Adobe Inc (ADBE) 2023 Q2 法說會逐字稿

Good day, and welcome to the Q2 FY '23 Adobe Earnings Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Jonathan Vaas, Vice President of Investor Relations. Please go ahead.

美好的一天，歡迎參加 Adob​​e 財年第 2 季度財報電話會議。今天的會議正在錄製中。這次，我想把會議交給投資者關係副總裁喬納森·瓦斯(Jonathan Vaas)。請繼續。

Good afternoon, and thank you for joining us. With me on the call today are Shantanu Narayen, Adobe's Chair and CEO; David Wadhwani, President of Digital Media; Anil Chakravarthy, President of Digital Experience; and Dan Durn, Executive Vice President and CFO. On this call, which is being recorded, we will discuss Adobe's second 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.

下午好，感謝您加入我們。今天與我一起參加電話會議的是 Adob​​e 董事長兼首席執行官 Shantanu Narayen； David Wadhwani，數字媒體總裁； Anil Chakravarthy，數字體驗總裁；執行副總裁兼首席財務官 Dan Durn。在這次正在錄音的電話會議上，我們將討論 Adob​​e 2023 財年第二季度的財務業績。您可以在 Adob​​e 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業績的 PDF 版本。

The information discussed on this call, including our financial targets and product plans, is as of today, June 15, and contains forward-looking statements that involve risk, 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.

本次電話會議中討論的信息（包括我們的財務目標和產品計劃）截至今天 6 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提出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 Adob​​e 的 SEC 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.

在本次電話會議上，我們將討論公認會計原則和非公認會計原則財務指標。我們報告的結果包括公認會計準則增長率以及固定匯率。在本次演示中，除非另有說明，Adobe 的高管將提及恆定的貨幣增長率。調節表可在我們的收益發布和 Adob​​e 投資者關係網站上找到。

I will now turn the call over to Shantanu.

我現在將把電話轉給尚塔努。

Thanks, Jonathan. Good afternoon, and thank you for joining us. Adobe had an outstanding quarter, achieving record revenue of $4.82 billion, representing 13% year-over-year growth. GAAP earnings per share for the quarter was $2.82, and non-GAAP earnings per share was $3.91. Our results demonstrate strong demand across Creative Cloud, Document Cloud and Experience Cloud with particular strength in Digital Media ARR.

謝謝，喬納森。下午好，感謝您加入我們。 Adobe 的季度業績表現出色，營收達到創紀錄的 48.2 億美元，同比增長 13%。本季度 GAAP 每股收益為 2.82 美元，非 GAAP 每股收益為 3.91 美元。我們的結果表明，創意云、文檔雲和體驗雲的需求強勁，尤其是數字媒體 ARR 方面的優勢。

Adobe's mission to change the world through personalized digital experiences is more critical than ever as digital continues to rapidly transform work, life and play. Our groundbreaking innovations, including the new Adobe Express; the launch of Firefly, our family of creative generative AI models; co-pilot functionality in our creative applications, including Photoshop and Illustrator; AI-powered advancements in Acrobat; a new product analytics solution; and the latest capabilities in Real-Time CDP are empowering an ever-expanding customer base to imagine, create and deliver standout content and experiences. We're executing against our strategy to unleash creativity for all, accelerate document productivity and power digital businesses.

隨著數字化繼續快速改變工作、生活和娛樂，Adobe 通過個性化數字體驗改變世界的使命比以往任何時候都更加重要。我們的突破性創新，包括新的 Adob​​e Express；推出 Firefly，我們的創意生成人工智能模型系列；我們的創意應用程序（包括 Photoshop 和 Illustrator）中的副駕駛功能； Acrobat 中人工智能驅動的進步；新產品分析解決方案； Real-Time CDP 的最新功能使不斷擴大的客戶群能夠想像、創建和交付出色的內容和體驗。我們正在執行我們的戰略，以釋放所有人的創造力，提高文檔生產力並推動數字業務。

Every disruptive technology has presented exciting opportunities for Adobe to innovate and increase our addressable market opportunity. This has been true for cloud computing, mobile and AI. We have delivered hundreds of AI innovations through Adobe Sensei such as Neural Filters in Photoshop, Liquid Mode in Acrobat and Customer AI in Adobe Experience Platform. Our ongoing R&D investments have enabled a rapid development and deployment of Firefly, our generative AI technology. We believe generative AI will drive both further accessibility and adoption of our products.

每一項顛覆性技術都為 Adob​​e 提供了令人興奮的創新機會，並增加了我們的潛在市場機會。對於雲計算、移動和人工智能來說都是如此。我們通過 Adob​​e Sensei 交付了數百項 AI 創新，例如 Photoshop 中的神經濾鏡、Acrobat 中的液體模式以及 Adob​​e Experience Platform 中的客戶 AI。我們持續的研發投資使我們的生成式人工智能技術 Firefly 得以快速開發和部署。我們相信生成式人工智能將推動我們產品的進一步普及和採用。

Our generative AI strategy focuses on data, models and interfaces. Our rich data sets across creativity, documents and customer experiences enable us to train models on the highest quality assets. We will build foundation models in the categories where we have deep domain expertise, including imaging, vector, video, documents and marketing. We are bringing generative AI to life as a copilot across our incredible array of interfaces to deliver magic and productivity gains for a broader set of customers. Since its launch in March, Firefly has captured the imagination of the world with over 0.5 billion generations, and we're just getting started.

我們的生成式人工智能策略側重於數據、模型和界面。我們涵蓋創造力、文檔和客戶體驗的豐富數據集使我們能夠在最高質量的資產上訓練模型。我們將在我們擁有深厚領域專業知識的類別中構建基礎模型，包括成像、矢量、視頻、文檔和營銷。我們正在將生成式人工智能帶入生活，作為我們令人難以置信的一系列界面的副駕駛，為更廣泛的客戶群體帶來神奇的生產力和生產力提升。自 3 月份推出以來，Firefly 已經吸引了全世界超過 5 億代人的想像力，而我們才剛剛開始。

Our Digital Experience business is powering personalized customer engagement for companies around the world, enabling them to drive experience-led growth. We're delivering an innovative product road map and integrating Sensei GenAI services across Experience Cloud. Last week, we hosted a successful EMEA Summit with tremendous excitement from thousands of customers and partners reinforcing that digital is a critical imperative across industries. Adobe's category leadership and mission-critical products will continue to drive our growth.

我們的數字體驗業務正在為世界各地的公司提供個性化的客戶參與，使他們能夠推動以體驗為主導的增長。我們正在提供創新的產品路線圖，並在 Experience Cloud 中集成 Sensei GenAI 服務。上週，我們成功舉辦了歐洲、中東和非洲峰會，數千名客戶和合作夥伴對此表示極大的興奮，強調數字化是各行業的關鍵要求。 Adobe 的類別領導地位和關鍵任務產品將繼續推動我們的增長。

For FY '23, we now expect Creative Cloud and Document Cloud to end the year ahead of our previously issued revenue and ARR targets and Digital Experience to be slightly below our previous annual target given the current enterprise spend environment. As a result of our groundbreaking innovation and continued execution, we are pleased to raise total Adobe annual revenue and EPS targets.

對於 23 財年，考慮到當前的企業支出環境，我們現在預計 Creative Cloud 和 Document Cloud 將提前於我們之前發布的收入和 ARR 目標結束，而數字體驗將略低於我們之前的年度目標。由於我們突破性的創新和持續的執行，我們很高興提高了 Adob​​e 的年度總收入和每股收益目標。

David, over to you.

大衛，交給你了。

Thanks, Shantanu, and hello, everyone. Adobe has long had a mission to unleash creativity for all; and today, this is more possible than ever through the power of AI. The introduction of the new Adobe Express and Firefly will go down as a seminal moment in our creative history. These innovative products and our generative AI copilot in our flagship applications will extend our leadership in core creative categories such as imaging, design, video, illustration, animation and 3D as well as attract an increasingly expansive global audience.

謝謝，山塔努，大家好。 Adobe 長期以來一直肩負著為所有人釋放創造力的使命。如今，借助人工智能的力量，這比以往任何時候都更有可能。新的 Adob​​e Express 和 Firefly 的推出將成為我們創意史上的一個開創性時刻。這些創新產品以及我們旗艦應用程序中的生成式 AI 副駕駛將擴大我們在成像、設計、視頻、插圖、動畫和 3D 等核心創意類別的領導地位，並吸引日益廣泛的全球受眾。

In Q2, we achieved net new creative ARR of $354 million and revenue of $2.85 billion, which grew 14% year-over-year. We could not be more excited about our generative AI road map that will make Adobe products more accessible to an even larger universe of people while dramatically enhancing productivity for existing customers.

第二季度，我們實現淨新創意 ARR 為 3.54 億美元，收入為 28.5 億美元，同比增長 14%。我們對生成式 AI 路線圖感到無比興奮，該路線圖將使更多人更容易使用 Adob​​e 產品，同時顯著提高現有客戶的生產力。

Firefly is attracting tremendous customer interest and is highly differentiated in the market. It is being directly integrated into our product workflows as a copilot to accelerate ideation, exploration and the end-to-end production process. Business and innovation highlights include the beta release of Firefly, Adobe's pioneering family of creative generative AI models and adobe.com/firefly, a destination that allows users to generate and refine content. Firefly's first model is trained on Adobe Stock images and other openly licensed content designed to generate commercially viable, professional quality content.

Firefly 吸引了巨大的客戶興趣，並且在市場上具有高度差異化。它作為副駕駛直接集成到我們的產品工作流程中，以加速構思、探索和端到端生產過程。業務和創新亮點包括 Firefly（Adobe 開創性的創意生成 AI 模型系列）的測試版以及 adobe.com/firefly（允許用戶生成和完善內容的目的地）。 Firefly 的第一個模型是在 Adob​​e Stock 圖像和其他公開許可的內容上進行訓練的，旨在生成商業上可行的專業質量內容。

Firefly-powered capabilities seamlessly integrated into Photoshop are catalyzing a new era of creative power and precision. The viral response to Photoshop's new Generative Fill copilot has been extraordinary across social media platforms. Users have now generated over 0.5 billion assets on the Firefly website and in Photoshop, making these 2 of our most successful beta releases in company history.

Firefly 驅動的功能無縫集成到 Photoshop 中，正在催生創造力和精確度的新時代。 Photoshop 新的 Generative Fill copilot 在社交媒體平台上引起了非凡的反響。用戶現已在 Firefly 網站和 Photoshop 中生成了超過 5 億資產，使這兩個測試版本成為我們公司歷史上最成功的測試版。

Building on this innovation, earlier this week, we announced Generative Recolor in Illustrator, which will similarly serve as a generative AI copilot to millions of designers to iterate and transform vector art. We also released an all-new Adobe Express with Firefly generative AI capabilities that revolutionizes how everyone, from students to small business owners to marketers and large organizations, creates and shares standout content. Adobe Express brings the magic of our technology from Photoshop, Illustrator, Premiere and Acrobat to combine power and precision with speed and ease. The response to the public beta, in particular, the groundbreaking video editing capabilities, has been overwhelmingly positive.

基於這一創新，本週早些時候，我們在 Illustrator 中宣布了 Generative Recolor，它同樣將充當數百萬設計師的生成 AI 副駕駛，以迭代和改造矢量藝術。我們還發布了具有 Firefly 生成 AI 功能的全新 Adob​​e Express，徹底改變了每個人（從學生到小企業主、營銷人員和大型組織）創建和共享出色內容的方式。 Adobe Express 帶來了 Photoshop、Illustrator、Premiere 和 Acrobat 技術的魔力，將強大功能和精確度與速度和易用性結合在一起。對公開測試版的反應，特別是突破性的視頻編輯功能，得到了壓倒性的積極響應。

The Enterprise version of Adobe Express and Firefly will empower every employee in an organization to participate in the creation of content, campaigns and websites in conjunction with Experience Cloud. New AI-powered text-based editing and automatic tone mapping in Premiere Pro makes video editors more productive.

Adobe Express 和 Firefly 的企業版將使組織中的每位員工能夠與 Experience Cloud 一起參與內容、活動和網站的創建。 Premiere Pro 中全新的基於人工智能的文本編輯和自動色調映射使視頻編輯人員更加高效。

An expanded Frame.io platform that now supports collaboration across PDFs and images, in addition to video, increases the value of Adobe's cross-cloud content supply chain solution. A major Lightroom mobile update that instantly allows you to access photos from Apple iCloud and the Android Gallery empowers our growing base of mobile-first and mobile-only users.

擴展後的 Frame.io 平台現在除了視頻之外還支持跨 PDF 和圖像的協作，增加了 Adob​​e 跨雲內容供應鏈解決方案的價值。 Lightroom 移動版的重大更新讓您可以立即訪問 Apple iCloud 和 Android Gallery 中的照片，這為我們不斷增長的移動優先和僅限移動用戶群提供了支持。

Continued momentum with our ecosystem of strategic partners drives awareness of our products and top-of-funnel for Adobe. Google announced that Adobe Firefly will be a premier generative AI partner for Bard, powering text-to-image capabilities. NVIDIA and Adobe announced that we will collaborate on generative AI optimizations across hardware and software. Apple highlighted how Lightroom will empower users to edit photos on the Vision Pro VR headset at WWDC. Momentum across routes to market and customer segments, including key enterprise customer wins, EY, government of the Philippines, NVIDIA, Omnicom, TAFE New South Wales and WPP.

我們的戰略合作夥伴生態系統的持續發展勢頭提高了我們的產品和 Adob​​e 漏斗頂端的知名度。 Google 宣布 Adob​​e Firefly 將成為 Bard 的首要生成式 AI 合作夥伴，為文本到圖像功能提供支持。 NVIDIA 和 Adob​​e 宣布我們將在硬件和軟件領域開展生成式 AI 優化合作。蘋果在 WWDC 上強調了 Lightroom 將如何幫助用戶在 Vision Pro VR 耳機上編輯照片。跨市場和客戶群的勢頭，包括贏得關鍵企業客戶、安永、菲律賓政府、NVIDIA、宏盟、新南威爾士州 TAFE 和 WPP。

Our generative AI offerings represent additional customer value as well as multiple new monetization opportunities. First, Firefly will be available both as a stand-alone freemium offering for consumers as well as an enterprise offering announced last week. Second, copilot generative AI functionality within our flagship applications will drive higher ARPUs and retention. Third, subscription credit packs will be made available for customers who need to generate greater amounts of content. Fourth, we will offer developer communities access to Firefly APIs and allow enterprises the ability to create exclusive custom models with their proprietary content. And finally, the industry partnerships as well as Firefly represent exciting new top-of-funnel acquisition opportunities for Express, Creative Cloud and Document Cloud. Our priority for now is to get Firefly broadly adopted, and we will introduce specific pricing later this year.

我們的生成式人工智能產品代表了額外的客戶價值以及多種新的盈利機會。首先，Firefly 將作為面向消費者的獨立免費增值產品以及上周宣布的企業產品提供。其次，我們旗艦應用程序中的副駕駛生成人工智能功能將推動更高的 ARPU 和保留率。第三，將為需要生成更多內容的客戶提供訂閱積分包。第四，我們將為開發者社區提供 Firefly API 的訪問權限，並允許企業利用其專有內容創建專屬定制模型。最後，行業合作夥伴關係以及 Firefly 為 Express、Creative Cloud 和 Document Cloud 帶來了令人興奮的新渠道頂部收購機會。我們目前的首要任務是讓 Firefly 得到廣泛採用，我們將在今年晚些時候推出具體定價。

Now turning to the Document Cloud business. PDF has become the de facto standard for the world's unstructured data, and businesses of all sizes are turning to Adobe to help streamline and automate document-based workflows. Adobe Document Cloud offers a comprehensive set of ubiquitous products to accelerate document productivity across every device by seamlessly integrating PDF services into Acrobat.

現在轉向文檔雲業務。 PDF 已成為全球非結構化數據事實上的標準，各種規模的企業都在轉向 Adob​​e 來幫助簡化和自動化基於文檔的工作流程。 Adobe Document Cloud 提供了一整套無處不在的產品，通過將 PDF 服務無縫集成到 Acrobat 中，提高各種設備上的文檔工作效率。

In Q2, we achieved Document Cloud revenue of $659 million, growing 14% year-over-year. We added $116 million of net new Document Cloud ARR with ending ARR growing 22% year-over-year. Business and innovation highlights include: significant growth in Acrobat web monthly active users, driven by searches for Acrobat verbs and further accelerated by an explosion of PDF consumption through our Chrome and Edge extensions; viral adoption of PDF collaboration services, which are both increasing active use among existing users and creating a growth loop to bring new users into the Acrobat ecosystem; mobile momentum across both App Store downloads as well as documents consumed in Liquid Mode; new workflows between Acrobat and Express allow users to integrate documents seamlessly into their creative process. Express now has full fidelity PDF import and editing, which allows users to make documents visually stunning; momentum across routes to market and customer segments, including key enterprise customer wins, Boston Consulting Group, Cushman & Wakefield, Novartis, T-Mobile and WPP.

第二季度，我們實現文檔雲收入 6.59 億美元，同比增長 14%。我們新增 Document Cloud ARR 淨值達 1.16 億美元，年末 ARR 同比增長 22%。業務和創新亮點包括： Acrobat Web 每月活躍用戶顯著增長，這得益於 Acrobat 動詞搜索的推動，以及通過我們的 Chrome 和 Edge 擴展實現的 PDF 使用量激增進一步加速； PDF 協作服務的廣泛採用，既增加了現有用戶的積極使用，又創造了一個增長循環，將新用戶帶入 Acrobat 生態系統； App Store 下載以及 Liquid 模式下使用的文檔的移動勢頭； Acrobat 和 Express 之間的新工作流程允許用戶將文檔無縫集成到他們的創作過程中。 Express 現在具有全保真 PDF 導入和編輯功能，使用戶能夠使文檔在視覺上令人驚嘆；跨市場和客戶群的勢頭，包括贏得的關鍵企業客戶、波士頓諮詢集團、戴德梁行、諾華、T-Mobile 和 WPP。

Today marks the 30th anniversary of Acrobat, a significant milestone that is both inspiring and humbling. PDF and Acrobat are more relevant today than ever before. We are incredibly proud of how PDF continues to transform the world of digital documents, powering communication and productivity for billions of people every day, and we know that the best is yet to come.

今天是 Acrobat 誕生 30 週年，這是一個既鼓舞人心又令人謙卑的重要里程碑。如今，PDF 和 Acrobat 比以往任何時候都更加重要。我們對 PDF 如何繼續改變數字文檔世界、每天為數十億人的溝通和生產力提供動力感到無比自豪，而且我們知道最好的尚未到來。

The pending acquisition of Figma will further expand our addressable market, and we have been delighted to hear from customers, partners and industry analysts who are excited about the benefits that the combination will unlock. We continue to engage in conversations with the Competition and Markets Authority in the U.K., the European Commission and the U.S. Department of Justice as they conduct their regulatory reviews. And given the merits of the case, we believe the transaction should close by the end of 2023.

即將進行的 Figma 收購將進一步擴大我們的潛在市場，我們很高興聽到客戶、合作夥伴和行業分析師對此次合併將帶來的好處感到興奮。在英國競爭與市場管理局、歐盟委員會和美國司法部進行監管審查時，我們將繼續與他們進行對話。考慮到案件的實質，我們認為交易應在 2023 年底前完成。

Adobe's Digital Media business is on a roll. We're rapidly delivering groundbreaking innovations across Creative Cloud and Document Cloud. Our increasing breadth of offerings is reaching a broader universe of customers, and our incredible go-to-market strength and proven data-driven operating model are propelling the growth of both our emerging and established businesses. Given the momentum, we are raising our net new Digital Media ARR and revenue targets for fiscal '23.

Adobe 的數字媒體業務正在蓬勃發展。我們正在 Creative Cloud 和 Document Cloud 上快速提供突破性的創新。我們不斷擴大的產品範圍正在覆蓋更廣泛的客戶群，我們令人難以置信的進入市場的實力和經過驗證的數據驅動的運營模式正在推動我們新興和成熟業務的增長。鑑於這一勢頭，我們正在提高 23 財年的淨新數字媒體 ARR 和收入目標。

I'll now pass it to Anil.

我現在將其傳遞給阿尼爾。

Thanks, David. Hello, everyone. In Q2, we continued to drive strong growth in our Experience Cloud business, achieving $1.22 billion in revenue. Subscription revenue was $1.07 billion, representing 14% year-over-year growth. Customer interest in the digital experience category remains high. Last week, we were excited to spend time with thousands of customers and partners at EMEA Summit. Businesses of all sizes and industries around the world are increasingly relying on digital channels to engage customers and deliver experience-led growth, and they are turning to Adobe as their trusted partner on that journey.

謝謝，大衛。大家好。第二季度，我們繼續推動體驗雲業務的強勁增長，實現收入 12.2 億美元。訂閱收入為 10.7 億美元，同比增長 14%。客戶對數字體驗類別的興趣仍然很高。上週，我們很高興能在歐洲、中東和非洲峰會上與數千名客戶和合作夥伴共度時光。世界各地各種規模和行業的企業越來越依賴數字渠道來吸引客戶並實現以體驗為主導的增長，並且他們正在將 Adob​​e 作為這一過程中值得信賴的合作夥伴。

Adobe Experience Cloud offers the most comprehensive set of solutions for content and commerce, data insights and audiences, customer journeys and marketing workflows. Built natively on Adobe Experience Platform, our real-time customer data platform provides businesses with a single view of their customers' data across every channel. Real-time CDP now delivers over 600 billion predictive insights each year, and customers are creating over 30 trillion audience segments every day.

Adobe Experience Cloud 為內容和商務、數據洞察和受眾、客戶旅程和營銷工作流程提供最全面的解決方案集。我們的實時客戶數據平台原生構建於 Adob​​e Experience Platform 之上，為企業提供跨每個渠道的客戶數據的單一視圖。實時 CDP 現在每年提供超過 6000 億條預測見解，客戶每天都在創建超過 30 萬億個細分受眾群。

Experience Cloud is now used by 87% of Fortune 100 companies. For example, Prudential Financial uses our cross-cloud offerings to power its end-to-end customer experience management workflows, from creating high-impact content with Creative Cloud and Express to delivering personalized customer experiences at scale with Adobe Experience Platform. In addition, Prada is using real-time CDP and Journey Optimizer to connect digital and in-store customer experiences in real time while reimagining shopping experiences using Substance 3D.

目前，87% 的財富 100 強公司都在使用 Experience Cloud。例如，Prudential Financial 使用我們的跨雲產品來支持其端到端客戶體驗管理工作流程，從使用 Creative Cloud 和 Express 創建高影響力的內容，到使用 Adob​​e Experience Platform 大規模提供個性化客戶體驗。此外，Prada 正在使用實時 CDP 和旅程優化器實時連接數字和店內客戶體驗，同時使用 Substance 3D 重新構想購物體驗。

Our vision for Experience Cloud is to deliver personalized experiences at scale, and the power of generative AI accelerates our ability to do that. We are delivering Sensei GenAI innovations to reimagine the work marketers do and how they do it. With Sensei GenAI as their copilot, marketers can generate audiences with high precision and design tailored customer journeys for these audiences. They can activate personalized campaigns for their audiences with on-brand visual content created with Adobe Express and Firefly and compelling offers generated by Experience Cloud applications leveraging real-time customer profiles in AEP. Conversational natural language interfaces powered by Sensei GenAI will make it significantly easier for any marketer to derive insights from customer journey analytics and apply these insights in real time to optimize their campaigns. These are just a few of the transformational innovations that Sensei GenAI is bringing to Experience Cloud.

我們對 Experience Cloud 的願景是大規模提供個性化體驗，而生成式 AI 的力量加速了我們實現這一目標的能力。我們正在提供 Sensei GenAI 創新，以重新構想營銷人員所做的工作以及他們的工作方式。通過 Sensei GenAI 作為副駕駛，營銷人員可以高精度地生成受眾，並為這些受眾設計定制的客戶旅程。他們可以利用 Adob​​e Express 和 Firefly 創建的品牌視覺內容以及 Experience Cloud 應用程序利用 AEP 中的實時客戶檔案生成的引人注目的優惠，為受眾激活個性化營銷活動。由 Sensei GenAI 支持的對話式自然語言界面將使任何營銷人員更輕鬆地從客戶旅程分析中獲取見解，並實時應用這些見解來優化他們的營銷活動。這些只是 Sensei GenAI 為 Experience Cloud 帶來的一些變革性創新。

Business and innovation highlights include: strong demand for Adobe Experience platform and native applications with our book of business now exceeding $500 million. This quarter, we unveiled new capabilities in real-time CDP that will enable brands to scale first-party data with look-alike audiences, significantly accelerating the delivery of personalized experiences. Real-Time CDP is used by global brands across industries, including DICK'S Sporting Goods, General Motors, Henkel, Major League Baseball, ServiceNow and TSB Bank; the launch of Adobe Product Analytics, which combines customer journey insights with product analytics to drive a new level of product-led growth; a comprehensive content supply chain solution that connects content creation and delivery across Experience Cloud and Creative Cloud to help enterprises effectively manage their content demands. We're working with partners, including Accenture, IBM, Omnicom and Publicis, to scale the delivery of content supply chain to our joint customers; strong demand for Workfront as it rapidly becomes a solution of choice for teams to plan, orchestrate and launch personalized campaigns at scale; global availability of Adobe Mix Modeler to provide marketers with an AI-powered, self-service solution to accurately measure campaigns across paid, owned and earned channels; new AI innovations in Adobe Experience Manager that provide real-time content performance data and predictions on which content will perform best by audience segment; leadership in industry analyst reports, including the IDC Marketscape for Retail Commerce Platforms and a positive rating in Gartner's annual assessment of Adobe's enterprise strategy; key customer wins, including DSV, ICICI Bank, JPMorgan, Kroger, Omnicom, Royal Canin, ServiceNow, T-Mobile and Volkswagen.

業務和創新亮點包括：對 Adob​​e Experience 平台和本機應用程序的強勁需求，我們的業務現已超過 5 億美元。本季度，我們推出了實時 CDP 的新功能，使品牌能夠擴展具有相似受眾的第一方數據，從而顯著加速個性化體驗的交付。 Real-Time CDP 被各行業的全球品牌所採用，包括 DICK'S Sporting Goods、通用汽車、漢高、美國職業棒球大聯盟、ServiceNow 和 TSB 銀行； Adobe Product Analytics 的推出，將客戶旅程洞察與產品分析相結合，推動產品主導型增長達到新水平；全面的內容供應鏈解決方案，連接 Experience Cloud 和 Creative Cloud 上的內容創建和交付，幫助企業有效管理其內容需求。我們正在與埃森哲、IBM、宏盟和陽獅等合作夥伴合作，擴大向我們共同客戶提供的內容供應鏈；對 Workfront 的強烈需求，因為它迅速成為團隊大規模規劃、編排和啟動個性化活動的首選解決方案； Adobe Mix Modeler 在全球範圍內上市，為營銷人員提供人工智能驅動的自助服務解決方案，以準確衡量付費、自有和免費渠道的營銷活動； Adobe Experience Manager 中的新 AI 創新可提供實時內容性能數據並預測哪些內容將按受眾群體表現最佳；在行業分析報告中處於領先地位，包括 IDC Marketscape for Retail Commerce Platforms 以及 Gartner 對 Adob​​e 企業戰略的年度評估中的積極評級；贏得的主要客戶包括 DSV、ICICI 銀行、摩根大通、Kroger、Omnicom、Royal Canin、ServiceNow、T-Mobile 和大眾汽車。

While overall demand is strong and win rates remain healthy, as we enter the second half, we are seeing some projects being pushed out in the current enterprise spend environment, which we have reflected in our updated annual targets. In a world where digital has become the predominant channel to reach and engage customers, Adobe is uniquely positioned to keep winning with innovative products that power end-to-end customer experiences and enable enterprises to simultaneously drive growth and profitability.

雖然總體需求強勁且獲勝率保持健康，但隨著進入下半年，我們看到一些項目在當前的企業支出環境中被推出，我們已在更新的年度目標中反映出來。在數字化已成為接觸和吸引客戶的主要渠道的世界中，Adobe 擁有獨特的優勢，能夠憑藉創新產品不斷獲勝，這些產品可增強端到端客戶體驗，並使企業能夠同時推動增長和盈利。

I'll now pass it to Dan.

我現在將其傳遞給丹。

Thanks, Anil. Today, I'll start by summarizing Adobe's performance in Q2 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 Adob​​e 在 2023 財年第二季度的業績，強調我們業務的增長動力，最後我將提出財務目標。

Adobe's Q2 results demonstrate strong demand across a diverse portfolio of products, from individuals buying through digital channels to the world's largest enterprises. While we grow existing businesses and deliver world-class profitability, Adobe continues to incubate and invest in groundbreaking new technologies that will change how people work and democratize access to our tools. I couldn't be prouder of how Adobe has navigated the current environment and position the company to win.

Adobe 第二季度的業績表明，從通過數字渠道購買的個人到全球最大的企業，各種產品組合都有強勁的需求。在我們發展現有業務並提供世界級盈利能力的同時，Adobe 繼續孵化和投資突破性的新技術，這些技術將改變人們的工作方式並使我們的工具的使用民主化。我對 Adob​​e 如何駕馭當前環境並讓公司取得勝利感到無比自豪。

In Q2, Adobe achieved record revenue of $4.82 billion, which represents 10% year-over-year growth or 13% in constant currency. Business and financial highlights included: GAAP diluted earnings per share of $2.82 and non-GAAP diluted earnings per share of $3.91; Digital Media revenue of $3.51 billion; net new Digital Media ARR of $470 million; Digital Experience revenue of $1.22 billion; cash flows from operations of $2.14 billion; RPO of $15.22 billion exiting the quarter; and repurchasing approximately 2.7 million shares of our stock during the quarter.

第二季度，Adobe 實現創紀錄的 48.2 億美元收入，同比增長 10%，按固定匯率計算增長 13%。業務和財務亮點包括： GAAP 稀釋後每股收益為 2.82 美元，非 GAAP 稀釋後每股收益為 3.91 美元；數字媒體收入達35.1億美元；新數字媒體淨收入為 4.7 億美元；數字體驗收入達 12.2 億美元；運營現金流為21.4億美元；本季度結束的 RPO 為 152.2 億美元；本季度回購約 270 萬股股票。

In our Digital Media segment, we achieved Q2 revenue of $3.51 billion, which represents 10% year-over-year growth or 14% in constant currency. We exited the quarter with $14.14 billion of Digital Media ARR, growing 15% year-over-year in constant currency. We achieved Creative revenue of $2.85 billion, which represents 9% year-over-year growth or 14% in constant currency. We added $354 million of net new creative ARR in Q2, with strong digital demand for our offerings throughout the quarter.

在我們的數字媒體部門，我們第二季度的收入為 35.1 億美元，同比增長 10%，按固定匯率計算增長 14%。本季度結束時，我們的數字媒體 ARR 為 141.4 億美元，按固定匯率計算同比增長 15%。我們實現了 28.5 億美元的創意收入，同比增長 9%，按固定匯率計算增長 14%。第二季度，我們的新創意 ARR 淨值增加了 3.54 億美元，整個季度對我們產品的數字需求強勁。

Second quarter creative growth drivers included: new user growth across geographies, customer segments and creative offerings driven by targeted campaigns and promotions and utilizing insights from our data-driven operating model; strong traffic and conversion on adobe.com; single app subscriptions, including a strong quarter for imaging driven by Everyone Can Photoshop campaign; strong growth in photography driven by accelerated demand for Lightroom mobile; another strong quarter for Adobe Stock and other emerging businesses with exiting ARR for both Frame.io and Substance growing greater than 50% year-over-year in constant currency; continued success rolling out our new Acrobat CC offering integrated with Sign capabilities; and success in the enterprise as our Creative and collaboration solutions continue to see strong adoption.

第二季度創意增長驅動因素包括：通過有針對性的活動和促銷以及利用我們的數據驅動運營模式的見解推動的跨地域、客戶群和創意產品的新用戶增長； adobe.com 上強勁的流量和轉化率；單一應用程序訂閱，包括由“Everyone Can Photoshop”活動推動的成像季度強勁表現； Lightroom mobile 需求加速推動攝影業務強勁增長； Adobe Stock 和其他新興業務又迎來了一個強勁的季度，按固定匯率計算，Frame.io 和 Substance 的現有 ARR 同比增長超過 50%；繼續成功推出與 Sign 功能集成的新 Acrobat CC 產品；隨著我們的創意和協作解決方案繼續得到廣泛採用，我們在企業中取得了成功。

Adobe achieved Document Cloud revenue of $659 million, which represents 11% year-over-year growth or 14% in constant currency. We added $116 million of net new Document Cloud ARR in the quarter, crossing the $2.5 billion milestone with exiting ARR growing 22% year-over-year in constant currency.

Adobe 實現文檔雲收入 6.59 億美元，同比增長 11%，按固定匯率計算增長 14%。本季度我們新增 Document Cloud ARR 淨值達 1.16 億美元，突破了 25 億美元的里程碑，現有 ARR 按固定匯率計算同比增長 22%。

Second quarter Document Cloud growth drivers included: strong subscription demand for Acrobat with integrated Sign capabilities across customer segments and geographies, driven by targeted offers, DDOM insights and our Acrobat's Got It campaign; success monetizing new customers through the Acrobat web funnel with monthly active users growing greater than 50% year-over-year as our product-led growth strategy continues to perform well; strength in Acrobat mobile downloads, conversion and engagement with Liquid Mode usage up over 40% year-over-year; and strength in the enterprise driven by seat expansion. This quarter, perpetual sales accounted for less than 5% of Document Cloud revenue.

第二季度文檔雲增長驅動因素包括：在有針對性的優惠、DDOM 見解和我們的 Acrobat's Got It 活動的推動下，對具有跨客戶群和地區的集成 Sign 功能的 Acrobat 的強勁訂閱需求；通過 Acrobat 網絡漏斗成功地通過新客戶獲利，由於我們以產品為主導的增長戰略繼續表現良好，每月活躍用戶同比增長超過 50%； Acrobat 移動下載、轉化和參與度強勁，Liquid 模式使用量同比增長超過 40%；並在企業實力的驅動下擴大席位。本季度，永久銷售佔 Document Cloud 收入的比例不到 5%。

Turning to our Digital Experience segment. In Q2, we achieved revenue of $1.22 billion, which represents 12% year-over-year growth or 14% in constant currency. Q2 subscription revenue was $1.07 billion, which represents 11% year-over-year growth or 14% in constant currency. Second quarter digital experience growth drivers included: strong demand for our Adobe Experience Platform and native applications, including Real-Time CDP, Customer Journey Analytics and Adobe Journey Optimizer. In Q2, subscription revenue for AEP and Apps grew more than 60% year-over-year; strength in Content and Commerce with AEM as a cloud service seeing significant book of business growth in Q2; customer interest in our content supply chain solution. The value proposition of seamlessly connecting content creation workflows to customer experience management is resonating with enterprises and is driving accelerated growth for Workfront and our Content solutions; continued value realization from our solutions leading to strong retention across our customer segments; and momentum selling transformational deals to large enterprises adopting our platform and end-to-end suite of applications, including T-Mobile and Omnicom.

轉向我們的數字體驗部分。第二季度，我們實現收入 12.2 億美元，同比增長 12%，按固定匯率計算增長 14%。第二季度訂閱收入為 10.7 億美元，同比增長 11%，按固定匯率計算增長 14%。第二季度數字體驗增長驅動因素包括：對 Adob​​e Experience Platform 和本機應用程序的強勁需求，包括實時 CDP、客戶旅程分析和 Adob​​e 旅程優化器。第二季度，AEP 和 Apps 的訂閱收入同比增長超過 60%；通過 AEM 作為雲服務，在內容和商務領域取得優勢，第二季度業務增長顯著；客戶對我們的內容供應鏈解決方案感興趣。將內容創建工作流程與客戶體驗管理無縫連接的價值主張引起了企業的共鳴，並正在推動 Workfront 和我們的內容解決方案的加速增長；我們的解決方案持續實現價值，從而在我們的客戶群體中保持強大的保留力；向採用我們的平台和端到端應用程序套件的大型企業（包括 T-Mobile 和 Omnicom）銷售轉型交易。

Adobe's effective tax rate in Q2 was 21.5% on a GAAP basis and 18.5% on a non-GAAP basis, in line with our expectations. RPO exiting the quarter was $15.22 billion, growing 10% year-over-year or 13% when adjusting for a 3% FX headwind. Our ending cash and short-term investment position exiting Q2 was $6.60 billion, and cash flows from operations in the quarter were $2.14 billion.

Adobe 第二季度的有效稅率（按 GAAP 計算）為 21.5%，按非 GAAP 計算為 18.5%，符合我們的預期。本季度的 RPO 為 152.2 億美元，同比增長 10%，根據 3% 的外匯逆風調整後增長 13%。第二季度末我們的現金和短期投資頭寸為 66 億美元，本季度運營現金流為 21.4 億美元。

In Q2, we entered into a $1 billion share repurchase agreement, and we currently have $4.15 billion remaining on our $15 billion authorization that was granted in December 2020 and goes through the end of fiscal 2024.

第二季度，我們簽訂了 10 億美元的股票回購協議，目前我們在 2020 年 12 月授予的 150 億美元授權中還剩 41.5 億美元，該授權將持續到 2024 財年末。

In light of the momentum across our business and factoring in current macroeconomic conditions and summer seasonality, for Q3, we're targeting: total Adobe revenue of $4.83 billion to $4.87 billion; Digital Media net new ARR of approximately $410 million; Digital Media segment revenue of $3.55 billion to $3.57 billion; Digital Experience segment revenue of $1.21 billion to $1.23 billion; Digital Experience subscription revenue of $1.08 billion to $1.10 billion; tax rate of approximately 21.5% on a GAAP basis and 18.5% on a non-GAAP basis; GAAP earnings per share of $2.82 to $2.88; and non-GAAP earnings per share of $3.95 to $4.

鑑於我們整個業務的發展勢頭，並考慮到當前的宏觀經濟狀況和夏季季節性因素，我們第三季度的目標是： Adob​​e 總收入為 48.3 億美元至 48.7 億美元；數字媒體的淨新ARR約為4.1億美元；數字媒體部門收入為35.5億美元至35.7億美元；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 10.8 億美元至 11.0 億美元；按公認會計原則 (GAAP) 計算的稅率約為 21.5%，按非公認會計原則 (Non-GAAP) 計算的稅率約為 18.5%； GAAP 每股收益為 2.82 至 2.88 美元；非公認會計準則每股收益為 3.95 美元至 4 美元。

Given the company's performance in the first half of the year and our relentless focus on driving disciplined profitable growth, we're raising our annual fiscal 2023 targets for EPS and net new Digital Media ARR. We are also raising our total Adobe revenue target for fiscal 2023 with Digital Media ahead of our previously issued targets and Digital Experience slightly lower.

鑑於公司上半年的業績表現以及我們對推動有紀律的利潤增長的不懈關注，我們提高了 2023 財年每股收益和淨新數字媒體 ARR 的目標。我們還提高了 2023 財年的 Adob​​e 總收入目標，其中數字媒體的收入目標領先於我們之前發布的目標，而數字體驗的收入目標則略低。

For fiscal 2023, we're now targeting: total Adobe revenue of $19.25 billion to $19.35 billion; Digital Media net new ARR of approximately $1.75 billion; Digital Media segment revenue of $14.10 billion to $14.15 billion; Digital Experience segment revenue of $4.85 billion to $4.90 billion; Digital Experience subscription revenue of $4.30 billion to $4.35 billion; tax rate of approximately 21.5% on a GAAP basis and 18.5% on a non-GAAP basis; GAAP earnings per share of $11.15 to $11.25; and non-GAAP earnings per share of $15.65 to $15.75.

對於 2023 財年，我們的目標是： Adob​​e 總收入為 192.5 億美元至 193.5 億美元；數字媒體的淨新ARR約為17.5億美元；數字媒體部門收入為141.0億美元至141.5億美元；數字體驗部門收入為 48.5 億美元至 49 億美元；數字體驗訂閱收入為 43.0 億美元至 43.5 億美元；按公認會計原則 (GAAP) 計算的稅率約為 21.5%，按非公認會計原則 (Non-GAAP) 計算的稅率約為 18.5%； GAAP 每股收益為 11.15 美元至 11.25 美元；非公認會計準則每股收益為 15.65 美元至 15.75 美元。

In Q4, we expect to see year-end strength in customer demand for Digital Experience and Digital Media solutions. Our updated targets for fiscal 2023 demonstrates solid operating margin expansion in the second half as compared to the second half of fiscal 2022.

在第四季度，我們預計年底客戶對數字體驗和數字媒體解決方案的需求將會強勁。我們更新的 2023 財年目標表明，與 2022 財年下半年相比，下半年營業利潤率實現了穩健增長。

In summary, I'm extremely pleased with Adobe's performance in the first half of the year. Few companies are capable of delivering strong top and bottom line growth in a challenging environment, while at the same time, delivering game-changing innovations that will drive the next decade of growth. These innovations are generating strong customer demand for our products, shaping fiscal 2023 to be another wonderful year for Adobe.

總而言之，我對 Adob​​e 今年上半年的表現非常滿意。很少有公司能夠在充滿挑戰的環境中實現強勁的營收和利潤增長，同時提供改變遊戲規則的創新，推動未來十年的增長。這些創新為我們的產品帶來了強勁的客戶需求，使 2023 財年成為 Adob​​e 又一個精彩的一年。

Shantanu, back to you.

山塔努，回到你身邊。

Thanks, Dan. Our strong Q2 results underscore our momentum and the significant opportunities we have across our business. I'm proud of how our employees around the world continue to raise the bar, create the future and live our purpose. We continue to invest in hiring new college grads and interns to bring the best and brightest talent to Adobe.

謝謝，丹。我們強勁的第二季度業績凸顯了我們的勢頭以及我們在整個業務中擁有的重大機遇。我為我們世界各地的員工不斷提高標準、創造未來並實現我們的目標感到自豪。我們繼續投資招聘新的大學畢業生和實習生，為 Adob​​e 帶來最優秀、最聰明的人才。

It's an incredibly exciting time at Adobe. Demand for our category-defining products and services continues to grow. Our innovation engine is delivering Adobe magic for an expanding set of global customers, and our strong execution is enabling us to address a massive market opportunity. 2023 is going to be another phenomenal year for Adobe as we continue to deliver top line growth and margins while investing in fundamental technologies that expand Adobe's success for decades.

這是 Adob​​e 令人難以置信的激動人心的時刻。對我們類別定義產品和服務的需求持續增長。我們的創新引擎正在為越來越多的全球客戶帶來 Adob​​e 的魔力，而我們強大的執行力使我們能夠抓住巨大的市場機會。 2023 年對於 Adob​​e 來說將是又一個非凡的一年，我們將繼續實現營收增長和利潤率，同時投資於基礎技術，以推動 Adob​​e 數十年的成功。

Thank you. We will now take questions. Operator?

謝謝。我們現在將接受提問。操作員？

(Operator Instructions) And the first question comes from Michael Turrin with Wells Fargo Securities.

（操作員說明）第一個問題來自富國銀行證券公司的邁克爾·特林（Michael Turrin）。

Nice job on the results. I mean, obviously, I think starting point is with Firefly. We've been fielding a number of questions just on how this alters the size of the market. You had some useful commentary both on monetization and your views on the market. But can you just add some context around early demand signals and how you're expecting this to show up both on the user side of the market and just the overall velocity of content generation?

結果很好。我的意思是，顯然，我認為起點是 Firefly。我們一直在回答一些關於這如何改變市場規模的問題。您對貨幣化和對市場的看法都有一些有用的評論。但是，您能否添加一些有關早期需求信號的背景信息，以及您期望這些信號如何顯示在市場的用戶端以及內容生成的整體速度上？

Sure. Happy to talk about that. We're really excited, if you can't tell on the call, about Firefly and what this represents. The early customer and community response has been absolutely exhilarating for all of us. You heard us talk about over 0.5 billion assets that have already been generated. Generations from Photoshop were 80x higher than we had originally projected going into the beta and obviously, feel really good about both the quality of the content being created and also the ability to scale the product to support that.

當然。很高興談論這個。如果您無法在電話中透露 Firefly 及其代表的含義，我們真的很興奮。早期的客戶和社區反應對我們所有人來說絕對令人興奮。你聽到我們談論已經產生了超過 5 億的資產。 Photoshop 的生成量比我們最初預計的測試版高出 80 倍，顯然，我們對所創建內容的質量以及擴展產品以支持該質量的能力感到非常滿意。

And we have seen incredible social buzz. The Photoshop community is doing what it always does and is using the product, both Firefly and Photoshop, in ways that we didn't even think of when we were initially building the feature set. So it's great to see all this organic development and buzz coming up.

我們也看到了令人難以置信的社會熱潮。 Photoshop 社區正在做它一貫做的事情，並以我們最初構建功能集時沒有想到的方式使用該產品（Firefly 和 Photoshop）。因此，很高興看到所有這些有機發展和嗡嗡聲的出現。

And as we talked about, we're also excited about what this means from a business opportunity perspective. On the retention side, we think the value that we add in the flagship applications are going to be great for existing users. In terms of top of funnel, we think that this helps us reach billions of new users because it makes the act of creating more accessible. With regard to conversion, we are very excited about what this can mean for new user onboarding, both Photoshop and Illustrator and also in Express. It makes the onboarding of new customers especially early success far more achievable for them.

正如我們所討論的，我們也對這從商業機會角度意味著什麼感到興奮。在保留方面，我們認為我們在旗艦應用程序中添加的價值對於現有用戶來說將是巨大的。就漏斗頂部而言，我們認為這有助於我們吸引數十億新用戶，因為它使創造行為變得更容易。關於轉換，我們非常高興這對於 Photoshop 和 Illustrator 以及 Express 中的新用戶入門意味著什麼。它使新客戶的入職，特別是早期的成功對他們來說更容易實現。

It introduces new offers with adobe.com/firefly as a destination that we can monetize and everything that we talked about at Summit last week around what this can be as an enterprise-grade offering. And of course, with all of this, we have an opportunity to sell subscription credit packs for upsell opportunities. So if you net all that out, we see an ARPU opportunity. We see a net number of users opportunity and also because of retention, an LTV opportunity.

它引入了以 adobe.com/firefly 作為我們可以貨幣化的目的地的新產品，以及我們上週在峰會上討論的有關企業級產品的所有內容。當然，有了這一切，我們就有機會出售訂閱積分包以獲得追加銷售機會。因此，如果您將所有這些都考慮在內，我們就會看到 ARPU 機會。我們看到了淨用戶數量的機會，也看到了留存率、生命週期價值的機會。

Now we expect all of this to play out over many years. We're very focused right now on user acquisition. None of this, we expect to impact our Q3 numbers. And we'll start to see some of it in Q4, but we don't expect it to be material. But as I mentioned, we expect to see it ramp over the next few years. And we'll share more specifics of this in the months ahead.

現在我們預計所有這一切都會在多年後發生。我們現在非常關注用戶獲取。我們預計這些都不會影響我們第三季度的數據。我們將在第四季度開始看到其中的一些變化，但我們預計這不會是實質性的。但正如我所提到的，我們預計它會在未來幾年內有所增長。我們將在未來幾個月分享更多細節。

Clearly lots to be excited about there.

顯然，那裡有很多值得興奮的地方。

And the next question will come from Saket Kalia with Barclays.

下一個問題將由巴克萊銀行的 Saket Kalia 提出。

Okay. Great. Congrats on a great quarter. David, maybe for you. I want to zero in on that point around Firefly and generating billions of potential users in the years ahead. Obviously, still very early with Firefly but -- as well as Adobe Express. But I'm curious, what are you seeing with Adobe Express and the ability for Firefly to generate some of the demand or pull through some of that demand for Express, both on the consumer side and the enterprise side.

好的。偉大的。恭喜您度過了一個出色的季度。大衛，也許適合你。我希望將 Firefly 的這一點歸零，並在未來幾年內產生數十億潛在用戶。顯然，Firefly 還處於早期階段，但 Adob​​e Express 也是如此。但我很好奇，您對 Adob​​e Express 有何看法，以及 Firefly 在消費者端和企業端產生部分需求或滿足 Express 部分需求的能力。

Yes. Very excited on both fronts. As you may have seen, we had a beta release of Express last week. And this is a massive update to Express. In fact, it's a brand-new product effectively built from the ground up, and we believe this is the product for everyone to use. The response has been absolutely incredible. Broad-based feedback has been overwhelmingly positive, as you mentioned, because of the integration of Firefly but also how Firefly is able to integrate directly into the user flows and the user journeys for utilization and generation of video content, also for PDF integrations so people are able to bring in and build end-to-end workflows to generate amazing marketing collateral with PDF.

是的。在這兩方面都非常興奮。正如您可能已經看到的，我們上週發布了 Express 的測試版。這是 Express 的一次大規模更新。事實上，這是一款從頭開始有效構建的全新產品，我們相信這是適合每個人使用的產品。反應絕對令人難以置信。正如您所提到的，廣泛的反饋是壓倒性的積極的，因為 Firefly 的集成，以及 Firefly 如何能夠直接集成到用戶流程和用戶旅程中，以利用和生成視頻內容，也用於 PDF 集成，因此人們能夠引入並構建端到端工作流程，以生成令人驚嘆的 PDF 營銷材料。

We've seen CC users, existing subscribers for CC very excited about the workflows that we've introduced with both Illustrator and Photoshop. Illustrator users are able to take their Illustrator output, bring it into Express, add animation and push it out to social. Photoshop users are taking their corpus of Photoshop templates, and they're making that the foundation for easy editing and sharing for their marketing organizations.

我們看到 CC 用戶、CC 的現有訂閱者對我們在 Illustrator 和 Photoshop 中引入的工作流程感到非常興奮。 Illustrator 用戶可以將其 Illustrator 輸出導入 Express、添加動畫並將其發佈到社交媒體上。 Photoshop 用戶正在使用他們的 Photoshop 模板庫，並將其作為營銷組織輕鬆編輯和共享的基礎。

And that's really been sort of an incredible vote of confidence from everyone that we've seen using the beta, which has also driven the announcements we had last week, specifically around Express and Firefly packaged together for enterprises. And the interest that we've seen coming out of the announcement in terms of enterprise interest and pipeline generation associated with that has been terrific. And what we're particularly excited about that is it brings our clouds together.

這確實是我們所看到的使用測試版的所有人投下的令人難以置信的信任票，這也推動了我們上週發布的公告，特別是圍繞 Express 和 Firefly 為企業打包在一起的公告。我們從該公告中看到了企業利益和與之相關的管道生成方面的巨大興趣。我們特別興奮的是它將我們的雲聚集在一起。

So Creative pros are able to create in Photoshop and Illustrator and our other flagship applications. Marketers are able to take that content and edit it more quickly in Express. Both of these are orchestrated through Workfront and Frame.io and they're pushed into AM, so really a core part of our content supply chain. It really feels like an inflection point for Express as well.

因此，創意專業人士能夠在 Photoshop 和 Illustrator 以及我們的其他旗艦應用程序中進行創作。營銷人員能夠在 Express 中更快地獲取該內容並對其進行編輯。這兩者都是通過 Workfront 和 Frame.io 精心策劃的，並被推送到 AM 中，因此實際上是我們內容供應鏈的核心部分。這確實感覺像是 Express 的一個拐點。

And Saket, maybe if I were to add 2 things to that. First, I think on the consumer side, with the new Express, if you can imagine it, you can do it. And so I think it's really powerful. And within an enterprise, much like Acrobat, we want every enterprise employee to now have a combination of both Acrobat and Express.

Saket，也許我要添加兩件事。首先，我認為在消費者方面，有了新的Express，如果你能想像到，你就可以做到。所以我認為它真的很強大。在企業內部，就像 Acrobat 一樣，我們希望每個企業員工現在都擁有 Acrobat 和 Express 的組合。

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

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

Congrats on the quarter. I guess, one, it's probably for David again. David, I was just kind of curious when you think about the enterprise part of the Digital Media business. How, I guess, prepared are customers from a content perspective and the data perspective to take on some of the generative AI capabilities that you guys are bringing to market? And I'm sure this blends into Anil, too, on the Adobe Experience Manager. But I was just wondering if you guys could talk about the data aspect of this and how that interplay might help, frankly, both sides of the Digital Media and the Digital Experience businesses.

恭喜本季度。我想，一，可能又是給大衛的。大衛，當你想到數字媒體業務的企業部分時，我只是有點好奇。我想，從內容和數據的角度來看，客戶準備好接受你們推向市場的一些生成式人工智能功能了嗎？我確信這也融入到 Adob​​e Experience Manager 上的 Anil 中。但我只是想知道你們是否可以談談數據方面的問題，以及坦率地說，這種相互作用如何幫助數字媒體和數字體驗業務雙方。

Sure. I'll say a few words and then hand it off to Anil as well. So as we've talked about, Firefly, from the beginning, has a few core principles. The first is the quality of output, right? So text, we have capability of text imaging, text-to-text effects. We have vectors in there now. We're working on video design, 3D generation as well. So we have a series of all this incredible content that we think will be cornerstone of everything needed for enterprise content velocity.

當然。我會說幾句話，然後也將其交給阿尼爾。正如我們所討論的，Firefly 從一開始就有一些核心原則。首先是輸出質量，對吧？所以文本，我們有文本成像、文本到文本效果的能力。現在我們已經有了向量。我們也在致力於視頻設計和 3D 生成。因此，我們擁有一系列令人難以置信的內容，我們認為它們將成為企業內容速度所需的一切的基石。

The second thing is that we're building it in a way that we can integrate into existing workflows. We've already started to announce integrations into Photoshop and Illustrator and Express. You'll also start to see us continue those integration points, but you'll also start to see us integrate it more directly into the Digital Experience workflows as well.

第二件事是我們正在以一種可以集成到現有工作流程中的方式構建它。我們已經開始宣布與 Photoshop、Illustrator 和 Express 的集成。您還將開始看到我們繼續這些集成點，但您也會開始看到我們將其更直接地集成到數字體驗工作流程中。

Third is that, and perhaps most importantly, we've also been able to -- because of the way we share and are transparent about where we get our content, we can tell customers that their content generated with Firefly is commercially safe for use. Copyrights are not being violated. Diversity and inclusion is front and center. Harmful imagery is not being generated. So we're able to give them that confidence and also, as part of our enterprise plans, give them indemnification for the content that's being created. So those things, I think, fundamentally help them engage that.

第三，也許最重要的是，我們還能夠——由於我們共享內容的方式以及我們獲取內容的方式是透明的，我們可以告訴客戶，他們使用 Firefly 生成的內容在商業上可以安全使用。版權沒有受到侵犯。多樣性和包容性是首要和中心。不會產生有害圖像。因此，我們能夠給予他們這種信心，並且作為我們企業計劃的一部分，為他們正在創建的內容提供賠償。所以我認為這些事情從根本上幫助他們參與其中。

Just picking up on what you said. I think if you look at Express and Firefly and also the Sensei GenAI services that we announced for Digital Experience, comes at a time when marketing is going through a big shift from sort of mass marketing to personalized marketing at scale. And for the personalization at scale, everything has to be personalized, whether it's content or audiences, customer journeys. And that's the unique advantage we have. We have the data within the audience -- the Adobe Experience Platform with the real-time customer profiles. We then have the models that we're working with like Firefly. And then we have the interfaces through the apps like Adobe Campaign, Adobe Experience Manager and so on.

只是接聽你說的話。我認為，如果你看看 Express 和 Firefly，以及我們為數字體驗宣布的 Sensei GenAI 服務，你會發現，營銷正在經歷從大眾營銷到大規模個性化營銷的重大轉變。對於大規模的個性化，一切都必須個性化，無論是內容還是受眾、客戶旅程。這就是我們擁有的獨特優勢。我們擁有受眾數據 - Adob​​e Experience Platform 以及實時客戶檔案。然後我們就有了我們正在使用的模型，比如 Firefly。然後我們通過 Adob​​e Campaign、Adobe Experience Manager 等應用程序獲得界面。

So we can put all of that together in a manner that's really consistent with the data governance that people -- that customers expect so that their data is used only in their context and use that to do personalized marketing at scale. So it really fits very well together.

因此，我們可以以一種與人們期望的數據治理真正一致的方式將所有這些組合在一起，以便他們的數據僅在他們的上下文中使用，並使用它來進行大規模的個性化營銷。所以它真的非常適合在一起。

Maybe just given how much excitement we have around this, Kirk, 3 quick things. The first is it really allows for us to, within a company, have every marketer participate in the production and delivery of content. And so agility for an enterprise is great.

也許只是考慮到我們對此感到多麼興奮，柯克，三件事很快。首先，它確實允許我們在公司內部讓每個營銷人員參與內容的製作和交付。因此，敏捷性對於企業來說是非常重要的。

Second thing maybe I'll add to what both Anil and David said, we can now create custom models. So think of it, if you're a company like Coke or a company like Disney and you want to create these campaigns where you want to try out different things, the Firefly model can be customized for them. And that in conjunction with what we have with Express and AEM really allows it to be tailored for that particular company.

第二件事也許我會補充阿尼爾和大衛所說的，我們現在可以創建自定義模型。所以想一想，如果您是像可口可樂這樣的公司或像迪士尼這樣的公司，並且您想要創建這些活動並嘗試不同的事物，則可以為他們定制 Firefly 模型。與我們擁有的 Express 和 AEM 相結合，確實可以為特定公司量身定制。

I also wanted to just clarify that, that entire go to market is completely aligned already within the company. And so we have one enterprise sales force calling on them across Express, Creative Cloud as well as Experience Cloud solutions.

我還想澄清一下，整個市場進入過程已經在公司內部完全協調一致。因此，我們有一支企業銷售團隊通過 Express、Creative Cloud 以及 Experience Cloud 解決方案來拜訪他們。

And our next question will come from Alex Zukin with Wolfe Research.

我們的下一個問題將來自 Wolfe Research 的 Alex Zukin。

This is Arsenije on for Alex Zukin. Alex is flying right now, but he says it's good to see who the true AI winners are. So now to my question. The DM business continues to outperform in an impressive way. Can you talk to some of the underlying levers and stack rank what is driving the strengths. Whether it's demand for content, uptake of newer products or cross-selling success, can you help unpack the layers of success you're seeing? And then just on gen AI, you have announced new offerings with Generative Fill and more recently, Generative Recolor. As you are seeing kind of the traction you are getting online within the creative community, how is it helping inform you about where the greatest monetization opportunity is?

這是阿爾塞尼傑替補亞歷克斯·祖金。亞歷克斯現在正在飛行，但他說很高興看到誰是真正的人工智能贏家。現在回答我的問題。 DM 業務繼續以令人印象深刻的方式表現出色。您能否談談一些潛在的槓桿，並對推動優勢的因素進行排序。無論是對內容的需求、新產品的採用還是交叉銷售的成功，您能幫助您解開您所看到的成功的各個層面嗎？然後就在 gen AI 上，您宣布了 Generative Fill 的新產品以及最近的 Generative Recolor。當您看到創意社區在網上受到的關注時，它如何幫助您了解最大的盈利機會在哪裡？

Sure. Yes, I'll -- first of all, thanks for the question. Yes, we feel like we're off to a great start for the first half of the year. And as we look at it, the strength was very broad-based. Traffic to adobe.com and top of funnel was strong, frankly, all quarter long. And it's clear that our messaging is resonating well with a broader and broader set of audiences that we can reach.

當然。是的，我會——首先，謝謝你的提問。是的，我們感覺今年上半年有了一個良好的開端。從我們的角度來看，這種優勢非常廣泛。坦率地說，整個季度，adobe.com 和渠道頂部的流量都很強勁。很明顯，我們的信息與我們能夠接觸到的越來越多的受眾產生了良好的共鳴。

Second, we saw strong conversion. Our product-led growth investments that we've been making for some time now are starting to pay dividends. Adobe.com is an area we've focused for a long time. We continue to see improvements in terms of customer journey work and conversion. And we've more recently been investing much more significantly in product-led growth motions in our core flagship applications like Photoshop and Acrobat as well. And we've been leveraging a lot of Anil's Digital Experience products that allow us to do personalization at scale in terms of in-product experiences there.

其次，我們看到了強勁的轉化。一段時間以來，我們以產品為主導的增長投資已經開始帶來紅利。 Adobe.com 是我們長期以來關注的一個領域。我們繼續看到客戶旅程工作和轉化方面的改進。最近，我們在 Photoshop 和 Acrobat 等核心旗艦應用程序中對以產品為主導的增長動力進行了更大規模的投資。我們一直在利用 Anil 的許多數字體驗產品，這些產品使我們能夠在產品內體驗方面進行大規模個性化。

And then lastly, it feels like we've really started to see some good inflection in our mobile applications. In particular, Acrobat on mobile and Lightroom mobile performed very well this quarter as well. In addition to that, as Dan mentioned in his opening comments, the emerging products like Substance and Frame continue to grow very nicely and really sort of slipstream into the content supply chain conversation that we're having with enterprise customers.

最後，感覺我們真的開始在我們的移動應用程序中看到一些好的變化。特別是，移動設備上的 Acrobat 和移動設備 Lightroom 本季度的表現也非常出色。除此之外，正如 Dan 在開場白中提到的那樣，Substance 和 Frame 等新興產品繼續快速增長，並且確實融入了我們與企業客戶進行的內容供應鏈對話中。

And frankly, enterprise demand for content creation continues to grow. Anil said last week at EMEA Summit that our customers are expecting it to grow 5x in terms of content creation over the next few years. We continue to see more pull for creative apps. And also, we're starting to see enterprises invest much more in Acrobat penetration into their accounts. So they really want more people to have Acrobat from Adobe. So that's just to name a few things. Things are shaping up great for the year, and we're very excited about the direction of the business.

坦白說，企業對內容創作的需求持續增長。 Anil 上週在 EMEA 峰會上表示，我們的客戶預計未來幾年內容創作量將增長 5 倍。我們繼續看到創意應用程序的吸引力越來越大。此外，我們開始看到企業在 Acrobat 滲透到其帳戶方面投入了更多資金。所以他們真的希望更多的人擁有 Adob​​e 的 Acrobat。這只是舉幾例。今年的情況進展順利，我們對業務的方向感到非常興奮。

And our next question will come from Mark Moerdler with Bernstein Research.

我們的下一個問題將來自伯恩斯坦研究公司的馬克·莫德勒。

Congratulations on the strong quarter and the updated guidance. Dan, can you give us some color on how gen AI is going to impact margins? Especially you've -- 0.5 billion assets created just in the beta, the potential for substantial gen AI, once this is all launched, is going to be enormous. How should we think about that?

祝賀強勁的季度業績和更新的指導。 Dan，您能給我們介紹一下人工智能將如何影響利潤率嗎？尤其是在測試版中就創建了 5 億資產，一旦全部啟動，新一代人工智能的潛力將是巨大的。我們應該如何思考這個問題？

Yes. Thanks for the question, Mark. As I reflect on the company's journey, we've got a long history of driving strong profitable growth. We deliver the innovation and the top line progression, but we do it in a very disciplined way, which drives margin and cash flow for investors. I see this playing out in a similar fashion.

是的。謝謝你的提問，馬克。當我回顧公司的歷程時，我們在推動利潤強勁增長方面有著悠久的歷史。我們提供創新和營收增長，但我們以非常嚴格的方式做到這一點，這為投資者帶來了利潤和現金流。我認為這會以類似的方式發生。

These are real investments. They're material investments we're making to unlock the magic of the Adobe technology platform and seamlessly integrating it across the product portfolio. When we think about the cost drivers, we think about training. We think about inference. We think about storage costs. The company is ruthlessly prioritizing how we're spending and what projects we're investing in to create a spend envelope to bring this technology to life in a very rapid fashion.

這些都是真正的投資。它們是我們進行的重大投資，旨在釋放 Adob​​e 技術平台的魔力並將其無縫集成到整個產品組合中。當我們考慮成本驅動因素時，我們會考慮培訓。我們思考推理。我們考慮存儲成本。該公司正在無情地優先考慮我們的支出方式和投資項目，以創建一個支出範圍，以非常快速的方式將這項技術變為現實。

You can see the discipline at play. We've been at this for several quarters. You see the strong print from a profitability standpoint in Q1. We followed through with a strong print again in Q2. And as we look into the back part of the year, again, you're seeing second half year-over-year, second half-over-second half showing an uptick from a profitability standpoint.

你可以看到紀律在發揮作用。我們已經這樣做了幾個季度了。從第一季度盈利能力的角度來看，您可以看到強勁的表現。我們在第二季度再次表現強勁。當我們回顧今年下半年時，您會再次看到下半年與去年同期相比，下半年與下半年相比，從盈利能力的角度來看，下半年表現出上升趨勢。

So we're going to continue to stay focused on being very disciplined, how we prioritize what we do and don't do and make sure we create the right kind of spend envelope for this technology as we bring it to life. I think it's an end statement for us at the company and what we've done for a very long time here, drive innovation, drive strong top line growth and do it in a very profitable way that's cash flow generative and value creative for investors.

因此，我們將繼續專注於非常自律，如何優先考慮我們該做什麼和不做什麼，並確保我們在將這項技術付諸實踐時為它創造正確的支出範圍。我認為這是我們公司的最終聲明，也是我們長期以來在這裡所做的事情，推動創新，推動強勁的營收增長，並以一種非常有利可圖的方式做到這一點，為投資者創造現金流和價值創意。

Yes. And just I'll add a little bit on to that because we've been working very closely between our engineering organization and the finance organization on a number of levers to make sure that we're managing and keeping discipline and cost front of mind. The first is the model training itself. There are a number of things the team has been doing to optimize our ability to train larger models more efficiently.

是的。我要補充一點，因為我們的工程組織和財務組織之間一直在許多槓桿上密切合作，以確保我們在管理和保持紀律和成本方面處於領先地位。首先是模型訓練本身。團隊一直在做很多事情來優化我們更有效地訓練更大模型的能力。

The second is post-training inference optimization. There's a lot of, I think, cutting-edge work coming out here, both in terms of research and the work we're doing around things like pruning and distillation and quantization that make the inference execution much more efficient. Third is, as we've talked about in the past, we're working with folks like NVIDIA to make sure that the hardware and software advances go hand in glove, and we're leveraging more and more compute pathways that are on the chip itself. Four is user experience, making sure that as we expose these things to users, we do it in a way that drives more efficiency in the back end. And of course, the big unlock longer term is about hybrid generative approaches. So how do we move more of this computing to the desktop as well? That'll be a major cost benefit down the road. But it's a significant effort and a lot of work to do, and we take it very seriously.

二是訓練後推理優化。我認為，這裡出現了很多尖端工作，無論是在研究方面還是在我們圍繞剪枝、蒸餾和量化等方面所做的工作方面，這些工作都使推理執行更加高效。第三，正如我們過去談到的，我們正在與 NVIDIA 等公司合作，確保硬件和軟件的進步緊密結合，並且我們正在利用芯片上越來越多的計算路徑本身。第四是用戶體驗，確保當我們向用戶公開這些內容時，我們以提高後端效率的方式進行。當然，長期的重大解鎖是關於混合生成方法。那麼我們如何將更多的計算轉移到桌面上呢？這將是未來的主要成本效益。但這是一項巨大的努力和大量的工作要做，我們非常認真地對待它。

And Mark, I just wanted to add, in addition to all of that great work that we're doing on saving costs, I'm more excited about the top line growth that this is going to cause for us.

馬克，我只是想補充一點，除了我們在節省成本方面所做的所有出色工作之外，我對這將為我們帶來的收入增長感到更興奮。

And our next question will come from Tyler Radke with Citibank.

我們的下一個問題將來自花旗銀行的泰勒·拉德克（Tyler Radke）。

I wanted to ask about the Document Cloud strength you saw in the quarter. So the business saw a nice improvement relative to last quarter. If you could just unpack that a bit. And then secondly, as I look at the full year outlook, clearly, a really strong quarter, one of the biggest feats we've seen in years. As I think about Q4, just kind of the initial implied guide, is there anything to call out any onetime factors around pricing we should keep in mind as we compare the year-over-year decline? Or is that just conservatism?

我想詢問您在本季度看到的 Document Cloud 實力。因此，與上季度相比，該業務有了很大的改善。如果你能稍微解壓一下就好了。其次，當我審視全年前景時，顯然，這是一個非常強勁的季度，這是我們多年來看到的最大成就之一。當我想到第四季度時，這只是最初的隱含指南，在我們比較同比下降時，有什麼可以指出我們應該牢記的有關定價的一次性因素嗎？或者這只是保守主義？

Yes. Maybe I'll talk about the Acrobat business, and then we can get to Q4 after that. So first of all, yes, another great quarter. It was great to see ARR growing 23%. And a lot of this is the basics of PDF demand, right? We've seen this incredible tailwind with demand for PDF continuing to grow. PDF has become the de facto standard for unstructured data. And PDF-related searches continue to grow. And this is, as Shantanu mentioned and I mentioned in the prepared remarks, 30 years after PDF launched. So it's amazing to see how things are going.

是的。也許我會談談 Acrobat 業務，然後我們可以討論第四季度。首先，是的，又是一個偉大的季度。很高興看到 ARR 增長 23%。其中很多都是 PDF 需求的基礎知識，對嗎？我們已經看到了 PDF 需求持續增長的令人難以置信的順風。 PDF 已成為非結構化數據事實上的標準。與 PDF 相關的搜索量持續增長。正如 Shantanu 和我在準備好的發言中提到的那樣，這是 PDF 推出 30 年後的事。所以看到事情的進展真是令人驚奇。

We've been investing very heavily in expanding our top of funnel. We have Acrobat Web that's been driving a lot of new users. We've seen good growth directly to Acrobat Web. Acrobat Mobile has also been a source of new opportunity for us. We talked about our extensions in Chrome and Edge. And also, we've mentioned in the past, our partnership with Microsoft to really make Acrobat the foundation -- or PDF and Reader, the foundation of all documents viewed in Edge as well. So that creates an enormous top of funnel for us, and we continue to sort of broaden that.

我們一直在擴大漏斗頂部進行大量投資。我們的 Acrobat Web 吸引了大量新用戶。我們已經看到直接 Acrobat Web 的良好增長。 Acrobat Mobile 也為我們帶來了新的機遇。我們討論了 Chrome 和 Edge 中的擴展。而且，我們過去也提到過，我們與 Microsoft 的合作真正使 Acrobat 成為基礎，或者 PDF 和 Reader 成為在 Edge 中查看的所有文檔的基礎。因此，這為我們創造了一個巨大的漏斗頂部，我們將繼續擴大它。

In addition to that, we've been adding more value directly into the products with a proliferation of signatures and collaboration capabilities. And all of that, combined with our product-led growth motion, is driving strong conversion. So we feel really good about the foundation of that business.

除此之外，我們還通過增加簽名和協作功能，直接為產品添加更多價值。所有這些，再加上我們以產品為主導的增長動力，正在推動強勁的轉化。因此，我們對該業務的基礎感到非常滿意。

And coming to the guide, Tyler, the way I'd think about it is, if we think about the journey to date this fiscal year, we had a strong print in Q1. We had a strong print in Q2. We've got a lot of momentum around this business. As we look into the back half of the year, we see that momentum continuing. We're 2 weeks into Q3. We see that momentum continuing. And as you would expect, we see a strong finish to the year in Q4. And we've got a long track record inside of the company of setting expectations and then executing against those expectations in a way that drives value for investors. And so I think the setup for the back half of the year is no different than that.

泰勒，談到指南，我的想法是，如果我們考慮本財年迄今為止的旅程，我們在第一季度的業績表現強勁。我們在第二季度表現強勁。我們在這項業務上有很大的動力。當我們展望今年下半年時，我們看到這種勢頭仍在繼續。第三季度已經過去兩週了。我們看到這種勢頭仍在繼續。正如您所期望的那樣，我們在第四季度看到了今年的強勁收官。我們在公司內部有著長期的記錄，即設定預期，然後以為投資者帶來價值的方式執行這些預期。所以我認為下半年的安排與此沒有什麼不同。

And our next question will come from Matt Swanson with RBC.

我們的下一個問題將來自加拿大皇家銀行的馬特·斯旺森。

Yes. And I'll add my congratulations on the quarter. We've kind of talked from the beginning that a major differentiation point for Firefly is that this is an enterprise-safe generative model. Could you just give us some insights into your customer conversations and really how focused enterprises are around the potential, maybe a copyright or trademark issues that generative could create using other solutions?

是的。我還要對本季度表示祝賀。我們從一開始就談到 Firefly 的一個主要區別點是這是一個企業安全的生成模型。您能否向我們提供一些有關您的客戶對話的見解，以及企業對潛力（可能是使用其他解決方案可能產生的版權或商標問題）的關注程度？

Matt, maybe I'll take that. It's actually been off the chart, the interest. We just had our summit in London, following the successful launch that we had here where customers even in the U.S. were asking us questions. And I would say there are around 3 areas. All of them had perhaps experimented with other solutions. The moment Adobe came in and said this is both safe and designed for commercially safe as well as we can create the custom models, I think the interest associated with that has been off the charts.

馬特，也許我會接受。事實上，興趣已經超出了預期。我們剛剛在倫敦舉行了峰會，此前我們在這裡成功推出了產品，甚至美國的客戶也向我們提出了問題。我想說大約有 3 個區域。他們所有人可能都嘗試過其他解決方案。當 Adob​​e 介入並表示這既安全又專為商業安全而設計，而且我們可以創建自定義模型時，我認為與之相關的興趣已經超出了預期。

We've already created some custom models where we tweak our core model with assets that people can provide us. And that's also a secret sauce that we're unlocking and the integration of that within each of our products. So frankly, the product's not yet available, but the number of customers who want to sign on in terms of wanting to use it has been one of the most successful launches that we've had. And when I say the product's not ready, all I'm saying is it's not generally available. It's certainly available for them to put through their paces within the company.

我們已經創建了一些自定義模型，我們使用人們可以向我們提供的資產來調整我們的核心模型。這也是我們正在解鎖的秘密武器，並將其集成到我們的每款產品中。坦率地說，該產品尚未推出，但想要註冊並想要使用該產品的客戶數量是我們推出的最成功的產品之一。當我說產品還沒有準備好時，我只是說它還沒有普遍上市。他們當然可以在公司內完成自己的步伐。

Yes. No, that sounds fantastic. We get the users and the CEOs to agree on the same product. That's a good combination.

是的。不，這聽起來棒極了。我們讓用戶和首席執行官就同一產品達成一致。這是一個很好的組合。

Thank you.

謝謝。

Our next question comes from Jay Vleeschhouwer with Griffin Securities.

我們的下一個問題來自格里芬證券公司的 Jay Vleeschhouwer。

Shantanu, at summit, with the content supply chain news, the company pretty much effectuated something that you've been talking about for the last number of years. That is content supply chain. And the question is about the potential business impact. Could you talk about what is fundamentally new or newly required in terms of pipeline development for that broader concept of implementing Adobe product? What you think the impact might be, for example, in your average book of business that you disclosed with your top 2,500 and top 1,000 customers each year at the analyst meeting? And you do seem to be investing still heavily in consulting capacity. So is that part of the development that you're foreseeing necessary for content supply chain?

Shantanu，在峰會上，通過內容供應鏈新聞，該公司幾乎實現了您過去幾年一直在談論的事情。這就是內容供應鏈。問題在於潛在的業務影響。您能否談談在實施 Adob​​e 產品的更廣泛概念的管道開發方面有哪些根本性的新內容或新需求？例如，您認為每年在分析師會議上向前 2,500 名和前 1,000 名客戶披露的平均業務記錄中可能會產生什麼影響？你們似乎仍在對諮詢能力進行大量投資。那麼，您預見到的這部分發展對於內容供應鏈來說是必要的嗎？

A couple of points, Jay, and then certainly, Anil can add to it. First, I think, is we are a good user case for what's happening. The reality is that with what David talked about as it relates to product-led growth, what the content supply chain really allows us to do is start with a marketing brief that we're putting within workflow, start to create the campaigns, have AM and our asset management solution be the place where all of these assets are and then deliver them through campaign as well as deliver them through the Adobe Experience Manager on the website.

傑伊，有幾點，當然，阿尼爾也可以補充一下。首先，我認為，我們是正在發生的事情的一個很好的用戶案例。現實情況是，正如大衛所說的與產品主導的增長有關，內容供應鏈真正允許我們做的是從我們放入工作流程中的營銷簡介開始，開始創建活動，讓 AM我們的資產管理解決方案是所有這些資產所在的地方，然後通過活動以及網站上的 Adob​​e Experience Manager 來交付它們。

So I think the interest associated with this is all about trying to say all of the content that we are creating, how do we both make that more efficient as well as understand how we can both globalize, which has been a big driver of why people want this content supply chain. The traditional agencies, I think Anil referred to this. They all have not only, I think, procured our solution for their internal usage, but they're also collectively taking this solution to joint customers. So I think it actually just really beautifully aligns within Anil's enterprise sales motion, how we can go with everything from workflow, which actually had a great quarter, so we continue to see good growth in workflow. So I think it aligns all of our offerings. And there isn't one customer that doesn't want this, partly because of all the additional cost and scrutiny on what the expenses are right now.

因此，我認為與此相關的興趣在於嘗試說出我們正在創建的所有內容，我們如何提高效率以及了解我們如何實現全球化，這一直是人們為什麼這樣做的一個重要驅動力想要這個內容供應鏈。傳統機構，我想阿尼爾提到過這一點。我認為，他們不僅採購了我們的解決方案供其內部使用，而且還共同將該解決方案提供給共同客戶。因此，我認為它實際上與 Anil 的企業銷售動議非常完美地結合在一起，即我們如何處理工作流程中的所有內容，該流程實際上有一個很棒的季度，因此我們繼續看到工作流程的良好增長。所以我認為它與我們所有的產品相一致。沒有一個客戶不希望這樣，部分原因是所有額外的成本以及對目前費用的審查。

Yes. We are just so uniquely differentiated across the Creative Cloud and Experience Cloud. And in terms of getting this implemented for customers, as you mentioned, we have now partnerships with Accenture, with IBM, with Omnicom, with Publicis. And all of them are working very closely with us, with our field teams to make sure that the content supply chain gets implemented for every customer across different verticals and geographies, specifically for their needs.

是的。我們在創意云和體驗雲方面具有獨特的差異化優勢。在為客戶實施這一點方面，正如您提到的，我們現在與埃森哲、IBM、宏盟和陽獅建立了合作夥伴關係。他們所有人都與我們以及我們的現場團隊密切合作，以確保為不同行業和地區的每個客戶實施內容供應鏈，特別是滿足他們的需求。

And our next question will come from Keith Weiss with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的基思韋斯。

Great. This is Elizabeth Porter on for Keith Weiss. Congrats on the strong quarter. And my question is again around generative AI. There's clearly a lot of investment and news across the industry. So are there generative AI capabilities that could become table stakes? And what are the areas that drive real differentiation that is monetizable for Adobe? How do you see this market evolving between those 2 pieces over time where Adobe really solidifies its leadership?

偉大的。我是伊麗莎白·波特 (Elizabeth Porter) 替基思·韋斯 (Keith Weiss) 發言。祝賀季度表現強勁。我的問題又是圍繞生成人工智能。整個行業顯然有大量的投資和新聞。那麼，是否存在可以成為籌碼的生成式人工智能能力呢？哪些領域能夠真正推動 Adob​​e 實現差異化並實現盈利？您如何看待這個市場隨著時間的推移在這兩個領域之間的演變，Adobe 真正鞏固了其領導地位？

Yes. I think, for us, the entire generative AI really is all 3 layers that we talked about. And if you think about our generative AI strategy, it really first starts with do we have unique data that we can use on behalf of our customers for customers. And clearly, both in the creative, in the document space with PDF as well as in the marketing space, the amount of data that we have is a key differentiator because that is going to dictate the models when you want to design this to be commercially safe.

是的。我認為，對我們來說，整個生成式人工智能實際上就是我們討論的所有 3 層。如果你考慮我們的生成式人工智能策略，首先要考慮的是我們是否擁有可以代表客戶為客戶使用的獨特數據。顯然，無論是在創意領域、PDF 文檔空間還是營銷領域，我們擁有的數據量都是一個關鍵的差異化因素，因為當您想要將其設計為商業化時，數據量將決定模型安全的。

I think the second thing that we're really focused on is in the domains where we have incredible expertise. Whether you consider it imaging or vector or documents or marketing, we are creating our own foundational models. And so when you create the foundation models, you really understand how that works, you understand how you can take it to an enterprise and create a custom model for that.

我認為我們真正關注的第二件事是我們擁有令人難以置信的專業知識的領域。無論您考慮的是成像、矢量、文檔還是營銷，我們都在創建自己的基礎模型。因此，當您創建基礎模型時，您真正了解其工作原理，了解如何將其應用於企業並為其創建自定義模型。

But I think the real differentiator for Adobe continues to be how does a user get value. And I think it's in the ubiquitous interfaces that we have, whether that's on the marketing side, everything where people are trying to create these campaigns or automate production or create a website or create a mobile app, similarly in documents, which we haven't touched on as much today, how they get the synthesis of the PDF, how they understand the structure of the PDF and clearly, in creative that we've seen, both with Generative Recolor and Adobe Illustrator as well as Generative Fill in Photoshop. As long as we have the interfaces that delight customers and where all this magic comes to life, that's really, I would say, Adobe is differentiated.

但我認為 Adob​​e 真正的差異化因素仍然是用戶如何獲得價值。我認為它存在於我們擁有的無處不在的界面中，無論是在營銷方面，還是人們試圖創建這些活動或自動化生產或創建網站或創建移動應用程序的一切，類似地在文檔中，我們還沒有今天就談到了他們如何合成 PDF，如何理解 PDF 的結構，以及如何清楚地理解 PDF 的結構，在我們所看到的創意中，無論是使用 Generative Recolor 和 Adob​​e Illustrator 以及 Photoshop 中的 Generative Fill。只要我們擁有令客戶滿意的界面，並且所有這些魔法都能實現，我想說，Adobe 確實是與眾不同的。

And you've seen that. It's not like there weren't other imaging models out there. The fact that we've captured the imagination of the community is a result of how all 3 of these layers really work well for Adobe better than anybody else.

你已經看到了。這並不是說沒有其他成像模型。事實上，我們吸引了社區的想像力，是因為所有這 3 層對 Adob​​e 來說比其他任何人都發揮得更好。

And that question will come from Brent Thill with Jefferies.

這個問題將由杰弗里斯的布倫特·希爾提出。

Shantanu, a lot of questions around why won't the DX Cloud give the Creative Cloud the [cold] as well. Why are you confident this won't spill over? And given I'm the last question, I'll break the operator's policy and asking one for David on, when you think about just the #1 question we're all getting, will AI reduce the number of seats available to you. Can you just address that? That's the #1 question we continue to get.

Shantanu，關於為什麼 DX Cloud 不給 Creative Cloud 帶來[冷]的很多問題。你為什麼確信這不會溢出？鑑於我是最後一個問題，我將打破運營商的政策，並為大衛詢問一個問題，當你想到我們都得到的第一個問題時，人工智能會減少你可用的座位數量。你能解決這個問題嗎？這是我們不斷遇到的第一個問題。

Great. I'll start with the second, and we can go to the first after that. So Brent, if you take a look at Adobe's history, this is what we do, right? If you look at desktop publishing, if you look at creative imaging, if you look at video editing, the result of Adobe's focus here is always about increasing productivity, increasing the importance of these new workflows, and that has always led to an increase in jobs.

偉大的。我將從第二個開始，然後我們可以討論第一個。那麼，Brent，如果您回顧一下 Adob​​e 的歷史，就會發現這就是我們所做的，對吧？如果你看看桌面出版，如果你看看創意成像，如果你看看視頻編輯，Adobe 的重點始終是提高生產力，提高這些新工作流程的重要性，而這總是導致工作。

Let's take video editing as an example, right? We lowered the cost of production in video significantly with our work with Premiere and After Effects in Audition. And what that did was it increased the ability for people to create more content. So they didn't take the same -- they didn't create the same amount of content with fewer people. What they did was they found new business opportunities. They created more niche content that led to video streaming and personalization, and that created an explosion in the industry around video production.

我們以視頻編輯為例吧？通過與 Audition 中的 Premiere 和 After Effects 合作，我們顯著降低了視頻製作成本。這樣做的作用是提高了人們創造更多內容的能力。所以他們沒有採取同樣的做法——他們沒有用更少的人創造出同樣數量的內容。他們所做的是發現了新的商機。他們創造了更多利基內容，帶來了視頻流和個性化，並在視頻製作行業引發了爆炸式增長。

That's what we do. And we're sitting at a moment where companies are telling us that there's a 5x increase in content production coming out in the next few -- next couple of years. And you see a host of new media types coming out. And we see the opportunity here for both seat expansion as a result of this and also because of the value we're adding into our products themselves, increase in ARPU as well.

這就是我們所做的。現在，公司告訴我們，未來幾年（未來幾年）內容製作量將增加 5 倍。你會看到許多新媒體類型的出現。因此，我們看到了擴大席位的機會，也因為我們為產品本身增加的價值，以及 ARPU 的增加。

Now beyond all of this, in terms of professional video and professional content creation, I should say, there's also a massive opportunity because this catalyzes our ability much more effectively to go after the billions of creators around the world who need things like this to be creative. So we're going to help them also create standout content.

現在，除了這一切之外，在專業視頻和專業內容創作方面，我應該說，還有一個巨大的機會，因為這可以更有效地促進我們的能力，去追隨世界各地數十億創作者，他們需要這樣的東西有創造力的。因此，我們將幫助他們創建出色的內容。

So again, I take a step back and I say we have an opportunity to get more people into the franchise. We have the ability to drive more ARPU through our products, and we have the ability to make people more successful and drive more LTV. So the foundation, I think, is very strong.

所以，我再次退後一步，我說我們有機會讓更多的人加入這個系列。我們有能力通過我們的產品推動更多的 ARPU，我們有能力讓人們更加成功並推動更多的 LTV。所以我認為基礎非常牢固。

And Brent, if I understood the question right, I mean, the interest within the DX customer base for what we are doing on Creative Cloud, if you look at both Summits, the interest associated with how these clouds and offerings are working together is actually one of the catalysts that I think will help both the Digital Media as well as the Digital Experience business.

布倫特，如果我沒理解問題的話，我的意思是，DX 客戶群對我們在 Creative Cloud 上所做的事情感興趣，如果你看一下兩場峰會，就會發現與這些雲和產品如何協同工作相關的興趣實際上是我認為這將有助於數字媒體和數字體驗業務的催化劑之一。

So you're right. I mean we are finding that every customer is saying this is the way for us to really go all the way from when we start to create a campaign all the way to the delivery and understanding the analytics associated with that. And I think the enterprise team has really aligned around this joint selling, and we've created a bill of materials where you can actually have both the Digital Experience as well as the Creative Cloud offerings in it. And I think that's what you're going to see. In the second half, we're going to have a lot more of these combined sales that happen with every enterprise because it helps, as we've been saying, with both the top line and the bottom line.

所以你是對的。我的意思是，我們發現每個客戶都說這是我們從開始創建活動一直到交付並理解與之相關的分析的真正方法。我認為企業團隊確實圍繞這種聯合銷售達成了一致，我們創建了一份物料清單，您實際上可以在其中同時擁有數字體驗和創意云產品。我想這就是你將會看到的。下半年，我們將在每個企業中實現更多的合併銷售，因為正如我們所說，這對營收和利潤都有幫助。

And since it was the last question, I mean, let me end by saying it was a great first half. We appreciate all the comments that you have made about the quarter. And I wanted to thank the Adobe team for real great execution as well as, again, congratulate, in particular, the Acrobat team for 30 years of amazing innovation.

既然這是最後一個問題，我的意思是，最後我想說這是一個很棒的上半場。我們感謝您對本季度提出的所有評論。我要感謝 Adob​​e 團隊真正出色的執行力，並再次特別祝賀 Acrobat 團隊 30 年來的驚人創新。

What I'm most proud of is, if you look at just the last few months in terms of what the company has delivered across Firefly and Generative Fill and Generative Recoloring, what's happening with Acrobat across the web, in Digital Experience, the Adobe Mix Modeler, product analytics, what we are doing around content supply chain, the new offerings that are coming for an increasing set of customers that will serve real customer problems I think really all goes well for how we will continue to drive innovation and serve customers well. So I'm really excited about the second half as well as what we're going to continue to do in terms of delivering top line and bottom line growth.

我最引以為豪的是，如果你看看公司在過去幾個月在 Firefly、生成填充和生成重新著色方面所交付的內容，就會發現 Acrobat 在網絡、數字體驗、Adobe Mix 方面所發生的變化建模、產品分析、我們圍繞內容供應鏈所做的事情、為越來越多的客戶提供的新產品將解決真正的客戶問題，我認為對於我們如何繼續推動創新和為客戶提供良好服務而言，一切都進展順利。因此，我對下半年以及我們將繼續在實現營收和利潤增長方面所做的事情感到非常興奮。

And with that, I'll hand it over to Jonathan.

這樣，我就把它交給喬納森。

Thanks, Shantanu, and thanks, everyone, for joining the call. I look forward to speaking with many of you soon, and this concludes the event.

謝謝尚塔努，也謝謝大家加入這次通話。我期待著很快與你們中的許多人交談，本次活動到此結束。

Thank you. That does conclude today's conference. We do thank you for your participation, and have an excellent day.

謝謝。今天的會議到此結束。我們非常感謝您的參與，祝您度過愉快的一天。