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.

各位好，歡迎參加Adobe 2023財年第三季財報電話會議。本次會議正在錄音。

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

現在，我將把會議交給投資者關係副總裁喬納森·瓦斯先生。請開始吧。

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

On this call, which is being recorded, we will discuss Adobe's 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.

本次電話會議將全程錄音，我們將討論Adobe 2023財年第三季的財務表現。您可以在Adobe投資者關係網站上找到我們的新聞稿以及我們準備好的發言稿和財務業績報告的PDF文件。

The information discussed on this call, including our financial targets and product plans, is as of today, 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.

本次電話會議討論的信息，包括我們的財務目標和產品計劃，均截至今日（9月14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, 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.

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成長率以及固定匯率成長率。除每股收益外，除非另有說明，本次演示中Adobe高層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. 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 第三季業績再創新高，營收達 48.9 億美元，較去年同期成長 13%。該季度 GAAP 每股收益為 3.05 美元，非 GAAP 每股收益為 4.09 美元，分別年增 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.

推動我們成功的關鍵在於豐富且極具創新性的產品路線圖。我們在 Creative Cloud、Document Cloud 和 Experience Cloud 領域不斷取得的進步，不僅讓我們能夠吸引越來越多的用戶，還能為現有客戶創造更多價值。昨天發布的令人興奮的消息進一步豐富了這條路線圖。隨著我們原生整合到 Adob​​e Creative Cloud、Adobe Express 和 Adob​​e Experience Cloud 中的生成式 AI 功能正式商用，我們正在為全球數百萬客戶開啟 AI 賦能創意的新時代。

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慧應用於我們的應用程式和服務組合中，以創造奇蹟並提升生產力。我們豐富的資料集使我們能夠在我們擁有深厚專業知識的領域中創建基礎模型。自發布以來的六個月內，Firefly 已吸引了全球用戶的關注，他們產生了超過 20 億張圖像。我們很高興能夠透過整合我們的雲端平台，重塑所有企業的內容供應鏈，從而提供個人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.

我們致力於激發所有人的創造力，提昇文件處理效率，並賦能數位化業務，這項策略正推動我們在各個地區的成長。透過提供創新的技術平台和服務，我們不斷鞏固行業領先地位，並贏得日益增長的客戶群的青睞。

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

現在我將把發言權交給大衛，讓他來詳細介紹我們在數位媒體業務方面取得的進展。

Thanks, Shantanu. Hello, everyone.

謝謝，Shantanu。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，我們實現了 4.64 億美元的新增數位媒體 ARR 淨收入和 35.9 億美元的收入，年增 14%，這主要得益於我們創意業務和文件業務的強勁增長。

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.

在創意領域，數位內容的創作和消費正在各個創意類別、客戶群和媒體類型中爆炸性地成長。 Creative Cloud 是領先的創意平台，為圖像、攝影、設計、影片、動畫和 3D 等各個領域提供全面的產品和服務組合。我們對透過我們的旗艦創意產品以及 Adob​​e Express（我們以人工智慧為核心的一體化創意應用，讓所有用戶都能快速、輕鬆、愉快地設計和分享出色的內容）所推動的成長感到振奮。

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

昨天的公告重點介紹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，經過前所未有的測試版開發（產生超過 20 億張影像），Adobe Firefly 模型和 Firefly Web 應用程式現已正式上市。 Firefly 支援 100 多種語言的文字提示，使用戶能夠建立可安全用於商業用途的內容。我們將繼續在圖像、向量、視訊、設計、3D 等我們擁有豐富資料集和專業知識的領域，訓練並發布新的 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 的各項功能現已原生整合到多個 Creative Cloud 應用程式中，包括 Photoshop 中的生成式填充和生成式擴充功能、Illustrator 中的生成式重新著色以及 Adob​​e Express 中的文字轉圖像和文字效果。這些深度集成為用戶帶來了前所未有的強大創意能力，使他們能夠以全新的方式進行實驗、構思和創作。

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，企業的 Adob​​e Firefly 現已全面上市，旨在幫助創意團隊和知識工作者自信地部署 AI 生成的內容。 Adobe 將賦能客戶，使其能夠使用專有資源建立自訂模型來產生品牌內容，並提供 Firefly API 存取權限，以便客戶能夠將 Firefly 的強大功能嵌入到自身的內容創作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，我們宣布推出訂閱服務，包括全新的生成式 AI 點數，旨在實現更廣泛的用戶存取和使用。生成式點數是一種代幣，用戶可以使用它將基於文字的提示轉換為圖像、向量圖和文字特效，未來還將支援更多內容類型。免費和試用計畫包含少量每月快速產生的點數，這將使更多潛在客戶體驗 Adob​​e 生成式 AI 的強大功能，從而擴大我們的銷售漏斗頂端。付費的 Firefly、Express 和 Creative Cloud 方案將包含更多快速產生的點數。當達到計劃的特定生成式點數數量後，用戶將有機會購買額外的快速生成式點數訂閱包。

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，我們新增了 3.32 億美元的創意 ARR，實現了 29.1 億美元的收入，年增 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：Firefly 已整合到 Photoshop 和 Illustrator 中。超過 300 萬用戶已下載 Photoshop 和 Illustrator 的測試版。

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 現已全面發布，支援編輯和發佈設計、影片、影像、PDF、簡報等多種內容。 Express 的特色功能包括基於 Firefly 的文字轉圖像和文字特效。目前，全球已有數百萬用戶正在使用 Express。

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.

Premiere Pro 和 After Effects 新增了 AI 和 3D 功能，包括 Premiere Pro 中的增強語音和文字編輯功能，以及 After Effects 中的全新 3D 工作區。 Premier Pro 的文字編輯功能榮獲 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.

全新 Lightroom 行動版現已直接與相機膠卷集成，並引入了簡化的介面，讓您隨時隨地輕鬆編輯。

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 中新增的視訊素材以及強勁的產品驅動成長勢頭，推動 Stock 業務在第三季創下歷史新高。

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

主要客戶包括亞馬遜、哈瓦斯集團、派拉蒙影業、SAP、南方圖形公司、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.

隨著我們不斷增加新的應用程式並在創意產品中推出創新，我們宣布從 2023 年 11 月 1 日起，對美洲和歐洲的某些 Creative Cloud 計劃進行價格更新。

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.

除了推動 Creative Cloud 業務成長外，Acrobat 和 PDF 也持續為 Document Cloud 業務提供強大支援。無論是銷售合約、法律文件還是返校表格，跨所有裝置和平台的無縫文件工作流程對於我們所有人提高工作和生活效率都至關重要。 Document Cloud 正在協助提升網頁、桌面和行動裝置上的文件處理效率和自動化程度。

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，我們的文檔雲端業務營收達到 6.85 億美元，年增 15%。文檔雲端業務新增淨年度經常性收入 (ARR) 為 1.32 億美元，以固定匯率計算，期末 ARR 年增 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：網頁、行動端和嵌入式第三方應用生態系統的月活躍用戶顯著增長，這反映了我們不斷擴大的潛在客戶群以及我們以產品為主導的增長策略的有效性；移動端的強勁增長勢頭，體現了 Acrobat 作為移動設備上必備生產力應用的價值；通過增加鏈接共享，Acrobat 和 Acrobat 的協作工藝工作流程得到改進，使用戶能夠輕鬆創建視覺效果驚豔的 PDF 文件；全新的 Adob​​e PDF 電子印章 API，這是一個基於雲端的端到端解決方案，可用於在企業級 PDF 文件上應用電子印章。主要客戶包括花旗銀行、葛蘭素史克、艾默生電氣、摩根士丹利和福斯汽車。

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.

我們對即將完成的 Figma 收購案依然充滿信心，相信這將重塑創意和生產力的未來。我們將繼續與監管機構保持溝通，並對收購案的最終結果充滿信心。

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規模最大的創意盛會 Adob​​e MAX，屆時我們將迎來 10,000 名全球社群成員，並與數十萬線上觀眾互動。我們將聆聽富有創意的創作者的分享，並發布 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.

總而言之，我們對數位媒體產品的創新步伐以及多個成長驅動因素的持續執行感到興奮。

I'll now pass it to Anil.

現在我把它交給阿尼爾。

Thanks, David. Hello, everyone.

謝謝你，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.

每家公司都將數位化視為推動體驗驅動型成長的契機。在與全球各地的客戶交流的過程中，我發現他們都在優先投資客戶體驗管理技術，以提升客戶獲取、互動、留存率和營運效率。我們正利用 Adob​​e Experience Platform，在內容和商務、客戶旅程、數據洞察和受眾以及行銷工作流程等方面推動收入成長，這充分展現了我們業務的實力。

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.

全球各大品牌正與 Adob​​e 合作，利用生成式人工智慧加速大規模個人化。隨著 Adob​​e GenStudio 的發布，我們正在革新整個內容供應鏈，透過生成式人工智慧功能和智慧自動化簡化從創建到激活的流程。行銷人員和創意團隊現在能夠創建和修改符合商業安全標準的內容，從而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，我們的體驗雲業務持續保持強勁成長，營收達12.3億美元，年增11%，越來越多的企業選擇Adobe作為其值得信賴的客戶體驗管理合作夥伴。訂閱收入為11億美元，年增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 提供從使用者獲取、變現到留存的預測性、個人化、即時數位體驗。我們正在大力推動企業採用 Adob​​e Experience Platform 和原生應用程序，包括即時客戶資料平台 (CDP)、Adobe Journey Optimizer 和客戶旅程分析。

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 9,800 萬個客戶檔案整合到一個統一的 CDP 平台，以便快速提供個人化的行銷活動和體驗。全電動汽車品牌 smart Europe 則利用 Adob​​e Experience Cloud，透過整合 Adob​​e Workfront、Adobe Creative Cloud 和 Adob​​e Experience Manager，為客戶提供個人化購車體驗。

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 和原生應用業務成長強勁，本季總業務額超過 6 億美元。隨著客戶日益重視全通路個人化和互動，Adobe Journey Optimizer 的業務額較去年同期成長超過一倍。

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 不斷創新，AEM 資源現已與 Firefly 和 Express 原生集成，使組織內的任何員工都能產生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.

Workfront業務的成長反映了我們滿足企業客戶和代理商工作流程和協作需求的能力。第三季度，Havas也加入了越來越多採用Adobe作為內容供應鏈標準的頂級代理商行列。

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

我們擴大了與亞馬遜的策略夥伴關係。鑑於客戶需求，我們將共同在 AWS 上交付 AEP，而亞馬遜將在其企業範圍內部署 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 在內容管理系統領域的領先地位獲得了三份行業分析報告的認可，包括 IDC MarketScape 全端內容管理系統報告、IDC MarketScape 混合無頭 CMS 報告和 Forrester Wave 內容管理系統報告。此外，Adobe 也被 Gartner 數位商務魔力像限和 IDC MarketScape B2C 企業全通路行銷平台報告評為領導者。

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.

主要客戶包括亞馬遜、佛羅裡達州藍十字藍盾、Dollar General、Havas、Intuit、美國國稅局、Jet2.com、漢莎航空、梅西百貨、MSC郵輪、諾和諾德和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.

儘管企業IT支出受到日益嚴格的審查，但這些客戶以及其他客戶仍優先投資於客戶體驗管理解決方案。我們的解決方案能夠幫助企業同時實現兩大目標：拓展新客戶和維護現有客戶，進而實現獲利成長。憑藉差異化的產品、卓越的創新記錄以及為各行各業企業提升投資回報率的能力，Adobe 已做好充分準備，繼續保持領先地位。我們期待今年能夠圓滿成功。

I will 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 Q3 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財年第三季的業績，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 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 第三季的業績展現了我們與眾不同的優勢：成長與獲利的完美結合。事實上，在 Adob​​e，我們並不糾結於成長與獲利之間的取捨，而是稱之為「兩者兼顧」。成長與獲利對我們來說並非新鮮事，我們長期以來一直致力於實現這兩者，而這始終是我們營運理念的核心。這一切都始於優先排序、創新以及對執行力的精準把控。這一理念在我們第三季的業績中得到了充分體現。

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.

我們正大力投資科技平台，進行全球行銷活動以吸引和維係數百萬客戶，並招募業界最優秀、最聰明的人才。同時，Adobe 在利潤率和利潤方面均表現出色，充分展現了我們作為一家卓越公司的實力。

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實現營收48.9億美元，年增10%，以固定匯率計算成長13%。以美國通用會計準則（GAAP）計算的稀釋後每股收益為3.05美元，年增26%；以非美國通用會計準則（Non-GAAP）計算的稀釋後每股收益為4.09美元，年成長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：數位媒體收入 35.9 億美元，淨新增數位媒體 ARR 4.64 億美元，數位體驗收入 12.3 億美元，經營活動現金流 18.7 億美元，季度末 RPO 為 157.2 億美元，以及本季回購了約 210 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.

在數位媒體業務方面，我們第三季營收達35.9億美元，年增11%，以固定匯率計算成長14%。本季新增淨年度經常性收入（ARR）4.64億美元，創下公司史上最佳第三季業績，數位媒體業務ARR總額達146億美元，以固定匯率計算年增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.

我們實現了29.1億美元的創意業務收入，年增11%，以固定匯率計算成長14%。第三季度，我們新增3.32億美元的創意業務年度經常性收入（ARR），所有產品和服務均需求強勁。

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.

第三季創意成長的驅動因素包括：在創新和利用數據驅動營運模式洞察的精準行銷活動推動下，新用戶在各個地區、客戶群和創意產品領域均實現成長；病毒式社群的熱烈反響和產品主導成長策略的成功，顯著提升了漏斗頂端的流量，為 Adob​​e.com 帶來了受可觀的訪問量；單一應用程式訂閱量顯著增長；增值服務在本季度表現同樣出色，包括 Adob​​e Stock 的強勁客戶需求；Acrobat CC 的持續增長；各客戶群的高參與度和高留存率；以及企業級業務的成功，這得益於涵蓋整個創意產品組合的變革性擴展、測試和授權 (ETLA)，包括面向創意團隊的 CC Frame 的內容、用於創意和協作、測試和授權 (ETLA)，包括面向創意團隊的 F 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 Document Cloud 的營收達到 6.85 億美元，年增 13%，以固定匯率計算成長 15%，本季 Document Cloud 新增淨收入為 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 Document Cloud 的成長動力包括：透過我們的 Reader 和 Acrobat 網路管道以及分銷合作夥伴成功獲取新客戶，Acrobat Web 的月活躍用戶同比增長超過 70%；在有針對性的優惠活動推動下，各個客戶群體和地區的 Acrobat 訂閱需求強勁；Acrobat 行動版的盈利能力強勁，其期末成長率30%，這得益於產品創新和轉換率的提升；以及透過經銷商和直接市場管道，我們的 Team 產品在 B2B 領域獲得了強勁的銷售。

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.

接下來談談我們的數位體驗業務板塊。第三季度，我們實現了12.3億美元的營收，年增10%，以固定匯率計算成長11%。第三季訂閱營收為11億美元，年增12%，以固定匯率計算成長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.

第三季數位體驗業務成長的驅動因素包括：市場對 Adob​​e Experience Platform (AEP) 和原生應用程式（包括即時客戶資料平台 (CDP)、客戶旅程分析和 Adob​​e Journey Optimizer）的需求。第三季度，AEP 和應用程式的訂閱收入年增 60%；內容和商務業務表現強勁，Adobe Experience Manager 繼續引領企業內容管理標準；Workfront 業務增長，因為工作流和協作是企業內容供應鏈解決方案的重要組成部分；本季度客戶留存率高，因為我們繼續專注於為數位體驗客戶創造價值平台和成長

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第三季的實際稅率以美國通用會計準則(GAAP)計算為19.5%，以非美國通用會計準則(non-GAAP)計算為18.5%。由於本季股權激勵歸屬帶來的稅收優惠，GAAP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.

本季末，RPO 為 157.2 億美元，年增 11%，若扣除 2% 的匯率不利因素，則較去年同期成長 13%。

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

截至第三季末，我們的現金及短期投資部位為 75.2 億美元，該季經營活動產生的現金流量為 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 月獲批的 150 億美元授權中還剩下 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因素，我們預計第四季度 Adob​​e 總收入為 49.75 億美元至 50.25 億美元；數位媒體新增淨年度經常性收入約為 5.2 億美元；數位媒體部門收入為 36.7 億美元至 37 億美元；數位體驗部門收入為 12.5 億美元訂閱收入為 1.5 億美元； 11.3 億美元；GAAP 稅率約為 18%，非 GAAP 稅率約為 18.5%；GAAP 每股收益為 3.10 美元至 3.15 美元；非 GAAP 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.

第三季對Adobe來說是一個非常棒的季度，我對公司目前的狀況感到非常滿意，我們將繼續為客戶和投資者創造價值。我們期待在10月10日舉行的Adobe Max投資者會議上，深入探討我們的人工智慧創新成果。希望屆時能見到您。

Shantanu, back to you.

Shantanu，把麥克風交還給你。

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

謝謝丹。 Adobe 第三季強勁的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摯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，也是科技業的靈感來源。我們無比懷念他，但令我感到欣慰的是，約翰為Adobe持續不斷的創新感到無比自豪。

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.

我和約翰一樣對產品和創新充滿熱情，因此，我們正在透過三大雲平台以人工智慧為核心，打造技術平台，為客戶帶來愉悅體驗，這讓我感到無比振奮。

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、技術和優秀員工使我們有信心在年底取得強勁業績，並在未來幾十年持續成長。 Adobe 的輝煌時代即將來臨。

Thank you. We will now take questions.

謝謝。現在開始回答問題。

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

（操作說明）我們的第一個問題將來自摩根士丹利的基斯‧韋斯。

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?

這季度業績真不錯。丹，其實我有個關於利潤率的問題想問你，這也是我們一直在思考的謎題。我們聽說生成式人工智慧的運作成本非常高，推理和訓練成本都很高。你們已經進行了一段時間的測試，產生了200萬張影像，產品功能也很強大。而且你們的營業利潤率和毛利率都比去年同期成長了。你們是怎麼做到的？這些成本都花到哪裡去了？展望未來，隨著這些技術逐漸普及，我們該如何看待生成式人工智慧對毛利率或整體利潤率的影響？

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，謝謝基斯。正如您所指出的，該公司的創新引擎確實非常強勁。本周有很多令人振奮的消息發布。但我們已經為此努力了一年，將生成式人工智慧和Firefly的魔力變成現實。從創新的角度來看，我們才剛起步。過去六個月，我們一直在進行beta測試。正如您所說，我們的客戶已經產生了超過20億張圖像。我知道大家都明白，這一切都是在我們維持高利潤率的情況下完成的。

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，仔細審視這些技術時，就會發現我們在成本方面（例如推理和內容）以及研發方面（例如培訓和創建基礎模型）都投入了大量資源。 David 在他的演講稿中也提到了這一點，Firefly 系列模型的圖像模型已經發布，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的投資。

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.

回顧我準備的發言稿，我們公司一直以來秉持著一個根本的經營理念：成長和獲利。我們將優先考慮成長和獲利，不斷創新，並嚴格執行。這一點在公司的所有財務表現中都得到了體現。

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%.

展望未來，我首先要強調的是，我們最初設定2023財年目標時，隱含的營業利益率為44.5%。回顧我們剛發布的第四季業績指引，我們推出了四款全新產品，並將多項新技術融入產品線，同時還將在洛杉磯舉行的MAX大會上全力推廣這些產品，以保持客戶群的熱情。因此，我們當時的業績指引中隱含的營業利益率約為45.5%。

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，當您思考我們引領這個行業，引領眼前正在發生的變革時，我們認為40%左右的利潤率是衡量公司利潤率結構的合理參考範圍，因為我們將繼續推進這項技術並保持領先地位。期待在第四季財報電話會議上，我們將分享更多關於2024財年目標的資訊。

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.

基思，或許我可以再補充30秒。對於像您這樣的投資者，為了確保我們沒有在任何方面忽視對未來的投資，我們確實在投資3D、視訊、新型成像和向量技術的培訓。我們有信心，在我們持續投資這些領域的同時，丹和他的團隊對其他支出的嚴格把控，能夠確保我們繼續推動營收、現金流和每股盈餘的成長。我認為我們在這方面是獨一無二的。

Definitely. Very impressive, guys.

確實如此。太棒了，夥計們。

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

接下來，我們將向高盛的卡什·蘭根提出一個問題。

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?

驚聞約翰·沃諾克去世，深感悲痛。謹致哀悼。同時，也祝賀貴公司本季業績出色。鑑於生成式人工智慧產品的定價模式是基於消費量的，您認為這些產品——或者說，您認為生成式人工智慧產品對公司未來的成長有多大的促進作用？

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，還有一個問題想問你。你看了第四季的業績指引，看起來和華爾街之前的預期相比並沒有太大變化。我們是不是沒有安排任何機會來展示生成式人工智慧產品的功能？因為這些產品似乎只是在你去年秋季首次發布業績指引時設想的範圍內進行了一些增量式的改進。

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，或許我和大衛可以先回答問題的前半部。再次提醒各位，我想總結一下我們推出的新產品。我們已經宣布推出 Firefly 訂閱服務。您可以先使用一定數量的免費試用額度，之後再正式訂閱 Firefly。我們的 Adob​​e Express 現在也包含一定數量的 Firefly 額度。當然，我們的 Creative Cloud 產品，包括 Photoshop 和 Illustrator，也都包含 Firefly。此外，我們也提供 GenStudio 企業版，方便您處理各種事務。首先，我想確保大家能夠體認到我們為此帶來的巨大創新。

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專注於獲取新用戶，這將貫穿所有這些產品和服務。同時，考慮到價格上漲會為現有客戶帶來一定的補償，當他們的訂閱到期需要續訂時，他們就會開始感受到這一點。

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.

所以我只是想先說明這一點，然後也許我會請大衛補充一些關於這些內容以及我們將如何看待這些內容的資訊。

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 Shantanu。 Shantanu 說，我們從兩個角度來看待這件事的商業影響：首先是新用戶成長；其次是現有業務持續成長的機會。關於新用戶成長，我們多年來一直強調：我們的重點仍然是用戶擴散。我們相信，我們面前還有大量的潛在使用者。我們的主要目標仍然是增加淨用戶和訂閱用戶。因此，用戶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.

如果我仔細想想 Shantanu 即將推出的四款新產品，我認為其中兩款有望率先實現目標。首先是個人用戶端的 Express。它已經上市一年多了。新版 Express 在功能方面有了巨大的提升，從效能到對更廣泛的領域的支持，涵蓋了設計之外的內容，例如影片、插畫、PDF 和文件工作流程。我們新增了許多極具價值的功能，包括生成式 AI。因此，我們認為 Express 將成為我們所謂的成功的早期指標。

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.

第二點是我們與 Anil 以及 DX 業務部門在企業級應用方面開展的工作，例如 GenStudio，旨在讓廣大行銷人員能夠將 Express 與 Creative Studio 團隊使用的 Creative Cloud 結合使用，從而真正加速內容的使用和創作。因此，就短期貢獻者而言，我們認為這將意義重大。我們也預計，隨著這項工作的進展和新用戶的增加，將會出現大量新用戶加入免費計劃，但這需要一些時間來逐步實現。我們將引導他們加入 Adob​​e 大家庭，讓他們使用產品，並隨著時間的推移逐步提升他們的價值。因此，首要任務是擴大新用戶群。

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.

第二點是關於業務方面的。這裡，我們——基本上——價格調整，再次提醒一下，這些調整會分階段生效。我們將在第四季末開始實施，而且——我們只會先在部分地區實施。然後，在接下來的幾年裡，我們將逐步推廣到其他國家。

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，就企業客戶而言，鑑於我們目前簽訂的是多年期合同，續約週期可能大約需要三年。總而言之，我們認為這對我們未來的業務成長來說是一個具有里程碑意義的時刻，但這需要幾年時間才能見效，我們對這將為公司帶來新客戶感到非常興奮。

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，或許我們可以把所有這些聯繫起來，就我們給出的數位媒體年度經常性收入（ARR）數據而言，因為你年初就問過這個問題，記得嗎？我們當時的預期是16.5億美元。如果你看看實際數字，即使加上我們第四季的預期（我認為比這個數字高出2億美元），也達到了18.6億美元左右，而我們在第三季和第四季的預期都比這個數字高出1億美元。所以我們仍然非常有信心，並且對未來的發展路線圖感到興奮。

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

接下來，我們將向巴克萊銀行的薩凱特·卡利亞提問。

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?

恭喜你們季度業績出色，前景一片光明。 Anil，其實我的問題想問你。顯然，Firefly 在數位媒體業務方面有很多值得探討的地方，而且它顯然蘊藏著巨大的營收機會。我想知道——你如何看待生成式人工智慧在數位體驗業務中的發展路線圖或營收機會？我知道我們之前討論過內容供應鏈，但你如何看待生成式人工智慧在你們業務中的未來發展？

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 Saket。 Shantanu 和 David 已經討論過 Adob​​e GenStudio 了，我們對此感到非常興奮。正如你所說，這對企業來說是一個絕佳的機會，它能夠真正創建個人化內容，並透過自動化和效率提升來提高營運效率。縱觀企業從內容創作、製作工作流程到最終透過我們平台上的所有應用程式實現 DX 的整個流程，我們擁有獨特的優勢。我們已經在 Adob​​e 內部將其部署到我們自己的 Photoshop 專案中，並且正在與許多代理商和客戶合作。因此，Adobe GenStudio 為我們帶來了一個巨大的全新機會。

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.

我們也正在為其他數位體驗應用開發生成式人工智慧。在10月的投資者會議上，我們將分享更多細節。我們看到生成式人工智慧也具有類似的潛力，它能夠讓行銷部門和組織內的眾多用戶都能使用Adobe Experience平台和應用程序，並像一個輔助駕駛器一樣，加速他們實現各種應用場景。我們將在投資者會議上分享更多相關資訊。

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.

薩克特，或許也應該對阿尼爾和他的團隊在第三季的成就給予高度評價。第三季企業級業務的成功實際上涵蓋了GenStudio的許多組成部分，包括數位媒體和數位體驗。所以，我們所說的這些變革性交易，很大程度得益於兩大雲端平台之間的綜效。因此，我也想強調這一點。

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.

如果我能補充一點關於 Anil 團隊在 GenStudio 所做的工作，那就是我們已經在數位媒體業務中運用它來發布本季度的一些行銷活動。所以，看到它對我們業務的影響，我們感到非常欣慰，而且這對其他企業來說也是一個賣點。

And moving on to Gregg Moskowitz with Mizuho.

接下來是瑞穗銀行的 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.

恭喜你們本季業績出色。我看了一下Firefly，六個月內產生的影像數量確實非常驚人。我想請問你們能否提供一些其他數據，例如每月活躍用戶數或其他指標，以便我們更好地評估Firefly在提升用戶參與度、優化轉換漏斗等方面帶來的改進。

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，我很樂意談談這個。過去的幾個月真是令人矚目。我們之前也提到過一些事情。首先，Firefly 在社群媒體上引發的病毒式傳播帶來了巨大的益處，也確實為我們創造了許多銷售漏斗頂端的機會。此外，讓我們非常興奮的一件事是，當我們將其整合到我們的 Creative Pro 應用程式（主要是 Illustrator 和 Photoshop）中時，這些測試版應用程式的下載量超過了 300 萬次，這是我們以前從未見過的。這也能讓你感受到現有客戶群對我們所提供的生成功能有多渴望。

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，我們非常興奮並密切關注的一點是，這能幫助我們接觸到那些通常不會使用 Adob​​e 產品的新用戶。 Express 和 Firefly，尤其是 Firefly 和 Express 的整合，確實極大地促進了這一目標的實現。因此，我們很高興看到，不僅現有用戶群對此感到興奮，而且還有數百萬原本不會因為 Adob​​e 產品而選擇 Adob​​e 的用戶透過 Firefly 和 Express 開啟了他們的 Adob​​e 之旅。

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.

格雷格，還有兩個可能與此相關的財務指標。首先是 Photoshop 單一應用，我想丹也提過。即使在測試版階段，它也大大推動了 Photoshop 單應用程式的銷售，而且早期跡象表明，它還能提高整個業務的客戶留存率。因此，這兩個指標也是衡量人工智慧潛力的重要財務指標。

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

我們收到來自美國銀行的布拉德·西爾斯提出的問題。

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.

太好了。我想問David在通話中早些時候提到的一個觀點，即你們正在努力使Firefly成為內容設計領域的安全之選。我很想詳細了解一下，Adobe是如何成為安全之選的，以及貴公司是如何讓Firefly在這個全新的生成式內容領域成為企業級安全之選的。

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。從Firefly專案開始，我們就採用了截然不同的生成式程式設計方法。我們首先研究並利用了Adobe Stock的素材庫，這些素材都已獲得授權，我們擁有明確的使用權。此外，我們也考察了其他一些沒有使用限制的素材庫，並將它們納入我們的開發中。因此，我們用於訓練的所有素材都經過了審核，並由我們自己的法務團隊批准用於訓練。這意味著，我們產生的內容，從定義上講，不會侵犯任何其他品牌，也不會利用原本不打算用於此用途的內容。這就是我們工作的基石。

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，我們做得遠不止這些。現在，我們一直在與素材庫貢獻者合作。我們已經宣布，事實上，就在昨天，我們向參與並為人工智慧訓練提供素材的貢獻者發放了第一筆款項。我們能夠非常有效地利用這個資源庫，這樣，如果我們發現需要更多訓練內容，就可以向他們發出內容徵集請求，他們可以以完全授權的方式向 Adob​​e 提供內容。例如，在本季初，我們決定需要 100 萬張新的人群場景圖片。因此，我們發出了徵集請求。我們成功收集了這些內容。但所有提交的內容都經過了完全授權和嚴格審核。因此，我們產生的所有內容都可以安全地用於商業用途。

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.

第二點是，正因如此，我們才能將產品推向市場，並保障客戶在使用和利用這些內容生成內容時所承擔的責任。企業客戶對此尤其重視，因為我們不僅在 Firefly 獨立版中引入了這項功能，還將其整合到 Creative Cloud 應用和 Express 應用中。整個生態系統都是基於此建構的。

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.

最後我想說的是，我們一直非常注重公平的內容創作。因此，我們有意尋找多元化的創作群體，並確保我們創作的內容不會造成任何傷害。所有這些都是非常明智的商業決策，也使我們有別於其他公司。

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

我們收到 BMO 資本市場的 Keith Bachman 的問題。

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。我想回到之前的話題——大衛，我想聽聽你對第三雲，或者說文檔雲的看法，尤其是在展望未來12個月的時候。這個問題的重點在於，鑑於Firefly等項目，文檔雲受到了廣泛關注，這當然無可厚非，它甚至可能與體驗雲相關。但是，新一代人工智慧能否為文件雲帶來任何利多因素？或者說，文檔雲本身是否會成為推動其成長的現有動力？總之，關於文件雲，我們應該要專注在哪些方面？

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本季的表現非常滿意。以固定匯率計算，期末業務成長了22%。而這強勁成長主要得益於漏斗頂端（銷售漏斗頂端）的成長，對吧？ Acrobat網頁版實現了驚人的同比增長。我們一直在積極努力，將Acrobat部署到瀏覽器插件。我們做了很多以產品為導向的成長工作，推動產品本身的連結分享，這樣一來，越來越多的人不僅在使用我們的產品，而且透過分享鏈接，我們能夠吸引更多用戶，建立成長循環。簽名功能也表現得非常出色。

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.

隨著我們可用的介面種類日益豐富，並且免費和付費用戶都在不斷增長，這為我們提供了一個可以引入許多有趣功能的平台。目前我們尚未公開宣布任何與 Acrobat 內建的人工智慧相關的功能。但我相信，不久之後大家就會聽到更多相關資訊。

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.

而生成式人工智慧之所以與 Acrobat 特別相關，是因為 Acrobat 的使用者覆蓋範圍非常廣。 Acrobat 和 Reader 每月擁有數億用戶，如果我們能夠將生成式人工智慧融入他們的工作流程中，就像我們透過將生成式人工智慧融入創意人員的工作流程，從而在創意領域脫穎而出一樣，我認為這將成為我們實現差異化的關鍵所在。

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

接下來的問題將來自傑富瑞集團的布倫特·蒂爾。

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，你提到了ETLA的成功。是什麼因素推動了這種成功，尤其是在宏觀經濟仍存在一些不確定性的情況下？你是否開始看到這些不確定性消退，而這是否是ETLA帶來的結果？

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，在ETLA大會上，Brent，正如David和Anil所提到的，首先是人們創作的內容數量龐大。大家非常重視如何確保Creative Cloud和Express的組合能真正幫助使用者了解他們在內容上的投入，並找到利用AI實現自動化、在地化和降低製作成本的方法。我認為這一點確實引起了大家的共鳴，而且Express可以像Acrobat一樣，成為企業中每位知識工作者的生產力工具。我認為這兩點都引發了大量的精彩討論。

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.

我認為行動端，就像大衛可能在他事先準備好的發言稿中提到的那樣，一直是我們看到的利好因素之一，布倫特。所以我認為這方面也發揮了作用。因此，我認為目前企業最關注的顯然是提高生產力方面的投資，而這兩點都與此密切相關。

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

我們收到來自 Wolfe Research 的 Alex Zukin 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?

我想，關於生成式人工智慧，可以分成兩部分來談。首先，我們來談談生成式積分的定價模式。顯然，這種模式非常先進。我想，隨著我們不斷推進，考慮到至少在業餘愛好者群體中，Firefly 和 Express 平台的使用情況有所增加，我們應該如何考慮這兩類用戶群體——專業人士和普通創意人員——的典型使用場景：一個典型的用戶或用例在一個月內可能會消耗多少積分？

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?

至於您提出的關於文檔雲以及生成式人工智慧對該業務的影響的問題，考慮到已公佈的定價，下一波漸進式創新是否會更多地來自新產品的推出？或者我們應該考慮未來會有更多與定價相關的槓桿措施？

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，關於定價策略的第一個問題，首先，我們必須考慮到我們服務的廣泛領域，也就是說，我們服務的對象涵蓋了從K-12到全球最大的企業。我認為，從理念上講，我們希望提高用戶採納率，因此，Firefly、Express和GenStudio訂閱服務在短期內所包含的內容，以及企業用戶能夠獲得的功能，將是我們計算年度經常性收入（ARR）的主要依據。我認為，提高用戶採納率和使用率是我們工作的重點，這包括吸引新用戶以及為現有客戶提供價格升級方案。這就是我們的定價策略。

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.

我們當然需要產生素材包，但我認為更重要的是讓所有人都能接觸到它。我們真正推動其廣泛應用的一項創新，就是我們稱之為 Photoshop 選單上下文的功能。它現在非常顯眼。你會看到這項功能逐漸推廣到所有其他應用程式。所以，這就是我們的重點。我們要確保核心訂閱用戶都能接觸到它，並確保我們採取的定價策略能夠涵蓋所需的成本。這就是我們的重點。

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].

關於 Doc Cloud 部分以及我們看待它的方式，我想補充一下 David 剛才提到的，人們真正想知道的是，如何才能與我擁有的 PDF 文件建立對話式界面，不僅僅是當前打開的 PDF 文件，而是我文件夾中所有 PDF 文件，甚至整個企業知識管理系統中的所有 PDF 文件，以及整個數據庫中的所有 PDF 文件。這很像我們在 Creative 中所做的那樣，使用者可以上傳圖像來訓練自己的模型。在企業內部，這通常很難做到。

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，我們已經將這個方案設計得商業上安全可靠，很多客戶都想和我們談談，例如「嘿，我們該如何創建自己的模式？」無論你是可口可樂還是耐吉，你都明白他們有這樣的需求。我認為在文件領域，也會出現同樣的情況。企業內部所有與PDF相關的知識都會被利用，他們會問：「Adobe，請幫我了解一下你們的AI如何才能提供類似的服務。」 所以，我認為你也應該這樣看待PDF的機會：越來越多的人開始利用世界上數萬億個PDF文件，並利用它們做各種事情。

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，關於這一點，我最後要提的是API。我們正在對PDF的一些改進，就是現在你可以透過API存取所有這些資訊。這不僅是PDF的上下文，還包括對PDF的語義理解，以便執行特定的工作流程，我們也開始實現所有這些功能。希望這些能讓你有所了解。你說得對，生成式積分的設計初衷是為了方便使用者快速上手。但我們也希望確保在高端用戶群中，我們謹慎控制生成式積分的使用量。

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。 Alex，我還要補充一點，我們採取的措施之一是——首先，我們經過深思熟慮，最終決定採用生成式信用模型。正如你所想，我們在設定限額時也經過了非常仔細的考慮。當然，免費用戶的限額相當低。我們的目標是讓他們體驗一下，然後幫助他們完成轉換。

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，尤其是選擇單應用程式方案和全應用程式方案的用戶，我們真正想要做的就是推動產品的使用量真正成長。我們不想讓他們產生「代溝」之類的心理。我們希望他們使用產品，使用生成填充和生成擴展功能，使用向量圖形創建功能。我們希望培養他們的使用習慣。隨著我們逐步推出 3D、視訊、設計和向量圖形功能，以及 Shantanu 提到的 Acrobat 的各項功能，用戶每月使用的生成功能點數將會持續增長，因為他們從中獲得了更多價值。所以，關鍵在於，我們希望使用者現在就開始積極使用，並養成良好的使用習慣。

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?

非常清晰。考慮得非常周到。如果可以的話，我想替丹問一個問題。您之前提到過，您計劃今年推出的生成式人工智慧產品將對第四季度新增的5.2億美元年度經常性收入（ARR）產生一些影響。那麼，我們可以假設這部分影響微乎其微嗎？

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，我認為這對第四季的業務影響不大。而且，再過一個季度，當我們公佈2024財年目標時，我們會對未來的發展前景有更清晰的說明，但就第四季而言，影響確實不大。

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

接下來，我們將回答來自德意志銀行的布拉德·澤爾尼克提出的問題。

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，你之前提到要向客戶提供 Firefly API，以便他們將 Firefly 嵌入到自己的內容創作工作流程中。能談談具體的應用場景和獲利模式嗎？你是否預見合作夥伴也會將這項功能整合到他們自己的第三方產品中？

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，當然。我們目前的目標是為與我們合作的企業和第三方提供以下幾項服務。首先，也是顯而易見的，是讓他們能夠透過 API 存取我們正在開發的所有內容，以便他們能夠將其整合到自己的工作流程和自動化堆疊中。

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.

第二點是讓他們也能擴展或訓練自己的模型。正如我們之前提到的，我們的核心模型，也就是基礎模型，是一個非常簡潔的模型。它能生成優質內容，可以用於商業用途。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這個模型，讓Firefly就能產生符合他們品牌或風格的內容。因此，我們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核心工作流程，這些工作流程可以與我們現有的產品配合使用，無論是 Express、Creative Cloud 還是 GenStudio，以便他們能夠將他們所做的一切整合到我們的核心平台上。

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.

從獲利模式的角度來看，您可以想像一下，我們針對生成式積分所製定的計量方案也會擴展到 API 呼叫。當然，所有這些都將透過與合作夥伴和企業協商客製化的協議來實現。

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

接線員，快到整點了，請再問一個問題。

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

下一個問題將來自 Griffin Securities 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，在過去的十多年裡，你管理產品組合最重要的特點之一就是部門內部和部門之間的整合，特別是數位媒體和數位轉型之間的整合。你也知道，這方面有一個著名的縮寫。

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，當我們回顧您剛剛宣布的新一代整合方案（包括昨天發布的），除了產品線的Firefly化和Firefly的推廣之外，為了支援新整合方案和新包裝的開發，您自身在內部開發方面還做出了哪些改變？您在內部採取了哪些不同的做法？此外，在外部，特別是為了支援新一代產品，您在客戶支援和產品推廣方面投入了哪些資源？

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，傑伊，我的意思是——當然，我認為在 MAX 大會上你也會看到更多創新。首先，就公司內部而言，如果我不先表達我對公司如此迅速地擁抱人工智慧的潛力感到多麼興奮，那就太失職了。正如我們所說，我們以前所未有的規模運行著所有這些測試版，處理著我們能夠提供的差異化優勢，無論是在數據處理方式、理解賠償機制，還是在將所有這些人工智慧技術嵌入介面方面。我們已經在 Photoshop、Illustrator 和 Express 中展示了這一點，並且正在開發新的產品。

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.

所以我認為，我們內部的創新速度確實令人驚訝。我的意思是，與其他許多公司相比，我們從討論到商業化，速度非常快，這其中付出的努力是巨大的。我認為，我們內部之所以如此積極，是因為我們本身就是這些技術的最大使用者。

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，我們正在進行的與GenStudio相關的活動，包括「人人都能學會Photoshop」活動、「Acrobat入門」活動，以及我們將如何進一步推廣Express和Firefly的活動，所有這些都建立在這項技術之上。我們每天都在使用Express，就像我們每天都在使用Acrobat一樣。所以我認為這確實讓我們能夠審視公司內部是否真正擁抱了所有這些技術。

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.

這確實帶來了巨大的變化，因為我認為創意產品在公司內部的使用率一直非常高，但現在3萬名員工能夠使用我們整合後的產品組合，這在公司內部是截然不同的。對此我感到非常高興。我認為這種變化的一個體現是，我們現在所有的產品評測都包含了這三個團隊。也就是說，幾乎所有的產品評測都會有創意、文件和體驗雲端團隊的成員參與。這是其中一個例子。

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，我們在數位化卓越營運（DDOM）方面已經投入了大量精力，這讓我們更有信心，既然我們擁有如此豐富的產品和服務，我們該如何確保個人化服務？傑伊，本季的成功部分歸功於股票和這些增值服務。我認為，DDOM 的數位化卓越團隊在客戶細分方面做得非常出色，他們了解如何確保客戶獲得合適的產品和服務。現在想想，我們在行動端、桌面端和網頁端都擁有如此豐富的產品和服務。所以我認為，無論對內或對外，這都像是對人工智慧應用的全面探索。我認為以上兩個例子很好地說明了我們如何做到這一點。

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.

第三點是，同時，在內部，我們也必須做出真正的改變。傑伊，在此之前，我們可能會說：「好，我們要在某個應用程式中實現所有這些神奇的功能。」而現在，這不僅要在應用程式內部實現（我們當然也做到了），還要以 API 的形式實現，以便其他人也能使用。它必須以純 Web 平台的形式呈現，就像 Firefly 和 Express 那樣。所以，同步發布不僅意味著投資開發模型，還要確保它能在所有平台上可用，我認為這是另一回事。

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.

最後我想說的是，你們已經看到了影像處理領域的發展。毫無疑問，無論是向量圖、動畫還是3D，所有這些影片領域的投資都在進行中。因此，我認為，如何掌握這一機遇，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，鑑於這是我把發言權交給喬納森之前的最後一個問題，大家的問題大多集中在理解我們目前發布的所有公告以及相關的盈利模式上。不過，我還是想再次強調，我們以突破性的速度實現了所有這些創新。因此，我們肯定會在MAX大會上分享更多關於這些創新如何發揮作用的信息，屆時您將會看到更多關於產品的資訊。當然，隨著2024年目標的製定，您將會更清楚地了解我們為何認為這既是一個成長機會，也是一個吸引新客戶的機會。

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

謝謝各位的參與。接下來，我將把發言權交還給喬納森。

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 Shantanu，也謝謝各位今天蒞臨。展望未來，我們為 10 月 10 日開幕的 MAX 大會準備了一系列精彩的活動，希望大家都能全程參與。在第一天主題演講後的投資者會議上，我們將重點探討人工智慧對我們客戶服務的影響，並預覽我們的技術路線圖，以及這些創新如何拓展 Adob​​e 的業務範圍。

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.

有鑑於此，我們將在12月的財報電話會議上公佈2024財年的目標。此外，我們計劃在3月份的Adobe Summit期間舉辦另一場投資者活動，以便更深入地介紹我們的目標市場和財務表現。我們期待您的光臨。

Thanks, everyone, and this concludes the call.

謝謝大家，通話到此結束。

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。感謝各位的參與。祝您有美好的一天。