Adobe Inc (ADBE) 2020 Q1 法說會逐字稿

Good afternoon. I would like to welcome you to the Adobe First Quarter Fiscal Year 2020 Earnings Conference Call. Today's call is being recorded. (Operator Instructions)

午安.歡迎各位參加 Adob​​e 2020 財年第一季財報電話會議。今天的通話將會被錄音。（操作說明）

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

現在我將把電話交給投資者關係副總裁麥克·薩維亞格先生。請繼續，先生。

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

下午好，感謝各位今天蒞臨。與我一同參加電話會議的還有 Adob​​e 總裁兼執行長 Shantanu Narayen；以及執行副總裁兼財務長 John Murphy。在今天的電話會議中，我們將討論 Adob​​e 2020 財年第一季的財務表現。

By now, you should have a copy of our earnings press release which crossed the wire approximately 1 hour ago. We've also posted PDFs of our earnings call prepared remarks and slides and an updated investor data sheet on adobe.com. If you like a copy of these documents, you can go to Adobe's Investor Relations page and find them listed under Quick Links.

現在，您應該已經收到我們大約 1 小時前發布的獲利新聞稿了。我們也把財報電話會議的準備發言稿和幻燈片以及更新後的投資者資料表的PDF文件發佈在了adobe.com網站上。如果您需要這些文件的副本，可以訪問 Adob​​e 的投資者關係頁面，在「快速連結」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. Actual results may differ materially from those set forth in such statements. 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.

在正式開始之前，我們想強調，本次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，都是基於截至 2020 年 3 月 12 日的信息，並且包含涉及風險和不確定性的前瞻性陳述。實際結果可能與此類聲明中所述的結果有重大差異。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盈利新聞稿中的前瞻性聲明披露以及 Adob​​e 向美國證券交易委員會提交的文件。

On this call, we will discuss GAAP and non-GAAP financial measures. A reconciliation between the 2 is 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 and is the property of Adobe. The call audio and the webcast archive may not be rerecorded or otherwise reproduced or distributed without prior written permission from Adobe.

本次電話會議，我們將討論GAAP和非GAAP財務指標。兩者之間的對比情況可在我們的收益報告中以及 Adob​​e 的投資者關係網站上查閱。參加電話會議的人員請注意，本次電話會議的音訊將進行即時網路直播，並將被錄音以備回放。網路直播的存檔將在 Adob​​e 的投資者關係網站上保留約 45 天，其所有權歸 Adob​​e 所有。未經 Adob​​e 事先書面許可，不得重新錄製或以其他方式複製或散佈通話音訊和網路直播存檔。

I will now turn the call over to Shantanu.

現在我將把通話轉給沙塔努。

Thanks, Mike, and good afternoon. We delivered another record quarter in Q1, achieving $3.09 billion in revenue, representing 19% year-over-year growth. GAAP earnings per share for the quarter was $1.96, and non-GAAP earnings per share was $2.27.

謝謝你，麥克，下午好。我們在第一季再次創下季度紀錄，營收達到 30.9 億美元，年增 19%。本季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. 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. 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.

我們透過釋放所有人的創造力、加速文件生產效率和賦能數位化業務的策略，持續推動公司營收和利潤的強勁成長。Adobe 的獨特優勢在於，它能夠讓從學生到創意專業人士，再到小型企業和大型企業等所有人創造和交付卓越的數位體驗，這不僅助力客戶取得成功，也推動了我們的業務發展。透過 Creative Cloud、Document Cloud 和 Experience Cloud，我們在各個地區和產業都實現了成長，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. Net new digital media annualized recurring revenue, or ARR, was $400 million and total digital media ARR exiting Q1 grew to $8.73 billion. Q1 creative revenue was $1.82 billion, which represents 22% year-over-year growth.

在我們的數位媒體業務中，第一季 Creative Cloud 和 Document Cloud 的營收均創歷史新高。淨新增數位媒體年度經常性收入（ARR）為 4 億美元，截至第一季末，數位媒體總 ARR 成長至 87.3 億美元。第一季創意營收為 18.2 億美元，年增 22%。

The desire to create rich and expressive experiences is universal. Adobe is giving everyone, including newer customer segments like business communicators and social media creators, the inspiration and tools to tell their story. We're proud of the impact our flagship digital imaging solutions have had in shaping culture and creative expression. This year, Photoshop turns 30 years old. Photoshop has helped push the limits of creativity across a broad range of creative disciplines from photography to graphic design. 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.

創造豐富而富有表現力的體驗的願望是普遍存在的。Adobe 為所有人，包括商業傳播者和社交媒體創作者等新興客戶群，提供靈感和工具來講述他們的故事。我們為我們的旗艦級數位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。今年是 Photoshop 誕生 30 週年。Photoshop 幫助推動了從攝影到平面設計等眾多創意領域的創造力極限。它真正是創意世界的中心，我們將繼續在各種平台上開發源源不絕的創新 Photoshop 功能和應用程式。

Demand for our mobile applications like Photoshop on iPad, Lightroom and Photoshop Express continues to grow. 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. Film has always had the incredible power to connect us through compelling stories, and Adobe continues to be the leader in video production software. At the recent Sundance Film Festival, more than 80% of the films created use Creative Cloud. Now more than ever, we believe every voice needs to be heard. 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.

消費者對我們行動應用程式（如 iPad 版 Photoshop、Lightroom 和 Photoshop Express）的需求持續成長。第一季新增 Adob​​e ID 超過 3500 萬個，行動端正成為付費行動端訂閱和桌面端訂閱的強勁成長管道。電影一直擁有透過引人入勝的故事將我們聯繫在一起的強大力量，而 Adob​​e 也一直是影片製作軟體領域的領導者。在最近的聖丹斯電影節上，超過 80% 的影片都是使用 Creative Cloud 製作的。現在，我們比以往任何時候都更相信，每個聲音都應該被聽到。為了增強多元化的聲音並支持下一代電影製作人，Adobe 推出了首屆“聖丹斯女性 | Adob​​e 獎學金”，並重申了我們對支持年輕電影製作人的聖丹斯 Ignite 計畫的承諾。

This quarter, Adobe Character Animator took home an Emmy for breaking new ground in television animation. This recognition reflects our continued ability to create innovative applications and establish new categories. 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. We are seeing great momentum with Spark, with organic search alone contributing more than 1 million new registered users per quarter. Business communicators and social marketers are increasingly turning to Spark to help them engage with their audiences in compelling ways.

本季度，Adobe Character Animator 憑藉其在電視動畫領域的突破性進展，榮獲艾美獎。這項認可反映了我們持續創造創新應用和開創新類別的能力。Adobe Spark 是我們易於使用的應用程序，用於創建社交圖形、視訊和網頁，現在已成為數百種基本創意任務的首選平台。Spark 的發展勢頭強勁，僅自然搜尋一項，每季就貢獻了超過 100 萬新註冊用戶。商業傳播者和社群行銷人員越來越多地使用 Spark 來幫助他們以引人入勝的方式與受眾互動。

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

在數位時代，創造力是一項基本技能，我們將繼續致力於為下一代培養 STEAM 技能。我們最近宣布與美國教師培訓計劃 (Teach for America) 建立獨特的合作夥伴關係，為教育工作者提供培訓、研討會和工具，將創造力置於課堂教學的核心位置。在第一階段，我們的目標是共同幫助美國 15,000 名教師和 500,000 名學生，否則他們將無法獲得創意工具或課程。

Our efforts to improve digital literacy extend across the globe. While visiting India recently, I had the opportunity to meet with students who were finalists in an Adobe creativity competition. 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. I was inspired and moved by students' messages of humanity and the brilliant ways they chose to tell their stories using Creative Cloud.

我們為提高數位素養所做的努力遍及全球。在最近訪問印度期間，我有機會與Adobe創意大賽的決賽入圍學生見面。為紀念聖雄甘地誕辰 150 週年，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發展。學生們傳遞的人文關懷以及他們運用 Creative Cloud 講述故事的巧妙方式，深深激勵和感動了我。

With Adobe Document Cloud, we're accelerating document productivity, modernizing how people work with documents across all devices. Document Cloud revenue in Q1 was $351 million, and we grew Document Cloud ARR to $1.15 billion. This momentum is being driven by strong customer acquisition and the expanding portfolio of PDF mobile and web applications. Key wins in the quarter included Equifax, Gannett, Shell and Cummins.

借助 Adob​​e Document Cloud，我們正在加速文件生產力，並革新人們在所有裝置上處理文件的方式。第一季 Document Cloud 的營收為 3.51 億美元，Document Cloud 的年度經常性營收成長至 11.5 億美元。這一發展勢頭得益於強勁的客戶獲取和不斷擴大的 PDF 行動和網路應用程式產品組合。本季取得的主要客戶包括 Equifax、Gannett、殼牌和康明斯。

Acrobat continues to be the gold standard for creating, editing, scanning, signing and sharing digital documents. As more people are working on the go, our mobile app usage continues to rise. More than 600 million people have installed Acrobat on their mobile devices.

Acrobat 仍然是創建、編輯、掃描、簽名和共享數位文件的黃金標準。隨著越來越多的人隨時隨地辦公，我們的行動應用使用量持續成長。超過6億人已在行動裝置上安裝了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. 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.

隨著全球各地組織不斷推動數位轉型，Adobe Sign 持續為各行各業（包括大多數財富 100 強公司）提供從紙本到數位的工作流程支援。本季度，我們透過增強與 SharePoint 的集成，擴大了 Adob​​e Sign 的應用範圍，使用戶能夠輕鬆建立和簽署數位表單。

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

我們最近推出了透過網頁上的一鍵存取即可將文件轉換為 PDF 或從 PDF 轉換為其他格式的功能，為使用者提供無縫接取 PDF 服務和 Acrobat 訂閱的途徑。我們透過 API 提供 PDF 功能，並不斷擴大與合作夥伴的整合。我們最近與 Google 雲端硬碟的集成，讓其超過 10 億用戶能夠即時存取 Acrobat 的一流工具，無需離開 Google 雲端硬碟即可建立、查看、註釋、修改和共享 PDF 文件。

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

在我們的數位體驗業務中，第一季營收達到 8.58 億美元，年增 15%。如今，從 B2C 到 B2B，從中型市場到大型企業，所有企業都必須成為數位化企業，這為 Adob​​e Experience Cloud 帶來了機會。

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

Adobe Experience Cloud 是業界最全面的產品，它基於 Adob​​e Experience Platform 構建，並利用了 Adob​​e Sensei 的人工智慧和機器學習框架，提供創新的應用程式和服務。本季的主要客戶包括 Intuit、PayPal、美國銀行、CommonSpirit Health、Travelzoo、俄克拉荷馬州政府、Kohl's、美國國家儀器公司、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. 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.

只有 Adob​​e 擁有來自數萬億筆交易、數千萬種產品和數千家零售商的數據，這使我們擁有即時評估全球數位經濟的獨特能力。繼我們年度假期購物報告取得成功之後，我們正在開發一個經濟指數，以幫助企業更好地了解本地和全球趨勢，從而預測變化並在這個充滿活力的市場中有效地管理其業務。

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

優秀的體驗始於引人入勝的內容，並以數據和洞察為依據。利用 Adob​​e Experience Platform 的強大功能，將企業內分散的資料整合在一起，我們最近發布的客戶旅程分析服務為客戶提供了一套分析工具，可以全面展現線上和線下的客戶旅程。

We're continuing to drive strong performance with Adobe Experience Manager for omnichannel content delivery. 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. It provides agility and flexibility for enterprises and midsized companies, with brands like Under Armour, Coca-Cola and Morningstar becoming early customers.

我們持續利用 Adob​​e Experience Manager 在全通路內容交付方面取得強勁表現。本季度，我們推出了 Adob​​e Experience Manager 雲端服務，使品牌能夠在幾天內（而不是幾個月）在任何管道、裝置或行動應用程式上推出個人化行銷活動和體驗。它為企業和中型公司提供了敏捷性和靈活性，Under Armour、可口可樂和晨星等品牌都已成為其早期客戶。

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

Adobe Commerce Cloud 讓我們的客戶能夠讓每一刻都充滿個人化，讓每一次體驗都可購物。憑藉使商家能夠將高品質媒體資源原生添加到其網站並創建個人化推薦的新功能，我們實現了超過 50% 的年預訂量成長。

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. The digital experience opportunity is immense, our road map is robust, and we're excited to have Anil Chakravarthy lead this business. Anil brings a powerful combination of business and product leadership and his impact is already being felt.

我們連續第三年在 Gartner 數位體驗平台魔力像限中確立了業界領先地位，並在願景完整性方面取得了最強地位。數位體驗領域蘊藏著巨大的機遇，我們的發展路線圖也十分穩健，我們很高興由 Anil Chakravarthy 領導這項業務。Anil 兼具卓越的商業和產品領導力，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. This commitment has made Adobe one of Fortune's 100 Best Companies for the past 20 years. 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.

我們為創造了一種獨特的員工文化而感到自豪，這種文化擁抱多元化和包容性，並支持我們生活和工作的社區。正是這份堅持，使 Adob​​e 連續 20 年名列《財星》雜誌評選的 100 家最佳公司之列。本季度，我們連續第四年因在氣候變遷方面的可持續發展努力而榮獲 CDP A 級榜單的表彰，同時我們也入選了彭博性別平等指數，這體現了我們在性別報告方面的透明度以及在促進職場女性平等方面所做的努力。

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. The well-being of our employees and customers is our #1 priority. 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. 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. We are proactively engaging digitally with our current customers to support their businesses and continuing to drive enterprise pipeline globally.

雖然第一季業績一如既往地強勁，但我知道我們所有人最關心的是如何應對 COVID-19 的影響。員工和顧客的福祉是我們的首要任務。除了鼓勵受影響地區的員工在接下來的兩週內居家辦公外，我們還限制出行並取消線下活動。為了貫徹這項策略，我們做出了艱難的決定，取消在拉斯維加斯舉行的 Adob​​e Summit 線下峰會，並在月底以線上活動取而代之。我們積極主動地與現有客戶進行數位互動，以支援他們的業務，並繼續在全球範圍內推動企業業務成長。

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. 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. In my conversations with business leaders across the globe. It is evident that investments in digital will continue to be critical, but dealing with the implications of COVID-19 is the immediate priority. As a result, we expect some enterprises will delay bookings, postponed services implementation and reduce expenses. We will be using Adobe digital solutions to mitigate impact and to engage with our customers.

我們很幸運，由於公司轉向訂閱製商業模式，公司的收入和利潤相對可預測。到目前為止，我們尚未看到 adobe.com 對 Creative Cloud 和 Document Cloud 的需求受到任何影響，我們將繼續透過數位化方式獲取和吸引客戶。在我與全球各地商業領袖的對話中。顯然，對數位領域的投資仍然至關重要，但應對新冠疫情的影響才是當務之急。因此，我們預計一些企業將推遲預訂、延遲服務實施並減少開支。我們將利用 Adob​​e 的數位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. 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. Businesses must transform to deliver a personalized digital relationship with every customer. The paper-to-digital revolution continues. Creativity and design have never been more relevant. We will continue to lead in these categories and manage the company for the long run while we navigate through this environment.

儘管情況令人擔憂，存在巨大的不確定性，但我們業務的長期基本面依然穩固。Adobe 處於創意、數位文件和客戶體驗管理三大市場機會的核心，這將推動公司在短期和長期內實現成長。企業必須轉型，才能與每位客戶建立個人化的數位關係。紙本文件向電子文檔的轉變仍在繼續。創意和設計從未像現在這樣重要。我們將繼續在這些領域保持領先地位，並在應對當前環境的同時，著眼於公司的長遠發展。

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

在這樣的時刻，像 Adob​​e 這樣的優秀公司會不斷創新，集中精力，變得比以往任何時候都更強大。約翰？

Thanks, Shantanu. In the first quarter of FY '20, Adobe achieved record revenue of $3.09 billion, which represents 19% year-over-year growth. GAAP diluted earnings per share in Q1 was $1.96, and non-GAAP diluted earnings per share was $2.27 million. 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.

謝謝你，沙塔努。2020 財年第一季度，Adobe 實現了創紀錄的 30.9 億美元收入，較去年同期成長 19%。第一季GAAP稀釋後每股收益為1.96美元，非GAAP稀釋後每股收益為227萬美元。由於 COVID-19 疫情導致公司活動（包括 Adob​​e Summit）取消，我們的每股收益結果包含相關費用，這使得本季度 GAAP 和非 GAAP 每股收益均下降了 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.

第一季業務和財務亮點包括：數位媒體收入達 21.7 億美元；新增數位媒體年度經常性收入淨額達 4 億美元，創第一季新高；數位體驗收入達 8.58 億美元；營運現金流強勁達 13.2 億美元；剩餘履約義務 (RPO) 增至 99.1 億美元；以及本季回購了 240 萬股票。

In our Digital Media segment, we achieved 22% year-over-year revenue growth in Q1. The addition of $400 million net new Digital Media ARR grew the total exiting the quarter to $8.73 billion. Within Digital Media, we achieved another strong quarter with our Creative business. Creative revenue grew 22% year-over-year, and we increased Creative ARR by $329 million. 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.

在我們的數位媒體業務板塊，第一季實現了 22% 的年成長。新增 4 億美元的數位媒體 ARR 淨收入使本季末的總收入達到 87.3 億美元。在數位媒體領域，我們的創意業務又取得了強勁的季度業績。創意收入年增 22%，創意 ARR 增加了 3.29 億美元。第一季創意成長的驅動因素包括：新用戶強勁成長，從季度初的「網路星期一」促銷活動開始，並在整個季度持續獲得新用戶；單一應用程式的普及，因為我們瞄準的是那些更傾向於透過使用Photoshop、Illustrator、Premiere和Acrobat等專用應用程式來採用Creative CloudAdobe的新用戶；Adobe應用程式上的相機Stock，其營收再次年增30%；以及對用戶參與度和留存率的持續關注。

Strong Adobe Document Cloud revenue growth continued in Q1. 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. 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Adobe Document Cloud的營收持續保持強勁成長。我們實現了 Document Cloud 營收創紀錄的 3.51 億美元，年增 24%，本季新增 Document Cloud 淨 ARR 為 7,100 萬美元。第一季 Document Cloud 的業績成長主要得益於消費者對行動應用程式、PDF 服務和 Acrobat 訂閱的採用；免費行動應用用戶向 Create PDF Online 等服務的付費訂閱轉換；企業客戶的強勁表現，包括新客戶和續約；以及 Document Cloud 服務的採用，包括 Adob​​​​e Sign 收入的持續成長勢頭，其第一季同比增長。

In Digital Media, the COVID-19 situation did not impact our overall business on adobe.com in Q1. However, we did experience weakness in China, which is primarily a channel-based reseller market.

在數位媒體領域，COVID-19 疫情並未對我們在第一季透過 adobe.com 開展的整體業務造成影響。然而，我們在中國市場確實遇到了疲軟，因為中國主要是一個以通路為基礎的經銷商市場。

In our Digital Experience segment, we achieved quarterly revenue of $858 million, which represents 15% year-over-year growth in Q1. 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. 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. During the quarter, we continued to focus on closing Adobe Experience Platform opportunities while growing the pipeline. Our strategy and value proposition continued to resonate with the customers who wish to increase their digital engagement with their customers. 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.

在我們的數位體驗業務板塊，我們實現了季度營收 8.58 億美元，比上年同期成長 15%。本季訂閱營收為 7.39 億美元，年增 21%；數位體驗預訂量較去年同期成長超過 20%。第一季數位體驗亮點包括我們在內容和商務解決方案方面的成功，我們顯著推動了 Adob​​e Experience Manager 和 Adob​​e Commerce Cloud 的採用。本季度，我們持續專注於促成 Adob​​e Experience Platform 的合作機會，同時拓展銷售管道。我們的策略和價值主張繼續引起那些希望增加與客戶數位化互動的客戶們的共鳴。在數位體驗方面，第一季 COVID-19 疫情的影響是，該季度最後 10 天出現了一些意料之外的交易延誤。

From a quarter-over-quarter currency perspective, FX increased revenue by $1 million. We had $7 million in hedge gains in Q1 FY '20 versus $12 million in hedge gains in Q4 FY '19. Thus, the net sequential currency decrease to revenue considering hedging gains was $4 million. From a year-over-year currency perspective, FX decreased revenue by $27 million. 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.

從季度環比匯率角度來看，外匯業務收入增加了 100 萬美元。2020 財年第一季，我們的對沖收益為 700 萬美元，而 2019 財年第四季的對沖收益為 1,200 萬美元。因此，考慮到對沖收益，淨環比匯兌收入減少 400 萬美元。從年比匯率角度來看，外匯損失導致收入減少了 2,700 萬美元。2020 財年第一季對沖收益為 700 萬美元，而 2019 財年第一季對沖收益為 900 萬美元，考慮到對沖收益，導致收入年淨減少 2,900 萬美元。

Adobe's effective tax rate in Q1 was minus 4% on a GAAP basis and 10% on a non-GAAP basis. Both rates were lower than targeted due to a larger-than-expected deduction associated with divesting of stock-based compensation. The reduction in our quarterly tax rates benefited GAAP and non-GAAP EPS by $0.17 and $0.03, respectively, in the quarter.

Adobe 第一季的實際稅率以 GAAP 計算為 -4%，以非 GAAP 計算為 10%。由於剝離股票選擇權激勵措施導致的扣除額超出預期，因此這兩個比率均低於目標值。本季稅率的降低使 GAAP 和非 GAAP 每股盈餘分別增加了 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. 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. The sequential quarter-over-quarter growth was consistent with normal seasonality. Deferred revenue exiting Q1 was $3.61 billion. 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. In Q1, we repurchased approximately 2.4 million shares at a cost of $795 million. We currently have $4.25 billion remaining of our $8 billion repurchase authority, which goes through 2021.

我們的貿易應收帳款週轉天數為 41 天，去年同期為 46 天，上一季為 47 天。截至第一季末，剩餘履約義務（RPO）年增 22%，達到 99.1 億美元，截至第四季末為 98.2 億美元。季度環比成長符合正常的季節性規律。截至第一季末，遞延營收為36.1億美元。截至第一季末，我們的現金及短期投資部位為 41.7 億美元，該季經營活動產生的現金流為 13.2 億美元。第一季度，我們以 7.95 億美元的價格回購了約 240 萬股股票。我們目前還有 42.5 億美元的剩餘資金，佔 80 億美元回購授權的 2021 年效期。

Turning to our financial targets. I'd like to review 2 areas as you think about modeling the rest of our fiscal year. 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. We continue to focus on managing costs and optimizing Adobe's international structure to deliver more value to our customers and investors. 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. We now anticipate our GAAP quarterly tax rates to be minus 10%, 10% and minus 85% in Q2, Q3 and Q4, respectively. 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.

接下來談談我們的財務目標。當您考慮如何為我們本財年剩餘時間制定模型時，我想回顧兩個方面。首先，正如我之前討論過的，我們第一季的稅率低於預期，我們現在預計全年的 GAAP 和非 GAAP 稅率都將低於我們最初設定的目標。我們將繼續專注於控製成本和優化 Adob​​e 的國際架構，從而為我們的客戶和投資者創造更多價值。我們預計將在今年第二季和第四季對我們的國際架構進行調整，以便更好地使某些智慧財產權的所有權與我們的業務運作方式保持一致，同時使我們能夠保持稅收效率。我們現在預計，第二季、第三季和第四季的 GAAP 季度稅率分別為 -10%、10% 和 -85%。國際結構的變化不會影響我們的非GAAP稅率，我們預期第二季、第三季和第四季的非GAAP季稅率為10%。

The second area is the consideration of business impact we could see because of COVID-19. 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. 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. These impacts are expected to be more prominent in countries and industries is most affected by the crisis.

第二個面向是考慮 COVID-19 可能對業務造成的影響。我們已將目前所了解的 COVID-19 疫情造成的全球不確定性預期影響納入了第二季度目標。雖然由於我們採用訂閱製商業模式，我們的收入和利潤相對可預測，但我們預計以下方面會受到影響：企業推遲預訂決定、延遲諮詢服務實施和減少營銷支出；受 COVID-19 疫情影響較大的國家的消費者減少支出；以及渠道合作夥伴帶來的軟體許可收入。預計這些影響在受危機影響最嚴重的國家和產業中會更加突出。

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.

2020 財年第二季度，我們的目標是營收約 31.75 億美元；數位媒體部門營收年增約 19%；新增數位媒體年度經常性收入淨額約 3.85 億美元；數位體驗部門營收稅率年增約 12%；非經營淨支出約 1,400 萬美元；億股；GAAP 每股盈餘約 2.10 美元；非 GAAP 每股盈餘約 2.35 美元。

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

總之，我們仍然相信，我們在規模龐大、成長迅速的品類中處於市場領先地位。即時營運業務的優勢以及我們收入中經常性收入佔比高，使我們能夠監控並採取行動來推動收入增長或控製成本，所有這些都應該能夠幫助我們在世界應對 COVID-19 疫情期間取得可靠的業績。

Finally, I want to share with you the news that Mike Saviage has decided to retire from Adobe later this year. As the Head of Investor Relations, Mike has been an important champion of Adobe's growth and transformation story over the past 3 decades. We will be appointing an internal replacement, and Mike will be onboard for the next few months to help us transition the new leader. I want to thank Mike for his many contributions to Adobe and wish him well in his retirement.

最後，我想和大家分享一個訊息，Mike Saviage 已決定在今年稍後從 Adob​​e 退休。身為投資者關係主管，Mike 在過去 30 年裡一直是 Adob​​e 發展和轉型故事的重要倡導者。我們將任命一位內部接任者，Mike 將在接下來的幾個月協助我們完成新領導的過渡工作。我要感謝麥克對 Adob​​e 的諸多貢獻，並祝他退休生活一切順利。

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

現在我將把電話轉回給麥克。

Thanks, John, and thank you for those comments. 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. 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.

謝謝你，約翰，也謝謝你的評論。正如我們上週宣布的那樣，我們已將年度數位體驗用戶大會 Adob​​e Summit 改為線上活動和虛擬會議，從 3 月 31 日星期二開始。隨著活動臨近，我們將在 summit.adobe.com 網站上提供訪問線上主題演講和教育課程的說明以及時間表。

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. Alternatively, you can listen to a phone replay by calling (888) 203-1112, use conference ID #4347041. International callers should dial (719) 457-0820. 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 March 19, 2020.

如果您想收聽今天電話會議的回放，本次電話會議的網路直播存檔將於今天稍後在我們的投資者關係網站上提供。或者，您可以撥打 (888) 203-1112，使用會議 ID #4347041 收聽電話錄音。國際來電者請撥打 (719) 457-0820。電話回放服務將於下午 5 點開始提供。太平洋時間今天下午 5:00 結束。太平洋時間2020年3月19日。

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

現在我們很樂意回答您的問題。（操作說明）操作員？

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

（操作員說明）我們首先來回答來自傑富瑞集團的布倫特·蒂爾提出的問題。

Mike, congrats on 3 decades, very happy for you. Shantanu, just on the Creative business. There are many questions around -- obviously, no one knows how long the current situation is going to last. But many are kind of asking how insulated do you believe the Creative business is. The guidance for the next quarter was encouraging and probably a little bit better than most thought. So if you could just walk through how you're thinking about that business over the next several quarters.

麥克，恭喜你入職三十週年，真為你高興。Shantanu，只從事創意產業。顯然，目前有很多問題需要解答——沒有人知道這種情況會持續多久。但很多人都在問，你認為創意產業的隔離程度有多高？下一季的業績預期令人鼓舞，可能比大多數人預想的還要好。所以，如果您能簡要介紹一下您未來幾季對這項業務的規劃就太好了。

Sure, Brent. Clearly, I think -- let me start off by saying we would all acknowledge that the situation is pretty unprecedented. 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. 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. I mean, clearly, given the situation, we could have sort of chosen to give no forward-looking guidance. 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.

當然可以，布倫特。顯然，我認為——首先我想說的是，我們都會承認這種情況是前所未有的。所以，就創意業務而言，我不僅會為第一季度，而且實際上還會為三月的前幾天提供一些信息，我將結合我們所服務的客戶來談談這一點。或許，作為約翰接下來要講內容的預告，讓我簡單介紹一下我們考慮過的方案。我的意思是，很顯然，鑑於當時的情況，我們本來可以選擇不給予任何前瞻性指引。考慮到不確定性，我們可以提供一個範圍；或者，鑑於我們能夠直接觀測到相當好的景象，我們認為最合適的做法是根據一個數字進行指導，然後再提供更多細節。

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. And thus far, it's early in Q2, the overall traffic and conversion pattern have actually continued. 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. And as you saw, despite that, we had pretty awesome overall ARR for Digital Media in Q1. In South Korea, we have actually seen relatively stable business in our Digital Media business today. 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. And the fact that, I guess, we have multiple routes to market there sort of helps ameliorate that.

具體來說，Brent，在 Creative Cloud 上，以及在 adobe.com 的直接面向消費者管道上，我們在 adobe.com 上看到 Creative Cloud 和 Document Cloud 產品在第一季度實際上在所有地區都幾乎沒有受到影響。目前，雖然才剛進入第二季度，但整體流量和轉換率模式實際上仍在持續。在中國，CC 和 DC 的市場通路相對間接，是透過經銷商，我們知道這部分業務規模較小，但我們在第一季看到了一些影響。正如你所看到的，儘管如此，我們在第一季的數位媒體整體 ARR 仍然非常出色。目前，我們在韓國的數位媒體業務實際上已經呈現相對穩定的發展態勢。在義大利，我們看到隨著情況惡化，經銷商業務受到了一定影響，但 adobe.com 的業務似乎反而有所成長。我想，我們在那裡擁有多種市場管道，這在某種程度上緩解了這個問題。

So I mean in sort of conclusion, we're continuing to monitor. We think that clearly, long term, the Creative Expression business continues to be really strong. 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. And even in revenue, we have a little perpetual revenue. 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. We've already done a couple of business reviews. 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.

所以總而言之，我們會繼續密切關注。我們認為，從長遠來看，創意表達業務顯然會持續保持強勁勢頭。具體來說，就第二季度而言，如果沒有新冠疫情的影響，我們的數位媒體年度經常性收入可能會再次環比增長，但我們正在努力將我們看到的經銷商影響和企業方面的一些不確定性考慮在內。即使在收入方面，我們也有一些持續的收入來源。我知道我的回答有點長，但希望這能讓您了解過去 10 天所做的所有工作。我們已經做過幾次商業審查了。就我們目前所知，雖然存在不確定性，但這是我們對第二季事態發展的最佳估計。

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

接下來，我們將回答摩根士丹利的基斯‧韋斯提出的問題。

Mike, it's been great working with you. I think you're way too young to be retiring, but that's your business. Shantanu, thank you so much for kind of giving that detail on how you guys are thinking about the outlook. 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. 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. 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?

麥克，和你一起工作非常愉快。我覺得你年紀還小，不該退休，但那是你自己的事。Shantanu，非常感謝你詳細解釋了你們對前景的看法。我認為這肯定有助於投資者了解你的想法，以及你在指導意見中融入了一些保守主義，以應對當前市場狀況。我希望從約翰那裡了解你們是如何考慮成本方面的，你們會採取多積極的措施來使成本增長率與你們在環境中看到的增長率相匹配。你們是否會考慮在需求波動的情況下保護業務的利潤率和貢獻利潤率？

Sure. Thanks, Keith. 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. And that thesis hasn't change. We are still a growth company, and we do focus on the profitability of the company. 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.

當然。謝謝你，基斯。當我們思考我們對自身業務的理解能力時，我們透過我們的 DDOM 模型（數據驅動營運模式）擁有強大的能力，能夠了解如何在擴大利潤率和保護公司盈利能力的同時，真正推動成長。這個論點至今未變。我們仍然是一家成長型公司，我們非常注重公司的獲利能力。因此，我們可以調整支出、資金和投資，以適當地抓住機遇，同時實現我們在今年分析師日上設定的擴大營業利潤率的目標。

And Keith, maybe I'll add a couple more things. I mean I think we've always done a good job of balancing the top line and bottom line. I have no doubt that companies like Adobe actually will emerge stronger as a result of this. And what John had already instituted is we are looking at every expense associated with it. There are certainly some areas where we have great online solutions to help our customers where we'll be investing more. And there are other areas where we'll be far more prudent as it relates to what happens. 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.

基思，或許我還會補充幾點。我的意思是，我認為我們一直以來都很好地平衡了營收和利潤。我毫不懷疑，像Adobe這樣的公司其實會因此變得更強大。約翰已經制定了一項規定，那就是我們要審查與此相關的每一項費用。當然，在某些領域，我們擁有出色的線上解決方案來幫助我們的客戶，我們將增加對這些領域的投資。在其他一些領域，我們會更加謹慎行事。約翰，或許你還可以具體談談第一季發生的與那筆一次性費用相關的情況，以便大家都能理解。

Yes. So when we decided to cancel the in-person corporate events, that caused us to pull in the expenses into Q1. So we made that decision before we finished Q1. So we took that charge, there's $40 million associated with that. 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. 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. 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.

是的。因此，當我們決定取消線下公司活動時，就導致我們將相關費用計入了第一季。所以，我們在第一季結束前就做出了這個決定。所以我們承擔了這項費用，這筆費用涉及 4000 萬美元。通常情況下，大部分支出會在第二季度發生，但實際上會被我們透過參與者的註冊費以及贊助費獲得的收入所抵消。所以我們採取的做法是，很顯然，贊助商和參與者不會收取這筆錢，所以我們把所有這些費用都提前支付了。因此，您在第一季與此活動相關的一次性費用顯然產生了重大影響，如果我們不必承擔這筆費用，我們的利潤率原本會達到 41.6%。

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

接下來，我們將回答來自美國銀行的卡什·蘭甘提出的問題。

Shantanu, you talked about how things finished up in February quarter. I'm more curious about your guidance for the May quarter. 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. 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.?

Shantanu，你剛剛談到了二月季度的收尾。我更想了解您對五月季度的業績指引。有哪些假設，尤其是在我們都非常關注的、可能因新冠疫情而惡化的地理區域方面？您預計在美國的兩家企業將實現怎樣的成長率，以及復甦將呈現 U 型還是 V 型？

Well, Kash, I think we'd all agree that the situation is rapidly evolving. It was interesting just even watching after 1:00 the 6 or 7 announcements that went out. And so clearly, we're trying to give you the best color that we have as of today. And not sure that I can predict or anybody can actually predict what happens. 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. I think maybe just similarly, I can give you a little color on the enterprise. I mean, as you know, with enterprise selling, the end of the quarter represents a fairly large chunk of business for most people. 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.

卡什，我想我們都會同意，情況正在迅速改變。光是觀看下午 1 點之後發布的 6 或 7 條公告就很有意思了。所以很明顯，我們正在努力為您提供我們目前所能提供的最佳顏色。我不確定我能否預測，或任何人能否真正預測會發生什麼。但我認為我們已經向您介紹了數位媒體，我們仍然期望看到創意和加速文件生產力的概念，以及與客戶直接互動，繼續投資並以數位化方式與他們互動，並繼續推動我們的業務，因為這其中蘊含著明顯的價值。我想，或許我可以類似地，向你介紹這家企業的狀況。我的意思是，如你所知，對於企業銷售而言，季度末對大多數人來說都是相當大的業務量。雖然這不會對收入產生影響，而且你也永遠不會期望關閉所有管道，但正如我們在準備好的發言稿中所說，Kash，我們在季度末看到了一些意料之外的下滑。

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. The first theme is everybody is, first and foremost, making sure that they take care of the well-being of their employees. They're all dealing with travel restrictions. They're all dealing with the outbreak. 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. But given what's happening with travel, we just expect that there is going to be some delays associated with that. We've tried to factor that in. 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. So I think we've tried to factor it in.

因此，在思考第二季時，我與各行各業的執行長們進行了大量的對話，我認為有兩個主題是完全一致的。第一個主題是，每​​個人首先要做的就是確保照顧好員工的福祉。他們都面臨著旅行限制的問題。他們都在應對疫情爆發。他們都告訴我的第二件事是，嘿，如果有什麼影響的話，那就是這將凸顯數位化參與的必要性，不僅在公司內部，為了維持公司的運作，而且在外部，為了與客戶互動，也需要進行數位參與。但鑑於目前的旅行狀況，我們預計會出現一些延誤。我們已經盡量把這一點考慮進去了。我的解釋是，如果沒有新冠疫情，我們肯定會看到數位體驗的目標受眾比我們實際的目標受眾更多。所以我覺得我們已經盡量把這一點考慮進去了。

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. There's the revenue that comes off of bookings, bookings translating into revenue. There is usage-based advertising cloud revenue that goes into that. And there's delivery-based revenue when services are delivered and implemented. We suspect that the services will go out a little bit. The importance remains. But as people are concerned about people traveling, that will perhaps slow down a little bit. And depending on the industrial vertical, that will be different. Some of it may be more immediate in terms of the bounce-back, some of it may be a little bit more detailed.

卡什，或許可以再詳細解釋一下，當我們查看我們業務的收入組成時，會發現它由 3 個部分組成。有預訂的收入，也有預訂的收入。這其中包含基於使用量的廣告雲收入。當服務交付和實施後，就會產生基於交付的收入。我們預計服務會暫時中斷一段時間。重要性依然存在。但由於人們擔心人員流動，這種情況或許會稍微放緩。根據所在產業的不同，情況也會有所不同。有些方面可能很快就能改善，有些方面則可能需要更詳細的說明。

And so what we know is that we expect bookings will probably take a little longer. We think services delivery may go a little bit longer. We feel like the advertising cloud might be impacted. Those are all factored into how we thought about it. If the world falls apart, that could certainly change. But we will continue to monitor it. 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. So hopefully, that helps.

因此，我們知道預訂可能需要更長時間才能完成。我們認為服務交付可能需要更長時間。我們感覺廣告雲可能會受到影響。這些因素都影響了我們的思考方式。如果世界末日來臨，情況當然會改變。但我們會繼續關注此事。我沒有聽到任何人提及將數位化置於中心位置所帶來的任何問題，因為我認為這比以往任何時候都更加表明，如果你不能以數位化方式與客戶互動，你就徹底失敗了。希望這能有所幫助。

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

接下來，我們將回答來自摩根大通的斯特林·奧蒂提出的問題。

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，我只是好奇 COVID-19 是否真的會對新產品的推出產生任何影響，例如功能特性方面，或者您在近期內可能考慮對其他地區的定價進行的任何更改。

Sterling, not to the best. I mean we are excited. We'll be doing our first Digital Summit, so on Anil Chakravarthy is busy. I mean all the exciting things that we were going to announce in person, the plan is to announce it actually virtually, coming up. A couple of exciting things there. 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. So on the experience side, it was really going to be an event where we describe everything that's on. 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. 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.

斯特林，但並非最佳選擇。我的意思是，我們很興奮。我們將舉辦首屆數位高峰會，所以 Anil Chakravarthy 非常忙碌。我的意思是，所有我們原本打算當面宣布的激動人心的事情，現在計劃改為線上宣布，敬請期待。有幾件令人興奮的事。我指的是我們剛推出的 Adob​​e Experience Manager，它是一種基於雲端的方法，正如我們所說，它顯著地減少了人們透過自助服務啟動和運行新網站和行銷活動所需的時間。所以從體驗方面來說，這本來會是一場我們會詳細介紹所有活動的盛會。現在就創意雲端領域而言，我的意思是，如果說哪個團隊更常在家辦公，並且擁有更靈活的工作政策，那往往就是產品團隊。所以我覺得我們都在摸索沒有人在辦公室辦公意味著什麼，斯特林，但我認為就應對這種情況而言，我們實際上和其他人一樣處於有利地位。

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. 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. So nothing yet that's changed. It all depends on how long the situation continues from my perspective, Sterling.

我還要提一點，鑑於目前很多大學都關閉了，我們正在向人們提供我們的創意和其他工具，用於線上培訓。所以我覺得，雖然現​​在的情況很混亂，但我們有很多解決方案，無論是現在要共享的所有文件，還是簽名方面的事情，以及在幫助人們進行數位互動方面所要做的事情。所以目前還沒有任何改變。在我看來，斯特林，這一切都取決於這種情況會持續多久。

And Mike, congratulations. It's been one hell of a run. You've done a good job as IR. So congratulations, enjoy your retirement.

麥克，恭喜你。這段旅程真是精彩絕倫。你作為投資者關係專員做得很好。恭喜你，祝你退休生活愉快。

Thanks, Sterling.

謝謝你，斯特林。

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

接下來，我們將回答來自巴克萊資本的薩克特·卡利亞提出的問題。

And I echo my congrats to you as well, Mike, on your retirement. Shantanu, maybe for you, just thinking a little higher level. 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?

我也要向你表示祝賀，麥克，祝賀你退休。Shantanu，或許對你來說，只是需要從更高的層次去思考。您能否談談將 Anil Chakravarthy 加入團隊的情況，以及他在數位體驗業務方面的一些長期目標？

Sure, Saket. 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. 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.

當然，薩凱特。我的意思是，我認為我們顯然是無可爭議的領導者，擁有最全面的產品和服務，而我們正是數位行銷領域的開創者。我認為，當我們專注於我們所謂的代際技術平台開發時，我們意識到，創建這種統一的配置文件並真正確保您的第一方數據能夠得到更充分的利用，這為每家企業提供了兩個巨大的機遇，每個企業都必須想辦法如何利用這些機遇，就像 Adob​​​​e 利用我們的 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. 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. It's early. As I said, his presence is already being felt. But what he has been really up to is going and meeting with a number of customers. 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. 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.

Anil 的背景，包括他在 Informatica 以及之前的工作經歷，以及作為 CEO 時他能夠縱覽整個業務，這兩點對於我們繼續投資產品而言都極其重要。我們將繼續專注於確保資訊長和與數據打交道的人員（這是他非常熟悉的領域）是我們持續投資並使我們的解決方案脫穎而出的領域。現在還早。正如我所說，他的影響力已經顯現出來了。但他真正做的事情是去拜訪和會見許多客戶。我現在可能得暫時禁足他們一段時間，但他其實也有機會去和所有產品負責人見面。所以我覺得，無論是在產品方面還是客戶方面，繼續確保我們擴大領先優勢並擁有一個統一的領導者，這才是我們聘請他的真正原因。

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

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

A shorter-term question, Shantanu, and for you, John, as well. I noticed that you had a small sequential decrease from Q4 in your head count, which we have not seen in a while. 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. Since the end of fiscal '19, your total open position's up over 60%, including a more than doubling in sales positions. 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.

Shantanu，還有一個短期問題，John，也問你一個問題。我注意到你們的員工人數從第四季開始略有下降，這種情況我們已經很久沒看到了。另一方面，今天下午的快速抽查顯示，你的未平倉部位數量仍在大幅增加。自 2019 財年結束以來，您的職缺總數增加了 60% 以上，其中銷售職位增加了一倍以上。所以或許可以談談這個問題，即在產品、地理等方面，維持或增加如此多的空缺職位背後的考量是什麼。

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. Thank you very much.

邁克爾，我還能說什麼呢？能和你一起報道 Adob​​e 的這段時間真是太棒了，我度過了三分之二的 Adob​​e 報道時光。希望在你離開之前我們還能有機會聚聚。非常感謝。

Thanks, Jay.

謝謝你，傑伊。

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. We have tailwinds. We have growth in 3 areas. 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. 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. 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. 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. 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. 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.

首先，傑伊，我想說，撇開最近的新冠疫情不談，我們所有人都在討論的是我們擁有一個價值 1280 億美元的潛在市場機會。我們順風。我們在三個領域實現了成長。我認為你所看到的，實際上是約翰再次齊心協力地進行合理化改革，就像我們之前進行這些併購一樣，以確保我們不會重複建立功能。因此，我認為作為每年規劃流程的一部分，我們首先要進行精簡，以確保我們投資於正確的領域，我認為我們在這方面做得非常好。所以對於像你這樣關注我們並看到這種起伏變化的人來說，這只是我們一直在進行的一個持續過程。我們有機會——我的意思是我們會繼續——我想，再次根據基斯提出的問題，我們會謹慎地看待這些事情。但即使你看看我們第二季的目標，我認為你也會發現，我們是整個產業中最有能力繼續確保現金流的公司之一。因此，我們有很多令人興奮的好機會，我們將繼續招聘，但我們將保持謹慎，並繼續密切關注事態發展。

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

接下來，我們將回答來自 Evercore ISI 的 Kirk Materne 提出的問題。

I guess at the outset, I'd say thanks very much for the guidance with COVID. 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. My question, Shantanu, would be on the Experience Cloud. Obviously, a year later, you've integrated the acquisitions. 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?

首先，我要非常感謝你們在新冠疫情方面的指導。我知道事情發展很快，但即使只是你今天提供的這些信息，我認為也很有幫助，可以幫助我們理清思路，隨著事態發展而不斷變化。Shantanu，我的問題是關於體驗雲的。顯然，一年後，你們已經完成了收購整合。拋開新冠疫情不談，您覺得在2020年到來之際，產品整合和業務佈局方面有何感想？

Yes. 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. I think I shared a number of customers. We've had the Experience Platform customers go live. I would have talked about cloud 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. And so I think that fundamental customer demand for digital and for engagement, nothing changes. And so that's what I would have said, if it weren't for the situation with the Q1. 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. And I think all of you guys would have been saying, why aren't you raising targets, if it weren't for COVID. And so I think I continue to feel good about the long-term opportunity.

是的。柯克，我認為，如果沒有新冠疫情，我們會說第一季業績不錯：業務量成長超過 20%，營收成長良好，突顯了我們所取得的進展。我想我和一些客戶是共同的。我們的體驗平台客戶已經正式上線。我本來想談談雲端AEM。我想我們只是簡單地談到了 Adob​​e Commerce，那是因為我沒有時間談談我們在 B2B 和 B2C 方面所做的工作，以及我們如何將 Marketo 整合到其中。所以我認為，消費者對數位化和互動體驗的基本需求不會改變。如果不是因為 Q1 的情況，我本來會這麼說的。我的意思是，實際上，我和約翰本來會在這裡討論第一季創紀錄的業績、第四季度延續的勢頭、強勁的現金流和強勁的每股收益表現。如果不是因為新冠疫情，我想你們所有人都會問，為什麼不提高目標。因此，我對長遠發展前景依然充滿信心。

And Mike, congrats on your retirement.

麥克，祝賀你退休。

Thanks, Kirk.

謝謝你，柯克。

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

接下來，我們將回答來自瑞士信貸的布拉德·澤爾尼克提出的問題。

And Mike, I got to echo my congrats. I always thought maybe I would be able to retire before you. 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. 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. 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. 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?

麥克，我也要向你表示祝賀。我一直以為我或許能比你先退休。但就過去幾週的市場表現來看，肯定不是這樣，我想我得工作很久了。不過，Shantanu，非常感謝你迄今為止對數位媒體的精彩解讀，但我只是想了解它的韌性。因為實際上，如果我們考慮一下你的最終市場，它包括許多小型企業和業餘愛好者，他們可能會感到壓力更大，或者不會像對待貴重物品那樣重視它。您能否分享一下這部分佔整體 ARR 的百分比（即使只是大概估算一下），以及您透過 DDOM 看到的領先指標是什麼？例如，能否查看與該細分市場相關的參與度、續約率，甚至按 SKU 劃分的指標？

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. We try to give the color even during this current situation and the impact. And as we said on adobe.com, there's been little to no impact. We have become really good at how we engage with these customers. And the thing that also gives us long-term confidence in that, Brad, is there are different price points. And so you have to think about it with respect to the different price points that we have. And we've gotten really good at understanding where the mobile offerings need to be. With all these people being at home, they will have to do some things and hopefully, expressing their creativity. We just have to continue to help them do that. And so we're not saying that we're completely going to be unimpacted. 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.

你說得對，布拉德，這個行業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件方面，都像它們一樣在終端市場佔據著如此重要的地位。即使在當前情況及其影響下，我們也努力賦予事物色彩。正如我們在adobe.com上所說，幾乎沒有任何影響。我們已經非常擅長與這些客戶互動。布拉德，讓我們對它有長期信心的另一個原因是，它有不同的價格點。所以，你必須考慮到我們提供的不同價格點。我們已經非常擅長了解行動端產品應該在哪裡銷售。既然這麼多人待在家裡，就必須做些事情，希望他們能夠發揮自己的創造力。我們只需要繼續幫助他們做到這一點。所以，我們並不是說我們會完全不受影響。但就目前來看，僅從我們目前所看到的這些工具、創造力和設計的重要性來看，過去幾週發生的任何事情都沒有削弱這些的重要性。

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

接下來，我們將回答瑞銀集團的珍妮佛洛提出的問題。

And I would like to echo the congrats to Mike on a well-deserved retirement after a pretty impressive run. 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. 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? I'm just trying to get a better sense of where it's just tougher to get business done at this point.

我謹代表大家向麥克表示祝賀，祝賀他結束了令人印象深刻的職業生涯，光榮退休。所以，僅從電話會議中討論的那些被擱置的交易來看，顯然，現在是前所未有的時期，有很多變數。但是，那些在規模上似乎有所下滑的交易是否存在某種共同點？無論是新交易還是追加銷售交易，或只是物流問題導致的交易？我只是想更了解目前在哪些方面開展業務比較困難。

There weren't really any patterns, Jennifer. 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. I mean you've followed enterprise software for a long time. There are a number of stakeholders that are required. We do use Adobe Signature to close them. But I would say it's a little bit more of just getting the stakeholders involved. And I would actually attribute it, to a large degree, to the preoccupation correctly of dealing with employees and employees' well-being. I mean I'm sure this is true of your company as well. Everybody is just dealing with are employees safe, how do we make sure, all of that. So I would attribute it more to that, and we'll just have to continue to monitor what happens.

珍妮弗，其實並沒有什麼規律可循。我的意思是，我認為有幾個人在家辦公，而你期望辦公室裡有人能關門，所以這只是某些國家人們可能不在工作的一些例子。我的意思是，你長期關注企業軟體領域。需要多方利害關係人的參與。我們使用 Adob​​e Signature 來關閉它們。但我認為，更重要的是讓利害關係人參與其中。而且我認為，這很大程度要歸功於公司對妥善處理員工問題和員工福祉的重視。我的意思是，我相信貴公司的情況也是如此。大家都在關注員工安全問題，如何確保員工安全等等。所以我認為這比較是原因所在，我們只能繼續觀察事態發展。

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. I think all of you are probably seeing more communication. I should acknowledge that a number of the deals that slipped actually did close in the time that was past it. But it's uncertain times. So hopefully, that gives you some color into what we were observing.

但我正在進行的對話，以及我們正在進行的對話——所以我們正在做的一件事實際上是主動聯繫每一位客戶，了解與他們進行數位互動的正確方式，告訴他們我們可以如何提供幫助。我想你們可能都感覺到溝通交流增加了。我應該承認，一些被推遲的交易實際上在之後的時間內已經完成了。但現在是充滿不確定性的時期。希望這能讓你們對我們觀察到的現像有所了解。

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

（操作員指示）接下來我們將聽取花旗銀行的華特·普里查德的發言。

Two questions. One, just on Sign, you've talked pretty positively about this business for a number of quarters. I'm wondering if you could update us on what are the strongest demand drivers there. Are they kind of direct deals out selling as part of larger engagements? Or is it more transactional attached to Acrobat and especially in the mid-market, low end?

兩個問題。第一，就 Sign 而言，您在過去幾季對這家公司給予了相當正面的評價。我想請您介紹一下當地最強的需求驅動因素是什麼。它們算是大型合作項目的一部分，以直接交易的形式進行銷售嗎？或者它更多地與 Acrobat 相關的交易，尤其是在中低端市場？

I think, Walter, it's actually all across the map. We had a good quarter as it related to Sign revenue. 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. We've talked about how we are going to make those APIs available as well so that people can embed it. We talked a little bit about the integration with Google. But it's all across. 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. 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.

沃爾特，我覺得，實際上它遍布各地。本季我們在標牌收入方面表現良好。毫無疑問，讀者的分佈以及他們想要使用 PDF 和與 PDF 相關的工作流程，是這項業務的重要組成部分。我們也討論過如何提供這些 API，以便人們可以將其嵌入到自己的系統中。我們簡單聊了聊與Google的整合。但它無所不在。我的意思是，作為一項組成部分的服務或我們所說的作品，Sign 無疑是所有這些領域解決方案的一部分，它與我們在 Acrobat、企業和 Adob​​e Experience Manager 中提供的 PDF 功能一樣，都是一個完整的解決方案，而且它確實是全方位的。我認為現在對這些服務的需求將會增加，因為紙本簽名比電子簽名更難管理。

Got it. 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. 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.

知道了。約翰，我不知道你有沒有提到這一點，但我想我們經常被問到這個問題。關於 DX 業務中涉及的交易部分，您將其拆分為 3 個部分，能否告知我們——這是否是其中最小的部分，或者 DX 交易收入敞口的任何範圍，這將很有幫助。

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

是的。如果你回顧分析師會議，我們已經為你詳細分析了這 3 個組成部分。因此，你可以看到，就廣告雲端和專業服務部分而言，它實際上約佔整個 DX 業務的 20%、25%。

Okay. And that hasn't changed.

好的。這一點至今未變。

No.

不。

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

我們來回答 BMO 的 Keith Bachman 的最後一個問題。

I wanted to revisit a little bit on the Experience revenue. You're guiding the current quarter -- the second quarter rather to 12% year-over-year growth. Back in December, you talked about the growth potential for '20 being plus or minus 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.

我想稍微回顧一下體驗收入的情況。你們的目標是本季（更確切地說是第二季）年增 12%。去年 12 月，你曾談到 2020 年的成長潛力為正負 16%。鑑於宏觀經濟情勢嚴峻，新冠病毒疫情也帶來了挑戰，我們該如何看待今年剩餘時間數位體驗領域的發展？此外，您也想就此發表任何競爭性評論。

Yes. I think what we see, frankly, right now is the color associated with what's happening in Q2. As you know, in December, we provide targets based on the product road map. And from my perspective, Q1 execution and performance was terrific. 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. We will continue to monitor. None of this changes long-term trends, and so that's how we think about it.

是的。坦白說，我認為我們現在看到的色彩與第二季發生的事情息息相關。如您所知，我們在 12 月會根據產品路線圖設定目標。從我的角度來看，第一季的執行和業績非常出色。儘管我們已盡我們所能向大家提供截至目前第二季的情況，但鑑於當前情況前所未有，我們實在無法對下半年的情況發表評論。我們將繼續關注。這些都不會改變長期趨勢，所以我們就是這樣看待這個問題的。

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. And I know in terms of modeling, the folks have been asking what do we think about beyond FY '20. And so as we said at the analyst meeting, we expected an increase in FY '21. 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.

是的，或許我可以補充一下，因為我們在準備好的發言稿中就因稅率波動而更新年度稅率的問題做了很多評論。我知道在模型方面，大家一直在問我們對 2020 財年之後的發展有什麼想法。正如我們在分析師會議上所說，我們預計 2021 財年將出現成長。因此，根據我在關於稅率的準備發言中重點提到的這些變化，您可以大致預期 2021 財年的非 GAAP 稅率約為 17%，GAAP 稅率約為 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. 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. I told him that we've been doing this call together since 2001, and I will certainly miss him and wish him well. But with his help, we will make sure that we have a smooth transition. So thank you, Mike.

既然這是最後一個問題，我想也請容許我表達我和大家一樣的感受，那就是感謝麥克對 Adob​​e 的傑出貢獻。我親眼見證了他對事業的熱情，作為合作夥伴，他在投資者關係方面的領導能力對我改造公司起到了至關重要的作用。我告訴他，我們從 2001 年就開始一起打電話了，我一定會想念他，並祝他一切順利。但有了他的幫助，我們一定能確保平穩過渡。謝謝你，麥克。

As it relates to the business, Q1 was strong. 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. 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.

就業務而言，第一季表現強勁。我們將繼續執行我們的策略，並專注於擺在我們面前的三大機會：釋放創造力、加速文件生產力和賦能數位業務。我不認為最近的情況會改變這一切對我們的客戶而言的相關性或重要性，只會更加凸顯數位轉型的緊迫性。

Given the situation is fluid, we try to give you as much insight into what's happening in our business. The demand for creative document and enterprise is strong. But the impact, as we said, of COVID will probably be felt a little bit more in the short term in the Enterprise business. 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. We really hope you guys will join us for our Digital Summit. And much like a number of you have said, stay safe, and thank you for joining us today.

鑑於情勢瞬息萬變，我們會盡力讓您深入了解我們業務中正在發生的事情。對創意文件和企業的需求強勁。但正如我們所說，COVID-19 的影響可能在短期內對企業業務的影響會更大一些。但我們仍然相信，我們比大多數公司更有優勢繼續創新，從而推動營收和利潤雙雙成長，並變得更加強大，更具關鍵性。我們真誠地希望各位能夠參加我們的數位高峰會。正如許多人所說，請注意安全，感謝大家今天參加我們的節目。

Thank you. This concludes our call.

謝謝。通話到此結束。