Adobe Inc (ADBE) 2024 Q1 法說會逐字稿

Good day, and welcome to the Q1 FY 2024 Adobe Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Jonathan Vaas, Vice President of Investor Relations. Please go ahead.

大家好，歡迎參加 2024 財年第一季 Adob​​e 收益電話會議。今天的會議正在錄製。現在，我想將會議交給投資者關係副總裁喬納森·瓦斯 (Jonathan Vaas)。請繼續。

Good afternoon, and thank you for joining us. With me on the call today are Shantanu Narayen, Adobe's Chair and CEO; David Wadhwani, President of Digital Media; Anil Chakravarthy, President of Digital Experience; and Dan Durn, Executive Vice President and CFO. On this call, which is being recorded, we will discuss Adobe's first quarter fiscal year 2024 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還有 Adob​​e 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。在正在錄製的本次電話會議中，我們將討論 Adob​​e 2024 財年第一季的財務表現。您可以在 Adob​​e 投資者關係網站上找到我們的新聞稿以及我們準備好的評論和財務結果的 PDF 文件。

The information discussed on this call, including our financial targets and product plans, is as of today, March 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 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信息，包括我們的財務目標和產品計劃，截至今天（3 月 14 日）的信息，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所述的結果有重大差異。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 growth rates, unless otherwise stated. Non-GAAP reconciliations are available in our earnings release and on Adobe's Investor Relations website.

在本次電話會議中，我們將討論 GAAP 和非 GAAP 財務指標。我們報告的結果包括 GAAP 成長率以及固定匯率。在本次示範中，除非另有說明，Adobe 的高階主管將參考固定貨幣成長率。非 GAAP 對帳表可在我們的收益報告和 Adob​​e 投資者關係網站上找到。

Adobe Summit is just around the corner in Las Vegas at The Venetian Convention & Expo Center, beginning on Tuesday, March 26. Following the day 1 keynote, we will host an Investor Meeting at 2:00 p.m. Pacific Time. The event will be webcast live and the replay will be available on Adobe's IR website. More details about Summit are available at summit.adobe.com. I will now turn the call over to Shantanu.

Adobe 高峰會即將於 3 月 26 日星期二在拉斯維加斯威尼斯人會展中心舉行。太平洋時間。活動將進行網路直播，重播將在 Adob​​e 的 IR 網站上提供。有關 Summit 的更多詳細信息，請訪問 summit.adobe.com。現在我將把電話轉給 Shantanu。

Thanks, Jonathan. Good afternoon, and thank you for joining us. Adobe had a strong first quarter. We achieved $5.18 billion in revenue in Q1, representing 12% year-over-year growth. GAAP earnings per share for the quarter was $1.36 and non-GAAP earnings per share was $4.48, representing 18% year-over-year growth. Our performance reflects the essential role that Adobe products play in driving the global digital economy. We're delivering on our strategy to unleash creativity for all, accelerate document productivity, and power digital businesses.

謝謝，喬納森。下午好，感謝您加入我們。 Adobe 第一季表現強勁。我們第一季實現了 51.8 億美元的收入，年增 12%。本季 GAAP 每股收益為 1.36 美元，非 GAAP 每股收益為 4.48 美元，較去年同期成長 18%。我們的表現反映了 Adob​​e 產品在推動全球數位經濟方面發揮的重要作用。我們正在實施我們的策略，釋放所有人的創造力，提高文件生產力，並推動數位業務的發展。

Adobe Creative Cloud, Document Cloud, and Experience Cloud are more critical than ever to the success of creators, communicators, students, entrepreneurs, and businesses of all sizes, with AI serving as an accelerant for all. We're a leader in delivering generative AI across all our clouds. We're taking a highly differentiated approach across data, models, and interfaces. Our proprietary data is built on decades of deep domain expertise across creative, documents and customer experience management.

Adobe Creative Cloud、Document Cloud 和 Experience Cloud 對於創作者、傳播者、學生、創業家以及各種規模的企業的成功來說比以往任何時候都更為重要，而 AI 則是所有這些的加速器。我們是跨所有雲端平台提供生成式人工智慧的領導者。我們在數據、模型和介面方面採取了高度差異化的方法。我們的專有數據建立在數十年的創意、文件和客戶體驗管理領域的深厚專業知識之上。

We leverage large language models as well as have invested in building and delivering our proprietary models in the creative, document, and marketing domains. Our IP-friendly approach is a differentiator for creators and enterprises. In addition, we have innovated by delivering generative AI directly in products with releases in Adobe Photoshop, Illustrator, and Express across both desktop and mobile. AI Assistant in Acrobat and Reader unlocks the tremendous value of the trillions of PDFs around the world. We're bringing generative AI to Adobe Experience Cloud and will demonstrate our AI Assistant for customer experience management at Adobe Summit.

我們利用大型語言模型，並在創意、文件和行銷領域投資建立和交付我們的專有模型。我們對 IP 友善的方法是創作者和企業之間的差異化因素。此外，我們還透過在桌面版和行動版 Adob​​e Photoshop、Illustrator 和 Express 中發布的產品中直接提供生成式 AI 實現了創新。 Acrobat 和 Reader 中的 AI 助理釋放了全球數萬億 PDF 的巨大價值。我們將生成式 AI 引入 Adob​​e Experience Cloud，並將在 Adob​​e 高峰會上展示用於客戶體驗管理的 AI 助理。

Every student, communicator, creative professional, and marketer is now focused on leveraging generative AI to imagine, ideate, create and deliver content and applications across a plethora of channels. Adobe is uniquely positioned through the combination of Express, Firefly, Creative Cloud, Acrobat, and Experience Cloud to deliver on this immense market opportunity.

現在，每個學生、傳播者、創意專業人士和行銷人員都專注於利用生成性人工智慧透過多種管道來想像、構思、創造和傳遞內容和應用程式。 Adobe 透過 Express、Firefly、Creative Cloud、Acrobat 和 Experience Cloud 的結合，佔據獨特的優勢，抓住這一巨大的市場機會。

The success we are already seeing with our GenStudio offering in the enterprise is validation of our leadership, and we expect that success to translate into other segments as we roll out these solutions throughout the year. We're driving strong usage, value and demand for our AI solutions across all customer segments. We're successfully monetizing our innovations with particular strength in Q1 in the enterprise segment across our Digital Media and Digital Experience businesses. This strength is reflected in our strong RPO growth of 16% year-over-year.

GenStudio 產品在企業領域的成功證明了我們的領導地位，我們希望，隨著我們全年推出這些解決方案，這種成功也將轉化到其他領域。我們正在推動所有客戶群對 AI 解決方案的強勁使用、價值和需求。我們成功地將我們的創新貨幣化，尤其在第一季度，我們的數位媒體和數位體驗業務在企業領域表現突出。這一優勢體現在我們 RPO 年成長 16% 的強勁成長。

We're pleased with a strong Q1. We have a phenomenal product roadmap that we're executing against to bring AI innovation across our global customer base, and we are just getting started. I'll now turn it over to David to discuss the momentum in our Digital Media business.

我們對第一季的強勁表現感到非常滿意。我們擁有一份非凡的產品路線圖，我們正在按照該路線圖實施，以將人工智慧創新帶給我們的全球客戶群，而這才剛剛起步。現在我將把話題交給大衛，討論我們的數位媒體業務的發展勢頭。

Thanks, Shantanu. Hello, everyone. In Q1, we achieved net new Digital Media ARR of $432 million and revenue of $3.82 billion, which grew 13% year-over-year. The world's information, whether it's an enterprise legal contract, a small business invoice, or a personal school form, lives in trillions of PDFs. We were thrilled to announce Acrobat AI Assistant, a massive leap forward on our journey to bring intelligence to PDFs. With AI Assistant, we're combining the power of generative AI with our unique understanding of the PDF file format to transform the way people interact with and instantly extract additional value from their most important documents.

謝謝，Shantanu。大家好。第一季度，我們實現淨新數位媒體ARR 4.32億美元，營收38.2億美元，年增13%。世界上的信息，無論是企業法律合約、小型企業發票還是私立學校表格，都存在於數萬億個 PDF 中。我們很高興地宣布 Acrobat AI Assistant，這是我們在將 PDF 智慧化的過程中邁出的一大步。借助 AI Assistant，我們將生成 AI 的強大功能與我們對 PDF 文件格式的獨特理解相結合，改變人們與最重要文件互動的方式並立即從中提取額外價值。

Enabled by a proprietary attribution engine, AI Assistant is deeply integrated into Reader and Acrobat workflows. It instantly generates summaries and insights from long documents, answers questions through a conversational interface, and provides an on-ramp for generating e-mails, reports and presentations. AI Assistant is governed by secure data protocols so that customers can use the capabilities with confidence. We're pleased with the initial response to the English language beta and look forward to usage ramping across our customer base as we release other languages later in the year. We will monetize this functionality through a monthly add-on offering to the hundreds of millions of Reader users as well as the Acrobat installed base across individuals, teams, and enterprises.

在專有歸因引擎的支援下，AI Assistant 深度整合到 Reader 和 Acrobat 工作流程中。它可以立即從長文件中產生摘要和見解，透過對話式介面回答問題，並提供產生電子郵件、報告和簡報的入口。 AI Assistant 受安全資料協定的管理，因此客戶可以放心使用這些功能。我們對英語測試版的初步反應感到滿意，並期待隨著我們在今年稍後發布其他語言版本，我們的客戶群的使用率會不斷提升。我們將透過每月向數億 Reader 用戶以及個人、團隊和企業的 Acrobat 安裝用戶群提供附加功能來將此功能貨幣化。

In Q1, we achieved Document Cloud revenue of $750 million, growing 18% year-over-year. We added $143 million of net new Document Cloud ARR, which was a Q1 record, with year-over-year ending ARR growth of 23% in constant currency. Other business highlights include: Acrobat Web continues to be an incredible source of customer acquisition with monthly active users up over 70% year-over-year and surpassing 100 million users in Q1. Acrobat extensions for Microsoft Edge and Google Chrome and our Acrobat mobile offerings continue to accelerate free-to-paid conversion. Increased viral adoption through link sharing and stakeholder collaboration drove over 300% year-over-year growth in the number of PDF files sent. Key enterprise customer wins include Berkshire Hathaway, Merck Sharp & Dohme, Northrop Grumman, Porsche, and the U.S. Navy.

第一季度，我們實現了 Document Cloud 營收 7.5 億美元，年增 18%。我們增加了 1.43 億美元的淨新 Document Cloud ARR，創下了第一季的最高紀錄，以固定匯率計算，年末 ARR 年比成長 23%。其他業務亮點包括：Acrobat Web 繼續成為令人難以置信的客戶獲取來源，每月活躍用戶同比增長超過 70%，並在第一季突破 1 億用戶。 Microsoft Edge 和 Google Chrome 的 Acrobat 擴充功能以及我們的 Acrobat 行動產品繼續加速免費到付費的轉換。透過連結共享和利害關係人協作，病毒式傳播的增加使得發送的 PDF 文件數量年增超過 300%。主要企業客戶包括波克夏海瑟威、默克夏普多姆公司、諾斯羅普格魯曼公司、保時捷和美國海軍。

On Creative Cloud, creativity is the currency of differentiation in our digital-first world. Every creator and business is focused on building their brand and engaging with their audiences through standout content. Creative Cloud remains the solution of choice for the world's creators, whether their medium is design, photography, video, illustration or 3D.

在 Creative Cloud 上，創造力是我們這個數位優先世界中差異化的貨幣。每個創作者和企業都專注於建立自己的品牌，並透過出色的內容吸引觀眾。 Creative Cloud 仍然是全球創作者的首選解決方案，無論他們的媒介是設計、攝影、影片、插圖還是 3D。

Adobe Express is inspiring millions of users of all skill levels to design more quickly and easily than ever before. In the year since we announced and released Adobe Firefly, our creative generative AI model, we have aggressively integrated this functionality into both our Creative Cloud flagship applications, and more recently, Adobe Express, delighting millions of users who have generated over 6.5 billion assets to date.

Adobe Express 正在激勵數百萬各個技能水平的用戶比以往更快、更輕鬆地進行設計。自從我們宣布並發布我們的創意生成 AI 模型 Adob​​e Firefly 以來，我們積極將此功能整合到我們的 Creative Cloud 旗艦應用程式以及最近的 Adob​​e Firefly 中，讓數百萬用戶感到高興，迄今為止他們已經生成了超過 65 億個資產。

In addition to creating proprietary foundation models, Firefly includes a web-based interface for ideation and rapid prototyping, which has seen tremendous adoption. We also recently introduced Firefly services, an AI platform which enables every enterprise to embed and extend our technology into their creative production and marketing workflows. Firefly services is currently powered by our commercially safe models and includes the ability for enterprises to create their own custom models by providing their proprietary data sets as well as to embed this functionality through APIs into their e-mail, media placement, social, and web creation process.

除了創建專有基礎模型外，Firefly 還包括一個用於構思和快速原型設計的基於 Web 的介面，該介面得到了廣泛的採用。我們最近也推出了 Firefly 服務，這是一個人工智慧平台，使每個企業都可以將我們的技術嵌入並擴展到他們的創意生產和行銷工作流程中。 Firefly 服務目前由我們的商業安全模型提供支持，並包括企業透過提供其專有資料集來創建自己的自訂模型的能力，以及透過 API 將此功能嵌入到他們的電子郵件、媒體投放、社交和網路創建過程中。

Early adopters like IBM are putting Firefly at the center of their content creation processes. IBM used Adobe Firefly to generate 200 campaign assets and over 1,000 marketing variations in moments rather than months. The campaign drove 26x higher engagement than its benchmark and reached more key audiences.

IBM 等早期採用者將 Firefly 置於其內容創建流程的中心。 IBM 使用 Adob​​e Firefly 在短短幾分鐘內（而不是幾個月內）產生了 200 個行銷資產和 1,000 多個行銷變體。活動的參與度比基準高出 26 倍，並接觸了更多關鍵受眾。

In Q1, we achieved $3.07 billion in revenue, which grew 12% year-over-year. Net new Creative Cloud ARR was $289 million. Other business highlights include: The launch of the new Adobe Express mobile app beta brings the magic of Adobe Firefly AI models directly into mobile workflows. The first-of-its-kind integration with TikTok's creative assistant makes the creation and optimization of social media content quicker, easier and more effective than ever before. Express Web usage continues to ramp nicely, with total exports more than doubling year-over-year. And overall Express adoption is expected to accelerate even further, given the positive reception we're seeing from the mobile beta.

第一季度，我們實現營收30.7億美元，年增12%。新的 Creative Cloud 淨 ARR 為 2.89 億美元。其他業務亮點包括：全新 Adob​​e Express 行動應用程式測試版的推出，將 Adob​​e Firefly AI 模型的神奇之處直接帶入行動工作流程。與 TikTok 創意助理的首次整合使得社群媒體內容的創建和優化比以往更快、更輕鬆、更有效。 Express Web 使用量持續穩定成長，出口總額較去年同期成長一倍以上。鑑於我們看到的行動測試版的積極反響，預計 Express 的整體採用將進一步加速。

Generative Fill and Photoshop continues to empower creators to create in new ways and accelerate image editing workflows. Q1 saw the highest adoption of Firefly-powered tools in Photoshop since the release of Generative Fill in May 2023, with customers adopting these features across desktop, web and most recently, iPad, which added Generative Fill and Generative Expand in December. The beta release of AI-powered Enhanced Speech and new audio workflows drove Premier beta usage to record highs. Adobe video tools were the go-to choice at Sundance Film Festival with over 80% of this year's entrants using Adobe software.

Generative Fill 和 Photoshop 持續幫助創作者以新的方式進行創作並加速影像編輯工作流程。自 2023 年 5 月發布生成填充功能以來，第一季 Photoshop 中 Firefly 驅動工具的採用率最高，客戶在桌面、網路以及最近的 iPad 上採用了這些功能，iPad 於 12 月添加了生成填充和生成擴展功能。人工智慧增強語音和新音訊工作流程的測試版發布推動 Premier 測試版的使用率創下歷史新高。 Adobe 視訊工具是聖丹斯電影節的首選，今年超過 80% 的參賽者使用 Adob​​e 軟體。

The introduction of Behance Pro, a new offering to serve the rapidly growing Behance community, empowers members to build their brand and find opportunities and for businesses to hire talented creators through the Behance platform. The unveiling of new research like the preview of our music generation models and editing tools last month and our video auto-dubbing models earlier today have inspired our Creative Cloud and Express customers.

Behance Pro 的推出是為了服務快速發展的 Behance 社群而推出的新產品，它使會員能夠透過 Behance 平台建立自己的品牌、尋找機會，並幫助企業聘用有才華的創作者。上個月我們發布的音樂生成模型和編輯工具預覽版，以及今天早些時候發布的視頻自動配音模型等新研究成果的發布，激發了我們的 Creative Cloud 和 Express 客戶靈感。

The introduction of Firefly Services for enterprises drove notable wins in the quarter, including Accenture, IPG, and Starbucks. Other key enterprise wins include AECOM, Capital Group, Dentsu, IBM, Nintendo, and RR Donnelley. Given the size of opportunity we see with generative AI, we continue to focus on driving innovation, adoption and usage of our AI solutions. In Q1, we saw strength across both clouds, with record new commercial subscriptions in Creative Cloud for Q1 and strong product-led growth in Document Cloud. You can expect to see the product advances in Express with Firefly on mobile, Firefly Services and AI Assistant in Acrobat drive ARR acceleration in the second half of the year.

Firefly 服務的推出為企業帶來了本季的顯著勝利，其中包括埃森哲、IPG 和星巴克。其他主要企業獲獎者包括 AECOM、Capital Group、Dentsu、IBM、Nintendo 和 RR Donnelley。鑑於我們在生成式人工智慧領域看到的機會規模，我們將繼續專注於推動人工智慧解決方案的創新、採用和使用。在第一季度，我們看到兩種雲端服務均表現強勁，其中 Creative Cloud 第一季的商業訂閱數量創下了歷史新高，Document Cloud 也以產品為主導實現了強勁成長。您可以期待看到 Express 在行動裝置與 Firefly 的合作、Firefly 服務和 Acrobat 中的 AI 助理在下半年推動 ARR 加速的產品進步。

We're excited about our product roadmap. The 6.5 billion assets generated to date include images, vectors, designs, and text effects. And we can't wait to share the work we're doing on audio, video and 3D through research sneaks and product announcements in the coming months.

我們對我們的產品路線圖感到非常興奮。迄今為止產生的 65 億資產包括圖像、向量圖、設計和文字效果。我們迫不及待地想在接下來的幾個月透過研究成果和產品發布與大家分享我們在音訊、視訊和 3D 領域所做的工作。

I'll now pass it to Anil.

我現在將其傳遞給阿尼爾。

Thanks, David. Hello, everyone. Experience Cloud business had a great first quarter, achieving $1.29 billion in revenue and was our strongest Q1 on record for new business. Subscription revenue was $1.16 billion, representing 12% year-over-year growth. Companies are prioritizing digital investments to improve marketing agility and customer engagement while driving growth and profitability. Adobe's Holiday Shopping Report, which analyzes trillions of data points, showed strong online spending during the 2023 holiday season, growing 4.9% year-over-year to $222.1 billion, a new record for e-commerce as well as mobile shopping, which surpassed desktop for the first time and drove 51.1% of online sales.

謝謝，大衛。大家好。 Experience Cloud 業務第一季表現優異，實現 12.9 億美元的營收，創下我們新業務有史以來最強勁的第一季業績。訂閱收入為11.6億美元，年增12%。公司正在優先考慮數位投資，以提高行銷敏捷性和客戶參與度，同時推動成長和獲利能力。 Adobe 的《假期購物報告》分析了數萬億個數據點，結果顯示，2023 年假期季在線消費強勁，同比增長 4.9% 至 2221 億美元，創下電子商務和行動購物的新紀錄，行動購物首次超過台式電腦，推動了 51.1% 的在線銷售額。

Our Adobe Experience Cloud applications span the entire customer funnel from acquisition to monetization to retention. As a global leader in the Digital Experience Platforms category, Adobe offers businesses a single view of their customers' data across every channel, allowing them to create precise segments and deliver personalized experiences, regardless of when and where a customer interacts with their brand.

我們的 Adob​​e Experience Cloud 應用程式涵蓋了從獲取到貨幣化再到保留的整個客戶管道。作為數位體驗平台領域的全球領導者，Adobe 為企業提供跨各個管道的客戶資料單一視圖，使他們能夠創建精確的細分並提供個人化的體驗，無論客戶何時何地與其品牌互動。

Over the last 5 years, our organic innovations in Adobe Experience Platform, Real-time CDP, Journey Optimizer and Customer Journey Analytics have made us the leading platform for Customer Experience Management, given the scale of the profiles, campaigns, and interactions we process, which now exceed 500 trillion segment evaluations per month. Today, rollout of personalization at scale has been limited by the number of content variations you can create and the number of journeys you can deploy. We believe harnessing generative AI will be the next accelerant with Creative Cloud, Firefly Services and GenStudio providing a comprehensive solution for the content supply chain and Generative Experience Model automating the creation of personalized journeys.

在過去 5 年中，我們在 Adob​​e Experience Platform、即時 CDP、Journey Optimizer 和 Customer Journey Analytics 方面的有機創新使我們成為領先的客戶體驗管理平台，我們處理的資料、活動和互動規模現已超過每月 500 萬億次細分評估。如今，大規模個人化的推出受到您可以創建的內容變體數量和您可以部署的旅程數量的限制。我們相信，利用生成性人工智慧將成為下一個加速器，Creative Cloud、Firefly Services 和 GenStudio 為內容供應鏈提供全面的解決方案，而生成性體驗模型則可自動建立個人化的旅程。

Adobe GenStudio is a generative AI-first application that allows marketers to quickly plan, create, store, deliver, and measure marketing content in a single intuitive offering. With state-of-the-art generative AI powered by Firefly Services, marketers can create on-brand content with unprecedented scale and agility to deliver personalized experiences. Adobe GenStudio natively integrates with multiple Adobe applications across Creative Cloud and Experience Cloud, including Express, Firefly, Workfront, Experience Manager, Customer Journey Analytics and Journey Optimizer. It can be used by brands and their agency partners to unlock new levels of creativity and efficiency in marketing campaigns.

Adobe GenStudio 是一款生成式 AI 優先應用程序，可讓行銷人員透過單一直觀的產品快速規劃、創建、儲存、交付和衡量行銷內容。透過 Firefly Services 提供的最先進的生成式人工智慧，行銷人員可以以前所未有的規模和靈活性創建品牌內容，以提供個人化的體驗。 Adobe GenStudio 與 Creative Cloud 和 Experience Cloud 中的多個 Adob​​e 應用程式本機集成，包括 Express、Firefly、Workfront、Experience Manager、Customer Journey Analytics 和 Journey Optimizer。品牌及其代理商合作夥伴可以使用它來提升行銷活動的創造力和效率。

Business highlights include: Momentum with Adobe Experience Platform and native applications with the combined annualized book of business surpassing $800 million in the quarter. Demand for Adobe Experience Manager, Workfront and GenStudio to address the enterprise content supply chain. Global agencies, including Accenture Song, Havas, IPG, Omnicom, and Publicis have standardized on Adobe as their technology platform of choice for their own workflows and to optimize creative collaboration with the world's leading brands.

業務亮點包括：Adobe Experience Platform 和原生應用程式的強勁發展勢頭，本季綜合年度業務額超過 8 億美元。需要 Adob​​e Experience Manager、Workfront 和 GenStudio 來解決企業內容供應鏈問題。包括 Accenture Song、Havas、IPG、Omnicom 和 Publicis 在內的全球代理商均已將 Adob​​e 作為其工作流程的首選技術平台，並以此優化與世界領先品牌的創意合作。

Strength in Adobe Journey Optimizer on Adobe Campaign as companies look to deliver more personalized experiences across channels and surfaces. Adobe was recognized as a leader in the Gartner Magic Quadrant for Digital Experience Platforms for the seventh consecutive year, as well as the Forrester Wave for Digital Experience Platforms. Adobe Experience Manager assets was also named a leader for the fourth consecutive time in the Forrester Wave for Digital Asset Management. Key customer wins include Carl Zeiss, Comcast, Home Depot, NASCAR, Nestle, PayPal, Rogers Communications, Santander Group, Starbucks, and Walgreens.

隨著企業尋求跨通路和跨介面提供更個人化的體驗，Adobe Journey Optimizer 在 Adob​​e Campaign 中的優勢得以體現。 Adobe 連續第七年被評為 Gartner 數位體驗平台魔力像限領導者，並被 Forrester Wave 評為數位體驗平台領導者。 Adobe Experience Manager 資產也連續第四次在 Forrester Wave 數位資產管理中被評為領導者。主要客戶包括卡爾蔡司、康卡斯特、家得寶、納斯卡、雀巢、PayPal、羅傑斯通訊、桑坦德集團、星巴克和沃爾格林。

Later this month, we are excited to host Adobe Summit, the world's largest digital experience conference in Las Vegas, where we will be joined by thousands of customers, partners, and developers from around the world. We look forward to showcasing a number of product innovations, including a new Generative Experience Model, advances in Adobe GenStudio, a new AI Assistant in Adobe Experience Platform, new capabilities in RT-CDP for first-party data activation and expanded Firefly Services offerings.

本月晚些時候，我們很高興將在拉斯維加斯舉辦全球最大的數位體驗會議 Adob​​e Summit，來自世界各地的數千名客戶、合作夥伴和開發人員將參加此次會議。我們期待展示一系列產品創新，包括新的生成體驗模型、Adobe GenStudio 的進步、Adobe Experience Platform 中的新 AI 助理、用於第一方資料啟動的 RT-CDP 的新功能以及擴展的 Firefly 服務產品。

We will articulate our vision and playbook for brands to achieve a new level of personalization at scale in the era of generative AI. We look forward to sharing our exciting product roadmap and hearing from our customers on how Adobe is helping them transform their business. We were off to a fast start in Q1 and look forward to continuing the momentum and leadership in Q2 and beyond.

我們將闡明我們的願景和行動計劃，幫助品牌在生成式人工智慧時代實現大規模個人化的新水平。我們期待分享我們令人興奮的產品路線圖，並聽取客戶關於 Adob​​e 如何幫助他們轉變業務的意見。我們在第一季取得了快速起步，並期待在第二季及以後繼續保持這一勢頭和領先地位。

I will now pass it to Dan.

我現在將它傳給丹。

Today I will start by summarizing Adobe's performance in Q1 fiscal 2024, highlighting growth drivers across our businesses, and I'll finish with financial targets. In Q1, Adobe delivered another quarter of double-digit top-line growth with robust margins that result from product leadership, strong execution and financial discipline.

今天，我將首先總結 Adob​​e 在 2024 財年第一季的業績，重點介紹我們各個業務的成長動力，最後介紹財務目標。在第一季度，Adobe 再次實現了兩位數的營收成長，得益於產品領導力、強大的執行力和財務紀律，利潤率強勁。

The pace of our product innovation across Document Cloud, Creative Cloud and Experience Cloud is leading to customers making large multi-year commitments to Adobe, and you see the result of those customer investments in our RPO performance, which accelerated to 16% year-over-year growth. In the quarter, Adobe achieved record revenue of $5.18 billion, which represents 11% year-over-year growth, or 12% in constant currency.

我們在 Document Cloud、Creative Cloud 和 Experience Cloud 上的產品創新步伐，促使客戶對 Adob​​e 做出了多年的大量承諾，並且您可以看到這些客戶投資對我們的 RPO 績效的影響，該績效同比增長了 16%。本季度，Adobe 實現創紀錄的 51.8 億美元營收，年增 11%，以固定匯率計算成長 12%。

Business and financial highlights included: GAAP diluted earnings per share of $1.36 and non-GAAP diluted earnings per share of $4.48; Digital Media revenue of $3.82 billion; net new Digital Media ARR of $432 million; Digital Experience revenue of $1.29 billion; cash flows from operations of $1.17 billion; RPO of $17.58 billion exiting the quarter; and repurchasing approximately 3.1 million shares of our stock during the quarter.

業務和財務亮點包括：GAAP 稀釋每股收益 1.36 美元，非 GAAP 稀釋每股收益 4.48 美元；數位媒體收入 38.2 億美元；淨新數位媒體 ARR 為 4.32 億美元；數位體驗收入 12.9 億美元；經營活動現金流為 11.7 億美元；本季的 RPO 為 175.8 億美元；並在本季回購了約 310 萬股股票。

GAAP EPS came in lower due to the billion-dollar payment resulting from the termination of the Figma transaction. Absent the Termination Payment, our cash flows from operations would have been $1 billion more, and GAAP EPS would have been $2.19 higher. The Termination Payment impacts both Q1 GAAP EPS and our full-year fiscal 2024 GAAP EPS.

由於 Figma 交易終止導致的 10 億美元付款，GAAP EPS 有所下降。如果沒有終止付款，我們的營運活動現金流將增加 10 億美元，而 GAAP EPS 將增加 2.19 美元。終止付款將影響第一季的 GAAP EPS 和我們的 2024 財政年度全年 GAAP EPS。

In our Digital Media segment, we achieved Q1 revenue of $3.82 billion, which represents 12% year-over-year growth, or 13% in constant currency. We exited the quarter with $15.76 billion of Digital Media ARR, up 14% year-over-year in constant currency. Adobe achieved Document Cloud revenue of $750 million, which represents 18% year-over-year growth as reported and in constant currency.

在我們的數位媒體部門，我們第一季的營收為 38.2 億美元，年增 12%，以固定匯率計算成長 13%。本季末，我們的數位媒體 ARR 為 157.6 億美元，以固定匯率計算年增 14%。 Adobe 的文檔雲端收入達到 7.5 億美元，以報告和固定匯率計算，年增 18%。

We added $143 million of net new Document Cloud ARR in the quarter. Q1 Document Cloud growth drivers included: Demand for Acrobat subscriptions across all customer segments and geographies; continued growth of Acrobat Web, demonstrating the success of our flagship products across multiple surfaces; growing monthly active users in our Acrobat Reader funnel, driving free-to-paid conversion; new user acquisition resulting from our Microsoft Edge and Google Chrome partnerships; strength in our Teams business with upselling our new Acrobat offering, which includes integrated Sign capabilities; and strong demand from businesses of all sizes, demonstrating the mission criticality of our document solutions.

我們在本季增加了 1.43 億美元的淨新 Document Cloud ARR。 Q1 Document Cloud 的成長動力包括：所有客戶群和地區對 Acrobat 訂閱的需求； Acrobat Web 持續成長，展示了我們的旗艦產品在多個平台上的成功；增加 Acrobat Reader 管道中的每月活躍用戶，推動免費到付費的轉換；透過與 Microsoft Edge 和 Google Chrome 合作獲取新用戶；透過銷售包含整合 Sign 功能的全新 Acrobat 產品，增強我們 Teams 業務的優勢；以及來自各種規模企業的強烈需求，證明了我們的文件解決方案的關鍵性。

We achieved Creative revenue of $3.07 billion, which represents 11% year-over-year growth, or 12% in constant currency. We added $289 million of net new Creative ARR in the quarter, with ending ARR growing 12% year over year in constant currency.

我們實現了 30.7 億美元的創意收入，年增 11%，或以固定匯率計算成長 12%。本季度，我們增加了 2.89 億美元的淨新創意 ARR，期末 ARR 以固定匯率計算年增 12%。

Overall, CC pricing actions performed as expected in the quarter. Q1 net new Creative ARR grew more than 20% year over year, excluding the impact of pricing actions associated with both Acrobat CC and All Apps in the year-ago quarter, and Creative Cloud in Q1 FY24. Q1 Creative growth drivers included: New subscription growth, including strong adoption of Creative Cloud All Apps across geographies and customer segments; strong single app customer demand in Creative categories such as imaging and photography, and continued growth of Stock and Frame.io; we again saw strength in emerging markets, which we continue to believe is a massive growth opportunity; and outstanding performance of Creative Cloud in the enterprise, including early traction of Firefly Services.

整體而言，本季 CC 定價行動表現符合預期。 Q1 淨新創意 ARR 年成長超過 20%，不包括去年同期 Acrobat CC 和 All Apps 以及 2024 財年第一季 Creative Cloud 的定價行動的影響。 Q1 創意成長動力包括：新訂閱成長，包括跨地區和客戶群對 Creative Cloud All Apps 的大力採用；影像和攝影等創意類別的單一應用客戶需求強勁，以及 Stock 和 Frame.io 的持續成長；我們再次看到了新興市場的實力，我們仍然相信這是一個巨大的成長機會；以及 Creative Cloud 在企業領域的出色表現，包括 Firefly Services 的早期發展。

Turning to our Digital Experience segment, in Q1 we achieved revenue of $1.29 billion, which represents 10% year-over-year growth as reported and in constant currency. Digital Experience subscription revenue was $1.16 billion, growing 12% year over year as reported and in constant currency.

談到我們的數位體驗部門，第一季我們實現了 12.9 億美元的收入，按報告和固定匯率計算，年增 10%。數位體驗訂閱收入為 11.6 億美元，按報告和固定匯率計算年增 12%。

Q1 was a tremendous start to the year for our Experience Cloud business, with growth drivers including: Success closing transformational deals across geographies and verticals with large enterprises that are choosing Adobe to be their end-to-end Customer Experience Management Platform; continued momentum with AEP and native applications, with the annualized book of business growing more than 60% year-over-year; strong customer adoption of our Content, Campaign and Workfront solutions; and continued strength with customer retention and expansion across our products. Customer Experience Management remains an enterprise imperative, and as a leader in the category we see a robust pipeline as we look into Q2 and beyond.

第一季對於我們的體驗雲端業務來說是一個良好的開端，其成長動力包括：成功與跨地域和垂直領域的大型企業達成轉型交易，這些企業選擇 Adob​​e 作為其端到端客戶體驗管理平台； AEP 和原生應用程式持續保持良好發展勢頭，年化業務量較去年同期成長超過 60%；客戶廣泛採用我們的內容、活動和 Workfront 解決方案；並持續保持強大的客戶保留率和產品擴展能力。客戶體驗管理仍然是企業的當務之急，作為該領域的領導者，展望第二季度及以後，我們看到了強勁的成長動能。

Turning to the income statement and balance sheet, Adobe's effective tax rate in Q1 was 36% on a GAAP basis and 18.5% on a non-GAAP basis. The Q1 GAAP tax rate came in higher than targeted due to the Figma Termination Payment. RPO exiting the quarter was a record $17.58 billion, growing 16% year-over-year, as reported and in constant currency.

談到損益表和資產負債表，Adobe 第一季的有效稅率以 GAAP 計算為 36%，以非 GAAP 計算為 18.5%。由於 Figma 終止付款，第一季的 GAAP 稅率高於目標。本季的 RPO 達到創紀錄的 175.8 億美元，按報告和固定匯率計算年增 16%。

Our ending cash and short-term investment position exiting Q1 was $6.82 billion, and cash flows from operations in the quarter were $1.17 billion. In Q1 we entered into a $2 billion share repurchase agreement, which effectively exhausted our prior $15 billion authority. As a result of our strong trajectory of growth and profitability, we are announcing a new $25 billion share repurchase program, which demonstrates Adobe's continued commitment to returning capital to our shareholders.

我們第一季的期末現金和短期投資部位為 68.2 億美元，本季的經營現金流為 11.7 億美元。我們在第一季簽署了一項價值 20 億美元的股票回購協議，這實際上耗盡了我們先前 150 億美元的權限。由於我們強勁的成長和獲利軌跡，我們宣布了一項新的 250 億美元股票回購計劃，這表明 Adob​​e 繼續致力於向股東返還資本。

In light of the momentum across our business and factoring in the macroeconomic environment, for Q2 we are targeting: total Adobe revenue of $5.25 billion to $5.30 billion; Digital Media net new ARR of approximately $440 million; Digital Media segment revenue of $3.87 billion to $3.90 billion; Digital Experience segment revenue of $1.31 billion to $1.33 billion; Digital Experience subscription revenue of $1.165 billion to $1.185 billion; tax rate of approximately 18.5% on a GAAP and 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.

鑑於我們業務的發展動能和宏觀經濟環境，我們第二季的目標是：Adobe 總營收達到 52.5 億至 53 億美元；數位媒體淨新ARR約4.4億美元；數位媒體部門收入為 38.7 億美元至 39 億美元；數位體驗部門收入為 13.1 億美元至 13.3 億美元；數位體驗訂閱收入為 11.65 億美元至 11.85 億美元；根據 GAAP 和非 GAAP 計算，稅率約為 18.5%；每股 GAAP 收益為 3.35 美元至 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。

In summary, fiscal 2024 is off to a strong start. By combining the power of product innovation and executional excellence, Adobe is driving consistent, profitable growth. We're delivering on our product roadmap, and we have the right strategy to monetize these innovations into the back half of the year and beyond. Adobe is incredibly well positioned to capitalize on the secular trends that will shape the next decade.

總而言之，2024 財年開局強勁。透過結合產品創新和卓越執行的力量，Adobe 正在推動持續的獲利成長。我們正在實施我們的產品路線圖，並且我們擁有正確的策略來在今年下半年及以後將這些創新轉化為現金。 Adobe 擁有極為有利的地位，可以利用決定未來十年的長期趨勢。

Shantanu, back to you.

山塔努，回到你身邊。

Thanks, Dan. We are the leader in 3 large and growing categories and have delivered groundbreaking innovation across Creative Cloud, Document Cloud and Experience Cloud. We believe that AI augments human ingenuity and expands our addressable market opportunity. I'm proud of the pace and the responsible manner in which we have embraced and delivered generative AI capabilities across our product portfolio.

謝謝，丹。我們是三個龐大且不斷成長的類別的領導者，並在 Creative Cloud、Document Cloud 和 Experience Cloud 方面實現了突破性的創新。我們相信人工智慧能夠增強人類的創造力並擴大我們的潛在市場機會。我為我們在整個產品組合中採用和提供生成性人工智慧功能的速度和負責任的方式感到自豪。

As a result of our strategy and execution, we are confident in our ability to attract new users and deliver value to existing customers to drive growth and profitability. I'd like to thank our 30,000 employees for their continued dedication and unwavering focus on innovation and execution. It is particularly exciting to be named to Glassdoor's Best Places to Work, Fortune's Most Admired Companies and the JUST 100. Thank you, and we will now take questions. Operator?

透過我們的策略和執行，我們有信心吸引新用戶並為現有客戶提供價值，從而推動成長和獲利。我要感謝我們 30,000 名員工的持續奉獻和對創新和執行的堅定關注。能夠入選 Glassdoor 最佳工作場所、財富最受讚賞公司和 JUST 100 榜單，我感到特別興奮。操作員？

(Operator Instructions)

（操作員指令）

Our first question comes from the line of Kirk Materne with Evercore ISI.

我們的第一個問題來自 Evercore ISI 的 Kirk Materne。

I guess maybe this is for David or Dan. Obviously, you guys called out that new Creative ARR was up more than 20% year-over-year when you exclude the pricing increases, which infers a pretty major pricing headwind that we're seeing right now. Can you all just try to parse out how that's going to play out over the year?

我猜這也許適合大衛或丹。顯然，你們指出，如果不考慮價格上漲的影響，新的創意 ARR 年比增長了 20% 以上，這意味著我們目前看到了相當大的定價阻力。你們能否試著分析一下這一情況在接下來的一年中將如何發展？

I know, David, you mentioned ARR will go up in the back half of the year, but that -- it's just tough, I think, to reconcile what's going on in the business on a normalized basis. And when we might see that sort of translate more into the metrics that everybody follows?

我知道，大衛，你提到 ARR 將在下半年上升，但是，我認為，以正常化的方式協調業務中正在發生的事情是很困難的。那麼我們何時才能看到這些內容轉化為每個人都遵循的指標呢？

Yes, I'll start and others can go ahead and add on. First of all, we do -- as we looked at the book of the business, it is a strong start to the year with Q1 coming in at a high watermark with $432 million across the entire business. As we look specifically at Creative Cloud, I just want to sort of make sure everyone takes a step back and looks at our strategy to accelerate the business, because I think the growth drivers here are very clear.

是的，我先開始，其他人可以繼續增加。首先，我們確實如此——當我們查看業務帳簿時，我們發現今年開局強勁，第一季整個業務的營業額達到高位 4.32 億美元。當我們特別關注 Creative Cloud 時，我只想確保每個人都退後一步，看看我們加速業務的策略，因為我認為這裡的成長動力非常明確。

We are focused on expanding access to users with things like Express on mobile. We want to introduce new offers across the business with things like AI Assistant and also existing capabilities for Firefly coming into our core Firefly, our core Photoshop and Illustrator and flagship applications. We want to access new budget pools with the introduction of Firefly services and GenStudio as we talked about.

我們專注於透過行動端 Express 等服務擴大用戶的存取範圍。我們希望在整個業務範圍內推出新的產品，例如 AI Assistant 以及 Firefly 的現有功能，並將其融入我們的核心 Firefly、核心 Photoshop 和 Illustrator 以及旗艦應用程式中。正如我們所討論的，我們希望透過引入 Firefly 服務和 GenStudio 來存取新的預算池。

And the early signs, as you point out, in Q1 results are really suggesting that those growth drivers are taking hold, as you talked about, normalizing for FY '22 through the FY '24 pricing actions, we grew the CC business about 20% year-over-year. Other key things to look at is that we set another record for new commercial subscriptions in Q1 and the business growth remained stable at -- if you look back at revenue, 12%, if you look forward at ARR, 12%. So the stability and the diversity of the business is strong.

正如您所指出的，第一季業績的早期跡象確實表明這些成長動力正在發揮作用，正如您所說，從 22 財年到 24 財年的定價行動正常化，我們的 CC 業務同比增長了約 20%。其他值得關注的關鍵事項是，我們在第一季創下了新的商業訂閱記錄，業務成長保持穩定 - 如果回顧收入，則為 12%；如果展望 ARR，則為 12%。因此業務的穩定性和多樣性很強。

And as we enter the back half of the year, we have capabilities for Creative Cloud pricing with Firefly that have already started rolling out late last year as we talked about, and will be incrementally rolling out throughout the year. We're ramping Firefly services and Express in enterprise as we talked about. We saw a very good beginning of that rollout at the -- toward the end of Q1. We also expect to see the second half ramping with Express mobile and AI Assistant coming through. So we have a lot of the back-end capabilities set up so that we can start monetizing these new features, which are still largely in beta starting in Q3 and beyond.

隨著我們進入下半年，我們擁有透過 Firefly 實現 Creative Cloud 定價的功能，正如我們所討論的那樣，該功能已於去年年底開始推出，並將在全年逐步推出。正如我們之前所說，我們正在企業中加強 Firefly 服務和 Express。在第一季末，我們看到了該產品推出後的一個非常好的開端。我們也預計，隨著 Express 移動和 AI Assistant 的推出，下半年將會迎來成長。因此，我們設定了許多後端功能，以便我們可以開始將這些新功能貨幣化，這些功能從第三季及以後開始仍處於測試階段。

And as it relates to pricing, it's what we've talked about in the past. We had 2 pretty significant pricing actions that benefited FY '23, the first one being the Acrobat price increases that we had put out with the new value that we had introduced with Sign capabilities and also a CC price increase that we introduced in FY '22 that was rolling into FY '23. Both of those are rolling off as we have now introduced the new pricing for CC with Firefly. And overall, the roll-off of the prior pricing is more significant than the new pricing that we've introduced.

至於定價，這正是我們過去討論過的問題。我們採取了兩項非常重要的定價舉措，使 23 財年受益。由於我們現在推出了 Firefly CC 的新定價，因此這兩項服務都已停止營運。整體而言，先前定價的下調幅度比我們推出的新定價更為顯著。

And we will take our next question from Brent Thill with Jefferies.

我們將回答 Jefferies 的 Brent Thill 提出的下一個問題。

Shantanu, the magnitude of the beat this quarter, it was roughly half the absolute beat you've had in past quarters and then the guide obviously lower for next quarter. I think everyone is asking, is this some type of AI headwind? Is this macro? Is this execution? Can you just comment on -- and maybe it's none of these things, but can you just comment on what you think you're seeing in the current quarter?

山塔努，本季的超出預期程度大約是前幾季的絕對超出預期程度的一半，而下一季的預期顯然會更低。我想每個人都在問，這是某種人工智慧逆風嗎？這是宏嗎？這是執行嗎？您能否評論一下——也許這些都不是問題，但您能否評論一下您認為本季看到的情況？

Yes, happy to, Brent. And again, I'll reiterate that as it relates to us taking our targets pretty seriously, I mean, when we guided to $1.9 billion for the year, I mean, we had factored in both, as David mentioned, what was likely to happen in the pricing and how that rolls off as well as the product roadmap and when AI Assistant and Acrobat would be available, when Express, which is now in beta, would be available, so I think it factored in all of those.

是的，很高興，布倫特。我再次重申，我們非常重視我們的目標，當我們預計今年的營收為 19 億美元時，我們已經考慮了 David 提到的定價可能發生的變化以及如何實施產品路線圖，以及 AI Assistant 和 Acrobat 何時上市，Express（目前處於測試階段）何時上市，所以我認為我們已經將所有這些都考慮在內了。

I mean, I guess if you're looking at it from accomplishment, we look at it and say, "Hey, we did $410 million, I think, last year. We did $432 million." If we look at the guide, we're on track as it relates to the $1.9 billion and to hopefully exceed that guidance. So from our perspective, it's playing out.

我的意思是，我想如果你從成就的角度來看待它，我們會看著它說，“嘿，我想，去年我們賺了 4.1 億美元。我們賺了 4.32 億美元。”如果我們看一下指南，我們正朝著 19 億美元的目標前進，並希望能超越這項指導。從我們的角度來看，它正在發揮作用。

Maybe the other color, Brent, that I would provide is given the desktop products are still in beta, and there, we look at value, and there, we look at utilization. And so I think we gave you some numbers on the 6.5 billion generations that we're seeing the, really, positive feedback that we're getting in Acrobat that continue to give us optimism associated with how that is.

布倫特，也許我要提供的另一種顏色是，鑑於桌面產品仍處於測試階段，我們關注的是價值，我們關注的是利用率。所以我認為我們已經為您提供了 65 億代人的一些數字，我們看到了 Acrobat 中得到的真正積極的反饋，這些反饋繼續讓我們對此感到樂觀。

I think where there's tremendous interest and where, if you look at it from an AI monetization, the 2 places that we're monetizing extremely in line with our expectations, the first is as it relates to the Creative Cloud pricing that we've rolled out. And as you know, the generative packs are included for the most part in how people now buy Creative Cloud, that's rolling out as expected.

我認為，如果從人工智慧貨幣化的角度來看，人們對此有著極大的興趣，並且我們在兩個方面實現了貨幣化，這與我們的預期極為一致，第一個方面是與我們推出的 Creative Cloud 定價有關。如您所知，生成包大部分包含在人們現在購買的 Creative Cloud 中，這是預期的。

And the second place where we are monetizing it is in the entire enterprise as it relates to Content and GenStudio. And I'm really happy about how that's monetizing it. And that's a combination, Brent, of when we go into an enterprise for creation, whether we provide Creative Cloud or a combination of Express, what we are doing with asset management and AEM, Workflow as well as Firefly services to enable people to do custom models as well as APIs. We're seeing way more monetization earlier, but again, very much in line with expected.

我們將其貨幣化的第二個地方是與內容和 GenStudio 相關的整個企業。而我對於如何將其貨幣化感到非常高興。布倫特，當我們進入企業進行創作時，無論我們提供 Creative Cloud 還是 Express 的組合，我們都使用資產管理和 AEM、Workflow 以及 Firefly 服務來使人們能夠創建自訂模型和 API。我們早些時候看到了更多的貨幣化，但同樣，這與預期非常一致。

So again, I look at the quarter and I feel really good, both about the product delivery as well as the way monetization's turning out. I mean, it's clear, I guess, a little bit from sort of what we've seen that expectations were perhaps a little higher, both in terms of what we would guide for Q2. But I'm really optimistic about what we have done.

因此，再次回顧本季度，我感覺非常好，無論是產品交付還是貨幣化方式。我的意思是，從我們所看到的情況來看，很明顯我們的預期可能要高一些，無論是就我們對第二季的預期而言。但我對我們所做的一切感到非常樂觀。

Your next question comes from the line of Brad Zelnick with Deutsche Bank.

您的下一個問題來自德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

My question's for Dan. You're not raising the full year guide, and I appreciate it's still early in the year, but I think we're all hoping you can at least affirm it for us. But you also -- you pushed out the enforcement of generative credit limits for some products beyond April that were originally expected sooner. What's the thinking behind this decision? And what are you seeing thus far in terms of credit consumption and purchasing patterns of those credit packs?

我的問題是問丹的。您沒有提高全年指南，我知道現在還處於年初，但我想我們都希望您至少能為我們確認這一點。但您也將某些產品的生成性信貸限額的實施時間推遲到了 4 月以後，而這些產品的生成性信貸限額原本預計會提前實施。這個決定背後的想法是什麼？到目前為止，您看到這些信用包的信用消費和購買模式如何？

Yes. Thanks, Brad. I'll jump in on the first part, then toss it over to David for the second. So we're not updating the targets. The targets we provided for the full year, they're as of the December call. What we did share on the call was the material change that we saw in Q1 as a result of the Figma Termination Payment. We talked about the GAAP EPS impact. It rolls through Q1 and it'll certainly have an effect for the full year. And it's $2.19 as a result of the $1 billion payment. And I think with that, I think you have everything you need relative to where we set our targets, but we're not going to be updating them on this call.

是的。謝謝，布拉德。我會先講第一部分，然後再交給 David 講第二部分。因此我們不會更新目標。我們提供的全年目標截至 12 月。我們在電話會議上分享的是 Figma 終止付款導致的第一季發生的重大變化。我們討論了 GAAP EPS 的影響。它會持續整個第一季度，並且肯定會對全年產生影響。這是 10 億美元支付的結果，即 2.19 美元。我認為，我們已經了解了我們設定的目標所需的一切，但我們不會在這次電話會議上更新這些目標。

Yes, and I'm happy to add a little bit. Yes, in terms of the timing of the -- when we start enforcing credits, don't read anything into that other than right now we are still very much in acquisition mode. We want to bring a lot of users in. We want to get them using the products as much as possible. We want them coming back and using it.

是的，我很樂意補充一點。是的，就時間而言——當我們開始執行信用時，不要對此進行任何解讀，除了現在我們仍然處於收購模式。我們希望吸引大量用戶。我們希望他們回來並使用它。

One thing I do want to state, because I know there's a lot of energy around how do these credits play out over time. In the last few weeks, we've done a couple of sneaks that could also be instructive. Last month, we snuck music composition where you can take any music track, you can give it a music type like hip-hop or orchestral or whatever, and it will transform that initial track into this new type of music.

我確實想說明一件事，因為我知道很多人在關注這些積分隨著時間的推移將如何發揮作用。在過去的幾周里，我們做了一些可能具有啟發意義的秘密行動。上個月，我們偷偷地進行了音樂創作，你可以選取任意音樂曲目，賦予它一種音樂類型，例如嘻哈或管弦樂等等，然後它會將最初的曲目轉換成這種新的音樂類型。

Just this morning, we snuck our ability to do auto-dubbing and lip-syncing where you give it a video of someone talking in, say, English and then you can translate it automatically to French or Spanish or Portuguese or whatever. As you can imagine, those actions will not take 1 credit. Those actions will be much more significant in terms of what they cost. So right now, look, the primary point is about proliferation and usage.

就在今天早上，我們偷偷實現了自動配音和口型同步的功能，只要輸入某人用英語說話的視頻，它就可以自動將其翻譯成法語、西班牙語、葡萄牙語或其他語言。你可以想像，這些行動不會佔用 1 個信用。從成本角度來看，這些行動將更為重要。所以現在，主要的焦點是關於擴散和使用。

We're going to be bringing in a lot more new capabilities throughout the tools that will drive more usage, and we're going to be bringing in more expensive capabilities as well. And as we've talked about, you should start to see that ramp through the year, and we feel very comfortable with the adoption we're seeing. Just 1 last thing to call out. As we mentioned on the call, highest number of users using generative AI in Q1 ever, so we're very excited about the trajectory.

我們將在整個工具中引入更多新功能，以推動更多的使用，並且我們還將引入更昂貴的功能。正如我們所討論的，您應該會看到這一趨勢在全年不斷上升，我們對所看到的採用情況感到非常滿意。最後還有一件事要指出。正如我們在電話會議中提到的，第一季使用生成式人工智慧的用戶數量達到了歷史最高水平，因此我們對這一發展軌跡感到非常興奮。

And maybe just to add a little bit more of how we are thinking about it as it relates to the monetization of AI, I think we're in early stages as it relates to experimentation. So we're looking at both what the value utilization is as well as experimentation. The value utilization is actually really positive for us.

也許只是想補充一點我們對人工智慧貨幣化的看法，我認為我們在實驗方面還處於早期階段。因此，我們正在研究價值利用率以及實驗。價值利用對我們來說其實非常有利。

I think as it relates to the monetization and the experimentation, we have the generative packs, as you know, in Creative Cloud. I think you will see us more and more have that as part of the normal pricing and look at pricing, because that's the way in which we want to continue to see people use it.

我認為，就貨幣化和實驗而言，我們在 Creative Cloud 中擁有生成套件。我認為你會看到我們越來越多地將其作為正常定價的一部分並考慮定價，因為我們希望繼續看到人們以這種方式使用它。

I think in Acrobat, as you've seen, we are not actually using the generative packs. We're going to be using more of an AI Assistant model, which is a monthly model. As it relates to the enterprise, we have both the ability to do custom models, which depends on how much content that they are creating as well as an API and metering. We've rolled that out and we started to sell that as part of our GenStudio solution.

我認為在 Acrobat 中，如您所見，我們實際上並沒有使用生成套件。我們將更多地使用 AI 助理模型，這是一種月度模型。就企業而言，我們既有能力製作客製化模型，這取決於他們創建的內容量以及 API 和計量。我們已經推出了該解決方案，並開始將其作為 GenStudio 解決方案的一部分進行銷售。

So I think it's fair to say, and I certainly monitor what everybody else in the industry is saying, the good news about this is the interface integration that we've done in all our apps and the utilization and I think the experimentation will enable us to determine how we best attract the largest number of customers that we can who are new to Creative Cloud.

因此，我認為可以公平地說，而且我當然會關注業內其他人的言論，好消息是我們已經在所有應用程序中實現了界面集成，並且利用率很高，我認為實驗將使我們能夠確定如何最好地吸引盡可能多的 Creative Cloud 新客戶。

We've talked about that as it relates to Firefly attracting new customers. Certainly, I think the number of Q1 commercial subscriptions was another record. So we're absolutely doing everything that we intended to experiment as we roll these out, Brad, so I wanted to accentuate that as well.

我們已經討論過這個問題，因為它與 Firefly 吸引新客戶有關。當然，我認為第一季的商業訂閱數量又創下了新高。因此，我們在推出這些產品時絕對會做我們打算嘗試的一切，布拉德，所以我也想強調這一點。

Your next question comes from the line of Michael Turrin with Wells Fargo Securities.

您的下一個問題來自富國證券的邁克爾圖林 (Michael Turrin)。

David, couldn't help but notice you led off your prepared remarks section with the Document Cloud. Can you speak to the enthusiasm you're seeing on the Document side? And when we think about the mix of Digital Media growth for the year, should we expect it will continue to trend towards that Document side? Or is more the second half where some of the creative enhancements start to layer on more meaningfully, we could start to see that shift back a bit?

大衛，我忍不住注意到你用文檔雲開啟了你準備好的評論部分。您能談談您在文件方面看到的熱情嗎？當我們思考今年數位媒體的成長組合時，我們是否應該預期它將繼續向文件方面發展？還是在下半場，一些創造性的增強開始更有意義地發揮作用，我們是否可以開始看到這種轉變有所回落？

Yes, happy to talk about that. We were very and continue to be very happy with the performance of Document Cloud. If you really look at trying to understand sort of how that plays out, Document Cloud is -- the growth is a combination of both our go-to-market efforts and our product innovation. On the go-to-market effort side, think about the fact that Reader continues to be a top of funnel for us, and we continue to see Reader monthly active user growth. So the potential of people we can convert over to paid subscribers continues to grow.

是的，很高興談論這個。我們過去和現在都對 Document Cloud 的效能非常滿意。如果你真的試著去理解它是如何實現的，你會發現 Document Cloud 的成長是我們進入市場的努力和產品創新的結合。在市場推廣工作方面，想想這個事實：閱讀器繼續成為我們最重要的產品，而且我們繼續看到閱讀器每月活躍用戶的成長。因此，我們轉化為付費用戶的潛力持續成長。

We also talked about the fact that Acrobat Web has been a major contributor to our growth. So we're seeing 70% year-over-year growth in terms of web MAU and we crossed 100 million monthly active users for the first time on the Web side. And of course, we're doing a lot of work with product-led growth to drive the Journey users to some of that value that drives conversion. So that's all we're doing on the go-to-market side.

我們也談到了 Acrobat Web 對我們成長的重大貢獻。因此，我們看到網路月活躍用戶量年增了 70%，網路月活躍用戶量首次突破了 1 億。當然，我們正在做大量以產品為主導的成長工作，以推動 Journey 用戶獲得一些能夠推動轉換的價值。這就是我們在市場進入方面所做的全部工作。

On the side of product innovation, our strategy over the last couple of years, has been to make PDF the starting point of a workflow, right? And so that's why we integrated Sign directly into that so that people could use their PDFs and start a transaction for their business, and that continues to grow very nicely and it's a great selling point for an integrated service.

在產品創新方面，我們過去幾年的策略是將 PDF 作為工作流程的起點，對嗎？這就是我們將 Sign 直接整合到其中的原因，以便人們可以使用他們的 PDF 並為他們的業務開始交易，而且這項服務繼續保持良好的成長勢頭，對於一項整合服務來說，這是一個很好的賣點。

We also introduced link sharing a few years ago for commenting and reviewing with groups and teams. We saw that link sharing grow 300% year-over-year, so that's a huge point of value, but it's also a huge point of viral growth. That's also what -- when someone receives that, it's another opportunity for us to bring them into the value of the broader offering.

幾年前，我們還引入了連結共享功能，方便團體和團隊進行評論和審查。我們發現連結共享年增了 300%，這是一個巨大的價值點，但也是病毒式成長的巨大點。這也是——當有人收到它時，這是我們讓他們了解更廣泛產品價值的另一個機會。

And you can expect to see that with AI Assistant as well. So obviously, everyone is looking at AI Assistant in Acrobat. I certainly hope all of you are using it. It should make your lives more effective. Not just for insight, we think that there's a lot of opportunity for monetization of insight for AI Assistant on our core base of Acrobat users but also, for the first time, doing consumption-based value. So the hundreds of millions of monthly active users of Reader will also be able to get access to AI Assistant and purchase an add-on pack there, too. So it's a really broad base to look at how we monetize that.

您也可以在 AI Assistant 中看到這一點。顯然，每個人都在關注 Acrobat 中的 AI 助手。我當然希望大家都在使用它。它會讓您的生活更有效率。不僅僅是為了洞察力，我們認為，在我們的 Acrobat 核心用戶群中，AI Assistant 洞察力有很多貨幣化機會，而且我們首次實現了基於消費的價值。因此，Reader 每月數億活躍用戶也將能夠存取 AI 助理並購買附加包。因此，研究如何將其貨幣化是一個非常廣泛的基礎。

But it's also the start of the ability to take your conversation and generate e-mails and presentations and continue that process. So the combination of all of that is a really potent combination of go-to-market efforts and product innovation. So we are -- we continue to be bullish about this.

但這也是將您的對話轉化為電子郵件和簡報並繼續這一過程的能力的開始。所以，所有這些的結合，就是市場進入努力和產品創新的真正強大的組合。因此，我們對此繼續持樂觀態度。

To the second part of your question, we are -- as we've said multiple times on the call, we are very excited about all the innovation that's coming out, that's just starting to ramp in terms of monetization and/or still in beta on the Creative Cloud side. We expect that to come out in Q3 and we'll start our monetization there. So we continue to feel very confident about the second half acceleration of Creative Cloud.

對於你問題的第二部分，正如我們在電話會議中多次說過的那樣，我們對即將推出的所有創新感到非常興奮，這些創新才剛開始在貨幣化方面發揮作用，或者在 Creative Cloud 方面仍處於測試階段。我們預計它將在第三季推出，我們將在那裡開始我們的貨幣化。因此，我們仍然對 Creative Cloud 下半年的加速發展非常有信心。

Your next question comes from the line of Saket Kalia with Barclays.

您的下一個問題來自巴克萊銀行的 Saket Kalia。

Maybe for both David and Shantanu. Clearly, a lot of news around video creation using generative AI during the quarter, of course, with the announcement of Sora. Maybe the question for you folks is can we just talk a little bit about how you think about the market impact that generative AI can have in the video editing market and how maybe Firefly can participate in that trend?

對 David 和 Shantanu 來說或許都是如此。顯然，本季圍繞著使用生成式人工智慧進行影片創作的新聞很多，當然，隨著 Sora 的發布。或許你們要問的問題是，我們能否談談你們如何看待生成式 AI 對影片編輯市場產生的市場影響，以及 Firefly 如何參與這一趨勢？

Sure, Saket. I mean, I'll start and then David can add. I mean, firstly, I think the advances, whether it's in OpenAI or our own models that certainly, David and I have the pleasure of looking at, on a weekly basis, the advances are amazing because you have to -- when you're thinking about video, solve some other fundamental problems like physics, right? I mean, if you have somebody walking on a street, how do you make sure that they don't go through a building or go through the floor.

當然，Saket。我的意思是，我先開始，然後大衛可以補充。我的意思是，首先，我認為無論是在 OpenAI 還是我們自己的模型中取得的進步，大衛和我每週都很高興地看到，這些進步是驚人的，因為你必須——當你考慮視頻時，解決一些其他基本問題，比如物理學，對吧？我的意思是，如果有人在街上行走，你怎麼確保他們不會穿過建築物或穿過地板。

And so I think some of those video advancements that we have seen within Adobe have really addressed some of those hard problems. A big picture, though, video, I think, will be even more of an accelerant for editing applications. I mean, I think this notion that the next Oppenheimer will be done using a text-to-video prompt is just not going to happen for decades.

因此我認為 Adob​​e 在影片方面取得的一些進步確實解決了一些難題。不過，我認為，從總體上看，影片將會成為編輯應用程式的更強勁的推動力。我的意思是，我認為下一個奧本海默將使用文字到視訊提示來完成這個想法在幾十年內都不會實現。

And so I think, actually, more so in video, there's going to be an accelerant for people saying, "How do I get an on-ramp as it relates to using text-to-video and then edit that using our applications." And so I think I'm really particularly excited about what we can do with Premier as well as with After Effects as it relates to video.

因此我認為，實際上，在視頻領域更是如此，人們會問：“如何獲得與使用文本到視頻相關的入門信息，然後使用我們的應用程序對其進行編輯？”因此我認為我對我們可以使用 Premier 和 After Effects 在影片方面所做的事情特別興奮。

So net-net, I would say, Saket, the technology is impressive. We have our models. We have integrated it into our interfaces. We're also partnering. I had a really great conversation with Jensen recently about what we can do as they are investing in video. Certainly, he would love to partner with us, and we're looking together to see how we can push the envelope on video as well using their models, whether it's Edify or NeMo.

所以總的來說，我想說，Saket，這項技術令人印象深刻。我們有我們的模型。我們已將其整合到我們的介面中。我們也是合作夥伴。最近我與 Jensen 進行了一次非常愉快的交談，談論了他們在視頻投資方面我們可以做些什麼。當然，他很樂意與我們合作，我們正在共同研究如何利用他們的模型（無論是 Edify 還是 NeMo）突破影片領域的界限。

And so I think really early days. We're seeing a whole bunch. I hope -- and David mentioned this, look at some of the lip-sync stuff that we've done as well, which allows you to auto-dub and translate into languages, so we intentionally released a little bit of that demo. So really great advances, but net-net, video is going to be even more of a need for editing applications in order to truly take advantage of generative AI.

所以我認為現在還為時過早。我們看到了一大堆。我希望——大衛提到了這一點，看看我們也做過的一些口型同步的東西，它可以讓你自動配音並翻譯成各種語言，所以我們特意發布了一點演示。因此，這確實是巨大的進步，但總體而言，為了真正利用生成式人工智慧，影片將更需要編輯應用程式。

Yes, and maybe I'll just add a few things. First of all, as Shantanu mentioned, the research in the industry and certainly with Sora is very impressive and exciting. It's also very consistent with the models that we're developing. So we think that there's -- there will be, as there was with video -- sorry, imaging, there will be multiple models that come out including the Adobe model later this year, and we should start to see a lot of innovation there like we've seen in imaging.

是的，也許我只需要添加一些內容。首先，正如 Shantanu 所提到的，該行業的研究，尤其是 Sora 的研究，非常令人印象深刻和令人興奮。它也與我們正在開發的模型非常一致。因此我們認為，就像影片一樣，在成像領域，將會有多種模型問世，包括今年稍後的 Adob​​e 模型，我們應該開始看到很多創新，就像我們在成像領域看到的那樣。

We've already started to sneak a couple of things, as Shantanu talked about, but you will see text-to-video capabilities from us later this year. But you'll also see it with transparency around the training data that we have. You'll see it with more tool ability and controllability. You'll see it integrated into our tools as well.

正如 Shantanu 所談到的，我們已經開始偷偷做一些事情，但您將在今年稍後看到我們推出的文字轉影片功能。但您也會看到我們擁有的訓練資料的透明度。您會看到它具有更多的工具能力和可控制性。您還會看到它整合到我們的工具中。

Now all of that said, I do want to be very clear with what Shantanu said, which is that we see the proliferation of video models to be a very good thing for Adobe. We're going to work with OpenAI around Sora. You're going to see us obviously developing our own model. You're going to see others develop their model. All of that creates a tailwind because the more people generate video clips, the more they need to edit that content, right? So whether it's Premier or After Effects or Express, they have to assemble those clips. They have to color correct those clips. They have to tone-match. They have to enable transitions.

說了這麼多，我確實想非常清楚地表達 Shantanu 所說的話，那就是我們認為視頻模型的普及對 Adob​​e 來說是一件非常好的事情。我們將與 OpenAI 圍繞 Sora 展開合作。您會看到我們顯然正在開發我們自己的模型。您將會看到其他人開發他們的模型。所有這些都創造了順風，因為製作影片片段的人越多，他們就越需要編輯這些內容，對嗎？因此，無論是 Premier、After Effects 還是 Express，他們都必須組裝這些剪輯。他們必須校正這些片段的色彩。它們必須音調一致。他們必須實現轉變。

So we're excited about what we're building, but we're just as excited about the partnerships that we see with OpenAI and others coming down this path. And if you take a step back, you should expect to see more from us in the weeks ahead with imaging and vector, design, text effects, in the months ahead with audio and video and 3D. We're very excited about what all of this means, not just for the models, but for our APIs and our tools.

因此，我們對我們正在建立的東西感到非常興奮，但我們對與 OpenAI 和其他沿著這條道路前進的公司建立的合作夥伴關係也同樣感到興奮。如果你回顧一下，那麼你應該會在未來幾週看到我們推出更多有關成像和向量、設計、文字效果的產品，在未來幾個月則會看到音訊、視訊和 3D 產品。我們對這一切的意義感到非常興奮，不僅對於模型，而且對我們的 API 和工具也意義重大。

Your next question comes from the line of Alex Zukin with Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Alex Zukin。

And I just -- mine is going to be more of a clarifying question, because it's clear that from a number of comments, whether it's outperforming Digital Media ARR in the quarter to accelerating Creative ARR in the second half to maybe doing better than $1.9 billion in the full year for Digital Media ARR, my question is very simple. Can you reiterate, not update but reiterate, the guide that you gave in December for Digital Media ARR in net new specifically for this year? And maybe puts and takes around how we should think about, to the question earlier, the second half versus first half tailwind headwind around pricing?

我只是——我的問題更像是一個澄清問題，因為從許多評論來看，很明顯，無論是本季度表現優於數字媒體 ARR，還是下半年創意 ARR 加速，或者全年數字媒體 ARR 的表現可能超過 19 億美元，我的問題非常簡單。您能否重申（不是更新而是重申）您在 12 月針對今年的數位媒體 ARR 淨收入給出的指南？或許我們可以圍繞著先前的問題來思考一下，下半年與上半年在定價上的順風與逆風？

Yes. So we take our guide seriously. Q1 played out as expected. It was ahead of where we were last year. Our Q2 guide is ahead of where the guide was in Q2. We're talking about acceleration into the back half of the year. If I didn't feel like our full year guide was achievable, we would have a different conversation.

是的。所以我們非常重視我們的指南。 Q1 的結果符合預期。這比我們去年的水平要高。我們的第二季指南比第二季的指南更高。我們正在談論下半年的加速。如果我覺得我們的全年目標無法實現，我們就會進行不同的對話。

We're confident in the targets that we put out there, ability to meet them. If there's an opportunity to do better, we certainly will. So we feel good about where we sit in the first half. And as we look forward into the second half, the momentum we see from an innovation standpoint, integrating into our products, what we see going from beta to GA, we feel good about the momentum into the second half.

我們對自己設定的目標充滿信心，並且有能力實現這些目標。如果有機會做得更好，我們一定會做得更好。因此我們對於上半場的表現感到很滿意。展望下半年，我們從創新的角度看到了發展勢頭，將其融入到我們的產品中，我們看到了從測試版到 GA 的轉變，我們對下半年的發展勢頭感到很滿意。

And your next question comes from the line of Karl Keirstead with UBS.

您的下一個問題來自瑞銀的 Karl Keirstead。

Dan, maybe I'll continue with this subject that Alex was getting at. So I think what's tough about modeling ARR of late is it's very difficult to see the impact of the price actions. It feels like a black box to us. So I'm wondering if you could help us get aligned for the second half and offer some qualitative color on the extent to which the prior period price actions roll off. Is that more of a 3Q or 4Q phenomenon? Is there any way you could help size that impact, just to feel good about David's earlier comment about that roll-off being a big part of the second half ARR acceleration?

丹，也許我會繼續討論亞歷克斯正在談論的這個話題。因此我認為，最近對 ARR 進行建模的困難之處在於很難看出價格行為的影響。對我們來說，它就像一個黑盒子。所以我想知道您是否可以幫助我們為下半年做好準備，並對前期價格走勢的下滑程度提供一些定性分析。這更像是 3Q 或 4Q 現象嗎？您是否有什麼方法可以幫助擴大這種影響，只是為了對 David 之前關於這種下滑是下半年 ARR 加速的重要組合部分的評論感到滿意？

Yes. So there were 2 pricing actions that we had taken in 2022. In May of 2022, we pushed forward a pricing action. And then October of 2022, we pushed forward the Doc Cloud line optimization where we integrated Sign. The 1-year anniversary of those pricing actions from May of 2022 and October of 2023 -- or I'm sorry, October of 2022 will be behind us on the 1-year anniversary. So you will still see some Q3 impact from pricing actions in the year ago period.

是的。因此，我們在 2022 年採取了兩項定價行動。然後在 2022 年 10 月，我們推動了 Doc Cloud 線路優化，其中整合了 Sign。 2022 年 5 月和 2023 年 10 月是這些定價行動的一周年紀念日——或者抱歉，2022 年 10 月將是一周年紀念日。因此，您仍會看到去年同期的定價措施對第三季產生一些影響。

Q4 will be a clean look for the company, at least 2 months in Q4 will be a clean look. The actions that we're taking right now from both a pricing and a product standpoint, on the Creative side, will be more apparent in the back half of the year into the end of the year.

Q4 對公司來說會是一個乾淨的面貌，第四季至少 2 個月內會是一個乾淨的面貌。我們目前在定價和產品方面採取的行動將在今年下半年到年底更加明顯。

I think the other way I would look at it honestly -- sorry, go ahead.

我認為我會從另一個角度誠實地看待這個問題——抱歉，請繼續。

Go ahead, David or Shantanu...

繼續，David 或 Shantanu...

Well, the way I would look at it in terms of the rhythm of the numbers and how you've seen sort of what transpired in 2023 and how we look at 2024 and the path to $1.9 billion and beyond, the way I would look at it is we're ahead in Q1. We're ahead in Q1. We're giving you all the reasons why we think there's more product coming and more monetization coming in the rest of the year, and that's what gives us the confidence associated with the targets.

好吧，從數字的節奏以及您對 2023 年發生的事情的看法，以及我們對 2024 年以及達到 19 億美元及以後的道路的看法來看，我認為我們在第一季度處於領先地位。我們在第一季處於領先地位。我們會向您提供所有理由，說明為什麼我們認為今年剩餘時間內會有更多產品推出、更多貨幣化實現，這讓我們對目標充滿信心。

I guess there's this question of every quarter, do we reiterate targets, do we update targets, what does that mean. And the way we've always thought of it is if there was a way, if we didn't have confidence, we would give you that. We have confidence associated with the numbers. But we're not in the business of every quarter looking at every number.

我想每個季度都會有這個問題，我們是否重申目標，我們是否更新目標，這意味著什麼。我們始終認為，如果有辦法，如果我們沒有信心，我們就會把它給你。我們對這些數字充滿信心。但我們的業務並不是關注每季的每個數字。

And let's go down one other number, which was the GAAP EPS. Certainly, there's an impact, as you know, in the GAAP EPS associated with what we did as it related to the Figma sort of transaction and therefore, the impact to GAAP EPS in Q1. So I think from my perspective, the quarter and the year is playing out just as we did. And I feel more confident now than I did when we gave you our annual targets. I'll leave it at that.

讓我們再來看另一個數字，即 GAAP EPS。當然，如您所知，我們所做的與 Figma 交易相關的 GAAP EPS 會產生影響，因此也會對第一季的 GAAP EPS 產生影響。因此，我認為從我的角度來看，本季和今年的情況與我們的情況一樣。與當初我們向你們提出年度目標時相比，我現在感到更有自信。我就不說了。

And we will take our next question from the line of Jay Vleeschhouwer with Griffin Securities.

下一個問題來自 Griffin Securities 的 Jay Vleeschhouwer。

With respect to Firefly, it's obvious that you are significantly ramping up your investments there, at least judging by the number of relevant open positions you're looking to fill for Firefly development, many of which are seemingly fairly senior. Could you comment on your pipeline of being able to bring in the requisite amount of developmental capacity to support everything you're doing with Firefly and everything else that David, in particular, talked about?

關於 Firefly，很明顯你們正在大幅增加在那裡的投資，至少從你們為 Firefly 開發尋找的空缺職位數量來看是如此，其中許多職位似乎都是相當高級的。您能否評論一下您是否能夠引入必要的開發能力來支持您在 Firefly 上所做的一切以及 David 特別談到的一切其他工作？

And relatedly on go-to-market, in the last few months, you've been opening up the aperture for sales positions globally. Could you comment on what the thinking is behind that, and again, whether the population is there for you to bring in to meet your sales head count needs?

與市場進入相關的是，在過去的幾個月裡，你們一直在全球範圍內開拓銷售職位。您能否評論一下這背後的想法？

Yes. Let me take the first one, and Anil can answer the question on sales. As it relates to the momentum we're seeing with Firefly, I think there are multiple layers of it. One is obviously, we're seeing the quality of the models. We're seeing a differentiated approach as it relates to the training data, as it approaches contribution of assets from our community and how we compensate those folks. And so that's not just an Adobe perspective, but it's playing out, obviously, in the enterprises as they look at what are the models that they can consider using for production workflows.

是的。讓我回答第一個問題，阿尼爾可以回答有關銷售的問題。至於它與我們在 Firefly 中看到的勢頭，我認為它有多個層次。顯然，我們看到了模型的品質。我們看到了一種與訓練資料相關的差異化方法，因為它涉及來自我們社區的資產貢獻以及我們如何補償這些人。所以這不僅僅是 Adob​​e 的觀點，而且顯然在企業中發揮作用，因為他們正在研究可以考慮用於生產工作流程的模型。

We're the only one with the full suite of capabilities that they can do. It's a really unique position to be in. But it's also being noticed by the research community, right? And as the community starts looking at places, if I'm a PhD that wants to go work in a particular environment, I start to ask myself the question of which environment do I want to pick. And a lot of people want to do AI in a responsible way. And that has been a very, very good opportunity for us to bring in amazing talent.

我們是唯一一家擁有他們所具備的全套功能的公司。這確實是一個很獨特的地位。當社區開始尋找地方時，如果我是想要在特定環境中工作的博士，我會開始問自己想要選擇哪個環境。很多人希望以負責任的方式進行人工智慧。這對我們來說是一個非常非常好的機會來引進傑出人才。

So we are investing. We do believe that we have the best -- one of the best, if not the best, research labs around imaging, around video, around audio, around 3D, and we're going to continue to attract that talent very quickly. We've already talked about we have the broadest set of creative models for imaging, for vector, for design, for audio, for 3D, for video, for fonts and text effects. And so this gives us a broad surface area to bring people in. And that momentum that starts with people coming in has been great.

因此我們正在投資。我們確實相信，我們擁有最好的——最好的之一，甚至是最好的成像、視訊、音訊和 3D 研究實驗室，我們將繼續迅速吸引這些人才。我們已經討論過，我們擁有最廣泛的創意模型，用於成像、向量、設計、音訊、3D、視訊、字體和文字效果。因此，這為我們提供了吸引人才的廣闊空間。

The second part of this, too, is managing access to GPUs while maintaining our margins. We've been able to sort of manage our cost structure in a way that brings in the talent and gives them the necessary GPUs to do their best work.

第二部分也是在保持利潤的同時管理對 GPU 的存取。我們已經能夠以某種方式管理我們的成本結構，從而吸引人才並為他們提供必要的 GPU，以便他們能夠發揮出最佳水平。

And regarding the sales positions in enterprises. In enterprise, we're in a strong position because what we -- this area of customer experience management, it remains a clear imperative for enterprise customers. Everybody is investing in this personalization, at scale and current supply chain. These help drive both growth and profitability.

以及關於企業中的銷售職位。在企業領域，我們處於強勢地位，因為在客戶體驗管理領域，它對企業客戶來說仍然是一個明確的當務之急。每個人都在對這種個人化、大規模和當前的供應鏈進行投資。這些有助於推動成長和獲利。

So when you look at these areas, these, from an enterprise perspective, these are a must-have. This is not a need-to-have. And that's helping us really attract the right kind of talent. We just onboarded, this week, a VP of Sales who had prior experience, a lot of experience in Cisco and Salesforce, et cetera. So that's an example of we're really bringing on some excellent enterprise sales talent.

因此，當您從企業角度看待這些領域時，這些都是必須的。這不是必需品。這確實有助於我們吸引合適的人才。本週，我們剛任命了一位銷售副總裁，他曾在思科和 Salesforce 等公司擁有豐富的經驗。這是我們確實引進一些優秀企業銷售人才的一個例子。

And I don't know if, Jay, you were asking for building your model or if you were looking for a job. But if you're interested in any of these positions, let us know.

傑伊，我不知道你是在請求建立模型還是在找工作。但如果您對這些職位感興趣，請告訴我們。

More the former.

前者更多。

Operator, we're coming up on the hour. Let's try to squeeze in 2 more questions.

接線員，我們快到整點了。我們試著再問兩個問題。

We will take our next question from Kash Rangan with Goldman Sachs.

下一個問題我們將由高盛的 Kash Rangan 提出。

It looks like there's more trust in AI and Excel models than what you're actually saying qualitatively on this call. I just wanted to give you an opportunity to debunk this hypothesis that is going around that AI, it is generating videos and pictures, but the next step is, it's going to do the actual editing and put out Premier Pro use or whatnot. So that is probably the existential threat that people are debating.

看起來人們對 AI 和 Excel 模型的信任度比你在這次電話會議中實際所說的更高品質。我只是想給你一個機會來揭穿這個假設，即人工智慧可以產生影片和圖片，但下一步是進行實際的編輯並推出 Premier Pro 用途或諸如此類的事情。這可能就是人們正在爭論的生存威脅。

So I wanted you -- to see if we could take a shot at why that scenario is very unlikely, that right now it's about generation of images, that your tools pick up where the generation stops and you do the processing, right? So help us understand why this can coexist with AI. That's a philosophical question.

所以我想讓你看看我們是否可以嘗試為什麼這種情況不太可能發生，現在它是關於圖像的生成，你的工具會在生成停止的地方繼續進行，然後你進行處理，對嗎？所以請幫助我們理解為什麼這可以與人工智慧共存。這是一個哲學問題。

And Dan, one for you. Besides the net new ARR that you've already reported on Creative and DM, what are the other indicators such as new business bookings that you don't quantify necessarily, that you qualitatively saw in Q1 that makes you feel good about the year?

丹，給你一個。除了您已經報告的有關 Creative 和 DM 的淨新 ARR 之外，還有哪些其他指標（例如您不一定會量化的新業務預訂）讓您對今年感到滿意？

Great. So maybe I'll take your first part. Dan, obviously, can take the second. So as it relates to generative content, I'm going to sort of break it up into 2 parts. One is around the tooling and how you create the content and the second is around automation associated with the content. I think if you take a step back, before we even get into either one of those, there is no question that there is a huge appetite because of personalization at scale. They need to engage users. The need to build your personal brand online, that content is going to explode in terms of the amount of content being created.

偉大的。所以也許我會接受你的第一部分。顯然，丹可以拿下第二名。因此，由於它與生成內容相關，我將把它分為兩部分。一是圍繞工具和如何創建內容，二是圍繞與內容相關的自動化。我認為，如果你退一步考慮，在我們討論其中任何一個之前，毫無疑問，由於大規模個性化，人們的需求巨大。他們需要吸引用戶。需要在網路上建立個人品牌，從創建的內容數量來看，該內容將會激增。

And it's going to explode because of 1 of 2 things. The first is around the ability to create audio clips, video clips, images, vectors. These are things that get users started. It's great for ideation. You'll see, in a few weeks, some of the incredible work the team has been doing around ideation on firefly.com. And once those things are created, they do flow into our tools for the production work and process. We're clearly seeing a huge benefit from that because the more content that creates -- gets created, the more editing that's required and that's what's driving more commercial CC subscribers this quarter than any other Q1 before, so that's the foundation of it.

而且它會因為兩件事之一而爆炸。首先是圍繞著創建音訊剪輯、視訊剪輯、影像、向量圖的能力。這些都是讓使用者開始的事情。這對於構思很有幫助。幾週後，您將在 firefly.com 上看到團隊圍繞創意所做的一些令人難以置信的工作。一旦這些東西被創造出來，它們就會流入我們的生產工作和流程的工具中。我們顯然看到了其中的巨大好處，因為創建的內容越多，需要的編輯就越多，這就是本季度推動商業 CC 訂閱用戶數量超過以往任何第一季的原因，所以這是其基礎。

The second part of this, though, from an editing perspective is the controllability of -- and the editability of, not just pixels and vectors and time lines, but also the editability of the latent space itself. The latent space being the core capability -- core model capabilities that actually generate the output.

然而，從編輯的角度來看，第二部分是可控制性和可編輯性，不僅是像素、向量和時間線，還有潛在空間本身的可編輯性。潛在空間是核心能力－實際產生輸出的核心模型能力。

We have a lot of research that we've already started releasing. The first of which was Style Match. And you'll start to see more and more of that actually coming out at Summit and beyond. But we are, in my mind, very, very clearly, the leader in terms of creating models that can also be tooled on top of. So that combination of the models getting better and the controllability of those models, we are in a remarkable position for that, so we benefit from that.

我們有大量研究成果已開始發布。第一個是 Style Match。您將會開始看到越來越多這樣的情況在峰會及其他地方出現。但在我看來，我們在創建可在其基礎上進行工具化的模型方面顯然處於領先地位。因此，透過模型不斷改進和模型可控性的結合，我們處於非常有利的位置，因此我們從中受益。

The second part, Kash, is around automation. So as people are generating more content, you clearly need to be able to automate that content and how it's created. And that's really where Firefly services come in. First, it's built on the strength of our Firefly models, say, for commercial use, integrate it into our tools, but it also adds the ability to have custom models to control what kind of information or brand and content it's trained on for both brand styles and product replica.

第二部分 Kash 圍繞自動化。因此，隨著人們產生更多內容，您顯然需要能夠自動化該內容及其創建方式。這就是 Firefly 服務的真正用武之地。

And it's also part of an ecosystem of API services, not just generate something, which is a core part of it, like text to image or Generative Fill or Generative Expand, but also process. So once you generate some images through APIs and automation, you want to be able to remove the background. You want to be able to blur the depth. You want auto-tone. You want to apply actions to that image.

它也是 API 服務生態系統的一部分，不僅僅是生成某些東西（這是它的核心部分），而且還進行處理，例如文字到圖像或生成填充或生成擴展。因此，一旦您透過 API 和自動化產生一些圖像，您就希望能夠刪除背景。您希望能夠模糊深度。您想要自動音調。您想要對該圖像套用操作。

And then the last is you want to be able to assemble that for delivery. Firefly services don't just generate something but you have that entire ecosystem. And then you can embed that using low-code, no-code environments into your flows, and we are already embedding it into GenStudio and all of the capabilities that we're shipping.

最後，您希望能夠將其組裝起來以便交付。 Firefly 服務不只是產生某些東西，還有整個生態系統。然後，您可以使用低程式碼、無程式碼環境將其嵌入到您的流程中，我們已經將其嵌入到 GenStudio 和我們正在提供的所有功能中。

So I think the core part of this is that as more of this content creates, you need more toolability, the best models are going to be the models that are safe to use and have control built-in from the ground up. And I think we have the best controls of anyone in the industry. And they need to be able to be done in an automated fashion that can embed into your workflow. So I think all 3 of those vectors point to benefits for Adobe.

因此，我認為核心部分是隨著更多內容的創建，您需要更多的可工具性，最好的模型將是可以安全使用且從頭開始內建控制的模型。我認為我們的控制力是業界最好的。並且它們需要能夠以自動化的方式完成，並且可以嵌入到您的工作流程中。所以我認為這三個方面都會為 Adob​​e 帶來好處。

And then as we think about the forward-looking, a couple of points I would turn to. You just think about cash flow in Q1. Strength of our cash flow, once you normalize for the $1 billion termination payment, that's up 28% year-over-year. When you think about RPO, 3-point acceleration sequentially. And when I break that up on deferred revenue, unbilled backlog, you saw that acceleration in each of those subcomponents, which, as you look through that acceleration, the near term underscores the strength of the business, and it underscores the longer-term strength we have around the momentum of the business.

然後，當我們思考前瞻性時，我想談幾點。您只需考慮第一季的現金流。我們的現金流實力，一旦將 10 億美元的終止付款正常化，就會比去年同期成長 28%。當您考慮 RPO 時，3 點加速順序發生。當我將其分解為遞延收入、未開票積壓訂單時，您會看到每個子組件都在加速增長，透過這種加速增長，您可以發現短期內業務的實力得到凸顯，而長期來看，業務發展勢頭也得到凸顯。

When I think about individual product commentary, we talked about it a lot on this call. You see record commercial subscriptions in the Creative business in Q1. You see engagement going up on the products. Usage of Firefly capabilities in Photoshop was at an all-time high in Q1, Express exports more than doubling with the introduction of Express mobile in beta now, going to GA in the coming months, AI Assistant, Acrobat, same pack pattern. You can see that momentum as we look into the back half of the year.

當我考慮單一產品評論時，我們在這次電話會議上對此進行了大量討論。您會看到第一季創意業務的商業訂閱量創下了歷史新高。您會看到產品的參與度不斷上升。第一季度，Photoshop 中 Firefly 功能的使用量達到了歷史最高水平，隨著 Express 行動版測試版的推出，Express 的出口量增長了一倍多，並將在未來幾個月內進入 GA 階段，AI Assistant、Acrobat 也將採用相同的包裝模式。當我們展望今年下半年時，你會看到這種勢頭。

And from an enterprise standpoint, the performance in the business was really, really superb in Q1, strongest Q1 ever in the enterprise. So there's a lot of fundamental components that we're seeing around performance of the business that give us confidence as we look into the back half of the year.

從企業角度來看，第一季的業務表現確實非常出色，是企業史上最強勁的第一季。因此，我們看到業務表現的許多基本因素讓我們對今年下半年充滿信心。

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

我們將回答摩根士丹利的 Keith Weiss 提出的下一個問題。

I appreciate you squeezing me in. I'm going to take one last crack at this. Shantanu and team, like, we definitely hear your confidence in the business, but obviously, the stock market reaction's reflecting investors are worried about something. And the 2 things that worry investors more so than anything is uncertainty, number one; and number two is back half ramps, right? And so I think what investors would really love to hear is Dan Durn actually say you still expect to do $1.9 billion in net new Digital Media ARR and get some certainty there, and then also have a little bit more certainty or a little bit more explanation of what are the building blocks of that second half ramp.

感謝您抽出時間給我。 Shantanu 和團隊，我們確實聽到了你們對業務的信心，但顯然，股市的反應反映出投資者對某些事情感到擔憂。最讓投資人擔心的是兩個問題：第一，不確定性；第二個是後半坡道，對嗎？因此，我認為投資者真正希望聽到的是，丹·杜恩實際上表示，您仍然預計淨新數位媒體 ARR 能達到 19 億美元，並獲得一些確定性，然後也能對下半年增長的基石有更多的確定性或更多的解釋。

Like which products are expected to go GA? Are we including stuff like Document Intelligence? Is there new monetization avenues that we're putting into the back half? Or is there just some mechanism within sort of the Creative Cloud pricing that's going to turn on in the back half of the year? Like, any further specification in there, I think, would help sort of close the gap between your confidence and sort of the lack of confidence exhibited by the after-hour reaction.

例如哪些產品有望正式發布？我們是否包括像文檔智能這樣的內容？我們是否在後半部分引入了新的獲利途徑？或者 Creative Cloud 定價中是否存在某種機制，將在今年下半年啟動？就像，我認為，其中的任何進一步的規範，都有助於縮小你的信心與盤後反應所表現出的信心不足之間的差距。

And let me tackle that, Keith, and maybe I'll just tackle it by taking a couple of the other questions as well, summarizing that and ending with your question associated with the financial results. I think the first question that I hear across many folks is, hey, with the advent of AI and the increase in the number of models that people are seeing, whether they be image models or video models, does that mean that the number of seats, both for Adobe and in the world, do they increase? Or do they decrease?

讓我來解決這個問題，基思，也許我會透過回答其他幾個問題來解決這個問題，總結一下，最後回答與財務結果相關的問題。我認為，許多人問的第一個問題是，嘿，隨著人工智慧的出現和人們看到的模型數量的增加，無論是圖像模型還是視訊模型，這是否意味著 Adob​​e 和全球的席位數量都會增加？或者說它們減少了？

To me, there's no question in my mind that when you talk about the models and interfaces that people will use to do creative content, that the number of interfaces will increase. So Adobe has to go leverage that massive opportunity. But big picture, models will only cause more opportunity for interfaces. And I think we're uniquely qualified to engage in that, so that's the first one.

對我來說，當你談論人們用來創作內容的模型和介面時，我毫不懷疑介面的數量將會增加。因此，Adobe 必須利用這一巨大機會。但從整體來看，模型只會為介面帶來更多的機會。我認為我們有獨特的資格參與其中，所以這是第一個。

Second one I would say is that does Adobe innovate? And when we do that, do we only leverage the Adobe model? Or is there a way in which we can leverage every other model that exists out there? Much like we did with plug-ins, with all of our Creative applications, any other model that's out there, we will certainly provide ways to integrate that into our applications, so anybody who's using our application benefits not just from our model creation but from any other model creation that's out there.

我想說的第二個問題是 Adob​​e 是否進行創新？當我們這樣做時，我們是否只利用 Adob​​e 模型？或者我們是否有辦法可以利用現有的所有其他模型？就像我們對插件所做的那樣，對於我們所有的 Creative 應用程式以及任何其他現有的模型，我們肯定會提供將其整合到我們的應用程式中的方法，因此任何使用我們應用程式的人不僅可以從我們的模型創建中受益，還可以從任何其他現有的模型創建中受益。

The way we first started to execute against that is in the enterprise, because for us, the enterprise and the ability to create custom models so people can tweak their models to be able to do things within Photoshop that are specific to a retailer or a financial service was where we focused. But long term certainly, as I've said with our partnerships, we will have the ability for Adobe, in our interfaces, to leverage any other model that's out there, which again further expands our opportunity.

我們最先開始執行這一目標的方式是在企業中，因為對我們來說，企業和創建自訂模型的能力，使人們可以調整他們的模型，從而能夠在 Photoshop 中執行特定於零售商或金融服務的操作，是我們關注的重點。但從長遠來看，正如我所說的合作夥伴關係，我們將有能力讓 Adob​​e 在我們的介面中利用現有的任何其他模型，這再次進一步擴大了我們的機會。

I think as we play out the year, when we gave our targets for the $1.9 billion in ARR and the $410 million in Digital Media ARR for Q1, it factored in both our product roadmap and how things would evolve in the year. All of the product roadmaps, we knew, whether it was Acrobat, whether it was Express, whether it was Firefly, whether it was Creative Cloud or whether it's GenStudio that brings all of these together, we knew the product roadmap, which we're executing against in the first half of the year, a lot of that was beta, and in the second half of the year, a lot of that's monetization.

我認為，隨著這一年的展開，當我們為第一季設定 19 億美元的 ARR 目標和 4.1 億美元的數位媒體 ARR 目標時，它既考慮了我們的產品路線圖，也考慮了今年的情況將如何發展。我們知道所有的產品路線圖，無論是 Acrobat、Express、Firefly、Creative Cloud 或將所有這些整合在一起的 GenStudio，我們都知道產品路線圖，我們在上半年執行的產品路線圖很多都是測試版，而在下半年，很多都是貨幣化產品。

It's playing out as expected. If anything, I would say the excitement around that, and in particular, the enterprise is faster than expected. And so I think our ability to monetize it, just -- not just through new seats, but also through these new Firefly services is expanded as it relates to what we are doing.

一切正如預期的那樣。如果有什麼的話，我想說的是，這令人興奮，尤其是企業的發展速度比預期的要快。因此，我認為我們將其貨幣化的能力——不僅僅是透過新席位，而且透過這些新的 Firefly 服務，也得到了擴展，因為它與我們正在做的事情有關。

And then as it relates to your question around financial results and the go-forward execution, we gave a Q1 target, we beat the Q1 target. And that gives us confidence that the financial target that we gave at the beginning of the year, we're ahead of that. And that's how I'll play it out. You're right, you have to model it. You can look at last year's model and look at last year's model and say, "Hey, they got to $1.913 billion. If they're ahead, does that fundamentally change Adobe's thesis on why we get to $1.9 billion and beyond?"

然後，關於您提出的財務業績和未來執行的問題，我們給出了第一季的目標，並且我們超出了第一季的目標。這使我們相信，我們已經提前實現了年初設定的財務目標。這就是我要做的事情。你是對的，你必須樹立榜樣。您可以查看去年的模型，然後說：“嘿，他們達到了 19.13 億美元。如果他們領先，這是否會從根本上改變 Adob​​e 關於我們為何能達到 19 億美元甚至更高的論點？”

And in my mind, it doesn't. And so that's the way I would answer that question. We have to go execute against the opportunity that we have. I look forward to those who are at Summit. I'm sure we'll have a little bit more conversation, but Q1 was a strong start. It was a strong start against product execution. It was a strong start against the financial metrics that we outlined. And we're going to go do it again, Keith. So that's how I'd answer your question. But thank you all for joining. And with that, I'll hand it back to Jonathan.

但在我看來，事實並非如此。這就是我回答這個問題的方式。我們必須抓住眼前的機會。我期待著那些參加峰會的人。我相信我們會進行更多的對話，但第一季是一個好的開始。這對於產品執行來說是一個好的開始。根據我們列出的財務指標，這是一個好的開始。我們會再做一次，基斯。這就是我回答你問題的方式。但感謝大家的加入。說完這些，我就把麥克風交還給喬納森。

All right. Thanks, everybody. I look forward to speaking with many of you soon. And this concludes the call. We look forward to seeing you at Summit.

好的。謝謝大家。我期待著很快與你們交談。通話到此結束。我們期待在峰會上見到您。