免費行動應用用戶向 Create PDF Online 等服務的付費訂閱轉換；Document Cloud 服務的普及，包括 Adob​​​​e Sign 的收入，該收入在第四季度同比增長超過 25%；以及許可年底的永久許可和 OEM 許可。

In our Digital Experience segment, we achieved record quarterly revenue of $859 million, which represents 24% year-over-year growth in Q4. Subscription revenue for the quarter was $726 million, growing 31% year-over-year. With strong Q4 bookings, we achieved greater than 20% subscription bookings growth for the year. For the year, we achieved $3.21 billion of Digital Experience revenue, which represents 31% year-over-year growth.

在我們的數位體驗部門，我們實現了創紀錄的季度收入 8.59 億美元，第四季年增 24%。本季訂閱營收為 7.26 億美元，年增 31%。憑藉強勁的第四季預訂量，我們全年的訂閱​​預訂量成長超過 20%。今年，我們的數位體驗收入達到 32.1 億美元，年增 31%。

Key Q4 highlights include strong year-over-year growth in our content and commerce solutions, led by Adobe Experience Manager and success with cross-selling and upselling Magento; adoption of Adobe Experience Platform, Audience Manager and Real-Time CDP in our data and insights solutions; and momentum in our Marketo business, including in the mid-market segment, which helped fuel growth in our customer journey management solutions.

第四季度主要亮點包括：在 Adob​​e Experience Manager 的帶動下，我們的內容和商務解決方案實現了強勁的同比增長；Magento 的交叉銷售和向上銷售取得了成功；我們的數據和洞察解決方案採用了 Adob​​e Experience Platform、Audience Manager 和實時 CDP；以及 Marketo 業務的良好勢頭，這有助於我們發展的客戶旅程。

From a quarter-over-quarter currency perspective, FX decreased revenue by $5.8 million. We had $11.6 million in hedge gains in Q4 FY '19 versus $10.8 million in hedge gains in Q3 FY '19. Thus, the net sequential currency decrease to revenue considering hedging gains was $5 million.

從季度環比匯率的角度來看，外匯損失導致收入減少了 580 萬美元。2019 財年第四季，我們的對沖收益為 1,160 萬美元，而 2019 財年第三季的對沖收益為 1,080 萬美元。因此，考慮到對沖收益，淨環比匯兌收入減少 500 萬美元。

From a year-over-year currency perspective, FX decreased revenue by $39.6 million. The $11.6 million in hedge gains in Q4 FY '19 versus the $30.5 million in hedge gains in Q4 FY '18 resulted in a net year-over-year currency decrease to revenue considering hedging gains of $58.5 million. We experienced strong global demand, but FX reduced reported year-over-year revenue growth, particularly in EMEA.

從年比匯率角度來看，外匯交易導致收入減少了 3,960 萬美元。2019 財年第四季對沖收益為 1,160 萬美元，而 2018 財年第四季對沖收益為 3,050 萬美元，考慮到對沖收益，導致收入年淨減少 5,850 萬美元。我們經歷了強勁的全球需求，但匯率波動降低了報告的年收入成長，尤其是在歐洲、中東和非洲地區。

In Q4, Adobe's effective tax rate was 11% on both a GAAP basis and a non-GAAP basis. Our trade DSO was 47 days, which compares to 49 days in the year ago quarter and 44 days last quarter. Remaining performance obligation, or RPO, was $9.82 billion exiting Q4, which compares to $8.77 billion exiting Q3. Normal seasonality and strong year-end performance contributed to the more than $1 billion increase in RPO during Q4. Deferred revenue exiting Q4 was $3.5 billion.

第四季度，Adobe 的實際稅率無論以 GAAP 或非 GAAP 計算均為 11%。我們的貿易應收帳款週轉天數為 47 天，去年同期為 49 天，上一季為 44 天。截至第四季末，剩餘履約義務（RPO）為 98.2 億美元，而截至第三季末為 87.7 億美元。正常的季節性因素和強勁的年末業績促成了第四季度 RPO 成長超過 10 億美元。截至第四季末，遞延營收為35億美元。

Our ending cash and short-term investment position exiting Q4 was $4.18 billion, and cash flow from operations was $1.38 billion in the quarter.

截至第四季末，我們的現金及短期投資部位為 41.8 億美元，該季度經營活動產生的現金流為 13.8 億美元。

In Q4, we repurchased approximately 2.8 million shares at a cost of $771 million. During fiscal 2019, we repurchased approximately 9.9 million shares, returning $2.7 billion of cash to stockholders. We currently have $5.1 billion remaining of our $8 billion repurchase authority granted in May 2018 which goes through 2021.

第四季度，我們以 7.71 億美元的價格回購了約 280 萬股股票。在 2019 財年，我們回購了約 990 萬股股票，向股東返還了 27 億美元現金。我們目前還有 51 億美元的剩餘資金，這是 2018 年 5 月授予的 80 億美元回購授權的一部分，有效期至 2021 年。

As you know, we measure ARR on a constant currency basis during a fiscal year and revalue ARR at year-end for current currency rates. FX rate changes between December of 2018 and this year have resulted in a $66 million decrease in Digital Media ARR. This decreases our FY '20 beginning Digital Media ARR balance to $8.33 billion. The effect of this revision is reflected in our updated investor data sheet, and ARR results will be measured against this amount during FY '20.

如您所知，我們在一個財政年度內按固定匯率計算 ARR，並在年末按當前匯率重新評估 ARR。2018 年 12 月至今年期間的匯率變動導致數位媒體 ARR 減少了 6,600 萬美元。這將使我們 2020 財年初的數位媒體 ARR 餘額減少至 83.3 億美元。此修訂的影響已反映在我們更新後的投資者資料表中，2020 財年的 ARR 結果將以此金額為基準進行衡量。

We are providing the following fiscal year 2020 targets: total Adobe revenue of approximately $13.15 billion, Digital Media segment year-over-year revenue growth of approximately 19%, net new Digital Media ARR of approximately $1.55 billion, Digital Experience segment year-over-year revenue growth of approximately 16%, Digital Experience subscription revenue year-over-year growth of approximately 18%, Digital Experience subscription bookings year-over-year growth of greater than 20%, tax rate of approximately 11% on a GAAP basis and non-GAAP basis, share count of approximately 486 million shares, GAAP earnings per share of approximately $7.40 and non-GAAP earnings per share of approximately $9.75.

我們提供以下 2020 財年目標：Adobe 總收入約為 131.5 億美元，數位媒體部門年增約 19%，新增數位媒體年度經常性收入淨額約為 15.5 億美元，數位體驗部門同比增長約 19%，新增數位媒體年度經常性收入淨額約為 15.5 億美元，數位體驗部門同比增長約 16%，數位體驗訂閱收入同比增長約 18%，數位體驗部門同比增長率約 16%，數位體驗訂閱收入同比增長約 18%，數位體驗部門同比增長率 15% 4.86 億股，GAAP 每股盈餘約 7.40 美元，非 GAAP 每股盈餘約 9.75 美元。

For Q1 FY '20 we are targeting revenue of approximately $3.04 billion, Digital Media segment year-over-year revenue growth of approximately 19%, net new Digital Media ARR of approximately $360 million, Digital Experience segment year-over-year revenue growth of approximately 15%, net nonoperating expense of approximately $20 million, tax rate of approximately 5% on a GAAP basis and 11% on a non-GAAP basis, share count of approximately 489 million shares, GAAP earnings per share of approximately $1.76 and non-GAAP earnings per share of approximately $2.23.

2020 財年第一季，我們的目標是營收約 30.4 億美元，數位媒體部門年增約 19%，新增數位媒體年度經常性收入淨額約 3.6 億美元，數位體驗部門年增約 15%，非經營性淨支出約 2,000 萬美元，GAAP 比例成長約 15%，非經營性淨支出約 2,000 萬美元，GAAP 稅率約 5%，稅率為 15%，每股收益約 1.76 美元，非 GAAP 每股收益約 2.23 美元。

We expect Digital Media net new ARR in FY '20 to grow sequentially from Q1 to Q2, dip in Q3 and have a strong seasonal finish in Q4. As a reminder, Q1 FY '19 benefited from a positive onetime $20 million ARR adjustment due to the adoption of ASC 606.

我們預計 2020 財年數位媒體新增 ARR 將在第一季到第二季季增，第三季下降，並在第四季實現強勁的季節性成長。提醒一下，由於採用了 ASC 606，2019 財年第一季獲得了 2000 萬美元的一次性 ARR 調整。

We anticipate total Adobe revenue to grow by approximately 17% year-over-year in the first half of FY '20, followed by approximately 18% year-over-year growth in the second half of the year.

我們預計 Adob​​e 在 2020 財年上半年的總營收將年增約 17%，下半年將年增約 18%。

In summary, we finished fiscal 2019 strong with record performance in Q4. Based on our category leadership and strong momentum exiting 2019, we remain bullish about fiscal 2020 and beyond.

總而言之，我們在 2019 財年取得了強勁的收官成績，第四季更是創下了歷史新高。基於我們在品類中的領先地位以及 2019 年強勁的成長勢頭，我們對 2020 財年及以後的發展前景依然充滿信心。

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 Summit, our annual Digital Experience user conference, will occur during the week of March 30 in Las Vegas with Day 1 on Tuesday, March 31. An invitation to Summit for the financial community, including discounted registration information, will be sent to our analysts and investor e-mail list in January. More information about the event can be found online at summit.adobe.com.

Adobe Summit，我們一年一度的數位體驗使用者大會，將於 3 月 30 日當週在拉斯維加斯舉行，第一天是 3 月 31 日星期二。一月份，我們將向分析師和投資者的電子郵件清單發送參加金融界峰會的邀請函，其中包含折扣註冊資訊。有關本次活動的更多信息，請訪問 summit.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 8536435. International callers should dial (719) 457-0820. The phone playback service will be available beginning at 5 p.m. Pacific Time today and ending at 5 p.m. Pacific Time on December 19, 2019.

如果您想收聽今天電話會議的回放。今天晚些時候，我們將在投資者關係網站上提供本次電話會議的網路直播存檔。或者，您可以撥打 (888) 203-1112 收聽電話錄音。使用會議 ID 號碼 8536435。國際來電者請撥打 (719) 457-0820。電話重播服務將於下午5點開始提供。太平洋時間今天下午5點結束。太平洋時間2019年12月19日。

(Operator Instructions) Operator?

（操作說明）操作員？

(Operator Instructions) Our first question comes from Brent Thill with Jefferies.

（操作說明）我們的第一個問題來自 Jefferies 的 Brent Thill。

Shantanu, I was wondering if you could take a deeper dive in the continued strength in Digital Media ARR, including the better-than-expected Q1 guide, what's driving this continued outperformance on your side.

Shantanu，我想請你深入分析數位媒體 ARR 的持續強勁表現，包括好於預期的第一季業績指引，是什麼因素推動了你們這邊持續優異的業績。

Happy to, Brent. I mean I think at the financial analyst meeting, we tried to outline all of the growth drivers that we have in that business. And as you remember, even at the FA meeting, we actually updated on targets as a result of the strength that we were seeing in the quarter. And clearly that strength continued. So a couple of things that come to mind. New customer acquisition just continues to be strong across all geographies. I think the new product introductions that we were doing. Strength in Acrobat across both our offerings was clearly a strength. We saw very strong seasonal enterprise at the end of the quarter. The Stock business just continues to do well. When you have a $539 million quarter, it's hard to point to one thing, Brent. And I think that, again, we've talked a lot about DDOM. I'll also highlight the campaigns that we run really targeted personalized campaigns, tapping into what was clearly a tremendous online season was also another reason for the continued success.

樂意效勞，布倫特。我的意思是，我認為在財務分析師會議上，我們試圖概述該業務的所有成長驅動因素。如你所知，即使在足協會議上，我們也根據本季的強勁表現更新了目標。而這種強勁勢頭顯然一直延續了下來。我想到兩件事。在所有地區，新客戶獲取量持續強勁成長。我認為我們當時推出的新產品。我們兩款產品在 Acrobat 方面的強大性能顯然是一項優勢。我們在季度末看到了非常強勁的季節性業務成長。股票業務持續表現良好。布蘭特原油季度營收達到 5.39 億美元時，很難指出是哪一方面造成的。而且我認為，我們已經多次討論過 DDOM 了。我還要重點介紹我們開展的那些真正有針對性的個人化行銷活動，顯然，抓住了當時非常火爆的線上行銷季也是我們持續成功的原因之一。

And next will be Keith Weiss with Morgan Stanley.

接下來是摩根士丹利的基斯‧韋斯。

Excellent. And really nice quarter. I wanted to ask John a question about operating margins. You guys continue to see a really nice bounce back from the M&A impacts that you saw during FY '19 into Q4. When we think about FY '20, should we continue to see that continued operating margin leverage? Is there more sort of accounting impact that's coming out that will push margins higher, number one? And number two, for Q1, the EPS guide seems to imply operating margins down from Q4 into Q1. And absent acquisition, we tend not to see that historically. So what would lead sort of Q1 operating margins to be lower versus the Q4 levels?

出色的。真是個不錯的季度。我想問約翰一個關於營業利益率的問題。你們已經看到，從 2019 財年併購的影響到第四季度，業績出現了非常好的反彈。展望 2020 財年，我們是否應該繼續維持這種持續的營業利益率槓桿效應？第一，是否有其他會計方面的影響因素會推高利潤率？第二，對於第一季度，每股盈餘預期似乎暗示第一季的營業利潤率將比第四季下降。如果沒有收購，歷史上我們往往看不到這種情況。那麼，是什麼原因導致第一季的營業利潤率低於第四季的水平呢？

Yes. Sure. Thanks, Keith. When we think about FY '20, our full year guide shows that FY '20 margins do expand year-over-year. And so as we think about kind of the first half, second half, we'd expect that margins would continue to show greater than 40% each quarter, but have a larger margin in the second half, like we did this past year. There's some seasonal expenses that obviously hit Q1, different from others in last year. Of course, we had more expenses related to the acquisitions that kind of dramatize that downward, taking the operating margin in Q1 of FY '19.

是的。當然。謝謝你，基斯。當我們展望 2020 財年時，我們的全年指引顯示，2020 財年的利潤率確實比去年同期成長了。因此，當我們考慮上半年和下半年時，我們預計每個季度的利潤率將繼續高於 40%，但下半年的利潤率會更高，就像我們去年所做的那樣。顯然，第一季會有一些季節性支出，這與去年同期有所不同。當然，與收購相關的支出更多，這在一定程度上加劇了利潤率的下降，導致 2019 財年第一季的營業利潤率下降。

And our next question will come from Kirk Materne with Evercore ISI.

接下來，我們將向 Evercore ISI 的 Kirk Materne 提問。

It's Diana Chang on for Kirk Materne. First, Shantanu, maybe now that you've been running the Experience Cloud for almost a year, what are some of the bigger factors in terms of like seeing this business potentially could outperform in 2020 next year? And maybe secondly, just like when thinking about the Experience Cloud business, can you discuss like how demand varies when you think about like the different geographies? And is it fair to say that the shift from like point product to a platform is further ahead in the U.S.?

戴安娜·張代替柯克·馬特恩上場。首先，Shantanu，既然你已經經營 Experience Cloud 近一年了，你認為有哪些更重要的因素能讓這項業務在 2020 年乃至明年取得更好的業績？其次，就像在思考體驗雲端業務時一樣，您能否討論一下，當您考慮不同地區的需求時，這些需求是如何變化的？可以說，從同類產品轉向平台的轉變在美國進展更快嗎？

Well, multiple questions there, so let me try and parse all of that. First, I would say, it's been a really good year for the Experience Cloud in terms of the product innovation, delivering the Experience Cloud, looking at Experience Manager and moving that to the cloud, innovative new services that we're delivering, intelligent services using our AI and machine learning. When I take a step back and look at what's happened during the year, I feel really good about the amount of innovation that's happening.

嗯，問題很多，讓我試著一一解答。首先，我想說，就產品創新而言，對於體驗雲來說，今年是非常成功的一年，我們交付了體驗雲，審視了體驗管理器並將其遷移到雲端，我們還交付了創新的新服務，利用我們的人工智慧和機器學習技術提供智慧服務。回顧過去一年發生的事情，我對所取得的創新成果感到非常滿意。

And the second thing I feel really good about is the alignment across Magento, Marketo and just call it, the core DX business in terms of having a more unified and aligned go to market, which has not only helped our results but it's also helped the operating expense associated with that business. And so we just continue to have a really differentiated offering. The need for people to engage digitally with customers is not just a U.S. phenomenon. It's a global phenomenon. And so that feels really good. And so I mean, overall, we had a very strong Q4 as we mentioned the Adobe Experience Platform adoption among various verticals. It's such a unique and differentiated product that exists in the marketplace. We're the only company at scale that has the ability to create this unified profile.

第二件讓我感到非常滿意的事情是，Magento、Marketo 以及我們稱之為核心 DX 業務之間的協調一致，實現了更統一和協調的市場推廣，這不僅有助於提升我們的業績，還有助於降低與該業務相關的營運成本。因此，我們將繼續提供真正差異化的產品和服務。人們需要透過數位化方式與客戶互動，這並非美國獨有的現象。這是一個全球性現象。感覺真的很好。所以我的意思是，總的來說，正如我們所提到的，Adobe Experience Platform 在各個垂直領域都得到了廣泛採用，第四季業績非常強勁。這是一款在市場上獨樹一格的產品。我們是唯一一家能夠大規模創建這種統一檔案的公司。

So overall, I feel really good on that business. We also have tremendous opportunities in 2020 to just continue to scale that business to be delivering it not just across geographies. In the mid-market segment, we talked about how creating an aligned mid-market-focused segment. We saw a rebound as it related to Marketo. Magento continues to do well. And I know, typically, people ask me, what's the update on the hiring front? There's good news that we would hopefully be able to share with you in the first week of January but it feels good. We made a lot of progress in that business. Opportunity is great and we will continue to drive innovation.

總的來說，我對那項業務感覺非常好。2020 年，我們也擁有龐大的機遇，可以繼續擴大業務規模，不僅在地理上提供服務。在中端市場區隔領域，我們討論瞭如何創建一個以中端市場為中心的協調一致的細分市場。我們看到與 Marketo 相關的業績出現了反彈。Magento 持續表現良好。我知道，通常人們會問我，招募方面有什麼最新進展？我們有一些好消息，希望能在1月的第一周與大家分享，但現在感覺很好。我們在該業務領域取得了很大進展。機會巨大，我們將持續推動創新。

And moving on to Jennifer Lowe with UBS.

接下來是瑞銀集團的珍妮佛洛。

Great. I think this is a question for John. I just wanted to drill into the comment you made that the revenue growth in the first half of the year would be 17% versus 18% in the back half. That's a pretty bold statement to make with 6 months before you're actually in that 18% growth. So is that purely a function of the expectation that the strength that you're seeing in Digital Experience bookings starts to convert to revenue and you see that part of the business pick up a bit or are there other factors at play that we should be thoughtful about as we think of the shape of the year?

偉大的。我認為這個問題應該要問約翰。我只是想深入探討你之前提到的，上半年營收成長率為 17%，下半年為 18% 的說法。在距離真正實現 18% 的成長還有 6 個月的時間裡，做出這樣的預測未免過於大膽了。所以，這僅僅是因為人們預期數位體驗預訂的強勁勢頭會開始轉化為收入，並且這部分業務會有所好轉，還是說還有其他因素在起作用，我們在展望今年的發展趨勢時應該考慮這些因素？

Yes. I mean, I think what we wanted to try to do because we didn't provide any Q1 guidance when we were at MAX and FA day, and so what we wanted to do was to provide color of how you could think about modeling the full year. And obviously, with the full year guide, you obviously know what the total year growth is. But we do expect, obviously, the bookings that we've achieved in FY '19 to convert into revenue in '20. And obviously, the first half bookings begin to convert into revenue in the second half. So the momentum that we're seeing coming out of Q4 is really what we're trying to reflect on when that converts.

是的。我的意思是，我們想嘗試做的是，因為我們在 MAX 和 FA 日上沒有提供任何第一季度的業績指引，所以我們想做的是，為大家提供一些關於如何構建全年業績模型的思路。顯然，有了全年指南，你就能清楚知道全年的總成長率是多少。但我們當然期望在 2019 財年取得的預訂量能在 2020 年轉化為營收。顯然，上半年的預訂量會在下半年開始轉化為收入。所以，我們看到的第四季以來的發展勢頭，正是我們試圖在轉化為實際收益時加以考慮的。

Maybe just to add a few more color, Jennifer. I mean, I think at the FA meeting, we were really trying to give annual guidance, and what we were trying to do is just give you a little bit of color. And to add to what John said. As you think about the Q4 to Q1 transition, what typically happens in Q4 in the Digital Experience business is you get a bunch of really good professional services billing. As people are preparing our products to get ready for the holiday season, you see a little bit of a rush on the Advertising Cloud associated with that. There was a little bit of strength also. Acrobat had strength across the board, but there was some additional strength as it related to perpetual and OEM licensing. And so I think what we were just trying to do is provide you a little bit of color as it related to how you would, in your models, look at both revenue as well as EPS as well as Digital Media ARR for the rest of the year. So that was our goal.

或許只是為了增添一些色彩，珍妮佛。我的意思是，我認為在足協會議上，我們確實想給出年度指導，而我們想做的只是給大家一些參考資訊。我還要補充一下約翰所說的。當你考慮從第四季度到第一季的過渡時，數位體驗業務在第四季度通常會收到大量非常好的專業服務帳單。隨著人們為迎接節日季節而準備產品，你會發現與此相關的廣告雲出現了一些高峰。也稍微有點力氣。Acrobat 在各方面都表現出色，但在永久許可和 OEM 許可方面更具一些額外的優勢。所以，我認為我們只是想為您提供一些信息，幫助您了解在您的模型中，如何看待今年剩餘時間的收入、每股收益以及數位媒體年度經常性收入。這就是我們的目標。

And our next question comes from Sterling Auty with JPMorgan.

下一個問題來自摩根大通的斯特林·奧蒂。

Shantanu, can you remind us what is the monetization model for some of the mobile device apps and specifically thinking about now that Photoshop on iPad has been out there for a while and at MAX you talked through Illustrator for iPad. How do you monetize that? And how much of a needle mover can something like Illustrator be to either fiscal '20 or fiscal '21?

Shantanu，您能否提醒我們一些行動裝置應用程式的獲利模式是什麼？特別是考慮到 iPad 版 Photoshop 已經推出一段時間了，而且您在 MAX 大會上也談到了 iPad 版 Illustrator。如何將其變現？像 Illustrator 這樣的軟體對 2020 財年或 2021 財年的影響究竟有多大？

Yes. Sterling, there are multiple ways in which we monetize our mobile. The first is this multisystem approach that we've taken, maybe using a product like Lightroom, for example. I mean, it's clear when people have images, they want to manage their images across multiple devices. And so we take a system approach towards that pricing, but it changes quite dramatically what you could see in terms of the engagement and retention associated with that. So first in terms of value provided, that's quite significant.

是的。斯特林，我們透過多種方式實現行動業務的獲利。第一種方法是我們採取的多系統方法，例如使用 Lightroom 之類的產品。我的意思是，很明顯，當人們擁有圖片時，他們希望能夠在多個裝置上管理這些圖片。因此，我們採用系統性的方法進行定價，但這會大大改變與此相關的參與度和留存率。首先，就其提供的價值而言，這相當重要。

The second thing is, we actually have mobile-only offerings as well. And so you could have a mobile-only offering, whether it's Photoshop Express, whether it's what we do with our Photoshop on iPad. And so we have one price across multiple devices and we have one price for mobile-only offering. And the mobile-only offering, I think in the past, we've alluded to the number of IDs that are being created. And that's also becoming a really nice revenue stream for us and growing.

第二點是，我們其實也有僅限行動裝置使用的產品。因此，您可以提供僅限行動裝置使用的產品，無論是 Photoshop Express，還是我們在 iPad 上使用 Photoshop 的產品。因此，我們在多種裝置上採用統一價格，我們也為僅限行動裝置的使用者提供統一價格。至於僅限行動裝置使用的服務，我認為我們過去曾提到正在建立的 ID 數量。而且這也正在成為我們一個非常好的收入來源，而且還在持續成長中。

And the third thing I would say is, where we've done a really good job on the Acrobat side is where you have Reader and people have onetime usage, where they're trying to do things with respect to PDF. That's also become a fairly significant monetization model. So there are multiple monetization models that's attracting new customers, different price points, different segments. And I think it just enables our positioning as the one-stop shop to be very valid and very relevant for all of these customers. So now long term, we continue to be excited and bullish about the growth there.

第三點我想說的是，我們在 Acrobat 方面做得非常好的地方在於 Reader，以及人們的一次性使用，他們試圖對 PDF 進行一些操作。這也已成為相當重要的獲利模式。因此，有多種獲利模式正在吸引新客戶，不同的價格點，不同的市場區隔。我認為這只是證明了我們作為一站式商店的定位對於所有這些客戶來說都非常有效且非常相關。所以從長遠來看，我們仍然對那裡的成長感到興奮和樂觀。

And our next question comes from Jay Vleeschhouwer with Griffin Securities.

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

Shantanu, it's been just over a year when you introduced the phrase, retention is the new growth. And I was wondering how you would rank that among the various sources of growth in fiscal '19, particularly given the multiple investments you've been making internally in people to drive retention. And related to that, picking up on a theme from the latest MAX, might it be possible to think of an additional growth driver that we could call perhaps frictionless is the new growth. In other words, picking up on content as a service, PDF services, DX integrations and the frictionless theme that you talked about at MAX as an additional driver over many years.

Shantanu，你提出「留存率是新的成長」這個概念已經一年多了。我想知道，在 2019 財年的各種成長來源中，您會如何對此因素進行排名，特別是考慮到您在內部對人才進行了大量投資以提高員工留任率。與此相關，從最新的 MAX 汲取靈感，我們是否可以考慮一種新的成長驅動力，我們可以稱之為無摩擦增長？換句話說，多年來，內容即服務、PDF 服務、DX 整合以及您在 MAX 大會上談到的無摩擦理念，都成為了額外的驅動力。

Yes, Jay, I think both of those continue to be really important strategic objectives for the company as it relates to retention as the book of business gets larger and larger, both in terms of ensuring that they're getting value for the products as well as from an upsell perspective and being able to upsell them. And you'd be amazed how productive the retention team has been in terms of really understanding what's the right offer, what's the right way to continue to make sure that they get value out of it. The incredible work that's being done even as it relates to payment methods and just making sure that, that is a way to both attract and retain new customers to the platform. So retention is a very big area of focus, and I continue to believe that it is an area of growth within the enterprise with named user deployment, what we are doing associated with making it really easy for people to adopt our technology. So that, again, is a way in which we are increasing both the ARPU as well as the number of users in the enterprise. And so really good focus with some significant results.

是的，傑伊，我認為這兩項對公司而言仍然是非常重要的戰略目標，因為隨著業務規模的不斷擴大，這兩項目標對於客戶留存至關重要，既要確保客戶從產品中獲得價值，也要從追加銷售的角度出發，向他們推銷產品。你會驚訝於客戶留存團隊在真正理解什麼是合適的優惠、如何以正確的方式繼續確保客戶從中獲得價值方面所取得的成就。即使在支付方式方面，也正在進行著令人難以置信的工作，以確保這是一種吸引和留住新客戶到平台的方式。因此，用戶留存是一個非常重要的關注領域，我仍然認為，隨著指定用戶部署的實施，用戶留存是企業內部一個成長的領域，我們正在努力讓人們更容易採用我們的技術。所以，這也是我們提高企業平均每用戶收入 (ARPU) 和使用者數量的一種方式。因此，我們採取了非常有效的策略，並且取得了顯著成果。

On the frictionless, I think you clearly see that customers when they do a search and if they want to do a search for Create PDF, for example, they want that to be immediately fulfilled and get instant gratification. And so the reason and the thesis behind frictionless is, when people are doing something, how can we, within 1 or 2 clicks, enable them to do it as well as at that point ensure that it's a monetization opportunity for us. And so I think that'll continue to be both in the document space as well as in the creative space as we've done with Spark, where you do a Google search and you want to create a flyer. And we want to be able to fulfill that very easily. So I think it's an important, I think, expansion opportunity for us on frictionless. So we're doing well in both cases, and it will continue to be an area of focus.

在無摩擦體驗方面，我認為可以清楚地看到，當客戶進行搜尋時，例如，如果他們想搜尋“建立 PDF”，他們希望立即得到滿足並獲得即時滿足感。因此，無摩擦背後的原因和理論是，當人們做某事時，我們如何在 1 或 2 次點擊之內，讓他們也能做到這一點，同時確保這對我們來說是一個盈利的機會。所以我認為，無論是在文件領域還是在創意領域，這種情況都會繼續下去，就像我們在 Spark 中所做的那樣，你可以透過 Google 搜尋來建立傳單。我們希望能夠非常輕鬆地實現這一點。所以我認為這對我們來說是一個重要的、無摩擦的擴張機會。所以我們在這兩方面都做得還不錯，這將繼續是我們關注的重點領域。

I know you didn't ask it, but you are aware that even on the API side, making sure that all of our stuff is available as APIs is another way to just extend this reach through the partner ecosystem as well.

我知道你沒問，但你也知道，即使在 API 方面，確保我們所有的東西都能以 API 的形式提供，也是透過合作夥伴生態系統擴大影響範圍的另一種方式。

(Operator Instructions) Our next question comes from Kash Rangan with Bank of America.

（操作員說明）我們的下一個問題來自美國銀行的 Kash Rangan。

Happy holidays, team Adobe. Thanks for the wonderful gift. Shantanu, I had a question. We started this fiscal year with expectations for 25% bookings in Digital Experience, and we had a bit of a reset in Q4. Are we at the bottom of the curve and its execution starting to improve? Or execution is back up to the point that you had targeted earlier and that you're just playing a little bit conservative with respect to revenue growth outcome for fiscal '20? And then once we get through a couple more quarters, you'd be in a position to reexamine the target for Digital Experience. Congratulations again.

Adobe團隊，節日快樂！謝謝您送的精美禮物。Shantanu，我有個問題。在本財年開始時，我們預計數位體驗的預訂量將達到 25%，但第四季度我們做出了一些調整。我們是否已經處於曲線的底部，其執行情況開始改善？或者說，執行情況已經恢復到你之前設定的目標水平，而你只是在2020財年的收入增長預期方面採取了稍微保守的做法？再過幾個季度，你們就可以重新審視數位體驗的目標了。再次恭喜。

Thanks, Kash, and happy holidays to you as well. I mean, I would say, we were really pleased with the momentum that we saw for the business in Q4. As I said earlier, I'm also really pleased with the amount of innovation that the product team has been able to do with all of the new delivery. And the opportunity, as we have identified north of $80 billion addressable opportunity in 2022, just continues to be the area of focus for us. And so we will continue to execute. I'm not giving you different targets from the one that John just gave, but we're not opportunity constraint in that particular business.

謝謝你，卡什，也祝你節日快樂。我的意思是，我們對第四季度業務的發展勢頭感到非常滿意。正如我之前所說，我對產品團隊在所有新交付方式方面所取得的創新成果也感到非常滿意。我們已經確定，2022 年有超過 800 億美元的潛在市場機會，而這仍然是我們關注的重點領域。因此我們將繼續執行。我不會為你設定與約翰剛才給出的目標不同的目標，但我們在這個特定業務領域沒有機會限制。

Moving to Brad Zelnick with Crédit Suisse.

轉到瑞士信貸的布拉德·澤爾尼克。

This is Yaoxian Chew on for Brad Zelnick. Congrats on another solid quarter. I want to take a question in slightly different route. As you're going into more mobile-centric offerings with stuff like Photoshop iPad and Photoshop Camera, you run into a lot more mobile native or next-generation competition, whether it's Instagram or even some new apps like VSCO, it's fundamentally a very different landscape. Can you speak to the philosophy on growth in the mobile realm how you approach user acquisition, retention and primarily how we see Adobe differentiating for what is a very different use case in a different screen?

這是姚賢為布拉德‧澤爾尼克所做的解說。恭喜又一個季度業績穩健。我想換個角度來探討這個問題。隨著你推出更多以行動裝置為中心的產品，例如 Photoshop iPad 和 Photoshop Camera，你會遇到更多行動原生應用程式或下一代應用程式的競爭，無論是 Instagram 還是像 VSCO 這樣的新應用，從根本上來說，市場格局已經截然不同了。您能否談談行動領域的成長理念，以及您如何進行使用者獲取和留存，最重要的是，我們如何看待 Adob​​e 在不同的螢幕上針對截然不同的使用情境而實現差異化？

It's no different in many ways from what we have done on the desktop. I mean, we have the world's best product teams and technologies in that space. And we actually have. I mean, when you see what we've done with Acrobat on PDF on the mobile. What we have done with Photoshop Express, tens of millions of users, the fact that we have hundreds of millions of mobile IDs. I think you think about the brand that Adobe has, you think about the depth of technology that we have in those spaces. I'd encourage you to try out a product like Fresco, which whether it's for oil paint, whether it's for water colors, I mean, there's nothing like that on the market with respect to the amount of precision and detail that we provide in that space. And so we just have to continue to focus on innovating. But given our brand, given the tremendous funnel of traffic that we see to adobe.com, and as we keep pointing out the data-driven operating model that we have to be able to convert it, I feel very good about what we are doing in the mobile arena as well.

在很多方面，它與我們在桌面上所做的工作並無不同。我的意思是，我們在這個領域擁有世界上最好的產品團隊和技術。我們確實有。我的意思是，當你看到我們在行動裝置上使用 Acrobat 處理 PDF 檔案所取得的成就時，你就會明白了。我們憑藉 Photoshop Express 取得了巨大的成功，擁有數千萬用戶，以及數億個行動 ID。我認為，想想Adobe的品牌，想想我們在這些領域擁有的技術深度。我建議您嘗試像 Fresco 這樣的產品，無論是用於油畫顏料還是水彩顏料，我的意思是，就我們在這個領域提供的精度和細節而言，市場上沒有任何其他產品能與之媲美。因此，我們只需要繼續專注於創新。但是，考慮到我們的品牌，考慮到 adobe.com 帶來的巨大流量，以及我們不斷強調的必須依靠數據驅動的營運模式才能實現轉化，我對我們在行動領域所做的工作也感到非常滿意。

And our next question comes from Walter Pritchard with Citi.

下一個問題來自花旗銀行的華特‧普里查德。

Shantanu, I'm just wondering, if you look at the Acrobat business and also the cloud piece. And you sort of compare with the transition from perpetual installed base to subscription installed base. Where are we? Are we in the third inning, fifth inning, seventh inning? Any characterization you can give us around where that is. That seems like it's been a pretty strong driver.

Shantanu，我只是在想，如果你看看 Acrobat 的業務以及雲端業務的話。你可以把它比喻為從永久安裝基礎轉變為訂閱安裝基礎的轉變。我們在哪裡？現在是第三局、第五局還是第七局？請您盡可能提供一些關於這方面的描述。這似乎是一個相當強勁的驅動因素。

Walter, the PDF business continues to do really well. We're attracting new customers to the platform. Sign as a business is doing really well. The new services, the mobile funnel continues to do well. As you know, we feathered that business so that we continue to have a perpetual offering and an OEM licensing offering, those continue to do well. I mean, the reality is that automating inefficient paper-based processes and just the whole collaboration, and sharing and editing of documents is a massive opportunity. And PDF has become the lingua franca for how things happen on the Internet and the PDF brand, I mean, going back to the earlier question. The team has done an incredible job of innovating in that particular space, it's really early. As a cricket fan, we don't have 3 innings in cricket, but it's still very early as it relates to where we are in that space.

華特，PDF業務持續發展良好。我們正在吸引新客戶加入這個平台。Sign 的業務發展得非常好。新服務和行動通路持續表現良好。如您所知，我們對該業務進行了調整，以便我們能夠繼續提供永久授權產品和 OEM 授權產品，這些產品目前都銷售良好。我的意思是，現實情況是，將低效率的紙本流程自動化，以及整個協作、共享和編輯文件的流程自動化，是一個巨大的機會。而 PDF 已經成為網路上各種事物運作的通用語言，而 PDF 品牌，我的意思是，回到之前的問題。該團隊在該領域的創新工作做得非常出色，現在還處於早期階段。身為板球迷，雖然板球比賽還沒有三局兩勝制，但就我們目前所處的階段而言，現在還為時過早。

And our next question will come from Tom Roderick with Stifel.

接下來，我們將向 Stifel 公司的 Tom Roderick 提問。

I know there's been a couple of questions on Experience Cloud already. But Shantanu, I wanted to just ask you specifically as you spend some time going back through the Marketo pipeline. And last quarter, there was a discussion about mid-market and perhaps having focus more exclusively on the high end of the market. Can you just kind of go back and talk a little bit more about how you're seeing that mid-market opportunity for Marketo. How you want to deploy resources and how you think about the mix between mid-market and enterprise for that side of the business, it sounds like you had a great fourth quarter that bounced back nicely. So would love to hear what you did and what you want to do going forward in go to market.

我知道之前已經有人問過關於 Experience Cloud 的問題了。但 Shantanu，我想專門問你一些問題，因為你正在回顧 Marketo 的流程。上個季度，曾討論過中階市場，或許應該更專注於高階市場。能否再詳細談談您如何看待 Marketo 在中階市場的機會？你想如何部署資源，以及你如何考慮中階市場和企業市場在該業務方面的平衡，聽起來你們第四季表現出色，實現了良好的反彈。所以很想聽聽你們在市場推廣上做了什麼，以及未來打算怎麼做。

Tom. And I think the reason why we believe in the mid-market opportunity across content management, across commerce, across what we are doing with the Marketo business and taking leads all the way to making them revenue for a company is that having an easy-to-use self-serve product serves not just the mid-market customer well but it also serves the enterprise customer well. And I think Don and Chico have always said, every business starts at a $0 business. And so you want to make sure that you get a huge base of customers who are growing early. And so that's the reason for the importance of the business.

湯姆。我認為，我們相信內容管理、電商、Marketo 業務以及從線索到最終為公司帶來收入等各個環節都存在中端市場機會的原因在於，易於使用的自助式產品不僅能很好地服務於中端市場客戶，還能很好地服務於企業客戶。而且我認為唐和奇科一直都說，任何企業都是從零開始的。所以，你要確保獲得一個龐大的、早期就能快速成長的客戶群。這就是這項業務重要性的原因。

I think over the last few quarters, the demand generation team has done such a good job. A lot of the mid-market demand generation is actually created through marketing activities and then it has a very front touch perspective. And so having that, it's actually a more efficient process for us to do. And by investing a little bit more in demand generation in the last few quarters, we've seen that bounce back well. The product has always been good, the best product in the market. And I think just both inspecting that business and making sure that we invest appropriately and have the right leadership, all of that's really helped with that particular space.

我認為在過去的幾個季度裡，需求產生團隊做得非常出色。許多中端市場需求其實是透過行銷活動創造出來的，因此它具有強烈的正面接觸視角。因此，有了它，對我們來說，這實際上是一個更有效率的流程。在過去的幾個季度裡，我們加大了對需求創造方面的投入，結果顯示需求已經很好地反彈了。這款產品一直都很好，是市場上最好的產品。我認為，對企業進行考察，確保我們進行適當的投資並擁有合適的領導層，所有這些都對這個特定領域大有裨益。

Having a depth of offering also, given what we have with experience manager and given what we have with Magento for an end-to-end solution, also really helps in that base. So we're excited about it.

鑑於我們在體驗管理方面的實力，以及我們在 Magento 端到端解決方案方面的實力，擁有豐富的產品線也對奠定基礎大有裨益。所以我們對此感到很興奮。

Our next question comes from Pat Walravens with JMP Securities.

下一個問題來自 JMP Securities 的 Pat Walravens。

This is Mark for Pat. Could you talk a little bit about customer data platform and maybe what are some customer feedback and what's your focus for next year?

這是給帕特的馬克。您能否談談客戶數據平台，以及一些客戶回饋，還有您明年的工作重點是什麼？

I'm not sure I heard the question. Could you just repeat the question, please?

我不確定我是否聽清了這個問題。請您再說一次問題好嗎？

Yes. I'm just wondering if you could talk a little bit about customer data platform, CDP, and what are some customer feedback from there.

是的。我想請您談談客戶資料平台（CDP），以及客戶對此有哪些回饋。

Yes. I mean, as part of our prepared remarks, we talked about the fact that the Adobe Experience platform is really the only scalable platform that allows people to have this unified profile. As people are thinking about what they have to do, they have to deal with both known users and unknown users. And I think the combination of what we had with audience manager and the real-time CDP aspects of how we differentiate our solution makes it unique. And so every business has to think about its core segmentation. Every business has to think about what's the way in which they are creating this unified profile. And so we're excited about our offering in that space. That's a clear leader.

是的。我的意思是，在我們準備好的演講稿中，我們談到了 Adob​​e Experience 平台是唯一一個可擴展的平台，它允許人們擁有這種統一的個人資料。人們在思考自己要做什麼的時候，既要面對已知用戶，也要面對未知用戶。我認為，我們將受眾管理功能與即時 CDP 功能相結合，使我們的解決方案獨樹一幟。因此，每個企業都必須考慮其核心細分市場。每個企業都必須思考如何打造這種統一的形象。因此，我們對我們在該領域的產品和服務感到非常興奮。那是一位傑出的領導者。

And our next question will come from James Rutherford with Stephens.

接下來的問題將由史蒂芬斯的詹姆斯·盧瑟福提出。

Congrats on the quarter. Just as a follow-up to Tom's question earlier, it sounds like you're having nice success with the mid-market realignment on Marketo and Magento, and that's great to see. I was just curious what your ambitions are to bring some of the other core Adobe DX solutions like AEM, Campaign, Audience Manager and others down into the mid-market as well. And what it might require in terms of changes to product or packaging to really make a big debt in that particular size of the market.

恭喜你本季取得佳績。作為 Tom 先前問題的補充，聽起來你們在 Marketo 和 Magento 上進行中端市場重組取得了不錯的成功，這真是太好了。我只是好奇你們是否有計劃將Adobe DX的其他一些核心解決方案，如AEM、Campaign、Audience Manager等，也引進到中端市場。以及在如此小的市場規模下，要真正實現巨額債務，可能需要對產品或包裝進行哪些改變。

I'll touch on one, maybe in a little bit of detail, which is the Adobe Experience Manager. We have, over the last year, really innovated. We have an offering that's a completely cloud-based offering that enables you to do it. You can do headless content management. It's so far ahead of the competition. So I think that hopefully gives you a glimpse into the fact that we do believe it's an opportunity as we move to the cloud and make these all SaaS-based services, I think making that self-help.

我將簡要介紹其中之一，那就是 Adob​​e Experience Manager。過去一年，我們確實進行了創新。我們提供完全基於雲端的解決方案，可以幫助您實現這一點。你可以進行無頭內容管理。它遙遙領先競爭對手。所以，我希望這能讓您了解到，我們確實相信，隨著我們遷移到雲端並將所有這些服務變成基於 SaaS 的服務，這是一個機遇，我認為這有助於自助服務。

In the content management space, in particular, as people are creating these micro sites, and they want to get it up and running quickly, but they want to use the same publishing paradigm that they use for their larger sites. That's another reason. But the new AEM product that we have that's cloud-based. The number of customers who've been able to get up and running really quickly, I think, shows the kind of innovation, take Adobe itself, for example, as we move our cloud-based AEM implementation, it really adds significant value. And as I said earlier, it's not just about the mid-market, that same technology actually translates well into enterprises seeing value from our products sooner rather than later.

尤其是在內容管理領域，人們在創建這些微型網站時，他們希望能夠快速啟動並運行，但他們希望使用與大型網站相同的發布模式。這是另一個原因。但我們新推出的基於雲端的 AEM 產品。我認為，能夠如此迅速地啟動並運行的客戶數量，體現了這種創新精神。以 Adob​​e 本身為例，隨著我們遷移基於雲端的 AEM 實施，它確實增加了巨大的價值。正如我之前所說，這不僅關乎中端市場，同樣的技術實際上也能讓企業更快地從我們的產品中看到價值。

And that question will come from Ken Wong with Guggenheim Securities.

這個問題將由古根漢證券的 Ken Wong 提出。

This question is for you, John. I know you guys don't discuss RPO much but the uptick in Q4 was really strong. Maybe if you can give us a little insight into what drove that. And then to the extent that you could shed a little color on maybe what seasonality of RPO might look like next year, that would be great.

這個問題是問你的，約翰。我知道你們不太討論RPO，但第四季的成長勢頭非常強勁。或許您可以向我們透露一下促使您這樣做的原因。如果您還能對明年 RPO 的季節性變化情況稍作說明，那就太好了。

Yes, sure. No, the performance of RPO. And as we go forward, you'll start to get the year-over-year compare in FY '20, it's following along with revenue growth. And essentially, when we look at before, deferred and unbilled that also as an indicator of the health of the business going forward. Now we would suggest you look at the RPO as an indicator of what to expect in terms of it growing along with revenue. That has normal seasonality that we typically have seen across each of the quarters as well, so there's nothing unique about that.

當然可以。不，是RPO的性能。隨著我們不斷向前發展，您將在 2020 財年開始看到同比數據，這與營收成長同步。從本質上講，當我們回顧先前的情況時，延期付款和未開立款項也可以作為衡量企業未來健康狀況的指標。現在我們建議您將 RPO 視為衡量其與收入同步成長的指標。這具有正常的季節性，我們通常在每個季度都會看到這種現象，所以這沒有什麼特別之處。

And given that was the last question, what's exciting to us was at our Analyst Day at MAX, we shared the strategy on the 3 large opportunities that we had ahead of us: unleashing creativity, accelerating document productivity and powering digital businesses and how it represented a TAM of approximately $128 billion in 2022. It's nice to be the leader in those categories and continue to drive product innovation as well as GTM alignment and execution so that we can continue on this growth agenda that we have as a company. But at the same time, we also continue to be focused on increasing cash flow as well as delivering great value to our shareholders. Clearly, pleased with our fiscal performance in Q4.

鑑於這是最後一個問題，讓我們感到興奮的是，在 MAX 的分析師日上，我們分享了我們面前的三大機會的戰略：釋放創造力、加速文檔生產力和賦能數位業務，以及它們在 2022 年如何代表著約 1280 億美元的市場規模。很高興能夠成為這些領域的領導者，並繼續推動產品創新以及市場推廣策略的調整和執行，以便我們能夠繼續推進公司既定的成長計劃。但同時，我們也將繼續專注於增加現金流，並為股東創造巨大價值。顯然，我們對第四季的財務表現感到滿意。

FY '20 should be another record year with strong profitability and cash flow. And I'm really excited about the progress that we made across all 3 clouds on product GTM as well as organizational alignment, and we look forward to sharing that progress with you over the course of next year.

2020財年可望再創佳績，獲利能力和現金流都將維持強勁成長。我對我們在所有三個雲端平台上的產品上市推廣以及組織協調方面的進展感到非常興奮，我們期待在明年與您分享這些進展。

I wanted to wish you all happy holidays. Thank you for joining us today.

祝大家節日快樂。感謝您今天蒞臨。

And this concludes our call. Thanks, everyone.

通話到此結束。謝謝大家。

Thank you. That does conclude today's conference. We do thank you for your participation. Have a wonderful day.

謝謝。今天的會議到此結束。非常感謝您的參與。祝您有美好的一天。