Adobe Inc (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 2021財年第一季財報電話會議。本次電話會議正在錄音。 （操作說明）現在，我將把發言權交給投資者關係副總裁Jonathan Vaas先生。請開始。

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財年第一季的財務表現。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準備好的發言稿和財務業績報告的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, 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3月23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'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.

與會者請注意，本次電話會議的音訊將進行網路直播，並同時錄製以供回放。網路直播的存檔將在Adobe投資者關係網站上保留約45天。未經Adobe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. 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。午安.希望你們一切安好，注意安全。難以置信，疫情爆發至今已超過一年，世界從此發生了翻天覆地的變化。在這段前所未有的時期，我們從一個擁有數位科技的世界邁向了一個以數位為先的世界。數位體驗在生活的各個層面都發揮了至關重要的作用，從維繫家人和同事之間的聯繫，到催生新的學習方式，再到推動數位商務發展，以及確保關鍵業務運營的持續性。一夜之間，我們已轉型進入全球數位經濟時代。

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 的使命是透過數位體驗改變世界。在 Adob​​e，我們憑藉著持續創新、龐大且多元化的全球客戶和合作夥伴網絡，以及我們自身數位轉型過程中累積的獨特專業知識，協助數位經濟發展。我們釋放創造力、提昇文件效率並賦能數位化業務的策略至關重要，也是我們營收和利潤成長的驅動力。

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第一季業績表現出色，Creative Cloud、Document Cloud和Experience Cloud三大業務部門均取得強勁成長。第一季營收達39.1億美元，年增26%。以美國通用會計準則（GAAP）計算，每股盈餘為2.61美元，較去年同期成長33%；以非美國通用會計準則（Non-GAAP）計算，每股盈餘為3.14美元，較去年同期成長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.

在我們的數位媒體業務中，第一季Creative Cloud和Document Cloud兩大業務板塊均實現了強勁的營收成長，總營收達到28.6億美元，較去年同期成長32%。新增數位媒體年度經常性收入（ARR）為4.35億美元，第一季末數位媒體總ARR成長至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.

過去一年，我們見證了創意蘊藏的巨大力量，它能夠激勵人心、連結彼此、娛樂大眾。無論是學生上傳影片作業、社群媒體達人倡導變革，還是小企業主設計她的第一個網站，每個人都有自己的故事。 Creative Cloud 在圖像、設計、視訊、螢幕設計和插畫等核心創意領域中始終保持市場領先地位，我們正在將這一領先優勢擴展到 3D 和 AR 等新興媒體類型。手機、平板電腦和桌上型電腦上的創作和消費正在爆炸式增長。我們正在為各種螢幕和平台打造解決方案，讓各技能等級的使用者都能隨時隨地捕捉靈感，盡情創作。

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 社群已發展到 2500 萬用戶，而 Adob​​e Live 等計畫則為創作者提供了一個持續的交流平台，讓他們能夠作為一個全球社群進行互動。去年 11 月，我們將年度創意大會 Adob​​e MAX 轉型為全球線上盛會，最終實現了 1,000 萬次的直播觀看量。 Creative Cloud 已真正成為全球創意引擎，而我們未來的發展機會也無限廣闊。

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Creative Cloud業績強勁，新增年度經常性營收(ARR)達3.37億美元，營收達23.8億美元。第一季亮點包括：學生產品表現強勁，助力新一代創作者在史無前例的遠距學習環境下講述他們的故事；Teams產品勢頭良好，體現了全球對協作解決方案日益增長的需求；核心創意類別（包括圖像處理）增長顯著，其中Photoshop和Lightroom表現尤為突出；Premiere Pro需求旺盛，這款軟體在蓬勃發展的視訊類別中佔據領先地位，並連續第三年成為聖丹斯電影節的壓倒性贏家，68%的影片都使用了它；創意行動應用（包括Lightroom Mobile和Photoshop Express）也實現了顯著增長；Creative Cloud服務（例如Adobe Stock）的需求增加，有效填補了因現場攝影和視頻拍攝被迫推遲而造成的空白；所有這些都為adobe.com帶來了創紀錄的訪問量，該網站是我們世界一流的獲客和增長引擎，也是我們面向所有渠道的客戶互動中心。

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.

我們持續推出突破性的產品創新，包括 Photoshop 中的神經濾鏡和超解析度功能，這些功能利用人工智慧和機器學習的強大功能，簡化複雜的工作流程，並在幾秒鐘內增強影像。我們也透過 iPad 上的 Illustrator 和 iPhone 上的 Fresco 將應用程式擴展到多個平台，並透過 Creative Cloud 庫建立協作功能。為了實踐我們對數位公民的承諾，我們正在領導內容真實性倡議 (Content Authenticity Initiative)，目前已有超過 150 個成員，旨在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 (Coalition for Content Provenance and Authenticity)，以推動內容真實性標準的廣泛應用。

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，我們見證了數位文件在驅動各種規模的現代企業中日益重要的作用。在現今這個需要隨時隨地與任何人合作完成工作的世界裡，數位化工作流程已成為提升全球團隊生產力與效率的關鍵基石。借助 Document Cloud，我們正在加速文件生產力，重新定義人們在桌面、網頁、行動裝置以及流暢的 PDF 服務中查看、編輯、共享、掃描和簽署文件的方式。透過我們的文件服務，我們為第三方開發者提供 API，協助他們客製化數位文件體驗，從而釋放 PDF 生態系統的潛力。

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 Document Cloud 業績表現卓越，新增年度經常性營收 (ARR) 達 9,800 萬美元，營收創下 4.8 億美元的新紀錄。第一季度亮點包括：Acrobat 在所有市場管道均實現顯著增長；Acrobat Web 體驗流量大幅提升，用戶可透過一流的搜尋引擎優化在瀏覽器中輕鬆完成 PDF 操作；Acrobat 新增的強大功能可在瀏覽器中完成 PDF 的轉換、保護和合併，進一步推進了我們打造跨設備和平台無縫 PDF 體驗的戰略需求；勢頭強勁，為全球企業和政府機構的關鍵電子簽名工作流程提供支援；Acrobat Liquid Mode 提供增強的 PDF 閱讀體驗，利用 Adob​​e Sensei 自動重新格式化 PDF，實現快速便捷的閱讀；以及贏得包括亞馬遜、怡安服務、美國銀行、美國聯邦航空管理局、默克和澳大利亞國民銀行在內的重要客戶。

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.

疫情加速了各種規模企業（包括B2C和B2B企業）數位轉型的迫切需求。中小企業只好迅速搭建線上店鋪。先前尚未進行大量數位投資的企業紛紛邁出這一步，而那些已經擁有相當規模數位化佈局的企業則進一步加大投入。隨著世界逐步重啟，數位化企業將成為贏家。只有那些深入了解客戶偏好，並能夠在客戶旅程的每個階段提供個人化體驗的企業，才能生存並蓬勃發展。

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 於 10 年前開創了客戶體驗管理 (CEM) 這一領域，並持續引領這一行業。 Experience Cloud 基於新一代開放平台構建，是涵蓋內容與商務、數據洞察與受眾、客戶旅程以及最新推出的行銷工作流程的最全面解決方案。透過收購 Workfront，Adobe 擁有了打造統一行銷記錄系統的獨特機遇，能夠為飽受孤立應用困擾的行銷團隊帶來工作流程管理、效率提升和生產力增強。目前，已有超過 1000 家共同客戶受益於 Experience Cloud 和 Workfront 的整合與協同效應。

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 的營收為 9.34 億美元，訂閱營收為 8.12 億美元，年增 27%。第一季亮點包括：Adobe Experience Platform 持續保持強勁成長勢頭，該平台仍然是企業客戶大規模實現即時個人化服務的首選；市場對我們電商產品的需求不斷增長。 Adobe 數位指數預測，疫情已使線上支出永久成長 20%，2022 年將成為電子商務首個萬億美元年；Workfront 業務表現穩健，表明市場需要統一的營銷工作流程解決方案來提升全球團隊的生產力；客戶旅程分析功能得到增強，提供高級異常檢測、貢獻分析和智能警報，能夠識別隱藏的數據模式，從而更精準地了解客戶行為。

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.

Adobe 協助美國所有 50 個州的州、縣、市各級政府機構數位化現代化。政府正在重塑其線上形象，使網站和應用程式更易於瀏覽，確保內容個性化並即時更新，並創建可在任何設備上運行的直觀表單；Adobe 贏得了眾多重要客戶，包括雅培實驗室、德國郵政、可口可樂、聯邦快遞、凱撒醫療集團、億滋國際、伊利諾伊州政府和悉尼水務公司；並在魔力管理公司的魔力這已是 Adob​​e 連續第四年被評為 DXP 魔力像限的領導者，也是 Forrester 連續第六次在其專注於內容管理系統 (CMS) 的 Wave 報告中認可 Adob​​e 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 Summit，我們一年一度的數位體驗大會，將於四月底以線上形式面向全球舉辦。除了發布Experience Cloud領域令人興奮的新技術創新之外，我們還將邀請客戶以及來自業界前沿企業的傑出領導者，包括輝瑞執行長Albert Bourla和聯邦快遞總裁兼營運長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 的堅韌不拔源於我們始終如一地專注於員工、突破性創新以及我們的使命——充分發揮 Adob​​e 的優勢，為世界帶來深遠影響。在 Adob​​e，我們不僅關注我們做什麼，還關注我們如何做。我為我們持續獲得業界認可而感到自豪，包括多次榮登表彰 Adob​​e 為所有人提供卓越公平工作環境的榜單，以及入選《快公司》最具創新力公司榜單、《財富》雜誌最受尊敬公司榜單和 CDP 氣候變遷 A 級榜單。我特別感謝我們遍佈全球的 23,000 名員工，在這段前所未有的時期，他們的奉獻精神和卓越才能為我們業務的各個方面都帶來了非凡的成果。

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?

第一季是Adobe創紀錄的季度。由於我們出色的業績、業務領域的巨大機會以及對全球執行力的持續信心，我們提高了年度目標。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 Shantanu。 Adobe 第一季開局非常出色，所有業務都取得了強勁的財務業績。我們加快了營收成長，擴大了營業利潤率，並持續推動了旗下產品和服務組合的需求，這些產品和服務顯然在數位化已成為預設選項的世界中引起了企業和個人用戶的共鳴。

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.

我們充分利用數據的力量，持續運用數據驅動營運模式（DDOM）來提升 adobe.com 的流量，創造產品需求，獲取新客戶並提高用戶參與度。我們正大力投資龐大的市場機遇，並在產品中不斷推陳出新。作為 Adob​​e 大家庭的一員，Workfront 在第一季取得了令人矚目的成就。

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在第一季實現了創紀錄的39.1億美元營收，年增26%。需要注意的是，第一季為14週，而通常情況下為13週。業務及財務亮點包括：GAAP攤薄後每股收益為2.61美元，非GAAP攤薄後每股收益為3.14美元；數位媒體營收為28.6億美元；新增數位媒體年度經常性收入淨額為4 .35億美元；數位體驗營收為9.34億美元；經營活動產生的現金流量為17.7億美元；截至本季末，剩餘履約義務為116.1億美元；以及本季回購了約190萬股股票。第一季度，我們看到美國和國際市場的商業環境持續復甦，尤其是中小企業，這促成了我們本季強勁的財務表現。

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.

在我們的數位媒體業務板塊，第一季實現了 32% 的同比增長，季度末數位媒體年度經常性收入達到 106.9 億美元。

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 億美元的創意業務收入，年增 31%，新增創意業務年度經常性收入淨額為 3.37 億美元。第一季創意業務的成長主要得益於：消費者對 adobe.com 網站上創意解決方案的強勁需求；我們產品使用率、用戶留存率和用戶參與度的提升；行動業務透過應用商店訂閱和漏斗頂端品牌認知度的提升而增長；中小企業市場持續復甦（我們透過面向團隊的 Creative Cloud 產品瞄準該市場）以及對用戶的目標

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 再次實現季度營收加速成長。 Document Cloud 營收達 4.8 億美元，年增 37%，新增年度經常性收入 (ARR) 淨額達 9,800 萬美元。文件是商業的通行貨幣，數位轉型的必要性前所未有。第一季 Document Cloud 的成長主要得益於以下幾個方面：全球範圍內 Acrobat 訂閱需求的持續增長；與機構企業簽訂的長期許可協議的強勁合作；利用 DDOM 洞察提升 adobe.com 的轉化率；經銷商通路在訂閱和永久許可產品方面均取得成功，包括中小型企業用戶數量的增長；以及 Adob​​​​e Sign 的強勁增長，其在本季度增長

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.

接下來談談我們的數位體驗業務。第一季度，我們實現了 9.34 億美元的營收，年增 24%。數位體驗訂閱收入為 8.12 億美元，年增 27%。第一季的業績持續印證了我們業界領先的客戶體驗管理 (CXM) 解決方案的強大實力。各行各業、遍佈全球的大型企業都在採用 Adob​​e 來管理客戶互動、獲取可執行的洞察，並透過 Adob​​e Experience Platform 統一客戶資料。在電商業務方面，我們持續與新客戶達成大額交易，並在續約時推動追加銷售，協助各行各業實現線上交易。在數位化優先的時代，優化跨通路的客戶旅程對企業至關重要，我們看到，越來越多的大型客戶正在採用我們完整的 Experience Cloud 產品，以大規模地推動全通路個人化。

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.

我們正積極推動全球客戶體驗管理 (CXM) 策略在 B2B 和 B2C 領域的實施，服務對象涵蓋大型企業到中型企業，涉及多個垂直行業。近期的成果包括拓展我們在公共部門的業務，我們正致力於為公共部門提供關鍵的面向公眾的服務；以及在中端市場推廣我們的全新 AEM 雲端服務、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，我們在整合 Workfront 方面取得了快速進展，並正在推動將一流的工作流程技術與 Adob​​e 領先的客戶體驗管理和創意解決方案相結合的策略價值主張。在對遞延收入進行收購會計調整後，Workfront 在第一季貢獻了 3,800 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.

由於員工居家辦公，我們持續降低差旅、娛樂和設施營運成本。為了充分利用我們龐大的潛在市場，我們正在擴大全球投資和招募規模，尤其是在研發、銷售和行銷領域。

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.

從季度環比匯率角度來看，外匯業務收入成長了3,700萬美元。扣除避險的影響後，季比匯率營收成長了3,400萬美元。從年度匯率角度來看，外匯業務收入成長了6,200萬美元。扣除避險的影響後，年度匯率收入成長了4,400萬美元。

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第一季的實際稅率依GAAP準則計算為12%，以非GAAP準則計算為16%。實際稅率低於預期，主要原因是本季度一項有利的稅務裁決，該裁決允許我們減少預扣稅款並獲得部分先前付款的退稅；此外，股權激勵相關的稅收優惠也高於預期，其他所得稅事項的有利解決方案也起到了一定作用。

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.

我們的貿易應收帳款週轉天數為38天，去年同期為41天，上季為37天。截至第一季末，剩餘履約義務年增17%，達到116.1億美元。截至第一季末，遞延營收為42.9億美元，年增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.

截至第一季末，我們的現金及短期投資部位為49.6億美元，由於收購Workfront，季減。第一季經營活動產生的現金流量為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.

本季我們回購了約190萬股股票，耗資8.88億美元。我們目前還剩下2018年5月核准的80億美元股票回購授權額度中的11億美元，預計將在本財年結束前用完。 2020年12月，我們宣布董事會批准了一項額外的150億美元股票回購計劃，該計劃將持續到2024財年，資金將來自未來的現金流。

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.

第二季度，我們預計 Adob​​e 總營收約為 37.2 億美元，數位媒體部門年增約 21%，新增數位媒體年度經常性收入淨額約為 4.5 億美元，數位體驗部門營收成長約 18%，數位體驗訂閱營收成長約 20%，GAAP 稅率約 19.5%，非 GAAP 稅率訂閱收入成長約 20%，GAAP 稅率約 19.5%，非 GAAP 稅率 每股盈餘約為 164 . 2.09 美元，非 GAAP 每股盈餘約為 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 Adob​​e 第一季強勁的業務表現以及第二季目標所反映出的良好勢頭，我們提高了 2021 財年的年度目標。我們現在的目標是 Adob​​e 總營收約為 154.5 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為 18 億美元，數位體驗部門營收成長約 20%，數位體驗訂閱營收成長約 23%，GAAP 稅率約 17.5%，非 GAAP 稅率體驗訂閱收入成長約 23%，GAAP 稅率約 17.5%，非 GAAP 稅率體驗訂閱收入成長約 23%，GAAP 稅率約 17.5%，非 GAAP 稅率體驗訂閱收入 16%，每股收益約為 4.AP . 9.13 美元，非 GAAP 每股盈餘約為 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.

在數位媒體年度經常性收入 (ARR) 方面，我們預計將恢復到疫情前的正常夏季季節性水平，這可能導致第三季新增淨 ARR 環比下降，隨後在第四季度年底實現強勁增長。我們預計第二季至第三季的營業利潤率將保持相對平穩，然後在第四季度隨著差旅支出的恢復和設施的重新啟用而略有下降。

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，第一季開局良好，我們預計2021財年將再創佳績。憑藉我們在客戶獲取和互動方面的優勢、領先的技術以及優秀的人才隊伍，Adobe 有信心延續其令人矚目的營收和利潤成長動能。

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發布的新聞稿中所述，我已經表達了今年退休的意願。這對我來說是一個非常艱難的決定，因為我熱愛Adobe。您可能會問為什麼是現在。我的職業生涯非常順利，我仍然充滿熱情和精力，可以全心投入我的慈善事業中，同時也能兼顧我的家人和朋友。在疫情期間，我們應對得非常出色，第一季的業績和上調的目標都證明了公司根基穩固。因此，我認為現在是我退休的合適時機。我們經驗豐富的財務和營運團隊非常優秀，我計劃在公司啟動尋找我的繼任者工作期間，協助Shantanu順利完成過渡。

Now I'll turn it back to Shantanu.

現在我把它轉回給沙塔努。

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.

約翰在Adobe取得優異業績的過程中發揮了至關重要的作用，對此我深表感謝。約翰以及整個財務和營運團隊始終以股東價值為中心，推動了公司營收和利潤的雙重成長。除了擔任財務長的卓越成就之外，約翰還力行地實踐Adobe的價值觀，始終秉持最高的誠信和道德標準。約翰將與我共同努力，確保平穩過渡。我很高興約翰能夠將更多精力投入到家庭和慈善事業中，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、無與倫比的創新能力、廣泛的客戶和合作夥伴以及敬業的員工，為其提供了無可比擬的競爭優勢。我依然堅信，科技將繼續改變工作、學習和娛樂，為我們所有人創造更美好的未來。

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

（操作說明）我們先採訪高盛的卡什·蘭甘。

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.

恭喜你們取得了令人矚目的季度業績。 Shantanu，我的問題，雖然有點煩人，但我還是想再問一遍，是關於創意領域的潛在市場規模（TAM）。你一直強調創意領域的潛在市場規模非常龐大。我想這個觀點可以追溯到十年前。能詳細說說嗎？你今天在電話會議上提到，創意領域的潛在機會似乎無窮無盡。能詳細解釋一下嗎？為什麼會這樣呢？因為有一種觀點（我並不認同）認為，一旦經濟開放，創意從業人員就會外出享受暑假，減少創意工作。這樣一來，我們在數位轉型方面就會有所倒退。我不知道你對此有何看法，但你能談談經濟的逐步開放是否會阻礙數位轉型，以及這是否真的不會嗎？然後，再說為什麼你對創意領域的潛在市場規模的信心比五年前更強。

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.

樂意效勞，Kash，很高興你現在又回到高盛的電話會議。首先，我想說的是，說到內容和設計，毫無疑問，它們正在推動全球經濟。我們根據自身業務細分，思考我們為創意專業人士、傳播者以及消費者提供的服務——首先，我想分享一些相關數據。我們之前提到過，有4900萬創意專業人士使用我們的產品謀生，7億傳播者，以及大約40億消費者。因此，當我們考慮2023年的潛在市場規模時，無論是創意專業人士的200億美元、傳播者的150億美元還是消費者的60億美元，考慮到設計的重要性，這意味著總共有410億美元的潛在市場機會。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.

是什麼讓我們充滿信心？我認為，當我們從策略角度思考我們正在做的事情時，首先要做的事情當然是推動所有創意類別的發展。我舉個例子，Kash。我的意思是，沉浸式媒體正在蓬勃發展，從3D到2D的轉換，以及能夠進行各種虛擬拍攝並產生大量內容，這本身就是一個新興市場。我剛剛經歷了一個非常棒的季度。這延續了我們之前所說的，影片是我們成長策略之一。所以我認為，這些新媒體類型及其發展至關重要。

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.

我認為多平台系統，尤其是行動端，為我們提供了非常好的成長機會。我們認為，這既得益於它為行動和桌面提供的流量管道，也得益於它作為一個系統的一部分，讓使用者可以隨時隨地進行創作。所以，即使他們像你所說的在夏天外出，他們也能隨時隨地訪問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.

第三點，我認為是我們所做的，是關於協作、團隊以及所有與促進協作相關的工作。就服務而言，股票業務又迎來了一個非常棒的季度。我們這項業務年增了約30%。我們始終致力於確保人人都能發揮創造力，我認為未來世界將迎來一個創意表達主導教育和生產力等各個領域的時代。所有這些都讓我們對機會和執行充滿信心。

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.

如果快速回顧一下第一季度，我認為第一季是創紀錄的季度。我們持續看到與當前情勢相關的網路需求非常旺盛，年度經常性收入（ARR）也再次表現強勁。正如您所指出的，即便經濟復甦已經完成，我們依然保持著這樣的表現。因此，我們感覺，就使用者希望使用我們的工具和服務而言，我們正處於一個非常有利的位置。

Congratulations.

恭喜。

Thanks, Kash.

謝謝你，卡什。

Our next question will come from Jennifer Lowe of UBS.

下一個問題將來自瑞銀集團的珍妮佛洛。

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?

好的。我只是想了解一下關於復甦的評論。讓我印象深刻的一點是，您在本季度看到了中小企業的強勁成長。所以我想就此問兩個問題。首先，就目前而言，中小企業的成長動能是否已恢復到疫情前的水準？還是說還有進步空間？

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，就體驗雲而言，我知道即使在新冠疫情之前，你們在中小企業市場也遇到了一些執行方面的挑戰。那麼，這些挑戰是否已經充分解決？你們收購的一些面向中階市場的產品是否按照你們預期的方式運作？我的問題就這些。

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，就中小企業市場而言，正如我們之前提到的，無論是文件雲、創意雲，還是您提到的體驗雲，我們都看到了持續的成長動能。考慮到目前全球局勢，一切尚未完全恢復正常，我們仍然處於某種程度的疫情影響之下。因此，我認為市場顯然存在上升空間。每天，某些地區都會傳來好消息，而有些地區則不然。但就我們未來的業務發展而言，這無疑是個好兆頭。

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.

但如果我從宏觀角度來看待體驗雲（Experience Cloud），也就是您問題的第二部分——數位轉型，我與所有接觸過的CEO交流後發現，那些已經投資數位化的企業正在加倍投入，因為他們意識到這是進一步實現差異化競爭的途徑。而那些尚未投資的企業，顯然也在投資於人才、技術和流程，以便在這個市場中立足。無論是Anil在金融分析師會議上提到的企業級轉型項目，還是您提到的中小企業數位轉型項目（您問的是我們如何幫助他們建立數位化店面，這對於當今的商業運營至關重要），這兩個方面都存在著巨大的需求。

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.

我知道，在閱讀你們的報告和所做的調查後，我發現你們都了解到，無論是客戶還是合作夥伴，對我們的解決方案都非常感興趣。因此，我們預期市場需求將會持續成長。我們上個季度業績不錯。從我們針對數位轉型（DX）的策略來看，無論是否包含Workfront，我們預計第三季和第四季的營收都將比第二季和第三季有所成長。所以我們感到非常振奮，我認為我們在三大成長領域都處於最佳狀態。

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

下一個問題將來自伯恩斯坦研究公司的馬克‧莫德勒。

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?

恭喜您本季業績出色，新年伊始也十分順利。約翰，我們會想念您的，但我們完全理解您想要更多時間陪伴家人和投身慈善事業的願望。好好享受吧。兩個季度前，您曾提到會更專注於提升體驗雲的利潤率。能否介紹一下目前在提升體驗雲端利潤率的進展？您對體驗雲端目前的利潤率和未來的發展趨勢有何看法？

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.

好的，馬克，之後我會讓約翰談談他的決定。但我認為，如果我們審視一下與交易型廣告業務相關的所有情況，就會發現我們減少對這部分收入的投入是明智之舉。畢竟，這個領域還有其他公司。我認為我們透過體驗平台所做的一切，都是正確的做法。而且，隨著阿尼爾的加入，他從頭到尾全面審視了整個損益表和業務機會，成功地調整、簡化並改進了流程。

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，如果沒有所有業務的統籌規劃，我們不可能在今年取得如此高的利潤率。我們擁有非常有效的槓桿模式，但這還不是全部。我的意思是，數位體驗仍然是我們收入成長的領域之一。我們全年的目標是20%。第一季我們的訂閱營收佔比達到了27%。所以這確實是一個充滿成長機會的領域，隨著時間的推移，你會看到它最終轉化為利潤。約翰，或許你也該補充一下。

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。絕對的。我認為我們持續關注業務的毛利率和營業利潤率至關重要。

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.

馬克，謝謝你的祝福。我肯定也會很想念大家，但在過渡期間我會在這裡待一段時間。你可以想像，這是一個艱難的決定。你會認真考慮這些事情，但我之前說過，即使是去年疫情期間，你也會重新審視一些優先事項。所以我非常幸運能擁有如此美好的職業生涯，也感謝 Shantanu 和 Adob​​e 給我這個機會去追求我的夢想。

I appreciate it, and congrats.

我很感激，也恭喜你。

Thank you.

謝謝。

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

接下來，我們將連線傑富瑞集團的布倫特‧蒂爾。

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，幾年前在高峰會上你曾提到，客戶資料平台架構是一項革命性的架構，將為Adobe帶來一些非常有趣的機會。聽起來現在有些客戶已經開始上線了，我很想了解你對目前進展的看法，以及隨著CDP的上線，你在Experience Cloud中看到了哪些變化。

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，我們已經取得了一些——相當大的成功。我認為我們有一些非常優質的客戶，我們之前也談過，我和這些客戶都進行了交流。大家都在談論客戶360度視圖。我們是目前唯一一家擁有如此大規模即時個人化解決方案的大型公司。我們已經有數十億個用戶畫像正在使用這項技術，這些客戶都是絕對的藍籌客戶，無論是在金融服務領域，還是在其他線上領域（例如零售），以及我們在電信領域的應用。因此，我們不僅擁有這項技術，而且它也真正成為了我們客戶旅程分析的基礎。所以，如果你回顧我們討論過的內容和商務、數據洞察和受眾群體（這是一個非常關鍵的領域），我認為隨著cookie領域的發展，這些領域變得更加重要，因為這樣你就可以存取所有第一方資料和使用者畫像。

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.

所以我認為當初投資這個領域的決定是正確的。我們在市場上的成功以及我們擁有的領導地位，我認為都讓我們處於非常有利的地位，布倫特。當然，在高峰會上你會聽到更多相關的內容。我認為收購 Workfront 也為我們提供了一個獨特的機會，讓我們能夠擴展現有的解決方案，並獲得相關的工作流程和歸因分析功能。所以我感覺非常好，我對 CDP 的基礎設施也感到非常滿意。我們更加重視即時性，並利用個人化功能作為關鍵的差異化優勢，這已經為我們贏得了許多客戶。

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?

約翰，我再補充一點。關於你現在預測的20%的成長，回到珍的問題，這是否假設中小企業市場已經完全復甦？還是說你仍然認為，這個細分市場還有一些進步空間？

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，也不完全是。當然，這確實反映了持續復甦的趨勢，但這並不意味著——我們預計不會恢復到新冠疫情前的水平。我認為，正如我們在2020財年結束時所看到的，中小企業的復甦勢頭強勁，這是一個漸進且持續的復甦過程，而我們正從中受益。

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，你關注我們很久了。我們並不指望情況會發生劇烈變化。我們會關注現有需求和當前趨勢，我們並非宏觀經濟專家，所以隨著經濟復甦的推進，我們不會抱太大希望，這一點需要澄清。

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

接下來，我們將連線 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。隨著疫情逐漸消退，你們的業務表現非常出色。不過，你們的業務中是否有某些部分需要重新與客戶群面對面交流呢？我特別指的是體驗雲端業務。你們顯然在虛擬環境中做得非常出色，但我確實想知道，在體驗雲端、教育市場等領域，是否有些方面如果能夠再次與客戶面對面交流，將會更有益處。所以我想問你對此有何看法。

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...

我認為是這樣。我的意思是，全世界在居家辦公做得非常出色，大家都能盡可能完成工作。我也說過，在很多方面，無需出遊就能拜訪全球各地的客戶，這確實是一種規模化發展的有效途徑。但我同時也認為，與客戶面對面交流，與合作夥伴齊聚一堂，加速產品推廣，分享最佳實踐，以及這些社交互動，都至關重要。我不認為世界會回到所有人都回到辦公室的時代，但我相信這會加速發展。而且，隨著經濟情勢的改善，人們也更願意投資，這無疑會成為我們的另一個好因素。所以，從我們的業績來看，我們已經做得非常出色了，但我對此毫不懷疑。我的意思是，如果我們能夠出行，能夠與客戶見面，並且能夠做到這一點，那隻會帶來好處…

And then maybe just one quick one for...

然後也許就快速地…

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.

無論是我們能做什麼，還是——抱歉。無論是我們能做什麼，還是他們自己對繼續擴大投資的信心，對吧。

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?

最後，我想問約翰一個問題。約翰，關於Workfront的收入，它比你最初的預期略高。這主要是因為會計處理的因素嗎？我知道考慮到你必須完成收購（你在12月份跟我們談過），你可能對這方面持相當保守的態度。但聽起來你們的開局不錯。合併後，訂單量或收入方面是否有所提升？還是說這主要只是會計處理的因素？

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，Ken（原文如此）[Kirk]。不，Workfront 的實際業績確實非常出色。所以，撇開收購會計處理相關的調整不談，我們看到了業務的成長動能。我們之前預計 Workfront 在 2021 財年的收入可能在 1.4 億美元到 1.5 億美元之間，但考慮到其業績表現，我們認為實際收入會更高一些，因為合併後的產品組合確實受到了我們客戶群的歡迎。而這正是我們當初決定進行此次收購的商業理由。

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

接下來我們將討論下一個問題，這個問題來自 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，在12月的分析師會議上，公司對貴公司的技術和投資方向發表了一些非常有趣的看法。例如，在談到Creative時，您提到了您所謂的深度協作共享系統；在談到Doc Cloud時，您提到了將智慧技術應用於PDF，例如Liquid Mode，所有這些都是在貴公司的應用程式和智慧服務的背景下進行的。問題是，您是否預見到，隨著貴公司越來越注重特定領域，是否需要新的配置或新的產品線細分方式，例如新的SKU、新的包裝等等？

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?

約翰，過去三個季度，你們的職缺出現了非常強勁的V型反彈，從六七月份的幾乎為零，到現在已經超過1000個，並且連續四個月同比增長。你能否結合你們的入職流程，談談這和你們今年的營運支出成長計畫之間的關係？

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.

傑伊，或許我可以回答你的問題。由於目前關於 Document Cloud 的問題還不多，我會從技術角度來回答你的問題。首先，說說 Liquid Mode。我上週一直在路上，準備工作都是在行動裝置上用 Liquid Mode 完成的。我必須說，Liquid Mode 對我來說簡直是救星，它讓我能夠在旅途中查看所有文件並進行協作。所以，我強烈推薦那些還沒試過 Liquid Mode 或 Adob​​e Scan 的朋友，看看它能帶來怎樣的改變。

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%.

我們認為，當運用這種人工智慧從根本上改變文檔的性質、結構和語意時，就能為文檔細分開啟許多可能性。現在，我們透過 Reader 及其分發和追加銷售來獲取收入，因為我們了解用戶想要做什麼，並理解他們的意圖。我們也透過對 PDF 進行搜尋引擎優化來增加收入，因為我們提供了一鍵式功能，讓使用者能夠使用越來越多的 PDF 功能。我們擁有與 API 相關的全新收入變現模式，讓使用者能夠使用 PDF 並將其嵌入到他們特定的工作流程中。而且，Acrobat Sign 的業績一直都很出色——今年的季度業績再次亮眼。我想 John 可能提到過，我們的成長率達到了 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，正如你所說，人工智慧和技術，以及能夠以不同的方式讓它們可用和易於獲取，不僅能更好地服務客戶，而且顯然也為我們提供了新的盈利機會。這在以前是不存在的。因此，我認為你會在創新路線圖中繼續看到這一點，無論是在高峰會還是MAX大會上。你會看到一些非常棒的東西，它們不僅會突破我們創意專業人士的界限，還會讓傳播者和消費者更容易上手、更有效率、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。關於職缺和員工人數成長，正如我們之前提到的，去年疫情爆發初期，我們確實暫停了招聘，以便將資源集中投入到最重要的事項上。我們做到了這一點，成功應對了疫情，現在我們能夠真正抓住眼前的機會。因此，我們在第三季就宣布將逐步增加招聘，目前也已經開始實施。正如我之前所說，我們將繼續增加對研發、銷售能力以及可變行銷的投資。

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.

就營運支出影響而言，我們最初計劃在2021財年實現利潤率較2020財年有所提升。而這些更新後的目標實際上表明，利潤率的提升幅度更大，儘管這考慮到了我們分階段恢復營運（隨著我們重新開放設施並恢復旅行）的影響。因此，對我們而言，營收成長的能力以及我們營運模式的槓桿作用使我們能夠實現這一目標。所以，對我們而言，利潤率的提升完全取決於營收成長。最終，我們能夠在營收和利潤兩方面都取得優異的成績。

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

接下來，我們將採訪巴克萊資本的薩克特·卡利亞。

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，太好了。恭喜約翰光榮退休，這是你應得的。沙塔努，關於創意業務，你能否談談2021年剩餘時間裡，針對不斷增長的個人用戶群的產品線規劃？當然，只需概括一下即可。你認為Adobe在幫助他們成長，邁向更高階的Creative Cloud應用程式方面，能力如何？

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.

約翰，如果我能插一句，問個可能有幫助的問題，那就太好了。我想請你量化一下，這額外的一周給本季度的總收入和新增淨ARR分別增加了多少。

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，我可能會談到這一點，也會跟你談談我對ARR（年度經常性收入）的看法。但首先，關於我們如何擴大用戶群和獲取新用戶，我的意思是，從客戶獲取的角度來看，新增ARR主要來自新增客戶。無論是我們提供的行動端專屬應用，或是基於網頁的瀏覽器功能，亦或是協作功能，這都是我們擴展產品和服務的方式。坦白說，我們的做法是，任何使用我們入門級產品的用戶，無論是使用特定類別的應用（之後會使用整個CC套件的所有應用），還是使用面向消費者的應用（例如讓他們接觸到Photoshop的圖層或Premiere Rush的時間線），都有機會被追加銷售，並透過升級到Premiere或Photoshop來提高工作效率。

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.

所以，這始終是我們策略的重要組成部分，即如何吸引客戶使用我們的平台，以及如何確保隨著他們在創意領域的成長，我們能提供合適的切入點，無論是適時提供優惠，還是透過 Adob​​e Creative Live 等活動進行互動。我的意思是，Creative Live 已經在 Behance 社群中成為人們持續成長和學習的絕佳途徑。而且我認為，也已經形成了一個龐大的行業，專門從事 Creative 產品相關的培訓、學習和教育。所以，我們的策略是，無論客戶處於哪個階段，無論他們涉獵的領域是廣博還是專業化，都要滿足他們的需求，並確保隨著他們創意追求的拓展，我們提供的產品能夠滿足他們的需求。

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.

所以仔細想想，就數位媒體年度經常性收入（ARR）而言，實際情況並非如此——雖然收入可能更能代表一個季度內的周數，例如，如果以14週而非13週為例，可以說第14週帶來的額外收入可能達到了8個百分點。但ARR的週期性並不強，因為對於企業級業務而言，ARR通常會像其他業務一樣，在季度末集中體現出來。這就是為什麼我們關注第一季的ARR，創意業務的ARR創下了歷史新高，表現非常穩健。希望這能讓您有所了解。創意業務的收入更依賴週數，而ARR則不然——我們所做的一些事情具有周期性，正是這些週期性因素推動了我們在創意和文件業務方面看到的強勁增長。

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

接下來，我們將連線古根漢證券的 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.

太好了。我只是想稍微了解一下數位體驗業務。我很想了解23%的數位體驗用戶成長背後的原因。這僅僅是宏觀經濟環境改善的結果嗎？還是說你們也看到了更順暢的交易流程、更大的交易規模，或是某些特定產品推動了這個成長？如果能得到一些幫助，那就太好了。

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的業績。正如我們所說，我們的訂閱收入成長了27%。信心也來自我們與全球各地公司進行的對話，以及我們目前在峰會方面掌握的資訊和潛在客戶資源。再次強調，正如我在回答上一個問題時所說，這並非基於對今年剩餘時間宏觀經濟環境變化的預期。所以，這完全是基於我們目前掌握的資訊和市場需求。

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.

商務領域目前備受關注。即時客戶數據平台和體驗平台尤其引人注目。正如我們之前提到的，Workfront 的成長動力並非來自遞延收入，而是來自其績效表現。客戶旅程分析以及在多通路中解決此問題的能力也備受關注。我認為，我們將推出一些新產品，例如，我們將改善行銷活動產品和分析產品，使其更貼近業務績效。坦白說，肯，這一切在很大程度上也取決於我們如何經營自身業務，以及我們對經營線上業務所需要素的理解。我們在這方面擁有世界級的經驗，並且我們正在為自己打造產品。因此，我們非常有信心，這些產品也將惠及其他客戶。

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

接下來，我們將採訪摩根大通的斯特林·奧蒂。

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，約翰，恭喜你擔任Adobe財務長期間所取得的輝煌成就。我只有一個問題。你提到了Adobe Sign，以及本季50%的成長。這似乎比一年前的情況有了顯著的提升，當時該業務的成長率約為25%。我試著問一下，能否量化一下Adobe Sign目前的業務規模？其次，關於加速成長，我想你提到了政府部門，那麼你認為推動電子簽名業務普及的具體因素是什麼？

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.

史特林，我認為我們的關鍵優勢在於，PDF格式仍然是人們用於自動化這些工作流程的首選格式。我們擁有Adobe Reader，而Adobe Reader正是所有這些工作流程運作的作業系統環境。坦白說，我認為我們在提升用戶對我們產品認知度方面做得更好。希望你們中的一些人已經看到了我們為此開展的極具創意的新行銷活動。事實上，我們已經成功吸引了許多原本使用其他競爭產品的用戶轉向Adobe平台，這得益於我們與微軟和ServiceNow的合作，無論是將我們的產品嵌入SharePoint、Outlook，還是與ServiceNow的合作，都取得了顯著成效。

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.

所以我覺得我們在產品方面執行得很好。我認為我們有一些關鍵的差異化優勢。而且這並非零和博弈，而是一個巨大的機會。我認為居家辦公也確實讓我們以及該領域的其他公司受益匪淺。因此，我認為所有這些因素都使得 Sign 能夠持續為我們帶來真正的成長機會。最後一點我想提到的是，我們能夠將 Sign 的產品嵌入其他公司的產品中，我認為我們在這方面也取得了不錯的進展。所有這些都讓我們充滿信心。

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.

至於你的問題，史特林，我們不單獨列出是因為太複雜，對吧？有時候，企業客戶會同時使用 Acrobat 和 Sign。即使是個人用戶，也可以在 Acrobat 中使用一定程度的 Sign 功能。所以我認為我們的優勢在於組合式解決方案。

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

接下來，我們將連線到蒙特婁銀行的基斯·巴赫曼。

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，我想請你介紹一下Commerce Cloud的最新進展，我會分成兩個部分來問。第一，可以談談成長率和使用者畫像嗎？換句話說，你們是否正在拓展規模更大、需求更具可擴展性的業務？

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?

還有，您能否談談貴公司透過收購進入電商領域，並使其符合分散式營運模式（DDOM）的想法？然而，在服務端或服務雲端方面，貴公司仍採取合作模式。我想了解一下，貴公司在透過併購進軍電商領域的策略是什麼？另外，您認為合作模式在服務端是否仍是合適的策略？

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，基思，我們是一家軟體公司。所以我覺得——實際上，我只是想簡單介紹一下數據，我們收購Magento並將其整合到Commerce Cloud中的優勢在於：首先，它同時涵蓋B2B和B2C業務。這對我們來說是一個極具吸引力的領域。其次，它涵蓋實體商品和數位商品。這對我們來說是一個難得的機會。我認為第三點對我們很重要，那就是我們能夠擁有龐大的合作夥伴生態系統來實施這項業務，以及一個能夠擴展功能並實際擴展研發模式的開源社群。

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，我們的合作夥伴數量已從之前的2800家左右增加到超過4000家。由此可見，各界對與我們合作開發商務雲端平台展現濃厚的興趣。正如我們一直強調的，這與先前有人提出的關於數位體驗損益表的問題也有關聯。我們的模式是軟體模式，我們很高興擁有一個龐大的合作夥伴生態系統來支持我們的業務。關於這一點，我最後想說的是，我們正在持續拓展商家服務業務，例如與PayPal等合作夥伴的合作，以及其他信用卡和支付合作夥伴的合作。我認為這將是我們未來持續成長的重要領域。

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

接下來，我們將採訪考恩公司的德里克伍德。

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，我有個問題，也許第一部分應該問 John。看起來永續合約表現相當強勁，我懷疑這主要得益於 ETLA 業務的活躍。但您能否談談您如何看待今年剩餘時間裡永續合約的組合，以及我們是否會在某個季度看到另一個高峰？

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.

然後，或許對 Shantanu 來說，可以回顧 Document Cloud 內部的策略，即如何讓更多客戶轉向訂閱模式，以及在未來幾年內如何考慮這些努力。

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

所以也許我會採取這個策略。然後，約翰，你當然可以補充一些內容，我的意思是，我真是…

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，從策略角度來看，如果你造訪 adobe.com，你會發現它主要以訂閱模式為主，我們在將業務轉型為訂閱模式方面做得非常出色。放眼全球，你會發現一些其他市場，即使許多產品是透過經銷商銷售的，這些市場基本上也變成​​了訂閱模式。但是，如果用戶確實想要永久使用權，我們當然會讓他們購買永久使用權，然後再將其轉換為訂閱模式，因為我們仍然了解這種需求。所以，我認為你剛才提到的問題，是的，我們確實看到了永久使用權的成長勢頭。我認為，中國市場在 Acrobat 方面也表現出色，這可能更體現在永久使用權上。

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.

我們的策略顯然是向雲端遷移。我們的策略清楚地展現了我們持續創新所帶來的價值。但與另一項業務不同，我們只想透過這些產品和服務吸引更多客戶，所以我們才繼續提供 Acrobat 永久授權服務。但它的市佔率正在不斷縮小。作為業務的一部分，它的份額確實在不斷減少。在 adobe.com 網站上，它的佔比幾乎可以忽略不計。

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

接下來是我們的最後一個問題，這個問題來自摩根士丹利的基斯‧韋斯。

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?

太好了。再次恭喜約翰光榮退休，實至名歸，而且這個季度業績也相當不錯。我想問各位，我常聽到投資人表達一個擔憂，想聽聽你們的看法。雖然你們看到中小企業業務正在復甦，但事實上，數位媒體業務去年全年表現都非常出色。即使在即將到來的五月季度疫情最嚴重的時候，你們的年度經常性收入（ARR）也實現了非常可觀的成長。年比成長，超出了許多人的預期。但現在有人擔心，由於居家辦公或其他疫情相關因素的影響，今年的業績可能面臨嚴峻的比較。能否談談今年的業績是否真的面臨嚴峻的比較？與去年同期相比，在疫情危機的影響下，你們現在看到的業務基調或性質是否有所改變？

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.

基思，我認為，我們一直在思考的問題是，人們的工作方式、創作需求以及各種媒體類型都發生了巨大的轉變。當經濟情勢改變時，這些面向是否會發生根本性的改變？我們認為不會，因為我們始終堅信，所有這些領域的重要性以及市場現有的利多因素都將繼續存在。我的意思是，就我們的業績而言——看看我們正在做的事情，我們已經將目標從之前的17.5億美元略微提高到18億美元。而且，這已經是公司成立10年來，我們致力於創造年度經常性收入（ARR）的新紀錄。我認為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.

所以，基思，我的看法是，這讓人們更關注我們工具的潛力。一旦人們體驗到使用我們工具的好處，就很難再回到不用這類技術的狀態，這正是我們希望吸引更多人注意的原因。基思，你肯定也參加了分析師會議。這就是為什麼我們要全面闡述我們對傳播者、消費者和創意專業人士的看法。我的意思是，公司業務發展勢頭良好。我們今年的數位媒體業務收入有所成長。收入持續增長。這一切都基於我們對現有產品需求的預期，以及未來巨大的創新潛力。我認為，所有這些都讓我們對所關注的成長機會的根本性充滿信心。

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，那我就再補充幾點。我想公開感謝約翰，我知道你們很多人已經這麼做了。我知道這對約翰來說是一個非常私人的決定，我很高興他能夠專注於對他來說重要的事情，那就是家庭和慈善事業，我對此深表感激。

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，很難相信疫情影響世界已經過去一年了，但我認為真正令人難以置信的是，數位化現在不再是可有可無的，而是至關重要的。大多數公司都渴望在一個領域實現成長，而我們有三個成長點：創意、故事敘述和設計；未來的工作模式和遠端辦公模式正在發生變化，而面對面交流的限制也日益凸顯，這將推動數位文件的自動化，並促使全球所有企業更加重視與客戶進行數位互動，這蘊藏著巨大的機會。我認為第一季業績非常強勁。我們擁有引人注目的策略和卓越的創新路線圖。

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.

我真的要感謝所有在家工作的員工，他們在如此艱難的情況下表現出色，正因如此，我們才得以保持強勁勢頭，提高2021年的目標。正如我常說的，我認為營收和利潤的雙重成長真正使我們脫穎而出，成為人們理想的投資選擇。

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.

但請注意安全，保持健康，我們非常期待您參加高峰會，屆時我們將發布下一代企業創新技術。感謝您的參與，現在我把麥克風交給喬納森。

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

好的。謝謝沙塔努，通話到此結束。謝謝大家。

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

各位，今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。