(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.

美好的一天，歡迎參加 Adobe 2023 財年第一季度收益電話會議。今天的會議正在錄製中。現在，我想將會議轉交給投資者關係副總裁 Jonathan Vaas。請繼續。

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，感謝您加入我們。今天與我通話的有 Adobe 董事長兼首席執行官 Shantanu Narayen；數字媒體總裁 David Wadhwani；數字體驗總裁 Anil Chakravarthy；執行副總裁兼首席財務官 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.

在這次正在錄音的電話會議上，我們將討論 Adobe 2023 財年第一季度的財務業績。您可以在 Adobe 的投資者關係網站上找到我們的新聞稿以及我們準備好的評論和財務結果的 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，截至今天，即 3 月 15 日，並包含涉及風險、不確定性和假設的前瞻性陳述。實際結果可能與這些聲明中的結果存在重大差異。要討論這些風險，您應該查看今天的新聞稿和 Adobe 提交給 SEC 的文件中討論的因素。

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.

在這次電話會議上，我們將討論 GAAP 和非 GAAP 財務措施。我們報告的結果包括 GAAP 增長率和固定匯率。在本次演示中，除非另有說明，否則 Adobe 的高管將參考恆定的貨幣增長率。我們的收益發布和 Adobe 的投資者關係網站上提供了對賬。

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 峰會將於 3 月 21 日星期二在拉斯維加斯威尼斯人會展中心舉行。在第一天的主題演講之後，我們將在太平洋時間上午 11:30 舉辦一場有金融分析師和投資者參加的問答環節.活動的音頻將現場直播，重播將在 Adobe 的 IR 網站上提供。有關峰會和議程的更多詳細信息，請訪問 summit.adobe.com。

I will now turn the call over to Shantanu.

我現在將電話轉給 Shantanu。

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，感謝您加入我們。 Adobe 第一季度表現強勁，在我們的 Creative Cloud、Document Cloud 和 Experience Cloud 業務中推動創紀錄的收入。我們實現了 46.6 億美元的收入，同比增長 13%。本季度 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.

數字正在重塑我們與周圍世界聯繫和互動的方式。我們的表現證明了 Adobe 產品在推動全球數字經濟方面發揮的關鍵作用，讓世界各地的每個人都能想像、創造並將任何數字體驗變為現實。我們正在執行我們的戰略，以釋放所有人的創造力、加快文檔生產力和推動數字業務，實現我們的創新產品路線圖並吸引越來越多的客戶，從個人到小型企業再到大型企業。

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.

鑑於最近的新聞報導，我想提供有關我們即將收購 Figma 的過程和時間的最新信息。我們仍然對有機會推進產品設計、加速 Web 上的協作創造力以及重新定義創造力和生產力的未來感到興奮。潛在的合併繼續受到客戶、行業分析師和合作夥伴的歡迎。此外，我們正在通過監管流程為整合做準備。從一開始，我們就為所有可能的情況做好了充分準備，同時對監管環境持現實態度。我們已經完成了美國司法部第二次請求的發現階段，並準備好進行下一步，無論是批准還是挑戰。 Adobe 對案件背後的事實充滿信心。根據當前的流程時間安排，我們認為該交易將繼續按計劃在 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.

不用說，我們第一季度的成功表明，我們繼續無情地專注於利用我們巨大的機會，獨立於這種組合。

David, over to you.

大衛，交給你了。

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，山塔努。大家好。我們生活在一個以數字為先的視覺世界中，內容創建和消費呈爆炸式增長，消費者、學生和企業需要創建引人注目的內容並提升他們的在線形象。因此，越來越多的人轉向 Creative Cloud，它仍然是圖像、設計、視頻、插圖和動畫以及 3D 和增強現實等新媒體類型創意的卓越目的地。我們繼續看到對我們的旗艦應用程序的強勁需求，包括 Photoshop、Lightroom、Illustrator、Premiere Pro 和 Acrobat，並對我們通過 Adobe Express 獲得的吸引力感到興奮。

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.

第一季度是 Creative Cloud 的強勁季度。我們實現了 3.07 億美元的淨新創意 ARR 和 27.6 億美元的收入，同比增長 13%。第一季度的亮點包括漏斗頂部流量的強勁增長，這導致了從個人到中小型企業再到大型企業的全球市場和客戶群的所有途徑對創意云應用程序的健康新需求。

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.

使用 Photoshop 和 Lightroom 等產品進行成像的需求和移動應用不斷增加。 Lightroom mobile 現在是三星 Galaxy S-23 系列高端照片編輯體驗的默認照片編輯器。

Continued momentum for Premier 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.

Premier Pro、After Effects 和 Frame.io 的持續發展勢頭，它們是視頻編輯和協作領域的領導者。聖丹斯電影節超過 2/3 的電影，以及奧斯卡獲獎影片 Everything Everywhere All at Once 和 Navalny，都是使用我們的視頻產品剪輯的。

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.

Amazon、Burberry 和 Louis Vuitton 等品牌迅速採用 Substance 3D。 Substance 3D 團隊榮獲技術奧斯卡獎，以表彰其 3D 功能使蜘蛛俠、星球大戰和銀翼殺手 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.

對高質量圖像、矢量、視頻和 3D 內容的需求推動了我們 Adobe Stock 業務的加速發展。

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 的勢頭強勁，學生、小型企業和創意專業人士等細分市場的月活躍用戶同比顯著增長。我們正在積極推動新用戶和現有 Creative Cloud 訂閱者的採用，他們現在在需要快速和輕鬆時使用 Express，我們期待即將發布具有增強性能、協作功能和新視頻創作功能的重大升級和混合媒體。

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.

令人興奮的新產品介紹，包括我們的 Character Animator 和 Adobe Podcast 測試版。 Adobe Podcast 是一款基於網絡、人工智能驅動的音頻錄製和編輯應用程序，非常適合不斷發展的播客行業。它使每一次錄音，即使是在繁忙的地方用手機完成的錄音，聽起來都像是在錄音室裡錄製的。

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

本季度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 data sets, 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.

我們的創新引擎繼續全速運轉，重新構想創造力的未來。去年 10 月，我們在 MAX 上預覽了 Adobe 的一些生成式 AI 技術。我們一直在努力在我們的專有數據集上訓練 Adobe 模型，創建 API，設想新服務並將所有這些功能集成到我們現有的應用程序中作為創意副駕駛。這些創新的開發和部署符合 Adobe 的問責制、責任和透明度的 AI 道德原則。請繼續關注定於下週與 Adobe 峰會一起發布的一些激動人心的公告。

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.

數字文檔正在提高家庭和工作中的生產力，無論用戶是在提交納稅申報表、提交銷售合同、請求對營銷活動的反饋還是完成在線銀行交易。 Adobe Document Cloud 是數字文檔領域的領導者，它重新定義了人們在桌面、Web 和移動設備上查看、編輯、共享、掃描和簽署文檔的方式。

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 的收入達到創紀錄的 6.34 億美元，同比增長 16%，淨新 ARR 達到 1.03 億美元，年末 ARR 按固定匯率計算同比增長 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.

第一季度的亮點包括對 PDF 的持續需求，在 Acrobat Chrome 擴展中打開的文檔數量顯著增長，以及新的集成將使 Acrobat Reader 成為 Microsoft Edge 中超過 10 億 Windows 用戶的默認 PDF 查看器；由於 PDF 相關動詞的搜索量和我們 Web 產品不斷優化的渠道，Acrobat Web 的每月活躍用戶顯著增長；受集成功能需求的推動，Acrobat 的持續擴散，例如用於協作的 Share for Review 和用於電子簽名的 Adobe Sign；隨著我們的生態系統和企業客戶繼續定制和集成文檔服務，API 交易顯著增加；從個人到中小型企業再到大型企業，對全球市場和客戶群的所有途徑的強勁需求；贏得的主要客戶包括蒙特利爾銀行、惠普、摩根大通、荷蘭國防部、三星和 Verizon。

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.

鑑於第一季度的強勁表現、對我們產品的需求和我們的創新路線圖，我們很高興提高我們的 FY '23 數字媒體淨新 ARR 目標。

I'll now pass it to Anil.

我現在將它傳遞給 Anil。

Thanks, David. Hello, everyone. During the 2022 holiday season, e-commerce drove a record $211 billion, with 38 days of $3-plus 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，大衛。大家好。根據 Adobe 數字經濟指數，在 2022 年假期期間，電子商務帶動了創紀錄的 2110 億美元，其中 38 天的每日支出超過 30 億美元。 B2B 和 B2C 領域的公司需要一個集成的客戶體驗管理平台，使他們能夠預測並滿足客戶的期望。如今，數字化對於通過在整個渠道中提供引人入勝且高效的客戶體驗來推動公司盈利增長尤為重要，而 Adobe 在推動以體驗為主導的增長方面具有獨特的優勢。

Experience Cloud offers a comprehensive portfolio of products that span the entire experience life cycle, 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 off-line channels to deliver personalized experiences at scale.

Experience Cloud 提供全面的產品組合，涵蓋整個體驗生命週期，從營銷規劃和工作流程到數據洞察和激活，再到內容和商務以及客戶旅程。我們的實時 CDP 原生構建於 Adobe Experience Platform 之上，為企業提供可操作的客戶檔案，利用線上和線下渠道的數據大規模提供個性化體驗。

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，我們繼續推動 Experience Cloud 業務的強勁增長，實現了 11.8 億美元的收入。訂閱收入為 10.4 億美元，同比增長 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 Adobe 全面的產品集來創建和提供引人入勝的體驗的一個很好的例子。 Petco 使用 Creative Cloud 創建內容和 Experience Cloud，包括實時 CDP 和 Adobe Journey Optimizer，以在其寵物護理生態系統中協調個性化體驗，包括獸醫護理、美容、培訓和保險。

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 提供個性化體驗並提高營銷績效，並利用 Creative Cloud 和 Document Cloud 加快其業務線的內容速度。

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.

第一季度的其他亮點包括高保留率和對服務的強烈需求，表明我們的客戶關注長期價值實現； Adobe Experience Platform 和我們的原生應用程序的強勁增長，包括實時 CDP、Adobe Journey Optimizer 和 Customer Journey Analytics； Workfront 的動力，它正在為工作流程提供動力，以幫助全球團隊輕鬆高效地協作和啟動活動；在分析、內容管理和 CDP 方面對單一產品競爭對手的重大勝利凸顯了 Adobe 的差異化；在行業分析報告中處於領先地位，包括 Forrester Wave 數字智能平台、Forrester Wave 跨渠道營銷中心和 Gartner 數字體驗平台魔力像限；大量轉型交易，包括 Accenture、Carnival AIDA、Costco、IBM、MetLife、Paramount、Pfizer、S&P Global、TD Bank 和 Tim Hortons。

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.

數字體驗業務今年開局強勁。企業專注於通過數字渠道推動收入增長，同時提高客戶體驗和營銷投資的效率。 Experience Cloud 具有獨特的優勢，可以幫助全球的企業客戶實現盈利增長。

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，我們很高興舉辦 Adobe 峰會，這是世界上最大的數字體驗會議。這是我們自 2019 年以來第一次在拉斯維加斯親自聚會，來自世界各地的數以萬計的客戶、合作夥伴和開發人員將在線參加我們的活動。除了在 Experience Cloud 上展示激動人心的新技術創新之外，我們還將接待來自數家處於數字經濟前沿的公司的鼓舞人心的 C 級高管。

I'll now pass it to Dan.

我現在將它傳遞給 Dan。

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，阿尼爾。今天，我將首先總結 Adobe 在 2023 財年第一季度的業績，重點介紹我們業務的增長動力，最後我將提出財務目標。

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.

第一季度對 Adobe 來說是一個良好的開端。我知道現在每個投資者都在關注宏觀經濟，您可以在我們的財務業績中看到 Adobe 業務的彈性和多元化。當今的企業正在確定投資的優先順序，以最大限度地提高回報和影響，以提高收入並提高運營效率。個人正在尋求創建內容，使他們能夠跨數字平台連接並脫穎而出。在這種環境下，對我們產品的需求持續強勁，因為在數字內容和參與推動全球經濟的世界中，我們的解決方案對客戶來說至關重要。我們的產品差異化、創新引擎和數據驅動的運營模式正在繼續推動 Adobe 的發展。

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、行業領先的利潤率、強勁的現金流狀況和良好的業績記錄。隨著我們繼續在核心業務中創新並創建和擴展新興業務以推動盈利增長，我想不出有哪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，同比增長 9% 或按固定匯率計算增長 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.

業務和財務亮點包括 GAAP 攤薄每股收益 2.71 美元和非 GAAP 攤薄每股收益 3.80 美元，數字媒體收入 34 億美元，新數字媒體 ARR 淨值 4.1 億美元，數字體驗收入 11.8 億美元，運營現金流16.9 億美元，RPO 為 152.1 億美元，退出本季度並在本季度回購約 500 萬股我們的股票。

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.

在我們的數字媒體部門，我們實現了 34 億美元的第一季度收入，同比增長 9% 或按固定匯率計算增長 14%。我們以 136.7 億美元的數字媒體 ARR 結束了本季度。

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，同比增長 8% 或按固定匯率計算增長 13%，並且本季度我們增加了 3.07 億美元的淨新創意 ARR。

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.

第一季度的創意增長驅動因素包括新用戶增長，由客戶需求和有針對性的營銷活動推動，這推動了本季度網絡流量的增加；跨客戶群和地域採用我們的 Creative Cloud All Apps 產品；從我們的教育部門畢業的學生進入創意專業就業市場；繼續加強銷售我們新的 Acrobat CC 產品，其中包括集成的符號功能；個人應用程序的許可，包括我們的成像和攝影產品的強勁季度；高增長業務的發展勢頭，例如 Substance 和 Stock，我們在這兩個季度創造了巨大的新業務，而 Frame 則成功地向我們的視頻客戶群進行了交叉銷售；并快速開始銷售到我們的大型企業客戶。

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 的文檔雲收入為 6.34 億美元，同比增長 13%，按固定匯率計算增長 16%。我們在本季度增加了 1.03 億美元的淨新 Document Cloud ARR。

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.

第一季度 Document Cloud 的增長動力包括 Acrobat Web 的持續增長，證明了我們以產品為主導的增長戰略的成功；我們的 Acrobat 移動客戶的轉化率和保留率的實力；所有客戶群對 Acrobat 訂閱的需求；成功地在 SMB 和中端市場中產生了對 Acrobat Sign 的新客戶需求；和企業實力，推動我們 Acrobat 業務的席位擴張。

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.

轉向我們的數字體驗部分。第一季度，我們實現了 11.8 億美元的收入和 10.4 億美元的訂閱收入，同比增長 12% 或按固定匯率計算增長 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.

第一季度數字體驗增長驅動因素包括成功完成與大型企業的大量轉型交易，這些企業選擇 Adobe 作為其端到端 CXM 平台以大規模推動個性化；我們的 AEP 和本機應用程序勢頭強勁，業務量同比增長超過 50%；我們的內容和 Workfront 解決方案具有優勢，因為我們的內容供應鏈戰略引起了客戶的共鳴；我們企業客戶的續訂率繼續保持強勁；和跨多個地區的銷售執行。

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.

轉向損益表和資產負債表。在第一季度，我們繼續執行我們的戰略，即進行有紀律的投資以推動增長，同時尋找節省成本的機會來推動收益。

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 第一季度的有效稅率在 GAAP 基礎上為 22%，在非 GAAP 基礎上為 18.5%，符合我們的預期。對於 2023 財年，Adobe 的管理層採用固定的長期預計非 GAAP 稅率來評估和報告經營業績，我們認為這可以清楚地了解 Adobe 的財務業績。固定的長期非 GAAP 利率考慮了我們當前的運營結構、現有的稅收狀況、立法和可用的預測信息。該比率基於 3 年預測，可能會根據未來的變化進行調整。

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

本季度的 RPO 為 152.1 億美元，同比增長 10% 或 13%（考慮到 3 個百分點的外匯逆風）。

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.

我們退出第一季度的期末現金和短期投資頭寸為 56.5 億美元，本季度運營產生的現金流量為 16.9 億美元。在過去的一年裡，我們完成了對我們的短期投資和有價證券的徹底審查，以確保我們為當前環境做好準備，並偏向投資級範圍的高端。 Adobe 在矽谷銀行或任何地區性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.

在第一季度，我們簽訂了 14 億美元的股票回購協議，目前我們在 2020 年 12 月授予的 150 億美元授權中還有 52 億美元，該授權將持續到 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.

鑑於今年的強勁開局和我們業務的發展勢頭，並考慮到宏觀經濟環境，對於第二季度，我們的目標是 Adobe 總收入為 47.5 億美元至 47.8 億美元，數字媒體淨新 ARR 約為 4.2 億美元，數字媒體部門收入為 34.5 億美元至 34.7 億美元，數字體驗部門收入為 12.1 億美元至 12.3 億美元，數字體驗訂閱收入為 10.6 億美元至 10.8 億美元，按 GAAP 計算的稅率約為 21.5%，按非 GAAP 計算的稅率約為 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.

由於第一季度的強勁表現和業務軌跡，我們提高了 2023 財年淨新 ARR 和 EPS 目標。對於 2023 財年，我們現在的目標是數字媒體淨新 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，我對我們在第一季度強勁的收入和利潤執行感到滿意，展示了我們今年建立的勢頭。我們強大的創新引擎與我們嚴謹的運營相結合，正在推動盈利增長，並使我們能夠很好地把握家門口的巨大增長機會。

Shantanu, back to you.

山塔努，回到你身邊。

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 第一季度的業績凸顯了我們的強勁勢頭和我們在業務中擁有的重大機遇。我們很高興下週回到拉斯維加斯參加 Adobe 峰會。除了揭開 Experience Cloud、Creative Cloud 和 Document Cloud 的幾項新創新之外，我們還將分享我們如何在數十年的 AI 領導地位的基礎上提供重新定義創造力和客戶體驗的生成 AI 技術。我們期待在那裡見到你。

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 在世界各地的員工激勵我們不斷提高標準，創造未來。本季度，我們連續第五年入選 Glassdoor 的最佳工作場所、彭博社的性別平等指數； CDP A 清單，承認領導力和環境影響。我們的知名品牌、關鍵任務產品和龐大的客戶群創造了無與倫比的優勢，將推動我們的發展。

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

謝謝，我們現在開始提問。操作員？

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

（操作員說明）我們將從德意志銀行的 Brad Zelnick 那裡回答我們的第一個問題。

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?

祝賀今年開局非常強勁。丹，您的指南明確嵌入了對宏觀環境的假設。您能否與我們分享這些是什麼以及這些假設與幾個月前您上次指導時相比可能發生了怎樣的變化？

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確實沒有改變。我認為我們很清楚，在我們制定年度指導時，我們所處的環境。我們看到了其他人看到的環境。我想你可以看到公司在這種背景下表現非常好。因此，我們對自己的處境、與客戶互動的方式及其在該環境中的廣泛多元化表現感到滿意。因此，我們喜歡我們的設置方式，但宏觀環境背後的假設確實沒有改變。我們看到的環境與其他人看到的相同。

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

我們將從 Alex Zukin 和 Wolfe Research 提出下一個問題。

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?

所以也許你認為背後的驅動力是什麼——這麼多公司都在談論更長的銷售週期，難以關閉業務。你有一個出色的季度，特別是在企業內部。那麼，也許是什麼為您沒有看到的其他人帶來這些宏觀逆風，或者特別是您的彈性？

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.

然後在指標主題上，當我們查看收入、RPO、數字媒體 ARR、營業利潤率時，每個指標都很強。但也許你能談談本季度的遞延收入嗎？那裡有什麼逆風嗎？因為看起來自由現金流確實比我們預期的要輕一些。

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.

我先來，亞歷克斯，然後也許丹可以和第二個談談。我的意思是，我認為，正如 Dan 所說，當我們審視宏觀經濟形勢時，你會看到強大的公司實際上全面參考了這一點，無論是消費者、中小企業，還是全球企業，我認為現實情況是，數字化對他們來說是勢在必行的。對於擁有創新解決方案的公司來說，這確實是順風。我認為很多公司關注的是企業肯定會分享的信息，即如果之前的重點是不惜任何代價實現增長，那麼他們肯定會尋求更有利可圖的增長。而且我認為，如果您在創意、文檔或企業方面查看我們的解決方案，我們會幫助他們。我們幫助他們實現增長，但我們幫助他們實現盈利增長和與客戶互動。

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.

我要說的第二件事是這裡有一個很大的 TAM。因此，我認為我們在這種環境下的工作是確保我們有一個更大的管道來解決和吸引，因為關閉率可能存在一些差異。但我認為，如果你從總體上看，我們的工作就是審視它並說明我們如何使自己與眾不同。

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，我想我還要說的一件事是，許多提供單一產品的公司，我認為他們可能會遇到更多的阻力，因為某家公司可能不會把他們提供的產品的一部分作為優先事項。而且我認為很多公司都在關注它並說，“如果我們從事數字化，我們可能會將我們的重點從內容管理轉移到客戶數據平台的實施上，”或者可能會更多地關注活動或確保廣告支出，與之相關的歸因。所以我認為團隊已經執行了反對繼續嘗試和推動巨大機會的做法。

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.

我認為我們感覺良好的另一件事是，無論是峰會還是在美國和英國，我們都期待與他們面對面交流，因為我們可以與他們進行更多的面對面交流。因此，希望這能讓您了解為什麼實力更強的公司比其他公司表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.

亞歷克斯，我將跳入問題的第二部分。當我們考慮按固定匯率計算 RPO 同比增長 13% 時，您會考慮遞延收入、未開票積壓的潛在表現，這在 RPO 的這兩個維度上非常相似。如果你考慮現金流，我要指出的一件事是，我們都知道圍繞研發費用資本化的稅收法規發生了變化。我們在設定年度目標時表示，我們將從本季度開始增加現金稅，這就是您通過運營現金進行分析所看到的。

Perfect. Congrats.

完美的。恭喜。

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

（操作員說明）我們將從摩根士丹利的 Keith Weiss 那裡接聽下一個問題。

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.

一個非常好的季度。我認為我的問題實際上是對前兩個問題的深入探討。丹，也許會深入了解布拉德的問題，從市場角度和投資者角度來看，我們擔心矽谷銀行和其他銀行倒閉等此類增量影響。而且你會看到像 Meta 這樣的大商店在前進的基礎上繼續減少員工人數。所以我認為市場越來越擔心潛在的宏觀影響。

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?

但是你們走了另一條路。與第一季度一樣，您正在為數字媒體增加新的 ARR。那麼，您能否具體地向我們介紹一下，是否有任何機械或某種戰術，如果可以的話，這會讓你們有信心，即使我們看到那裡的波動加劇，你們也會感到舒服在第一季度接受全年指南？然後在等式的另一邊，關於自由現金流，你能不能為我們指定，你可以讓我們了解這些現金稅將隨著時間的推移去哪裡，以幫助我們調整我們的模型？

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。因此，讓我以相反的順序進行介紹。就現金稅而言，研發資本化有 5 年的攤銷期。因此，您最初會看到現金稅大幅增加。但在這 5 年的攤銷期內，它將收斂於報告的稅率。這就是一般情況，這就是為什麼你看到第一季度的顯著提升現在才開始這個過程。

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，顯然，公司表現良好。你看到了我們業務的多元化。這是跨地域、行業、產品組合的。該公司只是在廣泛的基礎上表現良好。憑藉這種表現和我們擁有的勢頭，以及我們對全年的可見性，我們認為以反映我們認為公司特定業績機會的方式與投資者設定預期是謹慎的做法。

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.

當我退後一步思考是什麼推動了這種環境中的差異性能時，我認為我們的產品對我們的客戶來說是關鍵任務。我們正處於他們創收的關鍵道路上。但隨著世界走向數字化，這些投資被優先考慮，我們不僅幫助公司推動收入增長，還幫助他們提高隨之而來的潛在生產力。這就是為什麼在這種環境下，客戶會優先考慮我們銷售的產品以幫助他們取得成功。它解決了頂線性能以及我們客戶的潛在盈利能力。因此，在關鍵路徑上，對客戶來說是關鍵任務，我們認為這是 Adobe 的力量和公司的績效得到閃耀的環境類型。

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。我將添加一些特定於數字媒體的內容。我們擁有的增長基礎，即使在這個市場上，我們仍然感到非常重要的順風。 Shantanu談到了企業業務的實力。每個企業都需要成為數字企業。數字內容正在推動全球經濟。對於較小的組織和個人也是如此。

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.

如果你看看創作者經濟，我們會看到越來越多的人開始創建自己的個人在線品牌。所以我們看到了一個非常強大的數字漏斗。同樣，我們訪問 adobe.com 的流量也是有史以來最高的。即使在中小型企業中，他們最需要投資的業務部分也是數字渠道，正如 Dan 所說的那樣。

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，然後將我們在業務中擁有的增長動力的多樣性分層，無論是新用戶獲取，還是現有用戶的追加銷售，無論是保留率，還是新業務，如 Substance 或 Stock 或我們擁有的定價和包裝機會。這些槓桿中的每一個都對我們非常有成效。

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.

就主要增長動力而言，它一直是新用戶獲取。到目前為止，它是最大的貢獻者。我們在過去一年或 1.5 年中所做的許多 PLG 工作不僅有助於漏斗頂部，而且有助於漏斗頂部的轉換。

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.

在追加銷售和遷移方面，我們在教育方面投資了十年或更長時間，現在我們擁有一個非常有效的渠道，畢業的學生可以有效地升級並遷移到全價產品。這為我們帶來了非常強大的 Creative Cloud 個人所有應用程序季度。

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.

保留，我們一直在通過 PLG 做很多保留工作，但我們也一直在推動 Adobe Express 作為 Creative Cloud 業務的一部分的大量利用。所有這些結合在一起，形成了非常高的保留率。

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.

新業務，我們談到了 Substance 和 Frame 的超額增長，當然，我們一直在做的定價和包裝工作一直在為 CC 和 Acrobat CC/DC 作為一個整體做出貢獻。

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

所以展望未來，所有這些驅動因素和這些槓桿都完好無損，我們也有很多前進的機會。

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.

也許只是把它們放在一起，如果你看看它並說，嘿，我們在第一季度做了 4.1 億美元。我們的目標是在第二季度實現 4.2 億美元的淨新 ARR。如果我們沒有這樣做，你會問我們的問題是你對下半年發出了什麼信號。所以我認為這是一種表明業務發展勢頭的方式。

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

我們將從 Jake Roberge 和 William Blair 那裡接聽我們的下一個問題。

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?

恭喜取得好成績。我只想雙擊您在準備好的評論中在多個業務領域中提到的養老金評論。在推動這些結果的宏觀不確定性時期，您有什麼具體的做法有所不同嗎？您是否開始看到 Express 在保留指標方面有所幫助，因為客戶知道他們實際可以升級到的層級？

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.

好吧，現在幾年來，我們一直非常專注於我們過去稱之為數據驅動的運營模型，並且非常專注於通過敘述和數字來推動業務。所以我認為，正如大衛所說，我們繼續擁有不同的產品，他真正關注的是我們如何獲得它們，我們如何吸引它們，用途是什麼，我們如何確保它們獲得價值產品，我們如何不斷地告訴他們有什麼新鮮事。

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.

然後我認為當 David 進來並介紹了產品 PLG 的概念時，我認為這部分也真正開始反映在確保客戶知道我們正在構建與他們的痛點相關的產品和功能上有。所以我會說基礎業務，雖然它們在某種程度上是數字化的當務之急，但我不會低估團隊繼續在這方面或在 DX 中所做的令人難以置信的執行。我的意思是您如何看待我們銷售的解決方案？如何理解交叉銷售？你怎麼理解追加銷售？而且我認為投入的時間和工作時間有時並不值得讚賞，但我非常尊重和感謝團隊所做的一切。因此，我認為，大量執行是簡短的答案。

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

我們將從美國銀行的 Brad Sills 那裡接聽下一個問題。

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?

我想問一下您在這裡使用 Communicator 和消費者部分使用 Creative Cloud Express 生成的漏斗活動的頂部，您在那裡看到的成功。這裡發布了一些激動人心的新公告，聽起來像是 Creative Cloud Express 的增強功能。我們是否可以將其解釋為意味著您可能更多地轉向向這些客戶追加銷售 Creative Cloud Express 隨附的一些新功能和產品，而不是您迄今為止非常成功的渠道活動頂部？

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。正如山塔努所說，這是一個整體過程。首先，在過去的幾年裡，我們花了很多時間在產品主導的增長上。這給了我們信心，當人們來到 Adobe.com 並了解產品時，他們將獲得出色的入職體驗。他們更有可能轉換，他們更有可能留下來，然後開始給我們更多的信心和增長，以改善在終身價值方面已經世界一流的東西。

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.

發生這種情況時，我們一直在針對 Photoshop、Acrobat 和 Illustrator 開展更有針對性的活動，例如，這些活動更有針對性地針對產品本身的增長活動和登陸頁面。實際上，我們一直在將所有對外營銷活動與產品本身的登陸頁面聯繫起來。因此，我們已經能夠真正增加我們的需求努力和與之相關的投資回報率，從而將更多流量帶到漏斗頂部。

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，我們一直在增長循環方面投入大量資金。因此，人們現在可以在使用產品時將內容實際分享給利益相關者。這些利益相關者能夠查看該內容，但也成為我們的漏斗頂端機會。以 Acrobat Web 為例，我們發現 Acrobat Web 的使用量大幅增加，原因是共享以供審閱。因此，這為我們帶來了更多的漏斗頂部。

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.

第三是夥伴關係。例如，我們一直與微軟密切合作。例如，我們已經宣布 Reader 將成為 Edge 中的默認 PDF 查看器，它現在使我們能夠訪問基於 Windows 設備的超過 10 億用戶。因此，正是這些活動的雜音最終導致了強大的漏斗頂部。然後，正如我們所說，這實際上是關於大規模推動個性化體驗的艱苦工作和數據，利用 Anil 的大量 DX 業務和產品來推動用戶一直到轉化。

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

我們將從 Michael Turrin 與 Wells Fargo Securities 的線上回答我們的下一個問題。

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 DM side, just what's happening there.

偉大的。突出的一件事是你提到了戰勝單一產品競爭對手和數字體驗方面的幾個關鍵領域。我們能否更深入地了解這種環境以及私營公司方面正在發生的一些事情，也許會提供您現在可以利用的機會？我只是對 DX 和 DM 方面的情況更加好奇，那裡發生了什麼。

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。讓我從數字體驗方面開始。我們擁有廣泛而全面的產品組合，並且與 Adobe Experience Platform 集成。因此，從客戶的角度來看，他們兩全其美。他們獲得了一流的應用程序，無論是內容和商務、客戶旅程還是數據洞察力或工作流、營銷工作流，他們還受益於與 Adobe Experience Platform 和我們在那裡構建的本地應用程序的集成。

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，即您如何通過數字渠道保持增長並獲得收入增長，但您還可以通過整合獲得效率的好處。這就是我們相信我們真正閃耀的地方，因為客戶正在查看他們的整體堆棧。與他們在 IT 企業架構的其他方面所做的類似，他們正在尋找我可以真正標準化並圍繞其構建的首選平台，因此我們正在從該選擇中受益.

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 DME 方面，我們只關注市場上圍繞單一產品參與者的所有能量，無論是移動應用程序，還是 Web 應用程序，還是我們圍繞生成 AI 所擁有的令人興奮、令人難以置信的興奮，真正專注於推動漏斗頂部，因為它推動了人們對創造力和人們想做的事情的大量認識。最終，當他們利用這些應用程序時，因為他們認為自己更具增值性，所以他們不可避免地會出現在我們的門口。

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

我們將從 Kash Rangan 與高盛的行中提出下一個問題。

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.

我只想繼續說 David 談到了生成式 AI 的興奮之處；任何想加入的人。這對 Adobe 意味著什麼？這是否只是在某種程度上替代了您擁有的所有機會？還是有點增量或大量增量？ Adobe 如何通過生成 AI 獲利？這是您可以創建單獨的 SKU 或收取更多費用的東西嗎？我很想從數量和質量上了解您的想法。

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-printer 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，卡什，我想大約有 3 或 4 個問題，但都是相關的，很高興能很快回答這些問題。玩的不錯首先，我們堅信，這實際上是為了增加用戶總數。正如我們在 MAX 上談到的，這是關於增強人類創造力，而不是取代它。最終，無論您是單獨打印的 SMB 還是企業，我們都會聽到同樣的事情，那就是您需要創建比今天更多的內容。

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，這確實很好地發揮了我們的核心優勢。如您所知，我們幾十年來一直專注於 AI，例如神經過濾器和對象選擇。數百種其他功能都基於 AI 為我們服務。他們提高了創造力，提高了生產力，幫助人們跟上對內容的需求。它們還讓人們更容易融入體驗。因此，我們已經能夠擴大人們開始利用和使用我們的核心產品的機會。

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.

我們現在已經能夠利用我們研究組織中的數百人，真正將他們瞄準生成技術，我們認為這是向前邁出的一大步，利用我們所做的所有工作，但向前邁出了一大步向前。我們和業內其他所有人仍處於早期階段。

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.

因此，為了讓您了解我們的發展方向，在 MAX，我們談到了我們的願景，即不僅有效地創建內容，而且真正參與並將其嵌入現有工作流程中以創建一個創意副駕駛，我們將其稱為。從那時起，我們一直在努力創建我們自己的模型。我們關注的模型是圍繞輸出質量。所以它是關於同類最佳的生成人工智能，但將其與我們多年來討論過的 Adobe Magic 以及我們擁有的所有拍攝圖像並使它們變得更好的技術相結合。因此，我們認為輸出質量將有所不同。

The second thing is around commercial reuse. 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.

第二件事是圍繞商業再利用。這裡有很多關於版權、多樣性和包容性以及正在創建的有害內容的複雜問題。這是我們非常重視的事情，我們正在將其融入到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.

第三件事實際上是關於工作流集成。創建圖像只是一個開始。這不是結束。 Adobe 是唯一一家擁有完整端到端工作流程的公司，不僅包括我們在數字媒體業務中擁有的產品和工具，還包括 Anil 圍繞內容工作流程和內容供應鏈所做的一切到分發點。事實上，正因為如此，我們看到越來越多的其他 gen-tech 公司希望與我們合作。所以我們覺得我們處於一個非常有利的位置，我們將推出我們自己的模型，我們將與其他人合作以確保這一點，因為我們的分佈和我們在市場，我們可以將很多這種價值轉化為實際成果。敬請期待。下週在 Summit 上，我們將發布許多激動人心的公告並取得進展。

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.

最後是你的第四或第五個問題，貨幣化。我們對這對企業意味著什麼感到非常興奮。新用戶入職，我們再次認為，如果您可以通過使用文本提示開始想像自己具有創造力，我們可以帶您完成整個旅程並讓您進入其他 Adobe 產品。它也非常適合保留。我們一直看到，在我們的核心產品中使用的價值越多，保留率和 LTV 就越好。我們認為有追加銷售的機會。我們確實認為這些是我們可以推向市場並向人們追加銷售的獨特新包裝。

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

我們將從 Jay Vleeschhouwer 和 Griffin Securities 提出下一個問題。

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，首先是你，當我們在 MAX 上談到貨幣化的主題時，你提到了 Adobe 的新定價和包裝計劃，你今晚也提到了這一點。但是你當時也提到了第三種成分，那就是分割，這對我來說聽起來像是你在 CC 出現之前的日子裡取得成功的東西。那麼，就您回歸過去對公司來說相當有效的細分技術而言，這是您可以談論的事情嗎？

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?

然後對於 Anil，聽到您提到您與單一產品公司的競爭很有趣。當然，這不是新現象。您擁有多解決方案 DX 產品組合已有一段時間了。因此，您是否會說現在對單一產品競爭對手的勝利或勝利的幅度更加明顯，這是 DX 業務的更大部分？您是否會說您在過去一年中顯然在諮詢能力方面進行的投資是您現在在 DX 中看到的增長的關鍵促成因素？

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 and like Stock that allow people to go beyond what they can do with the core creative products.

是的。因此，從 DME 方面開始，Jay，為了更廣泛的理解，我們在 Adobe MAX 上談論的是這樣一種認識，即自從我們在 10 或 11 年前推出 Creative Cloud 以來，我們現在擁有一套更全面的功能，從Adobe Express 的免費增值模式，一直到我們的高端創意云產品，還有其他功能和軟件包，如 Substance、Frame 和 Stock，讓人們能夠超越核心創意產品的能力。

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.

除了發生的擴張之外的第二件事是，由於我們一直在推動更多的 DDOM 和更多的產品主導的增長，我們開始自動對客戶進行細分，不一定是今天根據他們購買的東西，而是他們的體驗他們已經在使用的產品。因此，這帶來了一個機會。然後回到我們為持續增長而擁有的所有槓桿，有機會在購買流程的早期開始將它們細分為滿足他們需求的報價和報價，並以有利於我們的客戶的方式優化價格的價值和當然，也有利於 Adobe。所以你可以期待看到我們繼續玩弄一切，從我們如何獲得新用戶、我們如何追加銷售用戶、我們如何留住他們、我們帶來的新業務，以及定價和包裝到你的觀點。

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，我只是想強調一下，我的意思是現實是，我們今天實際上對不同的設備有不同的定價，這是完全不同的。我們為那些通過網絡搜索獲得體驗的人提供基於網絡的定價，例如，他們通過 Acrobat Web 進行了更成功的搜索。

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.

因此，如果問題是我們什麼時候擁有設計收藏、Web 收藏或視頻收藏之類的東西，我的意思是現實是 CC All Apps，實際上有一個非常好的季度，被人們認為是新的籌碼對於 Creative 正在發生的事情，我們認為這是一個很好的產品。正如大衛所說，我的意思是無論是 Stock 還是 Substance 和我們的 3D 產品，我們在那裡所做的，這些確實被認為是個性化的差異化產品，對於 Photoshop 客戶，我們如何獲得它們使用這些其他產品之一。所以我認為我們在這方面做得非常好。

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 with 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 DX 的角度來看，我們顯然在 5 年前就開始投資 AEP。現在我們有很多客戶的例子，他們正在使用一些功能，比如統一配置文件或實時 CDP，以及在生產中大規模使用實時性能。因此，從客戶的角度來看，如果他們考慮單一產品，他們實際上知道集成產品的樣子，並且他們意識到這就是他們必須共同構建的產品，他們自己構建的產品。所以我認為這是選擇使用 Adobe 的產品，它已經與一流的應用程序集成，而不是他們必須將它們放在一起的單一產品。我認為這使對比更加鮮明。

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.

還有更多的審查。你不說嗎，阿尼爾？所以我認為正在發生的事情的一部分是，作為 IT 或首席營銷官，首席數字官正在全面考慮這個問題，圍繞誰可以為我們提供更全面的解決方案的公司進行更多的審查。所以你已經看到，傑伊，客戶對它的看法存在一定差異，這再次發揮了我們的優勢。

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

我們將從巴克萊銀行的 Saket Kalia 系列中提出下一個問題。

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。偉大的。本季度表現出色。我很想深入研究一下 Figma，非常了解它仍在進行中。所以大衛，也許對你來說。我知道您和團隊看到了像 FigJam 這樣的產品在真正補充 Creative Cloud 方面的機會。我想知道，隨著您花更多的時間在業務上，您是否看到了其他機會來獲得一些互補的機會。

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.

然後，丹，也許只是一個簡單的內務問題。您能否提醒我們 Figma 的收入重疊是什麼樣子的？我相信這是 Adobe XD 產品，特別是有重疊的地方，但也許你可以提醒我們收入重疊是什麼樣子的。

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，也許我會先插話。我的意思是，我想，在他們回答之前讓我們記住，這是兩家獨立的公司，因此我們在他們所做的事情上保持一定距離。我認為我們已經預先分享了 XD 收入是微不足道的。這就是我想要傳達的部分，然後大衛當然可以就我們可以做的事情談一些戰略理由和想法。

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。因此，我認為就我們如何看待 Figma 業務和找出 Figma 機會而言，存在大量機會。首先，正如我們所討論的，我們相信我們可以從根本上加快他們今天在產品設計方面所做的工作。我們的足跡遍布全球。我們正在與全球許多企業客戶合作。我們從這些企業客戶那裡得到的反饋讓我們非常興奮，我們可以通過將這兩家公司聚集在一起來做一些事情，只是為了加速，讓他們在他們想要完成的事情方面更有效率，只是加速他們正在做的一切。

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.

第二件事是圍繞 Photoshop、Illustrator 和 Figma 之間的工作流程進行操作，並以一種我們可以將基於 Figma 平台的實時協作功能引入插圖和視頻編輯、攝影和 3D 設計等核心學科的方式真正地操作它們更多的。

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.

第三個是真正圍繞 FigJam 的演變，將其帶入生產力用例的核心。因此，採用 FigJam 並將其與 Acrobat 之類的東西更深入地集成，並開始認識到創造力開始成為新的生產力應用程序需要如何展示自己的基礎。使生產力工人能夠創造性地表達自己的整個運動是市場隨著創造者經濟的興起而發展的方向。因此，我們看到了大量整合產品的機會。目前，我們能與他們交談的內容有限。但我可以說的是，從 Adobe 員工到 Figma 員工，再到我們的客戶，每個人都迫不及待地希望這一切結束，這樣我們才能真正開始這一切。

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

接線員，我們正處於整點時間。請再回答一個問題。

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

我們將從 Jefferies 的布倫特·希爾 (Brent Thill) 那裡提出下一個問題。

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 DX 業務，我很好奇你是否可以向我們簡要介紹一下你在那裡看到的內容。你還在看大單嗎？您是否看到更多的小額交易？然後你能不能通過管道談談，只是一般性地設置你在整體 DX 業務和客戶行為方面所看到的？

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，布倫特，我希望我們下週能在峰會上見到你，因為那時你也會見到一大群客戶。還有 Anil，當然可以隨意添加。我的意思是我認為我們看到了一些非常好的轉型交易。我想 Dan 和 Anil 都提到了這一點。因此，正在尋求 Adobe 幫助他們進行整個端到端客戶體驗管理的公司，布倫特，這方面的實力很強。我的意思是那些往往是我們已經合作多年的人，還有一些人真正將其視為戰略。所以我想說的是，與正在尋找全面集成的 CXM 解決方案的人們相關的管道非常大。

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.

我認為這也與我們所說的以解決方案為主導的部分有關，這些人可能擁有我們的分析解決方案並想要內容解決方案，或者同時擁有這兩種解決方案並想要 Journey Optimizer 或 Customer Journey Analytics 或者當然是商務解決方案的人，這是我們確保可以追加銷售的業務的另一部分。我知道 Anil 通常會在每次 FA 會議上向您提供有關我們如何取得進展的統計數據和指標。所以這是一個。鑑於我們有客戶關係，我們有客戶參與，我們有客戶成功經理，我認為，繼續滲透客戶賬戶，這也是我們看到管道的地方。坦率地說，這是一條由我們驅動的管道。

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.

我認為就地理位置而言，我們繼續看到北美的實力。我認為當您考慮 EMEA 時，這仍然是一個優勢領域。亞洲有一些地區，亞洲有一些國家。所以我們在那裡的工作，真的，布倫特，一直是你如何推動一個大型管道，了解在特定季度會有不同的公司對此有不同的看法。但我們專注於潛在市場。

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

Anil，我不知道你是否還有其他要補充的東西。

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.

我想我唯一要說的是我認為我們將在峰會上討論的主題，大規模個性化，內容供應鏈，即使對於從單一產品開始的客戶，他們也喜歡這個願景，因為他們知道那就是推動數字增長和推動盈利增長的關鍵。因此，即使他們從一個開始並專注於價值實現，他們也會著眼於長期路線圖，這有利於我們與他們的關係。

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，我要說的另一件事是，我認為在峰會上，你會看到一些主題。我的意思是，當然，內容長期以來一直是我們的主題。長期以來，數據一直是我們的主題。對客戶平台和 CDP 的關註一直很重要。正如大衛所說，我認為這是如何將其觸角擴展到產品和 PLG 中的，所以我認為我們將在人工智能的特定領域討論一些令人興奮的事情，以及人工智能如何提供幫助。

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.

因此，我們不僅僅依賴於我們今天作為集成產品所擁有的東西。真的，我們每一項業務的創新產品路線圖，David 在創意方面所做的工作，Web 和移動設備上的文檔中正在發生的事情以及 Anil 將要展示的內容，我認為這也給了我們很大的信心我們預測並解決客戶的問題。因此，這是第一季度的一個良好開端。基於產品創新，我們真的繼續對我們在 Adobe 擁有的機會感到興奮，我們期待在 Summit 上見到你們所有人。

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.

謝謝大家加入電話會議。正如 Shantanu 所說，我們希望在下週二的 Summit 上見到你們中的許多人。我期待很快與你們中的許多人交談，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。感謝您的出席，您現在可以斷開連接。