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.

各位來賓，歡迎參加Adobe 2023財年第二季財報電話會議。本次會議正在錄音。現在，我將會議交給投資人關係副總裁喬納森‧瓦斯先生。請開始發言。

Good afternoon, and thank you for joining us. With me on the call today are Shantanu Narayen, Adobe's 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，感謝各位參加本次電話會議。今天與我一同參加會議的有：Adobe 董事長兼執行長 Shantanu Narayen；數位媒體總裁 David Wadhwani；數位體驗總裁 Anil Chakravarthy；以及執行副總裁兼財務長 Dan Durn。本次電話會議將進行錄音，我們將討論 Adob​​e 2023 財年第二季的財務表現。您可以在 Adob​​e 投資者關係網站上找到我們的新聞稿以及我們準備好的發言稿和財務業績的 PDF 文件。

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.

本次電話會議討論的信息，包括我們的財務目標和產品計劃，均截至今日（6月15日），其中包含涉及風險、不確定性和假設的前瞻性陳述。實際結果可能與這些陳述有重大差異。有關這些風險的詳細討論，請參閱今日新聞稿和Adobe提交給美國證券交易委員會（SEC）的文件。

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

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

I will now turn the call over to Shantanu.

現在我將把通話轉給沙塔努。

Thanks, Jonathan. Good afternoon, and thank you for joining us. Adobe had 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，感謝您參加本次活動。 Adobe 本季業績斐然，營收達到創紀錄的 48.2 億美元，較去年同期成長 13%。本季 GAAP 每股收益為 2.82 美元，非 GAAP 每股收益為 3.91 美元。我們的業績表明，Creative Cloud、Document Cloud 和 Experience Cloud 的需求強勁，尤其在數位媒體年度經常性收入 (ARR) 方面表現突出。

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.

隨著數位化持續快速地改變工作、生活和娛樂方式，Adobe 致力於透過個人化數位體驗改變世界的使命比以往任何時候都更加重要。我們突破性的創新，包括全新的 Adob​​e Express；Firefly 系列創意生成式 AI 模型的發布；Photoshop 和 Illustrator 等創意應用程式中的協同工作功能；Acrobat 中基於 AI 的改進；全新的產品分析解決方案；以及實時 CDP 的最新功能，正在賦能不斷增長的客戶體驗，幫助他們構思卓越的內容和體驗。我們正積極實踐我們的策略，釋放每個人的創造力，提昇文件處理效率，並助力數位化業務發展。

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 帶來了令人興奮的創新機遇，並拓展了我們的目標市場。雲端運算、行動技術和人工智慧領域均是如此。我們透過 Adob​​e Sensei 平台推出了數百項人工智慧創新，例如 Photoshop 中的神經濾鏡、Acrobat 中的液態模式以及 Adob​​e Experience Platform 中的客戶人工智慧。我們持續的研發投入推動了生成式人工智慧技術 Firefly 的快速開發和部署。我們相信，生成式人工智慧將進一步提升我們產品的可近性和普及性。

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慧策略聚焦於數據、模型和介面。我們擁有涵蓋創意、文件和客戶體驗的豐富資料集，這使我們能夠利用最高品質的素材訓練模型。我們將建立我們擁有深厚領域專長的類別的基礎模型，包括圖像、向量、影片、文件和行銷。我們將生成式人工智慧融入我們種類繁多的介面，使其成為輔助駕駛工具，從而為更廣泛的客戶群帶來神奇的體驗和生產力的提升。自三月發布以來，Firefly 已累積產生超過 5 億次，贏得了全球用戶的喜愛，而這只是個開始。

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.

我們的數位體驗業務正在為全球企業提供個人化的客戶互動體驗，協助他們實現以體驗為導向的成長。我們正在製定創新的產品路線圖，並將 Sensei GenAI 服務整合到 Experience Cloud 中。上週，我們成功舉辦了 EMEA 高峰會，數千名客戶和合作夥伴的熱情參與進一步印證了數位化在各行各業的重要性。 Adobe 在該領域的領先地位和關鍵任務型產品將繼續推動我們的成長。

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.

鑑於目前的企業支出環境，我們預計 2023 財年 Creative Cloud 和 Document Cloud 的營收和年度經常性收入 (ARR) 將超過先前設定的目標，而 Digital Experience 的營收和 ARR 將略低於先前設定的年度目標。由於我們突破性的創新和持續的執行，我們很高興上調 Adob​​e 的年度總收入和每股盈餘 (EPS) 目標。

David, over to you.

大衛，該你了。

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 Shantanu，大家好。 Adobe 一直致力於激發所有人的創造力；如今，借助人工智慧的力量，這一目標比以往任何時候都更容易實現。全新 Adob​​e Express 和 Firefly 的推出，必將成為我們創意發展史上的里程碑。這些創新產品以及我們旗艦應用程式中的生成式人工智慧助手，將進一步鞏固我們在圖像、設計、影片、插畫、動畫和 3D 等核心創意領域的領先地位，並吸引日益廣泛的全球用戶群。

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，我們實現了3.54億美元的新增創意業務年度經常性收入（ARR）和28.5億美元的營收，年增14%。我們對即將推出的生成式人工智慧路線圖感到無比振奮，它將使更多用戶能夠更輕鬆地使用Adobe產品，同時大幅提升現有客戶的生產力。

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 吸引了許多客戶的關注，並在市場上脫穎而出。它正作為輔助工具直接整合到我們的產品工作流程中，以加速創意構思、探索和端到端的生產流程。業務和創新亮點包括 Firefly 的 Beta 版發布，Firefly 是 Adob​​e 開創性的創意生成式 AI 模型系列，以及 Adob​​e.com/firefly 網站，用戶可以在此生成和優化內容。 Firefly 的首個模型是基於 Adob​​e Stock 圖片和其他開放授權的內容進行訓練，旨在產生具有商業價值的專業級內容。

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 的強大功能與 Photoshop 無縫集成，開啟了創意力量和精準度的新時代。 Photoshop 全新的生成填充功能在社群媒體平台上獲得了驚人的迴響。用戶目前已在 Firefly 網站和 Photoshop 中產生了超過 5 億個素材，使這兩個測試版成為該公司歷史上最成功的版本。

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 in 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.

基於這項創新，本週早些時候，我們發布了 Illustrator 中的生成式重新著色功能，它將同樣作為數百萬設計師的生成式 AI 助手，幫助他們迭代和轉換向量圖形。此外，我們還發布了全新的 Adob​​e Express，它搭載了 Firefly 生成式 AI 功能，徹底革新了從學生、小型企業主到大型機構行銷人員等所有人創建和分享出色內容的方式。 Adobe Express 融合了 Photoshop、Illustrator、Premiere 和 Acrobat 的強大技術，將強大功能和精準度與速度和便利性完美結合。公開測試版的反響，尤其是其突破性的影片編輯功能，獲得了壓倒性的好評。

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.

企業版 Adob​​e Express 和 Firefly 將賦予組織中的每位員工，讓他們能夠與 Experience Cloud 協同工​​作，參與內容、行銷活動和網站的創建。 Premiere Pro 中新增的 AI 驅動的文字編輯和自動色調映射功能，將顯著提升影片編輯人員的工作效率。

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.

Frame.io 平台現已擴展，除了影片之外，還支援 PDF 和影像的協作，這進一步提升了 Adob​​e 跨雲端內容供應鏈解決方案的價值。 Lightroom 行動版的重大更新，讓用戶可以即時存取 Apple iCloud 和 Android 圖庫中的照片，從而更好地滿足我們日益增長的行動優先和純行動用戶群的需求。

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.

與策略夥伴生態系統的持續合作，提升了Adobe產品的知名度，並優化了其銷售漏斗頂端。 Google宣布Adobe Firefly將成為Bard的頂級生成式人工智慧合作夥伴，為其提供文字轉影像功能。 NVIDIA和Adobe宣布將合作優化硬體和軟體方面的生成式人工智慧。蘋果在WWDC上重點介紹了Lightroom如何協助使用者在Vision Pro VR頭戴裝置編輯照片。我們在市場通路和客戶群方面均取得了顯著進展，包括成功贏得多家重要企業客戶：安永、菲律賓政府、NVIDIA、宏盟集團、新南威爾斯TAFE學院和WPP集團。

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慧產品不僅能為客戶帶來更多價值，還能提供多種新的獲利機會。首先，Firefly 將以獨立免費增值模式面向消費者推出，同時上週也發布了以企業為導向的版本。其次，我們旗艦應用內建的 Copilot 生成式人工智慧功能將提升每位用戶平均收入 (ARPU) 和用戶留存率。第三，我們將為需要產生更多內容的客戶提供訂閱額度包。第四，我們將向開發者社群開放 Firefly API 的存取權限，並允許企業使用其專有內容創建專屬的客製化模型。最後，產業合作夥伴關係以及 Firefly 本身，都為 Express、Creative Cloud 和 Document Cloud 帶來了令人興奮的全新漏斗頂端獲客機會。我們目前的首要任務是推廣 Firefly，並將在今年稍後公佈具體的定價方案。

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.

現在我們來談談文檔雲端業務。 PDF 已成為全球非結構化資料的實際標準，各種規模的企業都在尋求 Adob​​e 的協助，以簡化和自動化基於文件的工作流程。 Adobe 文件雲提供了一套全面的通用產品，透過將 PDF 服務無縫整合到 Acrobat 中，加速各種裝置上的文件處理效率。

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 in constant currency. 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，Document Cloud 的營收達到 6.59 億美元，年增 14%。 Document Cloud 新增淨年度經常性收入 (ARR) 為 1.16 億美元，以固定匯率計算，期末 ARR 年增 22%。業務和創新亮點包括：Acrobat Web 月活躍用戶顯著增長，這主要得益於用戶對 Acrobat 相關動詞的搜索，以及 Chrome 和 Edge 擴展程序帶來的 PDF 使用量激增；PDF 協作服務的病毒式傳播，不僅提高了現有用戶的活躍度，還形成良性循環，吸引新用戶加入 Acrobat 生態系統配置之間的新工作流程使用戶能夠將文件無縫整合到創作流程中。 Express 現在具備全保真 PDF 導入和編輯功能，使用戶能夠製作出視覺效果驚豔的文件；市場管道和客戶群均保持成長勢頭，包括贏得波士頓諮詢集團 (BCG)、高緯環球 (Cushman & Wakefield)、諾華 (Novartis)、T-Mobile 和 WPP 等重要企業客戶。

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 週年紀念日，這是一個意義非凡的里程碑，既令人振奮又令人謙卑。 PDF 和 Acrobat 在今天比以往任何時候都更加重要。我們為 PDF 持續改變數位文件世界而感到無比自豪，它每天為數十億人提供溝通和生產力支持，我們相信，未來會更加精彩。

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.

即將完成的 Figma 的收購將進一步擴大我們的目標市場，我們很高興收到客戶、合作夥伴和產業分析師的回饋，他們都對合併帶來的益處感到興奮。我們正與英國競爭與市場管理局、歐盟委員會和美國司法部保持溝通，配合他們進行的監管審查。鑑於此案的合理性，我們相信交易將於 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 的數位媒體業務正蓬勃發展。我們在 Creative Cloud 和 Document Cloud 領域迅速推出突破性創新。我們不斷拓展的產品和服務涵蓋了更廣泛的客戶群，而我們強大的市場推廣能力和成熟的數據驅動型營運模式正在推動新興業務和成熟業務的成長。鑑於這一強勁勢頭，我們提高了 2023 財年數位媒體新增年度經常性收入 (ARR) 和營收目標。

I'll now pass it to Anil.

現在我把它交給阿尼爾。

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，David。大家好。第二季度，我們的體驗雲業務持續保持強勁成長，營收達到 12.2 億美元。訂閱收入為 10.7 億美元，年增 14%。客戶對數位體驗領域的興趣依然濃厚。上週，我們很高興在 EMEA 高峰會上與數千名客戶和合作夥伴共聚一堂。全球各行各業、各種規模的企業都越來越依賴數位化管道來吸引客戶並實現以體驗為導向的成長，而 Adob​​e 正是他們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 提供最全面的解決方案，涵蓋內容和商務、數據洞察和受眾、客戶旅程和行銷工作流程。我們的即時客戶資料平台 (Real-Time Customer Data Platform) 基於 Adob​​e Experience Platform 原生構建，為企業提供跨渠道客戶資料的統一視圖。即時客戶數據平台每年提供超過 6,000 億條預測性洞察，客戶每天創建超過 30 兆個受眾群體細分。

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，財富 100 強企業中有 87% 在使用 Experience Cloud。例如，Prudential Financial 利用我們的跨雲端產品來支援其端到端的客戶體驗管理工作流程，從使用 Creative Cloud 和 Express 創建高影響力內容，到使用 Adob​​e Experience Platform 大規模交付個人化客戶體驗。此外，Prada 正在使用即時客戶資料平台 (CDP) 和 Journey Optimizer 來即時連接線上和線下客戶體驗，同時利用 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 的願景是大規模地提供個人化體驗，而生成式人工智慧 (GAI) 的強大功能將加速我們實現這一目標。我們正在推出 Sensei GenAI 創新技術，以重新定義行銷人員的工作方式。透過 Sensei GenAI，行銷人員可以高精度地產生受眾群體，並為這些受眾群體設計量身定制的客戶旅程。他們可以利用 Adob​​e Express 和 Firefly 創建的品牌視覺內容，以及 Experience Cloud 應用程式利用 AEP 中的即時客戶畫像產生的極具吸引力的優惠訊息，為受眾群體激活個人化行銷活動。由 Sensei GenAI 提供支援的對話式自然語言介面將使行銷人員能夠更輕鬆地從客戶旅程分析中獲取洞察，並即時應用這些洞察來優化行銷活動。以上僅是 Sensei GenAI 為 Experience Cloud 帶來的眾多變革性創新中的一部分。

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：市場對 Adob​​e Experience Platform 和原生應用程式的需求強勁，我們的業務規模現已超過 5 億美元。本季度，我們推出了即時客戶數據平台 (Real-Time CDP) 的新功能，使品牌能夠利用相似受眾擴展第一方數據，從而顯著加快個人化體驗的交付。即時客戶數據平台已被眾多全球品牌廣泛採用，涵蓋各個行業，包括 DICK'S Sporting Goods、通用汽車、漢高、美國職棒大聯盟、ServiceNow 和 TSB 銀行；此外，我們還推出了 Adob​​e 產品分析，該工具將客戶旅程與產品分析相結合，以應用產品驅動型設計方案為新台階設計方案中的內容創建和交付，幫助企業有效管理其內容需求。我們正與包括埃森哲、IBM、宏盟集團和陽獅集團在內的合作夥伴攜手，擴大內容供應鏈解決方案的交付規模，以滿足我們共同客戶的需求；Workfront 的需求強勁，它正迅速成為團隊大規模規劃、協調和發布個性化營銷活動的首選解決方案； Adob​​​​e Modeler 在全球範圍內推出，為營銷人員提供自助服務的自有解決方案，以為中的全新人工智慧創新，可提供即時內容績效數據，並預測哪些內容將按受眾群體獲得最佳效果；在行業分析報告中處於領先地位，包括 IDC Marketscape for Retail Commerce Platforms 和 Gartner 對 Adob​​e 企業戰略的年度評估中獲得正面評價；贏得重要客戶，包括 DSV、ICICI 銀行、摩根大盟、克羅格、大眾食品、大眾

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.

儘管整體需求強勁，中標率依然可觀，但隨著我們進入下半年，在當前的企業支出環境下，我們看到一些項目被推遲，這已反映在我們更新後的年度目標中。在數位化已成為觸達和吸引客戶的主要管道的今天，Adobe憑藉其創新產品，在打造端到端客戶體驗方面擁有獨特的優勢，能夠助力企業實現增長和盈利的雙贏。

I'll now pass it to Dan.

現在我把它交給丹。

Thanks, Anil. Today, I'll start by summarizing Adobe's performance in Q2 fiscal 2023, highlighting growth drivers across our businesses, and I'll finish with financial targets.

謝謝，Anil。今天，我將先總結Adobe在2023財年第二季的業績，重點介紹我們各業務的成長動力，最後我會談談財務目標。

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 第二季業績顯示，從透過數位管道購買的個人用戶到全球最大的企業，其多元化的產品組合均受到強勁需求。在發展現有業務並實現世界一流盈利能力的同時，Adobe 也持續孵化和投資突破性新技術，這些技術將改變人們的工作方式，並讓更多人能夠使用我們的工具。我對 Adob​​e 在當前環境下所展現出的應對能力以及公司所取得的成就感到無比自豪。

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 營收創下歷史新高，達 48.2 億美元，年增 10%，以固定匯率計算成長 13%。業務和財務亮點包括：GAAP 攤薄後每股收益為 2.82 美元，非 GAAP 攤薄後每股收益為 3.91 美元；數位媒體收入為 35.1 億美元；新增數位媒體年度經常性收入淨額為 4.7 億美元；數位體驗收入為 12.2 億美元；經營活動產生的淨量為 4.7 億美元；數位體驗收入為 12.2 億美元；經營活動產生的淨量為 21.45.59 21.45 .億美元；以及本季回購了約 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.

在數位媒體業務板塊，我們第二季營收達35.1億美元，年增10%，以固定匯率計算成長14%。本季末，數位媒體年度經常性收入（ARR）達141.4億美元，以固定匯率計算年增15%。創意業務營收達28.5億美元，較去年成長9%，以固定匯率計算成長14%。第二季新增創意業務淨ARR 3.54億美元，整個季度市場對我們產品的數位行銷需求強勁。

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.

第二季度創意業務成長的驅動因素包括：透過有針對性的行銷活動和促銷，並利用我們數據驅動營運模式的洞察，實現了跨地域、客戶群和創意產品的新用戶成長；Adobe.com 的流量和轉換率強勁；單應用訂閱業務成長，其中影像處理業務在「人人行動裝置上表現強勁的行銷活動的相機和其他新興業務在本季度表現依然強勁，Frame.io 和 Substance 的年度經常性收入 (ARR) 按固定匯率計算同比增長超過 50%；我們持續成功推出集成了簽名功能的全新 Acrobat CC 產品；以及我們的創意和協作解決方案在企業市場持續獲得強勁採用，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 Document Cloud 營收達 6.59 億美元，年增 11%，以固定匯率計算成長 14%。本季 Document Cloud 新增淨年度經常性營收 (ARR) 1.16 億美元，總 ARR 突破 25 億美元大關，現有 ARR 以固定匯率計算年增 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.

第二季文件雲端業務成長的主要驅動因素包括：客戶群和地域對整合簽章功能的 Acrobat 訂閱需求強勁，這得益於精準的優惠活動、DDOM 洞察以及我們的「Acrobat 功能強大」行銷活動；透過 Acrobat 網路管道成功實現新客戶變現，月流使用者同比成長超過 50%，這得益於我們以行動為主導的策略持續為主導；行動裝置下載量、轉換率和用戶參與度均表現強勁，Liquid Mode 使用率年增超過 40%；以及企業用戶成長主要得益於用戶席位的增加。本季度，永久會員資格銷售額佔文檔雲端業務總收入的不到 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.

接下來談談我們的數位體驗業務。第二季度，我們實現了12.2億美元的營收，年增12%，以固定匯率計算成長14%。第二季訂閱營收為10.7億美元，年增11%，以固定匯率計算成長14%。第二季數位體驗業務成長的主要驅動因素包括：市場對Adobe體驗平台和原生應用程式（包括即時客戶資料平台、客戶旅程分析和Adobe Journey Optimizer）的強勁需求。第二季度，AEP和應用程式的訂閱收入年增超過60%；內容和商務業務表現強勁，AEM雲端服務在第二季度實現了顯著的業務成長；客戶對我們的內容供應鏈解決方案表現出濃厚的興趣。將內容創作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，並推動了Workfront和我們內容解決方案的加速增長；客戶持續從我們的解決方案中實現價值，從而提高了我們各個客戶群的留存率；並推動向採用我們平台和端到端應用程序套件的大型企業（包括 T-Mobile 和 Omnicom）達成變革性交易。

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第二季的實際稅率以美國通用會計準則(GAAP)計算為21.5%，以非美國通用會計準則(non-GAAP)計算為18.5%，符合預期。截至本季末，公司營收目標(RPO)為152.2億美元，年增10%，若剔除3%的匯率波動影響，則較去年同期成長13%。截至第二季末，公司現金及短期投資部位為66億美元，本季經營活動產生的現金流量為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，目前我們還有 41.5 億美元剩餘，這筆資金來自 2020 年 12 月授予的 150 億美元授權，有效期至 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.

鑑於我們業務的良好發展勢頭，並考慮到當前的宏觀經濟狀況和夏季季節性因素，我們對第三季度的目標如下：Adobe 總收入為 48.3 億美元至 48.7 億美元；數位媒體淨新增年度經常性收入約為 4.1 億美元；數位至數位體驗為 35.5 億美元至 35.7 億美元； 10.8 億美元至 11 億美元；GAAP 稅率約為 21.5%，非 GAAP 稅率約為 18.5%；GAAP 每股收益為 2.82 美元至 2.88 美元；非 GAAP 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.

鑑於公司上半年的出色表現以及我們對穩健獲利成長的不懈追求，我們上調了2023財年每股盈餘（EPS）和新增數位媒體年度經常性收入（ARR）的年度目標。同時，我們也上調了2023財年Adobe的總營收目標，其中數位媒體業務的營收目標將高於先前公佈的目標，而數位體驗業務的營收目標則略有下調。

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.

2023財年，我們的目標如下：Adobe總收入192.5億美元至193.5億美元；數位媒體新增淨ARR約為17.5億美元；數位媒體部門收入141億美元至141.5億美元；數位體驗部門收入48.5億美元至49億美元；數位體驗訂閱收入43億美元至43.5億美元；GAAP稅率約21.5%，非GAAP稅率約18.5%；GAAP每股收益11.15美元至11.25美元；非GAAP每股收益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.

我們預計第四季度客戶對數位體驗和數位媒體解決方案的需求將在年底前強勁成長。我們更新後的2023財年目標顯示，與2022財年下半年相比，下半年的營業利潤率將穩健成長。

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Adobe上半年的表現非常滿意。在充滿挑戰的環境下，很少有公司能夠實現強勁的營收和利潤成長，同時也能推出顛覆性的創新，推動未來十年的成長。這些創新正在激發客戶對我們產品的強勁需求，並預示著2023財年將是Adobe的另一個輝煌年份。

Shantanu, back to you.

Shantanu，把麥克風交還給你。

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。我們強勁的第二季業績凸顯了我們的發展勢頭，以及我們在各個業務領域所擁有的巨大機會。我為我們全球員工不斷提升自我、創造未來並實踐公司使命而感到自豪。我們將繼續投資招募應屆畢業生和實習生，為Adobe吸引最優秀、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.

Adobe 正處於一個令人無比振奮的時期。市場對我們引領產業的產品和服務的需求持續成長。我們的創新引擎正為不斷擴大的全球客戶群帶來 Adob​​e 的卓越體驗，而我們強大的執行力也使我們能夠掌握巨大的市場機會。 2023 年對 Adob​​e 而言必將是另一個輝煌的年份，我們將繼續保持營收和利潤的成長，同時投資於能夠為 Adob​​e 未來數十年發展奠定基礎的基礎技術。

Thank you. We will now take questions. Operator?

謝謝。現在開始接受提問。請問接線生是誰？

(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證券的麥可‧圖林。

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?

結果很棒。我的意思是，很顯然，我認為起點是Firefly。我們收到了很多關於它將如何改變市場規模的問題。您對獲利模式和市場前景都提出了一些很有價值的見解。但是，您能否補充一些關於早期需求信號的背景信息，以及您預計這些信號將如何體現在用戶端和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。我很樂意談談這個。如果您在電話會議中沒有感受到，我們對Firefly及其所代表的意義感到非常興奮。早期客戶和社區的反應令我們所有人深受鼓舞。您也聽到了我們之前提到的，目前已經產生了超過5億個素材。 Photoshop產生的素材數量比我們最初在beta測試階段的預期高出80倍，顯然，我們對內容的品質以及產品擴展以支援如此龐大的用戶群的能力都感到非常滿意。

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.

我們看到了社群媒體上令人難以置信的熱烈反響。 Photoshop 社群一如既往地積極使用 Firefly 和 Photoshop 這兩款產品，其使用方式之多，甚至超越了我們最初建立功能集時的設想。因此，看到所有這些自發性發展和熱議，我們感到非常欣慰。

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.

正如我們之前討論的，我們也對這在商業機會方面所蘊含的意義感到興奮。在用戶留存方面，我們認為旗艦應用所增加的價值將大大惠及現有用戶。在用戶轉換漏斗頂端，我們認為這有助於我們觸及數十億新用戶，因為它讓創作變得更加便利。在轉換率方面，我們對這能為新用戶引導帶來的益處感到非常興奮，無論是 Photoshop、Illustrator 或 Express 應用。它能讓新用戶更容易上手，尤其是在早期階段取得成功。

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.

它引入了與 Adob​​e.com/firefly 合作的新服務，我們可以將其作為盈利平台，並涵蓋了我們上週在峰會上討論的關於其作為企業級產品的所有功能。當然，所有這些都為我們提供了銷售訂閱積分包的機會，從而帶來追加銷售的機會。因此，綜合所有因素，我們看到了提升每用戶平均收入 (ARPU) 的機會，也看到了用戶數量的成長機會，同時，由於用戶留存率的提高，我們也看到了提升用戶終身價值 (LTV) 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.

我們預計這一切將在未來幾年內逐步展開。目前，我們非常專注於用戶獲取。我們預計這些都不會對第三季的業績產生影響。第四季可能會出現一些影響，但我們預計影響不會很大。正如我之前提到的，我們預計未來幾年內用戶獲取量將逐步成長。未來幾個月，我們將分享更多細節。

Clearly lots to be excited about there.

顯然，那裡有很多令人興奮的事情。

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

下一個問題將來自巴克萊銀行的薩凱特·卡利亞。

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，太棒了。恭喜你們季度業績出色。 David，也許對你來說是這樣。我想重點談談Firefly以及它在未來幾年內能否帶來數十億潛在用戶。顯然，Firefly目前還處於早期階段，Adobe Express也是如此。但我很好奇，你如何看待Adobe Express，以及Firefly能否為Express創造或吸引部分需求，無論是在消費者端還是企業端。

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，兩方面都令人興奮。正如您可能已經看到的，我們上週發布了 Express 的測試版。這次是 Express 的重大更新。事實上，它是一款從零開始全新打造的產品，我們相信它適合所有人使用。用戶反應非常熱烈。正如您所提到的，由於集成了 Firefly，以及 Firefly 能夠直接集成到用戶流程和用戶旅程中，用於視頻內容的使用和生成，以及 PDF 集成，因此用戶能夠構建端到端的工作流程，從而生成出色的 PDF 營銷材料，因此收到的反饋幾乎都是積極的。

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，也就是CC的現有訂閱用戶，對我們在Illustrator和Photoshop中引入的工作流程感到非常興奮。 Illustrator使用者可以將Illustrator的輸出匯入Express，新增動畫並發佈到社群媒體。 Photoshop使用者則可以利用他們豐富的Photoshop範本庫，為行銷團隊輕鬆編輯和分享內容。

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.

所有使用過測試版的使用者都對我們給予了極大的信任，這無疑也促成了我們上週發布的公告，特別是針對企業級市場的 Express 和 Firefly 打包整合方案。公告發布後，企業用戶表現出了極大的興趣，並由此產生了大量的潛在客戶，這讓我們感到非常振奮。尤其令我們興奮的是，它將我們的雲端平台整合在了一起。

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 AEM, so really a core part of our Content Supply Chain. It really feels like an inflection point for Express as well.

因此，創意專業人士可以使用 Photoshop、Illustrator 和我們其他旗艦應用程式進行創作。行銷人員則可以在 Express 中更快編輯這些內容。這兩項工作都透過 Workfront 和 Frame.io 進行協調，並將內容推送到 AEM，這構成了我們內容供應鏈的核心部分。這對 Express 來說，也是一個重要的轉捩點。

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.

薩凱特，我可能還要補充兩點。首先，我認為在消費者方面，有了新的 Express 版本，只要你能想到的，就能做到。所以我認為它非常強大。在企業層面，就像 Acrobat 一樣，我們希望每位企業員工都能同時擁有 Acrobat 和 Express 版本。

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

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

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.

恭喜你們本季業績出色。我想，首先，這句祝賀可能又是給David的。 David，我有點好奇，你如何看待數位媒體業務的企業級部分？從內容和數據的角度來看，客戶對你們即將推向市場的生成式人工智慧功能做好了哪些準備？我相信Anil在Adobe Experience Manager方面也談到了這一點。我只是想請你們談談數據方面的問題，以及這種互動如何能夠幫助數位媒體和數位體驗業務的雙方。

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。我先簡單說幾句，然後把麥克風交給Anil。正如我們之前討論的，Firefly從一開始就秉持著幾個核心原則。首先是輸出質量，對吧？就文字而言，我們具備文字影像處理和文字轉文本特效的功能。現在我們還加入了向量圖。我們也在開發影片設計和3D生成功能。所以我們擁有一系列令人驚嘆的內容，我們相信這些內容將成為企業內容快速發展所需的一切基石。

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.

第二點是，我們正在以一種能夠融入現有工作流程的方式來建構它。我們已經開始宣布與 Photoshop、Illustrator 和 Express 的整合。您還會看到我們繼續推進這些集成，同時也看到我們將其更直接地整合到數位體驗工作流程中。

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，或許也是最重要的一點，由於我們公開透明地分享內容來源，我們可以向客戶保證，他們使用 Firefly 產生的內容在商業上是安全的。我們不會侵犯版權，並將多元化和包容性放在首位，也不會產生有害的圖像。因此，我們能夠給予客戶這種信心，並且作為企業計畫的一部分，我們也為他們創建的內容提供賠償保障。我認為，這些從根本上幫助他們更好地使用我們的服務。

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.

我剛才也說了。我覺得，Express、Firefly 以及我們為數位體驗發布的 Sensei GenAI 服務，都恰逢行銷領域正經歷著一場從大眾行銷向大規模個人化行銷的巨大轉變。而要實現大規模個人化，一切都必須個人化，無論是內容、受眾或客戶旅程。這正是我們的獨特優勢。我們擁有受眾數據－Adobe Experience Platform 提供即時客戶畫像。我們還有 Firefly 等模型。此外，我們還透過 Adob​​e Campaign、Adobe Experience Manager 等應用程式提供互動介面。

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，我們可以將所有這些整合起來，使其真正符合人們——也就是客戶——所期望的資料治理原則，確保他們的資料僅在其特定情境下使用，並用於大規模進行個人化行銷。所以，它們真的非常契合。

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.

鑑於我們對這件事如此興奮，柯克，我想快速說三點。首先，它確實能讓公司裡的每位行銷人員都參與內容的製作和發布。因此，這對企業的敏捷性來說非常重要。

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.

第二點，我想補充Anil和David的觀點，我們現在可以建立自訂模型了。想想看，如果你是一家像可口可樂或迪士尼這樣的公司，想要創造一些嘗試不同效果的行銷活動，Firefly模型就可以進行客製化。結合我們現有的Express和AEM功能，這確實能夠讓模型更能滿足特定公司的需求。

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.

我還想澄清一點，公司內部的整個市場推廣策略已經完全協調一致。因此，我們有一支企業銷售團隊負責向客戶推銷 Express、Creative Cloud 和 Experience Cloud 解決方案。

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

接下來，我們將向 Wolfe Research 的 Alex Zukin 提問。

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?

這裡是Arsenije，代Alex Zukin連線。 Alex現在正在飛機上，但他表示很高興看到真正的AI贏家是誰。那麼現在進入我的問題。 DM業務持續以驚人的速度成長。您能否談談背後的驅動因素，並對推動其優勢發展的因素進行排序？無論是內容需求、新產品的普及或是交叉銷售的成功，您能否幫助我們解讀您所看到的成功背後的原因？另外，關於生成式AI，您已經發布了Generative Fill和最近的Generative Recolor等新產品。鑑於您在創意社群中獲得了一定的關注度，這如何幫助您找到最大的獲利機會？

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。首先，感謝您的提問。是的，我們感覺今年上半年開局非常順利。而且，從整體來看，這種強勁勢頭體現在各個方面。坦白說，整個季度Adobe.com的流量以及漏斗頂端的流量都非常強勁。顯然，我們的訊息傳遞方式正在引起越來越多不同受眾的共鳴。

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換率。我們長期以來對產品驅動型成長的投資開始取得成效。 Adobe.com 是我們長期關注的領域。我們在客戶旅程優化和轉換率方面持續取得進展。最近，我們也加大了核心旗艦應用（如 Photoshop 和 Acrobat）產品驅動型成長的投入。此外，我們也充分利用了 Anil 的眾多數位體驗產品，從而能夠大規模地在產品內體驗方面實現個人化。

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，我們感覺行動應用領域確實開始出現一些正面的轉變。特別是，行動版 Acrobat 和 Lightroom 在本季表現非常出色。此外，正如 Dan 在開場白中提到的，Substance 和 Frame 等新興產品也持續穩定成長，並巧妙地融入我們與企業客戶探討的內容供應鏈主題。

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成長。 Anil 上週在 EMEA 高峰會上表示，我們的客戶預計未來幾年內容創作需求將成長五倍。我們看到創意類應用程式的需求持續成長。此外，我們也開始看到企業加大對 Acrobat 的投入，以提升其帳戶的滲透率。他們真心希望更多人使用 Adob​​e 的 Acrobat。以上僅列舉部分情況。今年的發展前景一片光明，我們對公司的發展方向感到非常興奮。

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

接下來，我們將向伯恩斯坦研究公司的馬克‧莫德勒提出一個問題。

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?

恭喜貴公司本季業績強勁，並更新了業績指引。丹，您能否詳細介紹一下人工智慧世代（Gen AI）將如何影響利潤率？尤其是在測試階段就創造了 5 億個資產，一旦全面上線，人工智慧世代的潛在影響將是巨大的。我們該如何看待這一點？

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。回顧公司的發展歷程，我們一直以來都保持著強勁的獲利成長。我們不斷創新，實現營收成長，但我們始終以非常嚴謹的方式進行，這為投資者帶來了利潤率和現金流。我認為這次的情況也會如此。

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.

這些都是實實在在的投資。我們正在進行實質的投資，以釋放 Adob​​e 技術平台的強大功能，並將其無縫整合到我們的產品組合中。當我們考慮成本驅動因素時，我們會想到培訓、推理和儲存成本。公司正在嚴格把控支出優先級，並確定投資項目，以製定預算，從而快速將這項技術付諸實踐。

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.

你可以看到我們嚴謹的作風。我們已經堅持了好幾個季度。第一季獲利表現強勁，第二季也延續了強勁勢頭。展望下半年，你會發現下半年年比獲利皆有成長。

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，我們將繼續保持高度的自律，認真權衡各項工作的優先順序，確保為這項技術的發展制定合理的預算。我認為這標誌著我們公司長期以來所做的一切的最終目標：推動創新，實現強勁的營收成長，並以盈利的方式實現這些目標，從而產生現金流，並為投資者創造價值。

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。我再補充一點，因為我們的工程部門和財務部門一直在密切合作，透過多種途徑確保我們能夠有效管理成本，並將紀律和成本控制放在首位。首先是模型訓練本身。團隊一直在採取多種措施來優化我們訓練大型模型的能力，提高效率。

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.

第二點是訓練後推理最佳化。我認為，這方面有很多前沿成果正在湧現，無論是在研究方面，還是在諸如剪枝、蒸餾和量化等方面，這些都能顯著提高推理執行效率。第三點，正如我們之前討論過的，我們正在與英偉達等公司合作，確保硬體和軟體的進步能夠完美契合，並且我們正在充分利用晶片上的運算資源。第四點是使用者體驗，確保在向使用者展示這些功能時，能夠提高後端效率。當然，從長遠來看，最大的突破在於混合生成式方法。那麼，我們如何才能將更多此類運算轉移到桌面平台？這將在未來帶來巨大的成本優勢。但這需要付出巨大的努力和大量的工作，我們對此非常重視。

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，我還想補充一點，除了我們在節省成本方面所做的出色工作之外，我更興奮的是這將為我們帶來的營收成長。

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

接下來，我們將向花旗銀行的泰勒‧拉德克提問。

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?

我想問一下您在本季看到的文檔雲端業務的強勁表現。該業務較上季度有了顯著改善。能否詳細解釋一下？其次，展望全年，顯然本季業績非常強勁，是我們近年來最大的成就之一。考慮到第四季度，以及最初的業績指引，在比較同比下降幅度時，我們是否需要特別注意定價方面的某些一次性因素？或者這只是出於保守考慮？

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。或許我會先談談Acrobat業務，之後我們再聊第四季。首先，是的，又是一個非常棒的季度。年度經常性收入（ARR）成長了23%，這真是令人欣喜。這很大程度上得益於PDF需求的強勁成長，對吧？我們看到PDF需求持續成長，這股強勁的順風勢不可擋。 PDF已成為非結構化資料的實際標準。與PDF相關的搜尋量也持續增長。正如Shantanu所提到的，我也在事先準備好的演講稿中提到過，這距離PDF發布已經過了3​​0年。所以，看到PDF如今的發展態勢，真是令人驚嘆。

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.

我們一直在大力投資拓展銷售漏斗頂端。 Acrobat Web 為我們帶來了大量新用戶，我們看到 Acrobat Web 的用戶成長非常顯著。 Acrobat Mobile 也為我們帶來了新的機會。我們之前提到過 Chrome 和 Edge 瀏覽器的擴充功能。此外，我們也曾提到與微軟的合作，旨在將 Acrobat 或 PDF 閱讀器打造為 Edge 瀏覽器中所有文件的基礎。這為我們建構了一個龐大的銷售漏斗頂端，我們也不斷拓展這一領域。

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，我們也透過增加簽名功能和協作功能，直接為產品增添了更多價值。所有這些，再加上我們以產品為導向的成長策略，都推動了強勁的轉換率。因此，我們對這項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，說到業績指南，我的看法是，如果我們回顧本財年至今的業績，第一季和第二季都取得了強勁的業績。我們這項業務發展勢頭良好。展望下半年，我們預計這種勢頭將持續下去。第三季已經過去兩週了，我們仍然看到這種勢頭。正如你所預期的，我們預計第四季將以強勁的業績收官。公司一直以來都有設定預期並實現這些預期，從而為投資者創造價值的良好記錄。因此，我認為下半年的計畫也不會改變。

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

接下來，我們將向加拿大皇家銀行的馬特·斯旺森提問。

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。我也要祝賀你們本季取得的佳績。我們從一開始就討論過，Firefly 的一個主要差異化優勢在於它是企業級安全的生成式模型。您能否分享您與客戶的溝通心得，以及企業對生成式科技可能引發的版權或商標問題（例如與其他解決方案相比）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，或許我會接受這個提議。大家的興趣確實超乎想像。我們剛剛在倫敦舉辦了峰會，此前我們在這裡成功發布了產品，甚至連美國的客戶都在向我們諮詢問題。我想說，大家的問題主要集中在三個方面。他們可能都嘗試過其他解決方案。 Adobe 一出現，就表示我們的產品既安全又適合商業用途，而且我們還可以創建自訂模型，我認為大家對此的興趣就達到了前所未有的高度。

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客製化模型，利用用戶提供的素材對核心模型進行調整。這也是我們正在研發的秘訣之一，我們將把這些素材整合到每個產品中。坦白說，產品目前尚未正式發布，但想要註冊試用的客戶數量之多，已經是我們迄今為止最成功的產品發布之一。我說產品尚未準備就緒，只是指它尚未正式上線。當然，用戶可以在公司內部進行試用。

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，聽起來棒極了。我們能讓使用者和CEO們對同一款產品達成共識。這真是個好組合。

Thank you.

謝謝。

Our next question comes from Jay Vleeschhouwer with Griffin Securities.

下一個問題來自 Griffin Securities 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，在高峰會上，隨著內容供應鏈新聞的發布，公司實際上已經落實了您過去幾年一直在談論的內容供應鏈。現在的問題是，它對業務的潛在影響是什麼？您能否談談在更廣泛的Adobe產品實施過程中，通路開發方面有哪些根本性的新變化或新需求？例如，您認為這會對您每年在分析師會議上揭露的前2500名和前1000名客戶的平均業務量產生什麼影響？而且，您似乎仍在大力投資諮詢服務。那麼，這是否是您預見的內容供應鏈發展所必需的部分？

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 AEM 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.

Jay，有幾點要說明，Anil當然也可以補充。首先，我認為我們很好地詮釋了這種模式。正如David所說，內容供應鏈讓我們能夠從行銷簡報入手，將其融入工作流程，創建行銷活動，利用AEM和我們的資產管理解決方案來管理所有這些資源，然後透過行銷活動以及網站上的Adobe Experience Manager來發布這些內容。

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.

所以我認為大家對這個方案的興趣點在於，如何提升我們所有內容創作的效率，以及如何實現全球化──這正是人們需要內容供應鏈的主要原因。正如Anil所提到的，傳統代理商不僅採購了我們的解決方案用於內部使用，而且還將其推廣給共同的客戶。我認為這與Anil的企業銷售策略完美契合，我們可以從工作流程入手，而工作流程方面本季度表現出色，我們持續看到良好的成長勢頭。因此，我認為它與我們所有的產品和服務都相輔相成。而且，沒有哪個客戶不想要這個方案，部分原因是目前額外的成本和對費用的嚴格審查。

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。我們在創意雲和體驗雲方面確實擁有獨一無二的優勢。正如您所提到的，為了幫助客戶實施這些優勢，我們現在與埃森哲、IBM、宏盟集團和陽獅集團都建立了合作關係。他們都與我們以及我們的現場團隊緊密合作，確保內容供應鏈能夠根據每位客戶的具體需求，在不同行業和地區實施到位。

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

接下來，我們將向摩根士丹利的基斯‧韋斯提問。

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?

太好了。我是 Elizabeth Porter，替 Keith Weiss 發言。祝賀貴公司本季業績強勁。我的問題仍然圍繞著生成式人工智慧。顯然，整個產業都對生成式人工智慧進行了大量投資，也湧現了許多相關新聞。那麼，是否存在一些生成式人工智慧功能可以成為行業標配？哪些領域能夠真正為 Adob​​e 帶來可觀的利潤？隨著時間的推移，您認為在 Adob​​e 真正鞏固其領導地位的過程中，這兩個領域之間會如何發展演變？

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，對我們而言，整個生成式人工智慧實際上包含了我們之前討論的三個層面。如果你仔細思考我們的生成式人工智慧策略，你會發現它首先要考慮的是我們是否擁有可以代表客戶使用的獨特數據。顯然，無論是在創意領域、PDF文件領域還是行銷領域，我們擁有的資料量都是一個關鍵的差異化因素，因為它將決定模型的設計，從而確保其商業安全性。

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點是我們擁有強大專業知識的領域。無論是影像處理、向量圖形、文件處理或行銷，我們都在創建自己的基礎模型。因此，當我們創建這些基礎模型時，我們就能真正理解其運作方式，並了解如何將其應用於企業級應用，並為其創建客製化模型。

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Adobe真正的差異化優勢仍在於用戶如何獲得價值。我認為這體現在我們無處不在的介面上，無論是在行銷方面，例如用戶創建行銷活動、自動化生產、創建網站或行動應用，還是在文件方面（我們今天沒有過多提及），用戶如何獲得PDF的合成效果，如何理解PDF的結構，以及在創意領域，我們看到的生成式重新著色、Adobe Illustrator和Photoshop中的生成式填充等功能，都體現了這一點。只要我們擁有能夠讓客戶滿意並讓所有這些神奇功能得以實現的介面，我認為，這才是Adobe真正的差異化優勢。

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.

你們也看到了。並非市面上沒有其他影像模型。我們之所以能贏得業界的青睞，是因為這三層技術確實比其他任何技術都更適合 Adob​​e。

And that question will come from Brent Thill with Jefferies.

這個問題將由傑富瑞集團的布倫特·蒂爾提出。

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，很多人都在問為什麼DX Cloud不會像Creative Cloud那樣受到影響。為什麼確信這種情況不會蔓延？既然我是最後一個提問者，我就破例問David一個問題：我們都被問到最多的問題是，AI會不會減少你們可用的席位數量？你能回答一下嗎？這是我們一直被問到最多的問題。

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.

好的。我先從第二個問題開始，之後我們再討論第一個問題。布倫特，如果你回顧Adobe的歷史，你會發現我們一直在做這些，對吧？無論是桌面出版、創意影像處理或影片編輯，Adobe始終專注於提高生產力，提升這些新工作流程的重要性，而這最終也帶來了更多的工作機會。

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.

以影片剪輯為例，對吧？我們利用 Premiere 和 After Effects 在 Audition 中大幅降低了影片製作成本。這使得人們能夠創作更多內容。他們並沒有減少人手，而是找到了新的商機。他們創作了更多細分領域的內容，推動了影片串流和個人化的發展，引發了影片製作產業的爆發性成長。

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。目前，各公司告訴我們，未來幾年內容產量將成長五倍。同時，各種新型媒體形式也將層出不窮。我們看到，這不僅為我們拓展用戶群帶來了機遇，也為我們不斷提升產品價值、提高每用戶平均收入（ARPU）創造了機會。

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.

除此之外，就專業影片和專業內容創作而言，我認為也蘊藏著巨大的機遇，因為這將大大提升我們服務全球數十億創作者的能力，他們需要這類工具來激發創造力。因此，我們將幫助他們創作出脫穎而出的內容。

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，認為我們有機會吸引更多人加入加盟體系。我們有能力透過產品提高每用戶平均收入 (ARPU)，也有能力幫助人們取得更大的成功，並提高客戶終身價值 (LTV)。因此，我認為我們的基礎非常牢固。

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，如果我理解你的問題沒錯的話，我的意思是，數位體驗客戶群對我們在 Creative Cloud 上所做的事情很感興趣，如果你看看這兩場峰會，就會發現他們對這些雲端和產品如何協同工作的興趣，實際上是我認為將有助於數位媒體和數位體驗業務發展的催化劑之一。

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.

你說得對。我的意思是，我們發現每位客戶都表示，這種方式能讓我們真正實現從創建行銷活動到最終交付，再到理解相關分析的全程無縫銜接。我認為企業團隊已經就這種聯合銷售模式達成了共識，我們創建了一個物料清單，其中可以同時包含數位體驗和創意雲端產品。我想這就是你們將會看到的。下半年，我們將與所有企業達成更多此類聯合銷售，因為正如我們一直所說，這有助於提升營收和利潤。

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，我想以一句「上半年非常精彩」來結束今天的總結。我們感謝大家對本季的所有評價。我還要感謝Adobe團隊出色的執行力，並再次特別祝賀Acrobat團隊30年來不斷取得的卓越創新成就。

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.

最令我感到自豪的是，回顧過去幾個月，公司在Firefly、生成式填充和生成式重著色等領域取得的成就，以及Acrobat在網絡、數位體驗、Adobe Mix Modeler、產品分析、內容供應鏈等方面的進展，還有即將面向更多客戶推出的、旨在解決實際客戶問題的全新產品，我認為所有這些都預示著我們客戶將繼續推動創新，更好地推動我們客戶服務。因此，我對下半年的發展以及我們將繼續在營收和利潤成長方面的成就感到非常興奮。

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

好了，現在我把它交給喬納森。

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Shantanu，也謝謝各位參加這次電話會議。我期待很快能和大家再次交流，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。感謝各位的參與，祝您有美好的一天。