Adobe Inc (ADBE) 2024 Q2 法說會逐字稿

Good day, and welcome to the Q2 FY 2024 Adobe Earnings Conference Call. Today's conference is being recorded. At this time, I'd 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 2024 財年第二季 Adob​​e 收益電話會議。今天的會議正在錄製中。這次，我想將會議交給投資人關係副總裁 Jonathan Vaas。請繼續。

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

下午好，感謝您加入我們。今天與我一起參加電話會議的是 Adob​​e 董事長兼執行長 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。

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

在這次正在錄製的電話會議中，我們將討論 Adob​​e 2024 財年第二季的財務表現。您可以找到我們的新聞稿以及我們準備好的評論的 PDF 版本。以及 Adob​​e 投資者關係網站上的財務表現。

Information discussed on this call, including our financial targets and product plans is as of today June 13, and contains forward-looking statements that involve risks, uncertainties, 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.

本次電話會議討論的資訊（包括我們的財務目標和產品計劃）截至今天 6 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 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 的高階主管將提及恆定的貨幣成長率。非 GAAP 調整可在我們的收益發布和 Adob​​e 投資者關係網站上找到。

I will now turn the call over to Shantanu.

我現在將把電話轉給尚塔努。

Thanks, Jonathan. Good afternoon and thank you for joining us. Adobe had an outstanding quarter, achieving revenue of $5.31 billion, representing 11% year-over-year growth. GAAP earnings per share for the quarter was $3.49 and non-GAAP earnings per share was $448, representing 15% year-over-year growth. Our success is driven by growing customer value through an innovative product roadmap. The advances we are delivering across Creative Cloud, Document Cloud and Experience Cloud are enabling us to attract an expanding universe of users.

謝謝，喬納森。下午好，感謝您加入我們。 Adobe 本季表現出色，營收 53.1 億美元，年增 11%。該季度 GAAP 每股收益為 3.49 美元，非 GAAP 每股收益為 448 美元，較去年同期成長 15%。我們的成功源自於透過創新產品路線圖不斷提升客戶價值。我們在 Creative Cloud、Document Cloud 和 Experience Cloud 方面取得的進展使我們能夠吸引不斷擴大的用戶群。

Everyone from creators, communicators, students, entrepreneurs, and businesses of all sizes are using our products to unleash their creativity, accelerate document productivity and power their digital businesses. Adobe's highly differentiated approach to AI is rooted in the belief that creativity is a uniquely human trait and that AI has the power to assist and amplify human ingenuity and enhance productivity.

來自創作者、傳播者、學生、企業家和各種規模的企業的每個人都在使用我們的產品來釋放他們的創造力，提高文件生產力並推動他們的數位業務。 Adobe 高度差異化的人工智慧方法植根於這樣的信念：創造力是人類獨有的特質，而人工智慧有能力協助和放大人類的創造力並提高生產力。

We're innovating across data, models and interfaces and natively integrating AI across all our offerings. In Creative Cloud, we've invested in training our Firefly family of creative generative AI models with a proprietary data set and delivering AI functionality within our flagship products including Photoshop, Illustrator, Lightroom and Premier.

我們正在數據、模型和介面方面進行創新，並將人工智慧原生整合到我們的所有產品中。在 Creative Cloud 中，我們投資使用專有資料集來訓練我們的 Firefly 系列創意生成 AI 模型，並在我們的旗艦產品（包括 Photoshop、Illustrator、Lightroom 和 Premier）中提供 AI 功能。

We're reimagining creativity for a broader set of customers by delivering Adobe Express as an AI first application across the web and mobile surfaces. Since its debut in March 2023, Firefly has been used to generate over 9 billion images across Adobe Creative tools. In Document Cloud, we're revolutionizing document productivity with Acrobat AI assistant and AI powered conversational engine that can easily be deployed in minutes.

透過將 Adob​​e Express 作為跨網路和行動平台的 AI 優先應用程式提供，我們正在為更廣泛的客戶重新構想創造力。自 2023 年 3 月首次亮相以來，Firefly 已被用於在 Adob​​e Creative 工具中產生超過 90 億張影像。在 Document Cloud 中，我們正在利用 Acrobat AI 助理和人工智慧驅動的對話引擎徹底改變文件生產力，這些引擎可以在幾分鐘內輕鬆部署。

This enhances the value of the trillions of PDFs, which hold a significant portion of the world's information. Acrobat AI assistant features are now available through an add-on subscription to all reader and Acrobat enterprise and individual customers across desktop, web and mobile. At the end of May, we celebrated the 5-year anniversary of Adobe Experience Platform, which we conceived and built from scratch, which is on track to be the next billion-dollar business in our Digital Experience portfolio.

這提高了數萬億個 PDF 的價值，這些 PDF 保存著世界資訊的很大一部分。 Acrobat AI 助理功能現已透過桌面、Web 和行動裝置上的所有讀者以及 Acrobat 企業和個人客戶的附加訂閱提供。 5 月底，我們慶祝了 Adob​​e Experience Platform 成立 5 週年，該平台是我們從頭開始構思和構建的，預計將成為我們數位體驗產品組合中下一個價值十億美元的業務。

We released AEP AI Assistant to enhance the productivity of marketing practitioners through generative AI while expanding access to native AEP applications. With Adobe GenStudio, we're bringing together products across our clouds, including Creative Cloud Adobe Experience Manager, Workfront, Adobe Journey Optimizer and Customer Journey Analytics as well as Adobe Express for business to address a massive content supply chain opportunity.

我們發布了 AEP AI Assistant，透過生成式 AI 提高行銷從業人員的生產力，同時擴大對本機 AEP 應用程式的存取。透過AdAdobe GenStudio，我們將跨雲端的產品整合在一起，包括Creative Cloud Adob​​e Experience Manager、Workfront、Adobe Journey Optimizer 和Customer Journey Analytics 以及面向企業的AdAdobe Express，以應對巨大的內容供應鏈機會。

Our approach to empower marketers to quickly plan, create, manage, activate and measure on-brand content is resonating with customers and validating our leadership across data, content and journeys to deliver personalized experiences at scale. We're extending our applications to integrate third party text, image and video models and partnering strategically to create multimodal large language models, offering customers greater choice and tools, and further enhancing the value of our leading applications and solutions.

我們幫助行銷人員快速規劃、創建、管理、激活和衡量品牌內容的方法引起了客戶的共鳴，並驗證了我們在數據、內容和旅程方面的領先地位，以大規模提供個人化體驗。我們正在擴展我們的應用程式以整合第三方文字、圖像和視訊模型，並進行策略合作以創建多模式大語言模型，為客戶提供更多選擇和工具，並進一步提高我們領先的應用程式和解決方案的價值。

We're driving strong usage value and demand for our AI solutions across all customer segments and seeing early success monetizing new AI technologies across our Digital Media and Digital Experience businesses. Given this rich product road map focused on execution and customer demand in the first half of the year, we're pleased to raise our annual Digital Media net new ARR, Digital Experience subscription revenue and EPS targets.

我們正在推動所有客戶群對人工智慧解決方案的強勁使用價值和需求，並在我們的數位媒體和數位體驗業務中看到新的人工智慧技術貨幣化的早期成功。鑑於今年上半年專注於執行和客戶需求的豐富產品路線圖，我們很高興提高年度數位媒體淨新 ARR、數位體驗訂閱收入和 EPS 目標。

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

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 Q2, we achieved net new Digital Media ARR of $487 million and revenue of $3.91 billion, which grew 12% year over year. On the Document Cloud side, PDF has become a global standard for automating business and consumer workflows. And Acrobat is the platform of choice to view, edit, share, and collaborate with these documents.

謝謝，山塔努。大家好。第二季度，我們實現了 4.87 億美元的淨新數位媒體 ARR 和 39.1 億美元的收入，年增 12%。在文件雲端方面，PDF 已成為自動化業務和消費者工作流程的全球標準。 Acrobat 是檢視、編輯、共用和協作處理這些文件的首選平台。

We continue to see steady growth in monthly active users of our Document Cloud solutions, including Acrobat Reader, Acrobat Standard and Pro, and our signature share and review workflows across mobile, web and desktop. The introduction of Acrobat AI Assistant made generally available in April for English documents marks the beginning of a new era of innovation and efficiency for the approximately 3 trillion PDFs in the world.

我們繼續看到我們的 Document Cloud 解決方案（包括 Acrobat Reader、Acrobat Standard 和 Pro）以及跨行動、Web 和桌面的簽章共享和審查工作流程的每月活躍用戶穩步成長。 Acrobat AI Assistant 於 4 月針對英文文件全面推出，標誌著全球約 3 兆個 PDF 的創新和效率新時代的開始。

Acrobat AI assistant is empowering everyone to shift from reading documents to having conversations with them in order to summarize documents, extract insights, compose presentations and share learnings. AI assistance is available as a standalone offer for use in reader and as an add-on to Acrobat Standard and Pro, we're seeing early success driving adoption of AI assistant as part of our commerce flows and remain optimistic about the long-term opportunities.

Acrobat AI 助理讓每個人都能從閱讀文件轉變為與文件對話，以總結文件、提取見解、撰寫簡報和分享學習成果。人工智慧輔助可作為獨立產品在閱讀器中使用，也可作為Acrobat Standard 和Pro 的附加元件提供，我們看到早期的成功推動了人工智慧助理的採用，成為我們商業流程的一部分，並對長期機會保持樂觀。

In Q2, we achieved Document Cloud revenue of $782 million, growing 19% year over year. We added $165 million of net new Document Cloud ARR, which was a Q2 record with year-over-year ending ARR growth of 24% in constant currency. Other business highlights include general availability of Acrobat AI Assistant Support for document types beyond PDF, meeting transcripts and enterprise requirements.

第二季度，我們實現文檔雲端營收 7.82 億美元，年增 19%。我們增加了 1.65 億美元的新 Document Cloud ARR 淨值，這是第二季的記錄，以固定匯率計算，年末 ARR 成長了 24%。其他業務亮點包括全面推出 Acrobat AI Assistant 支持，支援 PDF 以外的文件類型、會議記錄和企業需求。

Acrobat link sharing for PDF based collaboration continues to grow rapidly more than doubling year over year and driving viral new user adoption. Free monthly active users of Acrobat Web grew over 60% year over year as a result of link sharing and our Microsoft edge and Google Chrome extensions.

用於基於 PDF 的協作的 Acrobat 連結共享持續快速增長，逐年增加一倍多，並推動了新用戶的迅速普及。由於連結共享以及我們的 Microsoft Edge 和 Google Chrome 擴展，Acrobat Web 的免費每月活躍用戶同比增長超過 60%。

Continued strength with free to paid digital conversion as a result of product-led growth optimizations. Strong growth in the SMB segment for our team's offering driven by a combination of seat expansion and new account wins, key enterprise customer wins with AstraZeneca, Chevron, State Government of Florida, State of Illinois, United Healthcare Services and Wells Fargo.

由於產品主導的成長優化，免費到付費的數位轉換持續強勁。在席位擴張和新客戶贏得以及阿斯利康、雪佛龍、佛羅裡達州政府、伊利諾伊州、聯合醫療保健服務和富國銀行等關鍵企業客戶的共同推動下，我們團隊的中小型企業業務實現了強勁增長。

Turning to Creative Cloud, creative professionals are leading with global charge to meet the ever-increasing demand for engaging content across a variety of platforms and channels. Enterprises rely on creative professionals to produce differentiated content to drive increasingly personalized marketing campaigns.

借助 Creative Cloud，創意專業人士在全球範圍內發揮領導作用，以滿足跨各種平台和管道的引人入勝的內容不斷增長的需求。企業依靠創意專業人士來製作差異化內容，以推動日益個人化的行銷活動。

Solopreneurs and small businesses need to stand out in a crowded digital landscape with engaging videos and designs. Educators are passionate about providing students with the visual communication skills needed to thrive in the decades ahead, consumers are increasingly looking for ways to share their stories digitally.

個人企業家和小型企業需要透過引人入勝的影片和設計在擁擠的數位環境中脫穎而出。教育工作者熱衷於為學生提供未來幾十年蓬勃發展所需的視覺溝通技能，而消費者也越來越多地尋找以數位方式分享故事的方法。

Cloud Express and Firefly Services are uniquely positioned to capitalize this opportunity for everyone by leveraging the promise of generative AI. Our Creative Cloud flagship applications continue to release new features that are significantly improving user onboarding while simultaneously delivering an unprecedented level of power and precision.

Cloud Express 和 Firefly Services 具有獨特的優勢，可以利用生成式人工智慧的承諾，為每個人充分利用這一機會。我們的 Creative Cloud 旗艦應用程式不斷發布新功能，顯著改善用戶入門，同時提供前所未有的功能和精度水平。

Generative Fill and Generative Expand are already two of the top three features used by customers on the latest version of Photoshop. Text of vector support is off to a great start in Illustrator. Remove Object is the fastest growing feature and Lightroom mobile. Our preview of generative AI capabilities and premier run production award of excellence at NAB, the largest video show in North America. We are integrating our leading applications with Firefly and third party generative AI models to deliver the richest most engaging content.

產生填滿和產生展開已經成為最新版 Photoshop 中客戶使用最多的三個功能中的兩個。對向量文字的支援在 Illustrator 中取得了良好的開端。刪除物件是 Lightroom 行動版中成長最快的功能。我們在北美最大的視訊展 NAB 上預覽了生成式 AI 功能並獲得了首映卓越製作獎。我們正在將我們的領先應用程式與 Firefly 和第三方生成人工智慧模型相集成，以提供最豐富、最具吸引力的內容。

Our vision for Adobe Express is to provide a breakthrough application to make design easy for communicators worldwide, leveraging generative AI and decades of Adobe technology across web and mobile. Our launch of the all new Express application on iOS and Android earlier this quarter is off to a strong start with monthly active users doubling quarter over quarter.

我們對 Adob​​e Express 的願景是提供突破性的應用程序，利用生成式 AI 和數十年來跨 Web 和行動裝置的 Adob​​e 技術，讓全世界的傳播者輕鬆進行設計。本季度早些時候，我們在 iOS 和 Android 上推出了全新的 Express 應用程序，取得了良好的開端，每月活躍用戶數比上季度翻了一番。

This week's Design Made Easy event which focused on Express for Business was another big step forward for us. Companies of all sizes are excited about the integrated power and commercial safety of Firefly, the seamless workflows with Photoshop, Illustrator and Adobe Experience Cloud and enterprise-grade brand controls that are now part of Express for business, making it the optimal product for marketing, sales, and HR teams to quickly and easily create visual content to share.

本週的 Design Made Easy 活動重點關注 Express for Business，這對我們來說又向前邁出了一大步。各種規模的公司都對Firefly 的整合功能和商業安全性、與Photoshop、Illustrator 和AdAdobe Experience Cloud 的無縫工作流程以及企業級品牌控制感到興奮，這些控制項現已成為Express for Business 的一部分，使其成為行銷的最佳產品，銷售和人力資源團隊可以快速輕鬆地創建要共享的視覺內容。

We also announced the general availability of Firefly Services and Custom Models that Summit. The platform makes API calls and model customization available to developers accessible through low-code, no-code tools and integrates with our Experience Cloud products. Firefly Services can power the creation of thousands of asset variations in minutes instead of months and at a fraction of the cost.

我們也在高峰會上宣布全面推出 Firefly 服務和客製化模型。該平台使開發人員可以透過低程式碼、無程式碼工具存取 API 呼叫和模型定制，並與我們的 Experience Cloud 產品整合。 Firefly 服務可以在幾分鐘（而不是幾個月）內以極低的成本創建數千種資產變體。

This allows us to monetize the volume of content being created through automation services. The increasing availability of Firefly and Creative Cloud Express, Firefly services and the web app is giving us opportunities to access more new users, provide more value to existing users and monetize content automation. These integrations are driving the acceleration of Firefly generations with May seeing the most generations of any month to date.

這使我們能夠透過自動化服務創建的內容量來貨幣化。 Firefly 和 Creative Cloud Express、Firefly 服務和 Web 應用程式的可用性不斷提高，使我們有機會接觸更多新用戶、為現有用戶提供更多價值以及透過內容自動化獲利。這些整合正在推動 Firefly 世代的加速，其中 5 月是迄今為止世代最多的月份。

In Q2, we achieved $3.13 billion in revenue, which grew 11% year over year. Net new Creative Cloud ARR was $322 million.

第二季度，我們營收 31.3 億美元，年增 11%。 Creative Cloud 淨新 ARR 為 3.22 億美元。

Other Business Highlights include the launch of Express for business, including support for brand controls and tempo blocking, Firefly custom models, both creation and generation of variations, presentation and print capabilities and workflows with Photoshop, Illustrator and Experience Cloud.

其他業務亮點包括推出 Express for Business，包括對品牌控制和速度限制的支援、Firefly 自訂模型、變體的創建和生成、演示和列印功能以及使用 Photoshop、Illustrator 和 Experience Cloud 的工作流程。

The release of Firefly Image 3 Foundation Model with high quality image generation and more control with structure and style reference. The release of the Photoshop beta with reference image and advances in generative film, the debut of generative remove in Adobe Lightroom, enabling anyone to remove unwanted objects from any photograph non-disruptively with stunning, high-quality photo realistic results.

Firefly Image 3 基礎模型的發布，具有高品質的影像生成和更多的結構和風格參考控制。帶有參考圖像的Photoshop Beta 版的發布和生成膠片的進步，Adobe Lightroom 中生成刪除功能的首次亮相，使任何人都能夠不間斷地從任何照片中刪除不需要的對象，並獲得令人驚嘆的高品質照片逼真效果。

The release of the Premier beta with new audio workflows driving strong usage, the deep integration of Firefly in substance 3D, which provides an easy way to create textures and materials from reference images. The introduction of an all new Frame.io streamlining workflows across content types on a flexible and intuitive collaboration platform. Key enterprise customer wins include Credit Agricole, FedEx, Infosys, Rakuten, Ralph Lauren, Samsung, Schneider Electric and Volvo.

Premier Beta 版的發布以及新的音訊工作流程推動了強勁的使用，Firefly 在 Substance 3D 中的深度集成，提供了一種從參考圖像創建紋理和材質的簡單方法。引進全新的 Frame.io，在靈活直覺的協作平台上簡化跨內容類型的工作流程。贏得的主要企業客戶包括法國農業信貸銀行、聯邦快遞、印孚瑟斯、樂天、拉爾夫勞倫、三星、施耐德電機和沃爾沃。

We are excited about the accelerating pace of innovation across the Digital Media business and pleased with the adoption of AI functionality as well as its early monetization across Document Cloud and Creative Cloud, including our flagship applications, Firefly services and Express. We're pleased to raise our annual net new ARR target to $1.95 billion and excited to deliver on our rich product road map in the second half.

我們對整個數位媒體業務創新步伐的加快感到興奮，並對 AI 功能的採用及其在 Document Cloud 和 Creative Cloud（包括我們的旗艦應用程式、Firefly 服務和 Express）中的早期貨幣化感到高興。我們很高興將年度淨新 ARR 目標提高到 19.5 億美元，並很高興能夠在下半年實現我們豐富的產品路線圖。

I'll now pass it to Anil.

我現在將其傳遞給阿尼爾。

Thanks David. Hello everyone. In Q2, we achieved Experience Cloud revenue of $1.33 billion. Subscription revenue was $1.2 billion, representing 13% year-over-year growth. We are the industry leader in helping enterprises deliver personalized experiences at scale to their customers by combining the right content, customer data and journeys in real time.

謝謝大衛。大家好。第二季度，我們的 Experience Cloud 營收達到 13.3 億美元。訂閱收入為 12 億美元，較去年同期成長 13%。我們是產業領導者，透過即時結合正確的內容、客戶數據和旅程，幫助企業向客戶大規模提供個人化體驗。

When we introduced Adobe Experience Platform five years ago, it was a revolutionary approach to address customer data and journeys. Today, we're the number one digital experience platform and AEP of native apps is well on its way to becoming a billion-dollar business. We're now transforming the content supply chain for enterprises with Adobe GenStudio, enabling them to produce content at scale, leveraging generative AI to native integrations with Firefly services and it will be expressed for business.

五年前，當我們推出 Adob​​e Experience Platform 時，它是解決客戶資料和旅程的革命性方法。如今，我們是排名第一的數位體驗平台，原生應用程式的 AEP 正在成為一項價值十億美元的業務。我們現在正在利用 Adob​​e GenStudio 改變企業的內容供應鏈，使他們能夠大規模生產內容，利用生成式 AI 與 Firefly 服務進行本機集成，並將其表達給企業。

Enterprise customers, both B2C and B2B view customer experience management and personalization at scale as key areas of differentiation, making a priority investment for Chief Marketing Officers, Chief Information Officers, and Chief Digital Officer. We're excited by the customer interest and adoption of our latest innovations, including AEP AI Assistant, a generative AI-powered conversational interface that empowers practitioners to automate tasks, simulate outcomes and generate new audiences and journeys.

B2C 和 B2B 企業客戶將大規模客戶體驗管理和個人化視為差異化的關鍵領域，並優先投資於行銷長、資訊長和首席數位長。我們對客戶的興趣和對我們最新創新的採用感到興奮，其中包括AEP AI Assistant，這是一個由AI 驅動的生成式對話介面，使從業者能夠自動執行任務、模擬結果並產生新的受眾和旅程。

For example, customers like General Motors and Hanesbrands have been working with AEP AI Assistant to boost productivity and accelerate time to value while democratizing access to AEP and apps across their organization.

例如，通用汽車和 Hanesbrands 等客戶一直在與 AEP AI Assistant 合作，以提高生產力並加快價值實現時間，同時在整個組織內實現 AEP 和應用程式的民主化存取。

Marriott International is a great example of a customer that expanded its decade-long relationship with Adobe and turned to Adobe Experience Cloud to orchestrate highly personalized guest experiences across online reservations and the Marriott Bonvoy mobile app. Adobe Real-Time CDP and Adobe Journey Optimizer enable Marriott to connect data from disparate sources and activate relevant experiences in moments that matter, helping the company match individuals with the best options across its portfolio of more than 30 brands and nearly 9,000 properties.

萬豪國際集團就是一個很好的例子，客戶擴大了與AdAdobe 長達十年的合作關係，並轉向AdAdobe Experience Cloud 來透過線上預訂和萬豪旅享家行動應用程式打造高度個人化的賓客體驗。 Adobe Real-Time CDP 和AdAdobe Journey Optimizer 使萬豪能夠連接不同來源的數據，並在重要時刻激活相關體驗，幫助該公司在30 多個品牌和近9,000 家酒店的投資組合中為個人提供最佳選擇。

Other business highlights include continued momentum with AEP and native applications growing subscription revenue 60% year-over-year in Q2. AEP innovations announced at Summit include Adobe Journey Optimizer B2B Edition, a new application for B2B customers built on AEP to orchestrate account specific buying group journeys; Federated audience composition which enables enterprises to minimize data copy and generate audiences directly from their enterprise data warehouses; and real-time CDP collaboration, a new clean room application for brands and publishers to collaborate in a privacy safe way to discover, reach and measure their high-value audiences in a world without third-party cookies.

其他業務亮點包括 AEP 和本機應用程式的持續成長勢頭，第二季訂閱營收年增 60%。峰會上宣布的 AEP 創新包括 Adob​​e Journey Optimizer B2B Edition，這是一款基於 AEP 構建的 B2B 客戶新應用程序，用於編排帳戶特定的購買團體旅程；聯合受眾組成，使企業能夠最大限度地減少資料複製並直接從企業資料倉儲產生受眾；即時 CDP 協作是一種新的潔淨室應用程序，可供品牌和出版商以隱私安全的方式進行協作，在沒有第三方 cookie 的世界中發現、接觸和衡量其高價值受眾。

GenStudio innovations to address enterprise content, supply chain needs across workflow and planning, creation and production, asset management, delivery and activation and reporting and insights. Recent advancements include contextual search in Adobe Experience Manager Assets, which enables users to find the right asset and variation in their growing digital libraries, Adobe Workfront Planning, which provides every user with a unified view of all activities across the marketing lifecycle through highly visual marketing campaign calendars and dynamic briefs.

GenStudio 的創新旨在解決企業內容、供應鏈在工作流程和規劃、創建和生產、資產管理、交付和激活以及報告和見解方面的需求。最近的進步包括AdAdobe Experience Manager Assets 中的上下文搜索，它使用戶能夠在不斷增長的數位庫中找到正確的資產和變體；Adobe Workfront Planning，它透過高度視覺化的行銷為每個用戶提供整個行銷生命週期中所有活動的統一視圖活動日曆和動態簡報。

And AEM generate variations which accelerate the creation of audience specific content variations to drive personalized web experiences. Strong industry analyst recognition, including Gartner's Magic Quadrant for content marketing platforms and leadership for both IDC's B2C and B2B MarketScapes for Digital Commerce Applications.

AEM 產生的變體可加速創建特定於受眾的內容變體，從而推動個人化的 Web 體驗。產業分析師的高度認可，包括 Gartner 內容行銷平台魔力像限以及 IDC 數位商務應用程式 B2C 和 B2B MarketScapes 的領導地位。

Key customer wins include Amazon, British Telecom, Comcast, Mercedes Benz, Maruti Suzuki, Nationwide Building Society, Novo Nordisk, ServiceNow, Stellantis, Ulta Beauty and US Department of the Treasury. We have enabled our vibrant partner ecosystem of system integrators and agencies to deliver advisory and implementation services across our product portfolio.

贏得的主要客戶包括亞馬遜、英國電信、康卡斯特、梅賽德斯奔馳、馬魯蒂鈴木、全國建築協會、諾和諾德、ServiceNow、Stellantis、Ulta Beauty 和美國財政部。我們使系統整合商和機構組成的充滿活力的合作夥伴生態系統能夠在我們的產品組合中提供諮詢和實施服務。

We look forward to engaging with customers and major agencies at the Cannes Lions Festival later this month. Our category-leading solutions, robust pipeline, and tremendous scale position us to drive strong growth in the second half, and we are raising our subscription revenue target for the year. I will now pass it to Dan.

我們期待在本月稍後的坎城國際創意節上與客戶和主要機構合作。我們類別領先的解決方案、強大的管道和巨大的規模使我們能夠在下半年推動強勁成長，並且我們正在提高今年的訂閱收入目標。我現在將其傳遞給丹。

Thanks Anil. Today, I'll start by summarizing Adobe's performance in Q2 fiscal '2024, highlighting growth drivers across our businesses and I'll finish with financial targets. In Q2, Adobe delivered strong top line growth and industry-leading profitability while accelerating the pace of innovations we're delivering to market across Document Cloud, Creative Cloud and Experience Cloud.

謝謝阿尼爾。今天，我將首先總結 Adob​​e 2024 財年第二季的業績，強調我們業務的成長動力，最後我將提出財務目標。在第二季度，Adobe 實現了強勁的營收成長和領先業界的獲利能力，同時加快了我們在 Document Cloud、Creative Cloud 和 Experience Cloud 領域向市場提供的創新步伐。

In the quarter, Adobe achieved record revenue of $5.31 billion, which represents 10% year-over-year growth or 11% in constant currency, with strength across all three clouds. This performance stems from the diversification of Adobe's business across our market-leading products, business models, customer segments and geographies. When combined with our talented employees, strong execution, and world-class financial discipline, you have the ingredients that make this company incredibly resilient.

本季度，Adobe 實現創紀錄的 53.1 億美元收入，年增 10%，以固定匯率計算成長 11%，在所有三個雲端領域均表現強勁。這項業績源自於 Adob​​e 業務的多元化，涵蓋市場領先的產品、業務模式、客戶群和地理。與我們才華橫溢的員工、強大的執行力和世界一流的財務紀律相結合，您就擁有了使這家公司具有難以置信的彈性的要素。

Second quarter business and financial highlights included GAAP diluted earnings per share of $3.49 and non-GAAP diluted earnings per share of $4.48, Digital Media revenue of 3.91 billion, net new Digital Media ARR of $487 million. Digital Experience revenue of $1.33 billion, cash flows from operations of $1.94 billion and RPO of $17.86 billion exiting the quarter.

第二季業務與財務亮點包括 GAAP 攤薄每股收益 3.49 美元，非 GAAP 攤薄每股收益 4.48 美元，數位媒體收入 39.1 億美元，新數位媒體 ARR 為 4.87 億美元。本季數位體驗收入為 13.3 億美元，營運現金流為 19.4 億美元，RPO 為 178.6 億美元。

In our Digital Media segment, we achieved Q2 revenue of $3.91 billion, which represents 11% year over year growth or 12% in constant currency. We exited the quarter with $16.25 billion of Digital Media ARR, up 13% year over year in constant currency.

在我們的數位媒體部門，我們第二季的營收為 39.1 億美元，年增 11%，以固定匯率計算成長 12%。本季結束時，我們的數位媒體 ARR 為 162.5 億美元，以固定匯率計算年增 13%。

Adobe achieved Document Cloud revenue of $782 million, which represents 19% year-over-year growth as reported and in constant currency. We added $165 million of net new Document Cloud ARR, which was a record for Q2. Q2 Document Cloud Growth drivers included demand for Acrobat subscriptions across all customer segments and geographies, new user acquisition resulting from increasing Reader MAU.

Adobe 實現文件雲端收入 7.82 億美元，以固定匯率計算，年增 19%。我們新增 Document Cloud ARR 淨值達 1.65 億美元，這是第二季的記錄。第二季文件雲端成長驅動因素包括所有客戶群和地區對 Acrobat 訂閱的需求以及 Reader MAU 增加帶來的新用戶獲取。

A great start monetizing AI assistance through our digital channel; strong usage and engagement from Acrobat web as well as through our chrome and edge partnerships which are driving free to paid conversion; growing teams subscription units sold to SMBs both through adobe.com and our reseller channel and strengthen our Enterprise Solutions, demonstrating the importance of PDF as a source of unstructured data in business workflows.

透過我們的數位管道將人工智慧援助貨幣化的良好開端； Acrobat Web 以及我們的 Chrome 和 Edge 合作夥伴關係的強勁使用和參與，推動了免費到付費的轉換；不斷成長的團隊透過 adobe.com 和我們的經銷商通路向中小型企業出售訂閱單位，並增強了我們的企業解決方案，展示了 PDF 作為業務工作流程中非結構化資料來源的重要性。

We achieved Creative revenue of $3.13 billion, which represents 10% year-over-year growth or 11% in constant currency. We added $322 million of net new Creative ARR in the quarter. Q2 creative growth drivers included new subscriptions for Creative Cloud all apps, with particular strength in digital acquisition on Adobe.com with multiple product releases during the quarter, driving customer engagement and demand.

我們實現了 31.3 億美元的創意收入，年增 10%，以固定匯率計算成長 11%。本季我們的創意 ARR 淨值增加了 3.22 億美元。第二季的創意成長驅動力包括 Creative Cloud 所有應用程式的新訂閱，特別是 Adob​​e.com 上的數位收購以及本季發布的多個產品，推動了客戶參與度和需求。

Strong growth of single apps, including in imaging, photography, design, and stock ; accelerating customer interest and usage for our new Express mobile and Express business offerings. Strong renewals as customers migrate to higher value, higher RPU Creative Cloud plans that include Firefly entitlements; continued subscription unit growth, with particular strength in emerging markets and strength from SMBs adopting our team offering as well as in the enterprise segment with ETLA adoption.

單一應用程式強勁成長，包括成像、攝影、設計和庫存；提高客戶對我們新的 Express 行動和 Express 業務產品的興趣和使用。隨著客戶遷移到更高價值、更高 RPU 的 Creative Cloud 計畫（包括 Firefly 權利），續訂強勁；訂閱單位持續成長，特別是在新興市場、中小型企業採用我們的團隊產品以及採用 ETLA 的企業領域。

We're pleased with the performance of the Creative business in the first half of the year, fueled by strong commercial subscriptions in both Q1 and Q2. As we look at the momentum we're carrying into the back half, we expect to deliver year-over-year growth of creative net new ARR in Q3 and Q4 and are raising our Digital Media net new ARR target for the fiscal year.

我們對今年上半年創意業務的表現感到滿意，這得益於第一季和第二季強勁的商業訂閱。當我們審視下半年的動能時，我們預計將在第三季和第四季實現創意淨新 ARR 的同比增長，並提高本財年的數位媒體淨新 ARR 目標。

Turning to our Digital Experience segment, in Q2, we achieved revenue of $1.33 billion, which represents 9% year over year growth as reported and in constant currency. Digital Experience subscription revenue was $1.20 billion, growing 13% year over year as reported and in constant currency.

談到我們的數位體驗部門，第二季我們實現了 13.3 億美元的收入，以固定匯率計算，年增 9%。數位體驗訂閱收入為 12 億美元，以固定匯率計算，年增 13%。

Q2 Digital Experience growth drivers included subscription revenue strength from transformational accounts; market leadership with AEP and native applications with subscription revenue growing 60% year over year; additional subscription revenue strength across the data insights and audiences and customer journey categories and accelerated adoption of AEM and Workfront solutions from businesses looking to solve their content supply chain challenges.

第二季數位體驗成長動力包括轉型帳戶的訂閱收入強勁； AEP 和本機應用程式處於市場領先地位，訂閱收入年增 60%；跨數據洞察、受眾和客戶旅程類別的額外訂閱收入實力，以及尋求解​​決內容供應鏈挑戰的企業加速採用 AEM 和 Workfront 解決方案。

Turning to the income statement and balance sheet. In Q2, Adobe delivered year-over-year EPS growth of 24% on a GAAP basis and 15% on a non-GAAP basis. This was driven by revenue growth and disciplined prioritization of our investments, which resulted in non-GAAP operating margin strength in Q2. The company continues to deliver world-class gross margins while investing in groundbreaking AI capabilities.

轉向損益表和資產負債表。第二季度，Adobe 按 GAAP 計算的每股盈餘年增 24%，以非 GAAP 計算的每股盈餘年增 15%。這是由收入成長和嚴格的投資優先順序推動的，這導致第二季度非公認會計原則營業利潤率強勁。該公司繼續提供世界一流的毛利率，同時投資於突破性的人工智慧功能。

Adobe's effective tax rate in Q2 was 18.5% on a GAAP and non-GAAP basis in line with our expectations for the quarter. RPO exiting the quarter was $17.86 billion, growing 17% year over year as reported or 18% on factoring in a one point currency headwind.

以 GAAP 和非 GAAP 計算，Adobe 第二季的有效稅率為 18.5%，符合我們對該季度的預期。本季的 RPO 為 178.6 億美元，據報導年增 17%，考慮到 1 個百分點的貨幣逆風因素，年增 18%。

Current RPO grew 12% exiting the quarter. Our ending cash and short-term investment position at the end of Q2 was $8.07 billion and cash flows from operations in the quarter were $1.94 billion. In Q2, we entered into a $2.5 billion share repurchase agreement, and we currently have $22.7 billion remaining of the $25 billion authorization granted in March 2024.

本季目前 RPO 成長了 12%。第二季末我們的期末現金和短期投資部位為 80.7 億美元，本季營運現金流為 19.4 億美元。第二季度，我們簽訂了 25 億美元的股票回購協議，目前我們在 2024 年 3 月授予的 250 億美元授權中還剩下 227 億美元。

We will now provide Q3 targets as well as updated fiscal '2024 annual targets. Factoring in current macroeconomic conditions as well as strong momentum across our business. Our current FX outlook into the back half of the year with the US dollar remaining stronger as compared to our original expectations when we set our FY24 targets in December and an expected strong seasonal finish to the year in Q4.

我們現在將提供第三季目標以及更新的 2024 財年目標。考慮到當前的宏觀經濟狀況以及我們業務的強勁勢頭。我們目前對今年下半年的外匯展望是，與我們在 12 月設定 2024 財年目標時的最初預期相比，美元仍然走強，並且預計第四季度將在季節性結束時表現強勁。

For Q3, we're targeting total Adobe revenue of $5.33 billion to $5.38 billion. Digital Media net new ARR of approximately $460 million. Digital Media segment revenue of $3.95 billion to $3.98 billion. Digital Experience segment revenue of $1.325 billion to $1.345 billion. Digital Experience subscription revenue of $1.20 billion to $1.22 billion.

對於第三季度，我們的 Adob​​e 總營收目標為 53.3 億美元至 53.8 億美元。 Digital Media 的淨新 ARR 約為 4.6 億美元。數位媒體部門收入為 39.5 億美元至 39.8 億美元。數位體驗部門收入為 13.25 億美元至 13.45 億美元。數位體驗訂閱收入為 12.0 億美元至 12.2 億美元。

Tax rate of approximately 18% on a GAAP basis and 18.5% on a non-GAAP basis. GAAP earnings per share of $3.45 to $3.50 and non-GAAP earnings per share of $4.50 to $4.55. For fiscal '2024. given our first half performance we are now targeting. Total Adobe revenue of $21.40 billion to $21.50 billion. Digital Media Net New ARR of approximately $1.95 billion.

以 GAAP 計算稅率約為 18%，以非 GAAP 計算稅率約為 18.5%。 GAAP 每股收益為 3.45 至 3.50 美元，非 GAAP 每股收益為 4.50 至 4.55 美元。 2024 財年。鑑於我們上半年的表現，我們現在的目標是。 Adobe 總收入為 214 億美元至 215 億美元。數位媒體網路新 ARR 約為 19.5 億美元。

Digital Media segment revenue of $15.80 billion to $15.85 billion. Digital Experience segment revenue of $5.325 billion to $5.375 billion. Digital Experience subscription revenue of $4.775 billion to $4.825 billion. Tax rate of approximately 20.5% on a GAAP basis and 18.5% on a non-GAAP basis. GAAP earnings per share of $11.80 to $12, and non-GAAP earnings per share of $18 to $18.20.

數位媒體部門收入為158.0億美元至158.5億美元。數位體驗部門收入為 53.25 億美元至 53.75 億美元。數位體驗訂閱收入為 47.75 億美元至 48.25 億美元。以 GAAP 計算稅率約為 20.5%，以非 GAAP 計算稅率約為 18.5%。 GAAP 每股收益為 11.80 美元至 12 美元，非 GAAP 每股收益為 18 美元至 18.20 美元。

In summary, I'm extremely pleased with the company's performance in the first half of the year and the momentum we see in our business. Adobe's product leadership, velocity of innovation, diversity of our business and financial discipline make us unique, enabling us to deliver strong top and bottom line results through dynamic market conditions.

總而言之，我對公司上半年的業績以及我們在業務中看到的勢頭感到非常滿意。 Adobe 的產品領先地位、創新速度、業務多樣性和財務紀律使我們獨一無二，使我們能夠在動態的市場條件下提供強勁的營收和利潤成果。

I'm confident our ability to catalyze transformative long-term trends that will position us to win over the next decade. Shantanu, back to you.

我相信我們有能力推動變革性的長期趨勢，這將使我們在未來十年中取得勝利。山塔努，回到你身邊。

Thanks Dan. Adobe remains one of the greatest places to work in the industry, and I want to thank our employees for their relentless dedication to supporting our customers and communities. We continue to invest in hiring, including new college grads and interns to bring the best and brightest talent to Adobe.

謝謝丹。 Adobe 仍然是業界最好的工作場所之一，我要感謝我們的員工為支持我們的客戶和社區所做的不懈奉獻。我們繼續投資於招聘，包括應屆大學畢業生和實習生，為 Adob​​e 帶來最優秀、最聰明的人才。

This quarter, Adobe was recognized among Fortune's 100 best companies to work for, Glass doors best lead companies and the Civic 50 list of the most community minded companies in the US. Demand for our category-defining products and services continues to grow. Our business fundamentals and market tailwinds are strong, and we look forward to building on our momentum in the second half and beyond.

本季度，Adobe 被評為《財星》雜誌 100 家最適宜工作的公司、Glass Door 最佳領先公司以及美國最具社區意識公司 Civic 50 強。對我們類別定義產品和服務的需求持續成長。我們的業務基本面和市場順風強勁，我們期待在下半年及以後繼續鞏固我們的勢頭。

Thank you, and we will now take questions.

謝謝，我們現在回答問題。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

Mark Moerdler, Bernstein.

馬克‧莫德勒，伯恩斯坦。

Thank you very much and congratulations on the quarter and especially the strong net new ARR. I'd like to ask a little more color on specifically the net new ARR that we saw in Creative Cloud. Can you give us a sense of what the contribution near term, medium term to Digital ARR are from seat growth versus upsell versus consumption on things like Adobe Stock and AI credits even rank ordering or quantifying anything give us some sense of what's driving that number, and that would be very helpful and really understanding what's going on in the drivers of that number. Thanks.

非常感謝並祝賀本季度，特別是強勁的淨新 ARR。我想詢問更多關於我們在 Creative Cloud 中看到的淨新 ARR 的情況。您能否讓我們了解一下，近期、中期對數位ARR 的貢獻來自於AdAdobe Stock 等內容的席位成長、追加銷售與消費，甚至排名排序或量化任何內容，讓我們了解推動該數字的因素，這將非常有幫助，並真正了解該數字的驅動因素正在發生什麼。謝謝。

Sure Mark. Let me start and then certainly David and Dan can add. To your point, we had a strong quarter and I think what's really driving the quarter big picture continues to be the innovation that we're delivering and the way AI is actually making our applications both more affordable, easy to onboard as well as, frankly, a higher value uses.

當然，馬克。讓我開始，然後大衛和丹當然可以補充。就你的觀點而言，我們有一個強勁的季度，我認為真正推動季度大局的仍然是我們提供的創新，以及人工智能實際上使我們的應用程序變得更實惠、更容易上手以及坦率地說，更高的價值用途。

New users is still a big driver of the growth that we continue to see in the business. On the Document Cloud side, a lot of that has to do with the introduction of AI Assistant and the fact that people are migrating to the higher value products.

新用戶仍然是我們繼續看到業務成長的重要推動力。在文件雲端方面，這很大程度上與人工智慧助理的引入以及人們正在遷移到更高價值產品的事實有關。

And on Creative Cloud, I would say the things that we're doing on imaging with Firefly and what we've seen both in Photoshop and Lightroom. I think in the prepared remarks, Dan certainly talked about what's happening with also each of the different segments. So the SMB segment actually had a strong quarter. Enterprise continues to have a strong quarter. So, across the board, Mark, we actually saw strength in the business.

在 Creative Cloud 上，我會說一下我們在使用 Firefly 進行成像方面所做的事情以及我們在 Photoshop 和 Lightroom 中看到的事情。我認為在準備好的發言中，丹當然也談到了每個不同部分正在發生的事情。因此，中小企業細分市場實際上有一個強勁的季度。 Enterprise 持續保持強勁的季度業績。因此，馬克，從整體上看，我們實際上看到了這項業務的實力。

Alex Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

Hi guys. Thanks for taking the question and congratulations on this incredible results. I wanted to ask kind of just similar to Mark's question. Just how much of Gen AI demand did you see in the quarter in terms of -- for sort of both the Creative Cloud portfolio and Digital Media in Creative Studio as well as in GenStudio ?

嗨，大家好。感謝您提出問題並祝賀我們取得如此令人難以置信的成果。我想問類似馬克的問題。您認為本季 Gen AI 對 Creative Studio 和 GenStudio 中的 Creative Cloud 產品組合和數位媒體的需求有多少？

And how does it kind of help to pick up more in the enterprise side of the business, on the SMB side of the business ? Help us understand that progression and maybe how you're planning forward in the back half of the (inaudible)

它如何幫助在企業方面、中小企業方面獲得更多業務？幫助我們了解進展情況，以及您在後半部分的計劃（聽不清楚）

Sure, Alex. Again, maybe I'll start with that. And just taking a step back, I think we've talked about the platform that we have for gen AI that constitutes data as well as models and finally interfaces. On the models we released Firefly services, we've started to see some customer wins in Firefly services, so they're using it for variations. And these other custom models that were creating as well as access to APIs.

當然，亞歷克斯。再說一遍，也許我會以此開始。退後一步，我想我們已經討論了我們為生成人工智慧所擁有的平台，該平台構成資料、模型以及最終的介面。在我們發布 Firefly 服務的模型上，我們開始看到一些客戶在 Firefly 服務中獲勝，因此他們正在使用它進行變體。以及正在創建的其他自訂模型以及對 API 的存取。

I would say that's early in terms of the adoption, but the interest as customers say, how they can ingest their data into our models as well as custom models. That's really ahead of us, and we expect that to continue to grow in Q3 and Q4.

我想說，就採用而言，這還處於早期階段，但正如客戶所說，他們對如何將數據攝取到我們的模型以及自訂模型中很感興趣。這確實超出了我們的預期，我們預計第三季和第四季將繼續成長。

I think the biggest opportunity for us and why we're really excited about gen AI is in the interfaces because that's the way people derive value, whether it's in being able to complete their tasks faster, whether it's be able to do new workflows. And I would say in that particular space, Acrobat has really seen a significant amount of usage as it relates to AI Assistant and Photoshop.

我認為對我們來說最大的機會以及我們對新一代人工智慧真正感到興奮的原因在於介面，因為這是人們獲取價值的方式，無論是能夠更快地完成任務，還是能夠執行新的工作流程。我想說，在這個特定領域，Acrobat 確實得到了大量使用，因為它與 AI Assistant 和 Photoshop 有關。

I'll have David again add, but generative Fill and what we are doing there, what we're doing in Illustrator and that both for existing customers as well as for prospects who now come in and say the products are becoming increasingly more productive for us. That's what's really driving the value there.

我會讓 David 再次補充，但是產生填充以及我們在那裡所做的事情，我們在 Illustrator 中所做的事情，以及對於現有客戶以及現在進來並表示產品變得越來越高效的潛在客戶。 。這才是真正推動價值的因素。

And last but not least, the AI first applications when we think of the application like Express, Express is all about reimagining what we can do for creators by sort of leapfrogging existing technologies and providing an AI first application. And so that's also off to a good start.

最後但並非最不重要的一點是，當我們想到像Express 這樣的應用程式時，人工智慧優先的應用程式就是透過跨越現有技術並提供人工智慧優先的應用程式來重新構想我們可以為創作者做些什麼。這也是一個好的開始。

Yes. And just add to a little bit of what Shantanu said, Alex, and we've talked a lot about how FY23 was the year that AI was in the playground and this is the year we need to bring it into production. And a lot of that is industry wide, but we're in a pretty special position as it relates to that. So to shorten this point, but a lot of active releases this quarter, right?

是的。 Alex，補充一點 Shantanu 所說的內容，我們已經討論了很多關於 2023 財年是人工智慧進入舞台的一年，而今年我們需要將其投入生產。其中很多是整個行業的，但我們處於一個非常特殊的位置，因為它與此相關。因此，為了縮短這一點，但本季有很多活躍的版本，對吧？

Acrobat AI Assistant, Firefly updates in Photoshop, Firefly was introduced for the first time into light room, Express Mobile launched Express business launched. We launched Firefly services for enterprises to produce content at scale. So as you can see, there was a ton of innovation of our core -- in our core applications around generative AI.

Acrobat AI助理、Firefly在Photoshop中更新、Firefly首次引進light room、Express Mobile推出Express業務推出。我們推出了 Firefly 服務，幫助企業大規模生產內容。正如您所看到的，我們的核心有大量的創新——在我們圍繞生成人工智慧的核心應用程式中。

You put that together with some of the activations that we've done at Summit and we did at Max London and we're getting our word out very broadly, it starts to create this ability to not just look at and play with AI, but actually use it as part of your workflow. So that's been deeply integrated into everything we do. And that's the key point the interfaces that people work out if we bring AI there, everyone becomes more productive.

你把它與我們在 Summit 和 Max London 上所做的一些激活結合起來，我們正在非常廣泛地傳播我們的信息，它開始創造這種能力，不僅可以觀察和玩人工智能，還可以實際上將其用作工作流程的一部分。因此，這已深深融入我們所做的一切。這就是人們設計的介面的關鍵點，如果我們將人工智慧引入那裡，每個人都會變得更有生產力。

And maybe one last thing, Alex. Sequentially, if you look at it from a route to market, Digital had a very strong quarter as it relates to what we did on adobe.com. We had talked about enterprise doing well in Q1 as well, that continued. And SMB also, the interest in our teams product also continued to do really well. So I think sequentially, I would point to SMB and Digital's strength as driving the further growth.

也許還有最後一件事，亞歷克斯。接下來，如果從市場路徑來看，數位業務的季度表現非常強勁，因為這與我們在 adobe.com 上所做的事情有關。我們也談到了企業在第一季表現良好，這仍在繼續。中小型企業也對我們團隊的產品產生了濃厚的興趣。因此，我認為，我會依次指出中小企業和數位化的實力推動進一步成長。

Super helpful. And then maybe just one on the macro. Just given your guys' purview, like what is the story that you're seeing in terms of the macro on the demand environment? Clearly again, you're commenting on solid performance in the SMB and in the enterprise. Is there any areas that you're seeing pockets of weaknesses that's really vertical-dependent? Just maybe give a comment on kind of how we should think about it as we look to the rest of the year.

超有幫助。然後也許只是宏觀的一個。就你們的職權範圍而言，您在需求環境的宏觀方面看到了什麼？很明顯，您正在評論中小型企業和企業的穩健表現。您是否在某些領域發現了一些真正依賴垂直領域的弱點？也許只是評論一下我們在展望今年剩餘時間時應該如何思考它。

I think from a macro perspective, what I think differentiates Adobe more than any other company is how differentiated and how diverse the set of products that we have. And again, from individual consumers all the way to enterprises, our products are mission-critical.

我認為，從宏觀角度來看，我認為 Adob​​e 比任何其他公司更與眾不同的是我們擁有的產品集的差異化程度和多樣性。再說一次，從個人消費者一直到企業，我們的產品都是關鍵任務。

And so at this scale, it's all about execution. And the business cycles will come and go, Alex, but we're actually continuing to focus on execution and converting the pipeline and the interest and the awareness of AI into monetization. And so, we just will be ruthlessly focused on continuing to execute against that. So nothing really to report different on the macroeconomic environment from our perspective.

因此，在這種規模上，一切都取決於執行力。亞歷克斯，商業週期會來來去去，但我們實際上會繼續專注於執行，並將人工智慧的管道、興趣和意識轉化為貨幣化。因此，我們將集中精力繼續執行這一目標。因此，從我們的角度來看，對於宏觀經濟環境確實沒有什麼不同的報告。

Awesome. Keep doing what you're doing, guys.

驚人的。繼續做你正在做的事情，夥計們。

Saket Kalia, Barclays.

薩基特·卡利亞，巴克萊銀行。

Okay, great. Hi guys, thanks for taking my question here and echo the congrats on the quarter. Maybe for both of you Shantanu and David. There are clearly just so many layers to the Firefly monetization story. But I think one theme that's coming out a little bit in this call and particularly interesting route to monetize is just the increased engagement that Firefly helps drive in your flagship products, right, or I think we call it sort of the interfaces, right?

好的，太好了。大家好，感謝您在這裡提出我的問題，並對本季表示祝賀。也許對你們尚塔努和大衛來說。顯然，Firefly 的獲利故事有很多層次。但我認為在這次電話會議中出現的一個主題以及特別有趣的貨幣化途徑就是 Firefly 幫助提高旗艦產品的參與度，對吧，或者我認為我們稱之為界面，對吧？

An example there would be like Generative Fill for Photoshop. And you've clearly started expanding that to other flagships like Premier and Illustrator. Maybe to go one level deeper, is there a way that you think about the potential opportunity from things like higher retention rates? Or any other way that -- I know it's really tough to size, but how have you sort of thought about it even qualitatively ?

一個例子是 Photoshop 的生成填充。顯然，您已經開始將其擴展到其他旗艦產品，例如 Premier 和 Illustrator。也許更深入一點，有沒有一種方法可以讓您思考更高的保留率等潛在機會？或任何其他方式——我知道它確實很難確定大小，但你是如何從定性上考慮它的？

Yes, it's a great question. And yes, the core has been from the very beginning, we've talked to you guys about our primary focus for generative Ai is about user adoption and proliferation, right ? And that has continued to be the primary thing on our mind and that's the primary thing on our mind for multiple reasons and to your point, there are many different ways that we can monetize this.

是的，這是一個很好的問題。是的，核心從一開始就是如此，我們已經和你們討論過，我們對生成式人工智慧的主要關注點是用戶採用和擴散，對嗎？這仍然是我們首要考慮的事情，出於多種原因，這也是我們首要考慮的事情，就你的觀點而言，我們可以透過多種不同的方式將其貨幣化。

First is, as you think about the growth algorithms that we always have in our head, it always starts with, as Shantanu said, new users, right? And then it's about getting more value to existing users at higher ARPU, right?

首先，當你思考我們腦海中一直存在的成長演算法時，正如 Shantanu 所說，它總是從新用戶開始，對吧？然後就是以更高的 ARPU 為現有用戶提供更多價值，對吧？

So in the context of new users, first and foremost, we want to make sure that everything we're doing generative AI is embedded in our tools, starting with Express, right? So we have Express in the market. We're seeing a lot of adoption and usage of Express in the market.

因此，在新用戶的背景下，首先也是最重要的是，我們希望確保我們所做的一切生成人工智慧都嵌入到我們的工具中，從 Express 開始，對嗎？所以我們市場上有 Express。我們看到市場上大量採用和使用 Express。

As that's happening with infusing generative AI more and more into Express and a whole host of ways. And that's really helping both everything from our marketing message for the completeness of the AI offering and there all the way through to user engagement and success and onboarding and retention.

隨著生成式人工智慧越來越多地融入 Express 和各種方式中，這種情況正在發生。這確實對我們的一切都有幫助，從我們的行銷訊息到人工智慧產品的完整性，一直到用戶參與度和成功以及入職和保留。

Similarly, though this is having the same effect in our core creative products as well, right. The introduction of Firefly, combined with some of the product-led growth work we've been doing in particular something called the Context Bar makes it easy for new users coming in to just be successful, more successful out of the gate, which then, of course, helps with both conversion and retention.

同樣，儘管這在我們的核心創意產品中也產生了相同的效果，對吧。 Firefly 的推出，結合我們一直在做的一些以產品為主導的成長工作，特別是所謂的上下文欄，使新用戶能夠輕鬆地獲得成功，並且在走出大門時更加成功，然後，當然，這有助於轉化和保留。

And then with AI Assistant, the ability to sort of embed that into the purchase flow for Acrobat and get a high attach rate, we always talk about that as a would you like fries with it moment at Adobe when someone's going through the checkout flow, it's just a great way for people to say, look, this is value I want, I want to add it and buy up to the higher plans.

然後，借助AI Assistant，能夠將其嵌入到Acrobat 的購買流程中並獲得較高的附加率，我們總是像在AdAdobe 的結帳流程中談論「你想吃薯條嗎」一樣談論這一點，這對人們來說是一個很好的方式，可以說，看，這就是我想要的價值，我想添加它併購買更高的計劃。

So there are a lot of different mechanisms that we see. But by far, the strongest is going to be the fact that we are seeing people like in Creative Cloud migrating to the higher-priced plans because they include Firefly and so we just want to get more value to these users as well.

所以我們看到了很多不同的機制。但到目前為止，最強勁的事實是，我們看到 Creative Cloud 等用戶正在遷移到價格更高的計劃，因為其中包括 Firefly，因此我們也希望為這些用戶獲得更多價值。

And in terms of the generation, Saket, I think we talked about it. We did a great job at MAX in London talking about some of the new functionality and releasing. Photoshop, I think we're up to 9 billion generations, and actually, I think the greatest amount of generations was in May. So the momentum clearly is the more we integrate this functionality into our interfaces, the more that usage is really driving adoption as well as retention.

就 Saket 世代而言，我想我們已經討論過了。我們在倫敦 MAX 上就一些新功能和發布進行了出色的工作。 Photoshop，我認為我們已經有 90 億代了，實際上，我認為最多的代數是在 5 月。因此，顯然，我們將這種功能整合到介面中的次數越多，這種使用就越能真正推動採用和保留。

Very helpful. Thanks, guys.

很有幫助。多謝你們。

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

David, on Express, you mentioned the success you're seeing. Can you maybe drill into some of the other metrics and accomplishments that you're seeing out of Express this quarter?

大衛，在 Express 上，您提到了您所看到的成功。您能否深入了解本季 Express 的其他一些指標和成就？

Yes. For starters, there's a lot of buzz of Express here at Adobe coming off the event we just had earlier this week, but it's really based on the fact that the innovation in Express is on a tear, right? A few months ago, we introduced an all-new Express for the web. This quarter, we introduced an all-new Express for mobile. We introduced Express for business.

是的。首先，我們在本週早些時候舉辦的活動中，Adobe 對 Express 進行了很多討論，但這實際上是基於 Express 的創新正在蓬勃發展這一事實，對嗎？幾個月前，我們推出了全新的 Express 網路版。本季度，我們推出了全新的行動 Express。我們推出了商業快遞。

We also now have, as we've just talked about, been more deeply integrating AI features, whether it's for imaging generation or Generative Fill or text effects, character animation, design generations more deeply into the flow for Express.

正如我們剛才談到的，我們現在也更深入地將人工智慧功能整合到 Express 流程中，無論是圖像生成、生成填充還是文字效果、角色動畫、設計生成。

And that combination has led to an incredible set of metrics over the last quarter, in particular, but building throughout the year. Express MAU is growing very quickly. We talked about on the -- in the script earlier that MAU on mobile has more than doubled quarter-over-quarter, which is fantastic to see. And cumulative exports if you look at year-over-year it has grown by over 80%. So really feeling good about sort of the momentum we're seeing.

這種結合帶來了一系列令人難以置信的指標，特別是在上個季度，而且全年都在增加。 Express 月活躍用戶數成長非常迅速。我們之前在劇本中談過，行動裝置上的月活躍用戶數季度環比增加了一倍以上，這真是太棒了。如果你看一下，累計出口量年增了 80% 以上。我們對所看到的勢頭感到非常高興。

But if you take a step back, I think it is important to take a step back and understand our vision. Express that is now in market is built on a brand-new platform, right? And that brand-new platform lays the groundwork for the AI era.

但如果你退後一步，我認為退後一步並理解我們的願景很重要。現在市面上的快遞是建立在一個全新的平台上的吧？這個全新的平台為人工智慧時代奠定了基礎。

And this will be -- Express will be the place that anyone can come and create through a combination of conversational and standard inputs. That's the vision that we have and I think it's an opportunity for us to really leap forward in terms of what we can do on the web and mobile at Adobe.

Express 將成為任何人都可以透過對話和標準輸入相結合來創建的地方。這就是我們的願景，我認為這是一個機會，讓我們能夠在 Adob​​e 的網路和行動領域實現真正的飛躍。

And it's taken us a little time to get here. It hasn't happened overnight. But now that we are here, we are going to pour the gas on go-to-market, right? You know what we can do with our data-driven operating model. We've been ramping up what we're doing in Digital and Adobe.com journeys.

我們花了一點時間才到達這裡。這不是一夜之間發生的。但現在我們已經到了這裡，我們要為上市注入動力，對嗎？您知道我們可以利用數據驅動的營運模式做什麼。我們一直在加強數位化和 Adob​​e.com 之旅的力度。

We now can do the same thing and unleash all of that expertise in the mobile app store. You know what we're capable in terms of our product-led growth motions. Acrobat we've now embedded Express Workflows into Acrobat Editor. We obviously have been embedding it into Creative Cloud workflows. And also, as we showed at Summit with Anil, we've embedded it into our Experience Cloud workflows as well.

我們現在可以做同樣的事情，並在行動應用程式商店中釋放所有專業知識。您知道我們在以產品為主導的成長行動方面的能力。我們現在已將 Acrobat Express Workflows 嵌入到 Acrobat Editor 中。顯然，我們已經將其嵌入到 Creative Cloud 工作流程中。而且，正如我們在 Anil 峰會上所展示的那樣，我們也將其嵌入到我們的 Experience Cloud 工作流程中。

In addition to all of that, we're now unleashing our inside sales force to target the small, medium businesses. Our education teams are really gearing up for the back-to-school launch for K-12 and higher ed. And our field and enterprise sales now have Express for Business. So -- and we're doing all this globally, right? It's a massive market, and we're ramping up and we're ready to go.

除此之外，我們現在也釋放我們的內部銷售團隊來瞄準中小型企業。我們的教育團隊正在為 K-12 和高等教育的返校啟動做好準備。我們的現場和企業銷售現在有了 Express for Business。那麼——我們正在全球範圍內開展這一切，對吧？這是一個巨大的市場，我們正在加速發展並做好準備。

Thank you.

謝謝。

Gregg Moskowitz, Mizuho.

格雷格·莫斯科維茨，瑞穗。

Hi. Thank you very much. And I'll add my congratulations. For your Creative business, how are you thinking about the Q side of the P times Q equation over the balance of the year? Based on these numbers anyway, I would certainly assume that you had really healthy unit growth in Q2. And I'm wondering if you expect that to continue.

你好。非常感謝。我還要表達我的祝賀。對於您的創意業務，您如何看待今年剩餘時間內 P 乘 Q 方程式的 Q 部分？無論如何，根據這些數字，我肯定會假設第二季度的單位數量增長非常健康。我想知道你是否希望這種情況繼續下去。

Yes. I mean, again, I think what -- it is this mix of product innovation that we've been putting out there and the steady drumbeat of that. A lot of it getting attention because of the quality and the hooks of AI and being able to sort of bring people, onboarding them quickly and successfully into the product and then as we talked about, the more they use these AI features, the more they retain. And we feel really good about really that whole workflow.

是的。我的意思是，我想，這就是我們一直在推出的產品創新組合以及穩定的宣傳。很多它之所以受到關注，是因為人工智慧的品質和吸引力，並且能夠讓人們快速、成功地進入產品，然後正如我們所說，他們使用這些人工智慧功能越多，他們就越喜歡使用這些功能。我們對整個工作流程感覺非常好。

So yes, the new user growth continues to be our primary focus. And when you add in everything we're doing with Express, we're -- again, like I said, we're off to the races and we feel very good about the momentum on new user acquisition and existing member retention.

所以，是的，新用戶成長仍然是我們的首要關注點。當你加入我們在 Express 上所做的一切時，我們再次，就像我說的，我們開始了比賽，我們對新用戶獲取和現有會員保留的勢頭感到非常滿意。

And Gregg, as you're aware, I mean, certainly with Express, we also have the model of customer acquisition as it relates to people coming in through trial and free and then conversion. So we are seeing the interest level as it relates to Express, in particular, significant interest.

Gregg，如你所知，我的意思是，當然對於 Express，我們也有客戶獲取模型，因為它與透過試用、免費然後轉換進入的人有關。因此，我們看到了與 Express 相關的興趣水平，特別是顯著的興趣。

And Shantanu, since you also called out the strength in Digital earlier, including driving new Creative All Apps subscriptions from your website, are you doing anything different that's helping to drive that behavior? And if so, is that something you think can continue as well?

Shantanu，由於您之前也強調了數位化的優勢，包括從您的網站推動新的 Creative All Apps 訂閱，您是否做了任何不同的事情來幫助推動這種行為？如果是這樣，您認為這種情況也可以繼續嗎？

I would, Gregg, sort of modesty say, we've been world-class at sort of driving that for a long time now. But the team, I think, continues to do an amazing job and I would say David referred to the DDOM. Adobe Home is now sort of increasingly the way that we're driving a lot of people to get aware of our new products. And so, I would say the mobile part as well and the mobile journeys, as we've got these mobile products, whether it's Lightroom or whether it's certainly, Express, that's an area of increasing focus for us.

格雷格，我會謙虛地說，很長一段時間以來，我們在推動這一方面一直處於世界一流水平。但我認為，該團隊繼續做得非常出色，我想說 David 提到了 DDOM。 Adobe Home 現在越來越成為我們推動許多人了解我們新產品的方式。因此，我想說的是移動部分和移動旅程，因為我們擁有這些行動產品，無論是 Lightroom 還是 Express，這都是我們日益關注的領域。

And the traditional sort of understanding where search terms are, I think we're getting better and better at that, which leads to way more digital traffic for us.

我認為我們對搜尋字詞所在位置的傳統理解越來越好，這為我們帶來了更多的數位流量。

So I think it's across the board. But I'd also highlight, I mean, the commerce team that we have at Adobe that understands what the segments are and how for those particular segments we can attract people, that's great. I mean, I think in the prepared remarks, Dan also talked about the strength in emerging markets. And I think the beautiful part about AI is that since they need access to the cloud to get all of the AI functionality, emerging market growth has been really strong for us.

所以我認為這是全面的。但我還要強調，我的意思是，我們 Adob​​e 的商務團隊了解細分市場是什麼，以及我們如何針對這些特定細分市場吸引人們，這非常棒。我的意思是，我認為在準備好的演講中，丹也談到了新興市場的實力。我認為人工智慧的美妙之處在於，由於他們需要存取雲端才能獲得所有人工智慧功能，因此新興市場的成長對我們來說非常強勁。

Very helpful. Thank you.

很有幫助。謝謝。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

Thank you guys for taking the question. And again, congratulations on a really solid set of results in an environment where not very many software companies have been able to beat and raise in this type of uneven environment.

謝謝你們提出問題。再次恭喜我們在一個沒有太多軟體公司能夠在這種不平衡的環境中擊敗和提高的環境中取得了一系列非常可靠的結果。

I wanted to maybe focus in a little bit on the question that Mark Moerdler asked. In particular on what gives you guys the confidence to see a return to year-on-year growth and Creative Cloud net new ARR. It declined in Q2, it declined in Q1 and if I'm not mistaken, the decline in Q2 was a little bit steeper than what we saw in Q1.

我想稍微關心一下馬克·莫德勒提出的問題。特別是什麼讓你們有信心看到同比增長和 Creative Cloud 淨新 ARR 的恢復。它在第二季度下降，在第一季下降，如果我沒有記錯的話，第二季的下降幅度比我們在第一季看到的要陡。

So what are the particular drivers and maybe some detail on those drivers that give you guys the confidence that trend line that has been actually heading in the wrong direction is going to head in the right direction now? We're actually going to see growth in those metrics in Q3 and Q4?

那麼，哪些特定的驅動因素以及這些驅動因素的一些細節可以讓你們相信，實際上一直朝著錯誤方向發展的趨勢線現在將朝著正確的方向發展呢？我們實際上會在第三季和第四季看到這些指標的成長嗎？

Yes. Thanks, Keith. This is one of the areas that I think we've shared with you the complexity of the year-over-year comparisons in the first half based on prior pricing marks that we had. But more importantly, to your point, the year-over-year complexities are now behind us. And we're very excited about the momentum of the first half and how it sets us up for the second half, frankly, across both Document Cloud and Creative Cloud. Both are really momentum stories.

是的。謝謝，基斯。我認為這是我們根據我們之前的定價標記與您分享的上半年同比比較的複雜性的領域之一。但更重要的是，就您而言，逐年複雜的情況現在已經過去了。坦白說，我們對上半年的勢頭以及它如何為下半年的 Document Cloud 和 Creative Cloud 做好準備感到非常興奮。兩者都是真正的動力故事。

The $478 million -- the $487 million , sorry, just to be clear, the $487 million that we printed this time is obviously strong performance, and it implies that both CC and DC came in over what the growth -- the guide would have implied otherwise, right? So it's giving us a lot of good momentum going into the back half.

4.78 億美元——4.87 億美元，抱歉，需要澄清的是，我們這次印刷的 4.87 億美元顯然是強勁的表現，這意味著 CC 和 DC 的增長都超過了指南所暗示的增長否則，對吧？所以這給我們下半場帶來了很大的動力。

Now the momentum is really driven by three things, and just I'll try to share a little bit more context here and hopefully gives you. First is new user acquisition, right? We're seeing Express starting to perform well in terms of bringing a lot of new users into the franchise across mobile and web.

現在，這種勢頭實際上是由三件事驅動的，我將嘗試在這裡分享更多背景信息，希望能為您帶來幫助。首先是新用戶獲取，對嗎？我們看到 Express 在透過行動和網路吸引大量新用戶方面開始表現良好。

AI Assistant in Reader has been a really nice start for us, and we've been very pleased with how the uptake on that's going. And then Firefly itself, as I mentioned, has been increasingly more productive in terms of bringing in onboarding users and then retaining users because of the growth.

Reader 中的人工智慧助理對我們來說是一個非常好的開始，我們對其進展感到非常滿意。然後，正如我所提到的，Firefly 本身在吸引新用戶以及因成長而留住用戶方面變得越來越有效率。

We continue -- as we drive that more holistically throughout the product set, we start to see more people using it, including, as Shantanu mentioned earlier, in emerging markets. So we are seeing very good strength and usage in emerging markets, and that has certainly been a bright spot for us, which is something that obviously represents a lot of potential and upside for us.

我們繼續下去——隨著我們在整個產品集中更全面地推動這一點，我們開始看到更多的人使用它，包括，正如尚塔努之前提到的，在新興市場。因此，我們在新興市場看到了非常好的實力和使用情況，這對我們來說無疑是一個亮點，這顯然代表著我們的巨大潛力和上行空間。

In terms of existing customers, the migration has been going very well for us as well. So, more people are moving to the higher-priced, higher-value plans because of the Firefly capabilities. We're even seeing this in enterprises where people are moving up to the highest versions of Creative Cloud, which is what we call it, Creative Cloud Enterprise 4, because they get more access to features beyond just generation. They have more collaborative capabilities beyond just kind of sharing via e-mail. And we're starting to see that create a nice momentum in upgrade cycles in the enterprise segment as well.

就現有客戶而言，我們的遷移也進展順利。因此，由於 Firefly 的功能，越來越多的人開始轉向價格更高、價值更高的計劃。我們甚至在企業中看到了這一點，人們正在升級到 Creative Cloud 的最高版本（我們稱之為 Creative Cloud Enterprise 4），因為他們可以更多地存取不僅僅是生成的功能。他們擁有更多的協作能力，而不僅僅是透過電子郵件進行分享。我們開始看到這也為企業領域的升級週期創造了良好的動力。

And then certainly, let's not forget the new offerings, too. While still early, automation and content production is something that we're driving effectively in a lot of these accounts with Firefly services. So that mix of new users, existing user migration, and also the new offerings that we have in market are driving that growth formula that we talked about, which is now P times Q plus V for value with these automation systems.

當然，我們也不要忘記新產品。雖然還處於早期階段，但自動化和內容製作是我們透過 Firefly 服務在許多此類帳戶中有效推動的。因此，新用戶、現有用戶遷移以及我們在市場上提供的新產品的組合正在推動我們談到的成長公式，現在這些自動化系統的價值是 P 乘 Q 加 V。

That is a great answer. Thank you so much.

這是一個很好的答案。太感謝了。

Brad Sills, Bank of America.

布拉德·希爾斯，美國銀行。

Oh, great. Thank you so much. I wanted to ask a question around the generative credit component to your pricing here. It seems like with all the progress you've made embedding Firefly across the key flagship products and the engagement levels that you're seeing, we should start to see perhaps some ramp in that generative credit component to your pricing. Is that a fair assessment?

哦，太好了。太感謝了。我想問一個關於你們定價中的產生信用部分的問題。看起來，隨著​​您在關鍵旗艦產品中嵌入 Firefly 所取得的所有進展以及您所看到的參與水平，我們應該開始看到您的定價中的生成信用成分可能會增加。這是一個公平的評價嗎？

Would you expect to start to see that coming in? Or should we look to other services like the video capabilities that you're going to be launching shortly as a key catalyst there? Thank you.

您希望開始看到這一點嗎？或者我們是否應該考慮其他服務，例如您將很快推出的視訊功能，作為那裡的關鍵催化劑？謝謝。

I think you're right, Brad. When we think about what we've done with imaging and video, we've done the right thing by making sure the higher-value paid plans that people don't have to think about the amount of generative capability. And so there, the balance between for free and trialist users, they're going to run into the generative capability limits and, therefore, have to subscribe.

我認為你是對的，布拉德。當我們思考我們在成像和視訊方面所做的事情時，我們做了正確的事情，確保人們不必考慮生成能力的高價值付費計劃。因此，免費用戶和試用用戶之間的平衡將遇到生成能力限制，因此必須訂閱。

But for the people who actually have imaging and vector needs, that they're not constantly thinking about generative, I think we actually got it right. To your point, as we move to video, expect to see different plans because those plans will, by necessity, take into account the amount of work that's required to do video generation. So you're absolutely right as a sort of framework for you to think about it.

但對於那些真正有成像和向量需求的人來說，他們並沒有不斷地考慮生成，我認為我們實際上做對了。就您的觀點而言，當我們轉向視訊時，預計會看到不同的計劃，因為這些計劃必然會考慮到視訊生成所需的工作量。所以你作為一個框架來思考它是絕對正確的。

The two other things that I would say is, I mean, clearly, Express is really being driven by sort of the need for AI and how people are able to describe what they want and get the final output. When David talked about exports, just to clarify what that means is people who have successfully got what they want to get done, done. And that's a key measure of how we are doing it, and AI is certainly facilitating and accelerating that.

我想說的另外兩件事是，我的意思是，很明顯，Express 確實是由對人工智慧的需求以及人們如何能夠描述他們想要的東西並獲得最終輸出來驅動的。當大衛談到出口時，只是為了澄清這意味著什麼，即人們已經成功地完成了他們想要完成的事情。這是衡量我們如何做到這一點的關鍵指標，而人工智慧無疑正在促進和加速這一點。

And last thing I would say, Brad is, as you know, on the Acrobat side, it's a slightly different model which we like, which is anybody who has Reader and is looking at a document, they can have an upsell to their AI Assistant. If you have Acrobat Pro, you can upsell to the AI Assistant.

我要說的最後一件事是，布拉德，正如你所知，在Acrobat 方面，這是我們喜歡的稍微不同的模型，任何擁有Reader 並正在查看文檔的人，他們都可以向他們的AI 助理進行追加銷售。如果您有 Acrobat Pro，則可以向 AI 助理進行追加銷售。

And if you're a brand new acquisition of a user when you're coming in, the adoption of the highest-value products, so between Standard Pro and Pro Plus Assistant, we've been pleased to see how many people are migrating to the Pro Plus Assistant. So hopefully, that gives you some color of how we think about it differently by product.

如果你是一個全新的獲取用戶，當你進來時，採用了最高價值的產品，那麼在Standard Pro和Pro Plus Assistant之間，我們很高興看到有多少人正在遷移到Pro Plus 助理。希望這能讓您了解我們對產品的不同看法。

Very helpful. Thank you Shantanu.

很有幫助。謝謝尚塔努。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Great. Thank you so much and congrats to all of you. I don't want Anil to feel left out, so I'm going to ask a DX question. Anil, it's good to hear AEP is on track to become the next billion-dollar business for Adobe. Can you expand on the journey and drivers that get you there? And in particular, how important are cloud migrations? And how do you see AEP AI Assistant perhaps accelerating the journey to $1 billion? Thanks.

偉大的。非常感謝並祝賀你們所有人。我不想讓 Anil 感到被冷落，所以我要問一個 DX 問題。 Anil，很高興聽到 AEP 預計將成為 Adob​​e 下一個價值十億美元的業務。您能詳細介紹一下到達那裡的旅程和驅動因素嗎？特別是，雲端遷移有多重要？您如何看待 AEP AI Assistant 可能加速邁向 10 億美元的旅程？謝謝。

Thank you, Brad. Appreciate it. As you know, I mean, customer experience management and especially it's been a hugely important priority area for Chief Marketing Officers and with CIOs and Chief Digital Officers as well. And for us, we are focused on personalization scale, which is really built around the AEP platform. We're the largest provider in this space. We're growing faster than any of our peers, and we're the number one Digital Experience platform as a result and that has really helped us keep the momentum.

謝謝你，布拉德。欣賞它。如您所知，我的意思是，客戶體驗管理，尤其是對於行銷長、資訊長和首席數位長來說，它是一個非常重要的優先領域。對我們來說，我們專注於個人化規模，這實際上是圍繞 AEP 平台構建的。我們是這個領域最大的供應商。我們的成長速度比任何同行都快，因此我們成為了第一大數位體驗平台，這確實幫助我們保持了這一勢頭。

When you think about the AEP AI Assistant, it's doing a couple of things. One, it's really making it easier for customers to deploy use cases. When you think of use cases that they have around, for example, generating audiences and running campaigns around those audiences, these are things today that require some data engineering.

當您想到 AEP AI 助理時，它會做幾件事。第一，它確實使客戶更容易部署用例。當您想到他們周圍的用例時，例如，產生受眾並圍繞這些受眾開展活動，這些都是當今需要一些資料工程的事情。

They require the ability to put these audiences together. So they require marketing and IT teams to work together. The AEP AI Assistant is making it much easier for marketers to be able to do it themselves and be able to deploy a lot more use cases.

他們需要有能力將這些受眾聚集在一起。因此，他們需要行銷和 IT 團隊共同努力。 AEP AI 助理讓行銷人員能夠更輕鬆地自行完成並部署更多用例。

So as there's more usage, it will help drive more consumption and help drive the growth in terms of number of profiles, number of users, and we help -- we see it helping us grow towards that billion-dollar business.

因此，隨著使用量的增加，它將有助於推動更多的消費，並有助於推動個人資料數量、用戶數量的增長，我們將提供幫助——我們看到它將幫助我們朝著數十億美元的業務發展。

Great to hear and keep up the great work guys.

很高興聽到並繼續努力，夥計們。

Hey, operator, we're almost at the top of the hour. We'll take two last questions and then wrap up. Thanks. operator, we're almost at the top of the hour.

嘿，接線員，我們快到了正點。我們將回答最後兩個問題，然後結束。謝謝。接線員，我們快到了正點。

Thank you.

謝謝。

Kash Rangan, Goldman Sachs.

卡什·蘭根，高盛。

Hi, thank you very much. You guys could have three separate earnings calls because you have three different businesses that even the smallest one is very large. So yes, sorry, Anil, Dave, and Shantanu, I may not be able to ask all the questions that I want. I'm sure we have plenty. But I'll just keep it super high level, Shantanu.

你好，非常感謝你。你們可以召開三次獨立的財報電話會議，因為你們擁有三項不同的業務，即使是最小的業務也很大。所以，是的，抱歉，阿尼爾、戴夫和尚塔努，我可能無法問出所有我想問的問題。我確信我們有足夠的。但我會保持超高水平，Shantanu。

Generative AI, it seems to swing back and forth. Just so early in its evolution, the possibilities seem magical sometimes, endless sometimes, sometimes it feels very disappointing. But with every quarter that Adobe is executing on this path, where do you stand with the question that we do get from investors?

生成式人工智慧，似乎來回搖擺。就在其發展的早期階段，可能性有時看起來很神奇，有時似乎無窮無盡，有時又讓人感到非常失望。但是，Adobe 每個季度都在這條道路上執行，對於我們從投資者那裡得到的問題，您持什麼立場？

Will generative AI be so good that it's the end of the creative process? So we don't need creative folks, that software will do everything? That sounds a little far-fetched, but I'm just throwing it out there to see how you would react that proposition.

生成式人工智慧會如此出色以至於結束創意過程嗎？那麼我們不需要有創意的人，該軟體就可以完成所有事情嗎？這聽起來有點牽強，但我只是把它扔在那裡，看看你會如何反應這個提議。

Same in Experience Cloud as well. Could generative AI create its own marketing campaign, put marketing people out of business? Or maybe it doesn't. I'm sure you have strong views. Maybe flipped on the other side, it does create category growth on the other hand, not category compression.

Experience Cloud 中也是如此。生成式人工智慧能否創造自己的行銷活動，讓行銷人員失業？或者也許不是。我相信你有強烈的觀點。也許反過來，它確實在另一方面創造了品類成長，而不是品類壓縮。

So sorry for that super high-level question, but that seems to be a big debate on the stock here, at least from the long-term perspective. Thank you so much.

對於這個超高級別的問題，我深表歉意，但這似乎是關於該股的一場大辯論，至少從長期角度來看是這樣。太感謝了。

Yes, Kash. I think there are two things when we talk to investors that are perhaps on their mind. I mean, I think the first is it's fair to say that the interest that exists right now from investors as it relates to AI is all associated with the infrastructure and chips and perhaps rightly so because that's where everybody is creating these models. They're all trying to train them. And there's a lot of, I think, deserved excitement associated with that part of where we are in the evolution of generative AI.

是的，卡什。我認為，當我們與投資者交談時，他們可能會想到兩件事。我的意思是，我認為首先可以公平地說，投資者現在對人工智慧的興趣都與基礎設施和晶片有關，也許這是正確的，因為這就是每個人創建這些模型的地方。他們都在努力訓練他們。我認為，我們在產生人工智慧的發展過程中，有許多值得興奮的地方。

If the value of AI doesn't turn to inference and how people are going to use it, then I would say all of that investment would not really reap the benefit in terms of where people are spending the money. And so we're always convinced that when you have this kind of disruptive technology, the real benefits come when people use interfaces to do whatever task they want to do quicker, faster, and when it's embedded into the workflows that they're accustomed to because then there isn't an inertia associated with using it.

如果人工智慧的價值不會轉向推理以及人們將如何使用它，那麼我想說，所有這些投資都不會真正從人們把錢花在哪裡方面獲得好處。因此，我們始終堅信，當您擁有這種顛覆性技術時，當人們使用介面更快地完成他們想做的任何任務，並將其嵌入到他們習慣的工作流程中時，真正的好處就會到來因為這樣就不存在與使用它相關的慣性。

So with that sort of as a broad segment, I am a big believer that generative AI is going to, for all the categories that we're in, it's actually going to dramatically expand the market because it's going to make our products more accessible, more affordable, more productive in terms of what you -- what we can do. I'm still acting CMO at the company, and I see the excitement around how we can, with agility, create way more content, create variations.

因此，對於這個廣泛的細分市場，我堅信生成式人工智慧將會，對於我們所處的所有類別，它實際上會極大地擴大市場，因為它將使我們的產品更容易獲得，就您— —我們能做的事情而言，更實惠、更有效率。我仍然擔任公司的首席行銷官，我看到了我們如何敏捷地創造更多內容、創造變化的興奮。

When Anil talked about personalization at scale, I think there are two aspects to it, right? I mean, the first was always data, and Anil and the team have done a great job with sort of the real-time customer data platform to get that. And that's hydrated with users. But the real value is when you infuse that with the right content to make that personalized experience. So I think the demand is there for way more content than people can do, and generative AI is going to be an accelerant in that as well.

當阿尼爾談到大規模個人化時，我認為有兩面，對嗎？我的意思是，第一個始終是數據，Anil 和團隊在即時客戶數據平台上做得很好，可以實現這一點。這與用戶息息相關。但真正的價值在於，您將正確的內容注入其中，以創造個人化體驗。因此，我認為人們對內容的需求遠遠超出了人們的能力，而生成式人工智慧也將成為這方面的促進劑。

And so net-net, I am absolutely betting on the fact that five years from now, there will be more people saying, I'm using creative tools to accomplish what I want, and there'll be more marketers saying, I can now, with the agility that I need, truly deliver a marketing campaign and an audience that's incredibly more specific than I could in the past.

所以，網絡，我絕對相信五年後，會有更多的人說，我正在使用創意工具來實現我想要的東西，並且會有更多的營銷人員說，我現在可以憑藉我所需的敏捷性，真正開展行銷活動並吸引比過去更具體的受眾。

And that's Adobe's job to demonstrate how we are both leading in both those categories and to continue to innovate. But I recognize and I understand the question that exists in the industry associated with AI. If the value doesn't accrue to interfaces, I'll leave you with that. I think the investment would not be as beneficial as I believe it can be.

Adobe 的工作就是展示我們如何在這兩個領域保持領先並持續創新。但我認識到並且理解人工智慧相關行業中存在的問題。如果介面沒有產生價值，我就把它留給你。我認為這項投資不會像我想像的那麼有利。

And maybe one thing to add to that, Kash, just to build on what Shantanu was talking about. I think the other thing we get asked a fair amount is about the comparison between different models, right? So Firefly might be better at something. Midjourney might be something at something else.

也許還需要補充一件事，卡什，只是為了以尚塔努所說的為基礎。我認為我們經常被問到的另一件事是關於不同模型之間的比較，對吧？所以螢火蟲可能在某些方面比較擅長。中途可能是另一回事。

DALL-E might do something else. And the key thing here is that around this table, we get excited when models innovate. We get excited when Firefly does something amazing. We get excited when third-party models do something because our view, to Shantanu's point, is that the more content that gets generated out of these models, the more content that needs to be edited, whether it's color correction, tone matching, transitions, assembling clips, or masking composite images.

DALL-E 可能會做其他事情。這裡的關鍵是，在這張桌子周圍，當模型創新時，我們會感到興奮。當螢火蟲做了一些令人驚奇的事情時，我們會感到興奮。當第三方模型做某件事時，我們會感到興奮，因為在Shantanu 看來，我們的觀點是，這些模型產生的內容越多，需要編輯的內容就越多，無論是色彩校正、色調匹配、過渡，組裝剪輯或屏蔽合成影像。

And the reason for this is that this is not a game where there's going to be one model. Each model is going to have its own personality, what it generates, what it looks like, how fast it generates, how much it costs when it generates that, and to have some interface layer to help synthesize all of this is important.

原因是這不是一款只有單一模型的遊戲。每個模型都會有自己的個性，它產生什麼，它看起來像什麼，它產生的速度有多快，生成時的成本是多少，並且有一些介面層來幫助綜合所有這些很重要。

And so just sort of to note, we've said this before but I'll say it again here, you will see us building our products and tools and services leveraging Firefly for sure, but you'll also see us leveraging best-of-breed personalities from different models and integrate them all together.

需要注意的是，我們之前已經說過，但我會在這裡再說一遍，您肯定會看到我們利用 Firefly 構建我們的產品、工具和服務，但您也會看到我們利用最好的-培養不同模型的個性並將它們整合在一起。

Awesome, the message here is that, gen AI is going to create more growth in the category. And Shantanu, you did that with the pivot to cloud. You grew the category, so here we go again. Thank you so much.

太棒了，這裡的訊息是，新一代人工智慧將在該類別中創造更多成長。 Shantanu，您透過轉向雲端來做到了這一點。您擴大了類別，所以我們再次開始。太感謝了。

Thanks, Kash.

謝謝，卡什。

Jake Roberge, William Blair.

傑克‧羅伯格，威廉‧布萊爾。

Hey, thanks for taking the question and I'll echo my congrats on the great quarter. I know it's early, but what's been the feedback and customer behavior for those users that are on Firefly services and GenStudio? And then thinking more longer term, what type of price uplift could you see from those customers over time, just given what you said about the acceleration in Firefly generations being driven by those products? Thanks.

嘿，感謝您提出問題，我將對這個偉大的季度表示祝賀。我知道現在還為時過早，但是使用 Firefly 服務和 GenStudio 的使用者的回饋和客戶行為如何？然後從更長遠的角度考慮，考慮到您所說的由這些產品推動的 Firefly 世代的加速，隨著時間的推移，您會從這些客戶那裡看到什麼樣的價格上漲？謝謝。

Maybe I'll start with customer zero. Right before this meeting, I was in a meeting with our CMO. And well, sometimes it's hard to tell, he's running the CMO or CEO head, but CMO this time. And we were reviewing a full-funnel campaign that we're planning on launching later this year.

也許我會從零號客戶開始。就在這次會議之前，我正在與我們的首席行銷長開會。好吧，有時很難說，他是在管理首席行銷長還是首席執行官，但這次是首席行銷長。我們正在審查計劃在今年稍後推出的全通路活動。

And exactly as Shantanu mentioned earlier, we saw benefits in terms of cost of the campaign, faster time to market for the campaign, and the amount of content that we can create to personalize that campaign.

正如 Shantanu 之前提到的，我們看到了在活動成本、更快的活動上市時間以及我們可以創建的個人化活動的內容量方面的好處。

And that is one of those things that we've been doing more and more around our DDOM, which has actually been very productive for us, as you can see this quarter, and what we're pitching to other customers. So we've been working with -- we listed some of the customers earlier, but we've been working with a long list of customers on everything from accelerating the content creation for social, accelerating content creation for regional, and then increasing the number of amount of content that's created for increased personalization, which then, of course, flows through all of the Experience Cloud products that Anil is working on to get targeted better.

這是我們圍繞 DDOM 所做的越來越多的事情之一，這實際上對我們來說非常富有成效，正如您在本季度所看到的，以及我們向其他客戶推銷的內容。因此，我們一直在與——我們之前列出了一些客戶，但我們一直在與一長串客戶合作，從加速社交內容創建、加速區域內容創建，然後增加數量為增強個性化而創建的大量內容，當然，這些內容會流經Anil 正在開發的所有Experience Cloud 產品，以便更好地獲得針對性。

And Jake, maybe in terms of what I would say we're seeing usage of, I think the initial usage of Firefly services in most companies was all around ideation. How can they create multiple variations of them and in the ideation process really just accelerate that ideation process?

Jake，也許就我所說的我們所看到的使用情況而言，我認為大多數公司對 Firefly 服務的最初使用都是圍繞著構思的。他們如何創造多種變體，並在構思過程中真正加速構思過程？

Most companies are then starting with as they're putting it into production, how can they, with the brand assets and the brand guidelines that they have, do this in terms of the variations, whether they be geographic variations or they be just variations?

大多數公司在將產品投入生產時，如何利用他們擁有的品牌資產和品牌指導方針，在差異方面做到這一點，無論是地理差異還是僅僅是差異？

I mean, if you take a step back also, every single ad company right now will tell you that the more variance that you provide, the better your chances are of appropriately getting an uplift for your media spend. So I would say that most companies are starting with creating these variations for geographies.

我的意思是，如果您也退後一步，現在每個廣告公司都會告訴您，您提供的差異越大，您適當增加媒體支出的機會就越大。所以我想說，大多數公司都是從針對不同地區創建這些變體開始的。

The other one that we see a fair amount of is engaging with their communities. So when they want their communities to have assets that they have blessed for usage within community campaigns, that's the other place where Firefly services are being used and a company has a community portal where the community can come in, take something, and then post whether it's on whatever social media site that you want. So I think that's the initial one.

我們看到的另一件事是與他們的社區互動。因此，當他們希望他們的社區擁有他們祝福在社區活動中使用的資產時，那就是使用 Firefly 服務的另一個地方，公司有一個社區門戶，社區可以進來，拿走一些東西，然後發布是否它位於您想要的任何社交媒體網站上。所以我認為這是最初的。

All of the agency companies are companies that have actually even publicly said how GenStudio is something that they have embraced.

所有的代理公司其實都公開表示 GenStudio 是他們所擁護的。

But even the large media companies, because the media companies are certainly interested in understanding how all of this gen AI could be used to automate as well as accelerate the amount of content that they can produce.

但即使是大型媒體公司，因為媒體公司當然有興趣了解如何使用所有這一代人工智慧來實現自動化並加速他們可以製作的內容量。

So hopefully, that gives you some color of it. If there's been sort of the questions that they ask along the way, which hopefully and actually, luckily, we have great answers, it's all around the indemnification and how they can use it. And I would say that continues to be a really key differentiator for us.

希望這能帶給你一些色彩。如果他們在過程中提出了一些問題，希望並且實際上，幸運的是，我們有很好的答案，這一切都圍繞著賠償以及他們如何使用它。我想說，這仍然是我們的一個真正關鍵的差異化因素。

But since that is the last question, let me just say I'm proud of how we executed in Q2, both across the product innovation, delivery as well as the go-to-market because clearly, a number of you asked how we were able to put together these numbers where others have perhaps talked about the macroeconomic environment. We certainly remain focused on leveraging technology to light a broader set of customers.

但由於這是最後一個問題，我只想說，我對我們在第二季度的執行情況感到自豪，無論是在產品創新、交付還是進入市場方面，因為顯然，你們中的許多人問我們做得如何能夠將這些數字放在一起，而其他人可能已經談論過宏觀經濟環境。我們當然仍然專注於利用科技來照亮更廣泛的客戶群。

And at the end of the day, to the questions that we were asked, we believe that the real value of AI will be in the interfaces that individuals, enterprises use to accomplish their tasks and workflows. And we think we're incredibly well positioned. So thank you for joining us.

歸根究底，對於我們提出的問題，我們相信人工智慧的真正價值在於個人、企業用來完成任務和工作流程的介面。我們認為我們處於非常有利的位置。感謝您加入我們。

Thanks, everyone. This concludes the call.

感謝大家。通話就此結束。

This does conclude today's conference. We do thank you for your participation and have an excellent day.

今天的會議到此結束。我們非常感謝您的參與並祝您有個愉快的一天。