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.

大家好，歡迎參加 2024 財年第三季 Adob​​e 收益電話會議。今天的會議正在錄製。

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

現在，我想將會議交給投資者關係副總裁喬納森·瓦斯 (Jonathan Vaas)。請繼續。

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

下午好，感謝您加入我們。今天與我一起參加電話會議的還有 Adob​​e 董事長兼執行長 Shantanu Narayen；數位媒體總裁 David Wadhwani；數位體驗總裁 Anil Chakravarthy；以及執行副總裁兼財務長 Dan Durn。

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.

在正在錄製的本次電話會議中，我們將討論 Adob​​e 2024 財年第三季的財務表現。您可以在 Adob​​e 投資者關係網站上找到我們的新聞稿以及我們準備好的評論和財務結果的 PDF 文件。

The information discussed on this call, including our financial targets and product plans, is as of today, 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信息，包括我們的財務目標和產品計劃，截至今天（9 月 12 日）的信息，並包含涉及風險、不確定性和假設的前瞻性陳述。實際結果可能與這些聲明中所述的結果有重大差異。有關這些風險的更多信息，請查看今天的收益報告和 Adob​​e 的 SEC 文件。

On this call, we will discuss GAAP and non-GAAP financial measures. Our reported results include GAAP growth rates as well as constant currency 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.

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

I will now turn the call over to Shantanu.

現在我將電話轉給 Shantanu。

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 Creative Cloud、Document Cloud 和 Experience Cloud 表現強勁，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，分別年增 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.

我們的成功反映了我們強大的執行力，以及雄心勃勃的創新議程，為客戶帶來了價值。我們在過去 18 個月中推出的產品進步讓越來越多用戶和企業感到高興，使他們能夠釋放創造力、提高文件生產力並增強其數位業務。

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 的深度技術平台，包括 Creative Cloud、Document Cloud 和 Experience Cloud，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，我們透過實現 Photoshop、Express 和 Acrobat 等產品的融合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洞察整合在一起。新產品包括 Adob​​e GenStudio 和 Firefly Services，使企業能夠靈活地大規模解決個人化內容創作問題，並協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。我們利用資料來訓練 Firefly 模型，以便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.

我們最大的差異化體現在介面層，我們能夠將人工智慧快速融入我們行業領先的產品組合中，讓各種規模的客戶都能輕鬆採用人工智慧並從中實現價值。Adobe Photoshop、Illustrator、Lightroom 和 Premiere Pro 中由 Firefly 提供支援的功能可協助創作者拓展他們的自然創造力並提高生產力。

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 是一款快速簡便的創作任何內容的應用程序，可為數百萬用戶釋放創造力。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吸引新的受眾和旅程。

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 匯集內容和數據，將高速創意表達與大規模實現個人化所需的企業活化結合。總的來說，我們很高興看到客戶對我們的 AI 解決方案的興奮度和採用度持續增長，現在我們在 Adob​​e 工具中由 Firefly 驅動的生成量已經超過 120 億。

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

現在我將把話題交給大衛，討論我們的數位媒體業務的發展勢頭。

Thanks, Shantanu. Hello, everyone. In 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，Shantanu。大家好。第三季度，我們實現了淨新數位媒體 ARR 5.04 億美元和收入 40 億美元，年增 12%，這得益於我們創意和文件業務的創新。借助 Document Cloud，我們繼續重塑人們在行動裝置、網路和桌面上使用 PDF 和 Acrobat 創建、編輯、共享、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標準，導致數兆個 PDF 的創建和共享。Adobe Acrobat 和 Reader 中引入的 AI Assistant 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，我們發布了重大進展，包括跨多個文件進行對話的能力和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重要的見解。我們很高興看到這項價值轉化為人工智慧助理的使用，人工智慧互動量較上季成長超過 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 中的內容創作。我們已將 Adob​​e Firefly 影像生成整合到我們的編輯 PDF 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作奠定基礎，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.

這項技術在各個垂直領域和產業的應用幾乎是無限的。塔塔諮詢服務公司最近使用 Adob​​e Premiere Pro 轉錄了數小時的會議視頻，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。這使得他們能夠即時向與會者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人工智慧為 Acrobat 和 Reader 中的內容創建和消費增加價值。鑑於 AI Assistant 的早期採用，我們打算積極推廣包含產生 AI 功能的訂閱計劃，而不是不包含該功能的傳統永久計劃。

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，我們實現了 Document Cloud 營收 8.07 億美元，年增 18%。我們增加了 1.63 億美元的淨新 Document Cloud ARR。

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.

其他亮點包括透過對 AI Assistant 的多文件支援、增強的會議記錄功能以及對更大文件的支援來擴展 Acrobat 客戶價值；針對行動、網路和桌面體驗優化的 AI 助手，包括 Android 上的語音對話；基於 PDF 的協作持續增強，共享連結年增超過 70%；透過 Acrobat Web 增加了漏斗頂部，由於連結共享以及我們的 Microsoft Edge 和 Google Chrome 擴展程序，每月活躍用戶同比增長超過 35%。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，跨媒體類型和介面的創意表達和設計的需求從未如此強烈。消費者分享編輯過的照片的次數比以往任何時候都多。學生需要製作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比以前更快地創作更多的圖像、設計和影片。小型企業正在尋求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.

人工智慧有潛力讓創意專業人士、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 中的生成刪除以及即將在 Premiere Pro 中推出的視頻生成擴展等功能，在我們的工具中創建更簡化、更精確的工作流程。

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 展示我們的創意工具的強大功能和生成式 AI 的魔力，以便組織可以大規模產生和組裝內容。隨著我們在整個工具中融入 Firefly 創新，使用量持續加速，自推出以來已超過 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 上推出的全新 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 家族中的其他模型一樣，以商業安全為目標，以細粒度控制和應用程式集成為核心。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，我們正在進行為期多年的策略之旅，以大幅擴大我們在客戶群中的影響力。Adobe Express 是我們以 AI 為先的內容創作應用程序，它履行著我們讓所有人都能發揮創造力的使命。

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，Express 在網頁和行動裝置上發布了全新的版本，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，並對我們的 Photoshop 提供支援的影像編輯功能、Premiere Pro 提供支援的影片編輯功能、Acrobat 提供支援的文件和簡報工作流程以及 Adob​​e 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 庫存和設計模板與我們獨特的 Firefly 設計模型相結合，確保在 Express 中創建的內容能夠脫穎而出。Express 為許多個人和企業提供支持，從自僱人士到世界上最大的企業。

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，同時加強我們的上市活動以支援最近發布的產品，包括個人版 Express、教育版 Express、團隊版 Express 和企業版 Express。結果，第三季我們實現了累計出口年增70％。我們已吸收超過 1,500 家企業和數百萬名學生。

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%。新的 Creative Cloud 淨 ARR 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 中的新 AI 功能，可加速核心創意工作流程並簡化重複任務。Photoshop 中的產生填充升級到 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，包括對向量生成的重大改進、對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闢了實現其願景的新途徑。

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，現在包括新的產生刪除功能。數百萬用戶只需單擊即可無中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.

Firefly 服務需求強勁，該服務提供用於內容生成、編輯和組裝的 API、工具和服務，使組織能夠實現內容製作自動化，同時保持品質和控制。總 API 呼叫量比上一季增加了兩倍。

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 越來越多地被採用作為創建、協作和共享具有視覺吸引力的內容的首選格式。主要企業客戶包括 Brandtech Group、電通、雅詩蘭黛、Google、MediaMonks、Meta、MLB、Newell Brands、百事可樂、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，並與數十萬線上成員進行互動。我們將聽取鼓舞人心的創作者的意見並揭示我們雲端的創新。

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.

總而言之，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，我們實現了體驗雲端營收13.5億美元。訂閱收入為12.3億美元，年增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 公司最關注的問題，因為他們專注於客戶獲取、參與、保留和擴展的數位化策略。企業希望擁有一個整合的平台，能夠為客戶提供大規模個人化體驗，同時最大化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 的整合，Adobe 能夠以獨特的方式即時結合正確的內容、數據和旅程，為每位客戶帶來不同的體驗。我們在 Adob​​e Experience 平台上建立的跨類別、內容商務和工作流程、資料洞察和受眾以及客戶旅程的收入成長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 .

Global Brands 信任 Adob​​e 來建立其內容供應鏈並大規模提供個人化服務，使我們成為業界首屈一指的數位體驗平台。客戶正在抓住機會利用 Adob​​e GenStudio 解決其內容供應鏈挑戰。Gen Studio 可透過 Experience Cloud 和 Creative Cloud 進行本地集成，幫助行銷人員快速規劃、創建、儲存、交付和衡量行銷內容，並提高組織效率。

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綜合的內容供應鏈，以實現深化與廣泛投資者的關係的策略目標。利用 GenStudio 解決方案，Vanguard 透過一對一化關注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，節省了數百萬美元。

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 的全面上市，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想像如何在整個組織和外部機構中使用創意資產，從而推動內容速度和大幅提高效率。AEM 資產被大多數財富 50 強企業所使用，其中包括 10 家最大的媒體公司中的 8 家、10 家最大的金融服務公司中的 9 家以及 10 家最大的零售商中的 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 的重要性日益增加，其採用率也越來越高，可以簡化行銷組織和機構之間的工作流程。我們透過 Adob​​e Workfront Planning 的全面推出擴大了我們在該類別的領導地位，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計劃和執行。包括德勤、埃培智集團和納斯卡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日益增長的需求。

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 和原生應用程式持續保持強勁發展勢頭，包括即時客戶數據平台、客戶旅程分析和 Adob​​e 旅程優化器。我們透過 Adob​​e Journey Optimizer B2B 版本的全面推出擴展了我們的 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益相關者提供個人化的體驗。

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.

獲得了行業分析師的廣泛認可，包括針對 B2B 收入行銷平台的 Forrester Wave 和針對企業和中型市場的數位資產管理和無頭數位商務的三份 IDC MarketScape 報告。主要客戶包括電通、家得寶、Humana、IBM、強生、梅奧診所、Newell Brands、英超聯賽、Stagwell Group、道明銀行和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 上推出涵蓋內容、數據和旅程的全新客戶體驗管理創新，展示 Express、Creative Cloud 和 Experience Cloud 之間的集成，面向各機構和企業的自由職業者、個體經營者和營銷人員。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以及定義類別的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.

我現在將它傳給丹。

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，重點介紹我們各業務的成長動力，最後介紹財務目標。

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 實現了創紀錄的 54.1 億美元營收，按報告和固定匯率計算，年增 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，其根源在於策略優先、不懈創新和精準執行。

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.

我們的第三季業績體現了這種方法。我們正在對技術平台進行大量投資，發起全球活動以擴大我們的 COO 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.

第三季的業務和財務亮點包括 GAAP 稀釋每股收益 3.76 美元和非 GAAP 稀釋每股收益 4.65 美元、數位媒體收入 40 億美元、淨新數位媒體 ARR 5.04 億美元、數位體驗收入 13.5 億美元、營運活動現金流 20.2 億美元，以及本季末的 RPO 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,

在我們的數位媒體部門，我們第三季的營收為 40 億美元，年增 11%，或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，期末 ARR 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 的文檔雲端收入達到 8.07 億美元，以報告和固定匯率計算，年增 18%。我們增加了 1.63 億美元的淨新 Document Cloud ARR，創下了第三季的最高紀錄，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.

Q3 Document Cloud 的成長動力包括 Adob​​e Reader 和 Acrobat 的使用率和 MAU 的成長；透過第三方生態系統實現使用率和 MAU 成長，包括 Google Chrome 和 Microsoft Edge 擴展，這些擴展正在推動免費到付費的轉換；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 訂閱增強我們 AI 助理的貨幣化能力；得益於我們的經銷商合作夥伴網絡，中小企業實力雄厚；企業和公共部門銷售表現強勁，本季完成了多筆大型交易。

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%。我們在本季增加了 3.41 億美元的淨新創意 ARR，以固定匯率計算，期末 ARR 業務帳簿年增 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 新訂閱，包括團隊、企業和具有返校需求的教育機構；在 Adob​​e.com 上跨 Acrobat Pro、Illustrator、Lightroom 和 Photoshop 單一應用程式發揮強大優勢；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；我們的新 Firefly 服務解決方案在企業領域的早期貨幣化；新興市場新訂閱量持續維持成長動能；以及客戶在續約時對我們更高價值創意計劃的貢獻。

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 億美元的營收，按報告和固定匯率計算，年增 10%。數位體驗訂閱收入為 12.3 億美元，按報告和固定匯率計算年增 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.

Q3 數位體驗成長動力包括原生應用程式 AEP 規模訂閱收入強勁成長，較去年同期成長超過 50%； Adobe Experience Manager 和 Workfront 的訂閱收入實現強勁成長；繼任預訂轉型交易以及個人解決方案銷售；我們在企業客戶的保留和擴展方面繼續保持強勁勢頭；並不斷擴大我們的 GenStudio 解決方案管道，以解決內容供應鏈機會。

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 的每股盈餘以 GAAP 計算年增 23%，以非 GAAP 計算年增 14%。這主要得益於收入成長和對投資的嚴格優先排序，從而導致第三季的營業利潤率強勁。

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.

該公司在人工智慧模型訓練和推理能力方面進行了大量投資的同時，繼續提供世界一流的利潤。Adobe 第三季的有效稅率根據 GAAP 計算為 17.5%，根據非 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，年增 15%，或以固定匯率計算成長 16%。截至本季末，目前 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.

我們第三季末的期末現金和短期投資狀況為 75.2 億美元，本季經營活動產生的現金流為 20.2 億美元。在第三季度，我們簽署了一份價值 25 億美元的股票回購協議，在 2024 年 3 月獲得組織批准後，我們目前還剩餘 201.5 億美元，而原先的 250 億美元尚未實現。

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，該目標考慮了當前的宏觀經濟狀況和年底的季節性實力。對於第四季度，我們預計 Adob​​e 總營收為 55 億美元至 55.5 億美元，數位媒體淨新 ARR 約為 5.5 億美元，數位媒體部門營收為 40.9 億美元至 41.2 億美元，數位體驗部門營收為 13.6 億美元至 13.8 億美元，稅率體驗約 125.稅率約為 18.5%，GAAP 每股收益為 3.58 美元至 3.63 美元，非 GAAP 每股收益為 4.63 美元至 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，我對我們今年迄今為止的業績感到自豪，這源於產品領導力、快速創新、多元化業務和財務紀律的強大組合。鑑於我們正在催化的龐大市場，我對我們推動成長和產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 專注於以客戶為中心的負責任創新，這繼續成為公司的統一目標。我們於 2019 年創立的內容真實性倡議目前已擁有整個數位生態系統的 3,300 多名成員，他們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，這項使命從願景變成了現實，亞馬遜、Google、徠卡、Meta、高通、索尼、TikTok 等公司都致力於實現內容憑證。美國國防部成為第一個透過將內容憑證應用於官方國防部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) 合作開展一項新舉措，以提高加州 K 至 12 年級學校和高等教育機構的數位和媒體素養技能。透過向全州的學校提供教育內容、課程和資源，我們可以幫助加州未來的勞動力在人工智慧的世界取得成功，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我們的客戶和社區的影響。我相信 Adob​​e 的文化、創新的產品路線圖、全球市場機會、值得信賴的品牌以及員工堅定不移的承諾將繼續推動我們的成功。

Thank you, and we will now take questions.

謝謝，我們現在開始提問。

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

謝謝。（操作員指示） 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，大家好。感謝您回答我的問題，並祝賀您本季業績表現強勁。我有一個問題，但它分為兩個部分。本季本身，特別是數位媒體 ARR 前景非常強勁。它看起來異常強勁，因為我認為在近四年的時間裡，你的第三季淨新 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，是什麼推動了這種反常的強勢？是定價、AI 牽引力，尤其是 Document Cloud 淨新 ARR 嗎？但同時，考慮到我們在腳本中經歷的所有產品勢頭，我們有點難以理解為什麼第四季度指南中的新數位媒體淨 ARR 是有史以來最低的，我認為這讓人們對明年的表現感到有點緊張。

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.

所以也許只需解決這種二分法問題，因為它看起來與我們習慣的季節有點不同。我認為這會對盤後股價造成壓力。

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，正如您所說，我們本季表現強勁。當我考慮數位媒體 - Document Cloud 時，就您提出的觀點而言，Acrobat 繼續表現出色。我們與 Acrobat 關聯的 AI Assistant 和偏差持續表現良好。

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.

正如我們所說的，我們預計創意將逐年增長。事情也正如我們預期的那樣。這是一個圓滿的結局。當我們將其與過去幾週的表現進行比較時，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.

我明白您說的是您正在查看順序指南。我們正在研究它，並說這是我們為第四季度設定的有史以來最強勁的目標，亞歷克斯。因此我認為我們只需繼續集中註意力。當您談論成長超越成長、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，當我們回顧我們對下半年的預期時，正如您所說，第三季的表現更為強勁。我們預計第四季將呈現季節性強勁成長。然後持續的創新將繼續推動成長。

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。或許我只想對 Shantanu 所說的話補充幾點。再次強調，我們只需稍微介紹一下 Document Cloud 的優勢。

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、網路和桌面上對讀者分佈所做的努力才是繼續推動這項業務的真正動力。這種潛在的優勢不僅會在第三季持續下去，而且是我們能夠押注並繼續推進的事情，因為我們對此進行了大量流程優化。

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？我們擁有諸如 Creative Cloud 之類的產品，由於基礎人工智慧創新，我們可以提供更高價值、更高價格的產品，這些創新正在影響 Creative Cloud 業務的表現。

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.

我們在網路和行動領域提供的產品與服務也比以往更加廣泛，其中包括正在推動進一步普及的高端產品和低價產品。這兩件事的結合也體現出了本季的實力以及我們對事態發展的看法。

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.

但當你整體回顧下半場時，我們會發現我們對下半場的比賽結果抱有強烈的期待。坦白說，從第三季和第四季的整體數據來看，一切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.

從時間細節來看，第三季的表現比你預期的要強勁一些，而且考慮到季節性，這是有原因的。我認為，很大程度上可以透過幾筆本來應該在第四季完成的交易，而不是預期在第三季完成的交易來解釋。這改變了您通常在 Q3 和 Q4 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.

摩根大通的馬克墨菲。

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，我也會向您表示祝賀。大衛，我想知道您是否可以將您從圖像模型中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，當有人產生視訊而不是圖像時，可能會消耗多少個令牌？

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?

然後結合這一點，您對解決當前視頻生成模型的一些局限性有多樂觀？

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，很高興接受這個。讓我稍微退一步來談談我們對人工智慧的核心策略以及轉化，以及我們對貨幣化的看法。

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.

所以我認為我們與一年前或一年半前所說的話非常一致，當時我們談到我們將為創意社區開發最廣泛的模型。我們將根據品質、商業安全性、可整合到我們的工具中以及可控性來區分模型。

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.

正如大家在過去 18 個月中所看到的那樣，我們不斷有條不紊地將越來越多的創新變為現實。從根本上來說，這是有效的，因為我們現在已經開始更積極地融入我們的基地。如果你透過攝影來觀察，現在我們的工具中已經有了生成移除。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，我們有一個生成模式、生成填滿形狀。我們有 -- 在 Photoshop 中，我們有一個 gen remove。我們還有一個 gen 填充。我可以繼續介紹所有代數，但現在我們也已經開始整合 Firefly 服務，以便企業能夠透過 API 存取和使用批次工作。

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.

如果你看一下它是如何實現的，正如我們所討論的那樣，我們會看到生成信用的消耗加速，因為它與我們所有的工具進行了更深入的整合，而這正如我們預期的那樣。

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融入我們的核心產品中，並且具有更高的價值和更高的定價。我們也發現，當人們使用這些生成特徵時，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.

所以，這些都是我們所獲得的附帶隱含利益。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，我認為這就是你要走的路。我們確實看到，隨著我們將每個後續功能整合到工具中，所消耗的總信用額度也在增加。

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，我們正在努力推進的是——我們還沒有開始實施上限。其中一部分是，正如我們一直所說的，我們希望真正關注整個基地的擴散和使用。我們看到很多用戶對此感到興奮。這是我們迄今發布的最常用的功能之一。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.

但我們正密切關註生成信貸經濟的發展。當我們覺得時機成熟時，我們會考慮設立這些上限。而/或我們也在研究其他替代模型。

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 所採取的措施非常有效。因此，我們也在考慮其他機會，例如擁有具有核心生成功能的標準 CC 計劃，同時還擁有高級 API——抱歉，高級 AI 計劃將包含更多像影片和其他內容。

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，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，我不知道您是否有機會看到我們發布的一些視頻，它們直接集成到 Premiere 中，還可以將文本轉換為視頻、將圖像轉換為視頻，具有更好的可控性。我們現在不僅能夠生成人類、狗和有機動物的場景，還能產生所有這些像疊加層以及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，我們對他們能夠擺脫束縛、開始行動的一系列舉措感到非常興奮。人類的面貌和事物也會變得越來越好。我們有很多出色的研究，您將會開始看到。我希望你們能夠試用這些模型，因為我們在這方面已經取得了巨大的進展。

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，也許我應該對大衛說的話做一點補充，大衛說得很棒。我與我們的視訊團隊一起度過了幾個小時，他們表現得非常出色。我指的是他們所做的工作，即利用圖像模型和視訊。

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.

我再次回顧 David 的觀點，與 Premiere 的整合，這就是我們一直在說的。正是模型和應用程式的整合使其與眾不同。我認為當其他模型首次問世時，人們會覺得，哇，你可以描述它。這只是價值的一小部分。

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.

真正的價值在於您有一個視頻，您想擴展它。就我們能做的事情而言，這將會改變整個格局。我對我們在視訊領域所做的事情感到非常興奮。再次回到戴維的觀點，這將以不同於圖像的方式實現貨幣化，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——我想說的第三件事是記住，我們也有能力創建自訂模型。因此，當你獲取人們想要編輯的影片時，擴展的能力不僅取決於模型是什麼，還取決於新數據是什麼。

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.

再說一次，這確實代表了我們獨特的能力。因此，希望這三者能夠證明為什麼我們在如何從非線性編輯器中獲得價值方面處於領先地位，而這正是行動所在。

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。我很感謝你回答我的提問。我想稍微談談我們該如何思考貨幣化。您認為，隨著新年的到來，消費能否促進 2025 財年的 ARR 成長？

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態實際上可能會限制你實現貨幣化的能力，無論是從消費還是價格來看。我只是想看看你是否可以在競爭的背景下增加消費。

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.

基思，從我們的角度來看，我認為當你看看我們所擁有的應用程式和模型時，我們只是繼續認為這是獨一無二的差異化。Firefly 服務，您也可以將其視為一種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.

我們能夠讓企業實現內容自動化、在企業內部創建客製化模型，我們看到了真正的吸引力，因為它是一種差異化的解決方案。這是為了確保商業安全而設計的。

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.

至於核心訂閱模式，大衛再次說過這一點，但我要重申一下，這是 Photoshop 和 Illustrator 等產品的核心訂閱模式。我認為差異化是模式與科技的結合。在影片方面，我認為我們會找到其他方式來實現其貨幣化。

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，如果你觀察 Photoshop、Illustrator、Lightroom 等軟體的迭代加速，你會發現我們實際上是在延伸價值，而不是讓其他人趕上。

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.

還有一件事我想強調的是，坦白說，商業安全對各種規模的企業都非常重要。除了 Shantanu 所說的一切之外，我們覺得我們在這一點上有很大差異。

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。然後也許為了我的後續問題，我想繼續回答亞歷克斯的第一個問題。但您預計第四季淨新 ARR 將年減 3%。我認為投資者在展望明年時或許會以此為框架。

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?

但明年淨新 ARR 是否會下降？我知道您不想給出明年的指引，但您有什麼想法想要解決，因為它與第四季度淨新 ARR 下降相關的指引以及我們可能希望應用於 FY25 淨新 ARR 的框架有關？

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.

你說得對，基斯。我們不會提供 FY25 指導。我們肯定會在 MAX 上分享更多內容。和去年一樣，我們預計在 12 月的財報電話會議上，我們將對 25 財年的 ARR 進行詳細說明。

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，因為它再次與下半年的表現相關 - 因為對於 Alex 和你的問題，如果圍繞第三季度和第四季度存在疑問以及這種趨勢意味著什麼。再次，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。我們顯然有望超越這個數字，我們認為這是一個積極的信號。另一件事，也許從戰術上來說你們也需要思考，因為它與第四季的指引有關。

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，同一季度會有“黑色星期五”和“網絡星期一”。這次，我相信，網路星期一是在第一季。因此，就我們的第四季業績而言，這是我們有史以來發布的最高目標。我們會走出去然後繼續執行、繼續創新。所以，這就是我看待這個行業的方式，基斯。

Okay. Thank you, Shantanu.

好的。謝謝你，Shantanu。

Saket Kalia, Barclays.

Saket Kalia，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，大家好。感謝您回答我的問題。大衛，也許對你來說，你觸及了文件中的某些驅動因素，這非常有幫助。但我可能想更深入地了解該業務的一些動態，當然，該業務的淨新 ARR 繼續以非常快的速度成長。

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，也許我們可以稍微談論一下——對於 Document Cloud，我們應該注意哪些定價方面的不利因素或有利因素？另外，您能否向我們介紹一下 Document Cloud 在轉型成為訂閱型企業方面處於什麼階段？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.

第一部分是的。讓我嘗試解決整個問題。關於訂閱業務的問題，對於我們來說，這已經是一項非常強大的訂閱業務，但我將談及這一點。希望我能回答您的問題。

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，如果我們退一步來看看 Document Cloud，我的意思是，我們在這裡所做的一切的基礎都非常堅實。這台機器我們已經使用很長時間了，但它的性能仍然非常好。我這樣說的意思是 Acrobat 和 Reader 的平台擴充了。

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，在我們從事這個行業 40 年的時間裡，PDF 已經崛起並且成為內容的事實標準——非結構化內容作為一個整體，為我們未來的發展奠定了堅實的基礎。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一切的基礎，因為這成為了我們的漏斗頂端。

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已經出現在非結構化內容中，尤其是 PDF 非結構化內容。我們認為，現有的數萬億 PDF 的價值突然間就比一年前高了許多。整個生態系統對我們來說都建立得很好。

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，在過去幾年裡，我們也一直在徹底改變人們的分享方式。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製作 PDF 以便與他人分享，通常是為了評論和審查。

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.

透過增加透過連結分享的量而不是透過附件分享的量，我們看到了更多我們可以從中受益的參與度和互動性。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.

然後在該平台上，我們所做的是，借助 AI 助手，我們在過去九個月中專注於消費，從查看單個 PDF 並針對該 PDF 提出問題的能力開始。然後，我們添加了對多個文件的支持，因此您現在可以擁有五到六個可以進行對話的 PDF。

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.

我們增加了對多種格式的支持，以便您不僅能夠查看 PDF，還可以拖入 Word 文件或 PowerPoint 文件或您擁有的會議記錄連結。我們正在新增—在新增對其他語言最佳化的語言支援過程中。

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，如果它是一份合同，我們知道如何比一份行銷文件更好地優化結果。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。因為圍繞這些文件進行的對話本質上是為了獲得一些見解，然後分享這些見解。我們也開始做一些事情，以便您可以在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 現在嵌入在編輯 PDF 工作流程中。我們有——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。我們現在已經在轉換 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一種非常真實的方式匯集在一起，而且在未來幾個月內也是如此。

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.

關於這一點我最後想說的是，對我們來說真正有利的是，當我們向使用它的個人和企業推廣這個機會時，我們沒有任何安全方面的擔憂。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.

如果您有權存取該文檔，您就可以與該文檔進行對話。由於沒有系統或治理方面的變化，企業可以更容易採用它。所有這些都將繼續推動更多企業採用這項技術。

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，AI Assistant 不再直接面向永久用戶，而是面向訂閱用戶，我們預計這種轉變將進一步持續。

Super helpful. Thanks, guys.

超有幫助。謝謝大家。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，Griffin Securities。

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，我想跟進你在第二季度電話會議上說的事情。就是這樣——你當時說過，在今年餘下的時間裡，你將全力支持你的 GTM，並在今年晚些時候開展一項全面的漏斗活動。問題是，您能向我們通報一下這一情況嗎？

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.

在很大程度上，這似乎得到了我們所看到的一些內部投資的證實，例如，在您的 ICX 團隊中，您在多個產品的市場定位、策略定位等等。但你們已承諾將大幅擴張。

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市場進入投資的腳步？或者您認為在某個時候，也許很快，您可以開始逐漸減少這個數量，然後利用該產能來增加收入，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，考慮到你對市場動態的了解程度，我想我們可能需要你加入我們的行銷組織。但這個問題問得真好。因此，首先，如果您要談論 Express，讓我們稍微回顧一下，了解我們在發展中所處的動態。

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過的是，我們不僅覺得我們現在擁有一款令人難以置信的產品，而且該產品建立在一個全新的平台上，該平台能夠將 AI 功能作為該平台的原生部分進行開發。因此，我們為 Express 添加功能的創新速度確實非常快，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.

諸如 Firefly 的原生整合之類的功能，使得這裡生成的所有內容在商業上都是安全的，這一點對個人和企業都很重要，但是可以更好地控制它，例如樣式和結構匹配，並將其集成到圖像檢視器、視訊檢視器、編輯器和設計介面中。我對此感到非常興奮。

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?

除了那些基礎性的基本功能之外，這實際上就是我們一直在談論的設計模型，Firefly 設計模型。這是它最常出現的地方。因此，將我們正在做的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數的模板，對嗎？

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（一套為溝通者提供的工具）轉變為以人工智慧為中心的工具。我們覺得，憑藉我們的設計模型和我們所擁有的一切，我們最終將創造出更出色、更出色的內容。

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.

我們還使用 Photoshop、Illustrator 和 Acrobat 開發了出色的工作流程，並將所有這些流程以對企業根本有效的方式進行整合，包括大量建立和組裝功能。因此，無論是小型企業還是大型企業，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，正如您所說，自上次以來，我們一直非常專注於市場進入。自從我們上次談話以來，或者就在第三季上次談話之前，我們大幅擴大了報價範圍。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，而且我們在今年開學年剛剛推出了針對教育的 Express，為課堂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，我們一直非常積極地推進這項工作。這對 Adob​​e 來說是一個全新的受眾群體。我的意思是，這是一件值得真正認識的事。這不僅涉及轉移現有觀眾；這是為了獲得新的觀眾。

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，我們既要採用傳統手段，重點是提高意識，也要利用社群媒體，因為受眾就在那裡。因此你會看到我們在社交方面做了更多的事情。基於此，我們正在加大直銷力道。

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.

我們有一個非常大規模的內部銷售動議，我們正開始傾向於這項動議。我們在企業和中端市場中擁有非常重要的直接銷售動向，我們正在利用 Adob​​e.com 旅程。我們有很多企業和個人造訪 Adob​​e.com 並在 App Store 中做更多優化。

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.

這就是您從我們分享的數據中開始看到的情況，使用率同比增長 70%，累計出口量，業務勢頭強勁，銷售業務超過 1,500 家，而且真的很棒——這是我們有史以來最好的返校季，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.

我想說的一件事是，是的，我們開始對其施加壓力。在未來的幾個月和幾年裡，我們將注入更多的天然氣，而不是更少。

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，只是整體情況。我的意思是，我們將繼續投資所有關鍵的長期項目，無論是訓練我們的模型，還是 Express，還是 AEP 和 Apps，還是 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方面做出權衡，甚至可能帶有一點諷刺意味。大衛之所以有能力在行銷上投入如此多，部分原因是他使用了阿尼爾世界上最好的行銷技術。

That is true.

確實如此。

Thank you.

謝謝。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

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。非常感謝您回答這個問題。我想向您詢問有關業務的數位體驗方面的問題。從連續增加的角度來看，RPO 看起來非常強勁。對第四季的隱含指引比普遍預期要低一些。

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、網路星期一方面的一些不尋常的動態。但您能否談談您在第四季度看到的業務優勢和潛在動力？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遇，無論是 B2C 公司還是 B2B 公司，為消費者或數十萬商業客戶、企業內的個人提供個性化的客戶體驗的能力，對世界上的每家公司來說都很重要。

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，可以透過我們的體驗雲和與創意雲的集成，整合正確的內容、數據、客戶數據和客戶旅程，以提供個人化的體驗。這對於我們在 Adob​​e 所能做的事情來說是相當獨特的。

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.

我們在企業市場動態中看到的現象之一是，企業正在仔細檢視他們想要做的所有交易。我認為在這種情況下，他們會關注我們的產品，並看到其不僅能幫助成長的能力。他們也關注我們能夠幫助他們創造的效率提升。這有助於我們企業嚴格審查其支出。

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，您顯然會發現我們最關注的是訂閱業務。這是一個持續強勁成長的業務，我們在訂閱業務上表現良好。我們的總收入來自訂閱和服務，我們真正專注於與廣泛的全球合作夥伴生態系統合作，以確保我們向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。我們現在正處於整點。我們會再偷偷問一個問題然後結束。謝謝。

Thank you. Brent Thill, Jefferies.

謝謝。布倫特·蒂爾（Brent Thill），傑富瑞（Jefferies）。

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，我們可以直接進入嗎？我知道您提到有幾個因素需要考慮。我只是好奇，就最終需求或疲軟而言，您是否看到其他不同之處。我知道美國的經濟放緩了一點，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發展勢頭。這是我們通常考慮的目標，我專注於執行。因此，我們沒有看到任何與商業動態變化相關的變化。

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，如你所知，第三季的最後幾週夏季旺季結束了。我們看到了我們期望在我們的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 MAX，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，考慮到這是最後一個問題，我的意思是，從我的角度來看，我們業務的各個方面，收入、每股收益、數位媒體 ARR、DX 訂閱收入，第三季都表現強勁。

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 當然也繼續以某種方式展現我們的實力、業務發展動能和創新路線圖。我的意思是，在我們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內容（AEP 和資料端的應用程式）的興奮之情。

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.

成像和視頻，數位媒體團隊在 Photoshop 和 Illustrator 上所做的工作，以及視頻方面的新進展。至於 Firefly Services，我認為 AI 貨幣化也是如此，我知道這是許多人詢問的主題。

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 上發生的事情以及 gen fill Lightroom 和 Lightroom Mobile 的使用，我認為我們都清楚地展示了 AI 如何為我們的客戶創造價值。因此，我們可以更好地獲得新客戶並留住客戶。

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和取悅我們的客戶。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，Shantanu。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。最後，感謝您參加電話會議，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。祝您有個愉快的一天。