Adobe Inc (ADBE) 2025 Q1 法說會逐字稿

Good day, and welcome to the Q1 FY25 Adobe Earnings Conference Call.

大家好，歡迎參加 2025 財年第一季 Adob​​e 收益電話會議。

Today's conference is being recorded.

今天的會議正在錄製。

At this time, I'd like to turn the conference over to Steve Day, SVP, DX, CFO and Corporate Finance, Interim Head of IR.

現在，我想將會議交給高級副總裁、DX、財務長和公司財務、IR 臨時主管 Steve Day。

Please go ahead, sir.

先生，請繼續。

Good afternoon, and thank you for joining us.

下午好，感謝您加入我們。

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.

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 first quarter fiscal year 2025 financial results.

在正在錄製的本次電話會議中，我們將討論 Adob​​e 2025 財年第一季的財務表現。

You can find our press release as well as PDFs of our prepared remarks and financial results on Adobe's Investor Relations website.

您可以在 Adob​​e 投資者關係網站上找到我們的新聞稿以及我們準備好的評論和財務結果的 PDF 文件。

The information discussed on this call, including our financial targets and product plans, is as of today, March 12, and contains forward-looking statements that involve risks, uncertainty and assumptions.

本次電話會議中討論的信息，包括我們的財務目標和產品計劃，截至今天（3 月 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。

Actual results may differ materially from those set forth in these statements.

實際結果可能與這些聲明中所述的結果有重大差異。

For more information on those risks, please review today's earnings release and Adobe's SEC filings.

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.

在本次電話會議中，我們將討論 GAAP 和非 GAAP 財務指標。

Our reported results include GAAP growth rates as well as constant currency rates.

我們報告的結果包括 GAAP 成長率以及固定匯率。

During this presentation, Adobe's executives will refer to constant currency growth rates unless otherwise stated.

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。

Non-GAAP reconciliations are available in our earnings release and on Adobe's Investor Relations website.

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.

現在我將把電話轉給 Shantanu。

Thanks, Steve.

謝謝，史蒂夫。

Good afternoon, and thank you for joining us.

下午好，感謝您加入我們。

Adobe had a record first quarter.

Adobe 第一季創下了紀錄。

We achieved $5.71 billion in revenue in Q1, representing 11% year-over-year growth.

我們第一季實現了 57.1 億美元的收入，年增 11%。

GAAP earnings per share for the quarter was $4.14, and non-GAAP earnings per share was $5.08, representing 13% year-over-year growth.

本季 GAAP 每股收益為 4.14 美元，非 GAAP 每股收益為 5.08 美元，較去年同期成長 13%。

Our performance reflects the ongoing critical role that Adobe products play in powering the global digital economy.

我們的表現反映了 Adob​​e 產品在推動全球數位經濟方面發揮的持續關鍵作用。

In addition, given Q1 performance, we are pleased to reaffirm our fiscal '25 targets.

此外，考慮到第一季的表現，我們很高興重申我們的 25 財年目標。

Next week is Adobe Summit, our flagship Digital Experience Conference, where we will unveil the latest innovations across our portfolio.

下週是 Adob​​e 高峰會，這是我們的旗艦數位體驗會議，我們將在會上展示我們產品組合的最新創新。

In addition, we will host our annual investor meeting on March 18, and we wanted to preview what we will share about our growth strategy.

此外，我們將於 3 月 18 日舉辦年度投資者大會，我們想預覽我們的成長策略。

Adobe's success over the past decade has been driven by the exponential growth of the creative economy and the customer-focused innovations we've delivered across Creative Cloud, Document Cloud, and Experience Cloud.

Adobe 過去十年的成功得益於創意經濟的快速成長以及我們透過 Creative Cloud、Document Cloud 和 Experience Cloud 提供的以客戶為中心的創新。

Our groundbreaking solutions are empowering an ever-expanding universe of users to imagine, create and deliver standout content that drives exceptional experiences.

我們的突破性解決方案使不斷擴展的使用者群體能夠想像、創造和提供出色的內容，從而帶來非凡的體驗。

Adobe's mission to change the world through personalized digital experiences is more critical than ever as digital continues to rapidly transform work life, education and entertainment.

隨著數位化繼續迅速改變工作生活、教育和娛樂，Adobe 透過個人化的數位體驗改變世界的使命比以往任何時候都更加重要。

AI represents a generational opportunity to reimagine our technology platforms to serve an increasingly large and diverse customer universe.

人工智慧代表著一個世代機遇，讓我們能夠重新構想我們的技術平台，以服務日益龐大和多樣化的客戶群。

With creativity at the core, we have been evolving our offerings and routes to market to anticipate the distinct needs of creative professionals and next-generation creators, marketing professionals, agencies and enterprises and the broader set of consumers and business professionals.

以創造力為核心，我們不斷改進我們的產品和市場途徑，以滿足創意專業人士和下一代創作者、行銷專業人士、機構和企業以及更廣泛的消費者和商業專業人士的不同需求。

We believe this will drive continued growth and profitability.

我們相信這將推動持續成長和獲利。

Creative professionals and creators need power and precision to bring their ideas to life across any media type.

創意專業人士和創作者需要強大而精準的功能，才能透過任何媒體類型將他們的想法變為現實。

The next generation of creators want the flexibility of web and mobile tools in addition to the power of the desktop.

下一代創作者除了希望擁有桌面的強大功能之外，還希望擁有網路和行動工具的靈活性。

They will benefit from the variety of AI models to ideate and explore creative possibilities.

他們將受益於各種人工智慧模型來構思和探索創造的可能性。

Adobe will serve this growing community with the most comprehensive set of web, mobile, and desktop applications delivered through various subscription tiers.

Adobe 將透過各種訂閱層提供最全面的網路、行動和桌面應用程序，為這個不斷成長的社群提供服務。

In addition to Creative Cloud, we will offer new Firefly web app subscriptions that integrate and are an on-ramp for our web and mobile products.

除了 Creative Cloud，我們還將提供新的 Firefly 網路應用程式訂閱服務，它可以整合我們的網路和行動產品，並作為我們的網路和行動產品的入口。

While Adobe's commercially safe Firefly models will be integral to this offering, we will support additional third-party models to be part of this creative process.

雖然 Adob​​e 的商業安全 Firefly 模型將成為該產品不可或缺的一部分，但我們將支援其他第三方模型參與此創作過程。

The Firefly app will be the umbrella destination for new creative categories like ideation.

Firefly 應用程式將成為創意等新創意類別的總括目的地。

We recently introduced and incorporated our new Firefly video model into this offering, adding to the already supported image, vector, and design models.

我們最近將新的 Firefly 視訊模型引入並融入該產品中，增強了對圖像、向量和設計模型的支援。

In addition to monetizing stand-alone subscriptions for Firefly, we will introduce multiple Creative Cloud offerings that include Firefly tiering.

除了將 Firefly 的獨立訂閱貨幣化之外，我們還將推出包含 Firefly 分層的多種 Creative Cloud 產品。

Marketing professionals need to create an unprecedented volume of compelling content and optimize it to deliver personalized digital experiences across channels, including mobile applications, e-mail, social media and advertising platforms.

行銷專業人士需要創建前所未有的大量引人注目的內容並對其進行優化，以透過行動應用程式、電子郵件、社交媒體和廣告平台等管道提供個人化的數位體驗。

They're looking for agility and self-service as well as integrated workflows with their creative teams and agencies.

他們尋求敏捷性和自助服務以及與創意團隊和代理商整合的工作流程。

To achieve this, enterprises require custom, commercially safe models and agents tailored to address the inefficiencies of the content supply chain.

為了實現這一目標，企業需要客製化的、商業安全的模型和代理，以解決內容供應鏈效率低下的問題。

With Adobe GenStudio and Firefly Services, Adobe is transforming how brands and their agency partners collaborate on marketing campaigns, unlocking new levels of creativity, personalization and efficiency.

透過 Adob​​e GenStudio 和 Firefly Services，Adobe 正在改變品牌及其代理商合作夥伴開展行銷活動的協作方式，從而將創造力、個人化和效率提升到新的水平。

The combination of the Adobe Experience Platform and apps and Adobe GenStudio is the most comprehensive marketing platform to deliver on this vision.

Adobe Experience Platform 與應用程式以及 Adob​​e GenStudio 的結合是實現這一願景的最全面的行銷平台。

In addition to our direct sales force, we will leverage an ecosystem of partners and agencies to sell, implement, operate, and deliver business outcomes to companies of all sizes.

除了我們的直銷隊伍外，我們還將利用合作夥伴和代理商的生態系統向各種規模的公司銷售、實施、營運和交付業務成果。

We have accelerated One Adobe deals by increasingly integrating our creative and marketing products into a single enterprise solution.

我們透過將創意和行銷產品不斷整合到單一企業解決方案中，加速了 One Adob​​e 交易。

We will continue to invest in sales capacity to deliver Adobe-wide offerings across business, education, and government.

我們將繼續投資銷售能力，為商業、教育和政府領域提供 Adob​​e 全方位的產品與服務。

Business professionals and consumers want ease of use across web and mobile through a freemium model.

商業專業人士和消費者希望透過免費增值模式在網路和行動裝置上輕鬆使用。

They're looking for quick and easy AI-first category-defining creative applications to help them stand out.

他們正在尋找快速簡便的 AI 優先類別定義創意應用程式來幫助他們脫穎而出。

While the need for creative expression continues to grow exponentially, the real value is in integrating creativity and productivity in an all-in-one solution.

儘管對創造性表達的需求繼續呈指數級增長，但真正的價值在於將創造力和生產力整合到一個一體化解決方案中。

The combination of Express and Acrobat is Adobe's opportunity to make the journey from document creation to consumption smoother than ever.

Express 和 Acrobat 的結合為 Adob​​e 提供了機會，使從文件創建到消費的整個過程比以往更加順暢。

AI Assistant in Acrobat Reader and Express will accelerate the delivery of new conversational and agentic interfaces to add value to this combined offering.

Acrobat Reader 和 Express 中的 AI Assistant 將加速提供新的對話和代理介面，從而為這款組合產品增加價值。

Revenue growth will be driven by distribution across web and mobile app stores, partnerships with major software providers and focus on SMB and enterprise sales.

收入成長將得益於網路和行動應用商店的分銷、與主要軟體供應商的合作以及對中小型企業和企業銷售的關注。

Our generative AI innovation is infused across the breadth of our products, and its impact is influencing billions of ARR across acquisition, retention and value expansion as customers benefit from these new capabilities.

我們的生成式人工智慧創新已融入我們各個產品領域，隨著客戶受益於這些新功能，其影響正在影響客戶獲取、保留和價值擴展方面的數十億 ARR。

This strength is also reflected in our AI-first stand-alone and add-on products such as Acrobat AI Assistant, Firefly App and Services, and GenStudio for Performance Marketing, which have already contributed greater than $125 million book of business exiting Q1 fiscal '25.

這項優點也體現在我們的 AI 優先獨立產品和附加產品中，例如 Acrobat AI Assistant、Firefly App and Services 以及 GenStudio for Performance Marketing，這些產品在 2025 財年第一季結束時已經貢獻了超過 1.25 億美元的業務。

And we expect this AI book of business to double by the end of fiscal '25.

我們預計到 25 財年末，人工智慧業務規模將翻倍。

In summary, by leveraging the breadth of our products and technology platforms in the era of AI and delivering new tailored offerings and solutions by customer groups, we will drive the engine of growth for the next decade.

總而言之，透過利用人工智慧時代的廣泛產品和技術平台，並根據客戶群提供新的客製化產品和解決方案，我們將推動未來十年的成長引擎。

We will win by focusing on business professionals and consumers and creative and marketing professionals with a unified product strategy and go-to-market.

我們將透過專注於商業專業人士和消費者以及創意和行銷專業人士，採用統一的產品策略和行銷策略來贏得勝利。

We will start to provide financial visibility in these two new groups starting this quarter and expand on this at our Investor Day at Summit next week.

從本季開始，我們將開始為這兩個新群體提供財務透明度，並在下週的峰會投資者日上進一步闡述這一點。

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.

謝謝，Shantanu。

Hello, everyone.

大家好。

In Q1, we achieved revenue of $4.23 billion, which grew 12% year-over-year.

第一季度，我們實現營收42.3億美元，年增12%。

We exited the quarter with $17.63 billion of Digital Media ARR, growing our ending ARR book of business 12.6% year-over-year.

本季末，我們的數位媒體 ARR 為 176.3 億美元，期末 ARR 業務帳簿年增 12.6%。

We continue to see healthy performance in both Creative Cloud and Document Cloud.

我們繼續看到 Creative Cloud 和 Document Cloud 的良好表現。

Creative growth was driven by broad-based adoption across our routes to market and product portfolio with particular strength in new offerings like Firefly Services, an increasing number of One Adobe deals and a growing base of web and mobile users.

創意成長是由我們在整個市場通路和產品組合中的廣泛採用所推動的，尤其在 Firefly Services 等新產品、越來越多的 One Adob​​e 交易以及不斷增長的網路和行動用戶群方面表現出色。

Document Cloud continued to see strong organic demand, continued optimizations in free to paid conversion journeys and AI Assistant being released in additional languages.

Document Cloud 持續保持強勁的有機需求，免費到付費的轉換過程不斷優化，並且推出了更多語言版本的 AI Assistant。

We drove strong performance across Digital Media in emerging markets.

我們在新興市場的數位媒體領域表現強勁。

The results represent a good start to the fiscal year.

這個結果顯示本財年有一個好的開始。

Creativity is going mainstream, and I want to provide more color on the audiences we serve.

創造力正在成為主流，我希望為我們服務的觀眾提供更多色彩。

We live in a visual-first world where creative expression has become pervasive in every facet of life.

我們生活在一個視覺至上的世界，創意表達已滲透到生活的各個層面。

Business professionals and consumers alike aim to produce visually rich, engaging content, whether it's a presentation, birthday invitation or social post.

商業人士和消費者都希望製作視覺豐富、引人入勝的內容，無論是簡報、生日邀請函還是社群貼文。

At the same time, creative professionals, creators and marketers are competing on the quality of their online presence and the personalized experiences they deliver to customers.

同時，創意專業人士、創作者和行銷人員正在線上形象的品質和為客戶提供的個人化體驗方面展開競爭。

They turn to Document Cloud, Creative Cloud, and Experience Cloud to achieve their content goals.

他們轉向 Document Cloud、Creative Cloud 和 Experience Cloud 來實現他們的內容目標。

Going forward, as a result of AI advancements, we see incredible opportunity to serve customers with audience-specific offerings.

展望未來，隨著人工智慧的進步，我們看到了透過針對特定受眾的產品為客戶服務的絕佳機會。

Business professionals and consumers are increasingly benefiting from deep integration between Acrobat, Express, and Firefly while creative professionals, creators and marketers are investing in powerful workflows across Creative Cloud, our new web and mobile creative applications, Firefly and GenStudio.

商業專業人士和消費者越來越多地受益於 Acrobat、Express 和 Firefly 之間的深度集成，而創意專業人士、創作者和行銷人員則正在投資於 Creative Cloud、我們的新網路和行動創意應用程式 Firefly 和 GenStudio 之間的強大工作流程。

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

PDF 繼續成為商業專業人士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、網路和桌面上使用 PDF 的方式。

Features like AI Assistant in Acrobat and Reader have been a game changer for everyone from sales teams to students looking for faster insights and smarter document editing.

Acrobat 和 Reader 中的 AI Assistant 等功能已經改變了所有人（從銷售團隊到尋求更快洞察和更智慧文件編輯的學生）的思維模式。

And the ability to share links and click comments has increased document productivity and helped drive additional adoption.

共享連結和點擊評論的功能提高了文件的生產力，並有助於推動更多人採用。

These new capabilities and our cross-surface investments have paid off with Acrobat and Reader monthly active usage growing 23% year-over-year.

這些新功能和我們的跨領域投資已經獲得了回報，Acrobat 和 Reader 的每月活躍使用量比去年同期成長了 23%。

Our success with Acrobat has also shown us that whether for a sales presentation, a school project or a social media post, business professionals and consumers are looking for an easy-to-use solution that helps them create visually compelling content that stands out from the crowd of generic templates.

我們在 Acrobat 方面取得的成功也表明，無論是銷售演示、學校項目還是社交媒體帖子，商業專業人士和消費者都在尋找一種易於使用的解決方案，幫助他們創建具有視覺吸引力的內容，從而從眾多通用模板中脫穎而出。

In fact, a significant number of all documents created in Acrobat are visual documents, things like marketing content, sales pitches, presentations, infographics and cover pages.

事實上，在 Acrobat 中創建的所有文件中，相當一部分都是視覺文檔，例如行銷內容、銷售宣傳、簡報、資訊圖表和封面頁。

We are making good progress in addressing this need by embedding Express capabilities as a native experience in Acrobat with the goal of boosting productivity and making the journey from document consumption to content creation smoother than ever.

我們透過將 Express 功能嵌入 Acrobat 中作為原生體驗，在滿足這一需求方面取得了良好進展，目的是提高生產力並使從文件消費到內容創建的過程比以往更加順暢。

The integration of Adobe Express features in Acrobat allows users to create richer PDFs with AI-generated cover pages, embedded infographics, and customized images and empowers users to create fully formed animated videos and other rich digital output.

Acrobat 中 Adob​​e Express 功能的整合允許用戶使用 AI 生成的封面、嵌入的資訊圖表和自訂圖像創建更豐富的 PDF，並允許用戶創建完全成形的動畫影片和其他豐富的數位輸出。

We see numerous early indicators of user demand as express usage through Acrobat has grown 10x year-over-year.

我們看到了許多早期用戶需求指標，因為透過 Acrobat 的快速使用量年增了 10 倍。

Other highlights for business professionals and consumers include Acrobat AI Assistant support for languages now includes English, French, German, Italian, Portuguese, Spanish, and Japanese.

對於商業專業人士和消費者來說，其他的亮點包括 Acrobat AI Assistant 支援的語言現在包括英語、法語、德語、義大利語、葡萄牙語、西班牙語和日語。

Acrobat AI Assistant support for legal workflows with contract-specific features.

Acrobat AI Assistant 支援具有合約特定功能的法律工作流程。

New AI capabilities in Express like Clickmaker for auto generation of video highlights and Text Rewrite to help produce more effective copy.

Express 中的新 AI 功能，例如 Clickmaker，可自動產生影片精彩片段和文字重寫，以協助製作更有效的副本。

Expanded Acrobat integrations with Microsoft Edge, Google Chrome, Gmail and Google Drive and strong adoption of link sharing for richer collaborative experiences have led to approximately 50% year-over-year growth in Acrobat web monthly active usage.

Acrobat 與 Microsoft Edge、Google Chrome、Gmail 和 Google Drive 的擴展整合以及對連結共享的大力採用以實現更豐富的協作體驗，導致 Acrobat 網路每月活躍使用量同比增長約 50%。

Expanded Express integrations now include Miro, Box, Slack, Webflow and HubSpot.

擴充的 Express 整合現在包括 Miro、Box、Slack、Webflow 和 HubSpot。

The Express ecosystem also expanded to 225 plug-ins, more than doubling in the last year.

Express 生態系統也擴展到 225 個插件，比去年增加了一倍以上。

Strong business and student adoption, Express onboarded nearly 6,000 new businesses in Q1, representing approximately 50% quarter-over-quarter growth.

由於企業和學生的大力支持，Express 在第一季吸收了近 6,000 家新企業，季增約 50%。

Students with access to express premium grew 85% year-over-year.

享受特快優質課程的學生人數年增了 85%。

Key global customer wins include AT&T, Delta Airlines, Disney, Ernst & Young, IBM, J.P. Morgan Chase, Microsoft, Paramount, and Qatar Airlines.

主要的全球客戶包括 AT&T、達美航空、迪士尼、安永、IBM、摩根大通、微軟、派拉蒙和卡達航空。

Creative professionals and the next generation of creators who make their living by designing and producing content are focused on standing out and bringing their unique creative visions to life with pixel-perfect precision.

創意專業人士和透過設計和製作內容謀生的下一代創作者專注於脫穎而出，並以像素完美的精度將他們獨特的創意願景變為​​現實。

As we mark the 35th anniversary of Photoshop, Adobe Creative applications remain the solutions of choice for the world's creative professionals across imaging, design, photography, video, illustration and 3D.

在 Photoshop 誕生 35 週年之際，Adobe Creative 應用程式仍然是全球成像、設計、攝影、影片、插圖和 3D 領域創意專業人士的首選解決方案。

We also see increasing demand from the next generation of creators who are looking for freemium web and mobile applications as they begin their creative journeys.

我們也看到下一代創作者的需求不斷增長，他們在開始創作之旅時正在尋找免費增值網路和行動應用程式。

To better serve these users, we launched a new Photoshop mobile app and an expanded web experience, delivering Photoshop's iconic image editing and design capabilities on the iPhone.

為了更好地服務這些用戶，我們推出了新的 Photoshop 行動應用程式和擴充的網路體驗，在 iPhone 上提供 Photoshop 標誌性的圖像編輯和設計功能。

The mobile app and all new web experience are also included in current Photoshop plans, offering established Photoshop customers a flexible ecosystem to create and edit across surfaces.

目前的 Photoshop 計畫還包含行動應用程式和全新的網路體驗，為現有的 Photoshop 客戶提供了一個靈活的生態系統，可跨介面進行創作和編輯。

The launch garnered over 30 million social engagements in just two weeks.

發布僅兩週就獲得了超過 3000 萬次社交參與。

The release of the Adobe Firefly video model in February, a commercially safe generative AI video model, has been very positively received by brands and creative professionals who have already started using it to create production-ready content.

Adobe Firefly 視訊模型於 2 月發布，它是一種商業上安全的生成式 AI 視訊模型，受到了品牌和創意專業人士的積極評價，他們已經開始使用它來創建可用於生產的內容。

Users can generate video clips from a text prompt or image, use camera angles to control shots, create distinct scenes with 3D sketches, craft atmospheric elements and develop custom motion design elements.

使用者可以根據文字提示或影像產生影片片段，使用攝影機角度控制鏡頭，使用 3D 草圖創建獨特的場景，製作大氣元素並開發自訂運動設計元素。

We're thrilled to see creative professionals and enterprises and agencies, including Dentsu, PepsiCo, and Stag finding success with the video model.

我們很高興看到包括電通、百事可樂和Stag在內的創意專業人士、企業和機構透過視訊模式取得了成功。

Additionally, we recently launched an all-new Firefly application, the most comprehensive destination to generate images, vectors and now videos with unmatched creative control and direct integration with our industry-leading creative apps to seamlessly move from ideation to production.

此外，我們最近推出了一款全新的 Firefly 應用程序，它是生成圖像、向量圖和視頻的最全面的應用程序，具有無與倫比的創意控制能力，並可與我們業界領先的創意應用程序直接集成，從而無縫地從構思轉變為生產。

In addition to generating images, videos and designs from text, the app lets you generate videos from key frames, use 3D designs to precisely direct generations, and translate audio and video into multiple languages.

除了從文字生成圖像、視訊和設計之外，該應用程式還允許您從關鍵幀生成視訊、使用 3D 設計精確指導生成以及將音訊和視訊翻譯成多種語言。

We also launched two new plans as part of this release, Firefly Standard and Firefly Pro and began the rollout of our third plan, Firefly Premium yesterday.

作為此次發布的一部分，我們還推出了兩個新計劃，Firefly Standard 和 Firefly Pro，並在昨天開始推出我們的第三個計劃，Firefly Premium。

User engagement has been strong with over 90% of paid users generating videos.

用戶參與度很高，超過 90% 的付費用戶製作影片。

The launch of Photoshop on web and mobile and the release of the new Firefly application expands our growing family of web and mobile products, which now includes Photoshop for creative imaging, Lightroom for photography, Express for Design and Firefly for ideation and early production.

Photoshop 在網頁和行動裝置上的推出以及新 Firefly 應用程式的發布擴展了我們不斷成長的網路和行動產品家族，現在包括用於創意成像的 Photoshop、用於攝影的 Lightroom、用於設計的 Express 和用於構思和早期製作的 Firefly。

These apps serve as value-added capabilities to our existing paid subscribers and as a frictionless freemium onboarding experience to attract and monetize next-generation creators.

這些應用程式為我們現有的付費用戶提供了增值功能，並提供了無摩擦的免費入職體驗，以吸引下一代創作者並從中獲利。

We're delighted with the early interest in these new offerings.

我們很高興看到大家早期對這些新產品的興趣。

Other creative professional and creator highlights include: continued strong adoption of gen AI in our products with Photoshop gen AI monthly active users at approximately 35% and Lightroom gen AI monthly active users at 30%.

其他創意專業人士和創作者亮點包括：我們的產品繼續大力採用新一代人工智慧，其中 Photoshop 新一代人工智慧月活躍用戶約為 35%，Lightroom 新一代人工智慧月活躍用戶為 30%。

Users have generated over 20 billion assets with Firefly.

用戶透過 Firefly 創造了超過 200 億的資產。

The introduction of new features in Premier Pro beta and After Effects beta are helping editors and motion designers stay ahead of deadlines with AI features like Media Intelligence, which helps users find footage faster using natural language and caption translation for 17 languages, which effortlessly expand video to global audiences.

Premier Pro 測試版和 After Effects 測試版中引入的新功能可協助編輯和動作設計師利用 Media Intelligence 等 AI 功能提前完成任務，Media Intelligence 可協助使用者使用自然語言和 17 種語言的字幕翻譯更快找到素材，從而輕鬆地將影片擴展到全球觀眾。

We're honored to see visionary filmmakers around the world telling the season's most acclaimed stories using Adobe Creative applications, including Academy Award winners, Anora and Dune Part II.

我們很榮幸看到世界各地富有遠見的電影製作人使用 Adob​​e Creative 應用程式講述本季最受好評的故事，其中包括奧斯卡獲獎影片《Anora》和《沙丘 2》。

The launch of Adaptive profiles and distraction removal in Adobe Lightroom and Adobe Camera raw, which reduced tedious and repetitive tasks.

Adobe Lightroom 和 Adob​​e Camera Raw 中推出了自適應設定檔和乾擾消除功能，減少了繁瑣和重複的任務。

Max Japan brought our community together and served as an opportunity for us to launch a number of new innovations, including performance improvements in Adobe Illustrator, which accelerate features like pan and zoom and loading large files up to 10x faster.

Max Japan 將我們的社群聚集在一起，並為我們提供了推出一系列新創新的機會，包括 Adob​​e Illustrator 的效能改進，可將平移和縮放等功能以及大檔案加載速度提高 10 倍。

We had another great quarter in the enterprise with more customers turning to Firefly Services and custom models to scale on-brand content production for marketing use cases, including leading brands such as Deloitte Digital, IBM, IPG Health, Mattel, and Tapestry.

我們在企業領域又度過了一個出色的季度，更多客戶轉向 Firefly 服務和客製化模型來擴展品牌內容製作以滿足行銷用例，其中包括 Deloitte Digital、IBM、IPG Health、Mattel 和 Tapestry 等領先品牌。

Tapestry, for example, has implemented a new and highly productive digital twin workflow using custom models in Firefly.

例如，Tapestry 使用 Firefly 中的自訂模型實現了全新且高效的數位孿生工作流程。

You'll hear more on how the combination of creativity and marketing is powering personalization at scale and enterprises.

您將會了解更多關於創造力和行銷的結合如何推動大規模和企業個人化的信息。

Adobe is incredibly well set up to take advantage of AI across creativity.

Adobe 已做好充分準備，可以在創意領域充分利用 AI。

We're rapidly delivering tailored innovations to serve the full continuum of content creation for business professionals and consumers, creative professionals and creators, and marketing professionals.

我們正在快速提供客製化創新，為商業專業人士和消費者、創意專業人士和創作者以及行銷專業人士提供全方位的內容創作服務。

Our expanding breadth of offerings is reaching a broader universe of customers, and our incredible go-to-market strength and proven data-driven operating model are propelling the growth of both flagship and new offerings.

我們不斷擴大的產品範圍，涵蓋更廣泛的客戶群，我們強大的市場競爭力和成熟的數據驅動營運模式，正在推動旗艦產品和新產品的成長。

We will be unveiling more exciting product capabilities at Adobe Summit and Max London in April.

我們將於 4 月在 Adob​​e Summit 和 Max London 上推出更多令人興奮的產品功能。

I'll now pass it to Anil.

我現在將其傳遞給阿尼爾。

Thanks, David.

謝謝，大衛。

Hello, everyone.

大家好。

Experience Cloud had a strong Q1, achieving revenue of $1.41 billion for the quarter.

Experience Cloud 第一季表現強勁，實現季度營收 14.1 億美元。

Subscription revenue in the quarter was $1.3 billion, representing 11% year-over-year growth.

本季訂閱營收為 13 億美元，年增 11%。

Our leading solutions spanning content, data and customer journeys enable enterprises around the world to deliver personalized experiences at scale, helping customers drive both top line growth and productivity gains.

我們領先的解決方案涵蓋內容、數據和客戶旅程，使世界各地的企業能夠大規模提供個人化體驗，幫助客戶推動營收成長和生產力提升。

In Q1, we delivered typical seasonal bookings and advanced our pipeline as enterprise customers initiated the execution of their critical 2025 priorities.

在第一季度，隨著企業客戶開始執行其關鍵的 2025 年優先事項，我們實現了典型的季節性預訂，並推進了我們的產品線。

Adobe Experience Platform and Apps play a pivotal role in enabling unified customer experiences.

Adobe Experience Platform 和應用程式在實現統一的客戶體驗方面發揮關鍵作用。

With the addition of AEP AI Assistant, we extended the value and impact of Experience platform by empowering more functions across the business with conversational interfaces for data ingestion, insight generation, audience segmentation, and experience delivery.

隨著 AEP AI Assistant 的加入，我們透過為資料擷取、洞察生成、受眾細分和體驗交付提供對話介面，為整個企業提供更多功能，從而擴展了體驗平台的價值和影響力。

We're now building on these advances and expanding AEP to enable intelligent orchestration of customer experiences with AI agents natively built in.

我們現在正在基於這些進步並擴展 AEP，以便透過內建的 AI 代理智慧地協調客戶體驗。

We're empowering customers to make better use of their first-party data and to drive more relevant ad experiences based on direct customer relationships.

我們正在幫助客戶更好地利用他們的第一方數據，並根據直接客戶關係推動更相關的廣告體驗。

Our portfolio spans the entire content supply chain from creation and production, workflow and planning, asset management, delivery and activation through to reporting and insights.

我們的產品組合涵蓋整個內容供應鏈，從創作和製作、工作流程和規劃、資產管理、交付和激活到報告和見解。

Now we're bringing together creativity and marketing with AI to help our customers realize the full potential of personalization at scale.

現在，我們將創造力和行銷與人工智慧結合在一起，幫助我們的客戶充分發揮個人化的潛力。

Up to now, marketing professionals have been constrained by the number of content variations they can create and the number of journeys they can deploy.

到目前為止，行銷專業人員受到他們可以創建的內容變體數量和他們可以部署的旅程數量的限制。

With Adobe GenStudio, brands around the globe have been working with Adobe to bring creative and marketing teams closer together, simplify their creation to activation process, and unlock new levels of creativity, insights and efficiency in marketing campaigns.

透過 Adob​​e GenStudio，全球各地的品牌一直與 Adob​​e 合作，拉近創意和行銷團隊之間的距離，簡化從創作到活化的流程，並在行銷活動中實現全新水平的創造力、洞察力和效率。

Other highlights include: strong demand for Adobe Experience Platform and native applications with Q1 subscription revenue growing nearly 50% year-on-year; of real-time CDP collaboration, delivering a secure environment for advertisers and publishers to jointly discover, activate and measure high-value audiences for more relevant campaigns.

其他亮點包括：Adobe Experience Platform 和原生應用程式需求強勁，第一季訂閱營收年增近 50%；即時 CDP 協作，為廣告主和發布商提供一個安全的環境，共同發現、啟動和衡量高價值受眾，以進行更相關的廣告活動。

Built on AEP, real-time CDP collaboration is purpose built for brands to connect and collaborate on first-party data.

即時 CDP 協作基於 AEP 構建，專為品牌連接和協作第一方數據而構建。

Users can now measure ad effectiveness directly with publishers, including NBC Universal and Warner Bros.

用戶現在可以直接與出版商（包括 NBC 環球和華納兄弟）衡量廣告效果。

Discovery.

發現。

Advertisers and agencies, including Alterra Mountain Company, Group Maker, Major League Baseball and the Coca-Cola Company piloted the solution to deliver personalized and performance ads.

包括 Alterra Mountain Company、Group Maker、美國職棒大聯盟和可口可樂公司在內的廣告商和代理商試用了該解決方案，以投放個人化和高性能廣告。

Launch of the AEM Cloud Service accelerator with Publicis Sapient, which can reduce the labor cost of migration up to 35%.

與 Publicis Sapient 共同推出 AEM 雲端服務加速器，可將遷移的人工成本降低高達 35%。

Industry analyst recognition in major analyst reports, including the Gartner Magic Quadrant for Digital Experience Platforms and Gartner Magic Quadrant for Personalization Engines.

在主要分析師報告中獲得產業分析師的認可，包括 Gartner 數位體驗平台魔力像限和 Gartner 個人化引擎魔力像限。

Strong demand for Firefly Services and custom models as part of the GenStudio solution with over 1,400 custom models since launch.

作為 GenStudio 解決方案的一部分，Firefly 服務和客製化模型的需求強勁，自推出以來已有超過 1,400 個客製化模型。

GenStudio for performance marketing wins at leading brands, including AT&T, Lennar, Lenovo, Lumen, Nebraska Furniture Mart, Red Hat, Thai Airways, and Phoenix.

GenStudio 憑藉出色的績效行銷贏得了許多領先品牌的青睞，其中包括 AT&T、Lennar、聯想、Lumen、內布拉斯加州家具市場、Red Hat、泰國航空和 Phoenix。

Strong partnership momentum with GenStudio for Performance Marketing supporting ad creation and activation for Google, Meta, Microsoft Ads, Snap and several partners, including Accenture, EY, IPG, Merkel, and PwC offering vertical extension apps.

與 GenStudio 的績效行銷合作勢頭強勁，為 Google、Meta、Microsoft Ads、Snap 和多家合作夥伴（包括提供垂直擴展應用的埃森哲、安永、IPG、默克爾和普華永道）的廣告創建和激活提供支援。

Partnership with Dentsu to bring gen AI for playground to production for our joint customers with Adobe GenStudio Dentsu Plus.

與 Dentsu 合作，利用 Adob​​e GenStudio Dentsu Plus 為我們的共同客戶帶來遊樂場的 gen AI 投入生產。

Key global customer wins, including Delta Airlines, Ford, IBM, Microsoft, P&C Financial Services and Tyson Foods.

贏得的主要全球客戶包括達美航空、福特、IBM、微軟、P&C金融服務公司和泰森食品。

These customer wins address the ongoing evolution of the requirements of global brands for an integrated workflow spanning creativity and marketing.

這些客戶的勝利滿足了全球品牌對於涵蓋創意和行銷的一體化工作流程不斷發展的需求。

This success is driven by product integration and innovation across Creative Cloud and Experience Cloud increasingly delivered through Adobe GenStudio.

這一成功得益於 Creative Cloud 和 Experience Cloud 之間的產品整合和創新，這些整合和創新越來越多地透過 Adob​​e GenStudio 實現。

Our One Adobe enterprise go-to-market engine enables customers to deliver personalized and on-brand contented scale.

我們的 One Adob​​e 企業上市引擎使客戶能夠提供個人化和符合品牌要求的產品。

The combination of our integrated enterprise solutions across creativity and marketing is a unique strength for Adobe.

我們將創意與行銷結合，打造出全面企業解決方案，這是 Adob​​e 的獨特優勢。

Next week, we are excited to host Adobe Summit, our flagship Digital Experience Conference in Las Vegas, where we'll be joined by thousands of customers, partners, and developers from around the world.

下週，我們很高興將在拉斯維加斯舉辦我們的旗艦數位體驗會議 Adob​​e Summit，來自世界各地的數千名客戶、合作夥伴和開發人員將參加此次會議。

We will share our vision for how brands can apply the power of generative AI and a genetic technology to achieve personalization at scale, and look forward to highlighting a number of product innovations.

我們將分享我們的願景，即品牌如何應用生成式人工智慧和基因技術的力量來實現大規模個人化，並期待重點介紹一些產品創新。

I'll now pass it to Dan.

我現在將其傳給丹。

Thanks, Anil.

謝謝，阿尼爾。

Adobe's business has grown over the last decade by delivering world-class products grouped within three clouds: Creative Cloud, Document Cloud, and Experience Cloud.

過去十年，Adobe 透過提供分為三大雲端（Creative Cloud、Document Cloud 和 Experience Cloud）的世界級產品，業務不斷發展。

In parallel, we've continued to expand across cloud offerings to better serve different customer groups.

同時，我們繼續擴展雲端產品，以更好地服務不同的客戶群。

Examples include Acrobat, which is reflected in Creative Cloud and Document Cloud; GenStudio, which includes Creative Cloud, Express, Firefly Services, and Experience Cloud.

例如Acrobat，它體現在Creative Cloud和Document Cloud中； GenStudio，包括 Creative Cloud、Express、Firefly Services 和 Experience Cloud。

Enterprises who want to engage with One Adobe in combined creative seats with marketing automation.

希望與 One Adob​​e 合作將創意席位與行銷自動化相結合的企業。

And increasingly, Acrobat and Express.

而且 Acrobat 和 Express 的使用越來越廣泛。

We believe Adobe's success will be driven by innovation in service of both business professionals and consumers and creative and marketing professionals.

我們相信，Adobe 的成功將源自於為商業專業人士和消費者以及創意和行銷專業人士提供的服務的創新。

Reporting insights and the financial performance across these customer groups will provide a clear view of Adobe's execution against our strategy.

報告洞察和這些客戶群的財務表現將讓我們清楚地了解 Adob​​e 對我們的策略的執行情況。

We will, therefore, provide overall Adobe revenue, Digital Media and Digital Experience segment revenue; Digital Experience subscription revenue and Digital Media ending ARR in aggregate rather than by cloud as well as subscription revenue for business professionals and consumers and creative and marketing professionals.

因此，我們將提供 Adob​​e 整體收入、數位媒體和數位體驗部門收入；數位體驗訂閱收入和數位媒體期末 ARR 的總額（而非雲端）以及商業專業人士、消費者和創意和行銷專業人士的訂閱收入。

Subscription revenue provided will primarily include revenue from SaaS, managed services and term offerings.

提供的訂閱收入主要包括來自 SaaS、託管服務和定期產品的收入。

Business professionals and consumers group will consist of all subscription revenue from Document Cloud, Acrobat subscription revenue in Creative Cloud and Adobe Express subscription revenue in Creative Cloud, all of which are a part of Digital Media.

商業專業人士和消費者組將包括來自 Document Cloud 的所有訂閱收入、Creative Cloud 中的 Acrobat 訂閱收入以及 Creative Cloud 中的 Adob​​e Express 訂閱收入，它們均屬於數位媒體的一部分。

Creative and marketing professionals group will consist of all subscription revenue from digital experience as well as all of the remaining subscription revenue from Creative Cloud in Digital Media.

創意和行銷專業人士組將包括來自數位體驗的所有訂閱收入以及來自數位媒體創意雲端的所有剩餘訂閱收入。

In today's call, I'll cover three main areas: our Q1 FY25 results focusing on key growth drivers, financial targets, and our supplemental disclosures.

在今天的電話會議中，我將討論三個主要領域：2025 財年第一季的業績，重點是關鍵成長動力、財務目標和我們的補充揭露。

Now turning to the quarter.

現在轉向本季。

In the first quarter of FY25, Adobe achieved revenue of $5.71 billion, which represents 10% year-over-year growth or 11% in constant currency.

25財年第一季，Adobe實現營收57.1億美元，年增10%，以固定匯率計算成長11%。

GAAP diluted earnings per share in Q1 was $4.14 and non-GAAP diluted earnings per share was $5.08. Q1 business and financial highlights included: Digital Media revenue of $4.23 billion, Digital Media ending ARR of $17.63 billion, growing 12.6% year-over-year.

第一季 GAAP 稀釋每股收益為 4.14 美元，非 GAAP 稀釋每股收益為 5.08 美元。 Q1 業務和財務亮點包括：數位媒體收入 42.3 億美元，數位媒體期末 ARR 為 176.3 億美元，年增 12.6%。

Digital Experience revenue of $1.41 billion, cash flows from operations of $2.48 billion.

數位體驗收入為 14.1 億美元，營運現金流為 24.8 億美元。

And exiting the quarter, remaining performance obligations were $19.69 billion, growing 12% year-over-year and CRPO growing 11%.

本季結束時，剩餘履約義務為 196.9 億美元，年增 12%，CRPO 成長 11%。

In our Digital Media segment, we achieved Q1 revenue of $4.23 billion, which represents 11% year-over-year growth or 12% in constant currency.

在我們的數位媒體部門，我們第一季的營收為 42.3 億美元，年增 11%，以固定匯率計算成長 12%。

We exited the quarter with $17.63 billion of Digital Media ARR, growing our ending ARR book of business 12.6% year-over-year in constant currency.

本季末，我們的數位媒體 ARR 為 176.3 億美元，以固定匯率計算，期末 ARR 業務年增 12.6%。

First quarter Digital Media growth drivers included: strong growth for Acrobat across all routes to market and geographies; Acrobat web and mobile growth driven by freemium funnel and app store optimizations; Growth in Adobe Express, fueled by top of funnel improvements, PLG journeys across Acrobat and Express and B2B customer onboarding.

第一季數位媒體成長的動力包括：Acrobat 在所有市場通路和地區均實現強勁成長； Acrobat 網路和行動成長由免費增值管道和應用商店優化推動； Adobe Express 的成長，得益於漏斗頂部的改進、跨 Acrobat 和 Express 的 PLG 旅程以及 B2B 客戶入職。

Strength in user adoption and engagement of Acrobat AI Assistant driven by expansion of features, including support for additional languages and contract intelligence capabilities.

由於功能的擴展（包括對更多語言和合約智慧功能的支援），Acrobat AI Assistant 的用戶採用率和參與度不斷增強。

Growth of creative flagship offerings driven by all apps, stock, imaging and photography.

所有應用程式、庫存、成像和攝影推動了創意旗艦產品的成長。

Continued momentum in creative web and mobile offerings with 35% year-over-year ending paid subscription growth, and strong momentum in the enterprise, driven by Firefly Services and the continued benefit from the upsell motion of generative AI-enabled offerings.

創意網路和行動產品持續保持良好勢頭，付費訂閱量年增 35%，企業業務發展勢頭強勁，這得益於 Firefly Services 以及生成性 AI 產品追加銷售的持續推動。

Turning to our Digital Experience segment.

轉向我們的數位體驗部分。

In Q1, we achieved revenue of $1.41 billion, which represents 10% year-over-year growth as reported and in constant currency.

第一季度，我們實現了 14.1 億美元的營收，按報告和固定匯率計算，年增 10%。

Digital Experience subscription revenue was $1.30 billion, growing 11% year-over-year as reported and in constant currency.

數位體驗訂閱收入為 13 億美元，以固定匯率計算年增 11%。

First quarter Digital Experience growth drivers included: momentum for product offerings across content, data and journeys; AEP and app subscription revenue growing nearly 50% year-on-year.

第一季數位體驗成長動力包括：內容、數據和旅程的產品供應發展動能； AEP 和應用程式訂閱收入較去年同期成長近 50%。

GenStudio Solutions surpassing $1 billion in ending ARR book of business, early momentum in GenStudio for Performance Marketing and adoption and pipeline and improvements in overall enterprise retention.

GenStudio Solutions 的期末 ARR 業務帳簿超過 10 億美元，GenStudio 在績效行銷、採用和管道方面取得了早期發展勢頭，並且整體企業保留率得到改善。

Turning now to our customer group performance.

現在來談談我們的客戶群表現。

Creative and marketing professionals group subscription revenue was $3.92 billion, which represents 10% year-over-year growth as reported.

創意和行銷專業人士團體訂閱收入為 39.2 億美元，據報導年增 10%。

Business professionals and consumers group subscription revenue was $1.53 billion, which represents 15% year-over-year growth as reported.

據報道，商業專業人士和消費者團體訂閱收入為 15.3 億美元，年增 15%。

Adobe's effective tax rate in Q1 was 17.0% on a GAAP basis and 18.5% on a non-GAAP basis.

Adobe 第一季的有效稅率根據 GAAP 計算為 17.0%，根據非 GAAP 計算為 18.5%。

RPO exiting the quarter was $19.69 billion, growing 12% year-over-year or 13% in constant currency and CRPO growing 11% year-over-year or 12% in constant currency.

本季的 RPO 為 196.9 億美元，年增 12% 或以固定匯率計算成長 13%，而 CRPO 年增 11% 或以固定匯率計算成長 12%。

Our cash flows from operations in the quarter were a Q1 record $2.48 billion, and ending cash and short-term investment position exiting Q1 was $7.44 billion.

我們本季的經營現金流創下了第一季的最高紀錄，達到 24.8 億美元，第一季末的期末現金和短期投資部位為 74.4 億美元。

In Q1, we entered into share repurchase agreements totaling $3.25 billion, and we currently have $14.4 billion remaining of our $25 billion authorization granted in March 2024.

在第一季度，我們簽訂了總額為 32.5 億美元的股票回購協議，而我們在 2024 年 3 月授予的 250 億美元授權中，目前還剩餘 144 億美元。

Let me now turn to our Q2 FY25 financial targets.

現在我來談談我們 25 財年第二季的財務目標。

For Q2 FY25, we're targeting: total Adobe revenue of $5.77 billion to $5.82 billion; Digital Media segment revenue of $4.27 billion to $4.30 billion; Digital Experience segment revenue of $1.43 billion to $1.45 billion; Digital Experience subscription revenue of $1.315 billion to $1.325 billion; GAAP earnings per share of $3.80 to $3.85; and non-GAAP earnings per share of $4.95 to $5.

對於 2025 財年第二季度，我們的目標是：Adobe 總營收達到 57.7 億至 58.2 億美元；數位媒體部門收入為 42.7 億美元至 43 億美元；數位體驗部門收入為 14.3 億美元至 14.5 億美元；數位體驗訂閱收入為 13.15 億美元至 13.25 億美元；每股 GAAP 收益為 3.80 美元至 3.85 美元；非公認會計準則每股收益為 4.95 美元至 5 美元。

For Q2, we expect non-GAAP operating margin of approximately 45% and a non-GAAP tax rate of approximately 18.5%.

對於第二季度，我們預計非 GAAP 營業利潤率約為 45%，非 GAAP 稅率約為 18.5%。

The year is off to a good start and assuming current macroeconomic conditions, I'm pleased to reaffirm our full year guidance for fiscal year 2025.

今年開局良好，鑑於當前的宏觀經濟狀況，我很高興重申我們對 2025 財年的全年指導。

This quarter's strong performance reflects Adobe's long-standing focus on innovation and meeting the growing needs of our broad customer base.

本季的強勁表現反映了 Adob​​e 長期以來對創新的關注以及滿足廣大客戶群日益增長的需求。

As businesses increasingly prioritize digital transformation, we're uniquely positioned to deliver value through our highly differentiated solutions and proven go-to-market execution to unleash the power of creativity.

隨著企業越來越重視數位轉型，我們透過高度差異化的解決方案和經過驗證的市場執行力來釋放創造力，從而實現獨特的價值。

Looking ahead, we're excited about the opportunities to drive growth for our customers as we continue to shape the future in the era of AI.

展望未來，我們將繼續塑造人工智慧時代的未來，並為推動客戶成長的機會感到興奮。

We look forward to seeing you next week at our investor meeting at Summit 2025.

我們期待下週在 2025 峰會的投資者會議上見到您。

Thank you, and we'll now take questions.

謝謝，現在我們開始提問。

Operator?

操作員？

(Operator Instructions) Brent Thill, Jefferies.

（操作員指示） Brent Thill，傑富瑞。

Shantanu, if you took the AI book of business, it would be low single-digit percent of your total revenue for the year.

山塔努，如果你把人工智慧當作業務的話，它將只佔你全年總收入的個位數百分比。

I guess many are asking, when does this become more material?

我想很多人都會問，什麼時候這會變得更實質？

How long does it take?

多久時間？

What is required?

需要什麼？

Maybe just help us walk through the AI journey and how that translates to revenue.

也許只是幫助我們走過人工智慧之旅以及如何將其轉化為收入。

Happy to, Brent.

很高興，布倫特。

If you take a step back and think about it, we've always talked about the AI journey as three parts.

如果你退一步思考一下，我們一直將人工智慧之旅分成三個部分。

The first is ensuring that we innovate.

第一是確保我們創新。

The second is all about tracking usage and ensuring value and monetization.

第二是關於追蹤使用情況並確保價值和貨幣化。

And I would say we're really pleased across all three of those journeys as we've had conversations with you folks as well in the past.

我想說，我們對這三次旅程感到非常高興，因為我們過去也曾與你們交談過。

A significant amount of the AI monetization is also happening in terms of attracting people to our subscription, making sure they are retained and having them drive higher-value price SKUs.

在吸引人們訂閱、確保他們留住並讓他們推動更高價值價格的 SKU 方面，大量的人工智慧貨幣化也在發生。

So when somebody buys Creative Cloud or when somebody buys Document Cloud, in effect, they are actually monetizing AI.

因此，當有人購買 Creative Cloud 或 Document Cloud 時，實際上，他們正在將 AI 貨幣化。

But in addition to that, Brent, what we wanted to do was give you a flavor for the new stand-alone products that we have when we've talked about introducing Acrobat AI Assistant and rolling that out in different languages, Firefly, and making sure that we have a new subscription model associated with that on the web, Firefly Services for the enterprise and GenStudio.

但除此之外，布倫特，我們希望讓您了解我們在推出 Acrobat AI Assistant 並以不同語言推出 Firefly 時擁有的新獨立產品，並確保我們在網路上擁有與之相關的新訂閱模式、企業 Firefly 服務和 GenStudio。

So the $125 million book of business that we talked about exiting Q1 only relates to that new book of business.

因此，我們談到的退出第一季的 1.25 億美元業務僅與新業務有關。

And that's, again, stuff that we said we would double.

這是我們再次說過要加倍增加的內容。

But I think in terms of the impact also on the overall business, that has had a material part.

但我認為，就對整體業務的影響而言，這也產生了重大影響。

But if you play this out a little bit more and you talk about what investors can expect, I think with the new Firefly app that's come out, this is a web product with a new subscription, ability to have the video model, ability to have ideation as part of it.

但如果你進一步闡述一下，並談談投資者可以期待什麼，我認為，隨著新 Firefly 應用程式的推出，這是一款具有新訂閱功能的網路產品，能夠擁有視訊模型，能夠將創意作為其中的一部分。

Think of it as then integrating Photoshop web, Express web and all of the other products, all of that is also upside.

將其視為整合 Photoshop web、Express web 和所有其他產品，所有這些都有好處。

And we really -- you'll see a lot more innovation in that area and you'll see a lot more monetization in that area.

我們確實——你會看到該領域有更多的創新，你會看到該領域有更多的貨幣化。

And again, the last thing I'll probably say, Brent, is that the whole idea was to start to tee it up, and then again at the FA meeting, to continue to expand on how that is.

布倫特，我最後要說的是，整個想法是先開始實施，然後在足協會議上繼續討論如何實施。

But net-net, I would say, whether it's innovation, having our own models, integrating it across all of our products, brand new revenue streams like GenStudio in the enterprise and then usage and monetization, I feel really good about it.

但我想說，總的來說，無論是創新、擁有我們自己的模型、將其整合到我們所有的產品中、企業中的 GenStudio 等全新收入來源，還是使用和貨幣化，我對此都感到非常滿意。

Brent Bracelin, Piper Sandler.

布倫特·布雷斯林，派珀·桑德勒。

I wanted to double-click into the demand linearity you saw in the quarter.

我想雙擊您在本季看到的需求線性。

I appreciate the commentary reaffirming 11% Digital Media ARR growth guide for the full year.

我很欣賞重申全年 11% 數位媒體 ARR 成長指南的評論。

But could you provide more color on trends you saw in the quarter across Creative and Document Cloud here?

但是，您能否詳細介紹本季在 Creative 和 Document Cloud 中看到的趨勢？

Yes, happy to do that.

是的，很高興這麼做。

So again, just Digital Media ARR was a 12.6% growth, which is in line with our expectation and also the mix was in line with our expectations.

因此，僅數位媒體 ARR 就成長了 12.6％，這符合我們的預期，組合也符合我們的預期。

If you take a step back and you look at the demand and sort of the way the business played out this quarter, it's consistent with what we've seen historically, and it's also -- we've seen sort of a broad-based demand for the products with a few highlights that I think are worth calling out.

如果退一步來看看本季的需求和業務表現，它與我們過去看到的情況一致，而且我們也看到對這些產品的廣泛需求，其中有幾個亮點我認為值得一提。

First of all, as it comes to business professionals and consumers, this is obviously a huge market with billions of users that we're going after.

首先，對於商業人士和消費者而言，這顯然是一個擁有數十億用戶的龐大市場，也是我們追求的目標。

And our strategy here is to really make sure that productivity that we deliver a solution that -- for productivity from consumption all the way to creation and that's really what we're doing with Acrobat and Express.

我們的策略是真正確保生產力，我們提供的解決方案可以提高從消費到創作的生產力，而這正是我們使用 Acrobat 和 Express 所做的事情。

We saw a lot of momentum in these businesses.

我們看到這些業務發展勢頭強勁。

We talked about how Acrobat is up 23% year-over-year in terms of monthly active users.

我們討論了 Acrobat 的每月活躍用戶數量如何年增 23%。

We're seeing stronger conversion on those users, and that's been helping drive the business.

我們看到這些用戶的轉換率越來越高，這有助於推動業務發展。

AI Assistant, obviously, we introduced that last year, continues to do very well and it's certainly helping with that strategy of faster consumption and conversational experiences.

顯然，我們去年推出的人工智慧助理 (AI Assistant) 繼續表現良好，它無疑有助於實現更快消費和對話體驗的策略。

We saw 2x quarter-over-quarter usage growth in AI Assistant.

我們發現 AI Assistant 的使用量比上一季成長了 2 倍。

And of course, in that context, Express has been a great product.

當然，從這個角度來看，Express 是一款很棒的產品。

The product right now is just -- it's an amazing product to use.

現在的產品只是——它是一款令人驚嘆的產品。

And so that also, we've been investing in very significantly.

因此，我們也一直進行大量投資。

From a marketing standpoint but also from a partnership standpoint, we've doubled the partner ecosystem in the last year.

從行銷角度和合作夥伴的角度來看，去年我們的合作夥伴生態系統擴大了一倍。

It now includes new names like Mero and Box and Webflow and HubSpot.

現在它包括 Mero、Box、Webflow 和 HubSpot 等新名稱。

We have 85% more access -- 85% year-over-year growth in students with access to it.

我們的教育機會增加了 85%——與前一年相比，受教育的學生人數增加了 85%。

We've been ramping up our student and campus ambassador programs.

我們一直在加強學生和校園大使計畫。

We added 6,000 new small, medium businesses to the Express product as well.

我們還在 Express 產品中增加了 6,000 家新的中小型企業。

And even within Acrobat, where we've been doing more -- we're seeing much more demand.

即使在 Acrobat 中，我們也做了更多工作——我們看到了更多的需求。

We saw a 10x year-over-year engagement of Express capabilities from Acrobat users.

我們發現 Acrobat 用戶對 Express 功能的使用率年增了 10 倍。

So feeling really good about that audience group.

所以我對這個觀眾群感覺非常好。

On the Creative pro and creator side, Shantanu mentioned this already, but the introduction of the Firefly video model being used by Pepsi and Dentsu and PepsiCo and Stagwell, Firefly new offerings from Standard to Pro.

在 Creative Pro 和 Creator 方面，Shantanu 已經提到了這一點，但百事可樂和電通以及百事可樂和 Stagwell 正在使用的 Firefly 視訊模型的推出，Firefly 的新產品從 Standard 變成了 Pro。

And just yesterday, we introduced Premium, which is a much larger set of generative credits and all of those represent new monetization models.

就在昨天，我們推出了 Premium，這是一套更大的生成信用，所有這些都代表著新的貨幣化模式。

We introduced Photoshop mobile and web.

我們推出了 Photoshop 行動版和網路版。

We saw hundreds of articles, 30 million social engagements.

我們看到了數百篇文章和 3000 萬次社交互動。

We were just listed as the focused app on the App Store over the weekend.

上週末，我們剛剛被列為 App Store 的重點應用程式。

We saw some great new advances for AI coming into Lightroom web and mobile.

我們看到 AI 在 Lightroom 網路版和行動版中取得了一些重大新進展。

Premier also saw some great advances in terms of AI.

Premier 也看到了人工智慧的一些重大進步。

So lots of momentum in that business.

因此該項業務發展勢頭強勁。

And what's really exciting is that as we've done all of this innovation, as Shantanu was talking about, we also have three big milestones coming up with Summit next week then NAB shortly after that, then Max shortly after that.

真正令人興奮的是，正如 Shantanu 所說，當我們完成所有這些創新時，我們還將迎來三個重大里程碑，即下週的 Summit，隨後是 NAB，然後是 Max。

And this is starting to show up.

而這一點已開始顯現。

Obviously, we've talked about generation as we crossed 20 billion generations.

顯然，我們已經討論了代際問題，因為我們已經跨越了 200 億代。

We're doing more than 1 billion generations now a month and 90% of people using Firefly the app also saw -- are generating video as well as part of that.

現在我們每月進行超過 10 億次生成，並且 90% 使用 Firefly 應用程式的人也看到了 - 正在生成影片以及其中的一部分。

But we also saw a strong growth in the enterprise.

但我們也看到企業的強勁成長。

I don't know, Anil, if you want to add something?

我不知道，阿尼爾，你是否想補充一點？

Yes, exactly.

是的，確實如此。

To just echo what you were saying, I think in the enterprise, we see a lot of demand for creativity and marketing and AI coming together.

為了回應您所說的，我認為在企業中，我們看到對創造力、行銷和人工智慧相結合的大量需求。

Every CMO that we talk to, every agency that we work with, they're all very interested in how generative AI can be used to transform how the content supply chain works.

我們交談過的每一位 CMO、我們合作過的每一家機構都非常感興趣如何利用生成式人工智慧來改變內容供應鏈的工作方式。

And with the GenStudio offering, which combines the creativity and the marketing and the AI, we've seen tremendous traction and we saw a number of both customer wins as well as a number of agency partners, and we look forward to unveiling a lot more of this at Summit.

GenStudio 的產品將創造力、行銷和人工智慧融為一體，我們看到了巨大的吸引力，贏得了許多客戶和代理商合作夥伴的支持，我們期待在峰會上揭曉更多這樣的產品。

So off to a great start, I think, with innovation, new offerings and you can expect to see new offerings and peers in the months ahead.

我認為，這是一個好的開端，有創新、有新產品，您可以期待在未來幾個月看到新產品和同行。

Helpful.

很有幫助。

Look forward to talking to you next week.

期待下週與您交談。

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

And thank you for the additional disclosure.

並感謝您的補充披露。

I think it's a really interesting view kind of breaking down the creative and marketing professionals versus the business professionals and consumer group.

我認為這是一種非常有趣的觀點，將創意和行銷專業人士與商業專業人士和消費者群體區分開來。

And kind of following on that last question, correct me if I'm wrong, but it feels kind of bullish to me that the business professionals and consumer group has a stronger growth rate, creative at 15% creative and marketing professionals, a little behind because it feels like business professionals and consumer group, those products would be faster sales cycle, particularly on the consumer side of the equation, faster adoption.

接下來是最後一個問題，如果我錯了請糾正我，但對我來說，商業專業人士和消費者群體擁有更強勁的增長率，創意增長率為 15%，創意和營銷專業人士略微落後，因為感覺商業專業人士和消費者群體的產品銷售週期會更快，特別是在消費者方面，採用速度會更快。

The creative and marketing professionals, this broader solution that you're trying to sell would have a longer sales cycle.

創意和行銷專業人士，您嘗試銷售的這種更廣泛的解決方案將具有更長的銷售週期。

So the question is, am I thinking about that right?

那麼問題是，我這樣想對嗎？

And are you seeing any indications that, that creative and marketing professional group, whether it's in your pipeline or sort of the activity you're seeing, could that catch up with what we're seeing from the business professionals and consumer group?

您是否看到任何跡象表明，創意和行銷專業群體（無論是在您的管道中還是您看到的活動中）可以趕上我們從商業專業人士和消費者群體中看到的情況？

Well, Keith, I mean, part of our goal was really to start to provide insight into by the customer groups, how we're starting to see it.

嗯，基思，我的意思是，我們的目標之一實際上是開始透過客戶群提供對我們如何看待它的見解。

And to some degree, when people are wondering how we are actually driving creative, and the reality is that when you think about the GenStudio set of products, which we now said is a $1 billion book of business, AEP and Apps is also a $1 billion book of business and the creative professional, that's actually addressing the entire content supply chain.

在某種程度上，當人們想知道我們實際上是如何推動創意的時候，現實情況是，當你想到 GenStudio 產品系列時，我們現在說它是一本價值 10 億美元的商業書籍，AEP 和 Apps 也是一本價值 10 億美元的商業書籍，對於創意專業人士來說，這實際上解決了整個內容供應鏈。

And so in terms of that growth rate, as we add new subscriptions like the Firefly app subscription, add more video, add more functionality in what we are doing with GenStudio, that growth rate as well, it's a very large untapped opportunity and people have been asking us questions about the strength of the creative market as well as the strength of that market within the enterprise.

因此就成長率而言，隨著我們添加新的訂閱（例如 Firefly 應用程式訂閱）、添加更多影片、在 GenStudio 中添加更多功能，該成長率也是一個非常大的未開發機會，人們一直在向我們詢問創意市場實力以及企業內部市場實力的問題。

And we think that's a large TAM, we'll share more.

我們認為這是一個很大的潛在市場，我們將分享更多資訊。

So I think you're thinking of it right, which is to say the $5 billion book of business that we built for digital marketing, that's really helping the content and the creative economy.

所以我認為你想的是對的，也就是說，我們為數位行銷建立的 50 億美元商業帳簿確實對內容和創意經濟有所幫助。

And so that was the idea behind giving you a window into that.

這就是為您提供一個視窗的想法。

And the metrics associated with that are subscription and different kinds of offerings.

與此相關的指標是訂閱和不同類型的產品。

On the other side of the equation as well, to your point, what we wanted to do is reflect the fact that the investments that we made in both Acrobat and Express continuing to ensure distribution when we think about the monthly average users.

另一方面，正如您所說，當我們考慮每月平均用戶時，我們想要做的是反映出我們在 Acrobat 和 Express 上所做的投資繼續確保分銷的事實。

If you take it in aggregate, I mean, Adobe has hundreds of millions of people who are using monthly -- are using our products.

如果從整體來看，Adobe 每月有數億人在使用我們的產品。

And that will be really the early metrics and the indicators of how Express and Acrobat continue to grow.

這實際上是 Express 和 Acrobat 如何繼續發展的早期指標和指標。

So I'm glad that you found the additional disclosure beneficial.

因此我很高興您發現額外的披露是有益的。

And that was the idea.

這就是我們的想法。

And to Brent's earlier question as well, I just wanted to clarify.

對於布倫特之前提出的問題，我也想澄清一下。

I mean, we are not taking all of the revenue that we see in Digital Media and Digital Experience and calling that AI revenue.

我的意思是，我們不會把數位媒體和數位體驗中看到的所有收入都稱為人工智慧收入。

But relative to what I've seen from any other company in our particular space, we've actually been pleased by how much of it, whether it's additional tiers of AI in the Digital Experience, so what we are seeing across Acrobat as well as the creative professional space, there's been good adoption of AI in that.

但相對於我們所在領域的其他公司，我們實際上對其中的大部分感到滿意，無論是數位體驗中的額外 AI 層級，還是我們在 Acrobat 以及創意專業領域所看到的，都表明 AI 得到了良好的應用。

And so that was the other intent, to start to show that so that we can talk about it more at the FA meeting.

這就是另一個意圖，開始展示這一點，以便我們可以在足協會議上進一步討論它。

Outstanding.

傑出的。

Can I sneak one last one in for Mr. Durn?

我可以偷偷地為杜恩先生說最後一句嗎？

It's great to see you guys take advantage of the pullback in the stock price by accelerating the share repurchase which picked up this quarter.

很高興看到你們利用股價回落的機會，加快了本季的股票回購。

Could these -- could this pace of share repurchases, can you guys sustain this throughout the year or is that more of a onetime pickup?

你們的股票回購速度能否維持全年，還是只是一次性的？

Yes.

是的。

So if I take a step back, Keith, and you think about the last four quarters, we've repurchased almost $11 billion.

所以，基思，如果我退一步想一想過去四個季度，我們已經回購了近 110 億美元。

And we've always talked about if there's opportunities to be opportunistic along the way, we would take advantage of it.

我們一直在談論，如果一路上有機會，我們就會抓住它。

And I think that's what you saw play out in Q1.

我認為這就是您在第一季看到的情況。

We've got a strong point of view about the financial profile throughout the course of the year.

我們對全年的財務狀況有著明確的看法。

Happy to reaffirm guidance, but we're going to drive that with strong operating margins, strong cash flow delivery and be strong capital allocators throughout the year.

很高興重申指導意見，但我們將透過強勁的營業利潤率、強勁的現金流交付和全年強大的資本配置來推動這一目標。

So we feel good about where we sit.

所以我們對自己所處的位置感到滿意。

And if there's opportunities to be opportunistic, we will.

如果有機會，我們就會抓住機會。

Keith, it's definitely a vote of confidence that we feel in what we are seeing as the opportunities ahead of us.

基思，這絕對顯示我們對眼前的機會充滿信心。

Yes.

是的。

It's great to see you guys putting your money where your mouth is by accelerating that share repurchase.

很高興看到你們透過加速股票回購來兌現自己的承諾。

It definitely helps.

這確實有幫助。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根 (Kash Rangan)。

Much appreciate the disclosure and the color and everything that goes with it.

非常欣賞它的公開程度、色彩以及與之相關的一切。

Shantanu, question for you.

Shantanu，我問你一個問題。

When you pivoted the company to a new business model through cloud, initially, there was a lot of skepticism.

當你透過雲端運算將公司轉向新的業務模式時，最初會出現很多懷疑。

Then you proved to us that the TAM was actually larger in the new creative meets the cloud cycle.

然後你向我們證明了在新的創意與雲端週期相遇時，TAM 實際上更大。

And the company was able to accelerate through the transition and put up even better margins and by expanding the TAM necessarily.

並且公司能夠透過轉型加速發展，並獲得更好的利潤率，並透過必要地擴大 TAM。

So as you look at AI right now, right now, one bearish argument that one could make, which I don't subscribe to, is that you're playing defense and that AI is a cost of staying in business and keeping us relevant to your creative base.

因此，當你現在看看人工智慧時，有人可能會提出一個看跌的觀點，但我不同意這種觀點，那就是你正在採取防禦措施，而人工智慧是維持業務和讓我們與你的創意基礎保持相關性的成本。

But how do you look, since you've been through this one big shift before, you've got a lot of experience, where is your conviction on how truly incremental AI can be for your growth?

但是您怎麼看，既然您以前經歷過這一重大轉變，您已經積累了很多經驗，您對人工智慧能夠真正促進貴公司發展有何信心？

Could you be at a similar junction where you're poised to get into the next cycle is actually bigger TAM, not to put words in your mouth, but even maybe dare I say the potential to accelerate off of the good growth that we've seen so far?

您是否正處於類似的節點，準備好進入下一個週期，實際上是更大的 TAM，不是強加於您的話，但我什至敢說，我們有潛力從迄今為止我們看到的良好增長中加速？

Well, Kash, what I appreciate about the question is, this is what we wanted to really tee up in front of the FA meeting.

好吧，卡什，我很理解這個問題，因為這正是我們想在足總會議前真正解決的問題。

But without a doubt, as David described, the opportunity for the business professional and consumers, I think you'll start to see and we'll share more at the FA meeting that there are billions of people that we can bring into the fold for creativity and productivity and talk more about how we're, with the distribution that we have and with the monthly average users that we have, monetize that much like we've monetized Acrobat.

但毫無疑問，正如大衛所描述的，對於商業專業人士和消費者來說，這是一個機遇，我想你會開始看到，我們也會在 FA 會議上分享更多信息，我們可以將數十億人帶入我們的創造力和生產力，並更多地談論我們如何利用我們擁有的分銷渠道和每月平均用戶量，就像我們將 Acrobat 貨幣化，將其貨幣化。

And we definitely believe that it's a massive, massive opportunity.

我們確實相信這是一個巨大的機會。

I think it's the same thing across creators.

我認為對於不同的創作者來說都是一樣的。

There are more creators that are entering.

還有更多的創作者正在加入。

And again, I'll preview a little bit of what David will share, which is when you think about the web and mobile offerings that we're providing to attract more people to our platform as creative professionals and next-generation creators, the number of people who want to enter that profession is significantly larger than it's ever been.

再次，我將預覽大衛將要分享的內容，那就是當你想到我們提供的網路和行動產品，以吸引更多的人作為創意專業人士和下一代創造者來到我們的平台時，想要進入這個職業的人的數量比以往任何時候都多。

And so with products like Photoshop on web and mobile as well as Firefly app, that's clearly the intent to show how that as a subscription service and attracting the next generation creators will be a tailwind.

因此，透過網路和行動裝置上的 Photoshop 以及 Firefly 應用程式等產品，顯然是為了展示它作為訂閱服務如何吸引下一代創作者，這將是一大助力。

And then when you put this together in the enterprise, I mean, hopefully, what you also see as part of the additional disclosures is that the enterprise has continued to be a material part of our business and material part of our growth because they are, in order to do personalization at scale, as Anil is talking about, there's going to be more content that's produced.

然後，當你把這些放在企業中時，我的意思是，希望你也能從額外披露中看到，企業一直是我們業務的重要組成部分，也是我們增長的重要組成部分，因為為了實現大規模個性化，正如阿尼爾所說的那樣，他們將製作更多的內容。

There's going to be more content that's actually inserted into ad systems and social media.

實際上，將會有更多的內容插入廣告系統和社群媒體。

And so again, I think setting the stage for how that's a larger opportunity.

因此，我認為這為更大的機會奠定了基礎。

But if you look at it from not just the length of we were marketing but look at the lens of, hey, that's a content business for us in the enterprise.

但如果你不只從我們行銷的長度來看，而是從這樣一個角度來看，這對我們企業來說是一項內容業務。

We will again outline how that is only going to be a growing opportunity.

我們將再次概述這將如何成為一個不斷增長的機會。

So no question in my mind, all three of these are actually going to accelerate in terms of the TAM and then we have to innovate and execute against that.

因此，我心中毫無疑問，這三個方面實際上都會在 TAM 方面加速發展，然後我們必須針對這一點進行創新和執行。

So I am more excited about the larger opportunity without a doubt as a result of AI.

因此，毫無疑問，我對人工智慧帶來的更大機會感到更加興奮。

And we've talked about this, Kash.

我們已經討論過這個問題了，卡什。

If you don't take advantage of AI, it's a disruption.

如果不利用人工智慧，就會造成混亂。

In our particular case, the intent is clearly to show how it's a tailwind.

在我們的特定案例中，目的顯然是展示它是如何成為順風的。

Excellent.

出色的。

And one follow-up and very quick, promise if I can.

還有一次後續行動，非常快，我保證如果可以的話。

With the turbulence in the markets with trade wars, et cetera, tariffs, et cetera, how do you feel your customer base is going to behave?

隨著貿易戰、關稅等市場動盪，您認為您的客戶群會如何表現？

Is everything going to be on track from what you can tell by talking to your customers?

從與客戶的交談中您可以了解到一切是否都在按計劃進行？

Or are they kind of perplexed by what's going on and pausing?

或者他們對正在發生的事情感到困惑並暫停了？

Well, I mean, I think we just sort of said, assuming current macroeconomic conditions, I mean, we have a diverse business.

嗯，我的意思是，我認為我們剛才說過，假設當前的宏觀經濟條件，我們的業務是多元化的。

We're off to a good start in the conversations that we are having.

我們的對話已經有了一個好的開始。

And all of us have conversations with all of our other peers.

我們所有人都會與其他同齡人交談。

And I think we have a seasoned management team that will navigate it.

我認為我們擁有一支經驗豐富的管理團隊來引導我們完成這項任務。

But customers, I think we're all jointly trying to understand what happens in the economy.

但是作為顧客，我認為我們都在共同努力了解經濟中正在發生的事情。

But I'm -- the tariffs, et cetera, don't really impact Adobe the way they impact other businesses.

但我認為關稅等對 Adob​​e 的影響並不像對其他企業那麼大。

And so we are optimistic.

因此我們很樂觀。

Mark Moerdler, Bernstein Research.

伯恩斯坦研究公司 (Bernstein Research) 的馬克‧莫德勒 (Mark Moerdler) 。

Dan, can you give us more color on why you're changing the categorization of revenue, removing the historical Document Cloud and Creative Cloud?

丹，能否詳細說明為什麼要改變收入分類，刪除歷史上的 Document Cloud 和 Creative Cloud？

Is this driven by the One Adobe sales motion?

這是由 One Adob​​e 銷售計劃推動的嗎？

Is Express now sold predominantly with Document Cloud?

Express 現在主要與 Document Cloud 一起銷售嗎？

How should we think about the drivers?

我們該如何思考驅動因素？

Yes, so thanks for the question, Mark.

是的，謝謝你的提問，馬克。

As we laid it out, we talked about increasingly driving cross-cloud offerings.

正如我們所闡述的，我們討論了越來越多地推動跨雲產品。

We're already doing it today.

我們今天已經在這麼做了。

We're going to be doing more of it going forward.

我們今後將會做更多這樣的事。

And as you look at individuals increasingly buying offerings, as you look at enterprises increasingly buying solutions and bringing different parts of our portfolio together to meet their highest value needs around these two groupings of the customers, it really is meant to just draw a highlight to our strategy and how we're executing against that strategy.

當你看到個人越來越多地購買產品，當你看到企業越來越多地購買解決方案，並將我們產品組合的不同部分整合在一起以滿足這兩類客戶的最高價值需求時，這實際上只是為了突出我們的策略以及我們如何執行該策略。

On a go-forward basis, our success is going to be driven by the way we innovate into the intersection of productivity and creativity, into the intersection of creativity and marketing.

從未來的角度來看，我們的成功將取決於我們在生產力和創造力、創造力和行銷的交匯處進行創新的方式。

And those intersections are highlighted by these two groupings of customers.

這兩組客戶凸顯了這些交集。

And so the intent around this is to really bring to life how we're driving our strategy, how we're executing against it provides the best insight in how the company is performing on a go-forward basis.

因此，這樣做的目的是真正體現我們如何推動我們的策略，我們如何執行策略，從而為公司未來的表現提供最好的洞察。

And Mark, at least two specific things that we've heard as feedback from all of you folks are, you understand that there's an Acrobat within the Creative Cloud and Document Cloud.

馬克，我們從大家的回饋中聽到至少兩件具體的事情，那就是，Creative Cloud 和 Document Cloud 中有一個 Acrobat。

This pulls out the business in order to show the momentum and the opportunity in that business.

這會拉出業務以展示該業務的發展勢頭和機會。

And to your question about One Adobe, yes, I mean, the GenStudio solution is, without a doubt, taking seats of products like Photoshop or the Creative Cloud, is adding Express in it for every marketer in there.

關於您關於 One Adob​​e 的問題，是的，我的意思是，GenStudio 解決方案毫無疑問會取代 Photoshop 或 Creative Cloud 等產品，並為其中的每個行銷人員添加 Express。

We have Firefly Services and custom models.

我們有 Firefly 服務和客製化模型。

And so the more we sell that as one enterprise offering and we want to accelerate the sale of that as a strategic partnership, that's now also all reflected in one of those revenue slices.

因此，我們越多地將其作為一種企業產品來銷售，我們就越希望將其作為戰略合作夥伴關係來加速銷售，現在這也都反映在了其中一部分收入中。

So we believe that the additional disclosure will also give us -- give you more visibility into routes to market.

因此，我們相信，額外的揭露也將使我們—讓您更清楚地了解市場途徑。

That makes a lot of sense.

這很有道理。

And one quick other one.

還有一個很快的。

Should we expect the disclosure on the AI ARR something that we'll be getting quarterly or periodically updated?

我們是否應該期待每季或定期更新 AI ARR 的揭露內容？

Periodically.

定期。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯祖金 (Alex Zukin)

I will join the chorus of those commenting positively on some of the new numbers, particularly the AI book of business.

我將與其他人一起對一些新數據、特別是人工智慧商業數據發表積極評論。

And that's where I wanted to ask the question.

這就是我想問的問題。

Basically, look, you're going to give us a number, we're going to ask for more.

基本上，你看，你給我們一個數字，我們就會要求更多。

So in that spirit, if you look at the $125 million and you think about the segmentation between Assistant, Firefly, GenStudio, is there any triangulation around maybe how much -- what the percentages of for the breakout of those and maybe stack rank the growth rates that are going to get you to double that by the end of the year?

因此本著這種精神，如果您看一下 1.25 億美元，並考慮 Assistant、Firefly 和 GenStudio 之間的細分，那麼是否存在三角測量，也許可以計算出這些產品的百分比是多少，也許可以對增長率進行排序，以便到今年年底使這一數字翻一番？

And then kind of similarly, if you think about if that $125 million is impacting or where the tailwinds are more towards the creative and marketing professional or the business professionals?

然後類似地，如果您想想這 1.25 億美元是否會產生影響，或者順風對創意和行銷專業人士還是商業專業人士更有影響？

Yes.

是的。

Great question, Alex.

很好的問題，亞歷克斯。

So first of all, if you look at the mix of these things, AI Assistant has been around for about three quarters or four quarters now.

首先，如果你看一下這些東西的組合，AI Assistant 已經存在了大約三個季度或四個季度了。

Firefly Service has been around for about four quarters as well.

Firefly Service 也已經存在了大約四個季度。

GenStudio was introduced late in Q4 of last year.

GenStudio 於去年第四季末推出。

So that gives you a little bit of a sense that the composition is going to sort of like be based on the tenure of these products in the market.

因此，這讓您有點感覺到，其組成將會基於這些產品在市場上的使用期限。

But if we take a step back and you look at the growth trajectory, again, we're talking $195 million -- sorry, $125 million doubling in the next nine months.

但如果我們退一步來看看成長軌跡，我們談論的是 1.95 億美元——抱歉，是 1.25 億美元，在未來 9 個月內翻一番。

It gives you a sense of the scale of these businesses and really the momentum that's in the business.

它讓您真正了解這些業務的規模以及業務的發展勢頭。

And when you look at it, the core innovation that Shantanu talked about led to a lot of utilization.

如果你看一下，你會發現 Shantanu 談到的核心創新帶來了大量的利用。

And now we're starting to get to a point where we can monetize it.

現在我們開始達到可以將其貨幣化的程度。

For Firefly, we have imaging, vector, design, video, voice, video and voice coming out just a couple of weeks ago, off to a good start.

對於 Firefly，我們幾週前剛剛推出了成像、向量、設計、視訊、語音、視訊和語音，這是一個很好的開始。

I know there have been some questions about how important is commercially safety of the models.

我知道有人質疑模型的商業安全有多重要。

They're very important.

它們非常重要。

A lot of enterprises are turning to them for the quality, the breadth but also the commercial safety, the creative control that we give them around being able to really match structure, style, set key frames for precise video generation, 3D to image, image to video.

許多企業都向它們尋求品質、廣度以及商業安全性，我們賦予它們創造性控制權，使其能夠真正匹配結構、風格，設置關鍵幀以精確生成視頻，將 3D 轉換為圖像，將圖像轉換為視頻。

The inclusion also, on a road map, and we'll share more about this next week of third-party models really establishes us as the one-stop shop for anything you need to do with creativity.

我們還將把路線圖納入其中，並在下週分享更多有關第三方模型的信息，這確實使我們成為您需要做任何與創造力相關的事情的一站式商店。

And then when you ladder that into a Firefly stand-alone offer with multiple tiers with Standard, Premium, and Pro, when you look at that integrated into Creative Cloud, you could imagine further tiering there.

然後，當您將其納入具有標準版、高級版和專業版多個層級的 Firefly 獨立產品時，當您將其整合到 Creative Cloud 時，您可以想像在那裡進行進一步的分層。

When you look at the work that we're doing in conjunction with Anil's team around GenStudio and making sure all of these models and this entire platform, including third-party models are exposed within our GenStudio offer, what it's really doing is it's evolving away from the conversation being about the model to the conversation being about the workflows and the integration and the application tier and the agent-based things that we'll be talking to you more about.

當您查看我們與 Anil 團隊圍繞 GenStudio 合作開展的工作並確保所有這些模型和整個平台（包括第三方模型）都在我們的 GenStudio 產品中展示時，它實際上正在從關於模型的討論演變到關於工作流程、整合、應用程式層和基於代理的內容的討論，我們將與您詳細討論這些內容。

And that really plays to our differentiation, our strength and our audiences that we serve.

這確實發揮了我們的差異化、我們的優勢以及我們服務的受眾。

And that's why you see the bullishness of that $125 million doubling in the next nine months.

這就是為什麼你會看到這 1.25 億美元在未來九個月內翻倍的前景。

Yes.

是的。

I'm glad that you find the sort of information useful.

我很高興你發現這些資訊很有用。

I'll give you a little bit more color as well on that.

我也會給你更多有關這一點的詳細資訊。

Remember, with Acrobat, we have AI Assistant that's separate, so this is only the separate Acrobat AI Assistant.

請記住，對於 Acrobat，我們有單獨的 AI 助手，所以這只是單獨的 Acrobat AI 助手。

So the majority of that revenue is actually Creative because as we can continue to put the AI Assistant as part of an Acrobat SKU.

因此，大部分收入實際上來自創意，因為我們可以繼續將 AI 助理作為 Acrobat SKU 的一部分。

We would not count that if that came as part of an Acrobat Premium SKU.

如果它是 Acrobat Premium SKU 的一部分，我們就不會計算它。

So color-wise so far, creative actually represents the majority of that.

所以從色彩方面來看，到目前為止，創意實際上佔據了其中的大部分。

But as you know, Acrobat is doing great.

但正如您所知，Acrobat 表現出色。

That's very, very helpful.

這非常非常有幫助。

I guess maybe just to follow along there.

我想也許只是跟著那裡。

You've seen -- or we've seen a lot of consolidation start to happen within the AI realm where the model companies or the agent even emerging the agentic companies.

你已經看到——或者我們已經看到人工智慧領域開始發生大量整合，其中模型公司或代理商甚至新興的代理公司。

Maybe just remind us on how you're thinking about your approach towards organic versus inorganic innovation here, given just the plethora of functionality that you're releasing across the board.

也許只是提醒我們，考慮到您全面發布的大量功能，您是如何考慮有機創新與無機創新的方法的。

As it relates to the core creative models, we will have our commercially safe, as David said, Alex, and so within Firefly as an application and within each of our product integrations and Photoshop, et cetera, expect Firefly.

因為它與核心創意模型相關，所以我們將擁有商業安全，正如 David、Alex 等所說，在 Firefly 作為一個應用程式以及在我們的每個產品整合和 Photoshop 等等中，都期待 Firefly。

We've also signaled and we've shown how we would support third-party models associated with that.

我們也已經發出信號並展示了我們將如何支援與此相關的第三方模型。

And so whether it's a custom model that we create for one of our enterprise customers, I think if you look at it, there have been a couple of articles this week about how whether it's Estee Lauder, who is going to be building their models built on ours and leveraging it or a company like Publicis that's going to be taking these models.

因此，無論它是我們為某個企業客戶創建的定制模型，我想如果你看一下，本週已經有幾篇文章討論了雅詩蘭黛（它將在我們的模型基礎上構建他們的模型並利用它）還是陽獅（它將採用這些模型）這樣的公司。

So our core imaging video franchise, we'll have our models as it relates to text, we have support for other third-party models.

因此，我們的核心成像視訊特許經營權，我們將擁有與文字相關的模型，我們支援其他第三方模型。

And so I think it's a very practical and it's the right one, and we'll support all of the creative third-party models that people want to support, whether it's a custom model we create for them or whether it's any other third-party model within Firefly as an app and within Photoshop, you're going to see support for that as well.

所以我認為它非常實用，而且是正確的，我們將支援人們想要支援的所有創意第三方模型，無論是我們為他們創建的自訂模型，還是 Firefly 應用程式和 Photoshop 中的任何其他第三方模型，您也會看到對它的支援。

And so think of it as we are the way in which those models actually deliver value to a user.

因此，我們可以將其視為這些模型實際向使用者提供價值的方式。

And so it's actually just like we did with Photoshop plug-ins in the past, you're going to see those models supported within our flagship applications.

因此，它實際上就像我們過去對 Photoshop 插件所做的那樣，您將會看到這些模型在我們的旗艦應用程式中得到支援。

Hopefully, that gives you a sense.

希望這能給你一些啟發。

Mark Murphy, J.P. Morgan.

摩根大通的馬克墨菲。

I was wondering if you can just comment on what you're sensing fundamentally in terms of advertising activity and consumer spending trends in the wake of some very choppy results from multiple airlines the last several days and multiple retailers.

我想知道，在過去幾天多家航空公司和多家零售商公佈的業績波動較大的情況下，您是否可以就廣告活動和消費者支出趨勢的基本感受發表一下評論。

What is giving you the resilience to reaffirm the FY25 guidance when some of those are really huge sectors of the economy and they seem to be encountering some turbulence?

當其中一些確實是經濟的龐大產業，而且它們似乎正遭遇一些動盪時，是什麼讓您有勇氣重申 2025 財年指導方針？

I'm just wondering if there -- you basically see them continuing to create and market and advertise despite this environment.

我只是想知道，在這種環境下，你是否仍然看到他們繼續創造、行銷和宣傳。

I think at the end of the day, Mark, we just believe that digital is going to continue to be a fundamental part of the economy and the importance is going to continue.

馬克，我認為最終我們只是相信數位化將繼續成為經濟的基本組成部分，並且其重要性將持續存在。

I mean, there isn't a single company that I've talked to that doesn't say digital.

我的意思是，我接觸過的所有公司都提倡數位化。

To your point, as other companies view macroeconomic conditions that may be particular to them, onuses on every company that's serving them with technology to demonstrate how the technology helps, whether it's the top line or the efficiency.

正如您所說，當其他公司看到可能與他們相關的宏觀經濟條件時，每家為其提供技術服務的公司都有責任證明該技術如何提供幫助，無論是營收還是效率。

But whether it's top line growth or efficiency or both, they're not going to go out of style as it relates to any enterprise saying, how can I use technology to accomplish my objectives?

但無論是營收成長還是效率，或兩者兼而有之，它們都不會過時，因為它與任何企業都有關，也就是我如何利用科技來實現我的目標？

Okay.

好的。

And then -- I appreciate that, Shantanu.

然後 — — 我很感激，Shantanu。

As a very quick follow-up on Alex's question, when that -- with the ARR, the $125 million ARR doubling in the next nine months, do you think it's going to be the same composition or is something going to be coming in from the video models that might change the mix there in the next nine months?

作為對 Alex 問題的快速跟進，當 ARR 在未來 9 個月內翻倍至 1.25 億美元時，您認為它的構成會保持不變嗎？

The video model is part of the creative Firefly app that will be part of this.

該視訊模型是創意 Firefly 應用程式的一部分，該應用程式將成為該專案的一部分。

I think a lot of these great questions, Mark, I mean, at the FA meeting, we'll try and give more color as well as to what we are seeing.

馬克，我認為很多這些很好的問題，我的意思是，在足協會議上，我們會嘗試對我們所看到的情況給出更多的說明。

But we wanted to at least start to outline what products were in there, the growth rates that we expect and how we're executing on, as I said, the innovation, usage, understanding and offering these as monetization.

但我們至少想開始概述其中的產品，我們預期的成長率，以及我們如何執行，正​​如我所說的，創新，使用，理解和提供這些作為貨幣化。

So we'll also, I know, keep a track of the ongoing questions and address them at the FA meeting as well, Mark.

所以，我知道，我們也會追蹤正在發生的問題，並在 FA 會議上解決這些問題，馬克。

Saket Kalia, Barclays.

Saket Kalia，巴克萊銀行。

I'll keep it to one.

我會保留一個。

David, maybe for you.

大衛，也許對你來說是這樣。

It's great to see the Firefly app tiers that customers can add to their existing subscriptions.

很高興看到客戶可以將 Firefly 應用層添加到其現有訂閱中。

And maybe to Shantanu's point, this is a better topic for FA day, but I'm wondering if we could just talk about, how do you envision sort of the potential attach rate there?

也許對於 Shantanu 來說，這是一個更適合 FA 日的話題，但我想知道我們是否可以談談，您如何設想那裡的潛在附加率？

I mean, Firefly is clearly an unprecedented offering so maybe that's really tough to answer.

我的意思是，Firefly 顯然是一個前所未有的產品，所以這個問題可能很難回答。

But are there any products that maybe Adobe has seen in the past like Adobe Stock or any others that you look at as sort of a framework for what that adoption curve could look like?

但是，Adobe 過去是否曾推出過任何產品，例如 Adob​​e Stock 或其他產品，您是否將其視為採用曲線的框架？

Yes.

是的。

I think, so if we take a look -- if you take a step back, the reason we're so excited about the Firefly app is really twofold.

我想，如果我們仔細想想——如果你退一步來看，我們對 Firefly 應用如此興奮的原因實際上是雙重的。

One is exactly where you're going, Saket, and what you're asking about, which is the -- with every conversation we've had with creative professionals, we know that wherever they are, they're under an enormous amount of pressure to produce more.

一個就是你要去的地方，Saket，以及你要問的，也就是——透過與創意專業人士的每一次交談，我們都知道，無論他們在哪裡，他們都承受著巨大的壓力，需要創造更多的作品。

And this cohort of creative professionals, we see very strong attach and adoption of the generative AI features we put in the product partially because they're well integrated and very discoverable and because they just work and people get a lot of value out of that.

我們看到這群創意專業人士非常認同並採用我們在產品中加入的生成式人工智慧功能，部分原因是它們整合度高、易於發現，而且它們非常有效，人們從中獲得了很多價值。

So what you will see is you'll start to see us integrating these new capabilities, these premium capabilities that are in the Firefly Standard, Pro, and Premium plans more deeply into the creative workflow so more people have the opportunity to discover them.

因此，您將看到我們將這些新功能、Firefly Standard、Pro 和 Premium 計劃中的這些高級功能更深入地融入創意工作流程中，以便更多人有機會發現它們。

And of course, as part of that, I think you can expect to see what we've done all along is look at where the usage is, look at where the excitement is and make sure we get the pricing and the tiering right in a way that maximizes the opportunity for our customers and maximizes the opportunity and the value that Adobe and our shareholders get as part of that, too.

當然，作為其中的一部分，我想您可以看到我們一直在做的事情，就是專注於使用情況和興奮點，並確保我們以正確的方式獲得定價和分層，從而最大限度地為我們的客戶提供機會，並最大限度地為 Adob​​e 和我們的股東提供機會和價值。

So that will be a big area and a big opportunity, and we see a lot of potential there as we look ahead.

所以這將是一個巨大的領域和巨大的機遇，展望未來，我們看到那裡有很多潛力。

The other part that I want to make sure doesn't get lost in this is how relevant this Firefly experience is for non-creative professionals as well, this next generation of creators that we keep talking about.

我想確保大家不會忽略的另一部分是 Firefly 的體驗對於非創意專業人士，也就是我們一直在談論的下一代創意者來說有多重要。

And if we look at the early adoption rates of the Firefly paid plan, it really tells us both of these stories.

如果我們看看 Firefly 付費方案的早期採用率，它確實告訴了我們這兩個故事。

We have a high degree of conviction that it's adding value and being used by creative professionals, but it's also proving to be a good onboarding opportunity for next-generation pros -- sorry, next-generation pros and creators in general.

我們高度確信它正在增加價值並被創意專業人士使用，但它也被證明為下一代專業人士（抱歉，是下一代專業人士和一般創作者）提供良好的入職機會。

And that's where Shantanu mentioned earlier, there is an increasing opportunity to merge our web and mobile offerings around not just the generative capabilities but what you do with the content you generate with Photoshop web and mobile, Express web and mobile.

這就是 Shantanu 之前提到的，我們有越來越多的機會將我們的網路和行動產品融合，不僅是生成能力，還包括你如何使用 Photoshop 網路和行動版、Express 網路和行動版產生的內容。

And you can imagine other capabilities coming around video as well.

您還可以想像影片還將出現其他功能。

So we're excited about Firefly Services and the monetization capabilities there in both directions, new users and also value and ARPU for our existing base.

因此，我們對 Firefly 服務及其雙向的貨幣化能力感到非常興奮，包括新用戶以及現有用戶群的價值和 ARPU。

And Saket, since that was the last question, thank you.

Saket，因為這是最後一個問題，謝謝你。

And maybe just in a quick summary, I mean, the four things that I would leave you all with is Q1 was a strong start.

也許只是簡短地總結一下，我的意思是，我要留給大家的四件事是，第一季是一個強勁的開端。

We were pleased with our performance.

我們對自己的表現很滿意。

When you think about the addressable markets that we have, as we think about how we serve the business professional and the consumer and the creative professional and the marketing professional, we believe that, that's an immense opportunity that's only going to grow as a result of AI.

當你考慮到我們擁有的潛在市場時，當我們思考如何為商務人士、消費者、創意人士和行銷人士提供服務時，我們相信，這是一個巨大的機遇，而且這個機會只會因人工智慧而增長。

We're pleased with how AI is now infused across all of our products and how we are further tailoring the breadth of our products to serve these customer groups in a way in which we delight them.

我們很高興看到人工智慧已經融入我們的所有產品中，我們正在進一步客製化我們的產品範圍，以便以令他們滿意的方式為這些客戶群提供服務。

And we're starting to outline how the monetization will be different for each one of these and applicable for the customer group that we are serving.

我們開始概述每種貨幣化方式的不同之處，以及它們如何適用於我們所服務的客戶群。

We really continue to believe that this will drive growth and profitability for us as a company in '25 and beyond.

我們確實繼續相信，這將推動我們公司在25年及以後的成長和獲利能力。

And so we look forward to joining you all at the FA meeting, and thank you for joining us today.

因此，我們期待與你們一起參加 FA 會議，並感謝你們今天的參加。

Thank you.

謝謝。

That does conclude today's conference.

今天的會議到此結束。

We do thank you for your participation, and have an excellent day.

我們非常感謝您的參與，祝您有個愉快的一天。