Adobe Inc (ADBE) 2024 Q3 法說會逐字稿

Good day and welcome to the Q3 FY24 Adobe earnings conference call. Today's conference is being recorded.

美好的一天，歡迎參加 Adob​​e 2024 財年第三季財報電話會議。今天的會議正在錄製中。

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

這次，我想將會議交給投資人關係副總裁 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 third 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.

在這次正在錄音的電話會議上，我們將討論 Adob​​e 2024 財年第三季的財務表現。您可以在 Adob​​e 的投資者關係網站上找到我們的新聞稿以及我們準備好的評論和財務表現的 PDF 版本。

The information discussed on this call, including our financial targets and product plans, is as of today, September 12, and contains forward looking statements that involve risk, 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.

本次電話會議中討論的資訊（包括我們的財務目標和產品計劃）截至今天 9 月 12 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 growth 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恆定貨幣成長率。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 third quarter. We saw strength across Creative Cloud, Document Cloud, and Experience Cloud, achieving revenue of $5.41 billion, representing 11% year-over-year growth. GAAP earnings per share for the quarter was $3.76, and non-GAAP earnings per share was $4.65, representing 23% and 14% year-over-year growth, respectively.

謝謝，喬納森。下午好，感謝您加入我們。 Adobe 第三季表現出色。我們看到了 Creative Cloud、Document Cloud 和 Experience Cloud 的實力，實現營收 54.1 億美元，年增 11%。本季 GAAP 每股收益為 3.76 美元，非 GAAP 每股收益為 4.65 美元，年比分別增長 23% 和 14%。

Our success reflects our strong execution against an ambitious innovation agenda to deliver value to our customers. The product advances we've launched in the past 18 months are delighting a huge and growing universe of users and enterprises, empowering them to unleash the creativity, accelerate document productivity, and power their digital businesses.

我們的成功體現了我們對雄心勃勃的創新議程的強大執行力，為客戶創造價值。我們在過去 18 個月中推出的產品進步讓越來越多且不斷增長的用戶和企業感到高興，使他們能夠釋放創造力、提高文件生產力並推動他們的數位業務。

Our vision revolves around Adobe's deep technology platforms across Creative Cloud, Document Cloud, and Experience Cloud, which when integrated provides significant differentiation and value. We're amplifying creativity and productivity by enabling the convergence of products like Photoshop, Express, and Acrobat, as knowledge workers and creatives seek to make content more compelling and engaging.

我們的願景圍繞著 Adob​​e 跨 Creative Cloud、Document Cloud 和 Experience Cloud 的深度技術平台，這些平台整合後可提供顯著的差異化和價值。隨著知識工作者和創意人員尋求使內容更具吸引力和吸引力，我們正在透過融合 Photoshop、Express 和 Acrobat 等產品來增強創造力和生產力。

We're bringing together content creation and production, workflow and collaboration, and campaign activation and insights across Creative Cloud, Express, and Experience Cloud. New offerings, include Adobe GenStudio and Firefly Services, empower companies to address personalized content creation at scale at scale with agility and enable them to address their content supply chain challenges.

我們將 Creative Cloud、Express 和 Experience Cloud 中的內容創建和製作、工作流程和協作以及活動啟動和見解整合在一起。 Adobe GenStudio 和 Firefly Services 等新產品使公司能夠靈活地大規模解決個人化內容創建問題，並幫助他們應對內容供應鏈挑戰。

Adobe's customer-centric approach to AI is highly differentiated across data, models, and interfaces. We train our Firefly models on data that allows us to offer customers a solution designed to be commercially safe. We have now released Firefly models for imaging, vector, and design and just previewed a new Firfely video model.

Adobe 以客戶為中心的 AI 方法在資料、模型和介面方面具有高度差異化。我們根據資料訓練 Firefly 模型，從而為客戶提供商業安全的解決方案。我們現在已經發布了用於成像、向量和設計的 Firefly 模型，並且剛剛預覽了新的 Firfely 視訊模型。

Our greatest differentiation comes at the interface layer with our ability to rapidly integrate AI across our industry-leading product portfolio, making it easy for customers of all sizes to adopt and realize value from AI. Firefly-powered features in Adobe Photoshop, Illustrator, Lightroom, and Premiere Pro help creators expand upon their natural creativity and accelerate productivity.

我們最大的差異化在於介面層，我們能夠將人工智慧快速整合到業界領先的產品組合中，使各種規模的客戶都能輕鬆採用人工智慧並實現其價值。 Adobe Photoshop、Illustrator、Lightroom 和 Premiere Pro 中由 Firefly 提供支援的功能可協助創作者擴展他們的自然創造力並提高工作效率。

Adobe Express is a quick-and-easy create-anything application, unlocking creative expression for millions of users. Acrobat AI Assistant helps extract greater value from PDF documents. Adobe Experience Platform AI Assistant empowers brands to automate workflows and generate new audiences and journeys.

Adobe Express 是一款快速、輕鬆地創建任何內容的應用程序，可為數百萬用戶釋放創意表達。 Acrobat AI Assistant 有助於從 PDF 文件中提取更大的價值。 Adobe Experience Platform AI Assistant 讓品牌能夠自動化工作流程並產生新的受眾和旅程。

Adobe GenStudio brings together content and data, integrating high-velocity creative expression with the enterprise activation needed to deliver personalization at scale. Overall, we are delighted to see customer excitement and adoption for our AI solutions continue to grow, and we have now surpassed 12 billion Firefly-powered generations across Adobe tools.

Adobe GenStudio 將內容和數據結合在一起，將高速創意表達與大規模提供個人化所需的企業活化整合在一起。總體而言，我們很高興看到客戶對我們的 AI 解決方案的熱情和採用率持續增長，目前 Adob​​e 工具中由 Firefly 驅動的代數已超過 120 億。

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 Q3, we achieved net new digital media ARR of $504 million and revenue of $4 billion, which grew 12% year over year, fueled by innovation in both our creative and document businesses. With Document Cloud, we continue to reinvent how people create, edit, share, review, and sign digital documents with PDF and Acrobat across mobile, web, and desktop.

謝謝，山塔努。大家好。第三季度，在創意和文件業務創新的推動下，我們的新數位媒體淨收入達到 5.04 億美元，營收達到 40 億美元，年增 12%。借助 Document Cloud，我們繼續重塑人們在行動裝置、Web 和桌面上使用 PDF 和 Acrobat 創建、編輯、分享、審查和簽署數位文件的方式。

For decades, PDF has been the de facto standard for storing unstructured data, resulting in the creation and sharing of trillions of PDFs. The introduction of AI Assistant across Adobe Acrobat and Reader has transformed the way people interact with and extract value from these documents.

幾十年來，PDF 一直是儲存非結構化資料的事實上的標準，導致了數兆個 PDF 的創建和共享。 Adobe Acrobat 和 Reader 中 AI Assistant 的推出改變了人們與這些文件互動並從中提取價值的方式。

In Q3, we released significant advancements, including the ability to have conversations across multiple documents and support for different document format, saving users valuable time and providing important insights. We're thrilled to see this value translate into AI Assistant usage with over 70% quarter-over-quarter growth in AI interactions.

在第三季度，我們發布了重大改進，包括跨多個文件進行對話的能力以及對不同文件格式的支持，從而節省了用戶寶貴的時間並提供了重要的見解。我們很高興看到這一價值轉化為 AI 助理的使用，AI 互動的季度環比增長超過 70%。

In addition to consumption, we're focused on leveraging generative AI to expand content creation in Adobe Acrobat. We've integrated Adobe Firefly image generation into our edit PDF workflows. We've optimized AI Assistant in Acrobat to generate content fit for presentations, e-mails, and other forms of communication. And we're laying the groundwork for richer content creation, including the generation of Adobe Express projects.

除了消費之外，我們還專注於利用生成式 AI 來擴展 Adob​​e Acrobat 中的內容創建。我們已將 Adob​​e Firefly 影像生成整合到我們的 PDF 編輯工作流程中。我們優化了 Acrobat 中的 AI Assistant，以產生適合簡報、電子郵件和其他形式的通訊的內容。我們正在為更豐富的內容創建奠定基礎，包括產生 Adob​​e Express 專案。

The application of this technology across verticals and industries is virtually limitless. Tata Consultancy Services recently used Adobe Premiere Pro to transcribe hours of conference videos and then use AI Assistant in Acrobat to create digestible events summaries in minutes. This allowed them to distribute newsletters on session content to attendees in real time.

這項技術在垂直產業和產業的應用幾乎是無限的。 Tata Consultancy Services 最近使用 Adob​​e Premiere Pro 轉錄數小時的會議視頻，然後使用 Acrobat 中的 AI Assistant 在幾分鐘內創建易於理解的事件摘要。這使他們能夠向與會者即時分發有關會議內容的新聞通訊。

We're excited to leverage generative AI to add value to content creation and consumption in Acrobat and Reader in the months ahead. Given the early adoption of AI Assistant, we intend to actively promote subscription plans that include generative AI capabilities over legacy perpetual plans that do not.

我們很高興能夠在未來幾個月利用生成式 AI 為 Acrobat 和 Reader 中的內容創建和消費增加價值。鑑於人工智慧助理的早期採用，我們打算積極推廣包含生成式人工智慧功能的訂閱計劃，而不是不包含生成式人工智慧功能的舊版永久計劃。

In Q3, we achieved Document Cloud revenue of $807 million, growing 18% year over year. We added $163 million of net new Document Cloud ARR.

第三季度，我們實現文檔雲端營收 8.07 億美元，年增 18%。我們新增 Document Cloud ARR 淨值達 1.63 億美元。

Other highlights include expanded Acrobat customer value with multi-document support for AI Assistant, enhanced meeting transcript capabilities, and support for larger documents; optimized AI Assistant for mobile, web, and desktop experiences, including voice-enabled conversations on Android; continued strength of PDF-based collaboration, with shared links growing greater than 70% year over year; increased top of funnel through Acrobat Web with monthly active users growing over 35% year over year as a result of linked sharing and our Microsoft edge and Google Chrome extensions. Key enterprise customer wins include Amazon, Charles Schwab, Disney, Home Depot, KPMG, Red Bull, Sutter Health, and the US Treasury Department.

其他亮點包括透過 AI Assistant 的多文件支援擴大 Acrobat 客戶價值、增強的會議記錄功能以及對更大文件的支援；針對行動、網路和桌面體驗優化的人工智慧助手，包括 Android 上的語音對話；基於 PDF 的協作持續強勁，共享連結年增超過 70%；透過 Acrobat Web 增加漏斗頂部，由於連結共享以及我們的 Microsoft Edge 和 Google Chrome 擴展，每月活躍用戶同比增長超過 35%。贏得的主要企業客戶包括亞馬遜、嘉信理財、迪士尼、家得寶、畢馬威、紅牛、薩特健康和美國財政部。

With Creative Cloud, the demand for creative expression and design across media types and surfaces has never been greater. Consumers are sharing edited photos more than ever. Students need to create school presentations that stand out.

借助 Creative Cloud，對跨媒體類型和介面的創意表達和設計的需求從未如此之大。消費者比以往任何時候都更分享編輯過的照片。學生需要創作出引人注目的學校簡報。

Creative professionals that are being asked to create more images, designs, and videos faster than ever before. Small businesses are looking to engage prospects on social channels. And large enterprises are defining their content supply workflows to deliver personalization at scale.

創意專業人士被要求以比以往更快的速度創作更多的圖像、設計和影片。小型企業希望透過社群管道吸引潛在客戶。大型企業正在定義其內容供應工作流程以大規模提供個人化服務。

AI has the potential to empower creative professionals, communicators, consumers, and organizations of all sizes to be more creative and productive. Our strategy is to build technology that will create more streamlined and precise workflows within our tools through features like text to template in Express, generative fill in Photoshop, generative recolor in Illustrator, generative remove in Lightroom, and the upcoming generative extend for video in Premiere Pro.

人工智慧有潛力使創意專業人士、傳播者、消費者和各種規模的組織更具創造力和生產力。我們的策略是建立技術，透過Express 中的文字到模板、Photoshop 中的生成填充、Illustrator 中的生成重新著色、Lightroom 中的生成刪除以及Premiere 中即將推出的視訊生成擴展等功能，在我們的工具中創造更簡化和精確的工作流程親。

We're exposing the power of our creative tools and the magic of generative AI through Firefly service APIs so organizations can generate and assemble content at scale. As we integrate Firefly innovations throughout our tools, usage continues to accelerate, crossing 12 billion generation since launch.

我們透過 Firefly 服務 API 展示創意工具的力量和生成式 AI 的魔力，以便組織可以大規模產生和組裝內容。隨著我們將 Firefly 創新技術融入我們的工具中，其使用量持續加速，自推出以來已突破 120 億代。

The introduction of the new Firefly video model earlier this week at IBC is another important milestone in our journey. Our video model, like the other models in the Firefly family, is built to be commercially safe, with fine grain control and application integration at its core. This will empower editors to realize the creative vision more productively in our video products, including Premiere Pro.

本週稍早在 IBC 上推出的新 Firefly 視訊模型是我們旅程中的另一個重要里程碑。我們的視訊模型與 Firefly 系列中的其他模型一樣，都是為了商業安全而構建的，其核心是細粒度控制和應用程式整合。這將使編輯人員能夠在我們的影片產品（包括 Premiere Pro）中更有效率地實現創意願景。

With Express, we're on a multi-year strategic journey to dramatically expand our reach across customer segments. Adobe Express is our AI-first content creation application, fulfilling our mission to enable creativity for all.

透過 Express，我們將踏上多年的策略之旅，以大幅擴大我們在客戶群中的影響力。 Adobe Express 是我們的 AI 優先內容創建應用程序，履行我們為所有人提供創造力的使命。

The all-new release of Express across web and mobile earlier this year has been embraced by millions of users. They love how easy it is to create anything in Express, with strong enthusiasm for our image-editing features powered by Photoshop, video editing capabilities powered by Premiere Pro, document and presentation workflows powered by Acrobat, and unparalleled generative AI features powered by Adobe Firefly.

今年早些時候，跨網路和行動端的全新 Express 版本受到了數百萬用戶的歡迎。他們喜歡在Express 中輕鬆創建任何內容，並對我們由Photoshop 提供支援的圖像編輯功能、由Premiere Pro 提供支援的視訊編輯功能、由Acrobat 提供支援的文檔和演示工作流程以及由AdAdobe Firefly 提供支援的無與倫比的生成式AI 功能充滿熱情。

Our integration of Adobe stock and design templates with our unique Firefly design model ensures that content created in Express can stand out. Express empowers a broad array of individuals and businesses from solopreneurs to the largest enterprises in the world.

我們將 Adob​​e Stock 和設計模板與獨特的 Firefly 設計模型相集成，確保在 Express 中創建的內容能夠脫穎而出。 Express 為從個人企業家到世界上最大的企業的廣泛個人和企業提供支援。

We're continuing to grow Express as we ramp our go-to-market activities to support recent product releases, including Express for individuals, Express for education, Express for teams, and Express for enterprises. As a result, in Q3, we drove 70% year-over-year growth in cumulative exports. We onboarded over 1,500 businesses and millions of students.

我們將繼續發展 Express，同時增加上市活動的力度，以支援最近的產品發布，包括面向個人的 Express、教育導向的 Express、以團隊為導向的 Express 和企業導向的 Express。結果，第三季度，我們累計出口較去年同期成長70%。我們幫助了 1,500 多家企業和數百萬學生。

In Q3, we achieved $3.19 billion in revenue, which grew 11% year over year in constant currency. Net new Creative Cloud ARR was $341 million.

第三季度，我們實現了 31.9 億美元的收入，以固定匯率計算，年增 11%。 Creative Cloud ARR 淨新增額為 3.41 億美元。

Other highlights include new AI-powered features in Photoshop that accelerate core creative workflows and streamline repetitive tasks. Generative fill in Photoshop was upgraded to Firefly Image 3; generative image was made generally available; and the new selection brush and adjustment brush tools were introduced, making selective edit s easier than ever.

其他亮點包括 Photoshop 中新的人工智慧功能，可加速核心創意工作流程並簡化重複性任務。 Photoshop中的生成填色升級為Firefly Image 3；生成圖像已普遍可用；並引入了新的選擇畫筆和調整畫筆工具，使選擇性編輯比以往更容易。

Broad-based innovations and Illustrator, including significant improvements to vector generation, enhancements to text to pattern, and the all new generative shape fill. These advances unlock new ways for designers to bring their vision to life.

廣泛的創新和 Illustrator，包括向量生成的重大改進、文字到圖案的增強以及全新的生成形狀填充。這些進步為設計師開啟了將他們的願景變為現實的新方法。

Strong adoption of the latest version of Lightroom and Lightroom Mobile, which now includes the new generative remove feature. Millions of users have non-disruptively removed unwanted objects from their photos with a single click.

大力採用最新版本的 Lightroom 和 Lightroom Mobile，現在包含新的產生刪除功能。數百萬用戶只需單擊即可不間斷地從照片中刪除不需要的物件。

Strong demand for Firefly services, which provide APIs, tools, and services for content generation, editing and assembly, empowering organizations to automate content production while maintaining quality and control. Total API calls tripled quarter over quarter.

對 Firefly 服務的強烈需求，Firefly 服務提供用於內容產生、編輯和組裝的 API、工具和服務，使組織能夠自動化內容生產，同時保持品質和控制。 API 呼叫總數比上一季成長了兩倍。

Acrobat Pro single app continues to be a growth driver in Creative Cloud, reflecting the increasing adoption of PDF as a preferred format to create, collaborate, and share visually compelling content. Key enterprise customer wins include the Brandtech Group, Dentsu, Estee Lauder, Google, MediaMonks, Meta, MLB, Newell Brands, PepsiCo, Stagwell Group, and the US Navy.

Acrobat Pro 單一應用程式繼續成為 Creative Cloud 的成長動力，反映出 PDF 作為創建、協作和共享視覺上引人注目的內容的首選格式越來越多地被採用。贏得的主要企業客戶包括 Brandtech Group、Dentsu、Estee Lauder、Google、MediaMonks、Meta、MLB、Newell Brands、PepsiCo、Stagwell Group 和美國海軍。

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

我們期待下個月在邁阿密舉辦全球最大的創意會議 Adob​​e MAX，屆時我們將迎來全球社群的 10,000 多名成員，並與數十萬人在線上互動。我們將聆聽鼓舞人心的創作者的聲音，並在我們的雲中揭曉創新成果。

In summary, we are excited about the pace and caliber of innovations across our digital media products and the continued execution across multiple growth drivers. I'll now pass it to Anil.

總之，我們對數位媒體產品的創新速度和水平以及跨多個成長動力的持續執行感到興奮。我現在將其傳遞給阿尼爾。

Thanks, David. Hello, everyone. In Q3, we achieved Experience Cloud revenue of $1.35 billion. Subscription revenue was $1.23 billion, representing 12% year-over-year growth.

謝謝，大衛。大家好。第三季度，我們的 Experience Cloud 營收達到 13.5 億美元。訂閱收入為 12.3 億美元，較去年同期成長 12%。

Customer experience management remains top of mind for B2C and B2B companies around the world as they focus on digital strategies for customer acquisition, engagement, retention, and expansion. Enterprises want an integrated platform to deliver personalized experiences at scale to their customers while maximizing the ROI of their marketing and customer experience investments.

客戶體驗管理仍然是全球 B2C 和 B2B 公司的首要考慮因素，因為它們專注於客戶獲取、參與、保留和擴展的數位策略。企業希望有一個整合平台能夠為客戶大規模提供個人化體驗，同時最大限度地提高行銷和客戶體驗投資的投資報酬率。

Through the integration of Experience Cloud and Creative Cloud, Adobe is uniquely positioned to combine the right content, data, and journeys in real time for every customer experience. The revenue growth we're driving across our categories, content commerce and workflows, data insights and audience, and customer journeys all built on the Adobe Experience platform demonstrate the strength of our business.

透過 Experience Cloud 和 Creative Cloud 的集成，Adobe 具有獨特的優勢，可為每次客戶體驗即時結合正確的內容、數據和旅程。我們在所有類別、內容商務和工作流程、數據洞察和受眾以及客戶旅程中推動的收入成長都建立在 Adob​​e Experience 平台上，證明了我們業務的實力。

Global Brands trust Adobe to build their content supply chain and deliver personalization at scale, making us the number one digital experience platform in the industry. Customers are embracing the opportunity to address their content supply chain challenges with Adobe GenStudio. With native integrations across Experience Cloud and Creative Cloud, Gen Studio empowers marketers to quickly plan, create, store, deliver, and measure marketing content and drive greater efficiency in their organization .

全球品牌信任 Adob​​e 來建立其內容供應鏈並大規模提供個人化服務，使我們成為業界第一的數位體驗平台。客戶正在擁抱利用 Adob​​e GenStudio 解決內容供應鏈挑戰的機會。透過 Experience Cloud 和 Creative Cloud 的本機集成，Gen Studio 讓行銷人員能夠快速規劃、創建、儲存、交付和衡量行銷內容，並提高組織的效率。

Financial services leader, Vanguard, is creating an integrated content supply chain to serve the strategic goal of deepening the relationships with a broad range of investors. Leveraging the GenStudio solution, Vanguard was able to increase quality engagement by 176% by focusing by one-to-one personalization and to realize millions in savings by improving content velocity and resource allocation with an end-to-end content creation workflow.

金融服務領導者先鋒集團正在創建一個整合的內容供應鏈，以服務深化與廣泛投資者關係的策略目標。利用 GenStudio 解決方案，Vanguard 透過專注於一對一化，將品質參與度提高了 176%，並透過端到端內容創建工作流程提高內容速度和資源分配，實現了數百萬美元的節省。

Other highlights include the general availability of Adobe Content Hub, further enhancing the value of Adobe Experience Manager assets. Content Hub enables brands to reimagine how creative assets are used across that organization and with external agencies, driving content velocity and major efficiency gain. AEM assets is used by the majority of the Fortune 50, including 8 of the 10 largest media companies, 9 of the 10 largest financial services companies, and 8 of the 10 largest retailers.

其他亮點包括 Adob​​e Content Hub 的全面推出，進一步提升了 Adob​​e Experience Manager 資產的價值。內容中心使品牌能夠重新構想如何在整個組織中以及與外部機構一起使用創意資產，從而推動內容速度並大幅提高效率。大多數財富 50 強企業都使用 AEM 資產，其中包括 10 家最大媒體公司中的 8 家、10 家最大金融服務公司中的 9 家以及 10 家最大零售商中的 8 家。

Increasing importance and adoption of Workfront to streamline workflows across marketing organizations and agencies. We extended our leadership in this category through the general availability of Adobe Workfront Planning, which delivers a comprehensive view of all marketing activities in an organization and enables teams to optimize marketing planning and execution. Global brands, including Deloitte, Interpublic Group, and NASCAR, are using Workfront Planning to drive productivity gains and meet the rising demand for highly personalized marketing campaigns.

Workfront 的重要性和採用率不斷提高，以簡化行銷組織和機構的工作流程。透過全面推出 Adob​​e Workfront Planning，我們擴大了我們在這一領域的領先地位，它提供了組織中所有行銷活動的全面視圖，並使團隊能夠優化行銷規劃和執行。包括德勤、Interpublic Group 和 NASCAR 在內的全球品牌正在使用 Workfront Planning 來提高生產力並滿足對高度個人化行銷活動不斷增長的需求。

Continued momentum for Adobe Experience Platform and native applications, including real-time customer data platform, customer journey analytics, and Adobe journey optimizer. We expanded our AEP portfolio with the general availability of Adobe Journey Optimizer B2B edition, which leverages generative AI to deliver personalized experiences to buying groups, the decision makers, practitioners, and stakeholders responsible for major purchasing decisions.

Adobe Experience Platform 和本機應用程式的持續發展勢頭，包括即時客戶資料平台、客戶旅程分析和 Adob​​e 旅程優化器。我們透過推出 Adob​​e Journey Optimizer B2B 版本擴展了我們的 AEP 產品組合，該版本利用生成式 AI 為購買群體、決策者、從業者和負責重大採購決策的利害關係人提供個人化體驗。

Strong industry analyst recognition, including the Forrester Wave for B2B revenue marketing platforms and three IDC MarketScape reports across digital asset management and headless digital commerce for both enterprise and mid-market. Key customer wins include Dentsu, Home Depot, Humana, IBM, Johnson & Johnson, Mayo Clinic, Newell Brands, Premier League, Stagwell Group, TD Bank, and UPS.

產業分析師的高度認可，包括針對 B2B 收入行銷平台的 Forrester Wave 以及針對企業和中端市場的數位資產管理和無頭數位商務的三份 IDC MarketScape 報告。贏得的主要客戶包括 Dentsu、Home Depot、Humana、IBM、Johnson & Johnson、Mayo Clinic、Newell Brands、Premier League、Stagwell Group、TD Bank 和 UPS。

We look forward to unveiling new Customer Experience Management innovations across content, data, and journeys at MAX next month, showcasing integrations across Express, Creative Cloud, and Experience Cloud for freelancers, solopreneurs, and marketers across agencies and enterprises. Our pace of innovation, commitment to customer value, global partner ecosystem, and category-defining solutions position us to continue our market leadership.

我們期待下個月在MAX 上推出跨內容、數據和旅程的新客戶體驗管理創新，為跨機構和企業的自由工作者、個人企業家和行銷人員展示Express、Creative Cloud 和Experience Cloud 之間的集成。我們的創新步伐、對客戶價值的承諾、全球合作夥伴生態系統和類別定義解決方案使我們能夠繼續保持市場領先地位。

I will now pass it to Dan.

我現在將其傳遞給丹。

Thanks, Anil. Today, I'll start by summarizing Adobe's performance in Q3 fiscal 2024, highlighting growth drivers across our businesses, and I'll finish with financial targets.

謝謝，阿尼爾。今天，我將首先總結 Adob​​e 在 2024 財年第三季的業績，強調我們業務的成長動力，最後我將提出財務目標。

In Adobe achieved record revenue of $5.41 billion, which represents 11% year-over-year growth as reported and in constant currency. Our focus on both growth and profitability has been a cornerstone of our operating philosophy for years, rooted in strategic prioritization, relentless innovation, and laser-focused execution.

Adobe 實現創紀錄的 54.1 億美元收入，以固定匯率計算，較去年同期成長 11%。多年來，我們對成長和獲利的關註一直是我們經營理念的基石，植根於策略優先、不懈創新和專注執行。

Our Q3 results reflect this approach. We're making significant investments in our technology platforms, launching global campaigns to expand our COO customer base, and attracting top-tier talent while delivering world-class cash flows and profitability.

我們第三季的結果反映了這種方法。我們正在對我們的技術平台進行重大投資，發起全球活動以擴大我們的首席營運長客戶群，並吸引頂級人才，同時提供世界一流的現金流和盈利能力。

Third-quarter business and financial highlights included GAAP diluted earnings per share of $3.76 and non-GAAP diluted earnings per share of $4.65, digital media revenue of $4.00 billion, net new digital media ARR of $504 million, digital experience revenue of $1.35 billion, cash flows from operations of $2.02 billion, and RPO of $18.14 billion exiting the quarter.

第三季業務與財務亮點包括GAAP 稀釋後每股收益3.76 美元、非GAAP 稀釋後每股收益4.65 美元、數位媒體收入40 億美元、新數位媒體淨ARR 為5.04 億美元、數位體驗收入13.5 億美元、現金本季營運流量為 20.2 億美元，恢復點目標 (RPO) 為 181.4 億美元。

In our digital media segment, we achieved Q3 revenue of $4.00 billion, which represents 11% year-over-year growth or 12% in constant currency. We exited the quarter with $16.76 billion of digital media ARR, growing our ending ARR book of business 13% year over year in constant currency,

在數位媒體領域，我們第三季營收達到 40 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 167.6 億美元，以固定匯率計算，我們的期末 ARR 業務帳簿年增 13%，

Adobe achieved Document Cloud revenue of $807 million, which represents 18% year-over-year growth as reported and in constant currency. We added $163 million of net new Document Cloud ARR, which was a record for Q3, growing our ending ARR book of business 24% year over year in constant currency.

Adobe 實現文件雲端收入 8.07 億美元，以固定匯率計算，年增 18%。我們新增 Document Cloud ARR 淨值達 1.63 億美元，創下第三季的紀錄，以固定匯率計算，我們的期末 ARR 業務帳簿年增 24%。

Q3 Document Cloud growth drivers included usage and MAU growth across Adobe Reader and Acrobat; usage and MAU growth via third-party ecosystems, including Google Chrome and Microsoft Edge extensions, which are driving free-to-paid conversion; demand for Acrobat desktop and mobile subscriptions across all customer segments and geographies; strength in monetization of our AI Assistant with new Acrobat subscriptions; strength in SMBs driven by our reseller partner network; and strength in enterprise and public sector sales with a number of large deals closing in the quarter.

第三季文件雲端成長驅動因素包括 Adob​​e Reader 和 Acrobat 的使用量和每月活躍用戶數成長；透過第三方生態系統（包括 Google Chrome 和 Microsoft Edge 擴充功能）實現使用量和每月活躍用戶數成長，這些生態系統正在推動免費向付費的轉換；所有客戶群和地區對 Acrobat 桌面和行動訂閱的需求；透過新的 Acrobat 訂閱，我們的 AI 助理的貨幣化能力更強；由我們的經銷商合作夥伴網路推動的中小型企業實力；企業和公共部門銷售強勁，本季完成了許多大型交易。

We achieved Creative revenue of $3.19 billion, which represents 10% year-over-year growth or 11% in constant currency. We added $341 million of net new Creative ARR in the quarter, growing our ending ARR book of business 11% year over year in constant currency.

我們實現了 31.9 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 3.41 億美元，以固定匯率計算，我們的期末 ARR 業務帳簿年增了 11%。

Q3 Creative growth drivers included new subscriptions for Creative Cloud All Apps across customer segments, including teams, enterprise, and education with back-to-school demand; strength across our Acrobat Pro, Illustrator, Lightroom, and Photoshop single apps on Adobe.com; growing demand for AI-first Adobe Express offerings in mobile, emerging markets, and education; early monetization of our new Firefly services solution in the enterprise segment; continued momentum with new subscriptions in emerging markets; and contribution from customers stepping up to our higher value creative plans at renewal.

第三季創意成長動力包括跨客戶群的 Creative Cloud All Apps 的新訂閱，包括團隊、企業和有返校需求的教育； Adobe.com 上 Acrobat Pro、Illustrator、Lightroom 和 Photoshop 單一應用程式的優勢；行動、新興市場和教育領域對 AI 優先的 Adob​​e Express 產品的需求不斷增長；我們新的 Firefly 服務解決方案在企業領域的早期貨幣化；新興市場新訂閱的持續成長動能；以及客戶在更新時加強我們更高價值的創意計劃的貢獻。

Turning to our digital experience segment. In Q3, we achieved revenue of $1.35 billion, which represents 10% year-over-year growth as reported and in constant currency. Digital experience subscription revenue was $1.23 billion, growing 12% year over year as reported and constant currency.

轉向我們的數位體驗部分。第三季度，我們實現了 13.5 億美元的收入，以固定匯率計算，年增 10%。數位體驗訂閱收入為 12.3 億美元，以固定匯率計算，年增 12%。

Q3 Digital Experience growth drivers included strong subscription revenue growth at scale of AEP in the native applications, up greater than 50% year over year; strong subscription revenue growth with Adobe Experience Manager and Workfront; succession booking transformational deals as well as individual solutions selling; continued strength in retention and expansion across our enterprise customers; and growing pipeline for our GenStudio solutions to address the content supply chain opportunity.

第三季數位體驗成長動力包括原生應用程式中 AEP 規模的訂閱收入強勁成長，較去年同期成長超過 50%； Adobe Experience Manager 和 Workfront 帶來強勁的訂閱收入成長；連續預訂轉型交易以及個人解決方案銷售；在我們的企業客戶中保持和擴展的持續優勢；我們的 GenStudio 解決方案正在不斷成長，以應對內容供應鏈的機會。

Turning to the income statement and balance sheet. In Q3, Adobe delivered year-over-year EPS growth of 23% on a GAAP basis and 14% on a non-GAAP basis. This is primarily driven by revenue growth and disciplined prioritization of our investments, which resulted in an operating margin strength in Q3.

轉向損益表和資產負債表。第三季度，Adobe 按 GAAP 計算的每股盈餘年增 23%，以非 GAAP 計算的每股盈餘年增 14%。這主要是由收入成長和嚴格的投資優先順序所推動的，從而導致第三季營業利潤率強勁。

The company continues to deliver world-class margins while making significant investments in AI model training and inferencing capacity. Adobe’s effective tax rate in Q3 was 17.5% on a GAAP basis and 18.5% on a non-GAAP basis.

該公司繼續提供世界一流的利潤，同時在人工智慧模型訓練和推理能力方面進行了大量投資。 Adobe 第三季的有效稅率（以 GAAP 計算）為 17.5%，以非 GAAP 計算為 18.5%。

RPO exiting the quarter was $18.14 billion, growing 15% year over year as reported or 16% in constant currency. Current RPO grew 12% year over year exiting the quarter.

本季的 RPO 為 181.4 億美元，按報告年增 15%，以固定匯率計算成長 16%。本季目前的 RPO 年增 12%。

Our ending cash and short-term investment position at the end of Q3 was $7.52 billion, and cash flows from operations in the quarter were $2.02 billion. In Q3, we entered into a $2.5 billion share repurchase agreement, and we currently have $20.15 billion remaining of the original $25 billion after organization granted in March 2024.

第三季末，我們的期末現金和短期投資部位為 75.2 億美元，本季營運現金流為 20.2 億美元。第三季度，我們簽訂了價值 25 億美元的股票回購協議，在 2024 年 3 月組織授權後，我們目前還剩 201.5 億美元，最初的 250 億美元還剩 201.5 億美元。

We will now provide Q4 targets, which facto in current macroeconomic conditions and year-end seasonal strength. For Q4, we're targeting total Adobe revenue of $5.50 billion to $5.55 billion, digital media net new ARR of approximately $550 million, digital media segment revenue of $4.09 billion to $4.12 billion, digital experience segment revenue of $1.36 billion to $1.38 billion, digital experience subscription revenue of $1.23 billion to $1.25 billion, tax rate of approximately 16% on a GAAP basis and 18.5% on a non-GAAP basis, GAAP earnings per share of $3.58 to $3.63, and non-GAAP earnings per share $4.63 to $4.68.

我們現在將提供第四季度的目標，該目標考慮到當前的宏觀經濟狀況和年底的季節性強度。第四季度，我們的目標AdAdobe 總收入為55 億美元至55.5 億美元，數位媒體淨新ARR 約為5.5 億美元，數位媒體部門收入為40.9 億美元至41.2 億美元，數位體驗部門收入為13.6 億美元至13.8 億美元，數位媒體部門收入為13.6 億美元至13.8 億美元。 18.5%，GAAP 每股盈餘為3.58 至3.63 美元，非GAAP 每股盈餘為4.63 至4.68 美元。

In summary, I'm proud of our year-to-date performance, which stems from a powerful combination of product leadership, rapid innovation, diversified business, and financial discipline. Given the massive markets we're catalyzing, I'm confident in our ability to drive growth and industry leadership.

總而言之，我對我們今年迄今的業績感到自豪，這源於產品領先、快速創新、多元化業務和財務紀律的強大結合。鑑於我們正在推動的巨大市場，我對我們推動成長和行業領導地位的能力充滿信心。

Shantanu, back to you.

山塔努，回到你身邊。

Thanks, Dan. Adobe's focus on responsible innovation with customers at the center continues to be a unifying purpose for the company. The content authenticity initiative, which we founded in 2019, now counts over 3,300 members across the digital ecosystem, all committed to enhancing trust and transparency with content credentials.

謝謝，丹。 Adobe 注重以客戶為中心的負責任創新仍然是該公司的統一目標。我們於 2019 年創立的內容真實性計畫目前在數位生態系統中擁有 3,300 多名成員，所有成員都致力於透過內容憑證增強信任和透明度。

In five years, this mission has gone from a vision to reality, with companies including Amazon, Google, Leica, Meta, Qualcomm, Sony, TikTok, and others all committing to implementing content credentials. The US Department of Defense became the first federal government agency to implement content credentials by applying them to official DoD images.

五年來，這項使命已從願景變為現實，亞馬遜、Google、徠卡、Meta、高通、索尼、TikTok 等公司都承諾實施內容憑證。美國國防部成為第一個透過將內容憑證應用於國防部官方影像來實施內容憑證的聯邦政府機構。

We're teaming up with the Governor Gavin Newsom on a new initiative to boost digital and media literacy skills in K-through-12 schools and higher education institutions in California. By providing educational content, programming, and resources to schools across the state, we can help empower California's future workforce for success in an AI-powered world and use this as a blueprint for other states and countries.

我們正在與州長加文紐瑟姆 (Gavin Newsom) 合作實施一項新舉措，以提高加州 K-12 學校和高等教育機構的數位和媒體素養技能。透過向全州學校提供教育內容、節目和資源，我們可以幫助加州未來的勞動力在人工智慧驅動的世界中取得成功，並將其作為其他州和國家的藍圖。

Next week, we will bring employees together for our annual Adobe For All Conference to celebrate our vision and purpose and the impact that has on our customers and communities. I'm confident that Adobe's culture, innovative product roadmap, global market opportunity, trusted brand, and the unwavering commitment of our employees will continue to drive our success.

下週，我們將召集員工參加年度 Adob​​e For All 大會，慶祝我們的願景和目標以及對客戶和社區的影響。我相信 Adob​​e 的文化、創新產品路線圖、全球市場機會、值得信賴的品牌以及我們員工堅定不移的承諾將繼續推動我們取得成功。

Thank you, and we will now take questions.

謝謝，我們現在回答問題。

Thank you. (Operator Instructions) Alex Zukin, Wolfe Research.

謝謝。 （操作員說明）Alex Zukin，Wolfe Research。

Hey, guys. Thanks for taking my question and congrats on what looks like a very strong quarter. I've one question, but it's a two parter. The quarter itself, particularly on the digital media ARR outlook, was very strong. It looked unseasonably strong because you haven't grown net new ARR sequentially in the 3Q I think in almost four years.

嘿，夥計們。感謝您提出我的問題，並祝賀這個看起來非常強勁的季度。我有一個問題，但這是一個兩個人的問題。本季本身非常強勁，尤其是數位媒體 ARR 前景。它看起來異常強勁，因為我認為近四年來第三季的淨新 ARR 沒有連續成長。

So maybe just comment, what drove this unseasonable strength? Is it pricing, AI traction, and particularly, the Document Cloud net new ARR? But at the same time, given all the product momentum we went through in the script, it's a bit confusing to understand why the Q4 guide is the lowest it's ever been sequentially for Q4 on net new digital media ARR, which I think makes people a little nervous about maybe the go forward in the next year performance.

所以也許只是評論一下，是什麼推動了這種不合時宜的力量？是定價、人工智慧牽引力，特別是 Document Cloud 淨新 ARR？但與此同時，考慮到我們在腳本中經歷的所有產品動力，理解為什麼第四季度指南是網絡新數位媒體 ARR 上第四季度的最低值有點令人困惑，我認為這讓人們對於明年的表現可能會有所進步，對此並不緊張。

And so maybe just address this dichotomy because it looks seasonally a little bit different than what we're used to. And I think it's weighing on the stock after hours.

所以也許只是解決這個二分法，因為它看起來與我們習慣的季節性有點不同。我認為盤後交易對股票造成壓力。

I'm happy to start, Alex, and then David can certainly also add to that. I mean, to your point, we have a strong quarter. And when I think about digital media -- Document Cloud, to the point that you made, Acrobat continues to perform. The AI Assistant and the skew that we have associate and with Acrobat continues to perform well.

我很高興開始，亞歷克斯，然後大衛當然也可以補充這一點。我的意思是，就您而言，我們有一個強勁的季度。當我想到數位媒體 - Document Cloud 時，Acrobat 會繼續發揮作用。 AI Assistant 以及我們與 Acrobat 相關的傾斜仍然表現良好。

As we had said, we expect creative to show growth on growth year over year. And so that also played out exactly as we expected. And it was a strong end. When you look at it as it relates to the last few weeks' performance, we saw the typical trend that we would see going into Q4.

正如我們所說，我們預計創意將逐年增長。所以結果也完全符合我們的預期。這是一個強而有力的結局。當您將其與過去幾週的表現聯繫起來時，我們看到了進入第四季度的典型趨勢。

I can see how you're saying you're looking at the sequential guide. We're looking at it and saying it's the strongest ever Q4 target that we have put out there for Q4, Alex. And so I think we just continue to focus. We would expect creative to again grow, when you talk about growth over growth, net new ARR in Q4 and all of the new initiatives that we're talking about.

我明白你所說的你正在看順序指南。我們正在研究它，並說這是我們為第四季度製定的有史以來最強勁的第四季度目標，亞歷克斯。所以我認為我們只是繼續關注。當您談論成長、第四季度的淨新 ARR 以及我們正在談論的所有新舉措時，我們預計創意將再次成長。

AI, et cetera, continue to perform. So from our perspective, when we look at what we guided to the second half of the year, to your point, Q3 is stronger. We expect a seasonally strong Q4. And then continued innovation should continue to drive growth.

人工智慧等繼續發揮作用。因此，從我們的角度來看，當我們審視下半年的指導時，按照您的觀點，第三季更加強勁。我們預計第四季將呈現季節性強勁態勢。然後持續創新應該繼續推動成長。

Yeah. Maybe I'll just add a couple of things to what Shantanu said. Again, just a little bit more context behind the strength in Document Cloud.

是的。也許我會在 Shantanu 所說的基礎上添加一些內容。再次強調 Document Cloud 優勢背後的更多背景資訊。

Obviously, link sharing and what we've done with the reader distribution across mobile, web, and desktop, that's really what continues to drive this business. And that underlying strength is going to continue not just in Q3, but it's going to be something that we're able to have bet on and go on going forward because we've got a lot of flow optimizations associated with that.

顯然，連結共享以及我們在行動裝置、網路和桌面上的讀者分佈所做的工作，才是繼續推動這項業務的真正原因。這種潛在的優勢不僅會在第三季持續存在，而且將成為我們能夠押注並繼續前進的東西，因為我們已經進行了許多與之相關的流程優化。

As we look at Creative Cloud, again, we have a broader set of offerings than we've ever had, right? We have things like -- with Creative Cloud, we have higher value, higher priced offers thanks to AI innovation that's happening in the baseline that are impacting how the Creative Cloud business is doing.

當我們再次審視 Creative Cloud 時，我們擁有比以往更廣泛的產品，對嗎？我們擁有這樣的東西——借助 Creative Cloud，我們可以提供更高價值、更高價格的產品，這要歸功於基準中發生的人工智慧創新，這些創新正在影響 Creative Cloud 業務的運作方式。

We also have a broader set of offerings than we've ever had now with web and mobile including premium and lower priced offerings that are driving more proliferation. And the blend of those two things also comes into the strength of the quarter and how we see things going out.

我們還擁有比現在更廣泛的網路和行動產品，包括推動更多擴散的優質和低價產品。這兩件事的結合也影響了本季的實力以及我們如何看待事情的發展。

But as you look at the second half overall, we came into the second half with a with a strong expectation of how the second half is going to play out. And frankly, it's playing out as we expected in terms of the aggregate Q3, Q4 number.

但從整個下半場來看，我們進入下半場時對下半場的表現抱有強烈的期望。坦白說，就第三季、第四季的總體數字而言，其結果正如我們預期的那樣。

In terms of the specifics on timing, Q3 was a little stronger than you expected, and for a good reason, given seasonality. I think a lot of that can be explained by a few deals that would have historically just closed in Q4 closing earlier than expected in Q3. And that changed the dynamic in terms of the linearity that you would typically see between Q3 and Q4.

就時間細節而言，第三季的表現比您預期的要強一些，考慮到季節性因素，這是有充分理由的。我認為這在很大程度上可以用一些交易來解釋，這些交易從歷史上看是在第四季度結束的，比第三季的預期要早。這改變了您通常在第三季和第四季之間看到的線性動態。

Very helpful, guys. Thanks again.

非常有幫助，夥計們。再次感謝。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

Thank you so much, and I'll add my congrats. David, I'm wondering if you could compare the AI monetization opportunity that you're sensing with the image models relative to the future potential with your audio and video models. It's -- for instance, how many tokens might be consumed when someone is generating a video versus an image?

非常感謝你，我也表示祝賀。 David，我想知道您是否可以將您透過圖像模型感知到的人工智慧貨幣化機會與您的音訊和視訊模型的未來潛力進行比較。例如，當有人產生影片而不是圖像時，可能會消耗多少代幣？

And then tying in with that, just how optimistic are you maybe being able to solve some of the limitations with the current video generation models where the facial expressions lack realism or they can't handle the object interactions or they don't provide enough detail or resolution in the video?

然後與此聯繫起來，您是否能夠解決當前視頻生成模型的一些限制，其中面部表情缺乏真實感，或者無法處理對象交互，或者無法提供足夠的細節或者視頻中的分辨率？

Yeah, happy to take that. Let me just sort of take a little bit of a step back and talk about the core strategy that we have for AI and the conversion then in terms of how we think about monetization.

是的，很高興接受。讓我退後一步，談談我們對人工智慧的核心策略以及我們如何看待貨幣化的轉換。

So I think we've been incredibly consistent with what we've said dating back 1 year or 1.5 year ago, where we talked about the fact that we were going to develop the broadest set of models for the creative community. And we were going to differentiate the models based on quality, commercial safety, integratability into our tools, and controllability.

因此，我認為我們與 1 年前或 1.5 年前所說的非常一致，當時我們談到了我們將為創意社群開發最廣泛的模型集。我們將根據品質、商業安全、工具的可整合性和可控性來區分模型。

And as you've seen very methodically over the last 18 months, we continue to bring more and more of that innovation to life. And that, fundamentally, is working as we've now started to integrated much more actively into our base. If you look at it with the photography, we now have in our tool generative remove. We have AI-assisted edits.

正如您在過去 18 個月中非常有條理地看到的那樣，我們將繼續將越來越多的創新變為現實。從根本上說，這正在發揮作用，因為我們現在已經開始更積極地融入我們的基地。如果你用照片來看它，我們現在已經在我們的工具中產生刪除了。我們有人工智慧輔助編輯。

In design, we have a generative pattern, generative fill shape. We have -- in Photoshop, we have a gen remove. We also have a gen fill. And I can continue on with all the generations, but we've also now started to integrated in Firefly services for what we're enabling enterprises to be able to access and use in terms of batch working through APIs.

在設計中，我們有生成圖案、生成填滿形狀。我們在 Photoshop 中進行了產生刪除操作。我們還有一個 gen 填充。我可以繼續所有世代，但我們現在也開始整合到 Firefly 服務中，使企業能夠透過 API 進行大量工作存取和使用。

If you look at how that's played out, as we talked about, we're seeing accelerated use in generative credits being consumed because of that deeper integration into all of our tools, and that is playing out as we expected.

如果你看看它是如何發揮作用的，正如我們所討論的，我們會看到由於更深入地集成到我們所有的工具中，生成積分的使用正在加速，而這正如我們所預期的那樣。

If you look at then how that converts to monetization, first and foremost, we've integrated a lot of that value into our core products and with more value and more pricing. We're also seeing that when people use these generative features, they retain better. We're also seeing that when people come to Adobe to try our Creative Cloud applications or Express application, they're able to convert better.

如果你看看它是如何轉化為貨幣化的，首先也是最重要的，我們已經將許多價值整合到我們的核心產品中，並且具有更多的價值和更高的定價。我們也發現，當人們使用這些生成功能時，他們的記憶力會更好。我們還發現，當人們來到 Adob​​e 嘗試我們的 Creative Cloud 應用程式或 Express 應用程式時，他們能夠更好地進行轉換。

And so they're all of these ancillary implied benefits that were getting. But in terms of direct monetization, what we've said in the past is that the current model is around general credits, which is, I think, where you're going with this. And we do see, with every subsequent capability we integrate into tool, total credits consumed going up.

因此，它們都是我們獲得的所有這些附帶的隱含好處。但就直接貨幣化而言，我們過去說過，目前的模式是圍繞著一般信用的，我認為這就是你的發展方向。我們確實看到，隨著我們將每項後續功能整合到工具中，消耗的總積分都會增加。

Now what we are trying to do as we go forward -- we haven't started instituting the caps yet. And part of this is, as we said along, we wanted to really focus our attention on proliferation and usage across our base. We see a lot of users excited about it. It's some of the most actively used features that we've ever, ever released. And we want to avoid the generation anxiety that people feel.

現在我們正在努力做的事情是——我們還沒有開始設定上限。正如我們之前所說，其中一部分是我們希望真正將注意力集中在我們基地的擴散和使用上。我們看到很多用戶對此感到興奮。這是我們曾經發布過的一些最常用的功能。我們希望避免人們感受到的世代焦慮。

But we're watching very closely as the economy of generative credits evolves. And we are going to look at instituting those caps at some point when we feel the time is right. And/or we're also looking at other alternative models.

但我們正在密切關註生成信用經濟的發展。當我們認為時機成熟時，我們將考慮設定這些上限。和/或我們也在尋找其他替代模型。

What we did with Acrobat AI Assistant has proven to be very effective. And so we are also considering other opportunities like having standard CC plans that have a core set of generative capabilities, but also having premium API -- sorry, premium AI plans that will include things more like video and other things.

事實證明，我們使用 Acrobat AI Assistant 所做的事情非常有效。因此，我們也在考慮其他機會，例如擁有標準 CC 計劃，該計劃具有一組核心生成功能，而且還擁有高級 API——抱歉，高級 AI 計劃將包括更多內容，例如影片和其他內容。

So we're very happy about the innovation that's coming. And we see the opportunity to engaged very deeply in the monetization. But we want to play it out over time, and proliferation continues to be our primary guide.

因此，我們對即將到來的創新感到非常高興。我們看到了深入參與貨幣化的機會。但我們希望隨著時間的推移來解決這個問題，擴散仍然是我們的主要指導方針。

And then lastly, in terms of quality, we're -- I don't know if you had a chance to see some of the videos we put out there -- integrated directly into Premiere, also text to video, image to video, more controllability. We have also the ability now to generate not just scenes of humans in dogs and organic animals, but all of these like overlays and things that professionals actually want to work with.

最後，就品質而言，我們 - 我不知道您是否有機會看到我們在那裡發布的一些視頻 - 直接集成到 Premiere 中，也包括文本到視頻、圖像到視頻，更具可控性。我們現在不僅能夠產生人類、狗和有機動物的場景，還能夠產生所有這些場景，例如疊加層和專業人士真正想要處理的東西。

And so we're very excited about the set of things that they can get out of the box and get going. And human faces and things will just continue to get better. We have a lot of great research that you'll start to see. And I hope you get to play with the models because we've taken a huge step forward there.

因此，我們對他們可以開箱即用的一系列東西感到非常興奮。人的面孔和事物將會繼續變得更好。我們有很多很棒的研究，您將會開始看到。我希望您能夠使用這些模型，因為我們已經在這方面邁出了一大步。

Mark, maybe I'll just add it up a little to what David said, which was great. I spent a couple of hours with our video teams, and they have just absolutely hit it out of the park. I mean the work that they've done, which is leveraging the image models with video.

馬克，也許我會在大衛所說的基礎上補充一點，這太棒了。我和我們的視訊團隊花了幾個小時，他們絕對做得很好。我指的是他們所做的工作，即利用視訊影像模型。

And again I think to David's point, the integration with Premiere, that's what we've always said. It's the integration of the model and the application that differentiate it. I think when other models first came out, people were like, wow, you can describe it. That's just such a small part of where the value is.

我再次認為大衛的觀點是與 Premiere 的集成，這就是我們一直在說的。模型與應用程式的整合使其與眾不同。我認為當其他模型第一次出現時，人們會說，哇，你可以描述它。這只是價值所在的一小部分。

And the real value is you have a video, you want to extend it. It's a game changer in terms of what we can do. So really excited about the stuff that we're doing in video. And again, to David's point, this will be monetized differently from the way we have for images, which was part of the base value pricing.

真正的價值是你有一個視頻，你想要擴展它。就我們能做的事情而言，它改變了遊戲規則。我們對影片中所做的事情感到非常興奮。再次強調，大衛的觀點是，這將與我們對圖像的貨幣化方式不同，圖像是基本價值定價的一部分。

So the way I answer your question is -- and the third thing I would say is remember, we have the ability to create custom models as well. And so when you ingest the video that people want to edit, the ability to extend that is not just dependent on what the model is, but also on what the new data is.

所以我回答你的問題的方式是 - 我要說的第三件事是記住，我們也有能力創建自訂模型。因此，當您攝取人們想要編輯的影片時，擴展能力不僅取決於模型是什麼，還取決於新資料是什麼。

And again, that represents really a unique ability for us. So hopefully, all those three demonstrate why we're leading the pack in terms of how people can derive value in the non-linear editors, which is where the action's going to be.

再說一遍，這對我們來說確實是一種獨特的能力。因此，希望這三者都能證明我們為何在人們如何從非線性編輯器中獲取價值方面處於領先地位，而非線性編輯器正是行動的所在。

Thank you very much.

非常感謝。

Keith Bachman, BMO.

基思·巴赫曼，BMO。

Hi. Thank you very much. I appreciate taking the question. I wanted to pick up a little bit on how we should be thinking about monetization. Will consumption, you think -- as we start to turn the year, can consumption contribute to ARR growth as we look at FY25?

你好。非常感謝。我很高興接受這個問題。我想了解我們應該如何考慮貨幣化。您認為，當我們開始進入新的一年時，消費能否為 2025 財年的 ARR 成長做出貢獻？

Because I think there's pervasive fears that the state of competition may in fact limit your ability to turn on that monetization, if you will, from either consumption or price. And I just wanted to see if you could lace in consumption against the backdrop of competition.

因為我認為人們普遍擔心競爭狀況實際上可能會限制你透過消費或價格來實現貨幣化的能力（如果你願意的話）。我只是想看看在競爭的背景下是否可以增加消費。

From our perspective, Keith, I think when you look at what we have with the apps and the models, we just continue to think that's uniquely differentiated. Firefly services, which is -- you can think of that also as a consumption model where we have that. It's off to a really good start.

從我們的角度來看，基思，我認為當你看看我們擁有的應用程式和模型時，我們只是繼續認為這是獨特的差異化。 Firefly 服務，您也可以將其視為我們擁有的消費模式。這是一個非常好的開始。

Our ability to give enterprises the ability to automate content, create custom models within enterprises, we're seeing real traction because it's a differentiated solution. And that's designed to be commercially safe.

我們能夠為企業提供自動化內容、在企業內創建自訂模型的能力，我們看到了真正的吸引力，因為它是一個差異化的解決方案。這是為了商業安全而設計的。

And as it relates to the core subscription models, again -- David said this, but I'll reiterate it, which is the core subscription models for products like Photoshop and Illustrator. I think the differentiation is the combination of the model and the technology. And in video I think we will find additional ways to monetize it.

因為它與核心訂閱模式有關，所以 David 說了這一點，但我會重申一下，這是 Photoshop 和 Illustrator 等產品的核心訂閱模式。我認為差異化是模式和技術的結合。在影片方面，我認為我們會找到更多的貨幣化方式。

So I'm not sure who specifically you're referring to as it relates to competition in this space. But from our perspective, it's just unique. I mean, if you look at the acceleration of what we've seen of generations in Photoshop, Illustrator, Lightroom, it's clear that we're actually extending the value rather than having other people catch up.

所以我不確定你具體指的是誰，因為它與這個領域的競爭有關。但從我們的角度來看，它是獨一無二的。我的意思是，如果你看看我們在 Photoshop、Illustrator、Lightroom 中所看到的幾代人的加速發展，很明顯我們實際上是在擴展價值，而不是讓其他人迎頭趕上。

And then one other thing I'd just emphasize there is that the commercial safety is so important to businesses of all sizes, frankly. And that is something that we feel we're very, very differentiated on in addition to everything Shantanu said.

我想強調的另一件事是，坦白說，商業安全對於各種規模的企業都非常重要。除了尚塔努所說的一切之外，我們覺得我們在這一點上非常非常與眾不同。

Okay. Great. And then perhaps for my follow-up, I wanted to pick up on Alex's first question. But you're guiding net new ARR down 3% year over year in Q4. And I think investors are thereby taking that as perhaps a framework when you look at next year.

好的。偉大的。也許對於我的後續行動，我想回答亞歷克斯的第一個問題。但您預計第四季的淨新 ARR 年減 3%。我認為，當你展望明年時，投資者可能會將其視為一個框架。

But is there anything that net new ARR will be down next year? And I know you don't want to give guidance for next year, but just any thoughts you want to address as it relates to the guidance associated with net new ARR being down in Q4 versus a framework that we might want to apply for the FY25 net new ARR?

但明年的淨新 ARR 會下降嗎？我知道您不想提供明年的指導，但只是您想要解決的任何想法，因為它涉及與第四季度淨新 ARR 下降相關的指導，以及我們可能希望應用於 2025 財年的框架淨新ARR？

You're right, Keith. We're not going to give FY25 guidance. We'll certainly share more at MAX. And we would expect, like we did last year, that at the December earnings call, we'll give color on fiscal '25 ARR.

你是對的，基斯。我們不會提供 25 財年指導。我們肯定會在 MAX 上分享更多。我們預計，就像我們去年所做的那樣，在 12 月的財報電話會議上，我們將對 25 年 ARR 財年進行說明。

But I'd say a couple of things. First, as it relates to, again, the performance of the second half -- because to Alex and your question, if there are questions around Q3 and Q4 and what that trend means. Again, we will hope to have record net new ARR in fiscal '24, which I think is a great thing.

但我想說幾件事。首先，這又與下半年的表現有關——因為對於亞歷克斯和你的問題，第三季和第四季是否有問題以及趨勢意味著什麼。同樣，我們希望在 24 財年實現創紀錄的淨新 ARR，我認為這是一件好事。

We gave $1.950 billion at the end of Q2. We're clearly on track to beat that number, which we take as a positive sign. And the other thing, maybe perhaps tactically for you folks to think about as well, as it relates to the Q4 guidance.

我們在第二季末捐贈了 19.5 億美元。我們顯然有望打破這個數字，我們認為這是一個積極的信號。另一件事，也許在戰術上也需要你們考慮，因為它與第四季的指導有關。

Typically, you have Black Friday and Cyber Monday in the same quarter. This time, Cyber Monday, I believe, is in Q1. And so, as it relates to our Q4 performance, it's the highest target that we've ever issued. We will go out and then continue to execute and continue to innovate. So, that's the way I look at the business, Keith.

通常，黑色星期五和網路星期一在同一季度。我相信，這次的「網路星期一」是在第一季。因此，由於它與我們第四季度的業績相關，因此這是我們發布的最高目標。我們會走出去，然後繼續執行，不斷創新。所以，這就是我看待業務的方式，基斯。

Okay. Thank you, Shantanu.

好的。謝謝你，山塔努。

Saket Kalia, Barclays.

薩基特·卡利亞，巴克萊銀行。

Okay, great. Hey, guys. Thanks for taking my question. David, maybe for you, you touched on some of the drivers in document, which was super helpful. But I'd love to maybe go one level deeper into some of the dynamics in that business, which, of course, continues to grow net new ARR at a really nice clip.

好的，太好了。嘿，夥計們。感謝您提出我的問題。大衛，也許對你來說，你觸及了文檔中的一些驅動程序，這非常有幫助。但我很想更深入地了解該業務的一些動態，當然，該業務的淨新 ARR 繼續以非常好的速度成長。

So maybe we can just talk a little bit about -- are there any pricing headwinds or tailwinds that we should keep in mind specifically for Document Cloud? And also, maybe you can give us a sense for where Document Cloud is in its journey to maybe becoming more of a subscription-heavy business? Do those make sense?

因此，也許我們可以稍微討論一下——對於 Document Cloud，我們是否應該記住任何定價逆風或順風？另外，也許您可以讓我們了解 Document Cloud 正在變得更加依賴訂閱的業務？這些有意義嗎？

The first part does. Let me try to address the whole thing. The question on subscription heavy, it is a it is a very strong subscription business for us already, but I'll touch on that. And hopefully, I'll address your question.

第一部分確實如此。讓我嘗試解決整個問題。關於訂閱的問題很重，這對我們來說已經是一個非常強大的訂閱業務，但我會談到這一點。希望我能回答你的問題。

So first, if we take a step back and look at Document Cloud, I mean, the foundation of everything we're doing here is incredibly strong. And it's a machine we've had for a long time, but it continues to perform incredibly well. And what I mean by that is the platform proliferation of what we have with Acrobat and Reader.

首先，如果我們退後一步看看 Document Cloud，我的意思是，我們在這裡所做的一切的基礎都非常強大。我們已經擁有這台機器很長時間了，但它的性能仍然非常出色。我的意思是 Acrobat 和 Reader 的平台激增。

The fact that we have, 40 years into this business, the rise of PDF and PDF becoming the de facto standard for content -- unstructured content as a whole is a remarkable foundation for us to be building on. And the distribution we have across desktop, web, mobile, including web extensions, is really the foundation of everything we do because that becomes the top of funnel for us.

事實上，經過 40 年的發展，PDF 的興起以及 PDF 成為內容事實上的標準——非結構化內容作為一個整體，為我們的發展奠定了卓越的基礎。我們在桌面、網路、行動裝置（包括網路擴展）上的分佈實際上是我們所做的一切的基礎，因為這成為了我們漏斗的頂部。

You layer on top of that the fact that generative AI in general has come out where unstructured content, especially PDF unstructured content. The trillion PDFs out there that we believe are out there has suddenly inherently much more value than it did a year ago. And this whole ecosystem is set up well for us.

最重要的是，生成式人工智慧通常會產生非結構化內容，尤其是 PDF 非結構化內容。我們認為存在的數萬億個 PDF 突然之間比一年前具有更大的價值。整個生態系統都為我們設置得很好。

In addition to that foundation, we've also been, over the course of the last few years, really transitioning the way people share. Because if you think about PDFs and Acrobat in general, one of the most important things people do is they produce the PDF to share it with others, often for a comment and review engagement.

除了這個基礎之外，在過去幾年中，我們也真正改變了人們共享的方式。因為如果您大致考慮 PDF 和 Acrobat，人們所做的最重要的事情之一就是產生 PDF 以便與其他人分享，通常是為了發表評論和審查。

And by increasing sharing via links versus sharing as an attachment, we see a lot more engagement and interaction that we're able to benefit from. And that also helps with the top of funnel, and we can provide more value.

透過增加透過連結的共享而不是作為附件共享，我們看到了更多的參與和互動，我們可以從中受益。這也有助於漏斗頂部，我們可以提供更多價值。

Then on that platform, what we've done is, with AI assistant, we focused on consumption for the last nine months starting with the ability to look at a single PDF and ask questions of that PDF. Then we added support for multi-docs so you can now have five or six PDFs that you're having a conversation with.

然後在這個平台上，我們所做的是，透過人工智慧助手，我們在過去九個月裡專注於消費，首先能夠查看單一 PDF 並詢問該 PDF 的問題。然後我們添加了對多個文件的支持，因此您現在可以有五到六個 PDF 進行對話。

We added support for multiple formats so you can look at PDFs, but you can also drag in Word documents or PowerPoint documents or a link to a meeting transcript that you have. We're adding -- in the process of adding language support for other languages optimizations.

我們新增了對多種格式的支持，以便您可以查看 PDF，但您也可以拖入 Word 文件或 PowerPoint 文件或您擁有的會議記錄的連結。我們正在添加 - 在添加對其他語言優化的語言支援的過程中。

We're now starting to work on document type optimization. So if it's a contract, we know how to optimize the results even better than if it's a marketing document. That's all about consumption.

我們現在開始致力於文檔類型優化。因此，如果是合同，我們比行銷文件更知道如何優化結果。這就是消費的全部。

But in addition to consumption, we're now expanding. Because these conversations that happen with these documents are inherently about getting some insight and then sharing that insight. We've also started to do things that you can create richer content on the back end of it.

但除了消費之外，我們現在還在擴張。因為與這些文件進行的對話本質上是為了獲得一些見解，然後分享該見解。我們也開始做一些事情，您可以在其後端創建更豐富的內容。

So Firefly is embedded now in edit PDF workflows. We have -- the conversational content is now able to generate emails and presentations and those kinds of things. We've now embedded in the convert PDF workflows the ability to output to Express and create richer media outputs. And you can start to see all of this stuff coming together in a very real way already, but also in the months ahead.

因此，Firefly 現在已嵌入 PDF 編輯工作流程中。我們的對話內容現在能夠產生電子郵件和簡報以及諸如此類的東西。現在，我們已在轉換 PDF 工作流程中嵌入了輸出到 Express 並創建更豐富的媒體輸出的功能。你已經可以開始看到所有這些東西以非常真實的方式結合在一起，而且在未來幾個月也是如此。

The last thing I want to say on this, too, is that what's really working out well for us is that when we are out pitching this opportunity not just in terms of you know the individuals that use it, but also businesses, is that we don't have any security concerns. Our data governance model is the same data governance model that's happened.

對此我想說的最後一件事是，對我們來說真正有效的是，當我們推出這個機會時，不僅要了解使用它的個人，還要了解企業，我們沒有任何安全問題。我們的資料治理模型與已經發生的資料治理模型相同。

If you have access to the documents, you can have conversations with the documents. And so it makes it a much easier thing for enterprises to adopt because there's no systemic or governance changes. And so all of that continues to drive more adoption.

如果您有權存取這些文檔，則可以與這些文檔進行對話。因此，它使企業更容易採用，因為沒有系統或治理方面的變化。因此，所有這些都將繼續推動更多的採用。

And as I said on the prepared remarks, Document Cloud is substantially a subscription business. But now, with AI Assistant being available to subscribers and not as directly to perpetual users, we expect that to continue to transition even further.

正如我在準備好的發言中所說，Document Cloud 本質上是一項訂閱業務。但現在，隨著人工智慧助理向訂閱者開放，而不是直接向永久用戶開放，我們預計這種情況將繼續進一步轉變。

Super helpful. Thanks, guys.

超有幫助。謝謝，夥計們。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，格里芬證券。

Yeah. Thank you. Good evening. David, I'd like to follow up on something that you said on the second-quarter call. And that was that -- you said at the time that you were, for the rest of the year, going to, quote, pour gas on your GTM and as well engage in a full funnel campaign later in the year. The question is, could you update us on that?

是的。謝謝。晚安.大衛，我想跟進您在第二季度電話會議上所說的內容。就是這樣 - 你當時說，在今年剩下的時間裡，你將在你的 GTM 上進行報價，並在今年晚些時候參與完整的漏斗活動。問題是，你能給我們更新一下嗎？

It does seem to be, in no small part, corroborated by some of your internal investments that we've been able to see, for example, in your ICX team, your go-to-market positions across multiple products, strategy positions, and so forth. But you've made this commitment for a substantial expansion.

這似乎在很大程度上得到了我們能夠看到的一些內部投資的證實，例如，在你們的 ICX 團隊中，你們在多個產品、戰略立場和等等。但您已經做出了大幅擴張的承諾。

But do you think you need, going forward, to continually accelerate the pace of investments in go-to-market? Or do you think at some point, perhaps soon, you can begin to taper that off and then leverage that capacity to revenue growth and thereby margin expansion?

但您認為未來是否需要不斷加快上市投資步伐？或者您認為在某個時候，也許很快，您可以開始逐漸減少這種能力，然後利用這種能力來實現收入成長，從而擴大利潤率？

Jay, I think we might have to have you join our marketing organization, given how much you know about the market dynamics. But great question. And so, first and foremost, again, if you're going to talk about Express, let's take a little bit of a step back and understand the dynamics of where we are in the evolution.

傑伊，鑑於您對市場動態的了解，我認為我們可能需要讓您加入我們的行銷組織。但很好的問題。因此，首先也是最重要的是，如果您要談論 Express，讓我們退後一步，了解我們所處的演變動態。

I think what we had talked about in Q2 was that not only do we feel like we have an incredible product now, but that product is built on a brand new platform that has the ability to develop AI functionality as a native part of that platform. So the speed of innovation that we've been adding capabilities to Express has really been a breakneck speed, and we're very excited about that.

我認為我們在第二季度討論的是，我們不僅覺得我們現在擁有一個令人難以置信的產品，而且該產品是建立在一個全新的平台上的，該平台能夠將人工智慧功能開發為該平台的本機部分。因此，我們為 Express 添加功能的創新速度確實是驚人的，我們對此感到非常興奮。

Features like native integration of Firefly so that everything that's generated here is commercially safe, which again, like I said, is important to individuals and to businesses, but doing it with more control, things like style and structure match, and integrate it into the image viewer, the video viewer, editor, and the design surfaces. So very excited about that.

像Firefly 的本機整合這樣的功能，這樣這裡產生的所有內容都是商業上安全的，就像我說的，這對個人和企業來說都很重要，但要透過更多的控制來做到這一點，例如樣式和結構匹配，並將其整合到圖像檢視器、影片檢視器、編輯器和設計介面。對此非常興奮。

In addition to those basic capabilities that are foundational, this is really the design model that we've been talking about, Firefly design model. This is where it's surfacing the most. And so you combine what we're doing with templates and the design model, and people are able to create and effectively get access to an infinite number of templates, right?

除了那些基礎的基本功能之外，這實際上就是我們一直在談論的設計模型，Firefly 設計模型。這是它出現最多的地方。因此，您將我們正在做的事情與模板和設計模型結合起來，人們就能夠創建並有效地存取無限數量的模板，對吧？

We believe that we're moving from a template-centric -- a set of tools for communicators to an AI-centric set of tools. And we feel that with our design model and everything we have, we're fundamentally going to create better content that stands out ultimately.

我們相信，我們正在從以模板為中心的一套溝通者工具轉向以人工智慧為中心的工具集。我們認為，憑藉我們的設計模型和我們擁有的一切，我們從根本上將創造出最終脫穎而出的更好內容。

We also have great workflows that we've developed with Photoshop and Illustrator and Acrobat, and we've integrated all of this in ways that are fundamentally effective for businesses, including bulk creation and assembly capabilities. So small businesses all the way through enterprises are able to leverage this for their designer to marketer workflows.

我們還擁有使用 Photoshop、Illustrator 和 Acrobat 開發的出色工作流程，並且我們以對企業根本有效的方式整合了所有這些工作流程，包括大量建立和組裝功能。因此，小型企業乃至大型企業都可以利用這一點來實現從設計師到行銷人員的工作流程。

In addition to all of that innovation, to your point, we've really been focused on the go-to-market since last time. Since we last spoke or right before we last spoke in Q3, we expanded the offer set significantly. We've always had Express for individuals in market, but we added Express for teams, Express for enterprise, And we just launched Express for education this back-to-school year with a lot better support for classrooms and teacher-student workflows as well.

除了所有這些創新之外，就您而言，自上次以來我們一直專注於進入市場。自從我們上次在第三季發言或就在我們上次發言之前，我們顯著擴大了報價範圍。我們在市場上一直有針對個人的Express，但我們增加了針對團隊的Express、針對企業的Express，而且我們剛剛在今年返校季推出了針對教育的Express，為教室和師生工作流程提供了更好的支援。

On the marketing side, we've been ramping that very actively. It's a net new audience to Adobe. I mean, that's something to really recognize. This isn't about shifting existing audience over solely; it's about getting access to net new audience.

在行銷方面，我們一直在非常積極地加大力度。這是 Adob​​e 的新受眾。我的意思是，這是真正需要認識的事情。這不僅是為了轉移現有的觀眾；而是為了改變現有的觀眾。這是為了獲得新的淨受眾。

And so for that, we have to employ both traditional means with a focus on awareness campaign, but also leveraging social because that's where this audience is. So you'll see us doing a lot more on social as a result. And then on the back of all that, we're ramping our direct sales.

因此，為此，我們必須採用傳統手段，專注於宣傳活動，但也要利用社群媒體，因為這就是受眾所在。因此，你會看到我們在社交方面做了更多的事情。在這一切的支持下，我們正在加強直銷力度。

We have a very at-scale inside sales motion that we're starting to lean into. We have a very significant direct sales motion that we have in enterprises and mid-market that we're leveraging Adobe.com journeys. We have a lot of businesses and individuals coming on Adobe.com and doing a lot more optimization in the App Store.

我們正在開始實施一項非常大規模的內部銷售動議。我們在企業和中端市場開展了一項非常重要的直接銷售活動，我們正在利用 Adob​​e.com 旅程。我們有許多企業和個人造訪 Adob​​e.com，並在 App Store 中進行了更多優化。

And that's really what you're starting to see in the numbers we shared with strong usage at 70% year over year, cumulative exports, strong business momentum with over 1,500 businesses sold, and really great -- our best back-to-school season ever with millions of students now enabled on it. So that's the foundation.

這確實是您開始在我們分享的數字中看到的：同比 70% 的強勁使用率、累積出口、銷售超過 1,500 家企業的強勁業務勢頭，這真的很棒——我們最好的返校季節現在有數百萬學生可以使用它。這就是基礎。

And the one thing I would say is, yes, we started pouring gas on it. And we're going to pour more gas on it, not less, in the months and years ahead.

我要說的一件事是，是的，我們開始往上面倒汽油。在未來的幾個月和幾年裡，我們將投入更多而不是更少的汽油。

Maybe two other things, Jay, just big picture. I mean, we continue to invest in all of the key long-term things, whether it's training our models, whether it's Express, whether it's AEP and Apps, whether it's GenStudio, while delivering what I think are phenomenal margins.

也許還有另外兩件事，傑伊，只是大局。我的意思是，我們繼續投資所有關鍵的長期事物，無論是訓練我們的模型，無論是 Express，無論是 AEP 和 Apps，無論是 GenStudio，同時提供我認為驚人的利潤。

And so we'll continue to make those trade-offs in terms of growth and profitability and maybe a little tongue in cheek. Part of the reason why David has the ability to invest as much in marketing is he uses the best marketing technology in the world from Anil.

因此，我們將繼續在成長和獲利能力方面進行權衡，也許還會開玩笑。 David 之所以能夠在行銷方面投入如此多的資金，部分原因是他使用了 Anil 世界上最好的行銷技術。

That is true.

確實如此。

Thank you.

謝謝。

Tyler Radke, Citi.

泰勒·拉德克，花旗銀行。

Yeah. Thanks very much for taking the question. I wanted to ask you about the digital experience side of the business. RPO looked pretty strong in terms of sequential additions. The implied guide for Q4 was a bit lighter than consensus.

是的。非常感謝您提出問題。我想問您有關業務的數位體驗方面的問題。就連續增加而言，RPO 看起來相當強勁。第四季的隱含指引比共識要淡一些。

I know you did talk about some unusual dynamics in terms of seasonality, Cyber Monday. But could you just talk about the strength and underlying dynamics you're seeing in the business heading into Q4? Thank you.

我知道您確實談到了季節性方面的一些不尋常的動態，網絡星期一。但您能否談談您在進入第四季度的業務中看到的實力和潛在動態？謝謝。

Yeah, When we look at the digital experience business, we are pleased with the overall execution of the business. We have a big opportunity with what we call personalization at scale, where whether it's a B2C company or a B2B company, the ability to deliver personalized customer experiences to consumers or to hundreds of thousands of business customers, individuals within businesses, this is important for every company in the world.

是的，當我們審視數位體驗業務時，我們對業務的整體執行感到滿意。我們在大規模個人化方面擁有巨大的機會，無論是 B2C 公司還是 B2B 公司，能夠向消費者或數十萬企業客戶、企業內的個人提供個人化的客戶體驗，這對於世界上每家公司。

And we have the integrated platform and the applications to be able to help them deliver those kinds of experiences. And we have the unique ability to bring together the right content, the data, customer data, and the customer journeys across our Experience Cloud and the integration with Creative Cloud to deliver those personalized experiences. And that's pretty unique to what we can do at Adobe.

我們擁有整合平台和應用程序，能夠幫助他們提供此類體驗。我們擁有獨特的能力，可以將我們的 Experience Cloud 中的正確內容、資料、客戶資料和客戶旅程整合在一起，並與 Creative Cloud 集成，以提供個人化體驗。這對於我們在 Adob​​e 所做的事情來說是非常獨特的。

And that's one of the things that we're seeing in the dynamic in the enterprise market is the enterprises are scrutinizing all the deals that they want to do. I think in this case, they look at our offerings and see the ability to not only help with growth. They also look at the efficiency gains that we can help them create. And that's helping us as enterprises scrutinize their spend.

我們在企業市場的動態中看到的事情之一是，企業正在仔細審查他們想做的所有交易。我認為在這種情況下，他們會看到我們的產品，並看到我們不僅能夠幫助成長。他們也關注我們可以幫助他們創造的效率提升。這有助於我們企業審查其支出。

And when you look at our guide, we're obviously -- we are focused most closely on our subscription business. And that's the business that continues to grow strongly, and we're showing good performance on the subscription business. And our overall revenue is a combination of subscription and services , where we really are focused on working with a broad global partner ecosystem to make sure that we deliver services to our customers and help them realize value from our offerings.

當您查看我們的指南時，很明顯，我們最關注的是我們的訂閱業務。這就是持續強勁成長的業務，我們在訂閱業務上表現出了良好的表現。我們的整體收入是訂閱和服務的組合，我們真正專注於與廣泛的全球合作夥伴生態系統合作，以確保我們為客戶提供服務並幫助他們從我們的產品中實現價值。

Thank you.

謝謝。

Hey, operator. We're at the top of the hour. We'll sneak in one more question and then wrap up. Thank you.

嘿，接線生。我們正處於最高峰。我們將再問一個問題，然後結束。謝謝。

Thank you. Brent Thill, Jefferies.

謝謝。布倫特·希爾，杰弗里斯。

Thanks. Just back to the guide, can we just drill in? I know you mentioned there were a couple of factors that were contemplated. I'm just curious if there's anything else that you're seeing that is different in terms of end demand or any softness. I know the US decelerated a little bit, but any accelerators?

謝謝。回到指南，我們可以直接深入嗎？我知道您提到有幾個考慮因素。我只是好奇您是否看到其他任何在最終需求或任何疲軟方面有所不同的東西。我知道美國減速了一點，但有加速器嗎？

No, Brent. I mean, I think we had a strong Q3, and we continue to see the momentum in the business. It's our typical considered targets that we do, and I focus on execution. So we're not seeing anything as it relates to a change in the business dynamics.

不，布倫特。我的意思是，我認為我們的第三季表現強勁，我們繼續看到業務的勢頭。這是我們所做的典型的深思熟慮的目標，我專注於執行。因此，我們沒有看到任何與業務動態變化相關的事情。

I also mentioned that the last few weeks of Q3, as you know, the summer seasonality ends. We saw the traditional strength that we expect to see on our web traffic.

我還提到，如您所知，第三季的最後幾週，夏季季節性結束。我們看到了我們期望在網路流量上看到的傳統優勢。

So I think MAX is coming up. We have an exciting agenda in terms of what we're going to be talking about in terms of MAX. And so I mean, if I take a step back and think about it, given this is the last question, I mean, from my perspective, strong Q3 across every aspect of our business, revenue, EPS, digital media ARR, DX subs revenue.

所以我認為 MAX 即將到來。關於我們將要討論的 MAX 內容，我們有一個令人興奮的議程。所以我的意思是，如果我退一步思考一下，鑑於這是最後一個問題，我的意思是，從我的角度來看，第三季度我們業務、收入、每股收益、數位媒體ARR、DX 訂閱者收入的各個面向都表現強勁。

Acrobat certainly also continue to show the strength we have in a way, momentum in the business, and the innovation roadmap. I mean, across all of the key initiatives that we've been talking about, whether that's Express, GenStudio, and the excitement that people have associated with automating all of that content -- AEP and apps on the data side.

Acrobat 當然也會繼續展現我們在某種程度上的實力、業務動能以及創新路線圖。我的意思是，在我們一直在討論的所有關鍵舉措中，無論是 Express、GenStudio，還是人們對自動化所有這些內容（AEP 和數據方面的應用程式）感到興奮。

Imaging and video, the work that the digital media team has done on Photoshop and on Illustrator, and then what's coming down the pike on video. And Firefly Services, I think the AI monetization as well, which I know is a theme of a number of people that have asked.

圖像和視頻，數位媒體團隊在 Photoshop 和 Illustrator 上所做的工作，以及視頻方面的進展。 Firefly 服務，我認為人工智慧貨幣化也是如此，我知道這是許多人問過的主題。

Whether it's Acrobat, whether it's the premium SKUs as it relates to Experience Cloud, whether it's what's happening on gen fill and the usage of gen fill Lightroom and Lightroom Mobile, I think we're clearly demonstrating how AI can both drive value for our customers. And therefore, we acquire new customers and retain customers better.

無論是 Acrobat，還是與 Experience Cloud 相關的高級 SKU，無論是 gen fill 上發生的情況以及 gen fill Lightroom 和 Lightroom Mobile 的使用，我認為我們正在清楚地展示人工智慧如何為我們的客戶帶來價值。因此，我們能夠更好地獲取新客戶並留住客戶。

So it feels good. We look forward to seeing all of you at MAX. And we're going to just continue to focus on innovation and delighting our customers. But thank you for joining us.

所以感覺很好。我們期待在 MAX 見到大家。我們將繼續專注於創新並取悅我們的客戶。但感謝您加入我們。

Yeah. Thanks, Shantanu. And we do look forward to the investor event that we'll be holding in Miami at MAX on October 14, where we will be doing a Q&A with management. We hope to see many of you there. And with that, thank you for joining the call and this concludes the event.

是的。謝謝，山塔努。我們非常期待 10 月 14 日在邁阿密 MAX 舉辦的投資者活動，屆時我們將與管理層進行問答。我們希望在那裡見到你們中的許多人。最後，感謝您參加此次電話會議，本次活動到此結束。

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

謝謝。今天的會議到此結束。我們感謝您的參與。祝你有美好的一天。