(ADBE) 2021 Q4 法說會逐字稿

Please welcome Jonathan Vaas, Vice President of Investor Relations.

歡迎投資者關係副總裁 Jonathan Vaas。

Good morning, and thanks, everyone, for joining us today. I'm Jonathan Vaas, and welcome to our Financial Analyst Meeting.

早上好，感謝大家今天加入我們。我是 Jonathan Vaas，歡迎參加我們的財務分析師會議。

You should have a copy of the press release, which we filed this morning at approximately 5:00 a.m. Pacific Time, as well as a copy of our slides that we posted to the Investor Relations website.

您應該有一份我們在太平洋時間今天早上大約 5:00 提交的新聞稿的副本，以及我們在投資者關係網站上發布的幻燈片的副本。

I'm hopeful to have an opportunity to meet with many of you in person this year. For now, I'm really pleased to be able to be here with Adobe's leadership team and engage once again, virtually, and we have a great program for you today.

我希望今年有機會親自與你們中的許多人見面。現在，我真的很高興能夠與 Adobe 的領導團隊一起來到這裡並再次以虛擬方式進行互動，今天我們為您準備了一個很棒的計劃。

With the webcast format, the live presentation we'll be doing today will be a streamlined version of the long-form information that we posted to the Investor Relations website that has all of the information you're used to receiving from Adobe. So we'll cover a portion of those slides today, and then we'll go ahead and do Q&A at the end.

通過網絡廣播格式，我們今天將進行的現場演示將是我們發佈到投資者關係網站的長篇信息的簡化版本，其中包含您習慣從 Adobe 接收的所有信息。因此，我們今天將介紹其中的一部分幻燈片，然後我們將繼續進行最後的問答。

Let's take a quick look at the agenda.

讓我們快速瀏覽一下議程。

Shantanu will kick things off with a brief welcome; and then Ann will present Adobe's vision and strategy for the future. Anil will go over our digital experience strategy, and David will cover digital media strategy after that. And then Dan Durn, who joined in October as Adobe's Chief Financial Officer, will provide a detailed financial summary as well as discussing Adobe's long-term strategy. Then Shantanu will wrap things up, sharing his vision of the long-term opportunity, and we'll go to live Q&A.

Shantanu 將以簡短的歡迎開始。然後 Ann 將介紹 Adobe 的未來願景和戰略。 Anil 將介紹我們的數字體驗策略，之後 David 將介紹數字媒體策略。隨後，於 10 月加入 Adobe 擔任首席財務官的 Dan Durn 將提供詳細的財務摘要，並討論 Adobe 的長期戰略。然後 Shantanu 將結束一切，分享他對長期機會的看法，我們將進行現場問答。

Before we get started, as a reminder, some of the information we'll be providing includes forward-looking statements that are subject to risk and uncertainty. Actual results may differ from those statements, and we encourage you to review the risk factors in our SEC filings for more information. Additionally, we'll be providing both GAAP and non-GAAP financial metrics. Reconciliations between the 2 are available on Adobe's Investor Relations website.

在我們開始之前，提醒一下，我們將提供的一些信息包括受風險和不確定性影響的前瞻性陳述。實際結果可能與這些陳述不同，我們鼓勵您查看我們提交給 SEC 的風險因素以獲取更多信息。此外，我們將提供 GAAP 和非 GAAP 財務指標。 Adobe 的投資者關係網站上提供了兩者之間的對賬。

I will now pass it over to Adobe's Chairman and CEO, Shantanu Narayen.

我現在將把它轉交給 Adobe 的董事長兼首席執行官 Shantanu Narayen。

Good morning, and thanks, Jonathan. Welcome to this Virtual 2022 Financial Analyst Meeting. Adobe had another outstanding year in 2021. I'm incredibly proud of the dedication and resilience of Adobe's 25,000 employees all around the world in delivering breakthrough technologies for our customers.

早上好，謝謝，喬納森。歡迎參加 2022 年虛擬金融分析師會議。 Adobe 在 2021 年又是傑出的一年。我為 Adobe 在全球 25,000 名員工在為我們的客戶提供突破性技術方面的奉獻精神和韌性感到無比自豪。

I'd like to start with a recap of the tremendous accomplishments we had across every dimension in 2021.

我想先回顧一下我們在 2021 年在各個方面取得的巨大成就。

As a product geek at heart, I take immense pride in our team driving hundreds of innovations across Adobe Creative Cloud, Document Cloud and Experience Cloud. Earlier this week, we introduced Creative Cloud Express to enable anyone to express their ideas simply and beautifully. Creative Cloud Express is the start of a brand-new journey, to introduce first-time creators to Adobe Creative tools while adding significant value to all of our current Creative Cloud subscribers. I think it marks a new chapter of creation, collaboration and sharing on the web and leverages the unique technology and capabilities of Adobe's flagship products. It also builds on the collaboration capabilities we debuted at MAX, including Illustrator and Photoshop on the web, Creative Cloud spaces and Creative Cloud Canvas.

作為一名產品極客，我為我們的團隊在 Adobe Creative Cloud、Document Cloud 和 Experience Cloud 上推動數百項創新感到無比自豪。本週早些時候，我們推出了 Creative Cloud Express，讓任何人都可以簡單而優美地表達自己的想法。 Creative Cloud Express 是全新旅程的開始，它將向首次創作者介紹 Adobe Creative 工具，同時為我們所有當前的 Creative Cloud 訂閱者增加重要價值。我認為它標誌著網絡創作、協作和共享的新篇章，並利用了 Adobe 旗艦產品的獨特技術和功能。它還建立在我們在 MAX 上首次亮相的協作功能的基礎上，包括網絡上的 Illustrator 和 Photoshop、Creative Cloud 空間和 Creative Cloud Canvas。

With the addition of Frame.io, we're now incorporating review and approval functionality to deliver a powerful collaboration platform for end-to-end video collaboration. And we're continuing to add magic to our flagship applications, and we're enabling them to run natively on new hardware like Apple's M1 chip as well as Microsoft Windows' Surface and Pen.

隨著 Frame.io 的加入，我們現在正在整合審查和批准功能，為端到端視頻協作提供強大的協作平台。我們將繼續為我們的旗艦應用程序增添魔力，讓它們能夠在 Apple 的 M1 芯片以及 Microsoft Windows 的 Surface 和 Pen 等新硬件上本地運行。

In Document Cloud, Acrobat web now supports 21 frictionless verbs: create, export, extract and edit for both text and images in PDF. We've seen tremendous growth in Acrobat online as people tap our powerful, free browser-based document tools to handle important tasks on the fly without the need to download any software. In addition, we made outstanding progress with PDF support within both the Chrome as well as Edge browsers.

在 Document Cloud 中，Acrobat Web 現在支持 21 個無摩擦動詞：創建、導出、提取和編輯 PDF 中的文本和圖像。隨著人們利用我們強大、免費的基於瀏覽器的文檔工具，無需下載任何軟件即可即時處理重要任務，我們已經看到 Acrobat 在線的巨大增長。此外，我們在 Chrome 和 Edge 瀏覽器中的 PDF 支持方面取得了顯著進展。

And on the Experience Cloud platform, we extended our real-time customer data platform to B2B customers, bringing together individual and account profiles across systems to give B2B companies a single view of their customer for the very first time. We launched Adobe Journey Optimizer, harnessing over 20 years of industry-leading e-mail marketing and cross-channel campaign management expertise to empower brands to design and deliver personalized experiences across the entire customer journey in a single application.

在 Experience Cloud 平台上，我們將實時客戶數據平台擴展到 B2B 客戶，將跨系統的個人和賬戶資料整合在一起，讓 B2B 公司首次獲得客戶的單一視圖。我們推出了 Adobe Journey Optimizer，利用 20 多年行業領先的電子郵件營銷和跨渠道活動管理專業知識，使品牌能夠在單個應用程序中設計和提供跨整個客戶旅程的個性化體驗。

With the new acquisition of Adobe Workfront, we're now empowering companies to optimize business outcomes by connecting creative and marketing professionals to manage all creative workflows across the entire marketing life cycle. In addition, we've advanced our industry leadership in key areas across our portfolio. Clearly, underpinning our 3 clouds is the magic and power of Adobe Sensei, our artificial intelligence and machine learning framework, a significant differentiator for Adobe and an enabler to more rapid innovation.

通過對 Adobe Workfront 的新收購，我們現在授權公司通過連接創意和營銷專業人員來管理整個營銷生命週期中的所有創意工作流程，從而優化業務成果。此外，我們在整個投資組合的關鍵領域提升了行業領先地位。顯然，支撐我們的 3 個雲的是 Adobe Sensei 的魔力和力量，我們的人工智能和機器學習框架是 Adobe 的顯著差異化因素，也是更快創新的推動力。

We continued our investment in the Adobe Experience platform as the foundational platform for strong governance capabilities across our Experience Cloud business, accelerating innovations like real-time customer data platform and Adobe Journey optimizer on a global scale. We take our responsibility in the creative community very seriously. And as part of the content authenticity initiative, we published a draft specification as an open standard to combat online disinformation.

我們繼續投資 Adobe Experience Platform，將其作為我們 Experience Cloud 業務強大治理能力的基礎平台，在全球範圍內加速實時客戶數據平台和 Adobe Journey 優化器等創新。我們非常重視在創意社區中的責任。作為內容真實性計劃的一部分，我們發布了一份規範草案，作為打擊在線虛假信息的開放標準。

I'm amazed with the resiliency of our employees, and we pioneered all new digital event experiences with Adobe Summit and Adobe Max, extending our reach and engaging millions of people around the world. I'm also tremendously proud of the industry recognition we continue to receive for our brand, our workplace, our culture and our practices. And just to name a few examples. We were again named [top] riser on Interbrand's Best Global Brands list. We're named to Fortune's 100 Best Companies to Work For for the 21st year; People Magazine's Companies that Care list for the fifth year; Fast Company's Brands that Matter list. And I think what's most significant for a lot of investors moving forward, The Dow Jones Sustainability Index for the fifth year. And one that I'm particularly proud of, a 100% score for being the best place to work for disability inclusion.

我對我們員工的應變能力感到驚訝，我們通過 Adobe Summit 和 Adobe Max 開創了所有新的數字活動體驗，擴大了我們的影響範圍並吸引了全球數百萬人。我也為我們的品牌、工作場所、文化和實踐繼續獲得行業認可而感到無比自豪。僅舉幾個例子。我們再次被評為 Interbrand 全球最佳品牌名單上的 [top] 上升者。我們連續 21 年入選《財富》100 家最適合工作的公司；第五年《人物》雜誌關注的公司名單； Fast Company 的重要品牌列表。我認為對許多投資者來說最重要的是第五年的道瓊斯可持續發展指數。我特別引以為豪的是，100% 的得分是殘疾包容的最佳工作場所。

When you look at our financial results, it puts us in an incredibly rare position in the industry. Not many companies can drive the top line and bottom line growth with an impressive margin the way we do, and we powered through $15 billion in 2021. And we accomplished some significant milestones in Q4, our first $1 billion digital experience revenue quarter, our first $3 billion digital media, and $2 billion in cash flow, just some incredible financial statistics.

當您查看我們的財務業績時，它使我們在行業中處於極其罕見的位置。沒有多少公司能像我們這樣以令人印象深刻的利潤率推動收入和利潤增長，我們在 2021 年實現了 150 億美元的收入。我們在第四季度實現了一些重要的里程碑，這是我們第一個 10 億美元的數字體驗收入季度，也是我們的第一個季度30 億美元的數字媒體和 20 億美元的現金流，只是一些令人難以置信的財務統計數據。

Dan Durn, our new CFO, will cover our Q4 as well as our FY '21 results in greater detail. Since he joined Adobe in October, I've really appreciated his experience and partnership, and I look forward to him sharing his perspective as well as having significant impact on Adobe's growth in the decade to come.

我們的新首席財務官 Dan Durn 將更詳細地介紹我們的第四季度以及 21 財年的業績。自從他於 10 月加入 Adobe 以來，我非常感謝他的經驗和合作夥伴關係，我期待他分享他的觀點，並對 Adobe 在未來十年的發展產生重大影響。

I'm also delighted to announce that Anil Chakravarthy and David Wadhwani have been promoted to the President of the Digital Experience and Digital Media businesses, respectively. I value their leadership and contributions, and they will share more color around each of our businesses.

我也很高興地宣布，Anil Chakravarthy 和 David Wadhwani 已分別晉升為數字體驗和數字媒體業務總裁。我重視他們的領導力和貢獻，他們將在我們的每項業務中分享更多色彩。

While 2021 was awesome. I'm actually most excited about what's to come for 2022 and beyond in the over 20 years that I've been at Adobe. We have this immense market opportunity. We have an incredible technology innovation road map and the best leadership team of any company on the planet. And I think what we've done is provided 2022 targets that demonstrate the strength of the underlying business. 3 incredibly large-growing opportunities across our clouds, continued focus on execution based on the current economic climate. I think the one change that we all are experiencing is as the company scales beyond $15 billion, we also have to focus on FX expectations given the recent strength of the U.S. dollar.

雖然 2021 年很棒。在 Adobe 的 20 多年裡，我對 2022 年及以後的發展感到非常興奮。我們有這個巨大的市場機會。我們擁有令人難以置信的技術創新路線圖和全球任何公司中最好的領導團隊。我認為我們所做的是提供了 2022 年的目標，這些目標展示了基礎業務的實力。 3 個令人難以置信的巨大增長機會跨越我們的雲，根據當前的經濟環境繼續關注執行。我認為我們所有人都在經歷的一個變化是，隨著公司規模超過 150 億美元，鑑於近期美元走強，我們還必須關注外匯預期。

But as excited as I am to talk about 2022. Today is really sharing about Adobe's tremendous growth story and how we're going to be driving the next decade of growth because that's really what underpins our growing over $200 billion addressable market opportunity. As you'll hear throughout the day from our leadership team, our growth is anchored across these 5 key pillars: our proven track record and our focus on creating and leading categories; the ever-increasing expanding set of customers that we serve, from consumers to creative pros to first-time creators to small and medium businesses to the largest enterprises in the world; our ability to deliver incredible technology platforms that enable whole new classes of applications and accelerate our innovative cadence; the important shift we continue to make from building applications to enabling new business models apps, services, artificial intelligence and platforms that's paying dividends; and last but not least, an incredible global ecosystem of partners that spans the entire customer life cycle, from experience creation and marketing, to delivery and ongoing support.

但就像我談論 2022 年一樣興奮。今天真正分享的是 Adobe 的巨大增長故事，以及我們將如何推動下一個十年的增長，因為這確實是我們不斷增長的超過 2000 億美元的潛在市場機會的基礎。正如您在一天中從我們的領導團隊那裡聽到的那樣，我們的增長基於以下 5 個關鍵支柱：我們久經考驗的業績記錄以及我們對創建和領先類別的關注；我們服務的客戶群不斷擴大，從消費者到創意專業人士，從首次創作者到中小企業，再到世界上最大的企業；我們提供令人難以置信的技術平台的能力，這些平台支持全新的應用程序類別並加快我們的創新節奏；我們繼續從構建應用程序到啟用新的商業模式應用程序、服務、人工智能和支付紅利的平台進行重要轉變；最後但同樣重要的是，一個令人難以置信的全球合作夥伴生態系統，涵蓋整個客戶生命週期，從體驗創造和營銷，到交付和持續支持。

And I think the message for you as investors is across every dimension, across every business, our aspirations are higher, and we're thinking bigger. There's this incredible once-in-a-lifetime expansive opportunity in front of us, and I think we're uniquely positioned to capture it.

而且我認為作為投資者的信息是跨越各個方面，跨越每項業務，我們的抱負更高，我們的想法更大。我們面前有這個令人難以置信的千載難逢的廣闊機會，我認為我們擁有獨特的優勢來抓住它。

And now to provide color on the strategy on how we're going to expand markets and categories, I'd like to welcome Ann Lewnes, who recently celebrated his 15th year at Adobe; our incredible Chief Marketing Officer, who's also taken on the additional responsibility for corporate strategy. Ann?

現在，為了說明我們將如何擴展市場和類別的戰略，我想歡迎最近慶祝他在 Adobe 工作 15 週年的 Ann Lewnes；我們令人難以置信的首席營銷官，他還承擔了企業戰略的額外責任。安?

Thank you, Shantanu, and good morning, everyone.

謝謝你，Shantanu，大家早上好。

Over the past 2 years, we've witnessed a profound global shift to all things digital. Everyone from students to small businesses to the largest global brands has had to make this dramatic pivot. Technology innovation, the proliferation of new devices and platforms, and the increased desire and ability for anyone to create and deliver great digital experiences have all accelerated the move to a truly digital world, and there's no going back.

在過去的兩年裡，我們見證了全球向數字化的深刻轉變。從學生到小型企業再到最大的全球品牌，每個人都必須做出這一戲劇性的轉變。技術創新、新設備和平台的激增，以及任何人創造和提供出色數字體驗的願望和能力的增加，都加速了向真正數字世界的轉變，而且沒有回頭路。

Whether it's through your phone, tablet or PC, it's easy for anyone, anywhere to create, work, learn, connect, shop, unwind and launch and grow businesses. While there continue to be massive challenges in the world, digital has also empowered us. Through the democratization of creativity, the development of rich digital experiences, the ability to work and learn from home, to shop and sell products online, or to connect with those you love, we are moving society forward. Digital has fundamentally changed everything.

無論是通過您的手機、平板電腦還是 PC，任何人在任何地方都可以輕鬆地創建、工作、學習、連接、購物、放鬆以及啟動和發展業務。雖然世界上仍然存在巨大的挑戰，但數字化也賦予了我們力量。通過創造力的民主化、豐富的數字體驗的發展、在家工作和學習的能力、在線購物和銷售產品的能力，或者與你所愛的人聯繫，我們正在推動社會向前發展。數字化從根本上改變了一切。

According to Adobe Analytics, online spending during the 2021 holiday season is projected to be $200 billion, and total e-commerce spending is projected to reach $1 trillion in 2022. It's clear that digital is a requirement to conducting business today. From your favorite local restaurant to Fortune 500 companies across every country and every industry, digital is powering today's businesses. Companies are automating mission-critical document processes like HR and legal, to drive increased efficiency and agility. At the same time, customers now expect rich personalized digital experiences that are relevant, engaging and consistent across any device.

根據 Adobe Analytics 的數據，2021 年假期期間的在線支出預計為 2000 億美元，預計 2022 年電子商務總支出將達到 1 萬億美元。顯然，數字化是當今開展業務的必要條件。從您最喜歡的當地餐廳到每個國家和每個行業的財富 500 強公司，數字化正在為當今的企業提供動力。公司正在自動化人力資源和法律等關鍵任務文檔流程，以提高效率和敏捷性。同時，客戶現在期望在任何設備上都具有相關性、吸引力和一致性的豐富的個性化數字體驗。

It's well documented that digital-first businesses drive greater long-term growth and customer loyalty. At Adobe, our own technology has enabled us to transform into a digital-first business. Companies like Adobe are measuring every single customer interaction to understand behavior, intent and, ultimately, to drive business impact. We do that by providing personalized digital experiences at scale through adobe.com, across all of our digital channels and, increasingly, through our products.

有據可查的是，數字優先業務推動了更大的長期增長和客戶忠誠度。在 Adobe，我們自己的技術使我們能夠轉變為數字優先的企業。 Adobe 等公司正在衡量每一次客戶互動，以了解行為、意圖，並最終推動業務影響。為此，我們通過 adobe.com、我們的所有數字渠道以及越來越多的產品提供大規模的個性化數字體驗。

Digital has not only changed the way we live and work, but also how we connect with one another. Anyone can create or participate in an online community, whether it's with your family, friends, colleagues or those with whom you share interests and passions. And with the emergence of the creator economy, it's possible for enterprising content creators to build both a large following and monetize their passions, products or services.

數字化不僅改變了我們的生活和工作方式，也改變了我們相互聯繫的方式。任何人都可以創建或參與在線社區，無論是與您的家人、朋友、同事還是與您有共同興趣和愛好的人。隨著創作者經濟的出現，有進取心的內容創作者有可能建立大量追隨者，並將他們的熱情、產品或服務貨幣化。

Today, there are seemingly unlimited number of social platforms and ways to engage with one's desired audience. The ease with which you can share, promote and monetize content, products and services has enabled a whole new level of connection and commerce. We're also finding new ways to work together even when we're apart through the proliferation of collaboration solutions like Frame.io, which we acquired in Q4.

今天，似乎有無限數量的社交平台和方式來與想要的觀眾互動。您可以輕鬆地共享、推廣內容、產品和服務並從中獲利，這使連接和商務達到了一個全新的水平。我們還在尋找新的合作方式，即使我們彼此分開，也可以通過我們在第四季度收購的 Frame.io 等協作解決方案的激增來進行合作。

Adobe's mission to change the world through digital experiences is more important than ever before. The digital world runs on Adobe's tools and platforms. And through our unparalleled innovation, creativity, scale and advanced data-driven operating model, we are continuing to catalyze the growth of digital. Hundreds of millions of people across the globe use our products every single day, and we're impacting every aspect of society. Adobe continues to be uniquely positioned to lead in this next digital era.

Adobe 通過數字體驗改變世界的使命比以往任何時候都更加重要。數字世界在 Adobe 的工具和平台上運行。通過我們無與倫比的創新、創造力、規模和先進的數據驅動運營模式，我們將繼續推動數字化發展。全球有數億人每天都在使用我們的產品，我們正在影響社會的方方面面。 Adobe 在下一個數字時代繼續處於領先地位。

Our 3 industry-leading cloud offerings are mission-critical across every geography and audience with Creative Cloud or unleashing creativity for all, giving anyone, anywhere, the tools to express their creativity. With Document Cloud, we're accelerating document productivity, modernizing how people view, share and engage with documents. And with Experience Cloud, we're powering digital businesses of all sizes, giving them everything they need to design and deliver great customer experiences.

我們的 3 種行業領先的雲產品通過 Creative Cloud 或為所有人釋放創造力，在任何地方為任何人提供表達創造力的工具，對每個地區和每個受眾都至關重要。借助 Document Cloud，我們正在提高文檔生產力，使人們查看、共享和處理文檔的方式現代化。借助 Experience Cloud，我們正在為各種規模的數字企業提供支持，為他們提供設計和交付出色客戶體驗所需的一切。

Underpinning our 3 clouds is the power of Adobe Sensei, our advanced AI ML framework that enables us to deliver a steady stream of unparalleled innovation.

Adobe Sensei 的強大功能支撐著我們的 3 個雲，這是我們先進的 AI ML 框架，使我們能夠源源不斷地提供無與倫比的創新。

Over the last year, we've seen the critical role that creativity has played in the world. Creative Cloud is empowering everyone, from the high school student to the social media influencer to the most demanding creative professional to tell their story. The Creative Cloud TAM is projected to be approximately $63 billion in 2024. $25 billion of that TAM comes from our core base of creative professionals who purchased Creative Cloud applications and services like Adobe Stock.

在過去的一年裡，我們看到了創造力在世界上所發揮的關鍵作用。 Creative Cloud 讓每個人都能夠講述他們的故事，從高中生到社交媒體影響者，再到要求最苛刻的創意專業人士。到 2024 年，Creative Cloud TAM 預計將達到約 630 億美元。其中 250 億美元來自我們的核心創意專業人士，他們購買了 Adobe Stock 等 Creative Cloud 應用程序和服務。

New growth drivers in this segment include 3D and other immersive experiences as well as web first collaboration tools like Frame.io. $13 billion of the TAM is coming from communicators, nonprofessional creators, including small businesses, students and marketers. As you'll hear from David, many communicators are already using Creative Cloud, and we hope to see even more of them with products like Creative Cloud express which we just launched on Monday. The remaining $7 billion of TAM comes from consumers including hobbyists and social media users. The biggest growth drivers here are mobile applications in categories like video and imaging such as Adobe's Photoshop Express.

該領域的新增長動力包括 3D 和其他沉浸式體驗，以及 Frame.io 等網絡優先協作工具。 130 億美元的 TAM 來自傳播者、非專業創作者，包括小企業、學生和營銷人員。正如您從 David 那裡聽到的那樣，許多傳播者已經在使用 Creative Cloud，我們希望通過我們週一剛剛推出的 Creative Cloud express 等產品看到更多的傳播者。剩餘的 70 億美元 TAM 來自包括愛好者和社交媒體用戶在內的消費者。最大的增長動力是視頻和圖像等類別的移動應用程序，例如 Adobe 的 Photoshop Express。

Digital documents are core to the future of work PDFs and document workflows empower everyone from individuals to the largest enterprises to be productive anytime, anywhere. We're excited about the Document Cloud strategy and the large addressable market, which is projected to grow to $32 billion by 2024. $10 billion of that TAM is coming from knowledge workers, business professionals who typically use our core Acrobat desktop subscription offerings. Growth is expected to come from the expansion of digital document use cases, e-signatures and increased collaboration capabilities. $8 billion of the TAM is coming from communicators, who are using Acrobat web and mobile applications to create, scan and edit PDF files for both business and personal use. Growth in this segment is projected to come from expanding the freemium PDF base and capturing demand from new funnels with offerings designed for web and mobile use cases. Finally, $14 billion of the TAM is coming from enterprises, who are using document services, including Acrobat and e-signature solutions as well as APIs that developers use to seamlessly integrate with key line of business applications. Growth drivers in this segment include APIs to build powerful document workflows and expanded use cases.

數字文檔是未來工作的核心 PDF 和文檔工作流程使從個人到最大型企業的每個人都可以隨時隨地高效工作。我們對 Document Cloud 戰略和龐大的潛在市場感到興奮，預計到 2024 年該市場將增長到 320 億美元。其中 100 億美元的 TAM 來自通常使用我們核心 Acrobat 桌面訂閱產品的知識工作者和商業專業人士。預計增長將來自數字文檔用例的擴展、電子簽名和增強的協作能力。 80 億美元的 TAM 來自傳播者，他們使用 Acrobat Web 和移動應用程序來創建、掃描和編輯 PDF 文件以供商業和個人使用。預計該細分市場的增長將來自擴大免費增值 PDF 基礎，並通過為 Web 和移動用例設計的產品來捕捉新渠道的需求。最後，140 億美元的 TAM 來自使用文檔服務的企業，包括 Acrobat 和電子簽名解決方案以及開發人員用來與關鍵業務線應用程序無縫集成的 API。該領域的增長驅動力包括用於構建強大文檔工作流和擴展用例的 API。

Whether it's B2B or B2C, businesses of every size across every category are investing in customer experience management. Adobe Experience Cloud empowers companies to deliver predictive, personalized, real-time digital experiences across every phase of the customer life cycle. Our total addressable market for Adobe Experience Cloud is estimated to be $110 billion in 2024. $33 billion of the TAM is coming from the data insights and audiences category, which includes Adobe Experience Platform, real-time CDP and Adobe Analytics, including our new customer journey analytics offering. Future growth drivers include the increasing demand for a unified customer profile and personalization at scale. $49 billion of TAM is coming from the content and commerce category, which includes our Adobe Experience Manager and Adobe Commerce offerings.

無論是 B2B 還是 B2C，各個類別的各種規模的企業都在投資於客戶體驗管理。 Adobe Experience Cloud 使公司能夠在客戶生命週期的每個階段提供預測性、個性化、實時的數字體驗。到 2024 年，我們的 Adobe Experience Cloud 潛在市場總額估計為 1100 億美元。330 億美元的 TAM 來自數據洞察和受眾類別，其中包括 Adobe Experience Platform、實時 CDP 和 Adobe Analytics，包括我們的新客戶旅程分析產品。未來的增長動力包括對統一客戶檔案和大規模個性化的需求不斷增長。 490 億美元的 TAM 來自內容和商務類別，其中包括我們的 Adobe Experience Manager 和 Adobe Commerce 產品。

The volume of content needed by businesses to engage customers across every touch point is exploding and the pace at which it must be deployed is accelerating. The need for a seamlessly integrated commerce capability is accelerating at that same pace. $18 billion of the TAM is coming from the customer journeys category, which includes Adobe Campaign, Marketo Engage and our new Adobe Journey optimizer. Growth in this segment is expected to come from the continued need for businesses to engage with their customers across an ever-increasing array of channels.

企業在每個接觸點上吸引客戶所需的內容量正在爆炸式增長，而且必須部署的速度正在加快。對無縫集成商務能力的需求也在以同樣的速度加快。 180 億美元的 TAM 來自客戶旅程類別，其中包括 Adobe Campaign、Marketo Engage 和我們新的 Adobe Journey 優化器。預計該細分市場的增長將來自企業通過不斷增加的渠道與客戶互動的持續需求。

New to the TAM this year is the $10 billion marketing workflow category, which includes Adobe Workfront acquired last year. Growth here is expected to come from the increasing need for teams to efficiently plan, track and execute marketing campaigns.

今年 TAM 新增了價值 100 億美元的營銷工作流類別，其中包括去年收購的 Adobe Workfront。預計這裡的增長將來自對團隊有效計劃、跟踪和執行營銷活動的日益增長的需求。

Adobe has always been relentlessly focused on looking around the corner, inventing new growth opportunities and successfully driving growth within our existing businesses. We have pioneered and are leading 3 massive categories: creativity, digital documents and customer experience management. This week, we announced Creative Cloud Express, our exciting new unified web and mobile offering that's perfect for anyone looking to quickly and easily make and share standout content. Creative Cloud Express is great for first-time creators and communicators, but will also provide value to our current Creative Cloud subscribers. It's a great example of how we continue to expand our customer base and grow our TAM.

Adobe 一直不懈地專注於展望未來，創造新的增長機會並成功推動我們現有業務的增長。我們開創並引領了 3 個巨大的類別：創意、數字文檔和客戶體驗管理。本週，我們發布了 Creative Cloud Express，這是我們激動人心的全新統一網絡和移動產品，非常適合希望快速輕鬆地製作和分享精彩內容的任何人。 Creative Cloud Express 非常適合初次創作者和傳播者，但也將為我們當前的 Creative Cloud 訂閱者提供價值。這是我們如何繼續擴大客戶群和發展 TAM 的一個很好的例子。

We win by creating enduring technology platforms, from Sensei to the Adobe Experience Platform. They are the foundation for product innovation and our industry-leading applications and services.

我們通過創建經久不衰的技術平台（從 Sensei 到 Adobe Experience Platform）來取勝。它們是產品創新和我們行業領先的應用程序和服務的基礎。

Since transitioning Creative Cloud to a subscription model 10 years ago, we have continued to innovate our business models, building applications, services and platforms to bring value to market faster, better serve new customers and leverage new monetization models. It would be impossible to do all this alone. We have built a large ecosystem of partners, from agencies to solution integrators to ISVs, that customize and extend our solutions to the needs of our joint customers. We continue to see massive opportunities from Creative Cloud, Document Cloud and Experience Cloud. With the market tailwinds, our world-class innovation and the best employees in the world, we believe we're well positioned for our next decade of growth.

自 10 年前將 Creative Cloud 轉變為訂閱模式以來，我們不斷創新我們的業務模式，構建應用程序、服務和平台，以更快地為市場帶來價值，更好地服務新客戶並利用新的盈利模式。一個人做這一切是不可能的。我們已經建立了一個龐大的合作夥伴生態系統，從代理機構到解決方案集成商再到 ISV，可以定制和擴展我們的解決方案以滿足我們共同客戶的需求。我們繼續看到來自 Creative Cloud、Document Cloud 和 Experience Cloud 的大量機會。憑藉市場順風、我們世界級的創新和世界上最優秀的員工，我們相信我們已經為下一個十年的增長做好了準備。

And now I'd like to introduce Anil Chakravarthy, President of our Digital Experience business.

現在我想介紹一下我們的數字體驗業務總裁 Anil Chakravarthy。

(presentation)

（推介會）

Thank you, Ann. Hello, everyone. Good to be here with you. And I look forward to sharing more on our momentum, opportunity and strategy for the Digital Experience business. It's really an exciting time for us, as Ann shared.

謝謝你，安。大家好。很高興和你在一起。我期待更多地分享我們在數字體驗業務方面的動力、機遇和戰略。正如 Ann 所分享的，這對我們來說真的是一個激動人心的時刻。

Let me begin by discussing a couple of highlights from Q4. We had strong performance across the board. Our segment revenue cost over $1 billion for the first time with 23% year-over-year growth. Our subscription revenue grew to $886 million, up 27% year-over-year. And our subscription bookings in Q4 were up over 50% year-over-year. And with that, we were up over 40% year-over-year for full year FY '21.

讓我首先討論第四季度的幾個亮點。我們整體表現強勁。我們的部門收入首次超過 10 億美元，同比增長 23%。我們的訂閱收入增長到 8.86 億美元，同比增長 27%。我們在第四季度的訂閱量同比增長了 50% 以上。有了這個，我們在 21 財年全年同比增長超過 40%。

A lot of that was powered by the success of our Adobe Experience Platform and the native apps that run on it. It's foundational to our digital experience business. We invested early in the platform and have a significant head start having launched the platform in 2019. Our growth has accelerated. Earlier this year, we disclosed that we had passed over $100 million in revenue. And at the end of Q4, we surpassed $250 million in book of business, and we have seen a 300% year-over-year growth in customer count.

其中很大一部分是由我們的 Adobe Experience Platform 和在其上運行的本機應用程序的成功推動的。它是我們數字體驗業務的基礎。我們很早就對該平台進行了投資，並在 2019 年推出該平台後取得了顯著的領先優勢。我們的增長加速了。今年早些時候，我們披露我們的收入已超過 1 億美元。在第四季度末，我們的業務賬面價值超過 2.5 億美元，客戶數量同比增長 300%。

The scale that we are operating in production is massive, over 21 trillion segment evaluations per day. And our ecosystem is extremely broad with over 300 partner integrations. And as Shantanu and Ann both mentioned, we have really accelerated our innovation over the past 18 months with new native applications and services powered by Sensei.

我們在生產中運營的規模是巨大的，每天有超過 21 萬億次細分評估。我們的生態系統非常廣泛，擁有 300 多個合作夥伴集成。正如 Shantanu 和 Ann 都提到的那樣，在過去的 18 個月裡，我們通過 Sensei 支持的新原生應用程序和服務加速了我們的創新。

A great example of this is Major League Baseball. They are leveraging digital to transform experiences for their customers with a focus on reaching that next generation of fans. And this is across all their channels. At home, on the go and in menu in the ballpark. They are focused on personalization at scale, delivering the right experience at the right time via the right channel to all of their fans.

美國職業棒球大聯盟就是一個很好的例子。他們正在利用數字技術為客戶轉變體驗，重點是吸引下一代粉絲。這是他們所有的渠道。在家裡，在旅途中和在球場的菜單中。他們專注於大規模個性化，在正確的時間通過正確的渠道向所有粉絲提供正確的體驗。

And it's not just Major League Baseball. It's clear that every business is a digital business and customer experience management is critical to business success. The changes in the tailwinds that we have seen during the pandemic are here to stay, and this has contributed to a strong momentum in our Digital Experience business.

這不僅僅是美國職業棒球大聯盟。很明顯，每項業務都是數字業務，客戶體驗管理對於業務成功至關重要。我們在大流行期間看到的順風變化將持續存在，這為我們的數字體驗業務的強勁勢頭做出了貢獻。

A couple of examples here again. Significant growth in average annual recurring revenue across our top 1,000, 100 and 25 accounts. We've seen strong growth across all accounts greater than $1 million in ARR. And all of our customers are building long-term partnerships with us. As an example, the combined total contract value of our top 10 accounts is $760 million, which is 3x higher than what it was at the end of FY '19.

這裡再舉幾個例子。我們前 1,000、100 和 25 個賬戶的平均年度經常性收入顯著增長。我們已經看到所有賬戶的 ARR 超過 100 萬美元的強勁增長。我們所有的客戶都與我們建立了長期的合作夥伴關係。例如，我們前 10 個賬戶的總合同價值為 7.6 億美元，是 19 財年末的 3 倍。

When we think about customer experience management, it is imperative for every company today to deliver personalization at scale to millions of customers. That's how they reach and engage all their customers across the world. And it's critical for them to do that to deliver that next level digital business growth. It's all about personalized experiences that are tailored to the individuals, delivered in real time and delivered seamlessly across online and off-line channels based on first-party data and making sure that they honor customer preference and privacy.

當我們考慮客戶體驗管理時，今天的每家公司都必須向數百萬客戶提供大規模的個性化服務。這就是他們接觸和吸引全球所有客戶的方式。對他們來說，這樣做對於實現下一級數字業務增長至關重要。這一切都是關於為個人量身定制的個性化體驗，實時交付並基於第一方數據跨在線和離線渠道無縫交付，並確保他們尊重客戶的偏好和隱私。

And that's what we focus on. Our strategy is battle-tested and helps companies across the world achieve personalization at scale. We offer customers the best of both worlds: integrated AI-enabled comprehensive applications delivered on a real-time cloud scale platform. We have strong momentum with Workfront, with the ability to unify marketing workflow and increase marketing agility for all customers. And we are the strategic partner for customer experience management. I hear this from customers all around the world every day. And our ecosystem of partners is expansive with over 4,000 partners, as Ann mentioned, across ISVs, tech partners, system integrators and agencies.

這就是我們所關注的。我們的戰略經過實戰考驗，可幫助世界各地的公司大規模實現個性化。我們為客戶提供兩全其美的服務：在實時雲規模平台上交付的集成人工智能綜合應用程序。我們與 Workfront 合作勢頭強勁，能夠統一營銷工作流程並提高所有客戶的營銷敏捷性。我們是客戶體驗管理的戰略合作夥伴。我每天都從世界各地的客戶那裡聽到這個消息。正如 Ann 提到的，我們的合作夥伴生態系統非常廣泛，有 4,000 多個合作夥伴，涵蓋 ISV、技術合作夥伴、系統集成商和代理機構。

This is how we make this happen for our customers through the Adobe Experience Cloud. We focus on 4 key categories: content and commerce; data insights and audiences; customer journeys and marketing workflow, all delivered on a common platform, which is the Adobe Experience Platform. We've had a strong innovation engine over the last 18 months, and that's continuing both on the application layer as well as the platform with AI and machine learning capabilities in the platform powered by Adobe Sensei. This is a huge moat for us with the combination of a comprehensive set of applications and an integrated platform.

這就是我們通過 Adobe Experience Cloud 為我們的客戶實現這一目標的方式。我們專注於 4 個關鍵類別：內容和商業；數據洞察力和受眾；客戶旅程和營銷工作流程都在一個通用平台上交付，即 Adobe Experience Platform。在過去的 18 個月中，我們擁有強大的創新引擎，並且在應用層以及由 Adobe Sensei 提供支持的平台中具有 AI 和機器學習功能的平台上都在繼續。這對我們來說是一條巨大的護城河，結合了一套全面的應用程序和一個集成的平台。

In closing, I am incredibly excited about the opportunity we have for the digital experience business. We have strong momentum, and we are the clear leader in the customer experience management category. We have a large growth opportunity to help every company deliver personalization at scale to millions of customers around the world. And we have the best technology across our Adobe Experience platform and the native applications with the ability to grow rapidly as we have shown over the last couple of years.

最後，我對我們在數字體驗業務方面擁有的機會感到非常興奮。我們擁有強勁的發展勢頭，在客戶體驗管理領域我們是明顯的領導者。我們擁有巨大的增長機會，可以幫助每家公司向全球數百萬客戶大規模提供個性化服務。我們在 Adobe Experience 平台和本地應用程序中擁有最好的技術，並且能夠快速增長，正如我們在過去幾年中所展示的那樣。

With that, it's my pleasure to turn it over to David to cover the digital media business. David?

有了這個，我很高興把它交給大衛來報導數字媒體業務。大衛？

Great. Thanks, Anil, and hello, everyone. I've been back at Adobe now for about 6 months, and I'm really excited about what I see. As some of you know, I ran the digital media business during the transition to Creative Cloud. And while the business has certainly matured since the early days of that transition, some things haven't changed. Our product teams keep delivering incredible innovation and our business continues to show strong momentum.

偉大的。謝謝，阿尼爾，大家好。我現在已經回到 Adobe 大約 6 個月了，我對我所看到的感到非常興奮。正如你們中的一些人所知，在向 Creative Cloud 過渡期間，我負責數字媒體業務。雖然自轉型初期以來業務確實已經成熟，但有些事情並沒有改變。我們的產品團隊不斷提供令人難以置信的創新，我們的業務繼續呈現強勁勢頭。

Now before we dive into what I'm personally excited about for FY '22 and beyond, I want to hit on some Q4 highlights. Our Digital Media business in the quarter delivered $571 million of net new ARR in total. With that, Creative Cloud crossed $10 billion in ARR, and we saw continued strength in our Creative Cloud offers, while seeing outsized growth for substance, which grew 100% year-over-year, thanks to increasing demand for 3D and the emerging metaverse platforms. We also saw outsized growth in our mobile applications, which grew over 55% year-over-year. Our mobile applications have now generated over 400 million mobile IDs to date and has been a great source of new user acquisition for us. On the Document Cloud side, we grew ARR 31% for the year, ending at $1.9 billion.

現在，在我們深入探討我個人對 22 財年及以後感到興奮的事情之前，我想先談談第四季度的一些亮點。我們在本季度的數字媒體業務總共實現了 5.71 億美元的淨新 ARR。憑藉這一點，Creative Cloud 的 ARR 超過了 100 億美元，我們看到 Creative Cloud 產品的持續增長，同時由於對 3D 和新興元節平台的需求不斷增加，我們看到了實質內容的大幅增長，同比增長 100% .我們還看到我們的移動應用程序的大幅增長，同比增長超過 55%。迄今為止，我們的移動應用程序已經生成了超過 4 億個移動 ID，並且一直是我們獲取新用戶的重要來源。在 Document Cloud 方面，我們今年的 ARR 增長了 31%，最終達到 19 億美元。

A bit of color behind these numbers. We now have 2.5 billion mobile and desktop devices with Reader or Acrobat installed on them. We're seeing explosive growth in Acrobat Web, where we saw monthly active users grow over 100% since last year. And our strategy of integrating Adobe Sign and Acrobat is clearly paying off for us, with 85% year-over-year growth in Adobe Sign transactions in Acrobat. In aggregate, we ended the year with approximately $12.2 billion of ARR.

這些數字背後有點色彩。我們現在有 25 億台安裝了 Reader 或 Acrobat 的移動和桌面設備。我們看到 Acrobat Web 的爆炸式增長，我們看到自去年以來每月活躍用戶增長超過 100%。我們整合 Adobe Sign 和 Acrobat 的策略顯然為我們帶來了回報，Acrobat 中的 Adobe Sign 交易量同比增長 85%。總的來說，我們在年底的 ARR 約為 122 億美元。

And while we posted a great FY '22 -- FY '21, we have even more exciting opportunities ahead for us. Let's start by talking a little bit about Creative Cloud.

雖然我們發布了一個很棒的 '22 財年 - '21 財年，但我們面前還有更多令人興奮的機會。讓我們先談談 Creative Cloud。

The big picture here is that we're living in a time where content and creativity and design has never been more valued, where content is fueling the global economy, where the digital consumption is exploding and where virtually every business needs a digital presence. We're living in a world where creative expression is considered a 21st century skill in education. And we're living in a world where we're seeing emerging 3D and immersive technologies like the metaverse, creating demand for all new types of content. All of this continues to drive incredible tailwinds for Creative Cloud.

這裡的大局是，我們生活在一個內容、創意和設計從未如此受重視的時代，內容正在推動全球經濟，數字消費正在爆炸式增長，幾乎每個企業都需要數字化存在。我們生活在一個創造性表達被認為是 21 世紀教育技能的世界。我們生活在一個我們看到新興 3D 和沈浸式技術（如元宇宙）的世界，創造了對所有新型內容的需求。所有這一切都繼續為 Creative Cloud 帶來令人難以置信的順風。

In particular, though, I wanted to spend a minute on the rise of the creator economy where we're seeing a growing number of individuals, solopreneurs and small business owners creating businesses from their passions and monetizing their content, their goods or their services online. The creator economy is already big with nearly 100 million small businesses on social media and with the majority of them saying that their online presence is more important to their success than their physical presence.

不過，我特別想花一分鐘時間談談創造者經濟的興起，我們看到越來越多的個人、個體企業家和小企業主從他們的熱情中創建企業，並將他們的內容、商品或服務貨幣化在線.創造者經濟已經很大，在社交媒體上有近 1 億家小企業，其中大多數人表示，他們的在線形像對他們的成功比實體形象更重要。

Now despite it being big, it continues to grow at an incredible rate with nearly 4.5 million new businesses minted in the U.S. alone last year, which was a record. This has been a significant contributor to our success and a major contributor to the over 600 million free and paid monthly active users across our digital media products who are not considered creative professionals. And of course, this expansive opportunity needs an expansive strategy that drives our mission for creativity for all.

現在，儘管規模很大，但它繼續以令人難以置信的速度增長，僅去年一年就在美國創造了近 450 萬家新企業，這是創紀錄的。這是我們成功的重要貢獻者，也是我們數字媒體產品中超過 6 億免費和付費月活躍用戶的主要貢獻者，這些用戶不被視為創意專業人士。當然，這個廣闊的機會需要一個廣闊的戰略來推動我們為所有人創造創造力的使命。

In the next few minutes, I'll lay out how Adobe can help anyone who wants to express themselves in creative ways. From a small business owner to the highest end production house, Adobe has a solution for them because of our investment in 5 key areas. And since we just launched Creative Cloud Express, I wanted to start by discussing how we empower the world with content first task-based creativity. Let's go ahead and start by looking at a video of Creative Cloud Express and what it can do.

在接下來的幾分鐘內，我將介紹 Adobe 如何幫助任何想要以創造性方式表達自己的人。從小企業主到最高端的製作公司，Adobe 為他們提供了解決方案，因為我們在 5 個關鍵領域進行了投資。由於我們剛剛推出了 Creative Cloud Express，我想首先討論我們如何通過內容優先的基於任務的創造力來賦能世界。讓我們先來看看 Creative Cloud Express 的視頻及其功能。

(presentation)

（推介會）

Creative Cloud Express is the result of years of in-market learning from our web and mobile products, and it's built on 4 key pillars. First, we remove all barriers to adoption. It's free to get started. It doesn't require a desktop download because it's 100% web and mobile. It doesn't have a learning curve. And users can create an account and publish content in minutes. Second, it's got an unparalleled content library, so novice users can build beautiful images and social media posts, digital flyers and more in minutes. This includes 175 stock images from Adobe Stock, 20,000 fonts and thousands of templates and design assets. And it's all powered by a universal search capability that surfaces the right content and recommendations at the right time. Third, it leverages decades of Adobe's product innovation. As you'd expect, we have great workflows with our Creative Cloud applications, but it also includes a slew of Sensei-based quick actions that make creating and editing images, videos and PDF easier than ever before. And fourth, we understand that people create content with the intent to distribute it. So Creative Cloud Express has integrations for single-click publishing to social media services. And you can expect to see that our recent acquisition of ContentCal benefit -- will benefit CCX users with even more social planning and publishing capabilities in the very near future.

Creative Cloud Express 是我們多年來對我們的網絡和移動產品進行市場學習的結果，它建立在 4 個關鍵支柱之上。首先，我們消除了採用的所有障礙。開始是免費的。它不需要桌面下載，因為它是 100% 的網絡和移動設備。它沒有學習曲線。用戶可以在幾分鐘內創建一個帳戶並發佈內容。其次，它擁有無與倫比的內容庫，因此新手用戶可以在幾分鐘內構建精美的圖像和社交媒體帖子、數字傳單等。這包括來自 Adobe Stock 的 175 張庫存圖片、20,000 種字體以及數千個模板和設計資源。這一切都由通用搜索功能提供支持，該功能可在正確的時間顯示正確的內容和建議。第三，它利用了 Adobe 數十年的產品創新。正如您所料，我們的 Creative Cloud 應用程序具有出色的工作流程，但它還包括大量基於 Sensei 的快速操作，使創建和編輯圖像、視頻和 PDF 比以往任何時候都更容易。第四，我們了解人們創建內容的目的是為了分發它。因此，Creative Cloud Express 集成了單擊發佈到社交媒體服務的功能。您可以期待看到我們最近收購 ContentCal 的好處——將在不久的將來讓 CCX 用戶獲得更多的社交規劃和發布能力。

Creative Cloud Express is easy to use and it's easy to get started with. Users can have a lot of success with the free tier, but they're also presented with freemium -- premium features and content for an affordable -- at an affordable monthly price. CCX is also entitled with most CC existing plans, which we expect will drive higher engagement and retention in our core Creative Cloud customer base. And the go-to-market motion is very familiar to us. We'll combine our digital acquisition funnels and our product-led growth motion tuned for web and mobile. This gives us an opportunity to continually iterate and optimize user journeys while ramping this business over time. We also plan to leverage our existing footprint across education, reseller and enterprise to scale the business.

Creative Cloud Express 易於使用且易於上手。用戶可以通過免費套餐獲得很多成功，但他們也可以享受免費增值服務——以負擔得起的每月價格提供優質功能和內容。 CCX 還享有大多數 CC 現有計劃的權利，我們預計這將提高我們核心 Creative Cloud 客戶群的參與度和保留率。進入市場的動作對我們來說非常熟悉。我們將結合我們的數字獲取渠道和我們針對網絡和移動設備調整的以產品為導向的增長運動。這讓我們有機會不斷迭代和優化用戶旅程，同時隨著時間的推移擴大這項業務。我們還計劃利用我們在教育、經銷商和企業方面的現有足跡來擴展業務。

We're thrilled to have Creative Cloud Express in market today. It's been amazing to see what people can make with it. And we really couldn't be more excited about this moment and what this means for a start of a whole new journey for Adobe.

我們很高興今天將 Creative Cloud Express 推向市場。看到人們可以用它做什麼真是太神奇了。我們真的對這一刻以及這對於 Adobe 開啟全新旅程的意義感到無比興奮。

So moving beyond Creative Cloud Express, we also have a lot going on across Creative Cloud as a whole. We're advancing the state of art in imaging, video and design and more by building new capabilities across desktop, web and mobile. For example, we introduced Photoshop and Illustrator for web at Adobe Max. And we released a series of new Sensei-driven AI/ML capabilities, including neural filters and auto masking in Photoshop and auto captioning in Premier, just to name a few.

因此，除了 Creative Cloud Express，我們在整個 Creative Cloud 上也有很多事情要做。我們通過跨桌面、Web 和移動設備構建新功能，推進成像、視頻和設計等領域的先進技術。例如，我們在 Adobe Max 上介紹了 Photoshop 和 Illustrator for web。我們發布了一系列新的 Sensei 驅動的 AI/ML 功能，包括 Photoshop 中的神經過濾器和自動遮罩以及 Premier 中的自動字幕，僅舉幾例。

We also continue to -- our focus on democratizing 3D and immersive. Substance 3D now supports end-to-end 3D workflows. Users can design parametric 3D assets in Designer; compose rendering virtual scenes in Stager; add texture, color, effects in Painter; and create 3D materials with Sampler. This enables fully virtual photo shoots saving companies a lot of money and a lot of time and speeds up asset and scene creation for inclusion in games, videos and the emerging metaverse platforms.

我們還將繼續——我們專注於使 3D 和沈浸式民主化。 Substance 3D 現在支持端到端 3D 工作流程。用戶可以在 Designer 中設計參數化 3D 資產；在 Stager 中編寫渲染虛擬場景；在 Painter 中添加紋理、顏色、效果；並使用 Sampler 創建 3D 材質。這使得完全虛擬的照片拍攝可以為公司節省大量資金和時間，並加快資產和場景的創建，以包含在遊戲、視頻和新興的虛擬世界平台中。

Collaboration is another big area of focus for us. We're putting -- we're integrating collaboration directly into our apps and existing creative workflows. We're very excited about the Frame.io acquisition and see tremendous opportunity across individual corporate and media workflows with that product. We shipped a public beta of share for review workflows at MAX, and we demoed Spaces in Canvas, which we believe will enable teams to organize their creative assets and host live working sessions.

協作是我們關注的另一個重要領域。我們正在投入——我們正在將協作直接集成到我們的應用程序和現有的創意工作流程中。我們對 Frame.io 的收購感到非常興奮，並看到了該產品在各個公司和媒體工作流程中的巨大機會。我們為 MAX 的審查工作流程發布了一個公開測試版共享，我們在 Canvas 中演示了 Spaces，我們相信這將使團隊能夠組織他們的創意資產並舉辦現場工作會議。

And last but not least, we continue to produce content that inspires and educates our users through services like Adobe Live. We help users monetize their work through services like Adobe Stock, and we help them connect and inspire each other through services like Behance, which now is closing in on almost 29 million members.

最後但同樣重要的是，我們將繼續通過 Adobe Live 等服務製作啟發和教育用戶的內容。我們通過 Adobe Stock 等服務幫助用戶通過他們的工作獲利，並通過 Behance 等服務幫助他們相互聯繫和激勵，該服務現在接近 2900 萬會員。

These 5 strategic pillars work together to ensure that anyone with creative needs can find a solution at Adobe, whether they're a creative professional trying to keep up with the increasing content demand, or they're a communicator participating in the creator economy, or a consumer looking to up their game in photography, or a student developing 21st century skills. We use our data-driven operating model, DDOM, to engage them as they express their interest online by perhaps searching for something like compositing in Photoshop or designing a Twitter post. Based on their intent, we then route them to one of our Creative Cloud apps, one of our mobile apps, or one of our frictionless web quick actions. We make sure that they have early success, and then we introduce them to other capabilities in Creative Cloud or Creative Cloud Express before converting them to and engaging them as a paid user. This digital motion, combined with our reseller partners, our direct sales teams, gives us an amazing global footprint and reach.

這 5 個戰略支柱共同確保任何有創意需求的人都可以在 Adobe 找到解決方案，無論他們是試圖跟上不斷增長的內容需求的創意專業人士，還是參與創作者經濟的傳播者，或者希望提高攝影水平的消費者，或培養 21 世紀技能的學生。我們使用我們的數據驅動運營模型 DDOM 來吸引他們，因為他們可能通過搜索在 Photoshop 中進行合成或設計 Twitter 帖子等在線表達他們的興趣。然後，根據他們的意圖，我們將他們路由到我們的 Creative Cloud 應用程序之一、我們的移動應用程序之一或我們的無摩擦網絡快速操作之一。我們確保他們早日取得成功，然後我們將他們介紹給 Creative Cloud 或 Creative Cloud Express 中的其他功能，然後再將他們轉換為付費用戶並讓他們參與其中。這種數字化運動與我們的經銷商合作夥伴、我們的直銷團隊相結合，為我們帶來了驚人的全球足跡和影響力。

So in summary, everything is going digital and content is fueling the digital economy. The result is a massive and growing TAM for Creative Cloud, as Ann talked about earlier. And our offerings, which now include Creative Cloud Express, continue to expand to meet market demand for both professionals and nonprofessionals. We couldn't be more excited about the opportunity ahead for the Creative business.

總而言之，一切都在數字化，內容正在推動數字經濟。正如 Ann 之前所說，結果是 Creative Cloud 的 TAM 規模龐大且不斷增長。我們的產品（現在包括 Creative Cloud Express）繼續擴展以滿足專業人士和非專業人士的市場需求。我們對創意業務的未來機會感到無比興奮。

And as you know, the other part of the digital media business is, of course, our Document Cloud, which is also experiencing significant tailwinds. Demand for PDF has never been greater. In fact, web searches for PDF have doubled in the last decade. And we believe the reason for this is that PDF has become the de facto format for unstructured data. PDF has also been the de facto standard for business-to-business collaboration where nowhere is this more pronounced, of course, than with e-signatures. This makes PDF an essential part of modernizing any business workflow, and Adobe is uniquely positioned to take advantage of this trend.

如您所知，數字媒體業務的另一部分當然是我們的 Document Cloud，它也正經歷著巨大的順風。對 PDF 的需求從未如此強烈。事實上，PDF 的網絡搜索量在過去十年中翻了一番。我們認為，其原因在於 PDF 已成為非結構化數據的事實上的格式。 PDF 也一直是企業對企業協作的事實標準，當然，這在電子簽名中最為明顯。這使得 PDF 成為任何業務工作流程現代化的重要組成部分，而 Adobe 在利用這一趨勢方面具有獨特的優勢。

Our apps are installed on over 2.5 billion devices, and we've opened -- in our apps, we've opened or created 320 billion PDFs in the last 12 months alone. We continue to be a leading destination for PDF viewing and we saw 100 million free and paid sign-ups over the last year. And we see that Acrobat can be a gateway to related services. Adobe Sign transactions in Acrobat, as I mentioned earlier, have increased 85% year-over-year as we continue to deepen the integration between the 2 offers.

我們的應用程序安裝在超過 25 億台設備上，並且我們已經打開了 -- 在我們的應用程序中，僅在過去 12 個月中，我們就打開或創建了 3200 億個 PDF。我們繼續成為 PDF 查看的主要目的地，去年我們看到了 1 億次免費和付費註冊。而且我們看到 Acrobat 可以成為相關服務的網關。正如我之前提到的，隨著我們繼續深化這兩個產品之間的集成，Acrobat 中的 Adobe Sign 交易量同比增長了 85%。

Our strategy here is clearly working, and we're investing across 5 key motions to make sure it continues to. First, our document verb strategy has been very effective. We now have 21 verbs in market, everything from edit PDF to convert PDF to rotate PDF. And we're seeing continued -- and we're continuing to optimize our digital acquisition and increasing our share of voice across the 80 million PDF-related searches that happen every month.

我們這裡的策略顯然是有效的，我們正在對 5 個關鍵動議進行投資，以確保它繼續有效。首先，我們的文檔動詞策略非常有效。我們現在有 21 個動詞在市場上，從編輯 PDF 到轉換 PDF 到旋轉 PDF。而且我們看到繼續 - 我們正在繼續優化我們的數字採集並增加我們在每月發生的 8000 萬次與 PDF 相關的搜索中的聲音份額。

Second, we're proliferating e-signatures by integrating them into Acrobat across all services: desktop, web and mobile. Given our early success here over the last year, you can expect to see us continue bringing these products closer together in the years ahead.

其次，我們通過將電子簽名集成到所有服務的 Acrobat 中來激增電子簽名：桌面、Web 和移動。鑑於我們去年在這裡取得的早期成功，您可以期待看到我們在未來幾年繼續將這些產品更緊密地結合在一起。

Third, we remain committed to making PDF more intelligent for both interacting and reading. Adobe is reinventing mobile PDF viewing with liquid mode. We're accelerating document productivity with automated form field detection, and we're helping transform unstructured data to structured actionable data with our AI/ML-based extract functionality.

第三，我們仍然致力於使 PDF 在交互和閱讀方面更加智能。 Adobe 正在通過流動模式重塑移動 PDF 查看。我們正在通過自動化表單字段檢測來提高文檔生產力，並且我們正在通過我們基於 AI/ML 的提取功能幫助將非結構化數據轉換為結構化的可操作數據。

Fourth, we're unlocking business workflows through our PDF and sign APIs. This empowers developers to build document automation solutions that transform how their businesses work.

第四，我們正在通過我們的 PDF 和簽名 API 解鎖業務工作流程。這使開發人員能夠構建文檔自動化解決方案，從而改變他們的業務運作方式。

And fifth, we're leveraging our diversified go-to-market motions to reach anyone with a document need. Our global resellers and inside sales teams give us amazing access to a broad base of business demand. Our enterprise sales team allow us to sell tops down to CIOs looking to transform their business. And perhaps most importantly, our digital funnel continues to drive individual users into our conversion funnels.

第五，我們正在利用我們多樣化的上市行動來接觸任何有文件需求的人。我們的全球經銷商和內部銷售團隊為我們提供了廣泛的業務需求基礎。我們的企業銷售團隊允許我們向希望轉變業務的 CIO 進行自上而下的銷售。也許最重要的是，我們的數字渠道繼續推動個人用戶進入我們的轉化渠道。

Knowledge workers, communicators, IT decision-makers and developers all have frictionless onboarding pathways. Our data-driven operating model helps customers discover Adobe technology when they're seeing -- when they're searching for PDF-related verbs. And we engage them in ways that provide quick success on web, mobile and desktop before upselling them to freemium features -- premium features, products, services or APIs that broaden their engagement with Adobe over time. In short, Document Cloud is incredibly well positioned for the years ahead.

知識工作者、溝通者、IT 決策者和開發人員都擁有順暢的入職途徑。我們的數據驅動型運營模型可幫助客戶在他們看到的時候發現 Adobe 技術——當他們搜索與 PDF 相關的動詞時。我們以能夠在網絡、移動和桌面上快速成功的方式與他們互動，然後再向他們推銷免費增值功能——高級功能、產品、服務或 API，隨著時間的推移擴大他們與 Adobe 的互動。簡而言之，Document Cloud 在未來幾年處於非常有利的位置。

I hope this gives you a sense of why we're excited about both the creative and document businesses. In summary, both businesses are benefiting from significant tailwinds that are underpinning their large and growing TAMs. Both businesses are realizing the market benefits by leveraging our amazing brand awareness, our go-to-market footprint and our incredible pipeline of innovation. And both businesses have the opportunity to supercharge their existing data-driven operating model by pairing it with a product-led growth motion as our capabilities increasingly are accessed by users on web and mobile. So we're really excited about the year ahead.

我希望這能讓您了解為什麼我們對創意和文檔業務感到興奮。總之，兩家企業都受益於支撐其龐大且不斷增長的 TAM 的重要順風。兩家公司都通過利用我們驚人的品牌知名度、進入市場的足跡和令人難以置信的創新渠道來實現市場利益。隨著我們的能力越來越多地被網絡和移動用戶訪問，兩家企業都有機會通過將其與以產品為主導的增長運動相結合來增強其現有的數據驅動的運營模式。所以我們對未來的一年感到非常興奮。

And with that, I wanted to turn it over to Dan.

有了這個，我想把它交給丹。

Thanks, David. And before I jump in, I also want to thank him for letting me borrow his sweater today.

謝謝，大衛。在我加入之前，我還要感謝他今天讓我借他的毛衣。

Let me begin by saying how thrilled I am to be here today and be a part of this amazing team at Adobe. Having just been here for a few months, it's obvious what a special company this is, and I couldn't be more excited about what's ahead.

首先讓我說我很高興今天來到這裡並成為 Adobe 這個了不起的團隊的一員。剛來這裡幾個月，很明顯這是一家多麼特別的公司，我對未來的發展感到無比興奮。

Now let me jump in with Adobe's Q4 results. Adobe achieved revenue of $4.11 billion, a significant milestone, which represents 20% year-over-year growth. GAAP diluted EPS was $2.57, and non-GAAP diluted EPS was $3.20. Digital Media segment revenue was $3.01 billion. The business' first $3 billion quarter, which represents 21% year-over-year growth, with net new Digital Media ARR of $571 million. Digital Experience achieved its first $1 billion quarter, which represents 23% year-over-year growth. Digital Experience subscription revenue was $886 million, representing 27% year-over-year growth. We had record cash flows from operations of $2.05 billion in the quarter, and we repurchased approximately 1.6 million shares of our stock.

現在讓我來看看 Adobe 的第四季度業績。 Adobe 實現了 41.1 億美元的收入，這是一個重要的里程碑，同比增長 20%。 GAAP 攤薄後每股收益為 2.57 美元，非 GAAP 攤薄後每股收益為 3.20 美元。數字媒體部門收入為 30.1 億美元。該業務的第一個 30 億美元季度，同比增長 21%，淨新數字媒體 ARR 為 5.71 億美元。數字體驗實現了第一個 10 億美元的季度，同比增長 23%。數字體驗訂閱收入為 8.86 億美元，同比增長 27%。我們在本季度的運營現金流達到創紀錄的 20.5 億美元，我們回購了大約 160 萬股股票。

Turning to our 3 strategic clouds. It was a tremendous finish to the year. In Q4, Adobe achieved $2.4 billion in creative revenue and added $430 million of net new Creative ARR. We exited the year with more than $10 billion of ending Creative ARR with strong performance throughout the year. Growth drivers in the quarter included acquisition of new users on adobe.com, strength in our team's offering, seasonal Q4 strength in the enterprise and success co-selling Frame.io with our Creative Cloud enterprise offerings. However, while we saw increased demand for our offerings during the Black Friday and Cyber Monday weeks, we did not see the traditional spikes we have had in previous years. This is consistent with this year's industry trends, in line with e-commerce holiday shopping data from the Adobe Digital Economy Index.

轉向我們的 3 個戰略云。為這一年畫上了一個圓滿的句號。在第四季度，Adobe 實現了 24 億美元的創意收入，並增加了 4.3 億美元的淨新創意 ARR。我們以超過 100 億美元的 Creative ARR 結束了這一年，全年表現強勁。本季度的增長動力包括在 adobe.com 上獲得新用戶、我們團隊產品的實力、企業第四季度的季節性實力以及成功地將 Frame.io 與我們的 Creative Cloud 企業產品共同銷售。然而，雖然在黑色星期五和網絡星期一這週我們看到對我們產品的需求增加，但我們並沒有看到前幾年的傳統高峰。這與今年的行業趨勢一致，與 Adobe 數字經濟指數的電子商務假日購物數據一致。

Adobe Document Cloud achieved $532 million in Q4. Revenue continues to be our -- and continues to be our fastest-growing business. We added a record $141 million of net new Document Cloud ARR in the quarter with ending ARR of $1.93 billion, growing 31% year-over-year. Our integrated document platform is clearly resonating with customers around the globe. We continue to see momentum with enterprises, small businesses and individuals using web and mobile first tools.

Adobe Document Cloud 在第四季度實現了 5.32 億美元。收入繼續是我們的 - 並且繼續是我們增長最快的業務。我們在本季度增加了創紀錄的 1.41 億美元的新 Document Cloud ARR，最終 ARR 為 19.3 億美元，同比增長 31%。我們的集成文檔平台顯然引起了全球客戶的共鳴。我們繼續看到企業、小型企業和個人使用網絡和移動優先工具的勢頭。

In digital experience, we achieved our first $1 billion revenue quarter. We're seeing strong demand for our real-time experience platform and app services as large enterprises are making investments in Adobe to drive customer experience management and personalization at scale. We drove record Q4 net subscription bookings. And for the full fiscal year, we grew net ASV greater than 40% year-over-year.

在數字體驗方面，我們實現了第一個 10 億美元的收入季度。隨著大型企業對 Adobe 進行投資以推動大規模客戶體驗管理和個性化，我們看到對我們的實時體驗平台和應用程序服務的強勁需求。我們推動了創紀錄的第四季度淨訂閱量。在整個財年，我們的淨 ASV 同比增長超過 40%。

Let's look quickly at the annual numbers. Adobe's financial performance in the year was outstanding with both top line acceleration and margin expansion in the year resulting in more than $7 billion of operating cash flow. And remaining performance obligations grew 23% year-over-year to nearly $14 billion, absolutely world-class performance.

讓我們快速看一下年度數據。 Adobe 在這一年的財務表現非常出色，營收加速和利潤率擴張，帶來了超過 70 億美元的運營現金流。剩餘的履約義務同比增長 23%，達到近 140 億美元，絕對是世界級的表現。

Now let's discuss what a unique investment opportunity Adobe is. These are some of the outstanding qualities of Adobe that have energized me about the opportunity, and it's what ultimately brought me here today. There's a fundamental shift towards digitization that's accelerating around the globe. And I believe Adobe is better positioned than any other company to capitalize on these opportunities. Combining that with Adobe's financial track record as well as industry-defining products and platform, the result is an immense runway ahead of this company for growth.

現在讓我們討論一下 Adobe 的獨特投資機會是什麼。這些是 Adobe 的一些傑出品質，讓我對這個機會充滿了活力，這也是最終把我帶到今天的原因。全球正在加速向數字化轉變。而且我相信 Adobe 在利用這些機會方面比任何其他公司都更有優勢。將其與 Adobe 的財務記錄以及行業定義的產品和平台相結合，結果是這家公司的發展前景廣闊。

Let me elaborate a bit more on my view of this opportunity. In the years ahead, there's going to be fundamental shifts in all aspects of our lives, all of them digitally enabled. Digital enablement will increasingly shape and define how we live, how we create, how we communicate, how we collaborate, how companies serve their customers, how companies compete and how economies function. These changes are both powerful and pervasive. I call it the digitization of everything.

讓我詳細說明一下我對這個機會的看法。在未來的幾年裡，我們生活的各個方面都將發生根本性的變化，所有這些都將實現數字化。數字化支持將越來越多地塑造和定義我們的生活方式、我們的創造方式、我們的溝通方式、我們的協作方式、公司如何為客戶服務、公司如何競爭以及經濟如何運作。這些變化既強大又普遍。我稱之為一切的數字化。

The digitization of everything is accelerating. And I believe what happens in the next 10 years is going to define the rest of the century, similar to what happened in the Industrial Revolution. Except now, digital content and data are going to be the fuel of the digital economy. This is a generational opportunity. And we're talking about unlocking trillions of dollars of economic value in the global economy.

一切都在加速數字化。我相信未來 10 年發生的事情將決定本世紀的剩餘時間，類似於工業革命中發生的事情。除了現在，數字內容和數據將成為數字經濟的燃料。這是一個世代相傳的機會。我們正在談論在全球經濟中釋放數万億美元的經濟價值。

When you look at Adobe's foundational strengths, there's a very few companies that is as leveraged to the digitization of the global economy as well as we are. From the way people create and communicate, to the future of productivity and digital collaboration in a distributed work environment, to the digitization of businesses, driving customer engagement with data-driven insights to personalize customer experiences but do it at massive scale, to AI and machine learning, global trends towards digitization have so many intersections with Adobe's unique strengths. Again, digital content and data are the fuel of the digital economy. And I believe no one is better positioned than Adobe to be the digital enabler of the world. How many companies on the planet have this profile? How many companies have this opportunity? Not very many. When I think about our near-term strengths, combined with our long-term opportunities, there's a uniqueness here that's incredibly exciting.

當您查看 Adobe 的基礎優勢時，很少有公司能像我們一樣在全球經濟的數字化中發揮作用。從人們創造和交流的方式，到分佈式工作環境中生產力和數字化協作的未來，再到企業數字化，通過數據驅動的洞察力推動客戶參與，以個性化客戶體驗，但大規模實施，再到人工智能和機器學習、數字化的全球趨勢與 Adobe 的獨特優勢有很多交集。同樣，數字內容和數據是數字經濟的燃料。而且我相信沒有人比 Adobe 更適合成為世界的數字推動者。地球上有多少家公司有這個簡介？有多少公司有這個機會？不是很多。當我想到我們的近期優勢以及我們的長期機會時，這裡有一種獨特性，令人難以置信的令人興奮。

Let's double-click on the company's financial performance and take a closer look at what I'm talking about. Starting with revenue growth. You can see consistent sustained revenue growth over the last 4 years as the company has grown subscription revenues at a 24% CAGR. That has been the strategy, continuing to grow while producing a revenue stream that's even more ratable and predictable. I'm incredibly impressed by this team's acumen and what they've been able to accomplish as well as by the contribution to revenue growth from newer initiatives, including Adobe Stock, Substance 3D, Acrobat Web, Sign, Creative Cloud, mobile apps and the Adobe Experience Platform.

讓我們雙擊公司的財務業績，仔細看看我在說什麼。從收入增長開始。您可以看到過去 4 年收入持續持續增長，因為該公司的訂閱收入以 24% 的複合年增長率增長。這就是戰略，繼續增長，同時產生更可評價和可預測的收入流。我對這個團隊的敏銳度和他們能夠取得的成就印象深刻，以及新計劃對收入增長的貢獻，包括 Adobe Stock、Substance 3D、Acrobat Web、Sign、Creative Cloud、移動應用程序和Adobe 體驗平台。

Underlying this financial performance is an incredibly diverse business from our broad base of customers to diversified products and platforms, comprehensive business models and go-to-market reach that spans across all geographies.

這種財務業績的基礎是一項令人難以置信的多元化業務，從我們廣泛的客戶群到多元化的產品和平台、全面的商業模式和跨越所有地區的市場覆蓋面。

With growing and diverse revenue streams, the company has been able to expand profitability over the last 4 years, while accelerating the top line. Adobe's disciplined execution and investment rigor has enabled the company to balance long-term investments while also focusing on profitability. This time period also includes the integration of several strategic acquisitions, Magento, Marketo Algorithmic, Workfront, Frame.io. It's impressive the way Adobe has managed to combine expanded profitability with strong, sustained top line growth and M&A integration.

隨著收入流的增長和多樣化，該公司在過去 4 年中能夠擴大盈利能力，同時加快收入增長。 Adobe 紀律嚴明的執行力和嚴謹的投資使公司能夠平衡長期投資，同時也關注盈利能力。這段時間還包括幾個戰略收購的整合，Magento、Marketo Algorithmic、Workfront、Frame.io。 Adobe 成功地將擴大的盈利能力與強勁、持續的收入增長和併購整合相結合的方式令人印象深刻。

Let's talk about RPO, contractually committed future revenues, which make Adobe's future performance, incredibly predictable and reliable. Exiting fiscal year 2021, RPO grew 23% on the strength of our enterprise bookings. RPO consists of deferred revenue and unbilled backlog with the current portion expected to flow into revenue over the next 12 months. It's also important to note that most of our adobe.com subscriptions are billed monthly and don't show up as deferred revenue. The remaining contractual commitments of those subscriptions, which average about 6 months in length at any given time, are included in unbilled backlog.

讓我們來談談 RPO，即合同承諾的未來收入，它使 Adobe 的未來表現非常可預測和可靠。 2021 財年結束後，RPO 憑藉我們的企業預訂增長了 23%。 RPO 包括遞延收入和未開票的積壓訂單，當前部分預計將在未來 12 個月內流入收入。還需要注意的是，我們的大多數 adobe.com 訂閱都是按月計費的，不會顯示為遞延收入。這些訂閱的剩餘合同承諾，在任何給定時間平均約為 6 個月，包含在未開票的積壓訂單中。

The cash flow performance really speaks for itself as you can see the way our operating cash flows have accelerated over the last 2 fiscal years, sustained growth and profitability at scale is not easy to achieve. The momentum at Adobe is strong, as evidenced by our first $2 billion quarter of operating cash flows. A strong capital structure with robust investment-grade credit rating positions us to continue to drive growth and provides flexibility, making access to capital affordable for Adobe.

現金流表現確實不言而喻，因為您可以看到我們的經營現金流在過去 2 個財政年度加速的方式，持續增長和大規模盈利並不容易實現。 Adobe 的勢頭強勁，我們第一個季度 20 億美元的運營現金流就是明證。強大的資本結構和穩健的投資級信用評級使我們能夠繼續推動增長並提供靈活性，使 Adobe 能夠負擔得起獲得資本的機會。

Let's talk about our capital allocation strategy. First, we focus on investing in the business to drive long-term growth. Given the tremendous opportunities in front of us, some of our recent innovative R&D initiatives include our next-generation data platform as well as Creative Cloud Express, which we announced earlier this week. We're going to continue to invest in sales and marketing to scale those businesses globally.

讓我們談談我們的資本配置策略。首先，我們專注於投資業務以推動長期增長。鑑於擺在我們面前的巨大機遇，我們最近的一些創新研發計劃包括我們的下一代數據平台以及我們本週早些時候宣布的 Creative Cloud Express。我們將繼續投資於銷售和營銷，以在全球範圍內擴展這些業務。

Second, our cash and investment balances as well as our debt capacity enable inorganic growth opportunities. You've seen the way we've accelerated growth and made accretive strategic additions over the last fiscal year with Workfront and Frame.io.

其次，我們的現金和投資餘額以及我們的債務能力帶來了無機增長機會。您已經看到了我們在上一財年通過 Workfront 和 Frame.io 加速增長和增加戰略性增長的方式。

Lastly and importantly, we focus on returning capital to our shareholders. Our stock repurchase program is funded through growth in our operating cash flows, and you can see how successful we've been in driving down the average shares outstanding over the last 4 years. Since 2018, we've returned approximately $12 billion to shareholders through our stock repurchase program. Exiting Q4, we have $13.1 billion of remaining stock repurchase authority through the end of our fiscal 2024.

最後也是重要的一點，我們專注於向股東返還資本。我們的股票回購計劃是通過我們經營現金流的增長來資助的，您可以看到我們在過去 4 年中成功地壓低了流通股的平均水平。自 2018 年以來，我們通過股票回購計劃向股東返還了大約 120 億美元。退出第四季度，到 2024 財年末，我們擁有 131 億美元的剩餘股票回購權。

The hallmark of a great technology company is consistent innovation in category-defining products. Adobe has done that across all its businesses and we'll dive into each of them next to discuss the performance drivers.

一家偉大的科技公司的標誌是在定義類別的產品方面的持續創新。 Adobe 在其所有業務中都做到了這一點，接下來我們將深入探討其中的每一個，以討論性能驅動因素。

First, creative. The company has driven sustained ARR and revenue growth, which accelerated from fiscal 2020 to fiscal 2021. Let me tell you about the underlying data-driven operating model used to drive this performance. It all starts with innovation and the most comprehensive industry-defining portfolio of products. Our brilliant marketing campaigns generate awareness about Adobe's offerings, and drive traffic to adobe.com to engage customers to try, buy, use and renew.

第一，創意。該公司推動了持續的 ARR 和收入增長，從 2020 財年到 2021 財年加速。讓我告訴你用於推動這一業績的基礎數據驅動的運營模式。這一切都始於創新和最全面的行業定義產品組合。我們出色的營銷活動提高了人們對 Adobe 產品的認識，並增加了 adobe.com 的訪問量，以吸引客戶嘗試、購買、使用和更新。

It's about taking creators on a journey. First, with simpler applications, including our mobile, tablet and web applications, connecting them with vibrant creative communities and then providing journeys that empower them to do more as they advance, including services like Adobe Stock, cloud libraries and collaboration features. Now with the addition of Frame.io and Creative Cloud Express, we're continuing to grow the business by broadening the aperture and reaching new creators and stakeholders that will power the world's content.

它是關於帶領創作者踏上旅程的。首先，使用更簡單的應用程序，包括我們的移動、平板電腦和 Web 應用程序，將它們與充滿活力的創意社區聯繫起來，然後提供讓他們能夠在前進的過程中做更多事情的旅程，包括 Adobe Stock、雲庫和協作功能等服務。現在，隨著 Frame.io 和 Creative Cloud Express 的加入，我們將繼續擴大業務，擴大範圍並接觸將為世界內容提供動力的新創作者和利益相關者。

We continue to drive strong growth for Document Cloud. Again, you see this in the sustained revenue growth, with ARR growing even faster as the business shifts to being increasingly subscription-based. With approximately 90% of Document Cloud revenues in FY 2021 now being subscription. The main Document Cloud growth driver continues to be new user acquisition. We're seeing strong growth of Acrobat on adobe.com across geographies, growth on the web as well as in mobile and seed expansion in the enterprise. PDF and document workflows are mission critical to the way people work and collaborate in the digital-first world.

我們繼續推動 Document Cloud 的強勁增長。同樣，您在持續的收入增長中看到了這一點，隨著業務轉向越來越基於訂閱，ARR 的增長速度更快。現在，2021 財年大約 90% 的 Document Cloud 收入來自訂閱。 Document Cloud 的主要增長動力仍然是新用戶獲取。我們看到 adobe.com 上的 Acrobat 在各個地區的強勁增長、網絡增長以及企業的移動和種子擴展。 PDF 和文檔工作流程對於人們在數字優先世界中的工作和協作方式至關重要。

As Anil mentioned earlier, there's tremendous growth opportunity within our cohort of large customers. As we focus on cross-selling and moving them along the maturity curve towards the transformational adoption of our entire platform and set of customer experience management solutions. The average ARR and total contract value of our largest customers demonstrate how massive this opportunity is. And we grow by adding new logos to our customer base and then expanding within those accounts on multiyear journeys.

正如 Anil 之前提到的，我們的大客戶群中有巨大的增長機會。當我們專注於交叉銷售並將它們沿著成熟曲線移動到我們整個平台和一組客戶體驗管理解決方案的轉型採用時。我們最大客戶的平均 ARR 和總合同價值證明了這個機會有多大。我們通過向我們的客戶群添加新徽標，然後在這些客戶中擴展多年的旅程來實現增長。

As impressive as this company's track record is, I believe there's even more growth ahead of us. I fundamentally believe there's a $1 trillion market cap opportunity in Adobe's future, having crossed the $15 billion mark in revenue. What does the path to $30 billion look like? And then from there, how are we going to get to $45 billion? It starts with an estimated $205 billion TAM and a huge ecosystem that we've built around our market-leading products and services. How are we going to get there?

儘管這家公司的業績令人印象深刻，但我相信我們面前還有更多的增長。我從根本上相信，Adobe 的未來有 1 萬億美元的市值機會，收入已突破 150 億美元大關。通往 300 億美元的道路是什麼樣的？然後從那裡，我們將如何達到 450 億美元？它始於估計價值 2050 億美元的 TAM 和我們圍繞我們市場領先的產品和服務建立的龐大生態系統。我們將如何到達那裡？

We're going to continue to broaden our appeal to a wider universe of customers, engage and retain our current customers across all geographies. We're also going to grow by innovating and investing to enter new categories that further complement and expand our growth trajectory and better enable our customers in the digital era. When we execute on that strategy over the next decade, our scale and success will put Adobe in a class that only a few software companies have achieved.

我們將繼續擴大對更廣泛客戶的吸引力，吸引並留住所有地區的現有客戶。我們還將通過創新和投資進入新品類來實現增長，這些品類進一步補充和擴大我們的增長軌跡，更好地為我們的客戶提供數字時代的服務。當我們在未來十年執行該戰略時，我們的規模和成功將使 Adobe 躋身只有少數軟件公司能夠達到的級別。

Having passed the $15 billion revenue mark, we're going to start reporting revenues in constant currency given the potential impact of foreign exchange movements. Following a year in which FX was a tailwind to reported revenues, the recent U.S. dollar strength is expected to result in a headwind to our reported revenue and growth rates for fiscal year 2022. Consistent with our annual practice, we've revalued our Digital Media ARR balance to account for the movements in the FX rates.

在超過 150 億美元的收入大關後，鑑於外匯變動的潛在影響，我們將開始以固定匯率報告收入。在外匯成為報告收入的順風一年之後，預計近期美元走強將對我們報告的 2022 財年收入和增長率造成不利影響。根據我們的年度慣例，我們重新評估了我們的數字媒體ARR 餘額以說明外匯匯率的變動。

For operating expenses, we continue to save on travel and facilities in fiscal year 2021 while many of our employees continue to work from home. We expect these expenses to ramp throughout FY 2022. We also plan to invest in increasing headcount and integrating Frame.io. We believe these are critical investments we're making -- we believe these are critical investments we're making, and we're going to focus relentlessly on the organic growth opportunities ahead.

對於運營費用，我們在 2021 財年繼續節省差旅和設施費用，而我們的許多員工繼續在家工作。我們預計這些費用將在 2022 財年增加。我們還計劃投資增加員工人數和整合 Frame.io。我們相信這些是我們正在進行的關鍵投資——我們相信這些是我們正在進行的關鍵投資，我們將不懈地關注未來的有機增長機會。

Lastly, fiscal year 2021 was a 53-week fiscal year with an extra week in Q1. That week added approximately $267 million of revenue and $25 million of net new Digital Media ARR. The math around the return to a 52-week fiscal year is expected to be a 2-point headwind on our full year FY '22 growth rates and a 7-point headwind in Q1.

最後，2021 財年是一個為期 53 週的財年，第一季度增加了一周。那一周增加了大約 2.67 億美元的收入和 2500 萬美元的淨新數字媒體 ARR。圍繞回歸 52 週財政年度的計算，預計對我們 22 財年全年的增長率和第一季度的 7 個百分點不利。

Here's Adobe's fiscal year 2022 annual targets. We show our segment growth targets on an actual and adjusted basis in constant currency, factoring for the additional week last year.

這是 Adobe 2022 財年的年度目標。我們在實際和調整後的基礎上以不變貨幣顯示我們的細分市場增長目標，並考慮到去年的額外一周。

Total Adobe revenue of approximately $17.9 billion. Net new Digital Media ARR of approximately $1.9 billion, Digital Media segment revenue growth of approximately 14% year-over-year or 17% on an adjusted basis. Digital Experience segment revenue growth of approximately 14% year-over-year or 17% on an adjusted basis. Digital Experience subscription revenue growth of approximately 16% year-over-year, or 19% on an adjusted basis. Tax rate of approximately 17.5% on a GAAP basis and 17% on a non-GAAP basis. GAAP earnings per share of approximately $10.25 and non-GAAP earnings per share of approximately $13.70.

Adobe 總收入約為 179 億美元。淨新數字媒體 ARR 約為 19 億美元，數字媒體部門收入同比增長約 14% 或調整後的 17%。數字體驗部門收入同比增長約 14%，調整後增長 17%。數字體驗訂閱收入同比增長約 16%，或調整後增長 19%。 GAAP 基礎上的稅率約為 17.5%，非 GAAP 基礎上的稅率約為 17%。 GAAP 每股收益約為 10.25 美元，非 GAAP 每股收益約為 13.70 美元。

For Q1 of fiscal 2022, we're targeting revenue of approximately $4.23 billion. Net new digital media ARR of approximately $400 million. Digital Media segment revenue growth of approximately 8% year-over-year or 17% on an adjusted basis. Digital Experience segment revenue growth of approximately 11% year-over-year or 18% on an adjusted basis. Digital Experience subscription revenue growth of approximately 13% year-over-year or 20% on an adjusted basis. Tax rate of approximately 16% on a GAAP basis and 17% on a non-GAAP basis. GAAP earnings per share of approximately $2.63 and non-GAAP earnings per share of approximately $3.35.

對於 2022 財年第一季度，我們的目標收入約為 42.3 億美元。新數字媒體淨資產收益率約為 4 億美元。數字媒體部門收入同比增長約 8%，調整後增長 17%。數字體驗部門收入同比增長約 11%，調整後增長 18%。數字體驗訂閱收入同比增長約 13% 或調整後的 20%。 GAAP 基礎上的稅率約為 16%，非 GAAP 基礎上的稅率約為 17%。 GAAP 每股收益約為 2.63 美元，非 GAAP 每股收益約為 3.35 美元。

I want to conclude by sharing what this company has achieved over the last 4 years, whether it's revenue growth and profitability, outstanding cash flow generation and shareholder returns, Adobe's track record demonstrates why this company is in a class of its own. I firmly believe that our best days are ahead.

最後，我想分享一下這家公司在過去 4 年中取得的成就，無論是收入增長和盈利能力、出色的現金流產生和股東回報，Adobe 的業績記錄證明了為什麼這家公司獨樹一幟。我堅信我們最好的日子即將到來。

Thanks so much for your time today. I'm going to now pass it back to Shantanu.

非常感謝您今天的時間。我現在要把它傳回給 Shantanu。

Thank you, Dan, and thanks as well to Ann, Anil and David for outlining the opportunities across our 3 industry-leading clouds. As I said earlier, I'm incredibly excited about Adobe's future and our ability to not only lead but also create new categories.

感謝 Dan，也感謝 Ann、Anil 和 David 概述了我們 3 個行業領先的雲中的機會。正如我之前所說，我對 Adobe 的未來以及我們不僅能夠領導而且還能創造新類別的能力感到非常興奮。

I think if you zoom out a little bit and think about it from a macro perspective, all over the world, it's clear that digital is empowering individuals, transforming businesses and connecting communities. And frankly, digital is going to play a much bigger role in work, life and entertainment going forward.

我認為，如果你稍微放大一點，從宏觀的角度考慮，在全世界範圍內，很明顯，數字化正在賦予個人權力、改變企業並連接社區。坦率地說，數字化將在未來的工作、生活和娛樂中發揮更大的作用。

We've seen the rise of the creator economy and the democratization of creativity. Work and education are now hybrid and here to stay in that form. Cloud and web technology advances are powering unprecedented levels of real-time collaboration. Document workflows are increasingly going to be automated. And most important, the mandate for our digital business is more urgent than ever before as customers now expect digital-first experiences that are both contextual as well as personalized.

我們已經看到了創造者經濟的興起和創造力的民主化。工作和教育現在是混合的，並保持這種形式。雲和網絡技術的進步正在推動前所未有的實時協作水平。文檔工作流程將越來越自動化。最重要的是，我們的數字業務的任務比以往任何時候都更加緊迫，因為客戶現在期望既符合情境又具有個性化的數字優先體驗。

E-commerce growth is building on the record highs achieved during the pandemic. From a technology base, artificial intelligence and machine learning have become indispensable facilitators of our daily lives. And so I think, in short, digital technologies are enabling more people to create, collaborate, learn, work, be productive and make a living than ever before.

電子商務的增長正在建立在大流行期間創下的歷史新高的基礎上。從技術基礎來看，人工智能和機器學習已經成為我們日常生活中不可或缺的推動者。所以我認為，簡而言之，數字技術使更多的人能夠創造、協作、學習、工作、提高生產力和謀生。

I love our mission, and the ability to change the world through digital experiences puts us at the nexus of all of these trends. We're incredibly well positioned to drive meaningful impact across every aspect of society, and that will benefit billions of people around the world for years to come.

我熱愛我們的使命，通過數字體驗改變世界的能力使我們處於所有這些趨勢的中心。我們處於非常有利的位置，可以在社會的各個方面產生有意義的影響，這將使世界各地的數十億人在未來幾年受益。

As we think about the company at Adobe, we believe it's not just what we do, but it's also how you do that it really matters. From the very beginning, John Warnock and Chuck Geschke, our founders, committed to building a company that does the right thing. And the sense of purpose has guided our evolution and growth over the past 4 decades. I think we're all witnessing the shift in the role that companies have to play in social issues and the expectations that stakeholders and investors have for corporations.

當我們思考 Adobe 的公司時，我們相信這不僅是我們所做的事情，而且還有你如何做才是真正重要的。從一開始，我們的創始人 John Warnock 和 Chuck Geschke 就致力於建立一家做正確事情的公司。在過去的 4 年裡，使命感指導著我們的進化和成長。我認為我們都在目睹公司在社會問題中所扮演的角色的轉變，以及利益相關者和投資者對公司的期望。

As you reflect on how companies have responded to the COVID-19 pandemic. It's been remarkable with that stakeholders around the world are looking to the private sector to become more active in social issues, and people are making decisions on the products that they buy and the places that they work based on where companies stand.

當您反思公司如何應對 COVID-19 大流行時。值得注意的是，世界各地的利益相關者都希望私營部門在社會問題上變得更加積極，人們正在根據公司所處的位置來決定他們購買的產品和工作地點。

As our products have become ubiquitous and we've helped many more companies harness the transformative power of our digital technologies, our responsibility and our commitment to corporate citizenship has also grown dramatically. And I believe that the issues on which Adobe is uniquely positioned to make an impact are on Adobe For All making sure we create a diverse and inclusive culture for our employees as well as position that for our customers and partners. On the belief that technology will transform and in addition to providing technology, we have a responsibility to understand what that means. And I think most important to being able to allow everyone who has a story to tell their story, the notion of creativity for all.

隨著我們的產品變得無處不在，並且我們幫助更多的公司利用了我們數字技術的變革力量，我們的責任和對企業公民的承諾也急劇增加。我相信，Adobe 具有獨特的影響力的問題在於 Adobe For All，確保我們為員工創造多元化和包容性的文化，並為我們的客戶和合作夥伴定位。相信技術會變革，除了提供技術之外，我們還有責任理解這意味著什麼。我認為最重要的是能夠讓每個有故事的人講述他們的故事，即所有人的創造力的概念。

The reality is that we've been leaning into these for several areas already, and our efforts are making a real impact across the company and our customer communities for many years. But I think it's this purpose that motivates our employees to focus on having more impact and, frankly, inventing the future.

現實情況是，我們已經在多個領域投入了這些努力，多年來我們的努力正在對整個公司和我們的客戶社區產生真正的影響。但我認為正是這個目的激勵我們的員工專注於產生更大的影響，坦率地說，是創造未來。

I love the fact that our strategy has remained relatively consistent for the past decade. Our strategy to unleash creativity for all, to accelerate document productivity and to power digital businesses is more mission-critical than ever before. I think most companies would be thrilled, frankly, to have one of these growth opportunities. And we're fortunate that we have 3 businesses that are absolutely in the sweet spot of where the world needs technology to play a more important role. We have the right strategy. It's applied to an exceptional and growing opportunity, and so we're in no way opportunity constrained.

我喜歡我們的戰略在過去十年中保持相對一致的事實。我們為所有人釋放創造力、提高文檔生產力和推動數字業務的戰略比以往任何時候都更加關鍵。坦率地說，我認為大多數公司都會為擁有這些增長機會之一而興奮不已。我們很幸運，我們有 3 家企業絕對處於世界需要技術發揮更重要作用的最佳位置。我們有正確的策略。它適用於一個特殊且不斷增長的機會，因此我們絕不會受到機會的限制。

I'm going to end with how I started. I believe that Adobe is uniquely positioned to drive the next decade of growth. We have a proven capability to create and lead categories, and we're always looking around the corner to the white space that exists that will provide new opportunities for Adobe.

我將以我開始的方式結束。我相信 Adobe 在推動下一個十年的增長方面具有獨特的優勢。我們擁有經過驗證的創建和領導類別的能力，並且我們一直在尋找可以為 Adobe 提供新機會的空白空間。

We're thinking bigger about every part of our business, how we scale and how we expand the customers that we serve. We continue to focus on innovation, delivering leading products, services and platforms as we leverage artificial intelligence and machine learning. We're continuously thinking about innovating in business models as well to rapidly deliver more value to a larger set of customers, to capitalize on global growth opportunities and to enable new monetization models that are emerging. And at the end of the day, our technology support a vibrant and growing ecosystem of partners that create, customize and extend our solutions to meet the unique needs of our joint customers.

我們正在考慮我們業務的每個部分，我們如何擴展以及我們如何擴展我們所服務的客戶。隨著我們利用人工智能和機器學習，我們將繼續專注於創新，提供領先的產品、服務和平台。我們也在不斷思考商業模式的創新，以快速為更多的客戶提供更多價值，利用全球增長機會並啟用正在出現的新貨幣化模式。歸根結底，我們的技術支持一個充滿活力且不斷發展的合作夥伴生態系統，這些合作夥伴創建、定制和擴展我們的解決方案，以滿足我們共同客戶的獨特需求。

But at the end of the day, our greatest asset as being an intellectual property company and what's truly driving our growth is a highly engaged global employee base, over 25,000 strong to whom I'm eternally grateful.

但歸根結底，作為一家知識產權公司，我們最大的資產以及真正推動我們增長的是高度敬業的全球員工群，超過 25,000 人，我永遠感激他們。

Thank you again for joining us today. I believe 2021 was a fantastic year, and we clearly expect that momentum to continue in 2022 and beyond. As we look forward to our 40th anniversary next year, Adobe stands in an enviable position, an impressive track record of innovation, category and brand leadership, great financial performance and multiple growth opportunities. Coupled with the expanding market opportunity, the depth of our technology platforms and the motivated employee base, I certainly believe that Adobe's best days are ahead of us.

再次感謝您今天加入我們。我相信 2021 年是美妙的一年，我們顯然預計這種勢頭將在 2022 年及以後繼續。在我們期待明年成立 40 週年之際，Adobe 處於令人羨慕的位置，在創新、類別和品牌領導力、出色的財務業績和多重增長機會方面有著令人印象深刻的記錄。再加上不斷擴大的市場機會、我們技術平台的深度和積極進取的員工基礎，我當然相信 Adobe 最好的日子即將到來。

And with that, we'll roll a video while we assemble the management team for our Q&A.

有了這個，我們將在召集管理團隊進行問答時播放視頻。

(presentation)

（推介會）

Okay. Are we on for Q&A? Great. I know we're on for Q&A. Before we get started, let me introduce 2 other members of the executive team who are also here with us to answer the questions that you might have. Gloria Chen, our Chief Human Resources Officer, who has also run strategy in the past, as it relates to any questions that people have about the pandemic or what we are doing with our global employee base, how do we continue to make sure we ensure that we have the best talented and motivated employees; and Scott Belsky, our Chief Product Officer of Creative Cloud, frankly, the visionary behind all of the great innovation that we're delivering across desktop, mobile, collaboration, including the new web-related functionality that we showed at MAX as well as what we did with Creative Cloud Express.

好的。我們在進行問答嗎？偉大的。我知道我們正在進行問答。在我們開始之前，讓我介紹一下執行團隊的另外 2 位成員，他們也和我們一起來回答您可能遇到的問題。 Gloria Chen，我們的首席人力資源官，過去也負責過戰略，因為它涉及人們對大流行病或我們對全球員工群所做的任何問題，我們如何繼續確保我們確保我們擁有最優秀、最有乾勁的員工；坦率地說，我們的 Creative Cloud 首席產品官 Scott Belsky 是我們在桌面、移動、協作方面提供的所有偉大創新背後的遠見卓識，包括我們在 MAX 上展示的與網絡相關的新功能以及我們使用了 Creative Cloud Express。

And so with that, I'll turn it over to Jonathan to help navigate the Q&A.

因此，我將把它交給喬納森來幫助瀏覽問答。

Thanks, Shantanu. So we've shared a lot of information today. You can clearly see the team's enthusiasm around the growth opportunity ahead. Now we'd like to go ahead and take your questions. (Operator Instructions) And with that, I'd like to go to the operator. Operator, could we go ahead and take the first question, please?

謝謝，山塔努。所以我們今天分享了很多信息。您可以清楚地看到團隊對未來增長機會的熱情。現在我們想繼續回答您的問題。 （操作員說明）然後，我想去找操作員。接線員，我們可以繼續回答第一個問題嗎？

(Operator Instructions) First question will come from Saket Kalia with Barclays.

（操作員說明）第一個問題將來自 Saket Kalia 和 Barclays。

Okay. Great. Congrats Anil and David on the promotion and welcome, Dan.

好的。偉大的。恭喜 Anil 和 David 升職並受到歡迎，Dan。

Maybe the question is -- maybe to start us off, I'd love if we can address the Digital Media net new ARR in the quarter, particularly within Creative. I think, Dan, you had mentioned that we hadn't seen spikes that may be as high as we've historically seen around Cyber Monday and Black Friday. I was wondering if the team could just go in a little bit deeper into the results versus the guide? And then maybe comment on the competitive backdrop within Creative, specifically?

也許問題是 - 也許讓我們開始，如果我們能夠在本季度解決數字媒體淨新 ARR 問題，特別是在 Creative 內部，我會很高興。我想，丹，你曾提到我們沒有看到可能像我們在網絡星期一和黑色星期五前後看到的那樣高的峰值。我想知道團隊是否可以更深入地了解結果與指南？然後也許評論一下Creative內部的競爭背景，特別是？

Why don't I start with that, Saket, and then I'll certainly have others add? I mean as we look at the Digital Media ARR accomplishment over the quarter. Firstly, it was a record quarter as well as it was a record year. And when we think about what our digital media guide was, I mean we certainly expected Frame to close in the quarter, and it closed pretty early in the quarter. And so what we do is we think about a range of outcomes and what that might do, and certainly, we wanted to focus on Frame as well, but it was probably not explicitly factored into the quarter.

Saket，我為什麼不從這個開始，然後我肯定會有其他人添加？我的意思是，當我們查看本季度的數字媒體 ARR 成就時。首先，這是一個創紀錄的季度，也是創紀錄的一年。當我們考慮我們的數字媒體指南是什麼時，我的意思是我們當然預計 Frame 將在本季度關閉，並且它在本季度早些時候關閉。因此，我們所做的是我們考慮一系列結果以及可能產生的結果，當然，我們也想關注 Frame，但可能沒有明確考慮到本季度。

When you consider it from different customer segments, the team business actually performed really well right through the quarter. And so the team's offering and the strength in the small and medium business was great.

當您從不同的客戶群中考慮時，團隊業務實際上在整個季度都表現得非常好。因此，該團隊的產品和中小型企業的實力非常強大。

Enterprise, we actually actively redirected and pivoted the team to think about video and Frame and how we were continuously selling it. As I said, it closed early in the quarter. And so Enterprise had the traditional Q4 strength as well that we normally expect.

企業版，我們實際上積極地重新引導和調整團隊來思考視頻和框架以及我們如何持續銷售它。正如我所說，它在本季度早些時候關閉。因此，Enterprise 也具有我們通常預期的傳統 Q4 實力。

The individual demand was actually fairly strong right through the year. As Dan mentioned, maybe the one slight change is that as you think about what's happening with online shopping, while we continue to see demand up and to the right, we perhaps did not see as much of the spike as you would have perhaps seen traditionally in either the Black Friday or the Cyber Monday weeks. But apart from that, strength and demand continues to be strong. And clearly, we factored that into our guidance for fiscal 2022, which is the strongest ARR guide that we've ever guided to.

全年的個人需求實際上相當強勁。正如丹所說，也許一個微小的變化是，當您考慮在線購物正在發生的事情時，雖然我們繼續看到需求上升和向右，但我們可能沒有看到像傳統上看到的那樣多的峰值在黑色星期五或網絡星期一周。但除此之外，實力和需求繼續強勁。顯然，我們將這一點納入了我們對 2022 財年的指導，這是我們指導過的最強大的 ARR 指南。

I think as it relates to the product and the differentiation, maybe I'll have Scott touch on that, and then David can certainly speak to other issues of the business.

我認為，由於它與產品和差異化有關，也許我會讓 Scott 談一談，然後大衛當然可以談論業務的其他問題。

Sure. In terms of product differentiation for Creative Cloud, I mean what a year we had. We delivered some of the mind-blowing Adobe Magic throughout our actual Pro products, neuro filters in Photoshop, for example, a lot of the collaboration features. And we really made a proclamation that Creative Cloud going forward will be as much about collaboration as it is about creativity, which if you think about it, invites many more stakeholders of creativity into the fold. And that's what we're seeing across all of our enterprise as well as small businesses. Everyone wants to be a stakeholder and have a say and be able to jump in and give feedback. And so we're building our products for the future to enable that.

當然。就 Creative Cloud 的產品差異化而言，我的意思是我們的一年。我們在實際的 Pro 產品中提供了一些令人興奮的 Adobe Magic，例如 Photoshop 中的神經過濾器，以及許多協作功能。我們確實宣布，Creative Cloud 的發展將與創造力一樣重要，如果您考慮一下，它會邀請更多的創造力利益相關者參與其中。這就是我們在所有企業和小型企業中看到的情況。每個人都想成為利益相關者，有發言權，能夠參與並提供反饋。因此，我們正在為未來構建我們的產品以實現這一目標。

I also want to mention, of course, last week, we launched Creative Cloud Express. This is just the start of an amazing new chapter for us. We've had a number of products in the market in our incubation zone, we call it, as we learn about how to really fulfill our mission of creativity for all. And now we've galvanized on all of the learnings, all of the signals, and we just couldn't be more excited about the new journey we're on here with that product in particular.

當然，我還想提一下，上週我們推出了 Creative Cloud Express。對我們來說，這只是一個驚人的新篇章的開始。我們在孵化區的市場上有許多產品，我們稱之為孵化區，因為我們了解如何真正實現我們為所有人創造的使命。現在我們已經激發了所有的學習，所有的信號，我們對我們在這里特別是該產品的新旅程感到非常興奮。

And I'm happy to add a little bit more from the business perspective as well. All the innovation that Scott's talked about and has been driving, one of the big things that you have to recognize is that it's really what's driving the TAM growth that Ann talked about earlier, both in terms of expanding the base of people we can access with something like Creative Cloud Express and also increasing the value that we're providing to our Creative Pro base.

我也很高興從業務角度添加更多內容。 Scott 談到並一直在推動的所有創新，你必須認識到的一件大事是，這確實是推動 Ann 之前談到的 TAM 增長的原因，無論是在擴大我們可以接觸的人的基礎方面諸如 Creative Cloud Express 之類的東西，也增加了我們為 Creative Pro 基礎提供的價值。

So as you start looking at where we're going with the business, we're building on the momentum. As we talked about, we had 2 -- almost $2 billion of net new ARR added in FY '21. We had our strongest guide ever, and it's really on the back of that. One more thing with regard to Creative Cloud Express and how that will start to drive opportunity for us. It can start by actually adding a lot of new users to the franchise. One of the things that we've been doing a phenomenal job with, and I think this expands, is bringing new users to Adobe, getting them successful with what they're doing, and then start to mature them up the value curve into Creative Cloud subscription or now Creative Cloud Express subscription.

因此，當您開始關注我們的業務發展方向時，我們正在發展勢頭。正如我們所說，我們在 21 財年增加了 2 - 近 20 億美元的淨新 ARR。我們有我們有史以來最強大的指南，它真的在它的背後。關於 Creative Cloud Express 的另一件事以及它將如何開始為我們帶來機會。它可以從為特許經營權添加大量新用戶開始。我們一直在做的一件非凡的工作，我認為這會擴大，就是為 Adobe 帶來新用戶，讓他們在所做的事情上取得成功，然後開始讓他們在價值曲線上成熟，成為 Creative雲訂閱或現在的 Creative Cloud Express 訂閱。

But we're also making this available to all Creative Cloud customers. This is something that we see a lot of Creative Cloud customers occasionally want speed and content first development. For those users, we see the opportunity to really drive higher engagement and retention, even beyond where we already are.

但我們也向所有 Creative Cloud 客戶提供此功能。這是我們看到很多 Creative Cloud 客戶偶爾想要速度和內容優先開發的東西。對於這些用戶，我們看到了真正提高參與度和留存率的機會，甚至超出了我們現有的水平。

And then as you start to have more plans that are separated for the kinds of things people want to do, it gives us the opportunity to drive more price optimization across the lines as well. So we're very excited about where we're heading and what this really adds to the mix we have.

然後，隨著您開始針對人們想要做的事情制定更多計劃，這也使我們有機會推動更多的價格優化。所以我們對我們的前進方向以及這真正增加了我們所擁有的組合感到非常興奮。

And our next question will come from Alex Zukin with Wolfe Research.

我們的下一個問題將來自 Wolfe Research 的 Alex Zukin。

Maybe I'll go a little bit more direct because we're getting a lot of questions from investors. If I look at the guide, if I look at the performance of this ARR quarter, and we assume that Frame.io was not in the guide. It's the first time, I think, ever that you've actually not outperformed your guidance for the quarter. And so I realized that there are definitely worth some issues in Q4 that may have impacted that.

也許我會更直接一點，因為我們從投資者那裡收到了很多問題。如果我查看指南，如果我查看本 ARR 季度的表現，我們假設 Frame.io 不在指南中。我認為，這是你第一次實際上沒有超過本季度的指導。所以我意識到第四季度肯定有一些問題可能會影響到這一點。

So just give us a sense of mix. Like what -- now it's the back of the year and you had looked back at COVID impacts both in the first half and the second half, the holiday season. How should we think about the confidence in your buy for next year vis-a-vis your historical cadence or explore that kind of seasonality?

所以只是給我們一種混合的感覺。就像什麼——現在是年末了，你回顧了上半年和下半年假期的 COVID 影響。我們應該如何考慮您對明年購買的信心相對於您的歷史節奏或探索這種季節性？

Yes, Alex, I mean I'll take that. And if you think about it, first, as you know, people who've covered us for a long time, we take our guidance very seriously. And let me maybe roll back a little bit to what we accomplished in 2020 and then how we guided for 2021.

是的，亞歷克斯，我的意思是我會接受的。如果您考慮一下，首先，如您所知，長期報導我們的人，我們非常重視我們的指導。讓我回想一下我們在 2020 年取得的成就，然後是我們如何指導 2021 年。

As you know, we guided a little bit below what our 2020 guidance was in 2021 when we started. And we certainly outperformed that guidance as it relates to Digital Media ARR accomplishment in 2021. And if you look at how we've guided for 2022, it's actually a little bit closer to our 2021 guide as a starting point. And so clearly, we continue to be incredibly optimistic associated with the underlying strength of the business. The overall need for creativity just continues.

如您所知，我們的指導略低於我們開始時 2021 年的 2020 指導。我們當然優於該指南，因為它與 2021 年數字媒體 ARR 成就有關。如果您看看我們如何為 2022 年提供指導，它實際上更接近我們的 2021 年指南作為起點。很明顯，我們繼續對業務的潛在實力持難以置信的樂觀態度。對創造力的總體需求仍在繼續。

We don't believe in any way, shape or form, there were sort of pull-ins, and I know that sort of exists for other companies. We just continue to see secular strength and some of the new initiatives that we have underway. I mean we've really pivoted the team to be thinking about enterprise and video. We have Creative Cloud Express. The usage is going to build dramatically. We already have the largest communicator business, I think, among the creative community. So we're incredibly optimistic about how that business looks.

我們不相信任何方式，形狀或形式，有某種拉入，我知道其他公司也存在這種情況。我們只是繼續看到世俗的力量和我們正在進行的一些新舉措。我的意思是，我們確實讓團隊開始考慮企業和視頻。我們有 Creative Cloud Express。使用量將急劇增加。我認為，在創意社區中，我們已經擁有最大的傳播者業務。因此，我們對該業務的外觀非常樂觀。

And then if you look at it from a quarterization perspective. Again, let's just go back and look at what we guided in Q1 of 2021. As you know, when we guided to a number, we were factoring in the $24 million that we outlined was an additional part of what we accomplished as part of the 13 versus 14 week. And so if you look at it, it's very much in line. In other words, the trends of the business continue, and the optimism in the business continues. So that's how I would think about it, Alex.

然後，如果您從四分之一的角度來看它。再一次，讓我們回顧一下我們在 2021 年第一季度的指導。如您所知，當我們指導一個數字時，我們考慮到了我們概述的 2400 萬美元，這是我們作為13 對 14 週。所以如果你看它，它非常符合。換句話說，業務的趨勢仍在繼續，業務的樂觀情緒仍在繼續。這就是我的想法，亞歷克斯。

That's super helpful. And then maybe just one for Anil on CDP. The last time we talked about the CDP product, I think you talked about it being -- surpassing the $100 million in ARR margin. Clearly, both are, from your commentary, it sounds like, a, it continues to perform really, really well. And it's really a growth balance for the entire digital experience business. Where are we with that business today? Is there any way to dimensionalize the pace at work for the growth trajectory from an ARR perspective?

這非常有幫助。然後可能只是 CDP 上的 Anil 之一。上次我們談論 CDP 產品時，我想你談到它是——超過 1 億美元的 ARR 利潤率。顯然，兩者都是，從你的評論來看，聽起來，a，它繼續表現得非常非常好。這確實是整個數字體驗業務的增長平衡。我們今天的業務在哪裡？有沒有辦法從 ARR 的角度來衡量增長軌蹟的工作節奏？

Yes. We see a lot of momentum. The market, clearly, customers are looking at us and saying, they have the right vision and we have the right product to really think about a range of use cases that's supported by the Adobe Experience platform. And we've done a really nice job of integrating our applications with the Adobe Experience Platform so that you were able to populate the data from our analytics platform and then use the data for activation across all kinds of channels.

是的。我們看到了很多勢頭。顯然，市場上的客戶正在看著我們說，他們有正確的願景，我們有正確的產品來真正考慮 Adobe Experience 平台支持的一系列用例。我們在將我們的應用程序與 Adobe Experience Platform 集成方面做得非常好，因此您能夠從我們的分析平台填充數據，然後使用這些數據在各種渠道中進行激活。

So in terms of scale, in terms of performance, in terms of the range of use cases, data governance, et cetera, it's really enterprise-ready right now. And enterprises are beginning to see that this is at the heart of their digital experience and their digital customer engagement. So we feel like we're in a really good place right now with that.

因此，在規模、性能、用例範圍、數據治理等方面，它現在真的是企業級的。企業開始意識到這是他們數字體驗和數字客戶參與的核心。所以我們覺得我們現在處於一個非常好的地方。

Up next, we will hear from Keith Weiss with Morgan Stanley.

接下來，我們將聽取摩根士丹利的 Keith Weiss 的來信。

I wanted to dig a little bit into -- I think, David, you started to getting answer this with the positioning of Express and how we should think about that. How does the Express positioning relates to kind of what you guys were trying to do with Spark and those mobile offerings in terms of an entry ramp? Is it kind of in between those 2? To what extent should we think about this as defensive to some of the emerging competitors that are ramping up in the marketplace?

我想深入一點——我想，大衛，你開始用 Express 的定位來回答這個問題，以及我們應該如何思考這個問題。就入門坡道而言，Express 定位與你們試圖用 Spark 和那些移動產品做的事情有什麼關係？是不是介於這兩者之間？我們應該在多大程度上認為這對市場上正在崛起的一些新興競爭對手具有防禦性？

And is there any risk of downshifting of the existing Creative Cloud customers who need a lighter rate solution? Now here's a cheaper offering, if you will. Is there any potential that you can see some downshifting within the base of people trying to price optimize there? Or to the contrary, does this allow you to sort of pull price up on the core creative cloud? Can you just help us with those kind of questions on the positioning around the portfolio now?

現有 Creative Cloud 客戶需要更輕的費率解決方案，是否存在降檔風險？如果你願意的話，現在這裡有一個更便宜的產品。您是否有可能在嘗試在那裡進行價格優化的人群中看到一些降檔？或者相反，這是否允許您在核心創意云上拉高價格？您現在可以幫助我們解決有關投資組合定位的這些問題嗎？

Maybe I'll start, Keith, and then David, certainly, you can add to it. If you take a step back, I think this just speaks to the enormous opportunity that exists for creators. And if you look at our offerings already today, Keith, I mean, we have an incredible diversity of offerings. We have Photoshop Express on mobile that's doing great as it relates to the ARR. And we have the Creative Cloud product that also allows now the substance 3D products, that's probably the most expensive.

也許我會先開始，Keith，然後是 David，當然，你可以添加它。如果你退後一步，我認為這只是說明了創作者存在的巨大機會。如果您今天已經查看了我們的產品，Keith，我的意思是，我們的產品種類繁多。我們在移動設備上有 Photoshop Express，它與 ARR 相關，效果很好。我們有 Creative Cloud 產品，現在也允許實體 3D 產品，這可能是最昂貴的。

And so I think with online and our DDOM, we now have absolutely the ability to target and personalize our offerings against a broader set of customers and to make sure that we make it all net positive and net from a customer satisfaction as well as a net positive from the ARR that we accomplished.

因此，我認為通過在線和我們的 DDOM，我們現在絕對有能力針對更廣泛的客戶群定位和個性化我們的產品，並確保我們從客戶滿意度和淨值中獲得淨正面和淨值。從我們完成的 ARR 來看是積極的。

A couple of other things. I mean first, our creative business with the communicator segment is already the largest creative business in the world. I mean, when you think about what's happening with Photoshop or Lightroom or the Express set of products. And I think what Express really does is it actually adds value to every single creative cloud subscriber. I mean they are creative cloud subscribers who are incredibly proficient in video who sometimes want to do a quick flyer associated with it. And so I think this brings more and more and more people into the fold. It's similar, frankly, to what we've done with the Document Cloud, where when you think about what's happening with this organic demand that we've created for PDF. And so net-net, I think it's accretive.

其他幾件事。我的意思是，首先，我們在傳播器領域的創意業務已經是世界上最大的創意業務。我的意思是，當您考慮 Photoshop 或 Lightroom 或 Express 產品集發生的事情時。我認為 Express 真正做的是它實際上為每個創意云用戶增加了價值。我的意思是他們是富有創造力的雲訂閱者，他們非常精通視頻，有時還想做一個與之相關的快速傳單。所以我認為這會讓越來越多的人加入進來。坦率地說，它類似於我們對 Document Cloud 所做的事情，當您考慮我們為 PDF 創建的這種有機需求時正在發生什麼。所以net-net，我認為它是增值的。

And then I'll hand it over to David to speak specifically about how this might roll out, but it is actually an enabler for us, and it unifies, frankly, all of the different creative offerings that we've already had for the communicator segment.

然後我將把它交給大衛，具體談談這可能如何推出，但它實際上是我們的推動力，坦率地說，它統一了我們已經為傳播者提供的所有不同的創意產品分割。

Yes. Just adding to that, we look at this as a really pivotal moment in terms of our ability to fulfill a need that we know our customers have. If you think back to what we talked about earlier, we have 400 million IDs that have been created on mobile devices already. we have 600 million monthly active users across our digital media products that are not creative professionals. And Creative Cloud Express represents an opportunity to give all of them something that we can onboard them to in an effective way.

是的。除此之外，我們認為這是一個非常關鍵的時刻，我們有能力滿足我們知道客戶的需求。如果您回想一下我們之前談到的內容，我們已經在移動設備上創建了 4 億個 ID。我們的數字媒體產品每月有 6 億活躍用戶，這些用戶不是創意專業人士。 Creative Cloud Express 代表了一個機會，可以為他們所有人提供一些我們可以以有效的方式讓他們接受的東西。

As Shantanu also talked about, one of the things that we find really exciting about this is that our Creative Cloud base as well is looking for sometimes -- often, they're looking for the power and precision of our creative flagship applications. But sometimes, they just want a velocity-driven, content-first creation model, too. And by giving Creative Cloud Express to most of our Creative Cloud plans, we expect to drive even higher engagement and retention there.

正如 Shantanu 還談到的，我們發現真正令人興奮的一件事是，我們的 Creative Cloud 基礎有時也在尋找——通常，他們正在尋找我們創意旗艦應用程序的功能和精度。但有時，他們也只是想要一個速度驅動、內容優先的創建模型。通過將 Creative Cloud Express 提供給我們的大部分 Creative Cloud 計劃，我們希望在那裡推動更高的參與度和保留率。

And the last thing I want to say is that this fundamentally expands how we think about our go-to-market motion. We have talked for the last many years about our data-driven operating model and how that drives our ability to pull and acquire users, bring them into our acquisition funnels. With product-led growth because of our increasing investment in mobile and web, we have the ability to do a lot more quick iteration and optimize the user journey, so that conversion of that 600 million mile into paid and premium customers, and engagement with them continues.

我想說的最後一件事是，這從根本上擴展了我們對上市運動的看法。在過去的許多年裡，我們一直在談論我們的數據驅動運營模式，以及它如何推動我們拉動和獲取用戶的能力，將他們帶入我們的獲取渠道。由於我們在移動和網絡方面的投資不斷增加，以產品為主導的增長，我們有能力進行更快的迭代並優化用戶旅程，從而將這 6 億英里轉化為付費和高級客戶，並與他們互動繼續。

And the last thing I will say is that I don't think you can look at this market as you've got nonprofessionals and professionals. We have a lot of nonprofessionals that really want to use the power and precision of Creative Cloud. And so we look at this as this ongoing seamless journey from the first time you come and you want to do something with creative expression, you can do it for free with Creative Cloud Express. We then move you up that chain so you have the premium content and availability of the premium features and content in Creative Cloud Express paid plan. And then we see people are able to actually move all the way up to the power and precision of Creative Cloud. So it's really a seamless end-to-end journey.

我要說的最後一件事是，我認為你不能看這個市場，因為你有非專業人士和專業人士。我們有很多非常想使用 Creative Cloud 的強大功能和精確度的非專業人士。因此，我們將其視為從您第一次來的持續無縫旅程，並且您想通過創意表達做某事，您可以使用 Creative Cloud Express 免費完成。然後，我們將您移到該鏈上，以便您在 Creative Cloud Express 付費計劃中獲得優質內容和優質功能和內容的可用性。然後我們看到人們能夠真正提升到 Creative Cloud 的強大功能和精度。所以這真的是一個無縫的端到端旅程。

Got it. And is that what you're talking about when you mentioned price optimization? Is it just having more tiering within that pricing?

知道了。當您提到價格優化時，這就是您所說的嗎？它只是在這個定價中有更多的分層嗎？

Yes. Certainly, Keith. We've talked about price optimization being it. I mean, for the first time, as you saw with the 3D products, we did not include it as part of Creative Cloud all applications because of the value. But certainly, I think as we get a better feel for all of the different offerings that we have, there are some offerings that are probably underpriced relative to the value that they're providing.

是的。當然，基思。我們已經談到了價格優化。我的意思是，正如您在 3D 產品中看到的那樣，我們第一次沒有將它作為 Creative Cloud 的一部分包含在所有應用程序中，因為它具有價值。但可以肯定的是，我認為當我們對我們擁有的所有不同產品有了更好的感覺時，有些產品的價格可能相對於它們所提供的價值被低估了。

But our focus just continues to be attract more people to the platform and deliver more product value. Scott, were you going to add something on Creative Cloud?

但我們的重點只是繼續吸引更多人使用該平台並提供更多產品價值。 Scott，你打算在 Creative Cloud 上添加一些東西嗎？

Well, I was just going to say, I mean, I think, David, you covered certainly the opportunity for Creative Cloud Express for the broader franchise. But one of the very exciting things that we've learned over the last few years is really around the distinct customer needs that were just not covered, frankly, by Spark or Photoshop Express, other things we were doing or other kind of competitive tools out there. And I just wanted to share a few of those because I think they're really relevant.

好吧，我只是想說，我的意思是，我認為，大衛，你肯定涵蓋了 Creative Cloud Express 獲得更廣泛特許經營權的機會。但是，我們在過去幾年中學到的一件非常令人興奮的事情實際上是圍繞著不同的客戶需求，坦率地說，Spark 或 Photoshop Express、我們正在做的其他事情或其他類型的競爭工具都沒有涵蓋這些需求那裡。我只是想分享其中的一些，因為我認為它們真的很相關。

I mean first of all, we're seeing a lot of these customers that come in, wanting to make something with a template. They want to be able to go further. So our product team is actually very excited about the prospect of a customer being able to make something and then take it to the next level using one of our more pro-ish applications like Photoshop or Illustrator.

我的意思是首先，我們看到很多這樣的客戶進來，想要用模板製作東西。他們希望能夠走得更遠。因此，我們的產品團隊實際上對客戶能夠使用我們更專業的應用程序（如 Photoshop 或 Illustrator）製作某些東西並將其提升到一個新水平的前景感到非常興奮。

Also the desire for artificial intelligence. A lot of customers come in from small businesses, et cetera, and they have an idea of what they want to make, but they want some assistance in making something remarkable. They want fonts to be recommended to them. They want colors that will perform better on social media. And so we have an opportunity to do that.

還有對人工智能的渴望。許多客戶來自小企業等，他們對自己想要做什麼有一個想法，但他們需要一些幫助來做出非凡的事情。他們希望向他們推薦字體。他們想要在社交媒體上表現更好的顏色。所以我們有機會這樣做。

And then finally, the idea of a multimedia editor was another really important insight for us in the development of Creative Cloud Express. Because what we learned is that while a lot of customers come in through the top of the funnel because they want to make a flyer, they want to edit a video, they want to edit an image. When they come in, they actually realize, maybe I'll add some animation, maybe I'll add some sound. And before you know it, it's a multimedia creation. And so we're very much building Creative Cloud Express, not just for where the customer is now, but where we see the market going. People are going to want to stand out with their media, and that's something that I believe Adobe can uniquely deliver with this product.

最後，多媒體編輯器的想法是我們開發 Creative Cloud Express 的另一個非常重要的見解。因為我們了解到，雖然很多客戶是通過渠道頂部進入的，因為他們想製作傳單，他們想編輯視頻，他們想編輯圖像。當他們進來時，他們實際上意識到，也許我會添加一些動畫，也許我會添加一些聲音。在不知不覺中，它是一種多媒體創作。因此，我們非常努力地構建 Creative Cloud Express，不僅針對客戶現在所在的位置，還針對我們看到的市場走向。人們會希望通過他們的媒體脫穎而出，而我相信 Adobe 可以通過該產品獨特地提供這一點。

Up next, we'll hear from Kirk Materne with Evercore ISI.

接下來，我們將聽取 Evercore ISI 的 Kirk Materne 的來信。

Anil, I was wondering if you could just talk a little bit more about some of the strength you're seeing in the enterprise side on the Experience Cloud front. Obviously, RPO was really strong. I assume a lot of that strength came from the Experience Cloud side.

Anil，我想知道您能否多談談您在 Experience Cloud 前沿的企業方面所看到的一些優勢。顯然，RPO 非常強大。我認為很多優勢來自 Experience Cloud 方面。

And what continues into next year? Because when you look at the fiscal '22 guide, obviously, B cells, I assume some of that's just Workfront being anniversaried. But could you just kind of tell us what you're sort of assuming continues in respect to the business this year going into next year? Like what has momentum in that business that you feel good about? And what are some of the potential points of leverage in terms of upside next year?

什麼繼續到明年？因為當您查看 22 財年指南時，顯然是 B 細胞，我認為其中一些只是 Workfront 的周年紀念。但是你能告訴我們你對今年到明年的業務的假設嗎？例如，您認為該業務有哪些發展勢頭？就明年的上行空間而言，有哪些潛在的槓桿點？

Well, we definitely see some of the tailwinds we saw during the pandemic continuing. And every company companies, B2C companies, B2B companies and companies that are experimenting with new business models, direct to consumer, for example, they're all starting to invest across the board in digital experience. And we see that play out across all of the categories that I laid out. Definitely with 1 view of the customer, a single view of the customer that carries through the unified profile that we have in the Adobe Experience platform, that is at the heart of all customer engagement. So if you kind of map it to how we think of our DDOM, everything from discover to try, to buy, to use, to renew, that whole journey needs a common unified profile so that you can deliver a consistent experience across all channels. And that's a major investment that all companies are making.

好吧，我們肯定會看到在大流行期間看到的一些順風仍在繼續。例如，每家公司公司、B2C 公司、B2B 公司和正在嘗試新商業模式的公司，直接面向消費者，他們都開始全面投資數字體驗。我們看到我列出的所有類別都在發揮作用。絕對有一個客戶視圖，一個客戶視圖，它貫穿我們在 Adobe Experience 平台中擁有的統一配置文件，這是所有客戶參與的核心。因此，如果您將其映射到我們對 DDOM 的看法，從發現到嘗試、購買、使用、續訂的所有內容，整個旅程都需要一個通用的統一配置文件，以便您可以在所有渠道上提供一致的體驗。這是所有公司都在進行的一項重大投資。

And so what we've been able to do is to really take advantage of all of the knowledge we have and the applications we have across all of these areas and populate that data in the Adobe Experience platform. And that gives us a clear head start with every company, and then say -- then opening it up by saying that it is open to developers, the data model is an open data model. It runs on top of a cloud so that it's horizontally scalable. That has really made it something that every enterprise of any size can use, but they can also get started in a particular geography or in a particular business unit or a customer segment and scale from there.

因此，我們能夠做的是真正利用我們擁有的所有知識以及我們在所有這些領域擁有的應用程序，並將這些數據填充到 Adobe Experience 平台中。這讓我們對每家公司都有一個清晰的開端，然後說 - 然後通過說它對開發人員開放，數據模型是一個開放的數據模型。它運行在雲之上，因此可以水平擴展。這確實使它成為任何規模的每個企業都可以使用的東西，但他們也可以在特定的地理位置或特定的業務部門或客戶群中開始並從那裡擴展。

So I'm really excited. I think across our categories, we definitely see a lot of strength. And more as we now see some of the trends that we've just talked about with the creative economy and so on, that will continue to add more use cases that will be built on top of the platform.

所以我真的很興奮。我認為在我們的類別中，我們肯定看到了很多優勢。隨著我們現在看到我們剛剛談到的創意經濟等的一些趨勢，這將繼續增加更多建立在平台之上的用例。

And Kirk, if I were to add a little bit more to that. I mean when you take a step back and think about what we've accomplished, we created the digital marketing category, and we said there's a much larger opportunity as it relates to this customer experience management.

還有柯克，如果我要再補充一點的話。我的意思是當你退後一步想想我們已經取得的成就時，我們創建了數字營銷類別，我們說與這種客戶體驗管理相關的機會要大得多。

The innovation that went into the building of the experience platform and the unification, frankly, of everything that Anil has talked about, whether it's content and commerce, whether it's data and insights, whether it's the marketing flow associated with Workfront, which is also doing well, there really isn't another company that enables somebody, whether you're the marketer, the Chief Revenue Officer, the Chief Digital Officer, to very quickly say, I want to get all my data, whether it's online or off-line, into one particular place. And even more important, to activate it. And so I think from my perspective, the momentum associated with having this unified platform and you can get customers really up and running so rapidly, that's pretty amazing.

體驗平台建設的創新和統一，坦率地說，Anil 談到的一切，無論是內容和商業，無論是數據和洞察力，還是與 Workfront 相關的營銷流程，這也在做好吧，真的沒有另一家公司能讓某人，無論你是營銷人員、首席營收官還是首席數字官，都能很快說，我想獲取我的所有數據，無論是在線還是離線, 到一個特定的地方。更重要的是，激活它。所以我認為，從我的角度來看，與擁有這個統一平台相關的動力，你可以讓客戶真正快速啟動並運行，這非常了不起。

The second thing I would say is that we've done a really good job with the Digital Strategy Group as well as what Anil had outlined earlier about these transformative accounts. And so again, as we shared in the data, the ability to sell multiple solutions, the ability to upsell, the ability to co-sell, I think that also gives us a lot of confidence that now we have the platform, we have the apps and services on it, we have the AI associated with it. And I think if you take a step back, there isn't a company that doesn't want to talk to us about, a, Adobe, how did you do it? And b, how do we really make sure that we can get this up and running and activate it faster.

我要說的第二件事是，我們在數字戰略小組以及 Anil 之前對這些變革性賬戶的概述方面做得非常好。同樣，正如我們在數據中分享的那樣，銷售多種解決方案的能力、追加銷售的能力、聯合銷售的能力，我認為這也給了我們很大的信心，現在我們擁有平台，我們擁有應用程序和服務，我們有與之相關的人工智能。而且我認為，如果您退後一步，沒有一家公司不想與我們討論，a，Adobe，您是如何做到的？ b，我們如何真正確保我們可以啟動並運行它並更快地激活它。

So I really hope in 2022, you'll see how we make increasing progress in terms of not only just the selling, but the provisioning and, frankly, the value realization. And I think we've done a good job on that front as well under Anil's leadership.

所以我真的希望在 2022 年，你會看到我們不僅在銷售方面，而且在供應方面，坦率地說，在價值實現方面都取得了越來越大的進展。我認為在阿尼爾的領導下，我們在這方面也做得很好。

Up next, we'll hear from Mark Moerdler with Bernstein Research.

接下來，我們將聽取 Bernstein Research 的 Mark Moerdler 的來信。

And congrats on the quarter and the year. I'd like to drill in a little bit because I'm getting a lot of questions, obviously. Dan, following up on your prepared presentation, you discussed test subscription to sustain 24% growth. And when you look at the overall guidance, I'd like -- help us better unpack what your puts and takes that are impacting for your -- specifically your digital media side and also on the experience side. But also if you can give us any sense on how much you're figuring FX to be a headwind in ARR and revenue, I'd much appreciate it.

並祝賀季度和年度。我想深入研究一下，因為很明顯，我收到了很多問題。丹，在您準備好的演講之後，您討論了測試訂閱以維持 24% 的增長。當您查看整體指導時，我想 - 幫助我們更好地解開您的投入和所採取的對您產生影響的內容 - 特別是您的數字媒體方面以及體驗方面。但是，如果您能告訴我們您認為 FX 在 ARR 和收入方面的阻力有多大，我將不勝感激。

Sure. I think the best place to start is underlying performance of the business. I think we're exposed to great market opportunities. Companies got the right strategy and performing well against those strategies.

當然。我認為最好的起點是業務的基本表現。我認為我們面臨著巨大的市場機會。公司製定了正確的戰略，並在這些戰略中表現出色。

As we think about performance in the current environment against that backdrop of good performance, we want to strip out noise in the 1-year look ahead set of numbers. And I think there's 2 things that we point to when we separate the noise from what's been communicated. First is FX. Second is the extra 53-week versus 52-week. And so let's go 1 layer deep in each of those.

當我們在良好表現的背景下考慮當前環境中的表現時，我們希望去除 1 年展望數據中的噪音。我認為當我們將噪音與所傳達的內容分開時，我們指出了兩件事。首先是外匯。其次是額外的 53 週與 52 週。所以讓我們在每一個中深入一層。

As we think about the 53 versus 52-week, that's about a 2% adder to growth for the overall company in fiscal '21. And as we window into fiscal '22, that's going to be about a 2-point headwind. Because that extra week occurred in Q1, and you look at Q1 FY '22, it's about a 7-point headwind from just that 1 extra week alone as we look 1 quarter forward.

當我們考慮 53 周和 52 週時，這對於 21 財年的整個公司來說大約增加了 2% 的增長。當我們進入 22 財年時，這將是一個 2 點的逆風。因為那額外的一周發生在第一季度，而你看一下 22 財年第一季度，僅從那一周的額外時間來看，我們向前看 1 個季度，這大約是 7 個百分點的逆風。

As we take a look at FX and we think about the currency moves. Not surprisingly, FX for our business over 2021 also added about a 2-point tailwind from a growth perspective, broadly speaking, across the business. As we look forward into the next year, it creates about a 1 point headwind given the recent moves that we've seen over the last couple of weeks -- I'm sorry, last couple of months of the dollar strengthening versus a variety of currencies around the globe. That gives you a sense of the magnitude of the moves from both of those 2 factors as we extract underlying performance from a bit of the noise we see.

當我們查看外匯並考慮貨幣走勢時。毫不奇怪，從廣義上講，從整個業務的增長角度來看，2021 年我們業務的外匯也增加了大約 2 個百分點的順風。當我們展望明年時，考慮到我們在過去幾週看到的近期走勢，它產生了大約 1 個百分點的逆風——對不起，過去幾個月美元走強對各種全球貨幣。當我們從我們看到的一些噪音中提取潛在性能時，這讓您了解這兩個因素的變化幅度。

If we were to go to 1 click further down and take a look at how both of those factors affect the Digital Media business versus the Digital Experience business. I would say from the 52 versus 53-week dynamic, you'll see more of that upside and more of that headwind from a growth standpoint impacting the DME business than you do the DX business. But it's just a slight difference between the 2 businesses, depending on how we engage commercially with our customers, and I can go into that in a little more detail if you'd like.

如果我們進一步點擊 1 次，看看這兩個因素如何影響數字媒體業務與數字體驗業務。我想說，從 52 週與 53 週的動態來看，從影響 DME 業務的增長角度來看，與 DX 業務相比，你會看到更多的上行空間和更多的逆風。但這只是兩家企業之間的細微差別，這取決於我們如何與客戶進行商業合作，如果您願意，我可以更詳細地介紹這一點。

On the FX side, you see a similar dynamic. You see slightly accentuated performance to the upside and downside tailwind and headwind from FX on the Digital Media business than you do on the DX business. It's a slight change, but you see a slight bias to the upside and downside of DME versus DX. I think that unpacks the numbers and gets to the true underlying performance of the company.

在外匯方面，您會看到類似的動態。與 DX 業務相比，您看到 FX 對數字媒體業務的上行和下行順風和逆風的表現略顯突出。這是一個微小的變化，但您會看到 DME 與 DX 的優勢和劣勢略有偏差。我認為這可以解開數字並了解公司真正的基本業績。

And as you take a step back and look at how our businesses have performed over the last couple of years, you'll see what we've just guided is about in line with where we've been for the last couple of years. So again, the company continues to perform pretty well.

當您退後一步，看看我們的業務在過去幾年的表現如何時，您會發現我們剛剛指導的內容與過去幾年的情況一致。同樣，該公司繼續表現良好。

And maybe, Mark, I'll just add a couple of things to that. First is, as Dan tells me, which is, first, welcome to the big leagues. And so I guess when you're $15 billion of revenue, it's neither practical, and it's, frankly, too expensive to hedge all the FX exposure that you were accustomed to maybe we're doing.

也許，馬克，我會添加一些東西。首先，正如丹告訴我的，首先，歡迎來到大聯盟。所以我猜當你有 150 億美元的收入時，這既不實用，而且坦率地說，對沖你已經習慣的所有外匯風險敞口可能太貴了，也許我們正在做。

So if you strip out that FX part, and if you think about ARR, just very tactically to be clear. What we do is we have an ARR at the beginning of the year. With the strength of the dollar in November, you could argue it's the hardest compare on a pure FX. And then we both devalue the beginning book of business on ARR, and then we are using that dollar rate for the ARR for the quarter.

因此，如果你去掉那個 FX 部分，並且如果你考慮 ARR，那麼在戰術上就很清楚了。我們所做的是在年初有一個 ARR。由於 11 月美元走強，您可以說這是純外匯最難比較的情況。然後我們都對 ARR 的初始業務賬簿進行貶值，然後我們使用該美元匯率計算本季度的 ARR。

And so then, again, if you think about it, at a $1.9 billion guide that we have for ARR, clearly, the underlying strength of business and the units, that is not what's impacting the business. So just I think that's the other way that I unpack what was the impact of FX as well as to specifically tell you how we take the dollar rate at the beginning of the year for the ARR calculation.

所以，再一次，如果你想一想，在我們為 ARR 制定的 19 億美元指南中，很明顯，業務和單位的潛在實力，這並不是影響業務的因素。所以我認為這是我解開外匯影響的另一種方式，並具體告訴你我們如何在年初使用美元匯率來計算 ARR。

That's extremely helpful. I really appreciate it. Dan, if you don't -- on the difference between the 2 business, can you drill in a little bit more why that extra week gets so much worse a little bit on digital...

這非常有幫助。對此，我真的非常感激。丹，如果您不了解這兩項業務之間的差異，您能否再深入研究一下，為什麼額外的一周在數字方面會變得如此糟糕……

Yes. So as you look at how we engage with customers, you engage with customers through adobe.com and other channels on a daily basis, and you're exposed to every single extra day of that week to the upside and the downside depending on which year you're in. On the DX business, the vast majority of our -- not the vast -- the majority of our revenues will get booked on a daily basis, but there are parts of that business that engage with customers on a monthly basis. And as you can imagine, when that extra week falls in a month and you engage with customers on a monthly basis, you won't see the upside or the downside on that business. So on a like-for-like basis, you'll see more of that dynamic float into the Digital Media business than you will the DX business.

是的。因此，當您查看我們如何與客戶互動時，您每天都通過 adobe.com 和其他渠道與客戶互動，並且您在一周中的每一天都面臨著上升和下降的風險，具體取決於哪一年在 DX 業務中，我們的大部分收入——而不是絕大多數——我們的大部分收入將每天被預訂，但該業務的某些部分每月與客戶互動.正如您可以想像的那樣，當額外的一周落在一個月內並且您每月與客戶互動時，您將看不到該業務的優勢或劣勢。所以在類似的基礎上，你會看到更多的動態流入數字媒體業務，而不是 DX 業務。

But again, as you think about a 2-point tailwind FX in FY '21 and a 1 point headwind in FY '22, you're talking about slight separation to the upside and downside and -- depending on which year you're in to this dynamic.

但同樣，當您考慮 21 財年的 2 點順風 FX 和 22 財年的 1 點逆風時，您所說的是上行和下行的輕微分離 - 取決於您所在的年份到這個動態。

Next, we'll hear from Gregg Moskowitz with Mizuho.

接下來，我們將聽到 Gregg Moskowitz 和瑞穗的消息。

One of your competitors in the document cloud space recently cited softening demand and execution issues. Naturally, your business is a lot broader than theirs, but have you seen any changes as it relates to customer engagement within Document Cloud?

您在文檔雲領域的一位競爭對手最近提到了需求疲軟和執行問題。當然，您的業務比他們的要廣泛得多，但是您是否看到與 Document Cloud 中的客戶參與相關的任何變化？

Gregg, we had a phenomenal quarter in Document Cloud. I think we had record net new ARR, $141 million in net new ARR for the Document Cloud, I think. The team has done a really good job of integrating that. So maybe I'll have David speak a little bit to how just integrating Sign as well into the Acrobat business as one of the verbs is really, I think, helping really make it more pervasive. David?

Gregg，我們在 Document Cloud 中度過了一個非凡的季度。我認為我們有創紀錄的淨新 ARR，我認為 Document Cloud 的淨新 ARR 為 1.41 億美元。團隊在整合這一點方面做得非常好。所以也許我會讓 David 稍微談談如何將 Sign 以及作為動詞之一整合到 Acrobat 業務中，我認為，這確實有助於使其更加普及。大衛？

Yes. As Shantanu said, we're very excited about the momentum we see in the Document Cloud business as a whole. We have -- we benefit from this incredible reach we have. As I mentioned earlier, between our inside sales folks and our reseller partners, really anyone that has a document need is coming and flowing into our funnel. And then certainly, with the benefit of the enterprise selling and the top down, we're able to go and have solution-oriented conversations with them.

是的。正如 Shantanu 所說，我們對整個 Document Cloud 業務的發展勢頭感到非常興奮。我們有——我們受益於我們擁有的這種令人難以置信的影響力。正如我之前提到的，在我們的內部銷售人員和我們的經銷商合作夥伴之間，真正需要文件的任何人都會湧入並流入我們的渠道。當然，借助企業銷售和自上而下的優勢，我們能夠與他們進行以解決方案為導向的對話。

But one of the key areas that we've been focused on over the last 12 months that have really been productive for us is to leverage our footprint in terms of our desktop applications, predominantly things like Reader across mobile, desktop and web, and drive awareness and utilization of our services through that. As I mentioned earlier, we saw an 85% year-over-year increase in terms of Adobe Sign transactions that were successfully completed or initiated in Acrobat. And you can expect to see us continue to do that. We want signatures and Adobe Sign to be available to anyone that uses Acrobat going forward, and we'll continue to double down on that strategy.

但是，在過去 12 個月中，我們一直關注的對我們真正富有成效的關鍵領域之一是利用我們在桌面應用程序方面的足跡，主要是跨移動、桌面和 Web 的閱讀器和驅動器通過這種方式了解和利用我們的服務。正如我之前提到的，我們看到在 Acrobat 中成功完成或啟動的 Adobe Sign 交易同比增長了 85%。您可以期待看到我們繼續這樣做。我們希望今後任何使用 Acrobat 的人都可以使用簽名和 Adobe Sign，我們將繼續加倍努力實施這一策略。

And maybe just one last thing to add on that, Gregg. I mean, one of the exciting things that, again, I think the team has done is now this extension that we have in Chrome as well as what we are doing, and we announced the extension of the partnership with Microsoft.

格雷格，也許只是最後一件事要補充。我的意思是，我認為團隊所做的令人興奮的事情之一就是現在我們在 Chrome 中擁有的這個擴展以及我們正在做的事情，我們宣布擴展與微軟的合作夥伴關係。

So again, I think the distribution of Adobe PDF with all the magic that we have with liquid mode in mobile and Sign. I think that just really enables us given we have the APIs and the developer motions to really even further extend that. But this notion of automating document workflows is just going to continue to go up into the right.

再說一次，我認為 Adobe PDF 的分發具有我們在移動設備和 Sign 中的流動模式所擁有的所有魔力。我認為，鑑於我們擁有 API 和開發人員的動議，可以真正進一步擴展它，這確實使我們能夠做到這一點。但是這種自動化文檔工作流程的概念只會繼續上升到正確的位置。

That's terrific. And then a quick one for Dan. You spoke about FX and the extra week a moment ago, but how much is an increased or a more normalized level of T&E expected to impact your operating margin in fiscal '22? How should we think about that?

那太好了。然後是丹的一個快速的。您剛才談到了外彙和額外的一周，但是預計 T&E 的增加或更正常化的水平會對您在 22 財年的營業利潤率產生多大影響？我們應該怎麼想？

Yes. So as I think we look into 2022, we, in the prepared comments, talked about as the world begins to open up, we're going to get on airplanes, we're going to spend time with customers. You'll see some of the facilities costs come back. This is about growing and scaling our business and engaging with customers and solving their highest value problems. So you will see some of those costs come back, and that's reflected in our guide.

是的。因此，當我認為我們展望 2022 年時，我們在準備好的評論中談到，隨著世界開始開放，我們將乘坐飛機，我們將與客戶共度時光。你會看到一些設施成本回來了。這是關於發展和擴展我們的業務，與客戶互動並解決他們最有價值的問題。所以你會看到其中一些成本回來了，這反映在我們的指南中。

And so when we take a look at the opportunity in front of us and we think about the runway for growth, we think about how well we're positioned in each of our respective businesses, and we think about where the world is going and the key enablement role we, as a company, can play to enable that digitization of the world, we're going to invest for growth. We're going to invest in market-leading and defining products. And we're going to continue to lead the way we've done in the past. So you'll see some of that complement the investments we're going to make.

因此，當我們審視擺在我們面前的機會並考慮增長的跑道時，我們會考慮我們在各自業務中的定位如何，我們會考慮世界的發展方向和作為一家公司，我們可以發揮關鍵的支持作用，以實現世界的數字化，我們將投資增長。我們將投資於市場領先和定義性的產品。我們將繼續引領我們過去所做的方式。所以你會看到其中一些補充了我們將要進行的投資。

And then as you think about the Adobe Experience Platform and you think about Creative Cloud Express, we're going to invest in sales and marketing to grow and scale those businesses globally. So we're going to be oriented to growth, and you'll see that reflected in both the performance and the decision-making going forward.

然後，當您想到 Adobe Experience Platform 和 Creative Cloud Express 時，我們將投資於銷售和營銷，以在全球範圍內發展和擴展這些業務。所以我們將以增長為導向，你會看到這反映在未來的績效和決策中。

And up next, we'll hear from Brent Thill with Jefferies.

接下來，我們將聽取 Jefferies 的 Brent Thill 的來信。

Dan, welcome to the team. Just on the margin side, I mean, I think we all understand your margins have gone up 590 basis point the last 3 years. So tapping the air brakes a little bit on margin makes sense. But when you think about the long-term trajectory still for Adobe on the margin, do you believe you're capped in the mid-40s? Or you still believe, long term, the margins to trend more towards 50? An adequate follow-up to Shantanu.

丹，歡迎加入團隊。就保證金方面而言，我的意思是，我想我們都理解您的保證金在過去 3 年中上漲了 590 個基點。因此，稍微踩一下空氣製動器是有道理的。但是，當您考慮 Adobe 的長期發展軌跡時，您認為自己的上限是 40 年代中期嗎？或者你仍然相信，從長遠來看，利潤率會更接近 50？對 Shantanu 的充分跟進。

I think 60 comes after 50, Brent, if you're thinking about numbers on that scale. We have, as Dan said, such incredible opportunities. And one of the statistics that he showed, that was really, hopefully, Brent, and you know us, how we think about the business is, which is we are investing in these long-term really growth rates, but we've been able to do all these acquisitions and really do a fantastic job of keeping our margin.

我認為 60 是在 50 之後，布倫特，如果你正在考慮這種規模的數字。正如丹所說，我們擁有如此難以置信的機會。他展示的統計數據之一，希望是布倫特，你知道我們，我們對業務的看法是，我們正在投資於這些長期的真正增長率，但我們已經能夠進行所有這些收購，並在保持我們的利潤方面做得非常出色。

And so I think it, again, is all about the growth opportunity. You know it. We have an unbelievable leverage model. And so the leverage model will demonstrate itself. And if you look at our 2022 targets, it actually continues to show a lot of optimism in what we can do. I think Frame.io is a little dilutive. And again, as we said, some of these things, the Experience Cloud and what we are doing with getting more experience cloud adoption globally, what we are doing around Document Cloud and Creative Cloud and Creative Cloud Express, I mean, we want to make sure that we are spending wisely and is the expert on attribution not just within the company but in the world, and so we'll continue to do it.

因此，我認為這再次與增長機會有關。你知道的。我們有一個令人難以置信的槓桿模型。因此，槓桿模型將展示自己。如果你看看我們的 2022 年目標，它實際上繼續表現出對我們能做的事情的樂觀態度。我認為 Frame.io 有點稀釋。再說一次，正如我們所說，其中一些東西，Experience Cloud 以及我們正在做的事情是在全球範圍內獲得更多的體驗雲採用，我們圍繞 Document Cloud 和 Creative Cloud 和 Creative Cloud Express 所做的事情，我的意思是，我們想要製作確保我們的支出是明智的，並且不僅在公司內部而且在世界範圍內都是歸因專家，因此我們將繼續這樣做。

But we do believe that -- and this is a question that you've also asked in the past, which is the value that customers are getting, is there an ability to continue to drive higher price offerings. And all of them are there. I mean we're just excited about all of these different things. But I won't count on 50 anytime soon right now. I'd rather count on accelerated growth, Brent.

但我們確實相信 - 這是您過去也問過的一個問題，即客戶獲得的價值，是否有能力繼續推動更高的價格產品。他們都在那裡。我的意思是我們只是對所有這些不同的事情感到興奮。但我現在不會很快指望 50 個。我寧願指望加速增長，布倫特。

Okay. Very clear. Shantanu, just for the quarter for just the guide, I think many of the analysts have asked this question, what happened in Q4. And this is not a quarter that we're all used to seeing from you. So from your perspective, is this just a digital digestion from a huge adoption we've seen in the last year? Is it Adobe execution? I don't think it's competitive, but I think many are still asking all of us the question throughout this Analyst Day, with the stock down, what happened from your perspective?

好的。非常清楚。 Shantanu，僅針對該季度的指南，我認為許多分析師都問過這個問題，即第四季度發生了什麼。這不是我們都習慣從你那裡看到的四分之一。所以從你的角度來看，這只是我們去年看到的大規模採用的數字消化嗎？是 Adobe 執行嗎？我不認為它具有競爭力，但我認為在整個分析師日期間，許多人仍在向我們所有人提出這個問題，隨著股價下跌，從你的角度來看發生了什麼？

Brent, so let me maybe again touch a little bit on the Adobe Digital Index and then I'll come back to our business. If you look at the Adobe Digital Index, what has clearly happened over the last 12 months, 18 months, even pre-pandemic, but certainly during the pandemic is there's more and more activity happening online. That is a secular trend that's actually not going to change. We see it. There's more energy, there's more traffic, there's more activity associated with what's going online.

布倫特，所以讓我再談談 Adobe 數字索引，然後我會回到我們的業務。如果您查看 Adobe 數字索引，則在過去 12 個月、18 個月甚至大流行前都清楚地發生了什麼事，但在大流行期間，肯定有越來越多的在線活動發生。這是一個實際上不會改變的長期趨勢。我們看到了。有更多的能量，有更多的流量，有更多與在線內容相關的活動。

If you look at what I think a lot of companies are looking at, the traditional spikes that you may have seen. A couple of weeks, the Black Friday week or the Cyber Monday week. I think those are maybe a little bit more muted because it's a little bit more of that traffic. You're seeing actually a steady growth as opposed to those spikes.

如果你看看我認為很多公司正在關注的東西，你可能已經看到了傳統的峰值。幾個星期，黑色星期五週或網絡星期一周。我認為這些可能會更加靜音，因為它的流量要多一點。您實際上看到的是穩定增長，而不是那些峰值。

So if I take a step back and think about our Digital Media business teams and the small and medium business, nice performance. If I look at the enterprise, as I said, traditional close to the quarter. If I look at the individual business, a little bit of those spikes that we would have seen, we did see growth. We did see growth in both of those weeks, but it was perhaps a little bit less than that. And then you're back to, again, the secular demand.

因此，如果我退後一步，想想我們的數字媒體業務團隊和中小型企業，表現不錯。正如我所說，如果我看一下企業，傳統上接近季度。如果我看一下單個業務，我們會看到一些峰值，我們確實看到了增長。這兩週我們確實看到了增長，但可能比這要少一些。然後你又回到了世俗的需求。

So as I think about the business. It's not about the long-term demand. It's not about the market leadership of our products. I think it's just a little bit of how maybe online shopping globally has changed a little bit in terms of what the experience is. So that's what I attribute it to.

因此，當我考慮業務時。這與長期需求無關。這與我們產品的市場領導地位無關。我認為這只是全球在線購物在體驗方面發生了一些變化的一點點。所以這就是我認為的原因。

And we're back on Q1, look at our guide and let's go execute against the opportunities that we have. So I'll really point to a little bit of those couple of weeks. And it's not just Adobe. It's certainly represented. If you look at the Adobe Digital Index and what we thought was the growth rate going to be for the entire community and how that got a little muted. So that's the way I would look at it.

我們回到第一季度，看看我們的指南，讓我們去執行我們擁有的機會。所以我真的會指出這幾週的一點點。不僅僅是 Adobe。它肯定是有代表性的。如果您查看 Adobe 數字索引，我們認為整個社區的增長率以及它是如何變得有點低迷的。所以這就是我看待它的方式。

Operator, we're coming up on the top of the hour. Let's take 2 more questions, please.

接線員，我們正趕上時間。請讓我們再回答2個問題。

Our next question will come from Brad Sills with Bank of America Securities.

我們的下一個問題將來自美國銀行證券公司的 Brad Sills。

Great. I wanted to double-click a little bit on the TAM expansion that you've seen from your perspective with the core creative professional into the market. I think 2 years ago, you had $15 billion, now you're forecasting $25 billion. Is there a certain persona that you think is driving a lot of that expansion in the TAM, just in the core business versus, say, a couple of years ago when you look forward towards the addressable market?

偉大的。我想雙擊一下您從核心創意專業人士的角度看到的 TAM 擴展進入市場。我認為 2 年前，你有 150 億美元，現在你預測 250 億美元。您認為是否有某種角色推動了 TAM 的大量擴張，只是在核心業務中，而不是幾年前，當您期待潛在市場時？

Yes. There are 3 things that are really driving that. First is just with the increased demand for content, we're seeing more creative professionals coming to the market. So we're seeing the base of people we can sell to as creative professionals continuing to grow.

是的。有 3 件事真正推動了這一點。首先是隨著內容需求的增加，我們看到越來越多的創意專業人士進入市場。因此，隨著創意專業人士的不斷壯大，我們可以向其銷售的人群基礎不斷壯大。

We also are able to provide more value. As people are trying to accelerate the velocity of content, they have to build content more quickly. So things that Scott and team are doing around the addition of collaboration, means that we are able to add more value. The Frame.io acquisition is a great example of that. But we've also added some core new collaborative capabilities to Creative Cloud itself.

我們也能夠提供更多的價值。隨著人們試圖加快內容的速度，他們必須更快地構建內容。因此，斯科特和團隊圍繞增加協作所做的事情，意味著我們能夠增加更多價值。 Frame.io 收購就是一個很好的例子。但我們還為 Creative Cloud 本身添加了一些新的核心協作功能。

And third is the emergence of these new content types. We've been all tracking the growth of 3D, but also now with the emergence of the Metaverse, we're starting to see more demand for new types of content. And if you look at the performance of substance 3D and the fact that, that business, as an example, grew 100% year-over-year, it shows you that the business and the growth that we're seeing is tracking to the TAM expansion that Ann talked about earlier.

第三是這些新內容類型的出現。我們一直在跟踪 3D 的發展，但現在隨著元宇宙的出現，我們開始看到對新型內容的更多需求。如果您查看實質 3D 的表現，以及該業務（例如，該業務同比增長 100%）這一事實，它表明我們所看到的業務和增長正在跟踪 TAM安之前談到的擴展。

Got it. Great. And one more if I could, please. With all the effort and work you've done integrating the suite for Experience Cloud between Magento and core CMS, now you have Workfront. Are there different entry points that the enterprise customers are starting with within that suite now that you've delivered on a more integrated offering there?

知道了。偉大的。如果可以的話，請再來一份。通過您在 Magento 和核心 CMS 之間集成 Experience Cloud 套件所做的所有努力和工作，現在您擁有了 Workfront。既然您已經在該套件中交付了更集成的產品，那麼企業客戶是否從該套件中開始使用不同的切入點？

Yes, absolutely. We are starting to see customers who start with commerce and now they want to have a much better web presence and they work with us on content management, and they want to focus on marketing agility and efficiency, and that leads to Workfront. So that's a different entry point that we see now.

是的，一點沒錯。我們開始看到從商業開始的客戶，現在他們希望擁有更好的網絡存在，他們與我們合作進行內容管理，他們希望專注於營銷敏捷性和效率，這導致了 Workfront。所以這是我們現在看到的不同的切入點。

We also see a number of our customers as they think especially about different patterns in commerce, B2B commerce, B2B2C commerce, et cetera, they are expanding from the content management presence they have with us and taking us up on our vision of making it a truly shoppable experience, and so that's starting to move in the other direction as well.

我們還看到我們的一些客戶，因為他們特別考慮商業、B2B 商業、B2B2C 商業等的不同模式，他們正在從與我們一起擁有的內容管理業務擴展，並接受我們的願景，使其成為真正可購物的體驗，因此也開始朝另一個方向發展。

And lastly, we'll hear from Kash Rangan with Goldman Sachs.

最後，我們將聽取高盛集團的 Kash Rangan 的來信。

The good thing about going last is I've got 3 minutes, and you're stuck with me for 3. I'm kidding. I'll try to make this brief. Shantanu and Dan, I was intrigued by your comment that you plan to double the size of the company to $30 billion and beyond that to $45 billion. And dovetailing that to Shantanu's observation that you're looking to accelerate as opposed to go for margin expansion, which is great. And with that construct in mind, and certainly, when I look at your guidance, it doesn't suggest any deceleration, but maybe a little bit of conservatism, if anything.

最後一個的好處是我有 3 分鐘的時間，而你卻被我困住了 3 分鐘。我在開玩笑。我會盡量把這個簡短。 Shantanu 和 Dan，我對你的評論很感興趣，你計劃將公司規模翻一番，達到 300 億美元，再到 450 億美元。這與 Shantanu 的觀察相吻合，即您希望加速而不是擴大利潤率，這很棒。考慮到這個結構，當然，當我查看您的指導時，它並沒有暗示任何減速，但如果有的話，可能有點保守。

If you could just talk about the levers in your business, Shantanu, that could cause the company to do better than expected or downside levers as well for fiscal '22, that would be great. But more longer term, if you look at metaverse, the concept of metaverse, and how Satya Nadella talks about the growth of the metaverse on the business side, how we work, a combination of virtual and presence, he outlines a view of the world that is fairly compelling. I'm curious how you thought about how Adobe is positioned for that world, the metaverse and the consumer context in enterprise virtual work context as laid out by Satya?

如果您可以談論您業務中的槓桿，Shantanu，這可能會導致公司在 22 財年的表現好於預期或下行槓桿，那就太好了。但從長遠來看，如果你看一下元節、元節的概念，以及薩蒂亞·納德拉如何談論元節在業務方面的發展、我們的工作方式、虛擬和存在的結合，他概述了一個世界觀這是相當有說服力的。我很好奇您是如何看待 Adobe 如何在 Satya 所闡述的企業虛擬工作環境中為那個世界、元界和消費者環境定位的？

Well, thanks for the question, Kash. And before I get to the metaverse, maybe the one thing we didn't quite cover is if you look at the big trends that people are talking about, Kash, the one thing we're maybe not in is EVs and batteries, right? So that's perhaps the one area of digital that Adobe is still not really involved in.

好吧，謝謝你的問題，卡什。在我進入元宇宙之前，也許我們沒有完全涵蓋的一件事是，如果你看看人們正在談論的大趨勢，Kash，我們可能沒有參與的一件事是電動汽車和電池，對吧？所以這也許是 Adobe 仍未真正涉足的一個數字領域。

As I think about web 3D and as I think about the metaverse, what it really means and implies is that things that you were accustomed to doing in the physical world, increasingly more and more of that, you're going to do in the virtual world. And so if you think about it that way, whether you're doing shopping, whether you're playing games, whether you're creating, co-creating with other people, whether you're expanding it, the aspect of creating all of that metaverse worlds, what a better company in the planet than Adobe to be able to do that. So that's at 1 dimension, which is this exponential need for content is only going to increase.

當我想到網絡 3D 和元宇宙時，它的真正含義和暗示是，你習慣於在物理世界中做的事情，越來越多，你將在虛擬世界中做世界。所以如果你這樣想，無論你是在購物，還是在玩遊戲，無論你是在創造，還是與其他人共同創造，無論你是在擴展它，創造所有那個元宇宙世界，在這個星球上比 Adobe 更好的公司能夠做到這一點。所以這是一維的，即對內容的這種指數需求只會增加。

I think the other way I think about what's happening in the metaverse, and if you think about it from that point of view, is where prior only physical goods in creativity were deemed worthy of buying, I think now, even all these virtual goods are going to have a value associated with it. And so when you think about what's happening with NFTs and blockchain. Again, Adobe, I think, is incredibly well positioned. We've already demonstrated some leadership in that with what we've done in Photoshop. And so I think the commerce aspects associated with not just large businesses, and we talked about the large businesses. But even individual businesses, I think Adobe is uniquely positioned.

我認為我思考虛擬世界中正在發生的事情的另一種方式，如果你從這個角度考慮，以前只有創造性的實物商品被認為值得購買，我認為現在，即使所有這些虛擬商品都是將有一個與之關聯的值。因此，當您考慮 NFT 和區塊鏈正在發生的事情時。再一次，我認為 Adobe 的定位非常好。我們已經通過我們在 Photoshop 中所做的工作在這方面展示了一些領導力。所以我認為商業方面不僅僅與大企業相關，我們還談到了大企業。但即使是個別企業，我認為 Adobe 也有獨特的定位。

I think opportunities like that, adobe is probably a little bit more conservative than others in order to -- in terms of putting it directly in our forecast for the year. But make no mistake. I mean, we're thinking about how these new opportunities, the fact that we bought a 3D company a while ago, the fact that we have Aero, and we're working with all of the OS providers in terms of thinking about augmented reality and virtual reality. We're absolutely in the middle of it. We're not just counting it in terms of what happens in terms of revenue off the top.

我認為像這樣的機會，adobe 可能比其他人更保守一些，以便將其直接納入我們對今年的預測。但不要搞錯。我的意思是，我們正在考慮這些新機會，我們不久前收購了一家 3D 公司的事實，我們擁有 Aero 的事實，我們正在與所有操作系統提供商合作考慮增強現實和虛擬現實。我們完全處於其中。我們不只是根據最高收入方面發生的情況來計算它。

But if you take even more of a step and go to your question associated with how do we think about the opportunity, I will actually say, Kash, as we were all preparing as a group to prepare this, we had so much material. And we were talking about how do we try and condense it.

但是，如果您採取更多步驟並提出與我們如何考慮機會相關的問題，我實際上會說，Kash，因為我們都在作為一個團隊準備這個，所以我們有很多材料。我們正在討論如何嘗試和濃縮它。

So I really hope you look at what Jonathan forced us to do, which is the deck has so much more information in it. We were trying to really provide sort of an abstract of all of that material. And I think it just reflects the interest that we have. I mean all 3 of our businesses, and let's go maybe digital experience. We've been talking about that for a while. And you're seeing just some tremendous adoption of our solutions in that. Digital is only going to go up and to the right, and I think Adobe is incredibly well positioned.

所以我真的希望你看看喬納森強迫我們做的事情，就是套牌裡有更多的信息。我們試圖真正提供所有這些材料的摘要。我認為這只是反映了我們的興趣。我的意思是我們所有的 3 項業務，讓我們來看看數字體驗吧。我們已經討論了一段時間了。你會看到我們的解決方案在這方面得到了極大的採用。數字只會向上和向右移動，我認為 Adobe 的定位非常好。

The real-time customer data platform, the experience platform, how we've unified our products, it actually reminds me of the really heavy lifting that we did many years ago, in what we did on our content creation tools with the unified profiles and the data and insights to deliver value to our customers. So it feels really good.

實時客戶數據平台，體驗平台，我們如何統一我們的產品，它實際上讓我想起了我們多年前所做的真正繁重的工作，在我們使用統一配置文件和數據和洞察力為我們的客戶創造價值。所以感覺真的很好。

I think what we are doing around Document Cloud, on the web, across surfaces, PDF, liquid mode in terms of the AI, we're really spending a lot of time thinking about how businesses are going to automate, what it means to have a hybrid work environment, which is clearly a big trend and really making sure that we unify that with respect to our innovation. So really fantastic job by the teams there across all surfaces.

我認為我們圍繞 Document Cloud、在網絡上、跨表面、PDF、在 AI 方面的流動模式所做的事情，我們真的花了很多時間思考企業將如何實現自動化，這意味著什麼混合工作環境，這顯然是一個大趨勢，並真正確保我們在創新方面將其統一起來。那裡的團隊在所有表面上的工作真是太棒了。

And certainly, Creative Cloud, the heritage of the company, this notion of everyone who has a story to tell, I actually tend to think of it as the web's now come alive. The web's now come alive. And perhaps one of the things we didn't talk about, the biggest asset, even on the web, is Adobe's file formats. So the ability to deal with the Photoshop file format. The ability to deal with Illustrator for logos. The ability to deal within Design, if you want to create these flyers. And actually for the creative community to participate in this massive community that's being created, we've done all the heavy lifting that now makes that magic possible. And we have a broader set of offerings than ever before in terms of being able to target people. Wherever you are in the world, we have pricing flexibility, and we have a DDOM that allows us to do it.

當然，Creative Cloud，公司的遺產，每個有故事要講的人的概念，我實際上傾向於認為它是網絡現在變得活躍起來。網絡現在變得活躍起來。也許我們沒有談論的一件事，最大的資產，即使在網絡上，也是 Adobe 的文件格式。所以處理Photoshop文件格式的能力。處理 Illustrator 徽標的能力。如果您想創建這些傳單，則可以在設計中進行處理。實際上，為了讓創意社區參與這個正在創建的龐大社區，我們已經完成了所有繁重的工作，現在讓這種神奇成為可能。就能夠針對人群而言，我們擁有比以往任何時候都更廣泛的產品。無論您在世界的哪個地方，我們都有定價靈活性，並且我們有一個 DDOM 允許我們這樣做。

So I just take a step back and look at it and say, "You know what? Adobe is really uniquely positioned." We have a fabulous team. We didn't talk enough about that. Certainly, my colleagues here and Dana, who's not on the stage, but our GC as an executive team as well as the 25,000 employees, don't take for granted what we have in terms of this motivated stuff.

所以我只是退後一步，看著它說，“你知道嗎？Adobe 的定位真的很獨特。”我們有一個很棒的團隊。我們對此談得不夠多。當然，我這裡的同事和不在舞台上的 Dana，但我們的 GC 作為一個執行團隊以及 25,000 名員工，並不認為我們在這些積極的東西方面所擁有的一切是理所當然的。

And so I just look at it and say, we're focused on top line growth. To the questions that Brent and others ask, we're always going to be focused on making sure that we have profitable growth and focus on the margin as well. But I think just uniquely excited about the opportunities that we have.

所以我只是看著它說，我們專注於收入增長。對於布倫特和其他人提出的問題，我們將始終專注於確保我們實現盈利增長並同時關注利潤率。但我認為對我們擁有的機會感到非常興奮。

The one thing I missed is unfortunately we're not all together. And please stay safe, stay healthy during this holiday season. I think that's the really important thing. But as a management team and as an employee base, I could not be more excited about the future that Adobe has.

我錯過的一件事是不幸的是我們並不在一起。在這個假期裡，請保持安全，保持健康。我認為這才是真正重要的事情。但作為一個管理團隊和一個員工群體，我對 Adobe 的未來感到無比興奮。

And so thank you very much all of you for joining us virtually, and thank you for the team for all of the work that went into the preparation. Have a nice day.

因此，非常感謝大家以虛擬方式加入我們，並感謝團隊為準備工作所做的所有工作。祝你今天過得愉快。