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.

美好的一天，歡迎參加 Adobe 2020 財年第三季度收益電話會議。今天的電話正在錄音。 （操作員說明）此時，我想將會議轉交給投資者關係副總裁 Jonathan Vaas。請繼續，先生。

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，感謝您加入我們。 Adobe 總裁兼首席執行官 Shantanu Narayen 與我同在。和執行副總裁兼首席財務官 John Murphy。在這次電話會議上，我們將討論 Adobe 2020 財年第三季度的財務業績。

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.

到現在為止，您應該有一份新聞稿的副本，該新聞稿大約在 1 小時前通過網絡。我們還在 Adobe 的投資者關係網站上發布了我們準備好的評論和財務結果的 PDF。在我們開始之前，我們要強調的是，本次電話會議中討論的一些信息，包括我們的財務目標和產品計劃，是基於截至今天 9 月 15 日的信息，並且包含涉及風險、不確定性和假設。實際結果可能與這些聲明中所述的結果大不相同。有關這些風險的討論，您應該查看我們今天發布的新聞稿以及 Adobe 提交給美國證券交易委員會的文件中的前瞻性聲明披露。

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.

在這次電話會議上，我們將討論 GAAP 和非 GAAP 財務指標。兩者之間的對賬可在我們的收益發布和 Adobe 的投資者關係網站上找到。建議通話參與者，本次電話會議的音頻正在網絡直播，也正在錄製以供播放。網絡廣播的存檔將在 Adobe 的投資者關係網站上提供大約 45 天。未經 Adobe 事先書面許可，不得重新錄製或以其他方式複製或分發通話音頻和網絡廣播。

I will now turn the call over to Shantanu.

我現在將把電話轉給 Shantanu。

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

謝謝，喬納森。下午好。我希望你們所有人都安全並照顧好自己。

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.

持續的大流行繼續給世界各地帶來充滿挑戰的環境。人們正在尋求以虛擬方式進行交流、學習和開展業務的新方式。在視覺連接變得更加重要的世界中，內容創建和消費正在爆炸式增長。學生正在適應遠程學習，而不是在教室裡學習。從媒體和娛樂到製藥、零售、汽車和金融服務的整個行業都不得不在一夜之間轉向數字化運營，以與客戶互動並確保業務連續性。電子工作流程和簽名是有效完成業務交易的唯一途徑。世界以我們誰都無法預見的方式發生了變化。

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 創造了新的順風。我們通過數字體驗改變世界的使命從未如此重要。我們為所有人釋放創造力、提高文檔生產力和推動數字業務的戰略比以往任何時候都更加重要，並推動我們在各個地區和受眾中的強勁表現。

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 的第三季度表現出色。我們看到了 Creative Cloud、Document Cloud 和 Experience Cloud 的優勢。我們在第三季度實現了 32.3 億美元的收入，同比增長 14%。本季度 GAAP 每股收益為 1.97 美元，同比增長 22%。非 GAAP 每股收益為 2.57 美元，同比增長 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.

在我們的數字媒體業務中，我們在第三季度推動了 Creative Cloud 和 Document Cloud 的強勁收入增長，實現了 23.4 億美元的收入，同比增長 19%。淨新數字媒體年化經常性收入或 ARR 為 4.58 億美元，第三季度結束的數字媒體總 ARR 增長至 96.3 億美元。我們相信每個人都有自己的故事要講，我們的目標是讓所有創作者，從學生到社交媒體影響者、商業傳播者和創意專業人士，都能創造和放大他們的故事。跨手機、平板電腦和台式機的創作和消費正在爆炸式增長。 Web 內容、移動應用程序創建、成像、視頻、動畫、屏幕設計、AR 和 3D 都在這個數字敘事和業務轉型的新時代風起雲湧。 Creative Cloud 支持跨這些類別中的每一個類別的捕獲、創作和協作並激勵我們的全球社區，正在推動這場大規模的內容革命。

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.

第三季度 Creative Cloud 的表現非常出色，Creative Cloud ARR 為 3.6 億美元，收入為 19.6 億美元。推動我們第三季度 Creative Cloud 業績的因素是： adobe.com 的流量創紀錄，我們的收購引擎使用專有模型進行歸因和優化；我們在所有地區的 Creative Cloud 單一應用程序和完整產品的優勢；我們的創意移動應用程序的增長帶來了離散的收入，並為我們的多面創意云產品提供了渠道；通過增加個人、團隊和企業之間的參與度和產品使用來提高保留率；在 Photoshop、Lightroom 和 Premiere Pro 的成像和視頻類別中表現出色；學生、教育工作者和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.

Adobe MAX 是世界上最大的創意會議，將於 10 月虛擬舉辦。除了展示令人興奮的 Creative Cloud 新產品和服務外，我們的節目還包括 56 小時的全球內容，並邀請了演員基努·里維斯、攝影師安妮·萊博維茨和屢獲殊榮的電影製作人 Ava DuVernay 等令人難以置信的創作者。我們期待創紀錄的投票率，並且很高興已經有超過 200,000 個註冊。

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 Adobe Document Cloud，我們徹底改變了人們使用 Acrobat 和 PDF 創建、編輯、共享和簽署數字文檔的方式。雖然數字文檔一直幫助小型、中型和大型企業實現生產力和效率提升，但它們現在已成為遠程運營企業的核心。 Adobe Document Cloud 支持一組豐富的 API，可實現跨設備的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.

第三季度 Document Cloud 的表現非常出色，淨新 Document Cloud ARR 為 9800 萬美元，創紀錄的收入為 3.75 億美元。第三季度亮點包括：來自 Adobe Reader 漏斗的新 ARR 總額強勁增長； Acrobat Web 月平均使用量顯著提高；年初至今 Acrobat Mobile 的安裝量增長了 33%； Adobe Sign 發展勢頭強勁，包括我們宣布追求 FedRAMP 中等狀態；贏得主要客戶，包括花旗、普華永道、百事可樂、匯豐銀行、默克爾和 J-Power；以及 Adobe Document Cloud Resource Hub for Education 的發布，這是一個一站式目的地，概述了 Document Cloud 如何協助遠程學習。

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.

全球範圍內製定的就地避難要求在所有公司中產生了一種加速其數字化轉型的緊迫感。一夜之間，小型、中型和大型 B2C 和 B2B 公司將其客戶關係的方方面面都從收購一直到更新再到數字化。

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.

作為一家經歷了自己的數字化轉型的公司，我們對如何成為數字化企業有著深刻的理解，而這種經驗使我們成為幫助其他公司做同樣事情的理想合作夥伴。在過去的十年中，我們已經將正確的技術、流程和人員部署到位，以便每天準確、持續地衡量和管理我們每個業務的績效。我們開發了一種跨公司、實時、數據驅動的運營模型，該模型利用了我們所有的 Experience Cloud 技術。 CXM 手冊依賴於持續的產品、平台和流程創新，從根本上改變了我們運營公司的方式。今天，我們正在幫助我們的客戶構建他們自己的 CXM 手冊。業界最全面的產品 Adobe Experience Cloud 提供基於 Adobe Experience Platform 的行業領先應用程序和服務，並利用我們的 AI 和機器學習框架 Adobe Sensei。第三季度數字體驗收入為 8.38 億美元。訂閱收入（不包括 Advertising Cloud）同比增長 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.

第三季度的亮點包括：Adobe Experience Platform 的採用率增加，以及新功能的推出使營銷人員能夠加速跨渠道的數據收集，從而基於實時洞察實現更快的個性化體驗；實時客戶數據平台中數據治理功能的普遍可用性；通過我們的客戶旅程分析服務進行早期牽引，為客戶提供在線和離線客戶旅程的完整視圖；加速部署我們的 Adobe Experience Manager 雲服務；商務產品的季度環比顯著增長；與我們的 Advertising Cloud 客戶合作以減少我們基於交易的產品，主要客戶包括禮來、Truist、耐克、勞氏、殼牌、勞埃德和美國商務部；與 IBM 和 Red Hat 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安全性；並在 6 項 Gartner 魔力像限和 Forrester Wave 報告中被公認為領導者。在 Gartner CRM 潛在客戶管理魔力像限中，Adobe 是領導者，在執行能力和願景完整性方面取得了最高分。

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.

如果沒有我們全球員工的持續貢獻和堅定不移的奉獻精神，Adobe 就不可能取得創紀錄的成績。他們通過快速轉移到遠程工作環境而表現出令人難以置信的彈性，而不會錯過任何一個節拍。我感到自豪和感激。

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.

偉大的公司是由他們如何度過困難時期來定義的。我們強大的企業文化、專注於創新、卓越的客戶和合作夥伴以及始終為我們的社區做正確的事，推動了我們和我們的成功。我們對擺在我們面前的巨大機遇感到興奮，並期待在 2020 年及以後繼續保持強勁勢頭。

John?

約翰？

Thanks, Shantanu.

謝謝，山塔努。

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 在第三季度取得了出色的表現，其中強勁的新數字媒體 ARR、數字體驗訂閱收入增長和創紀錄的運營現金流突出。儘管宏觀經濟條件充滿挑戰，但持續的遠程工作和在家學習環境為抵消正常的第三季度夏季季節性提供了機會。

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 Adobe 利用我們的數據驅動運營模式實時獲取整個業務洞察力的獨特能力。這使我們能夠了解對我們的解決方案的需求，進行戰略投資以利用最高回報並推動我們渠道的參與和轉換，尤其是我們的網絡資產。

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.

在整個季度中，我們的 adobe.com 產品產生了持續的流量和需求水平，包括在採購模式歷來疲軟的暑假期間。利用我們專有的歸因技術，我們進行了可變的營銷投資，使我們能夠吸引和吸引新客戶，為 Adobe 帶來有史以來最強勁的第三季度，同時保持財政紀律以加速盈利增長。

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 在第三季度實現了創紀錄的 32.3 億美元收入，同比增長 14%。按固定匯率計算，Adobe 總收入同比增長 15%。第三季度 GAAP 攤薄每股收益為 1.97 美元，非 GAAP 攤薄每股收益為 2.57 美元。業務和財務亮點包括： 數字媒體收入 23.4 億美元；新的數字媒體 ARR 淨值為 4.58 億美元；數字體驗收入 8.38 億美元；創紀錄的運營現金流為 14.4 億美元；退出本季度的剩餘履約義務為 103.4 億美元；並在本季度回購了大約 150 萬股我們的股票。

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 強勁的第三季度業績顯示了我們雲業務的持續發展勢頭。從知識工作者到創意專業人士，從小型企業到大型企業，人們都被驅使參與數字化，並正在尋找使他們能夠更熟練地跨數字平台進行交流的工具。

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.

在我們的數字媒體部門，我們在第三季度實現了 19% 的同比收入增長。按固定匯率計算，數字媒體同比增長 20%，我們以 96.3 億美元的數字媒體 ARR 結束本季度。在數字媒體領域，我們的創意業務又取得了一個強勁的季度。我們實現了 19.6 億美元的創意收入，同比增長 19%，我們增加了 3.6 億美元的淨新創意 ARR。我們在第三季度的創意增長受到以下驅動：投資以獲取所有地區和細分市場的新客戶；繼續堅持不懈地專注於參與，以推動現有客戶的保留和更新；成功與教育機構達成企業期限許可，並通過學生個人訂閱發展我們的教育業務；提高我們專業視頻產品的知名度和許可；專注於將免費移動應用用戶轉化為付費移動訂閱，包括 Lightroom Mobile 的強勁增長；並利用我們數據驅動的運營模式中的洞察力來開展有針對性的活動和促銷活動。

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 實現了又一個季度的強勁收入增長。我們實現了 3.75 億美元的 Document Cloud 收入，同比增長 22%，我們新增了創紀錄的 9800 萬美元的 Document Cloud ARR 淨額。與我們的創意業務一樣，隨著個人、企業和政府希望從基於紙張的依賴轉向數字工作流程，Document Cloud 受益於不斷變化的工作性質和數字文檔解決方案的持續重要性。我們在第三季度的 Document Cloud 增長受到以下因素的推動：對 Acrobat 網絡業務進行投資並提高知名度；通過 Acrobat Reader 繼續通過我們的移動現代化努力建立勢頭；所有地區對 Acrobat 訂閱的需求不斷增加；並為我們的企業產品建立、推進和關閉管道，在 Adobe Sign 中尤為強大，它使企業預訂量同比增長超過 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.

雖然我們在第三季度看到數字媒體的中小企業部分有所復甦，但小型企業繼續受到宏觀經濟環境的影響。我們預計這將繼續影響我們團隊在經銷商渠道和 adobe.com 上的產品。

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.

轉向我們的數字體驗部分。第三季度，我們實現了 8.38 億美元的收入，同比增長 2%。數字體驗訂閱收入為 7.29 億美元，同比增長 7%。不包括 Advertising Cloud，數字體驗訂閱收入同比增長 14%。我們繼續關閉 Advertising Cloud 中交易驅動的廣告網絡業務。在第三季度，企業銷售和服務實施進入了新的正常虛擬活動。隨著數字化轉型的必要性繼續與我們的客戶產生共鳴，我們在我們的數字體驗解決方案中推動了強大的管道和客戶獲取。我們看到我們的商務業務加速發展，我們推動了 AEM 雲服務和 Adobe Experience Platform 的更多采用，我們預計這將成為未來十年的增長動力。

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.

我們在本季度完成的許多新年度訂閱價值超過 100 萬美元的交易中看到了特別的優勢。儘管企業和小型企業繼續受到宏觀經濟環境的影響，但支出和客戶體驗管理正在重新成為使企業與客戶互動並促進增長的首要任務。

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，雖然我們的重點是投資以實現盈利增長，特別是在研發方面，但由於我們的員工在家工作，我們從差旅、娛樂和設施運營中節省了大量資金。在確保我們當前的資源專注於關鍵優先事項後，我們預計將在第四季度和 21 財年增加招聘，以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.

從環比貨幣的角度來看，FX 增加了 1500 萬美元的收入。扣除對沖影響後，收入的連續貨幣增長為 1000 萬美元。從同比貨幣角度來看，外匯收入減少了 1400 萬美元。扣除對沖影響後，貨幣對收入的同比減少為 2500 萬美元。 Adobe 在第三季度的有效稅率在 GAAP 和非 GAAP 基礎上均為 10%，符合我們的目標。我們的交易 DSO 為 37 天，而去年同期為 44 天，上一季度為 40 天。剩餘履約義務 (RPO) 同比增長 18%，至第三季度的 103.4 億美元，環比增長 4%。本季度的遞延收入為 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，我們的 adobe.com 產品通常按月計費，但報告為未開票積壓；而每年預付費用的渠道產品被報告為遞延收入。本季度 adobe.com 的收購力度繼續推動從遞延收入到未開票積壓的混合轉變。

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.

我們在第三季度結束時的現金和短期投資頭寸為 52.6 億美元，第三季度的運營現金流達到創紀錄的 14.4 億美元。在第三季度，我們以 6.17 億美元的成本回購了大約 150 萬股股票。我們目前在 2018 年 5 月授予的 80 億美元回購授權中剩餘 29 億美元，該授權將持續到 2021 年。

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.

對於第四季度，考慮到當前的宏觀經濟狀況、典型的年終季節性強勢以及與我們的廣告雲業務相關的戰略轉變，我們的目標是 Adobe 總收入約為 33.5 億美元；數字媒體部門收入同比增長約 18%；淨新數字媒體 ARR 約為 5.4 億美元；數字體驗部門收入同比大致持平；數字體驗訂閱收入同比增長約 1%，如果不包括 Advertising Cloud 收入，則增長 12%； GAAP 基礎上的稅率約為負 90%，非 GAAP 基礎上的稅率約為 10%；股數約4.85億股； GAAP每股收益約為4.29美元；非公認會計原則每股收益約為 2.64 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.

正如我們在今年早些時候的第一季度電話會議中討論的那樣，GAAP 稅率受益於我們在第四季度優化我們的國際結構以更好地使某些知識產權的所有權與我們的業務運營方式保持一致的計劃變更。

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.

總之，我們預計強勁的第四季度將結束 Adobe 又一年創紀錄的收入和收益。在這些時期，我們員工的韌性和我們的商業模式已經很明顯了。隨著我們市場領先的解決方案繼續引起全球個人和企業的共鳴，我們仍然對未來的增長機會感到興奮。

Back to you, Jonathan.

回到你身邊，喬納森。

Thanks, John.

謝謝，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 Adobe MAX 將於今年 10 月舉行在線活動。有關該活動的信息，請訪問 max.adobe.com。今天，我們還宣布，Adobe 將於 12 月 10 日在線召開其 2020 財年第四季度和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。將發送邀請未來幾週我們的分析師和投資者名單。

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回放，今天晚些時候將在 Adobe 的 IR 網站上提供網絡廣播存檔。您還可以通過撥打上面顯示的號碼來收聽電話重播。電話播放服務將於下午 5 點開始提供。今天太平洋時間，下午 5:00 結束。太平洋時間 9 月 22 日。

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

我們現在很樂意回答您的問題。 （操作員說明）

Operator?

操作員？

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

（操作員說明）我們將回答 Kirk Materne 和 Evercore ISI 的第一個問題。

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.

祝賀本季度。 Shantanu，我希望也許我們可以從——我的問題實際上只是圍繞 Experience Cloud 業務。顯然，你們正在剝離廣告雲的一部分。但就評論而言，似乎管道建設得很好。本季度 RPO 增長良好，但下一季度的收入指引略有下降。我想知道您是否可以解決這個問題，因為聽起來您對這個機會的熱情仍然很高，但我想有些人可能想知道為什麼收入可能與此不匹配。

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。高興。正如你所指出的，柯克，我的意思是，首先，數字化轉型是一個巨大的可尋址機會。很明顯，我們是領導者。我們有一個很棒的季度。預訂量增長了 15% 以上。如您所見，我們的收入不錯。我們成功推出了全新的產品，我們相信這些產品將成為我們使用 Adobe Experience Platform、使用 Customer Journey Analytics、客戶數據平台以及我們圍繞 Commerce 所做的事情的增長動力以及雲服務中的 Adobe Experience Cloud。因此，坦率地說，業務和利益是因為沒有一家中小型企業或大型企業對數字化如何幫助他們應對當前的健康狀況不感興趣。

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.

所以預訂一直很強勁。生意一直很強勁。我認為，由於它與收入有關，你必須繼續考慮廣告雲業務的結束，這種情況繼續發生，我們預計預訂量會很強勁。然後對我們來說，另一個問題實際上是宏觀經濟環境，你要考慮支出模式。但是net-net，對我們來說，我們認為業務做得很好。與我們在第二季度的預期相比，這是一個很大的反彈，無論是在諮詢方面還是在淨 ASP 方面，我們認為這會稍微慢一些。所以我們真的很興奮，我們正處於顯然是增長業務的最佳位置。

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

我們將向巴克萊資本的 Saket Kalia 提出下一個問題。

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，也許只是為了繼續從事數字體驗業務。戰略性地縮小一點，我認為 Anil Chakravarthy 仍將擔任 DX 業務和現場運營的領導者。我想問題是他的一些目標是什麼，尤其是在 DX 業務方面，你對明年最感興趣。

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.

好吧，Saket，首先，我會這麼說。他是我見過的所有高管中最快的。因此，他的工作絕對出色，而且您所知道的已經是我在 Adobe 擁有的非常強大的管理團隊，這是一個很好的補充。也許我會說三件事。首先是在產品方面，他真正掌握了平台以及與平台相關的創新，即客戶旅程分析的交付。我們在 Adobe Experience Platform 上度過了一個很棒的季度，並且有許多客戶採用了它。我們圍繞 CDP 所做的事情以及我們可以在那裡做的事情的實時性以及利用 Adobe Sensei 的智能服務。

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，確保我們有這個平台來整合我們所有的產品，他確實在那裡增加了很多價值。但這將繼續是我認為我們可以將自己與其他任何人完全區分開來的領域，因為當其他人在談論提供這種統一的配置文件時，如您所知，我們已經在 Adobe Experience Platform 中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.

我認為第二個領域是統一組織，真正關注客戶和以客戶為中心以及我們與合作夥伴所做的事情。美國和國際的結構已經建立。他專注於積極宣傳我們的願景以及市場差異化。 Saket，我的意思是每個在家工作的人的一個附帶好處是我們可以更好地與客戶互動。日常的一天包括重要的客戶參與。所以這顯然是他關注的領域，因為他需要作為領導者在那裡。

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，我想說的是文化，Adobe 的文化一直是一個獨特的點，專注於人才和招聘以及存在重大機會的地方，確保我們擁有最優秀的人才。因此，他已經能夠招募一些關鍵人物作為其管理團隊的補充。但是還有很多事情要做，他已經完成了很多工作，所以我們對他的加入感到非常興奮。

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

我們將回答 Brent Thill 和 Jefferies 的下一個問題。

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，Q4 數字媒體指南，遠高於 The Street。您已經清楚地看到了該行業的許多重大利好。我很好奇您是否可以解開驅動程序以及您所看到的相對於街道數字的上行驚喜。

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。我很驚訝你也沒有談論第三季度的上行空間。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.

很公平。我們看到了驚人的表現。我的意思是，正如你所看到的，在創造力和文檔生產力方面正在發生的事情，布倫特。我的意思是業務正在全力以赴，這既與產品有關，也與服務有關。我們可能沒有具體評論這些服務，但服務，股票業務繼續表現良好。毫無疑問，我們正在獲得市場份額。標牌業務發展非常成功。

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，我認為是什麼推動了這項業務，首先是我們更加關注使用和參與。我們所做的使用和參與確實有助於將保留率提高到 COVID 之前的水平。因此，這種關注只會繼續下去。我們有一本非常大的商業書籍。

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。教育有一個很好的季度。因此，我們將繼續關注教育。對於單個應用程序，我們將 Lightroom、Photoshop 和 Premiere Pro 視為對我們的業務有很大興趣的領域。還有我們所談論的複雜性，即營銷歸因和模型，它只是幫助我們如此有效地花錢並維持獲得新客戶和趨勢的持久性。

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.

因此，正如您所指出的，當我們查看下半年的表現時，它只是展示了 Creative Cloud 和 Document Cloud 坦率地說是如何成為卓越的平台，我們應該繼續看到從第三季度到第四季度的良好實力。所以我們很興奮。

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

我們將向美國銀行的 Kash Rangan 提出下一個問題。

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馬上去。祝賀你的季度。 Shantanu，您談到了大流行實際上如何導致更好的客戶參與度。但是，當我們從大流行中走出來時，如果我們有疫苗時有所謂的從大流行中走出來，那麼業務表現如何？您是否覺得這實際上延長了數字化轉型的周期？或者你認為我們可以在口袋裡，有點光環效應，事情被拉進去一點，因為我們有這麼多時間做更多的工作。還有一點追趕。當然，數字化轉型的長期長期軌跡不會改變。我們怎麼想，嗯，環境實際上非常支持你的結果，不僅是你的結果，還有其他軟件公司，這樣如果我們進入正常經濟，我們可能會出現一些回調？很抱歉這樣說，但只是想知道你的想法。

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，卡什。我們一直在談論將成為我們每個業務的順風的趨勢，無論是創造力、文檔生產力，還是特別針對您的問題，數字化轉型。精靈不會回到瓶子裡。我的意思是，正如您所指出的，我們當然已經看到了業務的拐點，因為它與數字化轉型的需求有關。但我對這項業務的看法是，它只會變得越來越重要。我認為隨著宏觀經濟環境的改善，支出實際上會在人們的支出方面開放。一段時間以來，我們一直將客戶體驗管理視為企業支出的必要和優先事項。而且我認為這不會改變。

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.

所以我認為每個人都認識到沒有商業網站，無法與客戶進行數字化互動。而且我認為我們看到最令人興奮的兩個領域是這種統一的配置文件，因為人們現在完全認識到你在哪裡有實體存在並且你有一個數字存在，你必須絕對創造一個統一的體驗。我認為，這只會加速。因此，一旦疫苗出現，您可能會看到更多的身體狀況。但這不會改變提供這種統一體驗的需求。

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.

在營銷支出方面，越來越多的人將走向數字化，人們將希望與客戶開展更多此類數字營銷活動。因此，我認為個性化、統一配置文件和客戶體驗管理的基本趨勢只會在大流行之後繼續下去——我實際上認為這應該有望預示著每個人的宏觀經濟環境都會有所改善。我認為現在發生的很多事情是人們想在數字上消費，但他們的消費能力可能有限。而且隨著經濟的改善，這種支出能力的開放，我認為它不會改變優先級。我認為它坦率地打開了支出。

Very insightful. Congrats.

很有見地。恭喜。

Thanks, Kash.

謝謝，卡什。

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

我們將向瑞士信貸的 Brad Zelnick 提出下一個問題。

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?

優秀的。恭喜第三季度的強勁表現。約翰，我的問題是給你的。在您準備好的評論中，您談到了使 Adobe 能夠吸引和吸引新客戶的可變營銷投資，這些投資顯然運作良好。您能否就營銷支出的投資回報率趨勢發表評論，以及您認為這些趨勢可能可持續或可能不可持續的理由？

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。再次感謝布拉德的提問。我認為，當我們查看 DDOM 的能力時，我們的數據驅動的運營模型，我們能夠實時查看業務績效的精確度確實使我們能夠在我們知道我們可以成功的地方進行外科手術式投資。因此，您可以在第三季度的 ARR 以及我們認為我們可以在第四季度推動勢頭的地方明顯看到這一點。因此，我們對投資以獲得適當的回報非常有信心，並且還著眼於我們試圖吸引到平台的不同市場的廣度，包括 CC 和 DC。所以我們非常仔細地監控。我們不只是在可變營銷中投入資金，只是為了看看它的落腳點。我們實際上非常完整地衡量了我們在該領域投資的每一美元。

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.

還有布拉德，也許如果我在此基礎上再補充一點。您需要做的是再次回到我們所說的我們所有業務的整體可尋址市場機會。在創意和文檔雲上，當我們談論超過 300 億美元的潛在機會時，這種複雜性只會幫助我們以更高的效率瞄準所有這些人。正如約翰所說，營銷去向的不斷變化的性質，我們絕對認為這是我們在什麼產品、什麼服務、什麼渠道和什麼地理方面的差異化。

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

我們將向瑞銀的 Jennifer Lowe 提出下一個問題。

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?

我想談談數字體驗業務的毛利率，如前所述，我的理解是，隨著廣告雲的結束，應該有一個毛利率收益。但如果我看一下數字體驗中的 GAAP 毛利率，它們實際上環比下降了一點。所以有點相關。首先，我們應該如何考慮在未來幾個季度與 Ad Cloud 滾降商品銷售成本相關的成本？其次，一旦倒閉，我們應該如何考慮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.

我可以補充一下，然後，詹妮弗-- 約翰，當然感覺很自由。我的意思是總體而言，在該業務上，我認為我們在本季度的 Ad Cloud 收入中看到了輕微的表現，因此這可能解釋了您所指的情況。我認為大局，我們只是看著它說，這是一個成長型業務。通過調整我們能夠做到的是確保我們專注於最高優先級的增長目標。因此，它仍然是我們真正關注的增長業務。但由於它與整體利潤率有關，我的意思是，該公司的表現非常好。坦率地說，我認為我們可能有點保守，因為我們不清楚招聘方面的宏觀經濟環境。但我們肯定會開放研發部門的招聘，以繼續讓自己與眾不同。在數字體驗方面，既然我們已經整合了組織，我們已經消除了所有效率低下的問題，我們已經對 Advertising Cloud 進行了戰略變革，現在我們覺得這一切都將實現盈利增長，因為我們投資於數字體驗業務。

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 按季度計算，Ad Cloud 表現不佳的部分原因是我們對客戶保持透明，我們幫助他們過渡到其他服務，但我們也幫助他們運行預定的服務。此外，我們其他產品的活動量確實增加了我們的一些云成本或第三方云成本。因此，這是我們正在密切監控的事情，以便我們可以利用數量並適當地協商我們的合同，並提高我們雲支出的效率。

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

我們將向格里芬證券的 Jay Vleeschhouwer 提出下一個問題。

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，該公司過去經常說，例如，在峰會演講中，您已經確定了大約 4 打 DX 用例。問題是拋開 Ad Cloud 以及他們可能考慮的組合的任何部分，您在 DX 中的用例數量或組合中看到了哪些趨勢或演變？然後與此相關，也許您還可以向我們介紹您在今年早些時候在峰會上預覽的應用程序和智能服務，以及它們如何流入各種用例，更重要的是您所期待的 DX 增長。

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。我認為，在業務和領域中，持續表現出增長和客戶興趣的一致之處首先是內容和數據。所以我認為，當我們考慮內容正在發生的事情時，人們越來越多地轉向 Adobe Experience Manager 方面的雲服務、創建新的移動應用程序並直接與客戶互動的用例，我認為這仍然是一個領域顯著增長。

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，隨著我們通過 Adobe Analytics 和 Adobe Experience Platform 添加了更多功能，能夠說出人們獲得的洞察力，我的意思是，我們都在更多地關注數據在這種環境下嚴格。因此，與從收集數據到深入了解數據相關的用例，對我們解決方案的特定領域的需求，包括智能服務，如您所知，我們擁有與每個領域相關聯的智能服務解決方案，這是一個增加的領域。我想說第三個領域是這個統一的配置文件，並且能夠獲取所有數據。傑伊，這顯然是一種趨勢，因為人們認識到他們擁有所有這些孤島，而健康領域正在發生的事情更加突出了這一點。因此，需要和渴望獲得這個統一的配置文件，以便他們能夠充分地為客戶服務，即用例。當我們談論客戶旅程分析時，您如何做與我們對 DDOM 所做的等效的事情，我認為這是一個明顯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.

商務，我會說商務用例以及如何找到不同的模型，無論是基於訂閱的與客戶交易的商業模式，還是基於忠誠度的商業模式。所以我認為商業和使用商業來完成新的商業模式，我認為用例也增加了。

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.

我要說的最後一件事是在 B2B 和 B2C 之間，我們已經討論過這種區分模糊的問題。但我認為所有 B2B 公司仍在說明我們如何才能直接工作並與客戶以及通過合作夥伴網絡進行互動，我一遍又一遍地聽到。因此，無論您是一家通過分銷渠道提供商品的公司，還是一家汽車製造商，他們都認識到他們必須彌合被視為 B2B 公司和 B2C 公司之間的差距。

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

我們將向摩根大通的 Sterling Auty 提出下一個問題。

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?

您在準備好的評論中提到，SMB 部門在本季度有所改善。您能否從較高的層面告訴我們，該企業目前對 SMB 甚至在那個產消者領域有多少曝光度，其中一些正在談論的刺激措施可能會產生更大的影響？

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。在整個季度中，我們對這兩種趨勢都進行了相當多的研究。我想說，因為它與刺激有關，當第一個包裹出來時，這還為時過早。我們看到支付成功的種類和個人訂戶發生的情況存在明顯差異。所以我們看到了與此相關的相關性。隨後的沒有。正如我所說，我們所做的參與工作幫助我們將保留率恢復到 COVID 之前的水平。所以我不知道這是否是最初的催化劑。但對我們來說，這只是表明我們提供的解決方案越來越重要。

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.

因為它涉及到中小型業務領域，同樣是通過團隊產品。很多事情都是通過渠道發生的。第三季度，我們看到了一些優勢。所以我不知道我們已經爆發了，Sterling，個人與團隊與企業的百分比究竟是多少。這是我們業務的重要組成部分，因為中小型企業當然會同時使用我們的創意和文檔工具，但我們對我們的預期感到滿意。由於它與我們的第三季度目標有關，我們仍然會對看到該 SMB 的反彈持謹慎態度。因此，我們不一定期望在這方面進行重大的新收購。但我們對第二季度看到的情況感到滿意。從長遠來看，我們只是繼續認為我們的解決方案可以幫助他們成為數字化企業，這將變得更加重要。

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

我們將向 RBC Capital Markets 的 Alex Zukin 提出下一個問題。

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?

所以也許是 Shantanu 和 John 的一個組合問題。 Shantanu，您現在看到 adobe.com 上的流量連續兩個季度創下歷史新高。根據我們的數據，實際上趨勢似乎只是在加速。所以我想問題是，回到那種耐用性，是什麼推動了這種加速？當您今天坐在這裡時，您如何看待 20% 以上的數字媒體 ARR 增長趨勢的持久性？然後最終，也許，約翰，提醒我們應該在模型中記住什麼樣的規則？由於 DM ARR 保持在 20% 以上，在考慮明年數字媒體收入增長時，我們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，亞歷克斯。由於它與整體宏觀需求有關，只是正在創建的內容量絕對呈爆炸式增長。實際上，正如我們所討論的那樣，您是否是一個有故事的人，他們想要講述一個必須在線交易業務並因此必須創建適當內容的中小型企業，這實際上並不重要，無論是越來越多地參與數字化並因此需要適當的個性化內容的大型企業。而且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.

我們關注其他一些趨勢，例如在我們的社區 Behance 上與我們互動的人數。我們比以往任何時候都更多地使用 Behance。我們正在使用 Spark 做的事情，它允許產消者和其他擁有基於任務的產品的人來。所以我們只是繼續認為正在創建的內容量和被消費的內容量只會增加。我們在該領域擁有一流的產品，不僅來自產品方面，還來自 DDOM 方面。所以我認為這對我們來說真的很順利。隨著我們對 21 財年的展望，我們肯定會為您提供更多色彩。但我們對這個機會感到興奮。

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。我想說 - 是的，關於您對保留的評論，我的意思是，正如 Shantanu 所說，我們為吸引客戶並確保他們為正確的用例使用正確的產品所做的努力確實在這種參與中很好地推動了保留工作。當然，我們將能夠看到恢復到 COVID 之前的水平這一事實表明人們看到了他們正在使用的產品的價值。

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

我們將向摩根士丹利的 Keith Weiss 提出下一個問題。

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?

這是斯坦·茲洛茨基（Stan Zlotsky）代替基思（Keith）。約翰的一個快速問題。第三季度的利潤率非常強勁，營業利潤率方面的利潤率創歷史新高。就進入第四季度的利潤率而言，我們應該記住什麼？本季度每股收益指引中包含什麼內容？

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。當我們進入第三季度並考慮真正將資源集中在最優先事項上時，一旦我們完成了該活動，並且我們對所看到的表現感到非常滿意，我們意識到我們可能有點保守或慢慢走出大門，增加我們的招聘。我們致力於在進入第四季度和 21 財年時加大招聘力度，以真正推動我們看到的機會，推動這些機會的表現。因此，我們正在投資研發，我們將在第四季度招聘和 21 財年看到這種表現。

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.

我們確實相信，當我們在安全的情況下開始在辦公室工作時，我們所節省的其他一些運營支出（即在旅行、設施和麵對面活動方面的一次性節省）將會發生變化。因此，我們預計第三季度這些領域缺乏支出的水平不會持續下去。因此，當您查看第三季度的營業利潤率表現時，需要考慮這一點。

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

我們將向花旗的 Walter Pritchard 提出我們的下一個問題。

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.

我想知道，John，如果您——或者 John 或 Shantanu，您是否可以談論留存率，並且您在準備好的關於留存率提高的評論中強調了這一點。也許只是方向性的，如何 - 你在四分之一前談到了一些逆風，你現在所處的位置與某種穩定狀態的保留，它下降了多少，以及它是否因你的各個部分而變化很大數字媒體業務。

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.

我認為，沃爾特，也許現在回想起來，我不知道當 COVID 首次出現時，系統是否受到衝擊，因此人們做出了反應。而且我認為這已經穩定下來，正如我們多次說過的那樣，它肯定會回到 COVID 之前的水平。我想我也會對我們在參與方面所做的工作給予我們的團隊極大的讚譽。沃爾特，我的意思是，對我們來說，好消息是我們有如此多的產品組合可供使用。讓我們把 Acrobat 帶到我們沒有花過的地方——我的意思是，從我們可以在網絡上圍繞 Acrobat 做的所有事情，到我們可以使用 Reader 漏斗到 Acrobat 做些什麼，我們還沒有收到那麼多問題。

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.

所以我們真的只是在收購和越來越多的參與保留方面都是世界級的機器。所以我最好的猜測是系統受到了一點衝擊，這肯定已經穩定下來。這為我們真正專注於更多地與客戶互動和提供價值提供了動力。

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.

最後但並非最不重要的一點是，我認為它只是顯示了這些產品的任務關鍵性。同樣，通過提供問題的第二部分，它是非常不同的。但在企業內部，在創意專業人士內部，我們只是繼續看到非常好的保留和非常好的收購。

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

我們將向 Cowen & Company 的 Derrick Wood 提出我們的下一個問題。

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，你提到教育垂直有一個很好的季度，我認為這裡的醫療支出存在一些不確定性，因為所有的變革機構都必須經歷。我想既然我們現在處於返校模式，雖然顯然是一個更虛擬的彎曲，你能談談你在需求和使用模式方面從教育垂直領域看到了什麼，以及如何做到這一點通常在返校季節工作，隨著我們整個學年的進步，您有哪些見解？

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。再說一次，我的意思是，首先，讓我承認，我認為對於年幼孩子的父母以及那些有上大學的孩子的父母，我的意思是，發生的事情仍然存在很大的不確定性。但就實力而言，我的意思是，我們在學生、教育工作者和機構方面都看到了實力。因此，我們看到了全面的實力。我將其歸因於它第一次來襲並且每個人都在家工作的部分原因，如果您有一個小孩或一個正在上大學的孩子，您希望繼續投資以確保他們能夠使用最好的軟件。我認為我們在配置 Creative Cloud 並確保他們可以訪問 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.

然後我們非常積極地與我們的現場組織合作，無論是在許可產品方面，還是在企業站點許可方面，您都可以擁有供機構展示的許可。我要說的最後一件事是，我們在這些機構中看到越來越多的課程也增加了更多的創造力作為他們課程的一部分。所以我認為這也是一種有助於我們業務發展的趨勢。

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

我們將向古根海姆證券公司的 Ken Wong 提出下一個問題。

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?

對於那個很抱歉。約翰，您在準備好的評論中提到了 Adobe Commerce 的加速發展。就在考慮你們如何授權產品時，我們應該期望什麼時候看到收益收入？那是你已經在捕捉的東西嗎？還是在續訂時會這樣？

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。真的 - 真的兩者兼而有之。謝謝，肯，你的問題。因此，我們當然看到了本季度商務收入的表現，並且本季度與商務產品需求相關的預訂量肯定有所增加。所以我們只看到那裡的勢頭。人們真的對這些產品產生了共鳴，當他們在查看我們在該領域的數字化轉型中的其他一些解決方案時，看到它也是一個很好的附加組件。所以我們認為商務部有一個很好的順風。

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.

對於你的第二個問題，Ken，我的意思是，John，我們當然有樂隊。而且由於我們有樂隊而且我們不一定根據即時交易收費，所以當人們提出續約時會發生什麼，這是你問題的第二部分，肯，是的，目的是他們都正確酌情和/或移至更高的頻段。

Right.

對。

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

我們將向 Bernstein Research 的 Mark Moerdler 提出下一個問題。

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.

祝賀強勁的季度。關於 Adobe Sign 推動的企業預訂量同比增長 200% 的評論給我留下了深刻的印象。你能多點顏色嗎？這是整個 Document Cloud 的增長嗎？它是其中的一部分嗎？現在來自企業協議的 Document Sign -- Document Cloud 百分比有什麼顏色嗎？欣賞。

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。正如您所指出的，我們沒有收到太多問題，我的意思是，Document Cloud 確實擁有非常強大的業務。在宏觀層面上，Acrobat 的優勢，我們擁有的所有動詞，包括 Sign、無摩擦的 Acrobat Web 和平台 API，我們真的確信我們擁有用於文檔創建、共享、簽名、導出和掃描的正確平台.

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.

我的意思也是掃描，掃描的安裝次數，我們在移動設備上看到的內容。因此，在我們所有的 PDF 解決方案中。當我們談論與 Sign 相關的業務時，Sign 實際上比 Document Cloud 業務增長得更快。我們提供的 200% 統計數據與 Sign 單機版有關。我們的營銷方式是，我們最近也在頻道中引入了 Sign。因此，雖然這還為時過早，但我們在頻道中看到了 Sign in 的良好牽引力。進入市場的主要途徑是通過個人或企業的 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.

在企業中，我們看到了兩種形式的牽引力。第一個是人們使用 Sign 作為其所有業務流程的核心標誌解決方案。我認為我們已經宣布與 Microsoft 以及 ServiceNow 的一些合作夥伴關係，我們預計會繼續增長。除此之外，我們實際上已經看到了我們的文檔體驗的一些非常好的牽引力 - 經驗文檔賣家還展示了核心網站 Adobe Experience Manager 的組合，以及您可以圍繞表單和標誌做的事情業務流程，它是如何增長的。因此，全面而言，我們在該業務中看到了一些非常好的實力。

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

我們將回答蒙特利爾銀行的 Keith Bachman 的最後一個問題。

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，我想跟進並繼續使用 Document Cloud。在過去的 11 個季度中，Document Cloud ARR 增長，最低為 31%，最高為 36%。即使在過去兩個充滿挑戰的季度，即 5 月和 8 月季度，它也已接近該範圍的高端。我的問題是，隨著經濟的好轉，你能談談耐用性嗎？換句話說，在接下來的幾個季度中，ARR 的增長能否繼續保持在 34% 到 35% 的範圍內？ b，也只是談談競爭格局，你如何看待你的競爭產品或解決方案集，可以這麼說，與你的主要競爭對手相比。

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，基思。我的意思是，首先，由於它關係到 Document Cloud 業務的可持續性和持久性，在我們上次的分析師會議上，我們談到 Document Cloud 是一個單獨的、巨大的獨立機會並加速文檔生產力，這並非偶然.這就是為什麼我們在這方面花費盡可能多的時間。

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.

傳統上，人們，基思，過去常常談論從永久到訂閱的業務。到目前為止，它已經超越了所有這些機會，真正專注於創造全新的客戶獲取。作為漏斗的網絡對我們來說代表著巨大的增長機會。我還談到了當您考慮自然搜索發生的事情以及人們想要共享信息的能力以及這將如何成為渠道的驅動力時。我們對 API 經濟以及我們可以做些什麼來確保在任何地方創建的任何 PDF 或任何掃描或簽名的 PDF 都使用 Adobe 技術感到興奮。

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.

因此，歸根結底，我們只看我們擁有的文檔，以及我們擁有 PDF 的事實，以及我們擁有閱讀器無處不在的事實，作為與其他任何人完全不同的解決方案。而這項業務是一個巨大的機會。這不是零和遊戲。我們只是繼續相信，這將在很長一段時間內推動我們的業務發展。坦率地說，我們認為我們在貓鳥座位上，我們擁有最好的組合產品。我們在這個領域有很好的合作夥伴關係。我們在移動設備上進行瞭如此多的創新，我們用這個功能做了什麼，我們稱之為帶有 AI 的液體模式，以便能夠使 PDF 做出響應。

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.

因此，對於其他人也提出的問題，我認為雖然大流行可能加速了電子文檔的發展，但我認為人們不會回頭，因為他們都看到了存在的好處和效率——在文件中。這就是我們對這項業務的看法，我們當然很樂意在財報電話會議上分享更多信息。

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.

因為那是最後一個問題。 Keith，我確實希望您和其他人都能參加 MAX，因為我們確實打算在 MAX 上展示下一代的創意創新。正如我所說，我們已經有超過 200,000 人。但是 net-net，我會說第三季度是一個出色的季度。我對我們擁有的戰略以及在真正困難的環境中執行得非常出色的員工的貢獻感到非常滿意。我們都相信數字化將成為關鍵任務。它將成為全球經濟的驅動力。在創意、文檔和企業之間，我們有 3 個大市場，它們是增長市場，我們的創新議程更加強大。

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.

我會說，我們非常高興我們如何圍繞重新確定優先級以使最關鍵的舉措以正確的緊迫性繼續進行。正如約翰所提到的，我們感到非常有能力投資於將繼續推動我們渴望成為的增長計劃，這是一家同時提供巨大盈利能力的成長型公司。但要注意安全。保持健康。我們非常感謝你們今天加入我們，我們期待在 MAX 見到你們。交給你了，喬納森。

This concludes the call. Thanks, everyone.

這結束了通話。謝謝大家。