Adobe Inc (ADBE) 2022 Q1 法說會逐字稿

Good day, and welcome to the Q1 FY 2022 Adobe Earnings Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Jonathan Vaas. Please go ahead, sir.

美好的一天，歡迎參加 2022 財年第一季度 Adobe 財報電話會議。今天的會議正在錄製中。在這個時候，我想把會議交給喬納森·瓦斯先生。請繼續，先生。

Good afternoon, and thank you for joining us. With me on the call today are Shantanu Narayen, Adobe's Chairman and CEO; David Wadhwani, President of Digital Media; Anil Chakravarthy, President of Digital Experience; and Dan Durn, Executive Vice President and CFO.

下午好，感謝您加入我們。 Adobe 的董事長兼首席執行官 Shantanu Narayen 和我一起參加了今天的電話會議。數字媒體總裁 David Wadhwani； Anil Chakravarthy，數字體驗總裁；以及執行副總裁兼首席財務官 Dan Durn。

On this call, which is being recorded, we will discuss Adobe's first quarter fiscal year 2022 financial results. You can find our Q1 press release as well as PDFs of our prepared remarks and financial results on Adobe's Investor Relations website.

在這次錄音中，我們將討論 Adobe 2022 財年第一季度的財務業績。您可以在 Adobe 的投資者關係網站上找到我們的第一季度新聞稿以及我們準備好的評論和財務結果的 PDF。

The information discussed on this call, including our financial targets and product plans, is as of today, March 22, and contains forward-looking statements that involve risks, uncertainty and assumptions. Actual results may differ materially from those set forth in these statements. For a discussion of these risks, you should review the factors discussed in today's press release and in Adobe's SEC filings.

本次電話會議討論的信息，包括我們的財務目標和產品計劃，截至今天 3 月 22 日，包含涉及風險、不確定性和假設的前瞻性陳述。實際結果可能與這些聲明中所述的結果大不相同。有關這些風險的討論，您應該查看今天的新聞稿和 Adobe 提交給美國證券交易委員會的文件中討論的因素。

On this call, we will discuss GAAP and non-GAAP financial measures. Our reported results include GAAP growth rates as well as adjusted growth rates in constant currency that account for an extra week in the year-ago quarter. During this presentation, Adobe's executives will refer to adjusted growth rates unless otherwise stated. Reconciliations between the 2 are available in our earnings release and on Adobe's Investor Relations website.

在這次電話會議上，我們將討論 GAAP 和非 GAAP 財務指標。我們報告的結果包括 GAAP 增長率以及以固定貨幣計算的調整後增長率，這些增長率在去年同期增加了一周。在本演示文稿中，除非另有說明，否則 Adobe 的高管將參考調整後的增長率。兩者之間的對賬可在我們的收益發布和 Adobe 的投資者關係網站上找到。

I will now turn the call over to Shantanu.

我現在將把電話轉給 Shantanu。

Thanks, Jonathan. Good afternoon, and thank you for joining us. Before I discuss our Q1 results, I want to acknowledge the horrifying and heartbreaking crisis in Ukraine. The pain and suffering of millions of innocent civilians is incredibly tragic, and our thoughts and prayers are with the Ukrainian people. Adobe joins the global community in taking a stand by stopping all new sales of our products and services in Russia. The Adobe Foundation has made grants to aid humanitarian relief efforts.

謝謝，喬納森。下午好，感謝您加入我們。在討論我們的第一季度業績之前，我想承認烏克蘭的可怕和令人心碎的危機。數百萬無辜平民的痛苦和苦難令人難以置信，我們的思念和祈禱與烏克蘭人民同在。 Adobe 加入全球社區，停止在俄羅斯銷售我們的所有新產品和服務。 Adobe 基金會已撥款資助人道主義救援工作。

I'm proud of how our teams have come together and continue to successfully manage our business throughout the most challenging of times while focusing on delighting customers and the long-term growth initiatives for the company. Adobe has always had a strong purpose-driven culture, and that has never been more evident than it is today.

我為我們的團隊如何團結一致並在最具挑戰性的時期繼續成功管理我們的業務感到自豪，同時專注於取悅客戶和公司的長期增長計劃。 Adobe 一直擁有強大的目標驅動文化，這一點從未像今天這樣明顯。

Adobe's mission to change the world through digital experiences is more critical than ever before. Everywhere we look, whether it is in entertainment, education or the enterprise, content is fueling the global economy. The democratization of creativity, emergence of new ways to work and learn from anywhere and the business mandate for personalized customer experiences underscore the immense opportunities we have as a company. Our strategy to unleash creativity for all, accelerate document productivity and power digital businesses is working. Our innovation engine is delivering category-leading products, services and platforms across Creative Cloud, Document Cloud and Experience Cloud.

Adobe 通過數字體驗改變世界的使命比以往任何時候都更加重要。無論是娛樂、教育還是企業，我們所看到的任何地方，內容都在推動全球經濟。創造力的民主化、在任何地方工作和學習的新方式的出現以及個性化客戶體驗的業務要求都凸顯了我們作為一家公司所擁有的巨大機遇。我們為所有人釋放創造力、提高文檔生產力和推動數字業務發展的戰略正在奏效。我們的創新引擎正在跨 Creative Cloud、Document Cloud 和 Experience Cloud 提供類別領先的產品、服務和平台。

Adobe had a strong Q1. We achieved a record $4.26 billion in revenue, representing 17% year-over-year growth on an adjusted basis. GAAP earnings per share for the quarter were $2.66, and non-GAAP earnings per share was $3.37.

Adobe 第一季度表現強勁。我們實現了創紀錄的 42.6 億美元收入，經調整後同比增長 17%。本季度 GAAP 每股收益為 2.66 美元，非 GAAP 每股收益為 3.37 美元。

In our Digital Media business, we drove strong growth in both Creative Cloud and Document Cloud, achieving $3.11 billion in revenue. Net new Digital Media annualized recurring revenue, or ARR, was $418 million, and total Digital Media ARR exiting Q1 grew to $12.57 billion. In our Experience Cloud business, we built on our Q4 momentum, achieving $1.06 billion in revenue, and subscription revenue was $932 million for the quarter.

在我們的數字媒體業務中，我們推動了 Creative Cloud 和 Document Cloud 的強勁增長，實現了 31.1 億美元的收入。淨新數字媒體年化經常性收入或 ARR 為 4.18 億美元，第一季度的數字媒體 ARR 總額增長至 125.7 億美元。在我們的 Experience Cloud 業務中，我們建立在第四季度的勢頭上，實現了 10.6 億美元的收入，本季度的訂閱收入為 9.32 億美元。

I'm pleased to have David Wadhwani, President, Digital Media; and Anil Chakravarthy, President, Digital Experience, on this call to share more about our momentum in the Digital Media and Digital Experience businesses, respectively. David?

我很高興有數字媒體總裁 David Wadhwani；和數字體驗總裁 Anil Chakravarthy 在此次電話會議上分別分享了我們在數字媒體和數字體驗業務方面的發展勢頭。大衛？

Thanks, Shantanu, and hello, everyone. The acceleration to all things digital has made content and creativity more important than ever before. Everyone needs to express themselves digitally, from the individual on social media to the student creating a more compelling school project to the creative professional making the next marketing campaign. The rapid rise of the creator economy is giving individuals, solopreneurs and small business owners the opportunity to monetize their passions, their products and their services.

謝謝，Shantanu，大家好。所有事物的數字化加速使內容和創造力比以往任何時候都更加重要。每個人都需要以數字方式表達自己，從社交媒體上的個人到創建更具吸引力的學校項目的學生，再到進行下一次營銷活動的創意專業人士。創造者經濟的迅速崛起為個人、個體企業家和小企業主提供了將他們的熱情、產品和服務貨幣化的機會。

Creative Cloud is catalyzing these trends and fulfilling our vision for Creativity For All, enabling customers of every skill level to create content that stands out. We continue to lead in core creative categories such as imaging, design, video and illustration. And we're advancing new media types like 3D and immersive for the emerging metaverse platforms. We're building applications for every surface and every audience across web, mobile and desktop. And we're investing heavily in collaboration services that are deeply integrated into our flagship applications.

Creative Cloud 正在推動這些趨勢，並實現我們對 Creativity For All 的願景，使各種技能水平的客戶都能創造出出類拔萃的內容。我們繼續在圖像、設計、視頻和插圖等核心創意類別中處於領先地位。我們正在為新興的元宇宙平台推進新的媒體類型，如 3D 和沈浸式。我們正在為網絡、移動和桌面上的每個表面和每個受眾構建應用程序。我們正在大力投資於深度集成到我們的旗艦應用程序中的協作服務。

Our new web-based solutions enable us to deliver value more quickly and broadly than ever before. Creative Cloud solutions are powered by Adobe Sensei, our AI engine, which enables customers to work faster and smarter. As a result, our creative community has never been stronger. Behance now has nearly 30 million members, and we continue to host hundreds of on-demand and live sessions weekly that serve as a source of learning and inspiration. As a result, in Q1, we achieved net new Creative ARR of $315 million and revenue of $2.55 billion, which grew 16% year-over-year on an adjusted basis.

我們新的基於網絡的解決方案使我們能夠比以往更快、更廣泛地交付價值。 Creative Cloud 解決方案由我們的 AI 引擎 Adobe Sensei 提供支持，使客戶能夠更快、更智能地工作。因此，我們的創意社區從未如此強大。 Behance 現在擁有近 3000 萬會員，我們每周繼續舉辦數百場點播和現場會議，作為學習和靈感的來源。因此，在第一季度，我們實現了 3.15 億美元的淨新創意 ARR 和 25.5 億美元的收入，經調整後同比增長 16%。

Q1 highlights include the launch of Creative Cloud Express, our new template-driven web and mobile product that makes it easy for anyone to create and share beautiful content. Its zero-friction onboarding will bring millions of small business owners, social influencers and students into the Creative Cloud family and empower them to create everything from social posts to marketing materials. Creative Cloud Express features thousands of gorgeous templates, millions of stunning stock images and videos and the world's most complete collection of fonts. Its easy-to-use interface is continuously expanding with innovation such as enhanced search capabilities for millions of assets and new PDF Quick Actions that enable users to edit, convert, combine and organize PDFs. While we're just a few months into our journey, we're seeing strong traffic, millions of monthly active users and high customer satisfaction.

第一季度的亮點包括 Creative Cloud Express 的推出，這是我們新的模板驅動的網絡和移動產品，它使任何人都可以輕鬆地創建和共享精美的內容。它的零摩擦引導將把數以百萬計的小企業主、社交影響者和學生帶入 Creative Cloud 大家庭，並使他們能夠創建從社交帖子到營銷材料的所有內容。 Creative Cloud Express 擁有數以千計的精美模板、數以百萬計的精美圖片和視頻，以及世界上最完整的字體集合。其易於使用的界面通過創新不斷擴展，例如對數百萬資產的增強搜索功能和新的 PDF 快速操作，使用戶能夠編輯、轉換、組合和組織 PDF。雖然我們的旅程才剛剛開始幾個月，但我們看到了強勁的流量、數百萬月活躍用戶和高客戶滿意度。

On the video front, the explosive demand for video content shows no signs of abating. In Q1, we launched new AI-powered innovations in Premiere Pro that help merge music into video sequences and accelerate transcriptions. We also drove strong growth for Frame.io, the leading video collaboration solution Adobe acquired late last year. Frame had its best quarter ever, closing more deals than in any prior quarter while increasing deal sizes to record levels. As creativity has become a team sport, we will extend our leadership in video collaboration and bring collaboration capabilities to all creative categories.

在視頻方面，對視頻內容的爆炸式需求沒有減弱的跡象。在第一季度，我們在 Premiere Pro 中推出了新的 AI 驅動創新，幫助將音樂合併到視頻序列中並加速轉錄。我們還推動了 Frame.io 的強勁增長，這是 Adobe 去年底收購的領先視頻協作解決方案。 Frame 迎來了有史以來最好的一個季度，完成的交易比上一季度都多，同時交易規模也達到了創紀錄的水平。隨著創意成為一項團隊運動，我們將擴大我們在視頻協作方面的領先地位，並將協作能力帶入所有創意類別。

We're also seeing tremendous interest for Substance 3D and our new 3D Modeler beta as brands bring together the physical and digital worlds and begin their journeys to become metaverse-ready. Substance is already being adopted by global brands like Coca-Cola, NASCAR and NVIDIA for marketing and e-commerce.

我們也看到了對 Substance 3D 和我們新的 3D Modeler 測試版的巨大興趣，因為品牌將物理世界和數字世界結合在一起，並開始了他們的旅程，為元節做好準備。 Substance 已被可口可樂、NASCAR 和 NVIDIA 等全球品牌用於營銷和電子商務。

Finally, we continue to see strong demand for Creative Cloud offerings globally across all segments: individuals, SMBs, teams and enterprises with key wins at Disney, the FAA, IBM, ING Bank, Kohl's and the New Mexico Public Education Department.

最後，我們繼續看到全球所有細分市場對 Creative Cloud 產品的強勁需求：個人、中小型企業、團隊和企業，在迪斯尼、美國聯邦航空局、IBM、ING 銀行、科爾斯和新墨西哥州公共教育部門取得了重大勝利。

On the Document Cloud side, digital documents have become the foundation of how businesses run and will continue to gain significance as hybrid work becomes the standard. Adobe is accelerating document productivity with Document Cloud, enabling all capabilities, including editing, converting, sharing, scanning and signing to be frictionless across web, desktop and mobile. PDFs are getting smarter and more accessible through our continued investment in AI and ML. And we're enabling new workflows through our APIs by empowering developers to build customized digital document experiences for their businesses.

在 Document Cloud 方面，數字文檔已成為企業運營方式的基礎，並將隨著混合工作成為標準而繼續發揮重要作用。 Adobe 正在通過 Document Cloud 提高文檔生產力，使包括編輯、轉換、共享、掃描和簽名在內的所有功能在 Web、桌面和移動設備上都順暢無阻。通過我們對 AI 和 ML 的持續投資，PDF 變得更智能、更易於訪問。我們通過 API 支持開發人員為其業務構建定制的數字文檔體驗，從而實現新的工作流程。

In Q1, we achieved record revenue of $562 million and net new Document Cloud ARR of $103 million. Ending ARR for Document Cloud crossed the $2 billion mark, which represents 29% year-over-year growth. Q1 highlights include strong growth in Adobe Sign, driven by unifying e-signature functionality in Acrobat and new Sign integrations with Adobe Commerce and Workfront. On the web, we continue to see a high volume of searches for document actions such as editing, converting and sharing PDFs. As a result, Acrobat Web's contribution to the business has nearly doubled year-over-year.

在第一季度，我們實現了創紀錄的 5.62 億美元收入和 1.03 億美元的淨新 Document Cloud ARR。 Document Cloud 的最終 ARR 超過 20 億美元，同比增長 29%。第一季度的亮點包括 Adobe Sign 的強勁增長，這得益於 Acrobat 中統一的電子簽名功能以及與 Adobe Commerce 和 Workfront 的新 Sign 集成。在網絡上，我們繼續看到大量搜索文檔操作，例如編輯、轉換和共享 PDF。因此，Acrobat Web 對業務的貢獻同比幾乎翻了一番。

On mobile, we saw billions of Acrobat mobile PDFs opened in Q1. This usage, combined with our efforts to convert users to paid subscribers on mobile, is working. Acrobat mobile ARR grew over 70% year-over-year. And lastly, our Document Cloud enterprise business continues to do well with key wins including Medallia, Mercedes-Benz, Raytheon, Ricoh Europe, Shimizu and UnitedHealth.

在移動設備上，我們看到在第一季度打開了數十億份 Acrobat 移動 PDF。這種用法，再加上我們在移動設備上將用戶轉化為付費訂閱者的努力，正在發揮作用。 Acrobat 移動 ARR 同比增長超過 70%。最後，我們的 Document Cloud 企業業務繼續表現良好，贏得了 Medallia、梅賽德斯-奔馳、雷神、理光歐洲、Shimizu 和 UnitedHealth 等主要獎項。

We've responded to the needs of professionals by adding a broad array of features to our flagship applications across both Creative Cloud and Document Cloud. And we're attracting millions of new users, including a significant number of non-pros, with Acrobat and Creative Cloud Express on web and mobile. Our increasing breadth of offerings not only expand our ability to reach new customers but also enable us to further personalize pricing across our offerings starting later in Q2.

我們通過向 Creative Cloud 和 Document Cloud 的旗艦應用程序添加廣泛的功能來響應專業人士的需求。我們正在通過網絡和移動設備上的 Acrobat 和 Creative Cloud Express 吸引數百萬新用戶，其中包括大量非專業用戶。我們不斷擴大的產品範圍不僅擴大了我們接觸新客戶的能力，而且使我們能夠從第二季度晚些時候開始進一步個性化我們產品的定價。

I'll now pass it to Anil.

我現在把它交給阿尼爾。

Thanks, David. Hello, everyone. Over the last 2 years, the digital economy has exploded as we have experienced a profound global shift in how we work, learn and play. Telehealth visits are now the norm rather than the exception. Customers and businesses are engaging and transacting digitally. Online shopping is now essential, and the U.S. is on track to surpass $1 trillion in e-commerce sales this year, according to the Adobe Digital Economy Index.

謝謝，大衛。大家好。在過去的 2 年裡，隨著我們在工作、學習和娛樂方式方面經歷了深刻的全球轉變，數字經濟出現了爆炸式增長。遠程醫療訪問現在是常態，而不是例外。客戶和企業正在以數字方式參與和交易。根據 Adobe 數字經濟指數，在線購物現在至關重要，今年美國的電子商務銷售額有望超過 1 萬億美元。

To succeed, companies must make the digital economy personal with powerful digital experiences that can be personalized to millions of customers in milliseconds. Adobe Experience Cloud is a comprehensive set of integrated AI-driven applications and services to help companies deliver experiences across all aspects of the customer journey. At its core is the Adobe Experience Platform with billions of customer profiles.

為了取得成功，公司必須通過強大的數字體驗來打造個性化的數字經濟，這些體驗可以在幾毫秒內為數百萬客戶個性化。 Adobe Experience Cloud 是一套全面的集成人工智能驅動的應用程序和服務，可幫助公司在客戶旅程的各個方面提供體驗。其核心是擁有數十億客戶檔案的 Adobe Experience Platform。

Our Adobe Experience Cloud applications span the entire customer funnel, from acquisition to monetization to retention, across content and commerce, customer journeys, data insights and audiences and marketing workflow. We have made the dramatic transformation to deliver AI-driven services with over 80% of Experience Cloud customers now using Adobe Sensei, our industry-leading AI and ML framework to power experiences for their customers.

我們的 Adobe Experience Cloud 應用程序跨越整個客戶渠道，從獲取到獲利再到保留，涵蓋內容和商務、客戶旅程、數據洞察以及受眾和營銷工作流程。我們已經進行了巨大的轉變，以提供 AI 驅動的服務，超過 80% 的 Experience Cloud 客戶現在使用 Adobe Sensei，我們行業領先的 AI 和 ML 框架為他們的客戶提供體驗。

Last week, we hosted Adobe Summit, the world's largest digital experience conference. We launched exciting new Experience Cloud technology and heard from executives from some of the world's most interesting and innovative brands, including BMW, Nike, Prada, Real Madrid and Walgreens Boots Alliance. We enabled the entire event using Experience Cloud, personalizing the experience for our global attendees. Summit content has had over 22 million views to date, underscoring the significant interest and demand for digital transformation.

上週，我們舉辦了全球最大的數字體驗會議 Adobe 峰會。我們推出了令人興奮的全新 Experience Cloud 技術，並聽取了一些世界上最有趣和最具創新性的品牌的高管的意見，包括寶馬、耐克、普拉達、皇家馬德里和沃爾格林靴子聯盟。我們使用 Experience Cloud 啟用了整個活動，為我們的全球參與者提供個性化體驗。迄今為止，峰會內容的瀏覽量已超過 2200 萬次，凸顯了對數字化轉型的巨大興趣和需求。

We continue to drive outstanding growth in our Experience Cloud business. The pandemic has caused brands around the world to realize the critical need for digital transformation. And we're adding new logos while continuing to focus on driving significant value realization for our existing customers. In Q1, we achieved $1.06 billion in revenue. Subscription revenue was $932 million for the quarter, representing 22% year-over-year growth on an adjusted basis.

我們繼續推動 Experience Cloud 業務的出色增長。大流行已使世界各地的品牌意識到數字化轉型的迫切需求。我們正在添加新徽標，同時繼續專注於為現有客戶推動重要的價值實現。第一季度，我們實現了 10.6 億美元的收入。本季度訂閱收入為 9.32 億美元，經調整後同比增長 22%。

Q1 highlights include a slate of exciting product innovations, including new real-time customer data capabilities with the integration of Adobe Real-Time CDP and Adobe Target. Adobe Real-Time CDP is used by a large and growing base of customers such as DICK'S Sporting Goods, Henkel, Panera, Real Madrid, ServiceNow and Verizon; new cross-cloud integrations, including a unified workflow between Workfront, Creative Cloud Enterprise and Experience Manager assets that powers end-to-end content creation and delivery; strong performance in Adobe Experience Manager, emphasizing the need for unified content management to meet the ever-increasing demand for content at speed and scale. Adobe is uniquely positioned to help customers across the content supply chain; new APIs that provide developers with the flexibility to create customized user experiences on top of Adobe Commerce; the general availability of Adobe Experience Cloud for Healthcare to deliver personalized health care experiences; an expanding partner ecosystem, including a partnership with OneTrust to simplify consent management; the next phase of e-commerce integrations with FedEx, Walmart and PayPal as well as a collaboration with The Weather Company; and key customer wins, including CrowdStrike, Deutsche Telekom, IBM, Jaguar Land Rover, JPMorgan Chase, McDonald's and UnitedHealth.

第一季度的亮點包括一系列令人興奮的產品創新，包括集成 Adobe Real-Time CDP 和 Adobe Target 的新實時客戶數據功能。 Adobe Real-Time CDP 被大量且不斷增長的客戶群使用，例如 DICK'S Sporting Goods、Henkel、Panera、Real Madrid、ServiceNow 和 Verizon；新的跨雲集成，包括 Workfront、Creative Cloud Enterprise 和 Experience Manager 資產之間的統一工作流程，支持端到端內容創建和交付； Adobe Experience Manager 的強大性能，強調需要統一的內容管理來滿足對速度和規模不斷增長的內容的需求。 Adobe 在幫助整個內容供應鏈的客戶方面具有獨特的優勢；新的 API 為開發人員提供了在 Adobe Commerce 之上創建自定義用戶體驗的靈活性； Adobe Experience Cloud for Healthcare 的全面可用性，以提供個性化的醫療保健體驗；不斷擴大的合作夥伴生態系統，包括與 OneTrust 合作以簡化同意管理；下一階段與聯邦快遞、沃爾瑪和 PayPal 的電子商務整合，以及與 The Weather Company 的合作；並贏得關鍵客戶，包括 CrowdStrike、德國電信、IBM、捷豹路虎、摩根大通、麥當勞和聯合健康。

Our Experience Cloud product innovation, global customer base and vibrant partner ecosystem are driving our continued success. We are executing across our entire go-to-market motion and continue to receive strong industry recognition. This quarter, Adobe was named a leader in 3 industry analyst reports focused on core customer experience management segments, including Gartner's Magic Quadrant for Digital Experience Platforms, the inaugural IDC MarketScape for CDPs for Front Office and the Forrester Wave for Digital Asset Management.

我們的 Experience Cloud 產品創新、全球客戶群和充滿活力的合作夥伴生態系統正在推動我們持續取得成功。我們正在執行我們的整個上市運動，並繼續獲得強大的行業認可。本季度，Adobe 在 3 份專注於核心客戶體驗管理領域的行業分析師報告中被評為領導者，包括 Gartner 的數字體驗平台魔力像限、針對前台 CDP 的首屆 IDC MarketScape 和數字資產管理的 Forrester Wave。

Dan, over to you.

丹，交給你。

Thanks, Anil. Today, I'll start by summarizing Adobe's performance in Q1 fiscal 2022, highlighting growth drivers across our businesses, and I'll finish with targets for Q2.

謝謝，阿尼爾。今天，我將首先總結 Adobe 在 2022 財年第一季度的業績，重點介紹我們業務的增長動力，最後我將完成第二季度的目標。

Adobe's strong financial results demonstrate the company's ability to execute in a challenging macroeconomic and geopolitical environment. Across our business, we are attracting new customers, signing up transformational deals, growing our recurring book of business and seeing emerging businesses ramp and, in some cases, reach escape velocity.

Adobe 強勁的財務業績表明該公司有能力在充滿挑戰的宏觀經濟和地緣政治環境中執行。在我們的整個業務中，我們正在吸引新客戶，簽署轉型交易，增加我們的經常性業務賬簿，並看到新興業務增長，在某些情況下，達到逃逸速度。

We are witnessing the digitization of everything, and Adobe's products offer customers access to a digital future, underpinning how they live and work. Our investment in products, marketing and a data-driven operating model are continuing to drive Adobe's growth. In Q1, Adobe achieved record revenue of $4.26 billion, which represents 9% year-over-year growth or 17% on an adjusted basis.

我們正在見證一切的數字化，Adobe 的產品為客戶提供了進入數字化未來的途徑，為他們的生活和工作方式奠定了基礎。我們在產品、營銷和數據驅動的運營模式方面的投資正在繼續推動 Adobe 的增長。第一季度，Adobe 實現創紀錄的 42.6 億美元收入，同比增長 9%，調整後增長 17%。

Business and financial highlights included GAAP diluted earnings per share of $2.66 and non-GAAP diluted earnings per share of $3.37; Digital Media revenue of $3.11 billion; net new Digital Media ARR of $418 million; Digital Experience revenue of $1.06 billion; cash flows from operations of $1.77 billion; RPO of $13.83 billion exiting the quarter; and repurchasing approximately 3.8 million shares of our stock during the quarter.

業務和財務亮點包括 2.66 美元的 GAAP 稀釋每股收益和 3.37 美元的非 GAAP 稀釋每股收益；數字媒體收入 31.1 億美元；新的數字媒體 ARR 淨值為 4.18 億美元；數字體驗收入 10.6 億美元；運營現金流為 17.7 億美元；退出本季度的 RPO 為 138.3 億美元；並在本季度回購了大約 380 萬股我們的股票。

In our Digital Media segment, we achieved 9% year-over-year revenue growth in Q1 or 17% on an adjusted basis. We exited the quarter with $12.57 billion of Digital Media ARR. Global demand for digital content continues to explode. And with the strength of Adobe's product innovation and our data-driven operating model, our net new Digital Media ARR in Q1 grew on a year-over-year basis after factoring out the additional week in the year-ago period.

在我們的數字媒體部門，我們在第一季度實現了 9% 的收入同比增長，或調整後的 17%。我們以 125.7 億美元的數字媒體 ARR 退出了本季度。全球對數字內容的需求持續爆炸式增長。憑藉 Adobe 的產品創新實力和我們的數據驅動運營模式，我們在第一季度的淨新數字媒體 ARR 在扣除去年同期的額外一周後同比增長。

We achieved Creative revenue of $2.55 billion, which represents 7% year-over-year growth or 16% on an adjusted basis. We added $315 million of net new Creative ARR in the quarter. First quarter Creative growth drivers included strong creative engagement and retention across individual and SMB segments; new customer demand across large organizations, small and medium businesses, driving growth in our Creative Cloud for Teams offering, which was the highest Q1 on record; sustained growth of subscription licensing for individual flagship applications such as Photoshop, Illustrator and Premiere as well as strength in our Adobe Stock business; and enterprise adoption of new collaboration capabilities, including Frame.io as well as our 3D and immersive applications.

我們實現了 25.5 億美元的創意收入，同比增長 7%，調整後增長 16%。我們在本季度增加了 3.15 億美元的淨新創意 ARR。第一季度創意增長驅動因素包括個人和中小企業細分市場的強大創意參與度和保留率；大型組織、中小型企業的新客戶需求推動了我們的 Creative Cloud for Teams 產品的增長，這是有史以來最高的第一季度； Photoshop、Illustrator 和 Premiere 等個別旗艦應用程序的訂閱許可持續增長，以及我們的 Adobe Stock 業務實力；以及企業採用新的協作功能，包括 Frame.io 以及我們的 3D 和沈浸式應用程序。

We're also pleased by the adoption we see in some of our newer initiatives such as Creative Cloud Express, Substance as well as Acrobat, Photoshop and Illustrator on the Web. We are driving strong usage growth and have already attracted millions of monthly active users to our cloud-native offerings. We expect these businesses to be drivers of future ARR and revenue growth.

我們也很高興我們在一些較新的計劃中看到採用，例如 Creative Cloud Express、Substance 以及 Acrobat、Photoshop 和 Illustrator on the Web。我們正在推動強勁的使用增長，並且已經吸引了數百萬月度活躍用戶使用我們的雲原生產品。我們預計這些業務將成為未來 ARR 和收入增長的驅動力。

Adobe achieved Document Cloud revenue of $562 million, which represents 17% year-over-year growth or 26% on an adjusted basis. We added $103 million of net new Document Cloud ARR in the quarter, surpassing $2 billion in ending ARR, growing at 29% year-over-year. Document Cloud continues to be our fastest-growing business, demonstrating that our strategy of accelerating document productivity is working and reflecting how Acrobat and PDF are essential to the way people work in a digital-first world.

Adobe 實現了 5.62 億美元的 Document Cloud 收入，同比增長 17% 或調整後的 26%。我們在本季度新增了 1.03 億美元的 Document Cloud ARR 淨額，期末 ARR 超過 20 億美元，同比增長 29%。 Document Cloud 繼續成為我們增長最快的業務，這表明我們提高文檔生產力的戰略正在奏效，並反映了 Acrobat 和 PDF 對人們在數字優先世界中的工作方式至關重要。

First quarter Document Cloud growth drivers included customer demand for Acrobat subscriptions, the strongest Q1 on record; new licensing and renewal for Acrobat for Teams offering in the SMB segment, both on adobe.com and through our reseller channel; momentum in Adobe Sign with strong year-over-year growth of Sign transactions within Acrobat; strong demand for our PDF solutions on mobile; and continued momentum with our frictionless onboarding of new customers through Acrobat Web with ARR growing approximately 90% year-over-year.

第一季度 Document Cloud 增長驅動因素包括客戶對 Acrobat 訂閱的需求，這是有記錄以來最強勁的第一季度；通過 adobe.com 和我們的經銷商渠道為 SMB 領域中的 Acrobat for Teams 產品提供新的許可和續訂； Adobe Sign 勢頭強勁，Acrobat 內的 Sign 交易同比強勁增長；移動端對我們的 PDF 解決方案的強烈需求；並且我們通過 Acrobat Web 無摩擦地吸引新客戶繼續保持勢頭，ARR 同比增長約 90%。

Turning to our Digital Experience segment. In Q1, we achieved revenue of $1.06 billion, which represents 13% year-over-year growth or 20% on an adjusted basis. Digital Experience subscription revenue was $932 million, representing 15% year-over-year growth or 22% on an adjusted basis. When we look at the quarterly sequential revenue growth, we continue to see acceleration as our strategy of delivering personalization at scale is resonating with enterprise customers.

轉向我們的數字體驗部分。在第一季度，我們實現了 10.6 億美元的收入，同比增長 13% 或調整後的 20%。數字體驗訂閱收入為 9.32 億美元，同比增長 15%，調整後增長 22%。當我們查看季度連續收入增長時，我們繼續看到加速增長，因為我們大規模提供個性化的戰略正在與企業客戶產生共鳴。

First quarter Digital Experience growth drivers included new logo acquisition across our solutions; strong customer retention as a result of investments we've made in product innovation, greater value realization and customer experience; larger deal sizes in our Workfront business; traction upselling customers to new cloud-native solutions; and momentum with our Content & Commerce, customer data platform and Customer Journey Analytics offerings.

第一季度數字體驗增長驅動因素包括我們解決方案中的新徽標獲取；由於我們在產品創新、更大的價值實現和客戶體驗方面的投資，強大的客戶保留率；我們的 Workfront 業務的交易規模更大；將客戶推向新的雲原生解決方案；我們的內容和商務、客戶數據平台和客戶旅程分析產品的發展勢頭。

In Q1, we continued to increase investments in initiatives that will drive long-term revenue growth, including ramping headcount across R&D and sales capacity. Travel and facilities remained at lower levels in Q1, but we're increasing facilities utilization and travel in Q2 as we resume in-person meetings with customers and partners.

在第一季度，我們繼續增加對推動長期收入增長的計劃的投資，包括增加研發和銷售能力的員工人數。第一季度的旅行和設施保持在較低水平，但隨著我們恢復與客戶和合作夥伴的面對面會議，我們正在增加第二季度的設施利用率和旅行。

Adobe's effective tax rate in Q1 was 18% on a GAAP basis and 18.5% on a non-GAAP basis. The tax rate came in higher than expected, primarily due to less-than-expected tax benefits associated with stock-based compensation.

Adobe 在第一季度的有效稅率在 GAAP 基礎上為 18%，在非 GAAP 基礎上為 18.5%。稅率高於預期，主要是由於與股票薪酬相關的稅收優惠低於預期。

Our trade DSO was 36 days, which compares to 38 days in the year-ago quarter and 42 days last quarter. RPO grew by 19% year-over-year to $13.83 billion exiting Q1, benefiting from enterprise bookings. Our ending cash and short-term investment position exiting Q1 was $4.70 billion, and cash flows from operations in Q1 were $1.77 billion.

我們的交易 DSO 為 36 天，而去年同期為 38 天，上一季度為 42 天。受益於企業預訂，RPO 在第一季度退出時同比增長 19% 至 138.3 億美元。我們在第一季度結束時的現金和短期投資頭寸為 47 億美元，第一季度的運營現金流為 17.7 億美元。

We repurchased approximately 3.8 million shares in Q1 at a cost of $2.1 billion. Included in this purchase was the partial settlement of an accelerated share repurchase entered into during Q1 to repurchase shares at an aggregate cost of $2.4 billion. The final number of shares to be repurchased under the ASR will be based on a discount to the volume weighted average price of our common stock during the term of the agreement with the final settlement and delivery of incremental shares to Adobe scheduled to occur in early Q3. These share repurchases are part of the previously announced program, under which we currently have $10.7 billion remaining of our $15 billion authorization that was granted in December 2020 and goes through 2024.

我們在第一季度以 21 億美元的成本回購了大約 380 萬股股票。此次收購包括部分結算在第一季度進行的加速股票回購，以回購股票，總成本為 24 億美元。根據 ASR 回購的最終股份數量將基於在協議期限內我們普通股的成交量加權平均價格的折扣，最終結算併計劃在第三季度初向 Adobe 交付增量股份.這些股票回購是先前宣布的計劃的一部分，根據該計劃，我們目前在 2020 年 12 月授予並持續到 2024 年的 150 億美元授權中剩餘 107 億美元。

Before we get to our Q2 targets, I want to discuss the impact of the devastating situation in Ukraine. Earlier this month, Adobe announced the cessation of all new sales in Russia and Belarus. In addition, we've made the decision to reduce our Digital Media ARR balance by $75 million, which represents all ARR for existing business in these 2 countries. While we will extend subscriptions automatically in Ukraine during this period and continue to provide Digital Media services, we reduced ARR by an additional $12 million, which represents our entire Ukraine business. This results in a total ARR reduction of $87 million and an expected revenue impact of $75 million for fiscal 2022. The impact toward Digital Experience business is de minimis.

在我們實現第二季度目標之前，我想討論一下烏克蘭毀滅性局勢的影響。本月早些時候，Adobe 宣布停止在俄羅斯和白俄羅斯的所有新銷售。此外，我們已決定將我們的數字媒體 ARR 餘額減少 7500 萬美元，這代表了這兩個國家現有業務的所有 ARR。雖然我們將在此期間自動延長烏克蘭的訂閱期並繼續提供數字媒體服務，但我們將 ARR 額外減少了 1200 萬美元，這代表了我們整個烏克蘭的業務。這導致 ARR 總額減少 8700 萬美元，預計 2022 財年的收入影響為 7500 萬美元。對數字體驗業務的影響微乎其微。

For Q2, we are targeting total Adobe revenue of approximately $4.34 billion; net new Digital Media ARR of approximately $440 million; Digital Media segment revenue growth of approximately 13% year-over-year or 14% in constant currency; Digital Experience segment revenue growth of approximately 15% year-over-year or 16% in constant currency; Digital Experience subscription revenue growth of approximately 17% year-over-year or 18% in constant currency; tax rate of approximately 20% on a GAAP basis and 18.5% on a non-GAAP basis; GAAP earnings per share of approximately $2.44; and non-GAAP earnings per share of approximately $3.30.

對於第二季度，我們的目標是 Adobe 總收入約為 43.4 億美元；淨新數字媒體 ARR 約為 4.4 億美元；數字媒體部門收入同比增長約 13%，或按固定匯率計算增長 14%；數字體驗部門收入同比增長約 15%，或按固定匯率計算增長 16%；數字體驗訂閱收入同比增長約 17%，或按固定匯率計算增長 18%； GAAP 基礎上的稅率約為 20%，非 GAAP 基礎上的稅率約為 18.5%； GAAP每股收益約為2.44美元；非公認會計原則每股收益約為 3.30 美元。

As a result of the lower-than-expected deductions from stock-based compensation, our effective tax rate for fiscal 2022 is now targeted to be 19.5% on a GAAP basis and 18.5% on a non-GAAP basis. As we look towards the back half of the year, we expect quarterly sequential revenue and EPS growth in Q3 and Q4.

由於基於股票的薪酬扣除低於預期，我們 2022 財年的有效稅率現在的目標是在 GAAP 基礎上為 19.5%，在非 GAAP 基礎上為 18.5%。當我們展望今年下半年時，我們預計第三季度和第四季度的季度收入和每股收益將增長。

In Digital Media, we expect strong second half ARR performance across Document Cloud and Creative Cloud, including continued strength of emerging businesses like Acrobat Web, Frame.io, Substance and Creative Cloud Express. In addition, we expect ARR contributions to increase sequentially in Q3 and Q4 from a new offering and pricing structure which starts late in Q2.

在數字媒體方面，我們預計 Document Cloud 和 Creative Cloud 的下半年 ARR 表現強勁，包括 Acrobat Web、Frame.io、Substance 和 Creative Cloud Express 等新興業務的持續增長。此外，我們預計 ARR 貢獻將在第三季度和第四季度從第二季度末開始的新產品和定價結構依次增加。

We expect Digital Experience bookings to show continued momentum in the second half with a traditional strong Q4 finish. We will continue to invest in product innovation, sales capacity, marketing awareness and demand generation given our immense market opportunity. As the world reopens, we expect to increase our travel and facilities expenses.

我們預計數字體驗預訂將在下半年顯示出持續的勢頭，並以傳統的強勁第四季度結束。鑑於我們巨大的市場機會，我們將繼續投資於產品創新、銷售能力、營銷意識和需求產生。隨著世界重新開放，我們預計會增加旅行和設施費用。

In summary, I'm pleased that Adobe delivered another record quarter in Q1 with sustained growth and world-class profitability. Adobe continues to show its resilience through unprecedented circumstances that all companies face today, and I'm confident we will emerge stronger. We are on track for another year of strong financial performance.

總之，我很高興 Adobe 在第一季度實現了另一個創紀錄的季度，實現了持續增長和世界級的盈利能力。 Adobe 繼續在所有公司今天面臨的前所未有的情況下展現其韌性，我相信我們會變得更強大。我們有望迎來又一年強勁的財務業績。

Shantanu, back to you.

Shantanu，回到你身邊。

Thanks, Dan. This is a transformative time at Adobe. We're engaging with hundreds of millions of customers globally, from individuals to the largest enterprises, launching new applications for new audiences and bringing our flagship category applications to new surfaces and platforms while increasing collaboration capabilities across our solutions.

謝謝，丹。這是 Adobe 的變革時期。我們正在與全球數以億計的客戶合作，從個人到最大的企業，為新的受眾推出新的應用程序，並將我們的旗艦類別應用程序帶到新的表面和平台，同時提高我們解決方案的協作能力。

Adobe has a winning strategy applied to an exceptional opportunity. We're a leader in the digital economy with Adobe Creative Cloud, Document Cloud and Experience Cloud, which combined have a total addressable market of $205 billion. Few companies can consistently deliver technology innovation, successful transformation across new categories and business models and a broad ever-growing base of customers and partners.

Adobe 有一個成功的策略應用於一個特殊的機會。我們是數字經濟領域的領導者，擁有 Adobe Creative Cloud、Document Cloud 和 Experience Cloud，它們的潛在市場總額為 2050 億美元。很少有公司能夠始終如一地提供技術創新、跨新類別和商業模式的成功轉型以及不斷增長的廣泛客戶和合作夥伴基礎。

I'd like to thank our 26,000 employees for their continued dedication and unwavering focus on delivering customer innovation and inventing the future of digital experiences.

我要感謝我們 26,000 名員工的持續奉獻和堅定不移地專注於提供客戶創新和創造數字體驗的未來。

Thank you. We will now take questions. Operator?

謝謝你。我們現在將回答問題。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。

Curious if you could shed any more color on the new pricing structure and what that means. And Shantanu, beyond Ukraine, is there anything else you're seeing in the broader economy that's different than you've seen historically?

好奇您是否可以對新的定價結構以及這意味著什麼進行更多說明。 Shantanu，除了烏克蘭，你在更廣泛的經濟中看到的還有什麼與你在歷史上看到的不同的東西嗎？

So Brent, as it relates to what we have seen first in terms of the macroeconomic situation, we actually continue to see strength. We were pleased with the strong Q1. Certainly, I think the last few weeks of the quarter, you saw some impact in Europe, specifically as it related to what happened in terms of the terrible situation in Ukraine. But I think we continue to see growth around the world.

因此，布倫特原油與我們首先看到的宏觀經濟形勢有關，我們實際上繼續看到強勢。我們對強勁的第一季度感到滿意。當然，我認為本季度的最後幾週，你看到了歐洲的一些影響，特別是因為它與烏克蘭可怕的局勢有關。但我認為我們繼續看到世界各地的增長。

I think on the first one, as you know, and then I'll have David also add some color, the last major comprehensive overall that we had for our pricing was in 2017. And you've seen since then the number of different initiatives that we have and offerings that we've introduced, whether it was the 3D offerings, what we've done on the web, what we've done in mobile, what we've done around Creative Cloud Express. So I think it was time to take a very comprehensive look, which David has done. And I think directionally, what I would say is that we want to continue to attract hundreds of millions to the platform, but we also want to get value for the tremendous innovation that we've provided.

如你所知，我認為在第一個上，然後我會讓 David 也添加一些顏色，我們為定價提供的最後一個主要綜合整體是在 2017 年。從那時起，你已經看到了不同舉措的數量我們擁有的產品以及我們推出的產品，無論是 3D 產品，我們在網絡上所做的事情，我們在移動設備上所做的事情，我們圍繞 Creative Cloud Express 所做的事情。所以我認為是時候進行一個非常全面的研究了，David 已經這樣做了。而且我認為有方向性，我想說的是，我們希望繼續吸引數億人加入該平台，但我們也希望從我們提供的巨大創新中獲得價值。

David, maybe you can add a little bit more.

大衛，也許你可以多加一點。

Yes, happy to. So as Shantanu mentioned, the last pricing update and adjustment we made was in 2017. Since then, we've added a lot to our existing offerings. We've added new applications. We've extended broadly across multiple services. We've doubled down on collaboration. We've added millions of stock assets and thousands of fonts.

是的，很高興。正如 Shantanu 提到的，我們上一次進行定價更新和調整是在 2017 年。從那時起，我們在現有產品中增加了很多。我們添加了新的應用程序。我們已廣泛擴展到多種服務。我們在合作方面加倍努力。我們添加了數百萬種庫存資產和數千種字體。

And we've also introduced new offerings. Obviously, Acrobat across web and mobile has been growing for the last few years, and you heard us talk -- last year or 2, you heard us talk about that in the prepared remarks. But also CCX is now in market across web and mobile. And the early success we're seeing with these new offerings across web and mobile and across Acrobat and CCX has really been the catalyst for these pricing adjustments that we're looking at doing.

我們還推出了新產品。顯然，過去幾年中，跨網絡和移動設備的 Acrobat 一直在增長，您聽到我們的談話 - 去年或 2 年，您聽到我們在準備好的評論中談到了這一點。但 CCX 現在也在網絡和移動市場上銷售。我們在網絡和移動設備以及 Acrobat 和 CCX 中看到的這些新產品的早期成功確實是我們正在考慮進行的這些定價調整的催化劑。

They let us introduce the right value with the right onboarding experience and the right pricing to attract millions of new subscribers. And they provide us the opportunity to rightsize the value where engagement and usage is highest in our core existing customer base. The impact of this, we think, for Q2 will be fairly minimal because it takes time to roll this out globally, and it takes time for customers to go through their renewal cycles where their prices change. But we expect it to have a more significant impact and build-out in Q3 and Q4.

他們讓我們通過正確的入職體驗和正確的定價引入正確的價值，以吸引數百萬新訂戶。它們為我們提供了調整現有核心客戶群中參與度和使用率最高的價值的機會。我們認為，這對第二季度的影響將相當小，因為在全球範圍內推出這項服務需要時間，而且客戶需要時間來經歷價格變化的更新周期。但我們預計它會在第三季度和第四季度產生更顯著的影響和擴展。

We'll take our next question from Alex Zukin with Wolfe Research.

我們將向 Wolfe Research 的 Alex Zukin 提出我們的下一個問題。

So maybe to think -- to ask Brent -- to ask the question a different way, if you think about Adobe has been around for a long time through many business cycles, as we -- as you look at the pipeline of activity for the back half of the year and you think about the -- where -- how investors should think about it in a more recessionary, inflationary environment, can you just give us some color around how you think about the pipeline development, how you think about any changes with respect to the shape of the year and seasonality?

所以也許想——問布倫特——用不同的方式問這個問題，如果你想想 Adobe 在許多商業周期中已經存在了很長時間，就像我們一樣——當你查看活動的管道時今年下半年，您考慮在更加衰退，通貨膨脹的環境中投資者應該如何考慮它，您能否給我們一些關於您如何看待管道開發的顏色，您如何看待任何年的形狀和季節性的變化？

And then maybe just a financial question. I think there's just a better understanding of how the mechanics of the NRR are shaping up for Q2. Are you taking that -- is the $440 million, is that guide inclusive of the impact of the Russia-Ukraine adjustment? Is it taken out of the prior year? Just a little bit more context would be helpful.

然後也許只是一個財務問題。我認為對第二季度 NRR 的機制如何形成有了更好的理解。你是否接受——是 4.4 億美元，該指南是否包括俄羅斯-烏克蘭調整的影響？是從上一年取出來的嗎？多一點上下文會有所幫助。

Sure, Alex. There were multiple questions in that. So let me -- maybe first, to your point, which I agree with, when you think about the rhythm of the business and maybe the seasonal cadence, clearly, that's been impacted by whether it's the external events as it relates to the pandemic or more recently the war in Ukraine. But big picture, as we look at what's happening in terms of customer adoption, what's happening in terms of the excitement, there's no question that digital is a tailwind and will continue to be a tailwind.

當然，亞歷克斯。裡面有很多問題。所以讓我——也許首先，我同意你的觀點，當你考慮到業務的節奏和季節性節奏時，很明顯，這受到了與大流行相關的外部事件的影響，或者最近的烏克蘭戰爭。但從大局來看，當我們審視客戶採用方面正在發生的事情，以及在興奮方面發生的事情時，毫無疑問，數字化是順風並將繼續成為順風。

And our perspective is that what happened was the pandemic actually put a spotlight on the importance of everything we're doing, whether it's customer engagement, whether it's content or document productivity. And so as you think about what happens seasonally, certainly, I think we would continue to see strength in Q3 and Q4. Dan referred to that in terms of the second half momentum that we would see. But even Q1, we had a strong start. So from our perspective, some of the seasonal cadence might have changed, but the secular trends in terms of up and to the right, we actually don't see any impact associated with it.

我們的觀點是，大流行實際上讓人們關注了我們所做的一切的重要性，無論是客戶參與，還是內容或文檔生產力。因此，當您考慮季節性發生的事情時，當然，我認為我們將繼續看到第三季度和第四季度的強勁勢頭。丹在我們將看到的下半年勢頭方面提到了這一點。但即使是第一季度，我們也有一個強勁的開端。因此，從我們的角度來看，一些季節性節奏可能已經改變，但長期趨勢向上和向右，我們實際上沒有看到任何與之相關的影響。

I think your second question is related to what happens specifically on Russia and Belarus and Ukraine. Since the Digital Media ARR, the book of business, we made the decision to reduce it. And so I think what you'll see on the data sheet is what our exiting Q1 ARR is and then another number which just takes out all of the existing book of business for those 3 countries. You see the impact on revenue certainly in Q2, Q3 and Q4 because what it means is the revenue that we would have been able to collect. But again, in the grand scheme of things, as you can see, it's fairly small as it relates to the business.

我認為你的第二個問題與俄羅斯、白俄羅斯和烏克蘭的具體情況有關。由於數字媒體 ARR，商業書籍，我們決定減少它。因此，我認為您將在數據表上看到的是我們現有的第一季度 ARR 是多少，然後是另一個數字，它只是消除了這 3 個國家/地區的所有現有業務。您肯定會在第二季度、第三季度和第四季度看到對收入的影響，因為這意味著我們本來可以收集到的收入。但同樣，從宏觀上看，正如您所看到的，它與業務相關是相當小的。

So I think our targets, $440 million specifically, as you said, yes, it's impacted by the ARR business in those countries. But overall, business is strong and we feel optimistic. I think in many ways, the message really is that the new growth initiatives that both Dan and David talked to, they're starting to really show traction. And so we expect to see strength in the second half of the year and certainly beyond that.

所以我認為我們的目標，特別是 4.4 億美元，正如你所說，是的，它受到這些國家的 ARR 業務的影響。但總體而言，業務強勁，我們感到樂觀。我認為在很多方面，信息確實是丹和大衛談到的新增長計劃，他們開始真正顯示出吸引力。因此，我們預計下半年會看到實力，而且肯定會超越這一點。

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

我們將向巴克萊的 Saket Kalia 提出下一個問題。

Okay. Great. David, maybe for you. Great to see the Creative Cloud Express launch recently. I guess the question for you is, how do you feel the product differentiates from some of the competition out there? And maybe without going too deep, how do you plan on investing in that product specifically to continue your lead?

好的。偉大的。大衛，也許適合你。很高興看到 Creative Cloud Express 最近推出。我想你的問題是，你覺得這款產品與現有的一些競爭產品有何不同？也許不用太深入，您打算如何專門投資該產品以繼續領先？

Yes, thanks for the question. We're very excited about the launch of CCX. But just to up-level for a minute, and as a reminder for everyone on the call, we've been talking about the communicator segment for years, both as it relates to non-pros and as it relates to the creator economy. We've talked about in the past that our mobile and desktop apps have hundreds of millions of registrations, which is clearly going beyond our Creative Pro base.

是的，謝謝你的提問。我們對 CCX 的推出感到非常興奮。但只是為了提升一分鐘，作為對通話中每個人的提醒，我們多年來一直在談論溝通者部分，因為它與非專業人士有關，也與創作者經濟有關。我們過去曾談到，我們的移動和桌面應用程序有數億註冊，這顯然超出了我們的 Creative Pro 基礎。

And we've built a significant business. In fact, we believe that we're the largest provider of creative tools in the world when measured by revenue across all of our segments: pros, communicators and consumers. The introduction of Creative Cloud Express though represents a lot of our learning over the last few years, starting with the business model. It's a freemium business model. It's predominantly web and mobile. So it's zero friction for onboarding customers, and users are seeing success in minutes, not hours.

我們已經建立了一項重要的業務。事實上，我們相信，如果按照我們所有細分市場（專業人士、傳播者和消費者）的收入來衡量，我們是世界上最大的創意工具供應商。雖然 Creative Cloud Express 的引入代表了我們在過去幾年中學到的很多東西，首先是商業模式。這是一種免費增值的商業模式。它主要是網絡和移動。因此，對於新客戶來說，這是零摩擦，用戶在幾分鐘而不是幾小時內就能看到成功。

In addition to that, we have an unprecedented library that we bring to Creative Cloud Express. We have 175 million stock images and videos. We have 20,000 fonts, largest font library online available, and thousands of templates that have been really carefully crafted and designed by some of the best creatives in the world. And this is important because at the end of the day, if you're going to be a content-first creation tool, the content you mix together is a fundamental differentiator in terms of what you're creating and what you're producing. And we feel very, very good and confident about our ability to continue to expand this library and just make sure that what people are mixing to create their output is world-class.

除此之外，我們還為 Creative Cloud Express 帶來了一個前所未有的庫。我們有 1.75 億張庫存圖片和視頻。我們擁有 20,000 種字體、最大的在線字體庫以及數以千計的模板，這些模板由世界上一些最優秀的創意人員精心製作和設計。這很重要，因為歸根結底，如果您要成為內容優先的創建工具，那麼您混合在一起的內容是您正在創建的內容和正在製作的內容的根本區別。我們對我們繼續擴展這個庫的能力感到非常、非常好和充滿信心，並確保人們為創造他們的輸出而混合的東西是世界級的。

But of course, we also have the power of Adobe. If you look at what we're starting to do, and this gives you a hint of where we're going with our quick actions across Photoshop Quick Actions, Premiere Quick Actions, Acrobat Quick Actions that have started to make their way into Creative Cloud Express, we feel really good about the pipeline of innovation we can bring from our decades of leadership across all of our segments directly into Creative Cloud Express.

但當然，我們也有 Adobe 的力量。如果您查看我們開始做的事情，這會提示您使用 Photoshop 快速操作、Premiere 快速操作、Acrobat 快速操作的快速操作，這些快速操作已開始進入 Creative Cloud Express，我們對我們可以將數十年來在所有領域的領導地位直接帶入 Creative Cloud Express 的創新管道感覺非常好。

And then, of course, we are looking for ways to accelerate. We acquired a company called ContentCal that we've announced will be the foundation of rich content publishing and scheduling for Creative Cloud Express users.

然後，當然，我們正在尋找加速的方法。我們收購了一家名為 ContentCal 的公司，我們宣布該公司將成為 Creative Cloud Express 用戶豐富內容髮布和調度的基礎。

And then lastly, the work we've been doing over the last many years around the data-driven operating model that Dan talked about in his opening has been invaluable here. So we're finding and we're onboarding new users that would not have typically interacted with Adobe through their intent-based search. And the result is a little bit of what we alluded to. We've seen great traffic. We're seeing millions of monthly active users just a few months into the launch. We have an NPS over 60 at this point in the product. So we're really bullish on the start of where we are. And if you look at the long pipeline of Adobe-only innovation, maybe to your question, we're super excited about that.

最後，我們在過去多年圍繞 Dan 在開幕式中談到的數據驅動運營模式所做的工作在這裡非常寶貴。因此，我們正在尋找並且正在招募通常不會通過基於意圖的搜索與 Adobe 進行交互的新用戶。結果有點像我們提到的。我們已經看到了巨大的流量。推出幾個月後，我們就看到了數百萬月活躍用戶。目前，我們的 NPS 超過 60。所以我們真的很看好我們所處的位置。如果您查看僅 Adobe 創新的漫長管道，也許對於您的問題，我們對此感到非常興奮。

And the last thing I'll say here is that don't forget the opportunity here is to drive millions of new users into our franchise. But the opportunity is also to drive high engagement and usage within our core CC base and take what has already been a very, very strong retention curve there and continue to drive engagement and retention of our CC users as well.

我要在這裡說的最後一件事是，不要忘記這裡的機會是將數百萬新用戶帶入我們的特許經營權。但機會也是在我們的核心 CC 基礎中推動高參與度和使用率，並採用已經非常非常強勁的保留曲線，並繼續推動我們的 CC 用戶的參與度和保留率。

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

我們將向摩根大通的 Sterling Auty 提出下一個問題。

Just maybe for clarification. With the changes, there's no update to the annual guidance. You typically don't, but I think investors want to understand how the impact on the negative side from the changes to ARR for Russia and Ukraine impact the annual guide versus the positive uplift that you'll get from the pricing structure.

也許只是為了澄清。隨著這些變化，年度指南沒有更新。您通常不會，但我認為投資者想了解俄羅斯和烏克蘭的 ARR 變化對負面影響的影響如何影響年度指南，而不是您將從定價結構中獲得的積極提升。

Yes. Sterling, I mean, I think color-wise, it's really still early in the year, but I feel great about the way we've been navigating all of the external issues that have come. And it was a strong Q1. As we prepared for this call, we felt it was important to share with you the impact that we know of things, whether it's the revenue or ARR for Russia, what's happening on EPS as it relates to the tax rate as well as to provide some more of the growth drivers.

是的。英鎊，我的意思是，我認為在顏色方面，它真的還處於年初，但我對我們處理所有外部問題的方式感覺很好。這是一個強勁的第一季度。在我們為這次電話會議做準備時，我們認為與您分享我們所知道的影響很重要，無論是俄羅斯的收入還是 ARR，EPS 與稅率相關的情況以及提供一些更多的增長動力。

But I net it out by saying while we are not updating the annual targets, as you pointed out, we're really optimistic on the significant number of growth drivers that we have. And we'll share more throughout the year because we still are all navigating what is a considerably unpredictable situation. Our strong Q1, however, and the things that we control, we feel excellent about.

但我說雖然我們沒有更新年度目標，但正如你所指出的，我們對我們擁有的大量增長動力非常樂觀。我們將在全年分享更多信息，因為我們仍然在應對一個相當不可預測的情況。然而，我們強勁的第一季度，以及我們控制的事情，我們感覺很好。

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

我們將向格里芬證券的 Jay Vleeschhouwer 提出下一個問題。

Shantanu, referring back to the analyst meeting 3 months ago, you and David used the term product-led growth. And I was wondering if you could elaborate on that because arguably, when you think about the company over the last 30 years or more, you've always, in effect, been product-led growth. So how are you thinking about that differently now in terms of a concept or various executables for that?

Shantanu 回顧 3 個月前的分析師會議，你和大衛使用了產品主導的增長這個詞。我想知道您是否可以詳細說明這一點，因為可以說，當您考慮過去 30 年或更長時間的公司時，您實際上一直是產品主導的增長。那麼，您現在在概念或各種可執行文件方面如何看待這一點？

And then for Dan, could you talk about how you're thinking about your headcount growth relative to your expense growth for the year? You onboarded over 500 employees during the quarter. You finished Q1 with a record number of open recs. How are you thinking about filling those divisions, either to compensate for the increase in attrition you had in fiscal '21 versus normal organic growth that you otherwise would have done anyway?

然後對於丹，你能談談你如何看待你的員工人數增長相對於你今年的費用增長嗎？您在本季度招募了 500 多名員工。您以創紀錄的開放記錄數結束了第一季度。您如何考慮填補這些部門，以彌補您在 21 財年的減員增加與正常的有機增長相比，否則您本來會這樣做？

Yes. Jay, when I think about the transformative things that we've done in the company, certainly the move to subscriptions, the entrance into digital marketing, what we've done with data-driven operating model to drive the sort of financial cadence of the business, they absolutely bubble to the top. But I would say those actually dwarf in comparison to the excitement that I feel about what product-led growth can continue to do.

是的。傑伊，當我想到我們在公司所做的變革性事情時，當然是轉向訂閱，進入數字營銷，我們用數據驅動的運營模式來推動這種財務節奏生意，他們絕對會冒泡到頂峰。但我想說，與我對產品主導的增長可以繼續做的興奮相比，這些實際上相形見絀。

When you have hundreds of millions or billions of people using your software, a good example of what we've done is the constant innovation that we're delivering on the Document Cloud side. And I think David referred to some of the statistics, whether it's sort of doubling what we see with web traffic and really being aware of the intent-based approach that people want when they come on the web to accomplish document actions, what we are doing in mobile and doubling it. And I think product-led growth just relates to ensuring that all of our product teams have information at their fingertips as to how people are really using it so that we can rapidly iterate in terms of what customers want and delight them.

當您有數億或數十億人使用您的軟件時，我們所做的一個很好的例子就是我們在 Document Cloud 方面提供的不斷創新。我認為大衛提到了一些統計數據，無論是我們看到的網絡流量翻了一番，還是真正意識到人們在網絡上完成文檔操作時想要的基於意圖的方法，我們正在做什麼在移動和翻倍。而且我認為以產品為主導的增長只涉及確保我們所有的產品團隊都可以隨時掌握人們如何真正使用它的信息，以便我們可以根據客戶的需求快速迭代並取悅他們。

And I think on the Creative Cloud, to add to what David said to Saket as well, what that means with Creative Cloud Express is as you have these millions of users, we're constantly understanding where the search traffic is, how do you improve it. And it's just a new way of liberating all of the product-led -- product teams to focus on what's truly important and truly needle-moving as far as customer interest and customer sentiment. And it's something that David has pioneered. So I'll have David add a little bit more. But I think the impact on how we serve customers, the NPS and being able to continue to recruit and retain is significant.

我認為在 Creative Cloud 上，除了 David 對 Saket 所說的話之外，Creative Cloud Express 的意義在於您擁有數百萬用戶，我們不斷了解搜索流量在哪裡，您如何改進它。這只是一種解放所有以產品為主導的產品團隊的新方式，讓他們專注於真正重要的事情，並真正推動客戶興趣和客戶情緒。這是大衛開創的東西。所以我會讓大衛再補充一點。但我認為這對我們如何為客戶服務、NPS 以及能夠繼續招聘和留住人才的影響是巨大的。

Yes. I think Shantanu covered most of it. Just a couple of things to add. As you correctly point out, we joke internally that actually John and Chuck created product-led growth with distributing the free Reader and then sort of upselling people from there to the Acrobat offering. And so we've, throughout our history, had this idea and sense of how you drive utilization and usage and engagement and then drive that to convert to users.

是的。我認為 Shantanu 涵蓋了大部分內容。只需添加幾件事。正如您正確指出的那樣，我們在內部開玩笑說，實際上 John 和 Chuck 通過分發免費的 Reader 創造了以產品為主導的增長，然後從那裡向人們推銷 Acrobat 產品。因此，在我們的整個歷史中，我們對如何提高利用率、使用和參與度，然後將其轉化為用戶有這樣的想法和感覺。

I think what we are -- where we are right now is an exciting inflection point where, as Shantanu mentioned, we're seeing a lot more activity and engagement on web, we're seeing a lot more activity and engagement on mobile. And that lets us have better and more seamless onboarding. So we can use everything we've learned around DDOM to drive better intent-based search and reach audiences that frankly we weren't able to reach before because the onboarding experience, the actions to success and then what we do beyond that is in minutes, not hours.

我認為我們現在所處的位置是一個令人興奮的轉折點，正如 Shantanu 所提到的，我們在網絡上看到了更多的活動和參與，我們在移動設備上看到了更多的活動和參與。這讓我們擁有更好、更無縫的入職培訓。因此，我們可以利用我們從 DDOM 中學到的一切來推動更好的基於意圖的搜索，並接觸到坦率地說我們以前無法接觸到的受眾，因為入職體驗、成功的行動以及我們在幾分鐘內完成的工作，而不是小時。

Maybe one last thing before Dan comments. I think both Dan and David talked about retention and engagement during the quarter. And to give you a little bit more, Jay, color in terms of that, we look at churn rates. We look at reseller renewal. We look at 90-day cohort retentions. And in all of those, I think as a result of the activity that we're doing on the product teams to help improve, we're seeing improvement and getting to rates on all 3 of those that are better than they've ever been even prior to the pandemic. So I think that's, again, another example of what gives us confidence in our offerings and our innovation going forward.

也許丹評論之前的最後一件事。我認為 Dan 和 David 在本季度都談到了留存率和參與度。傑伊，為了給你更多的信息，我們看看流失率。我們著眼於經銷商續訂。我們著眼於 90 天的隊列留存率。在所有這些中，我認為由於我們在產品團隊中為幫助改進而開展的活動，我們看到了改進，並且在所有 3 個方面都獲得了比以往更好的評價甚至在大流行之前。因此，我認為這又是另一個讓我們對我們的產品和創新充滿信心的例子。

And then, Jay, just to come to your second question, we talked about the business performing well. When we talk about digital content and data increasingly driving economic growth going forward in a world where everything is going digital. That means we have an immense market opportunity in front of us, greater than $200 billion in 2024 and significantly larger than that as we look forward. So our long-term growth opportunity at Adobe is not opportunity-constrained.

然後，傑伊，就你的第二個問題而言，我們談到了業務表現良好。當我們談論數字內容和數據在一個一切都在數字化的世界中日益推動經濟增長時。這意味著我們面前有一個巨大的市場機會，到 2024 年將超過 2000 億美元，並且比我們期待的要大得多。因此，我們在 Adobe 的長期增長機會不受機會限制。

And so when we think about our leadership and product positions, they're built on the back of a very strong innovation engine at the company. So we're going to orient towards growth. We're going to continue to invest in R&D and the sales muscle to scale our businesses over time and continue that leadership in the markets that we participate in. But we're going to do what we've always done along the way, is do it in a disciplined way, so we're marrying the investments we make with the opportunities as they materialize and grow in a very profitable way. And so you can see the company's history in terms of strong profitable growth, and I'd expect our track record on that to continue over the long run.

因此，當我們考慮我們的領導地位和產品地位時，它們是建立在公司非常強大的創新引擎的基礎上的。所以我們要以增長為導向。我們將繼續投資於研發和銷售力量，以隨著時間的推移擴展我們的業務，並繼續在我們參與的市場中保持領先地位。但我們將做我們一直在做的事情，是以一種有紀律的方式去做，所以我們將我們所做的投資與機會結合起來，因為它們以一種非常有利可圖的方式實現和增長。因此，您可以從強勁的盈利增長方面看到公司的歷史，我預計我們在這方面的記錄將長期持續下去。

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。

I actually had a couple of clarifications I was hoping to ask you guys about. Shantanu, earlier in the call, you made some comments about perhaps seeing a little bit of weakness in Europe at the end of the quarter. Can you dig in on that a little bit? Like where in the business did you see that weakness? And did that persist into Q2? Or was it just kind of more temperamental? So that was number one.

我實際上有一些澄清，我希望向你們詢問。 Shantanu，在電話會議的早些時候，您發表了一些評論，稱本季度末歐洲可能會出現一些疲軟。你能深入了解一下嗎？就像您在業務中的哪個地方看到了這種弱點？這是否持續到第二季度？還是只是有點喜怒無常？所以這是第一名。

Number two, on the -- I know we're not giving full year guidance, but when we think about the operating margin outperformance in Q1, is the commentary that that's going to be given back later in the year? Or is it just like sort of the ramp-up gets pushed out so the savings kind of like accrue throughout the full year?

第二，關於 - 我知道我們沒有提供全年指導，但是當我們考慮第一季度的營業利潤率表現時，是否會在今年晚些時候給出評論？或者它就像某種加速被推出，所以儲蓄就像全年累積？

And then clarification number three, when you guys gave the original $1.9 billion net new ARR addition guidance for FY '22, did you guys already contemplate these price increases? So was the -- or the price changes? Were the price changes already in that $1.9 billion guide? So that's my 3 clarifications.

然後澄清第三點，當你們為 22 財年提供最初的 19 億美元的淨新 ARR 增加指導時，你們是否已經考慮過這些價格上漲？那麼 - 還是價格變化？那個 19 億美元的指南中是否已經出現了價格變化？這就是我的3個澄清。

Sure. So Keith, maybe I'll answer the last question first and then talk about it, which is, as we were entering the year and what we talked at the FA meeting, if you actually -- I think we also got a couple of questions as it relates to what we were going to do on pricing, and we alluded to the fact that we're constantly looking at it.

當然。所以基思，也許我會先回答最後一個問題，然後再談它，也就是說，當我們進入這一年時，我們在足協會議上談了什麼，如果你真的——我想我們也有幾個問題因為它與我們在定價方面要做的事情有關，我們提到了我們一直在關注它的事實。

And so while it was something that we were working on, we actually just pretty recently finished the entire effort. So we didn't have it finalized, but we always thought that it was timed with the new offerings to actually look at the pricing structure as well. And so the definite amount and the materiality of that, we will know as we go through the process. But directionally, we knew that we were going to be looking at pricing more exhaustively.

因此，雖然這是我們正在做的事情，但實際上我們最近才完成了整個工作。所以我們沒有最終確定它，但我們一直認為它與新產品同步，以實際查看定價結構。因此，確定的數量和重要性，我們將在整個過程中知道。但在方向上，我們知道我們將更加詳盡地考慮定價。

I think in terms of the clarification of what we saw, when the war broke out for the last couple of weeks, that impact was not just felt in Russia and Belarus and Ukraine. You see a little bit of that traffic across the region. So that's really all I was alluding to. And we saw strength, and that strength continued in the U.S. right through the quarter. And so not unsurprisingly, we saw a little impact. So that's all I was referring to as it related to the European situation.

我認為，就我們所見的澄清而言，當戰爭在過去幾週爆發時，這種影響不僅僅在俄羅斯、白俄羅斯和烏克蘭感受到。您會看到該地區的一些流量。所以這就是我所暗示的。我們看到了實力，並且這種實力在整個季度都在美國持續存在。所以毫不奇怪，我們看到了一點影響。這就是我所指的一切，因為它與歐洲局勢有關。

And did you have a third question, Keith?

你有第三個問題嗎，基思？

Yes, the third one was on operating margins.

是的，第三個是營業利潤率。

Yes. Your third question on operating margin. So let me break it up into 3 time periods. Let's talk about Q1 briefly. Let's talk about FY '22 and then beyond. So as we think about Q1, clearly, Omicron was a context around that quarter. So our investments in things like travel, facilities weren't as robust as originally contemplated, and you saw a little bit of uplift from a margin structure standpoint in Q1. When we take a step back, we talked about the growth profile and the leadership of our product positions, continuing to invest to scale our businesses, and a lot of those investments being R&D and sales-oriented. We'll continue to do that.

是的。關於營業利潤率的第三個問題。所以讓我把它分成3個時間段。讓我們簡單地談談Q1。讓我們談談 '22 財年及以後。因此，當我們考慮第一季度時，顯然，Omicron 是該季度的背景。因此，我們在旅行、設施等方面的投資並不像最初預期的那麼強勁，從第一季度的利潤率結構的角度來看，你看到了一些提升。當我們退後一步時，我們談到了增長概況和我們產品職位的領導地位，繼續投資以擴大我們的業務，其中很多投資都是以研發和銷售為導向的。我們將繼續這樣做。

And the targets that we set in FA Day a few months ago implied in those -- in that framework is an operating margin for the year. And so I think you'll see that unfold throughout the rest of the year. And then longer term, we talked about the significant opportunities facing the company and our ability to capture that with our leadership position as the world goes increasingly digital. And as we grow and scale this business, you'll see the benefits of that over time layer into the operating margin as we continue to do it in a strong, profitable and disciplined way.

我們幾個月前在 FA Day 中設定的目標隱含在這些目標中——在那個框架下，就是今年的營業利潤率。所以我認為你會在今年剩下的時間裡看到這種情況。然後從長遠來看，我們談到了公司面臨的重大機遇，以及隨著世界日益數字化，我們利用我們的領導地位抓住機遇的能力。隨著我們業務的發展和擴展，隨著我們繼續以強大、盈利和紀律嚴明的方式開展業務，隨著時間的推移，您會看到這一業務的好處體現在營業利潤率中。

We'll take our next question from Tyler Radke with Citi.

我們將向花旗的 Tyler Radke 提出下一個問題。

Just going back to the price increase and pricing changes. Obviously, I'm sure you'll be sharing a lot more specifics as we go forward. But philosophically, just how are you thinking about the pricing changes at the high end versus the kind of entry-level Creative products? And particularly, just curious how you're evaluating those pricing changes in the context of the competitive landscape.

回到價格上漲和價格變化。顯然，我相信隨著我們的前進，您會分享更多細節。但從哲學上講，您如何看待高端產品與入門級創意產品的定價變化？特別是，只是好奇您如何在競爭格局的背景下評估這些定價變化。

So I think philosophically, the way we are looking at it, I'll repeat what I said earlier, which is we haven't done a comprehensive look at that in multiple years. And directionally, I think the significant value that we've added has to do with people, whether you're in businesses or whether you're a user of the entire apps. I mean we continue to add new apps to the -- what's called the CC All Apps platform. And directionally, we're just saying that is the area where we have to look at all of the increased value that we have.

所以我認為從哲學上講，我們看待它的方式，我會重複我之前所說的，即我們多年來沒有全面審視它。在方向上，我認為我們增加的重要價值與人有關，無論您是在企業中還是您是整個應用程序的用戶。我的意思是我們繼續向所謂的 CC All Apps 平台添加新應用程序。在方向上，我們只是說這是我們必須關注我們擁有的所有增加的價值的領域。

This is not driven in any way, shape or form by any competitive response. So let me be categorical about that. This is raised by -- we continue to attract billions of people to the platform in terms of the interest. And with all of the new offerings that we have, again as David said, across web, across mobile, across the browsers, we just want to make sure that as we continue to expand the offerings, we're looking at the pricing in a good way. So the value that we've added to whether you're in Teams with collaboration or whether you're businesses continues to be a motivator for us to look at the prices as well on all the new apps that we've added. So hopefully, that gives you color.

這不是由任何競爭反應以任何方式、形式或形式驅動的。因此，讓我對此明確。這是由 - 就興趣而言，我們繼續吸引數十億人加入該平台。正如大衛所說，對於我們擁有的所有新產品，跨網絡、跨移動設備、跨瀏覽器，我們只是想確保隨著我們繼續擴展產品，我們正在查看價格好辦法。因此，無論您是在 Teams 中進行協作還是您是企業，我們為您增加的價值繼續成為我們查看價格以及我們添加的所有新應用程序的動力。所以希望，這會給你顏色。

Let me also back up and say this is, for us, all really about customers and delighting customers. But because we had an earnings call, we said as this gets rolled out, we at least want to give you some heads up because otherwise, some of you would say, why didn't you at least allude to it? As David said, this doesn't have an impact in Q2 really. It's a pretty small impact. But that was the rationale and thinking associated with it. And we will certainly roll this out with customers first, and then we will share with you more of what the impact is. But that's the way we look at how we move the business going forward.

讓我也支持並說，對我們來說，這一切都是關於客戶和取悅客戶的。但是因為我們有一個財報電話會議，我們說隨著它的推出，我們至少想給你一些提示，因為否則，你們中的一些人會說，你為什麼不至少提到它？正如大衛所說，這實際上對第二季度沒有影響。這是一個很小的影響。但這就是與之相關的基本原理和想法。我們肯定會首先與客戶一起推出，然後我們將與您分享更多的影響。但這就是我們看待如何推動業務向前發展的方式。

Great. And if I could sneak in a follow-up just on the Digital Experience side. Obviously, pretty strong growth here in Q4 and the first part of the year, above 20% on an adjusted basis. I guess was there any kind of onetime factors that drove that outperformance? And as we think about the guide for the next quarter and the deceleration implied, just anything to call out there?

偉大的。如果我能在數字體驗方面偷偷跟進。顯然，第四季度和今年上半年的增長相當強勁，調整後超過 20%。我想是否有任何一種一次性因素推動了這種優異表現？當我們考慮下一季度的指導和暗示的減速時，有什麼可以說的嗎？

Thanks for the question. We are pleased with the momentum we have seen in the Digital Experience business with 22% growth and subscription on an adjusted basis. The market opportunity is huge, over $100 billion of TAM. The pandemic obviously put a spotlight on it in terms of the urgency. We're seeing it continue to grow in terms of customer demand, customer interest at the Board level and at the C-level.

謝謝你的問題。我們對我們在數字體驗業務中看到的增長勢頭感到滿意，在調整後的基礎上增長了 22% 和訂閱。市場機會巨大，超過 1000 億美元的 TAM。就緊迫性而言，大流行顯然成為人們關注的焦點。我們看到它在客戶需求、董事會級別和 C 級別的客戶興趣方面繼續增長。

We're in a really strong market position with what we've built with the Adobe Experience Platform and the native apps like Customer Journey Analytics and CDP that we've built with that. So overall, we feel really excited about the path forward. And we just had the Summit conference last week, excellent pipeline building event as well as a chance to showcase our product innovation. So we expect this to continue through the year in terms of our momentum.

憑藉我們使用 Adobe Experience Platform 構建的產品以及使用它構建的 Customer Journey Analytics 和 CDP 等本地應用程序，我們處於非常強大的市場地位。所以總的來說，我們對前進的道路感到非常興奮。我們上周剛剛舉行了峰會，出色的管道建設活動以及展示我們產品創新的機會。因此，就我們的勢頭而言，我們預計這種情況將持續到今年。

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

我們將向 BMO 的 Keith Bachman 提出下一個問題。

I'm going to follow lead with a couple of clarifications. Dan, could you comment on what the inorganic contribution was this quarter and where it manifests? So for instance, Frame.io, what was the contribution there?

我將跟隨引導進行一些澄清。丹，您能否評論一下本季度的無機貢獻是什麼以及它體現在哪裡？例如，Frame.io，那裡的貢獻是什麼？

Secondly, when you think about -- I just want to clarify on the ARR write-off, so to speak. The comment was that you're ceasing all new incremental business. But are you going to continue to get ARR payments in Russia -- or from Russia and Belarus from existing business that might actually contribute to ARR? Just a little bit confused on that one.

其次，當您考慮時——我只想澄清一下 ARR 的註銷，可以這麼說。評論是您將停止所有新的增量業務。但是，您是否會繼續在俄羅斯獲得 ARR 付款 - 還是從俄羅斯和白俄羅斯從可能對 ARR 做出實際貢獻的現有業務中獲得？只是對那個有點困惑。

And then in the spirit of Keith Weiss, I'm actually going to ask a third clarification. Shantanu, in the past, you've said that in the Creative side, new subscribers was the most significant contributor to growth. And I just wanted to try to understand, given more competition perhaps in the lower end of the market, is that still true?

然後本著 Keith Weiss 的精神，我實際上要要求第三個澄清。 Shantanu，過去，您曾說過，在創意方面，新訂閱者是增長的最重要貢獻者。我只是想試著理解，考慮到低端市場可能存在更多競爭，這仍然是真的嗎？

I'll answer the first -- the third one first, Keith, as Dan does, which is if you look at the growth, the unit growth is being driven by single apps, which is new subscribers and driving to it. So that trend, in terms of continuing to drive single unit, is definitely part of how we think about it.

我將首先回答第一個 - 第三個，Keith，就像 Dan 所做的那樣，如果你看看增長，單位增長是由單個應用程序驅動的，這是新用戶並推動它。因此，就繼續推動單個單元而言，這種趨勢絕對是我們思考的一部分。

I'll answer maybe one part of also how you have to think about it, which is when you think about Russia and Belarus, we have the ARR, which is the book of business, but there's no way to really get payments. And with all of the sanctions that's there, what we have factored is that book of business, because we are not going to be getting payments from Russia, that is the impact that Dan alluded to, which is the $75 million for the rest of the year. So in addition to seizing new payment -- in addition to stopping new sales, what you have to realize is for a service that exists as a SaaS-based service, you're unable to collect payments. And so we've reflected that impact as well in the particular geographies.

我可能會回答您必須如何考慮的一部分，即當您想到俄羅斯和白俄羅斯時，我們有 ARR，這是商業賬簿，但沒有辦法真正獲得付款。考慮到所有的製裁措施，我們考慮的是那本商業賬簿，因為我們不會從俄羅斯獲得付款，這就是丹提到的影響，即 7500 萬美元用於其餘的年。因此，除了扣押新的付款——除了停止新的銷售之外，您必須意識到對於作為基於 SaaS 的服務存在的服務，您無法收取付款。因此，我們在特定地區也反映了這種影響。

Yes. And just coming back to your last piece, Keith, on Frame. Now that it's part of the business, we're not going to be breaking this out. We talked about the momentum in the business. It's great. The team is doing really well. The number of deals, the average deal size, business has a lot of momentum around it. And we talked about the great collaboration technology that exists there. But now that it's a part of the business, we won't be breaking it out explicitly.

是的。回到你在 Frame 上的最後一件作品 Keith。現在它是業務的一部分，我們不會打破這個。我們談到了業務的發展勢頭。這很棒。團隊做得非常好。交易數量、平均交易規模、業務在這方面有很大的發展勢頭。我們談到了那裡存在的出色協作技術。但既然它是業務的一部分，我們不會明確地打破它。

We'll take our next question from Kash Rangan with Goldman Sachs.

我們將向高盛的 Kash Rangan 提出下一個問題。

Congrats on the quarter. The numbers look quite good for Q1. So Shantanu, I'm curious, the shifting seasonality, generally when you find a more seasonal second half, that's generally a sign of maturity in the market or macro factors or just product transition factors. But when I look at your second half, you do have relatively easier comps for DM ARR, right? And then you have the pricing optimization. So if we net it all out, how do you feel about the business in the second half relative to going into the first quarter, granted that we have all these macroeconomic concerns? But net of the positives against -- net of the negatives against the positives, how do you feel today versus 3 months back about the rest of the fiscal year?

祝賀本季度。第一季度的數字看起來相當不錯。所以 Shantanu，我很好奇，季節性變化，通常當你發現下半年更具季節性時，這通常是市場成熟或宏觀因素或只是產品過渡因素的標誌。但是當我看你的下半場時，你確實有相對容易的 DM ARR 組合，對吧？然後你有定價優化。因此，如果我們將其全部計算出來，鑑於我們有所有這些宏觀經濟問題，您對下半年的業務與進入第一季度有何看法？但是，扣除積極因素和積極因素後，您今天與 3 個月前的財政年度剩餘時間相比感覺如何？

Thanks, Kash. I mean to net it out, I definitely feel more positive about business moving forward than I ever have because just if you take a step back and look at all of -- first look at Q1, we had a strong Q1. We clearly beat our targets in what is perhaps the most unpredictable situations that exist in the world. So we feel really good about Q1. We feel really good about the new initiatives that -- both in Document Cloud and Creative Cloud and in Experience Cloud that David and Anil spoke to.

謝謝，卡什。我的意思是把它弄清楚，我對業務的發展肯定比以往任何時候都更加積極，因為只要你退後一步看看——首先看看第一季度，我們的第一季度表現強勁。我們顯然在世界上存在的最不可預測的情況下擊敗了我們的目標。所以我們對第一季度感覺非常好。我們對 David 和 Anil 談到的 Document Cloud 和 Creative Cloud 以及 Experience Cloud 中的新舉措感到非常滿意。

I did allude to the fact that when you think about the seasonal cadence and the rhythm of the business, certainly, some of that's impacted. And perhaps the thing that you're alluding to, Kash, was in Q2 of last year, there was sort of a catch-up as "small and medium businesses" came on -- come back online. And so you have to just factor what that is in. But both in terms of the revenue growth in DME for Q3 and Q4 as it relates to getting more similar to Q1 as well as the ARR, we're optimistic about the second half.

我確實提到了這樣一個事實，即當您考慮季節性節奏和業務節奏時，當然，其中一些受到了影響。也許你提到的事情，Kash，是在去年第二季度，隨著“中小企業”的出現——重新上線。所以你必須考慮其中的因素。但就第三季度和第四季度 DME 的收入增長而言，因為它與第一季度和 ARR 更加相似，我們對下半年持樂觀態度。

The only reason we didn't talk about Q2 is because we actually gave specific guidance and targets for Q2. So don't take that as anything as opposed to we've given you targets for Q2 and we are trying to give you color on what happens in Q3 and Q4. So hopefully, that helps, Kash.

我們沒有談論第二季度的唯一原因是因為我們實際上為第二季度提供了具體的指導和目標。因此，不要將其視為與我們為您提供第二季度目標相反的任何事情，我們正在努力為您提供關於第三季度和第四季度發生的情況的顏色。所以希望，這會有所幫助，卡什。

And on the DX side, since there have been fewer questions on the DX side, I mean, what we have done, Summit was really exciting, the amount of new announcements that we've done there. Every person that I talked to in the C-suite continues to want to really focus on digital transformation and customer experience management. I'm excited. I'm back on the road again. It feels great. We have employees back in the office and facilities. People want to meet, and digital engagement is top of mind.

在 DX 方面，由於 DX 方面的問題較少，我的意思是，我們所做的，Summit 真的很令人興奮，我們在那裡做了很多新的公告。與我交談過的高管中的每個人都希望真正專注於數字化轉型和客戶體驗管理。我很興奮。我又回到了路上。感覺很棒。我們有員工回到辦公室和設施。人們想見面，數字參與是最重要的。

So across all 3 of our businesses, we didn't talk about the document business. $100 million in ARR for the quarter, $2 billion book of business, really good adoption of our new functionality, whether it's on the web as well as a unifying sign with Acrobat, which was a big movement that we're trying to do. So I think all of those are positive.

因此，在我們所有的 3 個業務中，我們沒有談論文檔業務。本季度 1 億美元的 ARR，20 億美元的業務賬簿，我們的新功能非常好地採用，無論是在網絡上，還是與 Acrobat 的統一標誌，這是我們正在嘗試做的一個大動作。所以我認為所有這些都是積極的。

I think the one impact that, again, maybe Dan can just touch on is certainly, it doesn't impact our core business. But the EPS, you just have to factor some of the revenue and other considerations that happened. But for the functional part of the business, I feel really good.

我認為丹可能再次提到的一個影響肯定是，它不會影響我們的核心業務。但是每股收益，你只需要考慮一些收入和發生的其他考慮因素。但是對於業務的功能部分，我感覺真的很好。

Yes. So Shantanu did a good job talking about the fundamentals of the business. The other piece are the transient effects. And I would point to 2 of them. So for the war in Ukraine, we derisked the profile around the situation. And that's the prudent thing to do, to be conservative in situations like this. So that's what you see in the $87 million reduction in ARR as well as the $75 million reduction from a revenue standpoint, Q2 through Q4. So if I take that revenue and I flow it through the P&L, that's going to be about a $0.04 a share headwind per quarter for the balance of the year, Q2 through Q4.

是的。所以 Shantanu 很好地談論了業務的基本面。另一部分是瞬態效果。我會指出其中的兩個。因此，對於烏克蘭的戰爭，我們對圍繞局勢的形象進行了貶低。這是謹慎的做法，在這種情況下要保守。這就是您在 ARR 減少 8700 萬美元以及從第二季度到第四季度的收入角度減少 7500 萬美元的情況。因此，如果我將這筆收入納入損益表，那麼在今年第二季度到第四季度的剩餘時間裡，每季度每股逆風約為 0.04 美元。

From a tax standpoint, we talked about an 18.5% non-GAAP tax rate. That's a 1.5 point change versus where we were at FA Day. If I were to roll that through the P&L, that's about $0.06 a share per quarter throughout the year. We were able to overcome that in Q1. And then when I look at the share repurchase activity, clearly, the company took advantage of the current environment. And that's going to create about a $0.02 a share benefit each quarter this year versus where we were at FA Day.

從稅收的角度來看，我們談到了 18.5% 的非公認會計原則稅率。與我們在 FA Day 的情況相比，這有 1.5 個百分點的變化。如果我將其通過損益表計算，則全年每季度每股約 0.06 美元。我們能夠在第一季度克服這個問題。然後，當我查看股票回購活動時，很明顯，該公司利用了當前的環境。與我們在 FA 日的情況相比，這將在今年每個季度創造約 0.02 美元的每股收益。

And so when I net all of that out on a go-forward basis, you've got about an $0.08 per share headwind in each quarter. And again, like we said in Q1, we were able to overcome that headwind in Q1 and deliver above the expectations that we had set, and we're going to continue to orient towards growth. We're going to invest to lead, but if there's opportunities to do it in a disciplined way and overcome it on a go-forward basis, we'll take it a quarter at a time and let you know what we see.

因此，當我在前進的基礎上將所有這些都計算在內時，您每個季度的每股逆風約為 0.08 美元。再次，就像我們在第一季度所說的那樣，我們能夠在第一季度克服逆風並提供超出我們設定的預期，我們將繼續朝著增長方向發展。我們將投資領導，但如果有機會以有紀律的方式做到這一點並在前進的基礎上克服它，我們將一次四分之一，讓你知道我們所看到的。

And Shantanu, just one final follow-up. The clear -- I know that you want to talk about the Document Cloud and the Experience Cloud, but I remember fall of 2011, you've made a very bold transition to Creative Cloud subscription. You, in fact, outlined that you have a target of 4 million subscribers in fiscal '15, which seemed quite visionary back then, right? So as you look at the inflection point going -- the company is going through, what are your aspirations for Creative Cloud Express if you were to measure it in subscribers or how big of a business would you like it to be? What would be your similar prognostication as you look into the next few years? And that's it for me.

還有 Shantanu，只是最後一次跟進。很清楚——我知道您想談論 Document Cloud 和 Experience Cloud，但我記得 2011 年秋天，您非常大膽地過渡到 Creative Cloud 訂閱。事實上，您概述了您在 15 財年的目標是 400 萬訂戶，這在當時似乎很有遠見，對吧？因此，當您看到拐點時——公司正在經歷，如果您要在訂閱者中衡量 Creative Cloud Express，您對 Creative Cloud Express 的期望是什麼，或者您希望它有多大的業務？展望未來幾年，您的類似預測是什麼？對我來說就是這樣。

Kash, at the FA meeting, we talked about what the overall addressable market opportunity is. But I really feel like we can get billions of users to use our product. And then they will be the spectrum of people who will be paying us on a subscription business as well as others who will perhaps take advantage of some of the freemium offerings that we have.

Kash，在 FA 會議上，我們談到了整體可尋址的市場機會是什麼。但我真的覺得我們可以讓數十億用戶使用我們的產品。然後他們將是那些將向我們支付訂閱業務的人以及其他可能會利用我們擁有的一些免費增值產品的人。

We are starting to see that kind of adoption with the Document Cloud certainly, right, where you have 0.5 billion people who've used our -- a Reader and other products. But I think in terms of Creative Cloud Express, my hope and my aspiration is that every single person who has a story to tell uses some part of the Creative Cloud Express. We're off to a great start there, Kash.

我們開始看到 Document Cloud 的這種採用，沒錯，你有 5 億人使用過我們的閱讀器和其他產品。但我認為就 Creative Cloud Express 而言，我的希望和願望是每個有故事要講的人都使用 Creative Cloud Express 的某些部分。卡什，我們有一個很好的開始。

I think on the differentiation, as David said, we have the platform. We have every single piece of technology that we need to deliver a great compelling experience. And now we're also world-class at making sure that we capture search-based intent. So we want to anticipate what people want to do with Creative, but I would be disappointed if that doesn't just continue to be a huge growth area in terms of new users to our platform.

正如大衛所說，我認為在差異化方面，我們擁有平台。我們擁有提供出色體驗所需的每一項技術。現在，我們在確保捕獲基於搜索的意圖方面也處於世界一流水平。所以我們想預測人們想用 Creative 做什麼，但如果這不僅繼續成為我們平台新用戶的巨大增長領域，我會感到失望。

Operator, we're a little past the top of the hour. We'll squeeze in one more question and then wrap up.

接線員，我們的時間有點過了。我們將再提出一個問題，然後結束。

We'll take our next question from Michael Turrin with Wells Fargo Securities.

我們將向富國銀行證券公司的邁克爾·特林提出下一個問題。

Appreciate you squeezing me on. We've been expecting a return-to-normal expense profile. Q1 operating margins were actually flat relative to last year. Anything else you can add just around the Q1 margin results? And as we think through the puts and takes between that return to a more normalized expense profile and some of the product and pricing efforts you've mentioned ahead this year, any way to think through if price uplift can help offset some of that expense normalization you're expecting?

感謝你擠壓我。我們一直期待恢復正常的費用狀況。與去年相比，第一季度的營業利潤率實際上持平。您還可以在第一季度的利潤結果附近添加什麼？當我們仔細考慮回歸到更加正常化的費用狀況以及您今年之前提到的一些產品和定價努力之間的看跌期權時，任何思考價格上漲是否有助於抵消部分費用正常化的方法你期待嗎？

Yes, sure. So if I were to look at where we landed in Q1, and we talked about not fully investing from a travel and facilities standpoint because of the Omicron environment, and as I look forward to the Q2 guide and the operating margin that is implicit in that guide and I were to break it out into some several buckets, there's going to be an influence from the transient effects of the Russia situation. We're going to do increased hiring to invest for future growth. We get full quarter impact from a merit standpoint instead of a 1-month impact. And then we will start to see the reopening expenses start to layer back in.

是的，當然。因此，如果我看一下我們在第一季度的著陸點，並且我們談到由於 Omicron 環境而沒有從旅行和設施的角度進行全面投資，並且我期待第二季度指南和其中隱含的營業利潤率導遊和我要把它分成幾個桶，這會受到俄羅斯局勢的短暫影響的影響。我們將增加招聘以投資於未來的增長。從優點的角度來看，我們得到了整個季度的影響，而不是 1 個月的影響。然後我們將開始看到重新開放的費用開始重新增加。

Those are the 4 buckets that bridge you from Q1 to Q2. And I would say each of those 4 buckets is roughly equally weighted. And so I think that's what gets you to a more normalized run rate as we look into Q2 and the back half of the year.

這些是連接您從第一季度到第二季度的 4 個存儲桶。我會說這四個桶中的每一個的權重大致相同。所以我認為這就是讓我們在第二季度和下半年看到更正常化的運行率的原因。

And since that was the last question, I wanted to, again, thank you all for joining us today. We're pleased with the performance. We think we had a really strong start to the fiscal year across all 3 of our businesses: the Creative Cloud, Document Cloud and Experience Cloud.

既然這是最後一個問題，我想再次感謝大家今天加入我們。我們對錶現感到滿意。我們認為，我們所有 3 項業務的財年開局都非常強勁：Creative Cloud、Document Cloud 和 Experience Cloud。

And more than that, I think our ability to continue to delight customers and deliver on the innovative road map gives us a lot of confidence associated with the new initiatives taking stock and contributing to the future growth at Adobe. The spotlight, I believe, on digital will just continue. And as we get back to more normalcy, I think that will only all go well for both Adobe and our customers. And the successful Summit that we just organized, I think, is another indicator of the interest that exists in our solutions.

更重要的是，我認為我們能夠繼續取悅客戶並實現創新路線圖，這讓我們對評估新舉措並為 Adobe 未來增長做出貢獻充滿信心。我相信，關於數字的聚光燈只會繼續下去。隨著我們恢復正常，我認為這對 Adobe 和我們的客戶來說都會順利進行。我認為，我們剛剛組織的成功峰會是我們解決方案存在興趣的另一個指標。

So thank you for joining us today, and we look forward to sharing more as we go through the year. Thank you.

因此，感謝您今天加入我們，我們期待在這一年中分享更多信息。謝謝你。

This concludes the call. Thanks, everyone.

這結束了通話。感謝大家。

That does conclude today's conference. We thank you all for your participation. You may now disconnect.

今天的會議到此結束。我們感謝大家的參與。您現在可以斷開連接。