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.

早上好，感謝您加入我們。歡迎參加 Adobe 的第四季度收益和 2020 年財務分析師會議。我是 Adobe 投資者關係副總裁 Jonathan Vaas。

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

您應該擁有我們今天早上提交的新聞稿以及我們的投資者關係數據表的副本。

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.

我們今天為您準備了一個很棒的項目計劃，在很多方面與我們過去所做的類似，但在某些方面卻有所不同。今年是我在 Adobe 的第十次分析師會議。第一年是我們剛剛推出 Creative Cloud 的那一年，回顧自那時以來該業務是如何發展的，真是令人驚奇。

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.

在我的前 9 次分析師會議中，我是幕後提供幫助的眾多員工之一。今年，我有幸將執行演講者介紹為 Adobe 投資者關係計劃的負責人，這是我今年早些時候在我們轉向遠程工作之後擔任的角色。我真的很享受今年與投資者和分析師就 Adobe 業務進行的所有對話，我期待在某個時候與你們中的許多人見面。

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.

這導致今天的計劃與我們過去所做的有點不同。這是我們的第一次虛擬分析師會議。我真的會錯過與你們中的許多人見面並在活動結束後聊天的機會，但今年我們也一直在學習數字交流的力量，並看到我們能夠通過網絡直播與更廣泛的受眾見面，而不是我們在面對面的活動中可能發生的事情。由於格式的原因，我們簡化了今天計劃的演示文稿，但 Adobe 的 IR 網站上已發布了一個長格式幻燈片，其中包含您習慣看到的所有詳細信息。

Let's take a look at the agenda.

讓我們看一下議程。

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.

Shantanu 今天將首先談一談我們剛剛完成的季度和財政年度，然後轉向 Adobe 的未來願景和戰略。 Abhay 然後將從技術角度談論公司的願景。 Scott 將重點介紹我們的 Creative Cloud 戰略，Anil 將介紹我們的 Experience Cloud 戰略，而 Gloria 將談論我們與員工以及其他 Adobe 利益相關者相關的戰略。最後，John 將提供詳細的財務總結並分享 Adobe 的增長戰略，然後我們將進行現場問答。

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.

在我們開始之前，提醒一下，我們今天將提供的一些信息包括受風險和不確定性影響的前瞻性陳述。實際結果可能與這些陳述不同，我們鼓勵您查看我們提交給 SEC 的風險因素以獲取更多信息。此外，我們將提供 GAAP 和非 GAAP 財務信息。兩者之間的調節可以在 Adobe 的投資者關係網站上找到。

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

我現在將把它轉交給 Adobe 的總裁兼首席執行官 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。我也想添加我的歡迎。感謝您參加我們的年度金融分析師會議。

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.

今天的格式與我們習慣的有點不同。但為了充分利用今年的媒體，我們將利用今天的時間來介紹戰略、業務發展勢頭以及我們的財務業績。我們發布了完整的套牌，類似於我們在前幾年所做的，但不是對每張幻燈片都說話，而是讓管理團隊分享他們在各自領域的亮點。我們總是在演講結束時為問答環節節省一些時間。

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，我希望你們都保持安全和健康。看到最近一連串的人員傷亡真的很悲慘，但疫苗的進展讓我們所有人都希望，最壞的情況很快就會過去。顯然，我們誰也無法預料到一切都會在一夜之間發生怎樣的變化，而我們所知道的世界會發生如此巨大的變化。數字化已成為人們聯繫、工作、學習和娛樂的主要方式。這一新現實只會增加我們解決方案的重要性和相關性，並加速有利於我們業務的順風。再加上我們的業務基礎、無與倫比的創新和世界級的執行力，繼續推動我們的增長。

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 Adobe 來說又是重要的一年。與所有公司一樣，我們的主要重點是保護員工的健康和安全，並繼續為我們的客戶服務。我們採取了迅速而果斷的行動，指示我們的員工在家工作，暫停旅行並取消面對面的活動。我們專注於幫助我們的客戶在一夜之間實現自己向數字化的過渡。例如，我們為 3000 萬學生提供了 Creative Cloud，以便他們可以在家中進行創作。實施政府快速反應計劃，協助地方政府。通過我們的榮譽英雄活動，我們激勵我們的社區創作藝術品，向真正的英雄致敬：基本工人。我們通過 Adobe Summit 和 Adobe MAX 為數字活動設定了高標準。事實上，Adobe MAX 獲得了 2100 萬次觀看。我們繼續利用 Adobe Experience Cloud 支持的數万億筆交易，通過 Adobe 數字經濟指數提供獨特的實時經濟視角。我們開創了內容真實性計劃等新領域，該計劃提供了創作者可以將其附加到他們的作品中的歸因功能，以提高內容髮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.

我們的領導力不僅延伸到我們做什麼，還延伸到我們如何做。我們為我們獲得的持續行業認可感到自豪。我們連續第五年在 Interbrand 全球年度最佳品牌中名列前茅。我們一直被《財富》和 Glassdoor 評為最佳工作場所之一。在一個對投資者來說越來越重要的領域，我們是一個領導者，無論是在道瓊斯可持續發展指數還是彭博平等指數。

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.

但作為我們核心的產品公司，我最引以為豪的是我們的創新引擎，因為我們繼續全力以赴。借助 Creative Cloud，我們將繼續在爆炸式增長的類別中保持領先地位。我們提供了重要的產品創新，將我們的應用擴展到多個表面。我們為所有領先的應用程序添加了更強大的協作功能。我們繼續在新類別中取得突破，同時提高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.

Document Cloud 在這個數字環境中繼續有巨大的需求，PDF 和 Adobe Sign 在許多企業中都是關鍵任務。

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.

我們通過桌面、Web、移動設備和我們的無摩擦 PDF 服務提供了更多的文字功能，正如我們所指的那樣。借助 Experience Cloud，我們將繼續構建世界上最全面的客戶體驗管理產品組合。 Adobe Experience 平台中的新功能現已擴展到包括實時客戶檔案。我們提供了新的服務、智能服務，以進一步在組織中使用人工智能和機器學習。我們提供了新的解決方案，例如統一跨渠道數據的客戶旅程分析。我很高興我們最近完成了對 Workfront 的收購，這是面向營銷人員的領先工作管理解決方案。

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，在 2019 年突破 100 億美元大關後，我們沒有錯過任何一個節拍。正如您從我們的目標中看到的那樣，我們預計 2021 年將超過 150 億美元大關。我們非常高興能夠推動收入和利潤的增長，同時產生現金並繼續回報股東。事實上，在 2020 年，我們實現了 128.7 億美元的收入，同比增長 15%。在第四季度，我們的數字媒體 ARR 超過了 100 億美元，這對我們公司來說是一個重要的里程碑。憑藉你們都已經習慣的強大的財務紀律，我們繼續從運營中產生可觀的現金流，並在 20 財年創造了超過 50 億美元的收入。我們繼續關注每股收益，按非公認會計原則計算的每股收益為 10.10 美元，同比增長 28%。

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

我真的相信這些財務成就使我們在所有其他軟件公司中脫穎而出，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 的使命是通過數字體驗改變世界，隨著人們尋求新的虛擬交流、學習和開展業務的方式，它從未像現在這樣重要。我們創新的好處幫助全球數十億人，其影響遍及社會的各個方面。它激勵我們的員工專注於產生更大的影響並創造未來。

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.

當您考慮我們都經歷過的宏觀趨勢時，每個行業都在經歷向所有事物數字化的結構性轉變。我相信今年的事件只會加速這一點。精靈不會回到瓶子裡。即使是傳統上接受數字化速度較慢的受監管行業今年也肯定加快了步伐。我們的醫療保健等行業正在發生變化，無論是通過個性化醫療、遠程醫療還是坦率地說，讓患者參與的新方式。

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.

在創意方面，它仍然是設計和創意的黃金時代，設計仍然是關鍵的競爭優勢，因為每個人心中都是創造者。他們希望通過新設備和新模式來表達自己。創造力對於我們如何联系、如何應對和如何學習至關重要。

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.

教育也被重新構想。因為數字是當今學生學習方式的核心，無論是通過遠程教育還是通過解鎖新形式的創造性故事講述。數字化也打破了長期標準——接受教育的長期障礙，這是一件很棒的事情，因為它使它更容易獲得。

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.

我們的工作方式將不再相同。很高興看到 PC 如何作為計算主力經歷了巨大的複興。文檔是工作完成方式的核心。紙到數字化的轉型只是在加速，每個業務流程都在走向數字化，因為每個企業現在都是數字化企業。數字化已成為所有企業與客戶互動的主要方式。誠然，由於電子商務正在爆炸式增長，客戶的期望也達到了歷史最高水平。事實上，由 Adobe Analytics 提供支持的年度假期報告預測，在線假期支出將達到 1890 億美元，同比增長 33%。而支撐所有這一切的是向人工智能和機器學習的巨大轉變，這只會進一步推動這些力量的發揮。

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 Adobe，我們的戰略是這場數字革命的核心。通過技術，我們相信我們正在改變工作、學習和娛樂。我們不懈地專注於展望未來，我們如何推動下一個巨大的市場機會，以解決客戶的痛點並預測他們的需求。我們開創並引領了 3 個大規模增長的類別：創造力、數字文檔和客戶體驗管理。我們不遺餘力地擴大我們服務的客戶群，增加更多可尋址的市場機會，因為我們希望賦予每個人權力，從學生到小企業主，再到世界上最大的企業。我相信，我們通過創造引領行業數十年的開創性技術平台而獲勝。而今天，我們可以在整個計算範式中工作，從最大的雲到最小的設備，並採用面向服務的架構構建，這也使我們能夠擁有新的貨幣化模型。

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，我們的 3 種行業領先的雲產品在各個地區和受眾中都比以往任何時候都更加關鍵。借助 Creative Cloud，我們為所有人釋放創造力，為任何地方的任何人提供表達創造力的工具。借助 Document Cloud，我們正在提高文檔生產力，使人們查看、共享和參與數字文檔的方式現代化。借助 Experience Cloud，我們為各種規模的數字化企業提供支持，為他們提供設計和交付出色客戶體驗所需的一切。 Adobe Sensei 的魔力和力量支撐著我們的 3 個雲，它是 Adobe 的顯著差異化因素，也是更快速創新的推動者。

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.

由於它與創意業務相關，無論是娛樂、教育還是企業，我們所看到的任何地方，內容都在推動數字經濟。這推動了創造者、工具和資產的爆炸式增長，它們都代表了我們業務的順風。現實情況是，創造力適合每個人，從學生提交下一個學校作業到創意專業人士製作廣告，每個人都有自己的故事要講。而當你看這些類別時，無論是網頁內容還是移動應用程序、創作、成像、視頻、動畫、屏幕設計、增強現實、AR、3D，它們都在這個數字敘事時代風起雲湧。

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向我們展示了創造力在讓人們表達自己、聯繫和應對方面的力量。我們相信創造力是 21 世紀的基本技能之一。隨著機器變得更快、更智能，人類獨有的技能（如創造力）將變得越來越重要。

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.

創意現在也是多人遊戲，因為無論您的技能水平如何，今天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跨日益偏遠和分散的團隊管理這些多個工作流，需要基於雲的無縫協作和工作流程來推動這種生產力。我們擁有的 Behance 等社交社區和現場教程也提供了新的學習和啟發方式。

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到貨幣化的一站式商店。稍後您會聽到 Scott 的消息，但讓我稍微擴展一下我們的策略。首先，我們希望推進每一個創意類別，我們是核心創意類別的領導者，包括攝影、設計、視頻、插圖和佈局。我們正在擴大我們在新興領域的領導地位，包括屏幕設計和 3D、VR 和 AR 等沉浸式媒體。該策略使我們能夠做的是通過單一應用程序產品獲得新的創作者，然後隨著時間的推移展示整個 Creative Cloud 產品的好處。

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.

我們專注於構建多表面系統，為每個表面和系統構建解決方案，因為我們希望讓任何人都能隨時隨地進行創作。我們堅信，這些設備不再只是消費設備，每一個設備也應該是一個創造設備。

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.

我們專注於添加協作服務，因為我們可以確保內容可以在雲中無縫管理並從任何設備訪問。這使我們能夠在業務方面做的是增加參與度，同時也可以通過這些新的貨幣化機會獲得新的利益相關者並擴大我們的客戶群。

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

我們希望參與和激勵社區和我們充滿活力的社區，這是獲取和參與成功的關鍵驅動力。事實上，我們已經在 Behance 上擁有超過 2500 萬會員，這代表了進一步向更廣泛的 Creative Cloud 生態系統追加銷售的巨大機會。 Adobe Live 等程序使我們能夠為創意人員提供論壇並促進活躍的

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。我們一直堅持認為，留存率是新的增長點，這比以往任何時候都更加重要，因為我們現有訂閱者的數字媒體年化經常性收入已超過 100 億美元。

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.

歸根結底，我們專注於使創造力民主化，使從學生到社交媒體影響者，從專業攝影師、電影製作人和設計師的任何人都能表達他們的創造力。我們還推出了平板電腦上的 Photoshop 和 Illustrator 等新應用程序、Photoshop 相機等消費類應用程序以及 Premiere Rush 和 Spark 等易於使用的故事講述應用程序，這些都在吸引新用戶並擴大我們的基礎。但除了這個巨大的產品創新之外，我們還有一個數據驅動的運營模式，這使我們能夠抓住這個廣闊的機會，因為我們對客戶有非常深刻的理解，我們能夠提供個性化的體驗和在這個數字渠道和旅程的每個部分提供。這使我們能夠做的是釋放參與度，並為我們提供新的追加銷售機會。

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.

當你把這一切放在一起，映射我們在這些廣泛的細分市場中定位的產品和服務，並根據非正版使用等因素進行調整時，Creative Cloud 的總潛在市場預計在 2023 年將達到約 410 億美元。200 億美元這個潛在市場來自 Creative Pros，其中包括 Creative Cloud 應用程序和 Adobe Stock 等新服務。 210 億美元的潛在市場機會來自更廣泛的傳播者和消費者細分市場，其中包括 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望將繼續成為我們將在未來許多年執行的北極星。

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.

我想強調的這項業務的主要增長動力包括通過屏幕設計、視頻和 3D 的類別單一應用程序獲得新客戶的能力，通過移動貨幣化服務創建移動 ID 越來越多地使用移動作為渠道以及向 Adobe Stock 等多表面系統和新服務追加銷售，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.

轉向我們的第二個增長機會。很明顯，數字文檔現在是為現代企業賦能的關鍵任務。隨著企業都在一夜之間轉向遠程工作，我們已經看到了這種巨大的加速。事實是，人工智能和機器學習、雲和移動都在重新定義生產力的概念。它正在重塑我們的工作方式，實現更大的靈活性，並且要求全球分散的團隊之間進行更多的協作。人工智能只會放大這種生產力。我們看到紙質被大量採用到數字流程和工作流程中。過去的紙質任務現在都被數字化了。

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.

正在發生的另一個方面是雲生態系統正在推動一個新的商業機會，我們稱之為 API 經濟，它正在徹底改變應用程序和服務的構建方式和貨幣化方式。推動這一點的原因是 PDF 仍然是 Internet 上發生的事情的通用語言。我們有超過 20 億台安裝了 Reader 或 Acrobat 的移動和桌面設備。事實上，在過去 12 個月中，我們在 Document Cloud 應用程序中打開了 3000 億個 PDF。因此從戰略上講，當我們考慮機會時，首先是擴展我們所謂的由 Sensei 提供支持的 Acrobat Works，它支持所有文檔操作、編輯、共享、掃描和簽名。這是通過破譯這些非結構化 PDF 並使它們在移動設備上真正響應而創建的數万億 PDF 中存在的價值。

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，我們特別引以為豪的一項創新是 Acrobat Reader 中的 Liquid 模式，它可以破譯並自動重新格式化文本、圖像和表格，以便快速導航和使用，並由 Adobe Sensei 提供支持。我們認為移動設備推動了這一新的商機，因為 PDF 的使用在移動設備上絕對呈爆炸式增長。讓這種 Acrobat 體驗在移動設備和 Web 上更加順暢是真正利用了我們擁有的無處不在的 PDF 格式，並且我們正在擴大免費和付費移動客戶群。我們也越來越多地使用 Acrobat Web 捕獲 PDF 需求，因為我們正在做的是通過我們的無摩擦服務搜索來轉換對 PDF 網絡的大量需求，例如創建和編輯。

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.

隨著每項業務都走向數字化，該戰略的第三個方面是通過我們擁有的 Acrobat 和 Adobe Sign 等服務使紙張實現數字化轉型，同時也利用我們通過 Adobe Experience Platform 和 Adobe Experience Manager 提供的服務作為 Adobe Experience Manager 表單。我們希望通過 Document Services 釋放一個全新的 PDF 生態系統，為第三方開發人員提供 API，然後他們將找到使用 PDF 的新方法，我們將能夠通過這些服務獲利。

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.

因此，讓我擴展其中的一些機會。每個月約有 5000 萬次 PDF 操作搜索。我們想要實現的是通過單擊、一流的 Web 體驗，提供對客戶想要的操作的快速訪問，並允許他們提供和發現一組更全面的 Acrobat 產品。這類似於我們在成功的 Reader 追加銷售動議中所做的，即推動圍繞 PDF 的參與，使人們能夠完成他們的任務，然後將人們從免費產品追加銷售到 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.

我們文檔雲戰略的另一個方面是提供統一的文檔雲平台。這包括 Acrobat、AM 表單和 Adobe Sign，它們是當今工作完成方式的核心。我們擁有巨大的市場優勢，因為我們的數據驅動運營模式的複雜性讓我們對客戶有了非常難以置信的了解；如何接觸他們，如何有效地為他們服務，我們有能力真正優化從獲取到保留的所有渠道。我們將繼續擴大標誌規模，並通過重要的市場合作夥伴關係進入快速增長的新垂直領域，包括與 Microsoft、Workday、ServiceNow 和 Notarize 的合作。我們將繼續投資與 PDF 作為互聯網通用語相關的品牌資產。

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.

我們對第二個增長支柱感到非常興奮：Document Cloud 戰略及其所代表的更廣泛的潛在市場，我們預計潛在市場將在 2023 年增長到 210 億美元。我們從訂閱的轉變中受益。我們從訪客獲取中受益。我們從移動設備中受益。 PDF 移動機會本身代表了這個潛在市場的大約 110 億美元。在文檔服務平台上，我們正在通過電子簽名和新的嵌入式服務推動增長，我們認為這代表著 100 億美元的潛在機會。

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.

我們的第三個增長計劃都是關於客戶體驗管理的，我們仍然相信它代表著我們都看到的加速和數字化轉型的巨大機遇。因為現實情況是，今天，每家企業都是數字企業。數字客戶參與的必要性從未如此強烈，因為每個企業都必須了解他們的客戶並提供個性化的體驗。因為我們所有人都是消費者，我們購買的是體驗，而不僅僅是產品。

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.

今天的現實是，客戶期待這種參與的、個性化的數字體驗，我們希望這些交互感覺輕鬆高效。它們需要經過精心設計，需要具有上下文感知能力，並且需要跨渠道無縫且安全，並以我們期望的精確微秒交付。

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.

提供下一代平台來提供和推動這種體驗說起來容易做起來難，因為它需要企業完全融合內容、數據和人工智能，以實時提供這種引人注目的、相關的、個性化的體驗。事實是，公司必須為這種輝煌而設計，但要為智能而電線。

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 創建了數字營銷類別，現在我們在更廣泛的機會中處於領先地位：客戶體驗管理類別。我們的戰略是提供一套全面的應用程序和服務，這些應用程序和服務分為內容和商務、客戶旅程管理、客戶數據和洞察力等解決方案領域。現在隨著我們的 Workfront 收購、工作管理的結束； Anil Chakravarthy 將花更多時間談論我們的戰略。

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.

第二個方面是交付這個下一代技術平台 Adobe Experience Platform，它提供了使 CXM 成為現實的底層基礎設施，並且比任何競爭對手提供的任何東西都領先數年。因為它真正匯集了數百個數據點來創建這種統一的客戶檔案，公司可以激活該檔案以大規模提供個性化體驗。

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.

我們的願景也是提供行業領先的營銷記錄系統。隨著 Workfront 收購的完成，我們擁有了面向營銷人員的領先工作管理產品。雖然與大多數公司不同，我們的大部分增長都是有機的。我們確實戰略性地利用無機機會。我們在收購、發展和擴大這些公司方面有著令人難以置信的成功記錄。我們在一個擁有超過 1,000 名聯合客戶的生態系統中擁有一批長期合作夥伴。 Workfront 已經配備了不僅適用於 Experience Cloud 的 API，還配備了適用於創意云的 API，這代表了在我們的業務中進一步利用和實現協同效應的機會。

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.

鑑於客戶 CIO 和 CMO 都對 Adobe 具有親和力，因為所有企業現在都在努力重新架構其圍繞客戶的系統，這需要首席營銷官和首席信息官之間強有力的合作關係。這使我們能夠在整個高管層中擴展我們的市場推廣，從而推動更高價值的合同和服務。我們繼續擁有一個獨家合作夥伴生態系統，該生態系統相信我們的願景，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.

到 2023 年，當我們考慮 Adobe Experience Cloud 時，我們的潛在市場總額估計約為 850 億美元。這包括客戶數據和洞察力，這仍然是一個巨大的機會，因為智能越來越成為我們的命脈每個組織。因此，這代表了大約 260 億美元的可尋址機會。內容和商業的爆炸式增長，我們是絕對的領導者，正在推動 440 億美元的機會。

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（包括活動和電子郵件營銷等產品）以及 B2B 營銷和需求生成（包括基於帳戶的營銷和潛在客戶管理）預計將帶來 150 億美元的機會。正如我們之前所說，這些是大型且不斷增長的類別，是每個企業的首要考慮因素。

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戰略，並將其應用於 2023 年約 1470 億美元的特殊機會。我們有能力創造並持續引領這些類別。我們正在對我們的業務和我們所服務的客戶進行更大的思考，從消費者和學生到傳播者和創意專業人士以及整個高管層。我們擁有領先的產品、服務和平台來釋放創造力、提高文檔生產力並為數字業務提供動力。我們的秘訣是我們擁有的 20,000 多名才華橫溢的員工，他們都圍繞著我們的使命和他們可以產生的影響團結起來。我們在全球擁有一個受人尊敬的品牌。我們擁有世界一流的財務紀律，以可觀的利潤率推動收入和利潤的增長。這確實是一個廣闊的機會，我們有能力抓住它。

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.

我當然相信 Adobe 最好的日子即將到來。我們預計明年的收入將超過 150 億美元。我們擁有巨大的潛在市場、行業領先的應用程序、服務和平台，以及無與倫比的創新引擎。讓我快速談談我們認為將繼續推動這一勢頭的一些增長動力。

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，除了我們在各個類別中的領先應用程序之外，移動作為渠道和產品貨幣化機會也是巨大的。股票等服務正在成為 ARR 增長的重要組成部分。視頻、網絡服務以及 3D&I 等新類別。

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 Document Cloud 方面，繼續採用基於 Web 的 PDF 服務、基於移動的 PDF 服務和 Acrobat 訂閱；通過席位擴展和文檔工作流程向中小型企業以及大型企業提供 Adobe Sign 的能力；在 Experience Cloud 上，繼續提供這個下一代技術平台，提供 Sensei 智能服務，利用合作夥伴生態系統的能力，在中端市場和商業市場進行交叉和追加銷售，以及推動新的標識增長和繼續確保我們提供價值，推動客戶成功並保持保留。

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?

現在我想做的是讓我們的 CTO 以及最近擔任 Document Cloud 首席產品官的人 Abhay Parasnis 來談談我們的技術願景。阿拜？

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

謝謝，山塔努。大家，早安。很高興再次與大家交談。

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 的更廣泛機遇和戰略需求。我想用接下來的幾分鐘來談談我們的技術願景，並分享我對未來道路的興奮。

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，我們始終以長遠的眼光來構建具有高度防禦性並推動行業突破的深度技術平台。隨著今年的一切順利進行，我對我們團隊所提供的創新的廣度和深度感到特別自豪。 iPad 上的 Illustrator 和 Photoshop 中的神經過濾器、Liquid Mode 和 Document Cloud 中的 Acrobat Web，以及 Experience Cloud 中的 AM 雲和實時 CDP 只是我們提供的幾個創新示例。而這種令人難以置信的創新步伐只有我們今天的大規模運營才能超越。憑藉從 Experience Cloud 提供的數万億次激活、數億次移動應用程序下載以及超過 20 億台運行 Reader 和 Acrobat 軟件的設備，我們確實擁有從雲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.

現在，我們技術戰略的一個關鍵方面是在我們所有的產品中開發出一致的架構觀點。我們將這種統一架構分為 3 個層次：應用程序的多表面體驗、豐富的服務和 API 組合以及基於共享內容和數據平台構建的 Sensei AI 堆棧。我們在 3 個雲中所做的一切都以這種統一的技術願景為指導，並為我們提供了顯著的戰略優勢。

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.

我們越來越多地考慮超越離散的應用程序孤島，提供跨桌面、移動和 Web 的新模式和流暢的多表面體驗。例如，在 Creative Cloud 中，我們將現代 Web 和協作技術添加到 Photoshop 和 Premiere 等應用程序的核心成像和視頻工作流程中，將它們演變成完整的創意系統。同樣，在 Document Cloud 中，我們在 PC 上採用一流的 PDF 運行時間，並將它們帶到 Web 和移動平台，以獲得一致的多表面 PDF 體驗。在 Experience Cloud 中，我們特別專注於一種新型的客戶體驗，這種體驗在每一個接觸點上都是實時且超個性化的。

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，我們不僅構建了越來越豐富的服務組合，而且專注於 3 個橫切主題：

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，我們將協作深深嵌入到我們所有應用程序的核心，將我們一流的單用戶應用程序（如 Photoshop 或 Acrobat）轉換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的獨特理解，我們可以為用戶提供更豐富的上下文協作，而不是通用文件共享或通信平台。

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，使用共享內容和數據平台，我們正在實現獨特的跨雲用例，從創作者到知識工作者，再到營銷人員。這是只有 Adobe 才能提供的東西。

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，我們越來越關注 API 經濟機會，通過開放 API 向生態系統中的開發人員和 ISV 公開我們的服務。你會看到我們積極地專注於這個新的載體。

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.

最後但並非最不重要的一點是，我與大家討論了 Adobe Sensei，這是我們對 AI 的世代賭注。 Sensei 已經產生了深遠的影響，我們的團隊在我們的 3 個雲中提供了數百個由 Sensei 提供支持的功能。我們使用現有應用程序中提供的 AI 功能啟動了 Sensei。但是，通過利用我們對用戶工作流程和使用模式的獨特理解，我們構建了一個專門的 Sensei 平台，該平台專注於創造力、文檔和客戶體驗領域。

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，我們現在可以通過全新的 AI 優先應用程序來突破極限。 Document Cloud 中的 Liquid 模式就是一個很好的例子。這是一個多年的旅程，需要我們解決一些獨特而困難的問題。我們使用人工智能、機器學習和計算機視覺方面的最新技術，訓練 Sensei 深入了解世界上存在的數万億 PDF。然後使用這種智能，我們能夠從全面的非結構化 PDF 中生成結構。最初，我們使用它在移動設備上創造令人愉悅的體驗，但未來的可能性確實令人興奮，文檔智能在語義理解或文檔摘要等領域的突破。與 Doc Cloud 中的 Liquid Mode 一樣，我們也在致力於開發獨特的 Sensei 服務，以實現創意智能和體驗智能。 Sensei 是具有長期戰略優勢的關鍵研發重點，它使我們能夠構建真正差異化的能力並通過 Sensei 支持的 Adobe Magic 取悅客戶。

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.

隨著我們的客戶依賴 Adobe 來滿足越來越多的關鍵任務需求，我們每天都專注於卓越的工程設計和正確的基礎知識。我們是首批建立多雲基礎的 SaaS 公司之一，使我們能夠跨各種公共、私有和混合雲環境提供服務。這樣做具有高水平的卓越運營和成本效益。此外，借助 Adobe 的通用控制框架，我們能夠滿足企業對安全性、合規性和隱私要求以及全球監管環境的期望。

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，我們繼續通過各種標準和其他努力（例如我們的內容真實性倡議和開放數據倡議）在行業中發揮思想領導作用。

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 面臨的機遇確實令人興奮，從創造力的未來到重新構想文檔，再到完全重新連接客戶體驗的機會。我們擁有世界一流的工程團隊，擁有深厚的創新文化和對基礎技術平台的投資，使我們能夠以速度和規模交付。我對 Adobe 的技術議程從未像現在這樣充滿信心，而且我對我們創造未來的能力感到非常興奮。

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

現在讓我請 Creative Cloud 首席產品官 Scott Belsky 談談 Creative Cloud 戰略。交給你，斯科特。

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，阿貝。因此，雖然我已經在套牌中概述了我們的創意云戰略的更多細節。我現在試圖分享一個快速總結。

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.

大局觀，我們看到了 Creative Cloud 的巨大增長和動力，因為創造力從未像現在這樣重要。我們在最近的 MAX 會議上看到了這一點，該會議已成為首屈一指的全球創意會議。 MAX 在全球範圍內以超過 2100 萬的觀看次數打破了之前的所有記錄。

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.

為什麼現在創造力如此重要？嗯，對於初學者來說，每個人都想在學校的工作、社交甚至家庭項目中脫穎而出，而創造性的表達就是他們做到這一點的方式。在企業內部，企業越來越認識到創造力就是這種競爭優勢。員工想要脫穎而出，無論是在他們的演示、他們如何可視化數據，還是在他們自己的產品和營銷體驗中成為更積極的利益相關者。在未來的工作場所，隨著人工智能接管越來越多的以生產力為中心的角色，創造力是人們如何茁壯成長並坦率地保住工作的方式。所有這些都提升了創造力的作用，並為 Creative Cloud 創造了巨大的機會，並讓我們有責任發展我們的產品以滿足新創作者的需求。

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.

因此，讓我們看一下 Creative Cloud 戰略的 5 個支柱。首先，我們正在創新以推進每一個創意類別。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。我們實現這一點的一種方法是通過 Abhay 談到的我們的人工智能引擎 Adobe Sensei。例如，在 Photoshop 中，我們最近推出了 Neural Filters，這是一個由 Sensei 提供支持的新平台，客戶只需滾動滑塊即可進行徹底的更改。這些神經過濾器真的很神奇。你可以把夜晚變成白天，從字面上把皺眉變成微笑。神經濾波器只是我們 Sensei 驅動的突破的 1 個例子。在 MAX，我們在我們的創意類別中推出了數十個新的 Sensei 功能，我們正在幫助客戶探索 3D 和沈浸式等新媒體，並使用諸如物質、維度和箭頭等工具。

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.

大流行迫使許多團隊轉向 3D 工具，因為他們可以渲染圖像或視頻，而不是親自拍攝。 Ben & Jerry's 就是一個很好的例子，他利用我們的 3D 和沈浸式產品開展了一項關於在大流行期間提供冰淇淋的關鍵活動。他們發現了許多公司的發現：3D 渲染圖像與傳統照片沒有區別，而且它們的效率更高，而且製作成本實際上更低。因此，我們預計對該領域的濃厚興趣將繼續，尤其是隨著增強現實等新媒體成為主流。這些創新為創意專業人士增加了價值，並有助於確保 Creative Cloud 仍然是為內容速度而苦苦掙扎的現代團隊的合乎邏輯的選擇，這是我們談論對更多格式和更多平台以及更多內容、更個性化的永不滿足的需求的方式。我們致力於將他們的創造力擴展到新的方向。

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.

我們 Creative Cloud 戰略的下一個支柱是繼續將我們的領先產品轉變為基於雲的多表面系統。創意不再局限於桌面。我們在將我們的旗艦產品擴展到更多表面方面取得了很大進展。去年，我們將 Photoshop 和 Illustrator 帶到了 iPad 上，去年我們在 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序 Adobe Fresco，今年又將它們帶到了手機上。客戶告訴我們，iPad 應用程序的便攜性帶來了巨大的優勢。例如，三麗鷗日本主題公園的設計師使用 iPad 上的 Illustrator 勾勒出實際在公園內的新功能。它真的讓他們看到設計將如何真正適合現場。

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.

以下是我們從產品到服務、多系統平台擴展的演變過程中學到的東西。我們知道，在多種設備上使用我們產品的客戶具有更高的滿意度和更好的保留率。而且我們知道，在移動設備上提供更現代的界面會吸引新客戶，並且是將新客戶從移動應用商店引入 Creative Cloud 的有效方式。因此，我們將繼續將我們的應用程序擴展到新的平台，包括 Web，這將吸引更廣泛的客戶群，並為 Creative Cloud 解鎖另一個層次的可能性。

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.

我們戰略的另一個主要部分是開發和無縫集成支持協作的強大服務。毫無疑問，我們已經進入了一個深度協作的創意新時代。我們的下一代客戶是在 Google 文檔時代長大的。他們希望默認情況下一切都是協作的，而我們通過過去幾年對 Creative Cloud 服務的投資實現了這一點。我們推出了 Creative Cloud 庫，可幫助團隊共享創意成分，從字體和顏色到矢量和圖像。我們推出了雲文檔，允許其客戶輕鬆地與合作者和利益相關者分享他們的工作，並且在我們產品的需要時集成了 Stock 和 Fonts 等服務，我們確保團隊擁有他們所有的內容需要在不離開 Creative Cloud 的情況下啟動項目。

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，我們讓利益相關者更容易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真實來源。確保更大的生命週期價值。這些服務還通過吸引傳統創意團隊之外的利益相關者來釋放新的商機並擴大我們的足跡，無論是出於審查目的、文案撰寫還是利用模板進行社交媒體營銷。

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.

另一個重點領域是參與和社區靈感。這些天來，我們正在將多種新客戶引入 Creative Cloud。但是為了留住他們，我們必須確保他們參與其中，他們正在學習新技能，並且他們不斷受到啟發去嘗試新的工具和技術。我們通過重新構想新的用戶旅程來提高參與度，為每一位充滿社區和教育內容的客戶提供更加個性化的體驗。隨著我們優化這些流程，我們變得非常非常受數據驅動。我們正在為人們提供更多學習新技能的方法。 Adobe Live 的流量是 Behance 會員使用我們的產品和教程提供的豐富直播流，今年的流量翻了一番，作為回應，我們的內容也翻了一番。與這些直播的互動真的很了不起。去年，平均觀看時長超過 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.

我們還在我們的 iPad 應用程序中啟用了實時流媒體，以便任何客戶都可以輕鬆地從產品中進行直播並在社交網絡上分享 URL。其他人可以單擊鏈接並通過查看經驗豐富的創建者的肩膀來學習，並下載該應用程序以進行嘗試。

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

我們在我們的產品中個性化學習體驗。隨著我們的個性化程度越高，我們就越能準確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.

因為最偉大的——因為最偉大的靈感當然來自於看到其他人正在創造的東西，我們正在做更多的工作來召集一個全球創造社區。我們在 Lightroom 等產品中構建了一組新的社區功能。 Behance 是我們的全球創意社區，在我心目中非常親近，現已發展到 2500 萬會員，每天有超過 100 萬人訪問該網站。所有這些努力不僅提高了漏斗的頂端，而且使這些新客戶更有可能獲得成功、受到啟發和參與。

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，讓我們談談Shantanu 一開始提到的創造力民主化。我們希望通過免費增值、易於使用並利用 Adobe 核心技術的新一代網絡和移動產品，讓世界能夠進行創作。當任何人搜索網絡以編輯照片或製作傳單時，我們將提供易於使用的網絡應用程序，幫助他們完成項目並鼓勵他們走得更遠，更上一層樓。在移動設備上，Photoshop Express、Premiere Rush 和 Adobe Spark 使日常消費者能夠創建在社交媒體上脫穎而出的內容。在接下來的一年裡，我們將這些產品更緊密地結合在一起，使客戶能夠跨它們工作並將他們的工作擴展到網絡。我們正在以只有 Adobe 可以做到的方式做到這一點。我們正在為這些移動和網絡應用程序帶來強大的省時功能，其中許多功能由 Sensei 提供支持。我們還優先考慮與 Creative Cloud 其他部分的互操作性，以便更多休閒創作者可以與創意專業人士合作，以便他們可以在準備好時在 Photoshop 或 Illustrator 等應用程序中將他們的工作提升到一個新的水平所以。我很高興能在未來一年分享更多關於這些產品投資的信息。

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，我們對市場的看法將在 2023 年擴大到 410 億美元的 TAM，因為創造力的重要性正在快速增長，並且全球創作者的數量正在爆炸式增長。我們未來幾年的工作將確保 Creative Cloud 始終處於創意和新媒體的前沿，支持協作創意的發展，並通過新一代工具和學習、靈感和社區，這將使人們保持參與和成功。

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.

謝謝你。現在我將把它交給負責數字體驗業務的同事 Anil 來談談 Experience Cloud。阿尼爾。

(technical difficulty)

（技術難度）

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.

還負責我們的全球現場組織。我想為您介紹 Shantanu 概述的體驗雲戰略的背景和色彩。您應該擁有我們提供的完整演示文稿。

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.

在 2020 年上半年，當 COVID 來襲時，我們看到企業專注於員工的安全和福祉，並確保業務連續性。我們轉向並與我們的客戶合作，以駕馭這一新常態。

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，我們看到我們的業務在客戶體驗管理方面加倍努力，以應對客戶期望的提高。客戶現在是數字優先的。他們希望從每個企業中獲得引人入勝的個性化體驗。這給企業帶來了比以往任何時候都更大的壓力，以加速他們的數字參與。這也凸顯了企業在所有接觸點為客戶提供出色體驗的難度。

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.

在目前的環境下，這已是不小的壯舉。企業需要考慮隱私法規和數據主權等外部因素，並應對客戶數據碎片化和手動低效流程等內部挑戰。因此很明顯，公司需要用於客戶體驗管理的下一代技術平台。這為 CXM 創造了 850 億美元的巨大市場機會，而 Adobe 在解決這一問題方面具有獨特的優勢。

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，我們為數字業務提供動力的戰略正在與各行各業和世界各地的品牌產生共鳴。

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.

現在我們在 2020 年看到了這一點。我們的前 100 名客戶中有 93% 擁有 3 個或更多 Experience Cloud 解決方案。我們與他們的平均 ARR 已增長到 800 萬美元，幾乎是 2015 年的 3 倍。讓我強調其中一個客戶——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.

在過去的 5 年中，Verizon 已在其消費者、企業和媒體組中為 CXM 標準化了 Adobe。 Adobe Experience 平台可在 250 毫秒內跨數十億個配置文件以雲規模提供實時響應。 Verizon 正在利用 AEP 提供個性化通信、優化客戶旅程、提高轉化率並建立客戶忠誠度。因此，我們來自 Verizon 的 ARR 在過去 5 年中增長了 700%。這是我們在客戶群中看到的增長趨勢的一個很好的例子。

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.

轉向我們的 Experience Cloud 戰略。它基於 Adobe 自己的成功轉型之旅。我們從數據驅動的運營模式中汲取了原則和見解，並創建了一個可定制的劇本，任何客戶都可以使用它來通過下一代客戶體驗管理來推動他們的數字業務。

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 所述，我們的戰略有 5 個支柱。首先，它是一套全面的應用程序和服務，用於客戶數據和洞察、內容和商務以及客戶旅程管理。現在，這些應用程序和服務在集成的 Adobe Experience Platform 上交付。 AEP 是下一代平台，可大規模提供實時個性化，每天有近 17 萬億次細分評估，利用第一方數據、雲規模，由 Adobe Sensei 提供支持，並由我們的合作夥伴和開發人員開放生態系統擴展。

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，我們努力為我們的客戶提供兩全其美的服務，將綜合應用程序和服務集成到一個通用的雲規模平台上。我已經在數據世界中待了很長時間。我很清楚，AEP 在能力和生產部署方面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，我們對我們最近收購的工作前沿感到興奮。我們從客戶和合作夥伴那裡得到了很好的反饋。我們正在為記錄營銷系統奠定堅實的基礎，這將使我們的客戶在執行他們的活動時具有更高的效率和敏捷性，並通過實時洞察力優化他們的活動。

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.

我們戰略的第四部分，自創建數字營銷類別以來，我們一直是 CMO 值得信賴的合作夥伴。現在，我們也是 CIO 值得信賴的合作夥伴。在 2020 年年中，我們將我們的全球現場運營和數字經驗整合到一個由我領導的組織中。這使我們能夠擴大我們的市場範圍，以滿足從中型市場客戶到世界上最大品牌的企業的需求。

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，我們與由 2,800 多個 SI 和技術合作夥伴組成的全球生態系統密切合作，以推動業務價值和維持增長。

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.

所以最後，我對我們面前的機會感到非常興奮。 Experience Cloud 是一項成長型業務，我們將結合我們的上市和產品組織，以做好充分準備，全力以赴。當您查看我們的產品、我們的平台、由 Adobe Sensei 提供支持的創新、我們的客戶關係、我們的品牌和我們正在進行的投資時，Adobe 無疑是客戶體驗管理領域的領導者，我們處於提供幫助的最佳位置企業為所有客戶提供個性化、引人入勝的數字體驗。

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

謝謝你。現在讓我談談我們的首席人事官 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，阿尼爾，大家好。一年前，作為首席戰略官，我與您談到了 Adobe 的成長故事、我們的總目標市場以及我們業務中的巨大機遇。正如您今天所聽到的，我們的戰略比以往任何時候都更加廣泛，我對我們成功的能力充滿信心，因為我們在轉型方面取得了成功的記錄；在我 20 多年的公司工作中，我多次親眼目睹過一些事情。我相信我們的秘訣是成功的戰略、優秀的人才和卓越的目標驅動文化的結合。

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，我從企業戰略轉向員工戰略是很自然的舉動。人是我們最大的資產，作為首席人事官，我很高興能夠為我們的價值觀、我們以人為本的進步福利和計劃的歷史以及我們對全球 22,000 多名員工的成長和發展的承諾傳遞火炬，現在包括本週早些時候加入我們的 Workfront。

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.

越來越多的公司被員工、客戶和利益相關者視為其身份、價值觀和社區的延伸。 2020年，我們的核心價值觀得到充分展現，真實、卓越、創新、參與。在應對 COVID 時，我們將員工的健康和安全放在首位。我們增加了溝通，推出了在家工作的福利，並鼓勵靈活安排時間。我們照顧我們的社區，為客戶提供靈活性，並為學生提供免費的 Creative Cloud 許可證。今年，我們的員工真正加強了 70% 的在線志願服務。我們的員工對我們的方法表示感謝和自豪，並且比以往任何時候都更加投入和富有成效。

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，我們一直專注於培養包容性文化，我們稱之為 Adobe For All，因為我們相信，當員工能夠成為真實的自己時，他們就會盡其所能。當我們擁有多元化的團隊時，我們會更具創新性，並能更好地反映我們所服務的客戶。

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感受到支持，我們投資於學習和發展計劃、社區網絡和家庭友好型福利。我們是跨性別和種族薪酬平等的領導者，我們正在研究機會平等，以確保晉升和橫向流動的公平性。我們正在建立當前和未來的人才管道，投資於服務欠缺社區的年輕藝術家、大學合作夥伴關係以及職業中期的技能再培訓和學徒計劃。今年的活動清楚地表明，雖然我們取得了進展，但我們可以做的還有更多。

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，我們關注的是行動，而不是言語。與我們的黑人員工網絡一起，我們發起了以社區、倡導和成長為重點的採取行動倡議。在我們的全球 Adobe For All 週期間，我們概述了提高代表性的理想目標。在我們的招聘和發展計劃、慶祝女性和黑人創作者的活動中，以及我們努力確保我們的產品具有包容性，我們正在推動符合我們核心價值觀的變革。

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.

每個人都最關心的另一個話題是大流行後工作的未來。因此，讓我們簡要地談談這一點。今年，我們了解到在家工作時可以有效地做很多事情。我們推出了新產品，舉辦了全球客戶活動，並在世界各地招募了數百名實習生和員工。數字化轉型已經到來，我們將繼續重新構想作為一家公司的客戶和員工體驗。與此同時，我們仍然相信，現實生活中的體驗對於培養文化和信任、學習、發展和創新至關重要。每個團隊都需要為他們取得適當的平衡。但總的來說，我們將為大多數員工提供部分時間在家工作的靈活性，並將其設為默認設置，而不是例外。

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.

至於完全遠程的工作人員，這是我們今天已經擁有的東西，尤其是在銷售和諮詢人員中。廣泛擴展遠程工作是一項重大決定，不僅與個人偏好有關，而且對協作、凝聚力和文化也有影響。我們還有更多要在這裡學習。因此，我們將首先在接下來的幾個月中更新我們的遠程工作標準，並像往常一樣深思熟慮地進行迭代。這顯然是一段旅程，我們預計這一旅程將繼續發展。

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.

回顧這一年，我有幸以這種新身份為 Adobe 做出貢獻。我們的員工憑藉他們的奉獻精神、同志情誼和堅韌不拔的精神，實現了這一創紀錄的一年。 2020 年向我們展示了 Adobe 價值觀在行動中的力量，我相信 Adobe 最好的日子即將到來。

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

現在我想把它交給我們的首席財務官約翰墨菲。

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。根據今天上午分享的內容，很明顯 Adobe 擁有巨大的機會。現在，我想向您介紹我們的業務發展勢頭以及我們如何推動我們的增長。今天的演講將涵蓋第四季度和 2020 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.

在我們進入數字之前，在第四季度，鑑於我們今年早些時候進行的廣告雲轉變，我們對我們的細分報告進行了更改，以與我們管理數字體驗業務的方式保持一致。我們創建了一個名為 Publishing and Advertising 的新部門，將廣告雲與現有的發布部門相結合。由於這一變化，我們的數字體驗訂閱業務書現在與構成我們數字體驗訂閱收入的組件完全一致。讓這些保持一致真是太好了，因為這就是我們戰略性地推動細分市場增長的地方。

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.

這種報告變化反映在我們將顯示的第四季度和 20 財年的數字中。我們已經修改了從 18 財年到現在的財務信息，以保持可比性。

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.

現在讓我們轉向我們的第四季度業績。 Adobe 實現創紀錄的 34.2 億美元收入，同比增長 14%。第四季度的 GAAP 攤薄後每股收益為 4.64 美元。非 GAAP 攤薄後每股收益為 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.

第四季度的業務和財務亮點包括： 25 億美元的數字媒體收入，同比增長 20%；創紀錄的新數字媒體淨資產收益率為 5.48 億美元；數字體驗收入 8.19 億美元，同比增長 10%；數字體驗訂閱收入同比增長 14%。我們的運營現金流達到創紀錄的 17.8 億美元，我們以 113.4 億美元的剩餘履約義務或 RPO 退出。我們在本季度回購了 160 萬股股票。總體而言，這是第四季度的強勁表現。

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.

現在是我們每個戰略業務的一些第四季度財務亮點和增長動力。在第四季度，Adobe 實現了 20.8 億美元的創意收入，同比增長 20%，並增加了 4.25 億美元的淨新創意 ARR。我們以 87.2 億美元的創意 ARR 結束了這一年，同比增長 20%。創造性的 ARR 增長驅動因素包括在所有地區和細分市場中獲得新用戶、單個應用程序和 CC 完整訂閱，以及在影像、視頻和股票類別中的強勁表現。 Adobe Document Cloud 在第四季度實現了 4.11 億美元的收入，同比增長 21%。我們在本季度增加了創紀錄的 1.23 億美元 Document Cloud ARR。當年退出的 Document Cloud ARR 為 14.6 億美元，同比增長 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 ARR 增長驅動因素包括對 Acrobat 訂閱的強勁需求以及來自閱讀器漏斗和移動設備的需求。標誌的顯著勢頭。在第四季度，我們還受益於 Document Cloud 產品的永久收入超出預期。

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.

數字體驗在第四季度實現了 8.19 億美元的部門收入，同比增長 10%，訂閱收入為 6.96 億美元，同比增長 14%。第四季度 Experience Cloud 的增長動力包括加速採用 Adobe Experience 平台和應用服務；內容和商業動力，尤其是我們的 AEM 雲服務產品；中端市場持續復甦，並成功簽署了年度交易價值超過 100 萬美元的交易。

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.

在整個 2020 財年，Adobe 實現了創紀錄的 128.7 億美元收入，同比增長 15%。當年 GAAP 每股收益為 10.83 美元，非 GAAP 每股收益為 10.10 美元。為我們在 20 財年的強勁執行做出貢獻的是數字媒體部門的收入為 92.3 億美元，同比增長 20%；創意收入77.4億美元，同比增長19%； Adobe Document Cloud 收入為 15 億美元，同比增長 22%，數字媒體 ARR 為 101.8 億美元，同比增長 18.5 億美元；分部報告變更後，數字體驗分部收入為 31.3 億美元，同比增長 12%；數字體驗訂閱收入為 26.6 億美元，同比增長 17%。我們在這一年產生了 57.3 億美元的經營現金流，我們的 RPO 增加了 15.2 億美元，並通過我們的股票回購計劃向我們的股東返還了 30 億美元的現金。

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，讓我提供有關我們的戰略云業務的更多信息。我們將從數字媒體部分開始，從 Creative Cloud 開始。

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.

我們已經強調了我們在創意業務中推動巨大動力的一些領域。我們繼續吸引新客戶，2020 財年約有 75% 的訂戶是我們 Creative Cloud 特許經營權的新手。超過 4500 萬學生可以使用 Adobe Spark，比去年幾乎翻了一番，這表明我們正在為下一代培養創造性技能。移動仍然是我們的重要渠道，累計創建了超過 3 億個移動 ID，移動單元同比增長超過 80%，因為移動貨幣化已成為 ARR 增長的重要驅動力。 Premiere Pro、Adobe Stock 服務增長和新媒體類型是我們獲取客戶的重要工具。

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.

轉向收入和ARR。我們的 Creative Cloud 又創造了創紀錄的一年。 Creative Cloud 視圖顯示了過去幾年收入持續增長的規模令人難以置信的健康業務。我們繼續看到創意專業人士、傳播者和消費者獲得大量用戶。 Adobe Stock 等服務的收入增長繼續強勁。

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.

退出 2020 財年的主要創意增長驅動因素包括：由有機流量推動的新用戶增長（仍然保持高位），以及有針對性的活動和促銷；對單個應用程序的需求，尤其是我們的視頻和攝影產品；強大的保留率和參與度，在今年結束時保持在 COVID 之前的水平；向新興市場擴張； SMB 領域的逐步復甦，推動了對我們團隊產品的需求，包括通過經銷商渠道；以及與教育機構的 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.

這是一張非常棒的幻燈片，因為它顯示了我們在 2017 財年和 2020 財年的創意收入組合。今天，我們 97% 以上的創意收入是基於訂閱的收入，而業務增長了 85%。我們在這方面的成功很大程度上來自對客戶的深刻理解，這繼續為我們帶來高保留率。正如 Scott 和 Abhay 所說，隨著我們向新市場的擴張，我們在產品和服務方面的巨大創新引擎也推動了這種增長。

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.

當您查看 ARR 的構成時，大部分收入繼續來自個人、團隊和企業的所有應用程序訂閱，而越來越多的部分來自單個應用程序訂閱，這與我們擴大市場機會的戰略一致，因為我們吸引消費者和傳播者類別的新用戶。憑藉針對每個設計類別和服務的最全面的創意產品集，我們使用單個應用程序和移動設備作為新訂戶的成熟入口，同時我們繼續在所有領域發展我們的所有應用程序業務並作為追加銷售機會適用於單個應用程序和移動用戶。 Creative Cloud 的優勢源於我們多元化且具有彈性的業務，為從個人到小型企業、教育和企業的每個人提供量身定制的產品。

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.

我們也深刻了解客戶希望如何與我們互動。您可以在這裡看到通過 adobe.com 向個人產品的輕微混合轉變，同時我們繼續發展我們的團隊和 ETLA 產品。

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，我們將轉到 Document Cloud。這項業務正在蓬勃發展，並繼續為公司今年的成功做出了重大貢獻，我們現在超過 70% 的頻道單位是訂閱用戶。在 2020 財年，超過 75% 的訂戶是 Acrobat 特許經營權的新用戶。與創意業務一樣，我們的移動戰略正在推動 Adobe ID 創建處於漏斗頂端，而移動現代化正在促進 ARR 增長。我們專注於獲取新客戶，加上我們從永久基礎到訂閱的轉變正在發揮作用。從紙質到數字化，加速文檔生產力的 Document Cloud 戰略在遠程工作環境中確實引起了共鳴。 Adobe Sign 業務今年出現了增長拐點。事實上，我們在大流行爆發之前就看到了這個拐點，我們預計這一趨勢將持續到 2021 財年。正如 Gloria 所分享的，我們設想企業以靈活的方式工作。事情不會回到原來的樣子。借用 Shantanu 的話說，精靈不會回到瓶子裡。隨著我們繼續利用在家工作或靈活的工作方式，新用戶的增長將迎來爆炸性的機會。我們有多項增長計劃，包括基於 Web 的 PDF、簽名即服務和為該業務提供更多支持的 API 經濟。

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.

轉向收入和ARR。 Document Cloud 是 Adobe 的另一項業務，其收入和 ARR 均已超過 10 億美元，接近 15 億美元。這對我們來說只是一個巨大的機會。退出 2020 財年的關鍵 Document Cloud 增長驅動因素包括所有客戶群中新用戶獲取 Acrobat 訂閱。我們的閱讀器安裝在移動設備上的貨幣化，對我們在所有地區和企業採用的訂閱產品的需求，包括 Adobe Sign 的實力。請記住，我們還通過 CC 個人和所有應用程序訂閱提供 Acrobat 和 PDF 服務，這是該業務增長的另一個驅動力。

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，您可以看到訂閱推動的驚人增長。雖然非經常性永續收入占我們收入的一小部分，但這符合我們的戰略。這代表了將安裝基礎轉換為訂閱的持續機會。您可以看到，在過去 3 年中，總業務量幾乎翻了一番，並且隨著我們將更多業務轉變為經常性收入來源。

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 不同的是，對於 Document Cloud，我們將繼續提供永久作為讓人們加入特許經營權的工具。鑑於我們主要轉向訂閱的客戶群的廣度，我們的產品具有靈活性。

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.

將數字媒體視為一個整體，包括 Creative 和 Document Cloud ARR，您會看到任何 CFO 都希望看到的觀點。它顯示了經常性訂閱收入向上的疊加效應，以超過 100 億美元的年化經常性收入結束了這一年。當您想到不到十年前我們推出 Creative Cloud 時的收入基礎時，您會驚奇地看到我們如何擴大市場機會，同時將幾乎所有收入從永久收入轉變為經常性收入。這向您展示了我們訂閱模式的強大功能和持久性。如果沒有一個極其複雜的系統，這樣的數字就不會發生：我們的數據驅動運營模式，其目的是為了在不同地區獲得更多客戶，並吸引和推動更高的保留率。正如我們所說，DDOM 是我們為客戶尋找和了解個性化產品的武器。關於 DDOM 最好的部分是我們使用我們自己的軟件 Adobe Experience Platform 來推動這一點，這將我帶到了數字體驗領域。讓我們更深入地了解 Adobe 的數字體驗業務。

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，我們對本週早些時候完成對 Workfront 的收購感到非常興奮，我們歡迎 Workfront 團隊加入 Adobe。在 Adobe 進行併購時，我們關注的是技術和人員。 Adobe 在收購公司、推動協同效應和加速增長方面有著良好的記錄和歷史。借助 Workfront，我們專注於通過營銷用例加速增長的能力。正如 Anil 所分享的，對我們來說特別令人興奮的是，我們有機會創建一個行業領先的記錄營銷系統。我們相信我們的股東和客戶將獲得最大價值，這是在未來幾年加速訂閱收入增長的巨大機會。

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 代表了一個可觀的數字體驗市場。我們為 21 財年和第一季度提供的目標包括 Workfront，我們期待著開始運作，將業務整合到我們的數字體驗部門，並通過客戶體驗管理擴大我們的機會。

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.

數字體驗是我們十多年前創建的一個類別，從內容創建一直到營銷執行、測量、優化和現代化。今年，我們實現了 31.3 億美元的分部收入，但更重要的是，我們看到數字化轉型和客戶體驗管理與我們的企業客戶產生了共鳴。企業要想取得成功並提供客戶期望的個性化實時體驗，比以往任何時候都更需要技術合作夥伴來幫助他們轉變業務，就像我們通過數據驅動的運營模式重塑自己的數字媒體業務一樣並專注於客戶體驗管理。在我與高管層同行的對話中，很明顯，無論他們身處哪個行業，他們都認識到數字化轉型投資的價值。當您查看我們的前 100 名客戶和賬戶的構成時，您可以看到這裡的勢頭，到 2020 年，這些客戶中約有 93% 正在使用我們的 3 種或更多解決方案，平均 ARR 比過去5年。

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.

我們已經談了很多關於我們在該業務中增加訂閱 SaaS 收入的重點。您可以在這裡看到我們對推動訂閱收入的關注如何在多年期間推動了細分市場的增長。我們的數字體驗業務的增長受到訂閱產品的推動，尤其是在企業採用內容和商業產品（包括 AM 雲服務）方面具有特殊優勢。我們的 Adobe Experience 平台在 Verizon 等眾多可參考客戶中獲得了巨大的吸引力，創造了動力。在大流行初期我們看到宏觀經濟挑戰之後，我們還看到中端市場持續復甦。

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.

按收入類型查看業務。自 2018 年以來，我們一直保持服務和其他類別相對平穩，正如我們所說的那樣，因為我們專注於增加經常性訂閱 SaaS 收入，自 2018 年以來，該收入以 29% 的複合年增長率增長。為了實現這一目標，我們繼續我們利用 Anil 之前談到的合作夥伴生態系統的戰略，依靠這些合作夥伴實施我們的解決方案並提供服務，以幫助我們的企業客戶實現我們提供的價值。

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.

以下是我們的 3 個戰略增長支柱（客戶旅程管理、內容和商務以及數據和洞察力）中按類別劃分的收入組合視圖。這些都是市場領先的解決方案，是客戶體驗管理的基礎，我們建立在一個通用的數據和內容平台上。這些業務的增長受到客戶需求的推動，以幫助維持數字化存在和在線交易，為客戶提供個性化體驗，並統一和激活他們的數據。憑藉 850 億美元的市場機會，我們正在投資以推動這些類別的長期增長。我們在平台中的一整套解決方案和創新使我們在競爭中領先多年，並為企業解決了這些挑戰。

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.

現在讓我們更多地關注損益表和現金流以及我們的資本配置策略。大多數人也喜歡看到另一張幻燈片，即在 GAAP 和非 GAAP 基礎上的收入增長和利潤率擴張，非 GAAP 營業利潤率今年遠超過 40%。幾十年來我們一直致力於實現可持續的收入增長，這對我們的利潤增長做出了貢獻；我們訂閱模式中的運營槓桿以及我們退出交易廣告雲業務的戰略決策；以及為應對 COVID 大流行而採取的行動，以及與旅行和減少設施運營相關的相關成本節約。當我們達到我們的 21 財年目標時，我將提供一些顏色，說明您應該如何考慮這些類別中的節省，特別是未來。

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.

在這裡，您可以看到退出 2020 財年的 RPO 餘額同比增長 15%。這代表了承諾在未來流入收入的合同業務，使我們的收入來源極具可預測性。 RPO 的組成部分是遞延收入和未開票的積壓。正如我們今年早些時候指出的那樣，隨著我們更多的數字媒體業務通過 adobe.com 實現，我們已經看到 2020 財年從遞延收入轉變為未開票的積壓，其中訂閱按月計費，而不是每年提前開票，這意味著它們不會像我們的許多渠道和企業業務那樣影響遞延收入。因此，Adobe.com 的收購力度繼續推動組合從遞延收入轉變為未開票的積壓訂單。

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.

轉向現金流。在 2020 財年，我們的經營現金流加速增長，全年達到創紀錄的 57.3 億美元。在現金的使用方面，我們繼續優先投資於發展業務，無論是有機的還是通過收購 Workfront 等無機機會。與往常一樣，我們專注於通過股票回購計劃向股東返還資本。

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.

退出 FY '20，我們有大約 60 億美元的現金和短期投資以及未使用的 10 億美元信貸額度。這是一個健康的流動性頭寸，具有投資級信用評級和充足的債務能力。正如我所提到的，我們在確保通過結構化回購向股東返還多餘現金方面有著悠久的記錄。在這一點上，您可以看到我們如何繼續增加對股票回購的投資，隨著時間的推移減少股票數量。今天，除了我們目前授權的剩餘金額之外，我們還宣布了一項新的 150 億美元的回購授權，該授權將持續到 2024 財年末，這表明我們致力於加速向投資者返還資本。

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.

現在我想介紹一下您應該如何考慮財務戰略和我們的目標市場，這些是我們 21 財年初步目標的基礎。讓我們從我們的策略開始。我將在這張幻燈片上談一些事情。

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 有一個獨特的財務狀況，我們已經討論過它推動了我們的戰略。我們投資於收入增長。從長遠來看，我們的運營紀律推動了利潤率的擴大和收益的增長。憑藉領先產品和服務的多元化組合，我們正在投資以推動持續的收入增長，並利用擺在我們面前的巨大市場機會擴展到新的類別。我們正在加速我們的增長，我們對 Adobe Stock、Sign 和我們的移動應用程序等新業務的投資自 2017 年以來已為 ARR 增長貢獻了超過 5 億美元。

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，我們實施了嚴格的支出管理原則，重點關注利潤率擴張和長期收益增長。我們專注於快速整合收購，以確保在新收購的業務中嵌入相同的有機運營原則。多年來，我們對資產負債表的嚴格管理、債務融資和現金的審慎使用推動了卓越的經營現金流增長，使 Adobe 有機會繼續投資於我們現有的業務，抓住有前景的無機增長機會並向股東返還資本。

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.

正如您在今天的演講中早些時候聽到的那樣，我們更新了我們的目標市場，您可以看到，我們很高興能夠通過 Creative Cloud、Document Cloud 和 Experience Cloud 的廣泛增長驅動力和產品創新列表來抓住未來的機會。

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.

借助 Creative Cloud，我們通過從創意專業人士到傳播者和消費者，以及通過參與和激勵我們的創意社區來推動客戶終身價值，從而通過更廣泛的客戶群推動持續增長。借助 Document Cloud，我們看到了通過在桌面、移動和 Web 上獲取新客戶並將其貨幣化的增長拐點。最後，我們將繼續利用和構建我們的數據驅動運營模式來實時管理業務。所有這些都導致 2023 年數字媒體的潛在市場規模達到 620 億美元。

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，隨著針對客戶體驗管理應用程序和服務的最全面的解決方案集以及 Workfront 的加入，我們的數字體驗目標市場已經增長。我們希望通過我們規模化的下一代客戶數據平台推動數據和洞察類別的多年增長。我們在第四季度所做的細分市場變化反映了我們管理業務的方式和我們的戰略重點。數字體驗組織經過優化，可推動訂閱和 SaaS 收入增長，同時在 850 億美元的數字體驗潛在市場中獲得份額。

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.

在進入我們的 2021 財年目標之前，我想回顧一下我們已經建立的一些假設。我們預計今年宏觀經濟將繼續逐步改善，因此，我們正在為中小型企業的持續復甦建模進入 '21 財年，這是一個在大流行初期受到特別嚴重打擊的部分，然後在第三季度和第四季度顯示出改善的跡象。繼我們在 20 財年對國際貿易結構做出改變後，我們預計由於對我們的海外業務徵收額外稅款，我們的有效稅率會增加。我們的 20 財年稅率包括一次性收益，以確認這些變化產生的遞延稅項資產。這些可扣除資產將在多年期內攤銷，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 相關的初步估計。鑑於採購會計流程尚未完成，這些估計涉及許多假設。採購會計預計將導致無形資產攤銷增加，並大幅削減遞延收入，預計對第一季度收入的貢獻約為 2500 萬美元。如您所知，我們在本財年以固定貨幣為基礎衡量 ARR，並在年末根據當前匯率重新評估 ARR。 2019 年 12 月到今年之間的外匯變化導致數字媒體 ARR 增加了 7700 萬美元。這一修訂的影響反映在我們更新的投資者數據表中。今年的 ARR 結果將在 21 財年根據這一數額進行衡量。

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.

與當前遠程工作環境相關的成本節約將持續到 21 財年上半年。在運營支出增長方面，我們將投資於一線增長機會，我們的招聘預計將恢復正常速度，尤其是研發、銷售和營銷職位。我們預計隨著事情的恢復，T&E 和設施費用將在下半年增加。

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，21 財年對我們來說是一個為期 53 週的財政年度，第一季度將增加一周。正如我們在新聞稿中指出的那樣，我們估計額外的一周將使第一季度受益，在 13 週的季度中增加約 2.4 億美元的收入，以及額外的 2500 萬美元的新數字媒體 ARR 淨額。

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

因此，廢話不多說，我應該說，這是我們為 2021 財年提供的目標。

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 總收入約為 151.5 億美元；數字媒體部門的收入同比增長約 19%；淨新數字媒體 ARR 約為 17.5 億美元；數字體驗部門收入同比增長約 19%；數字體驗訂閱收入同比增長約 22%；按公認會計原則計算的稅率約為 19%，按非公認會計原則計算的稅率約為 17.5%；股票數量約為 4.82 億股； GAAP每股收益約為8.57美元；非公認會計原則每股收益約為 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.

對於 21 財年第一季度，我們的目標收入約為 37.5 億美元，數字媒體部門的收入同比增長約 26%；新數字媒體淨資產收益率約為 4.1 億美元；數字體驗部門收入同比增長約 19%；數字體驗訂閱收入同比增長約 22%；按公認會計原則計算的稅率約為 15.5%，按非公認會計原則計算的稅率約為 17.5%；股票數量約為 4.84 億股，GAAP 每股收益約為 2.19 美元；非公認會計原則每股收益約為 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，雖然 2020 年不是典型的大流行年，但正如我們上個季度所說的那樣，每個人都在家工作，導致第三季度特別強勁，但我們假設事情會在 2021 年夏天恢復。我們會預計數字媒體在 21 財年的淨新 ARR 將從第一季度到第二季度連續增長；正如我們過去所經歷的那樣，在第三季度季節性下降；並像我們通常做的那樣在第四季度取得強勁的成績。就每股收益增長而言，我們預計第一季度將出現強勁增長，隨後在第二、第三和第四季度將出現更溫和的增長，因為我們從 20 財年開始節省與 COVID 相關的成本，以及財政有效稅率提高的結果。 21.

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 20 財年取得了創紀錄的表現，我們都為此感到自豪。當我們展望 21 財年時，業務勢頭強勁。我們繼續成為市場領導者，實現規模增長和擴大利潤率，事實上，創紀錄的利潤和現金流。正如我們所分享的，我們擁有一個巨大的不斷擴大的市場機會，我們正在推動品類的創建和擴張、創新和不斷擴大的客戶群，目標是在未來 12 個月內實現超過 150 億美元的收入，我們是一家紀律嚴明的運營商，擁有久經考驗的軌道創造了推動長期收入和利潤增長的記錄。

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

現在我們要觀看一段短片，然後 Jonathan 將開始問答環節。

(presentation)

（介紹）

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

多麼棒的視頻啊。我當然無法想像沒有 Adobe Sign 和 Adobe Acrobat 也能保持高效。謝謝，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.

我們現在將與我們的所有 6 位執行發言人進行現場問答。 （操作員說明）這樣，操作員，我們將回答第一個問題。

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

（操作員說明）我們現在可以向 Jefferies 的 Brent Thill 提出第一個問題。

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.

感謝您今天的精彩概述。 Shantanu，僅在本季度圍繞數字媒體存在一些投資者問題。相對於計劃的上漲百分比比一些人想像的要低一些。很多人都在問，本季度的數字媒體業務有什麼需要考慮的嗎？然後也許更重要的是，展望明年的數字體驗，您似乎看到了一些巨大的勢頭。也許 Anil 可以談談是什麼推動了該業務增加的信心和動力。

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。我很高興回答這兩個問題並給你一些顏色。首先，它是否與數字媒體有關，我的意思是，我們在數字媒體方面有創紀錄的 Q4 表現。 5.48 億美元的淨新 ARR，這只是驚人的表現。我想說第三季度和第四季度都非常強勁。當然，我認為當你回顧今年下半年時，因為它與數字媒體有關，這是令人難以置信的表現。如您所知，當您查看我們的第一季度目標以及整個 2021 財年的目標時，這些是我們在年初給出的最高目標。因此，我們在數字媒體中看到的增長動力有增無減，從獲取客戶到追加銷售。因此，我認為我們嘗試在單個應用程序和完整應用程序之間為您提供真正的色彩。我們的數據驅動運營模式讓我們變得非常複雜。因此，即使相對於我們第四季度的目標，就我們而言，這是一個節拍，這表明了我們在業務中的發展勢頭。

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.

所以數字媒體ARR，沒什麼。我們繼續相信整個潛在市場的擴大，並對我們的表現感到非常滿意。它也與數字體驗有關，我的意思是，我認為勢頭——在那裡，發生的事情顯然是在第二季度和第三季度，因為所有公司都在應對這一流行病，最重要的是客戶的連續性和員工的安全.一旦轉向，每個人都在談論數字化是擺脫大流行的唯一途徑。因此，他們開始研究誰是客戶體驗管理領域的明確領導者。對話對我們來說確實加速了。那是勢頭。 Adobe Experience 平台是一個明顯的領導者，這就是為什麼當您看到我們對 2021 年的預期以及我們認為將繼續加速超越這一預期時的原因。我們很高興。和 net-net，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.

我們的下一個問題來自瑞士信貸的 Brad Zelnick。

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.

優秀的。喬納森，沒有不尊重邁克，但我認為你的第十個年頭，你已經舉辦了一場很棒的活動。非常感謝你的幫忙。很明顯，最好的還沒有來自 Adobe。

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.

我對 Shantanu 有 1 個問題，對 John 有另一個問題。對於 Shantanu，Shantanu，我正在努力調和增長率所表達的樂觀情緒，毫無疑問，你所參與的非常大、非常令人興奮的市場，在許多情況下，你會引領市場。但是您的增長預期和當前的運行率表明您預計會全面失去份額。所以只是好奇你是否認為這是對我可能遺漏的東西的公平觀察。

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?

對於 John，John，我想問一下你介紹的關於 Creative Cloud 的幻燈片 112。我們應該如何考慮將單個應用程序轉換為所有應用程序？這裡有哪些方法可以突出整個 Creative Cloud 套件的價值？也許只是與此相關，剩下的非正版使用機會是什麼？

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。我將從這個開始。就像你說的那樣，我們感謝喬納森在幫助組織我們唯一希望舉辦的虛擬活動方面所表現出的領導能力，明年我們可以恢復到更加正常的狀態。

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，由於它與我們在市場上擁有的機會以及我們如何看待它有關，我們當然是市場領導者，並且在我們正在談論的每個類別中。首先，為什麼我們不認為這是一場零和遊戲。實際上，我們將繼續成為這些類別中的每個類別的領導者。所以我不知道你具體是怎麼看的，感覺我們不是。但我們實際上正在獲得市場份額，並且我們已經成為真正的端到端領導者，無論是在創意方面，因為它涉及到整個應用類別。當然，我認為在數字體驗中，你會看到所有這些解決方案的完成位置、體驗平台、我們圍繞客戶數據和洞察力所說的內容的整合。所以我們對我們的前景感到興奮。在其中的每一個中，我們仍然相信我們將成為第一，我們將繼續獲得市場份額。所以這就是我們從我們面前的擴張機會的角度看待它的方式。

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.

在 Creative Cloud 和將單個應用程序轉換為所有應用程序方面，正如我們所說，我們有很多機會吸引不同客戶和不同類型的客戶使用該平台。我們肯定會發展我們的傳播者細分市場和消費者細分市場。

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.

但正如我們所看到的，特別是在大流行和在家工作期間，創建和使用數字解決方案來做到這一點的需求確實觸及瞭如此多不同的客戶群體。因此，從 ARR 的整體增長中可以明顯看出，這對我們而言的價值是非常棒的，它使我們有機會繼續通過訪問該客戶群來獲利。

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.

我們沒有——我們已經很長時間沒有調整非正版環境的大小了。這可能是一個相當大的機會。但是，當我們為可能使用非正版產品的客戶提供單個應用程序的非常好的入門價格點時，我們會減少這一點，並且當我們看到基於雲的解決方案和我們的移動解決方案提供的創新時，這無疑是一種吸引那些甚至可能沒有意識到他們使用非正品產品的人的方式。它實際上是我們擁有的最新的創新產品。

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.

所以這對我們來說真的是一個重要的方面，布拉德，就解決我們可以解決的所有不同領域並吸引越來越多的人加入特許經營權而言。

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

我們現在將向 Bernstein Research 的 Mark Moerdler 提出下一個問題。

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.

祝賀本季度。 Adobe 過去在為您的 TAM 建模時非常周到和衡量。正如您所寫，TAM 一直是未來增長的一個非常好的領先指標。我認為大多數人會發現 TAM 的年復一年大擴張，特別是針對 Creative Cloud，有點令人驚訝。你能否給我們一些關於你正在建模的東西推動如此大的 TAM 擴張的更多色彩？為什麼你會這麼自信？有什麼改變？任何顏色都將不勝感激。

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。如您所知，您已經關注我們一段時間了，我們非常重視我們的潛在市場。與一些只扔廚房水槽的公司不同，他們認為這是他們的目標市場。因此，當您查看數字媒體和 TAM 時，讓我談談一些增長向量。

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.

對於移動，首先，移動已經成為，我們談到了我們已經創建的 3 億個 ID。就吸引新客戶到平台、我們將純移動服務貨幣化的方式以及如何作為一個入口而言，移動已經成為一個非常令人印象深刻的渠道。直到我們在移動領域提供真正的產品並擁有這些多表面的能力之前，這是一個。我們還提供跨多個表面的某些產品的存儲選項。因此，這顯然是持續增長的驅動因素之一。

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，由於我們產品的性質除了針對創意專業人士和消費者之外的傳播者，所有這些應用程序也是如此，我們覺得這是可尋址機會的另一部分。當然，我們在 Stock 上看到的，業務做得非常好。這種內容優先創作範式的概念，人們開始使用一段內容來創作內容，我們認為，這也推動了該特定業務的進一步加速。利益相關者的數量，您已經看到我們提供越來越多的協作服務，而協作服務也使我們能夠將其貨幣化。

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.

在文檔方面和創意方面，我們針對網絡的目標是什麼，我們——這就是為什麼我讓你了解有多少人在網絡上進行 PDF 搜索的規模以及什麼樣的搜索一個已經成為的行業。同樣的基於任務的方法在創意中當然是正確的。這是一個全新的機會。我們對能夠將所有流量和所有獲取渠道轉化為貨幣化模型的信心給了我們很大的信心。

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，當您查看服務時，無論是 Stock 還是 Sign，文檔工作流程正在發生什麼，我認為正如我們在準備好的演示文稿中所說，事實是這個數字拐點，它只會增加使用它的人數。這就是為什麼我們還談到了受監管的行業，過去這些行業可能對數字化有點慢或不太熱情。留給他們的機會已經不多了。因此，所有這些確實說明了為什麼 TAM 會繼續為我們建造。

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

我們現在可以向 RBC 的 Alex Zukin 提出我們的下一個問題。

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.

並祝賀一個精彩的季度和出色的分析師演示。 Shantanu，我想問你類似於上一個問題。當我們走出大流行病時，我們應該如何看待業務中的逆風和順風？您對數字媒體和體驗的增長向量最感興趣的地方在哪裡？

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?

然後約翰，我認為，顯然，考慮到今年一次性的 T&E 節省，再加上看起來像 [稀釋] 收購，投資者對你明年展示的一些適度的保證金槓桿感到驚喜。所以我想，我們應該如何考慮在 COVID 後進入市場的持久效率對利潤率的影響以及運營槓桿和增長之間的權衡？

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.

從我的角度來看，亞歷克斯，我的意思是——當然，這是公司的故事，它涉及所有 3 個業務。我認為在創意方面，在所有媒體類型中更多內容創作和更多內容消費的概念肯定會推動我們特定產品的更多使用。全球擴張，我們也沒有談到這一點，但隨著數字化成為一種現象，我們業務的順風，全球只是繼續存在。

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.

我認為文件方面可能會看到最大的順風，因為它與發生的事情有關。確保我們讓 Gloria 接觸到我們如何看待遠程工作以及在我們思考自己的業務以及我們如何看待遠程工作時發生的事情的部分原因。因此，我看到文檔業務的重大利好，因為它與電子文檔的使用以及業務工作流程的自動化有關，並且推動了數字體驗。

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.

還有數字體驗，我的意思是，我們中的哪一個人現在要回去排隊領取駕駛執照或獲得其他許可？所以我認為你會看到越來越多的東西。如果有的話，大流行和健康危機已經提高了緊迫性。我認為約翰提到了這一點，即我與之交談的每一位首席財務官和每一位首席級高管，現在最重要的是數字化轉型。所以他們都說，好吧，疫苗正在研發中。一旦疫苗來了，我們就不會照常營業。無論您是從事旅遊還是酒店業，還是從事不幸受到更多影響的其他行業，數字化參與都是唯一的解決方法。

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.

所以net-net，我們真的不看我們的業務，覺得有與業務相關的逆風。我的意思是，他們將繼續依賴宏觀經濟環境，而宏觀經濟環境實際上一直相當強勁。所以我們對我們的前景感到興奮。坦率地說，我認為我們提供的解決方案變得更加重要，而不是不那麼重要。

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。關於利潤問題，亞歷克斯，我認為當我們考慮如何實現增長目標時，我們是一家增長型公司，因此我們希望繼續投資於增長。隨著時間的推移，我們已經能夠證明，隨著我們推動增長，我們能夠隨著時間的推移擴大利潤。

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.

如果您考慮一下我們 20 財年的原始目標，我們仍然有與 19 財年相比不斷擴大的利潤率。雖然我們真的很高興在第四季度實現這一水平的營業利潤率，但我們確實預計 2021 年的營業利潤率將低於第四季度的高位，但仍會在 20 財年擴大。因此，我們絕對致力於此。

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.

原因是我們將節省大部分與 COVID 相關的節省，我們希望在上半年實現其中的一些節省。但隨著下半年逐漸進入階段，我們預計能夠進行投資，因為這將推動增長。我們希望繼續在投資增長和受益於上半年的持續儲蓄之間取得適當的平衡。更不用說我們將受到 Workfront 收購的遞延收入削減的影響。但即便如此，我們仍將在 21 財年比 20 財年擴大利潤率。

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

我們現在可以從瑞銀的詹妮弗洛那裡提出我們的下一個問題。

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?

兩個給我。首先，可能會問與 Brad 之前提出的問題相反的問題，而是通過全套應用程序與單個應用程序來查看 ARR 的構成。鑑於圍繞單個應用程序的所有討論對於傳播者和消費者來說是一個入口和一個有吸引力的著陸點，並且您似乎在那裡看到了很多動力，為什麼單個應用程序在該組合中的百分比沒有增長？隨著您繼續傾向於這種銷售動議，隨著時間的推移，它會不會超過 50-50？或者是通信消費者的期望，他們最終會很充實，只是保持平衡，或者只是那裡的任何顏色？

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 提到假設 Workfront 具有稀釋性。但我只是好奇我們是否可以得到更多的顏色。我們得到了第四季度 - 第一季度的收入影響，但是在第一季度的利潤率影響或 Workfront 的全年指南中是否有更多的顏色可以添加？

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。所以詹妮弗，我會在單個應用程序上拿一個。如您所知，您必須同時查看單元視圖和 ARR 視圖。並且該單位的觀點繼續增長。但請記住，這也是一個領域，當我們將它們推向平台時，我們獲取它們的方式是單個應用程序，但我們正在做得越來越好，能夠將它們轉換為完整的應用程序.

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.

所以我認為你必須認識到的是，單個應用程序的定價和 ARPU 有點低。因此，我們展示的同一張餅圖就是收入外觀或與之相關的 ARR 外觀。當您查看這些單位時，請看清楚，它會顯示出不同的畫面，即通過單個應用程序發生的事情的比例更高。所以這是一個模型，一直回到創意套件，我們知道如何做到這一點，吸引新客戶到平台並推動它。所以這就是你關於單個應用程序和完整應用程序模型的問題的答案，並且它實際上對我們有用。

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.

詹妮弗，就 Workfront 而言，是的，對 Workfront 的收購剛剛結束，所以我們還沒有完成完整的採購會計。我們預計遞延收入將大幅削減，這在這些收購中是相當典型的。因此，會有輕微的稀釋。但正如您在我們的全年目標中所看到的，我們仍將目標定為在 20 財年大幅擴大利潤率。這只是顯示了我們運營模式的槓桿作用，我們繼續投資以實現增長並仍然擴大我們的利潤和收益的能力。

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

我們現在可以從格里芬證券的 Jay Vleeschhouwer 那裡回答我們的下一個問題。

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，您注意到本週收購 Workfront 的交易結束，而這週恰好是 Macromedia 收購的 15 週年紀念日。就對公司的影響而言，此次收購的長期價值是非常明顯的。因此，對於今天的 Adobe 而言，問題是，您認為您擁有或正在投資於 DX 的基礎技術的長期持久價值是否會對 Adobe 產生 10 年或更長時間的持久價值？或者您是否認為基礎或關鍵技術的半衰期可能會更短？如果是這樣，對研發支出等有何影響？

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，今年公司反復出現的一個主題，尤其是在峰會上，是應用程序和智能服務，Abhay 提到了這一點。展望未來幾年，您認為這些離散的新服務的貢獻可能是什麼。除了現有的 Sign 和 Stock 之外，我還想了解更多關於您所考慮的較新的內容。隨著時間的推移，隨著這些服務變得重要，您可能會開始更具體地披露這些服務嗎？

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.

所以，傑，讓我兩個都拿。正如你所指出的，12 月不僅是 2005 年收購 Macromedia 的周年紀念日。我什至可以有幸回過頭來說，12 月也是我們在 1998 年收購 Go Live 的時候。那是我的一個第一次收購，這也讓我們踏上了網絡之旅，這顯然也是那些開創性的時刻之一。

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.

但更嚴重的是，我認為當我們審視我們對 Workfront 所做的事情時，我們一直擁有並理解交付這些服務意味著什麼的技術組件。但是支出的數量，以及與內部工作流程和與之相關的流程相關的提高效率的能力，因為它不僅與活動本身有關，還與活動的創建有關。我們已經討論了一段時間的表達內容速度。因此，當人們希望能夠創建這些活動並將其個性化並將其推廣到全球時，這不僅與技術平台有關，而且在很大程度上與與之相關的工作管理有關，這就是為什麼我們對Workfront 及其對我們的作用。我認為作為一家公司，他們可能專注——或者分散注意力，並在更廣泛的機會上花費了更多時間。我們只是認為專注於內容，專注於創造。好吧，我認為大多數人都正確地指出了我們可以做的事情，因為這與營銷方面發生的事情有關，事實是我們也有大量客戶將 Workfront 與 Creative Cloud 結合使用。您已經寫過我們希望繼續將創意云和體驗雲與我們擁有的整個內容創建、管理、貨幣化、衡量和機會相集成的願望。我認為這也可以是一個重要的促進因素。所以你有開創性的產品，無論是 Macromedia，還是 Day Software，當我們談到內容時，它們實際上在平台方面為我們創造了這些重要機會。現在把它們聯繫在一起，膠水，這就是為什麼當你看到甲板上的一張幻燈片以及 Anil 如何描述 Workfront 的位置時，它實際上是將我們所有的營銷應用程序聯繫在一起的膠水。

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.

我認為就您的觀點而言，我們認為這可能是讓更多人參與整個營銷活動工作流程的真正重要推動力。除此之外，真正為我們的每個解決方案提供更多集成功能。

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.

我認為與服務相關的第二點，我們的創意業務和文檔業務的非凡之處實際上是我們產品的廣度。我認為這與一些問題有關。我的意思是我們有移動產品。我們提供服務。我們有單一的應用程序產品。我們有完整的產品。我們提供免費增值產品。而且我認為，隨著業務規模的擴大，我理解投資者需要說，“嘿，你怎麼能給我們顏色？”這就是為什麼 John 在 Mobile、Stock 和 Sign 的組合所提供的材料方面提供了更多色彩的部分原因。

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.

所以我知道我們將繼續研究如何提供更多洞察力。但我認為這是為了回答我們在 Creative Cloud 和 Document Cloud 周圍看到的令人難以置信的勢頭，其背後的原因是什麼。與整個業務相關的債務非常非常多，這是推動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.

有人提醒我，這也是 Scott 和 Behance 於 2012 年加入我們的八週年紀念日。所以 Scott，很高興你也能加入。但謝謝你的問題，傑。

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

我們現在將向 Evercore ISI 的 Kirk Materne 提出我們的下一個問題。

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，我想知道您是否可以雙擊 Experience Cloud 業務，就其中的 3 個支柱而言：客戶數據、內容和客戶旅程。當我們進入 21 年日曆時，是否有一個特別或 2 個領域讓您特別興奮？我知道他們所有人都有很大的機會。但只是有點好奇，你對這些支柱的想法以及你看到每個支柱在明年的位置。

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.

然後，約翰，就 Workfront 的收購，我意識到你給了我們第一季度 2500 萬美元的收入。我認為這是公平的 - 我認為這是公平的，考慮到購買減記，這將從那裡開始。我知道您可能不想給出全年的收入數字，但我認為這應該在今年剩餘時間裡從這個起點開始擴展。

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，每當我被問到問題時，至少你沒有問我我永遠無法回答的問題，這是我最喜歡的產品之一，因為作為產品組合中的產品，我們不能——我不知道。 t 區分它們。也許我要強調的是我們在 Adobe Experience Manager 雲版本中看到的勢頭，這確實是驚人的。所以我們已經看到了一些非常好的成功。當我們搬家時，每個人都在再次思考內容，他們如何提高他們的敏捷性。所以我認為內容和商務代表了一個巨大的機會，而且我們已經整合瞭如何創建內容網站，然後為其啟用商務，無論是在 B2C 還是 B2B 中，我們看到的只是對它的巨大需求，因為每家沒有能力進行在線交易的公司都在大流行中遇到了相當多的不利因素。因此，我將繼續相信內容和商業是我們業務的基礎之一，並繼續成為與之相關的驅動力。

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.

我要討論的第二個是體驗平台，其中很大一部分是在數據和見解中報告的，以及我們現在看到的與所有這些數據返回和統一配置文件相關的內容。所以我認為這確實是我們在第三季度和第四季度也看到了顯著勢頭的領域之一。人們想知道如何創建該配置文件，如何交付它。因此，如果 3 個中有 2 個，雖然我們會說所有 3 個都是增長機會，但我可能會像這樣優先考慮它，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，絕對的，你是對的。當然，我們在第一季度為 Workfront 設定的 2500 萬美元，這取決於採購會計計劃 (原文如此) [pans] 的結果。根據我們對遞延收入削減的估計，我們也對今年進行了某種建模。因此，我們預計在 1.4 億美元到 1.5 億美元之間，但同樣，這真的取決於我們何時最終確定本季度晚些時候的採購賬目。但它會傾斜。

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.

和大局，柯克。我的意思是，當然，我們對 Workfront 收購的期望，包括約翰提到的所有會計事項，就機會在哪里以及我們期望如何處理該業務而言，它們將增加公司的增長概況.因此，我只想確保我們在內部如何看待增長以及我們正在推動的計劃與將要報告的內容分開，正如約翰所提到的，在會計方面。

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

我們現在可以從 BMO 的 Keith Bachman 那裡提出下一個問題。

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?

我會問，Shantanu，直接問你。我的一個始終如一的問題是 Document Cloud 在 ARR 方面繼續提供非常強勁的數字，而您正在引導 Document Cloud TAM 機會的增長，再次在 2022 年至 2023 年期間以 60% 的增長速度增長，即遠高於 ARR 增長。所以我只是想看看你認為當前的 ARR 增長速度應該是什麼結論，稱之為 30 年代中期和 TAM 相當顯著的增長。這是否表明增長率實際上可以加快？

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?

然後我會問我的第二個問題。非常感謝有關 Creative Cloud 的披露，包括用戶和美元 TAM，非常有幫助和有趣。可以說，當我們考慮未來幾年我們的模式時，消費者、傳播者或創意專業人士所驅動的增長潛力在哪裡？

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，基思。所以我認為那裡有兩個問題。我認為第一個與我們確保採用 Document 產品的位置有關，請記住，Document 產品既作為 Document Cloud 的一部分被採用，又作為 Document Cloud ARR 中報告的內容。但 Acrobat 也是我們在 Creative Cloud 中報告的內容以及在 Creative Cloud 中發生的事情的重要組成部分。因此，我們在文檔中看到的增長反映在這兩個方面，因為在許多方面，我們看到 PDF 作為協作媒體以及創意領域的工作流程的採用也非常大。因此，可以將其視為真正推動了 2 個巨大的增長機會。但可以肯定的是，我認為我們在該業務中看到的加速以及我們將對該業務進行的持續關注和投資使我們對能夠從我們的角度持續發展文檔業務充滿信心。

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，當您查看哪些客戶群時，就像 Jennifer 的與 ARR 相關的問題一樣，與之相關的數字與 ARR 相關的數字可能有不同的答案。當然，我認為，在消費者方面，我們所看到的移動 ID 創建，我們可能在成像中看到的，這主要是作為一個新類別吸引消費者，傳播者是一個很大的空間。它一直是光環的重要組成部分。因此，就新客戶獲取而言，這些數字可能在消費者中最大，然後是傳播者，然後是創意專業人士。但推動 ARR 的機會仍然存在於所有 3 個方面，因為不同的價格點以及在許多情況下，我們向這些特定客戶群追加銷售的方式。

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.

這就是我們看待它的方式。再一次，我已經做了足夠多的事情，我知道人們想要一個簡單的 N 乘以 N 才能做到這一點。但我認為，真正讓我們如此與眾不同和如此可持續的業務的真正原因在於，我們在 DDOM 中擁有這些廣度和深度的產品，我們已經與您討論過，我們知道如何個性化每個產品。

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.

它也因地理位置而異。也許這是我應該提到的事情之一，它是不同的，例如，在教育方面。教育經歷了非凡的一年，這正在培養下一代創意專業人士，但在許多情況下，無論是 K-12 許可證還是整個教育機構的許可證，ARR 都可能很小。因此，希望這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.

但好消息是現在我們擁有一個涵蓋所有這些的產品組合。

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

我們現在可以向古根海姆證券公司的 Ken Wong 提出我們的下一個問題。

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?

只給我一個。我想談談你們放在那裡的幻燈片——在未來的體驗中，前 100 名客戶的平均 ARR 從 300 萬美元增加到 800 萬美元，這非常令人印象深刻。只是想知道隨著越來越多的人採用你的完整 CDP，你認為你在前 100 名中有什麼樣的空間？

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?

然後，您可能會從您的客戶群中看到類似的 300 萬到 800 萬美元的類型提升？

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.

我認為，Ken，Anil 所做的最令人印象深刻的事情之一就是真正專注於他所謂的轉型賬戶，我認為這在很多方面——他已經對整個產品以及去市場。我認為一項分析表明，雖然我們對擁有的客戶數量產生了巨大的吸引力，但實際上正是這種對轉型客戶的關注和創造良好的市場進入表明，與我們的客戶相關的空間很大。

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 的例子是一個很好的例子來闡明和展示我們的每一個產品。第二部分，老實說，我們在展示投資回報率方面也做得更好。我認為，Anil 再次談到了與 Experience Cloud 相關的投資回報率。

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，當您獲得 ROI 以及我們對這些轉型客戶的關注時，您添加了 Workfront 的能力，我們只是繼續認為存在巨大的機會。那是灘頭陣地，但這並不意味著以任何方式、形式或形式存在一組有限的轉型賬戶。相反，它是繼續提供價值、對這些客戶具有戰略意義並推動顯著 ARR 的秘訣。

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.

由於它關係到客戶群的廣度和深度，再次回到我認為圍繞 Experience Cloud 提出的問題以及驅動它的原因，EM 雲服務不僅僅是一項可以應用於大型企業的服務可能想要創建與廣告系列相關的新網站。事實上，它易於配置且易於入門，實際上使其成為我們所說的商業或中型市場或中小型企業客戶的非常合適的解決方案。通過 Magento 服務將分析和商業等內容集成到其中，使我們能夠真正地說，我們可以成為獲得網絡存在以及在網絡上進行商務交易的一站式商店。很明顯，我們的願望是讓人們能夠快速、一站式地進入匝道。

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

我們現在可以從花旗的沃爾特·普里查德那裡提出下一個問題。

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 2 個問題，一個是給 John 的，一個是給 Abhay 的。約翰，在其中一張幻燈片上，您談到了 20 財年 75% 的 Creative Cloud 特許經營權新用戶。您能否澄清一下其他 25% 的數據，它們來自前一年的移動應用程序嗎？剩下的 25% 來自哪裡？我認為過去的披露有點不同。我只是想把它框起來。然後我有一個跟進。

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，他們來自幾個不同的地方。當然，正如我們之前談到的，移動設備對我們來說是一個巨大的入口，我們已經在移動設備上創建了許多新的 Adobe ID。我們也有永久的，也是其中的另一部分。所以在第四季度這兩個方面的表現絕對是強勁的。

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?

知道了。偉大的。然後對於 Abhay，如果他還在，就在附近——你談到了更多的 API——開放更多的 API。我知道 InSign，你的競爭對手之一非常強大，利用了這一點。您能否談談在您著手進行這項工作並將其中的一些產品化時，您希望在哪些方面看到有形的收入影響，您正在圍繞基於 API 的產品訪問構建？

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。所以我認為在宏觀層面上，我的意思是 - 我們分享了 Shantanu 在 Document Cloud 戰略中談到的一些內容，我涵蓋了我們所有的業務，但特別是在 Document Cloud 中，PDF 一直是一個非常活躍的生態系統遊戲，如您所知，對我們而言，它已連接到跨現有垂直業務應用程序的許多 ISV 和解決方案。所以我們現在開始做的是開放 API 並與 3 種玩家合作。有像 Microsoft、Workday、ServiceNow 這樣的大型 ISV，我們將我們的應用程序和 API 直接連接到他們的生態系統和應用程序中，並在那裡進行某種聯合附加動作。但隨後我們也將其開放給更廣泛的開發者生態系統。如您所知，即使在我們的 DX 企業業務中，我們也有 Magento 之類的產品和連接到我們平台的大型開發人員生態系統，無論是 AEM Magento 還是我們正在圍繞簽名開放我們的 API，PDF 到開發人員的長尾。

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，我想說像 Microsoft、ServiceNow、Workday 這樣的大型 ISV，我們已經宣布了圍繞和集成的合作夥伴關係，然後一個廣泛的長尾開發人員參與其中，他們將我們的 API 和服務嵌入到他們的應用程序中，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.

我要說的最後一件事，也是自 AI 以來我們也分享過的東西，API 策略的另一部分也是圍繞 Sensei 平台開放我們的智能服務，並將這些服務也暴露給開發人員和 ISV 的應用程序之外，這是非常獨特的和差異化。這就是它的另一個組成部分。

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

我們現在可以從 Derrick Wood, Cowen and Company 提出我們的下一個問題。 .

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.

偉大的。我有兩個問題。 Shantanu，也許我會開始在傳播者市場上加倍下注，只是好奇那裡有哪些更受歡迎的角色，也許 COVID 是如何成為催化劑的，以及你們正在做些什麼來進入那個市場更多的。

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?

然後對於約翰來說，在數字體驗方面，似乎有很多利潤槓桿被趕出該業務。廣告雲方面的重組是一步。聽起來可能從 AEP 獲得更多的收入槓桿是另一回事。但是，您能否談談你們正在做的一些事情，以便在我們展望未來一兩年時更好地提高毛利率和營業利潤率？

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。讓我開始吧。由於它與傳播者有關，我認為大多數人可能沒有完全理解的是網絡上正在發生的關於想要完成某些創造性任務並能夠通過我們圍繞搜索引擎所做的事情來完成這些任務和與人們想要做的動作相關的一切。他們想刪除圖片的背景。他們想將其發佈到社交媒體上。我們所指的傳播者也可能在過去被稱為知識工作者，因為我們只是從根本上相信每件印刷材料或展示的材料都會從這種更具交互性、圖形豐富的東西中受益。

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，我們看到的是人們能夠說我想要單擊即可完成我的任務，然後一旦他們完成了該任務，就可以讓我接觸到 Adobe 創意產品中存在的所有其他財富。所以我認為這是傳播者擁有的一個重要驅動力。我們當然在 Spark 中看到了這一點。當人們想要分享他們的圖像時，我們在 Lightroom 中看到了這一點。但我們也可以在我們領先的應用程序中看到它。視頻是另一個地方，幾乎所有通信中視頻的使用都在迅速加速。因此，希望這可以為您提供幾個示例，說明傳播者有機需求的來源。

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.

Derrick，就數字體驗而言，是的，我們——我的意思是，看看 TAM，我們有這麼大的機會。如您所見，我們預計會加速，然後 Workfront 會進一步加速。在我們真正收購它們之前，Workfront 就在那裡絆倒了，但我們知道該解決方案的需求就在那裡。再加上我們的能力，我們知道我們實際上可以加快速度。因此，數字體驗業務肯定存在收入槓桿。

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，我們重新調整數字體驗業務的方式是將數字體驗業務移出該細分市場，因為我們的運營方式略有不同，我們希望確保我們以健康的方式運營數字體驗業務SaaS公司，我們應該看看。我們渴望在那裡獲得非常高的利潤率。您考慮到健康的 SaaS 公司的成長和他們的利潤，您有 40 條規則。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，不僅在研發方面，而且在銷售能力方面，因為那是 - 我們不受機會限制。我們絕對需要利用抓住所有這些機會的能力，特別是現在我們已經在數字體驗中調整解決方案並且它們與我們的客戶產生共鳴的方式，然後，當然，有了 Workfront，我們可以加速更。

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

我們現在可以從摩根大通的 Sterling Auty 那裡提出我們的下一個問題。

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，您如何描述數字營銷、廣告、Adobe 體驗領域的所有產品，從最初的 Omniture 一直到 Marketo 以及所有本土解決方案，您在整個過程中處於什麼階段？堆棧到一個完全集成的支持 Kubernetes 的雲交付平台？你完整了嗎？還有階段要交付嗎？該投資將如何影響未來的毛利率？

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.

好吧，斯特林，當我們面前有這樣的創新機會時，讓我首先說我們已經取得了巨大的進步。因此，Adobe Experience 平台的交付是一個重要的里程碑，Sterling，不僅僅是因為我們交付了所有這些新功能，而且我們開始擁有，無論是 Adobe Campaign 功能集成到體驗平台中以能夠進行客戶旅程；無論是 Adobe Analytics、您所說的 Omniture 功能，還是能夠洞察所有數據。因此，我們在將所有這些解決方案驅動到一個通用平台方面所取得的進展，從來沒有完成過。在某種程度上，我記得人們會問我你對創意產品有多少創新，而我們已經是幾十年後的事了。我們可以用這些產品做的事情清單使我們在 20 年前擁有的東西相形見絀。

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.

因此，當我考慮體驗平台並考慮每個企業必須做些什麼來重新連接它時，我認為鑑於過去幾年的工程努力來擁有這個其他人沒有的集成平台，我們處於一個非常好的位置。它在雲上運行。我認為您已經看到了我們在 Microsoft 周圍所取得的進步和成功，以及我們在 Azure 上使用 Microsoft 所做的事情，它肯定是雲感知的。我們與 IBM 一起宣布所有這些都能夠在混合雲中運行，人們，無論是出於監管原因還是其他原因，都希望在他們的私有云網絡上運行它，我們已經取得了進展。 VMware 和 IBM 等公司顯然有興趣在這方面與我們合作。所以我對架構這件事非常有信心，但我們看待它的方式是你不斷地為新架構進行架構設計。你不斷地在 AI 和 ML 方面工作，並提供越來越多的見解。我們實際上增加了巨大價值的一些方式是在報告、分析和洞察力中，每一個都在做。

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.

但是我們產品的廣度和深度，我認為我們可以做的事情仍然有很大的空間，因為你必須考慮的方式是，如果我們相信 DDOM，我們是最成熟的公司之一擁有數字渠道以及我們的運營方式推動了我們的成功，我們不僅是提供技術的先驅，而且是我們如何推動技術的先驅。現在每家公司都在重新思考他們的業務流程，重新思考他們的計算機架構，我們正處於如此早期的階段，我們將不得不圍繞這個領域不斷創新。

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，我們現在將其視為一個整體增長機會。如您所見，我們已經圍繞我們如何看待該特定業務的利潤率做出了戰略決策。因此，我們將繼續看到該業務的利潤率擴大。但我認為，作為投資者，你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地位。所以我認為這就是我們思考它的方式。

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.

你再看看公司的整體利潤率，我認為約翰暗示了這一點，儘管投資了 Workfront，儘管投資了銷售能力，儘管說我們將加速增長，但我們向你展示了整個公司的利潤率擴張.

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.

因此，我們知道如何做到這一點，這只會以令人印象深刻的利潤率推動頂線增長和底線增長。所以，至少，我是這麼想的。

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

現在，我們將向摩根士丹利的 Keith Weiss 提出最後一個問題。

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.

這實際上是斯坦·茲洛茨基（Stan Zlotsky）坐在基思（Keith）的位置。我們這邊有兩個問題。如果您查看 Creative Cloud 及其進展情況，以及你們在 2017 年到 2020 年在那裡放置的餅圖，我們可以看到 ARR 從團隊到個人的轉變相當明顯。也許只是跟進詹妮弗早些時候提出的問題。隨著我們進入 2021 年及以後，我們應該如何看待向前轉變的進程？我們會看到更多來自個人的持續推動嗎？或者我們是否開始在這兩個類別中達到更規範化的平衡？然後是一個非常快速的跟進。

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.

嗯，我認為你應該看到和期待的是，首先，餡餅在擴大。由於它與整個潛在市場有關，你必須考慮的主要事情是市場擴張。我們正在增加與客戶相關的價值。我認為它在先前業務的某個時刻處於穩定狀態，這可能是一個預測因素，接近 50-50。但是，我要再次強調的是，其中很多是我們驅動到個人，然後轉化為整個產品。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.

如此大的圖景，我會更多地關注餡餅的增長。這兩者之間的確切組合，我們看著它們，感覺它們的成長非常好。我也很高興回答你的第二個問題，斯坦。

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?

這很有意義。只是深入了解您的報告部門的輕微調整以及新的出版和廣告部門的創建，您在業務的幕後看到了什麼？我們應該如何看待這一點——印刷和出版領域？顯然，它只是整個收入組成部分的一小部分。但是為什麼要創建這個專門的細分市場並從 Experience Cloud 中撤出廣告呢？

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

好吧，我們試圖做的是讓您對我們如何運營不同的業務有更多的洞察力和色彩，我認為這是其中的關鍵部分。我認為印刷業務，正如你們很多人所知，是公司的起源。這是一個繼續表現良好的業務，但它不是一個增長類別，而是一個高盈利類別。我們在廣告雲中討論過，從我們看到的大量基於交易的收入中獲利。和

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（技術難度）

investor should take is

投資者應該採取的是

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（技術難度）

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.

純粹的遊戲，作為數字體驗部分的一部分，您在預訂中看到的內容與您在收入中看到的內容之間存在明顯的一致性。

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，由於我們擁有蓬勃發展的生態系統，因此諮詢服務佔收入的百分比已被主動降低。我認為廣告云不會成為我們的增長機會。有一些戰略合作夥伴喜歡我們可以繼續交付它的事實。但我會把它當作一個信號。我們真正關注的是我們擁有差異化解決方案的巨大增長機會，它純粹是基於訂閱的收入，因為這與我們對最大機會的看法一致。因此，作為一家公司，我們專注於確保我們做到這一點。

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.

實際上，我對我們如何過渡以及如何將其傳達給客戶感到非常滿意。因此，我們認為，我們所有業務的軟件即服務組件都是如此，這將推動收入增長。我們相信，這會推動利潤率，我們相信，這與我們希望成為一家公司的目標一致。

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，我想再次，首先，感謝大家今天以這種虛擬格式加入我們。我真的希望你能分享我們對使命的熱情，以及我們面前的巨大市場機會。我們在技術平台中擁有的深度以及我們正在交付和提供的真正重要的客戶價值。

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，全球品牌、我們擁有的客戶群、無處不在的軟件和敬業的員工提供了真正的競爭優勢，坦率地說，這是業界羨慕的。在我看來，2020 年是令人驚嘆的一年。我們預計這一勢頭將在 2021 年及以後繼續。我當然相信我們最好的歲月即將到來。

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.

正如你們中的一些人所說，讓我也祝大家度過一個健康、安全的假期，我們非常期待在新的一年繼續分享我們的動力和故事。所以感謝您加入我們。有了這個，我會把它交給喬納森。

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，再次感謝電話和網絡廣播中的每一個人今天加入我們。正如 Shantanu 之前提到的，我也希望我們明年秋天有機會再次親自參加，但我們真的很高興你加入我們參加虛擬活動。在外面保持安全。祝大家節日快樂。我們期待在三月份的第一季度電話會議上見到你們，我相信我很快就會與你們中的許多人交談。活動至此結束。