Adobe Inc (ADBE) 2024 Q4 法說會逐字稿

Good day, and welcome to the Q4 and FY24 Adobe Earnings Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Steve Day, SVP, DX, CFO and Corporate Finance Interim Head of IR. Please go ahead, sir.

美好的一天，歡迎參加第四季和 24 財年 Adob​​e 收益電話會議。今天的會議正在錄製中。這次，我想將會議交給 Steve Day，他是資深副總裁、DX、財務長兼企業財務臨時 IR 主管。請繼續，先生。

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 fourth quarter and 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.

在這次錄音電話會議中，我們將討論 Adob​​e 第四季和 2024 財年的財務表現。您可以在 Adob​​e 的投資者關係網站上找到我們的新聞稿以及我們準備好的評論和財務表現的 PDF 版本。

The information discussed on this call, including our financial targets and product plans, is as of today, December 11, and contains forward-looking statements that involve risk, uncertainty and assumptions. Actual results may differ materially from those set forth in these statements. For more information on those risks, please review today's earnings release and Adobe's SEC filings.

本次電話會議中討論的資訊（包括我們的財務目標和產品計劃）截至今天（12 月 11 日），並包含涉及風險、不確定性和假設的前瞻性陳述。實際結果可能與這些聲明中提出的結果有重大差異。有關這些風險的更多信息，請查看今天的收益報告和 Adob​​e 的 SEC 文件。

On this call, we will discuss GAAP and non-GAAP financial measures. Our reported results include GAAP growth rates as well as constant currency rates. During this presentation, Adobe's executives will refer to constant currency growth rates unless otherwise stated. Non-GAAP reconciliations are available in our earnings release and on Adobe's Investor Relations website.

在本次電話會議上，我們將討論公認會計原則和非公認會計原則財務指標。我們報告的結果包括公認會計準則成長率以及固定匯率。在本次示範中，除非另有說明，Adobe 的高階主管將提及恆定的貨幣成長率。非 GAAP 調整可在我們的收益發布和 Adob​​e 投資者關係網站上找到。

I will now turn the call over to Shantanu.

我現在將把電話轉給尚塔努。

Thanks, Steve. Good afternoon, and thank you for joining us. In Q4, we achieved revenue of $5.61 billion, representing 11% year-over-year growth. In our Digital Media business, we delivered record net new ARR of $578 million, and our Digital Experience business achieved subscription revenue of $1.27 billion, representing 12% year-over-year growth.

謝謝，史蒂夫。下午好，感謝您加入我們。第四季度，我們營收 56.1 億美元，年增 11%。在數位媒體業務中，我們實現了創紀錄的淨新 ARR 5.78 億美元，數位體驗業務實現訂閱收入 12.7 億美元，年增 12%。

2024 was a year of records for Adobe. We achieved record revenue of $21.51 billion, representing 11% year-over-year growth. GAAP earnings per share was $12.36 and non-GAAP earnings per share was $18.42, representing 5% and 15% year-over-year growth, respectively.

2024 年對 Adob​​e 來說是創紀錄的一年。我們實現創紀錄的營收 215.1 億美元，年增 11%。 GAAP 每股收益為 12.36 美元，非 GAAP 每股收益為 18.42 美元，年比分別增長 5% 和 15%。

We had several new milestones with our AI innovations, enabling us to add more than $2 billion in Digital Media net new ARR and surpass $1 billion in the ending book of business for Adobe Experience Platform and native apps.

我們的 AI 創新取得了幾個新的里程碑，使我們的數位媒體淨新 ARR 增加了超過 20 億美元，Adobe Experience Platform 和本機應用程式的期末業務收入超過 10 億美元。

The Digital Experience business crossed $5 billion in revenue, making us one of the mission-critical providers of marketing technology in the world. We exited the year with $19.96 billion in RPO and cash and short-term investments of $7.89 billion.

數位體驗業務收入突破 50 億美元，使我們成為全球關鍵任務行銷技術提供者之一。我們以 199.6 億美元的 RPO 和 78.9 億美元的現金和短期投資結束了這一年。

2024 was also a transformative year of product innovation, where we delivered foundational technology platforms. We introduced multiple generative AI models in the Adobe Firefly family, including imaging, vector, design and, most recently, video. Adobe now has a comprehensive set of generative AI models designed to be commercially safe for creative content, offering unprecedented levels of output quality and user control in our applications.

2024 年也是產品創新的變革年，我們交付了基礎技術平台。我們在 Adob​​e Firefly 系列中引入了多種生成式 AI 模型，包括成像、向量、設計以及最近的影片。 Adobe 現在擁有一套全面的生成式 AI 模型，旨在對創意內容進行商業安全，在我們的應用程式中提供前所未有的輸出品質和使用者控制水平。

We reimagine creativity and productivity for a broader set of customers with Adobe Express, the quick and easy create anything app. The deep integration of Firefly across our flagship applications in Creative Cloud, Document Cloud, and Experience Cloud is driving record customer adoption and usage. Firefly-powered generations across our tools surpassed 16 billion, with every month this past quarter setting a new record.

我們利用 Adob​​e Express（一款快速、輕鬆的創建任何內容的應用程式）為更廣泛的客戶重新構想創造力和生產力。 Firefly 與 Creative Cloud、Document Cloud 和 Experience Cloud 中的旗艦應用程式的深度整合正在推動創紀錄的客戶採用和使用。我們工具中由 Firefly 驅動的代數已超過 160 億，上個季度的每個月都創下新紀錄。

We enhanced document productivity with AI Assistant in Adobe Acrobat and Reader, unlocking even greater value from the trillions of PDFs around the world.

我們利用 Adob​​e Acrobat 和 Reader 中的 AI 助理提高了文件工作效率，從全球數萬億個 PDF 中釋放出更大的價值。

We've successfully scaled Adobe Experience Platform and native apps to deliver the fundamental infrastructure required for customer engagement. We're accelerating automated decisioning and powering audiences, journeys, and channels to deliver truly personalized experiences at scale.

我們已成功擴展 Adob​​e Experience Platform 和本機應用程序，以提供客戶參與所需的基本基礎設施。我們正在加速自動化決策，並為受眾、旅程和管道提供支持，以大規模提供真正的個人化體驗。

We set the stage to drive an AI content revolution by bringing content and data together in Adobe GenStudio, integrating high-velocity creative expression with enterprise activation. The release of Adobe GenStudio for performance marketing integrates Creative Cloud, Express, and Experience Cloud and extends our end-to-end content supply chain solution, empowering freelancers, agencies, and enterprises to accelerate the delivery of content, advertising and marketing campaigns.

我們透過在 Adob​​e GenStudio 中將內容和數據整合在一起，將高速創意表達與企業活化相結合，為推動 AI 內容革命奠定了基礎。用於效果行銷的AdAdobe GenStudio 的發布整合了Creative Cloud、Express 和Experience Cloud，並擴展了我們的端到端內容供應鏈解決方案，使自由工作者、代理商和企業能夠加速內容、廣告和行銷活動的交付。

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 Q4, we achieved net new Digital Media ARR of $578 million and revenue of $4.15 billion, which grew 12% year-over-year, fueled by innovation in both our Creative and Document businesses. We ended the year with just over $2 billion of net new Digital Media ARR for the first time ever as a result of accelerated product innovation, record traffic to Adobe.com and engagement on social and mobile, as well as increasing value for enterprise customers through Firefly Services and GenStudio, which bring together our Creative and Experience Clouds.

謝謝，山塔努。大家好。第四季度，在創意和文件業務創新的推動下，我們實現了 5.78 億美元的淨新數位媒體 ARR 和 41.5 億美元的收入，年增 12%。由於產品創新加速、Adobe.com 創紀錄的流量以及社交和行動裝置的參與度，以及透過以下方式為企業客戶增加價值，我們在年底實現了首次超過 20 億美元的新數位媒體 ARR 淨值： Firefly Services和GenStudio，將我們的創意和體驗雲結合在一起。

On the Document Cloud side, PDF continues to be the global standard for digital documents, and Adobe Acrobat is revolutionizing the way people engage with them across mobile, web, and desktop.

在文件雲方面，PDF 仍然是數位文件的全球標準，而 Adob​​e Acrobat 正在徹底改變人們在行動裝置、Web 和桌面上使用 PDF 的方式。

We took a major step forward in FY24 with the introduction of AI Assistant in Acrobat and Reader. AI Assistant and other AI features, like Liquid Mode and Firefly, are accelerating productivity through faster insights, smarter document editing and integrated image generation. A recent productivity study found that users leveraging AI Assistant completed their document-related tasks 4 times faster on average. AI Assistant is now available in Acrobat across desktop, web, and mobile and integrated into our Edge, Chrome, and Microsoft Teams extensions.

隨著 Acrobat 和 Reader 中引入 AI Assistant，我們在 2024 財年向前邁出了一大步。 AI Assistant 和其他 AI 功能（例如 Liquid Mode 和 Firefly）正在透過更快的洞察力、更聰明的文件編輯和整合影像生成來提高生產力。最近的一項生產力研究發現，使用 AI Assistant 的使用者完成文件相關任務的速度平均提高了 4 倍。 AI Assistant 現已在桌面、網路和行動裝置上的 Acrobat 中提供，並整合到我們的 Edge、Chrome 和 Microsoft Teams 擴充中。

In Q4, we continued to extend its value with specialized AI for contracts and scanned documents, support for additional languages, and the ability to analyze larger documents. In Acrobat Web, our integrations with Adobe Express allow users to generate images and quickly stylize content. We saw AI Assistant conversations double quarter-over-quarter, driving deeper customer value.

在第四季度，我們繼續透過合約和掃描文件的專用人工智慧、對其他語言的支援以及分析更大文件的能力來擴展其價值。在 Acrobat Web 中，我們與 Adob​​e Express 的整合允許使用者生成圖像並快速設計內容風格。我們看到人工智慧助理對話量較上月增加了一倍，推動了更深層的客戶價值。

In Q4, we achieved Document Cloud revenue of $843 million, growing 17% year-over-year. We set a record for net new Document Cloud ARR of $173 million, with ending ARR of $3.48 billion, growing 23% year-over-year.

第四季度，我們實現文檔雲端營收 8.43 億美元，年增 17%。我們創下了 1.73 億美元的淨新 Document Cloud ARR 記錄，最終 ARR 為 34.8 億美元，年增 23%。

Other highlights include: continued growth of monthly active users, which grew over 25% year-over-year, surpassing 650 million paid and free users; strong top of funnel momentum through Acrobat Web with monthly active users up nearly 50% year-over-year; strength in Acrobat Pro single app in both Document Cloud and Creative Cloud offerings; a great back-to-school season with a new AI Assistant offering in education for students; key enterprise customer wins include Abbott Laboratories, BWI GmbH, Defense Information Systems Agency, Kaiser Permanente, Novo Nordisk, Truist, US Cellular, and the US Department of State.

其他亮點包括：每月活躍用戶持續成長，較去年同期成長超過25%，付費和免費用戶超過6.5億；透過 Acrobat Web 實現強勁的漏斗頂部勢頭，每月活躍用戶較去年同期成長近 50%； Document Cloud 和 Creative Cloud 產品中 Acrobat Pro 單一應用程式的優勢；在一個美好的返校季節，新的人工智慧助理為學生提供教育服務；贏得的主要企業客戶包括 Abbott Laboratories、BWI GmbH、國防資訊系統局、Kaiser Permanente、Novo Nordisk、Truist、US Cellular 和美國國務院。

Creative Cloud also had a strong year as demand for content continues to grow across mobile, desktop, and streaming platforms. Adobe MAX, the Premier Creativity Conference showcased our FY24 innovation and drove over 0.5 billion video views across all channels.

隨著行動、桌面和串流平台上內容的需求持續成長，Creative Cloud 也迎來了強勁的一年。 Adobe MAX，頂級創意大會展示了我們 2024 財年的創新成果，並推動所有管道的影片觀看次數超過 5 億次。

We have made major strides with our generative AI models with the introduction of Firefly Image Model 3 enhancements to our vector models, richer design models, and the all-new Firefly Video Model. These models are incredibly powerful on their own and their deep integration into our tools like Lightroom, Photoshop, Premiere, InDesign, and Express have brought incredible value to millions of creative professionals around the world.

透過對向量模型引入 Firefly Image Model 3 增強功能、更豐富的設計模型以及全新的 Firefly 視訊模型，我們的生成式 AI 模型取得了重大進展。這些模型本身就非常強大，而且它們與我們的 Lightroom、Photoshop、Premiere、InDesign 和 Express 等工具的深度集成為世界各地數百萬創意專業人士帶來了令人難以置信的價值。

We have brought our Creative and Experience Clouds together through the introduction of Firefly Services and GenStudio, addressing the growing need for scaled content production in enterprises. Firefly generations continue to accelerate and have now crossed 16 billion cumulative generations.

透過引進 Firefly Services 和 GenStudio，我們將創意和體驗雲結合在一起，滿足企業規模化內容製作日益增長的需求。螢火蟲的世代不斷加速，目前累計世代已突破 160 億代。

In Q4, we achieved $3.3 billion in revenue, which grew 11% year-over-year. Net new Creative Cloud ARR was $405 million.

第四季度，我們實現了 33 億美元的收入，年增 11%。 Creative Cloud 淨新 ARR 為 4.05 億美元。

Other highlights include adoption of Adobe Express by approximately 4,000 businesses in the quarter and an 84% year-over-year increase in the number of students with access to Express Premium as part of this year's back-to-school season. Adobe Express saw a strong ecosystem growth with over 180 plug-ins available in the Express Marketplace and integrations with leading social, productivity, and collaboration apps like ChatGPT, Google, Slack, Wix, Box, HubSpot, and Webflow, significantly increasing our customer reach.

其他亮點包括本季約 4,000 家企業採用 Adob​​e Express，以及作為今年返校季的一部分，能夠使用 Express Premium 的學生人數同比增長 84%。 Adobe Express 的生態系統實現了強勁成長，Express Marketplace 中提供了180 多個插件，並與ChatGPT、Google、Slack、Wix、Box、HubSpot 和Webflow 等領先的社交、生產力和協作應用程式集成，顯著擴大了我們的客戶覆蓋範圍。

The launch of the Firefly Video Model and its unique integration in Premier Pro and limited public beta garnered massive customer interest, and we look forward to making it more broadly available in early 2025. This feature drove a 70% increase in the number of Premier Pro beta users since it was introduced at MAX.

Firefly 視訊模型的推出及其在 Premier Pro 中的獨特整合以及有限的公開測試版吸引了大量客戶的興趣，我們期待在 2025 年初使其更廣泛地可用。自MAX 推出以來，已有beta 用戶。

Enhancements to Firefly image, vector, and design models include 4x faster image generation and new capabilities integrated into Photoshop, Illustrator, Premiere Pro, and Adobe Express.

Firefly 影像、向量和設計模型的增強功能包括影像產生速度提高 4 倍，以及整合到 Photoshop、Illustrator、Premiere Pro 和 Adob​​e Express 中的新功能。

Strong adoption of Lightroom Mobile with customers embracing innovations like Generative Remove and Lens Blur as well as quick actions which streamlines editing and increases discovery and adoption of premium features. Just this morning, Adobe Lightroom was recognized as the Mac App of the Year in Apple's annual App Store Awards.

Lightroom Mobile 廣泛採用，客戶擁抱生成式刪除和鏡頭模糊等創新技術，以及簡化編輯並增加高級功能的發現和採用的快速操作。就在今天早上，Adobe Lightroom 在 Apple 年度 App Store 大獎中被評為年度 Mac 應用程式。

The launch of the new Frame.io V4 streamlines creative management for video projects to enable end-to-end editing capabilities and seamless collaboration between editors and their stakeholders.

新 Frame.io V4 的推出簡化了影片專案的創意管理，以實現端到端編輯功能以及編輯人員與其利害關係人之間的無縫協作。

Firefly Services adoption continued to ramp as enterprises such as Pepsi and Tapestry use it to scale content production, given the robust APIs and ease of creating custom models that are designed to be commercially safe.

Firefly 服務的採用率持續上升，因為 Pepsi 和 Tapestry 等企業使用 Firefly 服務來擴大內容生產規模，因為它具有強大的 API，並且易於創建商業安全的自訂模型。

Key enterprise customer wins include Alphabet, American Express, Coca-Cola, Johnson & Johnson, LVMH, Nestle, Procter & Gamble, T-Mobile and the US Department of Defense.

贏得的主要企業客戶包括 Alphabet、美國運通、可口可樂、強生、LVMH、雀巢、寶潔、T-Mobile 和美國國防部。

Our AI product releases and business evolution in FY24 has set the stage for another strong year ahead as we expand to new audiences, deliver more value to existing users, and increasingly integrate our Digital Media and Digital Experience clouds to create differentiated business solutions.

我們在2024 財年的人工智慧產品發布和業務發展為未來的又一個強勁的一年奠定了基礎，因為我們擴展到新的受眾，為現有用戶提供更多價值，並越來越多地集成我們的數位媒體和數位體驗雲以創建差異化的業務解決方案。

We will do this by: accelerating the adoption of freemium offers, including Express, Lightroom, and Acrobat on Web and Mobile as well as expanding access to Acrobat AI Assistant, which delivered strong financial performance in FY24.

我們將透過以下方式實現這一目標：加速採用免費增值產品，包括Web 和行動版上的Express、Lightroom 和Acrobat，以及擴大對Acrobat AI Assistant 的訪問，這在2024 財年帶來了強勁的財務業績。

Growing our core creative business by continuing to expand our AI innovations in our flagship applications as well as bringing them to web and mobile. In addition, we will soon introduce a new higher-priced Firefly offering that includes our video models as a comprehensive AI solution for creative professionals. This will allow us to monetize new users, provide additional value to existing customers, and increase ARPU.

透過繼續在我們的旗艦應用程式中擴展我們的人工智慧創新並將其引入網路和行動設備，發展我們的核心創意業務。此外，我們很快就會推出新的價格更高的 Firefly 產品，其中包括我們的視訊模型，作為創意專業人士的全面 AI 解決方案。這將使我們能夠透過新用戶獲利，為現有客戶提供額外價值，並提高 ARPU。

And further accelerating Firefly Services, which saw significant demand in FY24 by integrating it into GenStudio to provide enterprises with solutions to exponentially scale their content production capabilities with AI.

並進一步加速 Firefly Services，該服務在 2024 財年看到了巨大的需求，將其整合到 GenStudio 中，為企業提供解決方案，透過 AI 倍增其內容製作能力。

We're thrilled with the response to our innovations in FY24, excited to release new capabilities and look forward to delighting customers in the year ahead.

我們對 2024 財年創新的反應感到非常興奮，很高興能夠發布新功能，並期待在未來一年讓客戶滿意。

I'll now pass it to Anil.

我現在將其傳遞給阿尼爾。

Thanks, David. Hello, everyone. The Experience Cloud business had a strong close to the year, achieving revenue of $1.4 billion for the quarter and a record $5.37 billion in revenue in fiscal 2024. Subscription revenue in the quarter was $1.27 billion, representing 12% year-over-year growth. The book of business for Adobe Experience Platform and native apps -- real-time CDP, Customer Journey Analytics and Journey Optimizer -- surpassed $1 billion in the quarter, with 48 of the Fortune 100 companies now leveraging these solutions.

謝謝，大衛。大家好。體驗雲端業務年末表現強勁，本季訂閱營收為 14 億美元，2024 財年實現創紀錄的 53.7 億美元營收。 Adobe Experience Platform 和本機應用程式（即時 CDP、客戶旅程分析和旅程優化器）的營業額在本季超過 10 億美元，財富 100 強公司中有 48 家正在利用這些解決方案。

The market opportunity for customer experience management is large and growing. Both B2B and B2C companies are selecting Adobe as their strategic technology partner to accelerate customer acquisition, engagement and retention. Our leading solutions, spanning content, data and customer journeys empower businesses to drive topline growth while simultaneously delivering productivity gains.

客戶體驗管理的市場機會龐大且不斷成長。 B2B 和 B2C 公司都選擇 Adob​​e 作為其策略技術合作夥伴，以加速客戶獲取、參與和保留。我們領先的解決方案涵蓋內容、數據和客戶旅程，使企業能夠推動營收成長，同時提高生產力。

The AI innovations we have delivered enable our customers to accelerate the delivery of personalized experiences at scale and have been built to satisfy enterprise governance requirements. Adobe Experience Platform AI Assistant empowers marketers to automate tasks and generate new audiences and journeys. Although the experience manager generates variations, provides dynamic and personalized content creation natively through AEM, enabling customers to deliver more compelling and engaging experiences on their websites.

我們提供的人工智慧創新使我們的客戶能夠加速大規模交付個人化體驗，並且旨在滿足企業治理要求。 Adobe Experience Platform AI Assistant 讓行銷人員能夠自動執行任務並產生新的受眾和旅程。雖然體驗管理器會產生變化，但透過 AEM 原生提供動態和個人化的內容創建，使客戶能夠在其網站上提供更具吸引力和吸引力的體驗。

We are transforming the content supply chain for enterprises with Adobe GenStudio, which natively integrates multiple Adobe applications across Creative Cloud and Experience Cloud, including Express, Firefly, Workfront, Experience Manager, Customer Journey Analytics, and Journey Optimizer. GenStudio enables agencies and enterprises to unlock new levels of creativity and efficiency across content creation and production, workflow and planning, asset management, delivery and activation and reporting and insights.

我們正在利用AdAdobe GenStudio 改變企業的內容供應鏈，它原生整合了Creative Cloud 和Experience Cloud 中的多個AdAdobe 應用程序，包括Express、Firefly、Workfront、Experience Manager、Customer Journey Analytics 和Journey Optimizer。 GenStudio 讓機構和企業能夠在內容創建和製作、工作流程和規劃、資產管理、交付和激活以及報告和見解方面解鎖新水平的創造力和效率。

Adobe GenStudio for Performance Marketing is a great addition to the GenStudio portfolio, offering an integrated application to create paid social ads, display ads, banners, and marketing e-mails by leveraging preapproved on-brand content. It brings together creative teams that define the foundational requirements of a brand, including guidelines around brand voice, channels, and images with marketing teams that need to deliver numerous content variations with speed and agility.

Adobe GenStudio for Performance Marketing 是 GenStudio 產品組合的重要補充，它提供了一個整合應用程序，可利用預先批准的品牌內容來創建付費社交廣告、展示廣告、橫幅和行銷電子郵件。它將定義品牌基本要求（包括有關品牌聲音、管道和形象的指南）的創意團隊與需要快速、敏捷地提供大量內容變體的行銷團隊聚集在一起。

We are seeing strong customer demand for Adobe GenStudio for Performance Marketing since its general availability at MAX. GenStudio is the answer to address how marketing is going to transform in the era of AI for CMOs, CIOs, and CFOs.

自從 Adob​​e GenStudio 在 MAX 全面上市以來，我們發現客戶對用於效果行銷的 Adob​​e GenStudio 有著強勁的需求。 GenStudio 是解決行銷長、資訊長和財務長在人工智慧時代行銷如何轉型的答案。

Other highlights include expanded partnership with Amazon to make Adobe Experience Platform available on Amazon Web Services and extend our leadership across public clouds. Enterprises will soon be able to access the full power of AEP and native apps on AWS. Integration partnerships with Google's Campaign Manager 360, Meta, Microsoft Advertising, Snap, and TikTok, offering marketing teams a holistic view of campaign performance directly in Adobe GenStudio to optimize the ROI of their ad spend.

其他亮點包括擴大與 Amazon 的合作夥伴關係，使 Adob​​e Experience Platform 在 Amazon Web Services 上可用，並擴大我們在公有雲領域的領先地位。企業很快將能夠充分利用 AWS 上的 AEP 和本機應用程式。與 Google Campaign Manager 360、Meta、Microsoft Advertising、Snap 和 TikTok 建立整合合作夥伴關係，讓行銷團隊直接在 Adob​​e GenStudio 中全面了解行銷活動績效，從而優化廣告支出的投資報酬率。

Strong industry analyst recognition in major analyst reports, including the Gartner Magic Quadrant for Digital Commerce and the Forrester Wave for cross-channel marketing hubs. In particular, Gartner recognized Adobe's critical capabilities for multichannel marketing such as our differentiated ability to adapt customer journeys in real time based on customer behavior.

主要分析師報告中獲得了行業分析師的高度認可，包括針對數位商務的 Gartner 魔力像限和針對跨通路行銷中心的 Forrester Wave。 Gartner 特別認可了 Adob​​e 在多通路行銷方面的關鍵能力，例如我們根據客戶行為即時調整客戶旅程的差異化能力。

AI innovations delivered in the premium tiers and add-ons helped us close our largest bookings quarter ever, with key global customer wins including Air Canada, Allianz, American Express, Bank of America, BMW, Centene, CIBC, Cisco, Disney, Fanatics, Gap, GM, JPMorgan Chase, PayPal, Samsung, Tesco, and Wells Fargo.

高級套餐和附加服務中提供的人工智慧創新幫助我們完成了有史以來最大的預訂季度，贏得了主要的全球客戶，包括加拿大航空、安聯、美國運通、美國銀行、寶馬、Centene、CIBC、思科、迪士尼、Fanatics、 Gap、通用汽車、摩根大通、PayPal、三星、樂購和富國銀行。

Digital remains a critical growth imperative for businesses around the world. Adobe Digital Insights, which analyzes trillions of data points, reported that both Black Friday and Cyber Monday sales hit record highs of $10.8 billion and $13.3 billion, jumping 10.2% and 7.3% from last year, respectively. We expect the full holiday season to hit $240.8 billion, up 8.4% year-over-year.

數位化仍然是全球企業成長的關鍵。 Adobe Digital Insights 分析了數兆個數據點，報告指出黑色星期五和網路星期一銷售額均創下 108 億美元和 133 億美元的歷史新高，分別比去年增長 10.2% 和 7.3%。我們預計整個假期季節的營收將達到 2,408 億美元，年增 8.4%。

With the availability of our new offerings in FY25, Adobe has a unique opportunity to capitalize on the breadth of these solutions to further optimize our integrated go-to-market field organization. We're expanding our enterprise go-to-market teams to sell these integrated solutions that cut across Digital Media and Digital Experience globally under the new GenStudio umbrella. We have seen early success for this strategy that included Express and Firefly Services in Q4. As we enable our worldwide field organization in Q1, we anticipate acceleration of this pipeline throughout the rest of the year and beyond.

隨著我們在 2025 財年推出新產品，Adobe 擁有了一個獨特的機會，可以利用這些解決方案的廣度來進一步優化我們整合的上市現場組織。我們正在擴大我們的企業上市團隊，以在新的 GenStudio 保護傘下銷售這些跨越數位媒體和數位體驗的整合解決方案。我們已經看到這項策略的早期成功，其中包括第四季度的 Express 和 Firefly 服務。當我們在第一季啟用我們的全球現場組織時，我們預計該管道將在今年剩餘時間及以後加速。

We are confident of continuing our leadership and momentum into 2025.

我們有信心在 2025 年繼續保持領先地位和勢頭。

I will now pass it to Dan.

我現在將其傳遞給丹。

Thanks, Anil. Our earnings report today covers both Q4 and FY24 results, highlighting growth drivers across our businesses and I'll finish with financial targets.

謝謝，阿尼爾。我們今天的收益報告涵蓋了第四季和 2024 財年的業績，強調了我們業務的成長動力，最後我將介紹財務目標。

We are proud of the performance we have driven in FY24, delivering record revenue, EPS, and operating cash flows while aggressively investing in AI product innovation. New AI releases, including Express, Acrobat AI Assistant, Firefly Services, DX premium tiers, and GenStudio for Performance Marketing have expanded the portfolio of products, driving proliferation and meaningful GenAI monetization. We had a strong finish to the year with records in Digital Media net new ARR and Digital Experience bookings.

我們對 2024 財年的業績感到自豪，在積極投資人工智慧產品創新的同時，實現了創紀錄的收入、每股盈餘和營運現金流。新的 AI 版本，包括 Express、Acrobat AI Assistant、Firefly Services、DX 高級版和用於績效行銷的 GenStudio，擴大了產品組合，推動了 GenAI 的普及和有意義的貨幣化。我們在數位媒體淨新 ARR 和數位體驗預訂方面取得了優異的成績，為這一年畫上了圓滿的句號。

In FY24, Adobe achieved record revenue of $21.51 billion, which represents 11% year-over-year growth as reported and in constant currency.

2024 財年，Adobe 實現創紀錄的 215.1 億美元收入，以固定匯率計算，較去年同期成長 11%。

EPS for the year was $12.36 and non-GAAP EPS was $18.42, growing 5% and 15% year-over-year, respectively.

本年度每股收益為 12.36 美元，非 GAAP 每股收益為 18.42 美元，年比分別增長 5% 和 15%。

FY24 business and financial highlights included: Digital Media revenue of $15.86 billion; net new Digital Media ARR of $2.00 billion; Digital Experience revenue of $5.37 billion; cash flows from operations of $8.06 billion; RPO of $19.96 billion exiting the year; and repurchasing approximately 17.5 million shares of our stock during the year.

2024 財年業務與財務亮點包括： 數位媒體收入達 158.6 億美元；數位媒體新淨ARR達20億美元；數位體驗收入為 53.7 億美元；營運現金流80.6億美元；今年退出的 RPO 為 199.6 億美元；並於年內回購約 1,750 萬股我們的股票。

In the fourth quarter of FY24, Adobe achieved revenue of $5.61 billion, which represents 11% year-over-year growth as reported and in constant currency. GAAP diluted earnings per share in Q4 was $3.79 and non-GAAP diluted earnings per share was a record $4.81, growing 17% and 13% year-over-year, respectively.

在 2024 財年第四季度，Adobe 營收為 56.1 億美元，以固定匯率計算，較去年同期成長 11%。第四季 GAAP 攤薄每股收益為 3.79 美元，非 GAAP 攤薄每股收益為創紀錄的 4.81 美元，年比分別增長 17% 和 13%。

Q4 business and financial highlights included: Digital Media revenue of $4.15 billion; net new Digital Media ARR of $578 million; Digital Experience revenue of $1.40 billion; cash flows from operations of $2.92 billion; and added $1.82 billion to RPO in the quarter.

第四季的業務和財務亮點包括： 數位媒體收入 41.5 億美元；新數位媒體淨收入為 5.78 億美元；數位體驗收入達 14 億美元；營運現金流為29.2億美元；本季 RPO 增加 18.2 億美元。

In our Digital Media segment, we achieved Q4 revenue of $4.15 billion, which represents 12% year-over-year growth as reported and in constant currency. We exited the quarter with $17.33 billion of Digital Media ARR, growing our ending ARR book of business 13% year-over-year in constant currency.

在數位媒體部門，我們第四季的營收達到 41.5 億美元，以固定匯率計算，年增 12%。本季結束時，我們的數位媒體 ARR 為 173.3 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 $843 million, which represents 17% year-over-year growth as reported and in constant currency. In the quarter, we added $173 million of net new Document Cloud ARR, growing our ending ARR book of business 23% year-over-year in constant currency.

Adobe 實現文件雲端收入 8.43 億美元，以固定匯率計算，年增 17%。本季度，我們新增 Document Cloud ARR 淨值達 1.73 億美元，以固定匯率計算，我們的期末 ARR 業務帳簿年增 23%。

Fourth quarter Document Cloud growth drivers included: strong growth across Reader and Acrobat on web and mobile and extensions such as Edge and Chrome; Acrobat subscription demand across all customer segments, routes to market and geographies; accelerated adoption and monetization of AI Assistant driven by product enhancements and delivery of French and German language support; and year-end seasonal strength in the enterprise.

第四季文檔雲端成長驅動因素包括：網路和行動裝置上的 Reader 和 Acrobat 以及 Edge 和 Chrome 等擴充功能的強勁成長；所有客戶群、市場路線和地區的 Acrobat 訂閱需求；由於產品增強以及法語和德語支援的提供，加速了人工智慧助理的採用和貨幣化；以及企業年末季節性強度。

We achieved Creative revenue of $3.30 billion, which represents 10% year-over-year growth or 11% in constant currency. In the quarter, we added $405 million of net new Creative ARR, growing our ending ARR book of business 11% year-over-year in constant currency.

我們實現了 33 億美元的創意收入，年增 10%，以固定匯率計算成長 11%。本季度，我們的創意 ARR 淨值增加了 4.05 億美元，以固定匯率計算，我們的期末 ARR 業務帳簿年增 11%。

Fourth quarter Creative Cloud growth drivers included: strong demand for new subscriptions for Creative Cloud All Apps across individuals, teams, enterprise, and education; strength in Creative Cloud single apps for Acrobat Pro, Lightroom, and Photoshop; momentum with new subscriptions in emerging markets; demand for Adobe Express across education, SMB, and enterprises; and adoption of Firefly Services in the enterprise.

第四季 Creative Cloud 成長驅動因素包括：個人、團隊、企業和教育領域對 Creative Cloud All Apps 新訂閱的強勁需求；適用於 Acrobat Pro、Lightroom 和 Photoshop 的 Creative Cloud 單一應用程式的優勢；新興市場新訂閱的動能；教育、中小型企業和企業對 Adob​​e Express 的需求；以及在企業中採用 Firefly 服務。

Turning to our Digital Experience segment, in Q4, we achieved revenue of $1.40 billion, which represents 10% year-over-year growth as reported and in constant currency. Digital Experience subscription revenue was $1.27 billion, growing 13% year-over-year or 12% in constant currency.

談到我們的數位體驗部門，第四季度我們實現了 14 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 12.7 億美元，年增 13%，以固定匯率計算成長 12%。

Fourth quarter Digital Experience growth drivers included: strong finish to the year with the largest ever bookings quarter and robust performance across geographies, including the US and EMEA and multiple verticals, including financial services; strong subscription revenue growth led by Adobe Experience Manager, Adobe Journey Optimizer, real-time Customer Data Platform, Customer Journey Analytics and Workfront; continued strength in retention and expansion across our enterprise customers with Digital Experience solutions being leveraged by 85 of the Fortune 100 companies; momentum with AEP and native apps with FY24 ending book of business surpassing $1.0 billion and growing greater than 40% year-over-year; and strong bookings for our umbrella GenStudio solution with interest and momentum for our new GenStudio for Performance Marketing offering.

第四季數位體驗成長驅動因素包括：以有史以來最大的預訂季度和跨地區（包括美國和歐洲、中東和非洲）以及包括金融服務在內的多個垂直領域的強勁業績為今年帶來強勁的收官； Adobe Experience Manager、Adobe Journey Optimizer、即時客戶資料平台、客戶旅程分析和 Workfront 帶動訂閱收入強勁成長；透過財富 100 強公司中的 85 家採用的數位體驗解決方案，在我們的企業客戶中持續保持和擴展； AEP 和本機應用程式勢頭強勁，2024 財年期末營業額超過 10 億美元，較去年同期成長超過 40%；我們對 GenStudio 解決方案的預訂量很大，對我們新推出的 GenStudio 效果行銷產品也產生了濃厚的興趣和動力。

Adobe's effective tax rate in Q4 was 15.5% on a GAAP basis and 18.5% on a non-GAAP basis. RPO exiting the quarter was $19.96 billion, growing 16% and cRPO growing 13% year-over-year as reported.

Adobe 第四季的有效稅率（以 GAAP 計算）為 15.5%，以非 GAAP 計算為 18.5%。據報道，本季的 RPO 為 199.6 億美元，年增 16%，cRPO 年增 13%。

Our cash flows from operations in the quarter were a record $2.92 billion, and ending cash and short-term investment position exiting Q4 was $7.89 billion. In Q4, we entered into a $2.5 billion share repurchase agreement, and we currently have $17.65 billion remaining of our $25 billion authorization granted in March 2024.

我們本季的營運現金流量達到創紀錄的 29.2 億美元，第四季期末現金和短期投資部位為 78.9 億美元。第四季度，我們簽訂了 25 億美元的股票回購協議，目前 2024 年 3 月授予的 250 億美元授權中還剩 176.5 億美元。

Now turning to our FY 2025 financial targets. We measure ARR on a constant currency basis during the fiscal year and revalue ending ARR at year-end. FX rate changes between the end of FY23 and the end of FY24 have resulted in a $117 million decrease to the Digital Media ARR balance entering FY25 from $17.33 billion to $17.22 billion and is reflected in our investor data sheet. We expect an approximate $200 million headwind to FY25 revenue as a result of the effect of foreign exchange and a smaller impact of the continued move to subscriptions from perpetual offerings.

現在轉向我們的 2025 財年財務目標。我們在財政年度內以固定貨幣為基礎衡量 ARR，並在年底重新評估期末 ARR。 23 財年末和 24 財年末之間的匯率變化導致進入 25 財年的數位媒體 ARR 餘額減少了 1.17 億美元，從 173.3 億美元減少到 172.2 億美元，這反映在我們的投資者資料表中。我們預計，由於外匯影響以及持續從永續發行轉向認購的影響較小，25 財年收入將面臨約 2 億美元的阻力。

Factored into our financial targets is an ongoing strategy to introduce new tiered subscription offerings and add-ons.

我們的財務目標中包含了引入新的分層訂閱產品和附加服務的持續策略。

For FY25, we're targeting total Adobe revenue of $23.30 billion to $23.55 billion; Digital Media segment revenue of $17.25 billion to $17.40 billion; Digital Media ending ARR book of business growth of 11.0% year-over-year; Digital Experience segment revenue of $5.80 billion to $5.90 billion; Digital Experience subscription revenue of $5.375 billion to $5.425 billion; GAAP earnings per share of $15.80 to $16.10; and non-GAAP earnings per share of $20.20 to $20.50.

對於 25 財年，我們的 Adob​​e 總營收目標為 233 億至 235.5 億美元；數位媒體部門收入為172.5億美元至174億美元；數位媒體業務的 ARR 帳簿年增 11.0%；數位體驗部門收入為 58 億美元至 59 億美元；數位體驗訂閱收入為 53.75 億美元至 54.25 億美元； GAAP 每股收益為 15.80 美元至 16.10 美元；非公認會計準則每股收益為 20.20 美元至 20.50 美元。

We expect non-GAAP operating margin of approximately 46% and a non-GAAP tax rate of approximately 18.5%. For Q1 fiscal '25, we're targeting: total Adobe revenue of $5.63 billion to $5.68 billion; Digital Media segment revenue of $4.17 billion to $4.20 billion; Digital Experience segment revenue of $1.38 billion to $1.40 billion; Digital Experience subscription revenue of $1.27 billion to $1.29 billion; GAAP earnings per share of $3.85 to $3.90; and non-GAAP earnings per share of $4.95 to $5.

我們預期非 GAAP 營業利潤率約為 46%，非 GAAP 稅率約為 18.5%。對於 25 財年第一季度，我們的目標是： Adob​​e 總營收為 56.3 億美元至 56.8 億美元；數位媒體部門收入為41.7億美元至42.0億美元；數位體驗部門收入為13.8億美元至14.0億美元；數位體驗訂閱收入為 12.7 億美元至 12.9 億美元； GAAP 每股收益為 3.85 美元至 3.90 美元；非公認會計準則每股收益為 4.95 美元至 5 美元。

For Q1, we expect non-GAAP operating margin of approximately 47% and non-GAAP tax rate of approximately 18.5%.

對於第一季，我們預計非 GAAP 營業利潤率約為 47%，非 GAAP 稅率約為 18.5%。

In summary, I'm proud of our outstanding performance, which combines robust product leadership, velocity of innovation, and financial discipline, positioning us to achieve strong revenue and EPS growth in the year ahead.

總而言之，我為我們的出色表現感到自豪，它結合了強大的產品領先地位、創新速度和財務紀律，使我們能夠在未來一年實現強勁的收入和每股收益成長。

Shantanu, back to you.

山塔努，回到你身邊。

Thanks, Dan. This quarter, Adobe was once again recognized for our exceptional culture and industry leadership, including on Forbes World's Best Employers, Fortune's 50 AI Innovators, and Fortune's Best Workplaces in Technology, and The Wall Street Journal's Best Managed Companies list.

謝謝，丹。本季度，Adobe 再次因其卓越的文化和行業領導力而獲得認可，包括《富比士》全球最佳雇主、《財富》50 名人工智慧創新者、《財富》科技最佳工作場所以及《華爾街日報》最佳管理公司名單。

At MAX, we announced a new global initiative aimed at helping 30 million next-generation learners develop AI literacy, content creation, and digital marketing skills using Adobe Express to thrive in the modern workforce, working with education partners and schools, nonprofits, and online learning platforms to provide training, certifications, and career pathways.

在MAX，我們宣布了一項新的全球計劃，旨在與教育合作夥伴、學校、非營利組織和線上合作夥伴合作，幫助3,000 萬名下一代學習者使用AdAdobe Express 培養AI 素養、內容創作和數位行銷技能，以便在現代勞動力中蓬勃發展提供培訓、認證和職業道路的學習平台。

Our strategy to unleash creativity for all, accelerate document productivity, and power digital businesses represents a massive addressable market opportunity. Adobe continues to build on its strong foundation of transformative innovation, category and brand leadership, financial performance, and profitable growth.

我們的策略是釋放所有人的創造力、提高文件生產力並推動數位業務，這代表著巨大的市場機會。 Adobe 持續鞏固其變革性創新、品類和品牌領先地位、財務表現和獲利成長的堅實基礎。

We're delivering Adobe Magic to an expanding set of global customers and executing on the massive market opportunity ahead. Adobe couldn't be better positioned for 2025 and beyond.

我們正在向不斷擴大的全球客戶群提供 Adob​​e Magic，並抓住未來的巨大市場機會。 Adobe 在 2025 年及以後的市場定位再好不過了。

Thank you, and we will now take questions. Operator?

謝謝，我們現在回答問題。操作員？

(Operator Instructions) Kash Rangan, Goldman Sachs. (Operator Instructions) Michael Turrin, Wells Fargo.

（操作員指令）Kash Rangan，高盛。 （操作員說明）Michael Turrin，富國銀行。

David, you mentioned in your prepared remarks a few things, focusing on expanding innovations, including newer, higher-priced Firefly offerings and potentially accelerating Firefly by integrating further into GenStudio. I was hoping you could just maybe expand on how you're thinking about the adoption curves of those efforts.

David，您在準備好的演講中提到了一些事情，重點是擴大創新，包括更新、價格更高的 Firefly 產品，以及透過進一步整合到 GenStudio 來加速 Firefly 的發展。我希望您能擴展一下您對這些努力的採用曲線的看法。

And as a second part, Dan, if you can just add any commentary on how you're incorporating some of these newer efforts into forecast, if there's conservatism, just given they're newer, or just how to think about that, also useful.

作為第二部分，丹，如果你可以添加任何關於如何將這些較新的努力納入預測的評論，如果有保守主義，只是考慮到它們是較新的，或者只是如何思考這一點，也很有用。

Sure. Yeah, I'll go ahead and get started. So AI obviously has been a huge area of focus for us. And frankly, our community has been using it at amazing rates so we're very excited. You heard the $16 billion -- sorry, not dollar, 16 billion generations that we talked about in the prepared remarks.

當然。是的，我會繼續並開始。因此，人工智慧顯然一直是我們關注的重要領域。坦白說，我們的社群一直以驚人的速度使用它，所以我們非常興奮。你聽到了我們在準備好的發言中談到的 160 億美元——抱歉，不是美元，而是 160 億代。

And that's really a function of the investments we've made, including the broadest set of models. We've talked about imaging, vector design in the past. We now have video and audio in beta form as well. And the foundational difference between what we do and what everyone else does in the market really comes down to three things: one is commercially safe, the way we train the models; two is the incredible control we bake into the model; and three is the integration that we make with these models into our products, increasingly, of course, in our CC flagship applications but also in Express and Lightroom and these kinds of applications but also in Anil's DX products as well. So that set of things is a critical part of the foundation and a durable differentiator for us as we go forward.

這實際上是我們所做投資的函數，包括最廣泛的模型集。我們過去討論過成像、向量設計。我們現在也有測試版的影片和音訊。我們所做的事情與市場上其他人所做的事情之間的根本區別實際上可以歸結為三件事：一是商業上安全的，我們訓練模型的方式；二是我們訓練模型的方式。二是我們在模型中融入了令人難以置信的控制；第三是我們將這些模型整合到我們的產品中，當然，越來越多地整合到我們的CC 旗艦應用程式中，也整合到Express 和Lightroom 等此類應用程式中，也整合到Anil 的DX 產品中。因此，這一系列的事情是基礎的關鍵部分，也是我們前進過程中持久的差異化因素。

Now as we introduce the Video Model, which we expect to have in market early next year, that's going to create an opportunity to further tier our Creative Cloud offerings. As you, I'm sure, understand, video generation is a much higher-value activity than image generation. And as a result, it gives us the ability to start to tier Creative Cloud more actively there. In addition to that, we introduced -- this year, we introduced Firefly Services. That's been -- that's off to a great start.

現在，當我們推出視訊模型時（我們預計將於明年初上市），這將為我們的 Creative Cloud 產品進一步分級創造機會。我相信您也明白，視訊生成是一項比圖像生成價值更高的活動。因此，它使我們能夠開始更積極地對 Creative Cloud 進行分層。除此之外，我們今年也推出了 Firefly 服務。這是一個很好的開始。

We have a lot of customers that are using that. A couple we talked about on the call include Tapestry. They're using it for scaled content production. Pepsi, for their Gatorade brand, is enabling their customers to personalize any merchandise that they're buying in particular, starting with Gatorade bottles. And these have been very, very productive for them, and we are seeing this leveraged by a host of other companies for everything from localization at scale to personalization at scale to user engagement or just raw content production at scale as well.

我們有很多客戶正在使用它。我們在電話中談到的一些例子包括 Tapestry。他們將其用於大規模內容製作。百事可樂為其佳得樂品牌提供個人化客製化服務，從佳得樂瓶開始。這些對他們來說非常非常富有成效，我們看到許多其他公司利用這一點進行各種活動，從大規模本地化到大規模個人化，再到用戶參與或大規模原始內容製作。

And then last, not to get missed in all of this is everything we're doing with AI Assistant. AI Assistant for Acrobat is off to an incredibly strong start and we see it continuing to accelerate. So all of this has built a great foundation for us in FY24. It's given us a lot of signal from our customer base. And it's really we've learned a lot that we intend to apply as we optimize the value and the tiering for our customers going forward.

最後，不要錯過這一切，這就是我們使用 AI Assistant 所做的一切。 Acrobat 的 AI Assistant 已經有了一個令人難以置信的強勁開局，並且我們看到它繼續加速。因此，所有這些都為我們 2024 財年奠定了良好的基礎。它給了我們來自客戶群的許多訊號。我們確實學到了很多東西，我們打算在未來為客戶優化價值和分層時應用這些知識。

Yeah. And just building on David's comments as it relates to the FY25 guide, we talk about all of the great innovation that's in flight. I would say the velocity of innovation is greater today than it's ever been. We called out products like Express, AI Assistant, Firefly, premium tiers in DX, GenStudio. The good thing is they're meaningful contributors today to the financial performance.

是的。基於 David 與 2025 財政年度指南相關的評論，我們討論了所有正在實施的偉大創新。我想說，今天的創新速度比以往任何時候都快。我們推出了 Express、AI Assistant、Firefly、DX 高級版、GenStudio 等產品。好的一面是他們今天對財務表現做出了有意義的貢獻。

And extrapolating the momentum that we see in those products, taking a point of view on the future pipeline of innovation, how we bring that to life deeply natively integrated into our products and further extend the value we offer to customers, as well as the additional segments we can access. All of this comes together to take a perspective of what 2025 looks like based on the strong start that we have and the meaningful contribution in FY24.

並推斷我們在這些產品中看到的勢頭，從未來創新管道的角度出發，我們如何將其深深地融入到我們的產品中，並進一步擴展我們為客戶提供的價值，以及額外的價值我們可以訪問的段。所有這些結合在一起，基於我們強勁的開局和 2024 財年的有意義的貢獻，對 2025 年的情況進行了展望。

Thanks very much.

非常感謝。

Alex Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

I guess maybe to the point that you just alluded to in terms of AI being meaningful as part of the broad growth narrative for business, can you maybe talk about how you're thinking about the growth driver from Firefly, from GenStudio? And when -- kind of how will we see that circulate through the year in terms of the net new Digital Media ARR? Is that something that you think is more going to be showing up in the DX business? It would be great to get some color there. And then anything, Dan, that we should think through, given the new guidance methodology, around seasonality or linearity for net new ARR in the Digital Media business?

我想也許您剛才提到人工智慧作為廣泛的商業成長敘事的一部分是有意義的，您能否談談您如何看待 Firefly 和 GenStudio 的成長動力？就淨新數位媒體 ARR 而言，我們將如何看待這一年的流通？您認為這會更多地出現在 DX 業務中嗎？如果能在那裡得到一些顏色那就太好了。那麼，Dan，考慮到新的指導方法，我們應該圍繞數位媒體業務中淨新 ARR 的季節性或線性來思考什麼？

Sure, I'm happy to take that. So first of all, yes, as we mentioned, we're really excited about the FY24 momentum that we're seeing that we're carrying into it. And we've had this conversation in the past around how we think about the growth algorithm for the Digital Media business. So maybe kind of let me reiterate a little bit of that. We've talked about this in the context of P times Q plus V in the past, where P is new users, bringing in more people into the franchise.

當然，我很樂意接受。首先，是的，正如我們所提到的，我們對 2024 財年的勢頭感到非常興奮，我們看到我們正在推動這一勢頭。我們過去曾圍繞著如何看待數位媒體業務的成長演算法進行這樣的對話。也許讓我重申這一點。我們過去在 P 乘 Q 加 V 的背景下討論過這個問題，其中 P 是新用戶，為該系列帶來更多人。

We're continuing to do that. Obviously, with the introduction of Express, we're seeing a lot of great growth there, whether it's through our phones channel reaching out to SMB, whether it's corporate reaching out to the mid-market, or whether it's working more closely with Anil and the DX business and the integrations we have between Express and the DX business reaching into large companies. We're doing a lot in terms of proliferation of Express into education. We've done a number of partnerships that we talked about with Box, ChatGPT, HubSpot, and others, but also our own products like Acrobat Workflows from Acrobat and Reader into Express. So really pushing to drive more new customers into the franchise in addition to the continued growth that we're getting in our core Creative products.

我們正在繼續這樣做。顯然，隨著 Express 的推出，我們看到了巨大的成長，無論是透過我們的手機管道接觸到中小企業，無論是企業接觸到中端市場，還是與 Anil 和 Anil 更緊密地合作。和DX 業務之間的整合已深入到大公司。我們在將 Express 擴展到教育領域方面做了很多工作。我們已經與 Box、ChatGPT、HubSpot 等建立了許多合作夥伴關係，同時也與我們自己的產品（例如從 Acrobat 和 Reader 到 Express 的 Acrobat Workflows）建立了合作關係。因此，除了我們核心創意產品的持續成長之外，我們還真正努力推動更多新客戶加入該特許經營業務。

Second, in terms of the core Creative products, this is where the -- sorry, I said it backwards, the price actually increases with core value because when we're introducing Firefly models into the mix, we get the opportunity to integrate them more into the flagship applications. And as I mentioned earlier, with the Firefly Web application, we have the opportunity to create more tiers across the Creative products so that we can get people in the right plan for their needs. And we're very bullish about video and the breadth of our customer base that are going to need access to these video models. Again, remember, they are integrated deeply into our applications, including Premier. So we're very excited about what that could mean for us.

其次，就核心創意產品而言，這就是——抱歉，我說反了，價格實際上隨著核心價值的增加而增加，因為當我們將Firefly 模型引入組合中時，我們有機會將它們更多地整合進入旗艦應用程式。正如我之前提到的，透過 Firefly Web 應用程序，我們有機會在 Creative 產品中創建更多層級，以便我們可以讓人們制定適合其需求的正確計劃。我們非常看好影片以及需要存取這些影片模型的客戶群的廣度。再次請記住，它們已深入整合到我們的應用程式中，包括 Premier。因此，我們對這對我們意味著什麼感到非常興奮。

And then lastly, the business value for customers in enterprise or corporate, that's where the value-based selling that we do along with the Digital Experience business really plays out. Firefly Services, as I mentioned, with Gatorade, Tapestry, and a whole host of others that have come, everyone in the space is driving towards personalization of that content, and they absolutely need a scale production and automation pipeline to generate more content. And that's what Firefly Services does. And as it has hit this level of escape velocity, we're now integrating it more into the DX products, in particular, GenStudio, so that it becomes a more holistic solution as we go into FY25 and accelerate that. And that's -- Alex, that's what's leading to the guide of 11%.

最後，企業或企業客戶的商業價值，這就是我們與數位體驗業務一起進行的基於價值的銷售真正發揮作用的地方。正如我所提到的，Firefly Services 與 Gatorade、Tapestry 以及眾多其他公司一起，該領域的每個人都在推動內容的個人化，他們絕對需要大規模生產和自動化管道來產生更多內容。這就是螢火蟲服務所做的事情。由於它已經達到了這種逃逸速度水平，我們現在將其更多地整合到DX 產品中，特別是GenStudio，以便在我們進入2025 財年並加速這一進程時，它成為一個更全面的解決方案。這就是——亞歷克斯，這就是導致 11% 指南的原因。

If you really take a step back, that's one of the best guides we've given in terms of next year ARR growth. But one thing maybe to keep in mind is the composition of that growth is going to be a little different next year compared to FY24. Again, the growth algorithm is new users, new products, and value and pricing. New users and new products will be a more significant part of the mix as we go into FY25. And we look forward to sort of that foundational base of the business growing and driving the business.

如果您真的退後一步，那就是我們就明年 ARR 成長給出的最佳指南之一。但也許需要記住的一件事是，與 2024 財年相比，明年的成長組成將略有不同。同樣，成長演算法是新用戶、新產品、價值和定價。進入 2025 財年，新用戶和新產品將成為其中更重要的組成部分。我們期待著業務成長和推動業務的基礎。

And then just to build on that, Alex, and I appreciate the question around the shape of FY25. Here's what I'll share about it. We all know we changed the guidance methodology into 2025. The guide around the ending ARR book to business growth, we just have a strong point of view. It's a better indicator of business health trajectory.

在此基礎上，亞歷克斯和我很欣賞有關 2025 財年形狀的問題。這就是我要分享的內容。我們都知道我們將指導方法更改為 2025 年。它是業務健康軌跡的更好指標。

David talked about the growth algorithm, the growth agenda at the company, new subscribers. The predominant driver of growth has been, continues to be. The second leg, cross-sell, upsell. This is something the company has honed a really great skill out over time once we bring people into the Adobe ecosystem to journey them through, the rich set of technologies and products that we have to bring them deeper into the ecosystem. That's an important element.

大衛談到了成長演算法、公司的成長議程、新訂戶。成長的主要動力過去是、將來仍然是。第二條腿，交叉銷售、追加銷售。一旦我們將人們帶入AdAdobe 生態系統並讓他們體驗豐富的技術和產品，隨著時間的推移，公司就磨練了一項非常出色的技能，我們必須將他們帶入更深入的生態系。這是一個重要的因素。

And then lastly, David mentioned pricing. This is about how we segment the product portfolio, the value that we deliver to our customers. So as we think about the innovation, as we think about the growth algorithm and as we think about increasingly monetizing the rich set of innovation that we've already brought to market as well as in the pipeline to be brought to market. Quarterly profile, we view it as less important. Really want to focus on revenue and EPS, focus on the annual book of business growth.

最後，大衛提到了定價。這關係到我們如何細分產品組合以及我們為客戶提供的價值。因此，當我們考慮創新時，當我們考慮成長演算法時，當我們考慮如何將我們已經推向市場以及即將推向市場的豐富創新組合貨幣化時。季度概況，我們認為它不太重要。真正想要專注於收入和每股收益，專注於年度帳面業務成長。

We think that's the most important way to look at the business. And it's also how we, as the management team, run the business.

我們認為這是看待業務的最重要的方式。這也是我們作為管理團隊經營業務的方式。

Understood. Thank you, guys.

明白了。謝謝你們，夥計們。

Kirk Materne, Evercore ISI.

柯克·馬特納，Evercore ISI。

David, I was wondering if I could just follow up on your last comment on sort of obviously driving new users, new adoptions, incredibly important. I just -- is there pricing sensitivity, meaning you're delivering so much value, I think that pricing given the value you're delivering would be a bigger lever unless there's pricing sensitivity. So can you just walk through that a little bit more? Because it feels like you should be able to get sort of all three vectors going at the same time, whereas I know you're going to focus more on bringing people in and making them successful. But I'm sort of -- I guess, is there something else on the pricing side that I'm missing why you're not getting that as well?

大衛，我想知道我是否可以跟進您最後的評論，即顯然推動新用戶、新採用，非常重要。我只是——是否存在定價敏感性，這意味著你正在提供如此多的價值，我認為，除非存在定價敏感性，否則根據你所提供的價值進行定價將是一個更大的槓桿。那您能再稍微講一下嗎？因為感覺你應該能夠同時實現所有三個向量，而我知道你將更專注於吸引人們並讓他們取得成功。但我想，我想，在定價方面還有什麼我遺漏的東西嗎？

Yes. We've talked about this in the context of proliferation versus short-term monetization and how we have to balance both of those, and that's something that we take very seriously and we look at that. If you look at the lower end of the market, as we have entered with Express and Lightroom, Acrobat, and by the way, the web and mobile motion for us has been productive in bringing in a lot more new users. And so you'll expect to see us do more of that and introduce more products in that segment in FY25 as well. And there is certainly price sensitivity at that side of the market when it comes to both freemium users and also converted to paid users, and we'll continue to enable that.

是的。我們在擴散與短期貨幣化的背景下討論了這個問題，以及我們如何平衡這兩者，這是我們非常認真對待和研究的事情。如果你看一下低端市場，就像我們透過 Express 和 Lightroom、Acrobat 進入的那樣，順便說一句，網路和行動運動對我們來說非常有效，為我們帶來了更多新用戶。因此，您會期望看到我們在 2025 財年做更多的事情，並在該細分市場推出更多產品。當涉及到免費增值用戶以及轉換為付費用戶時，市場的這一側肯定存在價格敏感性，我們將繼續實現這一點。

When it comes to the core business, and this is the business of creative professionals, we are very focused on introducing new value. That is going to create more segmentation and more tiering and get -- align value and pricing to what we are delivering there. So we do see a tremendous amount of opportunity there going forward because the value that we bring and the efficiency we bring to the content creation process there is very significant. And then last and certainly not least, as we talked about in core enterprises, that's where we've been able to sort of cross that chasm from a P times Q business over to a value sale business, and we are able to start to get more automation and workflows in place there as well. So it's a mix of these things.

當談到核心業務時，這是創意專業人士的業務，我們非常注重引入新價值。這將創建更多的細分和更多的分層，並使價值和定價與我們在那裡提供的服務保持一致。因此，我們確實看到了未來巨大的機會，因為我們為內容創建過程帶來的價值和效率非常重要。最後也是同樣重要的一點，正如我們在核心企業中談到的那樣，這就是我們能夠跨越從 P 乘 Q 業務到價值銷售業務的鴻溝的地方，並且我們能夠開始獲得那裡還有更多的自動化和工作流程。所以它是這些東西的混合體。

We are going to continue to balance. We are obviously tracking. And we believe that proliferation, as we've said for some time, maintains -- is one of the top priorities because we know that if people start using our products today, we have the opportunity to continue to deliver value for a long time to come. And so that balances what we try to do and it's a management judgment call, but we think we're getting it right.

我們將繼續保持平衡。我們顯然正在追蹤。我們相信，正如我們一段時間以來所說的那樣，擴散是首要任務之一，因為我們知道，如果人們今天開始使用我們的產品，我們就有機會繼續長期提供價值來。因此，這平衡了我們試圖做的事情，這是管理層的判斷，但我們認為我們做對了。

I guess a quick follow-up for Dan. Dan, obviously, Black Monday fell into your first quarter this current year. Any color you can offer in terms of what that meant, if at all, to Creative Cloud net new ARR this quarter?

我想丹會很快跟進。丹，顯然，黑色星期一屬於今年第一季。您能提供什麼顏色來說明這對本季度 Creative Cloud 淨新 ARR 意味著什麼（如果有的話）？

Yes. Black Friday/Cyber Monday played out about as expected. We've been talking about a multiyear trend where commercial activity is shifting left in terms of timing. We run our promotions over a larger window of time to reflect consumer behavior, and we see a similar pattern commercially from our customers this year that we've seen in prior years. If we think about online shopping this year, up 8.4%.

是的。黑色星期五/網路星期一的表現與預期一致。我們一直在談論一個多年來的趨勢，即商業活動在時間上正在向左移動。我們在更長的時間內進行促銷活動，以反映消費者的行為，今年我們從客戶那裡看到了與往年類似的商業模式。如果我們考慮今年的網上購物，成長了 8.4%。

You can see last year, that's up from 4.8% so a nice step-up this year versus last year. But you can see Cyber Monday from a contribution standpoint, even though the growth last year was down relative to this year, Cyber Monday grew at 9.6%, this year at 7.3%. Just illustrates the flattening of the profile and consumer behavior around that. So performance as expected.

您可以看到去年的成長率為 4.8%，因此今年與去年相比有了很大的進步。但你可以從貢獻的角度來看“網絡星期一”，儘管去年的增長相對於今年有所下降，但“網絡星期一”的增長率為 9.6％，今年為 7.3％。只是說明了個人資料的扁平化以及圍繞此的消費者行為。所以表現符合預期。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

A lot of excitement from you guys on the conference call about the pace of innovation going on in the business. And we hear that excitement from creative professionals, and they talk about an acceleration in the pace of innovation. But apologies to state the obvious, but investors aren't feeling that excitement or aren't showing that excitement. The stock is a major underperformer on a year-to-date basis, and it's down again on an after-hours basis today. And I would point to, it's the lack of acceleration that we're seeing in the numbers, right?

電話會議上的各位對業務創新的步伐感到非常興奮。我們聽到創意專業人士的興奮，他們談論創新步伐的加快。但很抱歉要聲顯而易見的事實，但投資人並沒有感到那種興奮或沒有表現出那種興奮。該股今年迄今表現不佳，今天盤後再度下跌。我想指出的是，我們在數字中看到的是缺乏加速，對嗎？

Digital Media net new ARR this quarter grew just -- or Creative Cloud grew 2%. You're guiding to decelerating growth into the forward year despite all this innovation. And I think the question that it brings up in an investor's mind is there's some leak in the bucket, right? All this innovation, new monetization avenues, pricing going up, but the growth is going in the wrong direction. Like is there a part of the equation that's not working?

本季數位媒體淨新 ARR 成長 1%，即 Creative Cloud 成長 2%。儘管進行了所有這些創新，但您仍將在未來一年引導成長減速。我認為它在投資者心中提出的問題是桶子裡有漏水，對嗎？所有這些創新、新的貨幣化途徑、價格上漲，但成長的方向是錯誤的。就像等式中是否有一部分不起作用？

Is there share losses? Is there something that we're not seeing that is taking away the momentum in the numbers that's not -- so we're not seeing the acceleration in the numbers, if you will?

是否有股權損失？是否有一些我們沒有看到的東西正在消除數字的動力——所以我們沒有看到數字的加速，如果你願意的話？

Well, Keith, maybe I'll talk about that. I mean, if you take a step back and think about the year and I'll certainly address the feedback that you're sharing, from our perspective, when we guided at the beginning of the year, when we reguided then in the middle of the year to [19 50] and then when we guided in Q3, I mean, the reality is we beat all those three targets that we had issued beginning of the year, middle of the year, and end of the year. I think specifically, maybe as it relates to the Q4 Digital Media net new ARR and thinking about it from the creative, the one thing that I'll point out there is that actually, Creative did better than probably is evident in that if you think about the contribution of Acrobat that went into the Creative bucket versus the Document Cloud business. So certainly, Acrobat continues to do well, a record as you saw. But the non-Acrobat contribution in Creative actually had more growth than what you would see if you just look at it from a Creative Cloud ARR.

好吧，基思，也許我會談談這個。我的意思是，如果你退一步思考這一年，我肯定會從我們的角度來處理你分享的反饋，當我們在年初進行指導時，當我們在年中重新指導時到[19 50]，然後當我們在第三季進行指導時，我的意思是，現實是我們完成了年初、年中和年底發布的所有三個目標。我特別認為，也許因為它與第四季度數位媒體網路新 ARR 相關，並從創意角度思考，我要指出的一件事是，實際上，創意做得比可能明顯的要好，如果你認為關於Acrobat對Creative 業務與Document Cloud 業務的貢獻。當然，Acrobat 繼續表現出色，正如您所看到的那樣。但 Creative 中的非 Acrobat 貢獻實際上比僅從 Creative Cloud ARR 中看到的更多。

I think to your bigger question about what's happening in the business, and as we think about it at the scale of the business right now, certainly, as this entire world moves towards generative AI, as David said, we're executing on both the proliferation play at the bottom with Express and Acrobat. And at the high end, with the Creative Pro and with the enterprise, we are seeing significant adoption of that. And I think GenStudio will also be a good unlock because GenStudio actually brings this all together in the enterprise in a way that nobody else can. And so when we think about Firefly Services, you think about the custom models, you think about the ability to move all of that into campaigns at pace, that we are seeing significant traction in that particular space. So the business is going through a change as it relates to the lower end.

我認為，對於你關於業務中正在發生的事情的更大問題，當我們現在在業務規模上思考這個問題時，當然，隨著整個世界朝著生成式人工智慧發展，正如大衛所說，我們正在執行擴散在底層用 Express 和 Acrobat 進行。在高端領域，透過 Creative Pro 和企業，我們看到了它的廣泛採用。我認為 GenStudio 也將是一個很好的解鎖，因為 GenStudio 實際上以其他人無法做到的方式將這一切整合到企業中。因此，當我們考慮 Firefly 服務時，您會想到自訂模型，您會想到將所有這些都快速轉移到活動中的能力，我們在該特定領域看到了巨大的吸引力。因此，該業務正在經歷與低端市場相關的變革。

But for the core creative as well as for the enterprise, it actually headed absolutely in line with our expectations with good acceleration. And on the consumer communicator space, I think the traction that we're seeing with Express on proliferation also gives us a lot of optimism for how that part of the business is also doing well. And so we take our targets seriously. It's the beginning of the year. We want to go keep executing and innovating on it.

但對於核心創意以及企業而言，它實際上完全符合我們的預期，並且加速良好。在消費者溝通器領域，我認為我們在 Express 上看到的擴散動能也讓我們對這部分業務的良好表現感到非常樂觀。因此，我們認真對待我們的目標。現在是年初。我們希望繼續執行和創新。

To the point that I think you as well as others have asked, is there opportunity in the growth agenda, not just to think about the innovation and the offerings but to make sure that as we tier these, that the pricing and the value is appropriate? Absolutely. And I think you'll continue to see us, I think David mentioned that in his prepared remarks as well as Dan did, that you'll see us also have new tiered offerings that reflect that value that we're providing to the Creative pro as well as to the business segments.

我認為您和其他人都問過，成長議程中是否有機會，不僅要考慮創新和產品，還要確保在我們對這些進行分層時，定價和價值是適當的？絕對地。我認為您會繼續看到我們，我認為大衛在他準備好的演講中提到了以及丹所做的，您會看到我們還有新的分層產品，反映了我們為創意專業人士提供的價值以及業務部門。

Thanks for the feedback.

感謝您的回饋。

Keith Bachman, BMO.

基思·巴赫曼，BMO。

I wanted to ask David to you, if I could, on Doc Cloud specifically. Growth was certainly strong this quarter. And I just wanted to understand some of the context associated with durability. And if you could break it into some of the parts, it looks like your monthly active users continues to grow well. And in addition to that, how are you thinking about leveraging the value there in terms of price, specifically within the growth of Doc Cloud.

如果可以的話，我想專門在 Doc Cloud 上向您詢問 David。本季的成長無疑強勁。我只是想了解一些與耐用性相關的背景。如果您可以將其分解為幾個部分，那麼您的每月活躍用戶看起來會繼續良好成長。除此之外，您如何考慮利用價格方面的價值，特別是在 Doc Cloud 的成長中。

And again, the broader question is just on the durability of Doc Cloud grew 23% over the course of the quarter in terms of ARR. Trying to understand how durable it is and what the pieces are, and then I have a follow-up.

再說一次，更廣泛的問題只是 Doc Cloud 的耐用性，就 ARR 而言，本季成長了 23%。嘗試了解它的耐用性以及部件是什麼，然後我進行後續操作。

Yes. We're -- I think Document Cloud has been -- if you think about the fact that we're 40 years into this business, it's really just the foundation is the fact that PDF has become the de facto standard for unstructured data in the world. And Adobe and Acrobat are the most trusted providers of solutions for that. And that's really what is the foundation of what is driving the business, including the fact that it's the most secure platform for leveraging and accessing the content. I think what is -- there are two things that are really the growth drivers of this business or a number of things.

是的。我們——我認為 Document Cloud 一直是——如果你想想我們進入這個行業 40 年的事實，你會發現 PDF 已經成為非結構化資料的事實標準，這實際上只是一個基礎。 Adobe 和 Acrobat 是最值得信賴的解決方案供應商。這確實是推動業務發展的基礎，包括它是利用和存取內容的最安全的平台。我認為有兩件事確實是該業務或許多事物的成長動力。

First is exactly like you said. I mean, monthly active users and free and paid is a key stat that we keep looking at. We are very effective at taking free users of Reader and converting them to paid users of Acrobat. And we continue to do that across more surfaces that used to be predominantly a focus on desktop applications. As we've noted in the past, we now have Edge integrations and Chrome integrations.

首先就是像你說的。我的意思是，每月活躍用戶以及免費和付費是我們一直在關注的關鍵統計數據。我們非常有效地將 Reader 的免費用戶轉化為 Acrobat 的付費用戶。我們繼續在過去主要關注桌面應用程式的更多表面上這樣做。正如我們過去所指出的，我們現在有 Edge 整合和 Chrome 整合。

We're also available in Teams. We're also available on mobile devices for iOS and Android. And the mix of all of those continue to grow on a monthly basis. One of the things that we are doing to drive that growth is helping people see the value of sharing a link to the PDF as opposed to sharing the document itself. That in doing so, you get a lot more control in terms of the conversation and feedback and review around that.

我們也可以在 Teams 中使用。我們也可以在 iOS 和 Android 行動裝置上使用。所有這些的組合每月都在繼續增長。為了推動這一成長，我們正在做的事情之一是幫助人們認識到共享 PDF 連結而不是共享文件本身的價值。這樣做，你可以在對話、回饋和審查方面獲得更多的控制權。

But it also drives the fact that the recipient is then guaranteed to be viewing the PDF in an Adobe Surface that we can then use to close that viral loop and drive further top-of-funnel opportunity to convert. So that foundation is very strong. In addition to that, AI Assistant has been really a phenomenal add. Unlike many other players in the space, we don't require significant security and governance reviews because people can have conversations around the documents that they view. And one of the big things that I think has been unlocked this year is moving, not just by looking at a PDF that you happen to be viewing, but being able to look at and have a conversation with multiple documents, some of which don't even have to be PDF.

但它也推動了這樣一個事實：收件人可以保證在 Adob​​e Surface 中查看 PDF，然後我們可以使用 Adob​​e Surface 來關閉病毒循環並推動進一步的漏斗頂部轉換機會。所以這個基礎是非常穩固的。除此之外，人工智慧助手確實是一個驚人的補充。與該領域的許多其他參與者不同，我們不需要進行大量的安全和治理審查，因為人們可以圍繞他們查看的文件進行對話。我認為今年已經解鎖的一件大事就是移動，不僅僅是查看您正在查看的 PDF，而是能夠查看多個文檔並與之進行對話，其中一些文檔不支援「移動」。

So that transition and that gives us the ability to really take Acrobat and make it more of a general purpose productivity platform. And that's really what drove the adoption that we saw in education this year. So that's another way of saying that the core foundation of Acrobat continues to be strong and is actually getting stronger with now increasing. But the new value we're adding with AI Assistant takes Acrobat to an entire new level in terms of value.

因此，這種轉變使我們能夠真正採用 Acrobat 並使其成為一個通用的生產力平台。這確實推動了我們今年在教育領域的採用。也就是說，Acrobat 的核心基礎仍然很強大，而且實際上隨著現在的增加而變得越來越強大。但我們透過 AI Assistant 添加的新價值將 Acrobat 的價值提升到了一個全新的水平。

And maybe the thing I'll add to that is the durability of that, to your point, in languages, as we roll that out in languages, as we roll it out across multiple documents, and as we roll it out in enterprises and B2B specifically. So again, significant headroom in terms of the innovation agenda of how Acrobat can be made even more meaningful as a knowledge tool within the enterprise.

也許我要補充的是，就您的觀點而言，在語言中，當我們在語言中推出它時，當我們在多個文件中推出它時，當我們在企業和B2B 中推出它時，它的持久性具體來說。同樣，在如何使 Acrobat 作為企業內的知識工具變得更有意義的創新議程方面，還有很大的空間。

Okay. It sort of leads into my follow-up question, if I could sneak it in, is we've talked about, during the course of this call tonight, the various drivers of growth for ARR. And I just wanted to specifically ask about consumption as we think about FY25. And the question is, is that going to be a contributor towards ARR growth? Or should investors really be thinking about trying to maximize seats, if you will, and really shouldn't be about consumption being additive to growth in '25?

好的。這有點引出了我的後續問題，如果我可以偷偷地問一下，我們是否在今晚的電話會議中討論了 ARR 成長的各種驅動因素​​。我只是想特別詢問一下我們對 2025 財年的消費。問題是，這會促進 ARR 成長嗎？或者投資者是否真的應該考慮盡量擴大席位（如果願意的話），而不應該考慮消費對 25 年經濟成長的促進作用？

That's it for me.

對我來說就是這樣。

I think, Keith, you're going to see a quote-unquote consumption add to ARR in two or maybe three ways more so in '25 than in '24. The first, and David alluded to this, is if you have a video offering and that video offering, that will be a pure consumption pricing associated with it. I think the second is in GenStudio and for enterprises and what they are seeing. With respect to Firefly Services, which, again, I think David touched on how much momentum we are seeing in that business. So that is, in effect, a consumption business as it relates to the enterprise so I think that will also continue to increase.

我想，Keith，你會看到 25 年的 ARR 消耗量比 24 年多了兩種甚至三種方式。大衛提到的第一點是，如果你有一個視頻產品，並且該視頻產品，那將是與之相關的純粹的消費定價。我認為第二個是在 GenStudio 中，對於企業以及他們所看到的。關於 Firefly Services，我認為 David 再次談到了我們在該業務中看到的強勁勢頭。實際上，這就是與企業相關的消費業務，因此我認為這也將繼續增加。

And then I think you'll see us with perhaps more premium price offering. So the intention is that consumption is what's driving the increased ARR, but it may be as a result of a tier in the pricing rather than a consumption model where people actually have to monitor it. So it's just another way, much like AI Assistant is of monetizing it, but it's not like we're going to be tracking every single generation for the user, it will just be at a different tier. And we think that, that's both a better way to deliver value as well as to get the monetization.

然後我想您會看到我們提供更高的價格。因此，我們的目的是消費是推動 ARR 增加的因素，但這可能是定價層級的結果，而不是人們實際上必須監控的消費模式的結果。所以這只是另一種方式，就像人工智慧助理將其貨幣化一樣，但我們不會追蹤用戶的每一代，它只是處於不同的層級。我們認為，這既是交付價值也是獲得貨幣化的更好方式。

And moving on to Brad Sills with Bank of America.

接下來是美國銀行的布拉德希爾斯 (Brad Sils)。

If I could ask a question, David, of you, please. In the past, you've provided some good color (inaudible) really, it sounds like there's momentum there. It seems like this will be the year, with all the Firefly Services integration into the core franchises, that we could see some acceleration in conversion of that funnel. So would love to get some updates from you on that effort and how you see that unfolding throughout the year.

大衛，請讓我問你一個問題。過去，您確實提供了一些很好的顏色（聽不清楚），聽起來好像有動力。看來今年，隨著所有 Firefly 服務都整合到核心特許經營中，我們可以看到該管道的轉換加速。因此，我很想從您那裡得到有關這項努力的最新信息，以及您對這一年的進展有何看法。

For a second, you actually cut out. And so you said Firefly, we heard that. Did you mention any other product before we answer that question, Brad, just to make sure we capture your question?

有那麼一瞬間，你真的被切斷了。所以你說螢火蟲，我們聽到了。布拉德，在我們回答這個問題之前，您是否提到任何其他產品，只是為了確保我們抓住您的問題？

Really just Firefly Services across all the franchises, Photoshop, Lightroom, et cetera. What could that integration effort do to the conversion activity with the top of funnel?

實際上只是涵蓋所有特許經營權的 Firefly 服務，例如 Photoshop、Lightroom 等。整合工作會對漏斗頂部的轉換活動產生什麼影響？

Yes, so a number of things. So first of all, you're exactly right in terms of Firefly is a platform and a foundation that we're leveraging across many different products. As we talked about, everything from Express and Lightroom and even in Acrobat on mobile for a broad-based but then also in our core Creative products, Photoshop, Illustrator, Premiere. And as we've alluded to a number of times on this call, with the introduction of video, even a standalone offer for Firefly that we think will be more valuable from a tiering perspective there. And then into Firefly Services through APIs in connection to GenStudio.

是的，有很多事情。首先，您說得完全正確，Firefly 是我們在許多不同產品中利用的一個平台和基礎。正如我們所討論的，從 Express 和 Lightroom 甚至行動裝置上的 Acrobat 中的一切內容都廣泛存在，但也包括我們的核心創意產品、Photoshop、Illustrator、Premiere。正如我們在這次電話會議中多次提到的那樣，隨著視訊的引入，甚至是 Firefly 的獨立報價，我們認為從分層的角度來看，這將更有價值。然後透過連接到 GenStudio 的 API 進入 Firefly 服務。

So we are looking at leveraging the power of this AI foundation in all the activities. Now as it relates to top of funnel and conversion, we're very excited. Let's start with new users and more closer to the low end of the market. We're very excited with the signal we're getting from Express and Lightroom on mobile and web. Again, as we've talked about, Express is seeing some really good new user acquisition.

因此，我們正在考慮在所有活動中利用這個人工智慧基礎的力量。現在，由於它涉及漏斗頂部和轉化，我們非常興奮。讓我們從新用戶開始，更靠近低端市場。我們對從行動和網路上的 Express 和 Lightroom 收到的訊號感到非常興奮。正如我們所討論的，Express 再次獲得了一些非常好的新用戶。

We added 4,000 new businesses this year. We increased education access by 84% this back-to-school versus last back-to-school. We're seeing really strong adoption through social, digital, and mobile traffic as well. So we see that when we invest in mobile and web, we are getting some very positive signals in terms of user adoption and user conversion rate. So we're using Firefly very actively to do that.

今年我們新增了 4,000 家新企業。與上次返校相比，本次返校的教育機會增加了 84%。我們也看到社交、數位和行動流量的廣泛採用。因此，我們看到，當我們投資行動和網路時，我們在用戶採用率和用戶轉換率方面得到了一些非常積極的訊號。因此，我們非常積極地使用 Firefly 來做到這一點。

And by the way, the fact that Firefly continues to be the only commercially safe model integrated into these apps does matter when it comes to, as I said, adding 4,000 new businesses. The second thing is we are seeing in the core Creative business, when people try something like Photoshop, the onboarding experience is faster to success because of the use of generative AI and generative capabilities. So you'll start to see us continuing to drive more proliferation of those capabilities earlier in the user journeys, and that has been proven very productive. But we also noticed that more people use generative AI. Again, we've always had good retention rates, but the more people use generative AI, the longer they retain as well.

順便說一句，正如我所說，Firefly 仍然是整合到這些應用程式中的唯一商業安全模型，這一事實對於增加 4,000 個新業務確實很重要。第二件事是我們在核心創意業務中看到，當人們嘗試像 Photoshop 這樣的東西時，由於使用了生成式人工智慧和生成功能，入職體驗會更快地獲得成功。因此，您將開始看到我們在用戶旅程的早期繼續推動這些功能的擴散，事實證明這非常有成效。但我們也注意到越來越多的人使用生成式人工智慧。同樣，我們一直擁有良好的保留率，但使用生成式人工智慧的人越多，他們保留的時間就越長。

And so we are definitely leveraging generative AI for the entire flow in the funnel.

因此，我們肯定會在漏斗中的整個流程中利用生成式人工智慧。

And as we pass the top of the hour, we just have time for one more question.

當我們過了最後一小時時，我們只剩下時間再問一個問題。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，格里芬證券。

Dan, you noted that your current RPO was up 13% in the quarter, which results in a 10% 3-year CAGR for current RPO. Would you expect that over time or at least in fiscal '25, that your current RPO growth would be closer to what you just reported for Q4 or might revert more to the lower three-year CAGR? And then for David, if I could, just since there were so many mentions of tiered offerings. Is the concept there more around functionality at the product level as compared to the olden days of tiering that was more about segmentation and packaging as in the old CS days? Or is it more currently around the functionality that you're offering on a product-by-product basis?

Dan，您注意到本季您目前的 RPO 成長了 13%，這導致目前 RPO 的 3 年複合年增長率為 10%。您是否預計隨著時間的推移或至少在25 財年，您當前的RPO 增長將更接近您剛剛報告的第四季度的數據，或者可能會更多地恢復到較低的三年複合年增長率？然後是大衛，如果可以的話，因為有很多提到分層產品。與過去的分層時代相比，這個概念是否更多地圍繞著產品層級的功能，而分層時代更多是關於細分和打包，就像過去的 CS 時代一樣？或者目前更多的是圍繞您在逐個產品的基礎上提供的功能？

Yes. Thanks, Jay. And what I definitely don't want to do is get into guiding of cRPO. But when I take a step back and think about the rhythm and flow of the business, what we're seeing on the enterprise side, winning large transformational deals, exiting the year with the largest bookings quarter ever, having premium tiers in that product portfolio, momentum around AEP and apps continuing to grow at scale. Now when we think about content supply chain and bringing cross-cloud opportunities together that really get at meaningful pain points of customers over time.

是的。謝謝，傑伊。我絕對不想做的是參與 cRPO 的指導。但是，當我退一步思考業務的節奏和流程時，我們在企業方面看到的是，贏得大型轉型交易，以有史以來最大的預訂季度結束這一年，在該產品組合中擁有高端級別、圍繞AEP 和應用程式的勢頭持續大規模增長。現在，當我們考慮內容供應鏈並將跨雲端機會結合在一起時，隨著時間的推移，這些機會真正能解決客戶的痛點。

And then we think about the innovation that we're driving through the Digital Media business, I feel really good about our ability to continue to drive the business going forward, and I'm very encouraged by what I see.

然後我們思考我們透過數位媒體業務推動的創新，我對我們繼續推動業務向前發展的能力感到非常滿意，我對所看到的感到非常鼓舞。

Yes. And then just adding on briefly to the question on tiering. Yes, Jay, it's -- if you think about where we -- what we've done over the last year, there's been a bit of experimentation, obviously, in the core Creative applications. We've done the generative credits model. What we saw with Acrobat was this idea of a separate package and a separate SKU that created a tier that people were able to access the feature through.

是的。然後簡單補充一下有關分層的問題。是的，傑伊，如果你想想我們去年所做的事情，很明顯，在核心創意應用程式中進行了一些實驗。我們已經完成了產生學分模型。我們在 Acrobat 中看到的是一個單獨的軟體包和一個單獨的 SKU 的想法，它創建了一個人們可以透過其存取該功能的層。

And as we learn from all of these, we think, as Shantanu had mentioned earlier, that the right tiering model for us is going to be a combination of feature, access to certain features and usage limits on it. So the higher the tier, the more features you get and the more usage you get of it.

正如我們從所有這些中學到的那樣，我們認為，正如 Shantanu 之前提到的那樣，對我們來說正確的分層模型將是功能、對某些功能的存取及其使用限制的組合。因此，等級越高，您獲得的功能就越多，使用次數就越多。

And since that was the last question, let me again maybe, in quick summary, just talk about first, we had a strong '24. But I think that really sets us up even better for a strong '25, given the innovation that we've had. I think as it relates to all 3 businesses that we have, the Creative Cloud with everything that we've done around AI. We have a lot of momentum going into the business and a really great diverse portfolio in terms of both the customers as well as our offerings. Acrobat continues to perform really well with AI Assistant as we bring it to other languages, get more vertical use cases for that particular solution and extend it beyond a single document.

由於這是最後一個問題，讓我再次簡單總結一下，首先談談我們的 24 週年。但我認為，考慮到我們所擁有的創新，這確實讓我們為強大的 25 年做好了更好的準備。我認為它與我們擁有的所有 3 項業務有關，即創意雲以及我們圍繞人工智慧所做的一切。我們在業務方面有很大的動力，並且在客戶和我們的產品方面都有非常多樣化的產品組合。隨著我們將 AI Assistant 引入其他語言、為該特定解決方案獲得更多垂直用例並將其擴展到單一文件之外，Acrobat 繼續在 AI Assistant 中表現出色。

We continue to think that the Document Cloud has significant opportunity ahead of us. And I think bringing that all together with Digital Experience, Q4 was really an extremely strong quarter as it related to us bringing all these solutions together in GenStudio. I think much like we did with AEP and apps and data and have driven that to a billion-dollar business, I feel just the same amount of excitement with what we can do with content and AI and how we can accelerate the creation of that all the way from ideation to the multiple variations that's required. So we look forward to sharing more with you at the end of our Q1. But in the interim, thank you for joining us, and happy holidays.

我們仍然認為文檔雲面前有巨大的機會。我認為將所有這些與數位體驗結合在一起，第四季度確實是一個非常強勁的季度，因為它與我們將所有這些解決方案整合到 GenStudio 中有關。我認為就像我們在AEP、應用程式和數據方面所做的那樣，並將其推向了價值十億美元的業務，我對我們可以在內容和人工智慧方面所做的事情以及我們如何加速這一切的創造感到同樣興奮從構思到所需的多種變化的方式。因此，我們期待在第一季末與您分享更多資訊。但在此期間，感謝您加入我們，祝節日快樂。

And that does conclude today's conference. We do thank you for your participation today.

今天的會議到此結束。我們非常感謝您今天的參與。