Adobe Inc (ADBE) 2019 Q4 法說會逐字稿

Good afternoon.

下午好。

I would like to welcome you to Adobe's Fourth Quarter Fiscal Year 2019 Earnings Conference Call.

歡迎您參加 Adobe 2019 財年第四季度收益電話會議。

(Operator Instructions) As a reminder, today's call is being recorded.

（操作員說明）作為提醒，今天的通話正在錄音中。

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

我現在想把電話轉給投資者關係副總裁 Mike Saviage 先生。

Please go ahead, sir.

請繼續，先生。

Good afternoon, and thank you for joining us today.

下午好，感謝您今天加入我們。

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

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

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

在今天的電話會議中，我們將討論 Adobe 2019 年第四季度和財年的財務業績。

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

到目前為止，您應該已經獲得了大約 1 小時前發布的我們的收益新聞稿的副本。

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

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

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

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

Before we get started, we want to emphasize that some of the information discussed in this call, particularly our revenue and operating model targets and our forward-looking product plans, is based on information as of today, December 12, 2019, and contains forward-looking statements that involve risks and uncertainty.

在開始之前，我們要強調的是，本次電話會議中討論的一些信息，特別是我們的收入和運營模式目標以及我們的前瞻性產品計劃，是基於截至今天 2019 年 12 月 12 日的信息，並包含前瞻性- 涉及風險和不確定性的陳述。

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

實際結果可能與此類聲明中所述的結果大不相同。

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

有關這些風險和不確定性的討論，您應該查看我們今天發布的收益新聞稿以及 Adobe 提交給美國證券交易委員會的文件中的前瞻性聲明披露。

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

在這次電話會議上，我們將討論 GAAP 和非 GAAP 財務指標。

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

我們的收益發布和 Adobe 的投資者關係網站上提供了兩者之間的對賬。

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

建議通話參與者，本次電話會議的音頻正在網絡直播，也正在錄製以供播放。

An archive of the webcast will be made available on Adobe's Investor Relations website for approximately 45 days and is the property of Adobe.

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

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

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

I'll now turn the call over to Shantanu.

我現在將把電話轉給 Shantanu。

Thanks, Mike, and good afternoon.

謝謝，邁克，下午好。

Fiscal 2019 was a phenomenal year for Adobe as we exceeded $11 billion in revenue, a significant milestone for the company.

2019 財年對 Adobe 來說是非凡的一年，我們的收入超過 110 億美元，這對公司來說是一個重要的里程碑。

Our record revenue and EPS performance in 2019 and makes us one of the largest, most diversified and profitable software companies in the world.

我們在 2019 年創紀錄的收入和每股收益表現，使我們成為全球最大、最多元化和盈利能力最強的軟件公司之一。

Total Adobe revenue was $11.17 billion in FY '19, which represents 24% annual growth.

Adobe 19 財年的總收入為 111.7 億美元，年增長率為 24%。

GAAP earnings per share in FY '19 was $6 and non-GAAP earnings per share was $7.87.

19 財年的 GAAP 每股收益為 6 美元，非 GAAP 每股收益為 7.87 美元。

We closed the year with another record quarter, delivering Q4 revenue of $2.99 billion, representing 21% year-over-year growth.

我們以另一個創紀錄的季度結束了這一年，實現了 29.9 億美元的第四季度收入，同比增長 21%。

GAAP earnings per share for the quarter was $1.74 and non-GAAP earnings per share was $2.29.

本季度 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.

我們為所有人釋放創造力、提高文檔生產力和推動數字業務的戰略正在顯著擴大我們的客戶範圍，從學生到商業傳播者，再到創意專業人士，再到世界上最大的跨國公司。

Groundbreaking innovation in Creative Cloud, Document Cloud and Experience Cloud is accelerating our opportunity and momentum.

Creative Cloud、Document Cloud 和 Experience Cloud 的突破性創新正在加速我們的機遇和動力。

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.

Creative Cloud 支持從最苛刻的專業人士到下一代創作者的所有聲音，在所有媒體類型中實現最前沿的創造力，使創作過程更加高效和協作，並通過 Sensei 交付 Adobe Magic。

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.

我們將繼續投資於多個新的增長驅動力，到 2022 年，Creative Cloud 的總潛在市場將擴大到約 310 億美元。

Innovation is at the heart of Creative Cloud's growth.

創新是 Creative Cloud 發展的核心。

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.

今年在 MAX，我們宣布了下一代 Creative Cloud，其目標是加深客戶參與度、繼續吸引新客戶並投資於相關機會以推動未來增長。

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.

MAX 的主要公告包括通過對我們的旗艦創意工具（包括 Photoshop、Lightroom、Premier Pro Illustrator 和 InDesign）的功能增強以及對 Creative Cloud 桌面應用程序的完全重新設計，為現有訂閱者提供額外的價值；借助 iPad 上的 Photoshop、Windows 上的 Fresco 和 iPad 上的 illustrator 預覽，通過多表面系統實現協作；通過 Adobe XD 的新創新（包括實時共同編輯和完全集成的 Creative Cloud Libraries）擴大類別領導地位；推出新產品，例如 Adobe Aero，這是業界首個允許設計師構建和分享 AR 體驗的工具；通過推出 Photoshop Camera 擴展我們的移動產品，這是一款消費者應用程序，可將 Photoshop 技術直接帶入捕捉時刻；並交付 Adobe Magic，使創意人員能夠利用 Adobe Sensei 支持的新功能比以往更快、更智能地工作。

Adobe's heritage is built on providing trusted, creative solutions, and we have a responsibility to play a role in addressing content authenticity.

Adobe 的傳統建立在提供值得信賴的創造性解決方案之上，我們有責任在解決內容真實性方面發揮作用。

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.

在 MAX，我們宣布了一項與紐約時報公司和 Twitter 合作開發數字內容歸屬的行業標準的計劃，我們正在邀請其他公司加入，以創建一個長期共享的解決方案。

With Document Cloud, Adobe is enabling the paper-to-digital transformation that is underway at organizations and enterprises around the world.

借助 Document Cloud，Adobe 正在實現世界各地的組織和企業正在進行的紙質到數字化轉型。

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.

隨著每年創建數万億個 PDF 和數十億人查看 PDF 文檔，我們擴大了在這一領域的雄心壯志，並估計到 2022 年 Document Cloud 的總潛在市場將增長到約 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.

我們的 Document Cloud 策略是通過利用無處不在的 PDF 格式，使所有常見的文檔操作（我們稱之為 Acrobat 動詞，包括編輯、共享、掃描和簽名）在移動設備和 Web 上順暢無阻。

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.

我們通過桌面和移動應用程序、瀏覽器中的單擊 Web 功能以及可嵌入到第三方應用程序中的一組豐富的 API 來實現這一點。

Our Document Cloud ecosystem continues to grow.

我們的 Document Cloud 生態系統不斷發展壯大。

At BoxWorks, we introduced a new Acrobat web experience which includes capabilities to modify, organize, sign and collaborate on PDFs directly within Box.

在 BoxWorks，我們引入了新的 Acrobat Web 體驗，其中包括直接在 Box 中修改、組織、簽署和協作處理 PDF 的功能。

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.

在 Microsoft Ignite，我們宣布了 Adobe Sign 的新進展，以簡化電子簽名流程，我們加深了 Adobe Sign 與 Microsoft Office 365、Dynamics 365 和 Azure 之間的集成。

In Q4, we drove strong revenue growth across both Creative Cloud and Document Cloud.

在第四季度，我們推動了 Creative Cloud 和 Document Cloud 的強勁收入增長。

Digital Media revenue was $2.08 billion.

數字媒體收入為 20.8 億美元。

Net new Digital Media ARR was a record $539 million, and total Digital Media ARR exiting Q4 grew to $8.4 billion.

淨新數字媒體 ARR 達到創紀錄的 5.39 億美元，第四季度的總數字媒體 ARR 增長至 84 億美元。

Global interest and subscription adoption was strong throughout the quarter and accelerated after Adobe MAX.

全球興趣和訂閱採用率在整個季度都很強勁，並且在 Adobe MAX 之後加速。

Demand for mobile offerings and overall web traffic continued to grow.

對移動產品和整體網絡流量的需求持續增長。

We're attracting new customers with over 50% of our cumulative subscribers being new to our Creative Cloud franchise.

我們正在吸引新客戶，超過 50% 的累積訂閱者是 Creative Cloud 特許經營權的新用戶。

With 23 million students having access to Adobe Spark, we're spearheading the development of critical creative skills for the next generation.

有 2300 萬學生可以使用 Adobe 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 的增長受到新客戶獲取、從 Acrobat 永久許可到訂閱的遷移以及不斷增長的 Document Cloud 移動應用程序用戶的貨幣化的推動。

Digital Media enterprise adoption continues to expand with outstanding seasonal Q4 performance.

數字媒體企業採用率繼續擴大，第四季度表現出色。

Finally, we drove record demand for subscriptions during the last week of the quarter, culminating in our biggest ever Black Friday on adobe.com.

最後，我們在本季度的最後一周推動了創紀錄的訂閱需求，最終在 adobe.com 上迎來了有史以來規模最大的黑色星期五。

In the experience economy, every business must be a digital business, and Adobe Experience Cloud is the industry leader for powering digital businesses.

在體驗經濟中，每個企業都必須是數字化企業，而 Adobe Experience Cloud 是為數字化企業賦能的行業領導者。

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.

到 2022 年，對數據和洞察力、內容和個性化、客戶旅程管理、商業和廣告不斷增長的需求正在將 Experience Cloud 的總潛在市場擴大到 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.

我們正在利用我們與首席營銷官和首席數字官的關係來推動整個企業的客戶體驗管理。

With Adobe Experience Platform, we are becoming mission-critical to the chief information officer.

借助 Adobe Experience Platform，我們正成為首席信息官的關鍵任務。

We've extended our offerings and go to market across both B2B and B2C and are expanding our footprint in the mid-market segment.

我們已經擴展了我們的產品並進入了 B2B 和 B2C 市場，並正在擴大我們在中端市場的足跡。

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.

我們正在迅速發展我們的 CXM 產品戰略，以提供世代相傳的技術平台、推出創新的新服務並為我們的市場領先應用程序引入增強功能。

Adobe Experience Platform is the industry's first purpose-built CXM platform.

Adobe Experience Platform 是業界第一個專門構建的 CXM 平台。

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.

憑藉實時客戶檔案、持續智能和開放且可擴展的架構，Adobe Experience Platform 使大規模提供個性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.

在 Adobe，我們已將我們非常成功的數據驅動運營模式 (DDOM) 運用到我們客戶的轉型手冊中。

We're helping enterprises rearchitect their technology, people and processes to drive business growth.

我們正在幫助企業重新架構他們的技術、人員和流程，以推動業務增長。

We have a unique and valuable perspective as a company that has used its own technology to transform its business.

作為一家使用自己的技術進行業務轉型的公司，我們擁有獨特而有價值的視角。

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.

我們在客戶體驗管理方面的領先地位體現在我們在第四季度獲得的行業認可中，包括在 Forrester 的數字智能平台 Wave 報告中被評為最高領導者，在執行能力和願景完整性方面均獲得最高分。

Adobe was named a leader by Gartner and Forrester in the categories of Enterprise Marketing Software Suites, Digital Asset Management and CRM Lead Management.

Adobe 被 Gartner 和 Forrester 評為企業營銷軟件套件、數字資產管理和 CRM 潛在客戶管理類別的領導者。

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.

如果您在過去一周看過電視、聽過廣播或閱讀過新聞，那麼您就無法避免參考 Adobe 的假日購物預測報告，該報告利用 Adobe Sensei 從流經 Adobe Analytics 的數万億數據點中識別零售趨勢和洞察力和 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.

Adobe 的數據顯示，網絡星期一的在線銷售額達到了創紀錄的 94 億美元，我們預計今年在線假日支出將超過 1400 億美元。

Key Digital Experience transactions in the quarter included Goldman Sachs, Marriott, McDonald's and Qualcomm.

本季度的主要數字體驗交易包括高盛、萬豪、麥當勞和高通。

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.

對 Adobe Experience Platform 和我們新的實時客戶數據平台的興趣非常濃厚，我們成功地關閉了關鍵垂直領域的業務，包括金融服務、製造、媒體和娛樂、零售、電信以及旅遊和酒店。

Key wins included 3M, Coca-Cola, Synopsys, Tommy Bahama and Verizon.

主要贏家包括 3M、可口可樂、新思科技、Tommy Bahama 和 Verizon。

As a result of the strong Q4, we exceeded 20% subscription bookings growth during FY '19.

由於第四季度的強勁表現，我們在 19 財年的訂閱量增長超過了 20%。

Our performance in FY '19 was driven by the significant contributions of our global employees.

我們在 19 財年的表現得益於我們全球員工的重大貢獻。

They are Adobe's greatest asset, and we pride ourselves on our progressive and inclusive employee policies.

它們是 Adobe 最大的資產，我們為我們的進步和包容性員工政策感到自豪。

This year, we reaffirmed global pay parity across our workforce.

今年，我們重申了員工隊伍的全球薪酬平等。

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.

9 月，我們成為第一家宣布承諾機會均等的公司，該承諾著眼於內部晉升和橫向流動的公平性。

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.

我們很自豪再次入選《財富》雜誌評選的 100 家最適合工作的公司和福布斯的新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《新聞周刊》評為美國最負責任的公司之一，並連續第四年入選道瓊斯可持續發展指數。

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.

我們很榮幸獲得國家失踪和受剝削兒童中心頒發的希望獎，以表彰我們為推進他們保護每個兒童安全的使命所做的不懈努力。

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 的願景、我們引人注目的戰略、我們龐大而忠誠的客戶群以及我們對這些機會的不懈關注，使我們在未來十年的增長中處於有利地位。

Adobe is the clear frontrunner in the categories we serve: creativity, digital documents and customer experience management.

Adobe 在我們所服務的類別中無疑是領先者：創意、數字文檔和客戶體驗管理。

Our best days remain ahead of us and we look forward to a phenomenal 2020.

我們最好的日子還在前面，我們期待著非凡的 2020 年。

John?

約翰？

Thanks, Shantanu.

謝謝，山塔努。

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

我們今天的收益報告涵蓋了第四季度和 2019 財年的業績。

Starting with our annual results.

從我們的年度業績開始。

In FY '19, Adobe achieved record revenue of $11.17 billion, which represents 24% year-over-year growth.

在 19 財年，Adobe 實現了創紀錄的 111.7 億美元收入，同比增長 24%。

GAAP EPS for the year was $6 and non-GAAP EPS was $7.87.

當年 GAAP 每股收益為 6 美元，非 GAAP 每股收益為 7.87 美元。

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.

這一業績是我們大力執行擴張戰略的結果，取得了顯著成就，包括數字媒體部門收入 77.1 億美元，同比增長 22%；創意收入 64.8 億美元，同比增長 21%； Adobe Document Cloud 收入 12.2 億美元，同比增長 25%；以 84 億美元的數字媒體 ARR 結束這一年，每年增加 16.9 億美元；數字體驗部門收入 32.1 億美元，同比增長 31%；數字體驗訂閱收入為 26.7 億美元，同比增長 37%；數字體驗訂閱預訂量增長超過 20%；年內產生44.2億美元的營運現金流；將剩餘履約義務 (RPO) 增加到約 98.2 億美元；並通過我們的股票回購計劃向股東返還 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.

在 19 財年第四季度，Adobe 實現了創紀錄的 29.9 億美元收入，同比增長 21%。

GAAP diluted earnings per share in Q4 was $1.74 and non-GAAP diluted earnings per share was $2.29.

第四季度 GAAP 攤薄每股收益為 1.74 美元，非 GAAP 攤薄每股收益為 2.29 美元。

Business and financial highlights in Q4 included Digital Media revenue of $2.08 billion, which represents 22% year-over-year growth.

第四季度的業務和財務亮點包括 20.8 億美元的數字媒體收入，同比增長 22%。

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.

淨新數字媒體 ARR 為 5.39 億美元；數字體驗收入 8.59 億美元，同比增長 24%；創紀錄的運營現金流為 13.8 億美元；本季度 RPO 增加超過 10 億美元，並回購了 280 萬股我們的股票。

In our Digital Media segment, we achieved record revenue with 22% year-over-year growth in Q4.

在我們的數字媒體部門，我們在第四季度實現了創紀錄的收入，同比增長 22%。

The addition of $539 million net new Digital Media ARR grew the total to $8.4 billion.

新增 5.39 億美元的新數字媒體 ARR 使總資產增加至 84 億美元。

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

在數字媒體領域，我們的創意業務又取得了一個強勁的季度。

Creative revenue grew 20% year-over-year and we increased Creative ARR by $445 million in Q4.

創意收入同比增長 20%，我們在第四季度將創意 ARR 增加了 4.45 億美元。

Driving this performance was continued strength with acquisition, upsell and retention of Creative Cloud subscriptions as well as the adoption of Creative Cloud services.

通過收購、追加銷售和保留 Creative Cloud 訂閱以及採用 Creative Cloud 服務，推動了這一業績的持續增長。

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.

第四季度的主要創意增長驅動因素包括新用戶增長，這得益於需求生成計劃（包括有針對性的活動和促銷）、移動應用用戶的增加和年終季節性的增長； 11 月底的強勁動力來自最近的 Adobe MAX 會議和後續有針對性的活動，這些活動幫助推動了本季度最後一周的創紀錄業績；單一應用程序採用的持續優勢，尤其是我們的圖像和視頻產品；通過續訂、追加銷售和企業服務採用，企業在這一年取得了強勁的成績；包括 Adobe Stock 在內的創意服務繼續保持增長勢頭，其收入再次同比增長超過 30%；並提高我們所有產品的保留率。

Adobe Document Cloud revenue growth accelerated once again in Q4.

Adobe Document Cloud 收入增長在第四季度再次加速。

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.

我們實現了創紀錄的 Document Cloud 收入 3.39 億美元，同比增長 31%，我們在本季度新增了 9400 萬美元的 Document Cloud ARR 淨額。

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.

第四季度和當年的 Document Cloud 表現受到所有客戶群的 Acrobat 訂閱需求的推動；將免費移動應用用戶轉換為付費訂閱服務，例如 Create PDF Online； Document Cloud 服務採用率，包括 Adobe Sign 收入，第四季度同比增長超過 25%；以及在永久和 OEM 許可方面的年終實力。

In our Digital Experience segment, we achieved record quarterly revenue of $859 million, which represents 24% year-over-year growth in Q4.

在我們的數字體驗部門，我們實現了創紀錄的 8.59 億美元季度收入，第四季度同比增長 24%。

Subscription revenue for the quarter was $726 million, growing 31% year-over-year.

本季度訂閱收入為 7.26 億美元，同比增長 31%。

With strong Q4 bookings, we achieved greater than 20% subscription bookings growth for the year.

憑藉強勁的第四季度預訂量，我們全年實現了超過 20% 的訂閱量增長。

For the year, we achieved $3.21 billion of Digital Experience revenue, which represents 31% year-over-year growth.

全年，我們實現了 32.1 億美元的數字體驗收入，同比增長 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.

第四季度的主要亮點包括我們的內容和商務解決方案在 Adobe Experience Manager 的帶領下實現了強勁的同比增長，以及通過交叉銷售和追加銷售 Magento 取得的成功；在我們的數據和洞察解決方案中採用 Adobe Experience Platform、Audience Manager 和 Real-Time CDP；我們 Marketo 業務的發展勢頭，包括在中端市場領域，這有助於推動我們的客戶旅程管理解決方案的增長。

From a quarter-over-quarter currency perspective, FX decreased revenue by $5.8 million.

從環比貨幣的角度來看，FX 減少了 580 萬美元的收入。

We had $11.6 million in hedge gains in Q4 FY '19 versus $10.8 million in hedge gains in Q3 FY '19.

我們在 19 財年第四季度的對沖收益為 1160 萬美元，而在 19 財年第三季度的對沖收益為 1080 萬美元。

Thus, the net sequential currency decrease to revenue considering hedging gains was $5 million.

因此，考慮到對沖收益，收入的連續貨幣淨減少為 500 萬美元。

From a year-over-year currency perspective, FX decreased revenue by $39.6 million.

從同比貨幣角度來看，外匯收入減少了 3960 萬美元。

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.

考慮到對沖收益為 5850 萬美元，19 財年第四季度的對沖收益為 1160 萬美元，而 18 財年第四季度的對沖收益為 3050 萬美元，導致收入同比淨貨幣減少。

We experienced strong global demand, but FX reduced reported year-over-year revenue growth, particularly in EMEA.

我們經歷了強勁的全球需求，但外匯降低了報告的收入同比增長，特別是在歐洲、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.

在第四季度，Adobe 在 GAAP 和非 GAAP 基礎上的有效稅率均為 11%。

Our trade DSO was 47 days, which compares to 49 days in the year ago quarter and 44 days last quarter.

我們的交易 DSO 為 47 天，而去年同期為 49 天，上一季度為 44 天。

Remaining performance obligation, or RPO, was $9.82 billion exiting Q4, which compares to $8.77 billion exiting Q3.

剩餘履約義務或 RPO 在第四季度為 98.2 億美元，而第三季度為 87.7 億美元。

Normal seasonality and strong year-end performance contributed to the more than $1 billion increase in RPO during Q4.

正常的季節性和強勁的年終業績促成了第四季度超過 10 億美元的 RPO 增長。

Deferred revenue exiting Q4 was $3.5 billion.

第四季度的遞延收入為 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.

我們在第四季度結束時的現金和短期投資頭寸為 41.8 億美元，本季度運營現金流為 13.8 億美元。

In Q4, we repurchased approximately 2.8 million shares at a cost of $771 million.

在第四季度，我們以 7.71 億美元的成本回購了大約 280 萬股股票。

During fiscal 2019, we repurchased approximately 9.9 million shares, returning $2.7 billion of cash to stockholders.

在 2019 財年，我們回購了大約 990 萬股股票，向股東返還了 27 億美元現金。

We currently have $5.1 billion remaining of our $8 billion repurchase authority granted in May 2018 which goes through 2021.

目前，我們在 2018 年 5 月授予的 80 億美元回購授權中剩餘 51 億美元，該授權將持續到 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.

如您所知，我們在一個財政年度以固定貨幣為基礎衡量 ARR，並在年末根據當前貨幣匯率重估 ARR。

FX rate changes between December of 2018 and this year have resulted in a $66 million decrease in Digital Media ARR.

2018 年 12 月和今年之間的匯率變化導致數字媒體 ARR 減少了 6600 萬美元。

This decreases our FY '20 beginning Digital Media ARR balance to $8.33 billion.

這將我們 20 財年開始的數字媒體 ARR 餘額減少到 83.3 億美元。

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.

這一修訂的影響反映在我們更新的投資者數據表中，ARR 結果將在 20 財年期間根據這一數額進行衡量。

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，數字媒體部門收入同比增長約 19%，新數字媒體 ARR 淨額約為 15.5 億美元，數字體驗部門同比增長年收入增長約 16%，數字體驗訂閱收入同比增長約 18%，數字體驗訂閱預訂量同比增長超過 20%，按公認會計原則計算的稅率約為 11%，以及非 GAAP 基礎，股票數量約為 4.86 億股，GAAP 每股收益約為 7.40 美元，非 GAAP 每股收益約為 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.

對於 20 財年第一季度，我們的目標收入約為 30.4 億美元，數字媒體部門的收入同比增長約 19%，新的數字媒體 ARR 淨額約為 3.6 億美元，數字體驗部門的收入同比增長約 15%，淨非營業費用約 2000 萬美元，按公認會計原則計算的稅率約為 5%，按非公認會計原則計算的稅率約為 11%，股票數量約為 4.89 億股，按公認會計原則計算的每股收益約為 1.76 美元，非GAAP每股收益約為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.

我們預計數字媒體在 20 財年的淨新 ARR 將從第一季度到第二季度連續增長，在第三季度下降，並在第四季度實現強勁的季節性結束。

As a reminder, Q1 FY '19 benefited from a positive onetime $20 million ARR adjustment due to the adoption of ASC 606.

提醒一下，由於採用 ASC 606，19 財年第一季度受益於一次性 2000 萬美元的 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 Adobe 總收入將在 20 財年上半年同比增長約 17%，然後在下半年同比增長約 18%。

In summary, we finished fiscal 2019 strong with record performance in Q4.

總而言之，我們在 2019 財年以創紀錄的第四季度業績強勁結束。

Based on our category leadership and strong momentum exiting 2019, we remain bullish about fiscal 2020 and beyond.

基於我們的類別領導地位和 2019 年的強勁勢頭，我們仍然看好 2020 財年及以後的情況。

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

我現在將電話轉回給邁克。

Thanks, John.

謝謝，約翰。

Adobe 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.

Adobe 峰會是我們的年度數字體驗用戶大會，將於 3 月 30 日這一周在拉斯維加斯舉行，第一天將於 3 月 31 日星期二舉行。

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.

金融界峰會邀請函（包括折扣註冊信息）將於 1 月份發送至我們的分析師和投資者電子郵件列表。

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

有關該活動的更多信息，請訪問 Summit.adobe.com。

If you wish to listen to a playback of today's conference call.

如果您想收聽今天電話會議的回放。

A webcast archive of the call will be available on our IR site later today.

今天晚些時候將在我們的 IR 網站上提供電話會議的網絡廣播存檔。

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

或者，您可以撥打 (888) 203-1112 收聽電話重播。

Use conference ID number 8536435.

使用會議 ID 號 8536435。

International callers should dial (719) 457-0820.

國際呼叫者應撥打 (719) 457-0820。

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

電話播放服務將於下午 5 點開始提供。

Pacific Time today and ending at 5 p.m.

今天太平洋時間，下午 5 點結束。

Pacific Time on December 19, 2019.

太平洋時間 2019 年 12 月 19 日。

(Operator Instructions) Operator?

（操作員說明）操作員？

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

（操作員說明）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，我想知道您是否可以更深入地了解數字媒體 ARR 的持續實力，包括好於預期的第一季度指南，是什麼推動了您這一方的持續優異表現。

Happy to, Brent.

很高興，布倫特。

I mean I think at the financial analyst meeting, we tried to outline all of the growth drivers that we have in that business.

我的意思是，我認為在金融分析師會議上，我們試圖概述我們在該業務中擁有的所有增長動力。

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.

正如你所記得的，即使在足協會議上，由於我們在本季度看到的實力，我們實際上更新了目標。

And clearly that strength continued.

顯然，這種力量還在繼續。

So a couple of things that come to mind.

所以我想到了幾件事。

New customer acquisition just continues to be strong across all geographies.

新客戶獲取在所有地區繼續保持強勁勢頭。

I think the new product introductions that we were doing.

我認為我們正在做的新產品介紹。

Strength in Acrobat across both our offerings was clearly a strength.

Acrobat 在我們的兩個產品中的優勢顯然是一種優勢。

We saw very strong seasonal enterprise at the end of the quarter.

我們在季度末看到了非常強勁的季節性企業。

The Stock business just continues to do well.

股票業務繼續表現良好。

When you have a $539 million quarter, it's hard to point to one thing, Brent.

當你有一個 5.39 億美元的季度時，很難指出一件事，布倫特。

And I think that, again, we've talked a lot about DDOM.

而且我認為，我們再次談論了很多關於 DDOM 的內容。

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.

我還將重點介紹我們開展的真正有針對性的個性化活動的活動，利用顯然是一個巨大的在線季節也是持續成功的另一個原因。

And next will be Keith Weiss with Morgan Stanley.

接下來是摩根士丹利的 Keith Weiss。

Excellent.

優秀的。

And really nice quarter.

和非常好的季度。

I wanted to ask John a question about operating margins.

我想問約翰一個關於營業利潤率的問題。

You guys continue to see a really nice bounce back from the M&A impacts that you saw during FY '19 into Q4.

你們繼續看到從 19 財年到第四季度的併購影響反彈非常好。

When we think about FY '20, should we continue to see that continued operating margin leverage?

當我們考慮 20 財年時，我們是否應該繼續看到持續的營業利潤率槓桿？

Is there more sort of accounting impact that's coming out that will push margins higher, number one?

是否有更多的會計影響將推高利潤率，第一？

And number two, for Q1, the EPS guide seems to imply operating margins down from Q4 into Q1.

第二，對於第一季度，每股收益指南似乎暗示營業利潤率從第四季度下降到第一季度。

And absent acquisition, we tend not to see that historically.

如果沒有收購，我們往往不會在歷史上看到這一點。

So what would lead sort of Q1 operating margins to be lower versus the Q4 levels?

那麼，什麼會導致第一季度的營業利潤率低於第四季度的水平呢？

Yes.

是的。

Sure.

當然。

Thanks, Keith.

謝謝，基思。

When we think about FY '20, our full year guide shows that FY '20 margins do expand year-over-year.

當我們考慮 20 財年時，我們的全年指南顯示，20 財年的利潤率確實同比增長。

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.

因此，當我們考慮上半年和下半年的情況時，我們預計每個季度的利潤率將繼續超過 40%，但下半年的利潤率會更大，就像我們去年所做的那樣。

There's some seasonal expenses that obviously hit Q1, different from others in last year.

有一些季節性費用顯然會在第一季度出現，與去年的其他費用不同。

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.

當然，我們有更多與收購相關的費用，這使得這種情況發生了戲劇性的下降，從而佔據了 19 財年第一季度的營業利潤率。

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

我們的下一個問題將來自於 Evercore ISI 的 Kirk Materne。

It's Diana Chang on for Kirk Materne.

這是柯克·馬特恩的戴安娜·張。

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?

首先，Shantanu，也許現在您已經運行 Experience Cloud 將近一年了，在看到這項業務可能在明年 2020 年表現出色方面，有哪些更大的因素？

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?

其次，就像在考慮 Experience Cloud 業務時一樣，您能否討論一下當您考慮不同的地理位置時需求如何變化？

And is it fair to say that the shift from like point product to a platform is further ahead in the U.S.?

公平地說，從同類產品到平台的轉變在美國更領先嗎？

Well, multiple questions there, so let me try and parse all of that.

好吧，那裡有多個問題，所以讓我嘗試解析所有這些問題。

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.

首先，我想說，在產品創新、交付 Experience Cloud、查看 Experience Manager 並將其遷移到雲、我們提供的創新服務、智能服務方面，對於 Experience Cloud 來說，這是非常好的一年使用我們的人工智能和機器學習。

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.

當我退後一步回顧這一年發生的事情時，我對正在發生的大量創新感到非常滿意。

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.

我感覺非常好的第二件事是 Magento、Marketo 之間的一致性，就叫它，核心 DX 業務在進入市場方面更加統一和一致，這不僅有助於我們的結果，而且也有助於與該業務相關的運營費用。

And so we just continue to have a really differentiated offering.

所以我們只是繼續提供真正差異化的產品。

The need for people to engage digitally with customers is not just a U.S. phenomenon.

人們以數字方式與客戶互動的需求不僅僅是美國的現象。

It's a global phenomenon.

這是一個全球現象。

And so that feels really good.

所以感覺真的很好。

And so I mean, overall, we had a very strong Q4 as we mentioned the Adobe Experience Platform adoption among various verticals.

所以我的意思是，總的來說，我們在第四季度的表現非常強勁，因為我們提到了 Adobe Experience Platform 在各個垂直領域的採用。

It's such a unique and differentiated product that exists in the marketplace.

它是市場上存在的如此獨特和差異化的產品。

We're the only company at scale that has the ability to create this unified profile.

我們是唯一一家有能力創建這種統一配置文件的大規模公司。

So overall, I feel really good on that business.

所以總的來說，我對這項業務感覺非常好。

We also have tremendous opportunities in 2020 to just continue to scale that business to be delivering it not just across geographies.

我們在 2020 年也有巨大的機會繼續擴展該業務，不僅可以跨地域交付該業務。

In the mid-market segment, we talked about how creating an aligned mid-market-focused segment.

在中端市場領域，我們討論瞭如何創建一個以中端市場為中心的一致細分市場。

We saw a rebound as it related to Marketo.

我們看到了與 Marketo 相關的反彈。

Magento continues to do well.

Magento 繼續表現良好。

And I know, typically, people ask me, what's the update on the hiring front?

我知道，通常人們會問我，招聘方面的最新情況是什麼？

There's good news that we would hopefully be able to share with you in the first week of January but it feels good.

有一個好消息，我們希望能夠在 1 月的第一周與您分享，但感覺很好。

We made a lot of progress in that business.

我們在那項業務上取得了很大進展。

Opportunity is great and we will continue to drive innovation.

機會是巨大的，我們將繼續推動創新。

And moving on to Jennifer Lowe with UBS.

並與瑞銀一起轉到詹妮弗洛。

Great.

偉大的。

I think this is a question for John.

我認為這是約翰的問題。

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.

我只是想深入了解您發表的評論，即今年上半年的收入增長為 17%，而下半年為 18%。

That's a pretty bold statement to make with 6 months before you're actually in that 18% growth.

在你真正實現 18% 的增長之前 6 個月，這是一個非常大膽的聲明。

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?

因此，這純粹是您在數字體驗預訂中看到的優勢開始轉化為收入的預期函數，並且您看到這部分業務有所回升，或者是否還有其他因素在起作用，我們應該考慮就像我們想像的那樣一年的形狀？

Yes.

是的。

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.

我的意思是，我認為我們想要嘗試做的事情是因為我們在 MAX 和 FA 日時沒有提供任何 Q1 指導，所以我們想要做的是提供您如何考慮如何建模完整的顏色年。

And obviously, with the full year guide, you obviously know what the total year growth is.

顯然，有了全年指南，您顯然知道全年的總增長是多少。

But we do expect, obviously, the bookings that we've achieved in FY '19 to convert into revenue in '20.

但顯然，我們確實希望我們在 19 財年實現的預訂量將在 20 年轉化為收入。

And obviously, the first half bookings begin to convert into revenue in the second half.

很明顯，上半年的預訂量在下半年開始轉化為收入。

So the momentum that we're seeing coming out of Q4 is really what we're trying to reflect on when that converts.

因此，我們從第四季度看到的勢頭確實是我們在轉變時試圖反思的。

Maybe just to add a few more color, Jennifer.

也許只是為了增加一些顏色，詹妮弗。

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.

我的意思是，我認為在 FA 會議上，我們真的試圖提供年度指導，而我們試圖做的只是給你一點色彩。

And to add to what John said.

並補充約翰所說的。

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.

當您考慮從 Q4 到 Q1 的過渡時，數字體驗業務在 Q4 中通常發生的事情是您會獲得大量非常好的專業服務計費。

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.

當人們準備我們的產品為假期做準備時，您會看到與此相關的 Advertising Cloud 有點急於求成。

There was a little bit of strength also.

也有一點力氣。

Acrobat had strength across the board, but there was some additional strength as it related to perpetual and OEM licensing.

Acrobat 具有全面的優勢，但還有一些額外的優勢，因為它與永久許可和 OEM 許可有關。

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.

所以我認為我們只是想為您提供一點顏色，因為它與您在模型中如何看待收入以及 EPS 以及其餘部分的數字媒體 ARR 相關年。

So that was our goal.

這就是我們的目標。

And our next question comes from Sterling Auty with JPMorgan.

我們的下一個問題來自摩根大通的 Sterling Auty。

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.

Shantanu，你能否提醒我們一些移動設備應用程序的盈利模式是什麼，特別是現在 iPad 上的 Photoshop 已經出現了一段時間，並且你在 MAX 上通過 Illustrator for iPad 進行了交談。

How do you monetize that?

你如何通過它獲利？

And how much of a needle mover can something like Illustrator be to either fiscal '20 or fiscal '21?

像 Illustrator 這樣的東西對於 20 財年或 21 財年來說能起到多大的作用？

Yes.

是的。

Sterling, there are multiple ways in which we monetize our mobile.

Sterling，我們可以通過多種方式通過移動設備獲利。

The first is this multisystem approach that we've taken, maybe using a product like Lightroom, for example.

第一個是我們採用的這種多系統方法，例如可能使用 Lightroom 之類的產品。

I mean, it's clear when people have images, they want to manage their images across multiple devices.

我的意思是，很明顯，當人們擁有圖像時，他們想要跨多個設備管理他們的圖像。

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.

因此，我們對該定價採取了一種系統方法，但它會極大地改變您所看到的與之相關的參與度和保留率。

So first in terms of value provided, that's quite significant.

因此，首先就提供的價值而言，這是非常重要的。

The second thing is, we actually have mobile-only offerings as well.

第二件事是，我們實際上也有僅限移動設備的產品。

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.

因此，您可以提供僅限移動設備的產品，無論是 Photoshop Express，還是我們在 iPad 上使用 Photoshop 所做的事情。

And so we have one price across multiple devices and we have one price for mobile-only offering.

因此，我們在多種設備上都有一個價格，而我們對僅限移動設備的產品有一個價格。

And the mobile-only offering, I think in the past, we've alluded to the number of IDs that are being created.

而僅移動產品，我認為在過去，我們已經提到了正在創建的 ID 的數量。

And that's also becoming a really nice revenue stream for us and growing.

這也成為我們的一個非常好的收入來源並不斷增長。

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.

我要說的第三件事是，我們在 Acrobat 方面做得非常出色的地方是您擁有 Reader 並且人們有一次性使用，他們正在嘗試處理有關 PDF 的事情。

That's also become a fairly significant monetization model.

這也成為了一個相當重要的貨幣化模式。

So there are multiple monetization models that's attracting new customers, different price points, different segments.

因此，有多種貨幣化模式可以吸引新客戶、不同的價格點、不同的細分市場。

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.

而且我認為它只是使我們作為一站式商店的定位對所有這些客戶非常有效且非常相關。

So now long term, we continue to be excited and bullish about the growth there.

因此，從長遠來看，我們繼續對那裡的增長感到興奮和看好。

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

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

Shantanu, it's been just over a year when you introduced the phrase, retention is the new growth.

Shantanu，您介紹這句話時才一年多，留存是新的增長點。

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.

而且我想知道您將如何在 19 財年的各種增長來源中對其進行排名，特別是考慮到您在內部對人員進行的多項投資以提高保留率。

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.

與此相關，從最新的 MAX 中汲取主題，是否有可能想到一個我們可以稱之為無摩擦的額外增長驅動力是新的增長。

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.

換句話說，將內容即服務、PDF 服務、DX 集成以及您在 MAX 上談論的無摩擦主題作為多年來的額外驅動力。

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.

是的，傑伊，我認為這兩個目標對於公司來說仍然是非常重要的戰略目標，因為它與保留率有關，因為業務賬簿變得越來越大，無論是在確保他們也為產品獲得價值方面從追加銷售的角度來看，並且能夠追加銷售。

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.

你會驚訝於保留團隊在真正了解什麼是正確的報價、什麼是繼續確保他們從中獲得價值的正確方法方面的生產力。

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.

即使它與支付方式有關，而且只是確保這是一種吸引和留住平台新客戶的方式，正在完成的令人難以置信的工作。

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.

因此，保留是一個非常重要的重點領域，我仍然相信這是企業內部的一個增長領域，通過指定用戶部署，我們正在做的事情是讓人們真正輕鬆地採用我們的技術。

So that, again, is a way in which we are increasing both the ARPU as well as the number of users in the enterprise.

因此，這也是我們增加 ARPU 和企業用戶數量的一種方式。

And so really good focus with some significant results.

所以非常好的焦點和一些顯著的結果。

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.

關於無摩擦，我認為您清楚地看到客戶在進行搜索時，例如，如果他們想要搜索 Create PDF，他們希望立即實現並獲得即時滿足。

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.

因此，無摩擦背後的原因和論點是，當人們在做某事時，我們如何才能在 1 或 2 次點擊內讓他們做到這一點，並在那時確保這對我們來說是一個貨幣化機會。

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.

所以我認為這將繼續出現在文檔空間和創意空間中，就像我們對 Spark 所做的那樣，您可以在其中進行 Google 搜索並想要創建傳單。

And we want to be able to fulfill that very easily.

我們希望能夠非常輕鬆地實現這一目標。

So I think it's an important, I think, expansion opportunity for us on frictionless.

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。

So we're doing well in both cases, and it will continue to be an area of focus.

所以我們在這兩種情況下都做得很好，它將繼續成為一個重點領域。

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.

我知道你沒有問它，但你知道即使在 API 方面，確保我們所有的東西都可以作為 API 使用是另一種通過合作夥伴生態系統擴展這一範圍的方式。

(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.

節日快樂，Adobe 團隊。

Thanks for the wonderful gift.

謝謝你的精美禮物。

Shantanu, I had a question.

Shantanu，我有一個問題。

We started this fiscal year with expectations for 25% bookings in Digital Experience, and we had a bit of a reset in Q4.

我們在本財年開始時預計數字體驗的預訂率為 25%，但我們在第四季度進行了一些調整。

Are we at the bottom of the curve and its execution starting to improve?

我們是否處於曲線的底部並且其執行開始改善？

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?

還是執行回到了您之前設定的目標，並且您只是在 20 財年的收入增長結果方面表現得有點保守？

And then once we get through a couple more quarters, you'd be in a position to reexamine the target for Digital Experience.

然後，一旦我們經過幾個季度，您就可以重新審視數字體驗的目標。

Congratulations again.

再次祝賀。

Thanks, Kash, and happy holidays to you as well.

謝謝，Kash，也祝你節日快樂。

I mean, I would say, we were really pleased with the momentum that we saw for the business in Q4.

我的意思是，我想說，我們對第四季度的業務發展勢頭感到非常滿意。

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.

正如我之前所說，我也對產品團隊能夠在所有新交付中進行的大量創新感到非常滿意。

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.

正如我們已經確定的 2022 年超過 800 億美元的潛在機會，這個機會仍然是我們關注的領域。

And so we will continue to execute.

所以我們將繼續執行。

I'm not giving you different targets from the one that John just gave, but we're not opportunity constraint in that particular business.

我不會給你與約翰剛剛給出的不同的目標，但我們不是那個特定業務的機會限制。

Moving to Brad Zelnick with Crédit Suisse.

與瑞士信貸一起搬到 Brad Zelnick。

This is Yaoxian Chew on for Brad Zelnick.

這是布拉德澤爾尼克的姚先咀嚼。

Congrats on another solid quarter.

恭喜又一個穩定的季度。

I want to take a question in slightly different route.

我想以稍微不同的方式提出一個問題。

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.

隨著您使用 Photoshop iPad 和 Photoshop Camera 等更多以移動為中心的產品，您會遇到更多的移動原生或下一代競爭，無論是 Instagram 還是像 VSCO 這樣的一些新應用程序，這從根本上是一個非常不同的景觀。

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?

您能否談談移動領域的增長理念，您如何處理用戶獲取、留存以及我們如何看待 Adobe 在不同屏幕上的差異化用例的差異化？

It's no different in many ways from what we have done on the desktop.

它在很多方面與我們在桌面上所做的沒有什麼不同。

I mean, we have the world's best product teams and technologies in that space.

我的意思是，我們在該領域擁有世界上最好的產品團隊和技術。

And we actually have.

我們實際上有。

I mean, when you see what we've done with Acrobat on PDF on the mobile.

我的意思是，當您看到我們在移動設備上使用 PDF 上的 Acrobat 所做的事情時。

What we have done with Photoshop Express, tens of millions of users, the fact that we have hundreds of millions of mobile IDs.

我們對 Photoshop Express 所做的事情，數千萬用戶，我們擁有數億移動 ID 的事實。

I think you think about the brand that Adobe has, you think about the depth of technology that we have in those spaces.

我認為您會考慮 Adobe 擁有的品牌，您會考慮我們在這些領域擁有的技術深度。

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.

我鼓勵您嘗試像 Fresco 這樣的產品，無論是用於油漆，還是用於水彩，我的意思是，就我們提供的精確度和細節而言，市場上沒有這樣的產品空間。

And so we just have to continue to focus on innovating.

所以我們只需要繼續專注於創新。

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.

但是考慮到我們的品牌，考慮到我們在 adobe.com 上看到的巨大流量漏斗，並且我們不斷指出我們必須能夠轉換它的數據驅動的運營模式，我對我們正在做的事情感覺非常好在移動領域也是如此。

And our next question comes from Walter Pritchard with Citi.

我們的下一個問題來自花旗的 Walter Pritchard。

Shantanu, I'm just wondering, if you look at the Acrobat business and also the cloud piece.

Shantanu，我只是想知道，如果你看看 Acrobat 業務和雲塊。

And you sort of compare with the transition from perpetual installed base to subscription installed base.

您可以將其與從永久安裝基礎到訂閱安裝基礎的過渡進行比較。

Where are we?

我們在哪？

Are we in the third inning, fifth inning, seventh inning?

我們是在第三局，第五局，第七局嗎？

Any characterization you can give us around where that is.

你可以給我們的任何描述。

That seems like it's been a pretty strong driver.

這似乎是一個非常強大的驅動程序。

Walter, the PDF business continues to do really well.

沃爾特，PDF 業務繼續做得很好。

We're attracting new customers to the platform.

我們正在為該平台吸引新客戶。

Sign as a business is doing really well.

作為一家企業，Sign 做得非常好。

The new services, the mobile funnel continues to do well.

新服務、移動漏斗繼續表現良好。

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.

如您所知，我們對這項業務進行了優化，以便我們繼續提供永久產品和 OEM 許可產品，這些產品繼續表現良好。

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.

我的意思是，現實情況是，自動化低效的紙質流程和整個協作，以及共享和編輯文檔是一個巨大的機會。

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.

PDF 已經成為互聯網和 PDF 品牌的通用語言，我的意思是，回到之前的問題。

The team has done an incredible job of innovating in that particular space, it's really early.

該團隊在該特定領域進行了一項令人難以置信的創新工作，現在還為時過早。

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.

作為一名板球迷，我們在板球比賽中沒有 3 局，但現在還為時過早，因為這與我們在那個領域的位置有關。

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

我們的下一個問題將來自 Tom Roderick 和 Stifel。

I know there's been a couple of questions on Experience Cloud already.

我知道在 Experience Cloud 上已經有幾個問題了。

But Shantanu, I wanted to just ask you specifically as you spend some time going back through the Marketo pipeline.

但是 Shantanu，我想在您花一些時間回顧 Marketo 管道時專門問您。

And last quarter, there was a discussion about mid-market and perhaps having focus more exclusively on the high end of the market.

上個季度，有關於中端市場的討論，可能更專注於高端市場。

Can you just kind of go back and talk a little bit more about how you're seeing that mid-market opportunity for Marketo.

你能回過頭來多談談你是如何看待 Marketo 的中端市場機會的嗎？

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.

您希望如何部署資源以及如何考慮中型市場和企業之間的混合業務，聽起來您有一個很好的第四季度反彈很好。

So would love to hear what you did and what you want to do going forward in go to market.

所以很想听聽你做了什麼，以及你想在進入市場的過程中做什麼。

Tom.

湯姆。

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.

而且我認為我們之所以相信跨內容管理、跨商業、跨我們與 Marketo 業務所做的事情並一路領先為公司創造收入的中端市場機會的原因是，擁有一個易於- 使用自助產品不僅服務好中端市場客戶，也服務好企業客戶。

And I think Don and Chico have always said, every business starts at a $0 business.

而且我認為 Don 和 Chico 一直在說，每家企業的起步都是 0 美元。

And so you want to make sure that you get a huge base of customers who are growing early.

因此，您要確保獲得大量早期增長的客戶群。

And so that's the reason for the importance of the business.

這就是業務重要性的原因。

I think over the last few quarters, the demand generation team has done such a good job.

我認為在過去的幾個季度中，需求生成團隊做得非常好。

A lot of the mid-market demand generation is actually created through marketing activities and then it has a very front touch perspective.

很多中端市場需求的產生實際上是通過營銷活動創造的，然後它具有非常前沿的視角。

And so having that, it's actually a more efficient process for us to do.

因此，對於我們來說，這實際上是一個更有效的過程。

And by investing a little bit more in demand generation in the last few quarters, we've seen that bounce back well.

通過在過去幾個季度對需求產生更多的投資，我們已經看到了良好的反彈。

The product has always been good, the best product in the market.

產品一直很好，是市場上最好的產品。

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.

而且我認為只要檢查該業務並確保我們進行適當的投資並擁有正確的領導力，所有這些都確實有助於該特定空間。

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.

考慮到我們與體驗經理的合作以及我們與 Magento 合作的端到端解決方案，提供的產品也很豐富，這也確實有助於該基礎。

So we're excited about it.

所以我們對此感到興奮。

Our next question comes from Pat Walravens with JMP Securities.

我們的下一個問題來自 JMP 證券公司的 Pat Walravens。

This is Mark for Pat.

這是帕特的標記。

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?

您能否談談客戶數據平台，也許有一些客戶反饋以及您明年的重點是什麼？

I'm not sure I heard the question.

我不確定我是否聽到了這個問題。

Could you just repeat the question, please?

請你再重複一遍這個問題好嗎？

Yes.

是的。

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

我只是想知道您能否談談客戶數據平台、CDP 以及那裡的一些客戶反饋。

Yes.

是的。

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.

我的意思是，作為我們準備好的評論的一部分，我們談到了這樣一個事實，即 Adobe Experience 平台確實是唯一允許人們擁有這種統一配置文件的可擴展平台。

As people are thinking about what they have to do, they have to deal with both known users and unknown users.

當人們在思考他們必須做什麼時，他們必須同時與已知用戶和未知用戶打交道。

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.

我認為我們與觀眾管理器的結合以及我們如何區分我們的解決方案的實時 CDP 方面使其獨一無二。

And so every business has to think about its core segmentation.

因此，每個企業都必須考慮其核心細分。

Every business has to think about what's the way in which they are creating this unified profile.

每個企業都必須考慮他們創建這個統一配置文件的方式。

And so we're excited about our offering in that space.

因此，我們對我們在該領域的產品感到興奮。

That's a clear leader.

這是一個明確的領導者。

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

我們的下一個問題將來自詹姆斯盧瑟福和斯蒂芬斯。

Congrats on the quarter.

祝賀本季度。

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.

就像之前對 Tom 的問題的跟進一樣，聽起來您在 Marketo 和 Magento 的中端市場重組方面取得了不錯的成功，這很高興看到。

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.

我只是好奇您將 AEM、Campaign、Audience Manager 等其他一些核心 Adobe DX 解決方案也帶入中端市場的野心是什麼。

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.

以及在改變產品或包裝方面可能需要什麼才能真正在特定規模的市場中產生巨額債務。

I'll touch on one, maybe in a little bit of detail, which is the Adobe Experience Manager.

我將談一談 Adobe Experience Manager，也許會更詳細一點。

We have, over the last year, really innovated.

在過去的一年裡，我們確實進行了創新。

We have an offering that's a completely cloud-based offering that enables you to do it.

我們的產品是完全基於雲的產品，讓您能夠做到這一點。

You can do headless content management.

您可以進行無頭內容管理。

It's so far ahead of the competition.

它遠遠領先於競爭對手。

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.

因此，我認為這希望能讓您了解這樣一個事實，即我們確實相信這是一個機會，因為我們遷移到雲並提供所有基於 SaaS 的服務，我認為這是自助式的。

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.

特別是在內容管理領域，當人們創建這些微型站點時，他們希望快速啟動並運行它，但他們希望使用與大型站點相同的發布範式。

That's another reason.

這是另一個原因。

But the new AEM product that we have that's cloud-based.

但是我們擁有的新 AEM 產品是基於雲的。

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.

我認為，能夠快速啟動並運行的客戶數量顯示了創新，以 Adobe 本身為例，當我們移動基於雲的 AEM 實施時，它確實增加了巨大的價值。

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.

正如我之前所說，這不僅僅是關於中端市場，同樣的技術實際上可以很好地轉化為企業儘早從我們的產品中看到價值。

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

這個問題將來自古根海姆證券公司的 Ken Wong。

This question is for you, John.

這個問題是給你的，約翰。

I know you guys don't discuss RPO much but the uptick in Q4 was really strong.

我知道你們很少討論 RPO，但第四季度的增長非常強勁。

Maybe if you can give us a little insight into what drove that.

也許如果你能給我們一點了解是什麼推動了這一點。

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.

然後，如果您可以對明年 RPO 的季節性情況有所了解，那就太好了。

Yes, sure.

是的，當然。

No, the performance of RPO.

不，RPO 的性能。

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.

隨著我們向前發展，您將開始獲得 20 財年的同比比較，它伴隨著收入增長。

And essentially, when we look at before, deferred and unbilled that also as an indicator of the health of the business going forward.

從本質上講，當我們在之前查看時，延遲和未計費也可以作為未來業務健康狀況的指標。

Now we would suggest you look at the RPO as an indicator of what to expect in terms of it growing along with revenue.

現在，我們建議您將 RPO 視為隨著收入增長的預期指標。

That has normal seasonality that we typically have seen across each of the quarters as well, so there's nothing unique about that.

這具有我們通常在每個季度都看到的正常季節性，因此沒有什麼獨特之處。

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.

鑑於這是最後一個問題，讓我們興奮的是在 MAX 的分析師日，我們分享了我們面前的 3 個重大機遇的戰略：釋放創造力、提高文檔生產力和推動數字業務以及它如何代表2022 年的 TAM 約為 1280 億美元。

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.

很高興成為這些類別的領導者，並繼續推動產品創新以及 GTM 調整和執行，以便我們可以繼續我們作為一家公司所擁有的這一增長議程。

But at the same time, we also continue to be focused on increasing cash flow as well as delivering great value to our shareholders.

但與此同時，我們也繼續專注於增加現金流以及為股東創造巨大價值。

Clearly, pleased with our fiscal performance in Q4.

顯然，對我們第四季度的財務表現感到滿意。

FY '20 should be another record year with strong profitability and cash flow.

20 財年應該是另一個創紀錄的年份，盈利能力和現金流強勁。

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.

我對我們在產品 GTM 的所有 3 個雲以及組織一致性方面取得的進展感到非常興奮，我們期待在明年與您分享這一進展。

I wanted to wish you all happy holidays.

我想祝大家節日快樂。

Thank you for joining us today.

感謝您今天加入我們。

And this concludes our call.

我們的電話到此結束。

Thanks, everyone.

謝謝大家。

Thank you.

謝謝你。

That does conclude today's conference.

今天的會議到此結束。

We do thank you for your participation.

我們非常感謝您的參與。

Have a wonderful day.

有一個美好的一天。