Adobe Inc (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喬納森·瓦斯。

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

早安，感謝各位今天參加我們的金融分析師會議。我是喬納森·瓦斯，歡迎大家參加我們的金融分析師會議。

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.

您應該已經收到一份新聞稿副本（我們於太平洋時間今天早上 5 點左右提交），以及一份我們發佈到投資者關係網站上的幻燈片副本。

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.

我希望今年有機會能與大家見面。目前，我很高興能再次與Adobe的領導團隊進行線上交流，我們今天為大家準備了精彩的節目。

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.

今天我們將以網路直播的形式進行現場演示，內容是我們在投資者關係網站上發布的長篇資訊資料的精簡版，其中包含您以往從Adobe獲取的所有資訊。今天我們將介紹其中的一部分投影片，最後進行問答環節。

Let's take a quick look at the agenda.

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 將首先致歡迎詞；隨後 Ann 將介紹 Adob​​e 的未來願景和策略。 Anil 將闡述我們的數位體驗策略，之後 David 將介紹數位媒體策略。接下來，於 10 月加入 Adob​​e 擔任財務長的 Dan Durn 將提供詳細的財務總結，並探討 Adob​​e 的長期策略。最後，Shantanu 將總結發言，分享他對長期發展機會的展望，之後我們將進入現場問答環節。

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.

在正式開始之前，我們提醒您，我們將提供的部分資訊包含前瞻性陳述，這些陳述存在風險和不確定性。實際結果可能與這些陳述有所不同，我們建議您查閱我們提交給美國證券交易委員會（SEC）的文件，以了解更多資訊。此外，我們將同時提供GAAP和非GAAP財務指標。您可以在Adobe投資者關係網站上查閱兩者的調節表。

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

現在我將把發言權交給 Adob​​e 的董事長兼執行長 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。歡迎參加本次2022年虛擬財務分析師會議。 Adobe在2021年又取得了卓越的成績。我為Adobe遍布全球的25,000名員工的奉獻精神和韌性感到無比自豪，他們為我們的客戶提供了突破性的技術。

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

首先，我想回顧一下我們在 2021 年各個方面所取得的巨大成就。

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.

身為資深產品愛好者，我為我們團隊在 Adob​​e Creative Cloud、Document Cloud 和 Experience Cloud 領域推動數百項創新而感到無比自豪。本週早些時候，我們推出了 Creative Cloud Express，旨在讓每個人都能輕鬆、美觀地表達自己的想法。 Creative Cloud Express 開啟了一段全新的旅程，它將引導初次接觸 Adob​​e Creative 工具的用戶，同時為我們所有現有的 Creative Cloud 用戶帶來顯著的價值。我認為它標誌著網路創作、協作和分享的新篇章，並充分利用了 Adob​​e 旗艦產品的獨特技術和功能。此外，它還基於我們在 MAX 大會上推出的協作功能，包括網頁版 Illustrator 和 Photoshop、Creative Cloud Spaces 以及 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.

透過整合 Frame.io，我們現在整合了審核和批准功能，從而打造出強大的端到端視訊協作平台。同時，我們也不斷為旗艦應用增添新功能，並使其能夠在蘋果 M1 晶片、微軟 Surface 和觸控筆等新型硬體上原生運作。

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 現在支援 21 種便捷的操作：建立、匯出、擷取和編輯 PDF 中的文字和圖像。隨著用戶使用我們強大、免費的基於瀏覽器的文件工具隨時隨地處理重要任務，無需下載任何軟體，Acrobat Online 的用戶數量實現了顯著增長。此外，我們在 Chrome 和 Edge 瀏覽器中對 PDF 的支援方面也取得了顯著進展。

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，我們將即時客戶資料平台擴展到 B2B 客戶，整合了各個系統中的個人和帳戶訊息，首次為 B2B 企業提供統一的客戶視圖。我們推出了 Adob​​e Journey Optimizer，它融合了 20 多年來業界領先的電子郵件行銷和跨通路行銷活動管理經驗，助力品牌在一個應用程式中設計和交付貫穿整個客戶旅程的個人化體驗。

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.

透過收購 Adob​​e Workfront，我們現在能夠幫助企業連結創意和行銷專業人士，從而優化業務成果，管理整個行銷生命週期中的所有創意工作流程。此外，我們在產品組合的關鍵領域進一步鞏固了行業領先地位。顯然，支撐我們三大雲平台的是 Adob​​e Sensei 的強大功能和卓越性能。 Adobe Sensei 是我們的人工智慧和機器學習框架，也是 Adob​​e 的一項重要差異化優勢，並且能夠加速創新。

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.

我們持續投資 Adob​​e Experience 平台，將其作為建立 Experience Cloud 業務強大治理能力的基礎平台，加速在全球推出即時客戶資料平台和 Adob​​e Journey Optimizer 等創新產品。我們非常重視自身在創意社群中的責任。作為內容真實性倡議的一部分，我們發布了一項開放標準草案規範，旨在打擊網路虛假資訊。

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.

我為我們員工的韌性感到無比自豪。我們率先推出了全新的數位化活動體驗，例如 Adob​​e Summit 和 Adob​​e Max，拓展了我們的影響力，吸引了全球數百萬用戶的參與。同時，我也為我們品牌、工作場所、企業文化和實踐持續獲得業界認可而感到無比驕傲。舉幾個例子來說，我們再次榮登 Interbrand 全球最佳品牌榜單的上升榜首；連續 21 年入選《財富》雜誌“100 家最佳雇主”榜單；連續五年榮登《人物》雜誌“最具關懷企業”榜單；以及《快公司》雜誌“最具影響力品牌”榜單。我認為，對許多投資者而言，最重要的是，我們連續第五年入選道瓊永續指數。此外，我特別引以為傲的是，我們在「殘障人士包容性最佳工作場所」評選中獲得了 100% 的評分。

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.

從我們的財務表現來看，我們在業界處於極為罕見的地位。很少有公司能像我們一樣，在維持如此高利潤率的同時，實現營收和利潤的雙雙成長。 2021年，我們的營收突破了150億美元。第四季度，我們取得了多項重大里程碑：數位體驗收入首次突破10億美元，數位媒體營收首次達到30億美元，現金流達到20億美元——這些財務數據令人矚目。

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.

我們的新任財務長丹‧杜恩將更詳細地介紹我們第四季以及2021財年的業績。自從他去年十月加入Adobe以來，我非常欣賞他的經驗和合作精神，並期待他分享他的見解，以及在未來十年對Adobe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.

我很高興地宣布，Anil Chakravarthy 和 David Wadhwani 已分別晉升為數位體驗業務總裁和數位媒體業務總裁。我非常重視他們的領導能力和貢獻，相信他們將為我們各自的業務帶來更多精彩內容。

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.

2021年固然精彩，但在我加入Adobe的20多年裡，我最期待的還是2022年及以後的發展。我們擁有龐大的市場機遇，制定了令人矚目的技術創新路線圖，並擁有全球最優秀的領導團隊。我認為，我們所訂定的2022年目標充分展現了公司業務的強勁實力。我們在雲端領域擁有三大成長潛力巨大的機遇，並將繼續基於當前的經濟狀況專注於執行。我認為，我們所有人都在經歷的一個變化是，隨著公司規模突破150億美元，鑑於近期美元走強，我們也必須關注匯率預期。

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.

儘管我很興奮能和大家聊聊2022年，但今天我更想分享的是Adobe的輝煌增長歷程，以及我們將如何引領未來十年的成長，因為這才是支撐我們超過2000億美元潛在市場機會的真正基石。正如您將在今天的分享中從我們的領導團隊那裡了解到的，我們的成長建立在以下五大支柱之上：我們卓越的業績記錄以及我們對創建和引領行業領域的專注；我們不斷擴大的客戶群體，涵蓋從消費者到創意專業人士、從新手創作者到中小企業乃至全球最大的企業；我們能夠提供卓越的技術平台，從而使全新的催生技術平台，從而全新的催生技術平台，從而提供卓越的技術平台，從而使新的催生技術平台，從而提供卓越的技術平台，從而提供卓越的技術平台，從而新的催生。應用類別並加快我們的創新步伐；我們正在進行的重大轉型，即從構建應用程式轉向賦能新的商業模式——應用程式、服務、人工智慧和平台，而這項轉型正在帶來豐厚的回報；最後但同樣重要的是，我們擁有一個覆蓋客戶生命週期各個階段的強大全球合作夥伴生態系統，從體驗創建和行銷，到交付和持續支援。

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.

我認為，對於各位投資人而言，我想傳達的訊息是：在各個層面、各個業務領域，我們的目標更高，我們的視野更廣闊。我們面前擺著一個千載難逢的巨大機遇，我認為我們擁有得天獨厚的優勢來把握它。

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，為了更詳細地介紹我們將如何拓展市場和產品類別，我謹歡迎安·盧尼斯（Ann Lewnes）女士，她最近剛剛慶祝了在Adobe工作的第15個年頭；她是我們傑出的首席營銷官，同時還承擔了公司戰略方面的額外職責。安？

Thank you, Shantanu, and good morning, everyone.

謝謝你，Shantanu，大家早安。

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.

過去兩年，我們見證了全球向數位轉型的深刻變革。從學生到小型企業，再到全球最大的品牌，每個人都必須做出這項重大轉變。技術創新、新設備和平台的激增，以及人們創造和提供卓越數位體驗的願望和能力的日益增強，都加速了向真正數位化世界的邁進，而且這一趨勢已無法逆轉。

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.

無論使用手機、平板電腦或個人電腦，任何人都能隨時隨地輕鬆地進行創作、工作、學習、社交、購物、休閒娛樂以及創業和發展業務。儘管世界依然面臨諸多挑戰，但數位化也賦予了我們強大的力量。透過創意的普及、豐富數位體驗的開發、在家工作和學習的能力、線上購物和銷售產品以及與親朋好友保持聯繫，我們正在推動社會進步。數位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 Adob​​e Analytics 的預測，2021 年假期季節的線上消費額預計將達到 2,000 億美元，而 2022 年電子商務總支出預計將達到 1 兆美元。顯然，數位化已成為當今商業運作的必要條件。從您最喜愛的本地餐廳到遍布全球各行各業的財富 500 強企業，數位化正在驅動當今的商業活動。企業正在將人力資源和法律等關鍵文件流程自動化，以提高效率和靈活性。同時，如今的客戶期望獲得豐富、個人化且在任何裝置上都保持一致的數位體驗。

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.

大量研究表明，數位化優先的企業能夠實現更強勁的長期成長和更高的客戶忠誠度。在 Adob​​e，我們憑藉自身的技術實現了向數位化優先企業的轉型。像 Adob​​e 這樣的公司正在衡量每一次客戶互動，以了解客戶行為、意圖，並最終推動業務成長。我們透過 adobe.com、所有數位管道以及（越來越多）透過我們的產品，大規模地提供個人化的數位體驗來實現這一目標。

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.

數位化不僅改變了我們的生活和工作方式，也改變了我們彼此聯繫的方式。任何人都可以創建或參與線上社區，無論是與家人、朋友、同事，還是與你有共同興趣愛好的人。隨著創作者經濟的興起，有進取心的內容創作者既可以建立龐大的粉絲群，又能將他們的熱情、產品或服務變現。

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.

如今，社群平台和與目標受眾互動的方式可謂無窮無盡。分享、推廣內容、產品和服務並從中獲利變得輕而易舉，這催生了全新的連結和商業模式。此外，隨著Frame.io等協作解決方案的普及（我們在第四季度收購了該公司），即使身處異地，我們也找到了新的協作方式。

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致力於透過數位體驗改變世界，這項使命比以往任何時候都更加重要。數位世界依賴Adobe的工具和平台。憑藉我們無與倫比的創新能力、創造力、規模優勢和先進的數據驅動型營運模式，我們正持續推動數位技術的發展。全球數億用戶每天都在使用我們的產品，我們的影響力滲透到社會的各個層面。 Adobe將繼續憑藉其獨特的優勢，引領下一個數位時代。

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.

我們三大業界領先的雲端產品對全球各地、面向所有使用者群體都至關重要：Creative Cloud 旨在激發所有人的創造力，讓任何人無論身處何地都能獲得表達創意的工具；Document Cloud 則致力於提昇文檔效率，革新人們查看、共享和使用文檔的方式；Experience Cloud 則為各種規模的企業化企業提供強大支持，幫助他們設計和卓越的客戶體驗和卓越。

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.

我們三大雲端平台的基礎是 Adob​​e Sensei 的強大功能，這是我們先進的 AI ML 框架，使我們能夠持續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.

過去一年，我們見證了創意在世界舞台上扮演的關鍵角色。從高中生到社群媒體達人，再到要求最苛刻的創意專業人士，Creative Cloud 賦能每個人講述自己的故事。預計到 2024 年，Creative Cloud 的潛在市場規模將達到約 630 億美元。其中 250 億美元來自我們核心的創意專業人士群體，他們購買了 Creative Cloud 應用和服務，例如 Adob​​e Stock。

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.

該領域的新成長動力包括 3D 和其他沉浸式體驗，以及 Frame.io 等以 Web 為先的協作工具。 130 億美元的潛在市場規模 (TAM) 來自傳播者、非專業創作者（包括小型企業、學生和行銷人員）。正如 David 所說，許多傳播者已經在使用 Creative Cloud，我們希望隨著我們週一剛推出的 Creative Cloud Express 等產品，會有更多傳播者加入。剩餘的 70 億美元潛在市場規模來自消費者，包括業餘愛好者和社群媒體用戶。該領域最大的成長動力是視訊和圖像等類別的行動應用程序，例如 Adob​​e 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.

數位文件是未來工作的核心。 PDF 和文件工作流程賦能從個人用戶到大型企業的所有用戶，讓他們隨時隨地高效工作。我們對文檔雲端策略及其龐大的潛在市場充滿信心，預計到 2024 年，該市場規模將成長至 320 億美元。其中 100 億美元的潛在市場來自知識工作者和商務人士，他們通常使用我們的核心 Acrobat 桌面訂閱產品。預計成長將來自數位文件用例的擴展、電子簽名以及協作功能的增強。 80 億美元的潛在市場來自溝通人員，他們使用 Acrobat Web 和行動應用程式建立、掃描和編輯用於商務和個人用途的 PDF 文件。預計該領域的成長將來自擴大免費增值 PDF 用戶群，並透過專為 Web 和行動用例設計的產品來滿足新管道的需求。最後，140 億美元的潛在市場來自企業，他們使用包括 Acrobat 和電子簽名解決方案在內的文件服務，以及開發人員用於與關鍵業務應用程式無縫整合的 API。該領域的成長動力包括用於建立強大的文件工作流程的 API 和擴展的應用場景。

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，各行各業各種規模的企業都在投資客戶體驗管理。 Adobe Experience Cloud 輔助企業在客戶生命週期的每個階段提供預測性、個人化和即時數位體驗。我們預計到 2024 年，Adobe Experience Cloud 的潛在市場規模將達到 1,100 億美元。其中，330 億美元來自資料洞察和受眾類別，包括 Adob​​e Experience Platform、即時客戶資料平台 (CDP) 和 Adob​​e Analytics（包括我們全新的客戶旅程分析產品）。未來的成長動力包括對統一客戶畫像和大規模個人化服務日益增長的需求。另有 490 億美元來自內容和商務類別，包括我們的 Adob​​e Experience Manager 和 Adob​​e 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.

企業需要的內容量正在爆炸性成長，才能在所有接點上與客戶互動，而內容部署的速度也必須加快。同時，對無縫整合商務能力的需求也以同樣的速度成長。 180億美元的潛在市場規模來自客戶旅程類別，其中包括Adobe Campaign、Marketo Engage以及我們全新的Adobe Journey Optimizer。預計該領域的成長將源自於企業持續需要透過日益增加的管道與客戶互動。

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.

今年新增的TAM類別是價值100億美元的行銷工作流程，其中包括去年收購的Adobe Workfront。此類別的成長預計源自於團隊對高效規劃、追蹤和執行行銷活動的需求日益增長。

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始終著眼於未來，不斷開拓新的成長機遇，並成功推動現有業務的成長。我們開創並引領三大領域：創意、數位文件和客戶體驗管理。本週，我們發布了Creative Cloud Express，這項令人興奮的全新統一網路和行動解決方案，完美契合希望快速輕鬆地創建和分享精彩內容的用戶需求。 Creative Cloud Express不僅適合初次接觸創作和傳播的用戶，也能為我們現有的Creative Cloud訂閱用戶帶來價值。這正是我們持續拓展客戶群、擴大潛在市場規模的絕佳例子。

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.

我們透過打造持久耐用的技術平台而取得成功，從 Sensei 到 Adob​​e Experience Platform，不一而足。這些平台是產品創新以及我們領先業界的應用程式和服務的基礎。

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.

自從十年前將 Creative Cloud 轉型為訂閱模式以來，我們不斷創新業務模式，建立應用程式、服務和平台，以更快地將價值推向市場，更好地服務新客戶，並利用新的獲利模式。這一切僅靠我們自身是無法實現的。我們建立了一個龐大的合作夥伴生態系統，涵蓋代理商、解決方案整合商和獨立軟體開發商 (ISV) 等，他們根據我們共同客戶的需求量身定制和擴展我們的解決方案。我們持續看到 Creative Cloud、Document Cloud 和 Experience Cloud 蘊藏著巨大的發展機會。憑藉市場順風、世界一流的創新能力和全球頂尖的員工，我們相信我們已為未來十年的成長做好了充分準備。

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

現在，我謹向大家介紹我們的數位體驗業務總裁 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.

謝謝安。大家好。很高興能和大家在這裡見面。我期待與大家分享更多關於我們數位體驗業務的發展勢頭、機會和策略。正如安所說，這對我們來說確實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.

首先，我想談談第四季的一些亮點。我們各業務板塊都表現出色。我們的業務收入首次突破10億美元大關，較去年同期成長23%。訂閱收入成長至8.86億美元，年增27%。第四季的訂閱預訂量較去年同期成長超過50%。因此，2021財年全年，我們的業績年增超過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.

這很大程度上得益於我們的 Adob​​e Experience Platform 及其原生應用程式的成功。它是我們數位體驗業務的基石。我們很早就投資了該平台，並在 2019 年就推出了該平台，因此擁有顯著的先發優勢。我們的成長速度不斷加快。今年早些時候，我們宣布營收突破 1 億美元。第四季末，我們的業務總額超過 2.5 億美元，客戶數量年增 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.

我們在生產環境中的營運規模非常龐大，每天進行超過 21 兆次細分評估。我們的生態系統也極為廣泛，擁有超過 300 個合作夥伴整合。正如 Shantanu 和 Ann 所提到的，在過去 18 個月中，我們藉助 Sensei 驅動的全新原生應用和服務，大幅加快了創新步伐。

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.

美國職棒大聯盟就是一個很好的例子。他們正利用數位化技術革新客戶體驗，重點在於吸引新一代球迷。而且，這種革新貫穿他們所有的管道：無論是在家、外出或在球場，都能獲得個人化體驗。他們致力於大規模實現個人化，在適當的時間透過合適的管道，為所有球迷提供合適的體驗。

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.

這不僅限於美國職棒大聯盟。顯然，如今所有企業都是數位化企業，客戶體驗管理對企業的成功至關重要。我們在疫情期間看到的這些利多因素將會持續存在，這也推動了我們數位體驗業務的強勁成長。

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。我們排名前1000、100和25位的客戶的平均年度經常性收入均顯著成長。所有年經常性收入超過100萬美元的客戶都實現了強勁成長。而且，我們所有的客戶都在與我們建立長期合作關係。例如，我們前十大客戶的合約總價值合計達7.6億美元，是2019財年末的三倍。

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.

如今，在客戶體驗管理方面，每家公司都必須大規模地為數百萬客戶提供個人化服務。這是他們觸達並吸引全球客戶的關鍵。而這對於實現更高層次的數位化業務成長至關重要。這一切都圍繞著為每位客戶量身定制的個人化體驗展開，這些體驗基於第一方數據，實時無縫地透過線上線下管道呈現，並確保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.

這就是我們關注的重點。我們的策略久經考驗，能夠幫助全球企業大規模個人化。我們為客戶提供兩全其美的解決方案：整合式人工智慧賦能的綜合應用，並部署在即時雲端平台上。我們與 Workfront 的合作發展動能強勁，能夠統一行銷工作流程，提升所有客戶的行銷敏捷性。我們是客戶體驗管理領域的策略夥伴。我每天都能從世界各地的客戶那裡聽到這樣的評價。正如 Ann 所提到的，我們的合作夥伴生態系統非常龐大，擁有超過 4000 家合作夥伴，涵蓋獨立軟體開發商 (ISV)、技術合作夥伴、系統整合商和代理商。

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.

這就是我們如何透過 Adob​​e Experience Cloud 為客戶實現這一切的方式。我們專注於四大關鍵領域：內容與商務；數據洞察與受眾；客戶旅程與行銷工作流程，所有這些都基於同一個平台——Adobe Experience Platform。過去 18 個月，我們擁有強大的創新引擎，而這種創新勢頭在應用層和平台層面都得以延續，平台中整合了由 Adob​​e Sensei 提供支援的人工智慧和機器學習功能。憑藉一套全面的應用程式和整合平台，我們建構了巨大的競爭優勢。

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，我對我們在數位體驗業務方面所擁有的機會感到無比興奮。我們發展勢頭強勁，並且是客戶體驗管理領域的絕對領導者。我們擁有巨大的成長潛力，可以幫助每家公司大規模地為全球數百萬客戶提供個人化服務。而且，我們擁有Adobe Experience平台和原生應用程式最頂尖的技術，並且正如過去幾年所展現的那樣，我們具備快速成長的能力。

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

那麼，我很高興把麥克風交給大衛，讓他來介紹數位媒體產業。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.

太好了。謝謝 Anil，大家好。我回到 Adob​​e 已經大約六個月了，我對目前的情況感到非常興奮。正如你們中的一些人所知，在向 Creative Cloud 過渡期間，我負責數位媒體業務。雖然自過渡初期以來，業務無疑已經成熟了許多，但有些東西依然如故。我們的產品團隊不斷帶來令人驚嘆的創新，我們的業務也持續保持強勁的成長動能。

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.

在深入探討我對2022財年及以後發展前景的個人展望之前，我想先回顧一下第四季的亮點。本季度，我們的數位媒體業務新增淨年度經常性收入（ARR）總額達5.71億美元。由此，Creative Cloud的ARR突破100億美元大關，我們的Creative Cloud產品持續保持強勁成長勢頭，同時，得益於市場對3D和新興元宇宙平台日益增長的需求，我們的內容業務實現了100%的同比增長。此外，我們的行動應用也實現了超過55%的年成長。迄今為止，我們的行動應用程式已累積產生超過4億個行動ID，成為我們獲取新用戶的重要管道。在文件雲端方面，我們的ARR全年成長了31%，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.

這些數據背後還有一些值得關注的細節。目前，全球已有 25 億台行動裝置和桌面裝置安裝了 Reader 或 Acrobat。 Acrobat Web 的用戶成長迅猛，每月活躍用戶數較去年增長超過 100%。此外，我們整合 Adob​​e Sign 和 Acrobat 的策略也取得了顯著成效，Acrobat 中 Adob​​e Sign 的交易量年增 85%。總體而言，我們全年的年度經常性收入 (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.

儘管我們在2021財年和2022財年都取得了不錯的成績，但未來還有更多令人振奮的機會等著我們。讓我們先來簡單聊聊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.

總而言之，我們生活在一個內容、創意和設計價值空前提升的時代，內容正在推動全球經濟發展，數位消費爆炸性地成長，幾乎所有企業都需要建立數位形象。在這個時代，創意表達被視為21世紀教育中的重要技能。同時，我們也見證了元宇宙等新興3D和沈浸式技術的興起，這些技術正在催生對各種新型內容的需求。所有這些都為Creative Cloud帶來了強勁的發展勢頭。

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，我尤其想花點時間談談創作者經濟的興起。我們看到越來越多的個人、自僱人士和小企業主將自己的愛好轉化為事業，並透過線上內容、商品或服務來獲利。創作者經濟規模已經相當龐大，社群媒體上已有近1億家小型企業，而且其中大多數企業表示，線上業務對他們的成功比線下業務更為重要。

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.

如今，儘管規模龐大，但其成長速度依然驚人，光是去年，美國就新增了近450萬家企業，創下歷史新高。這大大促進了我們的成功，也為我們數位媒體產品超過6億的每月活躍用戶（包括免費用戶和付費用戶）做出了重要貢獻，而這些用戶並非都是創意專業人士。當然，如此廣闊的機會需要相應的策略來推動我們「創意惠及所有人」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.

接下來幾分鐘，我將詳細介紹 Adob​​e 如何幫助所有希望以創意方式表達自己的人。從小型企業主到高端製作公司，Adobe 都能提供相對應的解決方案，這得益於我們在五大關鍵領域的投資。鑑於我們剛剛發布了 Creative Cloud Express，我想先談談我們如何透過以內容為先、以任務為導向的創意方式賦能世界。讓我們先來看一段關於 Creative Cloud Express 的視頻，了解一下它的功能。

(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 是我們多年來從網頁和行動產品市場經驗中汲取的成果，它是基於四大支柱構建而成。首先，我們消除了所有使用障礙。您可以免費開始使用。它完全基於網頁和行動設備，無需下載桌面版。它沒有學習曲線，用戶可以在幾分鐘內建立帳戶並發佈內容。其次，它擁有無與倫比的內容庫，即使是新手用戶也能在幾分鐘內創建精美的圖片、社交媒體貼文、電子傳單等等。內容庫包含 175 張來自 Adob​​e Stock 的圖庫圖片、20,000 種字體以及數千個模板和設計素材。所有這些都由通用搜尋功能提供支持，確保在適當的時間呈現合適的內容和推薦。第三，它充分利用了 Adob​​e 數十年的產品創新成果。正如您所期望的，我們的 Creative Cloud 應用程式擁有卓越的工作流程，此外，它還包含大量基於 Sensei 的快捷操作，使創建和編輯圖像、影片和 PDF 比以往任何時候都更加輕鬆。第四，我們明白人們創作內容的目的是為了分發。因此，Creative Cloud Express 整合了社群媒體服務，只需點擊一下即可發布。此外，我們近期收購的 ContentCal 也將為 CCX 用戶帶來更多社群媒體規劃和發布功能，相信在不久的將來，這些功能將進一步增強 CCX 用戶的社群媒體內容規劃和發布能力。

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 (CCX) 易於使用，上手也十分便捷。用戶可以透過免費套餐獲得許多好處，同時也能以實惠的月費享受「免費增值」模式——以經濟的價格獲得高級功能和內容。 CCX 也相容於大多數現有的 Creative Cloud 套餐，我們預計這將提升我們核心 Creative Cloud 客戶群的參與度和留存率。此外，CCX 的市場推廣策略對我們來說也十分熟悉。我們將結合現有的數位化獲客管道及針對網頁及行動端優化的產品驅動型成長策略。這使我們能夠不斷迭代和優化用戶體驗，並逐步擴大業務規模。我們也計劃利用在教育、經銷商和企業領域的現有資源來拓展業務。

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.

我們非常興奮地宣布 Creative Cloud Express 今天正式上市。看到大家用它創作出如此精彩的作品，我們感到無比欣慰。對於這一刻以及它所代表的 Adob​​e 全新旅程的開啟，我們感到無比興奮。

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.

除了 Creative Cloud Express 之外，Creative Cloud 整體上也有很多值得關注的進展。我們透過在桌面、Web 和行動端建構新功能，不斷提升影像、影片、設計等領域的技術水準。例如，我們在 Adob​​e Max 大會上推出了適用於 Web 的 Photoshop 和 Illustrator。此外，我們還發布了一系列由 Sensei 驅動的全新 AI/ML 功能，包括 Photoshop 中的神經濾鏡和自動蒙版，以及 Premiere 中的自動字幕功能等等。

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.

我們始終致力於普及 3D 和沈浸式體驗。 Substance 3D 現在支援端到端的 3D 工作流程。使用者可以在 Designer 中設計參數化 3D 資源；在 Stager 中建立渲染虛擬場景；在 Painter 中加入紋理、顏色和特效；並使用 Sampler 創建 3D 材質。這使得完全虛擬的拍攝成為可能，為企業節省大量資金和時間，並加快資源和場景的創建速度，從而將其應用於遊戲、視訊和新興的元宇宙平台。

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點領域。我們正在將協作功能直接整合到我們的應用程式和現有的創意工作流程中。我們對收購 Frame.io 感到非常興奮，並看到了該產品在企業和媒體工作流程中蘊藏的巨大潛力。我們在 MAX 大會上發布了共享審查工作流程的公開測試版，並示範了 Canvas 中的 Spaces 功能。我們相信，該功能將幫助團隊更好地組織創意資源並進行即時協作。

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，我們持續透過 Adob​​e Live 等服務為用戶創作能夠啟發和教育用戶的內容。我們透過 Adob​​e Stock 等服務幫助使用者實現作品變現，並透過 Behance 等服務幫助他們相互聯繫、互相啟發。 Behance 目前擁有近 2,900 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.

這五大策略支柱協同運作，確保所有有創意需求的人都能在 Adob​​e 找到解決方案，無論他們是努力滿足日益增長的內容需求的創意專業人士，還是參與創作經濟的傳播者，亦或是希望提升攝影技巧的消費者，還是正在培養 21 世紀技能的學生。我們運用數據驅動的營運模式 DDOM，在用戶在線上表達興趣時（例如搜尋「Photoshop 合成」或「設計 Twitter 貼文」）與他們互動。根據他們的意圖，我們會引導他們使用我們的 Creative Cloud 應用、行動應用程式或便利的網頁快速操作。我們確保他們能夠快速上手，然後向他們介紹 Creative Cloud 或 Creative Cloud Express 的其他功能，最終促成他們成為付費用戶。這種數位化策略，結合我們的經銷商合作夥伴和直銷團隊，使我們擁有了強大的全球影響力。

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，一切都在走向數位化，內容正在推動數位經濟的發展。正如安之前提到的，這為Creative Cloud帶來了巨大且不斷成長的潛在市場。我們的產品組合（現在包括Creative Cloud Express）也持續擴展，以滿足專業人士和非專業人士的市場需求。我們對創意業務未來的發展機會感到無比興奮。

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，數位媒體業務的另一部分當然是我們的文件雲，它也正經歷著強勁的成長勢頭。對 PDF 的需求空前高漲。事實上，過去十年間，PDF 的網路搜尋量翻了一番。我們認為，原因在於 PDF 已成為非結構化資料的實際標準格式。 PDF 也已成為企業間協作的實際標準，尤其是在電子簽名領域，這一點體現得特別明顯。這使得 PDF 成為任何業務流程現代化不可或缺的一部分，而 Adob​​e 也憑藉其獨特的優勢，能夠充分利用這一趨勢。

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.

我們的應用程式已安裝在超過 25 億台裝置上，僅在過去 12 個月中，我們就透過我們的應用程式開啟或建立了 3200 億個 PDF 檔案。我們仍然是領先的 PDF 查看平台，去年新增了 1 億免費和付費註冊用戶。我們發現 Acrobat 可以成為相關服務的入口。正如我之前提到的，隨著我們不斷深化兩項服務之間的整合，Adobe Sign 在 Acrobat 中的交易量比去年同期成長了 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.

我們的策略顯然行之有效，我們正在五大關鍵領域進行投資，以確保其持續奏效。首先，我們的文件動詞策略非常有效。目前，我們已推出 21 個相關動詞，涵蓋從編輯 PDF、轉換 PDF 到旋轉 PDF 等各種功能。而且，我們看到這項策略仍在持續進行中——我們將繼續優化數位獲客策略，並不斷提升我們在每月 8,000 萬次 PDF 相關搜尋中的聲量。

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，我們正在透過將電子簽名整合到 Acrobat 的所有服務（包括桌面版、網頁版和行動版）來推廣電子簽名。鑑於過去一年我們在這方面取得的初步成功，您可以期待在未來幾年裡，我們將繼續加強這些產品的整合。

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，我們始終致力於提升 PDF 的互動和閱讀體驗。 Adobe 正在透過 Liquid 模式革新行動端 PDF 查看體驗。我們透過自動表單欄位偵測提昇文件處理效率，並利用基於人工智慧/機器學習的擷取功能，幫助使用者將非結構化資料轉化為結構化的可操作資料。

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，我們正在透過PDF和簽名API解鎖業務工作流程。這使開發人員能夠建立文件自動化解決方案，從而改變其業務運作方式。

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，我們正利用多元化的市場推廣策略，觸達所有有文件需求的客戶。我們的全球經銷商和內部銷售團隊讓我們能夠接觸到廣泛的業務需求。我們的企業銷售團隊使我們能夠直接向尋求業務轉型的資訊長 (CIO) 進行銷售。或許最重要的是，我們的數位化管道持續有效地將個人用戶引導至轉換管道。

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、溝通人員、IT決策者和開發人員都能獲得流暢的入門體驗。我們以數據驅動的營運模式，幫助客戶在搜尋與PDF相關的動詞時，就能發現Adobe技術。我們透過各種方式吸引他們，讓他們在網頁、行動裝置和桌面端快速取得成功，然後再逐步向他們推銷增值功能——這些高級功能、產品、服務或API能夠隨著時間的推移，加深他們與Adobe的互動。簡而言之，Document Cloud已為未來幾年的發展奠定了堅實的基礎。

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.

我希望這能讓您明白我們為何對創意和文件業務充滿信心。總而言之，這兩家業務都受益於強勁的成長勢頭，其龐大且不斷增長的潛在市場規模 (TAM) 也因此得以實現。這兩個業務都充分利用了我們卓越的品牌知名度、廣泛的市場佈局和強大的創新產品線，從而獲得了市場收益。隨著越來越多的用戶透過網頁和行動裝置存取我們的產品和服務，這兩個業務還有機會將現有的數據驅動型營運模式與產品驅動型成長策略相結合，從而進一步提升其發展潛力。因此，我們對未來一年充滿期待。

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

然後，我想把麥克風交給丹。

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

謝謝你，大衛。在我正式開始之前，我也要感謝他今天借給我他的毛衣。

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，我非常興奮能來到這裡，成為Adobe這個優秀團隊的一員。雖然加入公司才幾個月，但我已經明顯感受到這是一家多麼特別的公司，我對未來的發展充滿期待。

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.

現在讓我來介紹一下Adobe第四季的業績。 Adobe實現了41.1億美元的營收，這是一個重要的里程碑，年增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。數位媒體業務營收為30.1億美元，這是該業務首次實現30億美元的季度營收，年增21%，新增數位媒體年度經常性收入淨額為5.71億美元。數位體驗業務首次實現10億美元的季度營收，年增23%。數位體驗訂閱收入為8.86億美元，年增27%。本季度，我們的經營活動現金流達到創紀錄的20.5億美元，同時我們也回購了約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.

接下來談談我們的三大策略雲。今年以令人矚目的成績收官。第四季度，Adobe 的創意收入達到 24 億美元，新增創意年度經常性收入 (ARR) 淨額達 4.3 億美元。憑藉全年強勁的業績，我們最終以超過 100 億美元的創意 ARR 結束了這一年。本季的成長動力包括 adobe.com 新用戶的取得、團隊產品實力的提升、第四季企業業務的季節性成長，以及 Frame.io 與 Creative Cloud 企業產品共同銷售的成功。然而，儘管我們在「黑色星期五」和「網路星期一」期間看到了產品需求的增長，但並未出現往年常見的銷售高峰。這與今年的行業趨勢相符，也與 Adob​​e 數位經濟指數中的電商假期購物數據一致。

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 在第四季營收達 5.32 億美元。營收依然是我們成長最快的業務，也是我們收入最高的業務。本季 Document Cloud 新增淨年度經常性營收 (ARR) 達創紀錄的 1.41 億美元，季末 ARR 達到 19.3 億美元，年成長 31%。我們的整合文件平台顯然受到了全球客戶的青睞。我們看到，企業、小型企業和個人用戶都在持續使用 Web 和行動優先工具，並保持著強勁的成長勢頭。

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.

在數位體驗領域，我們實現了首個10億美元季度營收。隨著大型企業加強對Adobe的投資，以大規模推進客戶體驗管理和個人化，市場對我們的即時體驗平台和應用服務的需求強勁。第四季淨訂閱預訂量創歷史新高。整個財年，我們的淨平均銷售收​​入年增超過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 的年度財務表現非常出色，營收和利潤率雙雙成長，營運現金流超過 70 億美元。剩餘履約義務年增 23%，接近 140 億美元，這絕對是世界一流的業績。

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.

現在讓我們來探討一下Adobe的獨特投資機會。 Adobe的這些卓越特質讓我對這個投資機會充滿熱情，最終促成了我今天來到這裡。全球範圍內正在加速數位化轉型。我相信，Adobe比其他公司更有優勢掌握這些機會。結合Adobe的財務記錄以及領先業界的產品和平台，該公司擁有巨大的成長潛力。

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.

讓我進一步闡述我對這機會的看法。未來幾年，我們生活的各個層面都將發生根本性的轉變，而這一切都將由數位化賦能。數位化賦能將日益塑造和定義我們的生活方式、創造方式、溝通方式、協作方式、企業服務客戶的方式、企業競爭方式以及經濟運作方式。這些變化既強大又普遍。我稱之為萬物數位化。

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.

萬物數位化正在加速。我相信，未來十年的發展將決定本世紀的剩餘走向，就像工業革命一樣。只不過這一次，數位內容和數據將成為數位經濟的燃料。這是一個千載難逢的機會。我們談論的是在全球經濟中釋放數萬億美元的經濟價值。

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.

縱觀Adobe的根本優勢，很少有公司能像我們一樣如此有效地利用全球經濟的數位轉型。從人們的創作和溝通方式，到分散式工作環境下生產力和數位化協作的未來，再到企業數位轉型，利用數據驅動的洞察提升客戶參與度，實現客戶體驗的個人化和大規模應用，以及人工智慧和機器學習，全球數位化趨勢與Adobe的獨特優勢有著許多交集。數位內容和數據是數位經濟的燃料。我相信，沒有任何一家公司比Adobe更適合成為全球數位化賦能者。全球有多少公司擁有這樣的優勢？有多少公司擁有這樣的機會？寥寥無幾。當我們思考近期優勢與長期機會的結合時，會發現其中蘊含著一種令人無比振奮的獨特優勢。

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.

讓我們深入分析一下公司的財務業績，看看我所說的話究竟是什麼。首先是營收成長。可以看到，過去四年公司營收持續穩定成長，訂閱收入的複合年增長率高達24%。這正是公司的策略：在維持成長的同時，創造更穩定可靠的收入來源。我對這個團隊的才華和他們所取得的成就印象深刻，同時也對包括Adobe Stock、Substance 3D、Acrobat Web、Sign、Creative Cloud、行動應用程式和Adobe Experience Platform在內的新專案為營收成長所做的貢獻讚歎不已。

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.

這一財務表現的背後，是我們極其多元化的業務，從廣泛的客戶群到多元化的產品和平台，再到全面的商業模式以及覆蓋所有地區的市場拓展。

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.

憑藉著不斷成長且多元化的收入來源，Adobe 在過去四年中實現了獲利能力的提升，同時營收也實現了快速成長。 Adobe 嚴謹的執行力和穩健的投資策略使其​​能夠在兼顧長期投資的同時，專注於提升獲利能力。在此期間，Adobe 也完成了多項策略性收購，包括 Magento、Marketo Algorithmic、Workfront 和 Frame.io。 Adobe 能夠將獲利能力的提升與強勁且持續的營收成長以及併購整合完美結合，著實令人印象深刻。

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（合約承諾的未來收入），它使Adobe未來的業績具有極高的可預測性和可靠性。在2021財年結束時，RPO成長了23%，這主要得益於我們企業級訂單的強勁成長。 RPO由遞延收入和未開票積壓訂單組成，其中當前部分預計將在未來12個月內轉化為收入。此外，值得注意的是，我們的大部分adobe.com訂閱都是按月計費的，因此不計入遞延收入。這些訂閱的剩餘合約承諾（平均期限約為6個月）包含在未開票積壓訂單中。

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.

現金流表現足以說明一切，如您所見，過去兩個財年我們的經營現金流顯著加速成長。持續成長並實現規模化獲利並非易事。 Adobe 的發展勢頭強勁，我們首季經營現金流達到 20 億美元便是最好的證明。穩健的資本結構和良好的投資等級信用評級使我們能夠繼續推動成長，並賦予我們更大的靈活性，確保 Adob​​e 能夠以可承受的成本獲得資金。

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.

我們來談談資本配置策略。首先，我們專注於投資業務，以推動長期成長。鑑於我們面前的巨大機遇，我們近期的一些創新研發項目包括下一代資料平台以及本週稍早發布的 Creative Cloud Express。我們將繼續投資銷售和行銷，以在全球擴展這些業務。

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債務融資能力為非內生成長提供了機會。您已經看到，在過去一個財年中，我們如何透過收購 Workfront 和 Frame.io 來加速成長並實現增值策略佈局。

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，也是非常重要的一點，我們致力於向股東返還資本。我們的股票回購計畫資金來自營運現金流的成長，您可以看到，過去四年我們在降低平均流通股數量方面取得了顯著成效。自2018年以來，我們已透過股票回購計畫向股東返還了約120億美元。截至第四季末，我們仍有131億美元的股票回購授權，有效期至2024財年結束。

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持續不斷地推出定義行業標準的創新產品。 Adobe 在其所有業務領域都做到了這一點，接下來我們將深入探討每項業務，分析其業績成長的驅動因素。

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.

首先，說說創意。公司實現了持續的年度經常性收入 (ARR) 和營收成長，並在 2020 財年至 2021 財年期間加速成長。接下來，我將介紹推動這項業績成長的底層資料驅動型營運模式。一切都始於創新以及業界最全面的產品組合。我們卓越的行銷活動提升了使用者對 Adob​​e 產品的認知度，並將流量引導至 adobe.com，從而吸引客戶試用、購買、使用並續訂。

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.

這關乎引領創作者踏上旅程。首先，我們提供更便利的應用，包括行動應用程式、平板電腦應用程式和網頁應用，將他們與充滿活力的創意社群連接起來；然後，隨著創作者的不斷進步，我們提供一系列賦能服務，幫助他們實現更多目標，例如 Adob​​e Stock、雲端庫和協作功能。如今，隨著 Frame.io 和 Creative Cloud Express 的加入，我們將繼續拓展業務，觸達更多創作者和利害關係人，從而推動全球內容的發展。

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.

我們持續推動 Document Cloud 的強勁成長。這一點再次體現在持續的收入成長上，隨著業務模式轉型為訂閱模式，年度經常性收入 (ARR) 的成長速度甚至更快。 2021 財年，Document Cloud 約 90% 的營收來自訂閱。 Document Cloud 的主要成長動力仍然是新用戶獲取。我們看到 Acrobat 在 adobe.com 上的用戶量在各個地區都實現了強勁增長，網頁端和行動端用戶量也均有所增長，企業用戶也正在穩步擴張。在數位時代，PDF 和文件工作流程對於人們的工作和協作至關重要。

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，我們的大客戶群蘊藏著巨大的成長機會。我們專注於交叉銷售，並推動他們逐步成熟，最終實現對我們整個平台和客戶體驗管理解決方案的全面採用。我們最大客戶的平均年度經常性收入 (ARR) 和合約總價值充分證明了這一機會的巨大潛力。我們的成長途徑是不斷拓展新客戶，並在現有客戶中進行多年持續的合作。

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?

儘管這家公司過去的業績令人矚目，但我相信它還有更大的成長空間。我堅信，Adobe 未來市值有望達到 1 兆美元，畢竟它的營收已經突破了 150 億美元大關。那麼，如何才能達到 300 億美元呢？之後，我們該如何達成 450 億美元的目標？這一切都始於我們預計高達 2050 億美元的潛在市場規模，以及我們圍繞市場領先的產品和服務構建的龐大生態系統。我們將如何實現這項目標？

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.

我們將繼續擴大客戶群，吸引更廣泛的客戶，並加強與全球各地現有客戶的互動和維繫。同時，我們將透過創新和投資，進軍新的領域，進一步完善和拓展我們的成長軌跡，更好地賦能客戶，幫助他們在數位時代取得成功。未來十年，當我們有效執行這項策略時，Adobe 的規模和成就將使其躋身於極少數軟體公司所能企及的高度。

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.

鑑於外匯波動可能產生的影響，我們營收已突破150億美元大關，並將開始以固定匯率報告營收。過去一年，外匯波動對營收起到了積極作用，但近期美元走強預計將對2022財年的營收和成長率構成不利影響。根據我們每年的慣例，我們已對數位媒體年度經常性收入（ARR）餘額進行了重新估值，以反映匯率波動的影響。

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.

在營運支出方面，由於許多員工繼續居家辦公，我們在2021財年繼續節省了差旅和設施的開支。我們預計這些支出將在2022財年逐步增加。此外，我們也計劃投資增加員工人數並整合Frame.io。我們相信這些投資至關重要，並將全力以赴地掌握未來的內生成長機會。

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財年為53週，第一季多出一週。這一周帶來了約2.67億美元的收入和2500萬美元的新增數位媒體年度經常性收入淨額。預計恢復52週財年將使我們2022財年全年成長率下降2個百分點，第一季成長率下降7個百分點。

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.

以下是Adobe 2022財年的年度目標。我們以固定匯率計算，分別列出了實際成長目標和調整後成長目標，並考慮了去年多出的一周。

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 179 億美元。新增數位媒體年度經常性收入 (ARR) 約為 19 億美元，數位媒體業務收入較去年同期成長約 14%，經調整後成長約 17%。數位體驗業務收入年增約 14%，經調整後成長約 17%。數位體驗訂閱收入年增約 16%，經調整後成長約 19%。 GAAP 稅率約為 17.5%，非 GAAP 稅率約為 17%。 GAAP 每股盈餘約為 10.25 美元，非 GAAP 每股盈餘約為 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.

2022財年第一季，我們預計營收約42.3億美元。新增數位媒體年度經常性收入（ARR）約為4億美元。數位媒體業務營收年增約8%，經調整後約17%。數位體驗業務營收年增約11%，經調整後約18%。數位體驗訂閱收入年增約13%，經調整後約20%。 GAAP準則下的稅率約為16%，非GAAP準則的稅率約為17%。 GAAP準則下的每股盈餘約為2.63美元，非GAAP準則下的每股盈餘約為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，我想分享一下公司過去四年的成就，無論是營收成長和獲利能力、卓越的現金流創造能力還是股東回報，Adobe 的業績都充分證明了它為何能獨樹一幟。我深信，我們未來可期。

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

非常感謝您今天抽出時間。我現在要把任務交還給沙塔努了。

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.

謝謝丹，也感謝安、阿尼爾和大衛，感謝他們詳細介紹了我們三大產業領先雲端平台帶來的機會。正如我之前所說，我對Adobe的未來充滿信心，相信我們不僅能夠引領業界，還能開創新的領域。

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，如果從宏觀角度，放眼全球，就會發現數位化正在賦能個人、改變企業、連結社群。坦白說，未來數位化將在工作、生活和娛樂中扮演更重要的角色。

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.

我們見證了創作者經濟的崛起與創意的民主化。工作和教育如今已呈現混合模式，並將長期維持這種形式。雲端運算和網路技術的進步正推動著前所未有的即時協作。文檔工作流程也將日益自動化。而最重要的是，隨著客戶期望獲得既貼合情境又個人化的數位化體驗，我們數位化業務的使命比以往任何時候都更加緊迫。

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.

電子商務的成長建立在疫情期間創下的歷史新高之上。從技術層面來看，人工智慧和機器學習已成為我們日常生活中不可或缺的工具。因此，我認為，簡而言之，數位科技正以前所未有的方式賦能更多人進行創作、協作、學習、工作、提高生產力並謀生。

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，透過數位體驗改變世界的能力使我們處於所有這些趨勢的交匯點。我們擁有得天獨厚的優勢，能夠在社會各方面產生意義深遠的影響，這將使全球數十億人在未來數年受益。

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.

在Adobe，我們認為重要的不僅是我們做什麼，還有我們如何做。從一開始，我們的創辦人John Warnock和Chuck Geschke就致力於打造一家行事正直的公司。這種使命感在過去的四十年中一直指引著我們不斷發展壯大。我認為我們都在見證企業在社會議題上所扮演角色的轉變，以及利害關係人和投資人對企業的期望也在不斷改變。

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.

回顧企業應對新冠疫情的方式，值得注意的是，世界各地的利害關係人都在期待私部門在社會議題上更加積極主動，人們在購買產品和選擇工作地點時，也會考慮企業的立場。

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.

隨著我們的產品日益普及，我們幫助更多公司駕馭了數位科技的變革力量，我們對企業公民的責任和承諾也顯著增強。我相信，Adobe 擁有獨特的優勢，能夠在「Adobe For All」計畫中發揮重要作用，確保我們為員工創造多元包容的企業文化，同時也為我們的客戶和合作夥伴營造這樣的文化氛圍。我們堅信科技將帶來變革，除了提供技術之外，我們也有責任理解變革的意義。我認為，最重要的是，要讓每個人都能說自己的故事，就要秉持「人人皆可創造」的理念。

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.

事實上，我們已經在多個領域大力推行這些理念，多年來，我們的努力對公司和客戶群都產生了實際的影響。但我認為，正是這種使命感激勵著我們的員工專注於產生更大的影響，坦白說，就是創造未來。

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.

我很高興我們的策略在過去十年中保持了相對穩定。我們致力於釋放所有人的創造力、提昇文件處理效率並賦能數位化業務的策略，比以往任何時候都更加至關重要。坦白說，我認為大多數公司都會對這樣的成長機會感到無比興奮。我們很幸運，旗下三項業務恰好處於世界需要科技發揮更大作用的關鍵領域。我們擁有正確的策略，並將其應用於一個卓越且不斷增長的機會之中，因此我們絕不會受到任何機會的限制。

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.

最後，我想回到我開頭說的話。我相信Adobe擁有得天獨厚的優勢，能夠引領未來十年的成長。我們擁有創造和引領新領域的成熟能力，並且始終關注那些能夠為Adobe帶來新機會的空白市場。

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.

我們正在以更宏大的視角審視業務的各個方面，包括如何擴大規模以及如何拓展客戶群。我們持續專注於創新，運用人工智慧和機器學習技術，打造領先的產品、服務和平台。我們也不斷探索商業模式的創新，以更快為更多客戶創造價值，掌握全球成長機遇，並實現新興的獲利模式。最終，我們的技術支援一個充滿活力且不斷發展的合作夥伴生態系統，這些合作夥伴能夠創建、客製化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，作為一家智慧財產權公司，我們最大的資產以及真正推動我們發展的動力，是我們擁有超過 25,000 名高度敬業的全球員工，我對此永遠心存感激。

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.

再次感謝您今天蒞臨。我相信2021年是輝煌的一年，我們堅信這股動能將在2022年及以後繼續維持。展望明年即將到來的40週年慶典，Adobe擁有令人矚目的成就：在創新、行業和品牌領導地位、卓越的財務業績以及多元化的成長機會方面，我們取得了令人矚目的成就。加之不斷擴大的市場機會、深厚的技術平台實力以及積極進取的員工隊伍，我堅信Adobe的輝煌未來必將到來。

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

接下來，我們將播放一段視頻，同時召集管理團隊進行問答環節。

(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。我們開始問答環節了嗎？太好了。我知道接下來是問答環節。在正式開始之前，先來介紹另外兩位高階主管團隊成員，他們今天也來到現場，回答大家可能會提出的問題。一位是首席人力資源長Gloria Chen，她之前也負責策略方面的工作。她將解答大家關於疫情以及我們如何處理全球員工問題，例如我們如何持續確保擁有最優秀、最有幹勁的員工；另一位是Creative Cloud首席產品官Scott Belsky，坦白說，他是我們所有創新背後的遠見卓識者，這些創新涵蓋桌面、行動和協作等領域，包括我們在MAX大會上展示的全新Web相關功能，以及我們在Creative Cloud。

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

那麼，接下來就交給喬納森來主持問答環節了。

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，Shantanu。今天我們分享了很多資訊。很明顯，團隊成員對未來的發展機會充滿熱情。現在我們來回答大家的問題。 （操作員提示）接下來，我想請操作員回答問題。操作員，請容許我們先來回答第一個問題。

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

（操作員說明）第一個問題將來自巴克萊銀行的 Saket Kalia。

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

好的，太好了。恭喜Anil和David升職，也歡迎Dan加入。

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?

或許我們可以先討論數位媒體的淨新增年度經常性收入（ARR），特別是創意領域的ARR。丹，你之前提到過，我們沒有看到像往常“網絡星期一”和“黑色星期五”那樣出現大幅增長。我想請團隊更深入分析一下實際結果與預期之間的差異，並具體談談創意領域的競爭格局。

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.

薩凱特，不如我先從這一點說起，之後其他人可以補充。讓我們來看看本季數位媒體的年度經常性收入（ARR）表現。首先，本季和全年都創下了紀錄。我們先前對數位媒體的預期是，Frame會在本季完成收購，它也確實在季度初就完成了收購。所以，我們會考慮各種可能的結果及其影響，當然，我們也想專注於Frame，但它可能並沒有被明確地計入本季的業績中。

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.

從不同的客戶群來看，團隊業務在整個季度都表現出色。因此，團隊的產品和服務，以及在中小企業市場的優勢都非常顯著。

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.

企業業務方面，我們積極調整團隊方向，讓他們專注於影片和Frame產品，以及如何持續銷售這些產品。正如我所說，這筆交易在本季初就完成了。因此，企業業務也延續了我們通常預期的第四季強勁表現。

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.

全年個人消費需求其實都相當強勁。正如丹所提到的，或許唯一的細微變化是，考慮到線上購物的現狀，雖然我們看到需求持續增長，但可能沒有像往常的“黑色星期五”或“網絡星期一”那樣出現大幅增長。但除此之外，整體而言，市場需求依然強勁。顯然，我們已將這一點納入2022財年的業績預期，而該預期也是我們迄今為止給出的最強勁的年度經常性收入（ARR）預期。

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，關於產品和差異化方面，也許我會讓斯科特談談這方面，然後大衛肯定可以談談業務的其他問題。

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，我們這一年可謂碩果累累。我們在專業產品中融入了一些令人驚豔的 Adob​​e Magic 功能，例如 Photoshop 中的神經濾鏡，以及許多協作功能。我們明確表示，Creative Cloud 未來將更加重視協作，而不僅僅是創意。仔細想想，這無疑會吸引更多創意領域的利害關係人參與其中。我們在企業級和小型企業客戶中都看到了這一點。每個人都希望成為利益相關者，擁有發言權，並能夠積極參與並提供回饋。因此，我們正在建立面向未來的產品，以滿足這些需求。

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，我還要提一下，上週我們發布了 Creative Cloud Express。這只是我們精彩新篇章的開始。我們一直在所謂的「孵化區」裡測試各種產品，不斷探索如何真正實現「創意惠及所有人」的使命。現在，我們汲取了所有經驗和回饋，對這款產品即將開啟的新旅程感到無比興奮。

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.

我也很樂意從商業角度補充一些內容。史考特一直在談論和推動的所有創新，其中最重要的一點是，正是這些創新推動了安之前提到的TAM成長，這體現在兩個方面：一是擴大了我們能夠透過Creative Cloud Express等產品觸達的用戶群體，二是提高了我們為Creative Pro用戶群提供的價值。

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.

所以，展望公司未來的發展方向，我們正乘勢而上。正如我們之前提到的，2021財年我們新增了近20億美元的淨年度經常性收入（ARR）。我們發布了有史以來最強勁的業績指引，而這一切都得益於此。關於Creative Cloud Express及其將如何為我們帶來新的機遇，還有一點需要說明。首先，它能為我們的品牌帶來大量新用戶。我們一直以來做得非常出色的一點，也是我認為Creative Cloud Express將進一步拓展的一點，就是吸引新用戶加入Adobe，幫助他們成功使用現有產品，然後引導他們逐步升級到Creative Cloud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 用戶開放這項功能。我們發現很多 Creative Cloud 使用者偶爾會希望以速度和內容為先開發。對於這些用戶，我們看到了真正提升用戶參與度和留存率的機會，甚至超越我們目前的水平。

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.

隨著我們針對用戶需求制定更多不同的方案，我們也有機會在各個產品線中進一步優化價格。因此，我們對未來的發展方向以及這項措施為我們現有產品組合帶來的益處感到非常興奮。

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

接下來，我們將向 Wolfe Research 的 Alex Zukin 提問。

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.

或許我應該更直接一些，因為我們收到了很多投資人的提問。如果我看一下業績指引，再看一下本季的年度經常性收入（ARR）表現（假設Frame.io沒有包含在指引中），我認為這是你們有史以來第一次未能達到季度業績指引。因此，我意識到第四季度肯定存在一些值得關注的問題，這些問題可能對業績造成了影響。

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，請您大致介紹一下各種因素的影響。例如—現在已經是年底了，您回顧了新冠疫情對上半年和下半年（包括假期季節）的影響。我們該如何看待您明年的採購信心，以及與您以往的採購節奏或季節性因素之間的關係？

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，我接受這個建議。仔細想想，首先，正如長期關注我們的人所知，我們非常重視我們的指導方針。讓我稍微回顧一下我們在2020年所取得的成就，以及我們對2021年的指導。

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，我們在2021年初給出的業績指引略低於2020年的預期。而就2021年的數位媒體年度經常性收入（ARR）而言，我們無疑超出了預期。如果您看我們對2022年的指引，會發現它實際上更接近2021年的預期。因此，我們顯然對業務的根本實力依然充滿信心。對創意的整體需求也持續存在。

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.

我們完全不認為有任何形式的拉攏，我知道其他公司確實有這種情況。我們只看到業務的持續成長，以及我們正在推進的一些新舉措。我的意思是，我們已經真正調整了團隊方向，專注於企業和視訊領域。我們推出了 Creative Cloud Express，其使用量將會大幅成長。我認為，我們已經擁有創意社群中最大的傳播業務。因此，我們對這項業務的前景非常樂觀。

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，如果我們從季度角度來看。我們不妨回顧一下2021年第一季的業績預期。如您所知，我們當時給出的業績預期中，已經包含了我們之前提到的2400萬美元，這部分收入是我們在13周和14週業績對比中額外實現的。所以，從季度角度來看，這個數字非常接近預期。換句話說，業務發展趨勢仍在延續，市場對業務的樂觀情緒也持續。這就是我的看法，Alex。

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，關於CDP，我想問Anil一個問題。上次我們討論CDP產品時，你提到它的ARR利潤率已經超過1億美元。顯然，從你的評論來看，它的表現仍然非常出色。而且，它確實為整個數位體驗業務實現了成長平衡。那麼，我們目前在這個業務領域處於什麼階段？從ARR的角度來看，我們能否衡量其成長速度和軌跡？

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，我們看到了強勁的發展勢頭。市場，尤其是客戶，顯然在關注我們，他們認為我們擁有正確的願景，並且我們的產品能夠真正滿足Adobe Experience平台支援的各種應用場景。我們成功地將我們的應用程式與Adobe Experience平台集成，這樣您就可以從我們的分析平台獲取數據，然後利用這些數據在各種管道進行推廣。

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，無論從規模、效能、應用場景範圍、資料治理等方面來看，它現在都已真正具備企業級應用能力。企業也開始意識到，這正是其數位化體驗和數位化客戶互動的核心所在。所以我們感覺目前在這方面我們處於非常有利的位置。

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基思·韋斯的演講。

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?

我想深入探討一下——大衛，我覺得你已經開始解答這個問題了，關於Express的定位以及我們應該如何看待它。 Express的定位與你們之前嘗試透過Spark和其他行動產品打造的入門級產品有什麼關係？它是否介於兩者之間？我們應該在多大程度上將它視為一種防禦策略，以應對市場上一些正在崛起的競爭對手？

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?

那麼，現有需要更低價位解決方案的 Creative Cloud 用戶是否有降級風險？現在我們提供了一個更便宜的選擇。您是否預見部分使用者會因為價格優化而選擇降級方案？或者相反，這會促使你們提高核心 Creative Cloud 的價格？您能否就目前產品組合的定位問題解答一下？

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.

或許我先來，基思，然後大衛，當然你也可以補充。退一步講，我認為這正好體現了創作者所面臨的巨大機會。基思，如果你看看我們目前的產品，你會發現我們擁有極其豐富的產品種類。我們有行動版的 Photoshop Express，它在年度經常性收入 (ARR) 方面表現出色。我們還有 Creative Cloud 產品，現在也支援 Substance 3D 產品，這可能是最昂貴的產品了。

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，我認為借助線上平台和我們的 DDOM，我們現在完全有能力針對更廣泛的客戶群體進行產品/服務的個性化定制，並確保我們最終實現淨收益，包括客戶滿意度和 ARR 的淨收益。

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.

還有幾點要說明。首先，我們面向傳播者的創意事業已經是全球最大的創意事業了。想想Photoshop、Lightroom或Express系列產品的發展就知道了。我認為Express的真正價值在於它能為每位Creative Cloud用戶帶來實際效益。這些用戶都是Creative Cloud用戶，精通影片製作，有時也需要快速製作一些相關的宣傳單。所以我認為這會吸引越來越多的用戶加入。坦白說，這和我們Document Cloud的模式很相似，想想我們為PDF創造的這種自然增長的需求。總而言之，我認為這會帶來收益。

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.

然後我會把麥克風交給大衛，讓他具體談談這項計劃將如何實施，但實際上，它對我們來說是一個賦能工具，坦白說，它將我們為傳播者群體提供的所有不同的創意產品統一起來。

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。補充一點，我們認為這是一個至關重要的時刻，它關係到我們能否滿足客戶的需求。回想一下我們之前討論的內容，我們已經在行動裝置上創建了 4 億個 ID。我們的數位媒體產品擁有 6 億月活躍用戶，其中不乏創意專業人士。 Creative Cloud Express 為我們提供了一個機會，讓我們能夠以高效的方式引導他們入門。

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 也提到的，我們對此感到非常興奮的一點是，我們的 Creative Cloud 用戶群有時——通常——需要的是我們旗艦創意應用的強大功能和精準度。但有時，他們也需要以速度為導向、內容優先的創作模式。透過將 Creative Cloud Express 添加到我們的大多數 Creative Cloud 套餐中，我們期望能夠進一步提高用戶參與度和留存率。

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.

最後我想說的是，這從根本上拓展了我們對市場推廣策略的思考方式。過去幾年，我們一直在討論數據驅動的營運模式，以及它如何提升我們吸引和獲取用戶、將他們引入購買漏斗的能力。由於我們不斷增加對行動端和網頁端的投入，產品驅動型成長得以實現，這使我們能夠更快地迭代並優化用戶體驗，從而將這6億用戶轉化為付費用戶和高級用戶，並持續提升用戶參與度。

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.

最後我想說的是，我認為不能簡單地將這個市場分為非專業人士和專業人士。我們有許多非專業人士也渴望使用 Creative Cloud 的強大功能和精準度。因此，我們將其視為一個持續無縫的體驗過程。從您第一次接觸 Creative Cloud Express 並希望進行創意表達開始，您就可以免費使用它。之後，我們會引導您逐步升級，讓您在 Creative Cloud Express 付費方案中獲得高級內容和功能。最終，我們看到使用者能夠完全體驗到 Creative Cloud 的強大功能和精確度。所以，這真是一個流暢的端到端體驗。

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

明白了。你說的價格優化是指這個嗎？就是在現有價格體系內增加更多層級嗎？

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，基斯。我們之前討論過價格優化。我的意思是，就像你看到的3D產品一樣，我們第一次沒有把它們包含在Creative Cloud所有應用程式中，因為它們的價值有限。但當然，隨著我們對所有不同產品的了解越來越深入，我認為有些產品的定價可能會低於它們所提供的價值。

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?

但我們的重點仍是吸引更多用戶使用平台，並提供更多產品價值。史考特，你打算在 Creative Cloud 上增加什麼功能嗎？

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.

我正想說，David，你確實已經充分談到了Creative Cloud Express對整個產品線的機會。但在過去幾年裡，我們學到的最令人興奮的一點是，我們了解到一些獨特的客戶需求，坦白說，這些需求是Spark、Photoshop Express、我們之前開發的其他產品，或其他競爭工具都無法滿足的。我想分享其中的一些，因為我認為它們非常重要。

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.

首先，我們看到很多客戶來這裡是為了使用模板創作一些東西。他們希望能夠更進一步。因此，我們的產品團隊非常興奮，因為客戶能夠先用模板創作一些東西，然後使用我們更專業的應用程序，例如 Photoshop 或 Illustrator，將其提升到更高水平。

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.

此外，人們對人工智慧的需求也日益增長。許多客戶來自小型企業等等，他們心中已經有了想要製作的產品構想，但他們希望獲得一些幫助，從而創造出令人驚豔的作品。他們希望我們能為他們推薦合適的字體，並推薦在社群媒體上效果更佳的顏色。因此，我們有機會滿足他們的需求。

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，多媒體編輯器的概念是我們開發 Creative Cloud Express 流程中另一個非常重要的洞見。因為我們發現，許多客戶最初只是想製作傳單、編輯影片或圖片，但當他們真正開始使用時，他們會意識到，也許我會添加一些動畫或聲音。不知不覺中，作品變成了多媒體作品。因此，我們打造 Creative Cloud Express 的目標不僅在於滿足客戶當前的需要，更在於我們預見的市場發展趨勢。人們希望透過媒體內容脫穎而出，而我相信 Adob​​e 的這款產品能夠獨樹一幟地滿足這一需求。

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

接下來，我們將聽取來自 Evercore ISI 的 Kirk Materne 的演講。

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，我想請你再詳細談談你在企業級應用程式體驗雲方面看到的優勢。顯然，RPO（招募流程外包）表現非常出色。我猜想這其中很大一部分優勢都來自於體驗雲。

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?

那麼明年又會有哪些延續呢？因為從2022財年的業績指引來看，很明顯，B細胞業務的成長，我猜其中一部分是因為Workfront成立週年。您能否簡要說明一下，您認為今年到明年，公司業務的哪些方面會延續？哪些業務發展動能良好，讓您感到樂觀？明年有哪些潛在的成長點？

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.

的確，我們看到疫情期間出現的一些利多因素仍在持續。所有公司，無論是B2C公司、B2B公司，或是正在嘗試新商業模式（例如直接面向消費者）的公司，都開始全面投資數位體驗。這一點在我提到的所有類別中都有體現。 Adobe Experience平台提供的統一客戶畫像，是所有客戶互動的核心，它代表客戶的單一視圖。因此，如果我們將其與我們對數位化體驗模式（DDOM）的理解聯繫起來，從發現、試用、購買、使用到續訂，整個旅程都需要一個統一的客戶畫像，以便在所有管道中提供一致的體驗。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，我們能夠充分利用我們在各個領域累積的知識和應用，並將這些資料填入 Adob​​e Experience 平台中。這讓我們在與每家公司合作時都擁有明顯的先發優勢，並且——透過向開發者開放資料模型——我們進一步明確了這一點。該平台運行在雲端，因此可以橫向擴展。這使得任何規模的企業都能使用它，而且他們還可以從特定地區、特定業務部門或特定客戶群入手，並在此基礎上逐步擴展。

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.

所以我非常興奮。我認為在我們各個領域，我們都看到了強勁的成長動能。而且，隨著我們剛才討論的創意經濟等趨勢的發展，這些趨勢將持續催生更多基於該平台的應用場景。

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.

柯克，如果我再補充一點的話。我的意思是，當我們回顧一下我們所取得的成就時，我們創建了數位行銷這個類別，我們認為在客戶體驗管理方面存在著更大的機會。

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.

坦白說，Anil提到的所有內容，無論是內容和商務、數據和洞察，還是與Workfront相關的行銷流程（Workfront也發展良好），其建構體驗平台和整合都體現了創新精神。目前還沒有其他公司能夠讓行銷人員、首席營收長或首席數位長等任何角色都能如此迅速地將所有資料（無論線上或線下）集中到一個地方，更重要的是，還能啟動這些資料。因此，我認為，擁有這樣一個統一的平台所帶來的發展勢頭，以及它能夠幫助客戶如此迅速地啟動並運行，這真的非常了不起。

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.

第二點我想說的是，我們在數位策略團隊的工作上做得非常出色，正如Anil先前提到的，這些轉型客戶也扮演了重要角色。正如我們在數據中分享的那樣，我們能夠銷售多種解決方案，能夠追加銷售，能夠聯合銷售，我認為這讓我們更有信心，因為我們現在擁有了平台、平台上的應用程式和服務，以及與之相關的AI。我認為，如果我們退一步思考，就會發現沒有哪家公司不想和我們探討以下問題：第一，Adobe，你們是如何做到的？第二，我們如何確保能夠更快地啟動並啟動這些功能？

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.

所以我真心希望在2022年，大家能看到我們在銷售、供應以及價值實現等方面取得越來越大的進展。而且我認為，在Anil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，我們將聽取伯恩斯坦研究公司的馬克‧莫德勒的演講。

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.

恭喜您本季和全年的業績。我想就一些問題深入探討一下，因為顯然我收到了很多提問。丹，關於您之前準備的演示文稿，您提到測試訂閱可以維持24%的成長。在整體績效指引方面，我想請您詳細解讀一下，哪些因素會影響您的數位媒體業務以及使用者體驗業務。另外，如果您能談談您認為匯率波動會對年度經常性收入（ARR）和營收造成多大的影響，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。我認為最好的切入點是檢視企業的基本面表現。我認為我們面臨著巨大的市場機會。有些公司製定了正確的策略，並且按照這些策略取得了良好的業績。

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.

在當前環境下，考慮到以往的良好表現，我們需要剔除未來一年預測資料中的干擾因素。我認為，在區分幹擾因素和已公佈的資訊時，有兩個關鍵點值得關注。首先是外匯波動。其次是53週數據與52週數據之間的差異。接下來，我們將逐層深入分析這兩個因素。

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.

如果我們考慮53週與52週的週期，這大約將為公司2021財年的整體成長帶來2%的額外成長。而展望2022財年，這將帶來約2個百分點的負面影響。因為多出的這一週發生在第一季度，而展望2022財年第一季度，光是這一週就會帶來約7個百分點的負面影響。

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.

當我們審視外匯市場並思考匯率波動時，不出所料，從整體業務成長的角度來看，外匯因素在2021年為我們的業務帶來了約2個百分點的利好。展望明年，鑑於過去幾週（抱歉，應該是過去幾個月）美元兌全球多種貨幣走強的趨勢，外匯波動帶來了約1個百分點的阻力。這讓您能夠感受到這兩個因素對績效的影響程度，從而幫助我們從一些幹擾因素中提煉出真正的業績表現。

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.

如果我們再往下點擊一下，看看這兩個因素分別對數位媒體業務和數位體驗業務產生怎樣的影響，從52週和53週的動態來看，你會發現，從成長的角度來看，數位媒體業務受到的利好和阻力都比數位體驗業務更大。但這兩者之間的差異很小，主要取決於我們如何與客戶進行商業互動，如果您感興趣，我可以更詳細地解釋一下。

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，我們也看到了類似的動態。與數位媒體業務相比，外匯市場對數位媒體業務的利好和利空因素的影響更為顯著。雖然變化不大，但數位媒體業務相對於數位媒體業務而言，利空因素的影響略有偏向。我認為這有助於我們理解數據，並反映公司的真實表現。

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.

回顧過去幾年我們業務的業績表現，你會發現我們剛才給出的預期與過去幾年的實際情況基本一致。所以，公司業績依然相當不錯。

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.

馬克，或許我還要補充幾點。首先，正如丹告訴我的，歡迎來到大聯盟。所以我想，當你的年收入達到150億美元時，像我們過去那樣對所有外匯風險進行對沖既不現實，而且坦白說成本也太高了。

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.

所以，如果剔除外匯因素，僅從策略角度來看年度經常性收入（ARR），我們的做法是，年初有一個ARR。由於11月美元走強，可以說這是純粹基於外匯因素最難比較的時期。然後，我們會對年初的ARR進行折現，再用這個折現後的匯率計算季度的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，再仔細想想，我們給出的19億美元的年度經常性收入（ARR）指導值，顯然，業務和銷售單元的內在實力，並不是影響業務的因素。因此，我認為這就是我解釋匯率影響的另一種方式，同時也具體說明了我們如何將年初的美元匯率納入ARR的計算。

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...

這真的很有幫助，非常感謝。丹，如果你不方便的話——關於這兩種業務的區別，你能再深入探討一下為什麼在數位化方面，多出來的那一周會變得如此糟糕嗎？

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。所以，當我們審視我們與客戶的互動方式時，會發現我們每天都透過 adobe.com 和其他管道與客戶互動，而每週多出來的那一天，其影響既有積極的也有消極的，具體取決於你所處的年份。在數位體驗 (DX) 業務方面，我們絕大部分的收入——不是絕大部分，而是絕大部分——都是按日結算的，但該業務中也有一些部分是按月與客戶互動的。你可以想像，如果多出來的那一週落在某個月份，而你又按月與客戶互動，那麼這部分業務就不會受到任何影響。因此，在同等條件下，你會發現這種動態因素更體現在數位媒體業務中，而不是數位體驗業務中。

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.

但話說回來，當你考慮到 2021 財年 FX 的 2 點順風和 2022 財年的 1 點逆風時，你指的是向上和向下的輕微分離，而且——這取決於你關注的是哪一年的動態。

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

接下來，我們將聽聽瑞穗銀行的格雷格‧莫斯科維茲的演講。

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?

您的一家文件雲端領域的競爭對手最近提到需求疲軟和執行方面存在問題。當然，您的業務範圍比他們廣得多，但您是否觀察到文件雲端的客戶互動方面有任何變化？

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?

格雷格，我們在文檔雲端業務上度過了一個非常棒的季度。我想我們創下了淨新增年度經常性收入（ARR）的新紀錄，文檔雲的淨新增ARR達到了1.41億美元。團隊在整合方面做得非常出色。所以，也許我會請大衛簡單談談，將簽名功能也整合到Acrobat業務中，作為一項功能，我認為這確實有助於提升其普及度。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Document Cloud業務的整體發展勢頭感到非常興奮。我們受益於我們強大的覆蓋範圍。正如我之前提到的，透過我們的內部銷售人員和經銷商合作夥伴，任何有文件需求的人都會進入我們的銷售管道。當然，憑藉企業級銷售和自上而下的管理模式，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.

但在過去12個月裡，我們重點關注的一個關鍵領域，也是真正卓有成效的領域，是充分利用我們在桌面應用程式方面的影響力，尤其是像Reader這樣的產品在行動端、桌面端和網頁端的應用，並透過這些應用提升用戶對我們服務的認知度和使用率。正如我之前提到的，我們看到在Acrobat中成功完成或發起的Adobe Sign交易數量比去年同期成長了85%。您可以期待我們繼續保持這一增長勢頭。我們希望未來所有使用Acrobat的用戶都能使用簽名和Adobe Sign功能，我們將繼續加強推進這項策略。

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，或許我還要補充最後一點。我的意思是，我認為團隊取得的令人興奮的成就之一，就是我們現在在 Chrome 瀏覽器中推出的這個擴展程序，以及我們正在進行的其他工作，還有我們宣布擴大與微軟的合作關係。

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.

所以，我認為Adobe PDF的分發，以及我們在行動裝置上採用的Liquid Mode和Sign等強大功能，都讓我們能夠利用現有的API和開發者工具，進一步擴展其應用範圍。文件工作流程自動化此概念必將持續發展壯大。

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?

太好了。接下來問丹一個問題。你剛剛談到了外匯和額外的一周，但是差旅費用增加或恢復正常水平預計會對你們2022財年的營業利潤率產生多大影響？我們該如何看待這個問題？

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。展望2022年，正如我們在準備好的評論中所提到的，隨著世界逐漸開放，我們將恢復飛行，我們將與客戶共度時光。屆時，一些設施成本將會回升。這關乎我們業務的成長和規模化，關乎與客戶互動，並解決他們最有價值的問題。因此，您會看到部分成本回升，這也反映在我們的預算指南中。

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，當我們審視眼前的機遇，思考未來的成長空間，評估我們在各自業務領域的定位，展望世界的發展方向，以及我們作為一家公司在推動世界數位轉型過程中能夠發揮的關鍵作用時，我們將加大增長投入，投資於市場領先和具有里程碑意義的產品，並延續我們以往的領先地位。您將會看到，這些舉措與我們即將進行的投資相輔相成。

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.

再想想Adobe體驗平台和Creative Cloud Express，我們會增加對銷售和行銷的投入，以在全球範圍內發展和擴大這些業務。所以我們將以成長為導向，這一點會反映在我們未來的業績和決策中。

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

接下來，我們將聽聽傑富瑞集團的布倫特‧蒂爾的演講。

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。關於利潤率方面，我想我們都明白，過去三年你們的利潤率提高了590個基點。所以，稍微控制一下利潤率成長是合理的。但是，從長遠來看，Adobe的利潤率走勢如何？你認為利潤率會止步於40%左右嗎？還是你仍然認為，從長遠來看，利潤率會朝著50%的方向發展？這是對Shantanu的恰當回應。

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.

布倫特，如果你從這個角度考慮數字的話，我認為60是在50之後。正如丹所說，我們擁有如此令人難以置信的機會。他展示的一項統計數據，布倫特，你也了解我們，我們對業務的思考方式是，我們投資於長期的真正增長，但我們能夠完成所有這些收購，並且在保持利潤率方面做得非常出色。

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.

所以我認為，歸根結底，一切都與成長機會有關。您也知道，我們擁有令人難以置信的槓桿效應。這種槓桿效應終將得到證明。如果您看看我們2022年的目標，您會發現它實際上仍然展現了我們對未來發展的樂觀態度。我認為Frame.io的收購會稍微稀釋股權。而且，正如我們之前所說，我們所做的一些工作，例如Experience Cloud以及我們在全球範圍內推廣Experience Cloud的努力，還有我們在Document Cloud、Creative Cloud和Creative Cloud Express方面所做的工作，都是為了確保我們能夠明智地進行投資，並成為公司內部乃至全球歸因領域的專家，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——這也是您之前也問過的問題，即客戶獲得的價值，以及我們是否有能力繼續推行更高價位的產品。所有這些條件都具備。我的意思是，我們對所有這些方面都感到興奮。但我現在不會指望很快就能達到50。我更看好加速成長，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，很清楚。 Shantanu，就本季業績指引而言，我認為許多分析師都問過這個問題：第四季發生了什麼事？這確實不是我們以往看到的Adobe業績。所以，從你的角度來看，這只是去年大規模數位化應用帶來的消化期嗎？還是Adobe自身執行力的問題？我不認為這是競爭性的，但我認為在分析師日期間，隨著股價下跌，很多人仍然在問我們這個問題：從你的角度來看，究竟發生了什麼？

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，那我再簡單提一下Adobe數位指數，然後再回到我們的正題。如果你看一下Adobe數位指數，你會發現過去12個月、18個月，甚至在疫情爆發前，當然在疫情期間，線上活動明顯增加。這是一個長期趨勢，而且不會改變。我們已經看到了這一點。線上活動更活躍，流量更大，與線上相關的活動也更多。

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.

我認為很多公司都在關注的重點是傳統的流量高峰，例如黑色星期五或網路星期一那幾週的高峰。但我認為這些高峰可能已經減弱，因為流量主要集中在少數幾個時間段。相比之下，我們現在看到的是持續穩定的成長，而不是之前的高峰。

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.

所以，如果我退後一步，看看我們的數位媒體業務團隊和中小企業，他們的表現不錯。如果我看一下企業級業務，正如我所說，季度末的傳統業務表現良好。如果我看一下單一業務，雖然我們之前看到的一些成長高峰已經過去，但我們確實看到了成長。那兩週我們都看到了成長，但可能略低於預期。然後，我們又回到了長期需求的問題。

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.

所以，當我思考這個產業時，我覺得關鍵不在於長期需求，也不在於我們產品的市場領導地位。我認為，這只是因為全球線上購物體驗發生了一些變化。這就是我的看法。

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.

我們現在回到第一季度，看看我們的指南，然後抓住機遇，全力以赴。所以我想重點談談過去幾週的情況。這不僅關乎Adobe，當然也包括其他公司。如果你看看Adobe數位指數，你會發現我們先前對整個社群成長率的預期有所下降，而實際情況比預期要低一些。這就是我的看法。

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

接線員，快到整點了。請再回答兩個問題。

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

下一個問題將來自美國銀行證券的布拉德·西爾斯。

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?

好的。我想就您從核心創意專業人士的角度觀察到的潛在市場規模 (TAM) 擴張問題再深入探討。我記得兩年前，你們的預測是 150 億美元，現在預測是 250 億美元。您認為，在核心業務領域，是否存在某種特定族群在推動潛在市場規模的擴張？這與幾年前您展望未來潛在市場時的情況有何不同？

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。主要有三個因素在推動這一趨勢。首先，隨著對內容需求的成長，我們看到越來越多的創意專業人士湧入市場。因此，我們可以銷售產品的創意專業人士群體也持續擴大。

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.

我們也能提供更多價值。隨著人們努力加快內容創作速度，他們必須更快地建立內容。因此，Scott 和他的團隊在增強協作功能方面所做的工作，這意味著我們能夠創造更多價值。收購 Frame.io 就是一個很好的例子。此外，我們也在 Creative Cloud 本身中加入了一些核心的全新協作功能。

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.

第三點是這些新型內容類型的出現。我們一直在關注3D內容的成長，但隨著元宇宙的興起，我們也開始看到對新型內容的需求不斷增長。以Substance 3D為例，該業務年增了100%，這顯示我們所看到的業務成長與Ann先前提到的市場規模擴張相吻合。

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?

明白了。太好了。如果可以的話，我還能再問一個問題嗎？你們之前投入了大量精力，將 Experience Cloud 套件整合到 Magento 和核心 CMS 之間，現在又推出了 Workfront。既然你們已經提供了更整合的產品，企業客戶現在是否可以透過不同的入口點來使用這個套件呢？

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，沒錯。我們開始看到一些客戶最初從事電商業務，現在他們希望擁有更強大的網路形象，於是與我們合作進行內容管理，他們希望專注於行銷的敏捷性和效率，這就引出了 Workfront。所以這是我們現在看到的一種新的切入點。

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.

我們也看到，許多客戶在思考不同的商業模式（例如 B2B 商業、B2B2C 商業等）時，正在擴展他們在我們這裡的內容管理業務，並接受我們將其打造為真正可購物體驗的願景，因此，這種趨勢也開始朝著相反的方向發展。

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

最後，我們將聽取高盛的卡什·蘭根的發言。

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.

最後一個發言的好處是，我有三分鐘時間，你們得聽我講三分鐘。開玩笑啦。我會盡量長話短說。 Shantanu 和 Dan，你們計劃將公司規模擴大一倍，達到 300 億美元，甚至更高，達到 450 億美元，這讓我很感興趣。 Shantanu 也提到你們的目標是加速發展而不是追求利潤率擴張，這很棒。考慮到這一點，而且我看了你們的業績指引，並沒有看到任何放緩的跡象，或許只是略微保守一些。

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?

Shantanu，如果你能談談公司在2022財年業績可能超出預期或可能導致業績下滑的關鍵因素，那就太好了。但從長遠來看，如果你專注於元宇宙的概念，以及Satya Nadella如何闡述元宇宙在商業領域的成長，以及我們如何運作——虛擬與現實的結合——他描繪的世界圖景相當引人入勝。我很想知道，你如何看待Adobe在Satya提出的企業虛擬工作環境中，如何定位自己以適應元宇宙和消費者環境？

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.

謝謝你的提問，Kash。在談到元宇宙之前，我想說說我們可能還沒完全討論過的一點：Kash，如果你看看大家都在談論的那些大趨勢，我們可能還沒涉足的領域就是電動車和電池，對吧？所以，這或許是Adobe在數位領域唯一尚未真正涉足的領域。

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.

當我思考Web 3D和元宇宙時，它真正的意義是，你在現實世界中習以為常的事情，越來越多地會在虛擬世界中完成。所以，如果你這樣想，無論是購物、玩遊戲、創作、與他人合作創作，還是拓展你的視野，在創造所有這些元宇宙世界方面，還有比Adobe更合適的公司嗎？這是從一維角度來看的，而對內容的需求只會呈指數級增長。

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，從另一個角度來看待元宇宙正在發生的事情，如果你從這個角度思考，你會發現，過去只有實體創意產品才被認為值得購買，而現在，我認為所有這些虛擬產品都將具有價值。所以，當我們思考NFT和區塊鏈的發展時，我認為Adobe在這方面擁有得天獨厚的優勢。我們在Photoshop方面已經展現了我們的領導地位。因此，我認為，無論是大型企業（我們剛才談到了大型企業），還是個體企業，Adobe在商業領域都擁有獨特的優勢。

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 可能比其他公司更保守一些，因為我們沒有直接將其納入年度預測。但請不要誤會。我的意思是，我們正在考慮這些新機遇，例如我們之前收購了一家 3D 公司，我們擁有 Aero，而且我們正在與所有作業系統供應商合作，共同探索擴增實境和虛擬實境。我們絕對身處其中。我們不僅僅將其視為直接的收入來源。

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.

但如果你更進一步，回答你關於我們如何看待這個機會的問題，卡什，我會說，當我們整個團隊一起準備這次會議時，我們有很多資料。我們一直在討論如何才能精簡這些資料。

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.

所以我真心希望你們能看看喬納森要求我們做的，也就是這份簡報包含了更多資訊。我們試圖對所有材料進行概括。我認為這恰恰反映了我們對這方面的關注。我的意思是，我們所有三個業務部門，例如數位體驗，都對此非常重視。我們已經討論這個領域一段時間了。你們也看到了，我們的解決方案在這方面得到了非常廣泛的應用。數位化只會不斷發展壯大，我認為Adobe已經佔據了非常有利的地位。

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.

即時客戶數據平台、體驗平台，以及我們如何整合產品，這讓我想起了多年前我們在內容創作工具上所做的艱苦努力，當時我們利用統一的用戶畫像、數據和洞察，為客戶創造價值。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.

我認為我們在文件雲、網頁、各種平台、PDF、人工智慧方面的「液態模式」等方面所做的工作，確實花費了大量時間思考企業將如何實現自動化，以及混合辦公環境的意義所在——這顯然是一個重要的趨勢，我們真正致力於確保將這些趨勢與我們的創新理念融合起來。所以，各個平台的團隊都做得非常出色。

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，作為公司的傳承，以及「每個人都有故事要說」的理念，我其實更傾向於認為，它讓網路煥發了生機。網路現在真的活起來了。或許我們之前沒談到的一點，即使在網路上，Adobe 的檔案格式也是最大的優勢。例如，處理 Photoshop 檔案格式的能力，處理 Illustrator 製作 logo 的能力，以及在 Design 中處理各種文件的能力（如果你想製作傳單的話）。實際上，為了讓創意社群能夠參與這個正在創造的龐大社群中，我們已經完成了所有繁重的工作，讓這一切成為可能。而且，我們在定位用戶方面擁有比以往任何時候都更廣泛的產品組合。無論你身處世界何地，我們都能提供靈活的定價方案，並且我們擁有 DDOM（數位交付模式）來實現這一點。

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，我退後一步，審視這一切，然後說：「你知道嗎？Adobe 的市場地位確實非常獨特。」我們擁有一支卓越的團隊。我們之前在這方面著墨不多。當然，我的同事們，還有不在台上的 Dana，以及我們的總法律顧問、執行團隊和 25,000 名員工，都非常珍惜我們所擁有的這些充滿幹勁的人才。

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，我的看法是，我們專注於營收成長。對於布倫特和其他人提出的問題，我們會始終致力於確保獲利成長，同時也會關注利潤率。但我認為，我們面臨的機會讓我們感到格外興奮。

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.

唯一讓我感到遺憾的是，我們無法團聚。請大家在這個假期注意安全，保持健康。我認為這才是最重要的。但作為管理團隊和全體員工，我對Adobe的未來充滿信心。

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.

非常感謝各位線上參與，也感謝團隊為籌備工作所付出的所有努力。祝大家今天愉快。