Adobe Inc (ADBE) 2021 Q2 法說會逐字稿

Good day, everyone, and welcome to the Second Quarter Fiscal Year '21 Adobe Earnings Conference Call. Today's call is being recorded.

大家好，歡迎參加Adobe 2021財年第二季財報電話會議。本次電話會議正在錄音。

At this time, I would like to turn the conference over to Jonathan Vaas, VP of Investor Relations. Please go ahead, sir.

現在，我謹將會議交給投資人關係副總裁喬納森‧瓦斯先生。請您開始吧，先生。

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, we will discuss Adobe's second quarter fiscal year 2021 financial results. By now, you should have a copy of the press release, which crossed the wire approximately 1 hour ago. We've also posted PDFs of our prepared remarks and financial results on Adobe's Investor Relations website.

下午好，感謝各位參加本次電話會議。今天與我一同出席的有Adobe總裁兼執行長Shantanu Narayen先生，以及執行副總裁兼財務長John Murphy先生。本次電話會議我們將討論Adobe 2021財年第二季的財務表現。您現在應該已經收到新聞稿，該新聞稿大約在1小時前發布。我們也在Adobe投資者關係網站上發布了我們準備好的發言稿和財務表現的PDF文件。

Before we get started, I want to emphasize that some of the information discussed in this call, including our financial targets and product plans, is based on information as of today, June 17, and contains forward-looking statements that involve risk, 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 forward-looking statements disclosure in the press release we issued today as well as Adobe's SEC filings.

在正式開始之前，我想強調一點：本次電話會議中討論的部分信息，包括我們的財務目標和產品計劃，均基於截至今日（6月17日）的信息，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陳述有重大差異。有關這些風險的詳細討論，請參閱我們今天發布的新聞稿中的前瞻性陳述披露以及Adobe提交給美國證券交易委員會（SEC）的文件。

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獲利報告中以及Adobe投資者關係網站上查閱。

Call participants are advised that the audio of this conference call is being webcast live and is also being recorded for playback purposes. An archive of the webcast will be made available on adobe.com for approximately 45 days. The call audio and the webcast may not be rerecorded or otherwise reproduced or distributed without Adobe's prior written permission.

與會者請注意，本次電話會議的音訊將進行即時網路直播，並將錄製以供回放。網路直播的存檔將在 adobe.com 上保留約 45 天。未經 Adob​​e 事先書面許可，不得重新錄製、複製或以其他方式散佈本次電話會議的音訊和網路直播內容。

I will now turn the call over to Shantanu.

現在我將把通話轉給沙塔努。

Thanks, Jonathan. Adobe had another outstanding quarter as the shift to a digital-first world continues to accelerate. From students to creative professionals to small businesses to the world's largest global enterprises, digital is transforming how we work, learn and play.

謝謝喬納森。隨著數位轉型步伐的不斷加快，Adobe 又迎來了一個出色的季度。從學生到創意專業人士，從小型企業到全球最大的跨國公司，數位化正在改變我們的工作、學習和娛樂方式。

Adobe's mission to change the world through digital experiences has never been more relevant. Our strategy to unleash creativity for all, accelerate document productivity and power digital businesses is working. Fueled by our groundbreaking innovation, proven capability to create and lead categories and our expansive global customer base, our opportunity and momentum has never been greater.

Adobe 致力於透過數位體驗改變世界，這項使命從未像現在這樣重要。我們旨在釋放所有人的創造力、提昇文件效率並賦能數位化業務的策略正在發揮作用。憑藉我們突破性的創新、引領行業潮流的卓越能力以及龐大的全球客戶群，我們的機會和發展勢頭從未如此強勁。

In Q2, Adobe achieved $3.84 billion in revenue, representing 23% year-over-year growth. GAAP earnings per share for the quarter was $2.32, and non-GAAP earnings per share was $3.03.

第二季度，Adobe實現營收38.4億美元，年增23%。該季度GAAP每股收益為2.32美元，非GAAP每股收益為3.03美元。

In our Digital Media business, we drove strong revenue growth in Q2 in both Creative Cloud and Document Cloud, achieving $2.79 billion in revenue, representing 25% year-over-year growth. Net new Digital Media annualized recurring revenue, or ARR, was $518 million, and total Digital Media ARR exiting Q2 grew to $11.21 billion.

在數位媒體業務方面，第二季Creative Cloud和Document Cloud兩大業務部門均實現了強勁的營收成長，總營收達到27.9億美元，較去年同期成長25%。新增數位媒體年度經常性收入（ARR）為5.18億美元，截至第二季末，數位媒體總ARR成長至112.1億美元。

Over the last year, we have seen the critical role creativity has played in the world. Creative Cloud is empowering everyone from the most demanding professional to the high school student to the next generation of social media creators to tell their stories. Adobe is the leader in core creative categories such as imaging, design, video and illustration, and we're expanding our leadership in exciting new media types, including screen design and prototyping, 3D and AR.

過去一年，我們見證了創意在世界舞台上扮演的關鍵角色。 Creative Cloud 賦能從最嚴苛的專業人士到高中生，再到新一代社群媒體創作者，每個人都能用創意講述自己的故事。 Adobe 在影像處理、設計、視訊和插畫等核心創意領域處於領先地位，我們正在拓展在令人興奮的新媒體類型領域的領先地位，包括螢幕設計和原型製作、3D 和 AR。

In a world that requires anyone to be able to create from anywhere, we're building products and services for every surface and platform. Our vibrant creative communities continue to be a tremendous source of inspiration, and our goal remains to provide access to a larger and increasingly diverse set of creators and design teams, furthering our strategy of unleashing creativity for all.

在這個需要每個人都能隨時隨地進行創作的世界裡，我們正在為各種介面和平台打造產品和服務。我們充滿活力的創意社群一直是我們靈感的源泉，而我們的目標始終是讓更多不同背景的創作者和設計團隊能夠參與其中，從而進一步推進我們「釋放所有人的創造力」的策略。

Q2 Creative Cloud performance was strong, with net new Creative Cloud ARR of $405 million and revenue of $2.32 billion, representing 24% year-over-year growth. Q2 highlights include new product innovations, including updates to Lightroom, Photoshop and Illustrator, that deliver enhanced creation and collaboration capabilities and greater speed and performance. Next week, we will unveil new innovations for Substance, our 3D solution designed to improve the creation process with new tools to help assemble, style and sculpt.

第二季Creative Cloud表現強勁，新增年度經常性營收淨額達4.05億美元，營收達23.2億美元，較去年同期成長24%。第二季亮點包括多項產品創新，例如Lightroom、Photoshop和Illustrator的更新，這些更新顯著提升了創作和協作能力，並提高了速度和效能。下週，我們將發表Substance的全新創新功能，Substance是我們的3D解決方案，旨在透過新增工具來改善創作流程，幫助使用者進行組裝、樣式設計和雕刻。

Increasing engagement and retention across offerings, including greater customer uptake of training, participation in community events and continuous product enhancements derived from insights about customer usage and value. Momentum in our Creative Cloud teams offering globally, reinforcing the growth and adoption of Creative Cloud within small and medium businesses. Strong customer acquisition in core creative and emerging categories, especially photography and video, supported by exciting marketing campaigns globally for Photoshop and Premiere, and accelerating demand for 3D&I in key verticals such as gaming, automotive, fashion and e-commerce.

提升所有產品和服務的使用者參與度和留存率，包括提高客戶對培訓的接受度、參與社區活動的頻率，以及根據客戶使用和價值洞察不斷改進產品。我們的 Creative Cloud 團隊在全球範圍內保持強勁勢頭，鞏固了 Creative Cloud 在中小企業中的成長和普及。在核心創意和新興領域，尤其是在攝影和視訊領域，客戶獲取量顯著增長，這得益於 Photoshop 和 Premiere 在全球範圍內開展的精彩營銷活動，同時，遊戲、汽車、時尚和電子商務等關鍵垂直行業對 3D 和圖像處理 (3D&I) 的需求也在加速增長。

Continued growth of mobile traffic, leading to new customer acquisition of mobile offerings like Lightroom Mobile and Photoshop Express and a strong funnel for desktop applications. Strong growth for Adobe Stock with an increasingly robust content library and growing submissions that provides sustained earnings for our contributors. Global momentum with accelerated demand in EMEA and Asia Pacific. Key customer wins, including ByteDance, Netflix, Microsoft and Unity; and new partnerships to inspire the next generation of creators, including one with Netflix that gives emerging creators access to tools, resources and mentorship to bring their stories to life; and another with Khan Academy, designed to provide teachers and students in underserved communities with access to digital tools and learning resources.

行動端流量持續成長，帶動了 Lightroom Mobile 和 Photoshop Express 等行動產品的新用戶獲取，同時也為桌面應用程式帶來了強勁的成長勢頭。 Adobe Stock 也實現了強勁成長，內容庫日益豐富，投稿量不斷攀升，為投稿者提供了持續的收入來源。全球業務發展勢頭良好，歐洲、中東和非洲地區以及亞太地區的需求加速成長。我們成功贏得了包括位元組跳動、Netflix、微軟和 Unity 在內的重要客戶；並建立了新的合作夥伴關係，旨在激勵下一代創作者，例如與 Netflix 的合作，為新興創作者提供工具、資源和指導，幫助他們將故事變為現實；以及與可汗學院的合作，旨在為服務欠缺社區的教師和學生提供數位工具和學習資源。

In this digital-first business environment, seamless document workflows across every device and platform are more important than ever for the modern workforce to collaborate and be productive. Document Cloud is accelerating document productivity by powering the paper to digital transformation and enabling all document actions, including editing, sharing, scanning and signing, to be frictionless across web, desktop and mobile applications.

在如今以數位化為先的商業環境中，對於現代員工而言，跨所有裝置和平台的無縫文件工作流程比以往任何時候都更加重要，它能夠幫助他們高效協作並提高工作效率。 Document Cloud 透過協助紙本文件向數位轉型，加速文件生產力的提升，並使所有文件操作（包括編輯、分享、掃描和簽名）在網頁、桌面和行動應用程式上都能流暢進行。

We delivered strong Document Cloud revenue in Q2 with net new Document Cloud ARR of $113 million, and outstanding revenue of $469 million, representing 30% year-over-year growth.

第二季度，我們的文件雲端業務收入強勁成長，新增文檔雲端業務年度經常性收入淨額達 1.13 億美元，未償收入達 4.69 億美元，年增 30%。

Q2 highlights include new product innovations, including new features in Acrobat Liquid Mode that further improve accessibility on mobile devices; new Adobe Scan functionality that enables users to combine, save and store scans more efficiently; and new Sign capabilities in Acrobat to help small and medium-sized businesses improve their digital footprint with easily embeddable forms and digital payments.

第二季亮點包括新產品創新，例如 Acrobat Liquid Mode 中的新功能，可進一步提高行動裝置上的可訪問性；新的 Adob​​e Scan 功能，使用戶能夠更高效地合併、保存和儲存掃描件；以及 Acrobat 中的新簽名功能，可幫助中小企業透過易於嵌入的表單和數位支付來改善其數位形象。

Strength in Acrobat across all routes to market and offerings with enterprise bookings growth up over 60% year-over-year. Accelerated demand for Sign with new Sign customers doubling year-over-year and an increasing share of Acrobat users leveraging Sign capabilities. Explosive growth in Acrobat Web services, driven by significant improvements in SEO for a new set of customers. In Q2, we drove 30 million visits to frictionless PDF pages and now offer capabilities for over 20 different document verbs. Continued growth of mobile traffic, including over 110 million mobile downloads of Adobe Scan and 1 billion scans to date and a greater than 20% year-over-year increase in Acrobat mobile app adoption. Momentum across all geographies with accelerated demand in Europe, Latin America, Australia and New Zealand; and key customer wins, including ADP, AstraZeneca, GlaxoSmithKline, Toyota and Wells Fargo.

Acrobat 在所有市場通路和產品組合中均表現強勁，企業預訂量較去年同期成長超過 60%。 Sign 的需求加速成長，新增 Sign 客戶數量較去年同期成長翻番，越來越多的 Acrobat 用戶開始使用 Sign 功能。 Acrobat Web 服務實現了爆炸性成長，這主要得益於針對新客戶群的 SEO 優化顯著提升。第二季度，我們為流暢 PDF 頁面帶來了 3000 萬次訪問量，目前可提供超過 20 種不同文件動詞的功能。行動流量持續成長，Adobe Scan 的行動裝置下載量超過 1.1 億次，迄今已完成 10 億次掃描，Acrobat 行動應用的採用率較去年同期成長超過 20%。所有地區的業務均保持強勁成長勢頭，歐洲、拉丁美洲、澳洲和紐西蘭的需求加速成長；此外，我們還贏得了包括 ADP、阿斯特捷利康、葛蘭素史克、豐田和富國銀行在內的重要客戶。

I'm thrilled to welcome back David Wadhwani, who has rejoined Adobe as Executive Vice President and Chief Business Officer of our Digital Media business. His impressive track record and passion for Adobe and our customers make him the ideal person to lead our Digital Media business through its next phase of growth.

我非常高興地歡迎大衛·瓦德瓦尼 (David Wadhwani) 重返 Adob​​e，擔任數位媒體業務執行副總裁兼首席商務官。他卓越的過往業績以及對 Adob​​e 和客戶的​​熱情，使他成為帶領我們的數位媒體業務邁向下一個成長階段的理想人選。

Digital transformation has become an imperative for businesses of every size and every industry. According to our recent Adobe Digital Economy Index, e-commerce spending is projected to be $4.2 trillion globally this year and reach $1 trillion in the U.S. alone in 2022. We predict that U.S. online spending on the upcoming Prime Day will surpass the $10.9 billion mark that Cyber Monday reached in 2020. Across both B2C and B2B, companies around the globe are investing in digital to deliver personalized and engaging customer experiences.

數位轉型已成為各行各業、各種規模企業的必然選擇。根據我們近期發布的Adobe數位經濟指數，預計今年全球電子商務支出將達到4.2兆美元，光是美國市場在2022年就將達到1兆美元。我們預測，即將到來的Prime Day美國線上消費額將超過2020年網路星期一創下的109億美元的紀錄。無論是B2C還是B2B領域，全球企業都在加大數位投入，以提供個人化且引人入勝的客戶體驗。

Experience Cloud is the most comprehensive solution for content and commerce, data insights and audiences, customer journeys and marketing workflow. With unified customer profiles in an open and extensible architecture, Adobe Experience Platform is the clear platform of choice for enterprises to deliver real-time personalization at scale, powering more than 17 trillion audience segment evaluations every day.

Experience Cloud 是涵蓋內容與商務、數據洞察與受眾、客戶旅程和行銷工作流程的最全面解決方案。憑藉開放且可擴展架構中的統一客戶畫像，Adobe Experience Platform 無疑是企業大規模實現即時個人化的首選平台，每天支援超過 17 兆次受眾細分評估。

Experience Cloud revenue was $938 million in Q2, representing 21% year-over-year growth, and subscription revenue was $817 million, representing 25% year-over-year growth.

第二季體驗雲端營收為 9.38 億美元，年增 21%；訂閱收入為 8.17 億美元，年增 25%。

In April, we held our annual Digital Experience Conference, Adobe Summit, virtually. We drove an unprecedented 20 million views of Summit content from individuals around the globe, underscoring the significant interest and demand for customer experience management. Highlights of product announcements include: Adobe Journey Optimizer, which helps marketers optimize the customer journey across outbound and inbound customer touch points; Adobe Customer Journey Analytics, which enables brands to integrate and standardize their online and off-line data and is years ahead of any competitive offering; the next generation of Adobe's real-time customer data platform to help brands optimize their acquisition and engagement strategies in a first-party data world; a preview of a pioneering marketing system of record built on Workfront technology designed to manage complex marketing workflows for greater efficiency and agility; and new intelligent commerce capabilities and a strategic partnership with FedEx that will allow every small and medium business to offer expedited shipping capabilities as part of their commerce platform.

今年四月，我們以線上形式舉辦了年度數位體驗大會—Adobe Summit。大會內容獲得了前所未有的兩千萬次瀏覽量，來自世界各地的用戶齊聚一堂，這充分體現了市場對客戶體驗管理的濃厚興趣和迫切需求。本次大會的亮點產品包括：Adobe Journey Optimizer，它能幫助行銷人員優化客戶旅程，涵蓋所有客戶接點；Adobe Customer Journey Analytics，它能夠幫助品牌整合並標準化線上線下數據，其領先優勢遠超任何競爭對手；新一代Adobe即時客戶數據平台，旨在幫助品牌在第一方數據時代優化客戶獲取和互動策略；基於Workfront技術構建的創新型營銷記錄系統預覽版，該系統旨在管理複雜的營銷工作流程，從而提升其高效性服務；

Beyond Summit, Q2 accomplishments include: strength in core offerings, including explosive bookings growth for Adobe Experience Platform and associated services like Customer Journey Analytics and real-time CDP, which combined blew past the $100 million book of business mark in Q2; success with large multi-solution deals in transformational accounts and improving close rates across geographies, customer segments and product pillars; building the future workforce by offering college instructors and students globally free access and curriculum for Adobe Analytics, the industry-leading customer data analytics platform; continued industry analyst recognition across all customer experience management segments, including being named the leader in the Forrester Wave for enterprise marketing software suites, achieving the top spot, each of the 5x the report has been published, and leadership in the Gartner Multichannel Marketing Hubs Magic Quadrant for the fourth year in a row; and key customer wins with brands like Nike, NatWest, NTT DoCoMo and T-Mobile.

除了高峰會之外，第二季度取得的成就還包括：核心產品實力強勁，Adobe Experience Platform 及其相關服務（如客戶旅程分析和即時 CDP）的預訂量呈爆炸式增長，第二季度合計業務額突破 1 億美元大關；在轉型客戶中成功達成大型多解決方案交易，並在各個地區、客戶群體免費和產品支柱領域提高了高校教師和學校支柱； Analytics（業界領先的客戶數據分析平台）的訪問權限和課程，助力構建未來人才隊伍；在所有客戶體驗管理領域持續獲得行業分析師的認可，包括在 Forrester Wave 企業營銷軟體套件報告中被評為領導者，並在該報告發布的五次中均位列榜首，以及連續第四年在 Gartner 多渠道營銷中心魔力中保持領先地位；

We're proud of the tremendous results and momentum across our business. As we plan for a post-pandemic world, we will remain flexible as different regions recover at different times. While offices in Australia and parts of Asia have been open for some time, and conditions in the U.S. and parts of Europe are improving, we will continue to support our employees in places like India and Brazil where the situation remains challenging.

我們為公司業務取得的巨大成果和發展勢頭感到自豪。在規劃後疫情時代時，我們將保持靈活，因為不同地區的復甦時間各不相同。雖然我們在澳洲和亞洲部分地區的辦公室已經開放一段時間，美國和歐洲部分地區的疫情情況也在好轉，但我們將繼續支持我們在印度和巴西等疫情情況依然嚴峻地區的員工。

Over the last year, we have been building a blueprint for the future of work at Adobe, which will be hybrid and flexible. In the U.S., we will be piloting a return to our San Jose office, starting with a small group of fully vaccinated employees in July.

過去一年，我們一直在為Adobe的未來工作模式製定藍圖，該模式將採用混合辦公和彈性辦公模式。在美國，我們將在7月開始試行讓部分已完成疫苗接種的員工返回聖荷西辦公室辦公。

We are committed to leveraging the best of in-person and digital interactions to harness what makes Adobe special, our creativity, innovation and culture, driven by our most important asset, people.

我們致力於充分利用面對面和數位互動的優勢，發揮 Adob​​e 的獨特之處——我們的創造力、創新精神和企業文化，而這一切都源自於我們最重要的資產——員工。

I want to thank all of our employees for their dedication and resilience during a year that was not only marked by the pandemic, but by violence and racial injustice. I'm proud of the progress we have made in advancing our efforts around diversity, equity and inclusion. We have made strides in our strategy to accelerate the representation, growth and advancement of the black community.

我要感謝所有員工在過去一年的奉獻和韌性，這一年不僅飽受疫情的衝擊，還充斥著暴力和種族不公。我為我們在推動多元化、公平和包容方面取得的進展感到自豪。我們在加速提升黑人社區的代表性、發展和進步方面取得了長足進步。

But as Juneteenth approaches later this week, we know we have so much left to do. As we celebrate Pride Month in June, we're honoring and spotlighting our LGBTQ+ communities, both inside and outside of Adobe. These efforts represent Adobe's long-standing commitment to supporting our diverse employee base and making an impact in the communities where we live and work, a principle, our Co-Founders, Jack Warnock and Chuck Geschke, instilled in us.

但隨著本週晚些時候六月節的臨近，我們深知還有許多工作要做。值此六月驕傲月之際，我們將向Adobe內外的LGBTQ+群體致敬並專注於他們。這些努力體現了Adobe長期以來對支持多元化員工群體以及在我們生活和工作的社區中發揮積極影響的承諾，而這項原則正是我們的聯合創始人傑克·沃諾克和查克·格甚克灌輸給我們的。

In Q2, we lost our beloved Co-Founder, Chuck Geschke. Chuck left an indelible mark on Adobe, the technology industry and the world. While we miss him tremendously, it gives me great comfort knowing that Chuck was so proud of the company that Adobe has become.

第二季度，我們失去了摯愛的共同創辦人查克·格甚克。查克為Adobe、科技業乃至全世界留下了不可磨滅的印記。我們無比懷念他，但想到查克為Adobe如今的成就感到無比自豪，我深感欣慰。

Adobe's strong culture, revered brand, innovative product road map and the world's best employees, customers and partners position us for continued success in 2021 and beyond.

Adobe 強大的企業文化、備受尊敬的品牌、創新的產品路線圖以及全球最優秀的員工、客戶和合作夥伴，使我們在 2021 年及以後能夠繼續取得成功。

John?

約翰？

Thanks, Shantanu. Q2 was an excellent quarter for Adobe, with strong revenue growth, enterprise bookings and Digital Experience and net new ARR in Digital Media showing how our solutions are resonating with customers of all types in an increasingly digital world.

謝謝 Shantanu。第二季度對 Adob​​e 來說是一個出色的季度，強勁的營收成長、企業訂單和數位體驗業務的拓展，以及數位媒體領域的新增年度經常性收入 (ARR) 都表明，在日益數位化的世界中，我們的解決方案能夠引起各類客戶的共鳴。

With our data-driven operating model, or DDOM, we continue to utilize our own Experience Cloud technology to optimize customer journeys, driving increasing amounts of traffic to adobe.com to acquire new customers and raise awareness of our products. We continue to invest for growth in sales and marketing while also increasing headcount in Q2 to drive product innovation.

憑藉數據驅動營運模式（DDOM），我們持續運用自主研發的體驗雲端技術優化客戶旅程，不斷提升 adobe.com 的流量，從而獲取新客戶並提高產品知名度。我們將繼續加大銷售和行銷方面的投入，並在第二季增加員工人數，以推動產品創新。

As a result, in Q2, Adobe achieved revenue of $3.84 billion, which represents 23% year-over-year growth. Business and financial highlights included GAAP diluted earnings per share of $2.32 and non-GAAP diluted earnings per share of $3.03.

因此，Adobe第二季營收達38.4億美元，年增23%。業務和財務亮點包括：以美國通用會計準則（GAAP）計算的稀釋後每股收益為2.32美元，以非美國通用會計準則（Non-GAAP）計算的稀釋後每股收益為3.03美元。

Digital Media revenue of $2.79 billion; net new Digital Media ARR of $518 million; Digital Experience revenue of $938 million; record cash flows from operations of $1.99 billion; RPO of $12.23 billion exiting the quarter; and repurchasing approximately 2.1 million shares of our stock during the quarter.

數位媒體收入達 27.9 億美元；新增數位媒體年度經常性收入淨額達 5.18 億美元；數位體驗收入達 9.38 億美元；經營活動產生的現金流創歷史新高達 19.9 億美元；截至本季末，RPO 為 122.3 億美元；本季回購了約 210 萬股股票。

In our Digital Media segment, we achieved 25% year-over-year revenue growth in Q2, and we exited the quarter with $11.21 billion of Digital Media ARR. We achieved Creative revenue of $2.32 billion, which represents 24% year-over-year growth, and we added $405 million of net new Creative ARR.

在數位媒體業務板塊，我們第二季度實現了25%的年成長，數位媒體年度經常性收入（ARR）達到112.1億美元。創意業務收入達23.2億美元，年增24%，新增創意業務年度經常性收入淨額為4.05億美元。

Second quarter Creative growth drivers included strong retention and renewal across all Creative products and customer segments; new user acquisition driven by global marketing campaigns, utilizing our DDOM insights; accelerated recovery in the SMB segment with our Creative Cloud for Teams offering; success in enterprise licensing driven by account expansion at renewal; momentum with our Adobe Stock business, which continues to outpace industry peers in terms of revenue growth; driving subscriptions in the education segment, both with individuals and institutions; and generating net new ARR through App Store sales of our mobile and iPad applications. Adobe achieved Document Cloud revenue of $469 million, which represents 30% year-over-year growth, and we added $113 million of net new Document Cloud ARR in the quarter.

第二季度創意業務成長的驅動因素包括：所有創意產品和客戶群體的強勁用戶留存和續約；利用DDOM洞察開展的全球營銷活動推動了新用戶獲取；Creative Cloud for Teams產品加速了中小企業市場的複蘇；續約時客戶數量的增長推動了企業許可業務的成功；Adobe Stock業務的強勁勢頭，其收入增長Store銷售行動和iPad應用程式創造了新的年度經常性收入(ARR)。 Adobe Document Cloud的營收達到4.69億美元，年增30%，本季新增Document Cloud年度經常性營收(ARR) 1.13億美元。

Second quarter Document Cloud growth drivers included increasing unit demand for Acrobat subscriptions across all geos; strong subscription licensing of our team (sic) [Teams] offering in the SMB segment; success in enterprise licensing with broad seat expansion across enterprise accounts; accelerated adoption of our Acrobat Web offering, driving top-of-funnel awareness and conversion to paid subscriptions; continued strength with Adobe Sign, which grew ARR greater than 40% year-over-year, exiting the quarter; and driving improved conversion on adobe.com.

第二季度 Document Cloud 的成長動力包括：所有地區對 Acrobat 訂閱的需求不斷增長；中小企業 (SMB) 領域 Teams 產品的訂閱許可表現強勁；企業許可業務取得成功，企業客戶的席位數量大幅增加；Acrobat Web 產品的加速普及，提高了用戶對付費訂閱的認知度和轉化率；Adobe 持續性成長率超過 40% 的基礎成長率；

Turning to our Digital Experience segment. In Q2, we achieved revenue of $938 million, which represents 21% year-over-year growth. Digital Experience subscription revenue was $817 million, representing 25% year-over-year growth. On the heels of Adobe Summit, we had success in Q2, generating pipeline and closing strategic customer deals across our portfolio of customer experience management, or CXM, solutions.

接下來談談我們的數位體驗業務。第二季度，我們實現了 9.38 億美元的營收，年增 21%。其中，數位體驗訂閱收入為 8.17 億美元，年增 25%。在 Adob​​e Summit 的成功舉辦之後，我們在第二季度取得了顯著進展，拓展了銷售管道，並就我們客戶體驗管理 (CXM) 解決方案組合中的策略客戶達成了多項交易。

Deal volume was sustained throughout the quarter with several large transactions closing earlier in the quarter, contributing to our revenue performance in Q2. We continue to see broad macroeconomic recovery, including in the commercial segment, and enterprises of all sizes are investing in digital transformation.

本季交易量保持穩定，其中幾筆大額交易在本季初完成，為第二季營收成長做出了貢獻。我們持續看到宏觀經濟全面復甦，包括商業領域，各種規模的企業都在加大數位轉型投入。

Business performance in Digital Experience during the quarter was driven by strong bookings for Adobe Experience Platform, or AEP, and native applications built on AEP, including real-time CDP and Customer Journey Analytics, which continue to build momentum; recent innovations and partnerships driving awareness and adoption of our analytics, commerce and campaign solutions; continued success with our Workfront offering as we realize the value of combining a best-in-class workflow solution with our CXM offerings to create an industry-leading marketing system of record; momentum signing up transformational multi-solution engagements with enterprise customers across geographies; and strengthening customer renewal and expansion rates.

本季數位體驗業務表現主要得益於 Adob​​e Experience Platform (AEP) 和基於 AEP 構建的原生應用程式（包括即時 CDP 和客戶旅程分析）的強勁預訂量，這些應用程式持續保持成長勢頭；近期推出的創新和合作夥伴關係提高了人們對我們分析、儘管業務產品結合，可打造業界領先的行銷記錄系統；與不同地區的企業客戶簽訂變革性的多解決方案合作協議的勢頭強勁；以及客戶續約率和擴展率的提高。

Savings from T&E and site operations are continuing as our employees work from home. We are investing in our facilities as we reimagine the future of work, and many of our employees return to offices and business travel during Q3.

由於員工居家辦公，差旅費和場地營運成本持續降低。我們正在重新構想未來的工作模式，並增加對辦公設施的投資。預計第三季度，許多員工將重返辦公室，恢復出差。

From a quarter-over-quarter currency perspective, FX increased revenue by $10 million, both before and after applying the net impacts from hedging. From a year-over-year currency perspective, FX increased revenue by $94 million. Net of impacts from hedging, the year-over-year currency increase to revenue was $78 million.

從季度環比匯率角度來看，外匯業務收入增加了1000萬美元，無論是否計入對沖淨影響。從年度匯率角度來看，外匯業務收入增加了9,400萬美元。扣除對沖影響後，年度匯率收入成長為7,800萬美元。

Adobe's effective tax rate in Q2 was 19.5% on a GAAP basis and 16% on a non-GAAP basis, in line with our expectations for the quarter. Our trade DSO was 35 days, which compares to 40 days in the year ago quarter and 38 days last quarter. RPO grew by 23% year-over-year to $12.23 billion exiting Q2, benefiting from strong enterprise licensing during the quarter. Deferred revenue exiting the quarter was $4.28 billion, growing 24% year-over-year. Our ending cash and short-term investment position exiting Q2 was $5.77 billion. Cash flows from operations in Q2 were a record $1.99 billion. We repurchased approximately 2.1 million shares in the quarter at a cost of $983 million. We currently have $15.1 billion in remaining authority, of which $100 million was granted in May 2018 and $15 billion was granted in December 2020.

Adobe第二季的實際稅率以GAAP準則計算為19.5%，以非GAAP準則計算為16%，符合我們對此季度的預期。我們的交易應收帳款週轉天數（DSO）為35天，去年同期為40天，上季為38天。截至第二季末，RPO年增23%至122.3億美元，這主要得益於該季度強勁的企業授權業務。截至第二季末，遞延營收為42.8億美元，年增24%。截至第二季末，我們的現金及短期投資部位為57.7億美元。第二季經營活動產生的現金流量創下19.9億美元的紀錄。我們在該季度回購了約210萬股股票，耗資9.83億美元。我們目前還有 151 億美元的剩餘授權，其中 1 億美元於 2018 年 5 月授予，150 億美元於 2020 年 12 月授予。

The following Q3 targets factor current macroeconomic conditions and expected return of summer seasonality associated with the months of June, July and August. Total Adobe revenue of approximately $3.88 billion; Digital Media segment revenue growth of approximately 22% year-over-year; net new Digital Media ARR of approximately $440 million; Digital Experience segment revenue growth of approximately 21% year-over-year; Digital Experience subscription revenue growth of approximately 25% year-over-year; tax rate of approximately 19% on a GAAP basis and 16% on a non-GAAP basis; share count of approximately 480 million shares; GAAP earnings per share of approximately $2.27 and non-GAAP earnings per share of approximately $3.

以下第三季目標已考慮當前宏觀經濟狀況以及預計六月、七月和八月夏季季節性因素的回歸。 Adobe 總營收約 38.8 億美元；數位媒體部門營收年增約 22%；新增數位媒體年度經常性收入淨額約 4.4 億美元；數位體驗部門營收年增約 21%；數位體驗訂閱營收年增約 25%；GAAP 稅率總數約為 19%，非 GAAP 收入為 16% 每股盈餘約為 16%；每股收益約為 3 美元。

We are pleased with the first half performance, and we expect the momentum to continue with typical Q4 strength.

我們對上半年的業績感到滿意，並預計這一勢頭將延續到第四季度，保持一貫的強勁勢頭。

With the momentum we are seeing across creativity, digital documents and customer experience management, we're on track for another record year with a strong first half already in the books. Few companies of our scale can boast 20% plus revenue growth, world-class operating margins and our recurring revenue model built for long-term growth and profitability.

憑藉著在創意、數位文件和客戶體驗管理領域的強勁勢頭，我們有望再創佳績，上半年業績已相當亮眼。在我們這個規模的公司中，鮮有企業能夠實現超過20%的營收成長、世界一流的營運利潤率，以及我們為長期成長和獲利能力而建構的經常性收入模式。

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) First, we'll go to Keith Weiss from Morgan Stanley.

（操作說明）首先，我們連線摩根士丹利的基斯‧韋斯。

And really nice quarter. I think it's pretty remarkable in a quarter where a lot of investors were worried about a difficult comp, net new ARR growth actually accelerated in the quarter. And I was hoping we could dig into that a little bit.

這個季度表現非常出色。考慮到許多投資人都擔心年比數據過高，本季新增年度經常性收入（ARR）淨成長反而加速，我認為這相當了不起。我原本希望我們能就此深入探討。

It's obvious you guys are building momentum. There's a broader base of customers that are coming into the Digital Media fold. Can you talk to us a little bit about who that is and kind of where you're seeing the most success and sort of broadening that scope and enabling that building momentum within this business, which is already quite large and well growing?

很明顯，你們正在積蓄力量。越來越多的客戶加入數位媒體領域。能否跟我們談談這些客戶都有哪些，以及你們在哪些方面取得了最大的成功，並如何擴大業務範圍，從而在這個已經相當龐大且增長迅速的業務中保持這種勢頭？

Thanks, Keith. As you said, it was really a great quarter, and we actually saw great linearity associated with the Digital Media ARR throughout the quarter as well. And as you know, we have this incredible data-driven operating model that allows us to deal with all packs -- all aspects of the customer funnel from Discover, which is done through our marketing attribution, all the way through usage and engagement.

謝謝，基斯。正如你所說，這確實是一個非常棒的季度，而且我們看到數位媒體年度經常性收入（ARR）在整個季度都保持了良好的線性成長。你也知道，我們擁有一個強大的數據驅動型營運模式，使我們能夠處理所有管道——從Discover（透過我們的行銷歸因分析）到用戶使用和互動，涵蓋客戶轉換漏斗的各個環節。

In terms of the new customers who are coming on to the platform. Mobile and communicators is the way we define that, Keith, are a significant portion of the new customer base. Specialist, on the other hand, as it relates to 3D&I. Acrobat, as we also mentioned, had a very strong offering. And so I would say the photography and video offerings are really targeting everybody from creative professionals to communicators to consumers, as is Acrobat. But then we're also seeing some really good adoption of Acrobat across the spectrum.

就新加入平台的客戶而言，我們這裡所說的行動和通訊用戶，正如基斯所說，佔據了新客戶群的很大一部分。另一方面，3D 和影像處理領域的專業人士也佔據了相當大的比例。正如我們之前提到的，Acrobat 的產品非常強大。因此，我認為攝影和視訊產品的目標使用者群體非常廣泛，從創意專業人士到通訊人員再到普通消費者，Acrobat 也是如此。同時，我們也看到 Acrobat 在各個領域都得到了非常好的應用。

And in our prepared remarks, the last thing I'd say is we also talked about the revival of the Teams business. And as we all know, the small and medium business segment, I think, was most impacted last year. So really pleased with it, Keith.

最後，我想補充一點，在我們的演講稿中，我們也談到了Teams業務的復甦。眾所周知，我認為中小企業市場去年受到的影響最大。所以，我對此感到非常高興，基斯。

So across product offerings, across geographies and across some of the new businesses and services, as you said, we saw good strength in Q2.

因此，正如您所說，無論是在產品供應方面，還是在地理方面，以及在一些新業務和服務方面，我們在第二季度都看到了良好的表現。

Got it. And if I could sneak one in for John on the guide into Q3. The net new ARR guide is about down 15% sequentially. I think that's more than we've seen seasonally. Is there anything we should be aware of in terms of either kind of onetime items, if you will, in Q2 or something we should be looking out for in Q3 that explains that broader than -- or sort of bigger than normal seasonality or seasonal decline into Q3?

明白了。如果可以的話，我想順便幫約翰補充一下關於第三季業績指引的問題。淨新增年度經常性收入（ARR）指引較上季下降約15%。我認為這比往年同期下降幅度還要大。第二季是否存在一些一次性項目之類的因素，或者第三季是否存在一些需要關注的因素，可以解釋這種比往年同期更嚴重的季節性波動或下滑？

Yes. Thanks, Keith. When I look at the guide for Q3, it's the largest guide we've done for ARR into Q3. As we talked about the last couple of quarters, last year was kind of a really strange year, right? We didn't see the seasonality we typically saw because of the pandemic and everybody being locked down. As things are starting to open up, we're anticipating kind of a return to some of that seasonality that we saw in the past. And so we factored that into the guide. But we're really excited that we can actually target the highest ARR guide ever in Q3. So overall, great performance, and we can see the momentum is still in the business.

是的，謝謝，基斯。我看了第三季的業績指引，這是我們歷年來對第三季年度經常性收入（ARR）的最高預期。正如我們之前幾個季度討論的那樣，去年確實非常特殊，對吧？由於疫情和封鎖，我們沒有看到往常的季節性波動。隨著各地逐步開放，我們預計會逐漸恢復到以往的季節性水準。因此，我們在業績指引中也考慮到了這一點。我們非常高興能夠實現第三季有史以來最高的年度經常性收入預期。總而言之，業績表現出色，我們可以看到業務成長勢頭依然強勁。

And next, we'll go to Alex Zukin from Wolfe Research.

接下來，我們將連線 Wolfe Research 的 Alex Zukin。

So I'll take the other side of the business, on the Digital Experience side. I mean, again, every indicator, whether it was RPO, whether it was the Digital Experience revenue and subscription revenue was strong. Can you talk to what you saw in the quarter? What's changed since the pandemic and maybe some of the pipelines and how we should think about that business from here from a growth perspective?

所以接下來我將談談業務的另一面，也就是數位體驗方面。我的意思是，所有指標，無論是RPO（招募流程外包）、數位體驗收入或訂閱收入，都非常強勁。您能談談本季的情況嗎？自疫情爆發以來發生了哪些變化？一些銷售管道方面又有哪些變化？從成長的角度來看，我們該如何看待這項業務的未來發展？

As you point out, Alex, it was a strong quarter. And right through the pandemic, we've been talking about how the interest in our Digital Experience solutions and the belief, when I have conversations with CEOs across every single vertical, is that the only way to engage with customers is going to be digital. And I think people are starting to recognize that, that investment is an investment that they have to pay. So first, I think from a macro perspective, it's clear that digital transformation, and within digital transformation, customer experience management is front and center as something that they want to spend money on.

正如你所指出的，Alex，這是一個強勁的季度。在整個疫情期間，我們一直在討論人們對我們數位體驗解決方案的興趣，以及我與各行各業的CEO交流時，他們都認為與客戶互動的唯一途徑是數位化。我認為人們開始意識到這一點，這是一項必須投入的投資。首先，我認為從宏觀角度來看，很明顯，數位轉型，以及在數位轉型中，客戶體驗管理，已成為他們願意投入資金的核心領域。

The second thing I would say is the execution against our new Experience Platform, and both John and I touched on Customer Journey Analytics and the other services that we're building on top of that. Those are clearly resonating with customers because whether you're B2B or whether you're a B2C, you have to have the ability right now to deliver the personalized experience. So I think the second thing I would say is that the innovation that we're delivering and the fact that we have Summit and the ability to engage with these customers, certainly, I think, was an accelerant for the business.

第二點我想說的是我們新體驗平台的執行。我和約翰都談到了客戶旅程分析以及我們在此基礎上建立的其他服務。這些服務顯然引起了客戶的共鳴，因為無論你是B2B企業還是B2C企業，現在都必須具備提供個人化體驗的能力。所以我認為，第二點是，我們正在進行的創新，以及我們擁有Summit平台並與客戶互動的能力，無疑地加速了業務發展。

The third thing I would say is the ecosystem and the ability of the ecosystem to very quickly ensure that these customers derive value from the investment that we're making, I think that helps both in terms of converting bookings to revenue, but it also helps in terms of growing the book of business with enterprises. So I would speak to all 3 of them.

第三點我想說的是生態系統，以及生態系統能否快速確保顧客從我們的投資中獲得價值。我認為這不僅有助於將預訂轉化為收入，也有助於拓展企業業務。所以我會談到這三點。

I think if you look at our targets as well in terms of the over 20% revenue growth, the close to 25% subscription revenue growth that we are seeing in that business, I think we continue to be optimistic that we have the right product that clearly meets the customer need. And the execution in the company against that business has been strong.

我認為，如果我們再看看我們的目標，例如超過20%的營收成長，以及該業務領域接近25%的訂閱收入成長，那麼我們仍然樂觀地認為，我們擁有能夠充分滿足客戶需求的正確產品。而且，公司在該業務領域的執行力也非常強勁。

Got it. And maybe just squeezing a quick one in for John. On cash flow, well ahead of our estimates here for the second quarter. What's the right way -- what's driving that? Is that just as simple as strong collections on larger deals? And thinking through the year, obviously, we're not -- you're not guiding or updating guidance, but just anything to think through any net new ways to look at the free cash flow margin of the business and the growth of free cash flow?

明白了。也許可以順便問一下約翰。關於現金流，第二季遠遠超出我們的預期。是什麼原因導致的？是不是僅僅因為大額交易的強勁收款？展望未來一年，顯然我們——你們沒有發布或更新業績指引——只是想了解一下，是否有任何新的方法來評估業務的自由現金流利潤率和自由現金流增長？

Yes. Sure. Yes. We certainly were pleased to deliver numbers like that. We had some timing of payments for sure. And as you saw, our DSO really dropped pretty significantly quarter-to-quarter. So all that really contributed to it as well as the timing of some large payments at hand as well as timing of when we had some disbursements as well. So it's really, overall, just great performance for the company. And sometimes you'll see a little bit of the shift quarter-to-quarter. But we're certainly -- given the capability of the company and the operating leverage in the model, we are generating a lot of cash right now.

是的，當然。是的。我們當然很高興能取得這樣的業績。這其中肯定有一些付款時機的考量。如您所看到的，我們的應收帳款週轉天數（DSO）較上季大幅下降。所有這些因素，包括一些大額付款的時機以及部分款項的支付時間，都對此有所貢獻。所以總的來說，公司業績表現非常出色。有時您可能會看到季度業績略有波動。但鑑於公司的實力和營運槓桿效應，我們目前確實產生了大量的現金流。

And next, we'll go to Saket Kalia from Barclays.

接下來，我們將連線巴克萊銀行的薩凱特·卡利亞。

Shantanu, maybe for you to go back to the Creative business. Can you just anecdotally talk about any difference in product mix specifically? I guess as more potential users got back to work, including Creative professionals, did you see any change in the mix of single apps versus all app subscriptions perhaps?

Shantanu，或許你可以重返創意產業。能否具體談談產品組合方面的變化？我想，隨著更多潛在用戶（包括創意專業人士）重返工作崗位，你是否觀察到單一應用程式和所有應用程式訂閱的比例發生了變化？

Saket, I think we saw strength across all of the businesses. I would say that single app business, as you know, is a really great initial funnel for us to drive the business. And so we continue to see new adoption as it relates to the single app. And then from a revenue perspective, think of it as the single apps is probably half the business in the quarter, and then we use that as a funnel to drive to the all apps. So I wouldn't say there was really a dramatic difference between Q1 and Q2. I think we just continue to see the trend of attracting new customers. And then from a revenue point of view, certainly, we believe that the Creative Cloud All Apps is where we both derive value for our customers and drive more ARR for us long term.

薩凱特，我認為所有業務都表現強勁。如你所知，單應用業務是我們推動業務發展的絕佳初始管道。因此，我們持續看到單一應用程式的新用戶成長。從收入角度來看，單一應用程式業務可能占到本季總收入的一半，我們以此為管道，引導用戶最終使用所有應用程式。所以，我認為第一季和第二季之間並沒有顯著差異。我們只是繼續保持吸引新客戶的趨勢。當然，從收入角度來看，我們相信 Creative Cloud 所有應用程式能夠為客戶創造價值，並為我們帶來更高的長期年度經常性收入 (ARR)。

And next, we'll go to Tyler Radke from Citi.

接下來，我們將連線花旗銀行的泰勒拉德克。

I wanted to ask you about the Digital Experience side of the business. I think if you -- depending on your assumption for Workfront, and you kind of normalize for the extra week in the quarter last quarter, it showed a nice kind of reacceleration in that business. Could you just help us understand how you're expecting that pace of reacceleration to play out throughout the rest of the year and then kind of where your longer-term aspirational targets on where you'd like to see that growth rate of the business?

我想問您一些關於公司數位化體驗的問題。我認為，如果您——基於您對 Workfront 的假設，並且考慮到上個季度多出的一周，該業務確實展現出良好的復甦勢頭。您能否幫我們了解一下，您預計這種復甦勢頭在今年剩餘時間裡會如何發展，以及您對該業務的長期成長率有何預期目標？

Well, Tyler, the way I would first start off by answering that question is by talking about the TAM, where I think we keep talking about how big TAM that is for the entire business. And so when you have the kind of $80-plus billion TAM that we have, we just continue to be really optimistic about that business.

泰勒，要回答這個問題，我首先要談談TAM（總市場規模）。我們一直在強調TAM對整個業務的重要性。我們擁有超過800億美元的TAM，所以我們對這項業務的未來充滿信心。

And from my perspective, we have the largest delever that we had. And if you look at the DX business, it's about focus on transformational accounts across all deal bands as well as different segmentation of the market. We tend to think of the corporate market, commercial market and the strategic markets. We're seeing strength across those particular businesses. And as I mentioned earlier to a previous question, the ability to convert bookings into revenue and to upsell them to more.

在我看來，我們目前擁有最高的交付槓桿率。如果你觀察數位轉型業務，你會發現關鍵在於專注於所有交易檔次以及不同細分市場的轉型客戶。我們通常會考慮企業市場、商業市場和策略市場。我們看到這些特定業務領域都表現強勁。正如我之前在回答另一個問題時提到的，關鍵在於將預訂轉化為收入並進行追加銷售的能力。

What we've done with the Experience Platform and the ability to have all of the new services built on that, it's really very unique in the industry because that's sort of how we look at it. And so you should expect to see again Q4 be sort of the strongest close that typically happens in enterprise software. And we're clearly on track to exceed the target for DX for the entire year when you look at our performance in the first half and our guide for Q3 and John's comment about expecting Q4 to be seasonally strong.

我們在體驗平台方面所做的一切，以及所有基於該平台構建的新服務，在業界確實非常獨特，因為我們就是這樣看待問題的。因此，您可以預期第四季將再次成為企業軟體產業通常表現最強勁的季度之一。從上半年的業績、第三季的業績指引以及約翰關於第四季度業績將季節性強勁的預期來看，我們顯然有望超額完成全年的數位轉型目標。

Great. And if I can just sneak in another question. I wanted to ask you, just broadly, I know you haven't raised price in a while, and you're obviously pretty sensitive of that during the pandemic. But just as you think of things reopening and obviously some concerns around there, around an inflationary environment, just curious how your conversations regarding price has evolved over the last 3 months.

好的。如果可以的話，我還想問一個問題。我想問的是，我知道您已經有一段時間沒有提價了，而且在疫情期間，您顯然對價格問題非常敏感。但考慮到您也在考慮重新開放，以及由此可能出現的通膨環境等問題，我很好奇過去三個月裡，您關於價格的討論是如何變化的。

From our perspective, what is most exciting about the Creative Cloud and the Document Cloud business, assuming, Tyler, that your question is about those 2 parts of the business, is it's really new customer acquisition that's really been the driver of that entire business, and we're doing that across different offerings, we're doing that across different geographies. I think the value that we provide to customers, it doesn't matter whether it's an inflationary economy or not, we continue to believe that we're deriving tremendous value for our customers. And so the conversations that happened around Adobe are around the product road map and innovation and attracting new customers way more than trying to, at this point, look at price optimization. And so we have a massive TAM ahead of us. That's really the focus.

從我們的角度來看，Creative Cloud 和 Document Cloud 業務最令人興奮的地方在於（假設泰勒，你的問題是關於這兩個業務板塊的），真正驅動整個業務發展的是新客戶的獲取，而且我們正在不同的產品和服務中，在不同的地區都做到這一點。我認為，無論經濟狀況如何，我們為客戶提供的價值始終不變，我們堅信我們正在為客戶創造巨大的價值。因此，Adobe 目前討論的重點是產品路線圖、創新和吸引新客戶，而不是價格優化。我們面前還有巨大的市場潛力。這才是我們真正的關注點。

And next, we'll go to Brent Thill from Jefferies.

接下來，我們將連線傑富瑞集團的布倫特‧蒂爾。

Shantanu, on the Digital Experience business, many of your SI partners have been commenting that they're capacity constrained, that their utilization rates are, in their words, through the roof. I'm curious if you're running into constraints on the implementation side, what you're seeing to offset that? And is that more of a random data point? Or are you seeing that across the board from some of the SI partners?

Shantanu，關於數位體驗業務，你們許多系統整合夥伴都反映產能不足，他們的利用率用他們自己的話說就是「爆表」。我很好奇你們在實施上是否也遇到了瓶頸，你們採取了哪些措施來緩解這種情況？這只是個別案例，還是你們從一些系統整合夥伴那裡普遍觀察到的現象？

I would say, Brent, that clearly, the demand for our solutions and expertise, whether it's on content and commerce, whether it's around data and insights, whether it's around the new workflow stuff that we've done, what's exciting for us is that there's a lot of demand on the ecosystem to have us help them with training. I think you'll periodically see some of them feel like they're capacity constrained, and that's a little bit more as a result of the war for talent. But overall, I think we will continue to help the -- support them in any way. And I think net-net, it's a good sign for the business.

布倫特，我想說，很明顯，無論是在內容和商務方面，還是在數據和洞察方面，亦或是我們開發的新工作流程方面，市場對我們的解決方案和專業知識的需求都非常旺盛。令我們興奮的是，整個生態系統都非常需要我們提供他們訓練的幫助。我認為，你會不時看到一些企業感到自身能力不足，這在某種程度上是由於人才爭奪戰造成的。但總的來說，我認為我們會繼續盡一切可能為他們提供幫助和支持。總而言之，我認為這對業務發展來說是一個好兆頭。

On the product side, we are going to really make sure that we continue to make it easier to provision, easier to use, easier to get value. And we have been seeing some good customer sentiment associated with our work on that front. So hopefully, that's an isolated incident as it relates to that SI partner's ability to get it, but it's certainly true as it relates to the overall market and the ability and the interest in our solutions. So I think that part is certainly true.

在產品方面，我們將確保持續改善產品配置、使用和價值獲取流程，使其更加便利。我們已經看到客戶對我們在這方面的工作給予了正面的回饋。因此，我們希望這只是個別系統整合合作夥伴在獲取產品方面遇到的問題，但就整個市場以及客戶對我們解決方案的需求和興趣而言，情況的​​確如此。所以我認為這部分內容是完全正確的。

Quick follow-up for John, just on the second half margins. As things reopen, how are you thinking about this? I mean you're, this quarter, about a point away from your all-time quarterly high in op margin. Do things have to come back in a little bit over time given that you'd reinvest in the opening world or not?

約翰，我有個後續問題，是關於下半年的利潤率。隨著業務重新開放，您對此有何看法？我的意思是，本季您的營業利潤率距離歷史最高季度紀錄僅差一個百分點。考慮到您是否會重新投資於新業務，利潤率是否需要隨著時間的推移而逐步回升？

Yes. Thanks, Brent. Yes, we definitely think it'll come down slightly in Q3 and Q4 as we open up. I mean we're continuing to invest, as we talked about. We're hiring in R&D. We're definitely investing in sales and variable marketing to really drive the business and execute against the huge TAMs that we have across all 3 businesses.

是的，謝謝，布倫特。是的，我們預計隨著第三季和第四季的逐步開放，情況會略有改善。正如我們之前討論的，我們一直在持續投資。我們在研發方面也在招募人才。我們肯定會加大對銷售和可變行銷的投入，以真正推動業務發展，並實現我們在三大業務領域所擁有的龐大市場規模。

So with the momentum that we have in the business, we want to make sure that we capitalize on that momentum and invest to be able to capture it. But certainly, as you said, as things are opening up, we'll see some of those expenses come back online as more people -- it will be a phase-in reentry approach for us through Q3 and Q4, but certainly business travel will start to pick up as well.

憑藉我們目前在業務上的良好發展勢頭，我們希望確保能夠充分利用這一勢頭並進行投資，從而抓住機會。當然，正如您所說，隨著各行各業的逐步開放，隨著更多人恢復正常生活，一些支出也會隨之恢復——對我們來說，第三季度和第四季度將採取分階段復工的方式，但商務旅行肯定也會開始回升。

And Brent, maybe I'll just add. When we look at some of the key new categories that we're continuing to invest in and you're seeing the results associated with it, I mean, to your question about the real-time CDP and the associated services, Sign, Stock, Mobile and our mobile offerings, we remarked also about 3D&I and specialist offerings associated with that. And so it really behooves us to continue to, as we always have, judiciously invest in marketing to continue to attract new customers to the platform, which will, again, as John said, be seen on the sales and marketing expense. But net-net, I mean, we're really excited about the growth that we're seeing.

布倫特，我再補充一點。當我們審視一些我們持續投資的關鍵新領域，以及由此帶來的成果時，例如你提到的即時客戶資料平台（CDP）及其相關服務，如標牌、素材庫、行動應用以及我們的行動產品，我們也提到了3D建模與整合（3D&I）以及與之相關的專業產品。因此，我們理應像以往一樣，繼續審慎地投資行銷，以持續吸引新客戶加入平台。正如約翰所說，這最終會體現在銷售和行銷費用上。但總而言之，我們對目前所取得的成長感到非常興奮。

Yes. And just to point that out, Shantanu. Year-over-year, you're going to see margin expansion, Brent, even above what our original targets were.

是的。還有一點要指出，沙塔努，布蘭特原油的利潤率將逐年擴大，甚至會超過我們最初的目標。

And next we'll go to Kash Rangan from Goldman Sachs.

接下來我們將連線高盛的卡什·蘭甘。

Congratulations to the Adobe team on spectacular results. Shantanu, I want to just go back to Creative TAM, which is the topic that continues to fascinate me. I mean 7, 8 years into the transition, the Creative business is as big as it can be, $10 billion nearly found rate and growing 23%, 24%. As you unfold the layers of the Creative market, what is it that you're finding that might have surprised you? And could we see the TAM for Creative as the business unfolds even larger than your original expectations?

恭喜Adobe團隊取得如此輝煌的成績。 Shantanu，我想再談談創意產業的潛在市場規模（TAM），這個主題一直讓我很感興趣。我的意思是，經過七、八年的轉型，創意產業的規模已經達到了極限，接近100億美元，而且還在以23%到24%的速度成長。隨著你對創意市場的各個層面進行深入分析，你發現了哪些讓你感到驚訝的事情？隨著業務的不斷發展，創意產業的潛在市場規模是否會比你最初的預期還要大？

And also as a subtext of it, if you could address video and how video is shaping up. And I remember once you said that video could be as large as the photo-oriented business. Any thoughts there would be great.

另外，能否也談談視訊產業的發展現況？我記得您曾經說過，影片產業的規模可能會和圖片產業一樣大。對此，您有什麼想法嗎？

And also if you have any thoughts on what might be David's involvement with the Creative business. And should we expect to see any refinements, enhancements, modifications of the strategy on the Digital Media front with David coming back on board? Congrats.

另外，如果您對大衛可能參與創意業務的具體方式有任何想法，也請不吝賜教。大衛回歸後，我們是否可以期待在數位媒體方面看到任何改進、提升或調整？恭喜！

Thanks, Kash. And I love the way all of you so far have been, when we say 1 question, putting in a 3-part question. But Kash, I think...

謝謝，卡什。我很喜歡大家目前為止的提問方式，我們明明說只提一個問題，你們卻都提了三個部分。不過卡什，我覺得…

You can take any one.

你可以選擇其中任何一個。

No, no, no. It's okay. I mean they're all good questions. And so I think first, Kash, on the $40-plus billion TAM. As you know, we have clearly transitioned the business from a Creative Cloud focused customer to just being a Creative Cloud, the communicators, the services that we've added associated with Stock photography and Sign. And I think we continue to have very exciting opportunities in terms of continuing to expand that TAM. And I think it all stems from design and creativity has never been more important, right?

不，不，不。沒關係。我的意思是，這些都是很好的問題。所以，首先，Kash，關於超過400億美元的潛在市場規模（TAM）。如你所知，我們已經明確地將業務從專注於Creative Cloud的客戶轉變為Creative Cloud的傳播者，以及我們新增的與圖庫照片和標牌相關的服務。我認為，在繼續擴大潛在市場規模方面，我們仍然擁有非常令人興奮的機會。我認為這一切都源自於設計和創意從未像現在這樣重要，對吧？

We talk about how it's the golden age of design and creativity. But for you as a consumer, whether you're interacting with a screen at a terminal or in a retail store or how you order something, I mean, it's all about content creation. And when you think about how much content we've all consumed in the pandemic at home, it's just gone through the roof. And we announced the partnership with Netflix and what we're doing with Khan Academy to make sure content creation is as seamless and productive. So I think that's driving it. And people love to say we want to be in the content and design business to personalize it as well as a career. So I would say that's the first thing that we're certainly seeing.

我們常說現在是設計和創意的黃金時代。但對你們這些消費者來說，無論是在終端機前、零售店裡與螢幕互動，或是下單購物，一切都離不開內容創作。想想疫情期間我們居家隔離期間的內容消費量，簡直是爆炸性成長。我們宣布與 Netflix 建立合作關係，並與可汗學院攜手，確保內容創作流程更加順暢有效率。我認為這才是推動這一趨勢的關鍵。人們常說，我們希望投身內容和設計產業，將其發展成為個人化的事業。所以，這無疑是我們目前看到的首要趨勢。

International expansion, we've talked about how we continue to focus on international markets. And it originally started with dealing with piracy. But across the small and medium business TAM, as those companies are also creating a marketplace for themselves with our content management solutions, our commerce solutions, content velocity is critical there. So I think all those are clearly tailwinds for the ever-increasing TAM. I think we increased it from $31 billion to $41 billion when we talked about it at the next FA meeting, and we'll certainly update that when we have our next.

國際擴張方面，我們之前討論過如何持續專注於國際市場。最初，這源自於打擊盜版。但隨著中小企業利用我們的內容管理解決方案和電商解決方案來打造自身市場，內容傳播速度對它們至關重要。我認為所有這些因素都明顯有利於我們不斷成長的市場規模。在下次財務顧問會議上，我們提到市場規模從310億美元上調至410億美元，下次會議時我們會更新這項數據。

I think as it relates to David, I'm really excited, as I said. David played a significant role in the introduction of Creative Cloud when he was here. And I think the fact that we were able to excite him and recruit him back just, I think, speaks to the tremendous opportunity that he also sees for the business. And from my point of view, we have all of these unicorns within the Creative Cloud. And I'm looking to partner with David, whether it's expanding on our enterprise footprint, whether it's continuing to make sure that we get the opportunity around SAM -- around Sign addressed, what we are doing -- associated with the mobile offerings. I mean each one of these is a large business by itself. And having somebody of his caliber to continue to work with Scott on the product side and Abhay on the Document Cloud side, it's great to have that kind of bench when we have the kind of opportunity that we have. So hopefully, that answers the question around David as well, Kash.

就David而言，正如我之前所說，我真的非常興奮。 David在職期間，在Creative Cloud的推出過程中扮演了重要角色。我認為，我們能夠讓他重新燃起熱情並把他招回來，這本身就說明了他也看到了公司巨大的發展機會。在我看來，Creative Cloud裡有很多獨角獸產品。我期待與David合作，無論是拓展我們的企業級業務，還是繼續確保我們在SAM（軟體資產管理）和Sign（電子簽名）領域抓住機遇，以及我們正在進行的行動產品相關工作。我的意思是，這些領域本身就是龐大的業務。擁有像他這樣的人才繼續與Scott（產品方面）和Abhay（文檔雲方面）合作，在我們面臨如此機會的時候，擁有這樣強大的後備力量真是太好了。希望這也能解答Kash關於David的問題。

And next, we'll go to Sterling Auty from JPMorgan.

接下來，我們將連線摩根大通的斯特林·奧蒂。

Shantanu, I thought your comments about Chuck Geschke were spot on. I'm sure he would be very proud to see the performance of the company and directionally where it's headed.

Shantanu，我覺得你對 Chuck Geschke 的評價非常到位。我相信他看到公司目前的業績和發展方向一定會感到非常自豪。

I'm kind of curious on the Digital Experience side, in terms of the product road map and changes and improvements that you made last year, how those have been resonating with customers currently. And are there any key new innovation milestones that we should be looking for that could further improve the growth in that business over the coming couple of quarters?

我對數位化體驗方面比較感興趣，例如產品路線圖、去年做出的調整和改進，以及這些措施目前對客戶的回饋如何。此外，未來幾季有哪些關鍵的創新里程碑值得我們關注，它們有望進一步促進該業務的成長？

Thanks for your comments on Chuck, Sterling. A number of you, I know, have written to me, which I appreciate, of the impact that each one of you also felt when you interacted with Chuck. So I really have appreciated all of those comments.

斯特林，謝謝你對查克的評價。我知道你們當中有不少人給我寫信，我很感激，你們都談到了與查克接觸後所感受到的影響。所以我真的很感謝大家的來信。

As it relates to the customer experience management question, Sterling, I think we're in the really early innings. We have some tremendous ideas ahead of us. And with Anil Chakravarthy -- I'll touch on a couple. I mean the real-time customer data platform is just really the infrastructure for every engagement that a customer has. We touched on the Journey Optimizer, which is think about optimizing the customer journey across outbound and inbound customer touch points both in physical and electronic, I mean, that's just a massive opportunity in terms of communicating, whether it's by e-mail, whether it's SMS, whether it's any of these new platforms that emerge.

關於客戶體驗管理的問題，斯特林，我認為我們還處於起步階段。我們有很多很棒的想法。我和阿尼爾·查克拉瓦蒂也談到了這一點——我先簡單說。我的意思是，即時客戶資料平台其實是客戶每一次互動的基礎架構。我們之前也提到旅程優化器，它旨在優化客戶旅程中所有線上線下接觸點，包括實體和電子管道。我的意思是，這在溝通方面蘊藏著巨大的機遇，無論是透過電子郵件、短信，或是其他任何新興平台。

The Customer Journey Analytics. My perspective on Customer Journey Analytics is we used to do the fantastic job on web analytics, but this is increasingly becoming what is the analytics across all of the different online and off-line data. And it's the way you run a business. And we're living proof of, when we talk about our DDOM, how we can use that. So I think the Customer Journey Analytics is also, in terms of the ideas that we have, on its infancy.

客戶旅程分析。我對客戶旅程分析的看法是，我們過去在網路分析方面做得非常出色，但現在它正逐漸演變為對所有線上和線下資料的分析。這關乎企業的營運方式。當我們談到我們的動態資料管理（DDOM）時，我們就是最好的例證，它充分說明了我們如何運用這項技術。因此，我認為就我們目前的想法而言，客戶旅程分析仍處於起步階段。

And maybe the last one I'll touch on is what we've been previewing in terms of this marketing system of record and workflow. Trillions are being spent in marketing, and the process associated with rolling out those campaigns, understanding the efficacy of those campaigns, making those campaigns international, I think that all of that is really, really ahead of us in terms of what we can do. So we're very excited.

最後我想談談我們一直在預覽的行銷記錄系統和工作流程。數萬億美元投入行銷，而與推出這些行銷活動、了解這些活動的有效性、將這些活動推廣到國際市場相關的流程，我認為所有這些都遠遠超出我們目前的能力範圍。所以我們非常興奮。

And for all of these companies, as they have to transition with what's happening in browsers and dealing with a first-party data world or dealing with privacy concerns, all of that, frankly, is opportunities for us because we step up and enable them to engage with their customers and focus on their product offering rather than all this other stuff because we know how to do that well.

對於所有這些公司來說，隨著瀏覽器的發展和第一方資料環境的變化，以及隱私問題，他們都必須進行轉型。坦白說，所有這些都是我們的機會，因為我們能夠幫助他們與客戶互動，專注於產品本身，而不是其他事情，因為我們擅長做這些事情。

That makes sense.

這很有道理。

One last thing maybe on that is the B2B. I think we've always -- most people talk about this and think about the B2C business, Sterling, which is, yes, they understand travel and hospitality. They understand retail. They understand banking. But this is now happening where it doesn't matter what business you're in. The ability to drive from leads to revenue for a B2B business is also digital.

最後一點是關於B2B的。史特林，我認為我們一直以來——大多數人談到B2B時，首先想到的是B2C業務，沒錯，他們了解旅遊和酒店業，了解零售業，了解銀行業。但現在的情況是，無論你身處哪個產業，B2B業務從線索到收入的轉換能力也同樣依賴數位化。

I mean if you're a company in the pharma industry, and you're not able to go visit doctors and talk to them about the innovation that you're doing, it's going to move digital. So I think there's just so much on that particular front.

我的意思是，如果你是一家製藥公司，卻無法親自拜訪醫生，與他們交流你的創新成果，那麼一切都將轉向數位化。所以我認為這方面還有很多值得探討的地方。

And next, we have Brad Sills from Bank of America Securities.

接下來，我們請到了美國銀行證券的布拉德·西爾斯。

Congratulations on a nice quarter here. I just wanted to ask a question on reopening. As you look towards -- as we look towards reopening in U.S. and North America and Europe, what impact do you think that's going to have on the Digital Media business? Is this an accelerant, do you think, or -- and also in Digital Experience, what are your thoughts on that?

恭喜你們本季業績不錯。我想問一個關於重新開放的問題。展望美國、北美和歐洲的重新開放，您認為這將對數位媒體業務產生什麼影響？您認為這會加速業務成長嗎？另外，您對數位體驗方面有什麼看法？

I think they're really tied to the macroeconomic environments. And I think you're seeing that the return to work, the macroeconomic environment is coming back stronger than it's been across all of the customer segments. And for us, we don't view ourselves as in terms of the solutions we're providing. These digital are not a stay-at-home or a work kind of solution. They're just mission-critical, irrespective of which you have.

我認為它們與宏觀經濟環境息息相關。而且我認為，隨著復工復產，宏觀經濟環境正在強勁復甦，所有客戶群都從中受益。對我們而言，我們並不將自身定位在我們提供的解決方案之上。這些數位化解決方案並非居家辦公或特定辦公室場景下的解決方案，而是無論您身處何種環境，都至關重要的。

And so what I think we'll see is that as people come back to work, the small and medium businesses will recognize that it's an opportunity for them to engage. So I think you'll see more investment there. I think you'll see, certainly, as Europe and other parts of those economy open up, that will help. I think Japan, the level of vaccination is low. So I think as they come back to work, that's only going to lead to more optimism. And so I think when you think about consumer confidence and you think about businesses want to invest, I think both of those are only going to be helped by a return to normalcy and a return to work. That's sort of my perspective.

所以我認為，隨著人們重返工作崗位，中小企業會意識到這是一個發展機會。因此，我認為會有更多投資湧入。當然，隨著歐洲和其他經濟地區的開放，情況也會有所改善。日本的疫苗接種率仍然較低。所以我認為，隨著人們重返工作崗位，這只會帶來更多樂觀情緒。因此，我認為，無論是消費者信心還是企業投資意願，都只會隨著生活恢復正常和人們重返工作崗位而提升。這就是我的看法。

And next, we have Jay Vleeschhouwer from Griffin Securities.

接下來，我們邀請了來自 Griffin Securities 的 Jay Vleeschhouwer。

Shantanu, you mentioned Summit, and it was clear from the conference that there were multiple internal initiatives you're working on that would seem very likely to have important implications for you over the next number of years. And since you didn't refer to them directly, perhaps you could comment on some of those, including, for example, what was referred to as your "future creative stack." Additionally, Project Firefly and other API strategy, some very interesting references to your Adobe commerce merchant services, including payments and some other things you're working on. And then lastly, the build-out of AEM as a cloud service globally targeted for this year. So those are some pretty interesting things from the conference that perhaps you could talk about.

Shantanu，你提到了高峰會，從會議內容來看，你們正在推進多項內部計劃，這些計劃很可能在未來幾年對你們產生重要影響。由於你沒有直接提及這些計劃，或許你可以談談其中的一些，例如，你們提到的「未來創意技術堆疊」。此外，還有螢火蟲專案和其他API策略，以及你們Adobe Commerce Merchant Services（包括付款和其他一些正在開發的專案）的一些非常有趣的提及。最後，還有今年計劃在全球範圍內建構AEM雲端服務的計畫。這些都是會議上一些非常有趣的內容，或許你可以談談這些。

And then for the follow-up, in answer to an earlier question, you referred to "war for talent." And in your case, you've had a V-shaped recovery in terms of your own job openings, and you added an unusually large number of people in a non-acquisition quarter. Maybe for John, you could talk about whether you think you could or should continue to increase your headcount at the same pace as in Q2.

然後，針對您之前提出的一個問題，您提到了「人才爭奪戰」。就您而言，貴公司目前的招募需求呈現V型復甦，並且在非收購季度新增了數量異常龐大的員工。或許您可以和約翰談談，您是否認為貴公司能夠或應該繼續以第二季的速度擴充員工。

Thanks for the question, Jay. As you know, I can wax eloquent about product stuff for a long time, but let me touch on at least the 2 ones that you did. I think as it relates to the cloud-based content management, the intent is very straightforward, which is how do you transition anybody who wishes to self-provision a cloud-based content offering. And think about it, if you're a small and medium business or if you're a large company trying to do a product campaign, you need to get a website. You need to get it localized. You need to get it up and running. You need to be able to do commerce.

謝謝你的提問，Jay。你知道，我可以滔滔不絕地談論產品方面的事情很久，但至少讓我談談你提到的那兩個問題。我認為，就基於雲端的內容管理而言，其目的非常明確，那就是如何幫助那些希望自行配置基於雲端的內容服務的用戶順利過渡。想想看，無論你是中小企業還是大型公司，如果你想進行產品推廣活動，你都需要一個網站。你需要進行本地化。你需要讓網站上線運行。你需要能夠進行電商交易。

And so the fact that we've got this easy-to-provision cloud-based content management, which is the leader in the category, but in addition to that, as you mentioned, the APIs now, so people can actually embed these APIs that we have for our content management solution directly in. So we're very excited about that. We mentioned last quarter that it saw significant adoption. And so I think that will continue to be a driver for the business.

因此，我們擁有易於部署的雲端內容管理系統，它是該領域的領導者。此外，正如您所提到的，現在我們還提供了 API，使用者可以直接將我們內容管理解決方案的 API 嵌入到其他應用程式中。我們對此感到非常興奮。上個季度我們提到，該產品已被廣泛採用。因此，我認為這將繼續成為推動業務成長的動力。

I think as it relates to your other question around what we are doing on the content stack. We've always mentioned that, for us, content and data, the 2 areas where we differentiate ourselves, the asset management problem is still a problem where we have a significant amount of innovation that we're continuing to deliver. And so -- but we're really excited. I mean net-net, I think Anil and the product team on the DX side have outlined a number of initiatives. Other companies talk about a lot of the stuff, but they don't have their products integrated. They don't have the ability to seamlessly provision. And so I think that's where we're going to continue to focus.

我認為這與你提出的關於我們在內容堆疊方面所做工作的另一個問題有關。我們一直強調，對我們而言，內容和數據是我們的兩大優勢所在，而資產管理問題仍然是我們持續創新並不斷改進的重點。所以——我們對此感到非常興奮。總而言之，我認為Anil和數位轉型（DX）的產品團隊已經概述了一系列措施。其他公司也談論了很多，但他們的產品並沒有真正整合，也沒有實現無縫配置的能力。因此，我認為這正是我們將繼續關注的重點。

And maybe an underappreciated area, Jay, is how easy these are now to set up and provision and for practitioners of this business, to be really able to do it.

傑伊，或許一個被低估的方面是，現在這些設施的設置和配置是多麼容易，對於從事這項業務的從業者來說，他們真的能夠做到。

I think your second question is a very interesting one, which is you're absolutely right, the merchant services ecosystem that Magento has, we've actually done a really good job of building that out. I mean, certainly, companies like PayPal that we've talked about, we've talked about what we can do with FedEx. More recently, there are a number of other such initiatives that are underway, some of which we're not at liberty to talk about [really] yet. But I think dealing with payments, dealing with shipping, dealing with working capital, a lot of interesting ideas where we're very well positioned to both deliver value as well as to monetize it.

我認為你的第二個問題非常有趣，你說得完全正確，Magento 的商家服務生態系統確實建構得非常出色。我的意思是，當然，我們之前討論過與 PayPal 的合作，也討論過與 FedEx 的合作。最近，還有許多其他類似的計劃正在進行中，其中一些我們目前還不方便透露。但我認為，在支付、物流、營運資金等方面，我們有很多有趣的想法，我們完全有能力創造價值並將其變現。

And John, on the headcount.

還有約翰，負責統計人數。

Yes. On the headcount commentary, just to -- I mean we certainly have a number of positions open that we're actively recruiting against, but we're committed to investing to be able to capture the large opportunities. So we're going to continue to hire for innovation, and we're going to continue to invest in sales headcount as well as leverage our ability with variable marketing to really drive performance. So I don't think this is the time to pull back given the momentum in the business.

是的。關於人員配置方面，我的意思是——我們確實有一些職位空缺，正在積極招聘，但我們也致力於投資，以抓住更大的發展機會。因此，我們將繼續招募創新人才，繼續增加銷售人員，並充分利用我們靈活的行銷策略來真正提升業績。鑑於公司目前的業務發展勢頭，我認為現在不是縮減規模的時候。

And next, we'll go to Keith Bachman from Bank of Montreal.

接下來，我們將連線到蒙特婁銀行的基斯·巴赫曼。

First, I wanted to ask a clarification and then, Shantanu, a question. John, could you give us the contribution of Workfront this quarter?

首先，我想請教一個問題，然後，Shantanu，我還有一個問題。 John，可以為我們介紹一下Workfront本季的業績嗎？

And then secondly, for Shantanu, I wanted to go back to the Experience Cloud. And feedback that we've recently gotten is very positive on the real-time CDP and the Customer Journey Analytics, as you mentioned. And I'm trying to go back to what's the potential growth rate here.

其次，關於 Shantanu，我想再談談體驗雲。正如您所提到的，我們最近收到的回饋對即時客戶數據平台 (CDP) 和客戶旅程分析都非常積極。我正在努力了解這方面的潛在成長率是多少。

So a, was the Experience Cloud, you think, impacted more during COVID than other parts of the business? Because I'm trying to understand whether there might be a harder snapback.

所以，您認為體驗雲在新冠疫情期間受到的影響是否比公司其他部門更大？因為我想了解它的復甦是否會更加艱難。

And then b, when you think about the growth potential here, Gartner comes out with some numbers that areas in the Experience Cloud are growing 15%. Your own TAM analysis that you put out suggest that the market in '23 growth is more like 25%. How do you think about the business between those 2 potential growth rates?

其次，在考慮成長潛力時，Gartner 的數據顯示，體驗雲端領域的成長率為 15%。而您自己發布的 TAM 分析表明，2023 年的市場成長率更接近 25%。您如何看待這兩種潛在成長率之間的業務發展前景？

Yes. The way I would answer the question, first, on the Workfront stuff. I mean it becomes -- we, I think, do a great job of talking to you about how it's going on the integration, and it's going really well. We don't break it out after a while because it's part of so many of these large transformational deals as well as integrated into other solutions. So -- but Workfront is going really well. It's the basis for a lot of the workflow that we're doing across each of our solutions, and we're on track to beat the targets that we gave for Workfront. So I do want to say that, that went well.

是的。關於Workfront，我首先要回答這個問題。我的意思是，我們一直以來都很好地向大家介紹整合進展情況，而且進展非常順利。我們不會過一段時間就單獨列出具體細節，因為它涉及許多大型轉型項目，並且已經整合到其他解決方案中。所以，Workfront的進展確實非常順利。它是我們所有解決方案中許多工作流程的基礎，我們有望超額完成為Workfront設定的目標。所以我想說，Workfront的進展非常順利。

I think as it relates to the overall TAM, which was your second question. We look at it as it's $80-plus billion, so there's plenty of available and I think a lot of legacy software is going to get rolled out. And so for us, it's not just about what the growth rate is in that market. People are going to recognize that having a modern architecture for dealing with consumer engagement is going to become a bigger and bigger imperative. And frankly, the smart companies are opening up their budgets to start to invest in it sooner rather than later, as we said, on B2B and B2C.

我認為，就您第二個問題——整體市場規模而言，我們認為它超過800億美元，所以市場空間非常廣闊，而且我認為很多傳統軟體將會被淘汰。因此，對我們來說，重要的不僅是這個市場的成長率。人們將會意識到，擁有現代化的消費者互動架構將變得越來越重要。坦白說，正如我們所說，精明的公司正在增加預算，儘早開始投資於此，無論是在B2B還是B2C領域。

So we're really pleased with the 20%-plus growth that we're seeing. 25 points of subscription revenue growth, we think, is really good. We want to continue to focus on subscription revenue as the true measure of that business. And I think as we continue to deliver on the innovation and product road map, I think we would hope to continue to see those growth rates even as the business grows much larger.

我們對目前超過20%的成長感到非常滿意。訂閱收入成長25個百分點，我們認為這非常可觀。我們希望繼續將訂閱收入作為衡量業務的真實指標。我相信，隨著我們不斷推進創新和產品路線圖，即使業務規模進一步擴大，我們也能維持這樣的成長率。

Our last question comes from Gregg Moskowitz from Mizuho.

最後一個問題來自瑞穗銀行的 Gregg Moskowitz。

Shantanu, the Document Cloud enterprise bookings growth up more than 60% year-over-year, obviously, really impressive. What would you primarily attribute that to? And then just for John quickly. Following another upside quarter with an accelerated recovery in SMB, would you say that you have returned to pre-pandemic levels?

Shantanu，Document Cloud 企業級預訂量年增超過 60%，這顯然非常驚人。您認為主要原因是什麼？還有，John，請您快速回答。在中小企業業務加速復甦，又一個季度業績成長之後，您認為你們的業務是否已經恢復到疫情前的水平？

I think as it relates to your first question around Document Cloud. I mean, again, there isn't a business that is not saying, hey, how do we help automate inefficient paper-based processes? And so the value proposition of the PDF file format, the value proposition of Acrobat as an essential productivity tool for knowledge workers, the availability of Sign, what we are doing with forms and embedded payments, I think it's the combination of all of that, whether you're, again, somebody trying to deliver vaccines for employees or somebody trying to create a new travel authorization or expense,

我認為這與您關於文檔雲的第一個問題有關。我的意思是，幾乎所有企業都在思考：如何幫助企業實現低效率的紙本流程自動化？因此，PDF 文件格式的價值主張、Acrobat 作為知識工作者必備生產力工具的價值主張、Sign 的可用性、我們在表單和嵌入式支付方面所做的工作，我認為所有這些因素的結合，無論您是想為員工提供疫苗接種服務，還是想創建新的差旅授權或費用報銷單，都至關重要。

I mean, documents are the fundamental currency of modern business, and automating that only has value. And I think our team has done a good job. We don't go to market saying, here's a Document Cloud solution or here's an Experience Cloud solution. We go in saying, here's the use case for if you're in travel and hospitality or retail or financial services or pharma. And I would say government and health care have also become larger customers of these kinds of solutions because of the necessity for regulated industries who previously may have relied on paper to say, you know what, we need to get into the modern era and deal with electronic documents. So I would say those are all the reasons, and good execution clearly on the part of our team as we are selling increasingly at a much higher level in all of these companies.

我的意思是，文件是現代商業的基本貨幣，而實現文件自動化只會帶來價值。我認為我們的團隊做得很好。我們不會直接向市場推銷“文檔雲解決方案”或“體驗雲解決方案”，而是會針對旅遊酒店、零售、金融服務或製藥等行業，提供具體的應用案例。我認為政府和醫療保健行業也已成為這類解決方案的重要客戶，因為受監管的行業（以前可能依賴紙本文件）需要與時俱進，採用電子文件。所以，我認為以上就是我們取得如此佳績的原因，當然，我們團隊出色的執行力也功不可沒，我們在所有這些公司都取得了顯著的銷售業績。

I'll let John speak, and then I'll come for the close, given this is the last question.

我先讓約翰發言，然後我來總結，因為這是最後一個問題了。

Great. Thanks, Shantanu. And thanks, Gregg. Yes. We've been kind of talking about the last couple of quarters the gradual recovery of the SMB segment, which was hit so severely when the pandemic hit last year, and we saw that continue here in Q2 and really kind of reach the pre-pandemic level of conversion retention, at least for sure in the U.S., and there's just tons of opportunity now as the rest of the world begins to open up as well for that to continue to improve.

太好了。謝謝，Shantanu。也謝謝，Gregg。是的。過去幾季我們一直在討論中小企業市場的逐步復甦，該市場在去年疫情爆發時遭受了重創。我們看到，第二季復甦勢頭仍在繼續，轉換率和留存率基本上恢復到了疫情前的水平，至少在美國是這樣。隨著世界其他地區也開始逐步開放，現在有許多機會可以繼續改善這種狀況。

And thank you all for joining us. I think from my perspective, I'm really pleased with our performance in Q2. It was an outstanding quarter. And to the question that was asked earlier, with many parts of the world returning to some sense of normalcy, that should only be good for our business because digital is this incredible tailwind where it's just a one-way street in terms of people wanting to invest.

感謝各位的參與。就我個人而言，我對我們第二季的業績非常滿意。這是一個非常出色的季度。至於先前提到的問題，隨著世界許多地區逐漸恢復正常，這對我們的業務來說無疑是利好消息，因為數位化發展勢頭強勁，人們的投資意願也隨之高漲。

We do expect, therefore, a slight seasonality associated with our business, but we definitely have an expectation of a strong finish. And if you look at our first half performance, if you look at our targets for Q3 and the belief in the seasonally strong Q4 finish, it's going to be another outstanding year where we are going to exceed a lot of the targets that we talked about, if not all, at the beginning of the year.

因此，我們預期業務會受到輕微的季節性影響，但我們絕對有信心獲得強勁的收官業績。回顧上半年的業績，結合我們對第三季度的目標以及對第四季度季節性強勁增長的預期，這將是又一個卓越的年份，我們將超越年初制定的許多目標，甚至可能全部目標。

We're driving bookings. We're driving revenue performance from bookings as a result of making sure people get value for it. We're driving a lot of new businesses that have become material in the company. And so the breadth of our portfolio is impressive because digital is not just a nice to have. It's become super critical.

我們正在推動預訂量成長。我們透過確保用戶獲得價值，從而提升預訂帶來的收入。我們正在推動許多新業務的發展，這些業務已成為公司的重要組成部分。因此，我們產品組合的廣度令人印象深刻，因為數位化不再是錦上添花，而是至關重要。

And as I've always said, having 3 areas of explosive growth puts us in really rarefied atmosphere. And growing 20% plus on the top line, growing the bottom line as impressively as we have with strong cash flow, I think, really demonstrates how we're driving value for our customers and value for our shareholders.

正如我一直所說，擁有三大爆炸性成長領域，使我們處於非常獨特的地位。營收成長超過20%，獲利成長如此顯著，現金流強勁，我認為這充分展現了我們如何為客戶和股東創造價值。

So thank you for joining us today, and have a great summer. And with that, I'll pass it back to Jonathan.

感謝各位今天收看我們的節目，祝大家有個美好的夏天。接下來，我將把麥克風交給喬納森。

Thanks, Shantanu, and thank you, everyone, for joining. This now concludes the call.

謝謝Shantanu，也謝謝各位的參與。通話到此結束。

And that does conclude our call for today. Thank you for your participation. You may now disconnect.

今天的通話到此結束。感謝您的參與。您可以斷開連線了。