Adobe Inc (ADBE) 2021 Q3 法說會逐字稿

Good day, and welcome to the Q3 FY '21 Adobe Earnings Conference Call.

美好的一天，歡迎參加 21 財年第 3 季度 Adobe 收益電話會議。

Today's call is being recorded.

今天的通話正在錄音中。

At this time, I'd turn the conference over to Jonathan Vaas, VP of Investor Relations.

此時，我會將會議轉交給投資者關係副總裁 Jonathan Vaas。

Please go ahead.

請繼續。

Good afternoon, and thank you for joining us.

下午好，感謝您加入我們。

With me on the call today are Shantanu Narayen, Adobe's President and CEO; and John Murphy, Executive Vice President and CFO.

今天與我通話的有 Adobe 總裁兼首席執行官 Shantanu Narayen；執行副總裁兼首席財務官 John Murphy。

On this call, which is being recorded, we will discuss Adobe's third quarter fiscal year 2021 financial results.

在這次正在錄音的電話會議上，我們將討論 Adobe 2021 財年第三季度的財務業績。

You can find our Q3 press release as well as PDFs of our prepared remarks and financial results on Adobe's Investor Relations website.

您可以在 Adobe 的投資者關係網站上找到我們的第三季度新聞稿以及我們準備好的評論和財務結果的 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.

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，即 9 月 21 日，並包含涉及風險、不確定性和假設的前瞻性陳述。

Actual results may differ materially from those set forth in these statements.

實際結果可能與這些聲明中的結果存在重大差異。

For a discussion of these risks, you should review the factors discussed in today's press release and in Adobe's SEC filings.

要討論這些風險，您應該查看今天的新聞稿和 Adobe 提交給 SEC 的文件中討論的因素。

On this call, we will discuss GAAP and non-GAAP financial measures.

在這次電話會議上，我們將討論 GAAP 和非 GAAP 財務指標。

Reconciliations between the 2 are available in our earnings release and on Adobe's Investor Relations website.

兩者之間的對賬可在我們的收益發布和 Adobe 的投資者關係網站上找到。

I will now turn the call over to Shantanu.

我現在將電話轉給 Shantanu。

Thanks, Jonathan.

謝謝，喬納森。

Good afternoon.

下午好。

I hope you're all staying safe and healthy.

我希望你們都保持安全和健康。

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.

隨著全球各地的人們繼續在數字優先環境中採用新的講故事、學習和客戶參與方式，Adobe 又迎來了一個出色的季度。

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.

本季度，我們推出了重大的新產品創新，宣布了對 Frame.io 的激動人心的收購，並繼續在不斷擴大的客戶群中提高客戶參與度。

We're executing on our strategy of unleashing creativity for all, accelerating document productivity and powering digital businesses as reflected in our strong performance.

我們正在執行我們的戰略，即為所有人釋放創造力，加快文檔生產力並為數字業務提供動力，這反映在我們的強勁表現中。

In Q3, Adobe achieved $3.94 billion in revenue, representing 22% year-over-year growth.

第三季度，Adobe 實現收入 39.4 億美元，同比增長 22%。

GAAP earnings per share for the quarter was $2.52 and non-GAAP earnings per share was $3.11.

本季度 GAAP 每股收益為 2.52 美元，非 GAAP 每股收益為 3.11 美元。

In Q3, we drove record performance in our Digital Media business, achieving $2.87 billion in revenue, representing 23% year-over-year growth.

在第三季度，我們的數字媒體業務取得了創紀錄的業績，實現了 28.7 億美元的收入，同比增長 23%。

Net new Digital Media annualized recurring revenue, or ARR, was $455 million, and total Digital Media ARR exiting Q3 grew to $11.67 billion.

淨新數字媒體年化經常性收入 (ARR) 為 4.55 億美元，第三季度數字媒體 ARR 總額增長至 116.7 億美元。

Creativity has always played a central role in the human experience.

創造力一直在人類體驗中發揮著核心作用。

Over the last year, we have all witnessed the way creativity has sustained us.

在過去的一年裡，我們都見證了創造力支撐我們的方式。

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.

我們與不同大陸的親人分享照片，在廚房餐桌旁向學生教授我們的課程，並在網上開展全新的業務。

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.

憑藉數十年的領導地位，Adobe 繼續在核心創意類別（包括攝影和設計）中鋪平道路，同時在 AR 和 3D 等廣泛的新興類別中突破界限。

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.

無論是最新的值得狂歡的流媒體+系列、引發運動的社交媒體視頻還是企業視頻，視頻的創作和消費都在經歷爆炸式增長。

In August, we announced an agreement to acquire Frame.io, a leading cloud-based video collaboration platform.

8 月，我們宣布了一項收購領先的基於雲的視頻協作平台 Frame.io 的協議。

Video editing is rarely a solo activity, and it's traditionally been highly inefficient.

視頻編輯很少是一項單獨的活動，而且傳統上效率非常低。

Frame.io streamlines the video production process by enabling editors and key project stakeholders to seamlessly collaborate using cloud-first workflows.

Frame.io 使編輯和主要項目利益相關者能夠使用雲優先工作流進行無縫協作，從而簡化了視頻製作過程。

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.

我們領先的視頻編輯產品（包括 Photoshop、Premiere Pro 和 After Effects）與 Frame.io 基於雲的審查和批准功能相結合，將從根本上加速創作過程並提供端到端的視頻平台。

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.

Frame.io 的加入為 Adobe 創造了一個機會，結合合作夥伴生態系統，從視頻編輯器擴展到更廣泛的客戶、團隊和企業。

We hope to close the Frame.io transaction in Q4 and look forward to welcoming the team to Adobe.

我們希望在第四季度完成 Frame.io 交易，並期待著歡迎團隊加入 Adobe。

Next month, we'll host Adobe MAX, the world's largest creativity conference.

下個月，我們將舉辦全球最大的創意大會 Adobe MAX。

MAX has always been the place to be inspired, connect with the creative community and experience the latest Creative Cloud innovations.

MAX 一直是激發靈感、聯繫創意社區和體驗最新的 Creative Cloud 創新的地方。

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.

我們的節目將邀請標誌性的演講者，包括奧斯卡獲獎作家、導演、製片人趙克洛、女演員蒂爾達斯文頓和 SNL 明星兼執行製片人凱南湯普森。

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.

今年的全數字化體驗使我們能夠擴大影響範圍，並與全球創意社區中的更多人進行互動。

MAX will be hosted on Adobe's custom digital event platform built on Adobe Experience Cloud.

MAX 將託管在 Adobe 基於 Adobe Experience Cloud 構建的定制數字活動平台上。

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.

在第三季度，我們通過在所有 Creative 產品和地區的強勁新用戶獲取、參與和更新，實現了 23.7 億美元的 Creative 收入，尤其是我們的 Creative Cloud for Teams 產品。

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.

Q3 Creative Cloud 亮點包括對我們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 應用程序現在在 Apple 的新矽 M1 芯片上本地運行，性能得到提升；發布 Adobe Substance 3D Collection，一套支持 3D 創意的互操作工具和服務；與 Netflix 的 The Great Untold 等合作夥伴關係，使下一代創作者能夠講述他們的故事；並贏得了菲律賓教育部、Facebook、耐克、羅格斯大學和美國內政部的主要客戶。

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.

Document Cloud 正在推動紙質到數字革命，並使所有文檔操作在 Web、桌面和移動設備上順暢進行，從而加快文檔生產率。

From complex legal documents to sales contracts to employee welcome kits, documents are at the core of work.

從復雜的法律文件到銷售合同再到員工歡迎禮包，文件是工作的核心。

Using the power of AI with Adobe Sensei, Document Cloud is automating workflows and adding new value across all document verbs.

借助 Adobe Sensei 的 AI 功能，Document Cloud 正在自動化工作流程並為所有文檔動詞添加新的價值。

In Q3, Document Cloud achieved record revenue of $493 million, growing 31% year-over-year.

第三季度，Document Cloud 實現了創紀錄的 4.93 億美元收入，同比增長 31%。

Driving this performance was increased unit demand for Acrobat subscriptions globally and strength in the SMB segment.

推動這一業績的是全球 Acrobat 訂閱單位需求的增加以及 SMB 細分市場的實力。

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 3 季度 Document Cloud 亮點包括在 Acrobat 中繼續採用 Adobe Sign，交易量在過去 3 年增長了 10 倍以上；跨 Acrobat 網絡和無摩擦 PDF 的增長，優化客戶旅程並捕獲有機搜索驅動的需求；增加了移動應用程序的採用和使用，包括 Acrobat、掃描和簽名，每月活躍用戶超過 1 億； Liquid Mode 的擴散，這是一種自適應和響應式的移動體驗，去年重排了超過 3 億個 PDF 文件； Daimler AG、Fujifilm、Micron 和 PwC 贏得了主要客戶。

Businesses of every size across every category are investing in customer experience management.

各個類別的各種規模的企業都在投資於客戶體驗管理。

Adobe Experience Cloud 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 正在為 B2B 和 B2C 公司的 CXM 提供支持，其應用程序專注於客戶旅程管理、數據洞察和受眾、內容和個性化、商務和營銷工作流程。

Adobe Experience Cloud empowers companies to deliver predictive, personalized, real-time digital experiences across every touch point of the customer life cycle.

Adobe Experience Cloud 使公司能夠在客戶生命週期的每個接觸點提供預測性、個性化、實時的數字體驗。

In the digital economy, companies are relying on digital presence and commerce as the dominant channels to drive business growth.

在數字經濟中，公司依靠數字存在和商業作為推動業務增長的主要渠道。

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.

根據 Adobe 數字經濟指數，從 1 月到 8 月，美國消費者在電子商務上的支出超過 5410 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.

在第三季度，我們在訂閱和專業服務方面的強勁表現推動了 Experience Cloud 收入 9.85 億美元。

Q3 subscription revenue was $864 million, representing 29% year-over-year growth.

第三季度訂閱收入為 8.64 億美元，同比增長 29%。

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.

隨著全球各地的企業重新開業，對 Adobe CXM 解決方案的興趣成為企業的首要任務，導致軟件和服務支出增加。

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.

Q3 Experience Cloud 亮點包括產品創新，包括 Adobe Experience Cloud 中新的個性化功能，以幫助客戶從第三方 cookie 轉向第一方數據策略； Workfront momentum，反映了對工作流程和協作的需求，以提供全球活動和客戶對開創性營銷記錄系統的興趣；與沃爾瑪建立重要的商業合作夥伴關係，以整合其全渠道履行技術，並與 PayPal 建立合作夥伴關係，為各種規模的公司提供強大、安全和集成的支付解決方案；繼續受到行業分析師的認可，包括在 Forrester Wave：數字體驗平台中被公認為領導者，並在當前產品中獲得所有參與供應商的最高分，Adobe 還被評為 2021 年 Gartner 個性化引擎魔力像限的領導者和領導者在 Gartner 數字商務魔力像限中；客戶對 Adobe Experience Cloud 中 Adobe Sensei 支持的功能的廣泛採用，因為現在超過 80% 的客戶依賴我們的 AI 支持的功能來推動數據洞察和優化； Accor、澳大利亞政府、Bertelsmann、Capital One、CVS Pharmacy、Daimler AG、Facebook、Ford Motor Company、Fidelity Brokerage Services、Honeywell、Real Madrid 和 The Gap 贏得了主要客戶。

Adobe's strength has always come from our most important asset, our people.

Adobe 的優勢始終來自於我們最重要的資產，即我們的員工。

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.

我要感謝我們 25,000 多名員工的奉獻精神和韌性，感謝我們的客戶和合作夥伴在我們繼續應對充滿活力的外部環境時的信任。

I'm proud of the continued industry recognition we receive as a great and equitable place to work.

我為我們作為一個偉大而公平的工作場所而獲得的持續行業認可感到自豪。

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.

本季度，Adobe 在殘疾包容最佳工作場所的殘疾質量指數中獲得 100% 的分數，我們連續第五年入選《人物》雜誌的“關心公司”名單。

Last week, we held our Adobe For All virtual conference designed to bring employees together around our shared values of diversity, equity and inclusion.

上週，我們舉辦了 Adobe For All 虛擬會議，旨在讓員工圍繞我們共同的多元化、公平和包容價值觀聚集在一起。

As part of that event, we reaffirmed pay parity.

作為該活動的一部分，我們重申了同工同酬。

We continue to pioneer opportunity parity to ensure that employees are offered equal career development and growth across all demographic groups.

我們繼續倡導機會均等，以確保為所有人口群體的員工提供平等的職業發展和成長。

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.

作為我們為引進更多多元化人才所做的持續努力的一部分，Adobe 已與歷史悠久的黑人學院和大學以及西班牙裔服務機構建立了合作夥伴關係。

This new program offers $1 million donation to schools, scholarships, internships and career readiness programs.

這個新計劃向學校、獎學金、實習和職業準備計劃提供 100 萬美元的捐款。

Our goal with these deep, focused partnerships is to provide opportunities for students to learn technology and creative skills.

我們與這些深入、專注的合作夥伴關係的目標是為學生提供學習技術和創造性技能的機會。

The health and safety of our employees remain our top priority.

我們員工的健康和安全仍然是我們的首要任務。

Our offices are slowly reopening to fully vaccinated employees on a voluntary basis.

我們的辦公室在自願的基礎上慢慢地重新開放給完全接種疫苗的員工。

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.

當我們展望 Adobe 未來的工作時，我們將保持混合和靈活，並繼續為我們的員工和我們的業務做最好的事情。

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.

我相信 Adobe 的創新文化、定義類別的產品、強大的品牌和我們員工堅定不移的奉獻精神將推動我們的業務持續取得成功，並在本財年結束時取得強勁的成績。

John?

約翰？

Thanks, Shantanu.

謝謝，山塔努。

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.

我們的財務業績在收入、數字媒體 ARR、數字體驗訂閱收入、RPO 和 EPS 方面實現了強勁增長，展示了我們定義類別的產品的力量。

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.

在數字優先的世界中，Adobe 的市場機會比以往任何時候都大，我們正在通過產品創新和提高各種規模的客戶對我們產品的認識和需求來實現持續增長。

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.

憑藉我們的數據驅動運營模型或 DDOM，我們繼續利用我們的 Experience Cloud 技術為我們的客戶實時創建個性化體驗，推動 adobe.com 和應用程序商店的流量以獲取新客戶。

As a result, in Q3, Adobe achieved record revenue of $3.94 billion, which represents 22% year-over-year growth.

因此，在第三季度，Adobe 實現了創紀錄的 39.4 億美元收入，同比增長 22%。

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.

業務和財務亮點包括 GAAP 攤薄每股收益 2.52 美元和非 GAAP 攤薄每股收益 3.11 美元；數字媒體收入為 28.7 億美元；淨新數字媒體 ARR 為 4.55 億美元；數字體驗收入為 9.85 億美元；經營活動產生的現金流量為 14.2 億美元；本季度 RPO 為 126.3 億美元；並在本季度回購了大約 170 萬股我們的股票。

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.

在我們的數字媒體領域，我們在第三季度實現了 23% 的同比增長，我們以 116.7 億美元的數字媒體 ARR 結束了本季度。

As anticipated, with regions beginning to reopen across the globe, we saw pronounced summer seasonality in Q3.

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。

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.

這與各行各業的企業經驗一致，Adobe Digital Index 的數據證明，6 月和 7 月是 2 年來最高的消費旅遊旺季。

This correlated with lower web traffic while individuals enjoyed their summer holidays.

這與較低的網絡流量相關，而個人則享受暑假。

We do see continued recovery in the SMB segment associated with the reopening.

我們確實看到與重新開放相關的 SMB 細分市場持續復甦。

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.

我們實現了 23.7 億美元的創意收入，同比增長 21%，我們增加了 3.48 億美元的淨新創意 ARR。

Our strong Q3 results demonstrate continued demand for our offerings and execution driven by our DDOM insights.

我們強勁的第三季度業績表明，在我們的 DDOM 洞察力的推動下，對我們的產品和執行的持續需求。

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.

第三季度創意增長動力包括所有創意產品和客戶群的強大參與度、保留率和更新；全球營銷活動推動 Creative Cloud All Apps 的新用戶獲取；通過我們的 Creative Cloud for Teams 產品，包括通過我們的經銷商渠道，SMB 細分市場持續復甦；推動我們旗艦產品的訂閱，包括我們在桌面和移動設備上的攝影和視頻應用程序；採用我們的 3D 和沈浸式應用程序，包括 Adobe Substance。

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.

Adobe 的 Document Cloud 收入達到 4.93 億美元，同比增長 31%，我們在本季度增加了 1.07 億美元的淨新 Document Cloud ARR。

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.

數字文檔對於不斷變化的工作性質至關重要，我們看到紙質到數字的轉型在第三季度繼續進行，因為文檔雲仍然是我們增長最快的業務。

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.

第三季度 Document Cloud 的增長驅動因素包括在混合工作環境中協作的需求增加推動了 Sign in Acrobat 的採用；全球對 Acrobat 訂閱的單位需求增加；我們在 SMB 領域的 Acrobat for Teams 產品在新許可和續訂方面的優勢；並繼續採用我們的 Acrobat 網絡和 Acrobat 移動產品。

Turning to our Digital Experience segment.

轉向我們的數字體驗部分。

In Q3, we achieved revenue of $985 million, which represents 26% year-over-year growth.

第三季度，我們實現了 9.85 億美元的收入，同比增長 26%。

Digital Experience subscription revenue was $864 million, representing 29% year-over-year growth.

數字體驗訂閱收入為 8.64 億美元，同比增長 29%。

We continue to see subscription revenue acceleration in Digital Experience as large and midsized enterprises increase their investments in customer experience management.

隨著大中型企業增加對客戶體驗管理的投資，我們繼續看到數字體驗的訂閱收入加速增長。

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.

本季度數字體驗的業務表現受到強勁交易量的推動，包括幾筆大型 Adobe Experience Platform 交易； Adobe Commerce 的強勁收入增長和新客戶獲取勢頭強勁；通過新的戰略合作夥伴關係實現商業服務增長；越來越多地採用我們的 Workfront 和 Customer Journey Management 產品；強大的客戶保留率，因為我們不懈地專注於為客戶實現價值；以及對 Adobe 專業服務的需求。

Operating expenses increased in Q3 as we continued to make strategic investments and increase headcount.

隨著我們繼續進行戰略投資和增加員工人數，第三季度的運營費用有所增加。

We began to reopen our facilities and return to moderate levels of business travel.

我們開始重新開放我們的設施，並恢復到適度的商務旅行水平。

The majority of our employees continue to work from home, while the return to business travel is expected to ramp slowly.

我們的大多數員工繼續在家工作，而商務旅行的回歸預計將緩慢增加。

And we expect to further ramp our hiring in Q4.

我們希望在第四季度進一步增加招聘。

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.

從環比貨幣的角度來看，扣除對沖活動會計的外匯影響導致收入環比增加 1000 萬美元。

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.

從同比匯率的角度來看，扣除對沖活動會計的外匯影響使收入增加了 8000 萬美元。

Adobe's effective tax rate in Q3 was 14.5% on a GAAP basis and 16% on a non-GAAP basis.

Adobe 第三季度的有效稅率在 GAAP 基礎上為 14.5%，在非 GAAP 基礎上為 16%。

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.

我們的 GAAP 稅率連續下降主要是由於美國對外國收入的應計稅收減少以及與基於股份的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.

我們的貿易 DSO 為 36 天，而去年同期為 37 天，上季度為 35 天。

RPO grew by 22% year-over-year to $12.63 billion exiting Q3, benefiting from strong enterprise licensing during the quarter.

第三季度 RPO 同比增長 22% 至 126.3 億美元，這得益於本季度強大的企業許可。

Our ending cash and short-term investment position exiting Q3 was $6.16 billion.

我們退出第三季度的期末現金和短期投資頭寸為 61.6 億美元。

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.

由於預付費用、所得稅支付和應計費用減少，第三季度運營現金流為 14.2 億美元，環比第二季度有所下降。

We repurchased approximately 1.7 million shares in the quarter at a cost of $1 billion.

我們在本季度以 10 億美元的成本回購了大約 170 萬股股票。

We currently have $14.1 billion remaining of our $15 billion authority granted in December 2020, which goes through 2024.

我們在 2020 年 12 月授予的 150 億美元授權中目前還有 141 億美元，該授權將持續到 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 4 季度的目標是考慮當前的宏觀經濟狀況和典型的年終季節性強勢，包括返校支出和年終企業許可實力的預期增長：Adobe 總收入約為 40.7 億美元；數字媒體業務收入同比增長約 20%；淨新數字媒體 ARR 約為 5.5 億美元；數字體驗部門收入同比增長約 22%；數字體驗訂閱收入同比增長約 26%； GAAP 稅率約為 17%，非 GAAP 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.

鑑於 Adobe 年初至今的業績和我們的第四季度目標，我們顯然有望超過 3 月份提供的 2021 財年最新年度目標。

With the massive opportunities across creativity, digital documents and customer experience management, we continue to invest and drive strong business results.

憑藉創意、數字文檔和客戶體驗管理方面的巨大機遇，我們將繼續投資並推動強勁的業務成果。

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

我現在將把電話轉給接線員來回答你的問題。

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

（操作員說明）我們將從 Wolfe Research 的 Alex Zukin 那裡回答我們的第一個問題。

Maybe just can we double-click on the seasonality commentary in the quarter?

也許我們可以雙擊該季度的季節性評論？

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.

因為如果我們看一下淨新數字媒體 ARR 的節拍與指南，同時看，你有一種最弱的節拍，但在過去 3 年裡卻有最強的指南，這說明並證實了您所做的一些季節性評論。

But can we just dive in to get a better sense of exactly what drove that for the Creative Cloud business?

但是，我們能否深入了解究竟是什麼推動了 Creative Cloud 業務的發展？

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.

然後分別地，你在企業採用中看到的，特別是圍繞 AEP 和 CDP 前沿，正在推動那裡的一些非常強大的指導。

Happy to do that, Alex.

很高興這樣做，亞歷克斯。

So first, on your DME question as it related to the ARR, overall, we were really pleased.

首先，關於你的 DME 問題，因為它與 ARR 相關，總的來說，我們真的很高興。

And I think it really speaks to the strength of our DDOM and the insights that we get associated with the business.

我認為這確實說明了我們 DDOM 的實力以及我們從業務中獲得的洞察力。

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.

我認為進入本季度，我們曾預計 - 消費者會恢復正常，就像環境中發生的那樣。

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.

現在這可能比我們預計旅行會增加的 Delta 變體早一點，因此，由於夏季季節性和暑假實際上是他們必須做的事情的 2 年時間，所以不出所料，我們看到該特定方面的網絡流量略有減少。

The SMB was a highlight for us.

SMB 是我們的一大亮點。

The SMB, which was impacted a little bit more, we are continuing to see strengths associated with the SMB.

SMB 受到的影響更大一些，我們繼續看到與 SMB 相關的優勢。

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.

至於你關於指南的觀點，我的意思是，我認為我們的樂觀情緒和我們產品的相關性以及數字作為順風所發生的事情確實使我們能夠達到 5.5 億美元，正如你指出的那樣，這將是有史以來最大的我們為第四季度提供的指南。

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.

如果你相對於我們在年初給出的大約 17.5 億美元的 ARR 指南或我們在 3 月份給出的 18 億美元退後一步，我們將輕鬆超過所有這些數字。

So as it relates to individual categories, imaging continues to do really well.

因此，由於它涉及到個別類別，成像繼續做得很好。

Video continues to do well.

視頻繼續表現良好。

The Acrobat business, which is reflected both in the Creative Cloud and the Document Cloud, is doing well.

Creative Cloud 和 Document Cloud 中都體現的 Acrobat 業務表現良好。

MAX is going to be exciting.

MAX 將會令人興奮。

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.

因此，我想說的是，該特定業務的增長前景和增長動力保持不變，但再次非常一致。

And this is what we feel good about the insights that we're getting on the business.

這就是我們對我們在業務上獲得的見解感到滿意的地方。

So that's to answer your question on DME.

這就是回答你關於 DME 的問題。

And again, remember, we have a seasonally strong quarter in Q4 for DME.

再次記住，DME 在第四季度有一個季節性強勁的季度。

The enterprise deals tend to be Q4.

企業交易往往是第四季度。

We also see education start to ramp up in Q4.

我們還看到教育在第四季度開始增加。

So that hopefully gives you some color as to what happened in Q3 and what we expect in Q4.

因此，希望這能讓您對第三季度發生的事情以及我們對第四季度的預期有所了解。

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.

在 DX 方面，對於你的第二個問題，我們對 Adobe Experience Platform 和應用程序的採用感到非常滿意。

On top of that, the Adobe Journey Optimizer, the Customer Journey Analytics continue to see strength.

最重要的是，Adobe Journey Optimizer、Customer Journey Analytics 繼續發揮優勢。

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.

我認為我們在我們擁有的平台上非常獨特和與眾不同，我們在個性化方面所做的事情的實時性。

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.

再一次，我認為如果去年人們對特定的數字化轉型和客戶體驗管理很感興趣，我認為人們會認識到這需要成為所有企業的企業支出優先事項，無論規模大小，這是為什麼就第三季度業績和第四季度目標而言，我們仍然認為數字體驗也會做得很好。

So hopefully, that gives you color on both, Alex.

所以希望這能讓你對兩者都有所了解，亞歷克斯。

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

我們將接受來自 Evercore ISI 的 Kirk Materne 的下一個問題。

Congrats on the quarter.

祝賀這個季度。

Shantanu, I was wondering if you could expand a little bit more on a couple of the bigger Experience Platform wins that you had.

Shantanu，我想知道你是否可以在你獲得的幾個更大的 Experience Platform 勝利上再擴展一點。

Were these existing customers competitive?

這些現有客戶是否具有競爭力？

And I guess if you had to step back, what's helping you all win these kind of larger deals?

我想如果你不得不退後一步，是什麼幫助你們贏得了這些更大的交易？

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.

80% 的客戶似乎都在使用一些 AI 支持的功能，這給我留下了深刻的印象，這些功能的採用率或採用率似乎非常高。

So just kind of curious if you can expand on some of these larger enterprise -- Experience Platform deals you had this quarter.

所以有點好奇，如果你能擴展這些更大的企業中的一些——你本季度的體驗平台交易。

Sure, Kirk.

當然，柯克。

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.

歸根結底，我認為每個人都發現的宏觀趨勢是數字存在、商業、數據、洞察力和分析絕對是任何做生意的人的籌碼。

And so I think everybody started with a website.

所以我認為每個人都是從網站開始的。

Everybody started with the analytics.

每個人都從分析開始。

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.

但我認為我們交付 Adobe Experience Platform 的地方以及我們談論的個性化，我認為這是一個關鍵的差異化因素。

And whether you're a B2B company or a B2C company, you just have to invest in this particular business.

而且無論您是 B2B 公司還是 B2C 公司，您只需投資於這一特定業務即可。

And I think the team has done a particularly good job, both of messaging in different industries.

而且我認為該團隊在不同行業的消息傳遞方面做得特別好。

The health care industry, for example, continues to do well, and there's more interest associated with that.

例如，醫療保健行業繼續表現良好，人們對此產生了更多興趣。

The consumer businesses are starting to see a little bit of a comeback as there's a little bit more normalcy.

消費者業務開始看到一點點捲土重來，因為有更多的常態。

And so a lot of them, we're going after existing customers.

所以他們中的很多人，我們正在尋找現有客戶。

We're going after new logos and selling more.

我們追求新標誌並銷售更多產品。

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.

但我想說這是體驗平台的優勢，擁有這些配置文件的能力，我們實時收集的行為數據，與告訴他們他們真的需要專注於獲得他們的第一方相關的營銷信息數據成為他們可以放在資產負債表上的資產，以及數字商務正在發生的事情的性質。

I think all of those are trends.

我認為所有這些都是趨勢。

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.

然後我們贏得了交易，因為我們提供的產品的實力以及我們真正的純粹營銷相對於其他任何人都有顯著差異的事實。

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

我們將與 Mizuho 一起接受 Gregg Moskowitz 的下一個問題。

Okay.

好的。

Shantanu, I know that you only have 3 quarters of data thus far, but is Workfront driving larger average deal sizes in DX.

Shantanu，我知道到目前為止你只有 3 個季度的數據，但是 Workfront 正在推動 DX 中更大的平均交易規模。

Is that something that's already showing through?

那是已經顯示出來的東西嗎？

It's a great question, Gregg.

這是一個很好的問題，格雷格。

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.

也許正如我對柯克的回應一樣，我應該談談我們從那個領域的客戶那裡聽到的一件大事，格雷格，他們有越來越多的活動。

They want to do agility of the campaigns.

他們想做活動的敏捷性。

These are global.

這些是全球性的。

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?

他們如何不僅擁有一套集成的產品，而且如何使工作流程更有效率，尤其是當你們都在混合環境中工作或在家工作時？

So Workfront is definitely helping us.

所以 Workfront 肯定在幫助我們。

It's helping us with existing customers.

它幫助我們與現有客戶打交道。

It's helping us with deal sizes.

它幫助我們處理交易規模。

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.

在很多方面，它是兩者的粘合劑——如果你有人員、技術和流程，它就會幫助流程部分。

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.

但是，我們在這種開創性的營銷記錄系統方面也說過的話，這是另一個令人感興趣的領域。

And I think this was always a great company.

我認為這一直是一家偉大的公司。

I think they were looking to become more general purpose.

我認為他們希望變得更加通用。

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.

我認為 Anil 和團隊所做的真正專注於營銷工作流程並為所有不同的角色解決它，這肯定會引起共鳴。

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.

但是我們所做的所有大型交易，Workfront 絕對是利益的一部分，也是與之相關的材料清單的一部分。

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

我們將接受 Keith Weiss 和摩根士丹利的下一個問題。

Very nice quarter.

非常好的季度。

And maybe digging a little bit more on the M&A side of the equation.

也許在等式的併購方面進行更多挖掘。

We've definitely heard really good things about Workfront getting into a lot of deals upfront.

我們肯定聽說過關於 Workfront 提前達成大量交易的好消息。

Perhaps can you characterize sort of the performance of Workfront versus your expectations and kind of the contribution you're seeing in the quarter?

也許你能描述一下 Workfront 的表現與你的期望以及你在本季度看到的貢獻的類型嗎？

Secondarily, with Frame.io, just for clarification, is that in the forward ARR guide?

其次，對於 Frame.io，只是為了澄清，是在前向 ARR 指南中嗎？

Is that included in the $550 million for Q4?

這是否包括在第四季度的 5.5 億美元中？

And then perhaps more broadly, just on M&A strategy.

然後也許更廣泛地說，只是關於併購戰略。

The last 2 big deals seem to have a common thread in terms of collaboration.

最後兩筆大交易似乎在協作方面有共同點。

Is that just a sell-side analyst putting together 2 data points and draw on the trend line?

這只是賣方分析師將 2 個數據點放在一起並繪製趨勢線嗎？

Or is that sort of a particular area of focus for Adobe in terms of adding to the portfolio on a go-forward basis?

還是說 Adobe 在未來的基礎上添加到產品組合中是一個特定的重點領域？

So Keith, I actually think there were 3 questions in that.

所以基思，我實際上認為其中有 3 個問題。

So let me parse each one of them.

因此，讓我解析它們中的每一個。

First, I think as it relates to Workfront, we're very clearly targeting a need that exists.

首先，我認為與 Workfront 相關，我們非常明確地針對存在的需求。

And we had originally, I think, said something like Workfront would do $140 million or $150 million in revenue for FY '21.

我認為，我們最初說過，像 Workfront 這樣的公司將為 21 財年帶來 1.4 億美元或 1.5 億美元的收入。

And then I think we've said that it's on track to significantly beat that, and that continues to be the case.

然後我認為我們已經說過它有望大大擊敗它，而且情況仍然如此。

As we do these larger deals, Keith, we don't break out Workfront.

當我們做這些更大的交易時，基思，我們不會打破 Workfront。

And so that's the way we think about the business.

這就是我們思考業務的方式。

But Workfront is definitely appealing to that.

但 Workfront 絕對對此很有吸引力。

Your second question as it relates to Frame.io, no, it is not in the ARR guide.

你的第二個問題與 Frame.io 相關，不，它不在 ARR 指南中。

I mean clearly, until we close the deal, we would not.

我的意思是，在我們完成交易之前，我們不會。

And so when that happens -- as we said, we expect that to happen in Q4.

因此，當這種情況發生時——正如我們所說，我們預計這將在第四季度發生。

We'll certainly update you on what that happens as it relates to Frame, but we're excited about that.

我們一定會向您通報與 Frame 相關的最新情況，但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.

你的第三個問題與團隊協作有關，這是我們一段時間以來一直在討論的內容的一部分。

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.

如果您還記得，我們在能夠進行實時編輯方面使用 XD 所做的事情，我想我們在移動設備或 iPad 或平板電腦以及台式機上運行的多表面應用程序所做的事情，這只是人們在不同地點工作的主題之一。

People are increasingly working with people.

人們越來越多地與人合作。

And so I think we have the ability to really provide value for our existing customers and attract new customers.

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.

我認為對於 Frame，我們尤其感到興奮，因為它極大地擴展了將成為視頻工作流程參與者的人數的潛力。

And if they become -- I hope you like the videos that we played at the beginning of the earnings call.

如果他們成為 - 我希望你喜歡我們在財報電話會議開始時播放的視頻。

And it's -- all of that stuff is being done remotely.

而且它 - 所有這些東西都是遠程完成的。

And so we're pleased.

所以我們很高興。

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.

正如你所知，基思，我們總是對收購深思熟慮，並確保在這種情況下我們可以為我們的股東和客戶帶來重大價值。

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

我們將從富國銀行證券公司的 Michael Turrin 那裡回答下一個問題。

On margin, the year-to-date margins are now above 46%.

在利潤率方面，年初至今的利潤率現在超過 46%。

I think you previously referenced potential for more of a second half step down there.

我認為你之前提到了下半場更多的潛力。

So just how should we think about the margin profile here?

那麼我們應該如何考慮這裡的利潤率呢？

And are there benefits you'd point to that, that could normalize assuming more of a return to normal?

您是否指出了可以正常化的好處，假設更多的恢復正常？

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

約翰，你想開始然後我可以添加嗎？

Yes, that would be great.

是啊，那樣最好了。

Yes, you're right, the margins at 46% this quarter.

是的，你沒看錯，本季度的利潤率為 46%。

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.

我們曾表示，隨著不同地區更多的重新開放，我們將開始看到我們的設施上線，我們的商務旅行回來，當然我們的招聘人數也會繼續增加。

The Delta variant probably slowed that down a little bit, and so that contributed to the margin expansion you saw in Q3.

Delta 變體可能會稍微放慢速度，因此這有助於您在第三季度看到的利潤率擴張。

But overall, it was an outstanding quarter for all of our businesses.

但總的來說，對於我們所有的業務來說，這是一個出色的季度。

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.

我們所說的是一條漫長的道路，考慮到我們模型中的槓桿作用，利潤率擴張的道路實際上是收入增長。

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.

在本季度的收入表現做出貢獻之後，我剛才談到的持續費用節省對整體表現做出了貢獻。

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.

但我們預計這些費用現在會分階段回歸，可能比我們最初談論下半年時想的要慢一點。

But that being said, when I think about our original targets in December, it implied margin expansion.

但話雖這麼說，當我想到我們 12 月份的最初目標時，這意味著利潤率擴張。

When we did our updated targets in Q1, it was even larger margin expansion from what we saw.

當我們在第一季度完成更新後的目標時，我們看到的利潤率增長幅度更大。

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.

但我們正在執行這些巨大的市場機會，我們將繼續這樣做，著眼於持續的收入增長，例如 Shantanu 觸及的領域，即 3D 和沈浸式 Adobe 體驗平台、Sign 和 Stock 移動設備，所有的。

Well said, John.

說得好，約翰。

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.

也許我要補充的唯一一件事是，我認為當你查看一些 T&E 或設施費用時，就費用發生的情況而言，它有點人為。

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.

但我們的主要立場是當你擁有 100 多億美元的潛在市場時，我認為推動盈利增長是我們關注的重點，這就是為什麼我認為約翰還提到我們繼續在市場上聘請人才以確保我們可以繼續抓住我們擁有的所有市場機會。

And so we're focused on driving profitable growth.

因此，我們專注於推動盈利增長。

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

我們將接受 Griffin Securities 的 Jay Vleeschhouwer 的下一個問題。

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.

Shantanu，首先是你，我相信你還記得過去幾年，特別是在像 MAX 這樣的會議上，我們討論了很多方面的整合，數字媒體和 DX 之間的獨特整合商業。

And you'll recall it's gone by a certain acronym over time.

隨著時間的推移，您會記得它已經用某個首字母縮略詞消失了。

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?

問題是，您能否量化或以某種方式描述該組合的業務效果，甚至可以追溯到舊的 DPS 時代，這種相互關係實際上如何幫助您通過跨 2 個部門的集成來推動業務？

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.

相關地，特別是關於 DX，你會記得在過去的幾年裡，公司經常提到你有大約 4 打左右的用例，你的目標是 DX。

And that was a number of years ago.

那是幾年前的事了。

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.

所以也許你可以談談在過去幾年中 DX 的目標用例數量是如何增加的，尤其是現在隨著支付服務和其他新功能的引入。

Sure, Jay.

當然，傑伊。

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?

首先，我認為這與您關於雲之間集成的問題有關，正如您所知，首先，我們來談談 Acrobat，對嗎？

Because so much of the Acrobat business is reflected both in Creative Cloud and Document Cloud.

因為 Acrobat 的大部分業務都反映在 Creative Cloud 和 Document Cloud 中。

And so that's one very tangible example of how we've integrated the clouds.

因此，這是我們如何整合雲的一個非常具體的例子。

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.

我想退後一步，我想說的是客戶現在最感興趣的領域是我們過去也提到的內容速度，即人們正在創造更多的數字資產。

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.

他們在內容上花費更多，以及他們如何確保所有內容無縫分發，無論是營銷活動、移動應用程序上的內容，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.

因此，我認為這是我們能夠幫助客戶解決的難題，即創建所有這些內容並確保它是——通過營銷活動加速交付是 DME 之間真正整合的一個領域以及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.

這也體現在收入中的是 AEM 和 AEM 資產的持續增長，特別是因為這是資產在這兩個解決方案之間真正流動的地方。

So hopefully, that gives you a little bit of the flavor.

所以希望這能給你一點味道。

I think to the earlier questions that Gregg and others and Kirk had asked, I mean it's also on the workflow.

我想對於 Gregg 和其他人以及 Kirk 之前提出的問題，我的意思是它也在工作流程中。

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.

那時人們會看著它說，“哇，如果我的自由職業者創造了內容，那現在如何在 DX 中反映出來？”這就是我要回答你的第一個問題。

I think as it relates to the DX use cases, and we should certainly do an update, it's increased very dramatically.

我認為，因為它與 DX 用例有關，我們當然應該進行更新，它的增加非常顯著。

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.

我想說的可能是 B2B 用例，許多大型 B2B 公司來找我們說，“嘿，我們認識到，無論是為了產生潛在客戶，還是為了識別客戶，無論是為了商業，這都是一個相當大的驅動力。”我想說的是受監管的行業，最初推動客戶體驗管理的是 B2C 和基於消費者的公司，現在我認為你在受監管的行業中看到了更多的工作流程和用例。

So that's another one that I would do.

所以這是我會做的另一個。

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.

我想說的是全球方面，你有公司，無論你是汽車公司還是快餐公司，你想在全球範圍內做這件事，我認為這是一個我們已經看到的用例相當顯著的增長。

But -- so hopefully, that gives you one.

但是——希望如此，這給了你一個。

And then this is where the partner ecosystem, candidly, also is driving so much more.

坦率地說，這就是合作夥伴生態系統也在推動更多的地方。

And so the partner ecosystem is also building a lot of their value-added solutions on top of our horizontal platform.

因此，合作夥伴生態系統也在我們的水平平台之上構建了許多增值解決方案。

So net, I would say it doesn't matter what business you are, what size you are.

所以淨，我會說你是什麼企業，你有多大並不重要。

Part of DX is relevant to what you need to do in order to engage with your customers.

DX 的一部分與您為與客戶互動而需要做的事情相關。

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

我們將從巴克萊銀行的 Saket Kalia 那裡回答下一個問題。

Okay.

好的。

Great.

偉大的。

John, maybe for you, just to -- maybe just to switch gears a bit.

約翰，也許對你來說，只是為了——也許只是為了稍微改變一下。

I was wondering if you could just talk about seasonality in the Document Cloud business specifically.

我想知道您是否可以具體談談 Document Cloud 業務的季節性。

I think the net new ARR there has historically sort of been up and to the right kind of through the year.

我認為從歷史上看，那裡的淨新 ARR 在過去一年中一直在上升並達到正確的水平。

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?

我想問題是，我們是否已經到了季節性可能開始看起來更像創意的地步？

Or are there any things to maybe consider for Document Cloud ARR seasonality this quarter?

或者對於本季度的 Document Cloud ARR 季節性，有什麼需要考慮的事情嗎？

Yes.

是的。

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.

我認為，當我們考慮我們所處的情況時，在大流行中以及對更多紙質到數字化轉型的需求影響的不僅僅是企業和機構——顯然我們已經看到了巨大的增長，但個人也是如此正如我們所說，他們正在使用他們使用的服務，我認為當您查看我們在 Creative Cloud 和 Document Cloud 中提供的個別產品時，我們只是看到那裡的流量略有下降，但這與，我們相信，每個人都在享受他們的假期。

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.

使用我們自己的 Adobe Digital Index 數據顯示 6 月和 7 月是 2 年來旅行量最高的月份，這非常具有指示性。

So I think that seasonality is hitting it a little bit.

所以我認為季節性影響了一點。

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.

但同樣，我們在 Document Cloud 的機構、教育、政府和企業中擁有如此強大的影響力，我們仍然看到了巨大的增長和實力。

And it's demonstrated in just the continued growth of that business, which is our fastest-growing business right now.

這在該業務的持續增長中得到了證明，這是我們目前增長最快的業務。

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

我們將接受來自古根海姆證券公司的 Ken Wong 的下一個問題。

This one is for you, Shantanu.

這是給你的，山塔努。

You guys have a history of bringing in your professional tools down to the consumers.

你們有將專業工具帶給消費者的歷史。

You have light additions.

你有輕微的添加。

You have mobile additions.

您有移動附加功能。

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.

我想在你準備好的發言中，你提到了 Frame.io 的加入，為客戶群、團隊和企業創造了更多機會。

I guess do you envision this as a platform that could be brought down to consumers, prosumers?

我猜你是否將其設想為一個可以面向消費者、產消者的平台？

Or is this still mainly going to be in that professional bucket?

或者這仍然主要是在那個專業的桶裡？

Ken, it's a very important area of expansion for us.

肯，這對我們來說是一個非常重要的擴張領域。

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.

我的意思是，我認為創意一直是一個期待我們提供使他們能夠謀生的關鍵任務產品的細分市場。

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.

但是，當你看看我們在分析師會議上談論的內容以及我們的通信業務已經有多大，以及它甚至擴展到消費者業務時，就會產生光環效應。

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.

但我認為，請繼續關注這方面，因為我們談論我們的產品路線圖，以及我們必須實現這一所有人的創造力願景並通過使用我們的人工智能的一些偉大解決方案瞄準越來越廣泛和更廣泛的客戶群的興奮智能和 Sensei 技術。

We have some very exciting things underway that will start to be served to customers.

我們正在進行一些非常令人興奮的事情，這些事情將開始為客戶提供服務。

So very excited about that opportunity.

對這個機會感到非常興奮。

It's a big opportunity.

這是一個很大的機會。

It's already a big business for us.

這對我們來說已經是一項大生意了。

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.

我的意思是，當我們談論我們將增加超過 5 億美元的淨新 ARR 作為我們對第四季度的預期時，其中很大一部分也將用於您所謂的傳播者或生產者。

And we're going to be delivering more and more really phenomenal products targeted at that customer segment.

我們將針對該客戶群提供越來越多真正非凡的產品。

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

我們將與高盛一起接受 Kash Rangan 的下一個問題。

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.

Shantanu，我記得，我想那是 MAX 2019，我們討論了視頻以及它如何成為與照片一樣大的機會。

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.

我很想知道您對收購 Frame 後 Adobe 創意業務的新增量市場的看法。

And particularly, you used the word dramatically expands the scope of what you can do, meaning collaborators in addition to content creators.

特別是，您使用的這個詞極大地擴展了您可以做的事情的範圍，這意味著除了內容創建者之外的合作者。

Can you just talk about what you meant by that?

你能談談你的意思嗎？

If you could just put a finer point.

如果你能說得更細一點。

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?

這是否意味著 Creative TAM 將比華爾街認為的更大，過去 10 年左右一直如此？

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?

其次，這並不是消極的，而是夏季的季節性模式，顯示出人們去度假等活動的一些跡象，數字化轉型是否存在任何風險，在我們前進的過程中退居二線不是在線購物而是去商店購物，因此，電子商務活動實際上可能會放緩一點？

But the secular trend is still pretty solid.

但長期趨勢仍然相當穩固。

In terms of adjustment, are we in for some adjustment?

在調整方面，我們是不是要進行一些調整？

Or maybe not, but I just want to get your thoughts on that.

也許不是，但我只是想听聽你的想法。

Thanks, Kash.

謝謝，卡什。

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.

我的意思是，因為它與您關於視頻的第一個問題有關，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展機會之一，而且確實發揮了作用。

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.

從我們交付的產品中可以看出，Premiere 和 After Effects 繼續成為該類別的領導者，當然 Photoshop 和 Illustrator 使用了很多。

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.

但是如果你看看所有這些流媒體+服務正在發生什麼，我的意思是，沒有一家公司不提供流媒體+服務。

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.

因此，我認為消費者對視頻的永無止境的需求只會要求越來越多的公司擁有這些流媒體服務並提供更多與視頻相關的類型。

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.

現在所有這些工作——我的意思是我們也談了一些我們作為與 Netflix 的合作夥伴關係正在做的事情。

I mean all of that is happening now with people in different locations through a collaborative process.

我的意思是，所有這一切現在都在通過協作過程與不同地點的人們一起發生。

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.

因此，任何時候您都可以採用創意並使其更快、更快地呈現給合適的受眾，這對我們的客戶來說只會非常有價值。

And so I think that trend is only going to continue.

所以我認為這種趨勢只會繼續下去。

And so we feel really good about what's happening in that particular space with video frame.

因此，我們對在視頻幀的特定空間中發生的事情感到非常滿意。

We used to use Frame a bunch in the production of our own videos.

我們曾經在製作自己的視頻時大量使用 Frame。

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.

令人興奮的是，我們與不同的人交談過，他們在收購 Frame 後說，“嘿，Adobe，這是一個非常棒的產品，但我們認為我們可以用它做更多的事情。”因此，我認為這讓我們對是否是編劇、審稿人、創意機構、是否能夠——或所有正在製作的公司視頻感到樂觀。

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.

所以當然，我認為當你將其添加為企業產品時，你肯定可以獲得更多與之相關的 TAM。

We will update our TAMs, Kash, as we typically do.

我們將像往常一樣更新我們的 TAM，Kash。

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.

我認為 Jonathan 提到了——或者我們將討論我們如何做我們的第四季度以及我們的 2022 年，我們將與您討論這方面的 TAM。

But really excited about that.

但真的很興奮。

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.

我認為 Frame 存在的外部合作夥伴關係以及它如何不僅插入 Adobe 解決方案而且插入其他解決方案也是一個優勢領域。

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.

我想關於你關於購物和在線的第二個問題，當我們審視我們的 DX 業務和我們在第三季度取得的成功時，我的意思是，其中很大一部分是越來越多的公司肯定在做多渠道、全渠道，無論什麼他們想稱呼它。

And I think that's only going to continue to be a driver of our Digital Experience solutions because today, that's table stakes.

而且我認為這只會繼續成為我們數字體驗解決方案的驅動力，因為今天，這是賭注。

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.

因此，我們只是看著它說，無論您是在商店購物還是在線購物，您都需要一個解決方案，讓您像我們所知道的客戶一樣對待。

And so I think that's going to only be an imperative for companies.

所以我認為這對公司來說只是當務之急。

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.

我的意思是，如果你看看我們第三季度的結果，我們可能應該討論的一件事就是，它們比我們所說的要強。

There were a couple of nonrecurring items as part of that.

其中有幾個非經常性項目。

And some of that actually had to do with usage in commerce.

其中一些實際上與商業中的使用有關。

And so we are seeing that usage also ramp up.

因此，我們看到使用量也在增加。

So I just wanted to get that also out there as we talk about the shopping online and shopping in a store.

所以我只是想在我們談論網上購物和商店購物時也把它說出來。

And in terms of the demand for our DME solutions, we expect, as we said, the seasonal Q4 will be the strength.

就對我們的 DME 解決方案的需求而言，正如我們所說，我們預計季節性的第四季度將成為強項。

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.

隨著教育的回歸，不僅在 Adobe 內部而且所有公司都有越來越多的季度末活動，這將導致需求增加和加速。

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

我們將與 Cowen and Company 一起接受 Derrick Wood 的下一個問題。

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.

約翰，我想回到 Document Cloud 業務，因為在我看來，許可產品可能會帶來一些巨大的優勢，這些優勢可能已經取代了來自 ARR 產品的收入。

And I think you can see this with total Document Cloud revenue growth actually accelerating even though total ARR growth decelerated.

我認為你可以看到這一點，儘管總 ARR 增長放緩，但 Document Cloud 總收入實際上在加速增長。

So is that the right assessment?

那麼這是正確的評估嗎？

And should we be looking at total revenue, not ARR?

我們應該關注總收入，而不是 ARR 嗎？

And I guess -- and so is there any reason for a mix shift towards more licensed products?

我想——那麼是否有任何理由向更多許可產品的組合轉變？

And as you look into Q4, given it's a big ELA quarter, should we expect that to continue?

當您查看第四季度時，鑑於這是一個重要的 ELA 季度，我們是否應該期望這種情況會繼續下去？

Yes.

是的。

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.

不，我的意思是我們——嗯，當然，我認為你會看到 ELA 的實力，正如我和 Shantanu 在第四季度談到的那樣。

You can see the expansion in Q3 as well.

您也可以看到第三季度的擴張。

But we're still migrating a base of customers as well.

但我們仍在遷移客戶群。

So ARR is still going to be important for us, where you want to drive more ARR.

因此，ARR 對我們來說仍然很重要，你想要推動更多的 ARR。

I think the strength in ARR growth, frankly, over the last over a year really has been really impressive.

坦率地說，我認為 ARR 增長的實力在過去一年多的時間裡確實令人印象深刻。

It's always going to give us this opportunity to drive healthy subscription growth.

它總是會給我們這個機會來推動健康的訂閱增長。

The ELAs are not going to give us outsized revenue in Q4.

ELA 不會在第四季度給我們帶來超額收入。

It's going to be a sizable contribution, but we're driving subscriptions.

這將是一個相當大的貢獻，但我們正在推動訂閱。

And that's the strategy.

這就是策略。

And we do still have customers that buy perpetual, and so there'll be some fluctuations in that.

而且我們仍然有購買永久的客戶，因此會有一些波動。

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

我們將與 Stifel 一起接受 Parker Lane 的下一個問題。

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?

Shantanu，我想知道你是否可以與內政部等組織談談公共部門創造性勝利的本質？

What did these type of organizations historically relied upon for creative needs?

這些類型的組織在歷史上依賴什麼來滿足創意需求？

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?

與使用 Photoshop 等特定應用程序或一組不同的應用程序相比，他們對 Creative Cloud 功能的接受程度如何？

To your point, I think public sector has always been an important part.

就你的觀點而言，我認為公共部門一直是一個重要的部分。

But I think it's just the amount of content that people are creating is increasing.

但我認為這只是人們創造的內容數量在增加。

And when the amount of content that people are creating, then content management becomes an important issue.

當人們創建的內容量很大時，內容管理就成為一個重要問題。

Workflow becomes an important issue and standardization of the products.

工作流成為產品的重要問題和標準化。

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.

我們做得很好的一件事就是我們所謂的命名用戶部署，以及當我們擁有這些企業許可協議時，我們如何為企業提供下載和在公司內部分發的能力。

And the more we do training and evangelism of the products, that leads to adoption.

我們對產品進行培訓和傳播的次數越多，就會導致採用。

So I would say there's an element of standardization.

所以我想說有一個標準化的元素。

There's an element of more content.

有更多內容的元素。

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.

我的意思是，即使你現在是一家公共部門公司，我的意思是，你的在線交易量正變得比以往任何時候都大得多，因為大流行病導致實體存在正在減少。

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.

所以我認為所有這些都是將繼續下去的宏觀趨勢，但我們也做得非常好，積極確保我們宣傳這些解決方案的好處。

We do more training within these enterprises.

我們在這些企業內部做更多的培訓。

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.

正如我所說，我們允許這些命名的用戶部署，然後導致調整和使他們進入更高頻段的能力。

So I think the execution on the sales front associated with going into these enterprises, that's getting better and better.

因此，我認為與進入這些企業相關的銷售方面的執行力越來越好。

Operator, we're coming up on the top of the hour.

接線員，我們正處於最高峰。

We have time for 2 more questions.

我們有時間再問 2 個問題。

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

我們將從美國銀行證券公司的 Brad Sills 提出第二個問題到最後一個問題。

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.

鑑於您對 Experience Cloud 更廣泛的營銷堆棧的看法，我很好奇您對這些 Customer 360 計劃的觀察結果。

Are you finding customers are taking more multiproduct deals here to get that view across multiple channels here, e-commerce, marketing automation, CMS?

您是否發現客戶在這裡進行更多的多產品交易以跨多個渠道、電子商務、營銷自動化、CMS 獲得該視圖？

You've got workflow automation in there.

你在那裡有工作流程自動化。

Are there any combinations of any of that, that you're seeing trending more recently than in the past?

您最近看到的趨勢是否比過去更流行？

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.

就我們正在做的事情而言，布拉德，這顯然是對我們的推動，這就是我們如何銷售整個套件產品。

And I think every year, we give you an update on how that is actually indeed how we are selling it.

而且我認為每年，我們都會向您提供最新信息，說明我們實際上是如何銷售它的。

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.

因此，從我們的角度來看，營銷堆棧——我們完全獨特的是我們獲得的數據和洞察力、開展商業的能力和數字存在。

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.

我認為這與客戶 360 相關，我們是獨一無二的，而且我認為我們比任何其他有空間的大公司領先多年，這是我們交付的實時性。

It's scalable.

它是可擴展的。

We've got billions of profiles.

我們有數十億個配置文件。

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.

因此，我認為很多其他公司都在談論他們如何獲取可能在某個地方的記錄中的東西並用它來做事。

But for us, it's the activation of that data.

但對我們來說，這是數據的激活。

And that's where I think most people are really excited about what Adobe has to offer.

這就是我認為大多數人對 Adobe 所提供的產品感到非常興奮的地方。

And the other thing that I think has really happened is people recognize that they have to get control of their first-party data.

我認為真正發生的另一件事是人們認識到他們必須控制他們的第一方數據。

I think a lot of interest used to exist about customer acquisition and third-party data.

我認為過去人們對客戶獲取和第三方數據很感興趣。

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.

但我認為現在，這是關於我們是否可以控制我們的第一方數據，我們是否可以控制我們的行為以及在多個渠道上發生的事情以及事實上，這可以很容易地回答，因為它與什麼有關我們已經完成了 Adobe Experience Platform。

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.

最後但同樣重要的是，我的意思是，請記住，我們是唯一一家可以說“嘿，我們有 B2B 業務和 B2C 業務”的公司。當我們根據 adobe.com 上的劇本談論我們如何使用它時，我認為這真的打開了很多人關於他們如何使用它的想法。

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.

因此，我認為我們今年早些時候為 DDOM 提供的劇本以及我們如何談論他們可以做什麼，我認為這就是真正引起客戶共鳴的東西。

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

我們將與 Jefferies 一起接受 Brent Thill 的最後一個問題。

So the DX growth accelerated from Q2.

因此，DX 增長從第二季度開始加速。

Can you just walk through the drivers of what you're seeing in terms of that acceleration?

你能從加速的角度談談你所看到的驅動因素嗎？

And maybe for John, just as it relates to seasonality with Magento Commerce into Q4.

也許對 John 來說，這與 Magento Commerce 進入第四季度的季節性有關。

Anything to keep in mind there?

有什麼要記住的嗎？

Or do you just feel like this -- you keep powering through these tougher comps given the tailwinds you're seeing in that business?

或者你只是覺得這樣 - 鑑於你在該業務中看到的順風，你繼續通過這些更艱難的競爭提供動力？

Yes.

是的。

Brent, I think what really drove that revenue was both subscription as well as the services.

布倫特，我認為真正推動收入增長的是訂閱和服務。

And as you know, for the services, we're, again, really reliant on a large partner ecosystem.

如您所知，對於服務，我們再次真正依賴於大型合作夥伴生態系統。

But if -- over the last 18 months, as we've always talked about, the interest is high.

但是如果——在過去的 18 個月裡，正如我們一直在談論的那樣，人們的興趣很高。

Now they're all implementing it.

現在他們都在實施它。

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.

因此，當他們繼續實施它並繼續說我們需要投資這些解決方案時，我認為這正在推動它。

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.

我認為，就你的觀點而言，如果你退後一步，我認為我們在年初的收入和訂閱收入分別達到了 19% 和 22%。

We then increased that in March to 20% and 23%, respectively, and we just posted 26% and 29%.

然後我們在 3 月份分別將其增加到 20% 和 23%，而我們剛剛發布了 26% 和 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.

所以——如果你也看一下第四季度，正如你指出的那樣，我們仍然對這個機會感到興奮。

So I think this is front and center.

所以我認為這是前沿和中心。

It's an enterprise priority.

這是企業的優先事項。

And I think since people are saying, we've got to deal with this new reality.

我認為既然人們在說，我們就必須應對這個新現實。

There's no time to waste in terms of implementing it.

沒有時間可以浪費在實施方面。

Again, there were, as we said, a couple of nonrecurring items.

同樣，正如我們所說，有幾個非經常性項目。

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.

其中一些與商業中的使用有關，這實際上也表明可能會多一點，具體取決於季度。

But it's up and to the right as far as we are concerned in terms of the business opportunity and the business.

但就商業機會和業務而言，就我們而言，它是正確的。

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

布倫特，這會有所幫助——繼續吧。

No, go ahead.

沒有，繼續。

Sorry, John.

對不起，約翰。

I didn't hear you.

我沒聽見你的話。

Yes, no problem.

是沒有問題。

I was going to just come over the top on that on Brent's question on seasonality related to commerce.

關於布倫特關於與商業相關的季節性問題的問題，我本來打算把它放在首位。

Of course, Q4 is a strong commerce quarter anyway given the holiday spending time.

當然，考慮到假期消費時間，第四季度無論如何都是一個強勁的商業季度。

So we're excited about the opportunity there as well.

所以我們也對那裡的機會感到興奮。

It's just trying to set us up into the right.

它只是試圖讓我們進入正確的狀態。

I think we have great momentum.

我認為我們的勢頭很大。

And overall, since that was the last question, I mean, again, I think we were really pleased with our performance in Q3.

總的來說，因為這是最後一個問題，我的意思是，我認為我們對第三季度的表現非常滿意。

We do expect a strong end of year for our business, as you saw from our targets.

正如您從我們的目標中看到的那樣，我們確實希望我們的業務在年底表現強勁。

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.

很明顯，我們處於這個獨特的位置，我們前面有 3 個巨大的增長機會，而且我們在這三個方面都表現良好。

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.

所有這三個雲中存在的創新和路線圖讓我們繼續樂觀地認為我們將為我們的客戶提供良好的服務，我們感到很幸運。

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.

我認為工作的未來及其更加混合的事實只會繼續強調數字化是各種規模公司的優先事項。

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.

因此，無論是個性化內容的增加，數字文檔的自動化程度更高，還是我們需要了解如何進行客戶體驗管理的每一項業務，我相信 Adobe 在推動這些特定的宏觀經濟趨勢方面處於非常獨特的位置。

But thank you for joining us today.

但感謝您今天加入我們。

We look forward to MAX as well as the Q4 earnings call.

我們期待 MAX 以及第四季度財報電話會議。

And with that, I will turn it back over to Jonathan.

有了這個，我會把它轉回給喬納森。

Thanks, Shantanu, and thanks, everyone, for joining us on the call today.

謝謝 Shantanu，也謝謝大家今天加入我們的電話會議。

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.

正如我們在今天的新聞稿中提到的那樣，我們期待在 12 月 16 日星期四再次與您聯繫，了解我們的第四季度收益和虛擬金融分析師日。

We will be sending out more details in the coming weeks.

我們將在未來幾週內發送更多詳細信息。

And if you have any questions, feel free to contact us at ir@adobe.com.

如果您有任何疑問，請隨時通過 ir@adobe.com 與我們聯繫。

I look forward to speaking with many of you soon, and we appreciate your interest in Adobe.

我期待很快與你們中的許多人交談，感謝你們對 Adobe 的興趣。

This concludes the call.

通話到此結束。