Adobe Inc (ADBE) 2020 Q1 法說會逐字稿

Good afternoon.

下午好。

I would like to welcome you to the Adobe First Quarter Fiscal Year 2020 Earnings Conference Call.

歡迎您參加 Adobe 2020 財年第一季度收益電話會議。

Today's call is being recorded.

今天的電話正在錄音。

(Operator Instructions)

（操作員說明）

I would like to now turn the call over to Mr. Mike Saviage, Vice President of Investor Relations.

我現在想把電話轉給投資者關係副總裁 Mike Saviage 先生。

Please go ahead, sir.

請繼續，先生。

Good afternoon, and thank you for joining us today.

下午好，感謝您今天加入我們。

Joining me on the call are Adobe's President and CEO, Shantanu Narayen; and John Murphy, Executive Vice President and CFO.

Adobe 總裁兼首席執行官 Shantanu Narayen 與我一起參加電話會議；和執行副總裁兼首席財務官 John Murphy。

In our call today, we will discuss Adobe's first quarter fiscal year 2020 financial results.

在今天的電話會議中，我們將討論 Adobe 2020 財年第一季度的財務業績。

By now, you should have a copy of our earnings press release which crossed the wire approximately 1 hour ago.

到目前為止，您應該已經獲得了大約 1 小時前發布的我們的收益新聞稿的副本。

We've also posted PDFs of our earnings call prepared remarks and slides and an updated investor data sheet on adobe.com.

我們還在 adobe.com 上發布了我們的收益電話會議準備好的評論和幻燈片的 PDF 文件以及更新的投資者數據表。

If you like a copy of these documents, you can go to Adobe's Investor Relations page and find them listed under Quick Links.

如果您喜歡這些文件的副本，您可以訪問 Adobe 的投資者關係頁面並在快速鏈接下找到它們。

Before we get started, we want to emphasize that some of the information discussed in the call, particularly our revenue and operating model targets and our forward-looking product plans, is based on information as of today, March 12, 2020, and contains forward-looking statements that involve risk and uncertainty.

在開始之前，我們要強調的是，電話會議中討論的一些信息，特別是我們的收入和運營模式目標以及我們的前瞻性產品計劃，是基於截至今天 2020 年 3 月 12 日的信息，並包含前瞻性涉及風險和不確定性的陳述。

Actual results may differ materially from those set forth in such statements.

實際結果可能與此類聲明中所述的結果大不相同。

For a discussion of these risks and uncertainties, you should review the forward-looking statements disclosure in the earnings press release we issued today as well as Adobe's SEC filings.

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收益新聞稿以及 Adobe 提交給美國證券交易委員會的文件中的前瞻性聲明披露。

On this call, we will discuss GAAP and non-GAAP financial measures.

在這次電話會議上，我們將討論 GAAP 和非 GAAP 財務指標。

A reconciliation between the 2 is available in our earnings release and on Adobe's Investor Relations website.

我們的收益發布和 Adobe 的投資者關係網站上提供了兩者之間的對賬。

Call participants are advised that the audio of this conference call is being webcast live and is also being recorded for playback purposes.

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。

An archive of the webcast will be made available on Adobe's Investor Relations website for approximately 45 days and is the property of Adobe.

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，並且是 Adobe 的財產。

The call audio and the webcast archive may not be rerecorded or otherwise reproduced or distributed without prior written permission from Adobe.

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存檔。

I will now turn the call over to Shantanu.

我現在將把電話轉給 Shantanu。

Thanks, Mike, and good afternoon.

謝謝，邁克，下午好。

We delivered another record quarter in Q1, achieving $3.09 billion in revenue, representing 19% year-over-year growth.

我們在第一季度實現了另一個創紀錄的季度，實現了 30.9 億美元的收入，同比增長 19%。

GAAP earnings per share for the quarter was $1.96, and non-GAAP earnings per share was $2.27.

本季度 GAAP 每股收益為 1.96 美元，非 GAAP 每股收益為 2.27 美元。

Our strategy of unleashing creativity for all, accelerating document productivity and powering digital businesses continues to drive strong top and bottom line performance.

我們為所有人釋放創造力、提高文檔生產力和支持數字業務的戰略繼續推動強勁的頂線和底線業績。

Adobe's unique advantage of enabling everyone from students to creative professionals to small businesses and large enterprises to create and deliver exceptional digital experiences is enabling our customers' success and fueling our business momentum.

Adobe 的獨特優勢使每個人（從學生到創意專業人士，再到小型企業和大型企業）都能夠創建和提供卓越的數字體驗，這正在幫助我們的客戶取得成功並推動我們的業務發展。

With Creative Cloud, Document Cloud and Experience Cloud, we're growing across all geographies and industries and appealing to a broader set of customers than ever before.

借助 Creative Cloud、Document Cloud 和 Experience Cloud，我們在所有地區和行業中不斷發展，並吸引了比以往任何時候都更廣泛的客戶群。

In our Digital Media business, we achieved record revenue in both Creative Cloud and Document Cloud in Q1.

在我們的數字媒體業務中，我們在第一季度的 Creative Cloud 和 Document Cloud 均實現了創紀錄的收入。

Net new digital media annualized recurring revenue, or ARR, was $400 million and total digital media ARR exiting Q1 grew to $8.73 billion.

新數字媒體的年化經常性淨收入（ARR）為 4 億美元，第一季度的數字媒體 ARR 總額增長至 87.3 億美元。

Q1 creative revenue was $1.82 billion, which represents 22% year-over-year growth.

第一季度創意收入為 18.2 億美元，同比增長 22%。

The desire to create rich and expressive experiences is universal.

創造豐富和富有表現力的體驗的願望是普遍的。

Adobe is giving everyone, including newer customer segments like business communicators and social media creators, the inspiration and tools to tell their story.

Adobe 正在為所有人（包括商業傳播者和社交媒體創作者等新客戶群）提供講述他們故事的靈感和工具。

We're proud of the impact our flagship digital imaging solutions have had in shaping culture and creative expression.

我們為我們的旗艦數字成像解決方案在塑造文化和創意表達方面所產生的影響感到自豪。

This year, Photoshop turns 30 years old.

今年，Photoshop 30 歲了。

Photoshop has helped push the limits of creativity across a broad range of creative disciplines from photography to graphic design.

Photoshop 幫助在從攝影到平面設計的廣泛創意學科中突破創造力的極限。

It is truly the heart of the creative world, and we continue to develop a steady stream of innovative new Photoshop capabilities and applications across surfaces.

它確實是創意世界的核心，我們將繼續開發出源源不斷的創新 Photoshop 新功能和跨表面應用程序。

Demand for our mobile applications like Photoshop on iPad, Lightroom and Photoshop Express continues to grow.

對 iPad 上的 Photoshop、Lightroom 和 Photoshop Express 等移動應用程序的需求持續增長。

With more than 35 million new Adobe IDs in Q1, mobile is proving to be a strong pipeline for paid mobile-only as well as desktop subscriptions.

第一季度有超過 3500 萬個新的 Adobe ID，事實證明，移動設備是付費移動設備訂閱和桌面訂閱的強大渠道。

Film has always had the incredible power to connect us through compelling stories, and Adobe continues to be the leader in video production software.

電影一直具有不可思議的力量，可以通過引人入勝的故事將我們聯繫起來，而 Adobe 仍然是視頻製作軟件的領導者。

At the recent Sundance Film Festival, more than 80% of the films created use Creative Cloud.

在最近的聖丹斯電影節上，超過 80% 的電影創作使用了 Creative Cloud。

Now more than ever, we believe every voice needs to be heard.

現在，我們比以往任何時候都更相信需要聽到每一個聲音。

As part of our efforts to empower diverse voices and support the next generation of filmmakers, Adobe launched the inaugural Women at Sundance | Adobe Fellowship and renewed our commitment to the Sundance Ignite program which supports young filmmakers.

作為我們賦予不同聲音和支持下一代電影製作人的努力的一部分，Adobe 在聖丹斯推出了首屆女性 | Adobe Fellowship 並重申了我們對支持年輕電影製作人的聖丹斯點燃計劃的承諾。

This quarter, Adobe Character Animator took home an Emmy for breaking new ground in television animation.

本季度，Adobe Character Animator 憑藉在電視動畫領域開闢新天地而榮獲艾美獎。

This recognition reflects our continued ability to create innovative applications and establish new categories.

這一認可反映了我們持續創造創新應用和建立新品類的能力。

Adobe Spark, our easy-to-use application for creating social graphics, videos and web pages, is now a top destination for hundreds of basic creative tasks.

Adobe Spark 是我們用於創建社交圖形、視頻和網頁的易於使用的應用程序，現在是數百個基本創意任務的首選目的地。

We are seeing great momentum with Spark, with organic search alone contributing more than 1 million new registered users per quarter.

我們看到 Spark 的發展勢頭強勁，僅自然搜索一項就每季度貢獻了超過 100 萬新註冊用戶。

Business communicators and social marketers are increasingly turning to Spark to help them engage with their audiences in compelling ways.

商業傳播者和社交營銷人員越來越多地轉向 Spark，以幫助他們以令人信服的方式與受眾互動。

Creativity is a fundamental skill in the digital age, and we remain committed to building STEAM skills for the next generation.

創造力是數字時代的一項基本技能，我們仍然致力於為下一代培養 STEAM 技能。

We recently announced a one-of-a-kind partnership with Teach for America to provide educator training, workshops and tools to put creativity front and center in the classroom.

我們最近宣布與 Teach for America 建立獨一無二的合作夥伴關係，提供教育工作者培訓、研討會和工具，將創造力置於課堂的前沿和中心。

Together, in this first phase, our goal is to reach 15,000 teachers and 500,000 students in the U.S. who otherwise wouldn't have access to creative tools or programs.

在第一階段，我們的目標是讓美國 15,000 名教師和 500,000 名學生共同受益，否則他們將無法使用創意工具或程序。

Our efforts to improve digital literacy extend across the globe.

我們提高數字素養的努力遍及全球。

While visiting India recently, I had the opportunity to meet with students who were finalists in an Adobe creativity competition.

最近訪問印度時，我有機會見到了在 Adobe 創意競賽中入圍決賽的學生。

In conjunction with the 150th anniversary of Mahatma Gandhi's birth, students from 20,000 schools were encouraged to depict how Gandhi's values can help our modern world prosper.

在聖雄甘地誕辰 150 週年之際，來自 20,000 所學校的學生被鼓勵描繪甘地的價值觀如何幫助我們的現代世界繁榮。

I was inspired and moved by students' messages of humanity and the brilliant ways they chose to tell their stories using Creative Cloud.

學生們傳達的人性信息以及他們選擇使用 Creative Cloud 講述故事的絕妙方式讓我深受啟發和感動。

With Adobe Document Cloud, we're accelerating document productivity, modernizing how people work with documents across all devices.

借助 Adobe Document Cloud，我們正在提高文檔生產力，使人們在所有設備上處理文檔的方式現代化。

Document Cloud revenue in Q1 was $351 million, and we grew Document Cloud ARR to $1.15 billion.

第一季度 Document Cloud 收入為 3.51 億美元，我們將 Document Cloud ARR 增長到 11.5 億美元。

This momentum is being driven by strong customer acquisition and the expanding portfolio of PDF mobile and web applications.

強勁的客戶獲取以及不斷擴大的 PDF 移動和 Web 應用程序組合推動了這一勢頭。

Key wins in the quarter included Equifax, Gannett, Shell and Cummins.

本季度的主要贏家包括 Equifax、Gannett、殼牌和康明斯。

Acrobat continues to be the gold standard for creating, editing, scanning, signing and sharing digital documents.

Acrobat 仍然是創建、編輯、掃描、簽名和共享數字文檔的黃金標準。

As more people are working on the go, our mobile app usage continues to rise.

隨著越來越多的人在旅途中工作，我們的移動應用程序使用率繼續上升。

More than 600 million people have installed Acrobat on their mobile devices.

超過 6 億人在他們的移動設備上安裝了 Acrobat。

As digital transformation continues at organizations across the globe, Adobe Sign continues to power paper-to-digital workflows across all industries, including the majority of Fortune 100 companies.

隨著全球組織繼續進行數字化轉型，Adobe Sign 繼續為所有行業（包括大多數財富 100 強公司）提供紙質到數字化工作流程。

This quarter, we extended the reach of Adobe Sign with an enhanced integration with SharePoint that enables people to easily create and sign digital forms.

本季度，我們通過與 SharePoint 的增強集成擴展了 Adobe Sign 的覆蓋範圍，使人們能夠輕鬆地創建和簽署數字表單。

We recently launched the ability to convert to and from PDF via one-click access on the web, providing a seamless on-ramp to PDF services and an Acrobat subscription.

我們最近推出了通過 Web 上的一鍵訪問來轉換為 PDF 和從 PDF 轉換的功能，為 PDF 服務和 Acrobat 訂閱提供了無縫的入口。

We're providing PDF functionality through APIs and expanding integrations with partners.

我們通過 API 提供 PDF 功能並擴大與合作夥伴的集成。

Our recent integration with Google Drive gives its more than 1 billion users instant access to Acrobat's best-in-class tools to create, view, annotate, modify and share PDFs without leaving Google Drive.

我們最近與 Google Drive 的集成使其超過 10 億用戶無需離開 Google Drive 即可即時訪問 Acrobat 一流的工具來創建、查看、註釋、修改和共享 PDF。

In our Digital Experience business, we achieved revenue of $858 million in Q1, which represents 15% year-over-year growth.

在我們的數字體驗業務中，我們在第一季度實現了 8.58 億美元的收入，同比增長 15%。

Now more than ever, every business across B2C and B2B and mid-market to enterprise must be a digital business, driving opportunity for Adobe Experience Cloud.

現在比以往任何時候都更重要的是，B2C 和 B2B 以及中型市場到企業的每一項業務都必須是數字業務，從而為 Adobe Experience Cloud 帶來機會。

The industry's most comprehensive offering, Adobe Experience Cloud features innovative applications and services built on the Adobe Experience Platform and leveraging Adobe Sensei's AI and machine learning framework.

Adobe Experience Cloud 是業界最全面的產品，提供基於 Adobe Experience Platform 並利用 Adobe Sensei 的 AI 和機器學習框架的創新應用程序和服務。

Key wins this quarter included Intuit, PayPal, Bank of America, CommonSpirit Health, Travelzoo, State of Oklahoma, Kohl's, National Instruments, Toyota Motor and Accenture.

本季度的主要贏家包括 Intuit、PayPal、美國銀行、CommonSpirit Health、Travelzoo、俄克拉荷馬州、Kohl's、National Instruments、豐田汽車和埃森哲。

Only Adobe has data from trillions of transactions, tens of millions of products and thousands of retailers, which gives us the unique ability to assess the global digital economy in real time.

只有 Adobe 擁有來自數万億筆交易、數千萬產品和數千家零售商的數據，這讓我們擁有了實時評估全球數字經濟的獨特能力。

Building on the success of our annual Holiday Shopping report, we're developing an economic index to help companies get a better understanding of local and global trends so they can anticipate changes and manage their businesses effectively in this dynamic market.

在我們年度假日購物報告取得成功的基礎上，我們正在開發一個經濟指數，以幫助公司更好地了解當地和全球趨勢，以便他們能夠預測變化並在這個充滿活力的市場中有效地管理他們的業務。

A great experience starts with compelling content and is informed by data and insights.

出色的體驗始於引人入勝的內容，並以數據和見解為基礎。

Harnessing the power of Adobe Experience Platform to stitch together siloed data across the enterprise, our recently released Customer Journey Analytics service gives our customers a set of analytics tools that provides a complete picture of the customer journey, online and off-line.

我們最近發布的 Customer Journey Analytics 服務利用 Adobe Experience Platform 的強大功能將整個企業的孤立數據整合在一起，為我們的客戶提供了一套分析工具，可以提供客戶旅程的完整畫面，包括在線和離線。

We're continuing to drive strong performance with Adobe Experience Manager for omnichannel content delivery.

我們將繼續通過 Adobe Experience Manager 推動全渠道內容交付的強勁表現。

This quarter, we launched Adobe Experience Manager as a Cloud Service enabling brands to go live with personalized campaigns and experiences across any channel, device or mobile app in days instead of months.

本季度，我們推出了作為雲服務的 Adobe Experience Manager，使品牌能夠在幾天而不是幾個月內通過任何渠道、設備或移動應用程序提供個性化的活動和體驗。

It provides agility and flexibility for enterprises and midsized companies, with brands like Under Armour, Coca-Cola and Morningstar becoming early customers.

它為企業和中型公司提供敏捷性和靈活性，安德瑪、可口可樂和晨星等品牌成為早期客戶。

Adobe Commerce Cloud enables our customers to make every moment personal and every experience shoppable.

Adobe Commerce Cloud 使我們的客戶能夠讓每一刻都變得個性化，每一次體驗都可以購買。

With new functionality that enables merchants to natively add high-quality media assets to their websites and create personalized recommendations, we drove more than 50% year-over-year bookings growth.

借助新功能，商家可以在其網站上本地添加高質量的媒體資產並創建個性化推薦，我們推動了超過 50% 的同比預訂增長。

For the third consecutive year, our industry leadership was validated in the Gartner Magic Quadrant for Digital Experience Platforms and achieved the strongest position in Completeness of Vision.

連續第三年，我們的行業領導地位在 Gartner 數字體驗平台魔力像限中得到驗證，並在願景完整性方面取得了最強的位置。

The digital experience opportunity is immense, our road map is robust, and we're excited to have Anil Chakravarthy lead this business.

數字體驗機會是巨大的，我們的路線圖是穩健的，我們很高興 Anil Chakravarthy 領導這項業務。

Anil brings a powerful combination of business and product leadership and his impact is already being felt.

Anil 帶來了強大的業務和產品領導力組合，他的影響力已經顯現。

We're proud to have created a unique employee culture that embraces diversity and inclusion and supports the communities in which we live and work.

我們很自豪能夠創造一種獨特的員工文化，這種文化包含多樣性和包容性，並支持我們生活和工作的社區。

This commitment has made Adobe one of Fortune's 100 Best Companies for the past 20 years.

這一承諾使 Adobe 成為過去 20 年《財富》雜誌評選的 100 家最佳公司之一。

This quarter, we were honored for our sustainability efforts on the CDP A List for climate change for the fourth consecutive year, and we were included in the Bloomberg Gender Equality Index, recognizing our transparency in gender reporting and advancing women's equality in the workplace.

本季度，我們連續第四年在 CDP A 級氣候變化清單上的可持續發展努力獲得榮譽，我們被列入彭博性別平等指數，以表彰我們在性別報告方面的透明度和促進女性在工作場所的平等。

While Q1 was a typically strong quarter, I know what's top of mind for all of us is navigating the impact of COVID-19.

雖然第一季度通常是一個強勁的季度，但我知道我們所有人的首要任務是應對 COVID-19 的影響。

The well-being of our employees and customers is our #1 priority.

我們的員工和客戶的福祉是我們的第一要務。

In addition to encouraging employees in impacted regions to work from home for the next 2 weeks, we are restricting travel and canceling in-person events.

除了鼓勵受影響地區的員工在接下來的兩週內在家工作外，我們還限制旅行並取消面對面的活動。

In keeping with that strategy, we made the tough decision to cancel the in-person Adobe Summit in Las Vegas and replace it with a digital event at the end of the month.

為了與這一戰略保持一致，我們做出了艱難的決定，取消了在拉斯維加斯舉行的現場 Adobe 峰會，並在月底以數字活動取而代之。

We are proactively engaging digitally with our current customers to support their businesses and continuing to drive enterprise pipeline globally.

我們正在積極與現有客戶進行數字化互動，以支持他們的業務並繼續推動全球企業管道。

We're fortunate that the company's revenue and earnings are relatively predictable as a result of our move to a subscription-based business model.

我們很幸運，由於我們轉向基於訂閱的商業模式，公司的收入和收益相對可預測。

We have seen little to no impact on adobe.com for Creative Cloud and Document Cloud demand thus far and will continue to acquire and engage customers digitally.

到目前為止，我們發現 Creative Cloud 和 Document Cloud 需求對 adobe.com 幾乎沒有影響，並將繼續以數字方式吸引和吸引客戶。

In my conversations with business leaders across the globe.

在我與全球商界領袖的對話中。

It is evident that investments in digital will continue to be critical, but dealing with the implications of COVID-19 is the immediate priority.

顯然，對數字的投資將繼續至關重要，但處理 COVID-19 的影響是當務之急。

As a result, we expect some enterprises will delay bookings, postponed services implementation and reduce expenses.

因此，我們預計部分企業將推遲預訂、推遲服務實施並減少開支。

We will be using Adobe digital solutions to mitigate impact and to engage with our customers.

我們將使用 Adobe 數字解決方案來減輕影響並與我們的客戶互動。

While the situation is concerning and there's tremendous uncertainty, the long-term fundamentals of our business remain undiminished.

儘管情況令人擔憂並且存在巨大的不確定性，但我們業務的長期基本面仍未減弱。

Adobe is at the center of 3 massive market opportunities across creativity, digital documents and customer experience management, which will fuel growth in the near and long term.

Adobe 處於創意、數字文檔和客戶體驗管理等 3 個巨大市場機會的中心，這將推動近期和長期的增長。

Businesses must transform to deliver a personalized digital relationship with every customer.

企業必須轉型才能與每位客戶建立個性化的數字關係。

The paper-to-digital revolution continues.

紙到數字的革命仍在繼續。

Creativity and design have never been more relevant.

創意和設計從未如此重要。

We will continue to lead in these categories and manage the company for the long run while we navigate through this environment.

我們將繼續在這些類別中處於領先地位，並在我們在這個環境中導航時長期管理公司。

At times like this, the best companies like Adobe continue to innovate, drive increased focus and emerge stronger than ever before.

在這種情況下，像 Adobe 這樣最優秀的公司會繼續創新，推動更加專注並變得比以往任何時候都更強大。

John?

約翰？

Thanks, Shantanu.

謝謝，山塔努。

In the first quarter of FY '20, Adobe achieved record revenue of $3.09 billion, which represents 19% year-over-year growth.

在 20 財年第一季度，Adobe 實現了創紀錄的 30.9 億美元收入，同比增長 19%。

GAAP diluted earnings per share in Q1 was $1.96, and non-GAAP diluted earnings per share was $2.27 million.

第一季度 GAAP 攤薄每股收益為 1.96 美元，非 GAAP 攤薄每股收益為 227 萬美元。

Our earnings per share results include a charge related to the cancellation of corporate events, including Adobe Summit, due to the COVID-19 situation, which lowered both GAAP and non-GAAP EPS by $0.07 in the quarter.

我們的每股收益結果包括與取消企業活動（包括 Adobe 峰會）相關的費用，原因是 COVID-19 疫情導致本季度 GAAP 和非 GAAP 每股收益均降低了 0.07 美元。

Business and financial highlights in Q1 included: Digital Media revenue of $2.17 billion; net new Digital Media ARR of $400 million, a record for Q1; Digital Experience revenue of $858 million; generating strong cash flow from operations of $1.32 billion; growing remaining performance obligation, or RPO, to $9.91 billion; and repurchasing 2.4 million shares of our stock during the quarter.

第一季度的業務和財務亮點包括： 數字媒體收入 21.7 億美元；淨新數字媒體 ARR 為 4 億美元，創下第一季度的紀錄；數字體驗收入 8.58 億美元；從運營中產生 13.2 億美元的強勁現金流；將剩餘履約義務或 RPO 增加到 99.1 億美元；並在本季度回購了 240 萬股我們的股票。

In our Digital Media segment, we achieved 22% year-over-year revenue growth in Q1.

在我們的數字媒體部門，我們在第一季度實現了 22% 的同比收入增長。

The addition of $400 million net new Digital Media ARR grew the total exiting the quarter to $8.73 billion.

新增 4 億美元的淨新數字媒體 ARR 使本季度退出的總資產達到 87.3 億美元。

Within Digital Media, we achieved another strong quarter with our Creative business.

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。

Creative revenue grew 22% year-over-year, and we increased Creative ARR by $329 million.

創意收入同比增長 22%，我們將創意 ARR 增加了 3.29 億美元。

Q1 creative growth drivers included strong new user growth, starting early in the quarter with Cyber Monday followed by continued customer acquisitions throughout the quarter; single app adoption as we target new users who are more inclined to adopt Creative Cloud through the use of a specialized application, such as Photoshop, Illustrator, Premiere and Acrobat; mobile app subscriptions, including adoption of Photoshop on the iPad; continued momentum with creative services, including Adobe Stock, where revenue again grew by 30% year-over-year; and continued focus on engagement and retention.

第一季度的創意增長驅動因素包括強勁的新用戶增長，從本季度初的網絡星期一開始，隨後在整個季度持續獲得客戶；採用單一應用程序，因為我們針對更傾向於通過使用專用應用程序（例如 Photoshop、Illustrator、Premiere 和 Acrobat）採用 Creative Cloud 的新用戶；移動應用訂閱，包括在 iPad 上採用 Photoshop；包括 Adobe Stock 在內的創意服務繼續保持增長勢頭，其收入再次同比增長 30%；並繼續關注參與和保留。

Strong Adobe Document Cloud revenue growth continued in Q1.

Adobe Document Cloud 收入在第一季度繼續強勁增長。

We achieved record Document Cloud revenue of $351 million, which represents 24% year-over-year growth, and we added $71 million of net new Document Cloud ARR during the quarter.

我們實現了創紀錄的 Document Cloud 收入 3.51 億美元，同比增長 24%，我們在本季度新增了 7100 萬美元的 Document Cloud ARR 淨額。

Document Cloud performance during Q1 was driven by consumer adoption of mobile apps, PDF services and Acrobat subscriptions; conversion of free mobile app users to paid subscriptions for services such as Create PDF Online; strong performance with enterprise customers, including new logos and renewals; and Document Cloud services adoption, including continued momentum with Adobe Sign revenue, which grew greater than 20% year-over-year in Q1.

第一季度 Document Cloud 的表現受到消費者採用移動應用程序、PDF 服務和 Acrobat 訂閱的推動；將免費移動應用用戶轉換為付費訂閱服務，例如 Create PDF Online；與企業客戶的強勁表現，包括新標識和更新；和 Document Cloud 服務的採用，包括 Adobe Sign 收入的持續增長勢頭，該收入在第一季度同比增長超過 20%。

In Digital Media, the COVID-19 situation did not impact our overall business on adobe.com in Q1.

在數字媒體方面，COVID-19 的情況並未影響我們第一季度在 adobe.com 上的整體業務。

However, we did experience weakness in China, which is primarily a channel-based reseller market.

然而，我們確實在中國遇到了疲軟，中國主要是一個基於渠道的經銷商市場。

In our Digital Experience segment, we achieved quarterly revenue of $858 million, which represents 15% year-over-year growth in Q1.

在我們的數字體驗部門，我們實現了 8.58 億美元的季度收入，第一季度同比增長 15%。

Subscription revenue for the quarter was $739 million, growing 21% year-over-year, and we grew our Digital Experience bookings by greater than 20% year-over-year.

本季度的訂閱收入為 7.39 億美元，同比增長 21%，我們的數字體驗預訂量同比增長超過 20%。

Q1 Digital Experience highlights include success with our Content and Commerce solutions, where we drove notable adoption of Adobe Experience Manager and Adobe Commerce Cloud.

第一季度數字體驗的亮點包括我們的內容和商務解決方案的成功，我們推動了 Adobe Experience Manager 和 Adobe Commerce Cloud 的顯著採用。

During the quarter, we continued to focus on closing Adobe Experience Platform opportunities while growing the pipeline.

在本季度，我們繼續專注於關閉 Adobe Experience Platform 機會，同時增加管道。

Our strategy and value proposition continued to resonate with the customers who wish to increase their digital engagement with their customers.

我們的戰略和價值主張繼續與希望增加與客戶的數字互動的客戶產生共鳴。

In Digital Experience, the impact of the COVID-19 situation in Q1 was some unanticipated deal slippage during the last 10 days of the quarter.

在數字體驗方面，第一季度 COVID-19 局勢的影響是該季度最後 10 天出現了一些意外的交易滑點。

From a quarter-over-quarter currency perspective, FX increased revenue by $1 million.

從環比貨幣的角度來看，FX 增加了 100 萬美元的收入。

We had $7 million in hedge gains in Q1 FY '20 versus $12 million in hedge gains in Q4 FY '19.

我們在 20 財年第一季度的對沖收益為 700 萬美元，而在 19 財年第四季度的對沖收益為 1200 萬美元。

Thus, the net sequential currency decrease to revenue considering hedging gains was $4 million.

因此，考慮到對沖收益，收入的連續貨幣淨減少為 400 萬美元。

From a year-over-year currency perspective, FX decreased revenue by $27 million.

從同比貨幣角度來看，外匯收入減少了 2700 萬美元。

The $7 million in hedge gains in Q1 FY '20 versus the $9 million in hedge gains in Q1 FY '19 resulted in a net year-over-year currency decrease to revenue considering hedging gains of $29 million.

考慮到對沖收益為 2900 萬美元，20 財年第一季度的對沖收益為 700 萬美元，而 19 財年第一季度的對沖收益為 900 萬美元，導致收入同比淨貨幣減少。

Adobe's effective tax rate in Q1 was minus 4% on a GAAP basis and 10% on a non-GAAP basis.

Adobe 在第一季度的有效稅率在 GAAP 基礎上為負 4%，在非 GAAP 基礎上為 10%。

Both rates were lower than targeted due to a larger-than-expected deduction associated with divesting of stock-based compensation.

由於與剝離股票薪酬相關的扣除額高於預期，這兩個利率均低於目標。

The reduction in our quarterly tax rates benefited GAAP and non-GAAP EPS by $0.17 and $0.03, respectively, in the quarter.

我們季度稅率的降低使本季度的 GAAP 和非 GAAP 每股收益分別增加了 0.17 美元和 0.03 美元。

Our trade DSO was 41 days, which compares to 46 days in the year-ago quarter and 47 days last quarter.

我們的交易 DSO 為 41 天，而去年同期為 46 天，上一季度為 47 天。

Remaining performance obligation, or RPO, grew by 22% year-over-year to $9.91 billion exiting Q1, which compares to $9.82 billion exiting Q4.

剩餘履約義務或 RPO 在第一季度同比增長 22% 至 99.1 億美元，而第四季度為 98.2 億美元。

The sequential quarter-over-quarter growth was consistent with normal seasonality.

環比增長與正常的季節性一致。

Deferred revenue exiting Q1 was $3.61 billion.

第一季度的遞延收入為 36.1 億美元。

Our ending cash and short-term investment position exiting Q1 was $4.17 billion, and cash flow from operations was $1.32 billion in the quarter.

我們在第一季度結束時的現金和短期投資頭寸為 41.7 億美元，本季度運營現金流為 13.2 億美元。

In Q1, we repurchased approximately 2.4 million shares at a cost of $795 million.

在第一季度，我們以 7.95 億美元的成本回購了大約 240 萬股股票。

We currently have $4.25 billion remaining of our $8 billion repurchase authority, which goes through 2021.

目前，我們 80 億美元的回購授權中剩餘 42.5 億美元，該授權將持續到 2021 年。

Turning to our financial targets.

轉向我們的財務目標。

I'd like to review 2 areas as you think about modeling the rest of our fiscal year.

當您考慮對我們財政年度的剩餘時間進行建模時，我想回顧兩個領域。

First, our Q1 tax rate came in lower than planned, as I discussed earlier, and we now anticipate both our GAAP and non-GAAP rates to be lower than we originally targeted for the full year.

首先，正如我之前討論的那樣，我們的第一季度稅率低於計劃，我們現在預計我們的 GAAP 和非 GAAP 稅率將低於我們最初全年的目標。

We continue to focus on managing costs and optimizing Adobe's international structure to deliver more value to our customers and investors.

我們將繼續專注於管理成本和優化 Adobe 的國際結構，為我們的客戶和投資者創造更多價值。

We anticipate making changes to our international structure during Q2 and Q4 of this year that will better align ownership of certain intellectual property rights with how our business operates while allowing us to remain tax efficient.

我們預計在今年第二季度和第四季度對我們的國際結構進行調整，以更好地將某些知識產權的所有權與我們的業務運營方式保持一致，同時讓我們保持稅收效率。

We now anticipate our GAAP quarterly tax rates to be minus 10%, 10% and minus 85% in Q2, Q3 and Q4, respectively.

我們現在預計第二季度、第三季度和第四季度我們的 GAAP 季度稅率分別為負 10%、10% 和負 85%。

The changes to our international structure do not impact our non-GAAP tax rates, and we expect our non-GAAP quarterly tax rate to be 10% in Q2, Q3 and Q4.

我們國際結構的變化不會影響我們的非公認會計原則稅率，我們預計第二季度、第三季度和第四季度我們的非公認會計原則季度稅率為 10%。

The second area is the consideration of business impact we could see because of COVID-19.

第二個領域是考慮我們可以看到的 COVID-19 對業務的影響。

We have factored into our Q2 targets the expected impact of the global uncertainty caused by the COVID-19 situation as we understand it to date.

正如我們迄今為止所了解的那樣，我們已將由 COVID-19 局勢引起的全球不確定性的預期影響納入我們的第二季度目標。

While our revenue and earnings are relatively predictable as a result of our subscription-based business model, we do expect to be impacted in the following areas: enterprises deferring bookings decisions, delaying consulting services implementations and reducing marketing spend; consumers reducing spending in countries more adversely impacted by the COVID-19 situation; and software license revenue driven by channel partners.

雖然由於我們基於訂閱的業務模式，我們的收入和收益相對可預測，但我們確實預計會在以下領域受到影響：企業推遲預訂決策、延遲諮詢服務實施和減少營銷支出；消費者減少在受 COVID-19 局勢影響較大的國家的支出；以及由渠道合作夥伴推動的軟件許可收入。

These impacts are expected to be more prominent in countries and industries is most affected by the crisis.

預計這些影響將在受危機影響最大的國家和行業中更加突出。

In Q2 FY '20, we are targeting revenue of approximately $3.175 billion; Digital Media segment year-over-year revenue growth of approximately 19%; net new Digital Media ARR of approximately $385 million; Digital Experience segment year-over-year revenue growth of approximately 12%; net nonoperating expense of approximately $14 million; tax rate of approximately minus 10% on a GAAP basis and 10% on a non-GAAP basis; share count of approximately 486 million shares; GAAP earnings per share of approximately $2.10; and non-GAAP earnings per share of approximately $2.35.

在 20 財年第二季度，我們的目標收入約為 31.75 億美元；數字媒體部門的收入同比增長約 19%；淨新數字媒體 ARR 約為 3.85 億美元；數字體驗部門收入同比增長約 12%；淨非營業費用約為 1400 萬美元； GAAP 基礎上的稅率約為負 10%，非 GAAP 基礎上的稅率約為 10%；股數約4.86億股； GAAP每股收益約為2.10美元；非公認會計原則每股收益約為 2.35 美元。

In summary, we continue to believe we are well positioned as a market leader in large, growing categories.

總之，我們仍然相信我們在不斷增長的大型類別中處於市場領先地位。

The benefits of running a real-time business and the high percentage of our revenue that is recurring enables us to monitor and take action on how we drive revenue or control costs, all of which should enable us to deliver solid results as the world navigates the COVID-19 situation.

運行實時業務的好處和經常性收入的高比例使我們能夠監控並採取行動來推動收入或控製成本，所有這些都應該使我們能夠在世界導航時交付可靠的結果COVID-19 情況。

Finally, I want to share with you the news that Mike Saviage has decided to retire from Adobe later this year.

最後，我想和大家分享一下 Mike Saviage 決定在今年晚些時候從 Adobe 退休的消息。

As the Head of Investor Relations, Mike has been an important champion of Adobe's growth and transformation story over the past 3 decades.

作為投資者關係主管，Mike 在過去 3 年中一直是 Adobe 成長和轉型故事的重要擁護者。

We will be appointing an internal replacement, and Mike will be onboard for the next few months to help us transition the new leader.

我們將任命一名內部替代人選，邁克將在接下來的幾個月裡幫助我們交接新領導人。

I want to thank Mike for his many contributions to Adobe and wish him well in his retirement.

我要感謝 Mike 對 Adobe 的許多貢獻，並祝愿他退休後一切順利。

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

我現在將電話轉回給邁克。

Thanks, John, and thank you for those comments.

謝謝，約翰，謝謝你的評論。

As we announced last week, we have shifted Adobe Summit, our annual Digital Experience user conference, to be an online event and virtual conference starting on Tuesday, March 31.

正如我們上周宣布的那樣，我們已將年度數字體驗用戶大會 Adobe 峰會轉變為從 3 月 31 日星期二開始的在線活動和虛擬會議。

As the event draws closer, we will provide instructions on the summit.adobe.com website for how to access online keynote presentations and educational sessions along with the timing of them.

隨著活動的臨近，我們將在 Summit.adobe.com 網站上提供有關如何訪問在線主題演講和教育會議以及時間安排的說明。

If you wish to listen to a playback of today's conference call, a webcast archive of the call will be available on our IR site later today.

如果您想收聽今天電話會議的回放，今天晚些時候將在我們的 IR 網站上提供電話會議的網絡廣播存檔。

Alternatively, you can listen to a phone replay by calling (888) 203-1112, use conference ID #4347041.

或者，您可以撥打 (888) 203-1112 收聽電話重播，使用會議 ID #4347041。

International callers should dial (719) 457-0820.

國際呼叫者應撥打 (719) 457-0820。

The phone playback service will be available beginning at 5:00 p.m.

電話播放服務將於下午 5:00 開始提供。

Pacific Time today and ending at 5:00 p.m.

今天太平洋時間，下午 5:00 結束。

Pacific Time on March 19, 2020.

太平洋時間 2020 年 3 月 19 日。

We will now be happy to take your questions.

我們現在很樂意回答您的問題。

(Operator Instructions) Operator?

（操作員說明）操作員？

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

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

Mike, congrats on 3 decades, very happy for you.

邁克，恭喜你 3 年了，真為你高興。

Shantanu, just on the Creative business.

Shantanu，只是從事創意業務。

There are many questions around -- obviously, no one knows how long the current situation is going to last.

周圍有很多問題——顯然，沒有人知道目前的情況會持續多久。

But many are kind of asking how insulated do you believe the Creative business is.

但很多人都在問，你認為創意業務有多絕緣。

The guidance for the next quarter was encouraging and probably a little bit better than most thought.

下一季度的指導令人鼓舞，可能比大多數人想像的要好一些。

So if you could just walk through how you're thinking about that business over the next several quarters.

因此，如果您可以簡單地了解一下您在接下來的幾個季度中對這項業務的看法。

Sure, Brent.

當然，布倫特。

Clearly, I think -- let me start off by saying we would all acknowledge that the situation is pretty unprecedented.

顯然，我認為——讓我首先說我們都會承認這種情況是前所未有的。

And so as it relates to the Creative business, maybe I'll give you color not just for Q1 but also actually for the first few days of March, and I'll talk about that in the context of the customers that we serve.

因此，由於它與創意業務相關，也許我不僅會為您提供第一季度的顏色，而且實際上也會為 3 月的前幾天提供顏色，我將在我們服務的客戶的背景下討論這一點。

And maybe, again, as sort of a preview to what John talked about, let me just tell you a little bit about the options that we considered.

也許，作為對約翰所說的內容的預覽，讓我告訴你一些關於我們考慮的選項。

I mean, clearly, given the situation, we could have sort of chosen to give no forward-looking guidance.

我的意思是，很明顯，鑑於這種情況，我們本可以選擇不提供前瞻性指導。

We could have provided a range given the uncertainty or what we thought was most appropriate was, given we have fairly good visibility on a direct basis to guide based on a number and then provide more color.

鑑於不確定性或我們認為最合適的範圍，我們本可以提供一個範圍，因為我們在直接基礎上具有相當好的可見性，可以根據數字進行指導，然後提供更多顏色。

On Creative Cloud specifically, Brent, and on Document Cloud, in the direct-to-consumer on adobe.com, we saw actually a little to no impact on Q1 on adobe.com across all geographies for both Creative and Document Cloud products.

特別是在 Creative Cloud 上，Brent 和 Document Cloud 上，在 adobe.com 上直接面向消費者的業務中，我們發現 Creative 和 Document Cloud 產品在所有地區對 adobe.com 的第一季度幾乎沒有影響。

And thus far, it's early in Q2, the overall traffic and conversion pattern have actually continued.

到目前為止，在第二季度初期，整體流量和轉換模式實際上仍在繼續。

In China, where we have a little bit more of an indirect route to market for CC and DC, which is through resellers, we know that the business is small, but we saw some impact in Q1.

在中國，我們有更多的 CC 和 DC 間接進入市場的途徑，即通過經銷商，我們知道業務規模很小，但我們在第一季度看到了一些影響。

And as you saw, despite that, we had pretty awesome overall ARR for Digital Media in Q1.

正如你所看到的，儘管如此，我們在第一季度的數字媒體整體 ARR 非常棒。

In South Korea, we have actually seen relatively stable business in our Digital Media business today.

在韓國，我們實際上看到了我們今天的數字媒體業務相對穩定的業務。

In Italy, what we saw was that as the situation worsened, we saw some impact in the reseller business, but we actually appear to have seen some additional strength on adobe.com.

在意大利，我們看到的是，隨著形勢的惡化，我們看到了對經銷商業務的一些影響，但實際上我們似乎在 adobe.com 上看到了一些額外的優勢。

And the fact that, I guess, we have multiple routes to market there sort of helps ameliorate that.

事實上，我想，我們有多條通往那裡的市場路線有助於改善這種情況。

So I mean in sort of conclusion, we're continuing to monitor.

所以我的意思是總結一下，我們正在繼續監控。

We think that clearly, long term, the Creative Expression business continues to be really strong.

我們認為，從長遠來看，創意表達業務顯然會繼續非常強勁。

And specifically, as it relates to Q2, absent the COVID situation, we would have probably again had a sequential increase to Digital Media ARR where we're trying to factor what we've seen a little bit of the uncertainty in the reseller impact and enterprise.

具體來說，由於它與第二季度有關，如果沒有 COVID 情況，我們可能會再次連續增加數字媒體 ARR，我們試圖將我們所看到的對經銷商影響的一些不確定性考慮在內，並且企業。

And even in revenue, we have a little perpetual revenue.

即使在收入方面，我們也有一點永久收入。

So I know that was a little bit of a long answer, but hopefully that gives color in terms of all of the work that's gone in over the last 10 days.

所以我知道這是一個有點長的答案，但希望這可以為過去 10 天的所有工作提供色彩。

We've already done a couple of business reviews.

我們已經進行了幾次業務審查。

And this is as of what we know today, while there's uncertainty, that's our best estimate of how we think this plays out in Q2.

這是我們今天所知道的，雖然存在不確定性，但這是我們對第二季度情況的最佳估計。

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

我們將向摩根士丹利的 Keith Weiss 提出下一個問題。

Mike, it's been great working with you.

邁克，和你一起工作真是太好了。

I think you're way too young to be retiring, but that's your business.

我認為你太年輕了，不能退休，但那是你的事。

Shantanu, thank you so much for kind of giving that detail on how you guys are thinking about the outlook.

Shantanu，非常感謝你詳細介紹了你們對前景的看法。

I think it definitely helps investors to understand how you're thinking about it, and that you are imparting some conservatism into the guidance for kind of what's going on out there.

我認為這肯定有助於投資者了解你的想法，並且你正在將一些保守主義融入指導中，以了解正在發生的事情。

I was hoping to get some view from John on how you guys are thinking about the expense side of the equation, how aggressively that you'll sort of look to match sort of expense growth rates to kind of what you're seeing in the environment.

我希望從約翰那裡得到一些關於你們如何考慮等式的費用方面的看法，你會多麼積極地將費用增長率與你在環境中看到的情況相匹配.

Is there -- are you going to be looking to kind of protect the margins and protected contribution margins in the business as the demand fluctuates?

是否存在——隨著需求的波動，您是否會尋求保護業務中的利潤率和受保護的邊際貢獻？

Sure.

當然。

Thanks, Keith.

謝謝，基思。

As we think about our ability to understand our business, we've got a great ability with -- through our DDOM model, or data-driven operating model, to understand how we can actually drive growth while still expanding margins and protecting the profitability of the company.

當我們考慮我們了解業務的能力時，我們有很強的能力——通過我們的 DDOM 模型或數據驅動的運營模型，了解我們如何在實際推動增長的同時仍然擴大利潤和保護盈利能力公司。

And that thesis hasn't change.

那個論點沒有改變。

We are still a growth company, and we do focus on the profitability of the company.

我們仍然是一家成長型公司，我們確實專注於公司的盈利能力。

So we're able to shift our expenses and our spending and our investments to appropriately capture the opportunity but, at the same time, be able to hit our goals of expanding operating margin as we set out at Analyst Day this year.

因此，我們能夠轉移我們的開支、支出和投資，以適當地抓住機會，但同時，我們能夠實現我們在今年分析師日設定的擴大營業利潤率的目標。

And Keith, maybe I'll add a couple more things.

還有基思，也許我會再補充幾句。

I mean I think we've always done a good job of balancing the top line and bottom line.

我的意思是我認為我們在平衡頂線和底線方面一直做得很好。

I have no doubt that companies like Adobe actually will emerge stronger as a result of this.

我毫不懷疑，像 Adobe 這樣的公司實際上會因此而變得更強大。

And what John had already instituted is we are looking at every expense associated with it.

約翰已經制定的是，我們正在關注與之相關的每一筆費用。

There are certainly some areas where we have great online solutions to help our customers where we'll be investing more.

當然，在某些領域，我們擁有出色的在線解決方案來幫助我們的客戶，我們將在這些領域進行更多投資。

And there are other areas where we'll be far more prudent as it relates to what happens.

在其他領域，我們會更加謹慎，因為它與發生的事情有關。

And maybe, John, you can also specifically comment on what happened in Q1 as it relates to that onetime charge so that everybody understands that.

也許，約翰，你也可以具體評論第一季度發生的事情，因為它與一次性收費有關，以便每個人都明白這一點。

Yes.

是的。

So when we decided to cancel the in-person corporate events, that caused us to pull in the expenses into Q1.

因此，當我們決定取消面對面的公司活動時，這導致我們將費用納入第一季度。

So we made that decision before we finished Q1.

所以我們在完成第一季度之前做出了這個決定。

So we took that charge, there's $40 million associated with that.

所以我們承擔了這項費用，有 4000 萬美元與此相關。

The -- typically, much of that expense would be in Q2 and would be offset actually by revenue we would get through registration fees for participants as well as sponsorship dollars as well.

- 通常，大部分費用將在第二季度進行，實際上將被我們通過參與者的註冊費以及贊助費獲得的收入所抵消。

So the way that we've approached it is, obviously, the sponsors and with the participants, we will not be taking that money in, so we pulled all that expense forward.

因此，我們處理它的方式顯然是讚助商和參與者，我們不會接受這筆錢，所以我們把所有的費用都提前了。

So that onetime charge that you had in Q1 associated with this activity, which was obviously a significant impact, our margin would have been 41.6% otherwise, had we not had to take that charge.

因此，您在第一季度與此活動相關的一次性費用，這顯然是一個重大影響，如果我們不必承擔這項費用，我們的利潤率將是 41.6%。

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

我們將向美國銀行的 Kash Rangan 提出下一個問題。

Shantanu, you talked about how things finished up in February quarter.

Shantanu，你談到了二月份季度的事情是如何結束的。

I'm more curious about your guidance for the May quarter.

我對您對 5 月季度的指導更加好奇。

What are the assumptions, especially as it relates to the geography that we're all more concerned about that could potentially worsen from a COVID perspective.

假設是什麼，特別是因為它與我們都更關心的地理有關，從 COVID 的角度來看，這可能會惡化。

What kind of growth rates and what kind of U-shaped or V-shaped recovery are you assuming for your 2 businesses in the U.S.?

您假設您在美國的 2 家企業的增長率和 U 型或 V 型複蘇是怎樣的？

Well, Kash, I think we'd all agree that the situation is rapidly evolving.

好吧，Kash，我想我們都同意情況正在迅速發展。

It was interesting just even watching after 1:00 the 6 or 7 announcements that went out.

甚至在 1:00 之後觀看發布的 6 或 7 個公告也很有趣。

And so clearly, we're trying to give you the best color that we have as of today.

很明顯，我們正在努力為您提供迄今為止我們擁有的最佳顏色。

And not sure that I can predict or anybody can actually predict what happens.

並且不確定我可以預測或任何人都可以預測會發生什麼。

But I think we gave you color on Digital Media, which is we continue to expect to see the notion of both creativity and accelerating document productivity and where there's a direct engagement with customers to continue to invest and engaging with them digitally and continuing to drive our business because there is clear value associated with that.

但我認為我們在數字媒體上為您提供了色彩，我們繼續期待看到創造力和加速文檔生產力的概念，以及與客戶直接接觸以繼續投資和以數字方式與他們互動並繼續推動我們的業務，因為有與之相關的明確價值。

I think maybe just similarly, I can give you a little color on the enterprise.

我想也許同樣，我可以給你一點關於企業的色彩。

I mean, as you know, with enterprise selling, the end of the quarter represents a fairly large chunk of business for most people.

我的意思是，正如你所知，對於企業銷售而言，季度末對大多數人來說代表了相當大的一部分業務。

And while that does not have impact on revenue and you never expect to close your entire pipeline, I think as we said in the prepared remarks as well, Kash, we saw some unanticipated slippage at the end of the quarter.

雖然這對收入沒有影響，而且你永遠不會期望關閉整個管道，但我認為正如我們在準備好的評論中所說的那樣，Kash，我們在本季度末看到了一些意想不到的下滑。

And so the way we've tried to think about it for Q2, I've had a ton of conversations from CEOs across all industries, and I think there are 2 themes that are absolutely consistent.

因此，按照我們對第二季度的思考方式，我與各行各業的 CEO 進行了大量對話，我認為有兩個主題是絕對一致的。

The first theme is everybody is, first and foremost, making sure that they take care of the well-being of their employees.

第一個主題是每個人首先要確保他們照顧員工的福祉。

They're all dealing with travel restrictions.

他們都在處理旅行限制。

They're all dealing with the outbreak.

他們都在應對疫情。

The second thing that they all tell me is that, hey, this, if anything, will accentuate the need to engage digitally, not just internal to the corporation, to keep the corporation going but externally in order to engage with customers.

他們都告訴我的第二件事是，嘿，如果有的話，這將強調數字化參與的必要性，不僅是在公司內部，以保持公司的運轉，而且在外部以與客戶互動。

But given what's happening with travel, we just expect that there is going to be some delays associated with that.

但鑑於旅行正在發生的事情，我們只是預計會有一些與此相關的延誤。

We've tried to factor that in.

我們試圖將其考慮在內。

And the way I would describe that is, absent any COVID, we would have certainly seen Digital Experience being targeted higher than what we targeted.

我要描述的方式是，如果沒有任何 COVID，我們肯定會看到數字體驗的目標高於我們的目標。

So I think we've tried to factor it in.

所以我認為我們已經嘗試將其考慮在內。

And maybe just a little bit more color on that, Kash, when you look at the revenue components for our business, there are 3 components.

Kash，當您查看我們業務的收入組成部分時，可能只是更多的顏色，有 3 個組成部分。

There's the revenue that comes off of bookings, bookings translating into revenue.

有來自預訂的收入，預訂轉化為收入。

There is usage-based advertising cloud revenue that goes into that.

其中有基於使用的廣告雲收入。

And there's delivery-based revenue when services are delivered and implemented.

當交付和實施服務時，就會產生基於交付的收入。

We suspect that the services will go out a little bit.

我們懷疑這些服務會稍微中斷。

The importance remains.

重要性依然存在。

But as people are concerned about people traveling, that will perhaps slow down a little bit.

但由於人們擔心人們旅行，這可能會放緩一點。

And depending on the industrial vertical, that will be different.

根據垂直行業的不同，情況會有所不同。

Some of it may be more immediate in terms of the bounce-back, some of it may be a little bit more detailed.

就反彈而言，其中一些可能更直接，其中一些可能更詳細一些。

And so what we know is that we expect bookings will probably take a little longer.

所以我們知道的是，我們預計預訂可能需要更長的時間。

We think services delivery may go a little bit longer.

我們認為服務交付時間可能會更長一些。

We feel like the advertising cloud might be impacted.

我們覺得廣告雲可能會受到影響。

Those are all factored into how we thought about it.

這些都是我們如何思考的因素。

If the world falls apart, that could certainly change.

如果世界分崩離析，那肯定會改變。

But we will continue to monitor it.

但我們將繼續對其進行監控。

What I have not heard from anybody is any issue associated with keeping digital front and center because I think this demonstrates more than ever before, if you can't engage with your customers digitally, you're dead in the water.

我沒有從任何人那裡聽到與保持數字前沿和中心相關的任何問題，因為我認為這比以往任何時候都更能證明，如果你不能以數字方式與客戶互動，你就死定了。

So hopefully, that helps.

所以希望，這會有所幫助。

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

我們將從摩根大通的 Sterling Auty 提出下一個問題。

So Shantanu, I'm just curious if anything with COVID-19 would actually impact any new product introduction in terms of feature functionality or any changes that maybe you would have considered in the near term around pricing in any other geographies.

所以 Shantanu，我很好奇 COVID-19 是否真的會影響任何新產品的功能功能或任何您可能在短期內考慮在任何其他地區定價的變化。

Sterling, not to the best.

英鎊，不是最好的。

I mean we are excited.

我的意思是我們很興奮。

We'll be doing our first Digital Summit, so on Anil Chakravarthy is busy.

我們將舉行第一次數字峰會，所以 Anil Chakravarthy 很忙。

I mean all the exciting things that we were going to announce in person, the plan is to announce it actually virtually, coming up.

我的意思是我們將親自宣布的所有令人興奮的事情，計劃是實際上以虛擬方式宣布它，即將到來。

A couple of exciting things there.

那裡有一些令人興奮的事情。

I mean the Adobe Experience Manager that we just introduced, which is a cloud-based approach, that significantly again, I think, as we said, reduces the time for people to do through self-serve and get new websites and campaigns up and running.

我的意思是我們剛剛介紹的 Adobe Experience Manager，它是一種基於雲的方法，我認為，正如我們所說，這再次顯著減少了人們通過自助服務和啟動和運行新網站和活動的時間.

So on the experience side, it was really going to be an event where we describe everything that's on.

所以在體驗方面，這真的會是一個我們描述所有事情的事件。

Now with the creative cloud space as well, I mean, I think if there's one group that works more from home and has a more flexible work policy, it tends to be the product team.

現在還有創意云空間，我的意思是，我認為如果有一個團隊更多地在家工作並且有更靈活的工作政策，它往往是產品團隊。

So I think we're all navigating what it means for nobody to be in offices, Sterling, but I think we're actually as well placed as anybody in terms of doing it.

所以我認為我們都在了解沒有人在辦公室意味著什麼，Sterling，但我認為我們實際上和任何人一樣在這樣做方面處於有利地位。

The one other thing I'll mention is we are actually -- for universities, given how much universities' closure that there is, we're making available our creative and other tools available for people for this online training.

我要提到的另一件事是，我們實際上是——對於大學來說，考慮到有多少大學關閉，我們正在為人們提供我們的創意工具和其他工具來進行在線培訓。

And so I think while the situation is crazy, I think there are a whole bunch of our solutions, whether it's all the documents that are going to be shared right now, whether what's going to happen with signatures, whether what you're going to do with respect to helping people engage digitally.

所以我認為雖然情況很瘋狂，但我認為我們有很多解決方案，無論是現在要共享的所有文件，簽名會發生什麼，你會做什麼在幫助人們進行數字化參與方面做。

So nothing yet that's changed.

所以還沒有改變。

It all depends on how long the situation continues from my perspective, Sterling.

從我的角度來看，這一切都取決於情況會持續多久，Sterling。

And Mike, congratulations.

和邁克，祝賀你。

It's been one hell of a run.

這是一場地獄般的比賽。

You've done a good job as IR.

你作為 IR 做得很好。

So congratulations, enjoy your retirement.

那麼恭喜你，享受你的退休生活。

Thanks, Sterling.

謝謝，斯特林。

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

我們將向巴克萊資本的 Saket Kalia 提出下一個問題。

And I echo my congrats to you as well, Mike, on your retirement.

邁克，我也對你退休表示祝賀。

Shantanu, maybe for you, just thinking a little higher level.

Shantanu，也許對你來說，只是想更高一點。

Can you just talk a little bit about bringing Anil Chakravarthy on to the team and maybe what some of his longer-term goals are in the Digital Experience business?

您能否簡單談談將 Anil Chakravarthy 帶入團隊，以及他在數字體驗業務中的一些長期目標是什麼？

Sure, Saket.

當然，薩克特。

I mean I think we are clearly the undisputed leader and have the most comprehensive offering as it relates to, and we created, the digital marketing category.

我的意思是我認為我們顯然是無可爭議的領導者，並且擁有與數字營銷類別相關的最全面的產品，並且我們創建了數字營銷類別。

I think as we focused on what we call as generational technology platform development, we recognized that the ability to create this unified profile and to really make sure that your first-party data, you're taking more advantage of it with 2 massive opportunities that every enterprise was going to have to figure out how to take advantage of, much like Adobe did with our DDOM.

我認為，當我們專注於我們所謂的代際技術平台開發時，我們認識到創建這種統一配置文件並真正確保您的第一方數據的能力，您可以通過兩個巨大的機會來更多地利用它每個企業都必須弄清楚如何利用，就像 Adobe 對我們的 DDOM 所做的那樣。

Anil's background as it relates to what he had done, both at Informatica and prior to that, and the fact that as CEO, he had the ability to look across the entire business, both of those are going to be extremely important for us as we continue to invest in product.

Anil 的背景與他在 Informatica 和之前所做的事情有關，而且作為 CEO，他有能力審視整個業務，這兩者對我們來說都非常重要，因為我們繼續投資產品。

And as we continue to focus on ensuring that the CIO and the people who engage with data, which is an area that he is completely familiar with, are ones that we continue to invest in and differentiate our solution.

隨著我們繼續專注於確保首席信息官和與數據打交道的人（這是他完全熟悉的領域），我們將繼續投資並區分我們的解決方案。

It's early.

現在還早。

As I said, his presence is already being felt.

正如我所說，他的存在已經被感覺到了。

But what he has been really up to is going and meeting with a number of customers.

但他真正要做的是去見一些客戶。

I may have to ground them for a little while right now, but he also actually had the ability to go meet with all the product people.

我現在可能不得不暫時擱置他們，但他實際上也有能力與所有產品人員會面。

So I think both on the product and the customer stuff, just continuing to make sure that we extend our lead and have a unified leader, those were really the 2 reasons for having him onboard.

所以我認為在產品和客戶方面，繼續確保我們擴大領先優勢並擁有統一的領導者，這確實是讓他加入的兩個原因。

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

我們將向格里芬證券的 Jay Vleeschhouwer 提出下一個問題。

A shorter-term question, Shantanu, and for you, John, as well.

一個短期的問題，Shantanu，對你來說，約翰，也是如此。

I noticed that you had a small sequential decrease from Q4 in your head count, which we have not seen in a while.

我注意到您的人數從第四季度開始連續小幅下降，這是我們有一段時間沒有看到的了。

On the other hand, a quick spot check this afternoon shows that you continue to have a growing number of open positions by a rather substantial amount.

另一方面，今天下午的快速抽查顯示，您的未平倉頭寸數量繼續增加，數量相當可觀。

Since the end of fiscal '19, your total open position's up over 60%, including a more than doubling in sales positions.

自 19 財年末以來，您的總未平倉頭寸增加了 60% 以上，其中銷售頭寸增加了一倍以上。

So maybe talk about that, what the thinking is behind maintaining -- or growing that large number of open positions in terms of priorities by product or geo and so forth.

因此，也許可以談論一下，在產品或地理等方面的優先級方面，維持或增加大量未平倉頭寸背後的想法是什麼。

And Michael, what can I say, it's been a great 2/3 of my Adobe coverage to have worked with you, and we'll hope to get together before you leave.

邁克爾，我能說什麼，與您合作是我在 Adobe 報導中的 2/3，我們希望在您離開之前聚在一起。

Thank you very much.

非常感謝你。

Thanks, Jay.

謝謝，傑。

Well, first, Jay, I would say, apart from this recent COVID, what we'd all be talking about is we've got this $128 billion addressable market opportunity.

好吧，首先，傑伊，我想說的是，除了最近的 COVID 之外，我們都在談論的是我們擁有這個 1280 億美元的可尋址市場機會。

We have tailwinds.

我們有順風。

We have growth in 3 areas.

我們在三個領域都有增長。

I think what you saw was really a concerted effort again by John to rationalize as we had done these M&As and to make sure that we're not duplicating functions.

我認為你所看到的確實是約翰再次齊心協力，以合理化我們所做的這些併購，並確保我們沒有重複職能。

And so I think as part of every annual planning process, we first prune to make sure that we're investing in the right areas, and I think we did a really good job of looking at that.

所以我認為作為每個年度計劃過程的一部分，我們首先進行修剪以確保我們在正確的領域進行投資，我認為我們在這方面做得非常好。

So for somebody like you who follows us and sees that sort of ebb and flow, it's just a continuous process that we do.

所以對於像你這樣跟隨我們並看到那種潮起潮落的人來說，這只是我們所做的一個持續的過程。

We have opportunities -- I mean we're going to continue -- I think, again, based on the question that I think Keith asked, we'll be prudent about how we look at this stuff.

我們有機會 - 我的意思是我們將繼續 - 我認為，基於我認為 Keith 提出的問題，我們將謹慎看待我們如何看待這些事情。

But even if you look at our targets for Q2, I think you'll see that we're one of the companies that's best positioned in the entire industry to continue to make sure that we have cash flow.

但是，即使您查看我們第二季度的目標，我認為您也會發現我們是整個行業中最能繼續確保我們擁有現金流的公司之一。

So we have great, exciting opportunities and we're going to continue to hire, but we'll be prudent, and we'll continue to monitor this.

所以我們有很棒的、令人興奮的機會，我們將繼續招聘，但我們會謹慎行事，我們將繼續對此進行監控。

We'll take our next question from Kirk Materne with Evercore ISI.

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

I guess at the outset, I'd say thanks very much for the guidance with COVID.

我想一開始，我會非常感謝 COVID 的指導。

And I realize things are moving quickly, but even just the color you've given today, I think it's really helpful just to help us think through this as this evolve.

我意識到事情進展很快，但即使只是你今天給出的顏色，我認為這真的很有幫助，只是幫助我們在發展過程中思考這個問題。

My question, Shantanu, would be on the Experience Cloud.

Shantanu，我的問題將在 Experience Cloud 上。

Obviously, a year later, you've integrated the acquisitions.

顯然，一年後，你已經整合了收購。

If you weren't talking about COVID right now, how is your feeling about just sort of the integration of the products and the setup for that business as we head into calendar 2020?

如果您現在不是在談論 COVID，那麼當我們進入 2020 年日曆時，您對產品集成和該業務設置的感覺如何？

Yes.

是的。

I think, Kirk, what we would have said, absent COVID, was a good Q1: greater than 20% increase in the book of business, revenue growing nicely, highlighting the progress that we would have made.

我認為，柯克（Kirk），如果沒有 COVID，我們會說這是一個不錯的第一季度：業務賬簿增長超過 20%，收入增長良好，突顯了我們本可以取得的進展。

I think I shared a number of customers.

我想我分享了一些客戶。

We've had the Experience Platform customers go live.

我們已經讓 Experience Platform 客戶上線。

I would have talked about cloud AEM.

我會談論云 AEM。

I think we touched on Adobe Commerce, and that's only because I wouldn't have had time to talk about what we are doing with B2B and B2C, how we've integrated Marketo into that.

我認為我們談到了 Adobe Commerce，那隻是因為我沒有時間談論我們在 B2B 和 B2C 方面所做的事情，以及我們如何將 Marketo 整合到其中。

And so I think that fundamental customer demand for digital and for engagement, nothing changes.

因此，我認為客戶對數字化和參與的基本需求沒有任何改變。

And so that's what I would have said, if it weren't for the situation with the Q1.

如果不是因為 Q1 的情況，這就是我會說的。

I mean, in effect, what we would have been -- John and I would have been here talking about record performance in Q1, continued momentum from Q4, robust cash flows, strong EPS performance.

我的意思是，實際上，我們本來會是這樣——約翰和我會在這裡談論第一季度的創紀錄業績、第四季度的持續勢頭、強勁的現金流、強勁的每股收益表現。

And I think all of you guys would have been saying, why aren't you raising targets, if it weren't for COVID.

我想你們所有人都會說，如果不是因為 COVID，你們為什麼不提高目標。

And so I think I continue to feel good about the long-term opportunity.

所以我認為我繼續對長期機會感覺良好。

And Mike, congrats on your retirement.

邁克，恭喜你退休。

Thanks, Kirk.

謝謝，柯克。

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

我們將向瑞士信貸的 Brad Zelnick 提出下一個問題。

And Mike, I got to echo my congrats.

還有邁克，我要表達我的祝賀。

I always thought maybe I would be able to retire before you.

我一直想也許我可以在你之前退休。

But not with how the markets have been performing the last few weeks, for sure, I think I'm going to be working a long time.

但與過去幾週市場的表現無關，我想我肯定會工作很長時間。

But anyway, Shantanu, thank you so much for all the color you provided on Digital Media so far, but just wanted to understand its resiliency.

但無論如何，Shantanu，非常感謝您迄今為止在 Digital Media 上提供的所有顏色，但只是想了解它的彈性。

Because realistically, if we think about your end markets, it includes a lot of small businesses and hobbyists where there may be more stress or not thought of as much as a top-of-wallet item.

因為實際上，如果我們考慮您的終端市場，它包括許多小型企業和業餘愛好者，他們可能會承受更大的壓力，或者沒有被認為是最重要的項目。

Are you maybe able to share what that represents as a percentage of the overall ARR, even ballpark, if you can, and what the leading indicators are that you see through your DDOM, in being able to see things like engagement, renewal rates, maybe even by SKU as it relates to this segment of the market?

如果可以的話，您是否可以分享它在總體 ARR 中所佔的百分比，甚至是大致情況，以及您通過 DDOM 看到的主要指標是什麼，能夠看到參與度、續訂率等信息即使是 SKU，因為它與這部分市場有關？

You're right, Brad, in that the real blessing of that business is how broad and how diverse it is and how our tools, whether they be on the creative side or whether they be on the document side, are as pervasive end market leaders as they are.

布拉德，你是對的，因為該業務的真正優勢在於它的廣泛性和多樣性，以及我們的工具，無論是在創意方面還是在文檔方面，都是無處不在的終端市場領導者像他們那樣。

We try to give the color even during this current situation and the impact.

即使在當前的情況和影響下，我們也會嘗試賦予顏色。

And as we said on adobe.com, there's been little to no impact.

正如我們在 adobe.com 上所說，幾乎沒有影響。

We have become really good at how we engage with these customers.

我們已經非常擅長與這些客戶打交道。

And the thing that also gives us long-term confidence in that, Brad, is there are different price points.

布拉德，讓我們長期相信的事情是有不同的價格點。

And so you have to think about it with respect to the different price points that we have.

因此，您必須考慮我們擁有的不同價格點。

And we've gotten really good at understanding where the mobile offerings need to be.

而且我們已經非常善於理解移動產品需要放在哪裡。

With all these people being at home, they will have to do some things and hopefully, expressing their creativity.

由於所有這些人都在家，他們將不得不做一些事情，並希望表達他們的創造力。

We just have to continue to help them do that.

我們只需要繼續幫助他們做到這一點。

And so we're not saying that we're completely going to be unimpacted.

所以我們並不是說我們完全不會受到影響。

But so far, and just looking at what we've seen thus far, these tools and creativity and the importance of design, nothing that's happened in the last few weeks diminishes the importance of that.

但是到目前為止，只要看看我們迄今為止所看到的，這些工具和創造力以及設計的重要性，過去幾週發生的任何事情都不會削弱它的重要性。

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

我們將向瑞銀的 Jennifer Lowe 提出我們的下一個問題。

And I would like to echo the congrats to Mike on a well-deserved retirement after a pretty impressive run.

我想向邁克表示祝賀，在一次令人印象深刻的比賽之後，他當之無愧地退休了。

So just looking at the slipped deals that were discussed in the call, obviously, it's sort of unprecedented times, and there's a lot of moving pieces there.

因此，只要看看電話會議中討論的滑倒交易，顯然，這是一個前所未有的時代，那裡有很多動人的部分。

But is there any sort of commonalities to the deals that seem to slip in terms of size, whether those were new versus upsell transactions, whether they were sort of just logistical issues that propped up?

但是，在規模上似乎有所下滑的交易是否有任何共同點，無論是新交易還是追加銷售交易，是否只是支撐的後勤問題？

I'm just trying to get a better sense of where it's just tougher to get business done at this point.

我只是想更好地了解在這一點上完成業務更難的地方。

There weren't really any patterns, Jennifer.

珍妮弗，真的沒有任何模式。

I mean I think there was a couple of people who were at home, and you expect that to have people in the office to close, so just some examples of in certain countries where people were maybe not at work.

我的意思是我認為有幾個人在家，你希望辦公室裡的人關門，所以只是在某些國家的一些人可能不工作的例子。

I mean you've followed enterprise software for a long time.

我的意思是你已經關注企業軟件很長時間了。

There are a number of stakeholders that are required.

有許多利益相關者是必需的。

We do use Adobe Signature to close them.

我們確實使用 Adobe Signature 來關閉它們。

But I would say it's a little bit more of just getting the stakeholders involved.

但我想說的是，讓利益相關者參與進來更多一點。

And I would actually attribute it, to a large degree, to the preoccupation correctly of dealing with employees and employees' well-being.

實際上，我實際上在很大程度上將其歸因於正確處理員工和員工福祉的當務之急。

I mean I'm sure this is true of your company as well.

我的意思是，我相信你們公司也是如此。

Everybody is just dealing with are employees safe, how do we make sure, all of that.

每個人都在處理員工的安全，我們如何確保所有這些。

So I would attribute it more to that, and we'll just have to continue to monitor what happens.

所以我會把它更多地歸因於這一點，我們只需要繼續監控會發生什麼。

But the conversations that I'm having, and we are -- so one of the things we're doing is actually proactively reaching out to every single customer of what is the right way to engage with them digitally in terms of saying here's how we can help.

但是我正在進行的對話，我們正在做的一件事是，我們正在做的一件事實際上是主動接觸每一位客戶，了解與他們進行數字化互動的正確方式是什麼，這就是我們的方式能夠幫助。

I think all of you are probably seeing more communication.

我想你們所有人可能都看到了更多的交流。

I should acknowledge that a number of the deals that slipped actually did close in the time that was past it.

我應該承認，一些滑倒的交易實際上確實在過去的時間內完成了。

But it's uncertain times.

但這是不確定的時期。

So hopefully, that gives you some color into what we were observing.

所以希望這能讓你對我們觀察到的東西有所了解。

(Operator Instructions) We'll hear next from Walter Prichard with Citi.

（操作員說明）接下來我們將聽到花旗的 Walter Prichard 的講話。

Two questions.

兩個問題。

One, just on Sign, you've talked pretty positively about this business for a number of quarters.

第一，就在 Sign 上，您已經在幾個季度中非常積極地談論了這項業務。

I'm wondering if you could update us on what are the strongest demand drivers there.

我想知道您是否可以向我們介紹那裡最強勁的需求驅動因素。

Are they kind of direct deals out selling as part of larger engagements?

它們是作為大型活動的一部分進行直接交易嗎？

Or is it more transactional attached to Acrobat and especially in the mid-market, low end?

還是它與 Acrobat 的關聯性更強，尤其是在中端市場、低端市場？

I think, Walter, it's actually all across the map.

我認為，沃爾特，它實際上遍布整個地圖。

We had a good quarter as it related to Sign revenue.

我們有一個不錯的季度，因為它與 Sign 收入有關。

And make no mistake, the reader distribution and wanting to do stuff with PDF and workflows associated with PDF, that's a big part of that business.

毫無疑問，讀者分佈和希望使用 PDF 和與 PDF 相關的工作流程做一些事情，這是該業務的重要組成部分。

We've talked about how we are going to make those APIs available as well so that people can embed it.

我們已經討論瞭如何使這些 API 也可用，以便人們可以嵌入它。

We talked a little bit about the integration with Google.

我們談到了與 Google 的集成。

But it's all across.

但這一切都過去了。

I mean as an ingredient service or a work as we talk about it, Sign is certainly part of the solution across all those segments as a complete offering with respect to what we have with PDF across Acrobat and in the enterprise and with Adobe Experience Manager, but it really is across the board.

我的意思是，作為我們談論的一種成分服務或一項工作，就我們在 Acrobat 和企業中使用 PDF 以及與 Adobe Experience Manager 所擁有的內容而言，Sign 當然是所有這些領域的解決方案的一部分，作為一個完整的產品，但它確實是全面的。

And I think you're going to see more demand for those services right now because physical signatures are going to be less easy to manage than electronic signatures.

而且我認為您現在會看到對這些服務的更多需求，因為物理簽名將不像電子簽名那樣易於管理。

Got it.

知道了。

And then just, John, I'm not sure if you're breaking this out, but I guess, we're getting this question quite a bit.

然後只是，約翰，我不確定你是否打破了這個問題，但我想，我們已經得到了很多這個問題。

On the DX business with the transactional piece where you broke out those 3 pieces, any way to give us -- let us know if that's the smallest of the piece or any range in terms of revenue exposure from transactional in DX would be helpful.

在 DX 業務中，您將這 3 個部分分解為交易部分，以任何方式給我們——讓我們知道這是否是最小的部分，或者就 DX 交易中的收入風險而言，任何範圍都會有所幫助。

Yes.

是的。

If you go back to the analyst meeting, we broke out each of those 3 components for you.

如果你回到分析師會議，我們會為你分解這三個組成部分。

And so you can see that it's actually roughly 20% of the business, 20%, 25% of the total DX business in terms of ad cloud and the professional services piece.

所以你可以看到，就廣告雲和專業服務而言，它實際上大約佔業務的 20%、20%、25% 的 DX 業務。

Okay.

好的。

And that hasn't changed.

而這並沒有改變。

No.

不。

We'll take our last question from Keith Bachman with BMO.

我們將回答 BMO 的 Keith Bachman 的最後一個問題。

I wanted to revisit a little bit on the Experience revenue.

我想重新審視一下體驗收入。

You're guiding the current quarter -- the second quarter rather to 12% year-over-year growth.

您正在指導當前季度——第二季度，而不是 12% 的同比增長。

Back in December, you talked about the growth potential for '20 being plus or minus 16%.

早在 12 月，您就談到 20 年的增長潛力是正負 16%。

Just how should we think about the rest of the year in the Digital Experience segment given macro's really tough, and the COVID virus obviously is making it challenging, but also including any kind of competitive comments that you want to make surrounding it.

鑑於宏觀形勢非常嚴峻，我們應該如何看待今年餘下的數字體驗領域，而 COVID 病毒顯然正在使其具有挑戰性，而且還包括您想圍繞它發表的任何競爭性評論。

Yes.

是的。

I think what we see, frankly, right now is the color associated with what's happening in Q2.

坦率地說，我認為我們現在看到的是與第二季度發生的事情相關的顏色。

As you know, in December, we provide targets based on the product road map.

如您所知，在 12 月，我們根據產品路線圖提供目標。

And from my perspective, Q1 execution and performance was terrific.

從我的角度來看，第一季度的執行和表現非常棒。

And while we're giving you as much color as we know for Q2 as of today, given the unprecedented times, we're really not going to comment on the second half.

儘管我們為您提供了截至今天第二季度所知道的盡可能多的色彩，但鑑於前所未有的時代，我們真的不會對下半年發表評論。

We will continue to monitor.

我們將繼續關注。

None of this changes long-term trends, and so that's how we think about it.

這些都不會改變長期趨勢，所以我們就是這麼想的。

Yes, maybe I could just add in there because we did give a lot of commentary in the prepared remarks around updating tax rates for the year because of the fluctuation.

是的，也許我可以在那裡添加，因為我們確實在準備好的評論中就由於波動而更新今年的稅率提供了很多評論。

And I know in terms of modeling, the folks have been asking what do we think about beyond FY '20.

我知道在建模方面，人們一直在問我們在 20 財年之後會怎麼想。

And so as we said at the analyst meeting, we expected an increase in FY '21.

正如我們在分析師會議上所說，我們預計 21 財年會有所增長。

And so based on these changes that I have highlighted in my prepared remarks on the tax rates, you can kind of expect FY '21 to be roughly a 17% non-GAAP rate, about 19% on a GAAP basis.

因此，根據我在準備好的關於稅率的評論中強調的這些變化，您可以預計 21 財年的非 GAAP 稅率約為 17%，按 GAAP 計算約為 19%。

And since that was the last question, let me also echo, I think, all of your sentiments, which is thank Mike for his outstanding contributions to Adobe.

既然這是最後一個問題，我想我也附和你所有的觀點，感謝 Mike 對 Adobe 的傑出貢獻。

I've certainly observed firsthand his passion for the business, and his IR leadership has been invaluable to me as a partner as we've transformed the company.

我確實親眼目睹了他對企業的熱情，他的 IR 領導力對我作為合夥人來說是無價的，因為我們已經改變了公司。

I told him that we've been doing this call together since 2001, and I will certainly miss him and wish him well.

我告訴他，我們從 2001 年開始就一直在一起打這個電話，我一定會想念他並祝他一切順利。

But with his help, we will make sure that we have a smooth transition.

但在他的幫助下，我們將確保順利過渡。

So thank you, Mike.

所以謝謝你，邁克。

As it relates to the business, Q1 was strong.

由於與業務相關，第一季度表現強勁。

We will continue to execute on our strategy and focus on the 3 large opportunities ahead of us: unleashing creativity, accelerating document productivity and powering digital businesses.

我們將繼續執行我們的戰略，並專注於我們面前的三大機遇：釋放創造力、提高文檔生產力和推動數字業務。

And I don't think that the recent situation changes the relevance or importance of any of this for our customers, and it will only magnify the need to go digital with more urgency.

而且我認為最近的情況不會改變任何這些對我們客戶的相關性或重要性，它只會放大更緊迫地數字化的需求。

Given the situation is fluid, we try to give you as much insight into what's happening in our business.

鑑於情況多變，我們試圖讓您盡可能多地了解我們業務中正在發生的事情。

The demand for creative document and enterprise is strong.

對創意文檔和企業的需求旺盛。

But the impact, as we said, of COVID will probably be felt a little bit more in the short term in the Enterprise business.

但是，正如我們所說，COVID 的影響可能會在短期內對企業業務產生更多影響。

But again, we believe that we're better positioned than most to continue to innovate to drive both top and bottom line and emerge stronger and more mission critical.

但同樣，我們相信我們比大多數人更有能力繼續創新以推動收入和利潤，並變得更強大和更關鍵的任務。

We really hope you guys will join us for our Digital Summit.

我們真的希望你們能加入我們的數字峰會。

And much like a number of you have said, stay safe, and thank you for joining us today.

就像你們中的許多人所說的那樣，保持安全，感謝您今天加入我們。

Thank you.

謝謝你。

This concludes our call.

我們的電話到此結束。