Adobe Inc (ADBE) 2020 Q4 法說會逐字稿

Good morning, and thank you for joining us. Welcome to Adobe's Q4 Earnings and 2020 Financial Analyst Meeting. I'm Jonathan Vaas, VP of Investor Relations for Adobe.

早安，感謝各位參加。歡迎參加Adobe第四季財報發表會暨2020年財務分析師會議。我是Adobe投資人關係副總裁喬納森‧瓦斯。

You should have a copy of the press release we filed this morning as well as our Investor Relations data sheet.

您應該已經收到我們今天早上發布的新聞稿以及我們的投資者關係數據表。

We've got a great program plan for you today, which is, in many ways, similar to what we've done in the past, and in a few ways, different. This year marks my tenth analyst meeting at Adobe. The first was the year we had just launched Creative Cloud, and it's amazing to reflect on how that business has grown since then.

今天我們為大家準備了一個很棒的規劃方案，它在許多方面與我們過去的做法類似，但也有一些不同之處。今年是我在Adobe參加的第十次分析師會議。第一次會議是在我們剛推出Creative Cloud的那一年，回想自那時以來這項業務的發展，真是令人驚嘆。

For my first 9 analyst meetings, I was one of the many employees helping behind the scenes. And this year, I have the privilege of introducing the executive speakers as the Head of Adobe's Investor Relations program, a role I assumed earlier this year just after we had made the shift to working remotely. I've really enjoyed all of the conversations with investors and analysts about Adobe's business this year, and I look forward to meeting many of you in person at some point.

在我參加的前九次分析師會議上，我只是眾多幕後工作人員中的一員。而今年，我有幸以Adobe投資人關係專案負責人的身份，介紹各位高階主管演講嘉賓。我於今年年初，在我們剛開始遠距辦公後，接任了這個職位。我非常享受今年與投資者和分析師們就Adobe業務進行的每一次交流，也期待在某個時候與大家見面。

That leads to the other way today's program is a little bit different than what we've done in the past. This is our first virtual analyst meeting. I for one will really miss the opportunity to meet many of you and chat after the event, but we've also been learning this year about the power of communicating digitally and seeing that we are able to meet to reach a broader audience with a webcast, than we might with an in-person event. Due to the format, we streamlined the planned presentation today, but a long-form slide deck has been posted to Adobe's IR site that has all of the detailed information you're used to seeing.

這也引出了另一個今天活動與以往略有不同的面向。這是我們首次舉辦線上分析師會議。我個人非常懷念與各位見面並在會後交流的機會，但我們今年也深刻體會到數位化溝通的力量，並意識到透過網路直播，我們可以比線下活動觸及更廣泛的受眾。由於形式上的限制，我們簡化了今天的簡報內容，但完整的幻燈片已發佈在Adobe的投資者關係網站上，其中包含了您以往熟悉的全部詳細資訊。

Let's take a look at the agenda.

讓我們來看看議程。

Shantanu will kick things off today by talking a bit about the quarter and fiscal year we just completed, and then moving over to Adobe's vision and strategy for the future. Abhay will then talk about the company's vision from a technology lens. Scott will highlight our Creative Cloud strategy, Anil will go over our Experience Cloud strategy and Gloria will talk about our strategy related to our people as well as other Adobe stakeholders. Finally, John will provide a detailed financial summary and share Adobe's growth strategy, and then we'll go to live Q&A.

今天，Shantanu 將首先簡要回顧我們剛結束的季度和財年，然後闡述 Adob​​e 的未來願景和策略。接下來，Abhay 將從技術角度探討公司的願景。 Scott 將重點介紹我們的 Creative Cloud 策略，Anil 將介紹我們的 Experience Cloud 策略，Gloria 將闡述我們與員工以及其他 Adob​​e 利害關係人相關的策略。最後，John 將提供詳細的財務總結並分享 Adob​​e 的成長策略，之後我們將進入現場問答環節。

Before we get started, as a reminder, some of the information we'll be providing today includes forward-looking statements that are subject to risk and uncertainty. Actual results may differ from these statements, and we encourage you to review the risk factors in our SEC filings for more information. Additionally, we'll be providing both GAAP and non-GAAP financial information. Reconciliations between the 2 can be found on Adobe's Investor Relations website.

在正式開始之前，我們提醒您，今天提供的部分資訊包含前瞻性陳述，這些陳述存在風險和不確定性。實際結果可能與這些陳述有所不同，我們建議您查閱我們提交給美國證券交易委員會（SEC）的文件，以了解更多資訊。此外，我們將同時提供GAAP和非GAAP財務資訊。您可以在Adobe投資者關係網站上找到兩者之間的調節表。

I will now pass it over to Adobe's President and CEO, Shantanu Narayen.

現在我將把發言權交給 Adob​​e 的總裁兼執行長 Shantanu Narayen。

Thank you, Jonathan. I'd also like to add my welcome. Thank you for joining our annual financial analyst meeting.

謝謝你，喬納森。我也想代表我表示歡迎。感謝各位參加我們的年度財務分析師會議。

Today's format is a little different than what we are used to. But to make the most of this year's medium, we'll use the time today to cover strategy, business momentum as well as our financial performance. We posted the complete deck, similar to what we've done in prior years, but rather than speak to every slide, we'll have the management team share their highlights in their areas. And we've always saved some time for Q&A at the end of our presentations.

今天的會議形式與往年略有不同。為了充分利用今年的會議平台，我們將利用今天的時間介紹公司策略、業務發展動能以及財務表現。我們像往年一樣發布了完整的演示文稿，但這次不會逐頁講解，而是由管理團隊成員分享各自領域的重點內容。此外，我們一直以來都會在演講結束後預留一些時間進行問答環節。

First and most importantly, I hope you are all staying safe and healthy. It's really tragic to see the recent spate of casualties, but the progress in vaccines gives us all hope that the worst will soon be behind us. And clearly, none of us could have predicted how everything would change overnight, and the world as we know it, would change so dramatically. Digital has even more become the primary way for people to connect, work, learn and be entertained. This new reality has only increased the importance and relevance of our solutions and accelerated the tailwinds that benefit our business. This, combined with our business fundamentals, unparalleled innovation and world-class execution continues to drive our growth.

首先，也是最重要的，我希望大家都能平安健康。看到最近接連不斷的傷亡，實在令人痛心，但疫苗研發的進展讓我們都看到了希望，相信最糟糕的時期很快就會過去。顯然，我們誰也無法預料到一切會在一夜之間發生如此巨大的變化，我們所熟知的世界也會發生如此翻天覆地的改變。數位化已經成為人們聯繫、工作、學習和娛樂的主要方式。這種新的現實更加凸顯了我們解決方案的重要性和實用性，並加速了有利於我們業務發展的利多因素。再加上我們穩固的業務基礎、無與倫比的創新能力和世界級的執行力，這些因素將繼續推動我們的成長。

2020 was another momentous year for Adobe. And like all companies, our primary focus has been to protect the health and safety of our employees and continue to serve our customers. We took swift and decisive action to direct our employees to work from home, suspend travel and cancel in-person events. And we focused on helping our customers make their own transition to digital overnight. For example, we provisioned 30 million students with Creative Cloud so that they could create from home. We implemented the government rapid response program to assist local governments. With our Honor Heroes campaign, we galvanized our community to create artwork, honoring the true heroes: essential workers. And we set the bar high for digital events with Adobe Summit as well as Adobe MAX. In fact, Adobe MAX garnered 21 million views. We continue to harness the trillions of transactions powered by the Adobe Experience Cloud to provide a unique real-time perspective on the economy with the Adobe Digital Economy Index. And we pioneered new areas such as the content authenticity initiative, which provides attribution functionality that creators can attach to their work to create more transparency around how content has been posted and edited.

2020 年對 Adob​​e 而言又是意義非凡的一年。與所有公司一樣，我們的首要任務是保障員工的健康和安全，並繼續為客戶提供服務。我們迅速果斷採取行動，指導員工居家辦公，暫停差旅，並取消線下活動。同時，我們也致力於協助客戶快速實現數位轉型。例如，我們為 3000 萬名學生提供了 Creative Cloud，以便他們能夠在家中進行創作。我們實施了政府快速回應計劃，為地方政府提供支援。透過「致敬英雄」活動，我們號召社區成員創作藝術作品，向真正的英雄－第一線工作者致敬。此外，我們還透過 Adob​​e Summit 和 Adob​​e MAX 為線上活動樹立了新的標竿。事實上，Adobe MAX 的觀看量達到了 2,100 萬次。我們持續利用 Adob​​e Experience Cloud 支援的數兆筆交易，透過 Adob​​e 數位經濟指數提供獨特的即時經濟視角。我們還開創了內容真實性計劃等新領域，該計劃提供歸屬功能，創作者可以將其附加到自己的作品中，從而提高內容發布和編輯方式的透明度。

Our leadership extends, to not only what we do but how we do it. And we're proud of the continued industry recognition that we receive. We continue to be a top riser on the Interbrand Global Best Brands of The Year for the fifth year in a row. We're consistently named one of the best places to work by both Fortune and Glassdoor. And in an area that's becoming increasingly important to you as investors, we're a leader, whether it's in the Dow Jones Sustainability Index or the Bloomberg Equality Index.

我們的領導地位不僅體現在我們做什麼，更體現在我們做事的方式。我們為持續獲得業界認可而感到自豪。我們已連續五年榮膺Interbrand全球年度最佳品牌排行榜前列。我們始終被《財星》雜誌和Glassdoor評為最佳工作場所之一。在對各位投資人而言日益重要的領域，無論是在道瓊永續發展指數或彭博平等指數中，我們都處於領先地位。

But as a product company at our core, it is our innovation engine that I'm most proud of as we continue to fire on all cylinders. With Creative Cloud, we continue to remain the clear leader in a category that's exploding. We delivered significant product innovation that extended our applications to multiple surfaces. We added greater collaboration capabilities to all of our leading applications. And we continue to break ground in new categories while improving engagement as well as customer satisfaction.

但作為一家以產品為核心的公司，我最引以為傲的是我們強大的創新引擎，我們始終保持著高速運轉。憑藉 Creative Cloud，我們繼續在這個蓬勃發展的領域保持著絕對領先地位。我們推出了意義重大的產品創新，將我們的應用程式擴展到了多個平台。我們為所有主流應用程式增強了協作功能。同時，我們也不斷開拓新的領域，並持續提升用戶參與度和客戶滿意度。

The Document Cloud continues to have huge demand in this digital environment, with PDF and Adobe Sign all being mission-critical across many businesses.

在當前的數位化環境中，文件雲仍然擁有巨大的需求，PDF 和 Adob​​e Sign 對於許多企業來說都是至關重要的。

We delivered more capabilities of words, as we refer to it, across desktop, web, mobile and through our frictionless PDF services. And with Experience Cloud, we continue to build out the world's most comprehensive customer experience management portfolio. And the new capabilities in the Adobe Experience platform have now been expanded to include real-time customer profiles. We delivered new services, intelligent services to further the use of artificial intelligence and machine learning in organizations. We delivered new solutions like customer journey analytics, which unifies cross-channel data. And I'm excited that we recently closed the acquisition of Workfront, which is a leading work management solution for marketers.

我們透過桌面、網頁、行動裝置以及我們流暢的 PDF 服務，增強了我們所謂的「文字功能」。透過 Experience Cloud，我們持續建構全球最全面的客戶體驗管理產品組合。 Adobe Experience 平台的新功能現已擴展至即時客戶畫像。我們推出了全新的智慧服務，以進一步推動人工智慧和機器學習在企業中的應用。我們推出了客戶旅程分析等全新解決方案，可統一跨通路資料。此外，我很高興地宣布，我們近期完成了對 Workfront 的收購，Workfront 是領先的行銷人員工作管理解決方案提供者。

On the financial side, after crossing the $10 billion mark in 2019, we haven't missed a beat. And as you can see from our targets, we expect to exceed the $15 billion mark in 2021. And we're incredibly pleased to drive both top and bottom line growth while generating cash and continuing to return to shareholders. In fact, in 2020, we achieved $12.87 billion in revenue, which represents 15% year-over-year growth. In Q4, we surpassed $10 billion in digital media ARR, which is a significant milestone for us as a company. With the strong financial discipline that you've all been accustomed to, we continue to generate impressive cash flows from operations and generated over $5 billion in fiscal '20. And we continue to focus on earnings per share, with the earnings per share on a non-GAAP basis of $10.10, which represents 28% year-over-year growth.

在財務方面，自2019年營收突破100億美元大關以來，我們一直保持著強勁的成長動能。正如您從我們的目標中所見，我們預計2021年營收將超過150億美元。我們非常高興能夠在實現營收和利潤雙增長的同時，持續創造現金流並向股東返還收益。事實上，2020年我們的營收達到128.7億美元，年增15%。第四季度，我們的數位媒體年度經常性收入（ARR）突破100億美元，這對我們公司而言是一個重要的里程碑。秉持著大家一直以來所熟悉的穩健財務管理，我們持續創造可觀的營運現金流，並在2020財年實現了超過50億美元的現金流。我們持續專注於提升每股盈餘，以非GAAP準則計算，每股盈餘為10.10美元，較去年同期成長28%。

I truly believe that these financial accomplishments set us apart from all other software companies, and the best is yet to come.

我堅信，這些財務成就使我們從所有其他軟體公司中脫穎而出，而最好的還在後頭。

Adobe's mission is to change the world through digital experiences, and it has never been more relevant as people seek new ways to communicate, learn and conduct businesses virtually. The benefits of our innovation help billions across the globe and the impact is experienced across every aspect of society. It motivates our employees to focus on having more impact and to invent the future.

Adobe 的使命是透過數位體驗改變世界，隨著人們尋求新的溝通、學習和虛擬辦公方式，這項使命顯得格外重要。我們的創新惠及全球數十億人，其影響力滲透到社會的各個層面。這激勵著我們的員工致力於創造更大的影響力，並引領未來。

When you think about the macro trends that we all experience, every industry is experiencing a tectonic shift towards all things digital. And I believe that the events of this year have only accelerated that. The genie is not going to go back into the bottle. And even regulated industries that have traditionally been slower to embrace digital have certainly picked up the pace this year. We have industries like health care that are transforming, whether it's through personalized medicine, telehealth and new ways, frankly, to engage patients.

當我們審視我們共同經歷的宏觀趨勢時，會發現各行各業都在經歷著向數位轉型的巨大變化。而且我認為，今年的種種事件只會加速這一進程。變革的浪潮已無法阻擋。即使是那些傳統上對數位化接受度較低的監管行業，今年也明顯加快了步伐。例如，醫療保健產業正在經歷轉型，無論是透過個人化醫療、遠距醫療，還是坦白說，透過與患者互動的新方式。

On the creative side, it continues to be the golden age of design and creativity, and design continues to be a key competitive advantage because everyone at their heart is a creator. They want to express themselves across new devices with new modalities. And creativity is so essential to how we connect, how we cope and how we learn.

在創意領域，設計和創意仍然處於黃金時代，設計仍然是關鍵的競爭優勢，因為每個人內心深處都是創造者。他們渴望透過新設備和新方式表達自我。而創造力對於我們如何連結、如何應對挑戰以及如何學習都至關重要。

Education has also been reimagined. Because digital is central to how students learn today, whether it's through remote education as well as by unlocking new forms of creative storytelling. And digital is also breaking long standard -- long-standing barriers to access to education, which is something great because it's making it more accessible.

教育也已被重新構想。因為數位化是當今學生學習的核心，無論是透過遠距教育，還是透過解鎖新的創意敘事形式。數位化也在打破長期以來阻礙教育的壁壘，這是一件好事，因為它讓教育變得更加普及。

The way we work will never be the same again. And it's great to see how the PC has experienced a tremendous revival as the computing workhorse. Documents are at the center of how work gets done. Paper to digital transformation is only accelerating, and every business process is going digital because every business is now a digital business. Digital has become the primary way for all businesses to engage with their customers. And it's true that customer expectations are also at an all-time high because e-commerce is exploding. In fact, an annual holiday report that's powered by Adobe Analytics predicts that online holiday spending will reach $189 billion, which represents 33% year-over-year growth. And underpinning all of this is a massive shift towards artificial intelligence and machine learning, which will only further these forces at play.

我們的工作方式將徹底改變。令人欣喜的是，個人電腦作為計算主力軍，已經實現了巨大的復興。文檔是工作的核心。從紙本文件到數位化的轉型正在加速，所有業務流程都在走向數位化，因為如今所有企業都已成為數位化企業。數位化已成為所有企業與客戶互動的主要方式。的確，由於電子商務的蓬勃發展，客戶的期望值也達到了前所未有的高度。事實上，Adobe Analytics 發布的年度假期報告預測，線上假期消費將達到 1,890 億美元，較去年同期成長 33%。而這一切的背後，是人工智慧和機器學習的蓬勃發展，這將進一步推動這些趨勢的發展。

At Adobe, our strategy is at the nexus of this digital revolution. And through technology, we believe we are transforming work, learn and play. We're relentlessly focused on looking around the corner, how do we drive towards the next big market opportunity to solve customer pain points and anticipate their needs. We've pioneered and we're leading 3 massive growing categories: creativity, digital documents and customer experience management. And we're relentless about expanding the customer segments we serve, adding more addressable market opportunity because we want to empower everyone, from the student to the small business owner, to the largest enterprise in the world. And I believe we win by creating path-breaking technology platforms that will lead the industry for decades. And today, work across the entire computing paradigm, from the largest clouds to the smallest devices, and are built with a service-oriented architecture that also enables us to have new monetization models.

在 Adob​​e，我們的策略處於這場數位革命的核心。我們相信，透過技術，我們正在改變工作、學習和娛樂的方式。我們始終著眼於未來，思考如何抓住下一個龐大的市場機遇，解決客戶的痛點，並預測他們的需求。我們開創並引領著三大高速成長的領域：創意、數位文件和客戶體驗管理。我們不斷拓展服務的客戶群，增加潛在的市場機會，因為我們希望賦能所有人，從學生到小企業主，再到全球最大的企業。我相信，我們將透過打造引領產業數十年的突破性技術平台而贏得成功。如今，我們的產品能夠跨越整個運算範式，從大型雲端平台到小型設備，並採用以服務為導向的架構構建，這也使我們能夠擁有全新的獲利模式。

In fact, our 3 industry-leading cloud offerings are more mission-critical than ever before across every geography and audience. With Creative Cloud, we're unleashing creativity for all, giving anyone anywhere, the tools to express their creativity. With Document Cloud, we're accelerating document productivity, modernizing how people view, share and engage with digital documents. And with Experience Cloud, we're powering digital businesses of all sizes, giving them everything that they need to design and deliver great customer experiences. And underpinning our 3 clouds is the magic and power of Adobe Sensei, a significant differentiator for Adobe and an enabler to more rapid innovation.

事實上，我們三大業界領先的雲端產品在各個地區和使用者群體中都比以往任何時候都更加至關重要。透過 Creative Cloud，我們釋放所有人的創造力，讓世界各地的人們都能使用各種工具來表達他們的創意。借助 Document Cloud，我們加速文件處理效率，革新人們查看、分享和使用數位文件的方式。透過 Experience Cloud，我們為各種規模的數位化企業提供強大支持，幫助他們設計和交付卓越的客戶體驗。而支撐我們三大雲產品的，正是 Adob​​e Sensei 的強大功能和卓越性能，它是 Adob​​e 的一項重要差異化優勢，也是加速創新的推動力。

As it relates to the creative business, everywhere we look, whether it's entertainment, education or the enterprise, content is fueling the digital economy. And that's driving an explosion of creators, tools and assets that all represent tailwinds for our business. The reality is that creativity is for everyone, from the students submitting their next school assignment to the creative professional making an ad, everybody has a story to tell. And when you look at the categories, whether it's web content or mobile application, creation, imaging, video, animation, screen design, augmented reality, AR, 3D, they're all surging in this era of digital storytelling.

就創意產業而言，無論我們放眼娛樂、教育或企業，內容都在推動數位經濟的發展。這催生了創作者、工具和資源的爆炸性增長，所有這些都為我們的業務帶來了強勁的推動力。事實上，創意屬於每個人，從提交作業的學生到製作廣告的創意專業人士，每個人都有故事要講。縱觀各個類別，無論是網頁內容還是行動應用，無論是創作、圖像、影片、動畫、螢幕設計、擴增實境（AR）還是3D，在這個數位敘事時代，它們都在蓬勃發展。

Creativity is essential because more than ever before, this year has shown us the power of creativity in enabling people to express themselves, to connect and to cope. We believe that creativity is 1 of the fundamental skills in the 21st century. And as machines get faster and smarter, skills that are uniquely human like creativity will become increasingly more essential.

創造力至關重要，因為今年比以往任何時候都更深刻地展現了創造力在幫助人們表達自我、建立聯繫和應對挑戰方面的強大力量。我們相信，創造力是21世紀最基本的技能之一。隨著機器變得越來越快、越來越智能，像創造力這樣人類獨有的技能將變得愈發重要。

Creativity is also now multiplayer, because whatever your skill level, today's creative process is becoming more intuitive and collaborative. And all creative professionals must manage these multiple work streams across increasingly remote and dispersed teams requiring seamless cloud-based-enabled collaboration and workflows that drive this productivity. Social communities like Behance that we have and live tutorials are also providing new ways to learn and to be inspired.

如今，創意也變成了多人協作，因為無論技能水平如何，當今的創意過程都變得更加直觀和協作。所有創意專業人士都必須管理這些跨多個工作流程，團隊成員日益分散，這需要無縫的雲端協作和工作流程來提升效率。像Behance這樣的社交社群以及線上教學也為學習和激發靈感提供了新的途徑。

For us, Adobe Creative Cloud's vision is to be the one-stop shop, from inspiration to monetization. You'll hear from Scott later, but let me expand a little bit on our strategy. First, we want to advance every creative category, and we're a category leader in core creative categories, including photography, design, video, illustration and layout. And we're expanding our leadership in new and emerging categories, including screen design and immersive media like 3D, VR and AR. And what the strategy has enabled us to do is to acquire new creators through single app offerings and then demonstrate the benefits of the entire Creative Cloud offering over time.

對我們而言，Adobe Creative Cloud 的願景是成為從靈感迸發到最終獲利的一站式平台。稍後 Scott 會詳細介紹，但我想先簡單闡述我們的策略。首先，我們希望推動所有創意領域的發展，而我們在核心創意領域，包括攝影、設計、影片、插畫和版面設計，都處於領先地位。同時，我們也不斷拓展在新興領域的領先地位，例如螢幕設計以及 3D、VR 和 AR 等沉浸式媒體。這項策略使我們能夠透過單一應用程式吸引新的創作者，然後隨著時間的推移，逐步展現整個 Creative Cloud 產品組合的優勢。

We're focused on building multi-surface systems, building solutions for every surface and system because we want to enable anybody to create wherever and whenever inspiration strikes. We truly believe that these devices are not just consumption devices anymore, but every device should also be a creation device.

我們專注於打造多表面系統，為各種表面和系統提供解決方案，因為我們希望讓每個人都能隨時隨地捕捉靈感，並進行創作。我們堅信，這些設備不再只是消費性設備，每台設備都該成為創作工具。

We're focused on adding collaboration services because we can ensure that content can be seamlessly managed in the cloud and accessed from any device. And what this enables us to do on the business side is to increase engagement, but also to acquire new stakeholders and expand our customer base with these new monetization opportunities.

我們專注於增加協作服務，因為這可以確保內容在雲端無縫管理，並可從任何裝置存取。這不僅能幫助我們提升用戶參與度，還能透過這些新的獲利機會吸引新的利害關係人並擴大客戶群。

We want to engage and inspire the community and our vibrant communities, which are a critical driver of both acquisition and engagement are succeeding. In fact, we've grown to over 25 million members on Behance, which represents a huge opportunity for further upsell into the broader Creative Cloud ecosystem. And programs like Adobe Live enable us to provide forums for creatives and to promote active

我們希望與社群互動並激發他們的靈感，而我們充滿活力的社群正是推動用戶成長和用戶參與的關鍵因素。事實上，我們在 Behance 上的會員人數已超過 2500 萬，這為我們進一步向更廣泛的 Creative Cloud 生態系統追加銷售提供了巨大的機會。而像 Adob​​e Live 這樣的專案則使我們能夠為創意人士提供交流平台，並促進他們的積極參與。

use and learning. We've always maintained that retention is the new growth, and that is more relevant than ever before as we've crossed $10 billion in digital media annualized recurring revenue from our current subscribers.

使用和學習。我們始終認為用戶留存是新的成長點，而隨著我們現有訂閱用戶帶來的數位媒體年度經常性收入突破100億美元，這一點比以往任何時候都更加重要。

At the end of the day, we're focused on democratizing creativity, enabling anyone from a student to a social media influencer, from a professional photographer, filmmaker and designer to express their creativity. And we've delivered on new applications like Photoshop and Illustrator on tablets, consumer apps like Photoshop camera and easy-to-use storytelling apps like Premiere Rush and Spark, which are all attracting new users and expanding our base. But in addition to this tremendous product innovation, we have a data-driven operating model, which is enabling our ability to capture this expansive opportunity because we have a tremendously sophisticated understanding of our customer, and we're able to serve up personalized experiences and offers at every part of this digital funnel and journey. And what this enables us to do is unlock engagement as well as provides us with new upsell opportunities.

歸根究底，我們致力於讓創意民主化，讓從學生到社群媒體達人，從專業攝影師、電影製作人到設計師，每個人都能盡情揮灑創意。我們推出了平板電腦版 Photoshop 和 Illustrator 等全新應用，以及 Photoshop Camera 等面向消費者的應用，還有 Premiere Rush 和 Spark 等易於使用的故事創作應用，這些都吸引了新用戶，不斷擴大我們的用戶群。除了這些卓越的產品創新之外，我們還擁有數據驅動的營運模式，這使我們能夠掌握這一廣闊的市場機會。因為我們對客戶有著極為深刻的理解，能夠在數位行銷漏斗和用戶旅程的每個環節提供個人化的體驗和優惠。這不僅能夠提升用戶參與度，也能為我們帶來新的追加銷售機會。

And when you put this all together, mapping the products and services that we are targeting across these expansive segments and adjusting for factors like non-genuine usage, the Creative Cloud total addressable market is projected to be approximately $41 billion in 2023. $20 billion of that addressable market is coming from Creative Pros, which includes Creative Cloud apps and new services like Adobe Stock. $21 billion of the addressable market opportunity is coming from the broader communicator and consumer segments, which includes products like Spark and Premiere Rush as well as the non pro users of Creative Cloud as well as Stock. And our aspiration to unleash creativity will continue to be this North Star that we will execute against for many years to come.

綜合所有因素，包括我們針對這些廣泛細分市場的目標產品和服務，並考慮到非專業用途等因素，我們預計到 2023 年，Creative Cloud 的潛在市場規模將達到約 410 億美元。其中 200 億美元來自創意專業人士，包括 Creative Cloud 應用和 Adob​​e Stock 等新服務。剩餘的 210 億美元來自更廣泛的傳播者和消費者群體，包括 Spark 和 Premiere Rush 等產品，以及 Creative Cloud 和 Stock 的非專業用戶。我們「釋放創造力」的願景將繼續指引我們，成為未來多年努力奮鬥的指路明燈。

Among the key growth drivers that I'd like to highlight for this business include the ability to acquire new customers through category single applications for screen design, video and 3D, using mobile increasingly as a funnel through the creation of mobile IDs through mobile monetization services as well as upsell to the multi-surface systems and new services such as Adobe Stock, as well as continued global acquisition and expansion.

我想重點介紹該業務的關鍵成長驅動因素，包括透過螢幕設計、視訊和 3D 等單一類別應用程式獲取新客戶的能力，透過行動貨幣化服務創建行動 ID，並向多表面系統和 Adob​​e Stock 等新服務追加銷售，越來越多地將行動裝置作為銷售管道，以及持續的全球收購和擴張。

Turning to our second growth opportunity. It's clear and obvious that digital documents are now mission-critical empowering the modern business. And we have seen this massive acceleration as businesses all shifted to remote work overnight. The truth is that artificial intelligence and machine learning, the cloud and mobile are all redefining the notion of productivity. It's reshaping how we work, it's enabling greater flexibility, and it's requiring more collaboration across global dispersed teams. And artificial intelligence is only amplifying this productivity. We're seeing a massive adoption of paper to digital processes and workflows. And the paper-based tasks of the past are all now being moved digital.

接下來談談我們的第二個成長機會。顯而易見，數位化文件如今已成為現代企業營運的關鍵要素。隨著企業一夜之間全面轉向遠距辦公，我們見證了這一趨勢的快速發展。事實上，人工智慧、機器學習、雲端運算和行動技術都在重新定義生產力的概念。它們正在重塑我們的工作方式，賦予我們更大的靈活性，並要求全球分散的團隊之間進行更緊密的協作。而人工智慧更是進一步提升了這種生產力。我們看到，紙本流程和工作流程正大規模地數位化。過去那些以紙本為基礎的任務如今也全部實現了數位化。

And the other aspect that's happening are the cloud ecosystems are driving a new business opportunity, what we call the API economy, which is revolutionizing how apps and services are both being built as well as being monetized. What drives this is the fact that PDF continues to be the lingua franca for how things happen on the Internet. We have over 2 billion mobile and desktop devices that have Reader or Acrobat installed. In fact, we have 300 billion PDFs that are opened in Document Cloud applications over the last 12 months. And so strategically, as we think about the opportunity, the first is to expand what we call our Sensei-powered Acrobat Works, and it's to enable all document actions, editing, sharing, scanning and signing. It's to unlock the value that exists in trillions of PDFs that have been created by deciphering these unstructured PDFs and making them truly responsive on mobile devices.

另一方面，雲端生態系統正在催生一種新的商業機遇，我們稱之為API經濟，它正在徹底改變應用程式和服務的建構方式以及獲利模式。推動這項變革的根本原因在於，PDF仍然是網路上資訊交流的通用語言。目前，超過20億台行動和桌面設備安裝了Reader或Acrobat。事實上，在過去的12個月裡，我們在Document Cloud應用程式中開啟了3000億個PDF檔案。因此，從戰略角度來看，我們首先要考慮的是擴展我們稱為「Sensei賦能的Acrobat Works」的功能，使其能夠執行所有文件操作，包括編輯、共享、掃描和簽名。這旨在透過解析數兆個非結構化PDF文件，並使其在行動裝置上真正實現響應式設計，從而釋放這些PDF文件所蘊含的價值。

In fact, one of the innovations we're particularly proud of is called Liquid Mode in the Acrobat Reader, which both deciphers and automatically reformats text, images and tables for quick navigation and consumption, and is powered by Adobe Sensei. We think mobile fuels this new business opportunity because PDF usage has absolutely exploded across mobile devices. Making this Acrobat experience more frictionless across mobile and web is truly leveraging the ubiquitous PDF format that we have, and we're expanding both the free and paid mobile customer base. We're also increasingly capturing the PDF demand with Acrobat Web, because what we are doing is converting the massive demand for PDF web, such as create and edit, through search through our frictionless services.

事實上，我們引以為傲的創新之一是 Acrobat Reader 中的 Liquid Mode（液態模式），它能夠識別並自動重新格式化文字、圖像和表格，從而實現快速瀏覽和閱讀，並由 Adob​​e Sensei 提供支援。我們認為行動端推動了這項新的商業機遇，因為 PDF 在行動裝置上的使用量呈現爆炸性成長。在行動端和網頁端打造更流暢的 Acrobat 使用體驗，真正充分利用了我們擁有的無所不在的 PDF 格式，我們也不斷擴大免費和付費行動用戶群。此外，我們正透過 Acrobat Web 持續滿足使用者對 PDF 的需求，因為我們正在透過我們流暢的服務，將使用者對 PDF Web（例如建立和編輯）的巨大需求轉化為實際的搜尋體驗。

With every business going digital, the third aspect of the strategy is to enable the paper to digital transformation through services that we have like Acrobat and Adobe Sign, but also to leverage what we deliver through the Adobe Experience platform and the Adobe Experience Manager as well as Adobe Experience Manager Forms. And we want to unleash an entirely new PDF ecosystem with Document Services, which provides APIs to third-party developers, and they will then find new and exciting ways to use PDF, and we will be able to monetize those services.

隨著各行各業向數位轉型，該策略的第三個方面是透過我們現有的服務（例如 Acrobat 和 Adob​​e Sign）實現紙本文件向數位化的轉變，同時充分利用我們透過 Adob​​e Experience 平台、Adobe Experience Manager 以及 Adob​​e Experience Manager Forms 提供的功能。我們希望透過 Document Services 打造一個全新的 PDF 生態系統，為第三方開發者提供 API，讓他們能夠探索 PDF 的全新應用方式，而我們也將能夠透過這些服務來獲利。

So let me expand on just a few of these opportunities. There are about 50 million searches for PDF actions every month. And what we want to enable is through a single click, best-in-class web experience, deliver quick access to actions that the customer wants and allow them to deliver and discover a more comprehensive set of Acrobat offerings. This is similar to what we've done with the successful Reader upsell motion, which is to drive engagement around PDF, to enable people to complete their tasks, and then upsell people from the free product to Acrobat subscriptions.

讓我進一步闡述其中的幾個機會。每月約有 5000 萬次關於 PDF 操作的搜尋。我們希望透過一鍵式操作和一流的網頁體驗，讓客戶能夠快速存取所需的操作，並幫助他們發現和使用更全面的 Acrobat 產品。這與我們先前成功的 Reader 追加銷售策略類似，即透過提升用戶對 PDF 的參與度，幫助他們完成任務，然後引導他們從免費產品升級到 Acrobat 訂閱。

The other aspect of our document cloud strategy is to deliver a unified Document Cloud platform. This includes Acrobat, AM forms and Adobe Sign, which are central to the way work is getting done today. And we have a tremendous go-to-market advantage because of the sophistication of our data-driven operating model that gives us a really incredible understanding of our customers; how to reach them, how to serve them effectively, and we have the ability to truly optimize everything on the funnel from acquisition all the way through retention. We're continuing to expand the sign scale and reach into fast-growing new verticals with significant go-to-market partnerships, including with Microsoft, Workday, ServiceNow and Notarize. And we will continue to invest in the brand equity associated with PDF as the lingua franca of the Internet.

我們文檔雲端策略的另一方面是提供統一的文檔雲端平台。該平台包含 Acrobat、AM Forms 和 Adob​​e Sign，它們是當今運作方式的核心。我們擁有巨大的市場優勢，這得益於我們數據驅動型營運模式的完善性，該模式使我們能夠深入了解客戶：如何觸達他們，如何有效地為他們服務，以及我們能夠真正優化從客戶獲取到留存的整個銷售漏斗。我們正透過與微軟、Workday、ServiceNow 和 Notarize 等重要合作夥伴建立市場合作夥伴關係，不斷擴大簽名業務的規模和覆蓋範圍，進軍快速成長的新興垂直領域。我們將繼續投資於 PDF 作為互聯網通用語言的品牌價值。

We're incredibly excited about the second growth pillar: the Document Cloud strategy and the broader addressable market that it represents, and we expect the addressable market to grow to $21 billion in 2023. We're benefiting from the move to subscriptions. We're benefiting from visitor acquisition. We're benefiting from mobile. And the PDF mobile opportunity itself represents approximately $11 billion of this addressable market. And on the Document Services platform, we're driving growth with electronic signatures and new embedded services, which we believe represents $10 billion in addressable opportunity.

我們對第二個成長支柱——文檔雲策略及其所代表的更廣闊的潛在市場——感到無比振奮，並預計到2023年，該潛在市場規模將增長至210億美元。我們正受益於訂閱模式的轉變、訪客獲取的成長以及行動端的普及。光是PDF行動端市場本身就蘊藏約110億美元的潛在市場。此外，在文件服務平台上，我們正​​透過電子簽名和新型嵌入式服務推動成長，我們相信這部分蘊藏著100億美元的潛在市場。

Our third growth initiative is all about customer experience management, and we continue to believe that it represents a massive opportunity with the acceleration that we all see and digital transformation. Because the reality is that today, every business is a digital business. And the imperative for digital customer engagement has never been greater, because every business has to understand their customers and deliver personalized experiences. Because all of us as consumers, we buy experiences, not just products.

我們的第三項成長計畫聚焦於客戶體驗管理，我們始終堅信，隨著數位轉型加速推進，這其中蘊藏著巨大的機會。因為如今，所有企業都已成為數位化企業。數位化客戶互動的重要性也前所未有，因為每個企業都必須了解客戶，並提供個人化的體驗。畢竟，身為消費者，我們購買的不僅是產品，更是體驗。

The reality today is that customers are expecting this engaged, personalized digital experience, and we want these interactions to feel easy and efficient. They need to be well-designed, they need to be context-aware and they need to be seamless across channels and secure, and delivered at the exact microsecond at which we expect it.

如今，客戶期望獲得互動性強、個人化的數位體驗，而我們希望這些互動輕鬆有效率。它們需要精心設計，需要具備情境感知能力，需要跨渠道無縫銜接，安全可靠，並且必須在我們預期的微秒級精準響應。

And delivering a next-generation platform to deliver and drive this experience is easier said than done, because it requires businesses to completely merge content, data and artificial intelligence to deliver this compelling, relevant, personalized experience in real time. And the truth is that companies must design for this brilliance, but wire for intelligence.

打造一個能夠提供並驅動這種體驗的下一代平台，說起來容易做起來難，因為它要求企業將內容、數據和人工智慧完全融合，才能即時提供引人入勝、切合實際且個人化的體驗。事實上，企業必須為這種卓越設計，並為智慧化建構基礎設施。

Adobe created the digital marketing category, and we're now the leader in a much broader opportunity: the customer experience management category. Our strategy is to deliver a comprehensive set of applications and services, grouped in solution areas such as content and commerce, customer journey management, customer data and insights. And now with the closing of our Workfront acquisition, work management; and Anil Chakravarthy will spend a little bit more time talking about our strategy.

Adobe 開創了數位行銷領域，如今我們已成為一個更為廣闊的機會領域的領導者：客戶體驗管理領域。我們的策略是提供一套全面的應用程式和服務，並將其歸類到內容與商務、客戶旅程管理、客戶資料與洞察等解決方案領域。現在，隨著我們對 Workfront 的收購完成，工作管理領域也得到了進一步拓展；Anil Chakravarthy 將花更多時間詳細闡述我們的策略。

The second aspect is to deliver this next-generation technology platform, Adobe Experience platform, which provides the underlying infrastructure to make CXM a reality and is years ahead of anything that any competitor has provided. Because it truly brings together hundreds of data points to create this unified customer profile that companies can activate to deliver the personalized experience at scale.

第二個面向是交付下一代科技平台—Adobe Experience平台。該平台提供實現客戶體驗管理（CXM）的基礎架構，領先任何競爭對手的產品數年。因為它真正整合了數百個數據點，創建統一的客戶畫像，企業可以利用該畫像大規模地提供個人化體驗。

Our vision is also to deliver an industry-leading marketing system of record. With the Workfront acquisition now being closed, we have the leading work management product for marketers. And while unlike most companies, most of our growth is organic. We do use inorganic opportunities strategically. And we have an incredibly successful track record of acquiring, growing and scaling these companies. We have a long-standing set of partners in an ecosystem with work front with over 1,000 joint customers. And Workfront is already equipped with APIs for not just Experience Cloud, but also creative cloud, which represents opportunities to further leverage and deliver synergies across our businesses.

我們的願景是打造業界領先的行銷記錄系統。隨著對 Workfront 的收購完成，我們擁有了領先的行銷人員工作管理產品。雖然與大多數公司不同，我們的大部分成長來自內生成長，但我們也會策略性地利用外延成長機會。我們在收購、發展和擴展這些公司方面擁有極其成功的業績記錄。我們與 Workfront 建立了一個擁有超過 1000 家共同客戶的生態系統，並擁有長期穩定的合作夥伴。此外，Workfront 不僅配備了 Experience Cloud 的 API，還配備了 Creative Cloud 的 API，這為我們進一步利用和實現業務協同效應提供了機會。

One of the key assets that we have is the ability to deliver a scale go-to-market, cutting across the entire C-suite, given the affinity that both customer CIOs and CMOs have for Adobe because all businesses are now working to rearchitect their systems around the customer, which requires this strong partnership between the Chief Marketing Officer and the Chief Information Officer. And this enables us to scale our go-to-market across the entire C-suite, which is driving higher value contracts as well as services. And we continue to have an exclusive partner ecosystem that believes in our vision and is delivering unique expertise to our joint customers.

我們擁有的關鍵優勢之一是能夠大規模地向整個高階主管推廣產品，這得益於客戶的資訊長 (CIO) 和首席行銷長 (CMO) 對 Adob​​e 的認可。如今，所有企業都在努力圍繞客戶重新建構系統架構，這需要首席行銷長和資訊長之間建立牢固的合作關係。這使我們能夠將市場推廣規模擴展到整個高階主管層，從而推動更高價值的合約和服務。此外，我們還擁有一個獨特的合作夥伴生態系統，他們認同我們的願景，並為我們的共同客戶提供獨特的專業知識。

Our total addressable market, when we think about it for the Adobe Experience Cloud, is estimated to be approximately $85 billion in 2023. And that's comprised of customer data and insights, which continues to be a huge opportunity, because intelligence is increasingly the lifeblood of every organization. So this represents an approximately $26 billion addressable opportunity. The explosion of content and commerce, where we're the absolute leader, is driving a $44 billion opportunity.

就 Adob​​e Experience Cloud 而言，我們預計到 2023 年的潛在市場規模約為 850 億美元。這其中包含客戶數據和洞察，而這仍然是一個巨大的機遇，因為智慧正日益成為每個組織的命脈。因此，這代表著約 260 億美元的潛在市場機會。內容和商務的爆炸式增長（我們在該領域處於絕對領先地位）正在推動 440 億美元的潛在市場機會。

And customer journey management, which includes products like campaign and e-mail marketing, as well as B2B marketing and demand generation, which includes account-based marketing and lead management, is expected to be a $15 billion opportunity. As we've said before, these are large and growing categories, which are top of mind for every business.

客戶旅程管理（包括行銷活動和電子郵件行銷等產品）、B2B行銷和需求產生（包括基於客戶的行銷和線索管理）預計將帶來150億美元的市場機會。正如我們之前所說，這些都是規模龐大且不斷成長的領域，也是所有企業最重視的領域。

To summarize, we believe that we have the right strategy that's being applied to an exceptional opportunity that is approximately $147 billion in 2023. We have a proven capability to both create and continuously lead these categories. We're thinking bigger about our businesses and the customers that we serve, from consumers and students to communicators and the creative professionals and the entire C-suite. We have leading products, services and platforms to unleash creativity, accelerate document productivity and to power digital businesses. Our secret sauce is the over 20,000 talented employees that we have that are all rallied around our mission and the impact that they can have. We have a revered brand all across the globe. We have world-class financial discipline that's driving both top and bottom line growth with an impressive margin. This is truly an expansive opportunity and we're well positioned to capture it.

總而言之，我們相信我們擁有正確的策略，並正將其應用於一個絕佳的機會——預計到2023年，該市場規模將達到約1,470億美元。我們擁有創造並持續引領這些領域的卓越能力。我們對自身業務和所服務的客戶群有著更宏大的構想，涵蓋消費者、學生、傳播者、創意專業人士以及所有高階主管。我們擁有領先的產品、服務和平台，能夠激發創造力、提昇文件效率並賦能數位化業務。我們成功的秘訣在於我們擁有超過2萬名才華橫溢的員工，他們都團結一致，致力於實現我們的使命，並充分認識到自身能夠產生的影響。我們擁有享譽全球的品牌。我們擁有世界一流的財務紀律，這推動了營收和利潤的雙雙成長，並實現了令人矚目的利潤率。這的確是一個充滿無限可能的廣闊機遇，而我們已做好充分準備，把握這一機遇。

I certainly believe that Adobe's best days are ahead of us. We expect to cross $15 billion in revenue next year. We have a huge addressable market, industry-leading applications, services and platform, and an unparalleled innovation engine. Let me just quickly touch on some growth drivers that we believe will continue to propel this momentum.

我堅信Adobe的輝煌未來尚未到來。我們預計明年營收將突破150億美元。我們擁有龐大的潛在市場、領先業界的應用程式、服務和平台，以及無與倫比的創新引擎。接下來，我將簡要介紹一些我們認為將繼續推動這一成長動能的驅動因素。

On the Creative Cloud, in addition to our leading applications across every category, mobile as a funnel as well as a product monetization opportunity, is huge. Services such as Stock are becoming meaningful parts of the ARR growth. New categories like video, web services as well as 3D&I.

在 Creative Cloud 上，除了我們各個類別中的領先應用之外，行動端作為銷售管道和產品變現機會也十分巨大。諸如 Stock 之類的服務正成為 ARR 成長的重要組成部分。此外，視訊、網路服務以及 3D 和整合等新類別也正在蓬勃發展。

On the Document Cloud side, the continued adoption of web-based PDF services, mobile-based PDF services and Acrobat subscriptions; the ability to deliver Adobe Sign to target both the small and medium business as well as the larger enterprise through both seat expansion as well as through document workflows; and on the Experience Cloud, continuing to deliver this next-generation technology platform, delivering Sensei intelligence services, the ability to leverage a partner ecosystem, and to cross and upsell in both mid-market and commercial as well as to drive new logo growth and to continue to make sure that we deliver value, drive customer success and maintain retention.

在文件雲端方面，我們將繼續推廣基於網路的 PDF 服務、基於行動裝置的 PDF 服務和 Acrobat 訂閱；透過擴展席位和文件工作流程，向中小企業和大型企業提供 Adob​​e Sign 服務；在體驗雲方面，我們將繼續提供下一代技術平台，提供 Sensei 智慧服務，利用合作夥伴生態系統，在中端和商業領域保持成功和未來服務，並確保我們保持客戶和客戶市場成功

And now what I'd like to do is to have Abhay Parasnis, both our CTO as well as somebody who has recently taken on responsibility as Chief Product Officer for Document Cloud, to talk about our technology vision. Abhay?

現在我想請我們的技術長兼最近接任文件雲端首席產品長的 Abhay Parasaki 來談談我們的技術願景。 Abhay？

Thanks, Shantanu. Good morning, everyone. It's great to talk to all of you again.

謝謝，沙塔努。大家早安。很高興能再次和大家聊天。

Shantanu talked about the broader opportunity and strategic imperatives for Adobe. I would like to take the next few minutes to talk about our technology vision and share my excitement for the road ahead.

Shantanu談到了Adobe面臨的更廣泛機會和戰略要務。接下來，我想花幾分鐘時間談談我們的技術願景，並分享我對未來發展的期望。

Being a product company at our core, we have always taken a long-term view of building deep technology platforms that are highly defensible and drive industry breakthroughs. With everything going on this year, I'm especially proud of the sheer breadth and depth of innovations our teams have delivered. Illustrator on iPad and Neural Filters in Photoshop, Liquid Mode and Acrobat web in Document Cloud, and AM cloud and real-time CDP in Experience Cloud are just a few examples of innovations we have delivered. And this incredible pace of innovation is only exceeded by the massive scale at which we operate today. With trillions of activations served from Experience Cloud to hundreds of millions of mobile app downloads and more than 2 billion devices running Reader and Acrobat software today, we truly have unmatched scale from cloud to the edge.

作為一家以產品為核心的公司，我們始終著眼長遠，致力於建立高度安全可靠、能夠推動產業突破的深度技術平台。今年以來，我們團隊在創新領域取得了令人矚目的成就，我為此感到無比自豪。 iPad 版 Illustrator 和 Photoshop 中的神經濾鏡、Document Cloud 中的 Liquid Mode 和 Acrobat Web、以及 Experience Cloud 中的 AM Cloud 和即時 CDP，這些都只是我們眾多創新成果中的幾個例子。而我們如今的營運規模更是令人嘆為觀止，遠超乎我們驚人的創新速度。 Experience Cloud 已累積處理數萬億次激活，行動應用下載量達數億次，目前有超過 20 億台設備運行著 Reader 和 Acrobat 軟體，我們真正實現了從雲端到邊緣的無與倫比的規模。

Now a key aspect of our technology strategy is to develop a consistent architectural viewpoint across all of our products. We think of this unified architecture at 3 levels: multi-surface experiences for our apps, a rich portfolio of services and APIs and our Sensei AI stack built on shared content and data platforms. Everything we do across our 3 clouds is guided by this unified technology vision and gives us a significant strategic advantage.

如今，我們技術策略的關鍵在於為所有產品建立一致的架構視角。我們從三個層面來思考這個統一架構：應用程式的多介面體驗、豐富的服務和 API 組合，以及基於共享內容和資料平台建構的 Sensei AI 技術堆疊。我們在三大雲平台上的所有工作都遵循這個統一的技術願景，這為我們帶來了顯著的策略優勢。

Increasingly, we are thinking beyond discrete app silos to delivering new modalities and fluid multi-surface experiences across desktop, mobile and web. For example, in Creative Cloud, we are adding modern web and collaboration technologies to core imaging and video workflows in applications like Photoshop and Premiere, evolving them into complete creative systems. Similarly, in Document Cloud, we are taking the best-in-class PDF run times on PCs and bringing them to both web and mobile platforms for a consistent multi-surface PDF experience. And in Experience Cloud, we are uniquely focused on a new kind of customer experience, one that's real-time and hyper-personalized across every single touch point.

我們正日益突破應用孤島的限制，致力於在桌面、行動裝置和網頁端提供全新的流暢多平台體驗。例如，在 Creative Cloud 中，我們將現代網路和協作技術融入 Photoshop 和 Premiere 等應用程式的核心圖像和視訊工作流程，使其成為完整的創意系統。同樣，在 Document Cloud 中，我們將 PC 端一流的 PDF 運行速度擴展到網頁和行動平台，打造一致的多平台 PDF 體驗。而在 Experience Cloud 中，我們專注於一種全新的客戶體驗，即在每個觸點上實現即時且高度個人化的體驗。

At the services tier, we are not only building an increasingly rich portfolio of services, but we are focused on 3 crosscutting themes:

在服務層面，我們不僅在建立日益豐富的服務組合，而且還專注於以下三個貫穿始終的主題：

First, we are embedding collaboration deeply at the core of all our applications, converting our best-in-class single-user apps like Photoshop or Acrobat to multiuser collaborative solutions. And because we uniquely understand our file types and workflows, we can enable a much richer contextual collaboration for users as opposed to a generic file sharing or communication platform.

首先，我們將協作功能深度融入所有應用程式的核心，將我們一流的單一使用者應用程式（例如 Photoshop 或 Acrobat）轉變為多用戶協作解決方案。而且，由於我們對文件類型和工作流程有著獨到的理解，因此我們能夠為使用者提供比通用文件共享或通訊平台更豐富的上下文協作體驗。

Second, using the shared content and data platforms, we are enabling unique cross cloud use cases, going from creators to knowledge workers, to marketers. This is something that only Adobe can deliver.

其次，利用共享的內容和數據平台，我們正在實現獨特的跨雲端應用場景，涵蓋從內容創作者到知識工作者再到行銷人員的廣泛用戶群。這是只有 Adob​​e 才能提供的。

Lastly, we are increasingly focused on the API economy opportunity by exposing our services via open APIs to developers and ISVs in the ecosystem. You will see us aggressively focus on this new vector.

最後，我們正日益關注API經濟帶來的機遇，透過開放API向生態系統中的開發者和獨立軟體開發商（ISV）提供服務。您將會看到我們積極投身於這個新領域。

Last but not the least, I've talked to all of you about Adobe Sensei, our generational bet on AI. Sensei is already having a profound impact, with our teams delivering hundreds of Sensei-powered features across our 3 clouds. We started Sensei with AI features delivered within existing apps. But by leveraging our unique understanding of our users' workflows and usage patterns, we have built a specialized Sensei platform, one that's focused on creativity, documents and customer experience domains.

最後，我向大家介紹了 Adob​​e Sensei，這是我們對人工智慧的重大投入。 Sensei 已經產生了深遠的影響，我們的團隊已經在三大雲端平台上交付了數百項基於 Sensei 的功能。最初，我們只是在現有應用程式中整合了 Sensei 的人工智慧功能。但透過深入了解使用者的工作流程和使用模式，我們建立了一個專注於創意、文件和客戶體驗領域的專用 Sensei 平台。

With this platform in place, we are now positioned to push the limits with completely new kinds of AI-first apps. Liquid Mode in Document Cloud is one great example of this. This was a multiyear journey and required us to solve some unique and hard problems. Using the latest techniques in AI, machine learning and computer vision, we trained Sensei to deeply understand the trillions of PDFs that exist in the world. And then using that intelligence, we are able to generate structure out of unstructured PDFs that are across the board. Initially, we are using this to create a delightful experience on mobile devices, but the possibilities ahead are truly exciting, with document intelligence breakthroughs in areas like semantic understanding or document summarization. And like Liquid Mode in Doc Cloud, we are also working on unique Sensei services for creative intelligence and experience intelligence. Sensei is a key R&D priority with long-term strategic advantage, one that's letting us build truly differentiated capabilities and delight customers with Sensei-powered Adobe Magic.

有了這個平台，我們現在能夠突破極限，開發出全新的AI優先應用程式。 Document Cloud中的Liquid Mode就是一個很好的例子。這歷經數年，需要我們解決一些獨特而棘手的難題。我們運用人工智慧、機器學習和電腦視覺領域的最新技術，訓練Sensei深入理解世界上數兆份PDF檔案。然後，利用這種智能，我們能夠從各種類型的非結構化PDF中產生結構。最初，我們利用這項技術在行動裝置上打造卓越的使用者體驗，但未來的發展前景令人振奮，例如在語義理解或文件摘要等領域實現文件智慧的突破。與Doc Cloud中的Liquid Mode類似，我們也正在開發獨特的Sensei服務，用於創意智慧和體驗智慧。 Sensei是我們重要的研發重點，具有長期的策略優勢，它使我們能夠建立真正差異化的能力，並透過Sensei驅動的Adobe Magic為客戶帶來驚喜。

As our customers rely on Adobe for ever more mission-critical needs, we are laser-focused on engineering excellence and getting the basics right every single day. We are one of the first SaaS companies that has built a multi-cloud foundation, enabling us to deliver across various public, private and hybrid cloud environments. And doing so with high levels of operational excellence as well as cost efficacy. Also, with Adobe's Common Controls Framework, we are able to meet enterprise expectations for security, compliance and privacy requirements as well as global regulatory landscape.

隨著客戶對 Adob​​e 的關鍵任務需求日益增長，我們始終專注於卓越的工程技術，確保日常工作的基礎工作萬無一失。我們是首批建構多雲基礎架構的 SaaS 公司之一，這使我們能夠在各種公有雲、私有雲和混合雲環境中交付產品，並保持卓越的營運效率和成本效益。此外，借助 Adob​​e 通用控制框架，我們能夠滿足企業在安全性、合規性和隱私性方面的期望，並符合全球監管環境的要求。

Lastly, we continue to play a thought leadership role in the industry with various standards and other efforts like our Content Authenticity Initiative and Open Data Initiative.

最後，我們繼續在業界發揮思想領導作用，制定各種標準並進行其他工作，例如我們的內容真實性倡議和開放資料倡議。

In closing, the opportunity ahead for Adobe is truly exciting, from future of creativity to reimagining documents to opportunity to completely rewire the customer experience. We have a world-class engineering team with a deep culture of innovation and investments in foundational technology platforms that enable us to deliver with speed and scale. I have never been more confident about Adobe's technology agenda, and I'm super excited about our ability to go invent the future.

最後，Adobe 的未來發展機會令人振奮，從創意的未來到文件的重新構想，再到徹底重塑客戶體驗，我們都將迎來無限可能。我們擁有一支世界一流的工程團隊，秉承深厚的創新文化，並持續投資於基礎技術平台，這使我們能夠快速、大規模地交付成果。我對 Adob​​e 的技術發展方向從未如此充滿信心，也對我們創造未來的能力感到無比激動。

Now let me hand over to Scott Belsky, Chief Product Officer for Creative Cloud, to talk about Creative Cloud strategy. Over to you, Scott.

現在，我把麥克風交給Creative Cloud首席產品長Scott Belsky，讓他來談談Creative Cloud的策略。 Scott，請開始。

Thanks, Abhay. So while I've outlined more details of our creative cloud strategy in the deck. I'm tried to share a quick summary right now.

謝謝，Abhay。雖然我在簡報中詳細闡述了我們的創意雲端策略，但我現在想先做一個簡要概述。

Big picture, we are seeing tremendous growth and momentum in Creative Cloud because creativity has never been more important than it is now. And we saw this at our most recent MAX conference, which has become the premiere global creativity conference. MAX blew away all previous records with over 21 million views worldwide.

從宏觀角度來看，Creative Cloud 正經歷著巨大的成長和發展勢頭，因為創意從未像現在這樣重要。這一點在我們最近舉辦的 MAX 大會上得到了充分體現，MAX 已成為全球首屈一指的創意盛會。 MAX 大會打破了以往所有記錄，全球觀看量超過 2,100 萬次。

Why is creativity so critical right now? Well, for starters, everyone wants to stand out at work at school, on social and even in their family projects, and creative expression is how they do it. Within the enterprise, companies more and more recognize that creativity is this competitive advantage. And employees want to stand out, whether it is with their presentation, how they visualize data, or become more active stakeholders in their own product and marketing experiences. In the workplace of the future, creativity is how people will thrive and frankly keep their jobs as AI takes over more and more of these productivity-focused roles. All of these shifts up level the role of creativity and create a tremendous opportunity for Creative Cloud and a responsibility for us to evolve our offerings to meet the needs of new creators.

為什麼創造力在當下如此重要？首先，每個人都希望在工作、學習、社交甚至家庭專案中脫穎而出，而創造性的表達正是實現這一目標的方式。在企業內部，越來越多的公司意識到創造力是其競爭優勢。員工也渴望脫穎而出，無論是在簡報技巧、數據視覺化方面，還是在產品和行銷體驗中扮演更積極的角色。在未來的職場中，隨著人工智慧逐漸取代越來越多的生產力導向角色，創造力將成為人們蓬勃發展甚至保住飯碗的關鍵。所有這些轉變都提升了創造力的重要性，為 Creative Cloud 帶來了巨大的機遇，同時也賦予我們不斷改進產品和服務以滿足新一代創造者需求的責任。

So let's look at the 5 pillars of our strategy for Creative Cloud. First, we are innovating to advance every creative category. Our professional customers want to push the boundaries of their fields and achieve more in less time. One way we're enabling this is through Adobe Sensei, which Abhay talked about, our artificial intelligence engine. In Photoshop, for instance, we recently launched Neural Filters, a new platform powered by Sensei that allows customers to make sweeping changes with just a scroll of a slider. These Neural Filters are truly magical. You can turn night into day, and literally turn a frown into a smile. And Neural Filters are just 1 example of our Sensei-powered breakthroughs. At MAX, we launched dozens of new Sensei features across our creative categories, and we're helping customers explore new mediums like 3D and immersive, with tools such as substance, dimension and arrow.

那麼，讓我們來看看Creative Cloud策略的五大支柱。首先，我們致力於創新，推動各創意領域的發展。我們的專業客戶希望突破各自領域的界限，在更短的時間內取得更大的成就。 Adobe Sensei，也就是Abhay提到的我們的人工智慧引擎，正是我們實現這一目標的途徑之一。例如，在Photoshop中，我們最近推出了由Sensei驅動的全新平台——神經濾鏡，用戶只需滑動滑桿即可進行大幅度的調整。這些神經濾鏡功能強大，堪稱神奇。您可以將黑夜變成白晝，甚至可以將愁容變成笑容。而神經濾鏡只是我們基於Sensei的眾多突破性成果之一。在MAX大會上，我們在所有創意領域推出了數十項全新的Sensei功能，並透過Substance、Dimension和Arrow等工具，協助客戶探索3D和沈浸式等全新媒介。

The pandemic has forced many teams to turn to 3D tools as they can render an image or video rather than have an in-person shoot. One great example is Ben & Jerry's, who levered our 3D and immersive products to execute a critical campaign about getting ice cream delivered during the pandemic. They found what many companies are finding: that 3D-rendered images are indistinguishable from traditional photos, and they're far more efficient and actually less expensive to produce. So we expect the surging interest in that field to continue, especially as new mediums like augmented reality go mainstream. These innovations add value for creative professionals and help ensure that Creative Cloud remains the logical choice for modern teams struggling with content velocity, our way of talking about the insatiable need for more formats and more platforms and just more content, more personalized every day. And we're committed to extending their creativity in new directions.

疫情迫使許多團隊轉向 3D 工具，因為他們可以用這些工具渲染圖像或視頻，而無需進行實地拍攝。 Ben & Jerry's 就是一個很好的例子，他們利用我們的 3D 和沈浸式產品，成功地開展了一項關於疫情期間冰淇淋配送的重要行銷活動。他們發現，許多公司也發現了同樣的問題：3D 渲染影像與傳統照片幾乎沒有區別，而且效率更高，製作成本也更低。因此，我們預期人們對這一領域的興趣將持續高漲，尤其是在擴增實境等新興媒介逐漸普及的情況下。這些創新為創意專業人士增添了價值，並有助於確保 Creative Cloud 仍然是現代團隊應對內容更新速度挑戰的理想選擇。我們用「內容更新速度」來形容他們對更多格式、更多平台以及更多個人化內容的永無止境的需求。我們將致力於拓展他們的創造力，引領他們走向新的方向。

The next pillar of our strategy for Creative Cloud is a continued transformation of our category-leading products to become cloud-based multi-surface systems. Creativity is no longer confined to the desktop. And we made a lot of progress in extending our flagship products across more surfaces. Over the last year, we brought Photoshop and Illustrator to the iPad, and we launched Adobe Fresco, the industry's most powerful drawing and painting app on Windows and Apple tablets last year and brought them to the phone this year. Customers tell us that the portability of iPad apps unlocks huge advantages. Designers for Sanrio's Japanese theme parks, for instance, use Illustrator on the iPad to sketch out new features while they're actually inside the park. It really lets them see how the design will actually fit in-person in place.

Creative Cloud策略的下一個支柱是持續轉型，將我們業界領先的產品打造為基於雲端的多平台系統。創意不再侷限於桌面。我們在將旗艦產品擴展到更多平台方面取得了顯著進展。去年，我們將Photoshop和Illustrator帶到了iPad平台，並在Windows和Apple平板電腦上推出了業界最強大的繪圖和繪畫應用程式Adobe Fresco，今年又將其移植到了手機上。客戶告訴我們，iPad應用程式的便攜性帶來了巨大的優勢。例如，三麗鷗日本主題樂園的設計師會在園區內使用iPad上的Illustrator來繪製新的設計草圖。這讓他們能夠真正地看到設計在實際環境中的效果。

So here's what we've learned from this evolution from products to service, from multisystem platform expansion. We know that customers who use our products across multiple devices have higher satisfaction and better retention. And we know that offering a more modern interface on mobile devices is inviting for new customers and is an effective way to bring new customers into Creative Cloud from the mobile app stores. So we're continuing to extend our applications onto new surfaces, including the web, which will engage an even broader set of customers and unlock another level of possibility for Creative Cloud.

因此，我們從產品到服務、從多系統平台擴展的演進過程中汲取了以下經驗。我們知道，在多個裝置上使用我們產品的客戶滿意度更高，留存率也更高。我們也知道，在行動裝置上提供更現代化的介面能夠吸引新客戶，並且是吸引新客戶透過行動應用程式商店加入 Creative Cloud 的有效途徑。因此，我們將繼續把應用程式擴展到包括 Web 在內的新平台，這將吸引更廣泛的客戶群，並為 Creative Cloud 開啟更多可能性。

Another major part of our strategy is the development and seamless integration of powerful services that enable collaboration. No doubt, we've entered a new era of creativity that is deeply, deeply collaborative. The next-generation of our customers grew up in the age of Google Docs. They expect everything to be collaborative by default, and we've enabled this through our investments in Creative Cloud services over the last few years. We launched Creative Cloud libraries, which helps teams share creative ingredients, from fonts and colors to vectors and images. We've rolled out cloud documents, which allow its customers to easily share their work with collaborators and stakeholders, and with services like Stock and Fonts integrated at the point of need within our products, we're ensuring that teams have all the content they need to start a project without ever leaving creative cloud.

我們策略的另一重要部分是開發並無縫整合強大的協作服務。毫無疑問，我們已經進入了一個全新的創意時代，而這個時代的核心在於深度協作。我們的新一代客戶成長於 Google Docs 時代。他們期望一切預設都是協作式的，而我們透過過去幾年對 Creative Cloud 服務的投入，實現了這一目標。我們推出了 Creative Cloud 素材庫，幫助團隊分享從字體、顏色到向量圖和圖像等各種創意素材。我們推出了雲端文檔，讓客戶能夠輕鬆地與合作者和利害關係人分享作品。此外，我們還在產品中按需整合了素材庫和字體等服務，確保團隊無需離開 Creative Cloud 即可獲得啟動專案所需的所有內容。

Finally, we're making it much easier for stakeholders to review and share comments directly in our desktop products. All of these collaborative features make Creative Cloud the single source of truth for creative assets. Ensuring greater lifetime value. These services also unlock new business opportunities and expand our footprint by engaging stakeholders beyond the traditional creative team, whether it be for review purposes, copywriting or leveraging templates for social media marketing.

最後，我們讓利害關係人能夠更輕鬆地直接在我們的桌面產品中查看和分享評論。所有這些協作功能使 Creative Cloud 成為創意資產的單一權威來源，從而確保更高的生命週期價值。這些服務也能讓傳統創意團隊以外的利害關係人參與進來，無論是進行審核、撰寫文案或利用範本進行社群媒體行銷，從而開拓新的商機並擴大我們的業務範圍。

Another area of focus is engagement and community inspiration. We're bringing many kinds of new customers into Creative Cloud these days. But to keep them, we have to ensure that they are engaged, that they're learning new skills, and that they're continuously inspired to try new tools and techniques. We're improving engagement by reimagining the new user journey, providing a more personalized experience for every customer that is infused with community and educational content. And we become very, very data-driven as we optimize these flows. We're providing many more ways for people to learn new skills. Traffic to Adobe Live, our rich offering of live streams by Behance members using our products and tutorials, has doubled this year, and we have doubled our content in response. And the engagement with these live streams is truly remarkable. Over the last year, the average watch time is more than 1 hour and 20 minutes.

另一個重點領域是使用者參與度和社群激勵。如今，我們吸引了各種各樣的新客戶加入 Creative Cloud。但為了留住他們，我們必須確保他們保持參與度，學習新技能，並不斷受到啟發去嘗試新的工具和技巧。我們正在透過重新構想新的用戶旅程來提升用戶參與度，為每位客戶提供更個人化的體驗，並融入社群和教育內容。在優化這些流程的過程中，我們變得非常注重數據驅動。我們為使用者提供了更多學習新技能的途徑。 Adobe Live 是我們豐富的直播平台，匯集了 Behance 會員使用我們的產品和教學的精彩內容。今年，Adobe Live 的流量翻了一番，我們也相應地增加了一倍的內容。這些直播的互動效果令人矚目。過去一年，平均觀看時間超過 1 小時 20 分鐘。

We've also enabled live streaming in our iPad apps so that any customer can easily go live from within the product and share the URL on social networks. Others can click the link and learn by looking over the shoulder of an experienced creator and download the app to give it a try as well.

我們還在 iPad 應用中啟用了直播功能，讓任何用戶都可以輕鬆地在應用程式內開啟直播，並將連結分享到社群網路。其他人可以點擊鏈接，透過觀看經驗豐富的主播直播來學習，也可以下載應用程式親自體驗。

And we personalize learning experiences within our products. And as the more we personalize, the better we meet each customer exactly where they are.

我們在產品中提供個人化的學習體驗。個人化程度越高，我們就越能精準地滿足每位客戶的需求。

And because of the greatest -- because the greatest inspiration, of course, comes from seen what others are creating, we're doing more to convene a global community of creates. We've built a new community set of features in products like Lightroom. And Behance, our global creative community, near and dear to my heart, has grown to 25 million members, with over 1 million people visiting the site every single day. All of these efforts not only grow the top of the funnel, but also make it more likely that these new customers will be successful, inspired and engaged.

正因為靈感最偉大的來源——當然，靈感總是來自於欣賞他人的創作——我們才更加努力地建構一個全球創作者社群。我們在 Lightroom 等產品中建構了一套全新的社群功能。而我無比珍惜的全球創意社群 Behance，如今已擁有 2,500 萬會員，每天的訪客人數超過 100 萬。所有這些努力不僅拓展了潛在客戶群，也提高了新用戶獲得成功、激發靈感和積極參與的可能性。

Finally, let's talk about democratizing creativity, which Shantanu mentioned in the beginning. We want to empower the world to create with a new generation of web and mobile products that are freemium and easy to use and that leverage Adobe's core technology. When anyone searches the web to edit a photo or make a flyer, we will present easy-to-use web apps that help them complete their project and encourage them to go further, to take it to the next level. On mobile, Photoshop Express, Premiere Rush and Adobe Spark empower everyday consumers to create content that stands out on social media. In the year ahead, we're bringing these products closer together to enable customers to work across them and to extend their work to the web. And we're doing this in a way only Adobe can. We're bringing powerful time-saving features, many powered by Sensei, to these mobile and web apps. We're also prioritizing interoperability with the rest of the Creative Cloud so that more casual creators can work together with creative professionals and so that they can take their work to the next level in an app like Photoshop or Illustrator when they're ready to do so. I'm excited to share more on these product investments in the year ahead.

最後，我們來談談Shantanu在開頭提到的創意民主化。我們希望透過新一代免費增值、易於使用且充分利用Adobe核心技術的Web和行動產品，賦能全球用戶進行創作。當用戶在網路上搜尋照片編輯或傳單製作時，我們將提供易於使用的Web應用程序，幫助他們完成項目，並鼓勵他們更進一步，將作品提升到更高水平。在行動裝置上，Photoshop Express、Premiere Rush和Adobe Spark能夠幫助一般使用者創作出在社群媒體上脫穎而出的內容。未來一年，我們將進一步整合這些產品，使用戶能夠跨平台協作，並將作品擴展到Web平台。而這一切都將以Adobe獨有的方式實現。我們將強大的省時功能（其中許多功能由Sensei提供支援）引入這些行動和Web應用程式。我們也優先考慮與 Creative Cloud 其他產品的互通性，以便更多業餘創作者能夠與專業創意人士協作，並讓他們在準備就緒時，能夠使用 Photoshop 或 Illustrator 等應用程式將作品提升到更高水平。我很高興在未來一年與大家分享更多關於這些產品投入的資訊。

So to sum it up, our view of our market is expanding to $41 billion in TAM in 2023 because the importance of creativity is growing fast and the number of creators worldwide is exploding. Our work over the next few years will ensure that Creative Cloud stays at the cutting-edge of creativity and new mediums, that it supports the growth of collaborative creativity, and that it welcomes new generations of creators with a new generation of tools and with the learning, inspiration and community that will keep people engaged and successful.

總而言之，我們預計到2023年，市場規模（TAM）將達到410億美元，因為創意的重要性正在快速增長，全球創作者的數量也在爆炸式增長。未來幾年，我們將致力於確保Creative Cloud始終處於創意和新媒介領域的前沿，支持協作式創意的發展，並以新一代工具、學習資源、靈感和社區支持，吸引新一代創作者，從而保持他們的創作熱情並取得成功。

Thank you. And now I'll turn it over to my colleague, Anil, who oversees the digital experience business to talk about Experience Cloud. Anil.

謝謝。現在我把麥克風交給我的同事阿尼爾，他負責數位體驗業務，請他談談體驗雲。阿尼爾。

(technical difficulty)

（技術難題）

also responsible for our worldwide field organization. I want to give you some context and color on the Experience cloud strategy that Shantanu outlined. And you should have the full presentation that we have provided.

他也負責我們全球的現場團隊。我想就 Shantanu 概述的體驗雲策略向您介紹一些背景和細節。您應該已經收到我們提供的完整簡報。

In the first half of 2020, when COVID hit, we saw businesses focused on their employee safety and well-being and ensuring business continuity. We pivoted and worked with our customers to navigate that new normal.

2020年上半年，新冠疫情爆發，我們看到企業將重點放在員工安全和福祉以及確保業務連續性。我們迅速調整策略，與客戶攜手適應新的常態。

In the second half, we saw our businesses doubling down on customer experience management in response to heightened customer expectations. Customers are digital-first now. And from every business, they expect engaging and personalized experiences. And this has put more pressure than ever on businesses to accelerate their digital engagement. It has also accentuated how hard it is for businesses to deliver a great experience to their customers across all touch points.

下半年，為了因應客戶日益增長的期望，我們看到各企業都在加倍重視客戶體驗管理。如今，客戶都以數位化為先。他們期望從所有企業獲得引人入勝且個人化的體驗。這使得企業比以往任何時候都更需要加快數位轉型。這也凸顯了企業在所有接點為客戶提供卓越體驗的難度。

In the current environment, that has been no small feat. Businesses need to account for external factors like privacy regulations and data sovereignty, and mastered internal challenges like fragmented customer data and manual inefficient processes. So it's become clear that companies need a next-generation technology platform for customer experience management. And this has created a massive $85 billion market opportunity for CXM, and Adobe is uniquely positioned to address this.

在當前環境下，這絕非易事。企業不僅需要考慮隱私法規和資料主權等外部因素，還要應對客戶資料分散、人工流程效率低等內部挑戰。因此，企業顯然需要一個新一代的客戶體驗管理技術平台。這為客戶體驗管理（CXM）創造了高達 850 億美元的巨大市場機遇，而 Adob​​e 正好擁有獨特的優勢來滿足這一需求。

Our mission is more relevant than ever, and our strategy of powering digital businesses is resonating with brands across industries and around the world.

我們的使命比以往任何時候都更加重要，我們為數位業務賦能的策略正在引起各行各業和世界各地品牌的共鳴。

Now we saw that in spates in 2020. 93% of our top 100 customers have 3 or more Experience Cloud solutions. And our average ARR with them has grown to $8 million, nearly 3x what it was in 2015. Let me highlight one of those customers -- top customers: Verizon.

我們在2020年就看到了這種趨勢。在我們排名前100位的客戶中，93%擁有3個或更多Experience Cloud解決方案。我們與他們的平均年度經常性收入(ARR)成長至800萬美元，幾乎是2015年的3倍。讓我重點介紹其中一位客戶—我們的頂級客戶：Verizon。

Over the last 5 years, Verizon has standardized in Adobe for CXM across their consumer, business and media groups. The Adobe Experience platform provides real-time responses in 250 milliseconds at cloud scale across billions of profiles. Verizon is leveraging AEP to deliver personalized communications, optimize customer journeys, increase conversions and create customer loyalty. As a result, our ARR from Verizon has grown 700% over the last 5 years. This is a great example of the growth trends we see across our customer base.

過去五年，Verizon 已在其消費者、企業和媒體業務部門全面採用 Adob​​e 的 CXM 解決方案。 Adobe Experience 平台可在雲端規模下，以 250 毫秒的速度為數十億個用戶提供即時回應。 Verizon 正利用 AEP 提供個人化溝通、優化客戶旅程、提高轉換率並增強客戶忠誠度。因此，在過去五年中，我們來自 Verizon 的年度經常性收入 (ARR) 成長了 700%。這充分體現了我們客戶群的成長趨勢。

Turning to our strategy for Experience Cloud. It's based on Adobe's own successful transformation journey. We've taken the principles and insights from our data-driven operating model, and created a customizable playbook that any customer can use to power their digital business with next-generation customer experience management.

接下來談談我們的 Experience Cloud 策略。該策略基於 Adob​​e 自身成功的轉型歷程。我們汲取了數據驅動營運模式的原則和洞見，並創建了一套可自訂的方案，任何客戶都可以利用該方案，透過新一代客戶體驗管理來賦能其數位化業務。

We have 5 pillars in our strategy, as Shantanu outlined. First, it's a comprehensive set of applications and services for customer data and insights, content and commerce and customer journey management. Now these apps and services are delivered on an integrated Adobe Experience Platform. AEP is a next-gen platform to deliver real-time personalization at scale, with nearly 17 trillion segment evaluations per day, leveraging first-party data, cloud scale, powered by Adobe Sensei and extended by our open ecosystem of partners and developers.

正如Shantanu所概述的，我們的策略包含五大支柱。首先，我們提供一套全面的應用程式和服務，涵蓋客戶資料與洞察、內容與商務以及客戶旅程管理。現在，這些應用程式和服務都整合在Adobe Experience Platform (AEP) 上。 AEP是一個新一代平台，能夠大規模地提供即時個人化服務，每天可進行近17萬億次細分評估，利用第一方資料和雲端規模，由Adobe Sensei提供支持，並由我們開放的合作夥伴和開發者生態系統進行擴展。

Now we do the hard work of delivering the best of both worlds to our customers, comprehensive apps and services integrated onto a common cloud scale platform. I've been in the world of data for a long time now. And it's clear to me that AEP is years ahead of our competitors in capabilities and production deployments.

現在，我們致力於為客戶提供兩全其美的解決方案：將全面的應用程式和服務整合到一個通用的雲端規模平台上。我從事數據領域多年，AEP 在功能和生產部署方面顯然領先於我們的競爭對手數年。

Third, we're excited about our recent acquisition of work front. And we have heard great feedback from customers and partners. We're laying a strong foundation for a marketing system of record that will enable our customers to have greater efficiency and agility in executing their campaigns, and to optimize their campaigns with real time insights.

第三，我們對近期收購Workfront感到非常興奮。我們也收到了來自客戶和合作夥伴的正面回饋。我們正在為行銷記錄系統奠定堅實的基礎，這將使我們的客戶能夠更有效率、更靈活地執行行銷活動，並利用即時洞察優化他們的行銷活動。

Fourth part of our strategy, we have been a trusted partner to CMOs since we created the digital marketing category. And now, we are a trusted partners to CIOs as well. And in mid-2020, we combined our worldwide field operations and digital experience into a single organization that I lead. And that has enabled us to scale our go-to-market to address the needs of enterprises from mid-market customers to the largest brands in the world.

這是我們策略的第四部分，自從我們開創數位行銷領域以來，我們一直是首席行銷長 (CMO) 值得信賴的合作夥伴。如今，我們也成為了資訊長 (CIO) 值得信賴的合作夥伴。 2020 年中，我們將全球現場營運和數位經驗整合到一個由我領導的單一組織中。這使我們能夠擴展市場佈局，滿足從中型企業到全球最大品牌等各類企業的需求。

Finally, we work really closely with our global ecosystem of over 2,800 SIs and technology partners to drive business value and sustain growth.

最後，我們與全球超過 2800 家系統整合商和技術合作夥伴緊密合作，以推動業務價值並維持成長。

So in closing, I'm incredibly excited about the opportunities ahead of us. Experience Cloud is a growth business, and we will combine our go-to-market and product organization to be well positioned to fire on all cylinders. When you look at our products, our platform, our innovation powered by Adobe Sensei, our customer relationships, our brand and the investments we're making, Adobe is the clear leader in customer experience management, and we are in the best position to help businesses deliver personalized, engaging digital experiences to all of their customers.

最後，我非常興奮地展望我們未來的發展機會。 Experience Cloud 是一項快速成長的業務，我們將整合市場推廣和產品團隊，全力以赴，實現全面發展。綜觀我們的產品、平台、基於 Adob​​e Sensei 的創新、客戶關係、品牌以及各項投資，Adobe 無疑是客戶體驗管理的領導者，我們有能力幫助企業為所有客戶提供個人化、引人入勝的數位體驗。

Thank you. And now let me bring up our Chief People Officer, Gloria Chen.

謝謝。現在請容許我介紹一下我們的首席人力資源官，Gloria Chen。

Thanks, Anil, and hello, everyone. A year ago as Chief Strategy Officer, I spoke to you about Adobe's growth story, our total addressable market and the tremendous opportunities across our business. As you've heard today, our strategy is more expansive than ever, and I'm confident in our ability to succeed because of our proven track record of transformation; something I've seen firsthand multiple times in my 20-plus years of the company. And I believe our secret sauce has been the combination of a winning strategy, great people, and an exceptional purpose-driven culture.

謝謝Anil，大家好。一年前，我擔任首席策略官，曾向大家講述Adobe的成長歷程、我們龐大的潛在市場以及我們業務領域蘊藏的巨大機會。正如大家今天所聽到的，我們的策略比以往任何時候都更加宏大，我對我們成功的能力充滿信心，因為我們擁有卓越的轉型記錄；在我為公司工作的二十多年裡，我多次親眼見證了這一點。我相信，我們成功的秘訣在於：勝利的策略、優秀的人才以及以目標為導向的卓越企業文化。

My pivot from corporate strategy to employee strategy earlier this year was a natural move. People are our greatest asset, and as Chief People Officer, I'm excited to be carrying the torch for our values, our history of progressive people-centered benefits and programs and our commitment to the growth and development of over 22,000 employees around the world, now including Workfront, who joined us earlier this week.

今年早些時候，我從企業策略轉向員工策略，這是一個自然而然的轉變。人才是我們最大的資產，作為首席人力資源官，我很高興能夠傳承我們的價值觀，發揚我們以人為本的進步福利和項目傳統，並致力於全球超過22,000名員工的成長和發展，其中包括本週早些時候加入我們的Workfront團隊。

Increasingly, companies are viewed by employees, customers and stakeholders as an extension of their identity, values and community. In 2020, our core values were on full display, being genuine, exceptional, innovative and involved. As we responded to COVID, we put the health and safety of our people first. We increased communications, rolled out work-from-home benefits and encouraged scheduling flexibility. We took care of our community, providing customers with flexibility and students with free Creative Cloud licenses. And our employees really stepped up this year with 70% engaging in volunteerism online. Our employees have responded with gratitude and pride in our approach, and are more engaged and productive than ever.

如今，員工、客戶和利害關係人越來越將公司視為自身身分、價值觀和社區的延伸。 2020年，我們充分展現了我們的核心價值：真誠、卓越、創新和參與。在應對新冠疫情的過程中，我們始終將員工的健康與安全放在首位。我們加強了溝通，推出了居家辦公福利，並鼓勵靈活的工作安排。我們關懷社區，為客戶提供靈活的解決方案，並為學生提供免費的Creative Cloud授權。今年，我們的員工更是積極參與，70%的員工投入線上志工服務。員工們對我們的舉措充滿感激和自豪，他們的工作熱情和效率也達到了前所未有的高度。

As a people-centered company, we've always focused on fostering an inclusive culture, what we call Adobe For All, because we believe that when employees can be their authentic selves, they do their best work. And when we have diverse teams, we're more innovative and reflective of the customers we serve.

作為一家以人為本的公司，我們始終致力於營造包容的企業文化，我們稱之為「Adobe For All」（全民Adobe），因為我們相信，當員工能夠展現真實的自我時，他們才能發揮出最佳水準。而當我們擁有多元化的團隊時，我們才能更具創新性，更能反映我們所服務客戶的需求。

For employees to feel supported in and outside of work, we invest in learning and development programs, community networks, and family-friendly benefits. We're a leader in pay parity across gender and ethnicity, and we're examining opportunity parity for fairness in promotions and horizontal movement. We're building current and future talent pipeline, investing in young artists in underserved communities, university partnerships and mid-career reskilling and apprenticeships. This year's events made it clear that while we've made progress, there's more that we can do.

為了讓員工在工作內外都能感受到支持，我們投資於學習和發展專案、社區網絡以及家庭友善福利。我們在性別和種族薪酬平等方面處於領先地位，並且正在研究機會平等，以確保晉升和橫向流動方面的公平性。我們正在建立現有和未來的人才儲備，投資於服務不足社區的年輕藝術家、大學合作計畫以及中期職業技能提升和學徒計畫。今年的各項活動清楚地表明，儘管我們取得了一些進展，但仍有許多工作要做。

As a company, we're about action, not words. And together with our Black Employee Network, we've launched the Taking Action Initiative, focused on community, advocacy and growth. And during our global Adobe For All week, we outlined aspirational goals to increase representation. Across our recruiting and development programs, our campaign celebrating women and black creators, and our efforts to ensure that our products are inclusive, we are driving change aligned to our core values.

作為一家公司，我們注重行動而非空談。我們與黑人員工網絡攜手發起了“行動倡議”，專注於社區建設、倡導和發展。在全球「Adobe For All」週期間，我們制定了旨在提升員工多元化的宏偉目標。從招募和發展計畫、慶祝女性和黑人創作者的活動，到確保產品包容性的各項舉措，我們都在積極推動與我們核心價值相符的變革。

Another topic that's been top of mind for everyone is the future of work after the pandemic. So let's talk briefly about that. This year, we learned that there's so much that we're able to do effectively while we work from home. We've launched new products, produced global customer events and onboarded hundreds of interns and employees around the world. Digital transformation is here and we will continue to reimagine customer and employee experience as a company. At the same time, we continue to believe that in-real-life experiences are critical to nurturing culture and trust, learning and development and innovation. Each team will need to strike the right balance for them. But in general, we will be giving most employees the flexibility to work from home part of the time and making this the default as opposed to the exception.

疫情後的工作模式是大家最關注的議題之一。我們不妨簡單談談這個話題。今年，我們發現居家辦公也能有效率地完成許多工作。我們推出了新產品，舉辦了全球客戶活動，並完成了數百名實習生和員工的入職培訓。數位轉型已然到來，我們將繼續致力於重塑客戶和員工體驗。同時，我們仍然堅信，線下體驗對於培養企業文化、建立信任、促進學習發展和推動創新至關重要。每個團隊都需要找到適合自己的平衡點。但總的來說，我們將允許大多數員工靈活選擇部分時間居家辦公，並將其作為常態而非例外情況。

As for fully remote workers, this is something we already have today, especially among sales and consulting staff. Broadly expanding remote work is a significant decision that is not just about individual preference but also has implications for collaboration, cohesion and culture. We have more to learn here. And so we'll be starting by updating our criteria for remote work in the coming months and iterating thoughtfully as we always do. This is clearly a journey, one that we expect will continue to evolve.

至於完全遠距辦公，我們目前已經有一些員工遠距辦公，尤其是在銷售和諮詢人員。全面推廣遠距辦公是一項重大決策，它不僅關乎個人偏好，還會對協作、凝聚力和企業文化產生深遠影響。我們在這方面還有很多需要學習的地方。因此，我們將在未來幾個月內更新遠距辦公的標準，並像以往一樣進行深思熟慮的迭代。這顯然是一個循序漸進的過程，我們預期它將不斷發展完善。

As I reflect on the year, it's been a privilege for me to contribute to Adobe in this new capacity. Our employees achieved this record year through their dedication, comradery and resilience. 2020 has shown us the power of Adobe's values in action, and I'm confident that Adobe's best days are ahead of us.

回顧過去一年，我深感榮幸能以新的身分為 Adob​​e 做出貢獻。我們的員工憑藉著他們的奉獻精神、團結協作和堅韌不拔的精神，取得了這項創紀錄的成績。 2020 年讓我們見證了 Adob​​e 價值觀的力量，我堅信 Adob​​e 的輝煌未來還在前方。

And now I'd like to turn it over to our CFO, John Murphy.

現在，我想把麥克風交給我們的財務長約翰‧墨菲。

Thanks, Gloria. Based on what has been shared this morning, it's clear there are tremendous opportunities for Adobe. Now I'd like to give you a view of our business momentum and how we drive our growth going forward. Today's presentation will cover both Q4 and fiscal year 2020 results.

謝謝，格洛麗亞。根據今天早上分享的訊息，Adobe 顯然擁有巨大的發展機會。現在我想向大家介紹一下我們目前的業務發展動能以及我們未來的成長策略。今天的報告將涵蓋 2020 年第四季和整個財年的業績。

Before we jump into the numbers, in Q4, we made a change to our segment reporting to align with the way we manage our Digital Experience business, in light of the advertising cloud shift we made earlier this year. We created a new segment called Publishing and Advertising, combining advertising cloud with the existing publishing segment. As a result of this change, our Digital Experience subscription book of business now aligns exactly to the components that make up our Digital Experience subscription revenue. And it's great to have those aligned as that's where we're strategically driving the segment growth.

在深入探討具體數字之前，我們先來了解一下第四季的情況。為了更好地管理我們的數位體驗業務，我們對業務分部報告進行了調整，這與我們今年稍早進行的廣告雲端轉型密切相關。我們創立了一個名為「出版與廣告」的新業務分部，將廣告雲端業務與原有的出版業務分部合併。在此次調整後，我們的數位體驗訂閱業務與構成數位體驗訂閱收入的各個組成部分完全一致。這種一致性非常重要，因為這正是我們策略性地推動該業務分部成長的關鍵所在。

This reporting change is reflected in the numbers we will show for Q4 and FY '20. And we've revised our financial information from FY '18 to present day to maintain comparability.

這項報告方式的改變反映在我們公佈的第四季和2020財年的數據中。同時，為了保持可比性，我們已將2018財年至今的財務資訊進行了修訂。

Now let's turn to our Q4 performance. Adobe achieved record revenue of $3.42 billion, which represents 14% year-over-year growth. GAAP diluted earnings per share in Q4 was $4.64. And non-GAAP diluted earnings per share was $2.81.

現在我們來看看第四季的業績。 Adobe 實現了創紀錄的 34.2 億美元營收，年增 14%。第四季 GAAP 稀釋後每股收益為 4.64 美元，非 GAAP 稀釋後每股收益為 2.81 美元。

Business and financial highlights in Q4 include: digital media revenue of $2.5 billion, which represents 20% year-over-year growth; record net new digital media ARR of $548 million; Digital Experience revenue of $819 million, which represents 10% year-over-year growth; Digital Experience subscription revenue grew 14% year-over-year. We had record cash flow from operations of $1.78 billion, and we exited with remaining performance obligation, or RPO, of $11.34 billion. And we've repurchased 1.6 million shares of our stock during the quarter. Overall, this is a really strong performance in Q4.

第四季業務和財務亮點包括：數位媒體收入達25億美元，年增20%；新增數位媒體年度經常性收入（ARR）淨額達5.48億美元，創歷史新高；數位體驗收入達8.19億美元，年增10%；數位體驗訂閱收入年增14%。我們實現了創紀錄的17.8億美元經營活動現金流，剩餘履約義務（RPO）為113.4億美元。此外，本季我們回購了160萬股股票。總而言之，第四季業績表現強勁。

Now for some Q4 financial highlights and growth drivers for each of our strategic businesses. In Q4, Adobe achieved $2.08 billion in creative revenue, representing 20% year-over-year growth, and added $425 million of net new creative ARR. We exited the year with $8.72 billion in creative ARR, which is also 20% growth year-over-year. Creative ARR growth drivers included acquisition of new users across all geographies and segments, single app and CC complete subscriptions, and strong performance in the imaging, video and stock categories. Adobe Document Cloud achieved $411 million in Q4 revenue, growing 21% year-over-year. We added a record $123 million of Document Cloud ARR in the quarter. And Document Cloud ARR exiting the year was $1.46 billion, growing 35% year-over-year.

接下來是第四季財務亮點以及我們各項策略業務的成長驅動因素。第四季度，Adobe 的創意業務收入達到 20.8 億美元，年增 20%，新增創意業務年度經常性收入 (ARR) 淨額 4.25 億美元。全年創意業務 ARR 總額達 87.2 億美元，同樣年增 20%。創意業務 ARR 的成長驅動因素包括：所有地區和細分市場的新用戶獲取、單一應用訂閱和 CC Complete 訂閱的成長，以及影像、影片和素材庫類別的強勁表現。 Adobe Document Cloud 第四季營收達 4.11 億美元，年增 21%。本季 Document Cloud ARR 新增額創下 1.23 億美元的紀錄。全年 Document Cloud ARR 總額達 14.6 億美元，年增 35%。

Document Cloud ARR growth drivers include strong demand for Acrobat subscriptions as well as demand coming through the Reader funnel and on mobile. And a significant momentum in Sign. In Q4, we also benefited from greater-than-expected perpetual revenue in our Document Cloud offering.

Document Cloud 的年度經常性收入 (ARR) 成長主要得益於 Acrobat 訂閱的強勁需求，以及來自 Reader 通路和行動裝置的需求成長。此外，Sign 業務也呈現顯著成長動能。第四季度，Document Cloud 產品的永久營收也超出預期，這同樣是其成長的一大優勢。

Digital Experience achieved segment revenue of $819 million in Q4, representing 10% year-over-year growth and subscription revenue of $696 million, representing 14% year-over-year growth. The growth drivers for Experience Cloud in Q4 included accelerating adoption of Adobe Experience platform and app services; content and commerce momentum, particularly with our AEM cloud service offering; and continued recovery in the mid-market segment as well as success signing up deals of greater than $1 million in annual deal value.

數位體驗業務第四季營收達 8.19 億美元，年增 10%；訂閱收入達 6.96 億美元，年增 14%。第四季體驗雲端業務的成長動力包括：Adobe Experience 平台和應用服務的加速普及；內容和商務業務的強勁成長勢頭，尤其是 AEM 雲端服務；中階市場持續復甦；以及成功簽下多筆年交易額超過 100 萬美元的訂單。

For the full 2020 fiscal year, Adobe achieved record revenue of $12.87 billion, which represents 15% year-over-year growth. GAAP EPS for the year was $10.83 and non-GAAP EPS was $10.10. Contributing to our strong execution in FY '20 was Digital Media segment revenue of $9.23 billion, representing 20% year-over-year growth; creative revenue of $7.74 billion, representing 19% year-over-year growth; Adobe Document Cloud revenue of $1.5 billion, representing 22% year-over-year growth, exiting the year with $10.18 billion of Digital Media ARR, an annual increase of $1.85 billion; Digital Experience segment revenue of $3.13 billion following the segment reporting change, representing 12% year-over-year growth; Digital Experience subscription revenue of $2.66 billion represents 17% year-over-year growth. We generated $5.73 billion in operating cash flows during the year, and we grew RPO by $1.52 billion and returned $3 billion in cash to our stockholders through our stock repurchase program.

2020財年全年，Adobe營收創歷史新高，達128.7億美元，較去年同期成長15%。全年GAAP每股收益為10.83美元，非GAAP每股收益為10.10美元。 2020財年業績強勁成長主要得益於以下幾個方面的貢獻：數位媒體業務營收達92.3億美元，年增20%；創意業務營收達77.4億美元，年增19%；Adobe Document Cloud營收達15億美元，較上年增長22%，全年數位媒體年度經常性收入（ARR）達101.8億美元，較上年增長18.5億美元；數位體驗業務營收在調整分部報告後達31.3億美元，年增12%；數位體驗訂閱收入達26.6億美元，年增17%。本年度我們創造了 57.3 億美元的營運現金流，RPO 成長了 15.2 億美元，並透過股票回購計畫向股東返還了 30 億美元現金。

Next, let me provide more information around our strategic cloud businesses. We'll begin with our Digital Media segment, starting with Creative Cloud.

接下來，我將詳細介紹我們的策略性雲端業務。我們先從數位媒體板塊開始，先介紹Creative Cloud。

We've highlighted a number of areas where we drove tremendous momentum in the creative business. We continue attracting new customers with approximately 75% of our subscribers in fiscal 2020 being new to our Creative Cloud franchise. Over 45 million students have access to Adobe Spark, nearly doubling since last year, showing how we're developing creative skills for the next generation. Mobile continues to be an important funnel for us with over 300 million mobile IDs created cumulatively and over 80% year-over-year growth in mobile units as mobile monetization has become an important driver of ARR growth. Premiere Pro, Adobe Stock service growth and new media types are an important customer acquisition vehicle for us.

我們重點介紹了在創意業務領域取得巨大成長的幾個方面。我們持續吸引新客戶，2020 財年約 75% 的訂閱用戶都是 Creative Cloud 產品線的新用戶。超過 4500 萬名學生可以使用 Adob​​e Spark，比去年幾乎翻了一番，這體現了我們如何為下一代培養創意技能。行動端仍然是我們重要的管道，累計行動 ID 已超過 3 億，行動端用戶數量較去年同期成長超過 80%，行動端變現已成為 ARR 成長的重要驅動力。 Premiere Pro、Adobe Stock 服務成長以及新媒體類型的出現，是我們重要的客戶獲取途徑。

Turning to revenue and ARR. We achieved another record year with our Creative Cloud. The Creative Cloud view shows an incredibly healthy business at scale with sustained revenue growth over the last several years. We continue to see significant user acquisition across creative professionals, communicators and consumers. And revenue growth from services such as Adobe Stock continues to be strong.

接下來談談收入和年度經常性收入 (ARR)。我們的 Creative Cloud 業務再創佳績。 Creative Cloud 業務發展勢頭強勁，規模龐大，過去幾年營收持續成長。我們持續看到創意專業人士、傳播者和消費者用戶數量的顯著增長。 Adobe Stock 等服務的營收成長也依然強勁。

Key creative growth drivers exiting fiscal 2020 include: new user growth fueled by organic traffic, which remains elevated, as well as targeted campaigns and promotions; demand for single apps, particularly our video and photography offerings; strong retention and engagement, which held at pre-COVID levels exiting the year; expansion into emerging markets; the gradual recovery in the SMB segment, driving demand for our team offering, including through the reseller channel; and ETLAs with educational institutions.

2020 財年末的關鍵創意成長驅動因素包括：自然流量推動的新用戶成長（該流量仍然很高），以及有針對性的活動和促銷；對單一應用程式的需求，特別是我們的視訊和攝影產品；強大的用戶留存率和參與度，在年底時保持在新冠疫情前的水平；向新興市場的擴張公司的擴張提供率； (ETLA)。

This is such a great slide because it shows the mix of our creative revenue in FY 2017 and FY 2020. Today, over 97% of our creative revenue is subscription-based revenue, while the business has grown 85%. Much of our success here comes from a deep understanding of our customers, which continues to drive high retention for us. As Scott and Abhay shared, this growth is also driven by our vast innovation engine across products and services as we expand into new markets.

這張投影片非常棒，因為它展示了我們2017財年和2020財年的創意收入組成。如今，我們超過97%的創意收入來自訂閱模式，業務成長了85%。我們取得如此成功很大程度上得益於對客戶的深刻理解，這持續推動我們維持高客戶留存率。正如Scott和Abhay所說，隨著我們拓展新市場，我們在產品和服務方面強大的創新引擎也推動了這一成長。

When you look at the makeup of ARR, a majority of the revenue continues to come from all app subscriptions across individual, team and enterprise, while a growing portion comes from single app subscriptions, consistent with our strategy of expanding our market opportunity as we attract new users in the consumer and communicator categories. With the most comprehensive set of creative offerings against every design category and service, we're using single apps and mobile as a proven on-ramp for new subscribers, while we continue to grow our all apps business across all segments and as an upsell opportunity for single app and mobile users. The strength of Creative Cloud is derived from our diversified and resilient business, with offerings tailored for everyone from individuals to small businesses, education and enterprises.

從年度經常性收入 (ARR) 的組成來看，大部分收入仍然來自個人、團隊和企業級的所有應用訂閱，而單應用訂閱的收入佔比也在不斷增長，這與我們拓展市場機會、吸引消費者和傳播者等新用戶的策略相符。我們擁有涵蓋所有設計類別和服務的最全面的創意產品組合，並已將單一應用程式和行動應用程式作為吸引新用戶的成熟管道。同時，我們也持續發展所有細分市場的所有應用業務，並將其作為單一應用程式和行動應用用戶的追加銷售機會。 Creative Cloud 的優勢源自於我們多​​元化且穩健的業務，我們為從個人用戶到小型企業、教育機構和大型企業的所有用戶量身打造產品和服務。

We also have a deep understanding of how our customers want to engage with us. And you can see here the slight mix shift towards individual offerings through adobe.com while we continue to grow our team and ETLA offerings.

我們也深入了解客戶希望如何與我們互動。您可以看到，隨著我們團隊和 ETLA 產品組合的不斷壯大，透過 adobe.com 提供的個人化產品和服務比例略有增加。

Next, we're going to move on to Document Cloud. This business is thriving and has continued significantly to -- contributed significantly to the company's success this year with over 70% of our channel units now being subscriptions. And over 75% of subscribers in fiscal 2020 being new to the Acrobat franchise. As with the creative business, our mobile strategy is driving Adobe ID creation at the top of the funnel, while mobile modernization is contributing to ARR growth. Our focus on acquiring new customers, coupled with our shift from perpetual base to subscriptions is working. The Document Cloud strategy of accelerating document productivity, going from paper to digital, is really resonating in the remote work environment. The Adobe Sign business has seen a growth inflection this year. In fact, we saw this inflection point before the pandemic hit, and we expect this trend to continue into FY 2021. As Gloria shared, we envision businesses with people working in flexible ways. Things will to not fall back to the way they were. To borrow Shantanu's phrase, the genie will not go back in the bottle. There's just an explosive opportunity for new user growth as we continue to capitalize on work-from-home or flexible work. We have multiple growth initiatives, including web-based PDF, Sign-as-a-service and the API economy that gives this business more legs.

接下來，我們將介紹 Document Cloud。這項業務蓬勃發展，並持續為該公司今年的成功做出重大貢獻——目前超過 70% 的通路單位為訂閱用戶。 2020 財年，超過 75% 的訂閱用戶是 Acrobat 系列產品的新用戶。與創意業務一樣，我們的行動策略正在推動 Adob​​e ID 在銷售漏斗頂端的創建，而行動現代化也促進了年度經常性收入 (ARR) 的成長。我們專注於獲取新客戶，並從永久訂閱模式轉向訂閱模式，這些舉措都取得了成效。 Document Cloud 旨在加速文件生產力，實現從紙本到數位化的轉變，這項策略在遠距辦公環境中引起了強烈共鳴。 Adobe Sign 業務今年實現了成長轉折點。事實上，我們在疫情爆發前就看到了這一拐點，並且我們預計這一趨勢將持續到 2021 財年。正如 Gloria 所說，我們設想未來的企業將允許員工以靈活的方式工作。一切都不會回到過去的樣子。借用Shantanu的話來說，這股勢頭無法逆轉。隨著我們持續利用居家辦公或彈性辦公模式，使用者成長將迎來爆炸性成長。我們擁有多項成長計劃，包括基於Web的PDF、簽名即服務以及API經濟，這些都將為業務發展注入更強勁的動力。

Turning to revenue and ARR. Document Cloud is another Adobe business that has powered past the $1 billion mark, approaching $1.5 billion in both revenue and ARR. It's just a tremendous opportunity ahead for us. The key Document Cloud growth drivers exiting fiscal 2020 include new user acquisition of Acrobat subscriptions across all customer segments. Monetization of our Reader installed base on mobile, demand for our subscription offerings across all geos and enterprise adoption, including strength in Adobe Sign. Keep in mind that we also offer Acrobat and PDF services through CC individual and all app subscriptions, which is another driver of growth in this business.

接下來談談營收和年度經常性收入 (ARR)。 Document Cloud 是 Adob​​e 另一項營收突破 10 億美元大關的業務，營收和 ARR 均接近 15 億美元。這對我們來說是一個巨大的發展機會。 2020 財年末，Document Cloud 的主要成長動力包括：所有客戶群中 Acrobat 訂閱用戶數量的成長；行動裝置 Reader 安裝量的商業化；全球各地對我們訂閱產品的需求；以及企業級應用的普及，其中 Adob​​e Sign 的強勁表​​現尤為突出。此外，我們還透過 CC 個人訂閱和所有應用程式訂閱提供 Acrobat 和 PDF 服務，這也是該業務成長的另一個驅動力。

Here, you can see the phenomenal growth that were driven on subscriptions. While the nonrecurring perpetual revenue accounts for a smaller portion of our revenue, it's in line with our strategy. This represents a continuing opportunity to transition that installed base over to subscriptions. And you can see that the total business has nearly doubled in the last 3 years and as we have transitioned more of the business to recurring revenue sources.

在這裡，您可以看到訂閱業務帶來的驚人成長。雖然非經常性永久收入在我們總收入中所佔比例較小，但這符合我們的策略。這代表著我們持續有機會將現有用戶群過渡到訂閱模式。您可以看到，在過去三年裡，隨著我們不斷將業務轉移到經常性收入來源，整體業務規模幾乎翻了一番。

Unlike Creative Cloud, for Document Cloud, we continue to offer perpetual as a vehicle to have people come to the franchise. We have the flexibility of our offering, given the breadth of our customer base, which has switched primarily to subscription.

與 Creative Cloud 不同，Document Cloud 我們仍提供永久授權，以此吸引使用者加入我們的特許經營體系。鑑於我們龐大的客戶群（他們大多已轉向訂閱模式），我們的產品具有很高的靈活性。

Looking at digital media as a whole, including both Creative and Document Cloud ARR, you have a view that any CFO would love to see. It's showing the stacking effect of recurring subscription revenue up into the right, ending the year with over $10 billion of annualized recurring revenue. When you think of the revenue base when we launched Creative Cloud less than a decade ago, it's amazing to see how we have expanded the market opportunity while transitioning nearly all of the revenue from perpetual to recurring. This shows you the power and durability of our subscription model. Numbers like this don't happen without an extremely sophisticated system: our data-driven operating model, which is purpose-built to acquire more customers across geographies and to engage and drive higher retention. DDOM, as we call it, is our weapon for finding and understanding the personalized offerings for our customers. Best part about DDOM is that we use our own software, Adobe Experience platform, to drive this, which brings me to the Digital Experience segment. Let's take a deeper look at Adobe's Digital Experience business.

從整體上看數位媒體，包括 Creative Cloud 和 Document Cloud 的年度經常性收入 (ARR)，您會看到任何財務長都夢寐以求​​的景象。圖表右側顯示了經常性訂閱收入的累積效應，最終使年度經常性收入超過 100 億美元。回想不到十年前我們推出 Creative Cloud 時的收入基礎，我們如今在拓展市場機會的同時，幾乎將所有收入從永久訂閱模式轉變為經常性訂閱模式，這令人驚嘆。這充分展現了我們訂閱模式的強大實力和持久性。如此輝煌的業績離不開極為精密的系統：我們以數據驅動的營運模式，旨在拓展全球客戶群，提升客戶參與度與留存率。我們稱之為 DDOM 的系統，是我們尋找並了解客戶個人化需求的利器。 DDOM 最強大的優勢在於，我們使用自主研發的軟體——Adobe Experience 平台——來驅動這一切，這也引出了數位體驗板塊。接下來，讓我們深入了解 Adob​​e 的數位體驗業務。

First of all, we were very excited to close the Workfront acquisition earlier this week, and we welcome the Workfront team to Adobe. When it comes to M&A at Adobe, we look at the technology and the people. Adobe has a great track record and history of acquiring companies, driving synergies and accelerating growth. With Workfront, we're focused on our ability to accelerate growth through the marketing use case. As Anil shared, what's particularly exciting for us is that we have the opportunity to create an industry-leading marketing system of record. We're confident that our shareholders and customers will get maximum value, and this is a huge opportunity to accelerate subscription revenue growth for years to come.

首先，我們非常高興在本週早些時候完成了對 Workfront 的收購，並熱烈歡迎 Workfront 團隊加入 Adob​​e。在 Adob​​e 進行併購時，我們主要專注於技術和人才。 Adobe 在收購公司、推動綜效和加速成長方面擁有卓越的業績和豐富的經驗。對於 Workfront，我們專注於透過其行銷應用程式場景來加速成長。正如 Anil 所說，最令我們興奮的是，我們有機會打造一個業界領先的行銷記錄系統。我們相信，我們的股東和客戶將從中獲得最大價值，而這也將為我們未來幾年加速訂閱收入成長提供絕佳機會。

Workfront represents a sizable addressable market for digital experience. The targets we are providing for FY '21 and Q1 are inclusive of Workfront, and we are looking forward to hitting the ground running, integrating the business in our Digital Experience segment and expanding our opportunity with customer experience management.

Workfront 代表數位體驗領域一個規模可觀的潛在市場。我們為 2021 財年和 2021 年第一季設定的目標均已包含 Workfront 的業務，我們期待著迅速啟動該項目，將其整合到我們的數位體驗板塊中，並拓展我們在客戶體驗管理方面的業務機會。

Digital Experience is a category we created a little over a decade ago, bridging from content creation all the way to marketing execution, measurement, optimization and modernization. This year, we achieved $3.13 billion in segment revenue, but more importantly, we have seen digital transformation and customer experience management resonating with our enterprise customers. More than ever before for enterprises to succeed and provide the sort of personalized real-time experiences their customers expect, they require a technology partner that can help them transform their businesses the way we reinvented our own Digital Media business with our data-driven operating model and focus on customer experience management. In my conversations with my peers across the C-suite, it's clear, no matter their industry, they recognize the value in the digital transformation investment. And you can see the momentum here when you look at the makeup of our top 100 customers and accounts, where in 2020, approximately 93% of those customers are using 3 or more of our solutions, and the average ARR has more than doubled over the last 5 years.

數位體驗是我們十多年前創立的一個類別，它涵蓋了從內容創作到行銷執行、效果衡量、優化和現代化等各個環節。今年，我們實現了31.3億美元的業務收入，但更重要的是，我們看到數位轉型和客戶體驗管理理念引起了企業客戶的廣泛共鳴。如今，企業要想取得成功，並提供客戶期望的個人化即時體驗，比以往任何時候都更需要一個技術合作夥伴，幫助他們實現業務轉型，就像我們透過數據驅動的營運模式和對客戶體驗管理的專注，重塑了自身的數位媒體業務一樣。在與各產業主管的交流中，我清楚感受到，無論他們身處哪個產業，他們都體認到數位轉型投資的價值。從我們前100大客戶和帳戶的組成中，我們可以看到這種強勁的發展勢頭：2020年，約93%的客戶正在使用我們3個或更多解決方案，而平均年度經常性收入（ARR）在過去5年中增長了一倍以上。

We've talked a lot about our focus on growing subscription SaaS revenue in this business. And you can see here how our focus on driving subscription revenue has driven segment growth over a multiyear period. The growth in our Digital Experience business has been driven across subscription offerings with particular strength in enterprise adoption of content and commerce offerings, including AM cloud service. Our Adobe Experience platform is gaining tremendous traction with a number of referenceable customers such as Verizon, creating momentum. And we're also seeing continued recovery in the mid-market following the macroeconomic challenges we saw there early in the pandemic.

我們多次強調了我們在這個業務領域專注於提升訂閱式SaaS收入的重要性。您可以看到，我們對訂閱收入的重視是如何在過去幾年中推動了各個細分市場的成長。我們的數位體驗業務成長主要得益於訂閱產品的普及，尤其是在企業採用內容和商務產品方面表現強勁，包括AM雲端服務。我們的Adobe Experience平台正獲得許多知名客戶的青睞，例如Verizon，並由此形成強勁的成長勢頭。此外，我們也看到，在經歷了疫情初期宏觀經濟挑戰之後，中端市場持續復甦。

Looking at the business by revenue type. Since 2018, we've held the services and other categories relatively flat, as we said we would, as we have focused on growing the recurring subscription SaaS revenue which has grown at a 29% CAGR since 2018. In order to accomplish this, we've continued our strategy of leveraging the partner ecosystem that Anil talked about earlier, relying on those partners to implement our solutions and provide services to help our enterprise customers realize the value we are delivering.

按收入類型來看，自 2018 年以來，我們一直保持服務和其他類別的收入相對穩定，正如我們之前所承諾的那樣，因為我們專注於提升經常性訂閱 SaaS 收入，該收入自 2018 年以來實現了 29% 的複合年增長率。為了實現這一目標，我們繼續推行 Anil 先前提到的合作夥伴生態系統策略，依靠這些合作夥伴來實施我們的解決方案並提供服務，從而幫助我們的企業客戶實現我們所創造的價值。

Here's a view of the revenue mix by category across our 3 strategic growth pillars of customer journey management, content and commerce, and data and insights. These are all market-leading solutions that are fundamentals with customer experience management, which we built on a common data and content platform. The growth in these businesses is driven by customer demands to help maintain a digital presence and transact online, deliver personalized experiences to their customers and unify and activate their data. With an $85 billion market opportunity, we are investing to drive long-term growth in these categories. And our comprehensive set of solutions and innovations in the platform puts us years ahead of the competition and solving these challenges for the enterprise.

以下是我們三大策略成長支柱——客戶旅程管理、內容與商務以及數據與洞察——各類別收入構成概覽。這些都是市場領先的解決方案，也是客戶體驗管理的基礎，而我們正是基於一個通用的數據和內容平台來建構了這個體系。這些業務的成長源自於客戶的需求，他們希望幫助企業維護數位形象、進行線上交易、為客戶提供個人化體驗，並整合啟動自身數據。面對高達 850 億美元的市場機遇，我們正在加大投資，以推動這些領域的長期成長。我們平台上的全面解決方案和創新技術使我們領先競爭對手數年，並能有效解決企業面臨的這些挑戰。

Now let's focus a little bit more on the income statement and cash flow and our capital allocation strategy. There's another slide most people also love to see, which is revenue growth and margin expansion both on a GAAP and a non-GAAP basis, with non-GAAP operating margin well over 40% for the year. Contributing to our margin expansion has been the sustainable revenue growth that we have worked on for decades; the operating leverage in our subscription model and our strategic decision to exit the transactional advertising cloud business; as well as actions taken in response to the COVID pandemic and related cost savings associated with travel and reduced facilities operations. When we get to our FY '21 targets, I'll provide some color on how you should think about those savings in those categories specifically going forward.

現在讓我們更深入地了解損益表、現金流量表以及我們的資本配置策略。還有一張投影片，也是大家非常關注的，那就是以GAAP和非GAAP準則計算的營收成長和利潤率擴張情況，其中非GAAP營業利潤率全年遠超過40%。利潤率擴張的背後，是我們數十年來持續推進的可持續收入成長；訂閱模式的營運槓桿效應；以及我們退出交易型廣告雲業務的戰略決策；此外，我們還採取了應對新冠疫情的措施，並因此節省了差旅和設施運營成本。在談到2021財年目標時，我會詳細說明這些類別的成本節約將如何影響未來的發展。

Here, you can see the balance of RPO, which grew 15% year-over-year, exiting fiscal 2020. This represents contracted business that is committed to flow into revenue in the future, making our revenue sources extremely predictable. The components of RPO are deferred revenue and unbilled backlog. And as we noted earlier this year, we've seen a mix shift from deferred revenue to unbilled backlog in fiscal 2020 as more of our digital media business has come through adobe.com, where subscriptions are billed monthly rather than invoiced annually in advance, meaning they don't hit deferred revenue the way a lot of our channel and enterprise business would. As a result, the strength in acquisition on Adobe.com continues to drive the mix shift from deferred revenue to unbilled backlog.

此處顯示的是 RPO 的餘額，截至 2020 財年末，RPO 年比成長 15%。這代表已簽訂合約的業務，承諾未來將轉化為收入，使我們的收入來源具有極高的可預測性。 RPO 由遞延收入和未開票積壓訂單組成。正如我們今年稍早提到的，隨著更多數位媒體業務透過 adobe.com 平台拓展，我們在 2020 財年看到了收入結構從遞延收入向未開票積壓訂單的轉變。 adobe.com 的訂閱費用按月結算，而非按年預付，這意味著它們不會像我們的許多管道和企業業務那樣計入遞延收入。因此，Adobe.com 平台強勁的客戶獲取勢頭持續推動收入結構從遞延收入轉向未開票積壓訂單的轉變。

Moving to cash flow. In fiscal 2020, we saw an acceleration of our operating cash flow growth, achieving a record $5.73 billion for the year. In terms of uses of cash, we continue to prioritize investment in growing the business, both organically as well as through inorganic opportunities like the acquisition of Workfront. And as always, we focus on returning capital to shareholders through our stock repurchase program.

接下來談談現金流。在2020財年，我們的經營現金流成長加速，全年達到創紀錄的57.3億美元。在現金用途方面，我們將繼續優先投資於業務成長，包括內生成長以及透過收購Workfront等外延成長機會。同時，我們一如既往地致力於透過股票回購計畫向股東返還資本。

Exiting FY '20, we had approximately $6 billion of cash and short-term investments as well as an unused $1 billion credit facility. This is a healthy liquidity position with an investment-grade credit rating and plenty of debt capacity. And as I mentioned, we have a long track record of making sure we return excess cash to our shareholders through structured repurchases. On that point, you can see how we have continued increasing our investment in stock repurchases, reducing the share count over time. Today, we're announcing a new $15 billion repurchase authority in addition to the amount remaining under our current authority, which will run through the end of fiscal 2024, demonstrating our commitment to accelerating the return of capital to investors.

截至2020財年末，我們擁有約60億美元的現金和短期投資，以及10億美元的未動用信貸額度。這反映了我們健康的流動性狀況，同時保持投資等級信用評級和充足的債務融資能力。正如我之前提到的，我們長期以來一直致力於透過結構化股票回購將剩餘現金回饋給股東。由此可見，我們一直在增加股票回購的投資，並逐步減少回購股份數量。今天，我們宣布新增150億美元的回購授權，加上現有授權額度（有效期至2024財年末），這充分體現了我們加速向投資者返還資本的決心。

Now I'd like to cover how you should think about financial strategy and our addressable markets, which underpin our preliminary targets for FY '21. Let's start with our strategy. I'm going to touch on a few things on this slide.

現在我想談談你們應該如何看待財務策略和我們的目標市場，這構成了我們2021財年初步目標的基礎。我們先從戰略說起。我將在這張投影片上簡要介紹幾個方面。

Adobe has a unique financial profile that we've discussed that drives our strategy. We invest for top line growth. And our operational discipline drives margin expansion and earnings growth over the long term. With a diversified portfolio of leading products and services, we are investing to drive continued top line growth and expand into new categories with the massive market opportunity that's in front of us. We're accelerating our growth, are -- with the investments that we have made in new businesses such as Adobe Stock, Sign and our mobile applications, which have contributed over $500 million of ARR growth since 2017.

Adobe 擁有獨特的財務狀況，我們之前也討論過，這正是我們策略的驅動力。我們投資是為了實現營收成長。而我們嚴謹的營運管理則推動了利潤率的提升和長期的獲利成長。憑藉多元化的領先產品和服務組合，我們正在加大投資，以推動營收持續成長，並抓住眼前巨大的市場機遇，拓展至新的領域。我們正在加速成長——這得益於我們對 Adob​​e Stock、Sign 和行動應用程式等新業務的投資，自 2017 年以來，這些業務已貢獻了超過 5 億美元的年度經常性收入 (ARR) 成長。

With data-driven dynamic planning capabilities, we exercised disciplined spend management principles with focus on margin expansion and long-term earnings growth. We focus on integrating acquisitions quickly to ensure the same organic operating discipline is embedded in newly acquired businesses. And strict management of our balance sheet, prudent use of debt financing and cash has driven exceptional operating cash flow growth for many years, affording Adobe the opportunity to continue to invest in our existing businesses and capture promising inorganic growth opportunities and return capital to shareholders.

憑藉數據驅動的動態規劃能力，我們奉行嚴格的支出管理原則，專注於利潤率提升和長期獲利成長。我們致力於快速整合收購項目，確保新收購的業務也能秉持同樣的內部營運紀律。多年來，嚴格的資產負債表管理、審慎的債務融資和現金使用，推動了卓越的經營現金流增長，使Adobe能夠持續投資現有業務，把握前景廣闊的非內生增長機遇，並為股東帶來豐厚回報。

As you've heard earlier in today's presentations, we have updated our addressable markets, and you can see that we are excited to capture the opportunity ahead through the extensive list of growth drivers and product innovations across Creative Cloud, Document Cloud and Experience Cloud.

正如您在今天早些時候的演講中聽到的那樣，我們已經更新了我們的目標市場，您可以看到，我們非常高興能夠透過 Creative Cloud、Document Cloud 和 Experience Cloud 的一系列成長驅動因素和產品創新來抓住未來的機會。

With Creative Cloud, we're driving continued growth through broader customer segments by reaching beyond creative professionals to communicators and consumers, and by engaging and inspiring our creative community to drive customer lifetime value. With Document Cloud, we see growth inflection through acquiring and monetizing new customers across desktop, mobile and web. And finally, we continue to leverage and build upon our data-driven operating model to manage the business in real time. All this leads to the $62 billion addressable market for Digital Media in 2023.

透過 Creative Cloud，我們透過拓展客戶群，從創意專業人士擴展到傳播者和消費者，從而推動持續成長；同時，我們也透過激勵和啟發創意社群，提升客戶終身價值。借助 Document Cloud，我們透過在桌面、行動和網路平台獲取新客戶並實現盈利，實現了成長轉折點。最後，我們將繼續利用並完善數據驅動的營運模式，以即時管理業務。所有這些都將助力我們在 2023 年實現 620 億美元的潛在數位媒體市場規模。

Likewise, with the most comprehensive set of solutions for customer experience management applications and services and the addition of Workfront, our addressable market for Digital Experience has grown. We expect to drive multiyear growth in the data and insights category with our scaled next-generation customer data platform. The segment change we made in Q4 reflect the way we manage our business and our strategic focus. The Digital Experience organization is optimized to drive subscription and SaaS revenue growth while gaining share of an $85 billion addressable market for Digital Experience.

同樣，憑藉最全面的客戶體驗管理應用和服務解決方案，以及Workfront的加入，我們在數位體驗領域的潛在市場規模不斷擴大。我們期望透過規模化的下一代客戶數據平台，推動數據和洞察領域的多年成長。我們在第四季度進行的業務調整體現了我們的業務管理方式和策略重點。數位體驗部門已優化，旨在推動訂閱和SaaS收入成長，同時在價值850億美元的數位體驗潛在市場中佔據更大份額。

Before getting into our fiscal 2021 targets, I want to walk through some of the assumptions we've built in. We expect to see continued gradual macroeconomic improvement during the year, and as such, we are modeling continued recovery for the small and medium businesses into FY '21, which was a segment that was hit particularly hard early in the pandemic and then showed signs of improvement during Q3 and Q4. We anticipate an increase in our effective tax rate due to additional taxes on our foreign operations, following the changes we made to our international trading structure in FY '20. Our FY '20 tax rate included onetime benefits to recognize deferred tax assets resulting from these changes. These deductible assets will be amortized over a multiyear period, lowering our cash tax rate over that time.

在介紹我們2021財年的目標之前，我想先說明我們所做的一些假設。我們預期宏觀經濟將在年內持續逐步改善，因此，我們預期中小企業將在2021財年繼續復甦。中小企業在疫情初期遭受重創，但在第三季和第四季已顯現出復甦跡象。由於我們在2020財年調整了國際貿易結構，導致海外業務需繳納額外稅款，我們預期實際稅率將會上升。 2020財年的稅率包含了因這些調整而產生的一次性遞延所得稅資產收益。這些可抵扣資產將在多年內攤銷，從而降低我們在此期間的現金稅率。

Targets include initial estimates associated with our acquisition of Workfront. These estimates involve numerous assumptions, given the purchase accounting process has not been completed. The purchase accounting is expected to result in an increase to amortization of intangible assets, and a significant deferred revenue haircut, resulting in an expected contribution of about $25 million to Q1 revenue. And as you know, we measure ARR on a constant-currency basis during the fiscal year, and revalue ARR at year-end for current currency rates. FX changes between December of 2019 and this year have resulted in a $77 million increase in Digital Media ARR. The effect of this revision is reflected in our updated investor data sheet. ARR results this year will be measured against this amount during FY '21.

目標包括與我們收購 Workfront 相關的初步估算。鑑於收購會計處理尚未完成，這些估算是基於許多假設。預計收購會計處理將導致無形資產攤銷增加，以及遞延收入大幅減少，預計將使第一季收入減少約 2,500 萬美元。如您所知，我們在財政年度內以固定匯率計算年度經常性收入 (ARR)，並在年末以當前匯率重新評估 ARR。 2019 年 12 月至今年期間的匯率變動導致數位媒體 ARR 增加了 7,700 萬美元。此項調整的影響已反映在我們更新後的投資者資料表中。 2021 財年的 ARR 業績將以金額為基準進行衡量。

The cost savings associated with the current remote work environment will continue into the first half of FY '21. In terms of OpEx growth, we will be investing in top line growth opportunities, and our hiring is expected to return to an ordinary pace, particularly for R&D and sales and marketing roles. And we expect T&E and facilities expenses to ramp in the second half as things open back up.

目前遠距辦公模式帶來的成本節約將持續到2021財年上半年。在營運支出成長方面，我們將投資於營收成長機會，預計招聘將恢復正常水平，尤其是在研發、銷售和行銷職位。隨著各行各業逐步恢復正常，我們預計下半年差旅費和設施費用將會增加。

Lastly, FY '21 is a 53-week fiscal year for us, with the additional week falling in Q1. As we noted in the press release, we estimate the extra week will benefit Q1 with approximately $240 million in additional revenue over a 13-week quarter as well as an additional $25 million in net new Digital Media ARR.

最後，2021財年對我們來說是53週的財年，多出的一週落在第一季。正如我們在新聞稿中提到的，我們預計這多出的一周將使第一季受益，在13週的季度內增加約2.4億美元的收入，以及新增2500萬美元的數位媒體年度經常性收入淨額。

So with further ado -- without further ado, I should say, here are the targets we are providing for fiscal year 2021.

那麼，無需贅言——或者應該說，無需贅言，以下是我們為 2021 財年設定的目標。

Total Adobe revenue of approximately $15.15 billion; Digital Media segment year-over-year revenue growth of approximately 19%; net new Digital Media ARR of approximately $1.75 billion; Digital Experience segment year-over-year revenue growth of approximately 19%; Digital Experience subscription revenue year-over-year growth of approximately 22%; a tax rate of approximately 19% on a GAAP basis and 17.5% on a non-GAAP basis; share counts of approximately 482 million shares; GAAP earnings per share of approximately $8.57; and non-GAAP earnings per share of approximately $11.2.

Adobe 總營收約 151.5 億美元；數位媒體部門營收年增約 19%；新增數位媒體年度經常性收入淨額約為 17.5 億美元；數位體驗部門營收年增約 19%；數位體驗訂閱收入年增約 22%；以美國通用會計準則 (GAAP) 計算的標準約為 19%，以美國通用會計準則 (APAP) 計算的標準約為 19%，以美國通用會計準則 (APAP) 計算的標準約為 19%， 17.5%；股份數量約為 4.82 億股；以美國通用會計準則 (GAAP) 計算的每股收益約為 8.57 美元；按非美國通用會計準則 (non-GAAP) 計算的每股收益約為 11.2 美元。

For Q1 of FY '21, we are targeting revenue of approximately $3.75 billion, with Digital Media segment year-over-year revenue growth of approximately 26%; net new digital media ARR of approximately $410 million; Digital Experience segment year-over-year revenue growth of approximately 19%; Digital Experience year-over-year subscription revenue growth of approximately 22%; tax rate of approximately 15.5% on a GAAP basis and 17.5% on a non-GAAP basis; share counts of approximately 484 million shares, GAAP earnings per share of approximately $2.19; and non-GAAP earnings per share of approximately $2.78.

2021財年第一季度，我們的目標是營收約為37.5億美元，其中數位媒體部門營收年增約26%；新增數位媒體年度經常性收入淨額約為4.1億美元；數位體驗部門營收年增約19%；數位體驗部門訂閱營收年增約22%；按美國會計準會計量準通用會計則（GAAP）計算的稅率約為15.5%，以非美國通用會計準則（non-GAAP）計算的稅率約為17.5%；股份數量約為4.84億股；以美國通用會計準則計算的每股收益約為2.19美元；以非美國通用會計準則計算的每股收益約為2.78美元。

In terms of seasonality, while 2020 was not a typical year given the pandemic, resulting in a particularly strong Q3 with everybody working from home as we spoke about last quarter, we're assuming things open back by the summer of 2021. And we would expect Digital Media net new ARR in FY '21 to grow sequentially from Q1 to Q2; dip seasonally in Q3, as we have experienced in the past; and have a strong finish to Q4 as we typically do. And in terms of EPS growth, we expect strong growth in Q1, followed by more modest growth in quarters 2, 3 and 4 as we lap the COVID-related savings from FY '20 as well as resulting from higher effective tax rates in fiscal '21.

就季節性而言，儘管2020年受疫情影響並非尋常之年，正如我們上季度所述，由於大家都在家辦公，第三季度業績表現尤為強勁，但我們預計到2021年夏季，一切將恢復正常。我們預計2021財年數位媒體新增年度經常性收入（ARR）將環比成長，從第一季到第二季；第三季將出現季節性下滑，正如我們以往的經驗；第四季將如往常一樣強勁收官。就每股盈餘（EPS）成長而言，我們預計第一季將實現強勁成長，隨後第二、三、四季成長將較為溫和，因為我們將逐步消化2020財年與疫情相關的成本節約，以及2021財年實際稅率上升帶來的成本增加。

To wrap up, Adobe saw a record performance in FY '20, something we're all proud about. And the business momentum is strong as we look towards FY '21. And we continue to be the market leader, delivering growth and expanding margin at scale, and in fact, record profit and cash flow. We have a large expanding market opportunity as we've shared, and we're driving category creation and expansion, innovations and growing customer universe targeting over $15 billion in revenue over the next 12 months, and we are a disciplined operator with a proven track record for driving long-term top line and bottom line growth.

總而言之，Adobe在2020財年取得了創紀錄的業績，我們為此感到無比自豪。展望2021財年，業務發展動能依然強勁。我們繼續保持市場領先地位，實現了規模化成長和利潤率提升，事實上，我們的利潤和現金流均創歷史新高。正如我們先前所分享的，我們擁有龐大的市場成長機會，我們正在推動品類創新和拓展，不斷擴大客戶群體，目標是在未來12個月內實現超過150億美元的營收。我們是一家營運嚴謹、業績卓著的公司，擁有推動長期營收和利潤成長的可靠記錄。

Now we're going to go to a short video, and then Jonathan will kick off the Q&A.

接下來我們將播放一段短視頻，然後喬納森將開始問答環節。

(presentation)

（推介會）

What a great video. I certainly can't imagine staying productive without Adobe Sign and Adobe Acrobat. Thanks, John.

這段影片太棒了！我簡直無法想像沒有 Adob​​e Sign 和 Adob​​e Acrobat 我該如何有效運作。謝謝你，約翰。

We are now going to move to live Q&A with all 6 of our executive speakers. (Operator Instructions) With that, operator, we'll take the first question.

現在我們將進入現場問答環節，六位主講嘉賓將接受提問。 （操作員指示）那麼，操作員，我們開始第一個問題。

(Operator Instructions) We can now take our first question from Brent Thill of Jefferies.

（操作員說明）現在我們可以回答來自 Jefferies 的 Brent Thill 的第一個問題。

Thank you for the great overview today. Shantanu, there have been some investor questions just on the current quarter around Digital Media. And the percentage of upside relative to plan was a little lower than some had thought. Many are asking, is there anything to consider in the Digital Media business for the quarter? And then maybe more importantly, looking into next year on Digital Experience, it seems like you're seeing some great momentum. Maybe Anil can talk about what is driving that increased confidence and momentum in that business.

感謝您今天精彩的概述。 Shantanu，投資人對本季數位媒體業務有一些疑問。實際成長幅度略低於預期。許多人都在問，本季數位媒體業務有哪些值得關注的地方？更重要的是，展望明年數位體驗業務，您似乎看到了強勁的發展勢頭。 Anil能否談談是什麼因素推動了該業務信心的增強和成長勢頭？

Sure. I'm happy to answer both questions and give you some color. First, is it related to Digital Media, I mean, we had record Q4 performance in Digital Media. $548 million in net new ARR, which is just phenomenal performance. I would say both Q3 and Q4 were very strong. And certainly, I think when you look at the back half of the year, as it relates to Digital Media, it was incredible performance. And when you look at our Q1 targets as well as when you look at the targets for the entire fiscal 2021, as you know, these are the highest targets that we have given at the beginning of the year. And so the growth drivers that we see in Digital Media just continue unabated, everything from acquiring customers, upselling them. I think we tried, therefore, to give you real color between the individual apps and the full apps. And our data-driven operating model allows us to be pretty sophisticated. And so relative even to our targets for Q4, as far as we're concerned, it was a beat, which showed the momentum that we had in the business.

當然。我很樂意回答這兩個問題，並為您詳細解釋。首先，這是否與數位媒體有關？我的意思是，我們在數位媒體領域取得了創紀錄的第四季業績。淨新增年度經常性收入 (ARR) 達到 5.48 億美元，這簡直是驚人的成績。我認為第三季和第四季都非常強勁。當然，我認為，就下半年而言，數位媒體的表現也令人難以置信。如您所知，我們年初設定的目標以及 2021 財年的目標都是最高的。因此，我們看到數位媒體的成長動力持續強勁，從客戶獲取到追加銷售，各個方面都保持著強勁勢頭。因此，我認為我們試圖讓您更清楚地了解各個應用程式和整個應用程式之間的差異。我們以數據驅動的營運模式使我們能夠非常有效率地開展工作。因此，即使相對於我們第四季度的目標，就我們而言，也超出了預期，這表明我們在業務方面擁有強勁的成長勢頭。

So digital media ARR, nothing. We continue to believe in the expansion of the total addressable market and really pleased with our performance. It relates to Digital Experience as well, I mean, I think the momentum -- there, what happened was clearly in Q2 and Q3, as all companies were dealing with the pandemic, what was top of mind was customer continuity and safety of the employees. As soon as that pivoted, everybody was talking about digital is the only way out of the pandemic. And so they started to look at who are the clear leaders in customer experience management. And the conversations really accelerated for us. That was the momentum. The Adobe Experience platform being a clear leader, which is why, as you look at our expectations for 2021 and what we believe will continue to be accelerating beyond that. We're pleased. And net-net, we're really excited about our 2021 targets.

所以，數位媒體年度經常性收入（ARR）方面，沒有任何變化。我們仍然相信潛在市場總量會不斷擴大，並且對我們的業績非常滿意。這同樣適用於數位體驗，我的意思是，我認為成長勢頭——很明顯，在第二季度和第三季度，所有公司都在應對疫情，首要考慮的是客戶連續性和員工安全。一旦情況發生轉變，大家都在談論數位化是擺脫疫情的唯一出路。因此，他們開始尋找客戶體驗管理領域的領導者。而這確實加速了我們與這些企業的交流。這就是成長勢頭。 Adobe Experience平台顯然處於領先地位，這就是為什麼，當我們展望2021年以及我們認為未來將繼續加速成長的趨勢時，我們感到非常滿意。總而言之，我們對2021年的目標感到非常興奮。

And our next question comes from Brad Zelnick of Crédit Suisse.

下一個問題來自瑞士信貸的布拉德·澤爾尼克。

Excellent. And Jonathan, no disrespect to Mike, but I think your tenth year, you've delivered a great event. So thank you for that. And it's clear that the best is yet to come from Adobe.

太棒了。喬納森，我無意冒犯麥克，但我覺得你舉辦的第十年活動非常成功。非常感謝。顯然，Adobe 未來還有更大的發展空間。

I have 1 question for Shantanu and another for John. For Shantanu, Shantanu, I'm struggling a bit to reconcile the optimism expressed by the growth rates in what are, no doubt, very large, very exciting markets in which you participate, and in many cases, lead. But your growth expectations and current run rates would suggest you expect to lose share across the board. So just curious if you think that's a fair observation of what I might be missing.

我有一個問題想問Shantanu，另一個問題想問John。 Shantanu，我有點難以理解你對你所參與的市場（毫無疑問，這些市場規模龐大、充滿活力，而且在很多情況下你都處於領先地位）的增長率所表現出的樂觀態度。但你的成長預期和目前的運行速度表明你預計會全面失去市場份額。所以我想知道你是否認為我的這種看法是合理的，或者我是否忽略了什麼。

And for John, John, I wanted to ask about Slide 112 in the deck, which you presented about Creative Cloud. How should we think about conversion of single app to all apps? And what are some levers here to highlight the value of the entire Creative Cloud suite? And maybe just related to that, what's the non-genuine usage opportunity that's left?

約翰，我想問你幻燈片112中關於Creative Cloud的內容。我們應該如何看待從單一應用程式到所有應用程式的轉換？有哪些方法可以凸顯整個Creative Cloud套件的價值？另外，還有什麼其他未被充分利用的機會？

Yes. And I'll start off with that. And like you said, we appreciate the leadership that Jonathan has showed in helping pull together what is hopefully the only virtual event that we do, and we can get back to more normalcy next year.

是的。我就先說這一點。正如您所說，我們非常感謝喬納森展現出的領導力，他幫助我們成功舉辦了這次線上活​​動（希望這是我們唯一一次舉辦線上活動），希望明年我們能恢復正常。

I think as it relates to the opportunities that we have in the market and how we are thinking about it, we're certainly the market leaders and in each one of the categories that we are talking about. First, why we don't think it's a zero-sum game. We're actually continuing to be the leader in each one of those categories. So I don't know specifically how you're looking at it and feeling like we're not. But we are actually gaining market share, and we've become the true end-to-end leader, whether it's on the creative side, as it relates to the entire category of applications. Certainly, I think in digital experience, you're going to see a consolidation of where all of these solutions are done, the experience platform, what we said around customer data and insights. So we're excited about our prospects. And in each 1 of them, we continue to believe that we will be #1, and we'll continue to gain market share. So that's really the way that we look at it in terms of the expansion opportunity ahead of us.

我認為，就我們在市場上的機會以及我們對機會的思考而言，我們無疑是市場領導者，而且在我們談到的每個類別中都是如此。首先，我們不認為這是零和遊戲。事實上，我們在每個類別中都保持著領先地位。所以我不太明白您是如何看待這個問題，以及為什麼您覺得我們不是領導者。但實際上，我們正​​在不斷擴大市場份額，並且已經成為真正的端到端領導者，無論是在創意方面，還是在整個應用領域。當然，我認為在數位體驗方面，所有這些解決方案的實現方式，包括體驗平台、我們之前提到的客戶數據和洞察，都將實現整合。因此，我們對未來的發展前景充滿信心。我們始終相信，在每個領域，我們都將繼續保持領先地位，並不斷擴大市場份額。這就是我們對未來擴張機會的看法。

And in terms of Creative Cloud and conversion of single apps to all apps, it's -- as we said, we've got so many opportunities to attract different customers and different types of customers to the platform. And we're definitely growing our communicator segment and the consumer segment.

至於 Creative Cloud 以及將單一應用程式轉換為所有應用程序，正如我們所說，我們有很多機會吸引不同類型的客戶使用這個平台。而且，我們的傳播者群體和消費者群體都在穩定成長。

But as we've seen, particularly in the -- during the pandemic and the work-from-home, the need to create and use digital solutions to do that is really touching so many different segments of customers. So the value there for us, obviously seen in the growth of ARR overall, is fantastic and gives us an opportunity to continue to monetize access to that base of customers over time.

但正如我們所見，尤其是在疫情期間和居家辦公模式下，創建和使用數位化解決方案的需求確實影響了許多不同的客戶群。因此，對我們而言，這方面的價值顯而易見，從年度經常性收入 (ARR) 的整體成長中可見一斑，這為我們提供了一個機會，讓我們能夠隨著時間的推移，持續地將觸達這部分客戶群的管道變現。

We don't -- we haven't sized the non-genuine environment in a very long time. It's probably a sizable opportunity. But we chip away at that when we have a very good entry price point for a single apps for customers that may be using non-genuine product and so as we see the innovations that are available with our cloud-based solutions and our mobile solutions, it's certainly a way that attracts people that may not have even realized they were using non-genuine product. It actually is the most up-to-date innovative products that we have.

我們很久沒有評估非正版市場規模了。這可能是個相當大的市場機會。但我們會逐步蠶食這個市場，因為我們為那些可能正在使用非正版產品的客戶提供極具吸引力的單款應用程式。隨著我們基於雲端的解決方案和行動解決方案不斷創新，這無疑會吸引那些可能甚至沒有意識到自己正在使用非正版產品的用戶。事實上，這些都是我們目前最先進的創新產品。

So it's really an important aspect for us, Brad, in terms of addressing all of the different segments that we can address and attract more and more people to the franchise.

所以，布拉德，這對我們來說確實是一個重要的方面，因為它關係到我們能夠接觸到的所有不同群體，並吸引越來越多的人加入我們的特許經營體系中。

And we will now take our next question from Mark Moerdler from Bernstein Research.

接下來，我們將回答來自伯恩斯坦研究公司的馬克‧莫德勒提出的問題。

Congratulations on the quarter. Adobe has been very thoughtful and measured in modeling your TAM in the past. And as you've written, the TAM has been a really good leading indicator of future growth. I think most would find the large year-over-year TAM expansion, specifically for Creative Cloud, is a bit surprising. Can you give us some more color on what you're modeling in that's driving such a big TAM expansion? Why you feel so confident? What's changed? Any color would be appreciated.

恭喜貴公司本季業績出色。 Adobe 過去在建立 TAM 模型方面一直非常謹慎周全。正如您所寫，TAM 一直是預測未來成長的重要指標。我認為大多數人都會對 TAM 的同比大幅增長感到有些意外，尤其是 Creative Cloud 的 TAM。能否詳細介紹一下推動 TAM 如此大幅成長的模型基礎？您為何如此自信？究竟發生了哪些變化？任何資訊都將不勝感激。

Sure, Mark. As you know, and you've followed us for a while, we take our addressable market very seriously. And unlike some companies who just throw the kitchen sink and what they believe is their addressable market. And so let me touch a little bit on when you look at digital media and the TAM, some of the growth vectors.

當然，馬克。如你所知，你也關注我們一段時間了，我們非常重視目標市場。不像有些公司那樣，把所有能想到的東西都一股腦地塞進他們認為的目標市場裡。所以，我想簡單談談數位媒體和目標市場，以及一些成長點。

With mobile, firstly, mobile has become, we talked about the 300 million IDs that we've already created. And mobile's become a pretty impressive funnel in terms of both attracting new customers to the platform, the ways in which we are monetizing the mobile-only services, but how that also serves as an on ramp. And this was one that until we had real offerings in the mobile space and the ability to have these multi-surface. We also have storage options in terms of some of our products across multiple surfaces. So that's clearly 1 of the drivers that is continuing to grow.

首先，就行動端而言，正如我們之前提到的，我們已經創建了3億個ID。行動端已成為一個相當重要的管道，它不僅能吸引新客戶加入平台，還能幫助我們實現行動端專屬服務的獲利，同時也是一個重要的用戶入口。在此之前，我們在行動領域擁有真正的產品，並且能夠實現多平台訪問，而行動端正是我們實現這一目標的關鍵所在。此外，我們也為部分產品提供了跨平台儲存選項。顯然，行動端是推動業務持續成長的主要因素之一。

I think as the nature of our products target the communicators in addition to the creative pros and the consumers, all of these applications as well, we feel like that's another part of the addressable opportunity. Certainly, what we've seen with Stock, the business is doing really well. And this notion of a content-first authoring paradigm where people start to author the content using a piece of content, we think that, that also drives further acceleration in that particular business. The amount of stakeholders, you have seen us deliver more and more collaboration services, and the collaboration services allow us to also monetize that.

我認為，由於我們的產品不僅面向創意專業人士和消費者，也面向傳播者，所有這些應用程式場景都涵蓋在內，我們認為這又是另一個潛在的市場機會。當然，從Stock業務來看，它發展得非常出色。這種以內容為先的創作模式——人們開始使用現有內容進行創作——我們認為也將進一步加速該業務的發展。隨著利害關係人數量的增加，我們也提供越來越多的協作服務，而這些協作服務也使我們能夠獲利。

On the document side and on the creative side, what we've targeted with respect to the web, we -- that's why I gave you some insight as to the magnitude of how much people are doing PDF searches on the web and what kind of an industry that's become. That same sort of task-based approach is certainly true in creative. That's a brand-new opportunity. And the confidence that we have in being able to convert all of that traffic and all of that acquisition funnel into monetization models gives us a lot of confidence.

在文件和創意方面，我們針對網路的目標——這就是為什麼我之前向你們展示了人們在網路上進行PDF搜尋的規模之大，以及它已經發展成一個怎樣的行業。這種基於任務的方法在創意領域同樣適用。這是一個全新的機會。我們有信心將所有流量和獲客管道轉化為獲利模式。

And so when you look at the services, whether it's Stock or Sign, what's happening with respect to document workflows, and I think as we said during the prepared presentation, the fact is this digital inflection point, it's only going to increase in terms of the number of people who use it. And that's why we also touched on regulated industries, which in the past may have been a little bit more slow or less enthusiastic about digital. There's no opportunity left for them. So all of that really adds up to why the TAM continues to build for us.

因此，當我們審視這些服務，無論是庫存管理還是簽名服務，以及文件工作流程方面的變化時，正如我們在準備的簡報中所述，數位轉型是一個轉折點，而且使用人數只會持續增長。這也是為什麼我們也談到了受監管行業，這些行業過去可能對數位轉型反應較慢或熱情不高。但現在，他們已經沒有機會了。所有這些因素共同解釋了為什麼我們的潛在市場規模（TAM）持續成長。

We can now take our next question from Alex Zukin of RBC.

現在我們可以回答來自加拿大皇家銀行的 Alex Zukin 的下一個問題。

And congrats on a wonderful quarter and a great analyst presentation. Shantanu, I wanted to ask you kind of similar to the previous question. How should we think about the headwinds and tailwinds in the business as we come out of the pandemic? Where are you most enthusiastic about the growth vectors in both Digital Media and Experience.

恭喜你們度過了一個精彩的季度，分析師的報告也很棒。 Shantanu，我想問你一個和之前類似的問題。隨著疫情逐漸消退，我們該如何看待業務中的順境與逆境？你對數位媒體和體驗領域的成長方向最看好哪些面向？

And then John, I think, obviously, investors are pleasantly surprised with some of the modest margin leverage you're showing for next year, given the onetime T&E savings from this year, coupled with looks like [a dilutive] acquisition. So I guess, how should we think about the impacts on margins of the durable efficiencies around go-to-market post COVID and the trade-off between operating leverage and growth?

約翰，我認為，考慮到今年一次性差旅費用節省，以及看似會稀釋股權的收購，投資者顯然對你明年展現出的適度利潤率槓桿感到驚訝。那麼，我們該如何看待新冠疫情后市場推廣效率的持續提升對利潤率的影響，以及營運槓桿和成長之間的權衡呢？

From my perspective, Alex, I mean, there -- definitely, it's the tailwinds that's the story of the company, and it's across all 3 businesses. I think on the creative side, this notion of more content creation and more content consumption across all of the media types is certainly driving more usage of our particular products. Global expansion, we didn't talk about that as well, but global just continues to be as digitization becomes a phenomenon, a tailwind in our business.

在我看來，Alex，我的意思是──毫無疑問，順風才是公司發展的關鍵，而這體現在我們所有三個業務領域。我認為在創意方面，所有媒體類型中內容創作和消費的增加無疑地推動了我們特定產品的使用量成長。全球擴張，我們之前沒有談到，但隨著數位化成為一種現象，全球化也將繼續成為我們業務的順風。

I think the document side is probably going to see the biggest tailwinds as it relates to what happens. Part of the reason of making sure that we had Gloria touch on how we thought about remote work and what was happening as we think about our own business and how we think about remote work. So I see significant tailwinds in the document business, both as it relates to the usage of electronic documents as well as the automation of business workflows, and that drives Digital Experience.

我認為，就目前的情況來看，文件處理領域可能會迎來最大的發展機會。我們特意邀請了Gloria來談談我們對遠距辦公的看法，以及我們自身業務在思考遠距辦公所面臨的挑戰。因此，我認為文件處理業務將迎來顯著的發展機遇，這體現在電子文件的使用以及業務流程自動化等方面，而這些都將推動數位化體驗的發展。

And Digital Experience, I mean, which 1 of us is now going to go back and stand in line for a driver's license or for a permit to do anything else? And so I think you're just going to see more and more. If anything, the pandemic and the health crisis, has raised the urgency. And I think John alluded to this, which is every CFO and every C-level executive that I talk to, what's top of mind right now is digital transformation. So they're all saying, okay, vaccines are on the way. Once the vaccines come, we're not going back to business as usual. And whether you're in travel or hospitality, or whether you're in some of the other industries that have unfortunately been impacted a little bit more, digital engagement is the only way around it.

至於數位化體驗，我的意思是，我們當中誰還會願意回去排隊辦理駕照或其他任何許可證呢？所以我認為你會看到越來越多的數位體驗。如果有什麼改變的話，那就是疫情和這場健康危機加劇了這種迫切性。約翰也暗示了這一點，我接觸過的每一位財務長和高階主管，他們現在最關心的都是數位轉型。他們都說，疫苗即將問世。一旦疫苗問世，我們就無法回到過去的老路。無論你身處旅遊業、旅館業，或是其他一些不幸受到更大影響的產業，數位互動都是唯一的出路。

So net-net, we really don't look at our businesses and feel like there are headwinds associated with the business. I mean they will continue to be dependent on the macroeconomic environment, which has actually continued to be fairly robust. And so we're excited about our prospects. And I think the solutions that we deliver become, frankly, more important rather than less important.

總而言之，我們並不認為我們的業務面臨任何不利因素。我的意思是，我們的業務將繼續依賴宏觀經濟環境，而宏觀經濟環境目前依然相當穩健。因此，我們對未來的發展前景充滿信心。坦白說，我認為我們提供的解決方案的重要性只會與日俱增。

Yes. And on the margin question, Alex, I think when we think about how we target growth, that's -- we're a growth company, and so we want to continue to invest in growth. And we've been able to demonstrate over time that as we drive growth, we're able to expand margins over time.

是的。關於利潤率的問題，Alex，我認為當我們考慮如何實現成長目標時，關鍵在於——我們是一家成長型公司，所以我們希望繼續投資成長。而且我們已經證明，隨著時間的推移，隨著成長的推進，我們的利潤率也能隨之提高。

If you think about our original targets for FY '20, we still had expanding margin coming out against FY '19. And while we're really pleased to deliver this level of operating margin in Q4, we do expect 2021 to have operating margins down from our Q4 high, but still expanding over FY '20. So we're definitely committed to that.

如果回顧我們2020財年的最初目標，我們仍有望實現利潤率較2019財年有所成長。雖然我們對第四季取得如此高的營業利潤率感到非常滿意，但我們預計2021年的營業利潤率將低於第四季的峰值，但仍將高於2020財年。因此，我們對此目標充滿信心。

The reason for that is that we'll be lapping much of the COVID-related savings, and we expect to realized some of those savings in the first half. But as a gradual phase reentry happens later in the latter half of the year, we expect to be able to invest because that's going to drive growth. And we want to continue to strike the right balance between investing for growth and benefiting from those continued first half savings. Not to mention we will be impacted by the deferred revenue haircut for the Workfront acquisition. But even so, we're still going to be expanding our margin in FY '21 over FY '20.

原因在於，我們將逐步收回大部分與新冠疫情相關的成本節約，並且預計上半年就能實現部分節約。但隨著下半年逐步恢復正常運營，我們預計能夠進行投資，因為這將推動成長。我們希望繼續在成長投資和利用上半年持續節省的成本之間保持平衡。此外，收購 Workfront 帶來的遞延收入損失也會對我們產生影響。即便如此，我們 2021 財年的利潤率仍將高於 2020 財年。

We can now take our next question from Jennifer Lowe of UBS.

現在我們可以回答瑞銀集團的珍妮佛洛提出的問題。

Two for me. First, maybe asking the opposite question of the one that Brad asked earlier, but looking at that composition of ARR by full suite versus single app. Given all the discussion around single app is an on-ramp and an attractive landing point for communicators and consumers, and you seem to be seeing a lot of momentum there, why hasn't single app grown as a percentage of that mix? And as you continue to lean into that sales motion, could it be more 50-50 over time? Or is the expectation in communication consumers, they'll ultimately be full and it just stays balanced, or just any color there?

我有兩個問題。首先，也許我想問一個與布拉德之前提出的問題相反的問題，那就是分析按完整套件和單一應用程式劃分的年度經常性收入 (ARR) 組成。鑑於大家都在討論單一應用程式是傳播者和消費者的入門途徑和有吸引力的落地頁，而且你們似乎也看到了這方面的強勁勢頭，為什麼單一應用程式在總收入中的佔比沒有增長？隨著你們繼續推進這種銷售策略，隨著時間的推移，兩者的比例會不會逐漸趨於 50:50？或者說，傳播領域的消費者普遍預期最終會使用完整套件，所以兩者的比例會保持平衡，還是說這種情況會持續下去？

And then secondly, for John, Alex mentioned that the presumption is Workfront is dilutive. But I'm just curious if we could get a little bit more color. We got the Q4 -- Q1 revenue impact, but is there any more color to add around either margin impact in Q1 or what's baked into the full year guide for Workfront?

其次，對於John，Alex提到大家普遍認為Workfront會稀釋股權。但我很好奇能否了解更多細節。我們已經了解了第四季到第一季的營收影響，但關於第一季的利潤率影響，或是Workfront全年業績指引中已包含哪些內容，還有什麼需要補充的嗎？

Sure. So Jennifer, I'll take the one on the single app. And as you know, you have to look at both the unit's view as well as the ARR view. And the unit's view continues to grow. But remember, that also is an area where as we ramp them to the platform, it's the single apps that's the way in which we acquire them, but we're doing a better and better job of being able to convert them into the full app.

當然。珍妮弗，我來談談單應用的情況。你也知道，我們需要同時關注單次購買量和年度經常性收入（ARR）兩個面向。單次購買量一直在增加。但請記住，在我們逐步將用戶推廣到平台的過程中，單一應用程式仍然是我們獲取用戶的主要途徑，但我們正在不斷改進，並努力將他們轉化為完整應用程式的用戶。

So I think what you have to just recognize is that the single app pricing and ARPU is a little bit lower. And so that same pie chart that we showed, that's the revenue look or the ARR look associated with it. And when you look at the units, look, clearly, it will show a different picture in terms of the higher proportion of what's happening through single apps. And so that's a model that, all the way back to creative suite, we know how to do that, attract new customers to the platform and drive that in. So that's the answer to your question around single apps and the full app model, and it's actually working for us.

所以，我認為您需要認識到的是，單一應用定價和ARPU值略低。我們之前展示的圓餅圖，展示的是與之相關的收入或ARR。當您查看實際使用量時，很明顯，單一應用程式帶來的效益佔比更高，呈現出不同的情況。這種模式，從創意套件開始，我們就知道如何吸引新用戶加入平台並推動他們使用。這就是您關於單應用和完整應用模式的問題的答案，而且這種模式對我們來說確實有效。

And Jennifer, in terms of Workfront, yes, the Workfront acquisition, it's just closed, so we don't have the full purchase accounting completed yet. We are expecting a significant deferred revenue haircut, as is fairly typical with these acquisitions. And as a result, there'll be a slight dilution. But as you can see in our full year targets, we're still targeting significant margin expansion over FY '20. And that just kind of shows the leverage in our operating model, our ability to continue to invest for growth and still expand our margins and our earnings.

珍妮弗，關於Workfront，是的，Workfront的收購剛剛完成，所以我們還沒有完成全部的收購會計處理。我們預計會有大量遞延收入損失，這在收購中相當常見。因此，股權會略為稀釋。但正如你在我們的全年目標中看到的，我們仍然致力於在2020財年實現利潤率的顯著增長。這充分體現了我們營運模式的優勢，以及我們持續投資成長並提高利潤率和獲利的能力。

We can now take our next question from Jay Vleeschhouwer of Griffin Securities.

現在我們可以回答來自 Griffin Securities 的 Jay Vleeschhouwer 的下一個問題。

Shantanu, you noted the closing this week of the Workfront acquisition, and it also happens to be this week, the 15th anniversary of the Macromedia acquisition. And it's pretty evident what the long-term value of that acquisition has been in terms of the impact on the company. And the question, therefore, for Adobe today is, do you think that the long-term lasting value of the foundational technologies that you have or are investing in DX could have a 10-year or more lasting value for Adobe? Or do you think that perhaps the half-life, so to say, of foundational or critical technologies might be shorter? And if so, what are the implications there for R&D spending and the like?

Shantanu，您提到本週完成了對Workfront的收購，而本週恰好也是Adobe收購Macromedia的15週年紀念日。很明顯，這次收購對公司產生了深遠的長期影響。因此，對於Adobe而言，今天的問題是：您認為Adobe在數位轉型（DX）領域擁有或正在投資的基礎技術的長期價值，能否持續十年甚至更久？或者您認為這些基礎或關鍵技術的生命週期可能更短？如果是這樣，這對研發支出等方面又意味著什麼？

And then secondly, a recurring theme from the company this year, particularly in summit, has been application and intelligent services, and Abhay referred to this. Looking ahead over the next number of years, what do you think the contribution from those discrete new services might be. Aside from the incumbents of Sign and Stock, I'm asking really more about the newer ones that you have in mind. And are those services something that you might begin to disclose more specifically over time as they become material?

其次，今年公司，尤其是在高峰會上，反覆強調的主題是應用和智慧服務，Abhay 也提到了這一點。展望未來幾年，您認為這些新興服務會做出什麼樣的貢獻？除了現有的 Sign 和 Stock 服務之外，我更想了解您設想的那些新興服務。隨著這些服務日趨重要，您是否會逐步揭露更多細節？

So Jay, let me take both. December is not only, as you point out, the anniversary of the Macromedia acquisition in 2005. I can even have the privilege of going back and say, December was also when we did an acquisition for Go Live in 1998. That was one of my first acquisitions, and that sort of embarked us on the web journey as well, which has clearly proven to be also one of those seminal moments.

傑伊，讓我來回答這兩個問題。正如你所指出的，12月不僅是2005年Macromedia收購案的周年紀念日。我甚至可以自豪地回顧一下，1998年的12月也是我們收購Go Live的年份。那是我最早的收購之一，也正是那次收購開啟了我們的網路之旅，而事實證明，那也是一個具有里程碑意義的時刻。

But more seriously, I think when we look at what we've done with Workfront, we've always had and understood the technology component of what it means to deliver these services. But the amount of spend, the amount of ability to drive efficiency as it relates to the internal workflows and processes associated with it, because it's not just about the campaign itself, it's about the creation of the campaign. And we've talked about this expression content velocity for a while. And so when people want the ability to create these campaigns and personalize it and get this out in global, it's not just about the technology platform, but it's also very much about the work management associated with it, which is why we're excited about Workfront and what it does for us. I think as a company, they perhaps focused -- or defocused and spent a little bit more time on the broader opportunity. And we just think focusing on content and focusing on creation. Well, I think most people are correctly pointing to what we can do as it relates to what happens on the marketing side, the fact is that we also have a significant number of customers who use Workfront in conjunction with the Creative Cloud. And you've written about our desire to continue to integrate the creative Cloud as well as the Experience Cloud with that entire content creation, management, monetization, measurement, opportunity that we have. And I think this can be a significant accelerant to that as well. So you have seminal products, whether it was Macromedia, whether it was Day Software when we talked about content that actually created these significant opportunities for us in terms of platforms. And now tying that together, the glue, which is why, when you look at one of the slides in the deck and how Anil describes where Workfront is, it's really the glue that actually ties together all of our marketing applications.

但更重要的是，我認為當我們回顧與 Workfront 的合作時，我們始終理解並重視交付這些服務的技術層面。但投入的資金，以及提升內部工作流程和相關流程效率的能力，才是關鍵所在，因為這不僅關乎行銷活動本身，更關乎活動的創建。我們之前也討論過「內容速度」這個概念。因此，當人們希望能夠創建、個人化並向全球推廣這些行銷活動時，這不僅僅關乎技術平台，更關乎與之相關的工作管理。這正是我們對 Workfront 及其為我們帶來的價值感到興奮的原因。我認為，作為一家公司，他們或許過於關注——或者說，他們可能分散了注意力，把更多的時間花在了更廣泛的機會上。而我們則更注重內容和創作本身。我認為大多數人正確地指出了我們在行銷方面可以做的事情。事實上，我們也有相當多的客戶將 Workfront 與 Creative Cloud 結合使用。您也曾撰文提到，我們希望繼續將 Creative Cloud 和 Experience Cloud 與我們現有的內容創作、管理、變現和衡量等所有機會整合起來。我認為這也能大大加速這一進程。我們之前討論過一些開創性的產品，例如 Macromedia 和 Day Software，它們在內容方面為我們創造了重要的平台機會。現在，我們需要將這些平台整合起來，就像黏合劑一樣。這就是為什麼當您查看簡報中的一張幻燈片，了解 Anil 對 Workfront 的描述時，它就像黏合劑一樣，將我們所有的行銷應用程式連接起來。

I think to your point, we feel like that could be a really significant enabler of increasing more people into the entire marketing campaign workflow. And in addition to that, really providing more integration capabilities across each of our solutions.

我認為您說的話很有道理，我們認為這確實能大大促進更多人參與到整個行銷活動流程中。除此之外，還能真正增強我們各個解決方案之間的整合能力。

I think to your second point associated with services, what is phenomenal about both our creative business and our document business is actually the breadth of our offering. I think this is related to some of the questions. I mean we have mobile offerings. We have services offerings. We have single app offerings. We have full offerings. We have freemium offerings. And I think, as the business scales, I understand the need from investors to say, "Hey, how can you give us color?" That's part of the reason why John was giving a little bit more color on how material the combination of Mobile and Stock and Sign have given.

關於您提到的第二點，也就是服務方面，我認為我們創意業務和文件業務最突出的優勢在於我們產品的廣度。我認為這與一些問題有關。我們提供行動端產品、服務型產品、單一應用產品、完整產品、免費加值產品。隨著業務規模的擴大，我理解投資人會問：「你們如何提供更豐富的產品資訊？」 這也是約翰詳細說明行動端、素材庫和標牌業務結合所帶來的價值的原因之一。

So I know we will continue to figure out how we can provide more insight. But I think it's to answer the question of the incredible momentum that we're seeing around both the Creative Cloud and the Document Cloud, what's underlying it. And there's very, very significant amount of debt associated with that entire business, which is what's fueling our business.

所以我知道我們會繼續探索如何提供更多見解。但我認為，關鍵在於解答我們目前在創意雲端和文件雲端領域看到的巨大發展勢頭背後的原因。而整個業務都背負著龐大債務，這正是我們業務發展的動力。

And I've been reminded that it's also close to the eighth anniversary of when Scott and Behance joined us in 2012. So Scott, it's good to have you onboard as well. But thanks for the question, Jay.

我還想起，史考特和Behance加入我們也快八年了，他們是在2012年加入的。史考特，很高興你也加入我們。不過，謝謝你的提問，傑伊。

We will now take our next question from Kirk Materne of Evercore ISI.

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

Shantanu, I was wondering if you could just double-click a little bit on the Experience Cloud business, just in terms of the 3 pillars there: Customer Data, Content and Customer Journey. And is there one area in particular or maybe 2 that you're particularly excited about as we head into calendar '21? I know there's big opportunities for all of them. But just kind of curious as your thoughts on those kind of pillars and where you see each of those positioned for next year.

Shantanu，我想請你簡單談談體驗雲端業務，特別是它的三大支柱：客戶資料、內容和客戶旅程。在即將到來的2021年，你對其中某一或哪兩個領域特別感興趣？我知道這三個領域都蘊藏著巨大的機會。我只是好奇你對這些支柱的看法，以及你認為它們在明年的發展前景。

And then, John, just on the Workfront acquisition, I realize you gave us the $25 million in revenue for the first quarter. I assume it's fair to -- I assume it's fair that, that would ramp from there given the purchase write-down. I know you probably don't want to give a full year number on revenue, but I assume that should scale from that starting point throughout the rest of the year.

約翰，關於Workfront的收購，我知道你提到第一季營收為2500萬美元。考慮到收購減損，我認為營收會在此基礎上逐步成長。我知道你可能不想透露全年營收數據，但我認為營收應該會以此為起點，在接下來的幾個月裡穩步成長。

Yes. Kirk, I mean, whenever I get asked questions, at least you didn't ask me the question that I can never answer, which is one of my favorite products because as products in the portfolio, we can't -- I don't distinguish between them. Maybe the ones that I would highlight is the momentum that we've seen around the Adobe Experience Manager cloud version, that has been really phenomenal. And so we've seen some really good success. As we moved, everybody is, again, thinking about content, how they improve their agility. And so I think the content and commerce, which represents a large opportunity and the fact that we've integrated how you can create a content site and then have an enabled commerce for it, whether it's in B2C or B2B, we're seeing just a tremendous demand for it because every company that didn't have the ability to transact business online was seeing a fair amount of headwinds in the pandemic. So content and commerce, I will continue to believe is one of the underpinnings of our business and continue to be a driver associated with it.

是的。柯克，我的意思是，每次有人問我問題，至少你沒問我那個我永遠回答不了的問題，那就是我最喜歡的產品之一，因為作為產品組合中的產品，我們無法——我無法區分它們。也許我會重點介紹Adobe Experience Manager雲端版本的強勁勢頭，它真的非常出色。因此，我們看到了一些非常好的成功。隨著我們不斷推進，每個人都在重新思考內容，思考如何提升敏捷性。所以我認為內容和商務領域蘊藏著巨大的機遇，而且我們已經整合瞭如何創建內容網站並為其啟用商務功能，無論是B2C還是B2B，我們都看到了巨大的需求，因為所有無法在線交易的公司在疫情期間都面臨著相當大的阻力。因此，我仍然相信內容和商務是我們業務的基石之一，並將繼續成為推動業務發展的動力。

And the second one that I'll talk about is where experience platform, a big part of it is reported within the data and insights and what we are seeing associated with now all of this data coming back and the unified profile. So I think that is really one of the areas that we've also seen significant momentum in Q3 and in Q4. People want to know how they can create that profile, how they can deliver it. So if there were 2 out of the 3, though we'd say all 3 of them are growth opportunities, I'd probably prioritize it like that, Kirk.

我要談的第二個方面是體驗平台，其中很大一部分體現在數據和洞察中，以及我們現在看到的與所有這些返回的數據和統一用戶畫像相關的方面。我認為這確實是我們在第三季和第四季看到顯著成長的領域之一。人們想知道如何建立使用者畫像，以及如何傳遞這些畫像。所以，如果說這三個面向中有兩個是成長機會（儘管我們認為這三個面向都是成長機會），我可能會這樣安排優先級，柯克。

And thanks, Kirk. Yes, absolutely, you're correct. The $25 million that we're targeting for Workfront in the first quarter, of course, depending on what the purchase accounting plans (sic) [pans] out to be. We have kind of modeled out for the year, too, based on our estimates on the deferred revenue haircut. So we are expecting between $140 million and $150 million but again, really dependent upon when we finalize the purchase accounting later this quarter. But it will ramp.

謝謝柯克。是的，你說得完全正確。我們第一季為Workfront設定的2500萬美元目標，當然，這取決於收購會計方案的最終結果。我們也根據遞延收入削減的預估，對全年業績做了大致的預測。所以我們預計全年收入將在1.4億美元到1.5億美元之間，但同樣，這很大程度上取決於我們何時在本季稍後最終確定收購會計方案。不過，收入肯定會逐步成長。

And big picture on that, Kirk. I mean, certainly, our expectations for the Workfront acquisition net of all the accounting things that John alluded to, that they would be accretive to the growth profile of the company in terms of where the opportunity is and what we expect to do with that business. So I just want to make sure we separate how internally we are looking at the growth and what we are driving towards as our plan relative to what will be reported, as John mentioned, on the accounting side.

柯克，從宏觀角度來看，我們當然預期，扣除約翰提到的所有會計因素後，Workfront 的收購將提升公司的成長前景，這體現在機會所在以及我們對這項業務的預期發展方向上。所以我想確保我們能夠區分公司內部對成長的考量以及我們所製定的發展計劃，以及約翰提到的會計報表上的內容。

And we can now take our next question from Keith Bachman of BMO.

現在我們可以回答 BMO 的 Keith Bachman 的下一個問題。

As I'll ask, Shantanu, directly to you. One is a consistent question from me is the Document Cloud continues to put up very strong numbers in terms of ARR and you're guiding the growth of the Document Cloud TAM opportunity, again, between 2022 and 2023, at 60% growth, which is far higher than the ARR growth. So I just wanted to see what you think the conclusion should be for the current run rate of ARR growth, call it, mid-30s and a pretty significant growth of the TAM. Does that suggest that the growth rate can actually accelerate?

沙塔努，我直接問你一個問題。我一直想問的是，文檔雲的年度經常性收入（ARR）持續保持強勁增長，而你預測文檔雲的潛在市場規模（TAM）在2022年至2023年間將增長60%，遠高於ARR的增長率。所以我想聽聽你對目前ARR成長率（假設在30%左右）和TAM顯著成長的結論是什麼？這是否意味著成長率還有可能加快？

And then I'll just ask my second question. Thanks very much for the disclosure surrounding the Creative Cloud, including the users and the dollar TAM, very helpful and interesting. Where would you rank-order, so to speak, the growth potential being driven by the consumers, communicators or creative pros as we think about our model over the next couple of years?

接下來，我再問第二個問題。非常感謝您披露有關 Creative Cloud 的信息，包括用戶數量和市場規模（美元），這些信息非常有幫助，也很有意思。在未來幾年我們思考商業模式時，您會如何對消費者、傳播者或創意專​​業人士這三者的成長潛力進行排序？

Sure, Keith. So I think there were 2 questions in there. I think the first one as it relates to where we are ensuring that our Document products are being adopted, remember, the Document products get adopted both as part of the Document Cloud and what are reported in the Document Cloud ARR. But also Acrobat is a huge part of what we report within the Creative Cloud and what's happening within the Creative Cloud. So the growth that we are seeing in documents is reflected in both because, in many ways, what we see is that the adoption of PDF as a collaborative medium as well as for workflow in the creative segment is also extremely large. So think of it as really fueling 2 large growth opportunities. But certainly, I think the acceleration that we've seen in that business and the continued focus and investment that we're going to make in that business gives us a lot of confidence of being able to continuously grow the document business from our perspective.

當然，基斯。我想這裡麵包含兩個問題。第一個問題是關於我們如何確保文件產品的普及。請記住，文件產品的普及既體現在文件雲中，也體現在文件雲端年度​​經常性收入 (ARR) 的報告中。同時，Acrobat 也是我們在創意雲報告中以及創意雲整體發展中佔據重要地位的部分。因此，我們看到文件業務的成長體現在這兩方面，因為在許多方面，我們看到 PDF 作為協作媒介以及創意領域工作流程的普及率都非常高。所以，你可以把它看作是兩大成長機會的強力推動。當然，我認為我們在這個業務領域看到的加速成長，以及我們將持續對該業務的關注和投入，讓我們對文件業務的持續成長充滿信心。

I think as you look at which customer segments, much like Jennifer's question as it related to ARR, the numbers associated with it versus the ARR could have potentially different answers. And certainly, I think, on the consumer side, what we are seeing with the mobile ID creation, what we are seeing in imaging maybe, which appeals primarily as a new category to the consumers, the communicators is a large space. It's always been a big part of the halo. And so the numbers are probably, in terms of new customer acquisition, largest in consumers, then in communicators, then in creative pros. But the opportunity to drive ARR continues to be across all 3 because of the different price points as well as, in many cases, the way we upsell into those particular customer segments.

我認為，就像Jennifer關於年度經常性收入（ARR）的問題一樣，在分析不同的客戶群時，與ARR相關的數字可能會有不同的答案。當然，我認為，在消費者方面，我們看到行動身分創建、影像處理等領域的發展，這些都主要吸引消費者，而傳播者群體則是一個很大的市場。它一直是光環效應的重要組成部分。因此，就新客戶獲取而言，消費者群體的數據可能最高，其次是傳播者群體，最後是創意專業人士群體。但由於不同的價格點，以及在許多情況下我們針對特定客戶群的追加銷售方式，所有這三個群體都有機會提升ARR。

So that's the way we look at it. Again, I've done this enough where I know people want a simple N multiplied by N in order to be able to do it. But I think what actually makes us so differentiated and such a sustainable business is really the fact that we have these breadth and depth of offerings in the DDOM that we've talked to you about, where we know how to personalize each offering.

這就是我們看待這個問題的方式。再說一遍，我在這方面經驗豐富，我知道人們想要的只是簡單的 N 乘以 N 就能實現。但我認為真正讓我們脫穎而出並成為一家可持續發展的企業的原因在於，我們擁有之前和您討論過的 DDOM 領域內豐富而深入的產品和服務，並且我們知道如何為每項產品和服務提供個性化定制。

And it's also different by geography. Maybe that's one of the things that I should mention, and it's different, for example, in education. Education had a phenomenal year, and that's seeding that next-generation of creative professionals but, in many cases, whether it's the K-12 license or a license for an entire educational institution, the ARR may be small. So hopefully, that gives you a little bit of color as to how we think about each of those segments.

而且，不同地區的市場情況也不盡相同。或許我應該提一下這一點，例如教育領域的情況就有所不同。教育領域今年取得了巨大的成功，培養了新一代的創意人才，但在許多情況下，無論是K-12教育授權還是整個教育機構的授權，其年度經常性收入（ARR）可能都很低。希望這些資訊能讓您對我們如何看待這些細分市場有所了解。

But the nice thing is now we have a product portfolio that cuts across all of them.

但令人欣慰的是，我們現在擁有涵蓋所有這些領域的產品組合。

We can now take our next question from Ken Wong with Guggenheim Securities.

現在我們可以回答來自古根漢證券的 Ken Wong 的下一個問題。

Just one for me. I wanted to just touch on the slide you guys put up there with the -- in future experience where the average ARR from the top 100 customers went from $3 million to $8 million, which is very impressive. Just wondering what kind of headroom do you think you have with that top 100 as more adopt your kind of full CDP?

我還有一個問題。我想簡單提一下你們之前展示的那張幻燈片，上面提到未來前100家客戶的平均年度經常性收入（ARR）從300萬美元增長到了800萬美元，這非常令人印象深刻。我想問一下，隨著更多客戶採用你們這種完整的客戶資料平台（CDP），你們認為這前100家客戶還有多少成長空間？

And then also, how far down the customer list could you possibly maybe see a similar $3 million to $8 million type uplift from your customer base?

此外，在客戶名單的下一層，你有可能從客戶群中獲得類似的 300 萬至 800 萬美元的成長嗎？

I think one of the impressive things, Ken, that Anil has done is really focus on what he calls the transformational accounts, which is in many ways, I think has -- he has taken on responsibility for the entire product as well as on the go to market. I think an analysis showed that while we were getting significant traction with the number of customers that we had, it's really this focus on transformational accounts and creating a good go to market has demonstrated that there's massive headroom associated with this with our customers.

肯，我認為阿尼爾最令人印象深刻的成就之一，就是他真正專注於他所謂的「轉型客戶」。從很多方面來說，我認為他承擔了整個產品以及市場推廣的責任。分析表明，雖然我們現有的客戶數量已經取得了顯著成長，但真正讓我們看到客戶成長潛力巨大的，是我們對轉型客戶的專注以及打造有效的市場推廣策略。

I think the Verizon example was a good example to articulate and show how each of our products. And the second part of that, honestly, is the fact that we are also far better at demonstrating what the ROI is. And again, Anil, I think, touched on the ROI associated with the Experience Cloud.

我認為Verizon的例子很好地闡述並展示了我們每款產品的優勢。坦白說，其次，我們也更擅長展現投資報酬率。而且，Anil也提到了體驗雲的投資報酬率。

So as you take the ROI as well as you take the focus that we have on these transformational accounts, you add the ability to do Workfront, we just continue to think that there's massive opportunity. That's the beachhead, but that doesn't mean in any way, shape or form that there's a limited set of transformational accounts. Rather, it's the recipe to continue to deliver value, become strategic to these customers and drive significant ARR.

因此，考慮到投資報酬率以及我們對這些轉型客戶的關注，再加上Workfront的加入，我們仍然認為這裡蘊藏著巨大的機會。這只是一個灘頭陣地，但這並不意味著轉型客戶的數量有限。相反，這正是我們持續創造價值、成為這些客戶的策略合作夥伴並推動顯著年度經常性收入成長的關鍵所在。

And as it relates to the breadth and depth of that customer base, again, going back to the question that I think was asked around Experience Cloud and what's driving it, the EM cloud service is not just a service that can apply to large enterprises who maybe want to create new websites as it relates to campaigns. The fact that it's easily provisioned and easily on-ramp actually makes it a very appropriate solution for what we refer to as commercial or mid-market or small and medium business customers. And integrating things like analytics into it and commerce into it with the Magento service enables us to really say, we could be a one-stop shop for getting a web presence as well as for transacting commerce on the web. So clearly, the aspirations are to enable people to have a quick and one-stop on-ramp.

至於客戶群的廣度和深度，再次回到先前關於體驗雲及其驅動因素的問題，EM雲服務並非僅適用於希望創建新網站以進行行銷活動的大型企業。事實上，它易於配置和上手，因此非常適合我們所說的商業客戶、中型企業或中小企業客戶。透過與Magento服務整合分析和電商功能，我們能夠真正做到一站式服務，幫助客戶建立網路形象並進行線上交易。顯然，我們的目標是讓使用者能夠快速且方便地上手。

We can now take our next question from Walter Pritchard of Citi.

現在我們可以回答花旗銀行的華特‧普里查德提出的下一個問題。

I had 2 questions, one for John and one for Abhay. John, on the -- one of the slides, you talked about 75% of the individual subscribers new to the Creative Cloud franchise in fiscal '20. Can you just clarify the other 25%, are they coming from mobile apps that were the prior year? Where is the other 25% coming from? I think the disclosure of the past is a little bit different. I'm just trying to frame that. And then I have a follow-up.

我有兩個問題，一個問John，一個問Abhay。 John，在其中一張投影片上，你提到2020財年Creative Cloud個人訂閱用戶中有75%是新用戶。你能解釋一下剩下的25%嗎？他們是來自上一年的行動應用程式嗎？這25%的用戶來自哪裡？我覺得過去的情況揭露方式可能略有不同。我只是想弄清楚這一點。然後我還有一個後續問題。

Yes. I mean, they're coming from a couple of different places. Certainly, mobile, as we talked about before, is a huge on-ramp for us, and we've been having so many new Adobe IDs created on mobile. We also have perpetual, is the other part of that as well. So definitely strong performance across both of those in Q4.

是的。我的意思是，它們來自幾個不同的管道。當然，正如我們之前討論過的，行動端對我們來說是一個巨大的成長點，我們有很多新的 Adob​​e ID 都是透過行動端創建的。此外，永久會員資格也是其中的一部分。所以，第四季這兩個管道的表現都非常強勁。

Got it. Great. And then for Abhay, if he's still on, just around -- you talked about more API -- opening up more APIs. And I know InSign, one of your competitors there is quite strong, leveraging that. Could you talk about where you expect to see sort of the tangible revenue impact as you embark on that effort and productize some of that, that you're building around API-based access for products?

明白了，太好了。 Abhay，如果他還在的話，剛才你提到了更多API──開放更多API。我知道你們的競爭對手之一InSign在這方面實力很強，他們充分利用了這一點。你能談談隨著你們著手這項工作，並將一些基於API的產品訪問功能開發成產品，你們預計會在哪些方面看到切實的收入增長嗎？

Sure. So I think at a macro level, I mean -- and we shared a little bit both Shantanu talked about in the Document Cloud strategy and I covered across all our businesses, but especially in Document Cloud, PDF has always been a very vibrant ecosystem play, as you know, for us, where it's connected into a lot of ISVs and solutions across existing verticals, line of business applications. And so what we are starting to now do is opening up APIs and working with 3 kinds of players. There are large ISVs like Microsoft, Workday, ServiceNow, where we are connecting our applications and APIs directly into their ecosystems and applications and have kind of joint attach motion there. But then we are also opening it up for the broader developer ecosystem. And as you know, even on our DX Enterprise business, we have products like Magento and ecosystems of large developers who connect to our platform, whether it's AEM Magento and we are opening up our APIs around signatures, PDF to that long tail of developers.

當然。我認為從宏觀層面來看——我們之前也談到過一些關於文檔雲策略的內容，Shantanu 也談到了這一點，而我則涵蓋了我們所有的業務，尤其是在文檔雲方面，PDF 一直是一個非常活躍的生態系統，正如您所知，它與我們現有的垂直行業和業務線應用程序中的許多獨立軟體供應商 (ISV) 和解決方案都緊密連接。因此，我們現在開始做的是開放 API，並與三類參與者合作。首先是像微軟、Workday 和 ServiceNow 這樣的大型 ISV，我們將我們的應用程式和 API 直接連接到他們的生態系統和應用程式中，並進行聯合存取。其次，我們也向更廣泛的開發者生態系統開放 API。如您所知，即使在我們的 DX 企業業務中，我們也有像 Magento 這樣的產品，以及連接到我們平台的眾多大型開發者生態系統，無論是 AEM Magento，我們都在向這些龐大的開發者群體開放我們關於簽名和 PDF 的 API。

So I would say large ISVs like Microsoft, ServiceNow, Workday that we have announced partnerships around and integrating and then a broad long tail developer reach play where they are embedding our APIs and services for more in line into their applications and taking it to market.

因此，我認為像微軟、ServiceNow、Workday這樣的大型獨立軟體開發商，我們已經宣布與他們建立合作夥伴關係並進行整合，然後透過廣泛的長尾開發者覆蓋，讓他們將我們的 API 和服務嵌入到他們的應用程式中，並將其推向市場。

The last thing I'll say, and kind of we shared also since AI, the other piece of the API strategy is also opening up our intelligence services around Sensei platform and exposing those also beyond our applications for developers and ISVs, which are very unique and differentiated. So that's the other component of that.

最後我想說的是，從人工智慧領域開始，我們也一直在探討API策略的另一部分，那就是開放我們圍繞Sensei平台的智慧服務，並將其擴展到我們應用程式之外，供開發者和獨立軟體開發人員（ISV）使用，這些服務非常獨特且具有差異化。這就是該戰略的另一個組成部分。

We can now take our next question from Derrick Wood, Cowen and Company. .

現在我們可以聽聽來自考恩公司的德里克·伍德提出的下一個問題。

Great. Two questions for me. Shantanu, maybe I'd start on kind of doubling down on the communicators market and just curious about who some of the more popular personas are out there and maybe how COVID's been a catalyst and what you guys are doing to kind of lean into that market more.

好的。我有兩個問題。 Shantanu，我可能想開始加大對傳播者市場的投入，我很好奇目前比較受歡迎的傳播者類型有哪些，以及新冠疫情是如何推動這一趨勢的，你們公司為了更好地開拓這個市場做了哪些努力。

And then for John, on the digital experience side, it seems like there's a lot of margin leverage to be driven out of that business. Restructuring on the ad cloud side is one step. Sounds like maybe more revenue leverage out of AEP is another. But can you just talk about some of the things you guys are doing to drive better leverage on both the gross and operating margin as we look over the next year or 2?

至於John，在數位體驗方面，似乎還有很多利潤空間可以挖掘。廣告雲業務的重組是其中一步。聽起來，從AEP（廣告體驗計劃）中獲得更多收入槓桿是另一步。您能否談談，在未來一兩年內，為了更好地提升毛利率和營業利潤率，你們正在採取哪些措施？

Yes. Let me start. As it relates to the communicators, what I think most people don't maybe fully appreciate is what is happening on the web with respect to wanting to do certain creative tasks and being able to fulfill those tasks with what we are doing around search engine and everything associated with the actions that people want to do. They want to remove the background for a picture. They want to post it for social media. And just the communicators that we refer to are also what were perhaps referred to in the past as knowledge workers because we just fundamentally believe that every piece of printed material or presented material benefits from this more interactive, graphics-rich.

是的，讓我先說。就傳播者而言，我認為大多數人可能沒有充分意識到，在網路上，人們想要完成某些創意任務，並利用搜尋引擎以及與用戶行為相關的一切手段來完成這些任務，這其中蘊含著巨大的潛力。例如，他們想要去除圖片背景，想要將圖片發佈到社群媒體上。我們所說的傳播者，或許也正是過去人們所說的知識工作者，因為我們堅信，每一份印刷資料或簡報都能從這種更具互動性和圖形化的呈現方式中受益。

And so what we are seeing is the ability for people to say I want a single click ability to finish my task, and then once they finish that task, expose me to all of the other riches that exist in Adobe's creative product. So I think that's a big driver of what the communicator has. We certainly see that with Spark. We see that across Lightroom as people want to share their images. But we also see it in our category-leading applications. Video is the other place, where the usage of video in virtually every piece of communication is rapidly accelerating. So hopefully, that gives you a couple of examples of where the communicator organic demand is coming from.

因此，我們看到的是，使用者希望只需單擊一下即可完成任務，然後在完成任務後，就能體驗到 Adob​​e 創意產品中的所有其他豐富功能。我認為這是推動溝通者需求成長的重要因素。我們在 Spark 中看到了這一點。在 Lightroom 中也看到了這一點，因為使用者希望分享他們的影像。此外，我們在業界領先的應用程式中也看到了這一點。視訊是另一個領域，幾乎所有溝通方式中視訊的使用都在迅速成長。希望這些例子能讓您了解溝通者自然的需求來源。

And Derrick, in relation to digital experience, yes, we -- I mean, looking at the TAM, we have such a great opportunity. As you've seen, we expect acceleration and then with Workfront even further acceleration. Workfront had stumbled there before we actually acquired them a little bit, but we know that the demand is there for that solution. And coupled with our capabilities, we know we can actually accelerate that back. So there's definitely revenue leverage in the digital experience business.

德里克，關於數位體驗，是的，我們——我的意思是，從潛在市場規模來看，我們擁有巨大的機會。正如你所看到的，我們預期成長速度會加快，而收購 Workfront 後，成長速度還會進一步加快。在我們收購 Workfront 之前，他們在這方面遇到了一些困難，但我們知道市場對此解決方案的需求仍然存在。結合我們自身的能力，我們相信能夠加速這需求的復甦。因此，數位化體驗業務絕對蘊藏著巨大的營收成長潛力。

And as we said, the way we realigned the digital experience business by moving and cloud out of that segment because we're operating it a bit differently, we wanted to make sure that we're operating the digital experience business the way a healthy a SaaS company, we should view it. We have aspirations for very strong margins there. You think about healthy SaaS companies growing and their margins, you have the rule of 40. So we're definitely excited about that.

正如我們所說，我們調整了數位體驗業務，將雲端服務從該板塊剝離出來，因為我們的營運方式有所不同。我們希望確保數位體驗業務的運作方式符合一家健康的SaaS公司應有的理念。我們期望該業務能夠獲得非常高的利潤率。想想那些健康成長的SaaS公司及其利潤率，它們遵循著「40法則」。所以我們對此感到非常興奮。

The other thing we're doing is we're going to continue to invest, as we said, in hiring and not only in R&D but also in sales capacity because that's the -- we're not opportunity-constrained. We just definitely need to take advantage of the ability to capture all this opportunity, particularly now the way that we've aligned the solutions within digital experience and they're resonating with our customers and then, of course, with Workfront, we can accelerate even more.

我們正在做的另一件事是，正如我們所說，我們將繼續投資於招聘，不僅包括研發，還包括銷售能力，因為我們並不缺乏機會。我們絕對需要充分利用所有這些機會，尤其是在我們已經將解決方案與數位體驗相結合，而這些解決方案引起了客戶共鳴的情況下。當然，有了 Workfront，我們可以進一步加速發展。

We can now take our next question from Sterling Auty of JPMorgan.

現在我們可以接受摩根大通的斯特林·奧蒂提出的問題。

Shantanu, how would you characterize in the Digital Marketing, Advertising, Adobe Experience area, with all the products ranging from the original Omniture all the way through to Marketo and all the homegrown solutions as well, where are you in the evolution of taking that entire stack into a fully integrated Kubernetes-enabled, cloud-delivered platform? Are you complete? Is there still phases left to deliver? And how might that investment impact gross margins moving forward?

Shantanu，在數位行銷、廣告和Adobe Experience領域，從最初的Omniture到Marketo以及所有自主研發的解決方案，您如何看待將整個技術堆疊整合為完全整合、支援Kubernetes的雲端交付平台？目前進展如何？是否已經完成？是否還有後續階段需要完成？這項投資未來可能會對毛利率產生怎樣的影響？

Well, Sterling, when we have the kind of innovation opportunity ahead of us, let me first start off by saying we've made tremendous progress. So the delivery of the Adobe Experience platform was a momentous milestone, Sterling, not just because we delivered all this new functionality, but we started to have, whether it's Adobe Campaign functionality integrated into the Experience platform to be able to do Customer Journey; whether it was the Adobe Analytics, what you referred to as the Omniture functionality and being able to get insight of all of that data. And so the progress that we've made in being able to drive all of these solutions into a common platform, it's never done. To some degree, I remember that people would ask me how much innovation do you have on the creative products, and here we are decades later. And the list of what we can do with these products dwarfs what we ever had 20 years ago.

史特林，當我們面臨這樣的創新機會時，首先我想說的是，我們已經取得了巨大的進步。 Adobe Experience平台的發布是一個意義非凡的里程碑，斯特林，這不僅是因為我們提供了所有這些新功能，更重要的是，我們開始將Adobe Campaign的功能整合到Experience平台中，從而能夠構建客戶旅程；無論是Adobe Analytics，還是你提到的Omniture功能，讓我們能夠深入了解所有這些數據。因此，我們在將所有這些解決方案整合到一個通用平台方面取得的進展是前所未有的。我記得以前人們會問我，你們在創意產品方面有多少創新，而幾十年過去了，我們現在能夠利用這些產品做的事情，遠遠超過了20年前的水平。

So as I think about the experience platform and I think about what every enterprise has to do to rewire it, I think we're in a fantastic position given the engineering efforts over the last few years to have this integrated platform that nobody else has. It runs on cloud. I think you've seen with the progress and success that we've had around Microsoft and what we've done with Microsoft on Azure, it's certainly cloud-aware. The announcement that we made with IBM with the ability for all of these to also run in a hybrid cloud, where people, whether it's for regulatory reasons or other reasons, want to run it on their private cloud network, we've made progress. And there's clearly interest on companies like VMware and IBM to partner with us on that. So I'm really confident about the architectural thing, but the way we look at it is you're constantly architecting for new architectures. You're constantly doing work in AI and ML and providing more and more insights. Some of the ways in which we've actually added tremendous value is in the reporting and the analysis and the insight that each one of these has been doing.

所以，當我思考體驗平台以及每個企業都必須如何重塑它時，我認為鑑於過去幾年我們在工程方面的努力，我們擁有一個獨特的整合平台，處於非常有利的地位。它運行在雲端。我認為，從我們與微軟在Azure上的合作以及我們的進展和成功來看，它無疑是雲端感知的。我們與IBM宣布，所有這些平台都能夠在混合雲中運行，用戶無論是出於監管原因還是其他原因，都希望在自己的私有雲網路上運行，我們在這方面取得了進展。顯然，像VMware和IBM這樣的公司都對與我們合作很感興趣。所以我對架構方面非常有信心，但我們看待問題的方式是，你需要不斷地為新的架構進行設計。你需要不斷地在人工智慧和機器學習領域開展工作，並提供越來越多的洞見。我們真正創造巨大價值的方式之一，就是透過這些平台提供的報告、分析和洞察。

But the breadth and depth of our offerings, I think there's still significant headroom of what we can do because the way you have to think about it is, if we believe that with DDOM, we're one of the most mature companies in terms of having a digital funnel and how we operate that's driven our success, we're pioneers not just in delivering technology but in how we've moved it. And that movement for every company now rethinking their business process, rethinking their computer architecture, we're at such an early stage that we're going to have to keep innovating around that space.

但就我們產品的廣度和深度而言，我認為我們仍有很大的提升空間。因為我們必須這樣理解：如果我們相信，憑藉DDOM，我們在數位化通路和營運模式方面是最成熟的公司之一，而這正是我們成功的驅動力，那麼我們不僅在技術交付方面是先驅，而且在技術應用方面也是先驅。如今，每家公司都在重新思考其業務流程和電腦架構，而我們仍處於這項變革的早期階段，因此我們必須在這個領域不斷創新。

And so we think of it right now as an overall growth opportunity. We have made, as you saw, the strategic decisions around how we think about margin in that particular business. And so we will continue to see margins expand in that business. But I think what you should be most excited about as an investor is the fact that we're investing in this immense opportunity and extending our lead. And so I think that's the way we think about it.

因此，我們目前將其視為一個整體成長機會。如您所見，我們已經針對該業務的利潤率制定了策略決策。因此，我們將繼續看到該業務的利潤率提升。但我認為，作為投資者，您最應該感到興奮的是，我們正在投資這個巨大的機會並擴大我們的領先優勢。這就是我們對它的看法。

You look at the overall margins of the company, again, and I think John alluded to this, despite investing in Workfront, despite investing in sales capacity, despite saying that we will accelerate growth, we're showing you margin expansion for the entire company.

再看看公司的整體利潤率，我想約翰也暗示過這一點，儘管我們投資了 Workfront，投資了銷售能力，儘管我們說過要加速成長，但我們看到的是整個公司的利潤率都在擴張。

So we know how to do this, which just drive top line growth and bottom line growth at an impressive margin. So that's how, at least, I think about it.

所以我們知道該怎麼做，這樣就能以驚人的幅度推動營收和獲利成長。至少我是這麼認為的。

We'll now take our final question from Keith Weiss of Morgan Stanley.

現在我們來聽聽摩根士丹利的基斯‧韋斯提出的最後一個問題。

And this actually Stan Zlotsky sitting in for Keith. Two questions from our end. If you look at the Creative Cloud and the progression of that, the pie chart that you guys put up there from 2017 to 2020, we can see that there's a fairly pronounced shift in ARR from team to individual. And maybe just following up on the question that Jennifer asked earlier. As we move into 2021 and beyond, how should we think about the progression of the shift moving forward? Will we see more continuous push from individual? Or are we starting to reach a more normalized equilibrium within those 2 categories? And then a very quick follow-up.

實際上，這次是史丹·茲洛茨基取代基斯發言。我們有兩個問題。如果您看一下創意雲及其發展歷程，也就是你們展示的2017年至2020年的圓餅圖，我們可以看到年度經常性收入（ARR）從團隊收入轉向個人收入的轉變相當明顯。另外，我想就詹妮弗之前提出的問題做個補充。展望2021年及以後，我們該如何看待這種轉變的後續發展？我們會看到個人收入持續成長嗎？還是說，這兩種收入模式正在逐漸趨於平衡？最後，還有一個簡短的後續問題。

Well, I think what you should see and what you will expect is, first and foremost, the pie expanding. And as it relates to the total addressable market, the main thing that you have to think about is this is market expansion. We're growing the value associated with our customers. I think it's steady state at some point in the prior business, which may be a predictor, it was closer to 50-50. But the thing that, again, I would reemphasize is that a lot of that is we drive into individual and then convert into the entire offering. And so that's it.

我認為，首先也是最重要的是，市場蛋糕正在擴大。就潛在市場總量而言，你需要考慮的主要問題是市場擴張。我們正在提升客戶價值。我認為，在之前的業務中，這個比例曾經接近50/50，這或許可以作為參考。但我再次強調的是，我們首先拓展到單一客戶，然後再轉化為整體產品和服務。就是這樣。

And so big picture, I would focus more on the growth of the pie. The exact mix between those 2, we look at both of them and feel like they're growing really well. And I'm happy to answer your second question as well, Stan.

所以從大局來看，我會更關注蛋糕的擴大。至於這兩者之間的具體比例，我們兩者都在關注，感覺它們都發展得很好。我也很樂意回答你的第二個問題，史丹。

That makes a lot of sense. And just digging into the slight rejiggering your reporting segments and the creation of the new publishing and advertising segment, what are you seeing behind the scenes in your business? And how should we think about this -- the print and publishing segment? Obviously, it's a very small part of the overall revenue component. But why create this dedicated segment and pull out the advertising from Experience Cloud?

這很有道理。深入分析一下你們對報告板塊的微調以及新創建的出版和廣告板塊，你們在業務層面看到了哪些變化？我們該如何看待這個印刷和出版板塊？顯然，它只佔總收入的一小部分。但為什麼要建立這個獨立的板塊，並將廣告業務從 Experience Cloud 中剝離呢？

Well, what we were trying to do was give you more insight and color into how we were running the different businesses, and I think that's a key part of it. I think the print business, which was, as a lot of you know, the genesis of the company. It's a business that continues to do well, but it wasn't a growth category as much as a high profitability category. We talked about in the advertising cloud, getting out of a lot of the transaction-based revenue that we were seeing. And the

我們當時想做的，是讓大家更深入了解我們如何經營不同的業務，我認為這是關鍵。印刷業務，正如你們許多人所知，是公司的起源。這項業務至今仍然發展良好，但它與其說是一個成長型業務，不如說是一個高利潤業務。我們在廣告雲領域討論過，如何擺脫我們之前看到的許多基於交易的收入模式。

(technical difficulty)

（技術難題）

investor should take is

投資者應該採取的措施是

(technical difficulty)

（技術難題）

pure play, what is being reported as part of the Digital Experience segment, that there's a clear alignment between what you see on bookings and what you see on revenue.

純粹的串流服務，也就是數位體驗板塊所報告的內容，顯示預訂量和收入之間存在著明顯的關聯。

As you've seen, the consulting services has been proactively driven down as a percentage of the revenue as we have a thriving ecosystem. I think the advertising cloud will not be a growth opportunity for us. There are some strategic partners who like the fact that we can continue to deliver it. But I would take that as a signal. We're really focused on the large growth opportunities where we have a differentiated solution, and it's purely subscription-based revenue because that's in alignment with how we think about the largest opportunities. And so we're focused as a company on making sure that we do it.

如您所見，隨著我們生態系統的蓬勃發展，諮詢服務在總收入中的比例已被主動降低。我認為廣告雲不會成為我們的成長點。雖然有些策略夥伴樂見我們繼續提供這項服務，但我認為這本身就是一個訊號。我們真正關注的是那些擁有差異化解決方案的大型成長機會，而這些機會完全基於訂閱模式，因為這符合我們對最大機會的思考。因此，我們公司正全力以赴確保實現這一目標。

I'm actually really pleased with how we transitioned that and how we communicate it to customers. And so this focus on the software-as-a-service component of all of our businesses, we believe that, that drives top line growth. We believe that, that drives margin, and we believe that, that's consistent with where we want to be as a company.

我對我們完成轉型以及與客戶溝通的方式感到非常滿意。我們相信，專注於所有業務的軟體即服務 (SaaS) 元件，能夠推動營收成長，提高利潤率，並符合我們公司的發展方向。

And given that was the last question, I want to, again, first and foremost, thank you all for joining us today in what was this virtual format. I really hope you share the passion that we feel for the mission, the tremendous market opportunity ahead of us. The depth that we have in our technology platforms and really the significant customer value that we're delivering and providing.

鑑於這是最後一個問題，我首先要再次感謝各位今天以線上形式參與我們的活動。我衷心希望你們和我們一樣，對我們的使命充滿熱情，並看到了我們面前巨大的市場機會。我們擁有深厚的技術平台實力，並致力於為客戶創造巨大的價值。

We really believe that the global brand, the customer base that we have, the ubiquity of our software and the dedicated employees provides a real competitive advantage that, frankly, is the envy of the industry. From my perspective, 2020 was an amazing year. We expect the momentum to continue in 2021 and beyond. And I certainly believe that our best years are ahead of us.

我們堅信，我們的全球品牌、龐大的客戶群、軟體的普及性以及敬業的員工隊伍，為我們提供了真正的競爭優勢，坦白說，這令整個行業艷羨慕不已。在我看來，2020年是令人矚目的一年。我們預計這一勢頭將在2021年及以後繼續保持。而且我堅信，我們最好的時光還在後頭。

As a number of you said, let me also wish you all a healthy, safe holiday season, and we really look forward to continuing to share the momentum and the story that we have in the new year. So thank you for joining us. And with that, I'll hand it back over to Jonathan.

正如許多人所說，我也祝福大家假期健康平安。我們非常期待在新的一年繼續分享我們所取得的成就和故事。感謝大家的參與。接下來，我將把發言權交還給喬納森。

Thanks, Shantanu, and thanks again to everyone on the phone and on the webcast for joining us today. As Shantanu mentioned earlier, I also hope that we'll have an opportunity next fall to do this in person again, but we're really pleased that you joined us for the virtual event. Stay safe out there. Happy holidays to everyone. We look forward to seeing you at the Q1 call in March, and I'm sure I will be speaking to many of you very soon. This concludes the event.

謝謝Shantanu，也再次感謝今天所有透過電話和網路直播參與的朋友們。正如Shantanu之前提到的，我也希望明年秋天我們有機會再次線下見面，但我們非常高興大家能參加這次線上活​​動。祝大家平安健康，節日快樂！我們期待在三月的第一季電話會議上見到大家，我相信很快就會和你們中的許多人再次交流。本次活動到此結束。