Adobe Inc (ADBE) 2026 Q2 法說會逐字稿

Good day, and welcome to the Q2 FY 2026 Adobe earning conference call. Today's conference is being recorded.

各位好，歡迎參加 Adobe 2026 會計年度第二季（Q2）財報電話會議。今天的會議將進行錄音。

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

此刻，我想將會議交給投資人關係副總裁 Doug Clark。請開始。

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 Creativity & Productivity; Anil Chakravarthy, President of Customer Experience Orchestration; and Steve Day, Senior Vice President, Corporate Finance and CFO of Customer Experience Orchestration.

各位下午好，感謝各位參與今天的會議。今天與我一同參與電話會議的有 Adobe 董事長兼執行長 Shantanu Narayen；創意與生產力總裁 David Wadhwani；客戶體驗協同編排總裁 Anil Chakravarthy；以及客戶體驗協同編排企業財務資深副總裁暨財務長 Steve Day。

On this call, which is being recorded, we will discuss Adobe’s second-quarter fiscal year 2026 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.

在本次錄音的電話會議中，我們將討論 Adobe 2026 會計年度第二季的財務業績。您可在 Adobe 投資人關係網站上找到我們的新聞稿，以及事先準備的講稿與財務結果的 PDF。

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

本次電話會議所討論的資訊（包括我們的財務目標與產品計畫）截至今天 6 月 11 日，並包含涉及風險、不確定性與假設的前瞻性陳述。實際結果可能與這些陳述所載內容有重大差異。如需了解相關風險的更多資訊，請查閱今日的財報新聞稿以及 Adobe 向 SEC 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. During this presentation, Adobe’s executives will refer to revenue growth in constant currency rates unless otherwise stated. Non-GAAP reconciliations are available in our earnings release and on Adobe’s Investor Relations website.

在本次電話會議中，我們將討論 GAAP 與非 GAAP 財務衡量指標。我們所揭露的結果包含 GAAP 成長率與非 GAAP 成長率（包括固定匯率成長率）。在本次簡報中，除非另有說明，Adobe 的主管將以固定匯率口徑提及營收成長。非 GAAP 對帳表可於我們的財報新聞稿及 Adobe 投資人關係網站取得。

I will now turn the call over to Shantanu.

接下來我將把電話會議交給 Shantanu。

Thanks, Doug. Good afternoon, everyone, and thank you for joining us. We achieved $6.62 billion in revenue in Q2, representing 11% year-over-year growth. GAAP earnings per share for the quarter was $4.25, representing 8% year-over-year growth and non-GAAP earnings per share was $5.96, representing 18% year-over-year growth.

謝謝你，Doug。各位下午好，感謝各位加入我們。我們在第二季達成 66.2 億美元營收，年增 11%。本季 GAAP 每股盈餘為 4.25 美元，年增 8%；非 GAAP 每股盈餘為 5.96 美元，年增 18%。

Strong revenue growth was driven by subscription bookings to revenue conversion. We drove EPS growth through record topline revenue and disciplined investments across the company.

強勁的營收成長主要由訂閱預訂（bookings）轉換為營收所帶動。我們透過創紀錄的營收規模，以及在全公司範圍內有紀律的投資，推動每股盈餘成長。

At Adobe, we continue to be driven by our mission to empower everyone to create and deliver innovative products to delight users based on our customer strategy. We’re focused on Business Professionals & Consumers, Creators & Creative Professionals and marketing professionals.

在 Adobe，我們持續以使命為驅動：賦能每個人創作並交付創新產品，並依據我們的客戶策略為使用者帶來驚喜。我們聚焦於商務專業人士與消費者、創作者與創意專業人士，以及行銷專業人士。

For Business Professionals & Consumers we’re delivering AI-powered, quick and easy apps to stand out through creativity and productivity; for Creators & Creative Professionals we’re delivering power and precision to bring creative visions to life across any media type and surface; for marketing professionals, we’re delivering customer experience orchestration to create, deliver and optimize personalized digital experiences.

對於商務專業人士與消費者，我們提供 AI 驅動、快速且易用的應用程式，協助以創意與生產力脫穎而出；對於創作者與創意專業人士，我們提供強大與精準的能力，讓創意願景在任何媒體類型與載體上得以實現；對於行銷專業人士，我們提供客戶體驗協同編排，協助建立、交付並最佳化個人化的數位體驗。

As we reflect on the market context and our first-half performance, it is clear that relative even to the beginning of Fiscal 2026, AI is accelerating customer behavior at an unprecedented speed, and we need to evolve our strategy and execution to address these changing expectations.

回顧市場情境與我們上半年的表現，可以清楚看到，即使相較於 2026 會計年度初期，AI 也正以前所未有的速度加速改變客戶行為，而我們需要演進策略與執行，以因應這些不斷變化的期待。

Much like how developers have embraced and expanded the AI-coding market, there’s a transformation underway for how consumers are discovering, experiencing, onboarding and purchasing products across all categories including creativity, productivity, gaming and entertainment.

就像開發者已擁抱並擴大 AI 程式碼撰寫市場一樣，消費者在各類別（包括創意、生產力、遊戲與娛樂）中，發掘、體驗、導入（onboarding）與購買產品的方式也正發生轉型。

As it relates to creativity and productivity, there is an unprecedented demand across additional surfaces for the combination of content consumption and content creation. Conversational interfaces and agents now orchestrate across tools to achieve outcomes faster. The proliferation of media generation models is reshaping and democratizing content workflows from ideation through delivery.

就創意與生產力而言，市場對於在更多載體上結合內容消費與內容創作的需求前所未見。對話式介面與代理（agents）如今可跨工具進行協同編排，以更快達成成果。媒體生成模型的快速擴散，正重塑並普及從構思到交付的內容工作流程。

AI-first applications that will serve broader audiences need to provide free, intuitive onboarding that drives usage and monetization through paywalls. Big picture the immediate opportunity for Adobe is to accelerate new user acquisition and lifetime value through a freemium offering.

面向更廣泛受眾的 AI 優先（AI-first）應用程式，需要提供免費、直覺的導入流程，並透過付費牆推動使用與變現。從整體來看，Adobe 眼前的機會是透過免費增值（freemium）方案，加速新用戶獲取並提升終身價值。

As it relates to Business Professionals & Consumers, we have dramatically increased Acrobat and Express MAU from greater than 700 million to greater than 850 million year over year. The opportunity is to serve billions of Business Professionals & Consumers through a comprehensive freemium funnel, building on the success of the Adobe Reader model. Over the last year, we have delivered tremendous innovation across AI Assistant, PDF Spaces, Express and conversational interfaces and made these innovations available across surfaces including AI mode in Reader, Edge, Chrome and WhatsApp.

就商務專業人士與消費者而言，我們已將 Acrobat 與 Express 的月活躍用戶（MAU）從超過 7 億大幅提升至超過 8.5 億，年增顯著。機會在於以完整的免費增值漏斗服務數十億的商務專業人士與消費者，並在 Adobe Reader 模式的成功基礎上再擴大。過去一年，我們在 AI Assistant、PDF Spaces、Express 與對話式介面方面帶來大量創新，並將這些創新擴展至多種載體，包括 Reader 的 AI 模式、Edge、Chrome 與 WhatsApp。

Business professional and consumer traffic on Adobe.com seeking Adobe capabilities is growing 35% year over year. We believe this traffic is better served through a customized, friction-free onboarding experience without immediate paywalls and will result in greater customer acquisition and deeper engagement over time. Based on the early success and MAU adoption of freemium journeys for Acrobat and Express, we are ready to expand this experience more aggressively.

在 Adobe.com 上尋求 Adobe 能力的商務專業人士與消費者流量年增 35%。我們相信，透過客製化、無摩擦的導入體驗（不立即設置付費牆）能更好地服務這些流量，並將隨時間帶來更高的客戶獲取與更深的互動。基於 Acrobat 與 Express 的免費增值旅程在早期的成功與 MAU 採用情況，我們已準備更積極地擴大此體驗。

For next generation creators, the opportunity is to deliver an AI production studio across web and mobile that seamlessly integrates with the power and precision capabilities of Creative Cloud. We have increased our Creative freemium MAU from 50 million to 90 million year over year. The opportunity is to attract hundreds of millions of additional creators through a freemium funnel based on the early success of Firefly.

對於下一代創作者，機會是在網頁與行動端提供 AI 製作工作室，並與 Creative Cloud 的強大與精準能力無縫整合。我們的 Creative 免費增值 MAU 已從 5,000 萬提升至 9,000 萬，年增顯著。機會在於基於 Firefly 的早期成功，透過免費增值漏斗吸引額外數億名創作者。

Over the last year we have delivered tremendous innovation across ideation through Boards, generation with support for multiple media models, semantic image and video editing and conversational interfaces that are available across surfaces including mobile, web and flagship Creative Cloud applications such as Photoshop, Illustrator and Premiere.

過去一年，我們在從構思（透過 Boards）到生成（支援多種媒體模型）、語意式影像與影片編輯，以及對話式介面等方面帶來大量創新，並已在包括行動端、網頁端與旗艦 Creative Cloud 應用程式（如 Photoshop、Illustrator 與 Premiere）等多種載體上提供。

The new personalized journeys for Creators drove approximately 50% increase in Firefly ARR quarter over quarter through Firefly apps and credit packs. Based on this early success, we are confident that we should expand the Firefly freemium experience to acquire and delight the next generation of creatives.

針對創作者的新個人化旅程，透過 Firefly 應用程式與點數包（credit packs），推動 Firefly ARR 季增約 50%。基於這項早期成功，我們有信心應擴大 Firefly 的免費增值體驗，以獲取並取悅下一代創意人才。

Creative Cloud continues to perform well as the best-of-breed offering for Creative & Marketing Professionals globally. While we focus on accelerating Creator acquisition through the freemium Firefly funnel, we have made the decision to defer previously planned Creative Cloud second-half line optimizations.

Creative Cloud 作為全球創意與行銷專業人士的最佳同級（best-of-breed）方案，持續表現良好。在我們聚焦透過 Firefly 的免費增值漏斗加速創作者獲取的同時，我們已決定延後先前規劃於下半年進行的 Creative Cloud 產品線最佳化。

As it relates to the Customer Experience Orchestration, agentic opportunity in the enterprise, marketing professionals are looking to automate and rapidly create, deliver and personalize content at scale across every channel in a way that drives customer engagement and elevates their brand. Content creation designed specifically for marketing use cases is exploding.

就企業端的客戶體驗協同編排（Customer Experience Orchestration）與代理式（agentic）機會而言，行銷專業人士希望以可規模化的方式，在每個通路自動化並快速建立、交付與個人化內容，以提升客戶互動並強化品牌。專為行銷使用情境設計的內容創作正快速爆發成長。

New AI coworkers and agents offer organizations the ability to deliver automation and outcomes powered by context, data, MCPs and skills. These address the dual needs of Enterprises to expand consumer centricity and cost savings in the era of AI. Business models are expanding to include consumption and outcome-based pricing along with subscriptions.

新的 AI 同事與代理讓組織能夠提供由情境、資料、MCPs 與技能所驅動的自動化與成果。這些可同時滿足企業在 AI 時代擴大以消費者為中心，以及節省成本的雙重需求。商業模式也正擴展，除訂閱外，亦納入用量計費與成果導向定價。

The total marketing opportunity across people, software, agency and channel spend is enormous. AI is changing enterprise behavior as they are increasingly bringing more marketing capabilities in-house through their adoption of software platforms and the creation of custom models that uniquely capture their brand intelligence.

涵蓋人力、軟體、代理商與通路支出的整體行銷機會規模龐大。AI 正改變企業行為：企業愈來愈多透過採用軟體平台並建立能獨特捕捉其品牌智慧的自訂模型，把更多行銷能力內製化。

IT organizations are looking to Adobe to accelerate their provisioning, deployment and customization to serve their consumers through the availability of headless and agentic capabilities with pricing models that address outcomes as well as AI usage. Customer Experience Orchestration AI-first ARR grew 4x year over year reflecting how Adobe is the leader in both the traditional marketing category and the emerging Customer Experience Orchestration category.

IT 組織正轉向 Adobe，以透過無頭式（headless）與代理式（agentic）能力的可用性，加速其佈建、部署與客製化，進而以同時涵蓋成果與 AI 使用量的定價模式服務其消費者。以 AI 為優先的客戶體驗協同（Customer Experience Orchestration）ARR 年增 4 倍，反映 Adobe 同時在傳統行銷類別與新興的客戶體驗協同類別中皆居於領導地位。

The introduction of Adobe CX Enterprise and CX Enterprise Coworker at Adobe Summit expands the vision and delivery of our category-defining CXO solutions. The successful acquisition of Semrush unifies our search engine optimization, generative engine optimization and AEM solutions to further extend our CXO offering. We will deliver this integrated offering that addresses brand visibility at the Cannes Lions Festival of Creativity later this month.

在 Adobe Summit 推出 Adobe CX Enterprise 與 CX Enterprise Coworker，擴展了我們具類別定義性的 CXO 解決方案之願景與交付。成功收購 Semrush，整合了我們的搜尋引擎最佳化（SEO）、生成式引擎最佳化（GEO）與 AEM 解決方案，進一步延伸我們的 CXO 產品組合。我們將於本月稍晚在坎城創意節（Cannes Lions Festival of Creativity）推出此一整合式方案，以解決品牌能見度議題。

This combination of creativity and marketing uniquely differentiates Adobe. No other company brings together what creatives and marketers can do across our applications and delivery platforms. Adobe GenStudio ARR grew over 25% year over year, reflecting enterprise demand for an end-to-end solution that spans workflow and planning, creation and production, asset management, activation and delivery, and reporting and insights.

創意與行銷的結合，讓 Adobe 具備獨特差異化。沒有任何其他公司能在我們的應用程式與交付平台上，整合創作者與行銷人員所能完成的工作。Adobe GenStudio ARR 年增超過 25%，反映企業對端到端解決方案的需求，該方案涵蓋工作流程與規劃、創作與製作、資產管理、啟用與交付，以及報告與洞察。

Adobe’s AI innovation has driven an impressive 3x year over year increase in AI-first ARR to greater than $500 million. We believe now is the time to aggressively acquire the next generation of Adobe loyalists.

Adobe 的 AI 創新推動以 AI 為優先的 ARR 年增達 3 倍，提升至超過 5 億美元。我們相信現在正是積極爭取下一代 Adobe 忠誠用戶的時機。

The strategic shift to acquire more freemium customers through Acrobat and Firefly lowers our second half ARR growth expectations from individual subscribers. We believe these changes do make Adobe even stronger. We continue to target double-digit total ARR growth for Adobe, which now includes the Semrush acquisition. Based on our strong first half revenue performance and the inclusion of Semrush, we are pleased to raise our fiscal year revenue and non-GAAP EPS targets.

透過 Acrobat 與 Firefly 取得更多免費增值（freemium）客戶的策略轉向，使我們下半年來自個人訂閱者的 ARR 成長預期下調。我們相信這些改變確實會讓 Adobe 更加強大。我們仍以 Adobe 總 ARR 維持雙位數成長為目標，且目前已納入 Semrush 收購案。基於上半年強勁的營收表現以及納入 Semrush，我們很高興上調本財年營收與非 GAAP EPS 目標。

As we announced, Dan Durn has decided to pursue a new opportunity outside the software industry. I would like to thank Dan for his contributions to Adobe and wish him well. I am pleased that Steve Day, who has been at Adobe for 20 years serving in numerous financial leadership roles, will serve as Interim CFO upon Dan’s departure.

如同我們所宣布的，Dan Durn 已決定在軟體產業之外尋求新的機會。我要感謝 Dan 對 Adobe 的貢獻，並祝福他一切順利。我也很高興 Steve Day 將在 Dan 離任後擔任代理 CFO；Steve 已在 Adobe 服務 20 年，並擔任過多項財務領導職務。

I continue to be incredibly energized by Adobe’s long-term AI opportunity and the innovative products we are delivering to a broader set of customers. Given my decision to transition to Board Chair, I wanted to provide an update on the CEO search which is progressing well.

我仍對 Adobe 長期的 AI 機會以及我們正交付給更廣泛客群的創新產品感到無比振奮。鑑於我決定轉任董事會主席，我想就 CEO 遴選進度提供最新資訊，目前進展良好。

The Board has been actively engaged in a comprehensive process. While we all continue to be ruthlessly focused on driving execution, our goal is to have Adobe’s next CEO in place to put their stamp on planning for FY27 and beyond.

董事會一直積極參與一項全面性的流程。在我們持續以極度專注推動執行之際，我們的目標是讓 Adobe 的下一任 CEO 就位，以便其能在 FY27 及之後的規劃上留下其印記。

I’ll now turn it over to David.

接下來我把時間交給 David。

Thanks, Shantanu. Hello everyone. AI is rewriting how the world creates and gets work done, and the audience for creativity and productivity tools is bigger now than at any point in our history. From social creators and students to business professionals and large enterprises, the opportunity for Adobe is massive.

謝謝你，Shantanu。各位好。AI 正在改寫世界如何創作與完成工作，而創意與生產力工具的受眾規模，現在比我們歷史上任何時點都更大。從社群創作者與學生，到商務專業人士與大型企業，Adobe 的機會非常龐大。

These customers are looking for a range of products, from easy-to-use Creative tools to professional levels of power and precision, and are increasingly turning to conversational experiences to accelerate their work. Adobe is the only company that has the portfolio breadth to meet this broad range of creativity and productivity needs.

這些客戶需要一系列產品，從易用的創意工具到具備專業級威力與精準度的工具，並且愈來愈多地轉向對話式體驗以加速其工作。Adobe 是唯一擁有足夠廣度產品組合、能滿足如此廣泛創意與生產力需求的公司。

We see this interest manifest in traffic growth, signaling demand for our existing products, and accelerating demand for new AI-first experiences. The demand for these new AI experiences begins with LLM conversations and intent-based searches and requires immediate gratification, so is best served with friction-free experiences. This shift in user behavior is playing out across Business Professionals & Consumers and Creators & Creative Professionals.

我們看到這股興趣反映在流量成長上，顯示市場對既有產品的需求，以及對新型 AI 優先體驗的加速需求。對這些新 AI 體驗的需求始於 LLM 對話與以意圖為基礎的搜尋，並要求即時滿足，因此最適合以無摩擦的體驗來服務。這種使用者行為的轉變，正在「商務專業人士與消費者」以及「創作者與創意專業人士」兩大族群中同步發生。

While we continue to attract strong traffic to Adobe.com, which grew over 40% year over year, our traditional direct-to paid journeys may not always fulfill visitor intent as a growing number of new users are first looking to quickly complete their intended task as they begin their relationship with Adobe.

雖然我們持續吸引強勁的 Adobe.com 流量，年增超過 40%，但隨著愈來愈多新用戶在與 Adobe 建立關係之初，首先希望快速完成其預期任務，我們傳統的「直接轉付費」路徑未必總能滿足訪客意圖。

Given products like Adobe Firefly, Express and Acrobat AI Assistant have friction-free onboarding and significant adoption, we can now rebalance our journeys to better serve this new generation of users, rather than send them predominantly to direct-to-paid journeys. This shift will come at the cost of short term ARR, but will accelerate user acquisition and MAU while building the foundation for long-term growth by removing friction from user onboarding, enabling deeper user engagement and driving stronger lifetime value.

鑑於 Adobe Firefly、Express 與 Acrobat AI Assistant 等產品具備無摩擦的導入流程且採用度顯著，我們現在可以重新平衡使用者旅程，以更好地服務這一代新用戶，而非主要將其導向直接轉付費路徑。此一轉變將以短期 ARR 為代價，但將加速用戶取得與 MAU 成長；同時透過移除用戶導入摩擦、促進更深度的用戶互動並推動更強的終身價值，為長期成長奠定基礎。

In Q2, subscription revenue for Business Professionals & Consumers was $1.85 billion, growing 15% year over year. BP&C traffic grew 35% year over year, with MAU growing from greater than 700 million to greater than 850 million in Q2 year over year, with significant contributions from AI Assistant, Express creation and PDF Spaces sharing.

在 Q2，「商務專業人士與消費者」的訂閱營收為 18.5 億美元，年增 15%。BP&C 流量年增 35%；MAU 於 Q2 年增由超過 7 億提升至超過 8.5 億，其中 AI Assistant、Express 創作與 PDF Spaces 分享貢獻顯著。

This quarter, we introduced the Adobe Productivity Agent, shifting Acrobat from a static document tool to an interactive experience. The Productivity Agent is an AI experience built into Acrobat that draws on Adobe Acrobat's document intelligence and Adobe Express’ AI-first creation capabilities to help business professionals understand, create, and share information.

本季我們推出 Adobe Productivity Agent，將 Acrobat 從靜態文件工具轉變為互動式體驗。Productivity Agent 是內建於 Acrobat 的 AI 體驗，結合 Adobe Acrobat 的文件智慧與 Adobe Express 以 AI 為優先的創作能力，協助商務專業人士理解、創作並分享資訊。

It can turn documents into rich outputs like presentations, podcasts, and social content, support conversational PDF editing, and power the new sharing capabilities in PDF Spaces. Customers get the agent through Acrobat AI plans.

它可將文件轉換為簡報、Podcast 與社群內容等豐富輸出，支援對話式 PDF 編輯，並驅動 PDF Spaces 的新分享功能。客戶可透過 Acrobat AI 方案取得該代理。

Users can also now share branded PDF Spaces with customizable AI Assistants tailored to a specific audience, whether for sales prospecting, content marketing or research delivery. Early adopters of PDF Spaces, including Vice Media, Kid Cudi, Jessica Yellin and Mindy Weiss, are using PDF Spaces to move audiences from passive reading to interactive engagement.

使用者現在也可以分享具品牌識別的 PDF Spaces，並搭配可自訂、針對特定受眾量身打造的 AI Assistants，無論是用於銷售開發、內容行銷或研究交付。PDF Spaces 的早期採用者包括 Vice Media、Kid Cudi、Jessica Yellin 與 Mindy Weiss，正使用 PDF Spaces 將受眾從被動閱讀轉為互動參與。

Additional Business Professionals & Consumer highlights include: Acrobat AI Assistant paid MAU grew over 150% year over year, and lifetime AI users in Acrobat tripled year over year, showing both monetization traction and broad-based engagement; express MAU grew more than 20% quarter over quarter; express users in Acrobat exported 9 times more content year over year, demonstrating that the integration is driving creative output at scale; Acrobat Student Spaces launched this quarter to strong early adoption. The number of higher education students with access to Express premium through their schools has grown more than 60% year over year; and customer wins this quarter include Accenture, Datev, KPMG, Merck, NHL, New York State Court System, The Church of Jesus Christ of Latter-Day Saints, Defense Information Systems Agency and US Department of Housing & Urban Development.

其他「商務專業人士與消費者」亮點包括：Acrobat AI Assistant 付費 MAU 年增超過 150%，且 Acrobat 的累計 AI 使用者數年增達 3 倍，顯示變現動能與廣泛參與；Express MAU 季增超過 20%；Acrobat 中的 Express 使用者年增輸出內容達 9 倍，顯示整合正推動規模化的創意產出；Acrobat Student Spaces 本季推出並獲得強勁的早期採用。透過學校取得 Express premium 存取權的高等教育學生人數年增超過 60%；本季客戶贏單包括 Accenture、Datev、KPMG、Merck、NHL、紐約州法院系統、耶穌基督後期聖徒教會、國防資訊系統局（Defense Information Systems Agency）以及美國住房與城市發展部（US Department of Housing & Urban Development）。

In Q2, subscription revenue for Creative & Marketing Professionals was $4.54 billion, growing 11% year over year. Demand for AI content creation is exploding across ideation, generation and semantic editing, and generative credit consumption continues to show strong growth. Our strategy is to empower everyone to create, from first-time creators to seasoned professionals to large enterprises seeking to scale content production.

在 Q2，「創意與行銷專業人士」的訂閱營收為 45.4 億美元，年增 11%。AI 內容創作需求在構思、生成與語意編輯等面向全面爆發，生成式點數（generative credit）消耗量也持續展現強勁成長。我們的策略是賦能每個人創作，從首次創作者、資深專業人士到希望擴大內容產能的大型企業。

In Q2, C&CP traffic to Adobe.com grew over 50% year over year with Creative freemium MAU growing from greater than 50 million to greater than 90 million. This immense volume of traffic, drawn to the Adobe brand, includes users seeking to purchase Creative Cloud, Photoshop and other CC apps, and an increasing number of new users who are looking for Adobe magic to complete a creative task with a friction-free experience.

在第二季，C&CP 導流至 Adobe.com 的流量年增超過 50%，Creative 的免費增值（freemium）MAU 從超過 5,000 萬成長至超過 9,000 萬。這龐大的流量由 Adobe 品牌吸引而來，包含想購買 Creative Cloud、Photoshop 與其他 CC 應用程式的使用者，以及愈來愈多尋求 Adobe 魔法、以無摩擦體驗完成創意任務的新使用者。

Firefly freemium users who convert to our paid plans are highly engaged, with early indications of significant credit consumption. Firefly ARR grew approximately 50% quarter over quarter through Firefly apps and credit packs.

轉換為我們付費方案的 Firefly 免費增值使用者參與度很高，初步跡象顯示點數消耗顯著。Firefly ARR 透過 Firefly 應用程式與點數包，季增約 50%。

We were excited to launch the Adobe Creative Agent beta in Q2. The agent is available as part of Creative Cloud and Firefly subscriptions and provides a conversational experience to achieve complex and repetitive creative tasks. Agent usage will be monetized through our existing credit consumption model. The Adobe Creative Agent is also available in Claude, ChatGPT and soon Copilot and Gemini.

我們很高興在第二季推出 Adobe Creative Agent（創意代理）beta 版。該代理作為 Creative Cloud 與 Firefly 訂閱的一部分提供，並以對話式體驗協助完成複雜且重複性的創意任務。代理的使用將透過我們既有的點數消耗模式變現。Adobe Creative Agent 也已在 Claude、ChatGPT 上提供，並將很快登陸 Copilot 與 Gemini。

Additional Creators & Creative Professionals highlights include:

其他「創作者與創意專業人士」重點包括：

In Premiere, we launched a brand-new Color-Mode, a first-of-its-kind color grading experience built specifically for video editors.

在 Premiere 中，我們推出全新的 Color-Mode，這是專為影片剪輯師打造、首創的調色體驗。

We continued to deepen AI capabilities across our flagship Creative Cloud applications. Photoshop added Rotate Object and Illustrator released Turntable, both enable subscribers to turn 2D photos and illustrations into 3D renditions they can rotate and harmonize into their work. Capabilities like these drove record AI usage within our flagship applications.

我們持續在旗艦 Creative Cloud 應用程式中深化 AI 能力。Photoshop 新增 Rotate Object，而 Illustrator 發布 Turntable，兩者都讓訂閱者能將 2D 照片與插畫轉為可旋轉的 3D 呈現，並融入其作品中。此類能力推動我們旗艦應用程式內的 AI 使用量創下新高。

Firefly continues to support third-party models, now with Kling 3.0 and Kling 3.0 Omni.

Firefly 持續支援第三方模型，現已支援 Kling 3.0 與 Kling 3.0 Omni。

Firefly ending ARR, across Firefly App, Firefly credit packs, and Firefly Enterprise is approaching $300M exiting Q2.

Firefly 期末 ARR（涵蓋 Firefly App、Firefly 點數包與 Firefly Enterprise）在第二季結束時正接近 3 億美元。

Firefly Enterprise, spanning Firefly Services, Adobe Firefly Foundry and Brand Intelligence, is helping the world's largest brands industrialize content production with brand-safe custom models. The number of generated assets grew more than 4 times year over year, making it an AI content engine for marketing at scale.

Firefly Enterprise（涵蓋 Firefly Services、Adobe Firefly Foundry 與 Brand Intelligence）正協助全球最大品牌以品牌安全的自訂模型，將內容製作工業化。生成資產數量年增超過 4 倍，使其成為可規模化行銷的 AI 內容引擎。

Our announced NVIDIA partnership will bring accelerated computing to Adobe Firefly Foundry for faster, higher-performing custom models across image, video, audio, vector and 3D, plus a cloud-native 3D digital twin built on Omniverse and OpenUSD.

我們已宣布與 NVIDIA 的合作夥伴關係，將為 Adobe Firefly Foundry 帶來加速運算，以在影像、影片、音訊、向量與 3D 等領域提供更快、效能更高的自訂模型，並提供一個建立於 Omniverse 與 OpenUSD 之上的雲端原生 3D 數位分身（digital twin）。

And enterprise wins this quarter include Merck, SAP, ServiceNow, Tesco, The Coca-Cola Company, Workday and Xfinity.

本季的企業客戶勝利包括 Merck、SAP、ServiceNow、Tesco、可口可樂公司（The Coca-Cola Company）、Workday 與 Xfinity。

In summary, demand for creativity and productivity in the AI era is dramatically increasing as evidenced by record traffic to Adobe.com. While we will continue to fulfill demand for Acrobat and Creative Cloud, the early success of Firefly, Express and Acrobat AI Assistant gives us conviction that this is the time to aggressively serve new users with a friction-free freemium journey. We are confident that driving MAU, which has an impact on ARR, is the right trade off and will drive future business growth.

總結而言，AI 時代對創造力與生產力的需求正大幅提升，從 Adobe.com 創紀錄的流量即可見一斑。雖然我們將持續滿足 Acrobat 與 Creative Cloud 的需求，但 Firefly、Express 與 Acrobat AI Assistant 的早期成功，讓我們更堅信現在正是以無摩擦的免費增值旅程積極服務新使用者的時機。我們有信心，推動 MAU（其會影響 ARR）是正確的取捨，並將帶動未來業務成長。

I’ll now turn it over to Anil.

接下來我把時間交給 Anil。

Thanks, David. Hello, everyone. In Q2, AI continued to be a tailwind for our enterprise business, enabling us to deliver Creative & Marketing Professionals subscription revenue of $4.54 billion, growing 11% year over year. These results underscore the continued explosion in content and the imperative to deliver personalized customer experiences at scale. The opportunity for AI-powered marketing automation and Customer Experience Orchestration is large and growing, and we are continuing to gain market share and expand our leadership.

謝謝你，David。各位好。在第二季，AI 持續成為我們企業業務的順風，推動我們實現「創意與行銷專業人士」訂閱營收 45.4 億美元，年增 11%。這些成果凸顯內容持續爆發式成長，以及必須以規模化方式提供個人化客戶體驗的迫切性。AI 驅動的行銷自動化與客戶體驗協同（Customer Experience Orchestration）的機會龐大且持續成長，我們也持續取得市占並擴大領導地位。

We are focused on three critical, AI-first solutions: Adobe Experience Platform and native apps for customer engagement; Adobe GenStudio for content supply chain; and Adobe Experience Manager and agentic web apps for brand visibility.

我們聚焦三項關鍵的 AI-first 解決方案：用於客戶互動的 Adobe Experience Platform 與原生應用程式；用於內容供應鏈的 Adobe GenStudio；以及用於品牌能見度的 Adobe Experience Manager 與代理式（agentic）Web 應用程式。

Q2 highlights included:

第二季重點包括：

GenStudio ending ARR grew over 25% year over year as leading brands and agencies continue to standardize on Adobe to power their content supply chain;

GenStudio 期末 ARR 年增超過 25%，因為領先品牌與代理商持續以 Adobe 作為其內容供應鏈的標準化平台；

Subscription revenue for AEP and native apps grew over 30% year over year. AEP delivers over 70 billion profile activations and 35 trillion segment evaluations per day, as well as more than one trillion experiences per year;

AEP 與原生應用程式的訂閱營收年增超過 30%。AEP 每日提供超過 700 億次個人檔案啟用（profile activations）與 35 兆次區隔評估（segment evaluations），以及每年超過 1 兆次體驗（experiences）；

Over 80% of AEP and AEM customers are now using agentic capabilities built into our products;

目前超過 80% 的 AEP 與 AEM 客戶正在使用我們產品內建的代理式能力；

Over 1,500 customer trials are underway for our agentic web offerings, Adobe LLM Optimizer, Sites Optimizer and Brand Concierge;

我們的代理式 Web 產品（Adobe LLM Optimizer、Sites Optimizer 與 Brand Concierge）已有超過 1,500 項客戶試用正在進行；

60% quarter-over-quarter growth for forward deployed engineering and integrated services offerings designed to co-innovate and deliver customized AI-powered CXO solutions;

為共同創新並交付客製化 AI 驅動 CXO 解決方案而設計的前置部署工程（forward deployed engineering）與整合服務方案，季增 60%；

Q2 industry analyst recognition, being named a leader in two Gartner Magic Quadrants, including Customer Journey Analytics and Orchestration and Content Marketing Platforms, and two Forrester Waves, including Email Marketing Service Providers and Customer Analytics Technologies; and

第二季獲產業分析師肯定：在兩個 Gartner 魔力象限中被評為領導者（包含 Customer Journey Analytics and Orchestration 與 Content Marketing Platforms），並在兩個 Forrester Wave 中獲肯定（包含 Email Marketing Service Providers 與 Customer Analytics Technologies）；以及

Global enterprise customer wins in Q2 included dentsu Merkle, Defense Information Systems Agency, Diriyah Company, Kaiser Foundation Hospitals, Merck, Sharp & Dohme, NHL, SAP, ServiceNow, Stagwell, Stellantis, Tesco and The Coca-Cola Company.

第二季全球企業客戶勝利包括 dentsu Merkle、Defense Information Systems Agency、Diriyah Company、Kaiser Foundation Hospitals、Merck、Sharp & Dohme、NHL、SAP、ServiceNow、Stagwell、Stellantis、Tesco 與可口可樂公司（The Coca-Cola Company）。

In April, we closed the acquisition of Semrush, a leading provider of search engine optimization and generative engine optimization solutions. Semrush added $480 million ARR to our book of business and expands our ability to serve marketers of every scale. We are rapidly integrating Semrush into Adobe, uniting Semrush’s discoverability intelligence with Adobe’s agentic web apps. We look forward to unveiling a comprehensive brand visibility solution combining Semrush with Adobe at the Cannes Lions Festival of Creativity later this month.

在四月，我們完成對 Semrush 的收購；Semrush 是搜尋引擎最佳化（SEO）與生成式引擎最佳化（GEO）解決方案的領先供應商。Semrush 為我們的業務版圖新增 4.8 億美元 ARR，並擴大我們服務各種規模行銷人員的能力。我們正快速將 Semrush 整合進 Adobe，把 Semrush 的可發現性（discoverability）情報與 Adobe 的代理式 Web 應用程式結合。我們期待在本月稍晚的坎城創意節（Cannes Lions Festival of Creativity）揭示一套結合 Semrush 與 Adobe 的完整品牌能見度解決方案。

At Adobe Summit in April, where we hosted over 14,000 in-person attendees, we launched Adobe CX Enterprise, a new end-to-end agentic AI system that simplifies how enterprises manage their entire customer lifecycle, from acquiring and engaging prospects to driving conversion and lasting loyalty. Adobe CX Enterprise brings together AI agents, agent skills and Model Context Protocol endpoints, with an intelligence and governance layer to deliver reliable and auditable agentic workflows that enable highly personalized, differentiated customer experiences.

在四月的 Adobe Summit（我們接待超過 14,000 名現場與會者）上，我們推出 Adobe CX Enterprise：一套全新的端到端代理式 AI 系統，簡化企業管理整個客戶生命週期的方式，從獲取並互動潛在客戶，到推動轉換與長期忠誠。Adobe CX Enterprise 整合 AI 代理、代理技能（agent skills）與 Model Context Protocol 端點，並搭配智慧與治理層，以提供可靠且可稽核的代理式工作流程，實現高度個人化、差異化的客戶體驗。

Over 20,000 global brands have built their business on Adobe, and CX Enterprise will help usher them into the era of agentic AI. As part of CX Enterprise, we announced CX Enterprise Coworker, a specialized AI agent that executes tasks based on business goals, dramatically increasing productivity and campaign execution. CX Enterprise Coworker has garnered tremendous customer interest since launch, with over 150 leading enterprises in the early adoption program prior to general availability this week.

全球超過 20,000 個品牌以 Adobe 建立其業務，而 CX Enterprise 將協助他們邁入代理式 AI 的時代。作為 CX Enterprise 的一部分，我們宣布 CX Enterprise Coworker：一個依據業務目標執行任務的專用 AI 代理，可大幅提升生產力與行銷活動執行效率。CX Enterprise Coworker 自推出以來獲得極高客戶興趣，在本週正式全面上市前，已有超過 150 家領先企業加入早期採用計畫。

At Adobe Summit, we also introduced Adobe Brand Intelligence, a continuous learning system that helps enterprises create and validate on-brand content faster and with less effort. Adobe Brand Intelligence learns from Creative & Marketing team feedback, approvals and rejections in real time. It is a headless platform exposed through APIs, so it can integrate with existing first- and third-party apps rather than running as a separate app.

在 Adobe Summit 上，我們也推出 Adobe Brand Intelligence：一套持續學習系統，協助企業更快、以更少投入建立並驗證符合品牌調性的內容。Adobe Brand Intelligence 會即時從創意與行銷團隊的回饋、核准與駁回中學習。它是一個透過 API 對外提供的無頭（headless）平台，因此可與既有的第一方與第三方應用程式整合，而非作為獨立應用程式運行。

Customer experience is one of the first areas of AI-powered transformation for enterprises. Around the world, our conversations with C-level executives reflect how they view Adobe as the trusted partner for this transformation in the era of agentic AI.

客戶體驗是企業以 AI 驅動轉型的首要領域之一。在全球各地，我們與 C 級高階主管的對話反映出他們如何在代理式 AI 時代，將 Adobe 視為這項轉型值得信賴的合作夥伴。

In Q2, we announced native integrations with major enterprise AI platforms, including Microsoft Copilot, Anthropic, OpenAI and Google Gemini. Our partnership with NVIDIA brings CX Enterprise Coworker capabilities into the NemoClaw enterprise agent platform, enabling brands to deploy Adobe’s customer experience intelligence within NVIDIA’s secure, policy-governed OpenShell runtime. Leading global agencies including dentsu, Havas, Omnicom, Publicis, Stagwell and WPP are standardizing on Adobe combining our AI-powered capabilities with their unique IP and industry expertise to co-develop innovative, differentiated solutions for joint clients.

在第二季，我們宣布與多個主要企業級 AI 平台進行原生整合，包括 Microsoft Copilot、Anthropic、OpenAI 與 Google Gemini。我們與 NVIDIA 的合作，將 CX Enterprise Coworker 能力帶入 NemoClaw 企業代理平台，使品牌能在 NVIDIA 安全且受政策治理的 OpenShell 執行階段中，部署 Adobe 的客戶體驗智慧。包括 dentsu、Havas、Omnicom、Publicis、Stagwell 與 WPP 在內的全球領先代理商，正以 Adobe 作為標準平台，結合我們的 AI 驅動能力與其獨特的 IP 與產業專業，共同為聯合客戶共同開發創新且具差異化的解決方案。

Our vision, deep expertise in creativity and marketing, track record of innovation and broad partner ecosystem uniquely position Adobe as the partner of choice for AI-powered Customer Experience Orchestration. Our extensive customer base, innovative CXO products and robust pipeline give us confidence for a seasonally strong second half.

我們的願景、在創意與行銷領域的深厚專業、創新實績以及廣泛的合作夥伴生態系，使 Adobe 具備獨特優勢，成為 AI 驅動的客戶體驗協同編排（Customer Experience Orchestration）的首選合作夥伴。我們龐大的客戶基礎、創新的 CXO 產品以及強勁的管線，讓我們對下半年季節性強勁的表現充滿信心。

I'll now pass it to Steve.

我現在把時間交給 Steve。

Thanks, Anil. Today, I will start by summarizing Adobe’s performance in Q2 FY26, highlighting growth drivers across our customer groups, and I’ll finish with our financial targets.

謝謝你，Anil。今天我將先總結 Adobe 2026 財年第二季的表現，重點說明我們各客戶群的成長動能，最後說明我們的財務目標。

In Q2, Adobe achieved record revenue of $6.62 billion, growing 13% year over year as reported and 11% in constant currency. Diluted earnings per share was $4.25 on a GAAP basis and $5.96 on a non-GAAP basis. Our GAAP results reflect a $70 million or $0.17 per share of a non-cash goodwill impairment charge related to our publishing and advertising reporting unit.

第二季，Adobe 創下 66.2 億美元的營收新高，按報告口徑年增 13%，按固定匯率年增 11%。稀釋後每股盈餘為：GAAP 口徑 4.25 美元，非 GAAP 口徑 5.96 美元。我們的 GAAP 結果反映了與出版與廣告報告單位相關的 7,000 萬美元（或每股 0.17 美元）非現金商譽減損費用。

Q2 financial highlights included total Adobe ending ARR of $27.10 billion, growing 12.5% year over year, including approximately $480 million from the acquisition of Semrush; total Customer Group subscription revenue of $6.39 billion, growing 14% year over year, or 12% in constant currency, including approximately $40 million from the addition of Semrush; RPO of $22.27 billion exiting the quarter with RPO and cRPO both growing 13% year over year, or 12% in constant currency; cash flows from operations in the quarter were $2.17 billion, and ending cash and short term investments exiting Q2 was $5.63 billion; and repurchasing approximately 8.5 million shares of our stock during the quarter. Exiting Q2, we have approximately $27 billion remaining under our authorizations, including the new $25 billion authorization announced in April.

第二季財務重點包括：Adobe 期末 ARR 總額為 271.0 億美元，年增 12.5%，其中約 4.8 億美元來自收購 Semrush；客戶群（Customer Group）訂閱營收總額為 63.9 億美元，年增 14%，按固定匯率年增 12%，其中約 4,000 萬美元來自納入 Semrush；季度末 RPO 為 222.7 億美元，RPO 與 cRPO 皆年增 13%，按固定匯率年增 12%；本季營運活動現金流為 21.7 億美元，第二季末現金與短期投資為 56.3 億美元；以及本季回購約 850 萬股公司股票。截至第二季末，我們在既有授權額度下尚餘約 270 億美元可用，其中包含 4 月宣布新增的 250 億美元授權。

Customer Group results and insights. Business Professionals & Consumers subscription revenue was $1.85 billion, increasing 16% year over year as reported, or 15% in constant currency.

客戶群（Customer Group）業績與洞察。商務專業人士與消費者（Business Professionals & Consumers）訂閱營收為 18.5 億美元，按報告口徑年增 16%，按固定匯率年增 15%。

Q2 growth drivers for Business Professionals & Consumers included: sustained double-digit ending ARR year-over-year growth across all geographies; Acrobat and Express MAU surpassed 850 million, growing approximately 20% year over year; Acrobat AI Assistant ARR growing approximately 3x year over year; and strong performance in the enterprise across both commercial and government.

商務專業人士與消費者在第二季的成長動能包括：所有地區的期末 ARR 皆維持年增雙位數；Acrobat 與 Express 的 MAU 超過 8.5 億，年增約 20%；Acrobat AI Assistant 的 ARR 年增約 3 倍；以及企業端在商業與政府領域皆有強勁表現。

Creative & Marketing Professionals subscription revenue was $4.54 billion, increasing 13% year over year, or 11% in constant currency. Q2 growth drivers for Creative & Marketing Professionals included: growth in Creative Cloud driven by the CC Pro offering; Creative freemium MAU, which includes web and mobile versions of Firefly, Express, Premiere, Photoshop and Lightroom, crossed 90 million, growing over 70% year over year; continued strong generative credit consumption driven by video and audio; Firefly ending ARR, including Firefly apps and credit plans and Enterprise Firefly offerings, approaching $300 million, with the intent to drive more traffic to Firefly freemium in H2; ending ARR across GenStudio, AEP and Apps, and AEM and Agentic Web growing over 20% year over year; enterprise customers with over $10 million in ARR growing greater than 20% year over year; and continued strength in retention across the Enterprise customer base.

創意與行銷專業人士（Creative & Marketing Professionals）訂閱營收為 45.4 億美元，年增 13%，按固定匯率年增 11%。第二季成長動能包括：Creative Cloud 在 CC Pro 方案帶動下成長；創意 freemium MAU（包含 Firefly、Express、Premiere、Photoshop 與 Lightroom 的網頁與行動版本）突破 9,000 萬，年增超過 70%；由影音帶動的生成式點數（generative credit）使用量持續強勁；Firefly 期末 ARR（包含 Firefly 應用程式與點數方案，以及 Enterprise Firefly 方案）接近 3 億美元，並計畫在下半年為 Firefly freemium 導入更多流量；GenStudio、AEP 與 Apps，以及 AEM 與 Agentic Web 的期末 ARR 年增超過 20%；ARR 超過 1,000 萬美元的企業客戶數年增超過 20%；以及企業客戶基礎的留存率持續強勁。

Let me now turn to our financial targets, which include Semrush and assume current macroeconomic conditions. Given strong year-to-date performance, we are raising full-year revenue and non-GAAP EPS targets.

接下來談我們的財務目標，目標已納入 Semrush，並假設目前的總體經濟狀況不變。鑑於年初至今表現強勁，我們上調全年營收與非 GAAP 每股盈餘目標。

For FY26, we are targeting: total Adobe revenue of $26.5 billion to $26.60 billion; Business Professionals & Consumers subscription revenue of $7.44 billion to $7.48 billion; Creative & Marketing Professionals subscription revenue of $18.21 billion to $18.27 billion, which now includes approximately $280 million from Semrush; total Adobe ending ARR book of business growth of 10.2% year over year compared to our FY26 beginning book of business of $25.66 billion; GAAP EPS of $17.90 to $18; and non-GAAP EPS of $24.35 to $24.45.

針對 2026 財年，我們的目標為：Adobe 總營收 265 億至 266 億美元；商務專業人士與消費者訂閱營收 74.4 億至 74.8 億美元；創意與行銷專業人士訂閱營收 182.1 億至 182.7 億美元（其中現已包含約 2.8 億美元來自 Semrush）；Adobe 期末 ARR 業務存量（book of business）年增 10.2%，相較於 2026 財年期初業務存量 256.6 億美元；GAAP 每股盈餘 17.90 至 18.00 美元；以及非 GAAP 每股盈餘 24.35 至 24.45 美元。

Our FY26 targets assume non-GAAP operating margin of approximately 45.%, a GAAP tax rate of approximately 22.5% and a non-GAAP tax rate of approximately 18%.

我們的 2026 財年目標假設：非 GAAP 營業利益率約 45.%、GAAP 稅率約 22.5%，以及非 GAAP 稅率約 18%。

Our FY26 Total Adobe ARR growth target of 10.2% now reflects both the addition of the Semrush book of business as well as the strategic choice to accelerate MAU freemium growth and defer previously planned Creative Cloud line optimizations. We believe this is the right long-term strategy to expand our customer base and strengthen the foundation for durable growth.

我們 2026 財年 Adobe 總 ARR 成長目標 10.2%，如今同時反映了納入 Semrush 的業務存量，以及我們在策略上選擇加速 MAU freemium 成長，並延後先前規劃的 Creative Cloud 產品線優化。我們相信這是擴大客戶基礎並強化長期穩健成長根基的正確策略。

For Q3 FY26, we are targeting: total Adobe revenue of $6.67 billion to $6.72 billion; Business Professionals & Consumers subscription revenue of $1.87 billion to $1.89 billion; Creative & Marketing Professionals subscription revenue of $4.61 billion to $4.64 billion; GAAP EPS of $4.40 to $4.45; and non-GAAP EPS of $6.05 to $6.10.

針對 2026 財年第三季，我們的目標為：Adobe 總營收 66.7 億至 67.2 億美元；商務專業人士與消費者訂閱營收 18.7 億至 18.9 億美元；創意與行銷專業人士訂閱營收 46.1 億至 46.4 億美元；GAAP 每股盈餘 4.40 至 4.45 美元；以及非 GAAP 每股盈餘 6.05 至 6.10 美元。

For Q3, we assume non-GAAP operating margin of approximately 44.%, and GAAP tax rate of approximately 23.0% and a non-GAAP tax rate of approximately 18.%.

第三季我們假設：非 GAAP 營業利益率約 44.%、GAAP 稅率約 23.0%，以及非 GAAP 稅率約 18.%。

We believe Adobe is well positioned to capitalize on the expanding AI opportunity. Our focus remains on helping customers achieve better outcomes through innovation, relentless execution and deep integration of AI across our portfolio. We are expanding our user base, deepening engagement, and investing with discipline in the opportunities that will drive Adobe’s next phase of growth.

我們相信 Adobe 已具備良好定位，可把握持續擴大的 AI 機會。我們的重點仍是透過創新、堅定執行，以及在整個產品組合中深度整合 AI，協助客戶取得更佳成果。我們正在擴大使用者基礎、深化互動參與，並以嚴謹的投資紀律投入能推動 Adobe 下一階段成長的機會。

Thanks Steve. We are at a transformative moment in the industry and for the company. The convergence of AI, agentic workflows and the explosion of content demand is creating significant opportunities that play directly to Adobe's strength.

謝謝你，Steve。我們正處於產業與公司轉型的關鍵時刻。AI、代理式工作流程與內容需求爆發的匯流，正在創造重大機會，而這些機會正好與 Adobe 的優勢高度契合。

My focus continues to be driving execution against our product roadmap and successfully expanding to new monetization models that reflect how the diversity of our customers want to engage with Adobe. I am committed to driving this as we finalize the right leader for Adobe’s next chapter of growth.

我的重點仍是推動產品藍圖的落地執行，並成功拓展新的變現模式，以反映我們多元客戶希望與 Adobe 互動的方式。在我們敲定能帶領 Adobe 下一篇章成長的合適領導者之際，我承諾將持續推動這項工作。

What gives me confidence beyond our products and ground-breaking technology is our people. Adobe remains one of the greatest places to work in the industry, and the talent and culture we have built over decades is the foundation for this transformation.

除了我們的產品與突破性的技術之外，讓我更有信心的是我們的人才。Adobe 仍然是業界最棒的工作場所之一，而我們數十年來建立的人才與文化，正是這次轉型的基礎。

Thank you. We will now take your questions.

謝謝。我們現在開始回答各位的提問。

(Operator Instructions) Michael Turrin, Wells Fargo Securities.

(接線員指示) Wells Fargo Securities 的 Michael Turrin。

I guess just realized it wasn't planned, but with Dan leaving, I think we're going to field questions on how the company manages through this level of transition in a world where there are a lot of questions around just disruption or changes to the market across software. So maybe you can just speak to how you maintain continuity with both the CEO search and CFO transition in motion and maybe also touch on the profile of what you're looking towards or think the company needs in its next stage at this point?

我想剛剛才意識到這不是事先安排的，但隨著 Dan 離開，我認為我們會被問到公司如何在這種轉換程度下運作；在一個軟體市場充滿各種關於顛覆或市場變化疑問的世界裡。所以也許你可以談談，在 CEO 搜尋與 CFO 交接同時進行的情況下，你們如何維持連續性；也請順帶談談你們在此刻展望下一階段時，正在尋找的特質輪廓，或你認為公司在下一階段需要什麼？

Sure, Michael. Let me take that. And I will first start off by saying the leadership team that exists in the financial organization is absolutely, absolutely seasoned and top notch. So I wish Dan well. It's clear that where he's going is where his background and expertise has been, but I'm confident that we won't miss a beat.

當然，Michael。我來回答。我先說，財務組織現有的領導團隊絕對、絕對是經驗非常豐富且一流的。所以我祝 Dan 一切順利。很明顯他要去的地方與他的背景與專長一致，但我有信心我們不會有任何停頓。

I think as it relates to any other questions associated with the transition, I'm happy to answer that, but my short answer is we have an incredibly seasoned leadership team. And I will continue to work with them closely as I have in the past to make sure that we drive all our strategic objectives.

至於任何其他與交接相關的問題，我也很樂意回答；但我的簡短答案是：我們有一個極其資深的領導團隊。我會一如既往與他們緊密合作，確保我們推進所有策略目標。

And just if I may, a follow-up just on the decision to defer line optimizations on Creative Cloud. I assume we're coming up on just potential price increase there. So maybe speak to why that's the right decision for Adobe today, and how you think that kind of sets the creative business up for future growth?

如果可以的話，我想追問一下關於決定延後 Creative Cloud 產品線最佳化。我猜我們可能正接近那邊潛在的漲價。所以能否談談為什麼這對今天的 Adobe 是正確的決定，以及你認為這如何讓創意業務為未來成長做好準備？

Yeah, happy to, Michael. I mean, I think if we really look at it, we just look at what's happening with the AI opportunity for creativity as this incredible opportunity that is upon us right now. And no other company is as well positioned given what we have across our models, across our products and across our interfaces to take advantage of it. So this is really about saying what we have done as it relates to capturing MAU with Acrobat and Express, what we've done with respect to Firefly, the entire creative market.

可以，Michael，我很樂意。我的意思是，如果我們真的回頭看，我們看到 AI 對創意領域的機會，是一個此刻正擺在我們面前的巨大機會。而且沒有任何其他公司能像我們一樣具備這麼好的條件，因為我們在模型、產品與介面上都有完整布局，可以把握這個機會。所以這其實是在說：我們在 Acrobat 與 Express 上如何取得 MAU、我們在 Firefly 上做了什麼，以及整個創意市場。

Sometimes, I like to also characterize this much like what's happened with the code opportunity. If you think about what's happened with the code opportunity across AI, it's just completely being turned upside down. And every company is thinking about how they can add to all of the billions that is already spent in code.

有時候，我也喜歡把這件事類比成程式碼（code）機會所發生的事情。如果你想想 AI 在程式碼領域帶來的變化，整個局面幾乎被徹底翻轉。而每家公司都在思考，如何在既有已投入於程式碼的數十億美元支出之上再加碼。

The same opportunity exists, I think, in every single category, whether that's gaming, entertainment and creativity. And this is an opportunity for us not just to focus on creative pros and communicators who've traditionally been the strength of this company, but to actually become that AI platform for all creativity across every single surface.

我認為同樣的機會存在於每一個類別，不論是遊戲、娛樂或創意。而這對我們而言是一個機會：不只是聚焦在傳統上一直是公司強項的創意專業人士與溝通者，而是要真正成為涵蓋每一個觸點、面向所有創意的 AI 平台。

The success that we've seen associated with what we have done on these new products. We talked about the MAU, we've talked about the ARR that's coming. We want to just have a singular focus right now to make sure that we go capture that immense opportunity with a singular focus and a clear marketing message.

我們在這些新產品上所看到的成功。我們談過 MAU，也談過即將到來的 ARR。我們現在希望保持單一聚焦，確保以明確的行銷訊息與一致的專注度，去抓住那個巨大的機會。

It also is based on our complete confidence that we have that the creative business is extremely stable. The amount of innovation that we have delivered in that space continues to make us a category of one as it relates to our focus on that particular market. And so that one we can differ. It's not going away.

這也建立在我們對創意業務極度穩定的完全信心之上。我們在該領域持續交付的創新，讓我們在聚焦這個特定市場方面，依然是獨一無二的類別領導者。因此那一塊我們可以延後。它不會消失。

But anything that comes in the way of the company aligning and the market understanding that we're going to go after that entire creative opportunity right now. I think will detract from what is the real price for this company. So hopefully, that gives you some color.

但任何會妨礙公司對齊、以及讓市場理解我們現在要全力追逐整體創意機會的事情，我認為都會分散公司真正的價值所在。希望這能讓你更了解一些。

And I think in terms of the impact on ARR, you can think of it as maybe half of the impact of ARR is as a result of what we are doing around deferring that creative price line optimizations. And the other half is about going full steam on what makes -- what it takes to deliver the freemium experience.

至於對 ARR 的影響，你可以這樣想：大概一半的 ARR 影響，來自於我們延後創意產品價格線最佳化的作法。另一半則是來自於我們全速推進、打造並交付 freemium 體驗所需要做的事情。

Alex Zukin, Wolfe Research.

Wolfe Research 的 Alex Zukin。

I apologize for any background noise. Maybe just at the risk of redundancy or simplification, just why now to accelerate the freemium MAU motion? I think before we were thinking that the previous messaging was that it could actually positively impact second half ARR, the freemium motion, and now it's turning into a headwind as they convert or so maybe just simplify why now is the right time? And then I've got a quick follow-up.

如果有任何背景噪音我先道歉。也許冒著重複或過度簡化的風險，為什麼是現在要加速 freemium 的 MAU 推進？我記得之前的訊息是 freemium 推進其實可能在下半年對 ARR 有正面影響，但現在看起來在轉換時反而變成逆風；所以能否簡化說明為什麼現在是正確時點？然後我還有一個快速追問。

Sure. I mean I think you should think of it more in terms of does that early success that we're having across all of them give you confidence to actually go even more aggressively about this. So that's how I think about this, Alex, in terms of why now. We all recognize that when you look at the traffic that's coming to the Adobe side, that traffic is just gushing. And so when we think about how we can capture that with a unique value proposition associated with delighting them and making sure we have a friction-free experience anything that comes.

當然。我的意思是，你應該更從這個角度來看：我們在各方面取得的早期成功，是否讓你更有信心可以更積極地推進。所以，Alex，我對「為什麼是現在」的看法就是如此。我們都看得到，當你看 Adobe 端湧入的流量時，那個流量是大量湧入的。因此當我們思考如何用獨特的價值主張去承接這些流量、讓他們感到驚喜並確保無摩擦的體驗時，任何進來的東西都會……

When we take a step back, we have built this incredible business, but it's a balanced business. We're always trying to figure out what we sent to the freemium, and what we send to ARR. I think this singular clarity will enable us to capture way more people in the audience.

當我們退一步看，我們建立了一個很了不起的事業，但它是一個平衡的事業。我們一直在思考：哪些投入到 freemium，哪些投入到 ARR。我認為這種單一且清晰的聚焦，將使我們能夠吸引更多受眾。

And so the why now has more to do with the fact that we are seeing the success associated with what we've done the products, whether it's Acrobat Express or Firefly are there, the ability to support third-party models is there, and I'll have David also add. So it's really the success that we are seeing and the incredible amount of traffic that says if this -- if we don't take advantage of this opportunity right now, we will just unnecessarily diffuse it, and we will send people on other places when they want to come have that engagement with Adobe and are looking for the Adobe brand and Adobe Magic to help them solve their creativity needs.

所以「為什麼是現在」更多是因為我們看到我們在產品上所做事情帶來的成功：不論是 Acrobat、Express 或 Firefly 都已就位，支援第三方模型的能力也已就位；我也會請 David 補充。因此，關鍵在於我們看到的成功與龐大的流量；如果我們現在不把握這個機會，我們只會不必要地把機會分散，並在使用者想與 Adobe 互動、尋找 Adobe 品牌與 Adobe Magic 來解決其創意需求時，把他們送往其他地方。

David?

David？

Yeah. And maybe, Alex, I'll just add on a couple of examples to what Shantanu was saying to demystify what we mean by user behavior changing and evolving. Let me give you one example with Acrobat, one example with Creativity and Firefly to hopefully snap this a bit.

是的。Alex，也許我補充幾個例子，延伸 Shantanu 的說法，讓我們所說的使用者行為正在改變與演進更容易理解。我給你一個 Acrobat 的例子、一個創意與 Firefly 的例子，希望能把這件事講得更具體一些。

So what we see is a shift in -- or an emergence in terms of LLM usage, and that is driving a lot more intent-based search. So what is an intent-based search? Someone might type into a search engine, summarize this PDF, right? And what we do is we are using SEO and SEM and some of Anil's Semrush capabilities now to make sure that we're ranking high when someone types in something like summarize PDF.

我們看到的是 LLM 使用上的轉變——或說是一種新興趨勢——而這正在帶動更多以意圖為導向的搜尋。什麼是以意圖為導向的搜尋？有人可能會在搜尋引擎輸入：「總結這份 PDF」，對吧？而我們正在運用 SEO、SEM，以及 Anil 現在的一些 Semrush 能力，確保當有人輸入像「總結 PDF」這類關鍵字時，我們能排名靠前。

When the user clicks on our link, we take them instead of taking them to Adobe.com and talking to them about Acrobat, we're now making them directly into Acrobat web with a single call to action, which is upload your PDF and then we summarize it for them. And when we summarize it for them, we then introduce them to this idea that they can use AI Assistant to even to have and ask some questions.

當使用者點擊我們的連結時，我們不再把他們帶到 Adobe.com，並向他們介紹 Acrobat；我們現在是用一個單一的行動呼籲，直接把他們帶進 Acrobat 網頁版，也就是上傳你的 PDF，然後我們替他們做摘要。而當我們替他們做摘要之後，我們就會向他們介紹這個概念：他們甚至可以使用 AI Assistant 來提出並詢問一些問題。

And we use this process to let them build habit before we start giving them paywalls. So that's an evolution. If we just took that traffic direct to a paid flow to [buy Acrobat] and download Acrobat, it wouldn't produce as much opportunity long term for Adobe.

我們用這個流程讓他們在開始遇到付費牆之前先建立使用習慣。所以這是一種演進。如果我們只是把那些流量直接導到付費流程去[購買 Acrobat]並下載 Acrobat，長期來看，對 Adobe 來說不會產生那麼多機會。

Similarly, in Firefly, we see things like growth in terms like generating pixel art for social media posts. Again, we have ranked really high in SEO, SEM then we take them directly into Firefly so they can upload an image of themselves create this pixelated version, maybe introduce them to this idea that you can convert that to video, but it's a very different flow. And that's where the world is going. That's how users are engaging to lead to that.

同樣地，在 Firefly 方面，我們看到像是「為社群媒體貼文生成像素藝術」這類詞彙的成長。同樣地，我們在 SEO、SEM 的排名非常高，然後我們把他們直接帶進 Firefly，讓他們上傳自己的照片、建立這個像素化版本，也許再向他們介紹你可以把它轉成影片的概念，但這是一個非常不同的流程。而這就是世界正在前進的方向。這就是使用者參與並導向那個結果的方式。

And we think, as Shan has said, we have the right products for that now. So this is the moment to go for.

而我們認為，正如 Shan 所說，我們現在已經有適合這種情境的正確產品。所以現在就是全力以赴的時刻。

Maybe the last thing I'll say to that to just punctuate what David said is, not only are we seeing the MAU increase, but we're seeing the engagement increase then as a result of serving that first experience because they're looking for Adobe. So I think it's the satisfaction associated with completing their task that wants them to engage with Adobe more and those signals that give us confidence that now is the time.

也許我最後想補充一句，來強調 David 所說的：我們不只看到 MAU 增加，因為我們提供了那個第一個體驗，我們也看到互動度隨之提升，因為他們是在找 Adobe。所以我認為，完成任務所帶來的滿意度，會讓他們想更常與 Adobe 互動，而這些訊號讓我們有信心：現在就是時機。

And then maybe just a follow-up then. If we think about the combination of that action that you described and the postponement of the line optimizations as driving roughly, I think, by our math, about a $0.5 billion adjustment to the organic ARR downward. Like what is the payback period on that?

那接著可能再追問一下。如果我們把你描述的那個動作，加上產品線最佳化的延後，合併來看大致會帶來——我想按我們的計算——約 5 億美元的有機 ARR 向下調整。那這件事的回收期是多久？

So that $500 million, let's say, that you're investing in this motion, what is the payback period and multiple that you think you can get as a result of the successful strategy that you're -- or a potential successful strategy that you've embarking on?

也就是說，假設你在這個推動方式上投資了 5 億美元，你認為在策略成功——或你們正在推進的一個可能成功的策略——之下，回收期以及你覺得能得到的倍數是多少？

Well, let me give you some color. I think on the second one first, which is the Creative Pro line optimization we can introduce them as we continue to deliver value. So that one is just a face shift. And as we add that, we will actually think -- we believe that we're going to have better offerings that are more differentiated, the more these freemium offerings are successful.

好，我來補充一些背景。我先談第二個，也就是 Creative Pro 產品線最佳化：我們可以在持續交付價值的同時把它引入。所以那個只是時點的移轉。而且隨著我們加入它，我們其實認為——我們相信——這些 freemium 方案越成功，我們就越能提供更好、差異化更高的產品組合。

So that one for us, we just look at it and say, we're deferring it but not closing it. So hopefully, that gives you some color.

所以對我們而言，我們看待它的方式是：我們是在延後，但不是取消。希望這能讓你更清楚一些。

And then in terms of the traffic, if the disproportionate amount of traffic is going to go to these freemium offerings. You're right about, hey, how does that sort of start to come back? And we're already seeing some of it as it relates to the MAU that we have on Firefly. So we shared some numbers on that as well as on Express which are growing well, but that will play out, I think, over 2027.

然後就流量而言，如果有不成比例的流量會流向這些 freemium 方案。你說得對，問題在於：這要怎麼回來？而我們已經在 Firefly 的 MAU 上看到一些回流的跡象。我們也分享了一些相關數字，另外 Express 也成長得很好，但我認為這會在 2027 年逐步展開。

More important, I think it sets the company up for the right sort of really growing our customer base, which, like we've done with Reader, then pays off for decades.

更重要的是，我認為這能讓公司站在正確的位置，真正去擴大我們的客戶基礎；就像我們在 Reader 上做過的那樣，然後在接下來數十年持續回收成果。

And maybe the other thing just to give color, because I'm sure people will ask this question. As you think about it in terms of how it plays out over the second half, maybe the way to think about it is if you go back and look at our fiscal '24 or our fiscal '25 results, you can understand whatever our second half ARR expectations are. They probably typically pay out 40 and 60 in Q3 and Q4, given we'll be making more of these changes in Q3 as it relates to changing the traffic patterns.

另外也補充一點背景，因為我確定大家會問這個問題。當你思考它在下半年會如何展開時，也許可以這樣看：如果你回頭看我們 2024 財年或 2025 財年的結果，你就能理解我們下半年 ARR 的預期會是什麼。考量到我們會在第三季做更多與改變流量導向相關的調整，通常第三季與第四季大概會以 40/60 的比例實現。

And we expect our seasonal enterprise strength, the enterprise and everything we're doing around content continues to be an area of strength for us. That will be perhaps a little bit more proportionately in Q4 than it was in Q4 in the last few years.

而我們預期季節性的企業端強勁表現——企業端以及我們在內容相關的一切作為——仍會是我們的強項。相較於過去幾年的第四季，這部分在第四季的占比可能會更高一些。

So hopefully, that gives you both color on the line optimizations we can always introduce. But we wanted to be transparent with you. I think as it relates to the moving of the freemium, hopefully, we gave you a lot of indication as to why now all of the early success that we're seeing. And I just wanted to make sure you do color as to how that might play out in in Q4 as you do your modeling.

所以希望這能讓你對我們隨時都能導入的產品線最佳化有更多背景。但我們也希望對你保持透明。至於把流量導向 freemium 這件事，希望我們已經提供了很多指標，說明為什麼是現在，以及我們看到的所有早期成功。我也想確保你在做模型時，能掌握它在第四季可能如何展開的背景。

(Operator Instructions) Matt Swanson, RBC Capital Markets.

(接線員指示) Matt Swanson，RBC Capital Markets。

Not to front-run Cannes too much, but if we could focus a little bit on the brand visibility solution, kind of the broader idea of what Semrush brings to the Adobe platform. Could you just kind of talk a little bit maybe more holistically on how that fits to your broader portfolio? And kind of what the maybe compounding benefit could be over time?

不想太搶先談戛納的內容，但如果我們能把焦點放在品牌能見度解決方案上，也就是 Semrush 為 Adobe 平台帶來的更廣泛概念。你能否更整體地談談它如何融入你們更廣泛的產品組合？以及隨著時間推移，可能帶來的複利效益會是什麼？

Thanks for the question, Matt. Brand visibility is a topic of huge interest to CMOs as you just heard from David, as well. We are seeing a lot of that play out in our own traffic patterns. And every brand across the world wants to have the right placement regardless of which LLM consumers are using.

謝謝你的問題，Matt。正如你也剛從 David 那裡聽到的，品牌能見度是 CMO 高度關注的議題。我們也看到這在我們自己的流量模式中大量呈現。而全球每個品牌都希望能在正確的位置被呈現，不管消費者使用的是哪一種 LLM。

They want to have the right message, and they want to have their messages show up on LLM and social media and all the other new platforms that consumers are going to. And we believe that the best way to do that is to take their content that they have already within their content management system like Adobe Experience Manager, and make sure it gets out there, whether it's the bots and the agents that the LLMs have or third-party sites, which have credibility with these LLMs, making sure that all the brand visibility shows up in the right places.

他們希望有正確的訊息，並希望他們的訊息能出現在 LLM、社群媒體以及消費者正在前往的所有其他新平台上。而我們相信，最佳方式是把他們已經在內容管理系統（例如 Adobe Experience Manager）中的內容帶出去，並確保它能被觸及——不論是 LLM 所使用的機器人與代理（agents），或是那些在這些 LLM 眼中具有可信度的第三方網站——確保所有品牌能見度都出現在正確的位置。

That requires the integration of what Semrush brings, which is the outside in knowledge of how -- what is actually being prompted for, what's being searched for, and that the database that they have of all of the prompts and search queries and so on and combine it with the inside-out intelligence that we have with all the content, marrying those two provides us the opportunity to bring the most comprehensive brand visibility solution in the market, and that's what we're introducing it Cannes later this month. So we are super excited about that, and we believe that this is going to be a must-have for every CMO.

這需要整合 Semrush 所帶來的能力，也就是由外而內的洞察：實際上大家在提示（prompt）什麼、在搜尋什麼，以及他們所擁有的所有提示詞與搜尋查詢等資料庫；再把這些與我們由內而外、基於所有內容所形成的智慧結合起來。把兩者結合，讓我們有機會提供市場上最全面的品牌能見度解決方案，而這就是我們將在本月稍晚於戛納推出的內容。所以我們對此非常興奮，也相信這將會是每位 CMO 的必備工具。

Brad Zelnick, Deutsche Bank.

Brad Zelnick，德意志銀行。

Maybe on a different topic, we saw the announcement on the creativity connector with Google Gemini. Wondering how you're thinking about relationships with companies like Google that are seemingly developing their own design tools versus making Adobe innovations available in their apps. And more broadly, how are you thinking about competition partnerships and coopetition in the age of AI?

也許換個話題，我們看到你們宣布與 Google Gemini 的創意連接器。想請教你們如何看待與像 Google 這樣的公司之間的關係：他們似乎在開發自家的設計工具，同時又把 Adobe 的創新能力帶進他們的應用程式。更廣泛來說，在 AI 時代，你們如何思考競爭、合作夥伴關係，以及競合（coopetition）？

Yeah. Thanks for asking that question, Matt. I think it's -- the -- we've made a lot of progress in terms of how we think about the evolution of a creative agent and productivity agent and they'll also introduced basically customer experience coworker at Summit a couple of months ago.

是的。謝謝你問這個問題，Matt。我認為——我們在如何看待創意代理（creative agent）與生產力代理（productivity agent）的演進方面已經取得很大進展；而且我們也在幾個月前的 Summit 上基本上推出了「客戶體驗同事」（customer experience coworker）。

Overall, what we've done is we've taken all of our core capabilities in our Creative flagship applications as an example. And we've used that to create a series of capabilities that are accessible to the endpoint. So in other words, the creativity agent can now really access 50 Creative tools across our ecosystem. And that AI assistant is then available in Firefly and to our Creative Cloud subscribers.

整體而言，我們做的是：以我們 Creative 旗艦應用程式的所有核心能力為例，並用它來打造一系列可在端點（endpoint）存取的能力。換句話說，創意代理現在真的可以存取我們生態系中 50 個 Creative 工具。而那個 AI 助理也已在 Firefly 中提供，並提供給我們的 Creative Cloud 訂閱用戶。

But we've also, to -- exactly to your point, we've also taken that AI system that creative agent and made it available inside of both ChatGPT and inside of Claude with Copilot and Gemini coming very soon. And what that lets us do is it lets us again, similar to what we were talking about, go-to where user experience and user intent actually initiate.

但我們也——正如你所說——把那套 AI 系統（創意代理）帶到 ChatGPT 與 Claude 裡；Copilot 和 Gemini 也會很快加入。這讓我們能夠再次、就像我們剛才談到的那樣，前往使用者體驗與使用者意圖實際發起的地方。

So if someone starts to want to do something with AI assistant to create a logo, convert that logo to some merchandise, be able to post that merchandise across social media networks, you can do all of that conversationally at this point.

所以如果有人開始想透過 AI 助理做一些事，例如設計一個標誌、把那個標誌轉成一些周邊商品，並能把那些商品發佈到各個社群媒體網路上——到目前為止，你都可以用對話式的方式完成。

In that context, if you have anything you want to do that goes beyond what you can do conversationally, we use that opportunity to journey them over to Firefly for a deeper, richer AI tooling experience. So the whole end-to-end experience here is about getting to users where they are, letting them do a lot more conversationally, really reducing the bar to create more content, but then also leveraging the opportunity to monetize them by converting them over to Firefly as an example.

在那樣的情境下，如果你想做的事情超出對話式能完成的範圍，我們就會把握這個機會，引導他們到 Firefly，獲得更深入、更豐富的 AI 工具體驗。因此，這裡端到端的體驗重點在於：到使用者所在之處，讓他們能用對話完成更多事情，真正降低創作更多內容的門檻，同時也把握機會透過例如把他們轉換到 Firefly 來實現變現。

And the last thing I'll say is the monetization model for these AI agents is similar and that it's basically about credit consumption, and we think it drives a lot more credit consumption and opportunity for upsell.

最後我想說的是，這些 AI 代理的變現模式也類似：基本上是以點數（credit）消耗為核心；我們認為這會帶來更多點數消耗，以及更多升級銷售（upsell）的機會。

And as it relates to your question on partnerships, maybe just add a couple more points. I mean, firstly, you have to look at what the economic model is for a lot of these companies. So whether it's Amazon, Microsoft or Google, we are huge users of their cloud services which at the end of the day is a significant revenue stream for them. So we have great partnerships with all three of them. I think with Google specifically, we also partner on how we can jointly go to media and entertainment.

至於你關於合作夥伴關係的問題，我再補充幾點。首先，你必須看很多這些公司的經濟模式是什麼。無論是 Amazon、Microsoft 或 Google，我們都是他們雲端服務的大型使用者，而雲端服務歸根究柢是他們重要的營收來源。因此我們與這三家都有很好的合作關係。特別是與 Google，我們也在如何共同切入媒體與娛樂領域方面合作。

We are a big user of their Nano Banana within our applications. So I think there's a lot of synergy associated with that, I think with open AI and with Anthropic. They are looking to say, how can they become more of a sort of platform of choice and provide us. I think all of their focus right now, I would say, Brad, is on code. And that's where everybody is doing a student body left on that.

我們在自家應用程式中大量使用他們的 Nano Banana。所以我認為這裡有很大的協同效應；同樣地，對於 OpenAI 與 Anthropic 也是如此。他們在思考的是：如何成為更偏向「首選平台」（platform of choice），並為我們提供能力。我想他們目前所有的重點——我會說，Brad——都在程式碼（code）上。而那也是大家目前一窩蜂投入的方向。

And I think creativity is an area that we not only have a passion for that we're uniquely qualified, and so this is our time and our opportunity to leverage everything that they are providing. And so with every one of them, we have a great partnership.

而我認為創意（creativity）是我們不僅充滿熱情、也具備獨特優勢的領域；因此這是我們的時機與機會，去善用他們所提供的一切。所以我們與每一家都有很好的合作夥伴關係。

But I think as it relates to the consumer side of creativity, which is where this is going after, where, I think, a company of one in terms of the focus that we can have on that particular business.

但我認為，當談到面向消費者的創意端——也就是這個方向最終要攻的地方——我想我們在那個特定業務上能投入的專注度，幾乎可以說是一家「單一焦點」的公司。

Billy Fitzsimmons, Piper Sandler.

Billy Fitzsimmons，Piper Sandler。

I want to go back to the discussion earlier. There's a lot of debates right now around kind of moats in software. And if I think back to Summit, there's a big focus on kind of what you're doing with AI agents internally. And I think there's an important emphasis on your differentiation of being having 20 years of customer relationships and proprietary data around that as well as being that governance on ability layer for agentic workflows. Can you just talk about the importance of that in the ecosystem?

我想回到稍早的討論。目前關於軟體護城河（moats）有很多辯論。如果我回想 Summit，你們很聚焦在內部如何運用 AI 代理。我認為有一個很重要的重點是：你們的差異化在於擁有 20 年的客戶關係與相關的專有資料，以及在代理式工作流程（agentic workflows）上作為治理與能力層（governance and ability layer）。你能談談這在生態系中的重要性嗎？

And then if I could sneak another one in. And to be honest, I don't really know this is four at this point, but you announced a $25 billion share repurchase authorization at Summit. That's a significant chunk of your cap, but we're also in a much more -- or it feels like a more relaxed regulatory environment. How do we think about kind of your ability and propensity to do kind of tuck-in M&A in this environment?

另外如果我可以再塞一題。老實說，我現在也不確定這是不是已經是第四題了，但你們在 Summit 宣布了 250 億美元的股票回購授權。這占你們市值相當大的一部分，但我們也處在一個更——或者說感覺更寬鬆的監管環境。在這樣的環境下，我們該如何看待你們進行小型併購（tuck-in M&A）的能力與意願？

Maybe I'll start with the second, and then we can all touch on the first. And we are all a team of one. So you can ask anybody that question, Billy, and we will get the same answer. I think as it relates to the stock buyback, I think you know we had a $25 billion authorization previously. We added to that with another $25 billion authorization in April of the first authorization.

也許我先從第二個問題開始，然後我們都可以再補充第一個。而且我們都是一個「單一團隊」。所以你問我們任何人這個問題，Billy，我們都會給出同樣的答案。關於股票回購，我想你知道我們之前就有 250 億美元的授權。我們在 4 月又在第一個授權的基礎上，再增加了另一個 250 億美元的授權。

I think if you look at it, there's $2 billion left, and we would have completed it in less than 11 quarters or so. So we're clearly showing a lot of confidence that we should be using our capital allocation to buy back our stock.

如果你看一下，現在大概只剩 20 億美元，我們在不到大約 11 個季度就會完成。所以我們很明確地展現出高度信心：我們應該用資本配置來回購自家股票。

Semrush was a good acquisition. We're confident about our ability to monetize that. It further differentiates our marketing solutions, and I'll come to the marketing part.

Semrush 是一筆不錯的收購。我們對於將其變現的能力很有信心。它進一步強化了我們的行銷解決方案差異化，而我也會再談到行銷的部分。

But we are continuously looking at a whole bunch of companies. There's going to be some very interesting tuck-ins as it relates to technology because none of them have business models that are sustainable or monetizable. So it is actually a good time for us to look at technology companies.

但我們一直在持續觀察一大堆公司。在技術方面會有一些非常有意思的小型併購機會，因為他們之中沒有任何一家擁有可持續或可變現的商業模式。所以對我們來說，現在其實是評估技術公司的好時機。

I think as it relates to differentiation, we always talk about content. And the fact that we have these behaviors, and we have the data is a huge differentiator for us. I know there's a lot of talk about what's happening in the enterprise.

至於差異化，我們一直在談內容（content）。而我們擁有這些行為資料（behaviors）以及相關數據，對我們而言是巨大的差異化優勢。我知道外界也有很多在談企業端正在發生什麼。

The number of CEOs and CFOs who are coming to us and talking about, hey, we have this transformation. A big, big component of that transformation is customer experience and Adobe. You're the one who's going to help us with that in terms of both the content and the understanding of the customer, that's a huge differentiator. I think we're clearly focused on that has separated us from anybody else in the Customer Experience Orchestration.

有多少 CEO 與 CFO 來找我們談：嘿，我們正在做轉型。而那個轉型中非常、非常重要的一個組成部分就是客戶體驗（customer experience），而 Adobe——你們會在內容與客戶理解兩方面幫助我們，這是一個巨大的差異化優勢。我認為我們顯然聚焦在這點，這也讓我們在客戶體驗編排（Customer Experience Orchestration）領域與其他任何人拉開差距。

On the Creative Pro, as I continue to say, our understanding of that customer base is unique. And this is now about saying how do we extend both of those into also the consumer space in the era of AI. And so that's how we look at it.

在 Creative Pro 方面，正如我一直在說的，我們對那個客戶群的理解是獨一無二的。而現在重點在於：在 AI 時代，我們要如何把這兩者延伸到消費者市場。所以我們就是這樣看待的。

And to your point, our ability to take the depth of our technology, whether it's in audio, whether it's in video, whether it's in imaging and bring that to Firefly, the speed and velocity by which we can bring it has to do a lot with what the technology code base is underlying and the understanding of behaviors.

而且如你所說，我們能把技術的深度——不論是在音訊、影片或影像——帶到 Firefly；我們能以多快的速度與節奏把它帶過去，很大程度取決於底層的技術程式碼基礎，以及對使用行為的理解。

So that's how I would describe our differentiation. Anybody who wants to create content and use it for marketing, that's Adobe.

所以這就是我會如何描述我們的差異化。任何想要創作內容並用於行銷的人，那就是 Adobe。

Kirk Materne, Evercore ISI.

Kirk Materne，Evercore ISI。

I guess this one is maybe for David. David, when we think about this push in the freemium and changing that up a little bit, I guess, how do you comfortable on sort of the long-term economics in terms of lifetime value? I guess, what are you seeing in terms of those customers going through sort of a gestation period, then monetizing over a certain period of time.

我想這題可能是問 David 的。David，當我們思考這次在免費增值（freemium）上的推進、並稍微調整策略時，我想問你們對長期經濟性、也就是以終身價值（LTV）來看，怎麼建立信心？我想問的是，你們看到這些客戶經歷一段醞釀期，然後在一段時間後開始變現的情況如何？

Can you add some more color to that? Because I get the idea of adding a lot more new users to the platform, but just trying to get a sense on how you guys get comfort about sort of the stickiness of those users after a certain period of time and the ultimate monetization opportunity?

你能再多補充一些細節嗎？因為我理解把更多新用戶帶進平台的概念，但我想掌握的是：你們如何對這些用戶在一段時間後的黏著度，以及最終的變現機會，建立信心？

Yeah. Happy to take that. Again, just the foundation of the press here really starts with understanding user intent and user behavior. As I mentioned in the example of that transition to increasing intent-based expression when they're searching, that just gives us an opportunity to massively open up the top of funnel, which you're starting to see with the over 40% increase in traffic to Adobe.com through those activities.

好的。很樂意回答。再次強調，這裡的核心基礎其實是從理解使用者意圖與使用者行為開始。如我在例子中提到的，當他們在搜尋時，我們把轉換導向更高的「意圖式表達」，這讓我們有機會大幅擴大漏斗頂端；你們也開始看到，透過這些活動，Adobe.com 的流量提升了超過 40%。

And if you think about the journey the user goes from, they go from searching directly to using our product, which does result and we see that in our stats that results in higher engagement which you then start to see in terms of monthly active user growth. And what we see is on the back end of that, when they convert to a paid user they tend to have much higher engagement and usage patterns than those that go directly into paid, which translates into long-term -- lifetime value and long-term value for the company.

如果你去想使用者的旅程：他們從搜尋直接進到使用我們的產品；我們在數據上也看到，這會帶來更高的互動度，接著你就會在月活躍用戶（MAU）的成長上看到反映。而我們看到的是，在這之後當他們轉換成付費用戶時，他們的互動度與使用型態往往比那些一開始就直接付費的人高得多，這也就轉化為更長期的——終身價值，以及公司長期價值。

And in terms of why now? Again, that question was asked earlier, why now? Because we see all the right signals, right? The product is there. We see the traffic is up 40% year over year. We see the strong usage of the product. We see that MAU is up 70% year-over-year when looked at it. And we even talked about how that has started to translate into ARR growth with 50%, as an example, ARR growth that you see quarter over quarter for Firefly.

至於為什麼是現在？同樣地，這個問題前面也有人問過：為什麼是現在？因為我們看到了所有正確的訊號，對吧？產品已經到位。我們看到流量年增 40%。我們看到產品使用非常強勁。我們看到 MAU 年增 70%。我們甚至也談到，這已開始轉化為 ARR 成長；以 Firefly 為例，你看到 ARR 季對季成長 50%。

So all of those early indicators are there. And really what we're working to do as we bring more of that traffic over is that, that just needs time to play out. All of that sort of in the backdrop of this is where the world is going. The opportunity is bigger than ever, instead of trying to balance both things really go all in on this opportunity because it's ours to win. We have all of the foundation here.

所以這些早期指標都已經出現了。而我們真正要做的是，當我們把更多流量導過來時，這些都需要時間發酵。所有這些的背景是世界的走向。機會比以往任何時候都更大；與其試著在兩件事之間取得平衡，不如全力投入這個機會，因為這是我們可以贏下來的。我們在這裡具備所有基礎。

Brent Thill, Jefferies.

Brent Thill，Jefferies。

Shantanu, one of the questions we get is just the reset for this next tectonic shift. And I realize you're guiding margins down a bit, but I think many investors believe that you could be doing more and putting a much bigger moat and investment in to protect yourself. I don't know if that view is right or wrong, but I'm curious why not be a little more severe in terms of the push in the pivot?

Shantanu，我們收到的一個問題是：面對下一次板塊式的重大轉變，是否需要一次「重置」。我知道你們的指引是讓利潤率稍微下修，但我想很多投資人認為你們其實可以做得更多、投入更大的護城河與投資來保護自己。我不確定這個看法對或不對，但我很好奇，為什麼不在推動轉型（pivot）上更激進一些？

You went through this from perpetual subscription. You obviously nailed it and had incredible results from that pivot. Maybe it's not the right analogy, but I think we're doing a lot of questions on that.

你們曾經從永久授權轉向訂閱制。你們顯然做得非常成功，並且從那次轉型取得了驚人的成果。也許這不是最恰當的類比，但我想我們確實收到很多關於這點的提問。

Yeah. I think, Brent, this is actually an indication that we are really going to pivot as you -- to use your words, into getting this acquisition and customers. I mean perhaps what's not as evident is under the surface, how we're increasingly moving all of the expenses that we have and spend that we have and the scrutiny on just making sure that we find the money to spend.

是的。Brent，我認為這其實正顯示出我們確實會如你所說地轉型，去推動獲客與客戶成長。我的意思是，也許不那麼明顯的是，在檯面下，我們正愈來愈把所有費用與支出重新配置，並加強審視，確保我們能找到資金來投入。

So we will not be short-term focused on this, Brent, in terms of spending money to make sure we capitalize on the opportunity. And -- but we are spending on this and we will continue to, whether it's on the models, whether it's in marketing, whether it's in the product associated with these. We do not intend to be short term at all about trying.

所以在這件事上，我們不會只看短期，Brent；我們會投入資金，確保能把握這個機會。而且——我們正在投入，並且會持續投入，不論是在模型、行銷，或是與此相關的產品上。我們完全不打算以短期心態來嘗試。

This is -- as you point out correctly, Brent, this is not about balance. This is about saying, hey, be clear about your strategic intent, and we are saying it's about becoming that platform of choice for AI right now. it is about getting those users to engage with Adobe and partner with Adobe.

正如你指出的，Brent，這不是在談平衡。這是在說：要清楚你的策略意圖；而我們的說法是，現在的重點是成為 AI 的首選平台，也就是讓使用者與 Adobe 互動並與 Adobe 合作。

But be assured that as it relates to cloud spend, what we are doing on models as well as what we are doing in marketing, we are spending the money. The good news is we get a lot of Anil's products relatively cheap in order to be able to use it. So our efficiency on that is probably better than anybody else in the industry.

但請放心，就雲端支出而言，無論是我們在模型上的投入，還是我們在行銷上的投入，我們都在花這筆錢。好消息是，我們能以相對低的成本使用 Anil 的許多產品。因此在這方面的效率，我們可能比產業裡任何人都更好。

Saket Kalia, Barclays.

Saket Kalia，Barclays。

Maybe for Shantanu and David. As I think about the original freemium business at Adobe, it's really Acrobat. And I think the hope here is that some of your products like Express and Firefly can replicate that success.

這題可能想請 Shantanu 和 David 回答。當我想到 Adobe 最早的免費增值業務，其實就是 Acrobat。我想這裡的期待是，你們的一些產品像 Express 和 Firefly 能夠複製那樣的成功。

Maybe the question is, can you just compare and contrast maybe the next generation of freemium products in terms of what's similar, what's different than some of the really successful freemium businesses that we've built up over the years.

問題可能是：你們能否比較並對照一下新一代的免費增值產品——哪些地方相似、哪些地方不同——相較於我們多年來建立起來、非常成功的那些免費增值業務？

Yeah. Thanks, Saket. Happy to share a little bit about this. For the broader context of folks that may not have been tracking us as long as you have. If you really take a step back, we've talked a lot in terms of the Acrobat funnel as part of our data-driven operating model.

好的。謝謝你，Saket。很樂意分享一些看法。給可能沒有像你一樣長期追蹤我們的各位一些更廣的背景。如果你真的退一步看，我們在資料驅動的營運模型中，談了很多關於 Acrobat 漏斗的內容。

And the level of scrutiny and detail we understand around the breakup of -- when we talk about the 850 million monthly active users, many of them are on desktop readers. Some of them are in our chrome extension. Some of them are in Microsoft Edge extension. Some of them are on mobile devices.

而且我們對其拆解的理解，在審視程度與細節上都非常深入——當我們談到 8.5 億月活躍用戶時，其中很多是在桌面版閱讀器上。有些是在我們的 Chrome 擴充功能中。有些是在 Microsoft Edge 擴充功能中。有些是在行動裝置上。

We're able to look at the utilization of all of that reader experience in those free experiences and understand the specifics of how users are engaging in each of those and look for the right opportunities in those surfaces to put up paywalls and opportunities to convert. So we found in that process, things like Edit PDF or Redact PDF inquiries are a great opportunity to take a user that's built up a habit using these products and convert them to a long-term paid customer.

我們能夠檢視所有這些免費體驗中的閱讀器體驗使用情況，並了解使用者在每一項體驗中的互動細節，進而在這些介面上尋找合適的機會設置付費牆，以及促成轉換的機會。因此我們在這個過程中發現，像是「編輯 PDF」或「遮蔽（Redact）PDF」的查詢，是把已經養成使用這些產品習慣的使用者，轉換為長期付費客戶的絕佳機會。

A lot of that same learning that infrastructure that we have in place for Acrobat that we've developed over the years, that same infrastructure applies to everything we're doing, as you said, with Express, with Firefly, with Acrobat AI assistant. And the foundation of how we're taking that 90 million of Creative freemium MAU and covering that is identical.

我們多年來為 Acrobat 建置並發展出的那套基礎設施，其中許多相同的學習與能力，也同樣適用於我們正在做的所有事情——如你所說，包含 Express、Firefly，以及 Acrobat AI 助理。而我們如何覆蓋那 9,000 萬 Creative 免費增值（freemium）MAU 的基礎做法，也是一模一樣的。

Maybe the difference that we see as an opportunity, and this goes back to why we're investing so heavily right now in going after where we see user behavior is that, that intent no longer just starts in the product. That intent now also starts as part of their search history and the things they're doing in search. And so the investment in terms of driving a broader percentage of that search directly into the same flows and the same model that we've done with Acrobat over the years, I think that's really the opportunity to fundamentally change and reshape this business for decades to come.

我們看到的差異、也許也是一個機會在於——這也回到為什麼我們現在如此大力投資、去追逐我們看到的使用者行為——也就是那個意圖不再只是從產品內開始。那個意圖現在也會從他們的搜尋歷史，以及他們在搜尋中所做的事情開始。因此，投資的重點在於把更高比例的搜尋流量，直接導入我們多年來在 Acrobat 上建立的相同流程與相同模型；我認為這正是能在未來數十年從根本上改變並重塑這門業務的機會。

So very excited about what we've learned, and there's growth that we can apply to new experiences as well.

所以我們對所學到的內容感到非常興奮，而且這些成長動能也能應用到新的體驗上。

Maybe I'll just add a little bit to it, Saket, having been there for that journey, which was I think a lot of people may not remember that we actually tried to charge for the Acrobat Reader and most customers told us that, hey, allow us to use it, and you'll find different ways to monetize it.

也許我再補充一點，Saket，我一路參與了那段歷程；我想很多人可能不記得，我們其實曾嘗試對 Acrobat Reader 收費，而多數客戶告訴我們：「嘿，讓我們使用它，你們會找到其他方式把它變現。」

And so in addition to what David said, I would add that I think what's common across all of these is product first and foremost, which is how do you get usage. In the reader case, it was distribution. In this case, the new model is premium, and that's the underlying theory behind both of those is get the product right and get usage going because that's the way to monetize it.

因此，除了 David 所說的之外，我還想補充一點：我認為這些做法的共同點首先都是以產品為先，也就是如何取得使用量。在 Reader 的案例中，關鍵是發行與分發。而在這個案例中，新的模式是 premium（高階/付費版）；兩者背後的核心理論都是：把產品做好、把使用量做起來，因為那就是變現的方式。

I think as it relates to the two other things that are, I think, learnings from what we will continue to do on Firefly, how we can expand from Firefly into Creative Cloud. And we are doing a really great job of that, which is you try things in Firefly and you want to expand to Creative Cloud, that's pretty seamless. You want to start with Creative Cloud and have Firefly, that's also very seamless in terms of how much innovation we delivered.

我認為，另外兩點也與我們將持續在 Firefly 上做的事情相關，並且是我們的學習：我們如何從 Firefly 擴展到 Creative Cloud。而我們在這方面做得非常好：你在 Firefly 裡嘗試一些功能，想擴展到 Creative Cloud，這個過程非常順暢。你想從 Creative Cloud 開始並使用 Firefly，在我們所交付的創新程度上，這同樣非常順暢。

It's slightly different with Acrobat Express and that with Acrobat Express, it's a little bit more of paywalls in terms of how we are doing it. So what I look at when we see what we are doing is usage is common, getting the product is common and then making sure that at the appropriate times, we find ways to add value and find ways to monetize it. And so I think that's the learning that we have, but usage at the end of the day.

Acrobat Express 的情況稍微不同；對於 Acrobat Express，我們在做法上更偏向透過付費牆來推動。所以我看到我們正在做的事情是：使用量是共同點、把產品做好是共同點，然後確保在適當的時點，我們能找到增加價值的方法，也找到變現的方法。因此我認為這就是我們的學習，但歸根結底還是使用量。

And since I believe that's the last question, I mean let me just -- because I think the whole set of questions has really been around, hey, as you think about this era of AI and as you think about what's happening with creativity, what gives you confidence associated with some of the things?

而且既然我相信這是最後一個問題——我就再補充一下——因為我覺得整套問題其實都圍繞著：嘿，當你思考 AI 的這個時代、以及創意領域正在發生的事情時，哪些因素讓你對某些事情有信心？

And I'll repeat what I said, which is we really think this is this unique opportunity for creativity with everything that's changing with AI and user behavior and user intent and how users discover products based on the early success to say now is the time to have the singular focus in the company, get the alignment and go really drive.

我重申我說過的：我們真的認為，隨著 AI、使用者行為、使用者意圖的變化，以及使用者如何基於早期成功來發現產品，這是一個創意領域的獨特機會；現在正是公司需要單一聚焦、取得一致對齊並全力推動的時刻。

The Creative Cloud business continues to do well. That is not where tweaking it is going to allow us to get the next hundreds of millions of customers.

Creative Cloud 業務持續表現良好。但僅靠對它做些微調，並不能讓我們獲得下一批數以億計的客戶。

And on the marketing side, enterprises, we just continue to extend the offerings that we have and tying together content between what we are doing on the client side and the enterprise. That entire economic pool, as I think Anil talked about in terms of how much money is being spent across content creation, marketing folks, practitioners, the agencies as well as the channels, that is only going to increase, and that's going to go.

在行銷端、企業端，我們只是持續擴展既有的產品與服務，並把我們在客戶端與企業端所做的事情之間的內容串聯起來。整個經濟池——正如我想 Anil 提到的，從內容創作、行銷人員、實務工作者、代理商到各種通路，整體支出規模——只會持續增加，而且還會繼續成長。

The benefit of that and the economic pool is going to go to folks who can help automate that and provide technology and software to do that. So that's why we feel really good about these changes, and we feel this is the way to continue to drive.

而這些好處與這個經濟池，將會流向那些能協助自動化、並提供技術與軟體來完成這些工作的人。所以這就是為什麼我們對這些變化感到非常樂觀，也認為這是持續推動成長的方式。

We're also pleased with what we have done as it relates to the conversion of ARR to revenue. I should recognize that. That's why you've seen the overachievement. And so that speaks to, again, the stability, I think, that we see in the ARR from customers.

我們也對在 ARR 轉換為營收方面所做的成果感到滿意。我也應該特別提到這一點。這也是你們看到我們超越預期表現的原因。因此，這再次反映出——我認為——我們從客戶 ARR 中看到的穩定性。

So thank you for joining us today, and we look forward for those of you who are going to be at Cannes, certainly stop by and see what Adobe has to offer. Otherwise, we'll see you at the next call. Thank you.

所以感謝各位今天加入我們；也期待將前往坎城（Cannes）的各位，務必過來看看 Adobe 能提供什麼。否則，我們會在下一次電話會議再見。謝謝。

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

謝謝。今天的電話會議到此結束。我們也感謝各位的參與。祝各位有美好的一天。