Adobe Inc (ADBE) 2020 Q3 法說會逐字稿

Good day, and welcome to the Adobe Third Quarter Fiscal Year 2020 Earnings Conference Call. Today's call is being recorded. (Operator Instructions) At this time, I would like to turn the conference over to Jonathan Vaas, VP of Investor Relations. Please go ahead, sir.

各位來賓，歡迎參加Adobe 2020財年第三季財報電話會議。本次會議正在錄音。 （操作說明）現在，我將會議交給投資人關係副總裁喬納森‧瓦斯先生。請您發言。

Good afternoon, and thank you for joining us. With me on the call today are Shantanu Narayen, Adobe's President and CEO; and John Murphy, Executive Vice President and CFO. On this call, we will discuss Adobe's third quarter fiscal year 2020 financial results.

下午好，感謝各位參加本次電話會議。今天與我一同參加會議的有Adobe總裁兼執行長Shantanu Narayen先生，以及執行副總裁兼財務長John Murphy先生。本次會議我們將討論Adobe 2020財年第三季的財務表現。

By now, you should have a copy of the press release, which crossed the wire approximately 1 hour ago. We've also posted PDFs of our prepared remarks and financial results on Adobe's Investor Relations website. Before we get started, we want to emphasize that some of the information discussed in this call, including our financial targets and product plans, is based on information as of today, September 15, and contains forward-looking statements that involve risks, uncertainty and assumptions. Actual results may differ materially from those set forth in these statements. For a discussion of these risks, you should review the forward-looking statements disclosure in our press release we issued today as well as Adobe's SEC filings.

您應該已經收到一份新聞稿，該新聞稿大約在1小時前發布。我們也在Adobe投資者關係網站上發布了我們準備好的發言稿和財務表現的PDF文件。在正式開始之前，我們想強調，本次電話會議中討論的部分信息，包括我們的財務目標和產品計劃，均基於截至9月15日的信息，並且包含涉及風險、不確定性和假設的前瞻性陳述。實際結果可能與這些陳述中列出的結果有重大差異。有關這些風險的詳細討論，請參閱我們今天發布的新聞稿中的前瞻性陳述披露以及Adobe提交給美國證券交易委員會（SEC）的文件。

On this call, we will discuss GAAP and non-GAAP financial measures. Reconciliations between the 2 are available in our earnings release and on Adobe's Investor Relations website. Call participants are advised that the audio of this conference call is being webcast live and is also being recorded for playback purposes. An archive of the webcast will be made available on Adobe's Investor Relations website for approximately 45 days. The call audio and the webcast may not be rerecorded or otherwise reproduced or distributed without Adobe's prior written permission.

本次電話會議我們將討論GAAP和非GAAP財務指標。兩者之間的調節表可在我們的獲利報告中以及Adobe投資者關係網站上查閱。請注意，本次電話會議的音訊將進行網路直播，並錄製以供回放。網路直播的存檔將在Adobe投資者關係網站上保留約45天。未經Adobe事先書面許可，不得重新錄製、複製或以其他方式散佈本次電話會議的音訊和網路直播。

I will now turn the call over to Shantanu.

現在我將把通話轉給沙塔努。

Thanks, Jonathan. Good afternoon. I hope all of you are safe and taking good care.

謝謝你，喬納森。午安.希望你們都平安健康。

The ongoing pandemic continues to result in a challenging environment everywhere around the world. People are seeking new ways to communicate, learn and conduct business virtually. Content creation and consumption are exploding in a world where connecting visually has become even more essential. Students are adapting to learning remotely instead of in a classroom. Entire industries from media and entertainment to pharma, retail, automotive and financial services have had to pivot overnight to digital operations to engage with customers and ensure business continuity. Electronic workflows and signatures are the only way to efficiently complete business transactions. The world has changed in a way that none of us could have foreseen.

持續蔓延的疫情為世界各地帶來了嚴峻的挑戰。人們正在尋求新的溝通、學習和開展線上業務的方式。在這個視覺連結變得愈發重要的世界裡，內容創作和消費呈現爆炸性成長。學生們正在適應遠距學習，而非傳統的課堂學習。從媒體娛樂到製藥、零售、汽車和金融服務等各行各業都不得不在一夜之間轉型，轉向數位化運營，以建立客戶關係並確保業務連續性。電子工作流程和電子簽名是高效率完成業務交易的唯一途徑。世界已經發生了翻天覆地的變化，這是我們所有人始料未及的。

This reality has created new tailwinds for Adobe. Our mission to change the world through digital experiences has never been more critical. Our strategy of unleashing creativity for all, accelerating document productivity and powering digital businesses is more relevant than ever and driving our strong performance across every geography and audience.

這一現實為Adobe帶來了新的發展機會。我們透過數位化體驗改變世界的使命從未像現在這樣至關重要。我們「釋放所有人的創造力，提昇文件效率，賦能數位化業務」的策略比以往任何時候都更加重要，並推動著我們在各個地區和麵向各個受眾群體的強勁業績。

Adobe had an outstanding third quarter. We saw strength across Creative Cloud, Document Cloud and Experience Cloud. We achieved $3.23 billion in revenue in Q3, representing 14% year-over-year growth. GAAP earnings per share for the quarter was $1.97, representing 22% year-over-year growth. And non-GAAP earnings per share was $2.57, representing 25% year-over-year growth.

Adobe 第三季業績表現出色。 Creative Cloud、Document Cloud 和 Experience Cloud 三大業務板塊均表現強勁。第三季營收達 32.3 億美元，年增 14%。以美國通用會計準則 (GAAP) 計算，每股盈餘為 1.97 美元，年增 22%；以非美國通用會計準則 (Non-GAAP) 計算，每股盈餘為 2.57 美元，年成長 25%。

In our Digital Media business, we drove strong revenue growth in both Creative Cloud and Document Cloud in Q3, achieving $2.34 billion in revenue, representing 19% year-over-year growth. Net new Digital Media annualized recurring revenue, or ARR, was $458 million, and total Digital Media ARR exiting Q3 grew to $9.63 billion. We believe that everyone has a story to tell, and our goal is to give all creators, from students to social media influencers, business communicators and creative professionals, the ability to create and amplify their stories. Creation and consumption across phones, tablets and desktops is exploding. Web content, mobile application creation, imaging, video, animation, screen design, AR and 3D are all surging in this new era of digital storytelling and business transformation. Enabling the capture, authoring and collaboration across each of these categories and inspiring our global communities, Creative Cloud is driving this massive content revolution.

在數位媒體業務方面，第三季Creative Cloud和Document Cloud兩大業務板塊均實現了強勁的營收成長，營收達到23.4億美元，較去年同期成長19%。新增數位媒體年度經常性收入（ARR）為4.58億美元，截至第三季末，數位媒體總ARR成長至96.3億美元。我們相信每個人都有故事要講述，我們的目標是讓所有創作者——從學生到社群媒體達人、商業傳播者和創意專業人士——都能創作並傳播他們的故事。手機、平板電腦和桌上型電腦上的創作和消費正在爆炸式增長。在這個數位敘事和商業轉型的新時代，網頁內容、行動應用開發、影像處理、影片、動畫、螢幕設計、AR和3D等內容都在蓬勃發展。 Creative Cloud支持所有這些領域的內容收集、創作和協作，並激勵我們的全球社區，正在推動這場巨大的內容革命。

Q3 Creative Cloud performance was outstanding with net new Creative Cloud ARR of $360 million and revenue of $1.96 billion. Driving our Q3 Creative Cloud performance was: record traffic to adobe.com, our acquisition engine using proprietary models for attribution and optimization; strength in our Creative Cloud single-app and complete offerings across all geographies; growth in our creative mobile apps delivering discrete revenue as well as a funnel to our multi-surface Creative Cloud offerings; improvement in retention driven by increased engagement and product usage among individuals, teams and enterprises; outstanding performance in the imaging and video categories with Photoshop, Lightroom and Premiere Pro; and strong performance in the education segment across students, educators and institutions.

第三季 Creative Cloud 業績表現卓越，新增 Creative Cloud 年度經常性收入 (ARR) 淨額達 3.6 億美元，總收入達 19.6 億美元。推動第三季 Creative Cloud 業績成長的因素包括：adobe.com 網站流量創歷史新高，該網站是我們採用專有歸因和優化模型進行用戶獲取的引擎；Creative Cloud 單應用和完整產品組合在所有地區均表現強勁；創意行動應用的增長不僅帶來了獨立的收入，也為我們的多功能產品組合提高了用戶產品組合和產品組合的企業；和 Premiere Pro 在圖像和視訊類別中表現出色；以及學生、教師和教育機構在教育領域的強勁表現。

Adobe MAX, the world's largest creativity conference, will be hosted virtually in October. In addition to showcasing exciting new Creative Cloud products and services, our programming includes 56 hours of around-the-world content and features incredible creators like actor Keanu Reeves, photographer Annie Leibovitz and award-winning filmmaker Ava DuVernay. We expect a record turnout and are thrilled to already have over 200,000 registrations.

全球規模最大的創意盛會 Adob​​e MAX 將於 10 月以線上形式舉辦。除了展示令人興奮的全新 Creative Cloud 產品和服務外，我們的節目還包括 56 小時的全球內容，並邀請到眾多傑出的創意人士，例如演員基努·裡維斯、攝影師安妮·萊博維茨和屢獲殊榮的電影製作人艾娃·杜威內。我們預計將迎來創紀錄的參會人數，目前已有超過 20 萬人註冊，我們對此感到非常興奮。

With Adobe Document Cloud, we've reinvented how people create, edit, share and sign digital documents with Acrobat and PDF. While digital documents have always helped small, midsized and large businesses realize productivity and efficiency gains, they have now become central to businesses operating remotely. Supported with a rich set of APIs, Adobe Document Cloud enables seamless workflows and collaboration across devices.

借助 Adob​​e Document Cloud，我們徹底革新了人們使用 Acrobat 和 PDF 創建、編輯、共享和簽署數位文件的方式。數位文件一直以來都幫助大中小企業提升生產力和效率，如今更成為遠距辦公企業的核心工具。 Adobe Document Cloud 提供豐富的 API，支援跨裝置無縫工作流程和協作。

Q3 Document Cloud performance was exceptional with net new Document Cloud ARR of $98 million and record revenue of $375 million. Q3 highlights included: strong growth in gross new ARR coming from the Adobe Reader funnel; significant gains in Acrobat web monthly average use; Acrobat Mobile installs up 33% year-to-date; significant momentum with Adobe Sign, including our announcement to pursue FedRAMP Moderate status; key customer wins, including Citi, PwC, Pepsi, HSBC, Merkle and J-Power; and the release of the Adobe Document Cloud Resource Hub for Education, a one-stop destination, outlining how Document Cloud can assist with remote learning.

第三季 Document Cloud 業績表現卓越，新增年度經常性營收 (ARR) 淨額達 9,800 萬美元，營收創下 3.75 億美元的新紀錄。第三季亮點包括：來自 Adob​​e Reader 管道的新增年度經常性收入 (ARR) 強勁增長；Acrobat Web 月均使用量顯著提升；Acrobat Mobile 安裝量同比增長 33%；Adobe Sign 業務發展勢頭強勁，包括宣布申請 FedRAMP 中等安全級別認證；贏得重要客戶，包括 Power-Baculers、Aun-Bas） Document Cloud 教育資源中心，該中心提供一站式服務，概述 Document Cloud 如何協助遠距學習。

The shelter-in-place requirements instituted across the globe created a heightened sense of urgency among all companies to accelerate their digital transformation. Overnight, small, midsized and large B2C and B2B companies shifted every aspect of their customer relationships from acquisition all the way through renewals to digital.

全球的居家隔離措施，讓所有企業都更加迫切需要加速數位轉型。一夜之間，無論是小型、中型或大型的B2C和B2B企業，都將客戶關係的方方面面，從客戶獲取到續約，全部轉向了數位化。

As a company that's been through its own digital transformation, we have a deep understanding of what it takes to be a digital business, and that experience makes us the ideal partner to help other companies do the same. Over the past decade, we have put the right technology, processes and people in place to precisely and persistently measure and manage performance every day at scale across each of our businesses. We developed a cross-company, real-time, data-driven operating model that leverages all of our Experience Cloud technology. The CXM playbook, which relies on continuous product, platform and process innovation, has fundamentally changed the way we run our company. And today, we are helping our customers build their own CXM playbooks. The industry's most comprehensive offering, Adobe Experience Cloud, features industry-leading applications and services built on the Adobe Experience Platform, leveraging Adobe Sensei, our AI and machine learning framework. Digital Experience revenue was $838 million in Q3. Subscription revenue, excluding Advertising Cloud, grew 14% year-over-year.

作為一家本身經歷數位轉型的公司，我們深諳數位化業務的運作之道，而正是這份經驗使我們成為幫助其他公司實現數位轉型的理想合作夥伴。過去十年間，我們部署了合適的技術、流程和人才，以便精準、持續地衡量和管理旗下所有業務的日常績效。我們開發了一種跨公司、即時、數據驅動的營運模式，充分利用了我們所有的 Experience Cloud 技術。 CXM 策略手冊依賴持續的產品、平台和流程創新，從根本上改變了我們公司的營運方式。如今，我們正在幫助客戶建立自己的 CXM 策略手冊。業界最全面的產品 Adob​​e Experience Cloud 包含基於 Adob​​e Experience Platform 建置的業界領先的應用程式和服務，並充分利用了我們的人工智慧和機器學習框架 Adob​​e Sensei。第三季數位體驗收入為 8.38 億美元。不包括廣告雲在內的訂閱收入較去年同期成長 14%。

Q3 highlights include: increased adoption of Adobe Experience Platform and the launch of new capabilities that allow marketers to accelerate data collection across channels to enable faster personalized experiences based on real-time insights; general availability of data governance capabilities in the Real-Time Customer Data Platform; early traction with our Customer Journey Analytics service, which provides customers a complete view of the customer journey, online and off-line; acceleration in the deployment of our Adobe Experience Manager Cloud Service; significant quarter-over-quarter growth for Commerce offerings; working with our Advertising Cloud customers to wind down our transaction-based offerings, key customer wins included Eli Lilly, Truist, Nike, Lowe's, Shell, Lloyds and the U.S. Department of Commerce; a partnership with IBM and Red Hat to enable Experience Cloud deployment in hybrid cloud environments that further strengthens real-time data security for enterprises in regulated industries; and recognition as a leader in 6 Gartner Magic Quadrant and Forrester Wave reports. In the Gartner Magic Quadrant for CRM Lead Management, Adobe was the leader, achieving the best scores across Ability to Execute and Completeness of Vision.

第三季亮點包括：Adobe Experience Platform 的採用率提高，並推出新功能，使行銷人員能夠加速跨通路資料收集，從而基於即時洞察更快地實現個人化體驗；即時客戶資料平台的資料治理功能全面上線；客戶旅程分析服務取得初步成功，該服務可為客戶提供線上和線下客戶旅程的完整視圖；Adobe Experience Manager Manager雲端服務的部署加速；商務產品環比顯著增長；與廣告雲客戶合作逐步停止基於交易的產品，主要客戶包括禮來、Truist、耐吉、勞氏、殼牌、勞埃德銀行和美國商務部；與 IBM 和紅帽合作，在混合雲環境中部署 Experience Cloud，進一步加強受監管行業企業的實時數據以及在 6 份安全；以及在 6 份中被評為安全；在 Gartner CRM 線索管理魔力像限中，Adobe 位居領導者，在執行能力和願景完整性方面均取得了最高分。

Adobe's record results would not be possible without the ongoing contributions and unwavering dedication of our employees around the world. They have demonstrated incredible resilience by quickly pivoting to a remote work environment without missing a beat. I am proud and grateful.

如果沒有全球員工的持續貢獻和堅定奉獻，Adobe不可能有如此輝煌的成績。他們展現了驚人的韌性，迅速轉型遠距辦公，工作絲毫不受影響。我為此感到無比自豪和感激。

Great companies are defined by how they manage through difficult times. Our strong corporate culture, focus on innovation, exceptional customers and partners and always doing right by our communities drives us and our success. We're excited about the tremendous opportunity ahead of us, and look forward to continuing our strong momentum in 2020 and beyond.

偉大的公司之所以偉大，在於它們如何應對逆境。我們強大的企業文化、對創新的專注、卓越的客戶和合作夥伴，以及始終秉持回饋社會的理念，是我們前進的動力，也是我們成功的基石。我們對未來的巨大機會充滿信心，並期待在2020年及以後繼續保持強勁的發展勢頭。

John?

約翰？

Thanks, Shantanu.

謝謝你，沙塔努。

Adobe delivered outstanding performance in Q3, highlighted by strong net new Digital Media ARR, Digital Experience subscription revenue growth and record operating cash flows. Despite challenging macroeconomic conditions, the ongoing remote work and learning-from-home environment provided an opportunity to offset normal Q3 summer seasonality.

Adobe 第三季業績表現卓越，數位媒體年度經常性營收 (ARR) 淨成長強勁，數位體驗訂閱營收成長顯著，營運現金流也創下歷史新高。儘管宏觀經濟環境充滿挑戰，但持續的遠距辦公和居家學習模式為抵銷第三季夏季的季節性波動提供了機會。

Our success was driven by Adobe's unique ability to draw insights across our business in real time, utilizing our data-driven operating model. This enables us to understand demand for our solutions, make strategic investments to capitalize on the highest returns and drive engagement and conversion across our channels, most notably our web properties.

我們的成功得益於 Adob​​e 獨有的能力，即利用我們以數據驅動的營運模式，即時洞察我們業務的方方面面。這使我們能夠了解市場對我們解決方案的需求，進行策略性投資以獲得最高回報，並提升我們各個管道（尤其是我們的網站）的用戶參與度和轉換率。

Throughout the quarter, we generated sustained levels of traffic and demand across our adobe.com offerings, including during the summer holidays where purchasing patterns have historically softened. Utilizing our proprietary attribution technologies, we made variable marketing investments that enabled us to attract and engage new customers, delivering the strongest Q3 on record for Adobe, while at the same time, maintaining fiscal discipline to accelerate earnings growth.

整個季度，我們在 adobe.com 網站上持續保持穩定的流量和需求，即使在通常消費疲軟的暑假期間也不例外。我們利用自主研發的歸因技術，靈活調整行銷投入，成功吸引並維繫了新客戶，實現了 Adob​​e 有史以來最強勁的第三季業績。同時，我們也嚴格控制財務，以加速獲利成長。

As a result, in Q3, Adobe achieved record revenue of $3.23 billion, which represents 14% year-over-year growth. On a constant currency basis, total Adobe revenue grew 15% year-over-year. GAAP diluted earnings per share in Q3 was $1.97, and non-GAAP diluted earnings per share was $2.57. Business and financial highlights included: Digital Media revenue of $2.34 billion; net new Digital Media ARR of $458 million; Digital Experience revenue of $838 million; record cash flow from operations of $1.44 billion; remaining performance obligation of $10.34 billion exiting the quarter; and repurchasing approximately 1.5 million shares of our stock during the quarter.

因此，Adobe第三季營收達到創紀錄的32.3億美元，年增14%。以固定匯率計算，Adobe總營收年增15%。第三季GAAP攤薄後每股收益為1.97美元，非GAAP攤薄後每股收益為2.57美元。業務與財務亮點包括：數位媒體營收達23.4億美元；新增數位媒體年度經常性收入淨額達4.58億美元；數位體驗營收達8.38億美元；經營活動產生的現金流創歷史新高，達14.4億美元；截至本季末，剩餘履約義務為103.4億美元；

Adobe's strong third quarter performance shows the continued momentum across our cloud businesses. From knowledge workers to creative professionals, from small businesses to large enterprises, people are driven to engage digitally and are seeking tools that enable them to communicate more proficiently across digital platforms.

Adobe 第三季強勁的業績表明，我們的雲端業務持續保持成長勢頭。從知識工作者到創意專業人士，從小型企業到大型企業，人們都渴望參與數位化活動，並尋求能夠幫助他們在數位平台上更有效率溝通的工具。

In our Digital Media segment, we achieved 19% year-over-year revenue growth in Q3. On a constant currency basis, Digital Media grew 20% year-over-year, and we exited the quarter with $9.63 billion of Digital Media ARR. Within Digital Media, we've achieved another strong quarter with our Creative business. We achieved Creative revenue of $1.96 billion, which represents 19% year-over-year growth, and we added $360 million of net new Creative ARR. Our Creative growth in Q3 was driven by: investing to acquire new customers across all geographies and segments; continuing our relentless focus on engagement to drive retention and renewal of existing customers; successfully closing enterprise term licenses with educational institutions as well as growing our education business through individual subscriptions by students; driving awareness and licensing of our professional video products; focusing on converting free mobile app users to paid mobile subscriptions, including strong growth in Lightroom Mobile; and utilizing insights from our data-driven operating model to run targeted campaigns and promotions.

在數位媒體業務板塊，我們第三季實現了19%的年成長。以固定匯率計算，數位媒體業務年增20%，季末數位媒體年度經常性收入（ARR）達到96.3億美元。在數位媒體板塊內部，我們的創意業務也取得了強勁的季度業績。創意業務營收達19.6億美元，年增19%，新增創意業務年度經常性收入淨額為3.6億美元。第三季創意業務的成長主要得益於以下幾個面向：加大投資力度，拓展全球各地及各細分市場的新客戶；持續專注於提升客戶互動，以提高現有客戶的留存率和續約率；成功與教育機構簽訂企業級長期許可協議，並透過學生個人訂閱拓展教育業務；提升專業影片產品的免費行動和授權授權； Mobile實現了強勁成長；並利用數據驅動的營運模式，進行精準的行銷活動和推廣。

Adobe Document Cloud delivered another quarter of strong revenue growth. We achieved Document Cloud revenue of $375 million, which represents 22% year-over-year growth, and we added a record $98 million of net new Document Cloud ARR. As with our Creative business, Document Cloud is benefiting from the changing nature of work and the continued importance of digital document solutions as individuals, enterprises and governments look to pivot away from paper-based dependencies to digital workflows. Our Document Cloud growth in Q3 was driven by: investing and driving awareness in our Acrobat web business; continuing to build momentum with our mobile modernization efforts with Acrobat Reader; increasing demand for Acrobat subscriptions across all geos; and building, progressing and closing pipeline for our enterprise offerings, with particular strength in Adobe Sign, which grew enterprise bookings more than 200% year-over-year.

Adobe Document Cloud 再次實現強勁的營收成長。 Document Cloud 營收達到 3.75 億美元，年增 22%，新增年度經常性收入 (ARR) 淨額達到創紀錄的 9,800 萬美元。與我們的創意業務一樣，Document Cloud 也受益於工作性質的轉變以及數位文件解決方案的持續重要性，因為個人、企業和政府都在尋求擺脫對紙本文件的依賴，轉向數位化工作流程。 Document Cloud 第三季度的成長主要得益於：對 Acrobat 網路業務的投入和推廣；持續推進 Acrobat Reader 的行動現代化；Acrobat 訂閱在各個地區的需求不斷增長；以及企業級產品的銷售管道建設、推進和最終成交，其中 Adob​​e Sign 表現尤為強勁，企業級訂單尤為強勁，企業級訂單同比增長超過 200%。

While we saw some recovery in the SMB segment during Q3 across Digital Media, smaller businesses continue to be impacted by the macroeconomic environment. We expect this to continue to impact our team offering across the reseller channel and on adobe.com.

儘管我們在第三季數位媒體領域的中小企業市場看到了一些復甦跡象，但小型企業仍然受到宏觀經濟環境的影響。我們預計這種情況將繼續影響我們透過經銷商通路和adobe.com提供的團隊產品。

Turning to our Digital Experience segment. In Q3, we achieved revenue of $838 million, which represents 2% year-over-year growth. Digital Experience subscription revenue was $729 million, representing 7% year-over-year growth. Excluding Advertising Cloud, Digital Experience subscription revenue grew 14% year-over-year. We continue to wind down the transaction-driven ad network business in Advertising Cloud. During Q3, enterprise sales and services implementations settled into a new normal virtual engagements. We drove strong pipeline and customer acquisition across our Digital Experience solutions as the digital transformation imperative continues to resonate with our customers. We saw acceleration of our Commerce business, and we drove increased adoption of our AEM Cloud Service and Adobe Experience Platform, which we expect to be growth drivers over the next decade.

接下來談談我們的數位體驗業務。第三季度，我們實現了 8.38 億美元的營收，年增 2%。數位體驗訂閱收入為 7.29 億美元，年增 7%。若不計入廣告雲業務，數位體驗訂閱收入年增 14%。我們正逐步結束廣告雲中以交易為導向的廣告網路業務。第三季度，企業銷售和服務實施已適應了新的常態—線上互動。隨著數位轉型需求持續得到客戶的認可，我們的數位體驗解決方案實現了強勁的銷售管道拓展和客戶獲取。我們的商務業務也實現了加速成長，AEM 雲端服務和 Adob​​e Experience Platform 的使用者採納率也顯著提高，我們預計這兩項業務將在未來十年成為成長的主要驅動力。

We saw particular strength with a number of transactions greater than $1 million in new annual subscription value that we closed in the quarter. While enterprises and small businesses continue to be impacted by the macroeconomic environment, spending and customer experience management is reemerging as the primary imperative to enable businesses to engage with our customers and ignite growth.

本季我們達成了多筆年度訂閱額超過100萬美元的新交易，表現特別強勁。儘管宏觀經濟環境持續影響企業和小微型企業，但支出和客戶體驗管理正重新成為企業與客戶互動並促進成長的關鍵。

Overall, while our focus is on investing for profitable growth, particularly in research and development, we drove significant savings from travel and entertainment and facilities operations as our employees work from home. After ensuring that our current resources are focused on the key priorities, we expect to ramp our hiring in Q4 and FY '21 to capitalize on our large addressable markets.

總體而言，儘管我們專注於投資以實現盈利增長，尤其是在研發方面，但由於員工居家辦公，我們在差旅、娛樂和設施運營方面節省了大量成本。在確保現有資源集中用於關鍵優先事項後，我們預計將在第四季度和2021財年加大招聘力度，以充分利用我們龐大的潛在市場。

From a quarter-over-quarter currency perspective, FX increased revenue by $15 million. Net of impacts from hedging, the sequential currency increase to revenue was $10 million. From a year-over-year currency perspective, FX decreased revenue by $14 million. Net of impacts from hedging, the year-over-year currency decrease to revenue was $25 million. Adobe's effective tax rate in Q3 was 10% on both a GAAP and a non-GAAP basis, in line with our targets. Our trade DSO was 37 days, which compares to 44 days in the year ago quarter and 40 days last quarter. Remaining performance obligation, or RPO, grew by 18% year-over-year to $10.34 billion exiting Q3 and grew sequentially by 4% quarter-over-quarter. Deferred revenue exiting the quarter was $3.45 billion.

從環比匯率角度來看，外匯收入增加了 1500 萬美元。扣除對沖影響後，環比匯率收入成長為 1,000 萬美元。從年比匯率角度來看，外匯收入減少了 1,400 萬美元。扣除對沖影響後，年比匯率收入減少為 2,500 萬美元。 Adobe 第三季的實際稅率（以 GAAP 和非 GAAP 計算）均為 10%，符合我們的目標。我們的交易應收帳款週轉天數 (DSO) 為 37 天，去年同期為 44 天，上季為 40 天。截至第三季末，剩餘履約義務 (RPO) 年增 18% 至 103.4 億美元，季增 4%。截至第三季末，遞延營收為 34.5 億美元。

As I mentioned last quarter, our adobe.com offerings, typically billed monthly, are reported as unbilled backlog; whereas channel offerings, billed annually upfront, are reported as deferred revenue. The strength in acquisition on adobe.com during the quarter continues to drive a mix shift from deferred revenue to unbilled backlog.

正如我上個季度提到的，我們透過 adobe.com 提供的服務通常按月計費，計入未開立發票積壓訂單；而透過通路提供的服務則按年預付，計入遞延收入。本季 adobe.com 的強勁獲客勢頭持續推動收入結構從遞延收入轉向未開票積壓訂單。

Our ending cash and short-term investment position exiting Q3 was $5.26 billion, and cash flows from operations in Q3 were a record $1.44 billion. In Q3, we repurchased approximately 1.5 million shares at a cost of $617 million. We currently have $2.9 billion remaining of our $8 billion repurchase authority granted in May 2018, which goes through 2021.

截至第三季末，我們的現金及短期投資部位為52.6億美元，第三季經營活動產生的現金流量創下14.4億美元的歷史新高。第三季度，我們以6.17億美元的價格回購了約150萬股股票。我們目前還剩下29億美元，該筆回購授權於2018年5月取得，有效期至2021年，該授權總額為80億美元。

For Q4, factoring current macroeconomic conditions, typical year-end seasonal strength and the strategic shift related to our Advertising Cloud business, we are targeting total Adobe revenue of approximately $3.35 billion; Digital Media segment year-over-year revenue growth of approximately 18%; net new Digital Media ARR of approximately $540 million; Digital Experience segment revenue approximately flat year-over-year; Digital Experience subscription revenue growing approximately 1% year-over-year, or 12% when excluding Advertising Cloud revenue; tax rate of approximately minus 90% on a GAAP basis and 10% on a non-GAAP basis; share count of approximately 485 million shares; GAAP earnings per share of approximately $4.29; and non-GAAP earnings per share of approximately $2.64.

考慮到當前的宏觀經濟狀況、典型的年末季節性增長以及與廣告雲業務相關的戰略轉變，我們預計第四季度 Adob​​e 總收入約為 33.5 億美元；數位媒體部門收入同比增長約 18%；新增數位媒體年度經常性收入淨額約為 5.4 億美元； 12%；以美國通用會計準則 (GAAP) 計算的稅率約為 -90%，以非美國通用會計準則 (non-GAAP) 計算的稅率約為 10%；股份數量約為 4.85 億股；按美國通用會計準則 (GAAP) 計算的每股收益約為 4.29 美元；按非美國會計準則 (non-GAAP) 計算的每股收益約為 4.29 美元；

The GAAP tax rate is benefiting from planned changes to optimize our international structure in Q4 to better align ownership of certain intellectual property rights with how our business operates as we discussed during our Q1 call earlier this year.

GAAP 稅率受益於計劃在第四季度進行的調整，以優化我們的國際結構，使某些智慧財產權的所有權與我們的業務運作方式更好地保持一致，正如我們在今年早些時候的第一季電話會議上討論的那樣。

In summary, we expect a strong Q4 to conclude another year of record revenues and earnings for Adobe. Through these times, the resilience of our employees and our business model have been evident. As our market-leading solutions continue to resonate with individuals and enterprises across the globe, we remain excited about the growth opportunities ahead.

總而言之，我們預計第四季業績強勁，將為Adobe再創營收和利潤新紀錄的一年畫下完美句點。在這段時期，我們員工的韌性和我們商業模式的有效性都得到了充分體現。隨著我們市場領先的解決方案持續受到全球個人和企業的青睞，我們對未來的成長機會充滿信心。

Back to you, Jonathan.

喬納森，該你了。

Thanks, John.

謝謝你，約翰。

As we announced earlier this year, Adobe MAX, our annual creativity conference, will be an online event this October. Information about the event can be found at max.adobe.com. Today, we also announced that Adobe will host its fourth quarter and fiscal year 2020 earnings conference call and financial analyst meeting online on December 10, where we will provide an overview of the company's strategy and financial targets for fiscal year 2021. Invitations will be sent to our analyst and investor list in the coming weeks.

正如我們今年早些時候宣布的那樣，我們的年度創意大會 Adob​​e MAX 將於今年 10 月在線上舉行。有關大會的資訊請造訪 max.adobe.com。今天，我們也宣布 Adob​​e 將於 12 月 10 日在線舉行 2020 財年第四季及全年財報電話會議和財務分析師會議，屆時我們將概述公司 2021 財年的戰略和財務目標。邀請函將在未來幾週內發送給我們的分析師和投資者。

If you wish to listen to a playback of today's conference call, a webcast archive will be available on Adobe's IR site later today. You can also listen to a phone replay by calling the numbers shown above. The phone playback service will be available beginning at 5 p.m. Pacific Time today and ending at 5:00 p.m. Pacific Time on September 22.

如果您想收聽今天電話會議的錄音回放，稍後您可以在 Adob​​e 的投資者關係網站上找到網路直播存檔。您也可以撥打以上號碼收聽電話錄音回放。電話錄音重播服務將於太平洋時間今天下午 5 點開始，至太平洋時間 9 月 22 日下午 5 點結束。

We would now be happy to take your questions. (Operator Instructions)

現在我們很樂意回答您的問題。 （操作說明）

Operator?

操作員？

(Operator Instructions) We'll take our first question from Kirk Materne with Evercore ISI.

（操作說明）我們先來回答來自 Evercore ISI 的 Kirk Materne 所提出的問題。

Congrats on the quarter. Shantanu, I was hoping maybe we could start with the -- my question is actually just going to be around the Experience Cloud business. Obviously, you guys are divesting the Advertising Cloud part of that. But just in terms of the commentary, it seems like the pipeline's building nicely. RPO was up nicely in the quarter, yet revenue guidance for next quarter is down a little bit. I was wondering if you could just square that up because it sounds like your enthusiasm for that opportunity still remains very high, but I think some people might be wondering why maybe is revenue not sort of matching up with that.

恭喜你本季業績出色。 Shantanu，我原本希望我們能先聊聊──我的問題其實是關於體驗雲端業務的。顯然，你們正在剝離其中的廣告雲部分。但就目前來看，銷售管道似乎進展順利。本季的RPO（重新定位點）成長顯著，但下季的營收預期卻略有下調。我想請你解釋一下，因為你對這個機會的熱情依然很高，但我想有些人可能會疑惑，為什麼營收與預期不符。

Sure. Happy to. And as you pointed out, Kirk, I mean, firstly, digital transformation is a massive addressable opportunity. And it's clear that we are the leaders. We had a great quarter. Bookings grew north of 15%. As you saw, we had good revenue. We successfully have introduced brand new products, which we believe are going to be the growth drivers from what we did with the Adobe Experience Platform, what we did with Customer Journey Analytics, the Customer Data Platform as well as what we are doing around both Commerce as well as the Adobe Experience Cloud in the cloud service. So the business and the interest frankly because there isn't a small and medium business or large enterprise that isn't interested in how digital can help them deal with the current health situation.

當然可以。我很樂意。正如你所指出的，柯克，首先，數位轉型是一個巨大的潛在機會。顯然，我們是業界的領導者。我們剛剛度過了一個非常棒的季度。預訂量成長超過 15%。正如你所看到的，我們的收入也很可觀。我們成功推出了全新的產品，我們相信這些產品將成為成長的驅動力，這要歸功於我們在 Adob​​e Experience Platform、Customer Journey Analytics、Customer Data Platform 以及我們在 Commerce 和 Adob​​e Experience Cloud 雲端服務方面所做的努力。坦白說，現在企業和大型企業都非常關注數位化如何幫助他們應對當前的健康危機。

So bookings have been strong. Business has been strong. I think as it relates to revenue, you have to continue to think about the wind down of the Advertising Cloud business, which continues to happen, we expect bookings to be strong. And then the other issue for us is really as the macroeconomic environment, you think about the spending patterns. But net-net, for us, we thought the business did really well. It was a great rebound from what we had expected in Q2, which was both on the consulting side as well as on the net ASP, we thought it would be slightly slow. So we're really excited, and we're in the sweet spot of what is clearly a growth business.

所以預訂量一直很強勁，業務也很強勁。我認為就收入而言，必須繼續考慮廣告雲業務的逐步退出，而這一過程仍在進行中，但我們預計預訂量仍將保持強勁。另一個需要考慮的因素是宏觀經濟環境，也就是支出模式。但總的來說，我們認為業務表現非常出色。這比我們第二季的預期有了顯著的反彈，無論是諮詢業務還是淨平均售價，我們都曾預期成長會略顯緩慢。因此，我們感到非常興奮，我們正處於一個顯然是成長型業務的最佳時期。

We'll take our next question from Saket Kalia with Barclays Capital.

接下來，我們將回答來自巴克萊資本的薩克特·卡利亞提出的問題。

Shantanu, maybe just to stay on the Digital Experience business. Zooming out a little bit strategically, I think Anil Chakravarthy is still getting settled in as leader of the DX business and field operations. I guess the question is what are some of his objectives, particularly in the DX business, that you're most excited about for next year.

Shantanu，或許只是繼續專注於數位體驗業務。從戰略層面來看，我認為Anil Chakravarthy仍在適應數位體驗業務和現場營運領導的角色。我想問的是，他明年在數位體驗業務上有哪些目標，你最期待看到哪些？

Well, Saket, first, I will say this. His has been the fastest ramp that I have seen of any executive that we've got. So he is doing an absolutely fantastic job and a great addition to what you know is already a very strong management team that I'm blessed with at Adobe. Maybe I would say 3 things. The first is on the product side, he's really got his hands around the platform and the innovation associated with the platform, the delivery of Customer Journey Analytics. We had a great quarter with the Adobe Experience Platform and a number of customers adopting it. What we are doing around CDP and the real-time nature of what we can do there as well as intelligent services that are leveraging Adobe Sensei.

薩凱特，首先我要說的是，他是我見過的所有高階主管中上手最快的。他做得非常出色，是Adobe現有強大管理團隊的另一個重要成員，我非常榮幸能擁有這樣一支團隊。我想說三點。首先是產品方面，他已經完全掌握了平台及其相關的創新，以及客戶旅程分析的交付。 Adobe Experience Platform在本季表現出色，許多客戶都採用了它。我們在CDP方面所做的工作，以及我們能夠實現的即時功能，還有利用Adobe Sensei提供的智慧服務，都值得關注。

So on the product and innovation, making sure that we have this platform that we integrate all our products, he's really added a lot of value there. But that will continue to be the area where I think we can completely differentiate ourselves relative to anybody else because while others are talking about providing this unified profile, as you know, we have tens of billions of profiles already in Adobe Experience Platform.

所以在產品和創新方面，確保我們擁有一個能夠整合所有產品的平台，而他確實在這方面貢獻良多。但我認為這仍然是我們能夠與其他公司完全區分開來的領域，因為當其他公司還在談論提供統一的配置文件時，正如您所知，Adobe Experience Platform 中已經擁有數百億個配置文件。

I think the second area is with the unified organization, really focusing on the customers and the customer centricity and what we are doing with partners. The structure for U.S. and international is set up. And he is focused on aggressively evangelizing both our vision as well as the differentiation in the marketplace. I mean one side benefit, Saket, of everybody working from home is we can engage with customers so much better. And a routine day consists of significant customer engagement. So that's clearly the area that he's focused on because he needs to be out there as the leader of this.

我認為第二個面向是統一的組織架構，真正聚焦在客戶和以客戶為中心的理念，以及我們與合作夥伴的合作。美國和國際市場的架構已經搭建完畢。他致力於積極宣傳我們的願景以及我們在市場上的差異化優勢。薩凱特，我的意思是，居家辦公的一個額外好處是，我們可以更好地與客戶互動。在日常工作中，大量的客戶互動必不可少。顯然，這是他關注的重點，因為身為領導者，他需要親自參與其中。

And third, I would say, the culture, Adobe's culture has always been a unique point and focus on talent and hiring and where there is significant opportunity, making sure that we have the best talent. So he's already been able to recruit some key people as additions to his management team. But there's a lot to do, and there's a lot that he's done, and so we're very excited about having him on board.

第三，我想說的是企業文化。 Adobe 的企業文化一直以來都非常獨特，我們專注於人才培養和招聘，並致力於在存在重大機會的地方吸引最優秀的人才。他已經成功地招募了一些關鍵人物加入他的管理團隊。但還有很多工作要做，而他已經做了很多，所以我們非常高興他能加入我們。

We'll take our next question from Brent Thill with Jefferies.

接下來，我們將回答來自傑富瑞集團的布倫特·蒂爾提出的問題。

Shantanu, Q4 Digital Media guide, well above The Street. You've clearly seen a lot of great tailwinds in that business. I'm curious if you could just kind of unpack the drivers and what you're seeing for the upside surprise relative to Street numbers.

Shantanu，第四季數位媒體業績遠超華爾街預期。顯然，您已經看到了該行業許多利好因素。我很想知道您能否詳細分析這些驅動因素，以及您認為相對於華爾街預期，業績超出預期的原因。

Yes, Brent. I'm surprised you didn't talk about the Q3 upside as well. I mean we did saw...

是的，布倫特。我很驚訝你沒有提到第三季的上漲潛力。我的意思是，我們確實看到了…

We always look forward.

我們總是向前看。

Fair enough. We saw tremendous performance. I mean, as you see, what's happening in both creativity and document productivity, Brent. I mean the business is just firing on all cylinders, and that has to do both with products as well as frankly with services. We didn't maybe comment specifically on the services, but the services, the Stock business just continues to do well. There's no question we're gaining market share. The Sign business has grown very successfully.

確實如此。我們看到了非常出色的業績。我的意思是，正如你所看到的，無論是創意還是文件處理效率，布倫特，公司都在全力運轉，這既得益於產品，也得益於服務。我們可能沒有專門評論服務，但庫存業務持續表現良好。毫無疑問，我們的市佔率正在不斷擴大。標牌業務也取得了非常成功的成長。

But if you continue to think about, I think, what's driving that business, the first is we sharpened our focus on usage and engagement. And the usage and engagement that we did really helped improve retention rates back to the pre-COVID level. So that focus will just continue. We have a very large book of business.

但如果你繼續思考是什麼在推動這項業務發展，我認為首先是我們更重視用戶使用率和用戶參與度。而我們所做的用戶使用率和用戶參與度提升工作，確實幫助用戶留存率恢復到了疫情前的水平。因此，我們將繼續保持這種專注。我們擁有非常龐大的業務規模。

The education. Education had a good quarter. So we'll have continued focus on education. Individual apps, we talked about Lightroom, Photoshop and Premiere Pro as areas where there is a lot of interest in our business. And also the sophistication of what we talked about, namely the marketing attribution and models, it just helps us spend money so efficiently and sustain the durability of the acquisition of new customers and trends.

教育方面，我們本季表現良好，因此我們將繼續專注於教育領域。在各個應用程式方面，我們討論了 Lightroom、Photoshop 和 Premiere Pro，這些都是我們業務中備受關注的領域。此外，我們還討論了行銷歸因和模型等更精細的技巧，這些技巧能夠幫助我們更有效率地利用資金，並持續有效地獲取新客戶和把握市場趨勢。

So as you pointed out, when we look at the second half performance, it just demonstrates how both Creative Cloud and Document Cloud frankly are the preeminent platforms, and we should continue to see good strength from our Q3 back into Q4. So we're excited.

正如您所指出的，當我們審視下半年的業績時，它充分證明了 Creative Cloud 和 Document Cloud 都是首屈一指的平台，我們應該能夠將第三季度的強勁勢頭延續到第四季度。因此，我們感到非常興奮。

We'll take our next question from Kash Rangan with Bank of America.

接下來，我們將回答來自美國銀行的卡什·蘭甘提出的問題。

Nice to go right after Brent here. Congratulations on your quarter. Shantanu, you talked about how the pandemic has actually resulted in better customer engagement. But as we come out of the pandemic, if there's ever such a thing called coming out of this pandemic when we got a vaccine, how does the business perform? And do you feel that this actually lengthens the cycle for digital transformation? Or do you think we could be in a pocket, a bit of a halo effect where things get pulled in a little bit because we've got all this time to do more work. And there's a bit of a catch-up. And then, of course, longer-term secular trajectory for digital transformation is unchanged. How are we to think about, well, the environment is actually unusually supportive of your results, not only your results, but other software companies so that we might get a bit of a pullback if we enter into a normal economy? Sorry to word it that way, but just curious to get your thoughts.

很高興在布倫特之後發言。恭喜你們季度業績出色。沙塔努，你提到疫情其實提升了客戶參與度。但是，當我們走出疫情（如果真有所謂的“走出疫情”，例如有了疫苗之後），企業業績會如何？你認為這會延長數位轉型週期嗎？或者你認為我們可能會進入一種“光環效應”，因為有了這段時間可以做更多工作，所以進度會稍微加快一些，從而形成一個追趕機制？當然，數位轉型的長期發展趨勢不會改變。我們該如何看待目前的環境？目前，不僅是你們的業績，其他軟體公司也都處於非常有利的時期，這意味著一旦進入正常的經濟環境，業績可能會有所回落。抱歉我這樣問，只是想聽聽你的想法。

Yes, Kash. We've been talking about the trends that are going to be tailwinds across each of our businesses, whether it was creativity, document productivity or, specifically to your question, digital transformation. And the genie is not going to go back in the bottle. I mean we've certainly seen, as you point out, an inflection in the business as it relates to the demand in digital transformation. But my perspective on this business is it's just going to gain importance. I think as the macroeconomic environment improves, the spending will actually open up in terms of what people spend. And we've been touching on customer experience management as imperative and a priority for enterprise spend for a while. And I don't think that changes.

是的，Kash。我們一直在討論那些將對我們各自業務產生積極影響的趨勢，無論是創意、文件效率，還是你提到的數位轉型。而這股趨勢不會逆轉。我的意思是，正如你所指出的，我們確實看到了業務中與數位轉型需求相關的轉折點。但我認為，這項業務的重要性只會與日俱增。我認為，隨著宏觀經濟環境的改善，人們的支出範圍將會擴大。我們一直強調客戶體驗管理對於企業支出至關重要，而且我認為這一點不會改變。

So I think everybody is recognizing that not having a commerce website, not being able to engage digitally with customers. And I think the 2 areas where we are seeing the most excitement is this unified profile because people now absolutely recognize where you have a physical presence and you have a digital presence, you have to absolutely create a unified experience. And that, I think, is only going to accelerate. So you will see more physical perhaps once the vaccine is present. But that's not going to change the need to provide this unified experience.

所以我認為大家都意識到，如果沒有電商網站，就無法與客戶進行數位互動。目前最令人振奮的兩個領域是這種統一的品牌形象，因為人們現在完全明白，如果你既有實體店又有線上業務，就必須打造統一的體驗。我認為這種趨勢只會加速發展。疫苗普及後，實體店可能會更多一些，但這並不會改變提供統一體驗的必要性。

And on the marketing spend side, more and more is going to go digital, and people will want to run more of these digital campaigns with customers. So I think the basic trends of personalization, of unified profile, of customer experience management are only going to continue once the pandemic -- and I actually feel like that should hopefully signal an improvement in the macroeconomic environment for everybody. I think a lot of what's happened right now is people want to spend in digital but their spending ability may be limited. And as that spending ability opens up as the economy improves, I don't think it changes the priority. I think it frankly opens up spending.

在行銷支出方面，越來越多的支出將轉向數位化，人們也希望開展更多這類數位行銷活動來觸達客戶。因此，我認為個人化、統一畫像和客戶體驗管理等基本趨勢在疫情結束後只會繼續發展——而且我真心覺得，這應該預示著宏觀經濟環境的改善。我認為目前的情況是，人們渴望在數位化領域消費，但他們的消費能力可能有限。隨著經濟好轉，消費能力的提升，我認為這並不會改變人們的優先順序。坦白說，我認為這會促進消費。

Very insightful. Congrats.

很有見地。恭喜！

Thanks, Kash.

謝謝你，卡什。

We'll take our next question from Brad Zelnick with Crédit Suisse.

接下來，我們將回答來自瑞士信貸的布拉德·澤爾尼克提出的問題。

Excellent. Congrats on the really strong Q3. John, my question is for you. In your prepared remarks, you talked about the variable marketing investments that enabled Adobe to attract and engage new customers, which clearly worked well. Can you comment on what you're seeing in terms of ROI trends on marketing spend and reasons to believe they may or perhaps may not be sustainable?

太棒了！恭喜Adobe第三季業績強勁。約翰，我的問題想問你。你在事先準備好的演講稿中提到，Adobe透過靈活的行銷投入來吸引和維繫新客戶，而且顯然效果顯著。你能否談談你觀察到的行銷支出投資報酬率趨勢，以及你認為這種趨勢是否可持續的原因？

Sure. Thanks again, Brad, for the question. I think when we look at our capabilities with DDOM, our data-driven operating model, the level of precision we're able to see performance in our business real time really allows us to surgically invest where we know we can be successful. And so you can see that in the performance obviously on ARR both in Q3 and where we think we can drive momentum in Q4. So we have a lot of confidence in investing for an appropriate return and also looking at the breadth of the different markets we're trying to attract to the platforms, both CC and DC. So we monitor that very carefully. We don't just throw money at -- in variable marketing just to see where it lands. We're actually measuring very completely every dollar that we invest in that space.

當然。再次感謝布萊德的提問。我認為，當我們審視我們在DDOM（數據驅動營運模式）方面的能力時，我們能夠即時精準地了解業務績效，這使我們能夠精準地投資於那些我們確信能夠取得成功的領域。這一點在第三季的年度經常性收入（ARR）表現中顯而易見，我們也看到了第四季有望實現的成長勢頭。因此，我們對投資以獲得適當回報充滿信心，同時也關注我們試圖吸引CC和DC平台的不同市場的廣度。我們會非常仔細地監控這些方面。我們不會盲目地投入資金──在可變行銷中盲目地尋找效果。事實上，我們會非常全面地衡量我們在這個領域投入的每一美元。

And Brad, maybe if I were to add just a little bit on top of that. What you have to do is again harking back to what we said is the overall addressable market opportunity for all of our businesses. And on the Creative and Document Cloud, as we talk about a greater than $30 billion addressable opportunity, this sophistication just helps us target all those people with more efficiency. And as John said, the constant changing nature of where that marketing goes, we definitely view that as a differentiation for us in terms of what product, what service, what geography across what channel.

布拉德，或許我可以再補充一點。你需要再次強調我們之前提到的所有業務的整體潛在市場機會。就創意和文件雲端而言，我們談到超過 300 億美元的潛在市場機會，這種先進的技術能夠幫助我們更有效率地觸及所有這些目標受眾。正如約翰所說，行銷通路的不斷變化，無疑為我們在產品、服務、地理和通路選擇方面提供了差異化優勢。

We'll take our next question from Jennifer Lowe with UBS.

接下來，我們將回答瑞銀集團的珍妮佛洛提出的問題。

I wanted to touch on the gross margin within the Digital Experience business, and as talked about earlier, my understanding was that as the Ad Cloud winds down, there should be a gross margin benefit attached to that. But if I look at the GAAP gross margins in Digital Experience, they're actually down a little bit quarter-over-quarter. So sort of related to that. First, how should we think about the costs associated with Ad Cloud rolling off the cost of goods sold line over the coming quarters? And secondly, how should we think about the margin profile of that business once that wind down has happened?

我想談談數位體驗業務的毛利率。如同先前所提到的，我的理解是，隨著廣告雲端業務的逐步關閉，毛利率應該會有所提升。但如果我查看數位體驗業務的GAAP毛利率，我會發現它實際上比去年同期略有下降。所以，與此相關的問題是：首先，我們應該如何看待未來幾季廣告雲端業務從銷售成本中剝離所帶來的成本？其次，一旦廣告雲業務完全關閉，我們該如何看待該業務的利潤率狀況？

I can add, and then, Jennifer -- John, certainly feel free. I mean overall, on that business, I think there was a slight performance in what we saw in the Ad Cloud revenue in the quarter, so that might account for what you are referring to. I think big picture, we just look at it and say, this is a growth business. What we have been able to do by aligning is to make sure that we're focused on the highest priority growth objectives. And so it's still a growth business that's a real focus for us. But as it relates to the overall margins, I mean, the company performed exceedingly well. I would argue maybe we were a little conservative frankly because we were unclear of the macroeconomic environment in terms of hiring. But we are certainly going to be opening up the hiring in research and development to continue to differentiate ourselves. And on the Digital Experience, now that we've consolidated the organization, we've eliminated all the inefficiencies, we've made the strategic change on Advertising Cloud, now we feel like it's all going to be profitable growth as we invest in the Digital Experience business.

我可以補充一點，珍妮佛——約翰，請隨意。我的意思是，就這項業務而言，我認為本季廣告雲端收入略有成長，這或許可以解釋你所提到的情況。我認為從宏觀角度來看，我們看待這個問題時會說，這是一個成長型業務。我們透過調整策略，確保專注於優先順序最高的成長目標。因此，它仍然是一個成長型業務，也是我們真正關注的重點。但就整體利潤率而言，我的意思是，公司表現非常出色。坦白說，我認為我們可能有點保守，因為我們對宏觀經濟環境在招募方面並不明朗。但我們肯定會在研發領域擴大招募規模，以繼續保持我們的差異化優勢。在數位體驗方面，現在我們已經整合了組織架構，消除了所有低效環節，對廣告雲進行了策略調整，現在我們感覺隨著對數位體驗業務的投資，一切都將實現盈利增長。

And sorry, Shantanu, quarter-to-quarter, it's really partly the overperformance in the Ad Cloud is we had been transparent with our customers, we helped them transition to other services, but we also helped them run the ones that were scheduled. In addition, the volume of activity across our other products did actually increase some of our cloud costs or third-party cloud costs. So that's something that we are monitoring very closely so that we can leverage the volume and negotiate our contracts appropriately and drive efficiencies across our cloud spend.

抱歉，Shantanu，季度環比來看，廣告雲業務的超預期表現部分歸功於我們對客戶的透明溝通，我們幫助他們過渡到其他服務，同時也幫助他們順利運行已安排好的廣告。此外，我們其他產品的業務量確實增加了部分雲端成本或第三方雲端成本。因此，我們正在密切關注這一情況，以便充分利用業務量，合理協商合同，並提高雲端支出效率。

We'll take our next question from Jay Vleeschhouwer with Griffin Securities.

接下來，我們將回答來自 Griffin Securities 的 Jay Vleeschhouwer 提出的問題。

Shantanu, the company has often spoken in the past, for instance, at Summit presentations, that you've identified about 4 dozen use cases for DX. And the question is setting aside Ad Cloud and whatever part of that mix they may have accounted for, what trends or evolutions have you been seeing in the number or mix of use cases within DX? And then related to that, perhaps you could also update us on the applications and intelligent services that you previewed back at Summit earlier this year and how that might flow into the various use cases and more importantly the DX growth that you're anticipating.

Shantanu，貴公司過去曾多次提到，例如在高峰會演講中，你們已經確定了大約 48 個 DX 用例。問題是，撇開 Ad Cloud 及其可能包含的任何部分不談，您在 DX 用例的數量或組合方面觀察到了哪些趨勢或演變？此外，您能否也向我們介紹您在今年早些時候的峰會上預覽的應用程式和智慧服務，以及它們將如何融入各種用例，更重要的是，如何促進您預期的 DX 成長？

Sure, Jay. I think what's been consistent in the business and areas that continue to show both growth as well as interest from customers is, first and foremost, content and data. And so I think when we think about what's happening with content, the use case of people increasingly moving to cloud services on the Adobe Experience Manager side, creating new mobile applications and engaging directly with customers, I think that just continues to be an area of significant growth.

當然，傑伊。我認為，在業務中始終保持穩定成長並持續吸引客戶注意的領域，首先也是最重要的，是內容和數據。因此，當我們思考內容領域的發展趨勢時，就會發現，越來越多的人開始使用 Adob​​e Experience Manager 的雲端服務，創建新的行動應用程式並直接與客戶互動，這無疑是一個持續成長的領域。

On the data side, as we have added more capabilities both through Adobe Analytics as well as with the Adobe Experience Platform, of being able to say what is the insight that people are getting, I mean, we're all looking at data even more stringently in this environment. And so the use case associated with going from collecting that data to getting insights on that data, the demand for that particular area of our solutions, including in intelligent services, where, as you know, we have intelligent services that are associated with each of the solutions, that's an area of increase. I would say the third area is this unified profile and just being able to get all of the data. That's clearly a trend, Jay, because people recognize that they have all these silos, and that was even more accentuated by what's happening in the health. So the need and desire to get this unified profile so that they can serve the customer adequately, that use case. And when we are talking about Customer Journey Analytics, how you do the equivalent of what we have done with DDOM, I think that's a use case that's clearly resonating with customers.

在數據方面，隨著我們透過 Adob​​e Analytics 和 Adob​​e Experience Platform 不斷增強功能，能夠更好地了解用戶所獲得的洞察，我們在這個環境下對數據的審視也更加嚴格。因此，從收集資料到獲取資料洞察的用例，以及對我們解決方案中這一特定領域的需求（包括智慧服務，如您所知，我們為每個解決方案都配備了智慧服務），都在不斷增長。我認為第三個領域是統一的客戶畫像，即獲取所有資料。這顯然是一種趨勢，Jay，因為人們意識到他們面臨著各種數據孤島，而醫療健康領域的現狀更加凸顯了這一點。因此，他們需要並渴望獲得統一的客戶畫像，以便更好地服務客戶，這就是這個用例。當我們談到客戶旅程分析時，如何實現與我們在 DDOM 中所做的類似的功能，我認為這顯然是一個能夠引起客戶共鳴的用例。

Commerce, I would say the commerce use case and how you have to find different models, whether it's a subscription-based business model of transacting with customers, whether it's loyalty-based business models. So I think the commerce and using commerce to accomplish new business models, I think that use case has also increased.

就商業而言，我認為關鍵在於商業的應用場景以及如何找到不同的模式，無論是基於訂閱的客戶交易模式，還是基於忠誠度的商業模式。因此，我認為商業以及利用商業來實現新的商業模式的應用場景也在增加。

And the last thing I would say is between the B2B and B2C, we've talked about that distinction blurring. But I think all B2B companies are still stating how can we both work directly and engage with customers as well as through a network of partners, I hear that over and over again. So whether you're a company providing goods through a distribution channel, whether you're a car manufacturer, all of them recognize that they have to bridge this gap between being deemed a B2B company and a B2C company.

最後我想說的是，關於B2B和B2C，我們之前討論過兩者之間的界線越來越模糊。但我認為所有B2B公司都在反覆思考如何才能既直接與客戶合作互動，又能透過合作夥伴網絡進行溝通。所以，無論你是一家透過分銷管道提供商品的公司，還是一家汽車製造商，他們都意識到自己必須彌合B2B公司和B2C公司之間的鴻溝。

We'll take our next question from Sterling Auty with JPMorgan.

接下來，我們將回答來自摩根大通的斯特林·奧蒂提出的問題。

You mentioned in your prepared remarks that the SMB segment showed some improvement in the quarter. Can you just give us, maybe from a high level, how much exposure does the business have at this point to SMB and even into that prosumer area, where maybe some of the stimulus being talked about would have a bigger impact?

您在事先準備好的發言稿中提到，中小企業業務在本季有所改善。能否請您簡要介紹一下，目前公司在中小企業市場以及可能受刺激政策影響更大的產消者市場（即消費者市場）的業務佔比是多少？

Yes, Sterling. We looked at both those trends quite a bit as we went through the quarter. And I would say, as it relates to the stimulus, when the first package came out, this was early. We saw appreciable difference in sort of the payment successes and what happened with the individual subscribers. So we saw correlation associated with that. Subsequent ones have not. And as I said, the engagement work that we did helped us get retention back up to the levels that we had pre COVID. So I don't know whether that was an initial catalyst. But to us, it just demonstrated increased importance of the solutions that we provide.

是的，斯特林。我們在整個季度中都密切關注了這兩個趨勢。就刺激政策而言，我想說的是，當第一輪刺激計畫出台時（當時還處於早期階段），我們看到支付成功率和用戶數量出現了顯著差異。因此，我們發現兩者之間存在相關性。但隨後的幾輪刺激計劃並沒有產生這種相關性。正如我所說，我們進行的用戶互動工作幫助我們將用戶留存率恢復到了疫情前的水平。所以我不知道這是否是最初的催化劑。但對我們來說，這恰恰表明了我們提供的解決方案的重要性日益凸顯。

As it relates to the small and medium business segment, again, that is through the team offering. A lot of that happens through the channel. And Q3, we saw some strength in that. So I don't know that we've broken out, Sterling, what percentage is exactly on individual versus team versus enterprise. It is a big part of our business because small and medium businesses certainly use both our creative and document tools, but we were pleased with what we expected. As it relates to our Q3 targets, we're still going to be a little cautious about seeing the rebound in that SMB. So we're not necessarily expecting a significant new acquisition in that. But we were pleased with what we saw in Q2. And long term, we just continue to think that our solutions help them become a digital enterprise, which is going to become more important.

就中小企業市場而言，我們主要透過團隊產品來實現這一目標。很多業務都是透過通路拓展的。第三季度，我們看到了這方面的成長動能。史特林，我不知道我們是否已經明確區分了個人用戶、團隊用戶和企業用戶各自的佔比。中小企業是我們業務的重要組成部分，因為他們確實會使用我們的創意和文件工具，但我們對實際表現感到滿意。至於第三季的目標，我們仍然對中小企業市場的復甦持謹慎態度。因此，我們並不預期會在該領域進行大規模的新收購。但我們對第二季的表現感到滿意。從長遠來看，我們仍然認為我們的解決方案能夠幫助他們轉型為數位化企業，而數位轉型的重要性將日益凸顯。

We'll take our next question from Alex Zukin with RBC Capital Markets.

接下來，我們將回答來自加拿大皇家銀行資本市場的 Alex Zukin 的問題。

So maybe a combo question for Shantanu and for John. Shantanu, you're seeing kind of now 2 straight quarters of all-time highs for traffic on adobe.com. And according to our data, it would actually appear the trend is only accelerating. So I guess the question is, back to that durability, kind of what's driving that acceleration? And how would you think about the durability of that 20-plus percent Digital Media ARR growth trend as you sit here today? And then ultimately, maybe, John, remind us what kind of rules should we remember in our models? As DM ARR stays above 20%, does that -- what kind of churn assumptions we should think about when looking at Digital Media revenue growth next year?

所以，也許可以問Shantanu和John一個組合問題。 Shantanu，你現在看到adobe.com的流量已經連續兩季創下歷史新高。根據我們的數據，這個趨勢似乎還在加速。所以我想問的是，回到這個持續性的問題，是什麼推動了這種加速成長？你現在如何看待數位媒體年度經常性收入（ARR）成長超過20%的趨勢的持續性？最後，John，也許可以提醒我們一下，在我們的模型中應該記住哪些規則？當數位媒體ARR維持在20%以上時，我們在預測明年數位媒體營收成長時，應該考慮什麼樣的客戶流失假設？

Yes, Alex. As it relates to the overall macro demand, it's just the amount of content that's being created is just absolutely exploding. And it actually doesn't matter whether you're, as we talked about, an individual who has a story that they want to tell a small and medium business who has to transact businesses online and therefore has to create the appropriate content, whether it's a large enterprise that is increasingly engaging digital and therefore wants the appropriate personalized content. And I think that trend will only continue to speak well for Adobe.

是的，Alex。就整體宏觀需求而言，內容創作量正在爆炸性成長。事實上，無論你是像我們之前討論的那樣，想要講述自己故事的個人，還是必須在線開展業務因而需要創作相應內容的中小型企業，亦或是日益積極參與數位化並因此需要個性化內容的大型企業，這一點都適用。我認為這種趨勢只會繼續對Adobe有利。

We look at some other trends like the number of people engaging with us on Behance, which is our community. We're getting more part of Behance being used than ever before. What we are doing with Spark, which is allowing prosumers and others who have a task-based offering to come. So we just continue to think that the amount of content being created and the amount of content being consumed is only going to go up. And we have the premier offering in that space, not only from the product side but from also the DDOM side. And so I think it really continues to all go well for us. And we will certainly give you more color as we come up to fiscal '21 on what we expect moving forward. But we're excited about the opportunity.

我們也會關注其他一些趨勢，例如在Behance（我們的社群）上與我們互動的人數。 Behance的使用率比以往任何時候都高。我們正在透過Spark平台，讓專業用戶和其他提供基於任務的服務的用戶也能參與其中。因此，我們仍然認為內容創作量和內容消費量只會持續成長。我們在這個領域擁有領先的解決方案，不僅體現在產品方面，也體現在數位內容管理（DDOM）方面。所以我認為一切都朝著好的方向發展。隨著2021財年的臨近，我們一定會向大家詳細介紹我們對未來發展的預期。但我們對這個機會感到非常興奮。

Yes. I would say -- yes, in regard to your comments on retention, I mean as Shantanu said, the efforts that we've put into engaging our customers and making sure that they're using the right product for the right use case has really driven retention efforts really well in that engagement. And of course, the fact that we'll be able to see a return to kind of pre-COVID levels is indicative of people seeing value in the products that they're using.

是的。關於您提到的用戶留存問題，我想說——正如Shantanu所說，我們致力於與客戶互動，確保他們針對特定場景使用合適的產品，這些努力確實極大地提升了用戶留存率。當然，用戶數量能夠恢復到疫情前的水平，也顯示人們認可他們正在使用的產品的價值。

We'll take our next question from Keith Weiss with Morgan Stanley.

接下來，我們將回答摩根士丹利的基斯‧韋斯提出的問題。

This is Stan Zlotsky sitting in for Keith. A quick question for John. Very strong margins in Q3, record margins on operating margin side. What should we keep in mind as far as margins as we head into Q4? And what is embedded in the EPS guidance for the quarter?

我是斯坦·茲洛茨基，代替基思發言。約翰，我有個問題想請教你。第三季利潤率非常強勁，營業利潤率更是創下歷史新高。展望第四季度，我們該關注哪些利潤率指標？第四季的每股盈餘預期又包含了哪些資訊？

Sure. Sure. Thanks, Stan. When we entered Q3 and when we look at really focusing our resources on the top priorities, once we got through that activity, and we felt really comfortable with the performance that we were seeing, we realized that we're probably being a little conservative or slower out of the gate ramping our hiring. And we're committed to ramping our hiring now going into Q4 and into FY '21 to really drive the opportunities that we see, to drive performance in these opportunities. So we're investing in R&D, and we'll see that kind of manifest in our Q4 hiring and into FY '21.

當然。當然。謝謝，斯坦。進入第三季度，當我們真正把資源集中在最重要的事項上時，在完成這些工作並對當時的業績感到滿意之後，我們意識到，我們在招聘方面可能有點保守，或者說起步較慢。我們承諾在第四季和2021財年加快招募步伐，以真正抓住我們看到的機遇，並在這些機會中取得更好的業績。因此，我們正在加大研發投入，這將在第四季和2021財年的招募中得到體現。

We do believe that some of the other OpEx savings that we've had, onetime savings around travel and facilities and in-person events, are going to change as we start to work in our offices when it's safe. And so we don't expect the level -- the lack of spending in those areas in Q3 to be sustainable going forward. So that is something to consider when you look at the operating margin performance in Q3.

我們相信，之前在差旅、設施和線下活動等方面節省的一些營運支出，隨著疫情安全後我們開始在辦公室辦公，這些節省將會改變。因此，我們預計第三季這些領域的支出水準——即支出減少的程度——在未來將難以持續。所以，在分析第三季的營運利潤率時，這一點需要考慮。

We'll take our next question from Walter Pritchard with Citi.

接下來，我們將回答花旗銀行的華特‧普里查德提出的問題。

I'm wondering, John, if you -- or John or Shantanu, if you could talk about retention, and you highlighted that in your prepared remarks around improvement in retention. And maybe just directionally, how -- you talked a little bit about some headwinds there a quarter ago, where you are now versus retention in sort of the steady state, how much it dipped down and if it varies much by the various segments of your Digital Media business.

約翰，我想問你們──或約翰或沙塔努，你們能否談談用戶留存率？你們在準備的發言稿中重點提到了提高用戶留存率的重要性。或許可以簡單談談方向，例如——你們上個季度提到了一些不利因素——你們目前的用戶留存率與穩定狀態下的留存率相比如何，下降了多少，以及在你們數位媒體業務的各個細分領域之間是否存在顯著差異。

I think, Walter, maybe looking at it now in retrospect, I don't know if -- when COVID first hit, whether there was a shock to the system, and therefore, people reacted. And I think that has settled down, as we've said in a couple of times, it's definitely gone back to the pre-COVID levels. I think I would also give our team tremendous credit for what we've done around engagement. I mean the good news for us, Walter, is we have such a variety and portfolio of products that we can use. And let's take Acrobat where we haven't spent -- we haven't gotten as many questions, I mean, from everything we can do around Acrobat on the web, to what we can do with the Reader funnel to Acrobat.

沃特，我想，現在回過頭來看，我不知道──新冠疫情剛爆發時，是不是整個系統都受到了衝擊，所以人們才會做出反應。但我認為，正如我們之前幾次提到的，現在情況已經穩定下來，肯定已經恢復到疫情前的水平了。我也要特別讚揚我們團隊在使用者互動方面所做的工作。沃爾特，對我們來說的好消息是，我們擁有種類繁多、功能齊全的產品組合可以使用。就拿Acrobat來說，我們在這方面投入的精力不多——我們收到的諮詢也不多，從Acrobat在網頁上的各種功能，到如何利用Reader引導用戶使用Acrobat，我們都沒有遇到太多問題。

And so we really just are a world-class machine on both the acquisition and increasingly on the engagement retention. So my best guess is there was a little bit of a shock to the system, that has definitely stabilized. That provided the impetus for us to really focus on engaging more with customers and delivering the value.

因此，我們在客戶獲取和客戶留存方面都堪稱世界一流。我猜想，之前系統確實經歷了一些衝擊，但現在肯定已經穩定下來了。這促使我們更加專注於與客戶互動，並為他們創造價值。

And last but not least, I think it just shows how mission-critical these products are. And so again, it's very different by offering, to the second part of your question. But within enterprises, within creative pros, we just continue to see really good retention and really good acquisition.

最後，我認為這正好說明了這些產品的重要性。所以，這和您問題的第二部分截然不同。但在企業和創意專業人士群體中，我們持續看到非常高的用戶留存率和用戶獲取率。

We'll take our next question from Derrick Wood with Cowen & Company.

接下來，我們將回答來自 Cowen & Company 的 Derrick Wood 提出的問題。

Shantanu, you mentioned that the education vertical had a good quarter, and I think there was some uncertainty around the health spending here, given all the change institutions have had to go through. I guess since we're in back-to-school mode right now, though obviously a much more virtual bend to it, can you talk about what you've seen out of the education vertical in terms of demand and usage patterns and how that works typically in back-to-school season and kind of what insights that gives you as we progress through the school year?

Shantanu，你提到教育領域本季表現不錯，考慮到各機構經歷的種種變革，我認為醫療支出方面存在一些不確定性。現在正值返校季，雖然線上教學的比例明顯更高，你能談談你觀察到的教育領域的需求和使用模式嗎？返校季的典型狀況如何？隨著學年的推進，這些觀察又能帶給你哪些啟示？

Sure, Derrick. And again, I mean, first, let me acknowledge that I think for both parents of young kids as well as those who have college-going kids, I mean, there is still quite a bit of uncertainty of what happens. But as it relates to the strength, I mean, we saw strength both in terms of students, educators as well as in institutions. And so we saw strength across the board. Part of what I would attribute that to is when it first struck and everybody works from home, if you have a young kid or a college-going kid, you want to continue to invest in making sure that they have access to the best software. I think we did a good job of provisioning Creative Cloud and ensuring that they have access to Creative Cloud.

當然，德里克。首先，我想承認，對於有年幼孩子的父母以及有大學生的父母來說，未來仍然充滿不確定性。但就整體實力而言，我們看到學生、教師以及教育機構都展現了強勁的勢頭。因此，我們看到了各個方面都保持了強勁的勢頭。部分原因在於，疫情初期，大家都居家辦公，如果你家有年幼的孩子或大學生，你肯定希望繼續投入資源，確保他們能夠使用最好的軟體。我認為我們在提供 Creative Cloud 並確保他們能夠存取 Creative Cloud 方面做得很好。

And then we pretty actively went out with our field organization, both in terms of licensing products as well as the enterprise-site licenses that you can have for institutions to demonstrate it. And the last thing I would say is we are seeing more and more curricula in these institutions also add so much more on creativity as part of their curricula. So I think that's a trend that is also helping our business.

然後，我們積極地與第一線團隊合作，推廣產品授權以及面向機構的企業站點授權，以便他們進行演示。最後一點是，我們看到越來越多的機構在課程中加入了更多與創造力相關的內容。我認為這個趨勢也對我們的業務發展有所幫助。

We'll take our next question from Ken Wong with Guggenheim Securities.

接下來，我們將回答來自古根漢證券的 Ken Wong 提出的問題。

Sorry about that. John, you mentioned in the prepared remarks seeing an acceleration of Adobe Commerce. Just when thinking about how you guys licensed the product, when should we expect to see that benefit revenue? Is that something you're already capturing? Or is that down the line at renewal time?

抱歉。約翰，你在事先準備好的演講稿中提到Adobe Commerce正在加速發展。考慮到你們的產品授權方式，我們預期何時才能看到由此帶來的利益？你們現在已經開始從中獲利了嗎？還是要等到續費的時候才能實現？

Yes. Really the -- really at both. Thanks, Ken, for your question. So we certainly saw Commerce revenue perform this quarter and certainly the bookings associated with the demand for Commerce offerings increase this quarter. So we just see the momentum there. People are really resonating with the products, seeing that it's a great add-on as well when they're looking at some of our other solutions in digital transformation in the segment. So we think there's a nice tailwind there in Commerce.

是的。確實，兩者都有。謝謝 Ken 的提問。我們確實看到本季度 Commerce 的收入表現良好，而且與 Commerce 產品需求相關的預訂量也在本季度有所增長。所以我們看到了這方面的成長動能。人們對這些產品非常認可，認為它們也是我們其他數位轉型解決方案的絕佳補充。因此，我們認為 Commerce 業務目前發展勢頭良好。

And to your second question, Ken, I mean, John, we certainly have bands. And since we have bands and we don't charge based on necessarily the immediate transaction, what happens is as people come up for renewal, which was the second part of your question, Ken, yes, the intention is that they both true-up as appropriate and/or move to a higher band.

至於你的第二個問題，肯，我是說，約翰，我們當然有分級要收費。因為我們有分級收費，而且我們並非根據當期交易收費，所以當人們續費時（也就是你問題的第二部分），肯，是的，我們的目的是讓他們根據情況調整費用，或者升級到更高的級別。

Right.

正確的。

We'll take our next question from Mark Moerdler with Bernstein Research.

接下來，我們將回答來自伯恩斯坦研究公司的馬克‧莫德勒提出的問題。

Congrats on the strong quarter. I was impressed in the comment on the 200% year-over-year growth in enterprise bookings driven by Adobe Sign. Can you give more color? Is this growth in full Document Cloud? Is it a portion of that? Any color on the percentage of Document Sign -- Document Cloud that is now from enterprise agreements? Appreciate.

恭喜貴公司本季業績強勁。我對您提到的Adobe Sign推動的企業預訂量年增200%印象深刻。能否提供更多細節？這一成長是指Document Cloud的全部業務量嗎？還是其中一部分？ Document Sign和Document Cloud中，目前有多少比例的業務量來自企業協議？非常感謝。

Sure, Mark. And as you point out, and we didn't get too many questions, I mean, the Document Cloud really had a very strong business. And at the macro level, the strength of Acrobat, all the verbs that we have including Sign, the frictionless Acrobat web and the platform API, we're really convinced we have the right platform for document creation, sharing, signing, exporting and scanning.

當然，馬克。正如你所指出的，而且我們也沒有收到太多相關問題，我的意思是，文檔雲業務確實非常強勁。從宏觀層面來看，憑藉 Acrobat 的強大功能，以及我們擁有的所有功能（包括簽名）、流暢的 Acrobat Web 和平台 API，我們堅信我們擁有用於文件創建、共享、簽名、匯出和掃描的理想平台。

I mean scan also, the number of installs of scan, what we are seeing on mobile. So across all of our PDF solutions. When we are talking about the business as it related to Sign, Sign actually grew faster than the Document Cloud business. And the 200% statistic that we gave has to do with Sign stand-alone. The way we are going to market, we introduced Sign also in the channel just very recently. So while that's early, we're seeing good traction with Sign in the channel. The primary route to market is either through Acrobat for individuals or through the enterprises.

我的意思是，掃描功能也包括安裝量，以及我們在行動裝置上看到的情況。總之，我們所有的PDF解決方案都取得了不錯的成績。就Sign業務而言，Sign的成長速度實際上超過了Document Cloud業務。我們之前提到的200%的成長率指的是Sign獨立版。我們最近也開始透過通路銷售Sign。雖然目前還處於早期階段，但我們看到Sign在通路銷售方面取得了良好的進展。主要的銷售管道是透過面向個人使用者的Acrobat或面向企業的Acrobat。

In the enterprises, we are seeing 2 forms of traction. The first is where people are using Sign as the core sign solution for all of their business processes. I think some of the partnerships that we've announced as well with Microsoft as well as with ServiceNow, we expect to see that continue to grow. And in addition to that, we've actually seen some really good traction with our Document Experience -- experience document sellers also demonstrating how the combination of Adobe Experience Manager, which is the core website, plus what you can do around forms and signs for business processes, how that's growing. So across the board, we saw some really good strength in that business.

在企業用戶中，我們看到了兩種成長趨勢。第一種是使用者將 Sign 作為所有業務流程的核心標牌解決方案。我認為，我們與微軟和 ServiceNow 宣布的一些合作關係，預計會持續成長。此外，我們的文件體驗也取得了非常好的進展——文件銷售商正在展示 Adob​​e Experience Manager（核心網站）與表單和標牌等業務流程功能相結合的強大優勢，以及這種優勢如何推動業務成長。總而言之，我們看到該業務整體表現強勁。

We'll take our last question from Keith Bachman with Bank of Montreal.

我們最後回答來自蒙特婁銀行的基斯·巴赫曼提出的問題。

It's Keith, and I wanted to follow up on that and stay with the Document Cloud. Over the last 11 quarters, Document Cloud ARR growth, the low is kind of 31%, the high is 36%. And even in a challenging last 2 quarters, the May and August quarters, it's been towards the high end of the range. And my question is, as the economy improves, could you talk a little bit about the durability? In other words, can ARR growth continue in that 34% to 35% range as you look out over the next couple of quarters? And b, also just talk a little bit about the competitive landscape, how you see your competitive offering or solution set of stacking up, so to speak, against your primary competitor.

我是 Keith，我想繼續跟進一下，聊聊 Document Cloud。過去 11 個季度，Document Cloud 的年度經常性收入 (ARR) 成長率最低在 31% 左右，最高在 36% 左右。即使在最近兩個充滿挑戰的季度（5 月和 8 月），成長率也保持在較高水準。我的問題是，隨著經濟狀況好轉，您能否談談這種成長的持續性？換句話說，展望未來幾個季度，您認為 ARR 成長率能否繼續保持在 34% 到 35% 的範圍內？另外，能否也談談競爭格局，您如何看待貴公司的競爭產品或解決方案與主要競爭對手相比的優勢和劣勢？

Sure, Keith. I mean, first, as it relates to the sustainability and durability of the Document Cloud business, it wasn't an accident that at our last analyst meeting, we talked about Document Cloud being a separate, huge stand-alone opportunity and accelerating document productivity. That's why we spend as much time as we have on that.

當然，基斯。我的意思是，首先，就文檔雲端業務的可持續性和持久性而言，我們在上次分析師會議上討論文檔雲是一個獨立且巨大的市場機遇，能夠顯著提昇文檔生產力，這絕非偶然。正因如此，我們才投入如此多的時間在這上面。

Traditionally, people, Keith, used to talk about the business moving from perpetual to subscription. It has so far exceeded all of that opportunity to really focus on creating brand-new customer acquisition. The web as a funnel represents a huge growth opportunity for us. I've talked also about when you think about what's happening with organic searches and the ability for people to want to share information and how that's going to be a driver of the funnel. We're excited about the API economy and what we can do to make sure that any PDF that's created anywhere or any PDF that's scanned or signed that it uses Adobe technology.

基思，過去人們常說，企業會從永久授權模式轉向訂閱模式。但到目前為止，我們已經超越了這種轉變，真正專注於創造全新的客戶獲取管道。網路作為銷售漏斗，為我們提供了巨大的成長機會。我也談到了自然搜尋的發展趨勢，以及人們分享資訊的意願，這將如何推動銷售漏斗的成長。我們對API經濟充滿期待，並致力於確保任何地方創建、掃描或簽署的PDF文件都使用Adobe技術。

And so at the end of the day, we just look at what we have with documents and the fact that we have PDF and the fact that we have reader ubiquity as a completely differentiated solution with respect to anybody else. And this business is such a large opportunity. This is not a zero-sum game. This is something that we just continue to believe is going to fuel our business for a long time. We frankly think we're in the catbird seat, and we have the best combined offering. We have great partnerships in this space. We're innovating so much on mobile, what we've done with this feature that we call liquid mode with AI to be able to make PDFs responsive.

所以歸根結底，我們審視自身在文件領域的優勢，以及我們擁有的PDF格式和普及的閱讀器，這與其他任何解決方案都截然不同。這個產業蘊藏著巨大的商機。這並非零和博弈。我們始終堅信，這將長期推動我們的業務發展。坦白說，我們認為我們佔據了有利位置，擁有最佳的綜合解決方案。我們在這個領域擁有強大的合作關係。我們在行動端進行了許多創新，例如我們利用人工智慧技術開發的“液態模式”，使PDF能夠響應式顯示。

And so I think while the pandemic, to the question that somebody else also asked, has perhaps accelerated this movement towards electronic documents, I don't think people are going to go back because they all see the benefits and the efficiencies of being -- in documents. So that's how we think about that business and we'll certainly be happy to share a lot more at our earnings call.

所以，我認為，雖然疫情（正如其他人提出的問題）或許加速了電子文檔的普及，但人們不會再回到紙質文檔時代，因為他們都看到了電子文檔的優勢和效率。這就是我們對這項業務的看法，我們很樂意在財報電話會議上分享更多資訊。

Since that was the last question. I do hope, Keith, that both you as well as others will attend MAX because we do intend to unveil the next-generation of creative innovation at MAX. As I said, we have over 200,000 people already. But net-net, I would say Q3 was an outstanding quarter. I feel really good about the strategy that we have and the contributions of our employees who have executed incredibly well in what is truly a difficult environment. We all believe that digital is going to be mission-critical. It's going to be a driver of the economy globally. And between creative, document and enterprise, we have 3 large markets that are growth markets where our innovation agenda is stronger.

既然這是最後一個問題，我真心希望您和其他人都能參加 MAX 大會，因為我們計劃在 MAX 大會上發布下一代創意創新成果。正如我所說，我們目前已經擁有超過 20 萬名員工。總而言之，我認為第三季是一個非常出色的季度。我對我們所製定的策略以及員工在如此艱難的環境下所做出的卓越貢獻感到非常滿意。我們都相信數位化將至關重要，它將成為全球經濟的驅動力。在創意、文件和企業這三大市場中，我們擁有一個成長迅速的市場，而我們的創新議程在這些市場中也佔有優勢。

I will say we're really pleased with how we rallied around reprioritizing to get the most critical initiatives to proceed with the right urgency. And as John mentioned, we feel very well positioned to invest in growth initiatives that will continue to drive what we aspire to be, which is a growth company that also delivers great profitability. But stay safe. Stay healthy. We really appreciate all of you joining us today, and we look forward to seeing you at MAX. Over to you, Jonathan.

我想說，我們非常高興能夠團結一致，重新調整工作重點，確保最關鍵的項目以應有的緊迫性推進。正如約翰所提到的，我們目前已做好充分準備，投資於能夠持續推動我們實現願景的成長項目，即成為一家既能實現成長又能帶來豐厚利潤的公司。祝大家平安健康。非常感謝各位今天蒞臨，我們期待在MAX大會上與您再次相聚。接下來，喬納森，請發言。

This concludes the call. Thanks, everyone.

通話到此結束。謝謝大家。