Adobe Inc (ADBE) 2021 Q3 法說會逐字稿

Good day, and welcome to the Q3 FY '21 Adobe Earnings Conference Call. Today's call is being recorded. At this time, I'd turn the conference over to Jonathan Vaas, VP of Investor Relations. Please go ahead.

各位好，歡迎參加 Adob​​e 2021 財年第三季財報電話會議。今天的通話將會被錄音。此時，我將把會議交給投資人關係副總裁喬納森‧瓦斯。請繼續。

Good afternoon, and thank you for joining us. With me on the call today are Shantanu Narayen, Adobe's President and CEO; and John Murphy, Executive Vice President and CFO. On this call, which is being recorded, we will discuss Adobe's third quarter fiscal year 2021 financial results. You can find our Q3 press release as well as PDFs of our prepared remarks and financial results on Adobe's Investor Relations website.

下午好，感謝各位的參與。今天和我一起參加電話會議的有 Adob​​e 總裁兼執行長 Shantanu Narayen，以及執行副總裁兼財務長 John Murphy。在本次電話會議中（會議正在錄音），我們將討論 Adob​​e 2021 財年第三季的財務表現。您可以在 Adob​​e 的投資者關係網站上找到我們的第三季新聞稿以及我們準備好的發言稿和財務業績的 PDF 文件。

The information discussed in this call, including our financial targets and product plans, is as of today, September 21, and contains forward-looking statements that involve risks, uncertainty and assumptions. Actual results may differ materially from those set forth in these statements. For a discussion of these risks, you should review the factors discussed in today's press release and in Adobe's SEC filings.

本次電話會議中討論的信息，包括我們的財務目標和產品計劃，截至今天（9 月 21 日），其中包含涉及風險、不確定性和假設的前瞻性陳述。實際結果可能與這些聲明中所述的結果有重大差異。有關這些風險的討論，您應該查看今天新聞稿和 Adob​​e 向美國證券交易委員會提交的文件中討論的因素。

On this call, we will discuss GAAP and non-GAAP financial measures. Reconciliations between the 2 are available in our earnings release and on Adobe's Investor Relations website.

本次電話會議，我們將討論GAAP和非GAAP財務指標。兩者之間的調節表可在我們的收益報告中以及 Adob​​e 的投資者關係網站上查閱。

I will now turn the call over to Shantanu.

現在我將把通話轉給沙塔努。

Thanks, Jonathan. Good afternoon. I hope you're all staying safe and healthy.

謝謝你，喬納森。午安.希望大家都平安健康。

Adobe had another outstanding quarter as people across the globe continue to embrace new ways of storytelling, learning and customer engagement in a digital-first environment. This quarter, we delivered significant new product innovations, announced the exciting acquisition of Frame.io and continued to increase customer engagement across an ever-expanding customer base. We're executing on our strategy of unleashing creativity for all, accelerating document productivity and powering digital businesses as reflected in our strong performance.

Adobe 又迎來了一個出色的季度，因為全球各地的人們繼續在數位化優先的環境中接受新的說故事、學習和客戶互動方式。本季度，我們推出了重要的新產品創新，宣布了對 Frame.io 的令人興奮的收購，並繼續在不斷擴大的客戶群中提高客戶參與度。我們正在執行我們的策略，即釋放所有人的創造力，加快文件處理速度，並為數位業務提供動力，這體現在我們強勁的業績上。

In Q3, Adobe achieved $3.94 billion in revenue, representing 22% year-over-year growth. GAAP earnings per share for the quarter was $2.52 and non-GAAP earnings per share was $3.11. In Q3, we drove record performance in our Digital Media business, achieving $2.87 billion in revenue, representing 23% year-over-year growth. Net new Digital Media annualized recurring revenue, or ARR, was $455 million, and total Digital Media ARR exiting Q3 grew to $11.67 billion.

第三季度，Adobe 實現營收 39.4 億美元，年增 22%。本季GAAP每股收益為2.52美元，非GAAP每股收益為3.11美元。第三季度，我們的數位媒體業務取得了創紀錄的業績，營收達到 28.7 億美元，年增 23%。淨新增數位媒體年度經常性收入（ARR）為 4.55 億美元，截至第三季末，數位媒體 ARR 總營收成長至 116.7 億美元。

Creativity has always played a central role in the human experience. Over the last year, we have all witnessed the way creativity has sustained us. We've shared photographs with loved ones on different continents, taught our classes to students at their kitchen tables and launched entirely new businesses online. Building on decades of leadership, Adobe continues to pave the way in core creative categories, including photography and design, while pushing the boundaries across a wide range of emerging categories such as AR and 3D.

創造力在人類經驗中一直扮演著核心角色。過去一年，我們都親眼見證了創造力如何支撐著我們。我們與不同大洲的親人分享了照片，在學生們的餐桌上為他們授課，並在網路上創辦了全新的企業。憑藉數十年的領先地位，Adobe 繼續在攝影和設計等核心創意領域引領潮流，同時在 AR 和 3D 等眾多新興領域不斷突破界限。

Whether it's the latest binge-worthy streaming+ series, a social media video that sparks a movement or a corporate video, creation and consumption of video is experiencing explosive growth. In August, we announced an agreement to acquire Frame.io, a leading cloud-based video collaboration platform. Video editing is rarely a solo activity, and it's traditionally been highly inefficient. Frame.io streamlines the video production process by enabling editors and key project stakeholders to seamlessly collaborate using cloud-first workflows.

無論是最新最值得一看的串流影集、引發熱潮的社群媒體影片或企業宣傳片，影片的創作和消費都在經歷爆炸性成長。8 月，我們宣布達成協議收購 Frame.io，這是一個領先的基於雲端的視訊協作平台。影片剪輯很少是單獨完成的活動，而且傳統上效率很低。Frame.io 透過雲端優先的工作流程，使編輯和關鍵專案利害關係人能夠無縫協作，從而簡化影片製作流程。

The combination of our leading video editing offerings, including Photoshop, Premiere Pro and After Effects, with Frame.io's cloud-based review and approval functionality will radically accelerate the creative process and deliver an end-to-end video platform. The addition of Frame.io creates an opportunity for Adobe in conjunction with the partner ecosystem to expand beyond video editors to a broader set of customers, teams and enterprises. We hope to close the Frame.io transaction in Q4 and look forward to welcoming the team to Adobe.

我們將 Photoshop、Premiere Pro 和 After Effects 等領先的影片編輯產品與 Frame.io 的雲端審查和批准功能相結合，將大大加快創作過程，並提供端到端的影片平台。Frame.io 的加入為 Adob​​e 及其合作夥伴生態系統創造了機會，使其能夠從影片編輯器擴展到更廣泛的客戶、團隊和企業群體。我們希望在第四季度完成對 Frame.io 的收購，並期待歡迎 Frame.io 團隊加入 Adob​​e。

Next month, we'll host Adobe MAX, the world's largest creativity conference. MAX has always been the place to be inspired, connect with the creative community and experience the latest Creative Cloud innovations. Our programming will feature iconic speakers, including Oscar-winning writer, director, producer Chloe Zhao, actress Tilda Swinton and SNL star and executive producer Kenan Thompson. This year's fully digital experience allows us to expand our reach and engage with more people across our global creative community than ever before. MAX will be hosted on Adobe's custom digital event platform built on Adobe Experience Cloud.

下個月，我們將舉辦 Adob​​e MAX，這是全球規模最大的創意大會。MAX 一直是激發靈感、與創意社群交流以及體驗 Creative Cloud 最新創新成果的地方。我們的節目將邀請到一些標誌性人物發表演講，包括奧斯卡獲獎編劇、導演、製片人趙婷，演員蒂爾達·斯文頓和《週六夜現場》明星兼執行製片人基南·湯普森。今年的全數位化體驗讓我們能夠擴大影響力，與全球創意社群中更多的人互動，這比以往任何時候都更容易。MAX 將在 Adob​​e 基於 Adob​​e Experience Cloud 建置的 Adob​​e 客製化數位活動平台上舉辦。

In Q3, we achieved Creative revenue of $2.37 billion with strong new user acquisition, engagement and renewal across all Creative products and geographies with particular strength in our Creative Cloud for Teams offering. Q3 Creative Cloud highlights include innovative enhancements to our photography offerings, including new services and AI-driven capabilities in Lightroom; Creative Cloud applications now running natively on Apple's new silicon M1 chip, delivering a boost in performance; the release of Adobe Substance 3D Collection, a suite of interoperable tools and services that support 3D creativity; partnerships such as The Great Untold with Netflix, enabling next-gen creators to tell their stories; and key customer wins at the Department of Education of the Philippines, Facebook, Nike, Rutgers University and the U.S. Department of the Interior.

第三季度，我們憑藉強勁的新用戶獲取、用戶參與度和續訂率，實現了 23.7 億美元的創意收入，這得益於所有創意產品和地區的用戶獲取、參與度和續訂率的提升，其中 Creative Cloud for Teams 產品表現尤為強勁。第三季 Creative Cloud 的亮點包括：攝影產品的創新增強，包括 Lightroom 中的新服務和 AI 驅動功能；Creative Cloud 應用程式現在可以在 Apple 的新型 M1 晶片上原生運行，從而提升性能；發布 Adob​​​​e Substance 3D Collection，這是一套支援 3D 創意的一套互通工具和服務；與互通等項目，使新一代創作者能夠講述他們的故事；以及在菲律賓教育部、Facebook、Nike、羅格斯大學和美國內政部等重要客戶中取得的成功。

Document Cloud is accelerating document productivity by powering the paper-to-digital revolution and enabling all document actions to be frictionless across web, desktop and mobile. From complex legal documents to sales contracts to employee welcome kits, documents are at the core of work. Using the power of AI with Adobe Sensei, Document Cloud is automating workflows and adding new value across all document verbs.

Document Cloud 透過推動紙本文件向數位轉型，加速文件生產力，並使所有文件操作在網頁、桌面和行動裝置上都能無縫進行。從複雜的法律文件到銷售合同，再到員工入職資料包，文件是工作的核心。Document Cloud 利用 Adob​​e Sensei 的人工智慧功能，實現了工作流程的自動化，並為所有文件操作增添了新的價值。

In Q3, Document Cloud achieved record revenue of $493 million, growing 31% year-over-year. Driving this performance was increased unit demand for Acrobat subscriptions globally and strength in the SMB segment. Q3 Document Cloud highlights include continued adoption of Adobe Sign in Acrobat with transactions growing over 10x in the last 3 years; growth across Acrobat web and frictionless PDF, which optimize the customer journey and capture organic search-driven demand; increased adoption and usage of mobile applications, including Acrobat, Scan and Sign, with over 100 million monthly active users; proliferation of Liquid Mode, an adaptive and responsive mobile experience with over 300 million PDF files reflowed in the last year; key customer wins at Daimler AG, Fujifilm, Micron and PwC.

第三季度，Document Cloud 實現了創紀錄的 4.93 億美元收入，年增 31%。推動這一業績成長的因素包括全球對 Acrobat 訂閱的需求增加以及中小企業市場的強勁表現。第三季文件雲亮點包括：Adobe Sign 在 Acrobat 中的持續普及，過去 3 年交易量增長超過 10 倍；Acrobat Web 和無摩擦 PDF 的增長，優化了客戶體驗並抓住了自然搜尋驅動的需求；移動應用程序（包括 Acrobat、Scan 和 Sign）的普及和使用，每月活躍用戶超過 1 億；Liquid Mode 的設計文件；贏得了戴姆勒股份公司、富士膠片、美光和普華永道等重要客戶。

Businesses of every size across every category are investing in customer experience management. Adobe Experience Cloud is powering CXM for B2B and B2C companies with applications focused on customer journey management, data insights and audiences, content and personalization, commerce and marketing workflows. Adobe Experience Cloud empowers companies to deliver predictive, personalized, real-time digital experiences across every touch point of the customer life cycle.

各行業、各種規模的企業都在投資客戶體驗管理。Adobe Experience Cloud 為 B2B 和 B2C 公司提供 CXM 技術支持，其應用程式專注於客戶旅程管理、數據洞察和受眾、內容和個人化、商務和行銷工作流程。Adobe Experience Cloud 讓企業能夠在客戶生命週期的每個接觸點上提供預測性、個人化、即時數位體驗。

In the digital economy, companies are relying on digital presence and commerce as the dominant channels to drive business growth. According to the Adobe Digital Economy Index, U.S. consumers spent over $541 billion in e-commerce from January through August, 58% more than what we saw 2 years ago.

在數位經濟時代，企業正依賴數位化業務和電商作為推動業務成長的主要管道。根據 Adob​​e 數位經濟指數，今年 1 月至 8 月，美國消費者在電子商務上的支出超過 5,410 億美元，比兩年前增長了 58%。

In Q3, we delivered Experience Cloud revenue of $985 million, driven by strong performance across both subscription and professional services. Q3 subscription revenue was $864 million, representing 29% year-over-year growth. As businesses reopen around the world, interest in Adobe CXM solutions as an enterprise priority is resulting in increasing spend in both software and services.

第三季度，Experience Cloud 的營收達到 9.85 億美元，這主要得益於訂閱服務和專業服務的強勁表現。第三季訂閱營收為 8.64 億美元，年增 29%。隨著世界各地的企業重新開業，企業對 Adob​​e CXM 解決方案的興趣日益濃厚，將其視為企業優先事項，從而導致軟體和服務方面的支出不斷增加。

Q3 Experience Cloud highlights include product innovations, including new personalization capabilities in Adobe Experience Cloud to help customers move from third-party cookies to first-party data strategies; Workfront momentum, reflecting the need for workflow and collaboration to deliver global campaigns and growing customer interest in a pioneering marketing system of record; key partnerships in commerce with Walmart to integrate their omnichannel fulfillment technologies and with PayPal to offer a robust, secure and integrated payment solution for companies of all sizes; continued industry analyst recognition, including being recognized as a leader in the Forrester Wave: Digital Experience Platforms and achieving the highest score of all participating vendors for Current Offering, Adobe was also named a Leader in the 2021 Gartner Magic Quadrant for Personalization Engines and a Leader in the Gartner Magic Quadrant for Digital Commerce; strong customer adoption of Adobe Sensei-powered capabilities in Adobe Experience Cloud as over 80% of customers now rely on our AI-powered capabilities to drive data insights and optimizations; key customer wins at Accor, the Australian government, Bertelsmann, Capital One, CVS Pharmacy, Daimler AG, Facebook, Ford Motor Company, Fidelity Brokerage Services, Honeywell, Real Madrid and The Gap.

第三季 Experience Cloud 的亮點包括產品創新，例如 Adob​​e Experience Cloud 中的全新個人化功能，可幫助客戶從第三方 Cookie 轉向第一方資料策略；Workfront 的強勁成長勢頭，反映了客戶對工作流程和協作的需求，以開展全球行銷活動，以及客戶對開創性行銷記錄系統日益增長的興趣與沃爾瑪合作關係；建立合作夥伴關係，為各種規模的公司提供強大、安全且整合的支付解決方案；持續獲得行業分析師的認可，包括在 Forrester Wave：數位體驗平台報告中被評為領導者，並在「當前產品」方面獲得所有參與供應商中的最高分，Adobe 還被評為 2021 年 Gartner 個業務引擎象限的領導者和影響者 Gareri 的領導者和影響者中由 Adob​​​​uence 的領導者魔力和象限提供支援的功能獲得了客戶的廣泛採用，超過 80% 的客戶現在依靠我們的 AI 功能來驅動數據洞察和優化；成功贏得雅高集團、澳洲政府、貝塔斯曼集團、第一資本銀行、CVS藥房、戴姆勒股份公司、Facebook、福特汽車公司、富達經紀服務公司、霍尼韋爾、皇家馬德里和蓋璞等重要客戶。

Adobe's strength has always come from our most important asset, our people. I want to thank our 25,000-plus employees for their dedication and resilience, our customers and partners for their trust as we continue to navigate a dynamic external environment.

Adobe 的優勢始終源自於我們最重要的資產—我們的員工。我要感謝我們 25,000 多名員工的奉獻和韌性，感謝我們的客戶和合作夥伴的信任，我們將繼續應對瞬息萬變的外部環境。

I'm proud of the continued industry recognition we receive as a great and equitable place to work. This quarter, Adobe received a 100% score on the Disability Quality Index for Best Places to Work for Disability Inclusion, and we were named to People Magazine's Companies That Care List for the fifth consecutive year.

我為我們持續獲得業界認可，成為一個優秀且公平的工作場所而感到自豪。本季度，Adobe 在「殘疾人包容性最佳工作場所」殘疾人品質指數中獲得了 100% 的分數，並且連續第五年被《人物》雜誌評為「關懷員工的公司」之一。

Last week, we held our Adobe For All virtual conference designed to bring employees together around our shared values of diversity, equity and inclusion. As part of that event, we reaffirmed pay parity. We continue to pioneer opportunity parity to ensure that employees are offered equal career development and growth across all demographic groups.

上週，我們舉辦了 Adob​​e For All 虛擬會議，旨在讓員工圍繞我們共同的價值觀——多元化、公平性和包容性——走到一起。作為該活動的一部分，我們重申了同工同酬原則。我們持續引領機會平等，確保所有員工無論來自哪個群體都能獲得平等的職涯發展和晉昇機會。

As part of our ongoing efforts to bring in more diverse talent, Adobe has established partnerships with Historically Black Colleges and Universities and Hispanic-serving Institutions. This new program offers $1 million donation to schools, scholarships, internships and career readiness programs. Our goal with these deep, focused partnerships is to provide opportunities for students to learn technology and creative skills.

作為我們持續努力引進更多不同背景人才的一部分，Adobe 已與傳統黑人學院和大學以及西班牙裔服務機構建立了合作關係。這項新計劃將向學校、獎學金、實習和職業準備計劃捐贈 100 萬美元。我們開展這些深入、有針對性的合作的目標是為學生提供學習技術和創造技能的機會。

The health and safety of our employees remain our top priority. Our offices are slowly reopening to fully vaccinated employees on a voluntary basis. As we look ahead to the future of work at Adobe, we will remain hybrid and flexible and continue to do what's best for our employees and our business.

員工的健康和安全始終是我們的首要任務。我們的辦公室正在逐步重新開放，允許已完全接種疫苗的員工自願返回工作崗位。展望 Adob​​e 的未來工作模式，我們將繼續維持混合辦公室和彈性辦公模式，並繼續為我們的員工和公司做出最好的選擇。

I'm confident that Adobe's culture of innovation, category-defining products, strong brand and the unwavering dedication of our employees will drive our continued business success and a strong close to the fiscal year. John?

我相信，Adobe 的創新文化、引領行業潮流的產品、強大的品牌以及員工堅定不移的奉獻精神，將推動我們業務的持續成功，並為本財年畫上圓滿的句號。約翰？

Thanks, Shantanu. Our financial results feature strong growth across revenue, Digital Media ARR, Digital Experience subscription revenue, RPO and EPS, demonstrating the power of our category-defining offerings.

謝謝你，沙塔努。我們的財務表現在收入、數位媒體 ARR、數位體驗訂閱收入、RPO 和 EPS 方面均實現了強勁成長，證明了我們引領業界的產品的強大實力。

In a digital-first world, Adobe's market opportunity is larger than ever, and we are investing for sustained growth through product innovation and by driving awareness and demand for our products with customers of all sizes. With our data-driven operating model, or DDOM, we continue to leverage our Experience Cloud technology to create personalized experiences for our customers in real time, driving traffic to adobe.com and app stores to acquire new customers.

在數位化優先的世界中，Adobe 的市場機會比以往任何時候都更大，我們正在透過產品創新以及提高各種規模客戶對我們產品的認知度和需求，進行投資以實現持續成長。憑藉我們的數據驅動營運模式（DDOM），我們繼續利用我們的體驗雲端技術，即時為客戶創造個人化體驗，並將流量引導至 adobe.com 和應用程式商店，從而獲取新客戶。

As a result, in Q3, Adobe achieved record revenue of $3.94 billion, which represents 22% year-over-year growth. Business and financial highlights included GAAP diluted earnings per share of $2.52 and non-GAAP diluted earnings per share of $3.11; Digital Media revenue of $2.87 billion; net new Digital Media ARR of $455 million; Digital Experience revenue of $985 million; cash flows from operations of $1.42 billion; RPO of $12.63 billion exiting the quarter; and repurchasing approximately 1.7 million shares of our stock during the quarter.

因此，Adobe 第三季營收達到創紀錄的 39.4 億美元，較去年同期成長 22%。業務與財務亮點包括：GAAP稀釋後每股收益為2.52美元，非GAAP稀釋後每股收益為3.11美元；數位媒體收入為28.7億美元；新增數位媒體年度經常性收入淨額為4.55億美元；數位體驗收入為9.85億美元；經營活動產生的現金流量為14.55億美元；數位體驗收入為9.85億美元；經營活動產生的現金流量為14.225億美元；

In our Digital Media segment, we achieved 23% year-over-year growth in Q3, and we exited the quarter with $11.67 billion of Digital Media ARR. As anticipated, with regions beginning to reopen across the globe, we saw pronounced summer seasonality in Q3. This is consistent with the experience of businesses across industries, as evidenced by data from the Adobe Digital Index, which showed that June and July marked the highest consumer travel season in 2 years. This correlated with lower web traffic while individuals enjoyed their summer holidays. We do see continued recovery in the SMB segment associated with the reopening.

在數位媒體業務方面，我們第三季實現了 23% 的年成長，季末數位媒體年度經常性收入達到 116.7 億美元。正如預期的那樣，隨著全球各地開始重新開放，我們在第三季度看到了明顯的夏季季節性特徵。這與各行各業企業的經驗相符，Adobe 數位指數的數據也證實了這一點，該指數顯示，6 月和 7 月是兩年來消費者出行最旺的時期。這與人們享受暑假期間網站流量下降的情況相吻合。我們確實看到，隨著重新開放，中小企業領域持續復甦。

We achieved Creative revenue of $2.37 billion, which represents 21% year-over-year growth, and we added $348 million of net new Creative ARR. Our strong Q3 results demonstrate continued demand for our offerings and execution driven by our DDOM insights. Third quarter Creative growth drivers included strong engagement, retention and renewal across all creative products and customer segments; new user acquisition for Creative Cloud All Apps driven by global marketing campaigns; continued recovery in the SMB segment with our Creative Cloud for Teams offering, including through our reseller channel; driving subscriptions for our flagship products, including our photography and video applications on both desktop and mobile; and adoption of our 3D and immersive applications, including Adobe Substance.

我們實現了 23.7 億美元的創意收入，年增 21%，新增創意 ARR 淨額為 3.48 億美元。我們強勁的第三季業績表明，市場對我們的產品和服務持續有需求，而這得益於我們對數位行銷領域的洞察。第三季創意成長的驅動因素包括：所有創意產品和客戶群的強勁參與度、留存率和續訂率；全球行銷活動推動了 Creative Cloud 所有應用程式的新用戶獲取；我們的 Creative Cloud for Teams 產品在中小企業市場持續復甦，包括透過我們的經銷商通路；推動了我們旗艦產品的訂閱量，包括桌面和行動裝置的持續復甦，包括透過我們的經銷商通路；推動了我們旗艦產品的訂閱量，包括桌面和行動裝置的設計

Adobe achieved Document Cloud revenue of $493 million, which represents 31% year-over-year growth, and we added $107 million of net new Document Cloud ARR in the quarter. Digital documents are essential to the changing nature of work, and we saw the paper-to-digital transformation continue in Q3 as Document Cloud remained our fastest-growing business. Third quarter Document Cloud growth drivers included adoption of Sign in Acrobat driven by the increased need to collaborate in a hybrid work environment; increasing unit demand for Acrobat subscriptions globally; strength in new licensing and renewal for our Acrobat for Teams offering in the SMB segment; and continued adoption of our Acrobat web and Acrobat mobile offerings.

Adobe Document Cloud 的營收達到 4.93 億美元，年增 31%，本季 Document Cloud 新增淨 ARR 為 1.07 億美元。數位文件對於不斷變化的工作性質至關重要，我們看到紙本文件向數位文件的轉型在第三季度繼續進行，文檔雲仍然是我們成長最快的業務。第三季 Document Cloud 的成長動力包括：由於混合辦公環境下協作需求的增加，用戶開始使用 Sign in Acrobat；全球範圍內 Acrobat 訂閱的需求量不斷增長；中小企業用戶對 Acrobat for Teams 的新許可和續訂量強勁；以及用戶持續採用 Acrobat Web 和 Acrobat 行動產品。

Turning to our Digital Experience segment. In Q3, we achieved revenue of $985 million, which represents 26% year-over-year growth. Digital Experience subscription revenue was $864 million, representing 29% year-over-year growth. We continue to see subscription revenue acceleration in Digital Experience as large and midsized enterprises increase their investments in customer experience management. Business performance in Digital Experience during the quarter was driven by strong deal volume, including several large Adobe Experience Platform deals; momentum in Adobe Commerce with strong revenue growth and new customer acquisition; merchant services growth through new strategic partnerships; increasing adoption of our Workfront and Customer Journey Management offerings; strong customer retention as we focus relentlessly on value realization for our customers; and demand for Adobe's professional services.

接下來我們來看看數位體驗部分。第三季度，我們實現了 9.85 億美元的收入，年增 26%。數位體驗訂閱收入為 8.64 億美元，年增 29%。隨著大中型企業加大對客戶體驗管理的投資，我們看到數位體驗領域的訂閱收入持續加速成長。本季數位體驗業務的業績表現得益於強勁的交易量，其中包括幾筆大型 Adob​​e Experience Platform 交易；Adobe Commerce 業務的強勁勢頭，收入增長強勁，新客戶獲取量也大幅提升；透過新的戰略合作夥伴關係，商戶服務業務實現了增長；Workfront 和客戶價值管理產品的用戶價值不斷提高專業服務的需求。

Operating expenses increased in Q3 as we continued to make strategic investments and increase headcount. We began to reopen our facilities and return to moderate levels of business travel. The majority of our employees continue to work from home, while the return to business travel is expected to ramp slowly. And we expect to further ramp our hiring in Q4.

第三季營運費用增加，因為我們持續進行策略性投資並增加員工人數。我們開始重新開放辦公場所，並恢復到中等程度的商務旅行。我們的員工大多繼續居家辦公，預計商務旅行的恢復將緩慢進行。我們預計第四季將進一步加大招募力度。

From a quarter-over-quarter currency perspective, the impact of FX net of accounting for hedging activities caused a sequential currency increase to revenue of $10 million. From a year-over-year currency perspective, the impact of FX net of accounting for hedging activities caused a currency increase to revenue of $80 million.

從季度環比匯率的角度來看，扣除對沖活動會計處理後的外匯影響導致收入環比匯率增加 1000 萬美元。從年比匯率角度來看，扣除對沖活動的影響後，外匯匯率變動導致收入匯率波動增加 8,000 萬美元。

Adobe's effective tax rate in Q3 was 14.5% on a GAAP basis and 16% on a non-GAAP basis. The sequential reduction in our GAAP tax rate is primarily due to a decrease in U.S. tax accrued on foreign earnings and tax benefits associated with share-based payments.

Adobe 第三季的實際稅率以 GAAP 計算為 14.5%，以非 GAAP 計算為 16%。我們 GAAP 稅率的連續下降主要是因為美國對海外收益應繳稅款的減少以及與股份支付相關的稅收優惠。

Our trade DSO was 36 days, which compares to 37 days in the year ago quarter and 35 days last quarter. RPO grew by 22% year-over-year to $12.63 billion exiting Q3, benefiting from strong enterprise licensing during the quarter. Our ending cash and short-term investment position exiting Q3 was $6.16 billion. Cash flows from operations in Q3 were $1.42 billion, sequentially down from Q2 due to increases in prepaid expenses, income tax payments and a decrease in accrued expenses.

我們的貿易應收帳款週轉天數為 36 天，去年同期為 37 天，上一季為 35 天。截至第三季末，RPO 年增 22% 至 126.3 億美元，這得益於該季度強勁的企業授權業務。截至第三季末，我們的現金和短期投資部位為 61.6 億美元。第三季營運活動產生的現金流量為 14.2 億美元，較第二季季減，原因是預付費用、所得稅支出增加以及應計費用減少。

We repurchased approximately 1.7 million shares in the quarter at a cost of $1 billion. We currently have $14.1 billion remaining of our $15 billion authority granted in December 2020, which goes through 2024.

本季我們以10億美元的價格回購了約170萬股股票。我們目前還剩下 141 億美元，而我們在 2020 年 12 月獲得了 150 億美元的授權，該授權有效期至 2024 年。

The following Q4 targets factor current macroeconomic conditions and typical year-end seasonal strength, including an expected increase in back-to-school spending and year-end enterprise licensing strength: total Adobe revenue of approximately $4.07 billion; Digital Media segment revenue growth of approximately 20% year-over-year; net new Digital Media ARR of approximately $550 million; Digital Experience segment revenue growth of approximately 22% year-over-year; Digital Experience subscription revenue growth of approximately 26% year-over-year; tax rate of approximately 17% on a GAAP basis and 16% on a non-GAAP basis; share count of approximately 480 million shares; GAAP earnings per share of approximately $2.52; and non-GAAP earnings per share of approximately $3.18.

以下第四季度目標考慮了當前的宏觀經濟狀況和典型的年末季節性增長，包括預計返校季支出增加和年末企業許可業務強勁增長：Adobe 總收入約為 40.7 億美元；數位媒體部門收入同比增長約 20%；新增數位媒體年度經常性收入淨額約為 5.5 億美元；數位體驗收入同比增長約 27%；稅率約為 16%；股份數量約為 4.8 億股；GAAP 每股收益約為 2.52 美元；非 GAAP 每股收益約為 3.18 美元。

Given Adobe's year-to-date performance and our Q4 targets, we are clearly on track to exceed our updated annual targets for fiscal 2021 provided in March. With the massive opportunities across creativity, digital documents and customer experience management, we continue to invest and drive strong business results.

鑑於 Adob​​e 今年迄今的業績和我們第四季度的目標，我們顯然預計將超過我們在 3 月公佈的 2021 財年更新後的年度目標。創意、數位文件和客戶體驗管理領域蘊藏著巨大的機遇，我們將繼續投資並取得強勁的業務成果。

I will now turn the call over to the operator to take your questions.

現在我將把電話轉交給接線員，由她來回答您的問題。

(Operator Instructions) We'll take our first question from Alex Zukin with Wolfe Research.

（操作說明）我們首先來回答來自 Wolfe Research 的 Alex Zukin 提出的問題。

Maybe just can we double-click on the seasonality commentary in the quarter? Because if we look at the beat versus guidance on kind of net new Digital Media ARR, look, at the same time, you had kind of the weakest beat but then the strongest guide in the last 3 years, which kind of speaks to and confirm some of the seasonality comments that you made. But can we just dive in to get a better sense of exactly what drove that for the Creative Cloud business? And then separately, what you're seeing in the enterprise adoption, particularly around AEP and on the CDP front that's driving some of the really strong guidance there.

或許我們可以雙擊查看本季的季節性評論？因為如果我們看一下淨新增數位媒體 ARR 的業績預期與實際業績預期，就會發現，你們的業績預期是過去 3 年中最弱的，但同時你們的業績預期卻是最強的，這在某種程度上印證了你們之前提到的一些季節性因素。但我們能否深入了解一下，究竟是什麼因素推動了 Creative Cloud 業務的發展？此外，企業採用情況，特別是 AEP 和 CDP 方面的情況，也推動了一些非常強勁的指導意見。

Happy to do that, Alex. So first, on your DME question as it related to the ARR, overall, we were really pleased. And I think it really speaks to the strength of our DDOM and the insights that we get associated with the business. I think going into the quarter, we had expected that -- the consumer with a little bit more return to normalcy, as was happening in the environment. Now this may have been a little prior to the Delta variant that we expected travel to increase and therefore, as a result, as summer seasonality and summer holidays was really sort of a 2-year time off from what they had to do, so as expected, we saw a little bit of less web traffic on that particular front.

我很樂意效勞，亞歷克斯。首先，關於您提出的與 ARR 相關的 DME 問題，總體而言，我們非常滿意。我認為這充分體現了我們 DDOM 的實力以及我們從業務中獲得的洞察力。我認為進入本季時，我們已經預料到這種情況——隨著環境逐漸恢復正常，消費者也會有所改善。這可能比我們預期的達美航空版本推出時間稍早一些，因此，由於夏季季節性和暑假實際上比他們實際需要做的事情晚了兩年，所以正如預期的那樣，我們看到這方面的網路流量略有減少。

The SMB was a highlight for us. The SMB, which was impacted a little bit more, we are continuing to see strengths associated with the SMB. And to your point about the guide, I mean, I think our optimism and the relevance of our products and what's happening with digital as a tailwind really leads us to guide, as you pointed out, to $550 million, which would be the largest ever guide that we've given for Q4. And if you take a step back relative to the approximately $1,750 million ARR guide that we had given at the beginning of the year or the $1.8 billion that we've given in March, we're going to exceed easily all of those numbers.

中小企業高峰會是我們的一大亮點。中小企業受到的影響稍大一些，但我們仍然看到中小企業的優勢。關於您提到的業績指引，我的意思是，我認為我們的樂觀態度、我們產品的相關性以及數位化發展帶來的順風，確實促使我們像您所指出的那樣，將業績指引設定為 5.5 億美元，這將是我們迄今為止對第四季度給出的最高業績指引。如果回顧我們年初給出的約 17.5 億美元的年度經常性收入 (ARR) 指導值，或者我們 3 月份給出的 18 億美元的 ARR 指導值，我們將會輕鬆超過所有這些數字。

So as it relates to individual categories, imaging continues to do really well. Video continues to do well. The Acrobat business, which is reflected both in the Creative Cloud and the Document Cloud, is doing well. MAX is going to be exciting. So net-net, I would say that the growth prospects for that particular business and the growth drivers remain intact but again, very much in line. And this is what we feel good about the insights that we're getting on the business. So that's to answer your question on DME. And again, remember, we have a seasonally strong quarter in Q4 for DME. The enterprise deals tend to be Q4. We also see education start to ramp up in Q4. So that hopefully gives you some color as to what happened in Q3 and what we expect in Q4.

因此，就各個類別而言，影像技術持續表現出色。視訊業務持續表現良好。Acrobat 業務發展良好，無論是 Creative Cloud 還是 Document Cloud 都體現了這一點。MAX 將會非常精彩。總而言之，我認為該特定業務的成長前景和成長動力依然完好無損，而且再次強調，非常符合預期。這就是我們對目前所獲得的業務洞察感到滿意的地方。以上就是關於DME（耐用醫療設備）問題的答案。再次提醒大家，第四季是DME的季節性強季。企業交易往往集中在第四季。我們也看到教育產業在第四季開始加速發展。希望以上內容能讓您對第三季的情況以及我們對第四季的預期有所了解。

And on the DX side, to your second question, really pleased with what we saw in the adoption of the Adobe Experience Platform and the applications. On top of that, the Adobe Journey Optimizer, the Customer Journey Analytics continue to see strength. I think we're very unique and differentiated in the platform that we have, the real-time nature of what we are doing with personalization. And again, there, I think if last year there was a lot of interest in that particular digital transformation and customer experience management, I think people recognize that this needs to be an enterprise spend priority for all of the businesses irrespective of size, which is why both in terms of the Q3 performance as well as the Q4 targets, we continue to think that Digital Experience will also do well. So hopefully, that gives you color on both, Alex.

至於 DX 方面，對於您的第二個問題，我們對 Adob​​e Experience Platform 和應用程式的採用感到非常滿意。除此之外，Adobe Journey Optimizer 和 Customer Journey Analytics 也持續保持強勁勢頭。我認為我們在平台方面非常獨特且與眾不同，我們在個人化方面所做的一切都具有即時性。再說一遍，我認為如果去年人們對數位轉型和客戶體驗管理非常感興趣，那麼我認為人們已經意識到，無論規模大小，這都應該成為所有企業支出的優先事項。因此，無論從第三季業績或第四季目標來看，我們都繼續認為數位化體驗也會表現良好。希望這些資訊能讓你對這兩方面都有更清晰的了解，Alex。

We'll take our next question from Kirk Materne with Evercore ISI.

接下來，我們將回答來自 Evercore ISI 的 Kirk Materne 提出的問題。

Congrats on the quarter. Shantanu, I was wondering if you could expand a little bit more on a couple of the bigger Experience Platform wins that you had. Were these existing customers competitive? And I guess if you had to step back, what's helping you all win these kind of larger deals? I was also impressed with 80% of your clients seem to be using some of the AI-powered capabilities, which seem to be really high uptake rate or take rate. So just kind of curious if you can expand on some of these larger enterprise -- Experience Platform deals you had this quarter.

恭喜你本季取得佳績。Shantanu，我想請你詳細介紹你在體驗平台方面取得的幾個較大的成功案例。這些現有客戶有競爭力嗎？那麼，如果讓你退一步思考，是什麼幫助你們贏得這些更大的交易呢？令我印象深刻的是，你們 80% 的客戶似乎都在使用一些人工智慧驅動的功能，這似乎是一個非常高的採用率或接受率。所以，我有點好奇您能否詳細介紹一下您本季達成的一些大型企業體驗平台交易。

Sure, Kirk. And at the end of the day, I think the macro trend that everybody is finding is that a digital presence and commerce and data and insights and analytics is absolutely sort of table stakes for anybody doing business. And so I think everybody started with a website. Everybody started with the analytics. But I think where we've delivered the Adobe Experience Platform and what we are talking about our personalization, I think that's a key differentiator. And whether you're a B2B company or a B2C company, you just have to invest in this particular business.

當然，柯克。歸根究底，我認為大家普遍發現的宏觀趨勢是，對於任何從事商業活動的人來說，數位化存在、商務、數據、洞察和分析絕對是必不可少的。所以我覺得大家都是從蓋網站開始的。大家都是從數據分析開始的。但我認為，我們交付的 Adob​​e Experience Platform 以及我們所談論的個人化，我認為這是一個關鍵的差異化因素。無論你是B2B公司還是B2C公司，你都必須投資這個產業。

And I think the team has done a particularly good job, both of messaging in different industries. The health care industry, for example, continues to do well, and there's more interest associated with that. The consumer businesses are starting to see a little bit of a comeback as there's a little bit more normalcy. And so a lot of them, we're going after existing customers. We're going after new logos and selling more.

我認為團隊在不同產業的宣傳推廣上都做得非常出色。例如，醫療保健產業持續發展良好，人們對該產業也越來越感興趣。隨著生活逐漸恢復正常，消費品產業也開始出現一些復甦跡象。因此，我們很多時候都在爭取現有客戶。我們正在開發新標誌，並努力提高銷量。

But I would say it's the strength of the Experience Platform, the ability to have these profiles, the behavioral data that we're collecting in real time, the marketing message associated with telling them that they really need to focus on getting their first-party data to be an asset that they could put on their balance sheet and the nature of what's happening with digital commerce. I think all of those are trends. And then we win the deals because of the strength of our offering and the fact that we're really pure-play marketing that is significantly differentiated relative to anybody else.

但我認為，關鍵在於體驗平台的強大功能，在於它能夠提供這些使用者畫像，在於我們即時收集的行為數據，在於它傳遞的行銷訊息，告訴使用者他們真的需要專注於將第一方數據轉化為可以計入資產負債表的資產，以及數位商務的本質。我認為這些都是趨勢。然後，我們憑藉強大的產品和服務，以及我們與其他公司相比顯著差異化的純粹行銷模式，贏得了這些訂單。

We'll take our next question from Gregg Moskowitz with Mizuho.

接下來，我們將回答瑞穗銀行的 Gregg Moskowitz 提出的問題。

Okay. Shantanu, I know that you only have 3 quarters of data thus far, but is Workfront driving larger average deal sizes in DX. Is that something that's already showing through?

好的。Shantanu，我知道你目前只有 3 個季度的數據，但 Workfront 是否推動了 DX 中更大的平均交易規模？這一點已經顯現出來了嗎？

It's a great question, Gregg. And maybe as I had responded to Kirk as well, I should have talked about the big thing that we're hearing from our customers in that space, Gregg, is they have more and more campaigns. They want to do agility of the campaigns. These are global. And how do they not only have an integrated suite of products but how do they get the workflow to be more efficient, especially as you're all working in a hybrid or working from home environment?

格雷格，你問得好。或許，就像我回覆柯克時那樣，我也應該談談我們從客戶那裡聽到的一個重要問題，格雷格，那就是他們的行銷活動越來越多。他們希望提高行銷活動的敏捷性。這些都是全球性的。他們不僅擁有一套整合的產品套件，而且是如何提高工作流程效率的，尤其是在你們都在混合辦公或在家工作的環境下？

So Workfront is definitely helping us. It's helping us with existing customers. It's helping us with deal sizes. And in many ways, it's the glue both to enable -- if you have people, technology and processes, it's helping with the processes part. But the promise of what we've also said there in terms of this pioneering marketing system of record, that's another area for the interest. And I think this was always a great company. I think they were looking to become more general purpose. I think what Anil and the team has done of really focusing on marketing workflows and solving it for all of the different personas, that's definitely resonating. But all of the large deals that we do, Workfront is definitely a part of the interest and a part of the bill of materials associated with that.

所以 Workfront 的確對我們有幫助。它有助於我們服務現有客戶。它有助於我們確定交易規模。在很多方面，它就像黏合劑一樣，能夠促成——如果你有人員、技術和流程，它就能幫助推進流程部分。但是，我們之前提到的這個開創性的記錄行銷系統所蘊含的承諾，是另一個值得關注的領域。我認為這家公司一直都很出色。我認為他們當時是想轉型成為更通用的品牌。我認為 Anil 和他的團隊真正專注於行銷工作流程，並為所有不同的使用者群體解決問題，這絕對引起了共鳴。但是，在我們進行的所有大型交易中，Workfront 絕對是我們關注的重點，也是相關物料清單的一部分。

We'll take our next question from Keith Weiss with Morgan Stanley.

接下來，我們將回答摩根士丹利的基斯‧韋斯提出的問題。

Very nice quarter. And maybe digging a little bit more on the M&A side of the equation. We've definitely heard really good things about Workfront getting into a lot of deals upfront. Perhaps can you characterize sort of the performance of Workfront versus your expectations and kind of the contribution you're seeing in the quarter?

非常好的街區。或許還可以更深入探討併購方面的問題。我們確實聽說過 Workfront 在前期達成了許多交易，而且效果非常好。您能否描述一下 Workfront 的表現與您的預期相比如何，以及您在本季看到的貢獻？

Secondarily, with Frame.io, just for clarification, is that in the forward ARR guide? Is that included in the $550 million for Q4? And then perhaps more broadly, just on M&A strategy. The last 2 big deals seem to have a common thread in terms of collaboration. Is that just a sell-side analyst putting together 2 data points and draw on the trend line? Or is that sort of a particular area of focus for Adobe in terms of adding to the portfolio on a go-forward basis?

其次，關於 Frame.io，為了確認一下，它是否包含在預期 ARR 指南中？這筆款項是否包含在第四季的5.5億美元中？然後，或許更廣泛地說，就併購策略而言。最近兩筆大交易在合作方面似乎有共同點。這只是賣方分析師將兩個數據點放在一起，然後畫出趨勢線嗎？或者說，這是否是 Adob​​e 未來在產品組合擴充方面特別關注的領域？

So Keith, I actually think there were 3 questions in that. So let me parse each one of them. First, I think as it relates to Workfront, we're very clearly targeting a need that exists. And we had originally, I think, said something like Workfront would do $140 million or $150 million in revenue for FY '21. And then I think we've said that it's on track to significantly beat that, and that continues to be the case. As we do these larger deals, Keith, we don't break out Workfront. And so that's the way we think about the business. But Workfront is definitely appealing to that.

所以基思，我覺得裡面其實有三個問題。那麼讓我逐一分析它們。首先，我認為就 Workfront 而言，我們非常明確地瞄準了一個實際存在的需求。我記得我們最初說過，Workfront 在 2021 財年的營收將達到 1.4 億美元或 1.5 億美元。然後我認為我們已經說過，它有望大幅超越這個目標，而且情況仍然如此。Keith，在進行這些較大的交易時，我們不會單獨使用 Workfront。這就是我們對這項業務的思考方式。但 Workfront 無疑對這類使用者很有吸引力。

Your second question as it relates to Frame.io, no, it is not in the ARR guide. I mean clearly, until we close the deal, we would not. And so when that happens -- as we said, we expect that to happen in Q4. We'll certainly update you on what that happens as it relates to Frame, but we're excited about that.

關於你的第二個問題，與 Frame.io 有關，不，ARR 指南中沒有相關內容。我的意思是，很顯然，在我們完成交易之前，我們不會這麼做。因此，正如我們所說，我們預計這種情況會在第四季度發生。我們一定會及時向您報告與 Frame 相關的進展，我們對此感到非常興奮。

And your third question as it relates to collaboration as a team, it's part of what we've been talking about for a while. If you remember, what we've done with XD in terms of being able to do live editing, I think what we've done with the multi-surface applications where our applications run on mobile devices or iPads or tablets as well as desktops, it's just one of those themes that people are working from different locations. People are increasingly working with people. And so I think we have the ability to really provide value for our existing customers and attract new customers.

至於你的第三個問題，它與團隊協作有關，這正是我們一直在討論的話題之一。如果你還記得，我們​​在 XD 中實現了即時編輯功能，我認為我們在多介面應用程式方面所做的工作，即我們的應用程式可以在行動裝置、iPad 或平板電腦以及桌上型電腦上運行，這只是人們在不同地點工作這一主題的體現之一。人們越來越多地與人一起工作。因此，我認為我們有能力真正為現有客戶提供價值，並吸引新客戶。

I think with Frame, in particular, we're excited because it expands dramatically the potential of the number of people who will become participants in the video workflow. And if they become -- I hope you like the videos that we played at the beginning of the earnings call. And it's -- all of that stuff is being done remotely. And so we're pleased. And as you know, we're always thoughtful, Keith, about the acquisitions and making sure it's a case where we can bring significant value both to our shareholders and to our customers.

我認為，Frame尤其令人興奮，因為它極大地擴展了參與視訊工作流程的人數潛力。如果他們真的做到了——我希望你們喜歡我們在財報電話會議開始時播放的影片。而且，所有這些工作都是遠端完成的。所以我們很高興。如你所知，基思，我們對收購總是深思熟慮，確保收購能為我們的股東和客戶帶來巨大的價值。

We'll take our next question from Michael Turrin with Wells Fargo Securities.

接下來，我們將回答來自富國證券的邁克爾·圖林提出的問題。

On margin, the year-to-date margins are now above 46%. I think you previously referenced potential for more of a second half step down there. So just how should we think about the margin profile here? And are there benefits you'd point to that, that could normalize assuming more of a return to normal?

從利潤率來看，今年迄今的利潤率已超過 46%。我認為你之前提到過，那裡可能會有更多下半步的潛力。那我們該如何看待這裡的利潤率情況呢？那麼，在假設生活逐漸恢復正常的情況下，您認為有哪些好處可以使其正常化呢？

John, do you want to start and then I can add?

約翰，你想先開始，然後我再補充嗎？

Yes, that would be great. Yes, you're right, the margins at 46% this quarter. We had indicated that with the more of a reopening across different regions, we would start to see our facilities come online, our business travel come back and certainly continue our hiring ramp. The Delta variant probably slowed that down a little bit, and so that contributed to the margin expansion you saw in Q3.

是的，那太好了。是的，你說得對，本季的利潤率為 46%。我們曾表示，隨著不同地區逐步重新開放，我們的設施將開始恢復運轉，商務旅行也將恢復，我們的招募工作也將繼續加速進行。Delta 變體可能稍微減緩了這一速度，因此促成了您在第三季看到的利潤率擴張。

But overall, it was an outstanding quarter for all of our businesses. And what we've said is the long road, the path to margin expansion is really to revenue growth given the leverage in our model. And after the contributions from the revenue performance in the quarter, continued expense savings that I just talked about, that contributed overall to the performance. But we expect those expenses to come back in a phased reentry now, maybe a little slower than we originally thought when we talked about the second half.

但總體而言，對我們所有業務來說，這都是一個非常出色的季度。我們已經說過，漫長的道路，利潤率擴張的真正途徑是實現收入成長，因為我們的模式具有槓桿效應。在本季營收表現做出貢獻之後，我剛才提到的持續節約開支也對整體業績做出了貢獻。但我們預計這些支出現在將分階段恢復，速度可能會比我們最初討論下半年時預想的要慢。

But that being said, when I think about our original targets in December, it implied margin expansion. When we did our updated targets in Q1, it was even larger margin expansion from what we saw. But we're executing against these huge market opportunities, and we'll continue to do that with an eye on continued top line growth, such as area that Shantanu touched on, which is 3D and immersive Adobe Experience Platform, Sign and Stock mobile, all of that.

但話雖如此，當我回想起我們 12 月設定的最初目標時，它意味著利潤率的擴張。我們在第一季更新目標時，發現利潤率擴張幅度比我們預期的還要大。但我們正在抓住這些巨大的市場機遇，並將繼續這樣做，同時著眼於持續的營收成長，例如 Shantanu 提到的 3D 和沈浸式 Adob​​e Experience Platform、Sign and Stock 行動應用程式等等。

Well said, John. And maybe the only other thing I would add is that certainly, I think when you look at some of the T&E or facilities expenses, it's a little artificial in terms of what's happening on expenses. But our big position is when you have a $100-plus billion addressable market, I think driving profitable growth is where we are focused on, which is why I think John also referred to we continue to be in the market to hire talent to make sure that we can continue to address all the market opportunities that we have. And so we're focused on driving profitable growth.

說得好，約翰。我可能還要補充一點，當然，我認為當你查看一些差旅費或設施費用時，你會發現費用方面的情況有點人為。但我們最大的優勢在於，面對超過 1000 億美元的潛在市場，我認為推動獲利成長才是我們關注的重點，這也是為什麼我認為約翰也提到，我們會繼續在市場上招募人才，以確保我們能夠繼續抓住所有市場機會。因此，我們專注於實現獲利成長。

We'll take our next question from Jay Vleeschhouwer with Griffin Securities.

接下來，我們將回答來自 Griffin Securities 的 Jay Vleeschhouwer 提出的問題。

Shantanu, for you first, as I'm sure you recall over the last number of years, particularly at a conference like MAX, we've talked about the integration in many ways, the unique integration that you have between Digital Media and the DX business. And you'll recall it's gone by a certain acronym over time. The question is, can you quantify or in some way describe the business effect of that combination, even going back to the old DPS days of how this mutuality does in fact help you drive business through the integration across the 2 segments?

Shantanu，首先我想說，我相信你還記得過去幾年，尤其是在像 MAX 這樣的會議上，我們討論過很多方面的整合，數位媒體和數位體驗業務之間獨特的整合。你可能還記得，隨著時間的推移，它曾經使用過某個特定的縮寫。問題是，你能否量化或以某種方式描述這種組合的商業影響，甚至追溯到早期的 DPS 時代，說明這種互惠關係實際上如何透過兩個部門的整合來幫助你推動業務發展？

Relatedly, with regard to DX specifically, you'll recall that over the last number of years, the company has often referred to you're having about 4 dozen or so use cases that you were targeting for DX. And that was a number of years ago. So perhaps you could talk about how the number of targeted use cases has increased for DX in the last number of years, particularly now with the introduction of payment services and other new capabilities.

另外，就 DX 而言，您可能還記得，在過去的幾年裡，該公司經常提到您有大約 40 個左右的用例，這些用例都是您針對 DX 而設計的。那是好幾年前的事了。所以，或許您可以談談在過去幾年裡，DX 的目標用例數量是如何增加的，特別是隨著支付服務和其他新功能的引入。

Sure, Jay. First, I think as it relates to your question around the integration between the clouds, as you know, first, let's even talk about Acrobat, right? Because so much of the Acrobat business is reflected both in Creative Cloud and Document Cloud. And so that's one very tangible example of how we've integrated the clouds. I think taking a step back, the area that I would say is of the most interest to customers right now is what we have referred to in the past also as content velocity, which is people are creating more digital assets. They're spending more on content and how they both ensure that all of that content seamlessly is distributed, whether it's a marketing campaign, whether it's something that goes on a mobile application, whether it's something that goes on the website.

當然可以，傑伊。首先，關於您提出的雲端整合問題，如您所知，首先，我們先來談談 Acrobat，對吧？因為 Acrobat 的許多業務都體現在 Creative Cloud 和 Document Cloud 中。這就是我們如何整合雲端運算的一個非常具體的例子。我認為，退一步講，目前客戶最感興趣的領域是我們過去也曾提到的內容速度，也就是人們正在創造更多的數位資產。他們在內容方面投入了更多資金，並確保所有這些內容都能無縫分發，無論是行銷活動、行動應用程式上的內容還是網站上的內容。

And so I think that's the hard problem that we've been able to help facilitate for our customers, which is creating all of this content and making sure that it's -- the delivery is accelerated through marketing campaigns is an area of real integration between DME as well as DX. And where that shows up also in the revenue is the continued growth of AEM and AEM assets specifically because that's where the assets are really flowing between these 2 solutions. So hopefully, that gives you a little bit of the flavor.

所以我認為，我們能夠幫助客戶解決的難題就是創建所有這些內容，並確保透過行銷活動加速交付，這是 DME 和 DX 之間真正整合的領域。這一點也體現在收入上，AEM 和 AEM 資產的持續成長就是明證，因為資產正是在這兩種解決方案之間流動。希望這能讓你稍微體會它的味道。

I think to the earlier questions that Gregg and others and Kirk had asked, I mean it's also on the workflow. That's when people are looking at it and saying, "Wow, if my freelancers have created content, how is that now being reflected in the DX?" So that's what I would answer your first question.

我認為對於 Gregg 和其他人以及 Kirk 之前提出的問題，這也與工作流程有關。這時人們就會審視它，然後說：「哇，如果我的自由工作者創作了內容，那麼這些內容現在是如何體現在使用者體驗中的呢？」這就是我對你第一個問題的回答。

I think as it relates to the DX use cases, and we should certainly do an update, it's increased very dramatically. And the ones that I would say maybe as a highlight is the B2B use cases, the number of large B2B companies that are coming to us and saying, "Hey, we recognize that whether it's for lead generation, whether it's for identification of customers, whether it's for even doing commerce, that's been a fairly big driver." I would say regulated industries, which is the original push around customer experience management was B2C and consumer-based companies, now I think you're seeing way more of those workflows and use cases in regulated industries. So that's another one that I would do.

我認為就 DX 用例而言，我們當然應該進行更新，因為它已經大幅增長。而我認為最值得關注的或許是B2B應用案例，很多大型B2B公司都主動聯繫我們，表示：「我們意識到，無論是線索挖掘、客戶識別，還是開展商務活動，這都是一個非常重要的驅動因素。」最初，客戶體驗管理主要面向B2C和消費品公司，而現在，在受監管行業中，我們看到了更多類似的流程和應用案例。所以，這也是我會做的事。

I would say the global aspect of this, which is you have companies, whether you're an automotive company or you're a fast food company and you want to do this globally, I think that's a use case that we've seen a fairly dramatic increase. But -- so hopefully, that gives you one. And then this is where the partner ecosystem, candidly, also is driving so much more. And so the partner ecosystem is also building a lot of their value-added solutions on top of our horizontal platform. So net, I would say it doesn't matter what business you are, what size you are. Part of DX is relevant to what you need to do in order to engage with your customers.

我認為這件事的全球性意義在於，無論是汽車公司還是快餐公司，如果想要在全球範圍內開展業務，我認為這類應用案例已經出現了相當大的增長。但是——希望這能給你一些啟發。坦白說，合作夥伴生態系統也在這裡發揮更大的作用。因此，合作夥伴生態系統也在我們的橫向平台之上建構了許多增值解決方案。總的來說，我認為你是什麼類型的企業，你的企業規模有多大，都無關緊要。數位轉型的一部分與你為了與客戶互動而需要做的事情有關。

We'll take our next question from Saket Kalia with Barclays.

接下來，我們將回答來自巴克萊銀行的薩凱特·卡利亞提出的問題。

Okay. Great. John, maybe for you, just to -- maybe just to switch gears a bit. I was wondering if you could just talk about seasonality in the Document Cloud business specifically. I think the net new ARR there has historically sort of been up and to the right kind of through the year. I guess the question is, are we getting to a point in that business where the seasonality could start to look a little bit more like Creative? Or are there any things to maybe consider for Document Cloud ARR seasonality this quarter?

好的。偉大的。約翰，也許對你來說，只是──也許只是稍微換個話題。我想請您具體談談文檔雲端業務的季節性問題。我認為，從歷史數據來看，該地區的淨新增 ARR 全年都保持著上升和成長的趨勢。我想問的是，我們是否正在走向這樣一個階段：這個行業的季節性可能會開始變得更像創意產業？或者，本季 Document Cloud ARR 的季節性變化是否還有其他需要考慮的因素？

Yes. I think when we think about the situation we've been in, in the pandemic and the need for more paper-to-digital transformation that's impacting not just enterprises and institutions that have -- obviously we've seen great growth in but individuals as well as they're engaging with the services that they use, as we said, I think when you look at the individual offerings that we have across Creative and Document Cloud, we just saw a little bit lower traffic there, but that's associated with, we believe, with individuals enjoying their holidays. And it's pretty indicative using our own Adobe Digital Index data that showed that June and July were the highest travel months in 2 years.

是的。我認為，當我們回顧我們所處的疫情情勢，以及從紙本文件向數位轉型的迫切需求時，我們不僅看到了企業和機構的巨大增長，也看到了個人在使用相關服務時所面臨的挑戰。正如我們所說，當我們審視我們在 Creative Cloud 和 Document Cloud 中提供的各個產品時，我們發現它們的流量略有下降，但我們認為這與人們享受假期有關。我們自己的 Adob​​e 數字指數數據也相當能說明問題，數據顯示 6 月和 7 月是兩年來出行量最高的月份。

So I think that seasonality is hitting it a little bit. But again, we've got such a strong presence in both institutions, educational, government and enterprises on Document Cloud that we still see great growth and strength. And it's demonstrated in just the continued growth of that business, which is our fastest-growing business right now.

所以我覺得季節性因素對其造成了一定影響。但是，我們在Document Cloud領域，無論是在機構、教育機構、政府部門或企業，都擁有非常強大的影響力，因此我們仍然看到了巨大的成長和實力。這一點從該業務的持續成長中就可以看出，該業務目前是我們成長最快的業務。

We'll take our next question from Ken Wong with Guggenheim Securities.

接下來，我們將回答來自古根漢證券的 Ken Wong 提出的問題。

This one is for you, Shantanu. You guys have a history of bringing in your professional tools down to the consumers. You have light additions. You have mobile additions. I think in your prepared remarks, you mentioned the addition of Frame.io creating additional opportunities sort of across the customer base, teams and enterprises. I guess do you envision this as a platform that could be brought down to consumers, prosumers? Or is this still mainly going to be in that professional bucket?

這首歌是獻給你的，沙塔努。你們一直以來都有將專業工具帶給消費者的做法。您有輕型附加裝置。您已新增行動裝置功能。我認為您在事先準備好的演講稿中提到，Frame.io 的加入為客戶群、團隊和企業創造了更多機會。我想您是設想將其打造成為一個可以面向消費者、產消者的平台嗎？或者說，這主要還是會歸入專業領域？

Ken, it's a very important area of expansion for us. I mean I think the Creative has always been a segment that looks to us to deliver mission-critical products that enable them to make a livelihood. But the halo effect of that when you look at what we talk about at our analyst meetings and how big our communicator business already is as well as the outreach of that even into the consumer business. But stay tuned on that front, I think, as we talk about our product road map and the excitement that we have to fulfill this vision of creativity for all and target a broader and broader and broader set of customers with some great solutions using our artificial intelligence and Sensei technology. We have some very exciting things underway that will start to be served to customers.

肯，這對我們來說是一個非常重要的拓展領域。我的意思是，我認為創意產業一直以來都指望我們提供能夠幫助他們謀生的關鍵產品。但當你看看我們在分析師會議上討論的內容，以及我們的傳播業務規模有多大，以及它甚至擴展到消費者業務領域時，就會發現這種光環效應。但請繼續關注這方面，我們將討論我們的產品路線圖，以及我們實現「人人享有創造力」願景的激動心情，並利用我們的人工智慧和 Sensei 技術，為越來越廣泛的客戶群提供一些優秀的解決方案。我們正在進行一些非常令人興奮的項目，這些項目將陸續面向客戶推出。

So very excited about that opportunity. It's a big opportunity. It's already a big business for us. I mean when we talk about the fact that we're adding over $0.5 billion of net new ARR as our expectation for Q4, a significant portion of that is also going to what you would call communicators or prosumers. And we're going to be delivering more and more really phenomenal products targeted at that customer segment.

我對這個機會感到非常興奮。這是一個絕佳的機會。這對我們來說已經是一項很大的業務了。我的意思是，當我們談到我們預計第四季將新增超過 5 億美元的淨 ARR 時，其中很大一部分也將流向所謂的傳播者或產消者。我們將推出越來越多針對該客戶群的卓越產品。

We'll take our next question from Kash Rangan with Goldman Sachs.

接下來，我們將回答來自高盛的卡什·蘭根提出的問題。

Shantanu, I remember, I think it was MAX 2019, we talked about video and how that could be as big of an opportunity as photos. And I'm curious to get your thoughts on the total available market that is new and incremental to Adobe's Creative business as a result of the acquisition that you made of Frame. And particularly, you used the word dramatically expands the scope of what you can do, meaning collaborators in addition to content creators. Can you just talk about what you meant by that? If you could just put a finer point. Does this mean that the Creative TAM will be larger than what Wall Street thinks, which has always been the case for the past 10 years or so?

Shantanu，我記得，我想應該是在 2019 年的 MAX 大會上，我們討論了視頻，以及視頻如何能像照片一樣帶來巨大的機會。我很想知道，您認為收購 Frame 後，Adobe 創意業務新增的、增量的市場總量會是多少？尤其值得一提的是，你使用了「極大地擴展了你的工作範圍」這個詞，這意味著除了內容創作者之外，還可以與合作者一起工作。你能解釋一下你這話是什麼意思嗎？如果你能把話說得更清楚一點就好了。這是否意味著創意產業的潛在市場規模將比華爾街認為的更大？在過去 10 年左右的時間裡，情況一直如此。

And secondly, not that it's a negative, but with the seasonal pattern in summer, showing some sign of activity where people went on vacations, et cetera, is there at all any risk that digital transformation takes a bit of a back seat as we go shopping not online but go to stores, therefore, e-commerce activity might actually slow down a little? But the secular trend is still pretty solid. In terms of adjustment, are we in for some adjustment? Or maybe not, but I just want to get your thoughts on that.

其次，這並非壞事，但考慮到夏季的季節性模式，人們外出度假等活動有所增加，這是否會造成數位轉型略微滯後，因為我們不再在線購物而是去實體店購物，從而導致電子商務活動實際上有所放緩？但整體趨勢依然相當穩固。就調整而言，我們是否需要進行一些調整？或許不是，但我只是想聽聽你的看法。

Thanks, Kash. I mean as it relates to your first question around video, I think we've been signaling for a while that video is really one of the exciting expansion opportunities for us, and that's really played out. It's played out from the products that we've delivered, Premiere and After Effects continuing to be the leaders in that category, certainly Photoshop and Illustrator used a lot. But if you look at what's happening with all these streaming+ services, right, I mean, there isn't a company that isn't delivering a streaming+ service. And so I think the insatiable demand for video among consumers is only requiring more and more companies to have these streaming services and deliver more genre as it relates to video.

謝謝你，卡什。我的意思是，就你提出的第一個關於視頻的問題而言，我認為我們已經發出信號一段時間了，視頻確實是我們令人興奮的擴張機會之一，而這一點也確實得到了驗證。從我們交付的產品來看，Premiere 和 After Effects 仍然是該領域的領導者，當然 Photoshop 和 Illustrator 也得到了廣泛的應用。但如果你看看所有這些串流媒體+服務的發展現狀，對吧，我的意思是，現在幾乎沒有一家公司不提供串流媒體+服務。因此，我認為消費者對視訊的永無止境的需求，只會促使越來越多的公司提供這些串流媒體服務，並提供更多類型的視訊內容。

All of that work right now -- I mean we talked a little bit of what we are doing as a partnership with Netflix as well. I mean all of that is happening now with people in different locations through a collaborative process. So any time you can take a Creative idea and make that happen quicker, faster to the right audience, that's only going to be incredibly valuable to our customers. And so I think that trend is only going to continue. And so we feel really good about what's happening in that particular space with video frame.

目前所有這些工作——我的意思是，我們也稍微談到了我們與 Netflix 的合作項目。我的意思是，這一切都是現在不同地點的人們透過協作過程共同完成的。所以，任何時候，只要你能將創意想法更快地傳遞給合適的受眾，這對我們的客戶來說都將是極其有價值的。所以我認為這種趨勢只會持續下去。因此，我們對視訊幀領域目前的發展狀況感到非常滿意。

We used to use Frame a bunch in the production of our own videos. And it's been exciting as we've talked to different people who after the acquisition of Frame, have come and said, "Hey, Adobe, that's such a great product, but we think we can do more with it." So I think that gives us a lot of optimism around whether it's the script writer, whether it's the reviewer of that, whether it's the creative agency, just being able to -- or all the corporate videos that's being done. And so certainly, I think as you add that as an enterprise product as well, you can certainly get a lot more TAM associated with it.

我們過去經常在製作自己的影片時使用 Frame。令人興奮的是，我們與許多人交流後，在Frame被收購後，他們紛紛表示：「嘿，Adobe，這是一款很棒的產品，但我們覺得它還有更大的潛力。」 因此，我認為這讓我們對未來充滿信心，無論是編劇、審校人員、創意機構，還是所有企業宣傳片的製作人員，我們都能夠更好地利用它。所以，我認為，如果你把它也當作企業產品來推廣，那麼它肯定能帶來更大的潛在市場規模。

We will update our TAMs, Kash, as we typically do. I think Jonathan referred -- or we'll talk about how we do our Q4 as well as our 2022, and we'll talk to you about TAMs on that front. But really excited about that. I think the external partnerships that exist for Frame and how it's plugged in not just to the Adobe solutions but other solutions is also an area of strength.

卡什，我們會像往常一樣更新我們的TAM（技術客戶經理）。我想喬納森指的是——或者我們會談談我們如何完成第四季度以及 2022 年的計劃，我們會和你們談談這方面的 TAM 問題。但我真的對此感到非常興奮。我認為 Frame 的外部合作夥伴關係，以及它如何不僅與 Adob​​e 的解決方案，而且與其他解決方案相連接，也是其優勢所在。

And I think to your second question around shopping and online, when we look at our DX business and the success that we had in Q3, I mean, a big part of that is more and more companies are certainly doing the multichannel, omnichannel, whatever they want to call it. And I think that's only going to continue to be a driver of our Digital Experience solutions because today, that's table stakes. And so we just look at it and say, whether you're shopping in store or whether you're shopping online, you need a solution that treats you like a customer that we know of. And so I think that's going to only be an imperative for companies.

至於你關於購物和線上的第二個問題，我認為，當我們審視我們的數位轉型業務以及我們在第三季度取得的成功時，很大程度上是因為越來越多的公司正在開展多通路、全通路，或者他們想怎麼稱呼它都行。我認為這將繼續成為我們數位體驗解決方案的驅動力，因為如今，這已成為基本要求。因此，我們在審視這個問題後認為，無論您是在實體店購物還是在網上購物，您都需要一個能將您視為我們熟知的客戶的解決方案。所以我認為這對企業來說將是必不可少的。

I mean one thing we should have probably talked about also is if you look at our Q3 results, I mean, they were stronger than what we had said. There were a couple of nonrecurring items as part of that. And some of that actually had to do with usage in commerce. And so we are seeing that usage also ramp up. So I just wanted to get that also out there as we talk about the shopping online and shopping in a store.

我的意思是，我們可能還應該談談的一點是，如果你看看我們第三季的業績，你會發現它們比我們之前所說的要好得多。其中有一些非經常性項目。其中一些實際上與商業用途有關。因此，我們看到這種使用量也在增加。所以，在討論網路購物和實體店購物的時候，我也想提一下這一點。

And in terms of the demand for our DME solutions, we expect, as we said, the seasonal Q4 will be the strength. And as education comes back and there's more and more end-of-quarter activity not just within Adobe but all companies, that's going to lead to increased demand and acceleration.

至於對我們DME解決方案的需求，正如我們所說，我們預計第四季度（季節性季度）將是強勁成長點。隨著教育的恢復，以及不僅 Adob​​e 內部，而且所有公司在季度末的活動越來越多，這將導致需求增加和成長加速。

We'll take our next question from Derrick Wood with Cowen and Company.

接下來，我們將回答來自 Cowen and Company 的 Derrick Wood 提出的問題。

John, I wanted to come back to the Document Cloud business because it looks perhaps to me that there was some outsized strength from licensed products that may have been in lieu of revenue coming from ARR products. And I think you can see this with total Document Cloud revenue growth actually accelerating even though total ARR growth decelerated. So is that the right assessment? And should we be looking at total revenue, not ARR? And I guess -- and so is there any reason for a mix shift towards more licensed products? And as you look into Q4, given it's a big ELA quarter, should we expect that to continue?

約翰，我想回到文件雲端業務領域，因為在我看來，授權產品可能帶來了超乎尋常的收益，而這些收益可能取代了 ARR 產品帶來的收入。我認為，即使年度經常性收入 (ARR) 總成長放緩，文件雲總收入成長實際上也在加速，這足以說明問題。那麼，這樣的評估是否正確呢？我們是否應該關注總收入，而不是年度經常性收入（ARR）？那麼，是否有任何理由促使產品組合轉變為更多授權產品？展望第四季度，考慮到這是 ELA 的一個重要季度，我們是否應該預期這種情況會繼續下去？

Yes. No, I mean we -- well, certainly, I think you're going to see strength in ELA, as Shantanu and I spoke about in terms of Q4. You can see the expansion in Q3 as well. But we're still migrating a base of customers as well. So ARR is still going to be important for us, where you want to drive more ARR. I think the strength in ARR growth, frankly, over the last over a year really has been really impressive. It's always going to give us this opportunity to drive healthy subscription growth.

是的。不，我的意思是——當然，我認為你會看到 ELA 的強勁表​​現，就像 Shantanu 和我之前在第四季度談到的那樣。第三季也出現了擴張。但我們仍在遷移一部分客戶。所以，對我們來說，ARR 仍然很重要，因為我們需要提高 ARR。坦白說，我認為過去一年多來，ARR 的成長勢頭確實非常強勁，令人印象深刻。這將始終為我們帶來推動訂閱用戶健康成長的機會。

The ELAs are not going to give us outsized revenue in Q4. It's going to be a sizable contribution, but we're driving subscriptions. And that's the strategy. And we do still have customers that buy perpetual, and so there'll be some fluctuations in that.

ELA（工程貸款協議）不會在第四季度為我們帶來超額收入。這將是一筆可觀的貢獻，但我們正在推動訂閱成長。這就是策略。我們仍然有一些客戶購買永久使用權，因此這方面會出現一些波動。

We'll take our next question from Parker Lane with Stifel.

接下來，我們將回答來自 Stifel 的 Parker Lane 的問題。

Shantanu, I was wondering if you could talk about the nature of creative wins in the public sector with organizations like the Department of Interior? What did these type of organizations historically relied upon for creative needs? And how fully are they embracing the features of the Creative Cloud versus using maybe a particular application like Photoshop or a distinct set of applications?

Shantanu，我想請你談談公部門（例如內政部等機構）中創意成功的本質是什麼？歷史上，這類組織依靠什麼來滿足創意需求？他們究竟在多大程度上充分利用了 Creative Cloud 的各項功能，還是更多地使用像 Photoshop 這樣的特定應用程式或一套獨立的應用程式？

To your point, I think public sector has always been an important part. But I think it's just the amount of content that people are creating is increasing. And when the amount of content that people are creating, then content management becomes an important issue. Workflow becomes an important issue and standardization of the products. And one of the things we did really well is what we call our named user deployment and how, when we have these enterprise licensing agreements, we offer enterprises the ability to download and distribute within the companies. And the more we do training and evangelism of the products, that leads to adoption.

你說得對，我認為公共部門一直都是重要的一部分。但我認為這只是因為人們創作的內容數量正在增加而已。當人們創作的內容數量龐大時，內容管理就成為一個重要議題。工作流程和產品標準化成為重要議題。我們做得非常出色的一點是，我們稱之為「指定使用者部署」的方案，以及當我們簽訂企業授權協議時，我們如何為企業提供在公司內部下載和分發的能力。我們越注重產品培訓和推廣，就越能促進產品普及。

So I would say there's an element of standardization. There's an element of more content. I mean even if you're a public sector company right now, I mean, what you transact online is becoming dramatically greater than it's ever been because the physical presence is seeing a cutback as a result of what's happened in the pandemic. So I think all of those are macro trends that are going to continue, but we've also done a really good job of actively making sure we evangelize what these solutions are good for. We do more training within these enterprises. We allow these named user deployments, as I said, which then leads to true-ups and the ability to get them into a higher band. So I think the execution on the sales front associated with going into these enterprises, that's getting better and better.

所以我認為這裡存在著一定的標準化因素。內容方面有所增加。我的意思是，即使你現在是一家公共部門公司，你的線上交易量也比以往任何時候都要大得多，因為受疫情影響，實體業務正在減少。所以我認為這些都是會持續的宏觀趨勢，但我們也一直在積極宣傳這些解決方案的好處，做得非常好。我們在這些企業內部進行更多培訓。正如我所說，我們允許這些指定使用者部署，這樣就可以進行調整，並使他們能夠進入更高的層級。所以我認為，與進入這些企業相關的銷售執行方面，情況正在變得越來越好。

Operator, we're coming up on the top of the hour. We have time for 2 more questions.

接線員，我們即將到達整點。我們還有時間再問兩個問題。

We'll take our second to the last question from Brad Sills, Bank of America Securities.

接下來，我們將回答來自美國銀行證券的布拉德·西爾斯提出的倒數第二個問題。

Just with your view across the broader marketing stack here with Experience Cloud, I'm curious what you're observing with regard to these Customer 360 initiatives. Are you finding customers are taking more multiproduct deals here to get that view across multiple channels here, e-commerce, marketing automation, CMS? You've got workflow automation in there. Are there any combinations of any of that, that you're seeing trending more recently than in the past?

鑑於您對 Experience Cloud 在整個行銷體系中的理解，我很好奇您對這些 Customer 360 計畫有何看法。您是否發現客戶在這裡購買多產品組合的次數更多，以便透過多個管道（電子商務、行銷自動化、內容管理系統）獲得相同的資訊？裡面有工作流程自動化功能。你是否觀察到，最近有哪些上述元素的組合比以往更受歡迎？

It clearly has been a push for us, Brad, in terms of what we are doing, which is how do we sell the entire suite offering. And I think every year, we give you an update on how that is actually indeed how we are selling it. And so from our perspective, the marketing stack -- what's completely unique about us is the data and insights that we're getting, the ability to do commerce and the digital presence.

布拉德，很明顯，就我們正在做的事情而言，如何銷售整個套房產品一直是我們的一大挑戰。而且我認為每年我們都會向大家報告我們實際的銷售情況。因此，從我們的角度來看，行銷技術堆疊——我們真正獨特之處在於我們獲得的數據和洞察、開展業務的能力以及數位影響力。

I think as it relates to Customer 360, where we are unique, and I think we're years ahead of any other large company that has space, is this real-time nature of what we've delivered. It's scalable. We've got billions of profiles. And so I think a lot of other companies are talking about how they take something that may be in a record somewhere and do things with it. But for us, it's the activation of that data. And that's where I think most people are really excited about what Adobe has to offer.

我認為，就客戶 360 而言，我們的獨特之處在於，我們比任何其他擁有空間的大公司都領先好幾年，那就是我們所交付內容的即時性。它具有可擴展性。我們擁有數十億個用戶資料。所以我覺得很多其他公司都在討論如何利用某個地方的記錄來做事情。但對我們來說，關鍵在於啟動這些數據。而我認為，這正是大多數人對 Adob​​e 所能提供的產品和服務感到興奮的地方。

And the other thing that I think has really happened is people recognize that they have to get control of their first-party data. I think a lot of interest used to exist about customer acquisition and third-party data. But I think right now, it's about do we have even control of our first-party data, do we have control of our behavioral and what is happening on multiple channels and the fact that, that can be very easily answered as it relates to what we have done with the Adobe Experience Platform.

我認為另一件真正發生的事情是，人們意識到他們必須掌控自己的第一方數據。我認為過去人們對客戶獲取和第三方數據非常感興趣。但我認為，現在的問題是，我們是否能夠控制我們的第一方數據，我們是否能夠控制我們的行為以及在多個管道上發生的事情，而事實上，這可以很容易地得到解答，因為它與我們使用 Adob​​e Experience Platform 所做的事情有關。

And last but not least, I mean, remember, we're the only company that can go in and say, "Hey, we have a B2B business and a B2C business." And when we talk about how we are using this in terms of the playbook on adobe.com, I think that really opens up a lot of people's ideas as to how they can use this and utilize it. And so I think the playbook that we delivered for DDOM earlier this year and how we talk about what they can do, I think that's what -- that really resonates with customers.

最後但同樣重要的是，請記住，我們是唯一一家可以坦然地說「我們既有B2B業務也有B2C業務」的公司。當我們談到如何在adobe.com的策略手冊中運用這一點時，我認為這確實能啟發很多人思考如何使用和利用它。所以我覺得我們今年早些時候為 DDOM 提供的方案，以及我們談論他們可以做什麼的方式，我認為這才是真正能引起客戶共鳴的地方。

We'll take our final question from Brent Thill with Jefferies.

我們最後回答來自傑富瑞集團的布倫特·蒂爾提出的問題。

So the DX growth accelerated from Q2. Can you just walk through the drivers of what you're seeing in terms of that acceleration? And maybe for John, just as it relates to seasonality with Magento Commerce into Q4. Anything to keep in mind there? Or do you just feel like this -- you keep powering through these tougher comps given the tailwinds you're seeing in that business?

因此，DX 的成長從第二季開始加速。你能詳細解釋一下你觀察到的加速現象的驅動因素嗎？也許對約翰來說，這與 Magento Commerce 進入第四季度的季節性問題有關。有什麼需要注意的嗎？或者你只是覺得——鑑於你在該行業看到的順風，你會繼續努力克服這些更艱難的競爭？

Yes. Brent, I think what really drove that revenue was both subscription as well as the services. And as you know, for the services, we're, again, really reliant on a large partner ecosystem. But if -- over the last 18 months, as we've always talked about, the interest is high. Now they're all implementing it. And so as they continue to implement it and as they continue to say we need to invest in these solutions, I think that's driving it.

是的。布倫特，我認為真正推動營收成長的是訂閱和服務兩方面。如您所知，在服務方面，我們同樣非常依賴龐大的合作夥伴生態系統。但是，正如我們過去 18 個月一直在談論的那樣，人們的興趣很高。現在他們都在實施這項措施。因此，隨著他們繼續實施這些方案，並且繼續表示我們需要投資這些解決方案，我認為這就是推動其發展的原因。

And I think to your point, if you take a step back, we, I think, guided to something like 19% revenue at the beginning of the year and 22% in subscriptions. We then increased that in March to 20% and 23%, respectively, and we just posted 26% and 29%. And so -- and if you look at it for Q4 as well, as you point out with the large comps, we continue to be excited about that opportunity. So I think this is front and center. It's an enterprise priority. And I think since people are saying, we've got to deal with this new reality. There's no time to waste in terms of implementing it.

我覺得你說的沒錯，如果回顧一下，我們年初的營收目標大約是 19%，訂閱營收目標大約是 22%。隨後，我們在 3 月將這兩個數字分別提高到 20% 和 23%，而我們剛剛公佈的數字是 26% 和 29%。所以——而且如果你看看第四季的情況，正如你所指出的，由於比較基數較大，我們仍然對這個機會感到興奮。所以我認為這才是問題的關鍵。這是企業的優先事項。我認為既然大家都這麼說，我們就必須面對這種新的現實。實施方面一刻也不能耽擱。

Again, there were, as we said, a couple of nonrecurring items. Some of those had to do with usage in commerce, and that actually is also indicative that may be a little bit more, depends on the quarter. But it's up and to the right as far as we are concerned in terms of the business opportunity and the business.

正如我們所說，還有幾個非經常性項目。其中一些與商業用途有關，而這實際上也表明，具體情況可能因季度而異。但就商業機會和業務而言，我們認為前景一片光明。

And Brent, this is going to help -- go ahead.

布倫特，這會有​​幫助的——請繼續。

No, go ahead. Sorry, John. I didn't hear you.

不，你繼續。抱歉，約翰。我沒聽見。

Yes, no problem. I was going to just come over the top on that on Brent's question on seasonality related to commerce. Of course, Q4 is a strong commerce quarter anyway given the holiday spending time. So we're excited about the opportunity there as well. It's just trying to set us up into the right. I think we have great momentum.

好的，沒問題。我本來打算就布倫特提出的與商業相關的季節性問題發表一些看法。當然，考慮到假日消費旺季，第四季本身就是一個強勁的商業季度。所以我們也對那裡的機會感到興奮。它只是想讓我們站在正確的立場。我認為我們現在勢頭很強。

And overall, since that was the last question, I mean, again, I think we were really pleased with our performance in Q3. We do expect a strong end of year for our business, as you saw from our targets. It's clear that we're in this unique position that we have 3 large growth opportunities ahead of us, and we're executing well against all 3 of those. And the innovation and the road map that exists across all 3 of those clouds just gives us continued optimism that we will serve our customers well, and we feel fortunate.

總的來說，因為這是最後一個問題，我的意思是，再次強調，我認為我們對第三季的表現非常滿意。正如您從我們的目標中看到的那樣，我們預計公司業務將在年底取得強勁成長。很明顯，我們處於一個獨特的地位，面前有 3 個巨大的成長機會，而且我們在這 3 個機會上都做得很好。這三大雲端平台所展現的創新能力與發展路線圖，讓我們對能夠更好地服務客戶充滿信心，我們感到非常幸運。

I think the future of work and the fact that it's more hybrid will only continue to emphasize digital as a priority for companies of every size. And so whether that's an increase in content for personalization, whether that's more automation of digital documents and whether that's every business thing we need to understand how to do customer experience management, I believe Adobe is very uniquely positioned to drive those particular macroeconomic trends.

我認為，未來的工作模式以及混合辦公模式的興起，只會繼續凸顯數位化對於各種規模的公司而言都是一項優先事項。因此，無論是增加個人化內容，還是提高數位文件的自動化程度，或是我們需要了解如何進行客戶體驗管理的所有業務事項，我相信 Adob​​e 都擁有非常獨特的優勢來推動這些特定的宏觀經濟趨勢。

But thank you for joining us today. We look forward to MAX as well as the Q4 earnings call. And with that, I will turn it back over to Jonathan.

但感謝您今天加入我們。我們期待MAX的發布以及第四季財報電話會議。好了，現在我把麥克風交還給喬納森。

Thanks, Shantanu, and thanks, everyone, for joining us on the call today. As we mentioned in the press release today, we look forward to connecting with you again on Thursday, December 16 for our Q4 earnings and virtual Financial Analyst Day. We will be sending out more details in the coming weeks. And if you have any questions, feel free to contact us at ir@adobe.com. I look forward to speaking with many of you soon, and we appreciate your interest in Adobe. This concludes the call.

謝謝 Shantanu，也謝謝大家今天參加我們的電話會議。正如我們在今天的新聞稿中提到的，我們期待在 12 月 16 日星期四與您再次聯繫，屆時我們將發布第四季度財報並舉行虛擬財務分析師日活動。我們將在未來幾週內發布更多詳情。如果您有任何疑問，請隨時透過 ir@adobe.com 與我們聯繫。我期待著盡快與各位交流，感謝你們對 Adob​​e 的關注。通話到此結束。