Adobe Inc (ADBE) 2025 Q4 法說會逐字稿

Good day, and welcome to the Q4 and FY25 Adobe earnings conference call. Today's conference is being recorded.

大家好，歡迎參加 Adob​​e 2025 財年第四季及全年業績電話會議。今天的會議正在錄影。

At this time, I'd like to turn the conference over to Doug Clark, Vice President of Investor Relations. Please go ahead.

此時，我謹將會議交給投資人關係副總裁道格‧克拉克先生。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，感謝各位的參與。今天與我一起參加電話會議的有：Adobe 董事長兼執行長 Shantanu Narayen；數位媒體總裁 David Wadhwani；數位體驗總裁 Anil Chakravarthy；以及執行副總裁兼財務長 Dan Durn。

On this call, which is being recorded, we will discuss Adobe's fourth quarter and fiscal year 2025 financial results. You can find our press release as well as PDFs of our prepared remarks and financial results on Adobe's Investor Relations website.

在本次電話會議中（會議內容將被錄音），我們將討論 Adob​​e 2025 財年第四季和全年財務表現。您可以在 Adob​​e 的投資者關係網站上找到我們的新聞稿以及我們準備好的發言稿和財務業績的 PDF 文件。

The information discussed on this call, including our financial targets and product plans, is as of today, December 10, and contains forward-looking statements that involve risks, uncertainties, and assumptions. Actual results may differ materially from those set forth in these statements. For more information on those risks, please review today's earnings release and Adobe's SEC filings.

本次電話會議討論的信息，包括我們的財務目標和產品計劃，截至今天（12 月 10 日），包含涉及風險、不確定性和假設的前瞻性陳述。實際結果可能與這些聲明中所述的結果有重大差異。有關這些風險的更多信息，請查看今天的收益報告和 Adob​​e 向美國證券交易委員會提交的文件。

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

本次電話會議，我們將討論GAAP和非GAAP財務指標。我們公佈的業績包括 GAAP 成長率和非 GAAP 成長率，包括固定匯率。

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.

除非另有說明，本次演講中 Adob​​e 的高階主管將提及固定匯率成長率。非GAAP財務指標調整表可在我們的獲利報告中以及Adobe投資者關係網站上查閱。

I will now turn the call over to Shantanu.

現在我將把通話轉給沙塔努。

Thanks, Doug. Good afternoon, everyone, and thank you for joining us. In fiscal 2025, Adobe delivered significant AI influence on AI-first ending ARR, which accelerated through the year. We achieved record revenue of $23.77 billion and non-GAAP EPS of $20.94, which represents outstanding financial performance.

謝謝你，道格。各位下午好，感謝各位的參與。在 2025 財年，Adobe 的 AI 對 AI 優先的期末 ARR 產生了重大影響，而這種影響在年內加速成長。我們實現了創紀錄的 237.7 億美元營收和非 GAAP 每股收益 20.94 美元，這代表了出色的財務業績。

We're leveraging AI to accelerate innovation to anticipate and serve the needs of large and expanding audiences, business professionals and consumers, creators and creative professionals and marketing professionals. Our vision for business professionals and consumers is to deliver AI-driven, quick and easy applications that enable them to be creative and productive, consuming or generating content across multiple media types and channels.

我們正在利用人工智慧加速創新，以預測和滿足不斷增長的龐大受眾群體、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的需求。我們為商業人士和消費者提供的願景是，提供由人工智慧驅動的、快速便捷的應用程序，使他們能夠發揮創造力和生產力，在多種媒體類型和管道上消費或生成內容。

We do this by delivering new conversational and agentic interfaces in Adobe Reader, Acrobat and Express to provide a freemium integrated experience for billions of users.

我們透過在 Adob​​e Reader、Acrobat 和 Express 中提供全新的對話式和代理式介面來實現這一目標，從而為數十億用戶提供免費增值整合體驗。

For creators and creative pros, our vision is to deliver the most comprehensive power and precision applications from ideation and creation to production and delivery. We've done an outstanding job of both creating our own commercially safe Firefly models as well as seamlessly integrating third-party partner models across Creative Cloud flagship applications like Photoshop, Illustrator, and Premiere.

對於創作者和創意專業人士而言，我們的願景是提供從構思和創作到生產和交付的最全面、最強大的精準應用。我們在創建我們自己的商業安全型 Firefly 模型以及將第三方合作夥伴模型無縫整合到 Creative Cloud 旗艦應用程式（如 Photoshop、Illustrator 和 Premiere）方面都做得非常出色。

With the Firefly application, we're giving creators a rich set of generative AI capabilities that allow users to generate with Adobe and partner models, ideate with Firefly boards, and create and edit videos and images through conversational experiences blended with direct manipulation.

借助 Firefly 應用程序，我們為創作者提供了一套豐富的生成式 AI 功能，使用戶能夠使用 Adob​​e 和合作夥伴的模型進行生成，使用 Firefly 畫板進行構思，並透過對話體驗與直接操作相結合的方式創建和編輯影片和圖像。

Along with the Firefly app, we've introduced new products like Premiere Mobile with YouTube integration and Photoshop Mobile to further serve creators anywhere they create. We're transforming the enterprise content supply chain by integrating creative applications, workflow management, asset management, Firefly Services, and custom models with Firefly Foundry.

除了 Firefly 應用程式之外，我們還推出了 Premiere Mobile（整合了 YouTube）和 Photoshop Mobile 等新產品，以便隨時隨地為創作者提供服務。我們正在透過將創意應用程式、工作流程管理、資產管理、Firefly 服務和自訂模型與 Firefly Foundry 集成，來改變企業內容供應鏈。

We have the most comprehensive vision for marketing professionals whether they are freelancers or working at an agency or within an enterprise, to create a brand or address the expanding needs of the content supply chain in the era of AI to deliver customer experience orchestration solutions.

我們為行銷專業人士提供最全面的願景，無論他們是自由工作者、在代理商工作還是在企業內部工作，都能幫助他們在人工智慧時代創建品牌或滿足不斷增長的內容供應鏈需求，從而提供客戶體驗編排解決方案。

Adobe Experience platform and apps power customer engagement and loyalty, Adobe Experience Manager and Agentic Web Solutions, including LLM Optimizer, Sites Optimizer and brand concierge deliver brand visibility and discovery. And Adobe GenStudio enables enterprises to optimize their full content supply chain to realize true personalization at scale.

Adobe Experience 平台和應用程式可增強客戶互動和忠誠度，Adobe Experience Manager 和 Agentic Web Solutions（包括 LLM Optimizer、Sites Optimizer 和品牌管家）可提升品牌知名度和曝光度。Adobe GenStudio 能夠幫助企業優化整個內容供應鏈，從而大規模地實現真正的個人化。

FY25 accomplishments and highlights include: establishing ourselves within leading AI ecosystems with partnerships and integrations across AWS, Azure, Google Gemini, HUMAIN, Microsoft CoPilot, OpenAI and others, offering unprecedented access, choice, and flexibility to customers, leading the way in AI innovation around conversational and agentic interfaces including products like LLM Optimizer and Acrobat AI Assistant, creating custom models through Firefly Services, Firefly Foundry and GenStudio as well as infusing AI within our applications, including Photoshop, Lightroom, Express and Premiere.

2025 財年成就和亮點包括：透過與 AWS、Azure、Google Gemini、HUMAIN、Microsoft CoPilot、OpenAI 等的合作與集成，在領先的 AI 生態系統中確立自身地位，為客戶提供前所未有的訪問、選擇和靈活性，引領圍繞對話和代理界面的 AI 創新，包括 LLM Optimizer 和 Acrofly創建自訂模型，以及將 AI 融入我們的應用程序，包括 Photoshop、Lightroom、Express 和 Premiere。

We continue to leverage inorganic strategies to deliver more value to customers and are pleased with our recently announced intent to acquire Semrush to help brands enhance their visibility and expand audience reach, driving significant new user acquisition across individuals and enterprises with products including Acrobat, Creative Cloud, Express, and Firefly achieving total MAU growth of greater than 15% year over year.

我們繼續利用非內生策略為客戶創造更多價值，並很高興我們最近宣布有意收購 Semrush，以幫助品牌提高知名度並擴大受眾範圍，推動個人和企業用戶獲得顯著的新用戶增長，其產品包括 Acrobat、Creative Cloud、Express 和 Firefly，總月活躍用戶數同比增長超過 15%。

Accelerating adoption of our AI functionality by enterprise customers further highlights our leadership and their trust in Adobe's ability to deliver AI value seamlessly across workflows.

企業客戶加速採用我們的人工智慧功能，進一步凸顯了我們的領導地位，以及他們對 Adob​​e 在工作流程中無縫交付人工智慧價值的能力的信任。

In Q4, globally, we drove record bookings of deals greater than $1 million and achieved over 25% year-over-year growth in the number of customers with $10 million-plus in ARR. Our customer group strategy, large market opportunity, and product innovation drove strong FY25 results. This is the foundation for our FY26 total Adobe ARR growth target of over 10% and we're focused on accelerating this momentum beyond FY26.

在第四季度，在全球範圍內，我們實現了超過 100 萬美元的交易額創紀錄的預訂量，並且年經常性收入超過 1000 萬美元的客戶數量同比增長超過 25%。我們的客戶群策略、龐大的市場機會和產品創新推動了 2025 財年的強勁業績。這是我們 2026 財年 Adob​​e ARR 總成長目標（超過 10%）的基礎，我們將專注於在 2026 財年之後加快這一成長動能。

I'll now turn it over to David.

現在我把麥克風交給大衛。

Thanks, Shantanu. Hello, everyone.

謝謝你，沙塔努。大家好。

Digital Media had a record Q4, driven by user acquisition and expanded customer value across business professional and consumers and creators and creative professionals underpinned by two big areas of innovation: generative AI models and agentic experiences.

數位媒體在第四季度創下歷史新高，這主要得益於用戶獲取量的增長以及面向商業專業人士、消費者、創作者和創意專業人士的客戶價值的提升，而這又得益於兩大創新領域：生成式人工智慧模型和智能體體驗。

Digital Media achieved revenue of $4.62 billion in Q4 and full year revenue of $17.65 billion, both of which grew 11% year over year. We exited the quarter with $19.2 billion of Digital Media ARR, growing ending ARR 11.5% year over year.

數位媒體第四季營收達 46.2 億美元，全年營收達 176.5 億美元，兩者均較去年同期成長 11%。本季末，我們的數位媒體年度經常性收入 (ARR) 為 192 億美元，年增 11.5%。

As it relates to generative AI models, we have continued to develop our own commercially safe Firefly models, while dramatically expanding our ecosystem of GenAI model partnerships. The new Firefly Image 5 model is performing incredibly well with generation quality, native 4 megapixel resolution and industry-leading prompt-based editing capabilities.

在生成式人工智慧模型方面，我們不斷開發我們自己的、商業上安全的螢火蟲模型，同時大幅擴展了我們的生成式人工智慧模型合作夥伴關係生態系統。新款 Firefly Image 5 型號性能卓越，擁有卓越的影像品質、原生 400 萬像素解析度和業界領先的基於提示的編輯功能。

At Adobe MAX in October, we significantly expanded Firefly to become the only app with our own commercially safe models and over 25 leading partner models, including Google, OpenAI, Black Forest Labs, Luma, Runway, Topaz Labs, and ElevenLabs. These models are now integrated into our Firefly Express and Creative Cloud applications.

在 10 月的 Adob​​e MAX 大會上，我們大幅擴展了 Firefly，使其成為唯一一款擁有我們自己的商業安全模型和超過 25 個領先合作夥伴模型的應用程序，其中包括 Google、OpenAI、Black Forest Labs、Luma、Runway、Topaz Labs 和 ElevenLabs。這些模型現已整合到我們的 Firefly Express 和 Creative Cloud 應用程式中。

We also announced advanced model capabilities, including custom model support for Firefly and Creative Cloud customers. Usage and monetization of new Adobe and third-party models is measured and charged through generative credits, different models, Firefly, Gemini or Flex, for example, and different media types, video and high-resolution images, for example, consume different quantities of generative credits.

我們還宣布了進階模型功能，包括為 Firefly 和 Creative Cloud 客戶提供自訂模型支援。Adobe 和第三方新模型的使用和利潤是透過產生積分來衡量和收費的，不同的模型（例如 Firefly、Gemini 或 Flex）和不同的媒體類型（例如視訊和高解析度影像）會消耗不同數量的產生積分。

Generative credits are a great indicator of high-value usage and credit consumption increased 3x quarter over quarter. As subscribers consume more generative credits they have the choice of moving to higher value creative cloud offerings or acquiring Firefly credit add-ons.

生成性信用額度是高價值使用情況的一個很好的指標，信用額度消耗量較上季成長了 3 倍。隨著訂閱用戶消耗更多創意積分，他們可以選擇升級到更高價值的創意雲端產品，或購買 Firefly 積分附加套件。

We also took a huge step forward in Q4 as we showcase the work we've been doing to atomize Photoshop, Express, and Acrobat capabilities as model context protocol endpoints at Adobe MAX.

第四季度，我們在 Adob​​e MAX 大會上展示了我們為將 Photoshop、Express 和 Acrobat 的功能分解為模型上下文協議端點所做的工作，也取得了巨大的進步。

In addition to delivering applications, we are providing imaging, video, and productivity functionality in ChatGPT, CoPilot and other conversational platforms in order to deliver and monetize creative and PDF functionality in new services.

除了提供應用程式外，我們還在 ChatGPT、CoPilot 和其他對話平台中提供圖像、視訊和生產力功能，以便在新服務中提供創意和 PDF 功能並從中獲利。

Users will be able to work conversationally while still benefiting from the power and precision of Adobe's industry-leading features and direct manipulation tools, making it easier than ever to go from intent to outcome, whether editing a PDF, refining an image or generating a design. The advances in generative models and agentic capabilities position Adobe well to take advantage of the long-term opportunities servicing business professionals and consumers and creator and creative professional audiences.

使用者將能夠以對話的方式工作，同時也能受益於 Adob​​e 業界領先的功能和直接操作工具的強大功能和精確性，比以往任何時候都更容易地將意圖轉化為結果，無論是編輯 PDF、完善圖像還是生成設計。生成模型和代理能力的進步使 Adob​​e 能夠更好地掌握長期機遇，為商業專業人士、消費者、創作者和創意專業人士提供服務。

Our vision for business professionals and consumers is to deliver AI-driven, quick and easy applications that enable users to be creative and productive whether consuming or generating content across multiple media types and channels. The strategy is showing real traction, and we are driving strong business momentum.

我們為商業人士和消費者提供的願景是，提供由人工智慧驅動的、快速便捷的應用程序，使用戶無論是在消費還是在多種媒體類型和管道上生成內容，都能發揮創造力並提高生產力。該策略已展現出切實的效果，我們正在推動強勁的業務成長動能。

We revolutionized how users consume and comprehend documents by introducing Acrobat AI Assistant in FY24 and recently added PDF Spaces, allowing individuals and teams to create knowledge hubs to collaborate across multiple documents. Users package multiple documents, not just PDFs, but other file types and web links into a single workspace they can share with others, enabling a collaborative conversational experience.

我們在 2024 財年推出了 Acrobat AI Assistant，徹底改變了使用者閱讀和理解文件的方式；最近又增加了 PDF Spaces，使個人和團隊能夠創建知識中心，跨多個文件進行協作。使用者可以將多個文件（不僅限於 PDF，還包括其他文件類型和網頁連結）打包到一個工作區中，並與他人共享，從而實現協作對話體驗。

Usage of these AI features inside Acrobat and Reader has grown more than 4x year over year as users increasingly turn to Acrobat to help them discover insights, synthesize new ideas, and share knowledge.

隨著使用者越來越多地使用 Acrobat 來幫助他們發現見解、綜合新想法和分享知識，Acrobat 和 Reader 中這些 AI 功能的使用量同比增長了 4 倍以上。

Adobe Express made significant advances in Q4 with the introduction of an AI assistant capable of generative content creation and complex editing. Express now supports generative presentations and designs, moving the industry into a post template world.

Adobe Express 在第四季度取得了重大進展，推出了能夠產生內容和進行複雜編輯的 AI 助理。Express 現在支援生成式簡報和設計，將產業帶入了範本時代之後。

Express AI Assistant is capable of conversationally editing images, flyers, presentations, infographics, and more. Innovations like these have contributed to significant Express mile growth.

Express AI Assistant 能夠以對話的方式編輯圖像、傳單、簡報、資訊圖表等。這些創新措施促進了快速里程的顯著成長。

Adobe Acrobat Studio brings together the conversational consumption and comprehension capabilities of AI Assistant and PDF Spaces with the generative creation power of Express alongside the PDF tools people know and rely on into a unified offering.

Adobe Acrobat Studio 將 AI Assistant 和 PDF Spaces 的對話式消費和理解功能與 Express 的生成式創作功能以及人們熟悉和依賴的 PDF 工具整合到一個統一的產品中。

Customer reception of Acrobat studio has been strong with nearly 50% of Acrobat commercial ETLAs renewed in Q4 already upgrading to this offering, reflecting user enthusiasm for unified document comprehension and content generation.

Acrobat Studio 的客戶反應熱烈，第四季度續簽的 Acrobat 商業 ETLA 中近 50% 已經升級到該產品，這反映出用戶對統一文件理解和內容生成的熱情。

FY25 business professional and consumer accomplishments and highlights include: continued growth of Acrobat Web, which saw now increase over 30% year over year. Strong adoption of Express and Education with over 70% year-over-year growth of students with access to Express Premium. Over 45 new partners added to the Express ecosystem in Q4, including Bynder, Hootsuite, and Sprout Social.

2025 財年商業專業人士和消費者的成就和亮點包括：Acrobat Web 的持續成長，較去年同期成長超過 30%。Express 和 Education 的普及率很高，使用 Express Premium 的學生人數年增超過 70%。第四季度，Express 生態系統新增了 45 多個合作夥伴，包括 Bynder、Hootsuite 和 Sprout Social。

Over 25,000 businesses purchased Express or Studio for the first time in Q4 alone, accelerating quarter over quarter and key enterprise customer wins include Allianz, American Automobile Association, Bundeswehr Von Deutschland, Nippon Life, PwC, Sony, and the US Navy.

僅在第四季度，就有超過 25,000 家企業首次購買了 Express 或 Studio，季度環比增長加速，主要企業客戶包括安聯、美國汽車協會、德國聯邦國防軍、日本生命保險公司、普華永道、索尼和美國海軍。

Turning to creators and creative professionals. Our vision is to deliver the most comprehensive power and precision applications from ideation and creation to production and delivery. We continue to succeed in our goal to attract the next generation of content creators, provide creative professionals with game-changing generative AI capabilities, and automate content production at scale in enterprises.

轉向創作者和創意專業人士。我們的願景是提供從構思和創造到生產和交付的最全面的功率和精度應用。我們持續成功地實現了我們的目標：吸引下一代內容創作者，為創意專業人士提供顛覆性的生成式人工智慧能力，並在企業中大規模實現內容生產的自動化。

We are attracting new creators to Adobe through the Firefly application, which can be purchased through our Firefly Standard Pro and Premium subscription plans. Firefly has a rich set of generative AI capabilities that allow users to generate with Adobe and partner models, ideate with Firefly boards, and create and edit videos and images.

我們正在透過 Firefly 應用程式吸引新的創作者加入 Adob​​e，該應用程式可透過我們的 Firefly 標準版、專業版和高級版訂閱計劃購買。Firefly 擁有豐富的生成式 AI 功能，使用戶能夠使用 Adob​​e 和合作夥伴的模型進行生成，使用 Firefly 畫板進行構思，以及創建和編輯影片和圖像。

Simply put, Firefly is a one-stop shop for accessing industry-leading models integrated into rich creative workflows at an affordable price.

簡而言之，Firefly 是一個一站式平台，可以以實惠的價格存取整合到豐富的創意工作流程中的行業領先模型。

In addition, we're seeing strong adoption of Firefly from Creative Cloud customers as they embrace the growing breadth of AI models and tools seamlessly integrated into creative workflows. We drove 2x quarter-over-quarter growth in first-time subscriptions of Firefly.

此外，我們看到 Creative Cloud 客戶對 Firefly 的採用率很高，因為他們欣然接受了日益廣泛的 AI 模型和工具，這些模型和工具可以無縫整合到創意工作流程中。Firefly 的首次訂閱用戶數量實現了季度環比 2 倍的成長。

The release of Premiere Mobile in Q4 marks an important milestone in next-generation AI video editing. In partnership with Google and YouTube, we are introducing AI-driven audio and video tools to streamline how creators remix YouTube Shorts, which receive 200 billion daily views.

Premiere Mobile 於第四季度發布，標誌著下一代 AI 影片編輯發展歷程中的一個重要里程碑。我們與Google和 YouTube 合作，推出人工智慧驅動的音訊和視訊工具，以簡化創作者重新混音 YouTube Shorts 的方式，YouTube Shorts 每天的觀看次數高達 2000 億次。

Creative Cloud delivered massive new value at Adobe MAX, including the release of new models for generative fill, upscaling and prompt editing in Photoshop, reflection removal in Lightroom, Turntable, and Illustrator and smart masking in Premiere.

在 Adob​​e MAX 大會上，Creative Cloud 帶來了巨大的新價值，包括發布了 Photoshop 中的生成式填充、放大和快速編輯的新模型，Lightroom、Turntable 和 Illustrator 中的反射去除模型，以及 Premiere 中的智慧蒙版模型。

We also announced the general availability of Firefly Boards, a new ideation surface that brings together everything creative professionals need to explore visual and design concepts with stakeholders using industry-leading models from Adobe and our partners. Use of AI in these applications continues to accelerate, underscoring the impact AI is having and what creative professionals can produce.

我們也宣布 Firefly Boards 正式上線，這是一個全新的創意平台，它將創意專業人士與利益相關者一起探索視覺和設計概念所需的一切，並採用了來自 Adob​​e 和我們合作夥伴的行業領先模型。人工智慧在這些應用中的使用持續加速，凸顯了人工智慧的影響以及創意專業人士所能創造的成果。

As part of the overall content supply chain solution for marketing use cases, we continue to advance automated content production with Firefly Services that include video resizing, video reframing, image composition, image harmonization, digital twin generation and more.

作為行銷用例整體內容供應鏈解決方案的一部分，我們繼續利用 Firefly Services 推進自動化內容生產，其中包括影片調整大小、影片重新構圖、影像合成、影像協調、數位孿生生成等等。

We also announced Adobe Firefly Foundry at MAX, which delivers enterprises with proprietary foundation models trained on their own content, data, and brand catalogs. Interest in Firefly Foundry has been strong from enterprise marketing teams and media and entertainment companies, where there is increasing desire to produce content faster and more cost effectively.

我們在 MAX 大會上也發布了 Adob​​e Firefly Foundry，它為企業提供基於其自身內容、資料和品牌目錄訓練的專有基礎模型。企業行銷團隊以及媒體和娛樂公司對 Firefly Foundry 表現出了濃厚的興趣，他們越來越希望能夠更快、更有經濟地製作內容。

FY25 creator and creative professional accomplishments and highlights include hosting Adobe MAX, the world's largest creativity event with over 10,000 members of the creative community in attendance with millions more online. The tremendous innovations we showcased earned over 2,000 articles and garnered 820 million video views, growing our base of creative users across Firefly, Express, Premiere Mobile, and other freemium offerings.

2025 財年創作者和創意專業人士的成就和亮點包括主辦 Adob​​e MAX，這是世界上最大的創意盛會，有超過 10,000 名創意社群成員到場，還有數百萬人在線上參與。我們展示的這些巨大創新獲得了 2000 多篇文章的報道，影片觀看次數達到了 8.2 億次，從而擴大了我們在 Firefly、Express、Premiere Mobile 和其他免費增值產品中的創意用戶群。

MAU for these offerings surpassed $70 million in Q4, growing over 35% year over year, accelerating adoption of Firefly Services within enterprises with over 100 new deals signed in Q4, accelerating generative credit consumption in Creative Cloud, Firefly, and Express by individuals and enterprises, which grew approximately 3x quarter over quarter.

這些產品的每月活躍用戶數在第四季度超過 7000 萬美元，同比增長超過 35%，加速了 Firefly 服務在企業中的普及，第四季度簽署了 100 多份新合同，加速了個人和企業在 Creative Cloud、Firefly 和 Express 中的生成性信用消費，環比增長約 3 倍。

Strength across all routes to market and geographies with particular strength in SMB, enterprise and emerging markets and key enterprise wins include Coca-Cola, HUMAIN, IKEA, JPMorgan Chase, Lowe's, Nintendo, and Sony.

公司在所有市場管道和地區都擁有強大的實力，尤其在中小企業、大型企業和新興市場擁有強大的實力，主要企業客戶包括可口可樂、HUMAIN、IKEA、摩根大通、勞氏、任天堂和索尼。

Over the last few years, we have extended our lineup to anticipate and serve the diverse needs of creative users. The continued strength of Creative Cloud, generative credits, and Firefly automation underscores the success of this strategy with creative professionals across both individuals and enterprises.

過去幾年，我們不斷擴展產品線，以滿足創意用戶的多樣化需求。Creative Cloud、生成式積分和 Firefly 自動化的持續強勁表現，凸顯了這項策略在個人和企業創意專業人士中的成功。

The accelerated growth in Creative Premium MAU demonstrate success with offerings that target creators, consumers, and business professionals and is already starting to have an impact as evident in our Q4 results and FY26 targets. Overall, we delivered strong business results and record Digital Media net new ARR in Q4 and are excited about the opportunity in FY26.

Creative Premium MAU 的加速成長表明，我們針對創作者、消費者和商業專業人士的產品取得了成功，並且已經開始產生影響，這在我們的第四季度業績和 2026 財年目標中顯而易見。總體而言，我們在第四季度取得了強勁的業務成果和創紀錄的數位媒體淨新增 ARR，我們對 2026 財年的機會感到興奮。

I'll now turn it over to Anil.

現在我把麥克風交給阿尼爾。

Thanks, David. Hello, everyone. Our success serving creative and marketing professionals in the enterprise has been driven by having the most comprehensive vision for customer experience orchestration, enabling enterprises around the world to deliver personalized experiences at scale in the era of AI.

謝謝你，大衛。大家好。我們在服務企業創意和行銷專業人士方面取得的成功，源自於我們對客戶體驗編排擁有最全面的願景，使世界各地的企業能夠在人工智慧時代大規模地提供個人化體驗。

Digital experience had a strong close to the year, achieving revenue of $1.52 billion for the quarter and a record $5.86 billion in revenue in FY25. Subscription revenue in the quarter was $1.41 billion, representing 11% year-over-year growth.

數位體驗業務在年底表現強勁，該季度營收達到 15.2 億美元，2025 財年營收創下 58.6 億美元的紀錄。本季訂閱營收為 14.1 億美元，年增 11%。

Adobe delivers the unified AI-powered platform for customer experience orchestration, planning brand visibility, content supply chain, and customer engagement. Adobe Experience Platform is a leading customer data platform that serves as the foundation in enterprises for digital customer engagement and brings together new AI-powered apps and agents to drive engagement and loyalty as well as to reduce costs.

Adobe 提供統一的 AI 驅動平台，用於客戶體驗編排、品牌知名度規劃、內容供應鏈和客戶互動。Adobe Experience Platform 是一個領先的客戶資料平台，它為企業提供數位化客戶互動的基礎，並將新的 AI 驅動的應用程式和代理商結合起來，以提高參與度和忠誠度，並降低成本。

Our platform operates at scale with over 35 trillion segment evaluations and more than 70 billion profile activations per day. We released six new AI agents powered by AEP Agent Orchestrator reader to transform how business is built, deliver and optimize marketing campaigns and customer experiences.

我們的平台規模龐大，每天進行超過 35 兆次細分評估和超過 700 億次個人資料啟動。我們發布了六款由 AEP Agent Orchestrator 閱讀器驅動的全新 AI 代理，旨在改變企業建置、交付和優化行銷活動及客戶體驗的方式。

Subscription revenue for AEP and native apps grew over 40% year over year, demonstrating our continued leadership. We have the best pulse on digital conversations across search, social media and LLMs and enable marketers to get a unified view of where online traffic is originating, how to create and promote brands, and drive engagement and commerce.

AEP 和原生應用程式的訂閱收入年增超過 40%，證明了我們持續的領先地位。我們掌握著搜尋、社群媒體和LLM等數位對話的最佳脈搏，使行銷人員能夠統一了解線上流量的來源、如何創建和推廣品牌以及如何推動互動和商業活動。

In fact, our most recent Adobe Digital Index data, which is based on online transactions across more than 1 trillion visits to US retail sites shows that generative AI traffic is up 760% thus far in the 2025 holiday season. Our data shows that AI-powered traffic from LLMs and agentic browsers is rising and requires different approaches to conversion, underscoring the growing importance of the agentic web and our opportunity to provide insights and automation to marketers.

事實上，我們最新的 Adob​​e 數位指數數據（基於超過 1 兆次美國零售網站訪問的線上交易）顯示，2025 年假期季節迄今，生成式 AI 流量增加了 760%。我們的數據顯示，來自 LLM 和代理瀏覽器的 AI 驅動流量正在上升，需要不同的轉換方法，這凸顯了代理網路日益增長的重要性，以及我們為行銷人員提供洞察和自動化的機會。

Brand visibility is critical to success in this new agentic web, and Adobe solves customer needs through solutions like Adobe Experience Manager, Adobe Analytics, and the newly available Adobe LLM Optimizer. The pending acquisition of Semrush, which we announced a few weeks ago, brings complementary assets to help us address marketers' growing need for sustained brand relevance in AI search.

在這個全新的代理網路中，品牌知名度對於成功至關重要，而 Adob​​e 透過 Adob​​e Experience Manager、Adobe Analytics 和新推出的 Adob​​e LLM Optimizer 等解決方案來滿足客戶需求。我們幾週前宣布的 Semrush 的收購即將完成，這將帶來互補的資產，幫助我們滿足行銷人員對 AI 搜尋中持續品牌相關性的日益增長的需求。

Over the past decade, Semrush's data-driven search engine optimization and generative engine optimization solutions have earned the trust of industry leaders like Amazon, JPMorgan Chase, and TikTok. Together, Adobe and Semrush will deliver a comprehensive solution to enable marketers to shape how their brands appear across own channels, LLMs, traditional search and the wider web. We anticipate the transaction to close in the first half of 2026, subject to regulatory approvals and other closing conditions.

過去十年，Semrush 的數據驅動型搜尋引擎優化和生成式搜尋引擎優化解決方案贏得了亞馬遜、摩根大通和 TikTok 等行業領導者的信任。Adobe 和 Semrush 將攜手提供全面的解決方案，使行銷人員能夠塑造其品牌在自有管道、LLM、傳統搜尋和更廣泛的網路上的呈現方式。我們預計該交易將於 2026 年上半年完成，但需獲得監管部門批准並滿足其他成交條件。

Adobe Brand Concierge, which was launched in Q4, is an AI-first application, enabling businesses to configure and manage AI agents that guide consumers from exploration to purchase decisions using immersive and conversational experiences. By uniting data, content, and agentic AI in a single experience, Brand Concierge gives businesses ownership of the critical discovery and consideration phase. We are pleased with the significant customer interest and the wins we had for Brand Concierge in Q4.

Adobe Brand Concierge 於第四季度推出，是一款以人工智慧為核心的應用程序，它使企業能夠配置和管理人工智慧代理，透過沉浸式和對話式體驗引導消費者從探索到購買決策。Brand Concierge 將資料、內容和智慧 AI 整合到單一體驗中，使企業能夠掌控關鍵的發現和考慮階段。我們對品牌管家服務在第四季度獲得的巨大客戶關注和成功案例感到非常滿意。

The third pillar of customer experience orchestration is the content supply chain. GenStudio is our comprehensive offering, spanning content ideation, creation, production, and activation. At MAX, we introduced new scaled content production capabilities through Firefly Services and has model customization with Adobe Firefly Foundry and integration with a growing ecosystem of ad networks.

客戶體驗編排的第三個支柱是內容供應鏈。GenStudio 是我們提供的一站式綜合服務，涵蓋內容構思、創作、製作和推廣。在 MAX 大會上，我們透過 Firefly Services 引入了新的規模化內容製作能力，並利用 Adob​​e Firefly Foundry 進行了模型定制，同時與不斷增長的廣告網路生態系統進行了整合。

Ending ARR for the Adobe GenStudio solution grew over 25% year over year as the world's leading brands increasingly turn to Adobe to power their content supply chain.

隨著全球領先品牌越來越多地轉向 Adob​​e 來為其內容供應鏈提供支持，Adobe GenStudio 解決方案的年度經常性收入 (ARR) 同比增長超過 25%。

FY25 marketing professional accomplishments and business highlights include: strong customer demand for our newly introduced agent web offerings with over 50 customers in Q4 for Adobe LLM Optimizer, Sites Optimizer, and Brand Concierge; growing international momentum, resulting in a record quarter for our enterprise business in our Europe, Middle East and Africa and Asia regions, expanded ad network partnerships with Amazon, Google, LinkedIn, Microsoft, Snap and Tiktok.

2025 財年行銷專業成就和業務亮點包括：客戶對我們新推出的代理商網路產品需求強勁，第四季度 Adob​​e LLM Optimizer、Sites Optimizer 和 Brand Concierge 的客戶超過 50 家；國際業務發展勢頭強勁，在歐洲、中東和非洲以及亞洲地區的企業關係擴大了網路業務；

Q4 industry analyst recognition, including being named a leader in the Forrester Wave for digital experience platforms; and three, Gartner Magic Quadrant, including multichannel marketing hubs, B2B marketing automation platforms, and digital asset management.

第四季獲得產業分析師認可，包括被 Forrester Wave 數位體驗平台領導者稱號；以及 Gartner 魔力像限，包括多通路行銷中心、B2B 行銷自動化平台和數位資產管理。

And key global customer wins for the quarter include AstraZeneca, AT&T, Citigroup, Comcast, Costco, CVS Health, Ernst & Young, General Motors, IKEA, JPMorgan Chase, Lowe's, NatWest Group, PwC, Sony, Walgreens, Wells Fargo, and Woolworths Group.

本季贏得的主要全球客戶包括阿斯特捷利康、AT&T、花旗集團、康卡斯特、好市多、CVS Health、安永、通用汽車、宜家、摩根大通、勞氏、國民西敏寺銀行集團、普華永道、索尼、沃爾格林、富國銀行和伍爾沃斯集團。

Customer experience orchestration continues to be a critical area of investment for companies of all sizes. We are helping brands across the world turn the promise of AI into tangible marketing ROI. As a leader, we're well positioned to grow our business and help our customers drive customer loyalty, revenue growth, and profitability.

客戶體驗統籌仍是各種規模公司需要重點投資的領域。我們正在幫助世界各地的品牌將人工智慧的潛力轉化為實際的營銷投資回報率。身為產業領導者，我們擁有得天獨厚的優勢來發展業務，並幫助客戶提高客戶忠誠度、收入成長和獲利能力。

I'll now pass it to Dan.

現在我把它交給丹。

Thanks, Anil. Today, I'll start by summarizing Adobe's performance in Q4 and FY25, highlighting growth drivers, and I'll finish with our targets.

謝謝你，阿尼爾。今天，我將首先總結 Adob​​e 在第四季度和 2025 財年的業績，重點介紹成長驅動因素，最後介紹我們的目標。

In FY25, Adobe delivered record revenue of $23.77 billion, growing 11% year over year as reported and in constant currency. GAAP EPS for the year was $16.70 and non-GAAP EPS was $20.94, growing 35% and 14% year over year, respectively.

2025 財年，Adobe 的營收創下歷史新高，達到 237.7 億美元，以報告匯率和固定匯率計算，較去年同期成長 11%。本年度 GAAP 每股收益為 16.70 美元，非 GAAP 每股收益為 20.94 美元，分別年增 35% 和 14%。

We delivered over $10 billion in operating cash flows, while investing in AI product innovation. We executed record share repurchases totaling nearly $12 billion, reducing our shares outstanding by over 6% during the year, underscoring our confidence in the company's long-term opportunity.

我們實現了超過 100 億美元的營運現金流，同時也投資於人工智慧產品創新。我們執行了創紀錄的股票回購，總額近 120 億美元，使公司流通股數量在年內減少了 6% 以上，凸顯了我們對公司長期發展機會的信心。

FY25 business and financial highlights included: Digital Media revenue of $17.65 billion, growing 11% year over year as reported and in constant currency. Digital Experience segment revenue was $5.86 billion, growing 9% year over year as reported and in constant currency. Digital Experience subscription revenue was $5.41 billion, growing 11% year over year as reported and in constant currency.

2025 財年業務和財務亮點包括：數位媒體收入達 176.5 億美元，按報告匯率和固定匯率計算年增 11%。數位體驗部門的收入為 58.6 億美元，按報告匯率和固定匯率計算年增 9%。數位體驗訂閱收入為 54.1 億美元，按報告匯率和固定匯率計算年增 11%。

Digital Media ending ARR was $19.2 billion, growing 11.5% year over year, exceeding our prior target of 11.3%. Over 75% of Digital Media net new ARR was driven by continued growth in subscriptions and cross-sell and upsell with the remainder from value-based pricing, reflecting the success of our customer acquisition strategy.

數位媒體的年度經常性收入 (ARR) 期末達到 192 億美元，年增 11.5%，超過了我們先前設定的 11.3% 的目標。數位媒體新增淨 ARR 的 75% 以上來自訂閱、交叉銷售和向上銷售的持續成長，其餘部分來自基於價值的定價，這反映了我們客戶獲取策略的成功。

Total Adobe ending ARR across business professionals and consumers and creative and marketing professionals, up $25.2 billion, growing 11.5% year over year. Cash flows from operations of $10.03 billion and ending cash and short-term investment position of $6.6 billion, RPO of $22.52 billion exiting the year, growing 13% year over year or 12% in constant currency and CRPO growing 11% as reported or 10% in constant currency, and repurchasing approximately 30.8 million shares of our stock during the year.

Adobe 的年度經常性收入 (ARR) 總額（涵蓋商業專業人士、消費者以及創意和行銷專業人士）達到 252 億美元，年增 11.5%。經營活動產生的現金流量為 100.3 億美元，期末現金及短期投資頭寸為 66 億美元，截至年底的 RPO 為 225.2 億美元，同比增長 13% 或按固定匯率計算增長 12%；CRPO 按報告增長 11% 或按固定匯率計算增長 10%；

We currently have $5.9 billion remaining of our $25 billion authorization granted in March 2024.

我們目前還剩下 59 億美元，而我們在 2024 年 3 月獲得了 250 億美元的授權。

In Q4, Adobe achieved revenue of $6.19 billion, growing 10% year over year as reported and in constant currency. GAAP EPS in Q4 was $4.45, and non-GAAP EPS was $5.50, increasing 17% and 14% year over year, respectively.

第四季度，Adobe 實現營收 61.9 億美元，按報告匯率和固定匯率計算年增 10%。第四季 GAAP 每股收益為 4.45 美元，非 GAAP 每股收益為 5.50 美元，分別年增 17% 和 14%。

Q4 business and financial highlights included: Digital Media revenue of $4.62 billion, growing 11% year over year as reported and in constant currency. Digital Experience segment revenue was $1.52 billion, growing 9% year over year or 8% in constant currency. Digital Experience subscription revenue was $1.41 billion, growing 11% year over year as reported and in constant currency.

第四季業務和財務亮點包括：數位媒體收入達 46.2 億美元，按報告匯率和固定匯率計算年增 11%。數位體驗業務部門營收為 15.2 億美元，年增 9%，以固定匯率計算成長 8%。數位體驗訂閱收入為 14.1 億美元，按報告匯率和固定匯率計算年增 11%。

Total new AI influenced ARR now exceeds one-third of our overall book of business as we integrate AI deeply into our solutions and continue to launch new AI-first offerings, which are now included as part of the AI influence metric.

隨著我們將人工智慧深度融入我們的解決方案中，並不斷推出以人工智慧為先導的新產品，受人工智慧影響的新增年度經常性收入總額現已超過我們整體業務的三分之一，這些產品現在都納入了人工智慧影響指標。

As we've shared over the past year, our strategy is to drive the entire book of business with AI influence solutions. Record net new Digital Media ARR growth reaccelerated year over year driven by strong demand for AI influenced offerings, including Creative Cloud Pro, Acrobat, and Express as well as AI-first products, including Firefly.

正如我們過去一年所分享的那樣，我們的策略是利用人工智慧影響力解決方案來推動整個業務發展。受人工智慧驅動的產品（包括 Creative Cloud Pro、Acrobat 和 Express）以及人工智慧優先產品（包括 Firefly）的強勁需求推動，數位媒體新增 ARR 淨成長年成長創歷史新高。

When combined with the strong net new digital experience ARR in Q4, we delivered record net new total Adobe ARR in the quarter.

加上第四季度強勁的新增數位體驗 ARR，我們本季實現了創紀錄的新增 Adob​​e 總 ARR。

Record cash flows from operations of $3.16 billion, adding a record $2.08 billion to RPO in the quarter. For business professionals and consumers group, subscription revenue was $1.72 billion, increasing 15% year over year as reported or 14% in constant currency.

經營活動產生的現金流創歷史新高，達到 31.6 億美元，本季 RPO 增加創紀錄的 20.8 億美元。對於商業專業人士和消費者群體，訂閱收入為 17.2 億美元，按報告匯率計算年增 15%，以固定匯率計算年增 14%。

Q4 growth drivers for business professionals and consumers included double-digit ending ARR growth with strength across digital, SMB and enterprise and across all geographies. Mobile ending ARR grew greater than 30% year over year. Monthly active users of Acrobat in Express surpassed $750 million, growing 20% year over year and strong customer reception of Acrobat Studio with nearly 50% of Acrobat commercial ETLAs renewed in Q4, already upgrading to this offering.

第四季度，商業專業人士和消費者的成長動力包括兩位數的年度經常性收入 (ARR) 成長，數位、中小企業和企業以及所有地區均表現強勁。行動端每月平均經常性收入年增超過30%。Acrobat Express 的每月活躍用戶數超過 7.5 億美元，年增 20%，Acrobat Studio 也獲得了客戶的強烈反響，第四季度近 50% 的 Acrobat 商業 ETLA 已續簽，併升級到該產品。

For the creative and marketing professionals group, subscription revenue was $4.25 billion, increasing 11% year over year or 10% in constant currency. Q4 growth drivers for creative and marketing professionals included: growth in Creative Cloud driven by CC Pro, growth in single apps driven by strength in Photoshop and Lightroom, consumption of generative credits in Creative Cloud, Firefly and Express increased 3x quarter over quarter, significant web and mobile user acquisition across Firefly, Express, Premiere and our other freemium offerings, growing over 35% year over year to greater than 70 million monthly active users.

創意和行銷專業人士群體的訂閱收入為 42.5 億美元，較去年同期成長 11%，以固定匯率計算成長 10%。第四季創意和行銷專業人士的成長動力包括：Creative Cloud 的成長主要得益於 CC Pro；單一應用程式的成長主要得益於 Photoshop 和 Lightroom 的強勁表​​現；Creative Cloud、Firefly 和 Express 的生成積分消耗量環比增長 3 倍；Firefly、Express、Premiere 和其他免費投資產品在網路和行動裝置上成長端

AEP in apps ending ARR grew over 30% year over year. Demand for content automation offerings like Firefly Services and Firefly Foundry with ending ARR more than doubling year over year. GenStudio solution ending ARR grew over 25% year over year and continued success in the enterprise, adding a record number of customers to the group with ARR exceeding $10 million.

最終實現年度經常性收入 (ARR) 的應用的年均收入 (AEP) 年比增長超過 30%。對 Firefly Services 和 Firefly Foundry 等內容自動化產品的需求，其年度經常性收入 (ARR) 比去年同期成長超過一倍。GenStudio 解決方案的年度經常性收入 (ARR) 年成長超過 25%，並在企業市場持續取得成功，為集團新增了創紀錄數量的客戶，ARR 超過 1,000 萬美元。

Total customers with ARR over $10 million grew 25% year over year to over 150. On November 19, we announced the intent to acquire Semrush Holdings for an equity value of approximately $1.9 billion in an all-cash transaction. We expect the transaction to close in the first half of FY26, subject to regulatory approvals and other customary closing conditions.

年經常性收入超過 1,000 萬美元的客戶總數較去年同期成長 25%，超過 150 家。11 月 19 日，我們宣布計劃以約 19 億美元的股權價值，透過全現金交易收購 Semrush Holdings。我們預計該交易將於 2026 財年上半年完成，但需獲得監管部門批准並滿足其他慣例成交條件。

We expect the non-GAAP EPS impact of the acquisition to be negligible in the first year post close and accretive thereafter.

我們預計此次收購對非GAAP每股收益的影響在交易完成後的第一年可以忽略不計，此後將帶來增益。

Let me now turn to our financial targets, which assume current macroeconomic conditions. Our targets do not include any contribution from Semrush. As is customary, we revalued ending ARR at the end of FY25, which resulted in a $460 million increase to total Adobe ARR from $25.2 billion to $25.66 billion entering FY26, primarily from FX rate changes.

現在讓我來談談我們的財務目標，這些目標是基於當前的宏觀經濟狀況制定的。我們的目標不包括 Semrush 的任何貢獻。按照慣例，我們在 2025 財年末對 ARR 進行了重新估值，導致 Adob​​e 2026 財年 ARR 總額從 252 億美元增加到 256.6 億美元，增幅達 4.6 億美元，主要原因是匯率變動。

We've now provided historical information on total Adobe ARR going back to FY23 in our investor data sheet. For FY26, we're targeting total Adobe revenue of $25.9 billion to $26.1 billion. Business professionals and consumer subscription revenue of $7.35 billion to $7.4 billion, creative and marketing professional subscription revenue of $17.75 billion to $17.9 billion.

我們在投資者資料表中提供了自 2023 財年以來 Adob​​e ARR 總歷史資料。2026 財年，我們預計 Adob​​e 總營收將達到 259 億至 261 億美元。商業專業人士和消費者訂閱收入為 73.5 億美元至 74 億美元，創意和行銷專業人士訂閱收入為 177.5 億美元至 179 億美元。

Total Adobe ending ARR book of business growth of 10.2% year over year. GAAP EPS of $17.90 to $18.10 and non-GAAP EPS of $23.30 to $23.50. This total Adobe ARR book of business growth target of 10.2% translates to approximately $2.6 billion of growth, which would be our highest beginning of year guide for total net new ARR.

Adobe 總 ARR 業務總額較去年同期成長 10.2%。GAAP每股收益為17.90美元至18.10美元，非GAAP每股收益為23.30美元至23.50美元。 Adobe年度經常性營收（ARR）總業務成長目標為10.2%，相當於約26億美元的成長，這將是我們年初對新增淨ARR總額的最高預期。

This target is based on the strength exiting FY25 and continued momentum across all three audiences: business professionals and consumers, creators and creative professionals, and marketing professionals.

該目標基於 2025 財年結束時的強勁勢頭，以及在所有三個受眾群體（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）中的持續成長勢頭。

Our FY26 targets anticipate non-GAAP operating margin of approximately 45.0%, a GAAP tax rate of approximately 20.5%, and a non-GAAP tax rate of approximately 18%. This non-GAAP tax rate is based on a three-year projection and may be adjusted for changes in the future.

我們 2026 財政年度的目標預計非 GAAP 營業利潤率約為 45.0%，GAAP 稅率約為 20.5%，非 GAAP 稅率約為 18%。該非GAAP稅率基於三年預測，未來可能會根據變化進行調整。

For Q1 FY26, we're targeting total Adobe revenue of $6.25 billion to $6.3 billion, business professional and consumer subscription revenue of $1.74 billion to $1.76 billion, creative and marketing professional subscription revenue of $4.3 billion to $4.33 billion, GAAP EPS of $4.55 to $4.60, and non-GAAP EPS of $5.85 to $5.90.

2026 財年第一季度，我們預計 Adob​​e 總營收為 62.5 億美元至 63 億美元，商業專業人士和消費者訂閱收入為 17.4 億美元至 17.6 億美元，創意和行銷專業人士訂閱收入為 43 億美元至 43.3 億美元，GAAP 每股收益為 4.550 美元至每股收益 4.550 至每股 5.505 美元至 5.550 美元至每股 5.5050 美元至每股收益 5.5050 5. 5.90 美元。

For Q1, we expect non-GAAP operating margin of approximately 47.0%, a GAAP tax rate of approximately 21.5%, and a non-GAAP tax rate of approximately 18%.

第一季，我們預期非GAAP營業利潤率約為47.0%，GAAP稅率約為21.5%，非GAAP稅率約為18%。

In summary, Adobe delivered another outstanding year, fueled by strong global demand for our AI solutions across business professionals and consumers and creative and marketing professional customer groups. Our disciplined execution and strategic investments position us to extend our leadership as we deliver an ecosystem of AI models, conversational interfaces, and agentic experiences.

總而言之，Adobe 又取得了卓越的一年成績，這得益於全球商業專業人士、消費者以及創意和行銷專業人士等客戶群對我們人工智慧解決方案的強勁需求。我們嚴謹的執行和策略性投資使我們能夠鞏固領先地位，並建立人工智慧模型、對話介面和智慧體驗的生態系統。

Looking ahead to FY26, we're confident in our ability to deliver industry-leading innovation, double-digit ARR growth, and world-class profitability.

展望 2026 財年，我們有信心實現業界領先的創新、兩位數的 ARR 成長和世界一流的獲利能力。

Shantanu, back to you.

Shantanu，把麥克風交還給你。

Thanks, Dan. Our success is fueled by the incredible ingenuity of our global employees who are passionate about delivering innovation with relentless execution in service of our expanding customer base. Adobe is well positioned to seize the immense market opportunities that we are creating, driving continued growth and shaping the industry in 2026 and beyond.

謝謝你，丹。我們的成功源於我們全球員工的非凡創造力，他們充滿熱情地致力於創新，並以不懈的努力為我們不斷增長的客戶群提供服務。Adobe 已做好充分準備，抓住我們正在創造的巨大市場機遇，推動持續成長，並在 2026 年及以後塑造產業格局。

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

謝謝，現在我們將回答各位的問題。操作員？

(Operator Instructions) Mark Murphy, JPMorgan.

（操作說明）馬克‧墨菲，摩根大通。

Congratulations on a great finish to the year. Shantanu, down at Adobe MAX, the energy, the enthusiasm was just truly phenomenal. And it felt to us like a breakthrough moment, talking to customers down that there was just quite a bit of interest in Firefly Foundry specifically because the customers can end up with this private AI model and something that will understand their identity and their style.

恭喜你圓滿結束了這一年。Shantanu，在 Adob​​e MAX 大會上，那種活力和熱情真是太棒了。我們感覺這是一個突破性的時刻，與客戶交談後發現，他們對 Firefly Foundry 表現出了相當大的興趣，因為客戶最終可以擁有一個私有的 AI 模型，該模型能夠理解他們的身份和風格。

Can you speak to how customers are starting to use Foundry in the early stages? And perhaps just what type of economic potential that might be able to unleash for Adobe?

您能否談談客戶在早期階段是如何使用 Foundry 的？而這或許能為 Adob​​e 釋放出怎樣的經濟潛力？

Sure, Mark. And thanks for the comment. I'll start and then maybe David can add as well. And I did see in your report that you had sort of the work that you've been doing behind the scenes to understand customer sentiment. So we appreciate that.

當然可以，馬克。感謝您的評論。我先開始，然後也許大衛也可以補充。我從你的報告中看到，你一直在幕後努力了解客戶情緒。我們對此表示感謝。

From our perspective, we just look at it and for enterprises, the entire content supply chain, GenStudio is really the offering that we want to provide that takes care of every aspect of their content production whether it's the creation part of the campaign, whether it's then creating custom models, whether it's training it at the back end, whether it's automating it and then certainly, delivery.

從我們的角度來看，我們著眼於整個內容供應鏈，對於企業而言，GenStudio 正是我們想要提供的服務，它可以處理內容製作的方方面面，無論是活動的創建部分，還是創建自訂模型，還是在後端進行訓練，還是實現自動化，當然還有交付。

And so Firefly Services is off to a great start, continued, I think, in the prepared remarks. David talked about the hundreds of deals that we're signing in that particular space. And Foundry just takes it to a different level in terms of our ability to customize whether it's for a retailer, whether it's for media and entertainment, the ability to do a lot more.

因此，螢火蟲服務公司取得了良好的開端，我認為，在事先準備好的演講稿中也提到了這一點。大衛談到了我們在該領域簽署的數百項交易。而 Foundry 則將客製化能力提升到了一個新的水平，無論是為零售商，還是為媒體和娛樂產業，它都能做到更多。

So we really view that as a massive opportunity in terms of whether it's a marketing team or the entire media and entertainment workflow that allows them to create content, deliver that content, localize it.

因此，我們認為這是一個巨大的機遇，無論是對於行銷團隊還是整個媒體和娛樂工作流程而言，它都能讓他們創建內容、交付內容並進行在地化。

But maybe, David, you can add to some of the sort of customers and what we can do there as well.

不過，大衛，或許你可以補充一些關於客戶類型以及我們能為他們做些什麼的資訊。

Yes. As Shantanu talked about, because we have this great position with GenStudio and the content supply chain, we've been hearing more and more from customers that in order to take it to the next level, they need more than what off-the-shelf models can provide. And as a result, we introduced Foundry, like you mentioned at MAX and the core value is that we train on their content, their data and their brand guidelines.

是的。正如 Shantanu 所說，由於我們在 GenStudio 和內容供應鏈中佔據著如此重要的地位，我們越來越多地聽到客戶說，為了更上一層樓，他們需要的不僅僅是現成的模型所能提供的。因此，我們引入了 Foundry，就像您在 MAX 大會上提到的那樣，其核心價值在於我們根據他們的內容、數據和品牌指南進行培訓。

We're able to generate images, videos, audio and 3D models, and we operate it as a managed service. So marketing teams can then train on product shots, environment, styles, brand guidelines and media companies actually train on their individual franchises whether it's a movie or whether it's a series. They'll train their characters, their set, their props, their locations so they can generate the whole thing.

我們能夠產生圖像、視訊、音訊和 3D 模型，並以託管服務的形式運作。這樣一來，行銷團隊就可以針對產品拍攝、環境、風格、品牌指南進行培訓，而媒體公司則可以針對各自的系列作品進行培訓，無論是電影還是電視劇。他們會訓練角色、佈景、道具和拍攝地點，以便能夠產生整個場景。

I'll give you one example from a financials or economics perspective, let's say, media and entertainment company we're working on. And I'm rounding the numbers here, but to give you a little bit of context, let's say, that organization was spending $10 million with us ARR on our core creative products that we've been selling with them.

我舉個例子，從財務或經濟角度來說，假設我們正在研究媒體和娛樂公司。我這裡只是對數字做了些許調整，但為了給你一些背景信息，假設該組織每年在我們銷售的核心創意產品上花費 1000 萬美元。

We ran a sales process with them and engagement with them for about six months. We were able to sell them Firefly Services and Firefly Foundry for about $7 million, so a pretty significant step-up in terms of the engagement that we have with the customer, we were able to train models within two or three months and now we're running some of those models specifically as managed services for them for ideation and production processes.

我們與他們進行了銷售流程，並與他們進行了大約六個月的溝通。我們以約 700 萬美元的價格將 Firefly Services 和 Firefly Foundry 賣給了他們，這在與客戶的合作方面是一個相當大的進步。我們能夠在兩到三個月內訓練模型，現在我們正在專門為他們運行其中一些模型，作為託管服務，用於構思和生產流程。

They're already seeing increased efficiency in content production. They're able to generate more production content, and they're now getting into opportunities that are revenue-bearing opportunities like increasing the types of content they produce for social shorts and personalizing more of it for fan engagement with integration with our real-time CDP.

他們已經看到內容製作效率有所提升。他們能夠製作更多內容，現在他們正在進入一些能夠帶來收入的機會，例如增加他們為社交短片製作的內容類型，並透過與我們的即時 CDP 集成，為粉絲互動提供更多個人化內容。

And of course, that's with just a few of their franchises more opportunities to expand beyond that. So very excited.

當然，這只是他們目前擁有的幾家加盟店，未來還有更多機會拓展業務。太激動了！

And maybe one last thing to just punctuate what David said. So the vision clearly is that for every single brand, if you're a consumer company or for every single TV show or a movie, we can create a foundry specifically for that particular franchise, as David said, because the ability to help with the automation of that content and production is massive.

最後，或許還有一點可以補充大衛剛才所說的話。因此，我們的願景很明確：對於每一個品牌，無論是消費品公司，還是每一個電視節目或電影，我們都可以專門為該特定係列創建一個創作平台，正如大衛所說，因為幫助實現內容和製作的自動化能力是巨大的。

Matt Swanson, RBC Capital Markets.

Matt Swanson，加拿大皇家銀行資本市場。

I had a question kind of as we expand the product portfolio and the go-to-market motion of really mirroring up the Creative Cloud and the Experience Cloud. Could you just talk about maybe the ROI focus on kind of justifying the value creation of these new productivity enhancements, right?

我有一個問題，隨著我們擴展產品組合和市場推廣策略，真正實現 Creative Cloud 和 Experience Cloud 的鏡像。您能否談談投資報酬率，重點在於如何證明這些新的生產力提升措施所創造的價值？

We've seen through all your product demos how much more content can be created, but really being able to marry that up to results and really kind of why is it a good thing for the enterprise that they have all these new capabilities.

我們已經透過你們所有的產品展示看到了可以創建多少內容，但真正能夠將這些內容與結果結合起來，以及企業擁有所有這些新功能究竟有何好處，才是關鍵所在。

Well, if you take a step back, Matt, and you think about every single business, I mean, there are trillions of dollars that are spent in marketing. And our opportunities to really say we can help you make sure that that content is more personalized. I'll have Anil also add after this and deliver it.

馬特，如果你退後一步，想想每一家企業，我的意思是，行銷上花費的金額高達數萬億美元。我們有機會真正告訴您，我們可以幫助您確保內容更加個人化。我會讓 Anil 也補充上去，然後一起送過去。

And the fact is that since we can deliver that content through an ad network and then we understand through our analytics, where that is resulting in traffic, where that is resulting in conversion where that's not, we're the only company that can close the loop from the creation of a campaign, the execution of that campaign as well as then actually looking at what that causes in terms of commerce.

事實上，由於我們可以透過廣告網路提供這些內容，然後透過分析了解哪些內容帶來了流量，哪些內容帶來了轉化，哪些內容沒有帶來轉化，因此我們是唯一一家能夠從創建廣告系列、執行廣告系列到實際查看其在商業方面產生的影響，從而形成閉環的公司。

And so I think our real value proposition and all of this is that as increasingly people are saying, hey, I want to use AI to create more. We can not only optimize and accelerate the amount of content that they're producing, but we're the only company that can then help them say, hey, this caused so much traffic. And I think we can speak more to that as well as it relates to what we are doing around search, LLM, and ROI.

所以我認為我們真正的價值主張以及這一切，是因為越來越多的人說，嘿，我想利用人工智慧來創造更多。我們不僅可以優化和加快他們生產的內容量，而且我們是唯一一家能夠幫助他們說「嘿，這帶來瞭如此多的流量」的公司。我認為我們還可以就此多做些探討，因為它與我們在搜尋、LLM 和 ROI 方面所做的工作有關。

Exactly, Shantanu. Depending on the industry, 10% to 20% of the total marketing budget is actually spent on content, on content creation and production. And exactly with the content supply chain, the solution we offer through GenStudio: one, we are helping them reduce the content production -- creation and production costs.

沒錯，沙塔努。根據行業不同，行銷總預算的 10% 到 20% 實際上用於內容、內容創作和製作。而對於內容供應鏈，我們透過 GenStudio 提供的解決方案正是如此：第一，我們幫助他們降低內容製作成本——創作和製作成本。

But equally importantly, we're helping them create the content in a much more agile manner and create a lot more content. So most marketers are moving from traditional marketing channels to a lot of the new channels like Shantanu were saying, digital channels, both for paid media as well as their own media.

但同樣重要的是，我們正在幫助他們以更靈活的方式創建內容，並創建更多的內容。所以大多數行銷人員正在從傳統行銷管道轉向許多新的管道，就像 Shantanu 所說的那樣，包括數位管道，無論是付費媒體還是他們自己的媒體。

And that requires a lot more agility in content production. Therefore, the content supply chain solution that we offer helps them get a lot more effectiveness out of their marketing and better ROI.

這就要求內容製作方面要更有彈性。因此，我們提供的內容供應鏈解決方案可以幫助他們提高行銷效率並獲得更好的投資報酬率。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

This is Ivan here on the line for Alex. Maybe one question on going back to Semrush acquisition. Can you maybe talk a little bit about what was the strategic rationale? A little more color on that and maybe how we should think about the series from the deal for next year.

這是伊万，他正在電話那頭幫亞歷克斯報平安。關於Semrush被收購一事，或許可以提一個問題。您能否談談其中的戰略考量？再詳細說說這件事，以及我們該如何看待明年這筆​​交易中的系列賽。

Yes. If you look at what's top of mind for market is, right now, when we think of customer experience orchestration, brand visibility is one of the key areas that's top of mind for marketers. How their brands appear, how they're positioned, especially in new channels like the LLM, whether it's ChatGPT or Google or Perplexity, that's top of mind for marketers.

是的。如果你看看市場目前最關注的是什麼，當我們想到客戶體驗協調時，品牌知名度是行銷人員最關注的關鍵領域之一。品牌的呈現方式、定位方式，尤其是在 LLM 等新管道（無論是 ChatGPT、Google 或 Perplexity）中，都是行銷人員最關心的問題。

So one of the things that we do really well, by bringing Adobe and Semrush together, we will be able to offer a comprehensive solution for marketers so that whether it is their own media, like their own website and their mobile apps, whether it is earned media, like these LLMs or our cross-search engines, they have one solution that helps them improve their brand visibility and make sure that they understand what customers are searching for, what prospects are actually searching for or prompting for and they are in the right places in the right way with their brands.

因此，透過將 Adob​​e 和 Semrush 結合起來，我們能夠為行銷人員提供全面的解決方案，無論他們自己的媒體（例如他們自己的網站和行動應用程式），還是贏得的媒體（例如這些 LLM 或我們的跨搜尋引擎），他們都可以透過一個解決方案來提高品牌知名度，確保他們了解客戶正在搜尋什麼，潛在客戶正在搜尋什麼，並確保他們在潛在的位置出現的方式。

And we are the only ones that can offer a comprehensive solution to be able to do that across their own channels as well as all of these new channels like LLMs in addition to search engines.

我們是唯一能夠提供全面解決方案的公司，不僅可以在自己的管道上實現這一點，還可以在所有這些新管道（如LLM）以及搜尋引擎上實現這一點。

Maybe the one thing I'll say is also based on the previous question that Matt had, when we think about our own spend and how we do this at Adobe as we're engaging with billions of customers, being able to provide an integrated way of spending money across search, across LLMs and understanding what is the relative efficiency of that, I think most companies would say when they're seeing their business move up and to the right, it's now coming from a more diverse set of channels.

也許我想說的一點，也是基於 Matt 之前提出的問題，當我們思考我們自己的支出以及我們在 Adob​​e 如何與數十億客戶互動時，如何提供一種整合的方式，將資金用於搜索、LLM 等渠道，並了解其相對效率時，我認為大多數公司都會說，當他們看到業務向上增長時，增長的來源是更加多樣化的渠道。

And this just allows us between the search engine and the generative engine to provide this unified approach. So I think it's very unique, and then we can provide the analytics for folks. So I think combining both your questions, this is why the excitement around the creative and marketing and the combination of that is something that really gives us a lot of confidence.

這使得搜尋引擎和產生引擎之間能夠提供這種統一的方法。所以我認為這非常獨特，然後我們可以為人們提供分析數據。所以我覺得，結合你提出的兩個問題，這就是為什麼創意和行銷以及二者結合所帶來的興奮感，真的給了我們很大的信心。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

Congratulations on the solid end of the year. Maybe a kind of longer-term focus question. You guys have been clear that the strategy is proliferation first and then kind of monetization going forward when it comes to a lot of these technologies and a lot of the innovation that you're pushing into the base. And I think some of the metrics that we're seeing in Q4 are getting us a little bit excited that we're starting to see some of that ability.

恭喜你圓滿結束了這一年。或許這是一個需要長期關注的問題。你們已經明確表示，對於你們正在推廣的許多技術和創新而言，策略是先普及，然後再進行貨幣化。我認為我們在第四季度看到的一些指標讓我們有點興奮，因為我們開始看到這種能力的顯現。

You guys talked about monthly active users up over 15%. So the user base is growing. You talked about 3x growth in the usage of the models on a quarter-on-quarter basis, so the usage is ramping up.

你們之前提到每月活躍用戶成長超過 15%。所以用戶群正在成長。您提到這些模型的使用量環比增長了 3 倍，因此使用量正在迅速增長。

When can we potentially see this sort of grow the totality or stabilize or accelerate the totality of growth at Adobe? Meaning, another -- when do we see a year where ARR growth is stable, right, on a year-on-year basis are actually improving because I think that's what investors really want to see to get more confident in the stock and start revisiting the stock and coming back to the shares?

我們何時才能看到 Adob​​e 的整體成長、穩定或加速？也就是說，另一個問題是——我們什麼時候才能看到年度經常性收入 (ARR) 成長穩定，並且逐年成長，對吧？因為我認為這才是投資人真正想看到的，這樣他們才能對股票更有信心，重新審視股票，並再次買進這些股票？

Yes, Keith. I mean, from my perspective, Q4 was a really strong quarter and frankly, starting to be this inflection in terms of as we see the leading indicators, what is happening across the leading indicators, which gives us a lot of confidence. And that's why when you look at the total Adobe ARR growth target, which translates to approximately $2.6 billion, that's the highest beginning of the year guide for total net new ARR.

是的，基斯。我的意思是，從我的角度來看，第四季度是一個非常強勁的季度，坦白說，從領先指標來看，這開始是一個轉捩點，領先指標的走勢給了我們很大的信心。因此，當你查看 Adob​​e 的 ARR 成長目標總額（約 26 億美元）時，你會發現這是年初以來淨新增 ARR 總額的最高預期。

But unpacking your question, you're absolutely right. I mean, when we think about how we've innovated in AI and transformed the business to serve the massive customer audiences that we see, what we've done a really good job of is in the business pros and consumers, you're seeing the MAU increase. You've seen the fact that we've got this technology in front of a lot of people.

但仔細分析你的問題，你的說法完全正確。我的意思是，當我們思考我們在人工智慧領域如何進行創新，以及如何轉變業務以服務於我們所看到的龐大客戶群時，我們做得非常出色的一點是，無論是商業專業人士還是消費者，你都會看到月活躍用戶數 (MAU) 的增長。你們已經看到，我們已經把這項技術展示給了很多人。

We've got usage. You saw the metrics that I think David provided there in terms of what's happening on the freemium usage of that. So that's the early indicator.

我們已經有使用情況了。你們看到了大衛提供的免費增值模式使用情況的指標。這是早期指標。

On the Creative Pro, what we have seen across all three parts of the business, which is what's happening in Creative Cloud, what's happening in Firefly as a new app, and to the earlier question, Firefly Foundry, the automation associated with that.

在 Creative Pro 方面，我們看到業務的三個部分都在變化，包括 Creative Cloud 中正在發生的事情、Firefly 作為一款新應用程式正在發生的事情，以及先前提到的 Firefly Foundry 及其相關的自動化。

So we look at all of the three markets that we serve. And I think in the data as well, I'm sure you looked at the fact that when you look at what's happening on the creative business, you can see, given you have underlying visibility into the core creative subscription, that is now growing sequentially quarter over quarter.

因此，我們會考察我們所服務的三個市場。而且我認為，從數據中，我相信你也看到了這樣一個事實：當你觀察創意產業正在發生的事情時，你會發現，鑑於你對核心創意訂閱的了解，它現在正逐季增長。

And that's coming. Frankly, the record digital media ARR is coming as a result of all three of them. So I think we're pleased not just with the strong Q4, but underlying how we've actually changed the sort of underlying part of the business to be whether it's on mile, whether it's infusing AI, whether it's on higher-value products.

那一天即將到來。坦白說，數位媒體 ARR 的創紀錄成長是這三者共同作用的結果。所以我認為我們不僅對強勁的第四季度業績感到滿意，而且對我們實際改變了業務的底層部分感到滿意，無論是在里程方面，還是在註入人工智慧方面，還是在更高價值的產品方面。

And combining all of that, frankly, for the enterprise, which we continue to think is a differentiated strategy for us. So we have to just keep executing. But I think Q4 was an inflection in the early indicators, which we continue to track.

坦白說，將所有這些結合起來，對於企業而言，我們仍然認為這是一種差異化的策略。所以我們必須繼續執行。但我認為第四季是早期指標的一個轉捩點，我們將繼續追蹤這些指標。

Mark Moerdler, Bernstein.

馬克‧莫德勒，伯恩斯坦。

This is [Shelly] calling on behalf of Mark. Congratulations on a solid quarter. Total Adobe and ARR growth this year ended at 11.5%. And next year, you're guiding to 10.2%. Could you help us understand what is driving the difference between this year's growth and the guidance? Is it certain parts of the market that you think might behave differently next year versus this year?

這是雪莉代表馬克打來的電話。恭喜你們本季業績穩健。今年 Adob​​e 和 ARR 的總成長率達到 11.5%。明年，你們的指導成長率將達到 10.2%。您能否幫助我們了解今年成長與預期差異的原因？您認為明年市場上的哪些部分可能會與今年有所不同？

Well, first, I guess there's another call that's also going on. But from our perspective, when we look at it, I think you have to look at it also in terms of the absolute and the target actually shows momentum across all of these audiences. And so if you think that we've accomplished approximately $2.6 billion, this actually starts our guide for fiscal '26 at that level.

首先，我想還有另一通電話也在進行中。但從我們的角度來看，我認為你也必須從絕對的角度來看待它，而目標實際上顯示出在所有這些受眾群體中的勢頭。因此，如果您認為我們已經實現了約 26 億美元的目標，那麼這實際上是我們 2026 財年目標的起點。

So I think from our perspective, it's showing the momentum that we have.

所以我覺得從我們的角度來看，這顯示我們擁有強勁的發展動能。

And to your second question, as we think about the ARR across the business professionals and consumers as well as the creative and marketing professionals, this is predicated on our confidence associated with all three customer groups as opposed to one of them.

至於你的第二個問題，當我們考慮商業專業人士、消費者以及創意和行銷專業人士的 ARR 時，這是基於我們對所有三個客戶群的信心，而不是對其中任何一個群體的信心。

Again, to the question that Keith asked earlier, it reflects the progress that we made on Express and Acrobat, whether it's with AI system, whether it's with PDF Spaces, whether it's with infusing creativity into that offering. Firefly in Creative Cloud and Creative Pro, CC Pro offering, Firefly Services.

再說一遍，對於 Keith 之前提出的問題，這反映了我們在 Express 和 Acrobat 方面取得的進展，無論是在人工智慧系統方面，還是在 PDF Spaces 方面，亦或是將創造力融入到該產品中方面。Firefly 是 Creative Cloud 和 Creative Pro 的一部分，CC Pro 產品組合，Firefly 服務。

So across the board, and (inaudible) and apps, Anil talked about [AEP] and apps, I talked about GenStudio, brand visibility as well as the acquisition of Semrush that will -- when that happens based on all the regulatory conditions that we need to fulfill. That also adds to our offering.

所以，總的來說，還有（聽不清）和應用程序，Anil 談到了 [AEP] 和應用程序，我談到了 GenStudio、品牌知名度以及對 Semrush 的收購，這將在滿足所有監管條件後發生。這也豐富了我們的產品和服務。

So we're pleased with our performance in Q4, and we're excited about the future.

因此，我們對第四季的業績感到滿意，並對未來充滿期待。

Jake Roberge, William Blair.

傑克‧羅伯格，威廉‧布萊爾。

Good to see the partnership announcement and integration with ChatGPT. David, as you expand to these new surfaces outside of the Adobe ecosystem, how are you thinking about driving monetization of that usage or converting those users over to your platform?

很高興看到與 ChatGPT 的合作公告和整合。David，隨著你將業務拓展到 Adob​​e 生態系統之外的這些新平台，你打算如何推動這些平台的使用變現，或將這些用戶轉移到你的平台上？

Yes. Our focus has always been around sort of meeting customers where they are. And that used to predominantly be focused on search and the web, and now we're seeing this incredible growth with LLMs. And so we are taking all of our technology and making sure that it can run in these LLMs.

是的。我們一直以來都專注於如何滿足客戶的需求。過去，這主要集中在搜尋和網路領域，而現在，我們看到LLM領域出現了令人難以置信的成長。因此，我們正在將我們所有的技術應用到這些LLM中，以確保它們能夠運作。

They represent, in our mind, a great top of funnel. They let us reach new users that we typically wouldn't have reached with some of the traditional markets that we go through, and we can engage them in new ways. And it gives us the journey work that's already in there, gives us the opportunity to flow them into our full paid plan.

在我們看來，它們代表著一個巨大的漏斗頂端。它們讓我們能夠接觸到我們通常無法透過一些傳統市場接觸到的新用戶，並且我們可以以新的方式與他們互動。它讓我們有機會將現有的旅程工作融入我們的全付費計畫中。

So it's a real top of full game with a conversion opportunity on the back end of that. And one of the -- maybe the more important elements and moments of why this is such a critical moment for us is that as LLMs start embracing these model context protocols, these MCP end points, it's no longer that these LLMs are about a prompt to a model and a response. It now gives us the opportunity to have the LLMs actually work with models and APIs and that plays to a really strong strength that we have and durable differentiator given the incredible APIs we have across creativity and productivity.

所以這是一場精彩的比賽，最後還有一次得分機會。而這對我們來說是一個至關重要的時刻，其中一個——或許更重要的因素和時刻是，隨著 LLM 開始接受這些模型上下文協議、這些 MCP 終點，這些 LLM 不再只是向模型發出提示並得到回應。現在，它讓我們有機會讓 LLM 真正與模型和 API 協同工作，這發揮了我們真正的優勢，也使我們擁有了持久的差異化優勢，因為我們在創造力和生產力方面擁有令人難以置信的 API。

So it lets us reach a lot more customers. It lets us automize the capabilities, double down on the freemium experience that we've been putting in place, as Keith mentioned, our creative freemium now grew over 35%, and this just continues to drive that. And we're starting to see the tail end of that turn into conversion and show up in our results.

這樣一來，我們就能接觸到更多的客戶。它使我們能夠實現功能自動化，加倍投入我們一直在推行的免費增值體驗，正如 Keith 所提到的，我們的創意免費增值服務現在增長了 35% 以上，而這只會繼續推動這一增長。我們開始看到這些趨勢逐漸轉化為實際轉化，並反映在我們的結果中。

Michael Turrin, Wells Fargo.

邁克爾圖林，富國銀行。

You mentioned credit consumption up 3x this quarter. I was just hoping to hear a bit more around what you're seeing from an overall consumption perspective, how third-party models are impacting that? And if you're becoming at all more confident in monetizing or forecasting consumption?

您提到本季信用卡消費量成長了3倍。我只是想從整體消費角度多了解一些情況，以及第三方模式對消費的影響？如果你對消費變現或預測更有信心了呢？

And then secondarily, from your perspective, are there better or worse scenario for us to be thinking about in terms of which of the larger models win [mile] share in the market for Adobe just given, I think you've seen a lot of differing opinions of that, especially of late?

其次，從你的角度來看，考慮到最近大家對此有很多不同的看法，對於 Adob​​e 來說，哪種大型機型能贏得市場份額，我們應該考慮哪種情況更好或更糟？

Yes. Happy to take that. So just for the broader group on the call, if you take a step back, we introduced generative credits a few years ago when we introduced generative AI into our products. And customers get credits in a couple of different ways.

是的。樂意接受。所以，為了讓電話會議上的各位更了解情況，我們回顧一下，幾年前，當我們把生成式人工智慧引入到我們的產品中時，我們也推出了生成式積分。顧客可以透過幾種不同的方式獲得積分。

First, all of our plans now come with some base level of credit access. And of course, higher end plans include more credits.

首先，我們所有的計劃現在都包含一定程度的基本信用額度。當然，更高級的套餐包含更多積分。

The second thing is that when customers deplete their credits, they can get more credits in one of two ways. They can upgrade to a higher-end plan and/or they can purchase generative credit add-on packs. And as we think about the growth algorithm associated with this, it's really a multiplier across four different things.

第二點是，當客戶的信用額度用完時，他們可以透過以下兩種方式之一獲得更多信用額度。他們可以升級到更高級的套餐，或購買增值信用附加包。當我們思考與此相關的成長演算法時，它實際上是四個不同因素的乘數。

First of all, the number of apps that have these generative capabilities, times the number of media types that we support, times the number of use cases and workflows that we've integrated these into, times the number of models that we have that we -- that people are able to use. And we had major updates for all of these at MAX earlier this -- earlier in Q4.

首先，具有這些生成功能的應用程式數量，乘以我們支援的媒體類型數量，乘以我們已將這些功能整合到的用例和工作流程數量，乘以我們擁有的可供人們使用的模型數量。在本季初的 MAX 大會上，我們對所有這些進行了重大更新——也就是第四季度初。

From an apps perspective, we now have these generative capabilities into our Firefly app, our creative cloud applications, including Photoshop, Premiere, Lightroom, obviously, also in the Creative Cloud Pro offer that we have.

從應用程式的角度來看，我們現在已將這些生成功能整合到 Firefly 應用程式、創意雲端應用程式（包括 Photoshop、Premiere、Lightroom）以及我們提供的 Creative Cloud Pro 產品中。

From a media type perspective, we've been doing a lot with images, video, audio design. We've seen a huge inflection in terms of video consumption in particular. So that's been a great sort of contributor to the growth we're seeing.

從媒體類型的角度來看，我們一直在圖像、視訊、音訊設計方面做了很多工作。尤其在視訊消費方面，我們已經看到了巨大的轉變。所以，這極大地促進了我們所看到的成長。

In terms of use cases, we've been focused on editing use cases. We've been expanding those editing use cases, but we also introduced Firefly Boards, which is around ideation that generates hundreds of images or videos or designs and also bulk generation at the end of the process for individuals that want to do bulk actions on things.

在用例方面，我們一直專注於編輯用例。我們一直在擴展這些編輯用例，但我們也推出了 Firefly Boards，它圍繞著創意展開，可以生成數百張圖片、影片或設計，還可以在流程結束時為想要對事物進行批量操作的個人進行批量生成。

And then last, it's the models continue to get better with Firefly and our partner models -- we're seeing higher resolution outputs. We're seeing higher density and quality. All of those things also increase the number of credits that are getting consumed.

最後，Firefly 和我們的合作夥伴的模型也在不斷改進——我們看到了更高解析度的輸出。我們看到的是更高的密度和品質。所有這些因素也都會增加消耗的積分數量。

And so in addition to all that, we announced a big amplifier to onboarding, which was we have a very attractively priced plan with our Firefly apps. It's really an all-in-one offer. You can get the world's best models from Adobe and third parties, and they're fully integrated into these amazing workflows at a very attractive onboarding price.

因此，除了以上這些，我們還宣布了一項旨在促進用戶註冊的重大舉措，那就是我們推出了價格非常優惠的 Firefly 應用套餐。這真是一站式服務。您可以從 Adob​​e 和第三方獲得世界上最好的模型，而且它們已完全整合到這些出色的工作流程中，入門價格也非常誘人。

So all of that led to the 3x quarter-over-quarter growth in generation. And as a result of that, as we touched on, we're starting to see increasing user upgrades to higher-priced brands and including credit pack add-on. So we're excited, and you saw that in some of the numbers.

因此，所有這些因素共同促成了發電量較上季成長 3 倍。因此，正如我們之前提到的，我們開始看到越來越多的用戶升級到價格更高的品牌，並購買信用額度套件附加服務。所以我們很興奮，從一些數據也可以看出這一點。

And our vision here is we'll work with all the great model providers, of course, including the work we're doing internally, and we will increasingly be the single destination that everyone comes to access those models.

我們的願景是，我們將與所有優秀的模型提供者合作，當然也包括我們內部正在進行的工作，我們將逐漸成為大家獲得這些模型的唯一目的地。

Operator, we have time for one more question.

操作員，我們還有時間再問一個問題。

Keith Bachman, BMO.

Keith Bachman，BMO。

David, I'd like to direct this to you, if I could, and just ask you how you're thinking about the components of the construct of growth over the course of FY26? And if I break it into two parts, just wondering if you could comment specifically on seats within the creator and marketing professionals? Not looking for specific numbers, but if seat growth remain steady within that category, it looks like you're filling the top of the funnel across the board.

大衛，如果可以的話，我想問你，你如何看待2026財年成長結構的各個組成部分？如果我把它分成兩部分，我想請您具體談談創作者和行銷專業人員的職位？我並不是尋找具體數字，但如果該類別中的座位增長保持穩定，那麼看起來你們已經全面填滿了漏斗的頂端。

But really, what I'm asking about is paid seat growth. Would you anticipate that that remains steady in FY26?

但實際上，我問的是付費席位的成長情況。您預計這種情況在 2026 財年會保持穩定嗎？

And then the second part of the question is, in the prepared remarks, digital media more broadly, it was 75% was upsell in price and then the balance was basically price. And what I'm asking -- the spirit of the question is, despite growing competition, do you think pricing is still a lever that you can draw on to support growth in '26 and beyond?

問題的第二部分是，在準備好的發言中，更廣泛地說，數位媒體中，75% 的內容是價格上漲，其餘部分基本上是價格上漲。我想問的是——或者說，問題的核心是，儘管競爭日益激烈，您認為定價仍然是您在 2026 年及以後可以用來支持增長的槓桿嗎？

Yes. Happy to take that. A few things. One is, I know we've spent a number of time -- a number of -- a couple of years with all of you explaining the evolution of the product lineup. A few years ago, we used to have in the creative ecosystem, we used to have Creative Cloud, all apps and Creative Cloud single apps.

是的。樂意接受。幾件事。一方面，我知道我們已經花了相當長的時間——好幾年——向大家解釋了產品線的演變。幾年前，在創意生態系統中，我們有 Creative Cloud，包括所有應用程式和 Creative Cloud 單一應用程式。

And one of the most important things we've done over that period of time is to really look at where and how consumers or business professionals want to engage with creativity, and we found that it's very different.

在那段時間裡，我們所做的最重要的事情之一就是真正去了解消費者或商業專業人士希望在何處以及如何參與創意活動，我們發現情況大不相同。

So when it comes to our lineup, we now have an increasing number of freemium offers with business professionals with the introduction of Express, but also the introduction of Acrobat Studio, which is off to a great start. We have a specific offer for creators with everything we're doing with the Firefly application. And again, that's another freemium offer, but also has a nice sort of tiered pricing associated with it.

因此，就我們的產品陣容而言，隨著 Express 的推出，我們現在為商務人士提供了越來越多的免費增值服務，同時 Acrobat Studio 的推出也取得了良好的開端。我們針對Firefly應用程式的所有開發工作，都為創作者提供了一項特別優惠。而且，這又是另一種免費增值模式，但它也採用了良好的分級定價機制。

We have a strong momentum with Creative pros and those using the Creative Cloud applications. We've mentioned in the past and we continue to see very strong migration over to the Creative Cloud Pro Plan, the higher value plan that has more generative capabilities embedded in it.

我們在創意專業人士和使用 Creative Cloud 應用程式的用戶群中擁有強勁的發展勢頭。我們之前提到過，現在也繼續看到用戶大量遷移到 Creative Cloud Pro 計劃，這是一個價值更高的計劃，其中嵌入了更多生成功能。

And we have, at the very tail end of that process, we have the ability to do all of this automation work that we have associated with Firefly Services and Firefly Foundry integrated into GenStudio.

在流程的最後階段，我們有能力將與 Firefly Services 和 Firefly Foundry 相關的所有自動化工作整合到 GenStudio 中。

So as we look at creativity and how it's seeped into all of these different flows, we feel really good in the first two, as we said, with the freemium MAU increasing over 35% year over year and our ability to start converting some of that MAU with the plans that we have in place now with both Express and Acrobat Studio and with everything we're doing with Firefly.

因此，當我們審視創造力以及它如何滲透到所有這些不同的流程中時，正如我們所說，我們在前兩個方面感覺非常好，免費增值 MAU 同比增長超過 35%，而且我們有能力通過我們現在在 Express 和 Acrobat Studio 中製定的​​計劃以及我們在 Firefly 中所做的一切，開始轉化其中的一些 MAU。

And we're continuing to see strong usage that 3x growth we talked about. You see a lot of creative professionals actually using that and starting to see more and more and more reliance and value from that in addition to what we're seeing in the enterprise.

我們繼續看到強勁的使用率成長，正如我們之前提到的，成長了 3 倍。你會發現很多創意專業人士都在使用它，並且開始越來越依賴它，從中獲得價值，這與我們在企業中看到的情況類似。

So overall, we're seeing strong seat growth. We continue to believe that we have a lot of user acquisition ahead of us. We continue to see a lot of value to pricing opportunity with creative professionals, and I think there's a lot more ahead of us on that.

總體而言，我們看到席位增長強勁。我們仍然相信，我們還有很大的用戶獲取空間。我們持續看到創意專業人士在定價方面擁有巨大的價值和機會，我認為在這方面我們還有很大的發展空間。

And as we mentioned in that case with media -- the media company and enterprise is at the highest end, we think that automation is going to be a really good addition and sort of additional rocket engine to what we do.

正如我們在媒體案例中提到的那樣——媒體公司和企業處於最高水平，我們認為自動化將是一個非常好的補充，就像是我們工作的額外火箭引擎。

Thanks, David, and thank you all for joining us since that was the last question. What I wanted to, again, to summarize, was not only was Q4 a strong end to the year. I would say fiscal '25, we just continue to execute.

謝謝大衛，也謝謝各位的參與，因為這是最後一個問題了。我想再次總結一下，第四季不僅是全年的一個強勁收官。我認為在2025財年，我們將繼續執行既定計畫。

And in particular, I'm pleased with three aspects of what we are focused on. The first is certainly our customer groupings as we provide these tailored offerings for business professionals and consumers and creative and marketing professionals; how we've embraced AI and infused AI in all of those offerings demonstrating that that's the value that people look as they increasingly adopt our solutions.

尤其令我滿意的是，我們目前關注的三個面向。首先，我們的客戶群肯定是商業專業人士、消費者以及創意和行銷專業人士；我們已將人工智慧融入所有這些產品中，這表明人們在越來越多地採用我們的解決方案時，正是看重了人工智慧的價值。

And something that we probably talked a little less about, but the execution that we have across all routes to market. And so whether that's what we are doing on digital, online, in terms of engaging with our customers, what's happening both through the channel as well as our phone in terms of selling to small and medium businesses.

還有一點我們可能談得比較少，那就是我們在所有市場通路的執行力。因此，無論是在數位領域、線上領域，還是在與客戶互動方面，無論是在通路層面還是透過電話層面，向中小企業銷售產品方面，我們都要關注這一點。

And certainly, at the higher end, the strategic partnerships and the relationships that we're creating at the enterprise across our combined offerings.

當然，在高端領域，我們透過整合產品和服務，在企業內部建立策略夥伴關係和關係。

So thank you for joining us. Happy holidays, and we look forward to continuing to execute against our strategy and sharing more with you in the future. Thank you.

感謝各位的參與。節日快樂！我們期待繼續執行我們的策略，並在未來與您分享更多資訊。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。非常感謝您的參與。祝您今天過得愉快。