Adobe Inc (ADBE) 2020 Q2 法說會逐字稿

Good afternoon, and welcome to the Adobe Q2 FY '20 Quarterly Earnings Call. (Operator Instructions) Today's conference is being recorded.

下午好，歡迎參加Adobe 2020財年第二季財報電話會議。 （操作說明）本次會議正在錄音。

I'd like to turn the conference over to our Vice President of Investor Relations, Jonathan Vaas. Please go ahead, sir.

我謹將會議交給我們的投資人關係副總裁喬納森‧瓦斯先生。請您開始吧，先生。

Good afternoon, and thank you for joining us. With me on the call today from their home offices are Shantanu Narayen, Adobe's President and CEO; John Murphy, Executive Vice President and CFO; as well as Mike Saviage who, in March, announced his retirement as Adobe's Head of Investor Relations and is continuing to assist with the transition.

下午好，感謝各位參加本次電話會議。今天與我一起在家辦公的有：Adobe 總裁兼執行長 Shantanu Narayen；執行副總裁兼財務長 John Murphy；以及今年三月宣布退休的 Adob​​e 投資者關係主管 Mike Saviage，他目前仍在協助公司進行過渡工作。

On this call, we will discuss Adobe's second quarter fiscal year 2020 financial results. By now, you should have a copy of the press release, which crossed the wire approximately 1 hour ago. We've also posted PDFs of our prepared remarks and an updated data sheet on Adobe's Investor Relations website.

在本次電話會議上，我們將討論Adobe 2020財年第二季的財務表現。您現在應該已經收到新聞稿，該新聞稿大約在1小時前發布。我們也在Adobe投資人關係網站上發布了準備好的發言稿PDF文件和更新後的資料表。

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, June 11, and contain forward-looking statements that involve risks, uncertainties and assumptions. Actual results may differ materially from those set forth in these statements. For a discussion of these risks and uncertainties, you should review the forward-looking statements disclosure in our press release we issued today as well as Adobe's SEC filings.

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，均基於截至今日（6月11日）的信息，並包含涉及風險、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所述的結果有重大差異。有關這些風險和不確定性的詳細討論，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向美國證券交易委員會（SEC）提交的文件。

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 and good afternoon. I hope you and your families are safe and healthy. Adobe's second quarter coincided with what we hope was the peak of the COVID-19 pandemic. Around the world people shifted their attention to their health and their families. Businesses focused on protecting their employees, financial stability and continuing to serve their customers. Unfortunately, millions of people have lost their jobs, and small and medium-sized businesses have been hit particularly hard.

謝謝喬納森，下午好。希望您和您的家人平安健康。 Adobe 的第二季恰逢我們希望是新冠肺炎疫情高峰期的時期。世界各地的人們都將注意力轉移到自身健康和家庭。企業則專注於保護員工、維持財務穩定並持續為客戶提供服務。不幸的是，數百萬人失去了工作，中小企業受到的衝擊尤其嚴重。

Through this crisis, Adobe's focus remains on employee health and safety, serving our customers and on ensuring business continuity. We took early and decisive action to direct our teams to work from home, suspend travel and cancel in-person events through 2020 to flatten the curve.

在這場危機中，Adobe始終將員工的健康和安全放在首位，致力於服務客戶並確保業務的持續運作。我們迅速採取果斷措施，指導團隊居家辦公，暫停差旅，並取消2020年全年所有線下活動，以遏制疫情蔓延。

To support the communities in which we live and work, we have donated over $5 million and 22,000 hours of virtual volunteer time to COVID-19 relief organizations. We are also proud to be part of the coalition that developed the COVID-19 Testing Data Response Platform, providing test screening appointments and insights for public health officials and government. We immediately instituted work streams to control discretionary expenses and evaluate our strategic priorities to double down on those that will drive the greatest growth and profitability for the long term. Through all of this, the resiliency and flexibility of our employees has been awe-inspiring. I am proud of how our employees transitioned to this new reality.

為了支持我們生活和工作的社區，我們已向新冠肺炎疫情救助組織捐贈了超過500萬美元和22000小時的線上志工服務時間。我們也很榮幸能參與開發新冠病毒檢測數據響應平台，為公共衛生官員和政府提供檢測預約和相關數據。我們立即啟動了各項工作流程，以控制可自由支配的支出，並評估我們的策略重點，從而加大對那些能夠推動長期成長和獲利能力的重點領域的投入。在過程中，我們員工展現出的韌性和靈活性令人欽佩。我為我們的員工能夠如此迅速地適應新的情況而感到自豪。

Adobe is the digital experiences company, with millions of global customers relying on our products every day to create the world's content, automate critical document processes and engage with their customers digitally. Adobe's leadership in 3 large and growing categories, Creative Cloud, Document Cloud and Experience Cloud, is driving our performance.

Adobe 是一家數位體驗公司，全球數百萬客戶每天都依賴我們的產品來創建世界內容、自動化關鍵文件流程並以數位化方式與客戶互動。 Adobe 在 Creative Cloud、Document Cloud 和 Experience Cloud 這三大成長迅速的領域中保持領先地位，這正是我們業績成長的驅動力。

Adobe drove strong Q2 performance across Adobe Creative Cloud, Adobe Document Cloud and Adobe Experience Cloud. We delivered $3.13 billion in revenue in Q2, representing 14% year-over-year growth. GAAP earnings per share for the quarter was $2.27, and non-GAAP earnings per share was $2.45.

Adobe第二季度在Adobe Creative Cloud、Adobe Document Cloud和Adobe Experience Cloud三大業務部門均表現強勁。第二季營收達31.3億美元，年增14%。以美國通用會計準則（GAAP）計算，每股盈餘為2.27美元；以非美國通用會計準則（Non-GAAP）計算，每股盈餘為2.45美元。

In our Digital Media business, we drove strong revenue growth in both Creative Cloud and Document Cloud in Q2. Net new Digital Media annualized recurring revenue, or ARR, was $443 million, and total Digital Media ARR exiting Q2 grew to $9.17 billion. Q2 Creative revenue was $1.87 billion, which represents 17% year-over-year growth. Net new Creative Cloud ARR was $352 million.

在第二季度，我們的數位媒體業務在創意雲端和文件雲端方面均實現了強勁的營收成長。數位媒體新增年度經常性收入（ARR）淨額為4.43億美元，截至第二季末，數位媒體總ARR成長至91.7億美元。第二季創意雲營收為18.7億美元，年增17%。創意雲新增ARR淨額為3.52億美元。

The past couple of months have shown us that in times of uncertainty, people are turning to creative expression to learn, cope and make an impact. Adobe Creative Cloud is the center of this new creative renaissance, unleashing creativity for all and empowering millions of people around the world to tell their stories. As schools faced physical closures and moved online, we focused our attention on enabling them to create from home. We immediately provisioned 30 million students at home with Creative Cloud and provided teachers distance learning support.

過去幾個月表明，在充滿不確定性的時期，人們會轉向創造性的表達方式來學習、應對困境並產生影響。 Adobe Creative Cloud 正是這場創意復興的核心，它釋放了所有人的創造力，並賦能全球數百萬用戶講述他們的故事。隨著學校面臨停課並轉為線上教學，我們專注於幫助學生在家中進行創作。我們立即為 3000 萬名居家學生提供了 Creative Cloud，並為教師提供了遠距教學支援。

In Q2, we saw historic highs in adobe.com traffic across both Creative Cloud and Document Cloud. Demand for our professional video products was particularly high with strong engagement for Adobe Premier Pro and After Effects. We continue to see steady growth from social content creators using Premier Rush, which saw a 75% increase in monthly active users quarter-over-quarter.

第二季度，adobe.com 網站在 Creative Cloud 和 Document Cloud 兩大領域的流量均創歷史新高。市場對專業視訊產品的需求特別旺盛，Adobe Premiere Pro 和 After Effects 的用戶參與度極高。使用 Premier Rush 的社群內容創作者用戶持續穩定成長，其每月活躍用戶數季增 75%。

Mobile traffic, member sign-ups and monetization continues to accelerate. Adobe Fresco has seen a greater-than-40% increase in downloads since the start of 2020. Photoshop Express has surpassed 20 million in monthly active users.

行動端流量、會員註冊量和獲利能力持續加速成長。自 2020 年初以來，Adobe Fresco 的下載量已成長超過 40%。 Photoshop Express 的每月活躍用戶已突破 2,000 萬人。

Our teams are gearing up for a significant Creative Cloud update later this month featuring exciting new product innovation as well as new capabilities designed to facilitate collaboration between creators, particularly important in this environment. We're excited to make Photoshop Camera generally available on iOS and Android this week, bringing the magic of Photoshop to the point of capture. Photoshop Camera is a fun and easy consumer app targeted at social creators, an increasingly important segment for Adobe.

我們的團隊正在緊鑼密鼓地籌備本月稍後推出的重大 Creative Cloud 更新，其中包含令人興奮的新產品創新以及旨在促進創作者之間協作的新功能，這在當前環境下尤其重要。我們很高興本週正式在 iOS 和 Android 平台上推出 Photoshop Camera，讓您隨時隨地體驗 Photoshop 的強大功能。 Photoshop Camera 是一款有趣且易於使用的消費者應用，目標用戶是社群媒體創作者，而社群媒體創作者群體對 Adob​​e 來說正變得越來越重要。

At Adobe, we believe everyone is a creator, and we need to make products suitable for different skill levels. Adobe Spark, available both on the web and as a mobile app, is targeted at the large group of communicators who need to create social graphics, web pages and short videos for their business, school or community.

在 Adob​​e，我們相信人人都是創作者，因此我們需要開發適合不同技能等級使用者的產品。 Adobe Spark 既有網頁版，也有行動應用版，旨在滿足廣大需要為企業、學校或社區創建社交媒體圖片、網頁和短視頻的傳播者的需求。

As part of the strategic review of our Creative business, we have decided to increase our investment in 2 exciting areas: providing new solutions that address the unmet needs of the communicator segment and ensuring that the web browser is a first-class authoring platform.

作為我們創意商業策略評估的一部分，我們決定增加對兩個令人興奮的領域的投資：提供滿足傳播者群體未被滿足的需求的新解決方案，並確保網頁瀏覽器成為一流的創作平台。

We're proud of the role we play in inspiring the global creative community. With our Honor Heroes campaign, we galvanized our community to create artwork honoring essential workers on the frontlines. We created an Adobe Fresco-compatible digital coloring book and launched a creative campaign with musician Marshmello, challenging fans to create a video for his latest single, Be Kind.

我們為能夠激勵全球創意社群而感到自豪。透過「致敬英雄」活動，我們號召社群成員創作藝術作品，向奮戰在第一線的必要工作者致敬。我們製作了一本與 Adob​​e Fresco 兼容的數位著色書，並與音樂人 Marshmello 合作發起了一項創意活動，邀請粉絲們為他的最新單曲《Be Kind》創作影片。

Document Cloud revenue in Q2 was a record $360 million, and we grew Document Cloud ARR to $1.24 billion. With Adobe Document Cloud, we're accelerating document productivity, enabling our customers to engage, transact and collaborate seamlessly in a remote work environment. As we did with Creative Cloud, we implemented several programs to support our customers. This included making our web-based PDF services on adobe.com free and implementing a government rapid response program to assist local governments by providing extended trials for Adobe Document Cloud.

第二季度，Document Cloud 的營收創下 3.6 億美元的新紀錄，年度經常性營收 (ARR) 成長至 12.4 億美元。借助 Adob​​e Document Cloud，我們正在加速文件處理效率的提升，使我們的客戶能夠在遠端辦公環境中無縫地進行互動、交易和協作。與 Creative Cloud 一樣，我們實施了多項計劃來支援我們的客戶。其中包括將 adobe.com 上的基於 Web 的 PDF 服務免費開放，以及推出一項政府快速響應計劃，透過提供 Adob​​e Document Cloud 的延長試用期來幫助地方政府。

The shift to remote work has driven a surge in demand for digital documents, with use of web-based PDF services up nearly 40% quarter-over-quarter and the number of documents shared in Acrobat increasing 50% year-over-year. We continue to drive strong adoption for Adobe Sign, our cloud-based electronic signature solution, with usage increasing 175% since the start of our fiscal year. Mobile usage exploded with Acrobat Reader installations increasing 43% year-over-year and Adobe Scan installations, up 66% year-over-year.

遠距辦公的興起推動了對電子文檔需求的激增，基於網路的PDF服務的使用量環比增長近40%，Acrobat共享的文檔數量同比增長50%。我們持續推動雲端電子簽名解決方案Adobe Sign的強勁成長，自本財年開始以來，其使用量成長了175%。行動端的使用量也呈現爆炸性成長，Acrobat Reader的安裝量較去年同期成長43%，Adobe Scan的安裝量較去年同期成長66%。

We're proud of the role our technology is playing in enabling our government customers to accelerate their transition to digital. The City of Seattle's digital workplace division deployed Adobe Sign across its departments when the city quickly shifted to telework. The State of Utah is using Adobe Acrobat and Sign as part of its telework initiative to facilitate emergency response and streamline communication across the state.

我們為我們的技術在幫助政府客戶加速數位轉型方面所發揮的作用感到自豪。西雅圖市政府的數位化辦公部門在全市迅速轉向遠距辦公時，在其所有部門部署了 Adob​​e Sign。猶他州正在使用 Adob​​e Acrobat 和 Sign 作為其遠端辦公計劃的一部分，以促進緊急應變並簡化全州的溝通。

As part of the strategic review of our Document business, we're increasing investment in Adobe Sign and our PDF services on the web and availability of PDF functionality through APIs to capitalize on the wholesale shift to remote work and digital-first document processes.

作為我們文件業務策略評估的一部分，我們正在加大對 Adob​​e Sign 和我們在網路上的 PDF 服務以及透過 API 提供 PDF 功能的投資，以充分利用向遠端辦公和數位化優先文件流程的全面轉變。

In our Digital Experience business, we achieved Experience Cloud revenue of $826 million for the quarter. As outlined at our last earnings call, we saw anticipated delays in enterprise bookings and consulting services implementations as companies prioritized employee and financial well-being. The extreme economic challenges that enterprise customers in certain verticals experienced as well as weakness in our commercial segment that targets small- and medium-sized businesses also adversely impacted bookings. In addition, the significant global decline in advertising spending impacted our Advertising Cloud revenue.

在我們的數位體驗業務中，本季體驗雲端收入達到 8.26 億美元。正如我們在上次財報電話會議上所述，由於企業優先考慮員工福祉和財務狀況，我們預期企業預訂和諮詢服務實施會有所延遲。某些垂直行業的企業客戶面臨的嚴峻經濟挑戰，以及我們面向中小企業的商業部門的疲軟表現，也對預訂量產生了不利影響。此外，全球廣告支出的大幅下降也影響了我們的廣告雲端收入。

Despite the short-term challenges, the mandate to digitally transform has taken on heightened urgency. Enterprises continue to recognize Adobe's leadership in customer experience management. Key customer wins in the quarter included IBM, Walgreens, Safeway, Astellas Pharma and Allianz.

儘管短期內面臨挑戰，但數位轉型的迫切性已顯著提升。企業持續認可 Adob​​e 在客戶體驗管理領域的領先地位。本季 Adob​​e 的主要客戶包括 IBM、Walgreens、Safeway、Astellas Pharma 和 Allianz。

We're dedicated to our customers' success and proud to see the impact our technology is having. Government organizations such as the U.S. Census Bureau are relying on Adobe Experience Cloud to modernize citizen experiences. 3M and Verizon are reaping the benefits of the Adobe Experience Platform, and we now cumulatively have over 10 billion active customer profiles running on Adobe Experience Platform.

我們致力於客戶的成功，並為我們的技術所帶來的影響感到自豪。美國人口普查局等政府機構正依靠 Adob​​e Experience Cloud 來提升公民體驗。 3M 和 Verizon 也從 Adob​​e Experience Platform 中獲益匪淺，目前我們在 Adob​​e Experience Platform 上運行的活躍客戶檔案累計已超過 100 億。

Adobe Experience Cloud was named a leader with the highest position among 19 vendors in the Gartner Magic Quadrant for Multichannel Marketing Hubs as well as a leader by Forrester in the B2B and B2C Commerce Suites Wave reports.

Adobe Experience Cloud 在 Gartner 多通路行銷中心魔力像限中被評為領導者，在 19 家供應商中排名第一，同時在 Forrester 的 B2B 和 B2C 商務套件 Wave 報告中也被評為領導者。

We successfully transitioned Adobe Summit to an exclusively digital event where we debuted new Adobe Experience Cloud innovation, including intelligent services, customer journey analytics and the customer experience management playbook. The Adobe Summit Live virtual experience enabled us to engage a far larger audience than an in-person event and set the bar for virtual events. Cumulatively, we have engaged with more than 0.5 million visitors.

我們成功地將 Adob​​e Summit 轉型為純線上活動，並在會上首次發布了 Adob​​e Experience Cloud 的多項創新功能，包括智慧服務、客戶旅程分析和客戶體驗管理手冊。 Adobe Summit Live 虛擬體驗讓我們吸引比線下活動多得多的受眾，並為虛擬活動樹立了新的標竿。累計訪問量超過 50 萬。

While it was difficult to imagine only conducting business with CMOs and CIOs virtually, a side benefit of everyone working at home is that we're able to schedule and engage with far more customers across multiple continents. In all these discussions with business leaders, it is clear that investments in digital, and specifically customer experience, are more important than ever.

雖然很難想像只能透過線上方式與行銷長和資訊長們開展業務，但居家辦公帶來的一個意外好處是，我們能夠安排時間並與遍布多個大洲的更多客戶互動。在與企業領導者的這些討論中，我們清楚地認識到，對數位化，尤其是客戶體驗的投資，比以往任何時候都更重要。

As a result of the strategic review of our Digital Experience business, it is clear that we have an unparalleled value proposition and market-leading solutions across content and commerce, customer journey management and customer data and insights, all powered by the Adobe Experience Platform. To further our lead, we are increasing our investment in AI and machine learning, next-generation applications and services on the Adobe Experience Platform and accelerated integration of our content and commerce offerings.

透過對數位體驗業務的策略評估，我們明確了自身在內容與商務、客戶旅程管理以及客戶資料與洞察等領域擁有無可比擬的價值主張和市場領先的解決方案，所有這些都由 Adob​​e Experience Platform 提供支援。為了進一步鞏固我們的領先地位，我們將增加對人工智慧和機器學習、基於 Adob​​e Experience Platform 的下一代應用程式和服務以及內容與商務產品整合的投入。

Our current advertising offerings consist of Advertising Cloud software solutions as well as Advertising Cloud transaction-driven solutions. We will continue to offer our Advertising Cloud software solutions to our Digital Experience customers, but this will not be an area of growth moving forward. CMOs want a single source of reporting and attribution for their advertising investment, which we can uniquely offer through the combination of Advertising Cloud and the Adobe Experience Cloud. We have decided to accelerate our previously stated strategy of eliminating the low-margin Advertising Cloud transaction-driven offerings. These offerings are no longer core to our overall value proposition of delivering on customer experience management nor contributing to our subscription-based bookings and revenue and, in fact, are extremely resource intensive. The impact of this strategic shift was evident in our Q2 revenue, cost of goods sold and gross margin results and will be factored into future Digital Experience targets.

我們目前的廣告產品包括 Advertising Cloud 軟體解決方案以及 Advertising Cloud 交易驅動解決方案。我們將繼續向我們的數位體驗客戶提供 Advertising Cloud 軟體解決方案，但這並非我們未來的成長點。行銷長 (CMO) 希望擁有一個統一的廣告投資報告和歸因來源，而 Advertising Cloud 和 Adob​​e Experience Cloud 的結合恰好能滿足這一需求。我們決定加快推進先前製定的策略，逐步淘汰低利潤的 Advertising Cloud 交易驅動產品。這些產品不再是我們整體價值主張的核心，即提供客戶體驗管理，也不再對我們的訂閱預訂和收入做出貢獻，事實上，它們還極其耗費資源。這項策略轉變的影響已體現在我們第二季的收入、銷售成本和毛利率業績中，並將納入未來的數位體驗目標。

Earlier this year, we hired Anil Chakravarthy to drive the immense enterprise opportunity. Over the past few months, Anil continued to expand his charter with responsibility for strategy, product engineering and marketing, consulting and customer success for the Digital Experience business. Coincident with the long-planned retirement of Matt Thompson, Adobe's Executive Vice President of Worldwide Field Operations, Anil will now be adding responsibility for the entire worldwide enterprise field organization. Over the past 13 years, Matt has played a pivotal role in the company's transformation to a subscription software model in the Digital Media business as well as the creation of the Digital Marketing category. He has built a world-class go-to-market organization and championed customer centricity. I will miss our partnership and wish Matt well in his retirement. Matt has built a deep management bench, and I'm confident that this combined organization will thrive under Anil's leadership.

今年早些時候，我們聘請了 Anil Chakravarthy 來負責拓展企業級市場。過去幾個月，Anil 的職責範圍不斷擴大，涵蓋了數位體驗業務的策略、產品工程和行銷、諮詢以及客戶成功等各個方面。同時，Adobe 全球現場營運執行副總裁 Matt Thompson 也即將退休，Anil 將接手整個全球企業級現場營運團隊。在過去的 13 年裡，Matt 在公司向數位媒體業務的訂閱軟體模式轉型以及數位行銷領域的創建過程中發揮了關鍵作用。他打造了一支世界一流的市場推廣團隊，並始終倡導以客戶為中心的理念。我將懷念我們之前的合作，並祝福 Matt 退休生活幸福美滿。 Matt 培養了一群優秀的管理人才，我相信在 Anil 的領導下，這個團隊必將蓬勃發展。

Adobe is the market leader in customer experience management, and we have invested in deep product integration, platform innovation and a robust ecosystem. We are well positioned to execute on the growing total addressable market for customer experience management.

Adobe是客戶體驗管理領域的市場領導者，我們已投入大量資源進行產品深度整合、平台創新和建構強大的生態系統。我們已做好充分準備，把握不斷成長的客戶體驗管理市場機會。

At Adobe, we are guided by our belief that it's not only what we do but how we do it that is core to our success. We believe that everyone deserves respect and equal treatment, and we're outraged at the senseless violence against the black community in the U.S. This is a painful reminder of the injustice and systematic racism that exists in our country. We can and must do better, and we're committed to doing so at Adobe.

在 Adob​​e，我們始終堅信，成功的關鍵不僅在於我們做什麼，更在於我們如何做。我們相信每個人都應受到尊重和平等對待，我們對美國黑人社區遭受的無端暴力感到無比憤慨。這令人痛心地提醒我們，美國仍然存在著不公正和系統性的種族主義。我們能夠也必須做得更好，Adobe 也致力於此。

Great companies are defined by how they lead through adversity. We have successfully navigated several crises and have always used them as a catalyst to make strategic and structural change to emerge stronger. I am particularly proud of how our employees embraced the current challenges and rallied to ensure that innovation, customer centricity and adherence to our core values remains front and center. Our employees, broad and diverse portfolio of products, strong balance sheet and rigorous operating cadence put us in a rarified atmosphere among companies of our size and scale. We will emerge stronger than ever. John?

偉大的公司在於它們如何引領公司走出逆境。我們成功應對了數次危機，並始終將危機視為推動策略和結構變革的契機，從而變得更加強大。我特別為我們的員工感到自豪，他們積極應對當前的挑戰，齊心協力確保創新、以客戶為中心以及堅守核心價值始終是公司發展的重中之重。我們的員工、豐富多元的產品組合、穩健的資產負債表以及嚴謹的營運節奏，使我們在同等規模的公司中脫穎而出。我們將比以往任何時候都更強大。約翰？

Thanks, Shantanu. In the second quarter of FY '20, Adobe achieved record revenue of $3.13 billion, which represents 14% year-over-year growth. GAAP diluted earnings per share in Q2 was $2.27, and non-GAAP diluted earnings per share was $2.45.

謝謝 Shantanu。 2020 財年第二季度，Adobe 營收達到創紀錄的 31.3 億美元，較去年同期成長 14%。第二季 GAAP 稀釋後每股收益為 2.27 美元，非 GAAP 稀釋後每股收益為 2.45 美元。

Business and financial highlights in Q2 included Digital Media revenue of $2.23 billion, net new Digital Media ARR of $443 million, Digital Experience revenue of $826 million, expanding profitability with strong earnings per share, cash flow from operations of $1.18 billion and repurchasing approximately 2.6 million shares of our stock during the quarter.

第二季業務與財務亮點包括：數位媒體收入達 22.3 億美元，新增數位媒體年度經常性收入淨額達 4.43 億美元，數位體驗收入達 8.26 億美元，每股收益強勁，盈利能力不斷擴大，經營活動產生的現金流達 11.8 億美元，並且本季回購了約 260 萬股股票。

Adobe's strong second quarter performance demonstrates our continued top and bottom line growth despite an ongoing global pandemic. We are well positioned to navigate the continuing crisis given our resilient business model and a healthy balance sheet. In the work from home and distance learning environment, our strategy of fueling content creation, digital workflows and digital transformation is more relevant than ever as digital engagement continues to underpin the global economy.

Adobe第二季強勁的業績表明，儘管全球疫情持續蔓延，我們的營收和利潤依然保持成長。憑藉我們穩健的商業模式和健康的資產負債表，我們有能力應對這場持續的危機。在居家辦公和遠距學習的環境下，我們推動內容創作、數位化工作流程和數位轉型的策略比以往任何時候都更加重要，因為數位互動仍然是全球經濟的基石。

In our Digital Media segment, we achieved 18% year-over-year revenue growth in Q2. On an FX-adjusted basis, using rates in effect as of the start of our Q2, Digital Media revenue grew 19% year-over-year. During Q2, we added $443 million of net new Digital Media ARR, our strongest Q2 on record. Total Digital Media ARR exiting the quarter was $9.17 billion. Within Digital Media, we achieved another strong quarter with our Creative business. Creative revenue grew 17% year-over-year, and we increased Creative ARR by $352 million.

在數位媒體業務板塊，我們第二季度實現了18%的年成長。經匯率調整後（採用第二季初生效的匯率），數位媒體業務營收年增19%。第二季度，我們新增了4.43億美元的數位媒體淨年度經常性收入（ARR），創下史上最佳第二季業績。截至本季末，數位媒體業務總ARR達到91.7億美元。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。創意業務收入年增17%，創意業務ARR增加了3.52億美元。

During the second quarter, we saw increased demand for our solutions on adobe.com amid the work-from-home environment, and usage of our products spiked notably during the quarter. Q2 Creative growth drivers included strong new user growth across all geographies, including single app adoption by individuals; adoption of our professional video products, including single-app Premier Pro subscriptions, as engagement from communicators and YouTubers increased significantly; strength in migrating students and trial users to paid subscriptions; significant unit growth for paid mobile subscriptions; and continued focus on targeted campaigns using insights from a data-driven operating model, which drove significant growth in web traffic during the quarter.

第二季度，受居家辦公環境的影響，我們在 adobe.com 上看到對我們解決方案的需求激增，產品使用量也顯著增長。第二季度創意成長的驅動因素包括：所有地區的新用戶數量強勁增長，包括個人用戶對單應用的使用；專業視頻產品（包括 Premiere Pro 單應用訂閱）的普及，尤其是傳播者和 YouTube 用戶參與度的顯著提升；成功將學生和試用用戶轉化為付費訂閱用戶；付費移動訂閱用戶數量顯著利用增長；

Adobe Document Cloud delivered another quarter of strong revenue growth. We achieved record Document Cloud revenue of $360 million, which represents 22% year-over-year growth. And we added $91 million of net new Document Cloud ARR during the quarter. As with our Creative business, Document Cloud benefited from tailwinds associated with knowledge workers and communicators working from home. And we had a particularly strong quarter driving new business for Adobe Sign, with net new ARR more than doubling year-over-year.

Adobe Document Cloud 再次實現強勁的營收成長。 Document Cloud 營收達到創紀錄的 3.6 億美元，年增 22%。本季 Document Cloud 新增淨 ARR 達 9,100 萬美元。與我們的創意業務一樣，Document Cloud 也受益於知識工作者和溝通人員居家辦公帶來的利多因素。此外，Adobe Sign 的新業務在本季表現尤為強勁，新增淨 ARR 年比成長超過一倍。

Document Cloud performance during Q2 was driven by strength on adobe.com across the individual and SMB segments; significant growth in consumer adoption of mobile apps and PDF services; shortened deal cycles for enterprise Acrobat and Sign customers as the imperative to translate paper processes to digital accelerates across the globe; increased pipeline and improved execution in the government segment, particularly for our Sign solution; and conversion of free mobile app users and our Reader installed base to paid subscriptions.

第二季 Document Cloud 的業績成長得益於 adobe.com 在個人和中小企業領域的強勁表現；消費者對行動應用和 PDF 服務的採用率顯著增長；隨著全球範圍內將紙質流程數位化的迫切需求不斷加快，企業級 Acrobat 和 Sign 客戶的交易週期縮短；政府部門的銷售活動，執行力將用戶的執行能力提升

Across Digital Media, consistent with our expectations, we experienced some weakness for the SMB offerings in the reseller channel and adobe.com.

與我們的預期一致，數位媒體領域的中小企業產品在經銷商通路和 adobe.com 上的表現有所疲軟。

Turning to our Digital Experience segment, our primary focus is to grow software-based subscription revenue across our portfolio of products. Our Adobe Experience Cloud revenue includes subscription revenue, which includes revenues from Advertising Cloud; professional services revenue; and other, which includes perpetual, OEM and support revenue.

就我們的數位體驗業務而言，我們的首要目標是提升旗下所有產品的軟體訂閱收入。 Adobe Experience Cloud 的收入包括訂閱收入（其中包含 Advertising Cloud 的收入）、專業服務收入以及其他收入（包括永久授權、OEM 和支援收入）。

In Q2, we achieved quarterly Digital Experience revenue of $826 million, which represents 5% year-over-year growth. Digital Experience subscription revenue was $707 million, representing 8% year-over-year growth. And Digital Experience subscription revenue, excluding Advertising Cloud revenue, grew 18% year-over-year.

第二季度，我們的數位體驗業務收入達到 8.26 億美元，年增 5%。數位體驗訂閱收入為 7.07 億美元，年增 8%。若不計入廣告雲收入，數位體驗訂閱收入年增 18%。

As outlined on our Q1 earnings call, our Advertising Cloud revenue was negatively impacted given the COVID-19 situation. As we saw the extent of the global decline in advertising spend, we made the strategic decision mid-quarter to cease pursuing transaction-driven Advertising Cloud deals. Together, this resulted in a shortfall of approximately $50 million relative to our targeted Q2 revenue.

正如我們在第一季財報電話會議上所述，受新冠疫情影響，我們的廣告雲端收入受到負面影響。鑑於全球廣告支出大幅下滑，我們在季度中期做出了戰略決策，停止尋求以交易為導向的廣告雲合作。這些舉措導致我們第二季營收目標出現約5,000萬美元的缺口。

A significant portion of the revenue from the transaction-driven Advertising Cloud offerings is recognized on a gross basis with the related cost of media purchase recognized as cost of goods sold, resulting in low gross margin percentages for these offerings. While the discontinuation of these offerings will negatively impact revenue, it will enable us to drive improvements to our overall gross margins, DSO and the profitability of our Digital Experience segment as already evident in this quarter's results.

來自交易驅動型廣告雲端產品的大部分收入按總額確認，相關的媒體購買成本計入銷售成本，導致這些產品的毛利率較低。雖然停止這些產品將對收入產生負面影響，但如本季業績所示，這將使我們能夠提高整體毛利率、應收帳款週轉天數 (DSO) 以及數位體驗業務的獲利能力。

We now expect approximately $200 million total Advertising Cloud revenue for the full fiscal year with $70 million for the second half, decelerating from the first half of the year. As comparison, we achieved $360 million in Advertising Cloud revenue in fiscal 2019, and our original 2020 targets assume that Advertising Cloud would grow at rates consistent with the overall subscription revenue for Digital Experience.

我們現在預計本財年廣告雲總收入約為 2 億美元，其中下半年為 7,000 萬美元，成長速度較上半年放緩。作為對比，我們在 2019 財年實現了 3.6 億美元的廣告雲端收入，而我們最初的 2020 年目標是基於廣告雲的成長速度與數位體驗整體訂閱收入的成長速度保持一致的假設。

In Q2, our professional services revenue in Digital Experience declined approximately 8% year-over-year. While there were some delays in converting consulting backlog to revenue early in Q2, we saw progress in implementations as the quarter progressed.

第二季度，我們在數位體驗領域的專業服務收入較去年同期下降約 8%。雖然第二季初諮詢業務的積壓訂單轉化為收入方面出現了一些延誤，但隨著季度的推進，我們看到實施工作取得了進展。

Through a challenging quarter, we continue to build pipeline and saw strength in our content and commerce offerings, particularly in the enterprise segment. As with consulting, we saw some momentum late in the quarter in our commercial segment that targets small and medium businesses.

儘管本季充滿挑戰，但我們持續拓展業務管道，內容和電商業務表現強勁，尤其是在企業級市場。與諮詢業務類似，中小企業的商業業務在本季末也呈現成長動能。

Across Adobe as we navigate the economic downturn, we are managing the business carefully to drive growth and profitability. We reduced discretionary spending and delivered a strong operating margin. Our operating expenses declined sequentially quarter-over-quarter as a result of a reduction in the pace of hiring, savings across travel and entertainment and in-person event cancellations. Having completed our strategic review and reprioritization, we will now turn our focus to investing appropriately for continued long-term growth.

在因應經濟低迷之際，Adobe 各部門正謹慎管理業務，以推動成長和獲利。我們削減了可自由支配的支出，並實現了強勁的營業利潤率。由於招聘速度放緩、差旅和招待費用節省以及線下活動取消，我們的營運支出環比下降。完成策略評估和重新調整後，我們將把重點轉向適當的投資，以實現持續的長期成長。

From a quarter-over-quarter currency perspective, FX decreased revenue by $18 million. We had $5 million in hedge gains in Q2 FY '20 versus $7 million in hedge gains in Q1 FY '20. Thus, the net sequential currency decrease to revenue considering hedging gains was $20 million. From a year-over-year currency perspective, FX decreased revenue by $37 million. The $5 million in hedge gains in Q2 FY '20 versus the $9 million in hedge gains in Q2 FY '19 resulted in a net year-over-year currency decrease to revenue considering hedging gains of $41 million.

從季度環比匯率角度來看，外匯影響導致收入減少了1800萬美元。 2020財年第二季度，我們對沖收益為500萬美元，而2020財年第一季為700萬美元。因此，計入對沖收益後，匯率影響導致的淨收入季減為2000萬美元。從年度同比匯率角度來看，外匯影響導致收入減少了3,700萬美元。 2020財年第二季對沖收益為500萬美元，而2019財年第二季為900萬美元，因此，計入對沖收益後，匯率影響導致的年度年收入淨減少為4,100萬美元。

Adobe's effective tax rate in Q2 was minus 10% on a GAAP basis and 10% on a non-GAAP basis, in line with our Q2 targets. Our trade DSO was 40 days, which compares to 42 days in the year ago quarter and 41 days last quarter. Remaining performance obligation, or RPO, grew by 19% year-over-year to $9.92 billion exiting Q2 and was relatively flat quarter-over-quarter. Adobe.com cloud offerings, typically billed monthly, are reported as unbilled backlog whereas channel offerings, billed annually upfront, are reported as deferred revenue. The strength in acquisition from adobe.com during the quarter drove a mix shift from deferred revenue to unbilled backlog. We exited Q2 with $3.46 billion in deferred revenue.

Adobe第二季的實際稅率依GAAP準則為-10%，依非GAAP準則為10%，符合我們第二季的目標。我們的貿易應收帳款週轉天數（DSO）為40天，去年同期為42天，上季為41天。剩餘履約義務（RPO）年增19%至第二季末的99.2億美元，季減基本持平。 Adobe.com的雲端產品通常按月計費，計入未開票積壓訂單；而通路產品按年預付，計入遞延收入。本季來自adobe.com的強勁收購推動了收入結構從遞延收入轉向未開票積壓訂單的轉變。第二季末，我們的遞延營收為34.6億美元。

Our ending cash and short-term investment position exiting Q2 was $4.35 billion, and cash flow from operations was $1.18 billion in the quarter. Consistent with macroeconomic trends, we saw some increase in customer requests for billing concessions. We continue to be focused on working with our customers to ensure their success while managing our cash flows.

截至第二季末，我們的現金及短期投資部位為43.5億美元，當季經營活動產生的現金流為11.8億美元。與宏觀經濟趨勢一致，我們看到客戶對帳單優惠的需求增加。我們將繼續專注於與客戶合作，確保他們的成功，同時管理我們的現金流。

In Q2, we repurchased approximately 2.6 million shares at a cost of $850 million. We currently have $3.4 billion remaining of our $8 billion repurchase authority granted in May 2018, which goes through 2021.

第二季度，我們以8.5億美元的價格回購了約260萬股股票。我們目前還剩下34億美元，這是2018年5月授予我們的80億美元回購授權的一部分，該授權有效期至2021年。

In light of the macroeconomic environment and the strategic shifts for Advertising Cloud, we are withdrawing the annual fiscal 2020 targets.

鑑於宏觀經濟環境和廣告雲的策略轉變，我們決定撤回 2020 財年的年度目標。

Our targets factor current macroeconomic conditions, continued impacts of the pandemic and typical Q3 seasonality across the summer months of June, July and August. For Q3, we are targeting revenue of approximately $3.15 billion, Digital Media segment year-over-year revenue growth of approximately 16%, net new Digital Media ARR of approximately $340 million, Digital Experience segment revenue flat year-over-year, Digital Experience subscription revenue growing 5% year-over-year or 14% when excluding Advertising Cloud revenue, tax rate of approximately 10% on a GAAP and non-GAAP basis, share count of approximately 485 million shares, GAAP earnings per share of approximately $1.78 and non-GAAP earnings per share of approximately $2.40.

我們的目標考慮了當前的宏觀經濟狀況、疫情的持續影響以及第三季度通常的季節性因素（6月、7月和8月）。第三季度，我們預期營收約31.5億美元，數位媒體業務營收年增約16%，新增數位媒體年度經常性收入淨額約為3.4億美元，數位體驗業務營收與去年同期持平，數位體驗訂閱營收年增長5%（若不計入廣告雲端收入則年增14%），GAAP和非GAAP稅率約10%，股份數量約4.85億股，GAAP每股收益約1.78美元，非GAAP每股收益約2.40美元。

We expect typical seasonal strength in Q4 across our Digital Media and Digital Experience business. We expect our operating expenses to increase in line with growth rates in previous years as we continue to invest for growth.

我們預計第四季度數位媒體和數位體驗業務將保持典型的季節性成長動能。隨著我們持續投資以促進成長，預計營運費用將與往年增長率保持一致。

In summary, our resilient business model, healthy balance sheet and data-driven operating model enabled us to successfully navigate this unprecedented macroeconomic environment. We are extremely proud of how our employees have continued to innovate and remain productive. Our long-term opportunity remains robust given digital technologies will increasingly drive the global economy.

總而言之，我們穩健的商業模式、健康的資產負債表和數據驅動的營運模式使我們能夠成功應對前所未有的宏觀經濟環境。我們為員工持續創新和維持高效工作而感到無比自豪。鑑於數位科技將日益成為全球經濟的驅動力，我們的長期發展機會依然強勁。

I'll now turn the call back over to Jonathan.

現在我將把電話轉回給喬納森。

Thanks, John. As we announced last month, we have shifted Adobe MAX, our annual creativity conference, to be an online event this October. Information about the event can be found online at max.adobe.com. We plan to host a virtual financial analyst meeting later in the fall. Invitations will be sent to our analyst and investor e-mail list this summer.

謝謝約翰。正如我們上個月宣布的那樣，我們已將年度創意大會 Adob​​e MAX 改為今年十月的線上活動。您可以在 max.adobe.com 上找到有關此活動的更多資訊。我們計劃在秋季晚些時候舉辦一場線上金融分析師會議。邀請函將於今年夏季發送至我們的分析師和投資者郵件清單。

If you wish to listen to a playback of today's conference call, a webcast archive of the call 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 5:00 p.m. Pacific Time today and ending at 5:00 p.m. Pacific Time on June 18.

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會議的網路直播存檔。您也可以撥打上方顯示的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 5:00 開始，至太平洋時間 6 月 18 日下午 5:00 結束。

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

現在我們很樂意回答您的問題。 （操作員說明）操作員？

(Operator Instructions) And we'll take our first question today from Brent Thill with Jefferies.

（操作說明）今天我們首先來回答來自傑富瑞集團的布倫特·蒂爾提出的問題。

Shantanu, for the third quarter of Digital Experience, you're guiding to flat revenue growth. And I think many are just curious, given the digital tailwinds, why such a steep headwind on this business? And also as a follow-up, if you could just talk to the field changes with Matt's departure and Anil picking up, just reassurance around the field, that there won't be any major changes, that would be great.

Shantanu，您預計數位體驗業務第三季營收將持平。考慮到數位化帶來的利多因素，很多人都會感到好奇，為什麼這項業務會面臨如此大的阻力？另外，如果您能就Matt離職、Anil接任後的業務變動談談，並向大家保證不會有任何重大變動，那就太好了。

Sure, Brent, happy to answer both of the questions. I mean, first, as it relates to Digital Experience, I think, as we said, while we saw a little bit of slowness in interest at the beginning of the quarter, we certainly -- as people dealt with the employee issues as well as financial stability, the interest and demand in Digital Experience absolutely continues to grow stronger.

當然可以，布倫特，我很樂意回答這兩個問題。首先，就數位化體驗而言，正如我們之前所說，雖然本季初大家的興趣有所放緩，但隨著人們處理員工問題和財務穩定問題，對數位體驗的興趣和需求無疑仍在持續增長。

With respect to Matt and Anil's transition, we really don't expect any issue. Matt has been planning for this for a long time. Anil has certainly, in his role as CEO at Informatica, managed the field. There's a deep bench. Matt is available for a transition. And he's certainly going to remain a friend of the company. And so I would not anticipate any issues whatsoever with respect to the field transition because the next layer is completely in place and has tremendous experience with Adobe.

關於Matt和Anil的交接，我們預計不會有任何問題。 Matt為此籌劃已久。 Anil身為Informatica的CEO，在管理這個領域方面經驗豐富。公司人才儲備充足。 Matt隨時可以接任，他肯定會繼續與公司保持友好關係。因此，我預計在領域交接方面不會出現任何問題，因為下一層級的人員已經到位，並且在Adobe方面擁有豐富的經驗。

I think as it relates to the revenue expectations for Q3, Brent, I think maybe I can touch a little bit on what we said with the Advertising Cloud again, just to make sure everybody understands that, which is the opportunity, if you take a step back around both Digital Experience and customer experience management, there's no question that it's larger than prior to this pandemic. And as you know, Brent, we have an unbelievably unique portfolio of products. And so what we did was we said let's take the opportunity to really prioritize the largest growth vectors as well as look at profitability. Content and commerce had a great quarter. Customer experience orchestration continues to be really important. Analytics and insight is really important. And Advertising Cloud, as it relates to the solutions that we have for attribution and insight, they add a significant amount of value for our customers.

關於第三季的營收預期，布倫特，我想再簡單談談我們之前提到的廣告雲，確保大家都能理解。廣告雲的機會在於，如果我們從數位體驗和客戶體驗管理兩個面向來審視，毫無疑問，規模比疫情前更大。布倫特，你也知道，我們擁有極為獨特的產品組合。因此，我們決定抓住這個機會，優先發展成長最快的領域，同時也要專注於獲利能力。內容和電商業務在本季表現出色。客戶體驗編排依然至關重要。分析和洞察同樣重要。而廣告雲，就我們現有的歸因和洞察解決方案而言，能夠為客戶創造巨大的價值。

However, again, as we said, given in Advertising Cloud they are 2 separate businesses, the software-driven and the transaction-driven, we did take the opportunity to accelerate our moving away from the lower-margin transaction business, something, as you remember, we actually signaled at our analyst meeting last year. And so when you take out the revenue impact associated with that, you will find that the strength of the business continues.

然而，正如我們先前所說，廣告雲業務分為軟體驅動型和交易驅動型兩個獨立業務，因此我們藉此機會加快了從低利潤率的交易業務轉型。您或許還記得，我們​​去年在分析師會議上就已明確表示這一點。因此，剔除這部分業務帶來的營收影響後，您會發現公司的整體實力依然強勁。

As it relates to bookings, in Q2, we achieved -- the book of business for subscription bookings was greater than 15%. That, in this current climate, I would say, was excellent performance. And so we continue to feel really positive about the business. But hopefully, that gives some color.

就預訂量而言，第二季我們實現了訂閱預訂業務佔超過15%的目標。在當前環境下，我認為這是一個非常出色的業績。因此，我們對業務前景依然充滿信心。希望以上資訊能對您有幫助。

And the last thing I would say is even if you think about our Q2, Brent, when we guided to $3.175 billion and we said that we had $50 million in advertising revenue, that we decisively decided to stop pursuing. With the numbers that we posted, you could see that we had a really good quarter.

最後我想說的是，布倫特，即使你回顧我們第二季度的業績，當時我們預測營收將達到31.75億美元，並提到廣告收入為5000萬美元，但我們最終決定停止追求這一目標。從我們公佈的數據來看，我們第二季的業績其實相當不錯。

Next, we'll hear from Keith Weiss with Morgan Stanley.

接下來，我們將聽取摩根士丹利的基思·韋斯的演講。

A very nice job on the quarter. Shifting focus to the Digital Media side of the equation, John, in your comments, you talked about seeing some weakness in the commercial and SMB side of the equation. Frankly, with $443 million in net new ARR addition doesn't really show through in terms of the numbers. So it's pretty remarkable that you saw that kind of strength even with the weakness. But can you walk us through kind of the puts and takes on that? Like, what were the areas that were weaker? And sort of what were the areas that had such strong outperformance that you guys were able to, even with that, exceed your, like, $380 million target?

本季業績非常出色。約翰，我們來談談數位媒體方面。你在評論中提到，商業和中小企業市場存在一些疲軟。坦白說，新增4.43億美元的年度經常性收入（ARR）並沒有從數字上反映出來。所以，即使存在這些疲軟，你們仍然取得瞭如此強勁的業績，這非常了不起。能詳細解釋一下其中的利弊嗎？例如，哪些領域表現疲軟？又有哪些領域表現異常出色，以至於你們即便麵臨這些挑戰，仍能超額完成3.8億美元的目標？

Yes. Maybe I'll start as well, Keith, and then John can certainly add. I mean, overall, clearly, when you think about the Creative and the Document business, working from home, shelter in place and the ability to both create and tell their story as well as what's happening with the documents, you're right. I mean we had guided to about $385 million. It's a record for a Q2 for us in our business. So it was strong. I think what we were trying to also give color was the different routes to market. And when you think about the routes to market, certainly, adobe.com, the traffic right through the quarter was very strong because, as you know, we have a data-driven operating model. We use the effective marketing tools to continue to drive visitor acquisition across the globe.

是的。也許我也該先說說，基思，然後約翰肯定可以補充。我的意思是，總的來說，很明顯，當你考慮到創意和文檔業務，居家辦公、居家隔離以及創作和講述故事的能力，還有文檔業務的發展，你說得對。我們之前預計營收約 3.85 億美元。這創下了我們業務第二季的紀錄。所以業績非常強勁。我認為我們試圖重點介紹的是不同的市場管道。說到市場管道，當然，adobe.com 的流量在整個季度都非常強勁，因為正如你所知，我們採用的是數據驅動的營運模式。我們使用有效的行銷工具，持續在全球吸引訪客。

I think small and medium businesses, we would all say, was probably the most impacted as you think about a customer segment. And therefore, through the channel, what we were trying to indicate was that, that revenue was lower than we would have normally seen. We fully expect that, that business is going to come back as that segment continues to get strong. But Document Cloud, Sign, Video, Single App, all did really strong, Keith, as it relates to what happened on adobe.com. So it was more a route to market, and there's probably some aspect of folks, who typically transacted through the channel, who are also probably coming to adobe.com as a result.

我認為，就客戶群而言，中小企業受到的影響可能最大，這一點我們都會認同。因此，我們透過通路管道傳達的訊息是，這部分收入低於正常水準。我們完全相信，隨著該細分市場的持續復甦，這部分業務將會恢復。但就 adobe.com 而言，Document Cloud、Sign、Video 和 Single App 的表現都非常強勁。所以，這更反映了市場通路的變化，而且可能有一些原本透過通路進行交易的用戶也因此轉向了 adobe.com。

Yes. I wouldn't add anything. I think Shantanu covered all the points there.

是的，我沒什麼要補充的了。我覺得Shantanu已經把所有要點都說清楚了。

Next, we'll hear from Jennifer Lowe with UBS.

接下來，我們將聽取瑞銀集團的珍妮佛洛的演講。

Actually, I wanted to follow up on Keith's question a little bit and maybe get a bit more granular because we certainly heard about some of the things that worked in your favor this quarter. You put that in contrast of guidance, which seemed to imply things being down sequentially pretty significantly, how -- I know these things are hard to parse out but maybe just looking at the linearity of net new ARR as you moved through the quarter, was there sort of an upswing and then sort of slowdown in demand as you kind of saw a surge as people moved to shelter in place and work from home and that drove a specific level of demand that you don't expect to continue in Q3? Because it seems like a lot of these things are durable. So I'm just curious, if you have any way of parsing out what might have been sort of a point in time around shifts in how people work and maybe consumer demand attached to being at home relative to things which seem like they should be favorable, durable shifts for the business.

實際上，我想就基思的問題再補充一點，或許可以更深入地探討一下，因為我們確實聽到了一些對您本季有利的因素。您提到了這些因素，這與先前的業績指引形成對比，先前的指引似乎暗示業績環比大幅下滑。我知道這些因素很難分析，但或許我們可以從淨新增年度經常性收入（ARR）的線性變化來看，在整個季度中，是否存在需求先上升後放緩的趨勢？您是否觀察到，隨著人們居家隔離和遠距辦公，需求激增，並推高了某個特定水平的需求，而您預計這種需求水準在第三季不會持續？因為看起來很多因素都具有持久性。所以我很好奇，您是否能夠分析出，在人們工作方式的轉變以及居家辦公帶來的消費需求變化，與那些看似對業務有利且持久的因素之間，是否存在某種時間上的關聯？

Yes, Jennifer. Again, I think as the shelter in place, work at home began, when we last spoke to you, it was, I think, 10 days into the quarter, and we said that we had actually seen limited impact of COVID. And then we did see an increase as it related to the traffic, which actually continued quite high right through the quarter. So we continued to see the strength in that particular business on the acquisition side. It's early, but the first few days of the quarter, again, we continue to see the strength in Q3.

是的，珍妮佛。我想，隨著居家隔離和居家辦公的開始，我們上次和你通話時，大概是本季開始後的第十天，當時我們說新冠疫情的影響實際上有限。但之後，我們確實看到流量有所成長，而且流量在整個季度都保持著相當高的水平。因此，我們繼續看到該業務在收購方面保持強勁勢頭。現在下結論還為時過早，但從本季的前幾天來看，我們再次看到了第三季的強勁勢頭。

I think as you know and have followed us for a while, Q3 tends to be our seasonally weak quarter. We have such a great insight into the business as it relates to the data-driven operating model. So while the overall against the addressable market is certainly a durable trend, I think we're factoring in normal seasonality. We're not assuming that things will get better as it relates to the small and medium business. But overall, whether it's the Document Cloud or the Creative Cloud, we continue to feel good. I think if there was one thing, though, we probably overestimated the impact of COVID as it related to the consumer space. And now I think a number of you are like, wow, that was great outperformance. And we -- if you look at our Q3 numbers as well, it will clearly demonstrate continued momentum in that business.

我想正如您所知，正如您一直關注我們一樣，第三季通常是我們的淡季。我們對業務在數據驅動營運模式下的表現有著深刻的理解。因此，儘管整體績效相對於目標市場無疑是一個持續的趨勢，但我認為我們已經考慮到了正常的季節性因素。我們並不認為中小企業的情況會好轉。但整體而言，無論是文件雲還是創意雲，我們都依然保持樂觀。不過，我認為我們可能高估了新冠疫情對消費領域的影響。現在，我想你們中的許多人都會驚嘆，這真是令人驚喜的超預期表現。如果您也查看我們第三季的業績數據，就會清楚看到該業務的持續成長動能。

Saket Kalia with Barclays Capital has our next question.

巴克萊資本的薩克特·卡利亞將向我們提出下一個問題。

Okay. Great. Hope all is well. Shantanu, maybe for you, can you just talk about the bigger picture with the decision on Advertising Cloud? It seems like the margin benefit of slightly lower focus on the transactional part of the Ad Cloud kind of has an interesting by-product with the margin. And so perhaps the bigger question is, do you feel the team is perhaps going to balance profitability a little bit more with growth in the DX business than it has in the past?

好的，太好了。希望一切順利。 Shantanu，或許你可以談談關於廣告雲決策的整體情況？似乎降低對廣告雲交易部分的關注度所帶來的利潤率提升，會產生一個有趣的副產品。所以，或許更重要的問題是，你認為團隊是否會比以往更加重視在數位轉型業務的獲利能力和成長之間取得平衡？

Well, first, Saket, unlike other companies in the enterprise space, we've never pursued revenue that is not good, profitable revenue, which I know other companies do. And so I would say what we did really well in the quarter was say how do we take a step back, understand strategically what are the really long-term growth opportunities and how is the business going to get transformed as a result of what we saw. In that particular context, when every company on the planet, whether it's a small and medium or large businesses saying how do I engage digitally with customers, it's clear that the content and commerce associated with our offerings, what we can do around customer journey orchestration and the core analytics and insight is really where all of these built on Experience Platform is where we are unparalleled in terms of the unique differentiation.

首先，Saket，與其他企業級公司不同，我們從未追求過那些並非真正獲利的收入，而我知道其他公司卻在這樣做。因此，我認為我們本季做得非常出色的一點是，我們能夠退後一步，從策略層面理解真正的長期成長機會是什麼，以及根據我們所看到的，業務將如何轉型。在這種背景下，當全球所有公司，無論是中小企業還是大型企業，都在思考如何與客戶進行數位化互動時，很明顯，我們產品相關的內容和商務、我們圍繞客戶旅程編排所做的工作，以及我們基於體驗平台構建的核心分析和洞察，才是我們真正擁有無可比擬的獨特差異化。

On the advertising side, there really were 2 businesses, and this is something that we have talked about, which is does the software-driven business that shows how attribution works, that really can benefit from the Adobe analytics insight in terms of making sure you're spending that money well. And so that, we will continue to offer. But we doubt that that's going to be a huge growth opportunity. It was the transaction business, which is very resource-intensive. And that one, we had always signaled that we were going to be reducing that business. We certainly use the pandemic as a catalyst to say let's make a change right now so we can double down our resources on what really represent durable, long-term opportunities. So hopefully, that gives you a little bit of color on strategically why waste the crisis in terms of making the changes that you know you can make to be a stronger company.

在廣告方面，其實有兩大業務板塊，我們之前也討論過。一是軟體驅動型業務，它展示歸因分析的運作方式，能夠真正受益於 Adob​​e 分析的洞察力，確保廣告預算得到有效利用。因此，我們將繼續提供這項服務。但我們認為它不太可能帶來巨大的成長機會。二是交易業務，這項業務非常耗費資源。我們一直都表示會縮減這部分業務。我們當然會利用疫情作為契機，立即做出改變，以便將資源集中投入真正具有持久長期發展潛力的領域。希望以上內容能讓您更清楚地了解，為什麼我們要利用這場危機進行策略性變革，以打造更強大的公司。

Our next question will come from Brad Zelnick with Crédit Suisse.

下一個問題將來自瑞士信貸的布拉德·澤爾尼克。

Congrats to you all on a great quarter. My question is for John. John, in your prepared remarks, you stated that coming away from the strategic review, you will now turn your focus to investing appropriately for continued long-term growth. Can you expand on what exactly you mean by that? And how is that any different than what Adobe has always done?

恭喜大家本季取得佳績。我的問題想問約翰。約翰，你在事先準備好的演講稿中提到，在完成策略評估之後，你們將把重點轉向進行適當的投資，以實現持續的長期成長。能詳細解釋一下你的意思嗎？這與Adobe以往的做法有何不同？

Yes, that's a fair question, Brad. I think when we look at Q2 because of the pandemic, we obviously benefited in earnings and our margin related to expenses that basically slowed down because we couldn't hire the way we would typically hire. We couldn't travel the way we wanted to be travel and, certainly, the cancellation of the in-person events. We certainly are a growth-oriented company. So the point really was to say, hey, we're going to invest in growth going forward. We've got these great opportunities in front of us, as Shantanu has laid out. And so the operating margin that we achieved in Q2 is the one that I would pencil in as a trend line. It's really what I was trying to get to. And we have great opportunities to invest for growth. And as we've proven, as we continue to grow revenue, we continue to grow profitability in the long run.

是的，布拉德，你問得好。我認為，考慮到疫情的影響，我們第二季度的盈利和利潤率顯然有所提升，因為與支出相關的成本增長基本上放緩，我們無法像往常一樣招聘員工，也無法像往常一樣出差，當然，線下活動的取消也是一大影響。我們是一家以成長為導向的公司。所以，關鍵在於我們要明確表示，未來我們將繼續投資成長。正如沙塔努所闡述的，我們面前有許多絕佳的機會。因此，我把第二季實現的營業利潤率當作一條趨勢線，這正是我努力的目標。我們有很多投資成長的機會。正如我們已經證明的那樣，隨著收入的持續增長，從長遠來看，我們的獲利能力也會持續提升。

And Brad, maybe just to add a little bit to what John added, I mean, we actually took very decisive action at the beginning of the quarter because we did not know how widespread, how long the pandemic would be to make sure that we controlled our expenses. When you look at the opportunities that we have on the Document Cloud, when you look at the opportunities that we have with Experience Platform, the ability to continue on variable marketing to make sure that we're acquiring the right customers that will deliver the right long-term value, I think that's really important for us to continue to make sure that we're opening up the company back to the long-term opportunities that we have because we're going to be in an even more unique place than the smaller companies. So to your point earlier, Brad, it is something that we always do. I think John was also referring to the early actions that we took. And saying, hey, we understand our business, and so it's time to really focus on the long-term opportunities that will continue to drive both top and bottom line growth.

布拉德，我想補充約翰剛才說的話。實際上，我們在本季初就採取了非常果斷的行動，因為我們當時並不清楚疫情的蔓延範圍和持續時間，所以我們必須控制好支出。看看我們在文件雲端和體驗平台方面的機會，以及我們能夠繼續進行可變行銷，確保我們獲取的是能夠帶來長期價值的合適客戶。我認為，這對我們來說至關重要，因為我們需要繼續為公司重新打開通往長期機會的大門，因為我們將比小型公司面臨更獨特的挑戰。所以，布拉德，正如你之前提到的，這正是我們一直在做的事情。我認為約翰也提到了我們早期採取的行動。我們當時表示，我們了解自己的業務，所以現在是時候真正專注於那些能夠持續推動營收和利潤成長的長期機會了。

We'll now hear from Mark Moerdler with Bernstein Research.

接下來我們將聽聽伯恩斯坦研究公司的馬克‧莫德勒的演講。

Congrats on the quarter, given all the moving parts, it's a tough thing to work your way through. Document Cloud and Sign were really strong this quarter. As you mentioned, COVID-19 was a tailwind. Can you give us some color about how you think about those tailwinds going forward, just do they abate as people start to move back? Do they continue as they move back? Any color would be much appreciated. And then as a quick follow-up, can you give any color on how much of revenue now came through adobe.com versus traditionally?

恭喜你本季取得如此佳績！考慮到諸多變數，要順利完成這項工作實屬不易。 Document Cloud 和 Sign 在本季表現尤為強勁。正如你所提到的，新冠疫情確實帶來了利好。你能否談談你對未來這些利多因素的看法？隨著人們逐漸恢復正常生活，這些利多因素會減弱嗎？還是會持續下去？任何見解都將不勝感激。另外，能否請你簡要說明一下，目前透過 adobe.com 獲得的收入與傳統管道的收入相比，分別佔多少比例？

Yes, Mark, I think this is similar to the question that Jennifer asked, which is nobody is going to go back to business as usual. I mean if you take Adobe as a company and how we also think about reentry, I think the new normal is going to be people working in remote locations, engaging more digitally, making sure that digitization continues to be a really important phenomenon. So I think as it relates to the Document, as you know, Mark, we have been excited about it. We've always talked about the move from perpetual to subscription. We had talked about PDF services on the web. And as we said, that's all substantial growth, making sure PDF API functionality is available for anybody who wants a document that's part of any system that they are trying to accomplish. And so we don't think that abates. We think that these will just continue to be secular tailwind trends that we will benefit from. And I think that, again, going back maybe to Brad's question, is the reason why we feel optimistic, given everything that we've seen, to make sure that we continue to capitalize on those particular opportunities. And so the Document business has always been a growth. It just accelerated. And we think that that's a trend that will be durable.

是的，馬克，我認為這和珍妮佛提出的問題類似，那就是沒有人會回到過去的樣子。我的意思是，以Adobe公司為例，看看我們如何看待復工復產，我認為新的常態將是人們遠距辦公，更多地進行數位互動，確保數位化繼續成為一個非常重要的現象。所以，就文件而言，正如你所知，馬克，我們一直對此感到興奮。我們一直在討論從永久授權轉向訂閱制。我們也討論過網路上的PDF服務。正如我們所說，所有這些都帶來了顯著的成長，確保任何想要將文件整合到他們正在建立的任何系統中的人都可以使用PDF API功能。因此，我們認為這種成長不會減弱。我們認為這些將繼續成為長期的順風，我們將從中受益。我認為，或許可以回到布拉德的問題，鑑於我們所看到的一切，我們之所以感到樂觀，是為了確保我們能夠繼續掌握這些機會。文件業務一直保持成長，只是成長加快了。我們認為這種趨勢將會持續下去。

Next, we'll hear from Kirk Materne with Evercore ISI.

接下來，我們將聽聽來自 Evercore ISI 的 Kirk Materne 的演講。

Actually, I want to stay on the same topic in terms of the Document Cloud. Shantanu, given that this might be the new normal and maybe demand is getting pulled forward, are you applying more resources to that area from a sales capacity perspective, either verticalizing even further? Just what are you doing, I guess, to capture, maybe what is the pull forward in terms of how people are thinking about the digitization of Document? And then, John, just on a related topic, your bookings, in fact, in Document ARR -- Document Cloud ARR has been up 30%, I think, the last 2 quarters. There seemed to be an upward bias perhaps on revenue in that segment. Is that a fair assumption going forward?

實際上，我想繼續討論文檔雲這個主題。 Shantanu，鑑於這可能是新的常態，而且需求可能正在提前，你們是否從銷售能力的角度投入更多資源到這個領域，或者進一步垂直整合？我想問的是，你們正在採取哪些措施來掌握這種提前需求，以及人們對文件數位轉型的思考方式？另外，John，關於這個相關主題，你們的文件雲端年度​​經常性收入（ARR）在過去兩個季度成長了30%（我記得是這樣）。這個領域的收入似乎存在著一種上升趨勢。這種假設對未來是否仍然適用？

Kirk, your first question is a good one. And again, going back to what we were able to do during this, we have made it so that the offerings that we have that combined the strength of what we are doing on Adobe Sign with the strength that we have on content in the Digital Experience business and what we were delivering with Forms, whether that was for the public sector, we have our entire field organization now out there evangelizing what we can do on the Document side. So that gives you one example of a significant shift as it relates to making sure that we have our entire organization aligned around the go to market.

柯克，你的第一個問題問得很好。再說一遍，回顧我們在此期間所做的工作，我們已經整合了我們在Adobe Sign方面的優勢，以及我們在數位體驗業務內容方面的優勢，還有我們之前在表單方面提供的產品（無論是面向公共部門還是其他領域），現在我們整個銷售團隊都在積極推廣我們在文件方面的功能。這可以作為一個例子，說明我們在確保整個組織圍繞市場推廣目標而進行重大調整。

I think in terms of partnerships and partnerships that we have done on the Document side and Sign and the API functionality, we've always talked about the opportunity that we have with Microsoft and the integration. We also announced a really strategic partnership with ServiceNow. If you think what ServiceNow is able to do, which is really change how workflows happen in an enterprise, every single one of those workflows then need a statement of record as it relates to a PDF that then makes that tangible. So again, that one we've been able to do. So really great question, and that's one of the ways in which we are able to pivot like a nimble small company rather than -- and use our brand rather than wait. And so that's an example of the entire -- DX field organization also now has an offering associated with Sign that they can take into every one of our customers.

我認為，就我們在文件、簽名和API功能方面建立的合作夥伴關係而言，我們一直在談論與微軟的合作機會以及整合方面的優勢。我們也宣布與ServiceNow建立了策略合作夥伴關係。 ServiceNow能夠真正改變企業內部的工作流程，而所有這些工作流程都需要一份與PDF相關的記錄，使其變得切實可感。所以，我們已經成功地實現了這一點。這是一個很好的問題，這也是我們能夠像一家靈活的小公司一樣靈活調整策略，而不是被動等待的方式之一——我們利用自身的品牌優勢，而不是被動等待。這也是整個數位轉型（DX）領域組織的一個例證——他們現在也擁有與簽名相關的解決方案，可以推廣給我們的每位客戶。

And I think on the -- in terms of the bias towards Document Cloud revenue growth versus Creative, both are just huge opportunities, and we continue to see growth opportunities coming for both. Certainly, obviously, the pandemic had maybe accentuated the move to digital document workflows and e-signatures. But as we talked about, we see some of these smaller businesses come back. We certainly expect them to come back in the Creative side as well because content creation is not going away, it's imperative going forward for these businesses. So I think we just are excited about the opportunity in both of those files and all the solutions associated with them.

我認為，就文檔雲端收入成長與創意業務的利弊而言，兩者都蘊藏著巨大的機遇，我們預計兩者未來都將持續成長。當然，疫情可能加速了數位化文件工作流程和電子簽章的轉型。但正如我們之前討論的，我們看到一些小型企業正在復蘇。我們預期它們也會在創意業務領域復甦，因為內容創作不會消失，而對這些企業而言，內容創作在未來至關重要。因此，我們對這兩個領域以及與之相關的所有解決方案的機會都感到非常興奮。

Jay Vleeschhouwer with Griffin Securities has our next question.

Griffin Securities 的 Jay Vleeschhouwer 提出了我們的下一個問題。

Shantanu, John, does the strategic mix shift in DX improve the feasibility of you're getting back to a 65% or better gross margin in DX, which is where you were before the TubeMogul acquisition? And perhaps as part of your overall strategy, you could also talk about the role of increasing self-serve, which we talked about on prior calls. Additionally, at Summit, Adobe had some very interesting things to say about some new initiatives and technologies such as scalable content; optimized personalization; pervasive commerce, which is a really interesting one; and then, of course, applications and intelligent services. So maybe talk about the latter in terms of how you're thinking about resources for those and incremental business opportunity from those.

Shantanu，John，你們在數位轉型（DX）方面的策略性組合調整是否能提高你們恢復到65%或更高毛利率的可行性？這個毛利率是你們收購TubeMogul之前的水準。或許你們也可以談談提升自助服務在整體策略中的作用，我們在之前的電話會議中也討論過這個問題。另外，在高峰會上，Adobe就一些新措施和技術發表了非常精彩的觀點，例如可擴展內容、優化個人化、普適商務（這確實很有趣），當然還有應用程式和智慧服務。所以，或許你們可以談談智慧服務，以及你們是如何考慮這些方面的資源投入，以及它們帶來的增量業務機會。

As always, Jay, that was 3 questions mirrored in one, but I appreciate all of them. I think as it relates to the COGS, I think, and the gross margin, you've actually seen that improve even as you look at the data sheet that you have for Q2. So I think it's something like $35 million or something quarter-over-quarter. So I think you see the improvement in the COGS. We're constantly looking at our COGS, and we want to make sure we improve.

傑伊，和往常一樣，你問的三個問題其實都包含在一個問題裡，但我非常感謝。關於銷貨成本（COGS）和毛利率，我認為從你提供的第二季數據來看，確實有所改善。我記得季度環比增長了大約3500萬美元。所以，銷貨成本確實有改善。我們一直在關注銷貨成本，並希望不斷改進。

I think your question around Summit and the excitement that we have around all the things that we announced is another reason why when you have that differentiated solution, that's really where, I think, our value-add to a customer is so much higher. And there's a lot of interest. There's a lot of interest as people look at it and say all of this data that they're now drowning in, how can they use Adobe's intelligent services so that it automatically personalizes whatever is required for a user across multiple channels. So you're right, I mean Summit for us was very interesting in that we were able to transact with a lot more folks. We got a lot more awareness out. We were able to actually advance what we would do with Summit that were globally rolled out. I would say it's probably a little less mature pipeline, and that's one thing that you miss the ability to move that forward. But all of that's now -- we expect that trend as we move into the second half in 2021 because that is going to be top of mind. So that's a little bit of how we're looking at it.

我認為您對 Summit 的問題，以及我們對所有已發佈內容的興奮之情，正是我們擁有差異化解決方案的另一個原因，因為我認為，這正是我們為客戶創造更高價值的關鍵所在。而且，人們對它非常感興趣。當人們看到他們現在被大量數據淹沒時，他們會思考如何利用 Adob​​e 的智慧服務，使其能夠自動為用戶在多個管道提供個人化服務。所以您說得對，Summit 對我們來說意義非凡，因為它讓我們能夠與更多人進行交易，提升品牌知名度，並推進我們計劃在全球範圍內推出的 Summit 功能。我認為，目前我們的產品線可能還不夠成熟，這也是我們目前面臨的問題，那就是缺乏推動這些功能的能力。但所有這些都已成為過去——我們預計，隨著 2021 年下半年的到來，這一趨勢將會持續下去，因為這將成為人們關注的焦點。這就是我們看待這個問題的一種方式。

We'll now hear from Kash Rangan with Bank of America.

接下來我們將聽取美國銀行的卡什·蘭根的發言。

First off, I want to just congratulate my friend, Brent Thill, on his 25 years of being a software analyst. Shantanu, in case you do not know, that's my value-add for you today. But my question for you, Shantanu, as far as Adobe, what were the lessons learned by Adobe in this quarter operating virtually as a company? And what are the windows -- or snippets of insights you could offer to us, go-to-market or product development, partnership, marketing, the things that you were able to accomplish virtually? And as a result, how much of it is here to stay as you look into 2021 and beyond? And the kind of savings, cost expenses, whatever it is, revenue opportunities, how should we frame Adobe post pandemic?

首先，我要祝賀我的朋友布倫特·蒂爾（Brent Thill）從事軟體分析師工作25週年。沙塔努（Shantanu），如果你還不知道的話，這就是我今天想跟你分享的。不過，沙塔努，我想問你一個問題：就Adobe而言，你們本季以線上方式運營，有哪些經驗教訓？你們能否分享一些關於行銷、產品開發、合作關係、行銷等方面的見解，以及你們在線上完成的工作？在這些工作中，有多少能夠延續到2021年及以後？疫情後，Adobe在節省成本、降低支出、創造收入等方面有哪些優勢？我們該如何看待疫情後Adobe的發展？

Yes, Kash. I mean it's something that we are all focused on a lot as a company. I mean, first, I will reiterate the fact that overnight, as a company, 20,000 employees all around the world were productive. I mean in my internal note to the company as part of this earnings, I said I was just blown away. We had our first ever virtual close, the IT organization in terms of how they've made sure that we're all productive through video conferences. And I would actually say, when you look at existing projects, most people would say that their productivity is actually greater than 100% because they're saving on travel, they're saving on the ability to be very productive without too many meetings. And so I think as it relates to the new normal, on the product engineering side, it's been phenomenally successful. I think we need a little bit more focus on what happens with respect to creating new projects, so that's one of the brainstorming that happens as it relates to the virtual whiteboarding. So that's something that we will continue to focus on.

是的，Kash。我的意思是，這是我們公司非常關注的事情。首先，我要重申，一夜之間，我們公司全球兩萬名員工都高效運作起來了。我在給公司的內部報告中也提到過，這次財報發布後，我感到非常震撼。我們首次實現了線上收尾，IT部門透過視訊會議確保了我們所有人的高效工作。實際上，如果你看看現有的項目，大多數人都會說他們的生產力實際上超過了100%，因為他們節省了差旅費用，也節省了開會的時間，從而能夠高效地完成工作。所以我認為，就產品工程方面而言，這種新常態取得了巨大的成功。我認為我們需要更加關注新項目的創建，這正是我們在虛擬白板討論中進行頭腦風暴的原因之一。我們會繼續關注這一點。

On the dealing with customers, which was the other part -- so internally, we feel very good. On the dealing with customers, I think that went through a little bit of a slow pace as customers were first thinking about their internal. But frankly, right now, I mean, sometimes you feel like you've conquered time and space because you can have meetings with people across 4 continents on the same day. It makes for a long day, Kash, but it actually feels really good that we're now engaging with customers. So we just feel that our ability to attract talent also, wherever they might live, that's going to improve. And so net-net, I would say, for a company like Adobe, internally, our productivity is overall higher. But even more important, I think, it serves as an inflection point because every single company is now going to say, hey, I need to go talk to Adobe, whether it's about Creative, whether it's about Document or whether it's about Digital Experience. So I think the macro tailwind is probably going to be the longer-lasting benefit to a company like Adobe.

至於與客戶的溝通，也就是另一部分——就內部而言，我們感覺非常好。在客戶溝通方面，我認為進展稍顯緩慢，因為客戶最初考慮的是內部事務。但坦白說，現在，有時你會感覺自己彷彿征服了時間和空間，因為你可以在同一天與來自四大洲的人開會。卡什，這確實會讓一天變得很漫長，但我們現在能夠與客戶互動，這種感覺真的很好。因此，我們覺得我們吸引人才的能力，無論他們身在何處，都會得到提升。所以總的來說，我認為對於像Adobe這樣的公司而言，我們的內部生產力總體上更高了。但更重要的是，我認為這是一個轉捩點，因為現在每家公司都會說，嘿，我需要和Adobe談談，無論是關於創意、文件還是數位體驗方面。所以我認為，宏觀層面的利多因素可能會對像Adobe這樣的公司產生更持久的影響。

And certainly, Brent, congratulations on 25 years. I mean the 2 of you have been a great sort of followers of the company and very insightful, so congratulations.

當然，布倫特，祝賀你入職25週年。我的意思是，你們兩位一直是公司的忠實擁護者，而且見解獨到，所以，恭喜你們。

We'll now hear from Keith Bachman with Bank of Montreal.

接下來我們將聽聽蒙特婁銀行的基斯·巴赫曼的演講。

Shantanu, I want to direct this to you. In the past, you've talked about the growth of Creative, Creative being both people or units as well as price/mix, and suggested that the growth of users has been a greater contributor to the net growth rates of Creative. I just wanted to see, given the pandemic over the next few quarters, is that still true? And how are you thinking about potential price increases when you normally introduce new products with the Creative suite? And then also just wanted to sneak in one to see if you could give us an update on Magento traction and integration and any kind of anecdotes on run rates associated with that property.

Shantanu，我想問你一些問題。你之前談過創意業務的成長，包括用戶數量、產品數量以及價格/產品組合，並指出用戶成長對創意業務淨成長率的貢獻更大。我想了解一下，考慮到未來幾季疫情的影響，這個觀點是否仍然成立？另外，你通常會在創意套件中推出新產品，那麼對於潛在的價格上漲，你又是如何考慮的呢？還有，我想順便問一下，你能否介紹一下Magento的成長情況和整合情況，以及與該平台相關的任何營運數據方面的案例？

Yes. I think on your first question, there's no question that the creative market, and everybody who has a story to tell, is only getting larger. I mean, as we said, we were proud of our $30 million provisioned feat also for education, which is going to be, I think, a great base for us to build on. And I wouldn't say it is one segment or the other. I think really, Keith, it's all of the different segments. Mobile did very well. We have different price points. We have Spark for communicators. And again, our vision is very clear. It's the one-stop shop for everything from inspiration to monetization. So expect us to continue to see more offerings, more price points and using our DDOM, frankly, to both acquire them as well as to make sure that we serve them appropriately.

是的。關於你的第一個問題，毫無疑問，創意市場以及所有有故事要說的人都在不斷壯大。正如我們所說，我們為教育領域3000萬美元的撥款感到自豪，我認為這將是我們未來發展的堅實基礎。我不會說它只局限於某個特定領域。我認為，基思，它涵蓋了所有不同的領域。行動端表現非常出色。我們提供不同的價格定位。我們為傳播者推出了Spark。再次強調，我們的願景非常清晰。它將成為從靈感到盈利的一站式平台。因此，預計我們將繼續推出更多產品、更多價格定位，並利用我們的數位行銷平台（DDOM）來獲取客戶，同時確保我們能夠為他們提供合適的服務。

I'm glad you asked a question on commerce. Commerce usage has certainly gone up very dramatically in terms of how we've seen it. The enterprise adoption of our commerce solutions was very strong in the quarter. I think it's important for all of you to also remember that the way we do that is it's typically license-based with a band of how many transactions. So it's really not about that the transaction doesn't immediately result in revenue but whether it's a true-up or whether it's an increased band that they will have to go to. So new customer acquisition was good in that. Usage has certainly gone up. It's almost like you're having Black Fridays or Cyber Mondays every day, but we'll continue to hopefully see that as we talk about renewals, how they get into higher bands.

很高興您問到關於電商的問題。就我們觀察到的情況來看，電商的使用量確實大幅成長。本季企業對我們電商解決方案的採用率非常高。我認為大家需要記住的是，我們通常是基於許可協議，並根據交易次數設定一個收費區間。所以，關鍵不在於交易是否立即產生收入，而是是否需要結算，或是是否需要提升收費區間。因此，新客戶獲取情況良好，使用量也確實有所成長。感覺就像每天都在經歷“黑色星期五”或“網絡星期一”一樣，我們希望在討論續訂以及客戶如何進入更高收費區間時，能夠繼續看到這種增長勢頭。

Our final question will come from Alex Zukin with RBC Capital Markets.

最後一個問題來自加拿大皇家銀行資本市場的 Alex Zukin。

Congrats to Brent for 25 years. I guess maybe, Shantanu, can you talk a little bit about -- as you look at the linearity of the quarter, particularly for the Digital Experience business, kind of taking out the Advertising Cloud piece, where are we in terms of sales cycle normalization in your mind? And then maybe as a quick follow-up on the margins, given the new positive tailwind to gross margin from some of these initiatives, is it fair to say that the new operating margin profile should be somewhere between the 1Q and 2Q levels?

祝賀布倫特入職25週年。我想，沙塔努，您能否談談——從您觀察本季整體業績，特別是數位體驗業務（暫且不談廣告雲業務）的情況來看，您認為銷售週期正常化程度如何？另外，鑑於一些新措施對毛利率帶來的正面影響，能否就利潤率方面快速補充一下，新的營業利潤率是否應該介於第一季和第二季之間？

John, certainly, you can add on the margin. I think, Alex, as it relates to the linearity during the quarter, I think the month of March, and this is probably true for most of the businesses, that was where the real impact was felt, and then April actually became worse. But I think as we got into May, people started to engage a lot more. We saw signs of improvement. I think John touched on that as well. And so I think that's the way I would highlight it for 1 month, 1.5 months. Everybody knew digital was an imperative, but they had other fires that they were fighting. And then as it related to March -- I mean May, sorry, it all started to open up, and we're having far more conversations with customers. So hopefully, that gives you some feeling about linearity, which is why we're optimistic about moving forward, as we have that pipeline, how we will deal with. And the operating margin will be -- between the Q1 and Q2 levels, if you think about it, you're not going to see any big change dramatically. But as John said, I think we'll continue to invest in it.

約翰，當然，你可以把利潤率也算進去。亞歷克斯，就本季的線性發展而言，我認為三月（這可能對大多數企業來說都是如此）才是真正受到影響的月份，四月份的情況實際上更糟。但我認為到了五月份，人們開始更多地參與。我們看到了好轉的跡象。我想約翰也提到了這一點。所以，我認為這就是我對這一個月或一個半月的重點總結。每個人都知道數位轉型勢在必行，但他們還有其他事情要處理。然後，就三月而言——抱歉，應該是五月——一切都開始恢復正常，我們與客戶的溝通也更加頻繁了。所以，希望這能讓你對線性發展有所了解，這也是為什麼我們對未來的發展持樂觀態度，因為我們有銷售管道，我們將如何應對。至於營業利潤率——如果你仔細想想，它應該會在第一季和第二季之間，不會有任何劇烈的變化。但正如約翰所說，我認為我們會繼續投資。

And I realize we ran a little bit long with the prepared remarks, and so we may not be able to get all of the questions. But let me again say, I'm really proud, I'm proud of what the company was able to accomplish in Q2. And I'm even more excited about what the future growth opportunities are for Adobe, because there's no question that digital is going to be even more of a driver of the economy. It's going to amplify the urgency for individuals to be creative and collaborative. It's going to improve the urgency for enterprises to engage digitally. And when you think about the portfolio of products that we have, learning is no longer -- learning to be creative will no longer be a luxury. Dealing with electronic documents is going to be the way business is transacted. The PDF platform and ecosystem is thriving. And on the DX side, engaging digitally with customers is going to be mission-critical, irrespective of the size of the business.

我知道我們的發言稿有點長，可能沒能回答所有問題。但我還是要再次強調，我真的非常自豪，我為公司在第二季的成就感到驕傲。我對Adobe未來的成長機會更加充滿期待，因為毫無疑問，數位化將成為經濟發展的更強大驅動力。它將進一步強化個人創造力和協作能力的迫切需求，也將促使企業更加重視數位轉型。想想我們現有的產品組合，學習——尤其是學習如何發揮創意——將不再是一種奢侈。處理電子文檔將成為商業交易的主流方式。 PDF平台和生態系統正在蓬勃發展。在數位轉型方面，無論企業規模大小，與客戶進行數位互動都將至關重要。

And so we're proud of our unique business model. Growth is a priority for us, but we will always focus as we have with great cash flow and high profitability. I'm proud, again, as I said, that we used this crisis to further refine our strategy and aligned the organization on what truly matters, which is sustained innovation and delighting our customers.

因此，我們為我們獨特的商業模式感到自豪。成長是我們的首要任務，但我們將一如既往地專注於保持強勁的現金流和高獲利能力。正如我之前所說，我再次感到自豪的是，我們利用這次危機進一步完善了我們的策略，並使組織上下齊心協力，專注於真正重要的事——持續創新和讓客戶滿意。

Please stay safe, stay healthy, and thank you very much for joining us today.

請注意安全，保持健康，非常感謝您今天加入我們。

This concludes our call. Thanks, everyone.

通話到此結束。謝謝大家。