Adobe Inc (ADBE) 2023 Q1 法說會逐字稿

Good day, and welcome to the Q1 FY 2023 Adobe Earnings Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Jonathan Vaas, VP of Investor Relations. Please go ahead.

各位來賓，歡迎參加Adobe 2023財年第一季財報電話會議。本次會議正在錄音。現在，我將會議交給投資人關係副總裁喬納森‧瓦斯先生。請開始發言。

Good afternoon, and thank you for joining us. With me on the call today are Shantanu Narayen, Adobe's Chairman and CEO; David Wadhwani, President of Digital Media; Anil Chakravarthy, President of Digital Experience; and Dan Durn, Executive Vice President and CFO.

下午好，感謝各位參加本次電話會議。今天與我一同參加會議的有：Adobe 董事長兼執行長 Shantanu Narayen；數位媒體總裁 David Wadhwani；數位體驗總裁 Anil Chakravarthy；以及執行副總裁兼財務長 Dan Durn。

On this call, which is being recorded, we will discuss Adobe's first quarter fiscal year 2023 financial results. You can find our press release as well as PDFs of our prepared remarks and financial results on Adobe's Investor Relations website.

本次電話會議將全程錄音，我們將討論Adobe 2023財年第一季的財務表現。您可以在Adobe投資者關係網站上找到我們的新聞稿以及我們準備好的發言稿和財務業績報告的PDF文件。

The information discussed on this call, including our financial targets and product plans, is as of today, March 15, and contains forward-looking statements that involve risks, uncertainty and assumptions. Actual results may differ materially from those set forth in these statements. For a discussion of these risks, you should review the factors discussed in today's press release and in Adobe's SEC filings.

本次電話會議討論的信息，包括我們的財務目標和產品計劃，均截至今日（3月15日），其中包含涉及風險、不確定性和假設的前瞻性陳述。實際結果可能與這些陳述中所述的結果有重大差異。有關這些風險的詳細討論，請參閱今日新聞稿和Adobe提交給美國證券交易委員會（SEC）的文件。

On this call, we will discuss GAAP and non-GAAP financial measures. Our reported results include GAAP growth rates as well as constant currency rates. During this presentation, Adobe's executives will refer to constant currency growth rates, unless otherwise stated. Reconciliations are available in our earnings release and on Adobe's Investor Relations website.

本次電話會議我們將討論GAAP和非GAAP財務指標。我們公佈的業績包括GAAP成長率和固定匯率成長率。除非另有說明，Adobe高階主管在本次示範中將使用固定匯率成長率。相關調節表可在我們的獲利報告中以及Adobe投資者關係網站上查閱。

Adobe Summit is just around the corner in Las Vegas at the Venetian Convention and Expo Center beginning on Tuesday, March 21. Following the Day 1 keynote, we will host a Q&A session with financial analysts and investors in attendance at 11:30 a.m. Pacific Time. Audio of the event will be broadcast live, and the replay will be available on Adobe's IR website. More details about Summit and the agenda are available at summit.adobe.com.

Adobe Summit 即將在拉斯維加斯威尼斯人會展中心舉行，將於 3 月 21 日星期二開幕。第一天的主題演講結束後，我們將於太平洋時間上午 11:30 舉辦一場與會金融分析師和投資者的問答環節。活動音訊將進行現場直播，重播可在 Adob​​e 投資者關係網站上觀看。更多關於 Summit 和議程的詳情，請造訪 summit.adobe.com。

I will now turn the call over to Shantanu.

現在我將把通話轉給沙塔努。

Thanks, Jonathan. Good afternoon, and thank you for joining us. Adobe had a strong Q1, driving record revenue across our Creative Cloud, Document Cloud and Experience Cloud businesses. We achieved $4.66 billion in revenue, representing 13% year-over-year growth. GAAP earnings per share for the quarter was $2.71, and non-GAAP earnings per share was $3.80.

謝謝喬納森。下午好，感謝您參加本次活動。 Adobe 第一季業績強勁，Creative Cloud、Document Cloud 和 Experience Cloud 三大業務部門的營收均創歷史新高。我們實現了 46.6 億美元的營收，年增 13%。本季 GAAP 每股收益為 2.71 美元，非 GAAP 每股收益為 3.80 美元。

Digital is reshaping how we connect and engage with the world around us. Our performance demonstrates the critical role that Adobe products are playing in fueling the global digital economy, empowering everyone everywhere to imagine, create and bring any digital experience to life. We're executing against our strategy to unleash creativity for all, accelerate document productivity, and power digital businesses, delivering on our innovative product road map and engaging a growing universe of customers, from individuals to small businesses to the largest enterprises.

數位化正在重塑我們與周圍世界連結和互動的方式。我們的業績表明，Adobe 產品在推動全球數位經濟發展方面發揮著至關重要的作用，賦予世界各地的人們去想像、創造，並將任何數位體驗變為現實。我們正按計畫推動策略，釋放所有人的創造力，提昇文件效率，並協助數位化業務發展。我們不斷推進創新產品路線圖的實施，並吸引從個人用戶到小型企業再到大型企業的日益增長的客戶群。

Given the recent news reports, I wanted to provide an update on the process and timing of our pending acquisition of Figma. We remain excited about the opportunity to advance product design, accelerate collaborative creativity on the web and redefine the future of creativity and productivity. The potential combination continues to be well received by customers, industry analysts and partners. In addition, we are preparing for integration as we work through the regulatory process. From the outset, we have been well prepared for all potential scenarios while realistic about the regulatory environment. We have completed the discovery phase of the U.S. DOJ second request and are prepared for next steps, whether that is an approval or a challenge. Adobe remains confident in the facts underlying the case. And based on current process timing, we believe the transaction continues to be on track for a close by the end of 2023.

鑑於近期新聞報道，我想就我們即將收購 Figma 的流程和時間表提供最新資訊。我們仍對此次收購充滿信心，希望藉此機會推進產品設計，加速網路協作創意，並重新定義創意和生產力的未來。此次潛在的合併持續受到客戶、產業分析師和合作夥伴的正面回應。此外，我們正在推動監管流程，並積極準備整合工作。從一開始，我們就對所有可能的情況都做好了充分準備，同時也對監管環境保持務實的態度。我們已完成美國司法部第二次審查請求的調查階段，並已做好應對後續步驟的準備，無論最終是獲得批准還是面臨挑戰。 Adobe 對案件的事實基礎充滿信心。根據目前的流程進度，我們相信此交易仍有望在 2023 年底前完成。

It goes without saying that our Q1 success demonstrates that we continue to be ruthlessly focused on executing against our immense opportunities, independent of this combination.

毋庸置疑，我們第一季的成功表明，無論是否與此合併有關，我們都將繼續全力以赴地掌握我們面臨的巨大機會。

David, over to you.

大衛，該你了。

Thanks, Shantanu. Hello, everyone. We're living in a visual, digital-first world where content creation and consumption are exploding and where consumers, students and businesses need to create content that stands out and elevates their online profiles. As a result, more and more people are turning to Creative Cloud, which remains a preeminent destination for creativity across imaging, design, video, illustration and animation, as well as new media types like 3D and augmented reality. We continue to see strong demand for our flagship applications, including Photoshop, Lightroom, Illustrator, Premiere Pro and Acrobat and are excited about the traction we're getting with Adobe Express.

謝謝 Shantanu。大家好。我們生活在一個視覺至上、數位化優先的世界，內容創作和消費呈爆炸性增長，消費者、學生和企業都需要創作能夠脫穎而出、提升自身線上形象的內容。因此，越來越多的人開始使用 Creative Cloud，它仍然是圖像、設計、影片、插畫和動畫等創意領域的首選平台，同時也支援 3D 和擴增實境等新媒體類型。我們持續看到市場對旗艦應用程式（包括 Photoshop、Lightroom、Illustrator、Premiere Pro 和 Acrobat）的強勁需求，並且對 Adob​​e Express 的發展勢頭感到非常興奮。

Q1 was a strong quarter for Creative Cloud. We achieved net new Creative ARR of $307 million and revenue of $2.76 billion, which grew 13% year-over-year. Q1 highlights include strong growth in top-of-funnel traffic, which resulted in healthy new demand for creative cloud applications across all routes to market and customer segments globally, from individuals to SMBs, to large enterprises.

第一季對於Creative Cloud而言表現強勁。我們實現了3.07億美元的新增Creative ARR淨收入和27.6億美元的營收，年增13%。第一季的亮點包括漏斗頂端流量的強勁成長，這在全球範圍內所有市場管道和客戶群體（從個人用戶到中小企業再到大型企業）中，都帶來了對Creative Cloud應用的強勁新需求。

Increased demand and mobile adoption in imaging with products like Photoshop and Lightroom. Lightroom mobile is now the default photo editor for the high-end photo editing experience on the Samsung Galaxy S-23 Series.

隨著Photoshop和Lightroom等影像處理產品在行動裝置應用日益普及，使用者對影像處理的需求也隨之成長。 Lightroom Mobile現已成為三星Galaxy S-23系列手機的預設照片編輯器，為用戶帶來高階照片編輯體驗。

Continued momentum for Premiere Pro, After Effects and Frame.io, which are leaders in video editing and collaboration. Over 2/3 of films at Sundance, as well as Oscar winners "Everything Everywhere All at Once" and "Navalny", were edited with our video products.

Premiere Pro、After Effects 和 Frame.io 持續保持強勁的發展勢頭，它們都是影片編輯和協作領域的領導者。在聖丹斯電影節上，超過三分之二的影片，以及奧斯卡獲獎影片《萬物皆有盡頭》和《納瓦尼》，都是使用我們的視頻產品進行剪輯的。

Rapid adoption of Substance 3D by brands such as Amazon, Burberry and Louis Vuitton. The Substance 3D team was honored with a technical Oscar in recognition of 3D capabilities that are making popular films such as Spider-Man, Star Wars and Blade Runner 2049 possible.

Substance 3D 已被亞馬遜、博柏利和路易威登等品牌迅速採用。 Substance 3D 團隊憑藉其 3D 功能榮獲技術奧斯卡獎，這些功能使得《蜘蛛人》、《星際大戰》和《銀翼殺手2049》等熱門電影成為可能。

Acceleration in our Adobe Stock business driven by the demand for high-quality imaging, vector, video and 3D content.

高品質圖像、向量圖、影片和 3D 內容的需求推動了 Adob​​e Stock 業務的加速成長。

Momentum for Adobe Express with significant year-over-year growth in monthly active users across segments such as students, small businesses and creative professionals. We are actively driving adoption of both new users and existing Creative Cloud subscribers who are now using Express when they want speed and ease, and we look forward to an imminent release of a dramatic upgrade with enhanced performance, collaboration functionality and new authoring capabilities for video and mixed media.

Adobe Express 的發展勢頭強勁，在學生、小型企業和創意專業人士等各個細分市場，每月活躍用戶數量均實現了顯著的同比增長。我們正積極推動新用戶和現有 Creative Cloud 訂閱用戶採用 Express，他們現在在需要快速且方便的操作時會選擇使用 Express。我們期待即將發布的重大升級版本，該版本將顯著提升效能、增強協作功能，並新增視訊和混合媒體創作功能。

Exciting introduction of new products, including our beta releases of Character Animator and Adobe Podcast. Adobe Podcast is a web-based, AI-powered audio recording and editing app, perfect for the growing podcast industry. It makes every recording, even those done on your phone in busy spaces, sound like they were recorded in a studio.

令人興奮的新產品發布，包括 Character Animator 和 Adob​​e Podcast 的測試版。 Adobe Podcast 是一款基於網頁、由人工智慧驅動的音訊錄製和編輯應用程序，非常適合蓬勃發展的播客行業。它能讓每一次錄音，即使是在吵雜的環境中用手機錄製的，都擁有專業錄音室錄製的效果。

Key customer wins in the quarter include Accenture, BBC, Disney, IBM, Infosys and Nintendo.

本季贏得的主要客戶包括埃森哲、BBC、迪士尼、IBM、Infosys 和任天堂。

Our innovation engine continues to fire on all cylinders to reimagine the future of creativity. Last October, we previewed some of Adobe's Generative AI technology at MAX. We have been hard at work training Adobe models on our proprietary datasets, creating APIs, envisioning new services and integrating all these capabilities into our existing applications as a creative co-pilot. These innovations are developed and deployed in alignment with Adobe's AI ethics principles of accountability, responsibility and transparency. Stay tuned for some exciting announcements slated for next week in conjunction with Adobe Summit.

我們的創新引擎持續高速運轉，致力於重塑創意的未來。去年十月，我們在 MAX 大會上預覽了 Adob​​e 的部分生成式人工智慧技術。我們一直在努力利用專有資料集訓練 Adob​​e 模型，創建 API，構思新的服務，並將所有這些功能整合到我們現有的應用程式中，作為創意的得力助手。這些創新成果的開發和部署均遵循 Adob​​e 的人工智慧倫理原則，即問責制、責任制和透明度。敬請期待下週 Adob​​e Summit 大會上即將發布的令人興奮的消息。

Digital documents are powering productivity at home and at work, whether users are filing a tax form, submitting a sales contract, requesting feedback on a marketing campaign or completing an online bank transaction. Adobe Document Cloud is a leader in digital documents, redefining how people view, edit, share, scan and sign documents across desktop, web and mobile.

無論使用者是填寫稅務表格、提交銷售合約、徵求行銷活動回饋意見，或是完成網路銀行交易，數位文件都在顯著提升居家和辦公效率。 Adobe Document Cloud 是數位文件領域的領導者，它重新定義了人們在桌面、網頁和行動裝置上檢視、編輯、分享、掃描和簽署文件的方式。

In Q1, Document Cloud had record revenue of $634 million, which represents 16% year-over-year growth and strong net new ARR of $103 million, with ending ARR growing 22% year-over-year in constant currency.

第一季度，Document Cloud 的營收創下 6.34 億美元的紀錄，年增 16%，新增淨 ARR 達到 1.03 億美元，以固定匯率計算，期末 ARR 年成長 22%。

Q1 highlights include continued demand for PDF with outstanding growth in documents opened in the Acrobat Chrome extension and a new integration that will make Acrobat Reader the default PDF viewer in Microsoft Edge for over 1 billion Windows users; significant growth in monthly active users for Acrobat web driven by search volume for PDF-related verbs and a continually optimized funnel to our web offering; continued proliferation of Acrobat driven by demand for integrated functionality such as Share for Review for collaboration and Adobe Sign for e-signatures; outstanding increase in API transactions as our ecosystem and business customers continue to customize and integrate document services; strong demand across all routes to market and customer segments globally, from individuals, to SMBs, to large enterprises; key customer wins include Bank of Montreal, HP, JPMorgan Chase, Ministry of Defense of Netherlands, Samsung and Verizon.

第一季亮點包括：對 PDF 的需求持續增長，在 Acrobat Chrome 擴展程序中打開的文檔數量顯著增長；一項新的集成將使 Acrobat Reader 成為 Microsoft Edge 中超過 10 億 Windows 用戶的默認 PDF 檢視器；Acrobat Web 的月活躍用戶數量顯著增長，這得益於與 PDF 相關的動詞搜尋量以及我們不斷優化的媒體；的持續普及得益於對整合功能（例如用於協作的「共享審閱」和用於電子簽名的「Adobe Sign」）的需求；隨著我們的生態系統和企業客戶不斷定制和集成文件服務，API 交易量顯著增長；全球所有市場渠道和客戶群（從個人用戶到中小型企業再到大型企業）的需求強勁；主要客戶包括蒙特利爾銀行、三星大企業（從個人用戶到中小型企業和大型企業）的需求強勁；主要客戶包括蒙特利爾銀行、三星大公銀行和三星大企業。

Given the strong Q1, the demand for our products and our innovation road map, we're pleased to raise our FY '23 Digital Media net new ARR target.

鑑於第一季業績強勁，市場對我們產品的需求以及我們的創新路線圖，我們很高興提高 2023 財年數位媒體新增 ARR 目標。

I'll now pass it to Anil.

現在我把它交給阿尼爾。

Thanks, David. Hello, everyone. During the 2022 holiday season, e-commerce drove a record $211 billion, with 38 days of $3+ billion in daily spend, according to the Adobe Digital Economy Index. Companies across B2B and B2C need an integrated Customer Experience Management platform that empowers them to anticipate and meet the expectations of their customers. Today, digital is especially critical in enabling companies to drive profitable growth by delivering engaging and efficient customer experiences across the entire funnel, and Adobe is uniquely positioned to power experience-led growth.

謝謝，David。大家好。根據 Adob​​e 數位經濟指數，2022 年假期季節期間，電子商務銷售額創下 2,110 億美元的紀錄，其中 38 天的日均消費超過 30 億美元。 B2B 和 B2C 企業都需要一個整合的客戶體驗管理平台，幫助他們預測並滿足客戶的期望。如今，數位化對於企業實現盈利成長至關重要，它能夠透過在整個銷售漏斗中提供引人入勝且高效的客戶體驗來實現這一目標，而 Adob​​e 在推動以體驗為導向的成長方面擁有獨特的優勢。

Experience Cloud offers a comprehensive portfolio of products that span the entire experience lifecycle, from marketing planning and workflows, to data insights and activation, to content and commerce and customer journeys. Built natively on Adobe Experience Platform, our Real-Time CDP provides businesses with actionable customer profiles, leveraging data from online and offline channels to deliver personalized experiences at scale.

Experience Cloud 提供涵蓋整個體驗生命週期的全面產品組合，從行銷規劃和工作流程，到資料洞察和激活，再到內容和商務以及客戶旅程。我們的即時客戶資料平台 (CDP) 基於 Adob​​e Experience Platform 原生構建，可為企業提供可操作的客戶畫像，利用來自線上和線下管道的數據，大規模地提供個人化體驗。

In Q1, we continued to drive strong growth in our Experience Cloud business, achieving $1.18 billion in revenue. Subscription revenue was $1.04 billion, both representing 14% year-over-year growth.

第一季度，我們的體驗雲業務持續保持強勁成長，營收達到11.8億美元。訂閱收入為10.4億美元，兩項數據均較去年同期成長14%。

Petco is a great example of a B2C company leveraging Adobe's comprehensive set of products to create and deliver engaging experiences. Petco uses Creative Cloud to create content and Experience Cloud, including Real-Time CDP and Adobe Journey Optimizer, to orchestrate personalized experiences across their pet care ecosystem, including veterinary care, grooming, training and insurance.

Petco 是 B2C 公司利用 Adob​​e 全套產品打造和提供引人入勝的使用者體驗的絕佳範例。 Petco 使用 Creative Cloud 創建內容，並使用 Experience Cloud（包括即時客戶資料平台 (CDP) 和 Adob​​e Journey Optimizer）來協調其寵物護理生態系統中的個人化體驗，涵蓋獸醫護理、美容、訓練和保險等服務。

On the B2B side, Qualcomm is harnessing Experience Cloud to deliver personalized experiences and improve marketing performance as well as Creative Cloud and Document Cloud to accelerate content velocity across its business lines.

在 B2B 方面，高通正在利用 Experience Cloud 提供個人化體驗並提高行銷績效，同時利用 Creative Cloud 和 Document Cloud 加速其各業務線的內容更新速度。

Additional Q1 highlights include high retention rates and strong demand for services, demonstrating our customers' focus on long-term value realization; strong growth in Adobe Experience Platform and our native applications, inclusive of Real-Time CDP, Adobe Journey Optimizer and Customer Journey Analytics; momentum for Workfront, which is powering workflows to help teams around the globe collaborate and launch campaigns with ease and efficiency; significant wins over single product competitors in Analytics, Content Management and CDP that underscore Adobe's differentiation; leadership in industry analyst reports, including the Forrester Wave for Digital Intelligence Platforms, the Forrester Wave for Cross-Channel Marketing Hubs and Gartner's Magic Quadrant for Digital Experience Platforms; a significant number of transformational deals, including Accenture, Carnival AIDA, Costco, IBM, MetLife, Paramount, Pfizer, S&P Global, TD Bank and Tim Hortons.

第一季度其他亮點包括：高客戶留存率和強勁的服務需求，表明我們的客戶專注於實現長期價值；Adobe Experience Platform 和我們的原生應用程式（包括即時客戶數據平台 (CDP)、Adobe Journey Optimizer 和客戶旅程分析）的強勁增長；Workfront 的發展勢頭良好，它為工作流提供協作，競爭對手全球團隊活動和功能性地支持了全球功能； Adobe 的差異化優勢；在產業分析報告中處於領先地位，包括 Forrester Wave 數位智慧平台報告、Forrester Wave 跨通路行銷中心報告和 Gartner 數位體驗平台魔力像限報告；達成大量轉型交易，包括埃森哲、嘉年華郵輪 AIDA、好市多、IBM、大都會人壽、派拉蒙、輝普。

The Digital Experience business had a strong start to the year. Enterprises are focused on driving revenue growth through digital channels while increasing the productivity of their investments in customer experience and marketing. Experience Cloud is uniquely positioned to help enterprise customers across the world unlock profitable growth.

數位化體驗業務今年開局強勁。企業正致力於透過數位化管道推動營收成長，同時提升其在客戶體驗和行銷方面的投資效益。 Experience Cloud以其獨特的優勢，能夠幫助全球企業客戶實現獲利成長。

Next week, we are excited to host Adobe Summit, the world's largest digital experience conference. It's our first time coming together in person in Las Vegas since 2019, and we'll be joined online by tens of thousands of customers, partners and developers from around the world. In addition to unveiling exciting new technology innovation across Experience Cloud, we will host inspirational C-level executives from several companies at the forefront of the digital economy.

下週，我們將隆重舉辦 Adob​​e Summit，這是全球規模最大的數位體驗大會。這是自 2019 年以來，我們首次在拉斯維加斯線下相聚，屆時將有來自世界各地的數萬名客戶、合作夥伴和開發者在線上參與。除了發布 Experience Cloud 領域令人興奮的全新技術創新之外，我們還將邀請多家引領數位經濟潮流的公司的高管出席，分享他們的真知灼見。

I'll now pass it to Dan.

現在我把它交給丹。

Thanks, Anil. Today, I'll start by summarizing Adobe's performance in Q1 fiscal 2023, highlighting growth drivers across our businesses, and I'll finish with financial targets.

謝謝，Anil。今天，我將先總結Adobe在2023財年第一季的業績，重點介紹我們各業務的成長動力，最後我會談到財務目標。

Q1 was a strong start to the year for Adobe. I know the macroeconomy is on every investor's mind right now, and you can see the resilience and diversification of Adobe's business in our financial results. Businesses today are prioritizing investments in order to maximize returns and impact, both to drive their top line and to deliver operational efficiency. And individuals are looking to create content that enables them to connect and stand out across digital platforms. In this environment, the demand for our products continues to be strong as our solutions are mission-critical to customers in a world where digital content and engagement drive the global economy. Our product differentiation, engine of innovation and data-driven operating model are continuing to drive Adobe's growth.

第一季對Adobe來說是一個強勁的開局。我知道宏觀經濟情勢目前是每位投資人最為關注的問題，而Adobe的財務表現也充分展現了其業務的韌性和多元化。如今，企業都在優先考慮投資，以期實現收益和影響力的最大化，從而提升營收並提高營運效率。同時，個人用戶也在尋求能夠幫助他們在數位平台上建立聯繫並脫穎而出的內容。在這樣的環境下，由於我們的解決方案對客戶至關重要，因此市場對我們產品的需求仍然強勁。在這個數位內容和互動驅動全球經濟的時代，我們的產品差異化優勢、創新引擎和數據驅動的營運模式將持續推動Adobe的成長。

We have a world-class balance sheet, industry-leading margins, a strong cash flow profile and a proven track record. I can't think of a company that's better positioned as we continue to innovate in our core business and create and scale emerging businesses to drive profitable growth.

我們擁有世界一流的資產負債表、業界領先的利潤率、強勁的現金流以及卓著的業績記錄。在我們不斷創新核心業務、創建並拓展新興業務以實現獲利成長的過程中，我認為沒有任何一家公司比我們更有優勢。

In Q1, Adobe achieved record revenue of $4.66 billion, which represents 9% year-over-year growth or 13% in constant currency.

第一季度，Adobe 實現了創紀錄的 46.6 億美元收入，年增 9%，以固定匯率計算成長 13%。

Business and financial highlights included GAAP diluted earnings per share of $2.71 and non-GAAP diluted earnings per share of $3.80, Digital Media revenue of $3.40 billion, net new Digital Media ARR of $410 million, Digital Experience revenue of $1.18 billion, cash flows from operations of $1.69 billion, RPO of $15.21 billion exiting the quarter and repurchasing approximately 5 million shares of our stock during the quarter.

業務與財務亮點包括：GAAP稀釋後每股收益為2.71美元，非GAAP稀釋後每股收益為3.80美元；數位媒體收入為34億美元；新增數位媒體年度經常性收入淨額為4.1億美元；數位體驗收入為11.8億美元；經營活動產生的現金流為16.9億美元；數位體驗收入為11.8億美元；經營活動產生的現金流量為16.9億美元；

In our Digital Media segment, we achieved Q1 revenue of $3.40 billion, which represents 9% year-over-year growth or 14% in constant currency. We exited the quarter with $13.67 billion of Digital Media ARR.

在數位媒體業務方面，我們第一季營收達34億美元，年增9%，以固定匯率計算成長14%。本季末，我們的數位媒體年度經常性收入（ARR）為136.7億美元。

We achieved Creative revenue of $2.76 billion, which represents 8% year-over-year growth or 13% in constant currency, and we added $307 million of net new Creative ARR in the quarter.

我們實現了 27.6 億美元的創意收入，年增 8%，以固定匯率計算成長 13%，並且本季新增創意 ARR 淨額 3.07 億美元。

Q1 Creative growth drivers included new user growth, fueled by customer demand and targeted marketing campaigns, which drove increased web traffic in the quarter; adoption of our Creative Cloud All Apps offerings across customer segments and geographies; students graduating from our education segment into the creative professional job market; continued strength in upselling our new Acrobat CC offering, which includes integrated Sign capabilities; licensing of individual applications, including a strong quarter for our imaging and photography offerings; momentum in high-growth businesses, such as Substance and Stock, where we had a tremendous quarter generating new business, and with Frame, which we are successfully cross-selling into our video customer base; and a fast start to the year selling into our large enterprise accounts.

第一季創意成長的驅動因素包括：新用戶成長，這得益於客戶需求和有針對性的行銷活動，從而推動了本季度網站流量的成長；我們的 Creative Cloud All Apps 產品在各個客戶群體和地區得到廣泛採用；教育部門的學生畢業後進入創意專業就業市場；我們新的 Acrobat CC 產品（包括整合式等高成長業務的勢頭良好，我們在本季度實現了巨大的新業務成長，Frame 也成功交叉銷售給我們的視訊客戶群；以及年初以來在大型企業客戶銷售方面的快速成長。

Adobe achieved Document Cloud revenue of $634 million, which represents 13% year-over-year growth or 16% in constant currency. We added $103 million of net new Document Cloud ARR in the quarter.

Adobe Document Cloud 營收達 6.34 億美元，年增 13%，以固定匯率計算成長 16%。本季 Document Cloud 新增淨年度經常性收入 (ARR) 為 1.03 億美元。

Q1 Document Cloud growth drivers included continued growth of Acrobat web, demonstrating the success of our product-led growth strategy; strength in conversion and retention rates of our Acrobat mobile customers; demand for Acrobat subscriptions across all customer segments; success generating new customer demand for Acrobat Sign in SMB and the mid-market; and strength in the enterprise, driving seat expansion for our Acrobat business.

第一季 Document Cloud 的成長動力包括 Acrobat Web 的持續成長，這證明了我們以產品為主導的成長策略的成功；Acrobat 行動客戶的轉換率和留存率的強勁成長；所有客戶群體對 Acrobat 訂閱的需求；在中小企業和中端市場成功創造了對 Acrobat Sign 的新客戶群體對 Acrobat 訂閱的需求；在中小企業和中端市場成功創造了對 Acrobat Sign 的新客戶的需求以及企業市場的強勁需求，推動了我們的業務發展；

Turning to our Digital Experience segment. In Q1, we achieved revenue of $1.18 billion and subscription revenue of $1.04 billion, which represents 12% year-over-year growth or 14% in constant currency.

接下來談談我們的數位體驗業務板塊。第一季度，我們實現了11.8億美元的營收和10.4億美元的訂閱營收，年增12%，以固定匯率計算成長14%。

Q1 Digital Experience growth drivers included success closing numerous transformational deals with large enterprises that are choosing Adobe to be their end-to-end CXM platform to drive personalization at scale; momentum with our AEP and native applications, with the book of business growing more than 50% year-over-year; strength with our Content and Workfront solutions, as our content supply chain strategy is resonating with customers; renewal rates of our enterprise customers that continue to be strong; and sales execution across multiple geographies.

第一季數位體驗成長的驅動因素包括：成功與眾多大型企業達成轉型交易，這些企業選擇 Adob​​e 作為其端到端 CXM 平台，以大規模推動個性化；AEP 和原生應用程式的強勁勢頭，業務量同比增長超過 50%；內容和 Workfront 解決方案的強勁表現，因為我們的內容供應量同比增長超過 50%；內容和 Workfront 解決方案的強勁表現，因為我們的內容供應量同比增長了客戶的持續性發展；

Turning to the income statement and balance sheet. In Q1, we continued with our strategy of making disciplined investments to drive growth while identifying cost-saving opportunities to drive earnings.

接下來看一下損益表和資產負債表。第一季度，我們繼續執行既定策略，即透過審慎的投資來推動成長，同時尋找節省成本的機會來提升獲利。

Adobe's effective tax rate in Q1 was 22% on a GAAP basis and 18.5% on a non-GAAP basis, in line with our expectations. For fiscal 2023, Adobe's management is adopting a fixed long-term projected non-GAAP tax rate to assess and report on operating results, which we believe provides a clear view of Adobe's financial performance. The fixed long-term non-GAAP rate considers our current operating structure, existing tax positions, legislation and available forecast information. This rate is based on a 3-year projection and may be adjusted for changes in the future.

Adobe第一季的實際稅率以美國通用會計準則(GAAP)計算為22%，以非美國通用會計準則(Non-GAAP)計算為18.5%，符合我們的預期。對於2023財年，Adobe管理階層將採用固定的長期預測非美國通用會計準則稅率來評估和報告經營業績，我們認為這能更清楚地反映Adobe的財務表現。該固定的長期非美國通用會計準則稅率考慮了我們當前的營運結構、現有稅務狀況、相關法規以及可獲得的預測資訊。該稅率基於三年預測，未來可能會根據實際情況進行調整。

RPO exiting the quarter was $15.21 billion, growing 10% year-over-year or 13% when factoring in a 3 percentage point FX headwind.

本季末，RPO 為 152.1 億美元，年增 10%，若計入 3 個百分點的匯率不利因素，則較去年同期成長 13%。

Our ending cash and short-term investment position exiting Q1 was $5.65 billion, and cash flows from operations in the quarter were $1.69 billion. Over the past year, we completed a thorough review of our short-term investments and marketable securities to ensure we are prepared for the current environment and with a bias towards the higher end of the investment-grade spectrum. Adobe does not hold substantial assets or securities at Silicon Valley Bank or any regional bank.

截至第一季末，我們的現金及短期投資部位為56.5億美元，當季經營活動產生的現金流量為16.9億美元。過去一年，我們對短期投資和有價證券進行了全面審查，以確保我們能夠應對當前環境，並傾向於投資等級較高的證券。 Adobe在矽谷銀行或任何區域銀行均未持有大量資產或證券。

In Q1, we entered into a $1.4 billion share repurchase agreement, and we currently have $5.2 billion remaining of our $15 billion authorization granted in December 2020, which goes through the end of fiscal 2024.

第一季度，我們簽訂了 14 億美元的股票回購協議，目前我們還有 52 億美元剩餘，這是 2020 年 12 月授予的 150 億美元授權額度，有效期至 2024 財年末。

In light of the strong start to the year and momentum across our business and factoring in the macroeconomic environment, for Q2, we're targeting total Adobe revenue of $4.75 billion to $4.78 billion, Digital Media net new ARR of approximately $420 million, Digital Media segment revenue of $3.45 billion to $3.47 billion, Digital Experience segment revenue of $1.21 billion to $1.23 billion, Digital Experience subscription revenue of $1.06 billion to $1.08 billion, tax rate of approximately 21.5% on a GAAP basis and 18.5% on a non-GAAP basis, GAAP earnings per share of $2.65 to $2.70 and non-GAAP earnings per share of $3.75 to $3.80.

鑑於今年開局強勁，業務發展勢頭良好，並考慮到宏觀經濟環境，我們預計第二季度 Adob​​e 總收入為 47.5 億美元至 47.8 億美元，數位媒體淨新增 ARR 約為 4.2 億美元，數位媒體部門收入為 34.5 億美元至 34.7 億美元，收入為 1.10 億美元億美元至 10.8 億美元，GAAP 稅率約為 21.5%，非 GAAP 稅率約為 18.5%，GAAP 每股收益為 2.65 美元至 2.70 美元，非 GAAP 每股收益為 3.75 美元至 3.80 美元。

As a result of the strong performance in Q1 and trajectory of the business, we are raising our fiscal 2023 net new ARR and EPS targets. For fiscal 2023, we are now targeting Digital Media net new ARR of approximately $1.70 billion, GAAP earnings per share of $10.85 to $11.15 and non-GAAP earnings per share of $15.30 to $15.60.

鑑於第一季強勁的業績表現和業務的良好發展勢頭，我們上調了2023財年的新增淨ARR和每股收益目標。目前，我們預計2023財年數位媒體業務的新增淨ARR約為17億美元，GAAP每股收益為10.85美元至11.15美元，非GAAP每股收益為15.30美元至15.60美元。

In summary, I'm pleased with our strong top line and bottom line execution in Q1, demonstrating the momentum we've established for the year. Our strong engine of innovation, combined with our operational rigor, are driving profitable growth and position us well to capture the massive growth opportunities at our doorstep.

總而言之，我對我們第一季強勁的營收和利潤表現感到滿意，這展現了我們今年以來的發展勢頭。我們強大的創新引擎，加上嚴謹的運營，正在推動獲利成長，並使我們能夠更好地掌握眼前的巨大成長機會。

Shantanu, back to you.

Shantanu，把麥克風交還給你。

Thanks, Dan. Adobe's Q1 results underscore our strong momentum and the significant opportunities we have across our businesses. We're thrilled to be back in Las Vegas for Adobe Summit next week. In addition to unveiling several new innovations across Experience Cloud, Creative Cloud and Document Cloud, we will share how we are building on our decades of AI leadership to deliver generative AI technologies that redefine creativity and customer experiences. We look forward to seeing you there.

謝謝丹。 Adobe 第一季的業績凸顯了我們強勁的發展勢頭以及我們在各個業務領域所擁有的巨大機會。我們很高興下週能重返拉斯維加斯參加 Adob​​e Summit。除了發布 Experience Cloud、Creative Cloud 和 Document Cloud 的多項創新成果外，我們還將分享如何利用我們數十年來在人工智慧領域的領先地位，打造能夠重新定義創意和客戶體驗的生成式人工智慧技術。期待與您相見。

Adobe's employees around the world motivate us to continuously raise the bar and create the future. This quarter, we were named to Glassdoor's Best Places to Work, Bloomberg's Gender-Equality Index for the fifth year in a row; and the CDP A List, which recognizes leadership and environmental impact. Our renowned brand, mission-critical products, and vast base of customers create an unmatched advantage that will fuel our growth.

Adobe 全球員工激勵我們不斷提升標準，共創未來。本季度，我們榮獲 Glassdoor 最佳工作場所稱號，連續第五年入選彭博性別平等指數，並榮登 CDP A 榜單，該榜單旨在表彰企業在領導力和環境影響方面的卓越表現。我們享譽全球的品牌、關鍵任務型產品以及龐大的客戶群，為我們創造了無可比擬的優勢，並將持續推動我們的發展。

Thank you, and we will now take questions. Operator?

謝謝，現在開始接受提問。接線生？

(Operator Instructions) And we'll take our first question from the line of Brad Zelnick with Deutsche Bank.

（操作員說明）我們首先來聽聽來自德意志銀行的布拉德·澤爾尼克提出的問題。

Congrats on a really strong start to the year. Dan, your guidance explicitly embeds assumptions for the macro environment. Can you share with us what those are and how those assumptions might have changed from a few months ago when you last guided?

恭喜你今年開局非常出色。丹，你的指導方針中明確包含了對宏觀環境的假設。你能否和我們分享這些假設是什麼，以及與幾個月前你上次提供指導意見時相比，這些假設可能發生了哪些變化？

Yes. Thanks, Brad. There's really no change in our view in the macro environment. I think we're pretty clear, at the time we set our annual guidance, the environment that we're in. We see the environment that others see. I think you can see that the company is performing really well against that backdrop. So we feel good about how we're situated, the way in which we're engaging with customers and its broad diversified performance across that environment. And so we like how we're set up, but there's really no change to the assumptions underlying the macro environment. We see the same environment that others do.

是的，謝謝，布拉德。我們對宏觀環境的看法並沒有改變。我認為，在我們制定年度業績指引時，我們對所處的環境已經非常清楚。我們看到的環境與其他人看到的環境相同。我認為你可以看到，在這樣的背景下，公司的表現非常出色。因此，我們對自身的定位、與客戶的互動方式以及公司在當前環境下的多元化業績都感到滿意。所以我們對目前的架構感到滿意，但宏觀環境的基本假設並沒有改變。我們看到的環境與其他人看到的環境相同。

And we'll take our next question from the line of Alex Zukin with Wolfe Research.

接下來，我們將回答來自 Wolfe Research 的 Alex Zukin 的問題。

So maybe just what do you think is the driving force behind -- so many companies are talking about longer sales cycles, difficulty closing business. You had an outstanding quarter, specifically within the Enterprise. So maybe what's driving those macro headwinds for others that you're not seeing, or your resiliency specifically?

所以，您認為造成這麼多公司面臨銷售週期延長、成交困難的根本原因是什麼？貴公司本季業績非常出色，尤其是在企業客戶方面。那麼，您認為其他公司面臨的這些宏觀不利因素，或是說貴公司展現出的韌性，究竟是什麼原因造成的呢？

And then on the topic of metrics, every metric was strong as we looked at revenues, RPO, Digital Media ARR, operating margins. But maybe just can you talk about deferred revenue in the quarter? Anything there that was a headwind? Because it did look like free cash flow was a little bit lighter than what we were expecting.

關於各項指標，我們看到的各項指標都很強勁，包括營收、RPO（每筆訂單回報率）、數位媒體ARR（年度經常性收入）和營業利潤率。不過，您能否談談本季的遞延收入？是否存在任何不利因素？因為看起來自由現金流略低於我們的預期。

I'll take the first, Alex, and then maybe Dan can speak to the second. I mean I think, as Dan said, when we look at the macroeconomic situation, and you can see strong companies actually refer to this across the board, whether it's consumers, whether it's small and medium businesses, whether it's enterprises globally, I think the reality is that digital for them is an imperative. And really for companies that have innovative solutions, it's a tailwind. I think what a lot of companies are focused on is the message that enterprises are certainly sharing, is that if the prior focus was growth at any cost, certainly, they're looking for more profitable growth. And I think if you look at our solutions on the Creative, Document or Enterprise side, we help them. We help them with growth, but we help them with profitable growth and engaging with customers.

我先回答第一個問題，Alex，然後Dan可以談談第二個問題。我的意思是，正如Dan所說，當我們審視宏觀經濟情勢時，你會發現強大的公司實際上都在強調這一點，無論是消費者、中小企業還是全球企業，數位化對他們來說都是勢在必行的。對於那些擁有創新解決方案的公司來說，這無疑是一股順風。我認為許多公司關注的重點是企業普遍傳遞的訊息：如果說之前的目標是不惜一切代價實現成長，那麼現在他們肯定在尋求更獲利的成長。我認為，如果你看看我們在創意、文件或企業級解決方案方面的成就，我們都能幫助他們。我們幫助他們成長，但我們更幫助他們獲利成長，並提升客戶參與度。

The second thing I would say is that there's a large TAM here. And so I think our job in this environment is making sure that we have an even larger pipeline that we go address and attract because there may be some difference in the closure rates. But I think if you look at it in aggregate, our job is looking at it and saying how do we differentiate ourselves.

第二點我想說的是，這裡的潛在市場很大。所以我認為，在這種環境下，我們的任務是確保我們擁有更大的潛在客戶群，並努力擴大和吸引他們，因為成交率可能會有所不同。但總的來說，我認為我們的任務是分析市場，思考如何脫穎而出。

I think the one thing also I would say, Alex, is that a lot of the companies that have single product offerings, I think they are probably seeing more headwind because a certain company may not put one part of what they offer as a priority. And I think a lot of the companies are looking at it and saying, "If we're engaging in digital, we might change our focus from content management to the implementation of the customer data platform," or there might be a focus more on campaigns or ensuring that the advertising spend, the attribution associated with it. So I think the team has executed against continuing to try and drive a large opportunity.

亞歷克斯，我想補充一點，很多只提供單一產品的公司可能會面臨更大的阻力，因為某些公司可能不會將自身產品中的某個部分列為優先事項。我認為很多公司都在反思，如果進軍數位領域，我們可能會將重心從內容管理轉移到客戶資料平台的實施，或是更重視行銷活動，確保廣告支出及其相關的歸因分析。所以我認為團隊已經盡力把握住這個巨大的機會。

The other thing I think we feel good about is the fact that both Summit as well as in the U.S. and U.K., we're looking forward to being in person because we can engage more in person with them. So hopefully, that gives you some color of why perhaps the stronger companies are showing more macro strength than other companies.

另一件讓我們感到欣慰的事情是，無論是在峰會期間，還是在美國和英國，我們都期待著與大家面對面交流，因為我們可以更深入地與與會者互動。希望這能幫助您理解為什麼一些實力更強的公司比其他公司展現出更強的宏觀實力。

And Alex, I'll jump in on the second part of the question. As we think about RPO being up 13% year-over-year on a constant currency basis, you think about the underlying performance of deferred revenue, unbilled backlog, it's a very similar profile across both of those dimensions of the RPO. If you think about cash flow, the one thing I would point to, we all know that there's been a change in the tax regulation around capitalization of R&D expenses. We signaled, at the time we set our annual targets, that we would see a step-up in cash taxes starting this quarter, and that's really what you see profiling through operating cash.

Alex，我來回答問題的第二部分。考慮到以固定匯率計算，研發訂單完成率 (RPO) 年增 13%，我們不妨思考一下遞延收入和未開票積壓訂單的業績表現，這兩個維度在 RPO 上的表現非常相似。說到現金流，我想指出的一點是，我們都知道研發費用資本化的稅收法規改變了。我們在製定年度目標時就已表明，從本季度開始，現金稅收將會增加，而這正是營運現金流變化所反映的。

Perfect. Congrats.

完美。恭喜。

(Operator Instructions) We'll take our next question from the line of Keith Weiss with Morgan Stanley.

（操作員說明）接下來，我們將回答摩根士丹利的 Keith Weiss 提出的問題。

A really nice quarter. I think my question is actually a deep dive into the prior 2 questions. Dan, maybe digging a little bit into sort of what Brad was asking, we are, like from a market perspective and an investor perspective, worrying about these kind of incremental impacts like Silicon Valley Bank and other bank failures. And you're seeing continued like reduction in head count from big shops like Meta on a go-forward basis. So I think the market is getting incrementally worried about the underlying kind of macro impacts.

這是一個非常不錯的季度。我認為我的問題其實是對前兩個問題的深入探討。丹，或許可以稍微探討一下布拉德提出的問題，從市場和投資人的角度來看，我們確實在擔憂矽谷銀行和其他銀行倒閉這類漸進式影響。而且，像Meta這樣的大型公司也持續裁員。所以我認為市場正逐漸擔憂這些潛在的宏觀影響。

But you guys went the other way. Like in Q1, you're taking up your net new ARR additions for Digital Media. So can you walk us through specifically, is there anything mechanical or sort of tactical, if you will, that gives you guys the confidence that like, even with the heightened kind of volatility that we're seeing out there, that you guys feel comfortable in Q1 taking up that full year guide? And then on the other side of the equation, on the free cash flow, can you just specify for us and you can give us a sense of kind of where those cash taxes are going to go over time just to help us kind of tune in our model?

但你們的做法恰恰相反。例如在第一季度，你們公佈了數位媒體的淨新增年度經常性收入（ARR）。能否具體解釋一下，你們是否有任何機製或策略上的考量，讓你們即使在當前市場波動加劇的情況下，仍然有信心在第一季實現全年業績指引？另一方面，關於自由現金流，能否具體說明一下，並大致解釋一下這些現金支出將如何隨時間變化，以便我們調整模型？

Yes. So let me take them in reverse order. In terms of cash taxes, there's a 5-year amortization period around the capitalization of that R&D. So you'll see a pretty dramatic cash tax step-up initially. But over that 5-year amortization period, it will converge on the reported tax rate. And so that's the general profile, and that's why you see the significant step-up in Q1 just starting that process now.

是的。那我倒著來解釋一下。就現金稅而言，研發資本化後會有5年的攤銷期。所以你會看到最初的現金稅額大幅上升。但在這5年的攤銷期間內，它會逐漸接近申報的稅率。這就是大致情況，也是為什麼你會看到第一季現金稅額大幅上升的原因，因為這只是這個過程的開始。

In terms of the environment we're in, clearly, the company is performing well. You see the diversification of our business. That's across geographies, industry sectors, product portfolio. The company is just performing well at a broad base way. On the strength of that performance and the momentum we have, the visibility we have into the full year, we think it's the prudent thing to set expectations with investors in a way that reflects what we see as the opportunity in the company-specific performance.

就我們所處的環境而言，公司顯然表現良好。您可以看到我們業務的多元化，涵蓋地域、行業和產品組合等各個方面。公司整體業績表現良好。基於這種強勁的業績和發展勢頭，以及對全年業績的清晰展望，我們認為，謹慎的做法是向投資者明確預期，以反映我們對公司具體業績所蘊含的機遇的理解。

When I take a step back and I think about what is driving that differential performance in this environment, I think our products are mission-critical to our customers. We are on the critical path of them generating revenue. But as the world goes digital and those investments are prioritized, not only do we help companies drive top line growth but we help them with the underlying productivity gains that go with that. It is why customers in this environment are prioritizing around things that we sell to enable their success. It addresses top line performance as well as underlying profitability of our customers. So being on the critical path, being mission-critical to customers, we think this is the type of environment where the power of Adobe and the performance of the company gets to shine.

當我冷靜思考是什麼驅動了我們在當前環境下的卓越表現時，我認為我們的產品對客戶至關重要。我們處於他們創造收入的關鍵路徑上。隨著世界邁向數位化，相關投資也日益受到重視，我們不僅幫助企業提升營收，也幫助他們提高隨之而來的生產力。正因如此，客戶才會優先考慮我們銷售的、能夠助力他們成功的產品。這些產品不僅能提升客戶的營收，還能提高其獲利能力。因此，正因為我們處於關鍵路徑上，對客戶而言至關重要，我們認為在這樣的環境下，Adobe 的實力和公司卓越的業績才能得以充分展現。

Yes. And I'll just add a little bit specific to Digital Media. The foundation of the growth that we have, we still feel a very significant tailwind even in this market. Shantanu talked about the strength of the enterprise business. Every business needs to be a digital business. Digital content is fueling the global economy. That's true for smaller organizations and individuals as well.

是的。我再補充一點關於數位媒體的具體內容。我們目前的成長基礎依然穩固，即使在當前的市場環境下，我們仍然感受到強勁的成長動能。 Shantanu 談到了企業業務的優勢。每個企業都需要轉型為數位化企業。數位內容正在推動全球經濟發展。對於小型企業和個人而言，情況也是如此。

If you look at the creator economy, we're seeing more people come in to start to create their own personal online brands. So we saw a very strong digital funnel. As well, we had the highest traffic that we've ever had come to adobe.com. And even in small, medium businesses, the part of their business that they need to invest most in is the digital channel, as Dan was talking about.

如果你觀察創作者經濟，你會發現越來越多的人開始打造自己的個人線上品牌。因此，我們看到了一個非常強勁的數位化管道。同時，adobe.com 的流量也達到了歷史最高水準。正如丹剛才所提到的，即使是中小企業，他們最需要投資的也是數位化管道。

You look at that diversity, you then layer on the diversity of the growth drivers that we have in the business, whether it's new user acquisition, whether it's upsell of existing users, whether it's retention rates, whether it's new businesses like Substance or Stock or the pricing and packaging opportunities that we have. Every one of those levers has been very productive for us.

你看看這種多樣性，再看看我們業務中各種成長驅動因素的多樣性，無論是新用戶獲取、現有用戶的追加銷售、用戶留存率、像Substance或Stock這樣的新業務，還是我們擁有的定價和包裝機會。所有這些槓桿都對我們非常有效。

In terms of primary growth driver, it is and always has been new user acquisition. It is, by far, the biggest contributor. And a lot of the PLG work that we've done over the last year or 1.5 years is contributing to not just top of funnel but also conversion of that top of funnel.

就主要成長驅動力而言，始終是新用戶獲取。它無疑是最大的貢獻者。在過去一年到一年半里，我們在產品生命週期管理（PLG）所做的大量工作，不僅促進了漏斗頂端用戶的成長，也提高了漏斗頂端用戶的轉換率。

In terms of upsell and migration, we've been investing for a decade or more in education, and we have a very efficient channel now where students that graduate effectively upgrade and migrate into full-priced offerings. That drove a very strong Creative Cloud individual all apps quarter for us.

在追加銷售和用戶遷移方面，我們已經在教育領域投入了十多年，現在我們擁有一個非常有效率的管道，學生畢業後可以有效地升級並遷移到全價產品。這推動了我們Creative Cloud個人版所有應用季度的強勁成長。

Retention, we've been doing a lot of work in retention through PLG, but we've also been driving a lot of utilization of Adobe Express as part of the Creative Cloud business. All of that combined makes for a very strong retention rate.

在用戶留存方面，我們透過產品生命週期管理（PLG）做了大量工作，同時也大力推廣Adobe Express在Creative Cloud業務中的應用。所有這些因素結合起來，使我們的用戶留存率非常高。

New businesses, we talked about Substance and Frame having outsized growth, and of course, the pricing and packaging work that we've been doing, all along continues to contribute to that, both for CC and Acrobat CC/DC as a whole.

我們談到了 Substance 和 Frame 的新業務，它們實現了超乎尋常的增長，當然，我們一直以來所做的定價和包裝工作也持續為此做出了貢獻，無論是對 CC 還是對整個 Acrobat CC/DC 而言都是如此。

So looking ahead, all of these drivers and these levers are intact, and we have lots of opportunities going forward as well.

展望未來，所有這些驅動因素和槓桿都完好無損，我們未來也有很多機會。

And maybe just putting it all together, if you look at it and say that, hey, we did $410 million in Q1. We're targeting $420 million of net new ARR in Q2. The question you would have asked us if we hadn't done this was what are you signaling about the second half of the year. So I think it's a way of showing that the momentum is there in the business.

或許把所有數據綜合起來，你會發現，我們第一季實現了 4.1 億美元的收入，第二季新增淨 ARR 目標為 4.2 億美元。如果我們沒有公佈這些數據，你可能會問我們：你們對下半年的發展前景有何展望？所以我認為這表明公司業務發展勢頭良好。

And we'll take our next question from the line of Jake Roberge with William Blair.

接下來，我們將回答傑克·羅伯格向威廉·布萊爾提出的問題。

Congrats on great results. I just want to double click on that pension commentary you called out in several areas of the business during the prepared remarks. Is there anything specific that you're doing differently in this period of macro uncertainty that's driving those results? And have you started to see Express help at all with retention metrics as customers know the tier that they can actually graduate down to?

恭喜取得如此佳績！我特別想就您在準備發言中多次提及的退休金問題進行深入探討。在當前宏觀經濟情勢不明朗的情況下，您是否採取了哪些不同的措施來促成這些成果？此外，您是否已經開始看到「快速升級」服務對提升客戶留存率有所幫助，因為客戶可以清楚地了解自己最終能夠升級到哪個級別的服務？

Well, for a couple of years right now, we've been really focused on what we've called in the past the data-driven operating model and really being pretty focused on driving the business both with the narrative and the number. And so I think as we continue to, as David mentioned, have different products, he's really focused on how we're acquiring them, how are we engaging them, what's the usage, how do we make sure they're getting value for the product, how do we continuously tell them about what's new.

嗯，近幾年來，我們一直非常專注於我們之前所說的數據驅動營運模式，並致力於透過數據和故事來推動業務發展。正如大衛所提到的，隨著我們不斷推出不同的產品，他非常關注我們如何獲取客戶、如何與他們互動、他們的使用情況如何、如何確保他們從產品中獲得價值，以及如何持續地向他們介紹新產品。

And then I think as David has come in and introduced the notion of product PLG, I think that part has also really started to reflect in making sure that customers know that we're building products and features that are relevant for the pain points that they have. So I would say the underlying business, while they are sort of the digital imperative, I wouldn't underestimate the incredible execution that the team continues to do on that or in DX. I mean how do you look at the solutions we're selling? How do you understand cross-sell? How do you understand upsell? And I think the hours and hours of work that goes in is sometimes not appreciated, but I'm incredibly respectful and appreciative of what the teams have done. So a lot of execution is, I think, the short answer.

我認為，自從David加入並引入產品生命週期管理（PLG）的概念後，這一點也開始真正體現在我們確保客戶了解我們正在開發的產品和功能能夠解決他們的痛點上。所以，雖然數位轉型是業務發展的必然要求，但我不會低估團隊在數位轉型和客戶體驗（DX）方面持續展現的卓越執行力。我的意思是，我們銷售的解決方案是如何運作的？交叉銷售和追加銷售又是如何運作的？我認為團隊投入的大量時間有時並未得到應有的重視，但我對團隊的付出表示由衷的敬佩和感激。所以，我認為，關鍵在於執行力。

And we'll take the next question from the line of Brad Sills with Bank of America.

接下來，我們將回答來自美國銀行的布拉德·西爾斯提出的問題。

I wanted to ask about that top of funnel activity that you've been generating here with Communicator and the Consumer segment with Creative Cloud Express, the success you're seeing there. Some exciting new announcements coming here, it sounds like on Creative Cloud Express enhancements here. Could we interpret that to mean that perhaps you're pivoting more towards upselling those customers to some of these newer features and offerings that are coming with Creative Cloud Express, away from that top of funnel activity that you've been very successful with thus far?

我想問您目前在Communicator和Creative Cloud Express消費者細分市場進行的銷售漏斗頂端活動，以及您取得的成功。聽起來您即將發布一些令人興奮的新消息，似乎是關於Creative Cloud Express的增強功能。我們是否可以理解為，您正計劃將重心從目前非常成功的銷售漏斗頂端活動轉移到向這些客戶追加銷售Creative Cloud Express的新功能和產品？

Yes. As Shantanu talked about, it's a holistic process. First of all, we've, over the last couple of years, spent a lot of time with product-led growth. What that gives us is confidence that when people come to Adobe.com and they get into the products, they're going to have a great onboarding experience. They're more likely to convert, and they're more likely to stay, which then starts to give us more confidence and growth in terms of improving what has already been world-class in terms of lifetime value.

是的。正如 Shantanu 所說，這是一個整體性的過程。首先，在過去幾年裡，我們投入了大量時間進行產品驅動型成長。這讓我們確信，當用戶造訪 Adob​​e.com 並開始使用產品時，他們將獲得絕佳的入門體驗。他們更有可能轉化，也更有可能留存，這反過來又增強了我們在提升用戶終身價值方面（目前已達到世界一流水平）的信心和增長動力。

As that happens, we've been running more targeted campaigns with things for Photoshop and Acrobat and Illustrator, as an example, that are more targeted to the growth activities and the landing pages in the products themselves. And we've actually been connecting all of our outbound marketing activities with landing pages in the products themselves. So we have been able to really increase our demand efforts and the ROI associated with that to bring more traffic to top of funnel.

隨著這種情況的發生，我們針對 Photoshop、Acrobat 和 Illustrator 等軟體進行了更有針對性的行銷活動，這些活動更著重於產品本身的成長活動和落地頁。實際上，我們已經將所有對外行銷活動與產品本身的落地頁連結起來。因此，我們能夠真正提高需求轉換率和相關的投資報酬率，從而為銷售漏斗頂端帶來更多流量。

In addition to that, we have been investing a lot in growth loops. So people are able to now, when using the products, actually share the content out to stakeholders. Those stakeholders are able to look at that content, but also become top-of-funnel opportunity for us. If you look at Acrobat Web, as an example, we've seen a massive increase in terms of Acrobat Web usage driven by things like share for review. So that drives more top of funnel for us.

除此之外，我們還在成長循環方面投入了大量資源。現在，使用者在使用產品時，可以將內容分享給利害關係人。這些利害關係人不僅可以查看這些內容，還能為我們帶來更多潛在客戶。以 Acrobat Web 為例，我們發現，在「分享以供審閱」等功能的推動下，Acrobat Web 的使用量大幅成長。這為我們帶來了更多潛在客戶。

And then third is partnerships. We've been working very closely with Microsoft, as an example. We've announced that Reader, as an example, will be the default PDF viewer in Edge, which now gives us access to over 1 billion users on Windows-based devices. So it's a cacophony of these activities that ultimately results in strong top of funnel. And then, as we talked about, it's really about the hard work and the data to drive personalized experiences at scale, leveraging a lot of Anil's DX business and products to drive users all the way through to conversion.

第三點是合作關係。例如，我們一直與微軟保持著非常緊密的合作。我們宣布，Reader 將成為 Edge 瀏覽器的預設 PDF 檢視器，這讓我們能夠觸及超過 10 億 Windows 用戶。正是這些活動的共同作用，最終促成了強大的轉換漏斗頂端。正如我們之前提到的，關鍵在於付出艱辛的努力和運用數據，大規模地打造個人化體驗，充分利用 Anil 的 DX 業務和產品，引導用戶完成整個轉換過程。

And we'll take our next question from the line of Michael Turrin with Wells Fargo Securities.

接下來，我們將回答來自富國證券的邁克爾·圖林提出的問題。

Great. One of the things that stood out is you mentioned wins over single-product competitors and a few key areas on the Digital Experience side. Can we go a bit deeper into that as this environment and some of what's happening on the private company side, maybe presenting opportunities you're now able to take advantage of? I'd just be curious here a bit more on maybe both the DX and DMe side, just what's happening there.

太好了。您提到的一點讓我印象深刻：貴公司在單一產品競爭中取得了勝利，並且在數位體驗方面也取得了一些關鍵進展。鑑於當前的市場環境以及私人公司正在經歷的一些變化，我們能否更深入地探討一下，看看貴公司目前有哪些可以利用的機會？我對數位體驗和數位媒體方面的情況比較感興趣，想了解更多相關資訊。

Yes. Let me start on the Digital Experience side. We have a broad and comprehensive portfolio, and it's integrated with the Adobe Experience Platform. So from a customer perspective, they get the best of both worlds. They get those best-in-class applications, whether it's Content and Commerce, Customer Journeys or Data Insights or workflow, marketing workflow, and they get the benefit of integration with the Adobe Experience Platform and the native apps that we've built there.

是的。我先從數位體驗方面說起。我們擁有廣泛而全面的產品組合，並與 Adob​​e Experience Platform 整合。因此，從客戶的角度來看，他們可以兩全其美。他們既可以獲得一流的應用程序，無論是內容和商務、客戶旅程、數據洞察還是工作流程、行銷工作流程，還能享受與 Adob​​e Experience Platform 整合以及我們在該平台上建立的原生應用程式帶來的好處。

So that's a powerful combination. It helps to really address what Shantanu was talking about, which is how do you keep growing through your digital channels and you get the revenue growth but you also get the benefit of getting efficiency through consolidation. And that's where we believe we really shine as customers are looking at their overall stack. Similar to what they have done in other aspects of their IT enterprise architecture, they're looking at who is my go-to platform that I can really standardize on and I'll build around, and so we are getting the benefit of that choice.

所以這是一個強大的組合。它有助於真正解決Shantanu所說的問題，即如何透過數位化管道持續成長，既實現收入成長，又能透過整合提高效率。我們相信，這正是我們真正脫穎而出的地方，因為客戶正在審視他們的整體技術堆疊。就像他們在IT企業架構的其他方面所做的那樣，他們正在尋找一個可以真正標準化並圍繞其構建的首選平台，而我們正從中受益。

And on the DMe side, we look at just all the energy in the market around single-product players, whether it's a mobile app, whether it's a web app or whether it's this excitement, incredible excitement, that we have as well around generative AI, really as focused on driving top of funnel because it's driving a lot of awareness of creativity and the things that people want to do. And ultimately, as they leverage those apps, as they see themselves as more accretive, they inevitably end up at our doorstep going forward.

在數位行銷（DMe）方面，我們關注的是圍繞單一產品廠商的市場活力，無論是行動應用、網頁應用，或是我們對生成式人工智慧（AI）的熱情——這種熱情令人振奮——都集中在提升轉換漏斗頂端，因為它極大地激發了人們對創造力和需求的認知。最終，隨著他們利用這些應用，隨著他們意識到自身價值的提升，他們最終都會找到我們。

And we'll take our next question from the line of Kash Rangan with Goldman Sachs.

接下來，我們將回答來自高盛的 Kash Rangan 提出的問題。

I just want to pick up there where I think David talked about the excitement with generative AI; anybody that wants to jump in. What does this mean for Adobe? Is this just somewhat substitutive for all the opportunity that you have? Or is it somewhat incremental or massively incremental? And how does Adobe monetize generative AI? Is this something that you can create a separate SKU or charge more? I'm curious to get your thoughts quantitatively and qualitatively.

我想接著David剛才提到的生成式人工智慧的興奮點繼續說下去，他提到了這項技術，以及任何有興趣參與的人。這對Adobe意味著什麼？它只是在某種程度上取代了你們現有的所有機會嗎？還是說它只是起到了一定的補充作用，甚至是巨大的補充作用？ Adobe該如何實現生成式人工智慧的獲利？你們會把它做成一個單獨的產品，還是會收取更高的費用？我很想聽聽你們從定量和定性兩方面的看法。

Yes, Kash, I think there was about 3 or 4 questions but all related, so happy to take those really quickly. Nicely played. First of all, this is really about increasing the total number of users, we believe, very strongly. As we talked about at MAX, this is about enhancing human creativity, not replacing it. And ultimately, whether you're an individual solo-preneur SMB or enterprise, we're hearing the same thing, which is that you need to create more content than you're able to create today.

是的，Kash，我想大概有三、四個問題，但都相關，所以我很樂意快速回答。你做得很好。首先，我們堅信，這確實關乎用戶總數的增加。正如我們在MAX大會上討論的那樣，這是為了增強人類的創造力，而不是取代它。最終，無論你是個人創業家、中小企業還是大型企業，我們都聽到了同樣的聲音，那就是你需要創造比現在更多的內容。

And so this really plays well into our core strength. As you know, we've got a decades-long focus on AI, things like neural filters and object selection. And hundreds of other features have been based on AI for us. And they've increased creativity, and they've increased productivity, and they've helped people keep up with the demand for content. They've also made it easier for people to onboard into the experiences. And so we've been able to broaden the opportunity for people to start leveraging and using our core products.

因此，這與我們的核心優勢完美契合。如您所知，我們數十年來一直專注於人工智慧，例如神經濾波器和物件選擇。我們還有數百項其他功能也基於人工智慧。這些功能提升了創造力，提高了生產力，並幫助人們滿足不斷增長的內容需求。它們也簡化了使用者體驗的上手過程。因此，我們能夠為用戶提供更多機會，讓他們開始利用和使用我們的核心產品。

We've now been able to leverage the hundreds of people that are in our research organization and really target them towards generative technology, which we believe is a huge step forward, leveraging all the work we've done, but a huge step forward going forward. And we and everyone else in the industry are still in the early innings.

現在，我們能夠充分利用研究機構數百名員工的資源，並將他們真正投入生成式技術領域。我們相信，這不僅是對我們以往所有工作的一次巨大肯定，也是未來發展道路上的一大步。我們和業界其他人一樣，仍處於起步階段。

So to give you a sense of where we're going, at MAX, we talked about our vision for effectively not just creating content but really engaging and embedding it in the existing workflows to create a creative copilot, we refer to it as. And since then, we've been very hard at work at creating our own model. And the model that we're focused on is around output quality. So it's about best-of-breed generative AI, but combining that with the Adobe magic that we've talked about over the years and all of the technology we have that takes images and makes them better. And so the output quality, we think, is going to be differentiated.

為了讓您了解我們的發展方向，在 MAX 大會上，我們討論了我們的願景：不僅要有效地創作內容，更要真正地將其融入現有工作流程，打造我們稱之為「創意副駕駛」的工具。自那時起，我們一直在努力建立我們自己的模型。我們關注的重點是輸出品質。它融合了最先進的生成式人工智慧、我們多年來一直推崇的 Adob​​e 技術以及我們所有能夠提升影像品質的技術。因此，我們相信，最終的輸出品質將脫穎而出。

The second thing is around commercial use. There's a lot of complex questions here around copyrights, around diversity and inclusion, about harmful content that's being created. That's something we take very seriously, and we're embedding that into everything we do.

第二點是關於商業用途。這其中涉及許多複雜的問題，例如版權、多元化和包容性，以及有害內容的產生。我們非常重視這些問題，並將其融入我們所做的每一件事中。

And the third thing is really about workflow integration. Creating an image is just the start. It's not the end. And Adobe is the only player that has a full end-to-end workflow, not just within the products and the tools that we have in the digital media business but also everything that Anil is doing around the content workflow and the content supply chain out to the point of distribution. And in fact, because of this, we're seeing other gen-tech companies wanting to partner with us more and more. And so we feel like we're in a really advantaged position where we're going to come out with our own model and we're going to be partnering with others to make sure that, because of our distribution and the place we play in the market, we can bring a lot of this value to actual fruition. And stay tuned. Next week at Summit, we have a lot of exciting announcements and progress to make there.

第三點是關於工作流程整合。創建圖像只是開始，而非結束。 Adobe 是唯一一家擁有完整端到端工作流程的公司，這不僅體現在我們數位媒體業務的產品和工具中，還體現在 Anil 圍繞內容工作流程和內容供應鏈所做的一切，直至最終的分發環節。事實上，正因如此，我們看到越來越多的其他科技公司希望與我們合作。因此，我們感到自身處於非常有利的地位，我們將推出自己的模式，並與其他公司合作，確保憑藉我們的分銷管道和市場地位，將這些價值轉化為實際成果。敬請期待。在下週的峰會上，我們將發布許多令人興奮的消息，並分享所取得的進展。

And then last to your, I think, fourth or fifth question, monetization. We're very excited about what this means for the business. New user onboarding, we think that, again, if you can start to imagine yourself as creative by using a text prompt, we can take you through that full journey and onboard you into other Adobe offerings. It's also great for retention. We've always seen the more value that gets used in our core offerings, the better the retention rates and the better the LTV. And we think there's upsell opportunity. We do think these are distinct new packages that we can bring to market and upsell people to.

最後，我想這是你的第四或第五個問題，關於獲利模式。我們對這項技術對業務的意義感到非常興奮。對於新用戶引導，我們認為，如果用戶能夠透過文字提示開始想像自己成為創意者，我們就可以引導他們完成整個過程，並讓他們了解 Adob​​e 的其他產品。這對用戶留存也很有幫助。我們一直發現，用戶在我們核心產品中利用的價值越多，留存率和終身價值就越高。而我們認為這其中蘊藏著追加銷售的機會。我們確實認為這些是我們可以推向市場並進行追加銷售的獨特新產品包。

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

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

David, for you first, when we spoke at MAX on the subject of monetization, you alluded to Adobe's plans for new pricing and packaging, and you alluded to that this evening. But there was a third ingredient that you also alluded to at the time, which was segmentation, which sounded to me like something that you have success with back in the pre-CC days. And so is this something that you could talk about in terms of your returning to the segmentation techniques of the past that work rather well for the company?

大衛，首先我想問你，我們在MAX大會上討論盈利模式時，你曾提到Adobe的新定價和打包計劃，今晚你也再次提及。但當時你還提到了第三個要素，那就是用戶細分。我感覺這在CC版本之前你們公司就非常成功。那麼，你能否談談你們是否會重新採用過去行之有效的用戶細分策略呢？

And then for Anil, it's interesting to hear the reference to your competition with single-product companies. That's not a new phenomenon, of course. You've had multi-solution DX portfolio for some time. So would you say, therefore, that the wins or magnitude of the wins against single-product competitors is more pronounced now, it's a larger part of the DX business? And would you say that the investments that you've evidently been making over the last year in consulting capacity has been a critical enabling ingredient for the growth you're now seeing in DX?

Anil，你提到與單一產品公司的競爭，這很有意思。當然，這並非什麼新鮮事。你們的多解決方案數位轉型產品組合已經存在一段時間了。那麼，你是否認為，如今你們在對抗單一產品競爭對手方面取得的勝利，或者說勝利的規模，更加顯著，因為這在數位轉型業務中佔據了更大的份額？你認為，過去一年你們在諮商能力上的投入，是否是你們目前在數位轉型領域成長的關鍵因素？

Yes. So starting with the DME side, Jay, for broad understanding, what we talked about at Adobe MAX was this recognition that since we introduced Creative Cloud 10 or 11 years ago, we have now a much more comprehensive set of capabilities all the way from a freemium model with Adobe Express, all the way to our high-end creative cloud offerings, but also additional capabilities and packages beyond that like Substance and like Frame.io and like Stock that allow people to go beyond what they can do with the core Creative products.

是的。 Jay，首先從DME方面說起，為了讓大家有個大致了解，我們在Adobe MAX大會上討論的是，自從10或11年前我們推出Creative Cloud以來，我們現在擁有了一套更加全面的功能，從Adobe Express的免費增值模式，到我們的高端Creative Cloud產品，以及Substance、Frame.io和Stock等其他功能和軟體包，這些核心產品都能夠超越其他功能的功能。

The second thing in addition to that expansion that's happened is that, as we've been driving more with DDOM and more with product-led growth, we are starting to automatically segment customers not necessarily today in terms of what they buy but how they experience the products that they're using already. And so what that leads to is an opportunity. And then going back to all the levers that we have for ongoing growth, there's the opportunity to start segmenting them earlier in the purchase flow into offers and offers that meet their needs and optimize the value to the price in a way that benefits our customers and, of course, also benefits Adobe. So you can expect to see us continuing to play with everything from how we get new users, how we upsell users, how we retain them, new businesses we bring in, but also pricing and packaging to your point.

除了上述擴張之外，第二件事是，隨著我們越來越多地採用動態產品營運模式（DDOM）和產品驅動型成長，我們開始自動細分客戶群。目前，這種細分並非基於他們購買的產品，而是基於他們使用現有產品的體驗。這帶來了一個機會。回到我們所有用於持續成長的槓桿，我們可以更早地在購買流程中對客戶進行細分，提供更符合他們需求的產品和服務，並優化性價比，從而使我們的客戶以及Adobe本身受益。因此，您可以期待我們繼續探索各種策略，包括如何獲取新用戶、如何追加銷售用戶、如何留住用戶、如何拓展新業務，以及您提到的定價和產品組合等。

And just to punctuate that maybe a little bit, Jay, I mean the reality is that we actually have different pricing for different devices today, which is completely different. We have web-based pricing for people who come and experience this as a result of a web search that they've made more successfully through Acrobat Web, for example.

傑伊，我再補充一點，實際上我們現在針對不同的設備採用不同的定價策略，這完全不同。例如，對於那些透過網路搜尋找到 Acrobat Web 並最終體驗到我們產品的用戶，我們提供基於網路的定價。

And so if the question is when we had things like Design collection or Web collection or Video collection, I mean the reality is that CC All Apps, which actually had a really good quarter, is perceived by people to be the new sort of table stakes for what is happening in Creative, and we think that that's a great offering. And as David said, I mean whether it's Stock or whether it is Substance and our 3D offerings, what we are doing there, those are really perceived to be the differential offerings that are personalized and, for a Photoshop customer, how do we get them to use one of these other offerings. So I think we've done a really good job on that particular front.

所以，如果有人問我們之前推出的設計合集、網頁合集或視頻合集之類的產品，我的意思是，實際上，CC All Apps（它本季度表現非常出色）已被人們視為創意領域新的入門標準，我們認為這是一個非常棒的產品。正如David所說，無論是Stock、Substance或我們的3D產品，我們所做的一切都被認為是真正具有差異化優勢的個人化產品。對於Photoshop用戶來說，我們該如何讓他們使用這些其他產品呢？所以我認為我們在這方面做得非常出色。

Yes. From the DX perspective, we obviously started investing in AEP 5 years ago. Now we have lots of examples of customers who are using some of the capabilities like unified profile or the Real-Time CDP and the real-time performance at scale in production. So from a customer's perspective, if they think about a single product, they actually know what an integrated product looks like, and they realize that that's what they would have to build together, build on their own. So I think that's making the choice of going with a product from Adobe, which is already integrated which is also best-in-class application, versus a single product where they would have to put it together. I think that's making the contrast more stark.

是的。從數位化體驗（DX）的角度來看，我們顯然在五年前就開始投資AEP了。現在我們有許多客戶案例，他們正在生產環境中大規模使用AEP的一些功能，例如統一設定檔、即時客戶資料平台（CDP）和即時效能管理。因此，從客戶的角度來看，如果他們考慮使用單一產品，他們實際上已經了解整合產品是什麼樣子，並且意識到他們需要自己建立整合產品。所以我認為，這就是為什麼他們會選擇Adobe的整合產品，因為它已經是同類最佳的應用程序，而不是需要他們自己組裝的單一產品。我認為這使兩者之間的對比更加鮮明。

And there's more scrutiny. Wouldn't you say, Anil? So I think part of what's happening is, as the IT or the Chief Marketing Officer, the Chief Digital Officer is thinking about this holistically, there's more scrutiny around who is the company that can provide us the more comprehensive solutions. So you have seen, Jay, a certain difference in how customers are viewing that, which again plays to our strengths.

而且現在審查也更嚴格了，你說是不是，Anil？所以我覺得部分原因是，IT主管、首席行銷長、首席數位長都在整體考慮這個問題，他們會更仔細地審視哪家公司能夠為我們提供更全面的解決方案。 Jay，你已經看到了客戶看待這個問題的方式發生了一些變化，而這正是發揮了我們的優勢。

And we'll take our next question from the line of Saket Kalia with Barclays.

接下來，我們將回答來自巴克萊銀行的 Saket Kalia 提出的問題。

Okay. Great. Well done in the quarter. I'd love to dig into Figma a little bit, understanding very well that it's still in process. And so David, maybe for you. I know you and the team see the opportunities with products like FigJam in really complementing Creative Cloud. I was wondering if you've seen other opportunities for some of that complementary sort of opportunity as you spend more time with the business.

好的，太棒了。本季做得非常出色。我很想深入了解 Figma，當然我也明白它還在開發完善中。 David，我想問你。我知道你和你的團隊看到了像 FigJam 這樣的產品與 Creative Cloud 的互補優勢。我想問，隨著你對業務了解的深入，你是否還發現了其他類似的互補機會。

And then, Dan, maybe just a quick housekeeping question. Can you just remind us sort of what the revenue overlap looks like with Figma? I believe it's the Adobe XD product specifically where there's overlap, but maybe you could just remind us sort of what that revenue overlap looks like.

丹，還有個簡單的問題。可以大概說說Figma和Adobe XD的營收重疊嗎？我記得主要是Adobe XD這款產品和Figma的營收重疊，能不能簡單說說具體情況？

Yes, Saket, maybe I'll first jump in. I mean I think, just let's remember before they answer, these are 2 separate companies, and so we are operating at arm's length in terms of what they are doing. I think we've shared upfront that the XD revenue is de minimis. And so that's the part that I wanted to get across, and then David can certainly speak to some of the strategic rationale and ideas for what we can do.

是的，Saket，或許我可以先說幾句。我的意思是，在他們回答之前，我想先強調一下，這是兩家獨立的公司，所以我們與他們的業務完全獨立。我們之前也明確表示過，XD的收入微乎其微。這就是我想強調的，至於David，他可以談談我們未來的策略思路和想法。

Yes. So I think there's a ton of opportunity in terms of how we look at the Figma business and figure out Figma opportunity. First of all, as we've discussed, we believe that we can just fundamentally accelerate what they're doing today in product design. We have a global footprint. We are working with a lot of our enterprise customers across the globe. And the feedback that we're getting from these enterprise customers is a lot of excitement about the kind of things we can do by bringing these 2 companies together, to just accelerate, make them more productive in terms of what they want to accomplish and just accelerate everything that they're doing.

是的。所以我認為，在看待 Figma 業務和挖掘 Figma 的機會方面，存在著巨大的潛力。首先，正如我們之前討論過的，我們相信能夠從根本上加速 Figma 目前在產品設計領域的發展。我們擁有全球業務，與世界各地的許多企業客戶都有合作。這些企業客戶回饋非常積極，他們對我們兩家公司合併後所能帶來的成果充滿期待，希望能夠加速他們的發展，提高他們的效率，幫助他們更好地實現目標，並推動他們各項工作的進展。

The second thing is around taking workflows between Photoshop and Illustrator and Figma and really just operationalizing them in a way that we can bring real-time collaboration capabilities based on the Figma platform to the core disciplines like illustration and video editing and photography and 3D design and more.

第二點是關於將 Photoshop、Illustrator 和 Figma 之間的工作流程真正實現，以便我們可以將基於 Figma 平台的即時協作功能引入到插畫、視訊編輯、攝影、3D 設計等核心領域。

And the third is really around the evolution with FigJam, bringing that into the core for productivity use cases. So taking FigJam and integrating it more deeply with things like Acrobat and starting to just recognize that creativity is starting to be the foundation of how new productivity applications need to present themselves. And that whole motion of enabling productivity workers, to express themselves creatively, is where the market is going with the rise of the creator economy. And so we just see a ton of opportunities to integrate the products. We are limited in what we can talk to them about in the moment. But what I can say is everyone, from Adobe employees to Figma employees, to our customers, can't wait for this to close so we can actually get moving on all this.

第三點其實是圍繞著 FigJam 的發展演變，將其融入生產力應用的核心場景中。這意味著要將 FigJam 與 Acrobat 等工具進行更深入的整合，並逐漸意識到創造力正成為新型生產力應用的基礎。隨著創作者經濟的興起，賦能生產力工作者，讓他們能創意地表達自我，這正是市場的發展方向。因此，我們看到了大量的產品整合機會。目前我們能與他們討論的內容有限。但我可以肯定的是，從 Adob​​e 員工到 Figma 員工，再到我們的客戶，每個人都迫不及待地希望交易盡快完成，以便我們能夠真正著手推進所有這些工作。

Operator, we're just about at the top of the hour. We'll take one more question, please.

接線員，現在已經快到整點了。請再問一個問題。

We'll take our next question from the line of Brent Thill with Jefferies.

接下來，我們將回答來自 Jefferies 的 Brent Thill 的問題。

Shantanu, on the DX business, I'm just curious if you could just give us an overview of what you're seeing there. Are you still seeing the big deals? Are you seeing a higher number of smaller transactions? And then can you just talk through the pipeline, just general kind of set up what you're seeing in terms of the overall DX business and in how customers are behaving?

Shantanu，關於數位轉型（DX）業務，我很好奇您能否概述您目前觀察到的情況。您那邊的大單交易還在嗎？還是小額交易的數量更多了？您能否談談整個流程，大致介紹一下您觀察到的數位轉型業務的整體情況以及客戶的行為？

Happy to, Brent, and I hope we get to see you next week at Summit because then you'll also get to meet a whole bunch of customers. And Anil, certainly feel free to add. I mean I think we saw some really good transformational deals. I think both Dan and Anil referred to that. And so companies that are looking at Adobe to help them with their entire end-to-end customer experience management, good strength there, Brent. I mean those tend to be ones that we have worked with for many years and some that are really looking at it as strategic. So I would say that segment, the pipeline associated with people who are looking for a comprehensive and integrated CXM solution, is pretty large.

很高興能和你見面，布倫特。我希望下週的高峰會能見到你，因為屆時你也能見到很多客戶。阿尼爾，你也請補充。我的意思是，我們看到了一些非常棒的轉型合作。我想丹和阿尼爾都提到了這一點。所以，那些尋求 Adob​​e 幫助以實現端到端客戶體驗管理的公司，這方面實力很強，布倫特。我的意思是，這些公司通常是我們合作多年的老客戶，其中一些公司確實將其視為策略性舉措。因此，我認為，這部分客戶，也就是那些尋求全面整合式 CXM 解決方案的客戶，數量相當龐大。

I think as it relates to what we call the solution-led segment as well, which is people who may have our Analytic solutions and want Content solutions or those who have both of those and want Journey Optimizer or Customer Journey Analytics or certainly the Commerce solutions, that's another part of the business where we are making sure that we can upsell. I know Anil, typically at every FA meeting, gives you stats and metrics on how we're making progress. So that is one. Given we have the customer relationship and we have the customer engagement, and we have customer success managers, I think, continuing to penetrate a customer account, that's where also we see pipeline. And that's a pipeline that's driven, frankly, by us.

我認為，這與我們所謂的「解決方案主導型客戶群」也息息相關。這類客戶可能已經擁有我們的分析解決方案，但想要內容解決方案；或者他們已經擁有這兩種解決方案，但想要旅程優化器、客戶旅程分析，當然還有電商解決方案。這是我們業務中另一個需要確保能夠追加銷售的領域。我知道Anil通常會在每次財務顧問會議上提供統計數據和指標，說明我們所取得的進展。這是一方面。鑑於我們擁有良好的客戶關係、客戶互動以及客戶成功經理，我認為，持續深入挖掘客戶帳戶，也是我們看到銷售管道拓展的關鍵。坦白說，這個銷售管道是由我們推動的。

I think in terms of the geographies, we continue to see strength in North America. I think when you think about EMEA, that remains an area of strength. There are some areas in Asia, some countries in Asia. So our job there, really, Brent, has been how do you drive a large pipeline, understanding that there's going to be different companies that look at this differently in specific quarter. But we are focused on the addressable market.

我認為從地域上看，北美市場依然強勁。歐洲、中東和非洲地區（EMEA）也仍是優勢區域。亞洲部分地區和國家也表現不俗。所以，布倫特，我們在那裡的主要任務是如何推進龐大的專案儲備，同時也要意識到，不同的公司在特定季度會有不同的考量。但我們始終專注於目標市場。

Anil, I don't know if you have other stuff to add.

阿尼爾，我不知道你還有沒有其他補充。

I think the only thing I would say is I think the themes that we're going to sit on at Summit, personalization at scale, Content Supply Chain, even for customers who are starting with a single product, they like the vision because they know that, that is what is key to driving the digital growth and driving profitable growth. So even if they're starting with one and focusing on value realization, they have their eye on a longer-term road map, and that benefits our relationship with them.

我想說的是，我們將在高峰會上探討的主題——規模化個人化、內容供應鏈——即使對於那些最初只推出單一產品的客戶來說，他們也認同這一願景，因為他們知道這才是推動數位成長和獲利成長的關鍵。因此，即使他們目前只專注於實現價值，他們也著眼於更長遠的發展路線圖，這有利於我們與他們的合作關係。

And Brent, the other thing I'll say, given this is the last question is, I think at Summit, you'll see some of the themes. I mean, certainly, content has been a theme for us for a long time. Data has been a theme for us for a long time. The focus on customer platform and CDP has been a big one. I think how this spreads its tentacles into the product and PLG, as David has said, so I think we have some exciting things that we'll talk about in that particular space in AI and how AI can help.

布倫特，鑑於這是最後一個問題，我還要補充一點：我認為在峰會上，你會看到一些主題。當然，內容一直是我們的重點，數據也是。我們一直非常關注客戶平台和客戶資料平台（CDP）。正如大衛所說，我認為重點在於這些因素如何延伸到產品和產品生命週期管理（PLG）領域。因此，我認為我們將在人工智慧領域探討一些令人興奮的話題，以及人工智慧如何發揮作用。

So we're not just resting on what we have today as an integrated offering. Really, the innovative product road map across each one of our businesses, what David's been doing in creative, what's happening in documents on the web and mobile devices and what Anil's going to show, I think that's also what gives us a lot of confidence that we're anticipating and solving customer problems. And so it was a strong start to Q1. And based on the product innovation, we really continue to be excited about the opportunity that we have at Adobe, and we look forward to seeing all of you at Summit.

所以，我們並不滿足於現狀，我們並沒有止步於現有的整合產品。事實上，我們各個業務部門的創新產品路線圖，David 在創意領域的工作，Web 和行動裝置文件領域的發展，以及 Anil 即將展示的內容，都讓我們充滿信心，相信我們能夠預見並解決客戶的問題。因此，第一季開局強勁。基於產品創新，我們對 Adob​​e 的發展機會充滿信心，期待在高峰會上與大家相聚。

Thanks, everyone, for joining the call. Like Shantanu said, we hope to see many of you next Tuesday at Summit. I look forward to talking to many of you soon, and this concludes the call.

感謝各位參加本次電話會議。正如Shantanu所說，我們希望下週二在峰會上見到大家。我期待很快與大家交流，本次電話會議到此結束。

Thank you. This does conclude today's meeting. Thank you for your attendance, and you may now disconnect.

謝謝。今天的會議到此結束。感謝各位的出席，現在可以斷開連結了。