Adobe Inc (ADBE) 2023 Q3 法說會逐字稿

Good day, and welcome to the Q3 FY 2023 Adobe Earnings Conference Call. Today's conference is being recorded.

美好的一天，歡迎參加 Adob​​e 2023 財年第三季度財報電話會議。今天的會議正在錄製中。

At this time, I'd like to turn the conference over to Jonathan Vaas, VP of Investor Relations. Please go ahead.

這次，我想將會議交給投資者關係副總裁 Jonathan Vaas。請繼續。

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

下午好，感謝您加入我們。今天與我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。

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

在這次正在錄音的電話會議上，我們將討論 Adob​​e 2023 財年第三季度的財務業績。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, September 14, and contains forward-looking statements that involve risks, uncertainty and assumptions. Actual results may differ materially from those set forth in these statements. For a discussion of these risks, you should review the factors discussed in today's press release and in Adobe's SEC filings.

本次電話會議中討論的信息（包括我們的財務目標和產品計劃）截至今天 9 月 14 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, except per share amounts, 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，除每股金額外，Adobe 的高管將參考固定貨幣增長率。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. Adobe had another record Q3, achieving revenue of $4.89 billion, representing 13% year-over-year growth. GAAP earnings per share for the quarter was $3.05 and non-GAAP earnings per share was $4.09, representing 26% and 20% year-over-year growth, respectively.

謝謝，喬納森。午安. Adobe 第三季度再創新高，實現營收 48.9 億美元，同比增長 13%。本季度 GAAP 每股收益為 3.05 美元，非 GAAP 每股收益為 4.09 美元，同比分別增長 26% 和 20%。

Driving the success is a rich and innovative product road map. The advances we are delivering across Creative Cloud, Document Cloud and Experience Cloud are enabling us to attract an ever-growing set of users while delivering more value to existing customers. Yesterday's exciting announcements add to this road map. With the commercial availability of our generative AI capabilities, natively integrated in Adobe Creative Cloud, Adobe Express and Adobe Experience Cloud, we're unleashing a new era of AI-enhanced creativity for millions of customers around the globe.

推動成功的是豐富且創新的產品路線圖。我們在 Creative Cloud、Document Cloud 和 Experience Cloud 方面取得的進步使我們能夠吸引不斷增長的用戶群，同時為現有客戶提供更多價值。昨天令人興奮的公告進一步豐富了這一路線圖。隨著我們原生集成在 Adob​​e Creative Cloud、Adobe Express 和 Adob​​e Experience Cloud 中的生成式 AI 功能的商業化，我們正在為全球數百萬客戶開啟 AI 增強創造力的新時代。

We're bringing generative AI to life across our portfolio of apps and services to deliver magic and productivity gains. Our rich datasets enable us to create foundation models in categories where we have deep domain expertise. In the 6 months since launch, Firefly has captivated people around the world who have generated over 2 billion images. We're excited about the potential to reimagine the content supply chain for all businesses through the integration of our clouds, enabling the delivery of personalized and engaging customer experiences.

我們正在將生成式人工智能融入到我們的應用程序和服務組合中，以實現神奇的生產力提升。我們豐富的數據集使我們能夠在擁有深厚領域專業知識的類別中創建基礎模型。自推出以來的 6 個月內，Firefly 吸引了世界各地的人們，生成了超過 20 億張圖像。我們很高興能夠通過雲集成重新構想所有企業的內容供應鏈，從而提供個性化且引人入勝的客戶體驗。

Our strategy to unleash creativity for all, accelerate document productivity and power digital businesses is driving our growth across every geography. By delivering innovative technology platforms and services, we continue to advance our industry leadership and delight a growing universe of customers.

我們為所有人釋放創造力、提高文檔生產力和推動數字業務的戰略正在推動我們在各個地區的增長。通過提供創新的技術平台和服務，我們不斷提升行業領導地位並取悅越來越多的客戶。

I'll now turn it over to David to share more about our momentum in the Digital Media business.

現在我將把它交給 David 來分享更多關於我們在數字媒體業務方面的發展勢頭。

Thanks, Shantanu. Hello, everyone.

謝謝，山塔努。大家好。

In Q3, we achieved net new Digital Media ARR of $464 million and revenue of $3.59 billion, which grew 14% year-over-year, driven by strength in both our Creative and Document businesses.

第三季度，在創意和文檔業務實力的推動下，我們實現了 4.64 億美元的淨新數字媒體 ARR 和 35.9 億美元的收入，同比增長 14%。

On the Creative side, digital content creation and consumption are exploding across every creative category, customer segment and media type. Creative Cloud is the leading creativity platform, offering a comprehensive portfolio of products and services for every discipline across imaging, photography, design, video, animation and 3D. We're excited about the growth we're driving with our creative flagship products and with Adobe Express, our AI-first, all-in-one creativity app that makes it fast, easy and fun for any user to design and share standout content.

在創意方面，數字內容的創作和消費在每個創意類別、客戶群體和媒體類型中都呈爆炸式增長。 Creative Cloud 是領先的創意平台，為成像、攝影、設計、視頻、動畫和 3D 等各個學科提供全面的產品和服務組合。我們對我們的創意旗艦產品和Adob​​e Express 所推動的增長感到非常興奮，Adobe Express 是我們的人工智能優先的一體化創意應用程序，它使任何用戶都可以快速、輕鬆且有趣地設計和分享出色的內容。

Yesterday's announcements highlighted several advances to our creative business.

昨天的公告強調了我們創意業務的幾項進展。

First, after an unprecedented beta that saw over 2 billion images generated, Adobe Firefly models and the Firefly web application are now commercially available. Firefly supports text prompts in over 100 languages and enables users around the world to create content that is designed to be safe for commercial use. We will continue to train and release new Firefly foundation models in areas where we have rich data sets and expertise such as imaging, vector, video, design, 3D and more.

首先，在生成了超過 20 億張圖像的前所未有的測試版之後，Adobe Firefly 模型和 Firefly Web 應用程序現已投入商業使用。 Firefly 支持 100 多種語言的文本提示，使世界各地的用戶能夠創建可安全用於商業用途的內容。我們將繼續在我們擁有豐富數據集和專業知識的領域（例如成像、矢量、視頻、設計、3D 等）訓練和發布新的 Firefly 基礎模型。

Second, Adobe Firefly-powered features are now natively integrated into several Creative Cloud apps, including Generative Fill and Generative Expand in Photoshop, Generative Recolor in illustrator and Text to Image and Text Effects in Adobe Express. These deep integrations deliver more creative power than ever before to customers, enabling them to experiment, ideate and create in completely new ways.

其次，Adobe Firefly 支持的功能現已原生集成到多個Creative Cloud 應用程序中，包括Photoshop 中的生成填充和生成擴展、illustrator 中的生成重新著色以及Adob​​e Express 中的文本到圖像和文本效果。這些深度集成為客戶提供了比以往更多的創造力，使他們能夠以全新的方式進行實驗、構思和創造。

Third, Adobe Firefly for Enterprise is now generally available for businesses to enable both creative teams and knowledge workers to confidently deploy AI-generated content. Adobe will empower customers to create custom models using proprietary assets to generate branded content and offer access to Firefly APIs so customers can embed the power of Firefly into their own content creation and automation workflows.

第三，Adobe Firefly for Enterprise 現在普遍可供企業使用，使創意團隊和知識工作者能夠自信地部署 AI 生成的內容。 Adobe 將幫助客戶使用專有資產創建自定義模型，以生成品牌內容並提供對 Firefly API 的訪問，以便客戶可以將 Firefly 的強大功能嵌入到自己的內容創建和自動化工作流程中。

And finally, we announced subscription offerings, including new generative AI credits with the goal of enabling broad access and user adoption. Generative credits are tokens that enable customers to turn text-based prompts into images, vectors and text effects, with other content types to follow. Free and trial plans include a small number of monthly fast generative credits that will expose a broad base of prospects to the power of Adobe's generative AI, expanding our top of funnel. Paid Firefly, Express and Creative Cloud plans will include a further allocation of fast generative credits. After the planned specific number of generative credits is reached, users will have an opportunity to buy additional fast generative credits subscription packs.

最後，我們宣布了訂閱服務，包括新的生成人工智能積分，其目標是實現廣泛的訪問和用戶採用。生成積分是一種代幣，使客戶能夠將基於文本的提示轉換為圖像、矢量和文本效果，以及其他內容類型。免費和試用計劃包括少量的每月快速生成積分，這將使廣泛的潛在客戶能夠接觸到 Adob​​e 生成式 AI 的強大功能，從而擴大我們的漏斗頂部。付費 Firefly、Express 和 Creative Cloud 計劃將包括進一步分配快速生成積分。在達到計劃的特定生成積分數量後，用戶將有機會購買額外的快速生成積分訂閱包。

In Q3, we added $332 million of Creative ARR and achieved $2.91 billion of revenue, growing 14% year-over-year.

第三季度，我們增加了 3.32 億美元的創意 ARR，實現了 29.1 億美元的收入，同比增長 14%。

Business highlights include: the integration of Firefly into Photoshop and Illustrator. Over 3 million users have downloaded the Photoshop and Illustrator beta releases.

業務亮點包括：將 Firefly 集成到 Photoshop 和 Illustrator 中。超過 300 萬用戶下載了 Photoshop 和 Illustrator 測試版。

The general availability of Adobe Express now includes support for editing and posting designs, videos, images, PDFs, presentations and more. Express features include Firefly-powered Text to Image and Text Effects. Express is already being used by millions of people globally.

Adobe Express 現已全面上市，支持編輯和發佈設計、視頻、圖像、PDF、演示文稿等。 Express 功能包括 Firefly 支持的文本到圖像和文本效果。 Express 已被全球數百萬人使用。

New AI and 3D features in Premier Pro and After Effects, including Enhance Speech and Text-Based Editing in Premier Pro and a new 3D workspace in After Effects. The Text-Based Editing feature in Premier Pro received the 2023 Hollywood Professional Association Award for Engineering Excellence.

Premier Pro 和 After Effects 中的新 AI 和 3D 功能，包括 Premier Pro 中的增強語音和基於文本的編輯以及 After Effects 中的新 3D 工作區。 Premier Pro 中的基於文本的編輯功能榮獲 2023 年好萊塢專業協會卓越工程獎。

New Lightroom mobile now integrates directly with the camera roll and introduced a streamlined interface to make editing even easy on the go.

新的 Lightroom 移動版現在直接與相機膠卷集成，並引入了簡化的界面，使移動編輯變得更加容易。

The introduction of new video assets in Adobe Stock and strong product-led growth motions drove a record Q3 for the Stock business.

Adobe Stock 中新視頻資產的推出以及以產品為主導的強勁增長動力推動了 Stock 業務第三季度創紀錄的增長。

Key customer wins include Amazon, Havas, Paramount, SAP, Southern Graphics, Take-Two Interactive and U.S. Department of Energy.

贏得的主要客戶包括亞馬遜、哈瓦斯、派拉蒙、SAP、Southern Graphics、Take-Two Interactive 和美國能源部。

As we have continued to add new applications and deliver innovations across our creative offerings, we announced price updates for certain Creative Cloud plans across the Americas and Europe, starting November 1, 2023.

隨著我們不斷添加新應用程序並在創意產品中提供創新，我們宣布自 2023 年 11 月 1 日起，美洲和歐洲的某些 Creative Cloud 計劃的價格更新。

In addition to being a growth driver in the Creative Cloud business, Acrobat and PDF continue to power the Document Cloud business. Whether it's a sales contract, legal document or a back-to-school form, seamless document workflows across every device and platform are more important than ever for all of us to be productive in our professional and personal lives. Document Cloud is powering document productivity and automation across the web, desktop and mobile.

除了成為 Creative Cloud 業務的增長動力之外，Acrobat 和 PDF 還繼續為 Document Cloud 業務提供動力。無論是銷售合同、法律文件還是返校表格，跨每個設備和平台的無縫文檔工作流程對於我們所有人在職業和個人生活中高效工作都比以往任何時候都更加重要。 Document Cloud 正在推動 Web、桌面和移動設備上的文檔生產力和自動化。

In Q3, we achieved Document Cloud revenue of $685 million, growing 15% year-over-year. We added $132 million of net new Document Cloud ARR, with ending ARR growing 22% year-over-year in constant currency.

第三季度，我們實現文檔雲收入 6.85 億美元，同比增長 15%。我們新增 Document Cloud ARR 淨值達 1.32 億美元，按固定匯率計算，最終 ARR 同比增長 22%。

Business highlights include: significant growth in monthly active users across web, mobile and embedded third-party app ecosystems, reflecting our growing top of funnel and the effectiveness of our product-led growth execution; strong mobile momentum, reflecting the value of Acrobat as an essential productivity application on mobile devices; adoption of Acrobat and Acrobat Sign through increased link sharing for enhanced collaboration and approval workflows; enhanced PDF workflows across Acrobat and Express, making it seamless to create visually stunning PDFs; a new Adobe PDF Electronic Seal API, which is a cloud-based, end-to-end solution for applying electronic seals on PDFs at enterprise scale. Key customer wins include Citibank, GlaxoSmithKline, Emerson Electric, Morgan Stanley and Volkswagen.

業務亮點包括：網絡、移動和嵌入式第三方應用生態系統的月活躍用戶顯著增長，反映了我們不斷增長的漏斗頂部以及我們以產品為主導的增長執行的有效性；強勁的移動勢頭，反映了 Acrobat 作為移動設備上必不可少的生產力應用程序的價值；通過增加鏈接共享來採用 Acrobat 和 Acrobat Sign，以增強協作和審批工作流程；增強了跨 Acrobat 和 Express 的 PDF 工作流程，可以無縫創建視覺上令人驚嘆的 PDF；新的 Adob​​e PDF 電子印章 API，這是一種基於雲的端到端解決方案，用於在企業規模的 PDF 上應用電子印章。贏得的主要客戶包括花旗銀行、葛蘭素史克、艾默生電氣、摩根士丹利和大眾汽車。

We continue to be excited about the pending Figma acquisition, which will reimagine the future of creativity and productivity. We remain engaged with regulators and have confidence in the merits of the case.

我們仍然對即將進行的 Figma 收購感到興奮，它將重新構想創造力和生產力的未來。我們仍與監管機構保持接觸，並對案件的實質充滿信心。

We look forward to hosting Adobe MAX, the world's largest creativity conference, next month in Los Angeles, where we will welcome 10,000 members of our global community and engage with hundreds of thousands more online. We will hear from inspiring creators and unveil innovations across Creative Cloud, Firefly and Express.

我們期待下個月在洛杉磯舉辦全球最大的創意會議 Adob​​e MAX，屆時我們將迎來全球社區的 10,000 名成員，並與數十萬人在線互動。我們將聆聽鼓舞人心的創作者的心聲，並揭曉 Creative Cloud、Firefly 和 Express 的創新成果。

In summary, we are excited about the pace of innovations across our Digital Media products and continued execution across multiple growth drivers.

總之，我們對數字媒體產品的創新步伐以及多個增長動力的持續執行感到興奮。

I'll now pass it to Anil.

我現在將其傳遞給阿尼爾。

Thanks, David. Hello, everyone.

謝謝，大衛。大家好。

Every company sees digital as an opportunity to drive experience-led growth. As I've spent time with customers across the world, it's clear that they are prioritizing investments in customer experience management technology to improve customer acquisition, engagement, retention and operational efficiency. We are driving revenue growth across content and commerce, customer journeys, data insights and audiences and marketing workflows, leveraging the Adobe Experience Platform, demonstrating the strength of our business.

每家公司都將數字化視為推動體驗主導型增長的機會。根據我與世界各地客戶的接觸，很明顯他們優先考慮對客戶體驗管理技術的投資，以提高客戶獲取、參與、保留和運營效率。我們利用 Adob​​e Experience Platform 推動內容和商務、客戶旅程、數據洞察、受眾和營銷工作流程的收入增長，展示我們的業務實力。

Brands around the globe are working with Adobe to accelerate personalization at scale through generative AI. With the announcement of Adobe GenStudio, we are revolutionizing the entire content supply chain by simplifying the creation-to-activation process with generative AI capabilities and intelligent automation. Marketers and creative teams will now be able to create and modify commercially safe content to increase the scale and speed at which experiences are delivered.

全球各地的品牌都在與 Adob​​e 合作，通過生成式 AI 加速大規模個性化。隨著 Adob​​e GenStudio 的發布，我們正在通過生成 AI 功能和智能自動化簡化從創建到激活的流程，從而徹底改變整個內容供應鏈。營銷人員和創意團隊現在將能夠創建和修改商業安全的內容，以提高體驗交付的規模和速度。

In Q3, we continued to drive strong growth in our Experience Cloud business, achieving $1.23 billion in revenue, representing 11% year-over-year growth, as a growing number of enterprises turn to Adobe as their trusted partner for customer experience management. Subscription revenue was $1.1 billion, representing 13% year-over-year growth.

第三季度，隨著越來越多的企業選擇 Adob​​e 作為客戶體驗管理的值得信賴的合作夥伴，我們繼續推動體驗雲業務的強勁增長，實現收入 12.3 億美元，同比增長 11%。訂閱收入為 11 億美元，同比增長 13%。

Adobe Experience Cloud delivers predictive, personalized, real-time digital experiences, from acquisition to monetization to retention. We are driving strong enterprise adoption of Adobe Experience Platform and native apps, including Real-Time CDP, Adobe Journey Optimizer and Customer Journey Analytics.

Adobe Experience Cloud 提供從獲取到貨幣化再到保留的預測性、個性化、實時數字體驗。我們正在推動企業大力採用 Adob​​e Experience Platform 和本機應用程序，包括 Real-Time CDP、Adobe Journey Optimizer 和 Customer Journey Analytics。

For example, the Coca-Cola Company is leveraging Adobe Real-Time CDP and Adobe Journey Optimizer to bring together 98 million customer profiles globally into a single CDP to quickly deliver personalized campaigns and experiences. smart Europe, an all-electric automotive brand, is using Adobe Experience Cloud to offer customers the ability to personalize their vehicle purchases through the integration of Adobe Workfront, Adobe Creative Cloud and Adobe Experience Manager.

例如，可口可樂公司正在利用 Adob​​e Real-Time CDP 和 Adob​​e Journey Optimizer 將全球 9800 萬個客戶資料匯集到一個 CDP 中，以快速提供個性化的活動和體驗。 smart Europe 是一個全電動汽車品牌，它正在使用 Adob​​e Experience Cloud，通過 Adob​​e Workfront、Adobe Creative Cloud 和 Adob​​e Experience Manager 的集成，讓客戶能夠個性化購買車輛。

Business highlights include: strong momentum across AEP and native apps, with the total book of business surpassing $600 million during the quarter. Adobe Journey Optimizer book of business more than doubled year-over-year as customers increasingly drive omni-channel personalization and engagement.

業務亮點包括：AEP 和原生應用勢頭強勁，本季度業務總額超過 6 億美元。隨著客戶日益推動全渠道個性化和參與度，Adobe Journey Optimizer 業務量同比增長了一倍多。

Continued innovation in Adobe Experience Manager with AEM assets now natively integrated with Firefly and Express, enabling any employee across an organization to generate and reuse beautiful on-brand content.

Adobe Experience Manager 的持續創新與 AEM 資產現已與 Firefly 和 Express 原生集成，使組織內的任何員工都能夠生成和重複使用精美的品牌內容。

Growth of our Workfront business, reflecting our ability to serve the workflow and collaboration needs of enterprise customers and agencies. In Q3, we added Havas to the growing list of top agencies standardizing on Adobe for their content supply chain.

我們的 Workfront 業務的增長，反映了我們滿足企業客戶和機構的工作流程和協作需求的能力。在第三季度，我們將 Havas 添加到了不斷增長的頂級機構名單中，這些機構在 Adob​​e 上進行內容供應鏈標準化。

Expanded strategic partnership with Amazon. Given customer demand, we will jointly deliver AEP on AWS and Amazon will deploy Experience Cloud across their enterprise.

擴大與亞馬遜的戰略合作夥伴關係。根據客戶需求，我們將聯合在 AWS 上提供 AEP，亞馬遜將在其企業中部署 Experience Cloud。

Adobe's leadership in content management systems was recognized across 3 industry analyst reports, including the IDC MarketScape for Full-stack Content Management Systems, the IDC MarketScape for Hybrid Headless CMS and the Forrester Wave for Content Management Systems. Adobe was also named a leader in the Gartner Magic Quadrant for Digital Commerce as well as the IDC MarketScape for omni-channel marketing platforms for B2C enterprises.

Adobe 在內容管理系統方面的領導地位得到了 3 份行業分析報告的認可​​，包括針對全棧內容管理系統的 IDC MarketScape、針對混合 Headless CMS 的 IDC MarketScape 以及針對內容管理系統的 Forrester Wave。 Adobe 還被評為 Gartner 數字商務魔力像限以及 IDC MarketScape 中 B2C 企業全渠道營銷平台的領導者。

Key customer wins include Amazon, Blue Cross Blue Shield of Florida, Dollar General, Havas, Intuit, IRS, Jet2.com, Lufthansa, Macy's, MSC Cruises, Novo Nordisk and SAP.

贏得的主要客戶包括亞馬遜、佛羅里達州 Blue Cross Blue Shield、Dollar General、Havas、Intuit、IRS、Jet2.com、漢莎航空、梅西百貨、MSC Cruises、Novo Nordisk 和 SAP。

These and other customers continue to prioritize investments in customer experience management solutions despite increased scrutiny of enterprise IT spend. Our solutions enable enterprises to simultaneously achieve the twin goals of driving new customer acquisition and serving existing customers to deliver profitable growth. Adobe is well positioned to keep winning with our differentiated offerings, track record of innovations and ability to drive ROI for companies across industries. We're looking forward to a strong close to the year.

儘管對企業 IT 支出的審查日益嚴格，這些客戶和其他客戶仍繼續優先考慮對客戶體驗管理解決方案的投資。我們的解決方案使企業能夠同時實現推動新客戶獲取和服務現有客戶以實現盈利增長的雙重目標。 Adobe 處於有利地位，能夠憑藉我們的差異化產品、創新記錄以及提高各行業公司投資回報率的能力不斷獲勝。我們期待著今年的強勁收官。

I will 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 Q3 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 財年第三季度的業績，強調我們業務的增長動力，最後我將提出財務目標。

Adobe's performance in Q3 demonstrates something that makes us exceptional, the combination of growth and profitability. In fact, at Adobe, rather than talking about the trade-offs between growth or profitability, we call it an and statement. Growth and profitability is not new for us, we have been delivering both for a very long time and is at the core of our operating philosophy. It all starts with prioritization, innovation, and a sharp focus on execution. This philosophy shines through in our Q3 results.

Adobe 在第三季度的表現證明了我們的卓越之處，即增長和盈利能力的結合。事實上，在 Adob​​e，我們不討論增長或盈利之間的權衡，而是將其稱為“與”聲明。增長和盈利對我們來說並不新鮮，我們長期以來一直在實現這兩個目標，並且這是我們經營理念的核心。這一切都始於優先順序、創新和對執行的高度關注。這一理念在我們第三季度的業績中得到體現。

We're investing in technology platforms, global campaigns to attract and engage millions of customers and recruiting the best and brightest people in our industry. While doing that, Adobe is driving outperformance on margin and earnings, demonstrating what a special company we are.

我們正在投資技術平台和全球活動，以吸引和吸引數百萬客戶，並招募行業中最優秀和最聰明的人才。在這樣做的同時，Adobe 正在推動利潤率和收益的優異表現，這證明了我們是一家多麼特別的公司。

In Q3, Adobe achieved revenue of $4.89 billion, which represents 10% year-over-year growth, or 13% in constant currency. GAAP diluted earnings per share was $3.05, up 26% year-over-year, and non-GAAP diluted earnings per share was $4.09, up 20% year-over-year.

第三季度，Adobe 實現收入 48.9 億美元，同比增長 10%，按固定匯率計算增長 13%。 GAAP 攤薄每股收益為 3.05 美元，同比增長 26%，非 GAAP 攤薄每股收益為 4.09 美元，同比增長 20%。

Other business and financial highlights included: Digital Media revenue of $3.59 billion, net new Digital Media ARR of $464 million, Digital Experience revenue of $1.23 billion, cash flows from operations of $1.87 billion, RPO of $15.72 billion exiting the quarter, and repurchasing approximately 2.1 million shares of our stock during the quarter.

其他業務和財務亮點包括：數字媒體收入為35.9 億美元，新數字媒體ARR 為4.64 億美元，數字體驗收入為12.3 億美元，運營現金流為18.7 億美元，本季度退出的RPO 為157.2 億美元，以及回購約2.1本季度我們持有 100 萬股股票。

In our Digital Media segment, we achieved Q3 revenue of $3.59 billion, which represents 11% year-over-year growth, or 14% in constant currency. We added $464 million of net new ARR in the quarter, our strongest Q3 on record, exiting the quarter with $14.60 billion of Digital Media ARR, growing 15% year-over-year in constant currency.

在數字媒體部門，我們第三季度收入達到 35.9 億美元，同比增長 11%，按固定匯率計算增長 14%。本季度我們的淨新 ARR 增加了 4.64 億美元，這是有記錄以來最強勁的第三季度，本季度結束時數字媒體 ARR 為 146 億美元，按固定匯率計算同比增長 15%。

We achieved Creative revenue of $2.91 billion, which represents 11% year-over-year growth, or 14% in constant currency. We added $332 million of net new Creative ARR in Q3, with strong demand across our offerings.

我們的創意收入達到 29.1 億美元，同比增長 11%，按固定匯率計算增長 14%。由於我們的產品需求強勁，第三季度我們的創意 ARR 淨值增加了 3.32 億美元。

Third quarter Creative growth drivers included: new user growth across geographies, customer segments and creative offerings driven by innovation and targeted campaigns utilizing insights from our data-driven operating model; outstanding top of funnel performance resulting from viral community excitement and success of our product-led growth strategy, driving traffic to Adobe.com; single app subscriptions for Photoshop driven by interest in the magic of Firefly, Generative Fill and Generative Expand; another great quarter for value-added services, including strong customer demand for Adobe Stock; continued customer adoption of Acrobat CC; strong engagement and retention across customer segments; and success in the enterprise driven by transformational ETLAs that span the entire Creative portfolio, including CC All Apps for creative teams, Express for knowledge workers, Frame for collaboration and Adobe Stock and Firefly for content.

第三季度創意增長驅動因素包括：利用我們數據驅動的運營模式的見解，通過創新和有針對性的活動推動跨地域、客戶群和創意產品的新用戶增長；由於社區的病毒式傳播以及我們以產品為主導的增長戰略的成功，漏斗頂部表現出色，從而增加了 Adob​​e.com 的流量；由於對 Firefly、生成填充和生成展開的魔力的興趣，Photoshop 的單一應用程序訂閱；增值服務又一個出色的季度，包括客戶對 Adob​​e Stock 的強勁需求；客戶繼續採用 Acrobat CC；跨客戶群的強大參與度和保留率；跨越整個創意產品組合的變革性ETLA 推動了企業的成功，包括適用於創意團隊的CC All Apps、適用於知識工作者的Express、適用於協作的Frame 以及適用於內容的Adob​​e Stock 和Firefly 。

Adobe achieved Document Cloud revenue of $685 million, which represents 13% year-over-year growth, or 15% in constant currency, and we added $132 million of net new Document Cloud ARR in the quarter.

Adobe 實現 Document Cloud 收入 6.85 億美元，同比增長 13%，按固定匯率計算增長 15%，本季度新增 Document Cloud ARR 淨值增加 1.32 億美元。

Third quarter Document Cloud growth drivers included: success with new customer acquisition through our Reader and Acrobat web funnels and distribution partners, with monthly active users up over 70% year-over-year for Acrobat Web; strong demand for Acrobat subscriptions across customer segments and geographies, driven by targeted offers; strength in monetization from Acrobat mobile, which grew ending ARR over 30% year-over-year in constant currency, driven by product innovation and conversion; and traction in B2B with strong unit demand for our Team offering through the reseller and direct routes to market.

第三季度文檔雲增長驅動因素包括：通過我們的 Reader 和 Acrobat Web 渠道以及分銷合作夥伴成功獲取新客戶，Acrobat Web 的月度活躍用戶同比增長超過 70%；在有針對性的優惠的推動下，跨客戶群和地區對 Acrobat 訂閱的強勁需求； Acrobat Mobile 的盈利能力強勁，在產品創新和轉化的推動下，按固定匯率計算，最終 ARR 同比增長超過 30%；以及 B2B 領域的吸引力，我們團隊通過經銷商和直接市場渠道提供的產品需求強勁。

Turning to our Digital Experience segment. In Q3, we achieved revenue of $1.23 billion, which represents 10% year-over-year growth, or 11% in constant currency. Q3 subscription revenue was $1.10 billion, which represents 12% year-over-year growth, or 13% in constant currency.

轉向我們的數字體驗部分。第三季度，我們實現收入 12.3 億美元，同比增長 10%，按固定匯率計算增長 11%。第三季度訂閱收入為 11 億美元，同比增長 12%，按固定匯率計算增長 13%。

Third quarter Digital Experience growth drivers included: demand for our Adobe Experience Platform and native applications, including Real-Time CDP, Customer Journey Analytics and Adobe Journey Optimizer. In Q3, subscription revenue for AEP and apps grew 60% year-over-year; strength in content and commerce, with Adobe Experience Manager continuing to set the standard for enterprise content management; growth of our Workfront business as workflow and collaboration are essential components of an enterprise content supply chain solution; strong retention rates in the quarter as we continue to focus on value realization to our Digital Experience customers; and continued momentum in transformational platform deals with large enterprises adopting our end-to-end suite of applications.

第三季度數字體驗增長驅動因素包括：對 Adob​​e Experience Platform 和本機應用程序的需求，包括實時 CDP、客戶旅程分析和 Adob​​e Journey Optimizer。第三季度，AEP 和應用程序的訂閱收入同比增長 60%；內容和商務方面的實力，Adobe Experience Manager 繼續為企業內容管理設定標準；我們的 Workfront 業務不斷增長，因為工作流程和協作是企業內容供應鏈解決方案的重要組成部分；由於我們繼續專注於數字體驗客戶的價值實現，因此本季度的保留率很高；轉型平台的持續發展勢頭涉及大型企業採用我們的端到端應用程序套件。

Adobe's effective tax rate in Q3 was 19.5% on a GAAP basis and 18.5% on a non-GAAP basis. The GAAP tax rate came in lower than expected due to tax benefits associated with the vesting of share-based payments in the quarter.

Adobe 第三季度的有效稅率（按 GAAP 計算）為 19.5%，按非 GAAP 計算為 18.5%。由於本季度與股份支付相關的稅收優惠，公認會計準則稅率低於預期。

RPO exiting the quarter was $15.72 billion, growing 11% year-over-year, or 13% when adjusting for a 2% FX headwind.

本季度的 RPO 為 157.2 億美元，同比增長 11%，根據 2% 的外匯逆風調整後增長 13%。

Our ending cash and short-term investment position exiting Q3 was $7.52 billion, and cash flows from operations in the quarter were $1.87 billion.

第三季度末我們的現金和短期投資頭寸為 75.2 億美元，本季度運營現金流為 18.7 億美元。

In Q3, we entered into a $1 billion share repurchase agreement, and we currently have $3.15 billion remaining of our $15 billion authorization granted in December 2020.

第三季度，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 31.5 億美元。

Factoring in current macroeconomic conditions and year-end seasonal strength, for Q4, we're targeting total Adobe revenue of $4.975 billion to $5.025 billion; Digital Media net new ARR of approximately $520 million; Digital Media segment revenue of $3.67 billion to $3.70 billion; Digital Experience segment revenue of $1.25 billion to $1.27 billion; Digital Experience subscription revenue of $1.11 billion to $1.13 billion; tax rate of approximately 18% on a GAAP basis and 18.5% on a non-GAAP basis; GAAP earnings per share of $3.10 to $3.15; and non-GAAP earnings per share of $4.10 to $4.15.

考慮到當前的宏觀經濟狀況和年底的季節性強度，我們第四季度的 Adob​​e 總收入目標為 49.75 億美元至 50.25 億美元；數字媒體的淨新ARR約為5.2億美元；數字媒體部門收入為36.7億美元至37億美元；數字體驗部門收入為12.5億美元至12.7億美元；數字體驗訂閱收入為 11.1 億美元至 11.3 億美元；按公認會計原則 (GAAP) 計算的稅率約為 18%，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 3.10 至 3.15 美元；非公認會計準則每股收益為 4.10 美元至 4.15 美元。

Q3 was a great quarter for Adobe, and I couldn't be more pleased with how the company is positioned to continue to deliver for our customers and investors. We're looking forward to our investor meeting at Adobe Max on October 10, where we'll do a deep dive into our AI innovation. I hope to see you there.

第三季度對於 Adob​​e 來說是一個偉大的季度，我對公司繼續為客戶和投資者提供服務的定位感到非常滿意。我們期待 10 月 10 日在 Adob​​e Max 舉行的投資者會議，屆時我們將深入探討我們的 AI 創新。我希望能在那裡看到你。

Shantanu, back to you.

山塔努，回到你身邊。

Thanks, Dan. Adobe's strong Q3 results are a reflection of our team's exceptional execution.

謝謝，丹。 Adobe 第三季度的強勁業績反映了我們團隊卓越的執行力。

We recently lost our beloved co-founder, John Warnock. John's brilliance and innovations changed the world. He was one of the greatest inventors of our generation and an inspiration to the technology industry. While we miss him tremendously, it gives me great comfort knowing that John was so proud of all the innovation Adobe continues to deliver.

我們最近失去了我們敬愛的聯合創始人約翰·沃諾克。約翰的才華和創新改變了世界。他是我們這一代最偉大的發明家之一，也是科技行業的靈感來源。雖然我們非常想念他，但知道 John 對 Adob​​e 持續提供的所有創新感到非常自豪，這讓我感到非常欣慰。

As someone who shares John's passion for product and innovation, I'm exceptionally energized by the technology platforms we are delivering with AI at the center across our 3 clouds to delight customers.

作為與約翰一樣對產品和創新充滿熱情的人，我對我們在 3 個雲中以人工智能為中心提供的技術平台感到非常興奮，以取悅客戶。

Our brand, technology and our talented employees position us for a strong close to the year and continued growth in the decades to come. Adobe's best days are ahead of us.

我們的品牌、技術和才華橫溢的員工使我們能夠在今年取得強勁的業績並在未來幾十年持續增長。 Adobe 最好的日子就在前方。

Thank you. We will now take questions.

謝謝。我們現在將接受提問。

(Operator Instructions) And our first question will come from Keith Weiss with Morgan Stanley.

（操作員說明）我們的第一個問題將來自摩根士丹利的 Keith Weiss。

A really nice quarter. Dan, actually, a margin question for you and kind of a riddle that like we've been thinking about. We've been told generative AI is really expensive to run. The inference and training costs are really high. You guys have been running a beta for a while, 2 million images generated. There's a lot of functionality already in the product. And your operating margins are up. Your gross margins are up on a year-on-year basis. So how are you able to do that? Like, where are these costs going, if you will? And on a go-forward basis, as all this stuff becomes generally available, how should we think about that gross margin impact or the overall margin impact of generative AI on a go-forward basis?

一個非常美好的季度。丹，實際上，這是給你的一個保證金問題，也是我們一直在思考的一個謎語。我們被告知生成式人工智能的運行成本非常昂貴。推理和訓練成本確實很高。你們已經運行測試版一段時間了，生成了 200 萬張圖像。產品中已有很多功能。您的營業利潤率也上升了。您的毛利率同比上升。那麼你怎麼能做到這一點呢？比如，如果你願意的話，這些成本都去哪兒了？展望未來，隨著所有這些東西變得普遍可用，我們應該如何考慮未來生成式人工智能的毛利率影響或整體利潤影響？

Yes. Thanks, Keith. So as you rightfully point out, the engine of innovation at the company is really strong. A lot of exciting announcements this week. But we've been at this now a year, bringing the magic of generative AI and Firefly to life. And we're just getting started from an innovation standpoint. Over the last 6 months, we've been live with the beta. And as you point out, we've generated -- our customers have generated over 2 billion images. And I know it's not lost on people, all this was done while we're delivering strong margins.

是的。謝謝，基思。正如您正確指出的那樣，公司的創新引擎非常強大。本周有很多令人興奮的公告。但我們已經這樣做了一年，將生成式人工智能和 Firefly 的魔力帶入生活。從創新的角度來看，我們才剛剛開始。在過去的 6 個月裡，我們一直在使用測試版。正如您所指出的，我們的客戶已經生成了超過 20 億張圖像。我知道人們並沒有忽視這一點，所有這一切都是在我們實現強勁利潤的同時完成的。

But when we take a step back and think about these technologies, we have investments from a COGS standpoint, inferencing, content; from an R&D standpoint, training, creating foundation models. And David alluded to it in his prepared comments, the image model for Firefly family of models is out, but we're going to bring other media types to market as well so we're making substantive investments.

但當我們退後一步思考這些技術時，我們會從 COGS 的角度、推理、內容進行投資；從研發的角度來看，培訓、創建基礎模型。 David 在他準備好的評論中提到，Firefly 系列模型的圖像模型已經推出，但我們也將把其他媒體類型推向市場，因此我們正在進行實質性投資。

When I go back to the framing of my prepared comments, we really have a fundamental operating philosophy that's been alive at the company for a long time: growth and profitability. We're going to prioritize, we're going to innovate and we're going to execute with rigor. And you see that coming through in all of the financial results of the company.

當我回到我準備好的評論框架時，我們確實有一個長期存在於公司的基本運營理念：增長和盈利。我們將確定優先順序，我們將創新，我們將嚴格執行。你可以在公司的所有財務業績中看到這一點。

As we think about going -- the profile going forward, what I'll come back to is when we initially set fiscal 2023 targets, implicit in those targets was a 44.5% operating margin. If you think about how we just guided Q4, where we've got these 4 great new products and these technologies infused into the product lineup and all of the support we're going to do as we roll these out at our MAX conference down in L.A., again, to keep the enthusiasm with the customer base building, implicit in that guide is an operating margin of around 45.5%.

當我們考慮未來的情況時，我會回顧一下我們最初設定 2023 財年目標時的情況，這些目標中隱含的是 44.5% 的營業利潤率。如果您想一下我們剛剛如何指導第四季度，我們已經推出了這 4 款出色的新產品，並將這些技術融入到產品陣容中，以及我們在 MAX 會議上推出這些產品時將提供的所有支持。洛杉磯再次強調，為了保持客戶群建設的熱情，該指南隱含了45.5% 左右的營業利潤率。

So as you think about us leading this industry, leading the inflection that's unfolding in front of us, that mid-40s number, we think, is the right ballpark to think about the margin structure of the company as we continue to drive this technology and leadership. Looking forward to the Q4 earnings call where we will share more about our fiscal 2024 targets.

因此，當你想到我們引領這個行業，引領我們面前正在展開的變化時，我們認為，隨著我們繼續推動這項技術和發展，40 多歲的數字是考慮公司利潤結構的正確標準。領導。期待第四季度財報電話會議，我們將在會上分享更多有關 2024 財年目標的信息。

And maybe, Keith, just 30 seconds to add to that, for investors like you who want to make sure we're not -- in any way not investing in the future, we are investing on training for 3D, for video, for new forms of imaging and vectors. So what we are confident is, while we continue to invest in that, the scrutiny that Dan and his team have on other expenses, that we can continue to drive top line growth as well as cash flow and EPS. So I think we're unique in that respect.

Keith，也許只需 30 秒來補充一下，對於像您這樣想要確保我們不會以任何方式投資未來的投資者，我們正在投資 3D、視頻、新產品的培訓。成像和矢量的形式。因此，我們有信心的是，在我們繼續投資於此的同時，丹和他的團隊對其他費用進行了審查，我們可以繼續推動營收增長以及現金流和每股收益。所以我認為我們在這方面是獨一無二的。

Definitely. Very impressive, guys.

確實。非常令人印象深刻，伙計們。

And our next question will come from Kash Rangan with Goldman Sachs.

我們的下一個問題將來自高盛的卡什·蘭根 (Kash Rangan)。

Sorry to hear of John Warnock's passing. My condolences. But congrats on the quarter. As we look at the pricing model for generative AI products, which are based on consumption, do you think that these -- rather how additive do you think the generative AI offerings will be to the growth profile of the company going forward?

得知約翰·沃諾克去世的消息深感遺憾。節哀順變。但祝賀這個季度。當我們研究基於消費的生成式人工智能產品的定價模型時，您認為這些——而不是您認為生成式人工智能產品將對公司未來的增長狀況產生多大的附加作用？

And also one for Dan, when you look at your Q4 guidance, are you contemplating -- it looks like it's not largely changed versus the Street's prior expectations. Are we not embedding any opportunities to show what the generative AI products can do? Because they seem to be largely incremental to what had been contemplated when you first gave guidance fall of last year.

丹還有一個問題，當你看到第四季度的指引時，你是否在思考——與華爾街之前的預期相比，它看起來並沒有太大變化。我們是否沒有嵌入任何機會來展示生成式人工智能產品的功能？因為它們似乎在很大程度上是您去年秋季首次提供指導時所考慮的增量。

Kash, maybe David and I can take the first parts of the question. And just again, for everybody on the call, I think to summarize the new offerings that we have, we've announced that we have a Firefly subscription. So you can use a free trial number of credits, and after that, you can actually subscribe to Firefly. We have Adobe Express, which now includes an allocation of Firefly. We certainly have the Creative Cloud products and Photoshop and Illustrator that have it. We have generation credit packs, and we have GenStudio for the enterprise and to be able to deal with it. So first, I just wanted to make sure that you recognize the tremendous innovation that we're delivering associated with that.

卡什，也許大衛和我可以回答問題的第一部分。再次，對於參加電話會議的每個人，我想總結一下我們擁有的新產品，我們宣布我們有 Firefly 訂閱。因此，您可以使用免費試用數量的積分，之後您就可以實際訂閱 Firefly。我們有 Adob​​e Express，現在包含 Firefly 的分配。我們當然有 Creative Cloud 產品以及 Photoshop 和 Illustrator。我們有一代積分包，我們有面向企業的 GenStudio 並能夠處理它。首先，我只是想確保您認識到我們正在提供的與之相關的巨大創新。

And as you know, one of the things that we have done is to really focus on both new user acquisition, which is going to be driven across all of those offerings, as well as with the price increase, given there is an allocation associated with it for existing customers, they will start to see that as they roll over and they have to renew their subscription.

如您所知，我們所做的一件事就是真正關注新用戶的獲取（這將在所有這些產品中受到推動）以及價格上漲（考慮到與以下內容相關的分配）對於現有客戶來說，他們將開始看到，當他們滾動時，他們必須續訂他們的訂閱。

So I just wanted to set that bit, and maybe then I'll ask David to add a little bit about each of these and how we see that play out.

所以我只是想設定這一點，也許然後我會請大衛添加一些關於每一個的內容以及我們如何看待它的結果。

Yes. Thanks, Shantanu. Yes, Shantanu said that we look at the business implications of this through those two lenses: new user adoption, first and foremost; and then sort of opportunity to continue to grow the existing book of business. On the new user side, we've said this for years: our focus continues to be on proliferation. We believe that there -- we have a massive number of users in front of us. We continue to have our primary focus being net user adds and subscribers. And so the goal here in proliferation is to get the right value to the right audience at the right price.

是的。謝謝，山塔努。是的，尚塔努說，我們通過這兩個視角來看待這一問題的商業影響：首先是新用戶的採用；然後是繼續擴大現有業務的機會。在新用戶方面，我們多年來一直這麼說：我們的重點仍然是擴散。我們相信，我們面前有大量的用戶。我們的主要關注點仍然是淨用戶添加和訂閱者。因此，擴散的目標是以合適的價格為合適的受眾提供合適的價值。

And if I think about the 4 new offerings that Shantanu teed up, I think 2 of them are primed to maybe be on the earlier side of that. First, on the individual side, Express. It's been in the market for over a year now. And the new release of Express is a massive step forward in terms of the abilities that it has, both -- everything from performance to support for a broader set of things beyond design into video and into illustration, into PDF and document workflows. So there's just a tremendous amount of new value that we've added, including generative AI into that. So we think that Express will be an early indicator of that success that we're talking about.

如果我考慮一下 Shantanu 推出的 4 款新產品，我認為其中 2 款可能會處於較早的階段。首先，在個人方面，快遞。它已經上市一年多了。新版本的 Express 在其功能方面向前邁出了一大步——從性能到支持更廣泛的事物，超越設計、視頻、插圖、PDF 和文檔工作流程。因此，我們添加了大量新價值，其中包括生成式人工智能。因此，我們認為 Express 將成為我們正在談論的成功的早期指標。

The second one is the work that we're doing in the DME business in conjunction with Anil and the DX business around enterprises, so GenStudio, and enabling the broad base of marketers to actually use Express in conjunction with the Creative Studio teams using Creative Cloud to really accelerate their use of and creation of content. So that really, in the context of the short-term contributors, we think that will be really meaningful. We also expect that we -- as we do this and drive new users, we expect to see a lot of new users come into the free plans, and that's going to take a little time to ramp. We'll bring them into the Adobe family, get them using the products and ramp them to greater value over time. So first and foremost, proliferation on new users.

第二個是我們在 DME 業務中與 Anil 以及圍繞企業的 DX 業務（即 GenStudio）合作所做的工作，並使廣大營銷人員能夠與使用 Creative Cloud 的 Creative Studio 團隊一起實際使用 Express真正加速他們對內容的使用和創建。因此，就短期貢獻者而言，我們認為這確實非常有意義。我們還預計，當我們這樣做並吸引新用戶時，我們預計會看到很多新用戶加入免費計劃，而這將需要一些時間來增加。我們將把他們帶入 Adob​​e 系列，讓他們使用這些產品，並隨著時間的推移讓他們發揮更大的價值。因此，首先也是最重要的是，新用戶的激增。

The second thing is going to be on the book of business. And here, we're -- basically, the pricing changes, just as a reminder, they have a rolling impact. We're going to start them late in Q4, and it will -- we're going to start it in certain geos only. And then we're going to have a measured rollout in new countries over the course of the next couple of years.

第二件事將出現在商業書籍上。在這裡，我們基本上是定價變化，只是提醒一下，它們會產生滾動影響。我們將在第四季度末啟動它們，而且我們只會在某些地區啟動它。然後，我們將在未來幾年內在新的國家進行有針對性的推廣。

And then certainly also as it relates to enterprise customers, the renewal timing will probably take about 3 years given the multiyear contracts that we have in place. So net-net, we see this truly as a seminal moment for how we're going to grow the business, but it's going to take a few years to play out, and we're really excited about sort of what this means for bringing new customers into the franchise.

當然，由於與企業客戶相關，考慮到我們已經簽訂了多年期合同，續約時間可能需要大約 3 年的時間。因此，我們認為這確實是我們如何發展業務的一個開創性時刻，但這需要幾年時間才能發揮作用，我們對這意味著什麼感到非常興奮新客戶進入特許經營店。

And maybe, Kash, just to then tie that all together, in terms of the numbers that we've given for Digital Media ARR, because you asked the question from the beginning of the year, remember, I think we guided to $1.65 billion. If you look at what it is, even with our Q4 guide that I think $200 million more than that, $1.86 billion or something to that effect and since we guided in Q3 -- for Q3 and Q4 $100 million. So we continue to be really confident and we're excited about the road map.

卡什，也許只是為了將所有這些結合起來，根據我們為數字媒體 ARR 提供的數字，因為您從今年年初就提出了這個問題，請記住，我認為我們的目標是 16.5 億美元。如果你看看它是什麼，即使我們的第四季度指導，我認為比這多了2 億美元，18.6 億美元或類似的東西，自從我們在第三季度指導以來，第三季度和第四季度都是1 億美元。因此，我們仍然充滿信心，並對路線圖感到興奮。

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

我們的下一個問題將來自巴克萊銀行的 Saket Kalia。

Congrats on a great quarter and outlook. Anil, actually my question is for you. Obviously, a lot to talk about with Firefly in the Digital Media business, and it's very clearly a revenue opportunity there. I'm wondering what -- how you think about the generative AI road map or revenue opportunity in the Digital Experience part of the business. I know we talked about the content supply chain, but how do you think about the future of generative AI in your business?

祝賀您取得了出色的季度業績和前景。阿尼爾，實際上我的問題是問你的。顯然，在數字媒體業務方面，Firefly 有很多值得討論的地方，而且這顯然是一個收入機會。我想知道您如何看待生成式人工智能路線圖或業務數字體驗部分的收入機會。我知道我們討論了內容供應鏈，但您如何看待生成式人工智能在您的業務中的未來？

Yes. Thanks, Saket. Shantanu and David already talked about the Adobe GenStudio, and we're really excited about that. This is a unique opportunity, as you said, for enterprises to really create personalized content and drive efficiencies as well through automation and efficiency. And when you look at the entire chain of what enterprises go through from content creation, production workflow and then activation through DX through all the apps we have on our platform, we have the unique opportunity to do that. We already have deployed it within Adobe for our own Photoshop campaign, and we're working with a number of agencies and customers to do that. So this is a big net new opportunity for us with Adobe GenStudio.

是的。謝謝，薩凱特。 Shantanu 和 David 已經討論過 Adob​​e GenStudio，我們對此感到非常興奮。正如您所說，對於企業來說，這是一個獨特的機會，可以真正創建個性化內容並通過自動化和效率提高效率。當您查看企業所經歷的整個鏈條時，從內容創建、生產工作流程，然後通過我們平台上的所有應用程序通過 DX 進行激活，我們擁有獨特的機會來做到這一點。我們已經在 Adob​​e 內部為我們自己的 Photoshop 活動部署了它，並且我們正在與許多機構和客戶合作來做到這一點。因此，對於 Adob​​e GenStudio 來說，這對我們來說是一個巨大的新機遇。

We're also working on generative AI for other DX applications as well. And at the investor meeting in October, we'll share more details. But we see a similar opportunity with generative AI to bring together the ability for a number of users across marketing departments organizations to be able to use the Adobe Experience platform and apps, and it will act as a copilot to accelerate the use cases that they bring to life. So we'll share more about that at the investor meeting.

我們還致力於其他 DX 應用程序的生成人工智能。在十月份的投資者會議上，我們將分享更多細節。但我們看到了生成式人工智能的類似機會，它將跨營銷部門組織的許多用戶的能力結合在一起，以便能夠使用Adob​​e Experience 平台和應用程序，並且它將充當副駕駛，加速他們帶來的用例生活。因此，我們將在投資者會議上分享更多相關信息。

Saket, maybe just to give Anil and the team a lot of credit for what they actually accomplished in Q3 as well. The wins in Q3 in the Enterprise actually included a lot of the components of GenStudio, both in the Digital Media as well as in the Digital Experience. So certainly, the transformational deals that we're talking about, a big part of that is the synergy between the 2 clouds. So I wanted to point that out as well.

Saket，也許只是為了給予 Anil 和團隊在第三季度實際取得的成就很大的榮譽。第三季度企業領域的勝利實際上包括 GenStudio 的許多組件，無論是在數字媒體還是數字體驗方面。當然，我們正在談論的轉型交易，其中很大一部分是兩種雲之間的協同作用。所以我也想指出這一點。

And if I could actually just add one quick thing at the GenStudio work that Anil team has been doing, we've actually been using that within the Digital Media business already to release some of the campaigns that we've released this quarter. So it's one of these things that it's great to see the impact it's having on our business and that becomes a selling point for other businesses, too.

如果我實際上可以在 Anil 團隊一直在做的 GenStudio 工作中添加一件快速的事情，我們實際上已經在數字媒體業務中使用它來發布我們本季度發布的一些活動。因此，很高興看到它對我們的業務產生的影響，並且這也成為其他業務的賣點，這是其中之一。

And moving on to Gregg Moskowitz with Mizuho.

接下來是瑞穗的格雷格·莫斯科維茨 (Gregg Moskowitz)。

Congratulations as well on a strong quarter. So when I look at Firefly, the amount of image generation in a 6-month period is clearly pretty stunning. And I'm just wondering if you're able to provide any additional color, whether it be monthly active users or some other metric, that may additionally help all of us gauge the improvements that Firefly is driving to your engagement levels, to your top of funnel, et cetera.

也祝賀本季度的強勁表現。因此，當我查看 Firefly 時，6 個月內生成的圖像量顯然相當驚人。我只是想知道您是否能夠提供任何額外的顏色，無論是每月活躍用戶還是其他一些指標，這可能會額外幫助我們所有人衡量 Firefly 為您的參與度和最高水平所帶來的改進漏斗等。

Yes. Happy to talk about that. It's been a remarkable few months. I mean, we've said a few things. First is that the viral excitement that we saw because of Firefly on social has been hugely beneficial, and it's certainly driven a lot of top-of-funnel opportunity for us. In addition to that, one of the things that we were very excited about is when we integrated it into our Creative Pro applications, Illustrator and Photoshop primarily, we saw over 3 million downloads of those betas, beta applications, which is something we've never seen before. That gives you a sense of like how thirsty the existing customer base is for the generative capabilities that we have as well.

是的。很高興談論這個。這是非凡的幾個月。我的意思是，我們已經說了一些話。首先，我們在社交媒體上看到 Firefly 帶來的病毒般的興奮是非常有益的，它肯定為我們帶來了很多漏斗頂部的機會。除此之外，我們非常興奮的一件事是，當我們將其集成到我們的Creative Pro 應用程序（主要是Illustrator 和Photoshop）中時，我們看到這些測試版、測試版應用程序的下載量超過300 萬次，這是我們已經做到的從未見過。這讓您感覺到現有客戶群對我們擁有的生成能力有多麼渴望。

And lastly, one of the things that we're very excited about and we obviously track very carefully is what does this do in terms of giving us access to new users that don't typically come to Adobe. And both Express and Firefly, and in particular, the integration of Firefly and Express, has been a real accelerant to that. So it's been nice to see us not just getting excitement within the current base but seeing millions of other users coming in that would not have typically come to Adobe for a product and then giving -- and starting their journey with Adobe through Firefly and Express.

最後，我們非常興奮並且顯然非常仔細跟踪的一件事是，這讓我們能夠接觸到通常不會使用 Adob​​e 的新用戶。 Express 和 Firefly，特別是 Firefly 和 Express 的整合，都真正促進了這一點。因此，很高興看到我們不僅在當前的基礎上感到興奮，而且看到數以百萬計的其他用戶進來，這些用戶通常不會來Adob​​e 購買產品，然後通過Firefly 和Express 開始他們與Adob​​e 的旅程。

Two other maybe financial indicators to that, Gregg, are first, the Photoshop Single App, and I think Dan referred to that. Even in the beta, that actually drove a lot of Photoshop Single App, and the early indicators of how that also benefits retention in the entire book of business. So both of those are also good financial indicators of the potential of AI.

Gregg，另外兩個可能的財務指標是第一個，Photoshop Single App，我認為 Dan 提到了這一點。即使在測試版中，這實際上也推動了很多 Photoshop Single App 的發展，而且早期指標表明這也有利於整個業務的保留。因此，這兩者也是人工智能潛力的良好財務指標。

And we have a question from Brad Sills with Bank of America.

我們有來自美國銀行的 Brad Sils 的問題。

Wonderful. I wanted to ask about a comment that I think David made earlier in the call, where you're working hard to make Firefly the option for content design to be safe. I would love to double-click on that and understand a little bit how is Adobe the safe option and how is the company making this Firefly in this new generative frontier the safe option for enterprises.

精彩的。我想問一下 David 在電話會議早些時候發表的評論，你們正在努力使 Firefly 成為內容設計安全的選擇。我很想雙擊它並了解一下 Adob​​e 如何成為安全選擇，以及該公司如何使 Firefly 在這個新的生成前沿成為企業的安全選擇。

Yes. So from the very beginning of Firefly, we took a very different approach to how we were doing generative. We started by looking at and working off the Adobe Stock base, which are contents that are licensed and very clearly we have the rights to use. And we looked at other repositories of content where they didn't have any restrictions on usage, and we've pulled that in. So everything that we've trained on has gone through some form of moderation and has been cleared by our own legal teams for use in training. And what that means is that the content that we generate is, by definition, content that isn't then stepping on anyone else's brand and/or leveraging content that wasn't intended to be used in this way. So that's the foundation of what we've done.

是的。因此，從 Firefly 一開始，我們就採取了一種非常不同的方法來進行生成。我們首先查看並處理 Adob​​e Stock 庫，這些內容是經過許可的，並且很明顯我們有權使用。我們查看了其他內容存儲庫，它們對使用沒有任何限制，我們已將其納入其中。因此，我們接受過培訓的所有內容都經過了某種形式的審核，並已通過我們自己的法律許可用於訓練的團隊。這意味著，根據定義，我們生成的內容不會侵犯任何其他人的品牌和/或利用原本不打算以這種方式使用的內容。這就是我們所做工作的基礎。

We've gone further than that, of course. And we've now actually -- we've been working with our Stock contributors. We've announced, and in fact, yesterday, we had our first payout of contributions to contributors that have been participating and adding stock for the AI training. And we're able to leverage that base very effectively so that if we see that we need additional training content, we can put a call to action, call for content, out to them, and they're able to bring content to Adobe in a fully licensed way. So for example, earlier this quarter, we decided that we needed 1 million new images of crowd scenes. And so we put a call to action out. We were able to gather that content in. But it's fully licensed and fully moderated in terms of what comes in. So as a result, all of the content we generate is safe for commercial use.

當然，我們走得更遠。事實上，我們現在一直在與我們的股票貢獻者合作。我們已經宣布，事實上，昨天，我們向參與人工智能培訓並增加股票的貢獻者支付了第一筆捐款。我們能夠非常有效地利用這個基礎，這樣，如果我們發現需要額外的培訓內容，我們可以向他們發出號召性用語、內容號召，他們就能夠將內容帶到 Adob​​e完全許可的方式。例如，本季度早些時候，我們決定需要 100 萬張新的人群場景圖像。因此我們呼籲採取行動。我們能夠收集這些內容。但它是經過完全許可的，並且在輸入內容方面得到了充分的審核。因此，我們生成的所有內容對於商業用途都是安全的。

The second thing is that because of that, we're able to go to market and also indemnify customers in terms of how they're actually leveraging that content and using it for content that's being generated. And so enterprise customers find that to be very important as we bring that in not just in the context of Firefly stand-alone but we integrated into our Creative Cloud applications and Express applications as well. So the whole ecosystem has been built on that.

第二件事是，正因為如此，我們能夠進入市場，並就客戶如何實際利用該內容並將其用於正在生成的內容向客戶提供賠償。因此，企業客戶發現這一點非常重要，因為我們不僅將其引入獨立的 Firefly 環境中，而且還集成到了 Creative Cloud 應用程序和 Express 應用程序中。所以整個生態系統都是建立在這個基礎上的。

And the last thing I'll say is we've been very focused on fair generation. So we look intentionally for diversity of people that are generated, and we're looking to make sure that the content we generate doesn't create or cause any harm. And all of those things are really good business decisions and differentiate us from others.

我要說的最後一件事是我們一直非常關注公平一代。因此，我們有意尋找生成的人員的多樣性，並且我們希望確保我們生成的內容不會造成或造成任何傷害。所有這些都是非常好的商業決策，使我們與眾不同。

And we have a question from Keith Bachman with BMO Capital Markets.

BMO 資本市場的基思·巴赫曼 (Keith Bachman) 向我們提出了一個問題。

Yes. I want to go back -- David, I wanted to hear your perspective on kind of the third cloud, the Document Cloud, if you will, as we look out over the next 12 months. And the spirit of the question is, there's a lot of attention, appropriately so, given Firefly and whatnot and perhaps even lending itself in the Experience Cloud. But does gen AI provide any tailwinds associated with the Document Cloud? Or is it sort of the existing driver that will help contribute to growth as we look at next year? But any just kind of -- what are the key things that we should be thinking about for Document Cloud?

是的。我想回去 - David，我想听聽您對第三種雲（文檔雲）的看法，如果您願意的話，我們將展望未來 12 個月。問題的實質是，鑑於 Firefly 等，甚至可能在 Experience Cloud 中發揮作用，因此受到了很多關注。但是，gen AI 是否提供了與文檔雲相關的任何推動力？或者說，當我們展望明年時，這是否是一種有助於促進增長的現有驅動力？但是，對於 Document Cloud，我們應該考慮哪些關鍵問題？

Yes. First of all, we are very happy with the quarter Doc Cloud had. The ending book of business grew 22% in constant currency. And the strength of that is really driven based on top of funnel growth, right? So Acrobat on the Web had a phenomenal year-over-year growth rate. We've been working very actively to get Acrobat sort of deployed within -- as plug-ins within the browsers. We've got a great -- we've been doing a lot of product-led growth work in the products themselves to drive link sharing so that more and more people are not just using our products, but as they share links, we're actually able to capture more people and build growth loops. Signatures has been also doing incredibly well.

是的。首先，我們對 Doc Cloud 的季度感到非常滿意。按固定匯率計算，期末業務增長了 22%。它的力量確實是基於漏斗頂部的增長所驅動的，對嗎？因此，Acrobat 網頁版的同比增長率非常驚人。我們一直在非常積極地努力將 Acrobat 作為瀏覽器中的插件進行部署。我們已經在產品本身上做了很多以產品為主導的增長工作，以推動鏈接共享，以便越來越多的人不僅使用我們的產品，而且當他們共享鏈接時，我們'我們實際上能夠吸引更多的人並建立增長循環。簽名也表現得非常好。

So as we've got this broad-based proliferation of our surfaces that are available and continue to grow in terms of both free and paid usage, it creates a surface area that we can introduce a lot of really interesting things into. We haven't announced anything publicly associated with gen AI directly inside of Acrobat. But I think you can fairly safely expect to hear more about that from us soon.

因此，隨著我們的可用表面廣泛擴散並在免費和付費使用方面持續增長，它創造了一個我們可以引入許多真正有趣的東西的表面區域。我們尚未公開宣布任何與 Acrobat 內部直接與 gen AI 相關的內容。但我認為您可以相當有把握地期待很快從我們這裡聽到更多有關這方面的信息。

And what makes gen AI particularly interesting as it relates to Acrobat is the distribution that we have with Acrobat. So if Acrobat is -- and Reader are in front of hundreds of millions of people on a monthly basis, our ability to insert generative AI into their workflows, just like we've been able to really differentiate our work on generative AI in creative by inserting it into the workflows of creative folks, I think that becomes the secret sauce to how we differentiate ourselves.

與 Acrobat 相關的 gen AI 特別有趣的是我們與 Acrobat 的發行版。因此，如果 Acrobat 和 Reader 每月都會出現在數億人面前，我們就有能力將生成式 AI 插入到他們的工作流程中，就像我們能夠在創意方面真正區分生成式 AI 工作一樣將其插入創意人員的工作流程中，我認為這成為我們脫穎而出的秘訣。

And our next question will come from Brent Thill with Jefferies.

我們的下一個問題將由杰弗里斯的布倫特·希爾提出。

Shantanu, you mentioned success in ETLAs. What's driving that, especially given some of the macro jitters that are still lingering? Are you starting to see those jitters go away and that's the result of what's happening with the ETLAs?

Shantanu，您提到了 ETLA 的成功。是什麼推動了這一趨勢，特別是考慮到一些宏觀不安仍然揮之不去？您是否開始看到那些不安情緒消失了，這是 ETLA 發生的事情的結果？

I think in the ETLA specifically, Brent, both to the comments that David and Anil mentioned, the first is the amount of content that people are creating. There's a lot of interest associated with ensuring that the combination of Creative Cloud plus Express, that people can really understand what they are spending on their content as well as find ways to use AI to automate it, to localize it, to improve production costs. So I think that message is certainly resonating with people and the fact that Express can be a productivity application for every knowledge worker in the enterprise, much like Acrobat as well. So I think both of those are really leading to a significant amount of great conversations.

我認為，特別是在 ETLA，布倫特，對於大衛和阿尼爾提到的評論，首先是人們創造的內容量。人們對確保 Creative Cloud 與 Express 的結合非常感興趣，確保人們能夠真正了解他們在內容上的花費，並找到使用人工智能實現自動化、本地化和提高生產成本的方法。因此，我認為這一信息肯定會引起人們的共鳴，而且 Express 可以成為企業中每個知識工作者的生產力應用程序，就像 Acrobat 一樣。所以我認為這兩者確實會帶來大量精彩的對話。

I think mobile, David perhaps mentioned even in his prepared remarks how mobile has been one of the tailwinds that we've seen, Brent. So I think that's also working. So I think investment in productivity gains is clearly top of mind right now, and both of these play well into that narrative in enterprises.

我認為移動，大衛甚至在他準備好的講話中甚至可能提到移動如何成為我們所看到的推動因素之一，布倫特。所以我認為這也有效。因此，我認為對生產力提高的投資顯然是目前的首要考慮，而這兩者都很好地融入了企業的敘述中。

And we have a question from Alex Zukin with Wolfe Research.

我們有來自 Wolfe Research 的 Alex Zukin 提出的問題。

And I guess a two-parter on generative AI. First, just around the pricing model for generative credits. Obviously, very progressive. And I guess, how should we think about -- as we go forward and you've seen at least on the hobbyist side some of the usage of Firefly and within Express, how do we think about for the 2 cohorts of both obvious and professional creatives, how many credits are kind of a typical user or use case likely to drive in a given month?

我猜想是關於生成人工智能的兩方。首先，圍繞生成積分的定價模型。顯然，非常進步。我想，當我們前進時，您至少已經看到了 Firefly 和 Express 中的一些使用，我們應該如何考慮明顯的和專業的兩個群體創意人員，典型用戶或用例在給定月份可能會產生多少積分？

And to the question that you got kind of about Document Cloud and the impact of generative AI on that business, is it fair to think that given the pricing that's been announced, the next wave of incremental innovation, is that going to come more from new product availability? Or should we think about more pricing-enabled levers to come?

對於您提出的有關文檔雲以及生成式人工智能對該業務的影響的問題，考慮到已經宣布的定價，下一波增量創新是否會更多地來自於新的技術，這是否公平？產品可用性？或者我們應該考慮更多的定價槓桿？

I think Alex, on the first question associated with how did we think about pricing, I mean, first, it's important to remember the breadth of all of the segments that we serve, in other words, how we think about K-12 all the way to the largest enterprise in the world. And I think it's fair to say that philosophically, we wanted to drive more adoption, and therefore, the pricing as it relates to what's included in the at least short run for Firefly subscriptions, Express subscriptions, GenStudio in terms of how much they can get within an enterprise is going to be the bulk of how we recognize the ARR. And I think getting that adoption and usage is where the primary focus is going to be in terms of the new user adoption as well as, for existing customers, the pricing upgrade. So that's how we think about it.

我認為Alex，關於我們如何看待定價的第一個問題，我的意思是，首先，重要的是要記住我們所服務的所有細分市場的廣度，換句話說，我們如何看待K-12 所有領域通往世界最大企業的道路。我認為公平地說，從哲學上講，我們希望推動更多的採用，因此，定價與至少短期內 Firefly 訂閱、Express 訂閱、GenStudio 所包含的內容有關，就他們可以獲得的金額而言企業內部的情況將成為我們識別ARR 的主要方式。我認為獲得採用和使用是主要關注點，即新用戶採用以及現有客戶的定價升級。這就是我們的想法。

We certainly need the ability to have the generative packs but I think just getting everybody exposed to it. One of the real innovations that we did that's driven tremendous uptake in that is what we've called this context of where sort of menus within Photoshop. So it's so front and center. You'll start to see that being rolled out in all of the other applications. So that's sort of the focus. Let's get the core subscriptions. Let's get all of them exposed to it, and let's make sure that we're covering what we need to buy the pricing actions that we took. So that was sort of the focus.

我們當然需要擁有生成包的能力，但我認為只是讓每個人都接觸到它。我們所做的真正的創新之一是我們所說的 Photoshop 中菜單的上下文，它推動了人們的廣泛接受。所以它是如此的前面和中心。您將開始看到它在所有其他應用程序中推出。這就是焦點。讓我們獲取核心訂閱。讓我們讓所有人都接觸到它，並確保我們涵蓋了購買我們所採取的定價行動所需的內容。這就是焦點。

I think on the Doc Cloud part and how we look at it, to add to, again, what David said, I mean some of the things that people really want to know is how can I have a conversational interface with the PDF that I have, not just the PDF that I have opened right now but the PDF that are all across my folder, then across my entire enterprise knowledge management system, and then across the entire universe. So much like we are doing in Creative, where you can start to upload your images to get -- train your own models within an enterprise, well, it is often [hard-pressed].

我認為關於 Doc Cloud 部分以及我們如何看待它，再次補充一下 David 所說的內容，我的意思是人們真正想知道的一些事情是我如何才能與我擁有的 PDF 建立對話界面，不僅僅是我現在打開的PDF，還有我的文件夾中的PDF，然後是我整個企業知識管理系統中的PDF，然後是整個宇宙中的PDF。就像我們在創意領域所做的那樣，您可以開始上傳圖像以在企業內訓練您自己的模型，嗯，這通常是[困難]。

The number of customers who want to talk to us now that we've sort of designed this to be commercially safe and say, "Hey, how do we create our own model," whether you're a Coke or whether you're a Nike, think of them as having that. I think in the document space, the same interest will happen, which is we have all our knowledge within an enterprise associated with PDFs, "Adobe, help me understand how your AI can start to deliver services like that." So I think that's the way you should also look at the PDF opportunity that exists, just more people taking advantage of the trillions of PDFs that are out there in the world and being able to do things.

現在，有多少客戶想要與我們交談，因為我們將其設計為具有商業安全性，並說：“嘿，我們如何創建自己的模型”，無論您是可口可樂還是耐克，認為他們擁有這一點。我認為在文檔領域，也會發生同樣的興趣，即我們在企業中擁有與 PDF 相關的所有知識，“Adobe，幫助我了解您的 AI 如何開始提供這樣的服務。”因此，我認為您也應該以這種方式看待現有的 PDF 機會，只是更多的人利用世界上數万億個 PDF 並能夠做一些事情。

The last thing maybe I'll mention on this front, Alex, is the APIs. So part of what we are also doing with PDFs is the fact that you can have all of this now accessible through APIs. It's not just the context of the PDF, the semantic understanding of that to do specific workflows, we're starting to enable all of that as well. So hopefully, that gives you some flavor. You're right, the generative credits has been designed to more for adoption right now. But we also wanted to make sure that at the high end, we were careful about how much generative credits we allowed.

Alex，在這方面我可能要提到的最後一件事是 API。因此，我們對 PDF 所做的部分工作是，您現在可以通過 API 訪問所有這些內容。這不僅僅是 PDF 的上下文、執行特定工作流程的語義理解，我們也開始啟用所有這些。希望這能給你帶來一些味道。你是對的，生成積分現在已經被設計為更容易被採用。但我們也想確保在高端，我們對允許的生成積分數量非常謹慎。

Yes. And just one thing to add to that, Alex, is that one of the things we did -- first of all, it was a very thoughtful, deliberate decision to go with the generative credit model. And the limits, as you can imagine, were very, very considered in terms of how we set them. The limits are, of course, fairly low for free users. The goal there is to give them a flavor of it and then help them convert. .

是的。亞歷克斯，需要補充的一件事是我們所做的一件事 - 首先，採用生成信用模型是一個非常深思熟慮的決定。正如你可以想像的那樣，我們在設置這些限制時經過了非常非常多的考慮。當然，對於免費用戶來說，限制相當低。我們的目標是讓他們體驗一下，然後幫助他們轉變。 。

And for paid users, especially for people in our Single Apps and All Apps plans, one of the things we really intended to do is try and drive real proliferation of the usage. We didn't want there to be generation anxiety, put in that way. We wanted them to use the product. We wanted the Generative Fill and Generative Expand. We wanted the vector creation. We want to build the habits of using it. And then what will happen over time as we introduce 3D, as we introduce video and design and vectors, and as we introduce these Acrobat capabilities that Shantanu was talking about, the generative credits that are used in any given month continues to go up because they're getting more value out of it. And so that's the key thing. We want people to just start using it very actively right now and build those habits.

對於付費用戶，特別是對於我們的單一應用程序和所有應用程序計劃中的用戶，我們真正想做的事情之一就是嘗試推動使用量的真正激增。我們不希望出現代際焦慮，這樣說吧。我們希望他們使用該產品。我們想要生成填充和生成擴展。我們想要矢量創建。我們希望養成使用它的習慣。隨著時間的推移，當我們引入3D，當我們引入視頻、設計和矢量，當我們引入Shantanu 談到的這些Acrobat 功能時，會發生什麼，在任何給定月份使用的生成積分都會繼續增加，因為它們從中獲得更多價值。這就是關鍵。我們希望人們現在就開始非常積極地使用它並養成這些習慣。

Super clear. Super thoughtful. If I could sneak one in for Dan. Of the $520 million in the net new ARR for Q4, just roughly, you've talked about before having some impact from the generative AI products that you were going to launch this year. Is it fair to assume it's very minimal in that $520 million?

超級清晰。超級周到。如果我能為丹偷偷送一份就好了。在第四季度淨新 ARR 的 5.2 億美元中，您在今年即將推出的生成式 AI 產品產生一些影響之前就已經談到過這一點。假設這 5.2 億美元中的金額非常小，是否公平？

Yes, I would say it's a modest impact to the business in Q4. And again, a quarter from now when we give our FY 2024 targets, we'll have more to say of what that looks like going forward, but modest impact in Q4.

是的，我想說這對第四季度的業務影響不大。同樣，在一個季度後，當我們給出 2024 財年目標時，我們將更多地談論未來的情況，但對第四季度的影響不大。

And we'll take a question from Brad Zelnick with Deutsche Bank.

我們將回答德意志銀行布拉德·澤爾尼克的問題。

David, you talked about making Firefly APIs available to customers to embed Firefly into their own content creation workflows. Can you talk about the use cases and monetization? And is this something you foresee partners leveraging as well into their own third-party offerings?

David，您談到了讓客戶可以使用 Firefly API 將 Firefly 嵌入到他們自己的內容創建工作流程中。您能談談用例和貨幣化嗎？您預計合作夥伴也會將其運用到他們自己的第三方產品中嗎？

Yes, absolutely. Our goal right now, for enterprises and third-parties that we work with, is to provide a few things. The first is this ability, obviously, to have API access to everything that we are building in, so that they can build it into their workflows and their automation stack.

是的，一點沒錯。我們現在的目標是為與我們合作的企業和第三方提供一些東西。顯然，第一個是這種能力，可以通過 API 訪問我們正在構建的所有內容，以便他們可以將其構建到他們的工作流程和自動化堆棧中。

The second thing is to give them the ability to extend or train their own models as well. So if -- as we mentioned earlier, our core model, foundation model is a very clean model. It generates great content and you can rely on it commercially. We want our customers and partners to be able to extend that model with content that is relevant to them so that Firefly is able to generate content in their brand or in their style. So we'll give them the ability to train their own model as well.

第二件事是讓他們也能夠擴展或訓練自己的模型。因此，如果——正如我們之前提到的，我們的核心模型、基礎模型是一個非常乾淨的模型。它可以生成精彩的內容，您可以在商業上依賴它。我們希望我們的客戶和合作夥伴能夠使用與他們相關的內容來擴展該模型，以便 Firefly 能夠生成符合其品牌或風格的內容。因此，我們也將賦予他們訓練自己模型的能力。

And then last, but certainly not least, we'll give them some core workflows that will work with our existing products, whether it's Express or whether it's Creative Cloud or GenStudio as well, so that they can then integrate everything they're doing onto our core platform.

最後但同樣重要的是，我們將為他們提供一些可與我們現有產品配合使用的核心工作流程，無論是 Express、Creative Cloud 還是 GenStudio，以便他們可以將他們正在做的所有事情集成到我們的核心平台。

And then from a monetization perspective, you can imagine the metering concepts that we have for generative credits extending to API calls as well. And of course, those will all be custom negotiated deals with partners and enterprises.

然後從貨幣化的角度來看，您可以想像我們的生成積分計量概念也擴展到 API 調用。當然，這些都將是與合作夥伴和企業協商達成的定制協議。

Operator, we're getting close to the top of the hour. We'll take one more question, please.

接線員，我們已經接近整點時間了。請我們再回答一個問題。

Our next question will come from Jay Vleeschhouwer with Griffin Securities.

我們的下一個問題將來自格里芬證券公司的 Jay Vleeschhouwer。

Shantanu, over the last decade or more, one of the most important attributes of how you've managed your product portfolio have been the intra-segment and intersegment integrations, particularly between Digital Media and DX. There was, as you know, a famous acronym for that.

Shantanu，在過去十年或更長時間裡，您管理產品組合的最重要屬性之一是細分市場內和細分市場間的集成，特別是數字媒體和 DX 之間的集成。如你所知，有一個著名的縮寫詞。

Now when we think about the current generation of integrations that you've just announced, including yesterday, aside from the Firefly-ing of the product line and the proliferation of Firefly, what are some of the internal developmental changes that you yourselves have had to make in order to support the development of new integrations, new packaging? What are you doing differently internally? And then externally, particularly to support the new generation of products, what are you having to invest in, in terms of customer support and enabling their adoption?

現在，當我們想到您剛剛宣布的當前一代集成時，包括昨天，除了產品線的 Firefly-ing 和 Firefly 的擴散之外，您自己還必須進行哪些內部開發更改為了支持新集成、新包裝的開發？您在內部做了什麼不同的事情？然後在外部，特別是為了支持新一代產品，在客戶支持和促進其採用方面，您必須投資哪些方面？

Yes, Jay, I mean -- and certainly, I think at MAX also, you'll see a bunch more of the innovation. I think first, internally, I'd be remiss if I didn't start off by saying how really thrilled I am with how quickly the company has embraced the possibilities of AI, how we run all of these betas out there at a scale that, as we have said, is unprecedented, dealing with the differentiation that we can provide, whether that's how we deal with the data, understanding the indemnification, how we embed all of this AI stuff in the interfaces. And we've already shown that in Photoshop, Illustrator, Express as well as create the new offering.

是的，Jay，我的意思是——當然，我認為在 MAX，你也會看到更多的創新。我認為，首先，在內部，如果我不一開始就說我對公司如此迅速地接受人工智能的可能性感到多麼興奮，以及我們如何以如此大的規模運行所有這些測試版，那就是我的失職了。正如我們所說，這是前所未有的，涉及我們可以提供的差異化，無論是我們處理數據的方式，理解賠償，還是我們如何將所有這些人工智能東西嵌入到界面中。我們已經在 Photoshop、Illustrator、Express 中展示了這一點並創建了新產品。

So I think the pace of innovation internally of what we have done is actually truly amazing. I mean relative to a lot of the companies that are out there and the fact that we've gone from talking about this to very, very quickly, making it commercially available, I don't want to take for granted the amount of work that went into that. I think internally, it is really galvanized because we are our own biggest user of these technologies.

因此，我認為我們所做的內部創新步伐實際上非常驚人。我的意思是，相對於很多公司，以及我們已經從談論這個問題到非常非常快地使其商業化這一事實，我不想把這方面的工作量視為理所當然。進入那個。我認為在內部，它確實受到了激勵，因為我們自己是這些技術的最大用戶。

What we are doing associated with the campaigns and the GenStudio that we are using, as David alluded to it, our Photoshop Everyone Can Campaign or the Acrobat's Got It campaign or how we will be further delivering campaigns for Express as well as for Firefly, all of this is built on this technology. And we use Express every day, much like we use Acrobat every day. So I think it's really enabled us to say are we really embracing all of this technology within the company.

正如 David 所提到的，我們正在做的與活動和我們正在使用的 GenStudio 相關的活動，我們的 Photoshop 人人能活動或 Acrobat's Got It 活動，或者我們將如何進一步為 Express 和 Firefly 提供活動，所有這是建立在這項技術之上的。我們每天都使用 Express，就像我們每天使用 Acrobat 一樣。所以我認為這確實讓我們能夠說我們是否真的在公司內部採用了所有這些技術。

And that's been a big change because I think the Creative products, we've certainly had phenomenal usage within the company, but the extent to which the 30,000 employees can now use our combined offering, that is very, very different internally. So very pleased, associated with that. And I think one way in which that manifests is that all of our product reviews right now include all 3 groups. So there's very little product sort of reviews that happen without people from Creative and Document and the Experience Cloud being part of it. So that's one of them.

這是一個很大的變化，因為我認為 Creative 產品在公司內部的使用率確實很高，但是 30,000 名員工現在可以使用我們的組合產品的程度，在內部是非常非常不同的。非常高興，與此相關。我認為體現這一點的一種方式是，我們現在所有的產品評論都包括所有 3 個組。因此，如果沒有來自 Creative 和 Document 以及 Experience Cloud 的人員的參與，就很少有產品類型的評論。這就是其中之一。

I think the work that we have already put in on the digital excellence as part of DDOM, that also gives us a lot of confidence of now that we have this breadth of offering, how do we make sure that we can personalize the offerings. Part of the success that was driven in this quarter, Jay, was to do with the fact that the stock and these value-added services, I think the digital excellence team in terms of the DDOM have really got very good at segmenting our customers and understanding how we can make sure that they have the right offering. And now think of that with all of the breadth of offerings that we have across mobile and desktop and Web. So I think internally and externally, this has been, again, a real sort of drinking from the firehose of how we embrace AI. And so I think those are really 2 examples of how we've done it.

我認為，作為 DDOM 的一部分，我們已經在數字卓越方面開展了工作，這也給了我們很大的信心，因為我們擁有如此廣泛的產品，我們如何確保我們能夠個性化產品。 Jay，本季度取得成功的部分原因在於庫存和這些增值服務，我認為 DDOM 方面的數字卓越團隊確實非常擅長細分我們的客戶和了解我們如何確保他們提供合適的產品。現在想想我們在移動、桌面和網絡上提供的所有產品。所以我認為，從內部和外部來看，這再次是我們如何擁抱人工智能的一次真正的飲水。所以我認為這確實是我們如何做到這一點的兩個例子。

And the third thing I would say is that in parallel, internally, we've had to really change, where prior to this, Jay, we may have said, "Okay, we're really going to make all of this magic happen in one of our applications." Today, that has to happen not just within the application, which we've certainly done, but it has to happen as an API so that everybody else can use it. It has to happen as a Web-only playground, which is what Firefly and Express both has. So the simultaneous release of not just investing in the model but making sure that's available across all the surfaces, I would say that's another thing.

我要說的第三件事是，同時，在內部，我們必須真正做出改變，在此之前，傑伊，我們可能會說，“好吧，我們真的要讓所有這些魔法發生在我們的應用程序之一。”如今，這不僅必鬚髮生在應用程序內（我們確實已經做到了），而且還必須以 API 的形式發生，以便其他人都可以使用它。它必須成為一個純網絡遊樂場，這正是 Firefly 和 Express 所擁有的。因此，同步發布不僅要投資模型，還要確保模型在所有表面上都可用，我想說這是另一回事。

And the last thing I'll leave you with is you've seen this for imaging. Make no mistake, those same investments, whether it's in vector or animation or 3D, all of those video certainly are underway. And so I think the parallelism associated with saying how do we embrace this opportunity, I think that's also been another big change.

我要留給你的最後一件事是你已經看到了這個成像。毫無疑問，同樣的投資，無論是矢量、動畫還是 3D，所有這些視頻肯定正在進行中。因此，我認為與我們如何擁抱這個機會相關的並行性，我認為這也是另一個重大變化。

But I think it's clear, given this was the last question before I hand it over to Jonathan, that a lot of the questions have been focused on understanding right now all of our announcements and the monetization associated with it. But I did want to again sort of acknowledge that we have delivered all of this innovation at a breakthrough pace. And so we'll certainly share more as it relates to how we see this play out at MAX, you'll see us have more information on the products. And certainly with the 2024 targets, you'll start to get more visibility into how and why we believe this is both a growth opportunity as well as embracing new customers.

但我認為很明顯，考慮到這是我將其交給喬納森之前的最後一個問題，很多問題都集中在理解我們現在所有的公告以及與之相關的貨幣化上。但我確實想再次承認，我們已經以突破性的速度實現了所有這些創新。因此，我們肯定會分享更多，因為這與我們如何看待 MAX 的發展有關，您會看到我們有更多有關產品的信息。當然，通過 2024 年的目標，您將開始更清楚地了解我們如何以及為何相信這既是一個增長機會，也是擁抱新客戶的機會。

So thank you for joining us. And with that, I will turn it back over to Jonathan.

感謝您加入我們。這樣，我會將其轉回給喬納森。

Thanks, Shantanu, and thanks, everyone, for joining us today. Looking ahead, we have an exciting lineup planned for MAX starting on October 10, and we hope you'll be able to attend the entire conference. At the investor meeting after the day 1 keynote, we plan to focus on the impact of AI across our customer offerings with previews into our technology road map and how these innovations expand Adobe's reach.

謝謝尚塔努，也謝謝大家今天加入我們。展望未來，我們計劃從 10 月 10 日開始舉辦令人興奮的 MAX 會議，希望您能夠參加整個會議。在第一天主題演講後的投資者會議上，我們計劃重點關注人工智能對我們客戶產品的影響，預覽我們的技術路線圖以及這些創新如何擴大 Adob​​e 的影響力。

Given that, fiscal 2024 targets will be provided at our December earnings call. In addition, we're planning another investor event at Adobe Summit in March to give more insight into our addressable markets and financial performance. We hope to see you there.

鑑於此，我們將在 12 月的財報電話會議上提供 2024 財年目標。此外，我們計劃於 3 月份在 Adob​​e 峰會上舉辦另一場投資者活動，以更深入地了解我們的目標市場和財務業績。我們希望看到你在那裡。

Thanks, everyone, and this concludes the call.

謝謝大家，電話會議到此結束。

That does conclude today's conference. We do thank you for your participation. Have an excellent day.

今天的會議到此結束。我們非常感謝您的參與。祝你有美好的一天。