Adobe Inc (ADBE) 2026 Q3 法說會逐字稿

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Good day, and welcome to the Q3 FY 2026 Adobe earnings conference call. Today’s conference is being recorded.

各位好，歡迎參加 2026 會計年度第三季 Adobe 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; Anil Chakravarthy, President of [Customer Experience Orchestration]; and Steve Day, Senior Vice President and Interim CFO.

各位下午好，感謝各位加入我們。今天與我一同參與電話會議的有：Adobe 董事長兼執行長 Shantanu Narayen；[客戶體驗協同編排]總裁 Anil Chakravarthy；以及資深副總裁暨代理財務長 Steve Day。

On this call, which is being recorded, we will discuss Adobe’s third-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.

在這通已錄音的電話會議中，我們將討論 Adobe 2026 會計年度第三季的財務結果。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, September 10, 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）截至今日 9 月 10 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 向美國證券交易委員會（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。我們所報告的結果包含 GAAP 成長率與非 GAAP 成長率，包括固定匯率（constant currency）成長率。在本次簡報期間，除非另有說明，Adobe 高階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.

接下來我把電話會議交給 Shantanu。

Thanks, Doug. Good afternoon, everyone, and thank you for joining us. Adobe reported a strong third quarter, achieving $6.76 billion in revenue, representing 12% year-over-year growth. GAAP earnings per share for the quarter was $4.62, representing 11% year-over-year growth, and non-GAAP earnings per share was $6.13, representing 15% year-over-year growth.

謝謝你，Doug。各位下午好，感謝各位加入我們。Adobe 第三季表現強勁，營收達 67.6 億美元，年增 12%。本季 GAAP 每股盈餘為 4.62 美元，年增 11%；非 GAAP 每股盈餘為 6.13 美元，年增 15%。

Over the decades, Adobe’s evolving mission from changing the world through digital experiences to now empowering everyone to create, has always focused on creating new market categories to serve an expanding set of customers. It has enabled us to build industry-leading platforms and products in the areas of creativity, productivity, and customer experience, setting a high bar for innovation and category transformation.

數十年來，Adobe 的使命從「透過數位體驗改變世界」演進到如今「賦能每個人創作」，始終聚焦於開創新的市場類別，以服務不斷擴大的客戶群。這使我們得以在創意、生產力與客戶體驗領域打造業界領先的平台與產品，為創新與類別轉型樹立高標準。

Adobe will leverage AI to increase the reach, value, and impact we will deliver to customers to drive our next decade of growth. AI enables us to democratize access to every creative discipline for everyone from the casual creator to the most seasoned creative professional. It enables us to meet the growing creativity and productivity needs of consumers and business professionals who are looking to stand out and communicate more effectively. With AI, Adobe uniquely empowers enterprises to deliver and orchestrate personalized customer experiences.

Adobe 將運用 AI 擴大我們為客戶帶來的觸及、價值與影響力，推動未來十年的成長。AI 讓我們能將各種創意領域的能力普及化，讓從休閒創作者到最資深的專業創意人士都能使用。它也使我們能滿足消費者與商務專業人士日益增長的創意與生產力需求，協助他們脫穎而出並更有效地溝通。透過 AI，Adobe 以獨特方式賦能企業交付並協同編排個人化的客戶體驗。

As I reflect on 29 years at Adobe, I’m most proud of the innovative products and platforms we’ve delivered to customers, including Acrobat and PDF, Adobe Experience Manager, Adobe Experience Platform, InDesign, Photoshop, and Premiere, and more recently, Express and Firefly. It’s incredible that these innovations are now used by over 1 billion monthly active users across all businesses, a number that grew greater than 20% year over year in Q3 with the creative freemium MAU crossing 100 million and growing greater than 70% year over year.

回顧我在 Adobe 的 29 年，我最引以為傲的是我們為客戶帶來的創新產品與平台，包括 Acrobat 與 PDF、Adobe Experience Manager、Adobe Experience Platform、InDesign、Photoshop、Premiere，以及近期的 Express 與 Firefly 等。令人驚嘆的是，這些創新如今在各項業務中每月活躍使用者已超過 10 億；第三季該數字年增超過 20%，其中創意類免費增值（freemium）MAU 突破 1 億，年增超過 70%。

We created the digital marketing category and are the leading provider of customer experience orchestration solutions, delivering over 1 trillion experiences per year for enterprise customers. We’re just beginning to capitalize on the massive AI opportunity across creativity, productivity, and customer experiences with AI-first ending ARR now exceeding $650 million and growing more than 150% year over year. During this time, Adobe’s annual revenue has grown from less than $1 billion to over $26 billion.

我們開創了數位行銷類別，並且是客戶體驗協同編排解決方案的領先供應商，每年為企業客戶交付超過 1 兆次體驗。我們才剛開始把握橫跨創意、生產力與客戶體驗的龐大 AI 機會；目前 AI-first 期末 ARR 已超過 6.5 億美元，年增超過 150%。在此期間，Adobe 的年度營收已從不到 10 億美元成長至超過 260 億美元。

I’m delighted that Anil Chakravarthy will become Adobe’s next President and Chief Executive Officer and join the Board of Directors effective December 1. I would also like to thank David Wadhwani for over a decade of partnership, leadership, and passion for our creative community. I’m committed to working closely with Anil to ensure a smooth transition and support Adobe’s ongoing growth and transformation as Executive Chair.

我很高興 Anil Chakravarthy 將自 12 月 1 日起出任 Adobe 下一任總裁兼執行長，並加入董事會。我也要感謝 David Wadhwani 十多年來的合作、領導力，以及對我們創意社群的熱情。我承諾將以執行董事長身分與 Anil 緊密合作，確保順利交接，並支持 Adobe 持續的成長與轉型。

As an experienced transformation leader with strong values, integrity, deep knowledge of our business, and passion for products to solve customer needs, Anil is the right person to chart Adobe’s growth in this agentic era. He has a proven record of building and delivering category-defining products that serve our broad range of customers, and I have every confidence that Adobe’s best days are ahead of us.

Anil 是一位經驗豐富的轉型領導者，具備堅定的價值觀與正直品格，對我們的業務有深厚理解，並對以產品解決客戶需求充滿熱情；在這個代理式（agentic）時代，他是引領 Adobe 成長的最佳人選。他在打造並交付定義類別的產品方面有經過驗證的成績，能服務我們廣泛的客戶群；我對 Adobe 最美好的日子仍在前方充滿信心。

I’ll now turn it over to Anil.

接下來我把電話會議交給 Anil。

Thank you, Shantanu. Hello, everyone. I am deeply honored to lead Adobe at this pivotal moment. I’m excited by the opportunity to drive Adobe’s growth and leadership across creativity, productivity, and customer experiences in the era of agentic software. Adobe’s proven track record of empowering individuals and organizations to express their ideas, tell their stories, and make an impact continues to inspire us and fuel our commitment to customers.

謝謝你，Shantanu。各位好。能在這個關鍵時刻領導 Adobe，我深感榮幸。在代理式軟體時代，我很期待把握機會，推動 Adobe 在創意、生產力與客戶體驗領域的成長與領導地位。Adobe 長期以來賦能個人與組織表達想法、講述故事並產生影響力的卓越紀錄，持續激勵著我們，也驅動我們對客戶的承諾。

Thanks to Shantanu’s exceptional leadership in transforming Adobe’s product portfolio and business model over the decades, we are well-positioned to capitalize on the massive opportunities ahead. I look forward to working closely with our employees and Shantanu to continue serving our customers and transforming Adobe in the era of agentic AI.

在 Shantanu 多年來以卓越領導力推動 Adobe 產品組合與商業模式轉型的基礎上，我們已具備良好定位，能把握前方龐大的機會。我期待與員工及 Shantanu 緊密合作，在代理式 AI 時代持續服務客戶並推動 Adobe 轉型。

Turning to Q3 results, subscription revenue for Business Professionals & Consumers was $1.91 billion, growing 15% year over year. Our strategy for Business Professionals & Consumers is to deliver AI-powered applications that transform how users comprehend, create, and share content. We are delivering new conversational and agentic interfaces in Adobe Reader, Acrobat, and Express through an integrated freemium experience.

回到第三季業績，商務專業人士與消費者（Business Professionals & Consumers）的訂閱營收為 19.1 億美元，年增 15%。我們在商務專業人士與消費者領域的策略，是提供由 AI 驅動的應用程式，改變使用者理解、創作與分享內容的方式。我們透過整合式的免費增值（freemium）體驗，在 Adobe Reader、Acrobat 與 Express 中推出新的對話式與代理式介面。

Our differentiation is grounded in a deep understanding of the PDF format and three decades of document expertise to transform Acrobat from the world’s leading PDF tool into a comprehensive document productivity platform powered by AI. Today, people open more than 400 billion PDFs with Acrobat every year to read, edit, and create content. By integrating AI deeply into our products, we are helping customers realize the value of AI faster, more accurately, securely, and cost-efficiently.

我們的差異化建立在對 PDF 格式的深刻理解，以及三十年的文件專業能力之上，藉此將 Acrobat 從全球領先的 PDF 工具，轉型為由 AI 驅動的全方位文件生產力平台。如今，人們每年透過 Acrobat 開啟超過 4,000 億份 PDF，用於閱讀、編輯與建立內容。透過將 AI 深度整合至我們的產品中，我們正協助客戶以更快、更精準、更安全且更具成本效益的方式實現 AI 的價值。

We are meeting users wherever they work and expanding our reach across the digital ecosystem by extending Acrobat’s capabilities to major platforms including ChatGPT, Chrome, Claude, Microsoft Edge, and WhatsApp. This approach to innovation positions Adobe to drive deeper user engagement, unlock new enterprise opportunities, and sustain our leadership as the trusted platform for digital documents in the age of AI.

我們在使用者工作的各個場域與其相會，並透過將 Acrobat 的能力延伸至包括 ChatGPT、Chrome、Claude、Microsoft Edge 與 WhatsApp 等主要平台，擴大我們在數位生態系中的觸及範圍。這種創新方式使 Adobe 能夠推動更深度的使用者互動、開啟新的企業機會，並在 AI 時代持續鞏固我們作為值得信賴的數位文件平台之領導地位。

Yesterday, we announced significant advances in Acrobat, powered by the Adobe Productivity Agent, that help people and teams understand the information in their documents faster, create polished work more easily, and access trusted knowledge at scale. Acrobat now turns complex documents into visually rich interactive reports and summary slides, as well as audio formats like personal podcasts, enabling users to quickly absorb key insights.

昨日，我們宣布由 Adobe Productivity Agent 驅動的 Acrobat 重大進展，協助個人與團隊更快理解文件中的資訊、更輕鬆產出精緻成果，並以規模化方式存取可信知識。Acrobat 現在可將複雜文件轉換為視覺豐富的互動式報告與摘要投影片，以及個人播客等音訊格式，讓使用者能快速吸收關鍵洞見。

New features like Knowledge Base and Analyzer empower teams to ask questions across massive document collections and surface structured insights from thousands of files. This unlocks the value of existing organizational knowledge, driving smarter, faster decision-making at scale, all with enterprise-grade governance, security, trust, and compliance. With a focus on winning the next generation of business professionals, Student Spaces in Acrobat is now available globally, targeting the higher education market and empowering students to generate flashcards, quizzes, and study guides to help them better understand and master their curriculum.

Knowledge Base 與 Analyzer 等新功能，讓團隊能在龐大的文件集合中提問，並從數千個檔案中呈現結構化洞見。這可釋放既有組織知識的價值，在企業級治理、安全、信任與合規的保障下，以規模化方式推動更聰明、更快速的決策。為了贏得下一代商務專業人士，Acrobat 的 Student Spaces 現已在全球推出，鎖定高等教育市場，協助學生生成抽認卡、測驗與讀書指南，以更好理解並掌握其課程內容。

Additional Business Professional & Consumer highlights include: Business Professionals & Consumer MAU grew over 25% year over year to over 900 million; Acrobat AI Assistant MAU doubled quarter over quarter; strong enterprise adoption of Acrobat AI capabilities among ETLA customers; notable customer wins this quarter include Amazon, Deutsche Post DHL, Honeywell, JISC, Renault, and the US Department of Energy Los Alamos National Laboratory.

其他商務專業人士與消費者重點包括：商務專業人士與消費者 MAU 年增超過 25%，達到 9 億以上；Acrobat AI Assistant MAU 季增翻倍；ETLA 客戶對 Acrobat AI 能力的企業採用強勁；本季重要客戶贏單包括 Amazon、Deutsche Post DHL、Honeywell、JISC、Renault，以及美國能源部洛斯阿拉莫斯國家實驗室。

In Q3, subscription revenue for Creative & Marketing Professionals was $4.65 billion, growing 12% year over year. Our strategy for creators and creative professionals is to empower everyone to bring their creative visions to life across any media type and surface. With Firefly, we are making creativity more accessible, intuitive, and efficient for creators of every experience level.

第三季，Creative & Marketing Professionals 的訂閱營收為 46.5 億美元，年增 12%。我們對創作者與創意專業人士的策略，是賦能每個人能在任何媒體類型與載體上，將其創意願景化為現實。透過 Firefly，我們正讓各種經驗層級的創作者都能更容易、更直覺且更高效率地進行創作。

For Creative Professionals, we are delivering the most comprehensive AI-driven power and precision applications through Creative Cloud across every stage of the creative process. Our differentiation is rooted in our deep domain expertise across media types, including imaging, design, video, photography, illustration, animation, and 3D, and complemented by our depth of intelligence across creative workflows. With Firefly and Creative Cloud, Adobe is reinventing creative software with agentic AI to deliver immediate personalized value, meeting users where they are with tools and agents that adapt to their needs.

針對創意專業人士，我們透過 Creative Cloud 在創作流程的每個階段，提供最全面、由 AI 驅動的強大能力與精準應用。我們的差異化根基在於跨媒體類型的深厚領域專業，包括影像、設計、影片、攝影、插畫、動畫與 3D，並以我們在創意工作流程上的深度智慧作為補強。結合 Firefly 與 Creative Cloud，Adobe 正以代理式 AI 重新發明創意軟體，提供即時且個人化的價值；以能隨需求調整的工具與代理，在使用者所在之處與其相會。

Adobe remains committed to delivering intuitive context-aware experiences that honor creative craft, accelerate creative velocity, and ensure that the next generation of creators can thrive in an ever-changing world. Adobe’s strategy is to offer customers choice as well as intelligent routing to use the best models for their needs, fully integrated in Adobe applications, eliminating the friction of switching between workflows and platforms.

Adobe 仍致力於提供直覺且具情境感知的體驗，尊重創作工藝、加速創作速度，並確保下一代創作者能在不斷變化的世界中茁壯成長。Adobe 的策略是為客戶提供選擇，並透過智慧路由使用最符合其需求的最佳模型，且完全整合於 Adobe 應用程式中，消除在不同工作流程與平台間切換的摩擦。

The Adobe Creative Agent empowers customers by handling the orchestration and execution of complex, repetitive creative workflows. We expanded the Adobe Creative Agent to additional Creative Cloud flagship apps, including Photoshop and Premiere, extending conversational agentic workflows deeper into our professional applications.

Adobe Creative Agent 透過協調與執行複雜、重複性的創意工作流程來賦能客戶。我們將 Adobe Creative Agent 擴展至更多 Creative Cloud 旗艦應用程式，包括 Photoshop 與 Premiere，讓對話式代理工作流程更深入我們的專業應用。

We also introduced several innovations in Photoshop, giving professionals more choice and control at every stage of the creative process. This includes a new AI-assisted editor, now in beta, offering customers the option of using a dedicated interface and natural-language prompt bar alongside our generative tools powered by leading AI models.

我們也在 Photoshop 推出多項創新，讓專業人士在創作流程的每個階段擁有更多選擇與掌控。其中包括一個新的 AI 輔助編輯器（目前為 beta 版），讓客戶可選擇使用專用介面與自然語言提示列，並搭配由領先 AI 模型驅動的生成式工具。

Adobe Firefly is the all-in-one creative AI studio for the next generation of creators. In Q3, we added native generation of music, speech, and sound effects, bringing commercially safe AI audio to creative workflows. We released new creative skills and tools like Create Storyboard and Create Brand Kit, purpose-built for social creators and solopreneurs, along with additional enhancements that help make Firefly AI Assistant more personalized and context-aware over time.

Adobe Firefly 是面向下一代創作者的一站式創意 AI 工作室。在第三季，我們新增原生的音樂、語音與音效生成，將可商用且安全的 AI 音訊帶入創意工作流程。我們發布了 Create Storyboard 與 Create Brand Kit 等全新創意技能與工具，專為社群創作者與個人創業者打造，並加入更多強化功能，讓 Firefly AI Assistant 隨時間推移更個人化且更具情境感知。

We announced our agreement to acquire Topaz Labs, which adds state-of-the-art AI enhancement models in Adobe Firefly Services, and Creative Cloud app, providing creators, designers, video professionals, photographers, and enterprises the tools to achieve exceptional quality across every format and workflow.

我們宣布已達成收購 Topaz Labs 的協議，將其最先進的 AI 增強模型加入 Adobe Firefly Services 與 Creative Cloud 應用程式，為創作者、設計師、影片專業人士、攝影師與企業提供工具，以在各種格式與工作流程中達到卓越品質。

With over 1 million users, Topaz Labs and its Emmy Award-winning AI technology will be integrated across Adobe’s creative AI portfolio, enabling customers to enhance footage, restore and remaster archival content, and blend AI-generated and traditionally captured content into seamless final productions. We expect the transaction to close in Q4, subject to regulatory approvals and other customary closing conditions.

Topaz Labs 擁有超過 100 萬名使用者，其榮獲艾美獎的 AI 技術將整合至 Adobe 的創意 AI 產品組合，讓客戶能強化影像素材、修復並重新母帶處理典藏內容，並將 AI 生成內容與傳統拍攝內容融合為無縫的最終作品。我們預期該交易將於第四季完成，惟仍須取得監管核准及其他慣常交割條件。

Firefly Enterprise, spanning Firefly Services, Adobe Firefly Foundry, and Adobe Brand Intelligence, helps the world’s largest brands industrialize content production with brand safe custom models. In July, we expanded Firefly Enterprise with Adobe Firefly Graph Enterprise Edition and Firefly Creative Production Enterprise Edition, giving businesses reusable node-based creative workflows and mass scale production capabilities, alongside a new simulate feature in Adobe Brand Intelligence that predicts campaign performance before content goes live.

Firefly Enterprise 橫跨 Firefly Services、Adobe Firefly Foundry 與 Adobe Brand Intelligence，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。7 月，我們透過 Adobe Firefly Graph Enterprise Edition 與 Firefly Creative Production Enterprise Edition 擴展 Firefly Enterprise，為企業提供可重複使用、以節點為基礎的創意工作流程與大規模量產能力；同時在 Adobe Brand Intelligence 新增 simulate 功能，可在內容上線前預測行銷活動成效。

We announced that Disney Imagineering is integrating Firefly Foundry into its theme park design toolkit, bringing Disney stories, characters, and experiences to life in parks faster than ever. We are aggressively executing our global strategy to attract millions of next-generation creators to Adobe.

我們宣布 Disney Imagineering 正將 Firefly Foundry 整合至其主題樂園設計工具組，使迪士尼的故事、角色與體驗以前所未有的速度在園區中栩栩如生。我們正積極執行全球策略，吸引數百萬名下一代創作者加入 Adobe。

In conjunction with Saudi Arabia’s emphasis on digital literacy and AI, we expanded our partnership with the Ministry of Communications and Information Technology and HUMAIN to enable the nation’s 27 million citizens and residents with Adobe Firefly and Express, while supporting the development of a new image generation model tuned to Saudi culture. Additional creators and creative professionals highlights include creative freemium MAU now surpassing 100 million and growing over 70% year over year.

配合沙烏地阿拉伯對數位素養與 AI 的重視，我們擴大與通訊與資訊科技部以及 HUMAIN 的合作，讓全國 2,700 萬名公民與居民能使用 Adobe Firefly 與 Express，同時支持開發一個針對沙烏地文化調校的新影像生成模型。其他創作者與創意專業人士重點包括：創意 freemium MAU 現已突破 1 億，且年增超過 70%。

Intensity of AI usage continues with credit consumption accelerating quarter on quarter across Creative Cloud and the Firefly app. Firefly ending ARR across Firefly app and Firefly credit packs grew 40% quarter over quarter. Enterprise wins this quarter include Academy Sports, Disney, Jet2, Perficient, Premier League, Publicis, Tennis Australia, and T-Mobile.

AI 使用強度持續提升，Creative Cloud 與 Firefly 應用程式的點數消耗季對季加速。Firefly（涵蓋 Firefly 應用程式與 Firefly 點數包）的期末 ARR 季增 40%。本季企業贏單包括 Academy Sports、Disney、Jet2、Perficient、Premier League、Publicis、Tennis Australia 與 T-Mobile。

I am excited to host Adobe MAX, the world’s largest creativity conference, in November in Miami Beach, where we will welcome more than 10,000 members of our global community and engage with hundreds of thousands more online. This year, we will showcase breakthrough innovations across Creative Cloud, new capabilities in Firefly, and connected workflows for Firefly for enterprise, all powered by agentic AI. MAX is always a celebration of the community’s creativity, and we look forward to sharing how Adobe Magic is transforming creative workflows and unlocking new possibilities.

我很期待在 11 月於邁阿密海灘主辦 Adobe MAX（全球最大的創意大會），屆時我們將迎接超過 10,000 名全球社群成員，並在線上與更多數十萬人互動。今年我們將展示 Creative Cloud 的突破性創新、Firefly 的新能力，以及面向企業的 Firefly 連結式工作流程，皆由代理式 AI 驅動。MAX 一向是對社群創造力的慶典，我們也期待分享 Adobe Magic 如何改變創意工作流程並開啟新的可能性。

Turning to Marketing Professionals, our strategy is to deliver Adobe CX Enterprise, the agentic system of record for customer experience orchestration, serving the entire customer life cycle from identifying and engaging prospects to driving conversion and developing lasting loyalty.

接著談到行銷專業人士，我們的策略是提供 Adobe CX Enterprise——用於客戶體驗編排的代理式系統紀錄（system of record），涵蓋從識別並接觸潛在客戶、推動轉換，到培養長期忠誠的整個客戶生命週期。

Adobe CX Enterprise is focused on three critical 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. Over 20,000 global enterprises rely on Adobe, and we are helping them transform their customer experience for the era of agentic AI.

Adobe CX Enterprise 聚焦於三項關鍵解決方案：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）網頁應用程式。超過 20,000 家全球企業仰賴 Adobe，而我們正協助他們在代理式 AI 時代轉型其客戶體驗。

Through Adobe CX Enterprise, we uniquely bring together creativity, marketing, and agentic AI, simplifying and transforming how enterprises manage the customer life cycle. We deliver this value through proprietary CX intelligence, agentic orchestration, governed workflow execution, open ecosystem connectivity, and enterprise-grade trust, all of which we have built over several years, providing our customers a practical path from the apps they use today to an end-to-end agentic AI system.

透過 Adobe CX Enterprise，我們以獨特方式將創意、行銷與代理式 AI 整合在一起，簡化並改造企業管理客戶生命週期的方式。我們透過專有的 CX 智慧、代理式協同編排、受治理的工作流程執行、開放式生態系連結，以及企業級信任來交付此價值；這些能力皆為我們多年打造而成，為客戶提供一條務實路徑，從他們今日使用的應用程式，逐步邁向端到端的代理式 AI 系統。

In Q3, we delivered the first unified brand visibility solution, bringing together Semrush AI visibility intelligence with Adobe’s agentic content optimization capabilities, grounded in a deep understanding of business and brand context. Adobe Brand Visibility is a comprehensive solution for generative engine optimization that combines the industry-leading capabilities of Adobe LLM Optimizer with Semrush AI Optimization.

在第三季，我們推出首個統一的品牌能見度解決方案，將 Semrush 的 AI 能見度智慧與 Adobe 的代理式內容最佳化能力結合，並以對業務與品牌情境的深度理解為基礎。Adobe Brand Visibility 是一套用於生成式引擎最佳化（GEO）的完整解決方案，結合 Adobe LLM Optimizer 的業界領先能力與 Semrush AI Optimization。

We are seeing tremendous customer interest in tapping our database of nearly 300 million real-world AI search prompts to understand how their brands are showing up across leading platforms such as ChatGPT, Google AI Mode, Microsoft Copilot, and Perplexity AI.

我們看到客戶對於運用我們近 3 億筆真實世界 AI 搜尋提示資料庫的興趣非常高，以了解其品牌在 ChatGPT、Google AI Mode、Microsoft Copilot 與 Perplexity AI 等主要平台上的呈現方式。

At the Cannes Lions International Festival of Creativity in June, we introduced a major expansion of Adobe GenStudio to help brands meet customers wherever they are in the moment of purchase, in a stream or in a scroll. GenStudio for Commerce Media Networks gives retailers a way to attract advertising partners with self-serve, on-brand creative built directly from product listings and category context.

在 6 月的坎城國際創意節（Cannes Lions International Festival of Creativity）上，我們宣布 Adobe GenStudio 的重大擴展，協助品牌在顧客購買當下、無論是在串流內容中或滑動瀏覽時，都能觸及顧客。GenStudio for Commerce Media Networks 讓零售商能以自助式、符合品牌調性的創意內容吸引廣告合作夥伴，這些創意可直接從產品清單與品類情境生成。

We also expanded Adobe Brand Intelligence capabilities so marketing teams can preview how content will resonate with audiences before it ever goes live. This is what an agentic content supply chain demands at the speed our customers need.

我們也擴充了 Adobe Brand Intelligence 的能力，使行銷團隊能在內容上線前預覽其與受眾的共鳴程度。這正是代理式內容供應鏈在客戶所需速度下的要求。

We are seeing tremendous customer interest in CX Enterprise Coworker, the specialized AI agent in CX Enterprise that autonomously executes complex marketing and customer engagement workflows. CX Enterprise Coworker, which became generally available in June, meets marketers where they are, embedding agentic intelligence directly into the engagement lifecycle, offering choice and control while enabling teams to act faster, scale personalization, and continuously optimize outcomes.

我們看到客戶對 CX Enterprise Coworker 的興趣非常高；這是 CX Enterprise 中的專用 AI 代理，能自主執行複雜的行銷與客戶互動工作流程。CX Enterprise Coworker 於 6 月正式全面上市（GA），在行銷人員既有工作場景中提供支援，將代理式智慧直接嵌入互動生命週期，提供選擇與控制，同時讓團隊能更快行動、擴大個人化規模，並持續最佳化成果。

CX Enterprise Coworker synthesizes insights from Adobe and third-party applications while coordinating AI agents and workflows across analytics, content creation, and journey orchestration. Early customer interest is strong, with over 1,700 customers and early adopters of CX Enterprise Coworker.

CX Enterprise Coworker 能整合來自 Adobe 與第三方應用程式的洞察，同時在分析、內容創作與旅程編排之間協調 AI 代理與工作流程。早期客戶興趣強勁，已有超過 1,700 家客戶與早期採用者使用 CX Enterprise Coworker。

Additional Marketing Professionals highlights included: ending ARR growth of over 20% year over year for each of AEM and agentic web apps, Adobe GenStudio, and AEP and apps; continuous strength in subscription services, driven by forward deployed engineering and strategic value realization engagements with customers; Q3 industry analyst recognition being named the top leader in two Forrester Waves, including customer data platforms for B2C and experience optimization solutions, as well as two IDC MarketScapes for worldwide AI-enabled customer data platforms for B2B users and B2C users; global enterprise customer wins in Q3 included Academy Sports, Alpine Racing, BNP Paribas, Humana, IKEA, Jet2, Marriott, MSC Cruises, Publicis, Royal Bank of Canada, Vanguard, and Wells Fargo.

其他「行銷專業人士」重點包括：AEM 與代理式網頁應用程式、Adobe GenStudio，以及 AEP 與應用程式的期末 ARR 皆實現超過 20% 的年增長；在訂閱服務方面持續強勁，受惠於前置部署工程（forward deployed engineering）以及與客戶進行的策略性價值實現專案；第三季獲產業分析師肯定，在兩項 Forrester Wave 中被評為最高領導者（包括 B2C 客戶資料平台與體驗最佳化解決方案），並在兩項 IDC MarketScape 中獲評（全球 AI 賦能客戶資料平台，分別面向 B2B 使用者與 B2C 使用者）；第三季全球企業客戶贏單包括 Academy Sports、Alpine Racing、BNP Paribas、Humana、IKEA、Jet2、Marriott、MSC Cruises、Publicis、Royal Bank of Canada、Vanguard 與 Wells Fargo。

Looking ahead, Adobe is well-positioned to be the global leader in agentic software for creativity, productivity, and customer experience. We are building on tremendous assets, deep domain expertise, proven track record of product innovation, broad community of customers spanning individuals to small businesses to the largest enterprises in the world, diversified global routes to market, values-driven culture, highly motivated employees, a trusted and well-recognized brand, and the financial strength to invest for the future.

展望未來，Adobe 已具備成為全球創意、生產力與客戶體驗領域代理式軟體領導者的有利位置。我們正建立在龐大資產之上，包括深厚的領域專業、經驗證的產品創新紀錄、涵蓋個人用戶到小型企業再到全球最大企業的廣泛客戶社群、多元化的全球市場進入路徑、以價值觀驅動的文化、高度投入的員工、值得信賴且廣為人知的品牌，以及可投資未來的財務實力。

I am incredibly excited by the opportunity in front of us, and I look forward to sharing more updates.

我對眼前的機會感到非常振奮，也期待分享更多最新進展。

I’ll now pass it to Steve.

接下來我把時間交給 Steve。

Thanks, Anil. Today, I will start by summarizing Adobe’s performance in Q3 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 在 2026 會計年度第三季（FY26 Q3）的表現，重點說明我們各客戶群的成長驅動因素，最後以我們的財務目標作結。

In Q3, Adobe achieved record revenue of $6.76 billion, growing 13% year over year as reported, and 12% in constant currency. Diluted earnings per share were $4.62 on a GAAP basis and $6.13 on a non-GAAP basis.

第三季，Adobe 創下 67.6 億美元的營收新高，按報告口徑年增 13%，按固定匯率年增 12%。稀釋後每股盈餘為：GAAP 口徑 4.62 美元，非 GAAP 口徑 6.13 美元。

Q3 financial highlights included: total Adobe ending ARR of $27.5 billion, growing 11.2% year over year; total customer group subscription revenue of $6.56 billion, growing 14% year over year or 13% in constant currency; RPO of $22.16 billion exiting the quarter, growing 8% year over year, and CRPO growing 9% year over year, both as reported and in constant currency; cash flows from operations were a Q3 record at $2.52 billion, and ending cash and short-term investments exiting Q3 were $5.64 billion; and repurchasing approximately 9.5 million shares of our stock during the quarter. Exiting Q3, we have fully utilized our March 2024 authorization and have approximately $24.55 billion remaining under our April 2026 authorization.

第三季財務重點包括：Adobe 期末 ARR 總額 275 億美元，年增 11.2%；客戶群訂閱營收總額 65.6 億美元，年增 14%，或按固定匯率年增 13%；季度末 RPO 為 221.6 億美元，年增 8%，CRPO 年增 9%，兩者在報告口徑與固定匯率口徑皆同；營運現金流創第三季新高達 25.2 億美元，第三季末現金與短期投資為 56.4 億美元；以及本季回購約 950 萬股公司股票。截至第三季末，我們已完全用盡 2024 年 3 月的授權額度，並在 2026 年 4 月的授權下仍剩餘約 245.5 億美元可用。

Business Professionals & Consumers subscription revenue was $1.91 billion, increasing 16% year over year as reported, or 15% in constant currency. Q3 growth drivers for Business Professionals & Consumers included double-digit ending ARR year-over-year growth across all geographies. Acrobat plus Express MAU surpassed 900 million, growing more than 25% year over year. Acrobat AI Assistant MAU doubled quarter over quarter, and strong performance in SMB across inside sales and the reseller channel.

「商務專業人士與消費者」訂閱營收為 19.1 億美元，按報告口徑年增 16%，按固定匯率年增 15%。該客群第三季成長動能包括：所有地區的期末 ARR 皆呈現兩位數年增。Acrobat 加上 Express 的 MAU 超過 9 億，年增超過 25%。Acrobat AI Assistant 的 MAU 較前一季倍增，且 SMB 在內部銷售與經銷通路均表現強勁。

Creative & Marketing Professional subscription revenue was $4.65 billion, increasing 13% year over year or 12% in constant currency. Q3 growth drivers for Creative & Marketing Professionals included continued strength in Creative Cloud across our teams and enterprise offerings; Creative freemium MAU, which includes Firefly and Express and web and mobile versions of Premiere, Photoshop, and Lightroom, crossed 100 million, growing over 70% year over year; Firefly ending ARR across Firefly apps and Firefly credit packs grew 40% quarter over quarter; customer growth in Firefly Enterprise with accelerating usage quarter over quarter; ending ARR growth of greater than 20% year over year for each of Adobe Experience Manager and agentic web apps, Adobe GenStudio, and Adobe Experience Platform and apps; doubled the number of paid customers quarter on quarter for brand visibility solutions, helping brands optimize visibility across traditional and generative search, and continued strength in retention across the enterprise customer base.

「創意與行銷專業人士」訂閱營收為 46.5 億美元，年增 13%，或按固定匯率年增 12%。該客群第三季成長動能包括：Creative Cloud 在團隊與企業方案持續強勁；創意免費增值（freemium）MAU（包含 Firefly、Express，以及 Premiere、Photoshop、Lightroom 的網頁與行動版本）突破 1 億，年增超過 70%；Firefly 應用與 Firefly 點數包的期末 ARR 較前一季成長 40%；Firefly Enterprise 客戶成長且使用量逐季加速；Adobe Experience Manager 與代理式網頁應用程式、Adobe GenStudio，以及 Adobe Experience Platform 與應用程式的期末 ARR 皆實現超過 20% 的年增長；品牌能見度解決方案的付費客戶數較前一季倍增，協助品牌在傳統與生成式搜尋中最佳化能見度；以及企業客戶基礎的續約表現持續強勁。

Now let me turn to our financial targets, which assume current macroeconomic conditions. For Q4 FY26, we are targeting total Adobe revenue of $6.8 billion to $6.85 billion, Business Professionals & Consumers subscription revenue of $1.93 billion to $1.95 billion, Creative & Marketing Professional subscription revenue of $4.665 billion to $4.695 billion, GAAP EPS of $4.65 to $4.70, and non-GAAP EPS of $6.30 to $6.35.

現在我來談談我們的財務目標，這些目標係以目前的總體經濟情勢為假設基礎。針對 FY26 第四季（Q4），我們的目標為：Adobe 總營收 68 億至 68.5 億美元；商務專業人士與消費者（Business Professionals & Consumers）訂閱營收 19.3 億至 19.5 億美元；創意與行銷專業（Creative & Marketing Professional）訂閱營收 46.65 億至 46.95 億美元；GAAP 每股盈餘（EPS）4.65 至 4.70 美元；以及非 GAAP 每股盈餘 6.30 至 6.35 美元。

For Q4, we assume non-GAAP operating margin of approximately 44%, and GAAP tax rate of approximately 22%, and a non-GAAP tax rate of approximately 18%. Given strong year-to-date performance, we are raising full-year revenue and EPS targets.

針對第四季，我們假設非 GAAP 營業利益率約為 44%，GAAP 稅率約為 22%，非 GAAP 稅率約為 18%。鑑於年初至今的強勁表現，我們上調全年營收與 EPS 目標。

For FY26, we are targeting total Adobe revenue of $26.576 billion to $26.626 billion, Business Professional & Consumer subscription revenue of $7.47 billion to $7.49 billion, Creative & Marketing Professional subscription revenue, $18.242 billion to $18.272 billion, 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 $18.12 to $18.17, and non-GAAP EPS of $24.45 to $24.50. 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%.

針對 FY26，我們的目標為：Adobe 總營收 265.76 億至 266.26 億美元；商務專業人士與消費者訂閱營收 74.7 億至 74.9 億美元；創意與行銷專業訂閱營收 182.42 億至 182.72 億美元；Adobe 期末 ARR（年度經常性收入）在手合約（book of business）總額年增 10.2%，相較於 FY26 期初在手合約 256.6 億美元；GAAP EPS 18.12 至 18.17 美元；以及非 GAAP EPS 24.45 至 24.50 美元。我們的 FY26 目標假設非 GAAP 營業利益率約為 45%，GAAP 稅率約為 22.5%，非 GAAP 稅率約為 18%。

We are encouraged by the progress we are making against our strategy. We are expanding our user base and deepening engagement with existing customers through agentic experiences. With focused execution and disciplined investments, we are driving long-term durable growth.

我們對於策略推進所取得的進展感到振奮。我們正透過代理式（agentic）體驗擴大使用者基礎，並加深與既有客戶的互動。透過聚焦執行與紀律性的投資，我們正推動長期且具韌性的成長。

Now I’ll turn it back to Shantanu.

現在我把時間交還給 Shantanu。

Thanks, Steve. I want to express my deep appreciation to all our employees, customers, partners, and investors for the support that they’ve provided to Adobe during my tenure. Thank you.

謝謝你，Steve。我想對所有員工、客戶、合作夥伴與投資人表達由衷的感謝，感謝你們在我任期內對 Adobe 所提供的支持。謝謝。

We will now take your questions.

接下來我們將開始回答各位的提問。

(Operator Instructions) Matt Swanson, RBC Capital Markets.

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

Anil, in your early comments in the prepared remarks as well as the press releases since the announcement, it feels like agentic has been a very pervasive theme across all of this. Could you just talk about how big of a factor this is going to be in your strategy going forward? And just kind of expand a little bit on what that long-term path looks like for agentic and what the end state could end up being?

Anil，在你先前的事先準備發言，以及自公告以來的新聞稿中，感覺「代理式（agentic）」一直是貫穿其中、非常普遍的主題。你能否談談這在你們未來策略中會是多大的因素？也請再多延伸說明一下，代理式的長期路徑會是什麼樣子，以及最終狀態可能會走向何處？

Thanks, Matt. Yeah, as we -- as I talked about in my remarks, I see immense opportunity for Adobe to be the leader in the agentic software for creativity, productivity and customer experience. Just like we've been the leader in SaaS for those categories. Overall, across the industry, I do believe that every SaaS company will be going through the transformation to agentic software just like the software companies went from on-prem to SaaS many years ago and Adobe executed very successfully.

謝謝你，Matt。是的，正如我在發言中提到的，我看到 Adobe 有極大的機會成為創意、生產力與客戶體驗領域代理式軟體的領導者。就像我們一直是這些類別中 SaaS 的領導者一樣。整體而言，放眼全產業，我確實相信每一家 SaaS 公司都將經歷向代理式軟體的轉型，就如同多年前軟體公司從地端部署（on-prem）轉向 SaaS，而 Adobe 當時執行得非常成功。

So when I talk to customers across our categories, what I hear is, when they look for agentic software, what they mean by that is they're looking for one product architecture, the product architecture evolving so that people can use an interface of their choice, whether it's conversational or a traditional interface that could be ChatGPT or Claude or Copilot, along with the functionality they get from Adobe.

因此，當我與我們各類別的客戶交流時，我聽到的是：當他們尋找代理式軟體時，他們的意思是希望有一套產品架構——產品架構持續演進，讓人們可以使用自己偏好的介面，不論是對話式或傳統介面；這些介面可能是 ChatGPT、Claude 或 Copilot，同時也能結合他們從 Adobe 取得的功能。

And we are making that possible, as you've seen in our announcements across creativity, across productivity as well as the CX announcement like Adobe marketing agent. We're making that possible through other interfaces as well as our own, like we are doing with our apps as well.

而我們正在讓這件事成真，正如你在我們針對創意、針對生產力，以及客戶體驗（CX）相關公告（例如 Adobe marketing agent）中所看到的。我們正透過其他介面以及我們自己的介面來實現，同時也在我們的應用程式中做到這一點。

Second, they're looking for model flexibility. They're looking to make sure that they can have access to the best models available. And we, as the provider of the agentic software, are matching the best model available to the best task and making it easy for users. And that's something that we are doing extremely well. There will be creativity agent we talked about and there will be productivity agent as well.

第二，他們在尋求模型彈性。他們希望確保能夠使用到市面上最好的模型。而我們作為代理式軟體的提供者，會把最適合的模型匹配到最適合的任務，並讓使用者能夠輕鬆使用。這正是我們做得非常出色的地方。我們談到會有創意代理（creativity agent），也會有生產力代理（productivity agent）。

And then they're looking to make sure that the apps are using their enterprise data and context so that there's no hallucination that they get usable results and they get predictability out of the use of AI. And that's something that we are doing really well with, for example, the CX Enterprise Coworker we talked about because that's built on top of the Adobe Experience platform where we serve over trillion experiences every year.

接著，他們希望確保應用程式能使用其企業資料與情境脈絡，避免產生幻覺（hallucination），能得到可用的結果，並在使用 AI 時具備可預測性。例如我們提到的 CX Enterprise Coworker，我們在這方面做得非常好，因為它是建立在 Adobe Experience Platform 之上，而我們每年提供超過兆次（trillion）的體驗服務。

And then they are looking for value. They're looking to make sure that the provider of agentic software is helping them realize the full value of this software, bringing it all together across all of the complexity of AI and software. And that's what we're doing with the growth we're seeing across our forward deployed engineering and our value realization teams.

然後，他們也在尋求價值。他們希望確保代理式軟體的提供者能協助他們實現這套軟體的完整價值，並在 AI 與軟體的各種複雜性之中把一切整合起來。這正是我們透過前線部署工程（forward deployed engineering）與價值實現（value realization）團隊所見到的成長所帶來的成果。

So that's how I see it evolving, and I think we see -- I see a massive opportunity for us to be the leader -- the agentic software leader in creativity, productivity and customer experience.

所以我認為它會朝這個方向演進；我也認為——我看到我們有巨大的機會成為創意、生產力與客戶體驗領域的領導者——也就是代理式軟體的領導者。

Saket Kalia, Barclays.

Saket Kalia，Barclays。

Congrats Anil, Shantanu. I just want to tip my cap to you on 29 years of leadership at Adobe.

恭喜你，Anil、Shantanu。我也想向你在 Adobe 29 年的領導致敬。

Anil, maybe the question here is for you. I think one of the questions that was asked when the announcement was made on your CEO transition, was whether your background in digital experience is a statement on where the Board thinks about the future of Adobe's growth opportunity. I just wanted to give you an opportunity to respond to that and tell us how you think about that?

Anil，這個問題可能是問你的。我想在你們宣布 CEO 交接時，有人問到：你在數位體驗（digital experience）方面的背景，是否代表董事會對 Adobe 未來成長機會的看法與方向。我想給你一個機會回應這點，並告訴我們你是如何看待這件事的？

I'll let him add, Saket, but let me just say a couple of things on behalf of the Board. I mean the first is I'm really thrilled that we were able to have somebody internal who understood the company. We had two great internal candidates. So that was, I think, important for the Board.

Saket，我會讓他補充，但我先代表董事會說幾點。第一，我非常高興我們能夠由內部找到一位了解公司的人選。我們有兩位非常優秀的內部候選人。所以我認為這對董事會而言很重要。

Certainly, Anil is going to own the entire company strategy and put his stamp on it. But I think it's important to remember that when we were looking for the next leader, that it was somebody who would embrace everything that the company had in terms of the opportunity and then figure out how they wanted to transform it moving forward. But with that as sort of context, I'll let Anil add specifically as it relates to the enterprise.

當然，Anil 將負責整體公司策略，並注入他自己的風格與印記。但我認為重要的是要記得，當我們在尋找下一任領導者時，我們要的是一位能擁抱公司所擁有的一切機會，並進一步思考未來要如何轉型的人。在這樣的脈絡下，我讓 Anil 針對與企業（enterprise）相關的部分做更具體的補充。

And maybe the one last thing I'll say is I think we both agree, Anil and I, that as it relates to how software will be sold, the individuals and making sure that we delight individuals is going to be even more important moving forward.

也許我最後想說的一點是，我想 Anil 和我都同意，就軟體將如何銷售而言，聚焦個人用戶，以及確保我們能讓個人用戶感到驚喜與滿意，未來將變得更加重要。

Anil?

Anil？

Well, thanks, Saket. Appreciate it. The first thing I was going to say is, look, I joined in January 2020. And by the end of that year, Shantanu asked me to take on actually our enterprise field operations across the company. And in that, starting from that, me and my team, we represented all of Adobe with our customers.

嗯，謝謝你，Saket。非常感謝。我首先想說的是，我是在 2020 年 1 月加入的。而在那年年底，Shantanu 請我實際上接手公司整體的企業端前線營運。從那時起，我和我的團隊就代表 Adobe 與客戶互動。

So when you look at an example that we showed, like Disney, for example, they think of us as one Adobe. And that's been important. And I have had the opportunity to really represent all of Adobe across creativity, productivity and customer experience with all of our enterprise customers.

所以當你看我們展示的例子，例如 Disney，他們把我們視為一個 Adobe。而這一直很重要。我也有機會在所有企業客戶面前，真正代表 Adobe 在創意、生產力與客戶體驗三個面向的整體能力。

And I see that opportunity exactly as Shantanu said, across the three product categories and across the entire range of customers from individuals to the hundreds of thousands of small businesses that we have to the 20,000-plus enterprise customers. I see massive opportunity across all of our base.

而我看到的機會正如 Shantanu 所說，橫跨三大產品類別，也涵蓋從個人用戶、我們所服務的數十萬家小型企業，到 20,000 家以上的企業客戶的整個客群範圍。我認為在我們整個客戶基礎上都有巨大的機會。

Great to hear. Congrats to both of you.

很高興聽到。也恭喜你們兩位。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，Griffin Securities。

Let me follow up a bit on Saket's question. When you look at over the next number of years, what do you think are Adobe's most consequential, strategic, technical, financial or competitive challenges or executables? And that's a very broad question, but I would very much like to get your thinking on that.

我想延伸追問一下 Saket 的問題。展望未來幾年，你認為 Adobe 最關鍵、最具影響力的策略、技術、財務或競爭挑戰或執行重點是什麼？這是一個很廣泛的問題，但我非常希望聽到你們的想法。

And then a quick one for Steve. I'm a little concerned about your RPO number. The single-digit growth year over year was the first single-digit growth since fiscal '23 -- early fiscal '23 and down sequentially. Was there anything unusual about the consumption of RPO coming out of Q2? Or maybe just talk about some of the details there.

另外有個簡短問題給 Steve。我對你們的 RPO 數字有點擔心。年增率為個位數是自 2023 會計年度以來——2023 會計年度初以來——首次出現個位數成長，而且還呈現季減。Q2 結束後 RPO 的消化（consumption）是否有任何不尋常之處？或者請談談其中一些細節。

Well, thank you, Jay. First, looking across our categories, if you look at, for example, our Business Professionals & Consumers, we're obviously building on a lot of assets. We just crossed over 1 billion in monthly active users. We have the decades of domain expertise in PDF. And so we are building on a lot of different assets that we have built over time.

謝謝你，Jay。首先，從我們各個類別來看，例如 Business Professionals & Consumers（商務專業人士與消費者），我們顯然是在許多資產的基礎上持續建構。我們剛剛突破每月活躍用戶 10 億。我們在 PDF 領域也累積了數十年的專業知識。因此，我們是在長期累積的多種資產之上持續打造。

And so when you look at the future, obviously, the focus now is on how do we bring all of those assets and build the new capabilities required for the world of agentic software. And we see the same thing playing across all three of our major category areas, whether it's the productivity area that I just talked about in the creative world, for example, bringing together the power of these new models, and making sure we deliver the value of AI to the user as fast as we can, securely, accurately and cost efficiently, making that -- that's what our users and customers are looking for. And so being able to bring all of that together is really where our focus is across all of our categories.

因此展望未來，當然目前的重點在於：我們如何把所有這些資產整合起來，並打造代理式（agentic）軟體世界所需的新能力。我們也看到同樣的趨勢在三大類別全面發生——無論是我剛提到的生產力領域，或是在創意領域，例如把這些新模型的力量整合起來，並確保我們能以最快速度、在安全、準確且具成本效率的前提下，把 AI 的價值交付給使用者——這正是我們的使用者與客戶所期待的。因此，能夠把這一切整合起來，就是我們在所有類別上的核心聚焦。

Yeah, Jay. And as it relates to the RPO, you're right, yes, RPO grew 8% year on year, the CRPO 9%, and that reflects the continued execution against our strategic initiatives. The growth is consistent with our ARR trends, I would say. It does reflect our focus to accelerate new user acquisitions through the freemium business model.

是的，Jay。至於 RPO，你說得沒錯，RPO 年增 8%，CRPO 年增 9%，這反映了我們持續落實各項策略性計畫的執行力。我會說，這樣的成長與我們的 ARR 趨勢一致。這也反映出我們聚焦透過 freemium（免費增值）商業模式來加速新用戶獲取。

But if you take a step back and look at these trends over the course of a typical year, both RPO and CRPO step-up in our fourth quarter and then remain fairly flat over the next three quarters. And this year is no different to prior years in that shape.

但如果你退一步看一個典型年度中的趨勢，RPO 與 CRPO 通常會在第四季跳升，接著在之後三個季度大致維持相對平坦。今年的型態與過去年度並無不同。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，JPMorgan。

This is Brian Hyska for Samik. Your Q4 guidance implies only modest sequential revenue growth in Creative & Marketing Professionals. Could you walk us through the assumptions driving that outlook?

我是代 Samik 發言的 Brian Hyska。你們的 Q4 指引顯示 Creative & Marketing Professionals（創意與行銷專業人士）營收僅有溫和的季增。能否帶我們了解一下推動該展望的假設？

On Q4, I think if you start turning to Q4, if you look at -- let me go unpack that Q4 for you. First of all, I wanted to say that we reiterated our full-year guide of 10.2% growth for the full year in terms of ending ARR.

關於 Q4，我想如果開始談 Q4——讓我為你拆解一下 Q4。首先我想說，我們重申了全年指引：以期末 ARR 計算，全年成長 10.2%。

Now if I unpack that across different audiences. So in terms of our -- the Business Professionals & Consumers, we are excited by the innovation that we just announced yesterday in Acrobat and Express, and that is going to give us a tailwind for our growth in Q4 and that will ultimately obviously translate into revenue going into future quarters.

現在如果我按不同受眾來拆解。就 Business Professionals & Consumers 而言，我們對昨天剛在 Acrobat 與 Express 發表的創新感到振奮，這將為我們 Q4 的成長帶來順風，並且最終也會轉化為未來季度的營收。

With Firefly and Creative Cloud, we have incredible innovation, breakthrough releases planned in the run-up to MAX, whether it's with creators or with Creative Professionals. And so we will -- we're going to see -- that gives us confidence for our Creative Professionals and the Creative Professionals and creators category.

在 Firefly 與 Creative Cloud 方面，我們有非常強的創新，並規劃在 MAX 前夕推出突破性的版本發表，無論是面向創作者或是創意專業人士。因此我們將——我們會看到——這讓我們對 Creative Professionals 以及創意專業人士與創作者這一類別更有信心。

And then in customer experience, we'll have the -- we're starting with a strong pipeline, and we're going to -- we'll get the benefit of seasonality, as I mentioned, and the innovations we made. So that's what gives us the confidence for Q4.

而在客戶體驗方面，我們將以強勁的 pipeline（商機管道）起步，並且——如我提到的——我們會受惠於季節性因素以及我們所做的創新。這些就是我們對 Q4 有信心的原因。

And if -- I don't know if you wanted to add on to that, Steve, in terms of the specific revenue comment.

如果——Steve，不知道你是否想就特定的營收評論再補充一下。

Yeah. I mean, I think in terms of the revenue guide that we've put out there, I think you'll see that it's a raise that we've put forward for the Q4, rolling that through against the first three quarters of the year and pressed that against the June guide that we put out. It's a raise across the CMP subs, BP&C subs as well as the overall company raising around $50 million at the midpoint. So yeah, we take our guide seriously, and we're pleased to put forth a raise in this quarter.

好的。我的意思是，就我們提出的營收指引而言，你會看到我們在 Q4 提出了上修，並把它與今年前三季的表現一併滾動反映，同時也相對於我們 6 月提出的指引做了比較。這次上修涵蓋 CMP 訂閱、BP&C 訂閱以及公司整體，在中位數大約上調 5,000 萬美元。所以，是的，我們非常嚴肅看待指引，也很高興在本季提出上修。

Brad Zelnick, Deutsche Bank.

Brad Zelnick，Deutsche Bank。

Great. And I'll echo my congrats to Shantanu on an epic run and Anil on the exciting journey ahead.

很好。我也要再次恭喜 Shantanu 的精彩任期，以及恭喜 Anil 即將展開令人振奮的旅程。

For my question, Anil, it's great to hear Firefly and credit pack ARR continues to grow well, and that credit consumption is accelerating. Can you talk about what's driving the acceleration there? Is there a broad usage or certain types of generations that are really behind it? And how do you think that evolves from here?

我的問題是，Anil，很高興聽到 Firefly 與點數包（credit pack）的 ARR 持續成長良好，而且點數消耗正在加速。你能談談是什麼在推動這個加速嗎？是廣泛的使用增加，還是某些特定類型的生成（generation）特別帶動？你認為接下來會如何演變？

Yeah. I think if -- just going back to what we talked about in how we're driving our freemium strategy for growth. We're first focused on making sure that we are acquiring new users. And then as we talked about that, that has performed very well. We talked about it on the June earnings call.

是的。我想如果——回到我們先前談到的，我們如何透過免費增值（freemium）策略來推動成長。我們首先聚焦在確保能獲取新用戶。然後如同我們談到的，那方面表現非常好。我們在 6 月的財報電話會議上也談過。

And Creative freemium MAU, we saw has grown to over 100 million, growing over 70% year over year. So that's bringing people into the funnel. That's when we still focus on increasing their intensity of AI usage and increasing their engagement with the products.

而 Creative 的免費增值 MAU（每月活躍用戶），我們看到已成長到超過 1 億，年增超過 70%。所以這是在把人帶進漏斗。接著我們仍然專注於提升他們使用 AI 的強度，並提高他們與產品的互動參與度。

And that's -- that engagement is what is starting to translate into ARR, right, with the Firefly ending ARR, the apps and the credit packs showing the 40% quarter-over-quarter growth. It's really that intensity of usage that's leading to that growth.

而那——那種互動參與度正開始轉化為 ARR（年度經常性收入），對吧？隨著 Firefly 的期末 ARR、各應用程式以及點數包（credit packs）呈現季增 40% 的成長。真正帶動那個成長的是使用強度的提升。

The other thing maybe I'll add is, I mean, as it relates to specifically what's driving it, if you look at the amount of innovation that's going into Firefly, it's magical. And video, in particular, you're seeing a lot of usage of video. And so that certainly helps across that.

另外我可能會補充的是，我是說，就具體是什麼在驅動而言，如果你看投入到 Firefly 的創新量，那真的是很神奇。尤其是影片，你會看到很多影片的使用。所以這當然也在整體上帶來助益。

And within Creative Cloud as well. I know we talk a lot about the AI first revenue. If you think about the AI influence revenue and what's being driven by Creative Cloud, all of the core desktop applications. The credit consumption there also is very robust, which just reflects how fundamental AI has become to the usage of those products. So those are two other things I would add.

而在 Creative Cloud 之內也是如此。我知道我們談了很多 AI 優先（AI first）的營收。如果你去想 AI 影響營收（AI influence revenue）以及由 Creative Cloud 所驅動的部分——所有核心桌面應用程式。那裡的點數消耗也非常強勁，這反映出 AI 已經成為使用這些產品時多麼根本的一部分。所以這是我會再補充的另外兩點。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

This is Ivan on the line for Alex. First of all, Anil, congrats on the role and Shantanu, of course, on the amazing run.

我是 Ivan，代 Alex 在線上。首先，Anil，恭喜你接任這個職位；當然 Shantanu，也恭喜你這段令人驚豔的表現。

Maybe going back to the last quarter, when you guys guided, you called out that you expect headwinds from doubling down on freemium strategy and then deferring the pricing initiatives. So to the extent you can, can you provide a little more color in terms of how much of the headwind came from each of these two?

或許回到上一季，當你們給出指引時，你們提到預期會受到兩項逆風影響：加碼免費增值策略，以及延後定價措施。在你們可分享的範圍內，能否提供更多細節，說明這兩項各自帶來了多少逆風？

And then as a quick follow-up, like are there any updated thoughts in terms of when those deferred Creative Cloud pricing optimizations will resume?

然後快速追問一下：關於先前延後的 Creative Cloud 定價優化，是否有任何更新的想法，何時會恢復推進？

Yeah. I think the two things we said -- and then I'll have Anil add. I mean, the two things that we said that were really important for us was, one, within the company, let's make sure we have an absolutely singular focus and align the company on what was important. And I always like to say, I like to be impatient for something, and we are incredibly impatient to drive a whole bunch of users, which is what you saw in the MAU.

是的。我想我們提到的兩件事——然後我也會請 Anil 補充。我是說，我們當時說的、對我們非常重要的兩件事是：第一，在公司內部，確保我們有絕對單一的聚焦，並讓全公司對重要事項對齊。我常說，我喜歡對某件事保持「不耐煩」，而我們非常迫切地想要帶來大量用戶——這就是你在 MAU 上看到的。

I mean, the MAU growth and how we're inspecting MAU and driving MAU growth, we believe is going to be fundamental to the future growth of the company. And so the two things that we had said at that point was let's get a singular focus.

我是說，MAU 的成長，以及我們如何檢視 MAU 並推動 MAU 成長，我們相信這將是公司未來成長的根本。因此我們當時提到的兩件事就是：讓我們做到單一聚焦。

The other thing I would say is that we're actually in an incredibly fortunate position now. If you look at the segmentation of our products, we certainly have tremendous value that we deliver depending on which segment of the population is using it.

我還想說的是，我們現在其實處在一個非常有利的位置。如果你看我們產品的分眾（segmentation），依不同族群使用，我們確實能提供非常大的價值。

I think to your point, within the Creative Cloud, we can continue to always find ways to deliver more value. But I really think the company has performed really well in the singular focus of let's deliver a lot of innovation around Firefly and the platform for Firefly, let's make sure we focus on MAU. And so that was really the driver of it.

我想如你所說，在 Creative Cloud 之內，我們可以持續找到方法提供更多價值。但我真的認為，公司在「單一聚焦」上做得非常好：圍繞 Firefly 與 Firefly 平台交付大量創新，並確保我們聚焦在 MAU。所以那就是主要驅動因素。

If you look at BP&C, we had good growth on BP&C. And so this is within the creative establishing Firefly, I would say. And I'm actually really happy that we didn't focus on the pricing actions because that, while it may have provided some short-term relief, would not be as critical as continuing to drive new user adoption.

如果你看 BP&C，我們在 BP&C 有不錯的成長。所以我會說，這是在創意業務中建立 Firefly 的過程。而且我其實很高興我們沒有把重心放在定價動作上，因為那雖然可能帶來一些短期緩解，但不如持續推動新用戶採用來得關鍵。

So that's how I'd answer that question.

所以我會這樣回答這個問題。

Kirk Materne, Evercore ISI.

Kirk Materne，Evercore ISI。

This is Vinod on for Kirk. So net new ARR was down 36%, 37% year over year. And I just wanted to get a sense of some of the drivers. Is it really more about seat volume softness, lapping pricing? Or is it really just the freemium funnel that you've talked about and you're doing intentionally that's kind of impacting that?

我是 Vinod，代 Kirk 提問。所以淨新增 ARR 年減 36%、37%。我想了解一些驅動因素。這主要是席位數量（seat volume）走弱、價格因素進入比較基期（lapping pricing）？還是其實主要就是你們談到、且刻意在做的免費增值漏斗，因而對此造成影響？

Yeah. I mean, just as we -- as Shantanu just described and we talked about in June, it's -- our strategy is to drive both and balance across acquiring these new customers as well as growing ARR.

是的。我是說，正如——如同 Shantanu 剛剛描述的，以及我們在 6 月談到的，我們的策略是同時推動兩者，並在獲取新客戶與成長 ARR 之間取得平衡。

So one of the things we've obviously done is, for example, taking a portion of our traffic to make sure that we are sending them to the right place so we can acquire customers for -- through the freemium funnel. And then we engage them and then we increase the intensity of their use. And obviously, at the right time, we will calibrate where we convert them in ARR. So that's the approach we've taken to make sure that we're really tapping into this large base of next-generation creators that we can bring into Adobe family, and that's what is driving the performance that you see.

所以我們顯然做的一件事是，例如，把一部分流量導向，確保我們把他們送到正確的地方，讓我們能透過免費增值漏斗獲取客戶。然後我們與他們互動，並提升他們的使用強度。而且很明顯地，在適當的時點，我們會校準把他們轉換為 ARR 的位置。所以我們採取這種方法，確保我們真正觸及這個龐大的下一代創作者基礎，把他們帶進 Adobe 家族，而這就是你所看到表現的驅動因素。

Okay. And did you guys quantify the Semrush contribution this quarter?

好的。那你們有量化這一季 Semrush 的貢獻嗎？

Yeah. I mean, I think when we gave you a view of that in the call last quarter, the rough size of how much Semrush is adding to the book of business.

有。我是說，我想我們在上一季的電話會議中已經給了你們一個視角，大致說明 Semrush 對業務訂單簿（book of business）增加了多少。

I think you really have to think about it as directionally what we've done with Semrush is to really integrate that into our combined offerings. And so I think you understood what the book of business was, we did it. But I think moving forward, the real selling motion is all around how do we combine SEO and GEO with all of our web content management as well as those solutions.

我想你真的必須從方向性來看：我們對 Semrush 所做的，是把它真正整合進我們的組合式產品方案。所以我想你們已經理解當時的業務訂單簿規模，我們也做了說明。但我想往後，真正的銷售推進（selling motion）會圍繞在：我們如何把 SEO 與 GEO，和我們所有的網站內容管理以及那些解決方案結合起來。

So I think increasingly -- and Anil can certainly add, the sales motion is all around the combined new offerings as it relates to what we are doing around brand visibility, what we're doing around content supply because those are the ones, and I think we talked about how all of those are growing north of 20%, the must wins. And so that's how we are going to market with those solutions.

所以我想越來越——而 Anil 當然也可以補充，銷售推進會圍繞在這些整合後的新產品方案：關於我們在品牌能見度（brand visibility）上做什麼、在內容供給（content supply）上做什麼，因為那些才是——而且我想我們也談過，這些都在 20% 以上成長，是必勝項（must wins）。因此我們會以這些解決方案作為我們的市場推進方式。

Yeah, exactly. I think the real focus is bringing the -- we've already brought it together as we announced at the Cannes Lions Conference of what Semrush had in their AI optimization technology with what Adobe already had. That's what we released at Adobe brand visibility, has had a great reception from customers.

對，沒錯。我認為真正的重點是把——我們已經在坎城創意節（Cannes Lions Conference）宣布過——Semrush 在 AI 最佳化技術上的能力，與 Adobe 既有的能力整合在一起。這就是我們在 Adobe Brand Visibility 發布的內容，客戶反應非常好。

In fact, as Steve pointed out, doubled the number of paying customers and Adobe brand visibility quarter over quarter. So we're seeing terrific customer interest there.

事實上，正如 Steve 指出的，Adobe Brand Visibility 的付費客戶數量季對季翻倍。所以我們看到那邊有非常強勁的客戶興趣。

Billy Fitzsimmons, Piper Sandler.

Billy Fitzsimmons，Piper Sandler。

I guess one question we get a lot is, you kind of meet customers where they are with -- or how they want to consume in terms of how you monetize AI across either Creative Cloud, Acrobat or enterprise products, and that's through bundled credits, credit packs, premium tiers, per seat pricing. There's also usage-based contracts. Over time, which pricing model do you expect to become the primary driver of AI revenue?

我想我們常被問到的一個問題是：你們會在客戶所在的位置與他們相遇——也就是在 Creative Cloud、Acrobat 或企業產品中，依照客戶想要的使用方式來推動 AI 變現——方式包括綁定點數、點數包、高級方案、按席位定價。另外也有按使用量計費的合約。長期來看，你們預期哪一種定價模式會成為 AI 收入的主要驅動力？

Yeah. Our first focus exactly is to make sure that we get -- we are bringing in as many customers as we can into our funnel and into the Adobe family. And that's what you're seeing with the freemium strategy and all the focus on customer acquisition.

是的。我們第一個重點很明確，就是確保——我們把盡可能多的客戶帶進我們的漏斗，帶進 Adobe 大家庭。這就是你們在免費增值（freemium）策略，以及所有聚焦於客戶獲取的作法中所看到的。

After that, it really depends on what exactly they're doing. What are they trying to get done? What is their skill level? What they're doing in the context of? And so that can vary based on whether they are individuals or enterprise customers and so on.

之後，就真的取決於他們到底在做什麼。他們想完成什麼？他們的技能水準如何？他們是在什麼情境下做這些事？因此，這會因為他們是個人用戶或企業客戶等而有所不同。

So it really then starts to focus on what they're actually doing with it. And so we are happy to work with, say, for example, something like Microsoft Copilot in the enterprise to ChatGPT for consumers and so on and making sure that they are getting value and driving up that intensity of usage and the engagement. And then beyond that, depending on the product area, it will -- once we have the value, we can map it to the monetization that Shantanu talked about, which helps us with better segmentation, understanding what the segments are. And how they're getting value.

所以接下來就會更聚焦在他們實際如何使用。因此我們也很樂意與例如企業端的 Microsoft Copilot、消費者端的 ChatGPT 等合作，確保他們獲得價值，並提升使用強度與互動參與度。再往後，依不同產品領域而定——一旦我們確認了價值，就能把它對應到 Shantanu 談到的變現方式，這也能幫助我們做更好的分眾，理解各個分眾是什麼。以及他們如何獲得價值。

And so we have a wide variety of ways, as you pointed out, to monetize that. And we're going to be applying that both based on the context of the customer and the context of what they're doing.

因此，正如你指出的，我們有非常多元的方式可以將其變現。而我們會同時依據客戶的情境，以及他們正在做的事情的情境來套用。

And then a quick follow-up, if I can get in. On the Topaz Labs deal, what strategic gap does Topaz help fill in the product portfolio that maybe couldn't have been addressed with internal development or partnerships? And understanding the deal hasn't closed yet, how should we just think about how those Topaz capabilities could be folded into existing solutions?

如果可以的話，我再快速追問一題。關於 Topaz Labs 這筆交易，Topaz 在產品組合上協助補足了什麼策略缺口，是內部開發或合作夥伴關係可能無法解決的？另外，理解交易尚未完成，我們應該如何看待把 Topaz 的能力整合進既有解決方案的方式？

Yeah. Topaz really was the state of the broad -- state-of-the-art technology for us in terms of AI enhancements across imaging, video. So we have actually -- a number of our customers have been using our technology along with Topaz. And so we had a lot of great feedback on them from our customers.

是的。就影像、影片等領域的 AI 增強而言，Topaz 對我們來說確實代表了最先進（state-of-the-art）的技術水準。其實——我們有不少客戶一直同時使用我們的技術與 Topaz。因此我們也從客戶那裡收到了很多對 Topaz 的正面回饋。

So we believe that they'll bring a great natural adjacency and fit right into what we have with Creative Cloud, with Firefly, with Firefly Enterprise. And so we see -- we're excited about closing that in Q4. That's what we are anticipating. And I think it will fit right in into what we're doing, and we're excited to talk more about it at MAX coming up soon.

所以我們相信，他們會帶來很自然的相鄰延伸（adjacency），並能很好地融入我們在 Creative Cloud、Firefly、以及 Firefly Enterprise 的既有布局。因此我們——很期待在第四季完成交割。這是我們目前的預期。我認為它會非常契合我們正在做的事情，我們也很期待在即將到來的 MAX 上分享更多。

Brent Thill, Jefferies.

Brent Thill，Jefferies。

Anil, congrats on the role, and Shantanu, it has been great being part of the story and watching it for as long as we have on the success you've had.

Anil，恭喜你接任這個職位；Shantanu，很榮幸能成為這段故事的一部分，也一路見證你們長期以來所取得的成功。

Anil, just as you think about -- I know it's going to take time to formulate probably your strategies and your top priorities. But maybe if you have a couple of top priorities as you make this transition, how would you just characterize the two most important things for you over the next year?

Anil，當你思考——我知道你可能需要一些時間來形成你的策略與最高優先事項。但如果你現在能分享幾個在交接過程中的首要重點，你會如何描述未來一年對你而言最重要的兩件事？

Thanks, Brent. Appreciate it. It's great that I have until December 1, work closely with Shantanu for the transition. First focus is obviously on Q4. We remain focused on executing our FY26 strategic initiatives and closing out the year strong, that's going to be critical.

謝謝你，Brent。感謝。很棒的是，在 12 月 1 日之前，我都能與 Shantanu 密切合作完成交接。第一個重點顯然是第四季。我們仍然專注於執行 FY26 的策略性計畫，並以強勁表現結束本年度，這會非常關鍵。

MAX is a big deal for us. We have had tremendous innovation in the company, really breakout innovations across what we're doing with for creators, what we're doing with Creative Professionals and then for the enterprise in terms of workflow and automation for the entire creative process. So we are really looking forward, and this will be my first MAX, and I'm looking forward to hosting that.

MAX 對我們來說非常重要。公司內部有大量創新，確實是突破性的創新——包括我們為創作者所做的、為創意專業人士所做的，以及在企業端針對整個創意流程的工作流程與自動化所做的。所以我們非常期待；這也會是我第一次參加 MAX，我很期待能主持這場活動。

And then I'm spending a lot of time with our community, with customers, with our Adobe employees and building the leadership team and putting all of that in place. So it's going to be a busy fall. So I'm really looking forward to making all of that happen between now and the new year.

另外，我也花很多時間與我們的社群、客戶、Adobe 員工互動，並建立領導團隊，把這些都到位。所以這個秋天會非常忙碌。我很期待在現在到新年之間把這一切推動落實。

Tyler Radke, Citi.

Tyler Radke，Citi。

This is Andrew Girard on for Tyler. And echoing again, all the congrats to Anil and Shantanu.

我是代 Tyler 發言的 Andrew Girard。也再次向 Anil 和 Shantanu 表達恭喜。

It's good to see the kind of one point sequential uptick in Creative & Marketing Professional growth and constant currency here. Anil, I was just hoping to kind of like understand your perspective on Creative's positioning, where you believe the kind of largest opportunities lie there? And kind of any new strategy you're bringing into Creative as you take on the helm here?

很高興看到 Creative & Marketing Professional 在固定匯率（constant currency）口徑下，成長率出現約 1 個百分點的環比提升。Anil，我想了解你對 Creative 定位的看法，你認為那裡最大的機會主要在哪些方面？以及你接掌之後，會為 Creative 帶來哪些新的策略？

Yeah. First of all, in terms of creativity, we believe that the market is larger than ever in terms of people across the -- whether they are individuals or whether they're in small businesses or enterprises around the world, where they're really using creativity to express themselves and their ideas. And it's getting more and more important for people to just stand out using creativity. So we think the market is extremely large.

是的。首先，就創意而言，我們相信市場比以往任何時候都更大——無論是個人、全球各地的小型企業或大型企業，都在運用創意來表達自己與想法。而且對人們來說，透過創意讓自己脫穎而出變得越來越重要。所以我們認為市場規模非常大。

I think in terms of my own personal view, I do believe that there is real opportunity as the world goes from this world of SaaS to agentic software with all the new innovation around AI, with all the innovation around models, I think there's opportunity across all of these categories.

就我個人的觀點而言，我確實認為，隨著世界從 SaaS 走向具代理能力（agentic）的軟體，加上 AI 的各種新創新、以及模型方面的創新，我認為在所有這些類別上都有機會。

So one of the things that I believe in it is that the innovation that we have already done, we are going to showcase at MAX. And the innovation you're going to see from us over the next year will really show how what we are doing really brings together everything that has -- the AI has and brings the power of AI across all of our customer segments and across all the categories.

所以我相信的一件事是：我們已經完成的創新，會在 MAX 上展示。而你們在未來一年看到我們推出的創新，將真正展現我們如何把 AI 的一切能力整合起來，並把 AI 的力量帶給我們所有客戶分眾，以及所有產品類別。

Okay. Yeah, that's great. And just another quick one on kind of the revenue guidance and see that kind of the guidance raised on the full year was slightly short of kind of the beat in Q3. So I just want to kind of understand any dynamics in Q4 that are in the model now that might have been incremental to kind of what you all saw last quarter, kind of a maybe greater amount of prudence or greater expected pressures stemming from the premium push? Any changes in macro, anything like that?

好的。是的，那很棒。另外再快速問一個關於營收指引的問題：我們看到全年指引的上調幅度，略低於第三季（Q3）實際表現超預期（beat）的幅度。所以我想了解一下，第四季（Q4）模型裡現在是否納入了任何動態因素，是相較於你們上季所看到的情況新增的，例如因高階方案推動（premium push）而帶來更高程度的保守性，或預期壓力更大？宏觀環境是否有任何變化之類的？

Yeah, yeah, yeah. Yeah, nothing changing in the business at all. So as you said, we pushed through the beat that we saw in Q3, but there is a slight FX headwind that we're having coming into Q4, and so it's just netting that off.

是的，是的，是的。是的，業務本身完全沒有任何變化。所以如你所說，我們把第三季看到的超預期表現反映進去了，但進入第四季我們會面臨些微的匯率（FX）逆風，所以只是把那部分抵消掉。

So otherwise, we feel pretty good about sort of the full-year guide, as we said or the implied guide based on this Q4 guide and sort of demonstrating a slight raise on the year. So other than that FX, nothing from a business perspective.

除此之外，我們對全年指引的看法相當正面；如我們所說，或是依據這次第四季指引所隱含的全年指引來看，全年呈現小幅上調。所以除了匯率因素外，從業務角度沒有其他影響。

Michael Turrin, Wells Fargo Securities.

Michael Turrin，Wells Fargo Securities。

Shantanu, our congrats as well. For Anil, I know it's early, but just relative to last quarter, it seems you're seeing the user growth on the freemium side. I'd be curious just to hear more on how you plan to evaluate trade-offs there and contemplate when you attempt to capture more of the value via price versus letting the freemium strategy continue to run from here?

Shantanu，我們也向你致上恭喜。想請教 Anil，我知道現在還早，但相較於上季，看起來你們在免費增值（freemium）端的用戶成長正在加速。我想多聽聽你們打算如何評估其中的取捨，以及你們會在什麼時點考慮透過價格來捕捉更多價值，或是讓 freemium 策略從現在起繼續運行？

Yeah. Thanks, Michael. So in terms of looking at the entire funnel, Obviously, that's one of the things that we have over a decade of experience with what we call the data-driven operating model, as you know. And we are optimizing that for freemium as we attract this next generation of creators and business professionals.

是的。謝謝你，Michael。就整個漏斗（funnel）的觀察而言，顯然這正是我們所謂「數據驅動營運模型」的強項之一，如你所知，我們在這方面有超過十年的經驗。而我們正在針對 freemium 進行最佳化，以吸引下一代創作者與商務專業人士。

So the goal is, of course, to prove value first. And once they get value, we get a lot of signals about the engagement, about the intensity of AI usage, about whether they're ready to move to -- for us to convert them into ARR. And so we are constantly calibrating that.

因此目標當然是先證明價值。一旦他們獲得價值，我們就會從互動情況、AI 使用強度、以及他們是否已準備好升級等方面取得大量訊號——以便我們將其轉化為 ARR。因此我們會持續不斷地校準。

Well, what is the best conversion point, what kind of paywall tuning, for example, would we do? So there's a number of things that we could do. And obviously, we've done that now for well over a decade. And we're going to continue optimizing that across our customer segments that Shantanu referenced.

例如，最佳的轉換時點是什麼？我們要如何調整付費牆（paywall tuning）？所以我們可以做的事情有很多。而且很明顯地，我們已經做這件事超過十年了。我們也會持續在 Shantanu 提到的各個客戶區隔上進行最佳化。

And just as a small follow-up. I know you're holding on to the ARR guide, but if we could just revisit the uptick and just any seasonal assumptions from a net new perspective. Just maybe remind us what you're expecting and how to think about the uptick in implied net new ARR for 4Q relative to what we saw in 3Q.

再追問一個小問題。我知道你們維持 ARR 指引不變，但想再回到這個上升幅度（uptick）以及從淨新增（net new）的角度來看任何季節性假設。能否提醒我們你們的預期是什麼，以及該如何看待第四季（4Q）相較第三季（3Q）所隱含的淨新增 ARR 上升？

Yeah, I mean, if you remember back on the Q2 call that we gave some shape towards the second-half ARR guide when we reiterated the 10.2%, and we said that Q4 will be larger than the Q3 number, and that's exactly how it's playing out. So Q4 is our seasonally strong quarter, a very strong enterprise quarter for us. So those things are still in effect.

是的，我的意思是，如果你回想第二季（Q2）電話會議，我們在重申 10.2% 時，曾對下半年 ARR 指引的節奏提供一些輪廓，並表示第四季會高於第三季的數字，而現在的發展正是如此。所以第四季是我們季節性最強的季度，對我們而言也是非常強勁的企業端季度。因此這些因素仍然成立。

We're very pleased with the performance of the businesses so far. We expect to see good contributions across each of the segments that Anil has referenced and deliver that 10.2% guide.

我們對目前為止各項業務的表現非常滿意。我們預期 Anil 所提到的各個區隔都會有良好貢獻，並達成 10.2% 的指引。

Maybe if I were to give a little bit more color on that. I mean, the way I would look at that is, again, on the Creative side, just making sure we focus on the combination of MAU and ARR, on the BP&C side, we would expect our traditionally strong Q4. There's a lot of great new innovation that we've delivered. That's a business that continues to perform. And so making sure that we monetize all of the BP&C is an expectation in Q4.

或許我可以再補充一些細節。我會這樣看：同樣地，在 Creative 端，我們要確保聚焦於 MAU 與 ARR 的組合；在 BP&C 端，我們預期第四季會延續我們傳統上強勁的表現。我們已推出許多很棒的新創新。這項業務持續表現良好。因此，確保在第四季能把 BP&C 的價值變現，是我們的預期。

And perhaps the most important is the traditional enterprise finish that we have with a big pipeline as it relates to both the CXO business as well as what the worldwide field operation is selling into both the creativity as well as the productivity segments within the enterprise. So that factors into how I think we are guiding Q4 and how you should think about it.

而或許最重要的是，我們在企業端一向有傳統的年末衝刺（finish），且在 CXO 業務以及全球銷售團隊（worldwide field operation）所推進的管線（pipeline）方面都很強；他們同時在企業內的創意（creativity）與生產力（productivity）區隔進行銷售。因此，這些因素構成了我對第四季指引的思考方式，也就是你們應該如何看待它。

Traditional strong good pipeline, great innovation in BP&C driving and continued focus on driving both revenue, but more importantly, MAU, as it relates to the creative segment. So that's how I would think about it.

也就是：傳統上強勁且品質良好的管線、BP&C 端由重大創新所帶動的動能，以及在創意區隔上持續聚焦於推動營收，但更重要的是推動 MAU。我會用這樣的方式來思考。

Given that's the last question, I was really pleased to see so many questions about the go forward. And we look forward to sharing more updates. Thank you for joining us.

既然這是最後一個問題，我很高興看到大家提出這麼多關於未來發展的問題。我們也期待分享更多更新。感謝各位加入。

Well, thank you. And that does conclude today's conference. We do thank you for your participation, and have an excellent day.

好的，謝謝。今天的會議到此結束。感謝各位的參與，祝各位有美好的一天。