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 Adob​​e 2022 財年第一季財報電話會議。今天的會議正在錄製中。現在，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。今天與我一起參加電話會議的是 Adob​​e 董事長兼執行長 Shantanu Narayen； David Wadhwani，數位媒體總裁； Anil Chakravarthy，數位體驗總裁；執行副總裁兼財務長 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.

在這次正在錄音的電話會議上，我們將討論 Adob​​e 2022 財年第一季的財務表現。您可以在 Adob​​e 的投資者關係網站上找到我們的第一季新聞稿以及我們準備好的評論和財務表現的 PDF 版本。

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.

本次電話會議中討論的資訊（包括我們的財務目標和產品計劃）截至今天 3 月 22 日，並包含涉及風險、不確定性和假設的前瞻性陳述。實際結果可能與這些聲明中提出的結果有重大差異。要討論這些風險，您應該查看今天的新聞稿和 Adob​​e 的 SEC 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.

在本次電話會議上，我們將討論公認會計原則和非公認會計原則財務指標。我們報告的業績包括 GAAP 成長率以及按固定匯率計算的調整後成長率，這比去年同期增加了一周。在本次示範中，除非另有說明，Adobe 的高階主管將提及調整後的成長率。兩者之間的調節可在我們的收益發布和 Adob​​e 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尚塔努。

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業績之前，我想承認烏克蘭發生了可怕且令人心碎的危機。數百萬無辜平民所承受的痛苦和苦難是極其悲慘的，我們與烏克蘭人民同在並為他們祈禱。 Adobe 與全球社群一起表明立場，停止在俄羅斯銷售我們的所有新產品和服務。 Adobe 基金會已提供補助金來援助人道救援工作。

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起來，在最具挑戰性的時期繼續成功管理我們的業務，同時專注於取悅客戶和公司的長期成長計畫感到自豪。 Adobe 一直擁有強大的目標驅動文化，這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 透過數位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、教育或企業，內容都在推動全球經濟。創造力的民主化、隨時隨地工作和學習的新方式的出現以及個性化客戶體驗的業務使命強調了我們作為一家公司所擁有的巨大機會。我們釋放所有人創造力、提高文件生產力和推動數位業務的策略正在發揮作用。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 第一季表現強勁。我們實現了創紀錄的 42.6 億美元收入，調整後年增 17%。該季度 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.

在我們的數位媒體業務中，我們推動了 Creative Cloud 和 Document Cloud 的強勁成長，實現了 31.1 億美元的營收。淨新增數位媒體年化經常性收入 (ARR) 為 4.18 億美元，第一季數位媒體 ARR 總額成長至 125.7 億美元。在我們的體驗雲業務中，我們在第四季度的勢頭基礎上，實現了 10.6 億美元的收入，該季度的訂閱收入為 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?

我很高興邀請數位媒體總裁 David Wadhwani；和數位體驗總裁 Anil Chakravarthy 在本次電話會議上分別分享了有關我們在數位媒體和數位體驗業務方面的發展勢頭的更多資訊。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，山塔努，大家好。一切數位化的加速使得內容和創造力比以往任何時候都更加重要。每個人都需要以數位方式表達自己，從社群媒體上的個人到創建更具吸引力的學校專案的學生，再到製作下一個行銷活動的創意專業人士。創作者經濟的快速崛起為個人、個人企業家和小型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「為所有人創造創造力」的願景，使各種技能水平的客戶都能創造出脫穎而出的內容。我們繼續在成像、設計、視訊和插圖等核心創意領域處於領先地位。我們正在為新興的元宇宙平台推進 3D 和沈浸式等新媒體類型。我們正在為網路、行動和桌面上的每個介面和每個受眾建立應用程式。我們正在大力投資協作服務，這些服務已深度整合到我們的旗艦應用程式中。

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.

我們新的基於網路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 Adob​​e Sensei 提供支援，使客戶能夠更快、更聰明地工作。因此，我們的創意社群從未如此強大。 Behance 目前擁有近 3000 萬會員，我們每週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，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，調整後年增 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推出 Creative Cloud Express，這是我們新的模板驅動的網路和行動產品，使任何人都可以輕鬆創建和分享精美的內容。其零摩擦入門將把數百萬小企業主、社會影響者和學生帶入 Creative Cloud 大家庭，並使他們能夠創建從社交貼文到行銷資料的一切。 Creative Cloud Express 擁有數千個精美模板、數百萬張令人驚嘆的庫存圖像和影片以及世界上最完整的字體集合。其易於使用的介面不斷透過創新進行擴展，例如針對數百萬資產的增強搜尋功能以及使用戶能夠編輯、轉換、組合和組織 PDF 的新 PDF 快速操作。雖然我們的旅程才剛幾個月，但我們已經看到了強勁的流量、數百萬的每月活躍用戶和很高的客戶滿意度。

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.

在影片方面，對影片內容的爆炸性需求沒有顯示出減弱的跡象。第一季度，我們在 Premiere Pro 中推出了新的人工智慧創新技術，有助於將音樂合併到視訊序列中並加速轉錄。我們也推動了 Frame.io 的強勁成長，這是 Adob​​e 去年年底收購的領先視訊協作解決方案。 Frame 經歷了有史以來最好的季度，完成的交易比之前任何一個季度都多，同時交易規模也增加到創紀錄的水平。隨著創造力已成為一項團隊運動，我們將擴大我們在視訊協作方面的領導地位，並將協作能力引入所有創意類別。

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.

隨著品牌將實體世界和數位世界結合在一起，並開始為虛擬世界做好準備，我們也看到人們對 Substance 3D 和我們新的 3D Modeler Beta 版產生了極大的興趣。 Substance 已被可口可樂、NASCAR 和 NVIDIA 等全球品牌用於行銷和電子商務。

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，我們繼續看到全球各個領域對創意雲端產品的強勁需求：個人、中小企業、團隊和企業，並在迪士尼、美國聯邦航空局、IBM、ING 銀行、科爾百貨和新墨西哥州公共教育部取得了重大勝利。

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.

在文件雲端方面，數位文件已成為企業營運的基礎，並將隨著混合工作成為標準而繼續發揮重要作用。 Adobe 正在利用 Document Cloud 來提高文件工作效率，使所有功能（包括編輯、轉換、共用、掃描和簽名）能夠在 Web、桌面和行動裝置上順暢運作。透過我們對人工智慧和機器學習的持續投資，PDF 變得更加聰明且更容易存取。我們透過 API 啟用新的工作流程，使開發人員能夠為其業務建立客製化的數位文件體驗。

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.

第一季度，我們實現了創紀錄的 5.62 億美元收入，新 Document Cloud ARR 達到 1.03 億美元。 Document Cloud 的年終 ARR 突破了 20 億美元大關，較去年同期成長 29%。第一季的亮點包括 Adob​​e Sign 的強勁成長，這得益於 Acrobat 中統一的電子簽名功能以及 Sign 與 Adob​​e Commerce 和 Workfront 的新整合。在網路上，我們繼續看到大量對編輯、轉換和共享 PDF 等文件操作的搜尋。因此，Acrobat Web 對業務的貢獻比去年同期幾乎翻了一番。

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.

在行動裝置上，我們看到第一季開啟了數十億個 Acrobat 行動 PDF。這種用法與我們將用戶轉變為行動付費訂閱者的努力相結合，正在發揮作用。 Acrobat 行動 ARR 年成長超過 70%。最後，我們的文件雲企業業務繼續表現良好，取得了包括 Medallia、梅賽德斯-奔馳、雷神公司、理光歐洲、清水和聯合健康在內的關鍵勝利。

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.

我們透過在 Creative Cloud 和 Document Cloud 上的旗艦應用程式中添加廣泛的功能來滿足專業人士的需求。我們透過網路和行動裝置上的 Acrobat 和 Creative Cloud Express 吸引了數百萬新用戶，其中包括大量非專業用戶。我們不斷增加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稍後開始進一步個性化我們的產品定價。

I'll now pass it to Anil.

我現在將其傳遞給阿尼爾。

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。過去兩年，隨著我們的工作、學習和娛樂方式發生了深刻的全球轉變，數位經濟呈現爆炸性成長。遠距醫療就診現在已成為常態，而不是例外。客戶和企業正在以數位方式參與和交易。線上購物現在已變得至關重要，根據 Adob​​e 數位經濟指數，美國今年的電子商務銷售額預計將突破 1 兆美元。

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，公司必須透過強大的數位體驗使數位經濟變得個人化，這些體驗可以在幾毫秒內為數百萬客戶提供個人化服務。 Adobe Experience Cloud 是一套全面的整合人工智慧驅動應用程式和服務，可協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 Adob​​e 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 Adob​​e Experience Cloud 應用程式涵蓋整個客戶管道，從獲取到貨幣化再到保留，涵蓋內容和商務、客戶旅程、數據洞察和受眾以及行銷工作流程。我們實現了巨大轉型，提供 AI 驅動的服務，超過 80% 的 Experience Cloud 客戶現在使用 Adob​​e Sensei（我們業界領先的 AI 和 ML 框架）來為其客戶提供體驗。

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，我們主辦了全球最大的數位體驗會議 Adob​​e 高峰會。我們推出了令人興奮的全新體驗雲端技術，並聽取了一些世界上最有趣和最具創新性品牌的高管的意見，包括寶馬、耐吉、普拉達、皇家馬德里和沃爾格林靴子聯盟。我們使用 Experience Cloud 啟動了整個活動，為全球與會者提供個人化的體驗。迄今為止，高峰會內容的瀏覽量已超過 2,200 萬次，凸顯了人們對數位轉型的濃厚興趣和需求。

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.

我們持續推動體驗雲端業務的顯著成長。疫情讓世界各地的品牌意識到數位轉型的迫切需求。我們正在添加新徽標，同時繼續專注於為現有客戶實現重大價值。第一季度，我們實現了 10.6 億美元的營收。該季度訂閱營收為 9.32 億美元，調整後年增 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.

第一季的亮點包括一系列令人興奮的產品創新，其中包括整合了 Adob​​e Real-Time CDP 和 Adob​​e Target 的全新即時客戶資料功能。 Adobe Real-Time CDP 被大量且不斷成長的客戶群所使用，例如 DICK'S Sporting Goods、Henkel、Panera、Real Madrid、ServiceNow 和 Verizon；新的跨雲端集成，包括 Workfront、Creative Cloud Enterprise 和 Experience Manager 資產之間的統一工作流程，支援端到端內容建立和交付； Adobe Experience Manager 中的強勁表現，強調需要統一的內容管理，以滿足快速和規模不斷增長的內容需求。 Adobe 具有獨特的優勢，可以幫助整個內容供應鏈的客戶；新的 API 使開發人員能夠靈活地在 Adob​​e Commerce 之上創建自訂的使用者體驗； Adobe Experience Cloud for Healthcare 全面上市，可提供個人化的醫療保健體驗；不斷擴大的合作夥伴生態系統，包括與 OneTrust 建立合作夥伴關係，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；贏得的主要客戶包括 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。我們正在執行整個上市計劃，並繼續獲得業界的強烈認可。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報告中被評為領導者，其中包括Gartner 的數位體驗平台魔力像限、首個針對前台CDP 的IDC MarketScape 以及針對數位資產管理的Forrester Wave。

Dan, over to you.

丹，交給你了。

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 Adob​​e 在 2022 財年第一季的業績，強調我們業務的成長動力，最後我將提出第二季的目標。

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 強勁的財務表現證明了該公司在充滿挑戰的宏觀經濟和地緣政治環境中的執行能力。在我們的業務中，我們正在吸引新客戶，簽署轉型交易，擴大我們的經常性業務，並看到新興業務不斷成長，在某些情況下甚至達到逃逸速度。

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位化，Adobe 的產品為客戶提供了通往數位化未來的途徑，以支撐他們的生活和工作方式。我們對產品、行銷和數據驅動的營運模式的投資將繼續推動 Adob​​e 的成長。第一季度，Adobe 實現創紀錄的 42.6 億美元收入，較去年同期成長 9%，調整後成長 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 GAAP 稀釋後每股收益 2.66 美元，非 GAAP 稀釋後每股收益 3.37 美元；數位媒體收入31.1億美元；新數位媒體淨收入為 4.18 億美元；數位體驗收入達 10.6 億美元；營運現金流17.7億美元；本季退出的 RPO 為 138.3 億美元；本季回購約 380 萬股股票。

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.

在我們的數位媒體部門，我們第一季的營收年增 9%，調整後成長 17%。本季結束時，我們的數位媒體 ARR 為 125.7 億美元。全球對數位內容的需求持續爆炸性成長。憑藉 Adob​​e 產品創新的優勢和數據驅動的營運模式，在剔除去年同期增加的一周後，我們第一季的淨新數位媒體 ARR 年成長。

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.

我們實現創意收入 25.5 億美元，年增 7%，調整後成長 16%。本季我們的創意 ARR 淨值增加了 3.15 億美元。第一季創意成長驅動因素包括個人和中小型企業細分市場的強勁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 產品的成長，這是有史以​​來第一季的最高成長； Photoshop、Illustrator 和 Premiere 等個人旗艦應用程式的訂閱許可持續成長，以及 Adob​​e Stock 業務的實力；企業採用新的協作功能，包括 Frame.io 以及我們的 3D 和沈浸式應用程式。

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.

我們也很高興看到我們在一些較新的方案中看到的採用，例如 Creative Cloud Express、Substance 以及 Web 上的 Acrobat、Photoshop 和 Illustrator。我們正在推動使用量的強勁成長，並且已經吸引了數百萬月度活躍用戶使用我們的雲端原生產品。我們預計這些業務將成為未來 ARR 和營收成長的驅動力。

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 實現文件雲端營收 5.62 億美元，年增 17%，調整後成長 26%。本季 Document Cloud ARR 淨增加 1.03 億美元，期末 ARR 超過 20 億美元，較去年同期成長 29%。 Document Cloud 仍然是我們成長最快的業務，這表明我們加快文件生產力的策略正在發揮作用，並反映出 Acrobat 和 PDF 對於人們在數位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.

第一季文檔雲端成長驅動因素包括客戶對 Acrobat 訂閱的需求，這是有史以​​來最強勁的第一季；在 adobe.com 上以及透過我們的經銷商管道為中小型企業部門提供的 Acrobat for Teams 的新許可和續約； Adobe Sign 的發展勢頭強勁，Acrobat 內的 Sign 交易量逐年強勁成長；對我們的行動 PDF 解決方案的強烈需求；我們透過 Acrobat Web 順利地吸引新客戶，保持了持續的發展勢頭，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.

轉向我們的數位體驗部分。第一季度，我們營收 10.6 億美元，年增 13%，調整後成長 20%。數位體驗訂閱收入為 9.32 億美元，年增 15%，調整後成長 22%。當我們查看季度連續收入成長時，我們繼續看到加速成長，因為我們大規模提供個人化的策略與企業客戶產生了共鳴。

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.

第一季數位體驗成長動力包括我們解決方案中的新商標獲取；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，我們獲得了強大的客戶保留率；我們的 Workfront 業務交易規模較大；吸引客戶追加銷售新的雲端原生解決方案；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動能。

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.

第一季度，我們持續增加對推動長期收入成長的措施的投資，包括增加研發人員數量和銷售能力。第一季的差旅和設施仍處於較低水平，但隨著我們恢復與客戶和合作夥伴的面對面會議，我們在第二季度增加了設施利用率和差旅。

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 第一季的有效稅率（以 GAAP 計算）為 18%，以非 GAAP 計算為 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.

我們的貿易 DSO 為 36 天，而去年同期為 38 天，上季為 42 天。受惠於企業預訂，第一季 RPO 年增 19%，達到 138.3 億美元。第一季末我們的現金和短期投資部位為 47 億美元，第一季營運現金流為 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.

我們在第一季以 21 億美元的成本回購了約 380 萬股股票。此次收購包括第一季加速股票回購的部分結算，回購總成本為 24 億美元。根據 ASR 回購的最終股票數量將基於協議期限內普通股成交量加權平均價格的折扣，最終結算並向 Adob​​e 交付增量股票計劃於第三季度初進行。這些股票回購是先前宣布的計劃的一部分，根據該計劃，我們於 2020 年 12 月授予並持續到 2024 年的 150 億美元授權中，目前還剩 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.

在我們實現第二季目標之前，我想討論一下烏克蘭災難性局勢的影響。本月早些時候，Adobe 宣布停止在俄羅斯和白俄羅斯的所有新產品銷售。此外，我們還決定將數位媒體 ARR 餘額減少 7,500 萬美元，這代表了這兩個國家現有業務的所有 ARR。雖然在此期間我們將自動延長烏克蘭的訂閱並繼續提供數位媒體服務，但我們的 ARR 減少了 1200 萬美元，這代表了我們整個烏克蘭業務。這將導致 ARR 總額減少 8,700 萬美元，預計 2022 財年收入影響將達到 7,500 萬美元。

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 Adob​​e 總收入約為 43.4 億美元；新數位媒體淨收入約 4.4 億美元；數位媒體部門營收年增約 13%，以固定匯率計算成長 14%；數位體驗部門營收年增約 15%，以固定匯率計算成長 16%；數位體驗訂閱收入年增約 17%，以固定匯率計算成長 18%；以 GAAP 計算稅率約為 20%，以非 GAAP 計算稅率約為 18.5%； GAAP 每股盈餘約 2.44 美元；非公認會計準則每股收益約為 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.

由於股票薪酬的扣除額低於預期，我們 2022 財年的有效稅率目前目標為 GAAP 基礎上的 19.5% 和非 GAAP 基礎上的 18.5%。展望今年下半年，我們預計第三季和第四季的季度營收和每股盈餘將實現成長。

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.

在數位媒體領域，我們預計下半年文件雲端和創意雲端的 ARR 表現將強勁，包括 Acrobat Web、Frame.io、Substance 和 Creative Cloud Express 等新興業務的持續強勁。此外，我們預計，由於第二季末開始的新產品和定價結構，ARR 貢獻將在第三季和第四季連續增加。

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.

我們預計數位體驗預訂量將在下半年顯示出持續的勢頭，並在第四季度保持傳統的強勁勢頭。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、行銷意識和需求創造。隨著世界重新開放，我們預計旅行和設施費用將會增加。

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.

總而言之，我很高興 Adob​​e 在第一季再創歷史新高，實現了持續成長和世界一流的獲利能力。 Adobe 在當今所有公司都面臨的前所未有的環境中繼續展現出其韌性，我相信我們會變得更加強大。我們預計在另一年實現強勁的財務業績。

Shantanu, back to you.

山塔努，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 Adob​​e 的變革時期。我們正在與全球數億客戶（從個人到最大的企業）合作，為新受眾推出新應用程序，並將我們的旗艦類別應用程式帶到新的介面和平台，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 擁有適用於特殊機會的勝利策略。我們是數位經濟領域的領導者，擁有 Adob​​e Creative Cloud、Document Cloud 和 Experience Cloud，這些產品的潛在市場總額達 2,050 億美元。很少有公司能夠持續提供技術創新、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.

我要感謝我們的 26,000 名員工對提供客戶創新和創造數位體驗的未來的持續奉獻和堅定不移的關注。

Thank you. We will now take questions. Operator?

謝謝。我們現在將接受提問。操作員？

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

（操作員說明）我們將接受 Jefferies 的 Brent Thill 提出的第一個問題。

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?

很好奇您是否可以對新的定價結構及其含義進行更多說明。尚塔努，除了烏克蘭之外，您在更廣泛的經濟中看到的還有什麼與歷史上不同的地方嗎？

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，布蘭特原油與我們首先看到的宏觀經濟狀況有關，我們實際上繼續看到強勢。我們對第一季的強勁表現感到滿意。當然，我認為本季的最後幾週，您看到了歐洲的一些影響，特別是因為它與烏克蘭的可怕局勢有關。但我認為我們繼續看到世界各地的成長。

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.

我認為第一個，如你所知，然後我會讓 David 也添加一些顏色，我們的定價的最後一個主要綜合整體是在 2017 年。的產品和我們推出的產品，無論是3D 產品、我們在網路上所做的事情、我們在行動裝置上所做的事情，以及我們圍繞Creative Cloud Express 所做的事情。所以我認為是時候進行一次非常全面的審視了，大衛已經做到了這一點。我認為，從方向上來說，我們希望繼續吸引數億人使用該平台，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，也許你可以補充一點。

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 所提到的，我們上次進行定價更新和調整是在 2017 年。我們新增了新的應用程式。我們已經廣泛擴展了多種服務。我們加倍努力合作。我們增加了數百萬種庫存資源和數千種字體。

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.

我們也推出了新產品。顯然，跨網路和行動裝置的 Acrobat 在過去幾年中一直在增長，您聽到了我們的談話 - 去年或兩年，您聽到我們在準備好的發言中談到了這一點。而且 CCX 現在也進入了網路和行動市場。我們在網路和行動裝置以及 Acrobat 和 CCX 上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.

它們讓我們能夠透過正確的入職體驗和正確的定價來引入正確的價值，以吸引數百萬新訂閱者。它們為我們提供了調整現有核心客戶群參與度和使用率最高的價值的機會。我們認為，這一點對第二季度的影響將相當小，因為在全球範圍內推廣這項功能需要時間，而且客戶也需要時間經歷價格變化的續約週期。但我們預計它將在第三季和第四季產生更重大的影響和擴展。

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

我們將回答 Wolfe Research 的 Alex Zukin 提出的下一個問題。

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?

因此，如果你考慮到AdAdobe 已經在許多商業週期中存在了很長一段時間，那麼也許要思考- 詢問布倫特- 以不同的方式提出問題，就像我們一樣- 當你查看Adob的活動管道時今年下半年，你會思考投資者在更加衰退、通膨環境下應該如何思考，你能否給我們一些關於你如何看待管道開發、如何看待任何項目的資訊？的形狀會改變嗎？

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，人們對第二季 NRR 的機制如何形成有了更好的理解。您是否認為 4.4 億美元包含了俄羅斯-烏克蘭調整的影響？是從上一年取出來的嗎？只要多了解一點背景就會有所幫助。

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。其中有多個問題。因此，讓我——也許首先，我同意你的觀點，當你考慮業務節奏以及季節性節奏時，顯然，這受到與流行病相關的外部事件或其他事件的影響。但從大局來看，當我們看看客戶採用方面發生的情況，以及興奮方面發生的情況時，毫無疑問，數位化是一種順風，並將繼續是一種順風。

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，這場大流行實際上讓人們認識到了我們所做的一切的重要性，無論是客戶參與度，無論是內容還是文件生產力。因此，當您考慮季節性發生的情況時，當然，我認為我們將繼續看到第三季和第四季的強勁勢頭。丹提到了我們將看到的下半場勢頭。但即使是第一季度，我們也有一個強勁的開局。因此，從我們的角度來看，一些季節性節奏可能已經改變，但就向上和向右的長期趨勢而言，我們實際上沒有看到與之相關的任何影響。

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、白俄羅斯和烏克蘭具體發生的情況有關。由於數位媒體 ARR（業務手冊），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 ARR 是什麼，然後是另一個數字，該數字僅取出這 3 個國家/地區的所有現有業務簿。您肯定會在第二季、第三季和第四季看到對收入的影響，因為這意味著我們本來能夠收取的收入。但同樣，從宏觀的角度來看，正如您所看到的，它與業務的關係相當小。

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.

因此，我認為我們的目標是 4.4 億美元，正如您所說，是的，它受到這些國家 ARR 業務的影響。但總體而言，業務強勁，我們感到樂觀。我認為從很多方面來說，傳達的信息實際上是丹和大衛談到的新增長計劃，它們開始真正顯示出吸引力。因此，我們預計下半年會看到強勁的勢頭，當然甚至會更進一步。

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

我們將接受巴克萊銀行 Saket Kalia 的下一個問題。

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。我想您的問題是，您認為該產品與其他競爭對手有何不同？也許無需深入探討，您打算如何專門投資該產品以繼續保持領先地位？

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。但我想提一下，並提醒大家，我們多年來一直在討論傳播者領域，既涉及非專業人士，也涉及創作者經濟。我們過去曾談到，我們的行動和桌面應用程式擁有數億註冊量，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，以我們所有細分市場（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提供者。 Creative Cloud Express 的推出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。這是一種免費增值商業模式。它主要是網路和移動。因此，對於入職客戶而言，這是零摩擦，用戶可以在幾分鐘而不是幾小時內看到成功。

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，我們也為 Creative Cloud Express 帶來了前所未有的函式庫。我們擁有 1.75 億張庫存圖片和影片。我們擁有 20,000 種字體、最大的線上字體庫以及數千個由世界上一些最優秀的創意人員精心製作和設計的模板。這很重要，因為歸根結底，如果您要成為內容優先的創作工具，那麼您混合在一起的內容對於您正在創建的內容和正在製作的內容來說是一個根本的區別因素。我們對繼續擴展這個庫的能力感到非常非常好和充滿信心，並確保人們混合創造的產出是世界一流的。

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.

當然，我們也擁有 Adob​​e 的力量。如果您看看我們正在開始做的事情，這會向您暗示我們在 Photoshop 快速操作、Premiere 快速操作、Acrobat 快速操作中的快速操作的發展方向，這些快速操作已開始進入 Creative Cloud Express，我們對可以將我們數十年在所有細分市場的領導地位直接引入Creative Cloud Express 的創新管道感到非常滿意。

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.

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，並宣布該公司將成為 Creative Cloud Express 用戶豐富內容發佈和調度的基礎。

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，丹在他的開場白中談到的數據驅動的營運模式，我們過去多年來一直在做的工作在這裡是無價的。因此，我們正在尋找並招募新用戶，這些用戶通常不會透過基於意圖的搜尋與 Adob​​e 進行互動。結果就是我們提到的一點點。我們看到了巨大的交通量。推出僅幾個月，我們就看到了數百萬月活躍用戶。目前我們產品的 NPS 超過 60。因此，我們對目前的狀況非常樂觀。如果您看看 Adob​​e 獨有的長期創新管道，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.

我在這裡要說的最後一件事是，不要忘記這裡的機會是吸引數百萬新用戶進入我們的特許經營權。但機會還在於推動我們核心 CC 基礎的高參與度和使用率，並利用那裡已經非常非常強勁的保留曲線，並繼續推動我們 CC 用戶的參與度和保留率。

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

我們將接受摩根大通的 Sterling Auty 提出的下一個問題。

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。通常不會，但我認為投資者希望了解俄羅斯和烏克蘭 ARR 變化帶來的負面影響如何影響年度指南，以及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。斯特林，我的意思是，我認為從顏色角度來看，現在還處於今年年初，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。當我們準備這次電話會議時，我們認為有必要與您分享我們所知道的事情的影響，無論是俄羅斯的收入還是 ARR，每股收益的變化，因為它與稅率有關，並提供一些信息更多的成長動力。

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.

但我想說的是，正如您所指出的，雖然我們沒有更新年度目標，但我們對我們擁有的大量成長動力感到非常樂觀。我們將全年分享更多信息，因為我們仍在應對相當不可預測的情況。然而，我們強大的第一季度，以及我們控制的事情，我們感覺非常好。

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

我們將接受 Griffin Securities 的 Jay Vleeschhouwer 提出的下一個問題。

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，回顧三個月前的分析師會議，您和 David 使用了「產品主導型成長」一詞。我想知道你是否可以詳細說明這一點，因為可以說，當你思考公司過去 30 年或更長時間的發展時，你實際上一直都是以產品為主導的成長。那麼，您現在在概念或各種可執行檔方面如何以不同的方式思考這一點？

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?

那麼 Dan，您能否談談您如何看待今年的員工人數成長相對於費用成長的情況？本季您入職了 500 多名員工。您以創紀錄數量的開放建議完成了第一季。您如何考慮填補這些部門的空缺，或者是為了補償您在 21 財年與正常有機增長相比的人員流失增加，否則您無論如何都會這樣做？

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、進入數位行銷、我們利用數據驅動的營運模式來推動公司的財務節奏。但我想說的是，與我對產品主導型成長能夠持續帶來的興奮相比，這些其實相形見絀。

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.

當有數億或數十億人使用您的軟體時，我們所做的一個很好的例子就是我們在 Document Cloud 方面提供的持續創新。我認為大衛提到了一些統計數據，是否是我們所看到的網絡流量翻倍，是否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領域並將其加倍。我認為以產品為主導的成長只是確保我們所有的產品團隊都能掌握人們如何真正使用它的訊息，以便我們可以快速迭代客戶想要的東西並取悅他們。

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，補充一下 David 對 Saket 所說的話，Creative Cloud Express 的含義是，當您擁有數百萬用戶時，我們會不斷了解搜尋流量在哪裡，您如何改進它。這只是一種新的方式，可以解放所有以產品為主導的產品團隊，讓他們專注於真正重要的事情，以及真正影響客戶興趣和情緒的事情。這是大衛開創的。所以我會讓大衛補充一點。但我認為這對我們服務客戶的方式、NPS 以及繼續招募和留住人才的能力產生了重大影響。

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，我們內部開玩笑說，實際上 John 和 Chuck 透過分發免費 Reader，然後向人們推銷 Acrobat 產品，創造了產品主導的成長。因此，在我們的整個歷史中，我們一直對如何推動利用率、使用率和參與度，然後推動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，我們在網路上看到了更多的活動和參與，我們在行動裝置上看到了更多的活動和參與。這讓我們能夠獲得更好、更無縫的入職體驗。因此，我們可以利用我們在DDOM 方面學到的一切來推動更好的基於意圖的搜索，並覆蓋坦率地說我們以前無法覆蓋的受眾，因為入門體驗、成功的行動以及我們在幾分鐘內所做的事情，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.

也許丹發表評論之前還有最後一件事。我認為丹和大衛都談到了本季的保留和參與。傑伊，為了給您更多信息，我們會研究客戶流失率。我們關注經銷商的續約。我們觀察 90 天的群組保留情況。在所有這些方面，我認為，由於我們為產品團隊所做的幫助改進的活動，我們看到了改進，並獲得了所有 3 個比以往更好的評分甚至在大流行之前。因此，我認為這又是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，回到你的第二個問題，我們談到了業務表現良好。當我們談論數位內容和數據在一切都在數位化的世界中日益推動經濟成長時。這意味著我們面前有一個巨大的市場機會，到 2024 年，其規模將超過 2000 億美元，而且比我們未來的預期要大得多。因此，我們在 Adob​​e 的長期成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力和產品地位時，它們是建立在公司非常強大的創新引擎的基礎上的。所以我們要以成長為導向。我們將繼續投資於研發和銷售力量，以隨著時間的推移擴大我們的業務規模，並繼續在我們參與的市場中保持領先地位。的方式進行，因此我們將我們所做的投資與機會結合起來，因為它們將以非常有利可圖的方式實現和成長。因此，您可以看到該公司在強勁的獲利成長方面的歷史，並且我希望我們在這方面的記錄能夠長期持續下去。

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

我們將回答摩根士丹利的基斯‧韋斯 (Keith Weiss) 提出的下一個問題。

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希望向你們詢問。尚塔努，在電話會議的早些時候，您發表了一些評論，稱本季末歐洲可能會出現一些疲軟。你能深入研究一下嗎？例如您在業界的哪個環節就看到了這種弱點？這種情況持續到第二季​​嗎？還是只是脾氣比較暴躁？所以這是第一。

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，我知道我們不會給出全年指導，但是當我們考慮第一季的營業利潤率表現出色時，是否會在今年晚些時候給出評論？或者這就像某種程度的成長被推遲，這樣節省的費用就會在全年累積？

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.

第三個澄清是，當你們給出 22 財年 19 億美元的淨新 ARR 增加指引時，你們是否已經考慮過這些價格上漲？那麼——或者價格變化嗎？ 19 億美元的指南中是否已包含價格變動？這就是我的 3 點澄清。

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，然後再討論它，也就是說，當我們進入這一年以及我們在足總會議上討論的內容時，如果你真的- 我認為我們還有幾個問題因為它與我們要在定價方面做的事情有關，我們提到我們一直在關注它。

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全部工作。因此，我們尚未最終確定，但我們始終認為，與新產品同步推出時，我們也會實際研究定價結構。因此，當我們經歷這個過程時，我們就會知道其具體數量和重要性。但從方向上來說，我們知道我們將更全面地考慮定價。

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，就我們所看到的情況而言，過去幾週戰爭爆發時，這種影響不僅體現在俄羅斯、白俄羅斯和烏克蘭。您會看到整個地區的一些流量。這就是我所暗示的全部。我們看到了強勁的勢頭，而且這種強勁勢頭在美國持續到整個季度。因此，毫不奇怪，我們看到了一些影響。這就是我所說的，因為它與歐洲局勢有關。

And did you have a third question, Keith?

基思，你還有第三個問題嗎？

Yes, the third one was on operating margins.

是的，第三個是營業利益率。

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。關於營業利益率的第三個問題。所以讓我把它分成3個時間段。我們簡單談談Q1。讓我們來談談 22 財年及以後的情況。因此，當我們考慮第一季時，很明顯，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，從第一季利潤結構的角度來看，您看到了一些提升。當我們退後一步時，我們討論了我們產品定位的成長概況和領先地位，繼續投資以擴大我們的業務，其中許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 設定的目標就暗示在這個框架中是今年的營業利益率。所以我想你會在今年剩下的時間裡看到這種情況的發展。從長遠來看，我們討論了公司面臨的重大機遇，以及隨著世界日益數位化，我們憑藉我們的領導地位抓住這一機會的能力。隨著我們不斷發展和擴大這項業務，隨著時間的推移，隨著我們繼續以強大、有利可圖和嚴格的方式開展業務，您將看到營業利潤所帶來的好處。

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

我們將接受花旗集團泰勒拉德克 (Tyler Radke) 提出的下一個問題。

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，我相信隨著我們的進展，您會分享更多細節。但從哲學上講，您如何看待高端創意產品與入門級創意產品的價格變化？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，從哲學角度來看，我們看待它的方式，我會重複我之前所說的，即我們多年來沒有對此進行全面的審視。從方向上來說，我認為我們增加的重要價值與人有關，無論您是在企業工作還是整個應用程式的使用者。我的意思是，我們繼續為所謂的 CC All Apps 平台添加新應用程式。從方向上來說，我們只是說這是我們必須關注我們所擁有的所有增加價值的領域。

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，讓我對此斬釘截鐵。這是由——我們繼續吸引數十億人對這個平台的興趣而提出的。正如大衛所說，我們擁有所有新產品，跨網絡、跨行動裝置、跨瀏覽器，我們只是想確保，當我們繼續擴展產品時，我們正在考慮的定價好方法。因此，無論您是在 Teams 中進行協作還是在開展業務，我們所增加的價值仍然是我們考慮價格以及我們添加的所有新應用程式的動力。希望這能為你帶來色彩。

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.

我也強調一下，對我們來說，這一切都與客戶和取悅客戶有關。但因為我們召開了財報電話會議，所以我們說，隨著這一點的推出，我們至少想給你們一些提示，否則，你們中的一些人會說，你們為什麼不至少提及一下呢？正如大衛所說，這對第二季度並沒有真正的影響。這是一個相當小的影響。但這就是與之相關的基本原理和想法。我們肯定會先向客戶推出此計劃，然後我們將與您分享更多影響。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。如果我可以在數位體驗方面進行後續跟進。顯然，第四季和今年上半年的成長相當強勁，調整後超過 20%。我想是否有某種一次性因素推動了這種出色的表現？當我們思考下個季度的指南和暗示的減速時，有什麼需要指出的嗎？

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.

謝謝你的提問。我們對數位體驗業務的成長動能感到滿意，調整後的訂閱量成長了 22%。市場機會巨大，TAM 超過 1000 億美元。此次疫情顯然凸顯了這一問題的迫切性。我們看到它在董事會層級和 C 層級的客戶需求、客戶興趣方面持續成長。

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 Adob​​e Experience Platform 構建的產品以及我們使用該平台構建的客戶旅程分析和 CDP 等本機應用程序，我們處於非常強大的市場地位。總的來說，我們對前進的道路感到非常興奮。我們上週剛舉行了高峰會，這是一個出色的管道建設活動，也是展示我們產品創新的機會。因此，我們預計這一勢頭將持續到今年。

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

我們將回答 BMO 的 Keith Bachman 提出的下一個問題。

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?

我將接著進行一些澄清。丹，您能否評論一下本季的無機貢獻是什麼以及它體現在哪裡？比如說，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，當你想到時——可以這麼說，我只想澄清一下 ARR 註銷問題。評論是你們將停止所有新的增量業務。但您是否會繼續在俄羅斯獲得 ARR 付款，或者從俄羅斯和白俄羅斯從可能實際為 ARR 做出貢獻的現有業務中獲得 ARR 付款？只是對此有點困惑。

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，本著基思·韋斯 (Keith Weiss) 的精神，我實際上要要求第三個澄清。 Shantanu，您過去曾說過，在創意方面，新訂閱者是成長的最重要貢獻者。我只是想嘗試了解，考慮到低端市場的競爭可能會更加激烈，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.

我將回答第一個問題，首先是第三個問題，基思，正如丹所做的那樣，如果你看看增長情況，你會發現單位增長是由單一應用程式推動的，這是新訂戶並推動它的。因此，就繼續推動單一設備而言，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，即當您考慮俄羅斯和白俄羅斯時，我們有 ARR，這是業務簿，但沒有辦法真正獲得付款。考慮到所有製裁措施，我們考慮的是業務帳簿，因為我們不會從俄羅斯獲得付款，這就是 Dan 提到的影響，即剩餘的 7500 萬美元。因此，除了扣押新的付款之外，除了停止新的銷售之外，您還必須意識到，對於作為基於 SaaS 的服務而存在的服務，您無法收取付款。因此，我們也在特定地區反映了這種影響。

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 上的最後一篇作品，Keith。現在它已成為業務的一部分，我們不會將其洩露出去。我們討論了業務的發展動能。這很棒。球隊表現非常好。交易數量、平均交易規模、業務都有很大的動力。我們討論了那裡存在的出色協作技術。但既然它已經成為業務的一部分，我們就不會明確地把它分解出來。

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

我們將回答高盛 (Goldman Sachs) 的卡什·蘭根 (Kash Rangan) 提出的下一個問題。

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?

恭喜本季。第一季的數字看起來相當不錯。因此，Shantanu，我很好奇，季節性的變化，通常當你發現下半年更具季節性時，這通常是市場或宏觀因素成熟的標誌，或者只是產品轉型因素。但當我看你的下半場時，你的 DM ARR 確實有相對容易的比較，對嗎？然後你就可以進行定價優化。因此，如果我們把一切都算出來，考慮到我們有所有這些宏觀經濟問題，您對下半年的業務與第一季的業務有何看法？但是，扣除正面因素和負面因素之後，與 3 個月前相比，您今天對本財年剩餘時間的感受如何？

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。我的意思是說，我對業務的發展肯定比以往任何時候都更加積極，因為如果你退一步看看所有的事情——首先看看第一季度，我們有一個強勁的第一季度。在世界上可能最不可預測的情況下，我們顯然超越了我們的目標。所以我們對第一季感覺非常好。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.

我確實提到過這樣一個事實，當你考慮季節性節奏和業務節奏時，當然，其中一些會受到影響。卡什，也許你提到的事情是在去年第二季度，隨著「中小型企業」的出現，出現了某種追趕——重新上線。因此，您必須考慮其中的內容。

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，不要認為這與我們為您提供的第二季度目標相反，我們正在努力讓您了解第三季和第四季發生的情況。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，我們所做的事情，峰會確實令人興奮，我們在那裡發布了很多新公告。我在最高管理層中交談過的每個人都仍然希望真正專注於數位轉型和客戶體驗管理。我很興奮。我又回到路上了。感覺很棒。我們的員工回到了辦公室和設施。人們想要見面，而數位參與是首要考慮的。

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，在我們的所有 3 項業務中，我們沒有談論文件業務。該季度的ARR 為1 億美元，業務賬面價值為20 億美元，我們的新功能得到了很好的採用，無論是在網絡上還是與Acrobat 的統一標誌上，這是我們正在努力做的一項重大舉措。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其他發生的因素。但對於業務的功能部分，我感覺非常好。

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。因此，尚塔努在談論業務基本面方面做得很好。另一部分是瞬態效應。我想指出其中的兩個。因此，對於烏克蘭戰爭，我們規避了圍繞局勢的形象。在這種情況下保持保守是明智之舉。這就是您在第二季到第四季中看到的 ARR 減少 8700 萬美元以及從收入角度來看減少 7500 萬美元的情況。因此，如果我將這筆收入計入損益表，那麼在今年剩餘時間（第二季到第四季）中，每季每股阻力將約為 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.

從稅收角度來看，我們討論了 18.5% 的非 GAAP 稅率。與 FA Day 相比，變化了 1.5 個百分點。如果我將其計入損益表，全年每季每股收益約為 0.06 美元。我們在第一季克服了這個問題。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 FA Day 相比，今年每季每股收益將約為 0.02 美元。

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，當我在未來的基礎上將所有這些都扣除時，每季的每股阻力約為 0.08 美元。再次，就像我們在第一季所說的那樣，我們能夠克服第一季的不利因素，並超越我們設定的預期，我們將繼續以成長為導向。我們將進行投資以實現領先，但如果有機會以嚴格的方式做到這一點並在前進的基礎上克服它，我們將一次進行一個季度，並讓您知道我們所看到的情況。

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.

尚塔努（Shantanu）只是最後的後續行動。明確的是——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 15 財年擁有 400 萬訂戶的目標，這在當時看來相當有遠見，對吧？因此，當您看到公司正在經歷的拐點時，如果您要以訂閱者來衡量它，您對 Creative Cloud Express 的期望是什麼，或者您希望它的業務規模有多大？當您展望未來幾年時，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.

卡什，在 FA 會議上，我們討論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。然後他們將是那些會向我們支付訂閱業務費用的人，以及其他可能利用我們擁有的一些免費增值服務的人。

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.

當然，我們已經開始看到文檔雲的這種採用，對吧，有 5 億人使用過我們的 Reader 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說的人都使用 Creative Cloud Express 的某些部分。卡什，我們有一個好的開始。

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.

我認為在差異化方面，正如大衛所說，我們擁有平台。我們擁有提供引人入勝的體驗所需的每項技術。現在，我們在確保捕獲基於搜尋的意圖方面也處於世界一流水平。因此，我們希望預測人們想用 Creative 做什麼，但如果這不能繼續成為我們平台新用戶的巨大成長領域，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，我們已經過了下班時間了。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.

我們將回答富國銀行證券公司 Michael Turrin 提出的下一個問題。

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?

感謝你對我的擠壓。我們一直期待支出狀況恢復正常。第一季的營業利潤率其實與去年持平。您還可以在第一季利潤率結果周圍添加其他內容嗎？當我們思考回歸更正常化的費用狀況與您今年前面提到的一些產品和定價工作之間的權衡時，任何方式都可以考慮價格上漲是否有助於抵消部分費用正常化你在期待嗎？

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，如果我看看我們在第一季的情況，我們討論了由於 Omicron 環境而沒有從旅行和設施的角度進行充分投資，並且我期待第二季度的指南和其中隱含的營業利潤率指南和我將其分成幾個部分，俄羅斯局勢的短暫影響將會產生影響。我們將增加招聘，為未來的成長進行投資。從績效的角度來看，我們得到的是整個季度的影響，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逐漸增加。

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 Q1 到 Q2 的 4 個桶。我想說這 4 個桶子的權重大致相等。因此，我認為，當我們研究第二季和今年下半年時，這就是讓您達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.

由於這是最後一個問題，我想再次感謝大家今天加入我們。我們對錶現很滿意。我們認為，我們的所有 3 個業務在本財年都有一個非常強勁的開局：創意雲、文件雲和體驗雲。

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，我認為我們繼續取悅客戶並交付創新路線圖的能力讓我們對新舉措充滿信心，對新舉措進行盤點並為 Adob​​e 的未來成長做出貢獻。我相信，對數位化的關注將會持續下去。當我們恢復正常時，我認為這對 Adob​​e 和我們的客戶來說只會一切順利。我認為，我們剛剛組織的成功高峰會是人們對我們的解決方案感興趣的另一個指標。

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

感謝您今天加入我們，我們期待在這一年分享更多內容。謝謝。

This concludes the call. Thanks, everyone.

通話就此結束。謝謝大家。

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。您現在可以斷開連線。