(ADBE) 2021 Q1 法說會逐字稿

Good day, everyone, and welcome to the Adobe Q1 FY '21 Earnings Conference Call. Today's call is being recorded. (Operator Instructions) At this time, I would like to turn things over to Jonathan Vaas, VP of Investor Relations. Please go ahead.

大家好，歡迎參加 Adobe Q1 FY '21 收益電話會議。今天的電話正在錄音。 （操作員說明）此時，我想把事情交給投資者關係副總裁 Jonathan Vaas。請繼續。

Good afternoon, and thank you for joining us. With me on the call today are Shantanu Narayen, Adobe's President and CEO; and John Murphy, Executive Vice President and CFO. On this call, we will discuss Adobe's first 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，感謝您加入我們。 Adobe 總裁兼首席執行官 Shantanu Narayen 與我同在。和執行副總裁兼首席財務官 John Murphy。在這次電話會議上，我們將討論 Adobe 2021 財年第一季度的財務業績。到現在為止，您應該有一份新聞稿的副本，該新聞稿大約在 1 小時前通過網絡。我們還在 Adobe 的投資者關係網站上發布了我們準備好的評論和財務結果的 PDF。

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, March 23, 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.

在我們開始之前，我想強調一下，本次電話會議中討論的一些信息，包括我們的財務目標和產品計劃，是基於截至今天 3 月 23 日的信息，並且包含涉及風險、不確定性和假設。實際結果可能與這些聲明中所述的結果大不相同。有關這些風險的討論，您應該查看我們今天發布的新聞稿以及 Adobe 向美國證券交易委員會提交的文件中披露的前瞻性聲明。

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.

在這次電話會議上，我們將討論 GAAP 和非 GAAP 財務指標。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。

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's Investor Relations website 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.

建議通話參與者，本次電話會議的音頻正在網絡直播，也正在錄製以供播放。網絡廣播的存檔將在 Adobe 的投資者關係網站上提供大約 45 天。未經 Adobe 事先書面許可，不得重新錄製或以其他方式複製或分發通話音頻和網絡廣播。

I will now turn the call over to Shantanu.

我現在將把電話轉給 Shantanu。

Thanks, Jonathan. Good afternoon. I hope you are all well and staying safe. It is hard to believe that it has been over a year since the pandemic began and the world changed forever. During this unprecedented time, we have gone from a world with digital to a digital-first world. Digital experiences have played a vital role in making every aspect of our lives possible, from keeping families and coworkers connected to enabling new ways of learning, to powering digital commerce and ensuring continuity of essential business operations. Overnight, we have transitioned to a global digital economy.

謝謝，喬納森。下午好。我希望你們一切都好，並保持安全。很難相信自大流行開始以來已經過去一年多，世界發生了永遠的變化。在這個前所未有的時期，我們已經從一個數字世界進入了一個數字優先的世界。數字體驗在使我們生活的方方面面成為可能方面發揮了至關重要的作用，從保持家人和同事的聯繫到啟用新的學習方式，再到推動數字商務和確保基本業務運營的連續性。一夜之間，我們已經過渡到全球數字經濟。

Adobe's mission is to change the world through digital experiences. At Adobe, we're helping fuel the digital economy with our continuous innovation, our large and diverse set of global customers and partners and the unique expertise we have garnered from undergoing our own digital transformation. Our strategy of unleashing creativity, accelerating document productivity and powering digital businesses is mission-critical and driving our top and bottom line growth.

Adobe 的使命是通過數字體驗改變世界。在 Adobe，我們正在通過我們的持續創新、我們龐大而多樣化的全球客戶和合作夥伴群以及我們在進行自己的數字化轉型中獲得的獨特專業知識來幫助推動數字經濟。我們釋放創造力、提高文檔生產力和支持數字業務的戰略是關鍵任務，並推動我們的收入和利潤增長。

Adobe had an outstanding first quarter with strong results across Creative Cloud, Document Cloud and Experience Cloud. We achieved $3.91 billion in revenue in Q1, representing 26% year-over-year growth. GAAP earnings per share for the quarter was $2.61, representing 33% year-over-year growth. And non-GAAP earnings per share was $3.14, representing 38% year-over-year growth.

Adobe 第一季度表現出色，在 Creative Cloud、Document Cloud 和 Experience Cloud 方面取得了強勁的業績。我們在第一季度實現了 39.1 億美元的收入，同比增長 26%。該季度的 GAAP 每股收益為 2.61 美元，同比增長 33%。非 GAAP 每股收益為 3.14 美元，同比增長 38%。

In our Digital Media business, we drove strong revenue growth in both Creative Cloud and Document Cloud in Q1, achieving $2.86 billion in revenue, representing 32% year-over-year growth. Net new Digital Media annualized recurring revenue, or ARR, was $435 million, and total Digital Media ARR exiting Q1 grew to $10.69 billion.

在我們的數字媒體業務中，我們在第一季度推動了 Creative Cloud 和 Document Cloud 的強勁收入增長，實現了 28.6 億美元的收入，同比增長 32%。淨新數字媒體年化經常性收入或 ARR 為 4.35 億美元，第一季度的數字媒體 ARR 總額增長至 106.9 億美元。

This past year, we have seen the tremendous power creativity has to inspire, connect and entertain us. Whether it's a student uploading his video assignment, a social media influencer advocating for change or a small business owner designing her first website, everyone has a story to tell. Creative Cloud remains a market leader in core creative categories, including imaging, design, video, screen design and illustration, and we're expanding that leadership into emerging media types like 3D and AR. Creation and consumption across phones, tablets and desktops is exploding. We're building solutions for every surface and platform, enabling customers of every skill level to create whenever and wherever inspiration strikes.

在過去的一年裡，我們看到了創造力激發、聯繫和娛樂我們的巨大力量。無論是上傳視頻作業的學生、倡導變革的社交媒體影響者，還是設計她的第一個網站的小企業主，每個人都有自己的故事要講。 Creative Cloud 仍然是核心創意類別的市場領導者，包括成像、設計、視頻、屏幕設計和插圖，我們正在將這種領導地位擴展到 3D 和 AR 等新興媒體類型。跨手機、平板電腦和台式機的創作和消費正在爆炸式增長。我們正在為每個表面和平台構建解決方案，使各種技能水平的客戶能夠隨時隨地進行創作。

Our Behance community has grown to 25 million people, and programs like Adobe Live provide ongoing forums for creators to engage as a global community. In November, we turned Adobe MAX, our annual creativity conference, into a global digital event, culminating in 10 million livestreams. Creative Cloud has truly become the world's creative engine, and our future opportunities are endless.

我們的 Behance 社區已經發展到 2500 萬人，Adobe Live 等項目為創作者提供了持續的論壇，讓他們可以作為一個全球社區參與進來。 11 月，我們將年度創意大會 Adobe MAX 轉變為全球數字盛會，最終實現了 1000 萬次直播。 Creative Cloud 已經真正成為世界的創意引擎，我們未來的機會是無窮無盡的。

Q1 Creative Cloud performance was strong with net new Creative Cloud ARR of $337 million and revenue of $2.38 billion. Q1 highlights include strength in our student offering, enabling next-gen creators to tell their stories in the midst of an unprecedented remote learning environment; momentum in our Teams offering, demonstrating the increased demand for collaboration solutions globally; growth in our core creative categories, including imaging, led by Photoshop and Lightroom; demand for Premiere Pro, the leader in the exploding video category and the overwhelming favorite at the Sundance Film Festival for the third year in a row with 68% of films using it; significant growth in our creative mobile applications, including Lightroom mobile and Photoshop Express; an increase in demand for Creative Cloud services like Adobe Stock, which helped fill the void created when live photography and video shoots had to be postponed; and all of this results in record traffic to adobe.com, our world-class acquisition and growth engine and a hub for customer engagement across all surfaces.

第一季度 Creative Cloud 表現強勁，Creative Cloud ARR 為 3.37 億美元，收入為 23.8 億美元。第一季度的亮點包括我們學生產品的實力，使下一代創作者能夠在前所未有的遠程學習環境中講述他們的故事；我們團隊產品的發展勢頭，表明全球對協作解決方案的需求不斷增加；在 Photoshop 和 Lightroom 的帶領下，我們的核心創意類別（包括影像）實現增長；對 Premiere Pro 的需求，它是爆炸視頻類別的領導者，連續第三年在聖丹斯電影節上最受歡迎，有 68% 的電影使用它；我們的創意移動應用程序（包括 Lightroom mobile 和 Photoshop Express）顯著增長；對 Adobe Stock 等 Creative Cloud 服務的需求增加，這有助於填補因不得不推遲現場攝影和視頻拍攝而造成的空白；所有這些都為 adobe.com 帶來了創紀錄的流量，這是我們世界級的收購和增長引擎，也是跨所有平台的客戶參與中心。

We continue to deliver groundbreaking product innovation, including Neural Filters and Super Resolution features in Photoshop that harness the power of AI and machine learning to simplify complex workflows and enhance images in seconds, extending our applications to multiple surfaces with Illustrator on the iPad and Fresco on the iPhone and building collaboration capabilities with Creative Cloud libraries. In support of our commitment to digital citizenship, we're leading the Content Authenticity Initiative now with over 150 members to set the standard for transparency and attribution across the content ecosystem. We recently founded the Coalition for Content Provenance and Authenticity to advance broad adoption of content authenticity standards.

我們繼續提供突破性的產品創新，包括 Photoshop 中的神經濾鏡和超分辨率功能，利用 AI 和機器學習的力量來簡化複雜的工作流程並在幾秒鐘內增強圖像，通過 iPad 上的 Illustrator 和 Fresco 將我們的應用程序擴展到多個表面iPhone 和使用 Creative Cloud 庫構建協作功能。為了支持我們對數字公民的承諾，我們現在正在領導內容真實性倡議，擁有 150 多名成員，為整個內容生態系統的透明度和歸屬設定標準。我們最近成立了內容來源和真實性聯盟，以推動內容真實性標準的廣泛採用。

This year has shown us the mission-critical role that digital documents increasingly play in powering a modern business of any size. In a world where work needs to be done from anywhere and with anyone, digital workflows have become the critical underpinning to drive productivity and efficiency across global teams. With Document Cloud, we're accelerating document productivity, redefining how people view, edit, share, scan and sign documents across desktops, web, mobile and through frictionless PDF services. Through our document services, we're unleashing the PDF ecosystem with APIs for third-party developers to customize the digital document experience.

今年向我們展示了數字文檔在為任何規模的現代企業提供動力方面日益發揮的關鍵任務作用。在需要隨時隨地與任何人一起完成工作的世界中，數字化工作流程已成為提高全球團隊生產力和效率的關鍵基礎。借助 Document Cloud，我們正在提高文檔生產力，重新定義人們在桌面、Web、移動設備上以及通過順暢的 PDF 服務查看、編輯、共享、掃描和簽署文檔的方式。通過我們的文檔服務，我們通過 API 釋放 PDF 生態系統，供第三方開發人員自定義數字文檔體驗。

Q1 Document Cloud performance was stellar with net new Document Cloud ARR of $98 million and record revenue of $480 million. Q1 highlights include outstanding Acrobat growth across all routes to market; significant traffic increases to our Acrobat web experience, which delivers the ability to successfully complete PDF verb functionality in the browser, driven by best-in-class search engine optimization; powerful new Acrobat capabilities to accomplish converting, protecting and merging PDFs in the browser, furthering our strategy to make the PDF experience frictionless across devices and platforms; demand for our Acrobat Mobile and Adobe Scan apps; strong momentum for Adobe Sign, which is enabling critical e-signature workflows in businesses and government institutions around the world; delivery of an enhanced PDF reading experience with Acrobat Liquid Mode, which leverages Adobe Sensei to automatically reformat PDFs and for quick and easy consumption; and key customer wins, including Amazon, Aon Services, Bank of America, Federal Aviation Administration, Merck and National Australia Bank.

第一季度 Document Cloud 表現出色，淨新 Document Cloud ARR 為 9800 萬美元，創紀錄的收入為 4.8 億美元。第一季度的亮點包括所有上市路線的 Acrobat 增長顯著；在一流的搜索引擎優化的推動下，我們的 Acrobat Web 體驗顯著增加了流量，從而能夠在瀏覽器中成功完成 PDF 動詞功能；強大的新 Acrobat 功能可在瀏覽器中完成轉換、保護和合併 PDF，進一步推進我們使 PDF 體驗跨設備和平台順暢的戰略；對我們的 Acrobat Mobile 和 Adobe Scan 應用程序的需求； Adobe Sign 發展勢頭強勁，它正在為世界各地的企業和政府機構啟用關鍵的電子簽名工作流程；通過 Acrobat Liquid 模式提供增強的 PDF 閱讀體驗，該模式利用 Adobe Sensei 自動重新格式化 PDF 并快速輕鬆地使用；並贏得了主要客戶，包括亞馬遜、怡安服務、美國銀行、聯邦航空管理局、默克和澳大利亞國民銀行。

The pandemic accelerated the need for digital transformation among businesses of all sizes across both B2C and B2B. Small and midsize businesses had to quickly set up digital storefronts. Enterprises that had not yet made substantial digital investments took the leap, and those with significant digital footprints doubled down further. As the world begins to reopen, digital businesses will be the winners. Only companies that have a deep understanding of their customers' preferences and the ability to personalize experiences at every stage of the customer journey will survive and thrive.

大流行加速了 B2C 和 B2B 中各種規模的企業對數字化轉型的需求。中小型企業必須迅速建立數字店面。尚未進行大量數字投資的企業取得了飛躍，而那些擁有大量數字足蹟的企業則進一步翻了一番。隨著世界開始重新開放，數字企業將成為贏家。只有深入了解客戶偏好並能夠在客戶旅程的每個階段個性化體驗的公司才能生存和發展。

Adobe created the customer experience management category 10 years ago that we continue to lead. Experience Cloud, built on a next-gen open platform, is the most comprehensive solution for content and commerce, data insights and audiences, customer journeys and, most recently, marketing workflow. Through our acquisition of Workfront, Adobe has a unique opportunity to create a unified marketing system of record, bringing workflow management, efficiency and productivity gains to marketing teams challenged with siloed applications. Over 1,000 shared customers are already benefiting from the integration and synergies between Experience Cloud and Workfront.

Adobe 在 10 年前創建了我們繼續領先的客戶體驗管理類別。 Experience Cloud 建立在下一代開放平台之上，是內容和商務、數據洞察和受眾、客戶旅程以及最近的營銷工作流程的最全面的解決方案。通過我們對 Workfront 的收購，Adobe 有了一個獨特的機會來創建一個統一的營銷記錄系統，為面臨孤立應用程序挑戰的營銷團隊帶來工作流程管理、效率和生產力提升。超過 1,000 名共享客戶已經從 Experience Cloud 和 Workfront 之間的集成和協同作用中受益。

Experience Cloud revenue was $934 million in Q1 with subscription revenue of $812 million, representing 27% year-over-year growth. Q1 highlights include momentum for Adobe Experience Platform, which continues to be the platform of choice for enterprise customers to deliver real-time personalization at scale; increasing demand for our commerce offerings. The Adobe Digital Index predicts that the pandemic has permanently boosted online spend by 20%, and 2022 will be the first trillion-dollar year in e-commerce; solid performance in the Workfront business, demonstrating the need for a unified marketing workflow solution to drive productivity across global teams; enhancements in Customer Journey Analytics, delivering advanced anomaly detection, contribution analysis and intelligent alerts that identify hidden data patterns to more precisely understand customer behavior.

第一季度 Experience Cloud 收入為 9.34 億美元，訂閱收入為 8.12 億美元，同比增長 27%。第一季度的亮點包括 Adobe Experience Platform 的發展勢頭，它仍然是企業客戶大規模提供實時個性化的首選平台；對我們的商務產品的需求不斷增加。 Adobe Digital Index 預測，大流行已將在線支出永久提高了 20%，2022 年將是電子商務的第一個萬億美元年； Workfront 業務的穩健表現，表明需要統一的營銷工作流程解決方案來提高全球團隊的生產力； Customer Journey Analytics 的增強功能，提供高級異常檢測、貢獻分析和智能警報，可識別隱藏的數據模式以更準確地了解客戶行為。

Powering the digital modernization of government agencies across state, county and city levels in all 50 U.S. states. Governments are revamping their online presence, making websites and apps easier to navigate, ensuring content is personalized and updated in real-time and creating intuitive forms that work on any device; key customer wins, including Abbott Labs, Deutsche Post, Coca-Cola, FedEx, Kaiser Permanente, Mondelez, State of Illinois, and Sydney Water Corporation; and industry analyst recognition in the Gartner Magic Quadrant for Digital Experience Platforms and the Forrester Agile Content Management Systems Wave report. This is the fourth year in a row that Adobe was placed as a leader in the DXP Magic Quadrant and the sixth consecutive time Forrester has recognized Adobe's industry leadership in their CMS-focused Wave reports.

推動美國所有 50 個州的州、縣和市各級政府機構的數字化現代化。政府正在改進其在線形象，使網站和應用程序更易於瀏覽，確保內容個性化和實時更新，並創建可在任何設備上使用的直觀表格；贏得主要客戶，包括 Abbott Labs、Deutsche Post、Coca-Cola、FedEx、Kaiser Permanente、Mondelez、伊利諾伊州和悉尼水務公司； Gartner 數字體驗平台魔力像限和 Forrester 敏捷內容管理系統浪潮報告中的行業分析師認可。這是 Adobe 連續第四年被評為 DXP 魔力像限的領導者，也是 Forrester 連續第六次在其以 CMS 為重點的 Wave 報告中認可 Adobe 的行業領導地位。

Adobe Summit, our annual digital experience conference, will be hosted virtually at the end of April across the globe. In addition to unveiling exciting new technology innovation in Experience Cloud, we will have customers and inspirational leaders from companies that have been on the front lines, including Albert Bourla, CEO of Pfizer; and Rajesh Subramaniam, President and COO of FedEx.

Adobe 峰會是我們的年度數字體驗會議，將於 4 月底在全球虛擬舉辦。除了在 Experience Cloud 中展示激動人心的新技術創新之外，我們還將有來自前線公司的客戶和鼓舞人心的領導者，包括輝瑞首席執行官 Albert Bourla；以及聯邦快遞總裁兼首席運營官 Rajesh Subramaniam。

Adobe's fortitude is rooted in an unwavering focus on our employees, groundbreaking innovation and our purpose, which is to harness the best of Adobe to make a significant impact in the world. At Adobe, it's not only about what we do but how we do it. I'm proud of our continued industry recognition, including being named to multiple lists celebrating Adobe as a great and equitable place to work for all and being recognized on Fast Company's Most Innovative Companies list, Fortune's Most Admired Companies list, and the CDP's Climate Change A-list. I'm especially thankful to our 23,000 employees around the globe, whose dedication and talents delivered extraordinary results across every dimension of our business during these unprecedented times.

Adobe 的堅韌源於堅定不移地關注我們的員工、開創性的創新和我們的目標，即利用 Adobe 的精華在世界上產生重大影響。在 Adobe，這不僅關乎我們做什麼，還關乎我們如何做。我為我們持續的行業認可感到自豪，包括入選多個名單，慶祝 Adobe 是一個偉大而公平的工作場所，並被 Fast Company 的最具創新性公司名單、財富最受尊敬的公司名單和 CDP 的氣候變化認可一個列表。我特別感謝我們在全球的 23,000 名員工，他們的奉獻精神和才能在這個前所未有的時期為我們業務的各個方面帶來了非凡的成果。

Q1 was a record quarter for Adobe. As a result of our outstanding performance, tremendous opportunity across our business and continued confidence in our global execution, we are raising our annual targets. John?

第一季度是 Adobe 創紀錄的季度。由於我們的出色表現、整個業務的巨大機遇以及對我們全球執行力的持續信心，我們正在提高我們的年度目標。約翰？

Thanks, Shantanu. Q1 was a fantastic start to the year for Adobe with strong financial results across all of our businesses. We accelerated revenue growth, expanded operating margins and continued to drive demand across our portfolio of products and services, which are clearly resonating with enterprises and individuals in a world where digital has become the default.

謝謝，山塔努。對於 Adobe 來說，第一季度是一個美妙的開端，我們所有業務的財務業績都非常強勁。我們加快了收入增長，擴大了營業利潤率，並繼續推動對我們產品和服務組合的需求，這顯然與數字化已成為默認世界的企業和個人產生了共鳴。

Harnessing the power of data, we continue to utilize our data-driven operating model, or DDOM, to drive traffic to adobe.com, generate demand for our products, acquire new customers and increase engagement. We are investing in massive market opportunities, delivering innovations across our products, and Workfront had a great first quarter as part of the Adobe family.

利用數據的力量，我們繼續利用我們的數據驅動運營模式 (DDOM) 來增加 adobe.com 的流量，產生對我們產品的需求，獲得新客戶並提高參與度。我們正在投資巨大的市場機會，在我們的產品中提供創新，Workfront 作為 Adobe 家族的一員，第一季度表現出色。

As a result, in Q1, Adobe achieved record revenue of $3.91 billion, which represents 26% year-over-year growth. Recall that Q1 was a 14-week quarter for us versus the typical 13-week quarter. Business and financial highlights included GAAP diluted earnings per share of $2.61 and non-GAAP diluted earnings per share of $3.14; Digital Media revenue of $2.86 billion; net new Digital Media ARR of $435 million; Digital Experience revenue of $934 million; cash flows from operations of $1.77 billion; remaining performance obligation of $11.61 billion exiting the quarter; and repurchasing approximately 1.9 million shares of our stock during the quarter. In Q1, we saw continued recovery in the business environment both in the U.S. and internationally particularly with small and medium businesses, which contributed to our strong financial performance in the quarter.

因此，Adobe 在第一季度實現了創紀錄的 39.1 億美元收入，同比增長 26%。回想一下，第一季度對我們來說是一個為期 14 週的季度，而不是典型的 13 周季度。業務和財務亮點包括 2.61 美元的 GAAP 稀釋每股收益和 3.14 美元的非 GAAP 稀釋每股收益；數字媒體收入28.6億美元；新的數字媒體 ARR 淨值為 4.35 億美元；數字體驗收入 9.34 億美元；運營現金流為 17.7 億美元；退出本季度的剩餘履約義務為 116.1 億美元；並在本季度回購了大約 190 萬股我們的股票。在第一季度，我們看到美國和國際的商業環境持續復甦，尤其是中小型企業，這為我們在本季度的強勁財務業績做出了貢獻。

In our Digital Media segment, we achieved 32% year-over-year revenue growth in Q1, and we exited the quarter with $10.69 billion of Digital Media ARR.

在我們的數字媒體部門，我們在第一季度實現了 32% 的收入同比增長，並且我們以 106.9 億美元的數字媒體 ARR 結束了本季度。

We achieved Creative revenue of $2.38 billion, which represents 31% year-over-year growth, and we added $337 million of net new Creative ARR. Our Creative growth in Q1 was driven by strong consumer demand for our Creative solutions on adobe.com; driving improvements in usage, retention and engagement across our products; growth in our mobile business through app store subscriptions and top-of-funnel awareness; continued recovery in the SMB segment, which we target with our Creative Cloud for Teams offering; and investing in targeted campaigns and promotions to drive awareness and acquire new users, including in emerging markets.

我們實現了 23.8 億美元的創意收入，同比增長 31%，我們增加了 3.37 億美元的淨新創意 ARR。消費者對我們在 adobe.com 上的 Creative 解決方案的強勁需求推動了我們第一季度的 Creative 增長；推動我們產品的使用、保留和參與度的改進；通過應用商店訂閱和頂級渠道意識增長我們的移動業務； SMB 領域的持續復甦，我們以 Creative Cloud for Teams 產品為目標；並投資於有針對性的活動和促銷活動，以提高知名度並獲得新用戶，包括在新興市場。

Adobe Document Cloud delivered another quarter of accelerated revenue growth. We achieved Document Cloud revenue of $480 million, which represents 37% year-over-year growth, and we added $98 million of net new Document Cloud ARR. Documents are the currency of business, and the imperative for digitization has never been greater. Our Document Cloud growth in Q1 was driven by increasing demand for Acrobat subscriptions across all geos; strong enterprise term licensing with institutions; utilizing DDOM insights to drive improved conversion on adobe.com; success in the reseller channel both for subscriptions and our perpetual offering, including seat growth in the SMB segment; and strength in Adobe Sign, which grew revenue more than 50% year-over-year in the quarter.

Adobe Document Cloud 又實現了四分之一的收入加速增長。我們實現了 4.8 億美元的 Document Cloud 收入，同比增長 37%，我們新增了 9800 萬美元的 Document Cloud ARR 淨額。文件是商業的貨幣，數字化的必要性從未如此強烈。我們在第一季度的 Document Cloud 增長受到所有地區對 Acrobat 訂閱需求不斷增長的推動；與機構強大的企業期限許可；利用 DDOM 洞察力提高 adobe.com 上的轉化率；在訂閱和我們的永久產品的經銷商渠道中取得成功，包括 SMB 細分市場的席位增長； Adobe Sign 實力強勁，該季度收入同比增長超過 50%。

Turning to our Digital Experience segment. In Q1, we achieved revenue of $934 million, which represents 24% year-over-year growth. Digital Experience subscription revenue was $812 million, representing 27% year-over-year growth. Our Q1 results continue to validate the strength of our industry-leading customer experience management, or CXM, solutions. Large enterprises across industries and geographies are standardizing on Adobe to manage customer interactions, gain actionable insights and unify their customer data with Adobe Experience Platform. In our commerce business, we continue to sign large deals with new customers and drive upsells at renewal points, enabling every business to transact online. Optimizing customer journeys across all channels in a digital-first world is critical to enterprises, and we see momentum with our larger customers adopting our complete Experience Cloud offering to drive omnichannel personalization at scale.

轉向我們的數字體驗部分。第一季度，我們實現了 9.34 億美元的收入，同比增長 24%。數字體驗訂閱收入為 8.12 億美元，同比增長 27%。我們的第一季度業績繼續驗證我們行業領先的客戶體驗管理或 CXM 解決方案的實力。跨行業和跨地區的大型企業正在對 Adobe 進行標準化，以管理客戶交互、獲得可行的見解並通過 Adobe Experience Platform 統一他們的客戶數據。在我們的商業業務中，我們繼續與新客戶簽署大筆交易，並在續訂點推動追加銷售，使每個企業都能夠在線交易。在數字優先的世界中優化所有渠道的客戶旅程對企業來說至關重要，我們看到我們的大客戶採用我們完整的 Experience Cloud 產品來大規模推動全渠道個性化的勢頭。

We are driving the global CXM mandate across B2B and B2C from large enterprises to midsize companies across multiple verticals. Recent wins included expanding our reach in the public sector, where we are enabling critical constituent-facing services and adoption in the mid-market of our new AEM Cloud Service, Adobe Commerce and Marketo Engage.

我們正在推動 B2B 和 B2C 的全球 CXM 任務，從大型企業到跨多個垂直領域的中型公司。最近的勝利包括擴大我們在公共部門的影響力，在公共部門，我們正在支持關鍵的面向選民的服務，並在中端市場採用我們的新 AEM 雲服務、Adobe Commerce 和 Marketo Engage。

Lastly, we are off to a fast start in integrating Workfront and driving the strategic value proposition of combining best-in-class workflow technology with Adobe's leading CXM and Creative solutions. Workfront contributed $38 million of revenue in Q1 after purchase accounting adjustments to deferred revenue.

最後，我們在集成 Workfront 和推動將一流的工作流程技術與 Adobe 領先的 CXM 和 Creative 解決方案相結合的戰略價值主張方面快速起步。在對遞延收入進行採購會計調整後，Workfront 在第一季度貢獻了 3800 萬美元的收入。

We continue to drive savings from travel and entertainment and facilities operations as our employees work from home. We are expanding investment and hiring globally, particularly for R&D and sales and marketing roles, in order to capitalize on our large addressable markets.

當我們的員工在家工作時，我們將繼續從差旅、娛樂和設施運營中節省開支。我們正在全球範圍內擴大投資和招聘，特別是在研發、銷售和營銷方面，以利用我們龐大的潛在市場。

From a quarter-over-quarter currency perspective, FX increased revenue by $37 million. Net of impacts from hedging, the sequential currency increase to revenue was $34 million. From a year-over-year currency perspective, FX increased revenue by $62 million. Net of impacts from hedging, the year-over-year currency increase to revenue was $44 million.

從環比貨幣的角度來看，FX 增加了 3700 萬美元的收入。扣除對沖影響後，收入的連續貨幣增長為 3400 萬美元。從同比貨幣角度來看，FX 增加了 6200 萬美元的收入。扣除對沖影響後，貨幣對收入的同比增長為 4400 萬美元。

Adobe's effective tax rate in Q1 was 12% on a GAAP basis and 16% on a non-GAAP basis. The tax rate came in lower than expected primarily due to a favorable tax ruling in the quarter, which allowed us to reduce our withholding taxes and receive refunds for certain prior payments and, to a lesser extent, larger-than-expected tax benefits associated with share-based payments and favorable resolutions of other income tax matters.

Adobe 在第一季度的有效稅率在 GAAP 基礎上為 12%，在非 GAAP 基礎上為 16%。稅率低於預期，主要是由於本季度有利的稅收裁決，這使我們能夠減少預扣稅並獲得某些先前付款的退款，並且在較小程度上，與相關的稅收優惠大於預期以股份為基礎的支付和其他所得稅事項的有利決議。

Our trade DSO was 38 days, which compares to 41 days in the year ago quarter and 37 days last quarter. Remaining performance obligation grew 17% year-over-year to $11.61 billion exiting Q1. Deferred revenue exiting the quarter was $4.29 billion, growing 19% year-over-year.

我們的交易 DSO 為 38 天，而去年同期為 41 天，上一季度為 37 天。第一季度剩餘履約義務同比增長 17% 至 116.1 億美元。本季度的遞延收入為 42.9 億美元，同比增長 19%。

Our ending cash and short-term investment position exiting Q1 was $4.96 billion, which is sequentially down quarter-over-quarter due to the acquisition of Workfront. Cash flows from operations in Q1 were $1.77 billion.

我們在第一季度結束時的現金和短期投資頭寸為 49.6 億美元，由於收購 Workfront，環比下降。第一季度的運營現金流為 17.7 億美元。

We repurchased approximately 1.9 million shares in the quarter at a cost of $888 million. We currently have $1.1 billion remaining of our $8 billion repurchase authority granted in May 2018, which we expect to be exhausted by the end of this fiscal year. In December 2020, we announced that our Board authorized an additional $15 billion stock repurchase program through fiscal year 2024, which will be funded from future cash flow generation.

我們在本季度以 8.88 億美元的成本回購了大約 190 萬股股票。我們目前在 2018 年 5 月授予的 80 億美元回購授權中剩餘 11 億美元，我們預計將在本財年末用完。 2020 年 12 月，我們宣布董事會授權在 2024 財年之前追加 150 億美元的股票回購計劃，該計劃將由未來產生的現金流提供資金。

For Q2, we are targeting total Adobe revenue of approximately $3.72 billion, Digital Media segment year-over-year revenue growth of approximately 21%, net new Digital Media ARR of approximately $450 million, Digital Experience segment revenue growth of approximately 18%, Digital Experience subscription revenue growth of approximately 20%, tax rate of approximately 19.5% on a GAAP basis and 16% on a non-GAAP basis, share count of approximately 482 million shares, GAAP earnings per share of approximately $2.09, and non-GAAP earnings per share of approximately $2.81.

對於第二季度，我們的目標是 Adobe 總收入約為 37.2 億美元，數字媒體部門收入同比增長約 21%，新數字媒體 ARR 淨額約為 4.5 億美元，數字體驗部門收入增長約 18%，數字訂閱收入增長約 20%，按 GAAP 計算的稅率約為 19.5%，按非 GAAP 計算的稅率約為 16%，股票數量約為 4.82 億股，GAAP 每股收益約為 2.09 美元，非 GAAP 收益每股約 2.81 美元。

In light of Adobe's strong Q1 business performance and the momentum reflected in our second quarter targets, we are increasing our annual targets for fiscal 2021. We are now targeting total Adobe revenue of approximately $15.45 billion, Digital Media segment year-over-year revenue growth of approximately 22%, net new Digital Media ARR of approximately $1.8 billion, Digital Experience segment revenue growth of approximately 20%, Digital Experience subscription revenue growth of approximately 23%, tax rate of approximately 17.5% on a GAAP basis and 16% on a non-GAAP basis, share count of approximately 481 million shares, GAAP earnings per share of approximately $9.13, and non-GAAP earnings per share of approximately $11.85.

鑑於 Adobe 強勁的第一季度業務表現和我們第二季度目標所反映的勢頭，我們正在提高 2021 財年的年度目標。我們現在的目標是 Adobe 總收入約為 154.5 億美元，數字媒體部門的收入同比增長約 22%，淨新數字媒體 ARR 約 18 億美元，數字體驗部門收入增長約 20%，數字體驗訂閱收入增長約 23%，按公認會計原則計算的稅率約為 17.5%，按 GAAP 計算的稅率約為 16%非 GAAP 基礎，股票數量約為 4.81 億股，GAAP 每股收益約為 9.13 美元，非 GAAP 每股收益約為 11.85 美元。

In Digital Media ARR, we expect to return to normal pre-COVID summer seasonality, which can lead to sequentially lower net new ARR in Q3, followed by year-end strength in Q4. We expect operating margin to be relatively flat from Q2 to Q3 and then dip slightly in Q4 as we get back to spending on travel and reoccupying our facilities.

在數字媒體 ARR 方面，我們預計將恢復到 COVID 之前的正常夏季季節性，這可能導致第三季度的淨新 ARR 依次降低，隨後是第四季度的年終強度。我們預計第二季度到第三季度的營業利潤率將相對持平，然後在第四季度略有下降，因為我們回到了旅行支出和重新佔用我們的設施。

In summary, Q1 was a great start, and we expect fiscal 2021 to be another record year. Combining our strength in customer acquisition and engagement, our leading technologies and talented employee base, Adobe is poised to continue our track record of impressive top and bottom line growth.

總而言之，第一季度是一個良好的開端，我們預計 2021 財年將是另一個創紀錄的一年。結合我們在客戶獲取和參與方面的優勢、我們領先的技術和優秀的員工基礎，Adobe 準備繼續我們令人印象深刻的頂線和底線增長的記錄。

Lastly, as reported in our press release earlier today, I have expressed my intent to retire this year. It's a very difficult decision for me because I love Adobe. And you may ask why now. I have been very fortunate in my career, and I still have the passion and energy to fully dedicate myself to my philanthropic interests as well as prioritize my family and friends. We have navigated our way extremely well during the pandemic, and our Q1 results and raised targets are evidence that the company is on solid footing. So I feel comfortable that this is the right time for me. Our highly tenured finance and operations team is top-notch, and I plan on helping Shantanu through a transition period as the company launches a search for my successor.

最後，正如我們今天早些時候在新聞稿中報導的那樣，我已經表達了我今年退休的打算。這對我來說是一個非常艱難的決定，因為我喜歡 Adobe。你現在可能會問為什麼。在我的職業生涯中，我一直很幸運，我仍然有激情和精力全身心地投入到我的慈善事業中，並優先考慮我的家人和朋友。在大流行期間，我們的方向非常好，我們的第一季度業績和提高的目標證明了公司的基礎穩固。所以我覺得這對我來說是正確的時機。我們資深的財務和運營團隊是一流的，隨著公司開始尋找我的繼任者，我計劃幫助 Shantanu 度過過渡期。

Now I'll turn it back to Shantanu.

現在我把它轉回給 Shantanu。

John has played a critical role in Adobe's strong performance for which I'm deeply grateful. John and the entire finance and operations organization have helped drive top and bottom line growth with a relentless focus on shareholder value. In addition to his accomplishments as CFO, John embodies Adobe's values, always operating with the highest integrity and ethical standards. John will work with me to ensure a smooth transition, and I'm happy that John will be able to focus on his family and philanthropic pursuits and wish him all the best.

John 在 Adobe 的強勁表現中發揮了關鍵作用，對此我深表感謝。約翰和整個財務和運營組織通過不懈地關注股東價值，幫助推動了收入和利潤的增長。除了作為首席財務官的成就之外，John 還體現了 Adobe 的價值觀，始終以最高的誠信和道德標準運營。約翰將與我一起確保順利過渡，我很高興約翰能夠專注於他的家庭和慈善事業，並祝他一切順利。

Adobe's global brand, unparalleled innovation, broad spectrum of customers and partners and dedicated employees provide an unmatched competitive advantage. I remain bullish that technology will continue to transform work, learn and play, resulting in a brighter future for all of us.

Adobe 的全球品牌、無與倫比的創新、廣泛的客戶和合作夥伴以及敬業的員工提供了無與倫比的競爭優勢。我仍然看好技術將繼續改變工作、學習和娛樂，為我們所有人帶來更光明的未來。

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) And we will go first to Kash Rangan of Goldman Sachs.

（操作員說明）我們將首先訪問高盛的 Kash Rangan。

Congratulations on a spectacular quarter. Shantanu, my question, again naggingly, annoyingly, is about Creative TAM. You've been very consistent in talking about how large the TAM for Creative is. I think it goes back to 10 years prior. Can you talk on -- you mentioned today on this call that it's seemingly endless in terms of the opportunity. Can you expand on that? Why is that the case? Because there is a view, not that I share, that once the economy opens up, the Creative folks are going to get out and enjoy the summer vacations and do less creative stuff. So we'd take a bit of a backstep with digital transformation. I don't know how you feel about that, but if you can just talk to that tactical opening of the economy and if that might impede digital transformation or maybe not and then talk about why your confidence in the TAM of Creative is even greater than it was, say, 5 years back.

祝賀一個壯觀的季度。 Shantanu，我的問題，又煩人，又煩人，是關於 Creative TAM 的。您一直在談論 Creative 的 TAM 有多大。我想這可以追溯到10年前。你能談談 - 你今天在這次電話會議上提到，就機會而言，它似乎是無窮無盡的。你能擴展一下嗎？為什麼會這樣？因為有一種觀點，我不同意，一旦經濟開放，創意人就會出去享受暑假，少做一些有創意的事情。因此，我們會在數字化轉型方面退一步。我不知道你對此有何看法，但如果你能談談經濟開放的戰術性，這是否會阻礙數字化轉型，然後談談為什麼你對 Creative 的 TAM 的信心甚至大於那是，比如說，5年前。

Happy to do that, Kash, and it's good to have you back on our calls now at Goldman. So first, let me just say that when you think about content and design, there is no question that it's fueling the global economy. And the way we segment our business, as we think about what we are doing for creative pros, what we are doing for communicators and what we are doing for consumers -- and first to, I think, just share some numbers associated with that, I think we've said there are 49 million creative professionals who use our products to make a living. There are 700 million communicators and approximately 4 billion consumers. And so when you think about the TAM, whether that's $20 billion for the creative pros, $15 billion for communicators or $6 billion for consumers in 2023, I mean that represents a $41 billion addressable market opportunity given the importance of design. So it's a massive opportunity.

很高興這樣做，Kash，很高興你現在回到我們在高盛的電話會議。所以首先，我只想說，當你想到內容和設計時，毫無疑問它正在推動全球經濟。以及我們對業務進行細分的方式，當我們思考我們為創意專業人士所做的事情、我們為傳播者所做的事情以及我們為消費者所做的事情時——首先，我認為，只是分享一些與此相關的數字，我想我們已經說過有 4900 萬創意專業人士使用我們的產品謀生。有 7 億傳播者和大約 40 億消費者。因此，當您考慮 TAM 時，無論是創意專業人士的 200 億美元、傳播者的 150 億美元還是 2023 年消費者的 60 億美元，我的意思是考慮到設計的重要性，這代表了 410 億美元的潛在市場機會。所以這是一個巨大的機會。

What gives us confidence? I think when we think about strategically what we are trying to do, certainly, the first thing we're trying to do is advance every Creative category. And I'll just give you one example, Kash. I mean what's happening with immersive media and when you think about 3D to 2D and being able to do all these virtual shoots as the amount of content, that's an emerging business. I had a really great quarter. That continues on what we had said about video being one of the growth initiatives for us. So I think these new media types and advancing it is certainly critical.

是什麼給了我們信心？我認為，當我們從戰略上考慮我們正在嘗試做的事情時，當然，我們要做的第一件事就是推進每個創意類別。我只給你舉一個例子，Kash。我的意思是沉浸式媒體正在發生什麼，當您考慮 3D 到 2D 並且能夠將所有這些虛擬拍攝作為內容量時，這是一項新興業務。我有一個非常棒的季度。這繼續我們所說的視頻是我們的增長計劃之一。所以我認為這些新媒體類型和推進它肯定是至關重要的。

I think multi-surface systems, what we can do associated with making sure mobile, mobile has been a really good growth opportunity for us. And the way we look at that, it's both as a result of the funnel that it provides for both mobile and desktop but also as part of a system so people can create whenever they want. So even if they are going to be out in summer, as you say, they'll have access to all of our Creative tools wherever they go.

我認為多表面系統，我們可以做的與確保移動相關的事情，移動對我們來說是一個非常好的增長機會。從我們的角度來看，這既是它為移動和桌面提供的渠道的結果，也是系統的一部分，因此人們可以隨時創建。因此，即使他們將在夏天外出，正如您所說，他們無論走到哪裡都可以使用我們所有的創意工具。

The third one, I would say, is what we're doing with collaboration and the team and everything associated with allowing people to collaborate. Services, I mean Stock had another great quarter. We grew that business approximately 30% year-over-year. And the notion of just continuing to make sure that we do creativity for all, I think the world is going to be in a place where creative expression is going to dominate everything associated with education and productivity. So all of that give us really high confidence associated with the opportunity and our execution.

第三個，我想說的是，我們在協作、團隊以及與允許人們協作相關的一切方面所做的事情。服務，我的意思是股票有另一個偉大的季度。我們的業務同比增長約 30%。繼續確保我們為所有人創造創造力的概念，我認為世界將處於一個創造性表達將主導與教育和生產力相關的一切的地方。因此，所有這些都讓我們對機會和我們的執行充滿信心。

And then if you think about it for Q1 really just quickly, I think Q1 was a record quarter. We continue to see really great demand on the web associated with what's happening, and the absolute ARR was strong again. And this is, as you point out, despite the recovery being complete. And so we just feel like we're in an absolutely sweet spot as it relates to what people want to do with our tools and services.

然後，如果您真的很快考慮第一季度的情況，我認為第一季度是創紀錄的季度。我們繼續看到與正在發生的事情相關的網絡需求非常大，絕對 ARR 再次強勁。正如您所指出的，儘管恢復已經完成，但這是如此。所以我們只是覺得我們處於一個絕對甜蜜的地方，因為它與人們想用我們的工具和服務做什麼有關。

Congratulations.

恭喜。

Thanks, Kash.

謝謝，卡什。

Our next question will come from Jennifer Lowe of UBS.

我們的下一個問題將來自瑞銀的 Jennifer Lowe。

Great. Maybe just following along sort of the commentary on recovery. One of the things that struck me is the strength that you saw in SMB this quarter. So maybe 2 questions on that. First, are you kind of back to pre-COVID levels at this point in terms of SMB momentum? Or is there still more to gain there?

偉大的。也許只是遵循關於恢復的評論。令我印象深刻的一件事是您在本季度在 SMB 中看到的實力。所以也許有兩個問題。首先，就中小型企業的發展勢頭而言，您此時是否有點回到 COVID 之前的水平？或者還有更多的收穫？

And then secondly, just specific on Experience Cloud, I know even pre-COVID, there were some execution challenges that you're experiencing in the SMB space. So have those execution challenges been sort of fully addressed and you're seeing some of those more mid-market-oriented products that you've acquired executing the way you'd like to -- the way you'd like them to? That's it for me.

其次，僅針對 Experience Cloud，我知道甚至在 COVID 之前，您在 SMB 領域遇到了一些執行挑戰。那麼，這些執行挑戰是否得到了充分解決，您是否看到了一些您獲得的更多面向中端市場的產品以您希望的方式執行——您希望它們執行的方式？對我來說就是這樣。

Yes. First, I think as it relates to the SMB segment, as we mentioned, both in the Document Cloud and Creative Cloud and to your question specifically around Experience Cloud, we did see continued momentum and growth. So I still think that when you think about what's happening in the world, it's still not fully back, right, to normal, and we're still in a sort of a pandemic situation. So I clearly think there's upside. And every day, you have good news in certain geographies and unfortunately not so good news. And so that only augurs well for us as we look at our business moving forward.

是的。首先，我認為，正如我們在 Document Cloud 和 Creative Cloud 中提到的，以及您特別針對 Experience Cloud 的問題，它與 SMB 細分市場有關，我們確實看到了持續的勢頭和增長。所以我仍然認為，當你考慮世界上正在發生的事情時，它還沒有完全恢復正常，對，我們仍然處於一種流行病的狀態。所以我顯然認為有好處。每天，您在某些地區都有好消息，但不幸的是不是那麼好消息。因此，當我們著眼於業務向前發展時，這對我們來說是個好兆頭。

But if I take big picture view associated with Experience Cloud, which was the second part of your question, digital transformation, just talking to all the CEOs that I'm talking to, those who've already invested in digital are absolutely doubling down because they recognize that this is the way to further differentiate. And those who are not are clearly investing in the people, technology and processes to be in this market, whether it's transformational accounts at the enterprise level that Anil talked about at the financial analyst meeting or whether it's at the small and medium business, your question associated with what we are able to do to enable them to have a digital storefront, which is an absolute necessity for doing business today, there's a lot of interest in demand in both of those.

但是，如果我從與 Experience Cloud 相關的全局視圖來看，這是您問題的第二部分，數字化轉型，只是與我正在與之交談的所有 CEO 交談，那些已經投資於數字化的人絕對會加倍下注，因為他們認識到這是進一步區分的方式。而那些沒有明確投資於這個市場的人員、技術和流程的人，無論是 Anil 在財務分析師會議上談到的企業層面的轉型賬戶，還是在中小型企業，你的問題與我們能夠做些什麼以使他們擁有數字店面相關聯，這是當今開展業務的絕對必要條件，這兩者都有很大的需求。

I know a lot of you, as I read your reports, the checks that you're doing, you're hearing the interest in our solutions and -- from both the customers and the partners is high. And so we are going to see more demand for this. We had a good quarter. If you look at how we're targeting DX, we clearly expect acceleration of revenue without -- with and without Workfront, Q3 over Q2 and Q4 over Q3. So we're really excited, and I think we're in the sweet spot on all 3 of our growth areas.

我認識你們很多人，因為我閱讀了你們的報告，你們正在做的檢查，你們聽到了對我們解決方案的興趣，而且——來自客戶和合作夥伴的興趣很高。因此，我們將看到對此的更多需求。我們有一個很好的季度。如果你看看我們如何瞄準 DX，我們顯然預計收入會在沒有 - 有和沒有 Workfront、Q3 超過 Q2 和 Q4 超過 Q3 的情況下加速。所以我們真的很興奮，我認為我們在所有三個增長領域都處於最佳狀態。

And the next question will come from Mark Moerdler of Bernstein Research.

下一個問題將來自 Bernstein Research 的 Mark Moerdler。

Congratulations on the quarter and a great start to the year. John, we're going to miss you but completely understand the desire to spend more time with family and philanthropy. So enjoy it. Two quarters ago, you called out your increased focus on driving Experience Cloud margin improvement. Can you give us an update on where you are in driving Experience Cloud margin improvement? And any sense to what you think about long-term margins could be for what Experience Cloud is today versus the future?

祝賀本季度和今年的良好開端。約翰，我們會想念你，但我們完全理解花更多時間與家人和慈善事業相處的願望。所以享受它。兩個季度前，您呼籲更加關注推動 Experience Cloud 利潤率的提高。您能否向我們介紹一下您在推動 Experience Cloud 利潤率提高方面的最新進展？對於您對長期利潤的看法，Experience Cloud 的今天與未來有何不同？

Well, Mark, I'll let John speak to his decision after this as well. But I think the decisions we made associated with reducing our focus on the transaction-based advertising revenue if you look at everything that's happening associated with that business. So there are other companies in that space. I think that was a good way to do it, what we've done with the Experience Platform. And with Anil coming in, taking a soup-to-nuts approach associated with that entire P&L and the business opportunity, he's been able to align and simplify and improve it.

好吧，馬克，我也會讓約翰談談他的決定。但是我認為，如果您查看與該業務相關的所有事情，我們所做的決定與減少對基於交易的廣告收入的關注有關。因此，該領域還有其他公司。我認為這是一個很好的方法，我們使用體驗平台所做的。隨著 Anil 的加入，他採取了與整個損益表和商業機會相關的簡單方法，他能夠調整、簡化和改進它。

And so I mean you don't accomplish the kinds of margins that we accomplished in the year without a focus across all of our businesses. And so we have an incredibly good leverage model, but there's more. I mean Digital Experience is still in that area where we're growing revenue. I mean 20% is what we've targeted for the entire year. We had 27% of subscription revenue in Q1. And so it really is one of those areas that's a growth opportunity, and you will see that translate into the bottom line over time. But John, maybe I'll have you also add to that.

所以我的意思是，如果不關注我們所有的業務，你就無法實現我們在這一年取得的那種利潤。所以我們有一個非常好的槓桿模型，但還有更多。我的意思是數字體驗仍然在我們正在增加收入的那個領域。我的意思是 20% 是我們全年的目標。我們在第一季度有 27% 的訂閱收入。因此，這確實是那些具有增長機會的領域之一，隨著時間的推移，你會看到這轉化為底線。但是約翰，也許我會讓你也補充一下。

Yes. No. Absolutely. I think the continued focus that we have both on gross margin and on operating margin in the businesses is key.

是的。不，絕對。我認為我們對業務毛利率和營業利潤率的持續關注是關鍵。

And Mark, thanks for the words. I'll definitely miss you guys as well, but I will be here for a little while during the transition. You can imagine that's a difficult decision to make. You think about these things for a while, but I have said that even last year during the pandemic, you kind of refocus on some priorities. And so I'm really fortunate for the great career I've had and thankful to Shantanu and Adobe to allow me this opportunity to pursue my passions.

還有馬克，謝謝你的話。我肯定也會想念你們，但在過渡期間我會在這裡待一會兒。你可以想像這是一個艱難的決定。您考慮了一段時間，但我已經說過，即使在去年大流行期間，您也會重新關註一些優先事項。因此，我真的很幸運能夠擁有如此出色的職業生涯，並感謝 Shantanu 和 Adobe 讓我有機會追求自己的激情。

I appreciate it, and congrats.

我很感激，祝賀。

Thank you.

謝謝你。

Next, we'll go to Brent Thill of Jefferies.

接下來，我們將前往 Jefferies 的 Brent Thill。

Shantanu, you had mentioned a couple of years ago at Summit that the customer data platform architecture was a revolutionary architecture and was going to bring some really interesting opportunities to Adobe. It sounds like some of those customers are going live now, and I'm just curious to get your perspective on where you're at in that journey and what you're starting to see in Experience Cloud with CDP coming online.

Shantanu，幾年前您在峰會上提到客戶數據平台架構是一種革命性的架構，將為 Adobe 帶來一些非常有趣的機會。聽起來其中一些客戶現在正在上線，我只是想知道您對您在該旅程中所處的位置的看法，以及您在 CDP 上線的 Experience Cloud 中開始看到的內容。

Yes. Brent, I mean we have seen some -- quite a bit of success. I think we had some really blue-chip customers that we talked about, the conversations that I'm having with each of these customers. And people talk about customer 360. We're the only major company that has anything out there of this scale to be able to do real-time personalization at scale. We have billions of profiles that are already going through this, absolutely blue-chip customers, whether it's in financial services, whether it's in other online like retail, what we are doing with telecommunications. And so not only do we have that, but it's really served as the basis for what we've done with Customer Journey Analytics. So if you take a step back and the big areas that we talked about, content and commerce, data insights and audiences, which is such a key part, I think that becomes even more important with what's happening in the cookie world so that you can have access to all your first-party data and profiles.

是的。布倫特，我的意思是我們已經看到了一些——相當多的成功。我認為我們談到了一些真正的藍籌客戶，我與這些客戶中的每一個都進行了對話。人們談論客戶 360。我們是唯一一家能夠大規模進行實時個性化的大型公司。我們有數十億的個人資料已經在經歷這種情況，絕對是藍籌客戶，無論是金融服務業，還是零售業等其他在線業務，以及我們在電信方面所做的事情。因此，我們不僅擁有它，而且它確實是我們使用 Customer Journey Analytics 所做工作的基礎。因此，如果您退後一步，我們談到的大領域，內容和商業，數據洞察力和受眾，這是一個如此關鍵的部分，我認為隨著 cookie 世界中正在發生的事情變得更加重要，這樣您就可以有權訪問您的所有第一方數據和配置文件。

So I think the decision to invest in that was right. The success that we're seeing in the marketplace and the leadership, I think, positions us incredibly well, Brent. And you'll hear a lot more about that at Summit, certainly. I think the Workfront acquisition also has had the unique opportunity to be able to add to what we have in terms of our solutions and get workflow also and attribution associated with it. So I feel really good but I feel really good about the infrastructure with CDP, and we focus a lot more on the real-time nature of what we can do with personalization as the key differentiation with some great customer wins.

所以我認為投資的決定是正確的。布倫特，我們在市場上看到的成功和領導力，我認為，使我們非常好。當然，您會在峰會上聽到更多關於此的信息。我認為 Workfront 的收購也有一個獨特的機會，可以增加我們在解決方案方面的現有能力，並獲得與之相關的工作流程和歸因。因此，我感覺非常好，但我對 CDP 的基礎架構感覺非常好，我們更多地關注我們可以通過個性化做什麼的實時性，這是贏得一些偉大客戶的關鍵差異化。

Just a quick follow-up for John. On the 20% growth you're now guiding, just back to Jen's question, does that assume a full recovery for SMB? Or is that still contemplating, hey, that there's still some improvement that you could squeeze out of that segment of the market?

只是對約翰的快速跟進。關於你現在指導的 20% 的增長，回到 Jen 的問題，這是否假設 SMB 全面復甦？或者，您是否仍在考慮，嘿，您仍然可以從該細分市場中擠出一些改進？

Thanks, Brent. Yes. No. For sure, it really reflects the continued recovery, but it's not -- we don't expect to be back to pre-COVID levels. I think as we saw, as we exited FY '20, that momentum in SMB kind of recovery, it's just this gradual and continual recovery, and we're into the benefit of that.

謝謝，布倫特。是的。不。可以肯定的是，它確實反映了持續的複蘇，但事實並非如此——我們預計不會回到 COVID 之前的水平。我認為，正如我們所看到的，當我們退出 20 財年時，SMB 的那種複蘇勢頭，只是這種漸進和持續的複蘇，我們從中受益。

Brent, you followed us for a significant amount of time. We don't bank on anything dramatically changing. We look at the demand that we have and the current trends, and we're not macroeconomic experts and so as the recovery happens more but we are not banking on it, just to be clear.

布倫特，你跟踪我們很長時間了。我們不指望任何戲劇性的變化。我們著眼於我們的需求和當前趨勢，我們不是宏觀經濟專家，所以隨著復甦的發生更多，但我們並不指望它，只是為了清楚。

And we'll go now to Kirk Materne of Evercore ISI.

現在我們將請教 Evercore ISI 的 Kirk Materne。

Shantanu, I was just kind of curious. As we come out of the pandemic, I mean your business has executed incredibly well. Are there parts of the business though that would benefit from getting back in front of the customer base? I'm thinking about sort of the Experience Cloud business in particular. You guys have obviously been able to execute really well in a virtual world, but I do wonder if there's areas whether it's Experience Cloud, maybe in the education market, areas like that where being able to get out and talk to the customers again would actually be beneficial. So I was just curious if you had any thoughts on that.

Shantanu，我只是有點好奇。隨著我們擺脫大流行，我的意思是您的業務執行得非常好。是否有部分業務可以從重新回到客戶群面前受益？我正在考慮特別是 Experience Cloud 業務。你們顯然能夠在虛擬世界中表現得非常好，但我想知道是否有領域，無論是體驗雲，也許是在教育市場，像這樣能夠再次與客戶交談的領域實際上會是有益的。所以我只是好奇你是否對此有任何想法。

I think so. I mean the world has done a pretty amazing job of pivoting to working at home and being able to do as much as you can. And I've talked about the fact that being able to visit with customers all across the globe without travelers in many ways, a real ability to scale. But I also am one who believes that being in front of the customers and getting the partners that we have together and accelerating the rollout and sharing best practices and that social part is only going to help. I don't think the world is going back to everybody being in the office, but I do believe that it will be an accelerant. And I -- because people's desire to also invest more as the economic situation improves can only be another tailwind for us. And so we've done a pretty incredible job when you look at our numbers, but there's no question in my mind. I mean if we can go travel and if we can meet with these customers and do it, there's only upside associated with that...

我認同。我的意思是，這個世界已經完成了一項非常了不起的工作，即轉向在家工作，並且能夠做盡可能多的事情。我已經談到了這樣一個事實，即能夠以多種方式在沒有旅行者的情況下訪問全球各地的客戶，這是一種真正的擴展能力。但我也相信，站在客戶面前，讓我們擁有的合作夥伴聚集在一起，加速推出和分享最佳實踐，而社交部分只會有所幫助。我不認為世界會回到每個人都在辦公室，但我相信這將是一個促進劑。而我——因為隨著經濟形勢的改善，人們也希望進行更多投資，這對我們來說只會是另一個順風。因此，當您查看我們的數據時，我們已經完成了一項非常令人難以置信的工作，但我認為這是毫無疑問的。我的意思是，如果我們可以去旅行，如果我們可以與這些客戶會面並做到這一點，那麼只有與此相關的好處......

And then maybe just one quick one for...

然後也許只是一個快速的...

Both in terms of what we can do as well as -- sorry. Both in terms of what we can do as well as their own confidence, right, in continuing to expand their investments.

就我們可以做的事情而言，以及- 抱歉。無論是我們能做什麼，還是他們自己的信心，對，繼續擴大他們的投資。

And then just maybe a quick one for John. John, on -- the Workfront revenue came in a little bit higher than your initial expectation. Was that just mainly around sort of deferred accounting? I realize you probably took a fairly conservative view on that given you had to close the acquisition you talked to us in December. But it sounds like you got off to a good start. Was there any uplift maybe in the bookings or revenue just in terms of the combination? Or is that mainly just sort of a factor of accounting?

然後對約翰來說可能是一個快速的。約翰，關於——Workfront 的收入比你最初的預期要高一點。那主要是關於遞延會計嗎？我意識到您可能對此持相當保守的看法，因為您必須完成您在 12 月與我們交談的收購。但聽起來你開了個好頭。就組合而言，預訂或收入是否有任何提升？或者這主要只是一種會計因素？

Yes. Thanks, Ken (sic) [Kirk]. No. The Workfront actually really did have great performance. So outside of the accounting adjustments for purchase accounting, we saw momentum in the business. And we had kind of suggested maybe about $140 million, $150 million in Workfront revenue impacting FY '21, but we think it will be a bit more than that given the performance because the combined offering is really resonating with our customer base. And that was really the -- from the business case of doing this acquisition to begin with.

是的。謝謝，肯（原文如此）[柯克]。不，Workfront 實際上確實有很好的性能。因此，在採購會計的會計調整之外，我們看到了業務的發展勢頭。我們曾建議可能會影響 21 財年的 Workfront 收入約 1.4 億美元，1.5 億美元，但考慮到性能，我們認為這將比這多一點，因為合併後的產品確實引起了我們的客戶群的共鳴。這確實是 - 從進行這次收購的商業案例開始。

We will go to the next question, and that will come from Jay Vleeschhouwer of Griffin Securities.

我們將進入下一個問題，這個問題將來自 Griffin Securities 的 Jay Vleeschhouwer。

Shantanu, for you first, at the analyst meeting in December, the company had some very interesting things to say about your technology and where you're investing. You referred, for example, in the case of Creative, to what you called a deeply collaborative shared system; in the case of Doc Cloud, you referred to intelligence applied to PDF as with Liquid Mode, all of that in the context of your applications and intelligent services. The question is, could you foresee the role for or need for new configurations or a new kind of segmentation of the product line, new SKUs, new packaging, anything of that sort particularly as you become more domain-specific-oriented?

Shantanu，首先對你來說，在 12 月的分析師會議上，公司對你的技術和你在哪裡投資有一些非常有趣的事情要說。例如，在 Creative 的案例中，您提到了您所謂的深度協作共享系統；對於 Doc Cloud，您將應用於 PDF 的智能稱為 Liquid 模式，所有這些都在您的應用程序和智能服務的上下文中。問題是，您能否預見到新配置或新的產品線細分、新 SKU、新包裝以及諸如此類的任何東西的作用或需求，特別是當您變得更加面向特定領域時？

And then for John, over the last 3 quarters, you've had a very steep, almost V-shaped recovery in your job openings from almost none back in June, July to now over 1,000 and up 4 months in a row year-over-year. Could you talk about that in terms of your onboarding in the context of how you're thinking about OpEx growth for the year?

然後對於約翰來說，在過去的 3 個季度中，您的職位空缺從 6 月、7 月幾乎沒有，到現在超過 1,000 個，並且連續 4 個月超過一年-年。您能否在您對今年運營支出增長的看法的背景下談談您的入職培訓？

Jay, maybe I'll take your question. And since there haven't been as many questions yet on Document Cloud, I'll use Document Cloud with the technology lens to answer your question. I mean, first, Liquid Mode, I was on the road -- I was traveling on the road last week, and the entire preparation for this, I was doing on a mobile device with Liquid Mode. And I will tell you Liquid Mode for me was an absolute lifesaver in terms of being able to look at all these documents and do everything collaboratively on the road, so an unabashed plug for those who haven't tried Liquid More or haven't tried Adobe Scan to really see how it changes.

傑，也許我會接受你的問題。由於 Document Cloud 上還沒有那麼多問題，我將使用 Document Cloud 和技術鏡頭來回答您的問題。我的意思是，首先，液體模式，我在路上——我上週在路上旅行，為此做的整個準備工作，我是在具有液體模式的移動設備上做的。我會告訴你，Liquid Mode 對我來說是一個絕對的救命稻草，因為它能夠查看所有這些文件並在路上協作完成所有事情，所以對於那些沒有嘗試過 Liquid More 或沒有嘗試過的人來說，這是一個毫不掩飾的插件Adobe Scan 以真正了解它的變化。

And the way we think about it is when you apply that kind of AI to fundamentally change the nature and understanding the structure and semantics of documents, it opens up so many different possibilities on the segmentation. I mean we now have revenue that we drive through Reader and Reader distribution and upsells because we understand what people are trying to do and understand the intent. We're driving revenue through search engine optimization that we do on PDF because we have a one-click way of having them do more and more PDF functionality. We have a new revenue monetization model associated with APIs and being able to have people use PDF and embed that in their particular workflows. And we've always had -- Acrobat Sign had a great quarter again. I think John may have mentioned that we grew 50%.

我們的想法是，當你應用這種人工智能從根本上改變文檔的性質並理解文檔的結構和語義時，它會在分割上開闢出許多不同的可能性。我的意思是，我們現在通過 Reader 和 Reader 的分銷和追加銷售獲得收入，因為我們了解人們想要做什麼並了解他們的意圖。我們通過在 PDF 上進行的搜索引擎優化來增加收入，因為我們可以通過一鍵式方式讓他們執行越來越多的 PDF 功能。我們有一個與 API 相關的新收入貨幣化模型，能夠讓人們使用 PDF 並將其嵌入到他們的特定工作流程中。而且我們一直都有 - Acrobat Sign 再次迎來了一個很棒的季度。我想約翰可能已經提到我們增長了 50%。

And so to your point, I mean AI and technology and being able to make that available and accessible in different ways is not just serving the customers better but is clearly providing us new opportunities to monetize it. That previously did not exist. And so I think you'll continue to see that in the innovation road map, whether it's Summit or MAX. You'll see some really cool things, which will not just push the envelope for our creative pros but also make it way more accessible, productive and fun for communicators and consumers. John?

所以就你的觀點而言，我的意思是人工智能和技術，能夠以不同的方式提供和訪問這些技術，不僅為客戶提供更好的服務，而且顯然為我們提供了將其貨幣化的新機會。那以前是不存在的。因此，我認為您將繼續在創新路線圖中看到這一點，無論是 Summit 還是 MAX。你會看到一些非常酷的東西，它們不僅會為我們的創意專業人士帶來挑戰，還會讓傳播者和消費者更容易獲得、更有效率和更有趣。約翰？

Yes. In regards to the job openings, the head count growth, when we entered the pandemic last year, we did pause hiring initially, as we talked about, to really focus our resources on our highest priorities. And we did that and successfully navigated the pandemic and really can have -- take advantage of the opportunities in front of us. And so with that, of course, we talked about in Q3 that we're going to start to ramp hiring, and so we have done that. And we continue to look to invest, as I said, in R&D and sales capacity as well as variable marketing.

是的。關於職位空缺和人數增長，當我們去年進入大流行時，我們確實暫停了招聘，正如我們所談到的那樣，將我們的資源真正集中在我們的最高優先事項上。我們做到了這一點，並成功度過了這場大流行病，並且真的可以——利用我們面前的機會。因此，當然，我們在第三季度談到我們將開始增加招聘，所以我們已經做到了。正如我所說，我們繼續尋求在研發和銷售能力以及可變營銷方面進行投資。

In terms of the impact on OpEx, we had originally planned for margin expansion in FY '21 over FY '20. And these updated targets actually indicate even greater margin expansion even though it will -- it accounts for our phased reentry as we come back to traveling as we reopen our facilities. So for us, the ability to grow the top line and the leverage in our operating model allows us to be able to do that. So for us, margin expansion is really all driven off of revenue growth. And ultimately, we can perform both very well on the top line and on bottom line.

就對運營支出的影響而言，我們最初計劃在 21 財年比 20 財年擴大利潤率。這些更新後的目標實際上表明了更大的利潤增長，儘管它會 - 它解釋了我們在重新開放設施時返回旅行時分階段重新進入的原因。因此，對我們而言，增加收入的能力和運營模式中的影響力使我們能夠做到這一點。所以對我們來說，利潤率擴張實際上都是由收入增長驅動的。最終，我們可以在頂線和底線都表現得非常好。

And next, we will go to Saket Kalia of Barclays Capital.

接下來，我們將前往 Barclays Capital 的 Saket Kalia。

Okay. Great. And congrats, John, on the well-deserved retirement. Shantanu, maybe for you on the Creative business. Can you just talk about the product pipeline for that growing individual user base for the rest of 2021, broad brushes of course, and how you feel about Adobe's ability to help them grow or progress in their journey to higher-end Creative Cloud apps?

好的。偉大的。祝賀約翰，當之無愧的退休。 Shantanu，也許對你來說是創意業務。您能否談談 2021 年剩餘時間內不斷增長的個人用戶群的產品管道，當然是廣泛的刷子，以及您對 Adobe 幫助他們在高端 Creative Cloud 應用程序之旅中成長或進步的能力有何看法？

And John, if I can just fit in one housekeeping question that maybe -- might be helpful. I was wondering if you could just quantify how much the extra week added to total revenue and net new ARR in the quarter.

還有約翰，如果我能回答一個可能會有所幫助的家政問題。我想知道您是否可以量化額外的一周增加了本季度總收入和淨新 ARR 的多少。

Yes. Saket, I mean maybe I'll speak to that, and I'll also give you my color on sort of what happened with ARR. But first, as it relates to how we're expanding both the user base and acquisitions, I mean the net new ARR, when you look at it, it's primarily all net new ARR in terms of customer acquisition. And whether it's the mobile-only applications that we're providing, whether it's the web-based ability to do things in the browser, whether it's collaboration, that's certainly the way in which we are expanding our offering. And frankly, the way we do it is that anybody who uses one of our on-ramp products, whether it's individual category app that is then using the entire CC, all apps or whether it's a consumer app where they start to get exposed to things like maybe layers in Photoshop or a time line in Premiere Rush, they have the ability to then be upsold as well as to become more productive by going to Premiere or Photoshop.

是的。 Saket，我的意思是也許我會談談這個，我也會就 ARR 發生的事情告訴你我的看法。但首先，因為它與我們如何擴大用戶群和收購有關，我的意思是淨新 ARR，當你看它時，它主要是客戶收購方面的所有淨新 ARR。無論是我們提供的僅限移動應用程序，還是在瀏覽器中基於 Web 的能力，無論是協作，這肯定是我們擴展產品的方式。坦率地說，我們這樣做的方式是，任何使用我們的入口產品的任何人，無論是使用整個 CC 的單個類別應用程序，所有應用程序，還是他們開始接觸事物的消費者應用程序就像 Photoshop 中的圖層或 Premiere Rush 中的時間線一樣，它們可以通過 Premiere 或 Photoshop 進行追加銷售以及提高生產力。

So it's very much been a part of our strategy all along, which is how do you attract customers to the platform and how do you think about then making sure that as they grow in their creative endeavors that we have the right on-ramp, whether it's an offer that we provide at the right time, whether it's engagement that we do with Adobe Creative Live. I mean Creative Live has really become in that community of Behance, a great way for people to continue to grow and learn. And I think there are whole cottage industry also of people who've done training and learning and education on Creative products. So that's the strategy, which is meet the customer where they are, whether it's on a surface or whether it's a degree of specialization, and then make sure that as they expand their creative pursuits that we're the right product for that.

因此，這一直是我們戰略的一部分，這就是您如何吸引客戶到平台，以及您如何考慮確保隨著他們在創造性努力中的成長，我們有正確的入口，無論是這是我們在正確的時間提供的優惠，無論是我們與 Adobe Creative Live 的互動。我的意思是 Creative Live 已經真正融入了 Behance 社區，這是人們繼續成長和學習的好方法。而且我認為整個家庭手工業也有對創意產品進行培訓、學習和教育的人。所以這就是策略，即在客戶所在的地方與他們會面，無論是在表面上還是在一定程度的專業化上，然後確保在他們擴展他們的創造性追求時，我們是合適的產品。

And so if you think about it, I mean Digital Media ARR, what really happens is it's not -- while revenue may be more representative of the number of weeks in a quarter and so if you take the 14 week over 13 week, you can argue that it was probably 8 points of revenue that was extra as a result of the 14th week. But ARR is not as cyclical because ARR, when you have an enterprise part of the business, it's probably going to be back-end-loaded by most enterprise, much like enterprise. So that's why we look at the Q1 ARR, which was a record for Creative. It's a really solid performance. So hopefully, that gives you a flavor. Revenue for Creative is a little bit more dependent on the number of weeks, but ARR is sort of -- you have these things that we do, which are cyclical, and that drives the strong growth that we saw across both Creative and Document.

因此，如果您考慮一下，我的意思是數字媒體 ARR，實際情況並非如此——而收入可能更能代表一個季度的周數，因此如果您將 14 周而不是 13 週，您可以爭辯說，第 14 週的結果可能是額外的 8 個收入點。但是 ARR 不像 ARR 那樣具有周期性，當您擁有業務的企業部分時，它可能會被大多數企業後端加載，就像企業一樣。這就是為什麼我們要查看 Q1 ARR，這是 Creative 的記錄。這是一個非常紮實的表現。所以希望，這能給你一種味道。 Creative 的收入更多地取決於週數，但 ARR 有點——你有我們做的這些事情，這些事情是周期性的，這推動了我們在 Creative 和 Document 中看到的強勁增長。

And next, we will go to Ken Wong of Guggenheim Securities.

接下來，我們將前往古根海姆證券公司的 Ken Wong。

Great. I just wanted to dive in a little bit on the Digital Experience business. Would love some color behind the confidence in the 23% DX sub growth. Is this purely just improving macro? Or are you guys seeing better deal flows, bigger deals, specific products that are contributing to this uptick? And any help there would be fantastic.

偉大的。我只是想深入了解一下數字體驗業務。會喜歡 23% DX 子增長的信心背後的一些色彩。這純粹只是改善宏觀嗎？或者你們是否看到更好的交易流、更大的交易、有助於這種上升的特定產品？那裡的任何幫助都會很棒。

Yes. I think the confidence comes from, first, the performance in Q1. As we said, we had 27% subscription revenue growth. I think the confidence comes from the conversations that we're all having with companies all across the globe from the pipeline that we have from what we know in terms of Summit. And again, as in the response to the previous question that was asked, this is not banking on any macroeconomic environment changes for the rest of the year. So it's based on what we know today and the interest.

是的。我認為信心首先來自第一季度的表現。正如我們所說，我們的訂閱收入增長了 27%。我認為信心來自於我們與全球公司的對話，這些對話來自我們在峰會方面所知道的管道。再一次，正如對上一個問題的回答一樣，這並不依賴於今年剩餘時間的任何宏觀經濟環境變化。所以它基於我們今天所知道的和興趣。

Commerce is an area that is seeing a fair amount of interest. The Real-Time Customer Data Platform, the Experience Platform is seeing a significant amount of interest. Workfront, as we said -- and John mentioned that it's not the deferred revenue. It's the performance as well that's driving the upside in that particular business. Customer Journey Analytics and being able to address this in a multichannel, that's seeing a lot of interest. I think you're going to see some new products also in terms of how we evolve our campaign product and analytics product to be more business-performance-related. And frankly, to a large extent, Ken, all of this is also predicated on how we run our business, right, and our DDOM and understanding what it takes to run an online business. We're world-class at that, and we're building products for ourselves. And so that gives us a lot of confidence that it will help every other customer out there.

商業是一個受到相當多關注的領域。實時客戶數據平台、體驗平台引起了極大的興趣。 Workfront，正如我們所說——約翰提到這不是遞延收入。正是業績推動了該特定業務的增長。客戶旅程分析並能夠在多渠道中解決這個問題，這引起了人們的極大興趣。我認為您還將看到一些新產品，這些產品還涉及我們如何發展我們的活動產品和分析產品，使其更加與業務績效相關。坦率地說，在很大程度上，Ken，所有這一切也取決於我們如何經營我們的業務，對，我們的 DDOM 以及了解經營在線業務需要什麼。我們在這方面是世界一流的，我們正在為自己製造產品。因此，這給了我們很大的信心，相信它將幫助其他所有客戶。

And next, we will go to Sterling Auty of JPMorgan.

接下來，我們將前往摩根大通的 Sterling Auty。

First, John, congratulations on a wonderful tenure as CFO of Adobe. Just one question from my side. You touched upon Adobe Sign and the 50% growth that you saw in the quarter. It seems like meaningful acceleration from what we saw a year or so ago, where I think that business is growing about 25%. I'm going to take a stab. Any sense -- can -- would you be willing to quantify and size the Adobe Sign business at this point? And then second, in terms of the accelerating growth, I think you mentioned government, but what are you particularly seeing that's driving the uptake of that e-signature business?

首先，John，祝賀您在 Adobe 的 CFO 任期內度過了一段美好的時光。我這邊只有一個問題。您談到了 Adobe Sign 以及您在本季度看到的 50% 的增長。與大約一年前的情況相比，這似乎是有意義的加速，我認為業務增長了約 25%。我要去刺一下。您是否願意在這一點上量化和調整 Adobe Sign 業務？其次，就加速增長而言，我認為您提到了政府，但您特別看到什麼推動了電子簽名業務的發展？

I think our key differentiation there, Sterling, is the fact that PDF as a format continues to be the format that people are using for automating these workflows, I think the fact that we have Adobe Reader, which is the operating environment in which all of these workflows are happening, I think we've done a better job at awareness, frankly, of what we have in that. Hopefully, some of you have seen the incredibly new creative campaigns that we're running associated with that. We're actually getting a fair amount of wins from other competitive products that people might have been using in terms of moving over to Adobe, the partnerships that we have with Microsoft and ServiceNow in terms of being embedded, whether it's in SharePoint or Outlook or partnering with ServiceNow.

Sterling，我認為我們的關鍵區別在於 PDF 作為一種格式仍然是人們用於自動化這些工作流程的格式，我認為我們擁有 Adobe Reader，這是所有這些工作流程正在發生，我認為坦率地說，我們在意識方面做得更好。希望你們中的一些人已經看到了我們正在運行的與此相關的令人難以置信的新創意活動。我們實際上從人們可能一直在使用的其他競爭產品中獲得了相當多的勝利，這些產品在遷移到 Adobe 方面，我們與 Microsoft 和 ServiceNow 在嵌入方面的合作夥伴關係，無論是在 SharePoint 或 Outlook 中還是與 ServiceNow 合作。

So I think we're executing on the product side. I think we have some key differentiation. And this is not a zero-sum game. It's such a large opportunity. And I think the work from home has also certainly benefited us and everybody else in that space. So all of those, I think, are reasons why Sign just continues to be a real growth opportunity for us. The last thing I would mention is the ability to embed our Sign stuff within other people's offerings as well, I think we've made some good progress on that one as well. So all of these give us confidence.

所以我認為我們正在產品方面執行。我認為我們有一些關鍵的區別。這不是一場零和遊戲。這是一個很大的機會。而且我認為在家工作當然也使我們和該領域的其他人受益。因此，我認為所有這些都是 Sign 繼續成為我們真正增長機會的原因。我要提到的最後一件事是能夠將我們的 Sign 內容也嵌入到其他人的產品中，我認為我們在這方面也取得了一些不錯的進展。所以所有這些都給了我們信心。

And to your question, Sterling, we don't break it out because it's hard, right? Sometimes you have an enterprise deal where you have all of them using Acrobat and Sign. And so even on the individual case, you have the ability to use a certain amount of Sign capability within Acrobat. And so I think our strength is in the combined offering.

對於你的問題，Sterling，我們不會因為這很困難而將其打破，對吧？有時，您有一個企業交易，其中所有交易都使用 Acrobat 和 Sign。因此，即使在個別情況下，您也可以在 Acrobat 中使用一定數量的 Sign 功能。所以我認為我們的優勢在於組合產品。

And next, we will go to Keith Bachman of Bank of Montreal.

接下來，我們將前往蒙特利爾銀行的 Keith Bachman。

Shantanu, I was wondering if you could give an update on the Commerce Cloud, and I'll break it into 2 parts. A, could you talk a little bit about growth rates and profiles? In other words, are you moving into larger situations with more scalable demand?

Shantanu，我想知道您是否可以提供有關 Commerce Cloud 的更新，我將其分為兩部分。 A，你能談談增長率和概況嗎？換句話說，您是否正在進入具有更多可擴展需求的更大環境？

And B, could you talk a little bit about -- you moved through acquisition into the commerce area and it fits into the DDOM model, and yet you're still partnering on the services side of the equation or the service cloud. I just wanted to see if you could juxtapose your strategies surrounding willingness to move into commerce via M&A. And any thoughts on -- is partnering still the right strategy for the services side?

B，你能談談 - 你通過收購進入商業領域，它適合 DDOM 模型，但你仍然在等式的服務方面或服務雲上進行合作。我只是想看看你是否可以將圍繞通過併購進入商業的意願的策略並列。並且有任何想法 - 合作仍然是服務方面的正確策略嗎？

Yes. At the end of the day, Keith, we are a software company. And so I think -- actually, just to give you a little bit of an update on numbers, I mean the beauty of when we acquired Magento and put it in the Commerce Cloud was, first, it was B2B and B2C. That was an attractive area for us. Second, it was physical goods and digital goods. That was an interesting opportunity for us. I think the third thing that was important for us was the fact that we had the ability to have both a large ecosystem of partners who are implementing this as well as an open-source community that was able to extend the functionality and, in effect, be extended R&D model.

是的。說到底，Keith，我們是一家軟件公司。所以我認為 - 實際上，只是為了給你一點關於數字的更新，我的意思是當我們收購 Magento 並將其放入 Commerce Cloud 時，首先，它是 B2B 和 B2C。那對我們來說是一個有吸引力的領域。二是實物商品和數字商品。這對我們來說是一個有趣的機會。我認為對我們來說重要的第三件事是，我們有能力擁有一個龐大的合作夥伴生態系統來實現這一點，以及一個能夠擴展功能的開源社區，實際上，擴展研發模式。

On the partner side, I mean I think we've gone something from 2,800 or so partners that they had to well over 4,000. So the interest in partnering with us on the Commerce Cloud is high. And our model, as we've always said, this goes back also to the earlier question that somebody had on the P&L associated with Digital Experience. Our model is software, and we're happy actually to have a large ecosystem of partners that work with it. And maybe the last thing I would say on that particular front is that we're really continuing to expand what we do on the merchant services offering, so partners like PayPal and what we can do in conjunction with them and other credit card and other partners. I think that's going to also be a good area of continued growth for us.

在合作夥伴方面，我的意思是我認為我們已經從大約 2,800 個合作夥伴中減少了一些，而他們必須超過 4,000 個。因此，與我們在 Commerce Cloud 上合作的興趣很高。正如我們一直說的那樣，我們的模型也可以追溯到之前有人對與數字體驗相關的損益表提出的問題。我們的模型是軟件，實際上我們很高興有一個龐大的合作夥伴生態系統與之合作。也許我在這方面要說的最後一件事是，我們真的在繼續擴展我們在商家服務產品上所做的事情，所以像 PayPal 這樣的合作夥伴以及我們可以與他們以及其他信用卡和其他合作夥伴一起做的事情.我認為這對我們來說也是一個持續增長的好領域。

And next, we will go to Derrick Wood of Cowen and Company.

接下來，我們將前往 Cowen and Company 的 Derrick Wood。

A question on Document Cloud and maybe the first part for John. It looks like perpetual was quite strong, and I suspect that came from strength in ETLA activity. But can you talk to how you're thinking about perpetual mix as we look through the rest of the year and whether we could see another spike in any given quarter?

關於 Document Cloud 的一個問題，也許是 John 的第一部分。看起來 perpetual 非常強大，我懷疑這來自 ETLA 活動的實力。但是，您能否談談在我們展望今年餘下的時間時您是如何考慮永久混合的，以及我們是否會在任何給定季度看到另一個峰值？

And then maybe more for Shantanu, just kind of a refresher around the strategy within Document Cloud on getting more customers to shift to subscription and how to think about those efforts over the next couple of years.

對於 Shantanu 來說可能還有更多，只是對 Document Cloud 內關於讓更多客戶轉向訂閱的戰略以及如何考慮未來幾年的這些努力的一種複習。

So maybe I'll go with the strategy. And then, John, you can certainly add to that, which was -- I mean I'm so...

所以也許我會選擇這個策略。然後，約翰，你當然可以補充一點，那就是——我的意思是我很...

Sure.

當然。

First, from a strategic point of view, if you go to adobe.com, it's primarily subscription, and so we've done a fantastic job of converting that business to subscription. When you look at it globally and you consider some other markets where a lot of it is going through the resellers, even that has predominantly become subscription. But we'd be crazy not to have people if they do want some perpetual to buy the perpetual and then convert it to subscription because we still know that. So I think to your uber point, yes, we did see some strength in perpetual. China, I think, had also a pretty strong quarter as it related to Acrobat, and that may be a little bit more perpetual.

首先，從戰略的角度來看，如果您訪問 adobe.com，它主要是訂閱，因此我們在將該業務轉換為訂閱方面做得非常出色。當您在全球範圍內看待它並考慮其他一些市場時，其中很多都是通過經銷商進行的，即使這主要是訂閱。但是，如果人們確實想要一些永續合約來購買永續合約，然後將其轉換為訂閱，我們會很瘋狂，因為我們仍然知道這一點。所以我認為就你的觀點而言，是的，我們確實看到了一些永恆的力量。我認為，中國也有一個與 Acrobat 相關的相當強勁的季度，這可能會更持久一些。

Our strategy is clearly moving into the cloud. Our strategy is clearly demonstrating the value of where people see the ongoing innovation that we're providing. But that business, unlike the other business, we just want to attract more and more customers through any one of those offerings, and that's why we've continued to have the Acrobat perpetual offer out there. But it's becoming smaller and smaller. As a part of the business, it's definitely becoming smaller and smaller. And on adobe.com, it's virtually de minimis.

我們的戰略顯然正在向雲端遷移。我們的戰略清楚地展示了人們看到我們提供的持續創新的價值。但是該業務與其他業務不同，我們只想通過其中任何一種產品來吸引越來越多的客戶，這就是我們繼續提供 Acrobat 永久產品的原因。但它變得越來越小。作為業務的一部分，它肯定會變得越來越小。而在 adobe.com 上，它幾乎是微不足道的。

And we'll go to our final question, and that will be from Keith Weiss of Morgan Stanley.

我們將回答最後一個問題，這將來自摩根士丹利的 Keith Weiss。

Excellent. And again, my congratulations to John on the retirement, well deserved, and also a really nice quarter. I wanted to ask you guys about a concern that I hear from investors and kind of get your take on it. While you guys are seeing a recovery on the SMB side of the equation, the fact of the matter is the Digital Media business did really well through all of last year. Even in the height of the pandemic in the upcoming May quarter, you guys saw really good ARR growth. It was up on a year-on-year basis, which exceeded a lot of people's expectations. But now there's a concern there's a really tough comp ahead that you guys saw work-from-home benefits or benefits that were due to sort of what's going on with the crisis that might create a difficult compare. Can you talk about whether there is like a difficult compare ahead? And is there a different sort of tone or nature of the business that you're seeing now versus what you saw last year at this time as we're in the crisis?

優秀的。再一次，我祝賀約翰退休，當之無愧，也是一個非常好的季度。我想問你們我從投資者那裡聽到的一個擔憂，並讓你們接受。雖然你們看到了等式的 SMB 方面的複蘇，但事實是數字媒體業務在去年全年都做得很好。即使在即將到來的 5 月季度疫情最嚴重的時候，你們也看到了非常好的 ARR 增長。同比增長，超出了很多人的預期。但現在有人擔心未來會有一個非常艱難的補償，你們看到了在家工作的好處或由於危機發生的某種可能造成困難比較的好處。你能談談前面是否有一個困難的比較嗎？您現在看到的業務基調或性質是否與去年此時我們處於危機中時看到的有所不同？

I think, Keith, the question that we ask ourselves is the big shifts that we've seen in terms of how people work, the need to create, the different kinds of media types that exist. Is there anything that's going to fundamentally change when the economy changes? And we don't think so because we just continue to believe that the importance of all of those areas and the tailwinds that exist in the market will continue to exist. I mean I think in terms of our numbers -- and you look at what we are doing, where we've said, it's -- we've raised the target a little bit from what we had, the $1.75 billion to the $1.8 billion. And this is 10 years into it, looking at driving record ARR. I would say that, that reflects the much larger market opportunity that we've created for ourselves.

我認為，基思，我們問自己的問題是，我們在人們的工作方式、創造的需求、存在的不同類型的媒體類型方面看到了巨大的變化。當經濟發生變化時，有什麼會發生根本性的變化嗎？我們不這麼認為，因為我們只是繼續相信所有這些領域的重要性以及市場上存在的順風將繼續存在。我的意思是我認為就我們的數字而言——你看看我們正在做什麼，我們說過，它是——我們已經將目標從我們現有的 17.5 億美元提高到了 18 億美元.這已經是 10 年了，著眼於駕駛記錄 ARR。我想說，這反映了我們為自己創造的更大的市場機會。

And so is there -- the way I actually look at it, Keith, is that it's brought more attention to what's possible with our tools. And once people experience the benefits of what they're doing with us, it's going to be hard to go back to not using those kinds of technologies, which is what gives us a lot of interest, hopefully. And you were certainly there, Keith, at the analyst meeting. That's why we try to lay out completely what we see in terms of communicators and consumers and creative pros. And I mean the business is doing really well. We had -- we're expanding the Digital Media segment revenue for the year. We're expanding revenue. And so that's all based on what we see as demand for what we have created and the tremendous amount of innovation that's ahead of us. So I think all of those give us a lot of confidence in the fundamental nature of the growth opportunities that we're focused on.

那裡也是如此——我實際看待它的方式，Keith，它讓人們更加關注我們的工具可能帶來的可能性。一旦人們體驗到他們與我們一起做的事情的好處，就很難回到不使用這些技術的狀態，希望這讓我們產生了很大的興趣。基思，你肯定在分析師會議上。這就是為什麼我們試圖完全展示我們所看到的傳播者、消費者和創意專業人士的原因。我的意思是業務做得很好。我們有 - 我們正在擴大今年的數字媒體部門收入。我們正在擴大收入。所以這一切都基於我們所看到的對我們所創造的東西的需求以及擺在我們面前的大量創新。因此，我認為所有這些都讓我們對我們關注的增長機會的基本性質充滿信心。

And since that was the last question, I mean maybe just a couple of points. I would like to, and I know a lot of you did, also publicly thank John. This was, I know for John, a very personal decision, and I'm happy that he's going to be able to focus on what's important for him, which is family and his philanthropic interest, and I'm deeply grateful.

既然這是最後一個問題，我的意思可能只是幾點。我想，我知道你們很多人都這樣做了，也公開感謝約翰。我知道，對約翰來說，這是一個非常個人化的決定，我很高興他能夠專注於對他來說很重要的事情，那就是家庭和他的慈善事業，我非常感激。

And on the overall business, it's hard to believe that a year has passed since the pandemic impacted the world, but I think what's really incredible is digital is not just a nice-to-have right now. It's absolutely mission-critical, and most companies would be thrilled to have one area of growth. We have 3 areas of growth: creativity, storytelling, design; what's happening with the future of work and remote work and the limitations of what you can do with in-person interaction, which will lead to more automation of digital documents and how every business in the planet is going to focus on engaging digitally with their customers, so massive opportunity. I think Q1 was a really strong quarter. We have a compelling strategy, outstanding innovation road map.

就整體業務而言，很難相信自大流行影響世界以來已經過去了一年，但我認為真正令人難以置信的是，數字化現在不僅僅是一種美好的事物。這絕對是關鍵任務，大多數公司都會為擁有一個增長領域而興奮不已。我們有 3 個增長領域：創意、講故事、設計；工作和遠程工作的未來正在發生什麼，以及面對面互動的局限性，這將導致數字文檔更加自動化，以及地球上的每家企業都將如何專注於與客戶進行數字化互動，如此巨大的機會。我認為第一季度是一個非常強勁的季度。我們擁有引人注目的戰略和出色的創新路線圖。

And I really have to thank all our employees who've pivoted to work from home and executed magnificently in what have been difficult circumstances and which is why the momentum led us to increase our targets for '21. And as I always say, I think the top line and bottom line performance really set us apart as investment for people.

我真的要感謝我們所有的員工，他們在家工作並在困難的情況下表現出色，這就是為什麼這種勢頭導致我們提高了 21 年的目標。正如我經常說的那樣，我認為頂線和底線的表現確實讓我們在人們的投資中脫穎而出。

But stay safe, stay healthy, and we really look forward to having you attend Summit, where we will unveil the next generation of enterprise innovation. Thank you for joining us, and I'll pass it back to Jonathan.

但請保持安全，保持健康，我們非常期待您參加峰會，我們將在峰會上揭開下一代企業創新的面紗。感謝您加入我們，我會將其轉回給 Jonathan。

Okay. Thanks, Shantanu, and this concludes the call. Thanks, everyone.

好的。謝謝，Shantanu，電話到此結束。謝謝大家。

And again, everyone, this does conclude today's call. Thank you for your participation. You may now disconnect.

再說一次，各位，這確實結束了今天的電話會議。感謝您的參與。您現在可以斷開連接。