Adobe Inc (ADBE) 2023 Q4 法說會逐字稿

Good day, and welcome to the Q4 and FY 2023 Adobe Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Jonathan Vaas, VP of Investor Relations. Please go ahead.

美好的一天，歡迎參加 Adob​​e 2023 年第四季和 2023 財年財報電話會議。今天的會議正在錄製中。這次，我想把會議交給投資人關係副總裁喬納森‧瓦斯(Jonathan Vaas)。請繼續。

Good afternoon, and thank you for joining us. With me on the call today are Shantanu Narayen, Adobe's Chair and CEO; David Wadhwani, President of Digital Media; Anil Chakravarthy, President of Digital Experience; and Dan Durn, Executive Vice President and CFO. On this call, which is being recorded, we will discuss Adobe's fourth quarter and fiscal year 2023 financial results. You can find our press release as well as PDFs of our prepared remarks and financial results on Adobe's Investor Relations website.

下午好，感謝您加入我們。今天與我一起參加電話會議的是 Adob​​e 董事長兼執行長 Shantanu Narayen； David Wadhwani，數位媒體總裁； Anil Chakravarthy，數位體驗總裁；執行副總裁兼財務長 Dan Durn。在這次正在錄製的電話會議中，我們將討論 Adob​​e 第四季和 2023 財年的財務表現。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表現的 PDF 版本。

The information discussed on this call, including our financial targets and product plans, is as of today, December 13, and contains forward-looking statements that involve risks, uncertainty and assumptions. Actual results may differ materially from those set forth in these statements. For more information on those risks, please review today's earnings release and Adobe's SEC filings.

本次電話會議中討論的資訊（包括我們的財務目標和產品計劃）截至今天（12 月 13 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有重大差異。有關這些風險的更多信息，請查看今天的收益報告和 Adob​​e 的 SEC 文件。

On this call, we will discuss GAAP and non-GAAP financial measures. Our reported results include GAAP growth rates as well as constant currency rates. During this presentation, Adobe's executives will refer to constant currency revenue growth rates, unless otherwise stated. Reconciliations between the 2 are available in our earnings release and on Adobe's IR website. I will now turn the call over to Shantanu.

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成長率以及固定匯率。在本次示範中，除非另有說明，Adobe 的高階主管將提及固定貨幣收入成長率。兩者之間的調節可在我們的收益發布和 Adob​​e IR 網站上找到。我現在將把電話轉給尚塔努。

Thanks, Jonathan. Good afternoon, and thank you for joining us. Q4 was our first ever $5 billion quarter, a new record for the company. Adobe achieved revenue of $5.05 billion, representing 13% year-over-year growth. GAAP earnings per share for the quarter was $3.23 and non-GAAP earnings per share was $4.27, representing 28% and 19% year-over-year growth, respectively.

謝謝，喬納森。下午好，感謝您加入我們。第四季是我們有史以來第一個銷售額達到 50 億美元的季度，創下了公司的新紀錄。 Adobe 實現營收 50.5 億美元，年增 13%。本季 GAAP 每股收益為 3.23 美元，非 GAAP 每股收益為 4.27 美元，年比分別成長 28% 和 19%。

Q4 was the culmination of another record year for Adobe, achieving $19.41 billion in revenue, which represents 13% annual growth. GAAP earnings per share in fiscal 2023 was $11.82 and non-GAAP earnings per share was $16.07, both representing 17% year-over-year growth. We exited the year with $17.22 billion in RPO. Our strong performance reflects the mission-critical role our products play in a digital-first world, incredible product innovation and exceptional execution.

第四季 Adob​​e 創下了另一個創紀錄的業績，營收達到 194.1 億美元，年增率為 13%。 2023 財年的 GAAP 每股盈餘為 11.82 美元，非 GAAP 每股盈餘為 16.07 美元，較去年同期成長 17%。我們以 172.2 億美元的 RPO 結束了這一年。我們強勁的業績反映了我們的產品在數位優先世界中發揮的關鍵任務作用、令人難以置信的產品創新和卓越的執行力。

Adobe Creative Cloud, Document Cloud and Experience Cloud have become the foundation of digital experiences, starting with the moment of inspiration to the creation and development of content and media to the personalized delivery and activation across every channel. Adobe's mission of changing the world through personalized digital experiences and our delivery of foundational technology platforms set us up for the next decade of growth. We take pride in being one of the most inventive, diversified and profitable software companies in the world.

Adobe Creative Cloud、Document Cloud 和 Experience Cloud 已成為數位體驗的基礎，從靈感的那一刻開始，到內容和媒體的創建和開發，再到跨每個管道的個人化交付和活化。 Adobe 的使命是透過個人化數位體驗和基礎技術平台的交付來改變世界，這為我們未來十年的發展奠定了基礎。我們為成為世界上最具創造力、多元化和盈利能力的軟體公司之一而感到自豪。

We believe that every massive technology shift offers generational opportunities to deliver new products and solutions to an ever-expanding set of customers. AI and generative AI is one such opportunity, and we have articulated how we intend to invest and differentiate across data, models and interfaces. We have delivered against this strategy and are pleased that a number of our groundbreaking innovations, including our Firefly models and integrations across Creative Cloud, Liquid Mode and integrations across Document Cloud and AI services in our real-time customer data platform and integrations in Experience Cloud are now seeing tremendous usage by customers.

我們相信，每一次大規模的技術變革都提供了世代機會，為不斷擴大的客戶群提供新產品和解決方案。人工智慧和生成式人工智慧就是這樣的機會之一，我們已經闡明了我們打算如何在數據、模型和介面方面進行投資和差異化。我們已經兌現了這項策略，並對我們的一些突破性創新感到高興，包括我們的Firefly 模型和Creative Cloud 的整合、Liquid 模式以及即時客戶資料平台中Document Cloud 和AI 服務的整合以及Experience Cloud 中的整合現在看到客戶的大量使用。

We remain excited about the strategic opportunity with Figma to jointly advance product design, accelerate collaborative creativity on the web and redefine the future of creativity and productivity. We continue to engage with the European Commission, the Competition and Markets Authority in the U.K. and the U.S. Department of Justice as they conduct their regulatory reviews. The EC has provided a preliminary statement of objections, and the CMA has issued provisional findings of competition concerns. We strongly disagree with these findings and are responding to the respective regulators.

我們對與 Figma 共同推進產品設計、加速網路協作創造力並重新定義創造力和生產力的未來的策略機會感到興奮。我們將繼續與歐盟委員會、英國競爭與市場管理局、美國司法部合作進行監管審查。 EC 已提供初步反對聲明，CMA 已發布競爭問題臨時調查結果。我們強烈不同意這些調查結果，並正在向各自的監管機構做出回應。

As per their current time lines, the EC's decision deadline is February 5 and the CMA's is February 25. While the DOJ does not have a formal time line to decide whether to bring a complaint, we expect a decision soon. I'll now turn it over to David to discuss the momentum in our Digital Media business.

根據目前的時間表，EC 的決定截止日期是2 月5 日，CMA 的決定截止日期是2 月25 日。雖然DOJ 沒有決定是否提出投訴的正式時間表，但我們預計很快就會做出決定。現在我將把它交給大衛討論我們數位媒體業務的發展勢頭。

Thanks, Shantanu. Hello, everyone. In Q4, we achieved net new Digital Media ARR of $569 million and revenue of $3.72 billion, which grew 14% year-over-year fueled by innovation in both our Creative and Document businesses. Starting with Creative Cloud. Global demand for content is accelerating and continues to be a tailwind for the business. Creative Cloud remains the creativity platform of choice for creators across imaging, photography, design, video, web, animation and 3D.

謝謝，山塔努。大家好。第四季度，我們實現了 5.69 億美元的淨新數位媒體 ARR 和 37.2 億美元的收入，在創意和文件業務創新的推動下，年增 14%。從創意雲開始。全球對內容的需求正在加速成長，並將繼續成為該業務的推動力。 Creative Cloud 仍然是成像、攝影、設計、影片、網頁、動畫和 3D 創作者的首選創意平台。

Our rapid pace of product and AI model innovation is empowering a wide and growing base of individuals, students, creative professionals, small business owners and enterprises to create and monetize amazing content more quickly and easily than ever before. We were thrilled to come together in person with thousands of creators at Adobe MAX in Los Angeles and at our MAX event in Tokyo, with millions more from our community engaging with us online. We reached a record 300 million social interactions in the month following MAX.

我們產品和人工智慧模型創新的快速步伐使越來越多的個人、學生、創意專業人士、小企業主和企業能夠比以往更快、更輕鬆地創造令人驚嘆的內容並從中獲利。我們很高興能夠在洛杉磯的 Adob​​e MAX 和東京的 MAX 活動中與數千名創作者面對面相聚，以及來自我們社區的數百萬人在線上與我們互動。在 MAX 之後的一個月裡，我們的社交互動量達到了創紀錄的 3 億次。

Q4 was a record quarter for Creative Cloud, achieving $3 billion in revenue, which grew 14% year-over-year. Net new Creative Cloud ARR was $398 million. Business highlights include strong digital traffic resulting from product innovation, social engagement and our continued product-led growth efforts, which drove record new commercial subscriptions in the quarter. The general availability of our generative AI Firefly models and their integrations across Creative Cloud drove tremendous customer excitement with over 4.5 billion generations since launch in March.

Creative Cloud 第四季創下了創紀錄的季度收入，實現了 30 億美元的收入，年增 14%。 Creative Cloud 淨新 ARR 為 3.98 億美元。業務亮點包括產品創新、社交參與以及我們持續以產品為主導的成長努力帶來的強勁數位流量，這推動了本季創紀錄的新商業訂閱量。自 3 月推出以來，我們的生成式 AI Firefly 模型及其在 Creative Cloud 中的整合的普遍可用性引起了超過 45 億代客戶的極大興奮。

The release of 3 new Firefly models, Firefly Image 2 model, Firefly Vector model and Firefly Design model, offering highly differentiated levels of control with effects, photo settings and generative match. We also introduced generative credits as part of our Creative Cloud subscription plans. The general availability of Photoshop Generative Fill and Generative Expand, which are seeing record adoption. They're already among the most used features in the product.

發布了 3 個新的 Firefly 模型：Firefly Image 2 模型、Firefly Vector 模型和 Firefly Design 模型，提供了高度差異化的效果、照片設定和產生匹配控制等級。我們還引入了產生積分作為 Creative Cloud 訂閱計劃的一部分。 Photoshop Generative Fill 和 Generative Expand 全面上市，其採用率創歷史新高。它們已經是產品中最常用的功能之一。

Advances in Adobe Illustrator with the introduction of Text to Vector Beta, enabling users to generate icons, scenes, subjects, patterns and gradients. Adobe Premiere Pro advances include a significant performance improvement in the time line for faster and smoother editing, new color preferences and improved tone mapping. Premier Pro is now natively integrated with Frame.io offering faster content sharing and collaboration. The combination of Adobe Express and Firefly is enabling everyone from creative pros to beginners to quickly move from ideation to task-based workflows in Express, dramatically expanding our reach and widening our top of funnel.

Adobe Illustrator 取得了進步，引入了 Text to Vector Beta，使用戶能夠產生圖標、場景、主題、圖案和漸層。 Adobe Premiere Pro 的進步包括時間軸性能的顯著改進，以實現更快、更流暢的編輯、新的顏色首選項和改進的色調映射。 Premier Pro 現在與 Frame.io 原生集成，提供更快的內容共享和協作。 Adobe Express 和 Firefly 的結合使從創意專業人士到初學者的每個人都能在 Express 中快速從構思轉向基於任務的工作流程，從而極大地擴大了我們的覆蓋範圍並拓寬了我們的漏斗頂部。

The family of generative capabilities across Express, including Text to Image, Text Effects, text to template and Generative Fill are driving adoption of Express and making it even faster and more fun for users of all skill levels. Express now comes pre-installed on all new Chromebooks, making it accessible to students, educators and anyone using Chrome OS. Continued strength in Adobe Stock, which had its best year ever, driven by accelerating demand for high-quality image, vector, video and 3D content.

Express 的一系列生成功能，包括文字到圖像、文字效果、文字到模板和生成填充，正在推動 Express 的採用，並使其對所有技能水平的用戶更快、更有趣。 Express 現在已預先安裝在所有新的 Chromebook 上，學生、教育工作者和任何使用 Chrome 作業系統的人都可以使用它。由於對高品質圖像、向量、視訊和 3D 內容的需求不斷增加，Adobe Stock 持續走強，創下了有史以來最好的一年。

Creative Cloud, Express and Firefly integrations with Adobe GenStudio, enabling ideation, creation and stakeholder collaboration as part of their overall content supply chain. Strong mid-market and enterprise adoption driven by upsell to Creative Cloud offerings with Firefly. Key customer wins include CyberAgent, Deloitte, Discovery Communications, Nexstar Media, Pepsi, Publicis, and the United Nations. We are thrilled with the momentum we're seeing in the Creative business following a year of unprecedented innovation. Customer excitement around Firefly integrations across our applications has been great to see with community engagement, social interactions and creative marketing campaigns driving organic brand search volume, traffic and record demand.

Creative Cloud、Express 和 Firefly 與 Adob​​e GenStudio 集成，使構思、創作和利害關係人協作成為其整體內容供應鏈的一部分。 Firefly 的 Creative Cloud 產品追加銷售推動了中階市場和企業的強勁採用。贏得的主要客戶包括 Cyber​​Agent、德勤、Discovery Communications、Nexstar Media、百事可樂、陽獅和聯合國。經過一年前所未有的創新之後，我們對創意業務的發展勢頭感到非常興奮。社群參與、社交互動和創意行銷活動推動了有機品牌搜尋量、流量和創紀錄的需求，客戶對我們應用程式中 Firefly 整合的興奮程度非常高。

While we started rolling out new Creative Cloud pricing in select geographies in November, the primary driver of growth continues to be new paid subscriptions across our routes to market. We are excited to build on this momentum as we enter FY '24.

雖然我們在 11 月開始在部分地區推出新的 Creative Cloud 定價，但成長的主要驅動力仍然是我們進入市場的新付費訂閱。當我們進入 24 財年時，我們很高興能在這一勢頭的基礎上再接再厲。

Now turning to Document Cloud. Digital documents are essential enablers of our personal and professional lives. Document Cloud is a leader in digital documents, powering all common document actions, including editing, sharing, reviewing, scanning and signing. Document Cloud innovations are advancing accessibility, comprehension, productivity, automation and security in document workflows across web, desktop and mobile. In Q4, we achieved Document Cloud revenue of $721 million, growing 17% year-over-year. We added a record $171 million of net new Document Cloud ARR, with ending ARR growing 23% year-over-year in constant currency.

現在轉向 Document Cloud。數位文件是我們個人和職業生活的重要推動者。 Document Cloud 是數位文件領域的領導者，為所有常見文件操作提供支持，包括編輯、分享、審查、掃描和簽名。文件雲端創新正在提高 Web、桌面和行動文件工作流程的可存取性、理解性、生產力、自動化和安全性。第四季度，我們實現文檔雲端營收 7.21 億美元，年增 17%。我們增加了創紀錄的 1.71 億美元淨新增 Document Cloud ARR，以固定匯率計算，最終 ARR 年增 23%。

Business highlights include: Acrobat Web growth, which continues to be an incredible source of customer acquisition with monthly active users up over 70% year-over-year; a surge in usage of link sharing for stakeholder collaboration around PDF files, which increased 400% year-over-year, creating a viral growth loop that is bringing tens of millions of users into the Acrobat ecosystem. This is a great example of how we are scaling our PLG motions; strong demand for Acrobat on mobile with MAU surpassing 100 million users in Q4. Liquid Mode has now served over 1 billion files to customers, demonstrating how indispensable this technology has become on mobile devices.

業務亮點包括： Acrobat Web 成長，它仍然是令人難以置信的客戶獲取來源，每月活躍用戶同比增長 70% 以上；圍繞 PDF 檔案進行利害關係人協作的連結共享使用量激增，年成長 400%，形成病毒式成長循環，將數千萬用戶帶入 Acrobat 生態系統。這是我們如何擴展 PLG 運動的一個很好的例子；行動端對 Acrobat 的強勁需求，第四季月活躍用戶數超過 1 億。 Liquid Mode 目前已向客戶提供了超過 10 億個文件，這表明該技術在行動裝置上已變得多麼不可或缺。

Adobe Acrobat to Express workflows, making it even easier to import, edit and enhance documents to create visually stunning PDFs. Key enterprise customer wins include Alshaya, Bank of America, Department of Veterans Affairs, Mastercard, State Farm Auto Insurance and Volkswagen. Much like the Creative business, we expect Generative AI to deliver additional value and attract new customers to Document Cloud. Acrobat's Generative AI capabilities, which will enable new creation, comprehension and collaboration functionality have already been rolled out in a private beta. We expect to release this in a public beta in the coming months.

Adobe Acrobat 到 Express 工作流程，使匯入、編輯和增強文件變得更加容易，以創建視覺上令人驚嘆的 PDF。贏得的主要企業客戶包括 Alshaya、美國銀行、退伍軍人事務部、萬事達卡、State Farm Auto Insurance 和大眾汽車。就像創意業務一樣，我們期望生成式 AI 能夠提供額外價值並吸引新客戶使用 Document Cloud。 Acrobat 的 Generative AI 功能將實現新的創作、理解和協作功能，現已在私人測試版中推出。我們預計在未來幾個月內發佈公開測試版。

It's been an extraordinary year for the Digital Media business, with the introduction of hundreds of transformative innovations that are reshaping the future of creativity, productivity and digital experiences. Capping this year's many accolades, Time Magazine recognized Adobe Liquid Mode, Photoshop Generative Fill and Generative Expand among the best inventions of 2023. I'll now pass it to Anil.

對於數位媒體業務來說，這是不平凡的一年，數百項變革性創新的推出正在重塑創造力、生產力和數位體驗的未來。 《時代》雜誌將 Adob​​e Liquid Mode、Photoshop Generative Fill 和 Generative Expand 評為 2023 年最佳發明，為今年的眾多榮譽畫上句號。現在我將把它交給 Anil。

Thanks, David. Hello, everyone. Digital Experiences are indispensable for every business in every category, enabling companies of all sizes to engage and transact with customers around the world. Adobe's holiday shopping report, which analyzes trillions of data points, found that both Black Friday and Cyber Monday sales hit record highs of $9.8 billion and $12.4 billion, respectively, jumping 7.5% and 9.6% from last year. We predict that holiday 2023 spend will exceed $221 billion in the U.S. alone.

謝謝，大衛。大家好。數位體驗對於每個類別的每個企業都是不可或缺的，使各種規模的公司能夠與世界各地的客戶互動和交易。 Adobe 的假期購物報告分析了數兆個數據點，發現黑色星期五和網路星期一的銷售額均創下歷史新高，分別達到 98 億美元和 124 億美元，比去年增長 7.5% 和 9.6%。我們預測，光是在美國，2023 年假期支出就將超過 2,210 億美元。

Adobe Experience Cloud is optimally positioned to capitalize on this massive global opportunity. Companies across B2C and B2B are turning to Adobe Experience Cloud as the platform to accelerate experience-led growth. Our leading solutions spanning data insights and audiences, content and commerce, customer journeys and marketing workflow empower businesses to drive customer demand, engagement and growth while simultaneously delivering productivity gains.

Adobe Experience Cloud 處於充分利用這一巨大全球機會的最佳位置。 B2C 和 B2B 領域的公司正在轉向 Adob​​e Experience Cloud 作為加速體驗主導成長的平台。我們領先的解決方案涵蓋數據洞察和受眾、內容和商務、客戶旅程和行銷工作流程，使企業能夠推動客戶需求、參與度和成長，同時提高生產力。

Our comprehensive set of applications, including real-time CDP, are built natively on our highly differentiated Adobe Experience platform, providing companies with a unified profile of each of their customers to deliver personalized real-time experiences at scale.

我們的全套應用程式（包括即時 CDP）原生建構在我們高度差異化的 Adob​​e Experience 平台上，為公司提供每個客戶的統一資料，從而大規模提供個人化的即時體驗。

Generative AI accelerates our pace of innovation across the Experience Cloud portfolio, enabling us to build on our capabilities to deliver personalized digital experiences. Our efforts are focused in 3 areas: one, augmenting our applications with an AI assistant that significantly enhances productivity for current users and provides an intuitive conversational interface to enable more knowledge workers to use our products; two, reimagining existing Experience Cloud applications like we did with Adobe Experience Manager; and three, developing entirely new solutions built for the age of generative AI like Adobe GenStudio.

生成式人工智慧加快了我們整個 Experience Cloud 產品組合的創新步伐，使我們能夠增強提供個人化數位體驗的能力。我們的努力主要集中在三個領域：一是透過人工智慧助理增強我們的應用程序，顯著提高當前用戶的工作效率，並提供直觀的對話界面，使更多的知識工作者能夠使用我們的產品；第二，重新構想現有的 Experience Cloud 應用程序，就像我們對 Adob​​e Experience Manager 所做的那樣；第三，開發專為生成式人工智慧時代打造的全新解決方案，例如 Adob​​e GenStudio。

In Q4, we continued to drive strong growth in the Experience Cloud business across our enterprise and mid-market customers, achieving $1.27 billion in revenue. Subscription revenue was $1.12 billion, representing 12% year-over-year growth. Business highlights include: strong momentum with Adobe Experience Platform and native applications, inclusive of real-time CDP, Adobe Journey Optimizer and Customer Journey Analytics. AEP had its first $100 million quarter of net new business in Q4 and exited the year with a greater than $700 million annualized book of business.

第四季度，我們持續推動企業和中端市場客戶的體驗雲端業務強勁成長，實現營收 12.7 億美元。訂閱收入為 11.2 億美元，較去年同期成長 12%。業務亮點包括：Adobe Experience Platform 和本機應用程式的強勁勢頭，包括即時 CDP、Adobe Journey Optimizer 和 Customer Journey Analytics。 AEP 在第四季度首次實現了 1 億美元的季度淨新業務，並以超過 7 億美元的年化業務帳面結束了這一年。

Release of Adobe GenStudio, an end-to-end solution that brings together best-in-class applications across Creative Cloud, Express and Experience Cloud with Firefly Generative AI at the core to help brands meet the rising demand for content. GenStudio provides a comprehensive offering spanning content ideation, creation, production and activation. We are seeing tremendous interest in GenStudio from brands like Henkel, Pepsi and Verizon and agencies like Publicis, Omnicom and Havas as they look to accelerate and optimize their content supply chains.

發布 Adob​​e GenStudio，這是一個端到端解決方案，匯集了 Creative Cloud、Express 和 Experience Cloud 中的一流應用程序，並以 Firefly 生成 AI 為核心，幫助品牌滿足不斷增長的內容需求。 GenStudio 提供涵蓋內容構思、創作、製作和活化的全面產品。我們看到漢高、百事可樂和 Verizon 等品牌以及陽獅、宏盟和哈瓦斯等機構對 GenStudio 表現出了極大的興趣，因為他們希望加速和優化其內容供應鏈。

Reimagine customer experiences with the all-new Adobe Experience Manager sites that enable businesses and developers to quickly test and optimize web content, deliver fastest possible page load times and maximize SEO rankings, lighthouse scores and conversion. Adobe was recognized as a leader in over 25 industry analyst reports this year, including the Gartner Magic Quadrant for Digital Experience Platforms, B2B Marketing Automation Platforms and Multichannel Marketing Hubs.

使用全新的 Adob​​e Experience Manager 網站重新構想客戶體驗，使企業和開發人員能夠快速測試和優化 Web 內容、提供最快的頁面加載時間並最大限度地提高 SEO 排名、燈塔分數和轉換率。 Adobe 今年在超過 25 份產業分析報告中被評為領導者，其中包括 Gartner 數位體驗平台魔力像限、B2B 行銷自動化平台和多通路行銷中心。

In the Forrester Wave for Digital Experience Platforms, which was published last week, Adobe received the highest scores for strategy. Key customer wins include Alshaya, Coca-Cola, EY, IBM, Marriott, Riyadh Air, Santander Brazil, Sony, Southern Graphics, Unilever, Vanguard and Verizon. In our conversations with these and other customers around the world, C-level executives are continuing to prioritize experience-led growth as a critical business imperative despite ongoing budget scrutiny.

在上週發布的 Forrester Wave 數位體驗平台中，Adobe 在策略方面獲得了最高分。贏得的主要客戶包括 Alshaya、可口可樂、安永、IBM、萬豪、利雅德航空、巴西桑坦德銀行、索尼、Southern Graphics、聯合利華、Vanguard 和 Verizon。在我們與這些客戶以及世界各地的其他客戶的對話中，儘管預算審查正在進行，但 C 級管理人員仍繼續將經驗主導型成長視為關鍵的業務當務之急。

Adobe Experience Cloud is well-positioned to keep winning with innovative products that power end-to-end customer experiences and enable companies to simultaneously drive growth and profitability. We are looking forward to continuing our leadership and momentum into 2024. I'll now pass it to Dan.

Adobe Experience Cloud 處於有利位置，能夠憑藉創新產品不斷獲勝，這些產品可增強端到端客戶體驗，並使公司能夠同時推動成長和盈利。我們期待在 2024 年繼續保持我們的領導地位和勢頭。現在我將其交給 Dan。

Thanks, Anil. Our earnings report today covers both Q4 and FY '23 results. What a year 2023 was. Fueled by a deep understanding of our customers, product innovation and outstanding execution, we delivered strong financial results and world-class margins, positioning the company for years of continued growth. .

謝謝，阿尼爾。我們今天的收益報告涵蓋了第四季度和 23 財年的業績。 2023 年是多麼美好的一年。憑藉對客戶的深入了解、產品創新和出色的執行力，我們實現了強勁的財務業績和世界級的利潤率，使公司能夠實現多年的持續成長。 。

In FY '23, Adobe achieved record revenue of $19.41 billion, which represents 10% year-over-year growth or 13% growth in constant currency. GAAP EPS for the year was $11.82 and non-GAAP EPS was $16.07, each growing 17% year-over-year.

23 財年，Adobe 實現了創紀錄的 194.1 億美元收入，年增 10%，以固定匯率計算成長 13%。本年度 GAAP 每股收益為 11.82 美元，非 GAAP 每股收益為 16.07 美元，均較去年同期成長 17%。

FY '23 business and financial highlights included: Digital Media revenue of $14.22 billion; net new Digital Media ARR of $1.91 billion; Digital Experience revenue of $4.89 billion; cash flows from operations of $7.3 billion; RPO of $17.22 billion exiting the year; and repurchasing approximately 11.5 million shares of our stock during the year at a cost of $4.63 billion.

23 財年的業務和財務亮點包括： 數位媒體收入 142.2 億美元；新數位媒體ARR淨額為19.1億美元；數位體驗收入達 48.9 億美元；營運現金流為 73 億美元；今年退出的 RPO 為 172.2 億美元；年內以 46.3 億美元的成本回購約 1,150 萬股股票。

In the fourth quarter of FY '23, Adobe achieved revenue of $5.05 billion, which represents 12% year-over-year growth or 13% in constant currency. GAAP diluted earnings per share in Q4 was $3.23 and non-GAAP diluted earnings per share was a record $4.27, growing 28% and 19% year-over-year, respectively. Q4 business and financial highlights included: Digital Media revenue of $3.72 billion; net new Digital Media ARR of $569 million; Digital Experience revenue of $1.27 billion; cash flows from operations of $1.6 billion; adding approximately $1.5 billion to RPO in the quarter, our highest sequential quarterly increase ever; and repurchasing approximately 1.8 million shares of our stock.

23 財年第四季度，Adobe 營收 50.5 億美元，年增 12%，以固定匯率計算成長 13%。第四季 GAAP 攤薄每股收益為 3.23 美元，非 GAAP 攤薄每股收益創紀錄的 4.27 美元，年比分別增長 28% 和 19%。第四季的業務和財務亮點包括： 數位媒體收入 37.2 億美元；新數位媒體淨收入為 5.69 億美元；數位體驗收入達 12.7 億美元；營運現金流16億美元；本季 RPO 增加約 15 億美元，這是我們有史以來最高的季度增幅；並回購約 180 萬股我們的股票。

In our Digital Media segment, we achieved Q4 revenue of $3.72 billion, which represents 13% year-over-year growth or 14% in constant currency. Our net new ARR in Q4 was $569 million, which was a quarterly record in constant currency, and we exited the quarter with $15.17 billion of Digital Media ARR. We achieved Creative revenue of $3 billion, which represents 12% year-over-year growth or 14% in constant currency. And we added $398 million of net new Creative ARR in the quarter. Driving this performance was strong customer acquisition throughout the quarter as well as strength during the peak holiday shopping weeks.

在數位媒體部門，我們第四季的營收為 37.2 億美元，年增 13%，以固定匯率計算成長 14%。我們第四季的淨新 ARR 為 5.69 億美元，這是以固定匯率計算的季度記錄，本季結束時我們的數位媒體 ARR 為 151.7 億美元。我們實現了 30 億美元的創意收入，年增 12%，以固定匯率計算成長 14%。本季我們新增創意 ARR 淨值達 3.98 億美元。這一業績的推動因素是整個季度強勁的客戶獲取以及假日購物高峰週的強勁表現。

Fourth quarter Creative growth drivers included: individual subscriber growth fueled by targeted campaigns and strong web traffic; a strong quarter for Creative Cloud All Apps subscriptions across customer segments and geographies with particular strength in emerging markets; sales of CC single apps, including a strong quarter for imaging and photography offerings; continued growth of our Frame.io offering and Adobe Stock, which kept off its best year ever in terms of net new ARR; customer demand in education, driven by back-to-school purchasing as well as migrations to full-priced offerings by graduating students entering the workforce; and typical Q4 strength in the enterprise, including significant upsell of our new Firefly and Express offerings.

第四季創意成長驅動因素包括：有針對性的活動和強勁的網路流量推動的個人訂戶成長；各客戶群及地區的 Creative Cloud All Apps 訂閱量表現強勁，尤其是在新興市場； CC 單一應用程式的銷售，包括影像和攝影產品的強勁季度銷售；我們的 Frame.io 產品和 Adob​​e Stock 持續成長，在淨新 ARR 方面保持了有史以來最好的一年；返校採購以及畢業生進入勞動市場轉向全價產品推動了客戶對教育的需求；企業第四季的典型優勢，包括我們新的 Firefly 和 Express 產品的大幅追加銷售。

Adobe achieved Document Cloud revenue of $721 million, which represents 16% year-over-year growth or 17% in constant currency. We added a record $171 million of net new Document Cloud ARR in the quarter. Fourth quarter Document Cloud growth drivers included: Acrobat subscription demand across all customer segments, routes to market and geographies; continued strength of our free-to-paid funnels, including Reader on the desktop and Acrobat Web; strong performance of our collaboration services, including PDF link sharing and Sign, which are virally bringing new users to the Acrobat ecosystem; an outstanding quarter for Acrobat Mobile as a result of increased proliferation, usage and conversion; and year-end seasonal strength in SMB and enterprise.

Adobe 實現文件雲端營收 7.21 億美元，年增 16%，以固定匯率計算成長 17%。本季我們新增 Document Cloud ARR 淨值達到創紀錄的 1.71 億美元。第四季文件雲端成長驅動因素包括：所有客戶群的 Acrobat 訂閱需求、市場路線和地區；我們的免費到付費管道的持續優勢，包括桌面版 Reader 和 Acrobat Web；我們的協作服務（包括 PDF 連結共享和 Sign）表現出色，為 Acrobat 生態系統帶來了病毒般的新用戶；由於擴散、使用和轉換的增加，Acrobat Mobile 的季度業績表現出色；以及中小型企業和企業的年終季節性強度。

Turning to our Digital Experience segment. In Q4, we achieved revenue of $1.27 billion, growing 10% year-over-year or 11% in constant currency. We achieved subscription revenue of $1.12 billion, which represents 12% year-over-year growth. Fourth quarter Digital Experience growth drivers included: strong year-end bookings across solutions with particular strength in North America; continued success closing multi-solution transformational deals with large enterprises; momentum with AEP and native applications, with the FY '23 exiting book of business growing greater than 60% year-over-year; strong net dollar retention for early adopters of AEP, demonstrating the value enterprises are realizing from our real-time data platform and integrated offerings; and strength across our Data & Insights, Content and Workfront solutions and growing customer interest and pipeline for our new GenStudio solution.

轉向我們的數位體驗部分。第四季度，我們營收 12.7 億美元，年增 10%，以固定匯率計算成長 11%。我們實現了 11.2 億美元的訂閱收入，年增 12%。第四季數位體驗成長驅動因素包括：跨解決方案的年終預訂強勁，尤其是在北美；持續成功地與大型企業達成多解決方案轉型交易； AEP 和本機應用程式的勢頭強勁，23 財年現有業務年增超過 60%； AEP 早期採用者的淨美元保留率很高，展示了企業從我們的即時數據平台和整合產品中實現的價值；我們的數據和洞察、內容和工作前端解決方案的實力和實力，以及客戶對我們新的 GenStudio 解決方案不斷增長的興趣和管道。

We drove world-class operating margins in Q4 and throughout fiscal 2023 by making disciplined investments in R&D, marketing and sales. And we're pleased that we grew EPS faster than revenue. Adobe's effective tax rate in Q4 was 18% on a GAAP basis and 18.5% on a non-GAAP basis, in line with our expectations. RPO exiting the quarter was $17.22 billion, growing 13% year-over-year.

透過在研發、行銷和銷售方面進行嚴格的投資，我們在第四季度和整個 2023 財年實現了世界一流的營業利潤率。我們很高興每股收益的成長速度快於收入的成長速度。 Adobe 第四季的有效稅率（以 GAAP 計算）為 18%，以非 GAAP 計算為 18.5%，符合我們的預期。本季的 RPO 為 172.2 億美元，年增 13%。

Our ending cash and short-term investment position exiting Q4 was $7.84 billion. And cash flows from operations in the quarter were $1.6 billion after making a previously discussed payment in the quarter of $826 million of U.S. federal taxes that we deferred from the second and third quarters of FY '23.

第四季末我們的現金和短期投資部位為 78.4 億美元。在支付了先前討論的本季支付的 8.26 億美元美國聯邦稅（我們從 2023 財年第二和第三季遞延的稅款）後，本季的營運現金流為 16 億美元。

In Q4, we entered into a $1 billion share repurchase agreement, and we currently have $2.15 billion remaining of our $15 billion authorization granted in December 2020. As a reminder, we measure ARR on a constant currency basis during a fiscal year and revalue ARR at year-end. FX rate changes between December of 2022 and this year have resulted in a $160 million increase to Digital Media ARR balance entering FY '24, which is now $15.33 billion and is reflected in our updated investor data sheet.

在第四季度，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21.5 億美元。提醒一下，我們在一個財年以固定貨幣為基礎衡量ARR，並將ARR 重估為年底。 2022 年 12 月至今年之間的匯率變化導致進入 24 財年的數位媒體 ARR 餘額增加了 1.6 億美元，目前為 153.3 億美元，反映在我們更新的投資者資料表中。

Factoring in the momentum across our businesses and current expectations for the macroeconomic and foreign exchange environments, for FY '24, we are targeting: total Adobe revenue of $21.30 billion to $21.50 billion; Digital Media net new ARR of approximately $1.9 billion; Digital Media segment revenue of $15.75 billion to $15.85 billion; Digital Experience segment revenue of $5.275 billion to $5.375 billion; Digital Experience subscription revenue of $4.75 billion to $4.80 billion; tax rate of approximately 18% on a GAAP basis and 18.5% on a non-GAAP basis; GAAP earnings per share of $13.45 to $13.85; and non-GAAP earnings per share of $17.60 to $18.

考慮到我們業務的發展勢頭以及當前對宏觀經濟和外匯環境的預期，24 財年我們的目標是： Adob​​e 總收入為 213 億美元至 215 億美元；數位媒體的淨新ARR約為19億美元；數位媒體部門收入為157.5億美元至158.5億美元；數位體驗部門收入為52.75億美元至53.75億美元；數位體驗訂閱收入為 47.5 億美元至 48.0 億美元；以公認會計原則 (GAAP) 計算的稅率約為 18%，以非公認會計原則 (Non-GAAP) 計算的稅率約為 18.5%； GAAP 每股收益為 13.45 美元至 13.85 美元；非公認會計準則每股收益為 17.60 美元至 18 美元。

As a reminder and as is customary, these targets do not reflect our planned acquisition of Figma. We expect normal seasonality throughout the year with a seasonal stepdown for new business into the first quarter, sequential growth from Q1 to Q2, typical Q3 summer seasonality and a strong finish to the year in Q4. We expect our cash tax rate to improve sequentially in FY '24 by 2 percentage points as the amortization of previously capitalized R&D increases our deductions next year for tax purposes, benefiting our operating cash flows next year.

提醒一下，按照慣例，這些目標並不反映我們計劃收購 Figma。我們預計全年季節性正常，第一季新業務季節性下降，第一季到第二季連續成長，第三季夏季季節性典型，第四季全年強勁收官。我們預計我們的現金稅率將在 24 財年連續提高 2 個百分點，因為先前資本化的研發攤銷會增加我們明年的稅收扣除，從而有利於我們明年的營運現金流。

For Q1 FY '24, we're targeting: total Adobe revenue of $5.10 billion to $5.15 billion; Digital Media net new ARR of approximately $410 million; Digital Media segment revenue of $3.77 billion to $3.80 billion; Digital Experience segment revenue of $1.27 billion to $1.29 billion; Digital Experience subscription revenue of $1.14 billion to $1.16 billion; tax rate of approximately 18% on a GAAP basis and 18.5% on a non-GAAP basis; GAAP earnings per share of $3.35 to $3.40; and non-GAAP earnings per share of $4.35 to $4.40.

對於 24 財年第一季度，我們的目標是： Adob​​e 總營收為 51 億美元至 51.5 億美元；數位媒體的淨新ARR約為4.1億美元；數位媒體部門收入為37.7億美元至38.0億美元；數位體驗部門收入為12.7億美元至12.9億美元；數位體驗訂閱收入為 11.4 億美元至 11.6 億美元；以公認會計原則 (GAAP) 計算的稅率約為 18%，以非公認會計原則 (Non-GAAP) 計算的稅率約為 18.5%； GAAP 每股盈餘為 3.35 至 3.40 美元；非公認會計準則每股收益為 4.35 美元至 4.40 美元。

While the implied operating margin for Q1 is up sequentially, we expect a typical seasonal margin stepdown starting in Q2 as a result of the annual merit increases and disciplined investments to drive growth.

雖然第一季的隱含營業利潤率連續上升，但我們預計，由於年度業績成長和嚴格的投資推動成長，第二季開始典型的季節性利潤率下降。

In summary, I couldn't be prouder of the company's performance in FY '23 and the momentum we're carrying into 2024 across Creative Cloud, Document Cloud and Experience Cloud. Our strategy, scale, speed of execution and profitability position us for years of sustained success. Shantanu, back to you.

總而言之，我對公司在 23 財年的業績以及我們在 Creative Cloud、Document Cloud 和 Experience Cloud 領域邁向 2024 年的勢頭感到非常自豪。我們的策略、規模、執行速度和獲利能力使我們能夠持續多年取得成功。山塔努，回到你身邊。

Thanks, Dan. In addition to our financial accomplishments, we are proud to once again be recognized for our industry leadership. Content credentials and Adobe's approach to responsible AI were recognized by Fast Company as one of the year's breakthrough innovations. We were again named to the Dow Jones Sustainability Index. Glassdoor listed Adobe as one of the best places to work. And Interbrand ranked us in the top 20 Best Global Brands as a rising brand for the eighth year in a row.

謝謝，丹。除了我們的財務成就之外，我們還為我們的行業領導地位再次獲得認可而感到自豪。內容憑證和 Adob​​e 負責任的 AI 方法被 Fast Company 認可為年度突破性創新之一。我們再次入選道瓊永續指數。 Glassdoor 將 Adob​​e 列為最佳工作場所之一。 Interbrand 連續第八年將我們列為全球最佳品牌 20 強，作為上升品牌。

Digital remains a massive tailwind as content demand and consumption continues to grow and businesses of all sizes are focused on transforming their customer experiences. Adobe is incredibly well-positioned to lead and capitalize on this opportunity, thanks to our innovative road map, expanding global customer base, strong brand and the best employees in the world. Our fiscal '24 financial targets reflect our confidence in continuing to drive strong top line growth and world-class profitability. I'm more certain than ever that Adobe's best days are ahead of us. Thank you, and we will now take questions. Operator?

隨著內容需求和消費持續成長，以及各種規模的企業都專注於改變客戶體驗，數位化仍然是一個巨大的推動力。由於我們的創新路線圖、不斷擴大的全球客戶群、強大的品牌和全球最優秀的員工，Adobe 處於領先地位並充分利用這一機會。我們的 24 財年財務目標反映了我們對繼續推動強勁營收成長和世界一流獲利能力的信心。我比以往任何時候都更確信 Adob​​e 最好的日子就在前方。謝謝，我們現在回答問題。操作員？

(Operator Instructions) We'll take our first question from Kash Rangan with Goldman Sachs.

（操作員說明）我們將回答高盛的 Kash Rangan 提出的第一個問題。

Congrats on the quarter, and happy holidays. Shantanu and team, I'm wondering, going into 2024, it definitely feels like the economy's in stable footing. And in general, the software metrics are all improving as this year unfolded and very different from going from '22 to '23, yet your ARR guidance is not the same as how you started last year but you got the benefit of Generative AI, tailwinds from the economy, you've got pricing and Firefly.

恭喜本季，節日快樂。 Shantanu 和他的團隊，我想知道，進入 2024 年，經濟肯定會處於穩定的狀態。總的來說，隨著今年的展開，軟體指標都在改善，與22 年到23 年的情況非常不同，但你的ARR 指導與你去年開始的方式不一樣，但你得到了生成人工智能的好處，順風從經濟角度來看，你有定價和螢火蟲。

Can you just help us understand, if you isolate for those factors, what has gone into your guidance? Because it seems like if we exclude the optionalities that you have, including the tailwinds in the economy, that, that guidance looks like it's very conservative. And maybe that's the right thing to do but just wanted to understand your thought process.

如果您隔離這些因素，您能否幫助我們理解您的指導包含哪些內容？因為如果我們排除你所擁有的選擇，包括經濟的順風，那麼這個指導看起來就非常保守。也許這是正確的做法，但只是想了解您的思考過程。

Yes. Thanks, Kash. I mean certainly, really thrilled with what a phenomenal year we had across all aspects of the business, whether it was the $5 billion quarter, $5 billion book of business now in DX exiting and certainly, Digital Media ARR performance. Let's -- if you reflect, I mean, you talked about the guidance that we gave at the beginning of '23 and '24.

是的。謝謝，卡什。我的意思當然是，我們對業務各個方面都取得了非凡的一年感到非常興奮，無論是 50 億美元的季度業績、50 億美元的 DX 業務賬面，當然還有數位媒體 ARR 業績。讓我們——如果你反思一下，我的意思是，你談到了我們在 23 和 24 年初提供的指導。

If you recall, we actually had guided to 16.50 first, then we upped it, as you know, to 17.50 and ended with 19.13. And so to your point, on the execution front, we've delivered some great innovative products. We've expanded the customer base with new products like Express and Firefly. We're certainly focused on surfaces and making sure all of our flagship products are available across all surfaces. And so we do have multiple growth drivers to your point, and we are focused on monetizing the opportunity.

如果您還記得的話，我們實際上首先將指導價定為 16.50，然後如您所知，我們將其上調至 17.50，最後以 19.13 結束。因此，就您而言，在執行方面，我們已經交付了一些出色的創新產品。我們透過 Express 和 Firefly 等新產品擴大了客戶群。我們當然專注於表面，並確保我們所有的旗艦產品都適用於所有表面。因此，按照您的觀點，我們確實有多種成長動力，而且我們專注於將機會貨幣化。

I mean I would say we take our guide very seriously. The other way of looking at it, Kash, is it's our highest annual guide ever in terms of what the guide we've issued. It's our highest Q1 guide ever. And we want to go, again, execute against this large opportunity and have another record year. So we're feeling good. The momentum is certainly there in the business, but we take our guidance at this point of the year very seriously.

我的意思是，我們非常認真地對待我們的指南。卡什，從另一個角度來看，就我們發布的指南而言，這是我們有史以來最高的年度指南。這是我們有史以來最高的第一季指南。我們希望再次抓住這個巨大的機遇，再創紀錄的一年。所以我們感覺很好。業務中肯定存在這種勢頭，但我們在今年這個時候非常認真地對待我們的指導。

We will take our next question from Keith Weiss with Morgan Stanley.

我們將回答摩根士丹利基思‧韋斯 (Keith Weiss) 提出的下一個問題。

I think this is in a similar vein to what Kash was trying to get at but maybe a little bit more focused on Q4 in particular. When we look at the Digital Media net new ARR adds in Q4, it looks like you had a very, very strong Document Cloud, record quarter, like you were saying. Really strong year-on-year growth in those net adds. Creative Cloud, where we actually saw a price increase and we have all the excitement on Firefly, that was actually down on a year-on-year basis.

我認為這與卡什試圖達到的目標類似，但可能更關注第四季。當我們查看第四季度新增的數位媒體網路 ARR 時，看起來您擁有非常非常強大的文檔雲，創紀錄的季度，就像您所說的那樣。這些淨增加量年增率確實強勁。 Creative Cloud 的價格實際上有所上漲，而 Firefly 的價格實際上比去年同期下降，我們對此感到非常興奮。

And this is the first time since 2018, we've seen Creative Cloud net new ARR below $400 million. And I think that's the surprise for investors, was a negative surprise for investors that we're trying to figure out. Was there something dragging the Creative Cloud side of the equation this year or a tough comp from last year or something that explains why the price increases and all the positive momentum and innovation out of Adobe MAX isn't translating into net new ARR growth for Creative Cloud in particular?

這是自 2018 年以來我們首次看到 Creative Cloud 的淨新 ARR 低於 4 億美元。我認為這對投資者來說是一個驚喜，對我們正在試圖弄清楚的投資者來說是一個負面的驚喜。今年是否有任何因素拖累了Creative Cloud 方面的發展，或者與去年相比有什麼困難，或者有什麼因素可以解釋為什麼價格上漲以及AdAdobe MAX 帶來的所有積極勢頭和創新並未轉化為Creative的新ARR 淨增長特別是雲？

Yes, happy to take that, Keith, David here. So first of all, as you mentioned in the DME business, we're really excited about the results for '24, over $1.9 billion in net new ARR, obviously well above the guide. We see an expanding base of customers and a lot of momentum coming from Gen AI as you noted. As part of this, we delivered -- what we delivered in Q4 was net new ARR, was a record net new ARR in constant currency.

是的，很高興接受這一點，基思，大衛在這裡。首先，正如您在 DME 業務中提到的那樣，我們對 24 年的結果感到非常興奮，淨新 ARR 超過 19 億美元，顯然遠高於指南。正如您所指出的，我們看到客戶群不斷擴大，Gen AI 帶來了巨大的動力。作為其中的一部分，我們在第四季度交付的是淨新 ARR，以固定匯率計算，這是創紀錄的淨新 ARR。

Now specific to your question on Creative Cloud momentum and how to interpret the numbers that you see there, underlying all of this is very strong momentum because we delivered a record Creative Cloud new commercial subscriptions number in the year. So that is really the foundation and the base of customers coming in and really benefiting from not just what we get in this quarter but also how we build on that going forward. So it really sets us up well for FY '24.

現在具體到您關於 Creative Cloud 勢頭的問題以及如何解釋您在那裡看到的數字，所有這一切的背後都是非常強勁的勢頭，因為我們在今年創造了創紀錄的 Creative Cloud 新商業訂閱數量。因此，這確實是客戶進來的基礎和基礎，他們不僅從我們本季獲得的成果中受益，而且從我們未來的發展方式中受益。因此，這確實為我們 24 財年做好了準備。

As you look at the numbers for Creative Cloud ARR, net new ARR in the quarter, you have to look at it relative -- Q4 FY '23 relative to Q4 FY '22, as you mentioned. You need to consider that FY '22 had 2 pricing actions that accrued to Creative Cloud that are much lower now in Q4 FY '23. So if you normalize for the impact of the pricing that rolled off and the pricing that came on, Creative Cloud net new ARR in Q4 grew on a constant currency basis.

當您查看 Creative Cloud ARR 的數字（即本季的淨新 ARR）時，您必須將其視為相對值 - 正如您所提到的，23 財年第 4 季相對於 22 財年第 4 季。您需要考慮到，22 財年有 2 項計入 Creative Cloud 的定價行動，這些行動在 23 財年第 4 季要低得多。因此，如果您將下調定價和後續定價的影響標準化，則第四季度 Creative Cloud 的淨新 ARR 在固定貨幣基礎上成長。

And Keith, just to punctuate the 2 points that David said, first, it was a record for Creative ARR as it related to subscriptions in Q4 of 2023. And Creative ARR would have grown if you had backed out the pricing. So the business continues to be extremely healthy, to your point.

Keith，只是為了強調 David 所說的兩點，首先，這是 Creative ARR 的記錄，因為它與 2023 年第四季的訂閱相關。如果你放棄定價，Creative ARR 將會成長。因此，按照您的觀點，該業務仍然非常健康。

We will take our next question from Alex Zukin with Wolfe Research.

我們將回答 Wolfe Research 的 Alex Zukin 提出的下一個問題。

I guess maybe looking at next year, as we look at how much of the renewal base in Creative Cloud is potentially up for that type of the pricing uplift, and as we look at Acrobat, specifically the AI functionality that you're releasing into public beta, how should we think about the tailwind to both Creative Cloud from pricing and to Document Cloud specifically from an AI product monetization perspective for '24, for calendar '24?

我想也許會考慮明年，因為我們會考慮 Creative Cloud 的續訂基礎有多少可能會因這種類型的價格上漲而增加，並且當我們考慮 Acrobat 時，特別是您向公眾發布的 AI 功能beta 版，我們該如何考慮Creative Cloud 從定價到Document Cloud 的順風車，特別是從人工智慧產品貨幣化角度來看'24、日曆'24？

Yes, happy to take that, Alex. A lot packed into that question, so let me try to tease it apart. Let me first start with the question around FY '24 and the impact of pricing. Before we jump straight into that, I do want to take a bit of a step back and just remind everyone that Digital Media ARR is a mix of a few things: new subscriptions, which, as I mentioned, we had a record number of new subscriptions in Q4; upsell and cross-sell, which is transitioning people to higher plans from the plan that they're on; and then lastly, offer optimization.

是的，很高興接受這一點，亞歷克斯。這個問題包含了很多內容，所以讓我試著把它分開。讓我先從 24 財年的問題以及定價的影響開始。在我們直接進入正題之前，我確實想退一步提醒大家，數位媒體 ARR 是幾件事的混合體：新訂閱，正如我所提到的，我們的新訂閱數量創歷史新高。第四季的訂閱量；追加銷售和交叉銷售，將人們從他們正在使用的計劃過渡到更高的計劃；最後，提供優化。

And as you've noted in the last couple of years, we've really been broadening the number of offers we have all the way down from free price points to the All Apps price points. But even beyond that, we now have capabilities to sell add-ons to All Apps as well. And of course, all of this does include the pricing increases that you had mentioned where we've added more value.

正如您在過去幾年中所注意到的，我們確實一直在擴大我們提供的優惠數量，從免費價格點一直降低到所有應用程式價格點。但除此之外，我們現在也有能力向所有應用程式銷售附加元件。當然，所有這些確實包括您提到的價格上漲，我們增加了更多價值。

I do want to just stress because I know there's a lot of attention on the pricing impact that we always have seen and continue to believe that the primary growth driver for ARR will be new subscriptions in '24. So that's why we're so focused on the top of funnel and new customer acquisition.

我確實想強調一下，因為我知道人們對我們一直看到的定價影響有很多關注，並且仍然相信 ARR 的主要成長動力將是 24 年的新訂閱。這就是為什麼我們如此關注漏斗頂部和新客戶獲取。

But specific to your question on pricing, you need to consider a few things: first, our recently announced pricing changes will impact less than half the Creative Cloud base so that was a very specific question you asked. Hopefully, that gives you the answer. But it also leaves us the opportunity to price in new value in the years ahead as we move forward. Second, the impact will be more visible in net new ARR in the back half of FY '24 as we lap the previous pricing actions that I was talking to Keith about from last year and as we roll out the pricing over the next few quarters. So the second half of FY '24, we'll see more visibility into the benefits of that to net new ARR.

但具體到您關於定價的問題，您需要考慮一些事情：首先，我們最近宣布的定價變更將影響不到一半的 Creative Cloud 基礎，因此這是您提出的一個非常具體的問題。希望這能給你答案。但這也讓我們有機會在未來幾年不斷前進的過程中對新價值進行定價。其次，在 24 財年後半段的淨新 ARR 中，這種影響將更加明顯，因為我們將完成我去年與 Keith 討論的定價行動，我們將在接下來的幾季推出定價。因此，24 財年下半年，我們將看到更多關於淨新 ARR 的好處。

Third, given that we're rolling out these prices across plans and across geos incrementally over the year, the benefit to ARR will actually be spread across FY '24 and FY '25. And fourth, if you really want to sort of sharpen your pencil, the pricing impact on ARR in '24 is actually lower than the pricing impact was in '23 to Creative Cloud. So hopefully, that gives you a sense.

第三，鑑於我們在一年內逐步跨計劃和跨地區推出這些價格，ARR 的收益實際上將分佈在 24 財年和 25 財年。第四，如果您確實想削尖鉛筆，那麼 24 年對 ARR 的定價影響實際上低於 23 年對 Creative Cloud 的定價影響。希望這能給你一種感覺。

But again, it comes back to this, is why we're so excited about the momentum we're seeing in new subscriptions, which really bodes well for the business this year and in the long term. Hopefully, that gives you a pretty good sense on that. And then really quickly on Document Cloud, we're thrilled with the performance of Document Cloud. A lot of that comes down to our core strategy, which has been around integrating the desktop, the web and mobile into a single ecosystem and really driving the monthly active usage of Document Cloud up through all of the product-led growth motions we have and converting people on the back end of that.

但話又說回來，這就是為什麼我們對新訂閱的勢頭如此興奮，這對今年和長期的業務來說確實是個好兆頭。希望這能讓您對此有一個很好的認識。然後很快在 Document Cloud 上，我們對 Document Cloud 的表現感到非常興奮。這很大程度上取決於我們的核心策略，該策略一直圍繞著將桌面、網路和行動裝置整合到一個生態系統中，並透過我們所有以產品為主導的成長舉措，真正推動Document Cloud 的每月活躍使用率上升。在其後端轉變人們。

What we're really excited about as we bring the AI assistant to market, which, by the way, as I mentioned, is now in private beta, expect it to come out in the next few months as a public beta and then GA later in the year. But what we're really excited about there is being able to not just service the paid Acrobat base with that but also start to bring that to the free reader base. So lots of opportunity and excitement for the year ahead for Doc Cloud as well.

當我們將人工智慧助理推向市場時，我們真正感到興奮的是，順便說一句，正如我所提到的，它現在處於私人測試版，預計它將在未來幾個月內作為公共測試版推出，然後是正式版在這一年。但我們真正感到興奮的是，我們不僅能夠為付費 Acrobat 讀者群提供服務，而且能夠開始將其帶給免費讀者群。對於 Doc Cloud 來說，未來一年也有很多機會和令人興奮的事情。

We will take our next question from Kirk Materne with Evercore ISI.

我們將接受 Evercore ISI 的 Kirk Materne 提出的下一個問題。

Congrats on the quarter and happy holidays. David, I guess I'll go back to you again. In the commentary, you all talked about enterprise strength and specifically upselling of Firefly and Express in your enterprise customer base. Can you just give us some more, I guess, qualitative color on what those discussions are like?

恭喜本季，節日快樂。大衛，我想我會再次回到你身邊。在評論中，你們都談到了企業實力，特別是Firefly和Express在企業客戶群中的追加銷售。我想你能給我們更多關於這些討論的定性資訊嗎？

Are they lead, is this part of the reason you're seeing sort of an uptick in new subscriptions in the enterprise in particular? And then on Express, can you just talk again about sort of what you're seeing in terms of leading indicators of that being an enterprise product that can continue to expand into fiscal '24?

他們是否處於領先地位，這是否是您看到企業中新訂閱量上升的部分原因？然後在 Express 上，您能否再次談談您所看到的領先指標，即企業產品可以繼續擴展到 24 財年？

Yes. Maybe I'll start, and then Anil can add because this does cross over our 2 businesses. So with Firefly and Express, very excited about the momentum that we continue to see. You heard that we crossed 4.5 billion generations now. So we continue to see really, really strong adoption and usage of it, partially as a stand-alone business but also integrated into our Photoshop and Illustrator and these existing workflows.

是的。也許我會開始，然後阿尼爾可以補充，因為這確實跨越了我們的兩項業務。因此，對於 Firefly 和 Express，我們繼續看到的勢頭感到非常興奮。你聽說我們現在已經跨越了 45 億代。因此，我們繼續看到它的真正、真正強大的採用和使用，部分作為一個獨立的業務，但也整合到我們的 Photoshop 和 Illustrator 以及這些現有的工作流程中。

And we're starting to see a lot of interest not just in the context of using it as part of the existing products but also using it as part of the ecosystem within enterprises. So we've been working with a number of customers to not just enable them with Firefly, which is the predominance of the growth that we're seeing in Q4 for enterprise adoption but also have a number of pilot customers already engaged around custom model extensions so that they can bring their own assets and their own content into what Firefly generates.

我們開始看到很多人感興趣，不僅是將其用作現有產品的一部分，而且將其用作企業內部生態系統的一部分。因此，我們一直在與許多客戶合作，不僅讓他們能夠使用 Firefly（這是我們在第四季度看到的企業採用增長的主導因素），而且還有許多試點客戶已經參與了自定義模型擴展這樣他們就可以將自己的資產和內容帶入Firefly 產生的內容中。

Second, we're also enabling the ability to expose it through APIs so they can build it into their existing workflows. And third, we're, of course, connecting it and tying it all into Adobe Express, which now also has its own Firefly and additional capabilities like things so that you can not just sort of create content using Firefly but then start to assemble it, start to schedule social posts around it, start to do multi-language translations, that those are all features that are already in there and then create a stakeholder workflow from people working in Photoshop to the marketers that are trying to post externally. So that's where things get very interesting and exciting in terms of the connection we have with GenStudio and everything that Anil is doing.

其次，我們也支援透過 API 公開它，以便他們可以將其建置到現有的工作流程中。第三，當然，我們將其連接起來並將其全部綁定到 Adob​​e Express 中，Adobe Express 現在也擁有自己的 Firefly 和其他功能，讓您不僅可以使用 Firefly 創建內容，還可以開始組裝它，開始圍繞它安排社交帖子，開始進行多語言翻譯，這些都是已經存在的功能，然後創建一個從Photoshop 工作人員到試圖在外部發布的營銷人員的利益相關者工作流程。因此，就我們與 GenStudio 的聯繫以及 Anil 所做的一切而言，事情變得非常有趣和令人興奮。

Just building on that, GenStudio, since we announced it at MAX, we've had a tremendous amount of interest, both from enterprise customers like Henkel and Pepsi and Verizon as well as a number of the agencies as well. And primarily, it goes back to what we discussed at Summit. The demand for content is expected to grow 5x over the next couple of years. And every brand in the world is looking at, hey, how can we speed up the production of quality on brand content?

在此基礎上，GenStudio 自從我們在 MAX 上宣布以來，我們引起了極大的興趣，包括來自漢高、百事可樂和 Verizon 等企業客戶以及許多代理商。首先，這可以追溯到我們在峰會上討論的內容。未來幾年對內容的需求預計將成長 5 倍。世界上每個品牌都在關注，嘿，我們如何加快品牌內容的品質生產？

How can we let a number of other people in marketing, other areas of the company create their own content according to the enterprise standards?

如何才能讓行銷、公司其他領域的其他一些人按照企業標準創建自己的內容？

And the combination of what we have in the Digital Experience portfolio, like Adobe Experience Manager and assets, as well as what we have in the Creative Cloud, especially around Express and Creative Cloud, really lets enterprises get that kind of agility and the cost effectiveness of producing content at scale. So that's what we're seeing and we're seeing a tremendous amount of interest for that.

我們在數位體驗產品組合中擁有的內容（例如 Adob​​e Experience Manager 和資產）與 Creative Cloud 中的內容（尤其是 Express 和 Creative Cloud）相結合，確實可以讓企業獲得這種敏捷性和成本效益大規模生產內容。這就是我們所看到的，並且我們看到了對此的巨大興趣。

And maybe I'll just add a little bit to that, Kirk. I mean I think the exciting thing about what people are doing is they're standardizing on Firefly and the fact that we have responsible generations for the entire enterprise. So the interest level has been around how do we standardize that for all of the image or vector or other generations that they want to do for all the knowledge workers in the enterprise. So really good adoption of Firefly.

也許我會補充一點，柯克。我的意思是，我認為人們正在做的事情令人興奮的是他們正在對 Firefly 進行標準化，以及我們對整個企業負責的世代。因此，興趣程度一直圍繞著我們如何標準化他們想要為企業中所有知識工作者所做的所有圖像或向量或其他世代。 Firefly 的採用非常好。

We will take our next question from Karl Keirstead with UBS.

我們將回答瑞銀集團的 Karl Keirstead 提出的下一個問題。

I'd like to ask about a different subject, and that's the Creative Express product now that it's being sold in the enterprise. Wondering if you could offer some color on the adoption ramp, the competitiveness versus Canva and whether your plans around driving Express revenues versus driving user adoption have changed at all.

我想問一個不同的主題，那就是現在正在企業中銷售的 Creative Express 產品。想知道您是否可以提供一些關於採用率提升、與 Canva 的競爭力以及您關於推動 Express 收入與推動用戶採用的計劃是否發生了任何變化。

Great. Yes, happy to take that. Express is off to a great start. As you remember, we went general availability in August with the latest version of it. It's been getting a lot of very, very positive reaction response. And frankly, since then in Q4, too, we've added a ton of new innovation. Firefly integration started with Text to Image and Text Effects, but we also added text to template that will create a fully formed template for you in Generative Fill so you can iteratively change things on the fly.

偉大的。是的，很高興接受。 Express 有了一個好的開始。如您所知，我們於 8 月推出了最新版本。它得到了很多非常非常積極的反應。坦白說，從那時起，我們在第四季也添加了大量新的創新。 Firefly 整合從文字到圖像和文字效果開始，但我們還在模板中添加了文本，這將為您在生成填充中創建一個完全成型的模板，以便您可以動態地迭代更改內容。

We now let you draw and paint on the canvas. We've given users much more video support. We've really built an incredible best-of-breed PDF support and workflow with Acrobat in there as well. Some of the other things that now start to bleed into the enterprise also, we've integrated social workflows so that people can schedule their posts.

我們現在讓您在畫布上繪畫。我們為用戶提供了更多的視訊支援。我們確實使用 Acrobat 建立了令人難以置信的同類最佳 PDF 支援和工作流程。現在也開始滲透到企業中的其他一些事情，我們整合了社交工作流程，以便人們可以安排他們的貼文。

We've enabled people to do auto translation so you can post in multiple geographies and languages. We've opened up our ecosystem for partner plug-ins and we have now over 50 extensions. And we've added enterprise features like AEM integration and template locking so that the core brand police in an organization can manage and make sure that the brand elements that they don't want changing are locked when you disseminate this more broadly.

我們已經使人們能夠進行自動翻譯，因此您可以用多個地理位置和語言發佈內容。我們已經為合作夥伴插件開放了生態系統，現在擁有 50 多個擴充功能。我們還添加了 AEM 整合和模板鎖定等企業功能，以便組織中的核心品牌警察可以管理並確保在您更廣泛地傳播此內容時鎖定他們不想更改的品牌元素。

What we've seen is really, I think, some very exciting broad-based benefits from this. One is we've seen new trialists coming in, growing very quickly after this launch, which is exciting to see. We've seen education users starting to adopt this very quickly as well. The Creative Cloud paid base has been coming on and growing very quickly in terms of their usage. And then enterprise, as we talked about, from a usage perspective. And again, Express is a core part of how Anil and team are now selling GenStudio.

我認為，我們確實從中看到了一些非常令人興奮的廣泛好處。一是我們看到新的試用者加入，在發布後成長得非常快，這是令人興奮的。我們已經看到教育用戶也開始很快採用這一點。 Creative Cloud 付費基礎已經出現，並且在使用方面成長得非常快。然後，正如我們所討論的，從使用的角度來看，企業。再說一次，Express 是 Anil 和團隊現在銷售 GenStudio 的核心部分。

And last thing is like this is just setting up the momentum for the year to come. We have a mobile release coming out, which will be very exciting for users to be able to use this on the go. We have thousands of people already using that beta. We announced our Chromebooks partnership, so anyone that buys a new Chromebook is going to have this. We have partnerships with folks like Wix for their workflows. We're going to be doing deeper integrations into Acrobat. So we're very excited about where this goes.

最後一件事是，這只是為來年奠定動力。我們即將推出行動版本，這對於用戶能夠在旅途中使用它來說將是非常令人興奮的。我們已經有成千上萬的人在使用該測試版。我們宣布了 Chromebook 合作夥伴關係，因此任何購買新 Chromebook 的人都將擁有它。我們與 Wix 等人在工作流程方面建立了合作夥伴關係。我們將與 Acrobat 進行更深入的整合。所以我們對這件事的進展感到非常興奮。

That is a long way to answer a very simple question. We want a lot of people using this, so our primary focus continues to be around broadening the top of funnel. Of course, as part of that, we are constantly and continually, as I mentioned, journeying people for upsell and cross-sell opportunities to the paid plan and over to Creative Cloud and other products. But our primary focus continues to be adoption in broad proliferation.

要回答一個非常簡單的問題，要走很長的路。我們希望有很多人使用它，所以我們的主要重點仍然是擴大漏斗的頂部。當然，正如我所提到的，作為其中的一部分，我們不斷地引導人們尋找付費計劃以及 Creative Cloud 和其他產品的追加銷售和交叉銷售機會。但我們的主要重點仍是廣泛擴散採用。

We will take our next question from Brad Zelnick with Deutsche Bank.

我們將回答德意志銀行的 Brad Zelnick 提出的下一個問題。

This is for Dan or maybe Anil. As we think about the momentum within the DX business, it's great to hear things like the 60% increase in your AEP and native apps book of business, the strong net dollar retention and you talked about overall strong year-end bookings. But what is it maybe about the pipeline ahead, bookings conversion or perhaps other factors that account for the degree of decel that you're guiding for into next year?

這是給丹或阿尼爾的。當我們思考 DX 業務的發展勢頭時，很高興聽到您的 AEP 和本機應用程式業務增長了 60%、強勁的淨美元保留率以及您談到整體強勁的年終預訂。但未來的管道、預訂轉換率或其他因素可能會影響您明年的減速程度？

Thanks, Brad. We are really excited about this massive multiyear opportunity. If you look at any enterprise customers around the world, everybody recognizes the long-term imperative of transforming their customer experiences. And we're seeing that in these transformational deals that we talked about. As you mentioned, for example, with the AEP, our first $100 million net new business quarter and ending with over $700 million in our annualized book of business.

謝謝，布拉德。我們對這個巨大的多年機會感到非常興奮。如果你看看世界各地的任何企業客戶，每個人都認識到轉變客戶體驗的長期必要性。我們在我們討論的這些轉型交易中看到了這一點。正如您所提到的，例如，透過 AEP，我們的第一個淨新業務季度達到 1 億美元，最終我們的年化業務帳面價值超過 7 億美元。

With that said, it's definitely we're seeing macroeconomic impact, just like other enterprise software companies are. Every customer looks at the total cost of deploying the software and then what it would take to get the payback and ROI. And as a result, there's definitely some scrutiny and caution there. But that said, if we look at going into next year, we do see the pipeline across both our industry verticals as well as our mid-market customers. And we continue to be the leader in the market, and we did get that recognition from both analysts and customers.

話雖如此，我們肯定會看到宏觀經濟的影響，就像其他企業軟體公司一樣。每個客戶都會考慮部署軟體的總成本，以及獲得回報和投資回報率所需的費用。因此，肯定會有一些審查和謹慎。但話雖如此，如果我們展望明年，我們確實會看到整個行業垂直領域以及中端市場客戶的管道。我們仍然是市場的領導者，我們確實得到了分析師和客戶的認可。

We will take our next question from Brent Thill with Jefferies.

我們將接受 Jefferies 的 Brent Thill 提出的下一個問題。

Dan, if you could just review the broader assumptions in your guide. I think there's still a little concern from the Street in terms of why you're guiding where you're guiding relative to where the Street was at. And maybe just tying in, Shantanu, to the guide, if you could just give us your top line view of do you feel like the environment is improving. Do you think it's just stabilizing? Just any thoughts in terms of sort of a high level what you think is happening as we go into next year.

丹，您能否回顧一下指南中更廣泛的假設。我認為華爾街仍然對你為什麼要相對於華爾街所在的位置進行指導感到擔憂。也許只是聯繫導遊，Shantanu，如果您能為我們提供您的主要觀點，您是否覺得環境正在改善。您認為這只是穩定嗎？只是關於您認為明年我們即將發生的事情的任何想法。

Yes. So thanks for the question, Brent. When we take a look at the guide, if we think about where we're at, at this point in time as we're looking forward into FY '24, clearly, we see a lot of momentum in the business. The company's engine of innovation has been incredibly strong, and you see the strong financial performance of the company. That's both from a top line standpoint as well as profitability and cash flow standpoint. So clearly, a lot of momentum around the business.

是的。謝謝你的提問，布倫特。當我們查看指南時，如果我們考慮一下我們目前所處的位置，在我們展望 24 財年的這個時間點，顯然，我們看到了業務的強勁勢頭。該公司的創新引擎非常強大，您也可以看到該公司強勁的財務表現。這既是從營收的角度來看，也是從獲利能力和現金流的角度來看。很明顯，業務發展勢頭強勁。

As I think about where we sit today, we printed a 46.4% operating margin. As we look forward into next year, we take into account everything we can see. As Shantanu said, we take the guidance seriously and we set expectations in a prudent way. There's an opportunity to do better than the expectations that we set. Clearly, the company is going to be driving towards that. As we think about the engine of innovation, we think the pipeline is strong. We're going to continue to invest in the drivers of growth. This company is going to orient towards growth.

當我思考我們今天的處境時，我們的營業利潤率為 46.4%。當我們展望明年時，我們會考慮我們所能看到的一切。正如尚塔努所說，我們認真對待這項指導意見，並以審慎的方式設定期望。有機會做得比我們設定的期望更好。顯然，該公司將朝著這個目標努力。當我們思考創新引擎時，我們認為通路很強大。我們將繼續投資於成長動力。這家公司將以成長為導向。

When I think about the investment profile, not only are we going to be disciplined but we're going to continue to invest in those drivers of growth. On the DX side, Anil talked about AEP and apps, strong book of business, strong growth. We're laying the groundwork and content supply chain with the GenStudio solution, scaling that motion and engaging with customers to go from ideation to creation to activation, delivering new technologies products, AEM sites, incorporating intelligence into those products.

當我考慮投資狀況時，我們不僅要遵守紀律，而且將繼續投資這些成長動力。在 DX 方面，Anil 談到了 AEP 和應用程式、強勁的業務、強勁的成長。我們正在利用 GenStudio 解決方案奠定基礎和內容供應鏈，擴大這一行動並與客戶互動，從構思到創造再到激活，提供新技術產品、AEM 網站，將智慧融入這些產品中。

On the DME side, you can see it across the portfolio, AI assistant in Acrobat. It's in private beta. It's going to be in public beta in the coming months. You look at Firefly, Express natively and deeply integrating these technologies throughout the product portfolio. There is going to be continual investment as it relates to that innovation. As you think about the momentum exiting this year and as you think about the guide into Q1, you can see that momentum continuing. You've got operating margin up a little bit.

在 DME 方面，您可以在整個產品組合中看到它，Acrobat 中的 AI 助理。它處於私人測試階段。它將在未來幾個月內進行公開測試。您將看到 Firefly、Express 在整個產品組合中原生地和深度地整合了這些技術。與創新相關的投資將會持續不斷。當您思考今年的勢頭以及第一季的指南時，您可以看到這種勢頭仍在繼續。您的營業利潤率上升。

And then throughout the year, as we said at our FA day and at last year's earnings call, you can see a mid-40s expectation around operating margin for the company as we drive this investment cycle, as we drive leadership in our core markets and are a key catalyst in the trends that are shaping those markets. So again, taking a step back, it nets into account the macro that Anil talked about. Everything we see from a core business standpoint and the investment profile that we're going to drive to lead if there's an opportunity to do better than where we set those expectations, we're certainly going to do it.

然後全年，正如我們在FA 日和去年的財報電話會議上所說，隨著我們推動這一投資週期，隨著我們推動核心市場的領導地位，您可以看到公司營業利潤率的預期在40多歲左右是塑造這些市場的趨勢的關鍵催化劑。因此，再次退一步，它考慮了阿尼爾談到的宏觀。從核心業務的角度來看，我們所看到的一切以及我們將要推動的投資概況，如果有機會做得比我們設定的預期更好，我們肯定會這麼做。

And maybe just to add to that, Brent, since you asked. First, let me clarify, there's nothing as it relates to the economic indicators that we saw anything that would give us pause for concern. So let me start off by saying that. I think at our investor meeting, we told you that we would expect a strong quarter. I think you would acknowledge we posted some really strong numbers and the momentum continues.

也許只是補充一點，布倫特，既然你問了。首先，讓我澄清一下，與經濟指標相關的任何事情都沒有讓我們停下來擔心。讓我先這麼說。我想在我們的投資者會議上，我們告訴過你們，我們預計會有一個強勁的季度。我想您會承認我們發布了一些非常強勁的數據，而這種勢頭仍在繼續。

And I think as it relates to Creative Cloud, it's going to be driven by new customer acquisition, which is the engine that's driven the business. And maybe perhaps the sell side looked at some of the pricing and put more of that in '24 than in '24 and '25. And that will spread out and perhaps they put a little bit more in what percentage of the base that impacts. So from my perspective, the good news about Creative is it's being driven by massive new adoption into the platform.

我認為，由於它與創意雲相關，它將受到新客戶獲取的推動，這是推動業務的引擎。也許賣方考慮了一些定價，並在 24 年投入了比 24 和 25 年更多的定價。這將會蔓延開來，也許他們會在影響的基礎百分比上多投入一點。因此，從我的角度來看，Creative 的好消息是它是由該平台的大規模新採用所推動的。

On Document Cloud, really strong results. I think as Dan said, as we put the AI pack on there as well, that should help fuel more adoption. And Digital Experience. I mean I know that Brad also asked that question. I mean, it's great to see the adoption of AEP and apps. I mean, that is clearly the future of digital experiences, driving $100 million quarter, the $700 million in the annualized book of business, which I think will reflect the next-generation customer experience architecture.

在 Document Cloud 上，結果非常好。我認為正如丹所說，當我們也將人工智慧包放在那裡時，這應該有助於推動更多的採用。和數位體驗。我的意思是我知道布拉德也問過這個問題。我的意思是，很高興看到 AEP 和應用程式的採用。我的意思是，這顯然是數位體驗的未來，每季將帶來 1 億美元的收入，年化業務帳簿將達到 7 億美元，我認為這將反映下一代客戶體驗架構。

So we're feeling positive and we're going to go execute against that, Brent. So nothing that we see on the horizon would tell us either from the economic or competition that we're not poised to have another great year. And profitability as well. I mean look at the numbers that we posted, both in terms of Q4 as well as for fiscal '24. And that is -- that does not, in any way, mean that we're not going to invest in all of the cloud and the foundation model. So I feel really good.

所以我們感覺很積極，我們將對此採取行動，布倫特。因此，我們在地平線上看到的任何事情都不會從經濟或競爭方面告訴我們，我們不會再有一個偉大的一年。還有盈利能力。我的意思是看看我們發布的數字，無論是第四季還是 24 財年。無論如何，這並不意味著我們不會投資所有的雲端和基礎模型。所以我感覺真的很好。

And then just one thing to add, Brent. If we were here a year ago, the expectations going into the year where FX was going to be a pretty decent headwind to the performance. You see that in the way we've reported our results and then compare it to a constant currency basis. We started with a pretty decent spread between the as-reported numbers in constant currency in Q1. By the time we got to Q4, you saw that spread compress.

然後要補充一件事，布倫特。如果我們在一年前在這裡，那麼進入這一年的預期是，外匯將成為業績的相當大的阻力。您可以從我們報告結果的方式中看到這一點，然後將其與固定貨幣基礎進行比較。我們一開始在第一季以固定匯率計算的報告數字之間存在相當大的差距。當我們到達第四季度時，您會看到價差壓縮。

As I look forward into FY '24, it's more of a neutral footing to maybe a slight headwind. Too early to really call it with precision, but I see that set up being slightly different and maybe just a slight headwind versus what we were seeing a year ago.

當我展望 24 財年時，情況更多是中性的，或許還有輕微的逆風。真正準確地稱呼它還為時過早，但我發現這種設置與我們一年前看到的情況略有不同，也許只是輕微的逆風。

We will take our next question from Jay Vleeschhouwer with Griffin Securities.

我們將接受 Griffin 證券公司的 Jay Vleeschhouwer 提出的下一個問題。

You noted the strength in RPO in the quarter, including the record sequential increase. Could you talk about how you're thinking about RPO for fiscal '24? Would you expect it to continue to be able to outgrow revenue growth by several points as you did in fiscal '23? And perhaps talk about the ingredients that will continue to drive RPO either by segment or any other considerations that you'd like to talk about in that.

您注意到本季 RPO 的強勁勢頭，包括創紀錄的連續成長。您能否談談您對 24 財年 RPO 的看法？您是否預期它的成長能夠持續超過收入成長幾個百分點，就像您在 23 財年所做的那樣？也許可以按細分市場或您想在其中討論的任何其他考慮因素來討論將繼續推動 RPO 的因素。

Yes. Thanks, Jay. As I pull some of the threads together that we've heard on this call, Anil talked about large transformational deals, being the platform of choice with Customer Experience Management, simultaneously driving top line and bottom line productivity and the investments around driving those are an imperative in the market. We see a similar dynamic with the new technologies that we're bringing to market on the DME side of the business. We're seeing a strong pull from the enterprise.

是的。謝謝，傑伊。當我把我們在這次電話會議上聽到的一些線索放在一起時，阿尼爾談到了大型轉型交易，成為客戶體驗管理的首選平台，同時提高了頂線和底線生產力，以及圍繞推動這些生產力的投資是市場勢在必行。我們在 DME 業務方面向市場推出的新技術也看到了類似的動態。我們看到了企業的強大拉力。

And so as I net out that environment and our performance against that opportunity, it goes to produce the type of sequential RPO progression that we saw Q3 to Q4. Every quarter won't be that large, but the backdrop around that dynamic for the company, given the setup we see, it should be another strong year for RPO throughout the year.

因此，當我根據該機會剔除該環境和我們的績效時，它會產生我們在第三季到第四季看到的連續 RPO 進展類型。每個季度都不會那麼大，但在公司動態的背景下，考慮到我們看到的設置，全年 RPO 應該又是強勁的一年。

We will take our next question from Saket Kalia with Barclays.

我們將接受巴克萊銀行 Saket Kalia 提出的下一個問題。

Congrats on a nice quarter. David, maybe for you. I had a question just on Firefly and the subscription packets. I know that the commercial model for commercial for -- I'm sorry, for Firefly credit packets really just started about 6 weeks ago. Are there any early observations that you've seen just on customers' willingness to add those packets or maybe how they're consuming the initial credit allocation that they get with the Creative Cloud subscription?

恭喜您度過了一個美好的季度。大衛，也許適合你。我有一個關於 Firefly 和訂閱包的問題。我知道，很抱歉，Firefly 積分包的商業模式實際上大約在 6 週前才剛開始。您是否有任何關於客戶添加這些資料包的意願的早期觀察，或者他們如何使用透過 Creative Cloud 訂閱獲得的初始信用分配？

Yes, happy to take that. First of all, I think philosophically, going back to what we said at the investor meeting and at MAX, our primary focus here is to drive usage of the generative capabilities, and you see that with the 4.5 billion images generated. That strategy is working. Secondly, we priced the generative packs -- sorry, we integrated the generative capabilities and credits directly into our paid plans with the express intent of driving adoption of the paid subscription plans and getting broad proliferation of the ability to use those.

是的，很高興接受。首先，我認為從哲學上來說，回到我們在投資者會議和 MAX 上所說的，我們的主要重點是推動生成能力的使用，你可以在生成的 45 億張圖像中看到這一點。該策略正在發揮作用。其次，我們對生成包進行了定價——抱歉，我們將生成功能和積分直接整合到我們的付費計劃中，其明確意圖是推動付費訂閱計劃的採用並廣泛普及使用這些計劃的能力。

And what we are seeing is heavy usage within those paid plans. I think as we've mentioned in the past, I think I mentioned earlier today as well we -- Generative Fill, for example, in Photoshop, is the fastest-growing feature that we've put into Photoshop in recent memory. So the usage is great. The utilization is great. I don't personally expect generative packs to have a large impact in the short term other than to drive more customers to our paid existing subscription plans.

我們看到這些付費方案中的大量使用。我想正如我們過去提到的，我想我今天早些時候也提到過——例如 Photoshop 中的生成填充，是我們最近在 Photoshop 中添加的增長最快的功能。所以說用途是很大的。利用率是很大的。我個人並不認為生成包會在短期內產生巨大影響，除了吸引更多客戶加入我們現有的付費訂閱方案。

But what will happen over the course of the year and the next few years is that we will be integrating more and more generative capabilities into the existing product workflows. And that will drive -- and we'll be integrating capabilities like video generation, which will cost more than 1 generation, and that will drive a natural inflation in that market and that will become a driver for growth subsequently.

但在今年和未來幾年中，我們將把越來越多的生成能力整合到現有的產品工作流程中。這將推動——我們將整合視訊生成等功能，這將花費超過一代的成本，這將推動該市場的自然通貨膨脹，並將成為隨後增長的驅動力。

But this year is really primarily focused on getting people into the right paid plans of our flagship applications or Adobe Express and then drive usage in that sense. And then as that happens, the rest will take care of itself in the years ahead.

但今年的重點實際上是讓人們加入我們的旗艦應用程式或 Adob​​e Express 的正確付費計劃，然後從這個意義上推動使用。當這種情況發生時，剩下的事情就會在未來幾年裡水到渠成。

We will take our final question from Mark Moerdler with Bernstein Research.

我們將回答伯恩斯坦研究公司馬克‧莫德勒的最後一個問題。

Dan, I'd like to look a little bit. At MAX, we discussed how excited you were on Firefly and how it drives Creative Cloud seat and paid seat adoption. Now that you've had a bit of time in market, can you explain how you think about how this will drive the paid seat growth? Is it how strong it could be?

丹，我想看一下。在 MAX，我們討論了您對 Firefly 的興奮程度以及它如何推動 Creative Cloud 席位和付費席位的採用。現在您已經進入市場一段時間了，您能解釋一下您如何看待這將如何推動付費席位的成長嗎？到底能有多強呢？

And should we expect those seats are going to be a lower unit price because they're going to be entry level? Or do you think that will get offset by these higher priced Firefly-driven sales into the enterprise?

我們是否應該期望這些座位的單價會較低，因為它們將是入門級的？或者您認為這會被這些更高價格的 Firefly 驅動的企業銷售所抵消嗎？

Yes. Thanks, Mark. I think at the core of bringing this technology to life, as a stand-alone application to drive an ideation part of the process but value in deeply integrating these capabilities into the flagship applications and the workflows that define the creation process, it gives us a lot of surface area with customers and meeting them where they are in their particular needs and use case-specific needs.

是的。謝謝，馬克。我認為將這項技術變為現實的核心是，作為一個獨立的應用程式來驅動流程的構思部分，但將這些功能深度整合到旗艦應用程式和定義創建過程的工作流程中很有價值，它為我們提供了與客戶進行大量接觸，並滿足他們的特殊需求和特定用例的需求。

And so bringing people efficiently top of funnel, establishing the segmentation across that product portfolio, driving efficiency into the creation process and allowing velocity to enter the ideation, creation, activation and instrumentation of that to really refine how companies engage with customers. So it lays the groundwork for us to touch more customers where they are in the ecosystem, bring them on board in use case-specific way and then take them on digital journeys, which is something the company is very skilled at with our DDOM to cross-sell and upsell over the life of their engagement with our ecosystem.

因此，讓人們有效率地進入漏斗頂部，在產品組合中建立細分，提高創建過程的效率，並允許速度進入構思、創建、激活和工具化，以真正改善公司與客戶的互動方式。因此，它為我們接觸更多生態系統中的客戶奠定了基礎，以特定於用例的方式讓他們加入，然後帶他們踏上數位之旅，這是該公司非常擅長透過我們的DDOM 來跨越的領域. - 在他們參與我們生態系統的整個生命週期中進行銷售和追加銷售。

From a product perspective, when you think about it, Mark, for us, the biggest thing that we want to do is how do we further make our products accessible, fun and affordable for increasing set of customers. And I think Firefly is one of those inflection points that will help everybody get over the blank screen fear that they have.

從產品的角度來看，馬克，對我們來說，我們最想做的事情是如何進一步讓我們的產品為越來越多的客戶提供方便、有趣和實惠的產品。我認為螢火蟲是那些拐點之一，它將幫助每個人克服他們對黑屏的恐懼。

And so first, as you think about Firefly as an ideation and people just coming and want to have creative inspiration, this is whether you're an individual user, whether you're agencies, we're seeing a lot of adoption of Firefly to just start the entire creative process. And that sort of brings them as an on-ramp into Express, which would be the other part.

因此，首先，當您將 Firefly 視為一種構想，而人們剛剛到來並希望獲得創意靈感時，無論您是個人用戶，無論您是機構，我們都看到 Firefly 被大量採用就開始整個創作過程。這讓他們成為了 Express 的入口，而 Express 則是另一部分。

Express is certainly the introductory pricing, the ability to get millions more into the fold. And the ability right now, it used to be that Express and other offerings in that is to all worry about do I have the right templates? Well, AI is going to completely change that. We have our own models. And so Firefly will allow anybody to take whatever creative idea that they have and make that available. So I think Firefly really helps with the Express offering.

Express 無疑是介紹性定價，能夠讓更多的人加入。現在的能力，過去是 Express 和其他產品，讓所有人擔心我是否有正確的模板？嗯，人工智慧將徹底改變這一點。我們有自己的模型。因此，Firefly 將允許任何人採用他們擁有的任何創意並使其可用。所以我認為 Firefly 對 Express 產品確實有幫助。

On the Creative Cloud, David mentioned this. I mean if you look at the adoption of that functionality and usage that's being driven, whether it's in Photoshop right now, Illustrator, as we add video, both in terms of providing greater value, and we certainly will, therefore, have the uplift in pricing as well as the retentive ability for Firefly, that's where I think you're going to see a lot of the really interesting aspects of how Firefly will drive both adoption as well as monetization.

在 Creative Cloud 上，David 提到了這一點。我的意思是，如果你看看正在推動的功能和使用的採用，無論是現在的Photoshop、Illustrator，還是我們添加視頻，都提供了更大的價值，因此，我們肯定會在以下方面有所提升：定價以及 Firefly 的保留能力，我認為您將看到 Firefly 如何推動採用和貨幣化的許多真正有趣的方面。

And then if you go at the other end of the spectrum to the enterprise, GenStudio, every single marketer that I know and CFO and CMO are all worried about how much am I spending on data, how do I get agility in my campaigns. And the fact that Firefly is integrated into both Express as well as when we do the custom models for them so they can upload their own models and then have the brand consistency that they want. So Firefly really is the fact that we have our own models, a great catalyst for business all across the spectrum.

然後，如果你站在企業的另一端，GenStudio，我認識的每一位行銷人員、財務長和首席行銷長都擔心我在數據上花了多少錢，我如何在我的行銷活動中獲得敏捷性。事實上，當我們為他們製作客製化模型時，Firefly 已整合到 Express 中，以便他們可以上傳自己的模型，然後獲得他們想要的品牌一致性。因此，Firefly 確實是我們擁有自己的模型，是各個領域業務的強大催化劑。

And the usage and the adoption shows that. In emerging markets, as people there in emerging markets are increasingly used to create variants of content and localization of content, that's where we're also seeing a tremendous usage of these particular technologies. So really exciting.

用法和採用表明了這一點。在新興市場，隨著新興市場的人們越來越習慣創建內容變體和內容在地化，我們也看到這些特定技術的大量使用。真的很令人興奮。

And then you take the same technology that we have in Creative and think about its impact in both Document Cloud when we do that and the ability to have summaries and have conversational interfaces with PDF, thereby making every single PDF, as David again said, both for communication, collaboration and creation far more compelling. I think you're going to see that same kind of uplift in usage and therefore, monetization on the Acrobat side.

然後，您採用與 Creative 相同的技術，並考慮當我們這樣做時它對 Document Cloud 的影響，以及具有摘要和與 PDF 對話界面的能力，從而使每個 PDF，正如 David 再次所說，讓溝通、協作和創造變得更加引人注目。我認為您會看到 Acrobat 方面的使用量以及貨幣化方面出現同樣的增長。

And since that was the last question, I mean, for us, we look at FY '23, and we're really proud of what we were able to accomplish across all spectrums, top line revenue, RPO and driving book of business, Creative Cloud, Document Cloud and Experience Cloud and profitability. And we think '24 is going to be exactly more of the same, which is continuing to drive great innovation, great product growth, great profitability.

因為這是最後一個問題，我的意思是，對我們來說，我們著眼於 23 財年，我們對我們能夠在所有領域、頂線收入、RPO 和推動業務、創意方面取得的成就感到非常自豪雲、文件雲和體驗雲以及盈利能力。我們認為 24 世紀將會更加相似，這將繼續推動偉大的創新、偉大的產品成長和巨大的獲利能力。

Clearly, I think there's been a set of questions around the Digital Media ARR and you know what our take is on that. And we're extremely confident about how that continues to be a growth business. And perhaps the pricing impact was overestimated.

顯然，我認為圍繞數位媒體 ARR 存在一系列問題，您知道我們對此有何看法。我們對於如何繼續成為一項成長業務非常有信心。也許定價影響被高估了。

And as we said, this is again a new growth business, and it will be a multiyear pricing benefit for us as we think about the uplift that we have. So we're really pleased. We appreciate you being on the call and like many of you wished us, happy holidays, and we hope to see you soon. Thank you for joining us.

正如我們所說，這又是一項新的成長業務，當我們考慮到我們所獲得的提升時，這對我們來說將是一個多年的定價優勢。所以我們真的很高興。我們感謝您的來電，並像許多人希望我們一樣，節日快樂，我們希望很快見到您。感謝您加入我們。

Thanks, everyone. Happy holidays. This concludes the call.

感謝大家。節日快樂。通話就此結束。

Once again, this concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議再次結束。感謝您的參與。您現在可以斷開連線。