Adobe Inc (ADBE) 2025 Q2 法說會逐字稿

Good day and welcome to the Q2 FY25 Adobe earnings conference call. Today's conference is being recorded.

大家好，歡迎參加 2025 財年第二季 Adob​​e 收益電話會議。今天的會議正在錄製中。

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

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。請繼續。

Good afternoon, and thank you for joining us. With me on the call today are Shantanu Narayen, Adobe's Chair and CEO; David Wadhwani, President of Digital Media; Anil Chakravarthy, President of Digital Experience; and Dan Durn, Executive Vice President and CFO. On this call, which is being recorded, we will discuss Adobe's second quarter fiscal year 2025 financial results.

下午好，感謝您加入我們。今天與我一起參加電話會議的還有 Adob​​e 董事長兼執行長 Shantanu Narayen、數位媒體總裁 David Wadhwani、數位體驗總裁 Anil Chakravarthy 和執行副總裁兼財務長 Dan Durn。在本次正在錄製的電話會議上，我們將討論 Adob​​e 2025 財年第二季的財務表現。

You can find our press release as well as PDFs of our prepared remarks and financial results on Adobe's Investor Relations website. The information discussed on this call, including our financial targets and product plans, is as of today, June 12, and contains forward-looking statements that involve risk, uncertainty and assumptions.

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。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（6 月 12 日）的信息，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. For more information on those risks, please review today's earnings release and Adobe's SEC filings. 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.

實際結果可能與這些聲明中所述的結果有重大差異。有關這些風險的更多信息，請查看今天的收益報告和 Adob​​e 的 SEC 文件。在本次電話會議上，我們將討論 GAAP 和非 GAAP 財務指標。我們的報告結果包括 GAAP 成長率以及固定匯率。在本次示範中，除非另有說明，Adobe 高層將參考恆定貨幣成長率。非 GAAP 對帳表可在我們的收益報告和 Adob​​e 投資者關係網站上找到。

I will now turn the call over to Shantanu.

現在我將把電話轉給 Shantanu。

Thanks, Steve. Good afternoon, and thank you for joining us. Adobe delivered another strong quarter, achieving record revenue of $5.87 billion, representing 11% year over year growth. GAAP earnings per share for the quarter was $3.94 and non-GAAP earnings per share was $5.06, representing 13% year over year growth. At our investor meeting in March, we outlined our growth strategy for the company centered on delivering transformative innovation for diverse customer audiences, business professionals, consumers, creators, creative professionals and marketing professionals.

謝謝，史蒂夫。下午好，感謝您加入我們。Adobe 本季再創佳績，營收達創紀錄的 58.7 億美元，較去年同期成長 11%。本季 GAAP 每股收益為 3.94 美元，非 GAAP 每股收益為 5.06 美元，較去年同期成長 13%。在三月的投資者會議上，我們概述了公司的成長策略，該策略的核心是為不同的客戶群、商業專業人士、消費者、創作者、創意專業人士和行銷專業人士提供變革性創新。

The creative opportunity is expanding across audiences with AI as an accelerant. It is opening the content floodgates, tapping into everyone's imagination and massively expanding the number of creative assets being created, edited, integrated and delivered. There are billions of business professionals and consumers in the world who want to be both creative and efficient to accomplish their objectives.

在人工智慧的推動下，創作機會正向受眾群體不斷擴展。它打開了內容的閘門，激發了每個人的想像力，並極大地擴展了正在創建、編輯、整合和交付的創意資產的數量。世界上有數十億的商業人士和消費者，他們希望既富有創意又有效率地實現他們的目標。

They see AI and conversational interfaces is a more productive way to accelerate creative storytelling and to quickly synthesize information across multiple documents. They're looking for quick and easy tools that are available on every computing surface and an easy on-ramp that allows them to trial products and subscribe based on the value derived as the need for creative expression continues to grow exponentially creativity and productivity emerging.

他們認為人工智慧和對話式介面是加速創意敘事和快速綜合多個文件資訊的更有效的方式。他們正在尋找可以在每個計算表面上使用的快速簡便的工具和簡單的入口，以便他們能夠試用產品並根據所產生的價值進行訂閱，因為對創造性表達的需求繼續呈指數級增長，創造力和生產力不斷湧現。

AI can make them more creative and productive in their business context. Adobe pioneered creative storytelling through groundbreaking applications like Photoshop and Illustrator and digital document sharing with the introduction of PDF and Acrobat. Our strategy is to bring productivity and creativity to life for billions of users across a variety of surfaces. Acrobat AI Assistant is redefining how people extract value from digital documents, unlocking new levels of productivity by cutting time to insights through conversational interfaces. Adobe Express is using AI to enable consumers to quickly design and publish engaging content through conversational AI in an easy-to-use, all-in-one application.

人工智慧可以使他們在商業環境中更具創造力和生產力。Adobe 透過 Photoshop 和 Illustrator 等突破性應用程式開創了創意敘事的先河，並透過推出 PDF 和 Acrobat 開創了數位文件共享的先河。我們的策略是讓數十億用戶透過各種方式獲得生產力和創造力。Acrobat AI Assistant 正在重新定義人們從數位文件中提取價值的方式，透過對話介面縮短洞察時間，從而釋放新的生產力水平。Adobe Express 正在使用 AI，使消費者能夠在易於使用的一體化應用程式中透過對話式 AI 快速設計和發布引人入勝的內容。

Our unique value proposition is integrating these solutions to facilitate a smoother creation to consumption process through mobile apps, web browsers and desktop offerings. Adobe's monthly active users across these categories now exceed over 700 million users. In the creative and marketing professionals group, creative professionals need best-of-breed applications that enable them to bring their ideas to life across media types, including imaging, design, video, photography, illustration, animation, 3D and more. These offerings need to extend across all surfaces and facilitate seamless collaboration with multiple stakeholders. The next generation of creators are looking for powerful on-ramps through web and mobile platforms.

我們獨特的價值主張是整合這些解決方案，透過行動應用程式、網頁瀏覽器和桌面產品促進更順暢的創作到消費過程。Adobe 這些類別的每月活躍用戶現已超過 7 億。在創意和行銷專業人士群體中，創意專業人士需要一流的應用程序，使他們能夠透過各種媒體類型將自己的想法變為現實，包括成像、設計、視訊、攝影、插圖、動畫、3D 等。這些產品需要擴展到各個方面，並促進與多個利害關係人的無縫合作。下一代創作者正在尋找透過網路和行動平台實現強大的入口。

Ideation through AI is an emerging category that will be made more powerful through support for multiple creative models. Adobe is delivering a comprehensive creative platform that extends from ideation through creation to mass production and delivery to address this content supply chain opportunity. At the heart of this creative AI revolution is Adobe Firefly an on-ramp to creative expression that augments the power of Creative Cloud desktop applications.

透過人工智慧進行創意是一個新興的類別，透過支援多種創意模型，它將變得更加強大。Adobe 正在提供一個全面的創意平台，從構思到創作，再到大規模生產和交付，以解決這項內容供應鏈機會。這場創意 AI 革命的核心是 Adob​​e Firefly，它是創意表達的入口，增強了 Creative Cloud 桌面應用程式的功能。

The Firefly app is a new destination for AI-assisted content ideation, creation and production with Adobe's comprehensive family of commercially safe Firefly creative models and an expansive ecosystem of third-party models. Firefly empowers creative professionals to generate images, video, audio and vectors from a single place with unmatched creative control, iterate on their creations through Adobe's creative apps and seamlessly deliver them into production.

Firefly 應用程式是 AI 輔助內容構思、創作和製作的新目的地，它擁有 Adob​​e 全面的商業安全 Firefly 創意模型系列和廣泛的第三方模型生態系統。Firefly 使創意專業人士能夠從一處以無與倫比的創意控制生成圖像、視訊、音訊和向量圖，透過 Adob​​e 的創意應用程式迭代他們的創作並將其無縫地投入生產。

Our support for third-party models, including from Google, OpenAI and Black Forest Labs gives creators the flexibility to choose the AI that works best for them with Firefly upholding our standards for IP safety and transparency. We rolled out new Firefly offerings globally, and we'll be delivering more innovation over the next few months paired with Creative Cloud apps. The Firefly app empowers creative professionals with enhanced precision and performance ready to support them whenever and wherever inspiration strikes. The Firefly app is attracting new users to the Adobe franchise with first-time subscribers growing 30% quarter over quarter.

我們支援第三方模型，包括來自 Google、OpenAI 和 Black Forest Labs 的模型，讓創作者可以靈活地選擇最適合他們的 AI，而 Firefly 則堅持我們的 IP 安全性和透明度標準。我們在全球推出了新的 Firefly 產品，並且我們將在未來幾個月內結合 Creative Cloud 應用程式推出更多創新產品。Firefly 應用程式為創意專業人士提供了更高的精確度和效能，隨時隨地為他們提供支援。Firefly 應用程式正在吸引新用戶加入 Adob​​e 系列，首次訂閱用戶數量較上季成長 30%。

Our digital experience business was inspired by our vision to enable this creative output to be delivered at scale by enterprises as part of their digital marketing transformation. We have a unique advantage and opportunity to integrate creativity, marketing and AI to deliver customer experience orchestration. Marketing professionals need to create an unprecedented volume of compelling content and optimize it to deliver personalized digital experiences across channels, including mobile apps, e-mail, websites, social media and advertising platforms. They're looking for agility and self-service as well as integrated workflows with their creative teams and agencies. To achieve this, enterprises require custom commercially safe models and purpose-built agents tailored to address the inefficiencies of the content supply chain.

我們的數位體驗業務受到我們的願景的啟發，即讓企業能夠大規模地提供這種創意成果，作為其數位行銷轉型的一部分。我們擁有獨特的優勢和機會，可以整合創造力、行銷和人工智慧來提供客戶體驗協調。行銷專業人員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、網站、社交媒體和廣告平台等管道提供個人化的數位體驗。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。為了實現這一目標，企業需要定製商業安全模型和專用代理來解決內容供應鏈的低效率問題。

Marketing practitioners, Chief Marketing Officers and Chief Digital Officers need solutions that enable them to acquire, engage and delight customers across a variety of channels and geographies. Adobe's strategy is to deliver a comprehensive marketing technology platform, leveraging AI to offer vertical solutions that integrate content, customer data and profiles across journeys in both B2B and B2C industries.

行銷從業人員、首席行銷長和首席數位長需要能夠讓他們透過各種管道和地區吸引、吸引和取悅客戶的解決方案。Adobe 的策略是提供一個全面的行銷技術平台，利用人工智慧提供垂直解決方案，整合 B2B 和 B2C 產業旅程中的內容、客戶資料和資料。

Adobe GenStudio and Firefly services are revolutionizing the content supply chain across enterprises, empowering marketers to activate personalized on-brand content across millions of touch points. For marketing professionals, Adobe Experience platform and apps and purpose-built agents are redefining the future of customer connection by enabling real-time orchestration of content, data and journeys. Adobe's differentiation lies in our best-of-breed industry-leading applications across web content management, analytics, customer data platforms, commerce, journey orchestration and workflow management.

Adobe GenStudio 和 Firefly 服務正在徹底改變整個企業的內容供應鏈，使行銷人員能夠在數百萬個接觸點啟動個人化的品牌內容。對於行銷專業人士而言，Adobe Experience 平台和應用程式以及專用代理商透過實現內容、數據和旅程的即時協調重新定義客戶連接的未來。Adobe 的差異化在於我們擁有業界領先的最佳應用程序，涵蓋 Web 內容管理、分析、客戶資料平台、商務、旅程編排和工作流程管理。

We're infusing AI in each of these solutions and combining creativity and marketing in GenStudio by bringing together creative ideation and production workflow, asset management, content delivery and content analytics in a seamlessly integrated offering. While our AI influenced ARR is already contributing billions of dollars our AI book of business from AI-first products, such as Acrobat AI Assistant, Firefly app and services and GenStudio for Performance Marketing is tracking ahead of the $250 million ending ARR target by the end of fiscal 2025.

我們將人工智慧融入每個解決方案中，並透過將創意構思和生產工作流程、資產管理、內容交付和內容分析無縫整合到 GenStudio 中，將創造力和行銷結合起來。雖然我們的受人工智慧影響的 ARR 已經貢獻了數十億美元，但我們來自人工智慧優先產品（例如 Acrobat AI Assistant、Firefly 應用程式和服務以及用於績效行銷的 GenStudio）的人工智慧業務帳簿正在領先於 2025 財年末 2.5 億美元的最終 ARR 目標。

I'll now turn it over to David and Anil to discuss the momentum in our businesses.

現在我將把時間交給 David 和 Anil 來討論我們業務的發展勢頭。

Thanks, Shantanu. Hello, everyone. In Q2, Digital Media achieved revenue of $4.35 billion, which grew 12% year over year. We exited the quarter with $18.09 billion of Digital Media ARR growing ending ARR 12.1% year over year. We continue to see strong performance across our business professionals and consumers group, where users are increasingly turning to Adobe for products that combine creativity and productivity.

謝謝，Shantanu。大家好。第二季度，數位媒體實現營收43.5億美元，年增12%。本季結束時，數位媒體 ARR 達到 180.9 億美元，年增 12.1%。我們繼續看到商業專業人士和消費者群體的強勁表現，越來越多的用戶轉向 Adob​​e 尋求兼具創造力和生產力的產品。

Virtually every business professional and consumer stands to benefit from AI-assisted consumption, visually rich creation and natively integrated collaboration. Our investments in conversational experiences in Acrobat and generative AI models and Express allow users to combine the two products in novel ways that empower users to accelerate their time to insight and ability to create compelling presentations.

幾乎每個商業專業人士和消費者都將受益於人工智慧輔助消費、視覺豐富的創作和原生整合的協作。我們對 Acrobat 和生成式 AI 模型以及 Express 的對話體驗的投資，使用戶能夠以新穎的方式結合這兩種產品，從而使用戶能夠加快洞察時間和創建引人注目的簡報的能力。

Sales professionals can gather industry reports on a prospect use AI system to quickly identify effective sales conversations and automatically generate a pitch deck with Express. A social media marketer can ask AI Assistant for help identifying buying behaviors in market research documents and use that information to create better tik-tok videos in Express. The combination of Acrobat and Express can help anyone move from consumption to creation faster and with more impactful content than ever before.

銷售專業人員可以收集潛在客戶的行業報告，使用 AI 系統快速識別有效的銷售對話，並使用 Express 自動產生簡報。社群媒體行銷人員可以請 AI Assistant 協助識別市場研究文件中的購買行為，並使用這些資訊在 Express 中創建更好的抖音影片。Acrobat 和 Express 的結合可以幫助任何人以比以往更快的速度從消費轉向創作，並獲得更具影響力的內容。

As a result, we're seeing steady growth across our family of Acrobat and Express products with combined monthly active user growth accelerating to over 25% year over year and crossing 700 million monthly active users as Acrobat users increasingly rely on Acrobat AI Assistant to enhance content consumption and express to create richer PDFs, customized presentations and animated designs. Due to increasing customer demand for creative functionality through Acrobat, we saw an approximately 3x quarter over quarter and approximately 11x year over year increase in the adoption of Express capabilities within Acrobat.

因此，我們看到 Acrobat 和 Express 產品系列穩步增長，隨著 Acrobat 用戶越來越依賴 Acrobat AI Assistant 來增強內容消費並創建更豐富的 PDF、自訂簡報和動畫設計，每月活躍用戶總數同比增長超過 25%，每月活躍用戶數量超過 7 億。由於客戶對透過 Acrobat 實現的創意功能的需求不斷增加，我們發現 Acrobat 中 Express 功能的採用率比上一季度增長了約 3 倍，比去年同期增長了約 11 倍。

Subscription revenue for the business professionals and consumers group grew 15% year over year. We're rapidly acquiring the next generation of business professionals and consumers across individuals, small and medium businesses and enterprises with students, we're driving over 75% year over year increase in students gaining access to Acrobat AI system and/or express premium plans. These products are also seeing strong adoption by businesses with over 35,000 new businesses added in Q2.

商務專業人士和消費者群體的訂閱收入較去年同期成長15%。我們正在迅速吸引個人、中小型企業和有學生的企業中的下一代商業專業人士和消費者，我們推動使用 Acrobat AI 系統和/或快捷高級計劃的學生數量同比增長 75% 以上。這些產品也得到了企業的大力採用，第二季新增企業超過 35,000 家。

Express alone added around 8,000 new businesses this quarter, approximately 6x growth year over year including companies such as Microsoft, ServiceNow, Workday, Intuit and top sports leagues like MLB, the NFL and Premier League. Other highlights include Acrobat PDF link sharing MOU grew over 20% year over year, helping to drive viral adoption. Use of generative AI features continues to grow quickly with AI Assistant MOU in Acrobat and generative AI MOU in Express growing over 3x year over year. Acrobat AI Assistant engagement continues to accelerate with the number of questions asked nearly doubling quarter over quarter. The Express ecosystem continues to expand with partner add-ons growing more than 25% quarter over quarter with new integrations from Google Ads, Vimeo and Bitly.

光是 Express 本季就增加了約 8,000 家新企業，年成長約 6 倍，其中包括微軟、ServiceNow、Workday、Intuit 以及 MLB、NFL 和英超聯賽等頂級運動聯盟。其他亮點包括 Acrobat PDF 連結共享 MOU 年成長超過 20%，有助於推動病毒式採用。生成式 AI 功能的使用持續快速成長，Acrobat 中的 AI Assistant MOU 和 Express 中的生成式 AI MOU 年成長超過 3 倍。Acrobat AI Assistant 的參與度持續加速，提出的問題數量幾乎比上一季翻了一番。Express 生態系統持續擴大，隨著 Google Ads、Vimeo 和 Bitly 的新整合，合作夥伴附加元件的季度環比成長超過 25%。

Select key global customer wins include Cisco, County of Los Angeles, the Defense Information Systems Agency, Macy's and Ulta Beauty. We're also seeing the rising importance of creative content across creative and marketing professionals. Demand for creative capabilities across mediums, including imaging, design, photography, video, illustration and 3D is on the rise as individuals and businesses need visually compelling content to stand out in a crowded media landscape.

贏得的關鍵全球客戶包括思科、洛杉磯縣、國防資訊系統局、梅西百貨和 Ulta Beauty。我們也看到創意內容對於創意和行銷專業人士的重要性日益增加。由於個人和企業需要視覺上引人注目的內容才能在擁擠的媒體環境中脫穎而出，因此對包括影像、設計、攝影、影片、插圖和 3D 在內的跨媒介創意能力的需求正在不斷增長。

Many individuals and organizations are turning to AI to develop high-quality content with more agility and efficiency. As a result, the Firefly app is becoming the creative AI destination for Creative Cloud customers and new users alike to explore, ideate, create and collaborate with AI-first workflows across media types.

許多個人和組織正在轉向人工智慧，以更靈活、更有效率的方式開發高品質的內容。因此，Firefly 應用程式正在成為 Creative Cloud 客戶和新用戶的創意 AI 目的地，用於探索、構思、創建和協作跨媒體類型的 AI 優先工作流程。

The Firefly app empowers anyone from seasoned professionals to first-time creators to generate multiple media formats in a single product with unmatched creative control and iterate on their creations across Adobe's creative apps. The Firefly app benefits from our own commercially safe Firefly foundation models across imaging, video, audio, vector and design.

Firefly 應用程式使任何人（從經驗豐富的專業人士到首次創作者）都能夠在單一產品中以無與倫比的創意控制生成多種媒體格式，並在 Adob​​e 的創意應用程式中迭代他們的創作。Firefly 應用程式受益於我們自己的涵蓋成像、視訊、音訊、向量和設計的商業安全 Firefly 基礎模型。

Earlier this quarter, we launched the new Firefly Image Model 4 for life-like images and the Firefly Image Model 4 Ultra for impeccable detail in complex visuals. We also made the Firefly video model generally available for the first time, empowering creators to generate 4K footage from text prompts and images with unprecedented creative control and extend video clips in our tools like Premier Pro. In addition to supporting our own Firefly models, the Firefly app now supports a growing family of third-party models for creative ideation.

本季早些時候，我們推出了逼真影像的全新 Firefly Image Model 4 和用於在複雜視覺效果中呈現完美細節的 Firefly Image Model 4 Ultra。我們還首次公開了 Firefly 視訊模型，使創作者能夠以前所未有的創意控制力從文字提示和圖像生成 4K 素材，並在 Premier Pro 等工具中擴展視訊剪輯。除了支援我們自己的 Firefly 模型外，Firefly 應用程式現在還支援越來越多的第三方模型以供創意構思。

Firefly offers the flexibility to explore the diverse aesthetic styles of Google's Imagen and Veo models OpenAI's GPT image model and Black Force Labs flux image model with runway, ideogram, fall AI, Luma and PICA coming soon. With the release of the Firefly Board's public beta earlier this quarter, creators can now ideate and collaborate when generating content with Firefly and our third-party models.

Firefly 可以靈活地探索 Google 的 Imagen 和 Veo 模型、OpenAI 的 GPT 圖像模型和 Black Force Labs 通量圖像模型的多樣化美學風格，即將推出跑道、表意文字、秋季 AI、Luma 和 PICA。隨著本季早期 Firefly Board 公開測試版的發布，創作者現在可以在使用 Firefly 和我們的第三方模型生成內容時進行構思和協作。

To monetize this incredible innovation, we have introduced a comprehensive set of offerings aimed at new and existing creators and creative professionals across all routes to market. The new Firefly app subscription plans are ideal for creators starting their creative journey and are now globally available. Creative Cloud Pro, which combines Creative Cloud all apps and the Firefly app represents the best value for content creation and is now available in North America.

為了將這項令人難以置信的創新貨幣化，我們推出了一套全面的產品，面向所有市場管道中的新舊創作者和創意專業人士。新的 Firefly 應用程式訂閱計畫非常適合開始創作之旅的創作者，現已在全球推出。Creative Cloud Pro 結合了 Creative Cloud 所有應用程式和 Firefly 應用程序，代表了內容創作的最佳價值，現已在北美上市。

Creative Cloud Pro will be released in other geographies over the next few months. Other highlights include the launch of the new Firefly capabilities in February continues to drive excitement. Traffic to the Firefly app grew over 30% quarter over quarter and paid subscriptions nearly doubled in the same period. Firefly continues to drive new user acquisition with first-time Adobe subscribers growing more than 30% quarter over quarter. We launched Photoshop Mobile and released major updates to our flagship Creative Cloud apps, including Photoshop, Illustrator, Premiere Pro, After Effects and Substance at Max London, garnering over 350 million video views across social media.

Creative Cloud Pro 將在未來幾個月內在其他地區發布。其他亮點包括 2 月推出的全新 Firefly 功能，繼續激發人們的興趣。Firefly 應用程式的流量較上季成長超過 30%，付費訂閱量同期幾乎翻了一番。Firefly 繼續推動新用戶的獲取，首次使用 Adob​​e 的用戶數量環比增長超過 30%。我們推出了 Photoshop Mobile，並發布了旗艦 Creative Cloud 應用程式的重大更新，包括 Photoshop、Illustrator、Premiere Pro、After Effects 和 Substance，這些更新在社交媒體上獲得了超過 3.5 億次影片觀看。

Excitement for an adoption of generative AI innovation, such as generative fill and Photoshop generative remove and Lightroom, generative expand and Illustrator, generative extend in Premier Pro video generation in the Firefly app and production workflows and Firefly services continues to accelerate with over 24 billion cumulative generations exiting Q2.

人們對生成式 AI 創新的採用感到興奮，例如生成式填充和 Photoshop 生成式刪除和 Lightroom、生成式擴展和 Illustrator、Premier Pro 中的生成式擴展、Firefly 應用程序中的視頻生成以及生產工作流程和 Firefly 服務，這種興奮感持續加速，截至第二季度，累計生成量已超過 240 億次。

Key customer wins include Cisco, County of San Diego, Depth Holding, Fanatics, Infosys, Schwartz Global Sourcing and Wells Fargo. Creativity fuels the global economy and is the foundation of how marketers engage with their customers effectively across channels. As a result, we're seeing high enterprise demand for an adoption of firefly services and custom models to automate and scale on brand content production for marketing use cases. Adobe is uniquely positioned to lead the way in applying AI to amplify creativity across the full continuum of content creation.

主要客戶包括思科、聖地牙哥縣、Depth Holding、Fanatics、Infosys、Schwartz Global Sourcing 和富國銀行。創造力推動全球經濟的發展，也是行銷人員如何透過各種管道與客戶有效互動的基礎。因此，我們看到企業對採用螢火蟲服務和客製化模型的需求很高，以實現行銷用例的品牌內容製作的自動化和擴展。Adobe 擁有獨特的優勢，在應用 AI 來增強整個內容創作過程中的創造力方面處於領先地位。

We're excited about the momentum we're seeing in both flagship apps and new offerings across our business professionals and consumers and creative and marketing professionals groups. Our growing base of monthly active users, accelerating use of generative AI, steady influx of new customers, inclusion of partner models and accelerating adoption of automation services drove a strong quarter with digital media revenue of $4.35 billion, and we're pleased to raise our revenue target for the year.

我們很高興看到我們的旗艦應用程式和新產品在商業專業人士、消費者以及創意和行銷專業人士群體中呈現的良好勢頭。我們不斷增長的月活躍用戶群、生成性人工智慧的加速使用、新客戶的穩步湧入、合作夥伴模式的納入以及自動化服務的加速採用推動了本季度數位媒體收入強勁增長至 43.5 億美元，我們很高興提高今年的收入目標。

I'll now turn it over to Anil to talk about how this creative innovation is amplifying our momentum with marketing professionals.

現在我將讓阿尼爾來談談這項創意創新如何增強我們與行銷專業人士之間的合作動能。

Thanks, David. Hello, everyone. Experience Cloud had a strong Q2, achieving revenue of $1.46 billion for the quarter. Subscription revenue in the quarter was $1.33 billion, representing 11% year over year growth and making us the largest provider in our category. Content creation is the fuel driving personalized experiences at scale.

謝謝，大衛。大家好。Experience Cloud 在第二季表現強勁，本季實現營收 14.6 億美元。本季訂閱收入為 13.3 億美元，年增 11%，使我們成為同類產品中最大的供應商。內容創作是推動大規模個人化體驗的動力。

Adobe is the only company unifying the entire workflow from creation and production workflow and planning, asset management, delivery and activation through to reporting and insights. Our customer experience orchestration strategy enables enterprises to combine creativity, marketing and agentic AI to deliver personalized conversational digital experiences in real time at global scale.

Adobe 是唯一一家統一整個工作流程的公司，從創作和生產工作流程和規劃、資產管理、交付和激活到報告和洞察。我們的客戶體驗編排策略使企業能夠結合創造力、行銷和代理人工智慧，在全球範圍內即時提供個人化的對話式數位體驗。

With Adobe GenStudio, we are amplifying the value of cutting-edge geni capabilities across the end-to-end content supply chain. GenStudio optimizes the process of planning, creating, managing, activating and measuring content for marketing campaigns and personalized customer experiences. We launched GenStudio Foundation, a unified interface to bring together data from our full suite of content supply chain applications providing visibility and actionable insights into campaign plans, projects and assets.

借助 Adob​​e GenStudio，我們正在擴大端到端內容供應鏈中尖端 geni 功能的價值。GenStudio 優化了行銷活動和個人化客戶體驗的內容規劃、創建、管理、啟動和衡量流程。我們推出了 GenStudio Foundation，這是一個統一的介面，可以匯集我們全套內容供應鏈應用程式的數據，為活動計劃、專案和資產提供可見性和可操作的見解。

GenStudio for performance marketing empowers teams to create their own on-brand content, supporting ad creation and activation for Google, LinkedIn, Meta, Microsoft, Snap and Tik-Tok. We are building on the momentum behind Firefly services and custom models addressing additional highly desired solutions, including video reframe and support of third-party models for automation and cost efficiency.

GenStudio 的績效行銷功能使團隊能夠創建自己的品牌內容，支援 Google、LinkedIn、Meta、Microsoft、Snap 和 Tik-Tok 的廣告建立和啟動。我們正在利用 Firefly 服務和客製化模型的動力來解決其他亟需的解決方案，包括視訊重構和對第三方模型的支持，以實現自動化和成本效益。

With the Coca-Cola Company, we co-developed a new AI-powered design intelligence system called Project Fizzion, built on Firefly services and custom models. Project Fizzion is designed to scale creative output up to 10x faster while tackling the common challenge of misinterpreting brand guidelines in AI-powered content. Adobe Experience platform and native applications are central to delivering unified, personalized customer experiences.

我們與可口可樂公司共同開發了一個名為 Project Fizzion 的新型人工智慧設計系統，該系統基於 Firefly 服務和客製化模型構建。Project Fizzion 旨在將創意輸出速度提高 10 倍，同時解決人工智慧內容中誤解品牌指南的常見挑戰。Adobe Experience 平台和原生應用程式對於提供統一、個人化的客戶體驗至關重要。

With the introduction of AEP AI Assistant, we've extended the platform's value by enabling teams across the business to interact with data through natural language, streamlining ingestion, insight generation, audience segmentation and experience delivery. Building on this momentum, we are now expanding AEP with native AI agents that intelligently orchestrate customer journeys in real time. These innovations empower our customers to leverage their first-party customer data and deliver more relevant high-impact advertising experiences rooted in direct customer relationships.

隨著 AEP AI Assistant 的推出，我們擴展了平台的價值，使整個企業的團隊能夠透過自然語言與數據進行交互，從而簡化數據提取、洞察生成、受眾細分和體驗交付。基於這一勢頭，我們現在正在透過原生 AI 代理擴展 AEP，以即時智慧地協調客戶旅程。這些創新使我們的客戶能夠利用他們的第一方客戶數據，並提供以直接客戶關係為基礎的更相關的高影響力廣告體驗。

The National Football League expanded our global partnership combining content data and journeys to deliver a new level of AI-powered fan experiences. Adobe will enable all 32 clubs to scale personalized fan touch points across NFL channels through project management, audience and campaign development, creative production and performance optimization.

國家橄欖球聯盟擴大了我們的全球合作夥伴關係，將內容數據和旅程結合起來，為球迷提供全新的人工智慧體驗。Adobe 將透過專案管理、受眾和活動開發、創意製作和性能優化，幫助所有 32 支俱樂部在 NFL 頻道上擴展個人化球迷接觸點。

At Adobe Summit in March, we introduced the Adobe AI platform with an agented player to scale customer experience orchestration. We unveiled 10 agents, purpose-built for creative marketing and technology teams that leverage Adobe Experience platform to act intelligently and in alignment with business goals. These agents coordinate across systems to accelerate the delivery of exceptional experiences. We recently launched a product support agent to help enterprises anticipate troubleshoot and resolve operational issues. Customers like Wegmans Food Markets, and Dentsu Merkel are already using it to streamline onboarding and feature deployment and drive faster resolutions and greater efficiency.

在三月的 Adob​​e 高峰會上，我們推出了具有代理播放器的 Adob​​e AI 平台，以擴展客戶體驗編排。我們推出了 10 位代理，專為創意行銷和技術團隊打造，利用 Adob​​e Experience 平台採取智慧行動並與業務目標保持一致。這些代理商跨系統進行協調，以加速提供卓越的體驗。我們最近推出了一個產品支援代理，以幫助企業預測並解決營運問題。Wegmans Food Markets 和 Dentsu Merkel 等客戶已經在使用它來簡化入職和功能部署，並加快解決問題的速度並提高效率。

Other highlights include strong demand for AEP and native apps with Q2 subscription revenue growing over 40% year over year. Momentum for GenStudio for performance marketing with growth of over 45% quarter over quarter. Continued demand for Firefly services and custom models as part of the GenStudio solution, resulting in 4x year over year ARR growth.

其他亮點包括對 AEP 和原生應用的強勁需求，第二季訂閱營收年增超過 40%。GenStudio 的績效行銷勢頭強勁，季度環比成長超過 45%。作為 GenStudio 解決方案的一部分，對 Firefly 服務和客製化模型的需求持續成長，導致 ARR 年比增加 4 倍。

The release of AEM sites optimizer garnered tremendous interest from customers like Qualcomm eager to tap its agentic capabilities for valuable insights and recommendations to improve their websites performance, usability and security. Industry and it's recognition, including being named a leader in the Forrester Wave for collaborative work management for the third consecutive time, IDC MarketScape for worldwide connected TV advertising platforms and the Gartner Magic Quadrant for content marketing platforms with dense-trade solutions, including Workfront, Adobe GenStudio for Performance Marketing, Creative Cloud, Firefly and Express.

AEM 網站優化器的發布引起了高通等客戶的極大興趣，他們渴望利用其代理功能來獲取寶貴的見解和建議，以提高其網站的效能、可用性和安全性。業界及其認可，包括連續第三次被評為 Forrester Wave 協同工作管理領導者、IDC MarketScape 全球連網電視廣告平台領導者和 Gartner 魔力像限中具有密集交易解決方案的內容行銷平台領導者，包括 Workfront、用於績效行銷的 Adob​​e GenStudio、Creative Cloud、Firefly 和 Express。

Key global customer wins, including Aviva, Australia Post, Dyson, Fiser, Infosys, Major League Baseball, Manulife, Navy Federal Credit Union, O'Reilly Auto Parts, Premier League, SAP, UBS, Ulta Beauty and Wyndham. We are executing on our expanded vision of customer experience orchestration to empower enterprises to deliver personalization at scale in the era of AI.

贏得的主要全球客戶包括 Aviva、澳洲郵政、戴森、Fiser、Infosys、美國職棒大聯盟、宏利金融、海軍聯邦信用合作社、O'Reilly Auto Parts、英超聯賽、SAP、瑞銀、Ulta Beauty 和 Wyndham。我們正在實施客戶體驗編排的擴展願景，以使企業能夠在人工智慧時代大規模提供個人化服務。

Enterprises are looking for a technology partner and platform to unify fragmented solutions and unlock greater efficiency and value. Leading enterprise players, including AWS, Microsoft, SAP and ServiceNow have endorsed Adobe as their partner for customer experience orchestration. We have activated our global partner ecosystem, spanning top-tier technology and media companies, system integrators and leading agencies to accelerate customer experience orchestration.

企業正在尋找技術合作夥伴和平台來統一分散的解決方案並釋放更高的效率和價值。包括 AWS、Microsoft、SAP 和 ServiceNow 在內的領先企業已認可 Adob​​e 作為其客戶體驗編排合作夥伴。我們已經啟動了全球合作夥伴生態系統，涵蓋頂級技術和媒體公司、系統整合商和領先機構，以加速客戶體驗協調。

Next week at the Cannes Lions Festival, we'll unveil several exciting announcements that underscore the power of our category-defining solutions and partnerships. We look forward to engaging directly with customers and agency partners at the event with unmatched scale and a clear innovation agenda, we are well positioned to continue our growth.

在下週的坎城國際創意節上，我們將發布幾個令人興奮的公告，強調我們類別定義解決方案和合作夥伴關係的力量。我們期待在此次活動中以無與倫比的規模和明確的創新議程直接與客戶和代理商合作夥伴進行接觸，我們已做好準備繼續發展。

I'll now pass it to Dan.

我現在將它傳給丹。

Thanks, Anil. Today, I'll start by summarizing Adobe's performance in Q2 fiscal 2025, highlighting growth drivers across our businesses, and I'll finish with financial targets. In Q2, Adobe achieved revenue of $5.87 billion, which represents 11% year over year growth as reported and in constant currency. GAAP diluted earnings per share in Q2 was $3.94 and non-GAAP diluted earnings per share was $5.06 and representing 13% year over year growth. Second quarter business and financial highlights included: Digital Media revenue of $4.35 billion.

謝謝，阿尼爾。今天，我將首先總結 Adob​​e 在 2025 財年第二季的業績，重點介紹我們各個業務的成長動力，最後介紹財務目標。第二季度，Adobe 實現營收 58.7 億美元，以固定匯率計算年增 11%。第二季 GAAP 稀釋每股盈餘為 3.94 美元，非 GAAP 稀釋每股盈餘為 5.06 美元，較去年同期成長 13%。第二季的業務和財務亮點包括：數位媒體收入 43.5 億美元。

Digital Media ending ARR of $18.09 billion, growing 12.1% year over year. Digital Experience revenue of $1.46 billion. Cash flows from operations of $2.19 billion, which is a record for Q2. And exiting the quarter, remaining performance obligations were $19.69 billion, growing 10% year over year or 11% in constant currency and CRPO growing 10% as reported and in constant currency. In our Digital Media segment, we achieved Q2 revenue of $4.35 billion, which represents 11% year over year growth or 12% in constant currency.

數位媒體期末 ARR 為 180.9 億美元，年增 12.1%。數位體驗收入為 14.6 億美元。經營現金流為 21.9 億美元，創第二季新高。本季結束時，剩餘履約義務為 196.9 億美元，年成長 10% 或以固定匯率計算成長 11%，而 CRPO 則以報告和固定匯率計算成長 10%。在我們的數位媒體部門，我們第二季度實現了 43.5 億美元的營收，年增 11%，按固定匯率計算成長 12%。

We exited the quarter with $18.09 billion of Digital Media ARR, growing our ending ARR book of business 12.1% year over year in constant currency. Within Digital Media, second quarter growth drivers for business professionals and consumers included. Greater than 25% year over year growth in monthly active users, driven by PLG optimization of the combined Acrobat and Express freemium funnel. Strong acquisition, usage and monetization of our AI offerings, including Acrobat AI Assistant, Acrobat Premium and Express. Accelerating adoption of express creative functionality through Acrobat driving approximately a 11 times year over year growth of monthly active users due to increasing customer demand.

本季結束時，我們的數位媒體 ARR 為 180.9 億美元，以固定匯率計算，期末 ARR 業務帳簿年增 12.1%。在數位媒體領域，第二季的成長動力包括商務專業人士和消費者。受 Acrobat 和 Express 免費增值管道合併的 PLG 優化推動，每月活躍用戶年增超過 25%。大力收購、使用和貨幣化我們的 AI 產品，包括 Acrobat AI Assistant、Acrobat Premium 和 Express。透過 Acrobat 加速採用快速創意功能，由於客戶需求的增加，每月活躍用戶數量較去年同期成長約 11 倍。

Record mobile app store performance for Acrobat in Express combined, growing ending ARR greater than 40% year over year and strong adoption of Acrobat on expressed by individuals, SMBs and enterprises across geographies. Within Digital Media, second quarter growth drivers for creative and marketing professionals included growth of Creative Cloud flagship offerings driven by CC All Apps, Photoshop and Lightroom with particular strength in emerging markets driven by Latin America, India and Eastern Europe, growing traction of the newly launched Firefly app web subscription and Photoshop mobile offerings.

Acrobat 在 Express 中的行動應用程式商店表現創下新高，最終 ARR 年成長超過 40%，並且各個地區的個人、中小型企業和企業都大力採用 Acrobat。在數位媒體領域，創意和行銷專業人士第二季度的成長動力包括由 CC All Apps、Photoshop 和 Lightroom 推動的 Creative Cloud 旗艦產品的成長，尤其是在拉丁美洲、印度和東歐等新興市場，新推出的 Firefly 應用程式網路訂閱和 Photoshop 行動產品的吸引力不斷增強。

Significant usage of Firefly in our Creative Cloud and Firefly apps with total generations crossing $24 billion exiting the quarter and rapid acceleration of creative and marketing automation with Firefly services integrated with Gen Studio in the enterprise. Turning to our Digital Experience segment.

Firefly 在我們的 Creative Cloud 和 Firefly 應用程式中被大量使用，截至本季度，總生成量已超過 240 億美元，並且隨著 Firefly 服務與企業中的 Gen Studio 集成，創意和行銷自動化速度迅速加快。轉向我們的數位體驗部分。

In Q2, we achieved revenue of $1.46 billion, which represents 10% year over year growth as reported and in constant currency. Digital Experience subscription revenue was $1.33 billion, growing 11% year over year as reported and in constant currency. Within digital experience, second quarter growth drivers for marketing professionals included. Industry demand for customer experience orchestration solutions requiring integrated offerings across content, data and journeys, driving higher value value from AI-infused prime and ultimate tiered offerings with existing and new customers. AEP and app subscription revenue growing greater than 40% year over year.

第二季度，我們的營收達到 14.6 億美元，以報告數字和固定匯率計算，年增 10%。數位體驗訂閱收入為 13.3 億美元，以固定匯率計算年增 11%。在數位體驗方面，包括行銷專業人員第二季的成長動力。業界對客戶體驗編排解決方案的需求需要跨內容、數據和旅程的整合產品，透過為現有和新客戶提供融合人工智慧的優質和終極分層產品來創造更高的價值。AEP 和應用程式訂閱收入較去年同期成長超過 40%。

Strong adoption of Gen Studio with greater than 25% year over year growth in ARR and increasing customer value, ensuring strong customer retention. Adobe's success is being driven by innovation and service of both business professionals and consumers and creative and marketing professionals. For the business professionals and consumers group, subscription revenue was $1.60 billion, which represents 15% year over year growth as reported and in constant currency.

Gen Studio 的大力採用，使 ARR 年比成長超過 25%，客戶價值不斷提升，確保了強大的客戶保留率。Adobe 的成功得益於商業專業人士和消費者以及創意和行銷專業人士的創新和服務。對於商業專業人士和消費者群體，訂閱收入為 16 億美元，按報告和固定匯率計算，年增 15%。

For the creative and marketing professionals group, subscription revenue was $4.02 billion, which represents 10% year over year growth or 11% in constant currency. Additionally, historical subscription revenue for these customer groups is now available in the Adobe Investor Relations data sheet under supplementary customer group data dating back to FY 2023.

對於創意和行銷專業人士群體，訂閱收入為 40.2 億美元，年增 10%，以固定匯率計算成長 11%。此外，這些客戶群的歷史訂閱收入現在可以在 Adob​​e 投資者關係資料表的補充客戶群資料中找到，可追溯到 2023 財年。

Turning to the income statement and balance sheet. Adobe's effective tax rate in Q2 was 19.5% on a GAAP basis and 18.5% on a non-GAAP basis. RPO exiting the quarter was $19.69 billion, growing 10% year over year or 11% in constant currency and CRPO growing 10% year over year as reported and in constant currency. Our cash flows from operations in the quarter were a Q2 record of $2.19 billion and ending cash and short-term investments exiting Q2 was $5.71 billion. In Q2, we entered into a share repurchase agreement totaling $3.50 billion, and we currently have $10.90 billion remaining of our $25 billion authorization granted in March 2024.

轉向損益表和資產負債表。Adobe 第二季有效稅率（以 GAAP 計算）為 19.5%，以非 GAAP 計算為 18.5%。本季的 RPO 為 196.9 億美元，年增 10% 或以固定匯率計算成長 11%，而 CRPO 則年增 10%（報告顯示，以固定匯率計算）。本季我們的經營現金流創下第二季的新高，達到 21.9 億美元，第二季末現金和短期投資為 57.1 億美元。在第二季度，我們簽訂了總額為 35 億美元的股票回購協議，我們在 2024 年 3 月授予的 250 億美元授權中，目前還剩餘 109 億美元。

Let me now turn to our financial targets, which assume current macroeconomic conditions. For Q3, FY25, we're targeting total Adobe revenue of $5.875 billion to $5.925 billion, Digital Media segment revenue of $4.37 billion to $4.40 billion. Digital Experience segment revenue of $1.45 billion to $1.47 billion. Digital Experience subscription revenue of $1.35 billion to $1.36 billion. GAAP earnings per share of $4 to $4.05 and non-GAAP earnings per share of $5.15 to $5.20.

現在讓我來談談我們的財務目標，它假設當前的宏觀經濟狀況。對於 2025 財年第三季度，我們預計 Adob​​e 總營收為 58.75 億美元至 59.25 億美元，數位媒體部門營收為 43.7 億美元至 44 億美元。數位體驗部門收入為 14.5 億美元至 14.7 億美元。數位體驗訂閱收入為 13.5 億美元至 13.6 億美元。GAAP 每股收益為 4 美元至 4.05 美元，非 GAAP 每股收益為 5.15 美元至 5.20 美元。

For Q3, we expect non-GAAP operating margin of approximately 45.5% and a non-GAAP tax rate of approximately 18.5%. As a result of us driving strong performance in the first half of the year, we are pleased to raise our targets for FY25 total revenue, Digital Media segment revenue and EPS as well as reaffirm digital experience subscription and segment revenue and Digital Media ending ARR growth for the year.

對於第三季度，我們預計非公認會計準則營業利潤率約為 45.5%，非公認會計準則稅率約為 18.5%。由於我們在上半年取得了強勁的業績，我們很高興提高 25 財年總收入、數位媒體部門收入和每股收益的目標，並重申今年數位體驗訂閱和部門收入以及數位媒體期末 ARR 的成長。

Additionally, we're on pace to surpass $250 million in AI first direct ARR book of business exiting the year. For FY25, we are now targeting total Adobe revenue of $23.50 billion to $23.60 billion, Digital Media segment revenue of $17.45 billion to $17.50 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.

此外，我們預計在今年年底前實現超過 2.5 億美元的 AI 首筆直接 ARR 業務。對於 2025 財年，我們目前的目標是 Adob​​e 總營收達到 235 億美元至 236 億美元，數位媒體部門營收達到 174.5 億美元至 175 億美元，數位媒體期末 ARR 業務年增 11.0%。數位體驗部門收入為 58 億美元至 59 億美元。

Digital Experience subscription revenue of $5.375 to $5.425 billion, GAAP earnings per share of $16.30 to $16.50 and non-GAAP earnings per share of $20.50 to $20.70. In summary, Adobe's Q2 performance and revised FY25 targets reflect excellent execution and the momentum we're building across our portfolio and in a dynamic macroeconomic environment. With a disciplined approach to investment and focus on driving customer innovation, we remain confident in our ability to deliver strong shareholder value.

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 16.30 美元至 16.50 美元，非 GAAP 每股收益為 20.50 美元至 20.70 美元。總而言之，Adobe 第二季度的業績和 2025 財年修訂目標反映了我們卓越的執行力，以及我們在動態宏觀經濟環境中在整個產品組合中建立的良好勢頭。透過採取嚴謹的投資方式並專注於推動客戶創新，我們對自己創造強大股東價值的能力充滿信心。

Shantanu, back to you.

Shantanu，回到你身邊。

Thanks, Dan. Our strong Q2 performance highlights our momentum and how we are leveraging AI to drive exponential value in the creative economy. As a result of our strategy and execution, we're confident in our ability to deliver value to existing customers and attract new users. I'm incredibly proud of how our teams around the world continue to create the future, raise the bar and bring our purpose to life. Adobe continues to attract great talent, and we're excited to welcome new college graduates and interns to help us change the world through personalized digital experiences.

謝謝，丹。我們第二季的強勁表現凸顯了我們的發展勢頭，以及我們如何利用人工智慧來推動創意經濟的指數級價值。由於我們的策略和執行，我們有信心為現有客戶提供價值並吸引新用戶。我為我們遍布全球的團隊不斷創造未來、提高標準並實現我們的目標感到無比自豪。Adobe 繼續吸引優秀人才，我們很高興歡迎新的大學畢業生和實習生幫助我們透過個人化的數位體驗改變世界。

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

謝謝，我們現在開始提問。操作員？

(Operator Instructions)

（操作員指示）

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

David, maybe David and Shantanu, maybe for both of you. The merging of creativity and productivity definitely seems thematic. And maybe around that, it's interesting to see the growing adoption of Express within Acrobat. And maybe -- can you just maybe talk about why that combo works? And how does the pricing work there? Does the customer subscribe to both or just one.

大衛，也許是大衛，而山塔努，也許是你們兩個。創造力和生產力的融合顯然是一個主題。也許圍繞這一點，有趣的是看到 Acrobat 中 Express 的採用日益增多。也許—您能談談為什麼這種組合有效嗎？那裡的定價是如何運作的？客戶同時訂閱兩個還是只訂閱一個？

Great. Thanks, Saket. Yeah, as you -- as we've talked about for quite a while, we're seeing an absolute explosion in the demand for content creation and more and more visually rich content creation. The reason this works and why Acrobat and Express are really effectively part of the same value proposition to business professionals and consumers is that there's been a significant amount of work that we've done research we've seen where content consumption for many people is really the beginning of a content creation process.

偉大的。謝謝，Saket。是的，正如我們討論過一段時間的那樣，我們看到對內容創作的需求呈爆炸式增長，而且內容創作的視覺效果也越來越豐富。這種做法之所以有效，以及為什麼 Acrobat 和 Express 能夠真正有效地為商務人士和消費者提供相同的價值主張，是因為我們進行了大量的研究，發現對於許多人來說，內容消費實際上是內容創作過程的開始。

As I've mentioned in the past, when we launched AI Assistant about a year ago now, what we started noticing is that as people are having conversations with the documents they were using, the very next step or the last -- one of the last steps they did was basically asked the AI Assistant to write of summary for an e-mail or write an outline for a presentation or give it stats for an infographic, right?

正如我過去提到的，大約一年前我們推出 AI Assistant 時，我們開始注意到，當人們與他們正在使用的文檔進行對話時，下一步或最後一步——他們所做的最後一步之一基本上是要求 AI Assistant 為電子郵件寫摘要或為演示文稿寫大綱或為信息圖表提供統計數據，對嗎？

And so what we've done here is we've brought these products really into the same surface, so they are one product in effect. And if you are using Acrobat, you are able to get access to all of the capabilities of Express and what you get as part of freemium there. But what you will expect to see is more and more deeper integration of the two going forward, and we have a lot of exciting things to share in the back half of this year around that.

因此，我們在這裡所做的就是將這些產品真正地放到同一個表面上，因此它們實際上是一種產品。如果您使用 Acrobat，您將能夠存取 Express 的所有功能以及免費增值服務。但您可以期待看到未來兩者之間將進行越來越深入的融合，並且我們將在今年下半年與大家分享許多令人興奮的事情。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Congratulations on the beat and raise performance. I noticed on the Adobe Stock website that the volume of video content really took off during Q2 positively. And I'm interested in just what you see happening there to drive the contributor uploaded content higher than also. Just having seen the news with the Disney and NBC Universal filing a copy rate lawsuit that related to some of the AI generated imagery. I'm just curious if you have any view that, that might validate the Adobe strategy of being commercially safe and having the content authenticity and if you think there's any ramifications of that?

恭喜您打破紀錄並取得進步。我注意到 Adob​​e Stock 網站上的影片內容數量在第二季確實大幅增加。我感興趣的是，您看到那裡發生了什麼，以推動貢獻者上傳的內容更高。剛剛看到新聞，迪士尼和 NBC 環球影業對部分人工智慧生成的圖像提起了版權訴訟。我只是好奇，您是否有任何觀點可以驗證 Ad​​ob​​e 的商業安全和內容真實性的策略，以及您是否認為這會產生任何後果？

Yeah. Thanks for the question. One of the things I think if you aggregate the question the way you're asking it, I mean I think one of the core principles for Adobe has and continues to be that we have a great deal of respect for content creators. We want to make sure and help them monetize content -- the content they create in any way possible because we think it's just good for the industry. One of the things that we've been doing over the last many years is taking Adobe Stock from being this independent capabilities and just integrating it throughout, so more users get more value and the demand for content as it continues to grow is really at their fingertips.

是的。謝謝你的提問。我認為，如果你按照你提出的方式匯總這個問題，我的意思是，我認為 Adob​​e 的核心原則之一一直是並將繼續是，我們非常尊重內容創作者。我們希望確保並幫助他們將內容貨幣化——以任何可能的方式創建的內容，因為我們認為這對行業有利。過去幾年我們一直在做的事情之一就是將 Adob​​e Stock 從獨立功能中分離出來並整合到整個系統中，以便更多用戶獲得更多價值，隨著內容需求的不斷增長，他們能夠輕鬆滿足這些需求。

And as a result, if someone's using Express or if someone is using Creative Cloud, or if someone is using firefly boards, they're able to access this incredible set of content that's being developed by the community. More recently, to your point, we expanded that set to invest in a lot of what we call creative mission. So people can submit more video content and video content of all forms for all different kind of outputs, whether it's vertically oriented or horizontally oriented. And as that corpus of video content has been building up, we're seeing a lot more pull through. And so the whole economy around that is working.

因此，如果有人使用 Express、Creative Cloud 或 Firefly Boards，他們就能夠存取社群正在開發的這套令人難以置信的內容。最近，正如您所說，我們擴大了這一範圍，並對所謂的「創意使命」進行了大量投資。因此，人們可以提交更多影片內容以及各種形式的影片內容，用於各種不同類型的輸出，無論是垂直方向還是水平方向。隨著影片內容的不斷積累，我們看到了越來越多的影片內容。因此，圍繞這一目標的整個經濟都在正常運作。

And then secondly, to the point you were making around the training data set and how we train and compensate creators, this has been one of the core things that we believe from the very beginning is that the right transparent and really the only commercially safe way to build these models is to do it on a set of content that -- where the contributors are themselves excited and willing participants in the process. And so we have trained our Firefly models, as many of you know, on stock and other content that we have access to. We do have a contributor fund that pays out to those individuals.

其次，關於您提到的訓練資料集以及我們如何培訓和補償創作者，這是我們從一開始就堅信的核心問題之一，即構建這些模型的正確透明且唯一商業上安全的方法是在一組內容上進行構建——貢獻者本身是興奮的並且願意參與這個過程。正如你們許多人所知，我們已經使用我們可以訪問的股票和其他內容訓練了我們的 Firefly 模型。我們確實有一個捐助基金來支付給這些人。

And as a result, we feel like we're in a very advantaged position when it comes to people choosing models, I'll say, especially in enterprises, we see a lot of companies selecting Firefly partially because of the quality, partially because of the controllability of it but also very, very strongly because of the commercial safety of it. And we believe that it's just -- it's the right way to approach it, and we believe it's a safe bet for the long term in this industry.

因此，當人們選擇模型時，我們覺得自己處於非常有利的地位，我想說，特別是在企業中，我們看到很多公司選擇 Firefly，部分是因為它的質量，部分是因為它可控性，但也非常非常看重它的商業安全性。我們相信這只是正確的解決方法，我們相信這對這個行業的長期發展來說是一個安全的選擇。

And Mark, maybe if I were to just add. I think on the -- as it relates to the other services, they've all just really focused on the tip of the iceberg in terms of ideation. And I think Firefly with the support for all of those models will be the ultimate creative destination and to, I think, punctuate what David said. In the enterprise, the value proposition that we have resonates because even if you use it for ideation, you're not going to use something that's not being designed to be tell the intellectual property being correct for production. And so I think that's where you're going to continue to see our stuff being used for scale production because it's so unique.

馬克，也許我應該補充一下。我認為，就其他服務而言，他們都只是真正關注了創意方面的冰山一角。我認為 Firefly 對所有這些模型的支援將成為最終的創意目的地，我認為，這將印證 David 所說的話。在企業中，我們的價值主張引起了共鳴，因為即使你將其用於構思，你也不會使用那些沒有被設計為告知智慧財產權是否適合生產的東西。所以我認為你會繼續看到我們的產品被用於規模生產，因為它是如此獨特。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

David, I was wondering if you could just walk through sort of the initial reaction to the change on the Creative Cloud Pro. What you're seeing on that front? And then sort of what you might be expecting in terms of those changes in the back half of the year from a revenue perspective?

大衛，我想知道您是否可以簡單介紹一下大家對 Creative Cloud Pro 變化的初步反應。您在這方面看到了什麼？那麼從收入角度來看，您對下半年的變化有何預期？

Yeah. If we take a step back, and this is one that we have been, I think, fairly consistent over the last few years in terms of our core strategy and we reiterated it at Summit a few months ago is that again, the demand for content has been almost insatiable. The number of people wanting to create richer content has been very strong. And one of the things that we've talked about is that historically, Creative Cloud was a single offer, whether it's Creative Cloud All Apps or Creative Cloud Pro, really doing double duty or triple duty across the entire ecosystem of people wanting to create content. And so we've been very methodically over the last couple of years, extending the offering lineup, right, so that we can meet the needs of business professionals and consumers with Acrobat and Express.

是的。如果我們退一步來看，我認為，就我們的核心策略而言，過去幾年我們一直保持一致，幾個月前的峰會上我們也重申了這一點，那就是對內容的需求幾乎是無法滿足的。想要創造更豐富內容的人數非常多。我們討論過的一件事是，從歷史上看，Creative Cloud 是一個單一的產品，無論是 Creative Cloud All Apps 還是 Creative Cloud Pro，它實際上在整個想要創建內容的人們的生態系統中承擔著雙重或三重職責。因此，在過去的幾年裡，我們一直在有條不紊地擴展產品線，以便我們能夠透過 Acrobat 和 Express 滿足商務專業人士和消費者的需求。

We can meet the needs of creators with the new Firefly plans that we've released recently, whether it's Firefly Standard for -- in the US $10 Firefly Pro or Firefly Premium, which is unlimited access to video generation as well for $200 a month. And for Creative Pros, we've been adding very steadily, we've been adding more and more of these capabilities directly in the tools, the desktop tools they know and love and use every single day. The value they're getting out of it is enormous. We talked about the fact that we've crossed billion generations to date.

我們可以透過最近發布的新 Firefly 計劃來滿足創作者的需求，無論是 Firefly Standard（在美國售價 10 美元）、Firefly Pro（每月 200 美元）還是 Firefly Premium（可無限存取視訊生成）。對於創意專業人士，我們一直在穩步增加，我們在他們熟悉、喜愛和每天使用的工具、桌面工具中直接添加了越來越多的這些功能。他們從中獲得的價值是巨大的。我們談到了迄今為止我們已經跨越了數十億代的事實。

And as a result, we've been able to introduce the Creative Cloud Pro Plan, which is a higher price plan, but it has a lot more value integrated into the ecosystem of the desktop applications, but it also comes with the Firefly application as well. And then in the context of enterprises, we're seeing a huge growth of Firefly services and Jen Studio for automation of that content. And that really fits into what we've been talking about is our monetization architecture of PxQ+V, right, where quantity growth comes from the business pro and consumer. We talked about how Acrobat and Express is seeing strong MAU growth to 25% year over year crossing $700 million. Quantity also comes from the Firefly app.

因此，我們推出了 Creative Cloud Pro Plan，這是一個價格更高的計劃，但它在桌面應用程式生態系統中整合了更多價值，同時它也附帶了 Firefly 應用程式。然後在企業環境中，我們看到 Firefly 服務和 Jen Studio 在內容自動化方面取得了巨大的成長。這確實符合我們一直在談論的 PxQ+V 貨幣化架構，其中數量成長來自商業專業人士和消費者。我們討論了 Acrobat 和 Express 如何實現強勁的 MAU 成長，年成長 25%，達到 7 億美元。數量也來自 Firefly 應用程式。

We talked about traffic being up 30% quarter over quarter. We talked about 2x subs growth there, 30% growth in terms of new users to Adobe quarter over quarter for Firefly. In terms of the pricing part of that equation, we talked about the increased value that we have in Creative Cloud Pro. That gives us some opportunity to match the value we're providing with the pricing. And then in terms of the value is around Firefly services and GenStudio.

我們談到流量環比成長了 30%。我們談到了那裡的訂閱用戶成長了 2 倍，Firefly 的 Adob​​e 新用戶數量較上季成長了 30%。就該等式的定價部分而言，我們討論了 Creative Cloud Pro 所具有的增加的價值。這給了我們一些機會來將我們提供的價值與定價相匹配。然後就價值而言，圍繞 Firefly 服務和 GenStudio。

So that's really the growth algorithm. The thing to note is that as we go down this path, some of this will take some time to play out because we have for the quantity side, we have premium and lower-priced offers. But we're starting to see the early signs of that. And if you do the math and maybe turn it over to Dan, if you do the math, our core creative business, subscription revenue has been accelerating over the past few quarters.

這確實是成長演算法。需要注意的是，當我們沿著這條道路前進時，其中一些將需要一些時間才能實現，因為在數量方面，我們有優質和低價的報價。但我們開始看到這種現象的早期跡象。如果你算一下，或者把它交給丹，如果你算一下，我們的核心創意業務，訂閱收入在過去幾個季度一直在加速成長。

Yeah. And just to build on that, David. If you take a look at the supplemental disclosure that we provided between the subscription revenue for creative and marketing professionals, the subscription revenue for DX, you can pretty quickly derive what the subscription revenue is for the Creative Pro audience that we serve. And I think what you'll see is in the current quarter at growing 10.1% year over year, which is up from 10% in Q1. And when you think about the acceleration over the last 4 or 5 quarters, in the year ago period, that same 10.1% would have been about 7.9%. So just over 2% acceleration over the last four quarters. So we feel good about the way the strategy is unfolding and our ability to execute against that growth strategy.

是的。只是為了在此基礎上再接再厲，大衛。如果您查看我們在創意和行銷專業人士的訂閱收入、DX 的訂閱收入之間提供的補充揭露，您很快就可以得出我們所服務的 Creative Pro 受眾的訂閱收入是多少。我認為您會看到本季同比增長 10.1%，高於第一季的 10%。如果你考慮過去 4 或 5 個季度的加速，那麼與去年同期相比，同樣的 10.1% 應該會達到 7.9% 左右。因此，過去四個季度的成長速度略高於 2%。因此，我們對該策略的實施方式以及執行該成長策略的能力感到滿意。

Kirk, to your other question about how this rolls out, just to be clear, it's all this happens on renewal. And so the good news is it's all ahead of us in terms of where that happens and we'll roll it out in enterprise will roll it out in regions. And so the good news is that the initial feedback has been good, but it's early as it relates to the rollout. So that just speaks to the organic trend.

柯克，關於你關於此事如何進行的另一個問題，需要明確的是，這一切都是在續約時發生的。因此，好消息是，就實現這一目標而言，一切都已準備就緒，我們將在企業中推廣它，並在各個地區推廣它。因此，好消息是，初步回饋良好，但距離推出還為時過早。這只是說明了有機趨勢。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

I wanted to ask about how you're thinking about overall Gen AI usage versus monetization. In the quarter, it looked like you saw another quarter of about $4 billion Firefly generations, which is a huge number, but I think that's been pretty consistent with what you've seen in the last two quarters. So two questions. Are you pleased with that level? Are there things that you're doing to increase the generations of that?

我想問一下，您如何看待 Gen AI 的整體使用和貨幣化。在本季度，似乎又看到了價值約 40 億美元的 Firefly 代，這是一個巨大的數字，但我認為這與過去兩個季度所看到的情況非常一致。所以有兩個問題。您對這個水平滿意嗎？你們正在採取什麼措施來增加這一代的人數？

And then of that $4 billion, like how far through the monetization are you? I mean it seems like you're seeing a lot of good success in terms of new users to the Firefly stand-alone apps and on track on some of the stand-alone AI targets for the year. So just help us think through the monetization and kind of that usage incentivization dynamics here.

那麼，對於這 40 億美元，你們的貨幣化進展到了哪一步呢？我的意思是，就 Firefly 獨立應用程式的新用戶而言，您似乎看到了巨大的成功，今年的一些獨立 AI 目標也進展順利。所以請幫助我們思考這裡的貨幣化和使用激勵動態。

Yeah, Tyler, I think underlying the numbers, there's been a fair amount of re-architecture to make sure that AI is really driving it. I mean, even at the financial analyst meeting, we talked about the AI influence revenue and the AI direct revenue. The AI influence revenue is already in the billions because that speaks to the value that people are getting across both our DX products, Acrobat products as well as the creative products. So across the board, there's no question that AI is being a nice tailwind as it relates to adoption. And we also said we're tracking ahead of the $250 million.

是的，泰勒，我認為在這些數字背後，已經進行了相當多的重新架構，以確保人工智慧真正推動它。我的意思是，即使在財務分析師會議上，我們也討論了人工智慧影響收入和人工智慧直接收入。AI 影響力收入已達數十億美元，因為這反映了人們從我們的 DX 產品、Acrobat 產品以及創意產品中獲得的價值。因此，從整體來看，毫無疑問，人工智慧在應用方面是一個良好的順風。我們也表示，我們正在追蹤 2.5 億美元的目標。

the immense opportunity is all ahead of us. And as we get this entire offering that we keep talking about, which is Acrobat Express Firefly single app, Creative Cloud Pro, which includes Firefly, GenStudio and the AEP and apps each one of them, we think, has a tremendous opportunity ahead of us. So it's very early in terms of the AI monetization, but we're very advanced in terms of how much innovation we've delivered. And so it feels really good right now.

巨大的機會就在我們面前。當我們獲得我們一直在談論的整個產品時，即 Acrobat Express Firefly 單一應用程式、Creative Cloud Pro（包括 Firefly、GenStudio 和 AEP 以及應用程式），我們認為，它們每個都為我們帶來了巨大的機會。因此，就人工智慧貨幣化而言，我們處於非常早期的階段，但就我們所提供的創新數量而言，我們已經非常先進。所以現在感覺真的很好。

Alex Zukin, Wolf Research.

沃爾夫研究公司的亞歷克斯祖金 (Alex Zukin)。

Maybe just one two-part question for me, and that's on the topic of competition. It looks -- at least by our math, it looks like Express is now at 50 million MAU. So maybe just comment on the competitive environment that you're seeing down market with some of the disruptors. And then with respect to outside of your traditional competitive environment, maybe just coopetition with vendors like meta where -- at least it's a little harder for some investors to understand given their increasing usage of AI to automate kind of ad creation campaign optimization. To what extent has that overlap versus partner with some of the Gen studio offerings? I think it would be helpful to just go into that a little bit.

對我來說可能只有一個由兩個部分組成的問題，那就是關於競爭的話題。看起來——至少根據我們的計算，Express 目前的 MAU 為 5000 萬。因此，也許您只是評論一下您所看到的市場低迷和一些幹擾因素造成的競爭環境。然後，對於傳統競爭環境之外的情況，也許只是與元等供應商的合作競爭——至少對於一些投資者來說，這有點難以理解，因為他們越來越多地使用人工智慧來自動化廣告創作活動優化。這種重疊程度與 Gen 工作室提供的一些產品相比如何？我認為稍微探討一下這一點會很有幫助。

Great. Yeah. Maybe I'll start, and I'll hand it over to Shantanu and Anil to address the second part. When it comes to the growth of the -- of our new web and mobile offerings, if you look at everything we've been doing with Express, everything we've been doing with the launch of Photoshop on mobile. Of course, Firefly is on web, and we've said that it's coming to mobile soon as well.

偉大的。是的。也許我會開始，然後我會把它交給 Shantanu 和 Anil 來處理第二部分。談到我們新的網路和行動產品的成長，如果你看一下我們在 Express 上所做的一切，以及我們在行動裝置上推出 Photoshop 所做的一切。當然，Firefly 已經在網路上推出，而且我們說過它很快也會登陸行動端。

We have a light room, of course, also being a very significant part of that. What we've been doing over the last few years is taking that data-driven operating model that we've been -- that we've perfected in terms of the web journeys, and really reallocating it all of the -- a significant part of what we've learned there from top of funnel generation to performance marketing to conversion and retention to virality, that entire ecosystem has been flowing very well.

當然，我們有一個燈光室，這也是其中非常重要的一部分。過去幾年來，我們一直在做的就是採用我們已經完善的數據驅動運營模式，並將其全部重新分配——從漏斗頂部生成到績效營銷、轉換和保留到病毒式傳播，我們學到的大部分知識，整個生態系統一直運作良好。

A lot of that we learned with what we were doing with Acrobat and now we're applying it to the other areas. The other thing that has been playing in our benefit, especially with something like Express is the fact that we're part of a broader ecosystem. One of the things that has been most exciting to see is that express adoption within businesses.

我們在使用 Acrobat 的過程中學到了很多東西，現在我們將其應用到其他領域。對我們有利的另一件事，特別是對於 Express 這樣的產品來說，就是我們是更廣泛的生態系統的一部分。最令人興奮的事情之一是看到企業內部的明確採用。

We talked about how 8,000 we onboarded into 8,000 new businesses in the quarter with Express. We mentioned a number of really great logos, obviously, with Intuit and Cisco and the NFL and Premier League entering these things. And what's really great about that is it's really part of an enterprise-wide content supply chain sale, where Express is integrated with AEM. Express is integrated with Workfront, and it's a way of taking all the work that we're doing on the DX side of the business and empowering more people to participate in that and create content that's on brand.

我們談到了本季我們如何透過 Express 吸收 8,000 名新企業加入。我們提到了許多非常棒的標誌，顯然，Intuit、Cisco、NFL 和英超聯賽都參與其中。它的真正偉大之處在於它實際上是企業範圍內容供應鏈銷售的一部分，其中 Express 與 AEM 整合在一起。Express 與 Workfront 集成，它可以將我們在業務的 DX 方面所做的所有工作結合起來，讓更多的人參與其中並創建品牌內容。

I think the two things that I'd just maybe add to that is, first, as it relates to even, I think what you're calling the low end when you consider the business professionals and consumers, the amount of MAU that we have is very significant. So I just wanted to make sure that you understand that because they also use a lot of the products that are perhaps referred to within the creative professional. But I think to your other point, as it relates to the amount of content that's being created for digital advertising and the third-party support. We've already announced a whole bunch of third-party support. You're going to see a whole bunch more announced.

我認為我可能要補充的兩點是，首先，就其涉及的範圍而言，當你考慮到商業專業人士和消費者時，我認為你所說的低端，我們的 MAU 數量是非常可觀的。所以我只是想確保你理解這一點，因為他們也使用了很多可能在創意專業領域中提到的產品。但我認為您的另一點與為數位廣告和第三方支援創建的內容量有關。我們已經宣布了大量第三方支援。您會看到更多公告。

And every sort of advertising platform, if that's what I can call it, once the Adobe partnership as it relates to Gen Studio for performance marketing. I think initially, you'll probably see SMEs go with perhaps a more proprietary channel. But I think across each one of these channels, we're going to be the one company that people look at to make sure that in a seamless collaboration they can post whether it's to Microsoft, whether it's through Google, whether it's to Snap, ticktock, Meta, you name all of them, Amazon, as all of these come online, they will be using our GenStudio for performance marketing. But I'll have Anil also talk about some of the other things. And hopefully, you'll track what we are doing at can as well.

一旦 Adob​​e 與 Gen Studio 建立合作夥伴關係，各種廣告平台（如果我可以這麼稱呼它）都可以用於績效行銷。我認為最初你可能會看到中小企業採用更專有的管道。但我認為，在每個管道上，我們都將成為人們關注的公司，以確保透過無縫協作，他們可以發佈內容，無論是發佈到微軟、Google、Snap、ticktock、Meta，還有亞馬遜，當所有這些平台上線時，他們都會使用我們的 GenStudio 進行績效行銷。但我也會讓阿尼爾談論一些其他的事情。並希望您也能專注於我們在 can 上所做的事情。

Thanks, Shantanu. Yeah, Shantanu mentioned, in terms of the ad platforms, obviously, their primary goal is to grow the ad revenue. The best way to do that is to make sure that the creative is optimized and the ROI from the advertisers' perspective, is clear to the advertisers, which is where our marketing stack and everything that we're doing around GenStudio for performance marketing, comes together really well. And so we already announced at Summit, including Meta and a number of others, including Google and so on, and next week, it Can, we'll be announcing all the other major platforms as well.

謝謝，Shantanu。是的，Shantanu 提到，就廣告平台而言，顯然他們的主要目標是增加廣告收入。做到這一點的最佳方法是確保創意得到優化，並且從廣告商的角度來看，投資回報率對廣告商來說是清晰的，這就是我們的行銷堆疊以及我們圍繞 GenStudio 為績效行銷所做的一切能夠完美結合的地方。因此，我們已經在峰會上宣布了包括 Meta 和其他一些平台（包括Google等）在內的消息，下週，我們還將宣布所有其他主要平台。

Would love to join you guys in Can. But thanks for answering the question, guys.

很想加入你們在加拿大的行列。但還是感謝你們回答這個問題。

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

Congratulations on the solid quarter. Dan, just two clarification questions on the guidance for the year. You guys talked about the changes in the all ads Creative Cloud pricing already being reflected in guidance. Through the first time this is -- an example, if you guys stratifying that pricing, and there's an ability for people to sort of upsell or to the Pro or sort of get a lower price addition with the standard. How do you guys think about that mix? Any guidance you could give us on sort of your assumptions on where customers go, number one. And number two, any change in the FX assumptions on the revenue side of the equation for the guide for the full year?

恭喜本季業績穩健。丹，關於今年的指導，我只想澄清兩個問題。你們談到了所有廣告 Creative Cloud 定價的變化已經反映在指導中。第一次，這是一個例子，如果你們對定價進行分層，人們就有能力進行追加銷售或購買專業版，或以較低的價格購買標準版。你們覺得這個組合怎麼樣？首先，您能否就您對顧客去向的假設提供給我們一些指引？第二，全年指引中收入方面的外匯假設有任何變化嗎？

Yeah. Keith, maybe I'll start off by saying that. I mean I think as it relates to a creative professional, we want CC Pro to be the sweet spot for where the majority of users will go. It's not dissimilar to what we've done where let's get more Firefly app adoption. Let's get more adoption of the AI features within the desktop application and move them to CC Pro being the best product as they also experience what we are doing with ideation and multiple products.

是的。基思，也許我應該先這麼說。我的意思是，我認為就創意專業人士而言，我們希望 CC Pro 成為大多數用戶的最佳選擇。這與我們所做的讓更多人採用 Firefly 應用程式的做法並無不同。讓我們在桌面應用程式中更多地採用 AI 功能，並將它們轉移到 CC Pro 作為最佳產品，因為它們還可以體驗我們在構思和多種產品方面所做的事情。

So the goal there is clear. all of the AI and generative capability will increasingly be best available for our customers through the CC Pro application. On the other hand, that takes the while as it comes to renewal, if they have annual cycles. So that's the other thing that you have to think about and as we roll that out in different regions.

因此目標很明確。所有 AI 和生成能力將透過 CC Pro 應用程式逐漸為我們的客戶提供最佳服務。另一方面，如果採用年度週期，則更新需要一段時間。因此，這是您必須考慮的另一件事，並且我們將在不同地區推出這項服務。

But from our perspective, we want CC Pro and Firefly app to be the sweet spot of how this emerges. But we also believe that CC standard as well as Firefly single app will continue to be meaningful parts of the business and an on-ramp to the other. So hopefully, that answers your question on mix.

但從我們的角度來看，我們希望 CC Pro 和 Firefly 應用程式成為這一目標的最佳結合點。但我們也相信，CC 標準以及 Firefly 單一應用程式將繼續成為業務的重要組成部分，並成為其他業務的入口。希望這能回答您關於混合的問題。

And on the FX side of the question?

那麼外匯方面的問題呢？

Yeah. I think on the FX, I'll go and then certainly, we can add. I mean as you think about what we've done with our DME revenue, there are two things that are impacting the strength in the revenue. There's some FX. I mean, think of that as maybe one-third of where you're seeing the benefit.

是的。我認為在 FX 上我會繼續，然後我們當然可以添加。我的意思是，當你思考我們對 DME 收入的處理方式時，有兩件事正在影響收入的強度。有一些 FX。我的意思是，想像一下這可能只是你所看到的好處的三分之一。

The vast majority of the benefit is really happening as a result of how we're driving ARR and the revenue conversion for the business. So hopefully, that helps in terms of how you think about what role FX has played in our business. But the vast majority of the raise has to do with ARR performance as it relates to the revenue conversion of that into revenue.

絕大部分收益其實源自於我們如何推動 ARR 和業務收入轉換。所以希望這有助於您思考外匯在我們的業務中扮演的角色。但絕大部分的加薪都與 ARR 表現有關，因為它關係到 ARR 轉化為收入。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

Shan, you've used double-digit growth as your True North for growing the company. I think everyone's curious with AI, are you less or more bullish on that 10% True North that you've been talking through.

Shan，您已經將兩位數的成長視為公司發展的真正方向。我認為每個人都對人工智慧感到好奇，您對您所說的 10% 真北是更樂觀還是更不樂觀了。

Well, Brent, I mean, let's look at some of the facts. And maybe as we think about what's happened in this business, I think at the FA meeting, we tried to talk about, hey, while the growth on growth, and this is what you folks have been talking about for net new ARR has been relatively consistent. I mean, we have reaffirmed DME ARR for the quarter and that's at 11%. When you look at it also in the new model that we're providing by customer segments and you think about what's happening between the business, professional and consumer and what's happening on creative and marketing professionals, you saw, I think, the revenue growth was 15% and 10% or 11%, depending on whether you take as reported or constant currency.

好吧，布倫特，我的意思是，讓我們來看看一些事實。也許當我們思考這個行業發生了什麼事時，我想在 FA 會議上，我們試圖談論，嘿，雖然成長是持續的，但這就是你們一直在談論的淨新 ARR 相對一致。我的意思是，我們已經重申了本季的 DME ARR，即 11%。當您從我們根據客戶細分提供的新模型來觀察時，您會發現收入增長率分別為 15%、10% 或 11%，具體取決於您採用報告貨幣還是固定貨幣。

And I think Dan alluded to this, what has really been gratifying for us to see is when you look at the creative subscription revenue growth now that you have these additional disclosures, you will see relative to Q2 of 2024 versus 2023 and then you look at it as Q2 of 2025 versus 2024, it's also at 10% growth.

我認為丹提到了這一點，真正讓我們感到欣慰的是，當你看到現在有這些額外披露的創意訂閱收入增長時，你會看到相對於 2024 年第二季度與 2023 年相比，然後你將其視為 2025 年第二季度與 2024 年相比，它也增長了 10%。

So what we've been talking about, which is we're retooling the business is happening. And so yes, the opportunity is there. We want to make sure that we invest in AI to enable more people to use the platform. And yes, that's really been the focus. And then on the other side, the business and consumer side, that's been growing around 15%.

所以我們一直在談論的是，我們正在重組業務。是的，機會就在那裡。我們希望確保對人工智慧的投資能讓更多人使用該平台。是的，這確實是重點。另一方面，商業和消費者方面，成長速度約為 15%。

So as I think about the growth initiatives, Brent, to answer your question. On the business professional and consumer, the things that you have to think about is AI and AI Assistant, first, with a single document with multiple documents, increasing the relevance and usage of Acrobat. I think as it relates to Express, if you look at it, Express stand-alone, the fact that in the post template era, AI will even further democratize the ability for people to take the story that they have in their head and make sure that, that's available. You're seeing the momentum in that business. But again, really there, the North Star is the combination of creativity and productivity driving growth for us.

因此，當我考慮增長計劃時，布倫特，回答你的問題。對於商業專業人士和消費者來說，他們需要考慮的事情是人工智慧和人工智慧助手，首先，用單一文檔處理多個文檔，增加 Acrobat 的相關性和使用率。我認為，就其與 Express 的關係而言，如果你單獨看一下 Express，你會發現在後模板時代，人工智慧將進一步使人們能夠將自己腦海中的故事民主化，並確保這些故事可用。您將看到該業務的發展勢頭。但實際上，北極星是創造力和生產力的結合，推動著我們的成長。

We never talk enough, I think, about the marketing and what kind of a strength that is. If you look at our marketing performance, we look at what others are also at this scale reporting, it's clear that we're growing our business faster than them. And the impact of the content and the marketing business we continue to be really bullish about it. And for those who sometimes say, wow, your seats are not growing and automation will take over, guess what? We're the leader in automation.

我認為，我們從未充分討論過行銷以及它的優勢。如果你看一下我們的行銷業績，看看其他人也以這種規模報告的情況，你會發現我們的業務成長速度比他們快。我們對於內容和行銷業務的影響仍然非常樂觀。對於那些有時會說“哇，你的座位數沒有增長，自動化將接管”的人來說，猜猜怎麼著？我們是自動化領域的領導者。

But we think it's really a combination of both of that, that also makes us really unique. I know the question that came up earlier, I'll just touch on that again. I do believe the fact that Firefly has been designed to be preserve intellectual attributes of people. That is going to become an increasingly important thing in the enterprise. Everybody is experimenting with it as it becomes mainstream, that's going to be.

但我們認為這其實是兩者的結合，這也使我們真正獨一無二。我知道之前出現的問題，我將再次談到這個問題。我確實相信 Firefly 的設計目的是為了保留人類的智力屬性。這在企業中將變得越來越重要。隨著它成為主流，每個人都在嘗試它，這是必然的。

So yes, Brent, the short answer is I'm more bullish about it. And I'm -- what I'm really pleased about is underlying 2025, how we've rearchitected the business to be this AI-driven growth.

是的，布倫特，簡短的回答是我對此更加樂觀。我真正感到高興的是，展望 2025 年，我們將如何重塑業務，實現人工智慧驅動的成長。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，格里芬證券。

Shantanu, since you alluded earlier to headcount. Maybe we can focus on the permanent part of your headcount, not just the summer interns. And there's some very interesting trends there with regard to where you're looking to add in terms of open positions. And in the last few months, including very recently, there are four specific areas where there's some prevalence of functions. And I'd like to ask you about those and go to market, number one.

Shantanu，由於您之前提到了人數。也許我們可以關注員工隊伍中的永久成員，而不僅僅是暑期實習生。就您希望增加的空缺職位而言，存在一些非常有趣的趨勢。在過去的幾個月裡，包括最近，有四個特定領域出現了一些功能的流行。我想問您關於這些以及市場方面的問題，這是第一點。

Number two, product management, number three, strategy; and number four, marketing, both across DME and DX. So maybe talk about some of the rationales or needs that you have internally with regard to where are you looking to add in those respects?

第二是產品管理，第三是策略，第四是行銷，這兩個面向都涵蓋 DME 和 DX。那麼也許您可以談論您內部的一些理由或需求，關於您希望在這些方面做出哪些補充？

Sure, Jay. I mean I think if Dan were answering that question, he would say, as you look at the Q1 versus -- Q2 versus Q1 expense you'll see that we're investing in the right areas. Given the innovation road map, being able to ensure that we -- in conjunction with the launches market the product, Express, we still need to get more awareness of it. The product is great. We really focused on going big in a few countries.

當然，傑伊。我的意思是，我認為如果丹回答這個問題，他會說，當你查看第一季與第二季與第一季的支出時，你會發現我們在正確的領域進行投資。鑑於創新路線圖，為了確保我們能夠與 Express 產品一起在市場上推出，我們仍然需要提高對它的認識。產品很棒。我們確實專注於在幾個國家做大做強。

We're seeing dramatic improvement as a result of that focus. So the marketing investment is clearly as a result of making sure that we invest a lot more to ensure that the launches that we have and the product road map that we have, the awareness is high. I think on product management, the sort of theme that David and Anil would probably talk about is PLG and how PLG is really helping it the refinements that people are making and the traditional were releasing products, Jay used to be that you design a product and then you'd release it. Now it's this ongoing iteration. And we measure every single morning.

由於這一關注，我們看到了顯著的改善。因此，行銷投資顯然是為了確保我們投入更多資金，以確保我們推出的產品和產品路線圖具有較高的知名度。我認為在產品管理方面，David 和 Anil 可能會談論的主題是 PLG，以及 PLG 如何真正幫助人們進行改進，而傳統的產品發布方式是 Jay 過去的做法是先設計一個產品，然後發布它。現在，這是一個持續不斷的迭代。我們每天早上都會​​進行測量。

And so I think the product management has to do a lot with are we investing in the right PLG motions to make sure that, that's happening. And then on strategy. I mean, again, I think AI will offer folks a lot more. We've talked about on data models, agents and interfaces, how we continue to be well positioned. And so I think on strategy, it's the interfaces and the agenetic stuff that we're focused on, we are.

因此，我認為產品管理與我們是否投資正確的 PLG 動議有很大關係，以確保這一點能夠實現。然後是策略。我的意思是，我認為人工智慧將為人們提供更多。我們已經討論了資料模型、代理和接口，以及我們如何繼續保持良好的定位。因此，我認為在策略上，我們關注的是介面和非遺傳的東西。

But again, I should also clarify at large, we're not really looking to grow our head count very dramatically. We are finding a lot more efficiency. People are using AI to be more efficient within the enterprise. So you're right about the focus areas but the real increase this quarter, I think, had to do more with interns. And we love hiring more in turns because it's a try before you buy both ways, right?

但再次強調，我還應該澄清一下，我們其實並不打算大幅增加員工人數。我們發現效率大大提高。人們正在使用人工智慧來提高企業內部的效率。所以你對重點領域的看法是正確的，但我認為本季的真正成長更多是與實習生有關。而且我們喜歡輪流僱用更多人，因為在購買之前雙方都可以先嘗試一下，對嗎？

And the fact there was such an attractive place people to come. I am really excited about the number of people who want to come to Adobe on that side.

事實上，這裡是一個如此吸引人的地方，吸引人們前來。我對有這麼多人想加入 Adob​​e 感到非常興奮。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

Shantanu and team, Goldman Sachs loves your shares, your love for interns. Our interns also just started. So the question for your business is, clearly, there's a lot of innovation happening in AI. And when you look at the targets for AI, you've got the $125 million book of business projected to go to $250 million, is there any evidence at all that you can point to with your DDOM or maybe other sources that the push towards AI, be it through Firefly or GenStudio is actually visibly tangibly quantifiably moving the pace of creative adoption and driving business to a larger degree than was possible without AI. So in other words, you have an AI bucket of revenue, which is what it is and the core.

Shantanu 和團隊，高盛喜歡你們的股份，喜歡你們對實習生的熱愛。我們的實習生也剛開始工作。所以對於您的企業來說，問題顯然是，人工智慧領域正在發生大量創新。當您查看 AI 的目標時，您預計業務額將從 1.25 億美元增至 2.5 億美元，您是否可以通過 DDOM 或其他來源證明，推動 AI 的發展（無論是通過 Firefly 還是 GenStudio）實際上都在明顯、有形地、量化地加快創意採用的步伐，並在更大程度上推動業務發展（這是沒有 AI 時不可能實現的）。換句話說，你有一個 AI 收入桶，這就是它的本質和核心。

Any evidence to suggest that the core is tangibly being energized and is poised for some growth curve ahead. It's easy to extrapolate the 10%, 11% like Brent was talking about, right? But where could we be wrong in not seeing that change of that curve and the adoption that you might be seeing and may not be manifest in financial metrics, but maybe you see things under the hood that give you the conviction that we're at the beginning of that curve of adoption that could lead the company to a phase of growth that we kind of saw in the 2014 '18 time frame when people strongly extrapolated the flattish trends in the on-prem business and then the cloud really just took up, right? Is there any evidence?

任何證據表明核心正在切實地被激發，並準備好迎接未來的成長曲線。很容易推斷布倫特所說的 10%、11%，對吧？但是，我們哪裡做錯了，沒有看到曲線的變化和您可能看到的採用情況，這些變化可能不會體現在財務指標中，但也許您看到了一些內在的東西，讓您確信我們正處於採用曲線的開始階段，這可能會使公司進入一個增長階段，就像我們在 2014 年和 2018 年期間看到的那樣，當時人們對內部部署業務的強烈趨勢，然後計算有證據嗎？

Yeah, Kash. I think what I would point to is maybe three things from the DDOM as you referred to it. On First, the new book of business. If you build a new book of business that's going from $0 to $250 million, I think most people would say, that's pretty phenomenal because these are products, whether it's Acrobat AI Assistant, the new Firefly app, Firefly services, which is -- continues to rock frankly and GenStudio for performance marketing. Those are pretty good.

是的，卡什。我想我要指出的可能是您提到的 DDOM 中的三件事。首先，這是一本新的商業書。如果你建立了一個從 0 美元到 2.5 億美元的新業務賬簿，我想大多數人都會說，這是非常了不起的，因為這些都是產品，無論是 Acrobat AI Assistant、新的 Firefly 應用程式、Firefly 服務，坦白說，它繼續震撼人心，還有用於績效行銷的 GenStudio。這些都非常好。

So that -- on one vector, you look at it and say, we're driving new businesses, and the scale is good. Clearly, at our scale, the bigger metric that we track is in DX, let's talk about DX. And in DX, how much of this technology that we have been delivering is being adopted. What is the scale at which we're driving, whether it's campaigns, whether it's engagement through e-mail or SMS, the amount of transactions that are going through AEP and apps. And all of that is because the agility of marketing and the ability to personalize these experiences with customers is dramatically increasing.

因此，從一個角度來看，你可以說，我們正在推動新業務，而且規模很好。顯然，在我們的規模上，我們追蹤的更大指標是 DX，讓我們來談談 DX。在 DX 中，我們所提供的技術有多少被採用了。我們推動的規模是多少，無論是活動，還是透過電子郵件或簡訊進行的互動，透過 AEP 和應用程式進行的交易量是多少。所有這些都是因為行銷的靈活性和為客戶提供個人化體驗的能力正在急劇提高。

So that's one underlying trend that we clearly see and the demand for that is only increasing and not decreasing. And I think in David's business, whether it's in Acrobat or whether it's in the creative products, it's generations, which means our people using AI to be more productive. And the output, I think last quarter, we had talked about, hey, even Express, it's gone over 1 billion exports.

這是我們清楚看到的潛在趨勢，對它的需求只會增加，不會減少。我認為在 David 的業務中，無論是 Acrobat 還是創意產品，都是世代相傳的，這意味著我們的員工使用人工智慧來提高工作效率。至於產量，我想上個季度我們已經討論過了，嘿，即使是 Express，出口額也已經超過了 10 億美元。

So those are sort of the two underlying that, as we have always said, is sort of this influence revenue, but the influence revenue and the underlying usage point to the fact that adoption is good. So hopefully, that gives you some insight into how we're looking at it, which is the core products that we have that are driving this $20 billion are we making sure that usage and retention and adoption of the new features implies that people are seeing value in it.

因此，正如我們一直所說，這兩種基礎都是一種影響收入，但影響收入和基礎用途都表明採用是好的。所以希望這能讓您了解我們如何看待它，即我們擁有的推動這 200 億美元的核心產品，我們是否確保新功能的使用、保留和採用意味著人們看到了它的價值。

And then on the new ones, hey, are we building these new businesses that allow us to create new offerings like CC Pro, like Acrobat with AI Assistant and Acrobat and AI Assistant in Express. And I think those are sort of some of the underlying trends that we see. The ultimate tier, which is this is the new AI tiers or prime tiers within the enterprise. So those are some of the underlying early indicators to your point and MOU. And MOU just means that, hey, this freemium model is attracting a new set of customers that allows us to feel confident about go-forward prospects for the company.

然後在新的業務上，嘿，我們正在建立這些新業務，使我們能夠創建新的產品，如 CC Pro，例如帶有 AI Assistant 的 Acrobat 以及 Express 中的 Acrobat 和 AI Assistant。我認為這些是我們看到的一些潛在趨勢。最終層級，即企業內的新 AI 層級或主要層級。這些就是您的觀點和諒解備忘錄的一些潛在早期指標。而 MOU 只是意味著，嘿，這種免費增值模式正在吸引一群新客戶，這讓我們對公司的未來前景充滿信心。

But since that's the last question, and I think we're out of time, maybe I'll just sort of summarize. We're really pleased with the first half performance. The fact that we continue to drive both top line and bottom line is something that's meaningful to us. And we're focused on driving continued success for this in the second half and beyond. And we look forward to sharing more at our next earnings call.

但因為這是最後一個問題，而且我認為我們已經沒有時間了，也許我只能做一點總結。我們對上半場的表現非常滿意。事實上，我們持續推動營收和利潤的成長，這對我們來說意義重大。我們致力於在下半年及以後繼續取得成功。我們期待在下次收益電話會議上分享更多資訊。

And with that, I'll turn it back over to Steve.

說完這些，我將把發言權交還給史蒂夫。

Okay. That ends the call. Thank you.

好的。通話就此結束。謝謝。

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

謝謝。今天的會議到此結束。我們非常感謝您的參與。祝您有個愉快的一天。