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 Q2 FY '20 Quarterly Earnings Call。 （操作員說明）今天的會議正在錄製中。

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

我想把會議交給我們的投資者關係副總裁喬納森·瓦斯。請繼續，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，感謝您加入我們。 Adobe 總裁兼首席執行官 Shantanu Narayen 今天在他們的總部與我通話。 John Murphy，執行副總裁兼首席財務官；以及 Mike Saviage，他在 3 月宣布辭去 Adobe 投資者關係主管的職務，並繼續協助過渡。

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.

在這次電話會議上，我們將討論 Adobe 2020 財年第二季度的財務業績。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的 PDF 文件和更新的數據表。

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 6 月 11 日的信息，並包含涉及風險、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。有關這些風險和不確定性的討論，您應該查看我們今天發布的新聞稿以及 Adobe 向美國證券交易委員會提交的文件中披露的前瞻性聲明。

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 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。我希望你和你的家人平安健康。 Adobe 的第二季度恰逢我們希望的 COVID-19 大流行的高峰期。世界各地的人們將注意力轉移到自己的健康和家庭上。企業專注於保護員工、財務穩定和繼續為客戶服務。不幸的是，數百萬人失去了工作，中小企業受到的打擊尤其嚴重。

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 的重點仍然是員工的健康和安全、為我們的客戶服務以及確保業務連續性。我們儘早採取果斷行動，指示我們的團隊在 2020 年之前在家工作、暫停旅行並取消面對面的活動，以拉平曲線。

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，我們向 COVID-19 救援組織捐贈了超過 500 萬美元和 22,000 小時的虛擬志願者時間。我們也很自豪能成為開發 COVID-19 測試數據響應平台的聯盟的一員，為公共衛生官員和政府提供測試篩查預約和見解。我們立即制定了工作流程來控制可自由支配的開支並評估我們的戰略重點，以加倍關注那些將推動長期最大增長和盈利能力的重點。通過所有這些，我們員工的應變能力和靈活性令人敬畏。我為我們的員工如何過渡到這一新現實感到自豪。

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 是一家數字體驗公司，每天有數百萬全球客戶依賴我們的產品來創建世界內容、自動化關鍵文檔流程並以數字方式與客戶互動。 Adobe 在 Creative Cloud、Document Cloud 和 Experience Cloud 這 3 個大型且不斷增長的類別中的領先地位正在推動我們的業績。

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 在 Adobe Creative Cloud、Adobe Document Cloud 和 Adobe Experience Cloud 上推動了第二季度的強勁表現。我們在第二季度實現了 31.3 億美元的收入，同比增長 14%。本季度 GAAP 每股收益為 2.27 美元，非 GAAP 每股收益為 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.

在我們的數字媒體業務中，我們在第二季度推動了 Creative Cloud 和 Document Cloud 的強勁收入增長。淨新數字媒體年化經常性收入或 ARR 為 4.43 億美元，第二季度的數字媒體 ARR 總額增長至 91.7 億美元。第二季度創意收入為 18.7 億美元，同比增長 17%。淨新 Creative Cloud ARR 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.

過去幾個月向我們表明，在不確定時期，人們正在轉向創造性表達來學習、應對和產生影響。 Adobe Creative Cloud 是這一新創意復興的中心，它為所有人釋放創造力，並讓全世界數百萬人能夠講述他們的故事。隨著學校面臨物理關閉並轉移到網上，我們將注意力集中在使他們能夠在家中進行創作。我們立即為 3000 萬在家的學生提供 Creative Cloud，並為教師提供遠程學習支持。

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.

在第二季度，我們看到 Creative Cloud 和 Document Cloud 上的 adobe.com 流量創下歷史新高。由於 Adobe Premier Pro 和 After Effects 的強大參與度，對我們的專業視頻產品的需求特別高。我們繼續看到使用 Premier Rush 的社交內容創作者穩步增長，每月活躍用戶環比增長 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.

移動流量、會員註冊和貨幣化繼續加速。自 2020 年初以來，Adobe Fresco 的下載量增長了 40% 以上。Photoshop Express 的月活躍用戶已超過 2000 萬。

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.

我們的團隊正準備在本月晚些時候進行重要的 Creative Cloud 更新，其中包括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，這在這種環境中尤為重要。我們很高興本週在 iOS 和 Android 上全面推出 Photoshop Camera，將 Photoshop 的魔力帶到了拍攝點。 Photoshop Camera 是一款有趣且簡單的消費者應用程序，面向社交創作者，這是 Adobe 日益重要的細分市場。

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 Adobe，我們相信每個人都是創造者，我們需要製作適合不同技能水平的產品。 Adobe Spark 既可以在網絡上使用，也可以作為移動應用程序使用，面向需要為其企業、學校或社區創建社交圖形、網頁和短視頻的大量傳播者。

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.

作為我們創意業務戰略審查的一部分，我們決定增加對兩個令人興奮的領域的投資：提供新的解決方案來解決通信器領域未滿足的需求，並確保網絡瀏覽器是一流的創作平台。

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.

我們為在激勵全球創意社區方面發揮的作用感到自豪。通過我們的“榮譽英雄”活動，我們激勵我們的社區創作藝術品，以紀念前線的重要工作人員。我們製作了與 Adobe Fresco 兼容的數字著色書，並與音樂家 Marshmello 發起了一項創意活動，挑戰粉絲為他的最新單曲 Be Kind 製作視頻。

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 收入達到創紀錄的 3.6 億美元，我們將 Document Cloud ARR 增長到 12.4 億美元。借助 Adobe Document Cloud，我們正在提高文檔生產力，使我們的客戶能夠在遠程工作環境中無縫地參與、交易和協作。正如我們對 Creative Cloud 所做的那樣，我們實施了幾個計劃來支持我們的客戶。這包括在 adobe.com 上免費提供我們基於 Web 的 PDF 服務，並實施一項政府快速響應計劃，通過為 Adobe Document Cloud 提供擴展試用來協助地方政府。

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.

向遠程工作的轉變推動了對數字文檔的需求激增，基於 Web 的 PDF 服務的使用量環比增長近 40%，在 Acrobat 中共享的文檔數量同比增長 50%。我們繼續推動我們基於雲的電子簽名解決方案 Adobe Sign 的大力採用，自本財年開始以來，使用量增長了 175%。移動設備使用量激增，Acrobat Reader 安裝量同比增長 43%，Adobe Scan 安裝量同比增長 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我們的政府客戶加速向數字化轉型方面發揮的作用感到自豪。當西雅圖迅速轉向遠程辦公時，西雅圖市的數字工作場所部門在其部門部署了 Adobe Sign。猶他州正在使用 Adobe Acrobat 和 Sign 作為其遠程工作計劃的一部分，以促進全州的應急響應和簡化通信。

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.

作為對文檔業務進行戰略審查的一部分，我們正在增加對 Adobe Sign 和我們在 Web 上的 PDF 服務以及通過 API 提供 PDF 功能的投資，以利用向遠程工作和數字優先文檔流程的大規模轉變。

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.

在我們的數字體驗業務中，我們在本季度實現了 8.26 億美元的 Experience Cloud 收入。正如我們上次財報電話會議所述，由於公司優先考慮員工和財務狀況，我們看到企業預訂和諮詢服務實施的預期延遲。某些垂直領域的企業客戶所經歷的極端經濟挑戰以及我們針對中小型企業的商業部門的疲軟也對預訂產生了不利影響。此外，全球廣告支出的大幅下降影響了我們的廣告雲收入。

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.

儘管存在短期挑戰，但數字化轉型的任務已變得更加緊迫。企業繼續認可 Adobe 在客戶體驗管理方面的領導地位。本季度贏得的主要客戶包括 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，並自豪地看到我們的技術所產生的影響。美國人口普查局等政府組織正在依靠 Adobe Experience Cloud 實現公民體驗的現代化。 3M 和 Verizon 正在從 Adobe Experience Platform 中獲益，現在我們在 Adobe Experience Platform 上運行的活躍客戶檔案累計超過 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 多渠道營銷中心魔力像限的 19 家供應商中被評為領導者，並在 B2B 和 B2C Commerce Suites Wave 報告中被 Forrester 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 Adobe 峰會轉變為一個專門的數字活動，在那裡我們推出了新的 Adobe Experience Cloud 創新，包括智能服務、客戶旅程分析和客戶體驗管理手冊。 Adobe Summit Live 虛擬體驗使我們能夠吸引比現場活動更多的觀眾，並為虛擬活動樹立了標杆。我們累計接待了超過 50 萬名訪客。

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.

雖然很難想像只與 CMO 和 CIO 虛擬開展業務，但每個在家工作的人的一個附帶好處是，我們能夠安排和接觸來自多個大洲的更多客戶。在與商業領袖的所有這些討論中，很明顯，對數字化，特別是客戶體驗的投資比以往任何時候都更加重要。

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.

由於對我們的數字體驗業務進行了戰略審查，很明顯我們在內容和商業、客戶旅程管理以及客戶數據和洞察力方面擁有無與倫比的價值主張和市場領先的解決方案，所有這些都由 Adobe Experience Platform 提供支持。為了進一步保持領先地位，我們正在增加對人工智能和機器學習、Adobe Experience Platform 上的下一代應用程序和服務的投資，並加速我們的內容和商業產品的集成。

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 軟件解決方案以及 Advertising Cloud 交易驅動的解決方案。我們將繼續為我們的數字體驗客戶提供我們的 Advertising Cloud 軟件解決方案，但這不會是一個向前發展的領域。 CMO 需要單一來源的廣告投資報告和歸因，我們可以通過 Advertising Cloud 和 Adobe Experience Cloud 的組合提供獨一無二的服務。我們已決定加快我們之前提出的消除低利潤廣告雲交易驅動產品的戰略。這些產品不再是我們提供客戶體驗管理的整體價值主張的核心，也不再為我們基於訂閱的預訂和收入做出貢獻，事實上，它們非常耗費資源。這一戰略轉變的影響在我們的第二季度收入、銷售成本和毛利率結果中顯而易見，並將被納入未來的數字體驗目標。

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 來推動巨大的企業機會。在過去的幾個月裡，Anil 繼續擴展他的職責，負責數字體驗業務的戰略、產品工程和營銷、諮詢和客戶成功。隨著 Adobe 全球現場運營執行副總裁 Matt Thompson 的長期計劃退休，Anil 現在將增加對整個全球企業現場組織的責任。在過去的 13 年中，Matt 在公司轉型為數字媒體業務訂閱軟件模式以及創建數字營銷類別方面發揮了關鍵作用。他建立了世界一流的市場營銷組織並倡導以客戶為中心。我會想念我們的伙伴關係，並祝馬特退休後一切順利。 Matt 建立了深厚的管理團隊，我相信這個合併後的組織將在 Anil 的領導下蓬勃發展。

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，我們在深度產品集成、平台創新和強大的生態系統方面進行了投資。我們有能力在不斷增長的客戶體驗管理總目標市場上執行。

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 Adobe，我們的信念是，我們成功的核心不僅在於我們做什麼，而且在於我們如何做。我們相信每個人都應該得到尊重和平等對待，我們對美國針對黑人社區的無謂暴力感到憤怒。這是對我們國家存在的不公正和系統性種族主義的痛苦提醒。我們可以而且必須做得更好，我們致力於在 Adobe 這樣做。

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?

偉大的公司是由他們在逆境中的領導方式來定義的。我們已經成功度過了幾次危機，並一直將其作為催化劑，使戰略和結構變革變得更加強大。我為我們的員工如何迎接當前的挑戰並團結一致以確保創新、以客戶為中心和堅持我們的核心價值觀感到特別自豪。我們的員工、廣泛多樣的產品組合、強大的資產負債表和嚴謹的運營節奏使我們在我們規模和規模的公司中處於一種稀有的氛圍中。我們將變得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，山塔努。在 20 財年第二季度，Adobe 實現了創紀錄的 31.3 億美元收入，同比增長 14%。第二季度 GAAP 攤薄每股收益為 2.27 美元，非 GAAP 攤薄每股收益為 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.

第二季度的業務和財務亮點包括 22.3 億美元的數字媒體收入、4.43 億美元的新數字媒體 ARR 淨額、8.26 億美元的數字體驗收入、以強勁的每股收益擴大盈利能力、11.8 億美元的運營現金流和約 260 萬美元的回購本季度我們的股票。

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.

儘管全球大流行持續存在，Adobe 第二季度的強勁表現表明我們的收入和利潤持續增長。鑑於我們有彈性的商業模式和健康的資產負債表，我們有能力應對持續的危機。在在家工作和遠程學習環境中，隨著數字參與繼續支撐全球經濟，我們推動內容創作、數字工作流程和數字轉型的戰略比以往任何時候都更加重要。

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.

在我們的數字媒體部門，我們在第二季度實現了 18% 的同比收入增長。在外匯調整的基礎上，使用我們第二季度開始時的有效匯率，數字媒體收入同比增長 19%。在第二季度，我們增加了 4.43 億美元的淨新數字媒體 ARR，這是我們有記錄以來最強勁的第二季度。本季度結束的數字媒體 ARR 總額為 91.7 億美元。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。創意收入同比增長 17%，我們將創意 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.

在第二季度，我們看到在家工作的環境中對我們在 adobe.com 上的解決方案的需求增加，並且我們產品的使用量在本季度顯著飆升。 Q2 創意增長驅動因素包括所有地區新用戶的強勁增長，包括個人對單個應用的採用；採用我們的專業視頻產品，包括單一應用 Premier Pro 訂閱，因為傳播者和 YouTube 用戶的參與度顯著增加；在將學生和試用用戶遷移到付費訂閱方面的實力；付費移動訂閱的顯著單位增長；並繼續專注於利用數據驅動的運營模式中的洞察力進行有針對性的活動，這推動了本季度網絡流量的顯著增長。

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 實現了又一個季度的強勁收入增長。我們實現了創紀錄的 Document Cloud 收入 3.6 億美元，同比增長 22%。我們在本季度增加了 9100 萬美元的淨新 Document Cloud ARR。與我們的創意業務一樣，Document Cloud 受益於與在家工作的知識工作者和溝通者相關的順風。我們有一個特別強勁的季度推動了 Adobe Sign 的新業務，淨新 ARR 同比增長了一倍以上。

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.

第二季度 Document Cloud 的表現受到 adobe.com 在個人和 SMB 細分市場的強大推動；消費者對移動應用程序和 PDF 服務的採用顯著增長；縮短企業 Acrobat 和 Sign 客戶的交易週期，因為將紙質流程轉換為數字化的必要性在全球範圍內加速；在政府部門增加管道並改進執行，特別是對於我們的標誌解決方案；免費移動應用用戶和我們的閱讀器安裝基礎轉換為付費訂閱。

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

在整個數字媒體中，與我們的預期一致，我們在經銷商渠道和 adobe.com 中遇到了 SMB 產品的一些弱點。

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.

談到我們的數字體驗部門，我們的主要重點是在我們的產品組合中增加基於軟件的訂閱收入。我們的 Adobe Experience Cloud 收入包括訂閱收入，其中包括來自 Advertising Cloud 的收入；專業服務收入；和其他，其中包括永久、OEM 和支持收入。

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.

在第二季度，我們實現了 8.26 億美元的季度數字體驗收入，同比增長 5%。數字體驗訂閱收入為 7.07 億美元，同比增長 8%。數字體驗訂閱收入（不包括廣告雲收入）同比增長 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.

正如我們在第一季度財報電話會議上所述，鑑於 COVID-19 的情況，我們的 Advertising Cloud 收入受到了負面影響。當我們看到全球廣告支出下降的程度時，我們在季度中期做出了停止追求交易驅動的廣告雲交易的戰略決定。與我們的第二季度目標收入相比，這共同導致了大約 5000 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.

交易驅動的 Advertising Cloud 產品的大部分收入按毛額確認，相關的媒體購買成本確認為已售商品成本，導致這些產品的毛利率百分比較低。雖然這些產品的停產將對收入產生負面影響，但它將使我們能夠推動我們的整體毛利率、DSO 和我們的數字體驗部門的盈利能力的改善，這在本季度的業績中已經很明顯了。

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.

我們現在預計整個財年的 Advertising Cloud 總收入約為 2 億美元，下半年為 7000 萬美元，較上半年有所放緩。相比之下，我們在 2019 財年實現了 3.6 億美元的 Advertising Cloud 收入，我們最初的 2020 年目標假設 Advertising Cloud 將以與數字體驗的整體訂閱收入一致的速度增長。

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，我們在數字體驗方面的專業服務收入同比下降約 8%。雖然在第二季度初將諮詢積壓轉化為收入方面存在一些延遲，但隨著季度的推進，我們看到了實施方面的進展。

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.

在充滿挑戰的季度中，我們繼續建立管道，並在我們的內容和商業產品中看到了實力，特別是在企業領域。與諮詢一樣，我們在本季度末看到了針對中小型企業的商業部門的一些勢頭。

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.

在整個 Adobe 中，當我們度過經濟低迷時期時，我們正在謹慎地管理業務以推動增長和盈利。我們減少了可自由支配的支出並實現了強勁的營業利潤率。由於招聘步伐的放緩、旅行和娛樂方面的節省以及現場活動的取消，我們的運營費用環比下降。在完成了我們的戰略審查和重新確定優先級之後，我們現在將把重點轉向適當投資以實現持續的長期增長。

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.

從環比貨幣的角度來看，FX 減少了 1800 萬美元的收入。我們在 20 財年第二季度的對沖收益為 500 萬美元，而在 20 財年第一季度的對沖收益為 700 萬美元。因此，考慮到對沖收益，收入的連續貨幣淨減少為 2000 萬美元。從同比貨幣角度來看，外匯收入減少了 3700 萬美元。考慮到對沖收益為 4100 萬美元，20 財年第二季度的對沖收益為 500 萬美元，而 19 財年第二季度的對沖收益為 900 萬美元，導致收入同比淨貨幣減少。

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 在第二季度的有效稅率在 GAAP 基礎上為負 10%，在非 GAAP 基礎上為 10%，符合我們的第二季度目標。我們的交易 DSO 為 40 天，而去年同期為 42 天，上一季度為 41 天。剩餘履約義務（RPO）在第二季度結束時同比增長 19% 至 99.2 億美元，環比相對持平。 Adobe.com 雲產品通常按月計費，報告為未開票的積壓訂單，而渠道產品按年計費，報告為遞延收入。本季度從 adobe.com 收購的強勁勢頭推動了從遞延收入到未開票積壓的混合轉變。我們以 34.6 億美元的遞延收入退出了第二季度。

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.

我們在第二季度結束時的現金和短期投資頭寸為 43.5 億美元，本季度運營現金流為 11.8 億美元。與宏觀經濟趨勢一致，我們看到客戶對計費優惠的要求有所增加。我們將繼續專注於與客戶合作，以確保他們在管理現金流的同時取得成功。

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.

在第二季度，我們以 8.5 億美元的成本回購了大約 260 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 34 億美元，該授權將持續到 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 Advertising Cloud 的戰略轉變，我們將撤回 2020 財年年度目標。

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.

我們的目標因素包括當前的宏觀經濟狀況、大流行的持續影響以及 6 月、7 月和 8 月夏季的典型第三季度季節性。對於第三季度，我們的目標收入約為 31.5 億美元，數字媒體部門收入同比增長約 16%，新數字媒體 ARR 淨額約為 3.4 億美元，數字體驗部門收入同比持平，數字體驗訂閱收入同比增長 5%，如果不包括 Advertising Cloud 收入，則增長 14%，按 GAAP 和非 GAAP 計算的稅率約為 10%，股票數量約為 4.85 億股，GAAP 每股收益約為 1.78 美元，以及非公認會計原則每股收益約為 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.

我們預計第四季度我們的數字媒體和數字體驗業務將出現典型的季節性增長。隨著我們繼續投資增長，我們預計我們的運營費用將與前幾年的增長率保持一致。

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.

總之，我們有彈性的商業模式、健康的資產負債表和數據驅動的運營模式使我們能夠成功應對這一前所未有的宏觀經濟環境。我們為我們的員工如何繼續創新和保持生產力感到非常自豪。鑑於數字技術將越來越多地推動全球經濟，我們的長期機遇依然強勁。

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

我現在將電話轉回給喬納森。

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，我們已將年度創意會議 Adobe MAX 轉變為今年 10 月的在線活動。有關活動的信息，請訪問 max.adobe.com。我們計劃在秋季晚些時候舉辦一次虛擬金融分析師會議。今年夏天，我們將向我們的分析師和投資者電子郵件列表發送邀請。

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回放，今天晚些時候將在 Adobe 的 IR 網站上提供電話會議的網絡廣播存檔。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 5:00 開始提供。今天太平洋時間，下午 5:00 結束。太平洋時間 6 月 18 日。

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

我們現在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.

（操作員說明）今天，我們將回答 Brent Thill 和 Jefferies 的第一個問題。

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，對於數字體驗的第三季度，您正在指導收入平穩增長。而且我認為許多人只是好奇，考慮到數字順風，為什麼這項業務面臨如此巨大的逆風？作為後續行動，如果你能談談隨著馬特的離開和阿尼爾的接班，場上的變化，只是在場上保證不會有任何重大變化，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，布倫特，很高興回答這兩個問題。我的意思是，首先，因為它與數字體驗有關，我認為，正如我們所說，雖然我們在本季度初看到興趣有點緩慢，但我們當然 - 因為人們處理員工問題以及金融穩定，對數字體驗的興趣和需求絕對會繼續增長。

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 的過渡，我們真的不希望有任何問題。馬特為此計劃了很長時間。 Anil 在擔任 Informatica 首席執行官期間無疑管理了該領域。有一個很深的長凳。馬特可用於過渡。他肯定會繼續成為公司的朋友。因此，我預計不會在字段轉換方面出現任何問題，因為下一層已經完全到位，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.

我認為這與第三季度的收入預期有關，布倫特，我想也許我可以再次談談我們在 Advertising Cloud 上所說的話，以確保每個人都理解這一點，這是機會，如果你採取回到數字體驗和客戶體驗管理，毫無疑問，它比這次大流行之前更大。如您所知，布倫特，我們擁有令人難以置信的獨特產品組合。所以我們所做的是我們說讓我們藉此機會真正優先考慮最大的增長向量以及看看盈利能力。內容和商業有一個很好的季度。客戶體驗編排仍然非常重要。分析和洞察力非常重要。和 Advertising Cloud，因為它與我們擁有的歸因和洞察力解決方案相關，它們為我們的客戶增加了大量的價值。

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，正如我們所說，在 Advertising Cloud 中，它們是兩個獨立的業務，軟件驅動和交易驅動，我們確實藉此機會加速了我們從低利潤交易業務的轉移，就像你請記住，我們實際上在去年的分析師會議上發出了信號。因此，當您排除與此相關的收入影響時，您會發現業務的實力仍在繼續。

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.

因為它與預訂有關，在第二季度，我們實現了——訂閱預訂的業務量超過 15%。我想說，在當前的氣候下，這是非常出色的表現。因此，我們繼續對這項業務感到非常積極。但希望這能帶來一些色彩。

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.

我要說的最後一件事是，即使你想想我們的第二季度布倫特原油，當我們指導到 31.75 億美元時，我們說我們有 5000 萬美元的廣告收入，我們果斷地決定停止追求。通過我們發布的數字，您可以看到我們有一個非常好的季度。

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

接下來，我們將聽取摩根士丹利的 Keith Weiss 的來信。

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?

本季度的工作非常好。將焦點轉移到等式的數字媒體方面，約翰，在你的評論中，你談到看到等式的商業和 SMB 方面存在一些弱點。坦率地說，4.43 億美元的淨新增 ARR 並沒有真正體現在數字上。因此，即使有弱點，你也能看到這種力量，這是非常了不起的。但是你能帶我們了解一下這些看跌期權嗎？比如，哪些領域較弱？哪些領域的表現如此強勁，以至於你們能夠，即使這樣，也超過了你的目標，比如 3.8 億美元？

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。也許我也會開始，基思，然後約翰當然可以補充。我的意思是，總的來說，很明顯，當您考慮創意和文檔業務、在家工作、就地避難以及創建和講述他們的故事的能力以及文檔正在發生的事情時，您是對的。我的意思是我們已經指導了大約 3.85 億美元。這是我們業務第二季度的記錄。所以它很強大。我認為我們試圖賦予色彩的是不同的市場路線。當您考慮進入市場的路線時，當然是 adobe.com，整個季度的流量非常強勁，因為如您所知，我們有一個數據驅動的運營模式。我們使用有效的營銷工具來繼續推動全球訪問者的獲取。

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.

我認為中小型企業，我們都會說，在您考慮客戶群時，可能是受影響最大的。因此，通過該渠道，我們試圖表明的是，該收入低於我們通常看到的水平。我們完全預計，隨著該細分市場繼續強勁增長，該業務將會恢復。但是，Keith，Document Cloud、Sign、Video、Single App 都做得非常好，因為它與 adobe.com 上發生的事情有關。因此，這更像是一條進入市場的途徑，並且可能有某些方面的人，他們通常通過該渠道進行交易，他們也可能因此來到 adobe.com。

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

是的。我不會添加任何東西。我認為 Shantanu 涵蓋了那裡的所有要點。

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

接下來，我們將聽取瑞銀的 Jennifer Lowe 的來信。

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，我想稍微跟進基思的問題，也許會更詳細一點，因為我們確實聽說了本季度對您有利的一些事情。你把它與指導形成對比，這似乎意味著事情會顯著下降，我知道這些事情很難解析，但也許只是看看你在本季度移動時淨新 ARR 的線性，是隨著人們搬到原地避難並在家工作，需求有所上升，然後有所放緩，這推動了特定水平的需求，您預計第三季度不會繼續？因為看起來很多這些東西都是耐用的。所以我很好奇，如果你有什麼方法可以分析出圍繞人們工作方式的變化可能是一個時間點，也許消費者對在家的需求相對於看起來應該是有利的事情，為企業帶來持久的轉變。

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，詹妮弗。同樣，我認為隨著避難所的到位，在家工作開始了，當我們上次與您交談時，我認為是在本季度的 10 天后，我們說我們實際上看到了 COVID 的有限影響。然後我們確實看到了與流量相關的增長，這實際上在整個季度都保持在相當高的水平。因此，我們繼續看到該特定業務在收購方面的實力。現在還早，但本季度的前幾天，我們再次看到第三季度的強勁勢頭。

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.

我認為如您所知並關注我們一段時間，第三季度往往是我們季節性疲軟的季度。我們對與數據驅動的運營模式相關的業務有如此深刻的洞察力。因此，儘管總體上反對潛在市場肯定是一個持久的趨勢，但我認為我們正在考慮正常的季節性因素。我們並不認為與中小型企業有關的情況會好轉。但總的來說，無論是 Document Cloud 還是 Creative Cloud，我們都感覺良好。不過，我認為，如果有一件事，我們可能高估了 COVID 對消費者空間的影響。現在我想你們中的一些人會喜歡，哇，那是非常出色的表現。我們——如果你也看看我們的第三季度數據，它將清楚地表明該業務的持續發展勢頭。

Saket Kalia with Barclays Capital has our next question.

巴克萊資本的 Saket Kalia 提出了我們的下一個問題。

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。偉大的。希望一切順利。 Shantanu，也許對你來說，你能談談關於 Advertising Cloud 的決定的大局嗎？似乎稍微降低對 Ad Cloud 交易部分的關注所帶來的利潤收益具有一個有趣的利潤副產品。所以也許更大的問題是，你覺得團隊可能會比過去在盈利能力和 DX 業務增長之間取得更多平衡嗎？

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.

嗯，首先，Saket，與企業領域的其他公司不同，我們從不追求不好的收入，盈利的收入，我知道其他公司會這樣做。所以我想說，我們在本季度做得很好的是，我們如何退後一步，從戰略上理解真正的長期增長機會是什麼，以及我們所看到的業務將如何轉變.在這種特定的背景下，當地球上的每家公司，無論是中小型企業還是大型企業，都在談論我如何與客戶進行數字化互動時，很明顯與我們的產品相關的內容和商業，我們可以圍繞客戶旅程編排做些什麼核心分析和洞察力正是我們在 Experience Platform 上構建的所有這些在獨特差異化方面無與倫比的地方。

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，確實有 2 項業務，這是我們已經討論過的內容，即顯示歸因如何運作的軟件驅動業務，這確實可以從 Adobe 分析洞察力中受益，以確保您'把錢花得很好。因此，我們將繼續提供。但我們懷疑這將是一個巨大的增長機會。是交易業務，資源非常密集。而那個，我們一直表示我們將減少這項業務。我們當然以大流行為催化劑，說讓我們現在就做出改變，這樣我們就可以將我們的資源加倍用於真正代表持久、長期機會的東西。所以希望這能讓你在戰略上有點色彩，為什麼要浪費危機來做出你知道你可以做出的改變，以成為一家更強大的公司。

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

我們的下一個問題將來自瑞士信貸的 Brad Zelnick。

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?

祝賀你們在一個偉大的季度。我的問題是給約翰的。約翰，在您準備好的講話中，您表示，在結束戰略審查後，您現在將把注意力轉向適當投資以實現持續的長期增長。你能詳細說明你的意思嗎？這與 Adobe 一直以來的做法有何不同？

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，這是一個公平的問題，布拉德。我認為，當我們因為大流行而查看第二季度時，我們顯然受益於收益和與費用相關的利潤率，這些費用基本上放緩了，因為我們無法以通常僱用的方式僱用。我們無法按照我們想要的方式旅行，當然，面對面的活動也被取消了。我們當然是一家以增長為導向的公司。所以重點是說，嘿，我們將投資於未來的增長。正如 Shantanu 所說，我們面前有這些絕佳的機會。因此，我們在第二季度實現的營業利潤率就是我將其用作趨勢線的營業利潤率。這真的是我想要達到的。我們有很好的投資增長機會。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，我們將繼續提高盈利能力。

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，也許只是在約翰補充的基礎上再補充一點，我的意思是，我們實際上在本季度初採取了非常果斷的行動，因為我們不知道大流行將有多廣泛、多長時間才能確保我們控制住我們的開支。當您查看我們在 Document Cloud 上擁有的機會時，當您查看我們在 Experience Platform 上擁有的機會時，我們能夠繼續進行可變營銷以確保我們獲得合適的客戶，從而提供合適的服務長期價值，我認為這對我們來說非常重要，要繼續確保我們將公司重新開放給我們所擁有的長期機會，因為我們將處於一個比較小的公司。所以就你之前的觀點而言，布拉德，這是我們一直在做的事情。我認為約翰也指的是我們採取的早期行動。並且說，嘿，我們了解我們的業務，因此是時候真正關注將繼續推動收入和利潤增長的長期機會了。

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

我們現在將聽取 Bernstein Research 的 Mark Moerdler 的來信。

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?

恭喜這個季度，考慮到所有的活動部分，要通過你的方式是一件艱難的事情。 Document Cloud 和 Sign 本季度表現非常強勁。正如您所提到的，COVID-19 是順風。你能給我們一些關於你如何看待這些順風前進的看法嗎？當人們開始後退時，它們會減弱嗎？當他們向後移動時，他們會繼續嗎？任何顏色將不勝感激。然後作為快速跟進，您能否就現在通過 adobe.com 獲得的收入與傳統收入相比有多少？

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，我認為這類似於詹妮弗提出的問題，即沒有人會像往常一樣恢復正常工作。我的意思是，如果您將 Adobe 作為一家公司以及我們如何考慮重新進入，我認為新常態將是人們在偏遠地區工作，更多地參與數字化，確保數字化繼續成為一個非常重要的現象。所以我認為，正如你所知道的，馬克，因為它與文件有關，我們對此感到很興奮。我們一直在談論從永久訂閱到訂閱的轉變。我們曾討論過網絡上的 PDF 服務。正如我們所說，這一切都是實質性的增長，確保 PDF API 功能可供任何想要文檔的人使用，該文檔是他們試圖完成的任何系統的一部分。所以我們認為這不會減弱。我們認為，這些將繼續成為我們將從中受益的長期順風趨勢。而且我認為，再一次，也許回到布拉德的問題，考慮到我們所看到的一切，這就是我們感到樂觀的原因，以確保我們繼續利用這些特殊機會。因此，文檔業務一直在增長。它只是加速了。我們認為這是一種持久的趨勢。

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

接下來，我們將聽到 Kirk Materne 與 Evercore ISI 的合作。

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，我想在 Document Cloud 方面保持相同的主題。 Shantanu，鑑於這可能是新常態，並且可能需求正在被拉動，您是否從銷售能力的角度將更多資源應用於該領域，或者進一步垂直化？我想，你在做什麼來捕捉，也許就人們如何看待 Document 的數字化而言，有什麼推動力？然後，約翰，關於一個相關主題，您的預訂，事實上，在 Document ARR 中——我認為，在過去的兩個季度中，Document Cloud ARR 上升了 30%。該細分市場的收入似乎存在向上偏差。這是一個公平的假設嗎？

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，你的第一個問題很好。再說一次，回到我們在此期間能夠做的事情，我們已經做到了，我們所擁有的產品將我們在 Adobe Sign 上所做的優勢與我們在數字體驗中的內容優勢相結合業務以及我們通過 Forms 交付的內容，無論是針對公共部門，我們現在都有我們的整個現場組織，宣傳我們可以在 Document 方面做些什麼。因此，這為您提供了一個重大轉變的示例，因為它與確保我們的整個組織圍繞進入市場保持一致。

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，就我們在文檔方面和簽名以及 API 功能方面所做的合作夥伴關係而言，我們一直在談論我們與微軟的機會和集成。我們還宣布與 ServiceNow 建立真正的戰略合作夥伴關係。如果您認為 ServiceNow 能夠做什麼，即真正改變企業中工作流程的發生方式，那麼這些工作流程中的每一個都需要一份記錄聲明，因為它與 PDF 相關，然後使其變得有形。再說一次，我們已經能夠做到這一點。這是一個非常好的問題，這是我們能夠像一家靈活的小公司而不是 - 使用我們的品牌而不是等待的方式之一。這就是整個的一個例子——DX 現場組織現在也有一個與 Sign 相關的產品，他們可以將它帶給我們的每一位客戶。

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.

而且我認為 - 就 Document Cloud 收入增長與 Creative 的偏見而言，兩者都是巨大的機會，我們繼續看到兩者的增長機會。當然，顯然，大流行可能加劇了向數字文檔工作流程和電子簽名的轉變。但正如我們所談到的，我們看到其中一些小型企業捲土重來。我們當然希望他們也能回到創意方面，因為內容創作不會消失，這些業務必須向前發展。所以我認為我們只是對這兩個文件以及與它們相關的所有解決方案中的機會感到興奮。

Jay Vleeschhouwer with Griffin Securities has our next question.

格里芬證券的 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，DX 的戰略組合轉變是否提高了您在 DX 中恢復到 65% 或更高的毛利率的可行性，這是您在收購 TubeMogul 之前的水平？也許作為您整體戰略的一部分，您還可以談論增加自助服務的作用，我們在之前的電話中談到了這一點。此外，在峰會上，Adobe 對一些新舉措和技術（例如可擴展內容）說了一些非常有趣的事情；優化的個性化；無處不在的商業，這是一個非常有趣的商業；然後，當然是應用程序和智能服務。因此，也許就您如何考慮這些資源以及從中增加的商業機會而言，談論後者。

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.

與往常一樣，傑伊，這是三個問題合二為一，但我很感激所有這些問題。我認為，由於它與 COGS 和毛利率有關，即使您查看第二季度的數據表，您實際上已經看到了這種改善。所以我認為這大約是 3500 萬美元或季度環比。所以我認為你看到了 COGS 的改進。我們一直在關注我們的 COGS，我們希望確保我們有所改進。

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.

我認為你關於峰會的問題以及我們對我們宣布的所有事情的興奮是另一個原因，當你擁有這種差異化的解決方案時，我認為這就是我們對客戶的附加值要高得多的地方。並且有很多興趣。當人們看到它並說他們現在淹沒在其中的所有這些數據時，有很多興趣，他們如何使用 Adobe 的智能服務，以便它自動個性化跨多個渠道的用戶所需的任何內容。所以你是對的，我的意思是峰會對我們來說非常有趣，因為我們能夠與更多的人進行交易。我們得到了更多的認識。我們能夠真正推進我們將在全球推出的峰會上所做的事情。我會說這可能是一個不太成熟的管道，這是你錯過向前推進的能力的一件事。但所有這些都是現在——我們預計到 2021 年下半年會出現這種趨勢，因為這將成為首要考慮因素。這就是我們如何看待它的一點點。

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

我們現在將聽取美國銀行的 Kash Rangan 的來信。

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，我想祝賀我的朋友 Brent Thill 成為軟件分析師 25 年。 Shantanu，如果你不知道，那是我今天給你的增值。但我要問你，Shantanu，就 Adobe 而言，Adobe 在本季度作為一家公司虛擬運營的經驗教訓是什麼？您可以向我們提供哪些窗口或見解片段、上市或產品開發、合作夥伴關係、營銷，以及您能夠虛擬完成的事情？因此，當您展望 2021 年及以後，其中有多少會留下來？以及那種節省、成本支出，無論是什麼，收入機會，我們應該如何在大流行後構建 Adobe？

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，卡什。我的意思是，作為一家公司，這是我們所有人都非常關注的事情。我的意思是，首先，我要重申一個事實，作為一家公司，一夜之間，全世界有 20,000 名員工富有成效。我的意思是，在我給公司的內部說明中，作為收益的一部分，我說我只是被震驚了。我們第一次虛擬關閉了 IT 組織，他們如何確保我們都通過視頻會議高效工作。實際上，我想說的是，當您查看現有項目時，大多數人會說他們的生產力實際上大於 100%，因為他們節省了差旅費用，他們節省了在沒有太多會議的情況下保持高效的能力。所以我認為，由於它與新常態有關，在產品工程方面，它取得了驚人的成功。我認為我們需要更多地關注在創建新項目方面會發生什麼，所以這是與虛擬白板相關的頭腦風暴之一。所以這是我們將繼續關注的事情。

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.

關於與客戶打交道，這是另一部分 - 所以在內部，我們感覺非常好。在與客戶打交道時，我認為這有點慢，因為客戶首先考慮的是他們的內部。但坦率地說，現在，我的意思是，有時你會覺得你已經征服了時間和空間，因為你可以在同一天與來自 4 大洲的人開會。這讓我們度過了漫長的一天，Kash，但實際上我們現在與客戶互動的感覺真的很好。所以我們只是覺得我們吸引人才的能力也會提高，無論他們住在哪裡。所以 net-net，我想說，對於像 Adobe 這樣的公司，在內部，我們的生產力總體上更高。但更重要的是，我認為，它是一個轉折點，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、文檔還是數字體驗。所以我認為宏觀順風可能會給像 Adobe 這樣的公司帶來更持久的好處。

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 25 歲。我的意思是你們兩個一直是公司的忠實追隨者，而且非常有見地，所以恭喜你。

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

我們現在將聽取蒙特利爾銀行的 Keith Bachman 的來信。

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，我想把這個給你。過去，您談到了 Creative 的增長，Creative 既是人又是單位以及價格/組合，並表示用戶的增長對 Creative 的淨增長率有更大的貢獻。我只是想看看，鑑於未來幾個季度的大流行，這仍然是真的嗎？當您通常使用 Creative 套件推出新產品時，您如何考慮潛在的價格上漲？然後也只是想偷偷溜進去看看你是否可以向我們提供有關 Magento 牽引力和集成的最新信息以及與該屬性相關的運行率的任何軼事。

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。我認為關於你的第一個問題，毫無疑問，創意市場以及每個有故事要講的人只會變得越來越大。我的意思是，正如我們所說，我們為我們為教育撥款 3000 萬美元而感到自豪，我認為這將是我們發展的一個很好的基礎。我不會說它是一個細分市場或另一個細分市場。我真的認為，基思，這是所有不同的部分。移動做得很好。我們有不同的價格點。我們有用於溝通者的 Spark。同樣，我們的願景非常清晰。它是從靈感到貨幣化的一站式商店。因此，坦率地說，期待我們繼續看到更多產品、更多價格點並使用我們的 DDOM 來獲取它們並確保我們為它們提供適當的服務。

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.

我很高興你問了一個關於商業的問題。就我們所看到的而言，商業使用量肯定急劇增加。本季度企業對我們的商務解決方案的採用非常強勁。我認為對你們所有人來說，重要的是還要記住，我們這樣做的方式通常是基於許可證的，並帶有一定數量的交易。所以這真的不是交易不會立即產生收入，而是它是否是真實的，或者是否是他們必須去的增加的樂隊。所以新客戶的獲取是好的。使用率肯定上升了。幾乎就像你每天都有黑色星期五或網絡星期一一樣，但當我們談論續訂，他們如何進入更高的樂隊時，我們將繼續希望看到這一點。

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

我們的最後一個問題將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 25 年。 Shantanu，我想也許你能談談 - 當你看到本季度的線性時，特別是對於數字體驗業務，有點去掉廣告雲部分，我們在銷售週期正常化方面處於什麼位置在你的腦海？然後也許作為對利潤率的快速跟進，考慮到其中一些舉措對毛利率產生了新的積極影響，是否可以公平地說新的營業利潤率應該在第一季度和第二季度之間的某個水平？

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，您可以在頁邊空白處添加。我認為，亞歷克斯，因為它與本季度的線性相關，我認為 3 月份，這對於大多數企業來說可能都是如此，那是感受到真正影響的地方，然後 4 月份實際上變得更糟。但我認為隨著我們進入五月，人們開始更多地參與其中。我們看到了改善的跡象。我認為約翰也談到了這一點。所以我認為這就是我在 1 個月、1.5 個月內強調它的方式。每個人都知道數字化是當務之急，但他們還有其他要撲滅的大火。然後因為它與三月有關——我的意思是五月，對不起，一切都開始開放了，我們與客戶進行了更多的對話。所以希望這能讓你對線性有一些感覺，這就是為什麼我們對向前發展持樂觀態度，因為我們有這條管道，我們將如何處理。營業利潤率將在第一季度和第二季度之間，如果你仔細想想，你不會看到任何巨大的變化。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.

我意識到我們準備的評論有點長，所以我們可能無法得到所有的問題。但讓我再說一遍，我真的很自豪，我為公司在第二季度取得的成就感到自豪。我對 Adobe 未來的增長機會更加興奮，因為毫無疑問，數字化將成為經濟的更多驅動力。這將放大個人發揮創造力和協作的緊迫性。這將提高企業參與數字化的緊迫性。當你想到我們擁有的產品組合時，學習不再是——學習創造性將不再是一種奢侈。處理電子文件將成為交易的方式。 PDF 平台和生態系統正在蓬勃發展。在 DX 方面，無論業務規模如何，以數字方式與客戶互動都將成為關鍵任務。

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。增長是我們的首要任務，但我們將一如既往地專注於擁有巨大的現金流和高盈利能力。正如我所說，我再次感到自豪的是，我們利用這場危機進一步完善了我們的戰略，並使組織在真正重要的事情上保持一致，即持續創新和取悅我們的客戶。

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

請保持安全，保持健康，非常感謝您今天加入我們。

This concludes our call. Thanks, everyone.

我們的電話到此結束。謝謝大家。