Adobe Inc (ADBE) 2025 Q3 法說會逐字稿

(video playing) Good day, and welcome to the Q3 FY25 Adobe earnings conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Doug Clark, Vice President, Investor Relations. Please go ahead.

（播放影片）大家好，歡迎參加 2025 財年第三季 Adob​​e 收益電話會議。今天的會議正在錄製中。現在，我想將會議交給投資者關係副總裁 Doug Clark。請繼續。

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

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

On this call, which is being recorded, we will discuss Adobe's third quarter fiscal year 2025 financial results. You can find our press release as well as PDF 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, September 11, and contains forward-looking statements that involve risks, uncertainty and assumptions.

在本次正在錄製的電話會議上，我們將討論 Adob​​e 2025 財年第三季的財務表現。您可以在 Adob​​e 投資者關係網站上找到我們的新聞稿以及我們準備好的評論和財務結果的 PDF。本次電話會議中討論的資訊（包括我們的財務目標和產品計劃）截至今天（9 月 11 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.

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。

Our reported results include GAAP growth rates and non-GAAP growth rates, including 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.

我們報告的結果包括 GAAP 成長率和非 GAAP 成長率，包括固定匯率。在本次示範中，除非另有說明，Adobe 的高階主管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, Doug. Good afternoon, everyone, and thank you for joining us. Adobe had another strong quarter and delivered bill digit top line growth and profitability. In Q3, we achieved record revenue of $5.99 billion, representing 10% year-over-year growth. GAAP earnings per share for the quarter was $4.18, and non-GAAP earnings per share was $5.31, representing 14% year-over-year growth.

謝謝，道格。大家下午好，感謝大家的參與。Adobe 又度過了一個強勁的季度，實現了數億美元的營業收入成長和獲利。第三季度，我們的營收達到創紀錄的 59.9 億美元，年增 10%。本季 GAAP 每股收益為 4.18 美元，非 GAAP 每股收益為 5.31 美元，較去年同期成長 14%。

AI represents a tectonic technology shift and presents the biggest opportunity for Adobe in decades. Our strategy to harness AI is focused on infusing it across our category-leading applications to provide more value and delivering innovative new AI-first products.

人工智慧代表著科技的巨大轉變，為 Adob​​e 帶來了幾十年來最大的機會。我們利用人工智慧的策略專注於將其融入我們領先的應用程式中，以提供更多價值並提供創新的人工智慧優先產品。

We've done a great job executing this strategy by accelerating innovation with a focus on offering greater value to creative and marketing professionals and business professionals and consumers. Creativity has always been core to the company's mission.

我們透過加速創新，專注於為創意和行銷專業人士、商業專業人士和消費者提供更大的價值，並出色地執行了這項策略。創造力始終是公司使命的核心。

We're infusing AI across our flagship creative cloud applications, including Photoshop, Illustrator, Premiere Pro and After Effects and delivering new offerings for next-generation creations with Adobe Firefly across web and mobile.

我們正在將人工智慧融入我們的旗艦創意雲端應用程序，包括 Photoshop、Illustrator、Premiere Pro 和 After Effects，並透過 Adob​​e Firefly 在網路和行動裝置上為下一代創作提供新產品。

We're delivering an end-to-end ideation to creation solution in the new Firefly application to make it a single destination for creators workflows. It includes our own first-party commercially safe models and lead third-party models. We are seeing strong adoption of the standalone Firefly subscription offering.

我們正在新的 Firefly 應用程式中提供端到端的構思到創作解決方案，使其成為創作者工作流程的單一目的地。其中包括我們自己的第一方商業安全模型和領先的第三方模型。我們看到獨立 Firefly 訂閱服務的普及度正在不斷提升。

We recently -- at Google Gemini Flash 2.5, alongside Google's Veo and imaging models roster of partner models from OpenAI, Black Forest Labs, Runway, Pika, Ideogram and others. In the rapidly evolving AI landscape, where each generative AI model has its own aesthetic style, we're offering customs choice and flexibility to use the right model with an Adobe applications without friction of switching between workflows and platforms.

我們最近在 Google Gemini Flash 2.5 中，與 Google 的 Veo 和成像模型一起，加入了來自 OpenAI、Black Forest Labs、Runway、Pika、Ideogram 等公司的合作夥伴模型。在快速發展的人工智慧領域，每個生成式人工智慧模型都有自己的美學風格，我們提供客製化選擇和靈活性，以便將正確的模型與 Adob​​e 應用程式一起使用，而無需在工作流程和平台之間切換。

AI is now deeply integrated across our flagship applications in Creative Cloud, giving creators everything they need to bring their creative visions to life all in one workflow. We're seeing strong adoption of the Creative Cloud Pro offering, which includes Firefly, reflecting the value professionals see in having AI integrated with power and precision creative tools.

人工智慧現在已深度整合到 Creative Cloud 中的旗艦應用程式中，為創作者提供在一個工作流程中實現其創意願景所需的一切。我們看到包括 Firefly 在內的 Creative Cloud Pro 產品得到了廣泛的採用，這反映了專業人士對將 AI 與強大而精確的創意工具相結合的價值的看法。

Simply put, Adobe is the operating system for creative work. Adobe combines creativity and marketing in the enterprise, offering the most differentiated solution to serve the growing needs of creative and marketing professionals.

簡單來說，Adobe 是用來創意工作的作業系統。Adobe 將企業中的創意與行銷結合，提供最具差異化的解決方案，滿足創意和行銷專業人士日益增長的需求。

Adobe GenStudio is the most comprehensive solution that brings together workflow and planning, creation and production, asset management, activation and delivery and reporting and insights to enable marketing automation with AI in the enterprise.

Adobe GenStudio 是最全面的解決方案，它整合了工作流程和規劃、創作和生產、資產管理、啟動和交付以及報告和洞察，從而實現企業利用 AI 進行行銷自動化。

Our Workfront, Frame, AEM assets, Firefly services and GenStudio for performance marketing products, which are key components of the integrated GenStudio solution now exceed $1 billion in ARR, growing over 25% year-over-year.

我們的 Workfront、Frame、AEM 資產、Firefly 服務和 GenStudio 績效行銷產品是整合 GenStudio 解決方案的關鍵組成部分，目前 ARR 已超過 10 億美元，年成長超過 25%。

Customers are leveraging the rich data and customer knowledge in Adobe Experience Platform to enable agentic workflows to scale the capabilities of Adobe's category-leading customer experience orchestration applications. We're seeing continued adoption and momentum for Adobe Experience Platform, AI Assistant, with 70% of eligible AEP customers leveraging this functionality.

客戶正在利用 Adob​​e Experience Platform 中豐富的數據和客戶知識，使代理工作流程能夠擴展 Adob​​e 領先的客戶體驗編排應用程式的功能。我們看到 Adob​​e Experience Platform 和 AI Assistant 的採用率和發展勢頭持續增強，70% 的合格 AEP 客戶都在利用此功能。

As AI transforms consumer behavior, it's reinventing marketing and customer experience. Brand discovery is shifting from primarily search to include generative engine optimization. AI becomes the new UI, guided by conversations rather than menu clicks.

隨著人工智慧改變消費者行為，它正在重塑行銷和客戶體驗。品牌發現正在從主要搜尋轉向包括生成引擎優化。人工智慧成為新的使用者介面，以對話而非選單點擊為指導。

Brands must deliver hyper personalized immersive experiences on owned channels to drive engagement and loyalty. In this new reality, Adobe uniquely offers an integrated customer experience platform that delivers automation, agility and scale.

品牌必須在自有管道上提供超個人化的沉浸式體驗，以提高參與度和忠誠度。在這個新現實中，Adobe 獨特地提供了一個整合的客戶體驗平台，可實現自動化、靈活性和規模化。

The explosion of content creation and automation in the enterprise and the beginning of new marketing needs, such as LLM optimization, and LLM advertising are a massive opportunity for Adobe. We're infusing AI into Adobe Experience Manager with our upcoming LLM Optimizer release, a powerful agentic app to improve brand visibility, drive acquisition, and maintain engagement with customers across LLM platforms.

企業內容創作和自動化的爆炸性增長以及新行銷需求（如 LLM 優化和 LLM 廣告）的出現對 Adob​​e 來說是一個巨大的機會。我們即將推出的 LLM Optimizer 版本將 AI 注入 Adob​​e Experience Manager，這是一款功能強大的代理應用程序，可提高品牌知名度、推動收購並保持與 LLM 平台上客戶的互動。

For business professionals and consumers, we're integrating creativity with productivity for billions of users with the recent launch of Acrobat Studio, which brings together Acrobat and Express. PDF has been the global standard for digital documents for over 30 years and continues to grow.

對於商務人士和消費者，我們最近推出了 Acrobat Studio，將 Acrobat 和 Express 融為一體，為數十億用戶提供創造力和生產力。30 多年來，PDF 一直是數位文件的全球標準，並且仍在不斷發展。

We're evolving Acrobat from a leading document productivity app to a first of its kind destination for people to get insights faster, create standout content and collaborate more seamlessly. The new Acrobat Studio includes PDF Spaces which transforms collections of PDFs, web pages and other files into dynamic knowledge hubs that help people work smarter and faster using AI Assistant to drive insights.

我們正在將 Acrobat 從一款領先的文件生產力應用程式發展成為首個可供人們更快地獲得見解、創建出色內容並更無縫協作的目的地。新的 Acrobat Studio 包含 PDF Spaces，它將 PDF、網頁和其他文件的集合轉換為動態知識中心，幫助人們使用 AI Assistant 更聰明、更快速地工作以獲得洞察力。

We're seeing steady growth across our family of Acrobat and Express products with combined monthly active users growing approximately 20% year-over-year. Adobe is the leader in the AI creative applications category.

我們看到 Acrobat 和 Express 產品系列正在穩定成長，每月活躍用戶總數較去年同期成長約 20%。Adobe是AI創意應用領域的領導者。

Our AI influenced ARR has now surpassed $5 billion, up from over $3.5 billion exiting fiscal year 2024, and we've already surpassed our full year AI-first ending ARR target. Given our customer-focused growth strategy, product innovation and strong market execution and the momentum in our business, we're pleased to once again raise our FY25 revenue and EPS targets.

我們的受 AI 影響的 ARR 現已超過 50 億美元，高於 2024 財年的 35 億美元，並且我們已經超過了全年 AI 優先的 ARR 目標。鑑於我們以客戶為中心的成長策略、產品創新和強大的市場執行力以及業務發展勢頭，我們很高興再次提高 25 財年的收入和每股收益目標。

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

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 Q3, Digital Media achieved revenue of $4.46 billion, which grew 11% year-over-year. We exited the quarter with $18.59 billion of Digital Media ARR, growing ending ARR 11.7% year-over-year.

謝謝，Shantanu。大家好。第三季度，數位媒體實現營收44.6億美元，年增11%。本季末，我們的數位媒體 ARR 達到 185.9 億美元，較去年同期成長 11.7%。

Our business professionals and consumers customer group had another strong quarter. The introduction of Acrobat AI Assistant brought a new conversational interface that enhances the experience of customers consuming PDFs. This unlocks increased comprehension across trillion of PDFs in the world.

我們的商業專業人士和消費者客戶群又度過了一個強勁的季度。Acrobat AI Assistant 的推出帶來了新的對話介面，增強了客戶使用 PDF 的體驗。這將增強對全球數兆份 PDF 的理解。

We continue to see accelerated use of AI Assistant desktop, web and mobile. Our vision is to harness the power of generative AI and conversational experiences to fundamentally reshape how knowledge is discovered, synthesized and shared.

我們繼續看到 AI Assistant 桌面、網路和行動裝置的使用加速。我們的願景是利用生成式人工智慧和對話體驗的力量從根本上重塑知識的發現、綜合和共享方式。

We're executing on our strategy to extend the role of PDF and Acrobat by delivering a cohesive experience that empowers individuals to effortlessly move from content consumption in Acrobat to content creation in Express. We've expanded our strategy with the introduction of PDF Spaces, a new foundation for content consumption and creation.

我們正在執行我們的策略，透過提供有凝聚力的體驗來擴展 PDF 和 Acrobat 的作用，使個人能夠毫不費力地從 Acrobat 中的內容消費轉移到 Express 中的內容創建。我們透過引入 PDF Spaces（內容消費和創作的新基礎）擴展了我們的策略。

PDF Spaces reimagines how people work with documents, transforming static files into dynamic collaborative knowledge hubs. Users can leverage PDF Spaces to organize documents and links, discover insights faster through conversational experiences, and enable editing and reaching of PDF content into new formats like e-mails and presentations.

PDF Spaces 重新構想了人們處理文件的方式，將靜態文件轉換為動態協作知識中心。使用者可以利用 PDF Spaces 來組織文件和鏈接，透過對話體驗更快地發現見解，並將 PDF 內容編輯和轉換為電子郵件和簡報等新格式。

I'm particularly excited that anyone can easily create agents to perform document tasks on their behalf. Customers can use PDF Spaces with team members for more impactful knowledge sharing and collaboration. The combination of PDF Spaces, AI Assistant and an integrated Express experience is available through Acrobat Studio, a new premium offer in our Acrobat light up.

我特別高興的是，任何人都可以輕鬆建立代理來代表他們執行文件任務。客戶可以與團隊成員一起使用 PDF Spaces 實現更有影響力的知識共享和協作。PDF Spaces、AI Assistant 和整合式 Express 體驗的組合可透過 Acrobat Studio 取得，Acrobat Studio 是我們 Acrobat 亮版中的一項新高級服務。

Early reception of Acrobat Studio has been strong with encouraging adoption and usage trends that highlight the significant customer demand and opportunity ahead. We're seeing rapid adoption of Adobe Express. In the enterprise, Express is helping organizations scale content creation while maintaining brand consistency and quality.

Acrobat Studio 的早期反應十分熱烈，採用和使用趨勢令人鼓舞，凸顯了未來龐大的客戶需求和機會。我們看到 Adob​​e Express 的採用正在迅速增加。在企業中，Express 協助組織擴大內容創作規模，同時維持品牌一致性和品質。

A great example is dentsu, which has made Express a core part of its global marketing strategy. Adobe's platform is being rolled out to all 68,000 employees worldwide and scaled across brands, including Carat, iProspect, dentsu X, Dentsu Creative, Tag and Merkle.

一個很好的例子就是電通，它已將 Express 作為其全球行銷策略的核心部分。Adobe 的平台正在向全球 68,000 名員工推廣，並擴展到 Carat、iProspect、dentsu X、Dentsu Creative、Tag 和 Merkle 等品牌。

By enabling creative teams to build content in Creative Cloud and share that content through Express within an overall GenStudio solution, dentsu ensures brand alignment across global teams while empowering marketers to create and remix their own content. This is driving measurable act at dentsu.

透過讓創意團隊在 Creative Cloud 中建立內容並透過 Express 在整體 GenStudio 解決方案中分享這些內容，dentsu 確保了全球團隊的品牌一致性，同時使行銷人員能夠創建和重新混合自己的內容。這是電通正在推動的一項可衡量的舉措。

Other business highlights include ending units of Acrobat AI Assistant grew more than 40% quarter-over-quarter, and AI system engagement with conversations and summarizations grew nearly 50% quarter-over-quarter.

其他業務亮點包括 Acrobat AI Assistant 的最終單位數環比增長超過 40%，AI 系統在對話和摘要方面的參與度環比增長近 50%。

Acrobat Mobile ending ARR grew more than 30% year-over-year. Over 14,000 organizations added Express in Q3 alone, a 4x increase in the quarter versus a year ago. Express usage within Acrobat nearly doubled quarter-over-quarter. New Express integrations in Q3 include LinkedIn, Miro and Premier League.

Acrobat Mobile 的期末 ARR 年成長超過 30%。光是第三季度，就有超過 14,000 個組織增加了 Express，與去年同期相比成長了 4 倍。Acrobat 中的 Express 使用量比上一季幾乎翻了一番。Express 第三季的新整合包括 LinkedIn、Miro 和 Premier League。

Over an 80% year-over-year increase in the number of students with access to Express Premium plans. We signed a partnership with the state of California to help prepare high school and college students across the California State University system for careers in AI by providing them with access to Express, Acrobat AI Assistant and Firefly.

參加 Express Premium 計畫的學生人數年增超過 80%。我們與加州簽署了合作協議，為加州州立大學系統的高中生和大學生提供 Express、Acrobat AI Assistant 和 Firefly，幫助他們做好從事人工智慧職業的準備。

Key customers include Allegis Group, DSV, FedEx, Intuit, KKR, Lloyds Bank, Lockheed Martin, Provincial Government of Ontario, the State Government of Virginia and Vivendi.

主要客戶包括 Allegis Group、DSV、FedEx、Intuit、KKR、勞埃德銀行、洛克希德馬丁、安大略省政府、維吉尼亞州政府和維旺迪。

Our Creative business had a strong quarter. Creativity has never been more important and we continue to lead by delivering the next generation of innovations to empower creative professionals and creators. As demand for content accelerates, our strategy is centered on making creativity more accessible, more intelligent and more impactful.

我們的創意業務本季表現強勁。創造力從未如此重要，我們將繼續引領潮流，提供下一代創新，為創意專業人士和創作者賦能。隨著對內容的需求不斷增長，我們的策略重點是讓創意更容易獲得、更聰明、更有影響力。

We are doing this by deeply integrating AI into our flagship applications, expanding creativity through new apps like Firefly and providing powerful automation to help customers scale their work. Together, these innovations are transforming how ideas move from inspiration to execution and helping our customers create with greater speed, efficiency and imagination.

我們透過將 AI 深度整合到我們的旗艦應用程式中、透過 Firefly 等新應用程式擴展創造力以及提供強大的自動化來幫助客戶擴展他們的工作來實現這一目標。這些創新共同改變了創意從靈感到執行的方式，並幫助我們的客戶以更快的速度、更高的效率和更強的想像力進行創造。

We are continuing to infuse AI into our flagship applications like Photoshop, Premiere Pro and Illustrator to help onboard new users more quickly and make existing users far more productive. Recent examples include the addition of a new Harmonize feature in Photoshop that blends composite objects with the image by automatically adjusting lighting, colors and shadows.

我們將繼續將 AI 融入我們的旗艦應用程序，如 Photoshop、Premiere Pro 和 Illustrator，以幫助新用戶更快加入，並提高現有用戶的工作效率。最近的例子包括在 Photoshop 中添加一個新的 Harmonize 功能，該功能透過自動調整光線、顏色和陰影將複合物件與影像融合。

Harmonize has quickly become one of the most used features in Photoshop. We released Project Turntable, a popular sneak from MAX last year, into Illustrator helps users rotate their 2D artwork to accurately visualize different angles, eliminating a frequent and time-consuming task.

Harmonize 很快就成為 Photoshop 中最常用的功能之一。我們去年在 MAX 中推出了 Project Turntable，它可以幫助用戶旋轉他們的 2D 藝術作品，以準確地呈現不同的角度，從而消除了頻繁且耗時的任務。

Innovations like these directly translate into measurable value for customers by cutting production times, enabling more content output, and raising the overall quality of creative work, and have driven strong migration to our new Creative Cloud Pro offer.

這些創新透過縮短生產時間、實現更多內容輸出和提高創意作品的整體質量，直接轉化為客戶可衡量的價值，並推動了我們新推出的 Creative Cloud Pro 產品的強勁遷移。

The Firefly app is a powerful yet accessible AI production studio that helps creators deliver original intent faster than ever before. In Q3, we added a slew of new capabilities, including avatar generation, sound effects generation and updates to the growing list of integrated generative models.

Firefly 應用程式是一款功能強大且易於存取的 AI 製作工作室，可協助創作者比以往更快實現原創意圖。在第三季度，我們增加了一系列新功能，包括頭像生成、音效生成以及不斷增長的集成生成模型列表的更新。

Firefly provides us to Adobe's commercially safe generative AI models alongside a growing list of leading third-party models, including Google's Imagen, Veo, and Gemini Flash 2.5, OpenAI's GPT image as well as Flux, Runway, Ideogram, Pika and Ray2 to name a few.

Firefly 為我們提供了 Adob​​e 的商業安全生成 AI 模型以及越來越多的領先第三方模型，其中包括 Google 的 Imagen、Veo 和 Gemini Flash 2.5、OpenAI 的 GPT 圖像以及 Flux、Runway、Ideogram、Pika 和 Ray2 等等。

This is enabling the Firefly app to be the go-to destination for content generation and editing for both creators using Adobe products for the first time as well as creative professionals who have been using Creative Cloud applications for years.

這使得 Firefly 應用程式成為首次使用 Adob​​e 產品的創作者以及多年來一直使用 Creative Cloud 應用程式的創意專業人士的內容生成和編輯的首選目的地。

We're delivering incredibly powerful automated content production capabilities through Firefly services to enterprises of all sizes and across all verticals. These agentic services leverage custom models to automate and personalize image, video and 3D content for marketing campaigns, ad creation and post-production video work, all while maintaining brand consistency.

我們透過 Firefly 服務為各種規模和各個垂直行業的企業提供極其強大的自動化內容製作功能。這些代理服務利用客製化模型來自動化和個人化圖像、影片和 3D 內容，用於行銷活動、廣告創作和後製影片工作，同時保持品牌一致性。

Additionally, we delivered a no-code interface that extends the power of Firefly services to studio and design teams. Firefly services are available through GenStudio as well as to individuals through Firefly app subscriptions.

此外，我們還提供了無程式碼介面，將 Firefly 服務的功能擴展到工作室和設計團隊。Firefly 服務可透過 GenStudio 取得，個人也可以透過 Firefly 應用程式訂閱取得。

Consumption of Firefly services and custom models grew 32% and 68% quarter-over-quarter, respectively. Other business highlights include continued new user acquisition of Creative Cloud with particular strength in emerging markets like India, which grew ending units 50% year-over-year.

Firefly 服務和客製化模型的消費量分別較上季成長 32% 和 68%。其他業務亮點包括 Creative Cloud 持續獲得新用戶，尤其在印度等新興市場表現強勁，最終用戶數量較去年同期成長 50%。

Millions of downloads of the Firefly app for mobile since launch. Firefly app MAU grew 30% quarter-over-quarter. Firefly App continues to attract next-gen creators, with first-time Adobe subscribers through the app growing 20% quarter-over-quarter.

Firefly 行動應用程式自推出以來下載量已達數百萬次。Firefly 應用的 MAU 較上季成長了 30%。Firefly App 繼續吸引下一代創作者，首次透過該應用程式訂閱 Adob​​e 的用戶數量環比增長 20%。

Generative AI consumption accelerated with 29 billion generations and video generations growing nearly 40% quarter-over-quarter. Key enterprise wins include Disney, FedEx, Home Depot, Meta, MetLife, Stagwell, Ulta and Volkswagen.

生成式人工智慧消費加速成長，已達 290 億代，影片產生量較上季成長近 40%。主要企業獲獎者包括迪士尼、聯邦快遞、家得寶、Meta、大都會人壽、Stagwell、Ulta 和大眾汽車。

We're excited to welcome our community at Adobe MAX next month. We will showcase incredible innovations that highlight amazing productivity features in our flagship creative cloud applications, breakthrough AI capabilities, leveraging Firefly and third-party models, new agentic experiences for commercial editing and significant strides in content production automation for enterprises.

我們很高興下個月在 Adob​​e MAX 歡迎我們的社區。我們將展示令人難以置信的創新，重點介紹我們旗艦創意雲端應用程式中驚人的生產力功能、突破性的人工智慧功能、利用 Firefly 和第三方模型、商業編輯的新代理體驗以及企業內容製作自動化的重大進步。

MAX is always an element of the community's activity and we look forward to share how Adobe MAX is transforming creative workflows and unlock new opportunities. I'll now turn it over to Anil.

MAX 始終是社區活動的一部分，我們期待分享 Adob​​e MAX 如何改變創意工作流程並開啟新的機會。現在我將把發言權交給阿尼爾。

Thanks, David, and hello, everyone. Digital Experience has a strong Q3, achieving revenue of $1.48 billion in the quarter. Subscription revenue in the quarter was $1.37 billion, representing 11% year-over-year growth, making us the largest subscription provider in our category.

謝謝，大衛，大家好。Digital Experience 第三季表現強勁，本季實現營收 14.8 億美元。本季訂閱收入為 13.7 億美元，年增 11%，使我們成為同類產品中最大的訂閱提供者。

Our success has been driven by having the most comprehensive solution for digital marketing and customer experience, enabling the world's largest brands to deliver personalized experiences at scale. AI is changing consumer behavior and transforming how businesses engage with consumers.

我們的成功源自於擁有最全面的數位行銷和客戶體驗解決方案，使世界上最大的品牌能夠大規模提供個人化體驗。人工智慧正在改變消費者行為並轉變企業與消費者的互動方式。

Our most recent Adobe Digital Index data based on online transactions across over 1 trillion visits to US retail sites, shows that LLM traffic grew 4,700% year-over-year in July 2025. The rapid changes in consumer behavior and expectations in the era of AI are forcing brands to reinvent marketing and customer experience.

我們最新的 Adob​​e 數位指數數據是根據對美國零售網站超過 1 兆次造訪的線上交易，顯示 2025 年 7 月 LLM 流量年增 4,700%。人工智慧時代消費者行為和期望的快速變化迫使品牌重塑行銷和客戶體驗。

Customer acquisition is being disrupted as brand discovery shifts from link-based search results to include LLMs. Brands need to win visibility through LLM by providing machine-readable content at real-time dates while strengthening their direct relationship with their consumers.

隨著品牌發現從基於連結的搜尋結果轉向包含 LLM，客戶獲取方式正在受到干擾。品牌需要透過 LLM 提供即時機器可讀的內容來贏得知名度，同時加強與消費者的直接關係。

With the rise of conversational interfaces, consumers increasingly expect that they can accomplish any interaction with the brand through a single interface. Hyper personalization and immersive experiences will attract consumers to own channels like websites and mobile apps, enabling brands to drive deeper cost engagement and loyalty.

隨著對話式介面的興起，消費者越來越期望能夠透過單一介面完成與品牌的任何互動。高度個人化和沈浸式體驗將吸引消費者使用網站和行動應用程式等自有管道，使品牌能夠推動更深層的成本參與和忠誠度。

Enterprises need an end-to-end integrated customer experience orchestration platform to achieve the scale, automation, agility, efficiency required in the era of AI. Adobe is uniquely positioned to help businesses orchestrate and deliver personalized customer experiences by fusing creativity, marketing and agentic AI.

企業需要一個端到端整合的客戶體驗編排平台來實現人工智慧時代所需的規模、自動化、敏捷性和效率。Adobe 擁有獨特的優勢，能夠透過整合創造力、行銷和代理 AI 來幫助企業協調和提供個人化的客戶體驗。

Our AI first and AI-infused solutions spanning GenStudio for content supply chain, AEP and apps for customer engagement and loyalty, and Adobe Experience Manager and LLM Optimizer for brand visibility and discovery enable us to power customer experience orchestration in the era of agentic AI.

我們的 AI 優先和 AI 融合解決方案涵蓋用於內容供應鏈的 GenStudio、用於客戶參與和忠誠度的 AEP 和應用程式以及用於品牌知名度和發現的 Adob​​e Experience Manager 和 LLM Optimizer，使我們能夠在代理 AI 時代為客戶體驗編排提供支援。

We are seeing accelerating adoption and usage of Adobe GenStudio, the most comprehensive content supply chain solution as enterprises drive content velocity with AI. New capabilities in Adobe GenStudio for performance marketing or accelerating video and display ad campaign creation.

隨著企業利用人工智慧推動內容速度，我們看到最全面的內容供應鏈解決方案 Adob​​e GenStudio 的採用和使用正在加速。Adobe GenStudio 中用於績效行銷或加速影片和展示廣告活動創建的新功能。

Marketers will be able to produce engaging short-form video ads using the commercially safe Firefly video model. We release capabilities for display ad campaigns, including on-generation with Firefly as well as offerings with Amazon Ads, Google Campaign Manager 360, LinkedIn and Meta to power seamless campaign workflows.

行銷人員將能夠使用商業上安全的 Firefly 視訊模型製作引人入勝的短影片廣告。我們發布了展示廣告活動的功能，包括與 Firefly 合作的生成功能以及與 Amazon Ads、Google Campaign Manager 360、LinkedIn 和 Meta 合作的功能，以支援無縫的活動工作流程。

We are innovating on our leading AEP marketing and customer experience platform with built-in agentic functionality, empowering much to deliver digital experiences with greater agility and efficiency. Our intelligent agents understand intent, reason and recommend actions to drive outcomes across content data and journeys.

我們正在對領先的 AEP 行銷和客戶體驗平台進行創新，內建代理功能，使人們能夠以更高的靈活性和效率提供數位體驗。我們的智慧代理人了解意圖、原因並推薦行動以推動內容數據和旅程的結果。

Purpose-built agents are embedded in our core apps and new AI-first applications, helping brands unlock greater efficiency and precision, automate workflows and personalized experiences at scale. We are the first phase of AEP Agent Orchestrator in Q3, empowering businesses to build, manage and orchestrate AI agent and Adobe and third parties. These capabilities power the Data Insights Agent and Product Support Agent, which are generally available now and add a growing portfolio of agents.

專用代理商嵌入我們的核心應用程式和新的 AI-first 應用程式中，幫助品牌實現更高的效率和精度，大規模實現工作流程自動化和個人化體驗。我們是第三季的 AEP Agent Orchestrator 的第一階段，支援企業建置、管理和協調 AI 代理以及 Adob​​e 和第三方。這些功能為數據洞察代理和產品支援代理提供支持，它們現已普遍可用，並增加了不斷增長的代理組合。

Our newest innovation is Adobe LLM Optimizer available in early access. As customers and prospects increasingly turn to generative AI search and assistance for brand discovery, LLM Optimizer help shape how brands show up in results, which is drive influence, visibility and qualified traffic.

我們最新的創新是 Adob​​e LLM Optimizer，現已推出早期版本。隨著客戶和潛在客戶越來越多地轉向生成式人工智慧搜尋和品牌發現輔助，LLM Optimizer 有助於塑造品牌在結果中的呈現方式，從而推動影響力、知名度和合格流量。

Other business highlights include strong demand for AEP and native apps, with Q3 subscription revenue growing over 40% year-over-year. Continued adoption and momentum or AEP AI Assistant with 70% of eligible AEP customers using AI Assistant.

其他業務亮點包括對 AEP 和原生應用的強勁需求，第三季訂閱營收年增超過 40%。AEP AI Assistant 的採用和發展勢頭持續，70% 的符合條件的 AEP 客戶正在使用 AI Assistant。

Expanded partnership announcements at Cannes, including Accenture, dentsu, IBM, Infosys, Omnicom and Publicis. Industry analyst recognition, including being named a leader in two Forrester Wave reports for core data platforms for B2B and digital and decisions as well as two IDC MarketScapes for worldwide AI-enabled marketing platforms for enterprise and midsized customers.

坎城擴大合作夥伴公告，包括埃森哲、電通、IBM、印孚瑟斯、宏盟和陽獅。產業分析師的認可，包括在兩份 Forrester Wave 報告中被評為 B2B 和數位與決策核心數據平台的領導者，以及在兩份 IDC MarketScapes 報告中被評為面向企業和中型客戶的全球 AI 行銷平台的領導者。

Strong 60% year-over-year growth in cross-cloud deals, demonstrating the value of the Adobe integrated platform including GenStudio. Over 40% of our top 50 enterprise accounts doubled their ARR spend since the start of FY23.

跨雲端交易年增 60%，彰顯了包括 GenStudio 在內的 Adob​​e 整合平台的價值。自 23 財年開始以來，我們前 50 名的企業帳戶中超過 40% 的 ARR 支出翻了一番。

And key global customer wins, including Amgen, Australia's Post, DICK's Sporting Goods, Disney, FedEx, Intuit, Lloyds Bank, Macy's, MetLife, Microsoft, Morgan Stanley, Qatar Airways and Stagwell. We are excited to showcase our latest innovations including AI-first apps and AI-infused products at MAX next month. These advancements further strengthen our position as the leader in customer experience orchestration in the era of agentic AI.

並贏得了包括安進、澳洲郵政、迪克體育用品、迪士尼、聯邦快遞、Intuit、勞埃德銀行、梅西百貨、大都會人壽、微軟、摩根士丹利、卡塔爾航空和 Stagwell 在內的主要全球客戶。我們很高興下個月在 MAX 上展示我們的最新創新，包括 AI 優先應用程式和 AI 融合產品。這些進步進一步鞏固了我們在代理人工智慧時代客戶體驗協調領域的領先地位。

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 Q3 fiscal 2025, highlighting growth drivers across our businesses, and I'll finish with our targets. In Q3, we exceeded our targets and once again delivered double-digit top line and EPS growth.

謝謝，阿尼爾。今天，我將首先總結 Adob​​e 在 2025 財年第三季的業績，重點介紹我們各個業務的成長動力，最後介紹我們的目標。在第三季度，我們超額完成了目標，再次實現了兩位數的營收和每股盈餘成長。

We're driving demand by infusing AI into our category-leading solutions as well as delivering new AI-first products across business professionals consumers, creative professionals and creators and marketing professionals.

我們透過將人工智慧融入我們領先的解決方案中，並向商業專業人士、消費者、創意專業人士、創作者和行銷專業人士提供新的人工智慧優先產品來推動需求。

Adobe achieved revenue of $5.99 billion, which represents 11% year-over-year growth as reported or 10% in constant currency. GAAP diluted earnings per share in Q3 was $4.18, and non-GAAP diluted earnings per share was $5.31, reflecting 11% and 14% year-over-year growth respectively.

Adobe 實現營收 59.9 億美元，以報告數字計算年增 11%，以固定匯率計算成長 10%。第三季 GAAP 稀釋每股收益為 4.18 美元，非 GAAP 稀釋每股收益為 5.31 美元，分別年增 11% 和 14%。

Adobe AI-influenced ARR surpassed $5 billion and we expect it to continue to rise as a percent of our business. Notably, ARR from our new AI-first products including Firefly, Acrobat AI Assistant and GenStudio for performance marketing has already achieved our end-of-year target of over $250 million.

Adobe 受 AI 影響的 ARR 已超過 50 億美元，我們預計其占我們業務的百分比將持續上升。值得注意的是，我們新的 AI-first 產品（包括 Firefly、Acrobat AI Assistant 和 GenStudio）的績效行銷 ARR 已經實現了我們年底超過 2.5 億美元的目標。

Third quarter business and financial highlights included Digital Media revenue of $4.46 billion. Digital Media ending ARR of $18.59 billion, growing 11.7% year-over-year. Digital Experience revenue of $1.48 billion. Cash flows from operates of $2.20 billion, which is a record for Q3.

第三季的業務和財務亮點包括 44.6 億美元的數位媒體收入。數位媒體期末 ARR 為 185.9 億美元，年增 11.7%。數位體驗收入為 14.8 億美元。經營活動現金流達到 22 億美元，創下第三季的最高紀錄。

And exiting the quarter, remaining performance obligations were $20.44 billion, growing 13% year-over-year or 12% in constant currency, and CRPO growing 10% as reported and in constant currency. In our Digital Media segment, we achieved 12% year-over-year revenue growth as reported or 11% in constant currency.

本季結束時，剩餘履約義務為 204.4 億美元，年成長 13% 或以固定匯率計算成長 12%，而 CRPO 則報告成長 10% 並以固定匯率計算。在我們的數位媒體部門，我們的報告收入年增 12%，以固定匯率計算成長 11%。

We exited the quarter with Digital Media ARR growing 11.7% year-over-year in constant currency by strong demand for higher-value AI-infused offerings include Creative Cloud Pro and Acrobat as well as AI-first products, including Firefly and Acrobat AI Assistant.

本季結束時，我們數位媒體 ARR 以固定匯率計算年增 11.7%，這得益於對高價值 AI 注入產品（包括 Creative Cloud Pro 和 Acrobat）以及 AI-first 產品（包括 Firefly 和 Acrobat AI Assistant）的強勁需求。

Within Digital Media, Q3 growth drivers for business professionals and consumers included the active users of Acrobat and Express, grew approximately 25% year-over-year, fueling our freemium growth strategy. Strong use monetization of our Acrobat offerings, including AI Assistant and our newly launched Acrobat Studio. A 4x increase in businesses adding Express in the quarter versus a year ago.

在數位媒體領域，第三季商業專業人士和消費者的成長動力包括 Acrobat 和 Express 的活躍用戶，年成長約 25%，推動了我們的免費增值成長策略。大力利用我們的 Acrobat 產品來實現盈利，包括 AI Assistant 和我們新推出的 Acrobat Studio。與去年同期相比，本季添加 Express 的企業數量增加了 4 倍。

Robust performance in the education sector, driven by access to Express, Acrobat AI Assistant and Firefly for students, faculty and staff. And strong ARR book of business across all routes to market and geographies.

教育領域表現強勁，得益於學生、教師和員工可以使用 Express、Acrobat AI Assistant 和 Firefly。在所有市場途徑和地區均擁有強大的 ARR 業務記錄。

Within Digital Media, Q3 growth drivers for creative professionals and creators included, increasing demand and usage of AI innovation in our flagship applications like Photoshop, Premiere Pro and Illustrator as part of our new Creative Cloud Pro offering.

在數位媒體領域，創意專業人士和創作者的第三季度成長動力包括，作為我們新推出的 Creative Cloud Pro 產品的一部分，我們的旗艦應用程式（如 Photoshop、Premiere Pro 和 Illustrator）對人工智慧創新的需求和使用不斷增加。

Strong new subscription adoption of the Firefly app by individuals and Firefly services by enterprises, support of Firefly and third-party models and creative cloud applications drove accelerating generative AI usage quarter-over-quarter and strong ARR book of business growth across all routes to market, and geographies.

個人用戶對 Firefly 應用程式的強勁訂閱採用以及企業對 Firefly 服務的強勁採用、對 Firefly 和第三方模型以及創意雲端應用程式的支援推動了生成性人工智慧使用量的環比加速以及所有市場途徑和地區的強勁 ARR 業務成長。

Turning to our Digital Experience segment. In Q3, we achieved revenue of $1.48 billion, which represents 9% year-over-year growth as reported and in constant currency. Digital Experience subscription revenue was $1.37 billion, an 11% year-over-year as reported and in constant currency.

轉向我們的數位體驗部分。第三季度，我們的營收達到 14.8 億美元，以報告和固定匯率計算，年增 9%。數位體驗訂閱收入為 13.7 億美元，以固定匯率計算年增 11%。

Within Digital Experience, Q3 growth drivers for marketing professionals included AEP and apps ending ARR growing greater than 40% year-over-year as enterprises focus on delivering personalization at scale for customer engagement.

在數位體驗領域，由於企業專注於大規模提供個人化服務以吸引客戶，行銷專業人員第三季的成長動力包括 AEP 和應用程式結束 ARR 年成長超過 40%。

Strong adoption of AEM, including sites optimizer as marketers increase relevancy of their owned websites across both search and LLM platforms. Increasing demand for GenStudio, our comprehensive content supply chain solution, as enterprises drive content velocity and AI automation.

大力採用 AEM，包括網站優化器，因為行銷人員在搜尋和 LLM 平台上提高了其所擁有的網站的相關性。隨著企業推動內容速度和人工智慧自動化，我們全面的內容供應鏈解決方案 GenStudio 的需求也不斷增加。

Continued strength in customer retention and expansion, and strong execution in deals over $1 million across key verticals and geographies. Our growth strategy is focused on serving the diverse needs of our enacts both business professionals and consumers and creative and marketing professionals.

在客戶保留和擴展方面繼續保持強勁勢頭，並在關鍵垂直行業和地區的 100 萬美元以上的交易中表現出色。我們的成長策略專注於滿足商業專業人士、消費者以及創意和行銷專業人士的多樣化需求。

As we previously outlined, our continued success will be driven by orienting our innovations, offerings, monetization models and go-to-market around our customer groups. For the business professionals and consumers group, subscription revenue was $1.65 billion, which represents 15% year-over-year growth as reported or 14% in constant currency.

正如我們之前所概述的，我們持續的成功將取決於圍繞我們的客戶群來調整我們的創新、產品、貨幣化模式和行銷策略。對於商業專業人士和消費者群體，訂閱收入為 16.5 億美元，年增 15%，或以固定匯率計算成長 14%。

For the creative and marketing professionals group, subscription revenue was $4.12 billion, which represents 11% year-over-year growth or 10% in constant currency. In the enterprise at the intersection of creativity and marketing, Adobe's integrated and AI-infused solutions are transforming the entire content supply chain to address digital content workflow and planning, creation and production, asset management, delivery and activation and reporting and insight. This massive market represents an opportunity to drive both creative seat and ARPU growth as well as demand for our content production and marketing automation solutions.

對於創意和行銷專業人士群體，訂閱收入為 41.2 億美元，年增 11%，或以固定匯率計算成長 10%。在創意與行銷交匯的企業中，Adobe 的整合和 AI 解決方案正在改變整個內容供應鏈，以解決數位內容工作流程和規劃、創建和製作、資產管理、交付和激活以及報告和洞察。這個巨大的市場代表著推動創意席位和 ARPU 成長以及對我們的內容製作和行銷自動化解決方案的需求的機會。

We are driving strong adoption of our automation solutions in the enterprise with GenStudio. Our Workfront, Frame, AEM assets, Firefly service and GenStudio for performance marketing products, which are key components of the integrated GenStudio solution now exceed $1 billion in ARR, growing over 25% year-over-year.

我們正在透過 GenStudio 推動我們的自動化解決方案在企業中的廣泛應用。我們的 Workfront、Frame、AEM 資產、Firefly 服務和 GenStudio 績效行銷產品是整合 GenStudio 解決方案的關鍵組成部分，目前 ARR 已超過 10 億美元，年成長超過 25%。

In the enterprise, we delivered over 60% year-over-year growth of One Adobe deals, reflecting cross cloud adoption and deepening strategic partnerships with our customers. In addition, historical subscription revenue for these customer groups is available in the Adobe Investor Relations data sheet under supplementary customer group data, dating back to FY23.

在企業領域，我們的 One Adob​​e 交易量年增超過 60%，這反映了跨雲的採用以及與客戶深化的策略合作夥伴關係。此外，這些客戶群的歷史訂閱收入可在 Adob​​e 投資者關係資料表的補充客戶群資料中找到，最早可追溯至 23 財年。

Turning to other financial disclosures. Adobe's effective tax rate in Q3 was 19.0% on a GAAP basis and 18.5% on a non-GAAP basis. Our cash flow from operations in the quarter was a Q3 record of $2.20 billion and ending cash and short-term investment position exiting Q3 was $5.94 billion.

轉向其他財務揭露。Adobe 第三季有效稅率（以 GAAP 計算）為 19.0%，以非 GAAP 計算為 18.5%。我們本季的經營現金流創下第三季的新高，達到 22 億美元，第三季末的現金和短期投資部位為 59.4 億美元。

In Q3, we entered into a share repurchase agreement totaling $2.50 billion, and we currently have $8.40 billion remaining of our $25 billion authorization granted in March 2024.

在第三季度，我們簽訂了總額為 25 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，目前剩餘 84 億美元。

Let me now turn to our financial targets, which assume current macroeconomic conditions. In Q4 FY25, we are targeting total Adobe revenue of $6.075 billion to $6.125 billion, Digital Media segment revenue of $4.53 billion to $4.56 billion, Digital Experience segment revenue of $1.495 billion to $1.515 billion, Digital Experience subscription revenue of $1.395 billion to $1.410 billion, GAAP Earnings per share of $4.27 to $4.32, and non-GAAP earnings per share of $5.35 to $5.40.

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。在 2025 財年第四季度，我們預計 Adob​​e 總營收將達到 60.75 億美元至 61.25 億美元，數位媒體部門營收將達到 45.3 億美元至 45.6 億美元，數位體驗部門營收將達到 14.95 億美元至 15.15 億美元，數位體驗部門營收將達到 14.95 億美元至 15.15 億美元，數位訂閱體驗每股收益將達到 4.27 美元至 4.32 美元，非 GAAP 每股收益將達到 5.35 美元至 5.40 美元。

For Q4, we expect non-GAAP operating margin of approximately 45.5% and a non-GAAP tax rate of approximately 18.5%. Based on our momentum, we are pleased to raise our Digital Media ending ARR growth target, and given our Q4 targets, we are raising the full year total revenue and GAAP and non-GAAP EPS targets.

對於第四季度，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%。基於我們的發展勢頭，我們很高興提高數位媒體期末 ARR 成長目標，並考慮到我們的第四季度目標，我們提高了全年總收入以及 GAAP 和非 GAAP EPS 目標。

For FY25, we are now targeting total Adobe revenue of $23.65 billion to $23.70 billion, Digital Media segment revenue of $17.56 billion to $17.59 billion, Digital Media ending ARR book of business growth of 11.3% year-over-year, Digital Experience segment revenue of $5.84 billion to $5.86 billion, Digital Experience subscription revenue of $5.39 billion to $5.41 billion, GAAP per share of $16.53 to $16.58, and non-GAAP earnings per share of $20.80 to $20.85.

對於 2025 財年，我們目前的目標是 Adob​​e 總收入達到 236.5 億美元至 237 億美元，數位媒體部門收入達到 175.6 億美元至 175.9 億美元，數位媒體期末 ARR 業務帳簿同比增長 11.3%，數位體驗部門收入達到 58.50 億美元至 58.5. 54.1 億美元，GAAP 每股盈餘達到 16.53 美元至 16.58 美元，非 GAAP 每股盈餘達到 20.80 美元至 20.85 美元。

In summary, Adobe's Q3 performance demonstrates strong execution in the AI-first world. Our focus on product leadership and customer-centric innovation positions us to deliver durable and profitable growth. We are excited to see customers adopt and utilize our comprehensive suite of differentiated AI-first and AI-infused solutions. Looking ahead, I'm confident that our investments and strategic focus will deliver long-term shareholder value.

總而言之，Adobe 第三季的業績展現了其在 AI 優先領域的強大執行力。我們專注於產品領先地位和以客戶為中心的創新，這使我們能夠實現持久且有利可圖的成長。我們很高興看到客戶採用並使用我們全面的差異化 AI-first 和 AI-infused 解決方案。展望未來，我相信我們的投資和策略重點將為股東帶來長期價值。

Shantanu, back to you.

Shantanu，回到你身邊。

Thanks, Dan. I'm extremely energized by my constant engagement with our world-class product teams and excited about our innovative roadmap to deliver Adobe magic to an ever-increasing number of customers. In my interactions with companies around the world, it's clear that they're investing in Adobe as their mission critical creative AI technology partner.

謝謝，丹。與我們世界一流的產品團隊的持續合作讓我充滿活力，並對我們為越來越多的客戶提供 Adob​​e 魔力的創新路線圖感到興奮。在我與世界各地公司的互動中，很明顯地他們正在投資 Adob​​e 作為其關鍵任務創意 AI 技術合作夥伴。

I look forward to seeing you at Adobe MAX, where we will showcase incredible innovations across creativity, marketing and AI and host an investor Q&A session. Thank you, and we will now take your questions.

我期待在 Adob​​e MAX 上見到您，我們將在那裡展示創造力、行銷和人工智慧領域的令人難以置信的創新，並舉辦投資者問答環節。謝謝，我們現在將回答您的問題。

Operator?

操作員？

(Operator Instructions) Keith Weiss, Morgan Stanley.

（操作員指示） 摩根士丹利的 Keith Weiss。

Excellent. Thank you guys for taking the question, and great to see the full year numbers going up in the right direction. Two questions for you, if I may. One, just on sort of the demo that you guys gave on that video at the beginning. Really, again, highlighting the Adobe Magic with kind of what you're doing with Nano Banana, and being able to manipulate images like that.

出色的。感謝你們回答這個問題，很高興看到全年數據朝著正確的方向上升。如果可以的話，我想問您兩個問題。首先，就像你們在影片開頭給出的示範一樣。確實，再次強調 Adob​​e Magic 以及您使用 Nano Banana 所做的事情，以及能夠像那樣處理圖像。

Can you help us understand like what part of that is to the fusion engine coming from Nano Banana? What part of that is the Adobe infrastructure underneath that, that enables that fine grain manipulation, just to give a better understanding of kind of what the value proposition Adobe is bringing to the equation? That's question number one.

您能幫助我們理解 Nano Banana 的融合引擎的哪些部分嗎？其中哪些部分是 Adob​​e 基礎架構，可以實現這種細粒度的操作，以便更好地理解 Adob​​e 為這個等式帶來的價值主張？這是第一個問題。

And question number two, a broader concern that I've heard from investors is really about advertising platforms like Google or Meta putting diffusion engines in their ad platforms directly. In trying to ascertain that risk, can you help us understand like what percentage of your customer base would be those single channel marketers for which that could actually be a risk to Adobe of losing those customers? Thank you very much.

第二個問題，我從投資者那裡聽到的一個更廣泛的擔憂是，像Google或 Meta 這樣的廣告平台會直接將擴散引擎放入他們的廣告平台中。在嘗試確定該風險時，您能否幫助我們了解您的客戶群中有多少比例是單通路行銷人員，而這實際上可能會讓 Adob​​e 面臨失去這些客戶的風險？非常感謝。

I'll start off, Keith, and then hand it to Shan and Anil for the second part. So yeah, we're very excited about the -- what we're doing with Google. And frankly, all the third-party model partners that we're having. Just if I kind of window back for a second. Just as a reminder, our strategy in terms of what we do in our Creative Cloud applications and in our Firefly applications is to really differentiate on two things. One is choice, and two is integrations.

我先開始，基思，然後把第二部分交給 Shan 和 Anil。是的，我們對與Google的合作感到非常興奮。坦白說，我們擁有所有第三方模型合作夥伴。如果我稍微回顧一下。提醒一下，我們在 Creative Cloud 應用程式和 Firefly 應用程式中所做的策略是在兩件事上真正區分。一是選擇，二是融合。

Regarding choice, we want to make sure that third-party models are available. You saw our announcement with Google and Nano Banana, OpenAI, Flux, Runway, Luma, Ideogram, the list continues to grow. And you call out the example of Nano Banana.

關於選擇，我們希望確保有第三方模型可用。您看到了我們與 Google、Nano Banana、OpenAI、Flux、Runway、Luma、Ideogram 合作發布的公告，名單還在增加。你舉了 Nano Banana 的例子。

We actually launched Nano Banana in the first -- on the day that it was released as part of the Firefly application, and now we're integrating it into Integrated Cloud Pro. So the core of the choice of whatever model has the most interesting thing for the thing you want to do, you know you can turn to Adobe, and it will be there.

實際上，我們在 Nano Banana 作為 Firefly 應用程式的一部分發布的當天就推出了它，現在我們將它整合到 Integrated Cloud Pro 中。因此，無論選擇哪種模型，其核心都是對您想要做的事情最有趣的事情，您知道您可以求助於 Adob​​e，它就會在那裡。

The second part is the integration that you talked about, right? We have a lot of workflows that we have that we pull it into the model. You noticed that in the demo you saw, in all the demos that are out there people are using Nano Banana with Photoshop. They're doing it in a way that they're bringing the precision and the control you get from Photoshop and combining it with the generative capability of Nano Banana.

第二部分就是您談到的整合，對嗎？我們有很多工作流程，我們將其納入模型中。您注意到，在您看到的演示中，在所有演示中，人們都在將 Nano Banana 與 Photoshop 一起使用。他們這樣做的目的是將 Photoshop 的精確度和控制力與 Nano Banana 的生成能力結合。

So in many ways, it's no different than the generative fill capabilities we added before, but we're now starting to be able to bring these things more and more closer together. And the sustained value, the differentiated value is really that workflow.

因此，在很多方面，它與我們之前添加的生成填充功能沒有什麼不同，但我們現在開始能夠將這些功能越來越緊密地結合在一起。而持續的價值、差異化的價值其實就是工作流程。

To be able to generate something or capture something, bring it to a precise update, take it to a video model that might be or someone else's, add sound effects from a different video model, and then do the fine precisioning actioning. So that mix of things is where we think the magic will happen.

為了能夠產生某些東西或捕捉某些東西，對其進行精確的更新，將其帶到可能是或其他人的視訊模型，添加來自不同視訊模型的聲音效果，然後進行精細的精確操作。所以我們認為，正是這些因素的結合，才會產生奇蹟。

Maybe, Keith, just to add to that -- what David said. The magic is clearly in our applications because we can take all of the models that exist and integrate that within our interface. And that's a completely non-trivial task of what we have done to build.

也許，基思，我只是想補充大衛說的話。我們的應用程式顯然具有神奇之處，因為我們可以採用所有現有的模型並將其整合到我們的介面中。這是我們所做的一項絕非平凡的任務。

That was actually the rationale for building Firefly because we understand whether they're diffusion or transformer models better than I think anybody can in the creative application. So I wouldn't underestimate the amount of magic that we have to make it look as seamless as it has.

這實際上是建立 Firefly 的理由，因為我認為我們比創意應用中的任何人都更了解它們是擴散模型還是變換模型。所以我不會低估我們讓它看起來如此天衣無縫的魔力。

And on your second question, as it relates to how people are going to create and run campaigns and ad placements in all of these different platforms. I think you're going to see some smaller medium businesses use it.

關於您的第二個問題，它涉及人們如何在所有這些不同的平台上建立和運行廣告活動和廣告投放。我認為你會看到一些中小型企業使用它。

I think all of the larger companies, what we continue to hear in the enterprises, they want the ability to create campaigns, run it across multiple channels, see the attribution, as well as see what we in terms of the analysis.

我認為，所有較大的公司，正如我們在企業中不斷聽到的那樣，他們希望能夠創建活動，跨多個管道運行，查看歸因，以及查看我們在分析方面的內容。

But in addition to that, I mean, all those advertising channels that you talked about are really excited about Adobe may seamless, which is why you've seen in the GenStudio for performance marketing to support third-party channels, whether that's TikTok, Meta, Google, Amazon, all of that, we're just going to continue to do. And that adoption I think we talked in the enterprise just continues to be really exciting for us.

但除此之外，我的意思是，您談到的所有這些廣告管道都對 Adob​​e 的無縫銜接感到非常興奮，這就是為什麼您在 GenStudio 中看到的用於績效營銷以支持第三方渠道的原因，無論是 TikTok、Meta、Google、Amazon，所有這些，我們都將繼續這樣做。我認為我們在企業中討論的採用對我們來說仍然非常令人興奮。

Outstanding. Thank you guys.

傑出的。謝謝你們。

Brad Sills, Bank of America.

美國銀行的布拉德·西爾斯。

Wonderful. Thank you so much for taking the question here. Really great to see that you're exceeding that target for the full year of $250 million ARR from AI-first products. There's a lot in there, and it would be great to get some color from you as to -- on which component of that is driving the upside? And where are you in the strength in those AI-first products. Thank you so much.

精彩的。非常感謝您在這裡回答這個問題。非常高興地看到，你們已經超額完成了全年 2.5 億美元 AI-first 產品 ARR 的目標。其中有很多內容，如果能從您那裡得到一些說明就太好了——其中哪些因素推動了上漲？你們在這些 AI 優先產品中的優勢在哪裡？太感謝了。

Yeah. I think, Brad, what we were trying to do at the analyst meeting was to show that we are not only delivering just tremendous innovation in our products, but frankly, the monetization of that, whether that's in the existing products, or whether it's in new products is something that we're focused on and be doing a really great job.

是的。布拉德，我認為，我們在分析師會議上試圖表明，我們不僅在產品上實現了巨大的創新，而且坦率地說，無論是在現有產品中，還是在新產品中，這些創新的貨幣化都是我們關注的重點，並且我們做得非常出色。

So on the influence revenue, which includes things like Creative Cloud and the usage of Creative Cloud, what we are seeing in Acrobat, what you're seeing in Express, what you're seeing in the DX Solutions that include AI -- I mean, it was nice to see and we're very conservative there in terms of what we do for the users, that exceeded $5 billion.

因此，就影響收入而言，其中包括 Creative Cloud 和 Creative Cloud 的使用，我們在 Acrobat 中看到的，您在 Express 中看到的，您在包括 AI 在內的 DX 解決方案中看到的——我的意思是，很高興看到這一點，而且就我們為用戶所做的事情而言，我們非常保守，超過了 50 億美元。

I think as it relates to the part, which is AI-first, Firefly services, GenStudio. The overarching GenStudio solution is definitely seeing a lot of great adoption, AI Assistant in Acrobat and everything that we're doing associated with AI Acrobat.

我認為它與 AI-first、Firefly 服務、GenStudio 等部分相關。整體 GenStudio 解決方案確實得到了廣泛的採用，Acrobat 中的 AI Assistant 以及我們所做的與 AI Acrobat 相關的一切。

I always worry, Brad, when I give one or two products, then the other teams will feel that I don't love them a lot here within the company. But really, across all of them, I mean, we've seen significant momentum and easily crossed the $250 million mark. And so really pleased with how that is. The North Star, clearly, for us, is we want AI infused in every dollar of revenue that we are providing, and we're doing a great job against that.

布拉德，我總是擔心，當我提供一兩種產品時，公司內的其他團隊會覺得我不太喜歡它們。但實際上，在所有這些領域，我們都看到了顯著的發展勢頭，輕鬆突破了 2.5 億美元大關。我對此感到非常高興。顯然，對我們來說，北極星是希望人工智慧融入我們提供的每一美元收入中，而我們在這方面做得很好。

Great to hear. Thank you so much, Shantanu.

很高興聽到這個消息。非常感謝，Shantanu。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

Hi, thank you. This is John on for Brent Thill. I've got two questions. Just wondering if you could shed a little bit of light on the sort of the AI credit usage between known Firefly-based solutions third party, whether you're seeing any pickup from the third-party models and how users are responding?

你好，謝謝。這是布倫特·蒂爾 (Brent Thill) 的約翰 (John)。我有兩個問題。只是想知道您是否可以稍微解釋一下已知的基於 Firefly 的第三方解決方案之間的 AI 信用使用情況，您是否看到第三方模型的任何回升以及用戶的反應如何？

And then on the LLM Optimizer, I'm wondering whether you've used that Adobe internally and any impact on the top of funnel in conversion? Thank you.

然後在 LLM 優化器上，我想知道您是否在內部使用過 Adob​​e，以及它對轉換漏斗頂部有何影響？謝謝。

Yeah, so thanks for the question. On the question of third-party models what -- our strategy, of course, as I've earlier is to provide choice so that any model you want to get access to ultimately is available in one place but also deeper integration. So that becomes the core foundation of everything we do.

是的，謝謝你的提問。關於第三方模型的問題——我們的策略當然是，正如我之前所說，提供選擇，以便您想要訪問的任何模型最終都可以在一個地方獲得，但也可以進行更深入的整合。所以這成為我們所做一切的核心基礎。

What we're seeing in how it plays out in the market is there is so much announcement and sort of opportunity that's coming out with all the changes. We all see it every single day. The amount of changes announcement coming out with these models, including Firefly, continuing to push the state of the art of what's possible.

我們看到它在市場上的表現是，隨著所有的變化，出現瞭如此多的公告和機會。我們每天都會看到它。包括 Firefly 在內的這些模型所發布的大量變更將繼續推動技術的發展。

What this lets us do, first and foremost, is that the top of funnel, leverage every one of those moments as an opportunity to bring people to Firefly to try that innovation out. So that's been a great sort ad from us in terms of funnel management and top of funnel.

首先，也是最重要的，這讓我們能夠利用漏斗頂部的每個時刻作為機會，讓人們來到 Firefly 嘗試這項創新。因此，就漏斗管理和漏斗頂部而言，這對我們來說是一個很好的廣告。

And then certainly within the product, the majority of generation continues to be Firefly, given the commercial safety and the underpinnings of what that is. But we are seeing a nice uptick in usage of the other models.

當然，在產品方面，考慮到商業安全性和基礎，大多數產品仍然是 Firefly。但我們看到其他模型的使用率正在大幅上升。

Especially for things like ideation and sort of edit capabilities are integrated into Firefly. So that mix feels right to us, and we're going to continue to optimize and drive that discovery in our applications going forward.

特別是對於諸如構思和編輯功能之類的功能都整合到了 Firefly 中。所以這種組合對我們來說是正確的，我們將繼續優化並推動我們在未來的應用程式中的這項發現。

And regarding your second question about the LLM Optimizer. Yeah, it was actually working internally with our team, our adobe.com team, which obviously runs a big digital business. That's how we got going on the LLM Optimizer.

關於 LLM 優化器的第二個問題。是的，實際上是我們團隊內部合作，我們的 adobe.com 團隊顯然經營著一家大型數位業務公司。這就是我們開始使用 LLM 優化器的方式。

We noticed that in terms of some of the traffic, it's not only the search traffic, but a lot of our customers, our prospects were starting to ask questions within ChatGPT and Perplexity and so on. How do I edit this PDF? I have a large PDF. How do I compress it? Those kinds of questions.

我們注意到，就某些流量而言，不僅是搜尋流量，而且我們的許多客戶、潛在客戶都開始在 ChatGPT 和 Perplexity 等中提出問題。我該如何編輯此 PDF？我有一個很大的 PDF。我該如何壓縮它？諸如此類的問題。

And we realized that we had a lot of content available that if we made it available the right channels that will get picked up by the LLMs and that would give us an Acrobat brand a lot more visibility through the LLM. But that's how the idea for the product came about.

我們意識到，我們擁有大量可用內容，如果我們將其透過正確的管道提供，這些內容將被法學碩士 (LLM) 所採用，這將使我們的 Acrobat 品牌透過法學碩士 (LLM) 獲得更高的知名度。但該產品的想法就是這樣產生的。

And then when we started talking to Chief Marketing Officers around the world, we realized that this was a top-of-mind topic for them as well, and that's what led to the announcement that can, and we are excited that the product will be available later this quarter.

然後，當我們開始與世界各地的首席行銷長交談時，我們意識到這也是他們最關心的話題，這就是我們宣布這一消息的原因，我們很高興該產品將於本季度晚些時候上市。

I'm really excited about the innovation that we've delivered in that space. I noticed in a lot of the preview reports folks look at web traffic, and it's coming from different sources. That's a really new movement. And so as people thought about just search traffic and what was happening in search, you really have to start to factor and we're, I think, one of the leaders in that space, how to really take advantage of what's happening, not just across search but also what happens across social and now increasing what happens across LLM.

我對我們在該領域所取得的創新感到非常興奮。我注意到在許多預覽報告中人們都會關注網路流量，而這些流量來自不同的來源。這確實是一個新運動。因此，當人們只考慮搜尋流量和搜尋中發生的事情時，你真的必須開始考慮如何真正利用正在發生的事情，而不僅僅是搜索，還包括社交中發生的事情，現在正在增加 LLM 中發生的事情。我認為，我們是這個領域的領導者之一。

So as Anil mentioned, this is not just an opportunity for us to use ourselves, but I think a massive opportunity for us to help every single company deal with this new reality.

正如阿尼爾所說，這不僅是我們自己利用的機會，而且我認為這也是我們幫助每一家公司應對這個新現實的巨大機會。

Thank you.

謝謝。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

Yeah, thanks for taking the question. I wanted to touch on the pricing side of the equation. Obviously, with the kind of line item optimization in the quarter. I was wondering if you could comment on if you have any texture on kind of the performance ex price and kind of how that was received by the installed base? And then just sort of how to think about the 4P times Q heading into next year?

是的，感謝您提出這個問題。我想談談定價方面的問題。顯然，本季進行了各種專案優化。我想知道您是否可以評論一下其價格性能以及安裝基礎的接受程度如何？那麼，您如何看待明年的 4P 乘以 Q 呢？

Yeah. Tyler, when I think about the creative business, which as I said was the sort of core DNA of the company, we saw strength across the board. So I want to clarify that. To your point, as it relates to the core creative professional and the amount of adoption that they are doing for AI, the migration to the Creative Cloud Pro offering did exceedingly well.

是的。泰勒，當我想到創意業務時，正如我所說，它是公司的核心 DNA，我們看到了全面的優勢。所以我想澄清一下。正如您所說，由於它與核心創意專業人士以及他們對 AI 的採用有關，因此向 Creative Cloud Pro 產品的遷移非常順利。

But in addition to that, what we are seeing with the Firefly subscription and the ability for people, creators, next-generation, new to Adobe, I think David touched on how we're driving more new users to Adobe in the Creative platform. That also showed considerable strength.

但除此之外，我們看到 Firefly 訂閱以及人們、創作者、下一代、Adobe 新用戶的能力，我想 David 談到了我們如何在 Creative 平台上吸引更多新用戶使用 Adob​​e。這也顯示出了相當的實力。

And Firefly services and in the enterprise, the combination of what they can do in Creative Cloud plus Firefly services as part of GenStudio. So we feel good. We want to continue to deliver value. So I would net it out by saying the migration was extremely healthy but that was not in itself. The reason for the strength we are seeing actually strength across the board.

Firefly 服務和企業中的服務，結合了 Creative Cloud 和 Firefly 服務的功能，是 GenStudio 的一部分。所以我們感覺很好。我們希望繼續提供價值。因此，我認為遷移過程非常健康，但這本身並不是一件好事。我們看到的強勁表現其實是全方位的。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

Yeah, hey guys, thanks for taking the question, and I guess maybe, Shantanu to the earlier point that you just made, I've got just two quick questions. One, it seems like this was kind of almost, I would say, a turning point quarter for you guys.

是的，嘿夥計們，謝謝你提出這個問題，我想也許，Shantanu，針對你剛才提出的觀點，我只有兩個簡單的問題。首先，我想說，這對你們來說似乎是一個轉捩點。

It was the first quarter, I think, were net new DM ARR actually was flat to maybe even growing for the first time this year on a tougher comp. You raised the guide. You exceeded your AI-first spending ARR target a quarter early. It seems like you're doing way better than expected.

我認為，這是第一季度，新 DM ARR 淨額實際上持平，甚至可能是今年在更艱難的競爭環境下首次實現成長。你提出了指南。您提前一個季度超出了 AI 優先支出 ARR 目標。看起來你的表現比預期的好得多。

Can you help bifurcate like how much of this is just better adoption of the AI-first products versus 4P times Q? And ultimately, does this give you confidence in continuing to be able to grow DM ARR at least double digits for the foreseeable future? And then I've got a quick product follow-up.

您能否幫助區分一下，這其中有多少是更好地採用 AI-first 產品，還是 4P 乘以 Q？最後，這是否讓您有信心在可預見的未來繼續實現 DM ARR 至少兩位數的成長？然後我會快速跟進產品。

Well, the way I would answer that question, Alex, is we definitely feel confident about how large the creative opportunity is and how differentiated our solutions are. And so the way I would answer that question, we're not providing targets for next year. We've always said that we have very strong aspirations for the digital creative business.

嗯，亞歷克斯，我回答這個問題的方式是，我們絕對對創造機會有多大以及我們的解決方案有多差異化充滿信心。因此，我回答這個問題的方式是，我們不會提供明年的目標。我們一直說，我們對數位創意業務抱持非常強烈的願望。

Nothing has changed. In fact, your confidence associated with what we are executing against increases, and I'll let David add. But you're right. I mean, we've continued to execute, and we're now also starting to see that translate into monetization much like we thought we would.

一切都沒有改變。事實上，您對我們正在執行的事情的信心增加了，我讓大衛補充一下。但你是對的。我的意思是，我們一直在執行，現在我們也開始看到它轉化為貨幣化，就像我們想像的那樣。

Yeah. And just a little bit more to add there. As Shantanu mentioned, it really was a top to bottom on the business you had asked about the bifurcation, right? Creative professionals, as we talked about, we're seeing generations accelerate. And the fact that they're using AI so much is what drove the strong migration to Creative Cloud product, really validated that strategy of the value and associated pricing with that.

是的。還有一些要補充的。正如 Shantanu 所提到的，這確實是您詢問的關於分叉的業務自上而下的過程，對嗎？正如我們所討論的，創意專業人士正在加速更新換代。他們大量使用人工智慧的事實推動了向 Creative Cloud 產品的強勁遷移，真正驗證了該價值策略及其相關定價。

Creators, we're seeing -- because of the third-party models, but also because more and more of those integrated workflows and the work we're doing with Firefly models themselves, we saw over 20% of the growth in that on new users to Adobe.

我們看到，由於第三方模型，而且由於越來越多的整合工作流程以及我們使用 Firefly 模型本身所做的工作，Adobe 新用戶數量增加了 20% 以上。

So we're pulling in a lot more new users. We don't talk that much about Business Pro and consumer, but the AI Assistant has been a very strong contributor throughout the year and now translating that into Acrobat Studio is a real sort of, I think, driver of growth for us.

因此我們吸引了更多新用戶。我們很少談論 Business Pro 和消費者，但 AI Assistant 全年都做出了非常強大的貢獻，現在將其轉化為 Acrobat Studio，我認為，這對我們來說是一種真正的成長動力。

And then both Shantanu and I talked about multiple times, the power of what we see with creative automation through GenStudio and enterprises. So that mix gives us a lot of momentum going into Q4.

然後，Shantanu 和我多次談到了透過 GenStudio 和企業實現創意自動化所展現出的威力。因此，這種組合為我們進入第四季度提供了巨大的動力。

And finally, Alex, as it relates to -- I know there's a lot of focus at what you have referred to as the bottom end. I think the stat that we gave associated with how much creative usage is happening as part of the combination of Creative Plus Acrobat and the MAU growth there.

最後，亞歷克斯，就其相關性而言——我知道大家非常關注您所說的底端。我認為，我們提供的統計數據與 Creative Plus Acrobat 和 MAU 成長相結合所產生的創意使用量有關。

I think we saw again 25% year-over-year growth across that. So I think that continues to show the demand and the need for our creative solutions. What I'm pretty excited about in the space with Express is how we're going past the previous generation template era with a conversational AI-based approach to creativity. And I think we have a very unique solution there as well.

我認為我們再次看到了 25% 的同比增長。所以我認為這繼續表明了對我們的創造性解決方案的需求和必要性。在 Express 領域，讓我感到非常興奮的是，我們如何透過對話式 AI 為基礎的創造力方法超越上一代模板時代。我認為我們也有一個非常獨特的解決方案。

Excellent. And then maybe just as a follow-up. You alluded to it in the comments but nailed it, but as the nature of the web shifts for a kind of traditional search based to LLM based information discovery and traditional top of funnel marketing is changing in AI-driven the world.

出色的。然後也許只是作為後續行動。您在評論中提到了這一點，但確實如此，但隨著網路的性質從基於傳統搜尋轉變為基於 LLM 的資訊發現，傳統的漏斗行銷正在人工智慧驅動的世界中發生變化。

How do you see yourself the role in which you're helping CMOs adapt, which parts of your portfolio the best positioned to capture this change? And when do we start seeing that in kind of some of the DX book of business?

您如何看待自己在幫助 CMO 適應中所扮演的角色，您的投資組合中的哪些部分最適合捕捉這種變化？那麼我們什麼時候才能在 DX 商業書籍中看到這一點呢？

Yeah. We see exactly, as you said, with the LLM, new LLMs, the discovery to actual consideration to purchase maybe even the post purchase, that entire funnel is starting to consolidate and you're going to be seeing consumers actually adopt LLM for the entire process.

是的。正如您所說，我們看到，隨著法學碩士（LLM）、新法學碩士（LLM）的出現，從發現到實際考慮購買，甚至購買後，整個管道開始鞏固，您將看到消費者在整個過程中真正採用法學碩士（LLM）。

So where we see that is whatever we have done the APN apps gives us a lot of confidence because in this new world, every brand will need to maintain and strengthen their direct consumer relationships. So once they get trapped and somebody signs up for their mobile app or it's on their website, they want to deepen that relationship.

因此，我們看到，無論我們做了什麼，APN 應用程式都給了我們很大的信心，因為在這個新世界中，每個品牌都需要維護和加強與直接消費者的關係。因此，一旦他們陷入困境並且有人註冊了他們的行動應用程式或訪問他們的網站，他們就希望加深這種關係。

And so the entire portfolio of products we have around the APN apps was really a strong tailwind there. Obviously, Gen Studio and the content that we create with bringing together creativity and marketing in GenAI, we believe we'll see a tailwind there as well.

因此，我們圍繞 APN 應用的整個產品組合確實起到了強勁的推動作用。顯然，Gen Studio 以及我們透過在 GenAI 中將創造力和行銷結合在一起而創建的內容，我們相信我們也將在那裡看到順風。

And maybe just adding a little bit to that. I think in his prepared remarks, Dan talked about this a little bit. The way we tend to think about it is owned site for CMOs will still continue to be incredibly important. So the ability for Adobe to provide a complete different conversational owned site for every single website in the world, we think is a massive opportunity for us. We have the leadership position in how we deliver Adobe Experience Manager.

或許只需添加一點點即可。我認為丹在他的準備好的發言中談到了這一點。我們傾向於認為，對於 CMO 來說，自有網站仍然非常重要。因此，我們認為 Adob​​e 能夠為世界上每個網站提供完全不同的對話式網站，這對我們來說是一個巨大的機會。我們在 Adob​​e Experience Manager 交付方面處於領先地位。

So I think that's a good area of growth. APN apps, I think, as Anil mentioned. And then when you put that together in terms of delivering personalization at scale, the increasing demand for GenStudio because people will now increasing say, if I'm asking a question or prompt on that owned site, how do I get an extremely personalized answer. And so the end of content that needs to be created for that has to increase.

所以我認為這是一個很好的成長領域。我認為，正如 Anil 提到的那樣，是 APN 應用程式。然後，當你將這些結合起來以實現大規模個人化時，對 GenStudio 的需求就會不斷增加，因為人們現在會越來越多地問自己，如果我在自有網站上提出問題或提示，我如何才能得到非常個性化的答案。因此，需要為此創建的內容的數量必須增加。

The business did well. As you look at the subscription revenue and the double-digit subscription revenue, and we do look at what others in this particular space have also reported. And it's clear that we are significantly growing faster than anybody at our scale. And so we're pleased with the amount of innovation that we're doing in that space as well and customer retention. As a result, customer retention and demand in these solutions is pretty high.

生意做得很好。當您查看訂閱收入和兩位數的訂閱收入時，我們也會查看該特定領域的其他人也報告的情況。顯然，我們的成長速度比同等規模的任何公司都要快得多。因此，我們對在該領域所做的創新以及客戶保留感到非常滿意。因此，這些解決方案的客戶保留率和需求相當高。

Excellent. Thank you guys.

出色的。謝謝你們。

Mark Moerdler, Bernstein Research.

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

Thank you very much and also congratulations on the strength of the AI adoption, the fact that you hit the AI numbers so quickly is really nice to speak. So what I have a question, there's a thesis out there for software in general that AI and the headwind to see to that seats will need to shift to consumption, the issue then can capture more consumption revenue than seats.

非常感謝您，同時也恭喜您在人工智慧應用方面取得的進展，能夠如此迅速地達到人工智慧的數字，真是令人欣慰。所以我有一個問題，對於軟體來說，有一個普遍的論點，即人工智慧和逆風需要確保席位轉向消費，然後這個問題可以獲得比席位更多的消費收入。

How do you think about the relationship between seats and consumption in the Creative Cloud, do you see that there's any pressure on the seat side, do you see consumption as being upside to that? And separately, what are your thoughts on when AI could be enough to move the needle on the creative side?

您如何看待 Creative Cloud 中的席位和消費之間的關係，您是否認為席位方面存在壓力，您是否認為消費方面存在優勢？另外，您認為人工智慧何時才能足以推動創意上的發展？

Yeah, I'll start, and then certainly, David can add to that. I mean, picture, Mark, I mean, we definitely look at it and say the value of AI is going to be delivered through software. And so software is going to be the way in where people look at all this magic that AI has, and that's what both people are going to use as well as the monetization.

是的，我先開始，然後大衛當然可以補充。我的意思是，想像一下，馬克，我的意思是，我們肯定會看它並說人工智慧的價值將透過軟體來實現。因此，軟體將成為人們看待人工智慧所有魔力的方式，這也是人們將要使用和貨幣化的方式。

So we are extremely excited about how the power of AI is going to be both delivered through integrated software and monetized through software. I think to your question on Creative Cloud specifically, we definitely view this as both a seat expansion as well as a marketing automation.

因此，我們對人工智慧的力量如何透過整合軟體實現以及如何透過軟體貨幣化感到非常興奮。我認為，對於您關於 Creative Cloud 的具體問題，我們肯定將其視為席位擴展以及行銷自動化。

And that's part of the reason, as you know, why this customer grouping that we talk about, which is creative professional and marketing professionals, and in the enterprise is playing out exactly the way it is. It is actually still continuing to play out with seat expansion in the enterprise.

如您所知，這就是為什麼我們談論的客戶群（即創意專業人士和行銷專業人士）以及企業正在如此發揮作用的原因之一。實際上，它仍在繼續發揮作用，擴大企業的席位。

But in addition to the seat expansion, the automation is definitely seeing a more rapid adoption. And so I think with the one company that wins in either case and the fact that we have this unified offering that enables us to say, here's how if you're the studio team within an enterprise, here's how you create these campaigns, but then the velocity and agility of scaling that in a company through automation solutions.

但除了座位數增加之外，自動化技術的採用速度無疑也更快。因此，我認為無論哪種情況，都有一家公司能夠獲勝，而且我們擁有這種統一的產品，這使我們能夠說，如果您是企業內的工作室團隊，這就是您創建這些活動的方式，但隨後可以透過自動化解決方案在公司內擴展速度和靈活性。

And so the four building blocks we've always said, Mark, is, first, you've got to have the best creative applications in the world to create those campaigns. Second, you have to have the ability to deploy that in whatever your marketing campaign is in an enterprise, whether that's e-mail, whether that's website, whether that's ad placement with agility.

因此，馬克，我們一直說的四個基石是，首先，你必須擁有世界上最好的創意應用程式來創建這些活動。其次，您必須有能力在企業的任何行銷活動中靈活地部署它，無論是電子郵件、網站還是廣告投放。

Third, you really want the ability to create a brand concierge or personalized brand for the enterprise, that business for us, embodied in the Firefly services AI-first. That's off to a really great start. And then fourth, how do you enable everybody else in the enterprise with a product like workflow so that you can do workflow as well as Express to tie that all together.

第三，你真正想要的是能夠為企業創造品牌禮賓服務或個人化品牌，對我們來說，這項業務體現在 Firefly 服務的 AI-first 中。這確實是一個好的開始。第四，如何讓企業中​​的其他人也能使用工作流程這樣的產品，以便您可以像 Express 一樣執行工作流程，將所有這些結合在一起。

So yeah, we think it's an and. Within enterprises, any one quarter, it might be a little bit of one or the other. But big picture, we think both are going to be growth opportunities for Adobe.

是的，我們認為這是一個“和”。在企業內部，任何一個季度，都可能出現這種情況。但從總體來看，我們認為這兩者都將是 Adob​​e 的成長機會。

That's very helpful. I really appreciate it.

這非常有幫助。我真的很感激。

Michael Turrin, Wells Fargo Securities.

圖林 (Michael Turrin)，富國證券。

Hey, great, thanks very much. I appreciate you taking the question. Dan, on margin, you've been speaking to mid-40s margin profile, still operating a bit above that this quarter. It looks like gross margins are actually up a touch versus last year.

嘿，太好了，非常感謝。感謝您回答這個問題。丹，關於利潤率，您一直在談論 40 年代中期的利潤率狀況，本季的利潤率仍略高於這一水平。看起來毛利率實際上比去年略有上升。

Why aren't you seeing degradation from AI adoption, given some of the metrics you're providing? Is that something we could or should expect to see as those numbers continue to ramp, just the why or why not in terms of the margin profile, I think, relative to what was initially expected. Thanks very much.

從您提供的一些指標來看，為什麼您沒有看到人工智慧採用率的下降？隨著這些數字不斷攀升，我們是否可以或應該期待看到這種情況？我認為，就利潤率而言，相對於最初的預期，這是可以或應該看到的。非常感謝。

I appreciate the question, Michael. Clearly, the company is performing well through this investment cycle, driving the velocity of innovation of all the great things that Shantanu and Anil and David have been talking about. So we feel really good on the engine of innovation and the velocity.

我很感謝你提出這個問題，邁克爾。顯然，該公司在這項投資週期中表現良好，推動了 Shantanu、Anil 和 David 所談論的所有偉大事物的創新速度。因此，我們對創新引擎和速度感到非常滿意。

Underpinning that is a very clear sense of prioritization within the company. Narrowing the aperture around really what the growth vectors for the company are and what the must-win zones are. That focus and clarity on those real drivers of growth serves the company well in this environment.

支撐這一點的，是公司內部非常明確的優先意識。縮小範圍，真正了解公司的成長方向和必須贏的區域。在這種環境下，對真正的成長動力的關注和明確有助於公司取得良好的業績。

And then look at it from a productivity standpoint, I think there's two vectors of productivity that the company is driving to underpin margin delivery. First one, how we drive GPU training fleets to support training, the utilization, the algorithms we use to efficiently get at model construction as well as continually loading that GPU fleet to make sure there's high utilization over time.

然後從生產力的角度來看，我認為公司正在推動兩種生產力來支撐利潤交付。首先，我們如何驅動 GPU 訓練隊列來支援訓練、利用率、我們使用的演算法來有效地進行模型構建，以及持續加載 GPU 隊列以確保隨著時間的推移具有高利用率。

The second piece is inferencing. Constantly tuning the algorithms and cost per inference. We watch this maniacally, how we feel these fleet of GPUs to make sure that the reserve instances, which come in at very different price points than on demand that we constantly balance and optimize the cost structure that underpins the usage of that compute power.

第二部分是推理。不斷調整演算法和每次推理的成本。我們瘋狂地觀察著這一點，我們如何感受這些 GPU 集群，以確保預留實例的價格與按需實例的價格非常不同，我們不斷平衡和優化支撐運算能力使用的成本結構。

And then obviously from an internal working standpoint, adoption of these technologies, how we drive productivity gains in the company, how we augment individual employees from a productivity standpoint as well as ways of working inside of the company to continue to drive more and more productivity out of the world's best employees.

然後顯然從內部工作的角度來看，採用這些技術，我們如何推動公司生產力的成長，我們如何從生產力的角度增強個別員工的能力，以及公司內部的工作方式，以繼續提高世界上最優秀員工的生產力。

It's a combination of all of these elements that come to bear and deliver a strong margin profile that the company is proud in the cash flow that supports it.

所有這些因素的結合產生了強勁的利潤率，公司對支撐其利潤率的現金流感到自豪。

Thank you.

謝謝。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

Excellent, thank you so much for taking the question. Anil, it's great to see agents for AEP now generally available. Can you talk us through the vision of how these agents drive greater value for customers? And then ultimately, how Adobe captures some of that benefit? Thanks.

非常好，非常感謝您回答這個問題。Anil，很高興看到 AEP 代理商現已普遍可用。您能否向我們介紹一下這些代理商如何為客戶創造更大價值的願景？那麼最終，Adobe 如何獲得其中的一些好處呢？謝謝。

Yeah. Thanks, Brad. We see this as a massive transformation from the SaaS model to the agentic software model. And as you saw at Summit, we announced the API agent orchestrated that. And our view is, we build agents where we have core domain knowledge, and we can really democratize the use of our applications to a wide variety of marketing, customer experience practitioners.

是的。謝謝，布拉德。我們認為這是從 SaaS 模型到代理軟體模型的巨大轉變。正如您在高峰會上看到的，我們宣布了 API 代理精心策劃的這項舉措。我們的觀點是，我們在擁有核心領域知識的地方建立代理，並且可以真正地將我們的應用程式的使用民主化，讓各種各樣的行銷、客戶體驗從業者都能使用。

We also want to work with agent orchestrators from Microsoft, ServiceNow, other partners because we believe that enterprises will ultimately build their own agents and have multiple ways of using agents. So within our own applications.

我們也希望與微軟、ServiceNow 和其他合作夥伴的代理協調器合作，因為我們相信企業最終將建立自己的代理並擁有多種使用代理的方式。在我們自己的應用程式中也是如此。

What we really see is when you think of things like, for example, coming up with a new audience or a new journey, typically, you needed to have somebody with some data expertise to do that. Somebody who could come up with a SQL query.

我們真正看到的是，當你考慮到諸如吸引新受眾或開啟新旅程之類的事情時，通常你需要找一個擁有一些數據專業知識的人來做這件事。可以提出 SQL 查詢的人。

So usually, marketing teams set up alternate teams or a dedicated team to do that kind of work. What we see now with Agent Orchestrator is that enables the creation of an audience agent, a data insights agent, a journey agent.

因此，通常行銷團隊會設立替代團隊或專門團隊來完成這類工作。我們現在看到的 Agent Orchestrator 可以創建受眾代理、數據洞察代理和旅程代理。

But now let's marketers with a conversational interface get access to that kind of data, which they can use for targeting and it helps in making marketing campaigns go much faster and much more efficiently. So that's where we really see the promise of this of the new agent technology.

但現在，行銷人員可以透過對話式介面存取此類數據，他們可以利用這些數據進行定位，這有助於使行銷活動更快、更有效率地開展。這正是我們真正看到新代理技術的前景的地方。

Thanks, Anil. Exciting stuff and look forward to seeing everybody at MAX.

謝謝，阿尼爾。令人興奮的事情，期待在 MAX 見到大家。

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Okay, great. Hey guys, thanks for fitting me in here. David, maybe for you. I mean I think a resounding theme on this call is sort of the infusion of AI into the core applications is really what's differentiating. And I think that's interesting from a couple of angles.

好的，太好了。嘿夥計們，謝謝你們讓我來到這裡。大衛，也許對你來說是這樣。我的意思是，我認為這次電話會議的一個響亮主題是將人工智慧融入核心應用程式才是真正的區別所在。我認為從幾個角度來看這都很有趣。

But one of them, especially in my view, is retention. So can you just talk about what you're seeing in terms of retention trends as AI adoption grows, and then separately, just as a side, we've also started to see some noise out there about intellectual property issues, right, when it comes to AI usage. Maybe talk about how important the commercial safety aspect is as you spend time with enterprises.

但其中之一，特別是在我看來，就是保留。那麼，您能否談談隨著人工智慧應用的成長，您在保留趨勢方面所看到的情況？另外，從另一個方面來看，當談到人工智慧的使用時，我們也開始看到一些關於智慧財產權問題的噪音。也許您可以談談，當您與企業共處時，商業安全方面有多麼重要。

Yeah, thanks for the question. Yeah, this is -- the thing that we have seen is a direct correlation between increased use of AI and retention, and we feel very good about that. That's why we are so excited when we see the number of generations continuing to increase.

是的，謝謝你的提問。是的，我們看到的是人工智慧的使用增加和保留率之間存在直接的關聯，我們對此感到非常高興。這就是為什麼當我們看到世代數量不斷增加時我們會如此興奮。

But what's also interesting about this is that as Shantanu was talking about earlier, as we're selling into enterprises, the creative teams are often the ones that are bringing in also in addition teams, bringing in these automation services.

但同樣有趣的是，正如 Shantanu 之前所說的，當我們向企業銷售產品時，創意團隊通常會引入其他團隊，引入這些自動化服務。

There's a creative ops team that's bringing these in. And so it lets us go from that seat-based pricing to a value-based pricing. And what the underpinning of that is the ability to have these commercially safe models.

有一個創意營運團隊正在將這些引入其中。這樣我們就可以從基於座位的定價轉變為基於價值的定價。而其基礎就是擁有這些商業安全模型的能力。

On top of that, the ability to create customizations of those models for specific needs. And then lastly, integrate those highest models and the inference on all of that into the entire workflow from what the creative professionals are doing all the way into the automation stack that Shantanu was talking about and Anil was talking about, and then into democratizing that to the entire company through Adobe Express.

最重要的是，能夠根據特定需求對這些模型進行客製化。最後，將這些最高模型和所有推論整合到整個工作流程中，從創意專業人員所做的工作一直到 Shantanu 和 Anil 所談論的自動化堆疊，然後透過 Adob​​e Express 將其民主化到整個公司。

So that whole funnel of both sort of direct generation by individuals and automated generation underpinned by commercial safe model continues to play extremely well for us. And to your point, yeah, we spent a lot of time with Louis, (inaudible) are talking about and really helping our customers understand how to think about the commercial safety aspect of it. and there's a lot of attention we're getting on it now.

因此，個人直接發電和以商業安全模型為基礎的自動化發電的整個管道對我們來說繼續發揮著極其良好的作用。正如您所說，是的，我們花了很多時間與路易斯（聽不清楚）討論並真正幫助我們的客戶了解如何考慮其商業安全方面。現在我們對此給予了很大的關注。

Since it was the last question, maybe just let me say, we are really excited about the performance that we had. I think our strategy on really making sure that we tailor our products to the customer groups that were focused on, business professionals and consumers, creators and creative professionals as well as marketing professionals just continues to give us a lot of confidence that we have effectively not just embraced AI, but infused it into the right applications and tailored them.

因為這是最後一個問題，也許我只想說，我們對我們的表現感到非常興奮。我認為，我們的策略真正確保我們的產品適合我們關注的客戶群體，包括商業專業人士和消費者、創作者和創意專業人士以及行銷專業人士，這讓我們非常有信心，我們不僅有效地接受了人工智慧，而且將其融入到正確的應用程式中並對其進行了客製化。

For them, I know we didn't talk a lot about business professional and consumers. But what we've done there with both AI Assistant as well as more recently with PDF Spaces, gives us a lot of confidence that the future of work and how you think about documents, but not just documents for consumption, but as an on-ramp to then create and the combination of Acrobat and Express also really excited about the adoption as well as the customer feedback that we're getting in that area and expect to see more innovation.

對於他們，我知道我們並沒有談論太多關於商業、專業人士和消費者的問題。但是，我們在 AI Assistant 以及最近的 PDF Spaces 上所做的工作讓我們對未來的工作以及您對文檔的看法充滿信心，但不僅僅是用於消費的文檔，而且作為隨後創建的入口，Acrobat 和 Express 的結合也讓我們對該領域的採用以及客戶反饋感到非常興奮，並期待看到更多創新。

I hope to see a lot of you at Adobe MAX. The magic will continue, and you'll see a lot not just from Adobe, but also from how the community is embracing and actually leveraging the cool things that we're doing. And with that, I'll turn it over to Doug.

我希望能在 Adob​​e MAX 上見到你們。奇蹟將會繼續，你不僅會看到 Adob​​e 的許多成果，還會看到社群如何接受並真正利用我們正在做的很酷的事情。說完這些，我就把麥克風交給 Doug。

Thank you, everyone, for joining the call today. I appreciate the time. We'll talk to you again at MAX and again next quarter.

感謝大家今天參加電話會議。我很感激你抽出時間。我們將在 MAX 以及下個季度再次與您交談。

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。